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TWO
SECTIONS
SECTION
ONE
/>-
g#pNCLUDING
Bank &
Railway & Industrial Section *
COPYRIGHTED IN 1921 BY WILLIAM B. DANA
COMPANY* NEW YORK.
State and City
ENTERED AS SECOND-CLASS MATTER
Issued
Weekly
$10.00 Per Year
VOL. 112.
Electric Railway Section
Bankers* Convention Section
Quotation Section
Railway Earnings Section
NEW YORK,
JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF
William
MAY 7, 1921.
MARCH S, 1879.
B.DanaC©.,Publishers
IVJfi
OQ1C
llU.
138FrontSt., N.Y.City
Jftttattrial
Jfinanctal
Jftnamial
CHARTERED 1822
HARVEY FISK & SONS
Harris, Forbes & Co.
Pine Street, Corner William
NEW YORK
incorporated
THE FARMERS' LOAN & TRUST
32 NASSAU ST., NEW YORK
10 Drapers
Gardens, London, E. C.
HARRIS,
FORBES & CO.,
COMPANY
.
other offices
17 east
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41*t
boston
Street
'>■
york
new
45th st.,
philadelphia
TRUST
HARRIS
&
SAVINGS BANK
CHICAGO
buffalo
Act
deal
■
fiscal agents for munici¬
as
and
palities
MUNICIPAL,
GOVERNMENT,
Inc.
BOSTON
new york
chicago
in
corporations
Government,
and
munici¬
pal, railroad and public utility
MANAGEMENT
PUBLIC UTILITY AND
ESTATES
OF
Y
FOREIGN BANKING
DOMESTIC AND
FOREIGN
list
*•
INVESTMENT
Application
on
Cable Address SABA,
iv
;
NEW YORK
AMERICAN EXPRESS COMPANY
EXCHANGE
LETTERS
FOR
BONDS
INDUSTRIAL SECURITIES
SECURITIES
OF
CARE
OF CREDIT
COMMERCIAL
LETTERS
SECURITIES DEPARTMENT
Established 1810
ACCEPTANCES
The
Mechanics
PARIS
LONDON
INTERNATIONAL
Metals
And
SECURITIES
National Bank
OF THE CITY OF NEW YORK
65
YORK
NEW
BROADWAY
Member Federal Reserve System
and
York
New
Clearing
House
Capital, Surplus, Profits
Deposits, April 28,1921
Established 1874.
John L. Williams & Sons
Foreign Exchange
BANKERS
Bond
$26,800,000
-
$179,000,000
Trust
Service
Department
Edward B.Smith&Co
Corner 81b and Main Streets
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
CO.,
&
Inc.
GARFIELD
The NewYorkTru st Company
NATIONAL BANK
,
/
23rd
,
STREET,
with which is consolidated
where
FIFTH
.
.
AVENUE
Crosses
-
j
.
.
v.
Broadway
4.
>
The
Liberty National Bank
;
of New York
Capital,
-
A
Surplus,
$1,009,000
Bank for
The Chase National Bank
of the
000,000
-
New York
Philadelphia
City of New York
•
57 BROADWAY
the Builders cf Business
-.$15,000,000
CAPITAL, SURPLUS &
CAPITAL-.---
UNDIVIDED PROFITS
established 1784
SURPLUS AND PROFITS
DEPOSITS
The Bank of New York
(April
28,
1921)
—
-
20,133,000
-320,385,000
$26,000,000
OFFICERS
National Banking Association
A.
BARTON
HEPBURN,
Chairman of the Advisory Board.
We Act
as
Trustee for Foreign
and Domestic Corporations
Main
Office
ALBERT
26 Broad Street
—*
--
Oar
137 years'
service
experience
of
our
is
at
the
depositors
of
Philadelphia
CHARTER NO.
Comptroller
57th Street & Fifth Avenue
1
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell
Guy E. Tripp
James N.
Hill
Daniel C. Jackling
Wm.
A
LAWr
President
George H. Saylor
—
,
Cashier
William P. Holly
DIRECTORS
Fifth Avenue Office
Reserve
Edwin A. Lee
William E. Purdy
Robert I. Barr
Broadway
Member Federal
Assistant Vice-Presidents
Alfred O. Andrews
Thomas Ritchie
FIrst National Bank
WIGGIN, President
M. Hadden Howell
Reeve Schley
Liberty Office
120
H.
Vice-Presidents
Samuel H. Miller
Carl J. Schmidlapp
Gerhard M. Dahl
System
Charles M. Schwab
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
Wm. Boyce Thompson
Reeve Schley
Kenneth F. Wood
Samuel H. Miller
Edward R. Tinker
H. Wendell Endicott
Edward T. Nichols
William M. Wood
u
,THE CHRONICLE
[Vol. 113.
Inbestmrat fcotiste* anti Bratoers of foreign Cxdjange
MORGAN & CO. Maitland,
J. P.
NEW YORK
NEW YORK
drexel
&
Corner of 5th and Chestnut Streets
u;
Bills
of
Exchange,
Letters
i
.
morgan,
harjes
paris
co.,
&
The
National
Telegraphic
of Credit
Provincial
&
18 Broad St
BOSTON
NEW YORK
Transfers,
k
Union
_
•
V'> V.4V
on
:ycr;:J;y
of
Bank
Foreign Exchange, Commercial Credits.
*
-
on
Cable Transfers.
Circular
available
Travelers,
for
Letters
J*
Commercial and Travellers
Letters of Credit
Messrs. Mallet Freres & Cie, Paris,
!:■■■:-yy and
1
Principal Places in Mexico.
V
Securities bought and sold on Commission.
•,'/
!
>
England, Ltd., London,
14 Place Vendome
;
115 Devonshire St
'':r,<'//
MORGAN, GRENFELL & CO., LONDON
No. 22 Old Broad Street
KIDDER, PEABODY & GO.
i
'
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
Issue Loans.
philadelphia
co.,
Coppell & Co.
62 WILLIAM STREET
Wall Street, Corner of Broad
Agents for the Bank of Australasia.
all
in
parts of the world.
travelers' letters of credit
baring brothers
& co. ltd.
LONDON
!
<
;
r
BROWN BROTHERS & CO.
Philadelphia
>.*
NEW YORK
August Belmont & Co.
i
Boston
43 EXCHANGE
PLACE, NEW YORK
Members New York Stock Exchange.
i
ALEX. BROWN <fe SONS, Baltimore
Agents and Correspondents of the
Messrs.
ROTHSCHILD,
>
London, Paris and Vienna
Securities
Investment
ISSUE LETTERS OF
CREDIT
for Travelers
Foreign Exchange
Deposit
Available in all parts
Accounts
Commercial
of the, world.
Draw bills of Exchange and make Telegraphic
Transfers
Credits
Execute orders for the
purchase and sale of
Bonds and
Travelers' Credits
J. & W. Seligman & Co.
Ng_54 Wall Street
Stocks.
NEW YORK
'
'I'-'-O
.-:VL;/".'
BROWN, SHIPLEY & CO.
iONDON
*.
Equipment
1
>;
.
V"'"-.
•
-.V;
Bonds
T. Suffern Taller
GrenvHIe Kane
James G. Wallace
FREEMAN & CO.
Pine Street
34
NEW YORK
;
tailer4©
Members New
York
Stock
HMmoMaCo.
Exchange
10 Pine Street, New York
New York
Philadelphia
Pittsburgh
Investment Securities
Baltimore
Washington
Lawrence Turnure A Co.
Securities
Investment
64-66 Wall Street,
New York
Winslow, Lanier & Co.
Investment securities bought and sold
mission.
Travelers'
out the United
59 CEDAR
NEW
STREET
Central
credits,
available
States, Cuba, Puerto Rico, Mexico,
America
and
Spain.
Make
Members
New
collections
In and issue drafts and cable transfers
YORK
on com¬
through¬
on
above
York, Philadelphia and
Pittsburgh Stock Exchanges.
countries.
London
BANKERS.
Bankers:
Midland
Deposits
Bank.
London
Subject
Received
Allowed
to
Deposits.
on
Bought
and
Draft.
Joint City
Sz
Limited.
Paris Bankers: Heine &
Co.
Interest
Securities
Sold
HEIDELBAGH, ICKELHEIMER & CO.
on
Commission.
1
I:
■
Foreign Exchange, Letters of Credit
MEMBERS
37 William Street.
N.
Y.
STOCK
Execute orders for purchase and sale of
Stocks and Bonds.
Bonds for
Foreign Exchange Bought and Sold.
investment
Foreign Bonds & Investment Securities,
Commercial Credits, Foreigo Exchange,
Issue Commercial and Travelers' Credits
available in all parts of the world.
BERTRON, GRISCOM & CO. INC.
Hemi, Taylor &> Co.
HewVorkC
Cable Transfers
Wall
Street
NEW YORK
'
.'v.
and
on
HUTH
&
on
CO., London
the Continent of
Europe.
INVESTMENT SECURITIES
iPiibshurQh.
40
■
New York
30 Pine Street
FRED?
.
& CO.
HUTH
EXCHANGE.
Land
Title
Building
PHILADELPHIA
.
.
John Munroe & Co.
NEW YORK
BOSTON
Letters of Credit for Travelers
Commercial Credits.
Foreign Exchange
52
BROADWAY, NEW YORK
ALDRED & CO.
,
Members of the New York Stock
Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
40
Wall
New
Street
Yb*k
FOREIGN EXCHANGE
Cable Transfers.
MUNROE &
BOISSEVAIN & CO.
Fiscal Agents for
MESSRS. PIERSON & CO.
CO.,
Paris
Public Utility and Hydro-Electric
Amsterdam, Holland.
Companies
9
MAY 7
THE
1921.]
hi
CHRONICLE
Snbetftment anb financial ftouttt
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
Millett, Roe& Hagen
YORK
NEW
13^ So. La Salle Street
Congress Street
80
CHICAGO
Investment Bankers
14
BOSTON
Montgomery Street
421 Chestnut Street
PHILADELPHIA
SAN FRANCISCO
411 Olive Street
INVESTMENT SECURITIES
24 Marietta Street
ST. LOUIS
Boston
ATLANTA, GA.
Title Insurance Building
Chicago
New York
LOS
v
80, Lombard
London,
NEW YORK STOCK EXCHANGE
Stock Exchanges
v
& Co.
Higginson
MEMBERS
ANGELES, CAL.
Members of New York and Chicago
> ,; v
Commercial Paper
St.
Securities
E. C.
bought and sold
commission
on
Foreign Exchange
Commercial & Travelers'
available
in all parts
Letters;, of Credit
of the world
NEW YORK
52 WILLIAM ST.
Hornblower & Weeks
42
BROADWAY,
NEW YORK
RAILWAY
BONDS
EQUIPMENT
Investment Securities
Bonds
Preferred Stocks
MEMBERS
NEW YORK,
CHICAGO
BOSTON AND
STOCK
EXCHANGES
Acceptances
EVANS, STILLMAN & CO.
Members New York Stock
Main Office:
Exchange
60
NEW
BROADWAY
National City Bank Building
Uptown Office: Fifth Avenue and 43rd St.
Direct wires to all principal markets
YORK
Correspondent Offices
in
Cities.
50
Chicago
Boston
Providence
Detroit
Established
Portland
Robinson & Co.
1888
Investment Securities
U. S. Government Bonds
Investment Securities
Founded
W. A. Harriman & Go.
179?
26
New York
Exchange Place
Members New York Stock Exchange
INCORPORATED
(
Seasoned
Investments
New York
Boston
Conservative
Syracuse
Investment Securities
30 Pine Street
Yielding 6% to 8%
Investment Securities
New York
Underwritten
Distributed
&
Peabody,
Federal Securities
B^rsey Bros. & Co.
Corporation
BANKERS
MEMBERS
PHILADELPHIA STOCK EXCHANGE
Hougliteliiig &Co.
EST. 1865
38 South Dearborn Street
866
CHICAGO
Investment
INC. 1918
Chicago
10 So. La Salle St.
Madison
New York
Ave.,
Securities
1421 CHESTNUT STREET
Distributers
Underwriters
PHILADELPHIA
8
SECURITIES SALES CO,
Howe, Snow,
B.
H.
Collins, President
Corrigan & Bertles
Marshall Field, Glore, Ward & Go.
Investment
GRAND
Bankers
Southern
Securities
MICH.
RAPIDS,
ATLANTA
64 PEACHTREE,
197 SOUTH LA SALLE STREET
CHICAGO
JLMOUNTAGUE VICKERS
49
NEW
JACKSONVILLE
ORLEANS
MEMPHIS
BIRMINGHAM
Wall Street
RAILROAD, INDUSTRIAL,
Bonds
Guaranteed Stocks
FOREIGN GOVERNMENT
AND
H.
T.
HOLTZ &
CO.
INVESTMENT
MUNICIPAL BONDS
HARPER
& TURNER
INVESTMENT
BONDS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
PHILADELPHIA
39 SOUTH
LA SALLE STREET
CHICAGO
FOR INVESTMENT
BANKERS
Members Philadelphia Stock Exchange
Parker & Co.
49 Wall Street,
New York
Formerly
Colgate, Parker & Co.
the chronicle
IT
jFfttattdal
^financial
& CO
15 State
earnings.
SECURITIES
Street,
CHASE & COMPANY
*
BONDS
WE OFFER
BOSTON
-
Light Enter¬
prises with records of established
Members New York and Boston
Stock Exchanges
24 Broad Street,
and
Power
Electric
fisantinl
FINANCE
WE
E^TABROOK
INVESTMENT
("VOL. 112.
Bankers
NEW YORK
and
Investment Dealers
Proven Power and
light Securities
19 CONGRESS
BOSTON
ST.,
Correspondence Solicited
PROVIDENCE
:■#
SPRINGFIELD
HARTFORD
ELECTRIC BOND & SHARE CO.
A:
(Paid-Up Capital and Surplus$24,500,000)
SIMON
71 BROADWAY,
BORG & CO.,
Arthur
NEW YORK
Lipper & Company
New Street and Exchange Place
Membert of New
York Stock Exchange
No* 46 Cedar Street
•
MUNICIPAL AND
NEW
YORK
BONDS
New York
•
RAILROAD
SECURITIES
For Conservative Investment
BOUGHT
AND
SOLD ON COMMISSION
HIGH-GRADE
R. L.
IN VEST M ENT SECURITIES
35
Day & Co.
Members
N. Y.
Congress St., Boston
Stock
Branch
Exchange
Offices
Waldorf-AstorlaHotel.N.Yc
N. Y. Cotton Exchange
11 East 44th St., N. Y.
N. Y. Coffee & Sugar Exch. Saratoga Springs, N. Y«
New York
Philadelphia Stock Exch,
Chicago Board of Trade
Correspondents
Atlantic City, N. J.
West End, N. J.
REMICK, HODGES & CO.
W. F. Ladd & Ce.
*
Long Beach, N. Y.
PARKINSON & BURR
Investment
Members of the New York and
Boston Stock Exchanges
Securities
7 Wall Street
53 State
NEW YORK
Sjtreet
BOSTON
William ft(omptonfa
New
York
INVESTMENT BONDS
14 Wall
BONDS
Street, New York
St. Louis
Cincinnati
New
Chicago
ESTABLISHED
Orleans
1865
Baker, Ayiing & Young
eAj-ciliL
Co
5 Nassau
RAILROAD
St., N. Y.
BONDS
INDUSTRIAL
BOSTON
BONDS
PUBLIC
UTILITY
PAUL
H.
BONDS
MEMBERS NEW YORK STOCK EXCHANGE
PHILADELPHIA
Deal In
^
Underlying Railroad Bonds
WATSON*
INVESTMENT SECURITIES
and
55 William
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
St., N. Y.
Telephone—John 1832
STOCKS AND BONDS
bought
and sold for cash, or carried
conservative terms.
Inactive and unlisted securities.
on
Inquiries invited.
Hollister,White
& Co.
iMco*»o*«rco
FINCH & TARBELL
Members New York Stock Exchange.
Investment
115
Securities
C
120
BROADWAY,
'
CO Congress St.
Boston. 6, Mass.
FOUNDED
NEW YORK
1852
Investment Securities
BROADWAY, NEW "YORK
Letters of
North American BIdg.
Philadelphia, Pa.
Credit
-
Travelers'
Foreign
Exchange
A
Cheeks
Correspondents Throughout the World.
/
Thomas C.Perkins
gamjes Jgalccrtt |uc.
FOUNDED 1854
Constructive Banking
15 State Street
Boston, Mass.
Kmuflj NariioU &Kttljrte
Members New York Stock Exchange
Equitable Building
Hartford, Conn.
Municipal, Railroad,
FACTORS
Specialist
years in
for
eighteen
the Financing
i \.
,
Public Utility
of established and
proserous
,
New York
36 Pearl Street
and
Industrials.
Industrial Securities
"
Main Office
Entire stock issues
225 4th Ave
•
Cable Address
-
'•
"
New York
Quomakel
underwritten
and
distributed
mmiNS & co..
7 Waul Street
NEW YORK.
is
Exchange St.
BOSTON
MAT 7
THE
1921.]
CHRONICLE
Canabfatt
BANK OF MONTREAL THE CANADIAN BANK
Canadian
Established
CAPITAL
Ret
pur¬
SIR CHARLES
C-21
Head
Alrd.
?
General Manager, H. V. V. Jones.
Assistant
New York Office, 16
President.
F.
B.
C.
L.
Exchange Place
FRANCIS,
)
f Agents
STEPHENSON,]
FOSTER,
Office—MONTREAL
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
V
Travelers' Cheques and Letters of
Credit issued
Throughout Canada and Newfoundland*
NEW YORK
Winnipeg, Montreal, London,
available in all parts of the
At
Incorporated "
for onto,
$15,000,000
General Manager, Sir John
made at all points.
Wood* Gundy & Co.
WALL STREET,
515,000.005
RESERVE
GORDON, G.B.E., Vice-Pro.
Branches and Agencies:
^
;
14
C
OFFICE. TORONTO
UP CAPITAL..
President, Sir Edmund Walker, C.V.O., LL.D., D.O.T
560,150,812
Sir Frederick William.-Taylor
: General Manager.
request.
on
1,251,850
-
PAID
C. J.
interest payable In
Particulars
22,000,004
.
PROFITS
SIR VINCENT MEREDITH, B.rt.,
United States funds
Full
.......
■
$22,000,000
-
from
6.50% to 8%
Principal and
■
UP
TOTAL ASSETS
yield
will
they
now
•
UNDIVIDED
If
tunities for sound investment.
chased
■
PAID
oppor¬
exceptional
offer
bonds
OF COMMERCE
Years
HEAD
Bonds
These
100
over
and Municipal
Government
Exchange business
description transacted with Canada.
Banking
London, England, and at Mexico City.
In
Paris,
Bank
of
Montreal
(France).
In the United States—New York, Chicago,
Eng.
Spokane,
LONDON
Francisco—British American
by the Bank of
San
Bank (owned and controlled
Montfoftl) #
,
West
world.
and
Lombard
OFFICE—2
of every
E. O
Street,
BANKERS IN GREAT BRITAIN
"• j
Indies,
British
and
Guiana
Africa—The Colonial Bank
(in
Interest is owned by the Bank of
The
which
an
Montreal).
i
Bank
of
The
West
Bank
of
Lloyd's
England,Scotland,
Limited.
Bank,
THE
Jl'&'Jlmes
ROYAL BANK OF CANADA
&
United Financial Corporation
Gftabtished IS&9
Afember# Toronto
Stock&xchdnQ*
Established 1869
Capital Paid Up
(?<an<adi<art
& Corporation.
„
519,000,000
Reserve Funds
Limited
19,000,000
590,000,000
Total
VK^vernmcnt, Municipal
ffrTfaxtdway
Victoria UC.
Montreal
SIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Director
O. E. NEILL, General Manager
*Ne\»Yorfe
Montreal
nownto
Head Office
INVESTMENT BANKERS
Securities
Assets
Toronto
London
Montreal
Chicago
Affiliated
with
Branches throughout CANADA and NE7I
FOUNDLAND,
in
CUBA,
PORTO
RICO,
DOMINICAN
REPUBLIC.
HAITI.
COSTA
RICA, COLOMBIA and VENEZUELA. BRITISH and FRENCH WEST INDIES, BRITISH
700
HONDURAS and BRITISH GUIANA.
Guaranty Trust Co, of New
York,
ARGENTINE—Buenos
Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paula
URUGUAY—Montevideo.
.
SPAIN—Barcelona, Plaza de Oataluna;
LONDON OFFICES—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
Co.
&
Daly
A.
R.
F. T. Walker, J. A. Beatson,
and J. D. Leavitt, Agents.
FRENCH
AUXILIARY:
Canada
Bank
BONDS
Government,
Canadian
Provin¬
cial, Municipal and Corporation
MepfcnMontral Stod&idun^e
Bank of Toronto
Building
Bonds
TORONTO, ONT.
Bought—Sold—Quoted
The Dominion Bank
Members Montreal Stock Exchange.
Dealers
in
Canadian
Bond
Issues.
Montreal
17 St. John Street
STOCK AND BOND BROKERS
GREEN SHIELDS & CO.
HEAD OFFICE,
Paid
Total Assets...
Undivided Profits
7,669,000
140,000,000
Clarence A. Bogert,
President
General Manager
Sir Edmund Osier,
tffmsuMooDFQMfmt
New York Agency, 51 Broadway
C. S. Howard. Agent
CANADA
London Branch, 73 Cornhill
S. L. Jones. Manager
We
Offerings on Request
McDonagh, Somers & Co.
Dominion Bank Building
TORONTO, CANADA
Specialize in
New York City
CANADIAN
INVESTMENT SECURITIES
Correspondence Invited
BANKER*
TORONTO
John Street, Montreal
56,000,000
-
Reserve Funds &
SECURITIES
17 St.
TORONTO
Up Capital
CANADIAN
INVESTMENT
tf
de
MUNICIPAL
AND CORPORATION
*
Royal
PARIS, 28 Rue
Quatre-Septembre.
(France),
CANADIAN
GOVERNMENT,
E. B. Mclnern*
.
The
Bonds
CANADIAN
AND
FOREIGN EXCHANGE
BOUGHT AND SOLD
(Small Denominations)
TRAVELERS* AND
henry nightingale & co.
COMMERCIAL
LETTERS OF CREDIT
MUNICIPAL BONDS
Canadian, Mexican and
Bankers
42 BROADWAY
Broad 7118
Dominion
R. C. Matthews &
No.
55
Corner
CANADIAN
WILLIAM STREET
Pine Street
MONTREAL
Co.
AUCTIONEERS
OFFICE
& Brokers
Express Building
CANADIAN-BONDS
Mulier & Son
H.
Adrian
Montreal Stock Exchange
Members
Foreign Government
Securities
Phone
HERDMAN & COMPANY
C.
P.
TORONTO
R. Bldg.
BONDS
Regular Weekly Sales
Nesbitt, Thomson & Co.
OF
/
Limited.
Stocks
;
and
Bonds
EVERY WEDNESDAY
At the
Exchange Sales Rooms
14-15 Veeey Street
Canadian
Municipal, Public Utility &
Industrial bonds
St., MONTREAL
Toronto
London, Ont.
122 St. James
Hamilton
Aimilius Jarvis &
INVESTMENT BANKERS
Established
JARVIS BLDG
Co
•
1891
TORONTO CAM
CHRONICLE
THE
VI
[VOL. 112.
iTotefgu
Australia
New
and
Zealand
LONDON JOINT CITY AND
BANKOF
NEW SOUTH WALES
<ESTABLISHED
Unserve Fundi.
laaarva Liability
MIDLAND
1817.)
FafdUp Capital
of Proprietors
..
$24,656,600
16,760.000
24.666.500
The
RUSSELL
Genarai
Right
"and""AGENCIES
BRANCHES
S.
in
B.
MURRAY
Reserve
description of Australian Banking Business,
fool and othe*- Produce Credits arranged.
*very
London Office
89, THREADNEEDLE
E.
STREET,
HEAD
C. 2
WOOLLEY
£38,116,050
-
Capital
-
Fund-
OFFICE:
OVERSEAS
UNION BANK OF AUSTRALIA Undted
Established 1837
W.
-
10,859,800
IN
STREET,
E.C.2.
LONDON,
WALES
AND
ENGLAND
BRAN.CH: 65 & 66, OLD BROAD STREET, LONDON, E.C.2.
Atlantic Offices
Incorporated 1880
OFFICES
371,841,968
-
THREADNEEDLE
5,
1.500
10,859,800
-
-
Deposits (Dec. 31st, 1920)
OVER
THE
E.
HYDE
Paid-up Capital
States,
New Zealand,
Fiji, Papua
New Guinea) and London.
The Bank transacts
Head Office
1EORGE STREET
SYDNEY
F.
the
Australian
i
McKENNA
R.
K.B.E.
FRENCH,
Manager.
Subscribed
867
Hon.
IOINT MANAGING DIRECTORS:
4«gr«g ata Assets $0th Saptr. 1920 $862,888,975
JOHN
LIMITED
CHAIRMAN:
$66,061,000
«lr.
BANK
"
:
Aquitania "
" Mauretania"
" Berengaria "
Capital—
tuthorized
£7,600,000
Issued
and
Pald-Up Capital $2,500,0001
laserva
AFFILIATED
To-
Liability of Proprietors—.£$,000,000
OVER
110 OFFICES IN
BANKS:
THE CLYDESDALE BANK LTD.
BELFAST BANKING CO. LTD.
£5,180,000
Fund...£2,680,000/gather
tsssrve
160 OFFICES
OVER
IRELAND
IN
SCOTLAND
-
Total Issued Capital & Reserves.£10,130,000
The Bank has 42 Branches In VICTORIA, 39 In
*«W SOUTH WALES, 19 In QUEENSLAND,
.6 In SOUTH AU8TRALIA. 21 in WESTERN
AUSTRALIA. 3 In TASMANIA and 44 In NEW
IJAALAND
4aad Office: 71
CORNHILL, LONDON, E. C.
International Banking Corporation The Mercantile Bank of India Ltd
Head
Manager—W. J. Essame.
WALL
60
Capita! and Surplus
of
—4— $4,000,000
Branches
Company
Capital
Reserve
In
Lyons
London
Straits
India
men La,
New
In
India.
Burma,
Ceylon,
£750, SS8
£785,70S
Straits
Settle
Federated Malay States, China and Mauritius
York
R.
Agency,
A.
Edlundh, 64 Wall
Street
Santo Domingo
/y
/ \
Java
Settlements
£750,SS»
Up
Liability of Shareholders
and Undivided Profits—
Fund
Branches
Panama
Japan
LIMITED
Established 1834.
Francisco
San
China
Sydney
Paid
London
and Subscribed—__£1,5©S,SS*
Capital Authorized
Reserve
'
♦
$10,000,000
Profits...
Undivided
Commercial Banking
Gracechurch Street,
15
THE
Office
STREET, NEW YORK CITY.
Assistant Manager—W. A. Laing
Spain
\
Philippine
Incorporated in New South Wales.
tsid
Capital
Up
Kasarva
teserve
£2,000,000
2,040,000
2,000,000
Fund
Liability of Proprietors
~~£6,040,000
Drafts
jredlt
payabie
demand.
on
Letters
and
of
issued by the London Branch on the
dead Office.
Branches and Agencies of the Bank
are
Australia and elsewhere.
n
Mgotlated
dead
or
collected.
Office,
Blrchin
New
Lane,
South
CORPORATION
BANKING
Paid up Capital (Hongkong
Walas
Office:
Street,
Lombard
Hong Kong & Shanghai
E.
O.
Currency)—HSIS.OOO.OOt
Reserve Fund In Sliver (Hongkong Curr.)H323,000,OOl
Reserve Fund in Gold Sterling
£1,500,00(
—
GRANT DRAFTS, ISSUE LETTERS OF CREDIT
NEGOTIATE OR COLLECT BILLS PAYABLE I*
CHINA,
PHILIPPINES,
JAPAN,
STRAITS SET
Government in British East
and Uganda
Bankers to the
Africa
Blshopsgate, London,
Head Office: 26,
In
Branches
Australasia
on
Remittances cabled.
Sydney,
London
if.
Bills
NATIONAL BANK OF INDIA Limited
Colony
Burma,
India,
and
at
Aden
Ceylon,
and
E. C
Kenye
Zanzibar.
Subscribed
Capital
Capital
£4,000,000
£2,000,000
Fund—— —£2,500.000
The Bank conducts every description of banklus
and exchange business.
Paid-Up
Reserve
TLEMENTS, INDIA.
Ionian Bank, Limited
J.
Incorporated by Royal Charter.
every banking facility for transaction
rfth Greece, where it has been established for
|$
years,
and
has
Branches throughout the
Country.
Also
at
Alexandria, Cairo, Ac.,
n
Egypt,
fiaad Office: Basildon House,
A.
JEFFREY,
Agent,
Wall
36
St..
Yor>
New
Offers
Moorgate Street.
LONDON, E.
C.
The Union Discount Co.
I.
of London,
Reserve
Fund
Sills Negotiated or forwarded for
Telegraphic Address, Udisco: London.
Branches
Capital Authorized & Subscribed.$10,009,000
0
0
0
0
0
585,000
0
Capital
1,078,875
0
Paid-Up Capital..
i_*.
539,437 10
farther Liability of Proprietors
539,437 10
Remittances made by Telegraphic Transfer.
Subscribed
Abroad
39 CORNHILL
English Scottish and Australian Bank, Ltd.
Address:
6 Gracechurch
St., E.
C.
Head Office: London, E. C. I
Authorized
Capital
£3.000,000
0
Limited
Collection.
Banking and Exchange business of
every deisrlption transacted with Australia.
E. M. J ANION. Manager.
Capital Paid Up—
Reserve
5,000,000
-
5,000,000
Fund
STERLING.
$5=£l
NOTICE
RATES
HEREBY
IS
OF
on
deposit
At
that
for
the
money
Call, 4 H P®r Cent.
are
as
follows:
v
The
Company discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER
R.
FRANCE
ARGENTINA
CHILE
PERU
Notice, 4M P®r Cent.
mercantile
BANKERS
ENGLAND
SPAIN
GIVEN
allowed
INTEREST
At 8 to 7 Days'
Lincoln Menny Oppenheimer
Remitting Money
NUGENT,
Manager.
URUGUAY
MEXICO
Affiliations
BRAZIL
FRANKFORT-o-M.,
GERMANY
COLOMBIA
Cable Address "Openhym"
ECUADOR
INVESTMENT SECURITIES
The
FOREIGN EXCHANGE
$5
Over 500
Branches in Africa
LONDON, E. C.
CORNHILL
.$21,166,625
4,233,325
Capital
Paid Up
Capital
Reserve
Fund
I
($5=£1
facilities for the extension of trade and
merce
between this country and
New York Agency
-
-
com¬
Africa.
44 Beaver St.
Deposit are
Anglo-South American
per annum at call.
"BANIC, LIMITED
4% % at 7 and 14 days notice.
Approved Bank A Mercantile Bills discounted.
Money received on deposit at rates advsrttead
from time to time; ana for fixed periods apes
speetsQy agreed terms.
Loans granted en ap¬
proved negotiable securities.
PHILIP
Correspondents in Belgium, Holland,
Italy, Switzerland, Germany, etc.
Telephone Whitehall 700
follows:
4H%
Offers to American banks and bankers its superior
NICARAGUA
the RATES OF
INTEREST allowed for money on
as
$21,000,000
SAN SALVADOR
VENEZUELA
2,600,000
STERLING.)
NOTICE is hereby given that
Paid Up Capital and Reserves exceed
GUATEMALA
Cable Address—Natdis London.
Subscribed
AFRICA, Ltd.
Discount
Company, Limited
The NATIONAL BANK
of SOUTH
National
HAROLD
WADE,
Manager
New York
Agency, 49 Broadway
MAY 7
THE
1921.]
vxx
CHRONICLE
jfoteign
yotelgx
Jforeign
Agency
NATIONAL BANK
TBotiQuelndustridle
27
Pine
de (thine
:
New
gft
27 Pine St.
St
Yerk
Permit
S
drew
te
New York
Banque Rationale de Credit
Capital......
Banke
Deposits.
...
Shanghai,
Hons Kong,
20
and
I
the
92,000,000
4
Branches
in
the
6 AND
£2,000,000
...
.
7
Provinces
Rhenish
KING WILLIAM ST.;
LONDON, E. C., 4, ENGLAND.
THE
Letters of Credit
Cabin
.
LONDON AGENCY
330 Branches in France
Foreign Exchange
*
Fund.
Reserve
^
East.
Far
£3,000,006
Capital, fully paid
...frs.2,420,000,000
PARIS
In
branch**
other
and
500,000,000
Established
under
Egyptian Law
June, 1898, with the exclusive right It
issue Notes payable at sight to bearei.
Head Office
Yokohama
Europe
frs.
_frs.
Surplus..
draft*
direct
of EGYPT
Head Office—Cairo.
NATIONAL PROVINCIAL ANN
Transfers
GENERAL
BUSINESS
BANKING
UNION DANK OF ENGLAND
MmM Capital: Fa 150,000,001
Limited
<85=£1.)
Royal Bank of Scotland
Paid-up Capital.
£1,082,276
...£89,114,727
Deposits.
St. Andrew
-
Square, Edinburgh
Cashier and General Manager: A* K.
Glasgow Office
Throughout Scotland.
Every Description of British, Colonial and
Foreign Banking Business Transaoted.
172 Branches
LIT.
SWISS BANK CORPORATION
BASLE
.LIT.
Branches all over Switzerland and in London
The Hague
CAPITAL AND
156,000,000
COLLECTIONS
S0CIETE GENERALE ALSACIENNE
Milan, Italy
New York Agency, 165
Broadway
LETTERS OF CREDIT
FOREIGN EXCHANGE
DE BANQUE
Office, 1 Old Broad Street, E.
Constantinople
80 branches in
F. 110,000,000
SURPLUS
LIT.4,871,970,562
DEPOSITS
London
Amsterdam
Rotterdam
GENEVA
400,000,000
CAPITAL
Head Office,
England
Offices In
and Wales
ROTTERDAMSCHE
ZURICH
BANCA COMMERCIAL ITALIANA
SURPLUS
numerous
BANKVEREENIGING
Correspondence Invited
!
with
Apply to
Exchange Square
....
$36,196,261
Wright
8 Bishopsgate, E.C.2
-
-
689,084,826
-
-
15, Bisbopsgate, London, England,
Investment
for
London Office
FUND
Head Office:
Government, State and Municipal
BONDS
Head Office
RESERVE
£2,000,000
....... ......
Rest and Undivided Profits
-
PAID-UP CAPITAL
SWITZERLAND
Incorporated by Boyal Charter, 1727.
$199,671,666
SUBSCRIBED CAPITAL
PURCHASE AND SALE OF
C* 2
Fondee In 1881
STOCKS AND SHARES
Italy, at all the prin¬
Siege social:
cipal points in the Kingdom
Strasbourg
AFFILIATED INSTITUTIONS
ITALIANA
COMMERCIALS
SANCA
—Paris, Marseilles and branches
COMMERCIAL BANK OF
4, Rue Joseph Massol
(France)
BANCA COMMERCIALE ITALIANA E BULGARA
entiereillent
verses
—Sophia and branches
BANCA COMMERCIALE ITALIANA E
ROMENA—
66 Agences notamment a
Bucarest and branches
UNGARO-ITALIANA—Budapest
BANCA
MULHOUSE
POUR
Aires,
FRANCAISE
&
ITALIENNE
L'AMERIQUE DU SUD—Paris, Busnos
8ANQUE
Rio ds Janeiro and branches
DELLA SVIZZERA ITALIANA—Lugano
Sao Paulo,
BANCA
and
METZ
i
COLOGNE
MAYENCE
LUDWIGSHAFEN
FRANCES
DE
CHILE—Santiago,
Bogota
Office:
Prague,
New
14 George Street,
Alex. Robb, Gen'l Manager
1,750,006
1,000,000
41,000,000
Edinburgh
Magnus Irvine, Secretary
Lombard Street
Buchanan Street
Offices throughout Scotland
National Bank
ArnoldGilissen&Co.
York Agency
LOTHAR
80-81 Damrak
AMSTERDAM
BERKS,
Agent
SORGER,
N. CVETNIC,
Sub-Agent
Sub-Agent
throughout Czechoslovakia.
Gable Address:
ROTTERDAM
1870.
Achilles-Amsterdam
THE HAQUl
V
Established 187X
Subscribed
CzK 129,000,000
Capital and Reserves
Head Office,
.
Glasgow Office, 113
BANK OF JUGOSLAVIA, Ltd.
Czechoslovakia.
Established in
£5,500,000
New York Agents
LEO
Branches
.
.
.
American Exchange
PRAGUE CREDIT BANK
Head
Deposits (Nov. 1920)
233 Branches and Sub
Vai-
COLOMBIA—
j.'t '
.
,
.
Paid-up Capital
....
Reserve Fund
.....
London Office, 62
SARREBRUCK
branches
SOCIETA
ITALIANA
DI CREDITO
COMMER¬
CIALE—Vienna, Trieste and branches
paraiao.
BANCO FRANCES E ITALIANO DE
Subscribed Capital
FRANCFORT
branches
BANCO ITALIANO—Lima and
BANCO
SCOTLAND, Ltd.
Established ISIS
Capital, 100 millions de francs
Capital._J.K.200,000,000
50,000,000
Reserve..
BANKERS AND
STOCKBROKERS
FOREIGN EXCHANGE
25
The United States Life
Broadway,
Cable
New York
Address "Jugobank'
Insurance Co.
KONIG
BROTHERS A GO.
IN PtMl Stmt,
NEW YORK
IN THE CITY OF NEW YORK.
Organized 1850.
Over
Non-Participating Policies only.
Forty-Five Million Dollar* Paid to Policy¬
1
holders.
BANQUE GUYERZELLER
SOCIETE ANONYME
Commercial and Travellees
Letters of Credit
ZURICH
Established 1894
JOHN
P.
KONIG BROTHERS,
LONDON
MUNN, M. D., PRESIDENT
Paid up
Good
on
territory
open
for
direct
high
class
persona
with
the
producers,
under
Company.
Address Home Office. 277 Broadway
New Yerk City.
contract*
and
Capital Frs. 6,000,000
Every description of banking business
transacted.
NEDERLANDSCHE
H&NQEL-MAATSCHtfP
ROTTERDAM
VIII
THE CHRONICLE
[VOL. 112.
l&aviktti anb JBrobtw €>utsibc Jitto gotk
MILWAUKEE
CHICAGO
CHICAGO
JAMES
EDGAR, RICHER
East
D.
Lacey Timber Co.
A CO.
Water and Mason Streets
TIMBER
MILWAUKEE, WIS.
based
A. G. Becker & Co,
upon
expert
verification
of underlying assets
Specializing
WISCONSIN CORPORATION ISSUES
BONDS
always
822 SOUTH MICHIGAN AVE., CHICAGO
COMMERCIAL PAPER
INVESTMENT SECURITIES
SCOTT & STITT
INVESTMENT BONDS
Financing of Milwaukee
187 South La Sail# Streat
111 W. Monroe St.
;
CHICAGO
and Wisconsin Industries.
CHICAGO
NEW YORK
Investment Securities
SAN
ST. LOUIS
FRANCISCO
SEATTLE
LOS
ANGELES
Bought and Sold.
First Wisconsin Company
MILWAUKEE
TO
LOCATE
Greenebaum Sons
Investment Securities
WISCONSIN
the
Ranlf andTrnst Comliaw
disposal
Southeast Corner La Salle and Madison Sts
GENERAL BANKING
firm
that
hat
quire, insert
for
you
what
re-
ad in the
an
Classified Department
Capital and Surplus, $2,000,000
6% CHICAGO FIRST MORTGAGE
Second Ward Securities Co.
Sacond
Suitable
for
La Salle
and
Oldest Banking House In Chicago.
MILWAUKEE
So.
Trustees
BONDS
Individuals
Write for Bond Circular C 25.
Ward Savings Bank Bldg.
108
Estates,
A State Bank
of The Financial Chron¬
icle
(faces
the
inside
back cover.)
St.
CHICAGO
MUNICIPAL BONDS
Specialists in
First Mortgage
Corporation Bonds
Wisconsin Municipals
Short Term
Industrial
and
High Grade Investments
Hyney,
39 South
Note
Issues
& Co.
Emerson
La
Salle
CINCINNATI
CHICAGO
St.
CHANNER & SAWYER
INVESTMENT SECURITIES
Union
Trust
Bldg.,
CINCINNATI, OHIO
SPRINGFIELD, ILL.
A. O.
Slaughter & Co,
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
Members
%
New York Stock Exchange
Matheny, Dixon, Cole & Co.
Chicago Stock Exchange
Chicago Board of Trade
SPRINGFIELD, ILLINOIS.
110
CHICAGO,
Dealers
Hunicipal
and
and
Illinois
ILL.
IN
INVESTMENT SECURITIES
in
Corporation
Farm
Bonds
Powell, Garard & Co.
Mortgages
IRWIN, BALLMAN & CO.
328-330 332
INVESTMENT SECURITIES
South
39
buffalo
La
Salle
Walnut
St.
CINCINNATI, OHIO
Street
Chicago
Philadelphia
JOHN
DEALERS
WEST MONROE STREET
T. STEELE
St. Louie
DnMHC
Corporation
BUFFALO, N. Y.
Municipal and
DUinUO
EDGAR
FRI EDLAN DER
DEALER
Cincinnati
CINCINNATI
Government, Munidpa
and
Corporation Bonds
SHAPKER
IN
Securities
OHIO
v
& COMPANY
Formerly
SPECIALISTS IN
SHAPKER, WALLER & CO.
Buffalo and Western New York Securities
134
SOUTH
LA
SALLE
TOLEDO
STREET
CHICAGO
TUCKER, ROB I SON & CO.
IRVING
T.
LESSER
Successors
John Burnham & Co.
STOCKS AND BONDS
*75 Ellicott
Over
Square
^
80%
NATIONAL
FOR
BUFFALO, N. Y.
Of the Banks
New York
SAFETY
THEIR
an
City
use
PAPER
CHECKS
Investment Securities
La
Salle
and
F. WM.
Bankers—Established 1870
MonicipaL Railroad and Corporation Boads
Toledo and
Monroe
Chicago
to
David Robison Jr. & Sons
Ohio
Gardner Building,
Securities
TOLEDO, OHIO
KRAFT, Lawyer
Specializing in Examination & Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Graves, Bianchet & Thornburgh
MUNICIPAL BONDS
Proceedings Authorizing Same.
GARDNER BUILDING
George La Monte & Son
61
Broadway
New York
Rooms 517-520, 111 W. Monroe St.,
Harris Trust Building
CHICAGO, ILLINOIS
TOLEpO
OHIO
MAY 7
1921.]
THE
CHRONICLE
IX
^Bankers attb JBroberK ©utatbe Jleto gorfe
PITTSBURGH
MICHIGAN
GORDON
'
•
&
'v-p"
'
1
MICHIGAN
company
i,"
"'5
'
INVESTMENT
.
.""
'
'
'•
>.
a. j. Hood &,
BANKERS
fembers Pittsburgh
Stock Exchange
Union Bank Building,
(Established
3264-5
;
Detroit Stock
20
Exchange
Charles a. Parcells & Co.
Years)
MICHIGAN SECURITIES
*
PITTSBURGH, PA.
Phone Court
Members of
Company
INVESTMENT
BOUGHT—80LD—QUOTED
Specialize in Michigan Stocks and Bonds
PENOBSCOT BUILDING
SECURITIES
PENOBSCOT BUILDING,
DETROIT, MICH.
DETROIT
LYON, SINGER & CO.
|
Members Detroit Stock Exchange
INVESTMENT BANKERS
Commonwealth
Bl^r$
PITTSBURGH
Securities of Pittsburgh District
Pennsylvania Municipal
Richard Brand
HUGHES, GORDON, BRASIE & CO.
Company
Specializing Detroit Securities
High Grade Bonds
Bonds
DIME BANK BLDG.
We
invite
inquiries
your
1721-3 Dime Bank
DETROIT
Bldg,, Detroit
Geo. W. Eberhardt & Co.
OLIVER
BUILDING,
Stocks,
and
Member*
New
PITTSBURGH
WHITTLESEY, McLEAN & CO.
Provisions
York
Members Pittsburgh
Members
PROVIDENCE
Grain
Bonds,
Chicago
Stock
BODELL & CO.
Exchange
Stock Exchange
Board
of
Trade
,
10
•
WEYBOSSET
Municipal Bonds Corporation Bond*
Preferred
Stocks
STREET
Active Members of Detroit Stock
Exchange.
PROVIDENCE
a. E.
master & co.
Established
8054-56-58 Penobscot Bldg.,
New
1891
York
DETROIT
Boston
New York Stock Exchange
Boston Stock Exchange
Members
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
323 Fourth Ave .,
NEWARK. N.
Investment
CONSERVATIVE
Pittsburgh* Pa
Branch Office—
FENTON, DAVIS & BOYLE
J.
INVESTMENT SECURITIES
Wheeling, W. Va.
List upon
Chicago
Bankers
Detroit
Grand Rapids
request
W. Carson Dick & Company F. M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE
BUILDING
NEWARK, N. J.
INVESTMENT BONDS
KEANE, HIGBIE & CO.
'
t
MUNICIPAL BONDS
890-3*5 UNION ARCADE BUILDING
6T
TEXAS
GRISWOLD
ST.
DETROIT
PITTSBURGH, PA.
J. E.JARRATT& COMPANY
INDIANAPOLIS
Investment
Fletcher American Company
Bankers
KAY & CO.
INVESTMENT BANKERS
Municipal Bonds
INDIANAPOLIS
Penobscot Bldg.
San Antonio, Texas
Capital
Specializing in Indiana and Indianap¬
olis
Members
$1*500*000
-
Inc.,
DUNN & CARR
Corporation and Municipal bonds
DETROIT, MICK.
Detroit
Stock
Exchange
GEORGE M. WEST & COMPANY
and stocks.
Established
1893
Investment Securities
INVESTMENT
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
Cincinnati
Detroit
Union
HOUSTON
Chicago
Nat. Bank
.
•
r
BANKERS
Bldg.
TEXAS
•
Milwaukee
UNION
TRUST
BLDG.
DETROIT.
Members Detroit Stock Exchange
Investment Securities
MACON
Municipal Bonds
Indiana
Corporation Securities
W. M. DAVIS & COMPANY
Southern Municipal Bonds
NEWTON
Corporation
Bldg.
Detroit
Stock
Exchange
Motor Stocks, Public Utilities & Olla
Guaranteed Stocks
Bonds and Stocks
MACON
415 Lemcke
HAMLIN & CO,
Members
AND
TODD
Local Securities and
Indiana
W. A.
GEORGIA
INDIANAPOLIS
1010 Penobscot
Bldg.,
DETROIT, MICH,
BALTIMORE
Joel Stockard
8. Lancaster Williams & Co., Inc.
ALWAYS
INVESTMENT SECURITIES
MARYLAND
refer to the Financial Chron¬
icle
Trading
when you wish to
buy
or
INVESTMENT SECURITIES
Stock
Bldg.,
.
DETROIT
-
Cherry MM
unlisted
or
sell
inactive
Harris Small & Lawsok
stocks.
Exchange Building
~
PHILADELPHIA
Phones:
or
Members Detroit Stock Exchange
Penobscot
Department
bonds
Scott & Stump
Co., Ine.
BANKERS
Municipal, Government &
Corporation Bonds
Equitable Building
BALTIMORE
A
INVESTMENT
Locust 8480. 8481. 6482. 6483
Keystone:
Race 2797
INVESTMENT
SECURITIES
CONGRESS
ST., W
DETROIT
^titsfoe Htm JVort
JJanfetw anb Jtrofeertf
PACIFIC
PACIFIC COAST
Howard Throckmorton
[VOL. 112.
CHRONICLE
THE
X
COAST
PORTLAND, ORE.
HALL & COMPANY
Pacific Coast Securities
INVESTMENT BONDS
BONDS
CALIFORNIA SECURITIES
of
MUNICIPALITIES AND
Local and Paclflo Coast
CORPORATIONS
{Government
Municipal
Corporation
haying substantial
Securities
PORTLAND* ORKGOft
LEWIS BUILDING
a&seta
and earning power.
San Francisco
Alaska
MINNEAPOLIS
,
Commercial Buildin
WILLIAM R. STAATS CO.
LOS ANGELES
SAN
^flotations
Stevens^ylBQ.
PASADENA
Furnished on
Information
and
'
FRANCISCO
ESTABLISHED
iqip"
^MUNICIPAL RA1XJR OAB
Securities
Pacific Coast
'CORPORATION BONDS
COMMERCIAL PAPERS -
Established 1853
'
SUTRO &, CO.
Hunter,Dulin &Co.
INVESTMENT BROKERS
ST.PAUI
MINNEAPOLIS
Members
San Francisco
San Francisco
SIS Montgomery St.
DENVER
Stock
and Bond Exchange
MUNICIPAL
CORPORATION
AND
CLEVELAND
Municipal and
D^MPvC
DISTRICT
U\Jl\UO
Corporation Bonds
—
Specialty
a
INVESTMENT BANKERS
TheGundling-JonesCompany
8econd Floor U. 8. National
Los
STOCKS—BONDS—NOTES
San Diego
Pasadena
Bank Bldg.
DENVER
San Francisco
Angeles
AUGUSTA
Oakland
CLEVELAND
BANGOR BUILDING*
COMPANY
H. WADE
WILL
Issues
California
JOHN W. DICKEY
We
OTIS & COMPANY
Established
Van Nuys
of Trade.
LOS
Denver
WM. E. BUSH & CO.
Youngstown
Colorado Springs
Akron
Augusta, Ga*
SOUTHERN SECURITIES
R. H. MOULTON & COMPANY
Acceptances
Bonds
Stocks
1885.
Building
ANGELES
Cincinnati
Detroit
Boston
Toledo
Southern Securities
DRAKE, RILEY A THOMAS
CLEVELAND
Dayton
Corporation
BONDS
Members of New York, Boston, Cleveland, Chicago
and Detroit Stock Exchanges, the New York
Cotton Exchange and the Chicago Board
New York
Columbus
&
1*12
USH£D
Bonds
Acceptances
Stocks
Augusta, Ga,
specialize in California
Municipal
NOTES
SHORT TERM
CALIFORNIA
MILL STOCKS
LOS ANGELES
Title Insurance Building*
American Natl
COTTON
MUNICIPALS
Bank Bldg.*
SPARTAN BURG,
San Francisco
S. C.
RITTER COMMERCIAL TRUST
Unincorporated
BUFFALO
Niagara Life Bldg.
CLEVELAND
UO Euclid Ave.
DEALERS IN
Stocks
Montgomery Street*
FRANCISCO, CALIF.
851-853
SAN
THE
CO.
and
SPARTANBURG* S. C.
Bond Exchange
CHATTANOOGA
LEWIS BURKE & CO.
Bucyrus
Unlisted
-
Specialty
NORFOLK* VA
MOTTU
-
a
Bldg.
Warren
Listed
Pacific
Coast Securities
CLEVELAND* O.
Dayton
Quotations on all
Members San Francisco Stock A
INVESTMENT SECURITIES
Snd Floor National City
Information
Bonds
and
Southern Textiles
Stocks and Bonds
KLIPFEL-WASHBURN-BERKLEY
Inc.
A. M. LAW & CO.,
CHAPMAN DE WOLFE CO.
Inactive
& CO.
LOCAL AND SOUTHERN
Established 1892
Stocks & Bonds
SECURITIES
/
Investment Bankers
'
-
CHATTANOOGA
James Building
NORFOLK, VA.
ALBERT
Correspondents: E. & C. Randolph, New
FOYER
Leader News Bldg.
York
1
CLEVELAND* O.
MONTGOMERY
HUNTER GLOVER & CO.
Investment Securities
ERIE BUILDING, CLEVELAND
SOUTHERN
<
Strassburger
INVESTMENT SECURITIES
Montgomery*
Ala.
^BOSTON
New
COMPANY
Industrial Securities
...
Yielding 6}4% to 8%
ALA.
Municipal and
Corporation Bonds
J.
85
Our Classified
MURRAY WALKER
Devonshire Street
small
FINANCIAL CHRONICLE.
Department faoes the
inside back
Southern
any one
Departments can be
of the
England
BANKERS
BIRMINGHAM*
capable head for
ad in the Classified Department
ALABAMA
MARX &
and
obtained by inserting a
Springfield
New York
A BUSINESS EXECUTIVE
of your
Ashtabula
Philadelphia
Cincinnati
B. W.
Boston
cerer.
MAT 7
1921.]
THE CHRONICLE
XI
^Banker# atib JJtnkerti (0utsftie j&eto gotfc
NEW ORLEANS
PHILADELPHIA
PHILADELPHIA
THAYER, BAKER & CO.
Southern
Graham. Parsons & Co.
Ul CHESTNUT ST.
FINE
If
PHILADELPHIA
Municipals
NEW
ST,
YOBS
Investment Securities
4NVESTMENTS
Short Term Notes
Deal
In
and
Purchase-
Issues
NICIPAL
Commercial Trust Bldg.,
Preferred Stocks
Commercial
of
:
V v
BONDS, NqKS AND PREFERRED STOC&
PHILADELPHIA
of
RAILROADS,
Paper
INDUSTRIAL
UTILITIES AND
CORPORATIONS
of
Bankers
.
BOND9,
Acceptances
;
ESTABLISHED
Cable
VALUE.
Address "Grace." Philadelphia.
Investment
Hibernia
Securities
Possibilities
Company
were
never
day.
(Incorporated)
will
than they are to¬
opportunities
probably
generation.
greater
Present
Boles&Westwood
not recur in the present
New Orleans
Members Philadelphia Stock Exchange
Nine Per Cent
*
annual return can be obtained
today from an investment in a conserva¬
Gold Note of a large, established,
prosperous and growing utility company
whose operating units serve 533 commun¬
ities having a population of
2,135,000.
average
Direct Private
New York Office
Investment
tive
44 Pine Street
Wire
Service
Send
for
illustrated
circular
Securities
CC-16.
IN* TIM
IISAii
-
PHIUDELNM
•
Telephone Locust 4731
H. M.
Byllesby & Co.
Incorporated :if
Empire Tube & Steel Corp.
Circular
on
New York
111
Broadway
208 S. LaSalle St.
Providence
Request
10
:;f f
Chicago
Boston
Weybosset St.
€.Ul£larR$C&
14 State Street
BANKERS
Jones
15
&
Thurmond
Broad St.
New York,
Phone:
821 Chestnut
N. Y
St., Philadelphia
Established
Broad 7412
1837
Edward E. Hall & Co.
Members New York and
(Established 1866)
Insurance Brokers
80
MAIDEN LANE
Urenzo E. Anderson & Company
810
Municipal
N. 8th
and
St.. St.
Lout*
Corporation
Now York Stock Exchange
New York Ootton Exchange
Members
Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Ootton Exchange
St. Louis Stock Exchange
Hsrndon Smith
YORK
Tel. John 4876
Are
Bonds
NEW
your
Holdup
and
Philadelphia
Stock Exchanges
Bonds,
Fire,
Automobile,
Liability policies properly
SfCwwCft
written f
BANKERS
Advice given on policy contracts, fire
protection and loss adjustments.
Prompt
desired.
coverage
procured
wherever
Land Title Bldg.,
Philadelphia
■
Members
Philadelphia
Stock
Exchange
Charles W. Moore
Pennsylvania Tax Free Bonds
William H. Burg
PAUL & CO.
SMITH, MOORE & CO.
Members Philadelphia Stock Exchange
INVESTMENT BONDS
•111 OLIVE ST.,
1411
The Motor and Tire
Chestnut Street
PHILADELPHIA
ST. LOUIS, MISSOURI
Situation
ST.
LOUIS SERVICE
discussed in current issue of
Frederick Peirce
MARK C. STEINBERG & CO.
fembers New York Stock Exchange
800
BONDS
Members St. Louis Stock Exchange
FOR
N.
Broadway
ST. LOUIS
—
uggesuons
Securities"
Free
on
& Co.
1421 Chestnut Street,
INVEST.
MENT
Philadelphia
request
Members St. Louis Stock Exchange
STIX
&
CO.
KCTMEGARGEiT&Ch.
27 Pine
BOYLE, BROCKWAY & GRAHAM, INS,
Street, New York
MATTERS
Investment Securities
109 OLIVE ST.
ST. LOUIS
Union
Arcade
FINANCIAL
Pittsburgh^
XII
CHRONICLE
THE
[VOL. 115.
American Vitrified Products
Atlas Portland Cement 6s, 1925
Associates Land
Central Union Gas 5s, 1927
Atlas Portland Cement
Equitable Gas Lt., N. Y., 5s, 193%
Coney Island & Brooklyn RR.
Flatbush Water 6s, 1931
Kosciuszko Oil & Gas
Harlem Riv. & Port Ches. 4s,1954
Lincoln Motors
Hudson Navigation 6s, 1932
Manhattan Rubber
Long Island Ferry 41/£s, 1922
Packard Motors Pfd.
N. Y. & East River Gas 1st 5s, '44
Reo Motors
Standard Gas Light 5s, 1930
Royal Baking Powder
10BEV&K1RK
West Virginia Pulp & Paper
Members
Woodlawn Cemetery
Investment
Exchange
United Lead Deb. 5s, 1943
St., New York Ward Baking 6s, 1937
Broad
25
York Stock
New
Union Railways, N.Y., 5s, 1942
Sertoli
Virginia & Southwestern Ry.
Securities
First Consolidated 5s
Due
April
1
1958
SfciitljerH
Jluhlic Utility &entriti*fl
♦
Jfeto Hark
111 Uroaiitoag,
Houston Beit & Term, Ry.
Davies,Thomas
Members
N.
Y.
Stock
First
Co.
Mortgage 5s
Due
July
Exchange
5 Nassau St.
1
We
1937
Telephone Rector
Specialize in and
have
New York
compiled
6520
A List
Central
of
Spencer Trask & Co.
American Tobacco 6s, 1944
Argentine Ry. 6s, 1927
25 Broad
Chicago & West. Ind. 7J/2S, 1935
50
Street,
ALBANY
Seaboard Air Line 7s, 1923
Members
.
600
Street, New York
Congress
Rochester Ry. 1st Cons. 5s, 1930
*
Public
Boston
New
York
Stock
issued in
Exchange
Member* Chicago Stock Exchange
$100 Denominations
Trinity Bldg. Corp. 5V2S, 1939
Wisconsin Elec. Power
7!/2S, 1945
Inquiries from dealers in Investment
Zanesville Ry., Lt. & P. 5s, 1924
C.
C.
&
C.
Gen.
Grand
JOSEPH EGBERT
2
Rector^St., N. Y.
3s
Province
Tel. Rector 9261
Cuban
4^8,
Westheimer & Company
New
York
Stock
Cincinnati
Stock
Chicago
Baltimore
Board
Stock
Pacific
Columbia
1926
New
5^s,
Province
Foundland
1928
of
&
Phono
Private
Exchange
Exchanga
58
CANADIAN
Boston
Great Northern
SECURITIES
Members N. Y. and Phi la.
120
Broadway
Joint 4s—Joint
6^8
Stock Exchanges
Phone 7500 Rector, N. Y.
SUTRO BROS. & CO.
120
■
-■
and
& 6s
BALTIMORE, MD.
■■
9738-7. 0921-8
Philadelphia
Government
MILLER & COMPANY
Trade
Exchange
;
0980-5.
Northern Pacific
CINCINNATI, OHIO
•.
to
6s
the
of
Rector
Phones
Alberta
Specialists in
ALL
solicited.
1962
British
5s
of
4s,
Securities
Louis
1993
Trunk
&
of
Government
INDIAN REFINING CO.
St.
4s,
6s,
PROCTER & GAMBLE CO.
Member*
Utility Bonds
CHICAGO
BROADWAY, NEW YORK
Telephone:
i
»
Members of New
1
Rector 7350
York Stock Exchange
Bought—Sold—Quoted
EASTMAN
Continental
Gas & Electric
Telephone
Corporation
Broadway,
N.
Y.
9.6%
Circular
on
Request
840
St., New York
'Phone Hanover
Fourth
Ave..
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Stone, Prosser & Doty
William
Rector
GLOVER & MACGREGOR
1
53
COMMON
ALFRED F. INGOLD &. CO.
74
1
3991
3992
3993
3994
6% Cumulative Pfd Stock
To Yield
KODAK
West Penn Traction 5s, 1960
7738
St. Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924
Vv
MAY 7
1921.]
THE
CHBONICLE
XIII
gfioVT RAD IN G PEP A R TM K NT
Aetna Explosives "B" 6s, 1941
Continental Motor 7s, Serial
Abitibi Pr. & P. 6s, All Issues
Dubuque Electric 5s, 1925
Detroit United
Ry. 7s, 1923
Assoc. Simmons Hardw. 7s, 1925
Beaver Board 8s, 1933
Central Power & Light 6s, 1946
General
Champ. 5s, 1923
Goodyear Tire & Rubber 8s, 1941
Grand Trunk Pac. 3s,
Goodyear T. & R. Com & Pfd.
H. H.
Franklin Mfg. Co.
Lincoln Motors, Class "A"
Paige Detroit Com & Pfd.
Packard Motor Com. & Pfd.
Merrill, Lynch & Co.
\
120
Broadway, New York
Telephone 6070 R-sctor
Magnolia Petroleum 6s, 1937
Private
wires
to
Chicago,
England Oil Co. 8s, 1925
Traders Telephone 7633 Rector
Detroit,
Cleveland,
Youngrtoton,
Grand
Rapids
and
Lansing
1955
So. Calif. Edison 6s, 1944
Urb. & Champ. Ry.G.& El.5s,'29
Alabama Midland 1st 5s, 1938
Bait. & Ohio, Tol.-Cin. 4s, 1959
American Tobacco
Wat.Ced.Falls & Nor.5s, 1940
C. B. &
Q., 111. 4s, 1949
Pug. Sd. 4s, 1949
Chic. Mil. &
Dividend Scrip
Wilmington & Weldoii 5s, 1935
N. O. Tex. & Mex. 1st 6s, 1925
York Central 4s, 1934
New
Bought, Sold and Quoted
N. Y. Ont. & West. Ref.
4s, 1992
Southern Ry. Gen. 4s, 1956
Western Pacific 5s, 1946
Lachenbruch&Cq
Morion
Sulgar
Peerless Truck & Motor
1962
Lehigh Power Secur. 6s, 1927
O'Gara Coal Co. 5s,
Ford Motor of Canada
Godchaux
Phonograph 7s, 1921-23
Laclede Gas Light 7s, 1929
New
Eastman Kodak
Minn.-Ontario 6s, 1921-28
Salmon River Power 5s, 1951
Sen Sen Chiclet
6s, 1929
Texas Electric
Ry. 5s & 6s
Woodward Iron 5s, 1952
Continental Motors 7s, 1922-25
Danv. Urb. &
Butler Bros.
42 BroadL Street. Newark
Private CVires to, CHICAGO -PHILADELPHIA
C. C. Kerr & Co,
-ST. I0U1S
tTn^Rngm-DETRDIT- CLEVELAND-6RAHD RAPIDS
2
Rector St.,
N. Y.
R. W.
Phone 6780 Rector
40 Wall
New
DO YOU
That
the
KNOW
men
in
their
fields
use
and
Financial
Atl.
efficient
most
respective
the
consult
Chronicle
Classi¬
this
mind for
sion
use
Char.
A.
L.
4J^s
C.
St.
P.
M.
&
O.
Con.
Mobile &
Ohio 1st 6s,
& St. L.
Chat.
when
the
in
occa¬
arises.
1944
3^s, '25
3Hs, 1952
1927
cons.
cons.
S. P. LARKIN & CO.
CONSTABLE & FLEMING
CONSTA&LE
L». FLEMING Osu
66
Broadway N Y
Kansas
Rio
City
Grande
Wisconsin
Illinois
xel:
Rector 7270 "
Terminal
& Western
Central
Central
1st
4s,
1st
Gen.
Joint
4s,
1949
1963
Canadian, Cuban,
Pacific 1st 5s, 1946
Houston East & West Texas 1st 5s, '33
Kansas
City Southern Ref. 5s, 1950
St. L. I. M. & So., Riv. & Gulf 4s, 1933
Burl.
Cedar
Rap. & Nor. 5s, 1934
Prince & Whitely
Members N.
52
Y.
Stock
Broadway
Exchange
173
New York
Orange St.
New Haven
Philadelphia, Baltimore,
Richmond, New Haven
New York City
Telephone: Broad 3484-5-6
Railroad
Bond
Public
Dept.
Atlantic & Danville 1st 4s, 1948
N. Y. Penn. & Ohio p.
St. Louis & Cairo 4s,
New
SECURITIES
1. 4^8, '35
,
New Orleans Gt. Nor. 5s, 1955
West Va.
So. Ry.:
4s, 1955
of
Pittsburgh 4s, 1990
Memphis Div. 5s, 1996
Union TermT of Dallas 5s, 1942
(Prairie Section)
Grand Trunk Pacific
Topeka Ry. & Lt. 5s, 1933
Cedar Rapids Mfg. & Pr. 5s, 1953
Pennsylvania Ut. 6s, 1926
Northern States Power 5s, 1941
States
Power
Laurentide Power 5s,
Syracuse Ltg. 5s, 1951
Great Western Power 5s, 1946
Cleveland Elec. 111. 5s, 1939
\3jDennis0n & Sherman 5s^4927
Consumers Power 5s,
Municipal Bond
We offer
Fla. Cent. & Penin. Cons. 5s, '43
Department
SiooTboo
industrial Bond
(Mountain Section)
Port Wentworth
Grand Trunk Pacific
Norwalk Steel
Dept.
Tenn. 8s,
(Lake Superior Section)
1950
4^s, 1929
Sioux City Stock Yds. 5s, 1930
Waltham Watch 6s, 1924
I
Kuczynski & Co.
Telephone Rector 6834
CORRESPONDENTS
Canadian
Industrial Stock
Dept.
For Sale
13 shares
Cripple Crk. Cent. RR.
@14
Municipal Dept.
We offer
subject to prior sale:
25 Manitoba 6s, Aug. 16 1925
25 Nova Scotia
Bank
New York
Bank 5s, 1939
95^ &■ int.
Yielding 5.42%
at
Monon Coal 5s, 1936
4s, 1955
1936
subject to sab
Joint Stock Land
4s, 1955
6s, 1941
1946
Syracuse Gas 5s, 1946
England RR. 4s, 1945
Alabama Gt. Southern 5s, 1943
Grand Trunk Pacific
Utility Dept.
Adirondack Pr. & Lt. 6s, 1950
Northern
1931
Toledo & Chic. 4s, 1941
Wabash:
Mexican
All Important
0307
BONDS
~
Atlantic & Yadkin 4s, 1949
Broadway
Western
John
Private wires to
30 Broad St.
Central New England 4s, 1961
120
Telephone
1960
4s, 1939
5s,
RAILROAD
fl
York
Reading,* Jer. Cent. Coll. 4s, 1951
6s, 1930
5s, 1928
4s, 1968
Richmond & Danville Deb. 5s, 1927
Term. Assn. of St. L. Cons. 5s, 1944
Tol. Wai. V. & 0. 4Ks> 1931-1933
West Virginia (State) 3)^3, 1939
Nor. Pac. St. P. & Dul.
Department
& 5s,
Illinois Central Purch. L.
Nash.
fied Department.
Keep
&
Beech Creek 1st 4s, 1936
B. & O. Pitts. Jet. Md. Div.
PRESSPRICH
Street,
Stock
National
6s, Nov. 15,1930
Dept.
City Bank
Home Insurance
Irving National Bank
Guaranty Trust
Bankers Trust
Foreign Capitals
PRIVATE
Montreal
WIRES
Toronto
CARRUTHERS, PELL &
15 Broad Street, New York
Philadelphia Phone, Locust 572
CO.
Phones 5161 to 5169 Har>ov*t
Bait. Phone, St.^aul
93^
CHRONICLE
THE
XIV
[VOL. 112.
WANTED
F.-J. LISMAN & CO. •
1
Msmbera
61
New
York
Akron
&
Canton
Baltimore
Central
Chicago
&
El
Paso
Louisiana
South
&
Railroad
Atlantic
Railroad
Island
Arkansas
&
6s
5s
Railroad
>■;
•
Racine Water Co. 5s
Wichita Water Co. 5t
5s
Queens County Water Co. 5s
Otero Irrigation District 6s
5s
Leavenw.C'y&I7t-I-..Wtr.48,58,6i
5s
5s
H. C. SPILLER & CO.
5s
INCORPORATED
IT Water St., corner
Maryland Delaware & Virginia RR. 5s
New Mexico Ry.
NeWvYork Interurban Water St
AcqhVckanonk Water Co. 5t
4y2sf 1937, & 5s,1942
Shore
Rock
&
Atlantic
Eastern
&
Erie
Cin. Ham. & Dayton
Youngstown
&
Water Co. 5s
Joplin Water Co. 5s
4s Clinton, Iowa,
RR.
& Nor., all issues
Chesapeake
Arkansas
Middle States Water Works Co. St
Belt
Barberton
&
Alabama Tennessee
Duluth
Birmingham Water Co. 5s
BROADWAY, NEW YORK
Akron
WEjDEAL IN
Peoria Water Works 4s and 5i
Stock Exchange
68
Devonshire St., BOSTON
Wall Street,
NEW YORK
& Coal 5s, 1947 and 1951
Stephenville North & South Texas 5s
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Lake Shore 4s, 1931
So. Ry. dev. & gen.
American Tobacco Scrip
MacAndrews & Forbes
Underlying
4s, 1956
City Term. 4s, 1960
St. L. & S. Fr. 6s, Series C
Bait. & Ohio p. 1. 3^s, 1925
t'
Kansas
Railroad
R. J. Reynolds Tobacco
British-American Tob. Co.
Imperial Tob.Co.of Gt.B.&Ir.
Bonds
Specialists
VILAS & HICKEY
Member# N. Y. Stock
<49 Wall
St., N. Y.
Hanover 8317
5s( 1936
5
Nassau
Street
NEW YORK
LOCATE CAPABLE MEN
New York Dock Co.
1st 4s,
New York Telephone 4y2%, 1939
Union Term'1
1951
to
City of San Paulo 6s, 1943
Empire Gas & Fuel 6s, 1926
Argentine Govt. 5s, listed &
unlisted
N.
Y.
Co. of
Dallas 5s,
Connecting Ry. 42^8, 1943
Braden
42^8, 1935
Copper 6s, 1931
Finlay & Davenport
Specialists
Members New York Stock Exchange
Railroad
72
FINANCIAL CHRONICLE
Our
Classified Department faces the
inside back
in
Terminal
Department of
the
Y. Penna. & Ohio
Home Insurance Co.
SIXTY BROADWAY
NEW YORK
Tel. Bowling Green 2180 to 2187
Classified
Harlem River & Portches. 1st 4s, 1954
N.
fill vacancies in your
organization through the
1942
So. Pac. San Fran. Term'l 4s, 1960
McKinley & Morris
Securities
WOOD, STRUTHERS & CO
N. & W. Poco. C. & C. Jt. 4s, '41
Central Pacific Ref. 4s, 1949
Tobacco
l2o EroackOa.y LiZ Phone-. Rector 4594
Indiana Steeli 1st 5s, 1952
Midvale Steel 1st
all
Bristol ^ Bauer
Exchange
Central Pacific 3^8, 1929
Kan. City Term. 1st 4s, 1960
Caro. Clinch. & O. 1st 5s, 1938
in
cover.
Bonds.
Tel, Rector 6881
Trinity PI.
Bang. & Aroos. RR. underly'g bd*
Central Aguirre Sugar
Chic. Lake Shore & East.
Cons. Cities Lt. Pwr. & Tr. 5s, '62
Central Petroleum
Cupey Sugar Pref.
Pierce, Butler & Pierce
Pacific Gas & Electric
Glidden Co.
Western Power
Kings Co. El. Lt. & Pr. 5%, 1937
Kings Co. Lighting 5%, 1954
Amer. Lt. & Trac.
Central Vermont 5s, 1930
Duluth & Iron Range 5s, 1937
Elgin Joliet & Eastern 5s, 1941
Second Ave. RR. Rec. Ctfs.
N. Y. & E. Riv. Gas 1st
5%, 1944
York
14 Wall St., N. Y.
Stock Exchange
Galveston Terminal 6s, 1938
42^8, 1940
5s, 1932
Joplin Union Depot
L.
I.
North
Shore
Long Island Ferry
42^8,
1922
Rio de Jan. Tram. L. & P. 5s, 1935
Shawinigan Wat. & Pr. 5s & 5
Toledo Terminal 4^s, 1957
MacQuold & Coady
Member* New
*69
THEODORE L. BRONSON & CO.
Members New York Stock Exchange
Tel. Rector 9970
120
Broadway, N. Y.
ABRAHAM & CO.
IT William
Tel. Broad ST8I
St., N. Y.
Tel. Rector 7680
Citizens Lt., Ht. & Pr. of Pa. 1st 5s,
'34
Dallas Gas Co. 1st 5s, 1925
Erie RR.
Penn.
Coll. Trust 4s,
Penn. Pub. Service
GARDNER
&
CO.
Co.
1st
5s,
1951
1962
72^s, '35
Penn. Pub. Ser. Corp. 6s, '29;
Penelec Coal Co. 1st 6s, 1924
20 BROAD
STREET, N. Y.
Tel. Rector 7430
A. B. Murray & Co.
14 Wall Street
Phone 1053 Rector
New York
Northern States Power 7s, 1923
Manitoba Pac. Ext. 4s,
1940
Denver & Rio Gran..4%s, 1936
Terre Haute & Indpls. 5s, 1925
Long Island Ref. 4s,.
1949
Man. S. W. Colo. 5s,
1934 Mo. Kan. & Tex. 4s,
1990
R. I. Frisco Term. 5s,
1927 Wabash Tol. & Chic. 4s, 1941
Atl. Coast Line Unif. 4s, 1964 Chic. & N. W. Ext. 4s,
1926
Brooklyn Edisdn 7s, 1940
Toledo Trac., Lt.
& P. 7s, 1921
Rochester Ry. & Lt. 7s, 1921
Minneapolis Gen. Elec. 5s, 1934
Gilbert J. Postley & Co.
16
BROAD STREET
NEW
YORK
Telephone Hanover 9762
r
MAY 7
THE CHRONICLE
1921.]
American Glue, com.
& pfd.
Bklyn. Boro. Gas Co. Gen. 5s, 1938
Bklyn. Union Gas Co. 1st 5s, 1945
N.
Y.
&
Westch.
Ltg.
Co. 4s,
2004
N.
Y.
&
Westch.
Ltg.
Co.
1954
Brookside Mills
Central Union* Gas
N. Y.
Chace Mills
Edison Elec. Ilium. Co., Bklyn.4s, *39
N.
Edison Elec. Ilium.
Northern Union Gas Co. 1st 5s, 1927
American Hosiery
,
Co.
Dartmouth Mfg., common
Alpaca Co.
Hamilton Mfg.
Soule Mill
V
Mills,
5s,
1955
5s,'30
Westchester
N. Y. & East River Gas Co. 5s, 1944-45
2d Ave. RR.
New York
Stock
Tel.
&*Tel. Stock
"Guar." Stock
States Tel.
Tel.
Underlying Ohio State Tel. Co. iss.
Western Tel. & Tel. 5s, 1932
ALL
Federal Farm Loan Bonds
Railway
MO.
Weekly Summary
O
Will
ALL
ISSUES
STOCK & BONDS
TeL Rector 8460
ST., N. Y.
Bonds
Federal Farm Loan
Wm. C. ORTON & CO.
Specialists in Short Term Securities
Bonds
Specialists Reorganization Securities
54 Wall
Tel. Hanover 9690-9697
Street, N. Y.
Specialize in
Goodyear T. & Rub. Com. & Pf.
Peerless Motors Stock & Notes
Preferred Stock
INQUIRIES INVITED
Investors
Oil
L
Issues.
STANDARD TANK CAR
to
°
Phones
TEXAS
&
MERCANTILE STORES
Stock Exchange
Members of the New York
19 BROAD
mailed
be
on
on
INDIAHOMA REFINING CO.
ROBINSON & SMITH
Central Pacific Coll. Tr. 4s
&, CO.
Chic. Milw. & St. Paul 4s
Oil Securities.
in Standard
4860-l|-2-3-4 Broad.
Tel. Bowling Green 100M
N. Y.
61 B'way,
8% Notes, 1931
request.
PFORZHEIMER
H.
ISSUES
KANSAS
BULL & ELDREDGE
STANDAR D
Dealers
ISSUES
ALL
We
CARL
ILL.
Tel. Broad 2357-8^9
B'way, N. Y.
Standard
EAST.
MARKET STREET
MacDonald
T. L.
&
Railroad
Equipment
51
CHICAGO
City Bonds
Railway
5s, 1935
State Tel. Preferred Stock
Mountain
New York
WANT OFFERINGS
5s, 1951
& Stock Telegraph
Northwestern
1950
2 Wall Street,
conv.
Conv.
Co. 5s,
Ltg.
Co., N. Y., 6% Rec. Ctfs.
New York State Bonds
"Undeposited" Stk.
43^s '33 "$100 bds."
Commercial Union Tel. of Me. Stock
Commercial Union Tel. of N.Y. Stock
Mich.
Co.
Dry Dock E. B'way & Batt. 5s, 1932
& CO.
A. D. T; of N. J.
Home
Ltg.
Wm. Carnegie Ewen
Adams Express 4s, 1947
A. D. T. of N. J. 5s, 1926
Houston
Westch.
Tel. Rector 3257-3273-4-5
53 State St.,
Mass.
1st
Stock
Co.
Lt.
Standard Gas Light Co., N. Y.,
Boston 9,
Main 460
Tel.
Gas
Mutual
5s, 1949
New Amsterdam Gas Co. Cons. 5s,*48
common
Telephone
Gold
Y.
Gas Co.
North.
^
HOTCHKIN
Cuban
Co., N. Y., 5s, '95
Suburban
&
Equitable Gas Lt. Co. N. Y., 5s, 1932
Sharp Mfg. Co.
A. T. & T.
1927
Kings Co. Ltg. Co. 1st ref. 5g, 1954
Co.
Naumkeag Steam Cotton Co.
Sanford
1st 5s,
Kings Co. Gas & Ilium. Co. 5s, 1940
Everett Mills
Farr
Co.
5s,
N. Y. New Haven & Hartford 4s
25 Broad St.. N. Y.
Japanese 5s, 1907-47 (French Issue)
AND ALL FOREIGN
Rollins, Kalbfleisch & Co.
BONDS7]
MAXWELL B. SMITH
Members N. Y. Stock Exchange
•7
Phone-—Rector
Place
Exchange
8411
Telephone Broad 7064-6-0
Beech
Nut
Packing 7s,
Chicago
1922
Securities
Empire Refining 6s, 1927
Locomotive & Machine of Mon¬
treal 4s,
Liberty Registered Bonds
1924
San Antonio & Aran. Pass 4s,
J. S. Bache & Co.
'43
Member8 New York Stock
United Iron Works 7s, 1936
New York
NEWBORG & CO.
ti«mb«rs
60
New
York
Stock
Exchange
PRIVATE
4899
WIRE
Bowling
TO
ST.
Green
LOUIS
Tol. Canada So. & Det. 1st 4s, 1956
Ref. 4s,
Illinois Central
1955
Alabama Midland 1st 5s, 1928
Pere Mar. L. E. & Det. R.
Vir.
&
Pitts.
INVESTMENT
1st 4s,
Rector
&
Norf.
Term.
West.
Ext.
&
Greenwich
1990
Iron Mtn.-River &
&
Troy
Portland Ry., Lt. & Pr.
Cleve. Elec. 5s & 7s
Impt. 6s
Johnsonviile
Pen.
4s,
1924
&
Dominion Coal 5s
St.
Louis Nat. Stock
St.
Gulf 4s
5s
5s, 1942
Central Argentine 6s
Central Pacific 1st 4s
43^8, '32
Cent.
Syracuse
0944-5-6
Assn. St. Louis 5s
&
Rochester
St. Louis
Philadelphia
Chicago
New York City
Pittsburgh
Cleveland
Kansas City
New Orleans
Buffalo
SECURITIES
US Broadway
CORRESPONDENTS
Cincinnati
Boston
BROADWAY, N. Y.
Telephone
W.
BRANCHES and
Albany
Baltimore
EDWIN BANCKER & CO.
Exchange
TeL, 6400 Broad
Yards 4s
Louis Transit 5s
Ogdensburg & Lake Champ 4s, '48
Wabash Ry. 1st Lien Term. 4s, '54
Cine. Ind. & West 1st 5s, 1965
Fla.
Dayton & Mich. 43^s, 1931
Southern
Pacific Branch 6s
Shipbuilding 5s
Rumely 6s
Granby Mining 6s & 8s
W. 4s, '39
Hudson & Manhattan com & pf.
Denver &
Rio Grande Inc. 7s
Second
Mo. Kan. & Tex.
Hudson Companies
Akron
Little Rock & Hot Spgs.
Pref.
Nickel Plate" 4s & 6s
Telephone Rector 2920
72
Trinity Place, N. Y.
N.
Santa Fe Prescott & Phoenix 5s
Canton &
Youngstown
W.
SAM'L
Phone 5380-1-2-J Broad
Ave. RR. Rec. Ctfs.
Bros.
Valvoline
Govt.
&
Coal 5s
8% Pfd.
West Kentucky
Stern
6s
5s
Mexican
Y.
Advance
6% Notes & Ref. 4s
Wichita Falls & N.
WOLFF & STANLEY
6s
Railroad
Oil
Pfd.
Issues
GOLDSCHMIDT
25 Broad Street
'
'
-V
XVI
THE
;7ut;u»:iJ3^>''<r'Mr;'i(iii-'-rT»ii>iifiiw
CHRONICLE
n'mmi'riWMw^'
■—1
_
[V®L. 112.
1
i lUii""1
W n'^iyTuiFtiii^iB
TRADING DEPARTMENT
.mi\i"i...iii
.
a
B1.1
\
ii a
c
""
Chas. E. Doyle & Co.
West. N. Y. & Pa. Gen. 4s, *43
Newark Pass. Ry. 5s, 1930
Consol. Trac. of N. J. 5s, 1933
Harrisburg Lt. & Pr. 5s, 1952
30
Caddo Cent. Oil & Ref. 6s, '30
Tenn. Power 5s, 1962
Phila* Gas & El. 5s, 1960
Penn. Power &
Market St. Elev. 4s, 1955
Port. Ry. L. & P. 1st & 2d Pfd.
STREET,
NEW YORK
Tenn. Ry. Lt. & Pr. Pfd.
Portland Railway 5s, 1930
BROAD
Telephones 7106, 7107, 7108, 7109 Broad
Akron Canton & Youngst. Ry. 6s, *30
Light 7s, 1951
Arkansaw Water Co. 6s, 1930
Brazilian Trac., Lt. & Pow. 6s, 1922
Denver & Rio Grande
Adj. 7s, 1932
Internat. & Gt. Nor. Ext. 7s, 1922
M. K. & T. Rec'rs Ctfs. 6s, Feb. 1922
New York Ont. & West. Gen. 4s, 1955
MOORE, LEONARD & LYNCH
Niagara Falls Power 6s, 1932
Va. & Southw.
New York
Pittsburgh
Philadelphia
West. Pac.
Zanesville
1st
Ry. Cons. 5s, 1958
4% Notes, when,
as
& if iss.
Ry.,
Light & Power Co.
Cons. 5s, March 1, 1924
Waterloo Cedar Falls & Northern Ry. 5s, 1940
Tennessee Power Company 5s,
Guaranteed Stocks
Write
for.
Quotation
Sheets.
Traction
Rochester
Members New
tl
York Stock Exchange
Broadway
Now York
of
Railway
New Jersey
2nd
5s,
1st
6s,
Argentine Govt. 4s & 5s
1933
1933
Buenos Aires 5s & 6s
Portland
Railway, Second Preferred Stock
Power Securities, Common Stock
Lehigh
logiCpTt Wlulktv Sc gone
1962
Philadelphia Hydro-Electric 5s, 1939
Consol.
GEORGE N.
221
Brazilian Govt. 4s & 5s
Chinese Hu Kuang Ry, 5s
Colombia 6s
FLEMING
Lafayette Building,
Philadelphia
Japanese Govt. 4s, 41/£s & 5s
Mexican Govt. 4s & 5s
Foreign Internal
Adirondack Elec. Power pfd.
Crowell & Thurlow
S.
.
Douglas Shoe preferred
Inquiries Invited
from Banks and Brokers
Bonds
,
Imported, bought and sold
COWEN & CO.
Fairbanks Co. 1st preferred
Nehemiah Friedman & Co.
Greenfield Tap & Die pfd.
60
Liggett's International pfd.
Beaver
St., N. Y.
67
Bowling Green 2538
Exchange Place, N. Y. Tel. Rector
6700
Southwestern Pwr. & Lt. pfd.
WANTED
Turners Falls Power & Elec.
U. S.
Chalmer Motor 6s, 1922
50-100 Willys Corp. 1st
100 Rolls Royce Pfd.
Envelope Common
1C0
WALTER S. PLACE
35
Congress St.,
Private
BOSTON, MASS.
Telephone New York and Philadelphia
"Main 7088"
CHICAGO
25
H.
H. Franklin
Nash Motors
and 2nd
Arizona Power 6s, 1933
Pfd.
Mfg.
Specialists
Motor Stocks
R. B.
20 Nassau
<
Tire and Rubber Slocks
Hathaway & Co;
St., N. Y.
Tel. John 5020-1
ALL
Second Ave. RR. Rec. Ctfs. 6s
St. L.
Springf. & Peor. 5s, 1939
Topeka Ry. & Light 5s, 1933
United Water, G. & El. 5s, 1941
SECURITIES
Bought, Sold & Quoted
Haytiari-American 7s, 1922-24
Monongahela Val. Trac. 5s, 1942
Nashville Ry. & Lt. Ref. 5s, 1958
Peoria Ry. 5s, 1926
FOREIGN
Yadkin River Power 5s, 1941
i
BABC0CK, RUSHT0N & CO.
Members
New
York, Chicago
Stock Exchanges
and
.
CHECKS
Bosten
..
SOME IN8.BLDG..
7 WAUL 8TREET
NEW YORK'
CHICAGO
.
CURRENCIES
Stocks & Bonds
T
Bought—Sold—Quoted
R.A.SOICH &CO.
16-18
Investment Securities
84
Pine
Street
'Phone
Acadia
5691-4
New
John
Exchange Place
New York
Bowling Green 3230-39
Phones:
York City
Mort. 6s,
FOREIGN
1940
Binghamton L. H. & P. 7s, 1925
Beaver Board 8s
Consolidated Textile 7s
&
Utah-Idaho
Buenos Aires 6s.
C. M. & St. P. gen. 4s
& 4^s, '89
Denv. & R. Gr. adjust. 7s, 1932
Members of New York Stock Exchange
100 Broadway. N. Y.
Japanese
Tel. Rector 5300
Russian
Kansas
Electric
6s, 1929
Electric 7s, 1934
Georgia Light, Power & Ry. 5s
General Asphalt 8s, 1930
Grand Trunk Pacific
3s, 1962
Haytian-American Corp. 7s, 1922-24
Laclede Gas Light 7s
Metropolitan Edison 5s, 1922
Nevada California Electric
6s, 1946
Ohio Cities Gas 7s, 1921-25
Portland Ry. 6s, 1930-42
of
Chicago & St. L. 1st 4s, '37
Chicago & Alton 3s and 33^s
Italian
&
Province
N. Y.
ARTHUR E. FRANK & CO.
Brazilian
French
German
Evansville & Terre Haute Issues
General Gas & Electric
5s, 1932
Gas
Western Pacific 1st 5s, 1946
Mexican
Empire Gas & Fuel 6s. 1924-26
Gas
New York
-
BONDS
Belgian
Brazilian Traction 6s. 1922
Buenos Ayres Consol.
5s, 1915
General
-
Telephone: Whitehall 1056
Argentine
Abitibi Power & Paper 1st 6s
American Sumatra Tobacco
General
Trinity Place
"Big Four" general 4s & 5s, 1993
Sugar 7s, 1921-40
Abitibi Gen.
72
BOKIDS
Telephone & Telegraph
Joseph Gil man
HANSON & HANSON
..
1926
Sugar 7s
City Term. 4s, 1960
Chic. Un. Station
Amer.
Light & Trac. Com. & Pfd.
By-Products Coke
Bordens Com.
&
4V2S, 1963
New York Central
4s,
1934
Pfd.
British-American Tobacco
Battery Park Bank
.
Childs Com. & Pfd.
Continental Insurance
Esperanza Ltd.
Montgomery
Telephone
Bros.
25 Broad St..
Broad 8063
New
York
Gillette
Safety Razor
Imperial Tobacco
U.
S.
Worsted
National City Bank
Mortgage Bond Co.
ERNEST SMITH
20 Broad
Street, New York
& CO.
City Investing Cof.
Tel. Rector 6157-8,
2558, 6852
FRANK J.
71
Broadway
Tel.
M.
DILLON
NEW YORK, ». V,
6460 Bowling Green
$2,175,000
City of Seattle, Washington
MUNICIPAL LIGHT AND POWER PLANT AND SYSTEM
6% Serial Gold Bonds
Dated
April 1, 1921.
Due Serially 1927 to 1941.
1
Our established dealer clientele and
enable
to
us
joint managership of this syndicate
our
give prompt and effective attention to all orders to buy
CARSTENS & EARLES,
sell.
or
Inc.
GOVERNMENT, MUNICIPAL AND CORPORATION BONDS
Lowman
Building, Seattle, U. S. A.
1
1891
ESTABLISHED
Portland
San Francisco
Foreign
i
Los Angeles
Bonds
All
Orders Executed in
Inquiries invited from
banks, brokers and dealers
Pittsburgh
We
RAILROAD
Foreign Gov eminent & Municipal Bonds
44 Broad
1723-4,
5259,
J. H.
&
Holmes
81 Broadway
Explosives B 6s, 1941
Union Bank Bldg.
Pittsburgh
New York
Consolidation Coal 5s, 1950
Xoulsville & Jeffersonville Bridge 4s,
1945
Direct Private Wire Connection
,
Hartshorne & Battelle
Members New York Stock Exchange.
88 Broad St.
Magnolia Petroleum 6s, 1937
Tel. Bre.d TT40
NEW
1948
5s,
CO.
Co.
Members N. Y. and Pittsburgh Stock Exchanges
New Amsterdam Gas
SECURITIES
5234-5,
7130-1-2-3-4
Aetna
or Will
Sell
Illinois Cent. Stock Coil. 4«
$treet, New York
Broad
Buy
Securities
Jerome B. Sullivan & Co.
Phones:
Spokane
Pac.
Ex.
Fruit
Equip.
7s,
YORK
1928-1932
Newport & Cincinnati Bridge 4^s, 1946
N.
Oregon California 5s, 1927
Northern
California
Ry. 5s,
Tennessee Power 5s,
Wayne Coal 6s,
Union
1929
1962
1937
Cent.
Y.
So.
Equip.
Pacific
Pacific
Equip.
Equip.
1928-1935
1929-1935
7s,
1928-1935
7s,
>
Can. Pacific Ry.
DUNHAM
Investment
43
7s,
Exchange Place
& CO.
Penna.
Securities
'Phone 8800 Hanover
Established
Bioren
Virginian
Ry.
RR.
Equip. 6s, 1928-1932
Equip
Gen.
Ft.
1927-1930
6s,
MultijrapK MY
Eq. 4^8, 1923
Reading Cof Equip 4^8,
G.'e. BENSINGER
77 Whitehall Street
1927
Mtur fort
a
•CNSINOC* COOl-KOl
Co.
,
410
Chestnut
Stock
We
New
St.,
of New York
a«*«n
are
Biddle & Henry
Philadelphia
and
Philadelphia
Exchanges
interested
in
offerings
104
South
f,ln 9 c,d»—u«ed all o*«r th. world—
Jersey Municipals
Vite to New
Private
Penna. Tank Car Equipment
Birmingham
Canton
Elec.
York
Water
Works
5s,
Kansas Gas & Elec,
.'
...
'*:■'+'
Sears Roebuck 7s,
1921-2-3
•
8% Preferred
(When, if and as issued)
Tri-City Ry. & Lt. 5s, 1930
Waterloo Cedar Falls No. 5s,
Short
r*
i
-
Term
Financial
(opposite
1940
Public Utility—Industrial-
Tel. Broad 4931
be obtained
Classified
Louis Levenson
INVESTMENTS
capable head for
of your Departments
the
Vacuum Oil 7s, 1936
Rector 1195
and
one
can
5s, 1922
.0
.
for important code circular no. 339 -m
1941
New Amsterdam Gas 5s, 1949
Securities.
27 William St., N. Y.
^
'
EXECUTIVE
5s, 1949
Stern Bros.
66 BROADWAY
i
A BUSINESS
1939
t
w
Call Canal 8437
Goodrich Rubber Co. 7s, (1925
Humble Oil 7s, 1923
FARLEE.& CO.
plain EnBlloh cabling.
Street
Goodyear Tire & Rubber 8s,
J. S.
ovtr
BENBINOER—PHONE—BOWL. OR. 6989
5s, 1937
Denver Gas & Elec.
5s, 6s, and 7s
mr ask
than to%
Philadelphia
of
Standard Railroad Equipments
Fifth
SMCiAuiT, Off**
"BENTLEY COMPLETE PHRASE CODE".
moro
Members
City
CABLE COPES
1865
cover).
any
through
Chronicle
Department
inside
back
/
Use and Consult It.
XVIII
THE CHRONICLE
,
,ry». 112
^financial
iftnatttial
CentralUnionTrusi Gdmpany
of New York
.
UNBIASED
Authorized
Administrator
OPINION
Executor, Trustee,
to act as
Receives De-
Guardian.
or
upon
allows Interest
Daily Balances.
Acts as Transfer Agent,
Registrar and Trustee under Mortgages,
Receives securities for safe-keeping and col¬
posits, subject to check, and
the fundamental value of
securities prevent losses to in¬
vestors.
Send one dollar for
on
opinion of
security.
our
investment
any
lection of income.
Investment Registry of America,
ESTABLISHED
$30,000,000
Surplus and Undivided Profits over
Capital,
608 Chestnut Street,
80
Inc.
1910
Philadelphia
Broadway, New York
Fifth Ave. at 60th St.
Madison Ave. at 42nd St.
ACCEPTANCES
COMMERCIAL LETTERS
MFG.
AMERICAN
Member
CO.
Federal Reserve System
CORDAGE
MANILA, SISAL, JUTE
Noble and West Streets,
The
/
-v■.V/."'-'/ -.:V"
Brooklyn, N.Y.CKv
V*■' ■ ".
'.V,'1
<•■<
First National Bank
of Boston
Bond Department
STATE BAN K
S$.
44M
Transacts commercial
business
of
banking
Securities
Foreign
Specialty.
a
nature.
every
In
can
New England correspondent
spite of the fact that the net earning*
stock have more than doubled, you
the
for
Make it your
^/uccupa, jf//
and
Exchange
Foreign
four shares of PUGET SOUND
LIGHT COMPANY STOCK for
buy
&
POWER
less than
one
share used to sell for.
VAN
Surely
Write
this stock is too low.
WAGENEN ALLING
Profitable Investments.
Lake Forest, Ills.
BACKER
JACOB
E«t. 191§
FINANCIAL
Texas
Municipal Bonds
15,000
American Investors
BROKER
use
Exchange Bank Bldg.
St. Paul Minn.
High Yield
Short-Term
J.
141
L. ARLITT
Broadway, New York
Tel.
Senrber
County Notes
Texas
BOOKS
RATING
Are you
Rector 4514
Bankers' Association
to
protect
They enable
ments
their investment capital.
you
and
to
to
select sound invest¬
avoid unsound
Four volumes
ones.
covering
:
5M% Ref. Bonds
Railroads —Public Utilities
Industrials
—
Governments
Ask your Bank or Banker or
write
to
Moody's Investors Service
B. J. Van
Ingen & Co,
46 Cedar St,
New York
TEL. 6364 JOHN
35 Nassau Street, New
Boston
Philadelphia
York
have you
need for
Then you
should
consult
the
one
use
?
and
Financial
Chronicle Classified
partment (opposite
back cover.)
Chicago
a
as a
BANK OFFICIAL
or
City of Chattanooga,
Tenn.,
seeking
position
De¬
inside
MAY 7
1921.]
THE CHRONICLE
XEC
jf(nanc(al
tfimntial
va* ■Vr,", -W-IJPf'J**> u /- Xf.
Over
ninety million dol¬
lars
deposited
Marine
fifty
by
in
the
American
For
Investment
Buffalo
Banks
External Gold Fives of 1919'
isfaction and confidence
the
and
REPUBLIC OF URUGUAY
people, indicates the sat¬
of
Dealers
than
more
thousand
Company
Express
WORLD-WIDE INVESTMENT SERVICE
community
in
this institution.
Coupon bonds in £20
issue, £605,000.
Annual
denominations
sinking fund 1%.
Authorized
only.
Interest quarterly.
Principal and interest payable—
In New York in United States Gold at $4.86 per
£
In London in
of Buffalo
Capital & Surplus, .$17,000,000
£
In Montevideo in
Marine Crust Company
For
per
pounds sterling
description,
complete
write
Uruguayan Gold at $4.70
statistics,
prices
and
yields
us.
American Express Company
65
BROADWAY—NEW YORK
Securities
CENTRAL
Telephone-
Department
bowling green 1qooo
^YPRES^
NATIONAL
DEBENTURES
Price $115 per
share
Paid
7% in Cash
10% in Participations
at par
Buy through
or
your
Bank
50 Wall Street, New York
Broker
own
or
G00DELL & CO., inc.
Went
44th
'"PHE total
A
FERGUS0N28
FOREIGN BANKING CORPORATION
in 1920
St.
of this Bank
are
over
twenty-two
Our
Foreign Exchange Department
is taking care of the foreign exchange business in sterling,
francs, lire and marks, as well as Scandinavian, Central
European and Far Eastern exchange, for oVer two hun¬
dred banks within the United States, for many foreign
banks and commercial firms.
unsurpassed
exchange.
New York.
resources
million dollars.
facilities
for
This enables
buying
and
us
selling
to
offer
foreign
Capital (fully paid) ,$4,000,000
Surplus and Undivided Profits-, ,,.$621,000
Sccountattt*
OFFICERS
Charles A. Holder, President
T. Fred Aspden, Vice-President
FINANCIAL
E.
B.
Mackenzie,
Secretary
and
Treasurer
CONSULTANTS
on
Valuation, Security
Issues,
tion,
Financial
Income Tax,
JOHN
Litiga¬
etc.
BAUER
A
and Associates
63 Wall St.,
N. Y.
In
Hanover 6673
We
offer
GEORGE W. MYER, JR.
Certified Public Accountant
NASSAU ST., NEW
YORK
Telephone Rector 6441
Pittsburgh
comprehensive banking service,
Returns
both domestic and
to
MELLON NATIONAL BANK
PITTSBURGH, PA.
Audits, Investigations,
Estate Accounting,
Income Tax
a
out-of-town banks, corporations, and individuals.
Our knowledge of business and industrial affairs in the Pittsburgh
District makes this service especially valuable.
Your corres¬
pondence is invited.
foreign,
36
Complete Banking Service
Capital and Surplus
-
•
CHRONICLE
THE
XX
[VOL. 112.
JBanfe statement*
IBank statements
Condition of
of Financial
Statement
The Seaboard National Bank
NEW YORK
OF THE CITY OF
at
close
NATIONAL BANK
fill
April 28, 1921
of business,
THE CORN EXCHANGE
OF CHICAGO
/■
Report of Condition on April 28th, 1921*
LIABILITIES
RESOURCES
76.72
Overdrafts
Indebtedness.
Bonds, Sec^i*Tties. etc
(Net)--Federal Reserve
New York
...
Exchanges and Due
Due from Banks
Total
-
...
215,363.07
67,995.00
_
535,260.48
_
605,120.47
with
Payable
Bills
300,000.00
Federal
Bank
Reserve
533,980.48
for
Bonds Borrowed.-
S.
U.
'
Credit
of
Letters
7,479,008.54
264,831.95
Executed
Customers
500,000.00
50,841,210.87
Deposits
606,120.47
.—$61,779,818.08
Total
-$61,779,818.08
— -
500,000.00
____
—
Reserved for Taxes.--
5.910.140.76
from U. S. Treasurer
Customers* Liability Account
of Acceptances
Executed
by this Bank--Customers' Liability under
Letters of Credit.
4,949,031.24
Circulation
Acceptances
from
Bank of
Cash,
— —
Discount-
Unearned
4,152,094.20
2,224,762.38
356,804.55
of
Due
Surplus and Profits (Earned)
Special Reserve.
2.434.836.75
Banking House.
U. S. Bonds and Certificates
OFFICERS
**
G. Bayne,
S.
W
K.
L.
L. N.
C. H.
O. M.
C. C.
B.
President
J. D. Smith, Assistant Cashier
B. I. Dadson, Assistant Cashier
W. A. B Ditto, Assistant Cashier
J. M. Potts, Assistant Cashier
A. A. McKenna, Assistant Cashier
Cleverley, Vice-President
Gill, Vice-President
.
DeVausney, Vice-President,
Marfield, Vice-Pres. & Cashier
Jefferds, Assistant Cashier
Fisher, Assistant Cashier
RESOURCES
$3,000,000.00
Capital
--$38,G3i,99o.23
Loans and Discounts
E.
V.
Time Loans..$65,528,582 65
Demand
Loans
j
.X—
17,601,731 93
$83,130,314 58
Bonds & CerUnited States Bonds & Cer¬
tificates of Indebtedness
Other Bonds—
Stock in
Fedefal Reserve
Bank-.
Stock in American Foreign
1,193,100 00
2,718,901 07
450,000 00
-------
441,033 00
Banking Corporation—
Customers'
Liability
on
Letters of Credit
Customers'
Liability
on
Acceptances
Cash on Hand
and Checks
for Clearing
House
$5,224,332 40
Due from
Federal Re¬
serve Bank.
8,829,318 78
Due from
Other Banks 10,673,910 44
413,725 02
——
2,310,980 48
24,727,561 62
$115,385,615 77
Nelson, Trust Officer
DIRECTORS
S.
Louis
G.
Bayne
Howard Bayne
Robert J. Caldwell
W. K. Cleverley
Edward J. Cornish
N.
McDonnell
E. Paine
Joseph Seep
C. C. Thompson
Henry Whiton
LIABILITIES
Peter
DeVausney
William
Henry C. Folger
B. L. Gill
Edw. H. R. Green
Capital
$5,000,000
10,000,000
1,659,163
1,002
Surplus
Undivided Profits—......
Dividends Unpaid—
nearned Interest.........
Beserved for Tares
Liability
Letters
on
Credit
677,94411
700,575 62
of
413,725 02
2,310,980 48
—
Liability
Acceptances..
on
Deposits—
Banks
and
Bankers .$26,550,091 70
Individual. 68,072,133 62
The Oldest "Trust Company"?
00
00
22
00
94,622,225 32
$115,385,615 77
financial insti¬
THE New York Life Insurance and Trust Company
has the distinction of
OFFICERS
being the first
tution in this country—and perhaps in the world—
to commence business with "Trust Company" as a part
ERNEST A. HAM1LL. Chairman of Board
of the
CHAS. L. HUTCHINSON-.Vice-Presldent
EDMUND D. HULBERT
original title.
OWEN T. REEVES
One of the
Company's larger rivals in New York was
organized with trust powers several years earlier, but
it did not assume the name of "Trust Company" until
several years after the New York Life Insurance and
Trust Company began business.
There was a similar
case in Philadelphia and possibly one or two elsewhere,
but
under
New
the
York
circumstances
Life
Insurance
it
and
would
Trust
seem
as
if
J.
JAMES
JR....Vice-President
MAASS
J.
Vice-President
FORD
EDWARD
NORMAN
President
—
Vice-President
G. WAKEFIELD..Vice-President
EDWARD F. SCHOENECK
Cashier
LEWIS
E.
Cashier
JAMES
A.
GARY
WALKER—Assistant Cashier
CHARLES
the
Assistant
Assistant Cashier
NOVAK
HUGH J. SINCLAIR.-Assistant Cashier
Company which
began business in 1830 under its present corporate name
were
entitled
to
rank
as
the oldest "Trust
Company."
DIRECTORS
The
1921
Company is prepared to meet the complex needs of
with the same painstaldng care which has charac¬
WATSON F. BLAIR
CHAUNCEV B. BORLAND
terized its administration of Personal Trusts throughout
its ninety years of service.
Managing
CARPENTER
BENJAMIN
Geo.
EDWIN
WALL
52
G.
MERRILL,
M. CARR
Ryerson & Son
anil
Board
President
B. Caroenter & Co.
CLYDE
Nnu fork IGife Jnsttranrr
©mat (Eompantj
Properties
Borland
EDWARD B. BUTLER
Chairman
of Directors
Butler Bros.
President
Joseph
T.
President Quaker
HENRY P. CROWELL
Oats Co.
ERNEST A. HAMILL
Chairman
of Board
President
NEW
ST.
EDMUND
YORK
D.
HULBERT
CHARLES H. HULBURD
National Watch Co.
CHARLES
L.
President
President Elgin
HUTCHINSON
Vice-Pres.
JOHN J. MITCHELL Chairman of Board
Illinois Trust & Savings bank.
MARTIN
J.
Illinois Trust & Savings Bank
La Salle at Jackson
-
•
Capital and Surplus
Pays Interest
on
Time
Deposits, Current and Reserve
Accounts.
change.
Deals in Foreign Ex-
Transacts
a
Has
•
on
band
at all
times
Government,
General Trust Business.
HAI^Y SELZ President Selz. Schwab
EDWARD A. SHEDD
ROBERT
J.
E. A. Shedd & Co.
THORNE
$15,000,000
.
cellent securities.
RYERSON
CHARLES
H. WACKER
President
Chicago Heights Land Association
Chicago
.
A.
a
variety of
ex-
Buys and sells
Municipal
and
Corporation Bonds.
Ly
May 7
1921.]
THE
CHRONICLE
XXI
Panfe £§>tatementtf
The First National Bank of
Chicago
CHARTER NUMBER EIGHT
Statement of Condition
at
Close of
Business April
28,
ASSETS
LIABILITIES
Loans and Discounts.
........$169,754,433.53
United Stat©3 Bonds and Certificates
7,007,74^.00
Bonds to
....... .
Capital Stock paid in
....
Other Bonds and Securities (market value)
National Safe Deposit Co. Stock (Bank
2,309,500.00
3,457,567.00
2,666,900.00
—
Bldg.)
Federal Reserve Bank stock
v—
Customers' liability under letters of credit—
Customers' liability account of acceptances.
a
$12,500,000.00*
Surplus Fund
...
Secure U.S. Postal Savings Deposits
1921
12,500,000.00
ther Undivided Profits
iscount Collected but:
Special Deposit of U. Sj
Apt Earned
1,156,863.47
uovt.
3,600,000.00
3,767.50
Securities....
Dividends Declared but Unpaid
750,000.00
4,806,616.81
11,343,524.44
Reserved for Taxes
Bills payable with Federal
Reserve Bank...
Rediscounts
with
Federal Reserve
Cash Letters of Credit
Other Assets.
Bank-
486,607.28
Liabilities other than those above stated
.
$254,020,776.47
Frank O.
521,320.39
4,797,909.81
11,623,669.37
Wetmore, President
John P. Oleson.
Vice-President
H. A.
Anderson, Assistant Vice-President
Grain, Flour and Feed
Meat Products, Live Stock Commission
Coal, Doctors and Lawyers
Melvin A. Traylor,
Vice-President
Division "D"
Arthur W.
Newton, Vice-President
J. W.Lynch, Asst.
Vice-President
Stone, Brick, Cement, Contractors
Wall Paper Paints,
Oils, Glass, etc.
Boots, Shoes, Leather, Hides and Wool
Real Estate and Insurance
Publishing, Printing, Engraving and Paper
Miscellaneous
Collateral Stocks and Bonds
Division "B"
H. H. Heins, Vice-President
Thomas J. Nugent, Assistant
Vice-President
O. C. Brodhay, Assistant
Division "E"
William J. Lawlor, Vice-President
J. B. Forgan
Vice-President
Jr., Asst. Vice-President
Groceries. Drugs, Dairy Products, Produce
Commission and Cold Storage
Sugar Mfrs. and Dealers,
Confectionery, etc.
Malsters and Beverages
Tobacco
Restaurants, Bakers and Hotels
Dry Goods, Millinery, Woolens, Clothing, Cloaks,
Furnishing Goods
Jewelry & Merchandising Sundries Transportation
Hats & Caps
175,108,724.23
1,305,551.05
$254,020,776.47
Division "A"
O, V. Essroger, Vice-President
18,352,500.00
...
51,437,881.41
...............
•lames B. Forgan, Chairman of the Board
2,081,829.62
6,462,500.00
.
Liability under Letters of Credit..
Liability Account of Acceptances
Time Deposits
$6,711,764.21
Demand Deposits
..168,396,960.02
Cash Resources—
Due from Federal Res.
Bank_$17,718,447.47
Cash and Due from Banks... 33,719,433.94
4,006,141.03
.....
Ladies
Division "C"
Charles N. Gfllett, Vice-President
Division "F"
A. N. Cordell, Assistant
Vice-President
Agricultural Implements, Buggies, Automobiles and
other Vehicles
Iron and Steel Products
Lumber, Furniture, etc.
Manufacturing Sundries
John F. Hagey, Vice-President
G. H. Dunscomb, Asst.
P. R.
Vice-President
Newhall, Vice-Pres.
& Cashier
J. P. McManus, Asst.
Vice-Pres.
Banks and Bankers
William H. Monroe. Assistant Cashier
Richard J. Cody, Assistant
Cashier
G. P. Allmendlnger, Assistant
Cashier
Guy W. Cooke. Assistant Cashier
H. R. Ross, Assistant
A, B. Johnston, Assistant Cashier
Cashier
Walter Lichtenstein, Executive
H. L.
Secretary
Auditing Department
Droegemueller,
J. P.
McElherne,
Auditor
Credit and Statistical
Dept.
Edward M. Tourtelot
,
Foreign Exchange Department
Charles P. Clifford,
Domestic Exchange Dept.
Robert F. Green,
Manager
,
w
Harry Salinger,
Manager
Vice-President
Discount and Collateral Dept.
A.V.Dillon
Manager
Manager
Asst. Auditor
Wm. G. Strand
Asst. Manager
Law Department
Edward E. Brown, V.-Pres. &
Gen. Counsel
John N. Ott,
First Trust and
Statement of Condition
Attorney
Savings Bank
Close of Business
April 28, 1921.
at
'
ASSETS
Bonds
......
Loans and
.....................
....
50,206,383.34
375,000.00
1,760,000.00
Federal Reserve Bank Stock.
Customers' Liability for Acceptances.
Demand
Loans...
Due
I rum
Cash
*11(1
Federal Res. Bank.
Hue from Banks...
LIABILITIES
$24,982,921.11
.
Discounts
..$15,122,275.28
4,507,714.27
4,407,249.72
24,037,233.27
Capital
Surplus
$6,250,000.00
;
Undivided Profits
Reserve for Interest and
Taxes...
Acceptances Executed for Customers
Rediscounts and bills
payable with Federal
....
Reserve Bank
Unearned discounts.,
Time Deposits
Demand
6,250,000.00
905,015.74
1,263,875.12
1,760,000.00
3,500,000.00
451,874.66
$66,944,915.90
Deposits
14,036,462.30
30,981,378.20
$101,362,143.72
$101,362,143.72
JAMES B. FORGAN,
MELVIN A. TRAYLOR
FRANK M. GORDON
LOUIS
.Vice-President
MECHEM
ROBERT D.
DAVID
.Vice-President
OSGOOD
JOHN C.
A.
....Vice-President
BOISOT
ROY C.
V.
Vice-President
FORGAN
Treasurer
WEBSTER—...........Secretary
W. CONVERSE
.Cashier
OLIVER A. BESTEL...
O,
G.
President
G.
R.
Trust Officer
FLEAGER
...Asst. Treasurer
ROEHM........
Mgr. Savings
Dept.
FRANK O.
I.
E.
L. PORTER
A.
Chairman
WETMORE
os
the
Board
Vice-President
Manager Bond Dept.
STAKE..
...
Asst. Cashier
J. H. TEMPLETON—Asst.
Mgr. Bond Dept.
F. O. NA80N
Asst. Mgr. Bond
Dept.
D. W. WESTERVELT.
Asst. Cashier
Asst. Trust Officer
JOSEPH R. JULIN
H.
W.
H. ALBORN
W.
ROY
R
Asst. Trust Officer
O'BRIEN
EDWARD
Asst. Trust Officer
ROBYN
Asst. Cashier
MARQUARDT.......Asst. Cashier
THOMAS 8. McCARTY
Asst. Cashier
B.
O
HARDENBROOK...Vice-President
W. K. HARRISON...
..Asst. Secretary
F. J. SHANNON
Asst. Trust Officer
ROBT. L. DAVIS
S. J.
Mgr. Real Estate Dept.
DONALDSON .Asst. Mgr. Real Est.
Dept.
K. BOYSEN
Manager r"
Real Estate Loan
Dept.
LOUIS
H. L.
J.
DROEGEMUELLER
P. McELHERNE
WALTER
...-Auditor
...Asst. Auditor
LICHTENSTEIN .Executive Sec'y
EDWARD E.
BROWN-..—..General Counsel
JOHN N. OTT.
Attorney
DIRECTORS OF THE FIRST
NATIONAL BANK AND THE
NATIONAL SAFE DEPOSIT
COMPANY
ALSO DIRECTORS AND
MEMBERS OF THE ADVISORY
COMMITTEE OF THE FIRST
TRUST AND SAVINGS BANK
Benjamin Allen
D.
A.O. Bartlett
James B.
Forgan
Philip D. Block
John H. Hardin
William L. Brown
Augustus A. Carpenter
Mark Cummin
ga
Robert P. Lamont
Clifford M. Leonard
William J. Louderback
Charles H. Morse
James
Norris
John P. Oleson
H. H. Hitchcock
Harold F. McCormick
E.T. Jeffery
Joseph D. Oliver
Nelson Morris
Henry H. Porter
Olive Runnells
John A. Spoor
Silas H. Strawn
Bernard E. Sunny
Melvin A. Traylor
Combined Deposits of Both
Banks, $256,090,102.43
Wm. J. Watson
Frank O. Wetmore
Thomas E. Wilson
Clarence M. Wo obey
William
Wrigley, Jr.
'
1
THE CHRONICLE
xxii
[Vol.112.
Pank statement*
in NewYork
Established
STATEMENT
1839
OF CONDITION
APRIL 28, 1921
Liabilities
Resources
$324,387,883.79
Discounts
arid
Loans
of
S. Certificates
debtedness
U.
10,465.73
8,643,786.26
Securities
Government Securi¬
S.
ties borrowed
Stock
Undivided
U.
11,200,000.00
..........
Due from Banks and
Bills
with
Bank
Reserved
11,200,000.00
for
Redis¬
and
Letters
of
41,842,500.00
and
Interest
i
3,709,963.56
.........
Unearned Discount
Customers'
Re¬
Federal
.............
Taxes Accrued
424,678.85
Accrued..........
Liability under
Interest
Payable
serve
98,721,181.02
10,710,352.95
Securi¬
Borrowed
counts
4,000,000.00
Bankers
336,352,558.46
Government
S.
ties
1,500,000.00
Bank
Banking House...........
Cash, Exchanges, and due
from Federal Reserve Bank
8,149,879.80
Profits
Deposits
Federal Reserve
of
$25,000,000.00
25,000,000.00
up
Surplus
In¬
Other Bonds and
U.
Capital Paid
Sl
3,357,121.18
.......
Credit and
Ac¬
32,415,138.88
3,305,000.00
ceptances
Letters of Credit and Ac¬
Other
30,733,813.28
ceptances
$490,332,161.88
Liabilities
$490,332,161.88
^
PRESIDENT
JAMES
S. ALEXANDER
VICE-PRESIDENTS
HERBERT
J. HOWARD ARDREY
A.
J08EPH
GUY
PENNY
RUSSELL
E. ROVENSKY
VICE-PRESIDENTS
ARCHIBALD
P. CHRISTENSON
E. WARD
H. WILLIAMS
EDWARD
P. BARRAND
F.
MAXWELL
FRANZ MEYER
RAWLS
H.
EVERETT
HENRY
I. CLARKE
RISLEY
E.
STEVENS
C.
AUDITOR
CASHIER
ROY
R.
ROGER
SECOND
LOUIS
FAR IS
STEVENSON
H. G.
JOHN
JAMES
HOWELL
DAVID
EMERSON
HARRY
P.
LOUIS A. KEIDEL
BRODERICK
ALBERT EMERTON
H. PASSMORE
DIRECTORS
JAMES
CHARLES
S. ALEXANDER
VALENTINE P. SNYDER
E. DUNLAP
HERBERT P. HOWELL
WILLIAM A. DAY
HARRY B. THAYER
HENRY W, de FOREST
JAMES TIMPSON
FORREST F. DRYDEN
THOMAS WILLIAMS
Second National Bank
OF THE CITY OF NEW
YORK
Fifth A»». and 28th St., N. Y.
CONSOLIDATED INCOME STATEMENT
Condensed Statement
as
of April 28,1921
RESOURCES.
Cash
Freeport Texas Company and Subsidiary Companies
hand, in Federal Reserve
Banks and
and
United
States
on
and due from
Bank
,
Bankers
$5,561,916 77
Treasurer
LoansandDiscounts$18,752,248 66
Three Months Ending
U.
February 28, 1921
Government
S.
Gross Sales.__
Gross
Profit
$845,406.48
449,106.00
_
Cost of Goods Sold
on
;
$396,300.48
Sales
Other
on
Sales
3,330.91
$193,362.04
Profit Before Interest Is Deducted
45,010.68
Interest Charge
$148,351~36
..$4,481,601.90
Surplus—December 1, 1920
148,351.36
Income for Period
$4,629,953.26
Reserved for Depreciation
Reserved for Depletion
Taxes Paid..
Earned Surplus—February 28, 1921
___$86,788.56
94,718.40
*
1,648.00
Other
1,537,166 10
21,160,130 62
1,121,950 99
72,243 99
Banking House
Assets
Other
$27,916,242 37
LIABILITIES.
$190,031.13
_
Income from Properties..
Earned
and
Securities
206,269.35
Shipping, Selling, Administrative and General Expenses
Net Profit
870,715 86
Securities
Bonds
Capital,
Surplus
Profits
and
__
Unearned Discount..
Circulation
U. 8. Bond Liability
Other Liabilities
'
183,154.96
1
$5,814,399 95
20.506,443 97
Deposits
Reserve for Taxes
-
141,056
50,000
623,097
685,000
96,243
96
00
50
00
99
$27,916,242 37
President
Vice-President
WILLIAM PABST,
Vice-President
ARTHUR L. BURNS.
Vice-Presidentr
CHARLES W. CASE,
Cashier
EDWARD H. WEBB,
Assistant Cashier
JOHN H. HOVERMAN,
Asst. Cashier
ROBERT E. SHOTWELL.
Asst. Cashier
WILLIAM A. SIMONSON,
EDWARD H. PEASLEE,
$4,446,798.30
,
Undivided
May
71921.]
THE CHRONICLE
xxm
Jfinamial
.
.-,-wr-.-.n,r...
.
LIJlAnJWuv
The Chemical, National Bank
OF NEW YORK.
Established 1824
CONDENSED
STATEMENT OF
^ i&e dose p/ btaimss
CONDITION
April 28, 1921
ASSETS
and Discount
Loans
$115,968,946.66
U. S. Bonds and Certificates of Indebtedness
7,236,428.11
Other Bonds and Investments..............................
2,323,178*74
—......
1,500,000.00
Liability, Letters of Credit and Acceptances.......
9,249,984.39
Banking House............
Customers*
.
26,335,400.33
...........I.
230,510.01
Cash, Exchanges, due from Banks and U. S. Treasurer
Interest Earned.
$162,844,448.24
LIABILITIES
Capital Stock
$4,500,000.00
Surplus
13,500,000.00
Undivided Profits
1,831,743.96
Reserved for Interest, Taxes, etc
1,047,144.08
20,878,888.04
Unearned Interest
Circulation
1,057,911.76
360,816.50
Outstanding.
Letters of Credit and
9,802,442.20
Acceptances
Deposits, viz.:
Individuals, Firms and Corporations
$85,664,897.95
Banks, Bankers and Trust Companies
22,346,658.46
1,353,200.00
U. S. Government.
109,364,756.41
—
Bills
11,825,000.00
Payable with the Federal Reserve Bank
Bills Payable
and Rediscounts with tie Federal Reserve Bank
(Secured by Government Bonds)
8,054,633.33
Bonds Borrowed.....
1,500,000.00
••.
$162,844,448^4
ONION EXCHANGE
THE COAL & IRON
NATIONAL BANK OF NEW YORK
Fifth Avenue and 21st Street
Condensed
Statement
Loans and Discounts
Bonds
Investments
and
Bonds
Government
Exchanges for Clearing House
Cash
and
Reserve
$23,890,008.07
liabilities
$1,000,000.00
1,691,742.94
Capital
Surplus and Profits
386,097.50
Circulation
Acceptances
Deposits.
resources
& Other Liabilities..
....... ...............
1921.
LIABILITIES
Loans and Discounts..
..$12,896,498.14
1,792,030.20
3,638,759.37
530,152.03
5,032,568.33
NEW YORK
Condensed Statement at the Close of Business April 28,
April 28,1921.
resources
NATIONAL BANK
OF THE CITY OF
$11,940,808.31
21,413.28
813,193.75
U. S. Certificates of Indebtedness.
87,600.00
U. S. Bonds acct. Circulation
415,000.00
Other Stocks and Bonds
2,327,503.05
Due from Banks
1,041,129.70
Cash and Exchanges
3,784,468.85
Furniture and Fixtures
13,913.18
Bank Improvements
64,189.12
Customers
Liability,
Letters
of
Credit, Acceptances, &c
603,333.39
Interest earned but not collected..
U. S. Liberty Bonds
134,320.77
20,677,846.86
$1,500,000.00
1,000,000.00
Capital
Surplus.
505,426.89
61,722.22
Undivided Profits
Unearned Discount
Reserve (Taxes
121,206.28
and Contingencies)
13,036.54
398,400.00
Reserved for Interest Accrued
Circulation
Deposits
Postal Savings Deposits
U. S. Government Deposits
Rediscounts,
Bills
Payable
U. S. Liberty Bonds
Acceptances acct. Customers
14,188,205.47
247,926.00
442,400.00
-
on
2,048,604.40
585,629.83
$2M12,457.63
121,112,457.63
$23,890,008.07
SYDNEY
H.
LOUIS J.
WEIL,
FRANK E.
HE RMAN
WHEELER
ARTHUR
D. WOLF,
GEORGE
,
Vice-President
DAVID TAYLOR,
Vice-President
ADDISON
Vice-President
WALLACE A.
B. CONNLEY.
EDWARD
J.
DONAHUE,
WILLIAM" MTNTON.
JOHN
Presiden t
H.
T.
SPROULL, President
Vice-President
DAY. Cashier
QRAY. Asst. Cashier
ALLISON
DODD,
Vice-President
WILLIAM H. JAQUITH, Asst.
Cashier
Assistant Cashier.
Assistant
f'ashi.jf
Member New York Clearing House
Depositary of the United States, City of New
Cashier
ARTHUR A. Q. LUDERS. Trust Officer
Association
York aud
State of
New York
THE
xxiv
[Vol. 112.
CHKONICLE
J&atife statements
IRVING NATIONAL BANK
WOOLWORTH BUILDING, NEW YORK
M
! /
;
Cash
Condit ion, April 28,
of
Statement
Vault and
in
Exchanges
Capital Stock
with
due
and
House
Surplus and
Clearing
for
Discount
from
49,441,307.67
other Banks
$12,500,000.00
Collected but
'
.
pondents for its Account [after deduct¬
$171,246,358.02
Other Loans and Discounts—
Due within 30
<
Due 90 to
227,080,819.32
Deposits
$11,666,965.05
Due 30 to 90
19,781,143.58
ing $582,042.93 held by the Bank]_...
Call and Demand Loans.
Due after
2,368,220.00
Acceptances by this Bank and by Corres¬
90,881,712.95
Reserve Bank
days
days
180 days
180 days
1,070,916.20
Expenses
Circulating Notes..
Federal
with
discount
1,304,170.42
Earned
not
Reserved for Taxes and
; Paper
and
eligible for Re¬
11,089,808.95
Profits
Undivided
Commercial
Loans
i.
LIABILITIES
RESOURCES
Federal Reserve Bank. $30,923,337.40
I
1921
15,888,859.88
22,452,211.17
23,940,166.68
1,270,826.85
,
75,219,029.63
4,932,934.04
United States Obligations
Other Investments
6,745,442.18
Bank
Buildings
Customers' Liability for Acceptances by
this
Bank
and
its
Correspondents
[anticipated $3,244,396.03]
514,567.05
•
16,536,747.55
TOTAL
$275,195,078.47
TOTAL RESOURCES-
LIABILITIES...
$275,195,078.47
REPORT
OF
CONDITION
THE
OF
THE HANOVER NATIONAL BANK
THE
CITY
THE
OF
OF NEW YORK
York, in the State of New York, at the close
at New
of business
1921:
April 28th,
i
RESOURCES.
CHATHAM & PHENIX NATIONAL BANK
Loans
I
$91,399,193.89
and discounts
U. S. bonds to secure circulation
100,000.00
5,500,000.00
deposits..
indebt¬
U. S. bonds to secure U. S,
U. S. bonds and certificates of
OF
THE
CITY
edness owned and unpledged
NEW YORK
OF
U.
S.
bonds
with
deposited
674,900.00
...
Supt.
of
400,000.00
7,050,886.56
Banks, N. Y. State, in trust...
MAIN OFFICE:
CORNER
149 BROADWAY
OF LIBERTY STREET
Bonds, securities, etc..
Banking house........
—
... _
4.600,000.00
2,668,063.64
248,429.94
_......
Due from banks and bankers....
CONDENSED STATEMENT AS OF THE CLOSE OF BUSINESS APRIL 28,
1921.
Checks and o'her cash Items...
21,356,936.24
80,387.00
871,792.63
18,660,999.99
Exchanges for Clearing House...
$100,688,674.77
7,033,000.00
•
7,700,000.00
$7,000,000.00
8,379,908.74 *
Capital
Surplus and Undivided Profits
Unearned
(market value)
Other Bonds
680,533.30
372,615.50
4,358,470.00
Discount.
Reserve for Taxes and Interest
Circulation
(market value)
Federal Reserve Bank Stock.
Other Stocks
360,000.00
618,891.59
_
Acceptances
executed
(After
Other
1,042,590.93
deducting $247,held by bank)
cash in vault
•.
.
Federal Reserve Bank.....
Due from
Redemption fund and due from U. S.
54,000.00
Treasurer
Customers' liability
(accepteances exe¬
letters of
cuted by other banks under
for
Customers
(market value)
Customers' Liability Account
Gold
Specie:
LIABILITIES.
RESOURCES
Loans and Discounts.-.
United States Bonds.
131,429.31
credit)..
Interest
131,565.73
accrued
$153,928,584.93
931.82
of Acceptances
947,725.77
6,013,000.00
28,905,926.20
Loans Held for Customers.
Cash and Exchanges..____
__
Loans held for Customers
None
Rediscounts with Federal Re¬
serve
Bank
LIABILITIES.
6,013,000.00
Bills payable Federal Reserve
Bank
;
None
...
Capital stock paid in
Surplus fund....
Undivided profits
r.
received
Discount
124,480,099.86
Deposits
not
$3,000,000.00
14,000,000.00
.......
il
$6,951,209.88
but
533,706.08
earned
7,484,915.96
$152,327,218.33
$152,327,218.33
10,400.27
494,464.83
100,000.00
Reserved for interest accrued
Reserved for taxes
National bank notes outstanding
Due to banks and bank¬
OFFICERS.
RICHARD
H
HIGGINS, Vice-President
&
&
Vice-President
M^XMAR^L,
,r,r,PB,vFS. Vice-President
TXlce-.Pre?,lde(1,t
w^T9^^>N2?^l'c,V^?"P???id.®,nt
%-A T&rrr?8! vfce-president
HENRY L.
CADMUS, Ass t Cashier
Ass>t
Individual deposits sub¬
WILLIAM H. STRAWN, Vice-President
Cashier
Cashier
ROBERT ROY, Ass t Cashier
NORBORNE
P.
GATLING, Vice-President
H. A. CLINKUNBROOMER, Vice-President
GEORGE R. BAKER, Vice-President
JOHN B. FORSYTH, Vice-President
JOSEPH BROWN, Vice-President
WALTER B. BOICE, Vice-President
ARTHUR T. STRONG, Vice-President
HENRY C. HOOLEY Ass't Cashier
WELLING SEELY A^'t Cashier
WILLIAM S. WALLACE, Asst' Cashier
GEORGE M. HARD, Chairman
HENRY E. AHERN, Trust Officer
SAMUEL S.
CHILDS
FRANK J.
HEANEY
RICHARD
H.
HARDEN L. CRAWFORD
PIERRE S. DU PONT
H. STUART HOTCHKISS
LOUIS G. KAUFMAN
ELLIS P. EARLE
THOMAS
NORBORNE P. GATLING
JOHN
M.
HANSEN
GEORGE M. HARD
BERT
L.
HASKINS
HIGGINS
L. LEEMING
WALDO H. MARSHALL
WILLIAM MILNE
A. MILTON NAPIER
JOHN J. RASKOB
ject to check
Dividends unpaid
Demand
certificates
48,389,799.77
1,756.00
of
3,394.67
deposit
10,195,801.10
checks
Certified
checks
Cashier's
out¬
2,551,086.98
3,110,500.00
standing....
U. S. deposits
II
.
■
128,453,184.96
,
254,189.60
Letters of credit and travelers' checks..
Letters of credit
(acceptances executed
i
131,429.31 1
by other banks thereunder)
$153,928,584.93
State of New York, County of New
I, WM. E. CABLE, JR.,
DIRECTORS.
JOHN M. COWARD
-S64,200,846.44
ers
LOUIS G. KAUFMAN, President
York, ss.:
Cashier of The [Hanover
York, do solemnly
National Bank of the City of New
JOHN RINGLING
OSCAR SCHERER
EDWARD SHEARSON
WILLIAM H. STRAWN
J. FREDERICK TALCOTT
S. B.
swear
of
my
that
the
statement
WM.
Subscribed
of
May,
and
E.
to the best
is true,
sworn
CABLE, JR., Cashier.
to
before
me
this
2d
day
1921.
THORNE
FRED'K D. UNDERWOOD
HICKS
A.
WEATHERBEE
SAMUEL WEIL
above
knowledge and belief.
W.
I.
Notary
THOMAS,
New
Correst—Attest:
.
York
Public,
County.
.
FERRY, 1
ELIJAH P. SMITH,
}Dlrectors.
E.
HAYWARD
EDWIN
G.
MERRILL,
J
MAY 7
THE CHRONICLE
1921.]
XXV
?Bank Statements
THE NATIONAL CITY BANK
OF NEW YORK
AND
BRANCHES
Condensed Statement of Condition
as
of
April 28, 1921
CAPITAlv
ASSETS
SURPLUS
CASH
.
Hand, in Federal Reserve Bank, due
from Banks, Bankers and U. S. Treasurer
Acceptances of Other Banks
and
UNDIVIDED
PROFITS
on
Loans and
Discounts
United States
$105,915,420.54
$170,777,668.43
5,790,681.43 $176,568,349.86
Bonds, Other Bonds and Securities
Stock in Federal Reserve Bank
.
.
.
.
Banking House
Customers'
579,412,558.37
35,802,144.25
2,550,000.00
.
,
:*i
.
.
•
-«•
.
M
TOTAL
66,889,062.04
t«:
»»!
w
r.i
5,000,000.00
t»l
».
Liability Account of Acceptances
Other Assets
617,764,702.62
5,756,865.86
$871,978,980.38
.
"'Kv
LIABILITIES
Capital, Surplus and Undivided Profits
Deposits
Due
•i
.
...
:•>
,*i
rw
t*j
'•i
l«t
I»J
•i
[•!
w
l«i
M
r.i
•
(for Taxes, Interest Accrued, et cetera)
Discount
Unearned
Circulation
.
.
Due to Federal
Bank
.
.
.
.
$105,915,420.54
562,995,050.37
»
•:
Branches
to
Reserves
Other
.....
.
••
4,565,510.66
6,259,637.33
2,861,420.54
1,312,567.50
Reserve Bank
Acceptances
70,590,150.86
Foreign
and
Endorsement
.
Bills
.
sold
.
.
with
our
.
•
■
41,494,753.10
71,882,005.73
2,228,000.00
1,874,463.75
..
Acceptances, Cash Letters of Credit and Travelers' Checks
OfRce
Head
Wall
55
New
Bonds
Other
Street
Borrowed
Liabilities
IK
•
W
M
r.i
-J
r.i
r»:
(«i
i*i
l«J
L«J
I*J
r.i
r«»
rw
m
m
w
W
.
u
t«j
York
TOTAL
,
$871,978,980.38
1
National Bank
257Broadway-Opposite CityEall
■
Statement
of Condition, April 28, 1921
RESOURCES
Cash,
Exchanges
and
Due
LIABILITIES
Capital Stock.
from
$3,770,801.95
Federal Reserve Bank-.
Due from Banks and Bankers
174,269.38
.
Loans and Discounts
Other Bonds,
1,610,487.70
.......
.
.
Securities, etc
..
Interest Earned but not Collected.
Customers'
Liability
of Credit and
14,112,617.51
1,723,985.45
42,105.59
.
$1,000,000.00
Surplus and Undivided Profits
488,257.26
29,758.00
Circulation
226,300.00
U. S. Bonds Borrowed
672,000.00
Acceptances Executed for Customers
Due Federal Reserve Bank,
Herman
Edward
K. Cherrill,
Vice-President
Kimball C. Atwood, Vice-President
Prank
John
E.
H.
John H.
Andruss,
Cashier
Brennen, Asst. Cashier
Trowbridge, Asst. Cashier
D
$21,922,624.84
..$923,159.65
Lounsbury, Chairman
Kountze,
1,727,388.33
16,509,661.87
/
Commercial and Travelers'Credits issued but not drawn against..
536,914.56
secured
Deposits............
$21,922,524.84
Phineas C.
89,560.96
.....
by U. S. Government Bonds
under Letters
Acceptances
1,130,941.12
Discount Collected but Not Earned.
Reserved for Taxes
U. S. Bonds and Certificates of In¬
debtedness.
■■■
President
Gilbert H, Johnson, Vice-President
Charles P. Junod, 'Vice-President
John P. Laird, Asst. Cashier
Hugh M. Garretson, Asst. Cashier
George M. Broemler, Mgr. Foreign Dept.
[YOU 112.
THE CHRONICLE
XXVI
Pank statement*
financial
CONDITION OF THE
OF THE
REPORT
of New York
of the City
April 28, 1921.
close of business
At the
Bank
Natiual
First
The
RESOURCES.
::
$69,448,114.61
2,393,548.51
8,144.26
Discounts and time loans
Customers' liability account
acceptances
Overdrafts
7,569,000.00
81.230,505.19
65,329,351.58
1,750,000.00
circulation
U. S. bonds to secure
All other U. S. securities
I; IE
Other bonds, stocks,
securities, etc...
Banklng house
Specie, &cLegal tenders & bkf. notes.
9^'
$12,295.74
1,276,784.00
U.S.
14,003.25
of
DuefromTreas.
Exchanges. I^ .
Due from banksj
.14,160,089.31
2,229,134.90
57,138,681.02
Bank 19,296,471.21
Demand loans...
Due from Fed. Res.
94,127,459.43
$321,856,123.58
LIABILITIES.
$10,000,000.00
25,000,000.00
10,434,074.41
7,127,497.50
.
Capital
Surplus......
.
—
....
Profits
.
Clrculatlon^-.-.-.-i-i—
.$47,145,655.74
Deposits, banks
*vvjjLy\-/v/in,u
individuals...
U.S.
The Time Element
Of Cost
Time wasted is often
traveled in
costly than distance
more
Bills
...
payable
146.381,860.93
8.848,900.00
202,376,416.67
64,000,000.00
...
Bonds borrowed
Reserved for taxes.
....——----
Acceptances
expense
of converting
collection items into Reserve cash.
transit items
when
$321,856,123.58
I, SAMUEL A. WELLDON, Cashier of the abovenamed bank, do solemnly swear that the above state¬
ment is true to the best of my knowledge and belief.
banking channels
J. J. GARRISON,
Notary Public, Kings
GEO.
F.
BAKER.
WILLIAM H.
MOORE
1881
ESTABLISHED
Post
Offices
NEW YORK CITY
April 28, 1921
Capital
3. In Transit Departments awaiting
bank
Our
$1,000,000.00
1,585,559.14
17,888,940.76
-
-
-
-
Surplus & Profits
closing hours.
continuously
23ED ST.
FIFTH AVE. AND
awaiting bank
BANK
NATIONAL
6ARFIELD
opening hours
-
Directors.
ways:
1. In railway mail trains
2. In
County No-13 6
No. 2353.
N. Y. County Reg.
Correct—attest:
CHARLES D. NORTON.
time in three
consume
WELLDON, Cashier.
May 6, 1921.
Subscribed and sworn to before me,
Drafts and
collected through jrrdirrary
2,393,548.51
—
S. A.
reckoning the
220,000.00
304,586.49
....
Deposits
operating 24-hour Transit
-
-
-
21,114,071.53
Total Resources
OFFICERS
Department eliminates all of the second and
most
All items handled
at par
President
Vice-President
POOR
POOR
W.
RUEL
HORACE F.
2d V.-Pres. & Cashier
GEORGE G. MILNE, JR.
3d Vice-President
RALPH T. THORN
Asst. Cashier
ARTHUR W. SNOW,
of the third item of delay.
for correspondents. No
MacDONALD
DIRECTORS
charge for telegraphic transfers.
W.
Ruel
Chairman of the Board
Barrett Co.
Gelshenen
'
H. J. Baker &
Joseph
Bro.
Thomas D. Adams
Pres.
F.
Poor
Vice-President
Horner
Charles
Vjiiarics
Retired
xveureu
v
H. Emery
Emery-Beers Co.,Ine.
Horace
Attorney
Robert J.
Mcllravy
William N.
Poor
President
William H.
THE
Asst. Cashier
Asst. Cashier
WILBUR C. HUSK
GEORGE W.
S.
o.
Wills
wins
Pagenstecher.Jr. Pres.Charles T.Wills, Inc.
Paper Co.
Charles H. McDowell
P. O'Brien
Pres. Armour FertlllzerWks
Vice-Pres. U. 8. Hoffman
Arthur W. Snow
Co., Inc.
Vlce-Pres. <fc Cashier
Albrecnt
Pres.
Mfrs.
Esmond
Meeting*
The Electric
PHILADELPHIA, PA.
of
Light and Power Co.
Abington and Rockland
& Webster, Inc., re¬
that, on account of a
Special Meeting of the Stock¬
holders of the Electric
Light
and Power Company of Abing¬
ton and Rockland, to be held
Stone
,
ports
on
May
IN
GENERAL
OF
COPPER
SHARES
from
1921,
MARKET
MOVEMENTS
Special Letter Sent Upon Request
and
1921,
will
the
stock
be
closed
May 4, 1921, to May 12,
both inclusive. -
Stone & Webster, Inc.,
General Managers
CHEMICALS &
CORPORATION
ALLIED
61
Members of the New
12,
books
transfer
PARTICIPATION
Broadway,
DYE
New York
OF ANNUAL MEETING.
Stockholders: .
.
to call by the Directors, the
NOTICE
York, Boston
To the
Chicago Stock Exchanges
Pursuant
post¬
Annual Meeting of the Stockholders of
Dye Corporation will be held
at the principal office of the Corporation, No. 61
Broadway, Manhattan Borough, New York City,
at 1 P. M., on Monday, May 23rd, 1921, for the
purpose of electing twelve directors^ for the en¬
suing year and for the transaction of such other
business as may properly come before the meeting.
The stock and transfer books will be closed
poned
Allied Chemical &
IHORNBLOWER & WEEKS
BOSTON
I
I
providence!
Established
1888
PORTLAND;
NEW YORK
CHICAGO
42 BROADWAY, NEW YORK
DETROIT
of business on May 18th, 1921,
opening of business on May 24th, 1921.
1921.
By*order of the Board'of Directors,
CLINTON S. LUTEINS, Secretary- Treasurer.
from
the close
to the
Dated, May 7th.
MAY 7
THE CHRONICLE
1921.]
Jftnanctal
jflnamfal
ANNOUNCEMENT
Congress
and
XXVII
its
I
V
'
On
May Second
Committees
MR. E. A. NEAGLE
and
business
Individuals,
committee of
the Senate
will
be associated with
He will
which they should address.
conduct
and
The
the
of members of
names
Congress
compiled in book¬
Sixty-Seventh
have been
us
-
or
Representatives
the House of
R. GRACE & CO,
Formerly with W.
institutions
often
appropriate
banking
need to know the
department to deal
a
^ecute orders in
FOREIGN EXCHANGE
let form for free distribution
We solicit your
We have in¬
high officials of
by this Bank.
cluded
the
the
patronage
Executive branch of the
Government.
•
American Exchange
43
Bank
National
Investment Securities
New York
Exchange Place
Telephone 8300-16 Hanover
Organized in
128
1838 and
New York
Broadway
Our Monthly
to
those
•
Nationalized in 1865
Letter will be sent free
desiring
a
brief review
of
world economic developments.
From and after this date
the firm of
Colgate, Parker & Co.
will be continued under the name
r
of
Parker & Company
by the present general partners
with the exception
Erskine
Craig Colgate and Mr. Prescott
Wood who have this day withdrawn.
of Mr.
Mr.
Sidney W. Fish becomes a
Mr. Louis du Pont
special partner.
Irving, special partner, with¬
draws.
Parker & Company
Henry S. Parker
Frank Hamilton Davis
Darragh A. Park
1836
Chartered
Sidney W. Fish, special
\
npHE GIRARD Trust
A
May 1.1921
Company offers to
banks, bankers and in¬
dividuals the services of
its Real Estate
ment
for the
Depart¬
and
examination of proper¬
ties in
Philadelphia and
vicinity.
This
com¬
advantage of a
with the
security of a trust
real estate agency
added
company.
GIRARD
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
Bankers, Brokers and Security Dealers
bonds and
referring to the Trading
Department (Pages XII, XIII, XIV, XV, XVI and XVIJ)
can
locate the houses that will buy or sell many
unlisted
Department
bines every
Illinois
care
and
inactive
of the Financial
stocks
by
Chronicle.
dealers andTbrokers
wish to buy or sell and indi¬
cate the class of securities they specialize in.
From time
to time virtually every security having any degree of salability in the United States is bought or sold through this1!?
department, the advertisers in which are prepared to furnish 3J
quotations on thousands of securities,.
'
In the advertisements
on
these pages,
list the bonds and stocks they
refer to the Financial Chronicle] TgTrading Department when you wish to buy J ^
or sell bonds or unlisted or inactive stocks. \ J
Always
XXVIII
THE
CHEONICLE
[VOL. 112.
jffnanctal
JBtbifcen&s
The
Connecticut
State
of
Power
Company
Connecticut
Preferred Dividend No. 33.
Announcement
A
quarterly dividend of $1.50
declared
share has been
on
per
the
preferred capital stock of The
Connecticut
Power
Company,
payable June 1, 1921, to Stock¬
holders of record at the close of
business May 20, 1921.
Edward K. Root, Treasurer
CoBPOMMf
THOMAS FAIRSERVIS,
President
Baton
Rouge Electric Co.
Preferred Dividend No. 20.
A
New Mirason
$3.00
is
Building
payable
semi-annual
dividend
June 1 to stock¬
holders of record May 14, 1921.
Sixty seven Wall Street, New York
Stone & Webster, Inc.,
General Manager
Telephone Hanover 5868
Baton
A
comprehensive service to individuals and
institutions throughout the United States in
the purchase and sale of
*
Rouge Electric Co.
Common Dividend No. 12.
A
$4.00
is
payable
semi-annual
dividend
June
1 to Stock¬
holders of record May 14, 1921.
Stone & Webster, Inc.,
MUNICIPAL BONDS
General Manager
TOBACCO PRODUCTS
CORPORATION
Series "E"
Dividend
Certificates issued by
Tobacco Products Corporation on May 15, 1919,
will become due and payable on May 15,
and Other Securities
1921,
with the last installment of interest thereon.
Upon
presentation
Dividend
and
Certificates
surrender
of
such
the
to
Guaranty Trust
Company of New York, 140 Broadway, New
York City, on or after May 16, 1921, the prin¬
cipal sums due thereunder and interest due thereon
to May 15, 1921, will be paid.
May first. Nineteen Hundred twenty-one
WILLIAM A. FERGUSON, Secretary.
MANATI
SUGAR
COMPANY.
112 Wall Street, New York, May 6, 1921.
Board
of
Directors
of the
MANATI
SUGAR COMPANY have declared the regular
The
quarterly
dividend
stock of the
holders
To
Holders
of
Railway Company
Mortgage Twenty-five
Year
Five
Per
Cent
Gold
appointment of receivers for the Savannah
LEE
be
taken
to
their property and interests.
protect
For
&
Directors
TIRE
of
common
upon
MARTIN-PARRY
that
Board
Corporation
dividend of
tal
Stock
1921,
to
of
requested to deposit their Bonds, in
nego¬
Trust
an
agreement of
bf^which will
deposit
now
ers
has this day declared a quarterly
fifty cents (50c.) a share on the Capi¬
the corporation, payable June 1,
stockholders
HERBERT S.
STOCK
Detroit
the
close
President.
United
DIVIDEND.
and
Advance
WEL!
to-day
one-half per cfent.
Rumely 6s
Brothers, Philadelphia, Pa.
Sierra & San Fr. Pr. 5s & 6s
SIMPLER,
Land
Secretary.
1921.
Providence Securities 4s
Title
&
Trust
So. Calif. Edison 6s; 1944
Company,
Treasurer Mercantile Trust Co. of
New York.
Committee.
f*
HUGHES & DIER
Stocks—Bonds—Grain
Philadelphia Stock Exchange
McADOO, COTTON & FRANKLIN, Counsel.
TRAPHAGEN, Secretary,
10,
•
Directors
Railway
Chairman,
TRAPHAGEN,
,115 Broadway, New York City.
of
payable in stock of the company June 1st, 1921,
to stockholders of record
May 16th, 1921, at
may
Bond/Department,
Insuj&nce Company, Newark, N. J.
Philadelphia, Pa.
C.
SMALL,
A. E. PETERS,
Of the firm of Welsh
J.
M.
Detroit, Mich., April 28,
BRADLEY/
Associate Manager
The Prudential
Officer
at
The transfer books will
3 p.m.
ROBERT H.
Trust
of record
16, 1921.
declared dividend of two
Dated New York, May
3rd, 1921.
A.
CORPORATION.
record at the close of business May
G. A. RANNEY, Secretary.
in
Depositary.
CLAUDE
of
1921.
be lodged with it.
Copies of this Agreement, under
whichst^e Committee will act,
be obtained from the
of
INTERNATIONAL HARVESTER COMPANY.
Quarterly Dividend No. 11, of SI.75 per share,
upon the 602,239 shares of Preferred Stock, paya¬
ble June 1, 1921, has been declared to stockhold¬
Company of New York, as Depositary, at its
office, No. 115
Broadway, in the City of New York. The
Depositary will issue
preparation, the original
close
of
business May
tiable form, with May 1,1921,
coupons attached, with the Mercantile
certificates of deposit therefor under
the
Secretary.
not be closed.
•
are
CORPORATION.
New York. May 5, 1921.
Directors of the Martin-Parry
F.
J. C.
the
New York, May 5, 1921.
the
Lee
Rubber
&
Tire
1921, to stockholders of record at
business May 10, 1921.
HENRY HOPKINS, JR.,
& Atlanta
undersigned, at the request of the holders of a large
the bonds, have consented to act as a
Bondholders' Pro¬
All Bondholders
of
the
record
dividend
The
tective Committee.
course
upon
of
Corporation have this day declared a quarterly
of fifty cents
(50c.) a share on the
capital stock of this company, payable June 1,
Bonds:
the
amount of
RUBBER
The
Railway (successors to the Brinson Railway Company) and the default
in the payment of the
May 1, 1921, installment of interest on the above
bonds, it is important to the holders of the bonds that concerted
purpose
stock
of the Company at the close of business
May 17, 1921.
MANUEL E. RIONDA, Treasurer.
In view of the
action
of, 2J^%
Company!, payable June 1, 1921, to
common
books
Brinson
First
of
Members
Pittsburgh Stock Exchange
Chicago Board of Trade
New York Produce Exchange
42 New Street,
New York
Telephone Broad 5140
MAY 7
THE
1921.]
XXIX
CHRONICLE
financial
©ttubenfcg
CRIPPLE CREEK CENTRAL
RAILWAY CO.
ASSETS DISTRIBUTION NO.R.
By order of the Board of Directors a distribution
of one per cent on the preferred capital stock of
this Company has been ordered to be paid out
of funds heretofore realized from the sale of
capital assets, payable to all stockholders of
record as of May 14th, 1921.
Checks will be
mailed June 1st, 1921.
Stock books do not close.
Dated Colorado Springs, Colo., April 30, 1921.
THE
CAPITAL
'
'
E.
,
.
HARTWELL, Secretary.
S.
CANADIAN PACIFIC RAILWAY
DIVIDEND 100.
COMPANY.
Our Removal
meeting of the Directors held to-day
the usual quarterly dividend of two and onehalf per cent on the Common Stock for the
quarter ended 31st March last, being at the rate
At
of
a
seven
three
to
cent per annum from revenue, and
cent per annum from special income
per
per
account,
declared payable 30th June
P. M. on 1st
was
shareholders of record at 3
next
June
■*'.
next.
ALEXANDER, Secretary.
Montreal, May 4, 1921.
»
ERNEST
ELEVATOR COMPANY.
Y. City, May 4,
OTIS
26th St. & 11th Ave., N.
1921.
special meeting of the Board of Directors
of Otis Elevator Company, held May 4, 1921,
on
notice dated April 27, 1921, there was deNclared
a
stock dividend of one-half share cf
common stock per share of common stock out
standing, payable July 1, 1921, to holders o«:
common stock of record at the close of business
on
June 15,
1921, provided that if, prior to
June
15, 1921, any objection is made to the
payment of said dividend, in any proceedings
at law or in equity, said dividend shall not be
paid until 60 days after final adjudication in such
proceedings permitting such payment, and shall
then be made only to the holders of the out¬
standing common stock of record at the close
of business on the 45th day after such adjudica¬
tion.
R. H. PEPPER, Treasurer.
At
a
INDIA SUGAR
CORPORATION.
order to
c-®- plete
provide
for
facilities
China and the United States
reached
countries
institutions^
ated
financial
India,
between
transactions
by
we
us
com-
more
and other
our
or
have
affili¬
moved
to
quarters at
new
44 Beaver Street
FINANCE
WEST
THE
TN
„
_
,
regular meeting of the Board of Directors
of the West India Sugar Finance Corporation,
held this date, a dividend of 2% on the outstand¬
At a
was
of the Company
Stock
Capital
Preferred
ing
1st, 1921, to
declared payable June
stockhold¬
of record at the close of business May 16, 1921
Checks will be mailed: books will not be
ARTHUR KIRSTEIN, Jr.,
Chartered Bank of India
ers
closed
Assistant Treasurer.
April 28, 1921.
WEST
THE
INDIA
SUGAR
fif Australia and China '
New
York
FINANCE
CORPORATION.
At a regular meeting of the Board of Directors
of the West India Sugar Finance Corporation,
held this date, a dividend of 1M % on the out¬
standing Common Capital Stock of the Company
was
declared payable June 1st, 1921, to stock¬
holders of record at the close of business May 16 ,
_
1921.
Checks
closed.
will
Agency,
Street
44 Beaver
William Baxter, Agent
Capital and Reserve
Head Office
Over $30,000,000
London
mailed; books will not
be
be
JR.,
Assistant Treasurer.
ARTHUR KIRSTEIN.
April 28,
1921.
CONSOLIDATED
CORPORATION,
CIGAR
May 4th, 1921.
Board of Directors held on
the 4th day of May, 1921, a quarterly dividend
of $1.75 per share on the preferred stock of the
At
meeting of the
a
Company was
months end¬
declared for the three
ing May 31st, 1921, payable June 1st, 1921, to
stockholders of record at the close of business on
May 16th, 1921.
LOUIS CAHN, Secretary-Treasurer.
NILES=BEMENT~POND COMPANY
111 Broadway, New York
PREFERRED DIVIDEND NO. 87
New York, May 4th, 1921.
The Board of Directors of NILES-BEMENTPOND COMPANY has this day declared the
regular quarterly dividend of ONE AND ONEHALF
PER CENT upon the PREFERRED
STOCK of the Company, payable May 20th,
1921, to stockholders of record at 3 P. M. May
4th, 1921.
The Transfer Books
JOHN B.
■
Broadway,
of Directors of
NILES-BEMENT-
has this day declared a divi¬
PER CENT upon the COMMON
STOCK of the Company, payable June 20th,
POND COMPANY
dend of ONE
1921, to
stockholders of record at 3
1st, 1921.
The Transfer Books
JOHN B.
BROOKLYN
P. M., June
will not be closed.
CORNELL, Treasurer.
EDISON
COMPANY,
Brooklyn, N. Y.
INC.,
85TH CONSECUTIVE DIVIDEND
The
Board of Directors at a meeting
April
18th,
1921,
to
1921, declared a
held
regular quarterly
dividend of $2.00 per share on the capital stock
of the Company outstanding, payable on June 1,
stockholders of record at
May 20, 1921.
Checks for the
ELECTRIC
A.
CORPORATION
The Board of Directors has to-day declared a
of one
and three-quarters per cent
(1%%) on the Preferred Stock of Electric Invest¬
ment Corporation, payable May 21st,
1921, to
preferred stockholders of record at the close of
business on May 11th, 1921.
L. E. KILMARX, Treasurer.
SOUTHERN
CALIFORNIA
EDISON
CO.
Edison Building, Los Angeles,-California
regular quarterly
share on the outstanding
dividend of $2.00 per
Common Capital
Stock
(being Common Stock Dividend No. 45) will be
paid on May 15th, 1921, to stockholders of record
at the close of business on April 30th, 1921.
W. L. PERCEY, Treasurer.
"couriers du bois"
are
now
dotted with
low-floating steel freighters.
The
passing decades have strengthened
the bond
between the Middle West and
Milwaukee where
service gives
nearly seventy years of
meaning to" FirstWisconsin".
First Wisconsin
STOCK DIVIDEND
May 3rd, 1921.
dividend
The
are
be mailed:
BAILY, Treasurer.
INVESTMENT
PREFERRED
Seepe",
today bands of steel.
And
waterways that once bore the bateaux of
there
3 P. M. on
above dividend will
E.
Where Indian trails traced the converging
linesof early-day communication, at"Man-
a-waukee" and "Mahn-a-waukee
New York
COMMON DIVIDEND NO. 76
New York, May 4th, 1921.
The Board
Prophecy
J
,
will not be closed.
CORNELL, Treasurer.
NILES-BEMENT-POND COMPANY
111
The Red Man's
National Bank
Milwaukee
Milwaukee Incorporated in
1846
THE
CHRONICLE
Jfutanrial
Tower
Downtown Office
Fifth Avenue Office
16 Wall Street
at
42nd Street
Fifty Seventh Street Office
at
Madison Avenue
Paris Office: 16 Place Vendome
Commercial
Banking
Trust Service
Checking Accounts
Government,
Public
Safe
Municipal,
Utility
Railroad
Industrial
Deposit Vaults
Sugar Engineering Corp.
WOOLWORTH BLDQ..
NEW
YORK.
Investment Bonds
INVESTIGATIONS
A. B. Leach &
Co., Inc.
APPRAISALS
Investment Securities
62 Cedar
St., New York
T05 So. La Salle
Philadelphia
Boston
Cleveland
Detroit
Scranton
Hartford
Pittsburgh
St. Louis
•
REPORTS
St., Chicago
DESIGN
Minneapolis
Milwaukee
1
XXXI
MAY 7
THE CHRONICLE
1921.]
jfittantial
$10,000,000
Libby, McNeill &
(Closed) Mortgage 7% Ten
First
Dated May 1,
& Co. or
1926.
Year Gold Bonds
Due
May 1, 1931
1921
Harris, Forbes
on sixty
thereof from May 1,
Albert W.
1 in Chicago at Harris Trust & Savings Bank, and New York at
CompSmy of New York. Bonds redeemable at the option of the Company at 105 and interest
notice to and including May 1, r92f^ and thereafter at 105 and interest less 1% for each full year or part
Denominations $1,000, $500 and $100.
Registerable as to principal only. Harris Trust & Savings Bank, Trustee.
payable
Interest
days'
Libby
semi-annually Mayl and November
Central Union Trust
Co-Trustee.
Harris,
to pay
which it may
The Company agrees
2%
interest without deduction
lawfully pay at the source.
be
Sinking fund of at
chase of
exceeding
for any Normal Federal Income Tax to an amount not
The Pennsylvania Four-Mill Tax will, on application,
residents of Pennsylvania
refunded to holders who are
will be applied to the pur¬
obtainable, to the call
issue before maturity.
least $500,000 each year for the years 1924 to 1930
below the prevailing redemption price, or, if not so
the redemption price, thus retiring about 35% of the
Bonds at or
of Bonds by
lot at
President of the Company:
Business—The business of Libby, McNeill & Libby was founded in 1868. The company is the largest
producer and distributor of canned food products in the world.
Its products are widely diversified,
constitute
necessity of every day life, and are internationally known and sold in practically all parts
The
following is
summarized in a letter from Mr.
W. F. Burrows,
a
J
'
of the world.
The directors
Swift,
•
,
.
of Libby, McNeill
& Libby are Louis F.
Swift, President of Swift & Company; Edward F.
Charles H. Swift,
Vice-President of Swift & Company;
of Swift & Company; G.
Vice-President of Swift & Company; L. A.
Vice-President of Swift & Company; Harold H.
Swift, Vice-President of Swift & Company; W. F. Burrows, President Libby, McNeill & Libby; E. G.
McDougall, Vice-President Libby, McNeill & Libby, and Henry Veeder, General Counsel.
F. Swift, Jr.,
Carton, Treasurer
direct obligations of the company , secured
real estate and plants of the company, subject only, as
to
two purchase money mortgages totaling $585,000. The
company's real estate, plants and equipment are carried in the balance sheet, on the basis of an appraisal
of 1914 plus subsequent cash expenditures, at $24,654,570.02, against which a depreciation reserve
Security—These bonds will be, in the
by
opinion of counsel, the
first mortgage lien on all of the principal
two tracts of land in California, to the lien of
a
as
$5,089,043.88 has been set up.
of
giving effect to
After
of
more
than
this financing, the
$75,000,000 and net current
Earnings—The net profits before
balance sheet of the company will
assets .of more than $18,000,000.
interest and Federal taxes
for the seven years—May,
iiVv-'-
1914, to May,
amounted to $2,921,032.72.
of the general business
Federal Taxes and all charges
and for the ten months ending March 5, 1921,
The annual interest charge on the First Mortgage Bonds is $700,000.
In spite
readjustments in this country, the net profits after payment of interest,
for the ten months period ended March 5, 1921, amounted to $506,006.
The
conservative and dividends will be paid only from.net earnings from operation
1921.
The capital stock of the company was increased in the year 1920 from
1920—averaged $4,674,398.49,
I
show total tangible assets
company's financial policy is
subsequent to March 5,
$12,800,000 to $27,000,000.
Mortgage Provisions—The mortgagewillprovidethatneteurrent assets shallbe maintained at an amount
equal to at least 150% of the First Mortgage Bonds outstanding.
The mortgage will also provide that
shall be declared or paid out of net earnings of any period if sucji dividends would reduce
no
dividends
current assets
W*
below 150% of
offer the above
Price
currfent liabilities.
9544 and Interest.
Illinois Trust &
,
^
This
Yielding over 7.60%
Continental &
Commercial
Trust and Savings
this advertisementit is
has
Orders have been
by us, subject to the
Harris, Forces & Co.
Savings Bank
information contained in
.
bonds for delivery when, as and if issued and received
approval of legal proceedings by counsel.
Dillon, jRead & Co.
The
»
been obtained from accurate.
accepted by us as sources which we
consider reliable. While not guaranteed,
received in excess of the amount of bonds available.
appears as as a matter of record.
advertisement
Bank
XXXII
THE
CHRONICLE
[VOL. 112.
tftnanrial
$5,000,000
The Philadelphia Electric
Company
I
8
Cumulative Preferred Stock
%
Par
Value
Authorized $15,000,000
Dividends payable quarterly
Holders
assets.
$25 Per
Share
Outstanding, including
on the
issue, $11,000,000
present
fifteenth days of March, June, September
and December.
Preferred as to dividends and
Stock have the same
voting rights as holders of the Common
Stock.
of Preferred
Convertible into Common Stock par for par at the option of the
holder, on any dividend date on
as a whole on any dividend date
thirty days' notice.
Redeemable
upon 60 days notice at $28 per share
and accumulated
dividends, but subject,
nevertheless, to the privilege of conversion by the holder into
Common Stock upon
thirty days' notice.
The
Preferred
Stock
dividends
is
not
are
subject to the
Pennsylvania State
exempt from the present normal
Tax
of
four
mills,
and
the
Federal Income Tax.
The
Land Title and Trust
Company, Philadelphia, Transfer Agent
Continental-Equitable Title and Trust Company,
Philadelphia, Registrar
Application will be made
to
list this
Preferred Stock
For further information
regarding the Preferred
Mr. Jos. B. McCall, President of the
The
Philadelphia Stock Exchange.
Stock, reference
Company, who
BUSINESS:
the
on
summarizes
as
is
made to
a
letter of
follows:
Philadelphia Electric Company, operating under
a franchise which in the
opinion
time, does the entire central station electric
light and power
Philadelphia, the third largest city in the United States.
Through its
principal subsidiary, the Delaware County Electric
Company, it does the entire
commercial electric light and
power business in the'
important
shipbuilding district southwest of Philadelphia along the Delaware manufacturing and
River, including the
City of Chester.
The territory served embraces a
total population of over
2,000,000
according to the 1920 U. S. Census.
of counsel is unlimited in
business
5
PROPERTY:
in
The properties of The
Philadelphia Electric Company and its subsidiaries form a
single
inter-connected system including
power plants with an
aggregate rated capacity of
320,982 kilowatts, of which 276,000 kilowatts are
most
EQUITY:
modern
generating stations in the country.
installed in three of the
largest and
The Preferred Stock is followed
by $30,000,000 of Common Stock
having a market
on quotations of
April 28, 1921, of $25,650,000.
Dividends have been paid
without interruption
during the past eighteen years on the
Company's Common Stock
from time to time
outstanding, the dividend rate for the past
eight years having
been 7% per annum.
value based
EARNINGS:
The following is a statement of
the earnings and
expenses of The Philadelphia Electric
Company's System for the calendar year 1920 as
compared with 1919:
1919.
Gross
Earnings—
Operating Expenses, Taxes
Replacements
Net
'
*2,360,723
$2,639,038
Balance applicable to Dividends
Dividends on 8% Preferred
$5,375,197
2,605,026
on Funded and
Unfunded Debt, Amortization of
Debt Discount and
Expense, Chargeable to Income.-
14,668,139
$5,244,064
Earnings
$20,043,336
11,035,175
and Reserve for Renewals and
Interest
$3,014,474
Stock, including the present
issue of $5,000,000
par value, had it been
outstanding
♦Not
including $114,215, interest paid
Preferred
.
880,000
$2,134,474
on bank loans which this
Dividend Earned
over
financing would have
newT
Generating Station.
A
legality of this issue
substantial
portion
unsold
of
has been
approved
this
by
issue
our
having been
balance, subject to prior
Price, Par $25
obviated.
334 Times.
The above
earnings reflect only partial benefit from the
operation of the
Streets
The
1920.
$16,279,239
Beach and Palmer
counsel, Messrs. Morgan, Lewds and Bockius.
subscribed
sale
and
by stockholders,
change in price.
we
offer the
and Accrued Dividend.
DREXEL & CO.
BROWN BROTHERS & CO.
THE NATIONAL CITY COMPANY
May, 1921.
The above information
and statistics have
been obtained
from
As
all
the
above
stock
has been
sold,
sources we
this advertisement
deem reliable and
appears
are
only
accepted by
as
a
us as accurate.
matter
of
record.
MAT 7
1921.]
THE CHRONICLE
XXXIII
^financial
NEW ISSUE
$6,500,000
The Connecticut Light
First and
Dated May
Power Company
and
Refunding Mortgage 7% Sinking Fund Gojd Bonds, Series A
1, 1921
Interest payable
Due
^
May 1, 1951
May 1
and November 1 in New York, Boston and Chicago,
Coupon bonds $1,000 and $500, registerable as
to principal only, and fully registered bonds $1,000 and multiples;
interchangeable.
Callable for Sinking Fund on any interest pay¬
ment date prior to and including November 1, 1931, at 110, thereafter
decreasing y2% annually to 100K on November 1, 1950.
Not
The
Company
to
agrees
pay
callable except
interest'without deduction for
for Sinking Fund
any
normal Federal Income Tax which it
may
lawfully
exceeding 2%.
The Pennsylvania 4-mill tax will be refunded to holders who are resident
Pennsylvania who shall within three months after payment make application for such refund.
pay to an amount not
in
Exempt from Connecticut State Tax if held by residents of Connecticut.
Capitalization
(Outstanding
Funded
completion of present financing)
First and
Debt:
Refunding Mtge. 7% Bonds, Series A (this issue)
New Milford Power Co. (divisional) First Mtge. 5% Bonds
$6,500,000
1,000,000
Preferred 8% Cumulative---
Capital Stock:
$2,990,000
Common
From
upon
letter of Mr. Irvin W,
a
8,486,000
—
Day, Vice-President of the Company,
we
summarize
as
$7,500,000
$11,476,000
follows:
The
BUSINESS:
Company supplies electric light and power to a population of about
300,000 in an important industrial section of Connecticut, including the cities of
Waterbury and New Britain and the Naugatuck Valley district.
The properties
operated include electric generating plants with a present installed capacity of
68,000 horse power, of which 34,600 horse power is hydro-electric (two plants); about
120 miles of high tension transmission lines; and distributing systems in about 20
cities and
towns.
SECURITY: These bonds will t>e secured, in the opinion of counsel, by a first mortgage
the
main hydro-electric plant, on the Housatonic River, having a present in¬
generating capacity of 25,000 horse power, 61 miles of important transmis¬
sion lines, and valuable undeveloped water powers; and by a second mortgage, subject to the $1,000,000 divisional bonds, on the Company's second hydro-electric plant
on
stalled
,
(9,600 horse power) and 25 miles of transmission lines.
They will also be a first lien
a
999-year lease of the electric distributing systems in Waterbury, New Britain
and a number of other towns, including a steam electric plant of about 33,000 horse
power capacity.
*
on
The
Company's property investment is appraised at $15,248,000, or more than
$7,500,000 funded debt.
This appraisal does not include net current assets
$1,424,000 nor any valuation of the Company's undeveloped water powers.
The
owned property alone is valued at more than $10,400,000, of which nearly $8,000,000
represents the property on which these $6,500,000 Bonds are a first mortgage.
twice its
of
EARNINGS for
the year ended March 31, 1921, being the first full year's period after
Jjjkthe completion of the main hydro-electric plant:
Gross
Net
Earnings
$4,005,305
Income Applicable
to
Fixed Charges
Present Annual Interest and Rental
on
1,914,451
Requirements, including Interest
this issue
907,355
Balance
$1,007,096
The above Net Income is
SINKING
than twice the present fixed charges.
more
FUND: Annual
cient to retire
Sinking Fund, first payment September 1, 1922, will be suffi¬
least 70 per cent of all Series A bonds issued or to be issued.
at
We recommend these Bonds for Investment
PRICE 95 AND ACCRUED INTEREST, YIELDING ABOUT 7.40%
lee, higgins0n & co.
estabr00k & co.
richter & co.
hincks bros. & co.
•
■
.
\
"
-
'
'
-
.
-
'
'
the chas. w. scrant0n co.
U
"
.•
•
"
"
.
•
'.
'
•
.
•
.
'
■
■
■
•
•
•
•
•
•
■
..
The above statements while not guaranteed, are based,upon
This advertisement appears as a
' *
V'-"
"*•
.
-
-
\
•
matte/ of
z_
information
-
\"
'•
•
and advice which we believe accurate and reliable.
record only, all the above Bonds having been sold.
.
•
THE CHRONICLE
xxxiv
[Vol. 112.
jftnanrfal
Free from all Federal Income Taxes
Municipal Bond Offerings
Omaha, Nebraska, School District
5x/2% Bonds
Dated May 2,
1921.
Due May 2, 1951.
Coupon bonds in denomination of $1,000, registerable as to principal.
Price to
yield 5.40%
City of Cleveland, Ohio
5i/2% Bonds
Dated June
1, 1920.
Coupon bonds in denomination of
Due serially June 1, 1936-1943
,000, with privilege of registration.
Legal Investment for Savings Banks and Trustees in
New York, Massachusetts and Connecticut.
Prices to
yield 5.30% to 5.20%
City of Detroit, Michigan
5%, 51/4%, 5i/2% and 6% Bonds
Due serially 1922-1951.
Coupon bonds in denomination of $1,000.
Legal Investment for Savings Banks and Trustees in
New York, Massachusetts, Connecticut,
and
Prices to
Other
States.
yield 5.75% to 5.20%
City of Wilmington, Delaware
4l/2% Sinking Fund Bonds
Dated
May 2, 1921.
Due serially 1943-1945
Coupon bonds in denominations of $1,000, with privilege of registration.
Legal Investment for Savings Banks and Trustees in New York.
Prices to
McKean
yield 5%.
County, Pennsylvania
6% Road Bonds, Series C.
Dated June 1,
1921.
Due June 1, 1926-31-36-1941.
Coupon bonds in denomination of $1,000, with privilege of registration.
Legal Investment for Savings Banks and Trustees in New York.
Prices to yield
Town of
5.30%
Hempstead, New York
School District No.
1
6% Bonds
Dated March 1,
1921.
Due serially March 1^1925-1954.
Coupon bonds in denomination of $1,000, with privilege of registration.
Tax-Exempt in New York State.
Legal Investment for Savings Banks and Trustees in New York.
Prices
to
yield 5.25% to 5.10%.
Complete descriptions
upon
Broad & Sansom Sts.
\
1
33
Philadelphia
Washington
request.
Pine Street
New York
Pittsburgh
Baltimore
VOL. 112
MAY 7 1921
NO. 2915
Published every Saturday morning by WILLIAM B. DANA COMPANY. Presi¬
dent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Rlggs; Secretary, Herbert D. Seibert.
Address of all, Office of the Company.
CLEARINGS FOR APRIL, SINCE
ENDING APRIL SO
JANUARY
1, AND FOR
April.
Four Months.
Week ending April
30.
Clearings at—
Inc. or
1920.
1921.
Dec.
S
New
Philadelphia
Pittsburgh
Baltimore
......
Buffalo.,
W ashington
_
_
.....
Albany
...
Rochester
Scranton.
*
Syracuse
9.675,368
11,241,659
—19.9
—18.1
—14.4
—20.8
.
Harrisburg
York
Trenton
Lancaster.....
...
Erie
Bingham ton.
Greensburg
Chester.
_
.
.
:
.
...... ....
Altoona
Norristown...
Beaver
County, Pa...
Frederick
......i
Franklin....
Montclair
_
...
_
20,083,078
18,946,541
6,898,868
15,220,913
17,736,690
10,434,103
3,989,800
5,500,000
4,494,315
4,155,848
2,675,583
—26.1
—12.3
3,621,940
2,463,363
4,077,170
4,335,290
24,644,723
1,773,833
3,643,228
_
Oranges
Hagerstown
Camdens t........
«.
+
Huntington
3,605,787
21,826,124
Lebanon..
Niagara Falls
7,930,293
4,772,372
4,030,456
7,315,695
3,845,483
4,000,000
14.941,060 Not included
Bethlehem
—24.3
Chicago
............
Cleveland.
...
...
.
Detroit.
Indianapolis.
_
.
.....
Toledo
.....
Springfield. Ill
Fort Wayne.........
Rockford
Lexington.
.
........
.i,
_
.
.
^, z
Akron
.
i
Canton..
—10.6
14,076,333
—16.8
-7.8
11,614,216
81,839,427
31,213,620
1—19.4
11,047,990
—35.5
—2.6
—32.3
—21.6
—26.5
—53.9
—11.4
t
—0.8
70,549,409
—28.3
24,954,557
...
—37.5
33,242,363
7,693,596
15,276,149
5,937,174
—28.5
23,167,290
—21.0
24,027,812
12,921,906
8,920,868
12,282,677
20,061,257
18,309,731
10,844,735
11,978,127
—29.9
Gary
Lorain..
1,446,180
Ann Arbor
...
Adrian
Albany.
a
Paducah—
Hamilton
....
Aurora
...
Total Mid. Western
Francisco
Angeles..______
Seattle
Portland
Salt Lake City
—19.0
—51.1
....
Dieio.A..
Pasadena
....
Stockton
Fresno
C.
Boise
Yakima
27,061,000
—4.6
22,096,557
9,008,102
23,724,189
—19.4
5,969,665
—8.7
9,775,812
3,413,752
—6.7
—40.0
—45.3
—28.2
Santa
Rosa
Santa Barbara
Bellingham t
Total Pacific...
-18.0
-37.7
960,300
944,900
-9.4
+ 150,000
1,670,932
1,176,140
-45.5
-17.5
+445,185
99+222
1,200.000
1,462,196
828,748
628,190
—24.4
420,584
35+699
1,582,546
1,177,400
1,656,361
—47.3
—17.0
—7.4
—15.8
—0.2
—3.0
—17.0
+ 7.9
—18.7
—15.6
—50.5
3,181,487 Not included
in total
—29.3
4,135,085,060 5,851,299,901
488,680,889
47,896,687
628,990,042
—22.3
62,976,634
118,608,270
108.333,399
33,783,009
16,799,000
12,076,300
14,84+710
5,874,877
7,048,509
4,217,133
5,333,301
2,408,334
2,080,142
2,763,470
3,729,460
+430,000
—23.9
93,433,639
80,401,148
23,008,041
12,876,000
11,061,500
10,504,312
3,049,869
5,515,383
3,484,440
3,890,399
2,168,593
1.611.463
1,613,048
2,985,839
1,200,000
6,219,000
2,863,830
1,156,614
941,457
1.273.464
1,321,456
1,028,047
—2+2
—25.8
—3+9
—23.4
—8.4
—29.2
—48.1
—2+7
—17.4
—27.1
—10.0
4,940,904,504 4,049,895,284
573,224,200
52,134.868
85.982.115
70,000,000
31,432,243
14,772,000
1+436,000
13.073.116
5,497,479
5,066,100
3.628,607
4,295,590
2,894,255
•
—22.5
+588,937
2,143,867
4,107,172
+300,000
7.754.000
3.193.001
+908,769
1,67+045
+ 173,809
+574,238
+180,082
—4+6
—20.0
—16.1
—44.6
11,223,000
4,577,411
—37.4
—31.5
1,687,095
+487,830
+719,223
—36.7
—25.9
—4.9
+389,199
+572,402
—34.6
544,544,346
58,817,549
72,839,391
58,705,870
27,779,743
14,038,000
9,971,000
9,976,507
5,75+189
5.209.875
4,106,103
3,756,206
2,743,310
1.358.876
,212+437
2,966,360
1,000,000
4,795,000
2,968,086
1,632,119
+525,438
•;>
+167,525
+ 155,862
961,492
"
1,93+710
870,169
"—~3~.6
"l,133",662
—16.9
—7+7
665,000
609,940
679,701
—5.7
+050,000
950,000
+012,109
1,582,000
723,975
+000,000
+677,433
""297", 106
"""618,703
—5+9
""842",819
"+136",604
"1,86+841
■
723,598
204,156
695,480
—30.5
"7,186,839
83+457
699,568
+ 8.8
—20.9
+ 0.2
""458",377
600,000
-23.6
200,000
224,891
-11.1
460,276
84,913
374,226
—45.3
114,545
—8.8
15,304,481,308
19,484,254,759
—21.5
814,207,676 +062,596,731
—23.4
912,828,105
845,926,^33
654,430,111
—18.0
2,676,422,055
—16.8
117,600,000
150.73+407
—22.0
328,816,000
197,952,495
171,099,182
+ 4.0
—35.3
2,227,400,000
1,385,516,000
495,037,085
123,339,708
+ 10.4
77,487,000
75,000,000
+3.3
—33.8
25,694,662
40,250.436
—20.6
27,614,734
32,312,538
—14.5
—26.0
15,703,969
—30.3
1+222,789
4,358,446
10,877,609
5,198,232
2,777,182
+854,699
3,593,100
3,811,549
—28.9
41,016,000
35,287,388
32,105,396
13,913,181
8,500,000
4,120,979
8,819,703
3,944,118
+883,260
,504,706
,599,877
2,305,083
99,748,265
29,055,000
36,678,320
20,553,779
1+293,228
8,089,246
4,167,206
6,366,487
3,267,337
+877,596
+080,200
+672,598
+565,679
—32.8
—20.8
—19.5
—18.6
490,491,115
73,396,771
57,121,057
22,747,093
47,263,533
24,453,021
—29.2
225,899,293
1,255,643,000
741,614,749
617,396,012
305,376,535
—28.9
166,990,160
225,710,615
—26.0
—33.4
58,398,455
174,344,484
92,694,260
179,543,123
—37.0
—5.3
10,952,418
7,979,190
4,102,295
—2.9
—8.7
10,001,661
90,086,541
97,749,411
—7.9
14,433,861
—17.6
47,009,287
9,904,988
22,190,000
19,444,609
7,685,814
11,895,556
13,997,646
24,110,000
15,156,573
5,693,953
+ 41.3
56,592,402
86,594,000
68,179,392
17,856,362
19,960,211
28,226,400
11,182,371
32,907,934
59,647,431
52,149,340
38,769,646
96,435,800
91,175,626
34,755,724
31,177,415
36,243,479
14,478,219
45,363,584
52,094,426
8,719,327
8,474,821
3,614,208
13,676,281
12,979,545
+ 8.7
—22.1
—25.9
—45.4
—20.5
—23.2
—51.1
+ 18.0
5,678,528
2,471,141
Not
included
•
21,461,872
21,502,809
8,681,952
4,831,295
12.109,602
5,927,353
48,906,583
*5,344,004
53,776,481
+ 45.9
4,168,490
2,233,060
2,772,644
—10.2
4,293,300
—25.2
3,275,311
—9.9
—48.7
—36.6
—22.1
—22.8
in total
Not included in
3,335,165
-25.0
8,986,275
1,451,172,085
1.721.784.003
-15.5
5.837,480.954
Clearings continued on page 1944.
Clearings by Telegraph
tNot included in total comparison incomplete.
on page
.
—36.2
—5.9
—8.7
—19.8
—19.6
+ 49.5
+ 19.5
—14.1
"
""
98+782
1,457,697
600,000
"l,570" 940
—37.3
+896,271
—23.2
700,000
"3,19+059
"2,58+779
808*762
—14.3
1,08+291
+207,682
625,000
+ 23.3
+460,668
+ 139,960
950,000
495,000
—27.5
+ 15.1
+ 0.2
—28.3
—18.5
+ 10.0
6,369,494
+ 19.2
15,043,044 Not included in total
2,"500,566
2,702,968
2,80+727
2,318,828
—22.4
22,315,685
Modesto
1,535*258
2,843,522
2,440,071
2,230,190
—9.2
4,861,330,459
+4.6
5,424,161
3,232,832 —23.5
1,311,679
1,616,979 —18.8
12,000,000
+ 5.2
11,409,406
—6.2
1,592,057
1,697,908
in total
3,918,156 Not included
Berkeley
"l",43+889
—2.3
17,129,119
Bakersfield
...
-20.6
3,713,772
2,493,307
2,575,427
15,621,286
15,311,634
Eugene
"l,60b"829
—8.6
Long Beach.
Riverside
*
—12.8
243,832,600
—7.8
267,391,187 —22.3
103,866,707 —33.8
121,933,891 —25.4
90,792,172 —20.2
90,712,798 —25.0
49,198,723
—6.3
37,638,123 —19.4
46,809,893 —32.6
84,795,527 —17.4
60,2.56,507 —47.8
207,445,000 —45.4
93,441,467 —34.2
39,636,164 —32.2
39,412,318 —33.8
33,353,946 —19.9
28,867,731 —32.1
28,472,543 —22.3
28,914,555 —26.7
32,367,773
+ 41.7
16,833,473 —12.3
11,533,136 —44.1
20,668,400 —26.4
31,794,969 —14.9
50,996,422 —56.7
18,205,695
2,296,675
4,120,086
3,675,735
"
1,519,015
+
1!
—22.9
included in total
21,812,076
7,546,220
9,753,671
6,236,314
-35.8
—43.2
2,776,726
6,688,259
Ogden.
—9.6
—.56.1
—19.8
—10.8
6,002,635
2,989,013
35,395,156
12,568,720
4,760,645
6,741,101
San Jose
Reno
—18.2
26,715.475
19,599,932
22,114,858
21,207,811
45,851,969
14,755,490
6,449,796
15,212,036
-*-23.9
2,400,000
2,009,741
44,761,995
Sacramento
—17.2
—30.3
3,47+989
—7.2
28,038,669
10,123,143
15,154,628
.......
Oakland
—25.1
61,445,283
26.87L.008
26,101,855
2,570,228
-42.0
—31.7
40,618,781
Tacoma
—22.0
31,448,023
113,203,000
+
-8.9
8,047,680
3,800,000
5,153,596
3,244,466
3,47+733
—21.6
51,964,954
Spokane
31,542,139
70,069,090
—23.9
—48.1
:
46,112,935
30,327,351
—39.7
7,325,831
1,772,570
6,141,516
........
—7.3
—13.8
57,637,000
28,163,000
13,798,195
6,661,994
5,768,097
6,342,966
5,867,191
O wensboro
224,777,500
207,837,722
68,801,076
91,014,531
72,478,115
68,045,572
-38.6
108,744,272
69,892,565
24,455,510
14,210,238
4,862,208
—15.5
—28.7
—6.3
-15.4
-14.3
379,378,696
475,969
—31.0
—23.6
—20.9
—7.4
-29.4
2,811,546
3,327,143
2,625,178
1,500,000
909,381
970,992
579,942,060
315,354,000
—22.7
-22.5
5,082,404
2.113,464
734,700
+2.9
—19.4
75,517,000
536,800,000
341,967,000
128,078,497
139,327,047
Lansing
—U.O
—24.3
21,002,786
27.374,695
15.704,573
14.130,982
14.116,360
11.027,933
12.491,845
8,711,277
15,205,084
13,788,581
*82,021,283
32,172,911
13,304,914
15,179,504
—22.2
62,210,200
73,583,372
22,808,575
15,304,804
6,36+996
8,29+880
4,217,370
4,188,067
4,526,459
2,264,455
78,104,768,555 100,352,686,988
148.520,366
-20.2
6,500,000
1,27+780
3,627,512
—18.8
3,735,557
7,633.000
Flint....
—2.9
1—27.2
58,320,600
393,966,879
132,310,399
-20.1
"
—14.2
1,203,858,009
2,230,414,936
2,013,293,966
3,770.484,693
Lima
16,377,974
51,993,110 No
-16
16,342,525
~
—15.6
977.836,923
2,331,930
908,897
500,000
8,162,380
2,082,830
4,256,723
Jacksonville, 111
+ 0.7
1,813,056,168
1,434,442,544
\ 489,489,310
240,838,000
6,355,235
9,422,985
4,697,754
2,466,290
4,568,131
8,445,706
13,376,618
3,239,835
6,438,422
1,795,518
2,552,403
1,265,725
731,795
10,409,477
3,843,421
4,655,544
:...
—13.4
-3+2 4,053,834,247 3,404,07+335
10,682,748
1,929,152
2,436,932
3,853,979
—11.6
—24.2
5,094,176
8,786,450
4,191,118
1,482,795
Bend
—23.0
—37.1
—32.6
7,799,358
Danville....
—19.0
1918.
$
„
84,828,829
42,595,612
7,536,753
3,881,961
3,122,712
2,562,431
—7.7
540,378,970
5,113,775
Jackson ....i._uv—
—5.1
—9.4
—20.6
5,439,268
Springfield, Ohio
San
—28.0
—1.6
32,820,856
15,136,519
5,500,000
—16.1
1919.
%
67,686,895
—16.4
or
Dec.
3,458,318,952 5,026,078,958
386,188,835
460,451,769
108,721,815
161,169,191
43,482,764
20,783,600
38,708,343
15,740,900
21,604,749
18,893,165
15,971,626
10,900,495
11,932,222
9,619,963
6,585,126
7,226,790
—31.3
1920.
S
69.850,321
58,180,159
51,349,183
—13.9
1921.
V.
—13.3
11,148,789,716
Mansfield
.....
23,341,473
—8.2
88,849,993,873
Decatur
Los
—5.8
—17.2
—16.3
—19.1
26,608,284
8,542,792
7,699,140
7,656,458
6,731,567
Bloomington
Quincy
67,358,875
V
—23.6
2,699,613,252
297,075,948
593,621,295
7,400.000
Youngstown
San
—3.5
15,576,781
23,764,789
Dayton.
New
—22.3
—17
50.576,286
i.Rapids
Evansvllle
South
43,159,370
41,419,416
42,476,266
80,458,845
59,741,000
_
Columbus..
Grand
240,373,187
449,770,919
364,294,979
114,801,789
Milwaukee
Peoria
2.174,144,243
69,336,031
—26.3
in total
Total Middle...... 18,675,886,090 25,655,115,278
Cincinnati...
80,049,132
195,432,359
86,763,356
85,597,600
66,021,395
65,850,086
48,031,897
92,930,548
66,889,788
27,650,593
59,941,469
Inc.
Dec.
85,487,481,485
8,206,239,147
2,791,149,404
1,546,061,129
735,616,813
294,565,820
86,114,686
279,644,973
77,979,476
163,902,896
—2.4
19,629,704
8,316,323
16,157,218
21,421,182
12,117,075
5,803,700
5,589,215
6,966,628
4,268,579
3,950,789
3,571,614
3,750,529
2,800,074
2,726,984
1,668,862
65,319,462,802
6,865,290,251
2,561,522,600
1,341,304,834
615,179,034
—1.8
15,723,886
12,195,623
27,260,302
Wilkes-Barre
1920.
%
+ 38.5
—7.8
12,943,918
Wilmington
5
—28.7
15,535,815,141 21,800,444,095
1,698,917,374 2,121,579,073
712,294,193
583,716,011
393,131,859
330,698,455
193,682,666
153,483,394
74,765,860
73,437,845
21,265,882
20,756,067
51,870,833
38,337,078
23,055,046
20,224,218
22,859,364
17,297,753
17,568,433
.
1921.
%
Reading
Wheeling..
Inc. or
836,265 Not included
in
total
otal
3,335,165
6.778,542.433
1943.
*
—13.9
Incomplete.
304.408.303
364.446.946
—16.5
282,714,040'
228,808,663
in every
TEE FINANCIAL
is
SITUATION.
Developments during the week have
been along
stock market has
in activity and a
considerable advance in prices.
The Federal Re¬
serve Bank of New York has reduced its rediscount
rate on commercial paper from 7%—the figure pre¬
vailing since June of last year—to 6%%. The At¬
lanta Federal Reserve Bank has cut even lower, and
encouraging lines, and the
very
responded with a great increase
reduced the rate
commercial paper from 7% to
on
has marked up from
secured by Liberty bonds
6%, though at the same time it
5% to 6% its rate on paper
and
.
s
not
greatly strengthened bank posi¬
These rate adjustments are
Victory notes.
only evidence of a
[Vol. 112.
CHRONICLE
THE
#19G2
direction, apparently, progress to that end
being made, and that is the most and the best
that
be
can
Bank
hoped for.
months im¬
clearings for April, as for the
mediately preceding, reflect the marked contraction
in mercantile and industrial affairs of the various/
with deflation in prices
sections of the United States
assisting.
for the
There is
tablished
a
notable falling off in the total
and those
high record es- /
In only a very limited num¬
year ago.
(10 in fact) are any gains disclosed,
new methods of compiling clear¬
ber of cities
ings
a
country as a whole from the
due to
to strictly locally operating causes.
or
On the
hand, declines in excess of 25%, and in a few
other
running above 50%, are to be found at no less
than 96 cities, including such leading centres of
world.
It
trade and industry as New York, Boston, Detroit,
should not escape notice either that Governor Har¬
St. Louis, Kansas City, Minneapolis, Omaha, New
ding of the Federal Reserve Board, in an address
Orleans, Richmond, Atlanta, Seattle, Toledo, St.
at Cleveland this week, did not hesitate to say that
there would be no advantage in forcing liquidation Paul, Memphis, Rochester, Salt Lake City, St. Jo¬
seph, Des Moines, Providence, Sioux City, Fort
any further, and expressed the opinion also that
Worth, Dallas, Nashville and Norfolk. Comparisons
\ "there is now no danger of any general financial
with the years prior to 1920 are much more favor¬
trouble in this country."
Secretary of the Treasury
Mellon likewise gave utterance to very hopeful able, indicating that the present exceptional shrink
age reflects in no small part recession from the su¬
views intimating that the tendency of rates with all
tion but also of the increased
future is
the
confidence with which
regarded by the banking
the Reserve banks must be towards a lower
iii
The cut
wages
The Steel Cor¬
poration had the previous month reduced prices of
its
per-activity of 1920.
The
by the managers of the Wnited
step in the right direction.
upon as a
basis.
Corporation must likewise be looked
Steel
States
cases
products in quite substantial fashion, and the
aggregate of clearings for April 1921 at the
193 cities
compilation embraces is $28,907,668,
our
936, which contrasts with $39,679,843,486 for 1920,
therefore, a decrease of 27.1%, but com¬
showing,
pared with the same month of 1919 the falling
off
For the four months of the current
lowering of the wage scale follows inevitably as a
result of this antecedent move.
The cut in wages
is
will involve
siderably below the high record for the period in
cost of
also
no
hardship to the employees, since the
the
way
for further reduction in steel
prices should that be found necessary.
There is a
disposition, too, to view the railroad situation more
The Railroad Labor Board is still leis¬
hopefully.
the total at $121,153,515,980 is con¬
calendar year
It will 1920, exhibiting
living has so materially decreased.
pave
only 5.6%.
ahead of 1919
by
decrease of
a
a
23.0%, but runs
nominal amount—1.0%—and ex¬
ceeds all earlier years.
1920 for the month is
At New York the loss from
28.7%, and for the four months
23.6%, and the results also fall behind those of 1919
Outside of this
urely considering the question of wage reductions
by 10.4% and 0.9%, respectively.
for the lower classes of
city the April 1921 aggregate is 25.2% smaller than
doubt
to
reason
that
labor, but there seems no
in
view
the lower
of
costs the Board will in the end find
warranted.
have
to
latterly improved, and there
show that the
managers
ings improving, it will
fully
are
signs going
gradually getting
are
With net
accounts.
sooner or
earn¬
later be possible
grant the demands of shippers for lower freight
rates, and when that happens
will be
important stimulus
are
still
the
to
the terms laid
Allies leaves
German
of final adjustment.
means
down, and the resignation of the
Ministry this week is looked
of
found to be
The Ger¬
alternative but submission
no
dication that the Germans
to bow to the
seem,
recalcitrant, but the firm attitude
of
inevitable,
are
at
in¬
upon as an
length preparing
Ministry affording
a new
retiring gracefully from
wholly untenable.
a
position
now
On that point it
is
significant .that foreign exchange rates—for francs
and
lire,
but
steadily improving.
as
well
as
for sterling bills—are gradually
dislocation of the world's
has been such
a
of normal trade
In this way the extreme
foreigi^ exchanges, which
serious drawback to the restoration
conditions, is by degrees being
moved.
Much time will still be I required
proper
equilibrium
is
that of last year,
and the four months' total shows a
Comparison with 1919, how¬
diminution of 22.2%.
discloses increases of 0.7% and 3.3%.
ever,
Ana¬
period since
1 in all sections show noticeable contrac¬
lyzed by groups the aggregates for the
January
tion from
a
year ago,
New England to the extent of
of New York
Pacific
Slope, 13.9%; the "Other Western," 30.4%, and the
25.7%; the Middle division, exclusive
City, 13.9%; the Middle West, 21.5%; the
South, 29.6%.
reparations question, it would
is likewise in process
mans
an
given to trade revival.
The German
a
living
decrease
Comparisons of railroad earnings, too,
control of their expense
to
a
again
re¬
before the
established,
but
Operations
on
the New York Stock Exchange in
April were of only slightly smaller volume than in
March,
but considerably
less than
in the corre¬
sponding month of either 1920 or 1919.
however,
a
decided gain over 1918.
There was,
Sales aggre¬
gated 15,529,709 shares, against 28,447,239 shares a
ago,
year
shares in
28,587,431 shares in 1919, and 7,404,174
1918.
For the four months
of 1921 the
transactions reached 58,165,389 shares, against 99,-
201,457 shares, 74,060,168
shares, respectively, in the
The record four
was
months' total, established in 1901,
120,957,731 shares.
were
on a
shares and 40,858,087
three preceding years.
Bond dealings, collectively,
diminished scale in April.
industrial bonds continued
the sales exceeded
Railroad and
comparatively active and
those of April a year ago, but in
Liberty bond issues and State, city and foreign se¬
curities transactions showed contraction, so that
May 7
in all
1921.]
THE
only $232,951,850
par
value
were
CHRONICLE
traded in,
against $341,559,800 in 1920 and $297,874,700
1919.
but
in
For the four months the bond sales reached
$987,918,200
lars and
value, against 1,329 million dol¬
par
1,073 millions
and two years ago. Bos¬
one
ton's share transactions for the month
shares, against 693,481 shares last
four months'
were
year,
330,764
with the
aggregate 1,343,795 shares, against 2,Chicago's dealings for the month
449,906 shares.
totaled
408,855 shares, against 678,954 shares, and
for the four months
1,537,774 shares, against 2,778,-
405 shares.
At all
points in
Canada,
except
period in 1920, and in
contraction
of
quite heavy.
was
Winnipeg and
behind those
ran
some
instances the
This is especially true
Brantford, Edmonton, Lethbridge,
and Prince
nished
Albert.
loss of
a
contrasted with
20.9%.
Jaw
7.2% from 1920 is shown,
1919
there
is
increase of
an
For the four months the falling off from
1920 is
with
Moose
Altogether 27 cities have fur¬
comparative figures, and in the aggregate
for the month
but
In
1919, however, there was an export bal¬
$26,257,907. For the twelve months, as al¬
ready intimated, there was ah import balance of close
of
ance
to 30 million
in the
222
10%, and the gain
Winnipeg,
Fort
over
1919 reaches 23.2%,
William,
Sherbrooke
and
Windsor presenting totals
heavier than last
The volume of
the Montreal Stock Ex¬
dealings
on
year.
dollars
preceding
year
The
official
residence
centre
comparing with 1,460,880 shares.
the
next
addition to the British
the
10
that
Among those present, in
Premier,
France, Count Sforza of Italy, Baron Hayashi of
Japan and M. Jaspar of Belgium.
Attention was
called to the fact that the United
represented.
this
Special importance
States
with
respect to
and
was
not
attached to
was
gathering of diplomats, because it
that the immediate
known
was
policy in dealing with Germany
reparations
probably decided.
would
be
considered
According to the London
correspondent of the New York "Times," "serious
divergence of view developed at the meeting of the
tion
France
further
a
for immediate
occupa¬
was
of the Ruhr district
and
discussions
seizure of the mines
with
Germany, while
Italy urged the wisdom of
send¬
brief ultimatum to Berlin before any
takes place."
While tin/correspondent ad¬
very
foreign trade for March 1921 (imports
exports combined) owing to contraction in both
advance
inflow
himself at
and
and
outflow
of
commodities, but
particularly the former, shows
from the total for the
period
the full fiscal
year ended
established
a
new
ports exhibited
a
quite marked drop
a year ago.
But for
high record total, while the
falling off from the
at their
were
was a
ucts,
marked
peak.
war
years,
materials and supplies
In the latest fiscal year there
expansion in the outflow of wood prod¬
paper manufactures and
table
products, and
minerals and
a
agricultural and
vege¬
lesser gain in non-metallic
products, but these
were
much
more
than offset
by decreased shipments of animals and
products, iron and steel manufactures and fibers
and textiles.
noted
On the other
in
hand, increases
were
known
come
to
practically all classifications of im¬
ports except animals and their products.
that M. Briand
had
considerable dif¬
ficulty in convincing him that it would be necessary,
of
including 1915-16, exports largely ex¬
imports—by as much as $623,647,945 in 1917-
18, when shipments of
a
Lloyd George did, indeed, pledge
Lympne last Sunday to support France
forward policy," he asserted that "it has
be¬
and final
back to and
ceeded
in
that "Mr.
ex¬
against the country by close
dollars, whereas in all preceding
mitted
ag¬
Consequently the balance of
trade for the year was
to 30 million
a
more
March 31 1921, imports
moderate
gregate for 1919-20.
be
George,
was Lord Curzon,
Foreign Minister, Premier Briand of
British
ing
the
Lloyd
Dispatches from
morning stated that it lasted for
Great Britain and
Canadian
Premier
four and one-half hours.
before
months
of
Street, London.
earlier, and
total of 901,095 shares for the four
352 1-3 millions, and in
first session of the Allied
Supreme Council
began last Saturday afternoon, at 3 o'clock, at the
Allied Council.
a
was
nearly 624 millions.
change continued restricted, sales of 196,514 shares
April 1921 contrasting with 285,632 shares a year
in
(actually $29,696,937), while
the export credit reached over
millions, in 1918-19
1917-18
Downing
Windsor, bank clearings for April
for the
in 1920.
1903
arrangements
advance
were
conference."
to
to the time and method
as
left
until
over
the
present
He added that "since then two
tant events had
sent
even
happened.
President
impor¬
A German note has been
Harding, and the Reparations
Commission has made its
report, in accordance with
the
Treaty,
as
to what the total of the amount of
reparations the Allies
can claim
should be.
The
British representatives
urged that this created an
entirely
that
new
situation, and it
they must ascertain
therefore evident
was
whether
their
demands
squared with the figures put forward by the com¬
mission appointed under the
Treaty to calculate
them.
Moreover, further information
has made the German offer
somewhat
From Berlin
came
word of
an
from Berlin
more
announcement
clear."
by the
Government of the withdrawal
by Dr. Simons of his
domestic and
foreign, were valued at $69,467,875,
against $98,219,909 in 1920, and $98,007,476 in 1919.
resignation as Foreign Minister. It was said that
he had consented to continue in
office at least until
the nature of
Secretary Hughes's reply was known.
In the London advices
For the twelve months of the Canadian
fiscal year
claimed that at its session the
afternoon before "the
Specifically, the merchandise exports for March,
(April 1, 1920, to March 31, 1921) the merchandise
outflow reached
$1,210,428,119, which
compares with
Monday morning it
Supreme Council
plan."
came
near
The expectation
final
then
agreement
was
that
the
was
on
a
terms
$1,286,658,709
would be confirmed
19 and the
the
during the day. According to
understanding then, they would "provide first
for
a
a year earlier, $1,268,765,285 in 1918high record of $1,58^,169,792 in 1917-18.
Imports for the month at $92,566,829 contrast with
$142,497,365 and $71,749,569 one and two years ear¬
lier, with the totals for
the twelve months
$1,240,-
125,056 and $1,064,516,169 and $916,428,335, respec¬
The adverse or import balance for the month
tively.
this year,
pares
with
therefore,
a
was
$23,098,954, but this
like balance of
no
less than
com¬
$44,278,356
note
^matters
number of
out
to
Berlin, setting forth specifically the
to which
it
must
agree
within
a
definite
days; second, for pressing forward with¬
delay all preparations for the advance, and third,
for immediate action in
case
the Germans refuse to
comply with the Allied demands."
ment
officials
were
said
to
have
French Govern¬
received
advices
THE
1904
[Vol. 112.
CHKONICLE
"Premier Briand "hope exists in German official quarters that the
passage of the Knox resolution by the United States
has stood fast for occupation of the Ruhr and that
Senate will have a favorable effect for Germany in
the reason for the delay is to give the British time
settling the reparations issue and in establishing
to decide on his demand for co-operation of the Eng¬
definitely America's immediate interest in Ger¬
lish navy."
The Chicago "Tribune" correspondent
them that
London assuring
from
important party
factions are swinging to the point of accepting the
entire original French reparations program."
The
Associated Press representative declared that "the
German Government does not purpose to get into
touch with the London conference while awaiting
President Harding's answer to the German pro¬
in Berlin cabled that
"leaders! of
This statement was said to have been made
of the Government/' who was quoted
as having expressed the Government's position in
the following words:
"So long as the door to Wash¬
posal."
by "a member
ington is open to us we
do not propose to
knock at
other doors."
its
At
London
une"
four-hour session on
Monday the Allied
Council "decided on the outline of the repa¬
rations demands itViU make on Germany." The
details were to be completed on Tuesday and the ul¬
According
agreement the Germans are to have until
May 12 "in which to undertake to comply and to give
guarantees." It was asserted that "if they are still
timatum sent to
Berlin "immediately."
recalcitrant at the end of
will at once advance on
that term the
the Ruhr.
Allied forces
In pursuance of
policy Premier Briand telegraphed to Paris at
o'clock to-night [Monday] orders for mobiliza¬
9:30
morning
also stated that the "Supreme Council had decided
that the amount of the reparations be left at £6,600,000,000, as fixed last week by the Reparations Com¬
mission, and that in addition an issue of bonds bear¬
ing 5% interest to cover this amount," would be re¬
quired. In outlining the terms the following obser¬
The London
tion."
vation1
was
made:
time
"They recognize, however,
that
at the present
the interest
and they reckon that all she can at
expected to pay is £100,000,000 and
£330,000,000 per annum, which
would
come
to,
the moment be
the value of her exports." From Paris came
statement that "at 9:30 o'clock to-night [Mon¬
25%
the
dispatches Tuesday
impossible for Germany to pay
it is
Barthou received from Pre¬
mier Briand in London instructions to call to the
colors at once the class of 1919. At midnight, having
received the signature of President Millerand to the
necessary decree, Barthou telegraphed orders to all
parts of France to summon the members of the
class.
This call will increase the French armyj)y
day] Minister of War
200,000 men."
Late the same
a
night Secretary of State Hughes
note to Berlin, in which he acknowl¬
edged receipt of the
"memorandum
Simons with the Commissioner of the
under
date of
He said in
it finds
the
able
left by
Dr.
United States
April 24, relating to reparations."
reply that "this Government states that
itself unable to reach the conclusion that
proposals afford a basis for discussion accept¬
to the Allied
Governments, and that these pro¬
This Government,
therefore, again expressing its earnest desire for a
posals cannot be entertained.
prompt settlement of this vital question, strongly
urges
the German Government at once to make
directly to the Allied Governments clear, definite
and
adequate proposals which would in all respects
meet its
just obligations." The Associated Press cor¬
respondent in Berlin cabled Monday evening that
assertions:
"Premier Briand of France will propose
row's session
of the
at tomor¬
Supreme Council that the Al¬
explaining
decisions re¬
garding Germany have been reached and requesting
lies send
the
joint note to the United States
a
procedure by which the present
representatives on
the reinstatement of American
Supreme Council and the Reparations
the
sion."
Commis¬
representative of the same
The Washington
claimed to have learned that "the invitation
States to resume membership in the
paper
to the United
probably will be accepted if
Commission
The London advices
extended."
Tuesday night and Wednes¬
details of the ulti¬
stated
day morning contained further
matum of the Allied
to issue
should
as a
run
1% for
the
Supreme Council. It was
provides that "the bonds which Germany
that it
for 37 years,
the interest
In other
the
on
of
amortized
words, the interest on the bonds
not issued will be
payable into the sinking fund."
Press correspondent
The Associated
the view
with interest at 5%, plus
sinking fund, and in addition, by way
a
bonds.
is
guarantee for her reparations payments
sinking fund,
of the
said that "in
Council these proposals have the
fixed an¬
Paris
practical scheme by
advantage of not imposing on Germany
nuities
large as those laid down in the
so
terms, and also of
the
which
providing a
Allies will receive the utmost farthing
Germany is able to pay, with
due regard to the
preservation of the German industries, upon
the German
that the
payments depend."
were
said
Hughes's reply to Germany Monday night
session on Tuesday and
read at the Council
have been "wholly
to
ciated Press
"the
Germany without consulting
The official copies of Secretary
the United States."
of State
which
It became known
Supreme Council had "decided to take no
action against
naval
on
dispatched
York "Trib¬
Monday night the New
correspondent made the following
the
that
dated
Supreme Council and the Reparations
Supreme
to
In a cablegram from
many's commercial situation."
approved."
The Asso¬
representative in London declared that
representatives of the four Governments are
agreed that the United States must be
invited to
representative to the Supreme Council, the
Council of Ambassadors meeting regularly in Paris,
send
and
a
the
Reparations
Commission.
It
has
been
thought wise not to urge the Washington Govern¬
ment to enter these bodies until after May 12, when
the results of the
present decision of the Supreme
Council have been seen."
action in this
but
He added that "no formal
regard has been taken by the Council,
informally the representatives of the various
Governments
The
have
interchanged this view."
American reply was
delivered in Berlin on
Tuesday, according to a cablegram
that evening.
from that centre
At that time it was said that "the
German
Government's next step is undecided." The
Chicago
"Tribune" had a wireless dispatch from
night, saying that "the Cabinet to¬
Berlin Tuesday
night is in session drafting a note to be sent to the
Entente in accordance with President Harding's
advice.
It is understood that a
fered, approximately
London
higher sum is of¬
132,000,000,000 marks."
The
"Times" heard that "a new German offer
May 7
1921.]
to the Allies
THE
was
CHRONICLE
telegraphed Tuesday from Berlin
to the German Ambassador at Paris for communi¬
cation
to
the
tending of
Reparations Commission."
The
offers to the Allies that will be
as
ernment to be
Although there had been
represented in the Supreme Council,
the Reparations Commission and the Council of Am¬
become rather
bassadors was well received in London, and
subject of favorable editorial comment in
effort to
of the
leading
newspapers
the
was
several
of that city.
demands of the Allies upon the Germans had been
and
explained
as
The revised terms
marks
pay has
£6,750,000,000 [about 135,000,000,000
cov¬
This entire amount is
to be covered
by bonds to guarantee Germany's pay¬
ment of £100,000,000
[2,000,000,000 marks] annual¬
ly, and of 26% tax on her exports. Bonds to the
£600,000,000 [about 12,000,000,000 marks
gold] will be issued when the ultimatum expires, or
Germany accepts the terms, and £1,900,000,000
[about 38,000,000,000 marks gold]. The balance un¬
issued, amounting to £4,250,000,000 [about 85,000,000,000 marks gold] will be issued as Germany
shows her capacity to
pay, as shown by the amount
on
through
the
determined
a
present
crisis
at
ingly the announcement Thursday morning that the
Fehrenbach Ministry actually had
given up caused
considerable
surprise.
A Berlin cablegram to the
istry "was precipitated by the reply of Secretary of
State Hughes to the German
reparation offer to the
The total amount
gold], including Belgium's special claim
the tax
continue
follows by the London correspond¬
ering her debts to the Allies.
amount of
elsewhere, that it would make
New York "Herald" stated that the fall of the Min¬
were
Germany will be notifed she must
been raised to
and
resign, the opinion had
general, both in the United States
given
ent of the New York "Herald":
which
last week that
rumors
the German Cabinet would
least, and that it would have the support of all the
political factions, except the most radical. Accord¬
It
became
known
here
Wednesday morning
through London cablegrams that the reparations
increased somewhat.
acceptable to them
basis for discussion."
a
ex¬
invitation to the United States Gov¬
an
1905
exports produces.
The provision stands
for the collection of
Entente
Allies, following the Cabinet's action in
burning its bridges behind it in taking a stand
against the terms of the Paris accord.
Its accept¬
of any proposal
ance
by the Allies closely resembling
now be
regarded as an act of
political stultification. At the same time the Gov¬
the Paris accord would
ernment realized it
was
impossible to make
the dark in connection with
final
Chancellor
were being formulated
Upon the request of President Ebert,
Fehrenbach
handle the
new
leap in
a
offer while the
new
reparation terms still
in London."
"to
a
affairs
and
of
Ministry is formed."
his
associates
tion of the Cabinet "is
regarded
much
resigna¬
by those close to
the situation here to be
This additional
a
The Berlin correspondent
of the New York "Tribune" cabled that the
£100,000,000 [about 2,000,000,gold] annually, but the export tax has
been increased to
26% of the total German exports.
agreed
the Government until
000 marks
for interest
by
that
on exports will be ear-marked
portion of the debt not
issue of bonds.
an
mains
fund
on
1%
at
5%
on
the issued bonds,
1% sinking
a
provision is added."
In
Associated
an
dispatch from London
was
stkted that
Germany had been divided into
the
.explained that "one of these is the purely
legal portion, conforming to the Treaty of Ver¬
sailles, while the other chiefly relates to the guaran¬
bonds, which it is planned to issue
for the rates of interest
upon
questions
Treaty."
being "outside
as
security
these securities, these
the
provisions
Continuing to outline the
of
situation
the
as
he
understood it, this
correspondent said:
"It is not
possible to determine yet precisely what
specifica¬
tions will be presented to
to
Germany, but according
present intentions, the Reparations Commission
will send to the German
Government
Friday a bill
liabilities, strictly in compliance with the Peace
Treaty, while simultaneously the Allied Govern¬
of
ments will send another
fication
of
which she
the
can
members of the Allied
rived in London
Allied
part of the plan, as
modi¬
a
treaty favorable to Germany, and
accept."
It also became known that
Reparations Commission
Wednesday "to receive
Supreme Council the ultimatum
from
to be
ar¬
the
sent
to
Germany." A German official dispatch -was said
to have been received in
London which claimed that
/'there is
has
no
made
foundation for the
report that
a
new
Germany
reparations offer to the Allies."
According to Washington advices Wednesday
ning, "it
was
eve¬
reiterated with emphasis at the State
Department to-day that the United
dently expects Germany to make
Naturally there was
speculation regarding the identity of the next
Chancellor.
York
The Berlin correspondent of the New
"Times"
said
believed that Dr.
that
"in
political circles it
States
new
confi¬
reparations
s
Stresemann, leader of the People's
Vice-
or
Chancellor."
Word
ulti¬
two parts.
was
tee
don conference of the Allies."
Party, will either be the next Chancellor
Press
Wednesday evening it
matum to
It
covered
While the interest charge re¬
preliminary to Germany's
acceptance of the reparations demands of the Lon¬
received here from
was
forenoon that the Allied
would
be
London
ultimatum
to
Thursday
Germanv
published officially at that centre at 4
o'clock
that afternoon.
According to the under¬
standing in the British capital at that time, Ger¬
many will be
compelled to meet the following
quirements within six days:
"Make
a
re¬
declaration
of resolve to execute
unreservedly and uncondition¬
ally obligations which the Reparations Commission
wrill define.
that
are
Execute disarmament
overdue must be
and the remainder will be
criminals without
war
the London
advices
measures.
Those
complied with immediately
prescribed by dates.
delay."
It
that "unless
was
Try
asserted in
the demands
are
met, the Allies will occupy the Ruhr coal basin and
take other
necessary
naval and military measures."
Dispatches from Dusseldorf Thursday morning told
of the
"pouring in" of French troops to that centre,
in preparation for the invasion of the Ruhr
It became known later in the
the
ultimatum
had
been
handed
to
the German Ambassador to London.
the
foregoing outline embraced the
tures.
The
revised
amount
of
the
Dr.
a
Sthamer,
It showed that
essential
fea¬
reparations is
approximately 135,000,000,000 gold marks.
sociated Press
valley.
day that the text of
An As¬
dispatch Thursday evening contained
synopsis of the details, particularly relative to the
bond
issue, which
Premier
we
print
Lloyd George, in
House of Commons
on
a
a
subsequent
page.
long address in the
Thursday afternoon, explained
ultimatum, and was said to have
the terms of the
given hearty support by the various political
In an interview Thursday evening
in
been
[Vol. 112.
CHRONICLE
THE
1906
£550,000, against £500,000 and sundries £203,000,
against
£224,000.
assert¬
ed that "if Germany accepted the Allied conditions
and subsequently did not fulfill them, military ac¬
were
tion would be taken without the formality
in
night
Chairman of the
German War Burdens Commission,
"the conditions
which Germany must
May 12 if she avoids occupa¬
payment of the indemnities
accept before noon on
tion of the Kuhr
ment
representative
to
on
the following
said to contain 2,000
was
yesterday
Government
was
The German
words.
morning said that the German
delaying an attempt to secure a
Cabinet, because President Ebert had been un¬
to induce the Socialists to enter a Coalition
new
able
The Allied Supreme Council held its last
Ministry.
cording to
Ac¬
meeting on Thursday.
session of the London
dispatch from Berlin, re¬
yesterday, "leaders of German politi¬
a news agency
ceived in Paris
parties met this morning to take action regard¬
cal
As this
with £126,955,000 last week.
above the amount
was
in com¬
preceding week.
ing has been expanded to £1,099,712,000,
parison
with
£1,091,408,000
£105,000 the week previous.
registered
the
Temporary advances
falling off, to £190,319,000, as against
a
The total floating debt
£196,294,000
a
is
£1,290,031,000, which is an increase of
reported
as
week
ago.
£14,701,000 since March 31.
stand at £3,765,000, a
now
Exchequer balances
decrease for the week of
£256,000.
Official discount rates at
continue to be
leading European centres
5J^% in
quoted at 5% in Berlin;
6% in Paris, Rome and Madrid; 6Yi% in
Belgium;
4^% in Holland and Switzerland.
London and
reduced its discount rate from 7%
Sweden has again
to
Only last week the rate was brought down
73^% to 7%.
It is also learned that the
6J^%.
from
Bank
National
of
Denmark has reduced its redis¬
7% to 6}^%;
from
rate
while the Bank of
Norway has also reduced from 7% to 6J^%.
and
Germany
London, Paris, Rome, Madrid
from
Monday morning stated that May
on
days „and 5%% for ninety day bills.
sixty
correspondent of the New York "Times" said that
No reports
"May Day demonstrations promised by labor or¬
be
to
disorder
money
Call
in London also remains relatively easy, with
the closing
Relative
serious
In
private discount rate is still at 534% f°r
London the
anywhere.
happenings in England, the London
Day passed without
A
dispatch from Stockholm states that the Riksbank of
count
ing the Allied ultimatum."
The advices
well
repaid, the total volume outstand¬
Dispatches from that
telegraph it to Berlin."
centre
The docu¬
day."
reported to have "hurried away
was
smaller, amounting to £76,502,000, which com¬
pares
Reparations Com¬ Treasury bond sales aggregated £95,000, against
Paris, Chairman Dubois of the
mission handed to Herr Oertzen,
of
of another
At ll o'clock Thursday
Allied conference."
£7,300,000,
New issues of Treasury bills
against £24,000,000.
Paris, Premier Briand was quoted as having
yielded
Advances
factions.
quotation at 434%, against 4% last week.
have been received by cable, so far as can
learned, of
open
market discounts at other centres.
ganizations in various parts of the country passed
off without any
in
stration
been
At
reports of disorder."
Paris sent word that Labor Day was
present.
From the Provinces the
absolutely calm in Paris.
The Bank of France continues to report
demon¬
a
Hyde Park 100,000 were said to have
gains in its
gold item, the increase this week being 3,123,000
francs.
The Bank's total gold holdings are thus
brought
up
to 5,517,858,300 francs,
comparing with
only incident reported is the arrest before dawn of
5,586,566,135 francs at this time last year and with
three
5,547,736,210 francs the year before; the foregoing
amounts include 1,948,367,056 francs held abroad
The
men
putting up Anarchist posters in Marseilles.
following observations
gram
made in
were
a
cable¬
from the Italian capital relative to conditions
there:
"May Day, coming
a
fortnight before the
1921 and
in
1,978,278,416 francs in both 1920 and
During the week,
1919.
silver increased 254,000
French
164,420,000 francs, and
augmented by 140,768,000
francs.
