The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.
..
^
V,'
TWO
V
SECTIONS—SECTION
ONE
ommntia
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
COPYRIGHTED IN 1
BY WILLIAM B. OAHA COMPANY, NEW VP UK.
ea
Issued
VOL 110.-
Weekly
YORK, MAY 8, 1920.
CHARTERED
FARMERS'
willSF^0„tnslf0N:yPuc11l;her''
financial
^financial
THE
TRUST
&
Tlie
NEW
NO. 2863.
Lihcrlyj^alional Bank
32 Nassau St.
COMPANY
S, 1079,
jfimtuUA
HARVEY FISK & SONS
1122
LOAN
City Section
ENTERED A8 8ECONO-CLAS3 MATTER
JUNE 23,
1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE AOTOF MARCH
NEW
$10.00 Per Year
Railway Sectloo
of NewYork
YORK
CAPITAL
81,000,088.88
18, 18. 20 and 22 William Strut
SURPLUS
$0,000,000.08
4TB Fifth Avenue. at 41st Straat
UNDIVIDED
HEW
UNITED STATES BONDS
YORK
NEW YORK
Correspondents in all countries
CITY BONDS
AND OTHER CHOICE
MANAGEMENT
CARE
OF
PROFITS.82,100,000.08
Special facilities in Scandinavia
INVESTMENT SECURITIES
ESTATES
OF SECURITIES
DOMESTIC AND FOREIGN
Harris, Forbes &Co
BANKING
Pine
Street,
Corner
NEW
FOREIGN
The New York Trust
EXCHANGE
LETTERS OF
COMMERCIAL
CREDIT
27 Austin Friars,
LONDON. Z. C.
HARRIS, FORBES ft CO.. Ino.
Company
LETTERS
BOSTON
HARRIS
26 Broad Street
ACCEPTANCES
William
YORK
TRUST
ft
SAVINGS
BANK
CHICAGO
m fiscal agent* for munici¬
palities and corporation* and
deal In Government, munici¬
Act
5th Avenue and 57th Street
LONDON
pal. railroad and public utility
PARIS
BONDS FOR
Li«t
Capital, Surplus and Undivided
Member Federal Reserve System
and
York
New
Ctearing
Profits,
House
Established
INVESTMENT
Application
Cable Address baba, new york
$14,000,000
John
on
Established
1392
1874.
L. Williams & Sons
Edward B. Smith & Co
BANKERS
Established 1810,
Comer
and
8th
Main
Streets
RICHMOND, VA.
^aHltnore Correfmondente:
/
H
LANCASTER WILLIAMS
Member New York and
The
ft
CO..
Inc.
Mechanics
Philadelphia
Stock Exchanges
And
Metals;
National Bank
GARFIELD
OF THE CITY OF NEW
Philadelphia
New York
National Bank
The Chase National Bank
23rd street, where
fifth
Crosses
Capital,
-
avenue
Capital
•
•
19,000,088
•
■
Broadway
$1,000,000
Surplus,
A Bank for the Builders
-
$1,000,GOO
of Business
Suiplus and Profits
•
DepcsltsTDec. 31,1319
812,000,009
•
•
$274,000,000
.
of the City of New York
57
BROADWAY
Capital
Surplus and Profit*
....
Deposit* (Fab. 28, 1920)
.
.
815,000,000
21,715,000
882,174,006
OFFICERS
A. Barton Hepburn, Chairman of the Advisory Board
Albert H. Wlggin, Chairman of the Board of Dlreetors
THE
JForeign Exchange
Department
Eugene V. R. Thayer, Preeldent
AMERICAN EXCHANGE
Trust Department
Samuel H.
Carl J.
NATIONAL BANK
Miller, V.-Prea. Gerhard M. Dahl, V.-Pres.
Edward R. Tinker, V.-Prea. Reeve Schley, V.-Prea.
Schmldlapp.V.-Pres.Alfred C. Andrews, Cashier
Bond Dopartment
DIRECTORS
Henry W. CannoD
NEW YORK
Edward R. Tinker
A. Barton Hepburn
Henry B. Endleott
Edward T. Nichols
Albert H. Wlggin
John J. Mitchell
Letters of Credit
Frederick H. Eoker
$175,000,000
Daniel C. Jackling
Carl J. Schmldlapp
Charlee M. Schwab
Gerhard M. Dahl
8amuel H. Miller
Foreign Exchange
Newcomb Carlton
Guy E. Tripp
Andrew Fletcher
Eugene V. R. Thayer
James N. Hill
Resources
over
William B. Thompson
FIRST NATIONAL BANK
Francis Ralston Welsh,
BONDS
PHILADELPHIA, PA.
1
ft.
LAW* President
http://fraser.stlouisfed.org/
yc.Federal Reserve Bank of St. Louis
SOUTH
FOURTH
PHILADELPHIA
ACCOUNTS
of
Banks,
Bankars,
Corporations, Firms or Individuals on favorable terms,
and shall be pleased to meet or correspond with thoss
who contemplate making changes or opening new
accounts.
Its
Trust
Department,
the
Bank
offer*
facilities as
ELECTRIC
LIGHT AND POWER COMPANIES
109-111
Wm.
RECEIVE
Through
OF RAILROAD, GAS AND
CHARTER NO.
WE
STREET
Trustee under Corporate Mortgages and Indentures ef
Trust,
Depositary
under
reorganisation
and other
agreements. Custodian of securities and Fiscal Ageit
for Corporations and Individuals,
Executor under
Wills and Trustee under Testamentary Trusts, Trus¬
tee under Life Trusts.
FOREIGN EXCHANGE
DEPARTMENT.
THE
II
a( JforttgH Cxdwsp
in&eftment ffioa«a asb Dratorni
Maitland, Coppell & Co,
S; P. MORGAN & CO
Wall Street, Corner
of Broad
NEW YORK
PHILADELPHIA
CO.,
&
Chestnut Streets
Corner of 5th and
©ORGAN, GRENFELL&CO.,
LONDON
Orders executed for all Investment Securities.
Corporations and negotiate ana
Act as agents of
issue Loans.
BiMa
No. 22 Old Broad Street
14 Place Vendome
Foreign Exchange,
Messrs. Mallet Freres & Cie,
Commercial Credits.
Cable Transfers.
.
_
available In all
Cfesular Letters for Travelers,
parts of the world.
,
Provincial & Union
England, Ltd., London,
National
BosroU
Baltimore
m
■
w—*
—m
$mm
»
Securities
ISSUE
and Paris.
Telegraphic
and make
N?_54 Wall Street
West Indies and
EsnuU orders for the purchase
Bonds and Stocks.
*
Seligman & Co,
world.
EUROPE, Cuba, the other
Mexico.
to
Travelers' Credits
& CO.
BROWN, SHIPLEY
J. & W.
Travel ere
Draw bills of Exchange
Transfers
LONDON
of the
Available in *11 parte of the
Credits
Commercial
OAMfiG BROTHERS & CO, LTD.
Exchange.
Stock
LETTERS OF CREDIT
for
Accounts
United States
ROTHSCHILD,
London
Foreign Exchange
Deposit
on
Australasia.
Agents and Correspondents
Messrs.
Investment
Letters of Credit
Paris,
PLACE, NEW YORK.
York
New
Member
mrnrnmmi
mm
.
Commercial and Travellers
Belmont & Co.
August
48 EXCHANGE
ALEX. BROWN & SONS,
Bank of
fBAVELEES' LETTERS OF CREDIT
'brown brothers &cq.
NEW YORK
NEW YORK
And its Branches.
Agents for the Bank of
Available throughout the
Philadelphia
17 Wa3 St
BOSTON
Banco Nacional de Mexico,
Commission.
Securities bought and sold on
€
Th»
115 Devonshire St
Transfers,
of Exchange, Telegraphic
Letters of Credit
on
CO., PABIS
&
HARJES
EOBGAN,
KIDDER, PEABODY & GO.
52 WILLIAM STREET
NEW YORK
EPEEXEL
[VOL. 110
CHRONICLE
LONDON
and sale si
NEW YORK
Lawrence Turnure & Co.
64-66 Wall Street,
New York
T, Suffern Taller
James G. Wallace
VreBTlIle Kane
Investment securities bought and
sold
available
on com¬
through¬
States, Cuba, Puerto Rico, Mexico,
America
Central
credits,
Travelers'
mission.
out the United
and Spain.
Make collections
and cable transfers on above
In and issue drafts
countries.
TAILER&CD
London
Paris
10 Pine Street. New
London Joint City
Bankers:
Midland
Bank,
&
Heine & Co.
Bankers:
York
33 Pin#
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
NEW
STOCK
Received
Allowed
Bought
to
Deposits.
and
Sold
Securities
purchase and sale of
Members
New
Pittsburgh
York and
Stock Exchanges
Issue Commercial and Travelers' Credits
YORK
Subject
on
Pittsbwegb
EXCHANGE.
Foreign Exchange Bought and Sold.
Pavailable in all parts of the world.
BANKERS. |
©sports
New York
•
•
Stocks and Bonds.
Winslow, Lanier & Co.
STREET
-
Investment
Y.
N.
Execute orders for
mi
St.
Arcade Bldg.
Union
37 William Street.
MEMBERS
59 CEDAR
tRetanuMii
Limited.
Draft,
Interest
Securities
Schulz & Ruckgaber
Nsw York
ST Pins Stract
on
Investment Securities
Comraiedcn,
Foreign Exhange
foreign Exchange, Letters of
Credit
Dollars, Pounds
Sterling, Francs. Guilders, Pesetas, eta.
Credits
Commercial
London Agents,
Bonds for
issued
Messrs. Gosehens & Cunllffe
New
iaoestment
la
York
HUTH
& CO.
New York
30 Pine Street
Foreign Bonds & Investment Securities,
Commercial Credits, Foreign Exchange,
Cable Transfers on
Produce
Exchange Bank
Broadway, Corner BEAVER ST.
And Branches
Capital
throughout Manhattan
....
•
Surplus and Undivided Profits
Kean, Taylor & Co.
Pittsburgh
New York
FRED? HUTH & CO.,
and
on
the Continent of
London
Europe
$1,000,000.00
1,456,775.01
Foreign Exchange bought and sold.
Cable
Transfers.
Commercial and Travelers' Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
BOSTON
S23W YORK
Letters of Credit foff Travelers
Bamercial Credits.
Foreign Exchange
Cable Transfers.
MONROE 6 CO.. Paris
BOISSEVAIN
& CO.
ALDRED & CO
STREET, NEW YORK
Members of the New York Stock Exchange.
40 Wall Street
INVESTMENT SECURITIES
New York
24 BROAD
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON
& CO.
Amsterdam; Holland*
Fiscal Agents
Publk Utility and
for
Hydro-ElectrH
Companies
MAY 8 1920.]
THE CHRONICLE
InSnftmrat mtb
i&mxzM
f
60 Wall Street
NEW
Investment Bankers
YORK
137 So. La Salle Street
60
Congress Stree>
CHICAGO
14
Boston
INVESTMENT SECURITIES
BOSTON
Montgomery Street
421 Chestnut Streei
SAN FRANCISCO
PHILADELPHIA
MEMBERS
New York
Members of New
Chicago
York and Chicago
Stock Exchanges
Higginson & Co.
80, Lombard St.
Securities
London, E. C.
Commercial Paper
bought and sold on
&
available
Hornblower
Travelers*
in
all
parts
NEW
YORK
STOCK
EXCHANGE
commission
Foreign Exchange
.
Commercial
42
& Co. MlLLETT, Roe &h ag*n
Goldman, Sachs
Lee, Higginson & Co.
in
$
Letters
of
of
52 WILLIAM ST.
NEW YORK
world
the
Credit
J
& Weeks
BROADWAY, NEW YORK
RAILWAY
Investment Securities
EQUIPMENT BONDS
Shorn Tom Neftes
MEMBERS
NEW
YORK, BOSTON
AND
Mob
CHICAGO STOCK EXCHANGES
EVANS, STILLMAN & CO.
Direct wires to all
principal markets
Members New York Stock
60
Boston
Providence
Established
1888
Robinson & Co,
Underwriters
Industrial
Bonds
Public
GOVERNMENT
considerably
below
their
normal
point to
an
Present
indications,
however,
advancing tendency and
to normal would
Preferred
Stocks
W.
ADAMS ST.,
1. M. TAYLOR & CO.
Incorporated
InvestmentfSecurities
Yielding 6% t0;8%
YORK
INVESTMENTS
Peabody, floughteling & Co.
New York
Gb.
St Sansom Streats
EST. 1865
Boston
Cleveland
Philadelphia
Saltftasove
INC. 1918
10 So. La Salle St.
Chicago
Pittsburgh
PHILADELPHIA
Now York
Washington
Pittsburgh
Lebanon
Underwriters
Distributors
Wilkes-Barre
HALSEY, STUART & CO.
Howe, Snow,
Corrigan & Bertles
GRAND
N. W. HALSEY A CO. CHICAGO
CHICAGO
Bonds
RAPIDS,v
MICH.
j
Short Term Notes
Preferred Stocks
PHILADELPHIA
YORK
SECUPITIES SALES CO.j
Investment Bankers
Incorporated—Successors to
NEW
New YcwT
Members New York Stock
Exchange
CHICAGO
7 Wall Street
Broad
Exchange Place
Conservative
B.
Telephone 4600 Bowling Green
Frazier
26
Investment Bankers
112
Bond & Goodwin
NEW
Investment Securities
Utility Securities
yield unusual profits.
BROADWAY,
U. S. Government Bonds
a return
Write for our suggestions and Circular F
05
Distributors
Counselman & Co.
value due to the unprecedented fall In
Foreign
Exchanges.
&
&
Equipment Trust Certificates
BONDS
selling
YORK
Portland
FOREIGN
are
NEW
Chicago
Detroit
Avenue and
43rd St
Correspondent Offices in 50 Cities.
Exchange
BROADWAY
Offices National City Bank
BuiMng
Uptown Office: Fifth
DETROIT
BOSTON
ATLAKTA
MINNEAPOLIS
ST.
MILWAUKEE
H. F. BACHMAN & CO.
Established
Government, Municipal, Railroad
KKW ORLEANS
BIRMINGHAM
JACKSONVILLE
LOUIS
CHARLOTTE
1866
and Public Utility Bonds.
Fiscal Agents for Cities and Corporations.
INVESTMENT
BANKERS
Members N. Y. and Phila. Stock Exchanges
1425 Walnut
St.,
61
PHILADELPHIA
H.
T.
HOLTZ &
Broadway
NEW
YORK
CO.
INVESTMENT
BONDS
GOVERNMENT BONDS
FOR INVESTMENT
HARPER
&
INVESTMENT
TURNER
BANKERS
STOCK EXCHANGE BUILDING
M SOUTH LA SALLE STREET
WALNUT 8THEET ABOVE BROAD
CHICAGO
PHILADELPHIA
RAILROAD AND FOREIGN
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New Yorfe
[VOL. 110.
THE CHRONICLE
IT
jfittatufal
jfimtuial
Jftamrtal
______
Electrio
Power
and
Light Enter-
established
prises with records of
Members New York and Boston
Stock
earnings.
Bankers
and
SECURITIES
BONDS
Dealers
Investment
Proven Power and
•
COMPANY
A
CHASE
Exchanges
INVESTMENT
WE OFFER
& CO.
ESTABROOK
Light Securities
Correspondence Solicited
15 State Street,
; 24 Broad Street,
BOSTON
-
NEW YORK
19 CONGRESS
BOSTON
ST.,
SPRINGFIELD
BALTIMORE
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus$24,000,000)
71 BROADWAY,
NEW YORK
E. S.
MUNICIPAL AND
EMERSON & CO.
RAILROAD
Arthur Lipper
New
Street
and
NEW
& Company
Exchange Place
YORK
BONDS
Investment Securities
For Conservative Investment
BOUGHT
SECURITIES
R. L.
35
Day & Co.
BOSTON
ra STATE ST.
Congress St., Boston
Branch Offices
Members
Waldorf-Astoria Hotel,N.Y.
N.$Y. Stock Exchange
11 East 44th St., N. Y.
N. Y. Cotton Exchange
New York
Correspondents
N.Y. Coffee & Sugar Exch.
Richardson, Hill & Co.
REMICK, HODGES & CO.
Established
PARKINSON & BURR
Chicago Board of Trade
West End, N. J.
Long Beach, N. Y.
1870
Congress St.
50
BOSTON
BOSTON
Coch ra n e, H a rper&Co.
Investment
Members
(Boston Stock Exchange
{New York Stock Exchange
I Chicago Stock Exchange
W. F. Ladd & Co.
Securities
30StateSt.,
Broadway
Ill
[E. HOWARD GEORGE & CO, Inc.
Investment
NEW YORK
BOSTON
•;
Atlantic City, N. J.
53 State Street
*EW YORK
.,
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Investment Securities
Members of the New York and
Boston Stock Exchanges
f Wall Street
AND
COMMISSION
SOLD, ON
t
Investment Bankers
Securities
BOSTON, MASS,
til State Street
BONDS
New York
&aker,Ayling & Young
!
George Pick & Company
BOSTON
Investment Securities
ESTABLISHED 1865
PHILADELPHIA
/
'
,
•:
"
,
-
'
■
72
c
6 Nassau St.,
KONIG
BROTHERS
&
GO.
IDOJPearl Street NEW YORK
Commercial
and
Travellers'
EXCHANGE
V
n
Deal in
'■ V
'
Underlying Railroad Bonds
and
Tax-exempt Guaranteed &
Preferred
Stocks
I. HUDSON & CO.
C.
Railroad & Telegraph Co.
No.
New
BROADWAY,
66
Industrial Securities
Yielding
and
Street
York,
NEW
YORK
Philadelphia
aa^
to 8%
TELEPHONE RECTOR 7401
MiiceUaneoua Securitiei
b all Maiketi
J. MURRAY WALKER
85 Dtvoathlrt
N«v
Chicago Stock Exchange*
England
KQNIGJBROTHERSr LONDON
ROTTERDAM
'
-
.
$2emberi
NEDERLANDSCHE HANDEL-MAATSCHAPPY
Adams Street
Chicago
N. Y.
MEMBERS NEW YORK STOCK
Letters of Credit
on
West
Boat MB
PRIVATE
WIRES
TO
PRINCIPAL
CITIES
bmAY 8 1920.]
THE CHRONICLE
y
Canabfatt
BANK OF MONTREAL
Canadian
(Established 181T)
Government and Municipal
CAPITAL
REST
Bonds
paid
up
-
$20,000,000
20,000,000
-
-
TOTAL ASSETS
These
bonds offer exceptional oppor¬
tunity for sound investment.
If pur¬
chased
now
they
will
yield from
-
■
■
-
-
$545,304,809
VINCENT MEREDITH, Bart., President
Sir Frederick
Williams-Taylor,
U. S. funds
W. A. BOG
STREET,
Toronto
London,
made
London
•
Offices, 47 Threadneedle St.,
Waterloo
PaU
Place,
lTPlaos
SECU RITI ES
all
at
points.
Travelers' Cheques and Letters of Credit Issued
LONDON
B
C
OFFICE—2
BANKERS
Paid Up
Scotland,
Lloyd's Bank, Limited.
OFFICE, TORONTO
Capital
request
..
THE BANK OF NOVA SCOTIA
E.
CAPITAL.........
RESERVE
FUND
AMES & CO.
New
General Manager.
Agency, 51 Broadway
O. S. Howard, Agent
Broadway, NEW YORK
Toronto
York
London
Montreal
Branch, 73 Cornhill
L.
8.
Jones,
Manager
AND
FOREIGN
BOUGHT AND
Head
Office, Halifax, N. S.
Manager's Office, Toronto, Ont.
General
Cuba, Jamaica, Porto Rico, and in Boston, Chi¬
cago and New York.
Commercial and Travelers'
Credits issued, available in all parts of the world.
Bills
EXCHANGE
on
United
New
SOLD
18,000,000
OVER....220,000,000
300 branches throughout Canada, Newfoundland,
or West Indian points favorably
collected by our branches in the
Correspondence invited.
Canada
negotiated
CANADIAN
$9,700,000
AND
UNDIVIDED PROFITS OVER..
Clarence A. Bogert,
President
74
(Incorporated 1832)
PAID-UP
TOTAL ASSETS
Sir Edmund Osier,
A.
O.
England,
The Bank of
Vandoma
$6,000,000
Reserve Fund & Undivided Profits
7,739,000
Total Assets.
..143,000,000
Corporation
on
E.
Street.
BRITAIN:
The Bank of
•
Lists
Lombard
GREAT
every
The Dominion Bank
HEAD
&
IN
of
Mall, S. W.
Municipal
Government,
Agents
available in all parts of the world.
G. C. CASSELS, Manager.
Farts, Bank of Montreal (France)
CANADIAN
FRANCIS,
STEPHENSON,
Banking and Exchange business
description transacted with Canada.
Ferelgn Exchange bought end said.
Oemmercial credits issued available
In any part af the world.
Montrea
Eng.
L. Jones.
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
San Francisco-—British-American Bank
owned and controlled by Bank of Montreal)
VORK
NEW
V.
W. T. OLIVER
Incorporated
WALL
H.
Exchange Place
C. L. FOSTER,
C. J.
Chicago Breach, 17-19 South La Salle St.
Spokane, Wash.
Mexico City
14
General Manager,
F. B.
Agents
Write for particulars C-20
$15,000,000
New York Office, 16
R. Y. HEBDEN
_
$15,000,000
General Manager, Sir John Aird.
64 WALL STREET
Principal frnd interest payable in
'
OFFICE, TORONTO
CAPITAL
President, SirEdmundWalker, C.V.O.,LL.D.,D.C,L,
NEW YORK AGENCY
Wood, Gundy &Co.
UP
Assistant
General Manager.
7% to 7i/2%
HEAD
PAID
RESERVE
Head Office—Montreal
SIR
THE CANADIAN BANK
OF COMMERCE
or
States.
York
Agency, 52
Wall Street.
H. F. Patterson, Agent.
Canadian
Government, Provin¬
cial Municipal and Corporation
TRAVELERS' AND
LETTERS
OP
COMMERCIAL
CREDIT
London Joint City &
Correspondents
Midland
Bank, Ltd.
In Great Britain
Royal Bank of Scotland.
Bonds
Bought—Sold—Quoted
THE
GREENSHIELDS & CO.
R. C. Matthews & Co.
Members Montreal Stock Exchange
Dealers in Canadian Bond Issues
ROYAL BANK OF CANADA
Established
1869
17 St. John Street, Montreal
Capital Paid Up
Reserve Funds
ALL
CANADIAN BONDS
ISSUES
Sold
,
&
.
Interest
and
All
Canadian
Payable
New
Daly & Co.
NEW¬
York
HONDURAS and BRITISH GUIANA.
ARGENTINE—Buenos
Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo.
URUGUAY—Montevideo.
CANADIAN
SPAIN—Barcelona. Plaza de Cataluna.
GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS
LONDON
E.
OFFICE—Princes Street,
NEW YORK AGENCY—68 William St.
F. T. WALKER, J. A. BEATSON, E.
O. 2
B.
Bank of Toronto Building
McINERNEY and J. I). LEAVITT, Agents.
FRENCH AUXILIARY: The Royal Bank of
Canada (France), PARIS, 28 Rue du
TORONTO, ONT.
Quatre-Septembre.
Canada
Issues
670 Branches throughout CANADA and
in
CUBA,
PORTO
RICO
REPUBLIC,
HAITI, COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
Hamilton
Toronto
In
Director
NEILL, General Manager
DOMINICAN
Montreal Tramway 5s, 1941
Canadian Car & Foundry 6s, 1939
Rio de Janeiro Tramway 5s, 1935
and
Montreal
Office
FOUNDLAND,
Montreal
R. A.
Principal
TORONTO
C. F, R. Bldg.
COMPANY, LIMITED
.
E.
C.
thomson
nesbitt,
$17,000,000
18,000,000
.....550,000,000
SIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man.
Quoted
222 St. James Street
Mercantile Trust Bldg.
1404 C. P. R. Bldg.
.
.
Assets
Head
Canadian War Loans
Bought
Total
,
Dealt
In
TRUAX, HIGGINS CO.
Montreal, Can
Lewis Bldg.
Canadian
Canadian Securities
Municipal Bonck
CANADIAN
INVESTMENT SECURITIES
;
Offerings on Request
j
i
Bought—Sold—Quoted
Correspondence Invited
W. GRAHAM BROWNE & CO. FINCKE, BANGERT & CO.
222 St,
Franklin Bank Bldg., Philadelphia
James Street
NEW YOBS
BOSTON
MONTREAL
'
'
•
"
'•
'
'
j
:
'
v
McDonagh, Somers & Co.
Dominion
Bank Building
TORONTO, CANADA
Correspondence Solicited
Thornton Davidson & Co.
Members Montreal Stock Exchange
Jforefgn
PROVINCE OF MANITOBA
Guaranteeing C. N. R.
Private
Wires
New York, Toronto, Quebec,
4% BONDS
&e.