During the week advances were reduced
9,989,000 francs, while Treasury deposits fell off
43,970,000 francs.
Note circulation registered the
large expansion of 621,655,000 francs, bringing the
similar
total outstanding up to
general elections, acquired greater importance than
francs, bills discounted rose
in
general
Both the Facisti and the Socialists
past years.
appeared determined
From
000 Socialist workmen
any
not
Mayence, Germany,
other disorder than
Moroccan
soldier
and
to
came
provoke
paraded here to-day without
a
a
fist fight between
manifestant."
report was received from Madrid.
follows:
as
workers
"The
disorders."
the report that "20,-
a
A
It read in part
May Day demonstration of the
of Madrid
was
conducted in the most
deposits
were
38,832,839,370 francs.
This
the
corre¬
sponding date in 1920 and with 34,429,666,820
francs
contrasts
with 38,249,345,485 francs on
pressive and peaceful manifestation of the workers'
On July 30 1914, just prior to the
outbreak of the war, the amount was only 6,683,184,785 francs.
Comparisons of the various items in this
week's return with the statement of last week and
power."
corresponding dates in 1920 and 1919 are as follows:
derly
the
manner,
the leaders having laid emphasis
necessity of making the demonstration
an
or¬
on
im¬
the year
previous.
BANK
OF FRANCE'S
COMPARATIVE STATEMENT.
Changes
British
returns for the week
revenue
30, indicated
ending April
of £13,575,000, against £15,353,000 the week before, while the total outflow,
expenses
including Treasury bills, foreign credits, advances and
other items
repaid,
£102,128,000, (against £173,455,000 for the week ended April 23)
Of these re¬
was
.
payments the largest single total
£68,051,000.
was
for Week.
aniti
In
Francs.
HnMinas
Prance
Inc
AbrS-!-I"II3TntAl
3,123,000
254,000
discounted""inc. 164,420,000
Advances
Note
Inc
Inc
Qj,ver
Bills
3,123,000
No change
Dec.
9,989,000
circixlatlon*"inc. 621,655,000
Treasury draosits
Dec.
Generaldeposits-"-Inc.
43,970,000
140,768.000
May 5 1921.
Francs.
Stalus as of
May 6 1920.
Francs.
May 8 1919.
Francs.
3,569,491,244
3,608,287,719
569,457,794
1,948,367,056
1,978,278,416
1,978,278,416
5,517,858,300 5,586,566,135 5,547,736,210
271,640.495
242,576,775
308,624,395
3,047,968,298 2,028,180,865
894.942,341
2,169,854,000 1,842,680,804 1,246,304,080
38,832,839,370 38,249,345,485 34,429,666,820
27,570,000
59,948,472
62,104,506
3,087,147,000 3,423,369,037 3,438,379,105
Treasury bills,
The total of receipts from all
sources
The Bank of
England reported a loss in gold this
Of this sum, revenue contributed
week, albeit a nominal one, £531, as against an in¬
crease last week, while total reserve was again heavily
£17,222,000, against £21,027,000, savings certificates
contracted—£1,009,000 in consequence of an expan-
was
a
shown to be £101,872,000, against
week
earlier.
£173,959,000
May 7
THE
1921.]
CHKONICLE
1907
-4ft-
*
^
sion
in
the proportion of
more,
brought
down
week
a
against
as
stood
ratio
date
week.
Bank
$3,690,000, with the total of bills
$657,680,000,
Gold
reserves
which compares
in
is
reduced
was
ments incidental to the
bined, the changes
creased
Loans
regular month-end dividend
Public
disbursements.
deposits
in¬
£146,000, but other deposits fell £598,000.
Government securities were heavily ex¬
at
For the twelve Reserve banks
also in
were
the
improvement.
The bank statements in
plete detail
given
are
later
on a
£7,040,000, .though there
was
The Bank's stock of
cial conditions in this country at a
357,634, which
gold
compares
£85,927,395
a
on
hand aggregates £128,-
with £112,520,117 in 1920
earlier.
year
Reserves
£17,279,000, against £19,854,000 last
total of £128,528,000.
115,815
that.
a year ago
Loans
This
stand
now
compares
with £111,-
at
£79,558,000,
one
before
year
and two
against
years ago,
Clearings through the London banks
respectively.
£748,990,000,
as
contrasted with £900,374,000
preceding week.
The newly-established min¬
imum discount rate of
a
6^%
was
kept unchanged.
tabular statement of comparisons of the
different items of the Bank of
BANK
and £27,-
year
and £76,781,965 the
£79,690,577 and £99,477,023
append
total
Circulation has reached the huge
595,430 in 1919.
We
OF ENGLAND'S
1920.
1919.
May 5.
May 7.
May 8.
May 9.
£
£
£
£
Other deposits
1918.
76,781,965
securities
Reserve notes & coin
1917.
•
49,682,980
38,724,155
37,573,152
54,172,724
128,129,817 119,375,972
23,691,566
125,370,000 116,516,229 115,161.359
61,666,000
55,309,621
49,452,735
79,558,000
79,690,577
99,477,023
secure.
N. C., on
that
of the
55,871,732
111,479,848
17,279,000
19,854,402
27,595,430
30,132,523
85,927,395
61,365,503
55,019,611
14.60%
7%
19.90%
18.20%
20.01%
5%
5%
5%
reserve
liabilities
12.27%
6^%
Bank rate
during 1921,
year."
Board in
that
possible
at least before the last month of the
or
address in Cleveland the
an
"there is
There
financial
trouble
is
now
in
them
to
danger of
no
this
position of each of these
Saturday's
statement
the
of
York
New
Clearing House banks and trust companies, reflected
to
extent the strain of the month-end disburse¬
some
and for the third time this year
ments
deficit
in
Loans
reserves.
while net demand
expanded
deposits of $103,716,000, which
also
Federal Reserve Bank
but other
own
Net time deposits
changes
$8,831,000, to $471,319,000,
were
vaults of
reserve).
relatively unimportant. Cash
members of the Federal Reserve
State banks and trust
down
of
companies
registered
$28,000, to $8,841,000.
as
com¬
of all classes
of institutions
a nom¬
Aggregate
were
$8,724,000, to $489,650,000, while
institutions
of
this
are
of
trend
continuance
the
money
immediate and
near
opinion has existed all along
The
The
Drum.
Mr.
Borrowers
brought
as
shown
a
deficit of $3,-
The above figures for surplus
reserves
are
the
on
above legal requirements for
member banks of the Federal Reserve system,
but
including cash in vault to the amount of $78,886,by banks
on
Saturday.
v
,
The New York Federal Reserve Bank statement,
issued under the
business
on
newT
arrangement
as
at the close of
Thursday, shows continued improvement,
though the ratio of
game as a
opinion,
difference of
not only average
as
expressed
by
of
money
who have been
studying conditions most closely have been confident
that
would work easier.
money
They have acted
accordingly in the making of their loans.
ering the
reductions in Federal
Consid¬
discount
Reserve
rates, in the Bank of England rate and in the discount
rate of several other"
European Government institu¬
tions, and the lower rates for time
observers
believe that
Hence the
on
Thursday, reductions in discount rates
by the remaining Federal Reserve banks
matter of
a
conces¬
light demand reported from day to
indicated by Secretary of the Treasury
As
Mellon
as
here, these
for the longer periods at still greater
money
sions.
day.
money
they will be able to borrow
only
a
are
regarded
short time.
Dealing with specific rates for
this week ranged at
week
ago.
rate of
high
6Yi@7%,
Monday there
week ago.
reserve
remains at 55.5%, the
Bills bought in the
open
market
an
was
money,
call loans
against 6@7%
as
no
7% being quoted all day.
was
range,
a
a
single
On Tuesday the
still at 7%, with renewals also at that level,
but the low declined to
000 held
same
among
prevailing opinion,
half of the week,
not
divided
a
prominent bankers, has been similar to that given by
surplus of $9,590,320 reported the previous
13%
of
observers, but also the leading authorities, at this
wiped out and replaced by
basis of
fore¬
market in this country in the
future.
week
455,360.
The
country.
mentioned here simply
high authorities, relative to the probable
among
above the
was
official
makes it possible for
men
general business and the position of the
illustrate the
to
kept in other depositories by
reserves
decline
general
vaults, increased $135,000, to $9,490,-
own
while
reserves
(not counted
Reserves of State banks and trust
panies, in
inal
credits at the
reserve
Bank fell $563,000, to $78,886,000
000,
with
compares
larger, $248,788,000, against $244,718,000.
Member banks reduced their
in
a
deposits increased $32,003,000, to
$111,268,000 the week previous.
were
reported
$4,341,000,
This last is exclusive of Govern¬
$3,717,394,000.
ment
any
The
country."
the latest information regarding the
get
condition of
day said
same
advantage in forcing liquidation
no
further.
even
point
a
reduction of interest rates
a
Governor Harding of the Federal Reserve
centre.
Last
Pinehurst,
liquidation has not yet proceeded to
that will make
34,745.456
112,520,117
to
in
Wednesday said that "majority opinion is
45,049,406
97,410,123
Coin and bullion.-.128,357,634
Proportion of
meeting of the
association
£
.128,528,000 111,115,815
15,437,000
20,649,578
Public deposits
Government
Council
of business and finan¬
a survey
going statements by them
1921.
Circulation
Executive
financial
England returns:
COMPARATIVE STATEMENT.
May 4.
Other
of
com¬
President Drum of the American Bankers' Asso¬
a
contraction in loans on other securities of £6,483,000.
the
more
of this issue.
page
ciation, in presenting
were
com¬
direction
on
panded, namely,
and
last
$678,479,000,
during the week from $741,460,000 to
$739,003,660.
interest
$656,230,000
stand
with $667,602,000 the week before.
held to be due to the outflow of gold, also to pay¬
and
against
now
The amount of Federal Reserve notes in circulation
14.60%.
the
hand
on
was
12.94%
at
of
showing
have been reduced
Further¬
to liabilities
corresponding
the
At
reserve
favorable
less
£1,010,000.
reserve
12.27%,
to
ago.
the
1920
The
of
circulation
note
easier tone
6%%.
During the latter
Wednesday, Thursday and Friday,
was
reported and all loans
on
call
were
negotiated at 6J^%, and this proved the maximum,
minimum and renewal basis
on
each of the three
days.
Following the action of the Federal Reserve Bank in
reducing its rate, funds
were
in freer supply.
One
large institution which has been out of the market for
a
good while, offered $5,000,000
call at
tion
63^%, which
on
the
was
or
parts thereof on
taken to indicate
part of lending
an
expecta¬
institutions of greater
relaxation in charges for money.
The figures given
above
CHRONICLE
THE
1908
industrials
apply to mixed collateral and all
In time money also
without differentiation.
there
^°le-—Hates shown for St. Louis and Kansas City are normal rates, applying
member bank by the Federal
to discounts not in excess of
basic lines fixed lor each
Reserve Bank.
Rates on discounts in excess of the basic line are subject toa
progressive increase for each 25% by which the amount of accommodation extended
exceeds the basic
has been
slight easing and sixty and ninety days
a
months'
four
with
five
is
money
and
quoted at 63
now
months
six
and
6@6lA%, against a
at
of 6%@7% for all maturities last week. Round
amounts were available for sixty and ninety days and
range
a
moderate
business
of
amount
Still
resulted.
dull
was
■ ■
await a further
Consequently trading as a whole
largely
confined
transactions
with
to
has also had an easier tendency
the latter part of the week sixty and
Mercantile paper
toward
ninety days' endorsed bills receivable and six months'
names of choice«character were quoted at 6%@7%,
against
known
with names less well
ago,
This, too, is in response to the
rates answered
was
week
&
7@7J4%> against 7J/2@7%% the week
at
before.
more
reduction in
Trading
by the Reserve institution.
better feeling
active and brokers report a
in various parts
of the country as a result of the week's
acceptances were in better
and bankers'
demand at
slightly lower levels for eligible member
also ineligible bank bills.
and non-member bank bills,
Substantial
been reported on the
purchases have
investors at the
of transactions was
part of both local and out of town
the volume
and
prices
new
quiescent,
week
was
carried the quotation for
an
noted
was
in
of the developments of the
one
advance in
further
a
strength
increased
sterling exchange and
price levels which
demand bills
advance for the week of
to 3 97%,
up
23^ cents and the highest
point touched since last June.
unsettled
Open market loans
larger than for quite some time.
that
and
German
And this,
too, in
of proceedings
reports
embroglio
reparations
in the
the
during
were
greater part of the week conflicting and at times
somewhat
of
Early in
unsettling.
the week
reports
possible disagreement between the British and
a
French
over
caused
some
the terms of the
indemnity payments
uneasiness, but it
developed that
soon
whatever differences had existed
were
satisfactorily
adjusted and private advices received in the financial
district
stating
submit
developments.
Banks'
Although trading has been inactive with the market
still
spite of the fact that the British coal strike remains
renewals.
and
line, except that in the case of Kansas City the maximum rate is
a
majority of borrowers seem inclined to
lowering in rates.
[Vol. 112.
debts
Allies
that the
were
prepared
plan to enable Germany to settle her
a
created
throughout
Practically
impression.
good
a
quotations
cable
London
from
to
war
were
strong and this materially aided in sustaining quota¬
tions
here, the argument being that bankers
other side retain their
on
the
position of undisturbed confi¬
dence in the final outcome of this momentous
prob¬
Toward the close celebration of the Ascension
lem.
The Day holiday abroad served as a check to trading
and prices sagged slightly
posted rate of the American Acceptance Council is
In the opinion of bankers usually well informed, the
6%.
Detailed quotations are as follows:
against bankers' acceptances remain at 5lA%.
.
Delivery
Spot Delivery
Ninety
within
Thirty
Days.
Sixty
Days.
Days.
30 Days.
5A
57A@5%
5%%56A
Eligible bills of non-member banks..6
@57A
Ineligible bills..
6^@6
6H@57A
Eligible bills of member banks
@57A
6
6
67A
bid
bid
bid
persistent improvement of sterling values in the face
unsettled
of
both
The Federal Reserve Bank of New York this week
its
commercial paper,
paper
advances
for
rate
rediscounts
and
trade acceptances and agriculture
The reduction was made
The 6% rate is retained on paper
effective May 5.
secured
securities
Government
by
On the
acceptances.
same
bankers'
and
date (May 5) the Federal
Reserve Bank of Atlanta reduced from 7 to
rate
commercial
on
agricultural
the
rate
A uniform rate of 6% for all classes
Victory notes.
of paper
Bank.
to 6%
secured by Liberty bonds and
paper
is thus established by the Atlanta Reserve
This follows similar action last month
by the
Federal Reserve Bank of Boston, as was recorded in
our
issue of
April 16,
the schedule of rates
classes of paper at
DISCOUNT
RATES
The following is
1571.
in effect for the
THE
EFFECT
Discounted
within
FEDERAL
MAY
bills
90
6
RESERVE
Treasury
Liberty
Other¬
disc' ed
certifi¬
bonds
wise
for
Agricul¬
Trade
tural
accep¬
live
tances
stock
and
secured
member
within
Victory
and
banks
90 days
edness
notes
unsecured
of
91
to
180
days
6
6
6
New York..'.
6
6
6A
6
6A
6H
Philadelphia..
*6
5X
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
actual effect
on
that
6
6
6
6
6
Chicago
6
6
7
6
7
6
5A
6
5A
6
6
5X
6
7
6
6H
6
6
5A
6
6
6
6
7
6
7
7
San Francisco.
6
6
6
6
6
6
♦Discount rate
corresponds
collateral.
U.
S.
Senate
has
passed
a
bill
permitting the unpaid balance of subscriptions to the
capital stock of Edge law banks to be paid in upon
call, likewise advices that Governor Miller has signed
the bill
in the
permitting State banks in New York to invest
capital stock of Edge law corporations, passed
by almost unnoticed, so far as any effect upon
market
concerned; although the enactment into law
levels is
is regarded
measure
likely to be of
as
formation of Edge law corpora¬
somewhat complex situa¬
An interesting and
apparently arisen over the attempts to ship
Bolshevist gold into
the United States. According
in gold bars is on its
latest advices $15,000,000
to
way
here from Sweden, which is in
reality Russian
gold which has been remelted in the Royal
Swedish Mint.
Norwegian mail steamers are under¬
Soviet
refused to accept the shipments.
on
An
the part of Treasury officials is
sterling exchange
with a further
3 95%@3 96^ for demand
Referring to the day-to-day rates,
7
*6
Minneapolis..
any
expected.
6
Dallas
Kansas City..
that this
enough to have had
stood to have
7
St. Louis
marine workers is
the volume of bills offering.
the
6
Atlanta..
partial
in the already light supplies of
factor had not advanced far
News
The
alike.
investigation
6
Richmond
strong undercurrent
It is claimed, however,
commercial bills.
6
Cleveland
prevailing
foreign trade is
sustaining effect, because of the
a
inevitable lessening
paper
maturing maturing
indebt¬
Boston
-
and
question
indemnity
likely to have
tion has
tances
.a
as
outbreak of labor troubles among
tions.
maturing
far
so
of the port of New York through a fresh
up
great benefit in the
BANKS
days
Federal Reserve
cates
tying
of the latter
1921.
(including
member banks
15-day col¬ Bankers'
lateral notes) secured by—
accep¬
Bank of—
various
the different Reserve Banks:
OF
IN
page
now
the
and
trade acceptances and
while it increased from
paper,
on
paper,
6% its
abroad,
optimism regarding the solution of the coal strike
on
from 7 to 63/2%.
conditions
troublous
and
and
concerned, plainly indicates
of
reduced
here
on
*
with interest rate borne by certificates pledged
Saturday of last week was strong
advance
as
in
rates
(another> new
to
high
on
the
current
movement),
May 7
3
THE
1921.]
96@3 9734 for cable transfers and 3 8934@3 91
■S for
sixty
increased strength
Monday
On
days.
1909
CHRONICLE
falling off in the demand for exchange
noted earlier in the week,
and in
Rome
on
stated that the recent advance had been rather
developed which carried demand bills up to 3 96J^g
was
@3 97, cable transfers to 3 96%@3 9734 and sixty
overdone.
Moreover, rumors of
from
said to be
developing in Italy, had, for
mainly responsible for the advances here,
depressing
effect
days
the
3 90%@3
to
London
were
inference
quotations
91higher
being
that the German reparations
settlement than was generally
Demand
sterling sold up another 34c. on Tuesday to 3 9734?
though dealings showed no increase in volume; the
low was 3 9634? with cable transfers at 3 9734©
question
was nearer a
believed; trading however was not active.
was
quarters it
some
market
on
shipping crisis,
a
attributed to the radical reduction in
rates which has taken
with
other
ocean
of the world.
shipping centres
a
This is
place at that centre in
while the receipt of more o*
time,
a
sentiment,
freight
common
For
a
less disturbing reports of
possible delay and further complications in settling
indemnity payments caused Continental
Wednesday's exchange rates to fluctuate rather erratically, and a
market was quiet but firm with quotations main¬ number of sharp gains followed by almost equally
tained at 3 97@3 9734 for demand, 3 9734@3 9834 severe losses took place, ranging in some instances
3
98^ and sixty days 3 91 @3 9234-
transfers and 3 91@ 3 92 for sixty days.
for cable
characterized operations on Thursday and
Dulness
the volume of business transacted was
exceptionally
small; in keeping with this, rates moved
within narrow
3 97@3 9734,
limits; the day's range for demand was
cable transfers 3
97%@3 98 and sixty days 3 9134
@3 91^4, the fact that it was a holiday in London
served to still further limit activities.
On Friday
the market
3
was
quiet but steady and demand ruled at
96%@3 9734, cable transfers at 3 9754@3 9834 and
Closing quotations
sixty days at 3 9134@3 9234.
9234 for sixty days, 3 97^4 for demand and
3
were
3
9834 for cable transfers.
Commercial sight bills
9634 sixty days at 3 9034? ninety days
finished at 3
3
the German
>
8934, documents for payment (sixty days) 3
Cotton and
seven-day grain bills at 3 95J4 -
and
9134,
grain for payment closed at 3 96J4Gold arrivals
this week were lighter, although large amounts of the
as
high
21 points, but before the close announce¬
as
ment of the ultimatum served on
Germany together
with advices of the overthrow of the German Cabinet
encouraged belief that
a
settlement
and prices once more shot up
close at hand
was
This is
sharply.
par¬
ticularly true of French and Belgian francs and
Italian
lire, since these countries
expected to
are
profit substantially by settlement of the reparations
to be made by Germany.
Berlin marks opened and
ruled heavy
rallied
decline to 1.49, but subsequently
and closed at 1.51 for checks,
a
kronen
Austrian
00.25 after
Exchange
the
with
1.5434?
to
fluctuated
advance to
an
light trading.
on
the Central European Republics, with
on
of Poland,
exception
Polish marks for
higher.
touching
uncertainly,
00.2934
but the close
time declined to 0.1234>■■■
Poland is said to enjoy
0.1234.
was
the unenviable
ruled firm and slightly
a
distinction of having the most de¬
Actual shipments received preciated currency in Europe. From the latest
the Lapland from Antwerp, report of the National Bank of Poland, it is learned
that the Polish national debt increased last year
$200,000 on the Noordam from Rotterdam, $85,000
from 14,775,000,000 marks to 56,625,000,000 marks,
on the Lafayette from Paris and about $110,000 on
metal
are
the way.
on
include $2,400,000 on
United Fruit Liner Ulna from Panama.
the
cellaneous arrivals were 3 cases of
gold
on
Mis¬
the Es-
from Vera Cruz and 3 boxes on the Grove
from Colombia; $453,700 and 20 packages in bullion
peranza
and
gold dust
on
the Santa Marta from Colombia; 5
gold and 52 packages of gold and silver
on the Allianea from Panama; and 2 cases of
of
boxes
bullion
gold bullion from Paramaribo.
Advices from Stock¬
gold bars from
holm state that about $15,000,000
Russia
have
just crossed Sweden and Norway en
America, while Kuhn, Loeb & Co. announce
route for
the engagement
on
of $6,000,000 to arrive in a few days
while
to
for checks.
from
a
No improvement
military
alone among
her
an
or
exchanges further
been made in the movement toward
values at
progress
higher levels and
nearly all important centres show distinct
gains, notwithstanding the fact that the volume of
business transacted was again relatively small, with
over
large operators still holding aloof pending settlement
the
of
change
was
a
year ago
problems
now
pending.
Ex¬
Paris moved steadily upward until 8 31
on
reached, another
week.
8
international
new
high point since August of
and 5734 points above the top price of last
Antwerp
moved similarly, touching
francs
31, which is 62 points up.
An improved demand
noted for both of these currencies, with offerings
was
very
Lire exchange
light.
over
those of March
also firm, though
market levels,
up
5
13,
or
a
few weeks ago,
was
a
2234 points above the high record point of
chiefly
as a
result of
a
lessening in
A
supply of bills offering on improved demand.
sight bills
influence
sure
per
with
on
to follow.
Paris closed at
on
51.45
last
week.
In
the French centre closed at
franc, against 7.73; cable transfers
against 7.74; commercial sight bills at
8.3134?
8.2834? against 7.71, and commercial sixty days at
8.2234? against 7.65
on
Friday of the preceding week.
Closing rates for Antwerp francs werd 8.3034 for
checks and
8.3134 for cable remittances, against 7.72
Reichsmarks finished at 1.51
and 7.73 last week.
for checks and 1.52 for cable transfers,
and
1.5134-
against 1.5034
Austrian • kronen closed the week at
00.2534 for checks and 00.2634 for cable transfers.
This compares
5.14
there
ago,aroused
any
of the reparations situation improvement
8.3034 cents
sudden sharp advance to
when
year
it being argued that with the
comparison
in
New York
less pronounced until near the end of the
were
week
a
attention, but failed to exercise
48.30,
Lire
gains
the
was
that Germany stands
the principal European nations in that
The official London check rate
at
point of 6.00
in Greek affairs, either
imports from the United States for March show
increase
some
has
was
economic standpoint, is reported.
recently circulated
Reports
1920
had advanced
exchange con¬
Greek
marks.
62,560,000,000
in trade conditions wotild be
In the Continental
the end of
at
months lated
two
tinues to hover around the recent low
clearing
the Mauretania.
which
circulation,
46,361,000,000,
finished
for
with 00.26 and 00.27 the week before.
at
cable
slovakia closed
at
5.13
bankers'
for
transfers.
at
1.39,
sight bills and
Exchange
on
Czecho¬
against 1.3634; Bucharest
1.67, Poland at 1234 against 13, and Finland at
2.17,
against
2.15
a
week ago.
Greek exchange
1910
THE
CHRONICLE
finished at 5.95 for checks and 6.00 for cable trans¬
[Vol. 112.
CURRENCY RECEIPTS AND SHIPMENTS
BY
NEW
YORK
BANKING
INSTITUTIONS.
fers, against 6.00 and 6.05
week ago.
a
Week ending May -5.
nothing
to report in exchange on
new
former neutral centres.
its
the
Banks' interior movement..
Trading has relapsed into
As the
wonted
dulness, and while quotations varied
considerably, with the tendency frequently sharply
upward, prices were largely nominal. Dutch guilders
scored
a
further advance to 35.41, a
for the week.
one
Swiss francs
36-point gain
strong, touching at
were
time 17.83
foi] checks. Scandinavian rates were
Copenhagen and Stockholm remittances,
firin for
but Norway was still weak.
$6,364,134
Sub-Treasury
eral Reserve Bank
to
show
the
the
Out of
Banks,
effect
$1,115,644 Gain
of
6, it is
Bank of New York
ing House each day
Loss
$5,248,490
longer possible
no
Government
Clearing House institutions.
serve
or
to Banks.
was taken over by the Fed¬
Dec.
on
Gain
operations
on
The Federal Re¬
creditor at the Clear¬
was
follows:
as
DAILY CREDIT BALANCES OF
NEW YORK FEDERAL RESERVE BANK
AT
CLEARING
HOUSE.
Wednesday,
Thursday,
May 5.
Spanish pesetas remain
apparently "pegged" at around 13.98 with
activity noted.
Into
Banks.
There is
little
very
Madrid state that
Advices from
despite efforts to delay the issue of
new
Treasury
Saturday,
Monday,
April 30.
May 2.
Tuesday,
May 3
S
i $ i; (
S
May A.
S
■
Friday,
May 6
Aggregate
Jor Week.
.
-•
S
$
'
43,186,231 70,370,213 56.352,894 52,341,054 49,879,750 47,945,090
The
bonds until July 1 the Government will probably
foregoing heav
$
Cr. 320,075,232
credits reflect the huge
y
mass
find itself compelled to come into the market for
of checks which
come
funds early next month; since existing credits with the
banks are not sufficient to carry it through until the
from all
parts
of the country, in the operation of
the Federal Reserve
date mentioned.
These
It is
learned that the Norwegian
Government is preparing to float an internal loan of
200,000,000 kroner, but details of the undertaking
are not as yet available.
Advices from Washington state that funds in
Holland
withstanding the fact that
plentiful, not¬
are
overwhelming amount
of capital has been subscribed during the past two
for the various
years
an
Government
and
loans.
to the New York Reserve Bank
System's
par
collection scheme.
large credit balances, however, show nothing
to the results of the Reserve Bank's
as
with the
sent
Clearing House institutions.
only
to
the
one
bank
and
never
go
through the Clearing
House.
private
The
following table indicates the
Amsterdam closed at 35.40,
against 35.05; cable transfers at 35.45, against 35.10;
lion in the
commercial
amount of bul¬
Banks of-
mercial
sight
on
sight 35.34, against 34.99, and
sixty days at 34.98, against 34.63
a
com¬
week
May 5 1921.
Germany
remittances, in comparison with 17.49 and
Copenhagen
18.15 and cable transfers
18.15.
Checks
closed
at
18.20, against 18.10 and
Sweden
on
checks
finished
at
23.35
and
cable
remittances 23.40, against 23.20 and
23.25,
while checks on Norway closed at 15.40 and cable
transfers 15.45, against 15.60 and 15.65 the week
previous.
Spanish
13.96
checks
the
for
same as
pesetas
and
31.27.
cable
week
exchange, the trend is still
rate
on
Argentina sustained
sharp decline to 31.12 with cable
Brazil also finished the week
for checks
and
13.35
for
cable
13.78^2 and 13.85 last week.
heavy and sustained
transfers
a
a
week
lower, at 13.29
remittances, against
Chilian
exchange
was
fresh recession, this time to
11.78,
against
Peru
firmer at 3.90, against 3.50 a week
ago.
Eastern rates are as follows:
12.36J/£
the
week
before, although
was
Far
a._
_
A us .-Hun
Spain
....
Italy
Netherl'ds.
.....
128.357,634
142,779,648
54,575,000
10,944,000
99,270,000
32,772,000
50,915,000
10,662,000
Switz'land.
21,742,000
15,661,000
4,065,000
12,643,000
165",000
Sweden
..
Denmark.
Norway
Total week
588,436,282
Gold
48J4@48%; Manila, 46@46M> against 46@46J^;
Singapore, 46%@46% (unchanged); Bombay, 26@
26K> against 26J^@26H, and Calcutta, 26J4@26H>
against 26J<£@26%.
Their
for
receipts from
the
the
week
ending
as per
the following table:
5.
interior have aggregated
$6,364,134, while the shipments have
115,644,
May
reached
$1,-
3,004, 000
35 ,198,000
944 000
53 ,875,000
11 ,769,000
1,112, 000
3,576 000
France this
THE ABOLITION
of
all
the
24 ,811,000
14 ,501,000
14 ,501,000
12 ,589,000
8 ,121,000
year
172,000
are
12 ,761,000
8 ,121,000
46,063,350 618,780,435
49,048,400 621,735,562
exclusive of
£77,934,682
OF POVERTY.
plans—communism, socialism,
collectivism, labor unionism—is
this
age-dimmed
dream, the abolition of poverty.
Its interpretation
varies with time,
place and dreamer—but it is the
visioned
goal, the ultimate gain. What does it mean,
th|s seductive phrase?
read dream is
Not what it says!
the establishment
plenty through riches.
ter into the dream of
of
For the
plenty for all,
Self-abnegation does
not
en¬
to-day.
The so-called workers,
emboldened by success, excited with class conscious¬
uttering demand after demand, and some
by real as wTell as fancied grievances are
embittered
engaged in exploitation,
seizure, revolution.
poverty of abstinence, of
even
The
frugality, is not
a
religion of the laborites of to-day.
All must be
equal, all must be rich, the best of everything must
belong to
every man.
Let
us
Toverty,
suppose,
state, in which mankind
movements
25,053 000 123 ,162,000
1
tive term.
The New York
Clearing House banks, in their
operations with interior banking institutions, have
gained $5,248,490 net in cash as a result of the cur¬
112 ,520,127
9,680, 000 154 ,011,508
153 350 54 ,737,800
2,369 000 13 ,313,000
21 ,235,000
47,64?,350636,082,632 572,717,085
47,407,450635,695,095 572,687,162
of
Total.
£
15,661 000
holdings of the Bank
held abroad.
Silver.
12.808 000
8,115 000
Prev. week 588,287.645
a
25.807 000
"
8,115,000
..
ness, are
Hong Kong,
52J4@52, against 51@51J4; Shanghai, 67J^@67M,
against 67@673^; Yokohama, 49@49}4, against
rency
£
128,357 ,634 112 ,520,127
10,860,000 153,639 ,648 144 ,331,508
448,350 55,023 ,350 54 ,584,450
2,369,000 13,313 000 10 ,944,000
24,056,000 123,326 000 98 ,109,000
2,991,000 35,763 000 32 ,194,000
1,203,000 52,118 000 52 ,931,000
1,489,000 12,151 000 10 ,657,000
Nat. Belg.
transfers,
This compares with 31.70 and 31.86
earlier.
at
France
Back
As to South American
further
for
13.98
the
Gold.
last week.
downward and the check
a
finished
Total.
£
Swiss francs finished at 17.81 for checks and 17.82
week.
May 6 1920.
Silver.
ago.
for cable
last
principal European banks:
Gold.
England
17.50
repre¬
side of the account, as checks drawn
upon the Reserve Bank itself are presented
directly
•
Bankers'
operations
They
we
know to be
however,
as a
a
a
abundance of all the material appointments of
having his heart's desire.
become
work?
of
would
matters
reorganize the world by
major plans
rich."
As
If
are
all
or
whole is possessed of
every man
would
rela¬
condition,
stand,
some
life,
What would
those
one
who
of these
forever canting the words, "the idle
the
poor
they, in view
of
were
their
suddenly made rich,
disgruntled beliefs,
May 7
THE
1921.]
CHRONICLE
1911
plunge immediately into an excess of real work, or
profits of production under varying conditions of
would
exchange and commercial endeavor, bereft of his
they become also "the idle rich"?
If all
men
rich, what would be the incentive to produc¬
were
golden
spoon
tion, to enterprise in industry, to the slow toiling
it now,
of years
to lay up store for the days of life when
control,
for
reason
any
riches
cannot work?
man
Would these
by the accident of birth, he would seize
either by direct overt act,
or
by pooling,
by
or
part in
a
by over-taxing the rich,
or
by the compelling conspiracy of "strikes,"
or
by
or
Governmental
ownership
ing ready made and to fit, seed-time and harvest
of
methods proposed.
continue
plished the overturn, would he then dedicate his
multiply themselves, the looms turn out cloth
houses
tion,
by the
grow
gentle wish, and
Waste and disintegra¬
do trees?
as
a
and the passing of life, even the life en¬
aye
dowed with
about the
and all
exercise of
mere
If then, poverty he abolished,
made
men
equally rich, the dream come true,
there would still he
work, hard, often and exacting,
to restore the loss due to universal
With
the
decay.
of
a
lack of
food, clothing, shelter,
save
Alas, and alack, it cannot be.
Mr.
The
of life is labor.
law
work—for every man
be
would
men
compelled to work equal hours for equal pay to
can ever
deny to
the wealth
of the world accorded to each
individually managed, but supposed¬
or
ly collectively by some one of the plans) would be
small,
small that if it was individually owned and
so
managed would be estimated as poverty, and cer¬
And
by
ings with
a
more
time, will
thrift.
more
save more
delusion.
to the South Sea
Islands,
uries of New York.
The dream
enjoyment.
No
or
man
could hie himself
lap himself in the lux¬
It would break the
spell. The
many
All would be hewers of wood and drawers
demain of
the
of water—and
would become
man
abolition
the so-called
would work
than
more
share; there would
No
compelled to, to do his
be
never
poverty
of riches.
abolition
be the
and
of
increase,
there
and
could not be advance.
Yet
we
make the world
And it
habit it."
plans that
ple, there
are
are
passion of labor
.
.
.
Without exam¬
to abolish poverty.
to be manifold industries; without
there is
contrast,
right to work
for
a
be emulation;
to
without the
than another, there is to be more
more
all; without sacrifice, service; without initiative
by the individual,
a
"equality
of
all."
for
man's
strength
men
to sustain the personal life;
poison;
no
regret for the vanished
of accomplishment;
unchanging
every
monotony,
every
the lost desire—the
man
a
Midas and
see
can
man
abolish poverty
No
system,
do it.
can
divine
a
no
is
for
leger¬
It is outside
..
Suppose we admit, and we will do that, that the
the union laborite
of
world without
or
fuse to gauge
his
able
out
to
earn
envision
does not
n
work, does not include an impossible
state of socialism
communism.
wages
of
vitality, life?
own
he
what
Why does he
re¬
by the amount capital is
profits
by
production
with
Why does he attempt to gauge
ought to be paid by "living conditions,"
which in truth
measured
are
by the dream, by the
possessions and pleasures of the
save
that his
himself.
rich ?
ever
Why—
Inexorable
Why-dally with the dream?
logic defies it.
but
very
"passion" is not for the world but for
The
poor
become rich, the rich poor ;
the advance continues.
THE INCONSISTENCY
the truth
as
it is?
The abolition of
OF
ORGANIZED
LABOR.
A bank
Bank of
ers
president, Mr. Alexander, of the National
cannot, in the long
produce.
If wages
wage can
products."
run, consume more
are
exchange of products,
no
"Work¬
Commerce, makes this statement :
than the}7
too high, in relation to the
wages
must come down, for
be permanently maintained at a point
above what it is
touch golden.
Why not
principle
or
No
thought of the joy that is one man's meat and
another
And the two
things by
garden of ever-living delight for
by the simple device
no
He
sav¬
be fun¬
pale of Government, and the eternal fallacy in
dream
thought in all this of the varying amount of suste¬
required by
plan
the dream.
all; figs without thistles and roses without thorns,
nance
his
enough abstracted (and reinvested) to sustain its
is to
better place for the people who in¬
is to be by some one of the vaunted
told "the
are
another,
use
always it is to be recognized that
himself if he wills and works.
would not allow it—either by government or
force.
and
can no more
written in the constitution of
endowed with free will!
a
re¬
call individualism.
we
and better than
damentally abolished than poverty.
collective
then must be
Work must be
Capital
edict—for
lective work and collective
personal
own
collective system; it be¬
will, to what
will work
one
to the end of
are
have,
we
him his self-respect, his de¬
tainly would be inadequate to sustain itself.
With
ownership, therefore, there would be col¬
all that
poor.
according to amount and merit—and this
obtained
of
(not owned
warded
ever
tion
of
cause
accomplish, his ambition to achieve, and it is
cannot be
no one
are,
abject folly to talk about it.
longs, and
is,
accom¬
No earthly conception
the results of his
man
The
fact
we
poverty.
denies it, the mathematical propor¬
produce equal amounts to sustain the race.
any
Even the voice of
Poverty is the
all that
sense
the results of
are
sire to
to-day, all
Having
is born into the world
all
equally possessed of capital, equal owners
by
Gompers cannot drown the thunders of Sense.
efforts and preserve to
men
or
mankind, since it Could not
by the inadequate returns of daily hard labor) and
in the material civilization of
bureaucracy,
especially benefit himself ?
In that broad
poverty abolished (we use the word now in
sense
many
labor to the service of
wealth, are as old as the sands that sift
pyramids.
the
or
worth, measured in terms of other
Mr. Alexander, as a banker, is not pri¬
industrial
scales.
Be¬
poverty and consequent abolition of personal riches
marily interested
by the scaling dow7n process and the stationary con¬
yond the salaries paid his clerks he does not pay
dition
into
one
not
a
following, would
desert and
says,
is
a
soon
The toiler, as
He does
poverty, but the estab¬
great riches for each and all, which he
fondly and foolishly believes to be possible.
not
He wTill
accept the wages capital can pay out of the
His is
wages.
ed
on a
Mr.
wrould-be capitalist at heart.
desire the abolition of
lishment of
transform the world
destroy civilization.
of
wage
disinterested opinion.
It is found¬
judicial estimate of economic truth.
Gompers, head of the American Federation
Labor, in
own
a
in
an
followers,
this statement:
address to the people
we
(mainly his
surmise), at Philadelphia, makes
"The
working people are the pro¬
ducers of all the wealth in this
t
country.
They are
[Vol. 112.
1912
willing to work, and yet nearly 5,000,000
able and
of
people
onr
factories
are
the street."
living
common sense.
union labor.
a
Or
represent the forty mil¬
to
He once advo¬
unorganized.
keep pace with increasing
cated increasing wages.to
Now, he resists the reduction of
living.
to keep pace with the lowering cost
wages
of living.
interpret his attitude, though recognizing
that there is a difference between labor claims as
so we
prices and other claims by
to the actual decline in
Whatever of economic truth
interested authorities.
there is in these statements of Mr.
Gompers we hold
warped by the partisan zeal
that it is colored and
"The
us see.
working people
of all the wealth in this
statement,
new
cally decrease.
low level of
level of
are
the producers
Now this is not a
country."
is it
nor
true one, though to the
a
casual mind it appears so.
the
And
we may
dwell upon
genesis of the claim that the workers
wealth because
and
the
are
For it is here that
pronouncement.
trine and
they produced it,
get
own
the
dangerous doc¬
a
logically communistic.
we
While it is true,
carefully to be noted herein, that individuals in
supposed five millions unemployed
offering objections, resisting,
even
may
be and
to refusal to
work, of reductions in wages—it is the
ment in
It all
prices
comes
much
time, and give to union labor
union
ele¬
labor, the 4% minority in the whole, that is
all labor must pay.
of
Resistance of
theoretic
as
Now this
4%, this four millions out of forty, did not
well
actual
as
measures
for resistance.
produce all the wealth in this country.
did the forty
Nor, indeed,
millions, since generations before them
produced and preserved that vast body of wealth
which the workers of
advance
and
to-day
and enjoy in ma¬
use
institutional
creation.
This
prices that naturally follow the cessation of war,
is resistance to the interests of all the
a
party to union labor.
to the
come
pace
mands
point of refusing to
of war-wages.
Of
over
ture of which
Wages, like incomes,
exceptions, the na¬
are
consider.
nowr
the quality of
possess
of variable constancy.
The day's work
prices of to-day.
capital, the worker
cannot
these
set
the
who
most
control
natural
to-day.
This premise falls
this statement
comes
standards of
living
go
down
"If wages are
:
and
power
of the people decreases."
casual
thinker to be true—but
cut,
the purchasing
This looks to the
it is not.
If
the
"workers produce all the
wealth," and the "standards
of
living
of the
go
down"
(that is, the consuming
people) then there must be
and reduced
wages,
power
reduced wealth—
production.
to reduced wages,
low scale
a
state it in another
way,
ducing the whole of wealth,
ment
of the whole
of
work
buy the whole of
wealth.
But,
read¬
a
high
the worker in
times loses
peace
How much,
run.
then, would the tension of to-day be relieved if
or¬
heartily, only acting
of
arbiter in keeping the scales
as
price and production in balance!
herein would be
(and
evidence
of
interest
in
a
people) would advocate rapid reductions h?
wages
proportionate
to
rapidly
reducing prices!
only is the present attitude of resistance incon¬
sistent with the
past, but it is inimical to full
sumption of industry.
"throw
not
men
themselves there.
never
man
into
no
MODERN
concluding
In
reviewing in
on
street."
Modern
demanded,
They throw
And in the face of natural laws
necessary) is better than
book
pay wages
the
will annul—"a half
BRYCE'S
re¬
Shut factories, shut because
they cannot make enough to
do
How much it
organized labor
our
a
loaf
(if this
were
loaf at all"!
DEMOCRACIES.
article.
last issue Lord Bryce's
Democracies
we
described
new
the
method and extent of his examination of their his¬
as we
have seen, the four millions,
trailing
of Mr. Gompers, do not produce the
in the company
whole of
wealth, but at most only 10% of the actual
production. Besides, in this supposed computation
there
as
ganized labor would accept reductions readily and
the whole of work pro¬
any wage-scale in pay¬
will
under
as
So that, in yielding
nothing substantial in the long
much of the whole
to
attains
be influenced by
The full dinner pail is
scale, other things being equal.
if proportions be equal, will buy
as
high wages did before—or
as
He
scarcity in production, wages must respond to ple¬
Not
nothing based thereon stands.
standards—
forces.
If wages
whole
million union workers of
He
earns.
by the operations of all labor
of
best.
serves
inflexible
and
due to
wages
get only what he
arbitrary
set for him
are
under
Leaving out the
can
sonal
personal production of the four
cur¬
meas¬
against the conditions of to-day, the production
ures
and
would tend to stabilize business if
or
reason
deal only in general
course we
cannot
we
de¬
now
all other classes by
propositions, to which there
rency,
to wages that
agree
with the costs of living," but it
advantage
an
people not
Not only has union labor
stored-up and bequeathed wealth is largely what we
term capital—and hence is
peculiarly not the per¬
property
small portion
a
organized labor to the reductions in costs and
thora in
organism for the time engaged in
an
disproportionate
a
unjust buying power, while at the same time
adding to the cost of living which union latfor and
ily obtainable under
Then
high
a
And in no
and
maintaining
—and
under
as
prices, other things being equal.
counselling concerted resistance to reductions, and
terial
to this: Wages under a
secure as
scale (they were during the war) at the pres¬
wage
ent
it, because of the far-reaching consequences that fol
low its
and the "purchasing
levels, they remain out of proportion to the average
"keep
of the advocate.
Let
the hundred million
consumers,
power" of the people does not necessarily or logi¬
the case, as Mr. Alexander states, can workers consume
)f more than they produce. The gist of the whole de¬
of making his four mil¬ ception is that by keeping union labor wages at war
way
seem
lions for the most part
of
cut, standards
If wages are
materially reduce the stan¬
living of the forty million workers, let alone
Mr. Gompers is an advocate
He has
of workers
cost
remedy for hard times.
dard of
down, and the purchasing power of
go
people decreases."
lions
"We are told
foolhardy and disastrous theory
That is the most
of
they were thrown into
he also declares:
And
that wages are being cut as a
known to
Tin
unable to find employment.
shut down and
were
does not and cannot
ers
are
sixty millions that
are
producers in the full economic
consumers, but
sense.
non-
Therefore
a
decrease in the wages of a small
part of the work¬
t
tory and present condition and called attention to
the
ter
peculiar value of the work becausb of the charac¬
and
special
erudition
author of whom this is the
As
on
of
the
distinguished
Magnum Opus.
Democracy is nowhere being abandoned, but
the
contrary is spreading, the number of
democratic
States having doubled
within
new
fifteen
May 7
that its excellence
and its limitations, as these have revealed them¬
selves, should be understood, our readers will want
and, as it is so important
years,
to turn to the elaborate
Government strong
those who
their constitutional
Macaulay and May, and for those who
United States were filled with admiration
the
be re¬
only skin-deep, and must in some way
stored.
conclusion is that Ministries
The
Hallarn,
in
destroy their
Unfortunately, respect for law is too of¬
liberties.
history of England from
enough to protect the rights of
people and yet not so strong as to
ten
days have passed for
The
candidates.
pointed out
great problem of Democracy, to create a
the
the
duties.
figurehead, and the
mere
a
problem will always be what Lincoln
Democracies less
the part of the better men to become
willingness on
took
He must be more than
as
legislatures, and in all
of
value
closing chapters in which
people may assign much or little power
Executive, and this will define his
the
to
everywhere a decline of interest in the
He notes
The
much.
his conclusions.
states
author
our
1913
CHRONICLE
THE
1921.]
countries
no
are
in democratic
than
better in industrial ability
generally more hon¬
est, because they are exposed to more searching
liberal thinkers who in France, Germany and Italy
criticism.
Uncertainty of tenure is anywhere a
[it would be well if we could add Karl Marx] looked
weakness.
In general Democracies, in their admin¬
for a millenium from the establishment of repre¬
istration, have nothing to be ashamed of.
These
sentative institutions.
have
proved fairly competent, though, perhaps,,
In the United States many restrictions on the
Federal System, as it has for the
for the American
of legislatures have been
powTer
tutional amendment
wrearied
made necessary by the growth
we
its
many
free
unstable groups and fre¬
Britain is saved
her Civil Service and
the sturdiness of her temper,
which has acquired in¬
has not of late grown in public es¬
the
In
teem.
with
legislature,
been
never
The
masses
new
as
high
republics the standard of the
only occasional exceptions, has
as that of the outside community.
spirit of democratic equality has made the
less deferential to their own representatives
in the older States. Party organ¬
ization has developed in group interests, and every¬
where tends in the same direction.
Pay of mem¬
than
they
platform speaking by
leading politicians, and the power of the press have
diminished the prestige and influence of the repre¬
sentative legislator.
With us he is under con¬
stant pressure to become a mere delegate sent to
decisions
record
of
others.
Moreover, the issues to be dealt
lators
er
are more
and have impelled addition to the func¬
the Government, while the standard of
scope
of
tions
wTith by legis¬
difficult than formerly and of great¬
legislative ability has had
no
corresponding in¬
Power has in some cases gone over
crease.
the Cabinet
But the
to the
the Governor*
in different States.
wThether the President,
Executive,
or
the Ministry as
assembly as the
must, and doubtless wrill, re¬
place of the representative
vital centre of povrer
The
of
grants from the
local and individual interests,
filibustering and
a
new
self-respect by
representative will resent being made the
little-informed constituency,
l will do something to correct the present tendency,
but effective moral strengthening is needed far more
than mere mechanical devices, and upon that De¬
mouthpiece of
a
mocracies must ultimately
Increased courage
and power of decision on the
in
strength of the Ministry, as witnessed at
France,
times
Switzerland, and occasionally in Can¬
ada, preserving the English
tradition, will also do
the inexperience of her
proved that
diplomacy under the Republic have
France, for example, despite
people and their political unrest, has
her
in
errors
incomparably less than those which character¬
been
intervening second Empire, and than those
ized her
which have
brought ruin on the great military bu¬
reaucracies of Germany,
Austria and Russia. Swit¬
uniform and entirely suc¬
zerland has maintained a
stand¬
position, has both in her wrars
and her diplomatic relations been able to pursue a
course in accord with the general sentiment of her
policy; and the United States, though
cessful
ing in an exceptional
The nation
people.
has shown the growth of a
respect
spirit of good sense and self-restraint with'
for the
nations,
well as a strong
other great people so univer¬
rights of other
aversion to
No
war.
as
maintained everywhere.
which she
has definitely entered
upon democratic develop¬
ment, in the great issues which have divided her,
will probably be judged by posterity to have found
less 1 wisdom
in her "classes" than
among her
sally desires to see peace
Britain, in the nearly 100 years in
Great
A
"masses."
examination
The
and
of
summing
of
the
States
snares
has
of the results of the
have
The people
have the right to de¬
gained, while the methods
by
will always require
knowledge and the judgment of experts.
with
Cham¬
Direct Legislation by the People, and the Re¬
The
the
in the
proved more dangerous
which that end is to be secured
the
these great
generally justified the sys¬
that lie in wait for crises
autocracies
destructive.
up
foreign policy of
termine the end to be
Judiciary receives special review, and,
questions of Checks and Balances, Second
bers,
lation
depend.
part of the head of the Government, as in recent
times has been shown in the American States, and
the
unpreparedness to meet it, yet experience shows
there is much to offset this disadvantage.
that
Treasury of the
the
which the
mere
knowledge of possible hostile intent and its own
tem.
of
ablest men, and
the disaster of having to declare both its
to escape
lives
Government to
A monarchy has the obvious ad¬
vantage of being able to employ the
strengthening of Civil Service and the dis¬
continuance
arrest
foreign policies Democracies have been held
democratic
main.
which
has shown, is to be purchased at a price
are
bers, the increased volume of
the bureaucracy of Ger¬
as
peoples cannot afford to pay.
In
yet the House of Commons
creased powers
efficiency
essentially wreak.
The same is true of Italy. Great
from this only by the strictness of
quent scandals.
What they lack, if
States.
in the United
so
exalt such
many
the
the incessant wrangling of
by
Chamber with
least
machines
France people at large have be¬
In
and the like.
come
imposed by Consti¬
of corporations,' party
influence
the
of
they are elsewhere, but they are
of Central to
ined in the
Local Governments,
light of the experience of the
is exam¬
democratic
In the subsequent closing chapters will be
valuable review of the present status of De¬
system.
found
mocracy
and its relation to the Money Power, to
Backward
Races, to Letters and the Arts, as
the Present Tendencies and
its Future.
also
1914
THE
Publicity and Public Opinion
CHRONICLE
structive
small
its defensive
are
agencies; while general Education is its chief
with
con¬
religion must be relied
take
for the morals and the
on
boy.
Amusing himself,
making scratches
ered the
instrument, and the diffusion of genuine
[Vol. 112.
pi<2ce he had picked
sheet from
a
Secretary put out
the
act.
impulse of its action.
schemes be
acted.
A
defeated
of
mass
Only with these
and
selfish
evil
can
interests
counter¬
masses.
They
can
only in fertilized soil.
in
less,
whatever
Countries
that
theories
general
are
be left to
public funds, in the notion of far too many,
may iand should be used to "fructify" localities, and
long been
expressing their wants and removing their griev¬
ances.
Worthy leaders can be afforded opportunity.
called
by
means
Training for efficient local administration
introduced, and the multitude, by
another,
lines
has
Guaranty of civil rights enforceable by law
protection against aggression
other Powers
can
meanwhile be
or
she
When
this is
As Ernile
be
That this may occur,
could
up
and whatever
never
a
accusation.
Than
noble
a
manner
WE
GET
time when any good news is
IT?
creating
remain
seemed,
which
died,
that
As
A
measure.
Congress,
at
and
no
it
April 26 and passed
on
for
the
conferees
to
complete agreement
on
similar bill,
vetoed
was
by
merely
easily have been
the
session
action
was
from
comes
the
Wilson
so
reached
com¬
Senate,
the
Budget, with
a
an
a
what
on
nearly
upon
Treasury Department
manner.
a
subsequently
creates in the
pointed in the usual
some
adjust
technical
a
was
Director and
a
passed by the last
Mr.
the worst,
could
not felt
noticeably feel it,
might be said to not exist
atmosphere of liberty
in "melting up" and making over
defect
reme¬
spent
the
veto.
present
bill
Bureau of the
assistant, to be
The office of
ap¬
no
longer
There is
of
cost
surely wel¬
Budget system, and that only
a
details
before there will be
mon
taxed somewhat, but
did not
hordes who fled to
raw
taxed.
from those effete
us
any
na¬
doubt anywhere that we are
doubt that taxes enter into the
no
living and the problems of the day.
do know and
do "feel" that
we
chicial question now
Washington followed
the action of the Senate
minor
we
sense.
this country
the
am¬
come, and it is good news that the present week the
House of Representatives at
bill
literally,
tions, have changed this condition of tax-freedom.
BUDGET—SHALL
a
Hot quite
the most impassioned orator
we were
that
was
practical
There is
This is
sometimes
notions about the effect of the
in
to-day.
THE
was
Well, time and circumstances, and the too-liberal
worthy leadership in
Democracy nq higher position awaits
bition
such
in any
The "Cult of Incompetence" has become
serious
even
quite say that;
There will
surplus. Universal suffrage and equal oppor¬
tunity have done less in this direction than was
a
Independence Day
"Happy, proud America."
as
for not
in
a
expected,
the
country
by being free from taxation ?
it must be looked
appreciated when found.
in
this
Surely
distinguished and | happy above all other
was
of course,
leadership has to be secured.
Faguet pointed out, it must be thrown
from within.
for and
Wise
when,
oratory,
earth, for not only was she favored
by Nature and favored also by having the most in¬
telligent and most enterprising people, but was she
not distinguished above the effete
peoples of Europe
Democracy has given much to the world, so much
that its gifts may be
catalogued, but much remains
to be obtained.
be
nations of the
1
develop itself.
time
a
of
apostrophized
done their
individuality, which is their special
possession and contribution to humanity, must be
left free to
been
manner
exploitation by
given them.
can
"pork" bills,
sure of the desired
"coming back," by get¬
ting appropriations for distribution at home. There
the
on
as
make
so
along which the free peoples of to-day have ad¬
vanced.
and
be put in the way of growth
can
appropriate
so
Congressman could approve and
justify himself, in the eyes of his constituents, and
and
one agency
struggle, through what
a
term
no
to see how well a
be
can
people.
The
it has
be helped with
can
so
confidently and fear¬
as
Seas, had not made its mischievous entry
of
They
light, and when the modern
when he drops a suction hose anywhere in
as
into the minds of the
largely composed of such| masses must
work along the lines of their own
history
and traditions.
were
public treasury is exhaustless,
dip into it
may
the Seven
help¬
be applied.
may
one
lessly
Un¬
more.
supply it; and
paper," said this Secre¬
belongs to the United States."
small, when the Government handled little
notion that the
spirit of co-operation
Large communities require much
tutored multitudes cannot
you some
paper
funds, when taxes
affairs is sufficient for small communi¬
common
ties.
were
The co-existence of personal
a
The
ever
occurred, it must have been a cen¬
tury ago, when the country and the Government
be planted and maintained
independence coupled with
the father's desk.
on
hand and gently stopped the
a
incident
an
The demand for free institutions does not arise
in the
cov¬
this, and it may be dismissed as legen¬
dary, but it has its moral notwithstanding. If such
only be destructive.
can
give
the child had
and he reached to
up,
We smile at
ignorant people is unprepared for
democracy ; and intelligence uncontrolled by high
principle
"I will
tary; "that
pile
a
inspiration which shall supply its strength and be
small children do,
as
on paper,
it, how deeply
we
are
is, how thoroughly
Of
the
course
we
this thought takes
problem of national
us
The
know
we
feel it, and—lastly—what
going to do about it.
;
We
taxed.
we are
back straight to
expenditures and to the
Budget. To this present day, with Government un¬
dertakings widening and expenditures rolling up,
and with the prodigious and
revolutionizing strain
of
the
without
the
great war added,
so
time
evolved
more
much
when
and
as
the
the
attractive
have muddled
we
business
sex
was
woman
still
had
one young
not
In
been
supposed to be the
by clinging to the male
clings to the oak,
along
the, pretense of any system.
as
the vine
housekeeper resolved
to do
troller-General is also to be
created, with an assis¬
better; she would have an accounting system.
So, in the daintiest of notebooks, she made the entry,
tant, and these two agencies
"received from
the
A
new
system.
are
to have charge of
was
1
(
story Icomes up in memory that
officer
Comp¬
once a
'
Cabinet
working (really working, it should (be
presumed) in his office, and about him frolicked his
only entry,
on
Harry, $100"; but the following and
another date, was, "spent it all."
So,
Cabin," when the practical
Ophelia from Vermont asks little Eva whether, in
the family manner of
living, they did not lose a great
in
"Uncle
Tom's
w£
May 7
CHRONICLE
things, that immortalized child replies: "Yes,
many
but
THE
1921.]
Papa always bought some more, whatever it
was."
all
seriousness, how have we, the people of
been better than is indicated
great country,
by these little stories at which we smile?
spent
We have
the millionaire's son might spend, if
as
millionaire
weak
were
any
enough to hand the boy
a
huge book of checks signed in blank and start him
We have had committees
off to discover the world.
We have had Cabinet officers
making estimates.
and other
have
departmental heads doing the same.
We
spent money before it had reached the Treas¬
We have incurred bills without anxiety,
ury.
past appropriations, and he raises the question
run
expediency
of the
ate when the
\
In
this
1915
re¬
such
pass upon
they
In
tor Warren of
mittee
goes
Wyoming, head of the Senate Com¬
pointedly declares that the "one thing leading most
directly to the desired result of
work between the
of the Government."
not
plain that the
in recent
years,
work"
in
our
Clearly this is true, for is it
thing most lacking, especially
one
is what is expressively called "team
Government,
every
the whole and natural result
all he could
rules and
There has been
The
real financial
a
and
Further, says Senator
ments and all persons
firmly resolved to maintain it?
the utter absence of co-ordinate
was
grown
action, ail
purchasing and disbursing officials seeming to
only
upon
possible) which
in
our
(to spend the utmost money
thing
one
so
rolled
was
and of co-ordination—let
vation—which, piled
the wastes of the
up
It
country.
own
agree
remember, for
us
the long
upon
war
just this lack of plan
sal¬
our
of bleed¬
process
held to
the war
over.
now
being
this looseness and he is
ourselves
ments
on
are
a
basis
thing to precipitate
have
we
Now,
says
amount
to
now
likely to
are
by the close of the fiscal year;
King of Utah adds that department
incurring
obligations beyond
amounts
All this is
a
tions, and those
ate economy
the
scattered, without co-ordination
will
hindrance
for1
they
our
Gov¬
being
are
they
come
affairs have
carried
been
on;
anything except what should have been expected?
We must pay
escape
for
our
from that, but
past remissness; there is no
should also learn and long
we
remember its hard lessons.
To start
befst understand that from the
aid will be
we may
politician little
had, and from the needless placeholder
whatever.
none
mere
with,
Everybody is in favor of
economy,
not
be
of
once
established it
permanent and
they want it?
is
on
the
reasons
be
alert to
why the
save
axe
his
job and is ready with
and the pruning-knife should
wrielded| somewhere else.
department head what
any
the
only effectual
course
It wall be idle to ask
sum can
State:
nor
argument,
lean have
a
serve
be got
on
with;
will be to tal^e the timely
lesson from what Gov. Miller has
this
himself he
accomplished
no more
j that they
must not exceed it in their
commitments, and that it
they do not manage to get
on
under
a
reduced scale
taxation?
ment of
Do
It
is
both
timely,
significant (and encouraging
Harding has
the direction of
system and economy.
now
taken
At
a
a
:
if the people want it.
mental
people really want—not merely
silently approve—this longsense
spending, it will
mand in
no
and method in Govern¬
come,
As the •"Chronicle" has remarked
concerning the
great problem of transportation, this is before the
Their action, and their answer, will decide.
people.
STEEL CORPORATION DECREASE IN WAGES
AND
GENERAL
WAGE REDUCTIONS.
Particularly significant at the present time is
the announcement
by Judge Gary of a cut of 20%
in the nominal
wage
tive
of day laborers in the U. S.
Corporation plants, this cut to become effec¬
on
May 16, and it should be noted that he fol¬
hand in
lows the
Cabinet
tem
in
example of the Pennsylvania Railway sys¬
to be
is meant
only will the salaries of employees be so
announcing that salaries
in
that not
because they will de¬
doubtful terms that it shall come.
"equitably adjusted," by which
of emergency,
and the re-establish¬
industry and trade?
meeting and by letter he makes it plain that, except
rare cases
Do
Are
they begin to realize how that taxa¬
If the American
,
that President
be expected to be¬
Are they resolved to have it?
tion hinders the real recovery
Steel
they will be shown how to do it.
may
they seriously and determinedly tired of crushing
department heads that they
specific amount and
accomplished-—and after
in
notice, admitting neither appeal
upon
will
more co¬
to be gradually improved—
single condition
upon a
delayed turn towards
near
nor
attempted evasions and delays.
be and will be
can
its
comes
responsibility.
begun without resistance and the
languidly desire and
application it
or
accomplished easily,
reform, and retrenchment in the abstract; but if in
concrete
A
themselves out.
carry
positive warrant of immedi¬
to concentrate the estimating and the
But it
with the utter looseness with which
a
and business-like methods, but it marks
vert
ernmental
never
spending which have heretofore been divided and
They
agree
should under¬
It proposes
not
probable,
we
along which such reforms must proceed.
correctness of either of these statements.
even
For
line
one
be
are
people.
Budget is in the nature of good resolu¬
even
incredible, they
provisions made by
distinctly encouraging, and is, further¬
It
are
fix
until the depart¬
challenge to the attention and the serious
more, a
not, for the present purpose, inquire into the
need
in
concurs
sure we can never
conducted within the
We
available and that this is in violation of law.
es¬
accountability,
dangerous tendency than
"very
of economy
Budget is not in itself
nearly 300 millions and
reach 500 millions
are
problem
Senator Smoot, the present deficits
to this Senator
heads
transportation
the
to settle.
depart¬
Congress."
consideration of the
which
strict
a
The President
does not know of any more
stand that
other single
of
this, for he has written to department heads that he
their seizure and did
than any
heads
Warren,
charged with submitting
timates should be
ing the railroads, let to the prodigious blunder of
more
being towards growing
expenditures and wastes and decreasing efficiency?
own
system and had
department and
in it having been pulling by himself,
excuse must
made its
war
them; but suppose we had already been
it
to
an
co-ordination, each official spending
get, if not more.
blessed with
It
them, later.
methods, and large and liberal
be made for
wonted
of
is team
economy
legislative and executive branches
would take
care
and decide whether
Appropriations, the Senator justly and
on
every person
of
oper¬
recent letter to him from Sena¬
a
posing in the certainty that deficit appropriations
utter lack
committee, to
a
into practice, expressly to
emergency cases
real.
are
of creating
Budget
expenditures must not
also
are
we assume
[Vol. 112.
CHRONICLE
THE
1916
revised, but that the principle of consistency and co¬
poration for its long day, every attempt to eliminate
operation will be extended to the persons "higher
that
earned, and that there is difficulty in persuading
employed in 1920
pay
about 261,000; thup more
was
of the heavy
cause
The last
falling off of orders.
advance, Feb. 1 of last year, was 10%, and
rate per day to $506,
which is now
wage
raised the
Since 1916 the Corporation's
brought to about $4.
have risen 153%, figured on a cumulative
wages
Of
this will meet the intense
course
disapproval
Gompers and the American Federation of La¬
of Mr.
bor, and
blast of
expect another solemn counter
warning and denunciation, which will not
may
we
are
claring that everybody outside of unions is bent upon
suicide. Mr. Gompers has long held the U. S. Steel
Corporation and the courts in the deepest disap¬
He has
not^been able to get on with either.
him and his cause as
The courts have not treated
the line-up be¬
committee in
employers and
employees
the
in
printing
trades, the unions and the Association of Employing
Printers in this
quest for
The
has
a
city, has rejected the employers' re¬
25% cut, but has ordered a cut of 12%,
a
April 1, and to run to next October.
arbitrators
point out—what the "Chronicle"
consistently contended—that this cut represents
decline in average
living costs, and is nominal, not
real.
by Judge Gary is couched in positive terms; it is
engaged in a conspiracy
destroy labor, which is really tantamount to de¬
proval.
•
Wall
Street, and nearly everybody else not already with¬
organizations,
,
It should also be noted that the cut announced
tions, capital as concentrated and wielded in
in union
f
eight hours.
interesting and timely announcement
arbitration
an
tween
an
railways, corpora¬
fail to include the assertion that
he
that
dowm to
come
It is also
retroactive to
basis.
to
them to
100,000 have been dropped off the payroll, be¬
than
opposition from the workers them¬
selves, because they wanted the larger pay thus
125,000 to 150,000, while the average num¬
fect from
ber
met
of common labor will af¬
This cut in the
up."
has
wished, and the Steel Corporation is a signal ex¬
not
kicks and protests
and
cover
the
and of industry in general.
ways
are
We may
simply proposed, but it "will" be.
broaden the statement to
case
For while there
and refusals and grumbling
threats, those will be ineffective.
which
of the rail¬
The forces
pushing nominal wages down are not set
are
in motion
by
set of men; they are ex¬
any man or
pressed in real laws, not in statutes of man's fram¬
ing.
They
are a
part of the inevitable process of
ample of employer and employee sitting together at
gradually getting back to the normal conditions.
table, laying their cards upon it, face up,
Complaint and attempted resistance are as vain as
a common
and then
adjusting their
differences, which al¬
shrink in number and importance as soon as
ways
this process
Corporation—a
to what
anew
intention to unionize the
an
which
hope,
forlorn
labor
has
that
When
come.
complaint of the weather and attempts to alter it.
A decline in nominal wage
be
"nominal
wage" in
intent and also with
always used the expression,
good
and the value of money
but in its
look for events hitherto unheard of except in
may
legend—possibly all the
cows
refusing to secrete milk,
once
A
in the
growing
several
or
and
nervous
suns
visible at
writer in
the
issue
current
of
the
"Atlantic
Monthly" presents what he calls "Judge Gary's Op¬
portunity," by which he
length of the work-day.
be
means
working hours
increased
reduction in the
a
Speaking generally, it
safely said that there
which
can
application,
may
only two methods by
are
be diminished:
hearty
energy,
is by
one
and
conse¬
quent effectiveness of the individual worker, and
the other is
conclusion
the
by putting
with
For the purpose
lie not in its tale of dollars,
J udge Gary expresses
power.
labor
"Chronicle's"
the
represents 90%
It is
estimate
necessarily only
remember that
must
we
own
of the
that, in the
analysis, labor represents perhaps
than that.
an
the factor
5%
more
estimate, but
of labor costs
begins/with the appearance of the raw material and
follows it in its
finished
product
course
on
from the
raw
stage to the
the consumer's table
or
in the
output of industrial processes, and, of course, this
factor of labor cost is cumulative from one end
the process
This
machinery and
more upon
that
reason.
producing cost of steel, and this might be compared
last
sky.
purchasing
subject, with
discussing this
closed
manner, we
It can be
injected into it; but prevented it cannot be.
The "Chronicle" has
great industrial plant is really unionized, after the
shop and the icentrally governed
is inevitable.
delayed; needless friction and losses and wastes can
illustrates
desperate straits the cause of solidi¬
centralized
and
It is not long since
is applied to them.
the A. F. L. announced
fied
own
>f
to the other.
being economically and unchangeably true,
pushing it harder, since machinery will not form
why cannot organized labor, notwithstanding its
unions, has
long and unhappy course of false teachings by lead¬
no
soul to suffer, and its "body"
burdened without moral sin
fice.
selves ;
this,
says
effort,
basis
be
however, in
working,
on
or
class by them¬
a
short runs, but must
comparatively
so.
On
who have been at
ers
once
both ignorant and per¬
sonally selfish, be brought to see that every line of
industry and every place must bear its share of the
burden of labor's
tion
misunderstandings and selfish ac¬
everywhere? If labor,
as
labor continually does
"After long and painstaking
have not been able to find a practicable
do, pushes up the cost of living by its wastes through
the
labor
Judge Gary:
we
for
or
are,
they cannot operate
have continuous
that
can
great economic sacri¬
The blast furnace and other methods of work¬
ing steel and iron
day
or
ehtire
abandonment
of
turn in the immediate future,"
the
12-hour
But, he adds,
strikes, this needless rise in costs hits organized
of
everywhere, just as it hits the great majority
the
people, who are not in the union, and so,
de¬
according to the tenets of unionism, are not truly
partments, and efforts will continue, in hope and
expectation, towards the complete elimination of
workers, and not entitled to consideration as such.
that
and
day has already been eliminated in certain
day during the next
year.
that he does not believe the
isfied with
the other
any
employees could be "sat¬
shorter limit,"
statement, in the
The added remark
may
news
be taken with
account, that, al¬
though union leaders have kept attacking the Cor¬
A
drop of w^ter might as wrell take consciousness
attempt to live distinct from all other water, as
for any
human being to try to separate himself in¬
dustrially
must go
or
morally from mankind; to do this he
back to the hermit manner, or to the cave-
dwelling of long past centuries, and not even the
May 7
cave-dweller
the
THE .CHRONICLE
1921.]
able to live
was
by himself; he
in
was
beginnings of the social state, but those begin¬
nings
all about him, and he could not
were
escape
them.
things from a safe
ested
merely to set
a
time for employers not
proper
industrial democracies within their
up
plants (as notably in the Standard Oil, for
one
distance
and cities
States
Other
may
than
when
profit by
The need and
utility of roads,
each
instance
concrete
roads run,
depends
pays
Speaking in the broadest terms only,
trast is noted between railroad
would not meet the
men
But
case.
why might not the heads of great (and also of small)
attempt to show to their men, by friend¬
concerns
as
road
building.
In the
where
upon
what they cost, and who
false
"talk down" to the
nearby.
disinter¬
direct con-4
a
building and plain
of the former they have
case
paid dearly to individuals for the privilege and right
under eminent domain of
driving their rights-of-way
through farms, towns and cities, regardless of
which pays
eral
the
product of the labor; that the labor cost is the
benefits
these
willing to
that all
When it
of any
kind within society, as a sort of government
within
government, are both futile and hurtful;
a
that all of
none
us
are
inseparably bound together, and
thrive upon
can
the losses and sufferings of
employers, no banks, or other associa¬
combinations of capital, and not even those
tions
or
no
sometimes envied as above the laws which
persons
apply to others, namely the "rich," can do as they
please.
We
One set of
to
physical, moral and economic laws apply
We cannot escape our
all.
us
burdens
all in one great mass, the people.
are
time
the
of
fair share of the
by trying to thrust them
on
somebody else; this is not effectual; it is not heroic
manly, and it is not American.
or
What
all
we
need, what this unhappy world needs, is "team"
work,
more
dends in
ness;
than anything else.
there is
We
There is
quarreling.
in
are
no
a
wealth
or
human existence is to be
inscrutable
and
or
None is wise
in what exact
we
st|age of
reached; but that there is
a
thousand
years are as one
It is for us
need not and should not doubt.
all to bear
part, and to keep our faith.
our
But inasmuch
man¬
unconquerable plan of divine
Providence, to whom
day,
Things have
period.
at what cost and sacrifices, the new
ner, or
divi¬
product in idle¬
no
foundation.
enough to foresee how soon,
an
are no
happiness in wastes.
reconstructive
been stirred to the very
There
the industrial
as
/
greatest at present, at least so far as human insight
can
go,
for by bond issues and gratuities.
pay
to
came
assessing benefits and damages,
find
to
and inasmuch as the labor problem is the
roads
public highways.
or
No matter has been
more
communities than the
the
tion
ruled
as
by County Courts
sioners, sitting often
as
viated
section
all
on
lines,
sectionized land,
ner
just suggested?
employers to take
a
an
opportunity
hand in the man¬
It is only just to remember
that, however great the
sins
of
organized labor
against all society (including itself) this has come
largely by ignorance and false leadership.
has not
merely
gone wrong
and done wrong; it has
been deceived and misled.
As
and
a
well
as
time
as
for
of
self-preservation,
public duty, is not the present a fit
and for public teachers
employers,
thoughtful journalists, also, to take
conduct herein
up
and
the line of
or
or
THE
BUILDING
OF
uGOOD
ROADS."
The scandal and ruin of
the
of
Southern
the
be from any
we
are
road-building in one of
States, lately disclosed to the people
question in the popular mind.
better able to
Often,
judge the right and wrong of
surveys,
And this
above indicated.
as
point to
any
other point, without re¬
gard to length or direction,
necessary
as
becoming
whole.
a
In this
as
more
mineral
we are
Missouri,
a
the
and
a
at least, and
now
of
far
ad¬
Those in¬
attracting attention.
are
given the
The cause is heard, and the
testimony for
assess
abutting
benefits
more
or
against, and in
ordering the road, commissioners are
the "Flair" for
some
much
State whose unfortunate
adjacent to the proposed road having
appointed to
owners
following the laws of
typical Middle West State
petition for, those opposed
case
minimum of
fertility, more general agricultural and
experience is
filed
a
declared by State statute.
resources,
terested
building
bridge
the
public charge upon the county
description
the State of
—of
a
However, there must be
petitioners
on
benefits and damages to those
So great
the right-of-way.
roads, the word seems proper, that
overtop damages usually; but where
slight assessment of damages is awarded, the
pay
this into court—and thereupon
the road is declared established and
opened to the
public, and thereafter is maintained by the Local
Overseer out of the local tax
ally inadequate.
the
road
cal
country, ought to compel a reconsideration
of the whole
around each 640 acres of
country road, is by petitioning the Courts
Commissioners,
on
OVERDOING
ob¬
road, though usually following divisional lines, may
ies in the
suggested? /
one
But the prevailing plan for establishing
public.
public
or
was
throwing the right-of-way thus declared open to
petitioners must
' V.
matter of self-interest and
a
Labor
In
according to the recorded
Court finds from
problem, is there not both
County Commis¬
by decreeing that a public road should run
tor in that
call for
or
courts of record.
Middle Western State much future trouble
the
In!
ordinary the process is under county jurisdic¬
right of remonstrance.
a
vexing in the history of
building of local roads.
greatest and also the most apparently difficult fac¬
and
first in¬
damages preponderating in the
stance, the railroads, and benefits in the case of the
vanced than the Southern
problem is the
gen¬
sections, which
public local commissioners have always managed
others, but only along with the general welfare; fur¬
ther, that
and
communities
to
contingent thereto, have often been only too
overwhelmingly great factor in all costs of living;
attempts to create and maintain a "class"
the
the bill.?
ly, man-to-man talk, that it is not the counting-room
the wage, but the public, by consuming
an
abstract, may be conceded; but need and utility in
example), but seriously to begin trying to undo the
teachings of union leaders ? To come down and
a
study of the conditions prevailing in the State
referred to.
Now is not this
own
1917
case
fund, which is gener¬
This process for "dirt" roads var¬
of "macadam" roads to
an
assessment
abutting property, gradated back from the
line, to
pay
the cash.
Or, to the voting by lo¬
political divisions of local bond issues.
Since the advent of the automobile it may
that
the
permanent, rock, macadam, or built-in roads.
was
a
be said
only definition of "good roads" is hard,
time in the earlier
There
days of the Middle West
agricultural territory, when the desire of ingress
CHRONICLE
THE
1918
and egress
to the haphazard farms as constituted
by ownership and improvement, made the dirt roads
desirable to induce their opening as
sufficiently
above
outlined, though in truth they were often im¬
The need bore down the
passable in rainy seasons.
evident waste,
them there
and in
order
to secure and maintain
known as the "road
later what
arose
was
it
primitive lands often not provided with
"progress" for
might.
over
indefinite time.
an
indiscriminately by
the costs.
pay
sentimentality for im¬
a
that does not
The farm abutting on a public road
that road
uses
And
But vested rights are not to be bowled
provements indulged in by a public
approaches it
his
drag" system, partly voluntary.
These
throw back
so
li2.
[Vol.
no
than the land-owner who
more
over
long back lane obtained over
a
neighbor's land,
perchance than the
more
no
long-distance general public passing back and forth
it.
If the lands
to be confiscated to build
permanent road materials, were unable to pay the
costs of other than dirt roads.
As said, a liberal
over
policy prevailed, and roads so added to and opened
politically toward communism.
without unified
were
good roads
caprice, and, in fact, did
Upon this condi¬
tion, without change save the slow growth of the lo
calities, come these new State laws designed to fos¬
LISTINGS
begin nowhere and end nowhere.
"good roads," and in the case in question empow¬
counties
in
fortunate
unfortunate
or
enough to obtain the favor of the will of the legisla¬
tive
To this is added State taxation for so-
body.
called
great public highways and Federal aid by
And the innocent
to pay the
grants for a part of the costs.
owners
of lands
are
made in the main
costs, whether by front foot assessments or by divi¬
sional
bonds, though they threaten confiscation—
and have
no
That extravagance,
redress.
downright rascality should
not
be
to
wondered
waste and
in the building is
ensue
at.
the
can
The securities listed
become
intolerant
so
to ignore
as
Yet it is
the lands.
tion to ask if
a
can
man
say,
his
same
for.
There
are no
idle
no means an
have his
property im
own
time be made to
there¬
pay
end of people ardent for
"public
back to the railroad, it
was
But
primarily of far
greater moment to the locality and community than
these
present great inter-highways.
the railroad survey
divided
If perchance
man's house from his
a
barn, the Commissioners, acceding to "eminent do¬
main" at the
ages
has
same
against the
no
time
awarded
him
heavy dam¬
Now, it would
company.
seem,
he
interested
general public, bent
everything, regardless of cost—when the
cost is borne
The
same
situation
prevails
country towns, where property
against their wills to
that
they
they sell
ural
having the best
on
by those said to be directly benefited.
general
in
owners
pave streets on the
countless
are
aggregate of listings for
in the output
ties for
assumption
not—benefits that by force of the nat¬
competition of property
when sales
are
on
unpaved streets,
effected, often vanish into thin air.
The ethics embodied in the
proposed amendment
to the constitution of the State which has fared
in
local
this
increasing and abounding road question
ever
where.
serious
special Act," ought to commend
consideration
And it
should
not
of
munities, but should
a
serve
the
merely
back the costs upon the power of
first
people every¬
serve
to throw
majorities in
com¬
to demand that there be
general and wise plan for counties, States
and nation
first, and second
tax affixed to the three
a
system of equitable
jurisdictions.
One may say
fhis is impossible in the nature of things and would
of miscellaneous and industrial securi¬
of the record of any
preceding
year,
and far
previous twelve months;
(3) the relatively small amounts of railroad securities
and of industrial and miscellaneous bonds for refund¬
ing; (4) the
handing
stock dividends declared fol¬
numerous
lowing
the
down
on
that stock dividends
not
are
the
of
States
United
March 8 1920, holding
subject to income tax
under the Revenue Act of 1916.
We also observe:
(5) the large amount of oil
stocks listed, showing clearly the
interest in and
ties of
very
com¬
great
importance of the oil industry at the
entire absence of new securi¬
(7) the complete
present time; (6) the
public utility companies,
lack of
railroad reorganizations and consolidations;
(8) the further widening of the New York market
for
foreign securities.
of stock of miscellaneous and in¬
The aggregate amount
dustrial companies listed was
$2,041,409,673 compared with
$1,015,927,517 in 1919 and exceeding by over 500 million
previous high record of 1901, when the 1,100 million
Corporation were issued.
No less
the
shares of the U. S. Steel
than
$1,131,237,916 of the stock of miscellaneous companies
isted
represented
capital.
new
However, it must be taken into account that in many
cases
the shares listed in 1920
represented by
more or
were
of
no par
value and
in dollars and thus
previous
financing during
the previous year.
Federal control
from
expressed
impairs the value of comparisons with
years.
Railroad
over
were
less nominal figures. This practice has
lserved to reduce the total amount of stock listed as
the
year
showed
a
decrease
The roads since being relinquished
are
being largely
financed for under
provisions of the Transportation Act (V. 110, p. 715 to
the
723 and 2250)
selves
of
A large number of the roads availed them¬
.
the
advantages
afforded
them
under the Act,
thereby securing money at a low rate of interest for meeting
their maturing
the
obligations, working capital and for securing
rolling stock.
new
badly: "Hereafter the General Assembly shall not
the
period of its length in the
capital, the total, $1,131,237,916, being
new
excess
so
pass any
or
a
year.
(1) The largest
note:
we
than double that for the
more
forced
receive compensating benefits, whether
or
the New York Stock Ex¬
history of the Exchange; (2) the enormous increase
rights against the far-off and only indirectly
there is of
to
Among these features
pany
improvements" when they cost them nothing.
to go
on
EX¬
STOCK
1920.
clearly the striking features of this unusual
ques¬
enhanced in value, against
proved, that is to
will, and at the
by
YEAR
THE
change during the twelve months of 1920 disclose
private rights of those who have improved and
own
tending
we are
YORK
NEW
THE
Supreme Court decision
Many will object to the statement that "public
improvement"
ON
CHANGE FOR
ering legislatures to have jurisdiction over roadbuilding
then
design, the subject of selfish
interest and the victim of
ter
are
(poor too often)
These transactions do not appear in
year's listings.
The table
of note
issues not listed
on
the Exchange
as
compiled at the end of this article shows a large increase
over
the figures
reported for 1919.
The total for the year
just passed was $761,910,040 as compared with $524,763,500
for 1919 and $515,583,900 for 1918.
Railroad bonds listed for the year total $233,816,550 as
compared with 205 millions in 1919 and 61 millions in 1918.
Chief among the issues of this class are the $50,000,000
Pennsylvania RR. Ten-Year 7% Secured gold bonds issued
and betterments and for refunding purposes; '
for additions
$25,000,000 Canadian Northern 20-Year 7% Sinking Fund
Gold Debenture bonds, and $25,000,000 Grand Trunk Ry.
of
Canada
20-Year
7%
Sinking
Fund
Gold
Debenture
MAY 7
bonds;
THE
1921.]
Chicago & St.
Pittsburgh Cincinnati
$15,768,400
Louis General Mortgage 5%
Gold bonds given to minority
stockholders of that company, par for par,
11199987248
stock by
their
Following is
1935
in payment for
the Pennsylvania Company, acting in the
interest of the Pennsylvania
LISTINGS
financial and otherwise,
the bull market of the early
advance the
to
quotations of
stimulated by
was
months of the
numerous
that served
year
stocks to
if the shares
a
point
were
to be
kept within the reach of the ordinary investor.
YORK STOCK EXCHANGE.
NEW
ON
This phenomenon, due to
exchange for their old stock.
various reasons,
where subdivision seemed necessary
RR. Co.
usual ten-year listing table:
our
1919
CHRONICLE
.
:
General
Motors
Thus the
Corp. listed 19,871,687 shares of
par
no
value, issued in exchange for its Common shares of $100
Capital.
Replacing
Old Issues
Issues for Neic
Bonds.
&c.
'-v:?.
Old
Now Listed.
Securities.
value in the ratio of ten
par
Total.
of $100
S
no par
value shares for
in exchange 600,000 no par value
jbff
388 ,703,500
4,564,300
45,621,900
438,894,706
manufacturers) also
1919-
211 ,074,311
41,795,500
33,958,500
64,445,GOO
68,132,729
93,527,800
321,002,540
227,634,700
shares for the old 600,000 shares of $100
212,702,200
1,026,853,550
25,925,000
100 ,148,400
1,349 ,686,350*
541,192,300
488,993,000
207,300,850
648,066,100
654,977,750
148,148,600
580,834,400
343,522,220
680,638,517
2,155 ,398,653
236,0^0.904
"474,927,■*28
1 .-66 .684,492
106,684,130
312 ,024,647
724,450,548
418,180,265
1,481 ,285,345
523,691,900
447 ,815,200
1913
122,222,333
175,250,900
447 ,676,900
397 ,563,800
35,122,660
1,131 ,237,916
55" ,6 >5.7 '0
44,652,250
139,877,552
1911..
Stocks.
1920_______________
160 ,688,267
616 ,957,245
1917-__„.
69,751,875
96,127,390
479 .263.618
1916
;
9G7 ,161,758
130 ,383,000
441,413,360
939 ,326,240
571 .796,360
264 ,714,115
1914...
347,279,115
611 .993,230
319 ,506,950
;
255 ,897,215
...
503,139,433
193,950,217
38,000,000
463 ,935,140
1912...
1911.
•
249,717,615
1,161 .030,790
643 .614,830
receipts and of securities
or of securities stamped
themselves Having previously
Note.—Applications lor the listing of trust company
"assented" (if preparatory to reorganization),
marked
paid"—the securities
been listed—are not included in this table.
*
Government loans are Included in the above
"assumed"
"assessment
or
Other
|the
gave
examples of the
1,829,186,000
48,798,786
5,000,000
25,000,000
361 ,770,667
300,751,000
40,539,000
1,505 ,530,000*
451 ,854,514
1916
share
The B. F. Goodrich Co. (the rubber
value.
par
1920
1915__—
one
%
-
each.
of eliminating or reducing
process
value for Common shares are found in the following:
par
(а) Wilson & Co.'s 200,000
300,000
value shares, exchanged
no par
shares of $100 each; (6) Guantanamo Sugar Co.'s
for 200,000
value shares,
par
no
$100
par
Co.
150,000
value
replacing 300,000 shares of
Caddo Central Oil &
(c)
each;
Refining
no par
value shares, in. exchange for 150,000
each;
(d) The Texas Co., which reduced the
shares of $100
value of its shares from $100 to $25 per share and issued
par
four shares of the latter in
exchange for
one
of the former, and
(<?) Cuban American Sugar Co. reduced the par value of its
$10, issuing 10 shares of the latter in
shares from $100 to
exchange for
of the former. '
one
principal oil issues listed during the last year are
The
(1) $98,333,300 Standard Oil Co. of New Jersey Common
,
STOCKS.
BONDS.
"
.
Year.
Electric
Railroad.
$
S :
...
205,251,700
61,294,600
1917... 525,320,250
1916... 337,899,500
1918...
1915... 325,655,100
1914... 344,983,800
1913... 281,291,100
1912... 209,752,900
1911... 298,003,900
S
Electric
Railroad.
S
7
.
43,119,000
23,810,000
14,515,000
183,631,000
177,401,500
34,160,000
Ry
Mis cell.
23,875,ISO
466,725
148,415
31,951,365
and the
stock
issues
two
stock
Preferred
7%
of
of $98,338,300
non-voting
cumulative
each,
or
a
total of $196,-
676,600, the latter offered to the Common stockholders at
$
%
87,122,800
205,078,150
115,750,840 260,2-0,250
68",386", 166 97,954,000 55,268,500
17,897,000 147,636,300 623,807,060
1920--- 233,816,550
1919
Mis cell.
Ry.
20444.00373
1015927517
258,771,992
825,526,920
52,903,635 753,072,523
178,687,500 161,185,600
191,727,200 367,827,670 140,403,200 431,095,370
129,494,200 346,016,100 50,065,100 175,715,160
12,139,000 357,044,580
183,144,000 242,809,650
207,823,350 136,034,100 109,405,900 915,590,790
245,070,500 204,889,550 141,226,600 297,498,680
par.
(2) Atlantic Refining Co. $5,000,000 Common stock
and
$20,000,000
Class "B"
Oil
Co.
Texas.
of
stock of the Island Oil & Transport
Co.
also include:
The notable additions to the listed oil stocks
Other notable bond issues by
railroad companies are the
Ten-Year
7% Secured Gold bonds, issued for additions, improvements,
&c.; $10,598,000 St. Louis-San Francisco Prior Lien 6s,
Series "C," issued for refunding and for additions and
betterments; $10,000,000 Delaware & Hudson Ten-Year 7%
Secured Gold bonds, issued for refunding and additions and
betterments; $7,500,000 Louisville & Nashville Ten-Year
Secured 7% notes, issued to provide for necessary equip¬
following: $15,000,000 Chicago & North Western
ment and additions
Coast
and betterments, and $6,000,000 Atlantic
(б) $130,000,000 Capital stock of The Texas Co. of
which
$25) issued in exchange for $100 par
shares and $45,003,700 issued for refunding pur¬
$84,996,300
value
(par
poses,
of
(7) $7,489,700 additional Capital
acquisitions, &c.
stock
Oil
Tidewater
the
issued
Co.
for
capital.
new
(8) 759,464 shares Cosden & Co. Capital stock.
(9) 244,122
shares of General American Tank Car Co.
(10) 660,000
(11) 426,708
shares of
Philips Petroleum Co. capital stock.
shares
Superior Oil Co. capital stock and (12) 689,046
the White Oil Corp. capital stock.
of
shares of
7% Secured Gold bonds, issued for
Line Ten-Year
(3)
stock.
Preferred
(4) $25,000,000 Capital stock of
(5) $22,500,000 Capital
Capital stock.
Houston
the
cumulative
7%
Corporation $13,000,000 Class "A" and $1,000,000
Barnsdall
Chief among
the companies declaring Common stock divi¬
following the decision of the United
dends
during the
amounted to
$205,078,156 as compared with about 116 millions in the
preceding year.
Leading the list are the $30,000,000 Westinghouse Electric & Mfg. Co. 7% Gold bonds; $25,000,000
Consolidated Gas Co. of New York 7% Convertible bonds;
States
Supreme Court are (a) Crucible
three
dividends—50%,
Convertible Debentures,
and $25,000,000 Bell Telephone Co. of Pennsylvania First
& Refunding
Mtge. 7s, and $20,000,000 United States
Rubber Ten-Year 7lA% notes.
Further examples of the
larger listings are seen in the $15t000,000 General Electric
100,000;
additions and improvements
bond
Miscellaneous
and for corporate purposes.
the
listings for
year
$25,000,000 Cuba Cane Sugar 7%
Co.
20-Year
Debenture 6s;
Steel Corp. First
15-Year
Co. First
the list
are
the
added
$25,160,300 Common stock of the
the miscellaneous stock issues
among
(a)
American Tobacco Co., issued
Class
"B"
change for scrip and as a 75% stock
7%
and $49,300,200 Com¬
stock of the same company
issiied in
ex¬
dividend; (b) $26,900,000
Cumulative Debenture stock of the
General Motors
Corp. issued for general corporate purposes.
Well worth noting are
also the $20,000,000 new Common
stock of the American Woolen Co.,
tal; $17,500,000 Steel & Tube
lative Preferred stock,
additional
working
issued for working capi¬
Co. of America 7% Cumu¬
issued for refunding purposes and for
capital;
$17,339,700 General Electric
capital (which includes
$5,115,200 as stock dividends);' 850,000 shares (no par
value) Montgomery Ward & Co. Common stock, issued for
corporate purposes; 919,153 shares of Loew's Inc., issued
Co.
capital stock, issued for new
corporations, gen¬
eral corporate purposes and working capital, and $15,000,925
Willys-Overland Co., issued for new capital.
A number of companies reduced the par value of their
shares during the year or issued shares of no par value in
for
acquisition of different amusement
Steel Co. of America
and 16 2-3%—totaling
14 2-7%
$25,000,000; (b) American Tobacco
Class
in
40%
Common
"B"
stock;
Co. 75%
or
$38,413,000
(c) Sears, Roebuck & Co*
$2,$15,000,000;
$30,000,000; (d) Brown Shoe Co. 33 1-3% or
or
(e)
Corp.
Studebaker
(f) F. W. Woolworth Co. 30% or
Further important
33 1-3%
or
$15,000,000.
listings of stock dividends are embraced
following: (g) Union Bag & Paper Co. 50% or
in the
$5,-
International Harvester Co. 12^% or $9,980,100; (i) United States Rubber Co. 1234% or $9,000,000;
000,000;
(h)
(j) South Porto Rico Sugar Co. 100% or $5,602,800; (k)
300% or 180,000 shares^
General American Tank Car Co.
(I) International Motor Truck
(m)
The
100%
or
70,777 shares and
Chandler Motor Car Co. 33 1-3% or 70,000 shares.
usual tables of securities listed for the year are as follows:
in exchange for the capital
stock of the A. T. Securities Corp.,
mon
Fruit Co.
and $10,000,000 Detroit Edison
& Refunding 6s, Series "B."
7% Debentures,
Prominent
to
$12,630,000 Wick wire-Spencer
Mtge. 7s; $10,000,000 Atlantic
year
GOVERNMENT
AND
MUNICIPAL ISSUES LISTED AND
BE LISTED DURING 1920.
AUTH¬
TO
ORIZED
Belgium, Kingdom of, 1-year 6% notes, due Jan. 1 1921
S6-400,000
do
5-year 6% gold notes, due Jan. 1 1925..-.---18.600,000
Berne, City of (Switzerland). 25-year 8s, due Nov. 1 1945---6.000,000
Copenhagen, City of, 25-year 5M % Red. 8. F. gold bonds, 1944 16.000,000
Christiania, City of (Norway), 25-year 8s, due Oct. 1 1945-.— , t'SSS'SRR
Dominion of Canada 2-year 5M% gold notes, 1921
15.000,000
do
10-year 5M% gold bonds, 1929-------68'o92'SSS
Frankfort-on-the-Main, City of, 3Ms, loan of 1901
French Republic, Govt, of., 25-year 8S, due 1945------------100,000.000
Great Brit. & Ireland, Un. King, of, 10-yr. Conv. 5Ms, 1929-148.379,100
do
3-year Convertible 5Ms, due Nov. 1 1922---Kingdom of Italy 5-year 6M% gold bonds, Series A, 1925--- 11.310,700
Switzerland, Govt, of, 20-year 8s, due July 1 1940-----25,000.000
Zurich, City of (Switzerland), 25-year 8s, due Oct. 1 1945
6,000,000
_
Total
x
RAILROAD
BONDS
LISTED
Bonds—
Topeka & Santa Fe Cal.-
Ariz.
Series A—
Pittsburgh Con¬
1st & Ref. 4Ms,
Buffalo Rochester &
solidated Mtge. 4Ms, 1957
Illinois Central RR. Chic. St.
Louis
Ref. Ser. A
Mo. Pacific Gen. Mtge. 4s, 1975—
Ore.-Wash. RR. & Nav. 1st & Ref.
Mtge. 4s, Series A
& New Orleans Jt. 1st
—$520,578.700
four marks to the dollar.
Company and Class of
Atchison
—
-
-
9,072,000 marks figured at
1920.
FIRST SIX MONTHS OF
Amount.
Purpose of Issue.
$128,000 Exch. for sterling
bonds
366.000 Ref., betterments,
&c.
/Exch. for Series B
170.0001
ing bonds
717,000 Issued under reorg.
548,500 Exch. for sterling
,
sterlplan
bonds
1920
[VOL. 112.
Amount.
Purpose of Issue
$95,1001 Issued under reorganlza89,500/
tion plan
Company and Class of Bonds—
Pere Marquette 1st Mtge. 5s( Ser. A
do
1st
Mtge. 4s, Ser. B
Beading Co. (Phila. & Reading Coal
& Iron Co.) Gen. 4s, 1997—_
MISCELLANEOUS STOCKS LISTED FIRST SIX MONTHS OF 1920.
Company and Class of Stock—
Amount.
Purpose of Issue.
All-America Cables, Inc., cap. stk..$22,991,400 Exch.
for
ctfs.
bearing
427,000 Old bonds just listed
884,150 Issued under reorg. plan
of
name
St. L.-S. P. Ry. pr. 1. 4s. Ser. A__
do
prior lien Cs series C, 1928— 10,598.000 Corp. purposes, add s, &c
Union Pacific 1st & Ref. 4s, 2008—S 5,779,000 Additions, impts., &c.
So.
•
Allis-Chalmers Mfg. Co. com. stk—
Amalgamated Sugar Co. 8% Cum.
Sinking Fund First Pref. stock.
Am.
old
Cent.
&
Tel. Co.
120,300 Exch, for vot. tr. ctfs.
/To refund bonds, Pf. stk.,
5,000,000/
add'l working capital.
Bosch
Magneto
Corp.
capital stock (20,000 shares)
*2,000,000 Refund'g, working capital
American-La France Fire
/Exch. for old stock and
Engine
Common stock
2,100,000/
conversion of bonds.
Amer. Druggists' Synd. cap. stock.
1,292,650 Old stock just listed.
Amer. Safety Razor
Corp. cap. stk. 12,500,000 Acq'ns, working cap., &c.
American Ship & Commerce
Corp.
capital stock (9,990 shares)..
*501.298 Acq. const, cos.; corp. pur.
Amer. Steel Foundries Com. stock—
1,031,000 Stock dividend.
Amer. Sumatra Tob. Co. Com. stk.
966.400 Acq. Griffin Tob. stock.
_
Total..
American
.....$24,752,250
RAILROAD
BONDS
SECOND
LISTED
MONTHS
SIX
Amount.
Company and Class of Bonds—
Topeka & Santa Fe Cal.Ariz. 1st & Ref. 4Ks. Scries "A".
$202,000
Atlantic Coast Line KR. 7s, 1930—
6,000.000
Canadian Northern 20-yr. 7s, 1940. 25,000.000
Chic. Ind. & Lou. 1st & Gen. 5s, '66
3,261,000
Chic. & North West. 10-yr. 7s, 1930 15,000,000
OP
1920
Purpose of Issue.
Atchison
Exch. for sterling bonds
Add'ns, corp
purp., &c
Refunding, &c.
Refunding, add'ns, &c.
&c.
Add'ns, improv
American Tel. & Tel. Co. Com. stk.
Amer. Tobacco Co. Com. stock B_.
Amer. Wholesale
Corp. 7% Cum.
Chic. St. Louis & New Orleans Mem.
Div. 4s, 1951-—-
1,000,000 Old bonds Just listed
Ohic.
St.
Paul Minn. & Omaha
Deb. 5s, 1930, "stamped"......
Cleve. Cin. Chic. & St. L. Ref. &
Preferred
2,000,000 Old bonds Just listed
^
^
,
Total.-..
tion plan
stock
Amount.
Edison
Brooklyn
Co.,
Inc.,
Union
Station
1st
10.000,000 Corporate purposes
-
Chile Copper Co. 15-year Con v. 6s,
Series
A," 1932...
•Consolidated Gas Co. of N. Y. 5-yr.
7% Conv. bonds. 1925
Cuba Cane Sugar
Conv.
2,117,000 Additions, &c.
25,000,000 Ref.,
--
1980
A
&c.
—
.
.
„
;
;„
(
026.300
486,000
com.
stock
Cuban-Amer. Sugar Co. com. stockDayton P. & L. Co. 6% cum. pf. stk
Detroit Edison Co. capital stock.
De Beers Consol. Mines, Ltd., cer¬
Old
bonds just listed
Old bonds just listed
tificates of Central Union Tr. Co.
N. Y. for 71,500 "Amer. shares".
1,300,000 Improv,, expend., &c.
v
Electric Storage Battery
.$85,323,300
....
mon
Amount.
Purpose of Issue.
Stock dividend.
5,000.006/New capital, &c.
Working capital, &c.
Inc. bank facilities, &c.
4,961,600
577,910
12.506.000 Stock dividend.
l6,060.006 Exch. for stk. of $100
25,000,000
Ref., construction,
[Issued agst. English £2.10
Deferred shares in ratio
357,500/
of 5 Am. shares for each
Total.
.
—
—
RAILROAD
.
.-
—-
STOCKS
—
&c.
LISTED
do
Preferred stock.,
Chic. R. I. & Pacific 6% Pref
I
Seaboard Air Line Common stock..
do
do
Preferred stock..
i
Southern Railway Common stock..
do
do
Preferred stock.
—
Wabash Railway Common stock
do
do
Profit-sharing Pref. A
Western Maryland Common stock..
do
do
/
Second Pref. stock
Total
FIRST
SIX
wkg.cap., &c.
MONTHS
OF
—..
1920.
Purpose of Issue.
$819,000 Conversion of bonds
do
Southern Railway Common stock..
_
Internat. Nickel Co.
292,800/
do
762,700VExch. for 5% Conv. Pref.
762,700/stock "B" already listed
Western Pacific RR. Corp. Common
Total
Total...
136,800/
consolidated companies
104,700 Issued under reorg. plan
$66,914,300
-
1920-
c
-$23,566,560
do
-
Preferred stock
Manhattan Ry. guaranteed stock._
Total
157,500/
Met.
v.
t.
Interboro-
c.
Preferred stock
Loose-Wiles Bisc. Ext. stk. tr. ctfs..
(H.R.) Mallinson & Co., Inc., capi¬
tal stock (200,000 shares)
7% Cum. Pref. stock
Mech. & Metals Nat. Bk. cap. stk
Old stock just
863,500/
220,800 Old stock Just listed,
Mexican Petroleum Co. pref. stock.
Middle States Oil Corp. cap. stock._
Ward & Co., Inc.,
ital.,gen. corp.purp.,&cJ
88,000 Exch. stock trust certifs.
*500,000/Acquisition of old com3,000,000|
pany, work, capital, &c.
3,006.060 New capital.
2,795,066 Old stock just listed.
3,000,700 Stock div., acq. cons. cos.
Montgomery,
common
stock
(850,000 shares)__*25,500,000 Corporate purposes.
7% cum. pref. stock
8,6o6,000 Exch for old pref. stock.
Montana Power Co. com. stock....
3,080,006 Exch. for stock restricted
.
.
National Surety Co. capital stock..
Niagara Falls Pow. Co. 7% cum. pf.
as to dividends.
1,000,000 General business.
11,515,400 Old stock just listed
Nunnally Co. cap. stk. (160,000 shs.) *3,600,000 Acq. of old Nunnally Co.
Ohio Body & Blower Co. capital
/Acq. of old Ohio Blower
stock (107,903 shares)—
*539,515/
Co., working capital.
Ohio Cities Gas Co. pref. stock
674,500 Old stock just listed.
Oklahoma Producing & Ref in. Corp.
J
(Exch. for stock of Okla.
of America common stock
15,000.000/
Prod. & Ref. Co. of Del.
Otis Elevator Co. common stock
1,462,660 Old stock just listed.
Otis Steel Co.com. (376,668 shs.)_. *1,883,340/Old stock just listed,
Preferred stock
Owens Bottle Co.
common
.
4,330,600/
stock
Pacific Development Co. cap. stock
Pacific Mail Steamship Co. stock
Pan-Amer. Petr. & Tr. Co. com. stk.
90,700 Old stock, just listed.
$308,620
Stock div.
1,295,100/Old stocks just listed.
000 shares)
*50.000 Add'l working capital.
Liggett & Myers Tob. Co. com.stk.B
5,296,400 Add'l working capital.
Loew's, Inc. cap. stk. (748,032 shs.).*19,175,945 Acquisitions, working cap¬
do
*$60,420/Exchanged for
stock.
—
t
ELECTRIC RAILWAY STOCK LISTED SECOND SIX MONTHS 1920.
Company and Class of Stock—
Amount.
Purpose of Issue.
Interborough Consol. Corp. common
(12,085 shares)
com.
Keystone Tire & Rubber Co. com..
Lee Rubber & Tire Corp. stock (10,-
1,245,400/Exch. for 5% Conv. Pref.
1,245,400/
"B" already listed
890,900/Excb. * for securities of
372,4251 Exchanged for v. t. c.
413,100 /
Old stock just listed.
22.506,000
782,675
listed.
Ivelsey Wheel Co., Inc.,
do
Company and Class of Stock—
Amount.
Purpose of Issue
Interborough Consolidated Corp.,
common
(33.552
shares)..
*$167,760
Exch. Int.-Met. v.
Manhattan Ry. guaranteed stock._
213,900 Old stock just listed
Phila. Rap. Trans, Co. capital stock 23.184,900 Exch. for v. t. c.
stock.
.1
Kelly-Springfield Tire Co., com.stk.
$20,208,500
ELECTRIC RAILWAY STOCKS LISTED FIRST SIX MONTHS
common
Preferred stock.
Isl. Oil & Tran.Co. cap. stk. v. t. c__
558,800/Exch.
for
securities
of
51,000/
constituent companies
1,241,900/
291,200 Old stock just listed.
*787,050[Issued under refinancing
7% cumulative First Pref. stock.
10,921,806
plan, and 70,777 com.
7 % cumulative Second Pref. stock
5,331,700] shs. issued as a 100%
(
stock dividend.
*
25,401,700/Old stock just listed
2,841,300/
(157,410 shares).
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1920.
do
Preferred stock
Wabash Ry. Common stock
do
Profit-sharing Pref. stk. "A"
Western Maryland Common stock..
do
2d Pref. stock
Preferred stock
Int. Merc. Marine Co. com. stock.
Int. Motor Truck Corp. com. stock
438,100/Exchanged for Voting Tr.
739,800/
Certificates
134,200 Issued under reorg. plan
608,500/Issued under financial
10,343,900/
plan
4,697.000• Old stock just listed
Company and Class of Slock—
Amount.
Purpose of Issue.
Atchison Topeka & Santa Fe
$993,000 Conversion of bonds
Ohic. Great Western Common stock $6,350,900/Exchanged for
Voting Tr.
do
do
Preferred stock._
5,469.700/
Certificates
Chic. R. I. & Pacific Common stock
1,228,900 Issued under reorg. plan
Mexican Northern stock
1,000,000 Old stock just listed
Pitts. Ft. W. & Chic. Pref. stock..*
7,000,000 Exch. old orig. cap. stk.
St. Jo. & Gr. Isl. 1st Pref. stock
500,000 Old stock just listed
Southern Pacific Co. capital stock.. 14,105,000 Conversion of bonds
2,390,606
*1,164,160/Acquisitions,
extensions,
10,000,000/
enlargements, &c.
_
Amount.
Company and Class of Stock—
shares.
for special services
rendered, &c.
Stock dividend addit'ns,
pay floating debt.
„
.-$119.754,856
Atchison Topeka & Santa Fe Ry
Chic. Great Western Common stock
do
acq.,
410,000/
3,161,000 Exch. for 2d pf. conv. stk.
Car Corp
[Exch. for old shares of
capital stock (244,122 shares)— *12,067,512i
com. stock. 2d pref. stk.
I stk. div.,work, cap., &o.
General Chemical Co. common stock
3,303,400 Stock dividend.
General Electric Co., com. stock— 14,572,166 Stk. div., work,
cap., &e.
General Motors Corp. com. stock
/Exch. for sbs. of $100 par,
(14,784,951 shares)
*147,849.510/
stock divs., acq'ns, &c.
7% Cum, Debenture stock
22,405.000 General corp. purposes,&c
6% Cum. Debenture stock.
3,097,300 Acquis., exch. pref. stock.
(B. F.) Goodrich Co. common stock
(600,006 shares).
*60,000,000 Exch. for $100par val.shs.
Hackensack Water Co. 7%
cum.
/Refunding corp, purposes.
preferred stock
2,110,4251
Exch. for old 6% pref.
Hendee Mfg. Co. common stock.__ 10,000,600 Old stock just listed.
Hupp Motor Car Co. common stock.
5,192,106 Old stock just listed.
Indiahoma Refin. Co. capital stock.
5,000,060 Old stock just listed, work¬
ing capital.
Int. Agricul. Corp. common stock..
1,320,600/Old stock just listed.
5s, Series A
3,500,000 Ext. and betterments
U. S. Rubber 10-yr. 7H % notes, '30 20,000,000 Additions, improv., &c.
Westinghouse El. & Mfg. 7s, 1931- 30,000,000 Refund., working capital
Wickwire-Spencer Steel IstM. 7s,'35 12,630,000 Ref,,
•
Deferred
Issued
General American Tank
2,803.000 Construc'n, improv., &c.
5s, 1960Detroit Edison 1st & Ref. 6s, Series
>■■■
B, 1940—
10,000,000 Additions, ext., &c.
Gen. Elec. Co. 40-yr. Deo. 5s, 1952
405,000 Gen. corporate purposes
Pacific Gas & El. Co. Gen. Ref. M.
'
stock
par.
576,000 Working capital, acq., &c.
1,906,500 Conversion of deb. bonds.
com-
Fam. Play.-Lasky Corp.(14,552 shs)
8% cumulative preferred stock.._
Fisk Rubber Co, common stock
Atl. Fruit Co. 15-yr. Deb. 7s, 1934..$10,000 000 Refunding, acquisitions
Am. Sm. & Ref, Co. Ser. A,5s, 1947
10,300 Exch, stock of Secur. Co.
'
Am. Tobacco Co. Div. Ctfs. G. & II.
5,372,556 Dividends paid in scrip
Am. Writ. Paper Co. 20-yr. 1st 7-6s
25,000 Refunding
'Bell Telephone Co. of Pa. 25-year
1st & Ref. 7s__
Bush Term. Bldgs. Co. 1st M. Gtd.
Co.
Endicott Johnson Corp. com. stock.
MISCELLANEOUS BONDS LISTED SECOND SIX MONTHS OF 1920.
Company and Class of Bonds—
of
*7,500,000/
2
Total..
and
Co.
Graphophone
Crucible Steel Co. of Ara.
25,000,000 Refunding, work'g cap.
15,000,000 Gen. corporate purposes
(P.) Lorillard Co. 5s, 1951
Montana Power Co. 1st & Ref. 5s,
Series
Works
—
acquisitions,
Corp, 10-year 7%
Debentures,
General Eleo. Co. 20-yr. Deb. 6s, '40
Liggett & Myers Tobacco 5s, 1951--
Plow
Wallis Tractor
Wisconsin.
....
Mtge
....
Case
(Acquisition of old J. I.
*1,652,628 Issued in reorg. of old co.
1,175.300 Capital & surp. acct.
Mfg. Co
Com. stock (312,226 shares).
*1,494,269 Stk. div., work'g cap., &c.
Computing-Tabulat tug-Record'g-Co.
Common stock (131,033 shares)..*13,103,300 Exch. for stock of $100 par
I
value, work'g cap., &c.
Consol, Textile Corp. capital stock
(157,355 shares)...
/_
*5,750,913 Acquis, of constituent cos.
Corn Exchange Bank capital stock..
420.000 New capital.
Cosden & Co. com. stk.(759,464 shs)*18,986,H()6 Exch. for stock of $5
par.
Columbia
5,500,000 Additions, betterm'ts, &c
6^s, Series C, 1963-
*615,210 Conversion of Pref. stock.
Columbia Bank, N. Y., cap. stock-
Gon.
Mtge, 5s. Series A
Chicago
Exch. for v. t. c,
Old stock just listed.
Stock.(53.384 shares)......
Purpose of Issue.
$294,000 Refunding
———
Stock dividend.
97.040
*700.000
Chicago Pneum. Tool Co. cap. stk.
Citizens Nat. Bk., N. Y., cap. stk—
Coca-Cola Co. v. t. c. Common
American Writing Paper Co ..20-year
—
(70.000 shares)
Chase National Bank capital stock.
Chase Secur. Corp. stk. (50.000 sh.)
$209,064,300
1st 7-68
2,834,045
Packing Corp. Common
stock (123,042 shares)
(J. I.) Case Plow Works Common
(125,000 shares)
7% Cum. 1st Pref. stock
7% Non-Cum. 2d Pref. stock.....
Chandler Motor Car Co. Common
MISCELLANEOUS BONDS LISTED FIRST SIX MONTHS OP 1920
Company arid Class of Bonds—
152.306
Butte Copper & Zinc Co. cap. stk..
Butte 8c Superior Min. Co.
cap. stk.
160,750(Issued under reorganize
1,130.350/
tion plan
3,344,000 Additions, improv., &c
Virginian Ry. 1st M. 5s, Ser. A, 1962
„
California
15.768,400 Exch. for minority stock
29,3001 Issued under reorganiza-
12,000/
,
Bush Terminal Co. Common stock.
Cin, Chic. & St. L. Gen. M.
5s, Series "A".,
Pere Marquette 1st Mtge 5s, Ser. A
do
1st Mtge. 4s, Series B__
St. L.-S. F. prior lien 4s, Series A__
do
Adjustment Mtge. 6s, Ser. A
Bargain
Old stock just listed.
_
—
Pitts
5,000,000
—
Exch. for Unified 4s
Eq
add., corp purp.&c
Missouri Pacific Gen. Mtge. 4s——
Issued under reorg. plan
Nash. Chat.&St L 1st Cons. 5s,'28
Refunding, &c.
New Orleans & Northeastern Ref. \
/Exch for Gen. M. & Inc
& Imp. 4Hs
Income 4Ms
/ 7.195,000 (
Oregon-wash. RR. & Nav. 1st &
Ref. M. 4Ks, Series "A"
1,158,500 Exch for sterling bonds
Pennsylvania RR. 10-yr. 7s. 1930.. 50,000,000 Refunding, improv., &c.
92.000
7.500,000
65,500
2,750,000
Conversion of bonds.
/ Acq. of "Balto.
8,227,400/
House."
7% Cum. Non-Voting Pref. stock 20,000,006 Add'l working capital.
Austin, Nichols & Co,, Inc., v. t. c.
/Issued for cash as part
Common stock (150.000 shares).
*3,221,015i
consideration for propesr7% Cum. Non-Voting Pref. stock
5,500,0001
ties of old company.
Bank of America Capital stock.
4,000,000 Exch. for Franklin Tr. Co.
" • M
>
stock, stock dividend.
Barnsdall
Corp. CI. A vot. cap. stk. 13,000.000 Old stock just listed,
do
Class B non-voting cap. stk.
1,000.000 Pay't of debt;_corp. purp.
Brooklyn Edison Co., Inc., cap. stk„
63,200 Ex.K.C.Lt.&P.stk.&bds.
Broivn Shoe Co., Inc., Com. stock..
300,000 Add'l working capital.
Imp. 6s, Series A, 1929
15,000.000 Refunding
Delaware & Hudson 10-yr. 7s, 1930. 10.000.000 Refunding, add ns. &c.
Gr. Trk. Ry. of Can. 20-yr. 7s, 1940 25,000,000 Corporate purposes, &c.
Illinois Central-Chic. St. L. & N. O.l
/Excn. for sterling bonds
Joint 1st Ref. 5s, Series A
./ 6,105.0001
additions, impts., &c
Int. & Grt. Northern 1st 7s, 1922.. 11,290,500 1st 6s of 1919 extended
Long Island RR. Ref. 4s. 1949-—Lou. & Nash. 10-yr. 7% Notes
stock
Atlantic Refining Co. Com. stock._
182.900
6,622,000 Exchange for scrip.
do
Common stock Class B
761,756 Acq. of controlling int. in
C. Boldt Glass Co., &c.
92,500 Inc. sub. cos. capital and
general corp. purposes.
349,970 Redemption of pref. stock.
6,302,050 Conv. of pref. stk. & bds.
2,687,350 Exch. for stock of Mexican
Petroleum Co.
.
C. Penney Co. 7% cum. Pref. stk.
3,000,000 General
corp. purposes.
Mat 7
Purpose of Issue.
Acq. stock of Tacony Steel
•Amount.
Company and Class of Stock—
Steel Corp. capital
stock (v. t. c.) (51,005 shares)-—
Phillips-Jones Corp. Common stock
!
(85,000 shares)
_
Perm Seaboard
Co. of Delaware
*$255,0251
Acquisition
Jones
*2,000.000
2,500.000
Co..
of
Phillips,
Inc.; work¬
ing capital
7% Cumulative Preferred stock.
Acquisitions, corporate
Phillips Petroleum Co. capital stk.
purposes, &c.
(640,000 shares)
*27.923.632
545.000 Corporate purposes.
Pierce Oil Corp. Common stock
8,846,200 Refund., developm't, &c.
do
8% Cumulati ve Pref. stock..
250,300 Old stock just listed.
Punta Alegre Sugar Co. Com. stock
Iss'd agst. Eng. 5s. shs, in
115,500
Y. shs.
for each
100
Dutch florin shares.
5.429,506
Corp. v. t. c.
(105,000 shs.), *1,750,000 Old stock just listed.
Saxon Motor Car Corp. Common
stock (90.703 shares)
— — — •
*4o3.515 Old stock just listed.
Sears, Roebuck & Co. Com. stock-. 15,000,000 Old stock just listed.
Sinclair Consolidated Oil Corp. Com>
'
?
mon stock (152.720 shares).
*763,600 Old stock just listed.
Standard Oil Co. of N. J. Com. stk. 98.338,300 Old stock just listed.
7% Cum. Non-Voting«Pref. stock 98,338,300 Exp., work, cap., &c.
Steel & Tube Co. of America 7%
/Refunding*; working
Cumulative Pref. stock——1 17,500,0001
capital. 1
Stern Bros. 7% Cum. Pref. stock...
3,000,000 Old stock just listed.
,
Speedometer Corp
/Exchange for
capital stock (400,000 shares)
*10,000.0001 $100 par.
Stewart-Warner
Common (2,142 shares)
Alcohol Co. Com. stk.
stock—
do
1st Preferred stock
U. S. Realty & Impt. Co. stock
Vanadium Corp. of America capi¬
tal stock (93,334 shares)
(V.) Vivaudou, Inc., capital stock
U. S. Rubber Co. Common
stock...
shares
of
_
SECOND SlX|MONTHS OF 1920
Amount.
Purpose of Issue.
Air
*$4,400,000 Old stock just listed.
2.000.000 Old stock just listed.
109,700 Exch. for v. t. c.
shares).
Alliance Realty Co. capital stock
Allis-Chalmers Mfg. Co. Com. stk._
do
7%
(160,000 shares)
Cumulative Pref. stock
Am. Tel. & Tel. Co.
9,600.000/
3,000,000/
stock
362,400
25,160,300
42,678.200
stock.. 20,000.000
213,000
Am. Writing Paper Co. Pref. stockAtlantic
Fruit Co. capital
stock
*14,520,055
(591,800 shares)
capital
stock
working capital.
Conversion of bonds.
Ex. stk. of A.T.Sec.Corp.
Ex. for scrip; stk. div.
Working capital.
Old stock just listed.
Exch.
stock..
for
old
shares
of
$100 par, acq., refund.,
working capital, &c.
'Exch. for stock of old N.J.
*475.000/
Brown Shoe Co., Inc., Com.
Co., working capital.
2,100,000 8tock dividend.
stock
156,200
Central Oil & Ref. stock
(150,000 shares)
*15,000,000
Callahan Zinc &
Lead Co. capital
Ex. for $100 par shares.
/Exch. for Con.-Interstate
Callahan Mg. Co. stk.
4,649.9901
stock
/Packing Corp.
(9,747 shares)
capital
Certain-Teed Prod. Com. (4,000 sh.)
Second Pref. 7% Cum. stock
Chem. Nat. Bank, N. Y;, cap. stk—
Chicago Pneum. Tool Co. Com.stk.
Cluett, Peabody & Co. 7% Pref. stk.
Coca-Cola
Co. v. t. c.
Common
stock (22,159 shares)
—...
*48.735 Conv. of Pref. stock.
*200,000(Acq.
of
stock
of Thos.
Pottor Sons&Co., Phila.
1,500.000 Exch. stk. of Cit. Nat.Bk.
1,487,200 Working capital. &c.
482,000 Old stock just listed.
Issued
under reorganiza¬
750.000 J
*664,770
Graphophone Mfg. Co.
Common stock (118,189 shares) —
Columbia
tion of old co.
Stock
dividends,
working
*123.178\
capital, &c.
*540,000 Stock dividend.
Com.(13,500sh.)
1.380.000 Additional capital.
Corn Exchange Bank capital stock—
900,400 Old stock just listed.
Crex Carpet Co. capital stock
Crucible Steel Co. of Amer. Common 12,500.000 Stock dividend.
Davison Chemical
Co., common
/ Exch. for v. t. c. of holding
v. t. c. (197,399 sh.)
*7,266,776(
corporation.
Dome Mines Co.. Ltd., cap. stock.
587,420 Acq. Dome Ext. Mines Co.
Consol. Cigar Corp.
Electric Storage Battery Co., com¬
mon
3,329,900 New plant construction.
stock
Emerson
mon
Brantingham Co., com¬
stock
Fisk Rubber Co., common stock..
General Asphalt Co., common stock
preferred stock..
General Chem. Co., 6% pref. stock
General Electrical Co. com. stock..
5 % cumulati ve
1,597,000 Old stock just listed.
83,000 Exch. for 2d Pref. stock.
19,617,4001 Old stocks just listed.
7,541,100)
1,125,000 Acq. West. Chem. Mfg.Co.
2,767,600
Stock div., working cap.
Motors Corp.,
common
/
/Exch. for $100shares, stock
(5,086,736 shares)
*50,867,360\
divs., &c.
6 % Debenture stock
105,000 Acq. constituent cos., &c.
7% Debenture stock
4,485,000 Bonus stk., corp. purposes.
Guantanamo
Sugar Co.
capital
stock (300,000 shs.)..
*3,000,000 Exch. for $100 par shares.
Gulf States Steel tr. ctfs. Pref. stk.
2,000,000 Exch. for old trust ctfs.
Harbishaw
Electric
Cable
Co.
capital stock (213,431 sh.)_
*2,927,274 Acq. of constituent cos.
Hackensack Water Co., Com. stk.
500,000 Gen. corporate purposes.
7% Cumulative Preferred stock.
79,350 Exch.for 6% Pref. stock.
General
Harbison-Walker Refractories—
Common stock
Hendee Mfg. Co. 7% Pref. stock..
Houston Oil Co. of Texas cap. stk.
9,000,000 Stock dividend.
1.000,000 Old stock just listed.
25,000,000 Old stock just listed.
Acquisition of predecessor
Common
Hydraulic
Steel
Co. .
stock (265,867 shares)
7% Preferred stock
Indian Refining Co. Com. stock..
do
do
Preferred stk.
International Harvester Co. Com¬
stock
International Paper stpd. Pref.stk.
Invincible Oil Corp capital stock-.
mon
Exch. for share of $50 par.
Stock div., Exch. Mex.
Ltd., stock. ;
' Pet.' Co.,
(57,668
*288,340 Old stock just listed.
1,803,625 Stock div., corp. purposes.
47,961,675lExch. for ctfs. of Ohio Cit.
do
preferred stock
1,300,800/
Gas Co. stock div., &c.
Phillips Petr. Co. stock (20,000 shs.) *1,051,400 General corporate purp.
St. Joseph Lead capital stock
1.409,470 Stock dividend.
,
Sears, Roebuck & Co., common
30,000,000 Stock dividend. 1
i
Seneca Cop. Corp. cap. (200,000 sh.) *1,000,000 Old stock just listed.
shares)
Pierce Oil Corp., common
Pure Oil Co. common stock
Oil Corp., common
Sinclair Consol
South Porto Rico Sugar, common..
*1,045,235 Old stock just listed.
5,580,600 Stock dividends.
Standard Oil of N. J., pref. stock
98,338,300 Corp. purposes, additional
(209,047
shares)
working capital.
Speedometer capital *1,823,658/Exch. for com. stock
(33.322 shares)
\
Stewart Mfg. Co.
>
Submarine Boat Corp. capital stock
Wc,.*, V"
(765,920 shares)
*7,658,100 Old stock just listed.
Superior Oil Corp. capital (426,708
Stewart Warner
of
/
Square Auto Supply capital
(189,780 shares)
Times
United Cigar Stores Co .of Am.,com.
United Retail Stores Corp., Class A
*1,500.000 Acq., refund., work, cap'l.
6,681,500 Stock dividend, &c.
(36.003 shares)...
*3,685,172 Stock dividends.
Virginia-Carolina Chemical, pref
111,800 Conv. of debentures.
Virginia Iron. C &C. Co. cap. stock.
928,000 Stock dividend, &c.
'
Weber & Ileilbroner stock (193,477 *2,517,500;Old
stock
just
listed;
l
working capital.
(689,046 shs.) *42,867,728 Acquis., work, capital,&c.
Steel, common. __
1,250,0001Acquisitions, consolidado
preferred stock
7,500,000/
tions, &c.
Willys Overland, common....
8,250,050 Add'l working capital.
Wilson & Co.. com. (200,000 shs.)..*20,000,000 Exch. for v. t. c.
....
Wick wire-Spencer
-•
v
Int.
Baton Rouge Electric Co..7%
Canadian Northern Ry
5H
Railroads & Elec. Rys.—
subsidiary
working capital.
and
Eastern Texas
Electric Co_7%
Co_7%
Eastern Wisconsin Elec.
Georgia Ry. & Power Co.-7%
Indianapolis Union Ry
6%
Milw. Elec. Ry. & Lt. Co._7%
Monongahela Val. Trac.Co.7%
Norfolk & Western Ry
Ohio Traction Co...
6%
7%
Pittsburgh & Shawmut RR.6%
Republic Ry. & Light Co..7%
Richland Public Service Co.7%
United Light & Rys.......7%
Miscellaneous
Caddo
stock
*791,980 Stock dividend.
13,690,100 Additional cap. & surplus.
2,500.000 New capital.
Orpheum Circuit, Inc., com. stock.
549,1701 Acquisition of cap. stock
do
preferred stock
6,880,000/
of theatrical companies
Owens Bottle Co. common stock...
623,575 Stock dividend, &c.
Pacific Bank, N. Y., capital stock.
1,000,000 Exch. old stock, new cap'l.
Total railroad and electric
Stock dividend.
Bush Terminal Co. Com.
California
\
as to dividends.
4,800,000 Stock div., acq. of sub.cos.
..
Middle States Oil Corp. capital stk.
National Aniline & Chemical Co.
v. t. c. Com. (158,396 shares)...
National City Bank capital stock..
National Park Bank capital stock..
stocks.
40.400 Old stock just listed.
stk—
stock
just
listed
stk„ 13,806,2251 Old
Amer. Woolen Co. Common
Tack Corp.
(95,000 shares)
*
Total
*80,000 Stock dividend.
(Exchange for old Corn*11,749,130/
mon and Preferred
Amer. Tobacco Co. Com. stock....
do
Common stock "B"
Atlas
stock
$826 533 686
LISTED FIRST SIX MONTHS 1920.
Date.
Maturity.
Amount.
Jan.
2 1920
Jan.
1 1923
$300,000
Dec.
1 1919 /Dec.
1 1922
6,000,000
\Dec.
1 1924
6,000,000
May 1 1920
May 1 1925
1,500,000
Mar. 1 1920
Mar. 1 1923
1,200,000
PRINCIPAL NOTE ISSUES NOT
American
Common
1,000,000 Acquisition.
3,000,000/Exch. for stock restricted
—
— — —
;■
shares)
White Oil Corp. stock
I
$1,217,866,987
*64,955 Conversion of 2-yr. notes.
5,000,000 Stock dividend.
shares)
.*18,527,800 Old stock, acquisitions,&c.
Texas Co., capital stock
45,003,700 Refunding, acquts'ns, &c.
Texas Pacific Coal & Oil Co. cap.stk.
2,135,700 Working capital, stock div.
Tide Water Oil Co. capital stock...
7,489,700 Additions, extensions, &c.
MISCELLANEOUS 8TOCKS LISTED
Company and Class of Stock—
Reduction Co.
capital stock
working capital.
....
add'l working capital.
White Motor Co. capital stock
(F. W.) Wool worth Co. Com. stk__
Willys-Overland Co. Com. stock—
stock-
Montana Power Co. Common
Penn Seaboard Steel, v. t. c.
Acq. of old co. and work¬
ing capital.
7.125,800 Old stock just listed.
8,956,900 Add'l working capital.
15,000,000 Stock dividend.
6,750,925 Add'l working capital.
459,500 Old stock just listed.
Co. cap. stk.
Am. Druggists Syndicate cap.
Amer. Radiator Co. Common
do
7% Preferred stock
/
;»
iAcq. of constit. cos. and
—
Bosch
Magneto
Corp.
(16,000 shares)
American Brake Shoe &
Fdy. Co.
2,950,000 Acquisitions.
(Exch. for $100 par shares,
*5,105,100/
stock div., retire 1st Pref.
cap-.
.
*107,100 \> working capital.
2.777,800 Add! working capital.
12,617,800 Stock div., additions.
1.977,900 Old stock just listed.
6,000,300 Old stock just listed.
U. S. Indus.
stock
ital stock (64,010
Development Corp. capital
(251,490 shares)
*12,574,500
Pan-Am. Pet,„& Transp., com., B._
9,284,350
30,000,000 Stock div., refund notes
[Acq. of Granite City plant
Class A
stock (137,500
shares)}*6,960,534/ of Corn Prod. Ref. Co.,
Class B stock (55,550 shares)...J
'l„ac9"
cap., &c.
Texas Co. capital stock
...
84,996,300 Exch for shs. of $100 par
Texas-Pac. Coal&Oil Co. cap. stk__
6,000,000 Old stock just listed.
Union Bag & Paper Co. cap. stock..
5,606,900 Stk. div,, old stk. just list.
Union Oil Co. of Del. capital stock
/Exch. for stk. of Com'w'th
(349,074 shares)
*12,392.1271 Petr. Co. & sub. cos.
United Drug Co. 1st Pref. stock....
1,691,600 Acq. of sub. cos. stock.
do
Common stock
3,496,700 Acq. exch. 2d Pref. stock.
United Retail Stores Corp. Class A
/Exch. U. C. Stores stock;
(153.023
Supply
shares).
Manhattan Electrical
stock
Studebaker Corp. Common stock..
Temtor Corn & Fruit Products Co.]
Total
*3,802,480 Acq, of affiliated ,:cos.
.. —
Pacific
—
^
5,436,800 Additional working capital.
—
Loew's, Inc. capital stock (171,121
shares)
a — ———— ——*
Manhattan Co. capital stock.
capital
purposes.
2,648,000 Working capital.
'Iss'd agst. Dutch shares
of 100 fl. in ratio of 3 N.
Santa Cecilia Sugar
for Common stock
Wilson & Co. Preferred
Co.
B
Common
~*35
2,396,325 Stock div., corp. purposes.
—
(12,991 shares).—— — —
May Dept. Stores Common stock.
Mechanics & Metals Nat'l Bank
Pref. stock & gen. corp.
2,250.000
Dutch Co. Equitable Trust
Co. ctfs. for 405,187 N. Y. Shs—
West'house Air Brake
—
Tobacco
Myers
&
2lA ord. 5s. shs.
of old Com. &
every
*500,000
Royal
shares)
stock
Liggett
Marlin Rockwell Corp. capital stk.
Surrender
(Robert) Reis & Co. Common stock
(100,000 shares)
—
7% Cumulative Pref. stock..
Republic Iron & Steel Co. Com. stk.
Amount.
Purpose of Issue.
$925,900 Acq. of constituent cos. ' **
Company and Class of Stock—
8% Pref. stk.
Kelly-Springfield Tire Co. Common
Iron Products Corp.
ratio of 1 Am. share for
Mines, Ltd.. Bankers' trust
ctfs. for 49.760 "Amer." shares.
Rand
(300,000
1921
CHRONICLE
THE
1921.]
*1,329,335
5,998,900
,
3,000,000\01d stock just listed.
cos.,
3,000,000/
9,980,100 Stock dividend.
778,000 Exch. for plain certfs
18,806,200 Acq'ns, work, cap., &c.
CosA-
_
Inc..7%
American Gas Co., Phila..7%
Amer. Light & Trac. Co...6%
Amer. Sumatra TobaccoCo_7>£
Anglo-Amer. Oil Co., Ltd..7H
Assoc, Simmons Hardw. Co.7%
Baltimore Tube Co., Inc
7A
Beech Nut Packing Co
7%
Boston Consol. Gas Co
6%
(F. S.) Bowser & Co., Inc..6%
Brewer-Titchener Corp
7%
Bridgeport Gas Light Co._.5%
Bridgeport Hydraulic Co..5%
Central Mfg. District
7%
Amer. Fruit Growers,
Cincinnati Gas & Elec. Co.6%
Feb. 27 1920
Jan. 15 1920
Mar. 15 1920
April
1 1920
May
June
April
Mar. 1 1921
Jan. 15 1923
Mar. 15 1922
April 1 1922
1.500,000
1,444,000
May 1 1923
May 15 1921
May 1 1924
Jan.
1 1923
May
May
May
Feb.
Dec.
April
June
June
May
Dec.
Dec.
Mar.
June
Jan.
Jan.
15 1920
Downey Shipbuilding
(B. F.) Goodrich Co
7%
Gramm-Bernstein
Motor
Truck Co..
7%
Greelock Co
7%
—
April
April
Mar.
Mar.
Jan.
1 1920
Mar.
June
April
July
Jan.
1
1
1
1
1
Ref? Corp..7%
Oct.
600.000
5,000,000
1921-1930
Mar. 2 1291
500,0001
1,800,000
300,000
1,000,000
750,000
Feb.
1 1920
6%
7%
June
1 1920
1921-1925
Ohio State Telephone Co—7%
Oklahoma Gas & EJec. Co..7%
Mar.
1920-1925
Sept. 1 1921
1920
J920
1920
1920
1920
500,000
1,000,000
1921-1930
Oct.
1 1924
Ohio Cities Gas Co
Co..7%
Midway Gas Co..
7%
Moore Drop Forging Co...7%
Narragansett Elec. Ltg. Co.7%
National Plate Glass Co...6%
National Utilities Co. (Me.)7%
3,000,000
5,000,000
2,000.000
2,000,000
1,500,000
1921-1926
1 1925
1921-1925
Feb. 1 1922
New Chester Water Co
Corp..7%
850,000
2.400,000
1,500.000
4.000,000
5,000,000
30,000,000
1921-1925
Jan.
1 1923
Mar. 1 1921
1921-1922
1921-1925
July
1 1923
1921-1928
1922-1936
Larabee Flour Mills
500,000
500,000
2,000,000
1 1925
Jan.
Massilion Elec. & Gas Co..7%
7%
500,000
1,500,000
1920-1922
1 1920
1 1920
Merchants Heat & Lt.
7%
1923-1925
June 1 1925
June 1 1925
May 1 1923
Dec.
1 1922
Dec.
1 1922
Ma*. 1 1930
June
1 1925
April 1 1923
1922-1925
1921-1922
Mar. 1 1922
1921-1926
Jan.
Jan.
Jan.
Jan.
Invincible Oil Corp
Jackson Furniture Co
1,500,000
May
April
Feb.
Mar.
Mar.
April
$1,000,000
12,000,000
1,500,000
2,200,000
1921-1925
April
1 1920
1
2
1
2
$36,044,000
Amount.
2,000,000
3,500,000
June
April
1920
1920
1920
1920
1 1920
11919
1 1920
Hercules Gas Engine Co
6%
Hooker Electro-Chem. Co.7%
Indiana Truck Corp.
6%
850,000
2,000,000
1 1925
1922-1925
Feb.
2 1921
May
1 1919
2,000,000
2,000,000
2,500,000
2.250,000
6.000,000
6,564,000
15.000,000
7,500,000
1 1920
1 1920
2 1920
1 1919
1 1920
1 1920
1 1920
1 1920
4.000.000
1 1925
1 1925
1 1925
1 1925
May
.7%
Cuyamel Fruit Co.
6%
Denver Gas & Electric Co..7%
La Porte Oil &
2,500,000
Feb.
1 1920
1 1920
1 1920
1 1920
Corp_7%
Steamship Co.,
Commonwealth Edison Co.7%
Consolidated Textile Corp_7%
Continental Motors Corp..7%
Inc
1 1922
1 1923
Aug.
Date.
Maturity.
July
1 1917 July
1 1922
6. 7, 8 & 9 mos. discount
May
1 1920
Aoril 1 1925
May
1 1920
May 1 1922
11919
1 1920
1 1920
1 1920
1 1920
1 1920
1 1920
1 1920
Cincinnati Gas & Elec. Co.7%
Cleveland Metal Prod. Co.7%
Elder Steel
1 1920
1 1920
railway notes first six months....
Int.
6%
Alabama Power Co
American Can Co
Feb.
Feb.
May
1 1920
May 15 1920
May
1 1920
Jan.
1 1920
—
—
200,000
600,000
500.000
650,000
1,700,000
4,000.000
300,000
450,000
10,000,000
1,000,000
Calif.7%
May
Penn 8eaboard Steel Co—.7%
Feb.
1 1920
11918
1 1920
1 1920
2 1920
Feb.
1 1925
1 1925
10,000.000
1,500.000
Philadelphia Electric Co...6%
Public Serv. Co. of No. 111.6%
Feb.
1 1920
Feb.
1 1922
1 1920
Feb.
12.500,000
Feb.
Oklahoma Gas & Elec. Co..7%
Sept.
Mar.
Pacific Gas & El. Co.,
Mar.
1 1921
765,500
3,500,000
May
1 1923
1,750,000
1922
CHRONICLE
THE
Miscellaneous Cos.—
Int.
Amount.
Maturity.
Date.
Nov.
1 1922
1922-1926
June
1 1923
Roanoke(Va.)Wat.Wks.Co.6%
Scholtz Mutual Drug Co. _7%
Shaffer Oil & Refining Co._7%
Shawinigan Wat. & Pow .Co.714
(Earnest) Simons Mfg. Co_7%
Sinclair Consol. Oil Corp..7H
Nov.
1 1919
Feb. 15 1920
June
1 1920
Skenandoa Cotton Co..
7%
Southwestern Bell Tel. Co_7%
June
1 1920
April
1 1920
April
1 1925
1920
Mar.
1 1923
-
1920
1 1920
1
July
Jan.
May 15 1920
Mar.
1
Mar.
5 1920
April
Mar.
Spring Valley Water Co...6%
Standard Parts Co.
_.__7%
Swift Sure Oil Transp., Inc.. 7 %
Texas Co..
7%
Titusvitle Forge Co_.__.._7%
Trumbull Public Serv. Co. .7%
Turners Falls Pow. & El. C o_ 7 %
United Gas Impt. Co.
.6%
U. S. Envelope Co.
7%
(Frank) Waterhouse & Co_6%
Wisconsin-Minnesota Light
& Power Co....
7%
1,1920
July
1 1926
Jan.
1
1925
May 15 1925
1925-1929
Feb.
2 1920
1 1920
June
1
Jan.
1 1920
Sept.
5 1920
1921-1923
Mar.
1 1923
Jan.
15 1925
Nov.
1 1921
Feb.
1 1925
Feb.
1 1925
1921-1925
1922-1925
Feb.
1 1920
Feb.
1 1920
15 '1920
Jan.
Nov.
1918
1
Feb.
1920
$130,500
300,000
2,000,000
4,000,000
750,000
50,000,000
1,000,000
25,000,000
2,500,000
6,000,000
4,421,000
35,000,000
1,500,000
OF
PRINCIPAL NOTE ISSUES
Railroads and Elec. Rys.
Int.
Arkansas Valley Ry., Lt. &
Power Co.-l......
8%
Amount.
Maturity.
bond prices have been made
change,
the
notice posted to-day.
a
on
no
finer price than
of large transactions, where a fine price
case
Bond
Hitherto Victory
one-eighth
the Ex¬
on
fact which has been held by some brokers to be unfavorable in
a
houses
deal'ng in
might be desirable.
Victory bonds outside of the Exchange have-
been held to possess an advantage
through their right to shade a price down
to a fine
fraction, perhaps to secure an exact return to suit a purchaser.
There is also the convenience of a fine
price to reduce a commission
the
of
case
side bond
the
an
unusually large transaction.
in
Ordinarily, however, the out¬
confine their price-fixing to figures divisible by .05, just as
men
Exchange
now
proposes.
DISSOLUTION
600,000
Total miscellaneous company notes first six months—
$327,541,000
Total railroads, electric railways and misc., first six months.® J63,585,000
1920.
Date.
tuation of .05%, according to
360,000
2,500,000
7,500,000
1,000,000
1,100,000
1 1921
[Vol. 112.
OF
PAULO
SAN
Speyer & Co. announced
on
SYNDICATE.
May 2 that they had notified
participants that the State of San Paulo Syndicate would be
dissolved at the close of business that day, the $10,000,000
bonds having all been sold some time ago.
referred to in
The offering
issue of March 5, page 885.
our
Nov.
1 1920
Oct.
1 1922
'$600,000
ment that the bonds had all been
June
1 1920
June
1 1930
1,500,000
these columns April 16, page 1568.
Aug.
July
May
1920
Aug.
July
1925
650,000
1920
1925
Escanaba Pow. & Trac. Co.7%
1920
1922-1925
800,000
200.000
Hagerstown & FrederickRy.8%
Oct.
Middle West Utilities Co..8%
do
do
do
-.8%
Sept.
1 1920
April 15 1921
1 1935
Sept.
Dec.
1 1920
Dec.
was
Announce¬
Chicago North Shore & Mil¬
waukee RR
.....7%
Danville Champaign & De¬
catur Ry. & Light Co
8%
El Paso Electric Co
8%
15 1920|
1940
1
1920
July
1 1923
Nov.
1
1920
Nov.
1 1930
Sept.
Municipal Service Co
8%
Pennsylvaniar-Ohio Power &
Light Co
8%
Puget Sound Pow. & Lt.Co.8%
St. Paul Union Depot Co..7%
United Light & Railways. .8%
1 1920
Sept.
1
July
1
June
15 1923
Nov.
1 1920
Dec.
1925
15 1923
Nov.
1 1930
Total railroad and electric railway, second six months
Miscellaneous Cos.—
Aetna Petroleum
Int.
Date.
July
1
Nov.
1
Oct.
1
Dec. 15
Corp__._8%
Aluminum Co. of America.7%
American & Brit. Mfg. Co.8%
American Multigraph Co. .7%
2,250,000
2,000,000
1,500,000
2,000,000
$17,834,000
Amount.
Maturity.
1920
1920
1920
1920
July
1 1923
Nov.
1 1925
Oct.
11925
1921-1925
$2,000,000
12,000,000
750,000
500,000
Aug. 15 1920
July 15 1920
Jan.
11921
Nov.
1 1920
Sept. 15 1920
Jan.
11921
July
11920
Aug. 15 1930
July 15 1930
May
July
May
11925
1922-1925
Corp.
Armour &
Carbon Steel Co
7M
Central Sugar Corp___.
8%
Champion Fibre Co
___.8%
Chicago Telephone Co
5%
Choate Oil Corp
8%
Cincinnati Gas & Elec. Co.7%
Coast Valleys Gas & El. Co.8%
olumbia Graphophone
g\ F.) Collier & Son Co...8%
Mfg. Co
8%
Commonwealth
Water
8%
(S. S.) Kresge Co
7%
8%
Liquid Carbonic Co...
.8%
Mt. Vernon WOodb'y Mills 6%
(WilliamF.) Mosser & Co..8%
Morris & Co
7H
National Cloak & Suit Co__8y0
National Leather Co
8%
New England Oil Corp
8%
NevadarCalifor. El. Corp..8%
Pathe Freres Phonog. Co_.8%
Louisville Gas & El. Co
7%
7%
Public Service Co. of N.I11.8%
St. Louis Coke & Chem.Co.8%
Sears, Roebuck &Co
7%
(T. A.) Snider Preserve Co
Southwestern Power A Lt.
Co
r
8%
7%
(George) Tritch Hardware
Co
8%
U. S. Mex/Oil Corp
8%
United Drug Co._.__
8%
—
Swift & Co
United Electric Light Co..7%
Van Sweringen Co
7%
West Virginia Timber Co. .8%
Western States Gas & Elec.
Co. of California
6^
Wilmington Transportation
Co
7%
(S. S.) White Dental Mfg.
Co
8%
1
Nov.
1 1930
1931
Sept. 15 1925
Jan.
1
1933
1921-1925
Aug.
1 1920
Sept.
Dec.
~
11920
1 1920
1 1920
Nov.
April 15 1920
July
July
July
1,955,050
60,000,000
6,000,000
3,000,000
2,500.000
5,000,000
1,500,000
as
He urged
obligatory drafts,
the President's recommendations will be adopted.
The message followed numerous long conferences with Boaz
Long, United
States Minister, and Major Gen. Enoch II. Crowder, special representative
Under date of April 19, "Commerce
A
Oct.
1
1920
1
1920
has
appointed
commission, created by Torriente law No. 2,
members of the liquidating board, separately established
as
for the Banco Nacional, Juan Roque, formerly
additional
bank.
liquidate
The
1
Oct.
1 1922
ext.
of bank
1,788,490
28,800,000
Oct.
15 1923
1930
Sept.
1 1930
Dec.
1
1930
Nov.
1
1930
1921-23
1922-1926
15 1923
Jan.
1930
1922
Oct.
1
1920
Oct.
1930
Sept.
1
1920
Sept.
Sept.
1930
June
1
1920
1930
Nov. 15 1925
June
Nov.
1925
1930
1923
Aug.
Feb.
5,000,000
8,000,000
3,500,000
300,000
500,000
3,000,000
3,500,000
3,000,000
1,000,000
3,000,000
15,000,000
5,000,000
10.000,000
6,000.000
1,500,000
1,500,000
1923
Sept.
500,000
1 1930
15 1920
Oct.
Aug.
Oct.
1921-1925
1921-1923
5 1920
1920-1921
1
1920
15 1920
Oct.
1
June
1920
Aug.
Oct.
1 1925
15 1925
1921-1930
1 1930
1 1920
June
15 1920
1920
Aug.
1919
Sept.
1920
Sept.
June
Aug.
1 1918
Aug.
May
1 1920
1921-1923
Dec.
have full administrative power over the
not
been
as
decided
the
representative of the
whether
board
the
re-establish the institution.
or
suspension
of
the
SENATE
The
500.000
1.000,000
1,500,000
50,000,000
1,300,000
15 1921
Aug.
1 1930
1921-1925
1921-1923
2,000,000
40,000,000
400,000
2.500,000
7,500,000
1,000,000
2.750,000
250,000
1 1923
300,000
600,000
PASSES
amendment
Nacional de
Banco
BILL
to
the
May 2 by the Senate.
on
of the
capital of
AMENDING
Edge Export
Cuba
EDGE
ACT.
Finance Law,
Aug.
1 1930
2,000,000
$380,491,040
I.IZIII "
in, and providing this amounts to $2,000,000
may
be paid in
on
by the directors instead of in installments every two months.
The consent of the Federal Reserve Board will be necessary
in all such cases.
New impetus to the campaign to restore
languishing foreign trade has been given by
action in passing the amendment,
issued
ment
by
the
of
May 4,
the Senate's
it appears from
Organization Committee
eign Trade Financing Corportion.
of
The latter,
ON
" 708 03!?'nan
"" 76l'910'l40
giscttsshros
CANADIAN
for final action,
it will be
of the Edge law
and it becomes
for subscribers to the capital stock
unnecessary
corporations to meet regular bi-monthly payments after
25% of the stock is subscribed.
a
When the House passes the amendment
law the directors of foreign trade financing corporations
operating under the Act will be empowered to require the payment of more
25% only
in
such
As
as
the developments of the business warrant increasing the
Consent of the Federal Reserve Board will be the only requisite
basic fund.
cases.
originally
drawn,
the
measure
creating
authority
for
export
capital
In
was
subscribed the rest must be collected in installments payable
two months.
every
urging his amendment
tion,
to the law,
Senator Edge explained that it
expedite the work of launching the Foreign Trade Financing Corpora¬
to
which he referred in
saying:
"In endeavoring to incorporate a corporation with
banks
or
$100,000,000 capital it
others because payments are necessary every two
the" initial" payment of 25%.
situation
as
far
as
it relates to exports."
sions.
The "Montreal Gazette" of May 3 said:
In three States the legislatures have passed and "the
have signed
Toronto Stock Exchange will be on a decimal basis with
amendments to the banking laws
a
so
that
the
spread in fluc-
Stated
subscribe
These States are New York",
Ten other States had previously adopted similar revi¬
Nearly aU of the remaining commonwealths required
to enable their State banks,
opportunity created
The Edge Act automatically
on
sending
series of important legislative steps which
capital stock of Edge law corporations.
investment
loans
a
have advanced the cause of the Foreign Trade Financing Corporation in
to the
VICTORY
war
farmers,
months following
I"consider it absolutely essential for this
The resultant action of the Senate in passing the amendment and
it to the House is but one of
enactment
Victory arid
and
import organizations of capital made it obligatory that after 25% of the
chartered banks and other important corporations are enabled to
BONDS.
On and after to-morrow quotations on all
For¬
under date
says:
Ohio and Nevada.
QUOTATION
state¬
a
the
Under the amendment, which is now before the House of Representatives
Governors
and
or
call
Congress to do something in a practical way to help relieve the present
398 325 040
53 878 000
I 524,*763,500
Ghixxcnt
of¬
Under the amendment, after 25%
has been found difficult to obtain subscrpitions from associations,
1 1920
was
1569.
Edge Export Finance Corporation has
an
the remainder of the capital
more,
would
Aug.
wil
:
announced in these columns April 16, page
than
Aug.
men
it has
been paid
Dec.
1923-1925
July 15 1922
Oct.
Feb.
yet
fered by Senator Edge, Republican, New Jersey, was passed
200,000
25,000,000
250,000
1,500,000
1,400,000
2,000,000
4,000.000
5,000,000
1925
Jan.
May
Sept.
As
1
1 1921
1921
2 1920
2 1920
1 1920
1 1920
members, these
Senor Porfirio Franca has been elected
stockholders.
supervisor of the National
Pending the election of three
Oct.
1
£lW*
says:
7,500,000
Jan.
Sept. 1 1920
Nov. 15 1920
June
1 1920
Nov.
1 1920
Reports"
cablegram from Minister Long, Habana, dated April 14 1921, states
that the general liquidating
the£past two weeks.
increase in the stamp tax upon bills, and
1 1925
reported for 1920
reported for 1919
DECIMAL
an
the revocation of the present 4% tax upon profits.
As the Administration
is supported by the majority party in Congress it is generally believed that
1 1935
miscellaneous, second
Total
were recom¬
April 28 by President Menocal.
on
Dec.
Dec*.
April 15 1923
15 1920
1 1920
six months
Total railroads and electric railways for year
Total miscellaneous companies for year
as
Congress
Aug.
Total miscellaneous company notes, second six months
Total railroads, electric railways and
Total
to
Havanna dispatches said:
credits.
Indiana Coke & Gas Co
7%
Kansas City Structural Steel
Co
8%
Penn Seaboard Steel Co
(Ed. V ) Price & Co.
Measures to relieve the Cuban financial crisis
mended
&
Hartford Elec. Light Co__.7%
(H. J.) Heinz Co
7%
CUBAN
MEASURE TO RELIEVE
FINANCIAL CRISIS.
City Bank in Cuba, and Eduardo Durruty.
Dec.
1 1920
7%
ConsoL Gas Co. of N. Y.__8%
Dec.
1 1920
Consolidated Utilities Co..8%
Oct.
1 1920
Continental Candy Corp..8%
1 1920
July
Continental Gas & El.Corp.7%
July 15 1920
Cromwell Steel Co
Oct. 15 1920
7%
Fleischman Company
Dec1.
1 1920
8%
Gas Securities Co
Oct.
1 1920
8%
Goldwyn Pictures Corp
8%
Goodyear Tire & Rub. Co./Renewal of loans &
Hydraulic Steel Co
Jan.
227,500
1,600,000
Oct.
1 1920
Oct.
1 1930
3,000,000
Nov. 15 1920
1921-1933
1,500,000
(Issued
for
acq.
of Centrall 15,500,000
\
Union Tel. properties.
J
June
1 1920
June
1 1925
900,000
Dec.
1 1919
Dec.
1 1922
500,000
Nov.
1 1920
Nov.
1 1930
220,000
Oct.
1 1920
1921-1928
500,000
1 1920
1 1920
Light Co. of N. J
1
made in
was
of President Harding.
American
Ship & Commerce
.10%
Co
7%
Armstrong Cork Co
7%
Avery Company.
8%
Baldwin Company
-8%
Beaver Board Companies..8%
Benjamin Elec. Mfg. Co
8%
Binghamton Light, Heat &
Power Co
.7%
PROPOSED
1,050,000
2,500,000
2,134,000
650,000
disposed of
by the Foreign Trade
opened the
no
special
&c., to come within the scope of
way
Financing plan.
for national banks to avail
themselves of the opportunity to subscribe for capital stock of corporations
established under it.
May 7
TING STATE BANKS
ceived at the offices of the
bill
the
capital
obstacles
legal
investment on the part of State
institutions.
Similar. measures are re¬
such
to
consideration in other States where simi¬
ceiving favorable
legislation is required.
lar
New
be of
It is believed that the action of
similar action in Ohio,
formation of Edge law cor¬
great benefit in the
Foreign Trade Financing Corpora¬
porations, of which the
Stock Exchange and which are payable
fit to improve the status of the foreign security
see
may
to be of assistance to members in
market in this country;
the numbers
recording
assist
DOMESTIC
AND
FOREIGN
institution, namely the
new
K.
Howard
states:
of American investments in foreign
The importance
ciation to standardize the dealings therein.
Foreign and Domestic Ac¬
been organized by a number of
out-of-town business men engaged in bank¬
York and
engineering, manufacturing
ing,
institution has
tive and
an
shares,
authorized capital of $1,000,000 cumula¬
10,000 shares, $100
fully paid and non-assessable, and 20,000
value, of which 10,000 shares are in the
par
no
Treasury.
Ward & Co.,
who is President of the Ilenshaw,
Inc., is the Presi¬
Clinton B. Sherwood, Treas¬
Inc., and R. H. Ward & Co.,
corporation.
dent of the new
Simplex Pneumatic Tire Co.,
of the
urer
Acceptance Corporation of Boston,
ers'
The other
II. D. McAneny, Assis¬
and Ellis Worthington, Secretary.
The
Daae, Second Vice-President;
Treasurer,
European solicitors of the
&
is Treasurer of the
Cadwallader, First Vice-President; Ger¬
officers are: W. E.
tant
and of the Bank¬
Corporation.
Foreign and. Domestic Acceptance
hard
On the extent to which Amer¬
After making
which the United States can take in ex¬
competition with other progressive indus¬
settlement for our imports, the expenditures
abroad, and remittances abroad
corporation are De la Chapelle
in Paris, Berlin, Bu¬
The United States execu¬
Co., of London, who have branches
charest, Florence and Melbourne.
tive offices of the corporation are
immigrants re¬
by
We will have to stop supply¬
unless our investors are willing to
sell our goods abroad.
ing goods beyond what we take in return
by making equivalent investments outside of
balance our credit accounts
TTS:':T[.r)-\Vr"!v.
the United States.
Great Britain and France for several decades have offset the excess of
their exports over
imports not by shutting down on exports but by building
railroads, developing mines, and other industries and trade
in return.
,
exchanges would have been thrown
By any other method sterling and franc
The actual result has been that by giving free play to
of balance.
out
located at 52 Broadway.
activities in all
words, exporting capital, and taking securities
parts of the world; in other
economic laws and by investing abroad in amounts
Reginald H. Ward,
sufficient to cover the
foreign balances in their favor, both France and England were in a position
export vastly more than they
to
received and avoided thereby
Americans believed we could lead an isolated existence
Until recently we
normally if the other part is industrially
dislocated.
In order, therefore, to
give employment to our own people and maintain industrial prosperity in
the United States must be in position to employ its facilities.
this country,
We must produce
and save money and invest these savings in foreign secur¬
ities in the proportion necessary to
offset our credit balances and to prevent
premium on the dollar which would discourage foreign
exaggerated
an
purchases of our goods.
degree than ever before, depends upon the
Our prosperity to a greater
prosperity of the world and we cannot extend our trade and commerce
unless the world can buy our goods at favorable rates of exchange in terms
In the last analysis the important thing is Ameri¬
of the American dollar.
of
W.
Frederick
Bank
of New
New
Easton,
County Bankers'
Pa., on April 29,
Mechanics & Metals National
of the
Gehle,
York,
at
Jersey,
ranked the three most pressing prob¬
civilized world as follows:
lems confronting the
1.
The Re-establishment
3.
The Paralysis That Has
Government of a policy
now
is that
of foreign conutries to cover the foreign
The American people are slow to act in matters
favor.
our
as
understand, and one of the important ends to be sought
people become as thoroughly informed regarding foreign
our
the investors of
industrial and other security issues,
England and the Continent have been for over half a
understood America will quickly take a more prominent
well
things are
place alongside other alert nations of the
rich
I believe that once these
regarding America and its securities.
century
resources
adoption by
which will attract the investment of sufficient
countries, their currencies, and their
world in the development of the
of foreign lands.
Anions the concerns which are members of the new asso¬
The German Indemnity.
2.
cooperation in the affairs of the rest of the world and the
which they do not
Speaking at the dinner of the Warren
Association
can
balances in
WORLD.
let-up in
independent of the rest of the world.
We now realize the industrial develop¬
ment of the world has become so inter-related that one part cannot function
American dollars into the securities
ON PROBLEMS CONFRONTING
GEELE
IF.
a
trade.
their
our
F.
factor
large degree the position
expect to continue to
The new
and exporting.
participating class "A" stock in
value each,
par
a
an asso¬
of foreign securities and credits will de¬
ican investors become purchasers
a
securities as
need for
of the world's affairs emphasizes the
in the readjustment
of American tourists
ceptance Corporation, has
New
to arbitrate
members or non-members.
Brooks, Vice-President of the new association,
disputes referred to it by either
siding in the United States, there has been since the armistice a foreign bal¬
ance in favor of the United States which of course must be balanced if we
ACCEPTANCE CORPORATION.
A
the exchange of foreign
in
respect to denominations, and
securities with
panding its foreign commerce in
ORGANIZED
series of all foreign securities
or
redemption,
for
drawn
trial countries.
NEWLY
public
made
announcement
an
foreign currencies; to endeavor by whatsoever means it
in
pend to
largest.
tion is the
to
standardize rules and regulations governing
York
New
the
on
which directly follows
York,
will
have removed
within the past few weeks
banking
chartered
This makes
of Edge law corporations.
stock
States which
13
of New York had signed the
State banks of New York to invest in
permitting the
according
association,
transactions in securities which are not listed or traded in
Foreign Trade Financing Cor¬
poration that Governor Miller
The purpose of the new
anty Trust Company, Treasurer.
May 1, is to
April 29 that word had been re¬
announced on
was
TO INVEST IN STOCK OF
CORPORATIONS.
EDGE
It
BILL PERMIT¬
NEW YORK SIGNS
OF
MILLER
GOV.
CHRONICLE
THE
1921.]
of Russia.
Express Company,
ciation are the American
Overtaken the World's Trade.
Boissevain &
Company, Bull & Eldredge, the Equitable Trust Company,
Mr.
Gehle adds:
.
solved has an Internationa
itself, out of which these problems
arose, had an international bearing.
Hence, from an economic angle every
problem resolves itself into one of credit, and those nations of the world wide
are in a position to extend credit will hold within their power during the next
few years the destiny of the world.
Every present world problem that has to be
bearing in the same sense that the war
The
United
States
is the greatest creditor nation
nation of Europe and Asia is
Every
seeking American credit in order that they may
It is with the purpose in view of facilitating this
purchase American goods.
credit and applying it to
of all time.
the mutual advantage of ourselves and our custom¬
Guaranty Company of New York, Hallgarten & Company,
Hornblower
Irving ZsTational
Weeks,
Lazard
Kuhne,
A. B.
Freres,
Bank, A. Iselin &
Nachod
Knauth,
Company,
&
Leach & Company,
&
Merrill,
Lynch & Company, Paine, Webber & Company, Pynchon &
&
McDonald,
Weld
White,
Smith
Sartorious,
Company,
Corporation is being organized by the
The undertaking was
launched at a nationwide conference held in Chicago in December, 1920,
which was attended by over five hundred of the leading bankers and business
ers,
&
Joseph thai
Company,
Sutro
&
Bros.,
&
Loewi,
Joseph
Haas
Seasongood,
Walker
Sons,
&
and
Company.
that the Foreign Trade Financing
leading bankers and business men of the country.
men
whose resources and
foreign trade.
energies will be devoted to the financing
direct to foreign purchasers
of American goods and products.
It is being
Law and will be under the direct supervision
Federal Reserve Board.
The Corporation will be operated along
strictly sound business lines.
The United States has built up a tremendous
productive organization to meet the demands of the
We
of America's
It will make long-term loans direct to sellers of exportables;
being organized under the Edge
of the
COLLECTIONS.
The Corporation will be a financial institution
of the United States.
World War.
LAW PERMITTING EXCHANGE
FLORIDA
vote
to
are
both houses has passed an exchange
of
the
enact
'
informed that the Florida Legislature by
one
laws
States
are
in North Carolina making the
against
clearance
par
Alabama,
Georgia,
of
unanimous
law
similar
eighth State to
checks.
Louisiana,
The other
Mississippi,
Every State
If this
North Carolina, South Dakota
and Tennessee.
productive capacity is to be maintained and occupied, and if our prosperity
as a commercial nation is to continue, we must keep the foreign markets
in the Atlanta Federal Reserve
District, it is understood, has
open
for our goods.
This the Foreign Trade Financing Corporation will
help to do through the extension of long-term
credits.
passed laws allowing banks, both State Banks and National
Banks, to charge exchange for collecting and remitting for
,
checks sent them for collection and returns.
ORGANIZATION
OF
ASSOCIATION
SECURITY DEALERS
George M.
elected
Pynchon,
OF
OF
FOREIGN
AMERICA.
WAR
President of the recently organized Association
Foreign Security Dealers of America.
& Company,
Arthur C. Keck, of Paine, Webber
Secretary, and John D. Harrison, of the Guar¬
CORP.
FINANCING
The directors
of
Howard K. Brooks,
Vice-President of the American Express Company, has been
elected Vice-President;
FINANCE
of Pynchon & Company, has been
meeting
of
on
of
TO
OF
MAKE
COTTON
ADVANCES
FOR
EXPORTS.
the War Finance Corporation at
their
May 2 agreed to adopt the policy for the present
making advances to American exporters or American
or bankers who finance American exporters in con¬
nection with the exportation of cotton under contract for
^oanks
would
It is understood that such exports
sale abroad.
forward within
safeguards in accordance with
Corporation Act.
On
would be made under proper
the limitations of the War Finance
his return from Atlanta
and
McLean
attended the conference of Southern
Banking
Co.
conference
The
Federal Interna¬
and two
The first and most important
under the auspices of the
held in Atlanta Saturday
was
tional
highly satisfactory
was
definite and important results were
obtained.
joint committee of bankers and exporters to work
was
the formation of
out
practical methods of dealing with the subject
a
of the exportation of
substantially larger
especially to those countries which could use
cotton,
quantities if credit was obtainable on a sound basis.
The second was a definite request from the exporters,
American
to
approved by the
bankers financing American ex¬
exporters and to American
which was under definite con¬
forward immediately.
porters to finance the exportation of cotton,
tracts of sale but which could not move
This request was
I
held in New
Meyer at
Monday next at the office of Eugene
on
the financing of cotton
14 Wall Street to consider steps for
Regarding the efforts of the Corporation to
exports.
aid
the New York "Evening Sun"
Washington dispatch last night:
in the financing of exports,
had the following to say in a
making every effort to aid American
War Finance Corporation is
The
way,
exporters in obtaining loans on the most
The best measure of currency
prominent bankers and business
them the exact situation regarding our export
that can be pursued in the extension of foreign
trade and the best methods
Washington until the first part of
Mr. Meyer will not return to
business.
next week.
to
representations made to the War Finance
that the Corporation
announce
stands ready to make advances to re¬
sponsible banking institutions which finance packing products for export.
California banks which have been financing such exports have been ad¬
vised that the Corporation will consider
applications on any of the three
First, for prompt shipment against deferred payments;
following bases:
either prompt
payments after arrival in foreign countries, where goods are
second, for further shipment within reasonable time against
deferred
or
under definite contract for sale,
or
third, for prompt shipment to ware¬
American
exporters and bankers for marketing out of warehouses.
The Corporation
will consider each application on its merits, in accordance with the War
houses in
Finance
decline in
depreciation
purchasing
power
preciation from
OF NEW
Credit conditions have continued to
last
thirty days and the
Reserve
46.4%
reserve
relative pin-chasing power of their
as
currencies
compared with
as
Jan. 7, according to the Review of Credit and
Business Conditions issued April 30
Bank of New
by the Federal Reserve
Prior to 1919 the principal
Allied exchanges were "pegged," or arbitrarily
fixed, and did not decline with price inflation.
is shown between the two lines on the diagram
France and England.
in
the
over
$200,000,000 of gold from foreign countries since
Jan. 1, practically all of which has
Reserve
entered into the
The rest of the increase
banks.
was
reserves
due to
a
of the Federal
decline of $423,-
000,000 in the volume of Federal Reserve notes in circulation, accompanied
by
a
decline of $640,000,000 in the loans and discounts of the Federal
Reserve banks.
Individual Federal Reserve banks, chiefly those in the agricultural sec¬
tions of the country, are
credit.
now
beginning to feel the seasonal demands for
Whereas in the early weeks of the year the loans of all Federal
Reserve banks were
declining, several of them
report increasing loans
now
and two of them, the Federal Reserve Banks of Richmond and Minneapolis,
have rediscounted with the New York Reserve Bank.
fer of credit pressure from
This reflects
the same general
1919 ex¬
The
most important factor in this difference has undoubtedly been the constant
balance of indebtedness against the European countries and in favor of the
United States.
situation in
was
a trans¬
felt earlier
in the year to other Federal Reserve districts.
The decline in wholesale prices
ment of Labor index fell less
has slackened noticeably.
during March than in
any
In the past few months there has been a
to the
nearer
The Depart¬
It is
now
WAGE AND EMPLOYMENT SITUATION IN FEDERAL
RESERVE DISTRICT OF NEW YORK.
From the
monthly Review of Business Conditions in the
district, issued April 30, we take the
local Federal Reserve
following:
In order to secure
a more
comprehensive view of the present wage situation
brief list of questions concerning number of employees,
employing in the aggregate more than 1,300,000 persons.
concerns
reported were sufficiently representative of different industries to
which
furnish
a
pared by the National Industrial Conference Board
Living costs
level
are
as
are,
however, at almost the
In
district, out of 277 firms addressed, reports were re¬
the New York
ceived from 156, which employed on
April 1 1921,
wages
which reductions have been made.
concerns
but there is
the different industries in the extent to
An inquiry which this bank made from
in this district employing about 415,000 workers shows that
57% of them have reduced wages in amounts varying between 5 and 25%.
FEDERAL
RESERVE
BANK
OF
NEW
YORK
ON
EX¬
CHANGE RATES AND CURRENCY DEPRECIATION.
In its
In only one industry, paper and paper
ees
17%.
The
ship-building, and machinery.
products, was the number of employ¬
larger this year than last.
The decrease of 17% in the
total number employed is less than the de¬
reported recently by the New York State Industrial
crease
The difference is largely
the Federal Reserve Bank of New York says:
The bank submits
currency
a
diagram
on
reduction in hourly
which lines
purchasing
power
as
are
plotted
power
of
compared with the
of the United States dollar, and says with
regard thereto:
while the inquiry of this
well.
daily rates of pay has been made by more
or
The reductions range from 5
% and average in the neighborhood of 12 %.
uniform basis for
differentiation was
unskilled workers
whose wages had risen most during the war period.
Other bases for deter¬
mining rates of reduction were length of service, type of operation performed,
Nearly 80% of the firms making reductions did so on a
When
a
the greatest reductions usually occurred among
made,
the extent to which the worker was affected by part
or
The office force was
time arrangements.
frequently not included in wage reductions.
reduced the numbers of their
reductions in wage rates.
the average
weekly earnings per employee as computed from aggregate pay-roll figures
show almost no change from April 1 1920, to April 1 1921.
On both dates
employees most have as a rule made considerable
Although there have been extensive reductions in wage rates,
average
earnings were slightly over $30 a week.
do not show any
of employees on
numbers
the printing
reductions in rates of pay.
railroads, in public utility companies, and in
trades, in which there have been practically no
competent and the most poorly
of
The fact that the earnings
reduction is due in the main to the inclusion of large
Another factor has been the tendency
of employers to discharge the least
paid workers first when reducing the
number
employees.
In Boston and Dallas districts there has
of decrease in employment as
there
decreases.
was
in the New York district, and on
the western
All the other districts report greater
smaller decrease.
a
been about the same percentage
affected less than most
of reductions in average earnings.
Similarly the New York district has been
of the other districts in the matter
DEPARTMENT
STORE
SALES
BY
REPORTED
NEW
YORK FEDERAL RESERVE BANK.
were
to
summary
a
that report to this
6.6% below the sales of March 1920,"
bank
of retail trade in the May
according
1 issue of the
Monthly Review of Credit and Business Conditions
Federal Reserve Agent at New York.
It continues:
by the
weeks of April were
which were especially large.
When price changes are taken into consideration it is evident that the
volume of merchandise distributed each month continues to be greater than
in the corresponding period last year.
March reports show an increase of
about 12% in the number of transactions.
The average amount of each
transaction was $3 07, as compared with $3 52 in March 1920, a decline
Merchants inform us
also
sales during the first three
behind sales in April last year,
13%.
Stocks on April 1 were
year,
percentage decline in the purchasing
in three European countries
Commission.
accounted for by the fact that the reports of the
nearly all employees throughout their plants.
of
monthly Review of Business, made public April 30,
to show the
total of 415,000 persons
greatest reductions were in iron and steel,
18% below maxi¬
point above the 1913
have taken place in recent months,
considerable divergence between
a
compared with 498,000 on April 1 1920, a reduction of about
as
"March sales of 57 department stores
wholesale prices.
Reductions in
156
are
same
employment and
good indication of the present situation as to
wage rates.
practicaUy stationary.
Living costs continued to decline slowly and according to figures pre¬
mum.
from
Those
and changes in wage rates, and received replies
amount of pay-roll,
40% below the maximum of last May.
was
in all parts
the twelve Federal Reserve banks during April sent to concerns
The index of twelve basic commodities maintained by this bank fell very
slightly in recent weeks and at times
distinct
purchasing power levels.
month since last
June, and in each month since last December the percentage declines have
been successively smaller.
uncertainty of the political
A further factor has been the
Europe.
tendency for exchanges to rise
coast
the New York district where it
"unpegged," depreciation
After the exchanges were
notable, however, that since the early part of
It is
changes have been constantly lower than relative purchasing power.
York, which adds:
inflow of
Consequently, little relation
prior to 1919, especially for
exchange and depreciation in purchasing power moved in
It is notable that the industries which have
One-half of this increase in the reserve percentage has been due, however,
to
expressed in their whole¬
sale prices.
than half of the concerns sending in returns.
improve during the
these countries have,
moved very closely with the
to 25
percentage of the Federal
stands at .54.1%,
system now
on
A comparison of the two
Goschen indicated the exchanges of
as
since free movements of the exchanges began,
Some
YORK.
compared with the
line showing the percentage de¬
of its exchange at New York.
par
lines shows that
Industrial Commission include only factory workers,
CREDIT CONDITIONS BY FEDERAL
RESERVE BANK
for example, the purchasing
levels of wholesale
of money in one country as
For each country there is also plotted a
bank covered railroads and public utilities as
REVIEW OF
change in the purchasing
or
index numbers for wholesale commodity
decline in another country.
foreign distributing points, to be held there for account of
Corporation Act and the regulations of the body.
idea in another
From the comparative
is cut in half.
money
of the country a
Corporation that
there is difficulty in financing exports of California packing products, the
Board of Directors of the Corporation has authorized the Managing Director
As the result of
in
If commodity prices are doubled,
of
power
Meyer, Managing Director of the Corporat¬
With this end in view Eugene
in order to learn from
of currency is found
favorable terms in order to send
ion, has gone to New York to confer with
same
of the currencies of different
prices in two countries, it is possible to compute percentages showing the
their goods abroad.
men
in the relative domestic purchasing power
countries.
direction.
meetiug of bankers and exporters will be
York
to-day and re-
considered at a meeting of the board
ceiv d its approval.
A
foreign exchanges from their gold parity is found in the relative deprecia¬
tion of currencies in different countries or, to put the
Corporation make advances
bankers at the meeting, that the War Finance
by Viscount Goschen.
1861
theory is to the effect that the primary reason for the wide divergence
prices.
representing the War Finance Corporation,
bankers and cotton exporters whi h
I,
The
of
power
following statement:
Director
theory of foreign exchanges put forward in
Corporation, made
Managing Director of the War Finance
the
Meyer, Jr.,
the 2nd inst., Eugene
on
From time to time there have been references in the "Review" to the
go
advances
that such
reasonable time and
a
[Vol/112.
CHRONICLE
THE
1924
corresponding date last
Stocks increased between March 1 and
and summer
22% below those of the
due largely to lower prices.
April 1 because of the
receipt of the usual purchases of spring
merchandise.
Because of the
of stocks,
continued large sales, coupled with the decreased value
the ratio of stock to sales is
maintain annual profits by
The amount of
mc::lhz pact
smaller.
Merchants continue to
the more frequent turnover of stocks.
outstanding orders on April 1 was greater
c!ue to +he fact that, many of the stores are
than for several
placing orders for fall
May 7
goods.
In
1921.]
THE
retailers
some cases
advance orders.
showing
are
willinSness to place
a greater
1925
CHRONICLE
While it
thought, that in such circumstances,
was
credit could be
no more
Hand-to-mouth buying continues in those primary markets
frozen, the temperature of business, and its facility for remaining below the
in which retailers believe the process of readjustment has not been com¬
freezing point had been misjudged; after the buyers' strike developed, the
pleted.
temperature went to zero.
| The
following table shows the retail trade fluctuations during
'.■■'V' ;7'.','v,
"
"■ ';7V7'
March:
?7
New York
City and
Elsewhere
Brooklyn.
;■
District.
7'7
Number of firms reporting
Per cent
in Second
14
with
compared
March
37
77777,777
—5.8
—4.6
—.3
number of transactions
change in
of
transactions
during
March
March
31
+10.0
+12.4
—4.5
+.7
—3.4
1 to
March
close
at
1920
—23.2
—17.9
—22.0
+9.0
+8.5
stocks at close of Janu¬
February and March,
ary,
1921, to net
a
5.7
6.7
AGAINST
There is
President
at
of
the
outstanding questions involved in the
presented by Arthur Reynolds;
Continental
&
Washington, D. C.,
tended
Commercial
April 26.
on
by President Harding,
Cabinet members.
Bank
of
Chi¬
The meeting was at¬
Vice-President Coolidge and.
The part played by the bankers in seek¬
ing to cope with the business situation which has developed
aftermath of the war
as an
He
to
the
fact
with
the
Federal
referred
discounts
dealt with by
was
while
that
in
Reserve
Mr. Reynolds.
ordinary times re¬
banks
would
mount
only under the pressure of seasonable demands for funds;
or when business is very active, both city and country banks
have
compelled to continue heavy rediscounting with
been
the Reserve
banks, and he points out, "now we are witness¬
ing the phenomenon of a large rediscount item when busi¬
is slack and prices falling."
ness
in liquidation, by
lag
failures
through
the efforts of
rapid
too
Reserve
liquidation should come and the harshness of the process
over the
experts
and
In
ordinary
large rediscount item when business is
a
failures through too rapid liquidation.
which
resources
a
legitimate
But the speed with which liquida¬
It must be applied psycholog¬
logically.
as
Reserve System will continue to be
an
important factor;
of the most important, in our financial conduct and also in
It has
proved itself to be
practically workable.
givings.
or
should
stay
time—probably
debt
in
high.
to
them,
An
year."
So long
interest rates
lowering of rediscount
this
not
he
arbitrary
contends,
rates, he adds, would bring a redevelopment of the tendency
to inflation and high cost of living.
Mr. Reynolds also had
system sound in
a
I would look upon any suggestion to tinker with its
make serious modifications in its form with doubt and mis¬
'
■
.
required.
It is
principle it
ment
-V77 7; 77-7+
7.7: 77>
■■
'7.
well established and
so
well proved that as a matter of
so
it should be dissociated from every other Govern¬
seems to me
department; it should have the widest possible range for its activities
unhampered by
political influences.
any
It
the
work
can
without being dominated by Government.
with
Government
Public opinion will safeguard
administration of the system which must be placed beyond suspicion
of bureaucratic methods and
a
banker, I
beyond the play of paternalistic impulses.
As
firm believer in the fullest possible play of economic forces.
am a
In the Middle West
Reserve banks for
think
we
not
we are
going to be out of debt to the
time—probably not this
some
in debt to them, interest rates should stay high.
discount rates would bring a
and high cost of
So long as we are
year.
An arbitrary lowering of re¬
re-development of the tendency to inflation
The demand for lower rates is creating
living.
The Reserve Board will
with
soon
be confromted by demands for lower rates
justification for the demand based
on
higher
Lower interest
reserves.
rates, under present condiions, can be justified only by need of
incur extensive
If,
as a
new
ones.
business nationwe are eager to attain
a
normal condition, the con¬
dition in which the relations of things to one another are to be stable and
foreseeable,
our
productive forces must be able to ascertain with some degree
buyers' strike.
a
We have low production, shutdowns and unemploy¬
We have
We
have a housing shortage and landlords and tenants in a death struggle.
We
have building rings and investigations.
We have declining bank deposits
ment; we have had
had
railroad congestion and we have idle cars.
big inventories and big losses, big crops and shrinking values.
and
constant
a
demand for credit.
The tax
collector is clamorous and
persistent and the end is not yet.
But
selves,
work
we
are
A survey
ental
in our
out
our
nor
business difficulties and come again to prosperity.
fictitious wealth.
War is
profits of war are unreal and fleeting.
careful,
unwasteful
a
destroyer, not a creator.
of the effect that taxes have had
National
Commercial
period since Dec. 15 1919,
of
deposits with
Reserve Bank.
as
we
Bank
on
substantial
development
have lost from
at
each
tax
borrowing at the Federal.
The bulk of it is sent East,
Our business institutions
it does not,return.
constant drain of their working capital as a result, and
a
statements which we have been receiving show a steadily declining
ratio of quick assets to liabilities.
I would not say that a
deposits at all,
seems to
me
nor
continuation of this process would leave us with no
would it leave business without working capital, but it
the experience clearly illustrates the extent to which
is cutting into the commercial capital of the country.
to
an
struggle for revival but
uphill fight.
It
and, therefore, less
The case,
so
seems a
revenue
long
as taxes
a
remain
as
s
business,
as
the loser.
fair inference that there will be le
from taxes with the entire country
We must
to my mind is urgent and action should be speedy.
a
great
capacity to destroy business, and
much smaller capacity to create or assist it.
If we
CHANGES IN DISCOUNT RA TES OF FEDERAL RESERVE
The
of productive
enterprises,
BANKS OF NEW
Effective
YORK
AND ATLANTA.
May 5, the Federal Reserve Bank of New York
reduced its rate for advances and rediscounts backed
How we mounted to the
heights from which we are descending is a story well known and often told.
We began the descent over a year ago.
Only now are we reaching the lower
slopes from which we can look down on the valleys of stability and security.
Before the rediscount rates of the Reserve banks were increased, the
mercial paper,
product of the distorting influences born of war.
banks and
of
particularly the banks in the centres—had their resources under
strain, not only their resources of credit and money but
prudence, judgment, discretion and experience.
their resources
Prices had been mount¬
transportation was
Several months before rediscount
7 to
rates were
increased bankers had begun to work for a reduction in loans.
Borrowers—manufacturers, merchants and farmers alike—replied that they
From
that time forward applications for new loans and the renewal of old ones
were insistent.
Higher rates served to slow up the expansion but it was
months before it was stayed and more months before there was any actual
could not liquidate
because they could not transport their products.
deflation in terms of Federal Reserve notes and
Lowering
prices,
diminishing
sales
and
bank loans.
decreasing production made
in a period of
There was a margin
new
rates
rapid turnover, very difficult.
Credits were frozen.
could not be covered by sale of stocks at prevailing prices.
was
com¬
was
made in the rate for paper se¬
certificates, Liberty bonds and Victory
Announcement of the
notes, the rate continuing at 6%.
made
as
follows by
Benjamin Strong, Governor
of the bank:
•
FEDERAL
RESERVE
BANK
OF NEW YORK.
To All Member Banks in the Second Federal Reserve District
You
are
advised that this bank has established the following rates of
discount effective from the opening of
business on Thursday, May 5 1921,
until further notice and superseding all
existing rates:
Commercial Paper.
,
For advances not exceeding 15 days secured by all classes of
mercial paper,
eligible com¬
excepting bankers' acceptances, and for rediscounts of such
paper...
_--.6H %
—
United States Government Securities.
liquidation of old obligations incurred at higher price levels,
of debt which
No change
6J^%.
by
trade acceptances and agricultural paper from
cured by Treasury
ing for many months; coal was short because of a strike;
congested, and there wastalk-ef a panic.
taxation
Business will continue
they are now, it will be
coupled with industry and thrift.
The business situation as it has developed, and is still developing, is a
severe
payment
$35,000,000
$14,000,000 to
our
Where does the money go?
experiencing
the deposits of the Contin¬
shows that
corresponding -'ncrease in
a
is of course necessary, but
True wealth and prosperity come
management
are so
that it will take time—time
The supposed wealth that comes
patience and intelligence.
overnight is
from
We know that we will
Government and in our country.
and effort and
only
We believe in our¬
disheartened.
have not already learned, we are now learning
a
and
remember that the Government has
neither discouraged
At this time taxes
toward the point of "normalcy"—whatever and wherever that point may be.
many
and
stimulating
business, and business must pay off old debts before it should be allowed to
lowing remarks from his address:
profiteering and extravagance, high prices and high wages, falling prices
an expec¬
tancy that rates will be lower.
are
We have had
business
our
principle and
The Federal Reserve System was created to mobilize the banking reserve®
of the country and to permit expansion and contraction of credits as business
something to say on the tax situation, and we give the fol¬
I11 the Middle West we have all the troubles there are.
the
controlling the system. Great care must, therefore,
men
system." In the Middle West, said Mr. Reynolds, "we
we are not going td be out of debt
to the Reserve
think
some
use.
compel liquidation and
can
and their application so uncertain that they must retard the
are
It is
thought of when the
was not
of accuracy what their taxes are to be.
for
re¬
we are
This is caused by the lag in liquidation, by the
questions to test the discretion of the men controlling
we
times
Now
the
banks
problems
accountants
.
are
as
of
Those charged with the
Banks.
It puts the system to a new test.
well
as
structure
This, he says, "is caused
the banks to
liquidation."
Mr.
Reynolds states that "there is no doubt that the Federal
Reserve banks can compel liquidation, and
there is 110
doubt that they should do so.
But the speed with which
by the
prevent
of
the
method
a
compelled to continue heavy
doubt that the Reserve Banks
no
The Federal
one
before the District of Columbia Bankers' Association,
cago,
before
oil} poring
officers,
going.
reduction
including
the regular duties to help work out
doubt that they should do so.
no
activities.
was
falling.
discretion of the
LOWERING
OF REDISCOUNT RATES.
of the
proposed
,
utilization of Reserve Bank
be taken.
review
Their
away from
witnessing the phenomenon of
ically
A
been
concerns
concerned,
tion should come and the harshness of the process are questions to test
7-0
stabilization of business
has
rediscounting with the Federal
330.6
407.7
purchases during cal¬
ARGUES
'class.
every
frequently been called
there is
endar year 1920
REYNOLDS
scheme
all
expansion under pressure of war's demands, but it is
310.1
during those months
ARTHUR
after
keep
reorganizations,
Reserve Banks were employing their great powers and great resources for
Percentage of outstanding orders at close of
March 1921 to total
of
customers
have
slack and prices
+8.3
average
Scheme
efforts of the banks to prevent
February 1921
Percentage of
sales
bankers.
loans to
new
complete
seasonal demand for funds or when business is very active.
close of
at
consolidations,
and losses have been sustained by
discounts with the Reserve Banks would mount only under the pressure of
of
-
compared with stocks
been
have
Both city and country banks have been
Per cent change in stocks at close of March
1921.
There
the problems of customers.
Per cent change in stocks at close of March
stocks
of the
country.
There have been
meetings of committees of bankers to outline plans for the extension of old
1921, compared with net sales
compared with
the banker in planning ways and
resources of
interest
lines of credit and for the advancement of
of
+13,3
during corresponding period in 1920
1921,
the business
save
management of banks have burned midnight
1920
(17 firms reporting)
Per cent change in net sales from Jan.
to
refinancing could be found which would bo feasible.
during March 1921, compared with num¬
ber
the mental and physical
means
assets,
1920-
Per cent
District.
during
sales
net
Second
23
change in net sales during March
1921,
The public can have but little knowledge of the call that has been made
upon
For advances not exceeding
notes
or
15 days
on
Liberty Loan bonds. Victory
United States Treasury certificates of indebtedness
and customers"
THE
1926
by any of the foregoing, and for rediscounts
notes secured
notes, so
The Committee
of customers*
6%
secured, for periods not exceeding 90 days
It is the purpose of the Committee to
bankers' acceptances,
15 days secured by
*
BENJ,
order
In
to
gested that
Very truly yours,
STRONG,
Governor.
hear first the proponents
avoid
duplication of arguments
action
Federal Reserve Bank
Boston
the
of
month
last
and has followed the
in its discount rates,
nounced changes
this week an¬
Reserve Bank also
April 16, page 1571) in estab¬
uniform rate of 6%.
The Atlantic Bank on May 5
(announced in these columns
lishing
a
reduced its rate
on
commercial paper, trade acceptances
and
from 7 to 6%, and raised its rate on paper
secured by Liberty Bonds and Victory Notes from 5^ to
6%.
At present the only Reserve districts maintaining the
agricultural
paper
Governor
Chicago, Minneapolis and Dallas.
On May 5
Harding of the Federal Reserve Board was re¬
ported
saying:
7% rate
are
as
(
merely the recognition of the
7% rate has passed.
•
As to the views
-
indicate any change in policy , but
fact that the emergency which justified a
;
■ r'"--v-
discount rates do not
The changes in
Treasury
dispatches from Washington,
expressed by Secretary of the
Mellon in the matter,
press
May 5, said:
Federal Reserve Bank in
Action of the New York
rate from
that he thought it
reducing its rediscount
toward relaxation in rediscount
said to-day. He added
reflects a tendency
7 to 6H%
districts, Secretary Mellon
rates in ether reserve
Bank might anticipate
probable that the Chicago Reserve
with a rate reduction.
said financial conditions over
the crop movement season
The Treasury Secretary
the country ap
that as much could not be said for the indus¬
he explained, the banks have not as
they are not making so many loans, and money
peared to be much better, but
With business slack,
trial situation.
much need for money, as
APPOINTMENT OF JOHN R.
FEDERAL RESERVE
CONFIRMS
AS MEMBER OF
MITCHELL
BOARD.
of John R.
Mitchell
I
as
member of the Federal Reserve
a
of ten years. His
referred to in our issue
Mr. Mitchell will serve for a term
Board.
nomination by President Harding was
of
appointment
April 29 confirmed the
The U. S. Senate on
Saturday last,
STATE
page
1821.
*
,
TO
ADMITTED
INSTITUTIONS
FEDERAL
RESERVE SYSTEM.
<
Reserve
institutions
were
Total
District No. 9—
,
Security Savings Bank,
Rapid City,
Surplus.
SotDak- $50,000
$524,620
Commerce, Texas..
273,111
50,000
the Clerk of the
assignment of time
In making such application the following information should be given:
Name, business address, temporary address in Washington, business or
occupation, the person, firm, corporation or association represented, and
All
Eastern Oregon
dorsed
them the
on
business
or
association
he represents.
revision of the internal tax
protection of the revenues,
is, in the judgment of Secretary of the Treasury Mellon,
"a requisite to the revival of business activity in this coun¬
try."
This view is expressed by Secretary Mellon in a letter
to Representative Fordney, Chairman of the House Com¬
mittee on Ways and Means, in which he submits revised esti¬
mates of Government receipts and expenditures for the years
1921 and 1922.
Secretary Mellon announces that the ordi¬
A
prompt and thoroughgoing
laws, made with due regard to the
of the fiscal
at the rate of about
$5,000,000,000 for the year, and that according to the latest
estimates the ordinary expenditures during the fiscal year
1922, including interest on the public debt, will be over $4,000,000,000.
"The Nation," he says, "cannot continue to
nary
expenditures for the first three quarters
1921 have been $3,783,771,997, or
Expenditures should
The coun¬
try is staggering under the existing burden of1 taxation and
debt and clamoring for relief from the war taxation."
Re¬
duction of appropriations, he says, "will not of itself be effec¬
tive to reduce expenditures, unless at the same time the Con¬
gress avoids or controls measures which result in expendi¬
ture without an apparent appropriation."
The most sub¬
spend at this shocking rate.
"must
come
defeat their
without
delay
141,361
ican
10,000
299,265
nal tax laws are,
tax
the excess profits tax
of
corporations and the repeal of
000,000 and
Readjust
surtax of
view
a
and make good the loss of revenue by
profits or a flat additional income
modified tax on corporate
a
upon
$500,000,000.
the income tax rates to a maximum combined
1921, and of about 33%
Retain the miscellaneous
that he had authorized the Federal Reserve banks on and
after April 30 1921,
and until further notice, to redeem in
cash at the holders
option, at
par
and accrued interest to
optional redemption, Treasury certificates of
indebtedness of Series D-19217 dated Nov. 15 1920, maturing
May 16 1921. The order will continue in effect until May 16.
income
specific sales taxes and excise taxes,
CLIFFORD
TARY'OF
BECOMES
THE
ASSISTANT
SECRE-
TREASURY.
Revenue Act, which are
to be Assistant
by President Harding
Secretary of tbe Treasury, had his nomination
confirmed by the Senate on
May 3.
Impose sufficient new or
on
back
taxes,
Announcement that the Senate Finance
Committer would
begin hearings on Monda^ next (May 9) on tax revision was
made on May 5 by Senator Penrose, Chairman of the Com¬
mittee,
in the following notice:
additional taxes of wide
application, such as
license tax on the use
internal taxes after making
and the balance by
surplus war supplies
taking more effective steps to
and other salvageable assets
Government.
to
realize
of the
/
administrative amendments to the Revenue
Act in order
administration and make it possible, among other things,
Commissioner of Internal Revenue, with the approval of the Secre¬
simplify its
for the
tary of the Treasury
Plans
REVISION ON MONDAY.
unproductive,
of automobiles, to bring
the changes above sug¬
gested, to about four billion dollars in the fiscal years 1922 and 1923.
The only way to escape the additional internal tax, to an aggregate amount
of between $250,000,000 and $350,000,000, will be to make immediate cuts
in that amount in current expenditures.
In the event that this should
prove impossible, it might be feasible to provide perhaps as much as $100,000,000 or $150,000,000 of the necessary revenue from new duties on staple
increased stamp taxes or a
the total revenues from
mination
SENATE COMMITTEE TO BEGIN HEARINGS ON TAX
difficult to enforce, relatively
vexatious.
and unnecessarily
Adopt necessary
Edward Clifford, named last week
including
the tax on admissions and the
capital stock tax, but repeal the minor "nuisance" taxes, such as the taxes
on fountain drinks and the miscellaneous taxes levied under Section 904 of
transportation tax, the tobacco taxes,
articles of import,
EDWARD
normal tax and
thereafter, with
substantially equivalent to the
tax under existing law.
the
Secretary of the Treasuty Mellon announced on May 1
$400,-
producing aggregate revenues
estimated receipts from the
TREASURY CERTIFICATES
1
;
40% for the taxable year
to
of Peoria, Illinois.
MATURING MAY 16,
the existing $2,000 exemption
yield an aggregate revenue of between
applicable to corporations to
TRUST POWERS.
regard to the revision of the inter¬
briefly:
the
date of such
and such
tariff measures as are necessary to protect Amer¬
trade and industry."
The principal suggestions made
of Fredericksburg, Virginia.
REDEMPTION OF
will be able to enact
revision of the revenue laws
a
5,000
Board has granted permission to
Merchants and Illinois National Bank
Secretary Mellon,
unproductive and are so artificial and burdensome
own purpose."
"It is earnestly hoped,
become
to
says
the readjustment of inter¬
repeal of those taxes which have
emergency
following institutions to exercise trust powers:
The Planters National Bank
burden,
for the present from
nal taxes and the revision or
as
,
.
.
permitted to continue at the present rate.
not be
184,722
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
Federal Reserve
BY SECRETARY OF
MELLON.
TREASURY
by Secretary Mellon with
TO EXERCISE
should have in¬
submitting them, his
of the person, firm, corporation or
occupation, and the name
whom
THE
Repeal
BOARD
with the Committee
and address of the person
REVISION OF TAX LAWS URGED
means
The
name
12,500
Banking Company. Shaniko,
Oregon
the
and other papers filed
briefs
25.000
25,000
'
District No. 12—
the hearings, for an
testimony will be given.
the subject concerning which
50,000
Perrin, Texas
Quinlan, Quinlan, Texas-
First State Bank of
than thirty minutes.
should, if possible, apply to
Committee prior to the date set for
137,457
60,000
Security State Bank, Decatur, Texas
First State Bank of Perrin,
will not require more
Persons wishing to be heard
therefore," he adds, "that the Congress
District No. 11—
Building.
their statements in such
It is desired that witnesses endeavor to prepare
form that their presentation
Resources
$15,000
Capital.
/
State Bank of Commerce,
312 of the Senate Office
Sessions will begin at 10:30 a. m.
stantial relief from the tax
admitted to the Federal
System in the week ending April 29 1921:
The following
present, agree upon one
representative to present their views.
year
consequently is not as tight as it was.
SENATE
and suggestions, it is sug¬
having the same problem to
persons
The bearings will be conducted in room
The Atlanta Federal
and op¬
ponents of the sales tax.
6%
and for rediscounts of same not exceeding 90 days.—
hearings relating to internal
Finance will hold public
on
beginning Monday, May 9 1921.
revision
revenue
Bankers' Acceptances.
For advances not exceeding
[Vol. 112.
CHRONICLE
and the consent of the taxpayer
to make final deter¬
and settlement of tax cases.
of
the
Treasury for
refunding the Government's
Treasury
and 1928
are outlirted in Secretary Mellon's letter to Representative
Fordney.
Substantial progress, he says, has been made in
the retirement of the short-dated debt, which on March 31
1921 aggregated $7,578,954,143, against $9,248,188,921 on
including Victory Notes, into
indebtedness maturing between 1923
short-dated debt,
certificates of
May 7
THE
1921.]
In view of its early maturity, lie
Aug. 31 1919.
Treasury must regard the short-dated debt
within the next two years may expect to
billion dollars through the
one
as a
the
says,
whole, and
reduce it by perhaps
continued operation of the
sinking fund and the miscellaneous annual debt requirements.
tax certificates
Treasury's policy to vary its monthly offerings of
Treasury certificates of indebtedness from time to time when market con¬
ditions are favorable with issues of short-term notes in moderate amounts,
with maturities of from three to five years, with a view to the gradual dis¬
tribution
of
short-dated
the
debt
through successive
issues
of
notes
convenient maturities extending over the period from 1923 to 1928.
the
Third
Loan
Liberty
matures
in
When
the Treasury certificate offerings will
continue to be made from time to time as in the past in order to meet the
This program will make the short-dated
Treasury's current requirements.
debt more manageable and
The
facilitate the refunding operations which will be
in connection with the maturity of the Victory Liberty Loan.
necessary
Treasury Department, Office of the
Secretary, Washington, April 30 1921.
letter of April 25 1921, I am glad to present for your consideration
of the
that
Committee
Liberty bonds and Victory |notes for
and (4) by miscellaneous other debt retirements which must
be made each year
This
means
on
Ways
and
Meahs,
revised estimates
account of the army
carry
on
provided for the fiscal
of
years
1922
the Government's business and mee$ its
requirements and fixed debt charges, including interest and sinking
current
In order that the Congress may have the
latest available
information
It
1922 out of current revenues.
to any
during the fiscal years 1921 and
also that the country cannot look
means
plan for funding the floating debt to reduce the burden off internal
during the next two years. ; Substantial cuts in current expenditures
taxes
relief from the tax burden.
offer the only hope of effective
Within the next two years, or thereabouts,
and one-half billions of short-dated debt
there will mature about seven
(including the outstanding floating
debt), and it is to the gradual retirement of this debt that the bulk of the
through the miscellaneous
paragraph.
Substantial
progress has already been made in the retirement of the short-dated debt.
Statement (E) for example, shows that the short-dated debt aggregated $7,578,954,142.89 on March 311921, as against $9,248,188,921.12 on Aug. 31
1919, when the war debt aggregated $7,578,954,141.89 on about one and
surplus is necessarily applied in large part
described
retirements
billions
in
in
the
nineteen
the
preceding
months'
This reduction was
period.
the reduced balance in the general fund and the applica¬
tion of receipts from war salvage, and only in small measure to
by
surplus tax
In view of its early maturity, the Treasury must regard the short-
receipts.
as a
perhaps
whole, and within the next two years may expect to reduce
billion
one
through
dollars
it
operation of the
the continued
sinking fund and the miscellaneous annual debt retirements. The remainder
before it, I hand you herewith the following statements:
Statement giving revised estimates of receipts and disbursements for
the fiscal years 1921 and 1922, with a supplemental statement classifying the
of this short-dated
debt, amounting to over six billions will have to be
refunded.
This statement is made up on the basis of actual
estimated disbursements.
,
retire any material portion of the two and one-half
billions of floating debt now outstanding
dated debt
fund.
(A)
t
and navy and the railroads, and that the Government
cannot now expect to
due in large part to
order to
with the terms
heavy current expenditures during the last twelve months, particularly on
two-thirds
in
or
that the Treasury's earlier expectations as to the retirement
in that connection what revenues must be
1923
in order to comply with existing law
of outstanding securities.
receipts and expenditures for the fiscal years 1921 and 1922, and to indicate
and
in both 1921
savings securi¬
tive sinking fund, (3) by acceptance of
debt
Dear Mr. Chairman—In accordance with your request as communicated
and
war
ties, redeemable substantially on demand, (2) by purchases for the cumula¬
estate taxes,
current
following is Secretary Mellon's letter in its entirety:
in your
(1) by current redemptions of
of the floating debt have been upset by the continuance, of unexpectedly
refunded, he adds:
It will therefore be the
currentlsurplus
The estimated
outstanding.
and 1922 will be absorbed
Stating that the remainder of this short-dated debt will have
to be
1927
CHRONICLE
It will, therefore, be the Treasury's policy to vary its monthly
offerings of
receipts and disbursements for the first three quarters of the fiscalyear 1921,
Treasury certificates of indebtedness from time to time when market condi¬
and the best estimates of the Treasury and the spending
tions
departments
as
to
favorable with issues of short-term notes in moderate amounts with
are
distribution
receipts and disbursements during the last uaarter of 1921 and the fiscal year
maturities of from three to five years, with a view to the gradual
1922.
of the short-dated debt through successive issues of notes
in convenient ma¬
turities extending over the period from 1923 to 1928, when
the Third Liberty
It
supersedes the estimates of receipts and expenditures for the
fiscal years 1921
and 1922 which appear on pages 273 to 278 of the Annual
Loan
Report of the Secretary of the Treasury for 1920.
Preliminary statement showing classified expenditures of the Govern¬
(B)
ment for the
period from July 1 1920, to March 31 1921, with comparative
figures and total expenditures for the fiscal year 1920,
on
(exclusive of postal expenditures,
Treasury statements
the basis of daily
except postal de¬
period from July 1 1920, to March 31 1921, with comparative figures
and total
ordinary receipts for the fiscal year 1920, on the basis of daily
able and facilitate the refunding operation which will be necessary in connec¬
tion with the,maturity of the Victory Liberty Loan.
Preliminary statement of the public debt on March 31 1921, on the
(D)
basis of daily
Treasury statements, with
a
stated in his message, that
fields of
quarterly comparative public
mean
at its
expenditure, receipts from internal taxes can not safely be permitted
This would
1922 and 1923.
total internal tax collections of about one billion less than in 1920,
from
the readjustment of internal
taxes,
of those taxes which have become unproductive
defeat their
and the revision or repeal
and
are so
artificial and bur¬
A prompt and thoroughgoing
dated public debt on the basis of daily Treasury statements from Aug. 31
densome
1919 to March 31 1921.
revision of the internal tax laws, made with due regard to the
Ordinary expenditures for the first three quarters of the fiscal year 1921
have been S3,783,771,996.74, or at the rate of about
$5,000,000,000 for the
and
"The most substantial relief from the tax burden must come for the pres¬
ent
peak.
Statement showing comparative figures as to the outstanding short-
(E)
unless there are striking cuts in the important
one-half billion less than in 1921.
debt statement which shows the figures for Aug. 311919, when the war debt
was
burdens which it
the next two fiscal years shows clearly, as the President
must face within
to fall below four billions in the fiscal years
Treasury statements (exclusive of postal revenues).
be made
will continue to
This analysis of the condition of the Treasury and of the
Preliminary statement showing ordinary receipts of the Government
(C)
offerings
in order to meet the Treasury's current
This program will make the short-dated debt more manage¬
requirements.
ficiencies, &c.).
for the
Treasury certificate
matures.
from time to time as in the past,
to
as
own
purpose.
the revenues, is, in my judgment, a requisite to
It is earnestly hoped, therefore, that the Congress will
ity in this country.
without delay a revision of the revenue laws
and such
year.
Of these expenditures about $860,000,000 have been expenditures
be
of the
War
emergency
tariff measures as are necessary to protect American trade and
industry."
:•:
,:y..
Representatives has passed the emergency tariff
about $500,000,000 expenditures of the Navy
Department,
Department,
$600,000,000
about
$650,000,000 interest
payments
tures
the rate of about $3,500,-
According to the latest estimates of the spending
000,000 for the year.
department,
the railroads and about
to
forth in Statement A—Supplemental, ordinary expendi¬
as set
during the fiscal
year
1922, including interest
on
the public debt, will
nation
continue
cannot
to
spend
As the
this shocking rate.
at
President said in his message, the burden is unbearable, and there are two
avenues
'One is rigid resistance in
of relief.
the utmost economy in administration.'
or
for
entering
upon new
appropriation and the other is
This is
fields of expenditure.
no
time for extravagance
The nation's finances are
sound and its credit is the best in the world, but it cannot afford reckless or
wasteful
expenditure.
New
without increased taxes
or
new
or
enlarged expenditures cannot be financed
loans.
Expenditures should not even be
The country is staggering under
permitted to continue at the present rate.
the
existing burden of taxation and debt and clamoring for gradual relief
from the war taxation.
legislation, I hope that the Congress will soon undertake the revision of the
revenue
revision
and
it
Congress made
a
substantial
effected
or
repeal of those taxes which have become unproductive and are so
economies.
Notwithstanding
the
reduced
to defeat their own
able income, interfere with
The higher rates
purpose."
to reduce their tax¬
the transaction of business and the free flow of
capital into productive enterprise, and are rapidly becoming unproductive.
The
Taxes of this extreme
excess-profits tax is artificial and troublesome.
character
are
clogs
upon
productive business and should be replaced by other
An intelligent revision
of these taxes should encourage production and in the long run increase
rather than diminish the revenues.
Early action is necessary, for unless a
and
more
equitable taxes
upon
incomes and profits.
revision is adopted within a few months it
could not in fairness appy to
profits arising from the business of the present calendar year
income and
With these considerations in
mind, I venture to make the following prin¬
cipal suggestions with regard to the revision of the internal tax laws:
Repeal the exc&ss-profits tax, and make good the loss of revenue by
1.
creditable record in reducing appropriations,
as
of income surtaxes put constant pressure on taxpayers
support to all sincere efforts to reduce expenditures.
The last
and at the
laws, with due regard to the protection of the revenues
^ame time with a view to "the readjustment of internal taxes and the
It may be counted upon not only to exert effective
increased expenditures but also to give its whole-hearted
pressure against
enact
artificial and burdensome
be over $4,000,000,000.
The
to
Now that the House of
the public debt, an aggregate of $2,600,000,000
on
under these four headings in nine months, or at
able
protection of
the revival of business activ¬
means
upon
of
a
modified tax
on
corporate profits or a flat additional
income tax
corporations, and the repeal of the existing $2,000 exemption applica¬
corporations, to yield an aggregate revenue of between $400,000,000
$500,000,000.
The excess-profits tax is complex and difficult of
appropriations, however, expenditures have continued unexpectedly high,
ble to
and the reduction in expenditures has barely kept pace with the
and
in receipts.
Reduction of appropriations, moreover,
effective
to
avoids
controls
or
reduce
expenditures unless,
measures
at the same
shrinkage
will not of itself be
time, the1'Congress
which result in expenditure without an apparent
Reappropriations of unexpended balances, revolving-fund
appropriation.
administration, and is losing its productivity.
taxable year
year
It is estimated that for the
1921 it will yield about $450,000,000, as against $2,500,000,000
in profits taxes
for the taxable year 1918, $1,320,000,000 for the
appropriations and appropriations of receipts, and other indefinite authori¬
taxpayers, and in order to protect the revenues, however,
zations of expenditure have in
tax must be
the past been responsible for hundreds of
millions of dollars of actual cash outgo.
000 of internal taxes
are
based
The estimated collections of $3,700,000,on
the provisions of existing law,
and
are
the excess-profits
replaced, not merely repealed, and should be replaced by some
other tax upon
The estimates for the fiscal year 1922 are subject to great uncertainty as to
both receipts and expenditures.
taxable
In fairness to other
1919, and $750,000,000 for the taxable year 1920.
corporate profits.
A flat additional tax on corporate income
of admin¬
would avoid determination of invested capital, would be simple
istration, and would be roughly adjusted to ability to pay.
that the combined yield to accrue during the
$850,000,000 less than the estimated collections for 1921. chiefly because
of this character at the rate of
of the shrinkage in business.
It is estimated
taxable year 1921 from a tax
would be about $400,000,000.
duced from the
same cause.
014,000,000 will
on
They
are
liable to be somewhat further re¬
The estimated ordinary expenditures of $4,-
their part be affected by appropriations which are still
The estimated expenditures of the War Department and the
to be made.
Navy Department, aggregating over $1,100,000,000 for 1922, will depend
largely upon the military and naval policy adopted by the Congress at the
The estimate of about $545,000,000 for payments to the
present session.
2.
5% and the repeal of the $2,000 exemption
Readjust the income tax rates to a maximum combined normal tax
a
view
the
40% for the taxable year 1921, and of about
to
producing
higher surtax
aggregate revenues substantially
rates
have already
higher rates constitute
Act, 1920, and increased estimates from the Director General of Railroads.
and property, which with lower surtax rates
a
The
securities
passed the collection point.
railroads in 1922 is made necessary by the provisions of the Transportation
bar to transactions involving turnovers of
would be accomplished and thus
In the absence of drastic cuts in military and naval expenditures, there is
yield substantial
almost no prospect,
subject to the higher rates is rapidly dwindling, and funds which
according to the estimates, of
any
substantial available
surplus even in the fiscal year 1922.
The estimates of
new revenue to
The tQtal net income
the Government.
otherwise be invested in productive enterprise are
receipts and expenditures for both 1921 and 1922 show
which do not yield taxable income.
surtaxes under
surplus of current receipts over current expenditures will not quite provide
The estimated yield for the year from the surtax rates
expenditures
are
in these years
redemptions, and that unless
sharply reduced there will be practically no funds available
for the retirement of the floating debt represented by loan and
would
being driven into fields
The total estimated revenue from the
clearly that, while this Government has definitely balanced its budget, the
for what may be termed the fixed public debt
and
33% thereafter, with
equivalent to the
estimated receipts from the income tax under existing law.
This read¬
justment is recommended not because it will relieve the rich, but because
surtax of
existing law is about $500,000,000 for the taxable year 1921.
about $100,000,000.
above 32% would be
The immediate loss in revenue that would result from
the repeal of the higher surtax
brackets would be relatively small, and the
ultimate effect should be an increase in the revenues.
CHRONICLE
THE
1928
and excise taxes, includ¬
admissions, and
the capital stock tax, but repeal the minor-"nuisance" taxes, such as the
taxes on fountain drinks and the miscellaneous taxes levied under Section 904
Retain the miscellaneous specific-sales taxes
3.
ing the transportation tax, the tobacco taxes, the tax on
of the Revenue Act, which are difficult to
enforce, relatively
unproductive,
miscellaneous special
taxes would, it is estimated, result in a loss of about $50,000,000 in revenue.
The transportation tax is objectionable and I wish it were possible to recomment its repeal, but this tax produces revenue in the amount of about
$330,000,000 a year and could not safely be repealed or reduced unless
Congress is prepared to provide an acceptable substitute.
The Treasury
is not prepared to recommend at this time any general sales tax, particularly
if a general sales taxes were designed to supersede the highly productive
special sales taxes now in effect on many relatively non-essential articles.
4. Impose sufficient new or additional taxes of wide application, such as
increased stamp taxes or a license tax on the use of automobiles, to bring the
total revenues from internal taxes after making the changes above suggested,
and
The repeal of these
unnecessarily vexatious.
and 1923. The only way
amount of between
immediate cuts in that
amount in current expenditures.
In the event that this should prove im¬
possible, it might be feasible to provide perhaps as much as $100,000,000 or
$150,000,000 of the necessary revenue from new duties on staple articles of
import, and the balance by taking more effective steps to realize on back
taxes, surplus war supplies, and other salvageable assets of the Government.
5. Adopt necessary administrative amendments to the Revenue Act in
order to simplify its administration and make it possible, among other things,
for the Commissioner of Internal Revenue, with the approval of the Secre¬
tary of the Treasury and the consent of the taxpayer, to make final deter¬
mination and settlement of tax cases.
In this connection it would be well,
in the interest of fairness and in order to simplify the administrative problem,
to provide, under proper safeguards, for carrying forward net losses of one
to about
$4,000,000,000 in the fiscal years 1922
to escape
these additional internal taxes, to an aggregate
$250,000,000 and $350,000,000, will be to make
year as a
deduction from the income of succeeding years.
be advisable
to take action by statute or by constitutional amendment, where necessary,
to restrict further issues of tax-exempt securities.
It is now the policy of the
Federal Government not to issue its own obligations with exemptions from
Federal surtaxes and profits taxes, but States and municipalities are issuing
fully tax-exempt securities in great volume.
It is estimated that there are
outstanding perhaps $10,000,000,000 of fully tax-exempt securities.
The
existence of this mass of exempt securities constitutes an economic evil of the
I suggest
for the consideration of Congress that it may also
The continued issue of tax-exempt securities encourages
first magnitude.
the growth of public indebtedness and
productive
tends to di vert capital from
securities can not
controlled or prohibited
Even though the exemptions of outstanding
enterprise.'
be
disturbed, it is important that future issues be
I
am
sending
a copy
information
revenue
Penrose as Chairman of
the
experts in
answer any call from the committee and to supply such further
with regard to the condition of the Treasury and the Treasury's
be glad to hold myself and the Treasury
recommendations
the committee may desire.
as
A.
":
appointment,
said
infringed
or
Senator
Robinson
This bill
it.
upon
"seems
reported,
as
that objection by
meet
to
requiring that removal shall be by joint resolution, which of
must be either with the
course
passed
to
seem
In
meet in
urged
was
the
by
the
Senate
That would
large degree at least, the objection which
Executive
when
vetoed the bill."
he
April 26 the Democrats sought to scale
on
down the salaries of officers
Harrison (Democrat of
in
approval of the Executive, or
his veto by a two-thirds vote.
over
provided for in the bill.
Senator
Mississippi) while expressing himself
thorough sympathy with the bill, and evincing the hope
added:
that "much good will flow from it"
But at
and
this
time
when
trying to retrench
are
we
much
as
trying to practice very strict economy,
possible, and reorganize the various
as
branches of the Government, in order to save expenses
and to save the tax¬
of the country from heavy taxes, it is a little strange that we should
payers
begin
now to
when
the
$6,000 a year,
embark upon a policy of adding four places at
Senate
and
House
the
in
last Congress
the
agreed that they
would only put in three places at $5,000.
Senator
McCormick, author of the Senate bill, stated that
"the question of the payment of a
four persons as
salary of $6,000 a year to
against the payment of a salary of $5,000 a
and judgment"
to three persons, is one of discretion
year
and he
expressed the hope that the Senate would reject the
amendment offered
by Senator Harrison stipulating that no
appointed by the Comptroller should be paid more
person
than $5,000 a year,
and that not
appointed by him should be paid
amendment
more
than three persons
This
salary at that rate.
a
A further proposal
rejected by the Senate.
was
by Senator Harrison that the salary to be paid the Assistant
agreed to
Director be fixed at $7,500 instead of $9,000 was
by the Senate.
mittee
on
Good
brought
providing for
The Good bill,
National
a
reported out by the House Select Com¬
was
for by Chairman
A special rule, asked
April 25.
April 26 under which the budget bill could be
on
for discussion, was reported to the House on
up
An effort in the House to have the term of office
May 3.
the
Comptroller
defeated
House of
Ways and Means,
Committee on
,
Secretary.
MELLON,
asisgned by Presi¬
reasons
General
limited
the 5th inst. by a vote of
on
to
years
seven
was
124 to 26.
FORDNEY, Chairman
W.
JOSEPH
HON.
W.
of the
justifying the veto of the bill last year was
that it deprived the Executive of his constitutional power of
of
Very truly yours,
one
dent Wilson in
Finance.
on
I shall, of course,
readiness to
of this letter to Senator
referred to the fact that
budget system,
by mutual consent of the State and Federal Governments.
Committee
[VOL. 112.
v.:,
Representatives.
COMPARISok
OF
EMPLOYMENT
AND
WAGES
IN
SELECTED INDUSTRIES IN MARCH 1921 AND
CONGRESS PASSES BILL PROVIDING FOR
The
bill
providing
independent audit of public accounts, which was
President Wilson
on
June 4 1920
April 26 and by the House
on
differences between the two
for
and an
vetoed by
National budget system
a
on
was
passed by the Senate
May 5.
Because of some
it must go to conference
measures
The adoption of the McCormick bill was
a roll call.
In the House the
adjustment.
1920.
NATIONAL
Decreases in all industries in the number of persons em¬
SYSTEM1.
BUDGET
ployed in March this year,
Statistics
concerning the volume of employment in March 1921 from
and in bituminous coal
Comptroller-General and the Assistant Comptroller General,
both of
vote of 344 to 9.
As
was
whom, under the bill, would have been appointed
The Bureau states:
mining.
of identical establish¬
there were decreases
53.5%, is
Leather shows a decrease of 35.8%
Comparing the figures of March 1921 with those
in March 1921 as
a
States
representative establishments in 13 manufacturing industries
indicated
in these columns June 12 1920, page 2445, the bill was
vetoed by President Wilson on account of its provision
denying to the Chief Executive the power to remove the
passed by
by
May 2 the results of the tabulated reports
on
ments for March
was
United
the
of
compared with the same
the Bureau of Labor
Department of Labor in
as
reported
are
year,
making public
effected in the Senate without
Good bill
last
month
in
of
number
the
shown in
1920, it appears that in all industries
employed.
persons
the automobile industry.
and hosiery and underwear a
The largest decrease,
decrease of 34.1%.
in the total amount of the payroll
All of the 14 industries show decreases
compared with March 1920.
centage decrease, 64,
of 46.9%; hosiery
appears
in automobiles.
The most important per¬
Leather shows a decrease
and iron and steel a
and underwear, a decrease of 45.8%;
by the President, with the advice and consent of the Senate.
decrease of
On June 4 of last year
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
MARCH 1920 AND MARCH 1921.
to
pass
the bill
two-thirds
The bill
unsuccessful effort
the President's veto,
over
reported to the Senate
but
The bill
creation of
a
the
44.2%.
the various
that
now
on
June 5 1920, with
body adjourned before action
as
its head
director of the budget both he and his assistant to be ap¬
Iron and steeL_
a
term
of
7 years
with
an
annual salary of $10,000.
House retained the Senate method pf
but voted to make the burueau
of
appointing both officials
independent of the Treasury
The proposed legislation would abolish the
Department.
offices
The
Comptroller and
Assistant
Comptroller of
the
114
H mo
1 week
1921.
1920.
RoU.
45
Automobiles
or
Pay-
ments
Amount
58
62
1 week
finishing
16
1 week
Cotton
1920.
-53.5
5,148.279
-2.4
3,638,501
1,266,624
288,605
21,574
-34.1
-25.7
651,079
1,312,600
352 883 —45.8
38,831
12,735
23,881
10,124
55,525
-17.4
727,960
548 ,594 —24.6
-24.4
1,119,382
408,208
1.841.707
1,321 274—28.3
1 week
2
wks.
32,718
52,234
15,414
Men's
45
1 week
31,576
34
1 week
85
1 week
15,779
74,685
32,828
and
shoes'
making.
Paper
_I
Cigar manufac'g
Coal
(bitumin's)
11.3
3,227,251
1,010,912 —20.2
252,296 —12.6
-8.6
44
Leather
$8,173,095 —44.2
1,853,904 —64.0
-14.9
52
Boots
De¬
crease.
48,728
59,494
11,401
Silk
clothing.
1921.
57,245
60,928
12,468
Woolen
1 week
In¬
or
-28.9 $14,655,671
Hosiery and un¬
63
% of
crease
De¬
crease.
188,007 133,738
152,692 70,947
M mo.
mfg
repairing
Cotton
of Pay-
Roll in March.
Car building and
derwear
pointed by the President with the consent of the Senate for
In¬
crease
of
lish
was
the estimates of appropriations needed by
The bureau would have
Estab¬
Industry.
Depart¬
% Of
Number on PayNo. of Period Roll in March.
an
passed by the Senate provides for the
departments.
IN
necessary
bureau of the budget in the Treasury
ment to prepare
a
an
majority however, being lacking in the votes cast.
was
amendment,
taken.
the House made
-35.8
-25.7
57
1 week
27,786
-15.4
56
1 week
17,252
14,539
-15.7
103
H mo.
28,510
25,899
-9.2
Comparative data for March
877,021
375,573
1,885,868
871 ,666 —33.6
792 844—29.2
216 729.-46.9
685 349—21.9
289 ,200—23.0
1,549 ,286'—17.8
1921 and February 1921 appear
in the
The figures show that in 8 industries there was an increase
number of persons on the payroll in March as compared with Febru¬
Treasury, and in their places would provide for the creation
following table.
of the offices of
in the
troller-General
made the
Comptroller-General and Assistant Comp¬
measure
as approved
by the Senate
The
Comptroller General subject to removal by joint
Congressional resolution, which requires the signature of the
President.
his
removal
As passed by
by
the House the bill provides for
concurrent
resolution,
require the President's signature.
during the debate
on
which
does
not
Representative Robinson,
the bill in the Senate on April 26,
The largest increases in the number of persons
automobile industry, 17% in the woolen indus¬
try, and 12.8% in hosiery and underwear.
Decreases of 6.8%, 5.4%, and
4.4% are shown in car building and repairing, coal mining, and iron and
ary,
and in 6 a decrease.
employed are 32.2% in the
steel, respectively.
In
•
7 industries show an increase in the
decrease.
The most
in the automobile industry. Woolen
A decrease of 10.3% appears in both iron
comparing March with February,
amount of money
paid to employees, while 7 show a
important increase, 44.7%, appears
shows
an
and steel,
increase of
25.7%.
and coal mining.
i
MAY 7
1921.]
COMPARISON
THE
EMPLOYMENT
OF
FEBRUARY
IDENTICAL
IN
GERMANTS
Amount
% of
Estab¬
Industry.
The
Inc.
of
1929
ESTABLISHMENTS.
1921.
AND MARCH
1921
Number on PayNo. of Period
Roll in
CHRONICLE
Roll
vf Payin
% Of
OFFER
hitherto
M.
Charles
Schwab
BUY
TO
untold
for
CHARLES
the
of
sum
Inc.
lish¬
Pay-
Feb.
March
or
February
March
or
ments
Roll.
1921.
1921.
Dec.
1921.
1921.
M. SCHWAB.
of Germany's
story
offer
to
buy
$100,000,000—a price
Germany indicated its willingness to pay him for the break¬
Dec.
ing of his contracts with Lord Kitchener for the supplying
—4.4
Iron and steel._
116
Automobiles....
46
1 week
54,121
71,559 +32.2
55
*4 mo.
52,127
59,743
10,289
48,557 —6.8
58,014 —2.9
11,148 + 8.3
J4 mo. 142,977 136,695
$9,290,388
1,293,298
$8,334,036
3,456,000
1,012,840
3,250,838
981,308
245,970
—10.3
1,870,828 + 44.7
Car building and
repairing
Cotton mfg
Cotton
60
1 week
15
1 week
finishing
Hosiery and
224,970
1 week
18,860
21,269 + 12.8
Woolen.
52
1 week
43
2
48
1 week
35
1 week
84
1 week
33,189
11,553
23,078
10,175
54,610
29,893
15,150
26,439
38,831 + 17.0
+ 9.3
12,631
24,026 + 4 1
10,653 + 4.7
54,990 + 0.7
derwear
Men's
—3.1
+9.2
un¬
Silk
64
clothing
.
Leather.
Boots and shoes
.
wks.
Paper making..
Cigar manufac'g
59
1 week
57
1
Coal
97
*4 mo.
(bitumin's)
week
28,801
303,242
693,199
345,975 + 14.1
871,666 + 25.7
544,736 + 12.0
798,325 + 17.1
486,403
681,701
226,567
1,312,187
—3.7
14,645
25,006
of
—3.3
746,814
286,162
1,688,299
—5.4
225,771 —0.4
1,309,995 —0.2
714,558 —4.3
289,927 + 1.3
1,513,916 —10.3
and munitions of
weapons
win P.
State
the
unfolded
war—was
by Dar¬
Kingsley, President of the Chamber of Commerce of
—5.9
of
April 28.
New
York, at
The story
tion tendered to Mr.
tion of the
meeting of the Chamber
a
told by Mr. Kingsley at
was
Schwab by the Chamber,
a
on
recep¬
"in recogni¬
self-sacrificing and patriotic services which he
rendered to his country
during the world war."
A counter-
proposition by England, involving the offer of $150,000,000
met with
a
by Mr. Schwab that
response
(according to Mr.
Kingsley), "the British Empire and the German Empire to¬
Changes in Wage Rates and Per Capita Earnings.
gether did not have enough money to make him break faith
During the period Feb. 15 to March 15 1921, establishments in 12 of the
14 industries reported changes in wage rates.
One firm in men's ready-
made clothing and
increase.
rate
another in silk reported
an
All other wage
and steel industry was 35%,
all of the
establishments
per cent
another firm had
reported
which affected 40% of tne force.
In nine
employees were decreased approximately 20%.
of the force in one firm and 95%
of the force in
reduction of 20%, while still another firm
wage rate
a
20% cut but did not state the number of employees affected.
a
One concern
reported
reduction ranging from 3 to 20%, affecting all
a
employees, while another concern reported decreases ranging from 16% to
A reduction ranging from 4% to 15%
18%, affecting all employees.
reported by one mill, affecting 71 % of the force employed.
of the men in one
was
Thirty per cent
plant were decreased 17% in wages, and in another plant
25% of the employees were reduced 15%.
the fourth, 85% in a fifth,
men
in
and 65% in
a
sixth.
Eighty pe.rcent of the
plant were decreased 10% in wages and 50% of the force in
one
another plant were reduced
7% in
In
wages.
mill the laborers,
one
of the force, had a wage reduction of 10 cents an hour.
or
90%
Business depression,
caused by lack of orders and irregular operation, is reported for this indus¬
capitA'earnings show
The per
try.
a
decrease of 6.2%, when comparing
the February and March figures.
February,
A large majority of the
plants are gradually resuming operations.
Car
force
Building and Repairing.—A wage rate decrease of 2% to 90% of the
Many shops report
reported by one shop.
was
small reduction in
a
force, but the per capita earnings show an increase of 1 %, when comparing
the March with the
Cotton
February payroll periods.
Manufacturing.—Reductions
of
Mr.
and
10%
were
and about 50% of the force in the third term.
the plants
were
While
a
large percentage of
working full time, slight curtailment in production was
reported, causing the per capita earnings to be 0.2% less for March than
for the previous month.
Cotton Finishing.—The per capita earnings for March are 0.8%
higher
than for February, due to full time employment in this industry.
Hosiery and Underwear.—All the employees in
one concern
and in another concern the entire force
had
Two firms reported
12% in wages.
number of people affected.
ditions after
time
a
a
25%
reduced
10% decrease but did not state the
a
This industry reports improved business con¬
period of depression due to
employment.
was
wage rate
The increase in per capita
decreases and part
earnings in March over
February is 1.2%.
Woolen.—One establishment reported a wage rate decrease of
whicn affected all of the force.
Many woolen mills
are
22*4%,
steadily approaching
An increase of 7.5% in per capita earnings is shown for this
normalcy.
payroll period over that of last month.
Silk.—An increase of 11%
establishment.
concern
crease
and
A
was
reduction of
7*4 % in another
of 2.4%
affecting all the employees in one
concern,
was
made by two firms.
An in¬
in per capita earnings is shown in comparing the March
with the February figures.
Men's
Ready-Made
Clothing.—Fifty per cent of the employees in one
establishment
were
of
made by another firm.
12%
was
granted
throughout this industry.
long period of idleness.
an
increase of 7 *4 %.
A general wage reduction
Improved conditions are reported
Several establishments have reopened after a
The per capita earnings
are
12.5% higher for the
payroll period in March than for the corresponding period in February.
Leather.—Decreases of 10% were made in the wages of 80% of the force
in
one
tannery and to the entire force in another tannery.
earnings reported for this payroll period,
period for February, show
a
as
compared
The per capita
with the payroll
decrease of 4.8%.
Boots and Shoes.—In one factory piece workers were paid a 10 % bonus
instead of
a
20% bonus, and time workers were paid
a
10% bonus.
a
This change affected all employees.
5% bonus instead of
as
during the last month.
capita earnings of March with those of February,
a
Paper.—One plant reduced all their force 15 % in
wages.
Two firms made
firm and all
employees in the second firm.
Another plant reduced about
87 % of their employees approximately 10% in wages, and still another
a
general wage reduction of 6%.
cern
were cut
made by one
ment,
was
less for the
5% in wages.
firm.
day
was
reported in this Industry.
The per capita earnings are 0.7%
payroll period in March than for the jpayroll period in February.
a
10% decrease, affecting all the employees in
plants and 60% in the third plant.
One-half of the force in one con¬
reduced 35% in wages, while another firm reduced 45% of their
employees 15% in wages.
force in
a
Slight business depression, causing part-time employ¬
Cigars.—Three firms made
two
cern were
made
Twenty per cent of the men in one con¬
A general reduction of 50 cents
one
More time
A reduction of 7*4%
factory and 8*4%
was
to 70%
was
made to 80% of the
of the force in another factory.
worked throughout the industry during March than during
the preceding month, and the per capita earnings show an increase of 4.8%.
Bituminous Coal.—A reduction in wages to all employees was reported by
one
mine.
The per
capita earnings for the March payroll period were
5.2% less thanf or the February payroll period, as many mines were partially
closed,
due to
a
poor
demand for coal.
meeting.
In the 153 years
a
purpose
dinner,
a
S.
is
self
the
Hewitt,
private
something
is
A. A.
and it presented
men.
to-day to honor
it
society;
It gave a
dinner and reception to Mr.
a
plain but truly distinguished American citi¬
a
our
tribute when I say that the meeting it¬
declaration that established character is the very
a
Chamber has
of the regular monthly meetings of the Chamber, to
in 1901.
The Chamber has never been prodigal in
add to the character of
I
zen.
1769,
in
only four occasions:
one
its testimonials to
We meet
in 1866,
of the life of this
such as finds expres¬
reception to Hugh H. Hannah, in 1900,
a
gold medal, at
Abram
Field,
Cyrus W.
in 1867,
Low,
Since
Mr.
meeting;
said:
on
valuable to the community
so
fundamental of
at large
that
it
ought to be defended by all men at all times against attacks of ignorance
prejudice,
or
suspicion,
or
what not. The assumptions and presumptions
In other words, to-day we honor a man,
progress and vital
or
ought to be always in its favor.
and
re-assert
we
business
principle—a principle vital to social
a
stability.
emphasize the principle, because but for the attacks or prejudice and
I
ignorance, this meeting might not have been held.
That, perhaps, is not
particularly to the credit of the Chamber, but it is true, nevertheless.
In essence, the services to the country rendered by our guest of honor to¬
Charles M. Schwab, were no finer, no more unselfish, than the
thousands of men and women whose very names are
His services were distinguished for their brilliancy, for their ef¬
Mr.
day,
rendered by
services
their
for
fectiveness,
but
extent;
meeting.
that
all
might
not have
inspired this
•
maligned, when he was
assaulted in the very citadel of his life, when men sought to show that,
under the guise of patriotic service, he had resorted to questionable prac¬
tices, a burning indignation thrust over the membership of this Chamber.
Because of his established character, we denounced the allegation as slan¬
this laborer,
this patriot,
however,
When,
deliberate mischieviousness.
his
was
and the famous voucher on which it rested as either a great mistake
der,
Every
here felt that, in some fashion,
man
own character and his own reputation were under assault.
Republics are sometimes ungrateful.
We play the game very hard
|
in
forget that
this
Chamber has stood, and on which it has stood for 153 years, is established
character, and that the foundation of all business and all society is the
this
city and in this nation; but,
the
basis
honesty
of
of
business
Sometimes
men.
be
in
a
business
as
business
is
commerce
men, we
that
honor,
the
never
idea
for which
men
break faith, sometimes they are crimi¬
are
dishonest; but, in the aggregate of the
nally careless, sometimes they
in this city and nation, these elements are so small as
year
flung into the
He was
known as a great executive, as a man who could do things; he was at the
head of a great plant, capable of turning out the weapons and munitions
of war.
Great Britain sought his services; he responded, and, in the con¬
struction of submarines he literally worked miracles, and did the impossi¬
ble.
Germany, appreciating that, through her chief spy in the United
States—called, in those days, an "Ambassador"—tried to stop him; and
then, realizing that she could not stop him, she, indirectly, in order to
leave no stone unturned in her efforts to stop him, tried to buy him.
She
offered him for himself, if he would break his contracts with Lord .Kitch¬
ener, $100,000,000.
England, who was, of course, as much interested that
the contracts should be kept as was Germany that they should be broken,
countered with another proposition, in which she offered him $150,000,000.
Mr. Schwab laughed and said that the British Empire and the German
Empire together did not have enough money to make him break faith
substantially
the
heart of
with
Lord
world
negligible.
Our
long before
war
guest
of
of
such incidents
makes the
story of Aladdin and His Won¬
Lamp sound like the reminiscences of
Then,
honor was
country was drawn in.
our
Kitchener.
The recital
Comparing per
10% reductions in wages, which affected 90% of the employees in the first
in his honor,
the
at
and presenting the tab¬
men
as a
decrease of 0.9% is
Schwab
Schwab,
first
derful
shown.
Mr.
to
its
to
dinner
Several factories re¬
ported part-time operation, but employment throughout the industry
whole remained much the same
this
in
sion
to
given to 1.5% of the employees in one
10%,
tablet, expressing appre¬
paid particular honors to private
or
reduction in wages,
bronze
Schwab, Guests and Members:
unknown.
17*4%
20%,
reported by three firms, affecting practically the entire force in two firms,
A
Chamber, its members have met rarely for
to
increase of 9.4% is shown.
an
presented
was
let designed
Automobiles.—Comparing the per capita earnings of employees for March
over
Kitchener."
Kingsley, in lauding Mr.
A wage rate reduction of 13%
reported by 6 plants, affecting all of tne force in three plants, 98% in
was
Lord
war,
changes were decreases.
Iron and Steel.—The largest reduction reported by any plant in the iron
Ninety-eight
with
ciation of Mr. Schwab's services to the Republic during the
went into the
we
a mere
piker.
and our Government called on Mr. Schwab
war,
his
for
services, and he immediately put everything he had at the Govern¬
ment's command.
At the instance of the President he was made Chairman
of
the
Emergency Fleet Corporation, and what miracles he wrought there
nobody but he, himself,
spent
our money;
tance, the
save
the
one
thing
freighter
side
of
then
men
was
the
sense
America
armistice,
of honor
refused colossal
to
months
who tried to show
whose
and
destroyer "Reed"
greatly did he speed up efficiency
so
finished in 45 days,
was
12,000-ton
a
launched within 24 hours from the laying of the keel, and in¬
eleven
came
he
thing that was then of supreme impor¬
one
wanted done, the one thing that, just then, could
we
world—he built ships;
that the American
He spent our money—oh, yes,
fully knows.
but he did the
and
launched
the day
of
4,000,000
tons
of
the peanut mind.
ships.
And
Then arose
publicly that this colossus amongst men, this man
was
so
fine that when in the service of others he had
bribes, when in the service of his
own
country had yielded
petty temptation.
Mr.
which
tered
words
Schwab, the Chamber has placed at the top of this bronze tablet,
I
by
am
one
The
Giacome,
on
a
their behalf
to
present to you, some words ut¬
character in Shakespeare's play,
Cymbeline.
The
are:
"Here's
vious.
instructed
a
voucher
stronger than
pertinence of these words to
ever
some
law could make."
of your recent experiences is ob¬
They appropriately introduce the text of the tablet itself.
Giacome
sought to destroy the reputation of a chaste and
set about manufacturing evidence which, on it*
face, would be conclusive, but, of course, false.
When he thought he had
that evidence, he used the words I have quoted.
The great dramatist
makes all men know, as they see Giacome with his web of lies, that they
must, at all times and under all circumstances, defend the innocence of
Imogen—the innocence which she personified—as they would their own
lives.
The same dramatic impulse has led this Chamber to place this
quotation at the head of this tablet, not only in honor of you, sir, but in
order to defend themselves and their own reputations and their own char¬
acters against the aspersions of the Giaceme's of business and politics.
The text of the tablet itself, following the quotations, reads in this
great scoundrel; he
a
was
wise:
Chamber
"The
Presented
World War,
the
State of New York to Charles M.
services to the Republic, 1917-18, during
Special Meeting in the Great Hall of the
Commerce of the
of
in appreciation of his
at a
1921."
In these words the Chamber expresses its gratitude, Mr.
the words do not convey all that is in our hearts.
The tablet
28,
Chamber, April
Schwab; but
is "a voucher
stronger than ever law could make" for other reasons than the mere ver¬
biage of the text.
Giacome failed; he failed because his evidence, incon¬
trovertible on its face, was, however, all false.
The men who produced
the voucher by which you were to be damned failed because the voucher
bore a false character.
The letter of the law is not enough; innocence has
been damned by its processes.
This "voucher," written in bronze, goes
beyond the letter of the law.
It says, largely through its dramatic intro¬
duction, that there are things in life so precious that all men must defend
them at all times—but, for example, as a woman's chastity, a man's char¬
acter, a man's reputation.
It says, in its dramatic introduction, in its
text, and especially in the spirit of the men who give it, that even in
these supposedly degenerate days, the American mind has not lost its criti¬
cal faculty, and the American heart drives through American life blood
that
ernment.
books are closed.
It is the
Chamber's tribute to you, the Chamber's tribute to the very fundamentals
of business.
It is "stronger than the law" because it is the deliberate judg¬
ment of serious-minded men—a judgment which at once vindicates you
and re-affirms and re-asserts the eternal verities which underlie and sup¬
port all law.
by Mr. Kingsley was
The voucher referred to in the above
Shipping Board,
issue of Jan. 29, page
into the affairs of the U. S.
vestigation
details of which were printed in our
Schwab's emphatic denial that he had
430, along with Mr.
received
New York "Times" of April
Drive
the
the Germans to bribe Mr. Schwab,
The
mentioned this one
should be obvious why I desire not to dis¬
reason
Kingsley
however, that the facts presented by Mr.
Schwab did say,
the
entered
States
United
the
that
war
against Germany.
the German attempt to bribe Mr. Schwab and of the
The story of
counter-proposal
British
told last night to the New York "Times" by a man
was
the
When
shipbuilding,
and
ordnance
munitions plants
other
the
of
their contracts for the British Govern¬
became so apprehensive that Count von
Bethlehem
interests began to execute
ment
German
the
been
acting
with
contracts
Bernstorff
von
whose
identify this
the
or
by
his
on
one
own
means
initiative has
or another the
British.
approached Mr. Schwab, but he sent
never
Schwab refused
Mr.
name
instructions
on
undertook to. nullify
disclosed,
Bethlehem
sary,
Government
whether
Bernstorff,
Count
The emissary at first tried to bribe Mr.
person.
an
emis¬
disclose when he was asked to
to
Schwab to
and was informed by Mr. Schwab
could induce him to violate such an obligation.
break, his contracts with the British,
that
The
Mr.
Schwab
Schwab
"The
it
has
finished
had
been
had
ceeded
Mr.
Steel
its
the
as
where it
with
begun.
were
But
by
no
Bethlehem plants,
this
this
to
so
with the British.
members
of
price until
any
British Government."
the
concerned, the matter
the
British
to
came
end just
an
The German intriguers
Secret
Service,
who
suc¬
finding out the nature of the proposal that had been made to
country,
bassador
at
bribe, gathered by the British Secret Sendee
reported to Sir
were
Washington,
Cecil
who cabled
them
then invested by his Government with
was
to combat the German
ures
used
the
long-distance
schemers, and
telephone
to
call
tional Bank,
Mr.
Spring-Rice,
to
then British Am¬
his Government.
Sir
Cecil
authority to take extreme
meas¬
as
to
burn, at that time Chairman of the Board
soon
as
he
was
Washington
so
A.
advised he
Barton
of Directors of the
Hep¬
Chase Na¬
who had been made financial adviser of the British Embassy.
Hepburn took the next train for Washington.
Upon his arrival in Washington Mr.
ish
and
Schwab.
The facts of the attempted
in
the
for
Corporation cannot be bought for
contracts
Germans
shadowed
in
$100,000,000
replied:
Bethlehem
far
As
money
intermediary between the German Ambassador and Mr. Schwab then
offered
Mr.
of
amount
no
Ambassador
that
the
Hepburn
Germans, through
was
of that
thing in
excess
required
to procure
Hepburn
once
an
with
thing that
mans,
Mr. Kingsley's
article.
felicitations are
referred to in the succeeding
ON EFFICIENCY
CHARLES M. SCHWAB
OF GERMAN
WORKMEN.
Charles M. Schwab, former
their Ambassador,
had offered
came
to $150,000,000, that might be
Bethlehem plants.
even
control of the
up
back to New York forthwith and lost
no
time in ef¬
Mr. Schwab.
He launched into the matter at
offer which he finally increased to $150,000,000.
The only
interview
an
amount,
ever
came
with
of the attempt
of the British,
as
well
as
the
Ger¬
to gain control of the Bethlehem Steel was the remark of Mr. Schwab
to the effect that the wealth
Director-General of the Emer¬
responding to the tribute paid
him by Darwin P. Kingsley, on April 28 in behalf of the
Chamber of Commerce of the State of New York, to'ok- occa¬
sion to refer to the problems of the day confronting us.
Fleet Corporation, in
gency
Mr.
who has just
Schwab,
conviction,
.
.
.
going to lose the
are
of both Germany and Great Britain could not
the war,
winning the war,
and that is, whether having won
sacrifices that pertained to
with all the
we
returned from abroad, stated
with one very strong
"come home from Europe
that he had
victories of war, and give them to
necessities and
dustry and the arts
of their appreciation of
realities for advancement in in¬
and the sciences."
Continuing, he said
part:
Now,
of labor,
fundamentally, the basis of all modern progress
and I have been wondering whether the labor of
is the efficiency
Germany, having
of trials and tribulations of
warfare, has not
passed through the crucible
make
placed that great and already efficient nation in a position that will
us look well
to our laurels, if indeed we do not lose the benefits of every¬
we
have so justly won.
Therefore, my friends, the question is one
must face to-day.
German workmen are efficient
of that character that we
for work, and German workmen will give
day's pay, and upon that basis is built all
the great industry and prosperity of every country.
In Germany, to-day, for example, steel can be placed in England at $20
a ton below England's cost.
I have a works in Germany where we made
pneumatic tools, which was built ten years ago; and we shipped them
from Detroit, and sold them as German products, at half their cost—the
Germans' cost.
To-day they can ship these tools from Germany to De¬
German workmen are eager
and
day's work for a full
full
troit at half our
cost.
serious questions that we have all got to con¬
the manufacture of steel 85 cents out of
dollar that is paid out is for labor ?
Mr. Rea, of the great Pennsyl¬
Railroad, has just told us that 70 cents out of every dollar that he
Now, gentlemen, these are
Do
every
vania
pays
realize that in
you
out is for labor; and, as a matter of fact, when you
there is nothing to it but labor.
If you are a
commerce
come to analyze
manufacturer of
"We pay freights, and we pay for other
things," but freights, when analyzed to its finality, is nothing but labor;
and, therefore, the future of this country and its maintenance of its great
commercial position, depend upon the efficiency of its labor.
The other
costs of manufacture represent but a small part of this great expenditure,
and, therefore, our efforts must be bent in the direction of convincing the
great working class, the great mass of working people of this country of
tlie necessity of our winning and retaining our place in business and com¬
merce, which can be done only through their own efforts and through their >
own
efficiency.
Now, I am one of those men who believe that the best
workingman ought to have the best pay.
I believe that the best man
in any line of business ought to have the best return; and upon that fun¬
damental principle we can build this structure that will last for all time.
God has endowed us with natural resources greater than those of any other
country in the world, but it will require the united effort of all of us
to realize upon them. We must join with Nature in the making of this country
the foremost amongst the manufacturing and business peoples of the world.
I believe it will only come through difficulties and trials or struggles, but
it will come quicker through a thorough appreciation of the situation of
our great mass of working people.
I am one of the men who admire and
stand for American labor.
American labor, as a rule, is of a higher type
than the great majority of people generally thing them.
In my long ex¬
perience with labor and the average American laboring man, I say without
hesitancy, even in this distinguished company, that I have found their
standards of honesty and morality just as high as those of mine or of any
for instance, you may say,
steel,
other
buy the Bethlehem interests for $100,000,000, and Mr. Hepburn was in¬
structed to return immediately to New York and offer Mr. Schwab
any¬
fecting
to find itself out.
Schwab's response to
Mr.
man
I
Now,
informed by the Brit¬
to
Mr.
his reputation
leave
should
sider.
present at the University Club luncheon.
was
never
the Germans to bribe Mr. Schwab
British he induced his associates in the
enterprises to join in buying the controlling interest of the
corporation.
They then set aside a sufficient amount of stock, to be held
in escrow, so that the Bethlehem Corporation under no circumstances could
fail to execute its contracts with the British Government.
When Mr. Schwab was asked why he had elected to make no reference to
his refusal of these offers from the Germans and the British at the time
that he testified before the Congressional Committee on Shipping Board
Operations, he smiled and said that he had never felt constrained to relate
incidents of his life in support of his reputation.
He thought a man
thing
said:
correetely stated, and he added that the story
who
fairy story."
Bethlehem
a.
time
a
attempt was made by
breaking his contract with the
into
in
had first been told by
A. Barton Hepburn, Chairman of the Advisory Board of the Chase National
Bank, at a luncheon at the University Club, at which Mr. Schwab was the
guest of honor.
That luncheon was tendered to Mr. Schwab just prior to
the
like
stern
it."
Mr.
sounds
Soon after the
the
29 said:
Seventy-third Street, he
and
another person.
were
episode of his life must have
markable
"It
Mr. Schwab who
the friends of
made by
other incidents in my life, I have never
"Like many
cuss
yesterday
until
had been apprised of this re¬
whispered it about among them¬
selves, for about the time that the United States entered the war, Wall
Street heard a rumor of a bribe that had been offered to Mr. Schwab with¬
out learning until yesterday further facts about it.
The only comment
that Mr. Schwab ventured to make on the incident at this time was:
However,
vanquished in war, by reason
further
which he had
asserted was made through Count von Bernstorff, the German Ambassador.
Mr.
Kingsley refused to comment further.
When Mr. Schwab was re¬
quested to furnish the details of the transaction last night at his home at
Riverside
not
was
public.
attempt was made to get from Mr. Kingsley
After the meeting an
details of the attempt of
to
it
the
Kingsley at last week's meeting of the Chamber,
Mr.
of
circle
that
American mer¬
In commenting upon the disclosures
fleet.
chant
personal
in reimbursement for any
dollar
a
whi-le directing the building of the
expense
the in¬
figured in the testimony given during
which
ever
small
fact
Schwab for the most part
his intimate friends, and that probably
in honor of Mr.
ed the luncheon
this is your final voucher; the
Schwab,
that
because he then was the
a
the University Club
Those who attend¬
represented only
accounts for the
details of the incident were made
of the bribe was related by Mr. Hepburn at
President of that organization.
The story
and not yellow.
is red,
Mr.
the British Gov¬
executed his obligations to
buy his plants before he had
lovely lady, and to do that,
Schwab,
[Vol. 112.
THE CHRONICLE
1930
have
the
of
a
in this country.
believe
that the time has arrived when American Labor must
efforts; that American labor must be represented in
voice in its own
highest councils of commerce; that the day of autocratic government
labor has passed, and that we should meet the workman as our equal,
and
discuss our
bring about a
problems and their problems
with them, and, in that way,
relationship that will undoubtedly
redound to the benefit and
of ours.
detained you sufficiently long on this serious
subject.
It has been difficult for me to speak seriously to-day, because
whatever may be said to the contrary, men worth while in business are
men of heart and sentiment.
If I did not find any sentiment in business,
if I had no sentiment in manufacturing and upbuilding works,
I would
credit
and
Now,
my
advancement of this great country
friends, I have
Mat 7
THE
1921.]
but when I look about me, and see the faces of friends, as I
worth while;
when I find there is really a lot of sentiment in industry,
faces of friends in the industry in which I am engaged
here to-day,
when
I
about
the
see
heart, and
me
repays
wells
in
up
my
for all the efforts that I have
thousandfold
a
tried—sentiment
and
true
are
ever
accumulation of fortune or money or business prestige
and all the
made;
the background of insignificance when compared with the great
that one has in knowing that he lives in a community of
into
pass
that
me—friends
satisfaction
appreciative of American citi¬
zenship, and appreciative of true manhood, which cannot exist without
sentiment, and the throb of the heart that responds, when such sentiments
are so beautifully expressed as they have been by your distinguished Presi¬
friends, who
character,
appreciative of
are
dent to-day.
I
love to tell stories
incidents of my country home life in the little
or
"village of Loretta, in Central Pennsylvania.
Going about daily I will see
some incident
that will bring some pleasant recollection or happy thought
to my
mind.
priate to
I had
tell
few weeks ago, that I think is perhaps appro¬
a
one
My wife, who graces this meeting, with
about.
you
your
kindly permission and at your invitation—my wife had a very pretty maid,
and
had
I
other.
the
a
handsome farmhand, and the two fell in love with each
accustomed to the ways of New York society, while
very
The maid
who
man,
accustomed
was
ding took place.
We
of
this
with her face wreathed in smiles of happiness,
"I
and
Now,
expressed
And
polished
his
Mr.
so
have forgotten to greet the bride."
you
John
her by the hand, he said,
which
I feel
has
humble speaker to-day, however uncouth, however un¬
no
in my
with ail the
man,
eloquence of your President,
fey
heart this moment, which wells up into
It
me.
brought
American
ex¬
of
or
of Demosthenes, could express a sentiment deeper than that
or
overwhelms
either of his love or sentiment, than he did
more,
your
sentences,
is
something that will live while life lasts, something
citizen who has not done that
citizen who would not do the same
thing over again, whatever might be the consequences—our country first,
our country all the time.
We would not be worthy of the name of Ameri¬
thing.
if
cans
did
we
anything—for
While
is
is
There
I
Mr.
been
that willingness to do something—
desire,
and
it, if I had but
humble part in the
my
supreme
one
wish to
winning of
therefore,
represented
who
men
ning of
peace,
are
by
this
great
members—let us,
its
successful
a
in like
Chamber,
with all
manner,
Let
war.
the
us,
distinguished
therefore, lend our efforts to the win¬
and for ourselves, and for this
the world
for
peace
this moment,
express
all did to the winning of the
as we
and happy
war,
Not only
sources,
but he has endowed
founded
on
mist.
I
future
hope
York
I
this
of
optimist,
us
with
a
with great naturel
us
citizenship
so
re¬
full of patriotism,
so
integrity, honor, and righteous feeling, that this country must
onward and forward.
go
has God endowed
I
I
am
an
optimist; I always have been
shall be anything but an optimist ;
never
of
highest order of
FEDERAL
could
sure,
Cemmerce,
American
U.
admitted to
which
typifies
opti¬
to the
not an
membership
and
in the New
exemplifies
the
very
citizenship.
COMMISSION ISSUES
TRADE
AGAINST
be
never
an
as
any man who is
great and glorious country of ours,
am
Chamber
and
S. STEEL
COMPLAINT
Upon application made by the
Western
Steel Consumers and other
the Federal Trade
Commission, by
April 29
formal
States
The
a
is
than
Association
of
the
United
eleven subsidiary companies.
2,700 fabricators of steel in the Chicago, Duluth
and
business
many
States.
py Chambers of Commerce
organizations
throughout
the
The respondents are given 30 days to make
This
answer.
the issue
will
then
its merits.
formal
be joined and the case proceed to
trial
Issuance of the complaint means that a ma¬
jority of the Commission has
spondents
United
being made, the Commission states,
answer
using
are
an
reason
unfair
to believe that the re¬
method in
in
competition
violation of Section 5 of the Commission's organic Act
Clayton Act.
and
The specific charges in the
complaint will be presented by counsel for the Commission
at
some
future
date
to
be
set, after whcih respondents,
if
they request it, will be given time to prepare their defense.
In
our
issue
of
August 21,
page
759,
we
noted that
the
Pittsburgh basic point for steel prices had been upheld by
the
Commission
in
the dismissal
for the issuance of
of the
application of the
of Rolled Steel Consumers and others
Western Association
a
formal complaint against the
States Steel Corporation and its subsidiaries
tinuance of the practice of basing
Pittsburgh.
nounced
on
These
July 24.
the Commission
on
United
for the discon¬
steel prices f.o.b. the mill
findings of the Commission
were
an¬
In its recital of the present complaint,
April 29 said:
truck
the Gary,
to
steel mill
Indiana,
;
.:
■
•
u.,
H. Gary, of the
E.
importance was that a decision on the Pittsburgh plus
such great
of
was
believed the question
Judge Gary added that one reason why he
about it."
steel industry was duplicated in whole or in
of the other basic industries of the country.
complaint charges that the United States Steel Corporation has com¬
price plan in vogue in the
part in a great majority
The
the business conducted by the
plete control, supervision and direction over
subsidiaries
iron and
Lake
iron
Lake
of
States;
United
the
that it
owns
and controls the major
transportation systems which carry
and lake
railroads
of
mines
from
controls the greater part
that it owns and controls the ultimate iron
Superior district;
supply
ore
located the greater part of the iron ore
deposits in Alabama, where production is second only to that
ore
number
manufacturing plants of respondent subsidiaries
to
competitors; and that it likewise owns and controls
The
sets
complaint
It
the
Steel
and that
dollars,
it
has
through
its
respondent
assets aggregating considerably over two billion dollars.
the Steel Corporation does an annual business amounting
gross
claimed
is
billion
one-half
and
one
subsidiaries
j.,
Corporation has capital stock
value of $868,583,600, with a book value exceeding
that
out
outstanding of the par
iron ore
and their
coal mines and lime¬
quarries necessary in manufacture of steel.
stone
of
that
and controls
district, where is
in the United States; that it owns and
deposits
in the manufacture
Corporation, through certain of its respondent
over 75% of the total iron ore deposits in the
Steel
States
owns
Superior
of the
used
materials
and products made therefrom in interstate commerce;
steel,
United
the
transportation
named,
subsidiaries
approximately to one and one-half billion dollars.
complaint charges that of the total production in the United
The
of
the
tin
States
following items respondents manufacture and sell approximately 47%
crude steel in the form of ingots; approximately 45% of semi-fin¬
of the
steel
rolled
in
the
of
form
billets, blooms and slabs and
sheet and
approximately 45% of finished rolled iron and steel prod¬
form of rails, plates and sheets, structural fabrics, bars, iron
plate bars;
the
in
ucts
bands, cotton ties, etc.,
Many of the competitors
states, do not
chase the semi-finished rolled steel from the
skelp,
rods,
hoops,
other steel products.
its
subsidiaries,
the complaint
complaint alleges that the Steel
The
control
named
and approximately 60%
of
of the Steel Corporation and
manufacture steel, but pur¬
manufacturers and fabricate
various kinds of steel products.
them
from
Corporation through its subsidiaries
145 plants for the manufacture of
and utilize
its products,
principally in Pennsylvania, Ohio, New York,
New
Jersey,
Delaware, Maryland, Massachusetts, Connecticut, Alabama,
Kentucky, West Virginia, Illinois, Indiana, Minnesota, Wisconsin, Michi¬
gan, Kansas, California and Washington.
Paragraph five of the complaint charges that the Steel Corporation for
at least seven years l]as issued from time to time price quotations and
schedules covering rolled steel manufactured by its subsidiaries and that
these quotations are adopted by all of the respondent subsidiaries and their
competitors substantially as their schedules or quotations of prices, and
that this alleged practice of steel manufacturers in fixing uniform prices
succeeded the custom which formerly prevailed whereby such manufac¬
these
plants being
turers
located
openly met at intervals and agreed upon prices
Steel
which they were to
;V.:
recites that because of the power and influence of
the large percentage of the steel manufac¬
Corporation through
turing business done by
and supported by it its consequent potential
it
to embarrass or destroy its competitors by unduly lowering its price
is tantamount to the naming of the Steel Corporation of prices
schedules
-that
are
to be charged by
all steel manufacturers in the United States.
This
makes it impossible
for purchasers of rolled steel to secure the product from any manufacturers
at prices substantially different from those contained in the price schedules,
or quotations, issued by the Steel Corporation.
These prices, the complaint
charges, are called "Pittsburgh base" price, "Pittsburgh plus" price, "Bir¬
"steel
manufacturers'
practice,"
price
it is
alleged,
mingham" price.
Paragraph
six
describes
in
detail the
"Pittsburgh plus"
price device.
That the Pittsburgh base price, or price f.o.b.
Pittsburgh, is the price which purchasers in Pittsburgh must pay respon¬
dents for rolled steel in Pittsburgh; thdfethe Pittsburgh plus price is dif¬
This
paragraph recites:
ferent
of
base price, and is the price purchasers outside
mentioned)
that the said price
arbitrarily fixed by adding to the Pittsburgh base price the freight rate
must
is
the Pittsburgh
from
Pittsburgh (except at Birmingham, Alabama, as hereinafter
pay
respondents for all rolled steel except rails;
steel
such
on
from
Pittsburgh,
even
though
the said product is not pur¬
Where the Pittsburgh plus price is
charged for rolled steel, the transportation charge thereon, if any, from the
plant of its manufacture to the purchaser thereof, is paid by the respondent
steel manufacturer. With respondent's Pittsburgh base price on rolled steel
chased at
or
shipped from, Pittsburgh.
Minnesota, for
the purchaser in Du¬
freight charge from
Pittsburgh to Duluth, though the steel in such case is not shipped from
Pittsburgh or any other point, but is manufactured and delivered in Du¬
luth, with the Pittsburgh base price at $50, the Pittsburgh plus price at
Chicago, for steel manufactured and delivered in Chicago, is $57 60. When
steel is purchased from respondent's subsidiary in Gary, Ind., and delivered
to La Porte, Indiana, the price is the Pittsburgh base price of $50 per ton,
plus the imaginary freight charge of $7 10 per ton from Pittsburgh to La
Port, making a total of $57 10 per ton.
The transportation charge of
$3 80 per ton on such steel from the plant of its manufacture (Gary) to
Pittsburgh at $50, the Pittsburgh plus price at Duluth,
in
Section 2 of the
own
Steel Corporation, at a preliminary hearing,
stenographically reported, held in Washington July 9, 1919, strongly
urged the Commission to go into the question.
At that time the Com¬
missioners questioned Judge Gary as to whether he thought the Commis¬
sion had jurisdiction in such a case.
Judge Gary replied:
"You ought
to have jurisdiction over the whole thing.
It is one of the most important
questions that you ever had before you, or ever will have before you, if you
take jurisdiction, as I think you ought and as I think you can.
I believe
it is a matter to be settled by this Commission.
That is my judgment
Birmingham districts, by legislatures of three States,
municipalities and
in
Judge
power
products,
three to two vote, on
against
Pittsburgh price, plus an amount equiva¬
destination, which means that the Gary
manufactured at that plant, must pay the price
Pittsburgh, plus an amount equaling the freight rate from
Paragraph five also
of steel
of
his
runs
Pittsburgh to Gary.
the
outgrowth of conditions complained of by
an
by several
on
a
complaint
Steel Corporation and
case
more
and
issued
users
point
charge and maintain.
CORPORATION IN MATTER
OF BASIC STEEL PRICE.
Rolled
to
steel
purchases
charged
great country of ours, that has been and always will be at the top of all
nations of the earth.
freight
fabricator who
and
ished
:
fellow-men.
our
glad to do
President, that wish would be that I could contribute,
the
to
that
country
our
have
American
an
American
an
have
not
the doing of
in
scarcely
not
the
to
steel
breast, and
thrill of satisfaction that is inexpressible in words.
deserve no credit for doing their best to protect their
a
citizens
There
country.
lent
the Pitts¬
as
Under this device, all steel, except rails, wherever made,
by the United States Steel Corporation plants or by in¬
dependents, is sold at the f.o.b.
of
have been his words, however irregular may be the formation
may
Depew,
that
completed, I turned
was
he might have said a great deal more, but he could
friends,
my
have
press.
of
"John,
said,
ceremony
happy to meet you."
am
not
I
the
When
event.
"By George, your are right," and, taking
said,
and
picture of the keen satisfaction he had in the consummation
a
much-desired
him
to
all present, and greatly overjoyed at the happy
were
marriage—the bride,
the groom
However, in due time, the wed¬
of the country.
ways
applicants complain against the device known
burgh plus price.
and whether made
honest and straightforward, was a man who had been
was
the
to
brief the
In
because, to my mind, it would not have been
have been out of it long ago,
see
CHRONICLE
rolled steel
manufactured in Duluth, and delivered to
luth, is $63 2,0, the added $13 20 being the imaginary
the
purchaser
(at La Porte)
is paid by such subsidiary.
Pittsburgh base
said
product in Birmingham, Alabama, and is arbitrarily arrived at by adding
to the said Pittsburgh base price an additional price of $5 per ton.
Paragraph seven of the complaint alleges that under the Pittsburgh plus
price system respondent's price on steel manufactured in Gary, Indiana, is
That
the
said
Birmingham price is different from the
price, and is the price which purchasers of rolled steel must pay for
$7 60
ton
per
CHRONICLE
THE
1939
than its price
more
Pittsburgh,
steel manufactured in
on
notwithstanding the fact that steel is manufactured in Gary by the respon¬
dent at much less cost than Pittsburgh, where the expenses of transport¬
It is further charged
ing basic materials is much greater than at Gary.
that
lanta
manufactured at Bir¬
small cost to At¬
price in Pittsburgh, notwithstand¬
Georgia, on steel
respondent's price at Atlanta,
Alabama, and transported at a comparatively
mingham,
is $12 50
ton greater than its
per
at Birmingham
ing the fact that steel is manufactured at much less cost
in the Birmingham mill
are in close proximity to Birmingham.
Because of the 6teel manufacturers'
price practice, it is alleged purchasers of rolled steel outside of Pittsburgh
are
unable to secure their steel from any manufacturers in the United
than
at
States at any
ham,
since
Pittsburgh,
materials used
basic
except at Birming¬
price other than the Pittsburgh plus price
stated.
as
-v'•;
;;'v
paragraph eight the complaint alleges that the Birmingham
unfair and unlawful because the amount of $5 per ton by which it
In
price is
exceeds
of discrimi¬
nating in favor of steel consumers in Birmingham as against those in a
large territory immediately outside of that city, and in favor of steel con¬
sumers in Pittsburgh
as against those in Birmingham, notwithstanding the
fact that steel is manufactured in Birmingham at much less cost than at
Pittsburgh base price is arbitrarily added for the purpose
the
and circulars to Chambers of
of every State,
Before
the
increases
late
in
railroad
Who had
different
comunities
to
meet
days
procedure
voted
On
for
the
of
steel
such
retain
percentage,
it retards
growth
manufacturing
establishment
other
of
steel
of
sections
fabricating
establishment
courages
and
much
as
necessary
as
the
of
country
such
of
the natural steel
discourages
and
Pittsburgh and en¬
factories outside of
maintenance
plants
inside
Pitts¬
of
burgh,
enables
(2)
(3)
the
steel
enables the high
maintain
manufacturers
cost
sufficiently high
steel
Pittsburgh to
a
in
other
for their product to operate at
prices
through
time to
enables the lower cost steel
burgh to
not
secure
only the profit which the high cost Pittsburgh
manufacturing plants
secure,
but
they manufacture rolled steel at
charge
much
a
manufacturing plants outside of Pitts¬
higher
unduly large
additional
steel
because
profits,
much lower cost than at Pittsburgh, and
a
price
for
same,
namely
the Pittsburgh
plus
Chairman
voted
for
the Pittsburgh plus price enables the steel manufacturer outside of
(5)
Pittsburgh to increase their profits each time the railroad transportation
charges on steel are increased, since the price charged is increased to corre¬
spond with each freight rate increase.
In
paragraph eleven, the complaint sets out in detail "the effects
others
said
of
arbitrary, unfair and unlawful discriminations
Corporation through its respondent subsidiaries.
among
in
price"
by the opposing sides.
of facts
under advisement under the
all
the
1920
granted
Commission
motions filed
days.
Respondents
The
given
were
Huston
Thompson
the
of
Commissioners
and
located
are
west
burgh
fabricator has an advantage
Pittsburgh and that the Duluth
in
Pittsburgh
fabricator
who
sells
south
or
of
the
over
fabricator
his
Pittsburgh;
Duluth
has
how
the
fabricator
who
advantage
no
Pitts¬
sells
over
the
finished
product in Duluth; example
given tending to show that the Pittsburgh fabricator has the advantage
is
the
over
points
show
Chicago
between
fabricator in the
Pittsburgh
and
sale
of
Chicago;
finished
products
example
is
at
given,
half-way
tending
to
that the Atlanta fabricator is subjected to a
handicap of $25 per ton
in Pittsburgh, when
competing with Pittsburgh fabricators, and that a
Pittsburgh fabricator is subject to no handicap when selling in Atlanta;
example is given in detail of how the Pittsburgh fabricator has
advantage
over
the Ft. Dodge fabricator.
This
paragraph
tioned
for
tends
to
Pittsburgh
turers
in
ricated
As
of
the, complaint
substantially
competition
the
and
discrimination
create
a
men¬
monopoly
including the respondent subsidiary manufac¬
Pittsburgh in the matter of manufacturing and selling their fab¬
products.
as
charges that
lessen
fabricators,
Pollard
instance of this charge, it
base price at $50
the added $9 90
is pointed out that with the Pittsburgh
per ton, the Pittsburgh plus price at Duluth was
$59 90,
being the imaginary freight rate from Pittsburgh to Du¬
luth.
With the late 23
1-3% increase in freight rate on rolled steel, the
additional $9 90 was increased to
$13 20, making the Pittsburgh plus price
at Duluth $63 20, though no
freight charge is incurred on such steel when
manufactured and delivered in Duluth.
Similar
made in the
increases, it is stated,
JUDGE
Pittsburgh plus price at all others points outside of
Pittsburgh,
notwithstanding the fact that steel is manufactured much cheaper at cer¬
of such points than at
Pittsburgh.
The Pittsburgh base price, it is
further pointed out, at
Pittsburgh is not increased with the increases in
railroad freight rates, so that the fabricators
outside of
Pittsburgh are
subjected to increased discriminations with
each
increase
of
railroad
freight rates,
"the additional unearned profits thus
being secured
respondent when it increases the Pittsburgh plus price with each
in
railroad
the
freight
This
increase
rates aggregating
fabricators outside
lic."
by the
practice,
large sums, which must be paid by
Pittsburgh, and, eventually, by the general pub¬
the complaint continues, tends further to
substan¬
of
tially lessen competition with, and create
a
monopoly for, Pittsburgh fabri¬
cators each time such railroad transportation
charges are increased.
All this the compliant alleges
provides an affeetual method
whereby the
steel
i
manufacturers
of
the
United
States
maintain
uniform
prices
GARY
ON
FEDERAL
OF
COMPLAINT
on
July
Steel
tion
26
the Gary
formal
Consumers
and
others.
for
conference
application
a
in
from
July 1919,
the
the
Western
Commission
Association
received
of
Rolled
complaint against the United States Steel
Corpora¬
Thereupon the Commission sent out thousands of letters
TRADE
Judge Elbert H. Gary, Chairman of the Board of the U. S.
Steel
Corporation,
in
against the United
issued
statement
a
garding the complaint
Federal
of the
States
April
on
Corporation
Steel
30
re¬
Commission
Trade
its
and
sub¬
sidiary companies in the matter of basing steel prices f.o.b.
the mill
Pittsburgh, expressed himself as "glad to have the
whole matter
fully and carefully considered, and if possible,
judicial and final decision reached."
a
ment, which also entered into
of the
Comifission's complaint, said:
mistake to suppose
a
United
Judge Gary's state¬
explanation of the nature
an
referred
States
instituted
Steel
by
the
morning
Corporation
those
who
or
buy
points located in the West
relating to
that the proceedings before the Federal Trade
in
to
steel
the Pittsburgh base,
confined
include
The
to
Pittsburgh,
but
The petitioners claim that the
be
should
in
simple question
a
base of delivery of steel, on which to calculate purchasing costs,
be
were
fabrication
or
They involve
called.
so
They
concern.
remanufacture
for
Middle West.
or
directed against the
are
papers
manufacturing
any
extended
and
should not
increased
so
as
Chicago and perhaps other manufacturing points.
basing point
and
that
that selling prices
means
delivery
prices
determined f.o.b.
are
by
ascertained
are
adding
Pitts¬
freight
from
Pittsburgh to the place of delivery.
Pittsburgh,
many
years
being
ago,
by
was,
the
largest
principal
and
and
practice
It has
secured
the
general
to
know,
dents
a
places.
other
building
Finally,
purchasers
than
to
sel
for
before
about two
investigate
petitioners
the
years
years
vicinity
ago,
steel
Trade
jurisdiction
Corporation stated that
far
so
as
by
I
the prejudice
to
petition
a
certain
filed,
was
manufacturers
re¬
other
behalf
in
in
of
and
of
about
with the Federal Trade Commission, asking the
the subject matter and compel the fixing of
the
and
Federal
had
a
This
other lines of
been
Chairman
the
of
Commission,
and
by the Chairman of the Commission
mission
was
as
Pittsburgh, that the custom referred to
Pittsburgh and
up
Chicago and other places,
Commission
trade
entirely satisfactory to aH
complaint has been made by resi¬
has
recently
semi-finished
of
general
to the present time.
up
if not all,
many,
During the last few
in
the
including both sellers and buyers, and,
trade,
localities
of
centre
industry.
stability in business which has been of substantial benefit
comparatively
until
sulted
applies to
by
designated
consent,
common
basing point, and this custom has prevailed
custom
steel manufacturing
and long before the United States Steel Corporation
the
over
Steel
the
The leading
Corporation
question
to whether
as
immediately
was
not the Com¬
or
The Chairman
subject matter.
coun¬
appeared
of
it had manufacturing plants not only in
as
the
Pitts¬
burgh, but various other places throughout the country, including Chicago,
the Corporation was not interested to the same extent that others whose
plants
confined
were
before the
to
Commission
be notified and given
and
full
a
A
consideration
Commission
cided
the
of
would
questions
not
that the
whole
has
Commission
steel
be
shall
facts
confined
will
be
the Commission
not
qualified
to
made.
on
of
involved,
been
will
the
suggested
that
decided
Pittsburgh.
not the
the
that
Since
changed and the
or
has
heard
after
the
majority have
in
long
a
Federal
time
that
should
adopted,
was
been
Commission,
take jurisdiction
the merits and determine whether
on
and
This plan
steel industry
jurisdiction.
assume
Commission
the
of
of the
of the members
majority
interested,
were
jurisdiction all other manufacturers
opportunity to be heard.
representation
discussion.
nel
Pittsburgh
assumed
an
Trade
person¬
now
and hear the whole
de¬
case
basing point for the sale of
Presumably a full investigation of
no objection to the action of
Perhaps there is
the part of steel manufacturers generally, although I am
to express an opinion
on
this subject.
Speaking for myself
alone, I will be glad to have the whole matter fully and carefully consid¬
ered, and if possible a judicial and final decision reached.
The question is
far-reaching and involves much
interests of the
manufacturers
When
had
and
sellers and
asked by
more
than the pecuniary
buyers of steel.
representatives of the press whether he
anything to say in regard to the allegations contained
in the petition
filed before the Federal Trade Commission,
Judge Gary answered:
The Federal Trade Commission
has
now
decided to investigate these alle¬
will determine the method of inquiry.
Without being in¬
regard to their method of procedure, I presume the respondents
will be called upon to answer the allegations in writing, and then that the
facts will be ascertained by the taking of testimony and otherwise.
I doubt
gations
formed
if
it
steel
tance
and
in
would
be proper
manufacturers
to further comment at this time, except to say the
will
undoubtedly
afford every
opportunity
and
assis¬
possible in ascertaining the facts so that the whole matter may be
finally determined on
|
the merits.
among
themselves; all of which restrains free competition and tends to substantially lessen competition throughout the United States by the
respondents
and their competitors.
'
Following
Nugent
COMMISSION ON BASING OF STEEL PRICES.
were
tain
and
dissented.
the
• •
of
Commissioners Gaskill and Murdock
complaint.
raised
factories
it
equal length
an
whose
the
with
has been under advisement since
case
Steel
Examples
given in detail, tending to show how the Pittsburgh manufacturers of
products containing steel are given undue advantage over competitors
by
summer
case.
basing selling points at localities other than Pittsburgh.
are
regular rules of
applications for complaint and last
proceedings.
several
issuance
concerned.
price; and finally
1919, and closed after
Dec. 2
on
presentation
case
reply, beginning Dec. 6.
formed,
sections.
so¬
applicants opened arguments for their side on Nov. 15 1920, contin¬
uing
profit
manu¬
facturers
they
at
the
September 20
burgh
manufacturing plants
concerns,
that time.
uniform
having their business jeopardized by the lower cost of steel
without
(4)
substantially
maintain
to
they could not otherwise do;
and
the
re-hearing and re-argument in the
The
to
prices which
dismiss
Commission
50%
manufacturing business of the United States, that in order to
argument
provided for in
to
It is
manufacturers to secure substantially
enables Pittsburgh steel
(1)
of
The Commission took
competition.
Paragraph ten declares that the system complained of
and business
sent statements.
Hearings opened before the. Commission
four
the complaint con-
rates,
freight
tinues, the Birmingham price was $3 per ton greater than the Pittsburgh
price, but the $3 differential was simultaneously increased, notwith¬
standing the fact that the Birmingham price has no connection whatever
with freight rates.
It is declared that Birmingham purchasers of rolled
steel cannot get the products from any steel manufacturer at any price less
than the Birmingham price, and that neither are rolled steel purchasers
outside of Birmingham able to purchase it at the Birmingham price be¬
cause
of the steel manufacturers' price practice already mentioned.
Paragraph nine sets out that the alleged discriminations in price made
by the Steel Corporation through its respondent subsidiaries are not be¬
cause of any difference in grade,
quality, or quantity, of the product sold,
nor
are
such price discriminations such as make only due allowance for
difference in cost of selling, or only due allowance for difference in cost
of transportation, nor are such discriminations made in good faith in the
base
in all the big cities representative
Commerce
to hundreds of trade associations
liciting statements of opinion from any and all who might, be interested.
Many hundreds of replies were received, briefed and returned to all those
Pittsburgh.
|
[Vol. 112.
CONFERENCE ON FREIGHT RATES IN WASHINGTON
NEXT
WEEK.
joint conference of railway executives, Inter-State CornState Commerce Commissioners, producers and shippers to
A
consider the
question of freight rates will be held in Wash-
May 7
ington
1921.]
THE
May 13.
on
CHRONICLE
The Associated Press dispatches from
The meeting was arranged after the producers
group—representing
al1
associations—had carried to
Harding their demand for prompt action.
The situation
was
urgent, they contended, and would not brook "the ordinary slow and
expensive processes" of appeal for relief through the Commission.
President
said
was
have approved the
to
contemplates bringing the rate problem ot
conference plan, which
issue and getting stagnated
the move again through con¬
an
construction work throughout the country on
cessions in rates by the
carriers and in prices by
stimulate buying immediately.
A report on the steps
of Springfield,
proceedings
material
producers
to
Vf-
>-
taken by the material
men,
made by Hugh Fullerton
Ohio, representing the American Mining Congress in the
group of producers representing concerns which
shows that the
,
supply sand, brick, lumber, gravel, tiles, clay products and other building
materials, determined to carry their attack on freight rates to the top
when efforts to negotiate rate reductions through general
freight agents of
railroads failed.
Though the agents were said to have
the
expressed
the business at
eagerness to get
a
lower figure than prevailing
The first conference in Washington was with Chairman
House
Inter-State
Commerce
Committee,
and
later
joint conference being then suggested.
In each
Winslow, of the
the
talked with Chairman Clark of the Inter-State Commerce
schedule.
material
men
Commission, the
case, as later
during their
conference with President Harding, the material producers contended that
freight-rates
to say
down
holding
were
up
building, although
more
than
a million
nothing of larger structures, and road building, awaited
of costs.
Mr.
Clark
v.;,-.'.'
homes,
paring
;;;
quoted as\asking if the producers
was
a
-V'
willing to cut
were
prices for ninety days to get building going and to having been told that
such steps would be considered, provided the railroads
would
asking for the joint
conference, to which Mr.
Willard agreed,
"with the understanding that
prepared to discuss that matter
are
in its broadest aspects and with a spirit of
co-operation."
"I doubt," Mr. Willard's message added, "if much would be
accomplished
by such a conference if the discussion were confined merely to the matter
Vof railroad rates."
■
..
In outlining their case to President
part:
■
"
■
Harding the material
"■
"Irrespective of the fact that there is
kinds
of construction,
standstill.
unprecedented demand for all
an
the building and road-making
The chief
cause
of deferment
industries
(in building work)
freight rates, applying on that class of materials which
and of low value.
"Freight rates
average of
In
some
in
excess
'.Ui.:
r..'
"•
at
are
heavy loading
are
"■
instances the rates
compared with 75%
as
on
a
is excessive
on
country last June.
are now
price at the point of production.
"The rates have been advanced
beyond the point the traffic will bear."
Among the building materials organizations represented in the confer¬
the National Association Sand & Gravel Producers,
by E. Guy
Sutton, Indianapolis: National Paving Brick Manufacturers, J. G.Barbour,
Canton, O.; American Face Brick Association, H. E. Stringer, Washington:
Hollow Building Tile Association, H. M.
Keasby and W. M. Council of
ences were
Association, Frank Carnahan,
Washington: National Crushed Stone Association, A. P. Sandles, Columbus,
O., and the Gypsum "ndustries Associgftion, W. D. Lindsay, Chicago,
i V
OF
INTER-STATE
COMMERCE
on
Lewis and J.
B.
Commerce
to in
our
Campbell
as
As
Since then the patient has been and still is in
institutions
what
of
everything necessary for
sound and
are
Our peace program of
ment was
we
to
now
not
activities
to see
lower
prices generally lower than they
they will
will not go
Daniel Willard,
referred
was
on
that the
BUSINESS
DEPRES¬
How much
Railroads have felt the effect of the high cost of
living like every other
or individual, but the resulting increase in railroad
charges
less
than the increase in almost every other connection.
As the cost of living comes down, as it must and
will, wages will also come
down, and
as wages
and material prices
come
down, industry will quicken
and railroad rates and charges will come down also.
Wages constitute the largest single item in the cost of railroad operation,
and the railroads
are still
paying wages fixed by Governmental authority
time when living^costs were at the
highest.The railroads to-day are
at a
doing not more than two-thirds of what they
ordinary industries, they
business
as
large
a
V ''
^
It has been claimed by some who desire
perform
equipped to do, but unlike
'
#
:
change, that the railroads under
a
private management cannot be operated
cannot
are
cannot reduce expenses in the same*ratio that the
fall off.
may
effectively and consequently
so
of service for the public as could be
measure
done with the same facilities under Federal
ownership or control.
The
fallacy of that argument is clearly demonstrated by the fact that during
the year ended Dec. 31 1920 the 1,800 independent railroad
companies in
this
reporting to the Inter-State Commerce Commission,
country,
able
to
co-ordinate
so
their
9,000,000,000 ton miles
length of time.
efforts
more than
that
they
they
handled
ever handled
This effective co-ordination
on
during
were
the
year
before in the same
the part of the carriers was
There have been many in the past who, while
favoring private ownership
feared
that it might fail as an economic
have
policy
inability of the carriers to
they perform, and
adequate rates
secure
for
April 30, referred to the claim in
because
The
Transportation Act of 1920 lays down
a
new
capital
definite rule for the future
guidance of the Interstate Commerce Commission it
was
clearly the intent
of Congress to establish a rule which would sustain and stabilize the
of the carriers. /
The railroads in the aggregate
and out of every
which
credit
\
/
.
the
of
the services which
that account be unable to provide the
necessary for additions and betterments.
on
employ roundly 2,000,000
and women,
men
dollar which they collectfrom the public for the services
they perform, from 45 to
as
high
70 cents—varying from time to
as
time—are paid out directly to the employees in the service of the carriers.
ment
paid for labor about 45
Since the
and
began, the
high
as
the railroads
war
as
a
war
70 cents out of every dollar earned.
normal
or
permanent
of every
out
cents
particularly since the period of readjust
payment of the railroads has in
wage
and wages
gradually find
Congress has set
up
condition.
It
some
instance taken
That, however, does not
does
employees relating to
a
lower and
reflect
temporary
a
more normal level.
machinery designed to deal in
an
orderly
with
and working conditions.
wages
By virtue of the Act
have had continuity of service during a critical period of twelve months
confident that the labor
complex labor problems that
being slowly worked out and adjusted.
was
ever
I
am
provision of the law will also be successful.
Private capital and individual initiative gave us in the past the best trans¬
quarters
some
manner
arise in the future between the railroads and their
may
individual initiative, if
President of the Baltimore & Ohio RR.,
was
this moment.
are at
possibly know, but I feel confident that they
go no one can
portation system, with the lowest rates, in the world.
CHARGES.
depression in business
While
corporation
we
speaking at the annual dinner of the Traffic Club of Pitts¬
burgh
We must
war.
conditions.
back to the 1914 basis.
has been much
SION NOT DUE TO INCREASED TRANSPORTA¬
TION
and
prices are generally lower than they were a year ago and are still
falling,
they are much higher than they were in 1914.
I think most of us expect
confronted the railroads
DECLARES
dinner long since
a
wholly stopped by the
peace-time
and during which time one of the most
WILLARD
paying for
house-building, road-building and general develop¬
normal
our
are
cheerful process.
a
seriously checked, if
back
inclined to be pessimistic at the present
so many are
Briefly, it is because
eaten, which is hardly ever
get
our health and comfort.
Our
Government is and will continue to be
just
'
V
our
make it.
we
Why is it, then, that
time?
questions which
appointment
issue of last Saturday, page 1826.
DANIEL
more
a
but we have definitely passed the
confident, is under way.
nation
a
abundance
an
members of the Inter-State
Their
much like the
high point in this
situation resulting from the war, which will be properly adjusted as price
May 3 confirmed the nominations of E. I.
Commission.
the
we shall surely continue to
grow.
With an area of over
3,000,000 square miles, rich in all natural resources, we can
easily support
population four times as large as we have at present.
This country has
reflect
COMMISSION CONFIRMED.
The Senate
to have reached
seem
was
The feverish conditions
a
dollar earned.
NOMINATIONS OF E. I. LEWIS AND J. B. CAMPBELL
MEMBERS
body.
less shaky and unsettled condition,
or
Before the
AS
war
critical point and recovery, I am
an
general commodities.
building and road-making materials
New York; National Lumber Manufacturers
serious fever upon the human
a
the disturbed and unsound
war.
the nations of the world
upon
made possible by the Esch-Cummins Act.
building and road materials have been increased
on
110% since 1917
of their
said, in
men
war
brought about by the
cut rates.
The White House conference followed, a memorial
being presented to
Mr. Harding outlining the situation, and the building men then
telegraphed
Daniel Willard of the Railway Executives Association,
representatives of both sides in interests
effect of
due directly to
were
brought about by the
The effect of the
the larger building materials manufacturers'
The
1933
costs of 1920
conditions
Washington state:
President
The high
Private capital and
given the opportunity, will also provide the necessary
extensions in the future, and when the economic readjustment now under
way
shall have been accomplished, I venture to predict that the transpor¬
tation charges of the American railroads will in the future
in the
as
past
continue to be the lowest in the world.
caused by the increased
transportation charges, and said:
While I have
charges, I
am
desire to minimize the effect of higher
no
confident that during the last three
or
transportation
KNOX
four months the business
The
of the country as a whole would have been very little, if any, larger even
PEACE
Knox
RESOLUTION
resolution
which
if the railroads had carried the tonnage offered free of any charge whatever.
state of peace
The
passed by the U. S. Senate
decline in
business
was
not caused
by higher freight rates, but
was
brought about by the very same causes that made the higher freight rates
necessary.
Seven
years
ago
I urged the necessity for higher freight rates for the
railroads in the Eastern
District.
Shortly thereafter the Eastern carriers
made formal request upon the Inter-State
was
Commerce Commission (which
granted in part) for permission to increase all freight charges 5%.
At the time of which I speak freight rates had gradually but constantly
been declining since 1887, as shown by the average rate per ton per mile,
the decline
having been brought about by the combined influence of
petition and regulat
rate per
com¬
These influences operated to bring the average
on.
ton per mile from 1.063 cents in 1887 down to .707 cents per ton
mile in 1916—the lowest
figure ever reached in this
or
in any other country,
and lower in fact than conditions here actually justified.
on
the average approximately
70% and
passenger
fares about 52 %.
Despite
these unprecedented increases, net earnings of the carriers as a whole are
now
smaller and
more
disappointing than
ever
before.
The problem so
developed is due primarily to the war.
Assuming the cost of living to have been 100% in 1914, it had reached
220%, the high point,
vanced to 215%
reports
cost
'and
in June 1920.
in 1920.
are
refer to conditions in the United States.
of living
and wages
than it was nere.
was
very
based
on
official
The advance in
much greater in European countries
Since June 1920 the cost of living in the United States
has declined over 30%, as shown
resolution passed
by the latest and most reliable statistics.
on
April 30 by
sent to the House
was
pected to be taken
SENATE.
on
a
a
was
vote of 49 to 23.
May 2, and is
by that body to-day (May 7).
up
ex¬
The
by the Senate besides repealing the resolu¬
tion
passed by Congress
war
to exist between the
on
April 6 1917 "declaring
a
state of
Imperial German Government and
the Government and people of the United States of America"
specifically declares thq state of
like wises repeals the
1917
resolution
war
to be at an end.
It
of Congress, approved Dec. 7
declaring the existence of
a
state of
war
between the
Austro-Hungarian Government and the United States and
similarly declares at
countries.
it
reserves
the
Wages at 100% in 1914 had ad¬
The figures I have used
BY
formally establish
between the United States and Germany,
The resolution
'/•'
Since 1916 freight rates in the United States as a whole have been increased
PASSED
would
end the said state of
to the United States all
war
with those
Republicans
peace
treaties.
adoption of the resolution
and
3
and
rights and privileges under
Treaty of Versailles and other
votes in favor of the
46
an
It would also impound alien enemy property
Democrats—the
The 49
were
latter,
cast by
Senators
Myers of Montana, Shields of Tennessee and Watson of
Georgia. A All of the 23 votes in opposition
were
those of
Townsend (Republican)
of Michigan, to serike out the clause repealing the war declar¬
ation, and to substitute a simple declaration of peace, was
rejected by the Senate by a vote of 44 to 26.
The resolution
was introduced by Senator Knox on April 13, and was some¬
what similar to the Knox resolution previously passed by
A proposal by Senator
Democrats.
President Wlson;
issue of May 29 1920, page
Congress and vetoed on May 27 1920 by
given in our
The House at that time endeavored to pass th^ resolu-
that resolution
2256.
tion
two-thirds paajority to
the veto, but the necessary
over
effect
was
thig
During the discussion of the resolu¬
Saturday last (April 30) Senator Lodge
lacking.
were
tion in the Senate
on
treaty" and
pointed out that the pending resolution "is not a
added-.
is
It is
law.
a
that
'•
,
f
It is not a treaty. It
to repeal a joint resolution passed by Congress declaring
war existed between the United States and the Imperial
Germany and the United States and the Imperial and
pending resolution is a joint resolution.
The
of
state
a
Government of
its
could be no more
If we bad the power to pass that declaration
existed—and no one questions that power—we have an
enact it can also repeal
can
that
state of war
a
was
there
body
the pending resolution.
Mr. President,
complete truism than that that which a legislative
in
powers
.
The theory that peace can be made only |by a
in the Constitution that I am aware of, and no sup¬
equal power to repeal it.
treaty has no support
April 1917
repeal the declaration of the two Houses in
The fact that we
simply is a repeal of an Act which we passed, and leaves the situation so
that instead of a status of war existing with Germany a status cf peace
completing that work by treaty must
to which belongs the right to initiate and
Whatever is to be done in
exists.
wst with the Executive power,
negotiate, treaties.
The
This joint resolution simply declares
11th of November 1918.
since the
and has not existed
The other provisions are also statutory
the fact, and that is all it does.
The inference which
The particular part
comment.
in which he said, "As to our
we were
cannot expect us to
and if.
peace,
claims against Germany are settled, and
until all
old
directly
The right of Congress
Prussia.
with
treaty
incidentally repeals the
abrogate a treaty
to
sustained
indirectly by statute is also unquestioned and has been
or
we
of
a
status of
war
Austro-Hungarian Em¬
against the Imperial and Royal
pire, and that restores the status of peace.
The passage of
that may follow.
that
It has been suggested here
we are
invading the Executive authority.
Presidents have asked the
President, the cases are many in which
before it has been made, and the recognition by the
accepted
The
would
President, in his speech of acceptance last July, declared that he
sign
elaborate discussion of the President's attitude.
That was
Reed] yesterday,
fully covered by the Senator from Missouri [Mr.
very
I need
resolution of this character whenever sent to him.
a
not go into any
condition ought not to be permitted to continue.
To
the state of technical peace without further delay I should ap¬
declaratory resolution by Congress to that effect, with the quali¬
fications essential to protect all our rights.
Such action would be the
simplest keeping of faith with ourselves and could in no sense be construed
as a desertion of those with whom we ahared our sacrifices in war, for these
Powers are already at peace."
prove a
the
resolution is in exact accord with the policies there laid down
made by the President of the United States.
request there
realize that Senators
the other side have fallen
on
this
gave
as
As to
so
they may rest quite easy on this point.
Senate.
Administration Denial Complete.
What was said to-day in the inner Administration
;'V:V:
K:'
Great War,
they
have
every
one
much into the habit
We
invading
are
ible
resubmit
to
conclusion
the
ranged the treaty and
we were
associated in the
made peace
so
provided that it
came
with
that
we are
to continue to remain in
when all the countries
many
a
we were
peace?
our
•
no
so
ar¬
They have been at
Is it to be supposed
associated with in the
with Ger¬
war
have made
war
Yv'L-v-.'
our
They provided
association
or
consent.
fault to find with their doing so, and no desire to interfere with the
terms of the peace
making peace.
which they made; but surely it does
They cannot expect
us to
remain at
war
no
debar
us
from
while they have all
order to dissipate any
them.
They do not expect it, Mr. President.
a
state of technical
war
resubmission,
Mr.
Hughes was not the Administration's spokesman in this connection and it is
quite certain that he had no knowledge that the contradiction was to be
made.
been
written
ters that we have
associated with
by
no
us
In fact, treaties
pointed intimation that President Harding
en¬
the Secretary of State in connection with these mat¬
thought of abandoning the interests of those who
were
in the Great War against Germany.
with Germany alone would be inadequate,
as
the Presi¬
Eng¬
represented in Vienna, and I suppose in the other fragments of the
Austrian Empire which have been set up as independent States.
to remain
to
unrepresented while all the other countries
have
our
trade hampered,
Are
are represented.
we
Are
without official representation, without
consuls, operating I believe through Spain, which represented our interests
in Germany
during the war?
s
-
We ought to put this country on
that France and Italy and England
Its greater importance lies in
intends to adhere to his de¬
of not tolerating interference on the part of Congress with the
clared policy
constituted functions of the Executive.
is the Knox peace resolution as it was passed
by the Senate on April 30:
resolution repealing the joint resolution of April 6 1917, declaring
between the United States and Germany, and the
A joint
a
state of war to exist
declaring a state of war to exist between the
and Royal Austro-Hungarian Government,
joint resolution of Dec. 7 1917,
United States and the Imperial
and for other purposes.
Resolved by the Senate
America in Congress
That the joint
state
:
and House of Representatives of the United Slates of
assembled.
V
resolution of Congress passed April 6 1917, declaring a
of war to exist between
the Imperial German Government and the
people of the United States of America, and making pro¬
the same, be, and the same is hereby,
is hereby declared at an
That all property
ci
successors,
has
repealed, and said
end.
of the Imperial German Government, or its successor
and of all German nationals which was, on
date come into the possession
since that
Government of the
April 6 1917, in
of the
or under control
United States of America or of any of its officers, agents,
by any agency whatsoever, shall be re¬
disposition thereof made,
except as shall have been heretofore or specifically hereafter shall be pro¬
vided by Congress, until such time as the German Government has, by
treaty with the United States of America, ratification whereof Is to be made
by and with the advice and consent of the Senate, made suitable provisions
for the satisfaction of all claims against the German Government of all
or
employees, from any source or
tained by
the United States of America and no
wheresoever domiciled, who owe permanent allegiance to the
America and who have suffered, tnrough the acts of Ger¬
United States of
man
to
Government or its agents
their
persons or
ownership of shares of
or
in consequence
since July 31 1914, loss, damage, or injury
property, directly or indirectly, whether through the
stock in German, American, or other corporations,
of hostilities or of any operations
of war, or otherwise, and
navigation, commerce, and industrial property rights,
The President made it
dent has stated; but the passage of this resolution unties our hands.
we
it clear that
declared that the Versailles Treaty would not be
resubmitted were not speaking by authority.
the
making
be national or
land has been trading with Germany, has been repersented in Berlin, has
been
than merely
fession, trade,
us
tirely clear in his message, and it is also made evident by the notes that
have
i
.
The contradiction is important for more
to
They do not expect
with Germany.
impossible situation and cannot continue.
possible belief that Secretary Hughes, who is
responsible for the contradiction mentioned, it may be said that
was
They know that that is
betraying
an
This
persons owing permanent allegiance to the
most-favored-nation treatment, whether the same
otherwise, in all matters affecting residence, business, pro¬
made peace; and if we choose to make peace with Germany by a
treaty,
which will probably follow this joint, resolution, surely we are not
remain in
considered.
particular application to the plan now under consideration
armed forces should be withdrawn from German territory.
In
persons,
leave to made that peace effective.
specifically that they could make it without
I have
years.
condition of technical
-
They did not ask
Germany.
They
into effect when agreed to
by three of the principal Allied and Associated Powers.
Germany, therefore, for nearly two
said positively that the matter of withdraw¬
irreconcilably Senators to propose a resolution declaring that the Ameri¬
can
or
They made peace with Germany on the 28th of June 1919.
peace with
reached."
has been
statement had a
it was not feas¬
The answer was that "no such
Versailles Treaty.
ing American troops from Germany had not even been
no
'v..\
of them
circle was directed to an
inquiry as to whether the conclusion had been reached that
I
acting in accordance with his expressed
attitude to those Powers with which
our
be resubmitted to the Senate, but he
his personal opinion and not as a statement that the Harding
state of war
are
between nations
Administration had decided not to send the Versailles Treaty back to the
Senate must first consult the Executive about any action the Senate chooses
We
Mr. Lodge said
impression that he was announcing that a
reiterated the opinion that it would be impossible so to modify
Mr. Lodge
Government and
;
made
interpreted as an announce¬
separate treaty of peace would
that have been at war.
visions to prosecute
right of the Executive.
a
Germany the usual treaty of amity, commerce and
to negotiate with
of standing by the rights of the Executive, were they well founded or not,
Wishes.-
reached that
extradition, which always follows the restoration of peace
that they are naturally very sensitive if anything seems to intimate that the
to take; but
this afternoon, in answer to
would be negotiated, but merely that it would be neces¬
treaty of peace
new
sary
it had
resubmit the Versailles Treaty to the Senate
negotiated to take the place of the Versailles Treaty.
anomalous
establish
The joint
Washing¬
in behalf of the Harding Administration
by him in the Senate on Saturday which was
ment that a decision had been
be
a
having the sanction of the President himself.
as
The following
"The United States alone among the Allied and Associated Powers con¬
a technical state of war against the Central Powers of Europe.
tinues in
and
a
questions, that there had been a misunderstanding of the statement
but I will read once more what he said in his message of April 12 last:
This
They
with Germany by
As to this,
At the same time Senator Lodge explained
those Senators who have
precedents.
many
.
While the contradiction was oral and informal, it may be
In revised form.
Executive of the share of the Senate in making treaties has been established
by
.
supposed to be the chief Administration exponent of treaty
opinion of the Senate before entering upon negotiations, asked their opinion
to the terms of a treaty
peace
not betraying them."
we are
A direct contradiction was given
by
this law invades no Executive power.
It simply declares
which undoubtedly would be considered by
the negotiators of any treaty
as
choose to make
%
.
while they have all made
war
to-day to the declaration of irreconcilable Republican Senators that
the law of the United States,
Mr.
with Germany
remain at
In the same connection it was
We simply repeal the declaration
with
powers
dispatch in the New York "Times" of May 4. said:
ton
by the Supreme Court.
With Austria we take the same action.
separate peace, was that
which will probably follow this joint resolution,
treaty,
surely
a
attitude to those
associated in the Great War, they have every¬
of them made peace
one
a
of the speech of Senator
Lodge giving rise to the question of
which
some
Germany has brought varied
treaty with
separate peace
shall insist upon all the rights
under the Versailles Treaty and shall hold the alien property funds
have
have been drawn in
to
seems
that the remarks of Senator Lodge forecast
newspapers
enactments, giving notice to Germany that we
we
thing of all is to get
rid of the totally abnormal and anomalous situation in which we now are.
the Versailles Treaty as to enable it to
-
with Germany no longer exists as a fact
war
of the practical results which make this joint resolu¬
one
that he did not mean to give the
international law.
port in
That is
two years.
tion of immediate importance; but the most important
been found to be impossible to
Government of Austria-Hungary,
There have been intimations here in the debate that Congress
Royal
exceeding
[Vol. 112.
CHRONICLE
THE
1934
provisions granting to
United States of America
confirming to the
commerce
and all the other nations have had for
and
United States of America all fines, forfeitures, penalties,
America during the
war, whether in respect to the property of the German Government or Ger¬
man nationals, and waiving any and all pecuniary claims based on event
wbich occurred at any time before the coming into force of such treaty, any
existing treaty between the United States of America and Germany to the
and seizures
contrary
imposed or made by the United States of
notwithstanding.
That until by treaty or
Act or joint resolution of Congress it shall be
de¬
America, although it has not
ratified the treaty of Versailles, reserves for itself and its nationals all of the
rights, powers, claims, privileges, indemnities, reparations, or advantages
to which it and its nationals are or may become entitled, together with the
termined
otherwise,
the United States of
under the terms of the armistice signed Nov. 11
modifications thereof or otherwise, or which under
the treaty of Versailles have been stipulated for its benefit, or for the benefit
of its nationals, with the same force and effect as if said treaty of Versailless
right to enforce the same,
1918, or any extensions or
,
the same basis of trade and
also
Mat 7
1935
THE
1921.]
States of America is or may become
entitled as one of the principal allied and
approved Dec. 7 1917, declaring
tlie joint resolution of Congress
the Imperial and Royal Austro-Hun-
that "a state of war exists between
Government and the people of the United
provisions to prosecute the same," be, and
the same is hereby, repealed, and said state of war is hereby declared at an
end.
V.''■
f.;"7 •/.'•'/'•>!' ;1':'
That all property of the Imperial and Royal Austro-Hungarian Govern¬
ment, or its successor or successors, and of all nationals of the Austrian
Empire or the Kingdom of Hungary which was, on April 6 1917, in or has
since that date come into the possession or under the control of the Govern¬
ment of the United States of America or of any of its officers, agents, or
States of America and making
by any agency whatsoever, snail be retained
by the United States of America and no disposition thereof made, except as
shall have been heretofore or specifically hereafter shall be provided by
employees from any source or
the Austrian Government has by treaty with
of America, ratification whereof is to be made by and with
the advice and consent of the
the Austrian Government of all persons, where¬
faction of all claims against
or
property, directly or
or
of
mission,
any
operations of war
in all
rights, and confirming to the
forfeitures, penalties, and seizures im¬
of America during the war, whether in
respect to the property of the Austrian Government or nationals of the Aus¬
trian Empire, and waiving any and all pecuniary claims based on events which
occurred at any time before the coming
Into force of such treaty, any
existing treaty between the United States of America and Austria to the
posed or made by the United States
contrary notwithstanding.
Act or joint resolution of Congress it shall
That until by treaty or
otherwise,
the
United
States of America,
be de¬
although it has not
Germain or the treaty of Trianon, reserves for
rights, powers, claims, privileges, indem¬
ratified the treaty of Saint
itself and its nationals all of the
which it and its nationals are or may
under the terms
of the armistice signed Nov. 3 1918, or any extensions or modifications
thereof, or otherwise, or which under the treaty of Saint Germain or the
treaty of Trianon have been stipulated for its benefits or for the benefit of
its nationals with the same force and effect as if said treaty of Saint Germain
nities, reparations, or advantages to
become entitled,
together with the right to enforce the same
and the treaty of Trianon
had been ratified by the United States of
which the United States of America is or may
or to
of the
America,
become entitled as one
the allied nations in their note
TO
GERMANY
TO
ULTIMATUM
TREATY
FULFILL
OBLIGATIONS BY MA Y 12.
reservation
as
categorically by May 12 whether she will execute the
primarily
of reparations fixed by the Allied Repara¬
obligations under the Treaty of Versailles,
to the
payment
tions Commission, was
signed in London on May 5 by the
Supreme Council and handed to Dr. Sthamer, the
German ambassador to Great Britain, with the request that
Allied
The signatories to the ultimatum
it be delivered to Berlin.
Great Britain; Premier
France; M. Jaspar, the Belgian Foreign Minister;
Premier
were
Briand of
Count
or
of the Versailles Treaty which
George
Lloyd
the
Sforza,
Hayashi of Japan.
of
and Baron
The ultimatum declares it to be the
Italian Foreign Minister
intention of the Allied Governments to
proceed
on
May 12
occupation of the Ruhr Valley and to
undertake all
military and naval measures in the event that the
German Government fails to comply with the conditions
other
The
enunciated.
debt to the Allies
terms
were
for
the
payment
of
Government fail to comply with the
will last
as
long
by
the
Reparations Commission.
Allied
developments I of the week attendant upon
The Allied powers.
taking note of the fact that despite the successive con¬
since the signature of the Treaty of Versailles,
cessions made by the Allies
and despite the
well
as
warnings and sanctions agreed upon at Spa and Paris, as
announced at London and since applied, the German
of the sanctions
Government is still in default
upon
it under the terms of the
in fulfillment of the obligations incumbent
Treaty of Versailles as regards,
Substantial
Germany
,
it to make at this
"•
"Third, the trial of war criminals, as
.
,
further provided for by the allied
13 and May 7 1920, and,
which arise
under Article 264 to 267, 269, 273, 321, 322 and 327 of the treaty, decide:
"(a) To proceed from to-day with all necessary preliminary measures for
the occupation of the Ruhr valley by allied troops on the Rhine under the
certain
other
conditions laid down.
important
agreement
DEMANDS ON
on
the reparations demands on
reached at London on May 2 by the Allied
was
Supreme Council;
there deliberations were continued on the
3rd and 4th inst.,
and
the 5th inst., conferences on the
on
held with the
Reparations Commission, which
had been called from Paris.
On the last named date with its
matter
were
return to Paris the
Commission summoned
German War Burdens Commission to an
a
delegate of the
official meeting at
be
had
drawn up.
On the same date, as we indicate in another
item, an ultimatum, summoning Germany to declare by
May 12, her intentions with respect to performing the un¬
filled obligations of the treaty was signed at London, and
presented to the German Ambassador, Dr. Sthamer.
In our
and notified him of the schedule of payments to
9 p. m.
made by
Germany which the Reparations Commission
issue of
week ago, page 1829, we
a
referred to the issuance of
April 27,
the total damages for
which reparation was due by Germany under the Treaty.
On April 30 an Associated Press cablegram from Paris saic'J
a
Communique by the Reparations Commission on
Reparations Commission has decided to notify the German mission
12,000,000.000 gold marks remaining due on the 20,000,000,
The
gold marks which the Peace Treaty provides shall be paid by to-morrow
be added to the total of 132,000,000,000 marks fixed by the commis¬
000
are to
sion
as
the amount of war damages
respects, notably those
assessed against Germany, thus making
In addition to this are the
A communica¬
tion informing the German mission to this effect will be handed to it some
time to-day.
'<
the grand
acts of
It
total 144,000.000,000 gold
restitution provided for by
was
marks.
the Treaty of Versailles.
announced in Paris dispatches of May 1 that
Commission had
on
the
that date made public its note to the
German War Burdens
Commission
on
Reparations.
These
advices said:
The communication,
which is dated May 1, informs the German com¬
mission of the intention of the
the shortest time
Reparations Commission to establish within
possible the amount of damages for
which Germany owes
reparations under Article 233 of the Treaty of Versailles.
Meanwhile without prejudice to the foregoing accounting the
marks in gold are
dent of the
of Belgium.
the War
notifies
.
due to-day.
The note is signed by Louis Dubois,
Commission regarding
The
.
its failure to pay the 20,000,000,000
gold marks called for on May 1,
grams
Presi¬
Delacroix, former Premier
'.-'v'
communication to the German War Burdens
...v.;'-'
As to further
Reparations
Burdens Commission that 12,000,000,000
Reparations Commission, and M.
from Paris, May 3,
the Associated Press cable¬
said:
Reparation Commission has addressed a letter to the German War
recapitulating the correspondence with regard to the
Burdens Commission
under Article 235 of the Peace Treaty to
20,000,000,000 gold marks before May 1.
that Germany is in default to the extent of at
least 12,000,000,000 marks and advises the commission that immediate
notice of this default is being given to each of the powers interested in
accordance with Paragraph 17 of Annex 2, Part 8, of the treaty.
obligation resting upon Germany
pay
the equivalent of
The letter formally says
the Allies this
bonds by Germany as a guar¬
antee for her reparations payments.
These bonds are to
run for 37 years with interest at 5%, plus 1% for a sinking
fund.
Until the redemption of the bonds, Germany will be
The
reparations demands agreed upon by
week, provides for an issue of
required to
pay
yearly 2,000,000,000 gold marks and 26%
exports as from May 1, or, alternatively, an
of the value of her
equivalent amount as fixed in accordance with any other
index in accordance with any other index proposed by Ger¬
and accepted by the Reparations
details of the
Reparation Commission already has called upon
date;
"Fouth,
the conditions
GERMANY.
1 1921, under Article 235 of the treaty,
"Second, the payment due May
notes of Feb.
This occupation
Germany continues her failure to fulfill
as
SCHEDULE OF REPARATION
many
"First, disarmament;
which the
should the German
foregoing conditions.
laid down."
Germany's
also communicated to Germany this
All other
the question of
Germany's payment of reparations has been the transmission
of advices from Secretary of State Hughes to the German
Government informing the latter than the German proposals
of last week could not be entertained as affording a basis for
discussion; the resignation of German Cabinet has likewise
been one of the sequences of the non-acceptance of the
German proposals by the Allied Powers, and all of these
various related events are referred to in separate items in the
current issue of our paper.
The text of the ultimatum de¬
cided upon by the Allied Supreme Council at London on
May 2, and signed on May 5, is as follows:
week
the Ruhr valley, and
undertake all other military and naval measures,
Commission
with the
have not as yet been fulfilled.
To proceed on May 12 with the occupation of
"(d)
to
completed immedi¬
still to be fixed; (4) to proceed without
criminals, and also with other parts
delay to the trial of war
here that the
summoning the German Government to
An ultimatum,
unfilled
far failed to comply with are to be
of which they have so
fixing 132,000,000,000 gold marks as
principal allied and associated powers.
declare
reservation or delay measures concerning
which Germany was notified by
of Jan. 29; those measures in the execution
to execute without
(3)
ately, and the remainder on a date
of
or otherwise, and also provisions
affecting residence, business, profession, trade,
matters
States of America all fines,
termined
defined by the Reparation
military, naval and aerial disarmament, of
indirectly, whether through the ownership of shares
navigation, commerce, and industrial property
United
as
(2) to accept and realize without reservation or condition in
Commission;
regard to its obligations the guarantees prescribed by the Reparation Com¬
American, or other corporations, or in consequence
granting to persons owing permanent allegiance to the United States of
America most-favored-nation treatment, whether the same be national or
otherwise,
determination (1) to execute
obligations
since July 31 1914. loss,
of stock in Austrian,
hostilities
after receiving the above decision its
without reservation or condition its
through the acts of the Austrian Govern¬
damage, or injury to their person
America, and who have suffered
ment or its agents
allegiance to the United States of
who owe permanent
domiciled,
soever
Senate, made suitable provisions for the satis¬
To summon the German Government to declare categorically within
"(c)
six days
Congress, until sucn time as
the United States
discharge by Germany of her debt,
this point to the German Government by
and to announce its decision on
May 6, at the latest.
Government and the
garian
invite the
notify the German Government without
Allied Reparation Commission to
delay of the time and methods for the
associated powers.
That
In accordance with Article 235 of the Versailles Treaty, to
"(6)
United States of America, or to which the United
had been ratified by the
as
Commission.
reparation payments to be exacted by the
embodied in the protocol
The
Allies,
handed to the/German War
given as follows in London
Burdens Commission on May 5 are
Associated Press advices, May 5:
the manner laid down In this schedule her
fixed in accordance with Articles 231, 232 and
132,000.000.000 gold marks, less (a) the
already paid on account of reparations; (&) sums which may, from
time, be credited to Germany in respect of State properties in
Germany will perform in
obligations to pay the total
233 of the
amount
time
to
Treaty of Versailles,
1936
ceded
territory, &c.; (c)
any
in respect
powers,
enemy
■
CHRONICLE
THE
the Commission may decide credits
should bo given to Germany, plus the amount of the Belgian
the
Allies,
of these
amounts
reductions
debt to the
determined later by the
be
to
Commission."
The protocol then provides for the issue of
outlined, and which shall be secured
bonds,
as
has previously been
the whole assets of the German
on
Empire and the German States.
interest of 5% plus 1 % for a sinking fund, shall be
May 1.
July 1 1921, but the
series,
issued on
38,000,000,000 gold marks, shall be
for
November 1.
The
third
shall, not later than
for 82,000,000,000 gold marks,
series,
November 1, be delivered to the Reparations Commission without coupons
attached, and will be issued by the Commission
the
payments
agreement
and when it is satisfied
this
provide for the payment of interest and the
The sinking fund shall be used for redemption
sufficient to
on
such bonds.
of the bonds by annual drawings at par.
and
The bonds will be German Government bearer bonds, in such form
such denomination
purpose
as
Reparations Commission shall prescribe for the
the
of making them marketable; and shall be free from German taxes
and charges of every description, present
and future.
Until redemption of the bonds Germany will be required to pay
yearly
2.000,000,000 gold marks and 26% of the value of her exports as from
May 1, or, alternatively, an equivalent amount as fixed in accordance
with any other index proposed by Germany and accepted by the Repara¬
stating that it would take
We, likewise, give the following further remarks of Premier
as reported in London
press dispatches May 2:
Briand
The "Times" quotes M. Briand
conference
that
Curzon had
he
had
presented
telling the French journalists after the
as
presented
draft
a
for
approval,
that Lord
and
another draft: so they had to try to evolve a draft
embodying
both viewpoints.
This would be finally discussed by the
Supreme Council to-morrow, and the whole matter would then be decided
one way or
the other.
M. Briand
which Germany undertakes to make in pursuance of
are
sinking fund
as
reported in Associated
was
as
ten days to
complete French military preparations, and
declaring "if at the end of that time Germany has not fully
yielded to the Allies, the French troops wrill march."
He
added, "I hope we shall not march atone."
payable half-yearly from
vr
second
May 2 Premier Briand
cablegrams from London
gold marks,
The first series of bonds for the amount of 12,000,000,000
the protocol says, shall be created and delivered by
The
On
Press
received from other enemy or former
sums
to which
[Vol. 112.
was
quoted
as
saying:
"I am determined to exact that
that is, that the mobilization of
new
penalties shall be launched to-day—
troops shall be decreed this evening.
our
"If during the next eight
days the Germans make proposals we shall see if
they deserve
of the
sum
hearing.
a
fixed by the
By proposals I imply acceptance pure and simple
Reparations Commission (£6,600,090,000),
arrangement of the methods and
as
well
as
of payment.
manner
"Any German proposals must contain sufficient guarantees to satisfy us.
These would consist especially of the establishment of a debt commission,
the taking of customs and a
Jevy
"I
act in
can
no
exports.
on
other fashion; my back is to the wall."
tions Commission.
"It is provided." the protocol continues, "that when Germany
shall have
PREMIER LLOYD GEORGE OF ENGLAND ON GERMAN
discharged all her obligations under this schedule, other than her liability
with respect
this
the interest and sinking fund on
meet
the bonds outstanding."
Premier
York
or
other place
designated by the Reparations Commission.
These payments will be treated as the first two quarterly
the amounts due
on
installments of
Germany's liability to pay 2,000,000,000 marks yearly
and 26% of the amount of her exports.
Within twenty-five
days the Reparations Commission shall establish a
sist of representatives of the Allied powers,
on
including
United States, in the event of that Government
a
Guarantees, to con¬
representative of the
desiring to make an appoint¬
This committee shall comprise not more than three
ment.
from the nationals of other powers
portion of the bonds
are
representatives
when it shall appear that a sufficient
held by nationals of such powers as to justify their
representation.
This committee will supervise the application to the
bonds service of the
funds assigned as security for payment, such as German maritime
and land
customs duties, and in particular all import and export duties, the levy of
26% on the German exports and the proceeds of such direct and indirect
taxes or any
other funds
with
accepted by the committee in substitution therefor.
tions
Government to the exporter.
The Committee is not authorized to interfere with the German administra¬
tion.
it
is stipulated,
commission, provide such material and labor
Allied power may re¬
as any
quire toward the restoration of the devastated
of that power, or to
enable any Allied power to proceed with the restoration and development of
its industrial and economic life.
be determined by German and
Although
France
The value of such material and labor shall
1921, to May 1 1926,
of the debt not covered by the bonds then issued.
on
on
fair and
workable.
It
useless to be
was
PREMIER BRIAND OF FRANCE ON GERMAN REPARA-
There
was
no
of the whole world to
Following the conclusion this week of the deliberations of
respecting the German
the 5th inst. prepared to defend the agreement as a
be defended, viewed from the
point of French interests, and yet adjusted to the
.
repara¬
demands, Premier Briand is said to have returned to
Press in Paris
cablegrams May 5, added:
Although M. Briand does
not go so
far
as to say
Mr.
The Premier is convinced
that
in taking a percentage of the values of
exports a true solution has been found.
paying power,
a
"It is not
a
tax on
exports," he
the equivalent of 26%
into the reparations fund, but the percentage
could be paid out of any kind of taxation the German Government should
elect—out of the internal revenues, for example.
M. Briand believed that the financial world would
pay
accept the bonding
was particularly interested in American opinion on this sub¬
He considered that the bonds could be used in paying Internationa
Americans
owing
money to any
in these bonds, which would have
a
use
tremely healthy influence
among
European country could
gold standard and would, in addi¬
tion, be bearing interest at 5%, with 1%
Acceptance and free
interest for France which
and
peace
pay.
was
not also the interest
settlement, he said, and for that
be respected and accepted
as
here.
the real basis of any
as
not
am
There
trade
years.
and they had to face public opinion in Germany.
talking the language of menace," Mr. Lloyd George declared,
practical common sense, when I
the
were
fairly by Germany and the German leaders, because their
not an easy one
was
"I
there
the fairness of the demands, the Prime Minister said he
on
anxious to deal
task
as
The process of reconstruction, he asserted,
likely to occupy from five to ten
Enlarging
was
was
no
brought
up
say
it
sharply against
was
a
good thing for the
a worse
alternative if they
terms."
present
no
mistaking the American attitude towrard Germany's last
alternative but to accept the Allied demands.
Answering attacks in the French press that he had been influenced by
Jewish financiers, the Prime Minister asserted that two of the bankers who
made representations to
him were English, another Irish and another Scotch.
"As for Sir Alfred Mond," Mr. Lloyd George said, "the House will be sur¬
prised to hear that he was the strongest advocate for making Germany
and he is one of those who are convinced that Germany can pay."
pay,
with reference to rumors that Sir Alfred had urged leniency
was
toward Germany.)
■
In
of
note made
a
ADVISES
an ex¬
exchange and tend to restore economic solidity
Dr. Simons,
to in these
as
basis
a
public at Washington
all the commercial nations.
The
discussion.
for
Government to make
to the
on
note
urged
reads
as
American
Dresel,
The text of Secretary Hughes's
the Commissioner of the United States under date of
itself unable
to
be
Allied Governments
all respects
afford
a
acceptable to the Allied Governments, and that these
basis for discussion
cannot
In reply, this Government states that it
reach the conclusion that the proposals
entertained.
This
Government,
therefore, again
for a prompt settlement of this vital question,
Government at once to make directly to the
clear, definite and adequate proposals which would in
expressing its earnest desire
Council, the Ambassadors' Council and the Reparations Commission,
the 2nd inst. to
High Commissioner in Berlin,
of the United States has received the memorandum left
by Dr. Simons with
proposals
German
follows:
The Government
finds
the
definite and adequate proposals direct
Allied Governments.
Loring
May 2, Secretary
that the counter proposals of Germany (referred
strongly urges the German
Adding that he hoped sincerely the invitation would be accepted.
THAT
columns last week on page 1828) are unacceptable
The Premier spoke of the invitation sent by the Supreme Council to the
GERMANY
Hughes informed the German Foreign Minister,
State
April 24, relating to reparations.
amortization.
of the bonds, he pointed out, would have
on
HUGHES
HER INDEMNITY PROPOSALS ARE UNACCEPTABLE.
American Government for the appointment of representatives in the Su¬
preme
a
communication which was dispatched on
scheme, and he
ject.
adopted
Germany's
Lloyd George then entered into elaborate details, de¬
well
as
barometer of trade."
He explained that no tax was placed on
exports as such.
The German
Government would be required to take the total value of the
exports and
trade balances.
of all
account
might provide labor, but that offered difficulties,
unions in France
SECRETARY
that he believes Germany
"i have no desire to see France
spend 100,000,000 francs monthly on the
occupation of the Ruhr," he said, "but nothing can prevent that now except
a German 'yes,' without
any 'ifs,' 'provided thats,' 'buts' or 'whereases.' "
pay
taken
statement to this effect the Associated
a
a measure of
The Allies had
secure
the treaty must
German offer.
(This
resources
will accept the terms, he hopes that she will do so.
said, "but
intention of performing
scribing the plans adopted.
had
In
no
proposal, Mr. Lloyd George said, and it must be clear to Germany that she
TIONS DEMANDS.
Germany.
com¬
impatient with the attitude of France, the Prime Min¬
German people to be
of
the Allies were
difficulties, economic and political, he said, and also her capacity to
"but of
can
and watch her eastern frontiers.
arm
obligations.
refused
that
while there existed regular
Mr. Lloyd George argued that the plan the Supreme Council had
this
balance shall be payable otherwise.
one
force powerful enough to attack
improbable, he said,
was
obliga¬
was any
guaranty of
V.
a
Germany's general attitude, showing she had
her
the bal¬
No interest
'
just settlement,
was no
Referring to reconstruction in France, Mr. Lloyd George said the Ger¬
export tax shall be applied, as the commission thinks fit, to paying simple
on
disarmament
there
pelled to act, not merely because Germany had defaulted, but owing to
Any surplus receipts from the interest and sinking fund payments and the
tion
her
As regarded reparations, said the Prime Minister,
arrangement.
Paris
an
formidable army it was impossible for France to settle down.
a
She must continue to
was
the Allied Supreme Council
default in
sudden organization of
any
Belgium
or
nucleus of
mans
the
previous London conference, will be credited to Germany under the present
ance
As
military organizations in Germany which collectively might become the
Allied valuators.
The receipts from the 50% levy on German exports, decided upon at
interest not exceeding 2H % from May 1
Germany's
reappearance of great armaments
the freedom and peace of Europe.
reason
areas
deliberations.
rations.
subject to the prior approval of the
shall,
Germany.
on
ister declared, because France was a victim of the war and entitled to repa¬
."Y
.
Germany,
imposed
terms
lengthy
a
May 5 dealing largely
placed first by the Premier, he said, because while there
was
possibility of the
was
Ger¬
on
The necessity of making Germany disarm was
placed first in importance
levy on
The 26%
exports, less 1% for sinking fund, it is provided, shall be paid by the
man
the reparations
delivered
England
of
by Mr. Lloyd George in announcing in the House the result of the Supreme
be proposed by the German Government and
as may
George
indication of what he had to say we quote the following from
the Associated Press accounts from London May 5:
Council's
special sub-commission to be called the Committee
Lloyd
speech in the House of Commons
marks
in gold, approved foreign bills or drafts at three months on the German
Treasury, indorsed by approved German banks in London, Paris, New
Germany is required to pay within twenty-five days 1,000,000,000
#
REPARATIONS DEMANDS.
the amount payable each year under
to outstanding bonds,
paragraph shall be reduced to the amount required in that year to
meet its just
obligations.
MAY 7
THE
1921.]
dispatch of this note, Associated Press advices
Prior to the
from
does
not
stated that "the German Government
Berlin May 1,
to get into touch
propose
German
with the London
con¬
awaiting President Harding's answer to the
while
ference
proposal."
this statement the dis¬
making
In
patches also said:
This declaration
made to-day by a member
of $Jjje Government, who
suggestion was coming from the Entente
in discussing the rumor that a
proposals direct to the Supreme Coun¬
the door to Washington is open to us we
that Germany present fresh counter
cil at London, said: "So long as
to knock at other
do not propose
doors."
the awkward gap in Government affairs produced by the allied ultimatum
and the
Upper Silesian situation, but also for the obvious necessity of per¬
mitting the new men to find their bearings and agree on a coordinated line
of action.
"On the
was
eve
of the centenary of Napoleon's death a German Cabinet lays
itself confronted with the overwhelming
because it found
dies
and
pressure
of an all powerful France," says "Vorwaerts," the majority Socialist
which severely reproaches the retiring Ministers for leaving their
organ,
posts at such critical period in German history.
GERMANS
manner
copyright cablegram from Paris April 30, the New
a
session of the Reichstag this a ternoon
informed the members that the
reply of Secretary of State Hughes to the counter-proposals on reparations
submitted by Dr. Simons, the German Foreign Secretary, had been re¬
Commission is keeping in the limelight by
ceived
that she turn over immediately to the
Loebe, President of the Chamber,
by the Government.
zens
consult with the Committee on
key.
three o'clock this afternoon, at which
The Cabinet was in session up to
hour it was without news of
The newspapers are
the final conclusions of the London conference.
almost apathetic as regards the Washington Govern¬
The Nationalist papers chorus, "I told you
what is termed his lack of dignity in
reply to Dr. Simons.
so," and again reproach Dr. Simons for
The
"Lokal-Anzeiger'
the refusal of Mr. Hughes to transmit the
says
proposals to the Allies has created a
States covers with its authority
situation where the United
the German Government or German private citi¬
"VIV
,
VV1
article the Germans promised to give up to the
in public utility undertakings or
Bulgaria and Tur¬
'
Under this
Allies all interests of Germans
general and well-known manner of complying with the Treaty of Versailles.
They forgot to hand over the oil wells and the iron and coal mines.
Germany to her omission.
The
by the Reparations Commission concludes as follows:
note sent
"The
Reparations Commission will hold the securities handed over by
acquire
them and will undertake the administration of such securities as may
Berlin (April 29) the
Associated
virtually pledged to accept any decision rendered by Presi¬
dent
Harding,
or any
changes
and that they were
suggest,
interpretations he might
anxiously awaiting to learn
inform the
President
the German proposals ar§ unacceptable.
dispatches said further:
■
These
:■&
Minister, said:
understanding with France on reparations appears almost impossi¬
but I have not yet abandoned hope that negotiations will ensue, based
"An
on our
proposals."
Reichstag to-day on reparations, Dr. Simons
replied to critics who charged him
with failure to fight out the question
with the British Prime Minister, Mr. Lloyd George, at
•
of war guilt
the
London conference:
reproaches to be unwarranted," Dr. Simons declared.
"Be^
men who held in their hands documents containing our confes¬
"I hold these
fore
me sat
Granting that this confession was extorted, it behooved me
the best I could of the situation.
A protest on my part would im¬
sion of guilt.
to make
confidential negotiations with Mr. Lloyd
mediately have precluded further
George."
PERIOD
In accordance with the
ment to extend from
proposal of the German Govern¬
Commission,
a
bill to this end
was
passed by the Reichstag
Ttie readiness of the German Government to
April 28.
such extension was announced in its reply
a week ago, page 1827) to the demand of
the Reparations Commission that the German Government
transfer the gold reserves of the Reichsbank to its branches
provide
for
(given in
our
Cologne
at
issue of
or
made known in London press cablegrams on May 4
was
that
invitation had been extended the United States to
an
appoint
Coblenz before May 1.
Reparations
the
Council,
In
Ambassadors.
of
stating
on
giving it close attention, a Washington press dis¬
was
patch May 5 said:
cabled from London last night, was presented
The invitation, which was
at the State
Department to-day by Sir Auckland Geddes, the British Ambas¬
sador, and later Secretary Hughes was
in conference for a half hour with the
had been discussed,
The Secretary declined to say what subject
President.
but to-night it was
said at the White House that the invitation was before
Harding for his consideration.
indication was
No
given of the attitude of the American
that the United States might feel
justified in participating to some extent
reparations settlements because of its interest in
in
Government
although in some circles the belief was expressed
the invitation,
toward
economic adjustments
growing out of the war.
According to
special dispatch from Washington to the
a
New York "Evening
upon
conditional acceptance of the
stated in the
It is
invitation.
Sun" of last night, the Harding Admin¬
decided
has
istration
dispatqh that Ambassador
Council,
the Reparations Commission,
Harvey will represent this country on the Supreme
and
that
H.
William
and
States
Boy den on
Ambassador
Herrick
will
represent
the United
the Council of Ambassadors, which meets at
on
I'N
HARDING
PRESIDENT
SPEECH
OF
RESIGNATION
GERMAN
CABINET.
German Cabinet, headed by
Chancellor Fehrenbach, which had been reported as pending
a
resignation
week ago, was
inst.
of
announced in Berlin dispatches of the 4th
A forecast of
week ago
the.
this in Associated Press dispatches a
(April 30) from Berlin said:
dispatch to-day quotes the "Vossiche Zeitung as declaring
the Minister of
of Chancellor Fehrenbach and Foreign Minister Simons
Finance and the Minister of the Interior, the newspaper says.
The successors to the
be chosen from
retiring Ministers, according to the newspaper, will
representatives of the present coalition in the Reichstag.
Regarding the functioning of the retiring Cabniet, pending
the formation of a new one, it was stated in Associated
Press advices
May 5:
President Ebert was in conference to-day with
Coalition block in the Reichstag
a
still
Dr.
Cabinet in
The Fehrenbach
the parties comprising the
effort to find a man willing to organize
with the President's request.
The retiring Government, the commentators
had outlived its usefulness in view of the present situation
home and abroad, but it is reproached for not having either retired sooner
remained in office until the London decision were at hand.
The press
America
contained the
"the United States of
anything on earth that does not
by the President that
does
righteously
not
want
that which is
and by the eternal we will have
our own,
that."
board the flagship
Pennsylvania off Hampton Roads, Va., and was as follows:
President's
The
I
am
e
made
was
on
specially happy to come and speak to you
stand
who
speech
for
its
naval
defense.
It
of America and those
embarrasses me to speak as your
have
I want to teilyou
men how deeply interested and thoroughly confident America is in you.
I
have no thought in my mind except that I can say with all the sincerity of
my heart that America will never ask anything of you not in perfect accord
with the best conscience of the freest people on earth, but when we do ask
Commander-in-Chief.
been
I
have been
doing—following Admiral
will expect of you the best
we
I
am
very
doing to-day just as you men
Wilson's commands.
defense that human beings can
not
belong to it; it does not want anything that
territory,
our own,
no
payment, no tribute.
You of the Navy are
earth
is ot rightfully our own,
We do wantnat which is
righteously
and, by the eternal, we will have that.
be compelled to
were
peace,
give.
spiritof this Republic.
anything n earth that does
confident that you live and breathe the
The United States of America does not want
no
Britain.
Cabinet was continuing to function to-day in compliance
in the press agree,
or
an
succession to that of Chancellor Fehrenbach.
Ambassador to Great
at
in
There
was talk of assigning the Foreign Ministry in the new Cabinet to either
Wilhelm Mayer, German Ambassador in Paris, or Dr. Sthamer, the
new
by him of the Atlantic Fleet on
April 28, with its return from Cuban waters,
declaration
OWN.
speech by President Harding, upon
the occasion of the review
belong to it" but he asserted, "we do want
that
will
follow the presentation of the reply from Washington to the German note
on reparations.
The Cabinet resignations would also be likely to incltide
A Berlin
the resignation
A brief and informal
Paris.
NAVY
TO
DECLARES U. S. WILL HA VE WIIAT IS HER
The
inst.
5th
the
Harding had the formal invitation before him,
that President
and
as a member of the
Commission and the
representative who would act
a
Supreme
May 1 until Oct. 1 the period during
disposal of gold by the Government is
forbidden without the authorization of the Allied Reparations
which the export or
on
COUNCIL.
It
Mr.
PROLONGING
OF ALLIED CONTROL OF GOLD EXPORTS.
PASSES BILL
REICHSBANK
GERMAN
The United States is not,
TO REPRESENTATION ON SUPREME
INVITED
S.
U.
Council
During the discussion in the
and not "Allied and associated
therefore, specifically included among those asking to bid.
on
Addressing the Reichstag again Dr. Simons, the Foreign
ble,
The Commission says the "Allied Powers,"
Powers," may buy these oil wells and mines.
or
whether the Allied Powers would
what points
not
immediately claimed by said Powers."
be
pointed out that the Germans were
Press stated that it was
Oil
being articles highly esteemed by the Allies,
Reparations Commission naturally did not fail to call the attention of
the
Germany at the disposal of the Allied Powers that may desire to
I
In earlier advices from
In
concessions in the aforesaid countries.
the Germans have fulfilled this clause in conformity with their
the last year
and public opinion have pronounced as
impossible of fulfilment.
sending to Germany a demand
Allies stocks and bonds and other
'j V..,
This is in accord with Article 260 of the Treaty of Versailles.
demands which the German Government,
the Reichstag, economic experts
London to-day, the Reparations
in oil wells and mines in Russia, Austria, Hungary,
wells and iron and coal mines
appealing to President Harding.
German
Premiers meeting at
Democratic leader, moved that the House
Foreign Relations to-morrow.
ment's
the Allied
With,
titles of interest held by
Herr Loebe said Dr. Simons would
ity.
York "Times" says:
This motion was rejected by a large major¬
George Ledebour, the Social
immediately discuss the note.
BONDS
ENEMY
FORMER
IN
COUNTRIES,
In
Shortly after the opening of the
Paul
STOCKS AND
TURN OVER
MUST
CONCESSIONS
OF
said:
Berlin cablegrams May 3
Cabinet be formed at the earliest possible
a new
This is urged not only because of the necessity of bridging over
moment.
in which Secretary Hughes's
received in Germany, the Associated Press, in
the
Regarding
note
generally demands that
down
was
1937
CHRONICLE
fire
the first line of defense.
a gun
I wish you might never
the Governments on
in war, and I believe ifall
Impelled by the same motives as our own
forever, starting from to-day.
this world would be at
1938
But I would not
without
a
CHRONICLE
THE
want peace
consciousness that
without honor—I would not want peace
America
doing right and protecting her
was
Officers of the Navy, I bid you make ours the most efficient, conscientious
and effective navy in
the world, and I pledge
and confidence of 110,000,000 citizens.
part of the territory of the
"With respect to the finality of the Loubet
Republic
belong to Costa Rica.
^ward,
to that portion of
as
the boundary line in the region of the Pacific from Punta Burica to a
point
beyond
Cerro Pando
the Central
on
Cordillera
the ninth
near
degree of
north
latitude, this Government cannot now regard that line as being in
question which the Republic of Panama has heretofore formally, by treaty,
patriotic American unfailingly subscribes.
every
a
of Panama and has been conclusively adjudged to
in return the conscience
you
I want to join with you in providing
country a righteous, just and unfailing defense and to that program
our
vested with these rights of jurisdiction and territorial sovereignty, cannot b»
deemed as in any way entitling the Government of Panama to demand the
occupation of territory which is not
citizenship in her most effective way.
for
[Vol. 112.
stated to be clear and indisputable."
UNITED
STATES
JURISDICTION
NOTIFIES
OF
PANAMA
TERRITORY
that
it does not accept as correct an attempt to separate the boundary
question into two parts, it should be sufficient to point out that this separa¬
TO
AWARDED
COSTA
The Panama
As to the statement contained in the note of the Government of Panama
YIELD
TO
tion
Government has been informed in
note
a
it
to
by Secretary of State Hughes that
-
'the
Government of the United States feels compelled to state
that it expects
promptly
the Government of Panama to take steps
transfer the exercise of jurisdiction from the
to
of
Panama, in
an
Costa Rica."
one
orderly
The note of
Secretary Hughes is in reply to
from Panama dated March
of Panama
the American
to
to the Government of
manner,
18, sent by the Government
Legation
April 12, and
on
re¬
ceived by the Department of State at Washington on April
21.
Jn its advices to Panama that it take steps to turn over
the
disputed territory to Costa Rica, the note of Secretary
of State
Hughes,
Unless such
States
will
find
istelf compelled
it
may
in the
to proceed
manner
itself that the exercise
assure
jurisdiction is appropriately transferred and that the boundary line on
the Pacific side, as defined by the Loubet award, and on the Atlantic side,
determined
by the award by the Chief Justice of
the United States, is
physically laid down in the manner provided in Articles II and VII of the
Porras-Anderson treaty.
obligations to the republic of Panama
be
as
embracing
obligation to support
an
claims for adjoining territory which might be advanced by the Govern¬
as
Panama,
no matter
of what the opinion of this Government might
to the validity or justice
of these claims, and without the limitation
obviously implied in the first article of the Hay-Bunau-Varilla Treaty.
Secretary of State Hughes further
of the
that "in the light
says
obligation of the Government of Panama, under Article
VII of the Porras-Anderson treaty,
ment
requiring that Govern¬
faithfully to execute the award and to waive all claims
against it, and to consider the award
as a
perfect and
com¬
the Government of the United States cannot
consider the suggestion made
that
of
a
by the Government of Panama
plebiscite be held in the territory in dispute
'reaching
as a means
final settlement of the controversy."
a
"Article
The Government of the United States has received the note dated March
18 1921, sent by the Government of Panama to the American Legation on
April 12 191, and received by the Department of State
on
April
21
1921,
referring to the note addressed by this Government to the Government of
on
passing to
March 16 1921.
the
The Government of the United States, before
of the
consideration
acknowledgment,
1.
The Republic of Costa
Rica and the Republic of Panama,
although they consider the boundary between their respective territories
designated
the arbitral award
by
French Republic Sept.
Pacific
the
from
of his
Excellency the
President of the
11 1900, is clear and indisputable in the region of
Punta
Burica
to
beyond
point
a
Pando
Cerro
the
on
Central Cordillera, near the ninth degree of north latitude, have not been
able to reach
an
agreement in respect to the interpretation which ought to
be given to the arbitral award as to the rest of the boundary line, and for
the
of settling their said
purpose
disagreements
submit
to
agree
the
to
decision of the Honorable Tne Chief Justice of the United States, wno will
determine, in the capacity of
between Costa
Rica and
arbitrator the question: What is the boundary
Panama under and most in accordance with the
interpretation and true intention of award of the President of
Republip made Sept. 11 1900?
tne
In order to decide this the arbitrator will take into account all the facts,
circumstances and considerations which may have a bearing upon the case,
well
as
as
the limitation of the Loubet award
expressed in the letter of His
Delcasse, Minister of Foreign Relations of France, to His
Excellency Senor Peralta, Minister of Costa Rica in Paris on the 23rd of
Excellency M.
Nov., 1900, that this boundary line
the
must be drawn
within the confines of
territory in dispute
as determined by the Convention of Paris between
Republic of Costa Rica and the Republic of Colombia of the 20th
January, 1886.
Moreover, the fact that the boundary line
considers
it
questions
would
be
raised
lacking
in
in
the
candor
note
and
longer be the subject of dispute
the Pacific side could not
on
specifically set forth in the communica¬
was
tion from the legation of Panama at
Washington to the Secretary of State
of the United States under date of Oct. 20 1914, in wihch it, was stated:
By the terms of the convention the line of the Loubet award
nized
binding
as
Punta Burica to
no
upon
a
the parties.
was
recog¬
As to about one-half of that line (from
point beyond Cerro Pando), it
expressly stated that
was
question whatever existed, and that portion of the boundary is in no way
involved in the present arbitration.
The contentions which have been heretofore advanced
by the Government
of
Panama, and
are
reiterated in the
note under
consideration, with respect
to the award of the Chief Justice of the United States
as to
the boundary line
the Atlantic side, cannot be deemed
by this Government to affect in any
manner the finality of the Loubet award with
respect to the
boundary line
true
adjudged to be
was
Republic of Costa Rica by
portion
a
boundary line which the
a
Republic of Panama formally declared "clear and indisputable," still
mains in the
to be
as
such.
This Government must point out that
tin's territory belongs
therein
no
argumentation
can caange
the
to the Republic of Costa Rica and that the
Republic of Costa Rica is entitled
tained
re¬
opinion of this Government, the territory of Costa Rica, and is
respected
fact that
to have its
by orderly processes.
jurisdiction set
There appears to
up
and main¬
this Government
to be no foundation for the claim that the Government of Panama is entitled
to retain
territory
on
the Pacific side which confessedly does not belong to
Panama, because the Government of Panama is
of the Chief Justice of the United States
as
■'
side.
not satisfied with the award
to other
,vV:
'
territory
V
the Atlantic
on
'
Nor is this Government able to find any valid ground for objection to the
under
in
the Pacific side, and that territory which
upon
of the territory of the
The
following is the text of the note of Secretary Hughes, made
public at W ashington on May 2:
Panama
above described, while the
as
on
pulsory treaty between the Governments of Panama and
Costa Rica,
question with respect to the portion of the
to be made the subject of arbitral award.
was
the
The note of the United States Government also states that:
ment of
portion of the line
words of the first paragraph of Article 1 of the Porras-Anderson treaty of
Mar. 17 1910, as follows:
This Government believes that it would be inadmissible to interpret its
any
agreement
French
which may be requisite in order that
as
Porras-Anderson
Upoft this point this Government believes it necessary only to repeat the
steps are taken within a reasonable time the Government
United
of the
of
the
correct
:
says:
by
boundary line in the region of the Pacific
other
territory awarded to Costa Rica by the Loubet award, at
present occupied by the civil authorities of the Government
recognized
set forth that there was no
was
addressed
unequivocally
was
between the Republic of Panama and the Republic of Costa Rica when it
award of the Chief Justice of the United
States with respect to the latter
friendliness to the Republic of Panama if it did not express to the Panaman
territory.
Government the surprise and regret which the contents of the note have
ation to the documents to which the Government of Panama referred in its
caused
it. :
-c-''-'v■■u-'l:vA;
A-'\
-
The Government of the United States believes that its views
regarding the
boundary dispute between Panama and Costa Rica,
as well as its opinion as
and equitable solution of that dispute, have been indicated
to the only just
with such clarity to the Panaman Government that an extended discussion
of the contentions advanced
necessary.
the
As
a
by the Government of Panama should be
un¬
further eivdence, however, of its friendly consideration for
Republic of Panama, which this Government has
fest, the Government of the United States desires
statements at this time in order that
ther^
be
may
never
note under
following
no room for doubt as to
acknowledgement bearing upon the jurisdiction of the arbitrator.
This Government has not been able to find in these documents
any justifi¬
cation for the assertion that the
Atlantic side advanced
interpretations of the Loubet award
Government to
be
On the contrary, it seems to this
entirely clear tnat the powers and jurisdiction of the
Provision
terms
is
which
made
cannot
for the
be
and jurisdiction of the arbitrator in
powers
in
questioned
treaty, already quoted.
Article
1
of
the
Porras-Anderson
In that article the two parties definitely
submit to the arbitrator the determination of the question:
Panama comply
boundary between Casta Rica and Panama under and
The Government of Panama, in its references to the note addressed to it
through the American Legation of March 16,
that the Government of Panama
on
appears to overlook the fact
March 4 had requested
this Govern¬
Republic made the 11th of September 1900?" and this
question the arbitrator determined.
The
two
Governments
Article 7 of the
obligations toward the
Republic in the light of the first article of the Hay-Bunau Varilla treaty.
"award/ whatever it be. shall be held
While the note referred to contained suggestions as to the course which it
tween
believed the Government of Panama should follow, which were offered
by
this Government
as
the friendly mediator in the
dispute, the note also
tained the expression of the views of this Government
the
as
independence of Panama.
obligations to the Republic of Panama,
port any claims for adjoining territory
might be
as
to the
no
validity
as
embracing an obliagtion to
which might
sup¬
be advanced by
the
matter what the opinion of this Government
or
agree
in
justice of these claims and without the limi¬
tation obviously implied in the first article of the Hay-Bunau Varilla
treaty.
The Government of the United States has already indicated to the Gov¬
as a
contracting parties,"
When the Chief Justice of the
the
contentions
advanced
same
treaty that
the
perfect and compulsory treaty be¬
and
both
parties
bound themselves
United States
in
"most
accordance
after exhaustive review of
by the two Governments, determined that the
boundary between the two countries
This Government believes that it would be inadmissible to
interpret its
Government of Panama,
the high
'to the faithful execution of the award and waived all claims against it."
con¬
the guarantor of
agree to
"What is the
most in accordance
with the correct interpretation and true intention of the award of the Presi¬
dent of the French
ment to declare the manner in which it understood its
was
tho
Rica
arbitrator cannot be thus limited.
the reason: for the insistence of this Government that the Government of
with its international obligations.
on
by the Governments of Panama and Costa
defined the scope of the new arbitration.
failed to mani¬
make the
to
The Govermnent of the United States has given careful consider¬
with
as
the correct
defined in his award
interpretation and
of the former award, the arbitrator decided the
was
true
the
one
intention"
precise question which the
submission had invested him with jurisdiction to decide, and the two parties
to the
dispute were, by their most solemn engagement, bound to accept his
determination
In the
accordingly.
opinion of this Government, it would be impossible to ignore the
effect of this decision upon
the ground that the Chief Justice of the United
of Panama what it understands its obligations to be, and must
again state, in the most positive manner, that its duty to guarantee and
maintain the independence of Panama requires it to inquire into the merits
should have given weight to claims which, in the exercise of his undoubted
of any controversies relating to the boundaries of the
jurisdiction, he determined were without foundation.
ernment
in
Republic of Panama
States should have
to
order that it may satisfy itself as to the true extent of the
territory of
Panama
and
obliges it to assure itself that
the Government
of
Panama
recognized
This
of jurisdiction
most
Government of Panama, emanate
possession
or
"from colonial titles and from
from arbitral decisions"
so
far
as
acts
of
the Republic of Panama i8
one
which he found
prior award,
or
that he
Government must again direct attention to the fact that not only
authorized to determine,
and
other line than the
did the Chief Justice of the United States determine explicitly what he was
faithfully performs its international obligations.
The fact that the "rights
territorial sovereignty of Panama," as stated by the
some
be most in accord with the true intention of the
Anderson treaty.
it
was
but that in the process of determination he
careful to observe the directions set forth in
was
Article 1 of the Porras-
In the second paragraph of this article,
above quoted,
provided that the arbitrator was to take into account the limitation of
'
May 7
1921.]
THE
the Loubet award expressed in the letter of His
Of the
23d of November
of Paris
Excellency, M. Delcasse,
between
as
seem
to be obvious that in the
discharge of his duty it
tory in dispute,
was
in¬
In order that he
migat comply with the terms of the submission
as
ment considers it
Mindful of this obli¬
gation, the arbitrator did consider and determine,
he
as
jurisdiction and duty to consider and determine, what
of the
territory in dispute, and this Government finds
for the suggestion that, having
trator
undoubtedly had
were
no
Government, and people the viewpoints of both governments, and it is
presumed that further study of the question by the United States Govern¬
determined this preliminary fact, the arbi¬
ment will
draw the boundary line accordingly.
On '
having made tne determination as to the extent of the territory
in dispute, he was bound by the explicit provisions of the submission to
permit the finding of a peaceful and decorous solution, which,
settling forever this lamentable controversy, will at the same time
while
contribute
toward
Costa Rica.
draw the boundary line witnin that territory.
well
the contention of the Government of Panama that, if any part of the line
the
Panama."
duty of the
in that
was
the true intention
to the
and correct interpretation
which
of the former award.
by tne convention of 1886
HAVE
stitute for it such lines
what
ne
of the attitude assumed by
was
referred to in these
Cj..:
ing tnis substitute line exceeded his
From every
force
We
at the mouth of the Sixaola
starting
as
River, and tnence running as described to the
on
the
Cordillera, he acted in exact compliance with the obligation im¬
him
upon
by the acceptance of the submission.
The
Republic of
.
accepted
The Government of the
United
States has taken note of the statement
people of Panama against the recognition of the White award.
ernment of the United States has learned of these
It feels confident,
appreciating,
expressions with deep re¬
it does,
as
The Gov¬
the love of right
and
justice which has always animated them, that the people of Panama will
tL-'ms
recognize the obligation of their Government to comply with the
the solemn agreements
into which it has entered,
of
compliance with which
a
epoch of greatly changed relations between commercial
an
Some things that we had always
well-nigh fundamental, have passed and will not return.
We
loaner.
phase of international business relations, merely
new
We have gathered great
a
by processes of taxation,
sums,
loaned
them, through the Government's agencies, to governments of
other countries.
'V''1'
v' •'
That is not
referring to the expressions of public opinion
which it states evidences the unanimity of the
argument to
an
far,,we
and
of the Government of Panama
as
have been in this
award, which they have promised to accept
in the Republic of Panama,
In
must
money
final.
April 29.
adjust ourselves to the new conditions.
Our country has become, in
its relations to the rest of the world, a great creditor nation; the
greatest in
the world, probably the greatest the world has ever known.
Thus
Panama and the Republic of Costa Rica are, therefore, bound by his arbitral
as
nfront
c
on
Crissinger said:
America <s,nd the rest of the trading world.
point of view, therefore, when the Chief Justice of the United
point near the ninth degree of nortn latitude beyond Coto Pando,
to the United
changed from Government to business
was expressed by D. R. Crissinger, Comptroller
Currency, in addressing the New Hampshire Bankers'
this en/1 Mr.
draw¬
and jurisdiction.
powers
CRISSINGER WOULD
DEBTS CONVERTED INTO
Assoc ation at Manchester
Government of Panama in reiteration
arbitrator, fixed the boundary line on the Atlantic side
CURRENCY
obligations
of the
of the claims that it has made since the award, that the arbitrator
by
gret.
the result
hope that the indebtedness of the Allies
States may soon be
to be the 'true intention' of the award."
made by the
now
OF
ALLIED
to sub¬
The Government of the United States is therefore unable to find
any
Central
„•
take into account
we
BUSINESS OBLIGATIONS.
The
he should determine to be "most in accordance
as
should find
in the contention
posed
and that
■
that part would require
modification, and it would be necessary for the present arbitrator
as
and
V-.'--'
VA,
COMPTROLLER
This
of the line fixed by President Loubet did, in fact, lie
outside the limits fixed
States,
might be
■
however, to be counseled by
r '
arbitrator, which contains the following:
"But if any part
with'
alternatives
/•,.
Panama
■■'■U:
recognized by the Republic of Panama in its statement submitted
was
between
peace
duty of the arbitrator to draw, within the territory in dispute,
the line which, under this limitation, he deemed to be most in accord with
duty
of
measure,
Secretary Hughes' letter of March
columns April 2, page 1360.
That would have
been in direct antagonism to the terms of the submission and it
re-establishment
adopting this
understood prudence and patriotism,
fixed by President Loubet did, in fact, lie outside the limits of the
territory
in dispute, as fixed by the convention of 1886, it was then the
the
the
.
"It is necessary in
The Government of the United States is unable to find any warrant for
event
comprising resolutions of vital importance to the country
as
respect due the United States
the confines
basis whatever
the contrary,
arbitrator to go no further; that is, to make no award.
since the Executive Depart¬
which clnnot be taken by a single governmental
department.
The reply discusses with the calmness and
without authority to
was
reply which the Foreign
This reply has not as yet been forwarded,
the
to
drawing of the boundary line within these confines.
dispatches March 28.
press
Office will submit to the Assembly.
determined by the convention to whicn reference is made
as
in his
The Executive has taken into consideration the
gravest situation created
a result of the American note and has
drafted a
as
cumbent upon the arbitrator to decide what were the confines of the terri¬
to say
to the Panamain reply to the note from
Secretary Hughes is from the
Colombia of the 20th January 1886,"
It would
relative
message
determined by the Conven¬
the Republic of Costa Rica and the
Republic of
dispute
1939
lowing indicating what President Porras had
1900, that this boundary line "must be drawn
within the confines of the territory in
tion
CHRONICLE
a
good
the
exigencies of
we
did
win.
securities
way to
establish the status of the creditor nation, but
made it inevitable.
war
Now we must set
we
Our first business
hand to
our
the task of
hold from other countries, into
more
a
to
was
win, and
transmuting the
digestible shape.
It
is not desirable for the government of one nation to hold great
obligations
due it from the governments of other nations.
They cannot be treated in
the direct,
are
simple, straightforward fashion that purely business transactions
treated.
It is desirable, then that so fast as may be, with a view to the
will afford the only permanent settlement of the boundary dispute between
convenience
the
governments shall be changed in form, and distributed among the American
Republics of Panama and Costa Rica.
In the
light of the obligation of the Government of Panama, under Article
VII of the
Porras-Anderson
treaty, requiring that Government faithfully
to execute the award and to waive all claims
award
as
Panama
a
perfect and compulsory
and
Costa
Rica,
against it, and to consider the
the Governments of
treaty between
Government
the
United
of the
States cannot
consider the suggestion made by the Government of Panama chat a
cite be hejd in cbe territory, in
of the controversy.
ment
For the
same
ernment toward
States
as a means
plebis¬
of reaching a final settle¬
the Republic of Panama, the Government of the
offering
any
suggestions
the
to
United
Government of
Panama other than the recommendations contained in the note of March 16.
This Government is glad to receive from the Government of Panama
all
parties to
the transaction,
these
ment
obligations of other
that they shall be converted to forms in which they
flow freely in the channels of ordinary business.
hope for the not too distant time when they
to
merely
business obligations;
be changed from
instead of
we
shall find
gradually,
we
world.
greatest usefulness
must
I
with the business processes of the whole
t|o us in those efforts to extend our trade, which inevitably
greatly engross
business community in future.
our
speak of these things because of
a
strong feeling that
and of its confidence in
transformation from the debtor's to the creditor's status
United
States.
It is precisely because of its friendship for the
as
because of its desire to
Central America is maintained
on
a
assure
lous observance of international obligations,
Republic
itself that the peace of
stable basis guaranteed by
the scrupu¬
that the Government of the
United States feels compelled to state that it expects the Government of
It would
inevitably have
indeed it
come,
last
come to
the
position
the territory awarded to Costa Rica by the Loubet award, at present occu¬
pied by the civil authorities of the Government of Panama, in
its methods and
orderly
the United States will find itself compelled to proceed in the manner
may
be requisite in order that it
diction
is
appropriately
Pacific-side,
as
may assure
transferred
and
which
itself that the exercise of juris¬
that
the
defined in the Loubet award, and
boundary
on
line
on
the
the Atlantic side, as
determined by the award of the Chief Justice of the United States, is
cally laid down in the
of
Anderson treaty.
It is with the utmost regret that the Government of the United States
are
their
on
there is not
the adventure, nor
adventures.
Government in the Republic of Panama and
that only by compliance
ment
th^ most careful and friendly
Its decision has been arrived at because of the special interest
deliberation.
of this
after
of the
prompted
United
and
its
because of its belief
with the reasonable expectations of the Govern¬
in
States
friendly
this matter
relations
America be assured.
can
with
the
the welfare of Panama be
neighboring
Republics
of
In the
special session of the Panaman Congress had been called
President Porras
made
by
the
on
M^rch 28 to consider the suggestion
United
States
Government,
that
Panama
accept as final the boundary award of Chief Justice White.
In
his
message,
according to
press
Porras asserted that refusal to accept
a
grave
dispatches, President
the ruling might lead to
situation, should it result in the withdrawal of the
friendly offices of the United States, which recently put an
end to hostilities with Costa Rica.
deputies
was
named for the
of Panama to the State
purpose
A committee of
Department's note, which had been
drafted and approved by a conference of
seven
of considering the reply
citizens.
The fol¬
up."
through the devious channels
way
again with
There are,
a
however,
comfortable show
not
we
enough of
yet
employ at home and those that must be developed
abroad, and then of re-investing their profits there.
By this procedure
they will widen the market, sharpen the demand, for the products of Ameri¬
can
industry.
Wisely managed,
American rails and
can-dominated
cars
in
utilities
of
another
mass as
to supply them.
it
foreign land will require
a
hemisphere
The Ameri¬
will
naturally
for their electrical, power and other equipment.
pljant from which
the market.
huge snowball, growing in
railroad
and motive power and management.
municipal
turn to this country
have the
a
The American-controlled
on.
huge volume of present investment
our
into
We
We will more and more need
So the financial right hand and the industrial left hand will
wash each other, to the benefit of both of them and of all of
...
in the
time ahead, Americans must learn the business of investment
new
Certainly
A
are
sufficient appreciation of the difference between the
a
business methods that
rolls
reached
We
for the wider field.
termination,
has
us, even
broad enough foundation of interest and eagerness for
a
abroad will in time be turned
it
already fast coming to
lot of "back lessons" to be "made
a
quite able to find their
feels itself obliged to communicate to the Government of Panama this de¬
which
The
suddenly.
American experts and specialists in world trade, who understand
profits
these;
physi¬
provided in Articles II and VII of the Porras-
manner
are
of international commerce and come home
to the Government of Costa Rica.
came too
But the war pitched us headlong
we now occupy.
position of the student who has
Unless such steps are taken within a reasonable time the Government of
have not been
we
order of affairs.
into it, instead of permitting us to grow and evolve into it.
There
an
was
new
before the World War.
The vastness and variety of our natural resources,
the bigness of our industrial plant, made it unavoidable that we should at
Panama to take steps promptly to transfer the exercise of jurisdiction from
manner,
business men,
The knowledge and understanding of those processes will be of the
quite prompt enough to equip ourselves for the
of Panama, as well
Government
our
our
shall presently begin almost insensibly to find ourselves in
close touch, in common interest,
the
the
and
govern¬
capitalists, investors, holding the securities of corporations, business houses,
public utilities abroad.
Thus, if the conversion can be effected skillfully
expression of its appreciation of the friendly purposes of this Government
the spirit of justice animating the people of
may enter
Personally, I very much
may
when
holding the I. O. U.'s of other governments,
and
'
and also because of the obligations of this Gov¬
reason,
consider
cannot
dispute
people;
of
no
us.
apology is required for coming to New England to sketch
the picture of possible—indeed, I dare
say, of assured, development in our
wider commercial and industrial relations.
You are the people who by
training, inheritance and tradition best know this
game.
You
gave us
the
first merchant marine the country
ever
successfully, while
yet in its swaddling clothes, with the
our
Nation
was
possessed;
oldest and strongest maritime establishments.
to the
very
seven
seas
and from that trade you
you
made it compete
You carried flag and trade
brought back profits that went
far toward financing the nineteenth century development of our own
magic
continent.
If,
in time,
decadence laid
its blighting hand on
the
merchant marine of those older days,
it
to
ceased to preach to us the lession that
plead and
we
warn.
You have
never
was not
all recognize, now, as sound and sane;
ment is necessary
if
a
because New England failed
the lesson that maritime equip¬
nation will take and hold
a
commanding place in the
trading world.
Out of the
War,
came
imperative demands of national and world crisis in the great
the inspiration to recreate the merchant marine.
The ships
'■
They await the touch
have been built.
of your genius in management
and
world. Your opportunity
Is at hand; and it is pressing.
Before we shall realize it, the new tide of
development and expansion and prosperity will be breaking on the shores of
old and new lands.
Can anybody doubt that a period of new development
merchandising, to make them the carriers of the
their share?
need, of opening
fresh lands, new
There will be a
rapid diffusion of occidental peoples and culture and industry, into areas
which till now we have been wont to regard as too remote and crude to
awaits
'
to
until now have been denied
regions that
many
the possibilities, and the
mines and forests and riches of every kind.
Europe and American will both see
•
serious consideration,
warrant very
and sys¬
of the upheaval which
that continent has suffered, will be an epoch of widespread development in
quarters of the world as yet hardly touched by modern and western institu¬
tions.
It happened after the Napoleonic upheaval in Europe, and the signs
are everywhere that it will happen again.
It is already beginning. Our
part in it will be just about what Ave choose; and our place in the world
for generations to come will be just about what we make it by our helpfu
participation in our narrow-visionod aloofness from the work that calls us
I venture no
prophesies as to the future of the
European nations
but I make bold to say that one consequence
tem;
[Vol. 112.
CHRONICLE
THE
1940
able construction thereof and a due
regard both to the equities of the tax¬
and justice to the State, all combine to
payers
legislative purpose.
indicate that such was the
~
"Since writing the foregoing opinion the United States Supreme Court in
cases of Goodrich vs.
Edwards, Collector of Internal Revenue and
the
Walsh, Collector of Internal Revenue, vs.
Brewster, has without reference
requirements construed the
to constitutional
Federal statute as the statute
Is here construed."
S.
James
the
fore
V.
and that the Court of
taken
rules to guide
Deputy Attorney-General, who argued the case be¬
division in March, said this afternoon that an appeal
Appeals would be asked to lay down
State authorities in instances not covered by the Appel¬
Ivins,
Appellate
would be
the
decision.
late
Appellate Division, officials are
and readjusting of returns
covering 1919 in response to demands for refunds.
Thanks to the action
of the Legislature at the present session, in making the Davenport act
applicable to returns for 1920, it is not thought likely that any doubts can
arise with regard to returns for last year, for that act is most explicit in the
rules it lays down to govern the authorities in calculating gain and loss from
Appeals uphold the
Should the Court of
looking forward to
no
end
of complications
sales.
SIGNS BILL AMENDING N. Y.
REGARDING PROFITS AND
GOVERNOR MILLER
LAW
TAX
INCOME
LOSSES FROM SALES OF
CAPITAL ASSETS.
bill, amending the,New York State income
to make it conform to the recent decision of
The Davenport
tax law
so as
the
S.
U.
profits and
Supreme Court with reference to
capital assets, was signed by Governor
The text of the bill was given in our issue
losses from the sale of
Miller
May 5.
on
1709.
of April 23, page
ITEMS
TRUST
BANKS,
ABOUT
COMPUTING
AND
PROFIT
METHOD OF
stocks
published
Comptroller, under the New York State Income
State
Low.
170
Tax
New York Stock
office in
quandary with regard to the construction of the
covered by the ruling of the Court,
York "Times" in an Albany dispatch, May 5, said:
a
statute in instances not
the New
in its construction of the old law, did not go as
The Court said in effect:
taxable profit, taking values on
The Appellate Division,
far
does
as
the
Davenport Act.
"You cannot turn an actual loss into a
Jan.
1
levy
a
1919
as a
basis, but where there has been an
tax on any amount
actual profit you can
realized by the vender over the fair value on
that
♦
realized an actual
profit on sale but with the Jan. 1 1919 value as the starting point, has been
taxed on a profit in excess of that actually derived from the transaction.
It will leave the State at a decided advantage under conditions that actually
will apply in instances too many to enumerate or define.
Attorney-General Newton and Director Graves of the Income Tax
This will operate to
the disadvantage of the man who has
Washington
in the Goodrich case, which later was accepted by the United States Supreme
Court, while it might properly apply to the Federal Income Tax Law, did
not apply to the statute enacted by the New York Statue Legislature, which
body was laboring under no Constitutional restrictions as did the Congress,
being bound by the terms of the Sixteenth Amendment to the Federal
Constitution.
The Appellate Division in its decision, however, places on
the State law the same construction that the Supreme Court applied to the
Bureau held that the contention
of Solicitor-General Frierson in
Federal statute.
Legislature's Real Intent.
The decision, written by
Associate Justice Aaron V. S. Cochrane,
citing the text of Section 353 of the Tax law under
the appellant, was
struction
of that section an
was
National
The
under the con¬
gain, in that the amount realized
apparent
Jan. 1 1919, goes on
the National City Co.,
Tuesday of this week (May 3) elected President of
on
to succeed James
City Bank,
A. Stillman,
Mr. Mitchell's election followed Mr. Stillman's
resigned.
presentation of his resignation of the Presidency of
second
Bank to the board of directors, which he
He will continue as a
member of the executive committee of the
The National City
insisted
be
immediately accepted.
director and
a
At the
bank.
of the
of the
Mr.
cant.
board,
position which has heretofore been va¬
to hold the Presidency
At present he is a director of
City Co.
City Co., the United States Realty & Im¬
National
The
a
Mitchell will continue
The National
of
meeting E. P. Swenson, senior member
same
banking firm of Swenson & Sons, was elected Chair¬
provement Co., the American
the
International Terminals Co.,
Corporation Trust Co., Federal Utilities, Inc., and the
Mr. Mitchell was born in Chelsea,
Virginia Railway Co.
Mass., forty-three years ago.
Amherst
Western
in
College
Upon his graduation from
entered the employ of the
minor capacity and quickly ad¬
1889 he
Electric Co.
in
a
In 1906, being then the Assistant General Manager
of the company, he carne to New York as Assistant to the
President of the Trust Co. of America.
Five years later
vanced.
(1911)
he formed the
Mitchell
come
in
investment banking firm of C. E.
& Co.
This firm Mr. Mitchell liquidated to be¬
March
1916 Vice-President of The National City
Co., and at the close of the same year
(in October)
was
say:
"There was, in fact, no
The result seems
profit from the transaction, but an actual loss.
harsh to the taxpayer that it
so
scrutiny of the statute with a view to
if
after
which Edward Klauber,
taxed for what was an actual loss, but
exceeded the market value of the securities involved on
to
Charles E. Mitchell, President of
man
date."
reported
consideration being stated
$91,000.
as
...
bill signed this week
in computing gains and losses on sales of stock for income
tax purposes.
In stating that the decision has left officials
at the State Income Tax Bureau and the Attorney-General's
Last previous sale,
First sale
Exchange membership was
posted for transfer this week, the
(before its amendment (under the
Law
High. Close.
170
170
Court
A
and will be
1963.
BANK—New York.
Bank....
5 Industrial
Appellate Division of the New York Supreme
The
weekly in another department of this paper
Shares,
(Third Department) on May 4 handed down a decision in
the Klauber case, declaring illegal the method applied by the
No
were
found to-day on page
UNDER
LOSSES
TAX LAW.
INCOME
this
sold. Extensive tables reporting
bid and asked quotations, deposits, surplus, &e., of banks
and trust companies in all important cities in the United
States are published monthly in the "Bank and Quotation"
Section, the May issue of which accompanies to-day's
"Chronicle."
Bid and asked quotations for all New York
trust company
City bank and trust company stocks are also
DECISION OF NEW YORK COURT AS TO
&c.
COMPANIES,
Only five shares of bank stock were sold at auction
week and no sales were made at the Stock Exchange.
necessitates a careful
determining its purpose and whether,
construction has been
and
phraseology employed and does not properly reflect
susceptible to different constructions, the proper
I think the construction
selected.
limited
a
view of the
adopted is based on too narrow
the legislative purpose.
"In construing a statute, every part
other part.
every
thereof must be viewed in relation to
Turning to Section 359, which defines gross income, we
inquiry
income
gains, profits and income derived from sales or dealings in prop¬
find, omitting the portion of the section irrelevant to the present
and
confining ourselves to such part only as is relevant, that gross
'includes
Federal Decision Compared.
"The Legislature
loss simply
did not intend to treat that as a gain which was an actual
in the selling price over the cost
price to include as gross income only that portion of such
after Jan. 1 1919.
That
was
which
only portions of the gains or
"Of course, the State
tions
gain
as
accrued
the year when the income tax law became ef¬
clearly was not to tax any gains or profits
include in gross income
profits which accrued during the taxable period
might have accrued before that year, but to
in cases where such gains or
as was
profits had actually been derived.
Legislature is not fettered by constitutional restric¬
the Congress, but having
adopted the act of Congress substan¬
that the purpose of the two
although the motive and necessity for such
tially in haec verba, it is reasonable to assume
enactments
purpose
was
the same,
did not exist in respect to the State enactment.
effect and meaning may be
It only to
gain or profit
I conclude that full
given to Section 353 of the tax law by applying
transaction results in an actual
and the history and origin of the statute, as well as a reason¬
those cases where a sale or other
company,
the "Journal of Commerce" of yesterday (May 6)
said:
This step,
which will mark a new departure in the banking field, will be
accomplished through changing the name of the Liberty Securities Corpor¬
ation to the Liberty Industrial Corporation and the absorption by it of the
May 19 to act upon
because there was an appreciation in value after Jan. 1 1919, but
fective and the legislative purpose
referring to plans of the New York Trust Co. of this
In
cit3r to launch as a separate corporate entity the industrial
department established and built up by the Liberty National
Bank, which latter was recently merged with the trust
A meeting of the stockholders has been calied for
industrial department.
:
erty.'...
in cases where there was an actual gain
elected its President.
sion
the proposal, acceptance of which is a foregone conclu¬
stock, amounting to $1,000,000, is
inasmuch as the entire common
York Trust Co.
held by the New
Harvey
D.
Gibson, President of the New York Trust
head the Liberty
lected
are
Co., will also
Industrial Corporation, while its other officers already se¬
J. A. Bower, Chairman of the Executive Committee,
D. Davis and Thomas
now
The preferred stock of equal amount
the hands of several holders.
is distributed in
L. Pierce, Vice-Presidents.
and Donald
Both of the latter are
identified with the industrial department.
The change was
of the fact that
decided upon, Mr. Gibson explained yesterday, because
the charter of the trust company enabled it to engage
in all
operations permitted of the securities corporation J
The latter was es •
tablished as the bond selling and distributing organization of the5 Liberty-
the
National Bank, because
tion could do.
trial
the bank as such could not do all that the corpora¬
At the same time the increasing importance of the
indus¬
department's work made it desirable that it should be given the
dom of development
free¬
and action which its elevation to the position of a cor¬
poration would bring to it.
May 7
,
1921.]
THE
The Liberty Industrial Corporation,
services of consulting financial
Mr. Gibson said, will perform the
engineer
"business doctor,"
or
-vV;
but in general it will be employed to assist corporations in meeting
scope,
business
financial difficulties.
or
At
be illustrated by typical illustrations.
Banks having loans overdue from some concern might employ the corpora¬
tion to investigate the situation to determine the wisest course to
Companies engaged in the
merging, but not willing to broach the subject directly, might employ the
definite plan covering all its future needs.
Its
might advise
It might
a
receivership, but would take no steps to that end.
piece of financing, but will not take part in distributing securities.
Briefly, it will seek to diagnose business troubles and suggest the remedy.
The Liberty National Bank was the first financial institution in the Wall
Street section to establish
industrial department.
an
In other cities similar
departments had been started previously, that of the Detroit Trust Com¬
being notably successful, and half
pany
since followed suit.
dozen or
a
more
local banks have
The New York Trust Company, however, will be the
first to give its industrial department the dignity of separate corporate
existence.
'V.,;♦
At
a
May 4 several changes
on
department for the last ten
that
its
on
foreign
made Manager of
was
years,
department; William H. Hollings
of the
made Manager
was
Columbus Avenue branch of the bank and William
Bedell
made
was
Trygve Nielsen
was
Assistant Manager of that branch;
made Manager of the Broadway branch
and Robert Wetzler
B.
made
were
Carl Schulz, Assistant Manager of the bank's
staff.
Wilkes
was
made
was
appointed his assistant.
Assistant
Announcement is made by Union National
Corporation,
Thomas Fairservis, formerly of George B. Gibbons &
Co.,
President, of opening of offices in the
Clarence
Manager of the Produce
tion to their
include
loans
holdings. Operations of the corporation will
and underwritings, with the general under¬
will
include
securities.
also
corporation bonds nad other high-grade
Ralph P. Barnett of the Barnett Construction
Company is Vice-President, Frank H. Churchwell, formerly
George B. Gibbons & Company, Treasurer, and M. F.
of
Rockel, Jr., also formerly of George B. Gibbons & Company,
and included on the Board of Directors, are
Secretary,
James Robb of American
Telegraph & Telephone Company,
George H. Dowsey, President of the New York & Gulf
Navigation Corporation, and E. Post Tooker of Tooker
& Marsh, Engineers.
♦
Secretary's Office of the Investment Bankers' Asso¬
ciation of America, has just compiled a revised list of members
Association.
the
Association
the
addition
In
booklet
the
to
contains
the
members
the
of
constitution,
personnel of the several committees for the current
the
year,
officers of the groups and the group constitution as adopted
Delbert
April 28, George L. Burr
on
Vice-President
of
the
appointed
was
a
Guaranty Trust Company of New
York.
Mr. Burr has been a Vice-President of the Guaranty
Company of New York since its organization last October,
prior to which
time he had been Manager of
the Bond
Department of the Guaranty Trust Company.
to the Bond
and
He came
Department of the Guaranty in October 1916,
appointed Assistant Manager in May 1918, and
was
Manager in July 1919.
a
proposed
elected
Chairman
Dinehart,
Chairman of
the
E.
Louis
S.
of the Bergen Kreditbank of
Vice-President
tors
on
May 3.
thirty-seven
Mr. Brady
a
cablegram to the Irving National Bank
was
on
received in
April 30.
a
The
these institutions have voted for the union and
final action is awaiting the approval of their stockholders.
will
amalgamation is effected,
take
leading position
a
Bank
was
reserves
as
in 1859.
Its
kroner, its
1809.
its capital
21,000,000 kroner,
430,658.260 kroner.
the banks of Norway.
among
founded in
at the close of 1920 gave
the resulting institution
as
Its
balance
sheet
of seventeen he
age
and its
total
capital at the close of last
resources
was
that
institution
for
ten
years,
advancing from
man.
year was
was
elected
a
director of
the
May 4.
on
annual
National
Bank
of
a
H.
was
on
Kelley,
elected
to
meeting of the stockholders of the Asia
Corporation
take
the
place of Seward Prosser, retired.
meeting of the directors all officers of the
were
-■
re-elected.
dealing with trust
by
Company, Broadway and Cedar Streets,
company
Democratic
♦
■'
N. J., committed suicide on Monday night,
by shooting himself.
Inability to make good a
shortage of $30,000 in his personal account at the bank is
functions.
The main feature of
reason
overdrafts,
for his act.
was
The
discovered
on
shortage,
April 29 by
State bank examiners and
reported to the directors.
Mr.
Kaighn had been given until Monday night (May 2) when
the regular weekly
meeting of the directors was held, to
make good the deficit, but had failed to
appear at the
meeting.
the
Speculation in stocks is assigned
shortage in
directors
have
bank will lose
series of five pamphlets has been issued
the American Trust
up-State
the Merchants Bank of
May 2,
years
a
of
Joseph Kaighn, President of the Moorestown Trust Co.,
Moorestown, N. J., and a well-known lawyer with offices in
4
The first of
prominent
a
President
May 2.
which consisted of
was re-elected with
the exception that John
Schmid, Vice-President of the Bankers Trust Company
elected
Syracuse, which later
Deposit Co.
Vice-President.
believed to have been the
T
Directors
the annual
&
Camden,
Jennings and
Banking Corporation, 35 Broadway, New York, the Board
was
William
Syracuse
♦
At
Brady has been
37,500,000
4
F.
Trust
reserves
John W. Davis of the law firm of Stetson,
of
Mr.
leader,
■■■
the
the
Assistant Clear¬
of Onondaga,
Syracuse, became the First Trust & Deposit Co. of Syracuse
and the largest bank in that
city.
Of this organization
as
thus amount to 842,272,756 kroner.
At
with
an
In 1915 he went to Syracuse as an
officer of the First National Bank of
merger
the
He then became
the New Netherland Bank, and after
ing House Examiner.
established
35,000,000 kroner, and its total resources
411,614,496 kroner.
The resources of the two institutions
Russell,
en¬
employ of the Fifth Avenue Bank and remained
30,000,000 kroner, its
Bergens Kreditbank
Commerce in New York
Trust &
born at Katonah, N. Y.,
position of bank messenger to credit
by
First
Vice-President of
meeting of the board of direc¬
was
and at the
years ago,
the
of
elected
was
the Bankers Trust Co. at the
tered the
merger
Brady,
Deposit Co. of Syracuse,
several years of service there he became
Andresens
Robert
Clapper, Vice-President and Secretary; Frank S. Clapper,
Treasurer and Assistant Secretary, and John V.
Whitbeck,
Jr., Attorney.
Assistant Cashier of
the
company
Board;
President; Charles W. Bostwick, Louis A. Bristol,
Washburn Scovill, Vice-Presidents; Charles W.
oldest and strongest banks of Norway,
If
the
With the above changes the officers of the
Delbert
Bergen, and Andresens Bank of Christiania, two of the
boards of
April 6,
on
of
W.
retary.
with
News of
meeting of the directors
a
was
Board,
Evans, President; E. Washburn Scovill, VicePresident; Charles W. Clapper, Vice-President and Secre¬
tary; and Frank S. Clapper, Treasurer and Assistant Sec¬
Robert
and
Directors
at
Dinehart
.r:oV/
Company of Hudson, N. Y.,
W. Evans,
meeting of the Executive Committee of the Board of
a
River Trust
that
announces
are:
by the Board of Governors.
At
Munson Building,
Wall Street, for the conduct of a
general commercial
banking business, which is to be cooperative in character,
stockholders participating and sharing in profits in
propor¬
The Hudson
of
new
67
Exchange Bank.
The
the increased
writing business as its outstanding feature.
The under¬
writing will be devoted particularly to municipal bonds but
K;V:-v
meeting of the directors of the Mechanics & Metals
National Bank
H.
^
■■
of
on
recom¬
Thus, it
a
J-'1
4
This is the class of work in which the corporation will engage.
mendations will be made, but will be left to others to carry out.
advise
:1
$100, and the shares are selling for $175,
capital will become effective May 15.
corporation as intermediary and adviser.
A company which in the past
had done its financing rather loosely might have the corporation draw
up
a
•
a
April 27 the proposal to increase the capital from $150,000
to $450,000 was ratified.
The par value of the new stock is
pursue^
line and convinced of the advantages of
same
■'/
special meeting of the stockholders of the Bank
Europe of this city (at First Avenue and 74th Street)
„
The character of the work may best
it
the
its
cover
1941
the series is that each individual folder has
printed on
name of the person who receives it.
The work is
yet sufficiently new so that no specific term has been coined to
as
CHRONICLE
of
of age,
the
Mr.
Kaighn's
account.
personally made
nothing.
was
up
as
It
President for the last
the
the amount and
the
Moorestown
years.
4—
of
the
Mr. Kaighn, who
seven
cause
said,
was
admitted to the bar in 1889.
organizers of
the
is
Trust
forty-eight
He
Co.
was one
and
its
THE
1943
the original members
Trustees of the Franklin Trust Company
Packard
Edwin
Board of
first President,
one
died
on
Mr. Packard was
April 26.
of the
and its
eighty-
He was President of the Trust Company
31 1891, at which time he resigned
President of the New York Guaranty & Indemnity
of age.
years
from
of
one
July 10 1888 to Dec.
to become
[Vol. 112.
CHRONICLE
house of B. H. Lawson &
assisted in the establishment of
the Union Trust Co. of Detroit, of which he served as
Assistant Treasurer.
A son, George E. Lawson, who died
five years ago, was President of the People's State Bank of
Detroit, and another son, Charles F. Lawson, is at present
He established the banking
age.
Co. in Brighton
continuing as a trustee of the Franklin Trust
Company until Jan. 14 1914.
At the time of his death he
was a member of the Brooklyn Advisory Committee of the
Bank of America as well as a Trustee of the Franklin Safe
and later
connected with that institution.
Company,
He was also a Director of
Deposit Company.
the American
Writing Paper Company and the Fajardo Sugar Company,
as well as a member of the New York Chamber of Commerce.
«
Milwaukee Ave¬
capital from $50,000 to
$200,000 and the surplus from $25,000 to $40,000.
The
new stock was sold to stockholders at par and to the public
at 140.
At the last call the bank reported resources of
The Jefferson Park
has increased its
Chicago,
nue,
National Bank, 4815
$1,595,000.
Philadelphia,
opened a new branch office at Delaware and Market Streets.
This
branch is under the charge of R. G. Hawkins,
formerly connected with the Seaboard National Bank of
the Franklin Trust
On May 2
Company of
new
New York.
♦—
The Oak Lane
State Bank of Oak
granted
has been
The new
vania.
Lane (Philadelphia), Pa.,
charter by Governor Sproul of Pennsyl¬
bank began business on May 2 with a
a
The stock was disposed of at par, viz.,
$100 per share.
The bank is located at 6748 York Road,
above Broad Street.
The officers are: President, Joshua
M. Holmes; Vice-President, Thomas M. Bains; Cashier,
Joshua M. Holmes Jr.
The directors are Thomas M.
Bains, Joshua M. Holmes, E. Clarence Miller, Leo Niessen,
William P. Siegert, J. Atwood White and Reuben E. Denney.
capital of $50,000.
■•••
peared in our issue of Sept.
18, 1920.
»
organization of a New
of Frank W.
in charge
Business and Service Department
Crew, an Assistant Cashier.
•
Co., has been
North
elected
Philadelphia, to
George J.
of
Franklin Worsted
director of the National Bank of
fill the vacancy caused by the death
Greenawalt, President of the
David F.
The stock is in shares of
disposed of at $125 per share. The insti¬
tution plans to begin business about Aug. 15.
The officers
thus far decided on are: Howard H. Wanzer of Sidney
have
to
capital of $300,000.
a
$100, and is being
a
<.
(now Vice-President Central
J. Waters and Fred M. Lorish.
Quinton
J.
April 23 the Elston State
stockholders at $85 per share; the
$35 going to
Bank, situated at Elston and
opened its doors for business.
capital of $100,000 and a surplus
Crawford Avenues, Chicago,
The
of
institution has
new
a
The stock, in $100 shares, was
$20,000.
disposed of at
The institution will conduct a general
banking business.
Philip J. Finnegan, Assistant to Probate
Judge Horner, is President of the bank; Charles A. Sistek
is Vice-President, and James F. Burnham is Cashier.
The
$120
per
share.
J. L. Hanson
Co.), Joseph Blaho, Josef
Chobot, Charles F.
merchandise), Frank Mueller, Max H.
Boysen (representing Rittenhouse & Embree Co.,
Alois
Urbanec, John A. Cervenka (Pres. and Gen. Mgr. Pilsen
Products Co.), S. Robitschek (investment securities), Dr.
(general
Holub
Magnus A.
Unseth, Albert Bodinet, Roger C.
Wittenburg
Zwick.
and Israel
A press
special meeting of the
to
Hyde Park Bank),
♦
•
stockholders of the Union
Trust Company of Baltimore on April 26, plans to increase
the capital from $500,000 to $550,000 were ratified.
As
stated in our issue of April 16, the new stock (par $50) will
be sold
Vice-Presidents, Osborne E.
President;
Sons,
&
Wanzer
Crumbie.
.
At the
in name wras decided upon before the Comp¬
original application.
The bank is
troller had acted on the
following are the directors: Philip J. Finnegan (President),
Charles A. Sistek, James L. Hanson (Pres. and Treas. The
•
National Bank of Philadelphia announces
The Southwark
the
an
but the change
On
the Northeast-Taeony Bank of Tacony (Philadelphia), Pa., opened its
doors for business.
The new bank has a capital of $250,000
and surplus of $75,000.
The stock (par $50) was sold at
$70 per share.
The officers of the new bank are: President,
Charles H. Heyer; Vice-President, Caspar M. Titus; Cashier,
Raymond S. Stevenson. Reference to this new bank ap¬
the approval
application to organize the National Bank
of Woodlawn of Chicago, 111.
The application originally
made to the Comptroller had sought approval to organize
the bank under the name of the WToodlawn National Bank,
April 29 of
•
financial institution, namely
On May 2 a new
Comptroller of the Currency announces
The
on
was
We
last
closed
referred
umns
ing over of the First National Bank of Catonsbille
Union Trust Co., mention of which was made in our
by the
issue of
March 5.
Grand Forks, N. D.,
Bank of that city, which
February, is expected to reopen shortly.
the suspension of this bank in these col¬
dispatch dated May 4, from
that the Peoples State
to
February
premium of
This increase follows the tak¬
the surplus fund.
reports
A press
19.
dispatch from Omaha on May 4
stated that ac¬
of the
cording to word received by L. H. Earhart, Manager
Omaha Branch of the Federal Reserve Bank, the
First
Neb., has been closed by its
National Bank of Bridgeport,
♦
directors.
April 27 announcement was made that the Continental
Trust Co. of Washington, D. C., would take over the United
On
Union Savings Bank of that
city (affiliated institutions).
The plan is, we understand,
to operate the United States Savings Bank as a branch of
the enlarged Continental Trust Co.
Owing, however, to
the proximity of the Union Savings Bank to the Continental
Trust Co., the business of that institution will be conducted
States
in
Savings Bank and the
the
same
building
as
The $1,000,000
capital of the Continental Trust Co. will not be increased as
result of the merger.
The capital of the Union Savings
the United States Savings Bank
organization will have resources of
approximately $10,000,000. Wade H. Cooper, formerly
President of both the United States Savings Bank and the
Union Savings Bank, has been chosen President of the en¬
Bank is $200,000 and that of
$100,000.
The
new
larged Continental Trust Co., while Nathan B. Scott, here¬
tofore President of the Continental Trust Co., has been
elected
effect
Chairman of the board.
as soon as
it
can
The
merger
will
go
into
be voted upon, in about 60 or 90 days.
♦
banker, merchant, physician
and one of the organizers of the Union Trust Co. of Detroit,
died suddenly on April 15.
Mr. Lawson was 90 years of
Dr.
B.
Howard Lawson,
According to a recent press
dispatch from Boise, Idaho, the
that city has closed its doors and
M. C. Wilde, a Federal bank examiner, is in charge of the
institution.
The bank has a capital of $100,000 and deposits
of more than $1,000,000.
Shrinkage in deposits and in¬
Overland National Bank of
ability to liquidate paper
caused the closing, it is stated.
•
the Continental Trust Co., thus
eliminating unnecessary overhead charges.
a
—
A press
dispatch from Tulsa, Okla., dated May
4, re¬
ported that the Exchange State Bank and the Central State
Bank, both of Keifer, Okla., and the Bank of Jenks at
Jenks, Okla., had been closed on that date on orders of the
State
Bank Commissioner
and the Assistant State Attorney
General.
♦
#
A press dispatch from Jefferson City, Mo., to the St. Louis
"Globe-Democrat," dated April 29, stated that State Bank
Commissioner Hughes had been notified on that date of the
suspension of the Farmers & Traders Bank of Belle, Mo.,
and had sent D. R. Harrison, a State Bank Examiner, to
take charge
of the institution.
and total resources of
Rogers is its President.
$10,000
-'
■
♦
The bank has a capital of
about $92,000.
John D.
May 7
C.
that
F.
Osborne, formerly Cashier of the First
Va.,
National Bank of Clendenin, W.
was
arrested
that
on
charges alleging the making of false entries in the
books of the bank which resulted in a shortage of between
date
on
The shortage, it is understood, was
$50,000 and $70,000.
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
—The
subjoined table, covering clearings for the current
week, usually
once
month.
a
other
appears on
the first
The figures are received by telegraph from
-
Per
1921.'
1920.
$3,479,081,120
516,175,303
*346,853,948
$3,806,590,101
563,527,401
—8.4
415,338,259
—16.5
241,193,528
326,139,085
—26.0
Kansas City
120,480,130
200,000,000
—39.7
St. Louis...
101,167,207
*95,000.000
132,520,551
119.525,073
—23.7
114,615,822
124,175,073
—7.7
*81,018,413
69,752,652
102,000,000
—20.6
New York
; ;
;
.
Chicago.
Recent advices from San Francisco state
that
April 18
on
Stephens of California issued a warrant for the
director of the failed
Scandinavian-American Bank of Tacoma, Wash., who was
arrested in San Francisco on March 19 last on thirteen in¬
extradition of Jafet Lindeberg, former
gated the failure of the institution (see our issue of April 9,
1921,
1482).
page
Philadelphia
Boston
San Francisco
Pittsburgh
'
'
State Bank, Temple, Tex., has been closed
according to
time
dispatch
a press
Maj'' 4 from that place.
on
$7,146,142,537
1,583,588,370
—14.9
$8,729,730,907
—17.5
(head office London),
for the year ended Dec. 31 1920 was presented to the share¬
holders on April 8.
It shows very gratifying results, de¬
spite the severe depression in trade, especially in the East,
which prevailed during the greater part of the period covered
by the statement.
Net profits, after providing for all bad
Australia and China,
preceding
detailed statement of transactions on
York Stock Exchange
The interim dividend at June 30 1920,
14% per annum paid in September last, ab¬
year.
4
available
58,165,387
$4,346,351,221
\Par value
appropriation,
and which,
side of the statement current and other account
(including
provision for bad and doubtful debts and contingencies)
latter
and fixed deposits at £16,628,535; this
the preceding twelve
increase of £1,136,887 over
an
months.
During the
82,683,100
State, foreign, &c., bonds
800
stocks
$5,334,269,421 $10,159,476,925
Total par value
in share properties on the
Exchange each month since Jan. 1 in
1921 and 1920 is indicated in the following:
volume
The
transactions
of
Stock
York
New
STOCKS
OF
nish Turner
Sir Montagu Cor¬
is Chairman of the board of directors, and W. E.
£3,000,000.
Chief Manager.
Preston,
NEW
THE
AT
STOCK
YORK
No. Shares.
1920.
Values.
Par
16.144,876 $1,327,513,750
795,420,453
10,169,671
1,178,823,470
16,321,131
February.
March
Total first quarter
Month of April
19,880,166 $1,781,060,200
21,865,303
1,929,409,800
29,COS,749
2,585,053,325
42,625,678 $3,301,757,672
Month of January..
70,754,218 $6,295,523,325
1,044,593,548
15.529.709
...
The following compilation covers
since Jan. 1 in 1921 and 1920:
statement
of
from it and
of
the clearings by months
Clearings Outside New York.
Clearings, Total All.
Month
;
$
1921.
$
$
33,599,927,206 41,688,893,871 —19.4 1.5,026,882,881 18,479,173,765 —18.7
Jan
—20,2
Feb— 26,639.072,624 33,3 li,265,390 —20.0 12,110.457.551 15,167,212,967
March 31,006,847,214 41,324,858.951 —25.0 14,324,858,951 19,004,994,830 —24.6
41.462,199.383 52,651,381,562 —21.2
—21.6
1st qu.
91,245.847 044 116338418.952
April
28,907.668,936 39,679,843.486 —27.1 13.371,853,795 17,879,399,391 —25.2
_
The
clearings at leading cities of the country
April and since Jan. 1 in each of the last
is shown in the subjoined statement:
of bank
course
for the month of
four years
;
AT
CLEARINGS
BANK
the
( 00,000s
country's foreign trade for March,
and
previous statements we have prepared the fol¬
LEADING
Excess
Excess
Excess
000s
Ex¬
Im¬
of
Ex¬
Im¬
of
Ex¬
Im¬
of
ted.
ports.
ports.
Exports,
ports.
ports.
Exports
ports.
ports.
Exports
$
$
.
.
.
386,811
819,556
603,142
522.900
1917-
553.986
1916
410,742
S
$
%
$
2,918
$
I
S
23,106
280,738:
283,739
10,481; /6,678,
1.912
897j
3,872. /954
9,441!
4,498
8,198; 14,908
13,432
6,963
17,920,139,499/121579;
5,556
2,977:
197,152
10,7741
998'
5,747
251,988
523.923
295,633
267,596
242,162
335,546.
710 106,222/105512
134,8231
270,257
213,590
47,049!
3,803:
2,809:
16,985
30,064
9,7761
13,939
2,880
6,469
2,579
2,867
...
New Orleans
Minneapolis
Louisville.
_.
....
Ex¬
Im¬
of
Ex¬
Im¬
of
Ex¬
Im¬
of
ted.
ports.
ports.
Exports.
ports.
ports.
Exports
ports.
ports.
Exports
$
J
%
%
%
S
s
$
46,441
45,550
891
59,565 349,351151,347
77,550
2,700
2,270
8,850
11,149
8,844
8,376
1,651
1,259
1,222
4,704
6,465
'! 5,125
4,444
6,865
8,206
6,656
5,753
2,111
2,966
2,555
2,527
2,222
2,122
1,636
1,580
715
630
646
712
554
396
2,562
2,791
2,225
1,277
654
491
424
2,227
2,676
2,044
1,641
978
1,204
993
837
1,546
1,310
813
240
297
237
240
393
316
257
1,341
997
796
816
2,654
4,231
3,161
3,321
594
398
334
1,813
2,230
1,575
1,240
171
286
208
241
756
1,208
922
906
528
263
367
167
129
1,072
1,008
035
104
74
101
414
308
357
394
540
319
251
1,434
2,013
1,227
867
115
149
126
123
489
580
503
469
342
329
169
125
1,386
1,256
627
488
169
193
964
938
340
Detroit
Milwaukee
..
Los Angeles
44
43
50
176
315
229
256
669
1,237
..
153
194
99
90
615
736
371
137
198
69
64
565
454
272
58
..
....
60
158
Providence
242
76
62
58
225
315
237
238
367
614
456
358
244
117
56
Memphis
153
117
101
254
..
Richmond
210
178
719
1,123
850
659
112
74
53
256
515
305
235
742
591
198
155
148
495
Hartford
39
46
39
35
156
174
133
13
Salt Lake City
52
73
61
54
226
305
233
210
109,446 141,781
109,215
92,840
9,725
8,530
Seattle
506o
73,797
20-'21 5,512,880 3,009,298 2,503,582 131,317 481,426 /350109
19-206,049,769 3,759,0232,280,766 408,916
18-'19 4,985,652 2,200,922 2,784,730 29,877
17-184,384,544 2,083,4712,301,073 180,989
54,912
101
..
...
Denver
Excess
Excess
Excess
0005
$
65,875
632
..
Indianapolis
omit¬
85,487
1918.
450
City..;..
Cleveland
Buffalo
Stiver.
65,319
337
..
..
St. Paul
Gold.
Merchandise.
1919.
$
S
584
/Excess of imports.
months ended March 31:
1920.
537
..
Omaha
Total for eight
17,333 14,094
490
Louis..
Kansas
S
$
1,699
Philadelphia
Baltimore
omit¬
1921.
2,174
..
Boston.
San Francisco
Silver,
1918.
1,150
Chicago
Cincinnati
Gold.
Merchandise.
CITIES.
-Jan. 1 to April 30-
1919.
$
15,536 21,800
Pittsburgh
gold and silver for March:
1920.
$
S
New York
St.
lowing:
Totals for merchandise,
1921.
omitted.)
has issued the
%
1920.
$
%
1920.
1921.
■
Statistics at Washington
2,534,782,100
28.447,239
CLE ARING8.
MONTHLY
IMPORTS AND EXPORTS FOR MARCH.
Bureau
Par Values.
No. Shares.
-Aprll-
The
EXCHANGE.
1921.
the capital of the bank was in¬
year
creased from £2,000,000 to
2 04,790,000
1,017,157,900
I 107,192,800
United States Government bonds
the report
distribute as follows: £265,000 to,pay a final dividend at the rate of 14% per annum
(£140,000), together with a bonus of 6s. 3d. per share on
400,000 old shares of capital stock of £5 each (£125,000),
making 20.25 % for the whole year (earned not alone by the
£3,000,000 capital of the bank, but by the £3,500,000 re¬
serve fuiid as well) free of income tax; £100,000 to reserve
fund (making the same £3,600,000); £35,000 to officers'
superannuation fund and £100,000 to bank premises account,
leaving a balance of £209,601 to be carried forward to 1921
profit and loss account.
Total resources of the bank as of
Dec. 31 1920 are given at £70,932,745, of which £9,740,946
is represented by cash on hand and at bankers.
On the debit
stand at £32,073,799,
99,201,457
$8,830,305,425
297,344,500
607,890,600
Stock/Shares
Bank
4 Mos., 1920.
Par Value.
1921.
Par Value.
this amount, leaving the sum of £709,601
for
Mos.,
Railroad bonds
states, the directors propose to
1919
given below:
are
Description.
SALES
sorbed £140,000 of
1918
The results
is appended.
and 1920
amounted to £849,601,
balance of £172,830 brought forward from the
a
at the rate of
1920
—29.2
Partly estimated.
Inc.
and doubtful debts, the report states,
inclusive of
.
—28.7
sixty-seventh annual report of the Chartered Bank of
The
India,
1921
—12.1
$7,200,226,733
for the four months of 1921
now
—28.0
1,120,496,436
_
Our usual monthly
the New
$700,000.
were
*
—7.2
:> 67,251,810
,•
$6,079,730,297
day
one
Total all cities for week.-...
the bank is $125,000 and its deposits at one
The capital of
cities,
—20.5
$5,932,238,266
1,213,904,271
.
Total all cities, five days.
All
The Temple
five days
—8.6
$5,213,781,328
865,948,969
Eleven cities, five days
Other cities,
Cent.
75,170,681
48,443,205
New Orleans.
'
.
_
_
Detroit
the Grand Jury, which had investi¬
dictments returned by
on
tables is crowded out
leading cities.
Clearings—Returns by Telegraph.
Week ending May
7.
good, and only became known publicly when Federal bank
examiners caused warrants to be issued.
Governor
of each issue, but
page
the length of the other
of
account
but was immediately made
weeks ago,
several
discovered
1943
CHRONICLE
dispatch from Charleston, W. Va., dated April 15,
A press
states
THE
1921.]
28,458
83,155
1,419 234,891
71,983
97,834
56,766 178,125
52,598 19,385
16-'17 4,636,980 1,818,069
25,652
26,071
18,009
26,282
.
2,626
36,089 28.141 24,288
3,591
2,470
2,196
10,707
14,237
33,038
15-
Total ...u
Other cities
2,818,911|150,094 801.202 /651108
8,690
162.995,425'1.504.663 1,490,7621 58,516 337,831/279315 44,080
/ Excess of imports.
Total all
28,908 39,680 30,611 26,484 120,153 156,018 118,940 101,3708
Outside New York.13,372
17,880 13,278
12,390
54,834
70,531
53,065
46,45
[Vol. 112.
CHEONICLE
TELE
1944
BANK CLEARINGS—CONTINUED
FROM PAGE 1901.
Week
Four Months.
April.
ending April
Clearings at—
1920.
%
Boston
1,651,200,318
59,952,300
—26.9
Hartford
39,746,238
23,385,140
20.880,718
12,000,000
15,545,684
6,330,970
5,254,681
4,391,409
4,175,825
4,009,476
46,215,920
27,102,789
—14.0
New
22,138,792
12,921,477
20,214,563
12,317,342
9,420,333
—5.7
Providence
Haven
Springfield
Portland
Worcester..
Fall River
New Bedford
Lowell.
Holyoke
....
Bangor
Waterbury
6,931,500
9,390,224
Stamford
Total New England
Kansas City
laf'f91'46*
...
?«i'nl2'458
262,925,774
Minneapolis
Omaha
St.
...
Paul....
jU'688,958
1^.040,687
Jn'904-W9
40,304,188
....
Denver
St. Joseph
Des
Moines..i
Sioux
26.492,802
25.620,802
City..
Duluth
Wichita
Lincoln
!?'*45>907
".074.713
Topeka.............
Cedar Rapids
Colorado Springs
Pueblo
0.756,280
:.i_
2,727,172
2.735,995
8,665,531
0.678,519
6,945,493
....
.............
Fargo
Sioux Falls....
Waterloo
Helena
...
....
1^'448'715
Aberdeen
Joplln
4'169,836
4.282,00(1
2,306,409
2,798,496
2.236,301
5.155,000
...
Fremont.....
Hastings...
....
.....
Billings
Forks..
Grand
Lawrence
n'n
Iowa City
Kansas
City
Lewlstown
Great Falls
f'262,500
} >729,898
*.121,451
Rochester..
Mlnot
Springfield, Mo.,
Mason
124,368
2.270,069
2,181,991
City
Pittsburgh, Kan.
Total other West..
1,632,905.741
490,022,069
St. Louis
New
Orleans
170,926,219
100,566,388
90,772,234
25,090,120
155,156,395
.
Louisville
Houston
...
Galveston....
......
Richmond
Fort Worth
Atlanta
47.562,626
167,992,410
55,743,914
17,330,224
74,242,501
.c
Memphis
'170
2.247,026
2.934,712
15.607,335
2.750,817
Oshkosh
.......
Savannah.
Nashville
Norfolk..^...
28,48,7,372
Birmingham
77,117,242
45,837,984
20,919,602
12,487,807
39,105,851
6,586,129
7,967,770
11,540,826
96,781,718
15,305,000
9,051,254
4.347.745
6,272,945
3,113,372
2,509,736
1,151,419
12,597,451
35,676,748
2,534,070
.......
Jacksonville
Chattanooga
.
Knoxvllle
...
Little Rock
....
Mobile
........
Augusta.....
Charleston.
Oklahoma
Macon
...
;
Columbia....
Beaumont
Austin
Columbus, Ga......
Wilmington, N. C
Vicksburg..
Muskogee
Tulsa
Jackson
...
El Paso...
Waco
Dallas...
Newport News
Montgomery
Tampa...
...
Texarkana
Raleigh.
Shreveport
Port Arthur
Wichita Falls
Lawton..
McAlester
Asheville
*.
22,654,434
8.753.746
103,295,148
2,019,173
5.591,626
11,068,000
1,966,705
4,782,694
16,576,059
1,800,000
10,677,000
1,304,092
1,743,031
4,800,000
—7.1
—23.1
—44.2
8.786.500
—13.3
—
1.3
—0.9
2,799,979 + 235.4
1,887,622,044
997,408,242
367,309,1.56
315,273,873
197,552,964
153,194,203
72,315,295
59,346,360
57,702,313
10,675,846
9,584,793,826
—30.4
—23.7
.—44.6
—32.5
—57.6
—24.8
—38.4
—17.6
—30.6
—31.4
—9.3
—40.3
—43.0
—28.6
+ 60.4
—35.3
7,277,472
9,011,750
3,675,348
4,470,958
6,023,105
7,787,400
2,039,907
2,929,130
3,238,009
22,675,195
2,584,083
7,924,133
2,489,061
—51.4
—37.2
—37.4
—46
—33
—28
—23
—9
—31
+6
—46
—30
1,481,800
9,578,238
—23 .6
4,068,526
-44.
2,579,124
-15.4
2.526,447,083
—35.4
—36
—31.
7n15,337,306
—40.
^86,424,838
104,159,141
—3.
1^1,207,107
—25J
22,605,900
—12.:
254,400,586 —39.i
86,623,778 —45.
205,207,165 —43.
111,680,785 —50.
42,847,624 —59.1
104,514,526 —29.1
44,403,040 —35.!
—8.9
84.686.725
56,035,119 —19.4
26,166,438 —42.
14,221,447 —12.2
59,655,888 —34.4
10,696,645 —38.4
21,917,983 —63.6
21,784,634 —470
59.517.726 + 62.6
21,120,141 —50.8
—49.5
18,036,245
6,618,500
8,176,746
6,761,389
5,252,204
1,730,093
—34.3
-23.3
—54.0
—52.2
—33.5
—32.4
18.627.534
60.202.535
2,255,748
27,829,467
15.137,467
—40.7
22.1
•18.6
—42.2
—37.1
■54.5
164,175,292
4,434,572
0.114,315
11.545,249
2,577,804
38.7
-4.1
—45.0
—42.6
J'232,696
24,075,074
—31.1
3.4
oc'o82,890
2}> 615,403
I.740,774
2,340,000
—58.3
—25.0
<
2,053,997
Not included
614,480,546
343,724,225
265,872,578
220,563,609
115,094,728
245,054,577
—29.7
—17.5
—30.3
—37
—24.5
—44.4
—43.4
—8.7
$
291,349,581
12,553,900
302,117,553
10,410,300
9,810,868
5,299,010
3,781,754
9,169,537
5,627,882
4,110,306
3,000,000
3,710,553
2,449,172
2,172,248
1,300,000
2,532,764
3,095,950
2,412,752
1,690,100
1,040,870
660,926
632,081
935,502
812,055
in total
—14.7
—27.7
307,216,284
223,445,703
80,283,284
59.483,447
19,671,214
21,657,338
15,971,815
11,738,439
9,817,045
7,804,834
13,951,506
5,437,765
2,824,723
2,666,725
—37.3
+ 6.4
+ 24.5
278,006,839
127,936,558
42,377,271
36,464,529
—31.5
41.9
27,233,567
17,958,315
43-7
8,804,263
—38.9
8,110,332
—51.0
6.210,425
■
—42.7
—34.8
—38.7
+ 38.4
—17.1
—44.9
—30.9
—36.7
—30.6
114,090,167
63,423,306
60,008,558
—22.5
—33.9
5,415,985
9,967,078
3.120,590
2.217,988
2,066,287
22,015,767
—26.6
600,000
635,000
—5.5
16,306,176
—5.0
804,157
933,324
—13.8
48,432,056
—30.5
2,065,649
2,469,973
—16.4
1,450,000
2,300,000
1,056,083
1,986,628
1,457,598
1,600,643
—27.0
420,365
728,186
—42.3
906,585
1,509,338
—55.1
75,536,804
40,425,786
33,645,289
27,860,361
34,726,659
15,806,886
13.7
343,484,928
192,961,010
38,751.756
51,791,521
16,236.632
25,509,760
15,717,235
10,719,299
11,082,000
7,376,165
9.657,189
4,694,752
2,339,052
2,431,587
452,060
733,614
2,177,235
337,180,736
174,080,442
28,957,349
37,309,960
14,766.116
23,864,945
17,990,615
10.372,602
9,369,489
3.963,186
7,485,904
4,721,729
2,700,000
2,166,286
496,577
702,208
1,863,375
+ 28.9
—25.9
—42.6
—21.9
—22.5
+ 57.8
—34.0
1,813,040
1,704,424
1,472,849
2.636,618
2,137,086
676,604
486,958
1,199,857
799,530
550,000
935,959
974,122
—46.6
—43.0
17,750,163
22,569,215
—13.6
496,719
—38.3
678,996
—29.2
8,050,473
—28.8
12,884,327
—45.2
—28.8
14,004,731
—9.1
67,892,355
9,082,207
29,873,-506
9,101,384
5,824,443
40,382,189
20,724,911
+ 4.8
+0-7
—33.7
—24.6
—24.2
—32.9
—51.7
2,966,121,497
—28.9
1,208,494,954
—37.4
307,691,124
+ 34.7
—17.1
486,176,457
125,901,532
1,122,556,647
350,375,887
1,221,286.745
+ 1.5
—35.9
—38.5
—41.2
—44
—42.7
57,016,927
22,567,845
—50.4
9,370,660
22,842,902
3.591,224
418,304,199
—27.3
16,946,292
191,912,488
332,426,921
219,775,996
141,062,994
58,061,633
227,794,329
42,434,006
92,.506,579
90,271,395
228,525,549
138,5.54,630
70,-503.240
27,433,729
32,560,072
21,752,761
20,044,933
7,963,103
79,900,102
226,194,850
13,262,393
116,963,787
62,433,436
701,653,304
17.258,049
39,492,719
—35.4
5,810,258
—15.0
18.911,216
9,219,809
—32.1
—28.6
—64.3
—4.04
+ 78.0
—46.9
3,107,589
4,051,491
—33
63,854,525
27,247,142
30,593,285
6,749,743
53,766,707
20,595,107
—50.2
—34.1
+3
—41.1
—34
152,552,256
—58.2
—11.4
—39.7
486,981,113
191,326,683
—13.4
399,984,599
142,384,736
50,093,492
16,098,888
15,904,617
4,938,133
49,130,044
14,798,362
51,858,706
16,671,476
7,410,674
14,013,005
9,572,413
12,868,400
9,898,708
4,410,996
317,755,157
101,863,129
35,467,762
20,414,469
19,028,192
5,284,739
33,012,840
11,800 000
31,684,653
11,187.489
514,983,202
3,374.170
9,958,099
18,461,367
11,650,436
7,655,914
2,847,790
10,943,480
2,500,000
3,378,934
4,664,677
13,225,525
6,625,794
1,220,360
1,600,000
4,617,999
2,934,113
6,445,614
1,600,000
1,478,822
2.500.0C0
20,621.504
348.844,098
137,840,322
+ 55.9
—49.1
9.491.124
1,750,000
56,327,344
24,783,009
12,303,673
3.200,000
42,826,626
11,053,851
42,273,333
10,825,333
6,664,093
12,844,441
6,816,289
4,710,595
5,703,139
5,024,357
3,313,532
4,577,284
1,661,055
3,427,663
2,900,000
7,862,289
1,800,000
-23.7
3,193,767
2.607,798
—46.2
—43.3
380,135
2,577,690
9,337,893
—23.8
451,885
2 82,936
1,631,539
11,708,213
589,284
—25
—37.9
—21.7
—38.6
—44.4
—61.7
—25.8
—41.7
+ 2.4
—20.9
—36.0
1,809,034
—56.2
4,219,788
3,566,573
—46.4
'
—50.3
—24.9
—25.5
—42.7
—46.4
—31.1
199,631
—19.9
2,823,880
—33.4
7,737,383
—10.2
391,227
370,523
3,968,904
13,651,497
513,697
23,353,340
36,610,425
-36.5
21,000,000
16,096,607
3,485,968
4,786,722
-27.2
2,616,485
2,022,491
407,004,480
620,560,983
—34.4
487,606,112
443,547,096
—28.0
—18.3
—31.3
—35.7
—41.0
-40.6
45.857,716
—9.6
14,136,402
-36.5
32,760,834
94,563,541
-39.7
-26.3
7,135,003
—1.3
89,432,011
44,189,333
5,040,499
—28.6
—46.1
—36.4
28,900,400
8,975,040
19,748,369
69,709,361
7.043,377
-50.6
6,339,654
-20.5
—47.8
8,155,986
13,566,000
—39.9
—21.1
17,877,823
22,536,188
In total
Southern
—2.6
2,600,000
3,129,187
—20.6
—8.1
6,664,872,241
2,100,666,874
756,340,933
414,418,863
402,965,051
127,881,927
719,310,248
215,484,797
717,874,467
256,195,148
79,993,861
301,714,987
123,997,800
282,625,111
190,312,739
92,885,208
51,423,269
154,769,614
30,289,372
32,979,120
48,354,369
407,000,456
73,533,396
35,008,642
20,614,855
24,270,783
12,458,182
10,805,749
5,485,456
63,961,776
150,620,186
11,912,115
95,577,009
42,866,624
450,940,055
10,198,099
23,449,034
41,449,452
—50.0
—30.6
4,106,278
14,519,136
16,992,904
9,731,602
7,761,214
770,000
3,590,852
—45.8
—36.7
—28.4
5,432,043
—2.8
750,000
4,950,767
87,028,748 —12.6
—2.9
48,946,732
76,467,350 —18.7
47,628,4.50 —47.8
—41.3
37,544,682
21,757,485 —16.6
16,233,674
+ 2.5
14,253,403
+ 5.8
31,756,600 —13.3
9,435,942 + 303.7
1,236,747,526
454,121,063
—28.7
—19.5
31,842,082
61,309,222
26,211,414
14,539,731
14,065,812
875,000
—12.1
5,480.517,507
2,654,405,601
1,072,272,501
669,256,058
565,478,984
357,887,613
193,655,871
162,014,994
107,979,579
98,149,512
177,257,098
64,194,795
49,174,368
39,665,291
16,165,635
15,498,889
33,6.54,255
40,726,908
25,714,496
43,356,648
20,658,611
18,560,000
9,009,.548
10,007,034
13,933,251
20,473,000
5,733,782
9,969,294
11,710,921
71,175,338
9,145,195
19,763,092
6,865,692
4,417,421
27,115,832
10,014,702
9,810.432
—32.8
900,000
—10.2
1918.
1919.
%
1,253,036
1,123,594
1,014,174
—27.2
173.606.151
—25.7
Dec
361,402,177
10,896,700
9,993,244
6,000,000
5,155,293
2,700,000
4,146,918
2,255.871
1,984,763
1,111,318
243,041,328
8,650.500
7.028,401
7,380,695,148
4,231,468,383
1,007,672,626
1920.
$
109.108.152
18,354,581
16,643.600
15,078,571
27,547,100
38,091,923
—30.0
—27.2
1921.
241,545,700
24,846,050
22,064,209
—48.6
6,265,788
4,241,020
4,044,922
Meridian
Total
—13.7
%
6,465,382,079
4,704,451,788
175,727,400
155,9.54,031
95,957,960
76,057,077
47,534,448
62,208,799
—30.4
1,149,502,304
43,847,300
Dec.
$
1921.
Dec.
1920.
1921.
30.
Inc. or
Inc. or
Inc. or
Not included
20.7
in total
3,027,544,619
—32.9
8,761,395,4151 12,437,289,274
-29.6
Total all
28,907,668,936 39,679,843,486
-27.1
120.153,515,980 156,018,262,428
-23.0
6,256,467,515 8,793,201,958
-28.8 7,867,526,288 6.254,332,710
Outside New York.
13,371,853,795 17,879,399,391
-25.2
54,834,053,178
70.530,780,943
-22.2
2,798,148,563 3,767,123,040
-25.7 3,113,692,041
2,031,828,859
2,850,260,875
Canadian—
Montreal
491,649,265
531,665,934
—4.5
1,879 ,336,523
2,252,756,492
-16.6
Toronto
433,936,360
1,660 779,322
1,741,798,530
—4.7
206,396,710
63,126,307
34,279,406
27,193,361
17,331,633
463,804,088
188,183,383
—6.4
Winnipeg...
+ 9.7
785 993,623
755,526,193
71,765,397
41,675,434
—12.0
232 ,336,696
273,947,997
—17.7
131 397,709
157,619,979
16.6
30,339,053
—10.4
102 ,378,968
-7.3
Vancouver
Ottawa....
—
Quebec
-
Halifax
St. John...
—
London
19,882,133
—12.8
62 ,682,404
33,500,454
—19.7
99 ,914,207
118,668,875
15.8
14,952,029
—17.8
47 ,882,749
56.656,491
—15.5
Calgary
15,492,670
28,807,613
Victoria
10,580,984
Edmonton
20,862,183
Reglna
15,777,702
2,929,937
2,728,601
7,895,360
5,428,446
5,677,317
3,434,932
Brandoh--..
Lethbridge
Saskatoon
...
.
Moose Jaw..,
Fort William...
New Westminster.
>.
2,578,160
_
Medicine Hat
1,765,326
4,201,823
5,158,671
4,359,426
14,407,894
Peterborough
—
Kitchener.
Windsor
—
—4.9
—23.1
+ 1.7
—28.2
17.4
16,777,458
—7.7
55 ,666,044
61,103,032
—8.9
—15.6
115 ,270,432
139,181,447
-17.2
—11.2
40 464,520
46,835,117
-13.6
102,716,024
-20.8
4,837,75o
68,321,711
—8.8
3,461,555
11,901,337
—4.4
580,854
608,797
842.456
27.8
1,692,270
1,112,191
2,165,984
21.8
1,255,079
1,468,296
—18.8
31,903,710
18,597,852
—34.6
81 ,301,062
—15.2
62 ,279,586
—7.5
11
,
3,167,430
4,588,281
9,812,068
—40.5
10 ,691.269
14,277,786
-25.1
—19.5
31 ,024,815
34,987,158
-11.3
7,025,759
,383,381
461,582
790,000
1,588,550
|906,098
578,092
492,785
488,445
885.057
902,827
—1.9
392,486
688,568
1,208,266
937,229
925,099
1,134,601
+ 30.6
—17.4
3,285,900
—2.2
—18.7
9 981,310
7 ,041,695
11,290,103
-11.6
590.907
—7.7
—9.5
363,333
4,692,080
—10.5
15 368,960
—2.7
5,322,548
—3.1
19 071,439
7,783,404
15,802,763
18,877,745
+ 1.0
5,345,695
—18.4
15 ,825,959
19,873,313
-2C.4
13,742,647
2.066,412
+ 4.8
50 ,215,399
6 ,395,313
48,431,931
+ 3.7
7,979,067
-19.9
—10.0
2.904,407
574,715
3,170,336
1,913,617
6,219,262.374*
2,959,246
—8.3
1,192,441
839,991
5.594.258,7331
11.4
2,196,200
396,726
+-2.2
—7.2
—12.8
2,453,198
6,081,990
700,720
-15.3
14,589,019
1,580.905,3701
29.6
—19.8
3,423,654
6,594,744
2,231.053
4,256,143
4,079,136
533,278
698,444
1,947,902
1,205,434
—7.7
27,165,574
14 ,873,905
18 ,936,994 Not Included in total
12.9
26.2
563,477
23,519,000
22 996,871
—4.4
—26.2
—12.1
4,239,527
5,060,705
2,673,444
76,4(7,834
68,684,677
46,937,700
10,185,473
6,557,205
4,615,628
3,826.766
5,045,173
2,054,859
915,373
1,415,763
21 ,704,572
—23.1
In total
—24.0
114,213,095
78,675,667
44,757,082
11,952,310
8,269,568
5,929,757
+ 13.8
—15.7
—22.7
7,379,639
3.59L254
1,525,718
4,486,461
—6.6
—7.1
+ 16.1
34,126,554
11,914,125
4,945,821 Not Included
1.466,734,2021
115,548,170
98,458,997
42,600,841
16,740,171
8,183,554
5,936,115
7,273,565
3,543,578
3,552,183
7,194,550
2,714,580
6.870,254
4,315,077
665,161
Prince Albert
Canada
18.8
107,925,325
91,506,537
49,455,779
15,919,459
6,292,297
6,036.133
3,220,533
6,009,009
2,694,860
3,123,035
6,269,573
2,002,111
Moncton
Total
—15.2
110,447,101
77,205,185
12,298,510
Hamilton
Sherbrooke
4.0
26,909,887
—
Brantford
+
3,213,215
277,609
737,209
478,643
1,147,770 Not included
321.356.121'
342,376.7971
—42.0
963,616
783,471
858,328
541,107
836,153
1,363,258
399,499
1,350,000
213,748
307.648,417
251.167,996
in total
—6.1
MAT 7
1921.]
THE
CHRONICLE
1945
i
origin and has
We
the following from
reprint
Samuel
the weekly circular
of
Montagu & Co. of London, written under date of
April 21 1921:
GOLD.
The Bank of England gold reserve
against Its note issue is £126,531,345,
compared with £126,531,090 last week.
as
Only
trifling amount (under £50,000) of gold came into the market.
a
Gold to the total value of $7,480,000 is reported as
York from Europe, ans was
in New
made up
having been received
//XX'5X X"
■
X'XXXxX'X'X-
Since June 7th 1919, when the United States Government removed the
embargo
on
gold, the total gold exports from that country have amounted
Of this total $195,414,000
approximately to $678,996,000.
to
consigned
was
Japan, $146,555,000 to Argentina, $71,810,000 to Hongkong, $67,396,000
to
China,
$41,052,000 to
British
India, $29,778,000 to
Spain,
and the
bulk of the remainder to Mexico, Uruguay, the Dutch East Indies, Canada,
the Straits Settlements and Venezuela.
The
following
were
the United
during the month of March
Kingdom imports and exports of gold
Exports.
£163,002
_
333,878
Spain and Canaries
£928
1,075
West Africa.
122,187
•
States
of America
2,811,912
Rhodesia
120,121
—-
Transvaal
3,301,793
50
British India-
1,123,446
83,000
Australia
1,510
Other countries
606,635
169,410
£5,773,647
A
This
sum
seems
on
of the so-called Bolshevk
involved in any credit
is
not
General
—
..
In
January 1920, impor s were 3,100 lacs and export s 1,900 lacs of rupees.
Including bullion and rupee paper movements, total net balance of trade
against India for the period from April 1920, to February 1921, was 45
crores (45,00,00,000) of rupees; whereas the balance of trade for the
cor¬
responding period of 1919-20 (April 1919 to February 1920) was in favor of
India by 79 crores (79,00,00,000) of rupees.
The Transvaal gold output for March 1921 amounted to
671,123 fine
ounces as compared with 558,137 fine ounces for
February 1921 and 707,036
fine
ounces
for March 1920.
to indicate the use to which some
so
Bazaar
purchases and speculative operations connected with China ex¬
change.
Supplies have not been freely on offer—Continental sellers being
deterred to some extent by the uncertainty of the labor outlook in this
country and possibly by the restrictions arising from the Reparations Act
The demand on China account carried the
quotations on the 12th. inst. to
36%d. for cash and 36d. for forward delivery (the level which obtained
about 2 months ago).
The price, however, proved too tempting to bear
operators and a sharp reaction ensued yesterday of 1 %d. in the price for
cash and 1 %d. in that for two months'
delivery.
Without the powerful speculative influences connected with the Far East
no|w at work, the actual demand for the metal could not be considered to
warrant advancing prices,
especially as we understand that the free supplies
of gold in India have largely been
acquired for shipment, and therefore the
exchange of gold for silver in the bazaars is not so feasible as it has been in
v--;-.-v
.
INDIAN
CURRENCY
The
Departmental Council
the
Government
to
a
of the
Seine
used
Mar. 22
Mar. 31
April 7
16533
16616
16644
6480
6557
6586
2411
2417
24i6
6807
6807
6807
835
835
Notes in circulation
Silver coin and bullion out of India-
Gold coin and bullion out of India.
surplus silver coin, obtain¬
has
proclaimed small notes
danger to the public health, and has requested
"a new medium of exchange in
invite proposals for
stiffened leather, bone or china."
According to an official, the
Mint is at work, and has struck several million aluminum coins, of which it
metal,
has presented three francs worth to each deputy.
however, has not yet fixed the date of issue.
volume
of business
during the week has been small.
The price
seems to have risen above the figure that India was prepared to pay;
indeed,
there was an inclination to take profits on purchases previously made
The influence of China upon the market has been uncertain and fitful, and
operators from that quarter have figured as buyers and sellers.
America
has been more disposed to place silver for sale than in the last week or so.
The undertone is irresolute.
The following remarks
The
coinage during the week ending 7th inst. amounted to a lac of rupeesThe stock in Shanghai on the 9th inst., consisted of about
45,560,000
ounces in sycee, and 38,000,000 dollars, as
compared with about 45,780,000
ounces in sycee, and
38,500j000 dollars on the 2nd inst. <(No holding of
silver bars was reported on either of these dates).
The Shanghai exchange is quoted at 3s. 2%d. the tael.
The Finance Minister,
SILVER.
The
\'v.
RETURNS.
able from recoinage at the new quality of .500 fine, has been applied.
(Fr. 1, &c.) to constitute
J'4 ,"X 'V,
,'
SILVER.
The tone of the market during the week has been steady owing to Indian
835
against Treasury
which silver has been
Mdse
Exports. :.■■■■
Imports (incl re-expts.)
25.00
18,00
19,46
27,36
,
(In Lacs of Rupees)—
reserve
of £3,000,000 appears under the denomination of
This is the first occasion
it
that
■■■'>"■: HV-:.''
(In Lacs of Rupees)—
February 1921__
February 1920___—
the past.
noteworthy innovation appears in the balance sheet issued by the
currency notes.
possession
signed has executed this certificate by
thereunto duly authorized
by
corporation sale."
The statistics relating to Indian imports and
exports reveal a substantial
reason for the recent heavy export of
gold.
The totals of sea-borne trade
for February 1921 alone show a preponderance of
imports over exports
amounting to 700 lacs of rupees.
£3,065,300
Treasury to-day showing the composition of the
silver coin.
the
does forever warrant to the United States without
any qualification or
reservation whatever the title to said gold in witness whereof the under¬
CURRENCY.
A
in
further
and
-v.;
Netherlands
United
been
or
exchange transaction with the so-called Bolshevik Government the
undersigned further represent that it is acting on its own behalf and not for
account of another in offering the said gold for sale to the United States and
1921:
Imports.
Sweden
Russia
of
follows: $4,700,000 from
as
Germany, $1,500,000 from France, $680,000 from London, and $600,000
from Antwerp.
never
Government
THE ENGLISH GOLD AND SILVER MARKETS.
regarding Mexican silver output appeared under
By.r
Quotations—
April
8
April
9-.-April 11__
April 12.
April 13
April 14
Average.-
Silver per oz.
Cash
4
Bar Gold per
Fine.
Std.
2 Mos.
33 %d.
33
ounce
d.
104s. lid.
_33%d.
33%d.
34%d.
36%d.
34%d.
34 Hd.
34%d.
104s." ~lbd~
36
d.
104s.
34%d.
33%d.
105s.
34.5d.
34.146d.
-
—
—
-
-
The silver quotations to-day for cash and forward
Hd. and Id. above those fixed
a
lOd.
Id.
4d.
105s.
d.
105s.
delivery
are
respectively
week ago.
date of April 11 in the report of an important company, interested, amongst
other propositions, in the mining industry of that country: "Silver has
fallen 50%
below the abnormally high prices of
a
year ago
to
an average
ENGLISH FINANCIAL MARKETS—PER CABLE.
of 60c.
per fine ounce for the last few months, while at the same time
the prices of the base metals have decreased to below the pre-war level.
These circumstances, coupled with the fact that the readjustment of
working costs to the lower level of prices, is only taking place slowly, have
the consequence that many silver and oase-metal mines have been
compelled to suspend operations until conditions improve.
Politi¬
cal conditions in Mexico have changed for the better, and mining in that
country should, in due course, when the necessary readjustment of economic
conditions has taken place, regain its former importance."
This state¬
ment as to mines closing down tallies with other information
reaching this
country, principally through United States sources, but it does not appear
as yet to have diminished the volume of silver
arriving in the United States
from Mexico.
For instance, during the monthly period ending Feb. 10
last, silver to the value of $5,638,000 was imported into the U. S. A., of
which Mexico furnished $3,900,000—the remainder emanating from Chile,
Peru and Canada.
Taking the silver at 60c. the ounce, the total imports
were
9,480,000 ounces—that is, at the rate of 113,760,000 ounces per
annum—of which the proportion from Mexico would be 78,000,000 ounces
per annum.
We are inclined to believe, from reliable information which
has reached us elsewhere, that it would be unwise to consider that the
Mexican production is really on the down grade, notwithstanding that
The
daily closing quotations for seeuriites, &c., at London,
reported by cable, have been as follows the past week:
as
had
.
certain
mines
.
have closed down.
INDIAN
16616
India
16644
6586
6610
2417
2416
2416
6807
835
(Indian Government)
(British Government)
6807
835
6807
835
No coinage was reported during the week ending 15th inst.
The stock in Shanghai on the 16th inst. consisted of about 45,700.000
ounces in sycee, 38,000,000 dollars, and 230 silver bars, as
compared with
about 45,560,000 ounces in sycee, and 38,000,000 dollars on the 9th inst.
(No holding of bars was reported on the latter date.)
The Shanghai exchange is quoted at 3s. 3d. the tael.
Bar
Silver
Cash.
_
-
-
_
33%d.
34%d.
—_35%d.
_-34%d.
35d.
--34%d.
34.666d.
per
Bar
Gold
2 Mos.
per
oz.fine
33%d.
34%d.,
34%d.
34%d.
34%d.
104s.
oz.
Std
"34%d.
34.270d.
The silver
quotations to-day for cash and forward delivery
tively, %d. and %d. above those fixed a week ago.
104s. lid.
104s.
104s.
104s.
8d.
8d.
8d.
8d.
104s.8.6d.
are, respec¬
We have also received this week the circular written tinder
date of
ounce...
104s.3d.
April 14 1921:
103s.8d.
The Bank of England gold reserve against its note issue is £126,531,090.
compared with £126,528,985 last week.
gold came into the market and
A fair amount of
was
taken for the United
of Ani8ric3i
in
Consignments of gold to the total value of $16,141,000 have been received
New York, made up as follows: $7,600,000 from London, $2,000,000
from Holland, $5,841,000 from Denmark and $700,000 from France.
We have been given the following telegraphic information with regard to
gold shipments to the United States:
"On all incoming gold shipments not bearing official Government mint
stamp are required to fill out and swear to following certificate of ownership.
The undersigned owner of la lot of gold in the amount of
fine
for the purpose of inducing the United States to purchase said gold delivered
to the United States Assay Office at New York on the
date of
1621 does hereby represent and warrant that said gold is not of Bolshevik
Thurs.
Fri.
May 5.
35%
103s.7d. 103s.3d.
103s.4d.
May 6.
34%
103s.4d.
56.55
56.75
56.25
Holiday 56.85
French War
83.95
82.70
82.70
Holiday 82.70
The
Holiday 47%
Holiday 87%
Holiday 80
Loan(inParis).fr. 83.95
price of silver in New York
the
on
46%
87%
46%
87%
46%
87%
80
80
80
same
day has been:
Silver in N. Y., per oz. (cts.):
Domestic...
99%
60%
Foreign..,..
99%
61%
cvn.i
4 u'i
99%
61%
99%
61%
99%
99%
61%
60%
nii4cllaucows^iet0»
Auction
Sales.—Among other securities, the following*
usually dealt in at the Stock Exchange were recently sold
York, Boston and Philadelphia:
at auction in New
Messrs. Adrian H. Muller & Sons, New York:
Shares.
Stocks.
Price.
1 Bklyn. Academy of Music.
10 Amer.
$6
Telegraphone, $10 ea.$2 lot
5 Indus. Bank of N. Y_$170 per sh.
8 Rye (N.Y.) Nat. Bk._$250 per sh.
50 Revillon, Inc., 8% pf..$90 per sh.
84 The Humphrey Realty, Inc.
$100 lot
7% Longuemare Carburetor, Inc.$3 lot
Shares.
Stocks.
Price.
100 Standard Coupler, com..$5 per sh.
1,500 American
Quicksilver. ..$1 persh.
Bonds.
Per cent.
$2,000 Central Union Gas of N. Y.
1st 5s, 1927, guar
79%^
$5,000 State of So. Caro. 6s,
coupon
on.-..-.-
1872
*
$15 lo
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Stocks,
$ per sh.
46 Valley Nat. Bank, Lebanon,$25
each
84
8 Guarantee Trust of Atlan.Clty.216
10 Philadelphia National Bank
7 Land Title & Trust
Shares.
20
Stocks.
$ per sh.
Sanitary Co. of America, pref.. 85
20 13th & 15th Streets Pass. Ry..l41
50 Morris Plan
65%
—....—
317
..489
4 Provident Life & Trust...
25 Phila. Co. for Guar. Mtges
11 Franklin Trust
392
120%
175
10 Union Safe Dep. Bk., Pottsville 50
2 Insur. Co. of State of Penn..-81%
7 Delaware Div. Canal.
38
1 Phila. & Cam. Ferry, $50
...
GOLD.
as
Wed.
May 4.
35
Consols, 2% per cents..46%
British, 5 per cents......... 87%
British, 4% per cents
.-80
French Rentes (in Paris)..fr. 56.25
not
.
Gold coin and bullion out of India
Quotations—
April 15
April 16-.-.
April 18—_
April 19
April 20.
April 21.
Average...
fine
Tues.
MayZ.
34%
34%
16668
6557
Gold coin and bullion in India
Securities
per
Mon.
Apr. 30. May 2.
34%
Mar.31. April 7. April lb.
Silver coin and bullion out of India.
Securities
Gold,
Sat.
ending May 6.
per oz.d.
Xomm
RETURNS.
circulation.
Silver coin and bullion in
London,
Week
Silver,
•
CURRENCY
(In lacs of rupees)—
Notes in
.
each.100%
5 Elizabeth & Trenton
RR., com.
1 Elizabeth & Trenton
RR., pref.
25
30
Bonds.
Per cent.
$1,000 Red Cloud SS. 7s, 1922.—. 39
$500 Swarthmore Chautauqua Assn.
1st 6s, 1939
90
$500 Penn Cent. Lt. & Pow. 1st &
ref.
5s,
1950.-X
78%
$400 Springfield Water 5s, 1926---
62%
$3,000 Wilmington & Chester Trac.
coll. trust extd. 6s, 1923
—
80
$500 Central Dist. Tel. 1st 5s, 1943 86%
By Messrs. R. L. Day & Co., Boston:
Shares.
Stocks.
$ per sh.
16 First Nat. Bank,
Boston.285%-286%
20 Old South Trust
$100 lot
1 Old Colony Trust, ex-div
10 rights Hamilton Mfg
2-5 Ipswich Mills, per 1-5
224%
46
15-15%
12 Nashua & Lowell RR
95%-100%
40 Pittsb. & East. RR., $50 each10c.
2 Hood Rubber, preferred
90%
4 Hartford Fire Insurance
530%
66 Edison Elec. Ilium, of Brocktonl34%
Shares.
Stocks.
$
per sh
55 Norton Co.,
1st pref
99 & div.
Keith, pref...
92 & div.
10 A. L. Sayles <fc Sons, pref., $50
1 Geo.
E.
each
20
......
5 Mass. Lighting Cos., pref
5 N. Boston Ltg. Prop., pref..-25 Anglo-Amer. Comml., com
50 Texas Gas & Electric, pref---.
50 Texas Gas & Electric,
73%
76
5c.
\$5 lot
com.--/
10 Great Falls Manufacturing
$500 City of Cambridge 414b, 1922.
Cordage
79 A
$1,000 Mallory SS. 1st 5s, 1932
71
$3,000 Lake Sh. El. Ry. gen. 5s. '33 50
$2,000 Atl. City Gas 1st s. t. 5s, 1960 4914
$8,000 Huntington Devel. & Gas 1st
6s, 1936
82 A
s.
1 Lawrence Gas
2
3
5
45
46-4613
25 Hamilton Mfg. rights
9714
$500 Cedar Rapids Mfg. & Pow. 1st
205-205J4
9114
Gillette Safety Razor, ex-div__143
Taunton Gas Light, $50 each._ 88 A
Qulncy Mkt„ C. 8. & W„ com. 150
Hood Rubber, pref
8914-90
30 Plymouth
f. 5s, 1953.
regarding
Comptroller of the
Banks.—The following information
National
national banks is from the office of the
Currency, Treasury Department:
.
t
Capital.
§25,000
April 30—The Security National Bank of Edgeley, N. Dak__
Correspondent: H. A, Schnell, Edgeley, N. Dak.
APPLICATION TO ORGANIZE APPROVED.
April 25—The First National Bank of Anchorage, Alaska
Correspondent: Winfield Ervin, P. O. Box
50,000
1412,
„
April 25—The First National Bank of Zeigler, Illinois
Correspondent: L. V. Gates. Zeigler, 111.
April 25—The Douglas Na tional Bank of Chicago. 111.—
Correspondent: P. W. Chavers, 53-4 East 43rd
(of
April 27-—The National Bank of Wood lawn
Chicago,
Correspondent: Osborne E. Quint on, care
35,000
200,000
—
St.,
Central
Hyde Park Bank, Chicago,/111.
April 29—-'The First National Bank of Slick, Okla
—____
Correspondent: Charles T. Okey, Slick, Okla.
APPLICATIONS TO CONVERT RECEIVED.
April 25—The First National Bank of Conway, Wash
______
Conversion of the State Bank of Conway.
Correspondent: State Bank of Conway.
APPLICATION TO CONVERT APPROVED.
April 25—The First/National Bank of Quinlan, Texas
—
Conversion of the Quinlan State Bank.
Correspondent: Jas. E. Laney, Quinlan, Texas.
June
1
Holders of rec. May
17
June
1
Holders of rec. May
16a
June 20
Holders of rec. June
1A
J50
May 20
Holders of rec. May
Holders of rec. June
Pratt &
Whitney Co., pref. (quar.)
April 30—11967-—The Central City National Bank, Central City,
President: John Lochrie.
Cashier: Jas. M, Miller.
700,000
Preferred
Pa 50,000
5810—The
5855—The
5878—The
-April
.April
Tishomingo, Okla
.April
Citizens National Bank of Meyersdale, Pa
-April
First National Bank of Stronghurst, 111
-April
Farmers National Bank of Osborne, Kansas^
.April
First National Bank of Lebanon, Kansas
-April
First National Bank of Ryan, Okla
National Bank of Kinsley, Kansas..___________ -April
-April
First National Bank of Carrolltown, Pa—
Citizens National Bank of Waynesboro, Pa—__ .April
Monaca National Bank, Monaca, Pa_—>—____ -May
—
VOLUNTARY
29 1941
30 1941
1
1941
(quar.)
;___
.■
...
we
not
15 ♦Holders of rec. May 16
5
Holders of rec. May
1A
May 10
IK
May 10
*1K
rec.
May
10
rec.
May
2
May 16
May 14
Holders of rec. Aprl
30
June
1
♦Holders of rec. May
14
♦2
June
2 ♦Holders of rec. May 19
___
__
June
1
IK
Holders of rec.
give the dividends announced
dividends
I
announced this week.
Per
Delaware & Hudson Co.
and
Days Inclusive.
June
1
IK
June
1
Holders of rec.
May
10a
1
June
1
Holders of rec. May
10a
2 K
June 20
(quar.)___—.
—
Holders of rec. May 28a
6a
May
IK
June
1
Holders of
rec.
IK
June
18
Holders of
* ec.
1
May
19
Holders of rec. Apr.
May 3la
30a
2a
May 31
Holders of rec. May
1A
May 31
Holders of rec. May
6a
2
May 12
Holders of ree. Apr.
19a
Holders of rec. May
24a
50c.
50C.
______
Electric
6a
1A
Holders of rec. May
_
—
(quar.)
Pennsylvania (quar
_____
Pittsburgh & West Virginia, pref. (quar.)
Street
Books Closed.
Payable.
(Steam).
Special guaranteed (quar.)._
1st pref. (quar.)
When
Cent.
Company.
Railroads
17
May
in previous weeks
This list does not include
paid.
yet
5
Holders of rec. May
1 ♦Holders of
Holders of
June
IA
\K
pref. (quar.)
Vaiji Raalte Co., 1st & 2d pref. (quar.)
Below
♦Holders of rec.
*1K
Tacoma Gas & Fuel, pref. <quar.)__,;
Tim ken-Detroit Axle,
June
30a
May 14
June
9
Railways.
Conn. Ry. & Ltg., com. & pref. (quar.).
1A
Detroit United Ry. (payable in stock)..
Havana Elec. Ry., L. & P., com. & pref.
c2A
Montreal L.. H. & Pow. Consd-. (quar.)
.
May
May 14
Apr.
to
May
May 16
1A
May
21
May 15
to
May 19
Holders of rec.
16
IK
2A
hlK
1
Holders of rec. May 16a
1
June
May 16
3
Apr.
30
3a
2
Holders of rec. May
Holders of rec.
16
May
Holders of rec. May
May 16
2
Miscellaneous.
1
(quar.)
May 16
Holders of rec. Apr.
25a
2
June
15
Holders of rec. June
10a
Holders of rec. June
Mils-Chalmers Mfg.. com.
American Acceptance Corp., common..
5
(quar.)
(qu.)
July
15
May
1A
16
Holders of rec. May
Holders of rec. Aor.
$l
American Brass (quar.)
Am.La France Fire Eng.,Inc..com.(au.).
3
May
2 A
May
14
16
J une
1
-Common (extra)
(pay, in pref. stock). *115
SI
(quar.)___
IK
American Radiator, common
Preferred
(quar
Holders of
rec.
2a
30
May
"Holders of rec.
3a
May 17
June 30
Holders of
rec.
June 15a
May 16
Holders of
rec.
May
2a
Amer. 8oda Fountain (quar.)
IA
May
14
Holders of rec, Apr.