Due 1930
Arnold
Gilissen & Co.
80-81
420-1-2 & 426
Transportation Building
MONTREAL, CANADA
Yielding 7%
Damrak
canadian bonds
AMSTERDAM
Cable Address : Achilles-Amsterdam
Principal & Interest Payable in New York
Principal and Interest
Payable in New York
THE
ROTTERDAM
Established
HAGUE
1871
Thornton Davidson & Co. Ltd.
Transportation Bldg.
BANKERS AND STOCKBROKERS
81 St. Peter St.
68 Sparks St.
FOREIGN
EXCHANGE
Montreal
Quebec
Ottawa
/Emilius Jarvis & Co.
INVESTMENT BANKERS
Established 1891
Jarvis Bldg.,
TORONTO, CAN
THE CHRONICLE
VI
[VOL. 110
Jfortlgn
Australia
and
Zealand
New
LONDON JOINT CITY & MIDLAND
bank of
BANK
LIMITED
LIMITED
new south wales
with which has been amalgamated the London
OS—«»
(ESTABLISHED 1817.)
mid-tip Capital
•wne
•serve
120,000,000
16,000,000
of Proprietor«—20,000,000
JPund
Liability
166,000.000
tfirecate Assets 80th Sept. 1919-1336.181,247
Sir JOHN
340
RUSSELL FRENCH.
General Manager.
BRANCHES
and
K.B.E..
AGENCIES
In
Authorized Capital
Subscribed Capital
Provincial A South Western Bank, Ltd.
$226,000,000
•
178,368,000
,
Paid-up Capital
42,086,000
Reserve Fund
HEAD OFFICE:
54, Lombard St., London, E. C., Eng.
and
1,400 branches in England and Wales
over
42,086,000
Agents in all banking towns throughout
the world
Ibe
Australian States, New Zealand,
Fiji.
Papa*
(New Guinea), ana London.
The Bank transacts
•very description of Australian Banking Business.
Vast and ether Produce Credits arranged.
Head Office
BARCLAYS BANK
Deposits
1,855,000,000
£7,000,00*
DEPOSITS
STREET. E.C. S
EVERY DESCRIPTION
18ST
OVERSEAS BRANCH:
68 A
Total Capital and Reserves
168, Fenchurch Street,
London, E. C., England
18, Tyrrel Street, Bradford.
SHIPPING BRANCH OFFICE:
<10,070.000
66 A 68, Old Broad St., London, E. C. I.
91s Bank has 41 Branches In VICTORIA, 39 In
anuw south walks, i» in Queensland,
AUSTRALIA, 21 In WESTERN
AUSTRALIA. S In TASMANIA and 44,In NEW
3JAAAND.
ESTABLISHED
Deputy-Chairmen:
Biz Montagu Turner,
THE
Rt, Hen. r, McKenna. Chairman,
Authorised
Commercial Banking Company
Sydney
LIMITED
68 WALL STREET
2,040,661
2,000.061
India
in Australia and elsewhere.
Bead
collected.
or
Office.
Sydney.
Bills
sn
New
South
Panama
Santo Domingo
London
San Francisco
BELGIAN BRANCHES:
Blrchln
Lane,
Lombard
SPANISH BRANCHES:
Pasee de Grada; 8 * 20
Gran Via 6
MADRID: Avenlda del Cende de Penalver. 21*26
BILBAO:
Established 1879
Street. B. C,
AFFILIATED IN
The Mercantile Bank of India Ltd.
ROBERT BRUNNER
Head Office
15 Gracechurch Street, London
Banker and Broker
flapital Authorized
Oapital Paid Up
78
sad
Subscribed. ..il.5SS.fSS
475S.SSS
assetve Liability of Shareholders
475S.SSS
aesesve Fund and Undivided Profits...
3788.794
Branches In India, Burma. Ceylon, Straits Bettlsnsats. Fsdsrated Malay States, China, and
Mauritius.
Bsw York Agsney, R. A.
Edlundh, 64 Wall Street
NATIONAL BANK OF INDIA limited
„
Rsssrve^Fund
£1,0041.000
31,600,000
——31,660,000
9hs Bank eenducts every
description ef banking
and exchange business.
Co.
&
Tolegraphio Address. Utllaoo; London.
Reserve Fund
6,000,000
66—£1
rates
deposit
on
is
OF
interest
ore
as
Per
Days'
£1,078.876
%
6
639.437 10
8
Further Liability of Proprietors.
639,437 10
f
Reserve Fund
660.000
0
I
Remittances made by Telegraphic
Transfer.
Bills Negotiated or forwarded for
Collection,
Exchange business of every de¬
scription transacted with Australia.
* M. JANlONi
Manager
BANKING CORPORATION
Paid up Capital (Hong Kong
Currency)—000,000
Gold—115,000,000\
638,000.000
I In Silver. J21,000.000/
.
Raesrve Liabilities at Proprietors
GRANT DRAFTS, I8SUE
16,000,000
LETTERS OF CREDIT,
NEGOTIATE OB COLLECT BILLS
PAYABLE IN
J^PAN' PHILIPPINES.
TLEMENTS. INDIA.
WADE GARD'NER,
that
for
the
money
follows:
STRAITS SET¬
Agent. 34 Wall Street.
PARIS.
Mum. le Baron de NEU7LI83
Georges HEINE
acceptances,
approved
bank
Artrene HENRY
and
receives
le Baron HOTTINGUEB
Baeul MALLET
Albert MIRABAUD
Pyrame NAVILLB
Felix VERNE8
LONDON
National
CORNHILL
LIK'vwi#
Discount
LONDON, E. C.
Cable Address—Natdls London.
4,233,325
Reserve Fund.;
2,600,000
STERLING.)"
Sir W. LAWRENCE YOUNG. Baric
on
Deposit
are
rue
FRANCE.
Meyerbeer (IXo)
MARSEILLES. 68,
rue
St. Ferreol
LONDON, 26. Throgmorten Street B. CJ.
MANCHESTER. 16 Pall Mall.
NEAR-EAST.
follows:
CONSTANTINOPLE
per annum at call.
5H% at 7 and 14 days notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and for fixed
periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP HAROLD
PARIS. 7.
ENGLAND.
NOTICE Is hereby given that the
RATES OF
INTEREST allowed for money
HEWETT. G.C.8.I.
Lard HILLING DON
Han. HERBERT A.
LAWRENCE]
Lord OBANMORB and BROWNE'
$21,166,626
Paid-up Capital
5%
Vtoooont G08CHEN
Sir John P.
1
Subscribed Capital
as
efBKSSBOROUGH.O.V.O.:O.E
B. W. H. BARRY
Company, Limited
36
or
Chartea de CERJAT
le Comte Adrten de GBRMI27Y4
Notloe. 654 Per Cent.
discounts
($5=£1
Hong Kong & Shanghai
Capital. 410.000.000
Frs. 860.000,000 half paid up.
OBNERAL COMMITTEE (Parts A Londau!
given
allowed
Cent.
Company
The
Paid-up Capital
Banking and
Imperial Ottoman Bank
Messrs. the Earl
Subscribed Capital
Bcservs Fund/In
sterling.
hereby
CHRISTOPHER R. NUGENT. Manager.
88 Lombard St.. London. E.
C. 3
World,
UNDERTAKEN
money on de¬
posit at rates advertised from time to
time, and
grants loans on approved negotiable
securities.
English Scottish and Aestraliao Bank, Ltd
Head Office:
dom and has Correspondents throughout the
EXECUTOR AND TRUSTEE DUTIES
Capital Authorised A Subscribed
810,000,000
Capital Paid Up
8,000,000
mercantile
"Olerment"
All eheques en the Ulster Bank will be eelleeteti
for Customers ef this Bank, free of Cammiaslaa,
The Bank it represented by Branches or Agents in §B
the Principal Cities and Totons of the United King¬
IS CORNHILL.
Tko
Central America
Cable A drees:
Rennurb.
of London, Limited
At 3 to 7
GUATEMALA,
AFFILIATED IN IRELAND:
ULSTER BANK LIMITED
Belgium
The Union Discount Co.
At Call 6
BANKERS
FRANCS'
Leaden County * Westminster Bank (Paris); Ltd.
PARIS:
22. Place Vendems
LYONS:
i
87. Rue de la Republiqus
BORDEAUX:
22 * 24. Oeurs de I'Intendanee
MARSEILLES:
29 Rue Canaebiers
NANTES:
6. Rue LafayetU
de la Loi
Cablje Address:
notice
Clermont
rue
BRUSSELS,
Bankers to the Qovernment In
Brftise East
Africa and Uganda,
fliaad Offtca'SS. Blshopsgate.
London. E. C.
ff^oshes In India. Burma. Ceylon. British East
AfMsa. Uganda and at Aden and
Zanslbar.
Subscribed Capital
Paid-up Capital
41. Pises de Ms 19
114 and 116. Bus Bsyals
BARCELONA:
Wales
Lenden Office:
If,
Joint General Managers
ANTWERP:
BRUSSELS:
Lyons
Remittances cabled.
LOTHBUST, B.C. 3.
Foreign Branch Offlea: 82, CornhlU, E.C. 8>
Straits Settlements
Philippine Islands
Australasia
<304,647,780
oounts
HEAD OFFICE: 41,
Java
Japan
en
i,760.88-
(31st Deo., 1910.)
and other Ae-
F. J. Barthorpe. J. C. Rabertaan. W. H. Initio
China
psyabls
6,i08,fIF
—...
Current, Deposit
600,000
Branches In:
demand, and Letters e:
Orsdlt are Issued by the London Branch on 111
Head Office, Branches and
Agencies of the Bank
a#f»tiated
810,000.000
Undivided Profits—..............
46,040.008
Drafts
<66,000,668
NEW YORK CITY
Capital and Surplus.......
32.000.66t
...
Capital...
Reserve——
Established 1884.
Paid-up Capitals.
Reserve Fund
B. Hugh Tennani. Bsc
Paid-up Capital
International Banking Corporation
Incorporated in New South Walt*.
IN 1668
Chairman.: Walter Leaf. Esq.
Assistant Manager—W. A. Lai eg
Reserve Liability of Proprietors
LONDON COUNTY WESTMINSTER
AND PARR'S BANE LIMITED
Foreign Banking Business of
Every Description Undertaken
3oa4 Office; 71 CORNHILL, LONDON. E. C.
Manager—W. J. Essazne.
of
The Foreign Manager,
I
Tjf'B, Dale? Street,'Liverpool.
Fand—4l.870.000f gather «8,070,000
Liability of Proprietors....46,000.000
14 In SOUTH
Address
FOREIGN,^ BRANCHiOFFICES:
—47,800.000
—
Stld-up Capital 41,600,0001 To•Move
OF BANKING
BUSINESS TRANSACTED
66, Old Broad St., London, E.C. I.
Incorporated 1880
Sapltal—
Authorised and Issued
•serve
£296,066,161
——.
6. Threadneedle Street, London, E.C. I,
THE UNION BJUK OF AUSTRALIA Limited
Hstabllsbed
£14,810,881
.....
HEAD OFFICE:
13. THREADNEEDLE
SYDNEY
£20,000,068
ISSUED CAPITAL
RESERVE FUND
London Office
6IORGE STREET
AUTHORIZED CAPITAL...
WADE, Manager.
-
PERA
-
STAMBOEh
Agencies In EQYPT, GREECE.
PALBSTIKS
MESOPOTAMIA. SYRIA. CYPRUS,
and in different parts of the
Ottoman
Empire.
Branches In the Near East
GENERAL BANKINQ BUSINESS
MAY 8 1920.]
THE CHRONICLE
Jfottfgn
ra
Jforefgn
SPERLING^ &
^foreign
CO.
NATIONAL
Basildon House, Moorgate Si,
Public
Head Office—Cairo.
Banque Nationals de Credit
FISCAL AGENTS FOB
Capital
Utility
frs.
Hydro-Electric Companies
Deposits
300,000,000
frs.
Surplus
and
EGYPT
of
London, E. C.
63,000,000
Established under Egyptian Law
June, 1898, with the exclusive right 19
Issue Notes payable at .sight to bear e 9
..frs,2,100,000,000
Head
Capital, fully paid
£3,000,000
Reserve Fund
Office:
£1,663,278
LONDON AGENCY
PARIS
ZTBW YOBK AGENTS
SPERLING & CO., INC.
BANK
6
270 Branches in France
AND
7
KING
WILLIAM
ST.;
LONDON, E. C., 4, ENGLAND.
139 BBOADWAY.
4 Branches in the Rhenish Provinces
THE
BANCA COMMERCIAL ITAUANA
GENERAL BANKING BUSINESS
Head Office MILAN
Paid-up Capital
UNION BANK OF EN6LAND
131,100,030
Ktwru Ponds
Sli.fA0.000
—
AGENCY
NATIONAL PROVINCIAL AND
IN
Limited
NEW YORK.
Iff BROADWAY
(99=«.)
3»eatfon Office, 1 OLD BROAD STREET, I. C.
Manager: B. Oeneele.
5?«lt End Agency snd London Office of the
Italian State Railways, 12 Waterlo* Piste.
Regent 81.. 8. W.
SUBSCRIBED CAPITAL
Swiss Bank Corporation
Italy, at all the
prlnolpal points In the Kingdom
m
Li Chaax-ds-Foadt
London
I'Amerlque du Sud.
Buenos
Ay res,
Santos,
RIo
de
Janeiro,
San
Paulo,
&c.
Societa Commercial*
d'Orlente, Tripoli.
RESERVE FUND
with
.
.
991,819.199
920,000,000
$6,200,000
$165,000,000
Offices in
numerous
and
11c Regent Street
Waterloo Place S. W. 1
up,
99T.Sll.Q9e
-
-
Head Office:
West End Branch
Capital paid
Surplus,
Deposits,
9161.070.009
-
15. BISHOPSGATE, LONDON, ENGLAND,
Office, 43 Lothbury, E. C. 2
"Representatives In New York and Agents
Italy" of the Banque Francois* et Itallenne
sour
CAPITAL
Bala, Zniich, SI GsB, Gessva, Unguis,
errespondents to the Italian Treasury.
01 Branches In
PAID-UP
England
Wales
RIGGENBACH
& CO.
\
BANKERS
ZURICH
STANDARD BANK CF SOUTH AFRICA, Ltd
HEAD OFFICE. LONDON. E. C.
Authorised
Capital.
Over
850 Branches
tenth Africa,
and
Agencies
throughout
Union De
est. 1869
Cable Address
Capital, fully paid
Reserves
and CO.'S BANK,
LIMITED
Frs. 60,000,000
-
-
-
"
-
ROTTERDAMSCHE
15,000,000
BANKVEREENIGING
Zurich,
Winterthur,
ZURICH, (Switzerland)
Founded
St. Gall,
Basle, Geneva,
1755
Capital Paid up and 1....Frs. 52,600,000
Fund
J
and
19
other
EVEBY DESCRIPTION of BANKING BUSI¬
The Hague
Branches.
CAPITAL FULLY PAID.F.75,000,000
Bills Collected.
Documentary Credits.
NESS TRANSACTED.
RESERVE
Travelers' Letters of Credit, &c.
LETTERS
Telegraphic Transfers Effected.
The NATIONAL BANK
BANKING & TRUST CO. S. A
No. i68.
Tampico
of SOUTH
Kong.
and
Paris,
the
United
States, London.
Barcelona and Madrid.
Paid-Up
15=3 fl
Authorized Capital ..............910,000,009
Subscribed Capital ......—..—
7,850,009
and
Capital
Reservea
•
•
-
-
$20,000,000 00
Hons
Offers te American banks and bankers Its superior
facilities for the extension of trade and com¬
merce
Capital (Paid Up)
1.900.009
Surplus and Undivided Profits.—
1.895.999
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands.
Head Office, 17 Ac 18 Leadenhall St., London, B. G.
Manchester
Office,
196-108
Portland
SUISSE
Established 1856
Capital paid
Reserve
up.
New York
R.
Agency
E.
-
-
30,000,000
Zurich, Switzerland
Bank, Limited
Incorporated
80
Royal Bank of Scotland
.......
<9,008,808
Rest and Undivided Profits......
years,
Also
at
and
has
Geneva, Glaris, Kreuzlingen, Lugano,
......
Deposits......................... <86,848,883
-
St. Andrew
BANKING
London Office
■
•
•
8 Bishopsgate,
E.C. I
Manager: Wm. Wallace.
Glasgow Office
Documentary Business, Letters of Credi
Cairo,
throughout
Ac.,
In
the
Egypt.
THE COMMERCIAL BANK OF SCOTLAND Ltd
Established
Head
1810
Off lew—EDINBURGH
---—.£5,800,00
Paid up—
250,000 "A" shares of £20 each £5 paid...£1,259,00
500,000 "B" shares of £1 each fully pold..£ 500,000
Exchange Square
Agent: A. Dennistoun.
Reserve
<1,000,000
Deposits
£1,750,000
£30,071.101
ALEX. ROBB, Gen. Mgr. MAGNUS IRVINE, Sec.
London Offic*—62 Lombard Street, B. O. 8.
Glasgow Office—113 Buchanan Street.
BUSINESS
Foreign Exchange
Charter.
Head Office: Basildon House,
Moorgate Street,
LONDON. E. C. B.
Square, Edinburgh
170 Branches Throughout Scotland.
GENERAL
Branches
Alexandria,
Capital (Subscribed)--
Lucerne, Neuchatel, St. Gall.
Royal
Country,
Cashier and General Manager: A. K. Wright.
.
by
£1,081,178
Paid-up Capital
Head Office
Branches at Basle, Berne, Frauenfeld,
New Tori.
Offers every banking facility for transaction
with Greece, where It has been established fo»
Incorporated by Royal Charter. 1727.
HEAD OFFICE
Ionian
10 Wall St.
SAUNDERS, Agont.
_frs. 100,000,000
Funds..frs.
Street
Liverpool Office, 25 Water Street
between this country and Africa.
E. R. APPLEBY, Agent, 6 Wall Street,
CREDIT
OF
STOCKS AND SHARES
BANK OF BRITISH WEST AFRICA, LTD,
Association
Offers every banking facility.
Payments and
collections made and Drafts sold on all parts of
Mexico
CREDIT
PURCHASE AND SALE
AFRICA, Ltd.
Over 409 Branches In Africa
Tamaulipas. Mexico
oj the American Bankers'
OF
FOREIGN EXCHANGE
Booking and Travel Department.
Members
F.25,000,008
COLLECTIONS
Drafts and Letters of Credit Issued.
(P. O. Box)
FUND
Foreign Exchange.
Bills of Exchange Negotiated and Collected
Apartado
Amsterdam
Rotterdam
Lausanne
Reserve
PETROLEUM
"Riggenbank."
London Correspondent—Barclays Bank. Ltd.
St.. New York
Alee representing The Bank of New South
Wales with branches throughout Australasia.
LEU
FOREIGN EXCHANGE BUSINESS
Banques Suisses
Formerly Bank in Winterthur
Toggenburger Bank est. 1868
H. MACINTYRE, Agent
Wall
Specialists for
SSI,160,000
Paid-up Capital & Reserve Fund S18.611.S00
Total Resources....
S30f.116.ili
S8
COMMERCIAL REVIEW l«ll.
S60.000.000
Subscribed Capital
W.
PLEASE WRITE FOR OUR FINANCIAL AND
Every Description of British, Colonial and
Foreign Banking Business Transacted.
Correspondence Insited,
1
Drafts. Circular Notes and Letters of Credit issue0
and every description of British, Colonial and Ferotga
Banking and Exchange business transacted.
New Yetk Agents—American Exchange Nat. Bask
[VOL. 110.
THE CHRONICLE
rni
3Etenktrs «nb SStofeera ottttftie iJtto got*
CHICAGO
CHICAGO
LOUIS
ST.
TILDEN & TILDEN
Incorporated
Dodge & Ross,
A. G. Edwards & Sons
INVESTMENT BONDS
(INCORPORATED)
INVESTMENT BANKERS
STREET
108 SO. LA SALLE
CHICAGO
Members
Specializing in
New York Stock Exchange
St.
410
ST.
Bonds and Preferred Stocks
Louis Stock Exchange
Wall St.
88
Olive St.
SCOTT a STITT
of
INVESTMENT SECURITIES
NEW YORK
LOUIS
Public
Service
and
Industrial
W. Monroe St.
111
CHICAGO
Corporations
'^'IN¬
MUNICIPAL
CORPORATION
111 West Monroe Street,
CHICAGO
BONDS
INDUSTRIAL
PREFERRED STOCKS
based always upon
AND TRUST COMPANY
GENERAL BANKING
Pima County, Arizona
$2,009,000
and Surplus,
Capital
Individuals
Suitable for Estates, Trustees and
1925 to 1944
Write for Bond Circular
Attested Valuation, 1919
Total Bonded Debt
332 so. Michigan Av„ Chicago
6% CHICAGO FIRST MORTGAGE BONDS
5M% Road Bonds
Due Serially
Oldest Banking House in Chicago.
(incl. this
CINCINNATI
C 25.
164,545,281
A State Bank
$250,000.00
8,525,515
issue)
Population—88,765
Legality
approved
Hon.
by
C.
B.
AKRON, OHIO
A. O.
Wood.
Slaughter & Co.
Yield
BOND
5
/New York Stock licfttnn
New York Cotton kxchangs
[New York Coffee Exchange
Members
Net
debt
(Chicago Stock Exchange
Chicago B->ar«S of Traoa
Minn. Chamber of Commerca
St. Loula Merchant#' Exchange
Winnipeg Grain Exchange
Mississippi Valley Trust Co.
The Provident
Savings
Bank &, Trust Co.
ST. LOUIS
Bond Department
CINCINNATI, OHIO.
French & Co.
Radon,
Ksroden Smith
yield 5 1-8.
STATEMENT.
$279,300,700
5,896,000
Population 200,000.
FINANCIAL
Assessed valuation
)New York Produce Exchange
DEPARTMENT
BONDS
Due 1922 to 1936 to
CHICAGO, ILL.
5.25%
H%
SCHOOL
MONROE STREET
WEST
110
of Wood <fe Oakley, Chicago, III.
Prices to
verification
expert
©funderlyingassetc
Southeast Corner La Salle and Madison Sis.
$100,000
BONDS
TIMBER
GREEH|BAAUMS0NS
Charles W. Maert
ROBERTS
Securities
Investment
William H. Burg
r
111 Wast
SMITH, MOORE & CO*
HALL
&
[New York Stock Exchang*
Members] Chicago Board ef Trade
(Cincinnati Stock Exchang*
Monro a Street
CHICAGO
INVESTMENT SECURITIES
Investment Bonds
OHIO
CINCINNATI
Of OLIVE
ST.
ST. LOUIS,
HARK C. STEINBERG &
Humbert New
York
MO.
Powell, Garard & Co.
INVESTMENT SECURITIES
CO.
ROAD
ST.
ST.
LOUIS
Members St.
Broadway
La
South
39
Stock Exchange
Member) St. Louis Stock Exchange
300 N.
100
Chicago
New
and
Interest
St. Louis
Philadelphia
Tork
5% BONDS
Salle Street
Weil, Roth & Co.
LOUIS
SECURITIES
Louis
Greenwood County, S. C.
Stock Exchange
CINCINNATI
NEW YORK
CHAS. S. KIDDER & CO.
Bankers
Investment
CHANNER
STIX
Bitabilahed
& CO.
Union Trust Bldg.,
CHICAGO
Investment Securities
OLIVE ST.
ST.
SECURITIES
1885
103 South La Salle St.
509
SAWYER
&
INVESTMENT
LOUIS
CINCINNATI. OHIO
Ohio Securities—Municipal Bonds
Taylor, ewart & Co.
New York Stocks and Bonds
INVESTMENT BANKERS
DEALERS
LOUIIVILLS
****. ^y%iVVWi/W^VWVVVVVWVV.N
105 South La Salle Street
IN
INVESTMENT SECURITIES
CHICAGO
JOHNSTON & COMPANY
Municipal, Railroad and Public
LOUISVILLE, KY.
828-830-882 Walnut St.
CINCINNATI. OHIO
Municipal
Paul Jones Bldg.
IRWIN, BALLMANN &CQ,
Utility Bondt
INVESTMENT SECURITIES
and
nA.mA
BO N DS
Corporation
EDGAR
FRIEDLANDSB
DEALER
John W* & D« S* Green
116 South Fifth St..
SHAPKER, WALLER & CO.
184 SOUTH
LA
SALLE
STR
IN
Cincinnati Securities
CINCINNATI
OHI«T
Louisville, Ky.
Dealers In all
high-grade securities.
Continuously in Brokerage business
since 1868.
ft
ft*
Both telephones 55.
HenningChambers & Co.
INVESTMENTS
Memb >
New^ York'Stock Exchang
We ,1 Main Stree
,LOUISVILLE* K
CHICAGO
SPRINGFIELD.
John Burnham & Co.
High Grade Investment Se¬
curities,
Convertible
Unlisted Securities.