30
Amer. Sumatra Tobacco, preferred-____
3A
Sept.
1
Holders of rec, Aug.
15a
American Tobacco, com. & com. B (qu.)
3
Holders of rec. May
10a
Amer.
Water Wks. & Elee.,
pref. (quar.)
Amparo Mining (quar.)
Art Metal Construction, extra.
a
______ —
June
1
IK
May
16
Holders of rec. May
2A
May
10
May
Holders of
10c. May 31
rec.
2a
May 10
to
1
Apr.
Holders of rec.
8a
Holders of rec.
May 14a
May 14a
Holders of
May 10a
1A
IK
June
1
j une
1
May 20
Bethlehem Steel, com. (quar
2A
IK
July
1
Holders of rec. June
15a
Common Class B (quar.)
LIQUIDATIONS.
Capital.
.$30,000
,
IK
July
Holders of
rec.
June
15a
Eight per cent cum. conv. pref. (qu.).
2
July
1
1
Holders of
rec.
June
15a
IK
Holders of
rec.
June
15a
Holders of rec. May
7a
9
j;:. Second preferred (quar.)
______
—__K___
Atlantic Petroleum
rec.
Seven per cent non-cum. pref. (quar.)
Bond & Mortgage Guarantee (quar.)..
4
July
1
May 14
British Columbia Fish. & Pack. (quar.).
.
1A
May 21
Holders of rec. May
Holders of
2
May 16
June
l
2
June
15
Holders of rec. June
1
2A
May
16
Holders of rec. May
2a
Brompton Pulp & Paper (quar.)
Brooklyn Edison Co. (quar.)_________
Montezuma, Ga.
Absorbed by the Citizens
Montezuma, Ga.
June 15
Associated Dry Goods, 1st pref. (quar.).
—...April 25 1941
Ohio
..April 28 1941
April 25—6576—The First National Bank of Montezuma, Ga
Effective April 14 1921.
Liquidating Agents: Citizens National Bank of
.
♦SI
July
American Bank Note, common (quar.)__
CORPORATE EXISTENCE RE-EXTENDED.
2526—The National Bank of Kennett Square, Pa
2524—The Lincoln National Bank of Cincinnati,
4
Holders of rec. Apr.
♦4
American Art Works, com. & pref.
25 1941
25 1941
25 1941
26 1941
28 1941
29 1941
29 1941
29 1941
Second National Bank of Meyersdale, Pa
5832—The
Holders of rec. May
Studebaker Corp., com. & pref. (qu.) —
Suncook Mills, com. & pref. (quar.)____
50,000
UnliU
5799—The
5800—The
4a
14
May 15
Tampa Electric Co. (quar.)
West Penn Tr. <fc Wat. P., pref. (quar.).
Preferred (acc't accum. dividend)
EXTENDED.
First National Bank of
Holders of rec. May
May
2
Standard Sanitary Mfg., com. (quar.)..
Preferred
5801—The
5809—The
5833—The
5813—The
5834—The
1A
2
_
Quissett Mill, common (quar.)
______
Southern California Edison, com. (qu.).
.___
la
4a
15
1
May 20
Reading Company, common (quar.)
April 28—11966—The Peoples National Bank of Osceola Mills, Pa_
President: Robert Jackson.
Cashier: Glenn Shaffer.
EXISTENCE
—
Preferred (quar.)
________
Otis Elevator, com. (pay'le in com. stk.)
Illinois Central (quar.).__
York, N. Y__
Conversion of the Commercial Exchange Bank, New
York, with three branches located within the limits
of the City of New York, N. Y.
President: L. A. Fahs.
Cashier: George Kern.
Holders of rec. May 16
1
50c.
Norfolk & Western, com. (quar.)
__
Norfolk & Western, adj. pref. (quar.)..
April 26—11963—The Union National Bank of Okmulgee. Okla—100,000
President: II. B. Ernest.
Cashier: H. G. Zike.
Apr.127—11964—The City National Bank of Mexia, Texas..
100,000
President: Blake Smith,
Cashier: W. G. Forrest.
April 27—11965Comxnercial Exchange National Bank of New
•June
1
Cleveland & Pittsburgh guar, (quar.)
25,000
2a
Holders of rec. May 21a
2A
Atch. Topeka & Santa Fe, com.
>
CORPORATE
50c
10
Holders of rec. May
Holders of rec. May
Martin-Parry Corp. (quar.)
Niles-Bement-Pond, common (quar.)
25,000
—
1
May 31
Manati Sugar, common (quar.)
Name of
25,000
.
1A
Lanston Monotype
25,000
CHARTERS ISSUED.
April 25—11062—The First National Bank of Brea, Cal.
Conversion of the La Habra Valley Bank of Brea.
President: F. N. High.
Cashier: J. F. Sievcrs.
52
May 16
June
IK
(quar.)
(quar.)
Machine (quar.).—
Lee Rubber & Tire Corp. (quar.
Iron Products Corp,, pref.
and
Ill-__-._-300,000
Days Inclusive.
Payable
Miscellaneous (Concluded)
Internal. Harvester, pref.
United Cigar Store3, com. (monthly)
Alaska.
Anchorage,
Books Closed.
When
Cent.
Company.
Standard Oil (Calif.) (quar.)
Standard Oil of New York (quar.)
ORGANIZE RECEIVED.
APPLICATION TO
Name of
Per cent.
Bonds.
$ per sh.
144 1
Stocks.
Per
Arnold, Boston:
By Messrs, Wise, Hobbs &
Shares.
[Vol. 112.
CHRONICLE
THE
1946
National Bank of
Buckeye Pipe Line (quar.)
Burns Bros., common (quar.)
Liability for circulation assumed under provisions of
Section 5223, U. S. It. S.
April 25—11914—The First National Bank of North, S. Car...
Effective April 21 1921.
Liquidating Agent, E. C. Johnson, North, S. Car.
______
California Pa -king
50,000
(quar.)
(quar.).
Canadian Converters, Ltd., (quar.)___
Canada Cement, pref.
Cedar Rapids
SI
*1A
IK
IK
rec.
Apr. 30a
Holders of rec.
May 20a
1
June 15 ♦Holders of rec. June
Holders of rec. Apr. 30a
May 16
Holders of rec. Apr. 30
May 16
30a
K
May
16
Holders of rec. Apr.
A
June
1
Holders of rec. May
15
flK
June
1
Holders of fee. May
15
A
June
1
Holders of
Mf£. & Power (quar.)...
Cities Service Co
preferred (monthly)—
Common (payable in common stock)
Common and
DIVIDENDS.
Preferred B (monthly)
Dividends
are now grouped in two separate tables.
In the
bring together all the dividends announced the cur¬
rent week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
have not yet been paid.
first
we
—_______
Holders of rec. May
10a
May
16
Holders of
rec.
Apr.
30a
IK
June 15
Holders of
rec.
May
11a
IA
May 16
Holders of rec. May
9
IA
Columbia Gas & Electric (quar.)
__
Consolidated Gas (N. Y.) (quar.)
Continental Paper & Bag Mills, com.(qu)
Davis
May 15
IA
May 16
Holders of
9
K
(quar.)..
Clinchfield Coal Corp.. com.
Preferred
rcc.
(quar.)
Mills.
—
*1A
May 16
rec.
May
June 25 ♦Holders of rec. June 11
Holders of
rec.
May 14a
Per
When
Cent.
Name of Company.
Payable.
1
June
15
Holders of
rec.
May 31a
May 16
Holders of
rec.
Apr. 30a
IK
May 15
Holders
Common (extra)
IK
May 15
Holders of rec. May
Preferred
Closed.
Books
Days Inclusive.
June
2
2
Dow Chemical, com.
are:
IK
Diamond Match (quar.)__
Dominion Bridge
The dividends announced this week
IK
May
Holders of
IK
15
May 24
IK
June
15
Holders of rec. June
2A
July
1
Holders of rec. May
31a
June
1
Holders of rec. Apr.
30a
5
July
1
Holders of rec. May 31a
IA
July
1
Holders of rec. May
IK
IA
May 15
June 10
IK
May
15
Holders of rec. May
May
10
Holders of rec. Apr.
June
1
Deere & Co., pref.
(quar.).
(quar.)
:_—
(quar.)—
Potasn Corp.. pref.
(quar.)
Eastern Steel, 1st & 2d pref.
(quar.)
Eastern
Railroads
(quar.).
(Steam).
June 30
2A
Canadian Pacilic, common (quar.).
Holders of
rec.
une
1
Eastman
Kodak, com. (quar.)
Common (extra)
Street
and
Electric
Baton Rouge Elec.
Railways.
Common
4
Co., common
Preferred
...
(qu.)_
CumberlandCo. (Me.) Pow.&L.,pf. (qu.)
Norfolk Ry. & Light..
Central Arkansas R
.
& Lt., prcf.
June
3
June
June
IK
*1A
Holders of
rec.
1
Holders of
rec.
May 14a
,1
Holders of
rec.
May 16a
1
May 14a
♦Holders of
June
1
June
1 ♦Holders of rec. May 20
Holders of rec. Apr.
rec.
May 15/
*1K
(quar.)
Alaska Packers' Association (quar.)
2
May
Amer. Dist. Teleg. of N. J. (quar.)_____
1
May 29
Amer. Smelting & Refining, pref.
(quar.)
*1K
June
*12 Ac July
American Thread, preferred
10
Rub. 7%
pref. (q
Garland Steamship
1
1
30
IK
IK
14
to
May 22
Great Lakes Dredge
May 15
to
May 31
Holders of rec. May
Brookslde Mills..
May 16
Holders of rec. May
10a
2
May 14
Holders of rec. May
Butler Mill (quar.)
*e 1
Bankers shares (monthly)
Colorado Fuel & Iron, common (quar.)..
-
3514 c
rec.
Connecticut Power, pref. (quar.)
Consolidated Cigar Corp., pref. (quar.).
Kamlnistiquia Power (quar.)
1A
June
1
IK
June
1
Holders of rec. May 20a
Holders of rec. May 16
rec.
rec.
May 16
May 11a
1A
a une
1
Holders of
rec.
May
preferred (quar.)
Gold & Stock Telegraph (quar.)
IK
June
1
Holders of
rec.
May 17a
♦1A
July
1 ♦Holders of
Hartman
*1K
June
1
Corporation (quar.)..
Hoosac Cotton Mills, pref. (quar.)...
-
2
Holders of
rec.
July
Holders of
rec.
May 20a
May 14
rec.
June 30
May 18
Holders of
rec.
May
4
(qu.)
16
May
14
June
1
Holders of rec. Apr.
Holders of
rec.
9a
30a
Apr. 30
23
Holders of rec. Apr.
♦Holders of
rec.
May 10
Preferred
(quar.)
Lancaster Mills, com.
(quar.)
(quar.)
May
16
Holders or rec. Apr.
30a
May
16
Holders of rec. May
2a
June
1
Holders of rec.
IK
Lehigh Coal & Navigation
2
3
June
1
Holders of rec. May 21
2A
June
1
Holders of rec. May
24
May d31
Holders of rec. Apr.
30a
SI
3
Preferred Series A
Preferred Series B
Ludlow Mfg.
Special
Associates (quar.).
June
1
$6
16
♦Holders of rec.
2a
20
Holders of rec. May 20a
2
12a
Federal Utilities, pref. (quar.)
General Asphalt,
(quar.)
May 12a
Holders of rec. May
May
July
1
S2
Inland Steel
May 25
9
rec.
J une
♦25c.
15
1 ♦Holders of
*8Kc June
Holders of
IK
May 21
Cosden & Co., pref. (quar.)
Electric Investment Corp., pref. (quar.)
(quar.)
20
2
Preferred (quar.)
May
IA
May 15
Holders of
21
rec.
2
—
com. (q
1
♦Holders of rec. May
Holders of rec. May
June
Holders of rec
1A
(quar.)
Illuminating & Power Secur., pref.
1
June 24a
30a
Imperial Oil (monthly)
Indiana Pipe Line (quar.)
1
rec.
May 14 ♦Holders of
Holders of
May 14
*2
7
une
Holders of
30
1
5
June
Holders of rec. May 24a
July
May
75c. May 25
la
la
25
Holders of rec. Apr.
May 31
May 31
2a
Holders of rec. Apr.
IK
May
31a
May 15
1
rec.
June
1
4
rec.
May
rec.
IK
Dock
Harbison-Walker Refract.,
Preferred
rec.
Holders of
1
May 16 ♦Holders of
June 30 ♦Holders of
*1
Cement Securities (quar.)—
Stock dividend
Hamilton Mfg.
Holders of
1
June
May 20 ♦Holders of rec. May
♦114
By-Products Coke Corp. (quar.)
Casein Co. of America (quar.).___.
10
Holders of rec.
5a
5a
5a
Apr. 30
May
2
Gilliland Oil, pref. (quar.).
Joodrlch (It F.) Co., pref
(quar.).
♦May
rcc.
July
$3
(quar.)
May 29
5
May 15
Gillette Safety Razor
10
10
—
to
IK
Eisenlohr (Otto) & Bros., com. (quar.)_.
Elk Horn Coal Corp.. pref. (quar.)
May 16
Boston Mfg. Co., 1901, pref. (quar.)___
Cities Service,
(quar.)
General Cigar, preferred (quar.)...
Debenture preferred (quar.)_____
Miscellaneous.
Acme Tea, 1st pref.
(extra)
Preferred
Firestone Tire &
75c
_—
of rec. May
May
15
$16
May 15
Holders of
rec.
May 16a
Holders of rec. Apr. 30a
Holders of
rec.
Apr. 30a
Holders of rec. Apr.
$5.50
May 15
$1.50
June
1
Holders of
June
1
Holders of rec.
SI
May 21
rec.
May
30a
2
May 7 1921.]
THE
Per
Miscellaneous
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
*2X
June,
——
1 ♦Holders
of rec. May
Massachusetts Cotton Mills
4
May 10
Holders of rec. Apr.
Massachusetts Gas Cos., pref
2
June
1
May 17
May Department Stores, com. (quar.)..
2
June
1
Common (quar.).
Preferred
24
22a
May 31
Holders of
rec.
2
Sept.
J
Holders of
rec.
Aug. 15a
IX
July
1
Holdeis of
rec.
June 15a
1X
Oct.
1
Holders of
rec.
Sept. 15a
1
Holders of
Holders of
rec,
rec.
Apr. 27
Apr. 30a
__ _..._ ___.
_
(quar.)
(quar.)
Preferred
to
...
...
2
June
—
Merrimae Mfg., com. (quar.)
Merritt Oil Corp. (quar.)
2X
May 16
Philadelphia Banks.—The Philadelphia Clearing House
the week ending April 30 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
statement for
(Concluded)
Manchester Mills, common
1947
CHRONICLE
May 16a
50c. May 16
Holders of
rec.
May
;.
IX
May 14
Holders of
rec.
Apr. 30
Montreal Light, Heat & Power (quar.)..
IX
May
16
Holders Of
rec.
Motor Wheel Corp., preferred (quar.)—
Natlonal Biscuit, common (quar.)...—
2
May
Holders of rec.
IX
July
16
15
Apr. 30
Apr. 30a
Holders of
June 30a
Miami Copper (quar.)
Middle West Utilities, pref. (quar.)
preferred
IX
May 31
Holders of
rec.
IX
(quar.)
Nat. Enameling <fe Stamping, com. (qu.)
May 31
Holders of
rec.
May 17a
May 11 v
Aug. llo
Nov. 10"
Aug. 31
Holders of rec.
IX
Nov. 30
Holders of
....
IX
June 30
Holders of rec. June 10?
*- -
IX
Sept. 30
Holders of
Dec.
31
Holders of
Line
15
Holders of
rec.
May 15
Holders of
rec.
IX
Common (quar.).
Common (quar.)
preferred
(quar.)
preferred
(quar.)
(quar.)
Preferred
.
w—--
IX
—
——
National Lead. pref. (quar
IX
National Refining, com.
New Jersey Zinc (quar.)
IX
(quar.)
May
Aug.
10
June
1
2
(quar.)
New York Shipbuilding (quar.)..
*2
Common
Pacific Gas
f 50
June
Common (quar.) __ u .
Common (quar.).
1
rec.
rec.
May
May
May
2
Dec. 31
IX
Holders of
June
1
Holders of rec.
June
1
Holders of
1
/50c. June
May 31
IX
stock).
Exchanges for Clearing House
Due from banks
12,348,0
18,077,0
216,0
485,019,0
12,564,0
Total deposits
585,336,0
18,578,0
603,914,0
2,486,0
14,81S,0
2,486,0
U. 8. deposits (not included)
Reserve with legal deposit's.
Reserve with F
R. Bank...
Total reserve and cash held.
62,333,0
Reserve
46.972,0
15,361,0
587,0
required
Exo888 rec. & cash In vault..
♦
Boston Clearing House
Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
25
10 a
Holders of
rec.
Apr.
30
16
Holders oi
rec.
Aor.
30a
1921.
May
rec.
May
rec.
May 18a
June
1
Holders of
18a
Due to banks
88,461,000 Dec.
2,604,000
May 31
May 31
Holders of
rec.
May 21a
Time deposits
...i_....
20,501,000 Dec.
Holders of
rec.
May 21a
United States deposits.——
14,277,003 Dec.
May
16
Holders of
rec.
Apr.
11
Exchanges for Clearing House
May
16
Holders of rec. Apr.
15
Due from other banks
12,480,000 Dec.
47,883,000 Dec.
348,000
1,726,000
1,737,000
Cash in bank and F. R. Bank
May
rec.
2a
16
5
May 10 ♦Holders of rec, May
May 10 ♦Holders of rec. May
5
1
Holders of rec. May 16a
May 15
Holders of rec. Apr.
50c.
May
15
May
16
2 ,573,000
2,579,000
6,000
4,143,000 550 ,665,000 557,528,000
4,066,000 383 ,590,000 387,696,000
2,579,000 Inc.
Loans, disc ts & investments- 546,522,000 Dec.
Circulation....
.
-
_._
...
Individual deposits, incl. U.S. 379,524,000 Dec.
91 ,065,000
20 ,849,000
91,877,000
20,786,000
6,565,000
437,000
16 ,003,000
14 ,217,000
54 ,448,000
57,097,000
41,622,000 Dec.
42 ,059,000
41,762,000
245,000 Dec.
...
590,000
835,000
369,000
17,755,000
14,782,000
Holders of rec. Apr, 30a
2
15c. June
Jone
15
1
2a
May
rec.
June
to
2a
19
1
Holders of
rec.
Mar.
5a
May 24
Holders of
rec.
May
10a
June
Holders of rec. May
June
1
87 Xc June
15
Holders of rec.
16a
May 31a
15
Holders of
July
IX
rec.
IX
IX
(quar.).
July
June 29
May 28
May 31
la
Banks and Trust Companies in New York
30c.
trust
companies in Greater New York City outside of
Clearing House, are as follows:
and trust
the
Holders of rec. May
May
to
1
COMBINED
RESULTS
16
Wayagamack Pulp & Paper (quar.)....
1
Wells, Fargo & Co
2 X
June 20
Holders of rec.
IX
June
1
Holders of rec.
June
1
Holders of rec. May
IX
June
1
IX
June
1
Holders Of rec.
IX
(qu.)
(quar.)... ♦25c.
2
Woolworth (F. W.) Co., com. (quar.)
June
White (J. G.) Co., pref. (quar.)
White (J. G.) Engineering, pref. (quar.)
—
17
May 20a
May 16 a
16a
16
May 16
Holders of rec. May 25
1
50c. June
(mthly.).
Holders of roc. May
1
Holders of rec. May 16
2
May 15 ♦Holders of rec. May
to
June
1
May 18
May
3
(J. G.) Management, pref.
Will & Baumer Candle, com.
TRUST
COMPANIES
IN
YORK.
NEW
I The New York Stock Exchange has ruled that stock
ex-dividend on this date and not until further notice,
a Transfer
lor this dividend,
b Less British
income tax.
d Correction.
/Payable in common stock,
g Payable in scrip,
h On ac¬
1 Payable in Liberty or Victory Loan bonds.
Demand
Reserve in
in Vaults.
Depositaries.
,
Investments.
Week ended—
*Total Cash
Deposits.
Loans and
Holde-s of rec. May
-
AND
BANKS
2a
May 16
May
June
(quar.)
OF
GREATER
IX
(qu.)
City.—The
of the New York City Clearing House banks and
companies combined with those for the State banks
averages
May 3
3
_
Reserve Bank
Federal
June 1
IX
pref. (quar.)
Reserve excess in bank and
30a
Holders of rec. May
Holders of
May 16
ffix
Warwick Iron & Steel
I
1921.
$
rec.
June
United Drug, 2d pref. (quar.)
Payable in stock.
April 16
1921.
Holders of
50c.
Ignited Gas Improvement, pref. (quar.).
count
April 23
Holders of
1
e
Chances from
previous tceek.
Awil 30
2a
Holders of
IX
closed
CLEARING HOUSE MEMBERS.
BOSTON
30a
*1X
IX
(quar.)..
.....
13,711,0
mary
1
nx
(quar.)..
West India Sugar Fin. Corp., com.
63,947,0
50,236,0
Cash in vaults not counted as reserve for Federal Reserve members.
1
United Cigar Stores, com. (monthly)...
not
12,710,0
65,618,0
49,670,0
15,948,0
799,0
3,285,0
2,698,0
12,086,0
621.774,0
20,908,0
2,353,0
49,827,0
12,589,0
64,769,0
50,469,0
14,300,0
2,711,0
48,460,0
12,776,0
50,422,0
~
11,911,0
June
e20D
(quar.)
From unofficial sources.
50,422,0
vault *
Cash In
June
Transatlantic Coal (quar.)
...
Union Tank Car, com. & pref. (quar.)—
♦
488,886,0
12,530,0
611,148,0
15,954,0
Time deposits
May 16
IX
2X
Motor Construction--...
will not be quoted
89,307,0
109,732,0
2
(quar.)—
Stewart Mfg., com. (quar.)
Stewart-Warner Speedometer, com.(qu.)
Superior Steel, 1st & 2d pref. (quar.)....
books
19,755,0
86,463,0
106,331,0
2
—
com.
20,934,0
12,0
285,0
IX
(quar.)..
Wrigley (Wm.) Jr., Co.,
425,0
86,451,0
deposits
$37,725,0
104,180,0
706,334,0
23,064,0
94,426,0
114,361,0
495,327,0
104,180,0
704,792,0
106.046,0
466,942,0
Bank deposits
Individual
$37,725,0
37,725,0
105,972,0
697,662,0
4,500,0
IX
Stern Brothers, pref.
White
13,080,0
33,722,0
3
...
Standard Oil (Neb.), in stock
Preferred
33,225,0
92,892,0
663,940,0
20,509,0
....
Surplus and profits
Loans, dlsc'ts & Investm'ts.
1921.
May 10a
rec.
Holders of rec. May
Holders of rec. May
May
SL
(quar.)
(quar.)
U. S. Steel Corp., com.
Preferred
(quar.)
14a
May 21
2
(quar.)
United Paper Board,
Holders of rec. Apr.
16
Spalding (A. G.) & Bros., 1st pref. (qu.).
Standard Sanitary Mfg., com.
Capital
April 16
1921.
Total.
5
May 18a
May 11a
rec.
May 14 ♦Holders of refe. Apr.
May
50c.
Quaker Oats, pref. (quar.)
Products Corp.
Holders of rec. May
8
2
Sharp Mfg. Co. (quar.)
----Shaw (W. W.) Corporation (quar.)—...
Standard Milling, com.
1
June
IX
Smith (A. O.) Corp., pref.
Southern Pipe Line (ouar.)
June
2
*5
Pure Oil Co., com. (quar.)
Common (payable in common
April 23
Trust
F.R. System Companies
6a
reci
Week ending April 30 1921,
Members of
Two ciphers (00) omitted.
1
(quar.)
Vacuum Oil
1
Dec.
Pullman Company (quar.)............
Tobacco
16a
30a
June
rec.
Sept.
Procter & Gamble, com. (quar.)
Preferred
May
rec.
Holders of
2
May 16
Holders of
$1
May 10
*12^c May 10 ♦Holders of
Pittsburgh Oil & Gas (quar.)
Standard
Holders of
Holders of rec. Apr.
30 ♦Holders of
rec.
Pittsburgh Steel, pref. (quar.)
Pressed Steel Car, com. (quar,)..
Second preferred
1
30
16
♦Holders of
*50c.
Pennsylvania Coal & Coke (quar.)
Preferred
Apr, 30
rec.
♦50c. Sept. 30 ♦Holders of rec.
.—
Penmans, Limited, common (quar.)
Preferred
Holders of
May 16
IX
♦50C. June
May 20a
May
1 ♦Holders of rec. May
June
Peerless Truck & Motor, com. (quar.)..
Dec. 10»
rec.
Holders ot roc. July
Aug. 15
IX
—
(quar.)..
(payable in common stock)..
& El., 1st pf. & orig. pf. (qu.)
15
May
IX
I—*—
(quar.)
(quar.).
Preferred
Owens Bottle, common
Sept. 10
reo.
Holders of rec. May 10a
Holders of rec. Apr. 30
May 16
2
Ontario Steel Products, common (quar.)
rec.
la
Holders of rec. Apr. 30
Holders of rec, July 30
10
2
$1
New Jersey Zinc
Preferred
rec.
2a
Mar,
12
Mar.
19...—.——
Mar. 26
2..
Apr,
9
April 16
Apr*
April 23
April 30.
♦
.
—
—
This item includes gold, silver,
Reserve
notes,
t Corrected
9
■
4,314.472,300
tll0,570.800
583,456.400
4,346,190,400
110,483,900
583.800,900
4,348,258,100
5,568,707,800
5,567,907.300
5,532,610.200
5,550,054.700
5,510,254,000
5,476,446,500
5,452,354.600
5,433,149,900
5,385,905,300
5,346,189,000
26—.
$
%
f
Feb.
116,277,500
112,487,400
580,580,000
113.236,200
589,418,800
572,716,000
112.091,100
4.346,242,100
4.287,160,600
4,331,583,100
582,003,500
4,330,421,000
112,919,500
578,028.600
4.315,896,900
115,964.300
582,034,600
4,290,676,900
114,014,900
116,455,700
564,554,600
570,658,600
4,290,295,400
legal tenders, national bank notes and Federal
figures.
of accumulated dividends.
Payable
In preferred
stock.
■' '.:■■■
+
-v
-
Transactions at the New York Stock Exchange
daily,
weekly and yearly.—Brought forward from page 1952.
New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
/RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
Slocks.
Week ending
May 6
Railroad,
Slate, Mun.
&c..
& Foreign
Bonds.
Bends.
I
1921.
Shares.
Par Value.
CLEARING
HOUSE.
U. S.
(Stated In thousands of dollars—that is, three ciphers [000
Bonds.
omitted.)
"
:\
581,900
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
_..
1,098,960
834,950
__.
$3,169,009
51,705,500
61,291,500
829,910
1,225,910
1,199,151
1,093,000
1,541,000
1,302.500
1,859,000
1,154,500
3,821,000
4,746,400
95,259.000
Total..
90,157,100
4,429,000
5,770,781 $393,450,600
.......
$2,376,000
9,685,000
6,848,000
5,616.000
5,182,000
6,842,000
$333,500
3,386,000
3,494,000
825,163,500
69,474,000
$23,045,000
$7,283,500 $36,549,000
Net
CLEARING
Jan. 1 to May
Week ending May 6.
Week ending
April 30 1921.
Tr. cos. Feb. 28
Members
W. R. Grace & Co.
Exchange.
1921.
shares...
Par value
...
1920.
1921.
1920.
5,770.781
4,213,293
$393,450,600 $373,056,550
...
Bank shares, par
Bank.
64,354,278
$4,714,637,621
$600
..
5
1,500
Mutual Bank
New York Stock
Stocks—No.
Res.
of
103,414,950
$9,212,361,975
$1,400
200
:
Nat'l
Reserve
Net
Net
Cash
with
Demand
Time
Bank
In
Legal
De¬
De¬
Circu¬
Vault.
Deposi¬
posits.
posits.
lation.
Dis¬
Nat.bks.Feb.21 Invest¬
Statebks.Feb28 ments,
Battery Park Nat.
6.
Loans,
counts,
Fed'l
Sales at
Capital. Profits.
tories.
&c.
Average Average Average Average Average Average
$
$
'
5
$
$
$
23
191
209
8,895
1,345
1,561 1L414
277
379
790 11,282
11,834
1,663
.t' 500
4,708
16,232
27
410
3,228
1,358
731
538
1,460
8,629
8,435
2,400
Total-
980
200
•
Yorkville Bank
4,063
43,636
1,153
4,878
32,586
10,093
191
State Banks.
Bonds.
7,283,500
$52,234, 00
3,919,000
$642,062,800
89,633,100
$1,069,392,000
State, mun., &c., bonds
RR. and misc. bonds..
23,045,000
10,381,000
317,220,500
£15,172,000
$66,877,500
$66,534,100
$1,048,916,400
SI,445,669,800
Government bonds
S36,549.000
DAILY
....
TRANSACTIONS
AT
THE
BALTIMORE
Boston.
BOSTON,
Shares.
3,383
514
215
2,220
1,226
3,506
18,048
30
16,979
700
2,030
20,362
2,734
1,441
21,554
30
200
PHILADELPHIA
527
9,088
350
212
3,527
5,620
TotaL.
200
527
9,088
35
212
3,527
5,620
3,300
6,620
73,086
6,531 a57,667
+ 717
15,743
+ 13
+ 1
856,950
a56,753
15,730
190
4,207
4,151
6,743
6,612
6,998
4,153
6,571
a55,745
855,635
AND
EXCHANGES.
Philadelphia.
Bond Sales,
440
1,589
Bank of Wash Hts
101,105,800
Balltimore.
Week ending
May 6 1921.
100
600
Total
Total bonds
...
Shares.
Bond Sales.
Shares.
Bond Sales.
Grand aggregate..
us
Saturday
....
11,325
20,363
$16,200
32,900
3,423
514,500
29,800
Tuesday
13,714
87,200
6,675;
5,825!
Wednesday
12,698
49,9.50
3,940:
42,5.50
24,900
Thursday
19,084
46,300
6,390
43,900
Friday
15,985
76,000
4,070
4,000
Monday
Total..
93,167
5308,550
30,323
S159,650
1,321
1,008
687
25.000
1,952
1,951
1,290
11,000
—19
week
4,237
+ 8C
—212
$8,300
8.209
3,300
3,300
9,600
12,000
Gr'd aggr, Apr.
Gr'd aggr. Apr.
25,000
a
$90,900
6,620
6,620
3,300
6,620
3,300
6,996
73,105
72,770
71,581
71,400
4,357
15,704
191
194
15,653
196
15,187
196
U. S. deposits deducted, $678,000.
Bills payable, rediscounts, acceptances
Excess reserve, $288,600 decrease.
....
and other liabilities, $540,000.
/
1948
CHRONICLE
THE
State Banks and
House.—The
Trust
Companies Not in Clearing
State
Banking Department reports weekly
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
SUMMARY OP STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
CFigures Furnished by State Banking Department.
Differences from
Loans and Investments
Gold
I
Currency and bank notes...
Deposits with Federal Reserve Bank
<
Total deposits................
previous week. '
$2,744,700
k April 30.
$609,751,000
......
f New York
Inc.
Inc.
__
............
6,100
Inc.
545,700
Inc.
736,600
Inc.
6,904,300
17,367,400
51,264,500
645,318,000
[Vol. 112.
Note.—U. 8. deposits deducted from net demand deposits In
a
*
Includes deposits In foreign branches not included in total footing as follows:
National City Bank, $107,081,000; Bankers Trust Co., $10,608,000; Guaranty Trust
Co., $109,966,000; Farmers' Loan & Trust Co.. $17,779,000: Equitable Trust Co.,
$25,592,000.
Balances carried In banks in foreign c untries as
reserve for such
deposits were: National City Bank, $44,216,000;
Bankers Trust Co., $243,00
Guaranty Trust Co., $11,277,000; Farmers' Loan & Trust Co.. $1,782,000: Equit
ble Trust Co., $5,302,000.
c Deposits in foreign branches not included,
g As
1,557,800
597,275,400
April 1 1921.
■
STATEMENTS OF RESERVE POSITION OF CLEARING
108,191,300
Inc.
—
Percentage of
reserve,
21.1%.
8,207,900
$49,338,300
24,347,200
14.22%
07.03%
Members Federal
..$34,505,800
20.92%
$73,685,500
21.25%
State
Deposits In banks and truBtcos——
*
banks*.______
Trust companies
Includes deposits with the Federal Reserve Bank of
New York, which for
%
the
State banks and trust companies combined on April 30 were $51,264,500.
k The
a
Total April 30—_.
Total April 23
Equitable Trust Co. is no longer included in these totals, it having
become
of the
The change began with the return for Sept. 25.
Surplus
Reserve.
Total April
6",985",000
2,396,000
%
$
9
5,228,680
489,861,710
6,358,290
10.210,350
Actual
Statement of New York City Clearing
and Trust
Cash
members for the week
The figures for the
of totals, actual
figures at end of the week are
In the
also given:
State
Total
Resent
Surplus
Reserve.
Required.
Reserve.
$
$
$
Total April 30Total April 23
$
471,319,000 471,319,000 475,917,820
11,169,000 10,064,340
4,034,000
7,123,200
7,162,000
2,355,000
4,807,000
4,598,820
1,104,660
38,800
9,490,000 480,160,000 489,650,000 493,105.360
3,455,360
9.590,320
16,438,180
4,331,320
7",135,666
banks*.,.
Trust companies—
b
in
S
Reserve banks—
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
—
—
Total April
HOUSE
Net
Reserve
Loans,
Capital.\Pr ofits
MEMBERS.
Discount,
Invest¬
(.000 omitted.) Natl, Feb. 21
Week ending State, Feb. 28
April 30 1921. Tr.Coa.,Feb.28
ments,
Cash
Legal
&c.
9,355,000 489,019,000 498,374,000 488,783,680
8,961,000 501,660,000 510,621,000 494,182,820
9
8,869,000 478.994,000 487,863.000 402,194,320
Natl
*
Time
De¬
a
Circu¬
posits.
Not members of Federal Reserve Bank.
This Is the reserve required on net
Bank
Demand
Deposits.
Net
with
in
Vault. Deposi
16
Total April
(Stated in thousands of dollars—that is. three ciphers [0001 omitted.)
CLEARING
lories.
la¬
Fed. Res. Bank
Bk of N
Y.NBA
Manhattan Co.
Mecb A Metals.
Bank of Amer..
S
turst 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:
Apr. 30, $6,049,980; Apr. 23, $5,969,790; Apr. 16, $5,849,760; Apr. 9, $5,819,490.
Average
$
*
2,000
5,000
10,000
5,500
7,221
38,135
Average Average
$
634
17,135
122.329
1.937
16,750
186,066
8,761
6.107
Average
$
$
25,196
1,757
6.158
66,700
490,7831 8,828
48,451
Atlantic Nat 1..
15,199
1,138
458
12,819
1,823
Nat Butch A Dr
300
159
135
661
Amer Exch Nat
5,000
25,000
7,695
32,665
126,338
17,420
4,786
121.170
326.171
1.164
2,225
1,726
1,729
8,399
20.609
4,281
Corn Exchange.
7,500
9.772
Imp A Trad Nat
8,654
National Park..
1,500
10.000
161,280
34,703
23,142
176.448
1,257
East River Nat.
1,000
737
10,352
364
1,000
10,000
4,690
22,596
281,508
1,048
38,008
12.500
10,909
177,804
7,067
723
Pacific Bank...
Chat A Pnenlx.
Hanover Nat 1
Metropolitan
Second Nat'l—.
First National..
Irving National
N Y County Nat
404
1,000
22,516
116,252
112,915
44,809
1,435
5,414
13,918
7,005
20,272
791
3,471
16,763
1,773
2.655
21,606
23,850
1.603
972
Continental....
1,000
772
12,725
7,164
115
868
Chase National.
15,000
21,158
300,493
5,254]
Avenue..
500
969
Comm'l Exch..
700
2,374
1,047
Lincoln Tr Co.
2,000
1.108
21,713
438
Metropol Tr Co
NassauNat.Bkn
2,000
3,438
573
l.ooq
Farm L A Tr Co
5,000
111,768
1,617
Columbia
2.000
1,465
11,403
1,589
28,699
15,640
31,375
2,852
1,400
1,247
2,459
1,800
5,763
1,724
2,636
3.656
25,968
5,981
41,979
2,380
9,753
3,603
15,002
3,034
3,323
1,312
11,650
24,842
686
3,290
12.000
16,077
150.330
1,909
17.552
Fifth
400
828
1,541
National
1,000
1,000
19,288
8,573
9,085
16,648
672
13,104
319
Seaboard Nat'l
1,000
46,952
974
Coal A Iron
15,805
782
Brooklyn Tr Co
1,500
1,000
1,500
4,778
1,509
Bankers Tr Co.
20,000
2,752
19,502
USMtgATrCo
Guaranty Tr Co
2,000
25,000
Commonwealth
Garfield Nat'l..
Fifth
Union Exeb Nat
1.551
18,599
503
531
504
568
35,495
813
1,313
5,053
257,609
57,992
37,727
451,730
2,757
673
Fidel-Int Tr Co
1,500
1,619
18,084
388
Columbia Tr Co
5,000
7,610
1,814
74,949
1,101
1,244
Peoples' Tr Co.
1,500
NY Trust Co- glO.OOO £16,067
Equitable Tr Co
37,062
161,684
932
482
777
2,928
trust companies,
required
but in
on net
demand deposits in the case of State
the case of members of the Federal Reserve
4,253
1~336
—The
285
4,717
2,431
following shows the condition of the Federal Reserve
Bank of New York at the close of business
comparison with the previous week
223
15,344
Condition of the Federal Reserve Bank of New York.
350
227
4,370
100
269,900 465,576 4,564,931
Totals, actual
Totals, actual
Totals, actual
Apr. 304 ,587,443
ndltlon Apr. 23 4,583,582
10
51
2,094
5,287
1,070
83
49
Gold and gold certificates
Gold settlement fund—F. R. Board
co
co ndition
State Banks.
Greenwich Bank
Bowery
State
Apr. 16 4,653,759
603
18,329
163,679
11,046
7,097
182,900
2,081
2,429
12,893
5,774
234,437
19,044
8,694
9,475
15,834
13,544
41,908
11,767
19,762
27,068
834
194
Total gold held by bank
733
386
44,089
*426,858
co
All other—For members..
35,389
113,504
422
23,389
12,888
1,111
*102,817
124
307
Total
Trust Cos.
bills
on
Title Guar A Tr
U. 8. Victory
18,991
bonds
Totals, actual
Totals, actual
Totals, actual
697
334
3,556
2,162
5,566
30,946
50
44",084
6,985
4,133
55,503
All others
4,034
4,229
55,913
55,386
4,093
55,069
44,181
43,987
43,909
Bank premises
Uncollected items
Total resources
12,314
46,136
1,516
3,050
30,379
809
6,157
25,518
880
1,636
16,820
71,654
2,396
4,686
47,199
1,316
eo ndltlon Apr. 30
71,830
47,488
72,069
70,322
2,355
2,343
2,191
4,807
co ndition
4,640
46,555
44,969
1,316
1,316
1,291
\
Apr. 30 4,759,365
+ 4,341
88,376480,160
—428—8,859
3,717,394 248,788 31,560
+ 32,003 +4,070 + 251
Apr. 234,755,024
Apr. 164,823,654
88,804 489,019
88,617 501,660
87,612 478,994
3,685,391 244,71831,309
3,727,949 241,75431,738
3,713,310 239,55532,166
83.072 509 .002
3.802,735
pre vious w eek
Gr d aggr., act 1 cond'n
Gr d aggr., act 1 cond'n
Gr'd aggr., acfl oondn
Gr'd aggr.,act'l cond'n
Apr.
Apr.
94,830,113
214.854,228
50,000
233.050l32.234
12,533,000
1,678,710
112,636,458
3,455,754
712,511,850 1,049,089,000
4,912,809
3,269,000
1,734,010
3,097,000
114,375,109
128,124,000
3,287.127
891,000
1,622,103,809 1,621,856,124 1,840,219,000
26,888,500
56,414,456
Government deposits
to
6,811,458
651,038,992
members—Reserve account
Other deposits, lncl. foreign Govt, credits
Total deposits
739,003,660
liability
Deferred availability Items
All other liabilities
Ratio
of total
reserves
17,593,693
675,444,144
F. R. bank notes In drcul'n—net
507
18,472
Gr d aggr., act 1 cond'n
59,276,000
1,457,000
Liabilities—
Due
Grdaggr.avge. 283,650 489,540 4,736.438 92,184 486,839 3,693,020 247,116 31,455
Comparison, pre viousw eek
—42,461 + 1,889
4,493
—4,539 +2,873 —107
Comparison
55,276,000
55,276,000
713,961,931
4,917,641
21,313,200
82,535,437
20,504,412
to
depoet
circulation
674,227,473
741,459.950
22,015,200
81,134,492
20,196,602
24,547,000
45,082,000
4,587,000
717,737,000
41,924,000
764,248,000
845,006,000
37,836,000
101,898,000
21,602,000
and
F. R. note liabilities combined
in
26,407,950
56,414,456
10,797,582
647,896,039
15,533,852
.1,622,103,809 1,621,856,124 1,840.219,000
Total liabilities
4,648
162,825,000
975,773,000
__
Total earning assets
44,134
7,135
7,012
6,770
Apr. 23
co ndition Apr. 16
46,828,688
656,230,450
1,005,400
_
One-year Certificates (Pittman Act)..
50
99,853
10,000
222,386,000
notes
Ratio of total reserves to F.
Avge. Apr. 30-
7,337,000
255,742,318
657,680,531
1,005,400
Surplus
1,637
100,092
6,000
4,000
215,049,000
275,783,166
43,139,954
hand
U. S. Government
Not Me mbersof F. R. Bk.:
Lawyers Ti A Tr
49,700,000
U. S. certificates of indebtedness—
8,519
5,491
99,573
590,562,000
16,866
25,157
*159,780
3,750
99,373
353,659,444
253,742,318
2,000,000
Bills bought in open market.
1,292
2,723
21,675
ndition Apr. 30
Apr. 23
ndition Apr. 16
540,862$«$$
661
2,419
839
co
343,659,444
10,000.000
For other F. R. Banks
22,506
18,121
73,097
2,718
eo ndition
655,749,000
338,757,410
275,783,166
F. R. notes In actual circulation
Totals, actual
Totals, actual
Totals, actual
106,812,000
785,035.216
323,900,560
14,856,850
10,071
250
Avge. Apr. 30..
548,937,000
117,432,943
7,369
2,500
Bank
667,602.273
S. Gov¬
ernment obligations—for members
78, 8864'
=71,319 c3,613,993 203,291 31,560
79, 449 4 80,150 c3,583,450 199,415 31,309
79, 6564 92,919 c3,627,911 196,564 31,738
2,732
215,623,000
306,316.000
26,998,000
785,453,313
reserves
Secured by U.
333,636,895
297,965,378
36,000,000
106,974,187
For other F. R. Banks
3,354
*207,344
82,803478,020 c3,590,318 201,666 31,455
18,485
5,736
75,632
88,713,000
678,479,126
400
326
85,520,000
68
339
261,553,947
72,082,948
36,000,000
297,514,178
Total gold reserves
388
242
344,964,947
Legal tender notes, silver, &c.
Bills discounted:
37
Not Me mbersof F. R. Bk.:
1,933
May 7 1920.
41,390,000
Gold redemption fund
Total
390
64,768,341
Gold with Federal Reserve Agent
100
1,066
280,196,608
Capital paid In
1.00C
April 27 1921
Gold with foreign agencies
All other resources
co ndition
■
..
May 4 1921.
Resources—
14,890
10,082
May 4 1921, in
an(I the corresponding
date last year:
""589
5% redemp. fund aget. F. R. bank notes
Avge. April 30
banks
Bank
required on net time deposits, which was as follows:
Apr. 30, $6,098,730; Apr. 23, $5,982,450; Apr. 16, $5,896,620; Apr. 9, $5,832,360.
reserve
"989
128,682
10,337
=
and
includes also amount of
1,963
12,265
84,394
237,873
24.351
98,983
101,316
47,413
148,882
26.451
13,626
1,868
2,601
6,190
$
48,762
1,195
*484,501. 35,944
96.350
1,828
767
13,539
77
4,799
31,995
3,426
..
1,000
7,000
3,000
2,500
Nat Bk of Com
54,517
$
94,137
11,320
Chemical Nat 1.
Average Avge.
138,162
3,411
12,637
18,170
40,000
4,600
1,000
National City..
demand deposits in the case of State banks
and
tion
b This is the reserve
Members of
8,594,58o
Figures.
Reserve
Vault.
Members Federal
separate banks are the averages of the daily results.
case
12.352.39o
Depositaries
Reserve
in
City Clearing House
ending April 30.
490,308,650
493,327,610
494,883,420
1,127,460
2,150
House Banks
Companies.—The following detailed statement
shows the condition of the New York
$
478,020,000 478,020,000 472,791,320
9,990,540
11,118,000
4,133,000
7,079,850
7,082,000
4,686,000
9,381,000 486,839,000 496,220,000
9,187,000 491,332,000 500,519,000
9,076,000 496,604,000 505,680,000
8,991,000 494.487.000 503,478,000
Total April 16
member of the Clearing House and being now Included in the statement
Clearing House member banks.
Reserve
Required.
$
Reserve banks
Total...........
Total
Reserve.
S
Vault.
in
15.94%
04.98%
Cash in vaults...————————*$26,297,900
in
Depositaries
Reserve
Companies—
a
Reserve
Cash
—Trust
>
Averages.
v
RESERVE.
——State Banks
HOUSE BANKS
AND TRUST COMPANIES.
4,157,500
1,248,800
Inc.
totals
were
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits...
;
the general
as follows: Average for
week April 30, $108,933,000;
actual totals
$103,716,000; April 23, $111,268,000; April 16, $154,741,000:
April 9,
$146,810,000; April 2, $154,516,000,
Bills payable, rediscounts, acceptances and
other liabilities, average for week April 30 $907,429,000;
actual totals April 30,
$899,583,000; April 23, $928,064,000; April 16, $937,341,000; April 9, $945,616,000:
April 2, $892,558,000.
\
ove
April 30,
after getting
55.5%
55.5%
41.4%
R.
Notes
aside 35%
against deposit liabilities
Contingent liability on bills purchased
for foreign correspondents
74.3%
74.1%
47.0%
12,129,812
12,120,343
16,187,837
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
"uncoUected 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,
calculated on
computations are on the old basis; that is, reserve percentages are
basis of net deposits and Federal Reserve notes in circulation.
the
A further
change was made beginning with the return for April 8.
This change
of reserves to Federal Reserve notes after setting aside
consists in showing the ratio
35% against the deposit liabilities.
Previously the practice was to show the ratio
of reserves to deposits after setting aside 40% against the Reserve notes in circulation.
MAY 7
1921.]
THE
The Federal Reserve
figures for the system
Banks.—Following is the weekly statement issued by the Federal Reserve Board
whole
as a
are
given in the following table, and in addition
weeks, together with those of corresponding weeks of last
ly for each of the twelve banks.
Further gains
In commenting upon
a
lbss of
rediscount
in deposits and a reduction
with
a
of $1,500,000 in Federal Reserve note circulation.
indicated in the Federal Reserve Board's weekly bank statement issued
Wednesday, May 4 1921.
rise for the week from 55 to
The
reserve ratio shows
obligations show
purchases of long and short-term Govern¬
of Pittman certificates held by the
liabilities
these
on
Other certificates,
show
notes
bank notes,
reduction for
a
decline of $8,500,000 and on May 4 stood at
a
Federal Reserve note circulation shows a further decline
800,000,
and other U. S. bonds; $259,800,000, or 29.1%, by
7.0%,
or
certificates,
Treasury
by
with
an
$588,700,000.
is
Liabilities
May 4 1921.
RESOURCES.
Gold
and
certificates
gold
Gold settlement fund,
Gold
A
364,244,000
482,200,000
F. R. Board..,
with foreign agencies
for the week.
banks in the
About $480,000 of the total Increase
reported by the Federal Reserve Bank of New York, most of this increase
the
leading member banks in New York City.
Federal Reserve Banks
at the
Close
of
Business May 4 1921.
Apr. 27 1921. Apr. 22 1921. Apr. 15 1921. April 8 1921. April 1 1921. Mar. 261921. Mar. 18 1921.
347,946,000
488,219,000
$
S
$
339,432,000
327,637,000
477,229,000
466,241,000
$
$
313,322,000
504,061,000
299,485,000
497,790,000
May 7 1920.
$
$
291,960,000
200,431,000
172,683,000
509,913.000
♦613,572,000
392,751,000
836,165,000
2,343,358,000 2,317,569,000 2,298,071,000 2,286,879,000 2,264,010,000 2,246,439,000 2,210,766,000 ♦2205,539,000 1,941,580,000
reserve
Legal tender no tea, sliver, Ac
Total
increase of $622,000
112,781,000
old with Federal Reserve agents
gold
•
801.873,000 ♦780,003,000
678,215,000
797,275,000
817,383,000
793,878.000
816,661,000
1,326,087.000 1,317,860,000 1,321,816,000 1,346.558,000 1,306,949,000 UGO.345,000 1,246,507,000 1,257,807,000 1,121,311,000
167.729,000
142,054,000
148,819,000
163,385,000
139,678,000
146,443,000
163,544,000
170,827,000
159,594,000
846,444,000
Gold redemption fund
Total
"
,
*
Total gold held by banks
•
of
$
s
*
in capitalization of member
to increases
Dallas districts, the reserve banks' paid-in capital shows
corresponding to increases in capital stock and surplus by some of the
Richmond and Dallas are the only Reserve banks which report bills under
and
York and
New
$268,700,000 and $63,200,000 reported the week before.
Combined Resources
for the week of
8.5% below the corresponding total reported at the close of the
Owing largely
by Liberty
Victory notes, $62,100,-
compared
or
first week in May of last year.
year.
were secured
liability side, shows a further
Since March 18, when both these items were first
slightly over $1,500,000, the May 4 total of $2,828,600,000 being $263,-
Of the total holdings of $892,400,000 of paper secured by United States
Government obligations, $570,500,000, or 63.9%
The "float" carried by the Reserve banks, as measured by the
nearly 43%.
further
$2,426,600,000, compared with
$3,214,400,000 at the close of the first week in May last
000,
reduction for the week of $12,400,000, while
disregarded in calculating deposit liabilities and reserve ratios, the amount
of the float*has declined from over $146,000,000 to $83,600,000, or by
of $2,300,000.
total earning assets show
Cleveland banks, compared
the previous Wednesday.
decrease of $5,500,000.
though the bank's net
the week
re¬
compared
difference between the total of "uncollected items" on the resource side and
with non-member banks, fell off $1,700,000.
In consequence of the changes noted,
on
the total of "deferred availability items" on the
and tax certificates acquired temporarily
largely loan
under repurchase agreements
Bank bills totaling $14,900,000,
deposits increased by $14,300,000, and other deposits, composed
$1,100,000.
Hodlings of acceptances bought
Reserve banks with the Treasury to
Federal Reserve
outstanding
secure
York
says:
largely of non-member banks' clearing accounts and cashier's checks, by
No change is shown in the total
declined by $9,300,000.
and liabilities separate¬
The former bank held under
Reserve banks.
with the New
$6,600,000
reserve
decrease for the week of $28,100,000, while other dis¬
a
other
Government deposits show a
hand increased by $30,700,000.
on
in open market
preceding
$10,000,000 the week before, while the Dallas bank reports $6,900,000
with
obligations, Federal Reserve bank holdings of paper secured by such
counts
with
of paper rediscounted with the Boston and
55.3%.
In connection with Treasury
ment
The
May 5.
seven
Comptroller and Reserve Agents and between the latter and Federal
of $25,800,000 in gold reserves, offset in part by
at close of business on
resources
the return for the latest week the Federal Reserve Board
discount
as
on
present the results for
The second table shows the
year.
$10,700,000 of silver and "legals," accompanied by an increase of $3,000,000
are
we
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the
Reserve banks.
1949
CHRONICLE
176,540,000
reserves.
187,194,000
198,198,000
194,733.000
217,824,000
214,792,000
211,212,000
209,260,000
134,507,000
2,519,898,000 2,504,763,000 2,492,804,000 2,485,077,000 2,481,834,000 2,461,231,000 2,421,977,000 ♦2414.789,000 2,076,087,000
.......
Bills discounted.
Secured by
Total bills
950,688,000 1,010,373,000 1,000,386,000 1,444,175,000
929,186,000
936,021,000
920,537,000
892,366,000
942,665,000
1,173,879,000 1,143,202,000 1,171,191,000 1,175,368,000 1,218,731,000 1,263,907,000 1,276,275,000 1,224,533,000 1,060,447,000
123.056,000
409,834,000
122,780,000
122,491,000
103,607,000
119,582,000
103,609,000
94,302,000
104,452,000
U. S. Govt, obligations
Another..
..................
Bills bought In
market
open
2,160,547,000 2,167,348,000 2,218,308,000 2,224,136,000 2,258,359,000 2,337,086,000 2,409,704,000 2,347,699,000 2,914,456,000
26,796,000
25,845,000
26,847,000
25,720,000
25,547,000
25,914,000
25,690,000
25,691,000
25,689,000
68,000
19,000
19,000
19,000
19,000
19,000
19,000
19,000
19,000
band..........*...
on
U.S. Government bonds
U. S. Victory notes
U. S. certificates of Indebtedness:
One-year certificates (Pittman Act)
All
239,375,000
1,009,000
.
other
239,375,000
2,708,000
245.875,000
7,824,000
240,875,000
5,827,000
247,375,000
6,303,000
247,375,000
2,983,000
254.375,000
2,490,000
254,375,000
30,576,000
259,375,000
13,662,000
2,426,639,000 2,435,140,000 2,490,720,000 2,503,768,000 2,537,603,000 2,613,183,000 2,692,435,000 2,658 514,000 3,214,357,000
12,433,000
Bank premises
20,622,000
20,465,000
21,514,000
20,651,000
21,002,000
21,832,000
21,908,000
21,782,000
12,128,000
12,428,000
12,068,000
12,166,000
11,856,000
5% redemp. fund agst. F. R. bank notes
11,647,000
11,339,000
11,562,000
10,886,000
3,300,000
3,300,000
Gold abroad in custody or In transit
Uncollected Items
sTo,828*666 5*50,*9*5*0*666 rnXoiWo 544,255,666 *554,315",o6o 693,640,000 716,882,000 704,490,000
524,651,000
6,734,000
9,891,000
9,225,000
11,892,000
All other resources
*11,200,000
11,454,000
11,578,000
12,310,000
12,430,000
Total earning assets
-
Total
5,516,412,000 5,504,480,000 5,580,128,000 5,652,524,000 5,607,795,000 5,672,436,000 6,763,167,000 •5836,209,000 6,026,229,000
resources
LIABILITIES.
Capital paid In...
Government deposits
...
Due to members, reserve acoount
Other deposits, lnol.
for'n gov't credits..
Total deposits
F. R, notes in actual circulation..
F. R. bank notes In circulation—net Uab.
Deferred availability Items
All other liabilities
of
gold
202,036,000
23,509,000
reserves
deposit and
to
50.9%
to deposit
R. note liabilities combined
F.
of
total
101,231,000
202,036,000
1,728,941,000 1,725,899,000 1,749,351,000 1,754.943,000 1,745,316,000 1,789,233,000 1,840,887,000 1,774,635,000 1,935,336,000
3,092,344,000
2,828,586,000 2,830,118,000 2,856,700,000 2,868,527,000 2.893,964,000 2,908,153,000 2,930,729,000 2,962,880,000
177,972,000
176.490,000
179,250,000
163,187,000
169,722,000
167,152,000
156,249,000
153,859,000
159,590,000
544,564,000
451,270,000
464,279,000 •570,347,000
507,724,000
445,108,000
430,700,000
454,238,000
441,069,000
63,357,000
40,063,000
64,833,000
48,633,000
50,885,000
52,993,000
58,243,000
56,982.000
60,064,000
F. R. note liabilities combined
Ratio
101,235,000
202,036,000
35,872,000
5,516,412,000 6,504,480,000 5,580,128,000 5,652,524,000 5,607,795,000 5,672,436,000 5,753,167,000 ♦5836,269,000 6,026,229,000
Total liabilities
Ratio
92,536,000
101,058,000
101.274,000
101,113,000
101.226,000
101,137,000
120,120,000
202,036.000
202,036,000
202,036,000
202,036,000
202,036,000
22,437,000
58.789,000
114,685,000
82,099,000
31,117,000
48,053,000
67,483,000
1,671,004,000 1,656,718,000 1,648,858,000 1,685,503,000 1,661,938,000 1,672,402,000 1,674,536,000 1,677,774,000 1,818,615,000
94,284,000
38.072,000
61,668,000
38.323,000
34,732,000
35,325,000
33,309,000
33,010,000
34,428,000
101,857,000
Surplus
49.! %
49.4%
48.8%
47.9%
46.3%
40.5%
a39.9%
53.5%
52.4%
50.8%
51.0%
a42.7%
64.7%
63.1%
60.7%
•60.5%
047.1%
$
S
and
reserves
55.3%
55.0%
54.1%
53.7 %
67.7%
67.2%
65.8%
65.2%
Ratio of total reserves to F. R. not win
after
circulation
setting
aside
35%
against deposit liabilities
Distribution by Maturities—
S
1-15 days bills bought In open market.
1-15 days bill discounted
1-15 days U.S. certif. of Indebtedness.
16-30 days bills bought in open market.
16-30
days bills discounted
certif. of Indebtedness
bought In open market.
16-30 days U. S.
81-60 days bills
81-60
days bills discounted
81-60 days U.S. certif. of Indebtedness.
61-90 days bills bought In open market.
61-90 days bills discounted
51-90 days U. S. certif. of indebtedness
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
$
actual
$
3
3,158,636,000 3,177,004,000 3,1 ;8,002,000 3,224,111,000 3,246,061,000 3,263,111,000 3,294,876,000 3.310.900,000 3,340,477,000
248,133,000
348,020,000
355.584,000
364,147,000
346,886,000
341,302,000
354,958,000
352,097,000
330,056,000
—
Held by banks
In
$
T
Federal Reserve Notes—
Outstanding
S
$
100,113,000
57,335,000
49,120,000
42,852,000
47,033,000
35,245,000
58,175,000
50,389,000
54,067,000
1,226,865,000 1,229,368,000 1,243,261,000 1,231,807.000 1,246,667,000 1,287,221,000 1,362,700,000 1,355,122,000 1,492,965,000
11,954,000
31,424,000
14,758,000
6,424,000
6,425,000
6,959,000
4,000,000
6,860,000
1,020,000
79,906,000
24,977,000
24,860,000
25,264,000
28,108,000
32,125,000
21,429,000
22,921,000
19,359,000
237,443,00#
227,479,000
208,163,000
217,566,000
224,009,000
234.427,000
201,058,000
211,712,000
210,847,000
2,040,000
4,627,000
4,000,000
2,052,000
4,621,000
4,500,000
2,165,000
1,772,000
3,568,000
175,165,000
35,343,000
34.510,000
36,510,000
28,626,000
31,135,000
18,060,000
24,743,000
15,873.000
406,720,000
359,303,000
410,801,000
393,659,000
369,200,000
402.366,000
364,964,000
412,075,000
357,156,000
7,579,000
6,576,000
10,625,000
0,655,000
7,040,000
4,563,000
5.108.000
7,097,000
18,940,000
54,650,000
13,340,000
8,761,000
9,119,000
14.249.C00
5,945,000
13,004,000
6,398,000
5,003,000
324,059,000
207.684,000
242,118,000
218,399,000
248,446,000
269,649,000
278,264,000
199,475,000
215,658,000
12,836,000
4,640,000
9,125,000
7,605,000
7.722.001
7,255,000
7,604,000
8,945,000
12,674,000
43,435,000
40,897,000
46,099,000
40,057,000
49,950,000
42.057,000
47,733,000
39,707,000
55,719,000
238,628,000
237,684,000
217,139,000
221,273,000
229,245,000
226,569,000
232,010,000
223,256,000
204,182,000
2,828,586,000 2,830,118,000 2,856,700,000 2,868,527,000 2,893.964,000 2,908,153,000 2.930,729,000 2,962,880,000 3,092,344,000
circulation
chargeable to Fed. Res. agent 3,965,186,000 3.990,273,000 4,004,644,000 4,026.934,000 4,060,545,000 4,084,382.000 4,097,318,000 4,105,419.000 3,748,211,000
407,734,000
794,519,000
802,823,000
802,442,00C
814,484,000
821,271,000
813,269,000
806,642,000
806,550,000
bands of Federal Reserve Agent
Amount
In
3,158,636,000 3,177,004,000 3,198,002,000 3,224,111,000 3,246,061,000 3,263,111,000 3,294,876,000 3,310,900,000 3,340,477,000
Issued to Federal Reserve banks
Bow Secured—
By gold and gold certificates..
By
...
eligible paper
Gold redemption fund
With Federal Reserve Board..
3 340 477 000
3,158,636,000 3.177,004,000 3,198,002,000 3,224,111,000 3,246,061,000 3,263,111,000 3,294,876,000 3,310,900,000
Total
Eligible paper delivered to
a
F. R
2,295,178,000
Agent. 2,109,070,000 2,106,702,000 2,165,485,000 2,174,005,000 2,216,539,000 2,278,462,000 2,359,723,000
Calculated on the old basis of net
ability items."
257,692,000
227,380,000
233,852,000
233,853,000
220,386,000
233,852,000
233,852,000
233,853,000
233,852,000
1,832,549,000 1,859,144,000 1,876,186,000 1,877,553,000 1,939,112,000 1,962,766,000 2,049,369,000 2,053.093,000 2,219,166,000
92,979,000
116.071,000
111,570,000
104,511,000
104,409,000
120,988,000
106,157,000
119,167,000
119,127,000
770,640 000
914.350.000
914,610,000
952,109,000
960,335,000
964,841,000
983,554,000 1,001,136,000
973,108,000
deposits—that is, after deducting from gross deposits "uncollected items," but Including also in the gross deposits "deferred
printed In Italics in Introductory remarks on Page 1255 In "Chronicle" of March 26.
The new method Is to disregard both of these—see matter
2 854 072 000
avail¬
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 4 1921
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Two ciphers (00) omitted.
Federal Reserve Bank of—
RESOURCES.
Boston.
5,989,0
2,954,0
5,110,0
66,070,0
28,497,0
17,339,0
344,965,0
54,711,0
S
$
2,942,0
2,154,0
7,707,0
18,612,0
364,244,0
10,803,0
33,032,0
3,987,0
44,534,0
482,200,0
24,843,0
18.993.0
20,896,0
35,186.0
30,833,0
11,694,0
62,574,0
4,272,0
4,351,0
6,052,0
91,689,0
22.449,0 114,940,0
58,774,0 191,241,0
8,190,0
21,901,0
20,041,0
94,899,0
44,240,0
34,052,0 192,175,0 2,343,358,0
176,540,0
2,491,0
5,921,0
846,444,0
63,146,0
14,001.0 117.275,0 1,326,087,0
31,451,0
38,149,0
15,463,0
678,479,0 187,058,0 272,876,0
4,098,0
3,753,0
106,974,0
81,717,0
4,337,0
88,097,0 347,210,0
5,718,0
12,118,0
11,342,0
774,0
72,071,0
3,551,0
269,157,0
discounted:
785,453,0 190,811,0 276,974,0
86,054,0
93,815,0 359,328,0 103,031,0
45,014,0
Secured
75,622,0
39,973,0 194,666,0 2,519,898,0
62,807,0
35,328,0
72,539,0
1,703,0
50,019,0 120,923,0
62,838,0 242,461,0
1,108,0
7,373,0
34,225,0
13,980,0
44,324,0
575,0
58,513,0
30,457,0
59,585,0
50,022,0
892,366,0
10,985,0
53,098,0 116,905,0 1,173,879,0
25,0
94,302,0
10,270,0
657.681,0 153,047,0 165,223,0 109,570,0 113,965,0 370,757,0
621,0
833,0
1,233,0
4,490,0
1,434,0
1,005,0
3,0
10,0
79,124,0
1,153,0
72,493,0
90,067,0
116,0
8,867,0
1,0
10,320,0
38,0
338,758,0 107,329,0
34,275,0
275,783,0
11,443,0
43,140,0
37,533,0
open
7,130,0
market
hand
on
107,315,0
550,0
U, S. Victory notes..
U. S. certificates of indebtedness:
...
5,0
(Pittman Act).
One-year ctfs.
12,117,0
6,874,0
41,029,0
8,357,0
by
62,652.0
bought In
20,436,0
Total earning assets.....,,
25,0
12,260,0
15,564,0
36,612,0
13,068,0
8,480,0
1,0
1,0
30,0
6,0
2,0
713,962,0 183,412,0 189,885,0 123,064,0 130,154,0 411,889,0
1,775,0
730,0
1,869.0
3,107,0
520,0
4,918,0
93,351,0
23,799,0
20,0
651,0
128,493,0
3,340,0
premises
90,906,0
11,510,0
28,280,0
55,276,0
187,0
other
1,022,0
64,108,0 177,197,0 2,160,547,0
3,979,0
25,689,0
1,408,0
19,0
4,400,0
46,715,0
Uncollected items
112,636,0
3,455,0
569,0
resources
1,009,0
72,487,0 189,558,0 2,426,639,0
21,908,0
1,824,0
548,0
81,091,0 109.293,0
599,0
2,052,0
626,0
239,375,0
10,880,0
73,0
1,239,0
601,0
540,0
1,749,0
523,0
412,0
916,0
361,0
544,0
10,886,0
50.719.0
41.538,0
20,041,0
65,326,0
30,169,0
14,115,0
38,602,0
455,0
582,0
2,279,0
611,0
156,0
604,0
24,108,0
1,614,0
32,712,0
619,0
524,651,0
864,0
1,300,0
47,970,0
622,0
1,679,0
eral Reserve bank notes
170,827,0
11,754,0
5% redemption fund against Fed¬
All other
Total.
1
72,059,0
U. S. Government bonds
Bank
San Fran.
$
S
$
297,514,0 123,921,0 195,474,0
5,343,0
8,426,0
36,000,0
other
All
Dallas.
St. Louis. Minneap. Kan.City.
$
2,849,0
51,862,0
253,694,0
reserves
Total bills
$
52,007,0
U. S. Govt, obligations
All
Chicago.
8
64,768,0
26,252,0
Total gold reserves
b Bills
Atlanta.
$
$
280,197,0
175,435,0
-
Legal tender notes, silver, &c.._
Bills
$
7,499,0
44,608,0
Total gold held by banks
Gold with F. R. agents
Gold redemption fund
a
$
Cleveland. Richmond
PhUa.
S
Gold and gold certificates
Gold settlement fund—F. R. B'd
Total
New York.
[Vol. 112.
CHRONICLE
THE
1950
12,430,0
449,296,0 1,622,103,0 424,635,0 521,550,0 253,487,0 245,862,0 843,678,0 228,311,0 141,387,0 227,089,0 140,367,0 418,647,0 5,516,412,0
Total resources
LIABILITIES.
7,849,0
26,889,0
8,585,0
10,955,0
5,391,0
4,071,0
14,226,0
4,44^,0
3,524,0
4,474,0
15,711,0
Capital paid in.
Surplus
...
Government deposits
56,414,0
17,010,0
20,305,0
10,561,0
8,343,0
28,980,0
8,346,0
6,980,0
9,159,0
2,438,0
651,039,0 101,404,0 144,852,0
759,0
1,120,0
17,593,0
1,045,0
734,0
1,632,0
2,148,0
1,581,0
2,074,0
46,075,0 240,795,0
353,0
2,680,0
63,883,0
41,722,0
469,0
69,851,0
4,3,772,0
72,442,0
65,480,0
88,527,0
.
Due to members—reserve acc't.. 107,476,0
821,0
Other depos., incl. for. govt.cred.
54,010,0
493,0
710,0
675,443.0 103,209,0 148,049,0 55,548,0 47,162,0 245,107,0 66.741,0
739,004,0 232,280,0 276,548,0 135,733,0 155,982,0 469,877,0 110,973,0
109,487,0
Total deposits
685,0
6,811,0
1,190,0
F. R. notes in actual circulation. 259,260,0
4,193,0
6,033,0
7,253,0
101,857,0
14,194,0
202,036,0
23,509,0
1,934,0
43,309,0 106,588,0 1,671,004,0
34,428,0
404,0
8,509,0
1,237,0
517,0
44,950,0 117,031,0 1,728,941,0
54,615,0 239,307,0 2,828,586,0
F. R. bank notes in circulation—
21,313,0
14,847,0
20,424,0
8,005,0
12,570,0
23,171,0
7,179,0
6,776,0
11,228,0
5,606,0
8,096,0
153,859,0
82,536,0
44,118,0
14,828,0
51,944,0
28,532,0
12,618,0
38,383,0
23,051,0
2,410,0
2,906,0
10,373,0
2,093,0
2,237,0
2,876,0
1,919,0
28,684,0
4,082,0
441,069,0
3,586,0
41,434,0
3,835,0
35,839,0
20,504,0
14,044,0
39,102,0
3,243,0
net liability
Deferred availability items-.-...
All other liabilities—
60,064,0
449,296,0 1,622,103,0 424,635,0 521,550,0 253,487,0 245,862,0 843,678,0 228,311,0 141,387,0 227,089,0 140,367,0 418,647,0 5,516,412,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com¬
bined,
per cent........
65.2
56.7
55.5
73.0
...
46.2
45.0
50.3
47.0
41.2
58.0
55.3
54.6
40.1
Contingent liability as endorser on
discounted
paper
rediscounted
21,739,0
6,882,0
14,857,0
with other F. R. banks
Bankers' acceptances sold to other
25,0
25,0
1,472,0
32,386,0
F.R. banks without endorsem't
Contingent liability on bills pur¬
chased for foreign correspond'ts
a
bills
Includes
discounted
2,336,0
Includes
bankers'
1,568,0
1,152,0
3,808,0
864,0
1,504,0
832,0
1,536,0
for
acceptances bought fr
om
21,739,0
3,972,0
14,857,0
2,910,0
other F. R. banks, viz,:
b
2,624,0
2,560,0
12,130,0
R. banks
other F.
-~L.~
25.0
without their endorsement
STATEMENT
OF
FEDERAL
AGENTS'
RESERVE
Phila.
Cleve.
S
Boston. New York
Federal Reserve Agent at—
ACCOUNTS
$
AT
CLOSE
;
25,0
BUSINESS
OF
Rlchm'd Atlanta
A.."'
MAY
Chicago
St. L.
$
1921.
K.
Minn.
S
4
S
Dallas
Total.
San Fr.
$
City
$
'
Resources—
S
{In Thousands of Dollars)
Federal Reserve notes on hand
$
S
00 21,420 43,370 23,489 77,440
880,939 253,788 300,521 140,954 163,954
99,570
Federal Reserve notes outstanding
'
%
.
161,240
26,720
507,875 131,978
268,
271,852
$
11,380
4,100
67,687
97,250
$
806,550
40,600
29,221
57,239 284,599 3,158,636
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
150,000
Eligible paper/Amount required...
96,417
(Excess amount held..
3,500
9,040
43,428
10,898
3,794
59,778
3,533
13,052
1,644
3,473
52,931
6,200
27,360
316,634
69,404
66,417
53,991
9,702
46,791
24,629
6,110
8,716
233,852
4,891
15,596
175,645
16,699
2,649
14,590
13,532
5,274
35,500 50,000
106,000 110,389 155,000
583,425 129,867 105,047 102,805 105,180
19,835
Gold settlement fund—Federal Reserve Board
23,775
176,924
5,600
Gold redemption fund
23,595
18",427
3,875
5,235
119,127
973,108
43,238 167,324 1,832,549
276,521
8,258
20,692
98,848
654,172 2,073,306 538,036 704,190 309,191 414,064 1,230,981 300,378 171,383 222,195 164,391 618,056 7,400,343
Total
Liabilities—
Net
of Federal
amount
Reserve notes
received
from
Collateral received from
Federal
Reserve
669,115 158,698
/ Gold
Bank (Eligible
626,853 138,907 164,825 106,599 113,896
107,315
paper
79,067 101,350
191,241
62,574
370,625
371,422 1,148,939 275,208 343,891 164,443 241,394
38,149
58,774
175,4.35
297,514 123,921 195,474
Comptroller of the Currency
79,106
20,896
71,420
86,460 325,199 3,965,186
30,833
14,001 117,275 1,326,087
90,012
63,930 175,582 2,109,070
654,172 2,073,306 538,036 704,190 309,191 414,064 1,230,981 300,378 171,383 222,195 164,391 618,056 7,400,343
Total
880,939 253,788 300,521 140,954 163,954
5,221
23,973
7,972
141,935 20,508
507,875 131,978
37,998
21,005
67,687
97,250
12,592
2,207
8,723
57,239 284,599 3,158,636
45,292
330,050
2,624
259,260
Federal Reserve notes outstanding
Federal Reserve notes held by banks..
739,004 233,280 276,548 135,733 155,982
469,877 110,973
65,480
88,527
54,615 239,307 2,828,586
271,852
'
Federal Reserve notes in actual circulation
Member Banks of the Federal Reserve
banks in about 100
important cities
was
System.—The first midweek statement showing condition of 821 member
made public Thursday as at close of business on Wednesday April 27, the same date
to which last week's Federal Reserve Bank statement referred.
The Federal Reserve Board in its comment
on
the
statement
says:
The statement indicates further net
liquidation since April 22 of
000,000 of loans and discounts and of $7,000,000 of U.
securities, partly offset by
S.
$40,-
Government
increase of $24,000,000 in other investments.
an
commercial
increase
loans,
of $6,000,000 in
and
Government securities,
of $16,000,000 in other investments, are
Accommodation of reporting banks at the
Federal Reserve banks shows a
Reduction by about $60,000,000 is also shown in the total accommodation
reduction from $1,583,000,000 on April 22 to $1,523,000,000 on
of the reporting institutions at the Federal Reserve Banks.
and constituted 9
As
and
against
an
a
nominal increase in loans secured by Government obligations,
increase of $11,000,000 in loans secured by corporate
the reporting
banks show
discounts, largely of
bonds and
reduction of $53,000,000 in
a
commercial character.
a
Victory notes show
obligations,
other loans and
Holdings of United States
increase of about $2,000,000, those of
an
City members,
For the New
reduction in accommodation at the local Federal
a
Reserve Bank from $542,000,000 to $508,000,000 and a
of acccommodation from 10.8 to
Government
April 27.
8% of the banks' total loans and investments on the later
date, compared with 10.1% shown in the previous report.
York
also an
noted.
deposits
decline in the ratio
10.1% are noted.
all reporting institutions
of
show a
decline of
Treasury certificates declined about $9,000,000, while other investments
$3,000,000, other demand deposits
(net) increased by $11,000,000, while
including stocks and bonds, went
time
deposits remained unchanged.
No change in Government deposits,
demand deposits and of $4,000,000 in
above
changes,
total loans
and
up
$24,000,000.
investments
$23,000,000 since the latest report date to
10% from the peak reached
shown
an
on
Oct.
In consequence of the
show
a
further decrease
$15,606,000,000,
15 1920, and of 8%
decline
a
of
and increases of $6,000,000 in other
of
time deposits are
from the total
the last of April last year.
For member banks in New York City
aggregate increase of $5,000,000 in loans secured by Government and
on
corporate obligations, as against reductions of $36,000,000 in other, largely
The
reductions
$51,000,000 in
$76,000,000
of
investments,
in
loans
and
in the consolidated weekly statement of condition
on
are
As against
smaller number of reporting
in
but
and
April 22 of 821 member
largely
States
of
bonds
a
commercial
and
Victory
character,
notes
is
declined
shown.
by
and
Holdings
about
Holdings of Treasury certificates fell off about $48,000,000 and
$239,000,000,
a
in New York City.
compared
with
$630,000,000
held
of
$4,000,000.
on
by
a
April 22
slightly
banks
show a
Other investments show
dcrease of $127,000,000 for the week
to $15,-
from the| peak attained on Oct.
15 1920,
629,000,000, a decline of 9%
from the total shown on April 23 of last year.
For member banks
in New York City reductions of $10,000,000 in loans
secured by Government
Wgely
a year ago.
In consequence of the above changes, total loans
nominal increase.
investments
and of 7%
slight slight reductions in loans secured by Government
corporate obligations, liquidation of about $70,000,000 in other loans and
at
$7,000,000 represents the gain at the memoer oanks
of
and
banks in leading cities.
stood
Cash in vault shows a gain of $17,000,000, of which
in New York City.
indicated
discounts
compared with decreases of $75,000,000
Government deposits and of $122,000,000 in other deposits,
United
the Federal Reserve banks show a total increase
all reporting institutions, and an increase of $6,000,000
following is the weekly statement of the member banks issued by the Federal Reserve Board on April 23.
Aggregate
discounts,
shown for member banks in New Yrok City.
Reserve balances with
of $5,000,000 for
commercial,
and corporate obligations, of $33,000,000 in other,
loans
of $19,0001,000 in Treasury certificates, and
noted.
Federal Reserve banks in¬
nominal changes in other investments are
Accommodation
creased
slightly
of reporting banks at the
from
$1,581,000,000 on April
15 to $1,583,000,000 on
Mat 7
1921.]
THE
CHRONICLE
April 22, and constituted 10.1% of the banks' total loans and investments
the later date, compared with 10% on the previous Friday.
For the
York City members, a reduction in accommodation at the local
Reserve bank from $552,000,000 to $542,000,000 is noted, without however,
any change in the ratio of accommodation.
Net withdrawals of Government deposits for the week totaled $75,000,000.
Net demand deposits, in keeping with the substantial loan liquidation,
decreased by $136,000,000, while time deposits show a gain for the week of
$14,000,000 to $2,938,000,000,
on
1.
Data for all reporting member
Loans
88
tJ. S. Victory notes
U. S. cer ificates of Indebtedness-...
...
$
______
26,554
336,140
665,908 1,091,690
44,470
98,012
10,070
20,490
17,844
16,808
156,103
281,792
474,503
60,790
7,153
5,558
49,955
894,395 1,508,792
62,618
92,648
19,723
30,128
630,885
820,858
41,265
428,750
597,959
31,460
15,570
306,752
118,824
469,309 2,316,276
116,626
752,195
719,774|4,556,482
________
170,945;
462,513
19,757;
123,609
25,386
23,246
13,873!
216,886
42,154
33,403
35
34,647
6,787
29,968
75,930
22,632
119,131
30,009
21,476
71,361
231,279
393,558
387,831 1,828,512
39,872
75,716
465,839
273,965
486,395
27,700
34,655
2,260
29,724
347,669
2,143
2,456
67,382
16,547
1,221
33,672
3,054
36,292
2,874
46,920
Secured by U. S. Govt, obligations
98,823
9,978!
All other.
242,142
50,296
of
member
reporting
New
banks
York City.
6,332
29,671
Federal Reserve Bank and
in
46,360
574,805
38,789
169,907
69,716
373,081
104,955
6,311
5,876
3,019
13,762
5,422
821
7,270
36,660
221,775
773,063
265,705
34,074
1,140
1,872
9,566
955,047 12,248,694
103,004
871,125
19,102
191,999
18,466
229,762
170,722 2,064,512
12,899
620
1,503
3,450
700
4,406
38,898
28,779
and
other
cities
all
16,938
67,721
188*323
844,315
reporting banks.
All F. R. Bank Cities. F. R. Branch Cities. All Other Report. Bks. ,;'1
City of Chicago.
488,834
27,427
100
505
4,134
32,967
738,864
2,968,385
8,541,445
4,747
61
15,687
184,085
31,119
150,865
312,357 1,266,341 15,606,092
21,998
74,082 1,245,389
330,015
9,859
23,984
564,344 10,138,258
197,846
60,577
541,423 2,938,468
9,904
251,073
1,633
16,666
130
branch
5,613
2,866
19,278
313,877
16,921
7,280
61,084
.■
2,765
142,839
172,623
55,347
11,346
224,323 1,264,907
142,870
653,791
2,254
23,543
25,228
>
232
12,677
565,520
42,124
7,617
309,099
26,118
325
__
Total.
69
$-
324,076
28,182
Secured by U. S. Govt, obligations.
All other..
Bills rediscounted wi hF.R. Bank:
San Fran.
52
$
$
87,293
21,354
6,535
r
Bills payable with Federal Reserve Bank:
Dallas.
81
55,426
432,349
311,051 1,308,870
111,809
________
Government deposits.
35
$
63,680
-
Three ciphers (000) omitted.
37
$
$
389,738
,032,1345,754,327
73,301!
592,707
23,0461 113,216
Reserve balance with F. R. Bank
Data
113
348,508
679,502
127,198
Total loans, disc'ts & investments, incl.
bills rediscounted with F. R. Bank...
April 27 1921.
Chicago. St. Louis Minneap. Kan. City
43
72,696
203,474
9,669
Other bonds, stocks and securities
2.
Atlanta.
83
856,157 4,497,142]
33,159
304,109
84,255
5,951
Total loans and discounts
U. S. bonds....
Net demand deposits
Time deposits.
58
332,895
39,218
185,129 1,223,664
631,810 2,940,583
Loans secured by stocks and bonds.
All other loans and discoun s...
Cash in vault
at close of business
'
-
$
by U. S. Govt, obligations..
sec,
113
I
reported
000,000 in other demand deposits and a gain of $7,000,000 in time deposits.
Reserve balaaces a t the Federal Reserve banks show a decrease of
$29,-
New York Philadel. Cleveland. Richm'd.
49
about 12% in excess of the total
000,000 for all reporting banks and of $18,000,000 for the member banks in
New York City.
Cash in vault is shown $5,000,000 larger than the week
before, the New York City banks reporting no change in this item.
banks in each Federal Reserve District
Boston.
Number of reporting banks
Loans and discounts, including bills rediscounted with F. R. bank:
or
about a year ago.
Corresponding weekly changes for the New \ora City
banks include reductions of $44,000,000 in Government deposits of $63,-
New
Federal Reserve District.
1951
Total.
Three ciphers (000) omitted.
April 27. April 22. April 27. April 22.
Number of reporting banks
Loans and discounts, incl. bills redis¬
counted with F. R. Bank:
Loans
'
by U. S. Govt, oblig'ns
sec.
Loans secured by stocks & bonds
71
71
308,425
Total loans and discounts..
62,111
63,753
313,294
307,987
827,954
U. 8. Victory notes
G. 8. certificates of indebtedness
Total loans &
835,962
_
284
217
544,474
2,055,876
5,599,034
8,199,384
439,932
108,830
154,647
1,135,955
320
217
$
109,095
$
$
303,704
April 27. April 22. April 27. April 22. Apr. 27'21 Apr. 22'21 Apr. 30*20
April 22.
284
?
3,995,010 4,025,573 1,211,367 1,199,694
261,682
259,700
20,206
20,048
13,421
74,295
72,718
13,178
111,214
117,094
10,899
11,443
563,479
579.355
144,914
144,233
G. S. bonds
•
52
>V
1,055,979 1,055,126
2,666,743
.
All other loans and discounts.___ 2,630,606
Other bonds, stocks and securities.
52
$
S
%
April 27.
320
$ "
$
$
821
*
111,663
86,281
85,295
539,586
487,585
422,960
425,996
486,513
2,046,709
5,632,177 1,532,004 1,547,072 1,410,407 1,415,006
812
821
$
$
$
738,864
2,968,385
737,530
2.957.254
8,541,445
8.594.255
8,218,472 2,127,612 2,146,320 1,921,698 1,924,247 12,248,694 12,289,039
213,445
216,961
215,231
871,125
869,698
217,748
437,506
32,410
33,311
50,565
191,999
50,759
191,039
107,163
31,519
30,782
229,762
44,577
239,169
163,810
43,596
342,923
342,841 2,064,512 2,040,349
575,245
585,634
1,122,263
1,089,871
3,170,316
(a)
(a)
868,280
204,003
Q08.363
(a)
disc'ts, & invest'ts,
incl. bills redisc'ted witb F.R.Bk.
5,019,574 5,040,546
Reserve balance with F. R. Bank.
547,220
540,503
__
Cash in vault..
Net demand deposits
99,959
4,062,354
Time deposits
Government deposits
300,387
119,375
...
Bills payable with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
208,043
18,945
20,905
318,631
333,294
118,184
127,298
52,019
56,162
130
195,826
All other..
i'L
Bills rediscounted with F. R. Bank:
Sec'd by U. S. Govt, obligations..
1
1,400,807 1,388,596 10,038,748 10,049,214 3,025,349 3,033,668 2,541,995 2.546,412 15,606,092 15,629,294 16,930,335
143,253 1,245,389 1,240,344 1,415,145
142,619
191,957
189,353
124,506
124,756
913,417
905,134
70,987
75,118
312,642
330,015
355,372
61,387
60,069
92,754
33,231
31,014
193,510
181,586
883,069 7,080,147 7,068,609 1,592,454 1,594.953 1,465,657 1,464,133 10,138,258 10,127,155 11,463,745
4,055,860
891,116
650,954 2,938,468 2,937,916 2,619,027
913,299
649,565
314,710 1,377,061 1,373,663
911,842
296,768
314,374
21,286
21,491
253,674
251,073
150,136
198,860
33,323
119,375
196,471
33,316
13,606
13,606
130
130
130
1,257
1,093
116
302
22,535
516,754
1,525
488,834
1,503
889,345
4,851
97,107
96,400
8,448
9,405
158,612
108,207
580,807
137,677
8,560
129,383
190,217
111,525
21,151
134,125
188,323
237,976
157,883
610,025
9,799
214,907
126,668
844,315
874,370
317,420
924,731
10.1
All other.
10.8
9.9
10.0
10.5
11.0
9.1
9.5
7.5
7.6
9.8
10.1
12.6
Ratio of bills payable & rediscounts
t
with F. R. Bank to total loans
and investments,
r
a
per cent..
Comparable figures not available.
1.
Data for all reporting member banks in each Federal Reserve District at close of business April 22 1921.
Federal Reserve District
49
bills
discounted with F. R. bank:
Loans
New York Philadel. Cleveland. Richm'd.
Boston,
Number of reporting banks
Loans and discounts, including
Atlanta.
St. Louis Minneap. Kan. City
Chicago.
37
113
43
83
88
58
113
Three ciphers (000) omitted.
Han Fran
Dallas
81
35
52
v\::;
Total.
821
69
re
S
$
$
$
$
$
$
$
$
$
'
by U. S. Govt, obligations.
sec.
13,486
23.285
21,599
71,049
7,352
28,942
37,126
149,792
770,960
328,503
71,402
63,653
27,274
Loans secured by stocks and bonds.
184,7831,218,362
202,680
394,278
336,768
89,529
22,751
66,051
426,885
315,6401,311,394
29,808
632,9002,977,376
349,745
684,266
118,631
All other loans and discounts
322,179
233,585
394,ip
857,4374,524,241
668,3601 ,097,664
44,499
97,685
20,342
10,101
476,384
394,4421,827,808
464,095
276,879
486,785
265,250
16,507
33,940
1,205
-34,319
1,723
39,754
Total loans and discounts
€J. 8. bonds
33,072
D. 8. Victory notes
CJ. 8. certificates of Indebtedness
Other bonds, stocks and securities
Total loans, disc'ts <t
305,572
6,034
-
82,676
112,342
'38,923
60,780
7,164
77,785
34,593
27,629
1,987
28,574
339,380
2,002
3,615
3,241
5,707
67,373
19,325
46,475
563,086
317,531
18,549
576,148
42,488
7,041
12,532
175,449
374,962
220,772
11,304
122,740
18,546
17,908
6.230
3,143
2,284
126,487
736,148
156,254
280,850
49,158
37,073
897,7601,514,449
599,716
1,998
9,670
737,530
2.957.254
8.594.255
949,694 12,289,039
869,698
98,987
191,039
18,830
18,261
239,169
172,156 2,040,349
Investments, incl
bills rediscounted with F. R. Bank
1,034,334 5,771,377
Reserve balance with F. R. Bank
73,641|
63,219
93,033
16,123
29,263
14,048
632,345
828,570
306.999
41,062
427,989
23,171
119,220
27,207
42,[144
35,643
475,8652,308,140
27,458
174,249
53,077
10,783
225,547 1,250,722
654,546
143,444
31,245
104,734
719,8084,541,588
460,382
172,371
19,932
123,609
Net demand deposits
Time deposits.
586,691
22,445
Cash In vault...
39,584
8,687
307,152
143,161
312,960 1,257,928 15,629,294
70,007 1,240,344
20,180
312,642
23,558
10,351
565,557 10,127,155
198,456
deposits
Bills payable with F. R. Bank:
Secured by U. 8. Govt, obligations.__
14,765
232,639
69,735
104,513
59,841
p,550
2,323
23,543
6,370
5,876
3,019
2,096
541,652
9,978
2,937,916
253,674
28,902
26,118
66,371
16,144
6,249
16,237
4,992
26,550
516,754
183
Government
135
130
100
620
1,525
3,075
7,275
16,960
4,411
4,076
659
2,648
45,132
31,435
186,122
31,390
41,062
16,354
67,398
190,217
874,370
All other
357
Bills rediscounted with F. R. Bank:
Secured by U. S. Govt, obligations
All other
2.
55,804
ciphers
(000)
6,782
76,449
31,617
Data of reporting member banks In
New York City.
Three
33,718
98,083
263,789
11,373
Federal Reserve Bank and branch cities and all other reporting banks.
All F. R. Bank Cities
City of Chicago.
Total.
F. R. Branch Cities. AUOtherReport .Bks.
omitted.
April 22. April 15. April 22. April 15. April 22.
Loans sec. by U. 8. Govt,
$
$
1$
$
S
2i84
52
52
71
71
counted with F. R. Bank:
63,434
308*039
839,364
539,586
2,046,709
5,632,177
8,218,472
437,506
107.163
308,055
303,704
1,055,126 1,061,236
2,666,743 2,700,146
63,753
307,987
827,954
261,682
8.
Other bonds, stocks & securities
Total loans & disc'ts, & in vest's
261,094
20,048
20.192
72,718
117,094
563,479
72,579
13,178
11,443
144,233
12,909
136,537
565,417
14,911
145,378
April 15.
,
284
April 22. April 15. April 22. April 15. Apr. 22 *21 Apr. 15*21 Apr. 23'20
217
163,810
1,122,263
540,881
86,281
87,272
111,663 111,902
483.993
422,960
420,339
487,585
5,692,739 1,547,072 1,550,820 1,415,006 1,420,031
8.594.255
740,055
2,960,944
8,663,590
50,565
44,577
575,245
t,927,64212,289,039
214,754
50,443
33,311
50,495
576,858
30,782
33,670
37,544
342,841
342,799
737,530
2.957.254
869,698
191,039
239,169
2,040.349
Incl. bills redlsc'ted with FJt.Bk. 5,040,546 5,105,064 1,388,596 1,404,227 10,049,214 10,156,098 3,033,668 3,043,141 2,546,412 2.556,409 15,629.294
Reserve balance with F. R. Bank
127,796
905,134
929,071
191,957
143,253
149,784 1,240.344
124,756
190,715
558,668
540,503
Net demand deposits.
Time
29,895
181,586
7,068,069
1,373,663
deposits.
Government
deposits
Bills payable
31,014
883,069
314,710
13,606
16,357
198,860
199,601
20,905
21,596
333,294
324,538
127,298
130
130
130
130
1,093
123,087
1,253
894,000
313,150
874,117
190,891
286,526
2,039,525
a
855,178
207,879
630,472
a
15,755,648 16,911,116
1,269,570 1,413,648
367,831
307,943
312,642
178,875
60,069
70,987
"68,430
60,638
7,164,112 1,594,953 1,619,017 1,464.133 1,480,261 10,127,155 10,263,390 11,424,857
1,361,704
649,085 2,937,916 2,923,718 2,621,640
913,299
650,954
912,929
170,822
329,192
264,442
253,674
24,350
33,323
40,400
21,491
92,869
92,754
4,055,860 4,118,470
289,681
296,768
162,875
119,375
Cash in vault
1,100,814
3,147,591
12,364,589
2,056,612
8,290,232 2,146,320 2,146.715 1,924,247
440,733
215,231
216,961
218,630
$
$
$
S
$
$
106,778
198,487
1,119,868
811
820
821
320
320
216
/
$
4,025,573 4,069,437 1,199,694 1,210,837
obllg'nf
Loans secured by stocks <£ bonds.
D.
1,157
27,818
with F. R. Bank:
Sec. by U. 8. Govt, obligations.
All other
208,043
56,162
55,631
302
302
516,754
1,525
503,256
1,685
889,095
3,912
Bills rediscounted with F. R. Bank:
Seo. by U. 8. Govt,
A11 other
obligations.
98,427
9,405
157,883
610,025
158,504
629,993
22,535
137,677
23,707
128,253
9,219
190,217
108,207
9,393
113,847
9,799
253,857
126,668
126,923
874,370
190.802
885,169
902,060
10.8
10.8
10.0
10.3
11.0
11.0
9.5
9.1
7.6
7.5
10.1
10.0
12.4
Investments, per cent
a
Comparable figures not available.
305,465
96,400
237,976
S&
Ratio of bills payable & rediscounts
with F. R. Bk. to total loans and
[Vol. 112.
CHRONICLE
THE
1952
For volume of business
(fydzztU.
i&Kuhcxs7
State
Wall
Railroad
Street,
May 6 1921.
Stocks.—A decidedly
Friday Night,
Miscellaneous
and
Street this week
hopeful feeling has prevailed in Wall
more
It began with the announcement
last week that the Bank of England had reduced its official
discount rate from 7 to 6%%, was further stimulated by
the U. S. Steel Corporation's action in reducing the wages
of its employees 20% aikd later by what seems to be more
promising outlook for settlement of the German reparations
matter.
Moreover there are grounds for hope of an im¬
provement in railway affairs before very long, including
rates, wages &c.
A drop in its discount rate by the New
York Federal Reserve Bank was fully expected and therefore
caused less comment than a statement showing that the note
circulation of the Federal Reserve System is now about
$576,000,000 smaller than in December last and that its
gold reserve has increased nearly $402,000,000 within a year.
The result has been a general broadening of business at the
Stock Exchange.
Not only have prices advanced but an
investment demand, not in evidence in Stock Exchange
operations for a long time-past, is evidently increasing.
Practically all the railway shares have advanced from 2 to
4 points within the week.
The industrials have, of course,
been more irregular.
A considerable number of this group
have covered a range of from 5 to 12 points with varying
net results, although the general trend of prices has been
towards a higher level.
To-day's market was almost as active as yesterday's
when about 1,250,000 shares were traded in—a new record
for the year.
Prices continued the upward movement until
late in the day when liberal sales to realize profits caused
some reaction throughout the list.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
than for
long time past.
a
>
Par. Shares
Calumet & Arizona... 10
Chicago & Alton
100
Chic & Alton pref... 100
C St P M & Omaha.. 100
Cluett, Peabody & Co 100
Cuban Am Bug pref.. 100
Davison Chemlcal.no pa'
Detroit United Ry.__ 100
50
Emerson-Brantlng_..100
General Cigar pref...100
Gilliland Oil pref.... 100
GulfSSteel 1st pref. .100
%
600
COO 58%
19
May
6
16
Mar
3
Apr
70%
104 %
82%
2%
42
Jan
53
21
Mar
29
Apr
Jan
6634
Jan
7534
Mar
95
Jan 10654
Apr
8234
4% May
May
8234 May
334
Jan
2334
Apr
20
Apr
4 J4
Jan
1234 May
10
Apr
15
Jan
27
26
Apr
27
May
May
27% May
2334
Mar
35
Jan
May
% May
34
May-
1
Jan
May
6034 May
51
6
Jan
May
5
May
2
May
65
May
4
65
53
4134
6034 May
Feb
334
534
7234
Mar
53
May
May
Jan
May
3
7% May
6
6
Apr
1134 May
5
11
Apr
12
Apr
200
57
May
60
May
55
Apr
63
Jan
200 44% May
May
100 88
45
7% May
834
Jan
May
41
Apr
6234
Jan
88
May
88
May
95
Feb
24
May
24
May
23
Mar
31
Jan
68
May
69
May
6634
Apr
72
Mar
40
May
40% May
39
Jan
40%
May
9
May
9
May
7
Apr
May
300 97
200 80% May
100 87 % May
100
May
84
85% May
x77
300
1,000
400
200
8734 May
934
Jan
Jan 100
Apr
8734 May
10
May
May
9134,
87)4!
May
1334
Jan
Feb
May
10
76
May
7734 May
69
Mar
7734
May
56
May
57
4934
Mar
60
Mar
10
100
10
17
May
May
12% May
12% May
1134
Apr
54 %
May
4
54%
May
59 %
May
54% May
59% May
6
58
Jan
10
May
2
85
May
4
75
Jan
May
61K May
6
35
Mar
6134 May
100
100
88 % May
6 X May
8834 May
2
75
Mar
8834
634 May
5
100
Keokuk &DesM
100
Lima
100
100
150
150
May
May
634
3 130
May
Jan
May
May
Mar
634 May
Jan 150
May
Locomotive... 100
1,400
300
Apr 30
94% May
7934 May
100
95)4 May
4
100
100
96% May
9634 May
2
25
100
23
May
23
May
5
100
..100
600
1,300
3
May
5
May
6
4134 May
6
3834 May
16
May
6
16
May
16
May
7
7
May
7
May
Mar
21
Jan
Apr
1534
Apr
234
Jan
734
Jan
334
Jan
7
Apr
12
2834
Jan
33
Feb
Preferred
Loose Wiles 1st pref.
Manhattan Shirt
Market St Ry
Prior
pref
10334 May
200 108% May
77
38 % May
16
10334 May
Mar 7934 May
9434 May 9534 May
Jan 9834
9334
Apr
19
Mar
3
May
May
6
100
100
7
May
6
May
6
no par
400
17
May
5
1834 May
6
1434
15
Apr 30
1534 May
2
15
634 May
5
100
2,300
4,900
500
1.100
Mullins Body
no par
600
24
N Y
no par
500
i4% May
6
Southern... 100
1.400
10% May
9% May
Preferred
2d
1534
85
3 10234
73
5
...100
Preferred
100
....
preferred
Martin Parry
Maxwell
Chialm_.no
Maxwell
Motor..... 100
par
Ctfs dep stpd asstd
First preferred
Shipbldg
Norfolk
100
s % May
2H Apr 30
7%
Ohio Body & Biow. no par
100
Ontario Sliver Min'g. 100
1,700
Otis Elevator
2,300 138
100
Parish & Bingham.no par
1,300
6
4%
4
May
2
21
Jan
2
24
Mar
5
3034 May
1134 May
6
9
Apr
2
934 May
2
834
Apr 30
534 May
4
4
2 148
May
14 % Apr
30
5
200
11
May
par
50
Apr 30
100
Remington, 1st pref. 100
2d preferred
100
Sears, Roebuck pref. 100
300
300
100
100
400
82
May
75
Shattuck Arizona
no
Pitts Steel pref.
Jan 148
Jan
Mar
6
75
May
6
75
May
80
Jan
75
May
6
75
May
May
75
May
98
May
3 100
Mar 102
Jan
May
15
May
2X
15 245
May
Apr
75
96
634 Apr 30
6934 May 3
11134 May 6
Jan
654
Apr 103
Jan
55
85
Jan 11134
May
17
May
6
234 May
6
May
250
4%
12
134
May
5 210
1834 May
Mar
2534
Apr
234
Jan 230
16 % May
300 174 H May
175
May
13
6
3 161
95% May
98
May
2
8534
50
45% May
4534 May
3
45
Feb
78
May
78
May
6
72
Mar
Weber&Hellbronernopar
200
300
1,300
12 % May
13
May
3
West'h'se E & M 1st pf 50
300
56
5634 May 6
First preferred
Van Raalte,
1st pref.100
900
May
Apr
| Feb
6
2,000
100
5034
Apr 30
.100
_
Jan
May
800 109
United Drug..
Apr
85
Stern Bros
Third Avenue Ry.._100
12
Jan
May
Mar
May
Tidewater Oil.
1534
Jan
May
79
May
142264
9
534
4
6
Tex Pac Land Trust. 100
1234
10
May
65
Texas Co rights.
6
1234
Jan
83
300
500
4
'May
3
600
TemtorC&FPcl A no par
1534 May
1134 May
4 115
Apr
Apr
5
4134 May
3734
10
100
May
Mar
25
5034 Apr 30
So Porto Rico Sugar. 100
pref
Jan
2434 May
Apr 30
100
Peoria & Eastern
Phillips-Jones
234 May 5
834 May 4
834
56
Jan
2054
Jan 175
Mar 106
Jan
May
104,
$1,500 4s
Loan
Bonds.—Sales of Government bonds at
have included
reg. (small bonds) at
104% and the various Liberty
$1,000 4s
at
coup,
issues.
Vint
88.80
88.90
88.88
88.88
89.18
Low
88.70
88.50
88.72
88.74
88.76
88.90
Close
(Fir»t 334s)
Total sales In $1,000 units..
88.72
88.72
88.74
88.76
88.80
89.10
4%
252
242
315
268
•mmmmm
133
'
of
87.60
87.50
87.60
87.50
.
-
»
1
•
87.76
87.80
87.74
87.70
87.70-
87.40
87.40
87.60
87.64
87.52
87.58
87.44
87.50
87.66
87.66
87.52
87.66
44
461
159
152
38
High
87.50
Low
Close
434% bonds of
1932-47 (First 434 s)
Converted
Total sales In $1,000 units
43i %
1932-47
64
96.00
f High
(First
Low
96.00
96.00
Close
Second 434 s)
2
Total sales In $1,000 units
Second
87.50
87.60
Close
Total sales In $1,000 units..
Converted
337
High
Low
bonds
1932-47 (First is)
bonds of
May 6
88.80
334% bonds of 1932-47—
Second
May 5
High
Liberty Loan
Converted
May 4
May 3
Daily Record of Liberty Loan Prices. Apr. 30 May 2
*
High
87.22
87.34
87.36
87.38
87.30
Low
87.14
87.18
87.36
87.38
87.30
Close
87.14
87.34
87.36
87.38
Liberty Loan
bonds of 1927-42
(Second 4s)
4%
,
87.30
2
14
1
4
87.36
87.36
87.52
87.40
87.44
87.44
Low
87.20
87.20
87.34
87.26
87.30
87.32
Close
•
10
High
Total sales In $1,000 units.
87.20
87.36
87.34
87.30
87.30
mm.rn.~m
434% bonds of
1927-42 (Second 434 s)
Converted
87.34
510
1,725
640
1,521
101
899
High
90.50
90-50
90.66
90.60
90.68
90.76
Low
90.36
90.36
90.46
90.50
90.54
90.60
Close
Total sales In $1,000 units.
Third
90.44
90.52
90.60
9tmmm<rnm
Liberty Loan
434% bonds of 1928
(Third 434a)
90.54
90.42
90.66
284
454
1,628
622
660
925
High
87.52
87.54
87.60
87-56
87.54
87.50
Low
87.30
87.34
87.40
87.38
87.34
87.38
Close
87.32
87.42
87.44
87.40
87.36
87.40
509
1,318
1,164
1,043
732
98.04
98.02
98.04
97.98
97.98
97.98
98.00
98.00
mmm
Fourth Liberty Loan
434% bonds of 1933-88
(Fourth 434s)
<
m-
Total sales In $1,000 units
1,443
High
97.94
98.02
98.10
454 % notes of 1922-23
\ Low
(Vlotory 4%B)
1 Close
Total sales In $1,000 units
High
354% notes of 1922-23
97.70
97.66
97.76
609
5,359
2,560
1,799
2,429
1,970
97.88
97.90
98.04
98.00
98.10
98.00
Low
97.88
97.68
97.96
97.96
97.98
97.98
Close
97.88
97.94
98.00
97.98
97.98
98.50"
50
223
287
287
593
75
Victory Liberty Loan
j
(Victory 354 s)
j
Total sales in $1,000 units.
Note.—The
bonds.
above
only sales of coupon
includes
.88.56 to 89.00
87.40 to 87.46
87.16 to 87.34
90.22 to 90.42
3 1st 4348...
7 3d
97.98
Transactions in registered bonds were:
60 1st 33*s.
37 2d
table
97.98
98.00
97.70
4348
4348......
95 4th
87.14 to 87.42
97.56 to 97.92
97.86 to 97.94
4348
221 Victory 4?4s
100 Victory 334s
Foreign Exchange.—
To-day's (Friday's
actual rates for sterling exchange were 3 9134®
for sixty days, 3 96J4@3 983^ for cheques and 3 97% @3 9836 for
Commercial on banks sight 3 96 ^ @3 9634, sixty days 3 9034®
<J 9234
cables.
ninety days 3 89 @3 8934 and documents for payment (sixty days
9034 @3 91 %.
Cotton for payment 3 9634 @3 9034 and grain for pay¬
3 9634@3 9634,
To-day's <Friday's) actual rates for Paris bankers francs were 8.06@8.23for long and 8.12®8.29 for short.
German bankers' marks are not yet
quoted for long and short bills.
Amsterdam bankers' guilders were 34.88®
34.99 for long and 35.35@35.46 for short.
90 h%,
ment
.
Exchange at Paris on
50
7834
13
62 34
Jan
Jan
Apr
Mar
Mar
May
Jan
Jan
Mar
Jan
Mar
o
,
London, 48.30 francs; weeks range,
'
48.30 francs
high and 51.22 francs low.
The range
for foreign exchange for
Sterling, Actual—
High for the week
Low for the week.--Paris Bankers' Francs—
the week follows:
Sixty Days. Cheques.
3 9734
3 9234
3 9534
8934
High for the week—r
9% May
Kresge(SS)
States
Low for the week.
57
_
United
the Board
Jan
84 % May
Preferred.
Among the latter are Bait. & Ohio, Ches. & Ohio., Hud. &
Man., and the "Frisco" issues.
Jan
800
Mar
advanced.
generally
have
prices
while
list of 28 well known issues only 2 are fractionally lower
a
substantial number are 2 or more points higher.
a
5834
200
1.700
834
Of
and
Jan
100
pref
issues^ included
56
.10
lilt Nickel
Board this week.
Increasing interest has developed in the market for railway
and industrial bonds.
In sympathy with the market for
shares and for similar reason, as noted above, the volume
of business has steadily enlarged especially in the number of
2034
Kelsey Wheel Inc... 100
Indian Refining
have been reported at the
Jan
May
no pai
Cent—RR secur
Leased line stock.. 100
Apr
27%
Feb
11
stock trust certfs.,100
Illinois
Apr
17
50%
54
Jan
4634
52% May
100
Hydraulic Steel
100
Hartman Corp
2
23 H
52Vg
200
Homestake Mining.. 100
no par
100
5
100
800
400
Hablrshaw EC
Feb 10554 May
6
May 2
May 2
May 2
May 4
May 5
May 2
May 4
Apr 30
105% May
65
400
150
300
Highest.
$ per share. $ per share.
$ per share.
$ per share
May
300 105
American Bank Note.50
800 51 % May
May
Am Brake Shoe&F.nopar
700 50
May
American Chicle..no par
1,300 24
May
Amerioan Radiator...25
500 70
103
May
American
Snuff.... 100
400
Preferred ("new")-100
100 82M May
2% May
Assets Realization
10
100
May
Atlantic Petroleum...2511,200 21
May
Atlas Tack
no par
100 19
8% May
Auto Sales....
...50 1.200
Preferred
50
100 12 % May
May
Barnsdall class A
25
100 27
May
Class B...__
..25 1,500 26
All American Cables. 100
Batopllas Mining
.20
Brooklyn Union Gas. 100
Brunswick Terminal. 100
Buffalo Roch& Pitts. 100
Lowest.
Highest.
Lowest.
Week
1947.
see page
Bonds.—No sales of State bonds
Railroad
and
Total sales In $1,000 units.
for
May 6.
Elk Horn Coal pref...
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
Week, ending
New York, Boston, Philadel¬
on
phia, and Boston exchanges,
German Bankers'
Marks—
High for the week
8.31
8.32
7.69
7.70
1.56
1.49
Amsterdam Bankers'
High for the week
f
Guilders—
^
^
1.50
35.41
35.46
35.12
^
34.99
34.65
_
3 98)4
3 96
1.55
8.23
7.61
Low for the week
Low for the week
Cables
35.07
Exchange.—Chicago, par.
St. Louis, 15@25c. per S1,000'
discount.
Boston, par.
San Francisco, par.
Montreal, $109,375 per
$1,000 premium.
Cincinnati, par.
Domestic
Outside
Market.—Business on the "curb" at the
begin¬
and prices generally
caused some irregu¬
larity but the tone of the market remained firm.
Trading,,
however, dwindled as the week progressed.
Oil shares as
usual were the most active issues.^ Simms Petroleum was
the most prominent issue, being actively traded in up at first
from 10 to 12%, then down to 10% and to-day advancing
to 11 %.
The close was at 11 %.
Maracaibo Oil was erratic.
It lost a point at first to 29%, sold up to 30% then reacted to
29%.
To-day it moved up to 30% and rested finally at
30%.
Internat. Petroleum ranged between 16% and 16%,
closing to-day at the high figure.
Carib Syndicate eased off
at first from 8% to 7%, ran up to 8% and ends the week at
8 %.
Gilliland Oil com. rose from 15 to 20 and reacted finally
to 17%.
Grenada Oil improved from 6% to 9% and closed
to-day at 9.
Salt Creek Producers advanced from 13% to
14%.
The industrial list was without feature but prices
were about steady.
Amalgamated Leather com. moved up
from 9% to 14 and finished to-day at 13.
Durant Motors
eased off from 21% to 20% and sold finally at 20%.
Intercont. Rubber after early loss from 10% to 10, sold up to
12%, with a final reaction to 11. Bonds were fairly steady,
though Allied Packers, 6s, after an advance from 45% to47, broke to-day to 43 and closed at 44%.
ning of the week was active and strong
moved to higher levels.
Profit-taking
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING
1953
THREE PAGES
For sales during the week of stocks
usually inactive, see preceding page.
PER
HIGH AND LOW
SALE PRICE--PER
SHARE, NOT PER CENT.
STOCKS
Sales
NEW
for
Saturday
April 30.
Monday
$ per share
$ per share
81»2
817S
*75
81%
76
Friday
May 5.
May 6.
$ per share
$ per share
$ per share
Shares
82
36%
37%
36I2
49%
37%
12
12%
12
12
7
*7
8
111
113
7
111
111*4
613/
62*4
83%
75%
3%
-
.
''.
-
..._
—
>
—
w
-
37*2
39%
40
50%
50%
11%
13%
13
51*2
13%
8
7
7
■
112% 113%
63%
62%
-
-
.....
.
.
ww
73/
7%
7%
17*4
25%
173/
25%
25*2
41
41%
62%
62*4
63*2
41%
63%
100
1 '
W W
-
.
7%
7%
8%
17%
26%
42*4
63%
26
63%
100
-i'w
•
..
7%
17*4
26%
42*4
41
100
*99
i..
—
7%
17%
:
17%
26%
18%
27
40%
43
64
100
*98
43
100
27%
28%
28*4
73%
73*2
73*2
74
63
63
29
30
74
73%
74
63%
63*2
39
28
73'2
29*8
63
27%
100
10,400
——
*61*2
35*2
....
35%
600
3%
81%
1,100
Atlanta Birm <fc Atlanta
1,000
Atlantic Coast Line RR
69,500
51%
13%
2,800
8%
200
2,100
Baltimore A Ohio
Do
25,000
65%
13,900
2,100
20%
5,500
28%
44%
66%
29%
29,000
45%
67%
26,500
101% 101%
900
%
8%
700
6,550
3,900
32%
32%
33%
59,500
75
76%
64%
67
41 »2
Do
500
"38"
39*4
5,700
07s Jan 14
108*8 Apr20
55»4 Marl4
*4 Apr28
i4
.
t-
.
.
-
—-
....
•
....
•
—
%
1%
____
*r
.
19
19%
13*2
30
13*4
71
71
-
13
19
*13
VVw.'i'.w
....
13
1278
71
30
30
*8
-
6
13*4
14
19%
20*4
21
*49I2
10%
13*4
14*4
14%
70%
72*2
30%
3034
72%
30%
73*4
31*4
www
4*'
4*4
12%
27%
-
*49
50*8
"49%
98%
98*2
98
46
46
10*2
10%
50
98%
98%
-.-w
''i:w
w'w
31%
_
■'
91%
4*8
"91%
4*8
4%
4*s
*12*2
13
13%
26%
*50*4
50%
11*2
13
27*4
263/
50%
50*2
27%
50*2
11
12
12
11
Do
2 pref
Dec
MarlO
40*2 Jan
12
36*4
Deo
71
Jan
11
60
Deo
110
Jan
24
98
-
2%
.
—
20*4
w
'
-
z90%
4%
13%
4
13
28%
507g
13
9%
69
3914 May 6
53*8 Apr27
20
Feb
36*2
Oct
46
July
Aug
64
Oct
40
Dec
42
Jan 20
AprD
-
.
.
■
21
493/
50%
50%
98
.
20%
98
98
99
'
•'
w.
.
2*8
100*4
-
11
10%
10%
52%
12
12%
69%
70
-w
.
12%
70%
2*8
2
2%
2%
2
2*4
4*2
4
4
4
18*2
37%
18%
18%
19%
19%
21
38*2
38*4
39*2
39%
41*4
4%
5
5
5%
50*2
51
13*4
25
52%
53%
10,900
101%
1,200
101
44
*4
4*2
4
4%
21*4
41%
5
71
*60
71
§60
60
*60
71
61
*57
61
56
56
*57
61
17
17%
95%
95%
75
17%
16%
17%
73*2
35*8
73%
34%
74%
*34%
35%
343/
75%
35%
18*2
18
18*2
18*4
18%
18%
19%
71
2,000
43
200
72*4
73 '2
40%
37,800
Northern Paolflo
25,400
Pere Marquette v to
53%
1,160
Do
prior pref v t o
200
Do
pref v to„
44
28%
29%
29%
30
10,400
76
76
74%
200
75%
40*4
75*4
76*2
29%
z74%
75%
30*2
80
77%
79,500
41
41*4
42
.
<a>
w *
22*8
""
*27~
28
36%
6
6
5%
5%
9*2
75*2
75%
21*2
21*4
*20*4
21*4
48%
*
116" ■11678
■
—
116*2 117*4
63%
*9*2
10
21*2
2178
*7*4
*20*4
7%
21
*13
*25*2
27%
*64
66
9
....
.....
Feb
39*4
May 5
667g
Aug
84*4 BePt
76
05
MarlS
89*4 Jan
40
37U Marl2
15
Feb
7
57*4 Jan
15
55
29*2
29
29%
10,900
38%
6%
11%
39%
6,800
6%
11*2
78%
7
4,600
11%
4,500
77%
78%
23*4
56%
73,700
Southern Pacific Co...
100
70
23
35,200
Southern Railway..
100
100
19*8 Marll
53*8 Marll
60
Jan
25
35,400
Texas A Paclflo
100
10*8 Jan
5
25
May
36*8 Jan 10
112*4 Aprl 4
63
Apr29
55*2
17,200
Twin City Rapid Transit-100
Union Paclflo
100
122
37%
6*4
6
10
10
76*4
10%
75*2
76%
22
21%
22%
56
55%
56%
22%
56%
21
21%
21%
22%
21%
46
♦42
11
116% 117*4
56%
23%
*43
46
*42
117
118
22%
46
56%
23%
*43
46
20%
15%
20%
21
*13*4
10%
10
10
17*4
18
10%
18%
11*4
17%
18%
21
7,700
27%
66*2
9%
17*2
26%
*62%
10-%
18%
10%
17%
27
27
27
29*2
29
29*2
30
11,600
*64%
30*4
68%
10%
67%
10%
18*4
67%
9%
7%
36
33
21%
15%
"16"
66
9
....
21
.
.
"10*4
67
*63
9*8
.
9%
9*4
64
*63*2
11
8
7%
119%
64%
800
10%
11
1,800
23%
23
23
Do
8*4
217g
15%
8%
23%
8%
8%
23%
23%
8,600
19,700
15%
15%
15%
Do
Do
16%
17
18
35
37
37
....
7,300
19
2,900
....
Do
300
100
pref
100
pref
pref...
100
......100
Wabash
Do
pref A.......
Do
pref B
100
.100
Western Maryland( new).. 100
Do 2d pref...
..100
Western Pacific
100
11
100
Do
pref
100
United Railways Invest.-.100
300
19,700
J 00
pref....
8eaboard Air Line..
900
35
33
64%
11
*22*2
16
.
119% 121%
St Louis Southwestern
3,200
10
*32
21*s
38%
28%
37
10
16
10
6%
10%
76*8
27%
m-m <"
22%
9%
Jan
38
28
37
75%
21*4
55%
64
*15
32
34
10
9
....
.
Oct
Aprl4
34
22
*64
Feb
57*s
33%
64
9%
Feb
68
Deo
32%
28%
21%
*13
32
Deo
45
63%
20%
15'2
Dec
24%
.
Do
100
pref
100
Wheeling A Lake Erie Ry.100
Do
pref
100
Wisconsin Central
100
Marll
19*8 Marll
»
37% Sept
27% Oct
105*2 Nov
957s Nov
44
Oct
14
44*4
....
Oot
37
24%
"
Oct
70
60
Marll
28
Apr21
23*8 Feb
7
2478 May 6
34
May 6
30*4 Mar 4
64% Feb
327g Mar
33*4 Mar
15*4 Feb
23*2
Jan
11
Feb
103
61
65*2
837g
48*4
40
Marll
41
Jan
13
Apr] 6
8i2 Marll
7
Jan
11
12
Jan
8
8*4
Dec
Marll
101
Jan
3
88*s
Feb
247i Jan
13
18
13
50
Feb
33*4
6012
6
14
Deo
47
Apr 7
Jan 10
110
35
5l2
9*4 Jan 18
19*8 Jan 14
7
Mar* 1
18
Marll
12*8 Marl2
9*8 Marl2
Marll
15
23*4 Marl2
65
Aprl4
8
Aprl2
14*8 Marl2
30
Oct
73*4
6
70
Preferred A trust ctfs.-.100
65
Jan
24%
800
Feb
Feb
Oct
8% Oot
657t Oct
84% Nov
45
24i4
100
18
19
43*2
21*2
7%
,
pref—
Nov
Feb
20
50
2d pref
Oct
11
Jan
43*4
23%
21%
7%
9%
21*2
7%
377g May
90*4
57
43
117%
63%
63%
*63
1st
Do
84*4 June
06% June
100
50
50
St Louis-San Fran tr ctfs
Feb
10
Jan 28
88
23*4
1,500
Feb
Feb
Apr
41% May
15*2 Deo
50
41*4 Jan 12
6
21*2 May
43
33,800
June
50*2 Nov
112*s Jan
05*4 Oot
21
Oct
Apr29
Jan
35
20*4 May 6
104% Feb 19
100
Reading
Do
50
51% May. 6
§60
May 4
597g May 6
23*2 Jan 12
22
17%
63*2
Pittsburgh A West Va
Do
pref.———
1,400
50
100
100
—100
64U
23*4
42%
37
76*8
21%
55%
21*4
55%
20*8
42
—
31
22%
27%
9%
7478
21*4
....
40*4
30
36%
74%
40%
Apr 14
687g Aprl4
32*8 April
15*4 Marll
100
-
Marll
Deo
Dec
3*s Deo
77*2 Feb 17
42%
22%
27%
'
37
75%
14*4 Marl7
7
6% Feb
Feb
74*8 Jan 12
21%
....
30
28
36%
—
21%
"+"W
73%
40%
—
22
'
74%
100
Pennsylvania
17,000
*37
72*2
100
—.100
76*2
40
4078
May 0
21%
40
*74
56
Second preferredN Y N H A Hartford
36
39%
76
May 4
53
76*2
35
39%
28%
§60
10
40
28
Marl2
92*4
*37
*75
42
Norfolk A Western
40
80
N Y Chioago A St Louis.
100
First preferred
-.100
N Y Ontario A Western--.100
*37
28%
Jan 10
Marll
3,200
53
28
66
3,800
31,000
53
*75
60
100
99
55
76
100
20*4
*50
28
Nat Rys of Mex 2d pref
New Orl Tex A Mex
19
53
28
22% May 6
42*4 May 6
97%
75*2
35%
20*2
97*2
19%
527S
*74
31%
55*2
10
6*4 Jan
Marll
59%
19%
*49
''V
11*2
33%
Jan 31
33i2 Marll
4*4 Jan
5
53
90%
75%
35*4
95
35?s
20%
18
96
80*4 June
2*4 Deo
3*4 Dec
597g
18%
18%
18%
17%
17%
■
63
11
700
48%
17%
17*2
11
5%
48%
95%
11
Jan
100
100
v 10-.
Oot
25
Feb 24
-.100
New York Central
Oot
Oct
40
Jan
4
1,500
94
Feb
Oct
52*2
24%
Jan
16
19,200
10
27*4
13
Missouri Paolflo trust ct s.100
72%
51%
Feb
Aug
8*s Deo
13% May
40
May
8*8 Feb
3
Oct
4l7s Mar
17*2 Oct
35% Oct
97*4 Oct
0*8 Oct
17% Nov
73
3,500
21,700
68
Jan
Deo
68*2 Jan
21,900
71*4
7
30*2
42i2 Apr20
42%
67
91% Nov
39*4 May
Aug
88*4 July
8*2 Dec
22%
prei trust ctis
22% Sept
5
11
3
pref
Dec
Jan 25
56*2 Jan
MarlO
Do
12
103*8 Jan
2
Do
Oct
65*4 June
247g Dec
Feb
Dec
Aprl4
Missouri Kansas A Texas. 100
5
Feb
8
12% Oct
21% Sept
Aprl
5,100
2%
pref
13
Jan
16%
97
93
Do
Mar30
9
4778
May 3
72%
*60
60
85
65%
75*4
•
28
-.100
48
65
WW
.
18
—
Mar21
Marll
70%
.
74
'm
19
Marll
70*2
..
35
''■
—.100
52
9
65
16»2
14*2 Jan
287gMay 6
66
47
'www
—
17%
95%
-
Marll
100
69%
.
95%
73%
-
10
100
*57
17
100
100
*60
"
100
Minn StP ASS Marie
3,900
1,400
25
Jan
Oct
260*2 Sept
Deo
807t
678 Jan 25
Minneap A St L (new)
600
13
72%
is Nov
May
108
Oct
5%
9*s
16*4
16
100
Valley
3
92*8 May 5
Kansas City Southern
Do
pref
Lehigh
*s Nov
8512 Mar 12
87g Jan
7
100
pref
Feb
18*8
Feb
Lake Erie A Western
Do
83*4 June
1
Manhattan Ry guar...
45
13
2%
32i2 Mar 4
9% May 6
26
10*8 Jan 14
18*8 Feb
4
46*8 Jan 25
600
717g
47
'
1,800
1,100
May 6
22*4 May 6
1578 Jan 12
79*8 Jan 29
100
70*4
71
30,400
Central
pref
7
Jan
15
Louisville A Nashville
46
61
16%
27%
70
*57
100
Interboro Cons Corp..No par
46
*60
21
Illinois
Aprl'
7i8 Marl2
100
5,800
70*4
.
11*8
60*2 Apr! 4
28*8 Jan
3
100
pref
Marll
17
.100
4,100
47
-
70
100
-
35
165
4*4 Jan 31
4*2 Jan
3
7*8 Jan 17
4%
Do
May 6
2% Jan 29
Mar21
13%
28%
5%
66%
*44
1st pref
2d pref
Mob A Nor tr ct s
Do
200
18%
-
693/
Gul
300
46*2 Mar 8
102
Jan 13
235
1% Mar24
1,600
85
38%
47
—-w.
v
90%
Apr 8
% Mar30
Mar
4*4 Feb 23
11*8 Marl 2
13
'
45
45
....
.
'
-
69%
400
9%
23
202*8
Great Northern pref—
100
Iron Ore properties-No par
Mar
Oct
71% Oct
62
Sept
,
84%
Feb
90
24
13%
27%
50*2
12%
4
—
*45
30%
92%
50*2
'-"mm
—':
:
'
—
30%
Do
Feb
Dec
8
100
Do
5,700
17,000
7,300
23
18*4
37*4
-
18*4
37%
13,500
15%
73*2
9
4%
*
18*4
37*8
.
.
-
22*4
14%
72%
64 i'
Dec
May 6
Jan 20
100
Erie
41
Jan
120
Deo
54
48
100
pref
91*2 Mar
June
21ls
60
3
1
67
44*2 NOV
65
Oct
31%
Jan
100
pref
33% May 6
76% May 6
Deo
3
27*4 Jan
100
Jan
66
49
50
9
Sept
17% Sept
14*2 Oct
33% Oct
3
Feb
00
100
A Western.
Duluth 8 S A Atlantic
Do
Dec
30
''
85
•
100
3*4
0*2 Jan 31
Deo
100
Delaware A Hudson
200
.
21%
21
69
....
.
22,200
92%
4%
92
.
15
21
56*4 Marl2
35
Mar30
Jan
70% Nov
12
68% Marl2
134
Feb
Feb
Jan
22% Marll
Mar
4
31
99
Oct
17
13*4 Mar
47
MarlO
Aprl4
Apr 8
54
6*4 Jan 29
23
100
Denver A Rio Grande
15
9
w'w>
91%
'ite
.
11
Oct
Oct
65% May 6
6%
100
1st pref
Do
119*4 Jan
5*2 Sept
109% Deo
15*4
100
Colorado A Southern
5,400
26
12*4 Sept
49%
8
.100
pref
5,500
1*4
Jan
Jan
82
Feb
Aug
20% May 6
100
preferred
Delaware Lad
14%
21
«i:!
*<
w
4*8
12*2
26%
*49*4
*10%
20*4
49*2
....
.
13%
92
26%
50%
10%
:'
30*4
,;'
700
10
9*4
7U Mar 9
100
1,500
.''.'W-i.
8
718/
19%
1%
5
70%
19*8
100
99% 100
14%
217g
147g
*13
46
229*2 235
%
%
1%
14*8
*91
"
w
6
13%
4%
1234
43g
12%
26%
.
9
*6
1*4
13
26
w
.
99
1%
*3%
6
*3
±-
98%
4%
1
3%
'■
*5
—
13%
19%
13%
71%
30%
*20*4
...
.
1*8
3%
....
'•W'w
%
%
1*8
w
..
224% 226
%
%
224% 225*2
%
%
....
91
-
91
.
—
%
1*4
'
-
99
*95
■
w
99"
*96"
'
.
46
'
~
147s Jan 25
90% Nov
104*2
15% Marl4
100
Clev Cin Chic A St Louis
'
Apr28
11
Jan
Highest
Deo
40*s June
3
'
WWW
x82
Dec
100
Do
-
■
••
May
4*4
100
7 preferred
'
—
3
Feb
72
100
pref
Do
86*8 Jan
76
27%
Chic Rock Is! A Pac
6%
'
4
64
60*8
200
7*2 Jan
42% May 6
Mar 14
lOU Jan
Chicago A Northwestern._100
Do
pref
—100
1,800
40
62%
'
—
1920
t psr share f per share
100
pref
Chicago Mliw A St Paul
1,400
*63%
757g
64*2
Do
share
84i2 May 5
79*8 Jan 24
3
Apr27
per
47
100
Chio A East Illinois trust recta
Do
pref trust reots
Chicago Great Western
$
Lowest
30% Mar II
Chesapeake A Ohio
1*4
1*4
8%
20
39
77
100
%
share4
2i4 Feb 26
--100
-
63%
67
37%
pref
per
75*8 Jan
Brooklyn Rapid Transit__100
116
Year
Highest
77i2 Marl2
100
42*8
115
100%
g
100
30*2
74*4
38
35%
,
Par
Certificates of deposit-_
Canadian Pacific
100
39
36
3534
Railroads.
Atch Topeka <fc Santa Fe_-100
Do
pref
ioo
76*2
62%
63
*61*2
:
Lowest
51%
447§
64%
64*4
100
83
SHARE
Range for Previous
EXCHANGE
40%
*12%
*7%
*7%
8*2
113% 116
63*4
64%
*4
*4
*4
*4
8*4
8%
18%
19%
29
27%
"
*17
81
417g
50
111*2 112*2
61% 62%
•
3%
80%
12%
-
'■
282*4
76%
3%
49*4
'
-
76
3%
78
81
*78
84*2
38%
*7
61%
75*2
*3*2
80
36%
49*4
11%
50
61%
4
*3*2
*77
83%
75*2
77
*75%
81
82*2
82*2
the
|
.
PER
I
On basis of 100share lot»
Week.
4
*77
■
■'
Thursday
77
*3%
81
Wednesday
May 4.
.
82%
*75
4
*3*2
*77
Tuesday
May 3.
$ per share
May 2.
SHARE
Range tince Jan. 1.
YORK STOCK
Aprl 5
07*4 MarlO
12*4 Mar
26
3
Mar 3
8% May 6
23% May 6
15*2 May 6
11%Jan 13
21
May 6
30*4 May 5
70*i Jan 10
20*8 May
6% Dec
Feb
27*4 June
Feb
01*4 May
7*8 Aug
14
Aug
7
May
43
Oct
Oot
Oot
Sept
Oot
Oct
Oct
Nov
Oot
Oct
Mar
Oct
129*2 Nov
69% Jan
16%
82%
Oct
Oct
13
Oct
Oct
17
Deo
84%
12*2
Deo
23% Oot
15% Sept
27*s Oct
40
Sept
8%
11
Feb
July
20*s
64*2
Feb
Feb
8%
Dec
May
28
Oct
48
Oct
11
Jan
13
19
Jan
13
15
May 5
25
May
37
49%
117t
20%
118*8
Oct
Nov
Oot
78
16
Nov
Oct
Industrial & Miscellaneous
40*2
41%
38*4
17%
41
40
35*2
%
38*2
*1*2
4378
88*2
37*2
47
*73
37%
*72
3
%
78
%
1%
1*2
43%
44 «2
88%
37%
47*2
73%
38%
80
60%
62
30%
31*4
127
*48%
127
....
88*2
37%
45%
*73
38%
*72
17%
50*2
39*2
19
50%
40
37%
%
1*2
44%
88%
39%
35%
1%
46%
%
6%
*125*2 129
18
4,300
1,500
50
50
50
50
300
38*2
38%
38*2
37%
36
37
37%
35*2
%
1*4
37%
36*8
1*4
6,300
46
46%
36,800
6,800
%
%
1*4
89
89%
88%
1*2
46%
89*2
38%
77%
39
38%
38%
45%
488/
47*2
73%
40*2
*73
80
*72
39%
45%
7734
77%
48%
77%
74
48%
*73
40%
73%
39
80
39%
__
.
-
w*.
41
%
%
1%
1*4
46%
46
38%
78%
48%
9^900
74
77%
47%
74
*73
3878
*73
41%
72
72
63%
11,800
32
23,100
61%
63%
6378
64%
32%
31%
32%
31*4
32
61%
31%
84
84
83*2
84
84
22
19%
23*4
§63
6%
63
59
63*4
6%
6%
129% 130
6%
130
130
128% 129%
w.-.W
.
w—
6%
128%
11*2
11%
11*4
12*4
11*4
1134
11%
48*8
49
50
51%
59%
50%
52%
50*8
59%
"65"
"65""
65
65
47
48'2
46%
10'2
11
10%
52%
10%
46
4834
47
48
*79
90"
84
1,600
128%
6,000
112*4
300
20
20%
3,500
52%
6%
.
.
.
53
"
6*2
1,260
""0% "6%
129
11%
52%
100
1,500
700
11%
51%
57*2
64%
51%
12%
11%
12%
15,600
54*2
52%
54
20,300
58*2
57%
58
900
84
"89"
6%
6,600
127
128% 129%
111% 111% *110
....
53
52
88*2
104*4 104*4 *101
6%
9*2
67g
9*2
6%
9*4
64-2
64%
50%
91
90%
91%
53
51
52
10%
10*4
10%
47
47%
46*2
91
90
104
104
6%
11%
47%
10*4
45*4
64%
53%
10%
47%
a:10%
90
91%
104% *100
nn*
■
6%
10%
no
104%
6%
11%
or»
*102
6%
6%
11%
10%
day.
53% 108,300
Dec
72
24
Deo
88% Jan
2% Mar
3
Mar
Air
Reduction, Ino
no par
A J ax Rubber Inc
60
Alaska Gold Mines
32*8 Jan
25*8 Feb 24
10
Alaska Juneau Gold Mln'g. 10
Allied Chem A Dye
no par
Do
pref
Allls-Chalmera
Do
100
Mfg
100
pref
100
*4 May
1
Jan
3
38*4 Mar 8
*87% MarlS
29*4 Jan
3
Jan
11
1% Feb
1*4 Feb
40
9
%
Dec
9
65*2 Jan
%
43*4
Dec
Dec
847g
Dec
20*s
67*4
Dec
Deo
6
51
Deo
20
79
Dec
901s
32%
Dec
Oct
103%
93
Jan
Dec
Dec
Dec
128%
Jan
61%
Jan
13
9378Jan 26
39*4 May 2
Marie
83
90
Jan
100
45*8 May 2
72*4 Feb 28
36*2 Aprl9
51
Feb 15
100
72
747g Jan
Amer Bosch Magneto..No par
American Can
100
25
Amer Agricultural Chem.. 100
pref
American Beet Sugar
Do
pref
Do
pref
100
100
American Car A Foundry. 100
Do
pref
100
American Cotton Oil
Do
pref
100
100
Amer Druggists Syndicate. 10
American Express
100
75
May 6
4912 Jan 14
Jan
77*4 Jan
3
3
120
Jan
3
110
Jan
6
19*4 Marll
52
0
120
May 4
April
Jan
4
Mar23
65*2 Jan
6
65*2 May 2
32*4 Jan 29
88
Jan 20
129% May 5
114
Feb 25
Jan
147%
Apr
116*2
54*4
Feb
Jan
Mar
Dec
80
21
95
Feb
175
12*2 May 5
5
Dec
35
Dec
37
Aug
53% Mar
53
Feb
68
Jan
133
Jan
42
Jan 25
......100
67
Jan
8
54% May 5
59'2May 2
65
Apr27
38*8 Jan
pref
101
Dec
Dec
Dec
40*8 Feb
Do
72%
105*4 July
111
15*8
100
2
45*s
21%
J&n
Apr
59*2
6%
8*4 Jan
American Ice
Aprl4
75
62% Sept
92*8 Nov
537| Jan
92
Jan
95
Jan
11
23*2 Jan 28
67
Apr26
American Hide A Leather. 106
Do
pref
100
8
Jan
12
39*2 Jan
42% Apr
15*8
30%
122
Jan
Mar
Jan
Jan
30*8
Dec
120*2
Jan
8%
Dec
14%
Jan
15,000
American Linseed
100
41% May 6
Aprl8
62*2 Jan 31
42
Dec
95
Apr
Do
pref
....100
American Looomotive
100
29
80
Aug
99%
20,706
91*2 May 5
74
Dec
109%
104% *103% 104%
300
3,800
7%
32,300
11*4
26,900
| Lews than IOO
Dec
40
53% May 6
91%
f Rx-rfsrhta,
Dec
14
52% Feb 17
Jan
5
45%
7%
22
45
8*4 Feb 11
89*2
10
May 6
19*4 Jan
8
100
10
41%
7%
26*s Jan
14i2 Apr
44
100
Rumely
pref
100
10%
11
100
Do
Amer International Corp
Am La France F E...
10%
6%
10%
100
"50%
Adams Express
Advance
Do
40
64
'■
39
80
31%
111*2 111%
90%
39*2
*72
61*8
83% 84%
127% 128
14,900
15,700
1,300
31%
65%
32%
83% 83%
128
129%
111*4 111*4
%
600
4,100
90% > 90%
38%
38%
77%
78%
48%
47%
90
60%
21*4
*6*4
18
50
*48
37
%
1*2
44%
18
41*4
17%
44
18%
36%
*17
*48%
40%
17%
371?
2
18
50*2
39
v'
*17%
*48*2
Do
pref
100
Amerioan Safety Rasor... 25
Am Ship A Comm
so par
0
Vhr-dlv. and
rlgbtf.
80
Apr 6
81*4 Feb
100
5*8
7
Jan
4
4
Apr 18
Marll
0 Ex-dividend.
1]%
93
Jan
107*4 Feb 26
10
Jan
7
14
Jan 20
96*2 June
107
Jan
Apr
Mar
0*8
Dec
17% June
7%
Dec
301*
Jan
New York Stock
1954
For ••let during the
Record—Continued—Page 2
week of stocks
usually Inactive, see second preceding page.
Saturday
Monday
Tuesday
Wednesday
April 30.
May 2.
May 3.
May 4.
May 5.
$ per share
69
69
43
43%
78
77%
t
30%
30%
♦88
90
♦101
104
71%
70%
*83
89%
42%
77%
30%
43
44%
78%
303
*69
70
*69
78*2
,107*2 10778
107% 108
121 % 121%
121% 124
90
90
120% 121%
33%
9%
28
28
97%
"~9% "9%
93.
"90%
72%
89%
107% 108
123% 125%
*83
8912
10734 108
121% 124%
82%
79%
97%
973s
123%
122
121% 123
80%
79%
■firr'rft
....
——
934
Amer Smelting & Refining. 100
34% Mar31
68% Mar3l
28% Apr 15
85
Jan 10
41
41
42%
"41%
34
34%
34%
42%
34%
~41%
34
65
65
♦63
16",600
72%
89%
16.700
107% 108
125% 126%
20,100
17,600
71%
*83
91%
89%
*59
57%
60%
♦4
~90",
■K;
5
5
66
65
65
*60
4134
41%
43%
42%
4334
42%
36%
35%
36
36
10
10
63
~90~
~~e"
"I
61
57*2
58%
58%
59*2
62
60%
91%
613,.
61%
93%
151%
10434 1043,i
5%
5%
*92'2
6
5%
5%
,
5
95
8.9%
90
88%
.
104%
5
*93
95
18
00%
47%
60
60
5934
46%
47%
47
60%
47%
77
77
77%
78%
5%
5%
5%
8*2
8
8
5%
5-%
9
9
38
40
38%
9%
39%
8%
3834
40
75
75%
77%
77%
78%
77
77
29
74%
10
37%
"37"
3
92%
1,700
Do
pref
63%
29
50% Jan
Packing....No par
California
Petroleum
100
37,300
25
Central
3,700
8,600
83%'
57,100
Chandler
6634
67%
12
12%
2534
4,200
31,000
3^%
100
78
30%
68%
Chile Copper
Do
pref
29
29%
30
30
85
83%
84%
8234
84
8334
63%
64
6334
6334
65
11%
11%
12%
12
12%
12
12%
24-%
25*2
24%
Chlno
30 '
303^
283-
25%
30%
84%
66%
12%
25%
8,200
24%
30%
1134
25%
28'%
30
30
30%
29%
Coca
30%
59%
31%
31
31%
3134
5934
3234
1,900
60
60%
8%
8i
8%
8%
4,900
19,800
8%
41
70
*67*2
*67%
36
42
42
*42
43
40
*67%
70
8
88%
873,.
19%
20%
20%
20%
20%
56
57%
58%
25%
39%
8*2
39%
36
37'%
1,200
40
40%
2,000
8%
2,600
*67%
8%
8%
834
87%
89%
3,800
20®4
88
20%
"8734
20%
87%
19%
19%
20%
17,500
57%
57%
55%
56%
55%
56
8
58%
68%
70
*07*2
8%
88%
20%
68%
2,600
5,300
1%
1%
75%
76%
74%
74%
74%
103% *103
103%
*102*2 103*2 *102
41
39
38%
44%
4234
4434
81
8438
82*4
84%
80%
82«2
86
*84%
85%
85%
*84%
85%
20
20'%
19
19*2
19% 20%
57%
22%
20%
22%
20
58%
59
59
22*2
22%
20
20
23%
19*2
67%
66%
95
"64"
95
94%
79
80%
88%
89
79
.
25
*85
90
mm'Cm
18%
14%
"71%
72%
*57"
~59~"
*82
88
136% 136%
14%
13%
60
61
23%
2334
25%
19
19
23
25%
17,100
94%
68%
94%
65,500
80
80%
18,900
663,i
'm
78%
•*
"79%
80%
8934
81
89%
6734
68%
'
90
90
80%
90
67%
"9"
*87
87%
25%
89
2534
*87
18
17%
18
17%
14%
1%
16*2
1%
1534
1*2
1734
1%
71%
74
'3
76
73*2
76%
114
183S
18%
14%
"59"
60"
*58
*83
88
*83
88
137
13?
»
1438
59%
60
60
1938
17%
18%
1%
1%
75% 7838
115% 117%
1%
114% 115*2
-
90
60%
_
m
-
137
«•
p.'
-
■
137
14
14%
137% 13734
14
14%
78
6838
77%
42%
40%
79
79
Ti"
427
79
79
21
25
80%
*22
21
25
68%
"68%
41%
42%
82%
83%
23
18%
17%,
1%
18
18,300
1%
3,200
78%;256,800
2,700
115% 117
4,500
60
61%
76%
88
41%
83%
41%
84
15
25%
25%
25
25
67
Jan
Dec
65%
10
62%
Dec
92*4
Jan
Jan
38% Jan
19
34
Dec
56
59% Jan
11
61%
70
Dec
80
Aug
Dec
89%
Aug
7i34
Dec
16
Dec
52
Dec
Do
Consolidated
22%
82%
14%
*12%
13%
12%
12%
39
42%
45
48%
19,900
58
44%
58%
12*2
47
5938
12%
39
58%
1,300
23
2334
23
23
22%
23%
22
58%
23%
81
84
83
84
15%
81%
15%
84%
15%
15%
6
6
15%
534
15
6
*12
14
36
22%
81
13
3734
6
34"
15%
81
'l.
'
"35%
*9
*45%
36.2
37%
36%
9
9
9
9
*9
*45%
36
9%
46%
36
46%
46%
93%
93%
46%
94%
46%
95%
93
105
14%
53%
Can, Inc
100
pref.
—————100
15%
1534
15%
15
55%
57%
55%
56%
56%
38
14%
64%
4034
39%
39%
39%
41
*72
75
73*2
74
74
*62
74%
64
64
*62
16%
16
74
*73
63
64
19%
20%
203a
"16%
1634
65%
6334
72%
*72%
65%
72%
20%
2034
16%
66
17
4%
8%
27
*20
50
*85
4%
4
27*2
22
52%
50
52
53
54
17%
*80
29%
1034
11
29%
*28
30
28%
28%
22
51
21
17
16%
4%
49%
63%
91
86
86
213s
20%
21%
16%
17%
52%
28%
17%
53%
53
54%
48%
*46
29%
4%
48
28
28%
52%
*85
21%
16%
53%
*47
28%
54%
54%
48
28%
*149
152
*146
152
*149
154
102
102
*101
104
*102
105
*102
104
*101
104
I884
19
18*2
Bid and asked prices; no sales on this day.
1634
5834
40
42
"64"
64
18*4
18%
18%
Jan
8
Jan
7
4
15
5
Corn Products Refining...100
65
Jan
5
100
100
Jan
5
104% Jan
25% Marll
73
Jan
3
107% Jan
Do
pref
Cosden
&
No par
Co
Crucible Steel of America. 100
Do
Do
Apr
76% Mar26
13%
17
Apr29
11
91
Jan
17
26
83%Jan
3
18% AprI4
100
No par
pref
Cuba Cane Sugar
16%
64%
§72%
1634
65%
20
4
1034
28%
51%
16%
53%
48%
28%
72%
20%
4%
1034
28%
24
18%
I Leas than 100 shares.
600
53% 138,000
400
8734
13,500
22%
Feb
14
9784 June
3%
Dec
"93% Mar
46%
Apr
98
Apr
102*4
Jan
Apr
Apr
14%
105%
61
Dec
97
Dee
24%
Dec
43%
70
Dec
278%
Dec
100
81%
107
Dec
59%
68% Feb 28
64
Dec
85%
Dec n605
Apr
Apr22
3
33% Feb 25
21% Apr21
21%
13
Jan
25
2534 May 6
13%
Dec
28
Jan
50
52
Jan
5
47
Dec
147
Jan
100
87
Jan
84
Dec
104
Jan
Famous Players Lasky No par
48
Jan
69% May 2
9534 Mar24
82% A pr29
90
Apr 27
40
Dec
95
JaD
66
Dec
91% Apr
16% Mar
10
Corp,..—. 50
Ltd
Elk Horn Coal
Endlcott-Johnson
Do
pref
Do
—...
4
-
(8%)
preferred
76% Jan
100
Do
Fisher
Flak
100
23
No par
79
Body
Corp
Free port Texas
Co
1% Mar 17
40% Jan
3
80
Jan
3
par
General
100
Do
pref
General Cigar, Inc
Debenture
General
pref.
100
..100
——100
Electric
54
Jan
3
Apr25
120% Jan 10
80%
100
General Motois Corp. .No par
12% Mario
——100
z66% Jan 10
63
Marll
pref——
—
.100
71% Mar
(7%)—.100
Goodrich Co (B F)
8
Dec
134% Mar
48
Jan
17
12%
Dec
5% Jan
13
1%
32%
Dec
19%
Jan
Jan
Dec
43
Deo
79%
Dec
Jan
Jan
7*.38May 5
117% May 5
62% Jan 20
88
May 6
138% Marl8
16% Jan
11
Jan
71%
Dec
51
Dec
75%
78'4
Dec
94*4
10%
1284
Dec
172
Jan
Dee
42
Mar
58%
Dec
85%
Jan
Jan
24
69
Dec
94
Apr
71% Apr 18
70% Jan 13
82
36%
64% Nov
89«4
11
27
Dec
85%
85
Jan
7
70
Dec
102*4
25
Jan
26
15
Dec
55%
9% Jan
4
6
Jan
14
20
Apr
8
1134
Apr
Gulf States Steel tr
26%
Apr 15
Haske 1 & Barke- Car. .No par
54
Marl 7
Manufacturing... 100
15
Sugar...No par
ctrs__.100
Jan
3
59% Marl2
100
11% Jan
10
4
5% Marl 4
29% Marl2
5
Inspiration Cons Copper..
Internat Agricul
Dee
10
17
72
Gray & Davis. Iuc
25
Greene Cananea Copper..100
Houston Oil of Texas
78
34% Marl4
Jan
3
100
Do
pref
,———100
Granby Cons M 8 & P—100
Guantanamo
4484 May
11
Jan
20% Jan
1384 Jan
-No par
W, Inc..No
Asphalt
Gaston W &
Dec
90
11% Jan
25
Rubber
Deo
21%
19% May 5
Jan
—
5
28
Mar23
9
Jan
pref
9% May
29% JaD
5% Mar
Federal Mining & SmeltlnglOO
7% Feb 28
Corp
42% Mar 1
81
Mar30
103
Jan
3
3
46% Marll
12% Jan
30
Marl 5
44% Jan
Dec
49-%
25% May 3
16% Jan
8
15
Dec
38%
11%
Dec
48% May 6
60% Feb 15
25
Dec
84%
51%
Dec
78%
25%
Apr25
12%
Dec
46%
May 6
1684 May 2
7% Jan
8
55%
9%
Dec
116%
Dec
23%
5%
Aug
934
37% May 2
28
Dec
16% Mar23
86
1334 Jan
57
Jan
20%
61%
Apr
9%
Dec
27
Apr
7
40%
Dec
88%
88
Nov
142%
Apr
Apr
100
Nov
115
Jan
100% Feb 16
110
8%
Jan
29
17% Jan
63% Jan
11
10%
Dec
11
44
Nov
5184
111%
42
May 6
28%
Dec
170
Jan
Jan
7
76
68
Nov
84
5
64%
Apr25
54%
Jan
Apr
3
17
May 2
11%
Dec
Dec
71
13% Jan
2684
Jan
Jan
38%
69%
Dec
Dec
9184 Mar
18
17,400
X Ex-rights.
20
16% Marll
26
Jan
20
19
Dec
79% Jan
47% July
40
Jan
11
27%
Dec
51%
434 Jan
8
4
Dec
3
Dec
2I84
7% Sept
Apr 8
3% Mar 14
4
Jan
6
11% Mar 17
4
29% May 3
3
Kelly-Sprlngfleld Tire
Temporary 8% pref
25
100
35% Marl2
84
Aprl2
16
Marll
25% Jan 27
54% May 5
94
Kennecott
Copper
Laclede Gas
18%
JaD
31
No par
Lackawanna
100
May 2
75
8% Jan
300
104
66
70%
14% Jan
9,300
100
3
Aprl2
46
100
pref
Keystone Tire & Rubber.. 10
Steel
.100
Liggett A Myers
Do
25
22% May 6
3
17% May 2
58% Jan 11
48% Apr26
Jan
3
No par
17% Jan
Tobaooo.100
-—100
138% Jan
29%
153%
Tan
<11 v. and rights,
a Par
14
22
97% Jan
3
Apr30
IK
value $100.
0
Apr23
105% Feb
8
Old stock,
a
Jan
7% July
45%
Jan
Jan
Dec
30
Jan
25%
Dec
152%
75
Dec
105
14%
Dec
Dec
48%
45
Dec
91»4
35
Aug
15%
Dec
13
584
01 U
pref
Loew's Incorporated..No par
• Ex
Jan
Aprl2
8% Jan
47%
40
(St Louis)...100
Lee Rubber & Tire
Jan
Jan
Apr
57% Jan
72
100
Do
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
Apr
Sept
Apr
Apr
11
Jones Bros Tea, Inc
46,800
7,000
Jan
Apr
Jan
16%
Aprl9
10% Jan
17
Jan
Dome Mines,
16%
54%
29
Jan
Apr
Apr
20%
100
Cuban-American Sugar... 10
48%
15034 15034
*102
1,500
Jan
57%
pref
20
100
1,100
Do
pref
100
4,300 Inter Harvester (new).—100
200
Do
pref (new)
100
10,700 Int Mercantile Marine
100
16,100
Do
pref
100
12,900 Internat Motor Truck.No par
300
Do
1st pref
—100
200
Do
2d pref
100
17,300 International Nickel (The) 25
32,400 International Paper
100
350
Do
stamped pref
.100
14,000 Invincible Oil Corp
50
300
Iron Products Corp—No par
24,800 Island Oil & Transp vto.. 10
12,600 Jewel Tea, Inc
100
500
29
.
86
155
18%
15%
56
22
*145
19
97
li05
90
152
18%
96
21
17%
*150
•
46%
*22
*46%
28%
54
47%
"29"
10
*85
90
20%
53%
10
49
23
95
4%
11*2
22
28
22
934
47%
34
4
4
10%
10%
20%
17
65%
72%
2034
29%
4
10%
20%
16%
21
16%
64%
72%
20%
32
20%
21
*9
74
*61
63%
17
63%
72%
15%
5638
3934
64%
*72%
15%
62%
72%
36%
Jan
Feb
Hupp Motor Car Corp—
Indiahoma Refining...—
9,000
66
1
30,300
36%
Apr 4
Dec
Mar26
90
——
15%
2,300
10
89% May 6
21% Jan
7
Candy Cor p. No par
Contint'l
86
6
Feb 18
98
Hendee
6
80
52
Continental
1,600
24,300
105
105
15
40
38%
36
15%
6
36%
934
46%
98%
1
6
Aprl9
6% Apr 9
77% Jan
5
17% Mar 12
65
Textile.-No par
41%
58
*12
"34"
Apr21
40
—100
pref
82
3434 Apr 25
Consul Distributors, Inc,no par
Consolidated Gas (NY)... 100
40%
600
21%
Feb
pref..
——.100
Coinputlug-Tab-Recording 100
Consolidated Cigar
No par
63
MarlS
34
Do
Deb stock
500
16484
111%
Dec
Deb stock (6%)
1,100
Mar
Apr
Jan
41%
Jan
40*4
Jan
44%
Jan
Dec
Nov
7% Nov
168s Dec
5938
60
9
Do
15
9
8
Do
24
Jan
12% Jan
1,000
*2334
Jan
Jan
61%
5% MarlS
1,000
15
15
15
*23
108%
Columbia GraphophoneNo par
70
900
Dec
Dec
30%
May
80
1,000
10484
80%
24%
18
Do
22,500
Dec
12
Jan
50
100
85
3
Mar
Jan
22
71
*75
Jan
Jan
75%
29
300
5,700
137% 138%
14% 108,650
13%
23%
25%
25
"4l"
80%
24
15
24*2
400
Dec
8
46
Jan
Columbia Gas &
500
31,100
5%
20%
Jan
1984 June
Electric. 100
No par
69%
68%
78
39%
89
Dec
Apr29
5
——
79
69""
7.78
26
200
Nov
4
Jan
Jan
Jan
32% May 6
600
19%
88
'
-
*88
7,200
63
85%
31%
1,000
....
»
"" ~
71
"68"
23,200
19%
2438
95
14
2,000
19
17%
14%
1%
14
60%
28%
253. May
200
15,500
23
"87%
136%
60
23%
'
57,800
23%
68%
113
17%
14%
86
21%
20
~25%
86
86%
20%
2334
25
85%
'
"20"
Dec
Dec
15% Nov
19% Mar30
Feb 24
800
115,400
1834
68%
* **
"
"26"
39
22
89
9
mm
37%
8434
7,100
28,400
2234
79
89*2
*7%
mi'im
74% 75%
103% 103%
*85%
85%
20%
1%
19%
95
81*2
*85
.
1%
22
66*2
9478
85%
83%
85%
19%
59%
24%
20
20%
69%
19%
39
38%
1%
74%
75%
103% 103%
38
39%
85
80%
75%
74%
103% 103%
.
57%
1%
1%
1%
1%
1%
7434
1%
9%
55%
19
Copper—.
Cola
Do
1%
29%
96
Apr!3
9
Jan
Jan
11%
26
Dec
3*4
32% Jan 20
86
Apr'10
70% Jan 11
12% Feb 10
Apr 7
58% MarlO
25
Apr
28% Marll
56% Mar 15
100
70
87*2
70
8
87
8
41
*35
40%
87
8%
40%
37
39%
3534
87
*7*2
8%
8'2
40
43
*41
8%
60
59%
*35
36%
43%
43%
60
32%
60%
8%
40
35%
42
41
36%
25%
25
Car..No par
Motor
Chicago Pneumatic Tool..100
129
Dec
7% Jan
MarlO
64
Colorado Fuel & Iron.-...100
60
31%
5934
30%
3234
8,200
31
29
Jan
Apr
Dec
10% Apr2?
43% Jan 19
23
Cerro de Pasco Cop...No par
30%
5
5% Feb 21
No par
100
Leather
40%
77%
29%
81%
Jan
4
4% Mar 12
100
Zinc-Lead..—.. 10
Jan
15
9684
48% May 2
78% May 5
1
Aprl3
68% Jan
pref
Jan
Feb
8
8
Jan
18,000
114
10
Jan
20
10%Jan
47%
39
2«4
102%
102%
19
6
3
3
14% Jan
60%
Case (J D Plow Wks
Dec
Dec
Apr
Jan
96% May
1534 May 2
19% AprlO
84% Peb 17
4% Marll
5
10
46%
Callahan
27
4 ug
99%
Dec
11% Mar
39%
40%
7634-- 77%
53,j Jan
90
76
54
1,900
15
91% Jan 21
100
7,700
Dec
May 6
93% Jan 11
8
Caddo Central Oil & Ref--100
8
48'%
6>
Dec
California
8
102%
82
10,800
4,200
"5% "534
148%
Dec
May 6
61
Do
Dec
Dec
47
95
15
700
78
92
8
14%
17%
Mining..
11
25
Jan
88
-..-..100
Butte & Superior
June
81% Jan
100
Butterlck
82
107% Jan
99% Jan
3
4
Feb 21
No par
May
Dec
94% Jan
Apr 12
Brook yn Edison, Inc
24
57%
62% May 6
Apr21
Booth Fisheries
75
Dec
21
102% Jan
22
53%
3,100
Dec
8
Jan
70
6
89
-.---100
8% pref. 100
Jan
7
12
42
13% Jan
44% Jan
Apr22
Jan
pref.-conv
Jan
176%
cum
64%
60
Dec
Cla«s B common--.100
83%
8%
71%
Do
63%
11%
24*2
59%
3
Do
86
31
Jan
Aug
Jan
20%
76
Do
63
30%
31%
Dee
500
63
30
6%
97
100
83%
28%
3
63,500
65
104% 104%
5
5%
75«4
125
Jan
82% Mar 12
Mar 15
100
Bethlehem Steel Corp
69%
9
9%
Baldwin Locomotive Wks.100
66,100
62*2
18
Jan
Jan
Apr
Jan
Jan
Jan
21%
Apr20
61
100
pref
5%
30% Mar 17
29
Mar 17
100
1734
17
"5%
Deo
Jan
5
Butte Copper A Zinc v tc.
18
5%
84
94
Austin, Nichols & Co..No par
100
17%
5%
67%
74%
-.100
4,600
18%
5%
Dec
No par
2,800
17%
5%
Dec
Dec
Fruit
Do
Jan
Jan
61%
38
59%
pref
105%
49%
6
Do
Jan
Apr25
6
Jan
100
June
165%
66%
Jan
At Gulf & W I SS Line
Jan
9784
210
Dec
45
Atlantic
28%
10084 Mar
Jan
30
55% Jan
24
85% May
100% Dec
55% Dec
88% Dec
Apr
105
283
25%
Jan
33
100
33% Jan
Dec
Jan
Apr
11834 Jan
10684 Mar
107% Mar23
Marll
8
14
100
preferred
~
18%
»
26
92% May
104%
Jan
72
Dec
Dec
Dec
9% Jao
Marl2
1st preferred
5%
17%
46%
21
8
2d
*5
17%
59%
31
Do
5%
17%
77
Feb
29% Mar 18
25
89-%
15
59%
91%
~62%
'J- V,
^
14%
48%
93
Jan
May 6
82% May 5
97% May 6
39% Jan 20
Feb 21
„■
B irn- B'ns—
15
76
57
100
1,300
15
59
94
125
89
153s
463^
4
3
*88
15
76
Jan
Jan
100
15%
59
87
95
14
47%
Dec
126% May 6
110
100
95
13%
76
Dec
Dec
79
108% Mar29
200
135
46%
93%
142%
65
__100
pref
....
5-%
Apr22
423g May 2
35% May 6
65
May 3,
200
6134
6434
60%
63%
63
92
18
59
6%
102
*98
102
57%
~"e%
"91%
91%
*98
60
5%
Dec
Dec
1
19
27
Mar
3
26
200
1.8
Mar
9184 Feb 17
Jan
Class B—100
(new).
pref
Do
100
5%
Jan
50
79%
82%
97%
88
Mar
Nov
26
96
share
100%
11
M-ir 7
per
83
Dec
20
107% Jan
9534 Jan
Anaconda Copper Mining. 50
Associated Dry Goods
100
200
36
91*2
common
Do
3,500
42
101
pref
Do
21,000
36*4
5%
share 9
Dec
Dec
Jan
91
Highest
I
61
31%Jan
112*4 Marl 2
Amer Zinc Lead <fe Smelt—25
35
—
104% *103% 104% *10334 10434
5
5%
5%
5%
4%
95
*92%
*92% 95
87.2
90
87%
*87
Vo"
*103%
per
29%
64%
83
83% Jan
Amer Writing Paper pref--100
39%
101
May 2
44% May 2
3
Jan
*68%
100
Do
66
42%
34%
65
•
35%
*63
34%
65
~~Q~
"89%
pref
Amer Woolen of Mass
400
40%
91%
100
70
Apr20
8634
100
800
34%
102
100
300
33%
89%
Sugar Refining
pref
f
per share
Do
35
42-%
35%
"41%
41%
34%
66
5*2
100
Amer Telephone & Teleg._100
Amer Tobacco
100
8,900
57,600
36%
*99
57%
59%
Do
otfs
Amer Sumatra Tobacco—100
Do
63
38%
34
33%
American
7,300
6%
44% 156,300
2,500
38
6
100
—
Am Steel Fdry tem ctfs.33 1-3
200
92
123% 125
81%
7934
97%
9734
34%
34%
934
934
....
6
pref
%
Associated Oil
40%
37%
Do
400
34
*59
26,200
100
104
*90
91
*90
91
*89
28*2
28
92%
90%
"71%
72
71%
*83
34
7934
81%
98
89%
t per share
63
Jan 11
1,100
4,600
Lowest
Highest
Indus. 8c Mlscell. (Con.) Par
Am Smelt Secur pref ser A. 100
Shares
Pref tem
*101
81%
97%
34
78%
*97
33%
9%
31%
1920
Year
....
121% 121%
91
120% 120%
80
78%
31
'•
107% 108%
121% 123*2
90%
90%
*90
31%
90%
"88%
91
90%
89*2
88%
104
101% 101% *101
73
73
71%
71%
*83
89«2
*83
89%
77%
30%
*78
79
30*2
30%
30%
78%
3034
*78
41%
Lowest
200
73
*6934
433s
77%
43%
4234
44%
78%
73
43%
*69%
43%
mm
mm
8HARE
Range for Previous
Range since Jan. I.
On basis of 100-share lot
STOCK
EXCHANGE
the
$ per share
S per share
$ per share
$ per share
$ per sahre
70
70
YORK
Week.
6.
May
NEW
for
Friday
Thursday
STOCKS
Sales
PER CENT.
PER
SHARE
PER
SALE PRICE—PER SHARE, NOT
HIGH AND LOW
127% Nov
95
Dec
Ex-dividend.
33%
57%
38%
207
Jan
Jan
Apr
Jan
Jan
Oct
Jan
Jan
New York Stock
Record—Concluded—Page
1955
3
For sales during the week of stocks
usually Inactive, see third preceedlng page.
PER
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER
CENT.
Sales
STOCKS
Monday
Tuesday
April 30.
May 2.
May 3.
$ per share
J
-
•
*36
$ per share
11*4
37%
-
40
*95
115
147
147
*99
104*4
*36
•63%
92
88
39
600
*99
115
100
150% 150%
102% 102%
*99
103
•
-
.
*99
103
-
102%
2,200
X' '■XX XX
■~,XXX.
90
-
-
-
-
*53
*93
98%
*93
98%
23
89%
«
800
-
*93
25
22
22
22%
22»2
24% 1
22%'
113
*110
23%
14%
14%
29%
23
30
14%
23%
14%
29%
14%
29%
56
*53
56
*53
98%
*93
98%
23%
*93
98%
23%
22%
22%
21%
23
22
.
112
118
111
111
*110
*110
23
22
33%
*32%
34
*74*2
79
*76
79
1%
61*4
62
2
*1*4
62
*90
94
*76
78
2
*90
22*2
94
*90
*77
78
*105
12
12%
12
76
78:
''■XXX'X-
32%
32%
32
32%
*52
54*2
♦52
59
*58
60
35
*10%
11*2
*10*2
900
29
12%
13-2
3%
69
31%
28
12%
76*2
77
76
77%
31%
31%
32
32
54
54
54
54
59
59
59
13
48
49
3%
27%
35*8
35%
X -44
89
*99
13*'
13%
13%
33*'
34
31%
63%
200
Orpheum Circuit, Inc
16
9,900
Otis
50
j6134 MarlS
47%
Do
Class B—
..50
Penn-Seaboard St'l vto No par
People's G L & C (Chic)-.100
758*4 MarlS
47
3^%
45,200
10,600
14,400
9,000
4,900
30%
21,700
40%
32%
31%
41%
77%
10%
-
—
10%
70*2
70*.
71
64
63%
64%
*86
87
41%
75*4
91
63
42%
35%
89
89*2
98
35*2
89*4
41%
35*2
32
34%
32
64*4
63%
65%
64
93
93
93
93
21%
21%
68%
21%
69%
12%
2%
16%
6*2
83%
12%
*2%
*15
6*8
84
16
16%
16%
45*4
46
45%
26%
26%
26%
43
43
*70
71%
62%
72%
6,500: Pierce Oil Corporation
2,200!
Do
pref
64*8
87
16%
16
16%
•
88%
89%
89%
15,200
4001
103% 104
41%
42%
36
35%
89%
90%
103% 103%
42% 44
35% 36%
90
90
7,300'
14%
14%
14%
14%
35
34
34%
35%
37%
33
33
34
33
34
14,300
65
66%
65%
66%
65
66%
30,700
95
*91
95
21%
21
21
21
21
68%
68%
95
r
21
67%
12%
2«4
*15%
12%
---W
69%
-
12%
3
3*8
79*4
*78
108%
150%
108%
*78
78%
*78
32
32%
32
33
32
32
43%
87*s
46
44%
44
45%
43%
45%
88%
44*2
89%
88
90% 244,800
97
97
97
92%
95%
9%
8%
9%
6,100
8
7%
8%
3,000
97
7%
*95%
7%
7*2
8%
8
""9% You
11%
11%
43
42
41%
29%
51%
81%
11%
31
53%
18
is
22%'
i
18%
20
70*8
~6%
V
%
21
21%
72%
72
18%'
77
*95
52
79*4'
76*2
40%
27%
54*8
12,600
200
42%
500
9%
41%
31%
55%
9%
6,100
38,200
43%
71
200
21%
22%
22%
23
9,100
32
32
32
32
43%
43%
21%
22%
22%
18%
72%
6%
90
12%
31%
31%
110% 111%
53
41%
31%
54%
90
12
22
74%
72%
17%
"V""
70*2
~
78
78%
101% 101%
33%
34%
55%
57
18%
....
-
56,000
33,900
90
......
12
33,900
43%
111% 111%
59
56%
19
18%
1,600
800
5,900
59,100
3,100
•»»
^
22%
72*2
52*2
23
24%
61,550
73%
72*8
73%
57,900
55%
54%
55%
77%
78%
101% 101%
34
34%
17,450
99
51
23%
52%
23%
73%
99
.52
110% 111
17%
55*2
17%
-."t
23*2
j ~50%
101% 101*2
33*4
34%
98
100
9,700
41%
30*8
54%
*82%
11%
43%
113/
*81%
"
*5%
21%
73%;
99*2
*50
101*2 101%
41
28%
52
12%
90
18%
~
23
51*1
....
40%
53%
*82%
11%
43%
31%
31%
110% 113%
52%
54%
~~6~%!
j
"5l"
*95
10
27%
78%
42
43
9%
44
22
j
*5%
42%
"9% To"
j
30%
31%'
109% 112
1
55
53*8
j
111
53*2
70
8
41%
28%
54*4
*41
43%:
70
8
*78
71
!
12%
21%
8
8
10
40-2
27%
54%
7%
44%
89%
95%
7%
42*2
9%
90
78%
8%
88
90*4
42'2
110
3,000
100
77% 78%'
101% 101%
33% 34
76% 78%
101% 101%
34
33*2
59, .500
835s
83
84%'
♦110
11078 *108*4 108*4
54 I
5378
55*4'
*10
10
11%'
10
|
347s
36%
35%
38%!
28
26%
29
|
25*8
835s 8458
108*8 108*4
5378
85
*85
658
65
54%
55%
10
10
37%
38*4
297s
87k
83
277s
85
83!8
86
86
658
67
89*4
-
54%
97s
37*8
55
54*4
97a
87%
87
90
457
65
897s
90*8
92
47%'
47*4
48
48
48
48
48%
43%!
44
16%
43*4
43
16%:
42*4
16%
43
16i2
16
16*8
1578
8*4
9*4'
56
38*8
40
42
43
Stromberg-Carburet...No
10
9%<
978
10U
41
j
39»4 41 |
40% 42
*41
44
I *42
43
43
*114% 114%' 114
114*8*113
9's
_>*105
_
5112
52%
|
1
*
*76
54*4!
53
80 I §7914
*62l2
64
5112
1
*63i2
115
54
*106
I
7914
65
'
53l2
*76
*62l2
Bid and asked prices; 00 sales on tblfl day.
43
49
43
16%
1578
16
1012
41l2
10%
43
115
115
54
»
'
j
4878
41%
16%
1012
41
41%!
42l2 42%
1 1 A
1 1 A
I
114
114
*106
54*8
10
40
42l2
49
3,950
42
12,400
1678
6,800
10%
73,500
41
4,100
42*4
1,200
400
115
55%'
80
*76
80
65
*6212
65
53l2
5514
*76
1
80
*6212
15~,■400
Jan
93% July
65*4 Dee
84 1 Dec
Jan
12
5% Feb 16
23%Jan
634 Apr30
98% Jan
3
20*4 Jan 17
48*4 May 6
28% May 6
'66
Jan
11
73*2 Feb 28
167%Jan 13
110
Jan
20
82
Feb
7
37
Jan
24
3
Apr 30
93*4 Apr 29
Jan
5
97
Jan
55*4
Jan
Dec
123% May
Dec
17% Apr
25*4 June
83% Apr
21% Jan
243
Apr
23% Nov
90*4 Jan
48*4 Jan
82*4 Jan
94% Apr
Deo
9
Dec
2%
85*4
Dec
Dec
14%
Oct
33%
Dec
20
Dec
43
Dec
75
Deo
0142% Dec 4212*8 Mar
100*8 June
113*8 Mar
77
Deo
91% Juno
51% Mar
118% Apr
126% Apr
101% Jan
24*2 Deo
22% Dec
37*4 Dec
76
46
Jan
106*4
Dec
2*z
11
7
83
16*4
124*4
Dec
7i2 Apr 15
May
10% Jan
714 Feb 24
13U Jan
11
11% Deo
20% Sept
48
13
41
60
36*2 Marl 1
7
Jan
14
8% Dec
Feb
Oct
Apr
Deo
Dec
Dec
Tobacco Products Corp... 100
Do
pref...
100
45
Mar22
57*4 Jan
20
46
Dec
79
Mar29
91
Jan
13
80
Dec
6*8 Marl2
13
Apr 25
5%
Dec
38*4
66%
_
6*4
Transcontinental Oil..No par
Transue A Williams St.No par
36*8 Mar 4
34%
68
75
Union Oil......
17% Marl4
13*4 Mar
c57*4 Jan
53*8 July
Fruit....
100
United Retail Stores
No par
TJ 8 Cast I Pipe A Fdy
100
Do
pref
100
pref
.100
Apr
24% Jan
6
Jan
Jan
4
Dec
Dec
38
34
19%
27%
207
Jan
7
1
3
59
May 6
19
May 6
3
50
5*2 Marl 4
7
Apr
175a
Apr21
64*4 Mar28
92*2 Jan
3
41*8 Marll
62*2 Jan
3
799*4 Apr 15
26
50
4078 Apr 28
United 8tates Steel Corp.-100
Do
pref
100
Copper
Utah Securities
v
t c
Apr
1
77*4 Marl4
107
Jan
3
45*o Mar31
__10
Mar 24
Jan
19
96%
25%
Oct
Jan
Jan
Dec
Dec
55*4
37%
78*8
Apr
Apr
Jan
56% Dec
116*8
90
Jan
Jan
Apr
Jan
38
74% May 3
102
8
53
Dec
103*4
69*4
143*4
Jan
1
95*2 Deo
116%
Jan 27
29*2 Deo
76
39*2 Dec
76% Dec
47% Mar
44% Jan
3
80*2 May 6
112
15
Dec
May 5
Apr 30
Mar
55%
79*4
103%
35*2
5*4
Jan
27
59% Jan
19
Aug
35% Nov
104%
44%
Deo
Dec
7
Jan
Jan
109
Jan
115*4
Jan
Jan
80*4
Aug
14
Oct
41
Jan
11
28*2 Dec
97
Apr
42*2 Jan
11
24*4
80%
100
25% May 2
83
May 2
Apr
Jan
100
pref
Virginia Iron CAC
84
812 Feb 25
Mar 17
100
100
v
102*4 Jan
18
88*4. Dec
Jan
25
76
8% Jan
13
95
112%
120% Sept
21
June
72
20
46*4 Nov
76
Mar
Apr 12
98% Jan 14
80% July
92%
Jan
5*4
Dec
42*4 Jan
3
49% Mar 29
89% Nov
40
Dec
35*2 Jan
3
44
Aprl2
12
Marl2
14*4 Apr 11
5*4 Jan
30
Jan
38
3
3
Marl2
2
May
17%Jan
8
11
19
10*2 May 4
42
May 3
26
18%Jan
47
Jan
7
5%
117% Apr 11
100
111
102
3
65*4 May 5
Feb
2
pref A
100
71
Jan
7
81
Do
pref B
100
61
Jan
8
65% Mar 4
•
Feb 11
Reduced to basis 01
35%
73
63*f
oar.
Oct
Jan
Jan
69% Mar
25% Oct
32% Sept
Nov
Dec
32
Ian
Dec
93
Jan
82%
Jan
34% Dec
Jan
43
55*8
Dec
13% Dec
108U Feb 24
106*4 Apr 12
Ex-dlv.
119
30%
91
t C..100
»
Feb
94
Jan
Do
Exdlv. and rlgbta.
Dec
49% Jan
Wlckwire Spencer Steel
5
Willys-Overland (The)
25
Do pref {new)
100
Wilson A Co, Inc, v t c.No par
P A M
3
5% Marll
Westlnghouse Air Brake.-.50
Westing house Elec A Mfg. .50
White Motor...
50
White Oil Corporation.No par
Wool worth (F W)__
Do
pref
Jan
12% Mar 17
84
No par
Largo Express..j00
Western Union Telegraph. 100
«
Jan
224%
45*4
13
27*4 Jan
53
Feb
Dec
10*2 Nov
176
26
100
Vanadium Corp
No par
Virginia-Carolina Cbem.-.IOO
Worthlngton
127
50
pref
Utah
Do
Dec
11*2 Jan
Realty A Improvement 100
United Stages Rubber....100
1st
61%
39*4 Jan
U 8
Smelting Ref A M
Jan
13
48
U S Express
100
U S Food Products Corp. .100
U S Industrial Alcohol
100
Do
pref
100
Do
Jan
Jan
27*2 Mar 4
Unted
U S
3
Jan
97*8 Marl5
...No par
No par
United Alloy Steel
Jan
Jan
95%
106
Dec
Union Bag A Paper Corp.. 100
44% Apr 25
14
tJEx-rlghts
94
Dec
40
65
I Less than 100 aharea.
Dec
43*8 Jan
Welis
1,100
24%
30
22
1,200
90'8
Jan
37*2 Jan 20
39*2 Jan 12
73*4 Jan 13
10
V Vivaudou
89*4
22*4
21
8,300
67
Nov
Jan
2,300
67
10
10% Apr 26
778
67i4
90j8
48%
4258
11K
par
Apr
Nov
107
1434May
36% Jan
88
200
50%
106%
73
92*2 May
45
1,100
~
Dec
Dec
3
Mar
Marl2
10,600
""7*4
29%
Apr
Jan
Mar 12
72,900
*87
120
Marll
10
7*4
Mar
Dec
21
40
87*s
124
40
38
29
90
Jan
95% Dec
11
Texas Company (The)
25
Texas Pacific Coal A Oil.-.10
10
7*8
65i8
89*4
3
Mar
Apr
Feb
21
4
27i4 Marll
Superior OH
No par
Superior Steel Corp'n.
100
Tenn Copp A C tr ctfs.No par
38*8
2878
87*8
Marl6
77
Studebaker Corp (The).-.100
Do
pref
100
Submarine Boat
No par
iou
100
19
_
1,700
17,700
135
26*8 Apr
40*8
92
47*8
41*2
86l2 201,100
109*8
55is
73*2 Feb 28
25
105*8 Jan
29%'
*86
I
7%<
65
85i2
109
100
100
28*4
38%
29%
87%
55%'
278 Jan
3
65*s Mar28
113*4
104%
68
10
...No par
Jan
Deo
36*4 May 6
90*8 May 5
109
52
49%
Steel A Tube of Am pref
100
Stewart Warn Sp Corp.No par
38%
10
29
7%
*63
85*8
86%
108*8 109 |
85%
109
87
87%
90
658'
6%
65
j *63
84*8
109
Mar23
13
11*4 MarlO
2% Apr 27
11% Jan
3
Do
82%
69
69% May 5
56*2 Feb
100
Saxon Motor Car Corp.No par
Sears, Roebuck A Co.«
100
900
2,000
16% May 6
7
Royal Dutch Co (N Y shares)
St Joseph Lead
10
San Cecijia Sugar v t c.No par
Do preferred
Standard Oil of N J
Do pref non voting
88
150
108
88
72% Sept
91% Jan
27% Jan
96*4 Mar 2
24*2 Jan 25
6
1,000
*70
150
Dec
147s Marll
1978 Marll
38
Apr 14
108
98
Feb
83
19
89*2 Jan
£2
*70
Dec
88*2 Jan
par
Savage Arras Corp
44*2 July
82% Jan
108*2 Jan
23i4 Jan
51%
100
Shell Transp A Trading
78
40*4
r57*4 Apr 22
Sinclair Cons Oil Corp.No par
Sloss-Sheffield Steel A Iron 100
33%
45*2
90%
28
Marl 7
3,000
78
252%
*82%
23
81,600
32%
7%
8%
25*8 Marll
44*2
79
♦95
Marl 2
5
28%
33-2
8*4
11
Jan
44
31*4
.....
Marll
31
Apr21
Copper
Apr
Apr
Apr
64% May 3
51% Jan
27%
108
72
110% Jan
44%
150
Dec
7
Jan
39*2 Apr 14
15
27%
88
Dec
9
78
Jan
44
108
15
59
8
Mar28
Apr 18
27
152
8
11%Jan
54
44
70
36*4
Dec
Dec
98
27%
108
Dec
Dec
43%
152
6*4
17
Dec
263/
88
417*
116%
111*4
12
43*2
108
Dec
Deo
72
82
11,700
-
Jan
Dec
69*4
90% Dec
27
108
17
35
64%
24
12*4 Marll
38*2 Mar 2
152%
79% Feb 17
71*,i Jan 12
21
17
*70
88
151*/
108
Jan
Deo
Jan
43%
27%
43%
Jan
Jan
61%
Jan
93
Seneca
65
78
53*2 May 6
41% Jan
4
96
47%
6,800
Dec
10*4 Dec
41% May
104
17*8
17,900
Dec
*42%
8
6
48%
84%
12
11
Apr 15
47%
86
11
19*4 Jan
88
17
700
11,950
Jan
54%Jan
42*4 May 2
47%
6
Nov
3
100
230
22% Apr
5*4 Mar
28% Sept
41% Jan
Dec
23
3
16%
82
16%
6%
2%
Jan
Dec
9
7
77%
Jan
46%
16%
16
Dec
Oct
16%;
47%'
16
6%
83%
8
Jan
Jan
Oct
Jan
6*8
83%
16%
16%
4
Jan
61
61*4
42*2
3%
16%
6%
85%
17*2
48%
6*8
12% Jan
30% Apr 29
Jan
45
.100
pref
Mar29
16% Dec
35% Dec
May
Jan
Dec
26-%
6%
86%
17%
45%
Dec
Jan
17*2
117*4
48%
Nov
66
Aug
46*2
17
8
19
Feb
Jan
110
26*4
12*8 Maria
—.25
Republic Motor Truck.No
1,700
Dec
30%
81*4 Jan
50
pref
Do
89
100
27
81
-.100
44,900
■
~
10
100
69%
12%
68%
'-''mirnU
3
3
200
5,300
Apr
31%Jan
Ray Consolidated Copper..10
Remington Typewriter vtc 100
Replogle Steel
No par
Republic Iron & Steel
100
5,000
31%
*91
100
Pure Oil (The) k
Railway Steel Spring
11,000
*91
pref
Do
93*4
48% May 6
35*2 Jan 11
934 Apr
1
69
Apr
1
56% Marll
8278 Jan
8
100
Pullman Company
Punta Alegre Sugar
2,500
89%
102%
Jan
Nov
19*4 Jan
pref
100
Public Sorv Corp of N J...100
100
»
Nov
88
63*2 Dec
9
May 6
103
May 4
12% Apr 25
1
68
Do
2,200'
11,800;
45
Mar
79
31*4 Apr 14
.100
4,000! Pond Creek Coal
700, Pressed Steel Car
14%
*32
Do
Apr
23*2 Mar
50
par
25
Pittsburgh Coal of Pa
200:
..
834 Marll
335s Jan
3
Pierce-Arrow M Car...No par
Do
pref
100
300
102% 103%
41%
41%
35% 35%
89% 89%
14%
33*4
65%
12«2
2%
16*4
6%
81%
16%
3
"■
4#
14*4
34*2
g
1,200;
11
Philadelphia Co (Plttsb)
Phillips Petroleum ....No
41% 140,300
64
98
14
78
10%
87
15%
88%
27*2 Marl2
Pan-Am Pet & Trans
78
*
-
10%
100
Oil
48%
64*8
■■■:'—XX'X"
X*i
102% 103
100
"l5%
25
Development
Pacific Gas & Electric
47*2
31%
29%
39*2
71
64
77
XX
91
/
:
71-
64%
—
15%
■'
10%
70*2
75%
10%
70*2
63%
40%
10%
40%
87
15%
43
47%
32
29
"10%
68%
"30%
par
12
32%
2*1%
Steel-...—....No
72%
64*2
32%
65
95
3
24*2 Apr
7
1238 May 2
43*2 Apr
7
11*8 Marl 4
46*4 Jan 19
11%
12
~2D2
3*8 Jan
1
70%
34%
j
8*2 Mar 8
Oklahoma Prod & Ref of Am.5
4,500
14%
63
34
90
No par
3%
27%
8,000
27
12
47*2
Jan
13
28
3%
30%
102*2
Dec
39
14%
32%
Dec
2
5
31
71
21%
11%
Nunnally Co (The)
Jan
59%
10
Jan
Jan
Nova Scotia Steel & Coal..100
Jan
Feb 14
5
48
28%
27
76*s Apr 30
3234 Apr 29
55
Apr 29
61*4 Mar 2
3%
32%
80
7
13%
27*2
42%
Dec
26
63
47*8
25%
Jan
11%
47%
263/
18
44
62
*32
26
5412 Feb
69%
67
*42
9
96
Jan
35%Jan
100
12
21%
40*2
20% Feb
4
100
70*8
69%
53%
*81J2
100
Dock
preferred
63
19%
28
Apr 20
11%
14%
34%
10%
40%
28%
53%
Mar31
72
69%
67%
10
9
100
63
32*2
42
97
5
New York Air Brake
12
28
■4444
*7%
100
70*2
102% 103%
91*4
100
63%
65
j
55*4 Jan
4
1
Apr 13
4978 Jan
5
90's Apr 13
69*4 Jan
3
100*4 Jan
8
11 *2
91
31*4
Jan
62*2
89% XXX+
46
Jan
116
12
91
30
125
Pacific
89%
42%
Dec
103% July
2,500
265
88
Mar
62,604
32
88*2
108
40
39%
48
XX Xx
*70
Dec
53*2
15%
108
25*2
38%
15-2
*42
Jan
39%
16
86
30
38%
87
6*4
86*4
Mar
38*8
*15
6
40
100
New York
Jan
Dec
50*4
*86
*95
120
5
Dec
Dec
12%
38
6134
86%
88*'
120*4 Apr 25
3
47%
Jan
Jan
Jan
93
38%
;
26
71*4
5234
69%
100*4
Jan
27%
h
Dec
Aug
Deo
Mar26
pref
Nevada Consol Copper
3,500
10%
14%
10
28%
May 2
64
•70
2*/
36%
10%
3%
Apr 26
25
38%
69*2
47*2
62
12
36%
10
Jan
§96
Pacific
•:
'
15
36%
105
24
25*2 Jan
Do
10
Jan
Jan
Mar
15% Apr 25
33*2 Jan
4
56U Jan 11
106
North American Co
34%
35%
10*2
3%;
27*2
1338
*10%
107
222
88
20*2 Feb 24
100
Do
600
Oct
Aug
11
100
_
Deo
148
Jan
4
Jan
64% Mar
151*2 Apr
137*2 Apr
94
Jan
200
*57
65
Jan
3
Owens Bottle
10%
2*4
12%
55
33
48
80
15
12%
Dec
102
Biscuit...
Do
pref...
National Lead
6,300
1,700
1,200
12%
63*8
95%
8
Mir26
14*4 Feb
900
42%
12
-1"
100
12%
77
89*2 Feb 14
93*4 Apr 18
101*2 Apr
167*4 Jan 13
3
5U2 Apr
pref
...100
Nat Conduit & Cable.No par
Nat Enam'g & Stamp'g.__100
""TOO
31%
Dec
11*4 Marl2
8
700
10%
—
~
Dec
56
25ks Apr
15
80
_
~
15*4 Jan
Dec
56
Marll
50
39%
35%
'■•'tmmli
79
4
15
10*4
42
94
88
Do
1,050
1,700
110
78%
*104
135*8 Apr
49%
80
*41
*90
78
110
MarlS
52
40*2
'44 4-
94
77
1%
64
Apr28
65*2 Jan
4
49*4
10%
97
24
57*2 Feb
64*4
95
52
27*4
-
Jan
49
10%
4»
69*4
51
80
88*2
Jan
15
61
28
71
68
51%
35
69%
3
Marll
15
50*4
70*4
*60
59*2 Jan
56
15
39%
71%
62*4;
11*4
47%
31%
47
Feb
50*2
37*4
67*4
61*2
10%
107
15
*47*2
~50*4
38
37*4
5
50*2
48
*47*2
X-Xm
•
w
123.
"14*4
14*4
1%
63
59
10%
3%
27%
13%
3'4
28%
100
*57
*10%
3%
27%
3%
Jan
115*2
183*4
110%
Jan
100
•
700
79
*54
11
12%
*91
*105
76%
108
11%
36
29%
Deo
Do
pref.
.
National Cloak & Suit
33%
*77
55
58»2
3*4
120*»
100
200
32%
79
58%
*53%
12%
Jan
164*2 Feb 28
Jan
§96
112
34
77
.
*34
28%
70
Deo
3
100
National
31%
.
32
36%
36%
Deo
Feb
Power.
100
2
94
76%
108
12%
'..
*30%
55
*58
*33
25
100
136
100
U-'
64%
'
*91
.
12%
*1%
62%
32*2
61
94
77
*104*/
31
Marll
-.100
_
*110
114
*32%
*76%
63
XXX'X
63
12*8
*78
pref
Montana
'
2
1*2
*61
110
70
104% 110
42
100
100
*112
■"-£
79
32*2
*76%
'
*61
10
5
..100
_
33
12*4 Jan
Jan
Do
pref
100
Mont Wd&CoMs Corp.No par
National Acme
50
13,500
Highest
% per share % per share
9% Nov
28
Jan
May 2
Do
pref
;
100
Miami Copper
5
Middle States Oil Corp
10
Mldvale Steel A Ordnance..50
6,900
49,500
11,400
56
*110
119
112
22%
*93
98% !
23%
76%
9i2 Mar21
Sugar
100
May Department Stores.. 100
Do
pref
100
Mexican Petroleum
100
-
*53
57
22*4
*110
30
29%
15
119
23
20'a
14%
29
22%
14%
23%
14% :
23
33%
per share
1920
I
31
Manatl
IUU
55
76*8
9
Lowest
99
(P)
pref
Do
200
*92%
150*2 155% 259,500
147% 150%
146% 149%
1
73
88
i-
-
«•
73
:■+ w,-.'
1 nn
29%
117*4 117*4 *110
Do
Highest
$ per share
SHARE
Year
100
preferred
Mackay Companies
-
^
90
XXXX
XiiX'J*
-
-
^
•
89%
89*4
wi
.
80
146% 151
23%
14%
2d
Lorillard
100
«7U
223
Do
.....;
.
•'»
28%
*51*2
_
Loose-Wiles Biscuit tr ctfs. 100
*36
55
J.
Indus. 8c Miscell. (Con.) Par
Loft Incorporated
No par
115
28*4
~
2,100
151
14%
28*2
*51%
*32
38
11%
*99
23%
21%
37
11%
*145
22%
*22
37
Shares
11%
151
89
15
11%
Lowest
115
♦65
102%
*102l4 X*.
145% 148% 142*4 150%
S7U
$ per share
S i«r share
11%
the
Week.
99
-
'
80
*86
Friday
May 6.
Pi(R
Range for Previous
•
58
*65
363/
115
*99
65*2
*56
68
38
*99
i
103
68
11%
STOCK
EXCHANGE
148% 150*2 *145
99
149%
103
1134
11%
Thursday
May 5.
$ per share
$ per share
11%
37%
99
145
Wednesday
May 4.
SHARE
Range since Jan. 1.
On basis 0/ 100-share lots
NEW YORK
jor
Saturday
June
145
Apr
Deo
116
Jan
Dec
95
Jan
Dec
93*4
Jan
Dec
76
Jan
a Par
1100.
New York Stock
1956
Exchange—BOND Record, Friday, Weekly and Yearly
BONDS
W. Y. STOCK EXCHANGE
Week ending M »y 6
S.
U.
First Liberty Loan—
3>i% of 1932 1947
Conv 4% of 1932 1947
Conv KM % of 1932 1947
2d oonv KM% of 1932 1947—
Second Liberty Loan—
89.10 Sale
88.50
89.18 1545 88.20
87.50 Sale
87,50
87.60
87,66 Sale
87.40
87 80
96.00 Sale
{ D
96.00
96.00
1 D
J D
J D
87,32 Sale
87.20
87.52 5396 85.30
90.66 Sftle
90.36
90.76 4573 88.00 91.14
O
87-40 Sale
87 30
87.60 6205 85.34 88.60
98.00 Sale
97 68
Q
Q
Q
1901 Q
Pan Canal 10-30-yr
Registered....
Foreign
99«4 100*4
99*4 100*4
F
N
M
M
Government.
M
77
7V
do
do
Aug.1921 F
1929 F
(Repablilc) ext ef 8a— 1941 F
2-yr 5 Vis gold notes
10-year 5 Vis
Chile
4Vi»——-1949
Danish Con Municipal 8s "A"1946
Series B
1946
Denmark external s f 8s.... 1945
Dominican Rep < 'ons Adm sf 61*'68
French Republic 25-yr ext 8a. 1945
—
96%
98
81
82*2
98% Sale
82*2 Sale
99% Mar'21
14
92
"*50
88%
89% Sale
90
46
92% Sale
83%
90*4
98
17
99*4
99*4 Sale
97
93%
91*2
"91?I Sale"
A
99*4
92%
92
53
87%
94
91
98
99%
Illinois
Nor
See
99
15
40*8
48
98%
50
94*4
98%
U S Mtg A Tr Co eta of
74
75
76
72
75%
81
81%
13
77
81%
.
—
_
82
79
Apr'21
70
70*2
70
100
1
•
£
70*4
95%
99%
99*2
179
95%
322
95%
12
80
80
70%
100*4
81%
99%
363
96
101%
100*4
98%
9934
271
97%
9934
493
83%
87%
419
86
91
Sale
95%
97% 1163
94
97%
8012
Sale
86*2
86*2
81
87
83*s
84*2
156;
75%
84*2
Sale
83
84%? 1861
75%
84%
Sale
66
60
67%
Gen A ref Ser A 4 Vis.
74%
84%
Gen ref oonv Ser B 5s„
74
84
Convertible
49%
37%
Permanent 4a
91
1
242?
Sale
Sale
79*2
67*2
82%
SO
82%
I
Sale
45*2
48*4
283
40
44
29
871
90% 102
98%
94
32*2
36
100%
102
Gen'l gold 3 Vis Ser
General 4 Vis Series
Corporate
11990
AtchTopASFo—Gen * 4s-1995
Registered
.1995
Adjustment gold 4a.
1-1995
Stamped
.*1995
Conv gold 4a
19 55
Conv 4a Issue of 1910
1960
101*4
102
II
43
62
97
99
84
94
99
85*2
•No prloe Friday; latest
89*4
85*2
30%
29%
85*2
76%
91
93%
92%
91
94
82%
8134
84
84*4
82
82
82%
82
84*4
81%
83%
91*2
9134
Apr'21
90*2
91
Sale
72
7734
91
93%
92%
9034
93%
Apr'21
73%
74
91
73%
90
93
100
July'20j
101*2 101
*
98
M
95
Apr'21
July'20
71%
Sale
77*4 Sale
*74%
80
51%
76%
70
52*8
7734
Apr'21
69%
69*4
69%
8134
81
83
85
85
8412 85*4
70*4 Sale
68
70*4
73%
J
74
74
75
80*2 Sale
7734
87*4
88
75%
101
Sale
7634
9934
75
Sale
75
79
80*2
Feb'21
135
84*8
88
75
81
101
11
75
5
9934 103%
78
79
Aug'15
40
55
O
J
A
D
O
Did and asked.
7934
84
79*2
143
79%
6584
70%
6684
60%
Feb'20
69% Sale
66*2
70%
65"
71%
70
Sale
68%
70
44
66
72
91
Sale
88%
91
94
87%
93*2
112
6s
1930
3ViS--1930
1930
lat 0s
1930
Cons 6s reduced to
Debenture
5b
North Wisconsin
g__el930
58—1960
08—el 932
1952
1937
Superior Short L 1st 5a
lat
Chlo T H A So East
Chic A West Ind gen g
Consol 50-year 4a
4 Vis
4s g.1923
Day A Mich 1st cons 4 Vis. 1931
Clev Cin Ch A St L gen 48—1993
20-year deb 4 Vis
1931
C Find A Ft W 1st gu
Oct'20
6934
1st 4Vis.'41
St Paul A K C Sh L
Chic St P M A O cons
Cln H A D 2d gold
79*2 Mar'21
S
N
67" "73"
100% Nov'20
84
--1993
Ref A lmpt 08 Series A
1929
Cairo Div 1st gold 4s
1939
Cln W A M Dlv lat g 48—1991
St L Div 1st coll tr g 4a
1990
266
Jan'12
68%
*81%
65% Sale
63*2
65%
62*2
66%
Spr A Col Div 1st g 4s
W W Val Div 1st g 4a
78% Sale
77%
79
73*4
79
C I St L A C 1st g
81%
86%
85
85
76
88
...
95
98%
54*4 Sale
91
79% Sale
70%
83%
—
"99% II-.
85% Sale
"86% *91%
9634 Mar'21
5334
54*2
93
Apr'21
79%
79%
73% Jan'20
85
Apr'20
99% Deo'20
99%
8434
99%
85%
Cin S A CI cons 1st g
88
C C C A I gen cona g
84
84
58—1928
08—1934
9634
52
55%
93
Income 4a
79%
85
Cleve Short L 1st gu
4Via
4a
Colorado A Sou lat g
Refund A Ext 4Vis
Ft W A Den C lat g
99%
83
68
99%
Conn A Pas Rlva lat g
88*s
Cuba
RR
96% 102
IIIIpioT
....i
102*4
93%
Apr'21
93%
9934
93%
99
Mar'21
99
99
Mar'21
-
99%
Feb 21
99%
99*2
77
75%
Apr'21
74
Mar'2l
87
67
J
61%
67%
67%
67%
A
66%
69
66
69*2
M
68*4 Sale
68
Sale
65*2
68
65
69%
A
86
85%
85%
88
A
MN
A
"79 " II11
69
O
67
64*2 Sale
F
A
J
D
J
D
S
J
J
84
82%
99
M
D
QM
J
J
J
J
Feb'19
82
Apr'21
97
-
—
60% Sale
75
MN
64*4
64*2
62%
83
J
Mar'21
59
88*4 Sale
75
J
M S
J
J
Q
"68*4 ~69
73
65*2
75%
---
J
A
1990 Apr
1961| J «
1929,F A
1935 W N
J921|J »
48—1943 A o
g—1953 J ■»
62%
72*4
73
77*2
88
66
72
75
81
87*2
74*4
68%
75
Jan'20,
69
38
78
Oct'20
88%
7-1*41
11
71
75
75*4
75%
98*4
98%
54
Nov'10
Mar'21!
69
68
Apr'2L
74%
67
68%
74
65
5
Apr'21|
75%
*86% ~91 "
82% 8ept'19
Q
J
66
101%
53
Apr'21
84
78
64
60%
Mar'17
66
MN
84
101
101
73
67
J
81%
81
83
May'18
81
84%
81%
Jan'21
64
101
*72" 1111
82*2
99% 102%
Apr'21
Nov'10
68*4 Sale
77
78
J
32"
73
68%
66
63
88
*74
82"
64*4
95
"0l" *68 "
12
Jan'21
118
S
J
70
Feb'21
85*2
97%
99*4 1008 100%
81%
80*4
M
pref 4a
1940
Q
O Ind A W 1st pref 58—41938
AO
Peoria A East 1st cons 4s.. 1940,
91
119
91*3
"99% 104"%
78%
90
73%
Ind B A W 1st
9684
99
1940
*|930
87%
Feb'21
1940
*1936
48
Registered
Mar'20
86% Mar'21
87% Feb'21
84
98%
99%
General 5s Series B
76% Mar'21
"75*4::::
~98"~
84
88
"87%
63
70
79
77%
11
....
100%'
99 I
Oct" 16
Apr'21
99*J
99%
93%
j
5a. 1923
"99"% 99%
|
Jan'21
72
Keok A Des Moinea let
89
70
70
67%
91
81*4
....
73
78*2
Sale
68
08
76%
97
68
70
91
84
97*4
101*2
72
72%
"*68% Safe"
98% Sale
100% 101% 102*2
69*4
Jan'21
91
100
J
72
99
90% Nov'20
100'2 Sale
73
73%
87%
Mar'19
89
77%
Jan'21
90%
90
79%
65
78
77*4
96
99%
98%
"~6
Feb'21
Dec'20
Feb'20
Feb"21i
89%
94%
67%
85
68
73%
73%
98
---
75%
83
7
76*4
70
99
98%
...
88
3
5
69
68
'35
76
92
Mar'21
89*2
13
10
65
85%
2
Jan'21
92
Sale
87
1988
1988
Refunding gold 4a
1934
R I Ark A Louis 1st 4Via..l934
Burl C R A N 1st 5a
1934
C R I F A N W 1st gu 5S..1921
Ch Okla A G cons 5a
1952
84%
81%
84%
98%
89
85
Apr'21
M
4s
68*4
84%
98%
J
Registered
91
60%
Sept'19
99*8
Man G B A N W lat
Chic R I A P—Ry gen
98%
91
1
79
66%'
74*4
o
6s..1933 A
3ViS-1941 J
Milw A S L 1st gu 3 Via—.1941 J
M
Mil L S A West 1st g 6a._.1921
Ext A imp 8 f gold 5a...1929 F
M
Ashland Div 1st g 6s—1925
J
Mich Div 1st gold 09.—1924
97%
I?
98%
75
100%
3
68%
93%
5S.1948
79
68*2
Sale
72%
D
S
55%
84*2 Mar'21
65,
65
o
10-year secured 7a g
1930 J
15-yejtr secured 6%s g ....1936 M
Dea Plalnes Val 1st gu 4 Via..'47 Wl
78*4
84
Jan'21
4a.l947
91
69*2 Sale
Registered
72
Apr'2li
68
1933 M N
,.1933 M N
Sinking fund deb 5a
72
59
68*4
74%
61%
Feb'2lj
A N W lat gu
80
101
"65%
88
63
81%
St L Peo A N W lat gu
93%
129%
64*4
1921
1921
5a
Registered
72*2
141
85*2 Mar'21;
----
90%
65
62
84%
——
83
99%
79*4
57%
98%
86
A
92
61
72*4
46
I
81%
99
A
76
59*2
56
104
68
Mil Spar
90%
....
64
5234
50
75*2
102
62
76
'
69*8
J
71*8
78
71%
76*4
75%
76
7
"20
69
69*2 Sale
D
S
-
Deo'20
69% 69*4
09*4 Sale
84
101
72*4
58%
....
983^
Frem Elk A Mo V 1st
101
Oct'20
75%
63%
*70
52
Dec'20
Sept'20
Registered
Debenture
78
66%
71%
Mar'21
61
83
79
D
1987 *'
pl987 Q F
1987 x\l N
—1987 M N
1987 M N
1879-1929, A O
1879-1929; A O
1879-1929 A O
O
1879-1929
Sinking fund 5s
Apr'21
D
32
69%
Feb'10
92%
58% 61
74*2 Sale
62
Sale
68
Sale
M N
91
82%
'
68%
95% v.— 102
91%
81*2
Apr'21
69% Sale
48—1949 J
8s—1924; J
92
82
Jan'21
76*4
98
81%
May'19
71%
....
91
91
83
63
70
68*2
62%
91
82*2
68
50
67
91
87
81
61*4
91
81
94*4
Feb'21
58%
Sale
82%
Apr'21
93%
Sale
"49% "54 "
Mar'20
90%
Stamped 4a
General 5s stamped
Sinking fund 08
Registered
78
83
81
84%
88
82*2
52%
94*4
61% Sale
86%
50
68
97% 10J
General 4s
1
12
-J
86
94
J
88*2
78
67
79
J
...
95%
90*2
90*4
70
90%
21
Mar'17
50%
J
86
8134
Saie
25-year debenture 4a......19343
Chic A L Sup Dlv g 5a
192FJ
Chic A Mo Riv Dlv 5s
1920 J
Registered
34
82
89
89
D
Vis...1934 j
1934 j
Wis A Minn Div g 5a
19213
Chic A N'weat Ex 4a...l880-'20 F
Registered
1880-1920 F
35%
28
93
12
67*2
67%
1925 J
Apr'21
86%
87
73
Sale
93%
A
4Via
28
89
73
Cons extended
10,
Mar'21
89
Sale
Sale
32
J
Milw A Nor 1st ext 4
12
23*2
*76% "82 "
40
23%
28%
2W%
93
"52"
78
63*4
Apr'21
80
^;v$iv
76*4
68% Sale
88
89
1937|M
..1957,1*1
g 4a gu
1998 A
Clear A Mah 1st gu g 5a...1943 J
Roch A Pitta lat gold 08—1921 F
Conaol lat g 0a
1922 J
Canada Sou eons gu A 5s—1902 A
87%
Oct'19
Sale
74% Sale
85%
86
85%
4Via...l930 M S
CI Lor A W oon 1st g 5s. .1933 A O
Ohio River RR 1st g 5s...1930 J D
General gdld 5s
1937 A O
Pitts Clev A Tol 1st g 6s..1922 A O
Tol A Cln dlv 1st ref 4a A..1959 J
J
4Vis
All A West lat
88*8
89
104%
Cent Ohio 1st 0 g
Conaol
79*4
88*a
J
J
19621M S
5S-.1942IM S
Buffalo R A P gen g 5a
80
89
68%
Fargo A Sou aesura g
82% Sale
*1952 M 9
10-year secured 7a
1930; M N
Gen unified 4Via
1964 J I>
Ala Mid lat gu gold 5a
1928 M N
Bruns A W 1st gu gold 4a..l938 J
J
Charles A Sav 1st gold 7s._1936 J
J
LAN coll gold 4s
01952 M N
Sav F A W lat gold 0a
1934 A O
1st gold 5a
1934 A O
Bait A Ohio prior 3Via
1925 J
J
Registered
11925 Q J
1st 50-year gold 4s
*1948 A O
Registered
*1948 Q J
10-yr oonv 4 Vis:
1933 -Refund A gen 5« Series A..1995 J D
Temporary 10-yr 08._j.__.1929 J
J
Pitta Juno 1st gold 08.1...1922 J
J
P June A M Div lat g 3 Via. 1925 M N
PLE&WVaSya ref 4a._1941 M N
Southw Dlv lat gold 3Via..l925 J
J
81
76*4
82%
D
91
Atl Coast L 1st gold 4a
70*4
89
86
Cal-Arix 1st A ref 4 Via "A"
S Fe Prea A Pb 1st g
72
89
8134
S
Rocky Mtn Dlv 1st 4s
1905 J
Trana Con Short L 1st 4s. 1958 J
72
91
134!
J
J
39%
73*4
29
86
J
1928 1*1
East Okla Div lat g 4s
34
J
91
Q J
A O
A O
Nov
Nov
J D
43%
36;
28
j
82%
Railroad.
Ann Arbor 1st g 4s
37[
35%
90%
Sale
178
74%
46
45%
35
"77%
C.MA Puget Sd 1st gu
62
73%
Apr'2l
44%
88%
973^
60
"69" "69"
74%
A
F
97*4 Sale
6a deferred Brown Bros ctfa...
Apr'21
35% Sale
97*2
103
t
Nov'20
74%
309
62
72%
72
J
_
185
69
O
4 Vis
138
84*2
72%
J
«1989
-<*2014
o2014
1932
*73% "78 "
78
44*2 Sale
97*4
84*2
8412
M
74
73
68
97*2
84i2
M N
M
70
J
98*4 Sale
...
stook...1954
1961
Canal Improvement 4a
1901
Canal Improvement 4s
1960
Highway Improv t 4Via..l963
Highway Improv't 4Via-.1965
Virginia funded debt 2-38...1991
3Vi%
June'19
j
el989jj
B
C
General gold 3 Vis
9 Y State—4a..
73
69
....
72
98*2
61
-
73
1071
Mar'17
67
622'
104% Sale
1960 M S
1964 Ml S
1906 A O
1967
4Vie Corporate stock
1965 J D
4Vie Corporate stock
1963 M S
4% Corporate stock
1959,M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 WIN
M N
4% Corporate stock reg—.1950
New 4Vis
1957 M N
4 Vi %
Corporate stock
1957 TVI N
Jan'21
61%
98
86
City—4Vie Corp stock.
4Mb Corporate stook
4Via Corporate stock
4Via Corporate stock July
67
65
73
1930 j j
Chicago Great West lat 4a—1959, m S
J
Chic Ind A Loulsv—Ref 08..1947
J
Refunding gold 5s
1947
J
Refunding 4s Series C
1940 J
J
Ind A Loulsv lat gu 4s
1950 J
J
Chic Ind A Sou 50-yr 4s
1950 J
Chic L 8 A East 1st 4Via... 1969 J D
J
Cb M A St P gen g 4b aer A .el 989, j
Registered
el989 Q J
86%
Sale
It Y
65
Chic A Ind C Ry let 5s
99%
Sale
City Securities.
85
67
Jan'21
9 5*4
9834 Sale
97% Sale
O
1921
J
8a.11936
D
Sweden 20-year fis
..1939
J
Switaerland (Govt of) a f 8a 1940
S
Tokyo City 5a loan of 1912
A O
Eurich (City of) a f 8a
1945
XThtu are price* on the bail* of $5 to
80
Apr'21
—
85%
89%
77%
85
Guar Tr Co ctfs of dep
Sale
Sale
36
Parla (City of) 5-year 0a
San Paulo (State) ext a f
and
g..l955jj
Stamped
73*4
67
1st consol gold 0s
Sale
102
D
O
63
117
98%
81*4
99*8 Sale
M
99%
98
Sale
80
....
99*4
98
98*4 Sale
99*4 Sale
79
75%
70*2
93%
82l»
1930 a O
General oousol 1st 6s
1937 M N
U 8 Mtg A Tr Co ctfa of dep
79
84*8
91
79%
81
F
F
F
A
F
79
3
70*2
7478 Sale
r
10
92%
91*4
67%
j
40%
dep
83
83*4
76%
46
Chic A E 111 ref A Imp 4a
78
84% Sale
D
90*2
Sale
99*2
78
86
98
Sale
97%
99
Apr'21
•
84*8
75*2
1927,w n
1958 ry| s
Registered
94
Apr'21
78
Pac
General 4a
94
99*2
"77 " Sale"
4a—1927; m N
Extension
Nebraska
94
78% June'20
75
75%
1949'j
..1949
4a.
84
100
95
*75%Sale"
4584 Sale
I
_
State
1944! J
Dlv 3Via.
bonds.
83
80
7978
Chic Bar! A Q »ln—
Illinois Dlv
83
Apr'21
94%
92*4 Sale
1945 J
1940 J
Potts Creek Br lat 4a
1940 J
R A A Div let con g 4a
1989; J
2d consol gold 4s
1989 J
Greenbrier Ry 1st gu g 4a. 1940 M N
Warm Springs V 1st g 5a__1941;lVt 9
Chic A Alton RRref g 3a..
1949 A
Railway lat lien 3Vis
I960, J
Joint
Apr'21
81
93
81
5s—1929
1939; ivi N
Registered
1939; rv* N
General gold 4Vis
1992;rv* S
Registered
1992|ivi S
20-year convertible 4Via..1930, F A
30-year conv secured 5a
1940 A O
-
83
80%
94
lat consol gold 5a
Big Sandy lat 4a
Coal River Ry 1st gu 4a
85%
"99% loJ"
98
99
A
A
98%
92%
98
74
84%
98% 101
85%
93
124
Sale
A
1954 J
96*4 100%
97
98:
99%
notes
1921 M W
86%
20-year gold bond 5Vis—1937 F A
90%
10-year oonv 5 Vis
1029 F A
97
3-year conv 6 Vis
pl922 F A
86%
Italy (Kingdom of) Ser A 0Vi8.'25;F A
X 84*4
Japanese Govt—£ loan 4Via-1925;F A
t S'M
Second series 4Via—— ,1925 J
J
t
*507%
Sterling loan 4s
...1931
82*4
M N
Lyons (City of) 15-yr 6a.. .1934
82%
M N
Marseilles (City of) 15-yr 6a. 1934
X 4834
loan
5s of 1899 Q J
Gold debt 4a of 1904
546
98%
6-year 6Vi%
Norway externa) a f 8s.....1940
87
100
93%
Gt Brit A Ireland (U K of)—
Mexloo—Exter
97
186
0f4
Sale
98
6s of 191 ljJ D
Chrlstianla (City) 8 f 8s
1945 A O
J
Copenhagen 25 yr a f 5Vis.. 19441.1
Cuba—External debt 5s of 1904.IW S
Exter dt of fls 1914 ser A.1949 F A
loan
72
95*2
99*4 Sale
Chinese (Hukuang Ry)
External
67
416
•Y--4
72
9934
95
4s
N Y A Long Br gen g
97% June'17
94*4
Craig Valley 1st g 5a
71
95
79*2
....
69
-
83
Cheea A Q fund A Jmpt
104%
*77"
97%
Sale
Registered
Am Dock A Imp gu 5a
104" 104%
99*s Sale
1920. a O
...1931 i A o
do
80
72
s
Argentine Internal 5s of 1999...
J D
Belgium 25-yr ext s f 7Vi 0 g-1945
6-year 0% notes
-Jan 1925:..
20-year s f 8s
1941F A
Bergen (Norway) s f 8s.....1945 M N
Berne (City of) s f #s
1945 M N
MN
Bordeaux (City of) ljg yr 08.1934
A O
Canada (Dominion of) g 5a—1921
do
—
08-10
100 ;
102%
104%
98*4 Mar'19
99
July'18
Apr'20
79*4
79*2 Apr'2.1
104% 10434 101%
10-30-yr 2s
*1930
2s reg—1938
Panama Canal 3s g—
1901
Pan Canal
Cent of N J gen gold 5a
-
May'18
79%
1940
1937
1987
A1987
1921
1941
1st g 5s
Apr'21
90
91
67%
-
69
76
95*a
89
85
j*
80%
Cent RR A B of Ga coll g 5a.
#8.10
100
Feb'20
99% 100% 100
9934 100*8 100% June'20
104
1043s 10i«4 104
—1925,Q
1925 Q
4s ooupon
98>10 14725 05.56
98-10 1516 95.80
97 70
98.00 Sale
1923
1923
<11930,78
dl930 «
Mobile Div
88*4
82*2
72*4
89
89
70
99% 102%
84
83
1947
Mid Ga A Atl Dlv 5a
88.40
90
68
Dlv lat g 5a..1940
High
Low
~
Apr'21
89
83
87%
10-yr temp secur 6a June..1929
Chatt Div pur money g 4a. 1951
Mac A Nor
199
74
89*4 90
84
Sale
1945
Consul gold 5a
85.34 88.80
31
87.38
5s.38
Central of Ga lat gold 5a—pl945
100.50
87.14
A
registered
Car Clinch A Ohio lat 30-yr
88.60
95.00
M S
of 1928
4J4% Of 1933 1938
Victory Liberty Loan—
4s
2
87.30 Sale
Fourth Liberty Loan—
3s conaol coupon..
918 85.40
MN
4% Of 1927 1942
Conv 4 *4 % of 1927 1942
Liberty Loan—
KM% Notes of 1922
':3P4% Notes of 192U
2s oonsol registered
93.50
85.24 88.50
MN
Third
KM %
1
No.
101%
73%
101% 8aie
73
74
Canadian North deb 1 f 7a.. 1940
High
100%
Ask Low
Bid
Bid
Government.
~85% III-
88
98*4
93%
76%
74
Nov'20
98%'
Nov'20
67%
18%
61%
26
83
84%
16
79*4
27,
II
72
93
84
75%
97
59%
73
2
59
59*4
21% Sale
18%
21%
2
81%
84% Mar'21
81
81%
-J
59
59*4
81% Sale
75%
76*2
73%
74%,
96%
98
96*2
98%:
69
70
69*2
70*2
lat 50-year 5a
aDueJan. iDue April. iDueMay, fDueJune *Due July. IDtw
lOpttoa nil
Aug. 'Due Oct.
PDtt* Nov. |Du« D««.
New York BOND
BOND9
Price
II
W. Y. STOCK EXCHANGE
Week ending May 6
•
Del Lack A Western—
Morris A Essex 1st go 3H82000 J
D
N Y Lack A W 5e
1923 F A
Term A Improve 4s
1923 M N
1st Lien equip g 4H8
1st A ref 4s
Susq
67
9512
80k
79k
83
64
65
66
68
69
70k Sale
70k
46
Sale
49
O
1937 j
j
8Q
96
Jan'20
86
89 k
72k
38k 39k
39k Sale
4334 Sale
77k 78
O
O
75
j
O
08—.1922 IVI N
1937 F
A
1940 F
gold
A
5S..1943 ivi N
Apr'21
98
42
50
O
71k
o
09k
D
52k
1920
J
J
"97"
O
*83 k
79
62k
96k Sale
9i3k
79k Sale j
78k
J
J
100
83k
152k 102k
J
J
87h
1933
J
86
1937
D
1937
D
Pacific ext guar 4s £
1940
E Minn Nor Dlv 1st g 4s.>1948
Minn Union 1st g 0a
1922
J
95
81k
—
91
73k
J
O
A
Houston Belt 4 Term 1st 6s. 1937 J
J
Illinois Central 1st gold 4s__.1951 J
J
83
69
83
Registered
1951 J
1st
1951 J
J
1951 J
J
Extended 1st gold 34a
Registered
1951 A
1951 A
O
'70
o
1st gold 3s sterling
Collateral trust gold 4a
Registered
..1951 M
8
1952 M
S
1952 A
O
lat refunding 4a
"75" Sale"
65k
69
89
J
D
58
J
69
71k
Dec'20
68
90
88k
88k
73k
58k
66
56 k
'il
69
J
63k
70k
"91" mi
Bel lev 4 Car lat 0a
1923 J D
Carb 4 Shaw lat gold 4a
1932 ivi s
Chic St L 4 NO gold 5a... 1951 J D
Registered
1951 J
1951 J
D
Joint lat ref 6s Series A.1963 J
D
Mempb Div 1st g 4a
1951 J
D
1951 J
88k
D
Gold
70
89
D
58k
69k
58k
87
90
Mar'21
74
75k
56k
78
"76k Sale"
91k
88k
"87"
73
73
76k
88k
Apr'21
55k
90k
75k
56k
74
41
54
74k
7678
"67 >"3" "76k
Kansas City Term lat 4s
1960 J
72k Sale
71
70k
74
1937 J
79
79k
Apr'21
79
83
1941 J
72
64
Feb'21
6
65
North Ohio 1st guar g 6a..1945 A
Leh Val N Y 1st gu g 44a
1940 J
Registered
—.1940 j
50k
General cons 44a
2003 M N
70
65
84
Apr'21
83
78
69
75k
Sale
69
69k
76
76k
76k
■0 prlet Friday; latatt bid and asked mil week,
125
Sept'19
84
*
—
Lehigh Val (Pa) oona g 4a—.2003 M N
72 k
Aug'19
a Due
Jan.
A
68»2
38k
7734
90k
Sale
90k
85
89
18
21
14
1
68k
40
14
'7834
20|
2
90k
Dec'20
89
95
Dec'16
59
120
37k Sale
37k
37k
00k
38
37k
22
7<)38
...
Sale
24k
30
15!
51
50
53
52
Apr'21
37
37k
37
36k
Apr'21
35
Apr'21
20k
46
48
40
4fl34
68
75
40
44
77
84k
87
91
90k
"56" "61k
42
42
30
49k
Apr'21
S
72k
39k
40
25
Jan'2l
52
35
67k
"8884
60k Sale
j"J
55
36
36
Dec'20
62
35k
S
42
Dec'20
60 k
69
69
597s
02k
35
30
Jan'21
37
03
57
68
Oct'20
32
51k
Apr'21
53
Oct'20
50
78
45
89
90
21
85k
7
55k
Oct'18
193
58
73k
7534
1938 J
D
76k
77
A
79k
80
86
86k
30*
75k
80
86k
92l2
82
87
56k
72k
"7534
75k
Apr'21
5134
"78k
Juue'19
68
1938 F
69"
"30"
85k
533$
Sale
85k Sale
5434 Sale
1948 M N
"55""
77
79
60
1929 A
37k
"37" "42""
Mar 2L
55
54
39
33
Apr'21
57
66
J
52
30k
42
40
63
46
90
..
2178
Sale
58k
54k
S
1938 M
7534
Apr'21
1,79k Aug'20
83k
90k
102
85*4
July'14
70
70*4
6684
73k
8 534
7084 Sale
1
80k
Oct'17
J
67k
67k
66k
1920 Ml N
80k
90
87
66*4
Sept'20
1927 M
99k 100
88k
95
58k
J
1933 J
61927 J
1938 Q
8
D
J
5s_1947|M S
A
74
_
.
.
93k
23
Sale
27
94
100
Mar'21
90
57k Mar'21
57
62
71
Dec'20
30
30
77
Mar'21
77
85
7312
77
90
77k
80
75k Sale
91
"64k "71k
99k
99 k
92k
g
10-year coll tr 7s
Consol 4s Series A
Ref A Impt 4 Ha "A"
3
41
41k
4034
89
90
1945 M N
g
69
V
45
78*4 Sale
38
75k
74k
92*4
92k
99k Mar *21
92k
99k
21
27
94k
98
23
22k
90
25
..1930 M S
1998 F
A
2013 A
O
27
27
30
Apr'21
30
30
21
27
Mar'21
27
33
67k
J
D
27
31
19
1925 J
Sale
28k
Registered
Debenture gold 4s_.
...1997
.1997
68k
67k
6684
63k
64
63
70»4
67k
92
58k Sale
Apr'21
64
Apr'2l
58k
6l34
90
33
99k
8934 Sale
57k
88k
100k Sale
69k Sale
75k Sale
68
69k
39
66k
74k
76
15
74
82
6684
67k
31!
66k
67
69k
67k
1934 IVI N
74k
80k
"841 "84k
"e"8"k ~76 "
76
84
b Due Feb.
67k Sale
66k
67k
77k Sale
90
1011
99k
259
133
30-year deb 4s..
Lake Shore coll g 3 Ha
1942 J
J
1998 F
Registered
1998
Mich Cent coll gold 3H8—1998
Registered.....
1998
Battle Cr A Stur lBt gu 3s_1989
"73k ~75k
57
87k
98
047$
92k
103k
72k
62k
58k
60
61k
F
J
Registered
1930 J
gold 5s
Beech Cr Ext 1st g 3HB-&1951 A
Cart A Ad 1st gu g 4s
1981 J
Gouv A OBwe 1st gu g 6s—1942 J
Ka A A G R 1st gu g 5s..1935 J
Lake Shore gold 3Hi
1997 J
Registered
1997 J
Debenture gold 4s
25-year gold 4s
Registered
# Due June,
.IIII
k Due July,
..1928 M S
1931 IVI N
1931 M N
a Due
Sept.
77k
~47k IIII
78
75
75
'"il
*72~k "76k
60k
62
30
59k
60
3
59
60
02
5
59
68
60
62
81k
81k
67k
0014
71*
67
62
1930 J
guar
Mar'21
76
62
61k
F
F
Beech Creek 1st gu g 4s... 1930 J
67
66k June'20
1934 IW N
2d
Oct'O'J
Lake Erie 4 West lat g 6s
2d gold 5a
80k
8U4
J
D
Non-cum Income 5s A
1935 A O
N Y Cent RR conv deb 6s—1935 IVI N
75
75" "77k
7778
90k
J
1929 J
Registered
Apr'21
73
J
40
16
Mortgage 3Hs.—
Apr'21
56 k Sale
S
42
N O Tex A Mexico 1st 0s
58k
Nov'17
73
D
6)
New York Cent A Hud River—
82k
73k
4034 Sale
60
70
70
80k
NO A N'Elst ref A lmpt 4HaA '52
New Orleans Term 1st 4s
1953 J
..
79k
67k
70k
J
Guaranteed general 4s
1977
Nat of Mex prior lien 4Hs_..1926
1st consol 4s...
1951
68
82k
7778
40 k
6s
1923 A
Nat Rys of Mex pr Hen 4
Ha. 1957
73k
88k
83
74 k
3 >k
Sale
2001 AO
Jasper Branch 1st
~92k
64k
Mar'21
88k
1950, A O
Apr 1950. J
69k
72k
88k
88k Apr'21
05k July* 18
71
D
"77k
Mar'19
65
1950 A O
69
117k May'10
89
Bale
41
87k
St Louis Div 5s
1927;F
St L A Cairo guar g 4s
1931 J
Nashv Chatt A St List 5s—1928 J
"50" "odk
Apr'21
"75k 77k
Bt Louis Sou 1st gu g 48—.1931 M S
Ind 111 4 Iowa 1st g 4a
1950; J
J
Int 4 Great Nor let g ext 78—1922 M N
73k
68
Nov'10
73
87k
63k
82k
68k
71 k
69
1944 M N
Montgomery Dlv 1st
Nov'10
Mar'20
41
1941 MN
pl990 F
Rlv A G Dlv 1st g 4s
Verdi V I A W 1st g 5s
Mob A Ohio new gold 0s
74
821a
68
71S4
July'20
F
O
Dec'20
92
75
1938
.•—.—
Jan'21
95
O
80k Nov* 16
73
A
Jan'21
99
95 k
S
Gen con stamp gu g 6s..1931 A
69k
82k
65*4
99
N
Unified A ref gold 4s
73k
58k
58k Mar'21
65k
A
Ref 4 ImPt 5s
"17;
60k
J
1951|F
1951JF
Registered
"9
Apr'21
J
1951! J
Kansas City Sou 1st gold 3a
7
91
90
85
9934
94k
82
99k
38k
S
D
84
June'16
60k
5s
1st ext gold 6s
General gold 4s
Jan'21
102
cons
Registered
Apr'21
—
89
S
83k
"71" "71"
90
Jan'21
99k
94k
D
81k
Feb'21
59k
A
g 348
James Frank 4 Clear 1st 4s__1959 J
75
74
69
A
Western Lines 1st g 4s
Registered
95k Sept'19
68
62k
348
2
Sale
72k
J
Registered
76
July'09
70
1949 IVI
Cent Br U P lat g 4s
Pac R of Mo 1st ext g 4s
2d extended gold 5s
Dec'20
67k
1934 J
SpringfDlv 1st
69
69*4
Nov' 15
70k
1st A refunding gold 4s
Missouri Pao 40 year 4a
3d 7s extended at 4%
8
87k
8}®4
Mar'10
76
Jan'21
84
~7078 "fk
J
1953 M N
1951 J
71
99k Sale
72
85
Apr'21
77"
1936 M N
4s
St L Ir M A S gen con g 5s. 1931 J
Jan'21
80
1950 J
Litchfield Dlv lat gold 3a..l951| J
Louisv Dlv 4 Term g 3 48-1953 J
Middle Dlv reg 6s
1921IF
Gold 3 48
57$
68*4
7034
8°k
64k
82
1977 M
1977 M
cona g
lat A refunding 6s Ser B.ol923 F
1st A refunding 6e Ser C..1920 F
General
4s
...1975 IVI
69k
—1952 J
Omaha Dlv lBt gold 3a
1951 F
Bt LouIb Dlv & Term g3s__195lij
12
Apr'21
Sept'l7
92
To" IIII
1953 M N
15-year secured 54s
Cairo Bridge gold 4s_
•
J
1955 M N
Registered
57,
6
Mar'21
Texas A Okla 1st gu g 68—1943 M S
Missouri Pacific (reorg
Co)—
1st A refunding 6s Ser A..1965 F
99
99k
90k 103
Nov'20
82
66
Purchased lines 34a
L N O 4 Texas gold 4s
"75" ~79k
Oct'18
84
'
gold 34s
Registered
80
-:!
90
....
82k
Kan City A Pac 1st g 4s... 1990 F A
Mo K A E 1st gu g 5s
1942 A O
M K A Okla 1st guar 6a...1942 IVI N
M H A T of T 1st gu g 58—1942 M S
Sher Sh A 80 1st gu g 5a...1942 J
D
73k June'18
67k
75k
81
73k
21jido"" 100"!
Feb'05
95
"86k "95 "
notes "ext"...1916
Dall A Waoo 1st gu g 5s. ..1940 M N
70
"66k IIII
1999 J
80
65
72k
87
67
5% secured
Feb'21
Feb'21
7lk
55
69k
8lk Mar'21
66
Apr'21
67
St Louis Dlv 1st ref 4s
90
71k
87
66k
64
A
Apr'21
75k
87
81
84
Gen sinking fund 4Hs
1930
Trust Co certfs of deposit...
94k
68k
A
400k
62
100
100
83
2004 M
Trust Co certfs of deposit...
82k
90
7k
100
J
J
72
66
1st ext gold 5s
1st A refunding 4s
96*4
90
72k Sale
1955 F
98k
78*4
99k
53
71
95k Nov'19
70k
A
53
72k
85k
Trust Co ctfs of deposit
Jan'21
7
99
J
Q
2d gold 4s
63k
63
102k
99k 102k
79k
60
69
82k
"81*4 "84"
Mar'21
J
1948 A
15
61 s4
100
Mar'20
J
Registered.
213
66
~8l" ~8~'2k
70
7138
87k
O
1937 F
1st g <s Int gu'20 J
Mississippi Central 1st 5a_._1949 J
Mo Kan A Tex—-1st gold 4s. .1990 J
77
68
Apr'21
7 k Sale
100k
"53" Safe"
s
lat Chic Terra s f 4s
"87 k "92"
90
6934
75
!
"72
100
1st guar gold 5s.
1937
J
Will 4 S F lat gold 6s...1938 J D
Green Bay 4 W Deb ctfs "A"
Feb
Debenture ctfs "B"
Feb
Col 4 H V lat ext, g 4s
COl 4 To! 1st ext 4s
;mm-m
*77k
99
Mar'21
100k 10 lk 101k Apr'21
136k May'06
90 k
94k Jan 21
J
J
8
Dec'20
8
M
M 8 8 M A A
69k
99
87
Feb'21
72
O
1st
71
69k
rr
Apr'21
79k
!W
J
Sept'20
83
A
92
104k
88
101k
100
Feb'20
92k 100k 100
77
71k
J
F
Refunding gold 4s
1951 M
M.St P AS S M con g 4s Int gu'38 J
8884
78
Apr'21
J
34k
78
80
90
Apr'21
99
83
7034
69
"go"" "Si"
103k
88
" "54"
8784
89
120k May'16
81k
Apr'21
90
Ref A ext 50-yr 6b Ser A
1962 Q
Des M A Ft D 1st gu 4s...1935
J
Iowa Central let gold 5s__1938
88
83k
80
75k
J
1937
99
~89~
IIII "86"
O
—1937
Gulf 4 8 I 1st ref 4 t g 5a_.51952 J
Hocking Va. lat oona g 44s.. 1999 J
96k
80k
90k 90
103k Sale 1101
1945 rvt
,
June'16
~83k mi
1933
—
101k
96
1933
Registered
62k
Mar'21
J
Reduced to gold 448—-1933
Mont O lat gu g 0s
63
J
Reglst ered
Registered
Apr'21
J00k
J
81k
69k
Apr'21
Apr'21
Feb'21
99 k1
"89k "96k
Apr'2l
62k
63 k—
50
62
Apr'21
69k
75k
82i4
78
83
Mar'21
80
98
Stamped guaranteed
Midland Term—1st 8 f g 5s..1925
J
1927 J
1st consol gold 5s
1934 M
Jan'17
66
—
90
81k
89
Minn St Louis 1st 7s
40
50
Apr'21
69k
II;
96k
88
—
*55
lat oonsol g 0a
Mont ext 1st gold 4s
40
52
101k Sale
o
Great Nor Gen 7s
ser A
1936
let 4 ref 448 Series A——.1901
Registered
1961
St Paul M 4 Man 4a
1933
52
99k
—-
J
6934
75k
63k
Nov'20
A
Nov'19
23k
D
J
55
Apr'21
Apr'2l
La A Jef Bdge Co gu g 4s
Manila RR—Sou Unea 4s
81k
Jan'21
72
\r
65
Apr'21
1931 m N
N Fla A 8 1st gu g 6s
"58k "gT"
Feb 21
81k
50
1921
Registered
40
....
46
83
75k
66
1930
N A C Bdge gen gu 4H8—-1945
J
Peuaao A Atl 1st gu g Gs— .1921
F
S A N Ala oons gu g 5s
1936 F
Gen oons gu 50-yr 6s
.1963
"76" "78k
Jan'18
Apr'21
Apr'21
70k
m
63k
Nov'20
Mex Internal 1st
Apr'21
85
61
57
lat general gold 5s
.1942
Mt Vernon Jet gold 08—.1923
Suli Co Branch lat g 5a
1930
'
78k
....
1931 m n
68
Jan'll
87
69
93k
66k
08
57k
Apr'21
65
91k
91
'65 "
57k
85
81k
*79k
1930
Mar'2l
57k
76
j
Lex A East 1st 60-yr 6s gu_1905
A
99
•
r>
1
Apr'21
GGk
L&N4M4M 1st g 4^8.1945
M S
LAN 8outh M Joint 4s
1952 J
J
Registered
61952
"77" "88"
77k
66k
"73" "75"
Oct'06
95
xr
Kentucky Central gold 4s. 1987 J
Jan'18
1942
o
7034
99
72
J
8i
5978
,
IVI N
Atl Knox A Nor 1st g 5a...1940
J
D
Hender Bdge 1st s f g 6s.—1931
M S
JaD'17
'
j
2d gold 0a
1930
Paduoah A Mem Dlv 4s.._ 1946
St Loula Div 1st gold 6s„.1921
2d gold 38..
L
1980
Atl Knoxv A Cin Dlv 4s._.1955
40
71k
91
85k
Feb'21
68
j
83k
83k
$
1940 j
1940 j
10 year secured 7s
L Clu A Lex gold 4Hs
N O A M 1st gold 6a._
39k
4578
81k
37k
103
O
Ft Worth 4 Rio Gr lat g 4s.. 1928
Galv Hons 4 Bend 1st 5s
1933
Grand Trunk of Can deb 78—1940
73
65
m
gold 4s
Registered
Collateral trust gold 5s
81
1940 a
Florida E Coast lat 44a
1959
Fort St U D Co lat g 44s...1941
36
35k
23
80
86
m
.1937
Unified
~72k "72k
10
Mar'21
98k
g
vr
"45""
81
Evans 4 T H 1st
6s
39k
77k
Mid of N J let ext 5s
Wllk 4 East 1st gu g 5fl
Ev 4 Ind 1st cons gu g 0a
cons
'l33
7934
78k
1st
76k
106k
43k
77k
m
Registered1949 m g
N Y B A M B 1st con
g 58.1935
O
NY A R B lat gold 5s
1927 m S
Nor 8h B lat con g gu 5s.ol932
o
J
Louisiana A Ark 1st g 5a
1927
55k
79
70k
Terminal
40
64k
£
91k
98k
g
/
99k
65
91k
67k
1949,
77k
J
2d gold 448
General gold 6s
38k
39k
37k
Feb "21
57k
90
"5T"
Apr'21
37
73
71
75
.
NY4 Green L gu g 5a
1940 *f n
N Y Susq A W 1st ref 5a_._1937 j
j
1943 J
20
June'lG
73
68k
m
"0l " "91k
93k
May'20
D
8S12
99k
90
~72~k 73"
79
1937jivi
83
88k
96k
Apr'21
~43k Safe"
O
j
90
94-k Nov'15
98k Aug'19
52k
55k
58k Oct'20
41k
43*4
55k Sale
1982 (VI N
Dook A Iinpt 1st ext 5s
80
85k Mar'21
1934 j
"87k 91
~83 "
91k Mar'21
"93k IIII
j
J
'21
96k
j
0s_—1957 j
"~3
88k
Apr'21
71k
A
Cleve A Mahon Vail g 6e„ 1938 j
Erie & Jersey 1st a f 08—1955 j
1935 A
88k
j
1996 j
g 6a
~90"
91
j
1st oonsol gen lien g 4a.>1990 j
Feb
83
87k
S
Penn ooll trust gold 4a_.1931 F
60-year conv 4s Ser A.—1953 A
do Series B
1953 A
91
71k
89k
.1938 j n
1922 m S
58
~99k
7Ut
Jan'21
87k
Debenture gold 5a
"7734
95k
91k
92
83 k
70k
20-year p m deb 5a
Guar refunding gold 4s
Gold
74k
High
91*
Oct* 13
88
Louisville A Nashv gen 6s...1930
35
77
70k
1949
88
54
47k
95
92
82 k
m
1932
48
91»4
j
4a
75
"02"
l05k Mar'08
d
.
Dec'20
1945;
Low
96 k
A1931'q
gold 58—61931 q
Ferry gold 4Hs
Nov'20
91
O
6tb ext gold 4s
1928 j
N Y L E A W 1st 7a ext —1930 M
Erie 1st oons g 4s prior
1996 j
Registered
1990 j
63
cons
1st consol gold 4s
General gold 4a__
No.
Mar'12
105
77
T
Dec'16
75k
93k
....
76k Sale
6s_>194l ivi N
Erie lBt oon8ol gold 7a ext —1930
M S
N Y A Erie 1st ext g 4a
1947 M N
3rd ext gold 44s
1923 w S
4th ext gold 5s...
—.1920 A 0
cur gu
82
1
Unified gold 4a
40
53
1
—
Gold
73
64k
53
j
Leh A N Y 1st guar g 4s
Dec'20
64
Sale
o6k Sale
g
42k
8
95k Sale
1
High
91k Mar'21
113
....
91k
72
71
48*<
67k
57
40k
Apr'21
Apr'll
1933
Ask Low
60
66k
Jan. I
1
Long Isld 1st
73k
1{Wk
63
6
70k
46
44
40k
74k
43k
53
N
69k
100k
10
65k Sale
1937 A
1937 A
1
100k Mar'2i
Sale
61k
29k
j
*
69k
81
80k 84
100k l04k
3
Since
Last Sale
....
.
1933
1st Int reduced to 4s
96la
77
51
41
Gold 4s
1995 J
Det Rlv Tun Ter Tun 4H8—1981
Dul Mlssabe A Nor gen 5a
1941
Coal 4 RR 1st
91
Range
Range or
0
91k
O
O
Week's
'day
Bid
Leh V Term Ry 1st gu g 58...1941
A
Registered
1941 A
Leh Val RR 10-yr coll 03_.nl 928
95k
96k
39
68
Rio Gr West 1st gold 4s
1939 j
Mtge. A coll trust 4a A.>1949 A
Det A Mack—1st lien g 4s.„1995
J
f
4
10lk
71k
—>1940 J
a
1
78k
81k
65
Trust Co oertlfs of deposit..
Rio Gr Juno 1st gu 5s
1939 J
Rio Gr Sou 1st gold 4s
1940 J
Long Dook consol
95
Leh Val Coal Co 1st gu g 5a„1933
97
100k
71k Sale
-
Genessee River let
High
67k 70 78
Feb'08
97
Sale
83
"
1953 A
Low
91
101k Sale
O
D
1940 A O
Renss A Saratoga 1st 7s
1921 m n
Den A R Gr—1st oons g 4s_.1930
j
j
Consol gold 4 4a
1930 j
j
Improvement gold 53
>1928 1 D
1st A refunding 5a
1955 F A
Gen conv 4b Series D
Chic A Erie 1st gold 5s
3
Feb'21
97
80
conv 3 Ha
Registered
7
95k
Price
F
May
Registered
19351a
Elgin Joliet A East 1st
67k
102k
963*
J
—.1930 j
Dul A Iron Range 1st 5s
Registered
Dul Sou 8hore <k Atl g 5a
High
No.
91
934
1943 Ml N
Guaranteed
N. Y. STOCK EXCHANGE
Weefc ending May 0
67k
95k
97
1957
2
BONDS
Since
Jan. I
Ask Low
A
1922 J
30-year oouv 5s
10-year secured 7s
Alb &
Range
Range or
Last Sale
Friday
May 6
Bid
Warren 1st ref gu g 3 Hi—2000,F
Delaware A Hudson—
Week'e
Record—Continued—Page
81
8884
49
81k
9534
Feb'21
64k
Feb'20
Apr'21
Nov'10
104
May'16
73
76'k
59k
June'20
62k
68k
78k
81
68k
65k
68
67k
84k Sale
83k Sale
—
82
Due Oct.
Apr'21
67
Mar'21
83
84k
20
83
82
83k
43
80k
85
82
8 *■
82
82
« Option
sale.
2
86
J?!
HON OS
May 6
N Y Cent A H
Michigan
1031 Q
♦a..
1040 J
Registered
1040 J
J L A S 1st gold 3148
1951'M
1st gold 3^8...........1052 IVI
20-year debenture 4b._.. 1929 A
N J Junc RR guar 1st 4s— 1030 f
NY4 Harlem g 3Hs
2000 M
N Y A Northern 1st g 5s. .1923 A
N Y A Po 1st eons gu g 48-1093 A
Pine Creek reg guar 6s
1932 J
R W A O con 1st ext 58—A1922 A
Rutland 1st con g 4Hs....1941 J
Og A L Chain 1st gu 4s g_1948; J
Ruh-Canada 1st gu g 48.1049 J
8t Lawr A Adlr 1st g 5s...1906 J
2d gold 6s
1990 A
Utlcait Blk Rlv gu g 4s... 1922 J
Pitts A L Erie 2d g 5s
al928, A
Pitts McK A Y lflt gu 6S-.1932 J
2d guaranteed 6s....
1934 J
West Shore 1st 4s guar
2361, J
Registered
-
N
85%
67
-66>g
75
63%
68 V*-.* 113
9S%
98%--.
65
.
82%
J
F
J
j
fy»
F
J
M
M
A
4S...1961
6s..1937
Nanpafyck RR 1st 4h
1954
N Y Prcv A Boston 4s....1942
N Y W'ches A B 1st Serf 4^s'46 J
Boston Terminal 1st 4s
1939 A
New England cons 5s
.1945 J
Consol 4h—i.
1945 J
Providence Recur den 4s—1957 Wl
Provldcme Term let 4s—1956 IV!
W A Con East 1st 4 He
1943 J
N Y O A Wref Jet g4s—(0992 M
Registered 35.000 on!y_..0l992 M
General 4s
1955 J
Norfolk Sou let A ref A 69—-1961, F
Norfolk A Sou 1st gold 58
1941,M
Norf A West gen gold 0s—.1931 ;M
Cent New Eng 1st gu
Housatonlc Ry cons g
77%
71%
75% Sale
75%
35'2
J
O
J
July'14,-—
Tnl,f'1 A'
61%
64
54% Sale
8
8
30
Sept
59
54
54
45
78
1C2«i
——
40
537S
73
73
103
Nov'16
75
Apr'21
Apr'21
9234
96
90
90
9234
90
Sale
753s
98%
77
105%
100
103
10034
Sale
80
753s
77
75
To" "77"
75
75%
Sale
76%
54%
Feb'21
78
56%
54%
527#
9634
9634
9634
75
Sale
2
Apr'21
iili
99.70
99.80
99.56
99.60
17
96%
96%
99% Mar'2l
259
97
76%
37%
54%
9634
73
9834
81%
88
9578
9978
95% 99.60
98%
97
88%
99%
Feb'19
85
54%
June'20
93%
89
96
"53"% "soT
88
""l6
75
88
Sale
79
74%
Dec'20
75
7534
Sale
Dec'16
105
Oct* 19
72%
105
255
8
70
106%
74%
67%
70
76%
Jan'21
76%
76%
94%
94%
93%
95%
Apr'2J
Apr'21
81
84
78%
85%
70
"94% mi
70
86%
9734
75
77
8578 Sale
84%
101% Sale
100%
Sale
95%
96
80
96
68%
78%
80
8034
E..1962 M N
70%
72
...
3H8...1942 A O
Series C 3*8—_
1948 M N
Series D 3Hs
1950F A
Erie A Pitts gu g 3Hs B...1940 J
J
Series C
1940 J
J
Gr R A I ex let gu g 4H8..1941 J
J
Ohio Connect 1st gu 4s
1943 M S
Pitts Y A Ash 1st cons 58-1927 M N
Tol W V A Ogu 4Hs A...1931 J
J
Int reduced to
82%
92
105%
94% 100%
81%
99%
99%
80
99
80%
86%
86%
90
Tex A N O con
80
82
84%
85%
85
85%
81
78%
80
75%
75%
85%
80
87
95%
95%
95%
80
80
refunding g 4s
1st A
DDusFeb.
4s
....
4s
refunding 4s
10-year
Due Jane
5378
96%
98%
96%
96%
Jan'21,
80% May'20
Apr'2lj
Apr*2l!
88
58
58
88
60
Jan'21:
98%
98%,
98%
88%
Dec'20
90
,
"901* "90"
Jan'21;
87
'
84%
J
j
86%
21!
2l!
85% Mar'2lj
81%
Feb
81%
65
j
Feb
60%
85%
70
Jan'21
89
81%66
85%
Oct'20
85
....
"85 ~ "85"
65
Consols 4s Series B
Vers Crui A P 1st gu
* Due July,
k Due Aug.
86
Apr'21
86
75
Feb'21
75
75
65%
"75
Jan'21
65%
65%.-
69
71
8034
8034
53
15%
69
71
86
8034
Apr'21
8034
34
39
Feb'19
89%
81%
oct'20
Apr'21!
45%
lo%
Mar'2l,'
15
18%
15
Nov'20
70
477g
50
j
48
15%
25
\
D
63
70
D
77
Sale
O
52
52
Sl% Sale
80%
j
83
J
75%
I
76
973s
99^
i
j
99ti Sale
j
n
7734
79
78
9S34
9878
9834
89
90
89
78
79%
77
"84%
j
78%
9334
Apr'21
78
7934
43
Apr'21;
84%
76
j
86;
81%
75
S
A
75
7?
83
M
81%
25,
io>;
733ft
8434
80%-
2:
76%
2
97«4
87%
•
-
-i
""241
97% 101%
78%
99%
92
77%
81%.
89
94
76% Mar'21
72%
76%
Jan'21
72%
721^
23
24
81
84
79% Sale
89%
9478
78%
j
94
Mar'21
3
82
89
Feb* 18
A
72%
72%
72%
22%
24
82% Sale
817ft
O
F ^
MN
j j
m ^
* Due uot.
79%
"09"% To"
Apr'21
Sept'20
84% Sale
J
1933 I
A
1955
1957
4*8.-1934
series A
1962
Vandalla cons g 4s Ser
106% Nov'04
87
80%
4S...1946 f
68—1922
58—
1946 I
4s—
1929 I
gold 5s
1926 1
Utah A Nor
1st extended 4s
80
67%
Line 1st g
1st consol g
July'20
79
75
1947
1947
02008
Sale
8J %
1952
...1927
81
60
58.1930
secured 6s..1928
perm
Virginian 1st 5s
iDq«Jm.
89%
89%j
89%
55
99
96%-
87%
537ft Mar'21
66%
gold 4a
1950
g'Ser A
1917
ctfs of deposit
Tor Ham A Buff 1st g 4s...*1946
Ulster A Del 1st cons g 5s... .1928
Guar refund
"80 " *81 "
88%
84%
88%'
Feb'211
98%
86%
j
50-year
Ore Short
82%
Mar'2l
j
Ore RR A Nav con g
76% June'20
95%
88
90%
Union Pacific 1st g
Apr'20
82%
88%
67%,.
88
68
A
10
"C7"
67% Feb 21
89% Mar'21
8134
O
64
Mar'21
81% Mar'10
60
80
5s...1935
1935
1935
1990
2d 20-yeiir 5s
1927
P A W 1st gold 4s
1917
St L A W pr Hen g 3H8-1925
1st
Oct'20
95%
66
~87"% "92%
91
60%
j
O
Apr'21
85
Dee'20
87%
86
71%
Aug'19
87
Nj
Apr'2L
60%
82%
"io
65
88%
Si
57%
80
67
Apr'21:
83
I
78
*89 ~ IIIJ
Si
Trust co
Dec'20
Feb'21
56
61%:
Mar'21
35
S
Cent 1st gu
1st g 5s
General gold 5s
Kan A M 1st gu g 4s
O
O
N
N
A
D
N
A
D
O
N
85
89
nj
Tol A Ohio
85
82% Sale
71
52
°i
57
68
A N W 1st gu
Registered
81
60'2
8234
i
77%
Jr
90
lolj
58%;
50
2000
02000
58......1931
gold 5s
5s
B L 1st g
20-year conv
Apr'21
j!
Coll trust 4s
Oct'20
79%
60
583
76
8I:
Oct'20
57%
4Hs-5s
78%-
69
82
8134
Dec'20
82%
Sale
76
16
84l,i
50
88% Sept'17
75%
58
14l!
71%
8-.'78
81%
j
91%-
66
82
...
70
84% Sale j
88
....
77
69%
79%
80%
83%
76% Sale }
7134 Sale
1955: j
J
1950,A O
5s___—1994jJ
Western Dlv
Mar'10
80
76%
J!
805g Aug'20
85
July'19
76%
7534
Apr'21
80%
bid ■jna«fke<J.
1943'J
86
Apr'20
Mar'21
Dec'15
84%
78
j
J
"88% ~90"%;
13
89 34'
89
96
j
50
Feb'2l
85
91%
60
J
82
j
M N
"84" "84"
Jan'2l!
72
83%
85%
J
9\h w--V
893s
90%
7934
S
...
O
62%
Jan'21
79%
76%
A
Mar'19:
95% Sept'20
90% Feb'2l!
33
67
84%
'
1994jJ
2nd gold Income
Tol
85
! 94
1 84
99
80
Apr'21
85
85
j
D
72%
85%
84
J
J
*99% *99%.
Feb'2l!
Mar
6934
86%
N
Dec'20
j 99%
88
72
Apr'21
...
83%
83%
Feb'20
81%
87%
87
08%
6934
93
86
Mar 21
83
W Mln W
...
90
84
81%
j
87%'
83%
0
83%
86%
90
Feb'21
81%
88
79%
Apr'21
90
90
70
La Div
Sept'20
88%
69
70
67
73%
88%
67%
70
Texas A Pac 1st
67
75
'75% ~78%;
63
67
80
86%
71%
J
Apr'21
Apr'21
82
67%
10C%-
88
1894-1944
Tol
74%
78%
3
148
f g 4s........1953
8t L M Bridge Ter gu g 58.1930
Feb'12
...
737s
88
Dec'12
67
.—
"75"% "7912
169
88
68
Apr'20
79% May'19
73
I
-
83
Dec'20
75
67%
22
6934l
68%
j 70% Oct'20
79%
Sale i 78%
93% 89
89%
74
Sale 1 7234
-S 87% Sept'16
78
79%
67%'
09%
88% Mar'2l
a
Mar'21
88%
8 %
•
Feb'21
—
90%
78%
79
,
4s
1st cons gold 5s......
80%
Ncv'25
92
5s..1945
Mortgage gold 4b
1945
Rich A Dan deb 5s etmpd.1927
Rich <fc Meek 1st g 5s
1948 M
M
Virginia Mid Ser D 4-5S...1921
Series E 5s..
*.**.1926 !Y1
Scries F 5s.
1926 IV?
General 5s
1936 M
Va A So'w'n 1st gu 5a
2003 j
1st cons 50-year 5s...
1958 A
W O A W 1st cy gu 48
1924 F
Spokane Internat, 1st g 5s—.1955
Term Asan of St L 1st g 4H8-1939
68
80%
88%
81%
80
903s
Gen refund ft
68
75
•
Jan'21
Mob A BIr prior lien g
96%
-.
G934
83%
82%
1996 j
J
65'4
St Louis dlv 1st g 4s
1951 J
81
83
I
Ala Gt Sou 1st cons A 5s._ 1943
77%
82 !
J
Atl A Charl A L 1st A 4H8.1944
87%
8884
1st 30-year 5s Ser B
1944 J
65
69 <
Atl A Danv 1st g 4s
1948 J
4234
58%
2d 4s—
1948 J
a
63%
j
Atl A Yad 1st g guar 4s... 1949
89%
j
j;
E T Va A Ga Div g 5s
1930
Cons 1st gold 5s
.1956 M n s883s Sale I
85
8G !
E Tenn reorg lien g 5s
1938 M Si
50
53%
Ga Midland 1st 3s
1946
9734
99%
Ga Pac Ry 1st g 6s
...1922
94
97
1
j
Knoxv A Ohio 1st g 6s
1925
68%
71%
71%
92
1
89%-
89%
80
35%
Jan'21
80
68
Develop A gen 4s Ser A—1956, a O
Mob A Ohio coll tr g 4s_._1938»M S
Mem Dlv 1st g
69
68%
65%
*94% "96*12
94% Mar'21 89% Apr'2). '»
Mar'2 P| 81
82% Mar'21'
68%
1937;J
gold 5s
Southern—1st cons g
85
82%
S*-%
80 Pac RR 1st ref 4s
67
104
597|
May'20,
64
92
1941
1921
No of Cal guar g 5s
1938
Ore A Cal 1st guar g 5s
1927
So Pac of Cal—Gu g 5s
1937
So Pac Coast, 1st gu 4s g—.1937
99%
69% Mar'20
70
70
9%
43
65
77%
Waco A N W dlv 1st g 68-1930 M
80%
733s
...
45
!
A A N W 1st gu g 5s
80
68%
36
j
19211A O
H A T C 1st g 5s lnt gu
99%
21
99% Mar'21
99%
Cln Leb A Nor gu 4s
1942 A O
325
100
92%
Feb'20
A
D
D
O
g__—1942 M N
CI A Mar let gu g 4He
1935 M N
CI A P gen gu 4Hs Ser A..1942 J
J
83-34
Apr'21
99%
67
7534
180
80
J
J
S
9934
85%
10134
83
....
25
121
33
8734 Sale
77
Sale
28
53% 219
6514 Mar'2 i;.
%
Mar'21
70%
7134 Sale
70
Sale
IVf
1933 M
Registered
76
M
j
1933 M
Hous E A W T 1st g 5s
San Fran Terral 1st
Jan'20
J
J
M
F
J
J
1963 F
General 6s Series A.... 1970j J
C Bt L A P 1st cons g 5s_..1932 A
Fhlla Bait A W 1st g 4s... 1943 M
*78%
74"
Apr'21
42
5%
0
d
S
D
A
A
0
O
N
j
N
N
N
1949 F
Louisiana West 1st 6s
75%
77
78%
1957]M
80
74%
75% ■V, 75%
Sale
F A
1942|M
1945|M
3Hs guar gold—1949 F
guar 4s gold
1953IJ
" ioT%
101
44
76%
Oct'20
74
Gila V G A N 1st gu g
Gen gold 4s lnt guar
Apr"2I
75
76%
J
J
1931 J
5S..1924 W
1st guar 58 red
lOUs 104%
Apr'21
122
102% 101
63%
104%
—
Series D 4s guar..
"49"% "57"%
Apr'21
79
Series C guar...
2d exten 5s g uar..
11!
30%
L
•
61949
61949
gl929
1934
G H A S A M A P 1st 58—1931
Miir'21
73
69%
M N
1933;J
..1942 M
4HS A...1940 A
..1942 A
65
---
54
41%
:
96% Sale
99% 102
98%
f
,
59% Nov'20
72
58
V47g
78%
70%
j
.....1949 F
Mort guar gold 3Hs...61929 J
Through 8t L 1st gu 48—1954 a
14'i 58
-
I
59
60%
....
69%
67
35
46
52
S\
Registered
Dec'19
74%
5S%
Sale
58%
52%
39
86
Cent Pac 1st ref gu g 4s
30
$
Sale
J
J
j
Registered
-
1; 30
!!
Feb'l 8;
68%
a
17.----!
58
54%
83%
Southern Pacific Co—
"34% "43"
2
60%;
Sale
90
" ~6334
63%
53%
31%
53
j
65
t9%
60%
42
J
1943 5
62
J!|
58
6078
si
69
55
<53%
64
1949 4
4s
69%
64%
Jan'13
34% SaJo
Ga Car A No 1st gu g 58... 1929 I
t
47:!
30
81
O
A
3
bV "I
8234
78
98%
....
63
1945 M S
20-year conv 5s
70
32
59
4s..
20-year conv 4s
84
rice Friday iUtesi
1950 A
.<>1949 ?
1959 A
5s
Gold 4s (Cent Pac coll)
Aug* 13
38%
66
68
O
Seaboard A Roan 1st 5S...192S J
"4*578 "53"
OV
60
Sale
1st land grant ext g 5s__ 1930 .1
*70* -II
J
N
8
J
6
63
Ga A Ala Ry 1st con 5s...61945 J
May'lsH^
....
63
69
Consol gold 5s_
69
64
106%
...
Mar'21 '
Fla Cent A Pen 1st ext 6s.. 1923 J
6412 Nov'20'
49%
47% I,
e"r 1.
58
J
Caro Cent 1st con g
64
82%
no.
j
69
54% 57
64% Bale
96
67%
93%
63
Mar'2ll ...J
12'
67
66%
j
C
.1
Gold 4s stamped
Oct* 19
79
•
67%
.1
D
"77 "Tr
13
,78
1st terminal A unifying 5s. 1952 J
July'18
80
Series I cons guar 4Hs..
L—.1932
Sale
78%
Atl A Blrm 30-yr 1st g 4s.el933 M S
38% Sale
.1943 M N
1948 ivi N
Consol 4Hs
..I960 F a
j
D
General 4Hb.._
...1965
General 6s—
—1968J d
10-year Becured 7s
...1930 A O
15-year secured 6He
1936 F A
Alleg Val gen guar g 4s
1942 M 8
Series G 4s guar..
ctfa.pl989 J
53'
98
89%,
87
66%'
65
60
...
65
6134
44%
95%
Jan'21|
Apr'21
O
A O
M n
A
63%
76
90
67%
58
Oct'20
77
94
Gray's Pt Ter 1st gu g 5s..1947 J
S A A A Pass 1st gu g 4s
.1943 j
Seaboard Air Line g 4s
1950 A
Oct'17
64
67
941.1
- - - *
93%
59
08
j 89
187
j
77%....
M N
Sale
Consol gold 4b
Series F
67%
0
A
1st A cons 6s Series A
Consol gold 4s.
Series E
J
cone g
Refunding
J
Series B guar
87%
40
60%
D
F C C A St L gu
j
30
57%
J
4Hs
1931 J
30
....
J
Series C 4s
2
39%
47ti Sale
Paducab A Ills 1st a f
Series B
797
40%
61
Paolflo Coast Co 1st g 5s
+
312
53 •' j
95
95%
89% Mar'211
41
49
J
Series B_._
07%
49
Sale
67
J
40-year guar 4s ctfs Ser
65%
j
Adjustment
60
J
J
N
A
J
N
N
O
Registered
1921
Guar 3He coll trust reg A.1937
Guar 3 He coll trust Ser B.1941
Guar 3Hs trust ctfs CJ___1942
Guar 3Hs trust ctfe D
1944
Guar 15-26-year gold 4s... 1931 A
Sale
52% Sale
95%
40%
50
D
1968
1948 Q M
j
J
6s... 1933
Pennsylv Co gu 1st g 4*8—.1921
67
O
Oct
60
Wash Cent 1st gold 4s
D R RR A B'go 1st gu 4s g_1936
84%
40
j
1946
4*8—.1955
71%
63
36
A
Pennsylvania RR 1st g 4S...1923
62
88%
40
40
1936
Oregon-Wash 1st A ref 4a....1961
74
85%
61960
38
-----
72
Sale
61955 A
Apr'21
Apr'21
Apr'21
35
37
Sale
88
6s
Consol gold 4s
70%
76
37
41%
40
71%
75%
71%
71%
74
1928 J
2d g 4s Income bond
Nov'17
85
623.i!
1947
6s...1928
K C Ft S & M Ry ref g 48-1936
K C & M R <fc B 1st gu 5S..1929
St L 8 W 1st g 4s bond ctfs...1989
77%
81
801-4
61
Southw Dlv 1st g 5s
1-834
Feb'19
67% June'20
IT j *6234 "64*
Bale
Prior lien Ser C 6s__
Cum adjust Ser A 6s
KCFtS&M
683.1
Apr'21
62
Bt L & S F RR cons g 4s... 1996 J
71%
7 0
64
1950 J
General gold 5s
95% June'20
"?8% "&7~
Co)—'
3t Louis & San Fran gen 68—1931. J
—•
*i£~
Apr'21
80
Income Series A
93
76%
Dec'20
78
,
Jan'09
130%
Sale
81
1923
certificates..1923
Duluth 1st 5s
1931
Nor Pae Term Co 1st g
....
159
77
78%
76
...1950 J
Prior lien Ser B 5s
99%
J
Registered
let consol gold 4s.
Oct'20
A
8t P A N P gen gold 6s
St Paul A
82
91% ...
71% Sale
60% 70
I)
43%
A
73
N
100%
N
100%
Improvement A ext g 0s.l.l934|F A
New River 1st gold 6s
1932 A O 10J%
76
N A W Ry 1st cons g 4s...1996 A O
74%
Registered.....
....1996 A O
75%
Dlv'l 1st lien A gen g 4a. 1944 J
J
72
10-25-year conv 4s
1932 I D
86
10-20-year conv 4s
1932 M S
90%
10-25-year oonv 4HS—1938 M S
103
10-year conv 6s
1926 M S
77
Pocab C A C Joint 4s...1941 J
D
97%
C C A T lBt guar gold 5S..1922 J
J
75
Solo VANE 1st gu g 4S..1989 M N
Northern Pacific prior lien rail¬
J
76%
way A land grant g 4s
1997
J
Registered
1997
f
58%
General lien gold 3s
a2047
f
Registered
a2047
j
Ref & Impt 6s ser B.......2047
75
J
Ref A imp 4Hs ser A
2047
D
86%
St Paul-Duluth Dlv g 4S..1996
j 99.70
Gt Nor Joint C B A Q 4s... 1921
J
Registered
M921
N P-Gt Nor Joint 6Hs
Apr'21- —
j
85%.
70
42
91
...j
78
77
64%
35%
8134
"1
1
90
Dec'17
97%
....
8ale
79%
1
I
Apr'21
90
j
91
83%
78
67
| 3934
39%
87%
5
82
67
67%
1997|J
St Louie <fc SaD Fran (reorg
Prior lien Ser A 4s
,
Jan'21
98%
9S%
97%
i
Nuv'16
....
65
1940, A
80%
Sale
82
....1997, j
Jersey Central coll g 4s
1951; a
Atlantic City guar 4s g
1951 'J
St Jos & Grand lal 1st g 4s.. .1947 j
Feb'21—
93
98
95%
1955 J J
M N
J J
4s
—1956
Conv debenture 3H»
1956
Conv debenture 6s....... 1948
Cons Ry non-conv 4s
1930
Non-conv deben 4s
1955
Non-conv deben 4s
1956
Harlem R-Pt Ches 1st 4s..l954
B A N Y Air Line 1st 4s...1055
Feb'21!
103
70%
.1954' A O
Non-conv deben
'
76
TO-4 *87 "
1931 M N
„
—
Apr'2l!
55%
59
72%
69
Nov'20'-- —;
50
4He A..1953 F A
Y N H A Hartford—
I
Non-con v dchen 4s
...1947 M 8
Non-conv delseii 3H»—..1947 M 8
Non-con v deben 3 H
Non-conv dehon 4s
i
Hist
80% Sept'20
Registered
.,
iVw.j Low
Dec'20
Oct'20
80%
9134
1943| j
1st consol gold 5s
Reading Co gen gold 4a
May'16j--—
71%
....
50
Y Connect 1st gu
tr
70
08
O
O
O
J
J
J
J
O
J
O
J
J
J
Registered
238 Lj J
NYC Lines eq tr 5s— .1920-22, M N
Equip trust 4Hs
1920-1925'J J
YChle AfltL Jstg 48 —.J937.A O
Registered ...
1937' A G
Debenture 4s
„
....
S
—
Pitts Sh <fc L E 1st g 6s
j
70%
68%...w
1944 ivi
g_..192iiQ F
.61921 M N
Pere Marquette 1st Ser A 5S.1956 J
'
1st Series B 4s...L
1956'J
Philippine Ry Ist30-W sf4s.l937jj
---;
16% 78%
70%
2d gold 4Hs
—
78%
Apr"21
69% Mar'21
94
Nov '2 0,
72% Apr'21!
76%
A
N
O
NJ RR <k Can gen 4s...
Peoria <ft Pekln Un 1st 6s
- - -«
Ap'21
60%
77%
80%
U
90
HiohY
Jan'93
102
86
Sunbury <fc Lewis 1st g 4s_.19.36 J
19,—
74% Sept'20
66% Mar'20
....
<*
Nov'
Since
Jan. I
Ask Low
bid
Pennsylvania Co (Concl.)—
Sod us Bay <fe Sou 1st g 5s.. 1924
98% Nov'18
....
82
O
High
—
93% May'20,— 90
Mar'21 —- -
....
65
iw
J
J
S
N
Dec'20
69
71'4
S
J
Central 5s....*.1931 M S
Ranct
Range or
Last Sale
si
6
May
iVeek't
II
Y. STOCK EXCHANGE
Week ending
Jan. 1
High] Ho. "Low
Auk Unc
hill
R RR {Con)—
Mai lBtgu g4s....1991M
Malion C'l RR 1st 5s
1034 J
Mob &
N
Since
j s<%\
'
Range or
Last Sate
BONDS
Range
|2|
Week't
Price
Fr<da v
EXCHANGE
ending May 0
N. Y. STOCK
Week
Record—Continued—Page 3
New York BOND
1958
v Due Nov.
80%
Mar'21
823A
1 Due Dec.
28
# Option sale
New York BOND Record —Concluded—Page 4
Prict
BONDS
1939
Ask Low
1939
1921
term 4s....1954
87
90
80
60
62
80
5712
1945
6812
63
70%
55%
68%
Apr'2i
1945
79
/9%
Feb*21
1952
5f% Sale
55
37
1937
1943
83
Sale
86
86
1
61
65
62
Apr'21
Oct'17,
West Maryland 1st g 4s
West N Y A Pa 1st g 5s
Gen gold 48
Income 5s.
20
„z>1943 Nov
5s....1946 FVI
ser A
g
1926
5s
Wheel Dlv 1st gold 5s
1930
Refunding 4Hs series A...1966
62
36
...
80%
5134
55
53%
55%
66%
79%
58%
68%
52
56%
89%
62%
60%
-j'
81%'
82
Out'20
89
80
83
90% Mar*17;
50
54
47%
55%
53
53
I
.
82
82
....
F
M
Apr'2t
473g
*56*
Winston Salem S B 1st 4e...l960 J
69
68
Apr'21
Mar'2lf
Wis Cent 50
67%
63%
673s Sale
88
68
23
28
28
Apr'21
25
32
25%
49%
30
Keo'21
25
33
43%
43
54
Apr'21
40%
50
44
1
45
Apr'21
Apr'2l
39
50
39%
37
47
6g
34
De/20
1949 M
RR 1st oonsol 4s.
1949
Sup A Dal dlv A term 1st 4s '36
yr
1st gen 4s
Street
J
M N
67%
secured notes...41921
Certificates of deposit
Certificates of deposit stmpd—
Bk City 1st cons 5s. .1916 1941
Bk Q Co A S con gu g 5s...1941
Bklyn Q Co A 9 1st 5s
1941
Bklyn Un El 1st g 4 5s
1950
Stamped guar 4 5s
1956
Kings County E 1st g 4S..1949
Stamped guar 4s
1949
Nassau Elec guar gold 4s..1951
Chicago Rys 1st 5s
1927
Conn Ry A L 1st A ref g 4*$s 1951
Stamped guar 4Hs
.1951
Det United 1st cons g 4*$s_. 1932
Ft Smith Lt A Tr 1st g 5s...1936
Hud & Manhat 5s
39%
J
J
90
J
....
6
80
25
M N
J
2!
65
-
63%
Sale
65
54
65
54%
54
54
58
53
17
22
".57% ~63~"
57%
Sale
60
58'%
60
N Y A Jersey 1st 5s
58
*6*5"
65
54
53
53
18
247g
65%
37
58
_
3934 Sale
37%
77%
82
"57"% "57%
22
j
58
63%
82
Interboro Metrop coll 4J^s._1958
Certificates of deposit—
17% Sale
16
Sale
J
1st 5s ..1966 J
Manhat Ry (N Y) cons g 4s ..1990 A O
Stamped tax exempt.... ..1990 A O
Manila Elec Ry A Lt s f 5s ..1953 rvi s
57
Sale
Interboro Rap Tran
Metropolitan Street Ry—
Bway A 7th Av 1st c g 5S..1943 J
5t%
56
55%
16
55
4434
43
20
60
58
37
44
15%
21%
s
Apr'21
Feb'21
72
19
50
73%
67%
67
21
Sale
21
21%
50
July'19
20
73%
72%
50
Feb'21
65
21%
"02 " '93*
Mar'2l
Sale
21
53
"i2
Deo'19
92
"74% >"5*%
21
58%
4%
"17% *25* *
16
22
5
3%
3
3
3
M N
53
Sale
53
53
Portland Ry 1st A ref 5b....1930 M N
Portld Ry Lt A P 1st ref 5S..1942
69
N Y State Rys 1st. cons 4^9-1962
O
5
68
72
66
75
Adj Income 5s.
65%
Dec'20
16%
39%
78
80
77
91
92%
93%
68
Mar'21
50
1937 J
f 6s.. 1923 A
65
Undergr of London 4^8
1933; J
____.1948j.
United Rys Inv 5s Pitts las..1926 fVI N
United Rys St L 1st g 4s
1934 J
St Louis Transit gu 5s
1924 A
92%
50%
-__
68
J
al932 A
A:
J
O
Am Agrlc Chem
84
98%
83
85
75%
67%
91%
91%
87%
75X2
10
6734
5
1928 A
88
92
1939 J
Liggett A Myers Tobac 7
87
Lorlllard Co (P) 7s.
..
...
I
83
1
87
F; 101% Sale
-M N
101%
1925 Q
1923 J
79
92
95%
J
8738
79%
83%
80%
87%
Apr'21;
80%
Apr'21
j
Sale
88
88
8884 Sale
J
9
88%
90
—-J
85
...-i 81%
9334 9834
87% 101
|
73%
Ed EI 111 Bkn 1st con g 4a. 1939 J
77%
77%
75
i
1927 M N
91
87
98
8414 Sale
89%
101
Sale
70
Sale
92
73
74%
81
Sale
81
-.1948 J
F
J
j 81
1 67%
68
70
69%
79
79
79
79
91
90
90
90
90
69%
86%
69%
68%
70%
6938 70
87% Sale
99% Sale
81%
100
92
5
18
68'
"Si' *84%
6434
86%
68%
86%
78% May'20
86%
Con G Co of Ch 1st gu g 5s. 1936 J
J
Ind Nat Gas A Oil 30 yr 5s.l936 M N
Mu Fuel Gas 1st gu g 5s_.1947iM N
5s
1922, M N
sf 6s...1926, J
D
g
85%
86
82%
86
Victor Fuel 1st
77
78
76%
79
Va Iron Coal A Coke 1st
Telegraph
79%
77%
-
-
-
-
«
•
84
-
«
72% Sale
7^
«
-
-
-
.
69
m
m,
m
m
•
-
84
79
m
69%
m
m.
-
mm
m
.
....
1950, J
Utica Gas A Elec ref 5s
1957|J
J
J
77
1950 J
o
77
-
-
83
Sale
76
78
D
52
O
J
J
J
Dec'14
Apr'21
76" "82""
70%
Apr'21
6234
75
98
Feb'19
79
76%
91%
79%
75
79%
76
82%
90%
91
86
91%
93%
74X2
83x2
7534
81%
92
91%
94
92%
73%
95%
78
....
Sale
75% Bale
82%
70
80
80
82
78
Nov'20
84X4
92
84%
78
75
89
88% Mar'21
Sale
96
95%
9412
Till "75 "
Jan'21
52
52
81
84%
Nov'19
Oct'19
Due May.
#
f
5s
tYua
80
/ W
80
63
7134
80
E8j
533;
101%
L03%
Mar'21
Feb'21
90
77%
83%
94% 102
Apr'21
98
F
M N
6s._Feb 1949 F A
1st 7s A.1941jF A
1937. J
J
5s.l941j J J
.1938 J
J
Fund A real est g 4Mb
1950 M N
Mut Un Tel gu ext 5s
1941M N
Northwest Tel gu 4^e g—1934 J
J
Due June. * Due July.
64%
73%
102(
*"l6
83
86%
Apr'16
103
81%
80
Keystone Telephone 1st 5s..1935 J
s
7 9
Apr'21
89%
60
MIcb State Teleph 1st 5a
1924
N Y Telep 1st & gen s f 4^8.1939;
cur
94
Apr'21
86%
103% Sale
Commercial Cable 1st g 4s...2397jQ
Cumb T A T 1st A gen 5s... 1937;J
West Union coll tr
75
92%
Apr'21
109%
81
388
96
91
96
95%
52
Sale
76
71
86%
84%
83
81%
86%
84%
Apr'21
83l2
80
--
Apr'21
70%
71%
Pacific Tel A Tel 1st 5s
«
79
79
80
Jan'21
79
101
South Bell Tel & T 1st
30
73
Sale
82
Oct'20
79%
75%
Aug'20
79
Sale
July'19
71
72
|
20-year conv 4 5^3
30-year temp coll tr 5s
7-year convertible 6a.
30-year deben s f
Northwest'n Bell T
"81%
70%
83
95
8134
76
1933 M
1946 J
1925 F
Bell Telepb of Pa s f 7s A
1945 A
Cent Dlst Tel 1st 30-year 5s..1943 J
Nov'20
88
J
J
58.1949 M S
Telephone
101
72%
74%
8334
78
1953 J
82%
75
Apr'21
72%
63%
*68%
est bid and ae*ed. • Due Jan. ft Due April.
J
78%
82
78%
70%
88
93
86%
70
89%
72%
95
80%
96%
76%
95
f 5s-1957'J
8134
91
8212
87
III" "85"
91
g
92%
93% Ju!y'19
Sale
68%
96
m
Sale
89
Mar'20;
•
85
78
92% 100
9434 100
90%
85%
79
83% Apr'21
70®4 NOV'20
7834
8934
Telep A Tel coll tr 4s....1929 J
..1936 M
68% Mar'21 i
Oet'17i
983H
95
•
•
21
95
89
95
Sale
95
Convertible 4s...
May'19
82
72
90
J
Am
Apr'17
75
1
79
Mar'17
80
78
Utlca Elec L A P 1st g 68
73
5
218
93
|
D
f 5s
&
100
109
93
88%
73*4
72%
Apr'21
89
s
93%
99%
95
*84 "
Feb'21
£3%
85
81
75
A
m
95
9478
Utah Power A Lt 1st 5s
Apr'21
July'17
887*
100
70
Syracuse Lighting 1st g 6s...19511J D
Syracuse Light'& Power 6s—1954-J
J
Trenton G A El 1st g 5s__..1949 M S
Union Elec Lt A P 1st g 5s„1932.M S
Refunding A extension 5s..1933 M N
United Fuel Gas 1st s f 6a
1936! J
J
79
105
72
91%,
Sale
91
—
MN
10-60-year 5s/reg..__.dl9f13!M N
Sale
16
Sale
Repub I A 8 10 30-yr 5s s f—1940 A
St L Rock Mt & P 5s stmpd.l955 J
Sale
86%
8784
79®4
94% 100
79%
75%
9534 101%
89% 94%
95%
90
90
96%
90»4 93«4
116
152
IOIX4
Apr'211
92
I
92
96
Tenn Coal I A RR gen 5s... 1951
U S Steel Corp—\coup....dl963
f
9934
95%
-
—
98%
79%
9.3
88%
85
93
87
98%
78%
2
34
100
f 5s.. 1928 J
s
78
A
1949 M S
90%
91%
93%
100%
87i
1926 J
Lackawanna Steel 1st g
1st eons 5s series A
s
Peop Gas A C 1st cona g 6s..1943 A O
Refunding gold 6s...
1947 M S
Cb G L A Coke 1st gu g 5s. 1937; J
J
80
87
5 87
80 100
10
100X2!
8534 '
85341
94%
94%
86ig Nov'20
86% Nov'20
86%
Jan'21
88
88
|
9134|
100
88%
90
88
Sale
5s__1923 A O
1950 M S
Jeff A Clear C A 12d 5s
86
Corp unifying A ref 6s
.1937.M N
Pacific G A E gen A ref 5s...1942 J
J
Pao Pow A Lt 1st A ref 20 yr
|
85%
90%
Feb'21
94% Sale
1925 J
s
108%
78
20
Cahaba C M Co 1st gu 6s...1922 J
Colo F A I Co gen s f 5s
1943 F
Col Indus 1st A coll 5s gu.._1934!F
Pocah Con Colliers 1st
103
93
Pleasant Val Coal 1st
81
90
! 88
Sale
8084
85
77%
2
8514
Apr'2L
88%
83%
108
10
106
84%
90
81%
Apr'21
l08
91%
79
86%
14
88% 8934 88
9134 8ale i 9134
Lehigh C A Nav s f 4^s A—1954 J
J
Mid vale Steel A O conv s f 6s 1936 M S
1
85-
983S Sale
79% Sale
10034 Sale
75
J
84
88%
73*
.
80
102
S3
81
73"
'
3
29
Sale
87
"75%
71
83i2
10684
88
.
14!
10634
81
68%
.81
t
75
102
110
87
Jan'21
Apr'17
99% 101«4
1029
102
72%
83% Sale
100
90
Nov'18,
••"75"" Sale"
J
77
85
100
34%
Apr'21
75%
|
93
88
99i2
10034
98
101% Sale
Illinois Steel deb 4J4s
—.1940 A
Indiana Steel 1st 5s.—..
1952 M N
Dec'20
86%
58-1930, F
5s
92
82
1936 J
J
1932 J D
_al926 IVI S
1st A ret 5s guar A
"8*8%
89%
210
82% 86
107; 100
102%
84X4
101%
100%
69%
105% 110
Elk Horn Coal conv 6s
81%
98
89%
Mar'21—
83
79
84
"87" "87"
Apr'21
90
90
105
"6*6"" "75"
Mar'21
98
93
Dec'18
89% Mar'21
*89t2 —II
Cons Coal of Md 1st & ref Ss.1950 J
Sept'19
...101%
*>
Purchase money g 4s
1949
Ed Elec 111 1st cons g 6s...1995
1944jF
82%
90%
88
91
Lao Gas L of St L Ref A ext 5s '34 A
1948 J
88
55
Apr'211
1937 A
Newark Con Gas g 5s
50
I
75
75
77%
I
Feb'18
1997 A
1925 M
Milwaukee Gas L 1st 4s
7
89
,89
70
88
90
90
1926 J
20 yr p m A Imp s f 5s
Debenture
70
34
89%
91%
Staol
f 5s
93S4
91
.1942 M N
&
67"" "7*8%
2
Mar'21!...—
8ale
86'
117
.....
693g'
70
75
78%
73
117
90
93
Wlckwlre Spen Steel 1st 7s..19351--
89%
117
91% Sale
Westlngh E A M 7s
87'%
76%
73%
J
A
West Electric 1st 5s Deo
s
87% 100%
1932 M N
89l2
Buff A Susq Iron s f 5s.
94
73%
—
Iron
70
1922 J
J
1931 M N
12-year s f 7Hb
83®4
"9*8% 162%
98%
88
1
Jan'21
Sale
Va-Caro Cbera 1st 15 yr 5s—1923
Conv deb 6s
el924
Coal,
76
84%
90
1930 F
77%
Apr'20
Apr'20
__
1930 F
101%
87
90%
87%
5
Apr'21.
92
Beth Steel 1st ext
47
101
i
75
Dec'20
J
81%
1
J!
Kings Co EI L & P
PacificG A ECo—-Ca G4E-
83
86
j
92
693g
92%
1922 J
1947 J
81
Juue'19
v
100
34
Apr'21
69%
72
5s.,.193l;J
-
1
75
74*"
1930 J
10-year 7^8-—
92
10034
72
J
Steel <fe Tube gon s f 7s 3er C. 1951 J
Union Bag A Paper 1st 5s. ..1930 J
92%
....
1944 A
83%
Apr'21
94%
103%
94%
99%
89%
94%
8034
69%
92%
...—1951 F
71
83% Mar'21
70%
101
82%
IIII
...1944 A
1951 F
26%
,
80%
68%
42
100%'.
8834'
J
A
O
Consol Tobacco g 4s
1951 F A
Corn Prod Refg s f g 5s
1931 M N
1st 25-year s f 5a...
1934 M N
Cuba Cane Sugar conv 7s._..1930 J
J
C ib 1 n Am Sugar 1st. ro'I 8S 1931 M 3:
Distill Sec Cor conv 1st g 5s.l927 A O
E I du Pont Powder 44*8—1936 J D
General Baking 1st 25-yr Gs.. 1936 J D
Gen Electric deb g 3^8——1942 F A
Debenture 5s.......
1952 M S
20-year deb 0s
..Feb 1940 F A
Goo year Tlrefe Rub 1st s f_.19ll W N
Xngersoll-Rand 1st 5s
1935 J
J
Int Agrlc Corp 1st 20-yr 5s—1932 ivi N
International
Paper 5s.....1947 J
J
74
j 77% Apr'21
127
I "78
A
Cent Foundry 1st s f 6s
1931 F
Cent Leather 20-year g 5s...1925 A
32
85
80
67%
5784
91%
414'
96
117
1940 M N
Baldw Loco Works 1st 5s
30%
79
89
76
4
943g
102%
82%
74i2 76
76% Sale
A O
O
.....
Writ Pajxer s f 7-6s
Am
65
80
83
Feb'21.;
88
68
91%
92i2
75%
65%
102
Sale
100%
P.tckard Motor Ci,r 10-yr8s.l931 A O
Standard Milling 1st 5s.
1930,M N
'.MI
8a!e
82% Sale
A
68
"93" "97"
62
91
Apr'21
-
76%
88%
70% Mar*21
65X4
93%
88
71%
20
68
98%
82
10
80
79%
84
78
98%
8!
89
78
9-4% 94%
9534 Sale
95%
100% Sale
100
O
93
79%
27
193,
Apr'21 ....i
92
3;
82%
88
1931 M N
68
""96%
93
Sale
94 %
A
....1924 F
1st, c 5s
5s
Am Cot Oil debenture 5s
Sale
78%
86
Feb'21
Minutacturing aid Industrial I
U S Rubber ,5-year sec 7s
1st <fe ref 5s series A
93
82
86
10234 Sale
O
D
88%
60
80%
78
A
Apr'21'
Apr'21
80%
64
N Y Air Brake 1st conv 6s..1938 M N
36
1
Apr'20
7938
N
81%
50%
82
80%!
95
79% Sale
O
N
337g
47
79
98%
Pub Serv Corp of NJ gen 58—1959
S:ncl Jr Con OH conv 7%s._.1925
5s
*6*5*" *70
66
8
...
91%
96
75
141
I
81%
89
A
M
Standard oil of Gal 7s
<tl93l F
Tennessee Cop 1st conv 6s..1925 M
Tide Water OH 8J4s
1931 F
Union T mk Car equip 7s ..1930 F
Wilson A Co 1st 25 yr s f 6s..1941 A
10-year conv s f 6s...
1928 J
80
Sale
Niag Lock & 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
Ontario Transmission 5s.
1945 W N
U S Realty AI conv deb g 5s. 1924
84%
A1940 M 8
Ref A gen 6s
36%
78
.*1940 M S'
Ltd gold 5s
N Y Dock 50 yr 1st g 4s
1951 F
Niagara Fails Power 1st 5s..1932 J
73
79%
"82%
7812
92
8«i% Sale
75
76%
67% Sale
88
8884
J
36
84
cone g
*Noprfe«Friday:1
1939 J
4
s f
71 s8
102% 106%
98
98% Sale
81
J
35%
35%
67%
5s.—1932 M
Havana Elec consol g 5s
1952 F A
Hudson Co Gas 1st g 5s
1949 M N
Kan City (Mo) Gas 1st g 5s
1922 A O
Westchester
.1943 J
26
64
'"'8
15!
8134!
80%
83%
O
75
Mar'21
81" "85%
70
94%
74%
"87*"
1936 M N
-
29
77
Duqueane Lt 1st A coll 6s. .1949 J
conv
6s__1941 A
a f
73
98»4 100
17
102
9334
""
1940 M N
f 5s
62
70
Detroit Edison 1st coll tr 5s._1933 J
Stand Gas A El
s
8s
32
S3
Detroit City Gas gold 5s
5s International Series
a x
Apr'21!
J
J
Cons Gas EL&P of Bait 5 yr5s '21
Pat A Passaic G A El 5s
Great Falls Pow 1st
30%
84%
Consol Gas 5 yr conv 7s_
Philadelphia Co conv
"75 "
t
O
54
158
Mar'18
81%
102
91% Sale
7414 Sale
79% Sale
1928 fd N
Sale
...1927 J
con g
Stamped
Stamped..
Union OH Co of Ca! 1st
J
Columbus Gas 1st gold 5s.—1932 J
NYGELAPgSs
1932 A
25
47
1927 J
Columbia G A E 1st 5s
Convertible deb 6a...
A
ser
Nj
83
07% 71%
13
74%'
677g
751,
IO984 174! 104% IO984
58
J, 102% 103%
Apr'21
31
36
54%
100
I
107%
"80% *8134
Nat Starch 20-year deb 5s... 1930 J
National Tube 1st 5s
1942 M N
47
79% Sale
88%
89%
93% Sale
J
Bklyn Un Gas 1st cons g 5s..1945 rv» N
Clncin Gas A Elec 1st A ref 5s 1956 A O
NY&Q EI LAP 1st
«
"4*0*34 "48*"
70
36
109% Sale
J,
O
19«4
19«4
*
Feb' 18
74%
U S Smelt Ref A M conv 68-1926 F
J
Stamped
6s
63
J
5s
conv
Sale
69%
J
1930 J
General 7s se ies C'
g
I
Light
Purchase money 8s
Co 1 tr &
Nat Enam A Stampg <st 58—1929
47
54
993g
90
74% Sale
Computing Tab Reo s f 6s__1941 J
J
Granby ConsMS&P con 6s A 1928 M N
31%
Bklyn Edison Inc gen 5s A.. 1949 J
General 6s se'ies B
1930 J
Eq G L N Y 1st
J
32
Eqult Tr (N Y) Inter ctfs...
1934
A
Chic Un Sta'n 1st gu 4Ha A.1963 J
1st Ser C 6^8 (ctfs)..
1963 J
Chile Copper 10 yr conv 7s..1923 M
32
Va Ry Pow 1st A ref 5s
ser
1 Oi» ca, t
1
70
68-%
1927 A
f 4a
1st A ref 6s series B
o
47
Union Tr (N Y) ctfs dep
1st & ref 58
53%
Sept'20
ol960
Electric
Building 5s guar tax ex___l960 A
Ce ro de Pasco Cop 8s
1931'J
Chic C <fc Conn Rys e f 5s___1927 A
6s.....
Feb'17
4678 Sale
30% Sale
Income 8s.
8%
578
46%
Apr'21
*74% *99%
St Paul City Cab cons g 5s.. 1937
Third Ave 1st ref 4s
1960
T
Oct'20
90%
Portland Gen Elec 1st 5s. .1935
and
70%'
21%
19%
13
5
Gat
Apr'2l|
69%
75
81% I
70%
72
Am Tobacco 40-year a 6s...1944 A
Gold 4s
1951 F
Sale
s
81%
72
Am 8m <fc R 1st 30-yr 5s ser A 1947
3
United RRa San Fr
83
71
J
82
48%
54%
Apr'21
54
73%
Certificates of deposit
30 year adj Inc 5s..
al942 A
Certificates of deposit......
TrI City Ry A Lt 1st s
81%
70%
1955 J
3978
110
21% Mar'21
....
New Orl Ry A Lt gen 4H[8—1935
Third Ave Ry 1st g 5s
A
5s
15
"15
15% Mar'21
""§1
O
Consol
82
....
niz "9d%
N Y Munlclp Ry 1st s f 5s A.1986
N Y Rys 1st R E A ref 4S...1942
I
793g
23%
Oct* 19
75
A
Montreal Tram 1st A ref 5s.. 1941
783
281
j
57%
Apr'2i
03-%
25'4
S
F
5S..1993
Met W S El (Chic) 1st g 4s.. 1938
Mllw Elec Ry A Lt. cons g 5s.1926
Refunding A exten 4J^s...1931
55
Sale
40%
10%
D
M
Lex Av A P F 1st gU g
55
60
Col A 9th Av 1st gu g 5s..1993 M S
17%
1434
56%
39%
Apr'21,
17.%
78%
Braden Cop M coll tr s f 6a..1931.F
Bush Terminal 1st 4s___....1952 A
Conv deben
"59" *6934
240
Sale
79
D
63%
13%
Sale
Montana Power 1st 5s A
53
6934
Apr'21
Sale
73
Jan'20
68
1957
1932
Adjust Income 5s
55
13%
...
54
Inter Mercan Marine
58
Apr'21
69% Sale
15
.
60
Mex Pet
63
Feb'21
14
3
High
56%
6
100
59
2
65%
66% June'20
1
15
3
71%
25
Mar'21
65%
57%
14
D
70
ill"
24% Mar'21
65% Sale
57%
15
O
68%
35
65
59%
14
1931IM
50
May'18
Dec'20
6884
6s....1926 A
s f
66%
67%
1957
A
ser
43%
.
No. Low
S
3
Armour A Co 1st real est 4Ha 1939 J
Atlantic Fruit conv deb 7s A.1934 J
Morris A Co 1st
3 yr 7%
tit on
Ask Low
1948 M
1925 M
1926 M
66
j
ftailway
Brooklyn Rapid Tran g 5s... 1945
1st refund oonv gold 4s....2002
Since
Jars. 1
'
*80% "88"
13
Jan'21
SI
85%
79%
Range or
Last Sale
Bid
Adams Ex coll tr g 4s
Alaska Gold M deb 6s A
Booth Fisheries deb
54
Range
Week's
Friday
May 6
Atlantic Ref g debars
Aug'12
84%
82
A
1928 J
Erten A Impt gold 5s
53%
s31% Sale
S
Feb'21
88% Mar* 20
Price
II;
6
Conv deb 6s series B
8812
84
54
May
Miscellaneous
High
73
"do"
1941
Week ending
84%
.—*1941
Om Dlv 1st g 3^8
Tol & Cb Dlv g 4s
Wheeling & L E 1st
No. LOW
33
High
8138
55i2
51I4
Wash Terml 1st gu 3^8
1st 40 yr guar 4s
Western Pao 1st
Jan. 1
"52 *2
Det A Cb Ext 1st g 5s
1941
Des Moines Dlv 1st g 4s...1939
N. Y. STOCK EXCHANGE
or
Apr'2l
90
Aug'18
97% July'19
83
Debenture series B 6s_.
1st Hen equip s Id g 5s
1st lien 50 yr g
8434
73%
II
BONDS
Since
Last Sale
86%S ale
7414 74%
1939 M N
2d gold 5s
Range
Range
May 6
Bid
Wabash 1st gold 5s
Week's
Friday
N. Y. STOCK EXCHANGE
Week ending May 6
1959
~86% ~87~~
86%
68
10034 106%
86%
64%
78%
5
87
86%
64%
81
85" "88%
81
Sale
80%
81%
49
75
92
Sale
90
92
31!
8734
93%
99%
83%
81%
8334
Apr'21
99% Sale
83%
84
81%
8134
84% Sale
80%
SO
99
i
klta
80
85
82
81
83
83
86%
81%
80%1
101% 8ept'17
NOV
■
8134
92%
96% 100
84%
77%
80
64
M
249,
Nov'16
Tk.tA
f
V,..
1
m
i
kril I.
tr>
muI*
BOSTON STOCK EXCHANGE-Stock Record
1960
Ran at tines Jan.
Saturday
April 30.
Tuesday
May 3.
Monday
May 2.
Sales
Wednesday
Thursday
Friday
May 4.
May 5.
May 6.
j
EXCHANGE
120
63%
*81
82
...
19U
*1912
20
*24
♦—
11914 119%
63%
64
64
*24
....
125
*
6358
Week.
125
64
19
19-2
*24
....
83*2
84
19*2
*24
20
*
120
124
159
Boston A
65*8
678
Boston
64*4
*82
'
22
1,332
26
28
120
120
14
Last Sale .25
Last Sale .75
*130
66
1834
*37*2
17*4
17*4
'•
70
♦
"63"
63
16
17
"6.314
41*4
42
41*8
52
52
20
20
Last Sale 74
42
42
*51*2
2,914
Jan
18
Apr 13
Feb 2
Boston A Providence——100
120
Do
100
100
pref
May
4
.25
Jan 29
.75
Jan 29
3% Jan 19
Feb 26
119
Feb
134
60
May
68
74%
Nov
Oct
89% Nov
40
Sept
Deo
49
Oct
Jan
143
76o
Deo
7
Feb 16
3
Nov
11
Mar
Feb 20
3%
Mar
Oct
Mar
130
Jan
132
Jan
65% Dec
86
Dec
75
Jan
Sept
10c
130
05
73
32
Apr 29
36%Mar 19
15
Mar 17
Dec
13% Deo
25
124
130
4
Feb
Deo
25o
15% Dec
37% Sept
Northern New Hampsbtre.lOO
60
April
43% Feb 3
23% Jan 12
75
Feb 23
76
Deo
86
Jan
66
Apr 26
70
Jan 27
77
July
89
Old
58
31
Apr 23
75
Jan 19
00
Dec
86
July
Apr
21
Jan
27%
26
76
Feb
Maine Central
....100
N Y N H A Hartford
100
Colony
.—100
Mar
""§39
100
15
Vermont A Massachusetts. 100
259
42%
Highest.
Norwich A Worcester pref.100
97
Apr'21
42%
42%
53
52*2
7
78
17
"""22
65
21
18
17
64%
66% Mar 4
85
Mar 22
25%Feb
8
30
Jan
4
133
Jan 21
.25 Jan 29
.99Jan
28
26
100
Boat A Wore Eleo pref.no par
Apr'21
64%
*63
129% Feb 25
—.100
pref
Chlo Juno RyAUSY
4
66
66
70
Last Sale 66
■
*70
*70
42
*65
*....
66
*-.-.
63
*65
36*2
16*8
16%
*130
65
36*2
39
70
....
65
68
Feb'21
Mar'21
Last Sale 130
Apr'21
*65*2 69
♦65*2
69
37
38
37i8
40
19
19*2
I734
18*8
Apr 16
61% Jan 11
119
.....100
pref
Do
Boston Suburban EIec._no par
Do
pref
no par
Jan'21
Last Sale 3*2
*3«2
*3*2
100
100
Boston A Maine
30
120
120
21
26
Albany.
Elevated
Do
16
...
20*4
20
*
120"
123*2
65
*O0>
82
82
82
20
...
64
*635s
1920.
Railroads
123
122
121
120% 120%
120
64
120
Year
Lowest.
Highest.
Lowest.
Shares
120
Range for Presume
1.
BOSTON STOCK
the
NOT PER CENT.
STOCKS
for
HIGH AND LOW SALE PRICE—PER SHARE,
sJSSSL.
74
West End Street
50
40
Apr
Jan
60
49
Jan
Rutland
:V 57
Do
pref
pref
—
3
8
12
9
15
Jan
70
June
43% Mar
3
36
Dec
53
May
5
48
July
3
Jan
5
Oct
89% Nov
45% Jan
65%
Jan
Miscellaneous
*.30
.90
.90
4%
15%
107*2 107%
4%
15%
108%
4
15
88
88
*78
88
.25
"25
*1214
*19
20%
2%
*1
Last Sale .90
.90
*.30
3%
4 j
3%
14% 15 ! *14
108
108*2
107*8
88
88%
88
*.30
♦
.05
*13%
19%
*1
3%
14%
.25
— —
20 !
2%
4
14%
108
2,180
108%
4,989
88
88%
89%
145
81
81
80
81
149
Last Sale 3
.
15V;
4
50
12%
no par
.25 Mar
Century Steel of Amer Inc..10
.25 Mar
Boston Mex Pet Trustees
Eastern SS Lines Ino
3,082
145,
.10
81
220i
Jan
100
152
Jan
Elder Corporation
no par
8% Apr
no par
17% Mar
60
5% Mar
25
29%May
20% Jan
Apr
41% Feb
80
May
Greenfield Tap A Die
*63
742
52
81
63
29%
8%
8%
Last Sale
103
103%
*9 >10%
28
28
28%
8
*53%
25
1,010
47,
10
2,290
18%
4,869
20%
6,116
14%
"l4"
45
21
20%
20%
27
27
Slrarns
Magneto
"
Shoe
United
Do
Mar
585
Warren
30
Last Sale 29
*15%
16%
Last- Sale 16
Apr'21
1st
pref
Apr 11
Apr 20
Apr 25
34% Apr 11
19
xo
19
18
22% Apr
17% Jan
10% Jan
5
Wick wire Spencer Steel
15
Mining
Adventure Consolidated—25
Apr
*.50
54
.95
20
52% 52
Apr'21
.75
54
119
*21
;
2%
*8%
*10
22
23
2%
9%
10%; *10
255
255
14%
12
10% Jan 7
30% Apr 29
107% Feb 18
17 j
10
Mar 23
1
6
Mar 30
Apr
Feb
Jan
24
9%May 2,
10.5% Jan 12
61
Feb 15
22
Jan 10
14%
*8%
3458
10
*8%
9
35
35%
*2%
36%
3%
6%
9%
6%
9%
*2%
3*2
25
Mar
17
Jan
17
Feb
22%\pr
30
18%
3
*1%
I
2
10
765
Apr'21
2
50%
16
23
......
3%
.50
*53
57
*90%
458
91
11
11
5
Jan
6
78
3
23
4%'
11%
22
31*2
31%
42%
*38%
31%
42%
39%
1
1
*1%
j
3
15
272
Mohawk
951
New Cornelia Copper
Apr'21
21
31%
*.90
1%
1%
2
2
*2
2
.69,
.57
2% 256
2%;
4%
pref
Do
—
2,971: Nlpisslng Mines
2,419, North Butte
North
Lake
South Utah M A S
75
1,915
1,371
.66
4,150
2%
2%
710
4%
1%
4%
491
25
8uperlor A Boston Copper—10
Trinity Copper Corpn
5
Superior
Tuolumne Copper
IV
1%
2,510
Utah Metal A Tunnel
.60
.60
.51
.51(
.55
.55
2,430
Victoria
.50
.50
.60
*.45
.60
400
Winona
12%
*11%
12%
11%
156
*12
*.30
*
Last Sale .48
.50
Bid and asked prices.
1%
Ex-dlvidend and rights.
12
Jan'21
Assessment paid
80
Utah-Apex Mining
Utah Consolidated
Wolverine
Wyandotte
h Ex-rights,
x
Ex-divldend.
-—-
15
Dec
14%
Dec
23%
44%
Apr
Jan
14
Deo
26
Feb
39% June
Jan
19%
Dec
27
Dec
33
25
Deo
35
Jan
15
Dec
32
Sept
40c:
Aug
40%
Dec
20c
1% Feb
Jan
Dec
77
%
42
Aug
5%
Dec
Apr
15% Jan
10% Apr
6% Mar
2c
Oct
Dec
200
4%
40o
409
40%
Dec
16%
48%
0%
Dec
25
3%
4%
7%
Aug
Jan
16
6%
Jan
4
Nov
%
60
5
May
5
5
2%
90c
Dec
Dec
Dec
1% Dec
40% Dec
12% Nov
1%
3%
2%
4%
3%
Jan
Jan
Jan
72
24
35c
Dec
21
Mar
48
79
Feb
95
7
7%
Dec
12%
Dec
21%
Jan
Apr
Oct
80c
Jan
%
20% Dec
58
35% Jan
3
43
Dec
65
28
3
3
40
25% Dec
58
Jan
.75
Jan
1
Jan 22
.04 Mar
3
4
Mar 18
156 Jan 12
2%May 3
3
Mar 28
6
5
1
.40
3
Jan
1
25
25
25
25
.95
Jan
2
Jan
Jan
Apr
.48 Jan 13
34%
Jan
Jan
Jan
Jan
2
Jan
Jan
2%
Apr
Jan
28,
50c
Dec
2
Jan
18|
10c
Mar
.12
Jan
8
3c
Dec
25c
2%
Dec
6
Jan
Jan
1
Dec
6%
Jan
33c
Dec
1%
156
4% Feb 11
2% Feb 17
4
Feb 15
.75
Jan 17
3
Jan
5
156 Aug
5
Jan 12
2% Dec
9%
Feb
Nov
3%
Jan
3%
Jan
3
.40May
.35
10
Jan
Oct
Sept
8
32
6
2
May 3
May
3
Apr 26
Jan
Mar
Jan
7_
Mar 30
23
1%
Jan
Apr
Jan
5%
7
Jan
Mar
Jan
Sept
June
Jan
Mar
3
11%
7%
Apr 23
.95
55
Apr
6% Mar
82
3%May
Jan
Jan
Jan
Jan
Jan
4% Mar
14% Jan
10% Nov
38
16% Apr 25
Jan
Dec
2
Deo
1% Dec
1% Dec
1% Dec
1% Feb 25
3% Jan 8
Jan
8
Jan
15
Dec
5%
95
Jan
2%
407
10
25
5
Mar
37%
Osceola
Lake
Feb
19
49
Dec
208
South
26
Dec
32
42
Shannon
32% Dec
22% Sept
12% Feb
1
3
110
Apr
15
9
157
Mar
28
Jan
1% Feb
15% Jan
1
76
22%May
25
25
25
38%
Dec
Nov
Nov
8% Jan 20
Old Dominion Co
Quincy
25
St Mary's Mineral Land...25
Jan
50
21
15
12% Feb 21
.50 Jan
7
25
Jan
Apr
75
3
8
65
25%
Apr 12
3% Feb 16
2% Feb 11
Jan
133
Apr 26
3%May 5
1% Apr 12
55
36%
34% Ma*
176% Jan
99
Jan
16
Jan
Feb
Mar 23
8
Nov
Jan
July
97ij Nov
1
4%May
.25 Mar
5
Feb
Apr
Apr
Sept
Jan
Nov
Nov
Jan
8% Sept
101
Nov
39
4
15
Dec
25c
Apr
.75
Jan
80
Ojlbway Mining
50
*.40
3%
5
1% Jan 22
Apr 9
1
2% Jan 3
43% Jan 3
12% Mar 31
.50 Apr 25
40
Feb 4
3% Apr
210
2%
4%
1%
3%
5
5
100
100
1% Jan 25
.55
22
Apr'21
*3%
4%
1%
1%
2
256
.50
25
New River Company
Mar'21
.50
5
25
—
New Idria Quicksilver
35!
Last Sale .05
4%
1%;
Consol
15%
Apr'21
89% 89%
4%
4%
10%
11
42
38%
i
Valley Mine
Mason
55
Apr'21
*1%
2
1%
Last Sale
*3%
1%
25
.--25
25
Mayflower-Old Colony —.25
Michigan
j
25
21
.10
Copper
195
Last Sale .50
4%
1%
Keweenaw
Lake Copper Co
La Salle Copper
2% Mar 14
1% Apr 1
2
Jan 4
Nov
Dec
16% Jan
5
Dec
13
17%
2
75
pref
Lake
85
50o
1
25
Do
Mar 18
Dec
Dec
3% Jan
2% Jan
62%May
4%
I
1% Mar 16
146%
3% Jan
3
*4
*2%
91
1% Apr 2
1% Mar 30
82% May
9
Dec
23%
Dec
Dec
Dec
Aug
10% Jan
Jan
4%'
15%
5% Mar 28
7% Jan 3
3
4% Jan 18
7% Jan 6
48
Mass
Last Sale 55
1
25
270
21%
38
3
'""266
*1%
21%
....
2%May
1%
.50
40
36%May
2%
*.25
1*8
4
3
*1%
Last Sale .50
90%
4%
10%
Jan
*2%
*54
4
Jan
|
I
2
7
.25
Kerr
3%
Jan
1
Isle Royale Copper
15%
Apr
.04 Feb
25
171
55
10
259
25
130
15%
5
12% Mar 17
27
Island Creek Coal
3%
Apr'21
54
6
Helvetia
78
3%
*2%
8
Jan
Apr
Indiana Mining
1~835
*2%
3%
Last Sale 2%
Apr'21
*4
*.43
65
Mar
Apr
..25
-20
10
10
25
Consolidated
Hancock
22%
*3%
1%
*4
62%
Copper
East Butte Copper Mln
78
3
*.05
2
Apr'21
61
Daly-West
Davis-Daly
Franklin
"""26
8
.03
210
10
25
Copper Range Co
21%
*1%
*1%
3%
3
7
11
7
28
28
16% Jan 17
10
Jan 28
1
Centennial
3'2
*2%
4%
38
20
78
*2%
*2
*.90
699
22%
*2%
39
35»2
1,147
I
61
*1%
*29
Carson Hill Gold
6%
Last Sale 1%
*1%
*2%
•
2,975
3%
21%
*3
60%
15%
15%
9
25
Hecla
*21%
77
21%
Butte-Balaklava Copper... 10
9%
*3
10
Mines
Bingham
Calumet A
3%
Last Sale .75
60
25
*9%
3
Jan
Arizona
6% Jan
3
19
.75 Mar
66
190
5
11!
Janllj
23ia Feb
3% Jan
Commercial
28
Jan
5
Apr
2% Mar 26
5
18
29% Apr 18
650
16
1|
2
20%May
.50 Apr
"""80
14
Jan
19
4
*2%
6%
Last Sale 2%
.40 Mar 29
4
39% Jan
5
"l65
256
14%
*8%
35%
15
14%
10%
252
256
1
2%
9%
86
53
.25 Mar
Mar'21
Last Sale .04
255
23
2%'
*8%
12%
101%
Dec
43% Apr
........
31%
Apr
Dec
Feb
9%
7% Dec
4% Nov
—25
Ah meek
10% Nov
89%
68%
15
Algomah Mining
25
Allouez......
——25
Aecadlan
Consolidated
25
Last Sale .30
80%
8%
35% Apr 25
,
*.50
Dec
6%
63%
138%
14
50
2d pref
45
Dec
4
Nov
87
50
Bros
Do
Jan
Dec
24
■>
June
8
50
Manufacturing..20
Do
Apr'21
10
100
May
32%
57
12% Apr It
Jan 29
6
Jan 3
17
1
3
5
12% Apr 2
13% Mar 12
11
Apr 13
25
Waldorf System Ino
Watch
Walworth
31
Corp..25
Waltham
296
*25
Mach
6
pref
27
27
5
Venutra Consol Oil Fields...5
21
20
28%
14
Root A V Dervoort CI A no par
80
28
53
"l",i51
13%
*14
10
-
Jan
25
18%
20%
13
18%
100
Reece Button Hole
Union Twist Drill
175
20%
140
Mills
Mar
June
118
104% Apr 30
25
Jan
~26"
20
Jan
95% Jan 3
8% Feb 17
TorrLngton
36
14%
14%
Pacific
8
Jan
9% Jan 13
4% Feb 2
89
55
23%
36%
23%
18%
20%
New England Telephone—100
Ohio Body A Blower
no par
Orpbeum Circuit Inc..
1
Mar
36%
Dec
8
63% Apr 29
7% Apr 12
2% Apr 22
98
35%
35%
23%
10
100
23
36
23%
18*8
20%
15
10
11
9
23
85
Linotype...100
Leather
Jan
122
Swift A Co
Apr'21
15% Dec
Oct
Jan
Feb
Mexican Investment Ino---10
28% May
88
Apr
Nov
164
Jan
59% Jan
Apr
989
100%
Last Sale 19
15% Dec
Aug
140
May
96
13
Jan
80
Dec
21
62
Dec
Mar
1'% Apr
92% Feb
May
89% Apr
118
Plant (Thos G) pref
'""Ho
9
54%
55
'""267,
22%
8
100
100
pref
Mergenthaler
National Oil
13
*21%
22%
Do
5,236. National
Mar'2l
100
7%
4,895
160
13
13
100
25
28%
160
162%
*21%
19%
128
63%
121% 121%
28% 30
8%
8%
2%
Apr'21
103
103%
*9
10%
28%
13
80"
~8o"
9
6% Mar
36% Jan
80
86
8
7
11
14*4 Sept
Dec
74%
18
10
Nov
3%
29%
Jan
Theatres
Jan
12
60
Jan
Loew's
7
Apr
4% Mar
Llbby, McNeill A LIbby.—10
Apr
Jan
Dec
Dec
13
McElwaln (W H) 1st pref-100
Massachusetts Oaa Cos...100
3%
Dec
32
2,107
Nov
10
Jan
6%
12%
40
3% Mar
no par
pref
Apr
Dec
7
28
20%May
Do
Apr
10
25% Apr 18
...100
525
Apr
35%
Dec
49o
23% Apr 12
8
Jan
3
Island Oil A Trans Corp...10
710; Internat Products
10%
13%
9%
12%
65
80%
.100
7
10-
9%
pref
4%
7
"~4% "
12%
Do
38
Dec
60o
35% Jan 17
37
Motor
13% Nov
100% Sept
167
Apr
83
Jan
19
Jan
5
8
Jan
23% Apr 26
Apr 16
164
Jan 25
17
Jan
8
75
G rdner
Into nat Cement Corp.no par
195, Intoi iat Cotton Mills.....50
90
I
30
23
Jan
Dec
7% Mar
3% Nov
3%
8
Jan
13% Jan 10
4% Feb 11
May
10
..100
pref...
Edison Electric Ilium
Gorton-Pew Fisheries
""165'
15
70
6
lo
8
Apr *9
3
.95 Jan 10
1% Jan 10
3%May
25
.16
0% Jan
12% Jan
...10
Manufacturing
Do
80
Last Sale 80
21
4% Mar
Eastern
83
*100
*....
10
355
10%
27%
14
3
527
""114
160
~Apr'21
0%
.07
10
865
24%
38%
103%
20
Corporation no par
Connor (John T)
East Boston Land
29%
24%
121%' 121% 121%
35.%
pref
425
38
9
23%
18%
20%
*13%
Do
Blgheart Prod A Refg
Mar'21
12%
30
12%
Nov
Feb*"
.
Beacon Chocolate
38
90
70
9
14
25
I
5
Feb
20
158
20%
4%
May
Feb
Mar 29
*12%
13
4%
4%
4
4%
16%
17
15
16%
22% 23%
22%
23
Last Sale 75
Apr'21
4
Nov
15
.30
6%
20%
*18
73
Apr
70
Mar
Atlas Tack
175
83
*12%
13
*21% 23
7%
8
100% 100%
53
53%
no par
30
89% Feb 19
109
Nov
38
29% i
8V
2%'
3
10
23
63
Jan
Feb
5
80
13% Mar
13
*29%
80%
Jan
74
100
1
4% Apr 20
15%May 2
81
Last Sale 7%
90
96%
..no par
Amer Telep A Teleg
Amoskeag Mfg
3
Jan!21
210
159%
11%
12
20
20%
3
Feb:24
Jan 6
515
157
8% Jan
12
.40
*12%
Apr 13
.30
Jan21
12""
Art Metal Construe Inc....10
Last Sale 4%
.30
50
Apr'21
19%
19%
Apr'21
19
.40
pref
Dec
Anglo-Ana Comml Corp.no par
Last Sale 12%
19
Do
3o
Feb'21
Last Sale .16
*05
*13%
19%
*1
10
Engineering
Arner Pneumatic Service.-.25
455
88
107% 108%
80
*78
....
*.05
Apr'21
3%
4
14%
14%
Am Oil
2
4
Jan
Oct
T6 Jan 31
2% Feb 17
42c
1
Dec
4
25o
Sept
2
Jan
8
Dec
23
Jan
15c
Oct
.80 Mar
14
Feb 21
.48 Jan 13
1% Mar
Mat 7
THE
1921.]
Outside Stock Exchanges
1961
CHRONICLE
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, Apr. 30 to May. 6, both in¬
'
Baltimore
clusive, compiled from official sales lists:
Boston Bond Record.—Transactions in bonds at Boston
Stock
Sales
Friday
Exchange Apr. 30 to May 6, both inclusive:
Ramge since Jan. 1.
Last
Friday
Stocks—
Par.
1 '■<"''-V"
.■
Last
.
Bonds—
Week's Range
for
Sale.
'
of Prices.
Week.
Low.
Price.
Week.
Canton
Low.
High.
Co.....
.100
88.34
87.24
^
88.62
$1,900
1,750
87.94
1
.60
Celestlne Oil
88.04 Apr
85.62 Jan
92.90
Jan
88.52
Jan
PreferredB
86.40
87.52
10,900
85.54
Jan
88.72
90.24
90.74
Jan
91.26
Jan
85.34 Jan
88.54
Jan
Cosden
97.50
98.14
16,550
11,000
95.78 Jan
98.14 May
75%
Victory 4%s
1922-23
Jan
:
&
"78
78 %
78%
79%
Apr
Atl G & W I SS L 5S..1959
55
54
56
159,000
52
Mar
62
Jan
7434
75
5,000
74
Apr
82
Jan
85
85
85
4,000
79
Jan
87
Mar
Houston Oil, pref tr ctfs 100
I Benesch & Sons
no par
79
80
75
Mar
80
Apr
78
78
Jan
78
Jan
Mass Gas 4%s
.1929
1931
4%s
Miss Rlv Power 5s
1951
_
+
N E Telephone 5s_„ .1932
Pond Creek Coal 6s... 1923
Seneca Copper 8s._
Swift & Co 1st 58
__
mm m m
mm
.
8334
94
83%
1925
_
94
2,000
1,400
2,000
1,000
95
97
2,500
85
85
1947
"81%
Western Tel <fe Tel 5s.. 1932
85%
78%
1944
U S Rubber 5s.-
8334
'iim m:m'm
78%
8134
82
Jan
74%
7934
8534
Jan
96
94
.Jan
101
Preferred.
Jan
80%
Jan
Preferred
t
v
Stocks—
Week's Range
83
Apr
United Ry & Elec..
LOW.
:
Amer Wind Glass Mach 100
Preferred
60%
100
Arkansas Natural
"17%
Gas.. 10
Carnegie Lead & Zinc
5
Consolidated Ice, pref
■
^
50
15%
Mar
10%
Mar
31
Jan
35
Jan
43
May
79
Feb
83
Jon
23%
23
Jan
29
Apr
23
Jan
23%
Feb
50
6
Mar
6%
Jan
Jan
62%
Feb
Jan
56
56
3
65
65
30
85
85
20
52%
64%
77%
70
70
50
70
_
56
"85"
'"9%
130
100
City & Suburban 1st 5sl922
95%
96
75%
76
97
97%
w
f
67
Jan
Jan
88
May
70
Apr
May
Apr
12%
Jan
30
Mar
$5,000
94
Jan
97
Mar
3,000
73
Jan
8,000
94%
93%
97%
Jan
Jan
76%
97% May
Apr
97%
98%
72
Jan
80
May
Bonds—
5% notes....
7% notes
......1922
1945
7%% notes B
95%
Cosden & Co
conv s
Fairmont Coal 5s
Jan
Pennsy W & F 5s
95%
16.000
95
92%
Jan
77
3,000
1,000
89
77
77
Mar
82%
79%
1,000
82
Jan
1,000
79% May
Jan
80%
97% May
Jan
61%
79%
"83"
83
83
97%
62%
97%
"62%
1940
Apr
Feb
Jan
82%
"82%
1D31
8
4,000
1,000
95
;
Ga Sou & Florida 5s__1945
19
80
92
f.. 1923
Jan
1.000
98
80
"95"
95%
97%
"97%
Fair & Clarks Trac 5s. 1938
85
Petersburg Class B 68.1926
United Ry & Elec 4S..1949
63
6,000
1,000
Mar
May
29%
Feb
Income 4s_—_
1949
44
44
92
Jan
Car trust 8s
1928
100
100
io
96
Apr
100
Mar
62
62
390
92%
92%
5,000
91%
54
54
1,000
53
Indep Brewing, pref
50
1C0
3%
Jan
Lone Star Gas
25
24%
24
24%
590
22%
Mar
26
50
5
49
49
248
49
Apr
53
Funding 5s, small.. 1936
Jan
Mfrs Light & Heat
Jan
9%
26%
86
Jan
Jan
84
6
25
"
Jan
123
6
9%
28% May
,
23
49
29%
Jan
Jan
175
225
16,000
16,000
1,000
115
21,729
14%
97
7
4%
20%
150
<
Apr
9%
115
Apr
4%
1,750
28
50
12
Mar
74%
„V
86
97
100
14
55
50
46,565
5%
28%
86
14%
.
17%
5%
28
Haib-Walk Refr, com.. 100
Preferred
74%
'
Guffey-Gilles Oil..(no par)
216
61%
74%
Jan
4%
Cons G, E L & P 4%s_1935
High.
.
Feb
Jan
Apr
22%
Consol'n Coal ref 5s__1950
1034
92
88%
40%
29%
Range since Jan. 1.
635
Mar
Mar
38%
80%
28%
..50
Central
78 %
Shares.
12
Feb.
83%
26%
3%
43
Elkhorn Coal Corp 6s. 1925
11
12
Prod, com.r>0
23
83
42
"23%
Pennsylv Wat & Power. 100
Week.
Par. Price.
,
Amer Vitrified
20%
Feb
140
24
Shaffer Oil & Ref, pref. 100
for
of Prices.
Low.
High.
Apr
662
■
Northern
Apr
Mar
Sales
Last
43%
85
79%
Wash Bait & Annap, pf_50
Sale.
Jan
Jan
85%
32
40
24
Mills—
r_
—100
79
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Apr. 30 to May 6, both inclusive
compiled from official sales lists:
Friday
Jan
39
22
40
5
78% May
Jan
1
,
"so"
........25
Refining
Jan
7
Mt V-Woodberry
Jan
8734
24"
Chemical..no par
Indiahoma
Feb
94
8,000
1,000
11,000
Jan
Davison
Jan
43
4
Elkhorn Coal Corp, pref.50
75
Feb
5%
84%
38%
■
Preferred...5
Chic June & U S Y 5s. 1940
.55
200
85
"84%
Co...... no par
Am Tel & Tel coll 4s. .1929
2,180
22
Consol Gas, E L & Pow.100
Consolidation Coal
100
87.70
19,000
41,150
88.10
87.14
.65
5%
157% May
43
.....25
4th Lib L'n 4%s. 1933-38
.
High.
.
160
.95
.60
5%
Commercial Credit.....25
2d Lib L'n 4%s__1927-42
3d Lib Loan 4%s.
1928
„
20
Low
Stores.
157% 157%
157%
Cent Teresa Bug, pref--.10
U 8 Lib Loan 3%s. 1932-47
1st Ltb L'n 4 %s. 1932-47
High.
Low.
Range since Jan. 1.
Stores.
High.
for
of Prices.
Price.
'
•'
Week's Range
Sale.
Sales
.
"92%
97%
92%
Jan
Apr
May
Jan
Apr
Jan
78
83%
82%
83
98%
Mar
Jan
Apr
Apr
Jan
65%
Jan
43
Mar
100
Apr
60
Jan
64%
Jan
95
Jan
Mar
54
May;
47%
100
Apr
Feb
Jan
Marland
6%
6%
7%
2%
6
Jan
9
17%
825
12
Jan
18
Mar
..1
Preferred
Ohio Fuel Oil
17%
17%
18
252
Apr
19
Jan
47%
47%
47%
305
14%
46%
Ohio Fuel Supply
50
Mar
24
24
L 2,413
145
63%
24%
3%
8%
63%
2c
30
234
m
m'm
25
Oklahoma Natural Gas..25
3%
Pittsb Brewing, com
50
Preferred
.—.50
Pittsb Coal, com..
Pittsb-Jerome Copper
m
mmmmmm
100
mrnmmmm
l
~
8
665
8
2%
24
Mar
Jan
Mar
Jan
9
100
58%
Feb
62%
2c
Jan
4c
3,150
400
r-.
8
Mar
91%
12%
92%
91
Apr
West'house Elec & Mfg. 50
47%
48%
210
West Penn Rys, pref
70
70
11%
"92
West'house Air Brake—50
100
mmmmm-m
Jan
42%
69
13%
67
10
69%
Mar
9
80
67
69%
100
Preferred
825
12
WPenn Tr&WP, com.100
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, April 30 to May 6, both
inclusive, compiled from official sales lists:
at
Last
Mar
Stocks—
49%
1949
$1,000
Cambria Iron
Mar
Jan
14
Jan
70
Mar
69
Jan
70
Insurance CoofNA
Mar
57%
Mar
Sate.
of Prices.
Low.
Price.
Par.
8%
Lake Superior Corp....100
9
North
mm m
..50
m
50
Pennsylvania
m.
«•>
High
Shares
Low.
m.
American Radiator.... 100
69%
76
65
89%
90
12%
12%
185
70
76
63
Armour & Co, pref.—
Armour Leathers
Beaver
_
Board....
.100
.15
(*)
«.'»
-
16%
(*)
7%
I)..„
3%
Chicago Elev Ry pref.. 100
Cudahy Packing
coin..
7%
m
50
50
mm
m
J._...2%
93
_
_
Lindsay
6
"
mmm'mmm
40
8%
Mitchell Motor Co....<*)
mmm
11%
Mar
42
Feb
1,390
25
Tono-Belmont
Jan
Tonopah Mining..
16%
1,275
9
Jan
24
Mar
10
4,765
10%
5
Jan
Mar
68
Jan
Jan
110
18%
«...
-
-
'
»
108% 109
7
7%
52
83
103%
30
so
59
485
102
11,125
47
Apr
May
91
Jan
105
450
20
Mar
30
Apr
2,280
61
94%
77%
125
16%
1,095
15,185
23%
700
15%
Mar
40%
265
Jan
8
8%
3.50
24%
6%
6
107
8%
295
150
18,505
29
735
Jan
69%
11%
Jan
Jan
7%
24%
23%
Apr
Apr
Keystone Telep 1st 5s. 1935
Lake Superior Corp 5s. 1924
Lehigh Val Coal 1st 58.1933
Pennsylvania RR 6%s 1936
149
26 %
Jan
25
103
Apr
88
50
83
Feb
91
21
80
18
Jan
27%
66
Mar
87
Feb
Phila Electric 1st 5s.. 1966
38
Feb
66
Jan
Jan
13%
36%
Jan
Spanlsh-Amer Iron 68.1927
Jan
Weisbach Cot 5s.
33%
19.200
99% 100%
2,730
25%
27%
5,125
9%
26
Apr
98%
Apr
22
Apr
11%
Mar
27%
Jan
55
34,725
53%
13%
50%
13%
15%
28
26%
28
45%.
45
22%
12%
74%
21
12%
70
103
1,950
Jan
49%
9
Mar
105%
31%
26
Jan
General 4 % s.
Jan
Philadelphia Co
Jan
4s, Series "B"....
.
_
1927
15%
34%
1927
Chicago Telephone 5s. 1923
Commonw Edison 5s_
.19431
Swift & Co 1st s f g 5s. 1944
value.
mm
mm
mm
84%
Apr
49
Mar
70
Mar
79%
105
40
Jan
43%
64%
32%
Jan
74%
Jan
Apr
Mar
Apr
42
25
3,121
180
;
Jan
2% May
2% May
Jan
27
Jan
34
1,472
21
Apr
898
26
May
810
32%
22%
26%
25%
Apr
22% Feb
26% May
28% Feb
1-16
763
31%
.
Apr
%
Apr
51
Jan
52%
Jan
15%
Jan
19% May
55% May
88
Jan
%
51%
1,670
19%
8,013
55%
263
51
Mar
76
20
66
Mar
50
Apr 1 11-16 Jan
Jan
1% Mar
1%
1%
650
150
i%
1%
29%
Mar
30%
33%
31%
679
Jan
32
36%
2,266
30
Jan
36%
49%
19
49%
Jan
50
Jan
30
20
30
Mar
37%
"30"
Feb
30
30
96
30
Jan
30
Jan
Feb
May
46%
24%
1,490
12,245
37%
Jan
50%
Feb
13%
74%
113%
1,830
8%
Jan
...
m
m
m
mm
m
m
69%
Mar
2,145
74
Mar
16
66%
65%
84
66%
34%
94%
84%
85
85%
34%
94
$2,000
17,000
May
Feb
16,000
6,000
2,000
3,000
Jan
Jan
28
Mar
74% May
113% May
67%
Apr
66% May
35
87.20 Mar
88.10 Jan
86.46 Mar
87.80May
87.42
3,100
6,000
84.40
Jan
88.30 Jan
12,100
88.20
Jan
87.60
18,400
86.60
Jan
88.58
97.94
98.04
4,900
94.50
Jan
98.04May
68%
Jan
74
90.36
74
74
M
mm
m
m'
'
m
m
mm
55%
56
Mar
Jan
99%
93%
103%
Mar
93
101
3,000
99%
99%
93%
93%
103% 103%
55%
53
Jan
56%
Apr
50
Mar
Feb
99%
500
56
m
m
m
mmm
mmm
m
m
m
56
66%
2,000
61%
2,000
8,000
2,000
59
40
42
96
92%
39%
66
Mar
94%
Apr
76
Apr
15,000
76%
48
Apr
92%
21,000
2,000
Feb
76%
76%
84%
82%
85%
16,200
82
64
2,000
56
Feb
98
98
95%
95%
1,000
4,000
97%
91%
95
100%
81%
Jan
64
Jan
Apr
Apr
66% May
Jan
82%
——1965
57
66% May
61%
92%
95%
Jan
Apr
4,000
1,000
5,000
15,000
66%
mmmmm-m
91.04 Feb
90.60
87.40
Feb
Jan
Feb
Feb
Jan
cons & coil
stamped
1951
.1930
m
m
"84%
m
m
m
m
m
m
m
m
m
m
82% May
85% May
66% Mar
99
Mar
Jan
95% Mav
Jan
to
Apr
90%
78%
Jan
94% May
Jan
88
Jan
80%
Jan
87%
Apr
May 6, both inclusive.
It
we
give
a
record of
security market from April 30
covers
the week ending
Friday
afternoon.
It should be understood that
to
transactions
on
the "Curb"
no
as
such reliability attaches
to those on
the regularly
organized stock exchanges.
York Stock Exchange, for instance, only
Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—-that
is, securities where the companies responsible for them have
.
60
61%
88.80 May
5,000
87.80
87.20
m
$1,000
87.70
87.60
mm mm.
88.80
87.70
the transactions in the outside
24% May
32%
Jan
4,399
28
.
92.44 Jan
88.80
...
Jan
Mar
26%
66%
mmmmmm
71%
35%
2%
43
New York "Curb" Market.—Below
Jan
;
_
43
Jan
2
18
J^n
44% May
62
trust 5
Mar
275
Bonds—
Chicago City Ry 5s—1927
70%
30
First sink fund 4s... 1966
500
Chicago Railways 5s_
43"
1 5-16
Hudson & Manhat 58.1957
20%
26,580
par
Jan
Apr
Apr
17
104,
m
small.. ..1945
do
May
Apr
44%
(*) No
9%
30%
19%
13
........
107
81
201
25
10
il:$%'-'Mar
Jan
12
Knitting Mills. (*)
m.
%s. 1932-47
4%s. 1932-47
2d Lib L'n 4% 8-1927-42
3d Lib Loan 4%s...l928
4th Lib L'n 4%s. 1933-38
Victory 4%s
1922-23
Bell Telep of Pa 7s—1945
Elec & Peop tr ctfs 4s. 1945
Feb
Feb
31
Western
56%
1 % 1 7-16
1st Lib L'n
Atlantic Refining 6%S.1931
Baldwin Locom 1st 5s. 1940
14
11%
29%
Ward,Montg,&Co,pf,wi20
Apr
,
Jan
Apr
68
17
Wrlgley Jr. common
Yellow Mfg Co.
48
49%
Apr
7%
51
43
Co
m
36%
24
985
Thompson, J R, com.
25
Union Carbide & Carbon 10
Wahl
m
50
42
610
12
(*)
(*)
267
54
Amer Gas & Elec 5s...2007
19%
4,775
2,240
United Iron Wks v t c__ .50
51%
17%
31%
Jan
26
Temtor Prod C & F "A" (*)
Vesta Battery
13
80%
86
27
Feb
1-16
1st Lib Loan 4S..1932-47
16% May
18
42
15
Jan
71
51
_
V
U S Lib Loan 3
94% May
77% May
Jan
Feb
103
Jan
Mar
9% May
5
63
80%
39
31%
m
50
Bonds—
Mar
81%
100%
rn
West Jersey & Sea Shore.50
York Railways, pref
50
Feb
96
41
100
10
Mar
7%
76
1
Traction
United Gas Impt
Preferred
Jan
82
14%
9%
5%
23%
10
7%
50
84%
Stewart War Speed com 100
Swift International
Mar
90
50
—
5%
Apr
170
(*)
100
Jan
Apr
63
25%
18%
55%
1
88
w
30
Apr
63
106% 106%
100
—
Union
Devel
Jan
8% May
Apr
Apr
183
mm
"51%
...
Jan
Apr
25
26
Ppb Serv of Nor 111 com 100
Quaker Oats Co....... 100
Standard Gas & Elec
5%
mm
m
Philadelphia Traction. ^.50
Reading
50
35
2%
8
Sears, Roebuck com
Feb
7
27
3,310
26
mmmmmm
—
Apr
260
27
Shaw W W com..
4%
Preferred.
26
3%
8
Swift & Co
Jan
3
27
10
15%
15
68
9%
31%
21%
mm
mm
Warrants.
Apr
29%
67%
34%
2%
22%
Phila Insul Wire——no par
Phila Rapid Transit
50
Apr
10
Motor
Apr
8
105
(new). 100
Preferred.
12%
Feb
Orpheum Circuit, Inc
1
Pick (Albert) & Co_„_(*)
Pig Wig Stores Inc "A" (*)
Reo
170
40
9%
100
National Leather
Jan
89%
15%
10
Nat Carbon pref
94%
76%
100
Light
Preferred......
Jan
Apr
25%
Corporation. .100
Hupp Motor...
10
Libby, McNeill & Llbby. 10
Middle West Util com.. 100
84
5
82
Great Lakes D & D
_
330
5%
103
30
_
Feb
Mar
119
'an
71
m
m
2%
Phila Electric of Pa.-_._25
Feb
77
100
103%
Godschaux Sugar com.. (*)
Hartman
85
Jan
7%
"82"
—100
Match
7%
73%
Feb
59%
Jan
27%
43
mmmmmm
240
14%
52
100
Deere & Co pref.„100
Diamond
■
mrnmmm
10
Motors
5%
34
63
Chic Pneumatic Tool. .100
Continental
17
Jan
69%
90
7%
Chic City & Con Ry pf.(*)
Commonwealth Edison 100
5%
28
__(*)
common
(J
mm«
100
Preferred...
Case
15
—(*)
Booth Fisheries new
Briscoe
"89%
67
45
;
Jan
92
99
Jan
70%
m
Receipts full paid
American Shipbuilding. 100
Preferred
100
37
43
m m
mm
mmm
Philadelphia Co (Pittsb)—
Pref (cumulative 6%).50
High.
57% May
Apr
50
m
Penn Cent L & P, pf .no par
Range since Jan. 1.
Jan
34%
1,606
28
8%
Navigation
Minebill & S H
44
127
8%
8%
19
64
150
Lehigh Valley.......... 50
Lehigh
35
High.
Apr
17
1,590
57%
28.
Low.
20
115% 117%
29%
29%
28
Pennsylvania
Stocks—
"116%
10
Range since Jan. 1.
Shares.
18
35
Keystone Telephone.—50
Preferred............50
Penn Traffic..
for
Week.
High.
55%
"57%
50
Elec Storage Battery... 100
Feb
Sales
Week's Range
Low.
18
Pennsylv Salt Mfg
Friday
Last
Price.
American Stores....no par
compiled from official sales lists:
'dJl>.'
Week.
—10
Alliance Insurance
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Apr. 30 to May 6, both inclusive,
'Vyv
for
of Prices.
Jan
Bonds—
Pittsb Brewing 6s
Par.
Week's Range
Sale.
116% May
Jan
10%
Jan
97%
73
Sales
Friday
Mar
2%
.
Jan
(no par)
—.—
Mar
240 x"..-;6
115% 116%
1952
Jan
4
113%
f ranscont'l OH
30%
Jan
Mar
111
116
Pittsb Plate Glass,com. 100
3%
...
West Maryland 4s
Mar
17%
7%
16%
80
50
Refining
Nat Fireprooflng, com..50
i
6% notes.
Mar
49%
2%
On
the
New
members of the
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
CHRONICLE
THE
1962
[Vol. 112.
Sales
Friday
quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
insure that
may be dealt in and any one can
prices and have them included in the
those who make it a business to furnish daily records
Any security
meet there and make
lists of
of the transactions.
The
possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly
In the circumstances,
vouch for the absolute
regards mining shares.
as
ft is out of the question for
to
trustworthiness of this record of "Curb" transactions, and
we
give it for what it
any one
be worth.
may
OH
Par.
Week's Range
for
Sale.
Stocks
(Concluded)
#
whatever.
Ramge since Jan. 1.
Last
Other
of Prices.
Low.
High.
Week.
Price.
Savoy oh
8
Settled Prod.r
High.
6
9
Mar
Apr
Jan
3
2
Jan
10%
12%
82,300
6%
Jan
12% May
87%
5%
87%
87%
100
84%
Jan
90
..10
5%
5%
11,400
2
3%
300
%
78,500
11-16
Jan
1
Mar
2%
6,200
1%
Feb
2%
Mar
7-16
2,500
%
Apr
Spencer Petrol Corp.. -.10
Texan oh A Land.r.. —.1
United Royalty.r
2
2
2
Oil.r
Low.
1,150
2.300
8%
11%
Slmms Petroleum r(no par)
Sinclair Con Oil pf.r. .100
8kelly
Shares.
3%
•
%
A
2
United Tex Petrol.r.. III
Vlctorla Oll.r.
...1
Wilcox Oil A g s_r_.
%
Apr
9%
May
9%
5%
2
Jan
%
5,400
3
3%
3,400
3
May
1%
Woodburn Oil Corp.r
"y" oh a Gas.r
...I
1%
%
1%
1,150
1
Jan
%
18,500
%
%
%
Jan
Feb
5
Jan
2
%
Feb
Feb
Jan
1
Jan
%
%
3
A
Mar
Jan
Apr
Mining Stocks—
'
Alaska-Brit Col Metals—.1
Last
Week's Range
Sale.
Par.
Stocks—
Price.
America Mines.r
Sales
Friday
Week ending May 6—
High
Shares.
lc
%
7-16
1
1
10c
3%c
3c
Booth _r
1
4%c
4c
Coal.r
1
1A
1%
Boston A Montana Dev..6
63c
2
2
May
5%
Feb
5-16
Aetna
Explosives ,r no par
10 %
9
10%
300
9
May
10%
May
Butte A New York.r
Caledonia Mining
10
May
Bache
10
certificates.r...-
Grlpper.r...
AJax
..10
"~2H
300
10
1%
2%
12,800
77
72
79
215
13
10%
14
17,100
Brit-Am Tob ord bear.r.£l
"lZH
Ordinary
Celluloid Co, com.r—100
Pref.r
--..100
Chic & East 111 com
w
1%
1,000
13%
2,400
11%
Mar
200
11%
16%
Mar
100
6,700
1%
Feb
13
13
20
13
"~2H
20
2
2%
104
104
102
101
102%
I
12%
Auto
Co
6%
20 %
29
42
(t)
42
2%
2,500
900
2%
300
700
2%
7,400
13%
20
Jan
Jan
Feb
May
Apr
el Salvador Silver Mine..l
103
Apr
Emma
32%
1
Apr
7%
31%
Jan
Goldfleld Consol'd.r
Apr
Goldfleld
Mar
26%
Feb
38
Apr
%
1%
Mar
50
1%
4%
Jan
Jan
Feb
517
11%
62
53
02
15
15
7%
15%
8
2,400
6
"20%
20%
21%
2,600
13
4%
3%
1%
2%
4%
22,500
Durant Motors r..(no par)
Empire Food Products.r..
Garland St'msbip.r (no par)
par)
Chem.r_(no
Heyden
Rubb.100
11
10
pref-.r-.10
8
8
Lake Torpedo B't com r 10
1%
1%
Libby, McNeil & Libby rlO
9
9
Intercontinental
Internat
Cultl
Lincoln Mot. Cl A.r
18%
60
62
Jan
44
300
....100
ConleyTin Foil.r._....(f)
Preferred _r
19%
1%
Jan
Jan
jim
22
Mar
Apr
U S Steamship...
%
20
Second
Former
Standard
2c
2c
15c
19c
2%
Mar
2%
Jan
1%
84
Apr
Apr
May
3% May
National
Tin
£1
21%
18%
44
21%
6
Feb
%
Mar
Prince Consol.
2
Rex Consolidated
St Croix Silver..
Hills.r
Divide.r
Jan
l%c
lc
2c
19,300
Feb.
Apr
22
Apr
Sutherland Divide——.—.
Mar
3
Jan
Talapoosa
1
7-16
%
7-16
5,250
Tonopah Belmont Dev—1
1%
1%
1%
3,210
%
1%
Jan
Jan
Tonopah Divide.r
Tonopah Extension
1%
1%
1%
10,815
1 1-16
Mar
1
1%
1%
1%
2,442
1 5-16
Jan
Mlnlng.r
1
1 %
1%
1.%
2,520
1%
Apr
%
%
5,800
%
May
15
Feb
3%
Feb
25%
5%
Mar
15%
Mar
21%
Jan
77
May
Apr
SHver.r
1
66%
320
Copper.r
1
United Eastern Mining..1
u s Continental new.
Victory Divide.r
West End Consol'd
10c
5
90
May
7%
18
.
20c
Mar
18%
Mar
50
Jan
Apr
16,300
Emerlch Oll.r
4
2%
9%
4%
Engineers Petrol Co.r.-.l
1%
1%
1%
1,000
%
Gates Oll.r
...1
"43c"
7,900
1%
7,200
13%
2,200
9,000
40c
3,400
15
40c
16
(f)
com.r
5-16
1%
44c
,20
10
""!%
1 1%
3,200
A r 10
Guffey-Glllesple Oll.r._(t)
Henderson Farm Oll.r
6%
9%
12,000
14%
13%
14%
7,700
1%
%
1%
3-16
1%
%
14,600
O'l-r
Grenada Oil Corp cl
9
..
Hudson Oll.r..
1
12
12
16%
16%
16%
10
10
10
....25
(no
par)
Kansas Gulf Oll.r.
Keystone Ranger Dev.r.1
1
1-16
Livingston Oil Corp.r
1
Magma Oil & Ref
1
Manhattan Oll-r_.(no par)
43c
Maracalbo Oil Explor
30%
Margay OH Corp.r
r
(t)
2
pf)
10
Mexican Eagle Oil.r
Corp
10
Noco
1
Petrol.r
Preferred
...
29%
Apr
1%
Apr
4
Mar
OA
Mar
Mining
1
4c
3c
4%c
17,700
2c
Jan
Yukon Gold Co
5
1%
6,200
2%
15
44c
24
2%
-
r
Jan
6% notes Series a-. 1929
Anglo-Ainer Oil 7%s.rl929
ArmourACo 7% notes r *30
Apr
SBarnsdall Corp 8s.r-.1931
Beaver Board Cos 8a.rl933
98
95%
Jan
Jan
equip 7s r__1935
Brazilian Lt & Tr 6s.r
Canadian Nat Rya 78.1933
Chic & East Ills os.r_. 1951
Cons Gas of n y 8s.
.1921
Feb
Consol Textile deb 7s. 1923
1%
Feb
14
8% notes.r.Feb 15 1923
8% notes.r.Feb 15 1924
Feb
8% notes.r.Feb 15 1926
8,600
13%
Mar
17%
Jan
9%
Mar
11%
Mar
20,000
39,900
%
25c
Apr
1 3-j6
Apr
Mar
45c
May
Empire Gas & Fuel 6s r *24
3% May
——1926
Galena-Signal Oil 7s.r 1930
General Asphalt 8s.r. 1930
Goodrich (b f) Co7s r.1925
Grand Trunk Ry 6%s.l936
Gulf Oil Corp 78. r
1933
31%
II,100
10%
2
Jan
4
32%
17%
31
Jan
u
Jan
13%
Feb
300
21
Feb
26%
Jan
500
41,900
Mar
Mar
4%
97
53,000
95%
Jan
24,000
93%
Mar
76%
80
55,000
65
Mar
98
98%
95%
90% 90%
100
100%
94%
59%
96
98
Jan
Feb
99%
Feb
5,000
95%
Feb
98
Apr
64,000
94%
Jan
96%
Jan
Jan
91
Jan
Mar
102
Jan
10,000
36,000
61% 255,000
100% 100%
Jan
98%
98
87%
100
59% May
70
Mar
35,000
92,000
98%
Jan
100%
May
92
Mar
99%
93%
98%
Mar
99%
10j%
Feb
Mar
100
feb
Jan
96
"83"
"9§"
100%
21,000
99% 100
99%
99%
89,000
99% 100%
96%
95%
51,000
98 %
Feb
100%
Apr
14,000
95%
May
98%
Mar
14,000
99%
Jan
102%
83%
93%
83%
93%
25,000
81%
Apr
85
Jan
92
Jan
96
Mar
92%
93
10,000
92%
May
97
9,000
99%
Mar
101
"92%
101%
90
93
94%
39,000
3,000
68,000
83
103,500
93
94
Mar
Jan
99% May
102%
93
Jan
Jan
Apr
May
Jan
93%
94%
Apr
97%
97
96%
98%
Feb
98
97% 136,000
98%
47,000
Mar
98%
94%
Jan
98%
Apr
96%
96%
Mar
Apr
78
Apr
94%
Apr
Laclede Gas Light 7s.r
90%
Jan
94
Jan
Liggett&Myers To 6s r 1921
Marland Oil 8s.r
1931
Morris A Co 7%8_r—.1930
12%
7% May
7% May
4% May
4%
May
Jan
3%
Jan
Nat Cloak & Suit
%
%
2%
Apr
Apr
Jan
6%
JaD
Ohio Cities Gas
4%
4%
5,200
4
Apr
5%
Jan
7s
%
%
500
Apr
1%
Feb
7s.r_
.1%
%
Apr
500
6%
Apr
14%
4,300
9%
Feb
14% May
Jan
7s
r
r
7s.r.
8s. .1930
1922
Jan
90%
9,000
84%
99%
6,000
99
Mar
99%
96%
97%
20.000
96%
May
97% May
98
98%
.23.q00
96
Jan
99%
Jan
95
96%
49,000
91
Feb
96%
May
95l
96%
90%
99%
n y n h & Hartf 4s r 1922
Mar
96%
96
97%
4%
14%
96%
Jan
Jan
2%
13%
101%
Jan
2,400
1.700
14%
Mar
87%
5%
Ryan Consolidated.r..._.
99%
67
2%
Salt Creek Producers new..
39,000
95%
5%
8
Jan
102% 102%
90 A
100
National Leather 8s.r
7%
Jan
11,000
500
Red Rock Oil A Gas.r
83
206,000
5,000
4%
Jan
27,000
94%
89%
245,000
%
Reflners.r.10
97
Jan
78
2%
Producers A
Jan
94
4%
2%
5%
Jan
Jan
91
97
%
2%
10
98%
94%
92%
74
1%
10
Jan
92%
4%
Oll.r
Mar
91%
77
1
Pennock
Jan
98
Jan
94
5
Omar Oil & Gas
60
Apr
1921
North American Oll.r
...
Apr
85
Interboro r t .r
Jan
Ohio Ranger.r
.r
42%
93%
Kennecott Copper 7s rl930
13-16
3,950
7s.r—1930
Humble Oil A Ref 7s r. 1923
100% 100%
100
r
Heinz: (h j) Co
97%
97
Feb
Feb
4,600
—
96%
89%
Apr
Apr
7%
43
2
6%
4c
7%
Jan
146
8
28,000
Feb
4%cMay
Jan
1A
Apr
Feb
1%
135
2,700
12
44c
Apr
Deere & Co 8s.r._
6s
Mar
l%c
Mar
3
4,755
11%
Mar
1,550
1%
42c
Feb
3,500
1,400
3%
12
60 A
100 %
Diamond Match 7%s.r_'35
Apr
43c
100 A
Copper Exp Assn 8s.r.!922
Jan
May
152
80"
Beth Steel
May
Apr
96
96%
Beth Steel 7% notes.r 1923
9-16
2
26%
100%
Jan
Apr
12
44%
96%
Jan
9% May
30
-
Anaconda Cop Mln 7e
Apr
200
24%
12%
148
4%
6s. r
%
40
lOo
n
$
—
Apr
i 11-16 Apr
1
Mar
Ja
Jan
Feb
1
3-16
2
11%
1%
7%
4%
May
2%
2
3%
150
Feb
2,000
25%
.10
Noble Oil & Gas
45c
2
23%
11%
Mar
Mar
1%
10
%c
4c
1
6c
Feb
15
38,760
200
1%
31c
1,500
200
3
5
Midwest Refining, r.50-Mountain Production w l.r
1
*2
Marland Oil of Del.r...(t)
Merrltt Oil Corp.r.
Mexican Panuco Oil
1%
%
1%
11
6,700
4,200
6c
87
8%
12%
lc
86%
9%
1%
27
5c
87
%
1
%c
A
6c
96%
Apr
5
24
2c
10c
93%
Jan
4%
(no par)
1 3-16 May
93%
10%
Mar
Federal Oil
Mar
1 3-16
96%
Mar
2
Fay Petroleum.r
1
"29
1%
5
2,600
Feb
Apr
Mar
1%
1924
Jan
18,000
Feb
Mar
11-16
Amer Tel A Tel 6b.r-.1922
30,600
4
2,700
3
Apr
Apr
Mar
1
8%
Feb
Jan
7-16
89%
97%
3%
%
%
7%
1%
%
2%
3,000
19,200
16,200
Amer Lt& Trac 7s.r..l925
7%
Jan
14,225
Jan
15-16
11-16
2%
Apr
4
May
3%c
2%
8%
1
%
9-16
25%
31-32
21%
5,200
Jan
1 11-16 Mar
2c
47% 114,000
150,000
89%
2,000
97% 125,000
73,000
96%
94
116,000
Oll.r..!
Jan
i,400
Jac
1%
2%
Allied Pack conv debfis r 39
1%
Feb
1%
1 7-16 Apr
9-16
Caps Extension. 10c
Bonds
2%c Jan
9-13
Jan
3c
Amer Agric Chem 7%al941
5
May
Jan
9-16
Mar
21%
1%
%c Apr
May
2Y1-I6
Western Utah Copper.r.-l
White
Wilbert
2,700
Mar
2o
%
385
6
40
36
%
Feb
Potrol.r
Jan
16,300
Mar
1
Jan
3c
155
'
3-16
2c
10,175
Denny Oll.r...
Apr
2%c
77
.r
%
1
364
Creole Syndicate.r.
Jan
600
Success
20
Jan
Apr
3%o Feb
6%
3-16
74
1%
Jan
llo
3-16
357
Oll.r
%
56
Apr
lo
88
3-16
Jan
35
%
34
Feb
Feb
1
259
3,000
Mar
Feb
Apr
Apr
Standard
Mar
17
14o
Feb
Jan
Mining
4%
Jan
3%
6
Silver-Lead
%
Jan
4c
Jan
3c
6c
5%
r
8%
4,000
4c
5%
2)8
24
19,900
17,100
5%c
50
21
15,500
88
84
24,100
2%c
88
232
16
40
lc
Jan
158
Apr
4% May
200
10
230
20
%
..1
Jan
16%
Mexico Oil
33
4,400
115
32,700
186,500
811ver Pick Cons'd.r
Apr
r(t)
%
3
14c
%
A
"lAc
1%
Silver Mines of America.r.
51
23
Inter Petrol.r
1
1
1
....
s-16
10%c
South Amer Gold A pi
320
21
Atlantic Lobos Oil com
Imperial Oil.r
12c
2%
Mln
Jan
Other OH Stocks
Gienrock
■5-16
1
Red Hills Florence.r
Jan
Apr
Arkansas Nat Gas com.. 10
May
Feb
Jan
1%
1
7-16 Mar
5%
%
1%
17#
May
6%c Jan
May
4%c Apr
300
9
14 M;iy
Jan
1
1
5%
35
Mar
1%
30c
May
Apr
5%
Platinum-PalladlumCorplO
Apr
7,200
Atlantic Gulf Oll.r......
18c
Feb
May
Apr
Apr
1%
4,000
96,000
1%
llo
Apr
Apr
2
7
Feb
11c
50
Jan
123
126
21%
43
9c
25%
%
6,000
270
10c
Mar
800
Silver
30
Allied Oll.r
63,100
17
2
Silver King
35
75%
5,050
May
1%
Jan
44
360
5%c
X
31c
2
Apr
312
25
100
Mar
1
100
White Caps Mining
Oil
4%c
%
1,000
T
Feb
13o
Ophlr Silver Mines
Feb
44
Standard Oil (Ind).r
Gilliland
1
Feb
200
45
72
100
Fensland Oil.
1
18c
1
250
Mar
8c
Apr
16,200
27%
308
Standard Oil of N Y.r.100
Basin
18c
5%c
53,450
1%
24c
Apr
80
5
60
8,900
11c
700
7%c Jan
3c
126
Tonopah
100
r
South Penn Oll.r
Elk
1%
4c
Feb
4%
Jan
25
Carlb Syndicate
5c
Tuolumne
Ohio Oll.r.
Boston-Wyoming
1%
3%c
40
4%
Jan
Oil
Anglo-Amer Oll.r
Boone
4c
Feb
May
Jan
lo
1
New Jersey Zlnc.r
Apr
100
Corp.r—50c
17c
i
3%
Mar
2%
Feb
Feb
Nlpisslng Mines
64
600
5
1
51
15,200
1
Mlnlng.r
23
330
1%
10
10c
Star.r
470
700
100
22
Mar
2% May
4% May
Subsidiaries
-Galena-Signal Oil com
3,800
Motherlode
1%
1%
preferred.r__ 100
3%
Feb
20
21
3%
2c
2%
4,900
1
3%
1
McKlnley-Darragh-Sav _.l
Mexican Tropics Gold.r.l
6,600
20
1%
Willys Corp com.r (no par)
First preferred, r
100
5
Kewanus.r
Jan
%
%
10
Warren Bros.r
Kerr Lake
Apr
7%
25
22%
4% May
1%
Apr
Apr
%
% 11-16
25
12o
10
Jan
U S Distributing com.r.50
U S Ship Corp.r....
190
Jan
30
May
1%
Mar
4o
Jan
h
4%
70
18,300
Apr
100
Jan
3%
16,500
7c
7%
2
7%
5,950
10c
6c
lie
84
1%
4 3-16
8c
7c
1
100
7%
4
9%c
Marsh
8,200
United Profit Sharing..25c
Un Retail Stores Candyr(t)
4 3-16
1
Mason Valley...
3,400
68
25c
Mining
Butler.r
Mar
%
26%
Feb
Apr
20
3%
27
71%
54%
1%
51
34c
26c
Mar
84
53%
May
May
17%
28%
Apr
Feb
7o
11c
22%
4,600
Corp.r ft)
r (t)
%c Jan
Apr
1
35%
Jan
75,400
21%
Apr
Mar
I
52,400
22
2% May
4% May
4% Mar
Feb
3c
11c
6
200
llo'
Jan
23c
Magma Copper
4,100
Apr
7c
Jan
3,500
5c
lo
Jan
11c
13
2%
2
5,800
"He"
May
2%
Mar
Jan
Mar
12c
10c
_...10c
95,000
.2%
4%
6%
1%
v
Feb
31c
2%
2
Feb
14c
2%
4
Jan
30
25c
2%
Apr
46
1
Apr
1%
39c
260
MacNamara Mlnlng.r
%
1%
1%
9-16
15%c Apr
14c
Apr
Feb
27
9c
19
%
32,400
14c
900
Mar
87,500
MacNamara Crescent.r-.l
3,600
Apr
650
Mar
26c
Jumbo Extension
1% May
Feb
2
Jan
15-16
3c
Feb
8%
Feb
19c
10
200
10%
Mar
37c
Jan
Feb
%
Apr
8%
2c
6%
9
74c
17c
500
7,200
Jan
33c
8%
1%
10%
18%
1,100
Jan
9c
Jan
620
19c
1
14,200
33,200
35,500
36,000
2%
2%
International.r... 15
17,700
Lone
Radio Corp of Amer.r_.(t)
Preferred, r
6
Swift
13,900
2c
Knox Divide.r
Saguenay P & P.r—......
Todd Shipyards
5,400
8c
-
Feb
3,500
Union Carbide A Carb
lc
Feb
1
3%
l%c
1 9-16
6%c
3%
13-16
84
1%
8c
19,400
93,500
14%
15-16
3%
2%
74c
62c
Apr
3
2
Jan
May
15% May
2
May
14% May
500
Jan
300
10
%
%
5,000
8,800
33,700
Mar
31
Stanwood Rubb.Mno par)
36c
Mar
30
Stern Bros, 8% pref
Sweets Co of Amer.r
1%
1%
%
1%
29%
5%
%
4
3
33c
...
25,200
7%
8%
29%
4%
74c
100
10
5%
3%o Jan
301
2,900
7,600
10
4%
1
14,100
1%
National Leather.r
Preferred, r
17,400
1
Divide.r
Heela
8
Peerless Trk & Mot.r.—50
Perfection T A R.r—..10
Southern Coal & Iron
May
Jan
Jan
,
550
70
2%
12%
Mexican Investment
1%
Divide.r
Harmill Divide.r
Hecla
7-16
Jan
154,400
34c
Great Bend.r
Zone
Jan
12c
7%
1 9-16
Goldfleld Florence _r
Gold
3-16
6c
63c
10c
Apr
23,000
2
1%
10
Devel.r
5-16 May
Jan
17o
4c
1%
Eureka Holly.r
75o
Apr
Apr
A
6
3%
1
Mar
Jan
Jan
9c
2,000
15%
Silver
Eureka Croesus
37c
Feb
28,200
12c
71c
Jan
Jan
7c
5-16
35c
—
5%o Jan
6c
55c
74c
Jan
Apr
6%
i
14% May
92,000
Jan
7-16
6c
...
104
Com'wealth Finance Corp-
Continental Motors.r.-.IO
Cracker Jack, r
Divide Extension
Jan
2c
66c
Jan
1
20
A
Jan
14%
1%
Cresson Con Gold m A m.l
Feb
3%
14,400
5-16
%
10c
H
•
Mar
A
43c
45c
Cash Boy Consol.r
1
Consol Virginia SHver.r..5
Cortex Sliver.r
1
Apr
5
1
14
Mar
May
2o
9,700
3-16
1
Carson Hill Gold.r.^.—.1
Carson River Corp.r
Apr
29
30
1%
12c
Calumet a Jerome Cop.r. 1
Candalarla Silver_r
Mar
12%
2,400
2,300
14
Jan
1
Apr
101
6%
42%
%
Colombian Emerald Synd.
14%
325
Jan
100
30%
29
~~6A
Tire.r
Colonial
50
104
Preferred wl
Cleveland
83
Feb
1%
12%
13 %
Ghlc Nipple Mfg cl A.r.10
Cities Serv Bankers' sh r(t)
x May
7 < Apr
1%
£1
r
Bucyrus Co com.r.... 100
Car Ltg A Power.r.....25
2% May
23
72
17%
....100
Preferred.r
Apr
Apr
Mar
16
Amalgam Leather, com.(t)
American Refrigerator. r„.
19
8%
1%
200
19
Aluminum Mfrs, com.r. (t)
Mar
%
2o
18,100
4c
62c
3%
18,600
2,700
Apr
10
1%
3%
2
Packing.r
Industrial & Miscell.
24,000
3e
3c
Acme
% May
7-lGc Apr
5-16
%
Acme
9,100
13,600
1%
2c
5-16
•
5,200
lc
%
%c
2%c
Belcher Extension.r...10c
Big Ledge Copper Co
5
High.
Low.
A
1
Mine3.r
Beleher-DIvlde.r
Week.
of Prices.
Low.
Atlanta
Range since Jan. 1.
for
95
3,000
94
Jan
96%
Jan
Jan
Jan
Mar
60
60%
35,000
47
Apr
70
99%
99%
25,000
97%
Jan
99%
1922
97%
97%
2,000
Jan
97%
Jan
1923
94%
951
3,000
Jan
96
Jan
1924
94%
94%
94%
95%
30,000
94%
1,000
7s_r—1921
—
.1925
"99%
931
92%
93
Jan
Mar
95%
Jan
Jan
96%
Mar
Mat 7
1921.]
THE
Week's
Last
Sale.
Bonds (Concluded)-
Low.
Pan-Amer Pet & Tr7s 1930
Russian Govt 6%s.r_1919
7%
7%
High.
55,000
91%
Jan
95%
15,000
13
Jan
23
Standard Oil
Anglo American Oil
14%
17
11,000
12%
Mar
19
Apr
15
16
25,000
12
Jan
21
Mar
19,000
99%
100,000
98
30,000
97%
13,000
98%
4,000
99%
97%
94%
Jan
Mar
98
94%
Mar
97%
98
96%
97%
96%
98
98
__
1941
r
99%
99% 100
1927
South Ry 6% notes.r.1922
Southw Bell Telep 7s. 19 25
100
Stand Oil of N Y 7s.r_1925
101%
95%
96%
.
95
Mar
9|6%
Mar
101 % 101%
Jan
102%
101%
101% 101%
9,000
11,000
100%
deb.r-.1926
100
Jan
102
gold deb.r—1927
ser gold deb.r_. 1928
101%
101% 101%
22,000
100%
Jan
102%
101%
101% 101%
29,000
102%
101% 102%
14,000
Jan
103
gold deb.r_.1930
102%
102% 103
1,900
100%
Jan
103%
Mar
104%
39,000
103% 104%
55,000
96% 96%
18,000
99%
99%
85%
86%
47,000
42,000
98%
99
100
100% 217,000
101%
Feb
104%
Mar
ser
6s.r
96%
1921
Switzerland Govt 5%s.l929
86%
Texas Co 7% equ'nts r 1923
Vacuum Oil 7s.r__...lJ36
100%
Western Elec
♦Odd
conv
98%
7s rl925
99%
99% 100%
95
Jan
Jan
99%
w
When
issued,
x
X Dollars per 1,000 lire, flat,
Ex
dividend,
100
28
135
145
92
94
93
97
93
97
175
178
Ohio Oil Co..
Feb
Apr
Pcnn Mex Fuel Co
Prairie Oil A Gas
Jan
100%
Jan
the
on
Stock
195
100
410
97
69
CURRENT
to
New York
enjoy the facilities of the Sleepy Hollow Country Club, May 20th.
Standard Oil (Ohio)
Preferred
The Committee for the Bond Club, Chairman of which is
Sanger B. Steel,
Vice-President of J. G. White & Co., has announced
an
elaborate program
for all members of the Club, and members of the Bond Club of
The Advisory Committee for the outing consists of the
Charles H. Sabin, Chairman
J. P.
Morgan
Preferred
100
96
300
♦28
Other
*95
Seward Prosser
Magnolia
;:\v
George W. Allen
Clarence Dillon
Gov. Benjamin
Petroleum
145
Tobacco
Strong
G. Herman Kinnicutt
Elisha "Walker
100
81
225
106
108
Charles E. Mitchell
Albert H.
BritJsb-Amer Tobac ord__ £1
•1278
Brlt-Amer Tobac, bearer. _£]
Conley Foil (new)...no par
*Wz
Preferred
Wiggin
| —The seventh annual edition of the booklet, "Legally Authorized Invest¬
for
ments
Savings Banks and Trust Funds in the
published by Bemick, Hodges & Co., is
State
of New
York,"
available for distribution.
now
It includes a complete list of securities which on Jan.
1 1921 were con¬
sidered to be eligible for purchase by savings banks and trust funds in
this
State; also,
bonds.
A
an accurate
reprint of the laws governing the selection of
such
feature this year is found in the chapter
relating to trust
new
funds, wherein is explained the liability of trustees for investment in nonlegal securities and the proper course for trustees to pursue who find in
their possession bonds which have ceased to be
eligible for trust fund in¬
vestment.
*
*0i2
90
92
77
80
77
signed
Vice-President of the East River National Bank of New
York,
as
President.
investment.
*75
25
*34
102
92
95
162
167
100
92
96
100
90
96
-100
90
96
'
Tobacco Prod Corp scrip
Preferred
Young
(J S)
Co
Preferred
Firestone Tire & Rub, com 10
6% preferred—
.100
7% preferred
100
Gen'! Tire & Rub, com
Preferred
Preferred
prices dollars
Preferred
Mohawk
87
180
80
Bid
Ask
Banks
...
ISO
190
Irving Nat of
Exch—
230
Amer
Atlantic.
238
215
Battpry Park.
Bowery*
165
-
N
As*
Trust Co.'s
Bid
As£
"72
20
.100
30
..50
Bankers Trust
303"
3~08~~
Cent Aguitre Sugar com..20
*67
335
342
*4
Columbia
295
18
90
Mutual*..
300
160
Nat American
145
160
Commercial..
135
145
Cupey Sugar common—.100
125
Nat
325
335
Empire......
Equitable Tr.
300
310
275
280
500
Bronx Nat—
145
Bryant
Park*
145
155
New
Butch A Drov
140
160
New York
195
205
New
Chase
320
330
Pacific*
300
Chat A Phen.
255
265
Park—..
360
Chelsea Exch *
100
110
Cent Mercan.
155
Nat Cuba
80
Neth*—
mi
•
»
140
Public
140
430
York
"
160
130
Co
440
-M
..100
Fulton
260
270~ "
290
295
150
68
80
*26
30
74
com (no par)
19
68
Republic*
Lincoln Trust
155
165
240
Seaboard
230
250
Mercantile Tr
290
310
Colonial*
350
Second
460
485
Metropolitan.
265
280
Juncos Central Sugar.... 100
75
220
Mutual (West
118
125
National Sugar Refining. 100
Santa Cecilia Sug Corp, pflOO
115
105
15
Savannah Sugar, com (no par)
Preferred
.100
West India Sug Fin, com. 100
*15
60
175
225
82
75
25
50
79
23
30
85
----
Columbia*...
150
170
State*
210
Commerce
215
218
Tradesmen's *
200
23d Ward*...
220
Comm'l
Ex*.
Common¬
Union Exch..
wealth*....
Continental.
_
Corn Exch*..
Cosmop'tan*.
Chester
N
165
210
226
United States*
135
Wash H'ts*__
350
304
310
Yorkville*.
425
175
160
125
90
Y
A
Life
...
110
Ins
Trust
560
N Y Trust—
315
330~"
Title Gu A Tr
300
310
U S Mtg A Tr
400
410
United
__
175
425
865
875
^
^
105
East River
170
8751
900
Brooklyn
Coney Island*
140
155
Fifth
150
165
First.
205
215
First
875
895
Greenpoint—_
160
Garfield
220 b
230
Homestead *_.
80
Gotham
192
198
240
260
Montauk*.
785
795
Nassau
Harriman
350
360
North Side*..
195
500
510
People's
150
180
Ridgewood—
200
_
.
Mechanics'*..
_
Preferred
100
445
180
10O
Manufacturer
200
95
85
220
People's
455
660
270
290
95
_
40
100
80
•28
•52
e0ra
♦
Banks marked with
t New
(*)
are
stock,
New York
x
State banks.
Ex-dlvidend.
86
100
Bid
Ask
65
75
Lawyers Mtge
Surety.
64
68
Mtge
Bond A M G_
210
215
City Investing
50
65
Preferred
75
83
.
Bid
Nat
N
i
Y
Bond..
Surety.
Title
_
120
75
82
I
Bid
iRealty
1
Ask
90
97
150
160
70
80
Assoc
(Brooklyn).
183
187
iU S Casualty
U S Titl Guar
114
118
,West A Bronx
A
Mortgage..
Ask
115
.
Title AMG
150
160
Deb 6s J'ne 15*21
96k
9334
J AD 15
96k
99%
97
991.
'
98k
96
98k
_
Deb 6s J'ne 15 '24 .J&D15
95
1^
*23
JAJlsj
Canadian Pac 6s 1924.
MAS2,
7% notes July
FederalSug Ref 6s 1924MAN,
Goodrich (B F)Co 7s*25
AAOj
97k
98%
9778
95i4
94k
91k
Beth St 78 JulF 15 '22.JAJ15:
99k
98k=
95%
95
92
91
Interboro R T 7s 1921. .MAS
76k
78
.JAJj
9914
15 1923—MAN15,
96 k
997a
9684
75
1
2
6
International Silver, pref. 100
Lehigh Valley Coal Sales.50
Phelps Dodge Corp...... 100
Royal Baking Pow,- com* 100
Preferred...
100
Singer Manufacturing.-.100
Mftr, Ltd
.£1
Singer
Nominal,
93lo
lOOi" 100'k
Hocking Valley 6s 1924.MAS
4
n
JAJj
96k
73
/Flat price,
Series B
98
100
b Basis,
1929
100k
9412
Debenture stock
share,
MAN
99781003»
9978 100%
86% 87
Deb 6s J'ne 15 '23 -J&D15
137
Per
100
95
132
*
90
97I4 97%
notes 1921MAN
MAN]
7s
105
100
1stg5s, Tune 1 1922—JAD
Intercont' Rubb, com...100
International
Salt..
100
1st gold 5s, 1951....A&O
prices dollars per share.
Allian R'lty-
.
Stock Exchange
City Realty and Surety Companies.
All
Amer
at
89
AAO,
Arm*rACo7sJuly£5'3QJAJ16
88
101
Havana Tobacco Co.... 100
Preferred
_____100
or
Ex-rights.
Cent
AnacondaCopMln 68*29.JAJ
du Pont (E I) de Nemours
t Sale at auction
y
62
27
K CTerm Ry 4%s 1921
....100
Preferred
60
26
Anglo-Amer Oil 7%s'25 AAO,
94
Cbllds Co
7
26
68l2 69k
7% notes 1923-
58
92
100
lk
%
51,
2412
100
7% notes 1922
31
50
Company
102
Deb 6s J'ne 15'22-J&D 15
& Co, com
this week,
Am Tob 7%
175
Borden Company, com.. 100
Preferred
100
Celluloid
-
99
.100
6% notes 1922.
83
...
93
♦ilk 12k
*34k 36
100
.........
5k
21
Amer Tel A Tel 6s 1924.FAA
43
Preferred
5
18
91
Short Term Securities—Pe
Am Cot OH 6s 1924..MAS2!
138
Preferred
•'
~
170
100
Typefounders, com.100
Amer
Brooklyn
Brooklyn Tr.
Kings County
87
_
Industrial & Miscellaneous
American Brass
...100
Bliss (E W) Co, new..no par
160
170
States
205
Imp A Trad..
Industrial*—
Greenwich*
Preferred.
American Hardware—
•
Fifth Avenue*
Hanover—
Holly Sug Corp,
72
77k
130
■
80
73
Preferred
73
100
Law Tit A Tr
505
225
82
77
21
Western Power Corp
21
100
Preferred...
255
495
Coal A Iron—
80
69
100
Preferred
107
Chemical
11
49"
46
Tennessee Ry, L A P.comlOO
240
100
*8
20
United Lt A Rys, com...100
.1st preferred.........100
78
com.lOOj 210
par)
Preferred........50
101
Godchaux Sug Inc..(no par)
Preferred
100
Great Western Sug,
64
'
101
97
100
..100
Preferred
100
Standard Gas A El (Del). .50
83
97
120"
12k 1314
65%
77l2 78%
90
9134
com
Republic Ry A Light
100
Preferred...
.100
South Calif Edison, com.100
5k
100
.100,
Preferred
Hudson.
26
com.. 100
Fajardo Sugar..
Federal Sugar Ref,
200
Inter
Guaranty Tr.
«
370
245
345
Fidelity
«.
M.
Farm L A Tr.
Preferred
79
Pacific Gas A El, 1st pref. 100
Pugef; Sound Pow A Lt—100
Preferred
100
150
75
450
150
105
77
Preferred
23
125
425
44
Preferred
100
North Texas Elec Co .com 100
40"
Swinehart Tire A R, com. 100
7k
\40
....
_
Northern Ohio Elec. (no
115
18
84k
100
.
Preferred
100
North'n States Pow. com.100
75
100
...
Bronx
City
32
9
6
First Mtge 5a, 1951—JAJ
S f g deb 7s 1935.. MAN
Ilk
100
Broadway Cen
*_
30
83
Preferred
72
.100
.........
Rubber
Central Sugar Corp. (no par)
Preferred
........100
Bor
100
67
7k
Mississippi RIv Pow,
33 k
Central Union
American
12
85
198
184
'
10
250"
305
194
300
243
240
Great West Pow 5s 1946. JAJ
89
*24
177
Y_.....
Manhattan *.
175
30
78
Preferred
33
100
Sugar Stocks
Caracas Sugar
New York
Mech & Met.
»«.
-
Bid
8
55k
27
74
Preferred
11
100
...
Preferred
Banks—N Y
America*.
48'
7k
5434
Elec Bond A Share, pref. 100
Federal light A Traction.100
75
100
Portage Rubber, com
share.
per
5
z47
100
Com'w'tb Pow, Ry A Lt.100
pr (ccs)
'SO
81
100
Miller Rubber
All
10
20
4i2
Preferred
100
<"o'or;irtn Power, com ...100
Preferred
..100
Stocks" (Clevednd
Rubber
Goodyear Tire & R, com. 100
New York City Banks and Trust
Companies.
80
60
73
18
5s, 1934——
AAO
Carolina Pow A Lt, com. 100
Cities Service Co, com... 100
36
101
83
...
Preferred
as
The
company which was recently incorporated, will have a
capital of $1,000,000 and have opened offices in the Trinity Building, 111
Broadway.
The company's business will be devoted primarily to lionds
for
25
100
B common stock
Lt, com..100
...
87
...
39k
83
81
81
56
70
7
100
Participating pref
104
*38k
Amer Wat Wks A El—100
1st preferred——100
85
Scrip.
Reynolds (R J) Tobacco.
—Announcement is made of the organization of the investment
banking
Inc., with Irving S. Metzler, who has re¬
934
Porto Rlcan-Amer Tob.. 100
60*102
50
Trac, com....100
Preferred
..100
Amer Public Utll, com...100
Preferred
100
82
100
7.30 6.60
Preferred-
96
Preferred
6.75
6.40
Amer Power A
100
MacAndrews A Forbes.. 100
670
7.50
Preferred
96
Johnson Tin Foil A Met. 100
7.50
6.65
Amer Lt A
168
92
Imperial Tob of G B A Ire..
Weyman-Bruton Co, com 100,
,
house of Metzler & Company,
162
Helme (Geo W) Co, com. 100
Preferred
.100
6.75 6.40
7.50 6.70
Public Utilities
Amer Gas & Elec, com
13k
1338
15k
♦13
7.00
Virginian Ry 6s.;
85
Amer Machine & Fdry__100
American Tobacco scrip
195
Francis M. Weld
700
7.62
7.00 6.50
Toledo A Ohio Central 48
Union Pacific 7s
90
Gates W. McGarrah
7.62
Equipment 5s—
Stocks—
86
7.00 6.£0
Southern Railway 4%a.
5
American Cigar common. 100
Vanderlip
6.50
6.40
8.00 7.00
8.00 7.00
Equipment 7s
*12
12U
*2612 28
150
50 *149
10
7.00
Equipment 4%s
Southern Pacific Co 4%a
155
100
7.00
St Louis Iron Mt A Sou
6s..
St Louis A San
Francisco 6s.
Seaboard Air Line 6s
98
Mexican Eagle OH
Midwest, Refining
7.00 6.50
Reading Co 4 %s__
Stocks
Merritt Of Corp
Charles S. Sargent, Jr.
Mortimer L. Schiff
7.00
Pennsylvania RR
Equipment 4s
32
25
Oil
7.75
7.00 6.40
7.00 6.50
6 75 6.40
Pittsburgh A Lake Erie 6He.
304
10
6.75
7.50
7.15 6.40
...
....
99
100
7s
4%a_..,.
103
Imperial Oil
James Brown
Frank A.
100
Vacuum Oil
men:
James II. Perkins
Allen B. Forbes
100,
8.00 7.00
Northern Pacific 7s
Pacific Fruit Express 7«—
46
Union Tank Car Co
7 25 6.60
7.20 6.50
8.00 7.00
N Y Ontario A West 4
Norfolk A Western
(109
35
Washington Oil
James S. Alexander
Frederic W. Alien
106
100|
6.50
6.80 6.25
7.15 6.40
Equipment
|400
1001
7.50 6.75
7.00
7.00 6.40
,
Mobile A Ohio 4 %s. 5s
New York Cent
4Mb, 6a
8034
76
625
.....100, 390
Swan A Finch.
Chicago.
following
610
6.50
Missouri Kansas A Texas 5n_
Missouri Pacific 5s
400
410
Standard Oil (Nebi aska). 100 105
175
Standard Oilol New Jer. 25*145
15034
Preferred
100 107k 108
Standard Oil of New Y'k.100 357 1362
NOTICES
—Arrangements have been completed for the Bond Club of
420
•&OI4
*7f;S4
Standard Oil (Indiana) -.25
Standard Oil (Kansas)
100
Standard Oil (Kentucky). 100
7^5
7.00
Equipment 6%s
Michigan Central 5s, 6s
MinnStP A SSM4H8A 58
Equipment 6ks A 7s
232
66
7.00
7.50 6)75
Kanawha A Michigan 4%s._
Louisville A NashviHe 5s
99
227
6.50
Equipment 4%s
7.00 6.50
Equipment 7s A 6%s6.S0 6.40
29
191
6.50
7.00
Illinois Central 5s
515
100
7.15
7.75 7.00
Colorado A Southern 6s..8.00
Erie 4 %s, 5s & 6s
8.00
312
*27
Southwest Pa Pipe Lines. 100
Standard Oil (California). 25
it Correction.
6.50
94
Southern Pipe Line Co. .100
South Penn Oil
100
dividend.
6.40
7.26
8.75 7.50
8.75 7.501
7.50 6.75-
Hocking Valley 4%s, 6s
160
91
£05
Prairie Pipe Line.
Solar Refining
New stock,
o
stock
83
145
25!
7.50 6.75
Chicago A N W 4%s.—
Chicago R IA Pao 4% a, 68—
1658
28k
..100
7.00
6.85
Chic Ind A Louisv 4%a
Chic St Louis A N O 58
*16%'
...
6.50
8.00
Chicago A Alton 4%s, 5s...
Chicago A Eastern III 5%B__
♦81
'27'2
6.40
7.25
Chesapeake A Ohio 0%8
Equipment 5s
45
25, 307
Jan
99%
z Ex
43
6.40
6.40
6.90
Canadian Pacific 4%s A 6s__
Caro Clinchfleld A Ohio 58—
Central of Georgia 4% 8
200
6.75
7.00
7.00
Pittsburgh 4%s
Equipment 4s
Equipment 6s
124
♦26
86%
97%
Ex rights,
y
98
120
50
100%
lots,
Unlisted,
Jan
Apr
Buff Rooh A
84
190
100
Jan
Jan
f No par value,
f Listed as a prospect.
I Listed
Exchange this week, where additional transactions will be found,
r
390
♦82k
100
new
Mar
98%
100
87,000
Jan
98
95%
79%
.
360
50
Preferred new
100
Illinois Pipe Line
100
Indiana Pipe Line Co
50
Internationa! Petrol.(no par)
National Transit Co...12.50
New York Transit Co
100
Northern Pipe Line Co-_100
Jan
ser gold deb. r._ 1931
Swift & Co 7s. r
1925
100
100
100
Eureka Pipe Line Co
100
Galena Signal Oil com... 100
Preferred old
—100
Jan
102%
100%
100%
Jan
ser gold deb.r—1S29
109k
new
Preferred
Jan
ser gold
1075
108
"f.
RR. Equipments—ter C'l. Busts.
Baltimore A Ohio 4%s
7.50
21k
1001025
Continental Oil
Crescent Pipe Line Co
Cumberland Pipe Line
Jan
ser
7%
7%
7%
7%
7%
7%
Ask.
100
Buckeye Pipe Line Co...
Jan
Jan
95%
92
Refining
Cheeebrough Mfg
Jan
100
Mar
interest" except where marked
Bid.
£l| *2114
new.
Preferred
May
"and
are
StocksPar,
Borne Scrymser Co
99% May
Jan
102%
Jan
96%
Feb
96%
99
37,000
95%
96% 124,000
95%
Atlantic
99% May
99% May
22,000
prices
Jan
99%
ser notes.r.Oct 15*23
bond
Mar
16 %
eer notes.r.Oct 15*22
Quotations for Sundry Securities.
All
99%
1921
Seneca Copper 8s
Sharon Steel Hoop 8s
Solvay & Cie 8s.r
Low.
92%
17%
16%
& Co 7sr'21
1963
Range since Jan. 1.
Week.
High.
91%
6%s certificates.r
5%s_r
Sears, Roebuck
for
Range
of Prices.
Price.
CHRONICLE
Sales
Friday
/45
10*4
,
6s Nov
Laclede Gas 7s Jan 1929 FAA
Uk
*91
*65k
70k
69
99k
99k
Southern Ry 6s 1922—MAS
Swift A Co fis 1921.-FAA 15
140
160
80
88
Texas Co 7s 1923
76
78
*88=
£9
U 8 Rubber 714s 1930-FAA
Utah Sec Corp 6s'22. MAS15
*2
2k
7% notes Oct 15*25 AA015
West Elee oonv 7s 1925
d Purchaser also
x
68 k
Pub Ser Corp N J 7s '22-MAS
Reyn (R J) Tob 6s *22-FAA|
81oss Sheff 8 A 16s '29-FAA'
| 94
67k
91
FAAj
LiggettAMyersTob6s*21 JAD
Penn Co4%s 1921—JAD15
55
90
Lehigh Pow Sec 6s 1927.
54k
/68k
Ex-dlvldend.
92k
pays
y
accrued
Ex-rights.
-MAS
AAO
dividend.
c
99% 100
93k
92k
98k
9834
83
86
95%
99%
96k
99
9934
96k
98% 99k
100k 101k
88% 8934
.
_
„
99^ 100
New stock.
SUritoad
taestmmt mil
1964
RAILROAD GROSS EARNINGS
weekly or monthly returns
month, and the last two
of the electric railways
shows the gross earnings of various STEAM roads from which regular
oan be obtained.
The first two columns of figures give the gross earnings for the latest week or
columns tto.0 earnings for the period from Jan. 1 to and including the latest week or month.
The returns
are brought together separately on a subsequent page.
The following table
Latest Gross
Week
ROADS.
Jan. 1 to
Earnings.
Current
Year.
Week
Jan. 1 to Latest
Earnings.
C urrent
Previous
Year.
or
Previous
Year.
Year.
Year.
$
%
"
%
$
%
$
859,400
848.208
1,352.586
53,043,815
7,000,925
6,623,579
303,848
277,602
Alabama & Vicksb- March
72.648 1,356.601
84,774
3d wk Apr
Ann Arbor
15185264 16075181 44,405.003
March
Atch Topeka & S Fe
Gulf Colo & 8 Fe. March
Panhandle 8 Fe- March
March
Atlanta Birm & Atl
2.372.028 2,101.389
651,809 2,077,045 1,956,148
1,471,737
807,543
507,833
132,359
782,320
641,409
257,603
225,349
Atlanta & West Pt_ March
759,286
705,202
273,802
301,353
March
Atlantic City
6.298,215 19,886,973 19,677,160
7,112.880
Atlantic Coast Line- March
48.238,909 48,711,998
16217 398 16762 298
Baltimore & Ohio.. March
646.864
608.711
238,526
218,967
B & O Chic Term March
1,452,706
499.364 2,163,383
746,148
Bangor & Aroostook March
14,420
15,075
7,269
7.630
February
BeUefonte Central.
399,692 1,261.204 1,190.244
431,037
March
Belt Ry of Chicago
1,911.308
638,824 2.514.615
654,532
Bessemer & L Erie— March
440,300
67,646
137,205
23.559
Bingham & Garfield March
17,470,402
March
6,394,817 6,149.518 18,293,837
Boston & Maine
295,073
338,031
124,785
148.530
March
Bklyn E D Term...
475,944 4,995,590 6,352,651
392.695
Buff Roch & Pittsb. 4th wk Apr
677,749
621,886
246,212
183,624
March
Buffalo & Susq
34,594,785 29,482,425
Canadian Nat Kys. 4th wk Apr 2,424.499 2,478,641
58.402,000
54,929,000
4 th wk Apr 4,064,000 4,710,000
Canadian Pacific
915,353
1,066,566
343,515
372,245
Can Pac Lines in Me March
523,567 1,753,274 1,633,140
580,418
Caro Clinch & Ohio. March
6,450.048
2.018,293 2,058,079 5,593,504
M arch
Central of Georgia..
10,716,765
4.259.019 3,878,510 12,271,401
Central RRofN J_. March
443,371 2,196,242 1,284,527
822.024
Cent New England. March
1,446,445
531.000 1,473,884
March
549,606
Central Vermont
12353734 11853273 34,800,027 36,127.270
Charleston & W Car March
March <
6,367,344 6,716,231 18,764.532 19,373,122
Ches & Ohio LinesMarch
2,463,831 2,197,265 7,248,358 6,787,146
Chicago & Alton
43.682,838
13753278 13895875 39,879,751
Chic Burl & Quincy March
7,420,902
2,119.264 2.430,765 6,792,880
Chicago & East 111.. March
5,818,119
2,060.525 1,638,789 5,909,466
Chicago Great West March
2.341,422
1,090,648 1,028,605 2,320.443
February
Chiclnd & Louisv—
929,298
1,235,716
291,927
439.511
Chicago Junction.. March
38,898,509
11995681 12769763 33,735,582
Chic Milw & 8t Paul March
11853273 34,800,027 36,127,270
12353734
Chic & North West March
410.082
334,063
208,128
150.124
Chic Peoria & 8t L_ February
31.957.236
March
11261760 9,874,475 31.097,327
Chic R I & Pac
1,733,649
1,749,878
536,663
607,812
Chic R I & Gulf- March
7,731,637
2,422.633 2,309,847 6,887,470
Chic 8t P M & Ora. March
869,164
832,933
432,003
367,777
ChicTerre II & S E_ February
1,078,801
829,127
382,799
286,565
Cine Ind & Western March
454,597 8,093,626 8,471,983
430,311
3d wk Apr
Co h& Southern
977.535 2,743,235 3,021.382
937,730
Ft W & Den City March
487,996
616,468
174,174
195,597
Trin & Brazos Val March
492,937
449,981
161,477
170.169
Wichita Valley... March
January
1,606.385 1,158,100 1,606.385 1,158,100
Cuba Railroad
148,402
180,909
148,402
180,909
Camaguey&Nuev January
8,243.854
3,032.907 3,054,340 11,309,525
Delaware & Hudson M arch
March
7,127.083 6,370,401 20,230,944 17,835.534
Del Lack & Western
2,371,221 2,858,087 7,765,706 9,212,643
Denv & Rio Grande March
662,441
567,445
153,366
197,835
Denver & Salt Lake March
425,637
410,909
172.536
169,682
Detroit & Mackinac March
1,148,106
877.649
408.537
439,051
Detroit Tol & Iront. March
482,870
602,273
179,758
215,707
Det & Tol Shore L. March
415,420
707,078
144,835
247,810
Dul & Iron Range.. March
528,019
647,651
213.842
March
222,471
Dul Missabe & Nor.
1,405,560 1,274,881
78,027
81,028
Dul Sou Shore & Atl 3d wk Apr
584,968
937,319
200,184
288.171
Duluth Winn & Pac March
383,985
435,236
115,966
178.461
East St Louis Conn. March
489.570
525,313
149,119
200.298
Eastern S S Lines.. March
1,653,277 1,979.241 6,412,597 5,558,213
Elgin Joliet & East. March
1,044,549 1,119,017 3.148,359 3,744,208
El Paso & Sou West March
March
8,409,173 8,537,615 24,894,187 23,738,744
Erie Railroad..
904,204 2,685,250 2,671,548
1,013,291
Chicago & Erie.. March
307,736
340,382
105,483
118.462
N J & N Y RR— March
1,418.119 4,831,289 4,095,804
March
1,641,077
Florida East Coast312,858
337,618
107,584
123,070
Fonda Johns & Glov March
454,658
482,069
146,298
155,826
Ft Smith & Western March
988,814
1,980,566
133,933
December
247,098
Galveston Wharf
1,339,049 1,568,486
564,189
March
490,878
Georgia Railroad
332,604
341,963
123,081
March
145,543
Georgia & Florida.
241,310 2,084,198
Grand Trunk Syst.. 4th Ark Apr
"979",008 "801",303
228,957
March
265,875
Atl & St Lawrence
346,074
386,704
174,323
182,461
February
ChDet O G T Jet
680,188
636,954
329,040
294,107
Det G H & Milw
February
2,266,100 2,404,944
902,160 1,250,838
Grand Trunk Wes February
7,069,733 7,720,070. 19,213,455 25,214.823
Great North System March
315,253
365,801
106,139
131,770
Green Bay & West. March
886,414
1,071,434
303,064
344,308
Gulf Mobile & Nor. March
710.213
695,619
232.242
253,186
Gulf & Ship Island. March
2,536,058 3.312,719
March
883,237 1,117,081
Hocking Valley
March
11378 762 11062 242 35,044.192 34,411,934
Illinois Central
Internat & Grt Nor. March
1,499,445 1,279,704 4,657,355 4,324,800
401,102
418,991
119,583
164.271
Kan City Mex & Or March
455,985
491,700
134,715
188,060
K C Mex&O of Tex March
1.604.020 1.351,856 5,010,421 4,389,235
Kansas City South. March
456,135
595,222
147,555
206,273
Terarlc & Ft Sm__ March
370,617
401,559
125,901
March
136,899
Kansas City Term.
570,786
691,883
193,908
March
184,377
Kan Okla & Gulf
13,907
17,701
6,489
7,646
Lake Sup & Ishpem February
288,613
403,996
101,382
127,247
Lake Terminal Ry__ March
758.881
2,431,520 2,107.049 6,992,282 6,927,010
478,536
291,750
167,395
56,733
28,473,880
8,958,854 8,535.721 26,867,837
5,680,652 5,325,215
265,690
347,198
Mobile & Ohio
3d wk Apr
531,339
462,265
156,566
146.406
Columbus & Gr__ March
876,400
1,027,703
264,867
261,517
Mo K & T Ry of Tex March
Mo & North Arkan. March
March
Missouri Pacific
Nashv Chatt & St L March
507,675
795,927
171,576
282.512
966,784
987,845
370,647
361,401
6,069,295 5,639,056 17.623,245 15,629.871
March
1,770,408 1,681,984 4,960.645 4,696,608
1,072,207
869,111
378,348
March
265,276
974.993
980,143
329,225
March
333.882
March
10027704 10566042 28,690,065 30,947,273
764,184
737,047
266,116
March
258.180
March
1,958,086 1,358,912 5,658,138 3,987.639
1,124,428
1,184,940
365.068
March
411,569
203,752
141,449
13,846
3d wk Apr
4,688
5,111,205
5,247,335
263,720
4 th wk Apr
273,219
9,590,872 10,220,704
March
3,322.569 3,247,248
225,841
261,771
March
91,070
87,648
March
2,748,847 2,960,426 8,161,324 9.430.652
March
Minneap & St Louis
Minn St P & S S M
Mississippi Central.
Missouri Kan & Tex
AGGREGATE OF GROSS
Current
*
Year.
Weekly Summaries.
week
2d
week
week
3d
week
1st
Feb
H6
Apr
Apr
(16 roads)
(16 roads)
4th week April (11
*_We
12,853,469
13.358,006
13.584,727
12,937,514
roads)
Apr
no
roads)
longer
Year.
13,082,943
(19 roads)—.
(19 roads)--.
4th week Feb
1st week Mar (18 roads)--.
2d
week Mar (19 roads)...
3d week Mar (17 roads)
4th week Mar (14 roads)-..
3d
Previous
-
18,153,006
12,669,004
12,464.076
12 471.907
10.360,370
New York Central.
12,722,219
13,038,572
13,172,091
20,427,446
13,568.3b
13.394,54
1.4,112.592
10,981,830
Ind Harbor Belt- March
Lake Erie & West March
ClevCC&StL— March
Cincinnati North. March
Pitts & Lake Erie March
Tol & Ohio Cent. March
Kanawha & Mich March
N Y Chic & St Louis March
March
N Y Connecting
N YN H & Hartf— March
N Y Ont & Western March
N Y Susq & Western March
Southern— March
Norfolk & Western. March
Norfolk
March
Penna RR and Co__ March
Bait Ches & Atlan February
Cine Leb & North March
Grand Rap &
Ind March
March
Island
Mary Del & Va._ February
Long
N Y Phila & Norf March
Tol Peor & West. March
W
1
Jersey & Seash March
Pitts C C & St L_ March
Peoria & Pekin Un_ March
March
Pere Marquette
Perkiomen
•>"
March
Phila & Reading
March
:
Pittsb & Shawmut— March
Pitts Shaw & North March
7,018.557 8,247.856 19,248,807 25.821,402
1,536,737 1,538,491
496,151
582,813
1,586.214
2.107.650
95,515
146.954
1,193,613 1,649,832
565,936
391.056
42370129 41114741 124594916 115867675
140.975
193,304
80,966
104.505
270,851
272,663
79,464
88,970
2.031.659 2,284,579
747,768
695,316
1,995,948 1,745,818 5.491.651 4,721,077
103.927
142,260
58,672
69,839
641.456
1,596,640 1,816,254
523,233
530,161
442,514
187,039
140,757
2,493,322 2,323,748
885.341
915,883
9,374,342 9,012,517 25,217,673 27,003,123
455,477
471.868
141,582
165,250
7,626,400 8,870,702
3,046,006 3,171,121
291,302
351.189
87,249
75,589
6,655,923 7,204.576 21,122,999 20,557.025
393.867
406.111
147,449
127,880
369.928
298,908
123,569
97,856
Pittsb & West Va._ March
March
Port Reading
March
Quincy Om & K C.¬
73,016
93,536
473,240
154,327
399,855
381,376
619,940
645,802
549,850
780,342
479,948
680,969
1,636,054 1,678,641
77.210,965 80,384,157
2,225.663 2,121,851
2,172,073 2,508,649
6,149,7106,683,378 19,246,047 '19,756,291
March
Northwestern Pac__ March
Oahu Ry & Land Co December
Pacific Coast
193,111
202,433
5,787.038
5,650,431 7,711,597 16,494,476 20,904,589
6,949,309 6,868,826 19,673,704 20,989,839
764,064
780,401
289,640
288.541
8,559,471
1,983,983 2.521.854 7,149.808
2,412,627 2,630,946
858,537
768,860
1,072,352
993,234
349,625
339,741
2,277,048 2,306,536 6,487,748 6,578,116
862,673
278,561
26,279",909
9,831,936 9,050,872 26,645,787
923,908 2,982.040 2,432,720
1,053,172
1,041,999 1,002,006
362,564
330.006
1,961,213
1.912,896
755,142
744,700
Michigan Central. March
Northern Pacific
224,877
466.990
"
Rich Fred & Potom.. March
March
Rutland
Isl'd March
St Louis San Fran.. March
St Jos & Grand
152,085
191,218
119,313
989,051
153,859
205,150
474.057
359,414
260.262
256,629
101,523
916.892
E476.887
495,618
567,311
655,514
322,367
331,997
2,700,866 2,968,557
1,156,601.
1,400,429
810,229
759,977
20,696,166 2jt ,472,622
493,829
402.112
410,144
438,188
4,214,069 4,906,818
2,145,681
I,884,302
6,986.004 7,262,472
153,234
131,195
Ft W & Rio Gran. March
135,799
115,423
St L-S F of Texas. March
March
1.397.533 1,774.919
St Louis Southwest.
693,392
625,103
St L S W of Texas March
7,933,599 9,135,979
577.886
5 40,342
4th Avk Apr
Total system
406,090
303,032
143,474
80,771
St Louis Transfer. J March
1,354,577 1,083,588
347,560
454,163
San Ant & Aran Pass March
318,649
256,436
93,815
81,369
San Ant Uvalde & G March
4.005.534 4.111,950 12,200,797 13.166,754
Seaboard Air Line— March
15926324 15297698 44,259,054 44,449,062
March
S mthern Pacific—
23000590 21185468 64,729.875 63,081,340
Southern Pacific Co March
1,949,597
602.435 2,715,533
1.022,084
Atlantic S S Lines March
1,023,411
952,848
347.472
315.943
Arizona Eastern. March
2,375,059 1,951.316 7,044,220 5,875,482
Galv Harris & S A March
3,106.842 2,791,550
818,733
March
1,081,404
Hous& Tex Cent.
IIous E
714,793
678.695
256,985
I,295,954
1.122.660
429,297
2,303,103 2,520,595
866,405
810.218
800.462 2,238,596 2,367,373
752,254
March
56,264,918
3d wk Apr 3,123.804 3.123,515 51.073,337
823,405 2,474.788 2,606,649
790,760
Marcli
4,748.479
1,503,20 1,470.822 4.453.914
March
1,174,388 1,444,304
395,446
375,536
March
552,888 1,742,855 1,936,906
607,849
March
385,641
255.190
119,973
72,159
March
368,518
304,852
112,088
103,184
March
1.661.193 2,004,379
633,021
585,455
March
485,994
567.944
191,788
205,858
March
44,945
33,439
3,833
2,667
2d wk Apr
703,236
597,081
211,606
229,227
March
1,124,370 1,154,954
411,665
381,449
March
1,034,905
884,397
368,490
292,986
March
676,129 II,342,285 12.039,811
632.955
3d wk' Apr
March
&| W Tex.
Louisiana West'n. March
Morg La & Texas March
Texas & New
Orl.
Southorn Railway..
Great South.
Ala
Cin N O & Tex P.
Georgia Sou & Fla
Nor E.
New Orl &
Northorn Ala__—
'
Spokane Internat—
Spok Portl & Seattle
Staten Island R T__
Tenn Ala & Georgia
Tennessee Central—
TermRR Assnof3tL
St L Mer Edge T_
Texas & Pacific
Toledo St L & West March
Ulster & Delaware- March
March
Union Pacific
March
system
Oregon Short Line March
Ore-Wash RR & N March
Total
214,885
386,290
2,177,468 2,531.161
890.887
723,593
241,989
268,522
86,073
.115,417
8.540,353 9,060,044 23,982.044 29,608,382
15536370 38,359,125 19,325,043
13773683
2,864,613 3,428,884 7,947,998 II,094,430
8,386,095
2,368,716 2,811,306 6,429.083
March
789,243
March
110,542
Vicks Shreve & Pac. March
331,656
1,177.607
Union RR
(Penn)
__
Utah
Virginian
Railroad. Marcti
5,189,751
424,305
Western Maryland- 4th wk Apr
940,111
March
Western Pacific—
206,916
March
Western Ry of Ala.
March
Wabash RR
_
February
Erie
NW March
Yazoo & Miss Valley March
Wheel & Lake
Wichita Falls &
825,637
205.227
1,724,122
669,333 2,692,542 1,852,298
497,257
323.023
152,369
432,202 1,035,522 1,169,239
3,553,691
1,363,389 4.001,139
4,484,524 14.337,572 13,642,363
6,102,895 4,750,285
391,441
3,340,495
954,782 2.706.194
718,809
595,402
234.463
1,134,611 1,873.274 2,169,152
693,382
615,022
231,051
7,449,308
2,423,194 5,336,316
EARNINGS—Weekly and Monthly.
Current
%
+358,708 2.82
•2,244,229 14.86
5.00
+635,787
+546,155 4.19
1.78
—234.577
-2.274,440 11.13
6.63
—899.314
—930,468 6.95
—640,685
4 89
—621,460 5
of our totals.
March
_
4,395
149,842
151,828
178,495
639,833
26677 621 26433 331
779,265
759,818
802,712
741,050
Beaum S L & W.¬ March
St L Browns & M March
or
Decrease.
12,724,235
15,097,698
mclude Mexican roads in any
Increase
6,160
52,698
104,020
224,999
229,212
160,623
577,907
-
New Orl Great Nor_ March
N O Texas & Mex__ March
March
Mineral Range
144,383
319,891
5,191,692
Newburgh & Sou 8h March
March
Maine Central
Midland Valley
99,750
3d wk Apr
Nevada Northern.. March
Nevada-Calif-Ore.
.
Louisv Hend & St L
242.661
March
Montour
_
Louisiana Ry & Nav
Louisville & Nashv.
53.304
102,059
1,808.241 1,723,691
Monongahela Conn. February
_
Louisiana & Arkan.
March
Monongahela
_
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
Date.
Current
Month.
Year.
Year.
,
ROADS.
Previous
Current
Previous
Year.
or
Month.
Latest Gross
Latest Date.
.66
*Monthly Summaries.
Curr.Yr.
Mileage.
May
..213.209
..213,525
;.220.459
July-—
..199,957
August
September -226,955
June
-231.439
November
-235.213
December- -229.422
January
February
_
-232.492
-235.653
Year.
Prev.Yr.
211.040 387 330.487
208.598 430 931.483
218,918 467 351.544
199.418 441 423.158
—
October
Previous
Year.
224,922
229.935
233.839
228.134
594 192,321
633 852,568
592 ,277,620
539 .197.615
231.513 469 784,542
234.510 405 001.273
348701.414
369.225.761
401.376,485
367,865,628
480.408,546
503.281.630
438.038.048
443,124.176
503.011.129
424.172,348'
Increase or
Decrease.
+38,629,073
+61.705722
+65.925 059
+ 73.557,530
+ 113783775
+ 130570938
+ 154239572
+96.073,439
—33.226,587
19,171.075
ll.t8
16.91
16.43
19.98
23.68
25.94
35.21
2168
6.60
4.52
May 7
1921.]
THE
CHRONICLE
1965
Latest Gross Earnings by
Weeks.—In the table which
separately the earnings for the fourthweek
of April.
The table covers 11 roads and shows 5.66% de¬
crease in the
aggregate over the samp week last year.
follows
we sum
Fourth
Week
Gross from
1920.
1921.
of April.
Increase.
Decrease.
Chicago Junction
392.695
2 ,424,499
4 ,064,OQ0
475,944
2,478,641
4,710,000
Grand Trunk of Canada
Grand Trunk Western
2,241,310
2,084,198
Chic Milw & St P
263,720
9,499
540,342
424,305
577,886
391,441
199,475
54,142
_
Iowa Central
Chic R I & Pacific
Western Maryland
'20 31,957,236
Chic R I & Gulf
roads).
Net decrease
(5.66%)__
820,935
Mar '21
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
Gross from
Railway.
Net from
Railway.
Net after
Taxes.
Mar
'21
277,602
303,848
859,400
848,208
'20
Jan 1 to Mar 31 '21
'20
Ann Arbor
Mar '21
360,071
372,417
1,123,899
1,160,353
'20
Jan 1 to Mar 31 '21
'20
'
Atch Top & S Fe
Mar '21 15,185,264
'20 16,075,181
,
-
Jan 1 to Mar 31 '21 44,405.003
:
'20 53,043,814
Gulf Colo & S Fe Mar '21
•
-—20,134
104,423
—-16,126
194,682
14,901
—7,562
66,346
86,859
-31,324
91,076
—37,005
151,631
—5,519
—7,334
—80,386
—28,421
—78,249
—55.591
10,914
—5,690
3,169,601
2,305,252
2,283,598
3,046,552
2,110,995
1,675,451
4,959,435
2,399,527
2,190,102
16,878,464 14.170,988 13,705,229
—294,956
286,600
51,268
1,018,432
—370,235
33,021
—99.888
2,077,045
1,956,148
51,297
—75,630
—98,364
—28,642
132,359
507,834
807,543
1,471,737
—124,691
5,450
—407,536
9,320
225,349
257,602
641,409
782,320
21,926
59,431
212,813
Mar '21
301,353
—16,165
*20
273,802
Jan 1 to Mar 31 '21
705,202
759,286
3,294
—249,980
—13,361
,20
Jan 1 to Mar 31 '21
'20
Panhandle S Fe
2,372,028
2,101,389
7,000,925
6,623,579
Mar '21
758,881
'20
Jan 1 to Mar 31 '21
651,809
*20
Atlanta Birm & Atl Mar '21
'20
Jan 1 to Mar 31 '21
'20
Atlanta & West Pt
Mar '21
'20
Jan 1 to Mar 31 '21
'20
i-...
Atlantic City
'20
Baltimore & Ohio
76.911
Mar '31 16,217,398
'20 16,762,298
2,937.244
Jan 1 to Mar 31 '21 48,238,909
5,764,790
969,731
*20 48,711,998
B & O Ch Term
Mar '21
368,509
199,419
—175,338
756,725
'20
$
—35,613
88,996
—54,978
151,084
—447,301
97,575
—414,323
Colo & Southern
Mar '21
'20
Jan 1 to Mar 31 *21
Mar '21
Cy
174,174
616,468
487,996
Jan 1 to Mar 31 '21
'20
Wichita
Valley
Mar '21
Jan 1 to Mar 31 '21
'20
—101,624
—142,898
—11,215
—462,745
—39,858
—138,063
—24,053
—435,206
—73,276
6,410
67,984
12,881
188,985
—1,182
—34,132
—11,226
—303,725
—54,002
—58,801
—28,646
—373,586
—97,631
7,127,083
'20
*17835534
785,275
*975,872
2,120,534
*1,724,166
Mar '21
2,371,221
2,858,087
7,765,706
9,212,643
493,706
691,524
1,251,758
2.537,324
197,835
153,366
567,445
662,441
—24,586
—148,869
—128,737
_
'20 *6,370,401
Jan 1 to Mar 31 '21 20,230,944
'20
Jan 1 to Mar 31 '21
'20
Denv & Salt Lake
65,182
10,821
Mar '21
*20
Ja
n
1 to Mar 33
168.693
'21
'20
Detroit & Mackinac Mar '21
'20
233,502
—25,538
431,037
399,692
1,261,204
1,190,244
90,368
100,170
68,265
71,061
147,585
82,704
129,977
132,318
396,292
406,101
—323.682
—243,104
353.772
—299,958
—24.967
—22.159
33,006
—62,796
96,594
42,513
—30,500
129,296
Jan 1 to Mar 31 '21
'20
1,911,307
23,559
137,205
67,646
440,300
—20,949
40,430
—50,660
118,871
Bingham & Garf
Mar '21
'20
Jan 1 to Mar 31 '21
*20
Boston & Maine
Mar '21
—178,463
—576,769
—319,821
'20
—368,035 —611,228
-1,273,763- ■1,710.425
Jan 1 to Mar 31 '21
18,293,837—2,250,777
'20
'20
Jan 1 to Mar 31 '21
*20
Can Pac Lines in
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Central RR of N J
148,530
124,785
91,710
—136,589
372,245
343,515
1,066,566
915,353
100,204
—22,195
236,758
Mar '21
4,259,019
3,878,510
Jan 1 to Mar 31 '21 12,271,400
'20 10,716,765
Mar'21
*20
Jan 1 to Mar 31 '21
'20
Central Vermont
Mar '21
'20
Jan 1 to Mar 31 '21
822,024
443,371
2,196,242
1,284,527
549,606
531,000
'20
1,473,884
1,446,445
Charlest'n & W Car Mar *21
12,353.734
'20 11,853,273
Jan 1 to Mar 31 '21 34,800,027
'20 36,127,270
Ches & Ohio Lines
Mar'21
'20
6,367,344
6,716,231
Jan 1 to Mar 31 '21 18,764,532
'20 19,373,122
Chicago & Alton
Mar'21
Jan 1 to Mar 31 '21
2,463,831
2,197,265
7,248,358
'20
6,787,146
'20
31,211
338,031
295,073
*20
Cent New England
46,404
Chicago Burl & Qy Mar '21 13,753,278
256,382
624,893
—618,291
233,647
132,264
—171,800 —306,683
560,337
318,624
—674,754—1,080,199
—38,161
—58,408
—324,637
—414,834
—387,375
—467,060
—152.996
'20
Chic Great West
Mar '21
'20
Jan 1 to Mar 31 *21
'20
2,060,525
1,638,789
5,909,466
5,818,119
54,816
59,202
107,102
—70,727
99,105
—78,127
66,165
—62,671
63,129
—128,695
'20
1,653,277
1,979,241
6,412,597
5,558,213
'20
El Paso & So West
109,239
292.412
362,553
Mar '21
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Florida East Coast
Fonda Johns & G1
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Atl & St Lawr
—236,777
—166,348
207,192
—358,760
1,122,725
Mar '21
'20
Jan 1 to Mar 31 *21
.1
'20
Mar '21
1,01.3,291
904,204
2,685,250
2,671,548
*
74,162
154,650
-105,142
183,957
118.462
105,483
559
3,476
—2,215
4,517
340,382
307,736
3,544
—4,116
1,641,077
1.418,119
4,831,289
4,095,804
532.734
554,202
1,641,158
1,619,756
1,498,110
1,486,562
123,070
107.584
337,618
312.858
155,826
146,298
482,069
454,658
500,018
46,903
41,328
35.601
30,526
106,428
104,454
89,703
89,579
40,515
30,098
86,778
87,477
12,043
—8,519
—17,838
—6,644
6,370
—13,761
—34,825
—22,172
—14,392
-46,271
—34,041
26.406
85,531
—79,474
102,424
20,442
79,581
—97,489
cm
r.cn
84,569
15,714
—18,403
—65,485
—235,413
145,543
'20
123,081
341,963
332,604
23,656
—41,703
—42,064
—216,342
265,875
228,957
979,008
801,303
—35,925
—185,268
—13,723
—845.287
—59,130
—204,141
—71,337
—288,761
368,376
—427.698
'20
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Mar '21
7,069,733
7,720.070
19,213,455
'20 25,124,823
'20
—193.485 -1,273,539
Jan 1 to Mar 31 '21
—273,509 -2,899,748
I
Green Bay & West
1,205,405 -1,147,252
Mar '21
131,770
30,724
'20
106,140
365,801
315,253
38.565
—186,491
146,981
Jan 1 to Mar 31 '21
8.512
'20
/
440,711
461,463
1,362,272
1,378.487
484,772
Mar *21
Jan 1 to Mar 31 '21
Great North Syst
—20,560
—28,532
—82,547
—69,752
—4,144
—4,239
'20
6,263,473
949,444
—270,123
—147,962
—166,099
■1,791,258
30,409
—380,997
113,569 —299,404
-236,399 -1,276,333
66,841
-771,803
490,878
564,189
1,339,048
1,568,486
'20
Jan 1 to Mar 31 '21
630,997
5,338.248
662,834
—9,194
166,536
41,606
*
Mar *21
'20
Jan 1 to Mar 31 '21
'20
.
—76,567
169,890
1,195,097
456.109
—539,911
—431,789
—108,247
-2,470,883
2,532,054
484,756
1,664,376
1,261,871
__
2,881,662
879,478
6,090,137
7,155,072
614,673
1,044,549
1,119,017
3,148,358
3,744,205
20,952
—8,504
136,695
85,833
507,709
1,004.563
1,417.154
1,191,828
'20
Erie Railroad
—98,778
—388,962
—499,953
91,213
186 ,-860
8,409,173
—286,247
*20
8,537,615
—170,220
Jan 1 to Mar 31 '21 24,894,187
—252.966
'20 23,738,744 -1,695,246
Jan 1 to Mar 31 '21
Georgia & Florida
698,743
21,823
11,116
139,214
20,896
191,991
65,189
970,456
—39,182
188,516
—272,648
195,283
198,998
—83,398
377,751
288,060
Mar *21
'20
94,903
212,013
159,619
398,820
270,244
—16,298
36,469
21,302.
186,374
85,728
383,985
Mar '21
*20
Jan 1 to Mar 31 *21
2,068,757
—29,510
—495,964
Mar
Elgin Joliet & East
218,749
284,524
407,088
601,074
2,119,264 ! '—151,632
2,430,765
*70.784
6,792,880 —240,155
7,420,902
969,666
—424,396
-439,843
-442,426
■285,629
-281,184
-300,706
1,159.688-1.204,348—1,211,284
■985,945—1,018,584 —941,688
76,850
—47,902
Georgia Railroad
992,143
91,410
—89,735
79,559
643,561
751,033
578,661
2,552,027
842,762
583,597
9,769
—2.684
—45,102
1,073,058
813,426
1,685,556
2,759,010
9,342,236
Jan 1 to Mar 31 '21
—65.912
222,471
213,842
647,651528,019
16,714
48,736
17,503
183,186
11,385
115,966
435,236
Ft Smith & West
'20 43.682,838
'20
—59,071
—75,818
62,736
27,663
217,186.
71,170
77,984
77,541
—233.385
178.461
495,529
1,277,095
443,849
943,264 —482,047 —496.800
1,248,455—1,095,700—1,261.336
2,097,481 —647,613
-709,123
8,495,268
.
—159,938
'
215,707
179,758
602,273
482,870
15,509
36,113
—48,417
—54,588
'21
Louis
N J & N Y RR
191.758
—26,079
—170,123
—144,103
—391,793
*20
Jan 1 to Mar 31 '21
St
Conn
1,136,491
958,406
941,180
363,881
98,367
68,482
2,046,131
1,219,781
1,365,212
—629,327- -1,442,834—1,467.865
—123.338
3,677,480
1,621,658
Mar '21
85,204
—34,395
-32,591
-159,460
-152,853
-361,785
'20
East
Chicago & Erie
'20 13.895.875
Illinois
71,653
—154.419
39,460
23,601
71,754
-156.365
429,141
619,964
1,019,925
2,218,836
980,013
288,171
200,184
937,319
584,968
Jan 1 to Mar 31 '21
71,809
-50.488
148,682
-206,783
Jan 1 to Mar 31 '21 39,879,751
Chicago & Eastern
39,480
25,268
Mar '21
•20
-3,009,403—3,638.985
-3,513,648—4,512,827
'20 17,470,402—2,753,108
Mar *21
Mar '21
'20
Jan 1 to Mar 31 '21
718,031
6,394,817
116,308
6,149,518—1,038,843
Bklyn E D Term
Maine
De & Tol Shore Line Mar '21
39,664
'20
343,371
.565,965
817,179
2,156,914
76,251
71.683
-170,022
47.684
Jan 1 to Mar 31 '21
217,835
—69,830
—307,128
—162,663
—527,151
—276,204
*549,682
—79,754
330.677
654,531
638,824
2,514,614
491,405
*565,947
1,152,054
*621,016
86,082
80,265
—140,420
74,868
2,163,383
1,452,706
'20
405,070'
—64,951
91,178
—2,996
'20
100,856
149,400
*584,721
425,637
—2.971
Mar '21
63,898
29,265
73,758
109,143
439,051
408.537
877,649
1,148,106
'20
Dul Winn & Pac
—227.442
47,637
'20
Dul Missabe & Nor
99,302
74,582'
Mar '21
Det Tol & Ironton
'613,247
14,005
143,181
24,025
Bessemer & L Erie
—63,604
—61,419
—127,169
20,059
—68,875
746,148
221,450
145,674
—45,954
—25,229
—85,540
—182,159
23,278
499,364
Jan 1 to Mar 31 '21
297,490
—405,614
29.809
'20
13,327
727,745
293,519
—2,828
575,906
320,186
—40.990
Jan 1 to Mar 31 '21
Mar'21
'20
—329,960.
463,004
169,682
172.536
410,909
'20
Jan 1 to Mar 31 *21
Mar'21
80,194
53,372
125,731
166,398
492.937
Mar '21
Denv & Rio Gran
—155,293
/170,169
161,477
449,981
'20
100,417
Ry of Chicago
20,354
666,288
389,990
Jan 1 to Mar 31 '21
Belt
320,106
—38,754
—18,020
—64,939
'20
'20
125,445
104,815
559,840
763,977
'20
Del Lack & West
105,438
123,298
114,765*
195,597
27,691
,
203,720
174,852
701,474
908,368
3,021,382
43,609
took
—70,986
—130,376
—185,880
—220,324
'20
—74,987
Bangor & Aroos-
—61,574
—126,854
—178,214
—208,477
Mar *21
Trin & Braz Val
—55,733
—204,735
—186,018
'20
—45,933
—95,878
—129,593
—152,770
2,743,235
—28,601
—24,564
—90,371
—101,763
Jan 1 to Mar 31 '21
17,581
94,936
—264,268
917,782
Jan 1 to Mar 31 '21
218,967
238,526
608,711
646,864
*20
432,520
45.297
168,562
—155,914
1,058,332
937,730
977.535
490.845
2,368,539
2,318,654
142,860
17,696
4,004,292 *3,285,884
—664,838 —649,022
447 195
183,459
299,931
249,454
1,491,148
'20
—4,539
—169,472
—278,740
—242,964
—153,508
94,872
120,190
125,012
3,387,717
3,429,287
'20
Ft W & Den
187 023
1,014,994
995,370
Mar *21
'20
Jan 1 to Mar 31 '21
Equipments.
118 689
137 760
286,565
382,799
829,127
1,078,801
*20
Cine Ind & West
132,758
2,422,633
2,309,847
6,887,470
7,731,637
Mar '21
'20
Jan 1 to Mar 31 '21
Net after
$
Ala & Vicksburg
Chic St P M & Om
1,736,776
385,309
1,979,467
2,801,596
.
155,611
228,863
493,246
607,812
536,663
'20
Net
2,037, 473
761 ,194
3,032 ,957
3,630 915
1,749,878
1,733,649
*20
Jan 1 to Mar 31 *21
621.460
'
2,397,847
1,179,680
4,323,381
4,870,840
9,874,475
Jan 1 to Mar 31 '21 31,097,327
37,544
*
113,898
—40,417
380,657
—85,770
47,091
—72,773
164,243
-183,637
443,840
1,277,095
495 ,529
943,264 —482 ,047 —496,800
1,248,455—1,095 ,700—1,261,336
2,097,481
—647 613 —709,123
Mar '21 11,261,760
'20
Southwestern
(II
Mar '21 12,353,734
'20 36,127,270
I
/
Net after
Equip.Rents,
%
867,181
146,820 —176,185
1,583,324
902,459
175,436
664,242—1,506,373—2,473,236
1,269,300 —728,483—2,524,020
'20 11,853,273
Minneapolis & St Louis
Total
929,298
Jan 1 to Mar 31 '21
34,800,027
Detroit Grand Haven & Mil
Canada Atlantic
St Louis
Chic & North West
Taxes.
110,594
—69,782
238,166
—174,893
Mar '21 11,995,681
32,864
10,360,370 10,981,830
83,249
646,000
439,511
291,927
1,235,716
Net after
Railway.
$
'20 12,769,763
Jan 1 to Mar 31 '21 33,733,582
'20 38,898,509
157,112
273,219
Mar '21
*20
Jan 1 to Mar 31 '21
'20
$
Buffalo Rochester & Pittsburgh
Canadian National Rys
•
Canadian Pacific
|
Net from
Railway.
up
72,785
62.328
23,696
29,403
51,757
41,632
675
14,633
69,630
,,
r
—76,520
act
coo
66,828
4,271
—57,809
—84,262
—249,492
—131,099
—265,424
—318,179
—425,900
—460,403
—939,716
-2910,229
—583,197
23,510
31,486
44,006
42,392
THE
1966
Gross from
Net from
Railway.
Railway.
$
$
Gulf Mobile & Nor
Mar'21
'20
Jan 1 to Mar 31 '21
'20
Gulf & Ship Isl
Mar'21
'20
Jan 1 to Mar 31 '21
'20
Net after
Taxes.
344,308
303,064
1,071,434
886,414
4,043
20,071
27,916
-—18,162
—10,649
6,327
—16,143
—57,069
—16,016
10,048
—26,716
—61,380
253,186
232,242
710.213
695,619
41,253
24,200
—8,307
26.617
—48,281
85,406
—8,043
—560,583
493.117
Mar *21
1,499,445
1,279,704
4,657,355
4,324,800
—13,439
—286,558
—45,301
—125,948
—47,734
—319,373
—142,448
—224,333
—178,004
—435,475
—534,111
—414,242
2,834
—57,545
—90,276
—151.745
—5,206
65,245
—114,426
—174,909
1,317
—64,575
—91,358
—49,884
—57,052
—161.294
—118,035
—56,034
—63,305
—179,770
—137,285
395,641
159,731
1,341,370
318,211
88,348
1,109,532
627,055
312,817
73,546
1,075,101
82,919
34,140
221,383
198,998
75,558
18,352
199,293
55,040
22,993
150,245
37,326
17,629
106,876
—25,725
10,611
—9,720
27,141
—114,696
219,169
256,362
—9,819
18,283
30,637
—126,375
—18,351
9,181
5,087
—163,205
—22,411
9,614
—41,618
—188,176
79,334
—20,615
143,849
—46,842
67,181
—29,641
107,303
—93,326
47,393
—48,665
84,231
78,708
164,707
151,001
68,778
63,905
118,348
101,478
—328,985
—166,692
Kan City Mex
& Or
Mar'21
164,271
20
City Mex &
Orient of Tex
113 fOo*j
31'21
418,991
!20
Jan 1 to Mar
401,102
Mar '21
'20
188,060
134,715
'21
491,700
Jan 1 to Mar 31 '20
455,985
Kansas City South
Mar '21
1-664,020
20
1 ,3.j1 ,856
Jan 1 to Mar 31'21
'20
5,010,421
4,389,2.35
xark & Ft Sm
Mar
;21
*20
206,273
147,555
31 '21
595,222
'20
456,135
Mar '21
]|6,899
31'21
40L559
'20
370,617
Jan 1 to Mar
City Term
Jan 1 to Mar
Kan Okla & Gulf
Mar »21
184,377
'20
691 MS
570,786
Mar '21
282,512
'20
171,576
Jan 1 to Mar 31 '21
•20
795,927
507,675
Mar'21
361.401
'20
370,647
987.845
966,784
Jan 1 to Mar 31 '21
Lehigh & Ilud Riv
Lehigh & New Eng
•
Jan 1 to Mar 31 '21
'20
Mar'21
6,069,294
'20
Lehigh Valley
5,639,056
808.364
Mar '21
'20
333,882
329,225
45,361
13,039
Jan 1 to Mar 31 '21
974,993
980.143
25.086
104.883
Louisiana Ry &
Navigation
'20
Mar '21
Louisv Ilend & St L Mar'21
'20
Jan 1 to Mar 31'21
'20
Mar'21
411,569
'20
'20
365,068
1,184,940
1,124,428
Mar ;21
1,337,778
Jan 1 to Mar 31 '21
'20
3,931.508
Mar '21
3,322,569
Midland Valley
Jan 1 to Mar 31'21
Minneap & St L
Minn St P & S S M
3',993,424
•20'
3,247,218
Jan 1 to Mar 31 '21
9,590,872
'20 10,220,704
Mississippi Central
Mar '21
87,648
'20
91,070
Jan 1 to Mar 31 '21
261,771
'20
225.841
Mar '21
2,748,847
2,960,426
8,161,324
Mo Kan & Texas
'20
Jan 1 to Mar 31 '21
'20
&TT Ry of
Texas
Mar *21
'20
Jan 1 to Mar 31 '21
'20
9.430,652
2^431,520*
2,107,049
6,992,282
6.927,010
'20
56,733
167,395
Jan 1 to Mar 31 '21
291,750
'20
478,536
Mar '21
8,958,8.54
8,535,721
Mo & Nor Arkan
Missouri Pacific
Mar '21
61,210
58,716
142,058
186,235
71,060
57,596
149,352
110,155
16,473
16,878
59,115
320,857
53,831
187,423
768,860
858.537
2,412,627
2,630,946
83,619
95,113
113,781
27,764
.57,118
—53,787
119,949
113,733
125,099104,400232,397
'20
Tol & Ohio Cent
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Kanawha & Mich
'20'
Jan 1 to Mar 31 '2T
'20
'20 28,473,879
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Columbus &
Greensville
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Nashv Chatt & St L Mar '21
'20
Jav 1 to Mar 31 '21
'20
Mar '21
'20
Jan 1 to Mar 31 '21
'20
N£0 Texas & Mex
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Beaum S L & W
Mar *21
2*,277,647
'20
2,306.53.5
6,487,747
6,578,115
Mar '21
N Y
Connecting
Jan 1 to Mar 31'21
'20
N Y New Haven & Mar '21
Hartford
'20
Jan 1 to Mar 31 '21
2,348
—5,125
—1,654
—165,335
476,992
246,2171,206,742
1,405,086
456,282
—1,545
1,207,228
—683,445
—51,428
—17,417
—127,351
—78,260
587,402
13,108
1,692,397
4,173,499
—369,825
—178,317
-1,982,666
—126,238
—3,764
—8,521
—19,986
—181,207
N Y Susquehanna
& Western
367,051
151,642
1,230,392
—55,792
—23,433
—141,570
—96,734
251,572
—65,744
—32,721
—160,180
—125,618
94,460
—129,740*
317,760
—358,182
862,673
—205,789
455,256
322,901
-237,163
54,070
—661,428 -1,336,913
26>)45.787 -1,807,376 -3,002.440 -3,991,792
871,168
-1,888.002
-3,467,329*
—7,445
—29,595
—47,952
—200,299
—87,393
—58,144
—340,201
Mar '21
330.006
—48,089
'20
362,564
—8,591.
—101,127
—301,805
Jan 1 to Mar 31 '21
1,041,999
1,002,006
7,018*556
8,247,855
19,248.807
'20 25,821,402
Mar '21
'20
582,813
496,151
Jan 1 to Mar 31'21
'20
1,536,737
1,538,491
Mar'21
391,056
Northwestern
Pacific
Pacific Coast
'on
Q9«
713,065
1,092.692
723,313
5.153,328
—48,753
—289,691
—73,931
—27,267
—178.833
—376,731
—81,795
362,066
-1,616,339
2,830,556
—69,833
—36,859
—157,922
—386,166
261,017
477,829
—861,880
3,513,907
95,921
62,113
37,148
65,387
36,493
—54.463
144,174
.
66,924
61,844
29,085
—56,991
32,131
2,801,494
2,032,490
23,916
83,081
333.719
July 1 to Mar 31 '21
4,124.905
'20
4,068,002
424,702
Mar '21 42,370,128
4,549,357
Pennsylvania RR
'20 41,114,740
Jan 1 to Mar 31 '21
124594915
'20
Cine Leb & Nor
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Grand Rapids &
Mar '21
'20
Indiana
Jan 1 to Mar 31 '21
'20
79,464
272,663
270,851
'20
4,721,077
Mar'21
Norfolk
'20
Jan 1 to Mar 31 '21
'20
523,233
641,456
1,596,640
1,816,254
Mar '21
'20
140,757
187,039
442,514
530,161
Jan 1 to Mar 31 '21
-
West Jersey &
Seashore
'20
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Pitts C C & St L
Mar '21
'20
701,432 -1,252,23?
—80,020
31,003
—55.488
—41,996
—96,436
—53,063
—45,191
—85,669
2,446
—46,677
—160.197
23,650
—24,452
—93,393
—218,457
—48,897
—41,200
—110,294
1,995,948
1,745,818
Western
—49,533
—16,012
—52,780
138,138
5,491,651
Toledo Peoria &
5,919,803
695,316
747,768
2,031,659
2,284,579
'20
N Y Phila &
-897,245 -2,472,153 -2,721,153
115867675-10,686,368-*15423516-16,149,948
2,845
—5,816
—6,634
88,970
Jan 1 to Mar 31 '21
Mar '21
Long Island
.
'
28,075
—10,542
57,774
'20
1.477,639
166,421
408,450
—61,166 —437,805
211,480
1,068,903
-863,616- -1,910,857
157,772
—95,246
496,069
—289,789
97Q QHQ
Mar '21
'20
444,391
129,226
876,868
1,066.473
1,117,530
190,772
—67,246
593,939
923,908
2,982,040
2,432,720
Jan 1 to Mar 31 '21
Northern Pacific
—150,118
—1,354
6,710
—11.257
1,303,318
314,173
624,615.
959,0251,283,796
1,053,172
—67,033
—14,308
—307,300
122,433
-131,490
-862,155—1.819,853-2.614
877,139
345,235
464,172
945,019
,
—72,385
'20
Western
—15,183
—205,355
191,612
—6,493
1,483'
—105,004
105,851
441,247
528,179
1,249,652
9,831,936
9,050,871
'90 9fi
64,103
•
Mar'21
NY Ontario &
& Co
—88,309
—338,682
—98,295
'20
63,045
—154,505
145,917
232.329
—52,653
—40,576
—231,714
—2,885
278,561
Jan 1 to Mar 31 '21
—16,416
—166,502 —201,093
—211,746 —334,578
—380,133 —750,741
—840,172
—796,148 -1,113,963 -1,357,498
—32,652
44,914
—36,961
—40,152
—39,957
41,370
—97,077
52,989
—56,522
21,746
—108,444
—109,728
—71,192
18,466
—139,284
—141,289
—49.957
32,870
—127,077
27,489
—43,987
56,974
—102,407
75,646.
915,883
885,341
2,493,322
2,323,748
—64,174
—155,961
—367,786
—730,158
—119,351
—202,443
—533,339
—869,706
—134,855,
—233,404
—572,973
—945,512
9,374,342
9,012,517
1,797,265
281,835
507,361
673,929
1,388,146
39,697
—718,338
—246,075
1,013,635
191,367
1,686,702
774,536
Jan 1 to Mar 31 '21 25,217,673
*20 27,003,123
6,428,490
3,962,925
2,708,540
Mar'21 56,672,354
'20 54,138:490 -1,038,328 -3,485,383 -3,993,379
'21163409,779
5,713,611 -1,602,851 -A,781,730
'20155037,190-11,965,281-18,684,351-20,265,425
Pennsylvania
System
Jan 1 to Mar 31
82,849
-406.247- -1,066,231
-15,355
—13,118
—53,341
—10,426
12,433
9,018.
14,159
32,391
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Mar '21
'20
Jan 1 to Mar 31 '21
St Louis Brownsville & Mexico
'20
146,406
156,566
462,265
—24,851
—6,951
—31,230
693,137
187,412
531.339
42,267
261,517
264,867
1,027,703
876,400
—22,724
—70,980
12,8.50
Pere Marquette
'20
Jan 1 to Mar 31 '21
'20
—60,273
66,076
—302,223
136,977
—419,186
218,100
—257,855
143,573
—217,056
52,698
149,842
154,327
473,240
6,116
35,298
178,495
680,969
479,948
577,907
639,833
1,636,054
1,678,641
—3,699
28,786
—17,124
127,225
128 453
121,221
514,171
272,795
632.438
889,127
198,145
—53,158
506,241
235,636
-485,842-
393.867
9,623
53,148
4,454
32,861
9,126
52,813
41,037
72,879122,320.
144,933
24,643
97,856
123,569
298,908
369,928
—36,550
—26,376
—134,273
—63,581
—38,797
—28,779
—140,982
—69,787
—17,349
6,805,
53,305,
Mar '21
'20
Mar 31 '21
'OA
152,084
153,859
495,617
476,887
—26,456
—16,670
—40,620;
—8,202
—52,193
—117,048
—23,001
—110,793
—162,739
—93,155
—129,805
Mar '21
191,218
205.150
655,514
567,311
99,406
80,628
328,059
131,699
86.243
68,621
288,569
121,541
26,721
—5,754
96,508
—44,369
'20
Jan 1 to Mar 31 '21
'20
65
6,655,923
'20
7,204.576
Jan 1 to Mar 31 '21 21,122,999
'20 t20.557.025
Shawmut
'20
Jan 1 to Mar 31 '21
*20
6,663
160,659
32,213
—2,040
—16,902
12,375
52,639
220,552
112,107
9,192
49,766
211,362
104,517
—1,351
37,831
173,733
69,703
Pittsburgh &
West Virginia
70,677
113,232
Port Reading
145.845
236.866
234,778
202,273
106,401
149,144
101,408
Mar '21
Pittsburgh Shaw-
210.790
121,359
158,348
Mar '21
Pittsburgh &
34,745
4,257
145,645
280..',68
75,590
87,249
351,189
291,302
Mar '21
Phila & Reading
288,391
25,344
—6,546
117,543
165,250
141,582
471,868
17,966
29,146
182,631
110,664
Mar '21
Perkiomen
101,128
—232,916
179,532
—268,673
160,623
23,325
33,885
196,817
—68,230
—45,329
—149,438
—16,751
1,808,240
1,723,690
5,191,692
5,787,038
41,711
18,833
26,469
37,161
206,248
—38,101
17,724
153,377
542,097
—133,809
258,377
—492,754
Jan 1 to Mar 31 '21
211,822
229,212
193,111
780,342
549,850
598,501
116,530
271,922
171,539
2,222,221
231,322
84,955
12,293
564,329
359,898
'20
3,244,458
—92,001
68,404
373,569
3,046,006
3,171,121
7,626,420
8,870,702
Mar '21
477,450
—29,224
—6,566
—273
455,477
—1,355
—3,617
—14,341
18,073
Mar '21
Peoria & Pekin Un
879,279
Mobile & Ohio—
Nevada Northern
993,234
1 072 352
'20
N Y Chic & St L
39,520
110,037
—49,309
—39,951
339,741
349,625
'21
'20
'20
Jan 1 to Mar 31 '21 26,867,837
Monongahela
Mar
-
38,336
34,692
73,135
141,666
62,896
30,143
119,102
1,983,983
2,521,853
7,149,808
8,559,470
Mar'21
'20
Jan 1 to Mar 31 *20
85,189
1,973
50,397
124,823
88,342
30,456
55,182
160,667
17,907
786,898
810,737
—413,806
51,499
119,905
36,692
63,011
43,308
136,962
—60,636
!—172,617
68,716
329,649
10,027,704
258,180
266,116
737,047
764,184
530,250
1,322,870
1,085,697
4,561,042
164,692
—21,046
737,944
631,587
-372,767
'20 10,566,042
766,886
1,459,231
1,874,155
5,115.511
764,064
*20
471,510
166,866
43,008
1,794,483
1,452,439
1,747,640
Jan 1 to Mar 31 '21 28,690.065
—595,051—1,509,650—1,946,446
'20 30,947,273 *4,012,149 *3,030,363 *3,441,838
Louisv & Nashville
1,082,759
1,702,912
2,821,372
5.746,868
'20
Jan 1 to Mar 31 '21
13,368
—27,273
1,072,207
888,857
1,362,109
1,365,810
2,686,681
51,304
73,476
87,148
168,359
—510,305
29,307
—1,090
—23,103
62,624
'20
104,369
393,928
1,504.441
1,462,894
3,261,511
'289 640
—549,568
—16,622
86,182
33,722
321,553
4
9,036
122,958
869,111
835.995
1,751.851
2,141,453
4,033,445
288,541
150,401
—7,430
104,822
52,656
349,354
265,276
378,348
561
1.062.100
780',401
.Pitts & Lake E
176,434
233,999
496,720
218,245
1,045,721
—35,202
—80,240
—311,914
—38,758
Jan 1 to Mar 31 '21
—145,197
268,115
497,665
340,715
1.069,224
'20
'20 20,989,839
Mar '21
'90
42,192
359,871
577,352
626,582
1,314,949
6,949.309
*20
6,868,826
Jan 1 to Mar 31 '21 19.673,704
Cincinnati North
685,588
534,801
1,681,984
4,960,645
4,696.608
Mar '21
Mar '21
96,948
1,770,408
Jan 1 to Mar 31'21
Louisiana & Arkan
& St L
543.469
'20
'20
'20 20,904,589
Cleve Cin Chic
—137,317
Mar '21
Jan 1 to Mar 31 '21
5,650,431
'20
7,711,597
Mar 31 '21 16,494,476
...
Jan 1 to
—215,615
925,589—1,596,739—1.475,742
17,623,244
—1,785,835—2,404,714—2,203,923
'20 15,629,871-
Los Ang & Salt L
Mar *21
—74,268
Jan 1 to Mar 31 '21
Mo K
'20
Michigan Central
—178.360
75,360
88,877
1—55,812
—60,520
—327,110
—191,624
148,379
—590,974
—61,181
—9,722
741.050
802,712
2,172,073
2,508,649
'20
152,342
Jan 1 to Mar 31 *21
'20
Net after
Equip.Rents.
$
—12.745
75,301
42,898
—13,884
—91.369
'
601,386
$
—36,510
—71,928
—342,999
—581,438
759,818
779,265
2,225,663
2,121.851
'20
Jan 1 to Mar 31 '21
—163,619
261,633
Net after
Taxes.
58,948
32,131
—51,612
—122,341
Mar '21
'20
Jan 1 to Mar 31 '21
45,460
—28,324
2.536,058
3,312,719
166,956
Net from
Railway.
$
Central—
Lake Erie & Western Mar '21
'20
/
York
Indiana Harbor
909
Jan 1 to Mar 31'21
•20
sas
New
26,941
842
—178,634
98,499
—817,619
268,295
Internat & Gt Nor
Kan
Railway.
$
S
—93,203
'20
-
Gross from
Net after
Equip.Rents.
S
883,237
1,117,081
'21
Hocking Valley
[Vol. 112.
CHRONICLE
miit
& Northern
'20
Jan 1 to Mar 31 '21
'20
Jan 1 to
20
'20
Jan 1 to Mar 31 '21
'20
127,880
147,449
406,111
842,722
1,613,099
689,537
4,621
32.984
16,719
—64
Mat 7
1921.]
THE
Net from
Gross
Railway.
$
from
Railway.