4
3 South
Matheny, Dixon, Coie& Co.
Rldgely-Farmers Bank Bids.,
SPRINGFIELD.
Note
Issues, Bonds, Bank Shares,
ILLINOIS.
Illinois Municipal Bonds
and
La Salle St.
CHICAGO
ILL.
First
Mortgage
Farm
Loans.
MAT 8 1920.]
THE CHRONICLE
IX
JSanfcet* anb JSrobew ©utsfbt jjeto Sot*
MICHIGAN
PITTSBURGH
LYON,
SINGER & CO
INVESTMENT
EHoob*, fetoan & ®btoatb« Co.
PITTSBURGH
Members of Detroit Stock
Charles A. Parcel Is & Co.
Solicited
Inquiries
Carried
An
In
Markets.
Stacks
Conservative Margins.
on
INVESTMENT SECURITIES
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
Goo. W. Eberhardt & Co.
OUTER BUILDINO.
HO
Congress Bldg.,
Members New York Stock Exchange
Members Detroit Stock
Specializing
Exchange
MASTEN & CO.
York Stock Exchange
Stock Exchange
Pittsburgh Stock Exchange
ihance
Chicago Stock Exi"
Chicago Board of Trade
New York Cotton Exchange
inquiries.
Bar^k Bldg.
GORDON, FORTIER & CO.
WHITTLESEY, McLEAN & GO.
Investment Securities
Municipal Bonds Corporation Bonds
Boston
Suite
Pittsburgh, Pa.
Branch Office:
■ational Bank of West Virginia Building
Wheeling. W. Va
1721-3 Dime
DETROIT
Securities
Detroit
We invite your
Specialize In'MIchlgan Stocks and Bonds
PENOBSCOT BUILDING.
Trade
■embers New
123 Fourth Ave.,
BUILDING. DETROIT, MICH.
Richard Brand Company
BOUGHT—SOLD—QUOTED
of
PENOBSCOT
MICHIGAN SECURITIES
Members Pittsburgh Stock Exchange
A. E.
Company
(Established 20 Yeare)
and Provisions
Board
DETROIT, MICH.
A. J. Hood &
PITTSBUROB
Stocks, Bonds, Grain
Members Chicago
Exchange
Members Detroit Stock Exchange
BANKERS
Commonwealth Bldg.,
MICHIGAN
1618,
Dime
Bank
Preferred Stocks
Building
Telephone Cadillac 6050
DETROIT
Active Members of Detroit Stock Exchange
MICHIGAN
8054-56-58 Penobscot
DETROIT
Bldg.,
Motor Stocks
F. N.
Boyle &, Company, Inc.
Successors
L. J. DAWES & CO., INC.
to
W. A. HAMLIN & CO.
and
All
Michigan Securities
Members Detroit Block Exchange
Burdick-Thomas
MATTERS
Union
FINANCIAL
Arcade
Pittsburgh
Hetor Stocks, Publto Utilities A Olli
Pittsburgh, Pa.
Securities
Specialty
a
CHILDS, KAY & WOODS
Union Arcade
288.268 Penobscot Bldg.,
101, P.nobtcot Bid,..
WAILING,
DETROIT. MICH
LERCHEN
& COMPANY
KAY & CO.
PITTSBURGH
Local
STOCK
OHJOAGO BOARD
TRAD®
INVESTMENT BANKERS
Bonds and Stocks
Corporation
Penobscot
Members Detroit Stock Exchange
fiXOHAITGE
OF
Inc.,
Michigan Municipal Bo :<ii
STOCK Z2XOHAKGS
YORK
IIICHIGAR
DETROIT
PITTSBURGH, P£
Member?
»aW
Company
Stock Exchange
Members Detroit
DETROIT
DETROIT, MICH*
Bldg.
Members Detroit Stock Exchange
GRAND RAPIDS
W. Carson Dick & Company DANSARD-HULL-BUMPUS COMPANY GEORGE M. WEST & COMPANY
Established 1898
INVESTMENT SECURITIES
INVESTMENT BONDS
47 Congress St.,
810-SSI UNION
ARCADE BUILDING
West
INVESTMENT BANKERS
DETROIT
DETROIT, HICQ.
UNION TRUST BLDG.
PITTSBURGH.
PA.
MmAere Detroit Stock Exchange.
Members Detroit Block Exchange
KANSAS
CITY
FENTON, CORRIGAN & BOYLE
W. C. Sylvester Inv. Co.
Grand Rapldf
Detroit
Ohlcage
Kansas City Securities
Underwrite and distribute entire issues
Kansas City. ■«
STREET & COMPANY
of Industrial and Publlo
KEANE,
FanobMot
HIGBIE
&
Tel. Cherry 2800
CO. Allen G. Thurman A Co.
Bankers and Brokers
Listed
Unlisted
and
Stocke and Bonds
DETROIT
II GB1SWOLD ST.
Local Securities
DETROIT, MICH.
Bid,.
Utility securities
MUNICIPAL BONDS
unlcipal A Corporate Bonds
Ground
Floor,
GRAND
Missouri
Kansas City
Company
INVESTMENT BANKERS
Investment Bonds
SIS Baltimore
A. W. Wallace &
Investment Bankers
C. M. DEAKIN & CO.
Michigan
Muske
Saginaw
Flint
Bids.
Trust
RAPIDS, MICH.
mm
Members Detroit Stock Exchange
BUFFALO
Correspondents
Loew's Buffalo Theatres
Preferred and Common Bought and Sold
VAN EMBURGH
A ATTERBURY. New York
OURTIB
CLEMENT.
k
CO..
F. C. ANGER & CO.
Investments
Ohlcage
Specialists in
Canadian and Western New York Securities
Slocum, Eckardt & Company
420
Ellicott Square, Buffalo, N.
JOHN
T.
Y.
STEELE
SOLS Dim* Bk. Bldg.
408 Gr. Rap. Sav.
Grand
Detroit
Bldg.
Rapids
Detroit i« the market for
1282-04 Penobscot
DETROIT MOTOR STOCKS
Reo
•
Paige
Continental &
■
Ford
Packard
BUFFALO, N. Y.
Government, Municipal
and Corporation Bonds
Members Detroit Stock Exchange
WEBB. LEE & CO.
Members (Detroit
DETROIT. MICH.
IN
NEWARK, N. J.
Stock
Exchange
\ Chicago Board of Trade
JOEL STOCKARD A CO.
SPECIALISTS
Building,
DETROIT, MICH.
Correspondents
THOMSON
880 Penobscot
&
McKINNON
Big. National Union Bank Big.
DETROIT, MICH.
JACKSON, MICH.
Bufttio tnd Western New York Securities
conservative
IRVING
T. LESSER
investment securities
List upon request
STOCKS AND BONDS
F. M. CHADBOURNE &CO.
FIREMEN'S
HI EUlmtt Squar.
BUFFALO, N. V.
INSURANCE BUILDING,
N. J.
NEWARK,
HARRIS, SMALL & LAWSON
INVESTMENT SECURITIES
M CONGRESS ST
DETROIT
,
W
[VOL. 110.
THE CHRONICEL
z
g«fc
gtanfttnf anb JBrofcenf ©nttfbe
PACIFIC
PACIFIC COAST
Howard Throckmorton
DENVER
COAST
Pacific Coast Securities
CALIFORNIA SECURITIES
Government
& Company
•! MUNICIPALITIES AND
Bonds Municipal
CORPORATIONS
.Corporation
Porter
Boettcher,
BONDS
INVESTMENT BANKERS
Sarins snbatantial aaaets
San Francisco
and earning pewer
Alaska Commercial Building
COLORADO
DENVER
and
Quotations
Purnlshod
information
an
WILLIAM Re STAATS CO.
LOS ANGELES
Paolflo Coast Seourltlea
Eetabttohed
1868
SUTRO &
PASADENA
SAB FRANCISCO
WESTERN SECURITIES
CO.
Sugar Stocks
1NVE8TMENTIBROKERS
Members
Ban Francisco Blest
San Francisco
310 Montgomery St.
Bond
and
Blankenhorn-Hanter-Dalin
DENVER
PORTLAND* ORE,
Municipal and Corporation
MUNICIPAL
CORPORATION
BONDS
SOS San some Street. Corner California
AND
Dr\\Tr*C
DISTRICT
DKJriLJD
FRANCISCO. CALIFORNIA
MORRIS BROTHERS, inc.
THE PREMIER MUNICIPAL BOND HOUSB
CAPITAL ONE MILLION DOLLARS
and
Government
California Securities
SAN
LOS ANGELES
FRANCISCO
SAN DIEGO
PASADENA
Established
Company
Los Angeles,
.
SEATTLE, WASH.
COMPANY
&
Wa specialize In California
Municipal & Corporation
INVESTMENT BONDS
BONDS
CLEVELAND
Quarter Century
PORTLAND, OREGON
-
Building
HALL
California
Municipal Bonda
over a
Morris Building
No. 8, Central
Aronson and
& [CO*
Bankers
Investment
Company
DEALERS IN
SAN
Specialty
GREGG, WHITEHEAD
Exchange
F. H. BROWN A CO.
a
ESTABLISHED ISI2
Leoel and Peolfle Coatt Saourltlei
DRAKE,RILEY & THOMAS
The Gandling-Jones Company
Van Nuya
LEWIS
PORTLAND,
BUILDING-
OREGON
Building
LOS ANGELES
DULIfTH, MINN.
STOCKS-BONDS-NOTES
BANGOR
BUILDING.
CLEVELAND
Private Wires Coast to Coast
Correspondents Logan
Bryan
an
MINNESOTA SECURITIES
Railroad, Municipal
A. H. Woollacott & Co.
OTIS
& COMPANY
Stocks, Bonds, Grain, Cotton
816 Superior Arenue, N. E.
LOS
Branch
Offices:
Co tunbuc,
Akron,
.Detroit,
Cincinnati.
Youngstown,
Omaha.
Denser, Colorado Springs,
Members of New York. Cleveland, Chicago.
Detroit and Columbus Stock Exchangee,
New York Cotton Exchange.
Chicago Board of Trade.
ANGELES
Duluth, Minnesota
INDIANAPOLIS
TORRANCE, MARSHALL & CO.
Fletcher American Company
California Securities
Ohio Securities
SOLD
W. M. Prindle & Company
828-868 I. W. Hellman Building
CLEVELAND
BOUGHT
QUOTED
and
Corporation Bonds
<
LOS ANGELES
INDIANAPOLIS
CALIFORNIA
Capital
-
€1,500,000
S0RTHINGT0N, BELLOWS & CO.
MemberelNew York 8tock Exchange
\Clmkmd Stock Exchange
Guardian Building
A &
LEWIS &
Write
CO.
Municipal. Public Utility. Railroad and
Corporation
CLEVELAND
BONDS of the PACIFIC COAST
Stocks
Bonds
Acceptances
us
for bids
Indianapolis
Statistical
or
or
offerings
on any
Indiana Security,
Information Famished
Los Anseleg. CaL
Security Bids.
SHORT TERM NOTES
HITTER COMMERCIAL TRUST
CALIFORNIA
Unincorporated
CLEVELAND
I0S Euclid Are.
_
R. H. MOULTON & COMPANY
BUFFALO
Niagara Life Bldg,
CLEVELAND SECURITIES
Akron Rubber Stock*
Roland T. Meacham
MUNICIPALS
Title Insurance Building,
American NatT Bank
LOS ANGELES
Bids., San Francisco.
MAX I. KOSHLAND
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
ilaahiaati
Detroit
Chicago
Hllwaaksa
Investment Securities
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Pacific Coast Securities
Member
San Frandaca Stock and Bond Exchange
Member Cleveland Stock Exchange
Mill*
Guardian Building. Cleveland
The Union Trust
Company
BOND DEPARTMENT
INDIANAPOLIS
Building
SAN FRANCISCO
Indianapolis Bank Stocks
Local Public Utility Bonds
Indiana Municipal Bonds
Hunter Glover & Company CHAPMAN DE WOLFE CO,
Bought and Sold
861-868 Montgomery Street.
Investment Bonds and
Short Term Notes
SAN
Stocks
FRANCISCO, CALIF.
Stocks
NEWTON TODD
nd Bonds
Information and Quotation!
on
alt
Coast Securities.
CLEVELAND
Local Securities and
Pacifit
Member Sa iFrancisco Stock A Bond Exchan
Indiana Corporation Bonds and Stocks
41 fLemcke
Bldg.,
INDIANAPOLIS
mAT 8 1920.]
THE CHRONICLE
zi
Santa* anb Stokers (PuKItie fttto got*
ALABAMA
PHILADELPHIA
MARX
& COMPANY
PHILADELPHIA
bonds
stocks
BANKERS
SHORT-TERM NOTES
BIRMINGHAM.
Southern
-
-
Graham. Parsons & Co.
4S5|CHESTNUT ST.
Municipal
118 BROADWAY
PHILADELPHIA
-
'Parsly Bros. & Co.
and
Corporation Bonds
NEW
YORK
Investment Securities
BANKERS
1491 CHESTNUT STREET
Deal in and Peurahaee
PHILADELPHIA
CHATTANOOGA
Issues of
Members Philadelphia Stock
Exchange
MUNICIPAL BONDS,
LEWIS BURKE & CO.
BONDS, NOTES AND PREFERRED STOCKS
of
Established 1865.
LOCAL AND SOUTHERN
RAILROADS,
UTILITIES
AND
INDUSTRIAL CORPORATIONS
SECURITIES
*ssMt
BnMdlns
Bioren*& 0>
CHATTANOOGA
of
ESTABLISHED VALUE
BANKERS
♦
410 Chestnut St.
Philadelphia
Cable Address •• Grace.'-1 Philadelphia
Government,
HOUSTON
Municipal, Railroad
Public
SHERWOOD & KING
Specialists in Texas Securities
and
Utility Securities.
Members New York and
Philadelphia
Stovk Exchangee.
eoMMis®.
Humble Oil &
Refining Co.
Higgins Oil & Fuel Co.
BANKERS
HOUSTON, TEXAS
JOSEPH W. GROSS
(American Bankers Assn.
321
Texas
Bankers Assn.
Houston Cotton Exchange
Chestnut St., Philadelphia
Ifydro-Ele Ctrlc Securities
Established 1837
BACON
SWWWWSWAMWWMWMM
1431
CONTINENTAL TRUST C0MPAN1
CHESTNUT
STREET
PHILADELPHIA
PA.
Members New York and
Philadelphia
Stock
Southern Municipal Bonds
AND
Exchanges
AUOUSTA
Guaranteed Stocks
BACON
WANTED
GEORGIA
City of Augusta, Ga., Bonds.
SPARTANBURQ.
S. C.
Members Philadelphia Stock Exchange
A. ML LAW & CO., Inc.
JOHN W. DICKEY
Masonic Bldg.,
INVESTMENT BANKERS
Augusta, Ga.
Land Title Building
DEALERS IN
PHILADELPHIA
New Tork
Stock* and Bonds
Southern
Textiles
s
Specialty
WM. E. BUSH & CO.
spartanburg. s. c.
1400,000.00
Augusta, Ga.
City of Bayonne, N. J., Water*5
Dated April 1,1920.
SOUTHERN
NORFOLK, VA,
COTTON MILL STOCKS
Due April 1.192«
Price 109.05 & Int.
SECURITIES
returnlng;5.19%
M. M. FREEMAN & CO.
MOTTU & CO.
491 Chestnut Strset
Philadelphia
Telephone. Lombard 719
Established 1899
fisatrouc, va.
Telephone Canal 4845
MILWAUKEE
NEW TORE,
if Broadway
investments
MINNEAPOLIS
EDGAR, RICKER & CO,
Vast Water and Mason Streets
AILWAU
ZE, WIS.
jSftCVSThS & (BOe)
Specializing!
TOLEDO
ESTAOLISHED
iqio
WISCONSIN CORPORATION ISSUES
TUCKER, ROBISON & CO
Bocce—ct to
COMMERCIAL PAPER/
MINNEAPOLIS
David BoWarn Jr. A Bona,
SXlfiAUt
'
Bankers—Established 1870.
RaSresd wd Corporatba BobSs
Toledo and
Ohio
Gardner Bulldins.
Securities
Second Ward Securities Co.
Second Ward
TOLEDO. ORIS
Savings Bank Bldg.
JUSTUS F.LOWE COMPANY
McKnlght Building
MILWAUKEE
MINNEAPOLIS
100 S.
La
Salle St.
t
Specializing In
/
CHICAGO
MINNESOTACORPORATION ISSUES
Graves, Blanchet & Thornburgh
Specialists in
wfi WILL BUY
MUNICIPAL BONDS
Wisconsin
Minnesota ft Ontario Pow. Istfls
Poweil
River Company
1st Is
Municipals
and
GARDNER BUILDING
TOLEDO, OHIO
Sed River Lumber Extended!Is
Inneapolls St. Ry. Co. 1st
High Grade Investments
f ELLS-DICKEY COMPANY.
Miaaeapeii
COLUMBUS
SAINT PAUL
CLAUDE MEEKER
MORRIprfpX&Co.
Investment
InTestment Securities
FI.&T wi&COHSiN
(J AtlC.AV
Specialist Ib Cities Service leaves
I
VI
East
Broad
Broadway,
St«
IUH eux
TORE
CITY
J
\jssssswI
W. E. MAG RAW
MUNICIPAL
Wisconsin
Write
our
CORPORATION
Commercial
Paper
fcecal geeurttiee ef the Twin Cities
Issues
Trading Department.
AND
bonds
F
MILWAUKK.W&
Underwriters and Specialists in
COLUMBUS, O.
NEW
Securities
Globe
Building
ST
PAUL. BIDS.
tVoL- no-
CHRONICLE
THE
jffnantfal
jHtumtial
We Own and Offer:
Subject to Prior Sale:
$100,000
Board of Education
5H% SCHOOL
Datsd January 1, 1920
Due
When Conditions
of Clovis, New Mexico
BUILDING BONDS
Opt.
January lf 1940
Become Normal
of knowing you
**'I?9'555
1911
8,100
yielding 5.20%
high yields ?
Full Circular on Request.
Standard Gas & Electric
Company
Chanute & Company
8oa worth,
Investment
8% Cumulative Preferred
Bonds
DENVER
-
At
present
to
money
Ask
H. Mountague
for circilar CC-ll
MByllesby & Ca
H
Incorporated
48 Wall St.
Tel. Han. 8878
1797.
Stock
prices will
allow your
earn
remarkable returns.
Vickers
BONDS
Founded
took advantage
period of unprecedented
of this
...................
Population (eetimated)
Price: 103.70 and interest
have the satisfaction
Will you
,
January 1, 1950
Ai»«»d valuation,
Total bond ad debt
111 B roadway. Wew
Providence
Chicago
york
Boston
GUARANTEED STOCKS
Seasoned
..
\-i",
''
;
'
'
Investments
Lawyers Title & Trust Co.
Mortgage Bond Co.
National City Bank
30 Pine Street
Liberty Bonds
New York
Bonds of German Cities
FRANK J,
M. DILLON
NEW YORK, N. Y.
71 Broadway
Tel. 8460? Rowling Grows
Argentine Government 5s
French Govt. 4s & 5s
Italian Government 5s
:
'
'
V
■
■'
'
'1
:
Central New York Securities
:
v
■
.
We
<
Gas le Electric Ref. Bs
Utlon
Eleetrie Light & Power 1st 8s
Utlea Steam & Mohawk Val.
Members New York Stock Exchange
& Power Co. 1st Is
East
INVESTMENT BANKERS
Utlca, New York
:
'
Hartghorne & Battelle
Tel. Broad 7740
25 Broad St.
Mibwk V alley Investment Corp.
v
Tel. Bowl. Green 18880
Broadway, N. Y.
Cot. Cobs,
Amer.
t
Railroad Bonds
WARE & LELAND
Utioa
Street
kinds)
$100 and $500 Bonds (all
Registered Bonds
6s, 1925
.
Consolidated Water Sd 8s
Watartown Lt.
Japanese Govt. 4s & 4J^«
PEERLESS TRUCK & MOTOR
Water 1st 8s
Consolidated
188 Genesee
Specialize In
Cyanamid Com. & Pfd.
CoastJFish. Com. & Pfd.
Royal Typewriter Stocks
Carbon Steel, all issues
Bought—Sold—Quoted
,
KIELY & HORTON
Phone John 6330
40 Wall St., N. Y.
W. W. Lanahan & Co.
;
:
-
■■
7' 7,7
7
"
New Jersey
Municipal Bonds
Descriptive List on R.;«aeet
/New Yerk BtodcTExshanss.
lBaltfmere Sleek Bxehange.
Building,
NEWARK. N. J
Baltimore
Glover & macGregor
tU Fourth An.,
J.S. RIPPEL & COMPANY
11 CLINTON STREET
Calvert
Rector StSl
T4 Broadway. N. Y.
7
Investment Securities
Members
ALFRED F. INGOLD&CO.
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec.
5s, 1934
Penna. Tank Line 6s
West Penn Power deb. 6s
Wo
T*l4Vhcit$ sr. Paul 8771
5s, 1960
West Penn Traction
Specialize in
'
i-
COAL AND COKE
BmUr$ Iuwii 0/ Stcuriti** NtgotiaUS
Securities
located
and
1. liKistir Williams & Co., Inc.
West
F. N. Boyle &
successors
to
L.
J.
Pennsylvania
We
Virginia.
&
Company,
Buy and Sell
Stocks
Inc.
FINANCIAL
COMPANY
POND
Pittsburgh, Pa.
Union Arcade
■
NEW ENGLAND MILL
Company, Inc.
Dawes
MATTERS
INVESTMENT SECURITIES
In
Successors
to
CONRAD B. 8HEVLIN OO.
Equitable Building,
....
Telephone Ft. Hill 848-847
MARYLANDi
Bought—Sold—Quoted
i>,
PROCTER & GAMBLE CO
%Q&z%>Xi ffi&nXkev Si j&ras
Member* Nete York Sloci Exchange
INDIAN REFINING CO.
Members of ths
York
Stock
Exchange
Cincinnati
Stock
Exchange
Chicago
Baltimore
Board
Stock
of
Trad#
Exchange
CINCINNATI, OHIO
BALTIMORE, MD.
New York
81 Broadway
grade
7
■
7'
■,
/
•,
7
'■
'
COMMERCIAL PAPER
INVESTMENT SECURITIES
pennsylvania
tax-free
r
A. G. Becker & Co.
we wish to buy high-
Westheimer & Company
Now
BOSTON, MASS.
Ill Devonshire Street
shell rights
BALTIMORE
securities.
187
Boenning, Garrison &, Co.
Members Philadelphia Stock Exchange.
Stock Exchange Building,
South La Salle
Street
CHICAGO
1.
:
"
"
*
ST. LOUIS
NEW YORK
PHILADELPHIA.
Direct Private Telephone to BerdeirBros., N.
Y.
SAN
FRANCISCO
.
Mat 8
THE CHRONICLE
1920.]
xm
Current SSonb inquiries.
rrrrnrx^^r^m
.
Amer. Water Works 5s, 1934
Amer. Ice R. E. 6s, 1942
Abitibi Power &
i
Assoc. Simmons Hdw. 7s, 1925
Detroit City Gas P. L. 5s, 1923
rwr^xxrrrrrrrr
wrumijuwrn
r.
rrrr, , w jjr.
Paper 6s, 1922
Grand Trunk Pacific Western 3s, 1962
United
Consumers Pr. 5s, 1936
Detroit Flint 5s, 1921
Light & Railways 5s, 1932
Woodward Iron 5s, 1952
i
American Arch
Detroit United 7s, 1923
Detroit River Tunnel 41/2S, 1961
Erie & Suburban 5s, 1941
Burroughs
Detroit
Add.
Edison
Stock
Mach.
Co.
Stock
Goodyear T. & R. Com. & Pfd.
Michigan State Tel. Pfd.
Hydraulic Steel Com. & Pfd.
& Pfd.
Firestone T. & R. Com. & Pfd.
Packard Com.
Godchaux Sugar
Paige-Detroit Com. & Pref.
Goodrich, B. F., & Co., 7s, 1925
Merrill, Lynch & Co.
Gulf Oil 6s, 1923
Jones &
Laughlin 5s, 1939
Kentucky Utilities 6s, 1924
Magnolia Petroleum 6s, 1937
Mich. United Ry. 5s, 1936
Smith, A. O., 6s, 1924
120
Broadway, New York
Traders Telephone 7683 Rector
Telephone 6070 Rector
Private wires to Chicago,
Detroit, Cleveland, Young stown and Orand Rapids.
Texas Elec. 6s, 1942
Western Elec. 7s, 1925
Finance 7s, '29
Wickwire Spencer Steel 7s, 1935
v
Offices Interconnected
By Private Wires
W
N. J. Zinc Stock &
Rights
Amer< Tob
Guantanuno Sugar
BRISTOL ® BAUER.
r*
2
v
jp
Iverr
OE
LO»
Will be mailed
-
■
Israee
Chicago Rwys. 1st 6s, 1927
Peoples Gas 6s, 1947
to
|
Investors on
L
reeuoat
CARL H. PFORZHEIMER & CO.