$
•Quincy Omaha &
Kansas City-
Mar '21
'20
Jan 1 to Mar 31 '21
'20
Mar '21
'20
989,051
916,892
Jan 1 to Mar 31 '21
2,700.865
Potomac
—19,467
—9,351
—105,939
—49,268
—121,745
4,703
—90,613
*20
Mar '21
256,629
'20
260,262
Jan 1 to Mar 31 '21
St Joseph &
Grand Island
Term RR Assn of
123,331
236,457
216,939
801,982
—31,999
—110,609
—-611
24,536
—29,211
759,977
810,229
36,946
—17,322
52,855
23,878
—11,493
6,986,004
7,262.462
Jan 1 to Mar 31 '21 20,696,166
'20 21,472,622
1,617,256
1,735.075
4,826,455
4,030,922
1,339,156
1,509,375
4,013,006
3,353,361
St Louis Mer-
'20
Ft W & Rio Gr
Mar'21
131,195
153 234
—22,360
1,899
—82.160
—3.801
'20
Jan 1 to Mar 31 '21 402,112
—26,044
—55,042
1,905
—139.950
—35,334
—1,886
'20
115,417
86,073
268,522
241,989
—868
—25,905
—62,441
—68,537
—7,296
—30,905
—81,374
—83,935
—11,193
—32,982
8,540,353
2,726,123
'20
9,060.044
2,633,892
Mar 31 '21 23,982,044
5,716,715
*20 29,608,382 10,182,194
2,199,810
2,192,152
4,043,657
8,870,817
'20
Ulster &
Mar'21
Delaware
*20
Jan 1 to Mar 31 '21
*20
Mar '21
'21
'20
438,188
410,144
Mar '21
7,247,076
1,530,165
1,213,344
Jan 1 to Mar 31 '21 21,594,373
'20
4,571,050
3,57b~507
1,397,533
1,774,919
4,214,069
4,906,818
432,135
739,850
1,237,105
1,842,436
383,000
358,346
685.131
691.301
Jan 1 to Mar 31 *21
1,099,329
1,688.776
1,020,642
1,713,822
'20
Jan 1 to Mar 31 *21
625,103
693,392
1,884,302
—122,395
-156,029
—384,983
—146,466
—179,029
—457,128
'20
2,145.681
—662,567
—740,250
—131,850
—154,175
—405,899
—651,463
St Louis
SWRy
Mar'21
of Texas
'20
St Louis Southwestern
Oregon Short
309,740
'20
2,468,312
6,098,371
7,052,499
583,821
852,122
System
Jan 1 to Mar 31 '21
'20
St Louis Transfer
Mar '21
1,179,869
—63,321
—55,611
—260,768
—330,223
—76.516
—70,611
—300,587
—375,993
'20
81,369
93,815
5,712
—32,251
Jan 1 to Mar 31 '21
256,436
18,939
'20
'20
San Antonio
Uvalde & G
Mar'21
—17,067
—55,712
264,312
—226,548
—27,733
—63,440
232,314
—247,732
15,119
356,533
—80,536
110,542
152,369
323,023
497,257
28,769
70,527
84,837
247.395
11.744
58,936
59,548
226,715
7,856
51,774
53,586
199,713
331,656
432,202
1,035,522
1,169,239
—6,765
166,712
63,112
346,223
—23.405
152,865
21,673
305,960
—37,378
145,305
—13,459
289,462
5,189,751
701,810
—28,483
1,368,386
349,981
352,269
—160,278
945,382
386,803
—571,858
348,287
—957,300
Mar "21
'20
Jan 1 to Mar 31 '21
'20
Vicksburg Shreve-
—7,152
•—43,644
19,469
145.899
'20
Jan 1 to Mar 31 '21
789,243
669,333
2,692,542
1,852,298
Mar'21
*20 13,642,364
Western Pacific
Mar'21
940,111
'20
Jan 1 to Mar 31 '21
954 782
Western Ry of Ala
—113,799
624,309
116,589
1,828,830
1.832,014
474,588
—33,547
1,374,950
1,380,173
301,450
—268,912
864,876
747,828
Yazoo & Missis-
Mar *21
3,832,851
3,490,480
9,210,477
9.036,744
2,9D,254
2,901,437
sippi Valley
2.660,396
6,462,021
6,522.009
2,596,707
6,072,813
6,465,839
193,092
-158,710
115,375
193,092
158,710
117,289
Southern
15,926,324
Pacific
'20 15,297,698
Jan 1 to Mar 31 *21 44,259,054
'20 44,449.032
Atlantic SS Lines
Mar'21
1,022,084
602,435
'20
Jan 1 to Mar 31 '21
'20
Arizona
Mar '21
'20
Jan 1 to Mar 31 '21
Mar'21
rlsburg & S A
2,375.059
'20
1,951,316
Jan 1 to Mar 31 '21
7,044,220
5,875,482
'20
•
Houston &
Mar'21
1,081,404
818,733
3,106,842
2,791,550
Texas Central
'20
Jan 1 to Mar 31 '21
'20
Houston E & W
Mar'21
423,055
—195,701
1,278,683
394,787
380,015
—257,602
1,148,437
194,147
61,260
17,233
—151,494
144,235
206,905
—29,725
—71,022
—14,147
—27,096
'20
Jan 1 to Mar 31 '21
678.695
'20
9,974
714,793
—1,449
Mar '21
386,290
'20
429,297
94,333
78.915
Jan 1 to Mar 31'21
'20
1,122,660
1,295,954
228,391
396,442
Mar '21
810,218
'20
74,449
125,308
10,995
82,310
68.280
*20
866,405
2,303,103
2.520.595
—79,414
599,051
Mar '21
Orleans
- '20
Jan 1 to Mar 31 '21
'20
752,254
800,462
2,238,596
2,367,373
era
Morgan's Louisiana & Texas
Jan 1 to Mar 31 '21
Texas & New
.'Southern
725,278
—35,469
—38,662
111,121
Mar '21
790,760
'20
823,405
2,474,788
2,606,649
-
'20
Mar'21
Jan 1 to Mar 31 '21
1,503,207
1,470,822
4,453.914
'20
4,748,478
Orleans & T P
'20
Georgia" South-*^ Mar '21
&
Florida,c*
f
'20
Jan 1 to Mar 31'21
94,877
257,914
48,272
198,947
24,062
735,187
77,135
248,739
—2,754
870,756
—56,206
25,681
—224,164
147,014
—16,146
51,375
—149,159
214,418
163,828
910,063
—169,343
200,567
—88,432
24,596
—220.599
141,923
80.929
95,611
103,639
427,716
42,718
52,491
—12,174
304,074
Mar '21
72,159
119,973
255,190
385,641
—6,910
'20
103,184
112,088
304,852
368,518
Mar'21
585,455
'20
633,021
1,661,193
Alabama
'20
Jan 1 to Mar 31 '21
'20
Spokane
Mar'21
International
'20
Jan 1 to Mar 31 '21
Spokane" Portland
& Seattle
Jan 1 to May 31'21
*
"
'20
Staten Island
Mar '21
Rapid Transit
•
2,004,379
205,858
'20
191,788
Jan 1 to Mar 31 '21
567,944
485,994
'20
Tennessee Central
Company.
March
38,426
—10,724
33,846
15,923
3,090
108,614
95,098
20,990
38,607
83,768
149,945
13,381
33,420
63,268
135,049
160,284
208,697
327,050
585,257
71,977
133,694
76,771
349,913
-—8,429
16,329
—78,358
—59,136
Mar '21
229,227
16,369
'20
211,606
597,081
703,236
2,631
Jan 1 to Mar 31 *21
'20
—56,292
12.930
Cities Service Co
—21,272
1,329
—115,550
—104,136
•
10,596
—3,055
—71,331
—2,860
—23,085
18,431
—40,512
33,204
7,171
28,174
46,022
116,744
80,961
121,510
70,743
334,400
Consum Pow (Mich)
March
Cumb Co P & Lt Co. March
Dayton Pow & Lt Co. March
Detroit Edison Co
March
—32,815
22,679
—151,211
—153,757
,
—12,718
—31,229
—135,746
—71,910
Co. March
DuquesneLtCosubsid
February
E St L & Suburban Co March
East Sh G & E Subsid
February
Eastern Tex Elec Co. March
Ed El Ilium of Brock. March
Elec Lt & Pow of Ab-
ington & Rockland. March
El Paso Electric Co.. March
EquitableCoal&Coke February
Erie Lt Co & subsid.. February
Fall River Gas Works March
Federal Light & Trac. February
March
Galv-Hous Elec Co.. March
General Gas & El Co. March
Georgia Lt Pow & Rys
Great West Pow Sys
Harrisburg Ry Co
Havana El Ry, L & P
Haverhill Gas & Light
16,062
13 102000
Com'w'th P, Ry & Lt March
Connecticut Pow Co. March
e
378,822
189,804
93,280
67,889
101.538
March
March
Ft Worth f & Lt Co.
382.806
March
March
Citizens Traction Co.
February
Cleve Painesv & East March
Colorado Power Co_. March
Columbia Gas & Elec March
Columbus Elec Co
M arch
power cos..
Year.
116,271
46,061
62,482
71,436
278,511
March
March
Carolina Power & Lt.
January
Cent Miss Val El Co. March
light &
PUBLIC
Current
December
December
December
December
Nassau Electric.
December
South Brooklyn
December
New York Consol.. December
Bklyn Qu Co & Sub December
CapeBretonElCo.Ltd March
Duluth-Sup Trac
1,478,422
Latest Gross Earnings.
_
—71,340
43,846
1,742,855
1,936,906
'20
Northern
17,096
132,136
51,009
393,475
607,849
552,888
Mar '21
1
18,580
146.081
45,185
457,914
1,174,388
1,444,304
'20
i'20
Northeastern
RAILWAY AND
Bangor Ry & Electric
Baton Rouge.
Beaver Valley Tr Co.
Bingha m ton L, 11 & P
Blackstone V G & El.
/Brazilian Trac, L & P
Bklyn Rap Tran Syst
aBklyn City RR
aBklyn Heights ltR
Coney Isld & Bklyn
Coney Isld & Grave
—26,099
125,476
484,453
641,858
Deficit.
Araansas Lt <fe Power December
Asheville Power & Lt. January
Atlantic City Eiec Co January
Atlantic Shore Ry Co
February
—101,129
—91,290
—224,656
43,379
180,495
120,633
559,091
375,536
395,446
Jan 1 to Marl31 '21
New'Orleans &
—
Chattanooga Ry & Lt March
Jan 1 to Mar 31 '21
Cincinnati New
10,943
212,678
*315,035
714,204
Adirondack P&LCorp March
Alabama Power Co__ March
Appalachian Pow Co_ March
Railway—
Alabama Great
Southern ■;#-■**
19,855
403.014
Month.
555,673
—55,689
—80,342
—99,814
42,348
—59.057
Corrected figures.
or
—67,550
—57,929
59,877
58,362
142,476
329,000
Louisiana West-
34,106
—49,950
89,041
—164,827
693 382
Name of Road
—32,132
75,379
—193,269
V
53,803
—13,996
136,056
—34,522
1,724,122
2,423,194
5,336,316
7,449,308
'20
'20
*
ELECTRIC
50,421
64,141
132.651
324,056
—21,692
—62,957
64,742
—2,632
168,814
—587
Mar '21
Jan 1 to Mar 31 '21
—45,983
—80.722
214.885
256,985
Texas
205,227
231,051
615,022
'20
'20
41.568
—164,045
25,934
153,309
276,214
330,703
46,624
—7,363
162,782
Jan 1 to Mar 31'21
270,193
—335)474
724.066
—69,560
—113,717
8,098
53,798
19,038
182,214
Mar '21
Northwestern
•
'20
206,916
234,463
595,402
718,809
'20
—148,745
2,715,533
149,949
1,949,597--1,468,658- 1,498,625—1,495,715
315,843
70,618
43,875
32,120
347,472
108,409
82,733
73,869
952,848
207,041
126,732
89,777
1,023,411
299,799
229,514
200,702
Eastern
Galveston-Bar-
204,614
64,665
507,299
Mar'21
Wichita Falls &
March
March
February
February
March
9,263
113,176
70,905
270,801
694.396
'20
Jan 1 to Mar 31 '21
318,649
Mar'21
—48.040
456,569
892,708
293.086
2,706,194
3,340,495
'20
4,005,533
'20
4,111,949
Jan 1 to Mar 31 *21 12,200,797
'20 13,166,753
l
Mar'21
'20
4,484,524
Jan 1 to Mar 31 '21
14,337,572
2,886
—34,528
10,516
—120,697
Seaboard Air Line
era
Mar '21
Utah
—75,292
—67,620
—271,121
—349.354
Aransas Pass
—2,976
393,878
—945,763
1,228,076
Wabash RR
454,163
347,560
1,354,577
1,083,588
'20
89,900
378,855
—700,859
1,391.135
'20
18,171
43,536
109.898
69,966
Mar '21
271,357
531,805
—156,913
1,867,404
port & Pacific
'20
Jan 1 to May 31'21
'20
23,385
49,999
123,738
98,370
-Sam Antonio &
3,507,121
2,368,716
2,811,306
6,429,083
8,386,095
Oregon-WashMar '21
ington KR & Nay
'20
236,534
506,102
642,201
948,525
23,978
50,271
124,987
99.062
Jan 1 to Mar 31 '21
491,509
749,604
375,970
3,335,674
'20
80,771
143,474
303,032
406,090
'20
754,212
1,010,851
1,218,458
4,119,620
2,864,613
>3,428,884
7,947,998
'20 11,094,430
Union RR (Penn)
2.022.636
—87,998
Mar'21
Jan 1 to Mar 31 '21
Mar '21
—81„454
2,069,535
2,627,225
3,631,841
9,323,173
'20
Jan 1 to Mar 31'21
Line
—96,688
—36,594
—252,909
—134,650
'20
Jan 1 to Mar 31 '21
'20
302,948
—73,451
34,704
162,402
135,586
306,105
'20
Jan 1 to
47,884
—72,084
50,711
239,797
188,804
456,469
Jan 1 to Mar 31 '21
Union Pacific
44,264
86,717
270,797
286,810
549,763
—53,048
3,785
—133,856
—29,684
'20
167,958
295,990
165,560
1,122,006
909,631
Mar'21
Western
135,799
Mar '21
19,150
—14,221
14,135
—150,051
-
723,593
890,887
2,177,468
2,531,161
Toledo St Louis &
115,423
45t Louis Southwest
5,67«1
—37,185
—23,176
—123,980
738,085
541,012
'20
System
18,506
—27,339
15,464
—107,635
3,151,015
3,188,898
9,608,250
9,920,711
'20
Jan 1 to Mar 31 '21
'20
Mar'21
St Louis-San Fran
174,600
468,849
456,593
1,034,905
Mar'31
493,829
Jan 1 to Mar 31
127,647
53,284
Mar '21
'20
St Louis-San Fr
of Texas
31,936
256,498
162,046
chants Bridge Ter
'20
Jan 1 to Mar 31 '21
—37,259
—41,508
—138,291
—98,388
—93,283
—15,173
101,123
68,404
292,986
368,490
884,397
,'20
1,352,506
1,385,657
3,976,145
2,938,449
'20
Mar '21
13,217
Net after
Equip. Rents
$
58,140
170,538
381,449
411,665
1,124,370
1,154,954
'20
Jan 1 to Mar 31 '21
11,246
—25,826
—22,449
—13,812
St Louis-San Fran
Mar '21
St Louis
Texas & Pacific
—111,734
—103,643
—167,276
Net after
Taxes.
Railway.
%
181,519
268,242
354,832
942,648
1,041,588
474,056
359,414
1,400,429
1,156.601
Net from
from
Railway.
—29,637
2,968,556
Jan 1 to Mar 31 '21
Gross
$
20,201
—27,541
—12,530
—47,995
'20
'20
Net after
22,758
—22,394
Mar '21
Rutland
1967
Equip.Rents
212,526
299.293
462,309
322.367
Richmond Fred &
$
CHRONICLE
26,935
—18,710
11,866
—18,298
119,313
104,523
331,997
.
"
Net after
Taxes.
929.500
6,182
199,230
Previous
43,929
15,567
99,153
21,996
269,371
626,139
—701
—3,880
51,913
1,680
162,071
325,507
1,241,964
UTILITY
■Jan.
1
COS.
to Latest Date.
Current
Previous
Year.
Year.
Year.
362.333
326,829
153,536
,186.598
982,276
771,304
1,105 673
811,179
619,237
64.369
,201.923
809,700
58,892
81,897
67,889
101.538
58,892
81,897
24,793
277.172
114.173
164,640
155,122
800,607
28,936,000
7,956
93,133
35,899
59,458
49,424
258,358
9900,000 37
1887,207
190.853
4,098
537,290
33,048
357,313
140,796
187,620
221,214
860,145
,918,000
9,962.308
76.013
J9,726,339
2,345,971
2,148,412
107,597
392,496
5,500,210 5,741,554
80,769
67,034
931.382
853,188
1793,857 1664,360 20.416,092 16,066,342
141,888
156,483
1,697,881
1,594,530
51,034
44,752
159,522
138.948
145,182
127,004
145,182
127,004
41,021
38,353
127,040
119.709
106,077
103,061
334,515
321,546
1440.751 2193,523
4,520 472 6,211,068
85,541
71,726
179,914
152,079
60,240
55.263
173,819
160,862
98.670
86,781
290,713
255,990
1337,929 1340,403 4,330,642 4,091,220
145,477
130.877
436,850
397,133
2613,315 2545,437 8,090,712 7,620,424
116,051
114,626
372.383
361,911
1163,049 1167,008 3,689,943 3,488,094
267,777 226,296
806,144
700,851
366.321
318.052
1,104.054
953,412
2055,387 1866,245 6,230,689 5,543,163
160,610
169,808
459,058
485,891
4,306
1469.054 1265,735
329,427 367,330
41,496
37,137
143,129
125,420
101,500 119,296
26,364
195,879
107,093
102,321
76,278
435,523
205,160
316,463
935,746
147,305
614,916
128,754
1034,871
36,344
126,942
3,022,138
1,053,675
85,662
435,766
314,216
2,555,242
1,038,678
81,903
373,393
345,295
27,543
82,989
152,709
63,368
572,759
246,903
215,842
82,143
459,144
142,333
217,594
206,435
798,021
103,913
65,366
380,178
158,510
229,010
891.929
6*0.423
273,607
853,202
142,412
456,553
123,229
864,439
33,801
940,421
800,236
2,887,669
1,695,861
1,858,178
278,608
2,123,947
118,107
2,608,303
1,452,934
1,410.202
481.589
270,128
1.747,557
112,701
Honolulu R T & Land March
78.963
66,305
224,923
196,004
Houghton Co El LtCo March
Houghton Co Trac
March
Hunting'n Dev&G Co March
46.479
27,989
87,974
41,783
28,752
136,895
154,961
83,784
296,811
137,961
86,433
401,841
THE
1968
Latest Gross Earnings.
pJame of Road
Year.
Month.
Service January
Interboro Rap Tran—
Indiana Gen'l
-
190,137
21.524
Long Island Elec Co. Decembe.
Lowell Elec Lt Corp. March
Manhat Bdge 3c Line December
Metropol'n Edison Co
November
Power Co. March
Munic Serv Co & sub February
Nashville Ry & Lt Co March
Nebraska Power Co.. March
Nevada-Calif El Corp February
New England Power. February
New Jersey Pow & Lt March
March
Newp N & H Ry G & E
Miss River
New York Dock
N Y & Long
228,355
814.237
235,355
414,824
36,203
198,421
472,222
42.866
95,207
100,996
1082,238
798,958
96,134
N Y & Queens County December
December
b NY Railways
b Eighth Avenue— December
b Ninth Avenue... December
314,250
253.443
249.583
403,193
36,295
217,575
522,109
42,319
Island.. December
494,436
836,261
113,396
683,084
1,585.949
528.835
1,190,874
8,688,626
1032,,915
45,717,
„•
89.017
Co February
No Oaro Pub Serv
Ohio Power Co..
January
36,836
329,873
33.018
13,906
641,507
Pacific Power & Lt C<
March
215.771
March
March
Phi la & Western
Phila Rap Transit Co March
Port! Gas & Coke Ob. March
February
Porto Rico Railways.
Portl Ry, L & Pow Co March
P.uget Sd Pow& Lt Co March
ReadingTrans&LtSys March
March
Republic Ry & Lt Co.
December
Rlehmond Lt & RR-.
Rockford Electric Co. January
Rutland Lt & Power. March
Sandusky Gas & Elec
March
Sayre Electric Co—.
Scranton Electric Co.
17th St Incl Plane Co
Sierra Pacific Electric
Southern Cal Edison.
South Can Power Co.
669.090
69,471
117,240
940,513
776,497
54.946
54,382
652,158
660.490
14,625
62,858
288,355
116,007
wt, Worth Power
& Light Co
£97.667
205,160
£90,762
158,510
2,828,464 £1,056.509
£789.984
1,552,680
16,415
13,346
1,953,382
159.408
81,252
77,416
861.127
630,576
28.945
24,236
73,967
71,895
14,030
13,310
43,091
39,917
14,915
10,926
30,876
31,978
33.908
63,810
613,926
504,816
16.945
16,299
194,710
199,951
16,963
47,511
419,216
304,865
18.734
49,265
38.552
100,652
34,908
35,323
69,823
70.675
—31,271
29,977
March
March
February
Tampa Electric Co.. March
125,161
193,406
527.565
338,252
149,103
208,314
548,895
Tennessee Power Co. March
Tenn Ry, Lt & Power March
9,029
399,950
1137,214 932,707
1219,831 1075,374
1051,922 1014,234
581.566
528.704
March
Utah Power & Light.
Utah Securities Corp. March
Hydro-Elec. March
694.276
Virginia Ry & Power. March
Wheeling Electric Co. January
Winnipeg Elec Ry— December
Yadkin River Pow Co January
Youngstown & Ohio. March
731.254
42,640
851,734
115,197
364,349
85.257
46,035
Vermont
200,937
866,470 15,539,157
128,592
55,493
1126.487
62,745
March
358.509
3,224
67,129
40,789
783,325
92,262
352,057
77,592
49.037
446,888
624,783
1,675,041
1,339.833
3,172,357
3,570,312
3,320,184
1,774,529
2,248.044
135,687
2,578,200
115,197
3,697,299
85,257
136.968
mos
'20
'20
Huntington Devel
Man'21
& Gas Co
12
mos
'20
ending Mar 31 '21
'20
'20
12
mos
'20
ending Mar 31 '21
*20
86.493
Nebraska Power
Mar '21
Company
'20
12 mos ending Mar 31 '21
'20
Pacific Power
Light Co
'20
12 mos ending Mar 31 '21
|'20
Portland Gas &
Mar '21
Coke Co
§03.077
12
159,600
mos
*20
ending Mar 31 '21
'20
8,921,677
614,074
206,006
2,220,155
2,569,748
703,626
Portland Ry Lt &
Power Co
12
mos
'20
&
538,703
12
£83,046
£82,021
£940,451
£961,206
215,771
106,247
'20
119,301
177,413
38,643
325.730
8,829
199,349
10,906.894
55,075
534.787
31,980
24,538
708,952
561,974
327,960
200,332
2,946,428
2.254.574
£60,288
£79,529
£964,596
£944,519
37,891
30,251
385,931
352,431
49,278
578,665
592,088
862.425
747,154
268,575
203,492
3.022,292
2,826,559
2,089,794
2,126,187
9.915,934
8,684,531
116,019
'20
382,984
Tennessee Ry Lt &
Power Co
12
1,046.906
2,501,304
3,117,224
3,149.320
1,696,775
2,126,198
140,843
2,330,708
mos
Mar '21
'20
ending Mar 31 '21
'20
Mar '21
Texas Power &
Light Co
*20
12 mos ending Mar 31 '21
'20
£
After
577,633
711,004
283,035
263,237
3,245,393
3,064,633
427.969
243,630
5,747,179
2.972,966
51,357
63,208
632,734
645,984
29,830
35,219
270,622
178,322
2,131,171
2,033,766
127,833
127,779
1,543.279
1,533.289
69,639
70,492
587,892
500.477
£111,513
399,950
£102,169
338,252
5,149,275 £l ,436.254
3,663,227 £1,253,458
60.395
55,649
706,353
655,488
51,118
46,520
729,901
125,516
506.867
81,187
88.427
197,472
548,895
527,565
6,560,578
5,677,797
198.271
j Of Abington
lines,
subway and elevated
in pesetas.
Railway & Light Co.
allowing for other Income received.
-Deficit
77.592
133,882
-Net
-Gross-
after
■Surp. after Char yes—
Taxes
1920.
1921.
1920.
I
S
S
i Includes
& Rockland (Mass.).
Baton
S
Rouge Electric Co—
46,061
March
12
$
35,899
15/212
14.006
10,873
10,459
398,320
155,747
152,797
105,926
111,136
....
months.
490,811
Blackstone Val Gas & El Co-
278,511
March
12
months. 3,326,446
258,358
2,822,629
Cape Breton Elec Co, Ltd—
March
51,031
12
months.
672,582
Central Miss Val Elec Co—
March
41,021
12
months.
498,314
72,600
79,118
44,323
910,261
847,479
592,518
53,955
549,549
44,752
583,892
712
610
def5,027
def5,067
91,971
104,605
23,910
39,650
38,353
444,66
9,090
8,277
123,913
86,589
5,414
86,356
130,877
1,402,645
80,178
52,438
46,441
21,688
662,044
630,320
271,212
262,855
114,626
1,304,244
50,434
602,760
47,454
508,407
30,346
364,005
275,552
125,420
1,442,802
46,881
48,209
621,668
559,902
27,326
416,928
405 884
14,924
313,811
334,397
Columbus Elec Co—
Other Public
Utiliy Net Earn¬
ings.—The following table gives the returns of
ELECTRIC
and net earnings with
and surplus reported this week:
railway and other public utility gross
charges
-Gross Earnings
Previous
Current
Year.
Year.
Companies.
Connecticut Power Co—
March
116,501
12
— —
March
12
651,064
1,623,169
17,272,904
7,614,968
|2,533,815
11.862.908
+6,
+6,303,312
+6,956.844
581,119
6,595,107
i4.368.178
685.586
6,962,883
325,988
3,606,567
731.254
7.629,154
300,969
4,103,146
12
Mar '21
'20
't21
20
Mar '21
ending Mar 31 *21
12
Taxes.
Charges.
$
$
Balance,
Surplus.
$
12
152,709
1,657,677
65,734
51,364
54,843
43,289
643,523
499,792
521,426
405,570
2,045,244
26,364
months.
44,269
25,149
512.309
443,845
22,810
21,378
267,867
256,718
936.338
130,348
—22,142
—322,175
58.252
37.591
514,723
37,446
27,355
483,385
377,692
22,120
20,908
255,542
251,894
227,843
125,798
13,232
15.258
41,390
44,999
13,885
—653
835.049
7,281,667
106.077
103.061
1,340.879
1,118.891
veland PainesMar '21
ille & East RR Sys
20
60.240
55,263
173.819
months.
357,823
I—
Rockland-
&
27,543
306,834
1,852
4,290
985
3,718
59.744
54,204
50,524
47,210
65,366
797,269
14,902
10,301
14,550
10,167
153,255
200,614
152,292
197,376
72,815
37,785
27,305
746,497
401,677
76,278
932,275
12
273,607
3,177,359
1,169,478
61,564
827,045
33,801
405,599
1,684
54,238
18
902
def595
62,787
45,909
53,985
41,783
470,981
419
12,556
def4,866
8,597
101,144
142,328
41,175
96,121
28,7o2
304,H>6
4,218
47,919
9,129
def412
5,379
67,317
def5,604
19,764
28,418
361,781
26,599
<326,(87
4,685
51,248
1,177
82,288
47,600
2,261
22,944
Co—
22,983
269,075
20,442
230,873
6,222
7,583
4,350
92,762
83,467
69,619
98,367
1,050,786
26,399
23,719
317,063
26,392
21,789
274,443
248,229
293,057
♦82,061
♦711,174
316.463
March
months. 3,949,138
March
21,459
3.771
244,442
187,127
72,096
—59,733
—836,898
15,326
6,447
13,368
41,235
1,890
40,106
4,893
155
months.
36,344
456,048
Houghton County El Lt Co—
March
12
116.271
93.133
1,342.920
1,123,695
20
46,158
408,664
195,879
months.
March
12
Fixed
'20
Mar'21
Jght Co
'20
2 mos ending Mar 31 ]21
ittanoogaRy&
Mar 31 21
19,903
348,111
Haverhil Gas Lt Co—
Net after
$
3 mos ending
41,398
119,296
Galveston-Houston Elec Co—
Earnings.
mos
34,747
1,169,801
March
*
1
27,722
1,271,622
Elec Lt & Pow of Abington
379,479
3,828,183
Gross
>oklynOity Ry
56,251
101,500
months.
March
280,160
2,731,390
* Given in milreis.
Mar 31
143,129
1,631,616
Fall River Gas Works Co—
Lt Co
(subsid cos only)
Mar
838,070
Apr 1 '20 to Mar 31 *21 10,157,633
Utah Sec Corp (subsid cos
only)
Mar
694,276
Apr 1 '20 to Mar 31 '21
8.713.052
&
....
months.
El Paso Elec Co-
+1.695,141
*37,918.000*28,936,000*18,418,000*15,404,000
+ Given in pesetas.
1,484,072
Edison Elec 111 Co of Brockton—
Pow_Mar*13,102,000 Jfc9,900,000 *6,522,000 *5,310,000
Southwestern Power &
2 mos ending
months.
Eastern Texas Elec Co—
12
Barcelona Tr, Lt & Pow.Mar+2,891,743
Jan l"to Mar 31
+9,400.122
Jan1to Mar 31
1,587,070
5,634
•
_
(subsid cos only)
Mar 2,045,160
Apr 1 '20 to Mar 31 '21 23,242,237
igor Ry
Slec Co
months.
March
American Power & Light Co
Brazilian Tr. Lt &
12
■Net Earnings
Previous
Year.
145,477
March
Current
Year.
1920.
1921.
$
k Given
Electric Railway and
597.970
92,262
2,928,545
1921.
Tennessee Power Co. and the Chattanooga
42,449
80.046
401,219
160,160
903,356
824,306
31 '21
12 mos ending Mar
■
1,655,538
1,388,486
8,992.572
6,037.599
Co
95,019
27,631
932,498
700,372
173,556
175,861
£202,609
£205,562
664,996
685,252
208,314
193,406
2,503,070
2,107,504
Mar '21
*20
22,397
8.444.057 £2,057,057
6,745,111 £1,966,119
1,126,487
Edison Co
'20
866,470
12 mos ending Mar 31 '21 15,539,157
'20 10,906,894
Tennessee Power
37,526
49,698
510,728
591,700
45,520
32.323
429.723
369.506
44,562
609,481
Southern California Mar '21
580,543
1,557,878
475,528
£87,055
Mar '21
Light Co
'20
mos ending Mar 31 '21
35,489
39.283
226,098
317,261
478.455
£69,100
187,709
2.766.056 £1.318,438
2.288.573 £1,096,761
'20
Republic Railway
"
253,443
228,355
2,989.092
2,543,471
—16,174
13,942
39.871
39,978
75,360
79,261
704,553
792,789
Mar '21
ending Mar 31 '21
.
318,429
314,250
3,734.215
3,336,976
Mar '21
&
,
190,137
232,535
404,915
463,768
Railway System
'20
3 mos ending Mar 31 '21
Mar '21
1,108.086
946,147
.
87,974
136,895
1,391,845
1,160,976
Lake Shore Electric Mar '21
.
90,747
40,763
78,963
66,305
224,923
196,004
Mar '21
Tran & Land Co
'20
3 mos ending Mar 31 '21
'20
160,302
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 operated
separately,
c Includes Milwaukee Light, Heat & Traction Co.
d Includes
all sources,
e Includes constituent or subsidiary companies.
/Earnings
given in milreis.
g Subsidiary
companies only, h includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
both
Mar '21
ending Mar 31 '21
The Brooklyn City
a
'20
Honolulu Rapid
418,731
325,730
358,509
3,335
63,669
lanuary
March
March
Texas Power it Light
Third Avenue System. March
Twin City Rap Tran. March
United Gas & El Corp March
12
Mar '21
ending Mar 31 '21
Co
3,249,253
29,268
10,211
542,441
187,709
39,299
173,374
170,398
56.702
56,005
669.618
329,427
367,330
4,382,979
3,430,752
mos
Nashville Ry & Lt
102,642
959,945
65,806
215,776
183,795
'20
568.490
186.465
341.821
332,021
East St Louis &
Mar '21
Suburban Co
'20
12 mos ending Mar 31 '21
*20
1.136,346
13773052
1360,409 1637,878 2,919.649
390,414
170,252
68,985
184,583
57.036
65.781
3757,508 3179,961 10,583,230
947.17>
327,960 200,332
222,907
100,173
106,178
2,571,474
862,425 747,154
844,117 2,709,556
902,859
723,845
251.444 241,907
664.996 685,252
*734,793
42,066
64.812
123,839
106,247
123.839
136,990
37,757
44,312
205,071
56.218
66,201
54,230
12,148
17,359
March
March
1,356,732
$
*
34.045
—15,242
438,468
277,057
122,133
360,376
532,705
Lt&P&Sub February
Philadelphia Oil Co..
612,999
134,235
408,101
653,814
43,088
195,384
201,242
Paducah Electric Co. March
Subsia Nat Gas Cos February
74.033
29,248
336,949
712,564
I
£55,989
£41,628
£557,597
£515,816
98,670
86,781
1,156,163
1,057,788
Balance,
Surplus.
Charges.
$
267,777
226,296
3,219,300
2.851.812
Cumberl'd County
Power & Lt Co
470.340
255,955
641,507
696,461
North w Ohio Ry&PCo February
Ocean Electric Co— December
Pennsyiv Utii System
Philadelphia Co and
'20
898,062
104,548
938,273
57,245
206,578
542,441
594,364
Northern Tex Elec Co March
Penn Cent
463.768
404.915
269,105
327,879
314,110
299.236
186,453
281,698
272,033
233,788
664,427
681,426
17.152,255 13,350,925
608,245
682,306
395,227
448,625
905,197
964,193
318,429
Co.. March
NorthwOhioRy&PCo
232.535
23,417
98,367
96,072
22,972
25,521
22,236
24,386
210.677 213,068
1667.814 1413,277
241,808 206,897
193,137
215.303
Manh & Queens(Rec) December
March
Ry & Lt Co
454.319
5,066,564
168,868
4933,632 4876,561 14,219,738 13,789,626
84.028
88,967
26,599
28,418
429.770
433,970
143,196
145,008
61,943
71,006
20,442
22,983
Keystone Telep Co..
March
Key West Electric Co
Lake Shore Elec Ry.- February
Mar '21
Company
'20
12 mos ending Mar 31 '21
12
March
Total System
Keokuk County El Co March
March
sMilw El
Colorado Power
$
$
504,789
5.604,153
185,189
153,002 142,781
1836,858 1710.734
168,868
185,189
March
Idaho Power Co
d Illinois Traction ... March
Year.
Earnings.
$
Previous
Fixed
Net after
Taxes.
Gross
to Latest Date.
Year.
$
Current
Company.
1
Current
Previous
Year.
$
or
Jan.
[Vol. 112.
CHRONICLE
-
months.
46,479
589,156
Houghton County Trac Co—
March
12
months.
27,989
317,773
Keokuk Electric Co—
March
12
months.
Key West Elec
March
12
months.
^
4,848
Lowell Elec Lt Corp—
March
12
months.
96,072
1,221,005
Co241,808
206,897
182,110
161,272
77,630
2.809,433
2,394,010
2,132,174
1,868,069
♦941,661
Miss River Power
March
12
....
months.
*,574
58,572
May 7
1921.]
THE
-Gross-
-Net after
Taxes
CHRONICLE
Surp. after Charges—
1921.
1920.
1921.
1920.
1921.
$
$
S
$
$
Northern Texas El Co—
March
12
■
336,949
3,574,115
3,973,323
121.794
134.000
96,386
1,397,800
1,408,324
1,096,366
39,299
329,873
....
months.
$5,534,167 at the end of 1920.
From this amount there were deducted
$560,000 for dividends on the Prior Preference stock and other smaller
items, which, taken from the total credits, left a credit balance to be carried
1920.
$
10,009
10,282
*
forward as of Dec. 31 1920 of
$4,825,297.
The foregoing outline sets forth
roughly the position of the company,
both as to its operations for 1920 and as of the close of that
year.
T-
109,136
1,109,622
Paducah Elec Co—
March
12
COMBINED CORPORATE AND FEDERAL
43,088
....
months-
2,609
49,644
128,838
495,670
4,327
1920.
844,117
370,840
362,681
212,663
Freight revenue
Passenger
205,099
months. 10,140,239
12
902,859
9,225,382
4,307,641
3,628,977
2,413,183
1,836,365
63,669
67,129
23,036
34,015
780,833
726,498
325,709
338,170
16,182
251,846
27,722
266,213
12
months.
125,161
1,337,942
56,213
48,730
579,446
534,401
51,951
527,777
44,159
479,189
Express
12
Total oper. revenue..
$40,372,814
*
149,103
months.
_t
Miscellaneous
Tampa Elec Co—
March
1,537,533
Maint. of way & struct.
Maint. of equipment...
Traffic
Includes adjustment on account of St. Louis contract.
Transportation __1
.
Transportation for inv_.
Saturday of each month.
This index will
Gross income.
Taxes
Bond interest
Misc. inc. chgs., rents,&c.
Divs. Prior Pref. stock._
not
published.
The latest index will be found in the issue
April 30.
The next will appear in that of May 28.
Missouri
(4th
Annual
Pacific
Report—For
RR.
of
Dec.
31
1920.)
a
Lehigh Valley Railroad Co.
rev.
income
def$4,263,487 Dividends
—
$22,189,859
8,677,942
AND
4,245,749
_
... .
_
CORPORATE
1917.
1918.
Bituminous coal
freight]
Merchandise freight
22,705,556
Passenger
4,894,990
Mail
Express.
Other
___)
[
_
transp'n revenue)
(water lines)
Transp.rev
Incidental
revenue
1,447
2,335,476
28,531,805
6,827,896
171,851
2,777,077
3,837,383
1,687,296
2,179,736
1,170,023
1;408,574
743,350
1,497,178
1,552,643
1,515,536
_
...
$6,364,382
...
__
....
...
Total other income...
Total income..
Income Charges
Hire of
2,630,066
35,011,415
7,865,780
537,482
1,263,665
2,457,308
312,082
1,374,299
equipment
Miscellaneous
—V.
$562,668
Misc. tax accruals.
Interest on funded debt.
Int. on unfunded debt..
Misc. income charges.__
Totaldeduc
Net
frominc.
Divs
shown in profit and
loss account...
$6,060,800
—V
112, p
1866.
$6,060,800
$8,675,740
Calendar Years
During the remaining 10
months they
[six] months of the latter
an extension of the
standard return of
the Government.
The Pere Marquette did not do this
Its report for the 1920 period contains the
corporate results and also the
combined returns of corporate and Government
operation.
The
latter,
as
given in the report, do not give a correct idea of the
purely corporate results.
The final outcome was a surplus of
$1,393,973 for the corporation.
This
was
derived from the total operating
revenues of $35,022,787.
Out of that
operating expenses amounting to $30,350,542, leaving
net operating revenues of $4,672,244.
Adding non-operating income of
$1,761,120 gave a gross income of $6,433,365.
Deducting taixes, hire of
equipment and rentals amounting to $2,801,100 left a balance
applicaole
to interest of $3,632,265.
Interest requirements totaled
$2,238,292, which
deducted left the surplus of $1,393,973
already mentioned.
The profit and loss statement as of Dec.
31 1920 showed a balance brought
forward as of Dec. 31 1919 of $3,985,791.
This amount, together with the
balance for the 1920 period and other small
items, made total credits of
amount were taken
!
9 Mos. to
.02932 cts.
.02820 cts.
.02517 cts.
.01985 cts.
m.
revenue
112,
p.
0 988 cts.
0.794 cts.
604.48
$6.0726
637.22
$5.3169
$9,917
$11,894
0.705 cts.
555.96
$3-96932
$8,109
470.
At Dec. .31 1920 our accounts with the
Director-General, exclusive of the
account for additions and
betterments made by him, indicate a net indebted¬
to the
ness
company by the U. S. Govt, on open account of $1,559,489.
We also have an account
against the Director-General for materials and
supplies taken over by him at the beginning of Federal control, Jan. 1 1918.
Upon resuming control on March 1 1920, your officers found the condi¬
iorated.
We
are
against the U. S.
equipment in many particulars greatly deter¬
therefore preparing a claim for a substantial
RR. Administration for under-maintenance.
Results of Federal Control.—During Federal control
amount
considerable porion of the traf fic which
we had built
up over a period of many years was
tallowed to drift
away, and in many instances was purposely diverted to
competing lines.
_
a
Moreover, the wages and working conditions established during Federal
greatly increased the operating cost.
control
•
The
transportation
rates
enable the carriers to earn
crease of wages
established
May 1
Some confusion has arisen in the
publication of extracts from the report
of the company for the year 1920.
This was due largely to the fact that
during the first two months of that period the railroads of the United States
TO DEC. 31 1917
The Director-General,
however, has not paid the company the entire
compensation due it.
Since Jan. 1 1918 he has paid only $4,842,660, out of which the company has paid the interest on the bonds and its
expenses, taxes and two dividends, aggregating $t,690,999.
Before he would pay the
company the amount needed for the last dividend,
the Director-General
required the company to execute a demand note for
$500,000 and to deposit $1,000,000 First
Mortgage bonds in connection
therewith, to secure payment of any open accounts which might be found
payable on final settlement.
The balance of compensation due is $1,556,481; but the company is unable to obtain this balance In
cash, because the
Director-General has charged against it the amount
expended by him for
additions, &c., on company's account.
$4,245,749
respects:
9 MOS.
amount of
$1,596,963
$4,699,512
'
,
tion of your railroad and its
For eight
2,238,292
773,515
753,768
President Samuel M. Felton says in substance:
$8,862,414
Marquette Railway.
(Report for Fiscal Year ending Dec. 31 1920.)
The report will be cited further another week.
The fol¬
lowing was issued from the New York office May 5 1921
calling attention to the fact that the company declined the
proffered Federal guaranty for the half year ended
Aug. 31
1920, and explaining the tabulated statements also in other
were operated oy the Government.
operated by the corporations.
period nearly all the roads accepted
1,949,555
288,737
19,747
Accounts with Federal Government.—The U. S. Govt,
relinquished posses¬
of the property at 12:01 a. m. March
1 1920, having held control
thereof for a period of 26 months.
The compensation allowed us for the
use of the
property was $2,953,449 94 p. a., or a total for the entire 26
months of $6,399,141 52.
This sum, together with other corporate
income,
was
sufficient, after paying expenses and taxes, to pay the interest on the
company's bonds, as also on the bonds of the Mason City & Fort Dodge
RR. Co.; after which there remained an
apparent balance of a little more
than 3% on the Pref. stock.
:
Pere
were
$6,433,365
1,297,174
730,410
sion
$18,108,723
df$2,559,555
____________________
income..
$5,801,934
1,297,174
726,417
3~993
Chicago Great Western Railroad.
$613,513
236,141
2,195,092
366,497
195,696
4,580,839
393,362
281,273
135,556
.*
$631,431
(lli/t Annual Report—Year ended Dec. 31 1920.)
2,374,955
2,195,129
343,022
316,667
4,615,601
220,726
286,371
- _
rents
$4,672,244
1,761,120
Earn, per rev. ton p. m
01141 cts.
Rev. tons per train
587
Earn per fr't train mile$6,79709
Gross earnings per mile.
$13,318
>,116,185 $10,459,378
Joint facility rents.....
Rent for leased roads
1,112,139
$1.81738
$1 6738
$1 4389
$1-3327
$29,754,566 $26,504,204 $22,200,348 $16,850,265
Revenue tons carried._. 14,855,393
14,783,616
14,242,477
10,178,209
Rev. tons carried 1 m_2,606,903,408
2681739,018 2706222,221 1790696,069
Freight
$3,408,253 df $7,649.345
224,670
1,106,184
1,188,677
15,532,351
1,413,347
1,470,188
1,707,931
....
cl2 Mos.
$4,689,795
.
Earns, per pass, train
1,447
$5,233,304df$5,274,390
1,825,050
....
Operating income
$9,575,996
Other income: hire of equipment
Dividend income.
Miscellaneous income.
$6,364,382
.
Earns, per pass, per mile
1920.
$65,542,502 $75,229,584
57,346,025
60,309,198
80,503,974
Net operating revenue $9,575,996
1920.
year
,
Total oper. re venue.. $53,358,446 $65,586,769
Total oper. expenses.... 41,826,166
Total tax accruals, &c__
c
blO Mos.
$35,022,787 $35,022,787
$17,550
30,332,992
30,350,542
Dec. 31 '20. Dec. 31 "19. Dec. 31 *18. Die. 31 *17.
Average miles operated.
2,234
2,232
2,239
2,248
Passenger revenue
$6,938,504
$6,127,460
$4,233,796
$4,213,804
Passengers carried.....
4.404,393
4,220,977
3,570,603
3,459,905
Pass
carried one mile..236,636,874
217.254,526 168,195,183 165,273,351
$24,118,833/$20,740,261 $23,777,484
29,155,590
6,234,935
326,667
$1,645,054
,def.$17.550
*648,981
—
COMBINED.
1919.
1,441
!.v;
ended Dec. 31.
a2 Mos.
STATISTICS, CAL. YRS. 1920-19-18 A*
$9,266.168
(From Jan. 1 1918 to Feb. 29 1920 operated by U. S. RR. Admin.)
Average miles operated.
1,443
Operating Revenues—
Anthracite coal freight.
\$20,402,226
$6,246,371
640,479
3,634,171
$318,953
$1,075,019
$1,393,972
Note.—"Includes standard return for 2 months.
The Board in March
1920 voted not to accept the Government
guaranty for the half year ending
Aug. 31 1920.
x Includes, of course, with the usual other
items, the amounts paid or
payable by the U. S. Government as compensation for the two months
ending Feb. 29 and guaranty for 6 months ending Aug. 31 1920.
STATEMENT—FEDERAL
864.731
1,687,7601
1,159,376/
560,000
Surplus.
GEN.
Balance for year.
mos
Taxes, uncollectible, &e
income.......—§13,511,917
INCOME
b 10
Rentals
Int. on bonds, bills payable, &c.
1920.
—x$26,453,346
__
Net oper. income—def$2,135,850 Deductions from income.
Railway tax accruals.!*2,121,728
Uncollectible railway rev.
Net
5,909
Operating income
Two months ended Feb. 29.
Gross income
Hire of equipment—debit
YEAR ENDING DEC. 31
Total income
$1,437,413
Net operating revenue
will be cited further another week.
(10 mqs.)_$65,106,006 Other
(10 mos.)_ 67,241,856
$4,306,615
x
Non-operating income
(67th Annual Report—For Year ended Dec. 31 1920.)
exp.
$5,709,280
Periods ending (See notes
above)—
Operating revenues
Operating expenses.
sequent page.—V. 112, p. 1866.
Operating
Operating
$8,753,684
762,283
1,687,760
1,437,026
560,000
CORPORATE INCOME ACCOUNT.
The remarks of President B. F. Bush, together with the
income account and balance sheet, will be found on a sub¬
The report
$4,349,161
1,073,822
1,687 ,760
3,080,088
159,276
x During year ending Dec. 31
1920 quarterly dividends of \ M% were
regularly paid on Prior Preference stock.
Payments were made out of
surplus on Dec. 31 1919 and amounted to $560,000.
'
CORPORATE INCOME ACCOUNT FOR
$8,594,408
Balance, surplus.._def.$l,492,5ll
Co.
Year ended
$23,387,875 $17,381,446
$5,567,136
$6,126,409
142,144
119,962
$3,640,859
708,302
Non-operating income..
include reports in the issue of the "Chronicle'' in which it is
1917.
*
Total oper. expenses..$36,731.955
$26,848,728
Net operating revenue..
Financial Reports.—An index to annual reportsof steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
the last
1918.
$35,443,136 $28,955,011 $23,507,855
$3,495,487
$3,790,387
$2,425,689
7,132,498
6,143,894
3,894.690
337,974
344,773
442,859
14,764,362
12,233,619
9,925,781
1,126
886,884
702,112
Ur.l 1,682
Cr. 9.685
Cr.8,593
$5,309,720
9,776,225
561,127
19,667,511
1,530,112
Cr. 112,740
.
.
Miscellaneous
FINANCIAL REPORTS.
on
1919.
$29,754,566 $26,504,204 $22,200,348 $16,850,265
6,938.505
6,127,460
4,233,796
4,213,804
:
980,023
274,477
281,591
344,678
980,245 /'
947,988
855,327
711,953
1,719,475
1,589,007
1,383,949
1,387,155
Mail
Sierra Pac Elec Co—
March
OPERATING ACCOUNT.
(Road operated by U. S. RR. Admin, from Jan. 1 1918 to March 1920.)
Puget 8d Pow & Lt Co—
March
1969
in
effect
1920, made the situation still
crease amounted to
in
March
1920
were
insufficient to
reasonable return, and the further heavy in¬
by the U.S. RR. Labor Board, retroactive to
a
more
hopeless.
In our case the in¬
approximately $2,000,000 during the past
year.
As set forth in the
summary for the year, the deficit from operation dur¬
ing the guaranty period of 6 months
ending Aug. 31 1920 (so far as it is de¬
terminable at this date) is
$3,406,271, in partial reimbursement of which
the company has
received, to the close of the
year,
$1,700,000 (as also set
forth in the
summary).
Your officials consider the account correct and they
are
putting forth their best endeavors to obtain its ajjproval by the InterState Commerce Commission.
Transportation Rates—Increase by I.-S. C. Commission in 1920.—In the
of freight
rates, the increases authorized were, on the average, approxi¬
case
mately
35%. and effective
traffic within
Aug.
26
1920
as
to
the respective States, an average
made effective in Illinois
Aug. 26, and increases
Iowa the increases of
35%
effective Sept. 1; in
were
inter-State traffic.
increase of 33 1-3%
On
was
35% Nov. 15.
In
effective Aug. 26; in Minnesota 35%,
up to
Missouri, 35%, effective Aug. 26.
For passenger traffic the Commission authorized increases of
20%, ef¬
fective Aug. 26 1920, with a
surcharge on travel in sleeping and parlor cars
of 50% of the
sleeping or parlor car fares.
All of the increases thus author¬
ized were later established also within the
States, in Illinois on Dec. 7;
in
Iowa on Feb. 1921; in Minnesota Jan. 1
1921; in Missouri Sept. 1 1920.
The increases thus
granted did not yield the results anticipated
The
increasesin wages effective May 1 1920 were estimated to amount to $620,-
000,000; this was apparently an under-estimate of about
Moreover, depression in business generally started in Nov.
[Vol. 112.
CHRONICLE
THE
1970
CALENDAR YEARS.
STATISTICS FOR
GENERAL
$100,000,000.
1920 and has
1918.
1917.
continued since.
Freight
carried
6,067,713
1919.
5,982,507
Effect as to Ability to Earn Interest.—Since the end of the guaranty period
(Aug. 31 1920), the company has failed by approximately $260,000 to earn
The interest due Sept. 1 1920 was paid out of
the amount earned while the property was under Federal control and from
funds advanced by the I.-S. C. Commission under the guaranty provisions.
The interest due March 1 1921, also has been paid out of funds advanced
Ft. (tons) carr 1 rn.(OOO)
1,663,983
1,640,593
6,011,909
1.701,807
5 ,985.683
1 ,639,674
.961 cts.
.887 cts.
.757 cts.
.671 cts.
the interest on its bonds.
1920.
Rev. per ton p3r mile
Passengers
Rev. per pass, per mile..
Sept. 1 1921 will be set aside when final settlement is made with the
with respect to the allowance under the guaranty.
It is
hoped by that time that the labor and working conditions will be readjusted
so that the company will earn its interest charges from tihat time on and a
Commission
in
excess
thereof.
2.994 cts.
BALANCE
CONSOLIDATED
Assets—
S
131,26.$.958
Common stock .a
stock—b 43.926.602
43 ,926,602
3,346 Cb. Gt. W. Ist43 25,333,000
25 ,383,000
Pref.
3,34S
500,000
.'00,000
1,280,926 M.C.&F.D.lst4s 12,000,000
12 ,000,000
Min.
Ter. 3.^3
Mason City &
Fort Dodge Interest. — As previously indicated, the
operations of the Mason City & Fort Dodge RR. have resulted in a sub¬
stantial loss; but although we were under no legal obligation to pay the in¬
Stocks
Notes
214,593
50-Year goid bonds of the Mason City
has advanced the funds to make up
the deficiency from time to time, in the hope that in time the property would
become self-supporting.
Unfortunately, the war, the taking over of the
property by the Federal Government, the stressed financial conditions gen¬
erally, and the extraordinary conditions resulting from these circumstances
confronting us on return of the properties, have dissipated this hope.
Advances....
Other investm'ts
37,321
309,413
288,501 Loan3 & bills pay
Misc. phys. prop
124,757
125,843 Accts. &
terest upon the First Mortgage 4 %
& Fort Dodge RR. Co., your company
For this reason and
the fact that the company has not
Interest, your directors upon advice
earned its own
of counsel, concluded that your com-
Eany could nothe said advanceof the Mason City & Fort Dodge
iterest upon
longer bonds the funds with which to pay the
unearned
RR. Co.
thereto notice was given to holders of those bonds that
1 1920 would not be paid.
Subsequently, on request
by it of a loan by the Federal
Government of the tmount of this interest, due Dec. 1 1920, the interest
due Dec. 1 1920 was paid.
(See Mas#n City & Fort Dodge RR., V. Ill,
p. 2140, 2228. 2324).
Road.—The first main track owned (1,034.90 miles) includes 277.43 miles
formerly owned by Wisconsin Minnesota & Pacific RR. Co., acquired by
this company June 1 1920.
The total first track operated (1, 96 miles)
includes the Mason City & Fort Dodge RR. (375.23 miles), which is con¬
trolled by ownership of entire capital stock and as lessee.
Interest on Funded Debt.—The increase of $ 4,9 6 in this item (to $1,077,767) over the amount payable last year includes■$•'.7,432 interest (at 6%)
upon $651,000 of Equipment Trust notes and $7,514 interest (at 6%) upon
$2,445,373 borrowed from U. S. Government.
and
Int. <fe divs.
of the I. S.
Inventories.....
Bonds Fledged.—In connection with the transactions with the U.S. Govt.,
bonds to a tota 1 of $6,512,000, viz.:
(a) $1,000,000 in connection with demand note of June 20 1919 for $500,000,
to secure balances due on open accounts.
'
the company has pledged treasury
620,000 to secure repayment in case the amounts advanced under
Federal guaranty exceed the amount found due on final
m
As the
physical and operating conditions have deteriorated,
during Fed¬
financial condition of the company.
1917 the company had no outstanding longterm debt other than 1st M. bonds, amounting at that time, exclusive of
$12,000,000 of M. C. & Ft. D. RR. bonds, to $25,89!,000.
At Dec. 31
1920 the outstanding long-term debt, exclusive of the M. C. & Ft. D.
bonds aggregated $28,990,373, and It includes $651,000 of Equipment
Trust notes, payable
$;3,400 yearly from Jan 1920, and $2,145,373 of
notes payable to the U. 8. Govt, in 15 years from the dates of the notes,
respectively, or earlier.
The amount of the corporate surplas has dimin¬
ished in the interval of the two dates from $7,079,596 to $5,452,814.
eral control, so also has the
Balance Sheet.—At Dec. 31
Taxes.—With practically no increase in mileage
increased from $392,383 for 1910 to $1,010,657
increase of $618,274, or 157.57%.
Enormous Increases in
since 1910, the taxes have
for 1920, an
OPERATING ACCOUNT FOR CALENDAR
(From Jan. 1 1918 to March 1 1920
Operating Revenues—
Freight
. .$15,990,231
buffet,
&c__
rage,
Total oper.
$14,555,498 $12,838,035 $11,007,428
5,979,147
687,359
4,756,821
3,935,131
665,627
603,580
550,622
474,011
648,286
481,709
436,242
355,566
332,402
295,769
demur¬
income.--$24,032,433 $22,128,189 $19,116,925 $16,368,323
OnprntiYin
Ma&t.
1,496
1,493
1,496
5,692,494
1,301,885
Mail and express
Miscellaneous
—
$5,987,678
6,736,579
$3,525,827
5,010,519
320.950
385,761
Transports—rail line.. 12,258,484
9,745,333
8,480,989
operations
233,502
165,771
722.369
545,427
497,329
Transp'n for investment
Cr.7,030
Cr.8,663
$2,131,193
2,833,950
$3,129,185
5,130,651
520,662
Cr.11,874
of way & struct.
Maint. of
equipment
Traffic
Miscellaneous
General..-..
556,462
6,350,827
144,587
490,574
170,037
Cr. 15,181
$19,305,163 $17,783,098 $12,492,412
$2,823,026
$1,333,827
$3,875,911
$682,590
$371,092
a$864,565
Cr.922
849
5,164
10,254
Total opor. expenses..$26,452,243
rev. from opor.__def.2,419.808
Net
Railway tax accruals... $1,010,657
Uncollectible ry. revs
income.def.$3,429,543
equipment
.
$657,571
$1,201,667
66,917
28.488
5,179,092
$1,926,155
$5,018,226
Other income
Gross income
-def .$3,429,543
Deductions—
on unfunded debt..
292,987
792,426
$2,509
1,078,681
783,955
$1,481,364
665,749
$728,801
$1,085,413
$1,865,146
$2,147,113
.
equipment
Joint facility rents
Total deductions
Net,
comparable
$1,093,679
-def. $4,158,344
$2,871,113
$61,009
Figures for 1917 reduced $54,900, being the amount of war taxes
which
COMBINED FEDERAL CORPORATE INCOME ACCOUNT FOR YEAR '20
(In 1918-1919 Operated bj
Stand.
Jan. 1 to Feb. 29 2 mos.
Ret.
U. S. RR. Administration.
Net Ry. Rev.
$492,241
Mar. 1 to Aug. 31 6 mos.
df. 3,406,271
Sept. 1 to Dec. 314 mos.
214,723
Other
Inc.
Total.
$14,904
$507,145
69,328df. 3,333,943
81,613
296,337
$492,241df. 3,191,548
$165.845df. 2,533,461
Add amount received from U. S. Govt, to Dec. 31 account
guaranteed March 1 to Aug. 31
1,700,000
Total
Total
df.
-
taxes Jan. to Feb. 1920,
$833,461
$35,492; int. on funded
bonds of M. C. & Ft. D. RR. Co.,
$480,000; and other deductions, $103,962; total
debt, $1,077,766; int. on
Net
deficit
for
year
414,581
Oper. reserves..
Def. liabilities—
t 73.820
15,500
91,228
123,444
2,648,240 U. 8. Govt. def.
8.645,933
6,071,241
535,914 Add'ns to prop.
assets...
Unexting.
4,213,285
1,449,975
30,721
L,061,018
27,105
518,457 Profit and loss..
5,422,093
',785,896
liabilities
6,526.712 Other unad just.,
6,983,686
21,766
&c., accounts.
Accrd,
disct.
bonds
unad. debt
4,953",829
deprec'n
567,480
..156,096,940 143,545,792
deducting $36,400 held for exchange of C. G. W. Railway Co.
Total
...156,096,940 143,545,792
After
Total
This amount
b After deducting $210,809 held by company.
securities,
includes $36,500 held for exchange of
C. G. W. Ry. Co. securities, and $5,500
against exchange of SV. M. & P. RR. Co. bonds.
—V. 112, p, 1518.
Anaconda Copper
Mining Company.
(Report for Fiscal Year ending Dec. 31
The annual report,
Results.—The
zinc.
year
1920.)
dated at N. Y., May 5, says in subst.:
and
deliveries
opened with a strong demand for both copper
The buying, however,
ceased during the first quarter and
During the last quarter the collapse
foreign, brought business almost to
a standstill.
Prices were reduced below the cost of production and metals
were forced upon the market, without attracting buyers of any reasonable
quantities.
The reduced rate of production resulted in excessive costs,
and rapidly accumulating stocks or unsold metals forced the closing of the
mines in March and April 1921.
In our opinion recovery will depend
upon the revival of general business in this country and Europe.
It is our
belief that signs of such revival are commencing to appear and that the
demand for our products is certain to be restored as normal business con¬
after August were below production.
in
general business, domestic and
after payment of all direct expenses, was $9,535,and after deduction for interest paid and depreciation reserve, the
$2,691,661.
Dividends were declared during the year amounting to $6,993,750, or
The income for the year,
253,
net income was
$3 p. s. (6%). The directors in December decided to omit the quarterly
declaration, due to existing financial and business conditions
Mining Department—Important Development Work.—Our mines produced
during the year 2,152,763 tons of ore and 7,557 tons of precipitates, or a
total of 2,160,320 tons [against 2,113,519 tons in 1919],
More development work was done than in 1919, with very satisfactory
results.
New drifts, crosscuts, &c., aggregated 22.55 miles, as compared
with 20 39 miles in 1919.
The shafts were sunk additional depths aggre¬
gating 829 feet.
The main shaft of the Steward
mine was sunk 406 feet, making a total
depth of 3,633 feet, and the ore disclosed by this work was of a better grade
than that in many of the upper levels.
This is the greatest depth yet at¬
tained in any of our shafts, and the discovery of the ore referred to at depth
encountered is considered of much importance.
Emily shaft of the Badger State mine was sunk to the 1,600-foot level.
Advantage was taken of the curtailment to complete repair work in a
producing during the year.
Shafts
of 12 mines were retimbered from 100 feet to 575 feet.
Fireproofing by means of the application of "gunite" was carried on in
of the mines.
Ventilation Work Continued.—Nine electrically driven fans, having in
total a capacity of 900,000 cu. ft. of air per minute, and 42 blowers were
installed, also 9.88 miles of canvas tubing for distributing the air.
Copper.—The copper reduction works treated for all companies during
the year 2,319,337 tons of ore and other cupriferous mateiial at Anaconda.
At Anaconda there were produced 155,339,575 lbs. of fine copper, 7,113,659 oz. of silver and 32,530.302 oz. of gold.
Of this production 138,763,065
lbs, of fine copper, 6,420,026.20 oz. of silver and 32,530.302 oz. of gold
were produced by your company.
The electrolytic copper refinery at Great Falls produced 145,149,892 lbs.
of cathodes, which were melted into shapes at Great Falls.
Zinc.—The zinc plants at Anaconda and Great Falls treated 443,582 tons
of ore and other zinciferous material, of which amount 310,572 tons of ore
were produced by our mines.
At Great Falls there were produced 101,332,458 lbs, of electrolytic zinc, 5,255,452 lbs. of zinc in dross, and residue from
which were produced 12,536,088 lbs. of lead, 2,173,080 lbs. of copper, 2,073,348.56 oz. of silver and 6,150.964 oz. of gold.
Rod and Wire Mill.—Of our production we rolled into rods 74,596,787
lbs. of copper; 22,326,478 lbs. of this was manufactured into wire, of which
5,292,604 lbs. were made into strand.
Construction at Anaconda.—The principal items were the completion of
the phosphate plant and the arsenic refining plant, both of which were
operated in a very satisfactory manner.
The 50-ton phosphate plant treated approximately 1,500 tons per month
of rock and produced about 900 tons per month of treble super-phosphate,
containing about 47% available phosphoric acid.
Plans are under way for
a large commercial plant to treat 400 to 450 tons of rock per day, together
with the necessary sulphuric acid plant.
The new arsenic refining plant contains two refining furnaces, each capa¬
ble of producing about 200 tons per month of refined arsenic.
Phosphate Development.—Operations at the phosphate property near
Garrison, Mont., were discontinued on Sept. 27 1920, as it was deemed ad¬
visable to concentrate the work at the phosphate property located at Conda,
many
near
Soda
Springs,
Idaho.
1,697,221
def.$2,530,682
located about 7H miles southeast of
the Oregon Short Line RR.
Track was laid
and the first work train arrived at Conda on Dec. 10.
a
1
for purposes of comparison are included in the statement of deductions,
b Included in returns of corporation for purposes of comparison.
Less: Expenses,
405,960
613,080
49,185
Wk. fund. adv..
station
The
a
527 Unmat. int. &c.
142,700 Taxes accrued..
Our townsite of Conda is
with
"Stand. Return" ($2,-
953,450)
b
29,933
698,868
Int.
Hire of
$3,201,092
$1,788,646
$2,139,587
39" 504
Total oper.
Hire of
707
3,127,298
int.
number of the shafts which were not
1917.
1918.
1919.
1,498
Passenger.-
Dining,
YEARS.
operated by U. 8. RR. Administration.)
1920.
Miles of road operated __
24.937
113,370
237,004
U. S. Govt, def'd
$276,000, payable Oct. 23 1935.
480,000 to secure payment of note of $240,000, payable Dec. 1 1921,
subject to extension to a later date.
3,860,000 to secure payment of note of $ 1,929,373 ,pay able Dec.21,1930.
ie)
95,600
unpd.
received
a
225,000
37,399
53,879
89,288
3,183,005
Rents accrued..
Mat.
183",075
U. 8. Govt, rents
Oth.
474,8-50
wage3.
accounts.
Misc.
374 Other cur. liab..
Other assets
on
37,191
5,656
ditions return.
settlement.
552,000 to secure payment of note of
')
accounts.
11,000
3,149,564
836,348
Traffic, <fcc., bals
178,663
Loans & bills rec
interest at 6% p. a.,
inpayment for the 15 locomotives allocated to as by the Director-General.
The company also borrowed at 6% interest from U. 8. Govt, (a) $276,000
for 15 years from Oct. 2 * 1920 to pay in part for 10 locomotives, and it gave
its note (due July 1 1921) to the Baldwin Locomotive Works in settlement
of the balance of the cost; (b) on Dec. 21 1920 a further $1,929, *73, repaya¬
ble Dec. 21 1930, to be used in rebuilding approximately 1,000 of its freight
train cars and to make other additions and improvements.
"5,681
3,423,263
Misc.
11,000
19,538 W.M.&P.lst 4s.
MI3C. oblig., &c
2,745,826
Cash
Traffic, &c., bals
its last report, the company ex¬
of $651,000, payable
Equipment Obligations.—As indicated in
1,420,326
24,337
33,395
C. Commission and the tender
ecuted Equipment Trust notes for an aggregate sum
one-fifteenth each year beginning Jan. 15 1921, with
..
rec.
pursuant
the interest due Dec.
—
S
45 ,210,513
Inv. in affll. cos.:
Bonds...
1919.
3
45.210,513
Impts. on leased
prop.
31.
1920.
Liabilities—•
$
Road & equipt.. 132,440,226
railway
DECEMBER
SHEET
1919.
1920.
due
margin
one
The fund to pay the interest
by the Commission under said provisions.
2,344,418
2 ,772,028
193,620.208 188 ,627,881
2.693 cts.
2.457 cts.
2. 086 cts.
2.498,822
2,714,422
mile-_190,126.076 221,637.483
carried...
Pass, carried
on
property will be
opened up by two adit tunnels.
Strachan,
to the plant site
No. 1 adit was
dipping bed, while adit No. 2 will be driven
dipping bed.
Adit No. 1 should reach the phosphate bed
about April 1921.
The plant will probably be ready to operate about Au^ust 1021*
Butte Anaconda & Pacific Ry.—In 1920 the railway transported 4,381,267
tons of ore and other freight and 241,250 passengers.
The gross revenues
were
$1,542,675; rental and miscellaneous receipts, $4,516; operating ex¬
penses, $1,295,242; taxes, interest and rental of leased lines, $232,147;
net income, $19,803.
International
Smelting Co.—The smeltery at Tooele, Utah, treated
104 210.44 tons of copper ore and 200,787.83 tons oflead ore, and produced
9,909,763 lbs. of fine copper, 46,130,752 lbs. of fine lead, 4,182,881 oz. of
silver and 22,592.816 oz. of gold.
The copper smeltery at Miami, Ariz., treated 355,912.41 tons of concen¬
trates and purchased ores, producing 165,791,986 lbs. of fine copper, 378,090
oz.
of silver and 5.379.814 oz. of gold.
International Lead Refining Co.—The lead refinery at East Chicago, Ind.,
treated 23,457 tons of lead bullion from the Tooele plant and 4,267 tons of
purchased ore and other bullion, and produced 49,173,237 lbs. of common
lead, 2,811,008 lbs. of antimonia llead, 3,438,370.73 oz. of silver and 11,897.158 oz. of gold.
driven 391 feet to cut the east
to
cut the west
_
_
.
,
MAY 7
Raritan
1921.]
THE
Copper Works.—These works operated at only 46.3% of total
with a corresponding curtailment of precious metals.
The installation of the oil system, whereby fuel oil replaces coal through¬
copper capacity,
out the
plant,
practically completed.
was
Our refinery at Perth Amboy, N. J.,
124,463 tons
year
which there
were
treated for all companies during the
of copper bullion and 4,338,617 oz. of silver bullion,! from
produced 245,473,190 lbs. of fine copper, 14,320,832 oz.
of silver and 76,746.243 oz. of gold.'
South America—Andes Copper
Mining Co.—Churn drilling to the extent
the main ore body, and a
averaging 1.64% copper, was added to
total estimate of 128,262,503 tons, having a
of 9,086 feet was done in 1920, largely south of
tonnage of 7,826,241
the
ore
1971
CHRONICLE
tons of ore,
making
reserves,
a
content of 1.49% copper.
The amount of work done in drifts, upraises,
removal of waste and the development of the
copper
,
and inclined shafts for the
intermediate haulage level
was 12,392 lineal feet.
An inclined shaft 422 feet in depth to facilitate
development of a haulage level which will be used for mining the oxide ore
body was completed during the year.
The main adit was advanced 4,142 feet, the total length Dec. 31 being
11,132 feet.
The work was seriously interfered with by a large flow of
water, but this is gradually decreasing, lowering the water level in the ore
body at the rate of 3 feet per day.
Operations in general were curtailed by inability to secure fuel.
The ex¬
perimental mill at Potrerillos was started Jan. 25 1920.
Leaching experi¬
ments indicated a consistent extraction of 92% of the copper content in
the oxide
treated.
ores
;
.
The sulphur dioxide plant
,
„
,
.
has been shipped to South America and should
Tests on similar ores at Anaconda warrant
Tons.
% Copper.
47,723
44,268
41.02
15.00
•
Kennecott—-Latouche—
Tons Copper.
19,576.67
6,640.23
Of the above 7,893 tons from Kennecott was high grade ore containing
4,684.5 tons copper.
Development.—At Kennecott 13,630 feet of development work was driven
and 14,936 feet of diamond drilling was done, developing new ore.
At
Latouche we did 8,652 ft. of raising and drifting and 4,846 feet of diamond
drilling, chiefly to prepare the ore for stoping.
Labor.—On Dec. 31 1920, owing to the curtailment of operations, there
were plenty of men available at both mines.
re¬
production
of Copper, &c.—Receipts at the smelter amounted to 51,365,-
261 pounds of deliverable refined copper and 507,726.88 oz. of returnable
There were sold during the year and taken into profit and loss
silver.
45,487,855 lbs. of
copper
and 507,726.88
of silver.
oz.
The, average price
realized from the sale of copper was 17.415c. per pound.
Cost of producing copper, delivered to consumer, after
charging in de¬
preciation and taxes and crediting silver, but before charging in depletion,
amounted to 10.84c. per pound.
Dividends Paid.—Four quarterly disbursements of 50 cents per share
each were made during 1920 (Q.-M. 31).
>**'
Issue of Bonds.—On Feb. 1 1920 we sold at 95% $15,000,000 10-Year
Secured 7% Gold bonds, secured by pledge of 500,000 shares of the capital
stock of the Utah Copper Co.
The proceeds were used to pay our $12,000,000 notes maturing March 1 1920 and to provide additional working capital
(V. 110, p. 470.)
Alaska
Steamship Co.—Net earnings after depreciation of vessels
be in operation early in 1921.
deduction
the
and
One
small
of a very satisfactory recovery.
Due to shortage of fuel, the mill was shut down in Sept. 1920. but will
be started up early in the year 1921.
Santiago Mining Co.—At the Lo Aguirre mine the principal work done
was in preparing the ore body for caving by driving haulage drifts and raises;
also in the development of the sulphide ore body.
The presence of water
in the winzes made it impossible to determine the exact extent of the ore,
but the existence of a substantial body of sulphide ore below the tunnel
level was established.
The total work done on all faces, 8,121 feet.
At the Africana mine the total development was 8,403 feet, notably an
additional 270 feet in Shaft No. 1 to a total depth of 858 feet, and 190 feet
in Shaft No. 2 to a total depth of 423 feet.
The results were quite satis¬
factory and tend to indicate an extension of the ore bodies to the north and
a weakening of the ore bodies in a southerly direction.
The copper appears
entirely in sulphide form, assaying 3.73% copper for ore so far developed.
Mines and Mining Claims.—During 1920 we added to the mining claims
owned in the Butte district by purchasing interests in a number of outlying
properties for sums aggregating $191,695; $147,873 was paid upon the con¬
expectation
tract for the
purchase of phosphate lands and adjacent property in Idaho.
Arizona Oil Co.—During the year this company produced 395,641 bbls.
of oil and
paid $40
share in dividends, of which your company received
per
326,400.
Inspiration Consolidated Copper Co.—During the year your company in¬
creased its holdings of stock in this company from 250,900 shares to 285,300.
New Bonds.—Continued expenditures in South America, together with
the carrying of abnormally heavy stocks of metals, necessitated the borrow¬
ing of additional money.
Accordingly, your directors in October sold
$25,000,000 Series B 7% bonds of the authorized bond issue.
(See offering,
V.
Ill,
1568.)
p.
.
Balance Sheet.—Under the heading of "Investments" there has heretofore
been included Anaconda's interest in companies controlled though not en¬
tirely owned, as well as other investments.
Due to the increasing impor¬
tance of such companies, particularly those owning the South American
properties, and in order more accurately to present the status of this com¬
pany's interest, where more than 75% of the issued stock is owned, the as¬
appear upon their respective books are dis¬
appropriate headings on the consolidated balance sheet
attached hereto.
The change does not imply a valuation of the properties
of such companies, which would show greatly in excess of the book values
taken.
[Signed John D. Ryan, Chairman, and Cornelius F. Kelley, PresJ
under
PROFIT & LOSS ACCT. YEARS END. DEC. 31, INCL. SUBSIDIARIES.
1918.
1919.
1920.
1917.
Sales
of
53,227,278
6,814,730
Sale of merchandise7,716,976
Income from invest., &c.
1,315,087
Metals
in
process
(at
cost) and on hand (sold
at contract prices)
32,536,183
.
-
receipts—.
—
52,633,640 109,504,744 109,055,593
7,436,953
10,248,791
6,668,384
11,937,531
"
7,514,591
1,892,788
2,867,515
2,749,083
KENNECOTT
27.865,266
32,966,589
101,610,254 102,606,287 150,486,317 158,954,240
Disbursements—
Metals in process
hand
and
—
Total deductions
Balance
Interest
-
96,575,348
5,034,906
2,343,243
6,993,750
(6%)
.
Per cent
sur. or
32,966,589
29,844,525
19,474,604
23,695,832
17,294,929
12,968,644
16,216,916
37,225,804
24,591,950
21,156,714
18,960,027
6,247,392
11,186,550
8,552,862
5,845,701
Copper
1,518,566
2,928,237
2,522,616
3,396,110
5,387,437
6,104.185
96,226,500
129,006,914 124,094,213
21,479,403
34,860,027
676,533
526,275
6,379,787
1,276,145
9,325,000
(8%)
19,815,625
(17%)
17,484,375
(15%)
def__def4,302,089def4,221,358sur3,318,495Brl4,518,127
Metals in process at cost and on hand sold, at contract prices,
Transportation of ore is included in ore purchased for
1917, and in reduction of expenses for 1920.
BALANCE
1919,
1918,
1920.
1919.
$
Assets—
S
1920.
— _
Freight to smelter
\
Smelting and refining-. f
Selling and delivery
Marine
Int. in sub.
1
/
—
5,267,339
Inves. In cos.not
Accts.
15,975,377
38,487,026
Mat'l & supplies
& prepaid exp. 24,050,298
Mdse. for sale—
Metals
in
cess,
&e
32,536,183
28,705,375
50,000,000
24,868,982
35,242,891
294,795,732 254,194,634
Note.—The above accounts
are
In
25,000,000
wages
fie
and
30,658,791
Net
earnings
Divs. from UtahCop. Co.
D i vs. from Alaska SS. Co.
Int., discount, &c
Income from mines
Gross income
2,331,250
22,310,820
Surplus..-
84,753,462
Total
compiled
on
17,630,968
62,011,125
294,795,732 254,194,634
the same basis as heretofore.
order, however, to comply with the Government income tax require¬
the purpose of computing depletion, an additional valuation of
the mining property as of March 1 1913 has been recorded on the books
of the company, but for the sake of uniformity the result of those entries
ments for
has
$1,316,898
been omitted from the current statements.—V.
112,
1401.
p.
Copper Corporation.
(6th Annual Report—Year ended Dec. 31 1920.)
President Stephen
Birch, N. Y., April 25, wrote in subst.:
Operations.—Ore mined at the corporation's properties
Tons.
taxes—.
% Copper.
223,009
9.04
451,463
1.77
20,169.4 tons
7,990.9 tons
Total
674,472
4.175
28,160.3 tons
Bond interest
$3,091,515'
$2,512,394
739,804
143,125
514,344
28,713
Depreciation—
$1,317,500
1,574,771
864,657
158,635
97,044
"
140~966
196~302
$5,649,635
$4,208,909
$9,431,292 $11,817,196
4,777,907
7,147,801
238,541
190,833
265,689
118,635
(]oss)41,156
9,016
,
<
$3,938,381 $14,672,272 $19,283,481
r •
$653,333
$373,142
167,531
525,16^
$734,316
584,263
382,853
391,233
353,446
Depletion account—
Divs.
dist'n, ($1) 2,787,081($l)2287,793($2)5574,O89($2)5574,O56
Other depletion
718,751
681,639
491,980
as
cap.
Red
Cross and United
War Works funds
"[Dividends
Per share divs. paid..
Amort'n of disc, on bds.
or
150,000
5,574,089
($2.00)
-
2,787,081
($1.00)
68,750
2,787,073
($1.00)
10,311,665
($3.70)
def_def.$1,317,686df$2,340,202 sr$l,402,915sr$1,233.755
t This does not include capital distribution, which see above.
follows;
SS.
1920
Gross
Net
earnings
Balance,
sur.
or
270,000
COPPER
$
Mining property* 9,508,810
Constr. & equip
1,268,199
Investments-. _xl00,019,302
Metals
and
on
$534,973 loss$177,896
Liabilities—
$
$
31.
1919.
$
18,457,083
Stated
capital-.a 15,000,000
capital._al5,000,000
15,000,000
bl,203,721
Capital surplus Jv87,516,541
fv87,516,541
86,707,096
97,650,906
Property surp-1
surp.[
Notes payable—
12,000,000
Accts.
4,651,175
SHEET DEC.
1920.
1919.
3,189,311
and
y
13,060,761
214,555
179,531
533,726
payable..
AcCrued
Ore and concen¬
trates (at cost)
1Q1Q
$1,145,662
1,323,558
1920.
hand
—
1&90
1,230,167
CORPORATION—BALANCE
in transit
at cost
Copper Riv.&N.W.Ry.
$1,765,140
def__sur.$69,884sur.$507,346sur.$534,973def.$177,898
1920.
Assets—
a
$957,379
180,033
270,000
See "x"
Includes depreciation in
KENNECOTT
Co.1919.
$4,791,231
3,833,852
$339,884
Depreciation
Dividends (6%)-
285,934
15,000,000
41,635
83,081
Interest
taxes
202,599
154,620
10
951,662
852,695
Deferred llabil's.
Accts. collectible
632,018
920,325
Treatm't
Loans to affil.cos
12,950,000
9,250,000
81,875
ing and deliv¬
ery chgs. (not
2,646,163
1,201,002
due)
Develop't res've
Undlvi'd
profit
Mat'l
on
hand <fc
transit.
yr.
gold
7%
bonds
Deferred accts..
735,800
Marketable see's
2,441,417
Cash
1,655,247
refin¬
(aft depletion)
Total.
.135,016,229 135,607,701
Total..-
615,077
413,288
366,605
16,094,693
7,511,405
135,016,229 135,607,701
Represents 2,787,081 2-13 outstanding shares of no par value; total
issue, 3,000,000 shares.
1920 net book value after depletion deduction,
h After deducting
in 1920 $1,567,663 depreciation,
x Includes in 1920 616,504 shares Utah
a
Production for shipment to smelter totaled 91,991 tons containing 26,216
as
i
$120,000
151,770
939,167
222,104
follows;
Copper Content.
Kennecott-'
of 28.50%, divided
1689,975
194,759
36,544
16,962
125,966
•
was as
Latouche
tons copper, or an average
$5,185,700
3,251,490
887,766
143,124
2,186,742
7,897
i,477,019
Infc.&comm.onnotespay.
Accrued
in
Kennecott
171,577
$2,162,032
1,646,938
1,110,910
515,989
72,799
/710.412
320,163
i(*f. ion
x
ble February
Reserve for de¬
preciation
681,641
$2,373,425
2,320,535
-Alaska
—
Accounts receiv¬
Total
<fc
95.848 cts.
-
earnings—
$4,587,460
Oper. expenses & taxes._ x4,247,576
raphpaH
payable
695,316
95.290 cts.
INCOME ACCOUNT FOR SUBSIDIARY COMPANIES FOR CAL. YEARS
3,594,090
taxes, &c., ac¬
crued
12,020,580
17,574,860
1,398,397 Dividend paya¬
3,980,697
pro¬
able & cash—
1 fi-vpftp
27.015 cts.
$
-116,562,500 116,562,500
cos.
gold bonds—
entirely owned
(see text)
sued
56,904,650
$5,603,910 $15,080,927 $16,026,105
.
Capital stock Is¬
claims,land,&c.ll8,364,459
75,614,653
Bldgs.,mach.,&c. \ 75,019,735/ 57,458,363
1917.
58,684,126
24.428 cts.
$5,034,906 $14,335,282 $15,372,765
569,004
662,569
653,340
83,076
insurance
Mineral separ'n royalty
General expense
I
1919.
$
Liabilities—
Mines <fc mining
26,756,463
18.818 cts.
520,660
109.285 cts.
$8,437,190
Expenses—
Mining and milling.
Balance, surp.
SHEET DECEMBER 31.
[Including assets and liabilities of subsidiary companies owned.
ACCOUNT.
1918.
$7,921,928
515,262
revenues
revenues.
Total revenues
6,956,883
6,419,288
x
Timber lands
1919.
Income Account—
Total expenses
28,705,375 *27,865,266
-
Dividends
*
1920.
Copper prod. & sold (lbs.) 45,487,855
Avge. selling price per lb. 17.415 cts.
Silver prod. & sold (oz.)_
507,726
Avge. selling price per oz. 101.48 cts.
on
—
Mining exp., incl. devel. 17,943,878
Ore purchased
-_xl3,813,410
Reduction expenses, &c_ 19,248,563
Trans, of metals, refining
and selling expenses.4,963,639
Cost of merchandise sold
5,664,682
Admin, exp. & taxes, loss
on securities sold_____
1,935,452
Depreciation, &c
4,300,349
$339,884.
to
CORPORATION—INCOME
COPPER
Years end. Dec. 31—
_
28,705,375
amounted
Operations of Utah Capper Co.—The total net copper produced for 1920
101,897,758 lbs.
The average cost per pound was 13.145 cts.
This
figure includes no Federal income and excess profits taxes but is after
crediting gold and silver and miscellaneous income (incl. Bingham & Gar¬
field Ry. Co. dividend) amounting to 2.092 cts. per lb., and compares with
12.366 cts. per lb. for 1919.
Before crediting gold and silver and mis¬
cellaneous earnings as aforesaid to cost of copper produced, the cost was
15.237 cts. as compared with 14.145 cts. for 1919.
The net earnings amounted to $4,924,498, as compared with $8,252,396
carried to surplus account in 1919.
This reduction in profits is mainly due
to slightly smaller production, somewhat higher costs, loss on Liberty bond
sales, reduction by half of Nevada Consolidated disbursements to stock¬
holders, and the inclusion in 1919 income of $965,983 as an adjustment of
treatment overcharge, &c. < Distributions of earnings and the proceeds of
depletion were made to shareholders during the year in the total sum of
$9,746,940 (or $6 per share), of which your corporation received $3,699,024.
The ore of the Utah Copper Co. remaining unmined Dec. 31
1920
amounts to 364,130,800 tons, averaging 1.35% copper.
During the year
5,556,800 tons of concentrating copper ore, averaging 1.16% copper, were
mined and milled at the Arthur plant and 187,265 tons of carbonate ore
were mined and delivered to the leaching plant.
General.—Business early in the year was good,with copper metal selling at
from 19 cts. to 20 cts. per lb.
As the year progressed, the demand, from
both domestic and foreign consumers, declined and the company suffered
from the severe business depression prevalent both at home and abroad.
At the end of the year very little copper was being sold even at the prevail¬
ing low price of about 13 cts. per pound.
silver
copper,
gold__
Royal ties, &c
Balance,
charges,
Insur. for ore lost in trans.
and
Total
other
tached hereto.
Silver
Receipts—
all
was
sets and liabilities as the same
tributed
of taxes and
freighter was sold and the construction of a 6,000 deadweightt on
motorship was begun. Quarterly dividends of 1%% each were paid in 1920.
Copper River & Norlhicestern Ry.—The operating income was $534,973.
Braden Companies.—Complete operating and financial reports of the
Braden Copper Mines Co. and Braden Copper Co. for the year are at¬
authorized
*
In
1972
THE
CHRONICLE
Copper Co. stock, valued at $44,836,469; 2,565,986 shares Braden Copper
Mines
Co..par $10, $39,477,330; $23,020,000
R. & N. W. Ry. Co.
par C.
bonds, $13,257,608; 48,174 shares C. R. & N. W. Ry. Co. stock, 23.854H
shares Alaska 8S. Co. stock, $2,385,412; 500 shares Alaska Development &
Mineral Co. stock, $62,480, and 1 share Copper Export Association, Inc.,
stock, $1.
y Property surplus from mining property acquired, less capital
distribution,
v From
conversion of bonds and exchange of stock.—V.
[Vol. 112.
[The $20,099,400 Class B common stock of the Pan-American Pet. & Tr.
Co., listed on the N. Y. Stock Exchange, was issued in 1919-20 as follows:
(a) In exchange for a like par value of stock in Mexican Petroleum Co.,
$8,158,200; (b) sold for cash at 200% ($100 a share, par $50) to stockholders
of record Nov. 25 1919, $5,149,800; (c) taken by underwriters, $412,900;
(d) issued in July 1920 as stock dividend to common stock holders, $6,378,-
500.—Ed.]
112, p. 1622.
INCOME ACCOUNT FOR CALENDAR
1920.
Income from steamships
(Report for Fiscal Year ending Dec. 31 1920.)
COMBINED
STATEMENT
OF INCOME AND PROFIT
ACCOUNTS FOR CALENDAR YEAR.
Gross
earnings
Oper. exp., depreciation, depletion & other
LOSS
$23,157,188
preceding.__ not shown
(8%)4,694,040
^Surplus
for year
____
Balance to credit of account beginning of year
Income tax refund (over-payment for 1918)
.$18,463,148
31,552.658
305,229
$9,365,973
2,325,000
3,813,726
$3,227,247
31,463,523
-
Bal. to credit of undiv. profits acc't Dec. 31
z
-
$12,010,533 $31,552,658
Out of the surplus as thus increased to $99,284,071. a stock dividend of
100%
$58,665,789
or
paid Dec.
was
28
1918, leaving
a
1920.
Total
$
1920.
Liabilities—
leaseholds, oil
Bond and miscellaneous interest
Income and excess profits taxes
4,390,138
9,067,321
6,172,071
3,904,935
11,723,737
5,162,144
1,977,400
(12%)
zl ,985,673
Balance, surplus
Previous surplus
$4,954,080
16,159,192
$1,076,923
5,010,164
$2,469,568
2,540,595
$21,113,272
$6,087,087
$5,010,164
_
Total surplus
Investment adjustments—Cr
xStock dividend
886,084
6,378,385
(10%
z
Adv. to sub. cos.
Total
CONSOLIDATED BALANCE SHEET DEC. 31.
[No report was issued for the year
8,851,000
950,458
5,341,833
$
4,801,390
842,140
Mex.
1,105,395
Common
C
53,673,883 33.630,859
Other companies.
4,243,428
5,998,645
Accts. receivable-
1,390,259
Dividends receiv.
1,117,693
Marine
1,228,643
Notes receivable-
200,000
1,850,260
335,236
Capital surplus.c40,618,282
67,439,793
Undivided profits. 12,010,532
31,552,658
175,997
mm on
Preferred
Pet. Co. of
Del
76,020
Other assets
Insurance claims.
193,620,026
$
stock._
equip bds.
Accts.
530,700
1,651,658
for
Accounts
affil.
Total
193,620,026
1,041,650
M.
steamship
payable
stock...} 2,105,343
1914.
Extras in cash..
Stock divs
Dividend
1915.
4%
....
100%
Record
(Compiled
1916-17. 1918.
6% p.a.
6%
1%
by
1919-20.
6% p.a.
2% p.a.
Ed.).
Jan. *21. Apr.
,)H%
of 1
%
100%
25%
'21.
1H%
None
At last accounts it was reported that the Standard Oil Co. of New York
owns
approximately 45% of the stock.—V. 112,
Reserve for taxes.
144.074
Unpaid subs. Lib.
477,229
p.
1150.
Total
.....103,121,634 58,137,9391
and
$412,250 oil
112, p. 1874.
lands.—Total
the profit
derived
President W. J.
has acquired its entire fleet,to which additions have been
The
of the
stocks,
$57,917,311.—
mission
ships of its
subsidiaries, constitute a fleet of 50 vessels, aggregating 420,000 deadweight
tons, moving the oil of its subsidiaries.
The average cost per deadweight ton of your fleet is $132
55, and with
depreciation already provided, the book value is $117 91.
The net earnings
before depreciation on your investment at the average charter price is
33.3%
and after depreciation is 28.4%.
The charter price to your subsidiary
companies has always been at or below the current market price.
«California Oil Properties.—The production of our California oil properties
has'been maintained without any increase over that of 1919.
The higher
prices received for oil, however, caused an increase in the operating profit
of nearly $600,000 over 1919.
The acquisition of a very favorable lease
warrants the prediction of greatly increased earnings from this source.
M Caloric Co.—The operations of this subsidiary, in Brazil, have been re¬
sumed, after several years' practical cessation, due to war conditions
Judge
in substance;
says
underlying companies owned by National Fuel Gas Co.
Said
companies, their capital and the percentage of each owned directly
indirectly are as follows:
United Natural Gas Co
$15,125,000—100%
Iroquois Natural Gas Co
8,032,500—100%
Pennsylvania Gas Co
;
7,200,000—50.84%
Pennsylvania Oil Co
288,000—50.84%
Provincial Natural Gas & Fuel Co. of Ontario, Ltd
600,000—58.84%
Iroquois Building Corporation
255,500—100%
The Mars Company
200,000—100%
...
The total number of
consumers supplied on Dec. 31 1920 was 186,873, of
163,646 represent the percentage of ownership by Nat. F. Gas Co.
principal places supplied with natural gas are: (a) In N. Y. State—
Buffalo, Jamestown, Olean, Salamanca, Lackawanna, Lancaster, Depew,
Hamburg, East Aurora, Angola, Springville.
(b) In Pennsylvania—Erie,
Oil City, Bradford, Warren, Meadville, Sharon, DuBois, Franklin, Titusville, Corry, Clarion, Brookville, Reynoldsville, Tidioute, Youngsville,
Mercer, Greenville, Sheffield,
(c) In Canada—Niagara Falls, Welland,
Bridgeburg, Fort Erie, Sherkston.
which
The
Earns, for Cal. Years—
Number of consumers__
P.C.owned by N.F.G.Co.
Total earnings.
Expenses and taxes
Gas purchased
Reserve for depr., depl.,
amort., p. & 1. adj
Net
1920.
186,873
163,646
$8,581,815
180,378
157,866
$8,166,924
437,699
$9,860,829
4,098,008
1,185,751
$9,063,182
3,746,637
1,285,380
$9,086,268
3,781,343
1,359,311
$8,604,623
2,883,548
1,274,580
1,961,798
1,550,069
$2,481,096
1920.
SHEET DEC.
$
1920.
Capital stock
rec._
31,237,774
2,753,982
1,344,129
Cash
154,774
Deferred charges..
926
1,159
1919.
$
$
18,500,000 18,500,000
Div. pay. Jan. 15-
462,430
462,403
Capital stock
pre¬
mium account-.
735.296
757
11,613
equipment.
$4,446,495
31.
Liabilities-—
bonds of
underlying cos-32,502,027
Office
&
$3,945,614
1919.
$
Assets—
1917.
182,074
159,217
$8,417,089
669,180
BALANCE
Sec. & accts.
1918.
184,610
161,433
$8,066,191
996,992
$2,615,272
earnings
Stocks A
1919.
1,279,014
From sales of gas
From miscellaneous
"360,120
360,120
war.
907
873
Accounts payable.
90
256
Def. divs.
on
Surplus
Total
It
is
16,099,605 13,995,632
Total
35,423,153 33,319,284
35,423,153 33,319,2841
understood
that the company has
been paying regular quarterly
dividends at the rate of 10% per annum.—V. 109, p. 2176.
Mexican
Petroleum
Co.,
Ltd.,
of
Delaware.
(Report for Fiscal Year ending Dec. 31 1920.)
The
profit for 1920, after deducting taxes of about $380,000, were $470,000.
British Mexican Petroleum Co., Ltd.—This corporation, in which your
one-half of the stock, carries on a business of selling fuel oil
the United Kingdom and to British merchant ships.
Your
investment, up to Dec. 31 1920, was approximately $2,845,000.
The net
earnings of said company up to that date, after deducting estimate for
taxes, were approximately $2,500,000, but no
credit therefor has been
taken by your company in its statement herewith presented.
(of N. J.).
or
made
consists of 31 ships of deadweight capacity of 272,493 t ns.
half-interest in the British Mexican Petroleum Co's fleet in com¬
and
being built, which, together with the chartered
Pres. E. L.
f
in
earnings shown in the report include only the proportion of the
business
a
company owns
and gasoline in
investments
(Report for Fiscal Year ending Dec. 31 1920.)
Doheny, Los Angeles, April 1, wrote in subst.:
now
owns
675,000
...103,121,634 58,137,939
Total
National Fuel Gas Co.
contingencies, leaves a net profit of $12,987,753, equivalent to 19ii% on
the average outstanding common stock.
If to the above net earnings we add the proportion of undistributed profits
for last year, of the British Mexican Petroleum Co., whose net earnings,
before deducting taxes, amounted to $5,000,000, and your company were
given credit for such proportion its earnings would amount to approximately
21% on the average outstanding common stock, as compared with 14%
earned during the year 1919.
This increased earning is accounted for by: (1) Increased business resulting
from enlarged fleet; (2) increased profit from California oil properties; (3)
increased income from the Mexican Petroleum Co., Ltd., of Delaware [see
that company's report below and in V. 112, p. 1864], and the Caloric Co.;
(4) its proportion (one-half of $5,000,000, less estimate for taxes) of profits
for year 1920 of British Mexican Petroleum Co.
Dividends.—During 1920 dividends paid in cash amounted to $8,034,000,
stock dividends [of 10% in Class B common in July 1920
to $6,378,000;
total, $14,412,000.
Taxes.—The taxes payable by the company and its proportion of taxes
paid by the companies in which it holds stock, amount to a total of approxi¬
mately $7,760,000, of which $2,567,000 was payable to the TJ. S. Govern¬
ment, and $3,943,000 to Mexico, and $1,250,000 to other countries, includ¬
ing Great Britain and South American States.
Assets.—Since organization Feb. 2 1916, the holdings of securities and
other assets have been largely increased.
The security holdings now in¬
clude; (a) Mexican Petroleum, Ltd., $31,461,000 Common stock (as against
$17,500,000 in 1916), and $9,035,000 Preferred stock,
(b) Caloric Co.,
$943,400.
(c) British Mexican Petroleum Co., Ltd., $2,844,710.
(d)
Bankers & Shippers Insurance Co., $250,000.
(e) Pan-American Petroleum
Co. (of California), $1,265,152.
The additions to the holdings of stock In the Mexican Petroleum
Co.,
Ltd., and Caloric Co., make our present ownership 71% and 75%, respec¬
tively, of their outstanding stocks.
The Buena Fe Petroleum Co. has been
absorbed by the Pan-American Petroleum Co. (of California).
Steamships.—The Petroleum Transport Co. has been dissolved, and your
until it
5,020,596
Transp. Co. & Subsidiaries.
Profits.—The profit from operations is $8,835,535;
company
1,250,000
__
Properties shown in table, after deducting depreciation of $4,824,040
in 1920 included as of Dec. 31
1920, steamships
in commission, $31,336,877; payments on account of steamships not delivered, $3,073,107;
oil lands and development, $7,699,744.
y Auth. capital stock: Common, 1,100,000 shares of $50 each, $55,000,000; Common Class B 1,400,000 shares of $50 each, $70,000,000; Preferred
7% cumulative, 250,000 shares of $100 each, $25,000,000.
Note.—Investments for 1920 include: (a) Mexican Petroleum Co. of Del.
$9,035,000 preferred par value, and $31,461,000 common par value;
(b) Caloric Co. $325,972 preferred par and $617,428 common par, total
book value of $1,148,718; (c) British Mex. Petroleum Co. on account of
subscription at par to £1,500,000 capital stock £725,000 or $2,844,710;
(d) Bankers & Shippers Insurance Company ($100,000) capital stock
$250,000; (e) Purchase money obligations secured by $2,125,053 steamships
from controlled companies is $7,151,281; a total of approximately $16,000,000, which, after providing for interest charges, depreciation, taxes and
It
1,654,831
15,560,971
bonds.
x
(Report for Fiscal Year ending Dec. 31 1920.)
Pres. E. L.
Loan
Surplus
V.
Pan American Petroleum &
y 826,166
1,009,861
stk.__J
2,411,017
50,055
182,017,559
1920, as against $47,873,338 in 1919 and $27,910,016 in 1918.
b Includes amount duo on purchase of property,
c Due to revaluation of leases.
Complete
2,565,617
628,000
1,631,237
Purch. mon. oblige 2,537,302
Divs c m.
Divs. pref.
3,140.000
,
profits and income taxes for 1920.
x Joint stock association
(unincorporated); capital, 1,200,000 shares of
$100 each; auth. issue, $120,000,000; held for future subscription, $2,649,000; outstanding, $117,351,000.
A 100% stock dividend was paid Dec. 28
1920.
a After
deducting $67,401,389 depletion and depreciation reserve in
Regular divs
7,668,500
9,455,500
cos
1st
880,964
1,627,571
Liberty bonds
Inventories
excess
$
stock-.y50,077,200 35,354,200
stock B 20,099,250
with
1,198,341
723,766
Cash
182,017,559
1918(sfc).
1920.
Liabilities—
$
37,285,688 16,328,646
xProperties
1919.]
1918 (sic).
1920.
Assets—
Investm'ts—(see note)
1,365,913
No liability has been set up
$5,010,164
paid half in
Approximation inserted by Editor.
Deferred chgs1,623,449
Cash
2,480,064
Common Class B divs. (12%), approx.
$
Deferred charges
of cap'l stock.
Notes A acct.rec.
See above.
z40,000
z6,008 000
Preferred dividends (7%) approx.
58,675,500
...
Due to subscrip.
720,311
3,117.852
y(io%)
$5,076,154
$274,426
530,000
735,000
1,067,160
(3M%>
1919.
$
wells, real est.,
pipe lines, refineries, Ac._all7,374,336 117,763,894
In crude oil...
Material A supp. 43,621,915
33,745,043
Miscellaneous..
614,943 Taxe3, int., Ac.
554,975
Investments
0,463,785 Insurance res've
7,385,734
Lib. bds. at par.
.
64,350
2,800,700 Adv. payments.
Due on pur. of
Oth. market.sec.
84,250
U.S. Treas. ctfs.
500.000
property
1,000,000
'
$6,529,040
$363,954
1,250,000
Profit and loss surplus
$15,520,971
$6,087,087
x Paid in Class B Common stock, 10%, in July 1920.
y 10%
Capital stock..xll7,351,000
First mtge. bds.
8,762,000
Notes payable.. b3,858,586
Acc'ts payable-.
4,840.860
Acc'ta
payable
,
$2,596,090
$12,987,753
income
Liberty bonds,
1919.
$
prop.,
$3,524,076
3,004,964
capital surplus
BALANCE SHEET DEC. 31.
Assets—
(See below)
1,000,000
$5,836,472
6,151,281
Other income
Dec. 31 1920, $40,618,282, as per balance sheet, &c.
Produc'g
1,797,736/
Common dividends, approximate....
do
Per cent
r Total
$50,321,036 $34,690,770
Adjustments of depletion, &c., for prior years on
account of change in Income Tax Regulations 45,
Article 214 (see footnotes "a" and "c" below),__
6,466,225
3,138,112
Transferred in Dec. 1920 to surplus account z
31,844,278
l
$7,332,308
3,808,232
$8,835,535
201,4261
Net income
...
i
income
Federal taxes ,&c
.
-
Federal taxes for account of year next
Dividends paid
401,372
$4,512,650
1,916,560
40,453,684
49,486,451
IP1 Net earnings
Gross
Depreciation, &c
$72,643,639 $49,819,656
exps__
/ $4,111,278
Not shown.
Interest, &c
1919.
prity
1917.
1918 (sic).
Income from oil
AND
1920.
YEARS.
(No Figures Available for 1919.)
Magnolia Petroleum Co., Joint Stock Ass. (Not Inc.)
Doheny, Los Angeles, April 1, wrote in subst.
Results.—The results for the year, after deducting depreciation and
amounted to $9,773,898, equivalent
taxes'
(after Preferred dividends) to 20^%
outstanding common stock, as compared with $6,980,439
and 14 H%. respectively, for the year 1919 (whjch is an increase of approxi¬
mately 40% in the net earnings); also, as compared with $6,699,444 for the
year 1918, and $4,986,020 for the year 1917.
on
the
average
May 7
THE
1921.]
CONSOLIDATED
These figures show the expected increase which resulted from the cessa¬
The increase in total oil sold was 68% and in total
tion of war conditions.
velIUG 90
*
Year 1921.—Our reports for the
first quarter of 1921 show that the gross
86% in excess of those for 1920, and the estimated net profit
for the same period, after deducting taxes and depreciation, shows an in¬
crease of 225% over the first quarter of 1920.
Dividends.—Cash dividends were distributed during the year 1920 to
sales
1973
CHRONICLE
/
1920.
approximately $5,695,000, and a stock dividend amounting
approximately to $4,083,000 was also paid.
(V. 000, p. 0000 )
Extensions.—During the year over $12,000,000 has been actually ex¬
pended in extensions in Mexico and in additions to the marketing and
refinery facilities in the United States and South America.
Of this amount about $7,800,000 has been expended in Mexico, nearly
$4,000,000 of which has gone into new pipe-line construction.
The balance
is made up of cost of enlarging the topping plant, well development, purchase
of lands, erection of buildings and tanks, building of railroad and wagon
roads, and purchase of movable equipment such as vessels, autos and
trucks.
The additions to the marketing stations in the United States have
been principally in connection with the establishment of the Galveston
station and the extension of the other stations, very largely for movable
equipment such as tank cars and barges.
The expenditures accounted for
in this way amounted to nearly $5,000,000.
In addition, the establishment of the stations at Buenos Aires and Monte¬
video account for an expenditure of about $500,000.
On the refinery at
Destrehan and the storage station established at New Orleans, and on
barges and tanks at that point, there has been expended some $950,000.
Refining.—The capacity of the refining faclities has been increased ap¬
proximately 150%.
(Tampico topping plant increased from about 40,000
obis. per day to 104,000 bbls.; Destrehan refinery from 10,000 bbls. to
per day.)
;
.
Wells.—There are 16 wells being drilled on various parts of the com¬
panies' properties, some of which have progressed to the point where com¬
pletion should be accomplished within sixty days.
Satisfactory reports
thereon are expected shortly.
Outlook.—This year will be the period of greatest activity in drilling ever
carried on by your companies.
Our refineries and our land and ocean
transportation facilities are more ample than ever before.
They are prac¬
tically co-equal in their efficiency and should enable the record of sales and
earnings for 1921 and succeeding years.
[Mr. Dobeny gives a glowing account of the prospects for the oil industry
of Mexico based on the impressions and information gained by him in a
recent visit to that country.—Ed.]
25,000 bbls.
$
17,437,379
2,460,906
1,772,154
Cash
Marketable
7,379,070
Notes payable-...
CONSOL.
BALANCE SHEET DEC.
1920.
Telegraph
4,870,359
Acc'ts receivable—
Acc'ts
accounts.
793,205
596,575
339,603
838,842
Dlvs.
63,652
1,004,738
136,481
Surplus
Total
&c.
y
Total
Stern
30,766,915 29,445,547
I
,
Brothers.
LOSS ACCOUNT FOR
PROFIT AND
•
...$1,580,118
Miscellaneous revenue
106,271
t|
items, below.
YEARS
ENDED
1919-20.
1920-21
Profits
Total income
Officers'
$1,686,388
JAN.
1918-19.
31.
1917-18.
$2,176,298
50,168
$842,918
53,831
$647,414
55,063
$2,226,466
$55,000
56,453
43,586
53,064
66.935
$702,477
$55,000
24,315
30,193
62,968
54,318
$896,749
$55,000
31,354
28,796
63,694
66,935
102,098
$489,003
$329,356
$347,877
$301,814
1,197,385
1,897,110
548,871
400,664
530,052
dividends.._(14%)420,000 (1M)52,500
88,191
34,790
$460,680
$365,873
salaries
Reserve for bad accounts.
Depreciation
Amortization.
Interest..
....
Total deductions
Profits
before
charging
...
Federal taxes
Federal
and
war
Preferred
305,000
Balance, surplus
$472,385
1921.
1920.
$
$
Assets—
less
equip.—
deprec'n—
less
701,799
758,458
7,499,600
deprec'n...
Mdse. & supplies.
Trade acc'ts,
less
7,499,600
3,403,821
3,251,393
1920-21.
1,823,685
23,644
10,970
32,135
54,277
secure.
896
501,351
$2,027,735 $7,210,023
168,640
1,067,909
____
On Preferred stock
.
Profits from operations of subsidiary companies in Mexico and Wyoming
approximately as follows: (a) Mexico, $245,000: (6) Wyoming (crude
oil), $50,000; (c) Wyoming (Lovell refinery), $25,000.
Settlement of Suits with U. S. Govt.—On Dec. 6 1920 the properties which
had been held by a Government receiver for about five years were turned
back to the company and $3,775,000 in Liberty bonds and cash have since
been recovered.
The earnings from these properties have not been included
in the above figures, pending final accounting by the receiver.
were
Production.—In California the production of crude
oil
was
approximately
3,400,000 net barrels, an increase over previous year of 1,000,000 bbls.
However, 250,000 bbls. of this was produced from property previously oper¬
ated by the receiver, and 750,000 bbls. is increased production.
Twenty-six
brought in during the 9 months, with
bbls. per day.
a
total settled production
of about 4.000
The production of crude-oil in Mexico aggregated 400,000
bbls. and in
Wyoming 30,000 bbls.
The corporation and subsidiaries now have 25 strings of tools in operation
in California, Wyoming and Mexico.
Sales for the 9 months approximate $32,800,000, an increase in value
of $17,500,000.
Oil in Storage has increased about
March 31 1921.
approximately $11,800,000,
as
follows:
.
....
$1,850,000;
California,
(6)
$5,000,000
*3,500,000
850,000
Wyo.
$600,000
*Note.—$700,000
1,905,128
14,639,113
1,905
Total
14,218,951 14,639,113
Includes abandoned equipment and rent and expenses since occupancy
(23d St. store, N. Y.), $364,108, and rent and taxes pric
prior to operation
(42d St. store, N. Y.)t $104,439.—V. 112, p. 1748, 1164.
*
Wheeling
Steel
Corporation,
was expended on tankers last year.
consisting of cash, accounts, receivable, oil inventories
31 1921 totaled $13,000,000, an
of March 31 1921 were $6,400,000 (V. 112, p. 853),
the nine months.
Land purchase contracts
Bonds and gold notes in hands of public decreased
as
increase of $3,500,000 in
I
The report,
dated at Wheeling, April 15,
says
in subst.:
Operations.—The heavy demand for steel products prevailed throughout
eight months of 1920.
Operations were maintained at normal
until October, when the decreased demand was reflected in the operations
for that month, the situation continuing to grow worse so that by the close
of the year your plants were operating at only about 30% of capacity.
Inventories.—A decline in values speedily followed the curtailment in
demand, this being true not only of the products which your company had
for sale, but also
of the materials and supplies it was necessary for it to
purchase,
In fixing the prices for inventory purposes at the end of the year,
this change in values was taken into consideration.
First Quarter of 1921.—Since ^the turn of the year, prices have been
materially reduced, but no substantial increase in buying has rasulted—
plant operations so far this year having averaged about 40% of the rated
capacity.
Economies in operations and management have been effected
wherever possible, including reductions in wages and salaries.
Ore, &c.—351,516 gross tons of ore were mined during the year 1920 from
the Miller and Wacootah mines, operated by La Belle Iron Works.
A large
percentage of the remainder of the ore requirements of your company was
obtained from mining companies in which your company holds stock.
The production of coal from your mines aggregated. 982,105 net tons.
The La Belle by-product coke plant at Follansbee, W. Va., produced
334,094 net tons of coke and the Bee-Hive Ovens at La Belle, Pa., 10,910
the first
tons of Bee-Hive coke.
Production of Manufactured Products.—The
manufacturing plants made:
567,588
726,722
.
Billets and slabs
gross tons
gross tons
Semi-finished and finished products
1,066,912 gross tons
Volume of Business.—The business done by all companies, excluding inter¬
company shipments, totaled $99,822,887.
Total amount of 1920 payrolls, $34,019,605; average
average per
number of employees
emjployee, $2,049.
Plant Additions and
Improvements.—The Wheeling Steel Corporation ac¬
quired a 12-story fireproof office building at Wheeling (the Schmulbach
Building), and it is expected that by July 1 1921 the executive and general
offices of all companies will be located in this building.
Numerous additions and improvements have been made at the plants and
mines.
The new equipment included: (a) 1 wooden and 1 steel steamboat,
40 steel barges, 26 wooden barges, 1 wharf boat, 2 pump boats; (6) 2 locomo¬
tive cranes, 2 locomotives, 20 Clark dump cars, 100 steel gondola cars, and
140 steel hopper cars.
v
The development and construction work at the Harmar Mine is nearing
completion, and it is expected that by the fall of 1921 this mine will be up
.
Capital Stock Outstanding March 31 1921, $3,212,200 Preferred and
$23,036,000 Common.
Surplus operating reserves on March 31 192rapproximately $11,600,000.
As to offering of $7,500,000 10-year 7% sinking fund gold notes in Feb.
1921, see V. 112, p. 853, 749.
All America
Wheeling, W. Va.
(First Annual Report—Year ended Dec. 31 1920.)
16,601;
2,450,000
and materials and supplies as of March
increase of $3,700,000 over July 1 1920.
$135,000.
2,215,825
*
Pig iron
oping Mexican properties
Current Liabilities
105,000
130,532
52,500
credits..
net
Construction of two tankers and purchase of sailing vessel..,
Cost of new oil lands and leases
increased $165,000.
March 1
Total surplus.....
535,482
1,000,000 bbls. from July 1 1920 to
Construction of refinery at Tampico, Mexico, and cost of devel¬
Current Assets
33,711
244,141
payable
426,810
*468,547
Cash
_
Profits subject to Federal income & profits taxes.$5,100,000 $1,200,000
Dividends Paid—
9 Months. Total to dale.
(a)
div.
530,011
34,085
189,562
expenses,
On Common stock..
etc,,
Pref.
Deferred
Deferred charges..
regular
__$9,000,000 $3,500,000
Provision for depreciation, depletion and labor and
expense of new drilling
3,900,000
2,300,000
Development,
$
3,000,000
7,500,000
800,000
544,326
29,296
credit
Sundry creditors..
24,692
92,254
(net)
Total _14,218,951
1919-20.
Customers'
1920.
$
3,000,000
Common stock... 7,500,000
Notes payable
250,000
Trade creditors...
476,247
Accrued pay-roll..
12,700
Res've for Fed. tax
305,000
balances..
1,564,729
reserve
1512, 1864.
just issued shows in substance:
deducting
general
interest, about
were
99,413
82,604
Trade name, good¬
taxes
donths ended March 31 1921, incl. Gen'l Pipe Line Co. of Calif.
Expenditures
Liabilities—
Fixtures & macb.—
will, &c
1921.
:
Preferred stock...
Delivery
Prepaid expenses &
Corporation (of California).
$1,314,558
BALANCE SHEETS OF JANUARY 31.
Mutual Ins. depos.
Total
129,337
income
tax reserve
(Report for the 9 Months ended March 31 1921.)
An official statement
$56,000
56,735
67,694
177,306
66,935
64,332
General, &c., expenses.__
U.S. Govt,
an
Total
For financial plan, see Investment News
.....87,145,115 78,546,834
General Petroleum
Capital
105,308
4,150,646
$4,565,684 reserved for replacement.
Held by public at book value.—V. 112, p. 259.
8% bonds in V. 112, p. 1746, and previous
87,145,115 78,546,834
See offering of $10,000,000
were
209,245
6,665,552
(Report for Fiscal Year ending Jan. 31 1921.)
S
(Del.):
Common stock.44,909,000 40,612,100
Preferred stock. 12,000,000 12,000,000
M .P.Co. (Cal.)stk.
81,321
82,321
Bonded debt,.... 1,009,000
1,279,855
Lib. bd. sub. unpd.
500,000
Accounts payable. 6,747,959
1,542,909
Pref. div., payable
Jan. l.__._.._.\ 1,587,048
1,062,756
Div. on com. stock/
Reserve for taxes. 2,000,000
5,000,000
Profit and loss
18,810,787 16,466,894
1,147,750
citations from report in V. 112, p.
wells
387,149
?.
Reserves
.—30,766,915 29,445,547
Acc'ts receivable-.
taxes and
payable
After deducting
x
1918.
$
Liabilities—
1,035,690
775,048
_
Liberty Loan bds.
after
222,797
1,038,681
384,333
950,000
945,439
Customers,
Diva. & int. accr.
Invent'y at cost..
M.P. Co.
_
Deferred charges.
Profit
1,500,000
414,959
Federal taxes.
568,119
979,076
341,621
58,809
Co.y
payable—
Connect'g lines.
1864.
1920.
$
.65,978,597 57,540,588
Cash with M. trus.
330,696
Investments
35,000
138,000
Aocts.with affil.cos
2,676,099
Cash
2,570,988
6,869,798
Accounts receiv'le. 10,893,957
4,125,953
Oil stocks
3,661,258
2,885,007
Materials & supp_ 3,903,516
1,124,003
&c
p.
31 1920 and 1918 [not 1919.]
1918.
$
Assets—
Oil lands & leases,
Profits for 9
Cables,Inc.22,081,200 21,702,160
Am.
Capital stock Mex.
securs.
value)
Gov't
$
Capital stock—All
(at approx. mar¬
ket
1919.
$
Liabilities—
Plant & equlpm'tx20,026,957
,
Comparative income account was given in V. 112,
wells,
31.
1920.
1919.
$
Assets—
were
the amount of
BALANCE SHEET DEC.
(All American Cables, Inc., and Mexican Telegraph Co
i
to
.
production.
Coal dock and necessary
facilities for handling river coal were completed
at Portsmouth.
Further Additions.—At the present time improvements are under way at
the La Belle plant at Steubenville which, when completed, should increase
the raw stelel
Cables, Inc.
sufficient to care for the sheet
mills in the Wheeling District,
provide additional raw steel
independent plant, as was contem¬
output of that plant to an extent
(Advance Report for Fiscal Year ending Dec. 31 1920.)
INCOME ACCOUNT FOR
1920.
Gross revenue from oper.
CALENDAR
1919.
YEARS.
1918.
1917.
$9,664,901
Deduct—Oper.&gcn.exp.
5,006,681
$5,628,535
2,283,790
$4,584,888
1,838,469
$4,27?, 397
1,;: 17,677
Net income from oper.
Add—Rev. from invest.,
$4,658,220
$3,344,744
$2,746,419
$3,061,720
bank bals., &c_
352,475
445,079
244,775
156,028
Net profit, before Fed.
inc. & war prof. tax.
Federal taxes
$5,010,696
$3,789,823
$3,217,748
950,000
809,110
$2,991,194
1,390,567
$4,060,696
$2,980,713
(7%)1,545,790 (6)1,218,634
$1,600,627
(6)839,484
$2,563,965
(6)773,172
$761,143
$1,790,793
int.
on
Netprofit..
Cash dividends.
653,783
L
Balance, surplus
$2,514,906
$1,762,079
and tin bar requirements
of the corporation's
thus rendering it unnecessary at this time to
capacity through the building of an
plated at the time of this company's formation
Your board has also decided, in order to use to the best advantage the
present surplus raw steel at the Portsmouth plant, to construct there a
modern wire rod mill, together with finishing equipment for the manufac¬
ture of fencing and other kinds of wire, and wire nails, which will make it
possible when this addition is completed—in 1922—to market in a finished
form practically all the steel output of that plant.
The cost of these extensions, together with others of less magnitude now
under contemplation, will be considerable, and in order to provide for this
expenditure it has been our aim to conserve the company's cash as much
as was possible, realizing that in all probability not only will all of the
present available funds be required for this purpose within the next two
years, but a large amount in addition.
*
Outlook.—The outlook is not reassuring, for until it is possible to book
business in sufficient volume to permit of economical plant operations.
„
1
^
^
.
1974
CHRONICLE
THE
even moderate profits cannot reasonably be expected.
The company's
financial position is sound, and its manufacturing facilities are such as to
permit it to compete successfully for a full share of any going business.
[Signed by Alex Glass, Chairman, and Isaac M. Scott, President.]
RESULTS FOR YEAR END. DEC. 31
1920 (INCL. SUBSIDIARY COS.).
Total business done by all companies
S99.822.887
Net earns, after maint. & repairs, amounting to $6,667,470—$23,032,024
Other income.1,012,915
-
[VOL. 112.
EARNINGS AND EXPENSES FOR
Total income
$24,044,940
Total earnings
Bond interest,
$404,904; int. on borrowed money,
Reduction of inventory values
Provision for income and profits taxes.Cash divs. paid on stocks of sub. cos. prior to amalgamation
do
do
on stock of the Wheeling Steel Corporation
do
do
on stock of sub. cos. not held by Wheel. Steel Corp
4,158,740
3,346,747
1,540,308
1,919,297
99,109
Balance, surplus, for year on basis of above deductions
Profit and Loss Items—
Add surplus of subsidiary companies Jan. 1 1920
$9,296,245
35,374,962
—
Maintenance
Insurance
Taxes
Total Expenses
Net
Divs. & int. earnings.__
Miscellaneous
Deduct loss on sale of marketable securities,
&c., $1,571,213;
proportion of bond discount, $7,475
Also stock
p.
dividends
stock
on
29,667,359
Surplus Dec. 31 1920 carried to balance sheet
$13,425,159
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) DEC. 31 1920.
Liabilities—
Assets—
Preferred A stock
machinery,
buildings,
equipment, &c
Land,
$67,047,868
Mine development exp.,
&c._
Disc, on sub. company bonds
3,377,042
352,656
142,837
materials,
paym'ts
—
sfock of sub.
Minority
$1,084,400
22,405,000
y784,595
1,442,830
Stocks & bonds..100,864,158
Sinking funds—
Unamort.debt dis¬
1,647
505,138
1,457,046
Prepaid
7,216,500
108,860
Notes
1,039,809
7,799,029
Accounts
Notes & accts. rec., less res've
Cash
3,704,378
Dividends
$116,838,179
Total
$116,838,179
at or below cost
sec.
Bonded
575,000
payable
payable.—
— -
Accrued liabilities
-
$
Real est.
4,402,606 dec.798,287
1,173,284 dec.352,661
(not due).
Unearned
Reserve
revenue
for
em¬
ployees'ben. fd.
dec.27,743
654,923
48,244,216 34,500,000
10,970,093
4,600,161
payable--
Accrued liabilities
445,746
dec.13,071
91,623,100 dec2251,610
mtges..
142,000
134,000
debt
Bills payable
Accts.
*
Total
418,469,521 39,510,045
2,000,000
73,413,106
3,997,953
9,998,620
dec.9,230
32,503,162dec6310,949
Res. for replace._
418,469,521 39,510,045
—
-V. 112, p. 1747.
977,932
Accrued Federal taxes—
3,346,748
Reserves
..._z23,029,069
Surplus
13,425,159
Mark.
indebtedness-
Increase.
$
stock.. 150,000,000
Common
Surplus—
Current liabilities ($8,991,950)—
7,206,250
U. S. ctfs. of
expenses.
1920.
Liabilities—
$
3,077.923
320,000
Mortgages of sub. company..
$6,377,490
$2,571,780
Res. for conting-
Sub. cos.' bonds (notguar.)
24,725,478
Investments in:
$1,319,748
Increase.
Telephone plant.213,306,649 18,818,296
Constr. in prog.. 15,760,740 13,266,972
Furn., supp., &c_
7,852,882
1,711,030
Cash «fc deposits.
5,182,661
1,924,530
Bills & accts. rec. 41,296,262 dec.348,564
cos.
(par)
/
count & expense
1x39,472,646
-
Wheeling Steel Corporation
-
-
on ore
-
Preferred B stock—
Common--
sup¬
contr'ts.
plies, &c——
Adv.
1920.
Assets—
$
Real estate—32,242,339
Bonded debt-
Current Assets ($45,917,775)
Inventories,
Balance, surplus.._def.$6.310,949
BALANCE SHEET DEC. 31 1920 AND INCREASE OVER DEC. 31 1919.
1,578,688
of sub. cos. (see plan, V. 110,
2578) to July 21 1920—
Invest'ts in associated cos..
earnings
$82,423,439 $27,625,186 $31,741,945 $48,667,674
$5,483,026 $11,717,382
$6,864,854 $14,293,333
6,681,549
6,572,128
3,202,367
5,458,365
330,825
421,340
550,629
Total net earnings
$12,164,575 $18,620,336 $10,488,562 $20,302,327
Interest
$5,300,588
$2,916,782
$3,924,837
$6,094,502
Miscellaneous Items
381,022
Dividends (8% per ann.) 12,000,000
12,ooo7666
5,o66~,66o io,66b7666
>
$44,671,207
Total
1917.
$87,906,466 $39,342,568 $38,606,799 $62,961,006
$1,671,980
$728,241
$1,101,368
$2,432,207
19,402,079
13,522,921
12,982,601
46,970,375
17,379,544
8,964,110
24,945,346
11,497,697
4,632.440
2,261.945
2,258,033
2,791,273
85,004
39,212
54,281
137,233
5,496,626
2,112,669
3,314,726
5,676,334
General expenses.
Rentals
$3,172,366
$107,223-512,127
-
Year
1918.
1919.
1920.
„
YEARS.
lsf 7 Mos.
Exchange service, 5 mos.$67,152,934 $25,161,974 $30,632,325 $50,042,218
Toll service, 5 months., 19,962.846
7,462,038
7,974,474
12,918,788
Govt. compens.(7 mos.)
790,686
6,718,556
Operating
Deduct—Provision for general depreciation, $2,658,835, and for
exhaustion of minerals, &c., $513,531
CALENDAR
Calendar Years
3,038,811
Moline Plow Co.,
1,053,459
payable
Moline, 111.
(.Report for Fiscal Year ending Dec. 31 1920.)
President
George N. Peek, Moline, Mar. 25, wrote in sub¬
stance:
depreciation, $10,703,971; exhaustion of minerals, $4,056,-
For general
z
299; accrued rapairs and renewals and for renewal of furnaces, $1,139,266
accidents and contingencies, $767,365; fluctuations in inventory prices.
&c., $6,362,167.
$180,946 paid in on subscriptions by employees,
x
Includes
y
Not held by Wheeling Steel Corp.—V. 112, p. 1875
Talking Machine Co.
Victor
(of N. J.), Philadelphia.
Annual Report—Year ended Dec. 31 1920.)
President Eldridge R. Johnson, April 22, wrote in subst.:
Results.—Despite the deflation process, disastrous to many industrial
corporations, the company realized an increase in sales of nearly 40% over
previous year.
This increase was achieved notwithstanding that
the percentage of profit to the merchants per dollar of sales is invariably
larger on other lines than on Victor goods.
The increased volume of busiess has been the chief contributor in obviating the necessity for any marked
advance in the company's prices in order to cover the increased costs.
The financial results for the year cannot be considered entirely satisfac¬
tory, especially when judged by pre-war standards, but under the prevailing
abnormal conditions they are thought to be satisfactory.
The company is
carrying the burden of a 5% excise tax on its sales from which relief is being
sought.
Our total taxes for the year amountod to nearly $4,000,000, far too
heavy a burden for such an enterprise.
Purchase.—During the year we completed negotiations for the purchase
and made substantial payment on account of a half interest in the shares
of the Gramophone Co., Ltd. (England), thus assuring to your company
opportunity for world-wide distribution.
Inventory, &c.—The inventory was priced at cost, which was found, after
careful check, to be in the aggregate less than the market value.
Of the
total about 70% is composed of raw materials, principally lumber, metals
and record materials, less than 5% being finished machines and records
in process of being shipped.
the best
company's investment securities, consisting principally of Liberty
bonds, were written down to approximate market value as of Dec. 31.
The
decrease in the item "Marketable Securities" is accounted for by this addi¬
tional reserve charge and the maturity of some securities during the year.
Financial.—Payment for the expansion realized, the increase in in¬
ventory, taxes and investment in the stock of the Gramophone Co.. Ltd.,
has been accomplished through utilization of the substantial cash balance
previously accumulated and borrowings from banks to the extent of $2,500,000.
The condition of the cash account has improved greatly since Jan. 1
1921 through current collections.
[During the year 1920 it is understood that dividends totaling 60% were
paid (regular 20% and extras amounting to 40%).
This compares with a
total of 50% paid in 1919, 20% in 1918 and 50% in 1917.
During the cur¬
rent year a dividend of 10% was paid in April and one of $15 per share (15%)
was paid in January—Ed.]—V. 112, p.
1875.
BALANCE
1920.
Assets—
SHEET DEC.
1919.
Plant, mach'y, &c$ll,925,445 $9,530,407
Pat'ts & ter'y rts..
2
2
funds
(cash
& Investments
321,977
.
Deferred charges-.
Inventory *
268,905
339,549
16,317,108 10,209,828
Notes & accts. rec.
8,465,962
Marketable secure.
3,610,371
853,344
Cash
*
301,360
1920.
1919.
Stock:
Preferred
(7%).
(7%).
Accounts payableBank loans
Surplus-
$1,900
4,999,000
6,759,102
2,500,000
$1,900
[of $667,020] in respect of goods actually obsolete and to
down to
was lower on Dec. 31 1920.
It was also deemed
wise to appropriate a reserve of $874,543 against future inventory losses.
There was a loss of $175,407 paid during the year but arising out of the
cancellation of an unfortunate cost plus contract made prior to 1920 for a
market, whichever
supply of motors in excess of requirements.
of deferred charges on
including $1,000,000 of the 7% Serial Gold notes due Sept. 1
$12,569,122, amounting to 168% of First Pref. stock outstanding.
unprecedented reduction in business activity resulted in
an increase in inventories and an almost equal increase in liabilities.
Serial Gold Notes.—The installment of $1,000,000 of the 7% Serial Gold
notes due Sept. 11920 was paid on that date, leaving a balance of $4,000,000.
Y 112, p. 939.
rent liabilities
1921
was
The sudden and
STATEMENT FOR YEAR ENDED DEC. 31
Year
Dec. 31 '19.
Admin. &
Int.
on
956,066
961,042
886,255
966,788
350,000
67,083
general exp
borrowed money.
Note exp.
403,333
written off
Net, after maint., &c_ $2,423,256
Deduct—Depreciation
Interest on bills (net)
363,641
Special charges
Telephone Company.
141,859
193,752
$2,038,779
$1,566,842
1,996.877
2,717,512
1,447,482
695,641
$4,056,492
$525,000
$3,776,825
$3,486,262
$656,250
112,500
112,500
$2,059,615
First Pref. dividend
90,000
$1,059,313
$2,262,483
$656,250 $(7) .525,000
1,011,198
Reserve to reduce inv.x.
x
Reserve
891,712
$61,587
y
CONSOLIDATED
or
S
mach.,
1,374,505
,&c.z6,059,145
Miscellaneous
13,577
Liberty bonds
6,946
Deferred charges.
552,554
<fcc
9,617,152 8,864,439
239,971
Patents, rights, &c.
270,604
Finished
goods,
&c
x25,978,122 19,935,892
Investments
52,156
1,291,748
Cash In U. S
767,462
patterns,
—
accts. in Europe
Custom, accts.
Total
Liabilities—
$
7,500,000
Second Pref. stock 1,500,000
Com. stock issued. 10.000,000
Gold Serial notes.. 4,000,000
First Pref. stock..
Cash, inst., mdse. &
and on Jan. 21 1921 increases in inter-State toll rates were
If is felt that these changes in rates, together with increases
non-operating revenues and increased efficiency in operation, will enable
the company to show much more satisfactory net earnings for the year 1921.
Dividend.—During 1920 the company's dividend was at the rate of 8%.
About half the dividend was paid from surplus.
inventories in
1920.
1919.
S
Rates.—On Aug. 28 1920 your company applied to the P. S. Commission
for a substantial increase in rates charged tor service in the City of New
York
After many hearings, the Commission on Mar. 17 1921 granted a
put into
$1,447,483
BALANCE SHEET DEC. SI.
1920.
Assets-
nated.
were
$2,717,512
provision against loss and future expenses on realization of
of immediate requirements.
Real estate,
in charges for N. Y. City service, effective Apr. 1 1921.
$1,996,877
distributing companies to
Includes (a) $1,613,648 for reduction
market Dec. 31 1920; (&) $874,543 for
excess
during the year of 92,371.
Additions.—The demand for telephone service for more than a year past
has been in excess of our ability to furnish it, particularly in N. Y. City.
We therefore undertook wholesale enlargements.
Our gross expenditures
for telephone property in 1920 amounted to $42,000,000.
This work will
be continued during 1921.
It is expected that the list of pending applica¬
tions for service will by Dec. 31 be greatly reduced, if not entirely elimi¬
and toll rates outside of New York City
—
—
to reduce investment in European
Dec. 31 1919.
of inventories to reproductive cost
increase
(6)90,000
(2)200,000
Reduction of invent._ y2,488,192
Spec, losses for prior yrs_
rate of exchange at
be said to be up to its pre-war standard.
Stations.—On Dec. 31 1920 there were 1,754,085 stations in the system
directly operated by your company and its local connecting companies, an
$1,902,453
surplus.f
may
effect Sept. 1920,
$3,257,173
426,130
792,264
$1,059,313
surplus..!
profits.
Service.—During 1920 every effort was made to improve our telephone
service to existing subscribers.
At the present time, in general, the service
made effective.
--
296,443
Second Pref. dividends..
side.$43,420,345$37,860,694
Year
1916-17.
$3,329,440
Federal taxes & conting.
Total
(.Report for Fiscal Year ending Dec. 31 1920.)
in
'18.
$3,032,997
632,944
$4,743,698
Gross income
Net
29,160,343 27,859,418
31
Oct.
„
Miscellaneous income._
Previous
President Howard F. Thurber April 27 wrote in brief:
Increases in local
15 Mos. to
14 Mos. to
1920.
Oper. income after providing for "all taxes,"
deprec., discount, &c_ $4,110,754
Total surplus....
temporary increase
1920, 14 MONTHS ENDED
1918 AND
1919, 15 MONTHS ENDED OCT. 31
YEAR ENDED JULY 31 1917.
31
DEC.
5,000,375
Valued at prices not in excess of cost or market.—V. 112, p. 1875.
New York
This loss and an adjustment
Serial Gold note expenses, reduced the surplus ac¬
$676,587, from which dividends of $615,000 were paid, leaving a
balance of surplus on Dec. 31 1920 of $61,587.
Plant Property.—The net increase in this account during the period was
$752,713.
The principal expenditures were in connection with increasing
capacity of motor works and replacing plant and equipment destroyed in
1919 by fire at the tractor plant.
No further capital expenditure is antici¬
pated during the ensuing year.
Patent Rights.—There has been a net increase of $30,632 under this head¬
ing, due principally to the necessity for acquiring certain basic patents
pertaining to the tractor.
Current Assets.—The excess of current assets as of Dec. 31 1920 over cur¬
count to
Common dividends
Total each
was
to absorb a loss
cost or
4,999,000
6,313,760
4,961,531
6,274,899
receivables,
deduct $1,613,648 for losses suffered in inventories by writing them
_
Common
1,586,583
Investments
Trust
31.
Liabilities—
operations after making pro¬
After deducting an interest charge of $1,364,376 general and
administrative expenses of $956,066 and special charges of $363,642, the
net income from operations is found to be $2,059,615.
$4,743,698.
Surplus.—The undersigned assumed office on Sept. 1 1919.
In 1920 a
careful analysis of inventories disclosed that for several years no reduction
or reserve for obsolescense had been taken and it was therefore necessary
(19th
The
Income Account.—The gross income from
vision for all taxes,* depreciation, discounts and losses on
Wages, &c
Notes payable
Accounts payable.
Customers' depos.
1,067,908
Accrued
4,068,441
Reserves
25,875
charges.-
Surplus—
55,442
17,233,417
2,909,891
1919.
$
7,500,000
1,500,000
10,000,000
5,000,000
202,892-
7,889,000
963,804
176,000
323,223
255,885
1,000,000
61,587
333,730
4.50,000
1,996,877
234,950
430,302
.44,692,222 36,159,525
Total
44,692,222 36,159,525-
reproduction cost or market, whichever is lower.
,
z Includes
in 1920 customers' notes receivable, $3,097,408; customers'1
accounts receivable, $3,047,295; and miscellaneous accounts receivable,
$600,129; less reserve for discounts and bad debts, $685,687.—V. 112,p. 1522.
x
At cost,
MAY 7
1921.]
THE
William Cramp & Sons
large fertilizer companies for their requirements of acid for three years
from Jan. 1 1921.
(V. 110, p. 1420.)
Ship & Engine Bldg. Co., Phila.
(Report for Fiscal Year ending Dec. 31 1920.)
J. H.
Extracts from Report of General Manager
J. N. Houser of Tennessee
Copper Co., Copperhill, Tenn., March 18 1921.
Mull, Pres. and Gen. Mgr., April 28 wrote in subst.
Consolidated
Mines.—The
Burra Burra, London and Polk County mines were op¬
erated continuously throughout the year, and in August, on account of the
shortage of ore, due to the scarcity of labor, a lease was taken on the prop¬
erty of the Copper Pyrites Corporation, which is situated in the Ducktown
Basin, and from this property we mined about 135 tons per day until Dec. 31.
Report.—Your company having acquired the entire capital
stock of the De La Vergne Machine Co. of New York, and also in excess
of 95% of the capital stock of the Federal Steel Foundry Co. of Chester, Pa.,
the annual report and balance sheet for year 1920 is presented as a con¬
solidated report.
Increase in Capitalization.—On
This ore was very high in sulphur, but low in copper.
The development work at the Burra Burra and London mines has been
pushed vigorously and both mines are in much better condition than they
July 1 1920 the capital stock was in¬
and of this amount $19,000,000 has
hands of the public and $3,755,000
of 150% was paid Sept. 1920, in¬
creasing the outstanding amount from $6,098,000 to $15,245,000.—V. Ill,
creased to
an
authorized $20,000,000,
been issued—$15,245,000 being in the
held by a trustee.
JA stock dividend
76, 497 ]
p.
have been for
in the Burra
Ship Construction.—The keels laid, vessels launched and vessels delivered
during the year were:
Keels.
Burra,tonnage in 1920, 322,603;
cost per ton, incl. development,
(2) All mines, tonnage, 426,670; mining cost, per ton, $1.6285
total cost per ton, including development, $2.0286.
Estimated ore reserves:
(1) Available tonnage, Burra, 3,327,598; (2) all
mines except Eureka, 3,533,134.
7
:
1
1 rVv;;.
"i
T'V
2
1
2
1
~8
-
_
_
Ore.—Ore production and costs:
(1)
of mining per ton, $1.4697; total
1
1
16
19
—»—__...„4':
-
-
-
-
-
-
-
-
-■«.
1
-■
Cargo vessels
Totals
and
P
ns have been made and the work has been started to open up the
-' a mine and have it ready for operation in case the demand for sul
phiaic acid should require additional high-grade sulphide ore.
15
1
Passenger vessel
Two mechanical ore loaders were installed
operated successfully, handling during the last
past.
years
mine
E»»>
Delivered.
11
5
TJ. S. Scout cruisers
Car ferry._...
Tankers.
/
Launched
''*»■*
some
quarter of 1920 approximately 25% of the Burra tonnage.
The grade of
ore
u both the 10th and 12th levels at Burra mine is better than anticipated.
I
U. S. T. B. destroyers
1975
CHRONICLE
cost
'
$1.8672.
v >
■:
Copper Production.—There
smelted during the
were
404,060 tons of
year
Completion of Destroyer Contracts.—We have delivered the last of the group
Tennessee Copper Co. ore which yielded 10,358,237 lbs. of fine copper, or
of 25 destroyers for the Navy Department, thus completing the contracts
for the 46 destroyers awarded us by the Navy Department during the war
25.635 lbs. per ton of ore smelted.
An additional 116,644 lbs. were re¬
covered from other than Tennessee Copper Co. ore, making a total produc¬
period.
Each destroyer involves geared steam turbines of our manufac¬
or a total of 1,288,000 h p. for
ture, having a capacity of 28,000 h. p.
the entire 46 destroyers.
of these
vessels
exceeded
number of years to come.
We have concluded arrangements
Co.
$4,884, equal to
Mining, 7.858
ore was
19.135 cts. per pound of fine copper, subdivided as follows:
their trial requirements
by considerable
margins and they have earned in each case the maximum bonus provided
in the contract for exceeding guarantees.
During 1921 we shall construct the 5 scout cruisers which now occupy
5 of our 6 large slips.
Manufacture of Marine Diesel Engines.—The Diesel Engine is becoming
a more important factor in marine engineering each year, and we
anticipate
considerable orders for marine Diesel engines, as we have the American
marine rights to build the Burmeister & Wain type.
Engines of this type
will be used in two vessels now under construction in the Chester yard of
the Merchant Shipbuilding Corp. for the American Hawaiian SS. Co.
De La Vergne Machine Co. of N. Y.—This subsidiary is doing a very
satisfactory business in the manufacture of stationary oil engines and re¬
frigerating machinery, and we anticipate will continue at nearly full capacity
during 1921.
Federal Steel Foundry Co.-—Notwithstanding the absence of purchasing
by the railroads and locomotive companies and the general depression in
business, this subsidiary has been doing a very satisfactory business in the
production of castings for our hydraulic turbine department.
I. P. Morris Department.—There has been a marked increase in the
activities of the I. P. Morris Department in the manufacture of hydraulic
machinery as a result of the passage of the Federal Water Power Act.
At
the present time our hydraulic department is engaged in the production of
the largest volume of business in its history, with bright prospects for a
All
tion of 10,474,881 lbs. of fine copper.
The total cost per ton of Tennessee Copper
cts.; railway, .0911 cts.; smelting, 7.049 cts.; converter, 1.062 cts.; general,
2.255 cts; total (exclusive of N. Y. charges), 19.135 cts.
[Total incl. taxes,
legal and administrative, 20.8 cts., against 20.2 cts. in 1919.]
Acid Plants,—The total
was
was
production of 60 deg. sulphuric acid for the year
333,629.07 tons.
On account of the shortage of ore, acid production
rather light through the summer months; nevertheless, the total
year's production was the largest we have
ever
had.
Wages.—During the year two wage advances were made, and in the
closing months of the year wages and materials were at their highest.
[Treasurer E. H. Westlake April 14 wrote: "During 1920 the Tennessee
Copper Co. purchased for the sinking fund $161,500 of its 1st M. 6% gold
bonds, reducing outstanding bonded debt on Dec. 31 1920 to $1,326,000.
All copper on hand at the end of the year had been sold and was carried
in the inventory at the sales value.]
TENN.
COPPER
CIIEM.
&
CORP.- -.RESULTS FOR CAL.
YEARS.
1920.
Income—Int.
1918.
1917.
$363,607
$267,612
$153,904
385,634
$128,533
202,148
116,805
14,333
{45,221
45,222
securi¬
on
ties & bank
1919.
deposits
Dividends received—
"*'168
Cherry Log royalties.
Deduct—Gen. expenses &
taxes, &c
Amt. written off org'n
199,513
.
with the Larner-Johnson Valve & En¬
(10%)
exp.
—
gineering Co. for the manufacture of the Johnson hydraulic valve, one of
being
Bal.,
the most popular type of valve for the control of water in large pipe lines,
and in conjunction with the flow lines to hydraulic turbines.
This branch
inc.
over
Engineering
Works, Ltd., of Montreal, for the manufacture of I. P. Morris turbines and
other hydraulic machinery in Canada.
We will furnish the engineering
and designs and participate in the profits.
Net earnings, incl. misc. income, and after deduc¬
tion of insurance and taxes, but before deduction
of bond interest, misc. interest, or depreciation..$3,261,794
Less
depreciation.
Sales
Total income, less depreciation
20-year serial Notes and Cons. Mtge. bonds
First Mtge. 5% Gold bonds
Ground rents and int. on 5% Renewable Notes and
Int.
on
Int.
on
$2,304,187
$90,700
51,383
expenses—
46,903
57,541
$2,134,554
EXPENDITURES
AND
CAPITAL
v
MADE
IN
REDUCTION
1920.
333,629
10,358,237
Sales
$4,864,437
52,647
266,627
10,414,815
$3,889,623
79,046
$4,917,084
4,729,500
def.$94,062
90,963
,
—
Gross income
$147,000
25,000
20,000
1,000,000
308,000
25,000
120,000
$1,500,000
Expended in the purchase of real estate, new tools,
machinery, and for improvements, etc.■.
$802,528
$653,423
[Cash dividend payments since 1917: Feb. 1918 to Aug, 1919, both incl.,
3% s.-a. (6% p. a.); Oct, 1919 to July 1920, 1 y2% quar.; Oct. 15 1920
(following 150% div. in stock on Sept. 10), 1%; Jan. 1921, 1%; April, 1%.]
Net profits.
est.,mach.,&cl7,212,966 16,499,831
1,651,621
2,995,649
Materials & supp.
3,222,259
1,698,511
Cash..
1,153,534
2,085,842
1,551,601
3,294,482
Securities owned..
Undistrib. expend,
patents, insur'ce
97,372
63,102
$
—
81,175
188,008
.
35,440
350,000
Dividends
—
Total
309,000
411,000
1,022,000
1,000,000
surplus
..
CONSOLIDATED
$1,130,591
$1,905,409
BALANCE SHEET DEC.
1920.
I
31
sur.$911,150
$1,895,403
1920.
$
account,
11,084,862
Stks. & bds. owned
286,835
Liabilities—
9,380,945
186,835
Investments*—
565,444
676.613
Call loans, &c
IT. S. Lib. bonds—
962,177
264,585
U.S.ctfs.ofindebt.
300,744
Line
1,000,000
1,093,000
Tenn.Cop.&Ch.b4,000,000
4,000,000
Tenn. Cop. Co_c5,000,000
5,000,000
So. Agric.Chem.dl,000,000
So. Ag. Tank Line e970,700
150,000
150,000 Bonded debt—
Tenn. Cop. 1st.
970,700
stock
S
$
Capital stock—
Property
Tenn. Cop. bds.al, 175,000
1919.
1920,
1919.
$
M
Assets—
1,825,000
1,602,349
Wages due January
49,789
Acer. int. & taxes. 1,009,343
115,796
5,310
200,000
(Including Tennessee Copper & Chemical Corp., Tennessee Copper Co.
and Southern Agricultural Chemical Corp.)
880,444
rents.
$663,552
113,826
^
400,000
.—
def .$467,039 def.$740,844 def.$129,994
So. Ag. Ch. stk.
So.
Ag.
Tank
Bills payable, Lib.
Loan account..
350,000
..—
—
Balance
$1,346,082
$922,681
101,346
114,763
86,566
350,000
163,650
42,169
2,326,000
449,000
So. Ag. Ch. 1st.
150,311
Bills payable—...
———
962,142 Accts.Avouch.pay.
2,831,536 Acer. sink. fund..
2,487,500
462",470
448,357
267,950
176,891
156,874
135,105
47,368
4,200,000
War Fin. Corp. 5s
658,329 Acer, tax., int., &c.
15.3,964
Cash
461,970
275,494 Disc, on bds. red.
60.979
Copper on hand..
N. Y. City notes—
872i,432
609,185 Cap.
200,556
864,217
surplus
surplus...
4,200,000
1,063,839
Invent, at cost
694", 053
Notes & accts.
rec.
398,273
169,043
.26,767,623 24,759,148
RR. freight claims
Including in 1920 Federal Steel Foundry Co. and De La Vergne Machine
Deferred charges..
50,900
1,070,752
1,191,117
Liabilities—
Capital
stock
Div. pay.Jan.15'21
in
hands of public. 15,245,000
Capital
stock
Fed'l Steel Fdy.C
6,098,000
1,002,204
189,995
Reserves workm'ns
125,735
Profit & loss acc't. 2,507,003 10,968,566
compensat'n, <fcc
in
3,755,000
hands of trustee
.
stock not owned
*
$
1,022,000
975,000
For mdse. not due.
26,767,623 24,759,148
Total
..
deprec'n—
Notes
lstM.5% gold.bds
Real est. mtges. &
..
Depreciation
1919.
Serial
Cons. Mtge. bonds
ground
in plans, stocks,
and claims
1920.
{Concluded)—
20-Year 5%
_ .
.
_
Other interest, &c
Miscellaneous
COMBINED BALANCE SHEET AS OF DEC. 31 1920 AND 1919.
Liabilities
—
expenses.
-
Deduct—Bond interest.
65,300
Bills & accts. rec..
283,092
9,819,838
1919.
$102,000
$312,300
Real
1917.
262,858
10,547,708
$3,968,669
4,062,731
$187,584
YEARS.
1918.
1919.
Output—Acid (tons)...
Copper (lbs.)
Operating
5% Renewable Notes.
20-year 5% Cons. Mtge. bonds
Federal Steel Foundry stock
1919.
367",364
$285,887
TENNESSEE COPPER CO.—RESULTS FOR CALENDAR
OF
DEBT.
20-Year 5% Serial Notes redeemed at par
25 First Mtge. 5% Gold bonds redeemed...
In reduction of mortgages
*1920.
244,316
90,963
163,650
350,000
81,175
interest
$2,104,562
1920.
Assets—
interest.,,..
$173,550
252,233
$675,379
$173,550 Total p. & 1. surp_$l,063,839 $1,349,728
$414,885
Miscellaneous income.
PAYMENTS
$414,885
Balance, deficit.
Net profits
1919.
1920.
J
4,062,731 Depreciation.....
5,664,814
— .
Real Estate mortgages
Balance, net surplus for year
$68,978
$477,512
$5,782,998 $3,889,623 Net profits..
296,701
346,658 Misc. expenses...
Bond
Oper.
$2,307,616
$76,025
50,133
income—
Gross Income.—$6,079,699 $4,236,281 Other
1919.
954,178
$65,464
INCOME ACCOUNT.
1919.
1920.
-
Miscel.
$2,958,286
654,099
—
.....
$164,202
(Incl. in 1919 Tennessee Copper & Chemical Corp., Tennessee Copper Co.
Southern Agricultural Chemical Corp., and in 1920 the Tank Line.)
[Incl. in 1920 Federal Steel Foundry Co. and De La Vergne Mach. Co.l
1920.
-f}
CONSOLIDATED
Cal. Years—
COMPARATIVE NET EARNINGS FOR FISCAL YEARS ENDED DEC. 31
—ALL DEPARTMENTS.
of
excess
expenses
of the work is developing into a substantial business.
We have concluded a ten-year agreement with the Dominion
22,700
Total
Earned
1,349,728
55,316
Co.—V. 112, p. 1870, 852.
Total
Tennessee
Copper & Chemical Corporation.
(Reports for Fiscal Year ending Dec. 31 1920.)
Pres.
Adolph Lewisohn, N. Y., April 14, wrote in subst.:
a
......
—.19,849,730 18,256,995
Incl. $1,000,000 pledged as
Total
19,849,730 18,256,995
collateral with Tenn. Copper & Chemical
^
Representing
value spares,
the parent company's authorized issue of 800,000 no par
fully paid and non-assessable, of which 794,065 shares have
Results.—Tbe outstanding feature of last year's operations was the con¬
version of a combined operating loss during 1919 of $234,416 into aq op¬
1)ppt]
erating profit for 1920 of $162,650.
The production of sulphuric acid for
1920 amounted to 333,629 tons of 60 deg. acid, as compared with 266,627
tons in 1919; copper, 10,358,237 lbs. from company ore, as compared with
substantially all of whose stock is owned by the parent company, viz.: (c)
Tenn. Copper Co., authorized, 275,000 shares ($25), issued, 200,000 sharest
of which 194,204 shares are owned by parent co., being carried by it as o
value "not less than $1,000."
(d) Southern Agric. Chem. Corp., authand issued, 10,000 shares ($100), all owned,
(e) Southern Agric. Tank
Line, auth., 10,000 shares ($100); issued, 9,707 shares, all owned.
10,414,815 lbs. in 1919.
We also produced 58,586 oz. of silver and 237 oz.
gold.
The production of sulphuric acid during the year was approxi¬
of
mately 50,000 tons in excess of our best previous record.
Acid Phosphate.—-Tbe Atlanta acid phosphate plant of the Southern
Agricultural Chemical Corp. was placed in operation in Nov. 1920 and has
operating steadily and satisfactorily since that time.
The product of
this plant is of high quality and has induced favorable comments from
been
shipments have been made.
(V. 108, p. 2439.)
contract with the Inter¬
1920.
New contracts at a
much higher price have been entered into with this and several of the othe
various customers to whom
Acid
Contracts.—The
ten-year sulphuric acid
national Agricultural Corp. expired on Dec. 31
c
d
issuocL
e
#
1
These items include the share
*
capital of the subsidiary
.1.
companies,
The balance sheet of the parent company shows on assets side a total of
$9,166,428. made up of (a) Investments, $2,071,700; (b) current assets,
$2,048,896; (c) loans and advances to sub. cos., $3,7i6,12o (Tenn. Copper
Co., $3,335,000); balance deferred charges, &c.
On liability side: Stated
capital, $4,000,000; cap. surplus, $4,201,000; 1st M. notes secured by mort¬
gage of So. Ag. Chem. Corp., $449,000; current liabilities, $124,181, dis¬
count, $8,908; surplus acct., $383,339.—V. 112, p. 1874. 6
1976
THE
CHRONICLE
GENERAL INVESTMENT NEWS.
to
[VOL. 112.
See annual report in full in last week's "Chronicle," pages 1859 and
1879.—V. 112, p. 1859, 1616, 1517, 1023, 371.
^ Boonville Railroad Bridge Co .—Bonds Called.—
RAILROADS,
INCLUDING
General Railroad aiid
following table summarizes
ELECTRIC
Fourteen ($14,000) First Mtge.
1 1901, have been called for
ROADS.
Electric Railway
Nov.
news
Boston Elevated Ry.—Wage Reductions.—
of
The employees have
accepted a wage reduction of about 7%
and conductors and about 10% for all other employees.
rate is as follows:
»
;
concerning
1931; William R. Pooley of Buffalo, term expiring Feb. 1 1929; Charles
Van Voorhis of Rochester, term expiring Feb. 1 1927; Oliver C.
Semple of
New York, to Feb. 1 1925, and Charles G. BJakeslee of Binghamton until
Motor men.
The new
Guards.
Conductora.
52
Three Months' Service—
On surface lines
On elevated lines.
52
56
61
Nine Months' Service—
On surface lines
58
58
On elevated lines.
57
62
12 Months' Service—
On surface lines.
On elevated lines
to Jan. 1922
65 to July 1 '22
67 to July 1 '22.
_70 to Jan. 1 '22
63-60
The additional compensation of 15 cents per hour now paid to motormen
in charge of one-man cars will be changed to 10 cents.
Chairman James F. Jackson states that the plan means a reduction in
Inter-mountain Rates Held Not Excessive—Roads Must Be Permitted to
?rovided for of N. Y. (former Comptroller of city),Chairman, William A.
tendergast in the law recently enacted, includes:
term expiring Feb. 1
for motor-1
men
10% Rate Increase Sought by RRs. of New England Disapprovedby Governors'
Joint Committee—Government Aid
Suggested.—See extracts from committee's
report in
Bost. News Bureau" of Apr. 30, p. 1; "Hartford Courant" Apr.
P-1.
Compare statement by President of N. Y. N. H. & Hartford KB.,
"limes
May 2, p. 11.
Maintain Themselves in a Position to Meet Canal Competition.—While water
competition via the Panama Canal is not yet, it is stated, as severe as prior
to 1917 the I. S. C. Commission on
April 26 decided that the rates are not
unduly prejudicial and should not be graded down although now on a
parity with through competitive rates to the Pacific Coast. "Times"
April 28, p. 21.
Commissions.—(a) The new Public Service Commission of N. Y. State,
?.
sinking fund gold bonds, dated
July 1 at par and int. at the
parent
Centra! Union Trust Co.
See alsb Missouri Kansas & Texas Ry. below.—V. 110, p. 2075.
News.—The
recent railroad and electric rail¬
a more or less general character, full details
which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the vtaek
the matter becomes public or
shortly thereafter.
way
4%
1876?
....
expenditure for labor of
112, p. 1865.
an
amount
approximating $1,000,000 for the year.
—V.
Buffalo Rochester & Pittsburgh Ry.—Bonds Paid.—
The $752,000 Equip. "C" 4H% bonds due May 1 were paid off at ma¬
turity at office of A. Iselin & Co.. 36 Wall St., N. Y., through Guaranty
Trust Co., N. Y.—V. 112, p. 1609, 932.
Canadian Pacific
Ry.—100th Dividend.—
Fe£: 1 I923'. "Ry- AJ?e" APr- 22,
The usual quarterly dividend of 2>^% on the Common stock has been
declared, payable June 30 to holders of record June 1.
This is the lOOth
dividend paid on the Common stock.
get
higher fares, "Wall St. Jour." Apr, 30. p. 1.
(b) Powers of Minnesota's P. 8. Commission enlarged; terms of new P. S.
"El. Ry. Jour." Apr. 30. p. 826.
(c) Kansas P. U. Commission
recreated.
Industrial Court overloaded.
Idem Apr. 23, p. 780.
(d) Pro¬
posed P. TJ. Commission for Florida.
Idem p. 784.
(e) E. I. Lewis and James D. Campbell as well as John H. Esch confirmed
as members of I.-S. C.
Commission; see V. 112, p. 1826.
Railroad Bills Before Congress—"Railway Age" Apr. 22, p. 1003.
Bill
to require approval of I.-S. C. Commission
prior to any rate increase.
Fin. Am.
April 28.
Sanders bill to take away Commission's power
over intra-State rates.
Idem May 5.
,Iule Cars Again Decrease.—For week ending Apr. 23 the idle cars averaged
483,067, against 499,479 on Apr. 19.
Car Loadings Increase.—Cars loaded for week ended
Apr. 23, 704,527
(coal 138,576), an increase of 631 over preceding week (coal 2,900) and
13,000 less than in same week of 1920.
"Sun" May 4, p. 2,
High points
to April 23: in 1921, Mar. 5. at
712,882; in 1920, Mar. 26, at 900,386;
1919, Jan. 16, at 758,609; "Wall St. Jour." May 4.
Rate of Exchange on Canadian RR. Shipments.—For first two weeks of
May fixed at 11 15-16%, with 7 % surcharge for freight and 12 % for pass.
Coal-—New Pennsylvania Tax on Anthracite.—Wages of Ry. Express Men.See "Industrial Index" below.
Cost of RR. Fuel Delivered to Class I. Roads in 1920.—Table furnished
by
that defin¬
[in London] of the sale by the
company of £800,000 5 % debentures, at a price to yield 6.6 %.
Authorization Given to Make Any Issue Subordinate to
Consolidated 4% Debenture Stock, &c—
p. 104.
The Transit Commission for N. Y. City will have as chief executive
Brfg.-Gen. Lincoln C. Andrews. (V. 112. p. 1739.1 "Times" May 5, p. 8.;
Four leading assistants, "Sun" May 5, p. 3.
Traction companies may
Act.
I.-S. C. Commission shows average maximum rate $8 09 in New
England
(against $5 17 in 1919); $2 68 in Allegheny region, $3 75 in Southern,
w- region.
Total all regions, $531,854,888, against $313,576,"Rt, Age"
Apr. 22, p. 980.
934 in 1919.
Gov. Sproul of Penna. on May 5 Signs Bill
Repealing Full Crew Law, Which
Cost the Roads in 1920 About
$4,400,000.—Compare "Phila. News Bureau"
Apr. 29; "Times" Apr. 30.
Wages.-— (a) Over 75% (or 400,000) of the employees of the 800 short
country have agreed to accept wage reductions (Pres. Am. Short
Line RR. Ass'n).
"Times" May 3, p. 27.
(b) Substantial wage cuts
(80 cts. to $1 a day) accepted by a large proportion of all unskilled RR.
workers.
"Times" Apr. 30, p. 18.
(c) Atch. Top. & S. Fe explains why
wages must be reduced.
Official letter cited.
"Fin. Am." May 4.
(d)
Reductions fought before Labor Board.
lines of the
^i?:£or.5oar<* G) decision in A. B. & A. Ry.
case, "Ry. Review" Apr. 30,
Apr. 29, p. 1036.
(2) Ruling that national agreements
"Ry. Age" Apr. 22, p. 987.
(3) Board's 16 cardinal
points.
Idem Apr. 29, p. 1018.
(4) Decision as to maintenance wages
of St. Louis S. W. Ry.
"By. Review" Apr. 23„p. 651.
RRs. In Eastern Cuba
"paralyzed by strike."
"Post" May 3, p. 2.
Conference on Rail Rate Relief Called for May 13.—(a) "Times'* May 4,
p. 17.
(b) Cummins confident of roads' recovery.
Idem,- p. 17.
Plans for Solution of RR. Problems.—(a) For New England, F/j.
Lisman,
/By-Age" Apr. 29, p. 1028.
(b) For all RRs., Samuel H. Barker. "Fin.
Am." May 6.
p. 680;
Ry. Age"
must end July 1,
Debentures Sold.—London cables, May 6, state
ite announcement is made
The shareholders at the annual meeting May 4 gave.the
directors blanket
authority to issue any form of security for any purpose, provided it is
junior to the Consolidated Debenture 4% stock, and does not exceed the
amount of this stock, of which there is now- $216,284,882 outstanding and
$67,000,000 unissued.
President Beatty said: "While it is not easy to designate in advance the
exact purposes for which money may from time to time be required, it is
thought by directors thatjapproval should be asked for the creation and issuonce of such securities as will enable them, as conditions warrant, to provide
money for extensions and new steamers and also restore the cash reserves
of the company, substantial amounts of which have been expended on
capital account during the past few years.
Company's enterprise is now
so extensive that in providing for normal and proper expansion large sums
of money are quickly absorbed."
In announcing the sale of an unspecified part of the $67,000,000 Con¬
solidated Debenture stock to London interests.
President Beatty said:
"This is the first application for the acquisition of Debenture stock from
England since the outbreak of hostilities in 1914, and, in the opinion of the
directors, is an incident of utmost significance, as indicating resumption of
interest in the company's principal capital security in Great Britain.
"It may conceivably be the first step toward re-establishment of a
market in England for the banking securities of the company which cannot
but have an important influence on its future financing.
[This statement
may be construed to mean that the company's prospective new financing
will be floated in London rather than New York, which has been the
market for Canadian railway financing since the w-ar began.]
As regards the purchase or new ships for which it might be necessary to
issue new securities, President Beatty said:
"Construction of new steamers for the Atlantic and Pacific has been very
seriously delayed by the miners' strike in Great Britain, which is still
apparently far from settlement and which will defer delivery of these
steamers until at least the end of the present year.
"These shins are of a class that would render great service during Summer
and Autumn of this year and the fact that they will not be available is to be
regretted as both the direct and indirect benefits of a continuance of adequate
service are very great.
It may be desirable to purchase other ships if these
can be obtained at moderate prices."
[Montreal dispatches May 6 state that the company has purchased the
former German liners "Kaiserin Augusta Victoria ' and "Prinz Friedrich
Wilhelm" from the British Government.
The former will run between
Quebec and Liverpool under the name of "Empress of
latter between Vancouver, Yokohama and Hong Kong,
Scotland," and the
under the
name
of
Empress of China."]
employees
Dividends to
agree to wage cuts or from
7% to 10%, effective July 1,
aggre-
Siting N. B." $1,000,000 (b) more per annum. Co. on Apr. 30News" and
about Apr. 29. or Phila. Rap. Tran. "Bost. Fin. announced
ost.
a wage cut of 7
cts. an hour for car men, effective May 1, and of 14cts.
for trackmen, &c.
"Times" May 1, Sec. 2, p. 1.
See news items below.
Chronicle" of Apr. 30.—(a) Penn. RR. dividend reduction,
p. 1790, 1799.
(b) Canadian Pacific offer to take over other Dominion
roads, p. 1804.
(c) New method of valuing public utilities,
see Public Service
Ry., V. 112, p. 1743. 1867.
p.
1827; also
Central New
Albany Southern RR.—Time Extended.—
For the purpose of giving such first
mortgage bondholders who have not
yet deposited their bonds under the agreement of March 1
1920, an oppor¬
tunity to avail themselves of the benefits of the plan, the time 'within which
the plan may be declared
operative has been extended to Oct. 1
Chesapeake & Ohio Ry.—Obituary.—
Vice-President Frank H. Davis died in Elizabeth, N. J., on May 2.—112, p. 1865. 743.
V,
1921from°^
stock,
decIared operatlve after Sept. 1.
Altoona & Logan Valley El.
Ry.—Wage Reduction.—
£re employees have voluntarily accepted a wage reduction of 5 cents an
teh
of
Chicago Burlington & Quincy RR.—Stricken from List.
The New York Stock Exchange has stricken from the list the old minority
pledge $25,000
30-year 5% Rnpt. & Ext. Mtge. bonds with the Director-General of Rail¬
1.
Holders of this non-assenting stock have con¬
Trading in issue has been inactive.
Arthur C. James and Charles
Donnelly, Vice-President of the Northern
Reynolds and
Pacific Ry., have been elected directors succeeding Jackson
Charles W. Bunn.—V. 112, p. 1865.
Chicago & Eastern Illinois RR.—Reorganization.—
Application, &c.— ~~~
The I.-S. C. Commission has authorized the
company to
effective June
sented to this action
55,57H and 60 cents-accordinB t0'
v
Ann Arbor RR .-—Collateral—Bond
England Ry.—Merqer Ratified.—
See New York New Haven & Hartford RR. below.—V. Ill, p. 1660
1921, and
the time for
receiving deposits of bonds with all coupons maturing on and
after Sept l 1921 to and
including Sept. 15 1921.
First Refunding Bonds to be issued under the
amended plan will bear
.
English Holders.—
Holders of Canadian Pacific Ry. shares on the New York register, since
lending their shares to the Treasury., have become accustomed to receiving
their dividends in sterling on the due date.
Their shares having been re¬
cently returned by the Treasury, it is well they should bear in mind that
their shares are now on the company's register in New York, and their divi¬
dends are no longer payable in sterling, but in dollars by warrant payable
in New York and due to be posted from New York on or about the due date.
("Stock Exchange Gazette.
London, April 14.)—V. 112, p. 1865.
Judge Carpetner in the U. S. Court in Chicago
on
May 3 refused to ap-
Srove the reorganization plan in its entirety. Strong opposition was made
y counsel for the Mechanics & Metals National Bank.
Its claims were
roads in substitution for $12,600
2-year Secured notes which fell due May 1
These notes were pledged as collateral
referred to C. B. Morrison, Master in Chancery.
The sale of the Brazil Branch at Danville, scheduled for May 5 has been
mand notes issued to the Dir.-Gen. of RRs. in
1918 and 1919.
postponed to June 3.
security (in part) for $492,700 de¬
aa«
5h
' Commitffiion has authorized the company (1) to pledge $100.000 of its 30-year 5% Improv. & Ext. Mtge.
bonds, with the War Finance
Corp. as substitute security for a $150,000 demand note which is to be
reduced by a cash payment to $50,000.
oa
The company also asked
authority to pledge from time to time $600,000
of said bonds for such
purposes as it may deem necessary but as sufficient
informationi relating to the proposed
pledge of the $600,000 bonds had not
been furnished, action on this
part of the application was deferred.
The
petition
_
of the, company included a request for authority to exchange
certain 5%
for 6% bonds, but
SeeV8 ill
as
such exchange
was
not
authorized by
^848^° appUcation no action was taken by the
CommLsdon
The company has asked the Commission for
authority to issue $2 000 000
6% Impt. & Extension bonds in lieu of similar 5% bonds, and for permission
to retire $500,000 of its outstanding $2,500,000
5% bonds.—V
iilTpf848.
' &c.—
Atchison Topeka & Santa Fe Ry.—New Directors
John W. Davis and W. C. Potter of N. Y. City have been elected
directors
succeeding E. J. Engel of Chicago and F. A. JuHiard of New York
The shareholders have also
approved the leases of the Buffalo & North¬
western
(V, 112,p. 1616) the Oklahoma Short Line and the Barton Countv
& Santa Fe, a Kansas line.
On March 24 the company
8,912
over a year ago,
had 59,836 stockholders, an increase of
38,137 holding Common stock and 21,699 Preferred
stock.
The "Wall St. Journal" says: Managers of Chicago & Eastern Illinois
reorganization regard participations in the new plan as very satisfactory in
view of present railroad conditions.
April 30 was set for payment of first
instalment of the $30 assessment on both classes of stock.
Payment has
been made by over 56% of holders of the old stock and the managers are
still accepting checks dated April 30, or before which are straggling in from
the Far West and foreign countries. I
These belated payments are expected;
to bring total participation up to 65%.
First instalment called for only $5, but in many cases stockholders
preferred to pay the whole assessment in a lump.
No date has yet been
set for the second call.
Reorganization will probably be completed by Spet. 1 by which
will be cleaned up, according to good opinion.
The
assessments
company will then commence to
time
new
function.—v. 112, p. 1865.
Chicago Milwaukee & St. Paul Ry.—U. S. Loan.—
The I.-S. C. Commission has approved a loan from the Government'or
$10,000,0001to enable the company to meet maturing obligations.—V. 112,
p.
1859.
I
Chicago & Western Indiana RR.—Bonds AiUhorized.—
The I.-S. C. Commission has authorized Chicago & Eastern Illinois RR.,
Indianapolis & Louisville Ry., Wabash Ry., Grand Trunk Western Ry. and
Chicago & Erie RR. to assume obligation or liability in respect of $7,000,000
15-Year 7 H % Coll. Trust bonds due Sept. 1 1935. by entering into a joint
>
May 7
1921.]
TELE
CHRONICLE
supplemental lease with the company under which each of the five roaas
agrees to pay $5,000
monthly to the trustee under the trust indenture for
the purpose of
satisfying certain sinking fund requirements thereof.
Each road owns one-fifth of the
outstanding capital stock of the West¬
ern Indiana
Company, which has leased certain of its properties to the road
severally or in common for a term of 999 years.—V. 112, p. 1023.
Cincin. & Dayton Traction Co.—Bondholders' Status,—
Holders of the underlying bonds of the former Cincinnati
Dayton & Tol¬
edo Traction Co.'s
system (V. 106, p. 2228) between Cincinnati and Day¬
ton, O., benefit by a decision handed down by the Court of
Appeals at Cin¬
cinnati, in a case which came up from the Butler County Court.
The de¬
cision, written by Judge Wade Cashing and concurred in by Judges Hamil¬
ton and
Buchwalter, gives these mortgagees rights in a $500,000 power
plant near Hamilton built by the Cincinnati Traction Co.
The Cincinnati Dayton & Toledo Traction Co. was formed
by consoli¬
dating 6 separate companies which operated portions of what later became
the single traction line.
The Butler County Common Pleas Court ruled
against the holders of the bonds of these companies upon their claims
against
the power house (V. Ill,
p. 2423), and they appealed to the Court of Ap¬
peals.
That body now holds that the underlying bondholders or mort¬
gagees are entitled to have their
in when the system was
Traction Co.,
or
rights restored to the condition they were
operated as the Cincinnati Dayton & Toledo
to have such an interest in the new power house as would
equal the cost of such restoration.
<
\
This ruling was made upon the
ground that when the new power house
was built, the five
separate power houses were destroyed.
The decision
also holds that the underlying bondholders have similar
rights in the new
rolling stock, which was bought to replace old rolling stock sold or scrapped
by the new company.
Regarding the dispute over $250,000 which accum¬
ulated in the net earnings fund, the Court declares the
operating company
and the State P. U. Commission were neglectful as the net
earnings should
be apportioned among the several divisions on the basis of their
earning
capacity, and the Court suggests a master commissioner be appointed to
decide the proportion of distribution,
("Electric Railway Journal.")—
V. Ill, p. 1565^ 2423.
1977
operated by the Evansville & Indianapolis* RR. in Indiana, as not being
within the jurisdiction of the Commission.—V.
112, p. 1519.
Fernwood Columbia
The I.-S. C. Commision has
&|Gulf RR.—U. S. Loan.—
a loan of $33,000 to enable the
equipmetn.—Y. 112, p. 1865.H
approved
company to provide itself with additional
Gary & Connecting Ry.—Sale Decree Filed.—
See Gary & Valparaiso Ry. below.—V.
112, p. 257.
Gary & Valparaiso Ry.—- Sale Decree Filed.—
An agreed decree
approving the sale of the
Gary (Ind.) Connection Ry.
Gary & Valparaiso & Northern RR. to representatives of the First
Mortgage bondholders of the two companies was filed with the clerk of the
Federal Court recently.
The object of this suit, it is said, is to enable the
First Mortgage bondholders to continue the
operation of the roads and to
clear the bonds and lift the
receivership. Actions to declare the roads in¬
solvent were filed in 1918.
('.'Electric Railway Journal.")—V. 112, p. 257.
and the
Grand
Trunk
Alfred W.
the
of
"Stock
In
Ry.—Official
Smithers made
"Canadian
a
Gazette"
Sir
Statement.—Chairman
statement
which
to
a
representative
reprinted in the
Exchange Gazette," London, April 14, saying in brief:
1919 I negotiated
which the Government
an
was
agreement with the Dominion Government by
were to
acquire the Grand Trunk Ry. system,
assuming all assets and liabilities of the company, guaranteeing debenture
and guaranteed stock
interest, and leaving the amount to be paid for com¬
pensation to the First, Second and Third Preference and Ordinary stock
to arbitration.
This agreement was confirmed by Act of Parliament, sub¬
ject to the sanction of the shareholders.
A meeting was called in London
at which this sanction was
could arise
given.
In order to make certain that
no
question
to
Cleveland Cincinnati Chicago & St. Louis Ry.—
Acquisition of Control of Evansville Indianapolis & Terre Haute
Ry. by Purchase of Entire Capital Stock Authorized.—
everything having been done in legal form, the Govern¬
introducing another bill to confirm all that was done)at
the meeting, and to declare
everything in legal order.
This took three
months, and consequently cost the Guaranteed stock a quarter's interest,
amounting to £125,000.
Immediately on the second Act being passed a Committee of Manage¬
ment was formed,
consisting of two members appointed by the Canadian
Government and two by the Grand Trunk
Ry., and the four appointing a
Chairman.
The guarantees on debentures and
guaranteed stock began
from the appointment of the
committee, and the interest on any award
that the arbitrators might make to owners of
junior securities will also be¬
gin from the date of the appointment of the committee.
From that date
onwards the committee was
only allowed to carry on the ordinary business
of the line, and anything outside that had to be submitted for the Govern¬
ment's approval.
The company was thus helpless to move in finance or
road for the benefit and at the risk of the Terre Haute
in any other way without the consent of the Government.
This arrange¬
ment worked perfectly well, all
obligations being met as they became due.
It was consequently a great surprise when a letter was received
The I.-S. C. Commission has
approved the acquisition of control of the
Evansville Indianapolis & Terre Haute Ry. by the purchase of its entire
capital stock.
The Terre Haute Company was reorganized June 12 1920
(per plan in V. 110, p. 1186).
On June 16 1920, pursuant to an
agreement made with the bondholders'
committee dated Feb. 19 1920, the C. C. C. & St. L. Ry. came into
posses¬
sion of the property, as agent of the Terre Haute
company, to operate the
Company, for a test
of the prior exercise by
period of 3
years, subject to termination in case
C. C. C. & St. L. of an option granted in the
agreement to purchase the en¬
tire capital stock of the Terre Haute
company for $1,000,000.
The C. C.
C. & St L. is now
operating the Terre Haute road, and has elected as of
Jan. 11921 to exercise the option contained in the
agreement of Feb. 19 1920,
The entire authorized and outstanding
capital stock of the Terre Haute
company is 42,900 shares (par $100), and is controlled by the bondholders'
committee.
The C. C. C. & St. L. proposes to purchase this for
$1,000,000,
making payment therefor with $1,052,600 6% 20-year Ref. & Impt. Mtge.
bonds of a new series (the
application for the issuance of these bonds is now
pending).—V. 112,
p.
Connecticut
1865.
Co .-—May
Revert
New
to
1739.
Cumberland County Pow. & Lt. Co.—Divs. ResumedA
*
-
quarterly dividend of IK % has been declared
on
the outstanding
2,300,000 Preferred stock, par $100.
This is the first dividend paid on
he Preferred since May 1918, when 1K % was
paid in scrip.—V.112,p.1399.
Cumberland & Pennsylvania RR.—Bonds Paid.—
The $1,000,000 5% bonds due May 1 were
paid off at maturity at office
of Guaranty Trust Co., 140
Broadway, N. Y. City.—V. 110,
Dallas Ry.—Receiver for
p.
1289.
Shuttle Company.—
George P. Dunlap has been appointed receiver of the Dallas Standard
Traction Co., owner of the Mt. Auburn-Parkview line
(about IK miles) in
order signed
an
by Judge W. F. Whitehurst.
Judge Whitehurst's order
Sheriff on May 3, as was
1740.
further restrains the sale of the
property by the
ordered in a previous iudgment.—V.
112,
p.
Dayton Toledo & Chicago Ry.—Receiver Asked.—
The Fort Dearborn Trust & Savings Bank,
Chicago, has brought suit at
Troy, Ohio, against the company asking for the appointment of a receiver
and recpvery of $478,478.
The sum claimed is alleged due on bonds issued
by the railway company.
The plaintiffs claim that other debts of the
defendant company total more than $300,000, and that the value of its
physical assets total only $450,000-—Y. 112, p. 932, 849.
Delaware & Hudson Co.—Bond
See Rensselaer &
Denver
Guaranty.—
Saratoga RR. below.—V. 112,
p.
1865.
Tramway Co.—Interest Defaulted.—
The Nov. 1 1920 and May 1 1921 interest on the
$496,000 Denver &
N. W. Ry. 1st & Coll. Mtge. 5s and
$11,306,400 Denver Citv Tramway
1st & Ref. 5s remains unpaid.—V. 112,
p. 1740, 1616.
Detroit United Ry.—Valuation Bonds Paid—etc.
The $855,000 Detroit & Northwestern
Ry. First Mtge. 4K% Gold
bonds of 1901 which matured on May 1 1921 are
being paid at the Central
Union Trust Co. of N. Y., 80
Broadway, N. Y. City.
paid
as
Coupons will be
heretofore by the Union Trust Co. of Detroit.
In connection with the stock dividend of 2
K % declared on the outstadning
par $100, (mentioned in last week's "Chronicle,"
$15,000,000 Capital stock,
usiness conditions
Eage 1865) President Frank W. Brooks, of Directors notwithstanding the
prevailing, the Board says "In view of the abnormal
existence of
a
surplus of many million dollars represented in the value of its
properties, deems it prudent to proceed with extreme caution and to conserve
the company's cash resources in every way
possible, and has, therefore,
decided to declare a stock dividend of 2K % payable June 1
1921, in lieu of
the usual cash dividend payable at that date.
A valuation of $61,203,987 is placed on all the Detroit United
Ry. proper¬
ties in Michigan in the report presented to the Michigan P. U. Commission
by Henry T. Adams, professor of engineering at the University of Michigan.
It is based on a mileage in Michigan of 718.696 miles, of which 307.76 miles
are
in
Detroit.
The value of the company's franchises outside Detroit is set at
$4,446,112
and in Detroit at $81,051.
The physical value of the Detroit
properties is
apprafied at $33,296,144 and the commercial value at $33,377,195.
The
report gives $56,757,875 as the physical value of all the properties.
The valuation
was
ordered drawn to determine whether the D.
on
by the
President from the Minister of Railways on March 22, saying that unless
arrangements were made for delivering up the line immediately the Govern¬
ment would not advance any more
money to meet
to which they were legally bound.
This of course
obligations except those
referred to the uncondi¬
given by the Government to the debenture stock and
guaranteed stock.
[The quarterly interest due April 14 1921 on the
£24,624,455 Perpetual 4% Cumul. Debenture stock was it is stated, paid
promptly, but no dividends on the share capital.
See V. 112, p. 1865.]
Mr. Howard Kelley, the President of the company, under my instruc¬
tions, did what he could to come to an agreement consistently with the con¬
tional
guaranty
ditions mentioned above, but the Government would not meet the obliga¬
tions due on April 1, although they admitted the same obligations when
Haven.—
See New York New Haven & Hartford RR. below.—V.
112, p.
-
as
ment insisted
U. R.'s
property value warranted another bond issue, for which authority was asked
of the Commission some time ago.—V. 112, p. 1865, 1740, 1736.
they became due last October.
In one cable I pointed out to the Prime
Minister that, acting on the advice of counsel, it was impossible for me to
behind the agreement and deliver over the railway before the award
go
was
made; and the Prime Minister
aware
that
that if
we
we
replied that the Government were fully
could not deliver up
made
the railway under the agreement, but
agreement he would introduce an Act of Parliament
to legalize it.
Counsel advised that we should not accept this offer unless
it was submitted to the shareholders, and I understand from counsel that
a now
the Government objected to this.
The arbitrators have now adjourned and Mr. Howard Kelley, the Presi¬
dent of the line, and Mr. Phippen, K.C., sailed for London on Tuesday.
After consultation with Mr. Kelley the board will decide what to do.
To
Amend
Agreement
~~~~
The stockholders will vote May 12 in London on "considering and if
approved, authorizing the execution and completion of a proposed agreement
amending the present agreement dated March 1920, between His Majesty,
The King, represented
by the Minister of Railways and Canals of Canada
of the first part, and the Grand Trunk Railway Co. of Canada of the second
part, a draft of which amending agreement will be submitted to the meeting
and under the terms of which amending agreement the members or the
present board of directors are to resign office appointing nominees of the
Government of Canada in their stead and for the purpose of constituting the
present board of directors of the company to
act as a committee to
represent the preference and ordinary stockholders of the company in the
arbitration between the Government of Canada and the present stock¬
holders with the powers referred to in the proposed draft agreement and
with authority to carry on the said arbitration tp. its conclusion and to
settle and determine any of the matters or questions involved therein and to
do all such other matters and things as the meteing may authorize.
Earnings in 1920.—"Financial Post" of Toronto April 8
said in brief:
7:
From statistics submitted
this week
to
•'
the Board
of Arbitration it is
possible to present the statement of revenue and expenses of the Grand
Trunk Railway System for the year 1920.
This shows that on the Canadian
line there
was
a
net
loss, allowing for interest and taxes, but making no
allowance
for dividends of $1,596,490 for the year.
Taking the whole
system the deficit for the year was $4,072,982.
[Contrasting with a surplus
before dividends of about $4,000,000 for the year 1916.—Ed.]
In connection with the report of the General Auditor to the Board an
estimate is made of conditions as they would have been if the freight and
passenger rates in effect at the end of 1920 and also wages had been
to the system during the whole year.
This would have resulted in a
of $13,005,130 on the Canadian line and a
applied
surplus
surplus of $8,434,654 on the
whole system, including the United States lines.
[In this case it is stated,
the railway operating revenue of the Canadian lines would have aggregated
$98,185,245 instead of $81,442,647, while if the Canadian lines had been
allowed the same rates as were granted by the I. S. C. Commission to Hie
United States lines the total revenue would have been $100,997,800 for
the Canadian lines only.]
Again had the rate as applied by the I. S. C. Commission of the United
States been in force in Canada, that is a full freight increase for coal, milk.
&c., which was denied the Canadian road, the surplus on the Canadian
lines would have been $15,817,684, and with the whole system a surplus
would have been shown of $11,247,208 as compared with a deficit.
Results for
Calendar Year 1920.
„
,
Whole
Canadian
Lines.
System.
Railway operating revenue
>-$81,442,647 $106,486,224
♦Railway operating expenses
76,213,815
101,316,271
Net railway operating revenue after deducting
taxes and uncollectibles
5,228,832
5,169,952
Balance railway operating income
i
3,925,764
3,018,910
Add rents, &c,
2,200,274
2,226,650
—
East St. Louis & Suburban Co.—Fares.—
An increase from 8 cents to 10 cents in fare on the Alton lines of the Alton
Granite City & St. Louis Traction Co. has gone into effect.
The rate be¬
tween Venice and Brooklyn has also been raised from 8 cents to 10 cents,
Federal Judge English has granted an in¬
junction restraining Illinois authorities from interfering in the fare adjust¬
ment by the company, which is in the hands of receivers
.-^-V. 112, p. 1617.
with tickets at 5 for 40 cents.
Eastern Massachusetts Street
Ry .—Strike Averted.—
The general strike scheduled to begin on May 2 was averted,
following a
conference before the State Board of Conciliation and Arbitration at which
the union representatives and
the public trustees agreed to a method of
procedure to be ased in arbitration of discipline cases.
The question of handling discipline cases was the chief obstacle to settle¬
ment of the differences through mediation by the State board, and now that
this issue has been removed, it is expected that all danger of a strike is
passed.
The trustees and the union officers will confer to adjust other
disputed points in the proposed new one-year agreement.
Any issues which
they fail to agree on will be referred to the 8tate board —V. 112, p. 1865.
Evansville Indianapolis & Terre Haute
Ry.—Acquis.
See Cleveland Cincinnati Chicago & St. Louis Ry. above.
The I.-S. C. Commission has dismissed the company's application for
teh acquisition and operation by it of
a
line of road heretofore owned and
$6,126,038
740,592
interest, taxes, &c
Balance net loss for year
Add net income sub
Net loss for 1920
♦On New England lines
96.76%.
V. 112,
p.
$11,233,890
15,756,405
$1,596,490
Total
Less
761,288
10,472,601
$10,891.444
12,487,935
Balance operating income.
Add other income
$5,245,560
4,484,272
5;385,446
5,505,998
Deduct rents paid..
$4,522,515
449,532
126.41%
$1,596,490
$4,072,982
of gross earnings; on Western lines
1865.
Hudson & Manhattan RR.—New Treasurer.—
Wesley S. Twiddy, formerly Deputy Assistant Treasurer of the United
States, has been elected Treasurer.—V. 112, p. 1399.
>
1978
Illinois Central
112. p. 1733. 1740.
Kansas
City Southern Ry.—Promissory Notes.
under
before
Jan. 3
1921 a promissory note of $12,375, payable on or before Jan. 3 1924, to
order of Heim Real Estate Co.; and (3) nine promissory notes of $3,034 each,
payable successively after date at intervals of one year, to order of St.
Joseph & Grand Island Ry.
These notes, aggregating $50,552, were given
in respect of the purchase of certain land.—V. 112, p. 1617.
& Salt Lake RR.—Note Application.—
The company has applied to the I.-S. C. Commission
issue $2,500,000 One-year_7%_Notes.—V. 110, p. 1290.
for authority to
Louisville Henderson & St. Louis
E.
Bacon has been elected
II.
a
division between Valley
conditions will permit.
Ry.—New President.
director to succeed the late Milton II.
Smith.—V. 110, p. 1290.
I#
Louisville & Nashville RR.—Government Loan.—
The company has applied to the I.-S.
C. Commission for a Government
of $5,000,000 for a period of 15 years.
The company stated that
$4,000,000 would be used in the purchase of new equipment and $1,000,000
for additions and betterments.
loan
The Commission recently
approved the payment to the
provisions of the Transportation Act of 1920,
aggregating $4,750,000, and also $300,000 to the Atlantic
the Louisville & Nashville RR. jointly as lessees of the
the guaranty
VimiJp. 1859. 1866.flto.il.. fc»
company
under
several amounts
Coast Line and
Georgia RR.—
__JS
Milwaukee El. Ry. & Light
Co.—New Pre}. Stock,&c.—
The stockholders will vote May 18 (1) on providing that the divs. on
the $4,500,000 6% Non-Cum. Pref. stock, now outstanding, shall be cumu¬
lative from and after Jan. 31 1921, and that such stock shall have preference
over the Common; (2) on creating a new issue of $15,500,000 Preferred
stock, "Issue of 1921," thereby increasing the present authorized capital
from $24,500,000, consisting of $4,500,000 Pref. stock and $20,000,000
Common stock, to $40,000,000, consisting of $4,500,000 Pref. stock, $15,500,000 of Pref. stock, "Issue of 1921," and $20,000,000 Common stock.
(3) On increasing the number of directors from 9 to 12.
(4) On authorizing the company to acquire, build and operate systems for
the transmission of neat, power and electric light for public purposes.
Lett<Tr*"*of
Data*from
John
Pres.
I.
Beggs,
Business.—Substantial increase in
in
Increase
April
28
(Condensed.)
business is indicated by
of gross earnings from $7,566,021 in 1914 to $19,352,519 for 12
mos. ended Feb. 28 1921.
During same period sales of electric energy have
increased more than 290% and the number of electric and heating cus¬
ncrease
tomers has increased more than
121%.
Future Outlook.—Careful study of all conditions throughout the territory
served by the company sustains the
of normal conditions, requirements
belief that, with the gradual restoration
for electric service will continue to in¬
and that the new business will provide an adeauate return upon the
additional investment of $3,000,000 or Preferred stock which the company
proposes to issue at this time.
Purpose.—The sale of the {$3,000,000] new Preferred stock will enable
company to obtain funds for the retirement of floating debt incurred for
extensions and for investment in additional facilities required to furnish
the necessary service in the various communities.
New Preferred Stock.—The new Pref. will be cumulative at not more than
8% and red. at not less than par or not more than 110, as fixed on by the
directors.
Will share ratably with the present Preferred stock in the right
to cumul. divs. and in the preference over the Common in liquidation, but
will be non-voting except in the event of default of dividends, differing in
crease,
that
respect from the existing Preferred stock, which now has, and will re¬
tain, full voting rights.—V. 112, p. 1741.
of
$230,000,000 6H% Convertible Northern Pacific-Great
comfortably over¬
subscribed,'' and that most of the subscriptions were allotted
exception of the very large blocks, which were
pared to insure wide distribution.
in full with the
In connection with the granting of
authority for the issuance of the bonds
lass
the I.-S. C. Commission stated that the bonds were to be issued at not
than 91H and int.
The offering price to the public was 96 H and int.
V. 112, p. 1866.
been extended to May 15 1922.
Pennsylvania RR.—Seeks Government Loan.—
its maturing obligations.—V.
Philadelphia Rapid Transit Co.—Wages Reduced.—
Surface motormen
&
{Elevated
conductors
__60c. 63c. 65c. Elevated
Elevated conductors..60c. 63c. 65c.)
"In
Coupons for interest matured Nov. 1 1920 on the following bonds will
motormen__63c. 68c. 68c.
60c. 62c. 63c.
guards
conformity with the decreases made in Cleveland and
tive Jan. 1 1921, and in Buffalo to be made effective
scale of the regular employees of way department
Detroit, effec¬
May 1 1921, the wage
track forces, namely
track laborers, trackmen, pavers, rammers, switch cleaners and drivers,
should be reduced 14 ^ cents per hour effective May 1 1921.
"In conformity with the wage decrease of the Cleveland Ry. Co. and the
Detroit United Ry. Co., the wage rates of other employees who received
the increase of 7 Yt cents per hour, or $15 per month, effective June 1 1920,
and those employees who have been engaged at wage rates including the
June 1 1920 increase, should be decreased 7H cents, per hour or $15 per
month, effective May 1
1921."
Frankford "L" Lease Submitted to City Council.—
Mayor Moore on March 31 transmitted to the Phila. City Council the
proposed form of agreement providing for the leasing of the city-owned
Frankford Elevated Ry. and Bustleton lines to the P. R. T. for operation.
Among the more important terms of the proposed lease are:
(1) The P. R. T. Co. is to operate the lines and pay the city annually a
return of
5% on the amount invested in the property, which now amounts
$15,000,000.
The lease is to expire July 1 1957.
There is, however, also a provision
that the lease "shall absolutely cease and determine without further notice
six months after the date of the final adjudication of the valuation of the
properties operated by the company, including the lines leased hereunder
now pending before the P. S. Commission."
(3) The city also reserves the right at any time after five years from the
date of agreement, to terminate it after giving company six months' notice.
(4) The company is to supply two of the three power stations and to
equip and operate the Bustleton surface line.
(5) The city shall supply a maximum of 100 cars (50 of these have already
been ordered).
It shall also supply a sub-station of about 4,000 k. w.
capacity, located at Front St. and Fairmount Ave.
(6) The company shall be liable for any damage claims, excepting such a
result from any defect in the property that may exist prior to May 1.
(7) The payment of rentals to the city shall have precedence over the
payment of dividends on P. R. T. stock.
The company has filed with the P. S. Commission a new tariff of rates,
effective on 30 days' notice, continuing the present 7-cent cash fare, with
the sale of four tickets for 25c.
This rate is the one that the Commission
to about
(2)
Nov.
be paid upon presentation at the office of J. D. Barnes, Agent for Receiver,
61VBroadway, New York City, on and after April 30 1921;
loan of
to meet
112, p. 1867.
A general wage reduction went into effect on the company's lines on
May 1, according to an announcement of the company which says:
"The co-operative plan for collective bargaining of the P. R. T. provides
as a basis for determining wages the average of the wage scales of the street
railway companies of Buffalo, Cleveland, Detroit and Chicago.
"In conformity with the wage decrease of the Cleveland Ry. and Detroit
United Ry., to be made effective May 1, the general committees under the
co-operative plan agree that the scale of wages of the trainmen of the P.R.T.
to be established effective as of May 1 1921, should be as follows:
authorized the
;•« ^
Missouri Kansas & Texas Ry.—Interest Payments.—
See
Pennsylvania-New Jersey Ry.—Notes Extended.—
The $250,000 notes due May 15 1921 have
The company has applied to the I.-S. C. Commission for a
$5,700,000 for 15 years.
The company proposes to use the money
Long Island RR.—Electrification.—
The company, it is stated, expects to electrify its
Stream and Babylon, 21 miles, as soon as financial
—V. 112, p. 1144.
vertible Joint Bonds Oversubscribed.—It
Northern Joint 15-Year bonds "has been
_
The I.-S. C. Commission has authorized the company to issue (1)
date of Nov. 30 1920 a promissory note of $10,688, payable on or
Nov. 30 1923. to order of Mercantile Trust Co.; (2) under date of
Los Angeles
of $230,000,000 Q}4% Con¬
is stated that the issue
Northern Pacific Ry.—Issue
RR.—Equipment Trust Certificates.—
Permanent Equipment Trust Certificates, Series "G," are exchangeable
for termporary certificates at the Commercial Trust Co., Phila., and at the
office of the company, 32 Nassau St., N. Y. City.
(See V. 112, p. 849.)
—V.
[VOL. 112.
CHRONICLE
THE
1
company
to collect for
a
period of six months beginning
last.
Loan for
Deferred Wages Liquidated.—
The loan obtained from
Drexel &
Co.
to pay $949,766
off.—V. 112, p. 1742.
last November
deferred wages at that time, has all been paid
(1) Mo. Kan. & Olcla. RR. 1st Mtge. 5s, due May 1 1942.
(2)
(3)
Boonville RR. Bridge Co. 1st Mtge. 4s, due Nov. 1 1951.
Dallas & Waco Ry. 1st Mtge. 5s, due Nov. 1 1940.
May 1 1921 will be deferred.—V. 112, p. 1024, 162.
Calendar Years-
1920.
Missouri Pacific RR.—Equipment
are now
exchange¬
The N.
Y.
Stock Exchange
Pacific stock which did not
inactive for
BP'
some
has stricken from the list the old Missouri
come
into the reorganization and which has been
fahela Power & cum. Co. (name changed from Monongahelastock.
8,000,000 6%
Ry. pref. stock and $12,000,000
Traction Co.)
common
Monongahela Valley Traction'Co.—Name Changed.—
See Monongahela Power &
York
New
Ry. above and Y. 112,
Haven
&
p.
$619,151
357,051
$300,392
170,184
$262,101
177,563
$130,209
$84,538
100.000
50,000
$30,209
$34,538
28,000
-1
Monongahela Power & Ry.—New Name—Listing.—
New
Miscellaneous deductions.
time past.—V. 112, p. 1866.
IffApplication has been made to the N. Y. Stock Exchange to list Monon-
Return
_
431,910
$131,592
2,623
100,000
trust Certificates'-—
Equipment Trust Certificates, series "A,"
able for outstanding temporary certificates at the office of the company,
120 Broadway, N. Y. City.
(See V. 112, p. 849.)
$732,302
$308,255
176,663
_
Permanent
1866, 1862.
Hartford
RR.—Suggests
of Trolleys—Disapprove Rate Increase for N. E. Roads.
The Connecticut
Legislative Committee on Railroads on April 27 gave
a'hearing on the proposal put forth by the P. U. Commission in its recent
report on trolley conditions, that the State ask the Federal Court for the
Southern District of New York to restore to the New Haven RR. the Con¬
necticut (trolley) Company, which for 7 years has been in the hands of
Federal trustees.
The joint committee appointed by the Governors of the New England
on the proposal of the New England railroad heads to increase
Balance, surplus
1918.
1919.
$801,162
492,907
Interest due
$6,216
a.
-V. Ill, p. 693.
Pittsburgh & West Virginia Ry.—New Officer.—
Gen. Auditor F. H. Harvey has also been elected Secretary, succeeding
C
Moore, who retains his position as Treasurer —Y. Ill, p. 2230
Portland
The
I.-S.
C.
Astoria &
Pacific
RR.—Acquisition.—
Commission has authorized the company to
acquire and
extending
operate the line of railroad owned by the United Railways Co.,
from Wilkesboro to Lhmton, Ore., 18.64 miles.
The company was
organized July 28 1919 and engaged in the construction
and operation of a line of railroad from Wilkesboro, Ore., into extensive
timber holdings of the Eccles estate.
A contract has been entered into for
the use of the United Rys. line by the company at an agreed rental of $45,000
for 99 years.
Capital authorized, $2,500,000,
per annum
of which $1,100,000 expended in con¬
July 31 1920.
The capital stock is owned by the
States to act
struction of road up to
freight and passenger rates immediate y by 10% to .relieve their financial
plight has disapproved the suggestion.
The contention made by the com¬
Oregon-American Lumber Co. and by D. C. Eccles and his associates.
The United Rys. was organized in 1906 and purchased the property at
mittee
vance
was that railroad executives had failed to show that the desired ad¬
would remedy the situation or that by such an increase New
England
not suffer.
interests would
Eublic sale from the Oregon Traction Co.outstanding indebtedness by the
Capital stock is owned of the
pokane Portland & Seattle Ry.
The
United secured by a mortgage will not be impaired.
The stockholders of the Central New
England RR. have voted to ratify
the merger with the New Haven road.
The vote authorizes the directors
"to sell and convey all or any part of the property of the Central New
Eng¬
land RR. to the New Haven Co., or to merge, consolidate and make com¬
mon stock with the New Haven Co."
The New Haven stockholders voted
in favor of the
proposition
on
April 20.—V. 112,
p.
1741, 1618, 1610.
Public Service Corp. of
The New Jersey P.
payable in monthly series, bearing 8%, beginning Feb. 1 1922.
The issue
is
to provide funds for the purpose of installing a battery and ovens at
Camden
""New Jersey & Pennsylvania Traction Co.—Fares.—
The company is now charging a 10-cent fare on its Pennsylvania divi¬
sions running out of Trenton, the increase having been allowed by the
Pennsylvania P. S. Commission.
Company had been charging 8 cents.
The New Jersey P. U. Commission has suspended the collection of the
proposed increase in fares from 7 to 10 cents for three months.
It was
proposed to increase the fare in 40 different zones.—V. 112, p. 372.
New York
Railways Co.—Tax Lien.—
City Comptroller Craig recently announced that he intended to sell a
tax lien for $435,000 against the property of the old
Metropolitan Street
Ry. on June 2 unless Job E. Hedges, receiver for the New York Rys., suc¬
cessor to the Metropolitan, pays the city's'claim for back taxes before that
time.
Comptroller Craig said this matter had been in litigation ever since
1900.—V. 112, p. 1283, 1144, 1137.
,
to
Northern Ohio Traction & Light Co.—Strike.—
A strike of the car men on May 5 totally tied up the whole system.WA
20% cut in wages is involved.—V. 112, p. 1741, 1866.
meet
increased demands
for gas.
See also Public Service Ry. in V. 112, p.
1827,1867,1742.—V.112,p.l399.
Co.—Hearing on Segregation, &c.—The Phila¬
delphia "News Bureau" May 2 said in substance:
Reading
The U. S. Circuit Court of Appeals on
May 2 took up what is probably
the last step preparatory to the entering of the final decree in the dissolution
of the Reading Co. by hearing an extensive discussion on the proposed plan
and objections to certain provisions ofit by Common and Pref. stockholders.
In beginning the discussion, William Clark Mason, Counsel for Reading
conferences between rep¬
and representatives of the company had
Co., said that since the last hearing in the case
resentatives of the Government
resulted in
an
agreement being reached that the stocks and
bonds of the
of the
Reading Co. would be disturbed as little as possible in the carrying out
dissolution.
,
_
of a desire to carry out the mandate of the Supreme Court
time to protect the property rights of the stockholders and
In consequence
and at the
I
N. J.—Sub-Co. Notes—Valuation.
U. Commission has approved the application of the
$1,496,000 promissory notes,
Public Service Gas Co., a subsidiary, to issue
same
bondholders two points which were to have
to pay
figured in the discussion to-day
eliminated, Mr. Mason said.
Stockholders will not be obliged
10% to the bondholders for the release of the coal property of the
have been
Mat 7
1921.]
THE
CHRONICLE
lien of the
general mortgage was one
point, and the other was that the
or the coal
stock
company was to remain intact and
certiifcates of interest
Mr. Mason said the
issued.
paramount question before the
court was
tion of the
determina¬
contract rights of the Common and
Preferred stockholders.
Counsel Van
Brunt, representing Central Union Trust
trustee under the
Co., N. Y.,
general mortgage, said that the
agreement reached
by the
Reading Company and Government and
contained in the
alternative plan,
removes the position
held by the trustee.
In other words, he
the alternative
said, under
plan, the
Earnings Statement for the
Company and Its Subsidiaries
[(a) Gross earnings sources:
(6) Net earnings, after
taxes, insurance and
maintenance.]
1920.
Gross, year.
Net, year-------
however,
clear
that in case the
alternative plan is not approvedback in court for a
they will come
hearing.
Allan
McCarthy, Counsel for the Prosser committee,
presented the side
of the Common
stockholders.
He spoke on the new
proposed modification
of the plan to
place the stock of the coal
company in the hands of a
for the
trustee
Reading Company, subject to the jurisdiction of
the Court so that
the property
may be sold in time at its full market
value.
At the conclusion of
the hearing Judge
Buffington announced that the
Court would allow
Reading Co. and the Government 10
days to file the
modified plan as outlined
to the Court during the
hearing.
The suit so far as
stockholders are concerned narrows
down to a contest
between the Preferred and
Common stockholders as
regards their respective
positions.
A. P. Myers,
special assistant to the Attorney General
said the Govern¬
ment was not
interested in relative position of the
different classes of
stockholders.
He said that the Government
would oppose the
the coal
plan to put
property in the hands of a trustee as
proposed by the Prosser
Committee, and would oppose any future sale of the coal
the mandate of the
property, as under
Supreme Court, the Government believes the
of the coal
disposition
property should be carried out
immediately.—V. 112, p. 1618.
—V.
8 cents.—V. 112,
p. 63.
treated
are loth to add to railroad
accounts
ten months and a
year old.
Axles at 3c. per lb.
represent a reduction
of $13 a ton, against a
reduction in billets of
$1 50 per ton.
The Chinese
Govt, has bought 42
locomotives from the American
Locomotive Co., in¬
volving $2,600,000.
Labor troubles in
Chicago and Cleveland are check¬
ing building construction.
About 6,000 tons of
structural work was
awarded in the week."
now
470.
Reduced.—
Coal.—"Coal Age" May 3 said in
brief: "Preliminary data on stocks
of
April, just released by the
Geological Survey, indicate
drop in total stocks of bituminous coal in
the 3 months from Jan. 1 to
April 1 of 8,000,000 net tons, after
having climbed from the 20,000,000-ton
mark on June 1 1920 to
45,000,000 tons total on Jan. 1 1921.
As produc¬
tion, less exports, in the quarter
ending March 31 this year was 95,700,000
and stocks were decreased
by 8,000,000 tons,
consumption was about
103,700,000 net tons, or an average rate
of less than
38,000,000 tons a
month, and probably less than 35,000,000
tons in April.
Stocks of bitumi¬
nous coal on
April 1 were therefore more than
1st
coal in the U. S. in
a
sufficient for one month's
needs at the present rate of
consumption.
History shows that the United
States, with an average of 30 days or more
requirements of bituminous coal
in the hands of
consumers, is in no immediate
danger of a coal shortage.
"The figures of stocks of
anthracite show the
country full of hard coal.
Consumers are taking it in at a
satisfactory rate, producers' storage is ac¬
cumulating and production is holding well
up to the 2,000,000 tons a week
mark."
1025.
Apparently with great reluctance the Inter-State
Commerce Commission
last week gave the Lake carriers
permission to file tariffs for lower rates in
coal to the lower Lake
ports.
The new rates are lower than
those at present
by 28 cents a. ton.
The permission extends
only until Oct. 31, and is there¬
fore in the nature of a seasonal rate.
1868.
Texas Midland RR.—Bonds
Authorized.—
Commission has authorized the
company to issue and sell
$500,000 of its .$2,500,000 1st
Mtge. 4% 30-Year
bonds of 1908.
Refunding
The proceeds are to be used
for the construction of
the new
line of railroad
(as mentioned in V. 112,
p. 1868).
Bonds will be
disposed of at par to holders of the
company's stock and
volved.—V.
112,
There will be
p.
no
1868.
underwriting
or
other expense
Bituminous prices gained
very slightly, the result of new circular
prices
on May 1 in the
Middle West.
(For instance, Central 111. mine run from
$2 75 April 26 to $2 75 @$3 15
May 3,
agst. $2 35 in March 1920.
The coal market is almost devoid
of activity to date.
Publicity given
rumors of sweeping reductions in
freight rates also has an unfavorable re¬
action upon buying.
Only a few cargoes have sailed to
apply on English
business.
Some coal has been
shipped on speculation, but actual
orders,
accruing from the strike, are few.
Production of anthracite for the week
ended April 23 was
1,903,000 net
tons, some 20,000 tons in excess of the
second week in April.
Considerable
in¬
Texas State RR.—To Be Leased
to Southern
Pacific RR.—
According to Lt.-Gov.
rehabilitated, is
—V. Ill, p. 74.
Lynch Davidson, the road, as soon as it has
been
a period of 5
years to the Southern Pacific.
to be leased for
,
.
Toledo St. Louis & Western
RR.—Govt.
The
company has been granted
compensation by
pointed by the I.-S. C. Commission at
the rate of
and pro rata for the
fraction of
a
a
not
yet
made
$1,113,486.—V.
Compensation.
board of referees ap¬
$1,113,486 for
Twin City
year
known what their
attitude
Ill,
p.
1950.
each year
directors
will
be
on
accepting the
Rapid Transit Co.—New
Trolley Measure.—
on
Governor Preus of Minnesota
April 14 signed the street railway meas¬
which allows all street
railway companies in Minnesota to surrender
their existing franchises and
in return take
indeterminate permits.
The companies after
ure
fares
doing
by the
State
Court.
Railroad
so
&
approval of the
The St.
become subject to
regulation
Warehouse
as
to their
Commission and the District
cities will
control, making regulations as to
except that new securities cannot be
issued without
State Commission.
In other respects the
service and extensions,
Paul and
Minneapolis companies have
applied to the cities for
indeterminate
franchises,<as tne first step in placing rate control in the hands
of the State
Commission.—V. 112, p. 1279.
United Light &
Remarkable
ing April 2,
Railways Co., Grand Rapids, Mich.—
Record—Encouraging
says
in brief:
Outlook.—An official, writ¬
The annual report for the
calendar year 1920, which will
shortly be Issued,
shows a very
encouraging state of business.
Notwithstanding the general
depression, and the consequent drop in gross
earnings in the past few months
the fall in operating costs has
counteracted the loss in gross and
the first
two months of 1921 show a
continued gain in net.
We are confidently
looking forward to the gradual
resumption of industry and
expect the cur¬
rent year to be one of the best in
our
history.
The following
shprt statement shows the continuous
growth in our business
for the past eight years.
The gain in net has been
continuous, except in the
1918, which showed a slight loss over
1917.
This was made up in
1919, and for 1920 the net was $390,059
increase over 1919.
year
more
activity has been reported.
Independents are maintaining
their
prices at 10 to 30c. above
company schedule.
The latter were raised
May 1,
anticipated.
The increase amounts to 10c. on
domestic sizes up to 25c.
on stove, steam
prices being unchanged.
April shipments to New England
proved to be smaller than expected.
Coal and Coke Production (Net
Tons) as Estimated by U. S. Geological
Survey.
To April 23—
1921— Week—1920.
1921—To Dale—1920.
Bituminous
-6,829,000
8,523,000
122,107,000
162,076,000
Anthracite
-1,903,000
1,663,000
28,400,000
26,373,000
Coke
73,000
(?)
2,774,000
7,015,000
N. Y. Income Tax
Law.—(a) Gov. Miller on May 5 signed the
as
during which the road was operated
by the Government.
The figure was
originally fixed by the Commission at
$994,294.
This was later
corrected to $1,022,468 and
the new amount
of $1,113,486 was reached
after the referees had
taken into consideration
certain items in the
company's reports for the three
years ended June 30
1917, from which the estimates were
taken as a basis for
arriving at the
compensation figure.
In its original
protest against the compensation
the company declared
that the figure should be
something more than $1,500,000.
The
have
commonly
at
centres.
Furnaces are not,
however, willing to sell
deliveries at present
prices.
"Steam railroads are
sending in generous specifications for
spikes, bolts
and tie plates.
Makers of standard rails
The I.-S. C.
the remaining
outstanding bonds.
MISCELLANEOUS
Industrial and Public
Utility News.—The
following table summarizes recent industrial and
public
utility news of a general character, such as is
for far advanced
Southern Pacific Co.—To Lease Texas
State RR.—
p.
increased from 7 cents to
Events"
above and "Iron Trade Review"
May 5, p. 1233 to 1236.
The "Iron Age" of
May 5 said in subst.:
"Steel Corp. operations con¬
tinue at less than a
40% rate.
One large independent
company has booked
new business
recently at a rate that will sustain an
operation of nearly 50%
in May.
In the Chicago district an
improvement is reported among inde¬
pendent mills.
Generally the better sentiment apparent in the
last week continues.
industry
Further business from
automobile makers is in part
responsible for it.
Automobile plant operations are
holding their own but
not impro ving.
The April output of
pig iron was a daily average of 39,768
tons, or less than any daily rate since
July 1908, when the country's capacity
was much smaller.
The total for the month
was
1,193,041 tons, while
that of March was
1,595.522 tons.
Weakness of the pig iron market is
disclosed in Cleveland sellers
making concessions to encourage!
on undelvored
shipments
tonnages taken at much higher
prices, and also in lower
quotations in other
The committee states
that, in view of the present
situation, they feel it
important that the holders of these bonds
take immediate and
concerted
action for the protection of
their rights and
request that holders deposit
same with the
Mercantile Trust Co., 115
Broadway, New York, depositary,
under a deposit
agreement which is now
being prepared and which will be
mailed to bondholders
upon request.
These Brinson
Ry. bonds are a first mortgage on the
greater part of the
main line of the
Savannah & Atlanta system.—V.
112,
were
Iron.—(a) U. S. Steel Corp. onMay 4 announced a
reduction ofin day loabor wages at
corporation's mfg. plants; other rates
and
equitably adjusted. See "Current Events"
above,
cast as to corporation's
(b) Fore¬
earnings. "Times" May 2, p. 23.
(c) "Pittsburg.
Plus Price" condemned
by Federal Trade Commission and U. S.
Steel Corp
charged with unfair methods because of
same.
See "Current
In view of the
non-payment of the May 1 1921
coupon of the above bonds
and the appointment of
receivers for the Savannah &
Atlanta
mittee consisting of Robert
Ry.,,a com¬
H. Bradley, Claude A.
Simpler, J. CJ Traphagen and Herbert S. Welsh was
formed at the request of
holders of a large
number of these bonds for
the protection of their
interests (see adv. pages
this issue).
RR. below.—V.
Falls, la.,
Steel &
hour.—V. Ill, p. 2325.
p
Range (claimed
See also Y.
112, p. 1145, 471, 163.
20%
of the Bay City division
accepted a volun¬
112,
Administration.—Final
salaries to be
Rockford & Interurban
Ry.—Fares Reduced.—
See Texas State
1913.
length on preceding pages under the
caption
"Current Events and Discussions"
(if not in the "Editorial
Department"), either concurrently or as early as
practicable
after the matter becomes
public.
The company has lowered
cash fares from 10 cents to
8 cents within the
city limits of Rockford, 111.
The company has been
charging 10 cents
since March 1
1921, and new fare became effective
Ry.
2,703)173
1914.
$6,306,303 $6,180,241
$6,053,337
2,489,041
2,382,707
2,378,885
INDUSTRIAL AND
in fee and leases for the
period of their
charters and any renewals
thereof (at annual rentals
the lines of three
aggregating $67,242)
companies owning additional 40.51 miles, which
lines are
free from
mortgage, and on which no prior lien
mortgage may be placed.
The property is
leased in perpetuity to the
Delaware & Hudson Co..
which guarantees the
interest on the bo-ds and
8% div. on the stock of
the company,
amounting to $10,000,000.—V. 112, p. 1867.
in Brinson
Formed.—
276 537
2,807)002
General
first mortgage on the entire
railroad mileage and
leasehold interests of
company.
1st Mtge. 7% bonds due
May 1.
Savannah
265,523
2,761,336
.
Security.—An absolute
& Atlanta
Ry.—Default
Mortgage 5% Bonds—Protective Committee
282,224
$662 393
6.922:560
Waterloo Cedar Falls &
Northern Ry.—Fare
Increase.
Effective April 1 fares in Cedar
Purpose.—To retire .12.000,000
Company.—Owns 149.73 miles
an
--
112, p. 1400.
$6,420,052), settlement $4,866,000.
any present or future law of the U. S.
or of
State, county, municipality or other
any
taxing authority therein.
U. S. Mort¬
Co., New York, trustee.
Not callable.
Data from Letter of W. H.
Williams, Vice=President of
Delaware &
Hudson Co., April
7.
tary decrease in wages of 10 cents
1916
$781,947
1915.
United States RR.
gage & Trust
p.
1917.
7:853)909
Settlement.
James A. Davis,
Director-General of RRs., has
announced final settle¬
following two roads: Duluth Missabe &
Northern (claimed
$12,104,497), final settlement $8,525,000; Duluth &
Iron
Dated May 1
1921, due May 1 1941.
Int. payable M. & N.
without de¬
duction for any tax,
assessment or Governmental
charge (except Federal
income taxes) which
company or trustee may be required to
or deduct
pay or to retain
therefrom under
April 1.—V. 112,
1918.
$871,302
9,176,443
ment with the
Rensselaer & Saratoga RR.—Guaranteed
Bonds Offered.
—Kuhn, Loeb & Co. are offering at 103H and
int., to yield
5.70%, $2,000,000 1st Mtge. 6% 20-Year
gold bonds.
Guaranteed as to int. by the Delaware &
Hudson Co.
Saginaw-Bay City (Mich.) Ry.—Wages
Effective May 1 the carmen
1919.
Gross, month-._$l,174,499
$999,206
do
year
11,956,517 10,169,725
Net, month__--_
351,144
321,722
do
year
3,275,251
2,885,193
bondholders' rights are not
disturbed.
Virtually the same view was taken by
George Wharton Pepper, represent¬
ing the Pennsylvania Mutual Life
Insurance Co.
They both made
upon the
1979
Consolidated
—
Davenport
bill, providing an equitable method for
determining for purposes of income
tax the profit or loss
arising from the sale of securities.
"Times" May 6,
p. 12; "Chronicle," V. 112,
p. 1709.
(b) On May 4 the Appellate Division
in the Klauber case
declared illegal the provision of the
Income Tax Law as
originally passed, taxing actual losses on sale of securities
in cases where the
sale price happened to be lower
than the price Jan. 1919
Idem.
Other Tax Laws.—(a) The Penna.
State Senate April 27
passed the bill
putting a 1 Yt % ad valorem tax on anthracite coal
when
prepared for market,
(b) Courts decide the legality of the
special law enacted in Minnesota for
super "occupational" tax on iron ore.
"Iron Trade Review"
Apr. 28.
Paper Mill Strike.—The plants of the
International Paper Co., Union
Bag & Paper Co. and various other
companies were closed May 1 as a result
of the strike against the
proposed wage reduction of 50% and new
working
conditions.
Some8,000 workers, it is said, quit work.
The Great Northern
Paper Co. consented
to operate on the old basis
and some other smaller
are said to have
yielded.
"Times" May 3, P 3.
Marine Strike.—The order of Admiral
Benson of the U.S.
Shipping Board
reducing wages on deep sea bessels 15%, in
connection with the
proposed
new working
conditions, resulted May 1 in a strike
affecting more or less
seriously the business of American ships on the
Atlantic Coast.
Some 200
ships were reported as tied up at N. Y. City, but
subsequently some of these
got away with new crews or on the old
terms, resorted to
conditionally if
not permanently.
See daily papers.
Printers' Strike.—While the 44-hour week
has been more or less
generally
granted by the printing establishments of
N. Y. City,
Chicago and Boston,
over the
country at large the movement for a shorter
week has met with
pretty strong opposition, leading to numerous
strikes. "Times"
concerns
May 3.
3.
In Chicago the job
printers secured a 44-hour week, but had their
weekly wage cut at arbitration $4 35. "Times"
May 6, p. 5; May 5, p. 11.
In N. Y. City arbiters orders a
12% wage reduction for five unions in
the
book and job printing
shops. "Times" May 1, p. 18.
American Railway Express Co. on
May 4 Gave Notice of Its Intention
on
June 1 to Adjust Wages and
Working Conditions for Its 80,000
"Post" May 4,
Employees.
p.
p.
»
1.
Building Strikes.—Following rejection of
building strikes
or
lockouts
are
wage
reductions, &c.,
general
reported from many cities,
notably Chicago,
.
Oil
and several of the
leading rubber tire companies
&c., but not at last advices the
tubes and shoes.
The Goodrich
another page.
Matters in "Chronicle"
of April
30.—(a) Soldiers' bonus
(b) Building operations in first quarter
prices; coinage of silver dollars, p. 1808.
Rubber,
prices for
(Goodrich, U. 8.
Goodyear) have reduced their
cut is 20%.
See "Commercial
on
50% cash upon
Epitome
in N. Y., p.
p.
31,840
a291,655
df.$7,918,808 sr.$l ,916,485
current
The company's fiscal
assets
correspond with the calendar year.
Note.—Results from operations after charging repairs, interest on loans,
reserves for taxes and adjustments of inventories amounting in the first
quarter of 1921 to approximately $950,000.
year
a
has been changed to
Includes sinking
fund account
and
depreciation.—V. 112, p. 1027.
Co.—To Increase Cap.—
the capital stock from
$1,200,000 to $2,000,000 (par $100).
The additional stock will be offered
to shareholders at par for cash to provide additional working capital.—
American Machine & Foundry
The stockholders will vote May 25 on increasing
laws, p. 1824.
Explosives Co., Inc.—Acquired —
Hercules Powder Co. below.—V. 112, p. 1026.
Aetna
Down.
discontinued
maintained on
for crear
be used
Alaska Gold Mines Co., N. Y.— To Shut
mining and milling operations will be
at or about the end of May, output in the meantime being
a greatly reduced basis.
It is stated that negotiations are under way with other interests
tlon of a wood pulp and paper industry.
Equipment that cannot
in the wood pulp enterprise will be sold to other mining
It is announced that
231,802
def.Sl ,210,383 sur.$238,136
Mch. 31 1921, $4,411,775.
Balance
Net
——
-
a93,935
75,989
Depreciation.!
1821. 1826,
1921—9 Mos.—1920.
$332,071 df.$7,687,006
$2,239,979
Mos.—1920.
Interest
Bond
1803
Nine Months
note)df.$l, 134,394
Net earns.(see
Co.—Earnings.—
Ending Torch 31.
Leather
for Three and
1921—3
Results
retail prices, p. 1821.
Wage increases in paper
upholds housing
See
payments.—V. 112, p. 1020.
American Hide &
(d) Suggested conference on behalf
p.
semi-annual
paid in eight
Co.
50% is to be
Mitsui & Co. is to pay to American Locomotive
completion of the contract and the remaining
Co.
Co. and Mitsui &
(c) Lower silver
support for cotton
of 1921, p. 1805.
1798, 1809.
(e) Government proposes
interests, p. 1817.
(f) Nominations of Ambassadors, &c.,
1827.
(g) Federal Trade Commission for reducing
(h) Report on commercial feeds, p. 1323.
(i)
establishments since 1914, p. 1823 (j) U. S. Supreme Court
of farmers,
ment for the
scaled 25c. a barrel or thereabouts in many
has quite commonly declined. Two
Jordan) have reduced their prices,
prices have again been
owned by the Chinese Government and pay¬
financed jointly by the American Locomotive
Kalgan Ry. is
locomotives is
The Pekin
Tunes
during the week
and flour from
Rochester, &c.
Philadelphia, Kansas City, Cleveland, Albany,
May 1, p. 18.
Prices.—Wheat and flour have moved up sharply
Wheat No. 2 red from $1 53 April 28 to $1 77 yesterday,
$8 25 to $9 25.
localities and gasoline sympathetically
automobile companies (Marmon and
[Vol. 112.
CHRONICLE
THE
1980
698.
V. 107, p.
Corp.—Sub. Co. Report.—
American Ship & Commerce
See Wm. Cramp & Sons Ship & Engine
Reports"
BJdg. Co. under "Financial
112, p. 1744, 1285Smelting & Refg. Co.—Omits Common Div.—
on May 6 omitted the declaration of the quarterly dividend
preceding page.—V.
on a
American
companies.—V.112,
The directors
the Common stock usually paid June 15.
Quarterly dividends of 1%
each have been paid from March 1919 to March 1921. incl.
The regular
Plan.—
readjustment which quarterly dividend oil%% on the Preferred stock was declared.
of incorporation and Digest of Statement Made by President Simon Guggenheim May 6.
For the first time since 1904 the directors have deemed it advisable to
outlined below. The
Conv. Debs, pass the dividend on the Common stock.
7% Cum. Pref.
Owing to the low price of metals prevailing many mines have closed down
are requested and those still running are operating on a greatly reduced capacity. Cop¬
of the depositaries per, zinc and tin are still below pre-war levels, and lead was until this present
named below if the holders thereof wish to become parties to the plan.
week.
The costs of production, especially transportation, are considerably
The plan sent to the security holders contains a letter of Pres. J. A. Hawkinabove the pre-war period.
with
consolidated balance sheet as of Oct. 30 1920 and a tentative
In March
smelted only about 25% of the tonnage per day of lead ore
balance sheet as of Feb. 26 1921 and other data.
that
did in the last quarter of 1920.
The shutdown of the Ray andChino
The plan has been approved by directors and holders of large amounts of
copper mines has closed down entirely our Hay den and El Paso copper
debentures and stock of both classes.
plants, and the tonnage of our Garfield plant is now less than 25% of what
The committee points out that following the organization of the company
it
prior to the shutdown of the mines of the Utah Copper Co.
All of
zinc smelters, Blende, Henryetta, Kusa and Sand Springs, are
industry entered a period of deflation and liquidation resulting in loss to
the company through operations about $4,000,000.
Present bank loans closed, excepting only the zinc oxide operations at Blende. The recent
of the company and controlled companies to amount of $5,000,000 will
strike
the railroads in Mexico, coupled with the low metal prices, shut¬
mature
before June 30 and to provide for this and interest payment
down all of our Mexican mines and all of our Mexican smelters.
They are
due July 1 on debentures [interest on the debentures has been paid regularly
gradually reopening, but on a greatly reduced capacity.
The company has enforced every available economy.
"Wages have been
—Ed.] new bank loans will have to be negotiated.
When company com¬
menced operations its quick assets exceeded liabilities by about $13,reduced
average of 30% and all salaries, from the President down,
have been cut 20%.
Similar reductions have been made in all other ex500,000 but on Feb. 26 1921, that excess amounts to only about $9,000,000
and further shrinkage of $1,000,000 will constitute default under the
covenant by which the indenture of trust secures the outstanding debentures.
Jlenses. But we should not take too pessimistic anow being sold faster than
to the shutdown of so many mines, metals are view of the future.
Plan of Readjustment.
present intake and surplus stocks are being gradually reduced.
This will
bring about in the course of a reasonable time a higher price for metals, and
The plan provides for the issuance of the following new securities:
with the normal difference of selling price and the cost of production, tht
(1) 1st Mtge. & Coil. Trust Conv. Sinking Fund 8% gold bonds.
mines will resume operations.
Dated July 1 1921, due July 1 1939.
Int. payable J. & J. with¬
Already lead has advanced from 4c. to 4%c., with market strong, foreign
out deduction for any tax or taxes (other than Federal income
silver from
low of 50c. to over 60c.
These two metals are now on the verge
in excess of 2 % and New York State income taxes) which
of the pre-war balance between cost of production and selling price, and we
the company or trustee may be required to pay thereon or to
retain therefrom under any present or future law of the United
Y
expect our lead operations soon to show their normal profits.—V. 112,
States of America or of any State, county, municipality or other
p. 1744.
taxing authority therein.
Red. all or part at 110 and int.
-Quarterly Earnings.
American Steel Foundries.
1743, 851.
p.
on
Allied Packers, Inc.—Readjustment
named below has prepared a plan of
provides that the company shall amend its certificate
replace the existing securities with new securities as
existing security holders, viz.:
(a) $16,000,000 20-Year 6%
(with July 1 1921 and subsequent coupons); (b) $6,071,000
stock, and (c) 201,000 shares of no par value Common stock,
to deposit their securities on or before June 7 with one
The committee
we
a
son
we
was
our
on
on
or
on
an
Ow-
ng
taxes
a
,
may
Denom. $500 and $1,000
Convertible into Common
shares of no par
r
The mortgage
c*&r*, $500, $1,000 and $5,000.
stock of the company at rate of 10
value Common
also provides for a
stock for each $1,000
bonds.
sinking fund
$100). Entitled to par
Quar. end. Mar.
$8,000,000
and
the Pref. and
(2) Prior Pref. (a. & d.) stock (par
div. only, in case of dissolution or liquidation, over
Common stock.
Red. at 115^ Divs. shall
from July 1921 at rate of 4% p. a. over any div. on
Common stock.
No div. on Pref. or Common
Federal taxes
present $2,000,000
remain undisturbed.
5% Serial
Existing
Securities Outstanding—
$16,000,000
Debentures
Debenture
6,071,000
7% Cum. Pref.
stock (par $100)
...
Per $1,000
Collateral Trust notes
-New
SecuritiesPref.
8%
Prior Pref.
Bonds.
Stock.
$8,000,000 $8,000,000
$500 •
$500
..I...-.-
.
Per $100share..
201.000sh.Com.stk. (nopar)
...
Each2shares
Stock.
Perry,
8,000,000
6,250,000
100,500
oustanding
Stock.
$1,294,131«j $1,506,593
Corp.—Indicted.—
the stock of
brokerage firm of
The in¬
the company
Springfield. New Haven and
in
Syracuse, Brooklyn, Best on,
No charge is made against the
Buffalo,
Providence.
American
American Tire Corp.,
|
Transportation Co.—New Director.—
capitalized at $5,500,000.
succeeds William
Goodman as a
which is
director.—V. 105, p.
$100
Co.—Earnings.—
shows a deficit, after
Royalties received wers
$1,028,106.—V. 112, p. 1027.
American Window Glass Machine
for the 11 months ending Mar. 31 1921
$6,071,000
The report
100,500 sh.
One share
Davison, Pres.
America.—Must Sell Stock.—
The company has been ordered to dispose of its stock in the Aluminum
Rolling Mill Co. of Cleveland, O., within one year, by the Federal Trade
Commission.
The Commission found that the company's methods created
_
aluminum.—Y. Ill, p. 1853.
American Cotton Oil Co.-—Omits Preferred Dividends.—
May 3 voted to omit the payment of the semi-annual
usually made June 1 on the Preferred stock.
In Aug. last
the directors voted to omit the Common dividend.
An official statement dated May 3 says: "In view of the general business
depression and unprofitable conditions now existing in the industries in
which this company is engaged, the directors have decided to omit the usual
semi-annual dividend of 3% upon the Preferred stock (non-cumulative).
The company's financial position is strong, but it is deemed best for its
permanent good to conserve its cash resources."—V. 112, p. 64.
The directors on
dividend of 3%
American Glue Co .—Preferred Stock.—
has notified Massachusetts Commissioner of Corporations
decrease in its authorized capital stock from $8,000,000 to $7,382,900
by retirement and cancellation or 6,171 shares Preferred stock, par $100.
Present capital $6,000,000 Common and $1,382,900 Preferred—V. 112
The company
or a
1520, 1512.
Locomotive Co.—Chinese Order.—
The company has closed a contract with the Peking Kalgan Ry
China
for 42 locomotives of the Pacific, Mikado and Mallet types.
The'amount
of the contract is said to be about $2,600,000.
46,427
548,000
1710.
Aluminum Co. of
American
Cr .41", 170
14,675
570,000
having used the mails to defraud investors in
the Federal Grand Jury has indicted the
Durell, Gregory & Co., Inc., and the members of the concern.
dictment also included upward of 70 alleged representatives of
charge of
a
Cecil C. Stewart
Union Trust Co., 80 Broadway, N. Y. City.
Sub-depositaries; First National Bank, 315 Chestnut St., Phila.; Fort Dear¬
born Trust & Savings Bank, 78 West Monroe St., Chicago, and First
National Bank, 70 Federal St., Boston.—V. 112, p. 471.
p.
American Tire
On
a,Delaware concern
counsel.
monopoly in sheet
Cr .50"839
Co.—Decision Reserved.-—
reserved decision on ths
of Justice Erlanger, refusing
J. P. Morgan & Co. for
Convertible bonds.—
thi-j corporation,
Common
Depositary.—Central
a
Telephone & Teleg.
American
Central Union Trust Co., N. Y.f
Chairman; Clifton II. Dwinnell, Vice-Pres. First Nat. Bank, Boston;
James C. Fenhagen, of Robert Garrett & Sons, Baltimore; John Fletcher,
Vice-Pres. Fort Dearborn National Bank, Chicago; Herbert I. Foster, of
liY^kker & C°-< N. Y.: William A. Law, Pres. First National Bank,
Phila.; Edwin C. Lewis, of Trowbridge & Lewis, attorneys, Detroit, with
C. E. Sigler, Sec., 80 Broadway, N. Y. City, and Larkin, Rathbone &
Committee.—George W.
$2,059,850
The Appellate Division of the Supreme Court has
appeal of Clarence II. Yenner from an order
to enjoin the company and its officers from paying
commission in underwriting the sale of $50,000,000
V. 112, p. 1619.
d.) stock (par $100).
the Common stock.
200,000 shares).
The
127,491
Cr.122,215
106,642
539,500
$1,827,967
—V.
for such year_-T.-
are to
$1,415,295
Balance, surplus
112, p. 1278.
subsequent to July 1 1921, shall have been paid on
Prior Pref. stock; (6) non-cumulative from July 1 1921 until
Nov. 1 1923, thereafter cum. at rate of 4% p. a. participating,
with divs. on Pref. stock and in priority to divs. on Common
stock.
No div. on Pref. stock in any year unless there shall be
concurrently declared and paid on Prior Pref. stock, in addition
to the 4% cum. divs., participating divs. in ratio of $1 per share
in divs. upon Prior Pref. stock to each $1% per share on Pref.
stock, until there shall be paid upon Prior Pref. stock, in addi¬
tion to the 4% cum. divs., its full participating 4% div.
p. a.
(3) 7% (cum. after Nov. 1 1923) Pref. (a. &
I* Entitled to par and div. in liquidation over
(4) Common stock, no par value (auth.
Table of Exchange.
fd., &c__
Interest, sink,
$2,066,713
$518,280
Other income.
be: (a) cumulative
the Pref. or
unless full divs.
at 4%
$79,717
152,848
Cr.94,304
176,393
126,500
Depreciation
1918.
1919.
1920.
1921.
31.—
'
earnings
Net
all expenses,
taxes
and dividends, of
$2,596,835 and expenses
and taxes
$286,058.
Paper Co.—Tenders.—
JfAmerican Writing
31, receive bids for
gold coupon bonds, due
$132,006 now in the sinking
2.—V. 112, p. 1285.
Colony Trust Co., trustee, will, until May
it of First Mtge. 25-year sinking fund
Jan. 1 1939, to an amount sufficient to exhaust
fund.
Interest will cease on said bonds June
The Old
the sale to
Associated Oil Co.—Loses
The company
Miller and
Tex.
in U. S. Supreme
Company
surface
fights.
Supreme
Suit.—
Court lost its legal
attempt to force W. L.
County,
claimed the
and the
allow it to drill for oil on property in Eastland
claimed the oil rights of the land, while Miller
The lower courts decided against the company
others to
Court declined to
reviewr the
case.—Y. 112, p. 1520.
Royalties—New President.
Atlantic Gulf Oil Corp.—Pays
See Atlantic Gulf & West Indies SS. Lines below.
Franklin V. Mooney has been elected President, succeeding
—V. 112, p. 1869, 1619.
J. F. Guffey.
Lines.—Pays Royalties.
Atlantic Gulf Oil Corp,
Atlantic Gulf & West Indies SS.
company and its Mexican oil subidiary,
The
1
appointed
special master and ordered an accounting of the profits alleged to be due
these interests.—V. 112, p. 1869.
approximately $700,000 in escrow covering royalties due May
to interests which leased some of the Amatlan oil lands now being esqiloited
by the company.
Some time ago the U. S. District Court
a
have
paid
Bergen
(N. J.)
Acqueduct Co.—Sale.—
Board of P. U Commissioners ha approved the sale of
Ridgewood for $445,000
Board stipulated that proceeds
from sale must be used to retire the stock and bonds and in satisfying all
outstanding liabilities of the company.
It is also agreed that the company
shall surrender its franchises and dissolve.
The New
Jersey
the company to
Bethlehem Steel
RP The directors
have
Corp.—Quarterly Dividends.—
quarterly dividend of 1
declared the regular
% on
stock, payable July 1 t-o stock of record June 15.
President Eugene G. Grace states that the dividend had been more than
earned during the first quarter of the year, after providing for the dividends
on both classes of Preferred stock.
Compare V. 112, p. 1870.
both classes
of Common
Mat 7
1921.]
THE
CHRONICLE
Beech-Nut Packing
Co.—Listing—Earnings.—
_The New York Stock Exchange has authorized the
listing of $1,119,500
•Pref*
stock, Class B, par $100, with authority to add
$880,500
additional, making the total amount
applied for $2,000,000
(total auth.
.issue).;":-'
r.
.
•
;■•••
Income Account
(Including Affiliated Cos.) Year ended Dec. 31 1920.
Sales
(inter-company transactions eliminated)
$12,050,118
Cost of sales
9,402,333
Administrative and general expense
1,711,107
—
____
Trading profit
Other income
___
$936,678
191,082
—-
-
Operating proflts.—.——.i——,
.
taxes
,
Previous surplus
484,196
143,415
178,894
-----
—
* ...-
T-.
——
—
$321,255
4,456,462
i
_
Profit and loss
surplus.
-V. 112, p. 473.
54,777,717
S. Commission has authorized
the company to increase its
charge
for gas on and after
May 6 to Aug. 31 1921 to $1.50 per 1,000 cu. ft.
This
action was
courts to
gas law was declared
by the
Brooklyn Edison Co.—Bonds Authorized.—
The P. S. Commission
has authorized the
company to issue $1,000,000
bonds, the proceeds to be used in
part for extensions and
improvements.
—V. 112, p. 1286.
?-.'■■■%
Brooklyn
Union Gas Co .—Report
Confirmed, &c.—
Judge Mayer in the U. S. District Court has
confirmed Special Master
James G.
Graham's report on the
company's application to declare the
statutory law of 1906 confiscatory.
Judge Mayer does not fix a rate but
refers that to the Public
Service Ccmmission, which he
says is empowered
to fix a just and
reasonable rate.—V. 112, p. 1744.
Caddo Central Oil &
Refining Co.
-Wins
Suit, &c.See Middle States Oil Corp. below.
1
/y;, ;v-;.
President L. B. Dunham
says: "Reports relative to the decision of the
Louisiana Supreme Court have been
brought to my attention.
Telegraphic
advice from our
Shreveport office states that while this decision is consid¬
ered a very
favorable development, the ultimate
outcome of the litigation
I".
in
so
far
the Caddo
company's interests are affected depends upon the
decision of the U. S. Circuit
Court of Appeals in the case on
appeal now
pending in that Court, which was taken from the
judgment obtained by the
Caddo company in the U. S.
District Court."—V. 112,
as
1147.
p.
California
Packing
statement President R.I.
Corp.—Report.—In
Bentley says in brief:
advance
an
PS/The operating profit shown
for 1920 is after absorbing the loss of
inven¬
tories of merchandise and
supplies, writing off depreciation, and
providing
for Federal taxes.
The loss on investments is due
mainly to the fact that
for the first time in a
number of years the operations of the
Alaska Packers
Association failed to show a
profit.
In order to face squarely the new eon<btions resulting from the
general business depression, your directors de¬
cided on drastic methods and
inventories all stocks on a replacement
basis,
the losses
having been absorbed in arriving at the net income.
The company has no
contracts which the management would
prefer to
cancel, and liquidation of the
accounts receivable has
progressed satis¬
factorily since Jan. 1 1921,
The business for the
present
year to date is
equal in volume to that of a
year ago; it has been
profitable, and there is no apparent reason
why that
state of affairs should not
continue.
All properties haVe been well
maintamed, and in addition to
writing off all repairs and renewals, the sum
o.
$672,955 has been set aside for
depreciation.
Regular quarterly dividends
have been paid on the
outstanding capital stock at the rate of $6 per share
per ann., and the directors feel that
the statement and
present outlook
rants the continuation of
the same.
Income Statement jor Year
ending Feb, 28 1921.
Surp. beginning of year—$12,638,990
Dividend paid
t
Profit for year.
4,253,015
Surplus end of
y35,647,000
Total of (b) & (c)
Current mkt. val. of
(a)
reserves,
and (c)
do
less
10,900,000
(b)
14,895,000
v..--'
——$20,118,000
per ton
10,617,000
$61,106,500 $14,860,000 $18,783,000
$23,598,000
ore
$4,279,000
$143,000
$395,484 A
z 5.0c.
4.0c.
0.2c.
0.6c.
Aver, net profit per ton
prior to 1914$1.23
d$1.77
d$1.16
$1.45
x After crediting one-half net
quick assets of Nevada Consolidated, as
Utah owns 1,000,500 shares of Nevada,
y After crediting one-half of cost
of mining and reduction
plants, railroads, &c., of Nevada Consolidated,
z After
adding one-half of Nevada's ore reserves to Utah's,
d Prior to
1914, Chino treated ore slightly higher than its
average grade and Ray
_____
$2,830,248
——$14,061,757
"Thus the combined net
quick assets Dec. 31 1920 and the construction
costs of the
the
mining and reduction plants, railroads, &c.,
are
nearly equal to
total current market value of these
companies' shares.
This means
that at the current low prices of the shares the
large ore reserves are selling
for only a fraction of a cent to 5 cents
per ton."—V. 112, p. 1870.
Connecticut
Light & Power Co.-—Bonds Sold—Pref.
Offering.—Lee, Higginson & Co., Estabrook & Co.,
Co., Hincks Bros. & Co. and the Ckas. W. Scranton Co. have sold at 95 and
int., yielding about 7.40%,
.$6,500,000 1st & Ref. Mtge. 7s, Series A (see a^dv. pages).
Stock
Rickter &
Dated May 1 1921.
Due May 1 1951.
Int. payable M. & N. in New
York, Boston and Chicago without deduction for normal Federal income tax
not exceeding 2%.
Penna. 4 mill tax refunded.
Bankers Trust Co.,
New York, trustee.
Denom. $1,000 and $500 (c* r*) $1,000 and
multiples.
Callable for sinking fund (only) on
any int. date to and incl. Nov. 1 1931
at 110, thereafter
decreasing 114.% annually to 100A on Nov. 1 1950.
Capitalization Outstanding Upon Completion of Present Financing.
First Ref. Mtge. 7% Bonds, Series A (this
issue)
—$6,500,000
New Milford Power Co.
(divisional) First Mtge. 5% bonds:
1,000,000
Preferred stock 8% cumulative.
2,990,000
—
—
Common
—
stock—
8,486,000
Data from Letter of V.-P. Irvin W.
Day, Waterbury, Conn., April 29.
Business.—Company supplies electric light and power to ani mportant
industrial section of
Connecticut, including Waterbury, New Britain
and the Naugatuck
Valley district.
Properties operated include electric
generating plants- present installed capacity 68,000 h.
of which 34,600
p.
h. p. is hydro-electric (2
plants); about 120 miles of high tension trans¬
mission lines; and
distributing systems in about 20 cities and towns.
Pop¬
ulation about 300,000.
Security.—A first mortgage on the main hydro-electric plant, on the
Ilousatonic River, having a present installed
generating capacity of 25,000
miles of important transmission lines, and valuable
h. p., 61
water powers;
sional bonds
and by
undeveloped
a
second mortgage, subject to the $1,000,000 divi¬
the second hydro-electric
plant (9,600 h. p.)
lines.
Also a first lien on a 999
year lease
on
transmission
and 25 miles of
of the electric
distributing systems in Waterbury, New Britain and a number of other
a steam electric plant of about 33,000 h.
p. capacity.
Earnings for Year ending March 31 1921.
towns, including
,
Gross
earnings
—$4,005,305 Present
annual
int.
&
Net after oper. exp. & tax. 1,867,863
rental requirements incl.
Other income—
int. on this issue
46,588
—
—_
Total net income-
$907,355
—.$1,914,451
Balance.
i;
$1,007,096
Franchises.—Franchises were authorized by special acts of
Connecticut,
are unlimited as to time, are
subject to no burdensome conditions.
Sinking Fund.—Annual sinking fund, first payment Sept. 1 1922, to be
applied to the purchase or call of Series A bonds, will be sufficient to retire
prior to maturity at least70% of all Series A bonds issued or to be listed.
Purpose—Pref. Stock.—Proceeds of these $6,500,000 bonds, together with
the simultaneous sale of $2,990,000
8% Preferred stock, will retire all floating
debt, and will furnish more than $500,000 cash for future construction.
This
1920.
_
a
_
bef. Fed. taxes
Depreciation, &c_
$13,6d4,000
earn.
1918.
1917.
,
338,720
338,720
$47,121,669
8,785,207
3,796,700
See "a"
17,264,396
338,720
338,720
$9,983,116
$4,175,664
$7,567,535 $25,721,853
2,355,418
See "a"
Federal taxes
:
Cambrian Iron lease
income.—-
1919.
53,869,802 $16,691,462
o,312,164
—
Dividends
war¬
Co.—Earnings.-
For'Cal. Years—
N et earn. aft. Fed. tax
Net
plants, RR., &c
—
—
—
—
Issue.-*-Authorized
issue not limited.
Bonds may be issued (1)
refund, par for par, underlying bonds; (2)for 75% of the cost of additional
electric, water power or gas properties, or of additions or
improvements
when annual net? earnings have been
1% times annual int. and rental
charges, including int. on the bonds sought to be issued; excepting only that
$2,500,000 bonds may be issued, regardless of this earnings provision, for
50% of the cost of additional electric or water power developments on which
this mortgage will be a first lien.
Future series may have certain provisions
as determined by the directors.—V.
110, p. 80.
to
Cambria Steel
Net
year.
$16,892,005
—V. 112, p. 1870.
following:
Utah.
Chino.
Ray.
Nev. Consol.
Tons developed ore
364,130,800 1 05,689,247
83,004,043
63,845,631
a Cur. mkt. val.
stock—$81,224,500 $19,139,000 $18,926,000
$23,993,484
b Net cur. assets,
1920—x25,459,500
3,960,000
8,166,000
8,703,000
c Cost
min'g & reduc'n
slightly lower.
Brooklyn Borough Gas Co.—Rate Increase.—
The P.
taken, it was stated, as the 80-cent
be confiscatory.—V.
112, p. 1619.
The main features of these
companies are the enormous proven ore re¬
(assuring a long life) and the low market
selling prices of their shares,
affording an opportunity to buy into big reserves of an
essential raw
material at an absurdly low valuation.
This will be seen from the
serves
thus
$1,127,760
Inventory adjustments
Estimated 1920 Federal
Dividends paid.—
i
1981
See "a"
Consol.
„
_b(8%)3,600,000 (9)4,050,000(12)5,400,000(12)5.400,000
Balance, surplus.*... $6,383,116
$125,664
$2,167,535 $20,321,853
After deduction of all
expenses incident to operation,
ordinary repairs
and
maintenance, including provision for Federal
taxes, except in 1917.
b During
1920, regular dividends of
1H% each and extras of
Copper Mines Co.—-Stock Incr—Bonds Offered.
The stockholders
on May 3 authorized an increase in the
capital stock
$8,000,000 to $20,000,000 (par $5) and approved the issuance of
$10,000,000 Consol. Gen. Mtge. 8% of which $5,000,000 is
being offered
to stockholders at par.
See particulars in V. 112, p. 1620.
;
from
a
each
were
paid quarterly.
terly.—V. 112, p. 1286.
The rate
was
lA of 1%
reduced in Feb. last to
1% quar¬
Canada Land & Irrigation
Co., "Ltd'—New Deb. Stock.—
The holders of
6% debenture stock have
unanimously consented to the
creation of £300,000 7% Prior Lien
Debenture stock.
It is stated that the
issue has been
successfully subscribed at par.
T>roceeds will be applied to
construction, &c.
The stock is redeemable in
1929 and 1933 at a premium
of 100%.—V. 107,
p. 1581.
$2,000,000.
yearly output of approximately
new plant.—Y. 112, p.649
This capacity will be doubled at the
Cosden &
Co.—Merger Negotiations Off.—
Baltimore
advices
state
that
Baltimore interests closely
identified
with the company have declared that
they never heard of any transactions
between Cosden & Co. and Phillip Petroleum officials
seeking a merger
of these two companies.
Rumors had it that negotiations for the merger
which had been going on for some time had
been dropped owing to the
failure of the offiicals to come to terms.—V.
112,
p.
Canada
Steamships Lines, Ltd.—New
Bonds.—
The company announces that
a special
meeting of shareholders will be
called at an early date to take
action with reference to a
proposed issue of
debentures.
It is understood the issue is in
the neighborhood of $5,000,000
and that it has been
partly underwritten by Montreal and New York bank¬
ers.—V.
Continental Can Co.—New Plant.—
/
'
The company has completed a new
plant in Jersey City to replace the
present N. Y. City factory, which has a
112, p.
G. H. Walker succeeds II. A. Berwind
see a
1744.
Cement Securities
preceding page.—V. 112,
p.
as a
director.
1870, 852.
Dow Chemical Co.—Extra Dividend
Co.—10% Stock Dividend.—
1863.
(Wm.) Cramp & Sos Ship & Engine Bldg. Co—Direc¬
tor—Report.—
For
£3
.
annual report
E&H'*!
of 1%%.—
The 10% stock dividend
declared in Jan. 1921 will be
paid June 1 to all
stockhlders of record as of
May 20 who have not deposited stock under the
An extra dividend of
1%% has been declared on the Common stock in
addition to the regular
quarterly dividend of 1%%, both payable May 15
to holders of record
May 5.
Extra dividends of
Slan of of certificates with the Alpha Portland Cement
olders consolidation of
deposit which
issued
quarterly since May 1919.—V. 112,
Co., and to record
were
by the Denver National
regular cash dividend of 2% to be paid June 30
to
non-depositing stockholders of record as of
May 31.
("Financial
America" May 5.)—V.
112, p. 1147.
Bank for stock
deposited,
a
Central Petroleum Co.—Contract to
Pay Off $6,000,000.
See Union Oil Co. of Delaware
in Y. 112, p. 1879 —V.
Ill, p. 992, 898.
Chile
Copper Co.—Copper Production {in Pounds).—
1921—March—1920.
Decrease. I
6,000,000
—V. 112,
9,256.000
p.
936).
1921—3 Mos.—1920.
25,394,000
3,256,000117,998,000
Decrease.
7,396,000
Cities Service Co., N. Y.—27th
Monthly Distribution.—
The
27th monthly distribution on Cities
Service Co. bankers' shares,
payable June 1 to holders of record
May 15. will be 35Mc. a bankers'
share.
The distribution on bankers'
shares May 1 was paid to, 19,460
holders of record, an increase of
765 holders of record April 1.—V.
112,
p.
1744,
1734.
Chino
Copper Co.—Notable Features of the Porphyries.—
Value of Large Ore Reserves.—
A special letter on the
porphyries—Chino, Ray, Utah and Nevada Con¬
solidated—by Hayden, Stone & Co. is accompanied
by elaborate statistics
-regarding these properties and their operations, and further
says in brief:
East Coast Fisheries
l%%
p.
have been paid
566.Ifc
Co.—Properties Shut Down, &c.—
All fishing operations of the
company have ceased, the last trawler hav¬
ing been hauled from service nearly 2 months ago, when receivers discovered
that it could not be operated at a
profit.
been operated during the
Prior to March, 3 trawlers had
receivership, but the activities of 2
dispensed with.
were
quickly
It has been discovered
through investigation of the company's books
that profitable operations were
apparently conducted for a 2-year period
and that the early dividends of the
company were earned.
In the case of
the affiliated Products Co.,
however, all the divs.
account.
Elk
("Boston News Bureau.")
Basin
paid were from capital
See also V. 112, p. 1871.
Consolidated Petroleum
Co.—Acquire Salt
Properties of Mountain & Gulf Oil Co—Additional Ac¬
quisitions Planned.—
Creek
The company has completed negotiations for the
acquisition of the
erties
prop¬
<|>f the Mountain & Gulf Oil Co., comprising more than 500 acres in
the Salt Creek field.
To complete the purchase, the directors
have author¬
ized the exchange of
approximately 275.000 shares of stock for the out¬
standing capital of the Mountain company in the ratio of one
share of Elk
Basin for 6 of the other concern.
Negotiations
are
pending with other important interests for
additional
offering of 360,000 shares of treasu ry stock
the ratio of one share of new stock for
creage and these will Involve an
to present stockholders at
par in
each
the Elk
more
When these deals are over, it is expected that
will have, including its present holdings of 208 acres,
of land in this field.—V. 112, p. 376.
5 shares now held.
Basin company
than 1000 acres
earnings,81,230
$441.,988; pond,
fund deductions,
$87,933; dividends on Preference stock, $80,000; surplus, $92,679.
Paine, Webber & Co. recommend the cumul. participating pref. stock at
The earnings
108, p. 2126.
about 8.42%.—V.
r
Chicago.—Annual Report.—
Calendar Years—
Vr
1920.
1919.
Earnings after selling and administrative expenses- $4,144,921
$5,094,780
Depreciation
—
£64,544
489,650
Pension fund-101,641
Hn'nnn
Taxes and contingencies.——
HRn'nnn
Preferred stock sinking fund
100,000
100,000
Preferred dividends (6%)
120,000
112,392
Common divs
1,547, <53
788.450
Earnings for 3 Months Ended
—V.
112, p.
,
—-
-
^ • 112,
1287!.
Co.—Quarterly Statement.—
Freeport Texas
our
Inspiration
^
28 1921, appearing
of $845,406 and net
earnings for the 3 months ending Feb.
advertising pages to-day, shows gross sales
earnings for the quarter of $148,351, after deducting
$45,011, but before reserves for depreciation,
p. 1621.
A statement of
In
shares will be issued in
$2,388,142
$1,010,981
Park, Fla., May 5.
v. liz,
See that company
Co.—Cuts Tire Prices
company put into effect a reduction of 20 % in prices for
1521. 1745.
The New York Stock
Akron.—Listed
Rubber Co.,
Goodyear Tire &>
International
until May 11 receive
C. Converse.
Ambrose Monell, a director, died
Oil Co.—Control
Oil Co. below.—Y.
Acquired.—
#
112, p. 1871.
Dividend.—
Hamilton Mfg. Co., Boston.—Smaller
quarterly dividend of 2% has been declared, payable May 14 to hold¬
ers of record May 2.
The directors voted March 29 1921 to increase the
capitalization from $1,800,000 to $3,600,000 and to distribute the new
stock share for share upon payment of $30 per share in cash, the balance
A
of a stock dividend of 70%. A
old stock.
Compare V. 112, p.
Haytian American
Federal Judge Mack has
brought by Breed,
suit
dividend of 4% was
1403.
Corp.—Receiver—Stockholders' Comm.
appointed James N. Rosenberg
promissory notes,
■
A stockholders' protective committee consisting of Phillip W.
H. R. Tippenhauer and F. W. Ludwig has been formed.—Compare
p. 262
368, 377, 750 , 853, 1621.
Henry,
V, 112,
,
Hercule3 Gas Engine Co .—Notes
Called.—
dated Jan. 1 1920,
$400,000 6% Serial Gold notes,
the
Jan. 1
premium of
all notes
Savings
called for redemption July 1 at par and int.1, together with
following premiums: A premium of M of 1% on all notes maturing
1922; a premium of 1% on all notes maturing Jan. 1 1923; a
1%% on all notes maturing Jan. 1 1924; a premium of 2% on
maturing Jan. 1 1925.
The notes will be paid at the First Trust &
Bank, Chicago.—V. 112, p. 166.
have been
Co.—Acquisition of Aetna.—
of Appeals at Wilmington has handed down a
to take over the Aetna Explosives Co. in
agreement entered into between these two companies.
Hercules Powder
S. Circuit Court
The U.
decision allowing the company
accordance with the
—V. 112, p.
With Kirby
Oil
Co.
of Texas.—Settlement of
Lumber Co., to Yield Important
interests, through the
the immense
of
Magdalena River in the Department of Santander, extending
as the Rio Sogamosa River, a tributary of the Magdalena.—V.
Window Glass Machine Co.
Purpose.—Proceeds will be used to provide working capital.
Earnings.—Earnings of predecessors for the past 5 years average over
5 times the annual interest charge on these bonds.
Sales in 1920 aggregated
over $8,000,000 and the earnings over 7Vz times the bond int requirement.—
V. 112, p. 1746; V. Ill, p. 2429.
Jewel Tea Co., Inc.—Notes Paid.—
6% serial notes, maturing May 1, are being paid at Central
Original issue, $3,000,000, of which $500,000 was paid
last Nov.
The balance is due $750,000 Nov. 1 next and $1,000,000 May 1
The $750,000
Union Trust Co.
executed
1922.—V. 112, p. 1396.
Jones Bros. Tea Co., Inc.—Earnings for
months ending Mar. 31 1921 were
ments.
These payments were
assigned to the Maryland Trust Co., trustee,
retired, V. 109, p. 2076)
certain timber certificates (now
and of the Proferred stock.
Jones &
George M.
Adjustment of Recent
con¬
Lumber Co. will pay for
Oil Co. saves an expense
left on lands cut over
unprofitable. Kirby
price and Houston
$60,000 yearly, for checking and scal¬
these trees at the full contract
estimated at
ing such timber.
(2) Time Limit for Cutting.—Kirby Co.
an indefinite time to cut timber, since
billion feet were paid for
in
time for cutting and releases
contended that it had substantially
during the past 20 years nearly a
excess of the cut.
The settlement limits the
a large part of the land substantially at once,
gradually.
(3) Payment for Hardwood.—Hardwoods
the balance
(not previously sold) are pur¬
the market value, which
chased by the lumber company at substantially
is in excess of their value to the oil company.
Deferred Payments.—This considerable item, arising out
wholly clear in the decree of 1908, is adjusted in part by
compromise of the amount and in part in the terms for the payment of the
remaining yellow pine and hardwood.
Summary of What Houston Oil Co. Obtains under the Settlement Contract
(4) Interest on
of provisions not
(Deposited with
Maryland
i!n 7% notes, bearing interest
installments of $150,000, se¬
cured by
lien on the timber.
(б) Company retains all pine timber under 12 inches on part of the land
and under 8 inches on the balance, and all hardwood under 6 in. in diameter.
(c) 300,000 acres of land are released substantially at once, and finally
in 5 years, and balance of the land is released as the timber is cut, at different
times; the last is released in 15 years.
All timber not cut within the periods
limited is forfeited to the oil company.
This settlement indicates that the early estimates of the amount of timber
made in 1901 and in 1910 have not been realized, but, on the other hand,
the condition of the company in many respects has improved over earlier
expectations, probably to even a larger extent.
Current Assets.—In addition to the real estate interests, oil fields, oil and
mineral rights, pine timber and hardwoods retained under the settlement
company's current assets are as follows:
Kirby Lumber Co. 7% Secured Serial notes, when settlement is
completed
—
.$3,000,000
Current assets March 31 1921: Notes and accts. receivable, $397,833; U. S. securities, $251,121; cash in bank, $1,307,209; cash
in hands of Maryland Trust Co., trustee. $362,048
2,318,212
$969,000 accrued div. certfs. acquired during past year
1,015,232
Total.
-
Department Stores,
Kaufmann
1919.
Not stated
-—$1,503,397
$2,0r<9,381
136,500
sales
Common
Inc.—Annual Report.—
1920.
Not stated
Calendar Yeaes—
(7%)--131,250
dividends
(4%)300,000
112,
/: A
1918
$18,312,482 $15,391,161
$781,213
$723,114
141,750
147,000
_
^
■
—---
$1,072,147 $1,902,881
$639,463
$576,114
x After deducting yearly all depreciation and interest charges and also,
is understood, for each year a reserve for Federal taxes.-—V. 112, p. 854.
Balance, surplus
it
Keystone Telephone
earnings.
Net
Interest
436,998
charges.
Preferred
dividends.
Bal. before dep., &c.._
a
Co.,
1920.
a$l,884,301
718,766
Calendar Years—
Total income
Kirby Lumber
See Houston
$1,656,450
560,552
363,695
$1,605,721
664,043
334,484
1917.
$1,639,299
747,449
335,271
(3%)58,106(8^)164,632(8^)164,632
$138,722
$154,927
$247,546
guarantee.—V. Ill, p. 498.
Co.—Settlement of Controversies.—
Oil Co.
(S. S.) Kresge
$281,768
from Federal
Includes $126,070
Phila.—Annual Report.
1919.
1918. ~
above.—V. 109, p. 2076.
Co.—April Sales.—
Increase. I
1921—4 Mos.—1920.
$391,520 j$15,717,142 $14,100,241
1921—April—1920.
$4,391,968
$4,000,448
112, p. 1522. 1150.
Increase.
$1,616,901
—V.
Trust Co.)
(а) $3,000,000 from the lumber company
Jan. 1 1921, payable in semi-annual
from
378.
Net
and
(1) All Uncut Timber to be Paid /or.—Certain trees
so scattered as to make the cutting expensive or
are
p.
L&ughlin Steel Co.—New Vice-President.—
elected a Vice-President.—V.
Net profit
Preferred divs.
Controversies and Terms of Settlement.
$5,106,589; cost of
interest, taxes, &c.
Laughlin, Jr., has been
■
x
Recently it became evident that the payment for timber under the
tract would soon be completed, leaving certain controversies.
These
other matters have now been adjusted as follows:
$3,759,970; and net profit, after
$73,249.—V. 112, p. 1872.
whom
75, p.
Certain untried features of the contract resulted in 1904 in litigation,
which ended in a compromise and a decree
July 28 1908 (V. 87, p. 290,
418), so amending the contract that Kirby Lumber Co. was obliged to pay
for the timber, whether cut or not, in certain minimum semi-annual install¬
Quarter.—
Sales for the 3
sales, incl. depreciation,
137.)
for the benefit of
Offered.—Pitts¬
the American
Results.—
lands, but cover its timber.
Glass Co.—Bonds
^
May 12 on the adjustment of certain contro¬
versies between the company and Kirby Lumber Co. outlined below.
Digest of Letter from President Henry J. Bowdoin, Dated April 29.
Timber Only in Dispute.—The controversies do not affect the company's
properties or mineral rights or
Window
Interstate
north as far
112, p. 475.
burg Trust Co., Gordon & Co., and A. E. Masten & Co.,
are
offering at 98% to net about 8.30%,
$3,000,000 1st
Mtge. 5-Year 8% S. F. Gold Bonds.
A circular shows:
Dated April 15 1921.
Due April 15 1926.
Guaranty Trust Co., N. Y.,
trustee.
Federal income tax up to 2% and Penna. 4 mill tax paid by the
company.
Denom. $1,000 and $500.
Red. as a whole on any int. date on
60 days' notice at 105 up to April 15 1924, and at 103 thereafter.
Has acquired by purchase the plants of 11 window glass companies
located in Pennsylvania, Ohio, West Virginia and Oklahoma which will be
operated by improved and up-to-date methods under a license granted by
Controversies
Original Contract and Court Decree.—The Houston Oil Co. in 1901
a contract for the sale of its yellow pine timber to John H. Kirby, by
it was later transferred to the Kirby Lumber Co. '(V. 74, p. 329; V.
by
formerly owned by the Tropical Oil Co., which was taken over
the Standard Oil through exchange of stock of Tropical for shares of Inter¬
national Petroleum (V. Ill, p. 901).
The Tropical property consists
an area estimated to be between 2,000,000 and 3,000,000 acres, fronts the
acreage
The stockholders will vote
oil
of N. J.
Oil Co.
Standard
At the present time, it is stated, the Standard Oil
International company, is spending large sums in developing
1029.
Houston
2.—V. 112, p.
International Petroleum Co., Ltd .—Refinery for S.A.—
The company, it is stated, has acquired one of the larger islands located
in the harbor of Barranquilla, the port at the mouth of the Magdalena
River, Colombia, S. A., on which a refinery with a daily capacity of 25,000
barrels is to be erected and so designed as to permit extensions which will
eventually make this the largest refinery in the world.
The company is a
subsidiary of the Imperial Oil, Ltd., of Canada, in turn a subsidiary of
receiver in a
creditors for $100,000 upon
Elliott & Harrison,
All of the outstanding
in Beacon, 3ST. Y., May
658.
Calif.—Bond Application.
Commission to authorize
connection with financing
being in the nature
paid Feb. 1 on the
Co.—New Director—Obituary.—
been elected a director to succeed
of N, Y. City, has
Alfred Jaretzki,
the late Edmund
Great Western Power Co. of
The company has asked the California RR.
$2,205,000 Series B 1st & Ref. Mtge. bonds in
the Caribou power project.—V. 112, p. 1287.
Guffey Gillespie
will
5%
$325,085
International Nickel
—
admitted to the list $30,000,000 1st
bonds due May 1 1941, "when issued."
See offer¬
Exchange has
Mtge. 20-year 8% s. f.
ing in V. 112, p. 1745, 1735.
See Tidewater
Agricultural Corp.—Tenders.—
corporate trustee, 14 Wall St., N. Y. City,
bids for the sale to it of First Mtge. & Coll. Trust
20-year sinking fund gold bonds to an amount sufficient to exhaust
at not exceeding 103 and int.—V. 112, p. 1288.
|
The Bankers Trust Co.\
(B. F.) Goodrich
On May 2 the
tires.—V. 112, p.
Consolidated Copper Co.—Holdings of
Co. Increased from 250,900 to 285,300 Shs—iunder "Financial Reports" above.—V. 112, p. 1872.
Anaconda Copper
interest amounting to
depletion and taxes,
York.—Fractional Shares.—
Secretary-Treasurer, announces that, "while no fractional
connection with the 10% free stock allotment to
be distributed May 15 to holders of record April 30, in order that no loss
may be sustained by those entitled to such fractions, the corporation will
sell or buy said fractional shares on the basis of $16 for a full share.
With
cash dividend checks to be sent out on May 15 will go instructions as to
how to avail of this offer."—V. 112, p. 1149, 938.
L. E. Haskell,
—
Morse died in Winter
144,365
$876,431
1287.
Imperial Oil Corp., New
—-
Chairman Charles II.
taxes,but before
Net earnings after
—
Balance, surplus
——
allowing for depr.&depl'n_
Operating expenses and taxes
-
p.
shows
first quarter of 1921
but before depreciation and
$3 50 on $25,000,000 Common stock,
or at the rate of $14 per year.
These earnings are exclusive of proceeds
from sale of land and lumber and are also exclusive of the earnings of the
Higgins Oil & Fuel Co., in which Houston Oil has a 52% stock interest.
Gross oil sales for the three months ended March 31
$1,020,796
depletion, of $876,431, equivalent of
„
-
March 31 1921.—
The following published statement for the
earnings from the oil department, after taxes
Fairbanks Morse Co.,
,
by
the total liabilities as shown
$26,330.
trustees approve the settlement.
The trustee and the voting
377; net after operating expenses, maintenance and taxes,
and other interest charges, $181,376; income and sinking
23% and divide., to yield
debts aside from taxes ac¬
Liabilities.—Company has substantially no
crued and partly estimated at $132,946;
the balance sheet of March 31 1921 were
(Pa.) Lighting Co.—Earnings.—
for the calendar year 1920 shows: Gross
Erie
[Vol. 112.
CHRONICLE
THE
1982
$6,333,444
&
Libby, McNeill
Libby, Chicago.—Bonds
Sold.—
& Co., New York,
Savings Bank and
Illinois Trust & Savings Bank,
Chicago, have sold at
95% and int., yielding over 7.60% $10,000,000 1st (closed)
Mtge. 7% 10-Year Gold Bonds (see advertising pages.)
Dillon, Read & Co., Harris, Forbes
Continental & Commercial Trust &
Dated May 1
Trust
&
1921.
Due May 1 1931.
Savings Bank,
Int. payable M. & N. at Harris
and Harris, Forbes & Co., or
105 and int. on 60 days' notice
105 and int. less 1% for each full
Chicago, trustee
Central Union Trust Co., N. Y.
Red. at
to and incl. May 1 1926 and thereafter at
vear or part thereof from May 1
1926. Denom.
$1,000, $500 and $100
without
(c*).
Albert W. Harris, co-trustee.
Company agrees to pay int.
deduction for anv normal Federal income tax not exceeding 2%. Penna.
4-mill tax refunded.
Sinking fund of at least $500,000 each year for
1924 to 1930 will be applied to the purchase of bonds at or below redemption
price, or if not so obtainable, by lot at the redemption price,
about 35% of the issue before maturity.
Data From Letter of Pres.
W. F. Burrows, Chicago, May 5.
thus retiring
and
Company.—Business founded in 1868.
Company is largest producer
canned food products in the world.
Plants and distributing
distributor of
May 7
stations
1921.]
THE
CHRONICLE
all of the United States and Canada and,
through affiliated
companies, does an extensive business in the Biritsh Isles and in Continental
Europe.
Also has extensive interests in Hawaii in connection with the
growing and canning of pineapple, and in Alaska in connection with the
catching and canning of salmon.
Sales.—Total sales for the year ended Jan. 1 1921, were
$89,833,714,
Control.—For many years company was directly controlled
by Swift &
Co. but in 1918 the stockholders of Swift & Co. were
giving the opportunity
of exchanging one-tenth of their stock in Swift & Co. for the stock
of Libby,
McNeill & Libby, par for par.
Security.—Secured by a first mortgage lien on all of the principal real
estate and plants, subject only as to two tracts of land in California
to the
lien of two purchase money mortgages totaling $585,000.
This Issue.—Mortgage provides (a) net current assets
equal to 150%
of bonds outstanding; (b) that no dividends shall be declared or
paid out of
net earnings of any period if such dividends would reduce
current assets
below 150% of current liabilities.
Purpose.—Proceeds will be applied to the reduction of current liabilities.
Earnings.—Net profits before interest and Federal taxes for the 7 years
May 1914, to May 1920, averaged $4,674,398, and for the 10 months
ending March 5 1921, amounted to $2,921,033.
Annual interest charge
on this issue is $700,000.
In the same 7 year period net profits after interest, Federal
taxes, &c.,
averaged $2,590,255.
;'V
In spite of the general business readjustments, net profits after
payment of
interest, Federal taxes and all charges for the 10 months' period ended
March 5 1921, amounted to $506,006.
to
Capital Stock.—Capital stock was increased in
$27,000,000.—V. 112, p. 1150.
Loew's,
1920 from $12,800,000
Inc.—Guarantees Bonds, &c.—
See New-Broad Co., Inc., below.—V.
Los
I'll, p. 2430.
Angeles Gas & Electric Corp.—Bonds.—
The stockholders, it is stated, have voted to increase the
company's
bonded debt from $15,000,000 to $75,000,000.—V. 112, p. 1150.
Louisville
Plan—Terms
See Van
E.
(Ky.) Food Products Co.—Consolidation
of Exchange—Financial Statement, &c.—
Camp Packing Co., Inc., below.
H. Rollins &
Sons, New York,
&c., who originally brought out the
issue of $1,650,000 7% Cum. 1st Pref. stock in a letter dated
Apr. 21 to the
holders state "they are in complete agreement with the management of
the company that the consolidation proposed is a most fortunate and de¬
sirable one for the holders of the 1st Pref. stock."
See also V. 109, p 779.
(W. H.) McElwain Co .—Strike Settled.—
The settlement of the strike at plants in Manchester and Nashua, N. H.,
is understood to be entirely on the company's own terms and in
every way
satisfactory.
The strike, started about middle of January, was never
sufficiently effective to tie up the company's plants completely, as many
employees accepted the wage cut, which averaged about 22%.
Company
severed relations with the United Shoe Workers of America whose members
went on strike and refused further to deal with the union as such.—V. 112,
p.
1622,475.
J. M. Davis, formerly Vice-President of the Baltimore & Ohio RR., has
been elected President, to succeed the late A. J. Babcock.—V.
112,p. 1746.
Marland Oil Co. of Delaware.—Trustee
The Guaranty Trust Co., N. Y., has been
Motor
Co.—ls£
Pref. Begin Action.—
representing holders of the First Pref. stock of the company, to restrain the
sale next week of the Maxwell Motors property, a part of the plan for the
consolidation of the Maxwell and Chalmers companies.
They declare the
?lan as amended to be proposing, as it and inequitable, so suchas the First
referred Is concerned, unfair, unjust
does, to take waay far holdings in
a
pitifully small share in the
new
securities to be issued.—V. 112,
1872.
Mexican Telephone &
Telegraph Co.—Sale of Stock, &c.
Hayden, Stone & Co. in a circular to the Common and Preferred stock¬
"We have been approached by buyers for the stock owned by
us and our associates.
Believing that this is an opportune time to
treat
with the purchasers we have invited the stockholders to
deposit their shares
with us at 87 Milk St., Boston, on or before May 5 for sale on the same basis
as that on which we may dispose of our own shares.
"The bondholders' protective committee has asked if any definite steps
for the protection of the stockholders' interest have been taken, and if
not,
what action we propose to take in connection with the same to avoid the
necessity of foreclosure.
"Negotiations with the buyers who have approached us should be carried
on without delay, and the interest of all stockholders will be best served
by
a deposit of their shares."—V.
102, p. 613, 1543.
holders say:
Miami
in^920. The export business is practically at
Paper Co., West Carrollton, Q—Bonds Offered.
Hayden, Miller & Co., Cleveland, are offering at 96.60 and int., yielding
8%, 7H% 10-Year Mtge. Gold bonds.
Auth., $850,000.
Dated Mar. 1
1921.
Int. payable M. & S. at Union Trust Co., Cleveland, trustee, and
Chase National Bank, N. Y., without deduction for normal Federal income
tax not in excess of 2%.
Denom. $1,000, $500 and $100 (c).
Red. on
any int. date on 30 days' notice at 105 and jnt.
An annual payment of
5% of the total amount of bonds issued is provided for the purchase of these
bonds in the open market or for red. at the call
price.
Data from Letter of Pres. W. W. Sunderland, April 18 1921.
Company.—Incorp. in Ohio in 1912 to take over a long-established busi-
Sess. Engagedlines. Operates aof bookmill of 85bond paperscapacity at
in manufacture paper papers, tons daily and other
losely related
West Carrollton, Ohio.
company to increase
V. 112, p. 658.
"•
8% Preferred stock.
Middle States Oil
National Cloak & Suit Co.—New
The directors
May 3 voted to
on
move
Corp.—Subsidiary Co. Wins Suit.—
the
Headquarters, &c.—
principal office of the
from Woodbury, Orange County, N. Y., to N. Y.
City.
The board was also increased from 9 to 12 members.—V.
New Bedford Gas & Edison Light
112,
comnanv
751.
p.
Co.—Capital.
The company has petitioned the Mass. Department of Public
Utilities fo •
authority to issue 5,724 shares of additional capital stock to be sold a
$120 a share.
Proceeds are to be applied to the payment of
existing deb,
incurred for permanent additions.—V. Ill, p. 994.
New-Broad
Co.,
Inc.—Guaranteed
Bonds
Offered.—
American Bond & Mortgage Co., New
York and Chicago, are
offering
Guaranteed 1st Mtge. Real Estate Serial
Gold Bonds.
Secured on Loew's new theatres (a) Broadway & 83rd
St.,
N. Y. City and (5) Broad & New Streets, Newark, N. J.
together valued
at $3,175,000.
The bonds are unconditionally guaranteed principal and
interest by Loew's Inc., which owns the entire stock of the New-Broad
Co.
Loew's Inc., owns and controls over 100 theatres, including those now
in
construction throughout the U. S. and Canada, having a total
daily average
attendance of about 300,000 people.
The bonds are dated April 15 1921, due semi-annually April 15
1922 to
April 15 1931.
Int. payable A. & O. at office of American Bond & Mtge.
Co., N. Y. or Chicago.
Callable at 103 and int. in reverse of numerical
order on any int. date on 60 days' notice.
Normal Federal income tax up
to 4% paid by company.
at
par
and int. $1,800,000 8%
New York Edison Co.—Wins Decision.—
The Appellate Division of the Supreme Court has reversed the decision
of Justice Cohalan, granting N. Y. City an injunction
restraining the New
York Edison Co. and the United Electric Light & Power Co. from
adding
to the charge for electric current the cost of coal above
$3 a ton.
See
V. 112, p.
1747, 1289.
^
.
New York Telephone Co.—Annual
Report—Director, &c.
See under "Financial Reports" on a
preceding page.
J. S. McCulloh of Rye, N. Y., has been elected a director to succeed the
late William F. Nottingham, of Syracuse, N. Y.
made a Vice-President.
T. P. Sylvan has been
The office of Chairman of the board of directors, left vacant
of Theodore N. Vail, was not filled.
V. 112, p. 1747.
New Jersey Zinc
B ond interest
_
1921.
1920.
x$244,345
40,000
_
Res. for retire't of bds__
Federal taxes
Dividends
by the death
Co.—Quarterly Report.-
Tar. 31—
Total income
1919.
1918.
$3,173,127
40,000
75,000
430,000
$2,855,427
40,000
75,000
570,000
$5,338,796
1,400,000
1,400,000
f,4001556
40,000
>5,000
1,620,000
stock
on
(4%)___
26,184
See below
y
Balance, surplus
x This
item, which
$178,161
$1,228,127
$770,427
$2,203,796
includes dividends from subsidiary companies is
shown after deductions for
expenses, taxes, maintenance, repairs and renew¬
als,
betterments, depreciation and contingencies,
y The
company in
April 1921 declared two dividends of 2% each; the first ($840,000) payable
May 10 to holders of record April 30; the other on Aug. 10 to holders of
July 30.
Stockholders of record May 12 1920 received a stock dividend of
20% ($7,000,000) increasing the outstanding stock to $42,000,000, and
were allowed to subscribe at par on
additional.
$7,000,000 new stock,
payable in four equal semi-annual installments from Nov. 151920 to May
15 1922.
The new certificates will be issued in May 1921 to the extent that
the first and second installments shall warrant and the remainder in
May
1922.—V. 112, p. 1623.
Niles-Bement-Pond Co.—Dividend Decreased.—
A quarterly dividend of 1% has been declared on the
outstanding $8,500,000 Common stock, par $100, payable June 20 to holders of record June 1.
This compares with 114% paid in March last and 2
June 1919 to Dec.
North
% paid quarterly from
1920, inclusive.—V. 112, p. 1022, 659.
Crown
Porcupine Mines, Ltd.—Bonds,
&c.—
The "Tornto Globe" April 25 touching on a statement that the Crown
Trust Co. had taken up
$100,000 of mortgage bonds issued by the company
saysS this is erroneous and explains the facts thus:
"The mortgage bonds of $100,000 were issued as a means of
providing
funds with which to carry on development work pending the time when the
company's mill could be operated, a closing down having been necessary
during the winter owing to the shortgae of Hydro-electric power.
"Further North Crown Porcupine Mines is a consolidation
[in 1920J
of the Porcupine Crown (V. 105, p. 951) and the Thompson-Krist
properties
The North Crown has an issued capital of 3,000,000
shares, of which'
2,000,000 are held by Porcupine Crown and 1 ,OOO,OO0 by Thompson-Krist.
"This being so, when the decision was made to issue mortgage bonds of
$100,000 it was left to the Porcupine Crown to take up 60 2-3%, while the
Thompson-Krist was supposed to take up 33 1-3%.
It is learned that the
Porcupine Crown immediately took up its share but the Thompson-Krist
has not been able to take up its one-third,"owing to not having funds available
Accordingly some other arrangement will be required provided the amount
of money required exceeds the sum up by the Porcupine Crown.
"The Crown Trust Co. is merely acting as trustee for the bondholders."
Portland, Or e—Franchise.
The Vancouver (Wash.) City Council has granted the company a
50-year
operate a distribution system in Vancouver and
franchise to install and
surrounding territory.—V. 109,
Ohio
The decision of the Louisiana Supreme Court,
confirming a decision of
the District Court of Claiborne Parish
declaring Lillie G. Taylor the owner
acres of land in said parish,
enormously rich in oil and gas deposits,
releases to Dominion Oil, a Middle States
V.
Island has signed an act
permitting the
its capital stock from $15,000,000 to $20,000 000
'
Northwester^ Electric Co.,
Earnings.—Net earnings p. a. for 7 years ended Aug. 31 1920 have
averaged $235,758.
Conversion.—Holders of these bonds may exchange them par for par into
a standstill."
Narragansett Electric Lighting Co.—May increase Cap.
Governor San Souci of Rhode
subscriptions
Suit has been brought in the U. S. District Court in Detroit by attorneys
return for
period
Accrued interest
—
appointed trustee under the
$7,000,000 10-Year 8% Sinking Fund Partic. Gold bonds, Series "A," due
April 1 1931.
The entire issue of $4,000,000 bonds recently offered it is
announced, has been sold.
See V. 112, p. 1746, 1735.
Maxwell
Moon Motor Car Co., St. Louis.—
President Stewart McDonald informs us that "the
company's domestic
business for the four months ending Apr. 30 last is
27% ahead of the same
Quarters end.
Manning, Maxwell & Moore (IncNew President.—
P.
1983
cover
Bell
p.
583.
Telephone Co.—Consolidation.—
See Ohio State Telephone Co. below.—V. 112, p. 67.
Ohio State Bell
of 80
See Ohio
subsidiary; Caddo Central Oil
and others, about $4,000,000 accumulated oil
money and one of the most
valualbe oil-producing leases in Louisiana.—V.
112, p. 1623.
Telephone Co.—Merger.—
The
Midvale Steel & Ordnance
Quar. End. March 31—
♦Net. earnings
1921.
Co.—Quarterly Report.—
19i9.
1920.
$536,577
760,287
1,171,492
$3,669,685
Net profits
def.$1,395,202
*
After provisions for all taxes.
Interest
Deprec. & depletion
776,753
1,375,935
$9,775,044
793,383
1,181,320
$1,516,997
$2,750,197
$7,800,341
.
Note.—Subject to revision to meet any changes in interpretation of
Federal tax laws, regulations and rulings.—V.
112, p. 1522.
Midwest
Refining Co.—Standard Oil of Ind. Acquisition.
See Standard Oil Co. of Indiana below and
compare V. 112, p.
369, 567,
1522, 1623.
Miller & Lux,
Telephone Co.—Consolidation.—
Ohio State Telephone Co. and the Ohio Bell Telephone Co., to¬
gether virtually controlling the telephone lines in Ohio, have tentatively
to
consolidate
into
a
new
company.
President Charles Y. McVey states in part: "For a long time there has
an insistent demand for the unification of the dual service now
being
furnished by both companies.
This demand has been recognized by the
been
officials of the two companies and an effort has been made to comply with it.
"After negotiations extending over many months, we are able to an¬
nounce
at this time that a tentative agreement for consolidation has been
entered into looking to the
ultimate unfication of the service.
Under the
agreement, it is proposed to consolidate the two companies under Ohio
laws into a consolidated co., to be known as Ohio State Bell Telephone Co.
"The agreement is conditioned on the acceptance by the stockholders of
the two companies of the plan
stacles that
now
and also on the removal of certain legal ob¬
exist and the approval by the Ohio P. U. Commission."
Included in the board of directors of the
new company will be:
Frank A.
Davis, C. Y. McVey, Franz R. Huntington, John Sherwin,S
ley
c
g,
Smith, Edgar S. Bloom.—V. 112, p. 939.
Inc., Calif.—Sale of Lands.—
The vast Miller & Lux lands will be marketed.
Every
acre
Allard
of the lands,
it is announced by David Brown, Sec'y, is on the
public market.
Some of
the holdings are as follows; Santa Clara County, 8
sq. mi.; Merced County,
36 miles north and south, 2 miles east and west; Fresno County, 1,000,000
acres.
In addition there are 3,500,000 acres in Nevada and
7,000,000 in
Oregon.
Ohio State
decided
1918.
$4,701,534
792,722
1,158,615
State Telephone Co. below.
(San Francisco "News Bureau")—V. Ill, p. 1188.
Montgomery Ward & Co., Chicago.—April Sales.—
1921
April
1920.
$6,464,073
$9,491,456
—V. 112, p. 1522, 1289.
Decrease. I
1921
4 Mos.
1920
Decrease.
$3,027,3831 $25,179,040 $41,550,827 $16,371,787
Old
1921
Dominion
April
1920.
2,180,000
—V. 112, p. 1523.
984,000
Otis Elevator
Co.
of Maine.—Production
Decrease. I
1921—6
1,196,00017,887,000
Co.—50% Stock
The directors at a meeting held on
(lbs.)—
Tos.—1920.
9,146,300
Decrease.
1.259.000
Dividend.—Earnings.—
May 4, on notice dated Apr. 27 1921.
50% stock dividend on the Common stock, payable July 1 to
holders of record June 15.
It is provided that if, prior to June 15,
any ob¬
jection is made to the payment of said dividend, in any proceedings at law
declared
a
or
be paid until 60 days after final adjudi¬
proceedings permitting such payment, and shall then be made
Stafford
in equity, said dividend shall not
cation in such
only to the holders of the outstanding Common stock of record at the
of business on the 46th day after such adjudication."
This stock distribution will increase the outstanding Common stock
close
Standard Oil Co. of
Packard Motor Car Co.—Bonds Listed.—
has admitted to list $10,000,000 temporary
10-Year 8% bonds due April 15 1931.
See offering in V. 112, p. 1624.
Co.—New Director
Pennsylvania-Ohio Power
—
director.—V. 112, p. 1747.
that
for Interim
bonds, due Nov. 1
Lee, Higginson & Co., 43 Exchange Place, N. Y. City, announce
they are now prepared to deliver permanent bonds in exchange
receipts of First & Ref. Mtge. 73*3% sinking fund gold
1940.
See offering in V. Ill, p. 1950, 1753.
Stock Sold.—Drexel &
and National City Co. announce the
sale at par ($25), by advertisement on another page, of the
unsold portion of $5,000,000 8% Cumul. Pref. (a. & d.)
stock, not subscribed for by the stockholders.
[For descrip¬
tion, &c., see V. Ill, p. 79, 995, 1376; V. 112, p. 1624.]
[It is understood that the stockholders subscribed for 60% of the $5,000,Philadelphia Electric Co.—Pref.
Co., Brown Bros. & Co.
par.]
from President Joseph B. McCall,
000 offered them at
Data
capital stock and (b) to change the par value of the shares
Capital stock outstanding, as of Dec. 31 1920, was
112, p. 1625.
Philadelphia, April 29.
™"'Company.—Operates under a franchise unlimited in time. Does the entire
central station electric light and power business in Philadelphia.
Through
its principal subsidiary, Delaware County Electric Co., does the entire
commercial electric light and power business in the important manufactur¬
ing and shipbuilding district southwest of Philadelphia along the Delaware
River, including City of Chester.
Territory served embraces a population
of over 2,000,000.
The properties (including subsidiaries) form a single
inter-connected system including power plants with an aggregate rated
capacity of 320,982 kilowatts, or which 276,000 kilowatts are
three or the largest) and most modern generating stations in the country.
Capitalization, after This Financing—
Authorized. Outstanding.
'
"
The stockholders will vote June
Commission report, owned 203,053
close or 1920 (see Midwest
at the
Standard Parts Co.,
In
\ J.671,700
capital requirements, toward the re¬
improvements, and
distribution facilities.
Philadelphia Electric Co.'s System.
Number of
1916
1918
Kilowatt Hour
Gross
Load Kw.
Sales.
Revenue.
22,962
33,428
45,127
59,791
82,761
104,015
124,808
157,517
report for 1920 in V.
-
-
——
....
—,
19191
1920—
See
Connected
Customers.
....
—
annual
76,306,618
99,150,541
153,060,512
223,489,707
361,848,303
582,228,515
613,730,575
789,129,914
78,368
111,026
151,594
202,086
269,206
358,754
404,472
476,856
112, p. 1738.
$4,984,350
5,946,026
7,051,497
8,160,025
10,260,072
14,503,851
16,279,239
20,043,336
Pittsburgh Steel Co.—EarningsMonths to March 31—
1921.
1920.
1919.
-.$20,154,531 $20,192,634 $26,028,203
Nine
Sales
a$l,150,502 a$l,879,208
cost, and other adjust¬
excess profits taxes.—
profits
*$1,383,766
* After writing down inventory to market price or
ments.
a After setting aside estimated income and
V. 112, p. 1874.
Net
Co.—Merger Negotiations Off—Earns.—
Phillips Petrol.
& Co. above.
reported that gross earnings
$1,552,790, before deducting
See Cosden
It is
were
and after
for the 3 months ending Mar. 31
1921
operating expenses and interest, which
Net earnings, before depeltion and depreciation,
operating expenses and int. were $943,336.—V. 112, p. 1151, 939.
amounted to
$409,454.
Pierce Oil Corp.—Financing Rumors.—
week state that the company contemplates doing some new
financing.
While the extent of the proposed financing is not known, it was
stated that the amount is probably around $5,000,000 or $6,000,000.
Other statements gave the amount as being near $25,000,000.—V. 112, p.
Rumors this
1613.
Porcupine
See
Mines,
Crown
North Crown
Ltd.—Consolidation, &c.—-
Porcupine Mines, Ltd.—V. 105, p. 915.
of America.—Increases Common Stock.—
The stockholders on May 3 voted to increase Common stock from 5,000,000 shares to 7,500,000 shares no par value.
At the annual meeting the following directors were re-elected for terms of
three years each: Owen D. Young, Albert G. Davis and Walter S. Gifford.—
Radio Corp.
V. 112,p.
,r
1289.
"
Realty Associates Investment Corp., N. Y.—New
been elected a director.—V. 110, p. 268.
Dir.
Joseph P. Day has
Cecilia Sugar
Santa
The
stockholders on April
Corp.—Bonds Authorized
Roebuck & Co.,
Sears,
—V.
$21,824,141
112, p. 1625,
Chicago.—April Sales.—
Decrease. 1
1921—April—1920.
$16,375,290
-
$1,200,000 Ref.
$850,000 are offered to stockholders
see V. 112, p. 1747, 1625.
29 authorized the issuance of
Mtge. 10-Year 8% bonds, of which
at 87Yi and int.
For full particulars
1921—4 Mos.—1920.
Decrease.
$5,448,8511$66,082,259 $106,995,130S40,912,871
1524.
Shattuck Arizona Copper Co.—Quarterly Earnings.—
Quarters ending March 31—1921.
1920.
1919.
$12,696
Total receipts
Operating,
administrative, &c., exps-
Depreciation, &c_
a
Including taxes in
$445,902
a98,808
370,236
19,926
—
def.$86,112
Net income.
V.
109, p.
$227,520
387,387
4,121
$55,740 def.$163,988
1921.—V. 112, p. 940.
Smith-Springfield (Mass.) Body
has increased its
1898.
The company
Not Now a
resignation he will be in a
position to actively co¬
reorganization.
will con¬
1748.
Standard Sanitary Mfg. Co.—No Extra Dividend.—
regular quarterly dividend of 1 y2 % has been declared on the Common
10 to holders of record May 5.
This compares with a
regular dividend of 1 ^ % and an extra of 2% paid in Feb. last; in Aug. and
Nov. 1920 extras of 1% each were paid.—V. 112, p. 855, 569.
The
stock, payable May
Brothers,
Stern
New
York City.—Plan for Funding
33l/i% Accumulated Pref. Divs.—To Exchange Present 7%
Pref. for 8% Pref—To Create No Par Value Common Shares.—
A committee consisting of Howard Bayne, V.-Pres. of Columbia Trust,
Co.; Howard J. Sachs, of Goldman, Sachs & Co., and Herbert H, Lehman,
of Lehman Brothers, has been formed by the holders of large amounts of
Preferred stock to undertake to carry out a proposed plan, which provides
substantially as outlined below:
President Louis
Letter of
from
Data
April 30.
Stern, New York,
in payment to the special surplus account provided
of incorporation is $1,200,000, of which $360,000 may
be added to its general surplus, or may be used at any time for the acqui¬
sition of Pref. stock, and the balance of $840,000 of the arrears to the special
surplus account, if paid into the special surplus account, must be
the company for the purchase and cancellation of the Pref. stock of the co.
The payment of the accumulated dividends and the arrears to the special
surplus account could only be made in installments over a period of years,
at such times as the money was not otherwise required for the development
for in the certificate
used by
company's business.
The directors deem it inadvisable
of working capital the funds required for this purpose, and have
approved the following plan.
Terms of Proposed Plan.
and extension of the
to take out
therefore
which (until the
exchanged,
for par, for the
and privileges of the
present Pref. stock, but is to be preferred over the Common stock.
(b) The declaration of a stock div. of 33 M % (the amount as of June 1
1921 of the accumulated unpaid divs. on the present 7% Pref. stock) and
the payment thereof to the holders of the 7 % Pref. stock in shares at par
($100) of 8% Cum. Pref. stock, thereby providing for all accumulated
I—(a) To authorize $4,000,000 8% cum. Pref. stock,
present issue of $3,000,(K)0 7% Pref. stock is
par
8% Pref. stock) shall be subject to all the preferences
unpaid divs. on the 7% Pref.
(c) To exchange the present
sli^ro JTor sfasti*©*
capital from $1,000,000 to $4,000,000.—
stock.
issue of 7% Pref. stock for 8%
Pref. stock,
?r
deemed advisable to change the present $7,500,000 Common
stock from $100, par value, to Common stock of no par value, the plan will
then be worked out substantially as follows:
(a) The declaration of a stock div. of 33 K % (the amount as of June 1
1921 of the accumulated unpaid divs. on the 7% Pref. stock) and the payII—If it is
or
in shares at par ($100) to the holders of the present 7% Cum.
thereby providing for all accumulated unpaid dividends on
issue of 7% Pref. stock.
In order to provide for this stock
of approximately $1,000,000, the necessary corporate proceedings
be taken to increase the 7% Pref. stock from $3,000,000 to $4,000,000.
(5) After the declaration and payment of the stock div. to reorganize
company so as to provide for $4,000,000 8% Cum. Pref. stock and
shares of Common stock of no par value.
Such reorganization shall provide
that the 8% Pref. stock mil be exchangeable, share for share, for the out¬
standing 7% Pref. stock and the common stock of no par value will be ex¬
changeable, share for share, for the present issue of Common stock, par $100.
ment thereof
Pref.
stock,
div.
will be
the present
the
75,000
Capitalization.—After the plan is carried out
authorized capital will be:
$4,000,000
8% Cumulative Preferred stock (par $100)
—
Common stock (if par of $100 is retained, $7,500,000, and if par
is changed to no par value)
The holders of the 7% Pref. stock who become parties to the
hold 133
shares (fractions will not be issued but will be
75,000 sh.
plan will
adjusted by cash
Pref. stock for each 100 shares of 7% Pref. stock held
and holders of more or less than 100 shares of said
payment) of 8% Cum.
respectively by them,
7% Pref. stock, in like proportions.
Stockholders approving the plan are requested to deposit their stock on
or before June 1 1921 with the Columbia Trust Co., 60 Broadway, N. Y.
City, depositary.
Unless the plan is declared operative on or before Sept. 1 1921 the de¬
committee, however,
positor may withdraw his stock without expense.
The
is authorized to extend the time in which to declare the plan effective for
not exceeding three months from Sept. 1 1921.
Pref. Stock Provisions.—(a) The 8% Pref. stock is to be
to
present 7% Pref. stock: (6) is entitled on dissolution or
and divs.; (c) red. any time at 115 on 30 days' notice; (d) no mortgage without
consent of % of the 8% Pref. stock; (e) no divs. on the Common
which would reduce the general surplus below $2,000,000; (/) a special sur¬
plus account each year beginning Sept. 1 1922 of $120,000 p. a.
pur¬
chase or retirement at not exceeding $115.
[For balance sheet of
subject
the
liquidation to $115
stuck
1920 see
"Financial Reports"
above.]—Y. 112, p. 1748, 1164.
for its
Dec. 31
Manufacturing Co.—Div. Decreased—Earns.
of 50 cents peifshare* has been'declared on the Com¬
mon stock, no par value, payable May 15 to holders of record April 30.
Quarterly dividends of $1 per,share werejpatd from Aug. 1920 to Feb. 1921.
The regular quarterly dividend of 2% on thejPreferred stock will be paid
Stewart
A
quarterly dividend
May 1 to holders
Calendar Years—
Operating profits
on
Corp.—Capital Incr.—
California Edison Co.—Reproduction Cost New
Reasonable Basis for Rates.—
Fixing the rate base of the company at $94,075,000, the California RR.
Commission recently said: "Without question, to construct the plants now
in existence under conditions of labor and material costs during the past year
would result in a much greater figure than the investment.
The Commis¬
sion, however, does not hesitate to state that reproduction cost new or re¬
production cost depreciated based upon price conditions existing during
1919, 1920 and 1921 is not a reasonable basis for rate-fixing purposes except
in so far as it applies to those portions of the properties that were of necessity
constructed during the period of high prices."—V. 112, p. 1611.
Southern
presented
April
Judge D. C. Westenhaver
The amount of arrears
_
Purpose.—Proceeds will be used for
"
1914"
J. O. Eaton, President,
immediately.
In view of Mr. Eaton's
duction of floating debt incurred in connection with
betterments, and for additional transmission and
1907
1910
1912
of the receivers to
operate with the creditors' committee in the work or
F. A. Scott, who was appointed joint receiver with J. O. Eaton,
tinue as receiver.
For creditors' reorganization plan, see V. 112, p.
x
Business of
33%
The
Cleveland.—Reorganization.—
effort to reorganize the company,
30, to take effect
1 15,000,000 *xl2,500,000
300,000
300,000
Secured by $5,500,000 Philadelphia Electric Co. 1st Mtge. 5s and $12,500 000 (auth. $15,000,000) Delaware County Elec. Co. 6s, not included
above, and by all the capital stock except directors' qualifying shares of
Growth of
an
his resignation as one
Secured 6% Gold Notes, due Feb, 1 1922
Delaware County Elec. Co. 1st Mtge. bonds
Year—
shares of Midwest stock or about
Refining Co. in V. 112, p. 369).
has $31,304,050 of capital stock issued.
The acquisition
of the remainder of Midwest stock on the reported basis of exchange would
mean the issuance of $21,051,400 stock by the Standard Oil Co. and would
bring the issued capital up to $109,089,713.
The company had $88,038,313
capital stock outstanding Dec. 31 1920.—V. 112, p. 1406.
,
Elec. Co.
authorized capital
It is reported that part or this
latter company
cumulative (par $25)
$15,000,000 $11,000,000
$25)., paying 7% divs.
50,000,000 30,000,000
i*und Gold B onds, du
due 1966-[5% 1 $60,000,000/$36,663,300
Delaware County
3 on increasing the
$140,000,000.
acquire the balance of the stock of the Midwest
Refining Co., by an exchange of stock on the basis of 2 shares (par $25) of
Standard Oil for one share (par $50) of Midwest Refining.
The Standard Oil of Indiana became a large stock owner in the Midwest
Refining Co. last year (V. Ill, p. 700) and according to the Federal Trade
ar
\4%J
.
increase is to be used to
Preferred stock, 8%
stock
1st Mtge. Sink.
$99,373,311.—V.
(Indiana).—To Increase Capital—May
Acquire Midwest Refining Co. Stock.—
installed in
Common
from $100 to $25.
Standard Oil Co.
stock from $100,000,000 to
Light Co.—
&
California.-—Dividend Increased.—
dividend of 4% ($1 per share) has been declared on the $25
value stock, payable June 15 to holders of record May 14.
This com¬
pares with 2}A% regular and 1 % extra, of 3H%, paid quarterly from Dec.
1919 to March 1920, incl., on the old stock of $100 par value.
The stockholders in March 1921 voted (a) to increase the authorized
A quarterly
The N. Y. Stock Exchange
T. Peters as a
May 2 to holders of record
of 1K%. In Feb. last, 3%
par
It
Pennsylvania Coal & Coke
(Cotton) Mills Corp. —Extra Dividend.—
An extra dividend of ]4 of 1% was paid
April 18 in addition to a quarterly dividend
was paid.—V. 110, p. 368.
'
from
$9,485,087-sto $14,227,630. par $100.
The stockholders on Apr. 19 1920
increased the authorized Common stock from $10,000,000 to $15,000,000.
Net earnings for the quarter ending March 31 1921 are reported at
$1,295,088, equal to $13 65 per share on 94,850 shares of Common.
is stated that some of the business billed during the quarter was part of the
$25,000,000 carry-over from 1920 orders.—V. 112, p. 1874, 1613.
J. W. Searles succeeds Harry
[Vol. 112.
CHRONICLE
THE
1984
of record April 25.
Commou
Studebaker
^
1919.
^
1918.
$349,736
$331,737
S35.113SBfiHS37.115
dividends—-!:
Surplus for year
—V. 112, p. 1032.
1920.
$56,575
$272,897
Federal taxes
Preferred dividends (8%)
Reserve for
-
36,810
83,811
154,020
20,974
33,810
53,642
($3)180,000 ($4) 195.000 ($1^)67.500
Corporation.—Earnings—Status—Outlook.
corporation has declared the regular quarterly divi¬
dends of $1 75 a share on Common and SI 75 on Preferred,
both payable June 1 to stock of record May 10.
President A. R. Erskine, as quoted, says in substance:
—The
MAT 7
THE
1921.]
Our total sales for the first quarter were $18,475,270, against
for the same period last year, with net profits of $2,110,577,
CHRONICLE
$23,301,242
against $4,sold this year, against 13,414 last year.
Our volume of business in the first quarter was predetermined in January
by the arbitrary fixing of manufacturing schedules at 50% of plant capacity.
Existing uncertainties cautioned us to move carefully, and we purposely
restrained operations.
Because of the reductions in the prices of our cars
made last September, in advance of reduced costs of materials and labor,
and the high cost effect of curtailed operations, we expected net profits to
472,092 last year.
11,620
cars were
suffer.
Happily, however, these adverse factors disappeared in March, and
operations are proceeding smoothly under most advantageous
Stocks of cars in hands of dealers and branches have dis¬
appeared, and unfilled orders exceed in number, the usual heavy spring
current
conditions.
demand.
•
We expect to produce and sell 21,000 cars in the second quarter, which
will be a record breaker.
Materials being consumed were purchased re¬
cently at the reduced price levels and profits
will
benefit accordingly.
affected by bad
In the second quarter last year, results were adversely
weather and the switchmen's strike and consequently, only
11,000 cars
were
stances, profitable operation was impossible, and inventory shirnkages
balance
liabilities.
stand at
sheet
in
inventories and
loans were further reduced $3,000,000 and now
In April bank
$4,000,000.
Balance Sheet of Studebaker
Cash...
Corporation and Subsidiary Companies.
Liabilities—
Jan. 1 '21.
Assets—Mar. 31 '21.
Mar. 31 '21. Jan. 1 *21.
Notes payable
$7,000,000 $8,500,000
2,137,093 Accounts payable- 2,784,388 2,312,340
2,024,468
3,188,832
5,628,774 Miscellaneous
2,335,990
826,910 Res. for Fed. taxes 1,554,777
Preferred stock.__ 9,800 000
9,800,000
28,076,792
471,692 Common stock—60,000,000 60,000,000
3,645,000
36,162,604 Special surplus... 3,645,000
10,711,125 9,822,047
2,266,832 Surplus
Total (each side)97,519,759 99,604,211
19,807,276
...$5,545,041 $4,226,233
Sight drafts
3,010,445
5,801,545
Accts. & notes rec.
Investments
852,011
Inventories
23,444,529
429,692
account.36,228,935
Cit. Homes Co... 2,400,282
Def.
substantial reductions
indicates
charges
Property
Goodwill, &c
19.807.276
—V. 112, p. 1524.
were
very great.
The object of the proposed consolidation is both to secure
additional working capital and to place the company in the strongest possible
position to take advantage of improving business conditions.
Van Camp Packing Co.—Products consist of pork and beans evaporated
milk, canned soups and vegetables and other prepared food products
Has
a highly developed and successful distributing organization in Van Camn
Products Co.. a selling agent subsidiary, 99% of whose common it stock
it owns.
The goods produced by the Louisville and Van Camp companies
are sold to the same trade and will complement each other.
New Bonds for Working Capital.—In connection with this consolidation
additional working capital will be provided in part by the sale of $3 000 006
first mortgage bonds, and in part by stock subscriptions.
Interests now
connected with the two companies are ready to provide approximated
$1,000,000 of new money, part of which will be paid for pref. stock of the
consolidated company, and the balance for common stock.
To Form New Company.—In order to carry out the consolidation it is
proposed to form the Van Camp Packing Co., Inc., a new corporation un¬
der the laws of Virginia, to which will be conveyed all the assets of the
Louisville Co. and of the present Van Camp Packing Co., including all the
common stock now held m the Van Camp Products Co.
produced and sold.
The
1985
Authorized.
Capitalization after Consolidation—
Issued
$6,000,000 $3,000,0*06
First Mortgage 20-year 8% bonds
Preferred stock, 7% (cum. after 6 mos.), par
Common stock (no par value)
$50... 4,750,000 4,750,000
100,000 shs. 50,000 shs
Van Camp Products Co.—The authorized and issued capital will be: 1st
Pref. 7% cum. non-voting stock, $1,264,600; 2d Pref. 8% cum. non-voting
stock, $400,000; Common stock (99% owned by Van Camp Packing Co
Inc.), $1,000,000.
i
New Preferred Stock Provisions.—Entitled, after the first six months, to
cum. pref. quarterly divs.
Callable at 110 and entitled to 110 in voluntary,
or
100 in involuntary liquidation, before any payment on common stock.
Beginning with 1923, 15% of net earnings after pref. divs. is to be set aside
as a sinking fund, to be applied as available at an average rate of $95,000
p. a. to the reduction by purchase or call of the outstanding pref. stock.
Additional pref. stock, creation of any new class of stock or mortgage
,
without the consent of two-thirds of the pref. stock, is forbidden.
'
(1)
Sunshine
Oil & Refining Co.—Guaranty.
Corporation in V. 112, p. 1872.
State
See La Salle Tank Car
Suncook Mills,
A dividend
Boston.—Dividend Decreased.—
holders of
dividend of 2% paid in Feb. last.
1M% has been declared, payable May 16 to
of
record
May 2.
This compares with a
—V. Ill, p. 700.
Sweets Company
of America, Inc.—Sales, cfee.—
Jan. 1921.
Feb. 1921. Jar. 1921.
Total.
$108,000
$118,000
$161,000
$387,000
It is stated that the company will shortly open a factory in Chicago to
take care of the demands for the company's products in the West, and that
they contemplate opening a factory in the South, either in Memphis or
Atlanta, in order to supply the demand in that section of the country.—
V.Ill,p. 2529.
Month of—
Sales
(approximately)_.
Tidewater Oil
Co.—Acquires Control of Guffey Gillespie.—
has been formally taken over by
W. W. Goldsborough, of W. W. Goldsborough &
Control of the Guffey Gillespie Oil Co.
the Tidewater Oil Co.
Co., Pittsburgh, has stated that Tidewater has acquired in excess of 250,000
Common shares of Guffey Gillespie Oil and that within two weeks the com¬
pany
probably will be operating
name
and
with new officers
as a Standard Oil subsidiary, under a new
and directors.
Tidewater obtained control
share.
The local offices at Pittsburgh are to be discontinued and
headquarters will be in N. Y. City.
The Guffey-Gillespie Oil Co., according to reports, is to be operated by
the Tidewater Co. as a separate organization and will not be merged with
the latter.
The stock acquired by the Tidewater company consisted of a
number of blocks of stock held by about 8 Pittsburgh banks and about an
at $15 a
equal number of New York banks.
This stock, it is understood, formerly
belonged to several of the more important interests which heretofore con¬
trolled the Guffey Gillespie organization.—V. 112, p. 1875.
Tobacco Products
First Pref. Stock.—For each $100 1st pref. share of Louisville Co. in
the investing public, the new corporation will issue $103.50
par value of its own pref. stock, of which $3.50 is the equivalent of the first
six months' div. on the new stock, paid in advance in stock.
At the time
of the exchange, the new corporation -will also redeem in cash the div. scrip
of $1.75 per share issued Jan. 11921, and pay in cash a further sum equival¬
ent to the div. of $1.75 per share normally payable April 1 1921.
(2) Pref. Stock.—For each $100 Pref. share of Louisville Co. in the hands
of the investing public, the new corporation will issue $100 par value of its
own pref. stock, and will also at the time of the exchange redeem in cash the
div. scrip of $2 per share issued Jan. 1 1921.
The remaining 1st Pref. stock of Louisville Co., in excess of $150,000,
and the remaining Pref. stock, amounting to $500,000, is held by banking
interests friendly to the company, who will exchange their holdings for prer.
stock of the new corporation, par for par, without receiving any payment in
cash or stock for divs. or div. scrip, and will also subscribe new Pref. stock.
(3) Common Stock.—The common stock of the new corporation will be
held by the principal owners of the common stock of the present Louisville
and Van Camp companies, being issued in part for properties, business and
good will turned over to the new corporation and in part for new money.
the hands of
Consolidated Balance
485,478
640,930
Co. of California.—Tenders.—
The Equitable Trust Co., trustee, 39 Wall St., N. Y. City, will until
May 16 receive bids for the sale to it of First Lien 5% 20-Year Sinking Fund
bonds of 1911 to an amount sufficient to exhaust $864,872.—Y. 112, p.1862.
587 in 1920.—V. 112, p. 1525.
Notes
$3,000,000
2,016,608
589,001
54,243
402,938
payable
Accounts payable & payrolls.
2,135,097
Trade acceptances
Inventory
Miscellaneous
Prepaid exp. & special depos.
4,579,674
32,970
144,182
Investments & miscellaneous.
4,800
Trade marks, good will, &c__
1,000,000
U. S. Lib. bonds (at
market).
Reserves for tax
Preferred
adjust'ts, <fec.
346,559
4,750,000
stock
Pref. stks. Van
Camp
Prod.
Co. in hands of public.....
1,664,600
50 shs. com. stock Van Camp
Prod. Co. owned by incor¬
& directors
value)
porators
asset
(net
5,376
Balance for com. stock of Van
Total (each
Camp Packing Co., Inc...
$15,703,438
side)
2,934,112
[The Pref. stockholders are requested to send their stock certificates to
Fidelity & Columbia Trust Co., Louisville, Ky. (before May 3), also the
div. scrip for Jan. div., in order that it may be redeemed at time of exchange.
They may also forward their stock certificates, scrip and consents to
E. H. Rollins & Sons, Boston, N. Y., Chicago, Denver, or San Francisco,
or to Henning, Chambers & Co., or Wakefield & Co. in Louisville.]
Van Camp Products
See Van
United Cigar Stores Co. of Am.—Dividend Increased.—
A dividend of 2% has been declared on the Common stock, payable June 2
to holders of record May 19.
This compares with dividends of 1% each in
March and April and of 1)4 % each in Jan. and Feb.
Sales for April are reported as $6,638,308, compared with $6,199,909 in
April 1920.
Sales for the 4 months totaled $24,802,527, against $23,051,-
First mortgage bonds
Accounts and notes receivable
Series "E" dividend certificates issued on May
Union Oil
$6,740,307
Cash
and
1875, 1748.
(after This Financing).
Liabilities—
Real est., plants & equip't—
Tank cars
Corp.—Div. Ctfs. to Be Paid.—
15 1919 will become due
payable on May 15 1921, with the last installment of interest thereon,
upon presentation and surrender of such certificates to the Guaranty Trust
Co. of N. Y., 140 Broadway, N. Y. City, on or after May 16.—V. 112, p.
1920
Sheet Dec. 31
Co.—Capitalization, &c.—
Camp Packing Co., Inc., above.—V. 94, p. 636.
CURRENT
NOTICES
—McKinley & Morris, members New York Stock Exchange, 60 Broad¬
way,
solely in the belief that its contentions set forth a possible solution of
society's most vital economic problem and that it should be studied by
United Drug Co .—Stricken from
The New York Stock Exchange has
List.—
every
stricken the Second Pref. stock from
the list.—V. 112, p. 1626.
Foundry Co., Pittsburgh.—
Engineering &
Capital Increase.—
April 26 to increase the capital stock from $7,500,$17,500,000 by increasing the Common stock from $5,000,000 to
$15,000,000.
The company
had under contemplation the declaring of a
dividend, but due to business conditions this has
to
President
Corporation.
Hutzler have issued
a
booklet describing recent
Common stock
been deferred for action
under the Philadelphia
plan which provides for the lease of the equipment to
the railroad, title to
being held by the trustee until the last of the serial maturities
certificates has been paid.
Copies of the booklet will be sent upon
the property
of
request.
112, p. 1749.
.
—Eugene Ballard, member New York Stock Exchange,
Trade Commission1 s
Legislative Program to
United States Steel Corp.—Federal
Letter
speech of Judge Elbert H. Gary, Chairman, to the stockholders of
—Salomon Brothers &
issues of railway equipment trust certificates put out
The stockholders voted
in the future.—V.
thoughtful American, have issued for distribution in booklet form the
the United States Steel
United
000 to
recent
Harding—Offers
with Robert C.
Buell announce the formation of a partnership under the name of Ballard
&
Co.
for the purpose of conducting a
commission business in securities
Broaden Federal Powers.—
suitable for institutions and individuals and offering to clients investment
Vigorous prosecutions under the Anti-Trust laws, re-examination of the
reviewable decrees of the Supreme Court in anti-trust cases, which would
include the United States Steel Corp. decision, closer scrutiny of open-
counsel based on dependable statistics.
price associations and resumption of the compulsory submission of produc¬
tion costs data, would speed the era of price readjustment and make more
producers are passed along to consumers, accord¬
ing to the Federal Trade Commission in a report to President Harding.
See full text of letter in N. Y. "Times"
certain that reductions by
^pril 18.—V. 112, p. 1862, 1875.
United States Gypsum Co.—Annual Report —
1920.
Calendar Years—
Net
1919.
$2,126,778
$1,288,110
421,567
earnings
212,000
417,321
355,115
397", 567
$932,774
$2,624,715
$639,494
$1,498,871
$1,288,673
509.807
Depreciation.
Plant 1 osses
Federal taxes
Interest, &c
Preferred dividends (7%)
Common dividends
Balance, surplus
Profit & loss surplus
112, p. 1032.
406,280
69,818
98,012
81,604
373,026
78,276
70,881
372,844
$286,296
$871,027
$360,392
$900,091
Sinking
Packing Co., Inc.—Consolidation of Louisville
of Exchange.
Food Products Co.—Advantages of Merger—Terms
of Treas. J. T. Caldwell, Louisville, Ky., April 18.
Louisville Food Products Co.—The business, consisting principally of
refining and sale of cottonseed, soya bean, peanut and other vegetable oils,
and manufacture and sale of shortening or vegetable lard and washing and
laundry soaps. increased steadily until the fall of 1919, when the price of
vegetable oils declined, cottonseed oil dropping from 25 cents to 5 cents a
pound and other oils and oil products in proportion.
Under such circum¬
Data from Letter
Wood & Co. at the same
Fox, carry
on
Josej^a E.
the invest¬
of Charles Fearon & Co., trading as Morley,
addrels.
—Joseph F. McGovern of the firm of J. F. McGovern & Co. is making
a
trip to northern Ontario, accompanied by W. A. Rolin and W. E. Hurd,
mining engineer, to inspect the property of Lebel Oro.
on
—The Union National
of George.
—The
The stock will be
the New York Curb shortly.
Corporation, of which Thomas Fairservis, formerly
B Gibbons & Co., is President, has opened offices at 67 Wall St
general commercial and banking business.
Columbia Trust Co. has been designated Trustee under
Mortgage securing an issue of
Eastern Building
from List.—
has stricken from the list the 5%
Fund First Mortgage bonds due 1931.—V. 88, p. 887.
The New York Stock Exchange
Van Camp
ment stock and bond business
for the conduct of a
—V.
Utah Fuel Co.—Stricken
—Charles Fearon & Co. of Philadelphia, Pa., announce that
from their firm and will, with Holstein De Haven
listed
39,049
The offices of the firm are in the
Hartford, Conn.
Bank Building,
Morley, Alexander C. Wood Jr. and James Warnock Jr. have withdrawn
1917.
1918.
$1,418,563
Phoenix
a
First
$1,650,000 7J^% Serial gold bonds of the
Corporation.
—John A. Beaver, formerly with
Knauth, Nachod & Kuhne, has become
connected with Roosevelt & Son, 30 Pine 8treet, where he will be in charge
of the distributing force.
—The discount house of Salomon Brothers & Hutzler announce that
on
telephone number will be Bowling Green 3050
to
and
after May 4 their
3074, inclusive.
—L. N. Rosenbaum & Co., Inc.,
their removal from
—The
dealers in stocks and bonds,
announce
135 Broadway to 82 Wall St., this city.
Equitable Trust Co. of N. Y. has been appointed Transfer Agent
of the Preferred stock of the Hanna Paper Corporation.
THE
1986
[VOL. 112.
CHRONICLE
|Ityoxis nnft Dujcumjeiits.
MISSOURI
FOURTH ANNUAL
CORPORATE
DEO.
31
INCOME
PACIFIC RAILROAD COMPANY
REPORT—FOR TWELVE MONTHS ENDED DECEMBER 31 1920.
STATEMENT FOR THE YEAR
WITH THE PREVIOUS
COMPARED
1920.
ENDED
'"y.-A; FUNDED DEBT."
YEAR.
Funded Debt
outstanding in the hands of the public in¬
Increase (4-) or
^LS^<&8>194.270
Decrease
1919.
1920.
creased
(—).
94,909,598 69
".i Net
81
+$98,194,270 81
+94.009.598 69
Equipment Trust Agreement entered into with
the Director-General of
Railway
Revenue
+$3,284,672 12
$3,284,672 12
Operations
$18,250,260 00 by the issuance of $10,231,500 00
Notes under
cost
mum
allocated
ment
Railroads, being the agreed mini¬
(actual cost subject to final accounting) of equip¬
the
to
Company by the Director-General;
the Trans¬
loans from the Government under Section 210 of
Railway Taxes and Uncol¬
lectible
Railway
Rev:
Non-Opsrating Income
Compensation
accrued
under Federal Control
(on basis of Standard
14,206,814 15
1,872,101 47
Re
Return)
under
—$301,036 41
Income.Df.$536,036 41 Df.$235,000 00
1,935,131 55
1,549,050 24
Total Operating
Government
+$3,585,708 53
$235,000 00
$3,820,708 53
enus
+$386,081 31
November 1
under
the
Pacific
—12,334,712 68
Transportation
+15,638,828 92
15,638,828 92
+$3,389,161 14
.$18,910,025 53 $15,520,864 39
DcS'0n!!"'mG.r.°.S!Ia:
11.280,024 94
Balance—Net Income transferred to Profit and Loss $3,033,075
17
+4,096,925 42
$4,240,839 45
15,876,950 36
First
Consolidated
Mortgage
the Missouri
of
Railway Company and providing for Additions and
Equip-1
aggregate sum of $8,871,760 00.
an
(St. L. I. M. & S. Ry.) General Consolidated Railway and
Grant
$106,000 00
-$1,207,764 28
Mortgage Bonds to the principal amount of
purchased and retired with the proceeds
were
of sale of Land Grant lands.
Bonds, Series D, to the
First and Refunding Mortgage
amount of
FEDERAL CONTROL.
of paying at maturity,
obligations amounting to $747,000 00 were retired and
Land
Gross Income
purpose
1920, bonds in the hands of the public issued
Betterments, in
ment
Guaranty
Act of 1920—
portation Act of 1920, for
$8,933,000 00,
were
nominally issued during the
for the following purposes:
year
r
Director-General of Railroads,
covering operation by the Government of the property of
your Company, was terminated by the Transportation Act
of 1920 (Section 200), at 12:01 a. m., March 1 1920, and the
corporate officers resumed operations on that date.
The final certification by the Inter-State Commerce Com¬
mission provided for annual compensation of $13,978,029 12,
or $30,285,729 76 for the entire period of Federal Control.
$3,000,000 for general corporate purposes under Article 3, Section 1 of the
Mortgage.
1,493,000 for Equipment Trust obligations previously retired.
4,440,000 to reimburse the Company for Additions and Betterments.
Director
General incident to Federal Control remain to be settled.
The Income Account includes only the amount of the an
nual compensation as finally certified.
Other claims have
been presented and when settlement is completed the ac¬
counts for the Federal Control period will be adjusted.
the
agreement with the
The
The accounts
between the Company and the
GUARANTY PERIOD.
one-half of the
compensation, for the six months, March 1 to August
1920.
31
were
amount of Series A bonds
and Agreement of
$9,483,000 00
The actual amount
has been advanced by
Consolidated
pany
the Government.
definitely stated until the allowances for maintenance and
been determined by the Inter-
additional compensation have
State Commerce
Commission.
OPERATIONS (COMPARISONS
The total Railway
WITH PREVIOUS YEAR).
rates
an
July 29 1920, effective August 26 1920, and inclusion by the
Director-General in the accounts for January 1920 of $1,600,000 00 representing mail pay earned in prior months of
Federal Control.
The Total
were
following
due
EQUIPMENT.
into the accounts
3,000 40-ton Steel Gondola Car3,
250 50-ton Steel Underframe Box Cars,
25 Mikado Type Locomotives,
7 Mountain Type Locomotives,
of the
equipment allocated by the
Director-General,
Switching Locomotives,
5 Six-wheel
and
and
25 Steel Baggage Cars,
purchased directly from manufacturers.
Orders have been placed for 10 Steel Passenger Coaches,
25 Mikado Type, 15 Switching Type, 5 Pacific Type, and
5 Mountain Type Locomotives which had not* been delivered
charges to Road and Equipment are sum¬
The details of
marized
as
follows:
Road
$4,071,514 69
_
$11,367,650 35
270,349 43
Equipment
Less Equipment Retired
11,097,300 92
,
L
General Expenditures
58,606 09
Appraised June 1 1917
Cr. 391,039 33
Consisting principally of the adjustment to final appraised
value of certain securities which had been carried in the
accounts temporarily at nominal values.
Assets and Liabilities not
»
$14,836,382 37
Total Charges to Road and Equipment
SHEET DECEMBER 31 1920, COMPARED
GENERAL BALANCE
WITH DECEMBER 31
...
1919.
ASSETS.
I
Increase (+) or
Dec. 31 1920.
$
in
Road and
Equipment
367,672,892 18
Improvements
on
Leased
Railway Property
924 95
Sinking Funds
16,456 32
Deposits in Lieu of Mort¬
gaged Property Sold
92,892 92
Miscellaneous Physical Prop¬
Investments—
Dec. 31 1919.
Decrease (—).
$
$
Investment
Railway Operations
was
$5,401,488 56,
a^decrease of $4,817,968 53, or 47.15%.
The total number of tons of revenue
creased ^6,760,795 tons, or
freight handled in¬
24.86%, while the
revenue
miles increased 25.17%.
The average revenue per ton
ton
,
mile
was
$0.01076,
as com¬
pared with $0.01036, an increase of 3.86%.
The number of revenue passengers shows an increase of
1.20%, while the number of passenger miles decreased 2.08%,
a reduction in the average haul per passenger of 1.63
with
miles.
Thejaverage revenue per passenger mile was $0.0294, as
compared with $0.0271, an increase of 8.49%.
AND
equipment has been received and taken
during the year:
July 20 1920 and made retroactive to
May 1 1920.
Net Revenue from
carried by the
new
in wages ordered by the United States Rail¬
on
are now
$113,319,939 87, an
increase of $29,962,315 55, or 35.94%, and is largely
road Labor Board
of the Missouri Pacific
Series D bonds, they
ROAD
The
|
Operating Expenses
to the increase
First Mortgage
at the close of the year.
by the Inter-State Commerce Commission,
ordered
modified July 25 1916.
Company as an investment, and with other bonds, aggre¬
gating $11,829,000 00, are pledged with the United States
Government as collateral security for loans amounting to
$8,871,760 00, above mentioned.
Operating Revenues for the year were
increase of $25,144,347 02, or 26.87%.
This increase is due in part to higher freight and passenger
$118,721,428 43,
as
acquired these $6,397,500 00 principal amount of First
and Refunding
under the provisions of this section cannot
due the Company
previously issued under the Plan
Reorganization
Railway Company, amounting to $5,816,000 00, the Com¬
this guaranty $15,638,828 92 had been
Under
and Refunding
By the payment at maturity of the bonds outstanding under
accrued to Dec. 31 1920, and of this amount
be
also issued $6,397,500 00 First
accepted the terms of Section 209 of the
The Company
Transportation Act of 1920, guaranteeing
annual
There
Mortgage, Series D, bonds for the purpose of retiring a like
erty
Investment
3,582 90
—2,657 95
785 63
+15,670 69
106,514 18
—13,621 26
2,319,733 53
2.363,138 58
—43,405 05
6,984,125 65
6,994,525 65
—10,400 00
4,932,725 83
1
in
352,836.509 81+14,836,382 37
4,631,096 05
+301,629 78
Affiliated
Companies—Pledged
Investments
in
Affiliated
Companies—Unpledged—
Investments in Securities
Is-
_-
sued or Assumed or other¬
wise carried as a Liability
by
the
Accounting Com-
,
5,816,000 00
pany—Pledged
Otner
Investments—Pledged 15,375,448 31
Other
Investments
Total
—
-
L
Un¬
8.195,373 48
pledged
_
+5,816,000 00
16,876,756 76 —1,501,308 45
4,295,395 83 +3,899.977 65
411,406,673 17 388,108,305 39 +23,298.267 78
MAY 7
1921.]
THE
Dec. 31
Current Assets
Cash
1920.
$
Dec. 31 1919.
$
14,527,655 33
_
Special Deposits
Loans and Bills Receivable.
Increase ( + ) or
Decrease (—).
85,518 84
+47,286 13
82,369 37
1987
IIxjc Cmmumial
$
576,260 76 +3,951,394 57
5,367,736 96 —1,266,764 64
4,100,972 32
132,804 97
___
CHRONICLE
+1,749,468 68
COMMERCIAL EH
Traffic and Car Service Bal¬
1,831,838 05
Receivable
ances
New
Net Balance Receivable from
3,211,672 71
+3,211,672 71
7,293,992 70
14,543,215 00
Agents and Conductors..
Miscellaneous Accounts
ceivable..
Material and Supplies
Interest and Dividends
825,289 00 +6,468,703 70
-+14,543,215 00
Re¬
110,217 41
158,031 99
33,750 00
Assets—355,356 53
ceivable
—
Total.
+47,814 58
+33,750 00
+355,356 53
— -
7,047,392 34+29,141,897 26
36,189,289 60
-
Deferred Assets—
Working Fund Advances...
U. S. Govt. Cash, Decem¬
ber 31 1917
U. S. Govt. Agents
257,962 63
20,432 52
U.
S.
3,173,687 21
—6,000 00
over
2,251,730 33
2,202,028 61
1917
Material
Govt.
and
—49.701 72
276,176 40
—
of the
some
330,280 16
+28,975 02
+9,943 29
5,517,750 43
5,545,956 28
+28,205 85
Con¬
Fed¬
dull and
24,126 22
—
8,491 75
___
+24,126 22
+8,491 75
:
— —
+2,355,145 35
2,355,145 35
Equipment
1 00
1 00
—22,525,069 35
19,865,663 36
Other Deferred Assets
wintry temperatures
And unemployment
idle in
are
export trade.
139,076 23
8,723 50
;
+130,352 73
Administra-
*
18,316,628 29 —6,703,898 53
11,612,729 76
tion
U.S. Govt. Guaranty under
also affected.
are
—
+6,155,828 92
349,321 25
70,685 69
+278,635 56
18,256,956 16
—
18,396,037 48
-139,081 32
488,377,888 28 433,417,398 57+54,960,489 71
Pig iron production is the smallest for
is
which
should
or
cations not only
——
+3,501,500 00
3,600,000 00
3,501,500 00
1
9,031,500 00
Assumed
—Pledged.
+5,431,500 00
be
+8,933,000 00
of costs
problem
Increase (+) or
Dec: 31 1920.
Dec. 31 1919.
$
$
Stock—
Decrease (—).
.;++
-
+;.•
$
.
same
is the knotty one;
with these
time,
82,839,500 00
71,800,100 00
_
Preferred
82,839,500 00
71,800,100 00
sphinx-like,
Yet
fliiTYPYtf
.154,639,600 00 154,639,600 00
'■'
■
•
■
••.''.7s*.—-+-+
1
*
•.
9,355,800 00 —5,384,575 00
3,971,225 00
Payable
Payable
Audited Accounts and Wages
+1,877,922 38
•*<
183,531 95+13,076,392 70
13,259,924 65
Payable....
Pay¬
982,663 55
92,075 61
+890,587 94
1,073,967 67
2,891,614 58
1,277,568 7*1
2,847,565 87
—203,601 04
254,553 20
819,790 53
35,541 67
500 00
able
Interest Matured Unpaid.._
Unmatured Interest Accrued
Unmatured Rents Accrued._
Other Current Liabilities
Total.
—
failure to da
a
all is possibly
not so difficult.
It looks
though business;
is needed.
as
sity and simply cut costs, if the wheels of industry
be set going
and
the
cost
again in earnest.
25,173,900 39
-
+44,048 71
+219,011 53
+819,290 53
J 13,834,822 64 + 11,339,077 75
are
to-
Meantime labor in the mill
factory does not want its wages reduced, although
of living
of his
has fallen, and the farmer has had the
labor
very
greatly reduced.
For instance,,
April 1st the index price figure on farm products was
58.3% lower than a year ago, 48.6%'lower than two years
on
and 27.6% lower than the average on April 1st for the
Labor has not had to submit to anything as
In March farm products declined 5.6%.
this.
as
verse
the
to
The average rise in March
past is 3.4%, so that there was a change ad¬
farmer in March this year of 9%.
Lumber,
too, and metals have not risen as they are apt to do at this
time of the year.
It means that one class of workers is less
able to buy the product of another class
tween
because costs have
The gap be¬
evenly reduced or anything like it.
been
not
42,238 83
1,920,161 21
_____
Miscellaneous Accounts
after
solution
for 10 years
Traffic and Car Service Bal¬
ances
prices, and finally
But these problems must be solved
Usually March sees an advance.
243,752,880 00 225,502,620 00 + 18,250,260 00
Liabilities..398,392,480 00 380,142,220 00 +18,250,260 00
7
con¬
long time past, reduced buying
a
the fate of the fable awaits
or
the
last 10 years.
Long-Term Debt—
Loans and Bills
At the
the business world
of the people, the people's strike against high prices,,
ruthless
Total Capital
consists of
cost of taxation.
the retailers' refusal to meet replacement
so.
'.V'
it
of materials, the cost of freight¬
handicaps
fronts now, as it has for
ago,
Capital Stock:
Funded Debt Unmatured
throughout all the ramifi¬
the cost of money and the
rewards
+
LIABILITIES.
Total.
aim
the
v■■■.
The
the
3,600,000 00
12.533.000 00
Total
Common_
hopeful har¬
a
throughout the world will have to make a virtue of neces¬
—Unpledged
or
doubt, of reduc¬
no
of American trade but of trade the world
Besolution is what
not included in Balance Sheet Accounts:
Note.—The following Securities
Securities Issued or Assumed
Securities Issued
The Gulf and Pa¬
Iron and steel have remained
A cut of 20% in wages by the United States Steel
cancellation of orders.
—
were
ports
our
binger of lower costs and larger output and consumption,,
power
6,155,828 92
__
Other Unadjusted
Total
at
It has already held up
by other companies, and is therefore
age,
Paid in Advance._.J
Transportation Act
Debits
strike
great Atlantic liners here.
the cost of labor, the cost
Railroad
workers'
over.
Unadjusted Debits—
S.
Chicago than there
Corporation, however, is the precursor,
+2,659,405 99
Rents and Insurance Premi¬
ums
busi¬
of
marine
depressed.
13 years.
tions
U. S.IGovt. Depreciation on
U.
building
disturbed
v
Collected
Total—
The
ago.
effects
of' seamen,
have
—86,500 58
U. S. Govt. Federal Mileage
Scrip
men
+109.193 70
247,201 38
340,223 45
Jan. 1 1918
—
XJ. S. Govt. Assets, Dec. 31
eral, Feb. 29 1920
month
cific coasts
U. S. Govt. Fixed Improve¬
ments
Retired..—
U. S. Govt. Revenue prior to
1917,
More
strikes
the country.
large portion of
a
disentangle the indemnity
paper-makers
the
Amer¬
one way or another on
States,
and
They increased
increases.
a
United
the
printers
threatens to curtain
,
Supplies, Dec. 31 1917-..
7,654,020 40
7,544,829 70
Equipment Re¬
tired..693,250 05 +
779,750 63
U. S. Govt.
U. S. Govt. Agents' and
ductors'
Balances,
In
snarl.
workers,
+237,530 11
3,167,687 21
.
The British coal strike has contin¬
So has the failure to
ican trade.
ness. +
and Con¬
ductors' Balances, Decem¬
ber 31
during the past week.
ued, and it has-also reacted in
Rents Receivable
Other Current
York, Friday Night, May 6 1921.
Cold weather and widespread strikes have hurt business*
Re¬
prices of raw products of the farms and those of the
products of the mill and factory is wide indeed ;• it shows
a
regrettable dislocation
of manufacturers are
The
retailer has been
And wholesale prices
of trade.
not
met by retailers.
playing
a
role something like dog
But he confronts a reduced buying power
and will learn his lesson.
The farmer finds that high re¬
in the
manger.
labor compel him to pay prices beyond
what he himself has for sale has de¬
year in some cases, as with cotton farmer,
tail prices and high
Deferred Liabilities—
U.
S.
Govt.
Additions
Betterments..
U. S. Govt.
Jan. 1
U.
S.
his
and
5,563,470 23
5,007,502 32
+555,967 91
2,448,501 34
;
2,309,040 62
+139,460 72
Expense prior to
1918
Govt.
—
—
Liabilities,
1917, Paid.
10,901,439 27
U.
S.
Govt.
Corporate
Transactions
6,334,879 66
Dec. 31
Total
+1,242 37
10,900,196 90
+76,606 58
6,258,273 08
207,850 30
+11,161,414 86
55,921 97
+151,928 33
36,617,555 66
—
,serves
Accrued
24,530,934 89+ 12,086,620 77
+1,481,400 38
7,967 71
9,706 46
—1,738 75
3,985,503 20
550.340 40
+3,435,162 80
....
Appropriation
408,594 13
1,889,994 51
Depreciation —
Equipment..
Unexpended
Maintenance
„
|
1,629,543 56
+3,806,154 00
257,307 40 +1,372,236 16
11,319,162 98
1,225,948 39 + 10,093,214 59
3,806,154 00
.
Other Unadjusted Credits..
Total
•
—
J'
Corporate Surplus—
Additions to Property through
Income and Surplus...—
Profit and Loss
Total
*
•
—
a
instance, fully 70%.
of the
pre-war
mill
16,686,063 08
158,581 36
13,524,891 29
+30,144 81
+3,161,171 79
16,874,789 25
13,683,472 65
+3.191,316 60
488,377,888 28 433,417,398 57+54,960,489
Note.'—The following Capital Liabilities not
Debt?—Unpledged..
Funded Debt—Pledged
Total.
3,501,500 00
9.031,500 00
12,533,000 00
71
included in Balance Sheet
+3,501,500 00
3,600,000 00 +5,431,500 00
3.600,000 00
+8,933,000 00
wages
l% higher than the
double
of
those
1914, coal
prices double
those of
equilibrium is restored, it is useless to expect a return to
the old-time activity.
In some lines wages have been cut;
the trouble is they have not been cut enough.
They are
still abnormally high.
Thousands of n^en are actually strik¬
ing against reductions in wages.
They do less harm for the
moment than they would in other circumstances, for trade
is
But they do delay the return to normal
increase the buying power of the
cuts would mean little if any decrease
Steel workers are agreeing to a cut.
It
generally quiet.
conditions
which
would
dollar so that wage
value.
wage
will
mean
in the end more work and thus more pay than at
present high wages on short time.
Price movements in general this week have been lower,
though
grain
Some
vanced.
increased
is sharply
higher and cotton has also ad¬
bright spots have been lower money rates,
railroad
earnings,
change, and an active
higher
rates for
foreign
ex¬
and higher stock market. The great
a little more active.
Retail trade is
textile
industries are
poorer
than a year ago.
in
Capital Liabilities shown above include the securities issued under the
Reorganization Plan for bonds of various issues dealt with by the Plan, in¬
cluding $1,742,500 00 principal amount, not acquired on December 31 1920,
which are accordingly not shown as Liabilities.
The
charges 5
rate, railroad wages double the pre-war rate, mill
Accounts'
Funded
The farmer cannot buy the prod¬
freight!
with
1914, owing to high wages, and so on all down the line.
Kailroads, mines, mills and factories have to add high labor
costs to the charge for their services and goods.
Until the
in
•
188,726 17
clined w.thin
for
„
11,161,414 86
Unadjusted Credits—
Tax Liability
Insurance and Casualty Re-
although
uct
U. S. Govt. Federal Material
and Supplies, Feb. 29 1920
Other Deferred Liabilities..
reach,
Mail order trade is smaller than
March.
At Fall River, the
Sanford Spinning Co. plant, owned and
operated by the Passaic
Cotton Mills Corporation, of Pas-
saic, N. J., Is to be started up next Monday, after having
been closed down since last September.
At Nashua, N. H.,
operate
35-hour
schedule, which was put into effect last January.
The
company
employs 5,000 persons. I The Bigelow-Hartford
Carpet Co. cut wages 10% on May 3.
The United States
Steel Corporation has cut wages of day labor 20%.
Judge
Gary, in announcing the reduction effective May 16, de¬
clared that salaries are to be equitably adjusted.
Some
150,000 employees are affected by the cut; the newr daily
average will be $4.
A shorter working day will soon be in
force.
A reduction of 12% in wages of job pressmen in
New York has been accepted by the workers.
Clothing fac¬
tories in Rochester, N. Y., are planning to return to a piece¬
work basis.
No reduction in wages will occur on June 1,
according to the official announcement of the Cotton Manu¬
facturers' Association at Fall River.
Charlotte, N. C., ad¬
vices also said that cotton manufacturers in the South do
not regard seriously the strike threat of the textile union
leaders.
At Bridgeport, Conn., on May 1 the decision of
an arbitration board was that $1.00 an hour should be the
wage for bricklayers, masons, marble setters and tile layers.
At Worcester, Mass., the Building Employers' Association
has offered to reduce the proposed cut of 20% in wages to
15%, and the offer is now under consideration by the men
who are now out on strike.
The American Railway Express
Co. it is said, will cut wages 30% July 1.
Wages will be
cut $4.35 a week for each of the four major printing crafts
Co. will at once
the Nashua Cotton Manufacturing
on
basis of 48 hours
a
a
instead of on the
week,
in Chicago.
workers' strike, American steamship
despatching four ocean¬
going vessels.
The Shipping Board is planning a vigorous
fight.
Four American liners scheduled to sail on Wednes¬
day, May 4, from this country for foreign parts, were held
up by the marine strike.
Reports coming in from all parts
of the country indicate the possibility of an almost com¬
plete tie-up of American shipping before the end of the
week.
A Washington dispatch said the "Shipping Board
looks for marine workers' strike to break at any time."
At
Chicago about 1,000 livestock handlers employed by the
Union Stockyards Transit Co., who went on strike last week
because of a cut in wages of 9 cents an hour, have decided
to return to work at midnight and accept the wage reduc¬
tion subject to arbitration before Federal Judge Samuel
Alschuler, arbiter of stockyards labor disputes.
The strike
had not been sanctioned by national union officials.
Slightly more than 2,000,000 men were unemployed in 19
States of the Union on May 2, according to estimates given
by the Government, labor, State and industrial officials.
In building trades, workers at Albany, Troy, Schenectady
and the vicinity voted to refuse a cut of 25%.
Approxi¬
mately 1,200 men in Albany and Troy employed by the
Union Traction Co. have been on a strike since late in Jan¬
uary.
Paper mill manufacturers, employing about 25,000
Despite the marine
3 succeeded in
lines here on May
United States and Canada, face a
in the
strike on account
reduction and a change of working con¬
ditions.
At Scranton, Pa., three crafts connected with the
building industry remained away from work on account of
the general reduction in wages.
At Chicago, 111., a lockout
by the employing association in the building trades stopped
construction work amounting to $35,000,000.
Over 10,000
workers are affected.
Between 1,200 and 1,500 members
of the Livestock Handlers' Union went on a strike on ac¬
of proposed wage
count of a
proposed cut in wages.
of Labor announced yesterday that,
The British Ministry
striking miners,
excluding the
tered
regis¬
1,865,000.
working half-
the number of men
being without employment was
Friday as
1,074,682 men and women
There are besides
1,000,000.
plants of the W. H.
Manchester, N. H., is announced.
Five
The number of idle coal miners is fully
time.
Settlement of the strike at the shoe
McElwain
Co.
at
thousand employees are
Federal
The
Reserve
affected.
Bank of
Minneapolis reports that
farm labor is much more plentiful than
Farm¬
last year.
of ready money that they are
clubbing together for mutual assistance to avoid paying
cash wages to hired help.
The Federal Reserve Bank of
ers,
howrever, are so short
Cleveland states that the number of workingmen
in its district has been reduced
the
of
amount
wage
payrolls 54%,
employed
43.7% during the last year,
and the average individual
18.1%.
Thomson
ington,
Kelly Co., of Boston, New York and Wash¬
the
purchasers of 200,000,000 lbs. of cotton
Most of the linters are
linters from the War Department.
stored at Charleston,
S. C.
exported.
A large proportion of the lin¬
The prices are based upon
a
sliding
scale.
The weather at
New York of late has been wintry,
rains and high winds.
4th
instant
making the West 8th
station of the subway unap¬
Street
proachable except in rubber boots.
LARD
quiet; prime Western $10 50@$10 60; refined to
Continent, 12c.; South American, 12.34c.; Brazil in
kegs, 13.25c.
Futures declined on a strike at Chicago of
livestock handlers and scattered liquidation.
Also there
was a big increase in
lard stocks in April.
The monthly
statement of Chicago stocks showed a total on April 30 of
70,432,112 lbs,, against 54,557,973 lbs. on April 1 and
68,358,082 lb. a year ago.
Hogs, moreover, were lower and
big deliveries of lard were expected at Chicago.
On the
other hand, packers gave support and this and a rise in
grain had a certain effect.
To-day prices were up and they
are slightly higher than last Friday.
the
DAILY
CLOSING
PRICES
Sat.
May delivery
July delivery
PORK
,.cts.
9.35
9.77
OF LARD FUTURES
Mon.
Tues.
Wed.
9.37
9.77
9.30
9.70
9.35
9.75
CHICAGO.
Fri.
IN
Thurs.
9.55
9.90
9.70
10.07
$25@$26; family $30@$33; short
$16 70, an advance for the
$16 @$18; packet $19 @$21;
family $21 @$23; extra India mess $26@$28; No. 1 canned
roast beef $3 15.
No. 2, $8 25.
Cut meats dull; pickled
hams, 10 to 20 lbs., 19 H @20 He 4 pickled bellies, 10 to 12
lbs., 15H@17c.
Butter, creamery extras, 36H@37Hc.
Cheese, flats, 15@21c.
Eggs, fresh gathered extras, 29H@
30c.
The monthly statement of Chicago stocks of cut meats
showed a total of 127,368,834 lbs., against 125,830,189 lbs.
on
April 1st.
quiet;
mess
clear $23@$25.
May closed at
week of 95c.
Beef steady; mess
COFFEE on the spot quiet but steady; No. 7 Rio, 5%@
6c.; No. 4 Santos, 8H@9He.; fair to good Cucuta, 10@
10He.
Futures advanced on covering of shorts.
Receipts
big and the resistance which prices have latterly made
to this fact and big stocks is considered by some to be sig¬
nificant.
Santos has 2,906,000 bags against 2,342,000 a
are
ago and Rio 690,000 against 313,000 last year.
In
sight for the United States the quantity is 1*970,427 bags
against 1,547,376 at this time in 1920.
Of course recent
support by the Brazilian Government accounts in no small
degree for any steadiness, but even apart from this some
think present prices discount anything unfavorable to values
in the existing situation.
To-day prices declined slightly
but are higher than a week ago.
year
May
cts_5.75@.5.80 I July
cts „5.05@6.07 |Dec
cts.6.32@Q.93
v, ;
I Sept
6.44@6.48 I
quiet but steady; centrifugal 96 degrees test
Cuban
4.89c.; Porto
Rican, 4.58c.
Futures advanced
slightly at one time, then reacted with spot and futures as
well as refined lower.
The Cuban crop it is asserted looks
•
SUGAR
like 3,500,000 tons.
Railway strikes in Cuba are said to be
merely Ideal in the Oriente Province.
Cuba's finances are
still reported in bad shape with interest rates high.
Im¬
porters held at New York May 2nd, 58,664 tons.
Receipts
at Cuban ports for the week were 133,251 tons, against
152,875 last week, 132,054 in 1920 qnd 170,729 in 1919;
exports 63,477 against 59,272 last week, 141,453 in 1920 and
170,729 in 1919; stock 1,071,857 against l,t)02,083 last week,
672,947 in 1920 and 1,033,984 in 1919.
The number of
centrals grinding was 195 against 197 last week, 162 in 1920
and 192 in 1919.
Exports included 48,135 tons to U. S.
9,914 to New Orleans, 5,428 to Europe.
to Atlantic ports were 6,047 tons; stock
37,407 tons.
Trading in refined sugar futures was begun
here on the N^w York Coffee & Sugdr Exchange on May 2nd.
No transactions were made on the opening call but July was
6.95c. bid, offered at 7.09c. and Sept. 7.05 bid, offered at
7.15.
Fine granulated sugar was quoted then at 6.40@
6.50c.
Cuban sugar outside of Committee control were
said to be offered as low as 3He. c. & f.
Porto Rico was
offered at 4.77c. c. i. f. with buyers at 4.52c. duty paid,
basis 3 He. for Cubas.
Sales of raw sugar later were reported
on a new basis, including Porto Ricos at 4.64c. c. i. f. San
Domingo afloat and due May 7th at 3He. c. i. f. all on a
parity of 3He. c. & f. for Cuba.
Additional sugars were
available at the same terms.
Today prices advanced
Atlantic
ports,
Old crop exports
slightly, but
are
down for the week.
_cts_3.91 @3.931 Sept
cts_3.95@3.96
OILS.—Linseed, though fairly steady early in the week,
May
cts_3.81 @3.831 Ju'y
late was to lower prices.
The demand is
Continued dulnes£ in the paint trade has tended
the tendency of
very
small.
business from that branch of the trade.
Linoleum
interests at times have bought fair quantities, but in the
to curtail
main the demand is
light.
Exports were small.
Carloads
quoted at 60@64c.; less than carloads 62@67c.; five
barrels or less, 65@69c.
Cocoanut oil: Ceylon, barrels.
8H@9c.; Cochin, 9Hc.
Olive, $1 35@$1 60; soya bean
edible 8 @8 He.
Bard strained winter 87c.
Cod, domestic,
45c.
Newfoundland, 48c.
Cottonseed oil sales to-day,
13,000 barrels.
May closed at 7.33@7.35c.; June 7.30@
7.50c.; July 7.50@7.60c.; August 7.71 @7.75c.; September
7.84@7.85c.; October 7.98@8.01c.; spot 7.25c.
Spirits of
turpentine 82c.
Common to good strained rosin $5 50.
PETROLEUM quiet and lower.
The lower costs of crude
oil and a smaller foreign demand were the principal features
in the decline of kerosene and gasoline.
Gasoline prices
were
&
were
ters will be
[VOL. 112.
CHRONICLE
THE
1988
raised
the
An 80-mile gale off the coast
water
10
feet at
with
on
the
Coney Island and
along the Jersey Coast, flooding inland, capsized
a
fishing
sloop off False Hook buoy, and played havoc ashore with
flying chimney bricks and broken window glass.
In South
Brooklyn, where the gale struck with full force from the
ocean,
trees were uprooted, chimneys blown down, and traf¬
fic in
the streets made
perilous.
The water
rose
over
the
bulkhead line at Coney Island and flooded Ocean Parkway,
gasoline,
quoted as follows: Cases, cargo lots, 36c.; motor
U. S. N. specifications, 19Hc.; export naphtha, cargo
lots,
24c., and 66-68 deg., 25c. Kerosene
prices are as follows: Bulk, 7c.; barrels, 16c.; cases, New
York, 19HeGasoline stocks are large.
21c.,
63-66
deg.,
I
May 7
$3 50
2 15
Pennsylvania
Corning
2 16
Cabell
Somerset,
and
THE
1921.]
32
1 95
1 25
Wooster
Lima
_
OCEAN
dull and
Illinois
Kansas
1 75
&
Okla¬
...SI 50
I 50
1 00
Moran
1 50
Henrietta
1 50
1 75 Caddo, La., light. 1 75
1 00
2 55 Corelcana, light— 1 25 Caddo, crude
165
75 De Soto
2 33 Corslcana, heavy.
Electra
1 50
homa
-
FREIGHTS have remained for
more
or
included
Charters
Princeton
Plymouth
deg.
above
Ragland
f2 13 Strawn
2 27 Thrall
2 27 Healdton
Indiana
less
wheat
the most part
depressed.
from
Continent, 55s., with option two
Portland, Ore., to United Kingdom.
ports Mediterranean, 60s. May; 25,000
early May;
quarter
quarters from Baltimore to United Kingdom, 6s. 3d. per quarter,
28,000 quarters from Montreal to United Kingdom, 6s. 9d. per
Gulf to Hull, 7s. 6d. per quarter, early May;
Mediterranean basis, 62s. 6d. May-June; sugar
from Philadelphia to United Kingdom, $7; general cargo from Atlantic
range to Novorossusk, $14 May; sugar from Cuba to United Kingdom,
35s. prompt; lumber from Gulf port to River Plate, $18 May; undipped
oats from Bahia Blanca to United Kingdom or Continent, 43s. prompt;
linseed from Buenos Aires to Bordeaux, Hamburg range, 2s. 6d.; grain,
36s. 3d. May 15; coal from Northern range to Nice, $5 35; coal from Atlantic
range to Dublin, $5 25; from Atlantic range to Rio de Janeiro, $5 75 prompt;
heavy grain from Montreal to United Kingdom, 6s. 9d. May; heavy grain
from Montreal to Belfast or Dublin, 6s. 7^d. one port of discharge, 6s.
lOMd. two ports early May.
■/ ■' 'AAA V'v\
May; 33,000 quarters from
grain from North Pacific to
and lower.
London has also declined.
quoted at 153^c. for spot and May;
June, 16Mc.; July, 16Mc.; July-August-September, 17%c.,
and October-December, 18^c.
Comparatively few sellers
were
willing to do business at these prices.
Some dealers
advanced the price h£c. but buyers were not inclined to pur¬
RUBBER quiet
Smoked ribbed sheets
chase at that level.
both for fillers and binders.
hold aloof awaiting further de¬
TOBACCO has remained dull
Manufacturers continue to
velopments, possibly some
the markets for
decline in prices.
bright tobacco are closing.
1989
CHRONICLE
In Virginia
New methods
selling are expected in future.
In Wisconsin trade is
quiet and a smaller acreage is predicted there because of
last year's low prices; also an acreage cut in North Carolina,
which still holds a big surplus from the 1920 crop.
New
and Continental buyers; also fair
Compared with the April auctions
greasy merinos rose 5 to 10%; scoured merino unchanged.
Fine greasy crossbreds unchanged; lower grades about 5%
higher.
The catalogues comprised 9,700 bales of privately
owned wools, chiefly Queensland and West Australia.
The
best greasy merino realized 17d.
and the scoured 34d.
Boston wired May 3rd: "The sales at London opened very
much stronger in accordance with predictions of a week ago.
London cabled May 4: "At the British Australia Wool
Realization Association sale to-day 10,800 bales were offered.
demand
home
from
American
Buyers
buying.
were
again in large attendance and demand
was
upward tendency in both merino
Sydney, 1,780 bales greasy merino, lOd.
to 18I^d.; scoured, 22d, to 30p£d.
Victoria, 4,595 bales
greasy merino, 93^d. to 183^d.; crossbred, 5%d. to 14d.;
comeback, lOJ^d. to 16d.
Adelaide, 2,536 bales greasy
merino, 7^d. to 16^d.
Tasmania, 425 bales greasy
merino, 163^d. to 20J^d.
New Zealand, 1,658 bales greasy
crossbreds, 5^d. to 113^d.
Sydney, Australia, cabled
that the Federal Government proposes to prohibit wool
Prices showed
brisk.
an
crossbred.
and
exports for 6 months unless
per
it is sold at
minimum of 8d.
a
In London on May 5 offerings were 7,500 bales of
lb.
privately owned wools, which met with a quick demand,
prices often advancing.
France, Germany and England
bought freely.
American purchases were small.
Sydney,
1,186 bales greasy merino, 9^d. to 18J^d.
Queensland,
2,086 bales greasy merino, 9d. to 19}^d.; scoured merino,
24^d. to 33H>d.
Victoria, 1,120 bales greasy merino,
9^d. to 22d. Adelaide, 1,623 bales greasy merino, 8^d.
to 13Hd.; scoured,
21^'d. to 25d. Cape, 692 bales greasy,
7d. to lOJ^d.; snow white withdrawn.
of
England, it is said, will also reduce the acreage, as it still
holds considerable stocks.
Tennessee has had to do con¬
replanting, owing to the recent freeze, but on the
plants have made good growth in other sections.
In Florida transplanting has been about completed.
COPPER remains steady.
Inquiries early in the week
were
confined only to small quantities, but later on they
increased in number.
Very little business developed, how¬
ever.
Offerings of cheap copper by weak holders has en¬
tirely disappeared.
Export demand is lacking and in spite
of a sharp curtailment in production the statistical position
is still weak.
London was more active and firmer.
Elec¬
siderable
whole the
quoted at 12^@12%c.
TIN higher but quiet.
On the 6th inst. London advanced
for the first time in several days.
Here, however, the de¬
mand continues small.
Spot tin quoted at 32@3234c.
Lead higher on an improved demand and higher London
cables.
Spot quoted at 4.85c.
Zinc steady but quiet at
4.95c. for spot St. Louis. PIG IRON has remained dull and No. 2 plain foundry,
it appears, has been offered at $24.
Eastern Pennsylvania
No. 2, it seems, is easily bought at $24, with No. 2x at $25
and No. 1 at $26.
Stocks in furnace yards are not increas¬
ing but the trouble is that even the small output is not beirg
absorbed.
Basic pig iron has sold down to $22 valley.
Cleveland sellers have lowered prices.
The pig iron output
in April marked a new "low."
The daily rate was 39,735
tons per day, the smallest since July 1908.
The total out¬
put in April was 1.192,071 tons, compared with 1,596,866
cons in March and 1,929,394 in February.
Coke has been
dull at $3 25 at the Connellsville ovens for furnace and at
$4 50 to $5 for foundry grades.
STEEL has continued dull.
A wage cut of 20% by the
U. S. Steel Corporation is no doubt the prelude of similar
cuts by other companies.
It is imperative to get costs down
to a point that will ease prices and increase consumption.
Meanwhile it is not a stimulating thing to see that Belgium
underbids American steel mills and that Belgian mills get a
Japanese order for wire rods at $53 c. i. f. as contrasted
with the American price of $68 50 delivered.
The proffer
of long credits, it is urged, is needed to stimulate American
foreign trade in steel.
Home buyers still hold aloof.
The
big corporation is said* to be operating at under 40% of
capacity and some others 40 to 50%.
WOOL has been less active in this country and for some
grades barely steady.
London has advanced, but here a
tariff bill has been discounted.
Fine
stapled domestic
wools are not plentiful and they have been more easily
sustained
than other grades.
They compare favorably
with much of the Australian wool available.
At the West
shearing is making steady progress but business is dull there.
Boston reports recent sales of Ohio fine delaine at about
$1.00@$1.05 clean basis; fair combing Montana fine wool at
about 85c.
with
90@95c. quoted for really choice fine
stapled wool; half blood stapled Montana at 70 to 75c.;
fair Texas 12 months wools at about 70e. clean basis; good
fine domestic combed stock about $1.10; half bloods at about
$1.00; high three-eighths held at 85c.; low three-eighths at
65e.; and high quarter bloods at about 55@60c.
Foreign
tops cut under these prices about 10c.
London cabled
May 3rd: "The fourth series of Colonial wool auctions
opened to-day with total offerings of 40,000 bales in behalf
of the British-Australian Wool Realization Association and
27,000 bales privately owned wools.
There was a good
trolytic
was
COTTON.
Friday Night, May 6 1921.
THE MOVEMENT OF THE CROP, as
indicated by
our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
133,247 bales, against 117,984 bales last wreek and 99,803
bales the previous week, making the total receipts since
Aug. 1 1920 5,358,204 bales, against 6,371,225 bales for the
same
period of 1919-20, showing a decrease since Aug. 1
1920 of 1,013,021 bales.
::<
Texas
Mon.
Tues.
9,029
11.515
13,297
7,439
9,628
1,095
"394
394
"9",024 T.138 "1Mb "4",899
"2",644
4,260
23,475
""222
"435
3",278
City
"
5,620
Arthur, &c.
New Orleans.
Gulfport
.
'"106 ""901
Mobile
Pensacola
Total.
9,354
Houston
Port
Fri.
Thurs.
Wed.
Sat.
Galveston
"""592
1,022
60,262
1,095
5,620
...
"32
Jacksonville
"32
2,351
2,209
5,713
2,490
1,665
2,790
17,218
""217
""641
"1,182
Savannah
Brunswick
Norfolk
1,914
1,117
5", 176
321
716
496
487
720
2,548
Wilmington
"""105
526
Charleston
1,090
2,039
74G
836
1,935
3,266
9,188
36
New York
--*18
1,252
162
80
-------
1,284
185
Baltimore
1,602
1,884
461
250
__
Boston
36
100
340
N'port News, &c.
646
75
75
Philadelphia
23,819
Totals this week.
24.0 32
22.274
25.304
23,343 133,247
14.47*
following shows the week's total receipts, the total
Aug. 1 1920 and stocks to-night, compared with the
The
since
last year:
'
This
Week.
Galveston
Texas
__
Since Aug
1 1920.
This
Since Aug
Week.
1 1919.
Ft. Arthur, &c
New Orleans
Gulfport
Mobile
220,620
56,792
400,415
337,413
253",977
~19~20i
"5", 150
2",058
""32
_4~672
"63
17,218
Savannah
533,245
12,045
70,936
76,238
240,627
1,879
28,444
31,204
39,923
13,846
Brunswick
5,176
3,266
9,188
Charleston
Wilmington
Norfolk
36
N'port News, &c_
1,602
1,884
New York
Boston.
_
646
75
Baltimore
Philadelphia
In order that
we
500
2,379
583
2,704
28
210
1,235
279
566
6,075
133,247 5,358,204
Totals
comparison
15,795
13,832
1,215,609
156,737
414,880
142,205
326,946
4,220
18,317
40,208
85,340
19,195
Receipts at—
Texas
may
__
Norfolk
N'port N., &c.
All others
Tot. this week
Si^ce Aug. 1
1919.
6^391
162,582
2,079
248,218
112,442
10,700
228,279
44,356
68,268
35,864
114,913
129",695
10,640
3,965
5,420
16,792
2,829
16,469
2,058
13,846
2,379
1,435
26,993
1,597
16,153
3,000
4,714
3,266
583
40.362
4,568
5,582
6,111
9,188
2,704
years,
seasons:
1917.
4,534
2,146
24,405
1.231
500
six
1918.
39,226
60.262
7,109
23,475
3,278
17,218
___
Charleston
Wilmington
1920.
"l",654
be made with other
""5",176
City, &c
Orleans.
Mobile
New
Savannah
Brunswick
1921.
"
60.541 6.371.225 1,492,837 1,147,304
give below the totals at leading ports for
Galveston
1920.
343,605
14,586
Pensacola
Jacksonville
1921.
16,792 2,034,461
331.650
2,722
70,247
23,940
"107
16,469 1,203,666
60,262 2,538,178
33,467
1,095
379,574
5,620
58,127
394
23,475 1,213,353
5,760
84,457
3"; 278
_
City
Houston
Stock.
1919-20.
1920-21.
Receipts to
May 6
1916.
22,297
6,059
23,117
1,387
4,634
2,000
181
279
317
13,723
"
"l",689
453
20,237
4,836
5,525
11,174
186
19,219
5,696
10,534
500
2,560
36
28
5.696
168
4,239
2,353
"l",554
6",886
4.901
3,970
133,247
60,541
104,230
56,713
70,719
83,081
8,727
"
"
'
204
5.358.204 6.371.225 4.574.984 5.279.268 6,249.308 6.418.531
1990
THE
CHRONICLE
The exports for the week
ending this evening reach a total
93,570 bales, of which 30,835 were to Great Britain,
13,554 to France and 49,181 to other destinations. Exports
for the week and since
Aug. 1 1920 are as follows:
of
lint
cotton not much
exceeding 9,000,000 to 10,000,000
bales, if indeed it equals that, as against 13,200,000 bales
of
this
season.
has been
has
Week ending May 6 1921.
From
Aug. 1 1920 to May 6 1921.
Exported to—
Exported to—
Great
Total.
often
France.
bought
Street
Galveston..
Houston
Texas
17,537
9,459
"i",il6
"670
21,313
48,309
5,620
5,620
...
Clty.
288,379 1,090,6572 ,038,065
162, £>39
379,574
54,111
22,800
7,575
5,129
659,029
162,924
10,096
1,786
San Antonio
Port
"2~,i98
PortNogalez
1,550
1,904
11,061
350
12,595
Mobiles-
66,14.3
467,903
3,076
6,750
20,519
1,964
110
5,760
161,659
352,894
11,079
2,800
GuJfport
Savannah
3,075
Brunswick
5,9.50
9,025
144,738
46,497
11,079
.
"
Charles'onj-
18,407
~5~999
Wilmington.
1,500
68,701
42,548
17,925
227
10,212
3,617
8,635
50,950
7,841
11,577
1,246
3,998
1,959
5,670
2,373
100
127
_
Philadelphia
Los Angeles
414
""30
24,406
22,275
150
150
58,827
Seattle....
350
350
82,170
tion
Tacoma—.
45,628
Portl'd, Ore.
Total
13,554
49,181
93,570 1,377,019
for
71,4772,835,526
be ended.
soon
The
10,576
53,789
somehow
it
is,
India
chester rather
-
—
....
has
'
soon
recently been
advices
press
said
France.
20,147
1,567
5,222
2,088
Galveston
Orleans..
Savannah
.
Ger¬
Other
Cont t.
11,175
2,740
37,863
118
300
~6~, 274 ""loo
a
1,325
700
1
7,699
—
2.60
ports*..
2,000
1,000
100
Total 1921..
Total 1920..
30,288
50,524
37,727
15,615
9,501
49,964
1919—
♦Estimated,
a
600
7,4101
8,121!
10,000
—
74,640
9,574
—-
114.663
1,500
4,000:
towards
tire companies.
ing
The Edge Act has been
trade
more
in
the bill
now
goes
modified by
to the House.
a
It
readily adaptable to the needs of the
American
cotton.
And at Washington,
C., the Cabinet, it appears, has been discussing the ques¬
tion of further measures for
commodities
to
francs have risen to
has been easier at
lias
reduced
its
foreign
a
discount
markets.
Also
sterling
"high" for these times.
new
GJ/>%,
increasing the sale of Ameri¬
and
Money
The Federal Reserve Bank here
rate
cold wet weather has acted
as
weekly Government report
from
was
7
to
6%%.
deterrent
a
bad.
011
The
And
selling.
rains
make
the
replanting difficult.
The weather has been re¬
unfavorable for satisfactory germination of late
necessary
ported
planted cotton.
stands
are
wet soil.
poor.
In Georgia, Arkansas and other States the
Oklahoma reported complaints of a cold
Texas advices said that stands and
progress are
mostly poor; planting is belated.
eral
weeks
of
fair,
known.
warm
weather
What
is
needed
throughout the
is
sev¬
strike
cut,
according
current
to
the
present plans, at any rate, about
decrease have ranged from 28.2 to
notion
is
that
it
will
be
reduced
25
to
30%.
31%.
30%,
although here and there some reports bluntly put it 10 to
20%.
The truth is the matter is not
finally settled.
A big
rise in prices this month
might conceivably make a big
difference in the size of the
acreage.
Cotton can be planted
at least in the more
southerly parts of the South at as late
as
June 1.
But the general
idea is that voluntarily or in¬
voluntarily—i.e. from the pressure by banks—there will be
a
sharp falling off in the planted area this season.
It is
declared that it costs 15c to
while it
sells
at
the
South
17c per pound to raise
cotton,
now at 11c to
liy2c.
It is as¬
serted
that producing costs are close to
72% greater than
1913-14, when the price here ranged on middling from
11c (nominal) to 14.50c on October
22, 1913. Within a year
in
the price of
to
as
by
the
United
States
hand, stocks are still big, an almost terrify¬
looms ahead, outrivaling anything ever be¬
Lancashire is steadily curtailing its produc¬
200,000 of its cotton mills workers idle, as its
Moreover, costs of production in all
United
stubborn retailers largely ignore whole¬
word the state of general trade leaves big
improvement.
One Manchester firm alone has
room
for
In
as
a
closed eight of its mills.
And at Liverpool and Birkenhead
idle for the lack of coal.
To-day prices were
alternately a little higher and a little lower, closing barely
steady and practically unchanged.
Everybody is awaiting'
developments in regard to the coal strike and the German
155
ships
are
indemnity question.
Spot cotton closed at 13.00c for mid¬
dling uplands, an advance for the week of 65 points.
The official quotation for middling upland cotton in the:
New York market each day for the past week has been:
April 30 O May 6—
Middling uplands-
NEW
—
Sat.
12.40
Mon.
12.90
Tues.
12.90
Wed. Thura.
.1300
41.50
1919
29.20
1913-C.
1911
.--27.20 1910--.
1917
20.10 1909-.1916———12.85 1908-.1915
10.05 1907
1914
12.90 1908
1918
1904
15.25
1903
1897-C-.
1896—1895
—
—
1902.—
1901
1900
—
—
11.70
1899
11.80
—
1898
-.-
—
—
13.00>
YEARS.
7.95
--13.90
—
10.90
—
FUTURES.—The
1905-e
10.45
—
—
—
11.90
11.80
15.50
—
1912
Fri.
12.751 12.95
YORK QUOTATIONS FOR 32
1920
1921-C
-.
10.85
9.62
8.19
1893
9.7.5
1892
6.19
1891
—
—
-.-
1894
—
7.14
8.38
6.81
7.25
7.81
—
—
6.331 1890
8.88
,.12.00
highest, lowest and closing prices at
New York for the past week have been
Saturday,
Monday,
April 30.
May 2.
as
follows:
Tuesday, Wed'day, Thursd'y,1 Friday,
May 3.
May 4.
May 5. i May 6.
Week.
The
Estimates of
The
consumption
The automobile industry is more active.
continues,
sale prices.
South.
by some as distinctly unsatis¬
early start, it is insisted, has been lost.
Things are about as bad, it is declared, as they were a year
ago.
And the evidence multiplies that the acreage will be
And while Japanese interests
States remain very high, and they de¬
lay the return to normal conditions of trade.
The buyers"
The crop outlook is regarded
factory.
sees
lines in the
the
The
Blackburn, Bol¬
Farnworth, Great
coal supplies decrease.
indemnity question.
Prices in the main
have been higher, with the weather at the South cold and
wet, and a better spot demand, partly for export, reported
makes the Act
carry-over
fore
German
somewhat.
increased
an
tion, and
Dallas, Texas, reported that a brisk trade was
being done with Liverpool, Havre, Bombay and Japan, with
the
basis considerably stronger.
The exports have in¬
come
Ashton,
On the other
4,868 108,145 1,384,692
14,984 157,770
989,534
5,724 63,025 1,145,221
in Texas.
Reports to this effect
them
among
better demand and stronger.
Speculation in cotton for future delivery has been dull,
pending further developments as to the British coal strike
can
this
have, latterly, it is said, sold late months, they have bought
July. | The tendency in recent months has plainly been
China.
vote of the Senate and
centres,
many
128,195
70,208
250
500
D.
underlying all
ton, Bury, Burnley, Chorley, Darwen,
Harwood, Heywood, Nelson, Oldham and Preston.
Japan,
moreover, is getting into better shape; silks have been in
265,698
384,626
162,282
247,518
11,502
300
700.
700
foreign
that
industry, where the improvement has actually
Once the coal trouble is disposed of there will be,
it is said, almost immediately a partial return to full work¬
Stock.
77,907
15,789
3,500
9,276
___>
York*
creased
Man¬
at
begun.
Leaving
Total.
'
-
the
cloths
the cotton
from
wise.
300
and
buying
,
.
Coast¬
many.
Norfolk.
Total
Rumor
are
numerous signs
that the industrial depression,
steadily getting worse for many months, is about to
give place to a revival of trade.
Especially is this so in
Shipboard, Not Cleared for—
Great
Britain.
May 6 at—
Other
out of the coal
way
after
ing time in the cotton mills.
On
7
New
direc¬
freely.
more
Manchester
515,145 2,364,1405,714,811
621,097 1,643,631'4,094,256
101,067'155.3961,829,528
York.
Charleston
Mobile
a
found.
be
in that
of the indemnity mat¬
disconcerting evidence of the damage done by the coal stop¬
In addition to above exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New
indications
case
page
Total'19-'20
ToUl' 18-' 19
New
a
as
477.C39 2,318,334 4,172,392
60,901
settled.
Events, it is supposed, are
And the British coal strike, it is also
points that
When it is settled it will be the signal, it is believed,
revival of business at Manchester on a big scale. Even
way.
45,628
1,675
1,675
30,835
—
be
way.
ter, but for all that it is hoped that
58,827
82,170
7,264
growing hope that the German indemnity
a
soon
less clear than in the
seem
dispute will
29,569
San Fran—
will
hoped, will
69,797
119
426
New York..
Boston—
Baltimore.
Wall
Liverpool, if it sold here at times, has
Some further May notices have been issued.
shaping that
60,473
1,021
—-
West
particularly
latterly
question
70,201
1,021
Norfolk
Street and the
heavily,
thus far
Finally there is
49,244
2,910
5,760
Jacksonville
Wall
wheat,
sometimes
seems to have been about 12,000 bales.
they have been promptly stopped, and it is
perhaps significant that May has reduced its discount under
July from 64 recently to 43 points, at one time this week.
811,838
21,975
24,006
3,076
bought.
total
But
1,550
277,792
El Paso—
New Orleans
here,
operators.
The
2,198
"
few days,
a
hedge business
rise in stocks and exchange, and at
a
big advance in
also
30,150
30,150
Arthur
And with
a
Total.
Other.
within
in fact,
just about balanced itself, sales being offset by
have
Britain.
until
free seller here;
very
times
Great
Britain. France. Other.
Finally the South,
no
purchases.
Exports
from—
[Vol. 112.
middling at New York has dropped from 41.75c
12.75c, or 29 cents, equal to over 70%.
This is regarded
certainly no particular incentive to plant for a big crop.
And already there is talk of the
possibility of the next crop
May—
Range,...
Closing.
..
12.12-.21 12.12-.70 12.50-.79 12.47-.70 12.43-.68'12.60-.84 12.12-.84
12.19 — 12.65-.68 12.62-.63 12.49 — 12.68 — 12.75 —
June—
Range
Closing...
July—
•
Range
Closing...
12.85-.00 12.85-.CO
—
12.41
—
12.85
—
12.83
—
12.(^8
—
12.80
>12.92
—
—
12.61-.74 12.65-.13 12.94-.22 12.92-.20 12.87-.17 13.09-.30 12.61-.30
12.71-.72 13.09-.10 13.07-.08 12.92-.94 13.15-. 17,13.19-.21
August—
13.30
—
12.95
—
13.33
—
13.30
—
13.16
—
13.37
13.20
—
13.56
—
13.55
—
13.40
—
13.59
Range....
Closing...
13.40
—
13.40
—
—|l3.60
—
—
13.30- .40
September—
Range....
Closing...
—ihiii.ii,,
October—
Range....
Closing...
jiiii.x*
13.23-.40 13.33-.80 13.60-.90 13.61-.85 13.52-.79 13.68-.92 13.23-.92
13.38 — 13.74-.75 13.76-.77 13.62 — 13.78 —
|13.76-.78
November—
Range
Closing...
13.62
—
13.95
—
13.97
—
13.78
—
13.95
Closing...
—
i
)
December—
Range....
13.93
—
13.72-.84 13.77-.23 14.04-.30 13.99-.26 13.91-.12 14.02-.24 13.72-.30
13.84 — 14.16 — 14.18 — 13.99-.00 14.12 —14.10 —
January—
Range
Closing...
13.95-.35 14.23-.40 14.15-.32 14.00.19 14.12-.30 13.95-.40
14.28 — 14.10 — 14.19 — 14.16 —
—
13.99
—
14.29
14.12
—
14.46
February—
Range
Closing...
—
14.25
—
14.26
—
14.37
—
14.30
—
March—
Range
Closine...
14.12-.26 14.22-.66 14.50- .70 14.45-.62 14.36-.54 14.42-.58 14.12-.70
14.26 — 14.63- .65 14.«3 — 14.42 — 14.55 — 14.45 —
.
■
Hay 7 1921.]
THE
THE VISIBLE SUPPLY OF COTTON
to-night,
CHEONICLE
May 6—
Shipped—
1921.
1920.
986.000 1,199,000
2,000
11,000
1919.
553,000
12,000
175,000
81,000
1,079,000
Total Great Britain/
1,385,000
646,000
'Stock at Hamburg
—
25,000
——
Stock at Bremen
Stock at Barcelona
Stock at Geroa
Stock at Ghent.
Total Continental Stocks.
70,000
167,000
Stock in Alexandria, Egypt
Stock in Bombay, India
Total to be deducted
Stock in U. S. ports
Stock in U. S. interior towns
*
346,000
164.000
566,000
1,130.441
1,397,201
48,914
926,000
356,000
189,000
155,000
538,000
46,000
332,000
U. S. interior stocks
__-l,545,200
1,130,441
1,397,201
1.329,834
2,818,000
.220,709
-*23,516
8,655,336
685,259
162,219
*21,695
10,519,059
marketed....
—
excess
—
3,075
16,394
48,914
*
Decrease
Week.
!
—
a
during week,
10,847,453
9,340,595
-
55,351
328,394
140,524
week- -197,193
55,242
1,540,038
These figures are
2,491,496
consumption; takings not
available.
1,065,189
U. S. exports to day
Since
28,678
73,000
-
374.741
297,124
139.000
1,147,304 1,208,246 1.347,891
246,783
1,492,837
_
1919-20
1,020,132
2.277,000
;
16,000
*138.000
511,000
Revised.
Aug. 1.
6,371,225
Came into sight during
Total in sight May 6.
.
78,000
—
American afloat for Europe
U. S. port stocks
'• /■'•
596,000
bales.
a
449,827
1,329,834
60,541
Total
Liverpool stock
5,090
28,678
Since
Aug. 1.
5,358,204
Interior stocks in
Total visible supplv
_.6,660.895 6,128,880 5-351.485 4.201.445
Of the above, totals of American and other descriptions are as follows:
'
401,771
-1920-21In
19,43 5
'
163,060
65,291
221,476
564
2,236
Sight and Spinners
Takings.
Week.
Receipts at ports to May 6——.133,247
Net overland to May 6
30,462
Southern consumption to May 6_a 57,000
1,065,189
16,394
•
1,779,661
2,290
—30,462 1,020,132
Including movement by rail to Canada,
;
.
''
33,768
230
107,626
346,716
foregoing shows the week's net overland movement
has been 30,462 bales, against 28,678 bales for the week last
year, and that for the season to date the aggregated net over¬
land exhibits a decrease from a year ago of 309,702 bales.
111,000
27,000
35,000
374.741
297,124
132,000
79,000
57,000
31,000
94,000
252,000
118,000
365.000
302,000
1,314,000 1,150,000
967.000 *640,000
.1,492.837 1.147.304 1,208.246 1,347,8<n
\Atti€TiCQr7l~r~~'
395
2,641
11,418
Aug. 1.
a681,338
380,747
19,729
99,055
193,420
405,372
The
2,024,000 1,010,000
1,545,200
tJ. S. exports to-day.—.—.—3,075
Manchester stock——-—
Continental stock
-11,269
Leaving total net overland *
e.
—
Week.
al0,097
8,987
664,835
215,019
32,331
55,376
-
246,783
American cotton afloat for Europe
Egypt,Brazil,&c.,afloat for Eur
—
1
Since
■—
_.
639,000
&c
routes,
1,278
2,398
.17,276
AUG.
1919-20
Since
Aug. 1.
overland—
41,731 1,421,903
Deduct shipments—
Overland to N. Y., Boston, &c___ 4,207
105,646
Between interior tOAvns..
1,742
30,839
Inland, &c.f from South
5,320
265,286
149,000
1,000
10,000
4,000
—----
Total European stocks
— .—1,670,000
India cotton afloat for Europe—
58.000
other
1,610
—
1
Total gross
v
—— _
591,000
-----
------
201,000
7,000
86,000
70,000
------
61,000
349,000
199.000
161,000
13,000
124,000
37.000
32,000
—
Havre.—-/.
— J—
Stock at Rotterdam, &c________
.
Louisville..
Virginia points
Via
402,000
Stock at
Island
Rock
Via
-15,377
3,792
&c
Via
48,000
•---
—
Mounds,
Via
22,000
91,000
-
Stock at Manchester
St. Louis
Via
1918.
332,000
__bales.
Week.
.
Via
(Friday), we add the item of exports from the United States,
"including in it the exports of Friday only.
May 6—
SINCE
1920-21
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
iBut to make the total the complete figures for to-night
up
Stock at Liverpool
Stock at London
MOVEMENT FOR THE WEEK AND
OVERLAND
made
as
1991
'19,435
sight
Movement into
Week—
4,472.895 4,287,880 3,685,485 2,907,445
Total American.
East Indian, Brazil, &c.—
'
in previous years:
Bales. I
Since Aug. 1—
Bales.
177,21711918-19—May
9.
iQig—May 10
1917—May 11
1919—May
9
140,19811917-18—May 10
-120,17811916-17—May 11
9,660,484
-10,742,142
11,642.662
-
390,000
273,000
197,000
143,000
2,000
13,000
80.000
11,000
90,000
101,000
12,000
35,000
32,000
22,000
32,000
*26,000
WEATHER REPORTS BY TELEGRAPH.—Our tele¬
58,000
111,000
79,000
57,000
252,000
118,000
.1,314,000 1,150,000
27,000
31,000
365,000
967,000
35,000
94,000
302.000
*640,000
graphic reports this evening from the South indicate that
over much of the Southwestern portions of the belt little or
no rain has fallen and elsewhere the precipitation has been
Liverpool stock..
London stock....
—
Manchester stock
-
_
Continental stock.....---.India afloat for Europe
—
--
...—.
Egypt, Brazil, &c., afloat
.___
Stock in Alexandria, Egypt
Stock in Bombay, India
light
2.188.000 1,841,000 1,666,000 1,294,000
4,472.895 4,287,880 3,685,485 2,907,445
Total East India, &c....
Total American.
—
moderate
or
as a
Temperature has been rather
rule.
Mobile reports that continued bad weather
low at times.
back crop work and a large area needs replanting.
Planting is making fair progress in most sections.
sets
Total visible supply—
..—6,660 895 6,128,880 5,351,485 4,201.445
7.71d.
26.63d.
17.19d.
2l.55d.
13.00c.
41.10c.
29.10c.
" 28.15c.
18.75d.
89.50d.
30.08d.
31.97d.
12.90d.
50.00d.
29.75d.
39.00d.
7.55d.
22.10d.
»16.00d.
20.80d.
8.05d.
23.10d.
116.25d.
21.06d.
Middling uplands, Liverpool.. —. :
Middling uplands. New York
Egypt, good sakel, Liverpool—_
Peruvian, rough good, LiverpoolBroach, fine, Liverpool.
Tinnevelly, good, Liverpool—
Galveston, Texas
Abilene
Brenham.
——
y-
dry
Lampasas
Long view
dry
dry
dry
Luling
-—
AT THE INTERIOR TOWNS.
Weatherford
Movement
1921.
May 6
Ship¬
Season.
_
302
19,511
421
8,803
300
192
Selma.
186
Helena..
447
Little Rock..
4,090
47,798
32,311
48,344
186,592
Pine Bluff.
2,589
121,339,
Ark.,
.,—
__
20
Ga., Albany.
10,620
1,779
—
Atlanta
130,998
4,369
7,356
Athens—
145,102
La., Shreveport
Miss.,Columbus
317
50
327,196
37,671
43,213
27,714
88,985
9,101
Clarksdale...
459
108,278
Greenwood..
463
90,115
Meridian
184
Augusta
32
Columbus.
Macon......
Rome..
1,193
559
_
Vicksburg
Mo., St. Louis.
N.C.,Gr'nsboro
14,579
Raleigh
Okla., Altus...
566
Hugo
2,511
2,148
_
S.C., Greenville
2$
548
3,189
9,680
152,799
2,500
252.264
5,904
6,929
518,187
34,201
8,206 101,034
1,500
210,353
209
53,973
409
457
75,740
1,145
137,591
2,146
700
108,107
2,100
359
13,426
100
35,646
185
232
18,013
305
308
13,000
11,915
29,539
9,405
32.921
603
200
686,295
48,127
82
13,039
10,895
295
1,786
25,000
1,711
118,008
2,120i
11,114
5891
9,849
23,354333,469
550
4,156
22,850
400,
8,500
44,6121
1,011:
17,330
21,100'
300
5,890
321,407
12,683
2,500
25,886
967
"890
55",869
2,551,260.
98,236
1,392
Houston
134,785
3,413
491
24,575
6,121
17,891330,835
1,038
1,483
493
400
56,897
6,688
38,125
77,629
31,076
17,3451,904,587
— —
__
______
__
— _
-1 day
0.16 in.
Mobile, Ala.———— 1 day
0.18 in.
1 day
v 1 day
_
.
_
Montgomery.
Selma
_
.
.
—
—
/_
—
_
—
—
.
67
mean
68
low 56
mean
68
high 81
high
high
high
high
high
high
high
dry
Madison
Atlanta,
Augusta
Ga....
Athens
-
—
—
Savannah
Greenwood
——2 days
3 days
0.75 in.
-
...
Columbia
Conway—.
— —
—. —
Charlotte, N. C
Raleigh
4 days
...4 days
Weldon
-.2 days
—_1 day
1 day
Ardmore, Okla._-_.__.
Altus
Muskogee
Oklahoma City
Eldorado
....
Pine Bluff.——
....
—;
1.03
0.77
0.84
1.06
0.60
in.
in.
in.
in.
in.
0.06 in.
dry
1 day
0.74 in.
1 day
1.20 in.
.2 days
Rock
Dyersburg, Tenn_.
Memphis
0.14 in.
0.33 in.
0.33 in.
0.47 in.
0.75 in.
0.18 in.
0.14 in.
—
...
1 day
-1 day
..1 day
day
—2 days
1 day
1 day
u
Charleston, S.C
Little
0.49 in.
dry
Fla
Gainesville,
1 day
3 days
1 day
high
high
0.15 in.
2 days
Decatur
,
mean
low 52
0.12 in.
Okolona.
0.14
0.06
1.12
0.22
low 48
mean
63
low 47
mean
66
low 50
mean
low 46
mean
65
66
low 40
mean
56
low 52
mean
69
low 45
mean
63
low 48
mean
63
low 45
mean
low 54
mean
62
70
in.
in.
in.
in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
low 44
mean
low 56
mean
—
low
mean
67
low 49
mean
65
low 48
mean
64
low 39
mean
low 34
mean
58
55
80
76
76
75
74
._
low 47
mean
low 43
mean
75
80
72
74
75
84
83
low 40
mean
low 44
mean
58
62
low 46
mean
59
68
75
82
75
76
72
..
72
73
66
74
80
81
82
San Antonio.
Fort Worth*
.
Total, 41 towns
a
Last
695
41,028,
821
2,463
120,096)
3,511
125,411'6,437,800
148,9271545200
low 42
mean
mean
59
low 44
mean
64
low 46
mean
65
low 43
mean
low 45
mean
60
low 47
mean
64
low 42
mean
59
low 50
mean
low 44
low 46
mean
63
58
mean
year's figures are for Natchez, Miss.
cinnati, Ohio.
SALES
616^
20,500
4,000
119,125
40,639
900
12,300
58,400
1,000
21,500
mean
57
low 43
mean
58
low 44
mean
Spot
mean
59
mean
62
low 44
mean
63
low 39
mean
61
61
82
low 40
mean
75
low 37
mean
56
high 82
low 39
mean
61
high 72
low 43
mean
low 47
mean
62
low 45
mean
60
high 70
low 43
mean
57
Closing Quotations for Middling Cotton cmWeek ending
May 6.
Saturday.
Monday.
Tuesday.
Wed day. Thursd
y,
Friday
11.60
11.90
11.90
11.90
12.00
12.10
11.25
10.75
11.50
11.50
11.63
11.63
11.63
11.88
11.00
11.00
11.00
11.00
11.00
12.00
12.00
12.00
12.00
12.50
Charleston
11.00
Norfolk
11.25
11750
11.75
11/75'
1175'
11.50
11.75
Baltimore
12.00
12.00
12.25
12.25
12.25
12.65
11.13
13.15
13.15
13.00
13.20
11.50
11.50
11.38
11.50
12.50
13.25
11.63
11.00
11.25
11.25
11.25
11.25
11.50
10.95
11.35
11.35
11.45
11.25
11.70
11.70
11.15
11.70
11.45
Houston
Cin¬
Closed.
SALES.
Market
Closed.
Spot.
12.00
12.00
Little
11.00
11.00
11.00
11.25
11.00
11.35
11.00
10.70
11.00
11.25
Galveston
New
___
__
Orleans..
Mobile
Contrt.
Total
Fort
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
»«
Quiet,
5 pts. adv.. Steady
Steady, 50 pts. adv. Steady
Quiet, unchanged.. Steady
Quiet, 15 pts. dec.. Easy
Steady, 20 pts. adv. Firm
Steady, 5 pts. adv. Barely Steady.
Total
.57
high 76
high 74
Dallas
87,5-57 1130441
NEW YORK.
Futures
55
low 44
low 44
Philadelphia
Augusta
Memphis
1,071
* Last year's figures are for
Market
__
low 42
20.379 259,617
l",500
AT
56
MARKETS.
5,184
11.25
,
MARKET AND
58
1,906
700
65.862 6,491,083
61
59
low 42
Savannah.
Paris
64
QUOTATIONS FOR MIDDLING COTTON AT OTHER
2,765
920
dry
— —
—
0.02 in.
1 day
—
—
—
low 48
__
dry
dry
dry
—
Thermometer
high 78
low 60
mean 69
high 86
high 84
high 80
high 78
high 86
high 80
high 86
high 72
high 87
high 81
high 78
high 79
high 86
high 83
high
high
..
0.02 in.
1 day
Brinkley, Ark
3,000
6,247
16,1291,093,603
1,335
55,804
1,710
288
10,397
15,104
3,351
358
...
7,900
200
37,089
19,813
Honey Grove
300!
24,787
3,534
820,817
Dallas
10,097) 16,267
11,620
10,347
374
—
44,308
23,400
2,800
7,400
5,933
17,969
14,553
Clarksville
1,700
1,153
Nashville
21,793
11,340
28,154
17,214
2,900
58,588
41,845
Greenwood..
Brenham
3,521
2,988
1,863
Tenn.,Memphis
Tex., Abilene..
5,004
50
r,030
66,222
110,
1,122
31,114
25,070
1,345
— —
—
Greenwood
31,700
3,751
34,319
1,330 16,015
434!
8,328
Amite
34,921
78,954
—
Columbus, Miss
Vicksburg
4,765
184.263
180
_
La.
2.38 in.
dry
dry
dry
dry
Alexandria
840
85
681,586 15,377
668
23,420
500
5,543
89,701
3,466
3,189
68,524
200
17,700
60,5891
72,487i
2,091
904
...
Oklahoma..
42
46»
16,992
254! 14,050
5,142 66,270
2,520 75,361
46
6,100
2,195 42,849
4,693 35,319
8,16" 139,407
25,872
5,852
28,252
61
Chickasha—.
204
671
626
545
53
70,662
38,393
31,299
9\
23,933
12,475
5
Yazoo City..
645
May
7.
3,800
1,658
7,074
20
4,516
30,275
Montgomery.
Shreveport
Slocks
Week.
Seasno.
_
New Orleans,
Ship¬
Receipts.
Week. I
5,058
200
Ala, Birm'g'm.a
—
May
6.
Week.
-V—
Taylor
May 7 1920.
ments.
Stocks
ments.
Receipts.
Week.
to
0.08 in.
---1 day
.1 day
.
—
.
dry
—
Paris.
San Antonio
_
;
—. —
—
Nacogdoches
1918.
Eufaula
——
—
Palestine
Movement to
dry
Huntsville
bales, a gain of 532,015 bales over 1920, an excess
1,309,410 bales over 1919 and a gain of 2,459,450 bales
MOVEMENT
1.40 in.
-.1 day
Henrietta'.
of 19,516
■Towns.
—
Dallas
Estimated.
over
1 day
1 day
—
Cuero
Continental imports for past week have been 66,000 bales.
The above figures for 1921 show an increase over last week
of
—
-
—
*
Rain. Rainfall.
dry
0.64 in.
0.22 in.
dry
<
_—
5,900
5,900
100
100
300
300
6,300
6.300
Rock—.
Worth.
MANCHESTER
11.15
MARKET.—Our
11.40
report received by
to-night from Manchester states that the market is
quiet for both yarns and cloths. Manufacturers cannot sell.
We give prices for to-day below and leave those for previous
weeks of this and last year for comparison:
cable
1992
d.
Mar.
11
d.
m lbs. Shirt¬
32* Cop
ings, Common
to Finest.
UpVs
UpVs
a.
d.
d.
s.
d.
d.
d
15 H
@
17** 15 6
@17 0
14 H
@
17^ 15 6
,@17 0
@
17H.15 6
@17 0
8.05 60
16
@
19
@17 6
7.21
8.
@46 0
42
6
@46 0
28.80
42
6
@46 0
76
•
42
6
0
27.76
@46 0
@46 0
@46 0
28.03
6
8
16
15
@
29
19
16 0
@
59H
7.28 60
@17 6
6
42
77
@
191* 16 0
7.59i60
77
42
6
@17 6
7.24160
77
42
6
19H 16 0
@17 6
7.34:60
19^ 16 0
16H
@17 6
19H 16 0
16K
1QH
22
;i6 0
12H
@17 6
7.71>55
May 6.
p.
m.|p. m.p. m
d.
a.
27.66
26.18
77
42
6
@46 0
25.83
76
42 6
@46 0
26.63
6
16M
@
@
12H
p. m
4
Frl.
Thurs.
Wed.
p. m. p. m
d.
d.
d.
12KJ
4
j 121*
4
4
12 J*
p. m. p. m.p. m. p. m. p. m. p. m.
d.
d.
d.
d.
d.
d.
May
7.78
7.83
7.96
7.96
7.93
7.97
7.92
7.98
8.11
8.10
June
7.95, 7.98
8.12
8.12
8.08
8.12
8.07
8.12
8.24
8.22
July
8.22
8.27
8.38
8.36
8.11
September
8.27
8.28
8-24
8.27
8.25
8.38
8,39
8.35
8.35
8.33
8.38
8.45
8.46
8.31
HOLI¬
_.
8.14
8.22
August
8.34
8.47
8.49
8.45
8.48
8.43
8.47
8.57
8.55
8.40
8.42
8.54
8.58
8.57
8.52
8.55
8.64
8.63
8.47
8.49
8.61
8.64
8.60
8.63
8.58
8.61
8.70
8.69
December-
8.53
8.55
8.67
8.70
8.66
8.69
8.64
8.67
8.76
8.74
October
DAY.
8.59
8.70
8.73
8.69
8.73
8.68
8.71
8.79
8.77
8.61
8.63
8.74
8.77
8.73
8.77
8.72
8.75
8.83
8.81
8.65
8.67
8.78
8-81
8.77
8.81
8.7y
8.80
8.87
8.85
April
8.69
8.71
8.82
8.85'
8.81
8.85
8.80
8.84
8.91
Friday,
May 6.
Wed day, Thursd y.
Tuesday,
May 3.
11.85-. 87 12.19-.20
12.28-.31 12.64-.67
12.88-.92 13.32-.33
13.24 — 13.68 —
May
July
October
8.89
12.07 — 12.28-.30 12.36-.36
12.53-.54 12.71-.73 12.78-.80
13.18-.19 13.34-.36 13.35-.37
13.51 — 13.65 — 13.60 —
13.60 — 13.68-.72 13.62-.64
December
January
13.95
13.80
13.33
13.63
March,
—
—
12.19-.20
12.64-.66
13.32-.35
13.65 —
13.74 —
14.08
—
14.10
May 5.
May 4.
—
14.04
—
13.95
—
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
COTTON.
WORLD'S SUPPLY AND TAKINGS OF
BREADSTUFFS.
Cotton
Week
1920-21.
Takings.
and
On the 3d inst. prices were
bbl.
Visible supply April 29
Visible supply Aug. 1__
American in sight to May 6
May 5
Alexandria receipts to May 4-_
Other supply to May 4*
69,000
68,000
Bombay receipts to May 5
Total supply.
Deduct—
_
.
-
2,126,000
205,000
504,000
310,000
Of which American
2,928,000
88,000
Of which other.
6,128,880
259,453 13,576,591
9,750,591
167,453
92,900
3,826,000
246,677 10,780,957
158,677 7,852,957
takings to May 6-a
Embraces receipts in Europe from Brazil, Smyrna, West Indies,
This total embraces tho total estimated consumption by Southern
&c,
mills,
2,277,000 bales in 1920-21 and 2.818,000 bales in 1919-20—takings not
being available—and aggregate amounts taken by Northern and foreign
spinners, 8,503 957 bales in 1920-21 and 10,758,591 in 1919-20, of which
5,575,957 bales and 6,932,591 bales Amorican.
6 Estimated.
SHIPPING NEWS.—Shipments
in detail:
Total bales j
100
Liverpool—April 29—Mahopac, 100
127
To Bremen—May 3—Potomac, 127
GALVESTON—To Liverpool—April 28—Electrician, 3,864; Stead¬
fast, 6,160; Waxahacbie, 7,513—
-17,537
To Havre—April 28—Glenridge, 6,328---April 30—Peekskill,
3 i3i
9 459
To Bremen—April
30—Schuylkill Bridge, 5,241—May 4—
Cardiganshire ,7,310
^
;
—12,551
To Antwerp—April 30—Peekskill, 1.050
----1,050
I
To Ghent—April 30—Peekskill, 300--300
To Barcelona—May 2—infanta Isabel, 3.350
3,350
To Genoa—April
29—Angela Toso, 1,012—April 30—Sori,
3,312
700
To Pira—Aprileus 30—Anthracite Bridge, 70050
To Salonica—April 30—Anthracite Bridgo, 50
HOUSTON—To Bremen—April 30—Knoxville. 5,620—----5,620
TEXAS CITY—To Liverpool—April 30—Steadfast, 1,1161,116
To Havre—April 30—Peekskill, 670-------670
NEW ORLEANS—To Liverpool—April 29—West Harshaw, 550
9,364
—April 30—Median, 2,677
May 4—Author, 6,137
To Manchester—April 29—West Harshaw, 436
April 30—
1,697
Median, 1,261
--i—
To Havre—April 30—Hegira, 350.
350
To Bremen—April 30—Algic, 2,386—April 30—Hegira, 1,889- 4,275
To Hamburg—April 30—Dorington Court, 20
20
To Rotterdam—April 30-^-Minooka, 100; Noccalula, 74--_May2
1,353
—Zydijk, 1,179—
—
NEW YORK—To
—
—
_____
—-
—
_
-
To
Antwerp—April 30—Algic. 325--
325
-------
—
To Barcelona—April 29—Dade County, 100---May 2—Phoenix
Bridge, 150
To Ghent—April 30—Algic, 437-----__________
________________
------
To
Japan—May 3—Choyo Maru, 5,000
______
To Genoa—May 4—Pequot, 935
MOBILE—To China—April 30—Howick Hall. 3,076——
SAVANNAH—To Havre—May 5—Cental, 3,075
To Bremon—May 3—Grelfrijda, 3.400--To Antwerp—May 3—Grelfryda, 1,350-----l
To Genoa—May 3—Monviso, 1,200--.NORFOLK—To Liverpool—April 30—Galtymore, 1,021
SAN FRANCISCO—To China—April 30—Colombia, 150SEATTLE—To Japan—April 28—Toyama Maru, 175.---April 30—
Talthy bius, 175
—
-
-
—
-
_______
Total
LIVERPOOL.-
April 15.
April 22.
April 29.
24.000
18.000
29,000
22,000
5,000
22,000
21.000
Sales, American
Actual export
,
________
_____
Total stock
Of which American-
Total
7,000
36,000
963,000
578,000
11.000
,
Imports
Of which American,__________
Amount afloat
Of which American
150
350
-Sales, stocks, &e., for past week:
Sales of the week.
Forwarded
250
437
5,000
935
3,076
3,075
3,400
1,350
1,200
1,021
-93,670
_
___________
6,000
165,000
93,000
15,000
4,000
27,000
958,000
568,000
17,000
970,000
575,000
38,000
16,000
147,000
82,000
14,000
162.000
May 6.
15,000
12,000
4,000
25,000
986,000
596,000
43.000
36,000
97,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
,
1
Spot.
Saturday.
Market.
Monday.
(
12:15
Wednesday.
Thursday.
Friday.
Quiet.
Quiet.
Dull.
1
Quiet.
inquiry.
7.38
7.56
7.53
4.000
...
3,000
4,000
j
—
7.52
3,000
7.71
5,000
HOLIDAY
Futures.
Market
/
decline,,.
Quiet
4
P.M.
f
,U
(1
such terms.
West¬
the lower grades.
The foreign
Exporters
as
they have difficulty in getting wheat from farm¬
Domestic buyers have been a bit
den rise in wheat and flour and have
freely in
as
some cases,
startled by the sud¬
bought rather
more
but in the main have purchased only
immediate needs demanded.
Last Monday it was stated
that about 50,000 bbls. of soft winter wheat straights were
sold recently by Eastern millers; also 40,000 to 50,000 bbls.
5,000 to 10,000 bbls. of lowBut the higher prices of late have at
times acted as an automatic check on sales to foreign coun¬
tries.
Later, with a slump in wheat, flour prices became un¬
settled and the home trade dull, though 10.000 bbls., mostly
lower grades, were sold for export, including some spring
patents for England, prompt shipment.
Still later flour
became firmer again with wheat, but domestic buyers still
held off.
Exporters took 25,000 bbls. more of high grade
first clears for early shipment.
Europe, it is said, will have
to buy here; it is the only country available until new wheat
is harvested in foreign fields.
Wheat advanced sharply, May rising about 14c. on heavy
covering and July 8%c.
May has been up 25c. from the
low point of April.
It has sold at 31c. over July.
There
were too many shorts.
Exporters have been buying rather
freely.
On the 3d inst. they took 600,000 bushels of old
crop wheat for shipment to Germany, Belgium and Norway.
Cables from Germany asked for firm offers.
This evidently
meant that buyers there contemplated going ahead here.
Cash wheat was very strong.
A better demand was re¬
ported in Minneapolis and on the 3d inst. high-grade milling
wheat rose 6^c.
Continued cold weather over the Middle
West with predictions of frost also caused more or less
nervousness
among
the shorts.
"Orange frost" and ex¬
cessive rains told for a time, even though crop reports in the
main have recently been favorable.
Earlier in the week
800,000 bushels were taken for export and on the 2d inst.
500,000 bushels, favored by lower freight rates from the
Atlantic range of ports to the Continent which went into
of first and second clears and
grade dark
effect
on
showed
a
indicated
rye
flour.
On the 4th inst. the Snow crop report
that date.
loss in condition of 3 points from April 1 with an
yield of 644,000,000 bushels and
a
possible de¬
of 2,000,000 acres in the spring wheat areas.
The
Goodman report put the loss at 2.8% in condition with an
crease
crop of 640,000,000 bushels and a decrease of
10% in the spring wheat area.
The cut in the spring
indicated
about
wheat acreage was rather larger than expected.
It indicates
the smallest area for some years past.
Private cables from
Europe claimed that wheat was being offered more freely
by competitors of America at lower figures.
Yet about
700,000 bushels, including two cargoes' for Norway, were
sold.
Later, when the demand from shorts fell off on the
4th inst.,- May fell 6c. from the early "high" of SI 44,
closing at $1 38, and July from SI 13 to a final SI 09h£c.
The Snow-Bartlett-Frazier crop report shows an abandon¬
ment of wheat acreage of 2.1%, or 877,000 acres.
Very
little of this
represents winter killing, which is the smallest in
Of the abandonment, 414,000 acres is in
Kansas, the result of dry weather last fall and high winds
years.
spring; 93,000 acres in Texas, representing green bug
practically the only material loss resulting anywhere
loss and
that enemy.
from
The winter wheat condition is 88.6, or
points lower than on April 1st and about 2 points higher
than the average for the past ten years.
Uponfthe basis of
the Government method of figuring the present returns indi¬
3
Barely sfy
Steady
Quiet unch.
to 1 pt.
11 @15 pts.
4@8 pts.
opened \
Market,
any
that stocks of such flour have piled up.
freely,
this
Mid.TJpI'ds
25 to 50c. per
qualities, although the advance
in prices has latterly caused some decrease in the sales to
Europe.
Eastern mills have offered soft winter flour much
many
Small
<
P. M.
Tuesday.
some
disposed to buy at the old
mills, it i3 true, offered flour freely, especially the higher
ers.
6,660,895
advanced
more
have continued to buy such
less
6,660,895 6,128,880
rather
demand has plainly been for
6,907,572 17,441,852 6,388,333 19,705,471
_ _ _ _ _ _
Visible supply May 6
Total
4,792,018
140,524 10,847,453
99,000
2,724,000
399,000
8,000
3,000
745,000
10.000
198,000
9,340,595
were
prices but mills refused to accede to
poor, so
4~,9~5~6~257
__
Buyers
Season.
6,127,809
0,641,379
197,193
650,000
62,000
Other India shipments to
Week.
Season.
May 6 1921.
latterly been higher, owing to a rise in wheat.
grades, for which the demand has recently been particularly
Season.
Week.
Friday Night,
Flour has
ern
1919-20.
...
'
—
Tone—
Spot
Options
8.57
February
Monday,
April 30. May 2.
Saturday.
8.54
March
January
NEW ORLEANS CONTRACT MARKET.
Sales
4
November
May
a
Tues.
Mon.
12W 12 H
28.38
76 H 42
@
Sat.
to
28.65
Apr.
1
given
are
April 30
d.
d.
78
7.31 70
14 H
d.
b.
87
6.94 61
18
25
prices of futures at Liverpool for each day
below:
Mid.
Twist.
Mid.
Cot'n
Cot'n
ings, Common
to Finest.
32* Cop
Twist.
The
1920.
1921.
8X lbs. Shirt¬
[VOL. 112.
CHRONICLE
THE
4
advance.
Quiet
4@6 pts.
Quiet at
5@7 pts.
decline.
decline-
advance.
Quiet
Quiet
1
Quiet
pts. adv.
pt. adv. 3 pts. adv.
4
to
4
2
pts. 13@14 pts. to
pts. to
pts.
decline.
decline.
advance.
decline.
Quiet at
5@12 pts.
advance.
cate
a
crop
probability of about 644.000,000 bushels. The
satisfactory in every sectionfof import¬
moisture situation is
ance.
MAY 7
Later
THE
1921.]
The
good buying by commission
bullish Inglis report. The
strength displayed at Winnipeg also was a factor. Winni¬
peg May was 1723^ and July 145%c.. or 5K and 434c.,
respectively, above an early low level.
On May 5th Chi¬
cago May at noon was around 140 and July 11034There
was a scarcity of cash wheat reported and damage to crop in
prices advanced
1993
CHKONICLE
on
following
closing quotations:
are
GRAIN
houses and short covering on a
Oklahoma
and
Institute
International
The
Kansas.
Wheat—
DAILY
■
'','i '.'I11'.'.
DAILY
Sat.
^cfcs.159
No. 2 red
CLOSING
PRICES
WHEAT
OF
No. 2
No
Mon.
Sat.
Indian
liveries
corn
Wed.
Tues.
still
against 5,039,000
23,018,000 bushels
Thurs.
Fri.
a
year
ago.
length of time they
soon
tainly
taken 750,000 bushels, but nothing of the kind has been
reported since.
The May option has held up better than
expected, for the May deliveries have been unexpectedly
small, whereas late last week it was confidently assumed
that on May 2 the total at Chicago would be large.
Still,
aside from the small tenders on May and the firmness of
wheat, corn has had little to support it in the presence of
big supplies.
.
Later in the week exporters
The trouble
took about 500,000 bushels.
trade was neu¬
however that this foreign
was
large country offerings and evidences of
position.
Still later however, prices
advanced on covering by overnight shorts and scattered
local buying on the strength of wheat and oats.
Rumors
were afloat of export inquiry.
Chicago shipped out 918,000
bushels on Wednesday.
To-day prices were higher and they
are up for the week.
tralized by reports of
a
weaker technical
DAILY
CLOSING
PRICES
OF
Sat.
No.
cts_ 79%
2 yellow
YORK.
NEW
CORN
IN
Mm.
Tues.
81%
84%
Thurs.
Wed.
82%
Fri.
84%
84%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
cts_ 57
May delivery
July delivery..,..
60%
58%
62
.
1 95 @
2 05
5 20®
1 85®
2 00
meal
Yellow
Corn flour
60
62%
58%
61%
59%
62%
60%
63%
£ Oats have developed no striking features except the de¬
livery on May contracts of '4,700,000 bushels.
Prices have
widely.
Receipts have increased at primary
points and the visible supply in the United States fell off last
week only 262,000 bushels, against 437,000 bushels in the
not fluctuated
week last
year;
that the total is still 30,739,000
so
bushels, against 6,813,000 a year ago.
As an offset wheat
has advanced, and this has tended to steady oats prices.
On
May 2nd, Chicago reported the largest shipping sales of oats
for the season.
But, on the other hand, the demand for
cash oats as a rule has been small; at times, indeed, almost
negligible.
Speculation, too, has been small.
Some think
the price discounts the big stocks, but others look for lower
prices with visible supplies over four times as large as they
were a year ago.
On the 4th inst. there were clearances
from New York of 97,000 bushels, making 556,000 thus far
this week.
That, by the way, is the largest export move¬
ment for a good while,
^o be sure, it was mostly of Cana¬
dian oats.
The European demand for American oats is
said to be very small, if there is any at all.
Later prices
advanced on an unfavorable Inglis report.
Shorts were
active buyers.
To-day prices advanced and they are I to
134c. higher for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues. Wed.
Thurs.
No. 1 white
follows:
of the crop were generally unsatisfactory in
behind the average season and is progressing
progress
now
DAILY CLOSING PRICES
weather in California and by rust in some
generally favorable in the spring wheat belt, except for?
in some of the more Eastern districts.
Seeding ■
completed and the crop on the whole is germinating or growing
The week was
local damage by heavy rains
is about
satisfactorily.
OATS.—Weather conditions were mostly unfavorable for oats from the
Mississippi Valley westward to the Rocky Mountains, where germination
growth have been slow in many localities.
East of the Mississippi
Valley the weather has been more favorable for this crop.
CORN.—The cool weather during the week was decidedly unfavorable
for the advance of corn in the Southern States.
Work was greatly retarded
by wet weather and lack of sunshine in most Central districts and replanting
was delayed in the Southwest.
Field work is nearly two weeks behind the
average time in Missouri.
/ ...>■/.-V'V/\;
and
The statement of the movement of breadstuffs to
37%
35%
38%
34%
37
36%
38%
37%
39%
Rye advanced with a good demand from May shorts,
wheat up, stocks small and the general situation on the
face of it at least bullish in the opinion of very many.
Be¬
sides exporters
took 200,000 bushels
on
the 2nd inst. and
150,000 bushels on the 5th inst.
The visible supply in the
United States has fallen to 1,441,000 bushels
against
15,559.000 bushels a year ago.
Actual cash transactions
rule have not been very large, but May advanced on the
3rd inst. 5c. with shorts stamped like those in wheat.
On
the 5th inst. they ran before an advance of 434 to 5% with
exporters bying.
Prices close today higher than a week ago.
as a
DAILY CLOSING
PRICES OF RYE FUTURES IN
'
Sat.
May delivery
July delivery
Mon.
Tues.
CHICAGO.
Wed.
Thurs.
..cts.129% 132% 137% 316% 142
102% 105
107% 105% 110
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:
indicated below
are
Corn.
Wheat.
Flour.
Receipts at-
Rye,
Barley.
Oats.
bbls.ivms. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs bush A8lbs.'bush .56 lbs.*
278,000
1,252,000
»
113,000
51,000
142,000
29,000
28,000
39,000
28,000
82,000
32,000
36,000
563,000
Toledo
Detroit:
Louis
St.
Peoria
Kansas City.,
Omaha
Indianapolis..
Total week '21
207,000
145,000
354,000
192,000
Same
wk.
'20
358,000
128,000
5,142,000
4,430,000
2,766,000
2,335,000
Same
wk.
'19
359,000
2,412,000
4,216,000
150,000
18,000
2,000
50,000
162,000
50,000
313,000
7,000
1,308,000
410,000
38,000
40,000
26,000
55,000
400,000
110,000
143,000
14,000
98,000
570,000
Dulutb..
Milwaukee
118,000
90,000
10,000
1,283,000
1,872,000
197,000
Chicago
•
290,000
168,000
21,000
72,000
302,000
7,000
2,603,000
353,000
2,514,000
4,547,000
1,690,000
575,000
683,000
738,000
1,075,000
Since Aug. 1—
1920-21
1919-20..
1918-19....
22,050,000 285,067,000 176,818,000 152,793,00022,909,000 15,430,000
16,236,000 380,507,000 156,035,000 171,653,000 27,001,000 29,219,000'
169.740,000 236,643.000 71,587,00040,561,000
113,034,000381,998,000
grain at the seaboard ports for
follow:
Total receipts of flour and
the week ended Apr. 39 1921
Bushels
Barrels.
_
Corn.
Oats.
Barley.
Rye.
Bushels
Bushels.
Bushels.
Bushels.
Wheal.
Flour.
Receipts at-
274,000
112,000
311,000
238,000
17,000
York...
270,000
Portland, Me.
18,000
Philadelphia
56,000
938,000
345,000
661,000
45,666
37,000
327,000
108,000
137,000
213,000
Newport News
33,000
4,000
New Orleans a
*70*660
New
Baltim
_
re
115,000
500,000
146,000
St. John
57,000
;
165,000
14*666
33,000
Galveston
Boston
Slnce Jan.1'20
a
6.886.000
bills
of
46",000
3,082,000
691,000
930,000
466,000
60,626,000
25.931,000
8,670,000
4,785,000
2,209,000
32.918,000
288,000
504,000
6.449.000
12.612.000
New
York
Portland, Me....
Philadelphia
335,000
4.270,000 15,387,000'
,
the several seaboard ports for
the week
shown in the annexed statement:
Wheal.
Corn.
Flour.
Oats.
Bushels.
Exports from—
553,000
9,012,000
1,077,000
through New Orleans for foreign ports on
lading.
are
26,000
188,000
1*4,000
The exports from
ending Apr. 30
51,000
87,000
86,000
Receipts do not Include grain passing
thriugh
52,000363,000
114*660
24,000
231,000
35%
37%
con¬
Ten¬
nessee.
Since Jan.1'21
cts. 35
May delivery...
July delivery.......
Wheat
southeastern localities.
and other small grains are deteriorating in western Texas, owing to the
tinued drouth.
Wheat is heading northward to North Carolina and
Week 1920--.
50%
49%
Texas, while planting is
slowly in the northern
Cotton shows considerable Improvement in Arizona,
where conditions have been more favorable for growth.
WHEAT.—The weather was generally cool for the season in the principal
wheat growing States, but moisture was sufficient, except in a few localities
in the Western Great Plains.
Under these conditions winter wheat contin¬
ued to make satisfactory progress in most sections of the country.
There
was some complaint, however, of too rank growth in the lower Missouri
Valley and of some local yellowing in that section, as well as in the central
Mississippi Valley, while the crop has been unfavorably affected by dry
OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
49%
48%
50
49
growing States and
portions of the State.
Montreal
Fri.
•
-
567,000
7,953,000
49%
48%
WEEK ENDING
COTTON.—Continued cool weather in the cotton
Total week *21
49
48
5 50
frequent rains in much of the belt have been unfavorable for cotton, accord¬
ing to the weekly report of the Weather Bureau to-day.
Necessary replant¬
ing has progressed slowly and conditions have been unfavorable for satis¬
factory germination of the late planted.
The weather was less unfavorable,
however, in the northeastern section of the belt, where field work made
fairly good progress;
planting is progressing northward to the northern
boundary of North Carolina, and cotton is up to a generally good stand in
South Carolina, but germination has been poor in Georgia and much re¬
planting is necessary there.
Little cultivation was necessary in the Missis¬
sippi Valley and very little planting was done during the week in the north
central and northwestern portions of the belt.
The condition, stand and
51%
50%
cts.
No. 2 white.
6 75
7 00
goods—Carload
spot delivery...
3.—The
Minneapolis.
same
Nos. 4-0 and 5-0
Oats
general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influences of the weather, for the week ending May 3, is
as
put a new face on the statistical situation.
Cer¬
this decrease occasioned much comment.
On the
other hand, the visible stock is still over four times as large
as a year ago.
And the short interest has been considerably
reduced, things on which some stress is laid.
And as a rule
no large demand has appeared.
It is true that on April 30
the West had a rumor—not confirmed—that exporters had
will
Barley goods—Portage barley:
No. 1
56 75
7 00
Nos. 2,3 and 4 pearl
6 65®
Nos. 2-0 and 3-0
WEATHER BULLETIN FOR THE
latterly been
have
But if such decreases continue for any
67@72
75 @80
«i
_
58 25@ 58 75
Spring patents
7 00@
7 50
Winter straights, soft
8 50
8 00@
Hard winter straights
7 25
6 25 @
Clear
9 00
8 50 @
Rye flour
Corn goods, 100 lbs.;
MAY
IN CHICAGO.
decreasing, something which has not been entirely ignored.
True, the total visible supply in the United States, even
after a decrease last week of no less than 5,261,000 bushels,
or over five times the decrease in the same week last year,
is
Barley—
Feeding
Malting
1 58
of
142% 138
144% 148%
112 y 109% 115
117%
stocks
Besides,
49
FLOUR.
advanced with wheat, especially as May de¬
small.
were
SO 84%
yellow
2
.
51%
50%
No. 3 white
IN NEW
FUTURES
_.....cts_131
134%
,_cts_107% 109
May delivery.
July delivery
No. 2 white
Nominal
Rye—
YORK.
Mon.
Tues. Wed. Thurs.
Fri.
162
:168
166% 173
179
WHEAT
OP
PRICES
No. 1 white
$1 79
spring
Corn—
of
CLOSING
Oats—
.v.
No. 2 red
No. 1
Rome gives the crop condition of winter
cereals as satisfactory in Belgium, Bulgaria. Spain, Poland,
Germany, Great Britain, Rumania and North Africa, and
as average in Italy and Japan.
To-day prices advanced
and they are higher for the week.
Agriculture
"V
.
Bushels
Barrels.
Bushels.
549,570
345,000
249,000
368,240 286,188
18,000
*8*4*,000
238,666
Rye.
Barley.
99,999 146,626
17,000
Galveston
9,600
7,000
32,000
"*5*066
173,000
1*5*,000
9,000
30,000
387,000
Baltimore
733,000
108,000
4,000
2,210,000
1,168,000
667,000
62,000
*8*6", 000
3*3,666
87,000
4,908,370 2.046,240 442,188
218,000 357,999 280,626
112,00011134738 444,397
Newport News...
New Orleans
Peas.
Bushels. Bushels. Bushels
St. John, N. B...
76,000
,
Fri.
143%
111%
Total
week
Week 1920.
-
1.231,638
96,000 349,286
9,600
1994
THE
The destination of these
exports for
July 1 1920 is
CHRONICLE
the week and since
below:
as
bers
are
Flour.
and Since
Week
Since
Apr. 30
July 1
Apr. 30
1921.
1920.
1921.
Barrels.
Barrels.
Kingdom. 213,171
196,660
West Indies
Bushels.
13,000
14,000
996,255
786,427
5,357
...
Brit .No .Am .Cols.
1,231,878
"
Other Countries..
Bushels.
Bushels.
Bushels.
2,045,461
5,659,767
"II"
4,989~292
T
tal......... 442,188 11,945,142
Total 1919-20
349.286 17,466,713
145.043
land,
fall.
discount
the
reflected in
was
from
rate
7
6%%
to
by
further easing of commercial money
a
More choice paper wras discounted at 6%%, although
most of the business was done at 7 to 7%%.
'
DOMESTIC COTTON GOODS.—Commission houses and
jobbers continue
shipment of wheat and corn for the week
ending Apr. 30 1921 and since July 1 1920 and 1919 are
shown in the following:
in
receipt of many small orders for cer¬
tain lines of finished cotton
goods for
majority
4,908.570 290,775,292 2,046,240 33,596,835
1.231,638 136,661,287
96,000 3,680,823
The world's
.
of
rates.
81,281,996
891,495 12,396,184
2,837,109 201,001,193 1,053,745 19,606,664
406,343
26,000
3,452,311;
80,000
50,500
21,000 1,012,832
29,769
3,270,815
knit goods for
reduction
the Federal Reserve Bank, as well as by the Bank of Eng¬
Since
July 1!
1920.
Apr. 30
and
The
Week
Since
Week
1920.
Continent
So. and Cent. Am.
Corn.
July 1
■
1921.
United
|
Wheat.
Week,
July 1 to—
showing more confidence, as they are doing a good,
business, receiving many small orders for cotton,
steady
silk
{Exports for
[VOL. 112.
of
retail
their
cover
interest in
time,
distributers
actual
the
still
requirements
best-known
quick shipment, the
principally
buyipg
and
standard
to
particular
showing
brands.
At
the|
broader inquiry is noted for other lines.
a
same
Leading
selling agents and jobbers made substantial reductions in
prices of bleached and unbleached muslins and tickings for
fall, leading to
Exports.
1920-1921.
Week
Since
July 1.
Bushels.
North Amer.
Week
Since
Since
July 1.
April 30.
Bushels.
April 30.
July 1.
July 1.
Bushels.
Bushels,
Bushels.
Bushels. '
9,872,000 365,793,000 271,791,000
Ruse. & Dan.
Argentina...
3,673*666
68,298,000 181,293,000
Australia
2,944,000
368,000
56,526,000
Total
'
2,692,000
114,586,666
3,673", 000
120,666
1,911,000
16,857,000 500,803.000 538,608,000
....
The
chambrays, for work shirts.
The new prices named for
fall blankets brought in many good orders, and leading mills
83,613,000
9,756,000
230,000
Oth. countr's
35,671,000
11,005,000
90,753,000
2,344,000
1,487,000
570,000
200,000
India.......
1919-1920.
1920-1921.
1919-1920.
'Since
,750,666
i
4,521,000 141,102,000 119,028,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Apr. 30 1921 was as follows:
CVv'VGRAIN STOCKS.
Wheat,
Corn,
Oats,
Rye,
Barley,
bush.
bush.
bush.
bush.
bush.
127,000
622,000
4,000
58,000
243,000
139,000
318,000
79,000
303,000
States—
New York
252,000
Boston
_
Philadelphia
7,000
.
585,000
Baltimore
552,000
484,000
420,000
...
Newport News
1,698,000
Galveston
421,000
1,975,000
835,000
.
Buffalo
1,985,000
afloat
50,000
........
46,000
......
187,000
1,427,000
Minneapolis
2,661,000
148,000
'
......
30,000
101,000
103,000
8,998,000
30,000
836,000
80,000
635,000
471,000
3,000
7,000
4,113,000
599,000
31,000
1,000
68,000
221,000
165,000
401,000
1,325,000
1,003,000
1,997,000
Peoria
Indianapolis
Omaha
.........
....
Lakes
4,000
48,000
219,000
-
6,000
25.000
1,441,000
1,729,000
1,617,000
1,730,000
15,559,000
3,392,000
4,245,000 21,507,000 17,246,000 14,881,000
Note.—Bonded grain not included above: Oats, 61,000 bushels New York; total,
61,000 bushels, against 12,000 in 1920; and barley, New York, 128,000 bushels,
Duluth l.OOOrtotal, 129,000 bushels,
against 81,000 in 1920.
Canadian—:
; "'.v=
•
Montreal
685,000
130,000
Ft. William &Pt. Arthur.
16,475,000
Other Canadian
165,000
.....
......
Total April 30 1921....
17,325,000
Total April 23 1921
18,088,000
Total May
1 1920....
3
366,000
2,768.000
39,000
7,000
......
16,827,000
16,474,000
5,172,000
5,675,000
12,000
1,900,000
763,000
13,449,000 23,018,000 30,739,000
....17,325,000
130,000 16,827,000
1,441,000
7,000
1,729,000
3,173,000
130,000
137,000
9,571,000
Total May
1,290,000
15,461,000
76,000
15,000
1919....32,788,000
,22,000
3,173,000
3,162,000
7,000
4,000
4,000
Summary—
American
Canadian
60s and
68
At the
72s,
x
were
%c
respectively,
mills refused May business at
some
7%c,
those levels,
In fact, the former sold for May-June
more.
delivery at 6%c, and the latter at 7%c for June-July. More
business was offered for July deliveries.
Broader interest
also
was
shown
in
sheetings,
some
buyers making propo¬
sitions to contract for standard goods at
delivery
current levels for
to the end of the year.
As a rule the prices
bag manufacturers on long-term contracts were
too low to prove attractive.
At least most mills were un¬
up
sell
staples far
done for October
ahead, although
delivery.
business
some
The satisfactory wage ad¬
justment in New England created
more confidence, and nu¬
orders that had been hanging fire for months were
merous
finally booked.
fancy
These
for
weaves
included
special
uses
considerable
in the
next
quantities of
spring
yarn
season.
goods showed improvement, and
ders
were
closed
for
also
closed
in
some
specialties
as
handkerchief goods.
fairly good or¬
More business was
largely for manufacturing
GOODS.—Dealers
especially interested in the
in
men's
some
of
purposes.
have
wear
been
fall openings by wholesale
new
clothiers, but there has been little done in the
business.
fancy
pongees,
special constructions of drills and
the heavier twills,
WOOLEN
such
way
of
new
While cutters are standing by their old contracts,
they are not making new ones, the majority of them refus¬
ing to look far ahead until labor conditions are more set¬
tled.
Although the market is reported
customers can still
lias
been
scaling down
more
as
place orders, but at the
the part
on
sold up,
reliable
time there
same
of the sellers of
orders
......
52,355,000
3 1919
82,290,000
placed by less desirable accounts, evidently for the
purpose of keeping goods in strong hands and avoiding can¬
cellations.
Total April 30
1921....30,774,000 23,148,000 47,566,000
Total April 23 1921
33,601,000 28,416,000 47,475,000
Total May
1 1920
Total May
x
quarters at 6%c and
dress fabrics, and
Total April 30 1921....13,449,000
23,018,000 30,739,000
Total Aprll23 1921....15,513,000
28,279,000 31,001,000
Total May
1 1920
42,784,000
5,039,000
6,813,000
Total May
3
1919....49,502,000
although
some
widths, 64
The number and character of the inquiries for fine combed
64,000
183,000
1,005,000
250,000
in
and asked
was
296,000
5,071,000
262,000
.
877,000
St. Louis...............
Kansas City............
available
standard
willing to
36,000
23,000
the
13,000
8,912,000 10,587,000
725,000
120,000
571,000
315,000
235,000
units, notably for prints, special
interest developed, especially in wide print cloths.
93,000
3,000
33,000
118,000
13,000
27,000
111,000
lines in small
offered by
124,000
31,000
609,000
Duluth
On
6,000
106,000
1,380,000
432,000
57,000
.
365,000
.
Detroit
Chicago...
Milwaukee...
for certain
brown goods, and a few colored lines.
The firmer tone in
the gray goods division was well maintained as a broader
2,000
174,000
New Orleans
Toledo.
increasing their output materially, being in many cases
fully sold up for the season.
More export inquiry is noted
are
outset
visible
United
a good business.
Demand for ginghams con¬
brisk, and in many cases first hands have nothing
to sell before October.
An improved demand is also re¬
ported for some heavy colored cottons, such as denims and
tinues
Corn.
Wheal.
4,902,000
4,892,000
5,054,000 11,985,000 15,553,000
5,292,000
4,267,000 27,182,000 17,258,000 15,644,000
1,448,000
1,621,000
and
There
woolens
for
has
been
women's
further
activity
Good
wear.
in
orders
worsteds
been
have
received for quick deliveries of fine serges and small black
and white worsted checks, some
qf them for express ship¬
ment, the available supply being reduced by the withdrawal
THE DRY GOODS TRADE.
New
While there is still
markets, the tone
is
largely
other
tlement,
rates
satisfactory
Prominent
here
in
Europe.
indemnity question
the
was
nearer
foreign
to
a
set¬
exchange
also factors for encouragement.
Moreover,
of 20% in wages by the U. S. Steel
Corporation
generally regarded
which
at
power
in
many
a
present
are
forerunner of increased
a
is
a
pro¬
revival in busi¬
consequent decrease in unemployment,
seriously restricting public buying
sections.
Barring the big marine strike,
so
indications that in other industries also labor is
more
sensible view of wage reductions, which
taking
a
means
much
business and
The
as
distribution, to be followed by
generally and
there
the
cheaper
large for this
work
more
number
of
production,
and
ultimately
better
for all concerned.
buyers in attendance
lines.
At
least
because
of
greatly
some
is
mand
also
remains
unusually
big broadcloth line
improved
reported for
some
demand.
of the
fall
was
with¬
Better
lines,
de¬
notably
fancy skirtings and velour and bolivia coatings; and there
a continued good call
for tweec& and homespuns.
FOREIGN
in
the
DRYGOODS.—Virtual
burlap market,
the
still exists
stagnation
majority of buyers
are still
holding aloof, while the majority of large sellers refuse to
cut
prices further in
ertheless,
a
as
an
effort to stimulate business.
slightly easier tone is noticeable in
some
Nev¬
quar¬
At the outset lightweights on spot were quoted nomi¬
ters.
nally at 3.90c, but even when it was intimated that 3.85c
would be accepted no business resulted.
Some of the larger
holders
asked
weights, but
as
they
much,
were
as
4.35c
known
to
to
4.40c
for
be readily
spot
heavy¬
available
at
4.30c, and perhaps a firm bid of 4.20c might have brought
out some goods.
Calcutta quotations were also a shade
easier.
at
For May-June shipments lightweights were quoted
3.95c and
extremely
season, but in the
one
is
easier
indications
The
was
in
in
developments
these
among
and
and the resultant advances
duction and
ness
with
were
reduction
was
011
situation
German
the
great deal of irregularity in textile
the whole shows improvement.
This
a
keeping
quarters.
financial
that
in
of
drawn
York, Friday Niglit, May 6 1921.
livery
are
heavies at
quiet.
4.55c.
Although
The
linen
market
goods available
for
remains
early
de¬
still being taken in small lots from day to day,
signs of a broadening of trade.
The opinion
majority of cases they are
adhering to their old policy of picking up small lots that
prevails in some quarters that retailers have light stocks,
promise
and
the
a
quick turn-over at
prospect of
more
confident
feeling
heard
contracts
of
a
fair profit.
stable conditions is creating
future commitments and
about
branch of the retail
for
fall
business
delivery.
are
special sales, but manufacturers
against
a
In certain lines
still
Buyers from
more
is
every
seeking bargains for
disposed to fight
are more
continuance of this form of business.
a
more
Many job¬
there
are
no
frequently of poor assortments, but nevertheless
no
dis¬
position is shown to enter into future contracts, and hence
orders
sent
abroad
are
extremely
few
and
far
between.
More talk is heard of the strong statistical position abroad
as
a
result of Russia's failure to
while many
cause
ship noteworthy supplies,
Irish planters have reduced their flax
of recent low prices.
area
be¬
,
MAY 7
1921.]
THE
CHRONICLE
1995
Short-term
^be Chrmiitlje
774,780.
securities issued in April
This includes $112,474,000
aggregated
revenue
PUBLISHED WEEKLY
Terms of
$10 00
for
tances
Naw
account
European
York
.13 50
7 75
11 50
and
subscriptions
advertisements
be
must
made
In
funds.
Subscription includes following Supplements—
Bank and Quotation (monthly) Railway & Industrial (semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
State and Oitt (semi-annually) Bankers' Convention (yearly)
1921.
Perman't loans (U.S.)
81,817,844
♦Tcmn'y loans (U.S.)118,774,780
Canadian loans (per* t>
8,105,224
Bonds TJ.S.Possess'ns
Gen.fund
comparison of all the various
a
1920.
'•••
$
$
1919.
*''•
63,408,434
14,867,835
None
None
6,500,000
bds.,N.Y.C
1917.
$
•'
$
.
52,713,484 14,999,882
41,975,700 25,425,000
7,514,928
8,869,4.08
10,000,000
None
66,311,000
None
years:
1918.
§
"
None
68,277,482
38,468,188
2,100,716
300,000
3,500,000
None
215,197,848 144,587,269 112.204,112 52,994,290 109,146,386
Includes temporary securities issued by New York City. 8112,474,000 in April
1921, §57,065,000 in April 1920, §32,000,000 In April 1919, $17,505,000 in 1918
and $30,610,000 in 1917.
45 cents
On request
Chicago Orrici—19 South La Salle Street, Telephone State 5594.
Dondon OrriCE—Edwards & Smith, 1 Drapers* Gardens. E. O
B.
furnish
we
*
Osntract and Card rates
WILLIAM
following
obligations put out in April in the last five
Total
Terms of Advertising
display matter per agate line
Transient
In the
forms of
of the fluctuations in the rates of exchange, remit¬
v
.
by the City of New York.
6 00
—
■uropean Subscription (including postage)
■uropean Subscription six months (including postage)—
Canadian Subscription (including postage)
NOTICE-i-On
bonds, corporate istock notes and tax notes issued
revenue
Subscription—Payable in Advance
Fsr One Year
Fsr Sir Months
$118,-
bills, special
The number
muniepalities emitting permanent bonds
of
issues made during April 1921
and the number of separate
.DANA COMPANY, Publisher.,
Front, Pine and Depeyater Streets, New York.
517 and 610.
were
respectively.
This contrasts with 285 and
349 for March 1921 and with 298 and 384 for April 1920.
ftafje
For
mttl
Citxj. Bcpartuiettf
MUNICIPAL BOND SALES IN APRIL,
comparative purposes we add the following table,
showing the aggregates of long term issues for April and the
four months for a series of years:
Month of
v
municipal bonds of the long-term variety, issued
new
during April,
tabulated by
as
This
ing month last
compares
us,
reached
total of $81,-
a
with $63,408,434 in the correspond¬
and with $48,224,207 in the .• month of
The largest sale during the month
by the city of Detroit, Mich., which disposed of
year,
March the present year.
of
April
was
$14,039,000 bonds consisting of nine separate issues described
as
follows:
$300,000 5% Belle Island bridge bonds, $2,000,000
5% 1 to 30
year sewer
bonds, $1,319,000 5^% 1 to 10
bonds, $500,000 5A% 20 to 24
sewer
bridge bonds, $1,000,000 5A% 1 to 30
year
year
Belle Island
hospital bonds,
i.'-'1,;
Mouths
63,408,434
158,952,753
14,999,882
90,130,471
1917.-_--.-t68,277,482
169,324,775
206,902,393
-
1916.---.--.3-86,899,155
1915
$76,137,234
1005.
.
1904
—
1913.-
—
1912—
—
9,298,268
1901
26,402,049
171,261,251
1900-.-....-
268,986,826
1899
96,258,461
22,317,243
38,562,686
—
48,803,588
38,254,819
33,192,622
48,650,275
26,098,992
27,336,696
-.-
23,644,915
.
58,333,230
—
1903.___
1/103,224,074
-----
1914
—
1898-.1897
97,951,422
—
—
14,157,809
7,477,406
3,570,963
1909.
—
1908
48,631,385
13,060,323
—
—
—
1907
4,521,850
19,672,118
1895
8,469,464
29,496,406
117,402,998
1894
112,196,084
1893
78,235,067
11,599,392
9,175,788
6,723,000
35,718,205
21,426,859
-
26,305
124,708,581
19,909,004
1910--.
1896—1—
20,691,260
37,462,552
1911
162,
1892-
—
—
---.
26,680,211
28,987,431
t Includes $25,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinkinc Fond of New York City.
$3,000,000 5 A% 1 to 30 year water supply bonds, $3,000,000
5A% 1 to 30
6% 30
1
park and playground bonds, $350,000
year
house of correction bonds and $2,570,000 6%
year
to 30 year sewer
bonds, to
a
syndicate composed of the
Guaranty Company, the National City Company, Harris,
Forbes &
Redmond & Co., all of New York; R. L.
Day & Co., and Merrill, Oldham & Co. of Boston, and the
Trust
National
Co.,
Higbii
Keane,
& Co., and
Company of Detroit, at 100.21,
a
Other important issues included in
5.48%.
Boston,'Mass., $3,265,000 4^%
are:
Includes $55,000,000 bonds issued by New York City at public sale.
Including
the First
basis of about
our
April total
and 5% municipal
improvement bonds awarded to R. L. Day & Co., Harris,
In the following table we
the
Forbes &
School
Co., Estabrook & Co., and Merrill, Oldham & Co.,
joint bid of 100.576,
a
basis of about 4.8&%; Omaha
District, Neb., $2,500,000 5A% school bonds to the
In the
of
case
Trust
Co., of Omaha, at 99.28,
a
basis of about
give
a
list of April 1921 loans to
$81,817,844 issued by 517 municipalities.
each loan reference is made to the page in
the "Chronicle" where the account of the sale is
APRIL
BOND
Name.
Pane.
Rale.
1780.-Abilene, Tex__
1651
Adams, N. Y
1803.-Akron, Ohio (5 iss.)
1530.-Akron. Ohio
1.530-
-
Kans
Price.
100
Basis.
5.00"
100.03
5.99
100.008
5.99
6
1922-1931
621,009
100.07
5.98
1992-1941
1,000.090
100.11
5.48
1922-1941
100,000
1923-1940
25,000
103
19,000
100
6
-
S.
100.115
D.,
1931
6
1090--Anderson Co., So. Caro—
1099
A nniston, Ala
5
199(9—Arkansas
Amount.
.>■: 12,500
116,900
1922-1931
1651 —Amiret Twn., Minn-
_
1922-1934
—6
__—_-
—
_
Maturity.
$300,000
Akron S. D.. Ohio.
Allen Co., Ind
1780—Altamnnt Ind.
So. Dak.
1651
given.
SALES.
5
5^
—
__
1923-1937
1922-1941
—
6.00
75,000
250,000
City S. D. No.2,
5
250,000
6
110.000
1893—Barron Sch. Dist.. Wisc__6
1780
B ay City Ind. S. D.. Tex 5
45.000
—
1999—Bandon.
.
Omaha
of
amount
_
at their
$70,000,000 bonds sold by New York City—$65,000,000 at public
sale and $5,000,000 to the Sinking Fund.
Co., the Bankers Trust Co., Estabrook & Co., E. H.
Rollins & Sons,
Detroit
x
V
year
Months
65,755,686
1906
235,381.921
52,713,484
1918.
—
For the
Four
April.
8,725,437
——$40,409,428
11,814,584
—17,626,820
1902-..
6,735,283
$280,238,91*
1919
1920--_'_
817,844.
Four
$81,817,844
1921.-----
Month of
For the
April.
The
Ore.-
—
-
96
95
20,000
_
100"~"
75,000
100
5Too:
1893--Beaverhead Co. S. D. No.
10,
Mont
-
<11931-1941.
5.55%; Cincinnati, O., $2,350,000 5A% deficiency funding
165V—Beatrice.
6
dl921-1929
20.950
100
bonds to Westheimer & Co. of
1781 ..Bedford School City, Ind.6
1651--Bent, Co. S. D. No. 15,
1922-1930
98,000
100.20
Colo.-------6
1893—Bis Horn Co., Mont.._..5
1652—Bipj Stone Co.. Minn
i539.-Bingham Co. Ind. S. D.
d\ 931-1941
<11931-1941
2,000
100,000
97,000
& Co. of New
York, at
par;
Cincinnati, and J. S. Bache
Jersey City, N. J., $2,028:000
5A% school bonds sold to the National City Company of
New
York
at
101.599,
a
basis of about 5.34%; Wayne
County, Mich., $2,000,000 5% bridge bonds sold to the
Harris Trust &
5
Savings Bank of Chicago; Utah, $1,500,000
A% Bonds of which $1,000,000
are
highway bonds and
$500,000 general fund bonds to Palmer Bond & Mtge. Co.
of
Salt
Lake
City, for the account of the National City
Company, E. H. Rollins & Sons, and the William R. Compton
Co., at 101.05,
a
basis of about 5.41%; Syracuse, N. Y,,
$1,332,000 5% and 5A% municipal improvement bonds to
Eastman, Dillon & Co. and Hornblower & Weeks of New
No.
Neb
8. Ida
—6H
1781.-Boston, Mass. (3 iss.)
5
1781 ..Boston,Mass. (6iss.)
5
1781—Boston, Mass
.A.—5
1781. .Boston
Mass
4 J^
1652—Boonville S. D., M.o
6
1652—Boudler, Colo6
1804__Boynton Sch. Dist.. Okla
1999—Brtehtwood Ind. S. D.,
—
No. Dak
—4
1894.-Brockton, Mass. (2iss.)__5
1894..Brockton, Mass. (3 iss.).-5?^
1894_-Brockton. Mass
5H
1539.-Brookings S. D.. So. Dak6)^
R. I.,
at
100.009,
a
basis of about 5.10%; Woonsocket,
$1,186,000 funding bonds to Estabrook & Co., R. L.
Day & Co., and Merrill, Oldham & Co. at 102.39 for 6s
basis
of
about 5.80%;
a
Toledo, 0., $1,083,616.48 6% de¬
ficiency funding bonds to Field, Richards & Co. at 100.78,
a
basis of about 5.88%; Modesto Irrigation District,
$1,015,000 6% irrigation bonds to the Bank of Italy and the
Anglo & London-Paris National Bank jointly at 98.10,
basis
of
about 6.15%;
Oregon,
a
highway
$1,000,000 5A
bonds awarded to Kissell, Kinnieutt &
Co., Eldredge & Co.,
Stacy & Braun, Anglo & London-Paris National Bank and
Ralph Schneeloch Co., at 97.885,
Philadelphia
School District,
building bonds to
a
a
basis of about 6.11 % and
Pa., $1,000,000 5%
a
basis of
4.9St%.
The total of Canadian
is
school
syndicate headed by the National City
Company and Harris, Forbes & Co., at 100.15,
about
$8,105,224
compared
$9,306,646 in February.
$3,000,000
municipal bonds sold during April
with
$10,131,763
in March
Included in the April total
debentures issued by the
Columbia.
1652--Camp Co., Tex
and
are
Province of British
580.000)
1922-1951
1971
6
1781 ..Canton, Ohio (4 iss.).
Jill
10.576
40.000
1922-1946
101.87
200,000
101.37
4.88^
5.84
80,000
1940
1922-1936
1922-1931
1922-1926
<11931-1941
75,000
60,000)
129.000)
'4.00
100
100.413
5.28
76,500)
70.000
98.86
5.00
100
1923
60.000
1922-1927
12.000
100
6.00
1922-1939
45,000
100.155
5.98
<11931-1951
1922-1931
50,000
600,000
1931-1950
125,000
4.99
100
5.00
400.000
1933-1951.
100.02
11,000
1922-1951
1894-.Canton, No. Caro
6.92
1,000,000]
325,000]
—
1894.-Canton. No. Caro
Calif.;
100
1,360.000)
12,000
Ida...