Dealers In Standard Oil Securities
25 Broad St.. N. Y.
jMies 4869-1-2-3-4 Broad.
NOBLE & CORWIN
N.w T«k
1, Br..d St.
Banker.
babcock, RUSHTON 4 CO.
Memb«"
Trust
Chase National Bank
Air Reduction
Carbon Steel
Central Aguirre Sugar
Ouantanamo Sugar
Qulf Oil Corporation
Lone Star Gas
Penna. Coal & Coke
Savannah Sugar
Stern Bros. Preferred
Texas Pacific Coal & Oil
Times Square Auto Supply Pfd.
DUNHAM & CO.
Investment
4S Exchange Place
ti
Amer.
Surety
Texas Pacific
Coal &
1 hermos bottle
Stock and Rights
Oil
Safety Car Htg. & Ltg.
TOBEY&KIRK
Curt... Aero Com. & Pref.
uemben Wow Y..-X SMfc a,***.
Telephone 1111 Broed
Railroad Bond
7 wall street
OHIOAGO
Equitable Tru.t
National
N,wstISkfe»S52SSK mi *°'lm
home ins. bldg..
Citizen National Bank
Amer. Chicle & Rights
Atlantic Lobos Petroleum
>
Armour & Co. 6s, 1920-24
~
■
Th.oS«.c.Co.wta
M»kA.N.W.
nkwyork
Vhone: Rector 4594-
Phone 6780 Rector
Rector St., N. Y.
STANDARD
Oil
4.50 broaddua^
n
v^e
0
„B„
Fajardo Sugar
r*
Standard
R< j. Reynolds (all issues)
Central Aguirre Sugar
PITTSBURGH
DETROIT PHILADELPHIA
on
American Tobacco Scrip
Columbia Graph. Rights
42 T3f<fd<3. Street,
Vfikbi Summary
Stern Bros. Pfd.
Texas Pacific Coal & Oil
Morton Lachenbmch. & CO
CHICAGO
ftp
WE DEAL IN
West India Sugar
J#
gfcwt
Nlw TQRm
Public Utility Dept.
Dept.
Securities
American Power & Lt. 6s, 2016
Denison & Sherman Ry. 5s, 1927
Cent. Indiana Ltg. 5s, 1927
Northern States Power 5s, 6s, 7s
United Lt. & Rwy. 5s, 6s, 7s
Great Western Power 5s, 6s
Atlanta & Yadkin 4s, 1949
'Phone 8300 Hanover
Paducah & Illinois
43^8, 1955
Union Term, of Dallas 5s, 1942
Cin. Wabash & Mich. 4s,
1991
Lake Erie & Western 1st 5s, 1937
West N. Y. & Penn. 4s & 5s
Pittsburgh & Shawmut 5s, 1959
N.Y.Chi.& St. L. 1st 4s & 2d 6s
E. Tenn.Va.& Ga.Cons.5s & dv5s
Canadian,
Cuban,
So. California Edison 5s, 6s, 7s
1990
4^8, 1935
Pacific Gas & Elec. 7s, 1925
Empire Gas & Fuel 6s, 1944
Mexican
N. Y. Penn & Ohio
and other
M. & O. St. L. & Cario 4s, 1931
Wisconsin River Power 5s, 1941
Okla. Gas & Elec. 7s, 1921
Public Service of N. J. 7s, 1922
Big 4 St. L. Div. 4s, 1990
American Gas Co. 6s, 2014
West Va.
International
Securities
& Pittsburgh 4s,
Term. Assoc. of St. L. 4s,
Industrial Bond
North Ontairo Ry.& Pwr.6s,1931
1953
Industrial Stock Dept.
Dept.
Federal Adding Machine
Weighing & Sales S. F. 5s, 1931
1923
H. W. Johns Manville Com.
Pulp & Lum. 6s, 1933
Merchants Coal Joint. 5s, 1924
United Cities Realty Corp.
Mallory S. S. 5s, 1932
Fairmont Coal 5s, 1931
Safety Car Htg. & Ltg.
Willys Corp. 8% Pfd.
Central Foundry 8% Pfd.
Am.
Steel
Foundries 4s,
St. Law.
Kuczynski & Co.
120 Broadway
Hudson Navigation
L. V. Coal Sales
Co. 6s, 1938
New York
Telephone Rector 6834
Bank Stock
Standard Oil Dept
Dept.
Atlantic Refining
Prairie Oil & Gas
First National Bank
Bankers Trust
Guaranty Trust
CORRESPONDENTS
AH Important Foreign
Citizens National Bank
Capitals
Chat. Phenix National
BAKER,
PRIVATE
Montreal
WIRES
Toronto
Bank
Standard Oil of California
Standard Oil of Indiana
Union Tank Car Pfd.
CARRUTHERS & PELL
Mi.caIlan.ou. S.eurltl.., Standard Oil Stock.
New York
Pktnit 5161 to 6169 Ba*ottr
Band., Bank Stock.,
IS
Broad Street,
Philadelphia Phone. Ldmst 572.
BalL Phone, Bt. Paul 9389
[VOL. 110
THE CHRONICLE
XIV
Current JSonti inquiries
F.
WANTED
J. LISMAN & CO.
Members New York Stock Exchange
61
BROADWAY, NEW YORK
Carolina
Clinchfield
Ohio
&
1938
5s,
Chicago Memphis & Gulf RR. 1st 5s
Galveston
i
WEIDEAL IN
Racine Water Co. 5s
Houston Belt & Terminal Ry. 1st 5s
Joplin Union Station Co. 1st 4J^s
St.
Joseph Water 5s, 1941
Wichita Water Co. 5s
of Mexico p. 1. 4J^s
Public Service Corp. of
City Water Chattanooga 6s
N. J. 6s
Grande Junction Ry.
Rio
Joplin Water-Works 5s, 1940
Lewiston Brunswick & Bath 6s
Great Northern Ry. of Canada 1st 4s
National Rys.
Irrigation District 5s
Supply Co. 5s
Emmett
Jamaica Water
Henderson 5s
Houston &
Lynn & Boston 5s
Bijou Irrigation District 6s
East Chicago & Indiana Harbor 5s
Clinton Water-Works Co. 5s
Middle States Water-Works 5s
1st 5s
H. C. SPILLER & CO.
Rio Grande Western 1st 4s, 1939
INCORPORATED
17 Water St., corner
San Antonio & Aransas Pass 4s
Devonshire St., BOSTON
63 Wall Street,
NEW YORK
Toledo St. Louis & Western coll. tr. 4s
GENERAL MOTORS
Wheeling & Lake Erie RR. 1st 5s
CORPORATION
AND ALL RAILROAD AND STEAMSHIP
SECURITIES
Old Common Stock
(Par $100)
<
WOOD. STRUTHERS & CO.
Investment
SUTRO BROS. & CO.
NEW YORK
Telephone: Rector 7350
of New York Stock Exchange
120 BROADWAY,
5 Nassau Street
Members
NEW YORK
Securities
WE
Consolidated
IN
TRADE
Textile
Kennecott
and
all
'
Davies, Thomas & Co.
Railroad
Hudson
7s,
1930,
other Bonds and Notes
New
York Curb.
CONNELL
Members N. Y. Stock Exchange
1928
Copper 7s, 1930
&
Delaware
Underlying
1923
7s,
Goodrich 7s, 1925
Consolidated Copper 7s,
&
Nassau
Bonds
New York
St.,
New York
Telephone: Rector 5467 and 622
Telephone Rector 6526
Ashland L. Pr. & St. Ry. 5s, 1939
Binghamton L. H. & P. 5s, 1946
VILAS & HICKEY
Canadian Pacific 6s, 1924
"Big Four" St. Louis Div. 4s, 1990
Tenn. Coal & Iron Ry. 5s, 1951
International Paper Co. 5s, 1947
Braden Copper Co. 6s, 1931
Empire Gas & Fuel 6s, 1926
CORPORATION
LIST
OF
GETS
RENT MARKET OFFERINGS ON REQUEST.
Gas
Co.
Fuel
&
Gas
Cincinnati
6s, 1926
Power
Consumers
5s,
Buffalo
Union
Elec.
Lt.
& Power 7s,
Gilbert J.
1923
Postley
NEW YORK
Telephone Rector 9697
T Wall Street
Preferred
American
Typefoundry 6s, 1937
Empire Gas & Fuel 6s, 1924 & 1926
Consol. Cities Light & Power 5s, 1952
Lehigh Power Securities 6s, 1927
J. S. FARLEE & CO.
88
BROADWAY
BAUER, STARR & CO.
Members American Bankers' Association.
Members New York State Bankers' Association.
LAND TITLE BLDC.,
PHILADELPHIA
116 BROADWAY
N. Y. CITY.
WILL
4^8 & 5a
Coll. Tr. 5», 1937
Cincin. Wabash & Mich. 4s, 1991
E. Tenn. Reorg. Lien 5s, 1928
E. Tenn Va. & Ga. Cons. 5s, 1956
Garland Steamship Co. Stock
Ingersoll-Rand Com. & Pfd.
Terminal 5s, 1965
Rio Grande Southern 4s, 1940
Toledo Terminal 4Vis, 1957
Macon
Under. El. Sys.
ABRAHAM & GO.
10
WaUSt.,N. Y.
Railway & Light 5s, 1954
Island Oil & Transport 7s, 1920
Consumers Power & Traction 5s, 1936
Idaho Power 5s, 1947
PuMicIitilitu Securities
111
WE
WILL
SELL
Island Oil Refining 7s, 1929
Power & Light 5s, 1944
Amer.
1930
Alabama Power 5s, 1946
EARLE A.
SPECIALISTS IN
DIRECT
PRIVATE
TELEPHONE RECTOR 8060-1-2-3
MILLER & CO
PUBLIC
UTILITY SECURITIES
WIRE CONNECTION
33roacft»a»? M.1&f
WANT OFFERINGS OF
Amer. Gas. & Elec. Co. 6s,
Utah
Detroit Edison 7s,
Tel. Reotor 1 & 2
33 er dell Brother#
BUY
Rochester
WE
of London4^s&6s
United Rys. Invest. (Pitts.) 5s, '26
Wilkes-Barre & East. 1st 5s, 1942
Private wire
Rector 7416
WE
Tel. Hanover 427*8*9
Cent. RR. & Rkg.
Southern California Edison 6s, 1944
Susquehanna
Exchange PI., N. Y.
Atlanta & Charlotte
1936
Duquesne Light 6s, 1949
WANTED
Taylor & White
43
PHILADELPHIA
McKinley & Morris
Tel. John 272
Phonograph 7s
Penna. Utilities 5s,
Transport. 5s, 1933
KIT Chratnut St.
N. Y.
Gen.
5s, 1946
1946
Marion Light & Htg. Co. 5s, 1932 Penna. Elec. Pfd. & Com.
Penn
Mary Coal Co. 1st 5s, 1939 Twin States G. & E. 5s, 1953
Telephone Hanover 8317
SAMUEL K.PHILLIPS&CO.
WALL ST.,
Del. Lack. & West.
Jamaica Water Sup.
Empire
Midvale Steel & Ord. 5s, 1936
BONDS.
1941
Coal
Consol. Rendering 5s,
OTIVB
SPECIALISTS IN RAILROAD AND
Consolidation Coal Co. 5s, 1950
Coeur d'Alene & Pend O. 5s, 1960
49 Wall Stret
Argentine Gov. 5s, Loan of 1909-45
Central Pacific 3V2S> 1929
44
i.
NICHOLS
111 Broadway
8
w.
traded in on
WITH
111
CHICAGO
BROADWAY, NEW YORK
Pr.
2014
& Lt. Co. 6s, 2016
Appalachian Pr. Co. 1st 5s, 1941
Dayton Pr. & Light Co. 5s, 1941
Empire Gas & Fuel Co. 6s, 1924
Northwestern Elec. Co. 6s, 1935
Standard Gas & Elec. Co. 6s, 1926
Utah Securities Corp. 6s, 1922
Private Phonal to
Philadelphia 6c Bottom
Mat 8 1920.]
THE CHRONICLE
xv
Current gton& Inqutrfe*
American Finance & Securities 6»
Clev. Akron & Col. Ry. Con. 4s,
Guanajuato Reduction & Mines 6s
Guanaj. Pow. & Elec. 6s & Stock
Central
Mexico
Mexico
Lt.
Columbus & Toledo RR. 4s, 1965
Light & Power 6s
Central
Pow.
&
Ft. Street Union
Pref*
Atl. Ave. RR. Co., Bklyn., 6s, 1931-34
Brooklyn City RR. Co. 6s, 1941
Central Union Gas Co. 5s, 1927
Kings County Elevated RR. 4s, 1949
Kings County El. Lt. & Pr. 6s, 1997
Harlem River & Portchester 4s, 1954
New England RR. Con. 4s & 6s, 1945
Chattanooga Water 6s
(Tenn.)
New Hamp. Elec. Rys. Com. & Pref.
Standard Gas Light Co. 1st 6s, 1930
Union Ferry Co. of New York 5s, 1920
New London Northern RR. 4s, 1940
(Wis.)
Northern Union Gas Co. 5s, 1927
Louisville & Jeffersonv. Br. 4s, 1945
National Securities 6s
New Amsterdam Gas Co. 5s, 1948
Indiana Bloomington & W. 4s, 1940
Empire Lumber 6s
Westchester Lighting Co. 1st 6s, 1950
Birmingham Water 5s (Ala.)
Peoria Water 5s
Depot Co. 4)^s, 1941
Grays Point Terminal Ry. 6s, 1947
Michoacan Power 6s
Racine Water 5s
1940
Columbus & Hock. Vail. RR. 4s, 1948
Wm.
(111.)
Carnegie Ewen
Tel. Rector 3273-4 and 3294
HOTCHKIN & CO.
Telephone
53 State
Main
Boston, Mass.
450
St.,
2 Wall Street, New York
We Specialize in the
Securities of the
Anglo-Am. Oil Co. 7^s, 1925
Chicago & East. 111. RR.
Dela. & Hudson RR. 7s, 1930
Evansville & T. H. RR.
B. F. Goodrich Co. 7s, 1925
Mo. Kansas & Texas
Amer. Lt. & Trac.
Western Electric Co. 7s,
Central Petroleum
New York
Western Maryland Ry.
Denver & Rio Grande RR.
Evansville & Indianap. System
1925
City Bonds
Pacific Gas & Electric
Indiana & 111. Coal Corp.
Kirby Lumber Com. & Pref.
BULL & ELDREDGE
Western Power
Members of the New York Stock Exchange
20 BROAD
ST., N. Y.
Tel. Rector 8460
Wm. C. ORTON & CO.
Specialists in Foreign Government Securities
fVlaoQuold
&
Members Ifew York Stock Eachange
14 Wall
St., N. Y.
INDEPENDENT WAREHOUSES, INC.,
Stock and
Tel. Rector 9970.
Chic. Union Station 4-^8 and
Wash. Terminal
1st
3^s,
Hocking Val. Products 1st 5s, 1961
Rough and Bold
Co.
Pfd.
CHARLES W. H1LL & CC
2 Wall St., N. Y.
Shuman
&
Tel. Rector 5109
REYNOLDS TOBACCO CO.
.
iWM.
71
CONSTABLE
Broadway N Y"
IC. L. FLEMING
>
tJR._
Bowling Green 6460
Can. Pac. Equip. Tr. 6s, 1921-1932
N. Y. Cent. Equip. Tr. 7s, 1921-1935
"Soo" Equipment Tr. 7s, 1921-1930
N. Y. N. H. & Hartford Deb. 4s, 1922
Elk Horn Coal Corp. Securities
Wash. Bait. & Annapolis Securities
1. HARMANUS FISHER & SONS
(Established 1874.)
SOUTH ST.
BALTIMORE. M0.
Members Baltimore Stoek
Stock &
Com. & Pfd.
INVESTMENT SECURITIES
34 Pine Street
New York City
5691-4 John
LIBERTY REGISTERED
New York ^ Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Albany
Exchange
Boston
Fonda Jonst. & Glov.
4p£s, 1952
1995
Nat. Rys. of Mexico Pr. L. 4^8, '57
Bait. & Ohio 6s, 1924
Anni
Arbor
1st
Chicago
LOUIS
4s,
Chic. T. H. & South. Inc. 5s, 1960
Browns.&Matamoras Bdge. 5s, '30
Meridian Terminal 4s, 1955
Weather. Min. Wells & N.W. 5s,'30
Det. Tol. & Ironton Inc. 5s, 1954
Det. Tol. & Ironton Com. & Pref.
Hudson & Manhattan Com. & Pf.
Cleveland
Indianapolis Trac. & Term. 5s, 1933
Bloomington^ Dec. & Cham. 5s, 1940
Danv., Champaign & Dec. 5s, 1938
Springfield Coal Mining Co. 5s, 1923
Rochester
St. Louis
New Orleans
Syracuse
Philadelphia
Troy
E.
D.
MURPHY
Telephone 7363 Hanover
South Carolina &
111.
Cent.
Georgia 53^s
Railroad
Securities 4s
81
WALL ST.
Internat. Traction (Buffalo) 4s
Amer.
Tel. & Tel. Coll. 4s, 1929
Solvay Process 5s
New York Shipbuilding 5s
Chicago & Northwest Debenture 6s Portland Railway 6s, 1930
Richmond & Mecklenburg 4s
Dominican Republic 5s
Duluth South Shore & Atlantic 6s
Argentine Govt. Int. 5s (small)
Fort Street Union Depot 4^s
Cuban Government 4^s & 5s
Southern Ry.— Memphis Div. 5s
Mexican Govt. 5s & Treasury 6s
Beth. Steel 6s, 1948, & 5s, 1942
Beech Creek RR. Stock
Central Vermont 4s
Alleghany & Western Stock
Boyer Valley 33^s
Alabama Great South. Com. & Pfd.
Seaboard Air Line 6s, 1920 & 1945
New Haven 4s, 1922
Nickel Plate 2nd 6s
WOLFF & STANLEY
A CO.
Phone 6810 Rector
Pittsburgh
Kansas City
Buffalo
Telephone 4390 Bowling Green
ST.
Cincinnati
Baltimore
BROADWAY, N. Y.
DODGE
74 Broadway
Litchfield & Madison 5s, 1934
Members New York Stock Exchange
NEWBORG & CO.
TO
Scrip
J. S. Baclie & Co.
BONDS
WIRE
R. S.
PROCTER & GAMBLE
Stock &
PRIVATE
Rights
INDIAN REFINING
Joseph Gil man
60
Exchange.
AMERICAN CHICLE
Quoted
Member* New York Stock
Tel. Broad 1198
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Old and New
Sold
Seligmana
90 Broad St. N.. Y.
"B" Stock
Bought
Bonds
Tel. Rector 4454
CONSTABLE & FLEMING
Specialists in Railroad Terminal Bonds
Trinity PL
Checks
Members New York Stock Exchange
Members New York Stock Exchange
stock
Finlay & Davenport
72
Broad
en Order
Currency
Georgia Lt., Power & Ry. 1st 5s, 1941
Terminal
Securities
Tel. T1684-I
FOREIGN EXCHANGE
Rights
Inquiries Invited
6)^6
York
1945
Louisv. & Jeffersonv. Bridge 4s
Jones & Laughlin Steel 1st 5s, 1939
Buff. & Susq. Iron 1st 5s, 1932
Bush
Specialist Reorganisation
SI Broad St., New
Coady
Ry.
Valvoline Oil Pfd.
Los Angeles
Fisk Rubber 1st Pfd.
(City of) 43^s, 1929-30
Tslspone Rector 2920
72
Trinity Place, N. Y.
SAM'L
Phon. 5380-1-2-3 Broad
GOLDSGHM1DT
25 Broad Street
[VOL. 110.
THE CHRONICLE
XVI
^Financial
^financial
jUmxitial
1925
Bell Tel. of Canada 5s,
FOREIGN
ALL
Dominion Coal 5s, 1940
We
Montreal Tramway 5s, 1941
A
1952
Havana Electric 5s,
Miss. River Pr. 5s, 1951
Investmen
CHUCKS
/
Prov. of Saskatchewan 4s,
1923
Cnyamel Fruit Company
Winnipeg W. D. 5s, 1923
1922-1923
City of Montreal 6s,
Notes
Gold
CURRHNCIES
& COMPANY
MILLER
T
Price
R. A. SOICH & CO.
Public Utility
10
Net 7%
to
Circular with Full Details
Rector.
r«i. 5289-92
Wall St., N. Y.
1922
to July
March 1921
Y.
'Phone 7500 Rector, N«
120 Broadway.
Maturing Monthly
Phila. Stock Exchanges.
Members N. Y. and
Serial
Marine Equipment
BOKjDS
43^8, 5 & 6s
Cuban Govt.
Recommend A«
High Grade Short Time
Request
upon
Bonds & Stocks
Hibernia
Local to New York
and Brooklyn
Securities
Company
Incorporated
FOUNDED
THEODORE L. BRONSON & CO.
Credit
Tel. Rector 7810
N. Y.
10 Wall St.
Hibernia Bank Building
Foreign
Exchange
Letters of
Exchange
Member* New York Stock
1853
Investment Securities
World.
Correspondents Throughout the
•NarfjoO &KuIjne
SOLD
BOUGHT AND
New Orleans
Travelers' Checks
Bay State Film
30 Years
York Stock Exchange
Members New
New York
Equitable Building
Favor Mines
El
in
Unlisted Oil, Mining, &
Industrial Securities
G. F. Redmond A Co., Inc.
Direct Private
Export Banking
THAYER, DREW & CO.
BONDS
MUNICIPAL
BOSTON, MASS.
10 STATE ST.,
Wire to New York.
Tel. Main 3138— Port
Hill 920
111
Broadway
York
New
Scott & Stump
Telephone
■
ector 8418
INVESTMENT SECURITIES
Exchange Building,
Stock
W. C. Langiey & Co.
PHILADELPHIA
6482. 6481
Keystone: Race 2797
Phenett Locust 6480. 6481.
Investment*
IIS
Italian Govt. 5%
Infc.Loan of 13
New
Broadway,
City
York
Member* New York Stock Exchange
Specializing in
in Europe and direct
the
and
Currency
world
CHAS.
86 BROADWAY
round
connections throughout
oat
a
service
broad and
F.
HALL
&
AngloSouth Ameriq^h
CO.
Tel. 5816 Becter. 26 Bread St.. N. T.
"Bank, limited
York
Agency,
49
Broadway
EASTERN
SILVER
EXCHANGES
BULLION
BERTRON, GRISCOM & CO., INC.
Week* "Bullion Letter'
Sent on Eetueet.
INVESTMENT
WAGEL
SRINIVAS R.
PINE
coun¬
comprehensive in every detail.
New
33
the
essential when
Foreign Govt. Securities
RISSE
Telephone 8264 Broad
experience
of
years
Our 28 tranche* in South America, 8 offices
Russian Govt. Bonds
Bought—Sold—Quoted
ALFRED R.
by
of
people,
transacting business abroad.
Russ.Govt.6%% ext«Lo&n,duel£
IntJLo&n of 191$
acquired
and actual residence in
tries themselves, Is
Russ.Govt.5%% Int*Loan,du$'£i
French Govt.5%
KNOWLEDGE
INTIMATE
the needs and habits of the
ST.
2525
SECURITIES
80%
Building
Banks
in
New York City use
SAFETY
NATIONAL
Land Title
40 Wall Street
Phone JOHN
NEW YORK
Of the
°™
PAPER
FOR THEIR CHECKS
PHILADELPHIA
NEW YORK
George La Monte & Son
YEARS
"61
MACHINERY
OF
FARM
MAKING"
61
McSHERRY MANUFACTURING COMPANY
Preferred & Common Stocks
Sales
New York
Broadway
New Jersey
STOCKS AND BONDS
Securities
bought and sold for cash, or carried on
Representatives Wanted
conservative terms.
Inactive and
L.N. Rosenbaum & Co.
135
Broadway,
New York.
15 Exchange Place
Tel. 20 Montgomery
unlisted securities.
Inquiries invited.
OUTWATER & WELLS
& T A-R BELL
FINCH
Members New York Stock Exchange
Jersey City, N. J.
26 BROADWAY,
Leonard F. Hepburn
34 Pine St.,
N. Y.
Tel. 757 John
Augusta-Aiken Ry. & EI. 5s, 1935
Common
Preferred
Also
Traction
—
Water Cos.
Gas — Electric Ligh 1—
New York — Long Islan J—
New Jerse
St.
Maurice
Paper
Co.,
Bonds and Stock
PAUL & CO.
Ltd,
H. D.
NEW YORK
Walbridge & Co.
14 Wall
Street, New York
M em IctsPhiladelphia Stock Exchange
1421 Chestnut Street
PHILADELPHIA
Public Utility
Securities
THE CHRONICLE
jfinantial
jffnancfal
A'
Collateral Gold Notes
METROPOLITAN
TRUST
of the
COMPANY
OF THE CITT OF
6Q WALL STREET
General Motors Acceptance
NEW TOR K,
716 P1FTH AVENUE
Corporation
Denominations
$500
"Experience is by industry
achieved, and perfected by
the swift course ^
"
$1,000
$2,500
$5,000
—SHAKESPEARE
Products of
General Motors
Address
~AUR experience, achieved
by handling
varied
a
matters
many
of
period of 39
$10,000
Secured by deposit with Trustees of
buyers' obligations,
with ample
equities, arising from the sale of
General Motors
and
Corporation
Financial Sales Division
:
226 West 57th
trust over
Acceptance Corporation
Street, New York City
works
years,
continually for the advant¬
age
one
of
our customers.
of
the
It is
factors
strong
HABIRSHAW ELECTRIC
of Metro¬
in the excellence
politan service.
CABLE COMPANY
Factories
at
and
LT'OU
J-
are
invited
to
avail
Executive
yourself of our experience
for your own benefit and
that
of
welfare
others
you
are
in
whose
interested.
Atlantic Gulf
Yonkers, New York,
Bridgeport, Conn.
Offices
N.
at
Y.
Oil
City
8% First Preferred Stock
Atlantic Gulf & West
Present earnings at the rate of over
six times annual dividend
require¬
ments.
Estimated potential
barrels dally.
Topping
daily.
as
a
sound
Investment.
plant
Pumping
tankers
production
capacity
station
for
with capacity
30,000
250,000
barrels
the
loading of
of 6,000 barrels
hour.
per
Especially recommended
Indies
Steamship Lines
Largest independent manufacturers
of insulated wires and cables in the
United States.
Corp.
Controlled by
Pipe line capacity when completed 60,000
barrels daily.
Parent company has contracted for tank¬
Price, Par $100 Per Share
having deadweight tonnage of
172,000 tons.
To Net
Tel. 1800 John
Write
me
Special
8%
Moore,
to-day for
Circular
Leonard & Lynch
Members Wew York & Pittsburgh
THOMAS G. PERKINS
Specialist for eighteen years on the best dividendpaying New England and New York State
industrial stocks.
Investment Securities
36 Pearl
SIMON
Rltz-Carlton
Pittsburgh
New York
Philadelphia
New York & New
York Stock Exchange
No. 46 Cedar Street
request
Exchanges
Ill B'way
BORG & CO
Members of New
on
Stock
Frick BIdg.
Street, Hartford, Conn.
Independent Oil Booklet
Free
more
than
Dividend« Quarterly
R.C.Megargel&Co
27 Pine St., N. Y.
ers
-
-
Jersey
Municipals
V
New Yorl
B. J. Van I ngen
46 Cedar St.
HIGH-GRADE
& Co.
New York
TEL. 6364 JOHN
INVESTMENT SECURITIES
^^S.tWONES
0
Municipal Railroada«
Corporation Bonds
20
Broad Street
«
New
nOME RECTOS 8140—CABLE ADDRESS
List
C give*
eurrent
j
Yor^
"ORIEJfTMUr*
Bond
"
Salesmanship
'The Human Side af Business' is the
best book on this subject ever written,"
Price S3, cash with order.
Descriptive
circular free.
Published and for sale by
the Investment House of
Announcement
On
May
third the Investment
offering*,
formerly
Frederick Peirce & Co.
Security business
1421 Chestnut Street
ducted by me at 52
Philadelphia
Portland Gas & Coke 5s, 1940
Dayton Power & Light 7s, 1923
Continental Gas & Electric 5s, 1927
Dayton Power & Light 5s, 1941
Carolina Power & Light 5s, 1938
American Power & Light, Preferred
Southwestern Power & Light, Preferred
Texas Power & Light, Preferred
H. L. NASON
85
Devonshire
will
be
Canadian Securities
Inquiries Invited
BOSTON, 9
Lynch
&
my
new
j
Morgan Van Woert
M?dermott
—10 WALL ST NY—Tel RECTOR 2515
in
offices at 60 Broadway,
60
& CO •1
resumed
con¬
Broadway
-
Broadway, N. Y.
[Vol. 110.
THE CHRONICLE
XTIII
fiwmtial
Position
Interest
Deposits
on
Open
A large manufacturing cor¬
poration seeks a competent
man as its Treasurer, having
experience and ability,
1.
with this Company
Deposit
or
for credit and
ance
transfer to
In addition,
America.
banking,
provide complete facilities for
commercial information, and for assist¬
in establishing trade
a
financial manager.
As
a
statistician.
familiarity with
manufacturing management is
desirable, but not essential.
The essentials, in addition to
the above, are constructive
ability, the faculty of effective
co-operation with associates,
and the power of quick and
accurate analysis of statistics
accounts with our offices in these cities thus
employment for funds awaiting
abroad
use
expert accountant.
As
Previous
afford advantageous
these offices
office executive.
an
4.
balances maintained
in London, Paris, and Brussels.
by the interest rates we pay on
an
As
3.
AMERICAN banks, corporations, and profit
indi¬
viduals carrying accounts abroad can
As
2.
as
connections.
a
check
and
tions
Our
on
foreign offices are American
American lines, and
tages of direct
Trust
Guaranty
of
Liverpool
Capital and Surplus
Resources
ified to render services which
more
than
will
fairly be worth $10,000,
and must be willing
to reside in New Jersey, in or
near a city of approximately
40,000 people.
Address (at least partly in
own handwriting), giving full
particulars
and
indicating
where
a
personal interview
may be had.
A. M. Z., Box 219, Grand
Central Station, N. Y. City.
or
offices.
Company
York;§u.^^j
New
London
New York
banks conducted
rendering American service.
banking relations with these
Havre
Paris
-
-
-
current opera¬
guide for future
improvement and growth.
The applicant must be qual¬
pleased to explain in detail the advan¬
We shall be
on
a
Brussels
$50,000,000
more,
$800,000,000
$42,000
knoxville, tenn.
'
6% '
Improvement Bonds
A New Foreign
Principal and semi-annual Inter¬
est payable In New York City
Securities Service
Maturities
$19,000
18,000..
6,000
Price to
"added to its
international banking operations a department fully equipped
to handle the purchase, custody and delivery of Foreign^SecuriOn May
own
Fifth-Third
Bankers and Banks.
chain of offices encircling the world, manned
National Bank
the American Ex¬
strategic position to carry through satis¬
factorily the above services.
Company is in
The
yield 5}4%
BOND DEPARTMENT
by Americans trained in American methods,
press
1, 1921
1, 1922
1, 1923
First the American Express Company
ties for Investment Houses,
With its
Sept.
Sept.
Sept.
""'
—■————■
i
i
i
a
CINCINNATI,
OHIO
Company has been operating in foreign financial fields
since 1891,
but not until July 1, 1918, did it divorce itself from
the domestic express
'AMERICAN
business and enter the financial and foreign
shipping field exclusively.
FOREIGN BANKING
CORPORATION
American Express Company
Perry B. Strassburger, Manager,
Securities
Department.
Cable Address: Amexco,'_New York
53
j?- £.
Telephone: Bowling Green 10,000
Broadway, New York
Capital, Surplus and Undivided
Profits over
$5,000,000
PRINCIPAL BRANCHES
Brussels, Belgium
Buenos Aires, Republic of Argentina
Harbin,
Havana,
Manchuria
Cuba
Manila, Philippine
W. H.
Goadby &Co.
Members New York Stoe
NO. 74 BROADWAY
Exehange
NEW YORK
B. W.
SOUTHERN
Strassburger
INVESTMENT SECURITIES
Mmntgmmmry, Aim
Panama
Port
au
Islands
City, Panama
Prince, Haiti
Rio de Janeiro,
Brazil
Santo Domingo, Dominican Republic
B&
MAY 8 1920.]
THE CHRONICLE
®8ante&
A
of
man
20
XIX
jFtnanrfal
years' experi¬
in the bond and invest¬
ence
ment
business,
including
membership in firm, will con¬
sider
association
an
banking bouse of
standing in
a
position
a
high
com¬
with
mensurate
with
very
bis
experi¬
ence.
Address A. B. C.,
Chronicle, P. O. Box 3,
Wall St. Station, N. Y.
care
The
WANTED by a New York Stock Exchange
House that is active in short term securities,
a
man
ment
man.
who has specialized in railroad
equip¬
Good opportunity for right
Answer "Confidential,
Box 822
bonds.
irst National Bank
City
Hall Station, N. Y. City.
JHeetingsf
LINCOLN
of Boston
TRUST COMPANY.
MADISON
SQUARE.
New York, May
1st, 1920.
A special meeting of the
stockholders of the
Lincoln Trust Company will be held on the
17th
day of May, 1920, at 11 o'clock A.M., at the offices
of the said Company, No. 204 5th
Avenue, in the
Borough of Manhattan,City County and State of
New York, for the
purpose of voting upon a
proposition to increase the capital stock from
One
Million
Capital, Surplus and Profits
Dollars
($1,000,000) consisting of
(10,000) shares of the par value of
one hundred dollars
($100) each, to Two Million
Dollars ($2,000,000)
consisting of twenty thousand
(20.000) shares of the par value of one hundred
dollars ($100) each.
By order of the Board of Directors.
ten
thousand
$37,000,000
Deposits
ALEXANDER S. WEBB,
President.
CHARLES E. CALHOUN,
--v1
$170,000,000
Secretary.
.
MIDDLE WEST UTILITIES COMPANY.
NOTICE OF SPECIAL MEETING OF
STOCKHOLDERS.
Total Resources
The stockholders of Middle West Utilities Com¬
are hereby notified that pursuant to call
made by the Board of
Directors, a special meeting
of the stockholders of said
Company will be held
at the office of the
Company, No. 7 West 10th
Street, in the City of Wilmingotn, in the State of
Delaware, on the 15th day of June, 1920, at 11:30
o'clock A. M.
The purpose of the
meeting is to
consider the question of the
adoption of a certain
agreement
(which has been approved by the
Directors) for the merger and consolidation of
Middle West Securities
Company with and into
Middle West Utilities
Company.
For the purpose of said
meeting the Company's
stock transfer books will be closed at
1 o'clock
P. M. on Saturday, May
22, 1920, and will be
reopened at 10 o'clock A. M. on
Thursday,
June 17. 1920.
pany
Dated,
April 30th, 1920.
EDWARD J. DOYLE,
Secretary, Middle West Utilities Company.
BANTA & MORRIN
Specialists in
WANTED
Dividend Paying Oil Stocks
announces
the removal of their
offices from 31
66
Nassau
Broadway
St. to
Liberty Registered Bonds
New York
Phone Rector 9104-5
All
Rboades &
ALDRED & CO., LTD.
40
Investment
WALL STREET
Tbe
London
services
are
of
at
our
your
Company
Securities
Members New York Stock
Exchange
NEW YORK
Montreal
Issues
31 Pine Street
New
foreign offices
Acts
disposal.
as
Executor,
Trustee,
Girard Trust
Administrator*
Guardian,
Receiver,
Registrar and
Transfer Agent
SALE OF THE CONTROL
In Banks and Corporations
negotiated
confidentially.
Chartered
CAPITAL and
1836
SURPLUS, $10,000,000
,
JACOB BACKER, FINANCIAL BROKER
Company
PHILADELPHIA
Member
Exchange Bank Bldg.
York
Paris
ST. PAUL, MINN.
of
Interest allowed
on
deposits.
E.
B.
Federal
Reserve
System
Morris, President
[VOL. 110.
THE CHRONICLE
zz
Blbftenbs
jffnawfal
CANADIAN PACIFIC RAILWAY COMPANY.
DIVIDEND NO. 96.
meeting of the Directors held to-day the
quarterly dividend of Two and One-Half
on the Common Stock for the quarter
ended 31so March last, being at the rate of Seven
Per Cent per annum from revenue and Three Per
Cent per annum from special income account, was
declared, payable 30th June next to shareholders
of record at 3 P. M. on 1st June next.
ERNEST ALEXANDER,
At
a
usual
Per Cent
r'Secretary.
Montreal, May 5, 1920.
WE ANNOUNCE the incorporation
of
Company under New York
I
a
PREFERRED STOCK DIVIDEND NO. 29.
New York,
State laws,
under the name of
I
the Preferred Stock of the
LIMITED
Treasurer.
under the management
of
for the transaction
Canadian securities,
I
I
electric and
NEW YORK
-
of Mr. Oliver E. Hurd;
a
general business in
dealing in all Canadian
I
S
The facilities for
P
tion, together with
securities afforded by the
Office at
1
1
New York organiza¬
those afforded by our Head
Montreal and our Branches at—
Toronto,
Halifax,
St, John,
Winnipeg, and London, Eng.
'
are
placed at the disposal of
Bankers and private
'
be
paid.
United States
Investors in connection
with their Canadian interests, as
Dividend
-
WILLIAM
specializing in Hydro¬
Industrial issues.
CORPORATION.
May 3rd, 1920.
Certificates issued by
Tobacco Products Corporation on May 15, 1918,
will become due and payable on May 15, 1920,
with the last installment of interest thereon.
Upon presentation and surrender of such Divi¬
dend Certificates to the Bankers Trust Company.
No. 16 Wall Street, New York City, on or after
May 15, 1920, the principal sums due thereunder
and interest due thereon to May 15, 1920, will
"A"
Series
165 Broadway
I
A.
FERGUSON, Secretary.
NILES-BEMENT-POND COMPANY,
111 Broadway, New York.
PREFERRED DIVIDEND NO. 83.
New York, May 5th, 1920.
The Board of Directors of NILES-BEMENTPOND COxMPANY has this day declared the
regular
quarterly Dividend of ONE and
ONE-
CENT upon
the PREFERRED
STOCK of the COMPANY, payable May 20th,
HALF PER
1920, to stockholders of record at 3 p. m. May 5th,
1920.
The Transfer Books will not be closed.
JOHN B. CORNELL, Treasurer.
NILES-BEMENT-POND COMPANY,
111 Broadway, New York.
COMMON DIVIDEND NO. 72.
New York, May 5th, 1920.
The Board of Directors of NILES-BEMENTPOND COMPANY has this day declared a Divi¬
dend of TWO PER CENT upon the COMMON
STOCK of the Company, payable June 21st,
1920, to stockholders of record at 5 p. m. June 1st,
1920.
The Transfer Books will not be closed.
JOHN B. CORNELL, Treasurer.
from this date.
i
CITIES SERVICE COMPANY
I
Bankers
Royal Securities Corporation
LIMITED
Shares
Monthly Distribution No. 15
Henry L. Doherty & Company announce
fifteenth
the
I
I
DUNHILL.
TOBACCO PRODUCTS
with offices at—
I
I
I
I
J.
(Canada)
1
§
I
P
Central Arkansas Rail¬
& Light Corporation, payable on June 1,
1920, to the Stockholders of record as of the close
of business May 15, 1920.
Checks will be mailed.
Transfer books will not be closed,
way
CORPORATION
ROYAL SECURITIES
May 5, 1920.
declared
The Board of Directors has this day
the Twenty-ninth consecutive quarterly dividend
of One and Three-Quarters Per Cent il%%) on
Agency of
I
Light Corp.
Central Arkansas Railway &
monthly
distribution
Service Company Bankers Shares
MONTREAL, May let, 1920.
82
1920,
of Bankers
holders
to
on
that
Cities
payable June 1,
Shares
of record
May 15, 1920, will be 49 cents per share.
THE AMERICAN
The
clared
COTTON OIL CO.
Directors on May 4, 1920, de¬
semi-annual dividend of three per cent,
Board of
a
the Preferred Stock, and a quarterly dividend
per cent
upon the Common Stock of this
both payable June 1, 1920, at The
Liberty National Bank, 120 Broadway, New York
City, to holders of record of such stock at the
close of business on May 15, 1920.
The Stock Transfer Books of the Company will
not be closed.
RANDOLPH CATLIN, Secretary.
0
upon
of
one
Company,
Government,
Railroad
Municipal,
The
Public Utility
Industrial
MANATI SUGAR COMPANY.
112 Wall St., N. Y., May 6, 1920.
Board of Directors of the Manati Sugar
Company have declared the regular quarterly
dividend of 2H % upon the Common stock of the
company,
payable June 1, 1920, to holders of
record upon the books of the
the close of business May 17, 1920.
MANUEL E. RIONDA,
Common stock of
Investment Bonds
company at
Treasurer.
ELECTRIC
A. B. Leach & Co., Inc.
dividend
105 So. La Salle St., Chicago
St., New York
STOCK DIVIDEND.
May 4th, 1920.
to-day declared a
and three-quarters per cent
The Board of Directors has
Investment Securities
62 Cedar
INVESTMENT CORPORATION.
PREFERRED
Philadelphia
Boston
Buffalo
Cleveland
Minneapolis
Baltimore
Scranton
Pittsburgh
Detroit
Milwaukee
of
one
(1 % %) on the preferred stock of
ment Corporation, payable May
Electric Invest¬
22nd, 1920, to
preferred stockholders of record at the close of
business on May 12th, 1920.
L. E. KILMARX, Treasurer.
SOUTHERN
CALIFORNIA
EDISON
CO.
Edison Building, Los Angeles, California.
The regular quarterly dividend of $1.75 per
share on the outstanding Common Capital Stock
©fofiienba
STANDARD MILLING COMPANY
49 WALL STREET.
COMMON STOCK DIVIDEND NO. 14
New York City, April
28, 1920.
The Board of Directors of the STANDARD
MILLING COMPANY have to-day declared a
auarterly dividend of Two Per Cent (2%) upon
the Common Stock of this Company, payable on
May 31st, 1920, In cash, to Common Stockhold¬
ers of record at the close of business May 20th,
1920k
JOS.
A.
KNOX,
Treasurer.
MILLING COMPANY
49 WALL STREET.
PREFERRED
STOCK DIVIDEND NO.
42
New York City, April 28, 1920.
The Board of Directors of the STANDARD
MILLING COMPANY have this day declared a
STANDARD
lent (1H%) upon of
guarterly dividend the One and Stock of this
Preferred One-half Per
payable out of the earnings for the
current fiscal year on May 31, 1920, to Preferred
Stockholders of record at the close of business on
May 20, 1920.
JOS. A. KNOX, Treasurer.
Company,
(being Common Stock Dividend No. 41) will be
paid on May 15th, 1920, to stockholders of record
at the colse of business on April 30th, 1920.
W. L. PERCEY, Treasurer.
The R. E. Seamans Co., Inc.
Preferred Dividend No. 4
regular quarterly dividend of Two Per
(2%) has been declared on the Preferred
stock of this company, payable May 31st, 1920,
to stockholders of record May 15th, 1920.
HOUSTON B. TEEHEE, Treasurer.
The
Cent
Mat 8 1920.]
THE CHRONICLE
xxi
Jfinancial
33Bgn
COMMERCIAL BANK OF LONDON
LIMITED
Authorised Capital
Issued Capital -
£5,000,000
£2,250,000
DIRECTORS:
The Right Hon. SIR CHARLES EDWARD
HOB HOUSE, Bart., P.C.
(Chairman)
CLARENCE CHARLES HATRY,
Managing Director
PETER HAIG-THOMAS
CURRENT ACCOUNTS
transacted.
opened and
The Right Hon. THE EARL
OF MARCH, D.S.O.
STANLEY J. PASSMORE
HENRY WILLIAM
PELHAM-CLINTON
SIR FRANCIS WILLIAM
TOWLE, C.B.E.
description of Banking Business
every
BILLS discounted and advances
made
to customers
on
approved
security.
SPECIAL FACILITIES GRANTED TO
COMMER.
CIAL
AND
INDUSTRIAL
UNDERTAKINGS.
THE
PURCHASE
AND
of
SALE OF SECURITIES
undertaken;
securities; also the receipt of dividends.
safe
custody
COUPONS AND DRAWN BONDS
negotiated.
DEPOSITS received
at
call,
or
for fixed periods, at
tained
ARTHUR H.
J.
6 AUSTIN
Great Lakes
Trust
J.
on
rates which may
be
ascer¬
application.
KING, \
SPEAR,
I
General Managers.
FRIARS, LONDON, E. C. 2.
EXEMPT FROM ALL FEDERAL INCOME TAXES
Company
Chicago
MUNICIPAL
Commercial Banking
YIELDING
Foreign Exchange
Investment Securities
Member
Federal
Reserve
BONDS
5% to 6%
System
Due
Capital and Surplus $3,600,000
To Yield
Hartford, Conn, 4M«
1933
5.00%
Newton,'.Mass., 4s
1936
5.00
New Haven, Conn., 4J^s 1924-40
6s
"
"
1946
4s
1928
"
New Britain, Conn., 4H> 1922-37
Due
To Yield
Fitchburg, Mass., 4s
1928
Lynn, Mass., 4s
1925
6.25
Woonsocket, R. I., 4s
1933
5.25
5.375%
5.00
5.00
5.25
5.00
Tacoma, Wash., 5s
1947
6.25
Boston, Mass., 4s
1923
5.25
5.25
1923-25
5.25
St.
Paul, Minn., 5s
1923
1935-45
5.00
Saginaw, Mich., 4s
1924
6.25
N.Hempstead, N.Y., 4.80s 1921-80
5.00
Portsmouth, Va., 5^8
1950
5.25
4s
Eastwood, N. Y., 6s
Investment Securities
Underwritten
&
Distributed
Taunton, Mass., 8^s
Flint, Mich., 4^8
.
Cambridge, Mass., 4s
4s
Corporation
Fall River,
5.25
Robeson Co., N. C., 5H8
1930-45
5.25
1923
5.20
Portsmouth, N. H., 4s
1924
5.875
5.10
Chelsea, Mass., 4s
1925
Montgomery Co., O., 5jh£« 1922-24
6.50
Tacoma, Wash., 4>£s
5.50
1927-29
Mass., 4s
Everett, Mass., 4s
5.25
5.25
5.25
Sioux Falls, S. D., 5s
1927
5.50
5.25
Seattle, Wash., 5s
1929-39
6.00
1930
Chicago, 111., 48
1923
6.25
Cumberland Co., N. C., 6s 1922
6.00
Fitchburg, Mass., 4s
1925
5.25
New
6.00
Bern, N. C., 6s
1922
38 South Dearborn Street
CHICAGO
Send for circular C-74.
R. M. GRANT &
CO.
Hollisler,White& Go.
31
t*COPPORAT£D
Nassau St.,
New York
Investment Securities
92 CEDAR
Boston
STREET, NEW YORK
50 Congress St.
Boston, 9, Mass.
North American Bldg.
Philadelphia, Pa.
6.375
1924
1927
1929-31
Waterbury, Conn., 4s
Federal Securities
1930
1936
/
St. Louis
Portland, Me.
Chicago
Ill'
[Vol. 110,
THE CHRONICLE
XXII
.tffnanrial
New York, May 3,
1920
Edward B. Smith & Co.
1411 Chestnut St.,
165
Philadelphia
Broadway, New York
Announce the removal of their
New York offices to
No. 165
Broadway
announce
this
day
Weld & Company
that Mr. Harold Fowler has
been admitted to
Mortgage Gold Bonds due
May 1,
1920, of
Central Vermont
general
partnership.
Mr.
Four Per Cent First
Holders of
To
Messrs. White,
Railway Company
Fowler
will be
one
of
the
under
Committee,
The
the Agreement dated
5, 1920, for the deposit of the abovementioned
Bonds, announces that more than
two-thirds of the Bonds have been subjected to
March
resident partners
in New York.
said
and
Agreement
that
the
Committee
has
offer to exchange for the aboveBonds (provided the holders of sub¬
stantially all of said Bonds accept such exchange)
an equal face amount of new Ten-Year 5% Bonds
of
the
Central
Vermont
Railway Company,
secured
an
mentioned
May 1, 1920.
guaranteed
both
principal and interest by the
of Canada, which
Grand Trunk Railway Company
majority of stock of the Central Vermont
Company.
The Committee strongly urges the
holders of the Bonds who have not already done
owns
'IE
a
promptly to deposit their Bonds under said
Agreement, so that the Committee may be In
position to act for substantially all holders of
such Bonds and, for that purpose, has extended
until JUNE 1, 1920, the time for deposits under
said Agreement.
Deposits may be made with
THE
EQUITABLE TRUST COMPANY OF
NEW
YORK,
37
WALL
STREET, NEW
YORK CITY, or 3 KING WILLIAM STREET.
E. G. 4, LONDON
ENGLAND, the Depositary,
or
with
AMERICAN
TRUST
COMPANY,
50 STATE STREET, BOSTON, the Agent of
the Depositary.
Transferable certificates of de¬
posit will be issued therefor.
Copies of the
Deposit Agreement may be obtained upon appli¬
cation either to the Depositary or to its Agent.
so,
James Talcott,
inc,
General Office#
,
225 FOURTH AVENUE
NEW YORK
CITY
founded 1im
Dated May
6, 1920.
Factors and Correspondents for
Manufacturers and Merchants in
Agents,
,
HENRY E. COOPER,
S.