..6Y
1781 ..Burlington Co., N. J.
6
1781.-Butler, Pa
5
1781.-Caldwell Co. Com. S. D.
No. 4. Tex
5
5~00
100
75.000
1922-1931
1922-1941
1781-_Brownfield Ind. S.D..Tex5
1539_-Brunswick Co., No. Carofi
1999—Bryan, Ohio.
6
1652—Bucyrus City S. D.. Ohio6
1894__Burley Ind. S. D. No. 1,
—
York,
ol936
6~O5
100
,
20,000
75,000
1921-1934
100,000]
1921-1959
665.000)
1924-1934
378,000]
{5Vx
1781 ..Carbon Co.. Utah
.6
1931-1941
1894.-Carlsbad. N. Mex.
1540.-Caroline Co.. Md_
6
dl931-1941
190,000
40,000
.5
1926-1935
50,000
1999--Carthage, Mo
.6
1922-1940
6
1922-1936
100
5.50
150,000
76,000
1894__Ca«'s Sch. Twp., Ind
1652.-Cedarhurst. N. Y__
6
1894__Chaffey U. H. S. D., Cal.6
1652.-Chattanooga, Tenn
5%
1922-1927
7,500
1939-1946
75,000
200,000
1951
95
96" 76'
5~42'
102
106.10
5.52
101.39
5.65
100
5.50
1781 ..Chelan Co. S. D.No. 104.
Wash
No.
1. Okla
40.000
5H
1540.-Chippewa Co.. Minn
1999__Cboctaw Co. Ind. S.
75,000
D.
...1.6
1941
1894.-Cincinnati, Ohio (2 iss.)__5% <11931-1951
1894.-Cincinnati, Ohio
...5% dl931-1941
1894. .Cincinnati, Ohio
5 Vz
1781-_Ci«co Ind. S. D.. Tex__._5
1999.-Clark Co., Wise..
6
1999.-Clark Co., Wise.
.6
1781.-Clark Co. S. D. No. 52,
Ida
6
1894--Clinton Co., Ind
4^
100.000]
2,350,000
250 000
""1926""
1936
101.17
100
5.50
100
5.00
100,000
400,000
1931-1940
22,000
58.800
100
6.00
1922-1931
30,000
100
4.50-.
6
1781__Clay Co., Ind
.1931
21,500
321,000]
Page.
Rate.
Name.
1781-..Clover
S.
So. Caro
No.
D.
Maturity.
Amount.
Price.
Basis.
40.000
98,000
25,000
25,500
94.37
103.57
6.52
6
1941
6
1781—Conroe Ind.£. D., Tex__5
1653--Cottonwood Co., Mlnn__6
1895--Columbia Co. 8. D. No.
35. Wash
1922-1951
1540--Coulee Croche S. D.. La.5
1922-1961
1781--Compton 8. D., Calif
1653—Covina, Calif
6
1653--Covington. Ind._
6
1540--CrawfordCo.,Ind. (3 iss.)5
1653—Crook Co. S. D. No. 16.
Wyo
6
1653.-Crowley Co."D. No. 7.
Colo
6
1781—Dalhart Cons. I.S.D.,Tex5
1653--Defiance County, Ohio. .6
1781—De Leon Ind. 8. D., Tex-5
1540--Detroit, Mich
5
1540--Detroit, Mich
5
1540.-Detroit, Mich
5H
1540--Detroit, Mich
5A
1540--Detroit, Mich. (3 Issues).5 A
1540--Detroit, Mich
6
1540--Detroit, Mich
6
1782—Diamond Hill i.8 D.,Tex.5
-
1653--Dodge Co. Ind. S. D. No.
28, Minn
6A
1782-_Dothan, Ala
6
1895—Douglas Co. 8. D. No.
116, Wash
5%
1782--Duluth, Minn
5
1895-Duluth, Minn
6
1653--Duplin Co., No. Caro.--6
1782--Eagle Rock, Calif.. —
1895--East Hartford Fire Dist.,
o%
1782.-Edinburgh I. 8. D.. Tex-5
2000--EdmoreS. D., No. Dak-.4
1782,-Electra Ind, 8. D., Tex..5
2000_-Elsberry 8. D.. Mo.
5^
1653--El Paso County, Tex
5
1540--Fairfax Sch. Dist., Okla._
2000—Fopd Du Lac, Wis
5
20,000
40,000
25,000
24,000
33.226
"1922-1947
1922-1931
10.000
<21936-1951
:1922-1930
a1935
27,500
125,000
83,000
40.000
300,000
1922-1951 2,000.000
1922-1933 1,319,000
1941-1945
500,000
1922-1951 7,000,000
1951
350.000
1922-1951 2,570,000
70.000
5.66
5.00
100
5.99
100.008
100
5.00
100
6-00
100
100
6.00
5.00
5.48
100.21
1897--Martin Co. Con.
No. 681, Minn
8,000
50,000
100,000
100
5.75
5.31
6-00
1922-19^6
1942-1951
100.000
40,000
1922-1951
""1940 r
1922-1910
100
450,000
40,000
33,000
125,000
20,000
773,000
50,000
260,000
60,000
37,000
70,000
102*89"
-
5.00
4.00
"5.00
100
100
100
—
5.00
100
100
100
6.00
97.50
—_
6".6O
101.002
4.87
5.70
100.80
103.21
5.34
6.00
1923-1947
250,000
..6
8
1922-1926
5,000
1783--Hendersonvilfe.
No. Car.6
1783—Hico Ind. 8. D., Tex
5
1924-1941
250,U00
50,000
100
5.00
1654--Hickory, No. Caro
6
1783—Hidalgo Cora. S. D. No.2,
1924-1936
175,000
100
6.00
100
5.00
1922-1941
30,000
25,560
20,000
100
5.00
100.016
100
100.10
5.49
5.75
1922-1933
1922-1931
1926-1950
1922-1936
1922-1941
1924
1926-1940
1951
1928-1953
100
6.00
5.96
100.214
6.00
100
99.05
5.87
.
••v ' v
•
.
5.60
101
5.62
65,P00
5
5
1922-1931
1940
1921-1950
1654-_Howell County, Mo--—-5
1924-1941
1783--Hudson, So. Dak..._-.-6
1541
Huntington, N.
Huntington Park U. H. 8.
D.. Calif—
5
dl936-1941
30,000
30,000
175,000
135,000
60,000
18,000
300,000
5.99
5,000
100
6.00
100
4.00
100
500
-
1,
-0%
2001—Ironwood S. D:, Mich_-_6
1655--Itasca County, Minn
6
2001--Jackson,
—6
1655—Janesville, Wis
534
1655--Jasper County, Ind
5
1896--Jefferson Co., Kans_____5
1783--Jefferson Co. Com. S. D.
No. 16, Tex
5
1896--Jefferson Sch. Twp., Ind-6
1541--Jersey City, N. J
534
1541--JohnsonCo., Ind. (2iss.)_434
1655..Johnson Co., Ind
434
1655--Johnstown 8. D., Pa
5
1655.-Juneau Co., Wis
5
1655—Kemmerer, Wyo
__6
1541—Kendallville, Ind
6
1784—Kennedy Ind. 8. D., Tex.5
1541--Kenton. Ohio (4 issues)__5
1655--Kershaw Co. 8. D. No. 1,
So. Caro—
i
125.000
1941
1923-1950
1926-1932
1922-1956
1421
1931
1922-1951
1922-1941
1922-1931
1931
Calif
6
5784--LivlngstonInd.S.D.,Tex.5
5.50
4.50
96.014
100
5.60
6.00
34.000
100
6.04
250,000
114,500
600,000
17,000
100,000
100
6.00
100
2002—Montgome'w Co., Ohin._6
1656--Montrose Co. S. D. No.
6.55
100
5.00
100
6.00
101.599
5.34
100
4.50
100
4.50
100.366
4.97
1931-1941
dl931-1941
1923-1936
1921-1939
*
80,000
15,000
70,000
27,000
11,000
92.66
5.73
100
6.00
100.002
100
100
5.00
5.99
5.00
160,000
al932
1925-1936
12,000
6,000
200,000
100
5.75
5.75
100
1922-1926
1940
i
1923-1634
1922-1Q56
1922-1942
1022-1931
100
6.00
6.00
100
100.65
100
100
5.92
4.50
"
5.00
100.41
100
6.00
5.49
5.48
104.282
105.014
97.15
5.7£
l66"~~"
5.00
1542-- Morganton Grad.
Ind.
6.00
100
5"66
6.15
100 0'V)
35.000
41,775
500.000
5.000
100
6.00
100
6.00
13,500
—
95
6.37
96
75,000
1922-1951
1922-1941
290,000
100.835
5.18
200,000
102.013
5.24
325,000
13,500
100.10
D.
S.
1936
6
6A
Ida
1785- -Nash Co., No. Caro
1897- .Nassau Co., N. Y
1897. .Nassau Co., N. Y.
6
5
_5
1542. -Needham, Mass. (2 iss.) 5
1543. -Neosho Spec. Rd.D.,Mo_6
1785. .New Albany Sch. City,
—
>
1924-1941
1931-1941
1933-1940
1922-1941
1923-1933
1926
—6
1785. -New Hartford, N. Y-__5.90
1897- -New Haven, Conn—— ..5
1785. -Niles, Ohio
—6
1543- -Norwich. Conn._5
2^02. -Oakes 8p. 8. D.,No. nak.4
1785- -Oaklawn Ind. 8. D., Tex_5
1922-1928
1936-1941
1931-1936
—-
5.99
;
5.00
100
275,000)
101.19
4.88
170,000
22,000
102.029
96.50
4.75
80,000
100.02
21,000
101.27
500,000
30,300 r 100.417
271,000
<*
1940
100
100,000
210.000
550.0001
8 0«Q
18,000
20.0nn
194Q
100,000
5 3-5 1926-1940
479 nr»n
2^02
Okmulgee County, OWa_5
1921-1935
1951
2,500,000
1898 .Omaha Sch. Dist., Neb_-51^
1543 -Opelousas Sch. D. No. 1,
1922-1936
La.
150,000
—5
1925
1,000,000
1657. -Oregon (State of)_
5A
2002
5.00
100
1926-1950
1785- -Murphy Ind. S. D.f Tex.5
1542. .Nampa Ind. S. D. No.
37,
4.00
D.,
8.
Caro
6
1656- Mt. Lebanon Twp. S. D.,
Pa
5A
1656- -Mt. Vernon, N. Y.
5A
Co.
100
100
98.10
50,000
<11931-1941
6
No. 33,
—6
N.Mex
—
.Oberon S. D., No. Dak.„4
l'ftO"""
6.00
6.62
5.89
4.89
5.95
AOft
100
5.00
100
4.0ft
104.988
5.05
99.28
"5.55
97.885
6.11
—
2003
90,0ft0
-Orland, Calif
1898. .Orrville Sch. Dist., Ohio_6
1898. -Oswego, N. Y—
5H
1657. -Pacific Grove Grammar
.
8.
D., Calif-1785. .Packwood Con.
—
..
1942-1955
1922-1946
1922-1941
6
-
Ind. 8.
Iowa
-___5
Manor,
N. Y.
(2 issues)
_5A
1898- _Pend Oreille Co. S. D.
No. 5, Wash-- ———6
1657- .Pennington Co., Minn
6
1898- -Philadelphia S. D.. Pa.-_5
1657- .Pickaway Co., Ohio.-.7-5
1898...Piermont, N. Y_
..6
1785. .Pike Co., Ohio--.-.
6
1543. -Pitts Co., No. Caro
6
1785- .Pine Bluff Spec. Sch. D.,
inn
100,000 yl02
500,000
101.413
90,000
1925
44,000
<21926-1931
2,000
5.09
101.67
95,000
1926-1947
D.,
-
115,000
1.000,000
1922-1931
38,000
1922-1936
33,750
1931
12,000
1931-1956
1932-1961
1657.
165716572003.
1543.
.Platte Co., Neb...
6.00
102.04
"5.83
100
5.00
100
""
5.80
103.55
100
5.64
45,000
102.153
200,000
100"
18,000
5.00
5.74
5~66
30,000
9,200
140,000
113,000
600,000
1922-1931
\4H
"""1926"""
1785- .Port of Portland, Ore.- _6
2003...Powder River Co. 8. D.
No.
92
-6
_
<21922-1941
1786- -Preble Co., Ohio_._
6
1543. -Prowers Co. S. D. No. 8,
Colo
-6
<21936-1951
-
2003. -Reedley, Calif —
6
1786- -Rexburg, Ida—
6A
1657- -RichlandPar. S. D. No.5,
La
--
—
-
1
1544- -Richmond, Ind
1657. -Ripley Co., Ind. (2 issues)43^
__6
1544- -River Rouge, Mich
1657- -Riverview 8. D.. Calif—-6
6
1544- .Roane Coimty, Tenn
5
1544- .Rock County, Wise.
6
1786- .Rock Hill, So. Caro
-
-
-
1922-1061
al936
6.00
100.15"
4.99
100.264
100.52
5.92
100.107
101.08
5.93
5.98
5.92
2,000
60,000
101.02
5.84
100
6.00
100
100
98.31
5.00
4.50
6.40
100
600
100
6.00
35.000
66.0 ft 0
40,000
-
1922-1924
1922-1931
1951
1923-1941
<21931-1951
1926-1927
1923-1942
1921-1930
1922-1931,
1922-1936
_5.
1922-1941
1544...Salem, Mass
—5Vt
1898...Salisbury, No. Caro
6
1786...Sampson Couhty, No.Car6
1544.,_San Fraiicisco, Calif
4)4
1786...Santa Monica Mun.Impt.
Dist. No. 1, Cal
6
1921-1925
1924-1941
La
5.35
v
1921-1945
6
1786- -Roscoe ind. 8. D., Tex__5
1786- .Rosebud Ind. S. D., Tex_5
1786- .Rosen H'ts I. S. D., Tex_5
1786. .Rush County, Ind-__ —_6
1898. -Saginaw U. S. D., Mich__5J^
1898- -St. Martin Parish Road
Dist. No. 1,
ib2"oi
132,000/
1923-1937
1923-1932
,
.Poplar Bluff S. D., Mo—6
.Portage Vill. 8. D., Ohio-6
1543- .Porter Co., Ind
—/5
Miss
100
<21925-1930
1921-1930
1921-1942
5
6
6
.Pontiac, Mich—
-Pontiac, Mich—
500,000
101.51
100
50.000
130,000
50.0001
Ark
1657- .Rocky River, Ohio (2iss.)6
2003. .Rolling Fork Con. S. D.,
45,000
15,000
395,500
250,000
70,000
5,000
100,000
20,000
55,300
67.000
40,000
5.29
1932-1941
—
5.00
89
55,000
6
—6
100
1922-1933
68,000
1922-1961 2,028,000
1922-1931
43,640
1921-1930
8,600
1926-1947
500,000
_
1542--Livingston Co., Mich
100
28,500
175,000
300,000
•:?
1896—King Co. 8. D. 23, Wash_5&
1541—KingCo. 8. D. 130, Wash-5^ dl922-1929
dl941-1961
1784—Kingstree.So.Caro. (3iss.)6
1655--Kit Carson Co. Cons. 8. D.
No. 1, Colo—
dl936-1951
6
1784—LaGrandeS.D.No.l,Ore.6
2001--Lake Co., Ohio (6issues)_6
1922-1931
1541
Lakewood 8. D., Ohio—6
1923-1952
1784—Lamesa Ind. S. D., Tex—5
1784—Lancaster, Ohio
1896--Lane Co., Ore
<21931-1941"
1655—LarimerGo.S.D.35,Golo-6
1784-_Larchmont, N. Y. (5iss.) 6
serially
2001
La Verne City 8. D.,Callf.6
al935
1784—Lewisvillelna.S.D. Tex_5
1784—Live Oak U. H. 8. D.,
_
50,000
1939-1945
5.96
1785- .Pelham
200,000
38,000
-
D. No.
1923-1928
1923-1941
1923-1949
1922-1929
1922-1958
1543 ..Oil City, Pa..
Jowst
Kans
— —
1
20,000
20 0G)
40,000
1936-1950 1,015,000
1923-1940
50,000
Ind
101.456
100.30
1897—Minnidoka Co. Ind. S. D.
6.00
100
"V
1941
2000—Highland Park" MichI."loA.
1922-1951
1783--Highland Park 8. D,,N.J,5%
1924-1936
1783-HighPoint, No. Caro-._6
dl941-1951
1541--Holbrook, Ariz
6
»
,
6.00
65,000 f
No. 1, Ida
6A
2002..Minot, No. Dak
4
1784—Mission Ind. S.D., Tex—5
1897..Modesto Irr. Dist., Calif.6
1656.-Monroe Co., Ind
6
2402_-Monroe, No. Caro
....6
2902--Montgomery ''o., ¥d„.f»
1656.-Montgomery Co., Md-.-5H
2002—Montgomery Co., Ohio
(4 issues)
-.6
1542. -Mower
100
1783--Hutchinson S.
—
No. 27, Minn..
1929-1940
5.64
I15.030lyl00
>-1' ■ < 1
41936-1951
.5 A
5
6
6
6
5
6
5
.
No
110,000
1654—Indianapolis, Ind-434
1896--Indianapolis S. D., Ind__5
1541--IredellCo., No. Caro.—6
100,000
75,000
16,100
1931
6
Mavwood 8.
16. Colo...
1542.. Mora Co. 8. D.
1923-1933
-
_
103.221
D.
8.
D., Calif.
1542--Meadvilie, Pa.
1656-Michigan (State of)
1656—Middlesex Co., N.J
1656.-Middlesex Co., N. J
1656—Milford, Conn
1897—Mineral Wells, Tex.
1784—Mineral Wells, Tex
_
—
\
100
6.00
2000-
1923-1942
1922-1929
1922-1930
1784—Martindalelnd.S.D., Tex.5
1941
6.00
5.86
5.85
200,000}
125,000
25,500
50 000
34,000
60,000
240,000
48,000
83,000
200,000
45,000
6.00
100
2000--Holmes County, Ohio—-6
2000-. Hooples Cons A.D. .No D.4
1783-.Howard County, Tex
5A
175,000
1923-1952
1926-1936
100
101.08
102.28
1925-1941
100,000
5.00
100
101.27
23,500
250,000
6.29
1931-1950
Tex
1925-1932
1922-1941
101.52
6.00
8
—
-
1656—Mamaroneck XI. F. S. D.
No. 1, N. Y.
5A
1656--Mamaroneck U, F. S. D.
4
No. 1,N. Y
5A
1656.-Marble, Minn
6
1542--Marion County, Ohio
6
2001--MarionCo., Tenn. (3iss.)6f
2001
Basis.
75,000
50,000
5,000
70.000
33,500
96.10
Price.
100
170,000 ylOO
100
1.850
? 12,000
1941
-1922
'
___._6
.
200,000
1922-1926
1922-1926
1922-1941
1922-1931
5.35
No
1922-1931
fll933
1784—Marathon County, Wis. .6
1784-Marion, Ohio
6
100
1654-Higginsville, Mo. (2 iss.) .6
1783--Hidalgo Co. Com. S. D.
—
100,000
55,000
1656—Marion City S. D., Ohio.6
1656—Martin Co., Ind. (2 iss.) .4A
101.12
Tex.
1924-1943
.1922-1941
2001 —Macon Sch. Dist., Mo.--6
Ohio
17,800
5.00
100
50,000
48,000
147,400
85,000
35,000
100.000
500,000
100,000
40,000
544,000
100,000
j)
1°22-1931
.6
-
270,000
-
—
1941
-
1541.-Hempstead U. F. 8. D.
No. 20, N. Y
—.594
1896--Hempstead U. F. 8. D.
5
1655--Madison, Wis..5A.
1542—Margaretta Twp. R. 8. D..
100
Amount.
D.
1911
-
1783—Greenburgh U. F. 8. D.
No. 3, N. Y
5A
1783.-Greene County, Ohio
6
2000--Greene County, Ohio
6
2000-. Greene Twp. R.8.D.,Ohio.6
1654—Haddon School Twp.,Ind.6
1541--Hammond, Ind—----6
1896--Hampden County, Mass.534
2000--Hardeman Co., Tenn——6
1541--Harlinger, Tex .———.-6
1783--Harrison County, Tex..-5
1654—Haywood Co., No. Caro.6
1541 --Hempstead U.F. 8. D.
No. 11, N. Y
6
Rd.
1542—Long Beach, N. Y„6
1655—Long Lake, if. Y„_
6
1655—Los Angeles Co. Rd. Impt.
Dist. No. 166, Calif.._6
1896—McKean County, Pa
6
1542—McLaughlin Ind. 8. D.
No. 3, So. Dak.
6
2O01. .Mel ean Twp.. Ohio
6
1542—Mackay Ind. S. D. 7, Ida.6H
5.00
Maturity.
Rate.
Par.
18.000
1540--Franklinton, La
—
1895.-Fresno, Calif
----7A <2 1921-1925
1923-1932 2,000,000
2000--Fresno Irr. D.,Cal.J2 iss.)6
1,800
1782--Frontier Co. 8. D. 7,Neb,6
200,000
2000—Ft. Smith Wat. Dist.,Ark.7
40,000
2000- Fullerton. Calif.
—
182,000
d 1921-1931
1895--Gadsden, Ala
6
1782--Garden of Eden Dr. D.,
1926-1941
125.000
Mo
6
35,000
1922-1941
1653--Gardner, Mass
5
1922-1926
5,000
1653.-Gardner, Mass
6
67,000
d1925-1940
1540--Gordon, Neb. (2issues;._6
24,000
1541—Grace, Ida
---6
""1941"""
150.0001
2000--Grand Rapids, Mich
6
1941
100,0001
2000--Grand Rapids, Mich
5
1922-1931
45,000
2000--Grant County, Wash
6
Ind.
Name.
No. 3, La
2001-Lodi. Ohio
1931
1782--Forney Ind. 8. D., Tex.,5
No. 10. N. Y
2000--Henderson Con.
Pane.
1896.-Livingston
37
Conn
[VOL. 112.
CHRONICLE
THE
1996
150,000
100
58,000
51,400
105.669
162t000
101.32
57,000
30,000 ylOO
95.334
200,000
100,000
100
9,540
6.00
5.61
6.00
125.000
12,000
11,000
12,000
30,680
950,000
300,000
55,000
485,000
100,000
100
100
100
100
5.48
100.04
100
6.00
100.326
5.95
500,000
.
1658_-Sayreville S.D..N.J
6
1922-1945
375,000
34,000
Mat 7
1921.]
THE
Page.
Name.
1898—Seattle, Wash
2004-_Sebastian
Rate.
f i
Dist.,^
Bridge
IT-
Ark
Maturity.
1927-1941
1928-1939
Price.
Basis.
<21926-1931
6
1931
200,000
300,000
150.000
1927-1941
1926-1940
6
6
60,0001
96.10~
100
4,500
6 00
4,000
100
6
6
90
1922-1930
400,000
2,700
1922-1931
35,000
6,000
1922-1941
300,000
__6
1786.-South Ft.
5.
Worth
1922-1946
6.00
?6
100
6.00
100
5.00
1932
125,000
100,000
100,000
50,000
100,000
346.000
25,000
100
1922-1959
1922-1939
loo"
5.06
1926
40.000
100
6.00
6.03
100
(LOO
100
5.00
100
5.00
Indep.
D., Tex_.
5
1786,-Spencer County, Ind
5
1658--Springfield S. D. No. 186,
III
5
1544- -Springfield Twp. R. S. D.,
Ohio
-
<
v
.
.
1899—Statesville, N. C. (4iss.){6
(6
1786—Stephenvillel. S. D.,Tex_5
1786--Sterling, Colo
—6
1922-1931
1899--Stevens Point, Wise
__5
1786—Suffolk, Va
6
1899—Swink, Colo
6
1899--Syracuse, N.Y. (2 issues) 5
1899--Syracuse, N. Y. (2 issues) 5%
1899--Syracuse, N.Y
5M
1786- -Tallahatchie Co., Miss
1786--Texas
School
Districts,
Tex. (177 issues)
5
2004- Tioga County, Pa
-5
1899--Tipton, Ind
—6
1544--Toledo, Ohio..
6
1786--Toole County, Mont
6
dl931-1936
-
1545—Torrington, Conn______.5M
1787--Troy, N. Y————6
2004—Tuttle 8. D., Calif
_6
1787--Utah (State oI) (2 issues))-5h
1923-1931
1929
1941
~
[5%
4%
1922-1931
2004--Venice Citv S. D.. Calif..6
2004--Versailles Sch. Dist., Mo_6
1545--Wabash County, Ind——4H
1787.-Walnut Spt. I. S. D.,Tex_5
192^-1951
1922-1941
1659__Wapakoneta, Ohio
6
1787
Wapello, Iowa (2 issues) _6
1899--Warrick County, Ind
4%
1924-1942
2004--Vanderburgh Co., Ind
5.10
100
5.00
100
5.no
20,000
1,083,616
100,000
500,000
100
6.00
100.78
5.88
100
6.00
1938
1921-1930
12,000
f0l".78"
5.65
12 < 00
1922-1931
1941
"
1922-1941
al924
.15%
100.009
100 O'O
1922-1926
10,000
780,000
536,000
16,000
200,000
523,750
1922-1941
1922-1931
—
1787--Utica, N. Y_
100
6.00
101.05
1,500,000
180,000\ 101.20
5.41
5.11
31,657/
20 800
100
4.50
100.004
5.99
100""""
100.07
4.50
5.00
5.99
52.000
100""""
4.50
40.000
250,000
31,000
7,000
10,000
110,000
135,000
100
2005_ -WasatchCo. M .S.D.Utah.5
1931
89.987
6.37
2005--Washington Co., Wise.-.5
1787--Washington School Twp.,
1923-1935
450,000
95.16
5.80
1922-1936
1921-1935
1922-1931
90,000
30,000
103.10
1653. .Fruitdale
1787--W terford, N.Y—
6
1659—Watertown, Mass
5
1899__Watertown Indep. S. D.,
So.
Dak
I 2005--Waukesha
__6
1922-1941
County. Wisc_5
192-5-1940
2005--Waukesha Co.. Wise
5
1659--Wayne County, Mich
5%
2005--Wayne Twp. S. D
N. J-6
1786--Waynoka S. D., Okla
6%
1787. .Weatherford, Tex.
5
,
2005--Weld Co.
•
S.
D.
No.
Colo
D. No.
c'1936-1951
...6
—-
1787--West Orange, N. J._
6
1787--West Orange, N. J
6
1545- -Wharton, N.J—
_6
1787—White Plains, N. Y
..5%
1787--Wichita Falls I.S.D.,Tex-5
1545--Wicomico County, Md__5^
1787—Wilmington, Del.-.
4J^
1659—Wilson, Pa.
5
1660--Woodbury Co., Ia. (2 iss.)6
1660
Woodbury County, Iowa _6
2006
Wood County. Ohio_ ——6
1787—Woonsocket, R. I—
6
1545-_Woodville, Ohio-1788-,Yellowstone Co. S. D. No,
I
2, Mont
6
20,000
48,000
104,000
150,000
300,000
150,000
60,000
450,000
75,000
160,000
118,000
1923-1930
1927
1931-1936
19244933
1943-1945
1925-1939
1931-1935
1926-1931
1«22-1"26
/0 noo
1924-1961
1922-1931
1,186,000
6,500
1932-1941
250,000
-.
Total bond sales for April (517
October, 3 issues
October, 2 issues
November
5 79
5.93
5". 10
100
5.00
100.523
5.42
90.42
5.22
100
5.00
103.11
5.64
5.92
too
6 no
102.39
5.80
100
municipalities,
£$81,817,844
Rate.
.....5%
*..—
December
TOTALS
FOR
PREVIOUS
-6
—
Amount.
$175,b00
100,006
100,000
173,000
—
l,5b0,000
256,000
—
We have also learned of the
23.000
following additional sales for
Amount.
Price.
1921
1936
$115,000
246,209
100
100
6.00
4.00
1651—Bayonne, N. J. (Nov.)—3H
1781—Belmont Co., Ohio (May
1936
331,468
100
3.50
1920)-.
——6
1652—Bridgeport, Conn. (June) 5
1652.-Bridgeport, Conn. (June) 5
1652—Bridgeport. Conn. (Dec.) 6
1652--Camden, N. J. (Feb. '20) 4
1652—Camden, N. J. (Feb.'20) 4H
1781— Campbell, Neb
5
1652— Canton, Ohio (Mar. '20)-5
1652--Canton, Ohio (Mar.'20)-6
1652
Canton, Ohio (Mar. '20).5h
1652.-Canton, Ohio (Mar.'20)-5
1781--Carroll. Neb..
6
1652--Chicago San. Dist., 111.
1926
1925-1935
1925-1949
87,840
240,000
200,000
100
100
100
6-00
1924-1929
682,000
101.399
——
1921-1934
1921-1940
100,000
10,000
5,500
65.000
3,012
900
96,000
17,000
100
100
4.00
4.50
—.5
(Nov.)
1652—Cincinnati, O.
1652—Cincinnati, O.
1652--Cincinnati, O.
(2 Issues)
1652--Cincinnati, O.
1652—Cincinnati, O.
1652—Cincinnati, O.
1652_-Cincinnati, O.
d 1925-1940
1927
1928
1924&1930
1928
(21922-1940
(Mar. '20) 5
(Mar. *20) 5
(Apr.'20)-5
(Apr. '20)-5
100
100
100
100
100
5.50
5.00
6-00
5.50
5.00
6.00
-
----
54,000
4,000
1926
<21940-1960
200,000
51.000
(21946-1950
12,8b0
-
—
1910
1940
1940
1940
1940
1940
1940
1940
1925-1935
'I
22,000
13,000
1,000
30,000
11,496
4,000
1,198
50,000
133,000
200,000
35,958
47,296
94,593
60,217
195,000
44,100
April, 1920.
---6
April, 1920-----6
; September
-5
.LaGrange Co., Ind.(Feb.)5
.Lock Haven, Pa. (July)-.5
.Logansport
Sch.
City,
Ind. (Nov.).
---6
-Long Beach, Calif. (Feb.) 5
-Loomis, Neb.
—5
-Louisville, Ky. (Feb. '20) 4h
1655—Lynn, Mass. (Apr. 1920)
(Tissues)
-.4 %
y
1922-1937
1930
1921-1925
1925
1922-1931
1950
1922-1924
1960
1921-1948
1921-1950
1921-1940
1921-1925
1921-1930
1655. ..Lynn, Mass.
1784 -McKeesport,
1921)
1897
— -
-McLeansboro,
1921-1925
30,000
5
1926-1950
1925-1945
Sch.
Dist.,
-
100
100
100"
100
4.75
100
6.00
100
6.00
100
5.50
20,000
--6
Calif.
.6
5
5h
1657..New Bedford, Mass.
(10 issues)--.
1657. .New Bedford, Mass.
(Aug.) (3 issues)...
1657. -New Bedford, Mass.
5h
5h
5h
5h
5 h
5H
5H
.5H
14%
1921-1928
1921-1950
1921-1940
1921-1930
1921-1928
1921-1925
1921-1924
8,000
250,000)
186,0001
475,000
8,000
110,000
4,000
1921-1931
11,000
1921-1930
1921-1940
1921-1929
1920-1924
1920-1926
100,000
100,000
9,000
19,000
7,000
(Feb. 1920) (3 issues)-\4%
N. Y. (Feb.
1921-1960
1920)
4H
2002- .New York, N. Y. (Apr.
1969
1920)
——-4H
1921-1931
1657. -Olig S. D., Calif. (July)_.6
1940
1657. .Omaha, Neb. (Mar. 1920)5
dl926-1941
1785. -O'Neil, Neb
6
dl925-1940
1785. .Oshkosh, Neb
6
1657. -Philadelphia S. D., Pa.
1921-1950
(July)
5
1657. -Philadelphia S. D., Pa.
1921-1950
(November)
—5
1785. -Pomona, Calif. (2 issue..) .5
100.69
100
4.75
100,000
100
4.50
25,000
75,000
100
2002. .New York,
—
S.
Tex. (December)
1657. -Portland, Ore. (Dec.)
Ind.
D., Iowa (May)
100
200,000
8,000
100
5.00
6.00
20,000
100
6.00
340,000
100
5.00
100
5.00
100
660,0001
75,000/
D.,
--5
6
1657. -Providence, R. I. (May).4
1786. .Raisin City S. D., Calif..6
1657. -Reading, Pa
5
1657. -Rockwood Cons.
5.00
5.00
(Jan.
Dec.)
(May)
100
100
6.00
21,000
1921-1930
5.00
6.00
100,000
(Jan.
-5
100
100
100
(Jan.
—'
1921)
1656 ..Miller
111.
50,000
400,000
6,100
42,000
28,000
90,000
20,000
95,000
60,000
6
(Oct,)-
Pa.
1921) -------1784. -McKeesport,
Pa.
.
1898. -Port Arthur Ind.
—
75,00b
1940
5.00
1940
1930
-
-----
1927-1930 2,000,000
200,000
(Jan.'20)_4^
1924
(Jan.'20)-424
1950
(Jan. 1920)
424 dl940-1950
100
1940
48,250'
31,500
2,500
26,120
4,000
2,500
1,500
3,000
23,000
17,500
27,000
14,000
4,000
5,000
16,000
1925
Basis.
Maturity.
6.00
5.00
1940
1940
.
---£>
previous months:
Page.
Name.
Rate.
1651—Bayonne, N.J.(Jan.l920)6
1651—Bayonne, N. J. (Nov.)—4
6.00
100
1940
5h
.. -
January, 1920
1655
1,730,000
4.75
100.04
100
5.00
1922-1931
MONTHS.
Page.
Name.
1894—Brevard Co. Spec. R. & Bridge D. No. 6, Fla. (Mar. list)
1652—Chicago San. Dist., 111. (Nov. list)..
1781 —Clatsop Co.. Ore. (March list)
1653--Duplin Co., No. Caro. (Feb. list)——
1655--Kalamazoo, Mich. (March list)
1657--Providence, R. I. (May list)—'
20b5—Wadsworth School District. Ohio (January List)
1788—Yuma Co. S. D. No. 90, Colo. (March list)-—
6" 00
I 6.00
7.00
1925-1929
1784
following items, included in our totals for previous
months, should be eliminated from the same.
We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found:
5.00
100
1655. .Kalamazoo, Mich. (Feb.) 6
1655- .Kern Co. Union High Sch.
1655
REVISED
5.00
5.00
194,000
220,000
5.50
The
5.50
8.000
1940
1940
1929
1939
1930
0
—5
December, 2 issues.
Basis.
Maturity. Amount.
Price.
100
dl930-1950$2,750,000
6.00
6.00
4.75
100
1940
---oh
—
Name.
5.50
5.50
5.78
217,000
1940
1655. .Jacksonville, Fla. (Nov.).5
Union
S.
D.,
1655. .Jackson
Mich
5
1655
1784
BONDS OF UNITED STATES POSSESSIONS.
1542. -Manila, P. I_._
5,000
8,500
>.0C
5.50
5.50
100
1935
5h
5
December
1655
covering 610 separate issues,.
Page.
...
1930
November, 3 issues
5h
November, 2 issues——6
6.00
100
—
—
D., Calif. (Apr. 1920).5}a
1655- .Knoxville, Tenn.—
100.50
-.
95,180
.
103.68"
...
1930
5
6
5h
-6
5
b
b
5h
5
6
September, 3 issues. — -b
September
0
September
6
September, 2 issues,
100.387
128,600
13,000
-.
—
5
June, 4 issues.
July, 4 issues..--July
J uly, 4 issues
July
August, 2 issues
August
August
August, 3 issues
August, 3 issues.
August, 4issues
5"66
101.47
200
dl930-1950
dl930-1940
1654. .Idaho Sch. D.'s, Idaho—
20,000
1931-1940
1923-1935
d1930-1950
dl930-1940
1934-1941
5 96
100
400
400,000
24,000
39,500
2,900
1930
7
89,
.__6
-
200,000
2,900
d1930-1940
6
Ida
5.82
100 25
40,000
36,000
11,300
6,500
—
5.99
94.58
Basis.
73,500
dl925-2945
54 5
100.10
Price.
158,000
1,400
1,000
4,250
10,000
(11930-1940
—b
1782. .Gordon, Neb
1783. .Hamilton Co., Ohio (Apr.
1920)
6
1783. .Hamilton Co., Ohio (Apr.
1920) (4 issues)
— — -5
1783. .Hollisterlnd. S. D. No. 7,
89,
Colo
2005--Weld Col S.
450.000
177.0001
Ql6.oon<
1922-1936
1921-1936 2,000,000
1923-1946
24.000
1941
50,000
1940
Calif.
D.,
S.
(June)...
4.70
—_6
—
1928
Amount.
36,700
4,600
70,000
1940
600,000 *100
1970
2,000 *100
1921-1922
10,000
100
1940
100
100,000
1921-1930
5H
1652—Cleveland. Ohio (Jum)
100
135,000
1927-1928
o
100
71,000
1921-1923
.5%
102.37
50,000
1922-1954
.-.-6
1653 .Davis, Calif--100
4,000
1925-1928
1653 -Davis, Calif
__-6
100
750,000
1950
1653. -Detroit, Mich- (Aug.)-—5^
100 1
;
1921-1945
124,000
1653. _Dundee Road Dist. .Miss.6
100
105,000
1921-1925
1653. -Evansville, Ind.(Apr. 20) 4-3-4
100
400,000
1936-1940
1653. -Flint, Mich. (Apr. '20)--5
100
28,000
1941-1947
1653. -Flint, Mich. (Apr. '20)--5
100
90,000
1943-1945
1653- -Flint. Mich. (Dec.)-.5
25,000
1924-1925
2000. _Fond Du Lac, Wisc.(Dec)5
104~063
52,500
1940
1653- .Fort Wayne, Ind. (Sept.) 6
100
76,000
1925&1930
1653- .Fort Wayne, Ind.(June).6
100
'25,'30,'35&'40 68,000
1653- -Fort Wayne, Ind. (June).6
100
1,000
1925
1653. .Fort Wayne, Ind. (June).434
6.00
15 750
100
100.27
Ind
1928
(11930-1940
<11930-1950
(11930-1945
*
6
-
1930
1652.-Cincinnati, O. (July) ——6
1652- -Cincinnati, O. (July)
-6
1652— Cincinnati,
O. (July (2
issues)
■'—6
1652.-Cincinnati, O. (July)
6
1652.-Cincinnati, O. (July)
6
1652--Cincinnati, O. (Aug.)
6
1652.-Cincinnati, O. (Aug.) —-6
1652.-Cincinnati, O. (Aug.) (2
issues)
0
1652. .Cincinnati,
O.
(Sept.)
(2 issues)
6
1652—Cincinnati, O. (Sept.) .-6
1652.-Cincinnati,
O.
(Oct.)
(2 issues).
o
1652—Cincinnati, O. (Nov.) .—6
1652..Cincinnati, O. (Dec.)
b
1652.-Cincinnati, O. (Dec.) — —6
1652_ -Cincinnati, O. (Dec.) — — 6
1652.-Cleveland, O. (June)
5%
1652.-Cleveland, Ohio (June) —5
— -
100
1658. -Southeast-Arkansas Levee
District, Ark
1899--South Euclid, Ohio
<11930-1940
1945
1652_-Cincinnati,"o" "(May) ——5
2004--Snohomish Co. S. D. No.
Wash
Name. Rate. Maturity.
1652—Cincinnati, O, (Apr. '20) _5
dl941-1966
1940
1652--Cincinnati, O. (Apr. *20)1925
1652—Cincinnati, O. (Apr. '20)-5
1940
1652—Cincinnati, O. (Apr. '20)-5
dl940-1950
1652--Cincinnati, O. (May)
5
1652—Cincinnati, O. (May) (2
Page.
issues)
100.49
50,000/
4, Wash
_6
2004—Snohomish Co. S. D. No.
93,
1997
-
1786—Shawnee County, Kans._5
2004.-Sheridan Co. S, D. No. 7,
Wyo
1786- -Sibley County, Minn
1786—Sibley County, Minn
Amount.
600,0001
206,0001
CHRONICLE
1950
1922-1935
1921-1933
23,000
620,010
1.490.000 *100
100.37
34,000
100
422.000
S.
5
1925
95,000
4.66
5.95
5.00
1998
THE
Page.
Name.
Minn. (Oct.)..
Minn. (July)..
Minn. (Aug.).
Minn. (Nov.).
Rate.
Maturity.
1.923
Amount
6,253,900
300,000
200,000
200,000
5
1934-1954
200.000
Diego, Calif. (Feb. b
1920) (6 issues)..
5
1921-1926
1921-1960
250,000
80,000
1658.-St. Paul.
1658..St. Paul,
1658.-St. Paul,
1658._8t. Paul,
.6
.6
1923
.6
1923
.6
Price. Basis.
.
25,000
b
1928-1932
93.32
99.00
92.20
100
1921-1960
38,000
100
16
1921-1933
1931
65,000
15,000
100.56
1920-1930
60,611
1658..San
5
1658..Sandusky S. D., Ohio
1658. .Savannah,
(5
Ga.
I
.6
6
.6
6
5-00
99.00
5.94
various
.
1899—Sioux
127, 111. (Nov.)...6
-6
City Ind. S. D.,
Iowa (Dec.)
1658—Sleepy Eye S. D., Minn
60,000
105.50
4.58
100
4.00
100
6.00
77,941
No.
18.000
1658. .Teel
Irrig.
Dist.,
(April 1920)
1931
Ore
cf"'
6
—
6.000
1926&1931
*
33,783
-31,
179,000
90
5
1949
300,000
6
1929
30,000
87,000
75.000
75,000
25,000
20,000
30,000
100
5.00
125,000
100
6.00
5
1934
2004.-Toledo, Ohio (Jan.-Dec
1920)-..
5
1948
4
1929-1931
1658. .Tulsa, Okla. (Sept.)..
1658. .Tunica Co., Miss___
5
5
.Union
1787..
Ore.
Co.
S.
D.
1939
6
No.
(Oct.)..
1924
5
1922-1941
1,
...
6
y
6.00
50,000
1658.. Upper Merion Twp. S. D.
5
1926-1950
1659.. Walla Walla? Wash———
.6
1899.. Waltham, Mass. (July)._iZ2
1899-. Waltham, Mass. (Apr. *20) 4 ^
1899-. Waltham, Mass. (July)..5M
1899.. Waltham, Mass.(Apr.'20)5Yi
1659.. Warren Co., Miss
6
Jan.'20) (2 iss.) 5
(Apr.'20) (5 iss.)5
1659. .Wichita, (May)
5
Kan .-{(June)
5
(June)
5
(Aug.) (2 iss.)..5
Oct.) (2 iss.).—5
I (Dec.)
5
1659. Wilmington, Del. (Jan.14^
1921) (2 iss.)
\4H
1923
S.
D. No.
1940
1925
1922-1946
1921-1930
1921-1930
1921
8.
D.,
6.00
4.50
*100
*100
101.355
4.50
5.25
1921-1930
109,086
1933-1937
—
-
dl931-1941
16,300
Ohio
12.000
Governor Milier appointed the following to membership in the new organi¬
Ex-Governor Alfred E. Smith, Lewis H. Pounds and E. H. Outer-
Mr. Willcox said that the time had passed when the needs of the port
could be settled by the individual unites of the two States, or even bv the
City of New York.
This, he said, was the outstanding reason for the forma¬
tion of the old commission.
He added that the result of the study of the
commission was embodied in the recommendation for the establishment of
■
(July)
ington.
are Messrs. Smith, Van Buskirk and Ford,
The chairman of the Port Authority is Mr. Outerbridge and the other
Spencer Smith, Vice-President; William Leary, Secretary;
Julius Henry Cohen, Counsel, and B. F. Cresson, Jr., Chief Engineer.
Mr. Kingsley said that the signing of the treaty was a step toward the
realization of the idea of unified control and development of the port, and
introducted Mr. Willcox, who described the three years' efforts of the old
commission, of which he was President.
150,000
40,000
25,000
1953
*
officers are, J.
120,512
1929-1939
"In the presence of many officials of New York and New Jersey and men
prominent in the commercial life of both States, the port treaty between
New York and New Jersey was signed yesterday in the Chamber of Com¬
merce of the State of New York, 65 Liberty Street.
i
The agreement, ratified by both Legislatures after four years of struggle,
was signed at a special
meeting of the Chamber presided over by Darwin P.
Kingsley.
Governor Miller and Senator Walter E. Edge were present.
A group of
men active in
the movement that led up to the formation of the Port
Authority, which abolished the New York and New Jersey Port and Harbor
Commission, signed the treaty as witnesses.
Neither Governor Edward of
New Jersey nor Mavor Hylan and members of the Board of Estimate, all
of whom opposed the treaty, were present, although invited.
The treaty gives into the hands of the Port Authority control of improve¬
ments and development, in conjunction with the Federal authorities.
The
War Department has jurisdiction and a voice in all plans.
The treats was signed on behalf of New York by William R. Willcox and
E. H. Outerbridge, and on behalf of New Jersey by J
Spencer Smith, De
Witt Van Bus«cirk, Frank R. Ford and Attorney General Thomas C.
McCran.
Attorney General Charles D. Newton was expected to sign for
New York, but was detained in Buffalo.
Dock Commissioner Murray
Iluibert, a member of the old commission superseded yesterday by the
Porth Authority, was unable to be present, having been detained in Wash¬
zation:
152,220
1921-1930
said:
bridge, The New Jersey members
2,251
1,647
1 921
1921-1930
6
Zanesville
2,500
26,500
100,000
390.100
114,761
771.306
90,
Colo
1660.
4.98
100.10
100
*100
1925
....
1788.. Yuma Co.
100,000
64,000
for New York City was given as 5,621,151.
was
100.000
6
census
Jersey Port Treaty
Signed.—The port treaty between New York and New Jersey
signed on April 30.
The New York "Times" on May 1,
146,380
300.000
1658—Storden, Minn..
6
1658—Tacoma, Wash. (4 iss.)_. 6
1920.
The total 1920
New York State.—New York and New
1941
.Stillwater Co.
D.
5.00
1941
1786
S.
100
A
'
*
.Spokane, ----Wash. (Dec.)—5
Thirty nations were represented in New York's polyglot peoples, the an¬
showed, exclusive of those from Canada and South America.
foreign-born population increased in the aggregate 3.2%
from 1910 to
_
.5
1658
126,447.
nouncement
184.499
1922-1931
_
No.
34,750
1933
1943
Natives of Russia led in the number with 479,481; Italians numbered
388,427; Irish, 202,833; Germans, 193,558; Poles, 145,257, and Austnans,.
The
„
1658..Schenectady, N. Y. (Dec
(4 issues)
.5
1786.. Seat tie, Wash. (7 issues). 6
.6
1786. Seattle, Wash
.6
~
1658._Sherrard Com. H. S. D.
New York City.—Decrease in City's Foreign-Born Popula¬
tion.—Figures given out by the Census Bureau on April 6
place the foreign-born white population at 1,989,216, or
35.4% of the total population, as compared with 40.4% in
1910.
The New York "Evening Post" dated May 6 said:
,
5.00
(Sept.)
Issues).
[Vol. 112.
CHRONICLE
100
6.00
All of the above sales (except as indicated) are for March.
additional March issues will make the total sales
the port authority.
Governor Miller said that the work the port authority was expected to do
was second to none of which he could think, and if the work bore fruit it
would exceed in importance 'any single enterprise or undertaking we know
These
of.'"
(not including temporary loans) for that month $48,224,207.
Proposed Amendments to State Constitution Approved by
Legislature.—Nine proposed amendments to the State Con¬
stitution were approved by the recent Legislature.
Seven
of these will be submitted to the
people, this fall, one in 1922
and the other must be approved by the 1923 Legislature.
The bill proposing to extend the limit of local indebtedness
for the purpose of providing buildings for meeting
placed for
war veterans
(V. 112, p. 579) failed of passage.
A special
dispatch from Albany to the New York "Times" enumerates
the proposed changes as follows:
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN APRIL
Page.
Name.
Rate.
1900. -Acton, Ont
1788. .Alberta (Province of)
1660_ -Albert R.M., Man
Amount.
Maturity.
1922-1951
18,000
1936
2,000,000
1922-1951
50,000
1922-1941
27,060
1922-1941
15,000
6K
5
6
1660. -Aurora, Ont_
5Yz<
1660- .Belle Plaine, Sask....__-7H
2006. .Belleville
Ont
6
1900. -BritishColumbia(Prov.of)6
2006. -Brockvjlle, Ont
6
1788. .Burlington, Ont
6
1941
210,000
1926
3,000,000
1931
c
30 0 4)
1951
48,404
40,000
235,000
35,000
34,100
1951
1922-1951
1922-1941
2006- Dufferin R. M., Man
6
1660- -East St. John S. D., N. B.6
Border
Utilities
1941-1945
Basis
6.38
96
6.40
93.97
100
7"50
96.719
100.01
6.29
97.579
95.78
6.51
60,000
1900. -Cap de la Madeleine, Que.6
1788. .Carleton Co., Ont—
6
1660. .Craik S. D. 891, Sask_._5%
1788. .Dixie, Ont
6
-
Price.
99.079
96.42
5.99
96.07
97.937
100
6.30
5.75
97.43
6,57
8,000
1900. -Essex
Com., Ont
1788.
.
Fertile Valley R.M., Sask. 8
1660. .Joliette, Que
1900. .Kent, B. C__.__
1922-1931
6
1922-1926
6
1900. .Miniota,
R. M., Man__/5^
1922-1951
1922-1941
15H
1900. .Minto Twp., Ont
6
1922-1931
1900. .Niagara Falls, Ont...
1922-1951
5
2006,, .Oshawa, Ont. (2 issues) __6
1936 & 1951
1546.. .Quebec, Que
1931
.6
1900. .Regina, Sask
J6
\6H
643
250,000
84.59
190.257
95.90
810,000
45,1001
99.13
6.55
6.11
97.14
6.66
94.96
6.48
150,000/
50.0001
1931
1951
1931
1941
7
1931
1788-, .Saskatchewan S. D., Sask,.8
1788.. .Sasman R. M., Sask
_.8
1941
Ont
6.55
1951
6
6
1922-1941
6
.
6.45
97.42
99
3,500/
4,000
70.000
2006- .Saskatchewan S. D. ,Sask.7 M &8
Ste.
1900- .Saulte
Marie
Sep.
1900-. Toronto Twp .,Ont
89.50
1941
1936
Boniface, Mam___._6
2006. -St. Boniface, Man
6
2006. .St.
Boniface, Man.;
„_6
1660. .Sackville, N.B
5
1788-, .St. John, N. B
6
1788.. .Sudbury,
80,000\
1922-1951
2006- .St.
D., Que
1900. .Stettler, Alta
94.76
108,910/
2006-; .Rockwood R. M., Man__6
2006. .St, Boniface, Man...
6
S.
38,210
5,050
47,000
20,000
1922-1951
85,000
12,000
23,000
5,250
54,000
35,000
1921
84.25
6.15
...
__
1941
100
7.00
91.213
97.43
7.15
6.22
Amount.
Price.
100
$90,500
35,250
26,200
500,000
97.89
Basis.
6.00
Average date of maturity,
d Subject to call in and after the earlier
and mature in the later year,
k Not including $118,774,780 of tem¬
loans reported, and which do not belong in the list.
* Taken by
sinking fund as an investment,
y And
other considerations,
m Not
including $4,000,000 in temporary loans negotiated, which do not belong
a
porary
v
NEWS
ITEMS.
Hampshire.—Legislature
Adjourns— The
Hampshire Legislature adjourned on April 14.
New
Control.
The
New
the
York
"Tribune"
says:
for setting into motion a
general survey of the State departments for the purpose of eliminating waste
of effort, time and money.
Under the provisions of the bill Governor Miller
measure
is to be chairman of the board.
paves
way
The other members will be Senator Charles
Assembly Ways and Means Committee.
The board probably will organize within the next few weeks.
It is
as one of its first official acts, to institute a general investigation of
the various departments, bureaus and boards for the purpose of putting
them on a business footing.
1
planned,
Proposals to Amend Savings Bank Investment Law, Defeated.
proposing to amend sections 239 and 239-a of
the Banking Law, which sections contain the provisions as to
the legal investments for savings banks of New York State
(V. 112, p. 437, 1050 and 1183) failed to pass in the Legisla¬
ture.
Two
amendments
extend the
(V. 112,
p.
BOND
New
Mexico.—Legislature Adjourns.—The New Mexico
Legislature adjourned on March 12.
and
—The bills
year
New
Creating State Board of Estimate Signed.—Governor
on April 28 signed a bill
creating a State Board of
Estimate
Hewitt, chairman of the Senate Committee on Finance; State Comptroller
James A. Wendell and Assemblyman Joseph A. McGinnis, chairman of the
indicated) took
Thqse additional March sales make the
$10,783,713.
;
Mohawk and the Herkimer County line and between Herkimer and Oneida.
"The enactment of this
total sales of debentures for that month
in the list.
with increased jurisdiction.
Whether Westchester and Nassau County voters should have the right to
Miller
6.25
All the above sales of debentures (except as
place in March.
literacy test for voters.
It pro¬
shall become entitled to vote by
Service preference be extended to World War Veterans shall be written into
the Constitution.
Other proposals to be voted upon in the Fall are:
\
Whether Children's Courts and Courts of Domestic Relations should be
established as separate tribunals or should be made a part of existing courts,
Bill
97.24
--m$8,105,224
Maturity.
a
person
98.50
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS
Page.
Name.
Rate.
1660--Chatham, Ont. (2 iss.)
6
1546__SaskatchewanS. D., Sask.
1660__SaskatchewanS.D., Sask.8
1660--Winnipeg, Man_
___-6
1922, 'No
a change in government by
abolishing their Boards of Supervisors.
Whether the State should be permitted to lease or sell part of the old
Canal between Rome and Mohawk, parts of the Canal between
Total amount of debentures sold in Canada
during April
1
Erie
2,6*51
16,000
"Principal of the proposed changes is
vides that after Jan.
attaining majority, by naturalization or otherwise, unless such person is
also able, except for physical disability, to read and write English."
The proposal to be submitted in 1922 increases the salaries of Judges of
the Court of Appeals from $10,000 to $17,500.
Supreme Court Justice
acting as Associate Court of Appeal Judges also will get the same salary.
The voters will be asked next Fall to say whether legislators shall receive
an increase in salary from
$1,500 to $3,000 a year.
The amendment which must be approved in 1923 before being submitted
to the people proposes that the Governor be given 40 days, instead of 30, in
which to act on bills sent to him just before the close of the legislative session.
Voters must determine next Fall whether the Martin proposal that Civil
vote on
70,5481
100,000
19,150
,
to the income tax law proposing to
exemption of personal incomes and of dependents
391) also failed to pass.
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
Alamosa County School District No. 3 (P. O. Alamosa), Colo.—
SALE.—Bankers Trust Co. of Denver has purchased $26,000
6%
Assessed valuation $2,649,790.
10-25-year (opt.) bonds at; 99.52.
Bonded
debt, including this issue, $i31,000.
Population (est.), 1,100.
BOND
MAY 7
THE
1921.]
AMBRIDGE, Beaver County, Pa.—BOND SALE.—On May 2 the
555.000 5%% tax-freepaving bonds offered on that date—V. 112, p. 1780
—were awarded to J. H. Holmes & Co., of Pittsburgh, for $56,512, equal to
102.749,
on
a
Date April 1 1921.
basis of about 5.23%.
Due $5,000 yearly
April 1 from 1931 to 1941, incl.
ANDERSON COUNTY (P. G.
Anderson), So. Caro.—BOND SALE.—
offered on April 19—V. 112, p. 1539—•
The $75,000 highway impt. bonds
Spitzer & Co. of Toledo.
have been sold to Sidney
Due $5,000 yearly from
..v'-V.
1923 to 1937, incl.
yearly on Feb. 1 as follows: $7,000. 1922 to 1926, incl.; $10,000. 1927 to
1931, incl.; $12,000, 1932 to 1936, incl.; $15,000, 1937 to 1940, incl., and
^$45,000, 1941.
DISTRICT NO. 2 (P. O. Arkansas
Kan.—BOND SALE.—On April 25 Vernon H.
Branch & Co. of Wichita purchased $250,000 5% school bldg. bonds at 96.
Denoms. $1,000 and $500.
Date April 15 1921.
Int. A. & O.
CITY
Financial
!
Statement.
1920.-_.__
Total bonded debt, including this issue
Ratio of debt to assessed valuation
$4,555,445,447
Assessed valuation,
51,680,000
1.13%
Population, 1920 Census, 3,426,536; 1910 Census, 2,377,549.
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO. 5,
Tex.—BONDS REGISTERED.—The State Comptroller on April 24 regis¬
tered $300,000 6% serial bonds.
CARNESVILLE SCHOOL DISTRICT (P. O. Carnesville), Franklin
ANNISTON, Calhbun County, Ala.—BOND SALE.—The $250,000
5% gold coupon school bldg. bonds offered on April 26—V. 112, p. 1780—
have been sold, to Steiner Bros, of Birmingham.
Date Fob. 1 1921.
Due
ARKANSAS
1999
CHRONICLE
SCHOOL
City), Cowley County,
County, Ga.—BONDS VOTED.—It is reported that the election held in
school bond issue of $17,500 resulted in an overwhelming
victory for the bonds.
Of 208 registered voters in the district, 192 took
part in the election, and of these, only one voted unfavorably on the bond
issue.'
■
N' 9"v. ;J>
v.:9
L^
/■, ■:
this district upon a
■
CARTHAGE,
County, Mo.—BOND SALE.—Stern Bros. &
both of Kansas City, have purchased $150,000
Jasper
Co. and Prescott & Snider,
6% tax-free bonds,
Denom. $1,000 and $500.
Date Dec. 1 1920. Due
yearly on Dec. 1 as follows: $13,000 1922, $7,500 1923 to 1939, incl.; and
$9,500 1940.
'o
'
ri.
Statement.
Financial
Jefferson), Ohio.—BOND OFFERING.
Brainard, Clerk of Board of County Commissioners, will receive
bids until 1p.m. May 9 for $58,000 6% Geneva-Austinburg Cinder Road
impt. bonds.
Denom. $1,000.
Date April 1 1921.
Int. payable semiann.
(A. & O.) beginning April 1 1922.
Due yearly on Oct. 1 as follows:
$6,000, 1922 to 1929, incl. and $10,000 in 1930.
Cert, check of $500 pay¬
able to County Treasurer, required.
Purchaser to pay accrued interest.
value
$15,000,000
Assessed valuation (1919)----^^...:^—5,715,351
Total bonded debt
—
360,000
Less waterworks and light bonds__r_.____
...
200,000
ATHENS,
McMinn
County,
Ten n.—BOND
OFFERING.—Fred
Stephenson, City Recorder, will receive bids until 10 a. m. May 16 for the
following 6% couoon bonds.
■
.
$60,000 street impt. bonds.
Due $12,000 yearly on May 1 from 1922 to
1926, incl.
Cert."check for $1,000 payable to the City of Athens,
CHICOPEE. Hampden County, Mass.—BOND SALE.—On May 2
R. L. Day & Co. of Boston, bidding 101.349 and int., a basis of about
5.21%, were awarded the $74,000 5H% coupon tax-free pavement bonds
offered on thkt date—V. 112, p. 1894.
Date April 30 1921.
Due $7,400
yearly on April 30 from 1922 to 1931, incl.
The following is a list of the
ASHTABULA COUNTY (P. O.
E.
—B.
required.
30,000 general impt. bonds.
Date May 1 1941.
Cert, check for $1,000
payable to the Cit y of Athens, required.
Denom. $500.
Date May 1 1921.
The bonds are payable at the
Hanover National Bank, N. Y.
Int. M. & N.
Purchaser to pay accrued
interest.
The bonds will be sold subject to app -oval as to legality by
Shaffer & Williams of Cincinnati, whose approving opinion will be furnished
to the successful bidder without charge.
'
.
_
,
Actual
—
Net debt
i
160,000
-
-
Population, 10,068.
bonds was reported as sold in V. Ill, p. 1009.
A like amount of
bids received:
Co....101.349
R. L. Day &
R. M. Grant & Co
100.79
Colony Trust Co.— —101.155 Blodgett & Co._
Curits & Sanger
101.07
Merrill, Oldham & Co.
101.05
Old
Okla.—BOND SALE.—The $21,500 6% 20-year school bonds, which were
votp'i
on
April 18 by 239 to 22, have been sold to R. J. Edwards & Co. of
Oklahoma
BANDON, Coo's County, Ore.—BOND SALE.—Recently the $110,000
<6% bonds, issued for the purpose of purchasing the local electric light plant
and to install a municipal hydro-electric plant, were sold to the Lumbermens Trust
Co. at 95.
Denom. $500 and $1,000.
Date May 1 1921.
waukee, have purchased the following 6% coupon county
M.
& N.
These bonds
were
BEAUFORT
authorized
COUNTY
on
(P.
JECTED.—The bids received on
and $12,000
down.
funding tax-free coupon bonds—V. 112, p. 1651—were
■
turned
'
BELL AIRE, Belmont County, Ohio.—BOND OFFERING.—W. C.
Upperman, City Auditor, will receive bids until 12 m. May 23 for $10,000
coupon street impt. bonds.
Denom. $1,000.
Date May 1 1921.
Pnn. and semi-ann. int. payable at the City Treasurer's office.
Due
$1,000 yearly on May 1 from 1922 to 1931,
amount of bonds bid for, payable to the City
incl.
Cert, check for 5% of
Treasurer, required.
BELLEFONTAINE, Logan County, Ohio.—NO BIDS RECEIVED.—
were received for the $22,900 6% deficiency bonds Which were
a
on April 30—V.
112, p. 1781.
private sale.
The issue will probably be disposed
(P. O. Neillsville), Wise .—BOND
and the Second Ward Securities Co.,
SALE.—The
both of Mil¬
insane asylum
bonds:
Due Jan. 1 1926.
Due June 1 1936.
Statement.
Assessed valuation of property
actual
Estimated
valuation..
Bonded debt (incl.
Int. J. & J.
Int. J. & D.
.$55,046,624
.
—
...
...
...
75,000,000
750,000
this issue)..
Population 1920 census. 35,173.
COUNTY (P. O. Astoria), Ore.—BOND OFFERING.—
Clerk, will receive sealed bids until 1.30 p. m. May 10
CLATSOP
J. C. Clinton, Countv
for
$100,000
10-year bonds.
Denom. $1,000.
Date April 1 1921.
1931.
Cert, check for $2,000, required,
6%
Due April 1
Int. semi-ann.
CLEARBROOK,
Clearwater County, Minn.—BIDS REJECTED.—
April 25 for $4,500 refunding and $5,500 municipal
The bids received on
impt. 6% bonds—V. 112, p. 1652—were rejected.
C.
CLEVELAND," Cuyahoga
County,
Ohio .—BOND OFFERING.—
S. Metcalf, Director of Finance, will receive bids until 12 m. May 25
5lA% coupon bonds:
$1,120,000 public hall bonds.
Date Mar.
for the following
t
BELLE FOURCHE, Butte County, So. Dak.—BONDS VOTED.—At
recent election $165,000 water works system and municipal bldg. bonds
authorized.
Co.,
$100,000 bonds.
Date Jan. 1 1921.
400.000 bonds.
Date June 1 1921.
Denom. $1,000.
No bids
offered
were
COUNTY
Wisconsin
First
Financial
■6%
of at
City.
CLARK
March 8.—V. 112, p. 1184.
O. Beaufort), So. Caro .—BIDS RE¬
April 29 for the $150,000 road and bridge
100.279
CHOCTAW COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1,
BALLINGER,
Runnels County, Tex.—BONDS REGISTERED.—
On April 29 $10,000 water works and $65,000 electric light 6% bonds were
-registered with the State Comptroller.
Int.
100.65
100.52
Arthur Perry & Co..
Estabrook & Co—
The proposition to levy a
band also carried.
1 mill tax to support a municipal
i
BELLE
PLAINE INDEPENDENT
SCHOOL DISTRICT (P. O.
Belle
Plaine),
Benton County, Iowa.—BONDS VOTED.—Recently
$150,000 new high school bonds were voted by a large majority.
Date
bonds.
Mar.
1
Due $32,000 yearly
1921.
1
Mar. 1 from 1923 to 1957, incl.
on
1,080,000 hospital
■
Due
1921.
$30,000
yearly
Mar. 1 from 1923 to 1958. incl.
on
portion street imnt. 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
150,000 city's
Feb. 1 from 1923 to 1952, incl.
on
$1,000.
Prin. and semi-ann. int. payable at the American
National Bank of New York.
Cert, check on some solvent
bank, other than the one making the bid for 3% of amount bid for. payable
Denom.
CREEK, Wilson County, No. Caro .—BOND OFFERING.—
Sealed proposals will be received until 12 m. May 25 by W. T. Privettee,
Town Clerk, for $10,000 6% coupon electric light bonds.
Denom. $1,000.
Date April 1 1921,
Prin. and semi-ann. int. (A. & O.) payable at the U. S.
Mtge & Trust Co., N. Y.
Due $1,000 yearly on April 1 from 1922 to 1931,
incl.
Cert, check or cash on an incorporated bank or trust company for
BLACK
2% of the amount of bonds bid for payable to the town
required.
Purchaser to pay accrued interest.
of Black Creek,
Allegheny County, N. Y.—BOND SALE.—On May 2
their bid of par for 5s,
village hall bonds offered on that date (V. 112, p. 1893).
Due
$2,000 yearly on May 1 from 1922 to 193 6, incl.
BOLIVAR,
O'Brian, Potter & Co. of Buffalo, were awarded at
the $30,000
BRACEVILLE
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
Phalanx), Trumbull County, Ohio.—NO BIDS RECEIVED.—No bids
received for the $17,000 6% school bonds offered on April 30—V. 112,
Date April 1 1921.
Due $500 each six months from April 1 1922
were
p. 1781.
to Oct. 1
1938, incl.
City Treasurer, required.
Bids m.ust be made on blanks
by the Director of Finance.
Purchaser to pay accrued interest.
to the
County Court, for the following 5lA,
,
or 6% 20-year
$65,090 high school bldg. and impt. bonds.
30,000 common school bldg. a<pd impt. bonds.
OFFERING.
Chairman of
bonds.
COLLEGEPARK, Fulton County, Ga.—BONDS VOTED.—School
sum of $50,000:
sewer outfall bonds for $10,000, and
paving
April 23.
An amend¬
from H % to 1 % was
bonds for $10,000 were voted by a large majority on
ment to the school tax whereby the levy is increased
also voted.
COLORADO (State of).—BONDS TO BE OFFERED.—During the fore¬
less than par will be asked
bonds,
November.
De¬
Prin. and semi(J. & D.) payable in New York City, N. Y.
Arthur M. Strong
part of June of the current year sealed bids at not
for the
purchase of $2,000,000 5% 10-30-year (opt.) State Highway
part of the $5,000,000 bond issue which was voted last
nom.
$50 and multiples thereof.
Date June 1 1921.
int.
ann.
is State Treasurer.
BRIGHTWOOD
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Richland County, No, Dak.—BOND SALE.—During
April $75,000 4% school bldg. bonds were sold at par to the State of North
Dakota.
Date May 1 1920.
Due May 1 1940.
Bonds are not optional,
but can be paid on any interest-bearing date after 2 years from date of issue.
M iss.—TEMPORARY LOAN .—The
temporary loan of $300,090. issued in anticipation of revenue, dated May 4
and maturing Nov. 10 1921, offered on May 2—V. 112, p. 1894—was
awarded to Blake Bros. & Co. of Boston, on a 5.74% discount basis, plus
$8 premium.
County, Ohio.—BOND SALE.—The $12,000 6%
been
Due
$2,000 yearly on Mar. 1 from 1922 to 1927, incl.
BUTLER COUNTY
(P. O. Hamilton), Ohio.—BOND OFFERING.—
Mikesell, Clerk of Board
Bids will be received with 12 m. May 25 by C. Z.
$267,000 6% coupon Inter-County Highway
Denoin. $1,000.
Date June 1 1921.
Prin.
payable at County Treasurer's office.
Due $55,000
on June 1
1922 and $53,000 on June each year from 1923 to 1926, incl.
Cert, check for 5% of amount bid payable to the County Treasurer, re¬
quired.
Purchaser to pay accrued interest.
BUTLER TOWNSHIP (P. O. Coldwater), Mercer County, Ohio.—
BOND OFFERING.—Jcseph F. Hoyrg, Township Clerk, will receive bids
until 1 p. m. May 14 for $7,500 6% coupon Wenning Road bonds.
Denom.
$500.
Date June 1 1921.
Prin. and semi-ann. int. (J. & D.) payable at
the Township Treasurer's office.
Due $3,500 June 1 1922 and $4,000
June 1 1923A deposit of $100 Is required.
CALDWELL SCHOOL DISTRICT (P. O. Caldwell), Essex County,
N. J.—BOND OFFERING.—George W. Pulis, District Clerk, will receive
bids until 8 p. m. May 20 for an issue of 5% coupon or registered school
bonds, not to exceed $20,000.
Denom. $1,000.
Date Jan. 1 1921.
Prin.
and semi-ann. int. (J. & J.) payable at the Caldwell National Bank, of
Caldwell.
Due $1,000 yearly on Jan. 1 from 1922 to 1941, incl.
Cert,
check for 2% of amount of bonds bid for, payable to the clerk, required.
of County Commissioners for
No. 182, Section "D" bonds.
semi-ann. int. (J. & D.)
CALIFORNIA (State of).—BOND SALE.—Blythe, Witter & Co., with
New York, San Francisco, Los Angeles, Seattle and Portland,
offices at
purchased and are now offering to investors ,to yield 5.50%, $1,000,tax-free state highway bonds. Date Jan, 3 1921. Int. semi-ann.
(J. & J.), payable in New York.
Due serially on July 3 1926 and 1927.
These bonds are stated to be a legal investment for New York Savings Banks
and are a partfof $3,000,000 recently offered for sale.
have
000 5H%
Nueces
•
Tex.—BONDS
County,
VOTED.—A
issue
CRAWFORD COUNTY
Int. semi-ann.
fire dept. bonds, which were offered on Mar. 7—V. 112, p. 764—have
sold to the First National Bank of Bryan, at par.
Date Mar. 1 1921.
v
CHRISTI,
of $100,000 for the construction of an additional breakwater
structure in front of the City of Corpus Christi, was voted on April 15.
bond
(P.
O.
English), Ind.—BOND SALE.—The
bidder for the$15,4C0
First National Bank of Milltown was the successful
Hankinson),
BROOKLINE, Norfolk Coun-y,
furnished
bonds in the
CORPUS
BRADLEY COUNTY (P. O. Cleveland;, Tenn.—BOND
—Bids will be received until 12 m. May 14 by Joe Johnston,
BRYAN, Williams
Exchange
5% W. F. Boss et al. Whiskey Run Twp. road bonds on May 2 (V. 112, p.
1895) at par and accrued int..
Date May 2 1921.
Due $770 each six
months from May 15 1922 to Nov, 15 1931.
CRAWFORD COUNTY
(P. O. Bucyrus), Ohio.—NO BIDS RE¬
bids were received on April 26 for the purchase of the
$13,694 85 6% coupon Sutter Joint County Ditch impt. bonds—V. 112,
o. 1653.
Date May 1 1921.
Due $1.194 85 on May 1 and $2,000 on Nov. 1
in 1922, and $1,500 on May 1 and $2,000 on Nov. 1 in 1923, 1924 and 1925.
CEIVED.—No
CRESSON,
Cambria
County,
Pa.—BONDS VOTED.—The issue of
$20,000 municipal building and fire department bonds which was voted
upon on April 19—V. 112, p. 1433—was carried by a vote of 144 "for" to
91 "against."
CROCKETT COUNTY (P. O. Alamo). Tenn.—BOND OFFERING.—
10 by R. L. Conlev, Chairman, for
$50,000 6% coupon funding bonds*
Date June 1 1921.
Int.; semi-arm.
payable in New York.
Due $5,000 in 3 to 13 years.
Cert, check for
$500, required.
Bonded Debt (excluding this issue) $165,0001.
Assessed
value 1920, $10,500,000.
Sealed bids will be received until May
DALTON,
Cheyenne
County,
Neb.—BOND
Anderson, Village Clerk, will entertain
6% 5-20
year
DARBY
Ravalli
OFFERING.—II.
C.
proposals until May 16 for $21,000
stated.
Date May 15 1921.
(opt.) water and light bonds, it is
SCHOOL DISTRICT (P
O. Darby),
Mont.—BONDS VOTED.—Reports say that $50,000
CONSOLIDATED
County,
6% 10-20 year (opt.) school bonds, carried by a vote of 47 to 2 on April
Reports say that the bonds are to be advertised for sale immeidately.
DELTA SCHOOL DISTRICT (P. O. Delta), Cape
Mo .—BOND OFFERING.—Bids will ha ifoceived
$8,0C0 6% school bonds, it is stated.
Danom. $500.
ty,
16.
Girardeau Coun¬
until May 10 for
Date May 2 1921.
DUNDY COUNTY (P. O. Benkelman), Nebr.—BOND SALE.—It is
reported that the Peters Trust Co. of Omaha has purchased $36,000 6%
court house bonds at 97.34.
EAGLE COUNTY SCHOOL DISTRICT
NO. 4 (P. O. Eagle), Colo.—
BOND SALE.—Benwell, Phillips &10o. of Denver, have purchased $5,000
6% 10-20 yr. (opt.) bonds.
Assessed valuation, $932,478.
Total bonded
debt, $24,500.
EAGLE
CITY SCHOOL DISTRICT, Los
OFFERING.—Until 11 a. m. May 9
ROCK
Calif,—BOND
Angeles County,
proposals for the
purchase of $33,000 6% school bonds will be received bv L. E. Lampton,
County Clerk, and Ex-officio Clark Board of County Supervisors (P. O.
Los Angeles).
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann.
int.
payable at the office of the County Treasurer.
Due yearly on May 1 as
3000
THE
CHRONICLE
follows: $1,000,
1924 to 1926, incl., and $2,000 1927 to 1941. incl.
Cert,
or cashier s check
for 3% of the amount of said bonds, or of the portion
thereof hid for
payable to the Chairman Board of County Supervisors,
required.
Purchaser to pay accrued interest.
Bonded Debt, $67,000.
Assessed value of taxable
property 1920 $2,015,590.
Population (est.)
4 fOOO-*
•'
•
•
•
,
..v.;,,-
.
EAST CLEVELAND CITY SCHOOL DISTRICT (P. O. East Cleve¬
Cuyahoga County, Ohio.—BOND OFFERING.—harles Am-
,
land),
Clerk of Board or Education will receive bids until May 16 for
$85,000 6% school bonds.
Due May 16 1941,
merman,
EDMORE
SCHOOL DISTRICT (P. O. Edmore). Ramsey County.
No. Dak.—BOND SALE.—This district during
April sold $33,000 4% school
bldg. bonds to the State of North Dakota at par.
Date July 1 1920.
Due
July 1 1940.
Bonds are not optional but can be paid on any interest
paying date after 2 years from date of issue.
ELSBERRY SCHOOL DISTRICT (P. O. Elsberry), Lincoln County,
Trust Co. of St. Louis
has been
Mo.—BOND SALE.—The Mercantile
awarded $20,000 hVi% school bonds,
ERIE COUNTY (P. O. Sandusky), Ohio.—BOND OFFERING.—
Proposals for the purchase of $76,500 6% Cleveland-Sandusky Road
impt. bonds will be received until 10 a, m. May 9 by Reuben G. Ehrhardt,
Secretary of County Commissioners.
Denom. $500.
Date April i 1921.
Prin. and semi-ann. int. (A. & O.) payable at the County Treasury.
Due
$7,500 yearly on Dec. 1 from 1922 to 1930. incl.; and $9,000 Dec. 1 1931 Cert, check on a local bank for $500, payable to the County Treasurer,
required.
Purchaser to pay accrued interest.
BOND OFFERING.—Reuben G. Ehrhardt, Secretary of Board of County
Commissioners, will receive bids until 10 a. m. May 26 for $40,000 6%
I. C. H. No. 288 impt. bonds.
Denom. $500.
Date May 1 1921.
Prin.
and semi-ann. int. (M. & N.) payable at the County Treasury, where
delivery to the purchaser is to be made as soon as the bonds can bo prepared.
Due $8,000 yearly on May 1 from 1927 to 1931, incl.
Cert, check on a
local bank for $500, payable to the County Treasurer,
required.
Pur¬
chaser tp pay accrued interest.
ESSEX COUNTY
(P. O.
Salem), Masb.—NOTE SALE—An issue of
$200,000 notes in anticipation of
National Bank at 5.49% discount.
the prices bid: I
has been awarded to Andover
The following is a list of bidders and.
taxes
,
Name—
Amt.BidFor
Gloucester
National
Bank.,
$200,000
200,000
200,000
200,000
Central National Bank, Lynn
Gloucester S. D. & Trust Co
Disc.
Premium
5.65
5.90
6.07
5.80
5.83
5.74
5.59
5.95
6.00
5.49
...
.
——
GREENE COUNTY (P. O. Xenia), Ohio—BOND SALE.—On
April
27 the $147,400 6% coupon Springfield-Jamestown
Inter-County Highway
No. 472 bonds offered on that date (V. 112,
p. 1654) were awarded to the
Exchange Bank, of Cedarville, at
Due each six months
$8,000 Mar; 1 1929
GREENE
as
follows:
to Mar.
par and interest.
Date April 28 1921.
$7,000 Mar. 1 1922 to Sept. 1 1928, incl.;
1 1931, incl.;
TOWNSHIP
RURAL
and $9,400 Sept. 1 1931.
SCHOOL
DISTRICT,
County, Ohio.—BOND
par,
(V. 112, p. 1654).
Date Apr. 18 1921.
Due $l,000pn Mar. 1 and Sept. 1
in the years 1926 to 1930
incl.; $1,000 on Mar. 1 and $2,000 on Sept. 1 in
the years 1931 to 1935 incl., and
$2,000 on Mar. 1 and Sept. 1 in the years
1936
to
1950 incl.
GROTON (Town) UNION FREE SCHOOL DISTRICT NO. 8 (P. O.
Groton), Tompkins County, N. Y.—BOND OFFERING.—B. S. Whit¬
man, Clerk of Board of Education, will receive bids until 11 a. m. May 12
for $40,000 6% registered school bonds.
Denom. $1,000.
Date May 1
1921.
Prin. and semi-ann. int. (M. & N.) payable at the First National
Bank of Groton, in New York Exchange.
Due yearly on May 1 as follows:
$1,000, 1926 to 1947, incl.; $2,000, 1948 and 1949; and $7,000, 1950 and
1951.
Cert, check on an incorporated bank or trust company, for 2% of
amount of bonds bid for, paybale to the Clerk,
required.
Bonds to be
delivered and paid for on May 23.
Legality approved by Geo. 8.
Clay of
New York.
HAMILTON,
Butler
County,
Ohio.—NO
BIDS
RECEIVED.—No
bids were received on April 28 for the $160,000 6%
coupon deficiency bonds
—V. 112, p. 1654—Date
April 1 1921.
Due $40,000 on April 1 in 1928,
1929, 1930 and 1931.
HAMLIN, Jones County, Tex.—BONDS REGISTERED.—On April 24
water works and $65,000 sewer 6% 30-year bonds were
registered
Comptroller.
$35,000
with the State
HANOCK COUNTY (P. O.
Findlay), Ohio.—BOND OFFERING.—
Richard L. Evans, Clerk of Board of County Commissioners will receive
bids until 1 p. m. May 11 for $9,500 6% road improvement bonds.
Denom.
$500.
Date May 1 1921.
Prin. and semi-ann. int. payable at
Treasurer's office.
Cert, check of $500, required.
HARDEMAN COUNTY (P. O. Bolivar), Tenn.—BOND SALE.—
6% tax-free refunding bonds has been sold to the Kauffman-Smith-Emert'& Co. of St. Louis.
Denom. $1,000.
Date Mar. 1
1921.
Prin. and semi-ann. int. (M. & S.) payable at the St. Louis Union
Trust Co., St. Louis.
Due yearly on Mar. 1 as follows: $6,000, 1926 to
1937, incl., $8,000, 1938 and 1939 and $12,000, 1940Financial
$3
1
5
10
Statement.
Estimated actual value of taxable property
Assessed value of taxable property, 1920
Total bonded indebtedness, this issue only
Population, 1920 Census, 22,278.
Total debt less than 1 % of assessed valuation.
HARDIN, Big Horn County, Mont.—BOND
Egnew, City Clerk, will sell at public auction at 10 a.
ing 6% coupon bonds.
school
$6,000 building bonds, mentioned in V. 112,
bonds, at not exceeding 6% interest, offered
1653—were not sold, all bids being declined. >
bldg.
FOND
--
April 20—
on
Jan.
1926 to 1940, incl.
BOND SALE.—During 1920 $25,000 5% school bonds were sold.
Due
$10,000 March. 1 1924 and $15,000 Mar. 1 192.5.
FORT
SMITH
WATER
WORKS
IMPROVEMENT
DISTRICT,
(P. O. Fort Smith), Sebastian County, Ark.—BOND SALE.—On
April 9 the City National Bank of Fort Smith purchased $200,000 7%
bonds at 97.50.
Denoms. $1,000, $500 and $100.
Date Jan. 1 1921.
J. & J.
This bond issue
was
declared to be valid by the State
on
FORTUNA, Humboldt County, Calif.—BOND OFFERING.—Until
6 p. m. May 23 sealed bids will be received by Geo. R. Lane, Town Clerk,
for $12,000 6%municipal park bonds.
Denom. $500.
Date June 1 1921.
Int. J. & D.
Due $1,000 yearly on Dec. 1 from 1921 to 1932 incl.
Cert,
check for 5% of the amount bid required.
FRANKLIN COUNTY (P. O. Columbus), Ohio.—BOND OFFERING.
—Ralph W. Smith, Clerk of Board of County Commissioners, will receive
proposals until 10 a. m. May 11 for the following 6% road impt. bonds:
$82,000 Brice Road bonds.
Due yearly on May 2 as follows: $17,000,
1927 and 1928, and $16,000. 1929, 1930 and 1931.
82,000 Sawmill Road bonds.
Due yearly on May 2 as follows: $17,000
1927 and 1928, and $16,000, 1929, 1930, and 1931.
The same official will recoive proposals until 10 a. m. May 14 for the
following two issues of 6% road impt. bonds:
$97,000 Lane Ave. Road bonds.
Due yearly on May 2 as follows: $20,000,
1927 to 1930, incl.; and $17,000, 1931.
14,000 Denune Ave. Road bonds.
Due $7,000 on May 2 1927 and 1931.
All four issues are in the denomination of $1,000, are dated May 2 1921,
have their principal and semi-ann. int. (M. & N.) payable at the
County Treasurer's office.
Cert, check on a solvent national bank or trust
company for 1 % of amount of bonds bid for. payable to the Board of County
Commissioners, required.
Bonds to be delivered and paid for at Columbus.
and
FRESNO IRRIGATION DISTRICT (P. O. Fresno), Fresno
County,
Calif.—BOND SALE.—The following 6% coupon bonds, offered on April
28—V. 112, p. 1653—have been sold to Cyras Pierce & Co. of San Francisco.
$1,750,000 bonds.
Due yearly on Jan. 1 as follows:
$127,000, 1923:
$136,000, 1924; $144,000, 1925; $153,000, 1926; $167,000, 1927;
$179,000, 1928: $198,000, 1929: $210,000, 1930; $214,000. 1931.
and $222,000, 1932.
250,000 bonds.
Due yearly on Jan. 1 as follows: $18,000,1923; $19,000,
1924; $21,000,1925; $22,000,1926; $23,000,1927; $26,000,1928;
$27,000, 1929; $30,000, 1930; $31,000, 1931, and $33,000, 1932.
Date Mar. 1
1921.
GERMAN
say
hospital bonds have been sold to local investors.
TOWNSHIP
Fayette
County,
SCHOOL
DISTRICT
Pa.—BOND
(P.
O.
McClellandOFFERING.—Proposals for the
Kurchase of $100,000 5 3-5% school bonds of Directors. Denom. 7 p. m.
lay 20 by A.M. Franks, Secretary of Board will be received until $1,000.
Int.
semi-ann.
Due $25,000 May 1 1924 and 1925 and $50,000
May 1
1926; optional Nov. 1 1^23.
Cert, chpek for $1,000 required.
GOODWELL SCHOOL DISTRICT (P. O.
Goodwell), Texas County,
Okla.—BONDS VOTED.—By a vote of 6 to 1 the school bond election
for
$38,500 carried.
,
GOSHEN,
were
„
Utah County, Utah.—NO BIDS RECEIVED.—No bids
received oil April 25 for the $19,000 6% water bonds—Y.
112, p. 1782.
GOSHEN HILL TOWNSHIP (P. O. Whitmire), Newberry County,
So. Caro.—BOND OFFERING.—Robert W. Beaty,
Secretary of Highway
Commission will entertain proposals until 1 p. m.
May 10 for $10,000 6%
coupon highway bonds.
Denom. $1,000.
Date May 1 1921.
Prin. and
semi-ann. int.
(J. & J.) payable at the Hanover National Bank, N. Y.
Due May 1 1946.
/
GRAND
RAPIDS, Kent County, Mich.—BOND SALE.—On April 28
the following two issues of tax-free bonds which were
offered
V. 112, p. 1783—were sold to Eldridge and Co. of New
on
that date
York, for $258 025
(103.21) and int. a basis of about 5.34%:
wo.vto
$100,000 5% filtration bonds.
Date Mar. 1 1921.
Due Mar. 1 1941
150,000 6% water-extension bonds.
Date May 1 1921.
Due May 11941.
GRANT COUNTY
(P. O. Ephrata), Wash.—BOND SALE.—The
Spokane & Eastern Trust Co. of Spokane, has purchased $45 000
6%
coupon
Donohue Road bonds.
Denom. $1,000.
Date Mar.
1
1921
Prin. and semi-ann. int. (J. & J.) payable in New York
City. N. Y
Dnp
yearly from 1922 to 1931, incl.
'
6
Financial
June
868—Denom. $500.
p.
L.
1 the follow¬
Date
Due Jan. 1
1921.
bank in
1941 optional Jan. 1 1931.
Cert, check
Hardin for $100 payable to the City Treasurer,
required.
6,800 wafer bonds, mentioned in V. 111. p.
and 13 for $500.
Date Jan. 1 1920.
Jan. 1 1930.
Cert, check
on some
2543—Denoms. 1 for $300
Due Jan. 1 1940 optional
bank in Hardin for $100 payable
the City Treasurer, required.
J.) payable at the office of the City Treas¬
option of holder at some bank in New York City to be designated
by the City Treasurer.
Purchaser to pay accrued interest.
to
Prin. and semi-ann. int. (J. &
urer or at
HASKELL
Haskell
INDEPENDENT SCHOOL DISTRICT (P. O.
Haskell),
County, Tex.—BONDS REGISTERED.—A $50,000 5% serial
was registered writh the State
Comptroller on April 27.
bond issue
Montgomery County, Pa.—BONDS VOTED.—At
an
election held
April
12, it is stated, the voters of the borough and township districts voted in
favor of consolidation by authorizing the issuance of $101,000 bonds for
the erection of a consolidated school bldg.
The vote in the borough was
175 to 23 for an issue of $31,000 while in township the contest was closer,
the ballot being 187 "for" to 140 "against" an issue of $70,000.
HENDERSON CONSOLIDATED INDEPENDENT SCHOOL
TRICT (P. O. Henderson), Mills County, Iowa.—BOND
DIS¬
SALE.—[An
issue of $65,000 school bonds has been sold.
HENDRICKS COUNTY (P. O. Danville), Ind.—NO BIDS RECEIVED
were received on April 25 for the $29,000
5% Erasmus Brewer,
Franklin Twp. road bonds—V. 112, p. 1654.
Date Aug. 16 1920,
—No bids
et al.
Due $1,450 each 6 months from May 15 1922 to Nov. 15 1931, incl.
HERMOSA
BEACH
CITY
SCHOOL
DISTRICT,
Los
Angeles,
Calif.—BOND OFFERING.—L. E. Lampton, County Clerk and Exoffico Clerk Board of County Supervisors (P. O. Los Angeles)
will receive
bids until 11 a. m. May 9 for $35,000 6% school bonds.
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. inc. payable at the office of the
County Treasurer.
Due yearly on May 1 as follows: $1,000, 1925 to 1929,
incl., and $3,000, 1930 to 1939, incl.
Cert, or cashier's for 3% of the
amount of bonds payable to the Chairman Board of County
Supervisors,
Bonded Debt, $75,000.
required.
Purchaser to pay accrued interest.
Assessed value of taxable property 1920, $2,351,145.
Population (est.)
5,000.
■
■
HIGHLAND
PARK, Wayne County, Mich.—BOND SALE.—On
April 25 the $30,000 comfort-station bonds, which were offered on that
date—V. 112, p. 1654—were sold to the Highland Park State Bank at its
bid of $30,005, equal to 100.016, for 5Hs, a basis of about 5-49%. Date
May 1 1921.
Due May 1 1941.
The following bids were received:
Name of Bidders—
Rate of interest Ami. of Pr'm.
Whittasley McLean & Co__
5%%
$344.00
Paine-Webber Co.„5H%
378.00
Nicol Ford & Co
5% %
1.00
Highland Park State Bank
5H %
5.00
—
—
-
Statement.
HOLMES
COUNTY
(P.
O.
Millersburg),
Bonded indebtedness incl. this issue
Population (est.) 1919, 16,000.
$30,000,000
15 412 517
207 000
^".uuu
Ohio.—BOND
SALE.—
On
April 28 the $60,000 6% coupon Millersburg-Wooster I. C. H. No. 342
impt. bonds offered on that date—V. 112, p. 1783—were sold to the Com¬
mercial & Savings Bank of Millersburg, at par and int.
Date April 1 1921.
Due $3,000 on Mar. 1 and Sept. 1 in each of the years from 1922 to 1931,incl.
HOOPLE CONSOLIDATED SCHOOL DISTRICT (P. O. Hoople),
Walsh County, No. Dak.—BOND SALE.—During April $18,000 4%
bldg. bonds were sold at par to the State of North Dakota.
Date July 1
1920.
Due July 1 1940.
Bonds are not optional but can be paid on any
interest paying date after 2 years from date of issue.
HUDSPETH COUNTY (P. O. Sierra Blanca), Tex.—BONDS REGIS¬
TERED.—On April 24 $50,000 5serial road bonds were
registered with
the State Comptroller.
HUME CONSOLIDATED SCHOOL DISTRICT NO. 4 (P. O. Hume),
Bates County, Mo.—BONDS VOTED.—On April 23 by 310 "for" to 74
"against" $20,000 high school building bonds
were
voted.
HUNTINGTON, Suffolk County, N. Y.—BOND OFFERING.—Bids
$50,000 road-impt. bonds to bear interest at a rate not to exceed
%
will be received until 2 p. m. May 13 by Abraham L. Field, Town Super¬
visor.
Denom. $5,000.
Prin. and semi-ann. int. (J. & J.) payable at the
Town Supervisor's office.
Due yearly on July 2 as follows; $15,000 1925
to 1928 incl., and $20,000 1929 to 1950 incl.
Cert, check for $10,000, paya¬
ble to the Town Supervisor, required.
Bonds to be delivered and paid for
on May 31
at the Town Supervisor's office.
for
.
HUNTINGTON PARK UNION HIGH SCHOOL DISTRICT, Los
Angeles-County, Calif.—BOND SALE.—The William R. Staats Co. Of
Los Angeles has purchased $50,000 5H% tax-free bonds.
Denom. $1,000.
Date June 1 1920.
Due yearly from 1939 to 1945, incl.
Financial
Statement.
Assessed valuation, 1920—
Total bonded debt (inc. this issue)
Estimated population, 12,360.
—
Real valuation (est.)__
valuation
Assessed
OFFERING.—D.
m.
-
FULLERTON, Orange County, Calif.—BOND SALE.—Reports
that $40,000
1
some
$20,000,000
10,384,486
100,000
HATFIELD CONSOLIDATED SCHOOL DISTRICT (P. O. Hatfield)
Supreme Court
March 7—V. 112, p. 1779.
town),
on
DU
LAC, Fond Du Lac County, Wise .—BONDS OFFERED
BY BANKERS.—The Harris Trust & Savings Bank of Chicago is offering
to investors $260,000 5% coupon bonds.
Denom. $500.
Date March 1
1920.
Prin. and ann. int. (Mar. 1) payable at the office of City Treasurer.
Due on March 1 as follows: $15,000 1922 and 1923, $5,000 1924 and $15,000
Int.
County
$1,000, 1922 to 1930,
Due yearly on May 1 as follows;
incl., and $500, 1931.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 23 (P. O. Poison),
Mont .—BIDS
REJECTED.—The
$65,000
10-20 year
(opt.) coupon
V. 112, p.
Shelby
SALE.—The Detroit Trust Co. of Detroit, bidding
was awarded the $85,000 6% school bldg. bonds offered on Apr. 18
An issue of $100,000
5.68
5.85
S.N. Bond & Co., Boston
Cape Ann National, Gloucester
200,000
Cape Ann National, Gloucester—50,000
Merchants National, Salem.
200,000
Naumkeag Trust Co., Salem
200,000
Salem Trust Company.
200,000
Manufacturers National, Lynn
200,000
Haverhill National,.
20,000
Andover National...
200,000
[VOL. 112.
$16,749,720
395,000
HURON, Beadle County, So. Dak.—BONDS VOTED.—On April 19
$53,000 municipal bonds carried by a majority of 465, it is reported.
y
MAY 7
THE
1921.]
IRONWOOD
DISTRICT
SCHOOL
Mich.—BOND
County,
O.
(P.
April
SALE.—On
26
Ironwood),
Gogebic
the $34,000 6% school
1783—were sold to the Gogebic
National Bank and the Merchants & Miners State Bank, both of Ironwood,
bonds
offered
date—V.
that
on
112,
p.
and accrued interest.
Date March 16 1921.
Int. M. & S.
Due
Other bidders were Whittlesey, McLean & Co., Detroit,
Bolger, Mosser & Williman of Chicago.
at par
March 16 1924.
and
JACKSON, Jackson County, Mich.—BOND SALE.—On April 18
Whittlesey. McLean & <.*'o. of Detroit, purchased $114,500 6% storm sewer
and comfort station bonds.
Denom. $500 and $1,000.
Date May 2 1921.
Prin. and semi-ann. int. (M. & N.) payable at the Peoples National Bank of
Jacksoh, or at the National Park Bank of New York.
Due on May 2 as
follows: $7,000, 1922; $10,000. 1923; $9,000, 1924; $10,000, 1925; $9,000,
1926; $10,000, 1927; $8,000, 1928; $10,000, 1929; $12,000, 1930; $10,500,
1949; $9,500, 1950 and 1951.
Cert,
required.
Purchaser to pay accrued int.
The assessed
in said High School District for the year
non-operative value, $677,032,720; operative value, $109,901,473; and the total amount of bonds of said district previously issued and
now outstanding is $2,768,000.
Population (est.) 600,000.
1920 is,
JACKSON COUNTY (P. O.
say
that bids will be
registration) highway bonds, to be issued In four plans,
follows: Series "A", $25,000; Series "B,"
$235,000; Series "A-G," $300,000.
Int. M. & N.
Due serially on Nov. 1 as follows: Series "A," $25,000, 1922; Series "B,"
$40,000, 1923; Series "C-E," $45,000, 1924, 1925 and 1926; and Series
"F-G," $50,000, 1927 and 1928.
Cert, check for $5,000, payable to
the "Township of Lower Merion, required.
Settlement to be made June 1
DISTRICT NO. 1, Tex.—BONDS
serial bonds was registered with
*
$5,000, required.
COUNTY CONSOLIDATED SCHOOL DISTRICT
Burlington), Colo.—BONDS VOTED.—On May 2 $45,000
6% 15-30 year (opt.) school building bonds carried.
These bonds have
already been reported as being sold to the International Trust Co, of Denver,
subject to being authorized at the said election.
The notice of sale and
election appeared in V. 112, p. 1655.
CARSON
KIT
1 (P. O.
NO.
SCHOOL
COUNTY
KLICKITAT
DISTRICT NO.
12, Wash.—
bids will be received until 1 p. m. May 14 by
F. H. Anderson, County Treasurer, (P. O. Goldendale), for $11,000 school
bonds at not exceeding 6% interest.
BOND OFFERING.—Sealed
KNIGHTSEN IRRIGATION
Costa County,
to issue
DISTRICT (P. O. Knightsen). Contra
Calif.—BONDS VOTED.—By 99 to 21
bonds of $650,000 for
this district voted
construction of an irrigation system.
(P. O. Painesville), Ohio.—BOND SALE.—The fol
lowing six issues of 6% coupon road impt. bonds offered on April 18 (V. 112
p. 1541) were awarded to Otis & Co.:
$45,000 Lake-River Road bonds.
Due each six months as follows: $2,000
Mar. 1 1922 to Mar. 1 1926, incl., and $3,000, Sept. 1 1926 to
LAKE COUNTY
Sept. 1 1930, incl.
112,000 Chillicothe-Chardon Road
Sept. 1 in 1922, $6,000 on
and $6,000 Feb. 28 1931.
The
official notice of this bond
elsewhere in this Department.
bonds. Due $5,000 on Mar. 1 and
Mar. 1 and Sept. 1 1923 to 1930, incl.,
24,500 Llovd St. Clair Road bonds.
Due each six months as follows:
$1.000, Mar. 1 and Sept. 1 1922, and $1,500, Mar. 1 1923 to Mar. 1
1930, incl.
19,000 Painesville-Ravenna Inter-County Highway No. 324 bonds.
Due
$1,000 each six months from Mar. 1 1922 to Mar. 1 1930, incl.
81,000 Richmond Road bonds.
Due each six months as follows:
Mar. 1 1922 to Sept. 1 1928, inch: $5,000, Mar. 1 1929 to Sept. 1
$4,000,
SCHOOL
TOWNSHIP
YODER
LOWER
DISTRICT,
County, Pa.—BOND ELECTION.-*-The school directors have
special election to be held June 7 for the purpose of submitting to
a proposition to issue $60,000 school blag, bonds.
LYNDHURST VILLAGE
OFFERING.—Edmund J. Thorn,
will receive bids until 8 p. m. May 21 for
issued for the purpose of completing and furnish¬
ing a school building.
Denom. $1,000.
Date April 1 1921. Prin. and
semi-ann. int. (A. & O.) payable at the office of the Treasurer of the district.
Due $8,000 yearly on April 1 from 1937 to 1941, incl.
Cert, check on a
bank other than one making bid, payable to District Treasurer, for 10%
of amount bid for, required.
Purchaser to pay accrued interest.
of Board of Education,
$40,000 6% coupon bonds
INDEPENDENT SCHOOL DISTRICT,
LYTTON CONSOLIDATED
(P. O. Lytton), Sac and Calhoun Counties, Iowa.—BOND OFFERING.
until 3 p. m. May 10 by W. A. Sanburg, Secretary
Board of Directors, for $125,000 to $150,000 6% coupon school bldg.
bonds.
Denom. $1,000.. Date May 1 1921.
Prin. and semi-ann. int.
(M &»N.) payable at the office of the District Treasurer.
Due May 1 1926.
Bids will be received
.
national bank in Iowa for $10,000. payable to the
The lithographed printed bonds will be furnished
Cert, check on a State or a
required.
Treasurer,
by the Board of Directors together with the preliminary approving opinion
of Chapman, Cutler & Parker of Chicago, final opinion of said attorneys
to be given when bonds are paid for.
Bonds authorized at an election held
Feb. 18 1921, with the following result: For the bonds, 195; against the
bonds, 191; defective ballots, 7; not voting, 4.
v
Financia i Statement.
Actual assessed value of property,
:.$3,246,860
811,715
1920-
Taxable value, year 1920
189,599
Moneys and credits, not incl. the foregoing figures———
Total bonded indebtedness (incl. this issue)
Area of school district, 44 sections, (28,160 acres)
Estimated population of the school district, 1,000.
McLEAN
TOWNSHIP (P. O. Fort Loramie),
158,000
Shelby County, Ohio.
of $1,850 6% coupon road impt.
the Loramie Banking Co. of Fort Loramie, at par
and int.
Denoms. 2 for $715 and 2 for $210.
Date April 1 1921. Prin.
and
semi-ann. int. payable at the Township Treasurer's office.
Due
$925 on Mar. 1 and Sept. 1 in 1922.
—BOND
SALE.—On April 28 an issue
bonds was awarded to
(P. O. Macon), Macon County, Mo.—
$23,500 6% tax-free bonds were sold to the Wm.
MACON SCHOOL DISTRICT
BOND SALE.—Recently
1930, incl., and
Compton Co. of St. Louis.
Denom. $500.
Date May
and semi-ami. int. (M. & N.) payable at the American
Louis.
Due yearly on May 1 as follows: $2,500 1925 and
1932, incl.
Financial Statement.
incl.
Estimated actual value taxable property.
$5,000, Feb. 28 1931.
114,000 Center St. Road bonds.
Due each six months as follows: $6,000,
Mar. 1 1922 to Sept. 1 1927; $7,000, Mar. 1 1928 to Sept. 1 1930,
Date Mar. 1 1921.
for
signatures.
of $350,000, $11,500, maturing $1,000
1924, $1,500 in 1925 and $7,000 in 1926, have been sold
Of this total issue
in
Therefore the
ter"
at
par,
after the award has been
par.
in 1923, $2,000
"over the coun¬
city will repurchase these $11,500
bonds at
made.
bonds—
date.
VERNE SCHOOL DISTRICT, Los
BOND SALE.—The $67,000 6% 14 3-5 year
LA
Angeles County, Calif.—
(aver.) school bonds, dated
April 1 1921 offered on April 18—V. 112. p. 1655—have been sold to Drake,
Riley and Thomas for $69,385 (103.55) and interest, a basis of about
5.64%.
Other bidders:
National
City Co__
$69,058.24 Carsfens & Earles, Inc.. 68,477.00
Farmers & Merchants Bk. 68,926.60 Stephens, Page & Sterling.$68,305.00
67,975.52
Wm. R. Staats Co68,741.50 Blyth, Witter &Co__
— -
Bank—
—
—
—
67,276.00
Tenn.—BOND OFFERING.—
May 10 by S. H. Monger, City
68,568.59 I Aronson & Co—— —
LENOIR
CITY,
Loudon County,
Sealed bids will be received until 12 m.
Recorder, for the following 6% bonds:
$75,000 assessment bonds.
Due $15,000
1926, incl.
37,500 City's portion street impt. bonds.
Denom. $500.
Date June 1 1921.
Cert,
—
j
yearly on June 1 from 1922 to
Due June 1 1941.
check for $2,000 for each
issue,
Separate proposals for each issue may be considered.
LINCOLN COUNTY SCHOOL DISTRICT NO. 2 (P. O. Carrizozo).
N. Mex.—BOND OFFERING.—On May 25, $4,000 6% 10-30 year (opt.)
school bonds will be offered for sale.
H. O. Norman, County Treasurer.
required.
INDEPENDENT SCHOOL DISTRICT (P. O.
Caldwell County, Tex.—BONDS REGISTERED.—The
LOCKHART
hart),
LockState
$195,000 5% serial bonds.
LODI, Medina County, Ohio.—BOND SALE.—Oil April 23 the $17,800
6% village's share street impt. bonds (V. 112, p. 1435) were awarded to
local banks at par and int.
Date April 1 1921.
Due $890 on April 1 and
Comptroller registered on April 27
Oct. 1 in the years
1922 to 1931, incl.
Angeles County,
Calif.—BOND OFFERING.—Proposals will be received until 11 a. in.
May 16 by L. E. Lampton, County Clerk, and Ex-officio, Clerk Board of
County Supervisors, (P. O. Los Angeles) for the purchase of all or any part
of $1,500,000 (not $2,000,000 as reported in V. 112, p. 1896) 5lA% school
bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int.
payable at the office of the County Treasurer.
Due yearly on Nov. 1 as
follows: $40,000 1922 to 1956, incl., and $25,000 1957 to 1960, incl.
Cert,
or cashier's check for 3% payable to the Chairman Board of County Super¬
visors, required.
Purchaser to pay accrued int. The assessed valuation of
the taxable property in said school district for the year 1920 is, non-operative
value,
$677,032,720;
operative value, $109,901,473;
and the total
amount of bonds of said district previously issued and now outstanding is
LOS ANGELES
$4,776,900.
CITY SCHOOL DISTRICT, Los
Population (est.) 600,000.
CITY HIGH SCHOOL DISTRICT, Los Angeles
Calif.—BOND OFFERING.—Fprther details are at hand relative
to the offering on May 16 of the $500,000 5)4% school bonds—V. 112,
p. 1896—Bids for the purchase of all or any part of these bonds will be
received until 11 a. m. on that day by L. E. Lampton, County Clerk, and
Ex-officio Clerk Board of County Supervisors (P.O. Los Angeles).
Denom.
$1,000Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the office
of the County Treasurer.
Due yearly on Nov. 1 as follows: $10,000 1922
to 1935, incl.; $15,000, 1936 to 1955, incl., and $12,000 1956 to I960, incJ.
EOS
property 1920
this issue
ANGELES
Count,
1 1921.
Prin.
Trust Co., St.
$3,000 1926 to
$4,500,000
—
— -——-
Total bonded debt incl.
_
—i—
—
1,669,345
42,500
Population, present estimate, 3,600.
MADISON,
New
County, Conn.—BOND SALE.—Harris,
purchased and are now offering to investors
Haven
Forbes & Co. of New York, have
prices to yield 5% an issue of $160,000 5H% coupon gold school
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M.
payable at Harris, Forbes & Co. of New York.
Due $60,000 May
and $50,000 May 1 1946 and 1951.
at
bonds.
& N.)
1 1941
MADISON, Lake County, So. Dak.—BOND OFFERING.—Proposals
May 23 by Wm. Rae, City Auditor, for $25,000
and $25,000 sewer bonds at not exceeding 6 % interest.
Denom
$500.
Due in 20 years.
Cert, check for $500. required.
will be received until 8 p. m.
LARAMIE,
Albany County, Wyo.—BOND SALE.—On May 3,
Bosworth, Chanute & Co., and Sidlo, Simons, Fels & Co., both of Denver,
jointly, purchased at par the-$162,000 6% 10-20 year (opt.) sewer
V. 112, p. 1655.
The $119,500 6% 15-30 (opt.) water bonds, offered for sale at the same
time, were withdrawn from the market.
They will be reoffered at a later
California
R.
Assessed value taxable
LANSING, Ingham County, Mich.—BOND OFFERING.—F. H.
Presley, City Qomptroller, is offering for sale an issue of $350,000 5%
paving and sewer bonds.
Date June 1 1921.
Prin. and semi-ann. int.
payable at a place to be designated by the purchaser.
Due $70,000 yearly
on June
1 from 1922 to 1926, incl.
The bonds are to be printed by the
purchaser, and delivered by him to the Mayor and Treasurer prior to June 1
Cambria
ordered a
the voters
SCHOOL DISTRICT (P. O. South Euclid),
Ohio.—BOND
County,
Cuyahoga
,
Elliott & Munson, of Philadelphia.
offering will be found among the advertisements
Legality approved by Townsend,
Clerk
Int. semi-ann.
KANDIYOHI COUNTY (P. O. Willmar), Minn.—BOND OFFERING.
—Sealed bids will be entertained until May 19 by Samuel Nelson, County
Auditor, for $119,500 6% public drainage ditch bonds.
Denom. ,$1,000.
Cert, check for
being invited on each, as
$40,000; Series "C-G,"
Pascagoula), Miss.—BOND OFFERING.
received until June 6 for the following 6%
$180,000 Road District No. 4 bonds
112,000 Road District No. 3 bonds
Denom. $1,000.
Date July 11921.
Montgomery
Ardmore),
(with privilege of
bids
Comptroller on April 25.
bonds:
O.
(P.
OFFERING.—G. C. Anderson, Township Secretary,
bids until 4.30 p. m. May 17 for $300,000 5% tax-free coupon
will receive
REGISTERED.—An issue of $20,000 6%
—Reports
TOWNSHIP
MERION
LOWER
County, Pa.—BOND
JACKSON COUNTY (P. O. Jackson), Mich.—BOND OFFERING.—
road impt. bonds will be received until 1:30 p. m.
May 3 by Lyman A. Vincent, County Clerk.
Denom. $1,000. Date
May 1 1921.
Int. semi-ann.
Due yearly on May 1 as follows; $25,000,
1922 to 1931 incl., and $30,000, 1932 to 1936 incl.
Cert, check for 2%,
payable to the County Clerk, required.
JACKSON COUNTY DRAINAGE
cashier's check for 3% payable to the Chairman Board of County
or
Supervisors
valuation of the taxable property
Bids for $400,000 6%
the State
2001
CHRONICLE
water works
MANCHESTER, Hillsborough County,
N. H.—TEMPORARY LOAN.
loan of $200,000, dated April 21 and due Dec. 15 1921 was
Moseley and Co. of Boston at a discount of 5.94%.
—A temporary
recently awarded to F. S.
11
OFFERING.—
until
8 p. m. May 10 for $80,000 coupon or registered school bonds to bear inter¬
est at a rate notfto exceed 6%.
Date June 1 1921.
Int. semi-ann. Due
yearly on June 1 from 1926 to 1950 incl.
Cert, check for $4,000 required.
MARBLEHEAD, Essex County, Mass.—NOTE SALE.—A $100,000
tax anticipation note issue, maturing Nov. 15 1921 was recently awarded
MANLIUS (Town) UNION FREE SCHOOL DISTRICT NO.
(P. O. Fayetteville), Onondaga County, N. Y.—BOND
Harry J. Goodfellow, Clerk of Board of Education, will receive bids
to H. C.
Grafton Co. of Boston at
COUNTY
MARION
O.
(P.
5.83% disconut.
Jasper),
Ten n.—BOND
SALE.—Oil
the
April 30 Caldwell & Co. of Nashville were the successful bidders for
$50,000 10-year road bonds dated Jan. 15 1921, the $65,000 10-year school
bonds dated March 1 1921, and the $65,000 20-year school bonds dated
March 1 1921—V. 112, p. 1656.
These bonds are tax-free.
The bid at
which they secured the bonds was for par, with a proviso that they be
allowed to name depository and with the understanding that they take
$70,000 additional bonds which are to bo offered in about 30 days.
MASSACHUSETTS (State
Military
of).—LOAN OFFERING.—James Jackson
12 m. May 10
Boston) will receive sealed bids until
Service Loan Notes of $2,000,000.
Date
State Treasurer (P. O.
for
May 13 1921.
Due Nov. 18 1921.
SCHOOL DISTRICT, Los Angeles
SALE.—The $50,000 5)4% bonds, offered on
MAYWOOD
BOND
County, Calif.—
Mar. 28—V. 112,
sold to the William R. Staats Co.
Due yearly on March 1 as follows:
1927 to 1931. incl.; $3,000, 1932 to
$4,000, 1937 to 1941, incl.
MEAGHER COUNTY SCHOOL DISTRICT NO. 8
p.
1188—have been
Date March 1 1921.
1926,
incl.; $2,000.
of Los Angeles.
$1,000, 192 2 to
1936, incl., and
(P. O.
White
Sulphur Springs), Mont,—NO BIDS.—At recent offering of the
10-20 year (opt.) school bonds at not exceeding 6% interest—V.
1542, no bids were received.
Issue to be re-offered soon.
$75,000
112, p.
MECKLENBURG COUNTY (P. O.
VOTED.—An issue of $2,000,000
Charlotte), No.
road bonds has been
Caro.—BONDS
voted, it is stated.
MEDFORD, Middlesex County, Mas*.—TEMPORARY
May 3 the temporary loan of $100,000, maturing $50,000 on
15 1922—V. 112, p. 1897—was awarded to Bond and
Boston at a discount of 5.83%.
Feb.
LOAN—Oil
Jan. 16 and
Goodwin of
Tex.—BOND OFFERING —
will receive sealed
$1,000. Prin. and semi-ann.
payable at the Hanover National Bank, N. Y.
Bonds mature serially
from 1927 to 1950, incl., on certain dates.
Cert, check for $10,000. re¬
quired.
Bonds have been approved by the Attorney-General and Wood
MEDINA
COUNTY
(P.
O.
Hondo),
County Judge,
Until 3 p. m. May 11, R. J. Noonan,
bids for $365,000 5)4 % road bonds.
Denom.
& Oakley of
MEDINA
Chicago.
DISTRICT (P. O. Medina), Medina
RECEIVED.—No bids were received on April
SCHOOL
Ohio.—NO BIDS
County,
25 for the
Date April 25 1921. Due
from 1922 to 1931, incl.
MERIDIAN, Landerdale County, Miss.—BOND ELECTION.—An
issue of $600,000 bonds, to be used for the purpose of providing funds for
$10,000 6% school bonds—V. 112, p. 1656.
$500 on April 1 and Oct. 1 in each of the years
f
2002
THE
CHRONICLE
the building, equipment and operation of a municipal electric lighting
power
plant, will be submitted to the voters
on
and
April the city issued $112,474,000 short-term securities, consisting of
Revenue Bills, Special Revenue Bonds, Corporate Stock Notes, and Tax
Notes,
the advertisement appearing in this issue's advertising columns calling for
bids for the $3,000,000 5lA% 20-year coupon highway impt. bonds,
MIDDLESEX
COUNTY
(P.
East
O. Cameron), Tex.—BONDS REGISTERED
April 24 the following serial bonds were registered with the State Comp¬
troller:
14 bonds.
MINNEAPOLIS,
Minn.—FINANCIAL
STATEMENT.—In
con¬
nection with the offering on May 11 of the $1,581.134.88 5% tax-free bonds,
details of which appeared In V. 112, p. 1897—we are now in receipt of the
following financial statement.
Minneapolis—April 18th 1921.
Valuation
15 1921
April
7
Oct.
7 1921
April
8
14 1921 April
10,000 6%
10,000 6%
1920.
.$203.587,681.00
58.747.660.00
102,774.022.00
Real property.
Personal property
6
Dec. 20 1921 April 11
Dec. 20 1921 April 11
5,000 6%
10 1921 April
14 1921 April
20,000 6%
18 1921 April
50,000 6%
8 1921 April
400,000 6%
180,000 6%
June 27 1921 April 11
June
100,000 6%
April 11 1922 April 11
June
8 1921 April
Dec.
April 11
15 1921
April 11
April 11
31,000 6%
15,000 6%
July
12 1921 April 12
Dec.
28 1921
20,000 6%
June 28 1921
30,000 6%
Aug. 15 1921
April 14
1921 April
1921 April
250,000 6%
20,000 6%
Dec.
April 14
July
1921 April
Oct.
1921 April
April 29 1921 April
April 14 1921 April
200,000 6%
May
May
May
May
Sept.
25,000 6%
90,000 6%
16 1921 April
26 1921 April 11
16 1921 April 11
April 12
15 1921 April 14
14 1921 April 14
1921 April 15
31
Dec.
5 1921 April 15
Aug. 22 1921 April 15
Aug.
3 1921 April 15
30,000 6%
6 1921 April
April 12
14 1921
Dec.
100,000 6%
5,000 6%
2.000,000 6%
1,500,000 6%
15 1921
Dec.
June 27 1921
1921 April
1921 April
April 21 1921 Apr!
2,000,000 6%
1,500,000 6%
MINERAL COUNTY (P.O. Hawthorne), Nev.:—BOND BILL PASSED.
—A bill known as Senate Bill No. 61 which authorizes the Board of Commis¬
sioners of Mineral County to issue $150,000 in bonds for the purpose of
purchasing and extending the Lundy-Hawthorne transmission lines of the
Nevada-California Power Company has been passed by the State Legisla-
Assessed
19 1921 April
Dec.
5,000,000 6%
MILLEDGEVILLE, Baldwin County, Ga.—CORRECT AMOUNT.
'The 5% water bones to be sold at 4 p. m. May 25 amount to $90,000
(not $91,500 as stated in (V. 112, p. 1784.)
Date Sold.
July
1,000,000 6%
1,000,000 6%
2,500,000 6%
21 bonds.
26 bonds.
29 bonds.
Maturity.
1,000,000 6%
April 29
250,000 5.95% June 14
100,000 6%
June
8
5,000,000 6%
May 26
10,000 6%
June 29
1,000,000 6%
May
4
MILAM COUNTY (P.
City of
Amount.Int.Rate.
Aggregating
April 11 1921 April
150,000 5.99%
5,000,000 6%
1,000,000 6%
4,000,000 6%
1,000,000 6%
borough Bridge notes, dated May 1 1921 and due $6,000 yearly on May 1
from 1922 to 1926. incl.—V. 112, p
1897—was awarded to the Old Colony
Trust Company of Boston at 100 153 for 5%s. a basis of about 5 69%.
No.
No,
No.
No.
192!
Molarity. Dale Sold
Oct. 16 1921 April
5,000,000 5.99% June
2,000,000 6%
May
750,000 6%
June
2,000,000 6%
April
tempoary loan
NOTE SALE.—On the same date the issue of $30,000 registered Tyngi
$5,000 5%
Road District
15,000 hlA% Road District
25,000 5Vi% Road D:strict
150,000 5y%% Road District
of
Int.Rale.
$50,000 6%
■
On
Bills
$94,108,000
Amourt.
Cambridge), Mas*.—TEM¬
of $200,000 issued in
-anticipation of taxes, dated May 3 and maturing Nov. 15 1921,—V. 112,
p. 1897—was awarded to the Boston Safe Deposit and Trust Company at
a discount of 5 H %
O.
the
follows:
as
Revenue
notice
of the offering of which was given in V. 112, p. 1897.
PORARY LOAN.—On May 3
Y.—TEMPORARY LOANS.—During the month
of
May 18-
(State of).—BOND OFFERING.—Attention is called to
MICHIGAN
[Vol. 112.
NEW YORK CITY, N.
June 20 1921 April 18
Aug. 12 1921 April 19
150,000 6%
14 1921 April 11
June 14 1921 April 11
1,000,000 6%
200,000 6%
400,000 6%
50,000 6%
Nov. 15 1921
April 19
May 16 1921 April 11
July
11921 April 11
1,500,000 6%
100,000 6%
50,000 6%
Dec.
April 19
395,000 6%
11921 April 11
100,000 6%
July
Sept. 12 1921 April 19
15 1921
June 27 1921
April 19
April 28 1921 April 29
April 28 1921 April 29
Aug. 11 1921 April 11
10 1921 April 11
50,000 6%
May 11 1921 April 11
Dec. 12 1921 April 11
S100.000 6%
Oct.
50,000 6%
Oct.
4 1921
Nov. 15 1921 April 11
1,000,000 6%
Dec.
15 1921
April
Nov. 15 1921 April 11
35,000 6%
5 1921
April
May 12 1921 April 12
Nov. 15 1921 April 12
50,000 6%
50,000 6%
5,000,000 6%
400,000 6%
1,250,000 6%
June 20 1921
April
June
200,000 6%
35,000 6%
11,500,000 6%
15,000 6%
1,000,000 6%
Various Purposes
($5,355,000).
4 1921
Oct.
5,000 6%
May 27 1921
May 27 1921 April 13
500,000 6%
Dec.
1 1921
June 28 1921 April 13
50,000 6%
500,000 6%
300,000 6%
Feb.
10 1921
April
April
April
April
April 11
.....—.——
Total
Full and
True
Real estate.
Value
Junp 13 1921 April 13
25,000 6%
500,000 6%
J,000,000 6%
May 13 1921 April 13
400,000 6%
June 27 1921
L-—$365,109,363.00
Money and credits
Oct.
Oct.
May 28 1921 April 14
May 26 1921 April 14
June 10 1921 April 15
April 13 1921
April 13
.$509,027,780.00
15,000 6%
50,000 6%
50,000 6%
400.000 6%
290,000 6%
June 20 1921
25,000 6%
April 20 1921
April 18
April 20
Oct.
14 1921
April 20
April 26 1921
April 26
—
1920.
....
Personal
property--—
Money and credits...........----.----..-.-..--- —
Total....
-
—...
.
Population National census, 1910
Population National census, 1920
..:
178,393,288.00
102,650,640.00
250,000 6%
$790,071.708.00
103,000 6%
1,000,000 6%
250,000 6%
50,000 6%
100,000 6%
301,408
380,582
-
....
Total non-serial bonds
—
Total April 18 1921Water works bonds included in above
---
15 1921 April 15
June
5,000 6%
14 1921 April 15
July
April 11 1922 April 11
15 1921 April 15
50,000 6%
13 1921
April 11
April 13
100,000 6% On or before
May 27 1921 April 15
May 26 1921 April 15
April 26 1922 April 26
July 15 1921 April 26
50,000 6%
300,000 6%
$6,337,922.75
30,242,200.00
1,581,134.88
June
15 1921 April 18
June
15 1921
April 18
15,000 6%
Oct.
Dec.
20 1921
April 18
25,000 6%
15,000 6%
July
April 27
28 1921 April 28
Oct.
25 1921
12 1921 April 18
40,000 6%
Dec. 30 1921
April 28
Aug. 16 1921 April 18
250,000 6%
Dec. 28 1921
April 28
Aug. 12 1921
April 29
April 29
$38,161,257.63
This sale
June
April 13
200,000 6%
30,000 6%
Outstanding Bonds.
Total serial street improvement bonds..
14 1921
10,000 6%
20,000 6%
60,000 6%
Sept. 14 1921 April 18
July
Nov. 28 1921
10,000 6%
April 27
27 1921
$1,750,000.00
125,000 6%
Sinking Fund.
10,000 6%
Nov. 15 1921 April 18
20,000 6%
July
City of Minneapolis, other bonds and "cash.......
$2,360,961.57
The bonds held in the sinking fund are 3lA, 4, 4M. 4H, 5, 5j^, and 6%
and are carried at their face value.
The city has never defaulted or delayed payment of principal or int.
50,000 6%
75,000 6%
July
20,000 6%
April 28
April 28 1921
on
25,000 6%
May 27 1921 April 20
250,000 6%
750,000 6%
10,000 6%
June 29 1921 April 21
Ward County, No. Dak .—BOND SALE.—The State of
North Dakota purchased at par during April $20,000 4% sewage bonds.
Date May 1 1920.
Due May 1 1940.
Bonds are not optional but can be
paid on any interest paying date after 2 years from date of issue.
on
July
27 1921 April 25
25,000 6%
50,000 6%
Dock
Purposes ($3,115,000).
June
4 1921 April
Oct.
5 1921 April
June
5 1921 April
50,000 6%
20 1921 April 27
105,000 6%
15 1921 April 27
June
10 1921
1922 to 1926, incl
BOND SALE.—Th" issue of $170,000 6%
sanitary-sewer bonds offered on
May 2—V. 112, p. 1 85—were sold on that date to John Wroe of Dayton
at par.
Date April 1 1921. > Due $17,000 yearly froip April 1 1923 to April
1 1932, incl.
NEW
BERN, Craven County, No. Caro.—BOND OFFERING.—
Sealed proposals will be received until 8 p. m. May 12 by F. T. Patterson
City Clerk, for $150,000 6% coupon (with privilege of registration) schooi
bonds.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and eemi-ann. int.
(J. & J.) payable at the National City Bank, N. Y.
Due yearly on Jan. 1
as
follows:
$3,000, 1924 to 1949 incl., and $6,000, 1950 to 1961, incl.
Cert, check or cash on an incorporated bank or trust company for
2% of the
amount of bonds bid for payable to the City of New Bern,
required.
Pur¬
chaser to pay accrued interest.
Successful bidders will be furnished with
the opinion of Reed, Dougherty & Hoyt of New York City, that the bonds
are valid and binding obligations of the city of New Bern.
A like amount of bonds was reported as sold in V. 112,
p. 1436.
NORTH
BERGEN
TWP.
(P. O. Narth Bergen), Hudson County,
N. J.—BOND SALE.—On May 5 the Weehawkeu Trust Co. was awarded
the issue of 6% coupon (with privilege of registration) school bonds
(V. 112
p. 1785
at 100.6/ for $149,000 bonds, a basis of about 5.94%.
Date
Mar. 1 1921.
Due yearly on Mar. 1 as follows: $3,000, 1922 to 1931 incl *
$4,000, 1932 to 1960 incl., and $3,000,
1961.
'
NORTH CAROLINA (State of).—NOTES OFFERED BY BANKERS —
Eyer & Co. of N. Y. are offering to investors to yield 6^% $500,000 6%
tax-free.
Interest bearing notes denoms. $50,000 and $100 000
Date
April 25 1921.
Due Oct. 25 1921.
(HfNORTH
on
CAROLINA (State of).—BIDS.—Two bids were received
'April 28 for the $2,000,000 bonds—V. 112, p. 1785—one from H G
Connor, Jr., of Wilson for $500 worth of bonds at par and another from
Mary G. McNair for a like amount at par.
Both bids were for 5s.
NORTH SUMMIT SCHOOL DISTRICT (P. O. Coalville), Summit
County, U*ah.—BOND SALE.—The Palmer Bond and Mortgage Co. of
Salt Lake
City has purchased $95,000 school bonds.
5
5
100,000 6%
April 28
Dec.
15 1921
April
5
200,000 6%
350,000 6%
May 31 1921 April 28
July 18 1921 April 28
Special
Nov.
Dec.
15 1921
April
6
April
6
June 20 1921
Revenue
100,000 6%
Bonds
of
Feb.
15 1922 April
Stock Notes
Dec.
April
7
20,000 6%
Dec.
20 1921
7
July
15 1921
April
April
300,000 6%
50,000 6%
7
Dec.
1921
1921
7
7
April
April
7
7
19 1921
April 8
1 1922 April 11
15 1921 April 11
Feb.
Dec.
420,000 6%
June 27 1921
April 11
April
1
100,000 6%
June
April 11
300,000 6%
April 13 1922 April 13
50,000 6%
April 20 1922 April 20
200,000 6%
100,000 6%
4 1921 April
4
May 26 1921 April
4
275,000 6%
Oct.
5 1921
April
5
100,000 6%
35,000 6%
50,000 6%
Oct.
5 1921
April
5
140,000 6%
June 28 1921 April
6
Oct.
1
1
Dec.
5,000 6%
100,000 6%
100,0C0 6%
Aggregating
15 1921
Dec.
100,000 6%
$17,266,000.
$100,000 6%
April
20 1921
1921
Amounting to $1,000,000.
Corporate
Nov. 15 1921
Dec.
11921 April 28
Rapid Transit Purposes ($8,146,000).
BOND SALE.—The $5,000 6% coupon Apple Ditch impt. bonds offered
Mar. 5—V. 112, p. 869—have been sold to the Madison Tile Co. of
London at par.
Date Mar. 1 1921.
Due $1,000 yearly on Mar. 1 from
4
$100,000 6%
1 1921 April 27
200,000 6%
Due $1,000 yearly on April 1 from 1922 to 1956, incl.
on
April 18
June 27 1921 April 19
April 19 1921 April 19
July 15 1921 April 26
205.000 6%
July
14,950,000 6%
25,000 6%
1656-—were awarded to the First Nat'l Bank of Gaithersbnrg, Md., at its
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BONDS SOLD.—
No bids wore received at the offering on April 26 of the 4 issues of 6%
road bonds.—V. 112, p. 1656—but at a private sale later negotiated by the
county, the State Industrial Commission was awarded $189\000 of these
bonds at par and accrued int. and tho Winters National Bank $311,000 at
the same price.
The bonds are described as follows:
$125,000 Inter-County Highway No. 27 Sec. "A" bonds.
Due yearly on
April 1 as follows: $17,000 1922 and $12,000, 1923 to 1931, incl.
109,000 Inter-County Highway No. 27 Sec. "B" bonds.
Duo $19,000
April 1 1922 and $10,000 yearly on April 1 from 1923 to 1931, incl.
189,000 Inter-County Highway No. 62 Soc. "D" bonds.
Due $13,000
April 1 1922 and $19,000 yearly on April 1 from 1923 to 1S31, incl.
77,000 Inter-County Highway No. 65 Sec. "A" bonds.
Due $5,000
April 1 1922 and $3,000 yearly on April 1 from 1923 to 1931, incl.
Denom. $1,000.
Date April 1 1921.
5
8
Dec.
$1,000,000 6%
bid of par.
April
April
July
5,000,000 6%
50,000 6%
the same date.
Rockville), Md.—BOND SALE.—
$35,000 5% coupon bonds offered on that date—V. 112, p.
5 1921
20 1921
June 20 1921
1 1921 April 26
MONTGOMERY COUNTY (P. O.
On April 26 the
Oct.
Dec.
120,000 6%
$50,000 6%
Dec. 27 1921 April 26
Dec. 15 1921 April 27
100,000 6%
40,000 6%
($650,000).
250,000 6%
1 1921 April 25
Dec.
Aug.
15 1921
April 29
Sept. 15 1921 April 29
April 28 1921 April 29
Water
1
Aug.
1 1921 April 25
Nov. 11 1921 April 25
100,000 6%
35,000 6%
yet been received as to the disposition of the $50,000 6%
bonds offered
May 25 1921 April 20
250,000 6%
200,000 6%
6Vi% 12Yi year (aver.) high school bldg bonds, dated May 1 1921—V. 112,
p. 1897—were sold to the Wells-Dickey Co. of Minneapolis at par, less
$2,300 for expenses.
This bid is equal to 98.23, a basis of about 6.71%.
water and sewer
June
250,000 6%
10,000 6%
315,000 6%
MOBRIDGE INDEPENDENT SCHOOL DISTRICT (P. O. Mobridge)
Walworth County, So. Dak.—BOND SALE.—On May 2 the $130,000
No report has
50,000 6%
3,000,000 6%
115,000 6%
its bonds.
Kearly$12,000, 1930 to 1934, $5,000, 1923 and 1924; $6,000, 1925 to 1929,
on May 1 as follows: incl
tel.;
19 1921 April 16
1 1921 April 19
15 1921 April 19
MINOT,
MONROE, Union County, No. Caro.— BOND SALE.—The $100,000
6% gold coupon (with privilege of registration) street impt. bonds, offered
on April 22—V. 112, p
1435— have been sold.
Date May 1 1921.
Due
Dec.
26 1921
Aug. 30 1921
On
or
April 20
before
April 26 1922 April 26
500,000 6%
June 20 1921 April
6
25,000 6%
250,000 6%
June 20 1921 April
6
100,000 6%
150,000 6%
1,450,000 6%
June 20 1921 April
6
Aug. 25 1921 April
Aug. 25 1921 April
6
550,000 6%
GENERAL
FUND
6
Tax
Notes
Oct.
26 1921
Amounting
5100,000 6%
BONDS.—On
April 30 the
3% General Fund bonds, maturing Nov. 1 1930.
April 26
April 28 1922 April 29
to
$100,000.
Mar. 10 1922 April
city
issued
6
$6,500,000
LONG TERM CORPORATE STOCK SOLD IN 1920.—In addition to those
already sold,
during 1920:
Amount.
city issued the following 4>2%
Purpose.
$100,000
25,000
OAKES
the
Various
Juno 1
Rapid Transit
SPECIAL
Corporate stock at par
Maturity.
SCHOOL
Nov.
Date Sold.
1969
Feb.
21
Apr.
1921-60
1
7
DISTRICT
(P.
O. O akes),
Dickey
County, No. Dak.—BOND SALE,—An issue of $18,000 4% bldg. bonds
was sold to tho State of North Dakota during April at par.
Date May 1
1920.
Due May 1 1940.
Bonds are not optional but can be paid on any
int. paying date after 2 years from date of issue.
OBERON
SCHOOL
DISTRICT
(P.
O.
Oberon),
Benson County,
No. Dak.—BOND SALE.—A $20,000 4% bldg. bond issue was purchased
at
by the State of North Dakota during April.
Date May 1 1920.
Due May 1 1940.
Bonds are not optional but can be paid on any int.
paying date after 2 years from date of issue.
par
O'BRIEN
Sealed
COUNTY
(P. O. Primghar), Iowa.—BOND OFFERING.—
5% primary road bonds will be
bids for the purchase of $750,000
entertained until 2 p. m. May 17 by John F. Yeager, County Treasurer.
Denoms. $1,000 and $500Date, May 1 1021.
Int. payable at the
office of the County Treasurer.
Due yearly on May 1 as follows: $75,000,
$76,000, 1928 and 1929; $83,000, 1930 and 1931; $93,000, 1932 and
$95,000, 1934 and $76.GOO, 1935.
Cert, check for 2M% of bid
payable to the County Treasurer, required.
1927;
1933;
OKMULGEE COUNTY
We
as
are
(P. O. Okmulgee), Okla.—CORRECTION.—
$800,000 5% road bond issue
advised that Okmulgee County sold its
follows:
$200,000 road bonds (not $800,000 as reported in V. 104, p. 380) were sold
to R. J. Edwards of Oklahoma City during 1917^
This portion
matures on Dec. 15 as follows: $8,0(0 1935 and $32,000 1 936 to
1941, incl.
472,000 road bonds were sold last month to local banks.
This portion
mature* on Dec. 15 as follows: $32,000 1921 to 1934, incl.; and
$24,00# 1935.
The remaining bonds ($128,000) which were to have matured $32,000
annually on Dec. 15 from 1917 to 1920, incl., were cancelled.
OLIVET
INDEPENDENT
CONSOLIDATED
NO. 3 (P. O. Olivet), Hutchinson County,
SCHOOL
DISTRICT
So. Dak.—BONDS VOTED.
MAY 7
—By
1921.]
THE
CHRONICLE
vote of 88 to 44 the question of issuing $60,000 10-20 year
school bonds, at not exceeding 7% int., carried on
April 16.
These bonds will be offered during June of the current year.
a
ORLAND,
Glenn
County,
(opt.)
Calif.—BOND
DISTRICT,
Angeles
Los
County,
Calif.—
County Treasurer.
Due yearly on May 1 as follows: $250, 1922 to 1929,
incl., and $500, 1930 to 1938, incl.
Cert, or cashier's check for 5% of the
portion thereof bid for, payable to the Chair¬
man
Board of County Supervisors, required.
Purchaser to pay accrued
Bond
Debt,
none.
Assessed
value
Population (est.) 1,200.
-
of
taxable
property
1920,
,
PARK COUNTY SCHOOL DISTRICT NO. 8 (P. O. Cody),
Wyo.—
BONDS ILLEGAL.—The $5,000 6% school bonds, which were offered on
Oct. 7 last—Y. Ill, p. 1108-—are illegal.
PERKINS RURAL SCHOOL DISTRICT,
Erie County, Ohio.—
BOND OFFERING.■—Bids for the purchase of $160,000 6% school site and
erection bonds will be received until 8p.m.
Board of Education, at the office of the
May 21 by Leroy Hills, Clerk of
County Superintendant, Court
House, Sandusky.
Denom. $1,000.
Date April 1 1921.
Prin. and semiann. int.
(A. & O.) payable at the Citizens Banking Co. of Sandusky.
Due
on April 1 and Oct. 1 of each year as
follows: $2,000, 1922 to 1926, incl.;
$3,000, 1927 to 1931, incl.; $5,000, 1932 to 1936, incl.;
and $6,000, 1937
to 1941, incl.
Cert, check on a Sandusky bank, for 1 % of amount of bonds
bid for, payable to the clerk, required.
Purchaser to pay accrued interest.
PETTIS
PHILADELPHIA, Pa.—BOND OFFERING.—J. Hampton Moore,
Mayor will receive sealed bids until 12 m. May 25 for $7,000,000 5% taxfree registered and coupon bonds.
Date May 16 1921.
Denom. $l00 and
its multiples in registered form and $1,000 in coupon form.
Semi-ann. int.
(J. & J.).
Due as follows:
$3,000,000 50-year May 46 1971
2,000,000 30-year May 16 1951
2,000,000 15-year May 16 1936
Cert, check
Jtor 5% of amount bid
May 3 of the $90,000 6% 5-30-year (opt.) school bonds—V. 112, p. 1785.
These bonds may be re-offered for sale shortly.
PITTSBURG SCHOOL DISTRICT, Contra Costa County, Calif.—
OFFERING.—J. H. Wells, Clerk Board of County Supervisors
(P. O. Martinez) will receive bids until 11 a. m. May 16 for $100,000
6% schol bonds, authorized by a vote of 329 to 65 on March 29 1921.
De¬
nom. $1,000.
Date May 1 1921.
Int. M. & NT.
Due yearly on May 1
as follows:
$2,000, 1922 to 1925, incl.; $3,000, 1926 to 1937, incl., and
$4,000, 1938 to 1951, incl.
Cert, check for 5% of amount bid, required.
Purchaser to pay accrued int.
Official circular states that no previous
bond issues have been contested and that the int. and principal of all bonds
previously issued have been promptly paid at maturity and that there is no
controversy or litigation pending or threatened affecting the corporate
existence of the boundaries of the school district, or validity of these bonds.
A certified copy of opinion of GoodfelloAV, Eells, Moore & Orrick of San
Francisco certifying to the validity of said bonds will be furnished the
purchaser free of charge.
*
BOND
•
Financial
Statement.
Bonds outstanding besides this issue
$50,000
Total assessed valuation of District for 1920
$3,107,040
Assessed valuation of property is practically 50% of true value.
Population of 1920: Daily attendance school children, 917.
population 1920, 6,500.
Estimated
PLAN KINTON INDEPENDENT CONSOLIDATED SCHOOL DIS¬
TRICT NO. 4 (P. O. Plankinton), Aurora County, So. Dak.—BIDS
REJECTED.—All bids submitted for the purchase of $125,000 6% school-
building bonds
on
April 29 (V. 112,
p.
1785)
were
turned down.
POLK COUNTY (P. O. Cedartown), Ga.—BOND SALE.—On May 3
the $100,000 5Yi %
29 2-3 year (aver.) road and bridge bonds, dated May 2
awarded to C. W. Smith & Co. of Cedartown
basis, of about 5-855%.
Due Jan. 1 1951.
1921—V. 112, p. 1898—were
a
Assessed
valuation
of
all
as may
be designated by the
J
taxable
Statement.
property
in
the
county
$7 g21 578 of)
equalized for taxation 1920
Actual value (est.) taxable property in county
Total bonded debt including these issues
?i*iki
ig
or
other debts
"
_
_
_
_
24'fi17'fiR9
POPLAR BLUFF SCHOOL DISTRICT (P. O.
Poplar Bluff), Butler
County, Mo.—BOND SALE.—Wm. R. Compton Co. of St. Louis bas pur¬
$30,000 6% tax-free school-building-completion bonds.
Denom.
w?
PROWERS
COUNTY .CONSOLIDATED
SCHOOL
DISTRICT
NO. 8 (P. O. Granada), Colo.—BONDS VOTED.—On
May 2 the $38 000
6% school bonds were voted.
Denom. $1,000.
Date May 1 1921
Prin
payable at the office of County Treasurer and semi-ann. int. (M*. & N )
at Kountze Bros., N. Y.
Due May 1 1951, optional May 1 1936
These bonds have already been reported as being sold to Ben
well Phil¬
lips, Este & Co. of Denver, subject to being sanctioned at the said election
The notice of sale and election appeared in V. 112,
p. 1543.
Financial Statement.
Assessed
valuation, taxable property (1920)
(including this issue)
Population (estimated), 800.
$1,613 080
Total bonded debt
' 55'500
PUTNAM COUNTY (P. O. Ottawa), Ohio.—BOND OFFERING
Henry J. Moenter, County Auditor, will receive bids until 12 m. May 14
following 6% road impt. bonds:
for the
,
$11,200 A. B. Etter Road bonds.
Denom. $1,120.
Due $1,120 each six
months from May 14 1922 to Nov. 14 1926, incl.
31,000 Henry Verhoff Road bonds.
Denom.
six months from May 14 1922 to Nov.
Date May 14 1921.
Due $3,100 each
Prin. and semi-ann. int. payable at the County Treas¬
where delivery to purchaser is to be made
ury,
$3,100.
14 1926, incl.
as
soon
as
_—$7,000,000
4,045,15j
156,500
.
___$25,000
$131,500
Population of Poplar Bluff, 1920 U.S. Census, 8,042; population of dis¬
trict, present estimate, 12,000.
PORT CLINTON SCHOOL DISTRICT (P. O. Port Clinton), Ottawa
County, Ohio.—BOND ELECTION —Newspapers report that an election
is to De held on May 16 to vote on the question of issuing $125,000 new
high school building bonds.
PORTERVILLE UNION HIGH SCHOOL DISTRICT (P. O. Porterville), Tulare County, Calif.—BOND ELECTION.—This district will
May 20 to decide on issuing $365,000 bonds for a new school building.
PORT VUE SCHOOL DISTRICT,
Allegheny County, Pa.—BOND
OFFERING.—Proposals will be received until 8 p. m. May 23 by William
J. Owen, Secretary of Board of Education, at his office, 1706 New York
Ave., Port Vue, for the purchase of $40,000 coupon tax-free school bonds,
to bear interest at 5% or 5Ji%.
Denom. $1,000.
Date May 1 1921.
Due $10,000 on May 1 in 1928, 1936, 1946 and 1951.
Cert, check for $300,
payable to the District Treasurer, required.
Purchaser to pay accrued
interest.
DISTRICT
NO.
92
(P. O.
Pinto), Mont.—BOND SALE.—The $2,000 6% school bonds offered on
Jan. 29—V. 112, p. 491—were sold on April 30 to the State Land Board
at par.
Denom. $100.
Date May 1 1921.
Int. M. & N.
Due May 1
1941, optional May 1 1922.
PRAIRIE
BONDS
HILL
INDEPENDENT
REGISTERED.—An
registered
on
issue
of
SCHOOL
$23,000
5%
April 27 with the State Comptroller.
The official notice of this bond offering will be found
among the advertiseelsewhere in this Department.
,
.
RAINIER
.
DRAINAGE
DISTRICT (P. O. St. Helena), Columbia
County, Ore.—BOND OFERING.—H. R. Dibble, Secretary, will receive,
bids until 2 p.m. May 23 for $7,000 6% bonds, it is stated.
Certified check
for 5% required.
.:
REEDLEY, Fresno County, Calif.—BONDS OFFERED BY BANKERS
$66,000 6% tax-free sewer and park bonds is being offered
investors by Frank & Lewis.
Date April 15 1921.
Due yearly on
April 15 from 1922 to 1961, incl.
- ? •
—An issue of
to
•
RICHLAND COUNTY (P. O. Columbia), So. Caro.—BOND
OFFER¬
ING.—Sealed bids will be received until 12 m. May 17
by John J. Earle,
Secretary of the County Permanent Roads Commission, for the
purchase,
and accrued interest, of bonds of an authorized issue of
$2,000,000 of highway improvement bonds, of the denom. of $1,000 each
dated April 1 1921, maturing serially, $80,000 of bonds on
April 1 in each
of the years 1922 to 1946, inclusive, and beari
g interest at the rate of 5%.
or 6% per annum,
payable semi-annually on Apr 1 15 and Oct. 15,
at not less than par
the
rate
to be named in the bids.
Bids will be received for the entire
of $2,000,000 of bonds and also for
$1,000,000 of these
Bids for $2,000,000 of bonds will be received
only upon the under¬
authorized issue
bonds.
standing that if the Commission shall decide to sell only $ 1,000,000 of bonds
at present time the bidder will take the
amount of bonds at the price per
$100, stated in his bid.
The bonds awarded upon any one bid will mature
in equal annual installments,
beginning April 1 1922, and ending April 1
1946.
The bonds will be coupon bonds with privilege of
registration as to
principal.
Principal and interest payable at the Guaranty Trust Co.,
New York.
Bids must be accompanied by a certified check or checks
upon
an incorporated bank or trust
company for 2% of the amount of bonds bid
for, payable to the County Permanent Roads Commission.
The bonds will
be approved as to legality by Reed,
Dougherty & Hoyt of New York, whose
favorable opinion will be furnished to the purchaser without
charge.
The
bonds will be prepared at the expense of the Richland
County Permanent
Roads Commission and will be delivered to the
purchaser in New York City
as soon as they can be prepared.
The notice of this offering was
already given in V. 112, p. 1786.
It is
given again because additional details have come to hand.
ROBERTSON COUNTY ROAD DISTRICT NO. 6, Tex.—BONDS
REGISTERED.—The State Comptroller registered $35,000
5% 10-40-year
bonds on April 24.
ROCHESTER, N. Y.—NOTE SALE.—The
issue of $75,000 municipal
bldg. notes offered on May 3 (V. 112, p. 1898) was awarded to the
Bank of Rochester, at 6% interest, plus $56 premium.
Sept. 6 1921.
Other bidders were:
land and
Lin coin-Alliance
Name—•
Interest.
DISTRICT, Tex.—
5-40-year bonds was
POWELL COUNTY (P. O. Deer Lodge), Mont.—BOND OFFERING.—
$25,000 6% coupon court house bonds—V. 112, p. 1786—Proposals for
these bonds will be received until 2 p. m. on that day by Daniel B. Hertz,
County Clerk.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann.
int. (J. & J.) payable at the Harris Trust & Savings Bank, Chicago.
Due
April 1 1941 redeemable $5,000 yearly on April 1 from 1936 to 1940, incl.,
or on any int. paying date thereafter.
Cert, check on some reliable bank
for $2,500 payable to the County Treasurer, required.
BOND OFFERING.—Further details are also at hand relative to the
offering on May 9 of the $50,000 6% coupon highway bonds.—V. 112,
p
1786—Daniel B. Hertz, County Clerk, will receive proposals for these
bonds until 10 a. m. on that day.
Denom. $1,000.
Date July 1 1920.
Prin
and semi-ann. int. (J. & J.) payable at the Harris Trust & Savings
Bank, Chicago.
Cert, check for $5,000 payable to the County Treasurer,
required.
Delivery of and payment for the bonds will be made within a
reasonable time after the date of sale, at such bank in the city of Deer
Premium.
6%
$25
Savings Bank, Rochester.
Robert Winthrop & Co., N. Y_
_
ROGERSVILLE,
Hawkins
_
_
.
6%
_
1
County,
Tenn.—BOND OFFERING.—
Sealed bids will be received until 2
p. m. May 10 by T. E. E. Beal, Town
Recorder and Treasurer, for $15,000
6% water works and sewer bonds.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the office of the Town Treasurer.
Due yearly on Jan. 1 as
$1,000, 1923 and $2,000, 1924 to 1930, incl.
Cert, check for 5%,
required.
f llows:
ROLLING
FORK
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Rolling Fork), Sharkey County, Miss.—BOND SALE.—The
$125,000
oonds offered on Feb. 1—V. 112, p. 395—have
been sold to the National Bank of Commerce and the
Mortgage Trust Co.,
both of St. Louis.
Denom. $1,000.
Date July 1 1920.
Prin. and semiann
int. (J
& J.) payable at the Hanover National
6%
tax-free school bldg.
N. Y.
Bank,
yearly
on
Due
July 1 from 1921 to 1945, incl.
Financial Statement.
Estimated actual value of taxable
property
Assessed value of taxable
property, 1920
Total bonded debt (this issue only)
___$4,000,000
1,295,440
125,000
Population, estimated, 5,000.
ROWAN COUNTY (P. O.
Salisbury), No. Caro .—BOND OFFERING.
m. May 14, Max L.
Barker, Clerk Board of County Commission¬
will receive sealed proposals for $400,000 6% coupon road and bridge
—Until 12
ers,
bonds.
Denom. $1,000.
Date May 15 1921.
Prin. and semi-ann. int.
Due yearly on May 15 as fol¬
$8,000, 1924 to 1928, incl.; $10,000, 1929 to 1931, incl.; $13,000,
1932 to 1941, incl.; $20,000, 1942 to
1951, incl.;
Cert, check for 2% of the
amount of bonds bid for
payable to Rowan County, required.
Purchaser
payable at the National Park Bank, N. Y.
lows:
to
pay
accrued
interest.
opinion of Reed, Dougherty
tions of Rowan
additional information is at hand relative to the offering on May 9 of the
pre¬
ments
vote
SCHOOL
are
Cert, checks for 5% of amount of issue, payable to the
County
Treasurer, required.
Purchaser to pay accrued interest.
•.
COUNTY
bonds
pared.
Mechanics
RIVER
sn
bonds of
this county.
$500.
Date May 1 1921.
Prin. and semi-ann. int. (F. & A.) payable
at the American Trust Co., St. Louis.
Due on Feb. 1 as follows: $5,000,
1923; $5,000, 1924; $5,000, 1925, and $15, 00, 1937.
POWDER
'None
_
Population last census
7 cqq
Present population (estimated)
8'000
All principal and interest of all bonds
previously issued have been naid
promptly, no litigiation has ever existed concerning the
validity of
Due
Net bonded debt
nn
I ~~
fund-; reserved for payment of outstanding bonds
chased
Financial Statement.
Estimated actual value taxable property
Assessed value taxable property,
1920
Total bonded debt, including this issue
Sinking fund
nn
'.335'nnft
_
♦
,
required.
PHILLIPI INDEPENDENT SCHOOL DISTRICT (P. O. Phillipi),
Barbour County, W. Va.—BONDS NOT SOLD.—No sale was made on
95,
his bid.
COUNTY
(P. O. Sedalia), Mo.—BOND ELECTION.—Th
"Springfield Republican" of April 17, says:
A proposal to issue $350,000 bonds for rebuilding the Pettis
County
courthouse will be voted on at a special election called for Saturday, May 7,
by the County court here.
The election is to be held under the terms of a
law enacted by the last session of the legislature.
The law was the first
one to pass both houses of the assembly and was the first one to be
signed
by Governor Hyde."
at
in
Warrant indebtedness
SCHOOL
amount of said bonds, or of the
$130,590.
the city of Chicago, 111.,
Financial
BOND OFFERING.-—Proposals will be received until 11 a. m.
May 9 by
L. E. Lampton, County Clerk and ex-officio Clerk Board of
County Super¬
visors (P. O. Los Angeles) for $6,500
6% school bonds.
Denom. $250.
Date May 1 1921.
Prin. and semi-ann. int. payable at the office of the
interest
or
successful bidder
SALE.—On April 19,
$20,000 bonds, to be used to install a new engine at the pump house, were
sold to the First National Bank of Orland and Cyrus Pierce & Co. of
San
Francisco, at par and accrued interest.
PALOMAR
2003
Lodge, Montana,
The successful bidder will be furnished with the
& Hoyt of N. Y. that the bonds
are
valid obliga¬
County.
ROWLAND,
Robeson County,
No. Caro .—BOND OFFERING.—
Until May 26 O. P.
Chitty, Town Secretary and Treasurer, will receive
sealed proposals for
$15,000 6% 1-25 year serial funding bonds, it is stated.
Denom. $1,000.
Date July 1 1921.
Int. semi-ann. Cert, check for$l,000
required.
RYE, Westchester County, N. Y.—BOND SALE.—On May 4 the
$49,800 6% gold registered street-impt. bonds offered on that date (V. 112,
p. 1898) were awarded to Rutter & Co. of New York at 105-04, a basis of
about 5.47%.
Date May 1 1921.
Due $1,660 yearly on May 1 from
1922 to 1951, inclusive.
ST.
BERNARD,
Hamilton
County, Ohio.—BOND OFFERING.—
6% coupon bonds will be received by
Bids for the following four issues of
Frank J. Schwab,
$13,000
50,000
60,000
150,000
City Auditor, until 12 m. June 4:
Baker Ave., et al. impt. bonds.
Due July 1 1951.
Meadow Ave, et al. impt. bonds.
Due $2,000 yearly
from 1922 to 1946, incl.
storm and sanitary sewer bonds.
Due July 1 1951.
Carthage Pike impt. bonds.
Due July 1 1951.
on
July 1
Denom. $500.
Date July 1 1921.
Prin. and semi-ann. int. payable at
Citizens Bank of St. Bernard.
Cert, check for 5% of amount of bonds
SALAMANCA,
bid
issues
of coupon
Miller Ditch bonds.
Mar. 8 1921.
Int. J. & D.
on
or
1 from 1922
Due $4,230.81 yearly on Apr.
to 1941. inch
Due
9,475.00 sewer bonds.
1931, incl.
$947.50 yearly on April
and 100.02 for 5%s for the sewer
yearly on April 1 from 1922 to
;
bonds.
1898—were rejected.
They will be rooffered on
Bids will be received on
May 12.
that date
from 10 a. m. until 3 p.m.
bids
SANDUSKY, Erie County, Ohio.—AO BIDS RECEIVED.—No
were received on May 2 for the following four issues of 6% bonds offered
on that date (V. 112, p. 1544):
$24,300 bonds.
Denoms. $1,000 and $1,300.
Due yearly on
as
follows: $2,000, 1922 to 1927. inclusive; $3,000, 1928, 1929 and
1930; and $3,300, 1931.
»
.
„
,
__
6,400 bonds.
Denoms. $500 and $900.
Due yearly on April 1 as
lows: $500, 1922 to 1929, inclusive; $1,000, 1930; and $1,400,
21,000 bonds.
Denom. $1,000.
Due yearly on April 1 as follows:
1922 to 1929, inclusive, and $5,000, 1930.
40,000 bonds.
Denom. $1,000.
Due yearly on April 1 as follows:
April 1
_
fol¬
1931.
$2,000,
$4,000,
and $8,000, 1930.
Principal and semi-annual interest
1929, inclusive;
1921.
City Treasurer's office.
10-40 year bonds
payable at the
,
COUNTY COMMON SCHOOL
SAN PATRICIO
Tex.—BONDS
DISTRICT NO. 12,
$20,000 o%
REGISTERED .—This district registered
with the State Comptroller on April 27.
SAN RAFAEL,
Marin County,
issue of $15,000 to provide new
carried by a vote of 3 to 1.
Calif.—BONDS VOTED.—1The
equipment for the fire
bond
department was
SAVONA, Steuben County, N. Y.—BOND OFFERING.—Fred Noles,
receive bids until 7 p. m. May 9 for $20,000 5% coupon
registered electric light system bonds.
Denom. $100, $500 and $1,000.
Date May 1 1921.
Semi-annual interest payable at the Savona National
Bank, of Savona,
Due part yearly.
Certified check for 5% of amount
or
payable to James P.
SEBASTIAN BRIDGE
Stincon, Village Treasurer.
Sebastian
Hanchett Bond
yielding over
year (opt.) tax-free bonds.
Denom. $1,000.
and semi-ann. int. (Mr & S.) payable at the
DISTRICT (P. O. Fort Smith),
County, Ark .—BONDS OFFERED BY BANKERS.—The
Jo. of Chicago, is offering to investors at 99 and interest .
6.126%, $200,000 6% .5-10
Date March 1 1921.
Prin.
Chase National Bank, N. Y.
Financial
Total value of property
Statement.
estimated-
$-55,000,000
-—
Assessed value for taxation.,
— _____ —
debt, including this issue.
Total bonded
Population officially estimated,
_______
______
2< ,505.216
115,000
35,000.
SELMA, Dallas County, Ala.—BOND
following bond issues will be voted upon:
$75,000 park bonds
75,000 sanitary sewer bonds
50,000 school bonds
50,000 funding bonds.
ELECTION .—On July 15 the
recent
Ohio.—BOND OFFERING.—
proposals until 12 m. May 31
for $20,000 6% coupon road impt. bonds.
Denom. $500. Date April 15
1921.
Prin. and semi-ann. int. (A. & 0.) payable at the Lorain Bank Co.
of Lorain.
Due $2,000 each six months from Apr. 15 1922 to Oct. 15 1926,
incl.
Cert, check for 2% of amount of bonds bid for, payable to the Village
Treasurer, required.
Bonds to be delivered and paid for within ten days
from date of award, required.
Purchaser to pay accrued interest.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 7, Wyo.—BOND
SALE.—On April 25 $150,000 bonds were sold at par and accrued interest
SHEFFIELD LAKE, Lorain County,
Frank F. Field, Village Clerk, will receive
of Wyoming.
,
SHERMAN,
Grayson
County,
following bids were received on April 25
serial bonds—V. 112, p.
1544.
reelected.
DISTRICT NO. 4 (P. O. Wakpala), Corson County,
OFFERING.—Sealed proposals will be received until 12
SMEF. SCHOOL
Dak.—BOND
So.
Frank Godfrey. District Treasurer for $80,000 coupon school
house bonds at not exceeding 7% interest, authorized on Mar. 19.
Denom.
$500.
Date May 1 1921.
Int. M . & N. Due yearly on May 1 as follows:
$5,500, 1926 to 1939, incl., and $3,000, 1940.
Cert, check for $1,000, pay¬
m.
May 10 by
able
to
the above
official, required.
Bonded Debt, April 22 1921, this
issue only.
COUNTY SCHOOL DISTRICT NO. 4, Wash.—
SALE.—Recently the State of Washington was awarded $4,500
at par for 6s.
SNOHOMISH
BOND
school
bonds
COUNTY SCHOOL DISTRICT NO.
SALE.—This district recently sold $4,000 school
State of Washington at par for 6s.
SNOHOMISH
BOND
93, Wash.—
bonds to the
SOUTHAMPTON (TOWN) UNION FREE SCHOOL DISTRICT
NO, 2 (P. O. West Hampton Beach), Suffolk County, N. Y.—BOND
OFFERING.—Joseph T. Stevens, Clerk of Board of Education, will receive
bids until 7 p. m. May 21 for $75,000 6% school bonds.
Denom. $1,000.
Date July 1 1921.
Due yearly on July 1 as follows: $3,000 1922 to 1926,
inclusive, and $4,000, 1927 to 1941, inclusive.
Semi-annual interest pay¬
able at the Seaside Bank, of West Hampton Beach.
Certified check for 5%
of amount of bonds bid for, required.
Bonded debt, $17,000.
PASADENA CITY SCHOOL DISTRICT, Los
Angeles
Calif.—BOND OFFERING.—L. E. Lampton, County Clerk and
Board of County Supervisors (P. O. Los Angeles), will
receive sealed proposals until 11 a. m. May 23 for $105,000 6% school
bonds.
Denom. $1,000Da'e May 1 1921.
Principal and semi-annual
interest payable at the office of the County Treasurer.
Due yearly on
May 1 as follows: $4,000. 1922 to 1941. inclusive, and $5,000, 1942 to 1946,
inclusive.
Certified or cashier's check for 3% of the amount of said bonds,
payable to the Chairman Board of County Supervisors, required.
Pur¬
chaser to pay accrued interest.
Bonded debt, $67,500
Assessed value o
SOUTH
County,
ex-officio Clerk
taxable property,
1920, $7,999,780.
Population (estimated), 9,500.
J."
SPRINGFIELD, Clark County, Ohio.—BOND OFFERING —W.
Barrett, City Auditor, will receive bids until 12 m. May 23 for $16,050 6%
paving bonds.
Denom. $500 and $550.
Date Mar. 1 1921. Int. semiann.
Due yearly on Mar. 1 as follows; $2,050,1922: $2,000,1923; and
$1,500, 1924 to 1931, incl.
Cert, check for 5% of amount of bonds bid for,
required.
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Erden
heim), Montgomery County, Pa.—BOND SALE.—On May 2 the $30,000
5school bonds offered on that date (V. 112, p. 1899), were awarded
to the Penn Trust Co. of Morristown, Pa., at par.
Date May 2 19217
Due May 2 1951.
,
STRYKER, Williams County, Ohio.—BOND OFFERING.—M. E.
BolleSv Village~01e£lc< will receive sealed bids until 12 m. May 23 for $1,000
6% refunding bonds.
Date April 1 1921.
Int. A. & O.
Due April 1
1935.
Cert, check for 5% of amount of bonds, payable to the Village
Treasurer .required.
Purchaser to pay accrued interest.
SUNFLOWER COUNTY (P. O. Indianola), Miss.—BONDS VOTED.—
By a vote of 227 to 69 the voters sanctioned the issuance of $250,000
Supervisors' District No. 5 bonds on April 29, it is stated.
SWAMPSCOTT,
On
April 29
a
Essex
County,
temporary loan of
Dec. 5 1921, was awarded to
discount.
LOAN.—
Ma**.—TEMPORARY
$100,000. dated May 5 and maturing
5.73%
the Security Trust Co. of Lynn, on a
\
SYRACUSE, N. YCORRECTION.—The bid submitted by the First
Deposit Co. of Syracuse and Sherwood & Merrifield of New York,
Trust &
for the five issues of tax-free coupon (with privilege of registration) bonds
awarded as reported in V. 112, p. 1899. was $1,336,026, the $540,000 and
$240,000 issues to bear 5% interest, and the
5lA%.
$80,000, $456,000 and $16,000
TEXAS (State of)—BONDS REGISTERED.—The following 5% bonds
were registered with the State Comptroller:
Amount.
Place and Purpose of Issue.
Due.
Date Reg.
$3,000
Harrison Co. Common S. D. No. 8
Serially
April 28
4,300
WilliamsonCo. Common S. D. No. 11.1
5-20 years April 26
3,000
Williamson Co. Common S. D. No. 69
___5-20 years April 29
TEXARKANA,
Bowie
County,
Tex.—BONDS REGISTERED.—
$300,000 6% serial street impt. bonds was registered on April 24
with the State Comptroller.
TIFFIN,
Seneca
Ohio.—BOND SALE.—On May 2 the
were awarded to the City
Date May 1 1921.
Due
County,
$35,000 6%, deficiency bonds (V. 112, p. 1658)
Bank of Tiffin, at par and interest.
National
1926.
Sept. 1
TIOGA COUNTY (P. O. Wellsboro), Pa.—BONDS SOLD IN PART.—
The only bid received at the offering on April 30 of the $200,000 5% road
bonds
and
(V. 112, p. 1786) was from the First National Bank
for $100,000 bonds at par.
This bid was accepted.
was
of Wellsboro,
Date May 1
1921.
TOLEDO, Lucas County, Ohio.—BONDS
the year ending Dec. 31 1920.
to those already so reported.
Int.
Purpose
Amount.
SOLD IN 1920 —During
the city issued the following bonds
$50,000 Workhouse
5%
30,000 Engine house repair
250,000 City hall site
5%
5%
5%
5%
5%
4%
5%
5%
5%
50.000 Street rapair
60,000 Fire
TODD
COUNTY
(P.
_______
in addition
Date.
May 1
Oct. 1
Oct. 1
Feb. 1
Maturity.
1919-1949
1919-1929
1919-1949
1919-1934
May 1
1
1
1
1
1
1918-1948
1918-1948
April
May
Nov,
Mar.
May
O. Long Prairie), Minn.—BOND
'17-'29'31
1918-1924
1919-1934
1919-1939
SALE.—On
May 3 the $100,000 6% 10-year road bonds, dated May 1 1920 (V.
1786), were obtained by the Bank of Long Prairie of Long Prairie at
a basis of about 5.99%.
are
112, p.
100.10,
Shawnee County, Kans.—BONDS TO BE OFFERED.—
Topeka will issue about July 15 approxi¬
TOPEKA,
We
informed that the city of
mately $300,000 5% 1-10 year
serial bonds.
TUSCALOOSA COUNTY (P. O. Tuscaloosa),
ING.—Until May 30 proposals will be received for
bridge bonds by William W.
Due June 1 1941.
Ala.—BOND OFFER¬
$150,000 6% road and
Brandon, Probate Judge.
Date June 1 1921.
TUSCARAWAS
COUNTY
(P. O. New Philadelphia),
SALE.—Local banks of New Philadelphia were the
BOND
Tex.—BIDS REJECTED.—The
for the $100,000 sewer and $75,000
For $100,000 Sewer Bonds; Walter A. Myrick of Dallas, offered par and
accrued interest less an allowance for selling expenses, &c.t of $8,800, and
John B. Oldham of Dallas, offered par and accrued interest less a similar
allowance of $9,000.
For $75,000 Waterworks Bonds, Walter A. Myrick offered par and
accrued interest less $6,600 and John B. Oldham par and accrued interest
less $6,500.
All bids were
April 29—V. 112, p. 1544.
Park
Water
Bridge repair
Bridge repair
20.000 Fire police alarm
SENTINEL, Washita County, Okla.—BONDS VOTED.—At a
additional water supply bonds carried, it is stated.
water
bids for the $40,623.27 6%
15,000
75,000
25,000
37,000
election $14,500
to the State
Ohio.—NO BIDS.—There were
village's portion street impt. bonds offered
STRUTHERS, Mahoning County,
An issue of
Village Clerk, will
of bonds bid for,
o,4U0
on
5Ms for the paving bonds,
This is on a basis of about 5.56%.
INDEPENDENT SCHOOL DISTRICT (P. O.
Salem),
Harrison County, W. V a.—BIDS REJECTED.—BONDS RE-OFFERED.
—All bids received on May 3 for the $75,000 6% school bonds—-V. 112,
1
Ditch bonds.
on
no
,
t.
SALEM
1922 to
Kinderman
,
Due $1,809.87
incl.
Sherwood & Merrifield's bid was 100.07 for
Date April
Vo
$2,000 yearly
.
_
1 from 1922 to
1931.
p.
Denoms. $2,259 25 and $2,000.
Int.J.&D.
Due $2,159 25 Dec. 11921, and
Dec. 1 from 1922 to 1930, incl.
00 A. J. Korteweg et al. Center Twp. gravel road bonds.
Denom.
$270.
Date April 4 1921.
Int. M. & N.
Due $270 each six
months from May 15 1922 to Nov. 15 1931, incl.
^
20,159 25
;r
bonds.
sewer
Denom. $518 59 and $500.
Date
Due $518 59 Dec. 1 1921, and $500
SrlZ.on Dec- 1 from 1922 to 1930. incl.
6
Date Jan. 3 1921.
112, p. 1786.
$84,616.20 paving bonds,.
date.—V.
18,098.70
Ind.—BONDS NOT SOLD.—No
112, p. 1786:
$5,018 59 6%
County, N. Y.—BOND SALE.—On
York, were awarded the following
registered bonds, which were offered on that
or
Knox),
(P. O.
f>rf-e^Wias IX^L ^ date.—V. 29 of the following 3 issues of bonds which were
?n April
on that
offered
Cattaraugus
May 2, Sherwood & Merrifield of New
three
STARKE COUNTY
the
Purchaser to pay accrued interest.
for, required.
[VOL. 112.
CHRONICLE
THE
3004
Ohio.—
successful
and interest for the following two issues of 6% coupon road
impt. bonds offered on May 2—V. 112, p. 1658:
$84,250 bonds.
Due each six months as follows: $7,750, April 1 1922;
$7,500, Oct. 1 1922 to Oct. 1 1924, incl.; $10,000, April 1 1925 to
April 1 1926, incl., and $9,000 Oct. 1926.
62,750 bonds.
Due each six months as follows: $6,250, April 1 1922;
$6,000, Oct. 1 1922 and April 1 1923; $6,500. Oct. 1 1923; $7,000,
April 1 and Oct. 1 1924, and $6,000, April 1 1925 to Oct. 1 1926, incl.
bidders at par
TUTTLE
DISTRICT, Merced County, Calif.—BOND
6% school bonds has been awarded to the Bank
Francisco at par.
SCHOOL
SALE.—An issue of $12,000
of Italy of San
SCHOOL DISTRICT, Los Angeles County, Calif.—
OFFERING.—Sealed bids will be received until 11 a. m. May 9
TWEEDY
BOND
by L. E. Lampton,
County Clerk and ex-officio Clerk
Board of County
Supervisors (P. O. Los Augeles) for $2,000 6% school bonds.
Denom
$500.
Date May 1 1921.
Prin. and semi-ann. int. payable at the office
of the County Treasurer.
Due $500 yearly on May 1 from 1922 to 1925
incl.
Cert, or cashier's check for 5% of the amount of said bonds, or on
the portion thereof bid for, payable to the Chairman, Board of County
Supervisors, required.
Purchaser to pay accrued interest Bonded Debt,
none.
Assessed value of taxable property 1920, $358,505.
Population
(est.)
350.
VANDERBURGH COUNTY (P. O. Evansville), Ind.— BOND SALE.
$20,800 4Yi% Henry Schutte et al. Perry Twp. road bonds offered
on April 25—V.
112, p. 1658—were sold to Albert Rheinlander, contractor
for the construction of the road at par.
Date April 25 1921.
Due $1,040
each six months from May 15 1922 to Nov. 15 1931, incl.
—The
VENICE CITY SCHOOL DISTRICT, Los Angeles County,
SALE.—The $250,000 6% tax-free school bonds, offered
BOND
Calif.—
April
on
purchased by the California Company of
of about 5.99%.
Date April 1 1921
Due
yearly on April 1 as follows: $5,000, 1922 to 1924, inclusive; $6,000, 1925
to 1928, inclusive;
$7,000, 1929 to 1932, inclusive; $8,000, 1933 to 1935.
inclusive; $9,000, 1936; and $10,000, 1937 to 1951, inclusive.
25—V. 112, p. 165—-have been
Los Angeles at 100.004, a basis
Erie
County,
Ohio.—BOND
OFFERING.—Lewis
Clerk, will receive bids until 12 m. May 16 for the follow¬
bonds:
$6,030 special assessment bonds.
Denoms. 2 for $515 and 10 for $500.
Due yearly on May 1 as follows: $515, 1922 and 1923; $500, 1924;
$1,000, 1925; $1,000,1926, 1927 and 1928; $1,000, 1929; and $500,
VERMILION,
Blatener, Village
ing 6% sewer
1930 antj 1931.
1,370 bonds.
Denoms. 1 for $370 and 2 for $500.
Due May 1 as follows:
$370, 1925; and $500, 1928 and 1931.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at the
Erie Countv Banking Co. of Vermilion.
Cert, check on some bank other
than the one making the bid, for 3% of amount of bonds bid for, payable to
the Village Treasurer, required.
Bonds to be delivered and paid for at
Vermilion.
Purchaser to pay accrued interest.
VERSAILLES
SCHOOL
DISTRICT
(P.
O.
Versailles), Morgan
modern
County, Mo.—BOND SALE.—An issue of $31,000 6% tax-free
school bldg. bonds has been sold to the Wm. R. Oompton Co. of St.
Denom. $500.
Date May 10 1921.
Prin. and semi-ann. int. (M.
payable at the American Trust Co., St. Louis.
Due yearly
follows: ~$1.000, 1922 to 1928, incl., $1,500, 1929 to 1934,
1935 to 1939, incl., and $2,500, 1940 and 1941.
Louis
& N.)
10 as
on May
incl., $2,000,
MAY 7
1921.]
_
THE
Financial Statement.
,
,
CHRONICLE
Estimated
actual value taxable property
Assessed value taxable property. 1919
Bonded debt, including this issue
$2,000,000
769.550
31.000
Population, estimated, 2,000.
.,
WADSWORTH SCHOOL DISTRICT (P. O. Wadsworth), Medina
County, Ohio.—BOND SALE NOT COMPLETED.—The sale of the
$250,000 6% school bonds made to the Tillotson & Wolcott Co. of Toledo,
on Jan. 26
(V. 112, p. 492) was not completed, the firm contending that the
offering was not legal because the advertisement appeared in a New York
financial paper rather than in Ohio papers as required by law.
The district re-offered the issue on Mar. 15, as reported in V. 112, p. 961,
but no report has yet been received as to the result.
_
WAGNER INDEPENDENT SCHOOL DISTRICT (P. O. Wagner),
Charles Mix County, So. Dak.—BOND OFFERING.—F. M. Nider'
Education, will receive bids until 8 p m. May 20 for $20,000
20-year school bonds.
Prin. and int. payable in Wagner.
Clerk Board of
WALLA WALLA. Walla Walla County, Wash.—BOND OFFERING —
Churchman, Citv Clerk, will receive sealed bids until 10 a.m. May 17
$500,000 gold water extension bonds at not exceeding 5% interest.
Denom. $1,000.
Date July 1 1920.
Pri". and semi-ann. int.
E. T.
for
(J. & J.)
payable at the office of City Treasurer.
Due as f llows: £5,000 annually
on Jan. l from 1923 to
1925, inel.; $5,000, July 1 1925: $5,000. Jan. 1 1926:
$5,000, July 1 1926: $5,000, Jan. I 1927: $5,000, July 1 1927: $5,000, Jan.
1 1928:
$5,000, July 1 1928; $5,000, Jan. 1 1929; $5,000, July 1 1929:
$8,000, Jan. 1 1930;
$7,000, July 1 1930: $8,000, Jan.
1
1931:
$7000
July 1 1931; $8 000 Jan. 1 1°32; $7,000, July 1 1932; $8,000, Jan. 1 1933:
$7,000, July 1 1933; $8,000. Jan. 1 1934; $7,000. July 1 1934; $8,000. Jan.
1
1935;
$7,000, July 1 1935; $8,000, Jan. 1 1936;
$7,000. Juy I 1936;
$8,000, Jan. 1 1937: $15,000, July 1 1937: $15,000, Jan. 1 1938: $15,000.
July 1 1938; $15,000. Jan. 1 1939: $15,000, Julv 1 1939: $15,000. Jan. 1
1940. and $237,000 July 1 1940. optional on or after July 1 1930, upon
giying
a 30-day notice.
Cert, check for 1% of the amount bid, required.
WALTON,
Delaware
County,
election is to be held May 10 to vote
year
N.
Y .—BOND
ELECTION.—An
the question of issuing $50,000 1-20
on
serial street impt. bonds.
WARREN COUNTY (P. O. Vicksburg).
Miss.—PRICE PAID.—
price paid by the First National Bank of Vicksburg on April 1 for the
$390,100 6% 14M year (aver.) road bonds—V. 112, p. 1659—was par and
accrued int.
COUNTY
WATERBURY, Conn.—BOND SALE.—On May 5 the following three
issues of 5% coupon (with privilege of registration) bonds (V. 112,
p. 1787)
were awarded to Estabrook & Co., R. L. Day & Co., Merrill. Oldham &
Co
and Richter & Co., for
HIGH
SCHOOL
DISTRICT, Utah.—BOND
SALE.—On April 14 the Palmer Bond & Mortgage Co., of Salt Lake
City
awarded $40,000 5% 10-year bonds at 89.9875. a basis of about
6.37%.
was
WASHINGTON (State of)—BIDS REJEC TED.—All bids received on
April 30 for the $6,000,000 general fund bonds, at not exceeding 6% interest
—V. 112, p. 1545—were declined.
WASHINGTON COUNTY (P. O. West Bend), Wise.—BOND SALE.
—The Northern Trust Company Bank and Hill. Joiner &
Co., both of Chi¬
cago, were the successful bidders on April 29 for the $450,000 5% highway
impt. bonds—V. 112, p. 1787—at 95.16, a basis of about. 5-80%
Date
April ] 1921.
Due on April 1 as follows: $50,000, 1922, and $100,000 in
each of the years 1923, 1929, 1932 and 1935.
basis of about
a
on
5.59%''
Jan. 1 from 1922 to
150,000 park bonds.
Due $15,000 yearly on Jan. 1 from J922 to 1931. incl.
100,000 storm-water-drainage bonds.
Due $5,000 yearly on Jan, 1 from
1922 to 1941, incl. ■pp.V:'-7:P
'
,
COUNTY (P. O. Waukesha), Wise.—BOND SALE.—
11 a syndicate, composed of the Continental and Commercial
Trust & Savings Bank, Harris Trust & Savings Bank, A. B. Leach &
Co.,
E. H. Rollins & Sons and the First Trast & Savings Bank, acquired
$1 063,000 5% tax-free coupon highway impt. bonds at 94-58, a basis of about
5.82%)
The bonds are dascribad as follows:
$177,000 bonds.
Date April 1 1920.
Due on April 1 as follows: $50,000
1925-$100,000 1935, and $27,000 1940.
$916,000 bonds.
Date April 1 1921.
Due on April 1 as follows: $112,000
1922. $137,500 1924. $117,000 1926. $142,500 1928, $80,000 1930,
$120,000 1932, and 1934 and $87,000 1936.
Denom. $500.
Prin. and serai-ann int. (A. & O.) payable at the office
of the County Treasurer.
WAUKESHA
On
April
Financial
Statement.
Actual value of property, ost
Assessed valuation 1920,.
$80,000,000
67,952,490
Total bonded debt, including this issue
1,343,000
Population 1920 census, 42,612.
Total bonded debt less than 2% of the
assessed valuation.
WAYNE TOWNSHIP SCHOOL DISTRICT (P. O. Mountain View),
Passaic County, N. J.—BOND SALE.—The issue of 6% coupon (with
privilege of registration) school bonds offered on April 22 (V. 112, p. 1659)
awarded to the F.
was
A.
Peters Co
of Paterson. at
bid of 100.25 for
a
Date Mar. 1 1921.
824,000 bonds, which is on a basis of about 5 96%.
Due $1,000 yearly on Mar. 1 from 1923 to 1946, incl.
WELD COUNTY SCHOOL DISTRICT NO. 89 (P. O.
Grover), Colo.
Phillips, Este & Co., of Denver have been
bonds:
$20,000 bonds.
Due May 15 1951, optional May 15 1936.
20,000 bonds.
Due $2,000 yearly on May 15 from 1931 to 1940, incl.
Denom. $1,000.
Date May 15 1921.
Prin. payable at the County Treas¬
urer's office, and semi-ann. int. (M. & N.) at Kountze Bros., N. Y.
These
bonds were voted on May 2.
Financial Statement.
—BOND
SALE.—Benwell,
Assessed valuation, taxable property, 1920—
Total bonded debt (including this issue) ——
WESTERLY,
Washington
WASHINGTON, Fayette County, Ohio.-—BOND OFFERING.—G. H.
Hitchcock, City Auditor, will receive bids until 12 m. May 23 for the fol¬
lowing three issues of 6% special assessment street impt. bonds:
$15,300 Fayette Street bonds.
Denoms. 1 for $300 & 30 for $500.
Due
3 bonds yearly on
April 1 from 1922 to 1930, incl.; and 4 bonds,
April 1 1931.
12,100 Temple & Fayette Streets bonds.
Denoms.
1 for $600 and 23
for $500.
Due yearly on April 1 from 1922.
6,800 Fayette Street bonds.
Denoms.
1
for $300 and
12 for $500Due 1 bond yearly on April 1 from 1922 to 1927, incl.; and 2 bonds
yearly on April 1 from 1928 to 1931, incl.
Date April 1 1921.
Int. semi-ann.
Cert, check for 2% of amount of
bonds bid for, payable to the City Treasurer, required.
Bonds to be de¬
livered and paid for within 20 days from date of award.
Purchaser to pay
accrued interest.
County,
iliil:
OFFERING
—
;•
sewer
notes;
Due Nov.
10
Denom. 3 at $25,000; 1 at $10,000 and 1 at $5,000.
1921.
110,000 funding (notes.
Nov. 10 1921.
Denom.
at $25,000,
4
and
at $10,000.
1
Due
These notes will be engraed under the supervision of the
Old Colony
Trust Company, Boston, which will guarantee the signatures and will
certify that the notes are issued by virtue and in pursuance of Act of 1916
C. 1449 and Act approved April 3 1919, and of orders of the Town Council,
the validity of which orders have been approved by Storey, Thorndike,
Palmer & Dodge of Boston.
P
The legal papers incident to this issue will be filed with the Old Colony
Trust Company, where they may be inspected.
WESTFIELD, Chautauqua County, N. Y.—BOND OFFERING.—
Ailey, Village Clerk, will receive bids until 2p.m. May 9 for $93,600
6% street impt. bonds.
Date May 2 1921.
Due $10,000 yearly from 1922
to 1930, incl., and $3,600, 1931.
J. A.
WEST HOBOKEN, Hudson
No bids
were
County, N. J.—NO BIDS RECEIVED.—
received for the issue of $150,000 tax-anticipation bonds offered
April 20 at
a
rate not to exceed 6%.—V. 112, p. 1659.
LOANS
NEW
$11,200
$31,000
PUTNAM
I.—NOTE
to $200,000:
$90,000
NEW LOANS
City of Johnstown
R.
James M. Pendleton, Town Treasurer, will receive bids until 2 p.m.
May 9
for the purchase at discount of the following 2 issues of notes amounting
on
LOANS
.—$2,044,280
67,500
(estimated), 1,000.
Population
.
NEW
$727,626, equal to 97.016,
Due $50,000 yearly
$500,000 street-impt. bonds.
1931. incl.
awarded the following 6%
The
WASATCH
2005
COUNTY,5
OHIO PUTNAM COUNTY, OHIO
Pennsylvania
ROAD
IMPROVEMENT
ROAD
BONDS
Prices:
Sealed
To Net 4.80 Per Cent
Circular
on
proposals will be received at the office
of the County Commissioners of Putnam County,
Ohio, at
Ottawa,
Ohio,
until
12
O'CLOCK
NOON, ON SATURDAY, THE 14TH DAY
OF MAY, 1921, for the purchase of bonds of said
County in the aggregate sum of $31,000 00 and
in the denomination of $3,100 00 each.
Said bonds are to be dated May 14,
request
1921, and
follows:
of $3,100 00, due May 14, 1922
No. 2 in the sum of $3,100 00, due November 14,
are
payable
No. 1 in the
as
sum
1922
No. 3 in the sum of $3,100 00, due May 14, 1923
No. 4 in the sum of $3,100 00, due November 14,
Biddle & Henry
104
South Fifth
sum
of $3,100 00, due May 14, 1924
No. 6 in the
sum
of $3,100 00, due November 14,
No. 7 in the
sum
of $3,100 00, due May 14, 1925
No. 8 in the
PHILADELPHIA
sum
of $3,100 00, due November 14,
sum
of $3,100 00, due May 14, 1926
1925
No. 9 in the
Private
Wire to
Call
Canal
New
York
No.
10 in the
sum
of $3,100, due November 14,
Said bonds to bear interest at the rate of six (6)
per
cent
per
annum,
payable semi-annually.
The first interest being due November 19, 1921,
both interest and principal being payable at the
United
States and Canadian
Municipal Bonds.
WADDELL,
Ground Floor Singer Building
It Liberty Street,
New
York
County Treasury.
Delivery of said bonds to be
at the County Treasury as soon after the sale
thereof as the same are prepared.
Said bonds are issued by virtue of Section 6929
of the General Code of Ohio and under and in
accordance with a resolution of the Board of
County Commissioners adopted on the 2nd day
of August, 1920, for the Henry Verhoff Road
Improvement.
Said bonds will be sold to the highest bidder
for not less than par and accrued interest.
All
bids must state the gross amount of the bids and
accrued interest to date of delivery.
must be accompanied by a certified
$1,550 00 payable to the Treasurer of
upon the condition that if the bid
is accepted the bidder will receive and pay for
the bids awarded to him upon delivery thereof.
Said check to be retained by and become the prop¬
All
Telephone Cortlandt 3183
bids
check for
said
MUNICIPAL
BONDS
Underwriting and distributing entire Issues of
City. County, School District and Road District
Bonds of Texas.
Dealers' inquiries and offering*
solicited.
Circulars
on
request.
HAROLD G. WISE
&
Houston
COMPANY
OttabUOwd
1«1*
texas
v
county
erty of the County if the said condition is not ful¬
filled, otherwise to be returned to the bidder.
Bidders will be required to satisfy themselves of
the legality of the issue of said bonds, but a full
transcript of the proceedings in connection with
the sale of said bonds will be furnished the suc¬
cessful bidder as provided by law.
The County
Commissioners reserve the right to reject any or
all bids.
Bids should be sealed and endorsed
"Bid for Road Bond."
HENRY
G.
MOENTER,
County Auditor.
BONDS
v:',
•
proposals will be received at the office
of the County Commissioners of Putnam County,
Ohio, at
Ottawa,
Ohio, until 12
O'CLOCK
NOON ON SATURDAY, THE 14TH DAY OF
MAY, 1921, for the purchase of bonds of said
County in the aggregate sum of Eleven Thousand
Two Hundred Dollars
($11,200 00) and in the
denomination of Eleven Hundred and Twenty
Dollars ($1,120 00) each.
Said bonds are to be dated May 14, 1921, and
are payable as follows:
No. 1 in the sum of $1,120 00, due May 14, 1922
No! 2 in the sum of $1,120 00, due November 14,
1922.
>'•
No. 4 in the sum of
$1,120 00, due May 14, 1923
$1,120 00, due November 14,
1923
No. 5 in the sum of
No. 6 in the
sum
$1,120 00, due May 14, 1924
of $1,120 00, due November 14,
1924
No. 7 in the sum of
No. 8 in the sum of
1926
8437
•
Sealed
No. 3 in the sum of
1923
No. 5 in the
1924
Street
IMPROVEMENT
"V.,
'•
5s
$1,120 00, due May 14, 1925
$1,120 00, due November 14,
1925
No. 9 in the sum of $1,120 00, due May 14, 1926
No. 10 in the sum of $1,120 00, due November
1926
„
•
Said bonds to bear interest at the rate of six (6)
payable semi-annually.
due November 14, 1921,
both interest and principal being payable at the
County Treasury.
Delivery of said bonds to
be at the County Treasury as soon after the sale
cent
per
annum,
The first interest being
per
thereof
as
the
Said bonds
same
are
General
of the
accordance
are
prepared.
issued by virtue of Section 6929
Code of Ohio and under and in
with
a
resolution
of
the
Board
of
County Commissioners adopted on the 10th day
of July, 1920, for the A. B. Etter Road Improve¬
ment.
...
Said
bonds
.....
will be sold to the highest bidder
and accrued interest.
All
bids must state the gross amount of the bid and
accrued interest to date of delivery.
All bids must be accompanied by a certified
check for $560 00 payable to the Treasurer of
said county upon the condition that if the bid
is accepted the bidder will receive and
pay for
the bids awarded to him upon delivery thereof.
Said check to be retained by and become the
for not less than
par
property of the County if the said condition is
fulfilled, otherwise to be returned to the bid¬
not
der.
Bidders
will
be
required to satisfy them¬
the issue of said bonds,
selves of the legality of
a full transcript
of
the proceedings in con¬
be furnished
bidder as provided by law.
The
County Commissioners reserve the right to reject
any or all bids.
Bids should be sealed and en¬
but
nection with the sale of said bonds will
the successful
dorsed "Bid for Road Bond."
HENRY G.
MOENTER,
County Auditor.
CHRONICLE
THE
2006
ONTARIO
(P. O. Cleveland), Cuyahoga County, Ohio.—BOND
—
Stephen Heudrickson. Village Clerk, will receive bids until
May 31 for the following 2 issues of 6% Special Assessment bonds
amounting to $15,204 59:
$9,970 79 sewer bonds
Denom. 9 for $1,000 and 1 for $970^9
Due
$970.79 on June 1 1922 and $1,000 yearly on June 1 from 1932
to 1931, incl.
■
5,233 80 water main bonds.
Denom. 1 for $233.80 and 10 for $500.
Due $233 80 on June 1 1922: $500 yearly on June 1 from 1923 to
(Province of).—DEBENTURE SALE.—The following bids
May 3 for the $5,000,000 6% gold coupon 15-year bonds or 6
treasury bills—V. 112, p. 1900:
Name—
For Bonds. For Treasury bills.
Wood, Gundy & Co., A. E. Ames & Co., Domin¬
ion Securities, Aemilius Jarvis & Co
—97.94
99.68
Canada Bond Corporation„
- -97.47011
W. A. McKenzie & Co., R. C. Matthews & Co.,
R. A. Daly & Co
97.81
Harris-Forbes & Co., United Financial Corpora¬
tion, National City Company
97.21
C. H. Burgess & Co., McLeed Young, Weir &
Co., Canadian Debenture Corporation
97.543
99.54
The Canadian Bank of Commerce. The Domin¬
ion Bank, The Imperial Bank, Brent, Noxon
& Co., Cronin & Co^
99.645
The Provincial Treasurer accepted the offer of the Wood, Gundy syndicate
for 15-year bonds at 97.94, which is on a basis of about 6.34%.
The bonds
are dated May 2 1921 and mature May 2 1936.
WEST PARK
opened
OFFERING
12
~
_
1930 incl. and $1,000 on June 1 1931.
Dated June 1 1921.
Cert, check of 5% of amount
__nn
bid, payable to the
,
City Treasurer, required.
WHITE PLAINS, Westchester County, N. Y.—BOND OFFERING.—
Eugene S Martin, Commissioner of Finance, will receive bids until 11 a. m>
May 12 fir *50.000 6% registered street impt. oonds.
Denom $1,000.
Date May 2 1921.
Prin. and semi-ann int. (M. & N.) payable at the
office of the Commissioner of Finance.
Due $10,000 on May 1 from 1924
to 1928, incl.
Cert, check on an incorporated bank or trust company for
$4,000, required.
Purchaser to pay accrued interest.
..
OSHAWA,
Ont.—DEBENTURE SALE.—Two blocks of 6% local
impt. debentures amounting to $190,257.33 were recently sold to McLeod,
Young, Weir & Co. of Toronto at 95.90.
One block is for 15 years and the
OFFERING.—
WILLIAMSBURG, James City County, Va —BOND
The City Clerk will receive sealed proposals for $50,000 6% J0-35 year
(opt.) tax-free street impt. bonds until May 12.
Denom. $500.
Int.
semi-ann.
Cert, check on some bank doing business in the State of Vlrgmia
for 10%,
other for 20 years.
RENFREW,
required.
WILLIAMSON COUNTY (P. O. Georgetown),
ING.—H. A. Hodges, County Auditor, will receive
9 for $100,000 5% 1-30 yr.
Tex.—BOND OFFER¬
bids until 2 p. m. May
to
Clinton
Ohio,—NO BIDDERS.—There
bonds which were offered
County,
bidders for the $11,000 6% fire apparatus
April 30 (V. 112,
on
COMMON
5% 5-20 year bonds.
WILMINGTON,
BONIFACE, Man.—DEBENTURE SALE.—The 4 issues of 5%
6% coupon debentures, for which no bids were received at the offering
to the Municipal
plus accrued inter¬
est.
Date Jan. 2 1921.
The bonds are issued in four series as follows:
$150,000 5% 30-year bridge, $50,000 6% 20-year water works, $70,548
6% 15-year pavement, and $2,685 6%
10-year pavement debentures.
and
of April 25—-V. 112, p. 1900—were sold on April 29
Debenture Corporation of Montreal on a 7.02% ba;is,
Bowling Green), Ohio.—BOND SALE.—
The $40,000 6% coupon road refunding bonds offered on Mar 7 (V. 112,
p. 871) have been sold to the Wood County Savings Bank of Bowling Green,
at par.
Date April 1 1921.
Due $4,000 each six months from Mar. 1
1922 to Sept. 1 1926. incl.
WOOD
COUNTY
(P.
O.
WORCESTER COUNTY (P. O. Snow
There
Hill), In6.—BOND OFFERING.
by
B.
SCHOOL
DISTRICT,
Elizabeth
City, County,
othe' bidders.
that the town has been authorized to issue $7,000 debentures.
DISTRICTS, Sask—DEBENTURE
the "Financial Post" is a list of
April 9 to April 16:
Nichol, No. 4207,
$2,400 10 years, 7)4%, Western Canada Bond Corp., Winnipeg; Crocus,
No. 4321, $5,600, 15 years, 8%, Harris, Read & Co., Regma;
Armley,
No. 4226, $3,000, 15 years, 8%, H. J. Birkett & Co., Toronto; Midhurst,
No.
1530, $5,000, 15 years, 8%, C. C. Cross & Co., Regina; Dodsland,
No. 3952, $2,150, 20 years, 8%. C. C. Cross & Co., Regina.
SASKATCHEWAN
SALES.—The
SCHOOL
following,
according to
debentures aggregating $19,150. reported sold from
Pleasant Ridge, No. 2109, $1,000, 10 years,
7M%<
Act of the General Assembly of Maryland.
an
WYTHE
—BOND OFFERING.—Sealed bids will be received until 2 p. m.
were no
SALTCOATS, Sask .—DEBENTURES AUTHORIZED.—It is reported
Pilchard, Clerk of Board of County Commissioners will receive
sealed bids until 2 p. m. May 10 for $40,000 5lA% Lateral Road bonds.
Denom. $1,000.
Date June 1 1921.
Int. semi-ann.
Due yearly from
June 1 1923.
The above bonds are part of a total issue of $60,000 a uthorized
—H.
equip playgrounds.
ST.
1659).
p.
by-laws
ROCKWOOD, R. M. (P. O. Stonewall), Man.-DEBENTURE SALE.
—The $70,000 6% coupon road debentures which were offered on April 28—
V. 112, p. 1546—were sold to R. C. Matthews & Co. at 94.96, a basis of
about 6.48%.
Date May 1 1921.
Due serially on May 1 from 1922 to
1951, incl.
SCHOOL DISTRICT NO. 7,
Tex.—BONDS REGISTERED.—On April 24 the State Comptroller regis¬
were no
VOTED.—Debenture
Ont.—DEBENTURES
totaling nearly $54,000 for civic developments were recently passed by the
taxpayers.
On April 21 the ratepayers defeated a $5,000 debenture issue
serial road bonds.
COUNTY
WILLIAMSON
tered $26,000
on
months
m.
.
[VOL. 112.
Va.-~
May 16
by E. G. Rogers, Chairman of the School Board (P. O. Hampton, Va., R .
D. No. 4) for $ 100,000 5 Vz % school bonds.
Denom. $1,000.
Date June 1
1921.
Prin. and semi-ann. int. (J. & D.l payable at the Chase National
Bank, N. Y.
Due Ju"e 1 1951.
Cert, check for 2% of the amount of bid
payable to the County Treasurer, required.
Alternative bids are invited
on the basis of 5%% bonds and of 6% bonds, all other particulars remaining
unchanged.
DEBENTURES AUTHORIZED.—The following, according to the "Post"
is
a
list of authorizations
granted by the local government board in the same
period.
Districts—Duff, $12,500; Craven, $14,000; Moosomin, $6,600
Stone Cliff, $3,500;
Froude, $1,500;
Bayard. $3,500; Holbeck, $1,500;
Baliol, $1,500; Belleville, $800; Kingslyn, $3,800; Wilton, $4,525; Dixon
Prelate, $2,000; Osland, $3,500.
School
CANADA,
its
and
Provinces
Municipalities.
SASKATOON,
Sask.—DEBENTURE OFFERING.—Andrew
Leslie,
City Commissioner, will receive bids until 12 m. May 23 fof the following 4
aggregating $204,000:
$92,000 6% 30-year debentures.
Date July 1 1921
71,000 6% 20-year debentures.
Date July 1 1921
BELLEVILLE, OntDEBENTURE SALE.—On April 29 an issue of
$210,000 6% 20-year straight term debentures was awarded to Harris,
Forbes & Co., it is stated, at 96 719. a basis of about 6.29%.
BROCKVILLE,
Ont.—DEBENTURE
SALE— It
reported that
Harris, Forbes
is
$30,000 6% ten-year debentures were sold on April 29 to
& Co. at 97.579, a basis of about 6 51%.
DUFFERIN R.
issues of sinking fund debentures
13,700 5% 30-year debentures.
27,300 6% 15-year debentures.
M., Man.—DEBENTURE SALE.—An issue of $60,000
UNITY,
6% 30-yr. debentures was sold to Wood, Gundy & Co. on a basis of about
6-57%, it is stated.
WINDSOR,
offered
GRAND
MERE
where
NEW
installment school; and $150,000 20-year installment Hydro
System debentures.
Prin. and interest payable in Windsor
delivery to purchaser is to be made.
Ont .—DEBENTURES
VOTED.—On
April
25,
it
is
YORK TOWNSHIP, Ont.—DEBENTURE SALE.—Newspapers report
that $24,130 6% 20-year installment sidewalk debentures were
2 to R. C. Matthews & Co. of Toronto at 97.06.
local bank.
LOANS
Dickinson,
A.
stated, the ratepayers authorized the issuance of $65,000 hospital extension
debentures by a vote of 1,028 "for" to 362 "against."
MANITOBA (Province of).—TREASURY BILLS SOLD.—It is unof¬
ficially reported that the province has sold $2,500,000 53^% treasury bills
NEW
OFFERING.—M.
Ont.—DEBENTURE
WOODSTOCK,
MILESTONE, Sask.—DEBENTURES AUTHORIZED.—It is reported
issue $12,000 debentures.
a
govern¬
Electric
will
that the town has been given authority to
to
local
30-year
(P. O. Grand Mere), Que.—
be received until May 9 for
A. Desilets is the Secretary-Treas.
DISTRICT
SCHOOL
OFFERING.—Tenders
$100,000 6% 30-yr. serial debentures.
AUTHORIZED.—'The
Ci y Clerk, will receive separate tenders until 12 m. May 9 for the purchase
of each of the
following two issues of 6% coupon debentures: $475,320
$75,000
DEBENTURE
Sask .—DEBENTURES
board, according to reports, has given the town permission to issue
$5,000 debentures.
ment
CITY, Ont.—DEBENTURE OFFERING WITHDRAWN —
6lA% 25-year installment school-erection debentures which
on May 3 (V. 112, p. 1900) were withdrawn.
FORD
The
were
Date April 1 1917
Date July 1 1921
Prin and int. payable in Canada only.
NEW
LOANS
sold
on
May
LOANS
$3,000,000
$1,231,134.88
$300,000
STATE OF MICHIGAN
CITY OF MINNEAPOLIS
Lower Merion Township
HIGHWAY IMPROVEMENT BONDS
SPECIAL IMPROVEMENT BONDS
Montgomery County, Pennsylvania
The
undersigned will receive sealed
bids at his office in the City of Lansing,
Michigan, until the 25th day of May,
A. D. 1921, up to 2 o'clock P. M.
of said day, for the sale of three million
dollars ($3,000,000) of State of Michigan
Highway Improvement coupon bonds in
denominations of $1,000 each, to be
issued
by the State
Administrative
Board of the State of Michigan, pur¬
suant to the provisions of Act No. 25
of the Public Acts of the State of Michi¬
gan,
extra session 1919,
as
amended by
Act No. 65 of the Public Acts of 1921.
Said bonds will be dated June 1, 1921,
and will mature
on
the first day
of
June,
1941, and will bear interest at
the rate of five and onel-half per centum
payable
semi-annually.
principal and interest are payable
at maturity at office of the State Treas¬
urer, Lansing, Michigan.
A certified check in a sum equal to
one per cent of the amount of the bid,
payable to the order of the State Treas¬
urer of the State of Michigan, must be
per
annum,
Both
submitted
The
with each bid.
right is reserved to reject
will
be
received
by the Committee on
Ways and Means of the City Council of the City
Minneapolis,
Minnesota,
in
the
Mayor's
Reception Room, First Floor of the Municipal
Building, WEDNESDAY, May 11th, 1921, at
2:30 o'clock p, m.t for $200,000.00 Special Park
and Parkway Improvement Bonds and $1,031,134.88 Special Street Improvement Bonds. Sealed
of
bids will be received until the hour of sale and after
that hour open
Bonds to be
public bids will be asked for.
dated May 2nd,
1921, and to
become due and payable as follows: $311,787.00
thereof in ten equal annual installments as nearly
practicable, beginning May 2nd, 1922, and
$919,347.88 thereof in twenty equal annual in¬
stallments as nearly
as
practicable, beginning
May 2nd, 1922, and to bear interest at the rate
of Five Per Cent (5%) per annum, payable semi¬
annually and bids must state the denominations
required and include accrued interest from date
of bonds to date of delivery.
A certified check for two (2%) per cent of the
par value of the bonds bid for,| made to C. A.
Bloomquist, City Treasurer, must accompany
as
each
bid.
The
right to reject
any
or
all bids is hereby
reserved.
Circular
mailed
containing full
application.
particulars
any or
GORMAN,
State Treasurer.
will
be
upon
HIGHWAY
Bids
BONDS
OF
1921
invited for $300,000 five
(5) per cent
serial coupon bonds of Lower Merion Township,
interest May 1st and November 1st, free of all
Pennsylvania taxes' except succession or inheri¬
tance
taxes;
$25,000,
Series
"A,"
maturing
November 1st, 1922: $40,000, Series "B," matur¬
ing November 1st, 1923: $45,000 each of Series C,
D & E, maturing November 1st, 1924, 1925 &
1926; and $50,000 each of Series F & G, maturing
November 1st, 1927 & 1928.
Privilege Of regis¬
tration as to principal by Merion Title & Trust
Company of Ardmore, Pa.
Legality will be approved by Messrs. Townsend,
Elliott & Munson of Philadelphia.
Four separate bids are invited: 1st for $25,000,
Series A; 2nd for $40,000, Series B; 3rd for $235,000, Series C to G inclusive; 4th for the whole
issue of $300,000.
are
Settlement
Sealed
to
bids
be
to
made June 1st.
be
addressed
to
Finance
Committee, Office
missioners,
Ardmore,
Pa.,
Chairman
of Township Com¬
marked "Bid for
Highway Bonds," and accompanied by a certified
$5,000 to order of Township of Lower
check for
Merion.
Bids will be publicly opened Tuesday, May 17,
1921, at 4:30 P. M.
G. C. ANDERSON, Secretary.
^hDAN C. BROWN.
.
City Comptroller,
Minneapolis, Minnesota.
New
H.
M. CHANCE
Mining Engineers and
all bids.
FRANK E.
Bids
&,
CO.
Drexet
Bldg.
Managed,
Securities
Geologists
COAL AND MINERAL PROPERTIES
Examined,
Jersey
Appraised
PHILADELPHIA
OUTWATER & WELLS
19 Exchange Placa
Tel. 19 Montgomery
Jersey City, N. J.
MAY 7
1921.]
THE
CHRONICLE
XXXV
Commercial
Engineer*
STONE & WEBSTER
INCORPORATED
DESIGN steam power stations,
hydro-eleetrio
developments,
lines, city and
intei-urban railways, gas and
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of the
transmission
CONSTRUCT either from their
own
designs
or
from designs
of other engineers or architects*
MANAGE
public
and
utility
Industrial companies.
REPORT
on
going
concerns,
proposed extensions and
projects.
new
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investment
banking
business.
NEW YORK BOSTON CHICAGO
WIL.OAM
A.
BAEHR
ORGANIZATION
Consulting
*
Engineers
Right at first, the Underwood, equipped
the same typebar, is right now
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Specialising in
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Gas and Electric
Management and Operation,
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Utilities Public
Relations,
Valuation and Rates,
Design and Construction of
central station and industrial
power
plants and
gas
plants.
WILLIAM A. BAEHR Organization
Peoples Gas
Building
Chicago
J. G. WHITE ENGINEERING
CORPORATION
Constructor*
Engineers
Buildings—Industrial Units
Public
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Reports—Valuations—Estimates
XCHANGE
AS
GEO.
PLACE,
B.
NEW
YORK
EDWARDS
INVESTMENTS
71
Trinity Place, NEW YORK, N. Y.
FOR SALE—Timber, Coal, Iron, Ranch and
other properties.
Confidential
Settlemants
United States
Negotiations
and
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purchase of
a
In the
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urchaaes of Property.
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The Underwood originates and leads.
New
York
City Office, 30 Vesey
Street —Telephone
Barclay 8900
FINANCIAL/ CHRONICLE
Classified Department
POSITIONS WANTED
BUSINESS OPPORTUNITIES.
DESIRED.
BANKING CONNECTIONS
li¬ ft
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several years of
cial and financial education,
foreign banking experience acquired with lead¬
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ing London and Continental Banks and Mer¬
familiar with foreign
chant Bankers, perfectly
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tions,
investigation
nent
town
department of
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a
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concern or
find
would
of Financial
THE
Address Box
of
funds
Q-9,
a
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desires
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Address Box P10, care of Finan¬
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New York City.
thoroughiy fa¬
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Experience includes the preparation
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ury
Finan¬
Address Box R-10, Financial
Chronicle, 90 Pine St., N., Yj.
Chroni¬
cle, 90 Pine Street, New York.
Address
desires
90
Specialist
miliar with the various
eral
to
tablished institution.
efficient,
experience,
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territory
excellent
a
An
Attorney—American,
Tax
Trained accountant,
for
EXECUTIVES SEEK POSITIONS.
graduate,
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open
90 Pine Street, New York City.
Chronicle,
York.
New
com¬
all over the United States
high-class brokers desiring
to
place a local issue.
Each
mortgage company is localized
of Financial Chronicle,
care
mortgage
excellent
have
We
Financial
&
Street,
rule not to bor¬
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mortgages,
connection with banking institution
new
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and
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in strong financial posi¬
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having intimate knowledge of
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mercial
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row
Vice-President and Director successful Bank
commercial
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panies make it
to executive,
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care of correspondence and credits.
Highest references furnished.
Sal¬
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$40.
Address Box, Care Com¬
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banking business.
ACTIVE BANKER of broad experience all de¬
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This is the
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partments domestic banking
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A FINANCIAL COMPANY
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Washington,
STATISTICIAN
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tution has need for
State
TRADERS WANTED.
an
bonds,
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Financial
York
90
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reason
enclose letter
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of
or
initial, with
and
word,
minimum charge of $3.00;
word, figure
$6.00.
Pine
will
'■
Office
per
Men, Traders and Statisticians Wanted,
per
90
promptly.
'
■
Department,
telephoned (John 514-5
or
All advertisements
5205).
•
■;
Classified
be inserted
SALESMEN.
an opportunity for several
demonstrated selling ability in
New York City, and in Philadelphia and
adjacent territory.
The actual work is
selling high grade Municipal bonds for
We
men
be sent through the mail (Financial
Street, New York),
and
man or
ad. in this Depart-
an
a
have
of
a prominent New York Bond House, but
experience in selling securities is not at
Primarily, we want a real
salesman, not a beginner.
The oppor¬
tunity is unlimited, depending entirely
on the calibre
of the salesman.
Every
all essential.
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.
Bank
figure
or
Investment
etc., 15 cents
minimum
charge
BOND SALESMAN—We offer an
portunity
to
who desires a
only
in
an
experienced
connection with new firm dealing
high-grade
investment
replies will be held in confidence.
give
bonds.
All
Kindly state
territory you have covered
references.
Address Q-10, care of
experience,
and
excellent op¬
bond salesman
what
Financial Chronicle,
90 Pine St., N. Y. City.
MAY 7
1921.]
THE
Cotton
i
XXXVII
QTruat Companies*
Ohaa. O -Corn
/fttatttfal
Paul Schwars
August Schlerenberg
Prank A. Kimball
Corn, Schwarz
& Co.
COMMISSION MERCHANTS
16
CHRONICLE
William Street
New York
OP
MEMBERS
ttmulter Company
OF
ILLINOIS
Under
""
We
answer all
will
things
faithfully" —SHAKESPEARE
CHICAGO
National, State and
Clearing House Supervision
New York Cotton
Exchange
Exchange
New York Produce Exchange
New York Coffee Exchange
Accounts
of banks and
bankers received
New Orleans Cotton
Fidelity
Correspondence Invited
Efficiently
equipped
As
to
an
institution
com¬
handle all business pertain¬
Geo.
H.
ing to banking, and offer a
complete service to accounts
M Fadden & Bro.
COTTON
ing in close
its
corporations, firms
of banks,
MERCHANTS
and
with
everywhere
this Company has set
up
for itself a purpose which
Individuals.
PHILADELPHIA
Capital & Sur¬
plus 37,000,000
NEW YORK
IS Broad Street
67 Worth Street
Egyptian and
Foreign Cottons
attention
Hiquftmtfon
vidual
Inc., Lima, Peru.
The
First
located at
Henry
Hentz & Co.
35 Congress Street
BOSTON, MASS.
COMMISSION
AND
MERCHANTS
Reading,
of
never
of Reading, Pa.,
Street, in the City of
Bank
540 Penn
State
All
affairs.
National
No.
all
times
Pennsylvania,
is
their
to
needs.
to
closing its
noteholders and other creditors of
are therefore hereby notified to
the Association
indi¬
Banking
becomes
tine with this
mere
rou¬
Company.
We
invite
conference
and
correspondence
with
bankers
present their notes and other claims for payment.
J. W. RICHARDS, Cashier.
Dated, April 12th, 1921.
outside New York.
BROKERS
Members of
New
New
New
New
at
Within that pur¬
fulfil.
pose is included the han¬
dling of all its customers'
business with particular
FOREIGN CORRESPONDENTS.
Frederic Zerega & Co., Liverpool.
n. V.
McFadden's Cle voor Import en Export,
Rotterdam.
Soclete d'lmportatlon et de Commission. Havre
Fachlrl & Co., Milan
Baltic Cetton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden South American Company,
William Street
NEW YORK
customers
it strives
Deposits,
$60,000,000
Dealers in American,
contact
METROPOLITAN
York Stock Exchange
York Cotton Exchange
York Coffee & Sugar Exchange
York Produce Exchange
Chicago Board of Trade
The Mohnton National Bank, located at Mohn-
ton, in the State of Pennsylvania, is closing
affairs.
All noteholders and other creditors
TRUST
its
OF
of
the association are, therefore, hereby notified to
Associate Members of
Liverpool Cotton Association
S.
COMPANY
THE CITY OF
60 WALL STREET
NEW YORK
716 FIFTH AVENUE
for payment.
present the notes and other claims
Dated, March 22.
1921.
DANIEL
,.
KRICK, Cashier.
Hubbard Bros. & Co.
COFFEE EXCHANGE
BUILDING
HANOVER SQUARE
NEW YORK
COTTON MERCHANTS
Liberal
Advances
Made
on
Liquidation Notice.
The
Machias
National
Bank,
located
at
Machias, in the State of Maine, Is closing its
affairs.
Ail note holders and other creditors of
the association are therefore hereby notified te
present the notes and other claims for payment.
GEO. B. BOYNTON, Cashier.
Dated, Jan. 15. 1921.
GWATHMEY A CO.
AVENUE,
74
BROADWAY
Exchange
NEW YORK
CHARTERED 1863
10-24 EXCHANGE PLACE, NEW YORK
FIFTH
NO.
Cotton
Consignments
475
W. H. Goadby & Co.
Members New York Stock
NEW
Doited States Trust Company of New
YORK
45-47
WALL STREET
York
;
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Capital,
•
•
mm
•
Surplus and Undivided Profits,
COTTON
MERCHANTS
82-92 Beaver Street, New York City
BOSTON.
FALL RIVER,
PROVIDENCE,
NEW BEDFORD.
PHILADELPHIA,
UTIOA, N. Y.,
WELD & OO..
LIVERPOOL.
$2,000,000*00
$14,717,784 61
This Company acts as Executor, Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities.
It receives
Stephen M. Weld & Co.
•
•
deposits subject to check and allows interest on daily balances.
securities and other property, real and personal, for
corporations and individuals, and acts as Trustee under corporate mort¬
and as Registrar and Transfer Agent for corporate bonds and stocks.
It holds and manages
estates,
gages,
EDWARD W. SHELDON,
KINQSLEY, 1st Vice-Pres.
WORCESTER, Secretary
CHARLES A. EDWARDS. Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
WILLIAM Q. GREEN, Assistant Secretary
WILLIAM
M.
WILFRED
J.
President
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
ALTON S. KEELER. Asst. Secretary
TRUSTEES
ROBERT MOORE & CO
44 Beaver Street, N. Y.
COTTON
MERCHANTS
JOHN
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
i
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
r
Members New York Cotton
A.
STEWART, Chairman of
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTI8S JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
the Board
CORNELIUS N. BLISS, JR.
HENRY W. 4e FOREST
WILLIAM VINCENT ASTOR
WILLIAM SLOANE
Exchange
STEINH AUSER A CO.
Successor* to
WILLIAM RAY A CO.
COTTON BROKERS.
It Cotton
L. F. DOMMERICH & CO.
Exchange
New York
Orders for future delivery contracts executed on
the New York and Liverpool Cotton Exchangee.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co,
COTTON
and
General
Offices,
254
Fourth Avenue
COTTON-SEED OIL
COMMISSION MERCHANTS
50* Gvtton Exchange Budding
NEW YORK
NEW YORK
Over 80 Years
xxxvui
THE CHRONICLE
jftnamlal
jflnsndal
MUNICIPAL
know that offtarings were
never so attractive as to net
as
And
we
they
ftmmto
BONDS Central Bond &
Mortgage
We
yield
[Vol.112.
South
208
Co.
Omaha, Nebraska,
School District
LaSalle Street
CHICAGO
right now.
specialized in
Mtmieipal Bonds for more than
a
quarter of a century—4'26
Years Devoted
to
Making
Safety a Certainty."
Send for
Investment Bankers
Private Wires to the East and Southwest.
and Unlisted Securities
Listed
Hit
CHICAGO
Dated May 2, 1921
Due May 2, 1951
Interest payable May 2 and November 2.
Denomination $1,000.
These bonds
tion
Dodge & Ross
Incorporated
DETROIT /
are
the
of
which
Bolger, Mosser & Willaman
''
53^% Gold Bonds.
are
have
direct obliga¬
a
School
District,
with
co-extensive
is
City of Omaha and has a
lation, according to the
Census, of 191,601.
the
popu¬
1920
Investment Bankers
Price
Underwriters and Distributers of Investment
101.47
and Interest,
Securities
Yielding 5.40%
MUNICIPAL BONDS
Public
V
Utility
and
Our
list
current
opportunities
diversify
Ames, Emerich
Industrial Issues
unusual
offers
to
in
Sold
Bought
hifh grade Municipal Bonds and
to
average
exceptionally
good
Quoted
111
Correspondence Invited
.
C. F. Childs & Company
MORTGAGE TRUST COMPANY
National
First
St. Louis Union Trust Co.
Bonds and Marks
CHICAGO
Broadway & Pine—St. Louis
NEW YORK
108 So. La Sella St.
ISO Broadway
Stevenson
Radon, French
&
Milwaukee
GERMAN
Government Bonds
Bank
Broadway, New York
Chicago
Specialists
-
Affiliated with
Company
&
W. MONROE ST., CHICAGO
lit
returns.
Co.
&
INVESTMENT
Our circular
Wollenberger & Co.
Perry, Inc.
investment bankers
SECURITIES
So.
106
Sella
La
CHICAGO
St.,
105 So. La Salle St.
Telephone Randolph 5620.
bends and stocks of established corporations.
CHICAGO
We offer high-grade investment opportunities
in
the
securities
of
municipalities,
public
utilities, and well established industrial
W. G. SOUDERS & CO.
cor-
Derations.
INVESTMENT
Correspondence
WEST
111
SECURITIES
Invited
MONROE
108 South La Salle Street,
STREET
CHICAGO
CHICAGO
Detroit
New York
Grand Rapids
Milwaukee
CHRISTIAN & PARSONS CO.
Commercial
Collateral
Loans
BANKERS
P. W.
Investment Securities
BOSTON, MASS.
Chapman & Co., Inc.,
SECURITIES
INVESTMENT
Chicago, ill.
■
F. H. PRINCE & CO.
A
Paper
MS. La Salle St
application.
Bros.
Investment Securities
We parchase and underwrite entire issues of
on
112 South La Salle St.,
EMERY, PECK & ROCKWQOD
116 Broadway
V
CHICAGO
NEW YORK
HIGH-GRADE
INVESTMENTS
Members ef New York & Boston Stock Bhccbenget
INVESTMENT SECURITIES
108 So- La SaI,e StContinental
A
Commercial
Bank
Building
CHICAGO
Railwajr Exchange Building
IS
WE
OFFER
AT
MARKET
investment
bonds
°J
Agrie. Chem. Co. S. F. 7^s
Atlantic Kefming Co. S. F. 6V6s
Deere & Co. S. F. 7^s
DeLaval Separator Co. S. F. 8s
Pfister & Vogel Leather Co. S. F. 7s
Barnhart Bros. & Spindler
bank
RICHMOND, VA.
Total Assets
$3,000,000.00
John M. Miliar, Jr., President
W. M, Addison, Vice-President
R.
Burartt, Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
Correspondence
11$ Broadway
over
Assets $3,400
63
Years*
$7,000 & Net Quick
foA
McCIellan & Campion
ENGINEERING
Price
in
Consistent
141
Growth
Universal
or
Exempt
Members New York Stock Exchange
ELST0N
a-J
New
York
71 W. MONROE
Milwaukee
CITY
from Federal
Yielding from
INVESTMENT
YORK
Municipal Bonds
Circular O-2108.
New York City
Broadway
BROADWAY
Par and Interest
-
!*Ara
SEAS0NG00D, HAAS MCDONALD
MANAGEMENT
Demand
Invited
4Vi°/c Bonds, due 1963
&
*ach $1,000 Bond.
NEW
Product
Ask
60
Wiggins Blssb
CINCINNATI
NEW YORK
8% Gold Notes
Due Serially. 2 to 10 Years
first national
Dominick & Dominick
INVESTMENT SECURITIES
The Rookery,
CHICAGO.
_
B0NDS
Members New York Stock Exchange
RUTTER, LINDSAY & CO., Inc.
-
Established 1878
Jiinw-nj? Artft
\^!p/
Amer.
Capital and Surplus
BUY AND SELL
81
r
MILWAUKEE
COMPANY
SECURITIES
ST., CHICAGO
Detroit
Minneapolis
Income
5^% to
Tarn,"
7%.
Send for List
THE HANCBETT BOND CO.
Incorporated
1918
39 South La Salle Street
CHICAGO
@FedFRASER