E.
KILNER,
HUNTER S. MARSTON,
E.
the United States and Abroad.
C.
SMITH,
PHILIP
STOCKTON,
ALBERT TUTTLE,
Committee.
,
Entire Production of Textile Mills Sold and
Accounts Guaranteed and
cable address
Financed.
Discounted.
quomakel
LLOYD CHURCH, Secretary,
24 Broad Street, New York City,
HORNBLOWER,
MILLER,
GARRISON
POTTER, Counsel,
24 Broad
Street,
w
York City.
&
MAT 8 1920.]
THE CHRONICLE
XXIII
Pank Statements
THE
AND
OF THE
CITY OF NEW YORK
CONDENSED STATEMENT OF THE CONDITION
AT THE
CLOSE OF BUSINESS MAY
4, 1920
LIABILITIES
RESOURCES
Loans and Discounts
United
States
Cu^Xs "and "Undivided $7'000'000 °°
$108,104,659 64
Certificates
Profits
of Indebtedness
Unearned Discount-......
9,884,000 00
United States Bonds
Reserve for Taxes &Interest
(Market Value)
Circulation
Other Stocks and Bonds..
4,791,366 91
Liability Acof Acceptances
569,720 95
4,682,860 00
-
.
executed for
Customers
(After deducting $72,208 95
4,020,967 60
CASH AND EXCHANGES.
846,873 96
Acceptances
Customers'
33,156,050 65
count
7,272,385 91
U
1,304,000 00
4,062,687^60
__
Pay^L
Bills
i
serve
Federal ReNone
Bank....
Rediscounts
with
Reserve Bank
Federal
136,826,516 38
$161,261,044 80
$161,261,044 80
Main Office, 149
None
—
_
DEPOSITS
Broadway,
corner
Liberty St.
Branches: Battery to Bronx
Broadway and Howard St.
Bowery and Grand St.
Broadway and 61st St.
86th St. at Lexington Ave.
Ninth Ave. and 14th St.
Broadway and 105th St.
Broadway and 18th St.
Lenox Ave. and 116th St.
5th Ave. and 33d St.
125th St.
■_
57th St. and 3d Ave.
at
Lenox Ave.
Broadway and 144th St.
OUR FOREIGN EXCHANGE DEPARTMENT
Offers
its
complete facilities to
We
One
Hundred
Invite
Years
our
customers
and friends
Your Account
of
Commercial
Banking
[VOL. 110.
THE CHRONICLE
XXIV
jTfnantfol
NEW ISSUE
$2,500,000
Minneapolis, St. Paul, &
Sault Ste. Marie Railway
Co.
7% Equipment Trust Gold Notes, Series "H"
Total issue $2,500,000,
inclusive.
form of
Interest payable
maturing $250,000 annually June 1, 1921, to June 1,*1930,
in New York, June 1 and December 1.
Notes in Coupon
$1,000 each.
Central Union Trust Company of New
The direct
Ste. Marie
York, Trustee
obligation of the Minneapolis, St. Paul & Sault
Railway Co., issued against equipment whose cash
contract cost is over 33
Title to the
until the entire
1-3% in
excess
of the amount of the Notes.
equipment is held in trust for the noteholders
equipment issue has been paid.
Minneapolis, St. Paul & Sault Ste. Marie Railway has
paid dividends on its two issues of capital stock since 1903 and
is now paying 7% annually on both its outstanding $12,603,400
The
preferred, and $25,206,800
The Canadian Pacific
common
Railway
stocks.
owns a
majority of the Com¬
pany's stock.
We
Offer
of
;;
;:
.
the Above
Legal
Notes Subject to
Proceedings
the Approval
by Our Counsel.
Nb-/."...^.v:^;'
•
Price—Par and interest for all maturities
Wm. A. Read & Co.
Nassau and Cedar Streets
New York
Philadelphia
Chicago
The information contained in this advertisement has been
which we consider reliable.
Boston
obtained from sources
While not guaranteed, it is accepted by us as accurate.
-
!
This advertisement appears as a matter
of record, all of the Notes having been sold.
MAT 8 1920.]
THE CHRONICLE
XXV
Jffaantfal
New
(Closed)[Issue
-
I
•,
$2,000,000
Thatcher
Ten-Year
Dated
Manufacturing Company
Convertible Sinking Fund Mortgage Gold Bonds
7%
April 1, 1920
Due April 1, 1930
The Company will agree to pay interest without deduction for
any
pay
Federal Income Tax not in
at the source.
excess
of 2% which it
may
lawfully
Stocks Purchase
Warrants: The Bonds will carry detachable warrantsjentitling the holder to purchase Common Stock at $40 per share at the rate
of 25, shares of Common Stock for each $1,000 par value of Bonds, at any
time^prior to and including April 1, 1922.
Conversion Privilege: The Bonds will be convertible after April 1, 1922, and
until
maturity into 8% Cumulative Preferred Stock of the Company, par
when accompanied by warrants into Common Stock at $40 a share
any time after April 1, 1922, and to and including April 1, 1925, and
for par, or
at
thereafter at $50
with
a share, or in each case until their earlier redemption,
adjustment of interest and dividends in respect to Preferred Stock
to,date of conversion.
The following
information is summarized from
a
letter signed by F. E> Baldwin, Esq.,
President:
"
,
Business:
The
Company, originally incorporated in 1889, has been for
the largest manufacturer of milk bottles in the United
States. Its production will be about 90% of the total num¬
ber manufactured in the country.
The Company's plants
will have a capacity of 150,000,000 milk bottles per year.
With the installation of one more furnace, the annual pro¬
duction of 75,000,000 condiment and other bottles will be
increased to 115,000,000.
years
Security:
Secured by a Closed Mortgage upon all the property of the
Company and upon all of the Common Stock of the Wood¬
bury Glass Company, subject only to $149,500 mortgage on
a portion of the property which is not callable.
3 v-
Assets:
As of December
,
31, 1919, after reserve for depreciation, not
intangible assets and including the Common
Stock of the Woodbury Glass Company, net assets were
equal to over twice total bonded indebtedness to be out¬
standing.
including
any
Earnings: Net earnings available for Bond Interest for year ended
December 31, 1919, after reserve for depreciation, were over
three and three quarter times annual interest charges on all
bonds t) be outstanding.
It is estimated thao earnings for
the current year, after deducting Federal Taxes and depre¬
ciation, and after providing for interest and preferred divi¬
dend, will equal $8 per share on the Common Stock about
1
to be issued.
Sinking
<
Argraduated annual Sinking Fund will retire at not exceeding
105 and accrued interest over half of this issue by maturity.
Fund:
When,
as
and if issued and received,
Price 95 and accrued interest
To yield about
Trust
bonds,
when,
Bonbright & Company
7%%
receipts of Guaranty Trust Company of New York wilt be issued,
exchangeable for
I
,
Incorporated
25 Nassau
*
St., New York
The above Information,
as
and if received from
the
Company.
f
Hemphill, Noyes & Co.
37 Wall Street, New York
while not guaranteed, is derived from sources which
we
regard
as
reliable.
^
[VOL. 110.
THE CHRONICLE
XXVI
Jffnantfal
•
.
■
•
••
»•
'V
■
...
)
:
.
• -v
*
■
-f
■■
M
:
$2,000,000
Beech-N ut Packing Company
Per Cent. Gold Notes
Two to Five Years Seven
Dated May 1,
1920
Interest
Due May 1, 1922 to 1925
,
Denominations $1,000 and $500,
registerable
payable May 1st and November 1st at Liberty
Callable at any time on sixty days
as to
National Bank, New York
notice at 101 and interest
the letter of Bartlett Arkell, President, copies of which may
We summarize from
Company has been engaged for over twenty years
The
and other food products.
sale of bacon, ham
Canajoharie and
standard
one
in Rochester, New York.
"The buildings are modern and of
will constitute the only in¬
for taxes.
Company except for current accounts payable and reserves
the
The Company-
deducting all indebtedness except these notes are 4.20 times
Net assets after
amount of this issue and net
quick assets
to maintain net quick assets at
are
2.36 times the amount.
all times of 150 per cent, of the amount of this
'
issue.
The net
026,000,
The
earnings applicable to interest for the past six years have averaged $1,-
or over seven
Company
times the interest charges on these notes.
agrees
that
no
other indebtedness except purchase money mort¬
and pledges for temporary loans will be created during the
We
Y
in the manufacture and
It operates three main plants, two in
Upon the completion of this financing the^e notes
gages
he had on request:
construction.
debtedness of the
agrees
principal
life of this issue.
offer these notes when, as and if issued and received by us, as
follows:
$500,000 due May 1, 1922 @ 98.90 and interest
'
500,000 due May 1, 1923 @ 98.40 and interest
500,000 due May 1, 1924 @ 98
and interest
500,000 due May 1, 1925 @ 97.50 and interest
to
yield approximately 7.60 per Cent.
Kidder, Peabody &, Co.
115 Devonshire Street
Boston
&>-
We do
no
(guarantee the statements and figures
17 Wall Street
New York
given above but they are taken from sources we believe to be accurate.
Mat 8 1920.]
THE CHRONICLE
xxvn
Jffoanrtal
A National Investment Service
£
THROUGH offer aid investment
the
and co-operation of our correspondents
enabled
national in
scope.
to
service
an
we are
M
We have the
privilege of being connected by private wires with the
following well known firms having offices in various cities:
Goodwin-Beach & Co.
Adams, Merrill & Co.
Hartford, Conn.
New
Alden, Bernie & Co.,
Inc.
Boston. Mass.
New
Britain, Conn.
Hincks Bros. & Co.
Chandler
Columbus, Ohio
Youngstown, Ohio
Hulburd, Warren
& Chandler
Boston, Mass.
Ball & Co.
Colorado
Battle Creek, Mich.
Boston, Mass.
W. W. Lanahan & Co.
Baltimore, Md.
Philadelphia, Pa.
Pittsburgh, Pa.
Chas. A. Phelan & Co.
Boston, Mass.
<
Proctor, Cook & Co.
Learoyd, Foster & Co.
Baltimore, Md.
New York, N. Y.
Boston, Mass.
Boston, Mass.
Clark, Griffith
Boston, Mass.
Boston, Mass.
Boston, Mass.
Secor, Bell & Beckwith
N. A. MacDonald
Hugh J. Dimond & Co.
Toledo, Ohio
& Co., Inc.
Boston, Mass.
J. W.
Buffalo, N.Y.
A. E. Masten & Co.
Boston, Mass.
Washington, D. C.
T. F.
Gagen & Co.
New Haven, Conn.
Washington, D. C.
Morris, Brown & Co.
Glendinning & Co.
Philadelphia, Pa.
&
BOSTON
m\
.
Whitney & Elwell
municipalities, railroads, public
corporations.
Members
&
WEEKS
NEW YORK
Investment Securities
PROVIDENCE
of
CHICAGO
DETROIT
Founded in 1888
the
New
York,
iwiwiwiwiwiwiwiw;
Boston
gSBEj)
r
£
Boston, Mass.
HORNBLOWER
PORTLAND
f
Wainwright & Co.
Boston, Mass.
Through this association, clients receive prompt and accurate investment
utilities and industrial
t
*3
H. C.
Pittsburgh, Pa.
service in the securities of
governments,
A
Stevenson & Co.
Moorhead & Elmore
Boston, Mass.
k
k
New York, N. Y.
Pittsburgh, Pa.
Wheeling, W. Va.
John L. Edwards & Co.
R.
I
Sparks & Co.
Philadelphia, Pa.
Downer & Co.
fi
i
F. A. Schirmer & Co.
Long & Nash
& Me Wain
t
S. B. Pearmain
Lansing, Mich.
Dayton, Ohio
Cassatt & Co.
t
5
Boston, Mass.
Detroit, Mich.
Rapids, Mich.
Kalamazoo, Mich.
Cincinnati, Ohio
>
Denver, Colo.
Grand
Beazell & Chatfield
r
Springs, Colo.
Chicago, 111.
New London, Conn.
t
Cleveland, Ohio
Cincinnati, Ohio
Akron, Ohio
Hovey & Co
Boston, Mass.
Cincinnati, Ohio
Allen Arnold & Co.
&
Otis & Co.
Bridgeport, Conn,
St. Louis, Mo.
Anderson & Powell
i
Montreal, Canada
Ottawa, Canada
Boston, Mass.
& Co.
York, N. Y.
O'Brien & Williams
E. M. Hamlin & Co.
Springfield, Maes.
Lorenzo E. Anderson
r
Naphen & Co.
Hartford, Conn.
H
and
Chicago
Stock
Exchanges
b
r
[VOL. 110.
THE CHRONICLE
XXVIII
Jfinatufal
Keeping Pace with
Business
THE BUILDING of of supplyingbusiness to of the world
position—capable American the needs its present
—has been
a
tremendous task, worthy the best traditions
American initiative and
of
enterprise.
Providing the machinery to facilitate the handling of
factories; for opening wider channels of distribution
to the ends of the world has also been a herculean task.
our
the output of
and financing
Keeping pace with the needs of American business the Park-Union
Foreign Banking Corporation, through its branches, affords the same
high standard for the efficient transaction of foreign financial matters
as is found when conducting business at home.
BRANCHES AT
SAN
TOKIO
SEATTLE
FRANCISCO
YOKOHOMA
SHANGHAI
PARIS
Other Branches in Process of Organization
Connections
throughout the world.
OFFICERS
Charles A. Holder, President
T. Fred
Aspden, Vice-President
E. B. MacKenzie,
Secretary & Treasurer.
Park-Union
FOREIGN BANKING CORPORATION
56 Wall Street, New York
Paid Up
Capital and Surplus, $2,250,000.
The
flmrmrcifl
VOL. 110
MAY 8 1920
CLEARINGS
NO.?863
Published every Saturday morning by WILLIAM B. DANA
COMPANY.
Arnold G. Dana. Vioe-Presldent
both, Office of the Company.
Jacob Selbert Jr.. President and Treasurer:
and Secretary.
Addresses of
FOR
APRIL, SINCE
April
1, AND FOR WEEK
Four Months.
Clearings at—
Inc. or
1920.
1919.
1920.
1919.
S
New
York
21,800.444,095 17,333,067,423
2,121,579,073
1,636,320,067
Philadelphia
Pittsburgh
712,294,193
393,131,859
193,682,666
74,765,860
21,265,882
51,807,833
23,055,046
22,859,364
17,568,433
16,000,000
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
12,195,623
27,260,302
19,629,704
Wheeling
Harrisburg
York
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
3,621,940
2,463,363
4,077,170
4,335,290
Trenton
Lancaster
Erie
Binghamton
Greensburg
554,462,368
315,959,751
98,960,965
66,758,331
19,553,698
36,695,202
17,379,092
17,816,084
12,054,291
15,926,818
9,785,375
16,046,953
14,421,567
6,513,614
12,364,731
16,750,805
8,775,316
4,117,000
4,132,592
6,054,758
3,835,454
3,368,780
2,809,729
3,040,600
2,442,245
1,428,766
2,918,059
3,433,150
.......
Chester
Altoona
Norrlstown
Beaver County, Pa.
Frederick
Franklin
Montclair
Oranges
Hagerstown
....
Total Middle
25,614,013,548 20,247,193,584
Boston
1,651,200,318
Providence
Hartford
20,214,563
Fall River
New Bedford
12,317,342
9,420,333
6,265,788
4,241,020
4,044,922
8,786,500
2,200,000
7,754,736
6,631,688
4,271,204
2,945,593
3,342,070
6,437,400
2,055,980
Stamford
Total New England
16,342,325
6,500,000
10,682,748
4,526,459
5,082,404
2,811,546
3,327,143
2,625,178
6,002,635
6,361,996
8,291,880
4,217,370
4,188,067
2,570,228
3,471,989
2,400,000
3,675,735
Dec.
/fe.2
+ 16.9
+21.8
—4.1
69,892,565
24,455,510
14,210,238
4,862,208
8,047,680
3,800,000
6,153,596
3,244,466
3,471,733
+9.4
+63.3
2,296,675
4,120,086
+25.2
+30.6
1,635*258
1,248",622
2,702,968
2,801,727
2,318,828
944,900
3,514,151
2,324,019
1,826,073
1,036,600
1,035,741
+86.8
+6.8
+2.2
+28.8
+7.3
+21.3
+9.4
+ 28.6
+28.0
l",800",666
1,437"889
+ 35.4
+32.7
+ 30.4
+43.6
+25.1
+ 15.8
+ 11.4
+22.2
+39.2
+ 10.7
+46.5
+41.6
+ 28.8
+28.4
3,713,772
2,493,307
2,575,427
1,177,400
1,656,361
1,670,932
1,176,140
2,843,522
2,440,071
2,230,190
960,300
1,150,000
1,445,185
911,222
+2.2
+ 15.5
+22.6
+44.0
+ 15.6
+ 18.7
628,190
420,584
+49.5
14,093,858
11,567,636
10,139,541
9,961,378
8,526,535
6,152,259
77,580,037,588
+ 29.2
6,465 ,382,079
5,124 ,881,197
+26.2
241 ,545,700
173 ,606,151
169 .087,200
47 ,525,255
76 467,350
47 628.450
40 ,341,385
56 ,182,869
37 544,682
21 757,485
28 ,704,304
16 ,233,674
14 ,253,403
11 ,673,603
11 ,385,307
31 ,756,600
8 ,833,963
27 ,255,700
8 ,331,154
+42.9
+ 30.2
+ 19.3
+40.1
+ 17.8
+ 36.1
+63.8
+ 30.8
+ 28.7
+ 39.1
+ 25.2
+ 16.5
+ 6.0
133 ,311,502
91 ,465,927
109 ,108,152
87 ,028,748
62 ,139,367
29 .071,784
16 ,898,796
5,849,916,526 4,940,904,504
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
900,000
1,200,000
351,699
481,440
753,238
+ 18.4 4,049,895,284 4,339,518,242
291,349,581
10,410,300
9,810,868
5,299,010
3,781,754
2,532,764
3,095,950
2,412,752
ti
+ 13
+36
+6
12,553,900
9,169,537
6,627,882
770,000
3.884,379
1,410,495
+ 19
660,926
632,081
37,825,567
17,898,607
12,424,866
5,689,168
7,766,283
4,195,532
5,241,385
3,020,196
3,642,646
2,087,451
1,462,096
828,748
302,117,553
1,690,100
1,040,870
1917.
3,404,071,335 3,788,322,176
379,378,696
354,494,016
108,744,272
78,395,791
+ 15.3
11,807,240
10,737,006
21,002,786
27,374,695
15,704,573
14,130,982
14,116,360
11,027,933
12,491,845
8,711,277
12,205,084
13,788,581
1918.
4,110,306
3,000,000
3,710,553
2,449,172
+33
—6
254,365,978
10,830,700
9,175,435
5,364,046
4,064.352
3,300,000
3,441,603
935,602
812,055
+ 17
+6
+36
+21
2,122,411
1,768,032
1,229,422
1,077,833
738,765
2,172,248
1,300,000
+ 30.9
7,378,673,692
5,810,730,095
+ 27.0
407,316.284
343,484,928
+ 18.6
337,180,736
297,478,577
297,075,948
593,621,295
540,378,970
148,520,366
75,517,000
62,210,200
70,549,409
24,954,557
33,242,363
23,167,290
24,027,812
12.921,906
8,920,868
12,282,677
20,061,257
7,325,831
57,637,000
26,608,284
8,542,792
237,087,718
398,142,422
318,961,266
125,644,471
62,165,000
51,639,100
53,995,930
24,411,033
20,922,312
16,255,811
17,421,810
11,223,928
11,148,789,716
1,203,858,009
2,230,414,936
2,013,293,966
8,843,953,800
992,708,117
1,575,387,797
1,226,635,874
+ 26.1
+ 21.3
+41.6
628,990,042
573,224,200
52,134,868
85.982.115
+ 9.7
+ 20.8
579,942,060
315,354,000
502,581,271
236,606,000
193,562,800
544,544,346
58,817,549
72,839,391
68,705,870
27,779.743
14,038,000
678.807.459
38,161,491
66,257,166
66,962,644
27,728,460
14,565,825
10,184,100
10,322.500
5,000,000
5,454,702
3,516.274
3,033,276
2,054,188
1,410,250
1,542,936
3,381,450
630,000
5,192,000
3,752,925
1,195,357
1,276,551
1,104,099
867,325
Indianapolis
Columbus
Toledo
Peoria
Grand
Rapids.
Dayton
EvanBville
Springfield, 111
Fort Wayne
Rockford
Youngstown
Lexington
...
Akron
Canton
Bloomington
Quincy
Springfield, Ohio
Mansfield
...
Danville
Jacksonville, 111
Lima
Lansing
Flint
Owensboro
Gary
Lorain
Ann Arbor..
!
Adrian
New Albany
Paducah
Hamilton
Aurora
Total Middle West.
14,804,576,864
2,043,650,181
328,816,000
197,952,495
171,099,182
73,396,771
57,121,057
22,747,093
47,263,533
24,453,021
14,433,861
9,904,988
22,190,000
19,444,609
7,685,814
169,363,363
155,434,385
129,556,148
60,737,870
38,171,212
18,613,041
34,893,416
16,224,824
9,059,729
5,924,058
8,038,137
10,771,469
6,870,395
4,590,878
5,423,116
3,283,868
9,176,000
6,571,014
3,679,959
2,155,337
937,535
6,782,541
2,676,422,055
1,255,643,000
741,614,749
+43.5
6,724,291,846
Sacramento
j
Pasadena
Stockton
...
Boise..
Yakima
8,719,327
8,474,821
3,614,208
13,676,281
12,979,545
5,424,161
3,232,832
1,616,979
11,409.406
San Jose
Reno
...
Bakersfield
Riverside
Eugene
Berkeley!
Total Pacific
Details of other Weste
Total other Western
Southern
1,708,676,689
1,190,656,314
139,981,296
73,475,124
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
21,461,872
12,109,602
5,927,353
6,782,541
1,000,000
4.795,000
2,968,086
1,632,119
1.625.438
1,167,525
1,155.862
961,492
1,016.865
+70L4
1,186", 839
723,975
609.940
+ 18.7
679,701
831,457
1,000,000
1,677,433
1,050,000
—4.8
1,012,109
608,759
591,678
814,730
950,000
+76.6
699,568
1,232,654
"725",000
"842",819
-IS!
1,136,604
"575:346
600.000
224,891
460,276
84,913
+ 31.6, 1,063,919,919
912,828,105
+ 16.6
845,926,333
848,870,207
+3i.o;
123.339,708
+22.2
41,016,000
35,287,388
32,105,396
+82.8
99,748,265
29,055,000
36,678,320
20,553,779
11,293,228
8,089,246
4,167,208
6,366,487
3,267,337
1,877,596
1,080,200
1,672,598
1,565,679
95,325,127
34,598,000
19,354,343
16.999,831
11,451,377
6,000,431
2,608,891
6,716,113
2,900,067
2,663,705
+ 61.2
+26.1
+32.8
135,217,300
66,412,783
+47.2
35,963,139
+45.0
21,174,416
+83.2
30,488.451 + 216.0
43,898,413 + 107.7
24,346,892
+42.8
16,925,060
+84.2
19,265,818
+88.0
11,081,211
+ 30.6
35,895,886
+26.4
22,739,534 + 129.1
13,701,603
+56.6
6,895,354
+75.6
3,369,464
+75.9
6,782,541
62,149,340
1,687,095
1,487,830
1,719,223
1,389,199
1,572,402
+30.8
627,375,301 + 100.1!
590,698,801
+ 25.5 i
471,705,264
+ 30.9;
232,775,559
+ 31.2
179,543,123
97,749,411
3,729,460
1,430.000
11,223,000
4,577,411
9,971,000
9,976,507
5,751,189
6.209.875
4,106,103
3,756,206
2,743,310
1.358.876
2.121.437
2,966,360
665,000
+ 29.8
+45.0
+55.4
1,612,896 + 286.7
2,551,920
+ 17.2
32,857,211
+ 7.7
8,193,963
+53.4
12,757,133
+34.3
92,694,260
7,048,509
4,217,133
6,333,301
2,408.334
2,080,142
2,763,470
+ 42.5
31,432,243
+ 11.4
14,772,000
+ 13.7
11,436,000
+ 5.6
13.073.116
+ 13.5
5,497,479
+ 6.9
+39.1
5,066,100
3,628,607
+ 16.2
4,295,590
+ 24.2
—16.8
2.894,255
+31.0
1,688,937
2,143,869
+28.9
—9.2
4,107,172
+ 10.0
1,300,000
+44.7
7.754.000
+43.3
3.193.001
1,908,769 —11.6
1,671,045 —11.0
1,173,809
+46.5
1,574,238 —11.8
+33.2
1.180,082
76,000.000
lf199"002
+ 78.5
19,484,899,524
Oakland
35.000,000
16,799,000
12,076.300
14,841,710
5.874,877
+38.0
1,133,662
6,279,082
617,396,012
305,376,535
225,710,615
118,608.270
108,333,399
870,169
—21.8
+ 33.3
+94.2
+ 27.4
+ 32.1
+20.8
+49.6
+22.2
+35.4
+ 50.7
+59.3
+ 67,2
+ 176.1
+ 80.5
+ 11.9
+89.9
+65.3
+ 10.1
+49.0
+ 97.5
+46.7
+ 50.0
+ 66.0
+68.2
Spokane..
62,976,634
1,931,710
23,294,244
16,800,597
5,203,634
+ 28.2
Tacoma
-26.0
28,506,748
491,126,560
....
--64.2
+ 15.4
+33.3
189,704,555
+41.0
91,609,672
+ 13.4
80,729,170
+ 51.0
66,822,680
+35.9
66,389,253 —36.6
39,196,061
+25.5
22,497,371
+ 67.3
34,034,329
+37.5
70,343,988
+20.5
47,279,714
+27.4
119,869,000
+ 73.1
50,315,691
+85.7
30,107,507
+ 31.6
27,836,209
+ 41.6
23,662,888
+41.0
19,941,945
+44.8
19,990,556
+42.4
20,465,432
+44.4
17,743,909
+82.4
11,955,651
+40.8
10,670,807
+8.1
16,378,713
+ 26.2
17.538,496
+81.3
3,793,840,456
....
Ogden
Long Beach
+45.2
+33.0
+ 15.0
+ 14.3
+59.2
+ 60.5
+ 1.8
+5.1
+ 30.7
+ 22.8
+31.6
+ 28.6
+77.2
243,832,600
267,391,187
103,866,707
121,933,891
90,792,172
90,712,798
49,198,723
37,638,123
46,809,893
84,795,527
60,256,507
207,445,000
93,441,467
39,636,164
39,412,381
33,353,946
28,867,731
28,472,543
29,559,320
32,367,773
16,833,473
11,533,136
20,668,400
31,794,969
50,996,422
18,205,695
21,812,076
7,546,220
9,743,671
6,236,314
2,989,013
35,395,156
12,568,720
17,129,119
654,430,111
Angeles
San Diego
+20.5
+ 30.7
+ 2.2
+58.9
+42.5
+37.9
+ 15.1
4,861,975,224
Francisco..
Portland.
Salt Lake City
+49.1
+ 69.4
+ 18.2
+21.5
16,575,790
8,390,945
7,375,663
5,859,733
5,483,933
5,927,721
5,442,647
5,317,909
i
3,167,957
+48.4
1
2,393,971
+ 3.0
—0.2
4,576,847
+ 64.8
5,124,633
+47.8
9,050,742
3,929,246 —17.6
+ 35.7
4,746,336
+ 1.2
1,774,039
+59.1
1,603,200
453,692 + 178.9
+7.5
680,959
7,819,725
+ 33.1
1,115,218 + 244.7
3,520,222
+32.2
10,409,477
3,843,421
4,655,544
..
Seattle
36,193,900
7,699,140
Jackson
Bend
6,144,717
9,236,827
17,450,229
6,406,247
7,656,458
6,731,567
7,799,358
7,000,000
9,422,985
4,699,754
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
Decatur
Total all
67,619,872
52,023,874
21,064,088
44,264,704
45,114,159
33,340,265
14,468,544
16,788,296
23,634,756
42,595,612
,253,834,247
393,966,879
132,310,399
73,583,372
22.808,575
15,304,804
+ 18.9
+ 25.3
Milwaukee
Total
+46.7
+ 44.0
+ 21.0
+36.5
+ 7.1
38,507,387
59,941.469
59,850,321
43,482,764
20,783,600
+26.5 100,210,284,490
+ 18.9
65,091,465
41,114,964
58,026,835
$
5,026,078,958
460,451,769
161,169,191
84,828,829
1,440,847,652
Detroit
Fresno
1
370,564,426
253,684,049
79,291,768
139,699,807
66,033,534
%
+ 29.8
+23.3
+25.4
+ 18.0
+98.5
+ 16.1
+8.6
+ 39.9
+ 31.4
+31.5
+ 36.3
+ 14.0
+ 24.7
+ 37.4
1919.
2,270,257,507
Cleveland
Los
8,206,239,147
2,791,149,404
1,546,061,129
735,616,813
294,565,820
86,114,686
195,432,359
86,763,356
85,597,600
56,021,395
66,126,200
48,031,897
92,930,548
66,889,788
27,650,593
65,874,936,438
6,655,890,739
2,225,190,565
1,310,161,500
Inc. or
1920.
1,885,600,588
Cincinnati
San
85,487,481,485
or
Dec.
2,699,613,252
Chicago
South
+ 35.3
+ 15.1
+ 11.3
+ 17.3
+27.1
+23.4
+48.3
+72.4
+ 39.7
+26.2
+58.8
+42.2
Worcester
Lowell
Holyoke
Bangor
Water bury
+ 36.1
+27.7
+ 30.7
+ 27.9
+ 38.1
+ 40.9
+ 7.2
+37.0
+ 12.7
+43.4
Portland
Springfield
+0.5
+31.1
+38.4
25,276,840
16,158,990
10,202,136
14,093,064
...
+44.1
+ 24.6
+ 69.9
1,259,487,564
43,314,000
38,876,387
59,952,300
46,215,920
27,102,789
22,138,793
11,500,000
New Haven
+ 25.8
+29.7
+ 28.5
+ 24.4
+95.7
+ 12.0
+ 8.8
+41.4
+32.7
+ 28.3
Week ending Mag 1.
Inc.
Dec.
JANUARY
ENDING MAY 1
150,731,407
75,000.000
40,250,436
32,312,538
15,703,969
11,222,789
4,358,446
10,877,609
5,198,232
2,777.182
1,854,699
3,593,100
3,811,549
"3I
+ 14.1
+0.6
+ 12.9
+32.0
+5.8
13,913,181
8,500,000
4,120,979
+23.3
8,819,703
--31.8
3,944,118
--47.5
1,883,260
+ 23.3
1,504,706
1,599,877 + 124.6
+ 65.3
2,305,083
l",570",940
1,081", 291
1,896.271
700,000
1,207,682
625,000
2,587,779
1,291,140
1,501,233
1,420,552
"808",762
""635",677
12.0
950,000
495,000
833,778
450,000
1,400",668
+77.2
1,139*,960
"822,622
+28.9
228,808,663
204,472.887
45.2
57.1
4,667,036,850
+44.1
364,446,946
282,714,040
2,498.326,201
1,742,540,928
+43.4
9,468,211,547
6,967,197,747
+35.9
486,981,113
399,984,599
+21.8
348,844,098
310.522,872
3,016.376,765
2,195,676,361
+37.4
12,394,847,482
9,110.308,766
+36.1
622,960,804
487,606,112
+ 27.8
443,547,090
350.571,518
+ 29.3 155,661,258,531 118,939,887,910
+30.9
8,795,541,592 7,367,526,288
+ 19.4 6,254,332,710 6,347,881,539
+32.2
3,769,462.634 3,113,692,041
+ 21.1 2,850,260,875 2,558,559,363
rn
and
Southe
rn
on
page
39.584,969,015 30.610.755,295
Outside New York... 17,784,524,920 13,277,687,872
1946.
+34.0
70,173727,046,
Note.—Clearings by Telegraph on page 1947 and Canadian Clearings
53,064.951,472
on
page 1946.
t Not included in totals: comparison Incomplete.
[VOL. 110.
THE CHRONICLE
1906
cernible of
On
which
(page 1924) we print a letter
have received from the Assistant Treasurer
succeeding
a
we
of
abolition
page
Sub-Treasuries
the
proposed
£o the
voicing objection
Cincinnati,
at
Boston, New
at
Baltimore, New Orleans, St.
Louis, San Francisco, Cincinnati and Chicago, and
Philadelphia,
York,
the
turning
over
of their duties and functions to the
The proposition is carried
Federal Reserve banks.
Legislative, Executive and Judicial
rider to the
a
as
Appropriation Bill, and at last accounts the conferees
of both Houses of Congress had agreed to it.
We
the measure.
wish to voice our own objection to
Federal
The
first been in favor of
taking
over
the Sub-Treasuries
actively engaged in furthering the
have been
and
authorities have from the
Reserve
adding to the powers of these institutions.
time for
The Reserve banks themselves are on
They
knows.
one
acute
this is no
We feelvery strongly that
movement.
trial,
passing through
are
a
as every
period of
strain, and it remains to be seen how they are
going to stand the test. As our correspondent points
out, the functions still remaining to the Sub-Treas¬
uries are chiefly Government functions.
Not only
does there seem no sound reason for transferring these
functions to the Reserve banks, but, on
there appear to
it
should
be
good grounds for thinking
very
period when the whole world is facing a credit situa¬
tion such as has never before been witnessed.
The
Federal Reserve banks have all they can do
do in
such
and should
attending to their banking problems, which are
would tax the wit and ingenuity
as
endowed with superhuman
of mortals
wisdom.
with which all the nations of the world are
there may come moments
as
when misgivings will arise
Reserve banks, on which the credit
to whether the
structure of the entire
globe in
not bend under the pressure
upon
a measure
rests, may
itself,
which
might happen if the Reserve banks took over all the
financial functions now independently performed by
no
banking strain, the public treasury
be associated with it.
way
The
pro¬
repealing clause would allow even the
to be transferred to the
visions of the
Government trust funds
There should be
Reserve banks.
this kind.
Not
no
commingling of
only should these trust funds remain
in the custody of
Government agencies,but the U.S.
Treasury should at all times have some independent
cash.
This does not mean that it should lock up
in Treasury
that of right belong in
trade, but it does mean that the
vaults
the channels of
moneys
Treasury should not be altogether
cash
current
ful
on
on
and the inclusion within the last few
Paul, Dallas,
Nashville for
example-t-has served to swell the totals for those cities
inordinately, thus contributing largely to the aug¬
mentation of the aggregate.
But the volume of
business passing has been large enough to account for
a considerable margin of increase in bank exchanges
over a year ago after allowing for these special con¬
tributing factors.
In fact, conspicuous prosperity
seems to be so universal among those whose purchas¬
several
at
ing
especially in the face of further wage advances in
various lines.
It is therefore not surprising that the
looked-for trend toward
true, some efforts in that
the banks
they offer has
a
than the sustaining of life.
latest monthly total of clearings
person
The
(that for
April) embraces 178 cities of which only 6 fail to
over the month a year ago, and all
record increases
high records for the particular period
but 9 establish
covered.
any
Furthermore,
new
high-water marks for
monthly period continue to be a feature of the
exhibits, the places thus distinguished in April in¬
cluding Cleveland, Akron and seven other cities in
West; two in New England, ten in the
Middle group; one
on
the Pacific Coast and Min¬
St. Paul and two others in the "Other
neapolis,
Western"
division.
Moreover, at
many
points the
phenomenally heavy,
running above 60% in 36 instances with cities of such
of increase
percentages
are
Little Rock and Canton included in the list.
The aggregate
178 cities
even
our
of clearings for April 1920 at the
compilation
contrasts
with
registering, therefore,
compared with the
reaches
49.5%.
calendar year
is $39,584,969,015
an
for
1919,
increase of 29.3%, while
month of 1918 the gain
same
For the four months of the current
the total at $155,661,258,131, beside
the period by 30.9%, exceeding
a high record for
being
covers
$30,610,755,295
1919 to that extent, runs
ahead of 1918 by 53.7%,
sum of the clearings for
and is but little below the
any
over
prior to 1915.
At New York the gain
1919 for the month is
25.8%, and for the four
full
months
year
29.8%, and the results of two
years ago are
city the April 1920 aggregate is 34%
the most
greater than that of last year and the four months'
power¬
For
it will be best to let well enough alone.
general activity in the mercantile and
few localities in the West,
lesser extent in the South, evidence is dis¬
but the merchandise
to do with the adornment of the
side of this
industrial affairs of the various sections of the United
and to
more
Locally, it is
dependent for its
performed by the Sub-treasuries.
though in
appear.
direction have been started
54.7% and 55.7% respectively.
compilations of bank clearings continue to
even
lower level of values for the
department stores,
by large
total shows
1
are
ago.
the
States,
a
of life is yet to
necessities
possibly the Reserve banks cannot take over some of
reflect marked
is
price
groups,
Our
St.
quite limited only a short time ago,
merely a secondary consideration,
power was
that
conditions, it will be time enough to consider whether
the work still
points—Minneapolis,
Houston, Memphis, Little Rock and
discloses
the present,
months of the
exceeded by
When the world gets back to normal
Earth.
im¬
operations of Federal Reserve banks or their branches
which
the Sub-treasuries.
Whatever the
course, an
prominance as Minneapolis, St. Paul, Buffalo, De¬
not be troit, Houston,Savannah, Los Angeles, Chattanooga,
should
allowed to extend to the Government
should in
of
clearings over 1919,
which they will be called
These misgivings
bear.
to
confronted
in business from the
up
The higher prices ruling for
portant factor in the increase in
the Middle
quite possible that during the troublous times
It is
slowing
almost all commodities have been,
the contrary,
be done at all—certainly not at this
not
some
level of earlier months.
SITUATION.
THE FINANCIAL
a
gain of 32.2%.
Out¬
Comparison with 1918
gains of 43.5% and 55.4%.
Analyzed by
the aggregates for the period since January
in all sections
noticeably heavier than
New England exhibits
Middle division,
an
a year
expansion of 27%,
exclusive of New York City,
25.7%; the Middle West, 31.6%; the Pacific Slope,
44.1%;
the
"Other
Western,"
35.9%,
and
the
South, 36.1%.
Stock
a
in
April
dealings
were
on
the New York Stock Exchange
of only slightly smaller volume than in
Mat 8
1920.]
MaTch and
THE CHRONICLE
little less than in the
a
corresponding
only 504, but involved $13,224,135 of indebted¬
was
month of 1919—which furnished the heaviest aggre¬
ness,
gate of transactions noted in any month since Decem¬
preceding
ber, 1916—but
the
against
shares in
28,587,431
and 7,404,174
a year ago
For the four months of
1918,
1920
and
shares
shares,
40,858,087
respec¬
The record total for the four months
tively.
the
99,201,457 shares against but
operations reached
74,060,168
of those for
excess
Sales totaled 28,447,239
period in 1918.
same
shares
decidedly in
very
Bond dealings
120,967,731 shares in 1901.
was
were on
larger scale than in March, with activity most
a
noticeable, however, in Liberty bond issues, in which
the transactions were very heavy—over 269 million
dollars,
par
value.
In all $341,559,800 bonds
traded
in,
against
$297,874,700
were
1907
whereas in the corresponding period of the
543 insolvencies accounted for $11,-
year
450,462 of liabilities and 905 casualties in 1918
ered
already stated, makes
but four
from
the
as
especially fine exhibit, all
an
fifteen lines in the group
of the
contraction
cov¬
The manufacturing division,-
$14,271,849.
totals
of
liabilities
showing
reported
in 1919, with the shrinkage particularly marked in
such
leading branches
ber.
iron, machinery and lum¬
as
Altogether manufacturing debts for the month
only $2,601,053,
wrere
of recent
1919
much below the
or very
average
times, and contrasting with $6,107,171 in
and
in
$7,067,268
manufacturers
What is
1918.
true
of
applies also but in lesser degree to
and
traders.
$127,549,000 in 1918.
of debts
a
sales reached
For the four months the bond
1,329 million dollars par value (includ¬
in
preceding monthly period back to March
a
year
ago
ing 1,017 millions Liberty issues) against 1,073 mil¬
last
lions
and 439 millions
year
transactions
share
Boston's
for
two
the
years
month
693,481 shares, against 544,667 shares last
the four months' aggregate
1,450,111 shares.
all
At
against
is
period in 1919, and in
augmentation
particularly
of
true
in
was very
Toronto,
Provinces
the Eastern
Calgary,
Edmonton,
minster
the
in
heavy.
Hamilton,
a
and of
West.
Altogether,
36.9%, and
dealings
ued
cities
gain of 30.4%
over
on
improvement
an
over
1918 reaches 57.6%.
1919 is
Cotton
when the failures
1914,
firms
paring with 209,168 shares
four months' totals are
connected
with
of four
New
York
Exchange greatly swelled the total of in¬
insolvencies is
a year
only 2,131 and the amount of liabilities
$42,926,634, against
last year,
for
2,447 failures for $47,271,514
4,205 for $64,052,149 in 1918 and 5,006
$64,894,312 for 1917.
period,
satisfactory,- the
decidedly
reaching
For this
extended
more
for April, the manufacturing exhibit is
as
a
indebtedness
reported
total of only $12,476,597, against $21,-
Traders,
346,366 in 1919 and $26,055,986 in 1918.
also, make
a
good showing, liabilities of $12,770,028
comparing with $15,702,272 and $24,204,765, but
brokers,
among
agents,
&c., the debts
are
$17,-
680,009, against $10,222,876 last year.
earlier,
com¬
and the
1,528,155 shares and 598,050
May Day in Europe,
as
in the United States,
passed off without the serious labor and political
developments that
London
mated
were
The record of mercantile insolvencies still remains
With the general mercantile and industrial
satisfactory in the country
as a
Cable advices from
was esti¬
feared.
Sunday morning stated that it
that
"8,000,000
the
day
was
diversion
participated
workers
Great Britain's observance of
situation continuing
the
The volume
respectively.
small.
a year ago,
the heaviest
debtedness.
the Montreal Stock Exchange contin¬
full, sales of 291,928 shares in April, 1920,
shares
have
1919 is exhibited,
over
For the four months the gain
40%.
of
27
West¬
in the combined aggregate for
while contrasted with 1918 there is
of
Vancouver,
Lethbridge and New
furnished returns, and
the month
of
August
brokerage
increase in
For the four months of 1920 the total number of
Ottawa, Quebec, London and a number of smaller
cities
since
compared with
as
total
the other
on
an
with
points in Canada the clearings for April
several instances the
This
hand, not only is there to be noted
,
well ahead of those for the
ran
year,
shares,
Among brokers, agents, &c.,
a
the smallest
or
the number of failures
2,449,906 shares, against
2,778,405
comparison is with
of only $3,309,861,
but the volume of debts at $7,346,467 is
shares, against 631,907 shares and
months
four
the
for
any
1907.
year ago
were
Chicago's dealings for the month
1,707,389 shares.
totaled 678,954
ago.
At $3,276,615
parading and speechmaking."
off,
of
a
in
May Day by taking
This
harmless character,- but in the
aggregate the loss of the one day—or even a half day,
was the case in some lines—was no small item in
whole, and the margin for profit in most lines well
as
above normal, little or
Great Britain's
nothing of
an
adverse nature
some
tion
sections of the United States insolvencies have shown
that
has
a
developed recently.
It is true that in
tendency toward increase in number, but
whole
for the
country the exhibit in that respect is still
favorable.
very
In
fact,
for
the
latest
month
(April) the number of defaults, while larger than for
February,
of 1920,
ticular
below
up
was
less than for the other elapsed months
and the smallest
period
covered,
ever
recorded for the
falling
by
a
fair
April of 1919, the low record for
any
par¬
margin
month
to that time in recent years.
were
The liabilities, too,
of strictly moderate proportions in manufac¬
turing and trading lines, though showing considerable
expansion in the brokers, agents, &c., division, thus
essential
public services."
which
a
crowd of 40,000 persons
scheme
defaults, according to Messrs. R. G. Dun & Co.,
resolution
fraternal
Russia"-—a queer mixing of
peoples, canny Scotchmen and Russian Soviets. It
was stated, furthermore, that "the resolution pro¬
claimed the right of the Irish people to choose their
Soviet
to
the London
mercantile
a
that "the resolution embodies
was
greetings
beyond that of any monthly total since March of
of
adopted
calling for the establishment of a co-operative com¬
monwealth."
The most unfavorable feature of the
last year.
the number
The celebration in Glas¬
was
own
year
time when produc¬
said to have been "on an unprecedented
scale."
According to the accounts of the affair,"a demonstration was held in Glasgow Green, at
gow
made
April i this
a
of
swelling the aggregate failed indebtedness for April
For
production, at
special importance. The advices added
"there were no interruptions to the nation's
is
form
of
without
Government."
The
reservation—mild
or
assertion
was
otherwise—in
cablegrams that "the move to impede
railway traffic through the 'work to the
rules' policy
proclaimed by the London and Liverpool railway men's
single instance of a
hold-up due to this attempt to enforce the workers'
demand
for
increased wages, unauthorized by
the executives of the unions, being reported."
A
locals, proved a fiasco, not a
spectacular feature of the day's events was "the
inauguration of the overalls-wearing campaign by
the Middle Class Union, similar to that in the
United States." ! It seems that the movement was
officials of the union appearing at
ago this morning "garbed in
started by the
offices
their
a
week
denim, and by issuing
the union to emulate
appeals to the members of
passed with fewer
untoward events than had been feared.
From Paris
came the announcement Sunday morning that "May
Even there, the day
character.
Day passed with a
series of small riots and disorders,
were
in which at least three persons, one a woman,
and
wounded."
many
revised somewhat in subsequent
Thess figures were
dispatches, the dead
remaining at three and the wounded being placed at
102.
The arrests were said to have numbered 103.
That there was not
National
probably
greater disorder
was
day passed, "without the
from
declaration of
a
nation¬
general strike, which the union workers expected
the General Federation of Labor."
The leaders
that
Repre¬
railway workers claimed Saturday evening
sentatives
"50% effective."
of the Government asserted at the
time that
operations
their strike
already
was
were
certain lines, the most
important lines moving in and
According to the leaders of the men,
out of Paris."
their strike
was
continued after May Day "to
to be
Monday
nationalization."
enforce
vices from Paris relative to the
less
has
same
not far from "normal on
morning's
ad¬
railroad strike were
The admission was made that "it
thus far hindered traffic on four of the five big
encouraging.
systems—the Eastern, Northern, Orleans
and the
That admission
by the Paris correspondent of
Paris, Lyons and Mediterranean."
or
r;
assertion
was
made
made that "the secretary of the
was
time
and
from Havre and Bordeaux said that
"at
was
panies
while at
still
complete failure." The
reported to have added that "he had
"the strike is
a
foreseen the conflict and that as a
result the railways,
public services, and industries had been provided
greater supplies of coal than
the
since
of
signing
the
they had had at any
armistice." The corres¬
pondent said, however, that "services on
curtailed,"
were
with
time
all lines
and that "the Paris forces were
operated about 50%, except the Lazare State Sys-.
which canceled all trains from the Capital."
tern
Motor trucks were
and
used
to
requisitioned by the Government
good advantage.
It
was
added that
"technical students and volunteers who were organ¬
ized
by the Government during the strike
ary
were
There
last Febru¬
already replacing many of the strikers."
appeared to be less apprehension about the results
strike as an independent movement
of the railroad
than about the effect upon
the whole situation of the
and miners.
Still, in one cablegram from the French Capital,
Monday morning, the assertion was made by the
correspondent, that, "the French Government is
facing the prospect of a complete tie-up of national
transportation with absolute equinimity, as it is
expected
going out
of the dockmen
Only foreign com¬
standstill."
a
shipping in those
reported to be working at Marseilles,
Dunkirk some of the regular dockmen were
their
on
Albi,
At
jobs.
Blanzy,
Carmaux,
Decazeville,
and
Montceau-les-Mines
the
miners
the collieries, while in the Pas de
"did not report to
in other districts the men
Calaise Department and
considering the strike order and may walk out
are
to-morrow"
Government
French
The
(Monday).
aggressive policy from the start in the
handling of this latest labor outbreak, as it did in
the railroad strike last February.
It was recorded
pursued
an
Paris cablegram
one
8 months in
prison
were
that "sentences running to
given to 30 persons arrested
participants in the May Day demonstrations."
spite of the going out of the dockmen and miners,
the claim was made in Paris Monday evening that
In
"the situation at the railroad stations,
strike,
was
'the current
opinion expressed was that the strike
Minister of Public Works
meeting of the Cabinet
the day that "all the essential public serv¬
easily been kept functioning."
He also
that "workers throughout France will be
would prove a
Le Trocquer
earlier in
ices
had
asserted
created by the
much improved," and it was added that
failure."
reported at
a
protected by the Government against aggression by
strikers."
The
from
dispatches
Paris
Tuesday
evening indicated that the strike actually was
a
failure,
it
as
the
exceed
recruits
officials took the
proving
claimed that "the volunteer
was
new
strikers."
position
same
as was
The
railroad
taken by the
of the railroads in the United States as a
of the recent "outlaw" strike of switchmen,
managers
result
French
The
Yves le
was
was
were
trainmen,
Minister
it
force nationalization of the railroads
other basic industries."
The earliest reports
"to
stated,
statement in Which
ing that
miners'
has asked the men
part of a general movement, as
a
as
the Associated Press.
On the other hand, he quoted
Trocquer, Minister of Public Works, as say¬
with
The
went out on schedule
and dockmen
The miners
'
of the
commodities,"
necessary
obey the strike order."
not to
as
went out as
of
supplying
union in the Loire Department,
The railroad
they had threatened to do, but the
and towns.
of the French public is opposed
mass
strike movement which would interfere
statement
in
individual municipalities
wide
the
precautionary steps taken by the
Government and by the authorities of
due to the unusual
men
known that the
to any
ports
their example."
happenings were of a more serious
In France the
killed
[Vol.110.
THE CHRONICLE
1908
&c.
authorities
issued
a
they said that they would dis¬
miss from service all strikers who did not return to
work
It
Tuesday.
on
was
admitted in the cable¬
from Paris that evening that "the strike of
grams
iners and dockers is
spreading."
subsequent dispatches from the French capital
it was stated that the men had been given until
In
Thursday of this week to return to work.
Wednes¬
day morning the reports on the strike situation con¬
tained the statement that "the northern mine fields,
which furnish 27,000
in France
it
seamen
was
that
is
general
a
more
miners and railway
hesitation of the
the
Although
that the strike of the dockers and
not
"it
of the 40,000 tons of coal mined
continuing at work."
are
set forth
was
made
daily,
men."
men
one,
the admission
was
complete than that of the
A hopeful sign
was
"the
in other industries to join in
movement," and the opinion was expressed that
later."
In a
"it is bound to have its effect sooner or
special cablegram from Paris to the "Sun and New
York
Herald," the statement was made that "the
has taken the gauge of battle
French Government
offered
aas
are
by the General Confederation of Labor and
strike leaders who
ordered the arrest of numerous
accused of
plotting against the securityfof the
May 8 1920.]
State."
M.
THE CHRONICLE
Among
those
arrested
cation.
He
reported
was
liaison with Lenine and
de
the
at
Monitte, editor of "Labor Life,"
Mott,
N.
expense
a
Trotzky by using Paul R.
the
the Ruhr
Valley.
His arrest
sobering influence
came
on
was
earlier in the
expected
arrest in Paris
action
railway and mine workers."
not
been
dispatch further
had
representative of
as
the
Soviet
will
in
According to Paris advices Thursday morning the
have their
workers
and
miners
probably will not last another
principal ports
work."
to
still tied
were
being unloaded from
comments
or
Strikes
unacceptable to the
General
some
and perishable goods
The
in
Polish
the
military forces
Ukraine
on
to be of
appear
pretty
sheviki in the South
southeast
early in the week of
communique
in
two
of
the
authorities
were
become
reported
said
general."
to
fear that
to
The
wages.
be spreading
"the
and
strike
the
were
Spain, went
Last
that
labor
getting
was
began."
situation
points in Italy
For instance, it
worse.
said that
was
"Anarchists have gained the upper hand in several
districts in Italy, especially in
Leghorn, where the
extremists invaded the Chamber of Labor and
mitted acts of violence."
the Province
"grave."
claimed
of Verona
Strikers
to
have
in
number
"invaded
of
fields,
6,000
setting
were
fire
to
standing crops."
Last
sfation
Berlin
were
In
claimed
moving
an
official
claimed that "the Poles have
hundreds of
cannon,
and 76 locomotives since their offensive
that
"a
were
was
made in the
supplies and
the
same
of food and
great amount
taken in
a
wire¬
occupation of Czer-
Apparently—and naturally—the Germans
did not look with favor
on
this movement.
A
special
correspondent of the New York "Tribune"
cabled that "the advance of the Polish armies under
General
Pilsudski into
the
Ukraine is
.endangering
plans of the Monarchists for the overthrow of the
Bolshevisk
Government in that country,
according
to advices received here."
The
reported to be getting
was
the
to
com¬
The strike of peasants
was
The further claim
nobyl."
various
at
it
stores of ammunition and army
less
evening's cablegrams from Rome indicated
the
active
week.
was even
along the Dneister River.
announcement
strike last Monday.
on
of
cablegram from
a
Ukraine, and it
captured 15,000 prisoners, 60
was
The miners in the region of Almeria,
notably
much all the
they had captured Mohilev and
machine guns
may
Saragossa, Spain, reported that
the general strike at that centre and at Linareu
still in progress.
that
strike of agricultural laborers
provinces, for increased
was
will
Federation
Warsaw, they had broken the resistance of the Bol-
a
particularly serious character, or very much out of the
ordinary.
From Seville, Spain, came the report
movement
was
Labor."
vessels by volunteers.
Continent, but they did not
a
There
measure
At that time all the
up
reported in several other countries
were
previous to the
thought to be "a possibility that the
prove
was
saying that "he had requested the leaders
as
Saturday evening, according to
the
ready soon."
answers
Trocquer, Minister of Public Works,
presentation of the bill in the Chamber."
twenty-four hours, although greater difficulty is ex¬
pected in inducing the metal workers and the dock
laborers to return
It is added that the proposed
companies and it is expected they
of the Federation to confer with him
expressed that "the strike of railroad
were
through the controlling council is said to be
quoted
was
through the Government's guarantee
yet determined."
Yves le
the Occident."
opinion
and
time-tables
that "money for financing improvements
law is before the
appointed by Nikolai Lenine, Bolshevist Pre¬
Russia,
roads
as
railway bonds, although whether the money should
be raised by each
company separately or by joint
Party, "by Government agents, in their
round-up of agitators in the general strike of dock,
mier in
the
of
the Socialist
Loriot
of
rolling stock and signals, and
authority would be absolute."
It is
will be found
day of M. Loriot, former Treasurer of
said that 'The Government claimed that
operation
cover
and standardization of
in general its
the Central Labor authorities."
The
would
unification of operating methods, such
said to have had "a
Thursday evening of the
of the companies."
Continuing to outline
plan, the correspondent said that "the council's
control
was
after being arrested with the Red troops in
escape,
said, "would have authority to order improve¬
was
ments, and, if necessary, have the work done at the
American correspondent from Paterson,
killed recently while attempting to
an
J., who
Word
it
was
weekly publi¬
established
a
"have
to
start
1909
following day further
Polish
the
troops
"to have reached the outskirts of
Ukraine,"
the part of
progress on
reported.
was
They
were
said
Kiev, capital of the
A wireless message was received in Lon¬
don from Moscow in which the Soviets of Kiev and
It became known
Press
on
definitely through
Associated
an
cablegram from Paris yesterday morning that
Wednesday the metal workers in the Paris district
had
joined the striking railroad employees, miners
and dockers and that this
development
with the renewed threat of
in all industries."
This
a
"coupled
was
possible general strike
development
said also
was
Kharkov
Polish
that
squires."
the Polish
cast in the Chamber of
The belief
was
Deputies
on
Feb. 24 last."
said to have been entertained in Paris
war
announced
was
their
against the
also asserted
has been started between the
Russians and the Ukrainians and
ised
fore¬
have
to
Poles, which will
only end by the complete destruction of the Polish
York
as
reported
aggression," and in which it
"a decisive
to have "caused the Government to hasten its
prom¬
plan of reorganization of the railroads,
were
determination to defend the revolution
a
A special Paris correspondent of the New
"Times," commenting
upon
the activities of
military in the Ukraine, declared that "in
whirlwind
campaign of less than
a
week the Poles
have inflicted the most serious defeat yet
experienced
yesterday that "this plan, giving control of the trans¬
by the Red army."
portation systems to
goal of their offensive is Odessa, the most important
a
committee representing all
interests, will furnish the probable basis for
ment of the strike."
furthermore, "for
the
technical
railroads,
the
and
a
settle¬
The
project is said to provide,
controlling council representing
administrative
workmen,
personnel
chambers
Parliament and the Government."
a
of
of the
commerce,
"This
council,"
He asserted also that "the real
port of that country," and further observed that "by
a
clever arrangement, whose main
dictated further west than
a
lines doubtless
Warsaw, they
were
are now
in
position of protectors of the Ukraine, undefended
against
was
the
Soviet
tyranny."
certain that France
was
The
correspondent
really behind the Polish
he proceeded substantially
as follows to outline what the success of the campaign
would mean to France:
"Behind Poland stands
military movement, and
march into the Southern Ruhr
and munitions and possessing
too, able and devoted officers to instruct and lead
the Polish troops.
The worst cause of France's
financial weakness is the enormous excess of her im¬
import is
countries
intolerable premium, and
that premium ever mounting.
If Odessa can be
securely held by France's friends, the vast wheat
stores of the Ukraine,
Europe's granary, would
become available to French shippers.
Instead of
is at
whose exchange
In another
from the German capital it was claimed that
"the situation in the Ruhr district is grave and a
message
sing huge stores of arms
ports over exports, and the biggest single
wheat.
That wheat she must buy from
district for the pro¬
public order and industry."
tection of
financially exhausted it may be, but posses¬
France,
[Vol. 110.
THE CHRONICLE
1910
an
paying in dollars, France would pay in rubles or in
Polish money, both far below the French currency."
Warsaw heard on Sunday that the day before the
Monarchist movement is
of
A large quantity
"discovered at Rue-
feared."
said to have been
was
arms
the Province of
Berlin di¬
rect that "probably the German Government will
have to revoke its previous decision not to intervene
in the territory south of the Ruhr, because the chief
burgomaster of Hagen has declared that he can no
longer assume responsibility for the maintenance of
island in the Baltic Sea, in
gen, an
The statement came from
Pomerania."
order."
Interior
this effect was said to
Announcement to
r
have been made in the
Prussian Diet by Minister
of
(Severing.
Political conditions in and with
respect to Italy
"Populo Romano"
published a report that "negotiations between Vittorio Scialoia, Italian Foreign Minister, and Anton
Trumbitch, Foreign Minister of Jugo-Slavia, looking
reported
were
as
still unstable.
Gen¬
said
to have led the troops into the city.
The Ukrainians
were reported to have rendered substantial assistance
to the settlement of the Adriatic question, may be
in the undertaking.
Later advices indicated that
broken off."
The paper further stated that Signor
the reported capture of Kiev was at least premature.
Scialoia had returned from Lake Maggiore, where he
In Monday's communique "the capture by the Poles
had been in conference with M. Trumbitch and other
of the railroad junction 60 kilometers southwest of
Kiev" was announced.
The fighting all along the representatives of Jugo-Slavia, and asserted that rep¬
resentatives of that country had "informed the
front was reported to have been "fierce."
It was
Italian Minister that they were no longer authorized
added that "the Poles and Ukrainians are meeting
to negotiate on the Adriatic question on the basis of
the most stubborn resistance on the entire front,
conversations which have been going on."
From
since their advance began, but they are making head¬
Rome came the report also that "a new Cabinet
way gradually."
Later reports received in Warsaw
stated that "the Poles are only 35 to 45 kilometers crisis, involving Premier Nitti," was regarded prob¬
Polish
from
actually had occupied Kiev.
troops
eral Pilsudski,
Kiev
President of the Polish State, was
several
at
places."
According to an
Warsaw,
It
able.
from
believed that "the crisis would come
was
of the National Council of the
"public
Catholic Party, which has voted against Nitti beriots and uprisings among the soldiers are reported
cause of dissatisfaction over his internal and foreign
to have occurred in Moscow upon receipt of news of
the Polish successes."
It was added that "the re¬ policies." It was said to have been rumored in
political circles that "Nitti already has selected Signor
ports say there are increasing demands for a change
of Government."
As the week draws to a close it Bonomi, Independent Socialist and Minister of War
in the present Cabinet,
as his successor."
An¬
is apparent from the European advices that the tug-
Associated
Press
dispatch from
of-war between the
Poles and the Bolsheviki in the
Ukraine is still on.
saw
the
In fact,
a
cablegram from War¬
yesterday morning stated that "fighting between
Poles and Bolsheviki for possession of Kiev con¬
tinues day
and night.
In the entire semi-circle of
bridgehead the Polish infantry is in contact
with the Bolshevik infantry."
the Kiev
Warsaw
reported last
troops fighting
evening that "Bolshevik
in the defense of the city of Kiev have
strengthened their resistance considerably during the
last twenty-four hours."
It was added, however,
that "the battle for the possession of the city is still
raging."
to have
The Polish Information Bureau was said
reported that "the fall of Kiev is an accom¬
The report was taken with "some
unfounded reports that the
had been driven from the capital of the
plished fact."
reserve
because of earlier
Bolsheviki
Ukraine."
the
attitude
nouncement
was
Italian capital
in
made
the
week
indicated
London and Berlin early in
that conditions in
the Ruhr
Valley of Germany were getting worse rather than
It will be recalled that last week the Ger
cablegram from the
Wednesday morning that Parliament
during the day and that "Premier Nitti
time this year will have to face in¬
numerable bitter attacks on the part of Deputies of
would reopen
for
the third
the various
be
no
It was added that "there will
satisfaction in Italy as long as
question remains unsolved."
The cor¬
groups."
political rest
the Adriatic
or
respondent stated also that "if Nitti can
country that it was
convince the
absolutely beyond his power, and
beyond the power of any one else in his place, to
obtain a satisfactory settlement, and that Italy
ultimately will get what she wants, he will not
tions
fall."
"the impending direct negotia¬
between Italy and Jugo-Slavia relative to the
Commenting
Adriatic
upon
question," the "Giornale d'ltalia" asserted
"plans for a buffer State about Fiume virtually
have been abandoned, owing to the opposition of the
that
Belgrade Government."
The advices from both
a
may
It
was
added that "Italy
be given formal sovereignty over Fiume on con¬
dition
that
the
port
be
placed
under £ Jugo-Slav
control."
better.
man
Government announced that
it had reduced its
What
was
known
as
the International Parliamen¬
of Commerce was to have been in
the Luxembourg from May 4 toj.% Unfor¬
tary Conference
below the number
French authorities session at
stated that they would soon withdraw their invading tunately the Paris cablegrams have not contained
much about what took place.
There were^to have
troops.
London heard through a wireless message
been present more than 200 delegates.
Imfact, it
from Berlin that "German State defense troops wil
military forces in that district to
fixed
by the Allies and that the
May 8 1920.]
announced
was
THE CHRONICLE
early in the week in
one Paris dispatch
already had arrived and that others
that that number
were
on
to be
their way.
represented
Some of the countries that
were
Great Britain, Italy, Japan,
were
Belgium, Finland, Poland, Greece, Rumania, China,
Brazil and Jugo-Slavia.
It
was
said that "while
an
official invitation has been sent to the United States
send delegates, no answer has been received."
to
It
added, however, that "Ambassador Wallace
has designated a commercial attache of the
Embassy
was
to
attend
the
sessions
called for
gram
a
as
observer."
an
discussion
of
The pro¬
"world
problems,
high cost of living, exchange, commercial
transportation, aerial commerce and national debts."
such
It
the
as
further explained that
was
"reports
subjects have been prepared and will be submitted
in the form of resolutions
action."
It
recommending courses of
expected that "the conclusions
was
arrived at will be considered at the Brussels financial
conference and be taken
sions."
In
a
Paris
as
basis for further discus¬
a
cablegram yesterday morning it
claimed that the deliberations
was
fined to
At
were
being
con¬
exchange.
the
through
3,000,000,000 marks gold annually for 30 years, this
be supplemented
by annual sums proportionate
to
to
Germany's capacity to effect her own restoration."
pointed out that this amount "was far below
He
French
estimates, experts contending that not less
150,000,000,000 marks would begin to com¬
pensate France."
Although the French were said to
than
be
in
frame
a
wisdom
in
of
mind to
be determined
by the rapidity of Germany's recon¬
economically, without reducing the ultimate
indemnity."
struction
total of
In
cablegram from Berlin, the statement
a
made that "the Mueller Cabinet has not
yet
was
decided
whether to propose to the conference with the Allied
representatives at Spa
a figure for the total of the
reparations Germany shall pay, or to leave this to
the Allies." ; The
correspondent added that "certain
advisers of the Government consider it better that
Germany merely furnish the facts and figures on her
conditions, while others argue that it will
make an impression of
greater strength also to draw
economic
beginning of the week it became known
a
"refuse to concede
any
the
plan supported by Premiers Lloyd
George and Nitti, nevertheless they are willing to
spread this latter sum over a long period of time to
the various
on
1911
the conclusions from these
cablegram from Paris that Premier Miller-
hagen
and will go to London next week to confer with
Lloyd
George "regarding financial questions." The belief
appeared to prevail in Paris that at that time "an
agreement will be reached upon the line of action to
be
adopted concerning Germany with regard to the
execution of the reparations clauses of the
Treaty of
figures." From Copen¬
the report that it had been estimated
came
that "German
property and
worth
40,000,000,000 gold marks."
for payment in
discussions to be held with the German representa¬
made that "this
tives at the
be in
May25, in line with the
are
was
sum
pro¬
Treaty, which calls
gold and commodities during 1919,
of
on
Treaty
Attention
called to the fact that "this is double the
vided in Article 235 of the Peace
Versailles." According to the
understanding in Paris
"the Premiers will also determine the basis of the
Spa meeting
sundry materials to be
surrendered under the terms of the Peace
1920 and the first four months of
1921, to the value
20,000,000,000 gold marks." The observation was
goods."
indemnity payment will necessarily
a Paris cablegram Thursday even¬
In
understanding reached by the Supreme Council
ing it
Germans any question upon which they
against allowing German representatives to take part
in the coming economic discussions at
Spa." The
at
San Remo that the Allies would not discuss before the
accord among
were
not in
A special Paris
themselves."
corre¬
spondent of the New York "Times" in
a
long cable¬
gram
said that "the chief interest of European diplo¬
mats
is
now
in the various financial and economic
asserted that "Allied leaders have decided
was
further assertions
be present
were
made that "the Germans will
only in the capacity of witnesses.
will be called in and
miers, but will not be allowed
conferences which will take place in the next
thirty
ments
days." He made the interesting and somewhat
striking observation that "the nations of the Old
They
questioned by the Allied Pre¬
to present
verbal
argu¬
sent their estimate
World
are
beginning to realize that they
making
are
little progress in the work of recovering from the
war,
and in the forefront of all their troubles is the cloud
of economic
uncertainty."
all centred in
of
"the
on
May 25
when the.Allied Chiefs of State will meet the heads of
the German Government."
said
Next in importance he
"the financial conference of the
was
demnities."
These various statements
Announcement
was
in
memorial
a
300,000
2,500,000 tons;
He then made reference to the International Parlia¬
leather 150,000 tons;
already has been outlined.
in
Paris,
which
A Paris correspondent
of the "Sun and New York Herald" cabled at about
the
time that "while it is generally conceded
meeting of the Allied Premiers in San Remo
said to
Food and
Attention
to
coal,
tons;
550,000 tons;
ores
was
21,500,000
Reparations Commission
as
fodder, 5,500,000 tons; fertilizer,
2,000,000
tons;
mineral
oils,
and metals, 8,500,000 tons; wood,
raw
textiles, 500,000 tons; hides and
miscellaneous, 1,500,000 tons."
called to the fact that "this amounts
tons
as
compared with only about
13,000,000 tons in 1913.
same
that the
last month provided the basis for strengthening the
Anglo-French alliance,
so
far
as
the
assuran'ce
of
According to
leader,
standing will be
Apparently
at first."
was
lasting
as
the outlook indicated
He added that "at the San Remo
meeting
tentatively decided to demand of Germany
cablegram from Madrid
has accepted King Alfonso's
form
as
a
on
Tues¬
day "Eduardo Dato, former Premier and Liberal
indemnity from Germany was concerned, there now
appears to be considerable doubt whether this under¬
it
were
made in Berlin advices yester¬
the
to
Nations, which will take place at Brussels, and it is
likely that if the Allies and Germany come to an accord
at Spa the Germans will be invited to attend it."
Conference
added that
day morning that "the minimum imports needed by
Germany for the year ending July 31 1921 are given
follows:
Commercial
was
have been made by the French Foreign Office.
League of
mentary
It
"the German representatives will be allowed to
pre¬
of Germany's ability to pay in¬
He said that interest first
meeting in Spa
the basis of equals."
on
a new
of the
Cabinet.
names
that it
a man
The
was
a
a
to
list
believed would be selected.
had been decided
Ministry except that of War.
made in
invitation
cablegram contained
upon
for
every
Announcement
was
dispatch from Madrid Thursday evening
completed and had
Later
stated, "the Ministerial Council met at the
that the
Cabinet had been
new
the evening before.
taken the oath of office
it
was
King Alfonso." Re¬
plying to a brief address of welcome by the King
Senor Dato was reported to have said that "the
program of his Cabinet was based on the principle
palace under the presidency of
'peace and justice/"
of
The Irish
is to be
[VOL. 110.
THE CHRONICLE
1912
hoped
embarked
have with us always,
we
which is now in session in London, has
a determined effort to break the
of wages and increases in the cost of
upon
vicious circle
It
living."
was
added that members of the
Alliance
will meet
again at an early date to receive the report of the
joint body, and their views will be submitted to the
question and that "they
this
discussed
the latter taking 'such
Government with a view to
action
but it
that some day it will be settled with a
permanency.
A week ago announce¬
question
port workers,
costs.' "
substantially
will
as
reduce
present
high
:
.
for the week ending May
and other ingoes than ex¬
special London dispatch to the
penditures and disbursements, and the result was an
New York "Times" that the day before "Lloyd
expansion of £282,000 in the Exchequer balance.
George buckled down to work on the Irish question
The week's expenses totaled £21,901,000, against
with characteristic vigor."
It was made known also
£16,338,000 the previous week, with the total out¬
that so urgent did he regard it that he begged the
flow, including repayments of Treasury and Ex¬
King to excuse him from an invitation "to pass the
chequer bills, advances and other items, £110,035,week end at Windsor Castle," which already he had
000, in comparison with £137,520,000 for the week
accepted.
The correspondent said that "both Lord
Receipts from all sources amounted
French and Sir Hamar Greenwood, who succeeded ending April 24.
to £110,317,000, in comparison with £136,936,000
Ian MacPherson as Chief Secretary, had been sum¬
the previous week.
Of this total, revenue contri¬
moned to London," and it was expected that there
buted
£24,425,000, against £23,958,000. Other
would be a special Cabinet Council in a day or so.
credits yielded £240,000, against £3,561,000.
From
The Prime Minister's efforts to adjust the Irish situa¬
fair
degree of
ment
tion
was
were
made in
received, but it
quarters it is doubted
some
was
whether
opportunist policy which he is expected to suggest
the
as
1, showed larger revenues
a
said to have been well
added that "in
a
way
out of the dilemma is
In
success."
subsequent
a
likely to have much
cablegram from the
said that such a conference was
British capital it was
held, at which the prominent Government representa¬
tives
already
the situation
in
the
and
mentioned,
They
present.
some
others, were
reported to have "discussed
were
basis of three fundamental changes
on a
Government's
The correspondent
first change will
policy."
said that it is understood that "the
provide
more severe
of actual
the
treatment for the perpetrators
crimes; the second will grant to the
almost the
and
He added that "while it is
have been
whether these principles
announced
definitely decided
intention
is
now
it
may
the
new
upon,
that
be stated that the
Irish
officials will
attempt to govern along these lines." Following the
conference it became known that Lloyd George had
been taken ill
and had been "ordered by
sicians to remain in bed for
what is described
as
a
a
mier
mild attack of bronchitis and
from
Ireland."
American
Congressmen relative to
that 88 members of
It will be recalled
Congress "informed Lloyd George of
tions to the detention of Irish
The "Pall Mall
sum
repaid, the total being £71,202,000,
last
£98,216,000
contrasts with
week,
1
£3,865,000 last week.
Official discount rates at
leading European centres
quoted at 5% in Berlin, Vienna and
continue to be
Switzerland; 5)/£% in Belgium and Norway; 6% in
Petrograd; 7% in London
In London the
private bank rate has not been changed from 6^@
6%% f°r sixty and ninety day bills.
Money on call
in London is still reported at 4J^%.
So far as can
be learned, no reports of open market discounts at
Paris, Copenhagen and
and Sweden,
and 4^% in Holland.
other centres have been
received by cable.
According
Lloyd George will not take cognizance of the
message
which
£10,500,000 the previous week.
Treasury bills were somewhat smaller than
with
against
while repayments were
£73,895,000; hence Treasury bills outstanding were
expanded to £1,047,648,000, as against £1,050,634,000 last week.
Temporary advances are reported
at £249,207,000.
A week ago they stood at £245,337,000. The total floating debt is now £1,296,855,000, which compares with £1,295,971,000 the week
preceding, arid £1,477,671,000 a year earlier.
The
Exchequer balance stands at £4,147,000, which
the
The Bank of
dispatch from London Thursday evening "Pre¬
a
our
his phy¬
few days, because of
fatigue from his San Remo activities."
to
Sales of
total of £13,500,000 was received,
a
compares
provide official publicity of all
third will
happenings in Ireland."
not
Irish
advances
England,
freedom of speech as in
same
British Treasury returns
their objec¬
trial/'
prisoners without
Gazette," commenting upon the in¬
in
England reports another small gain
This brings total
gold holdings, namely £1,906.
stocks to
£112,520,217, which compares with £85,-
927,395 held in the same week
of
a year ago
and
Note circulation was heavily
expanded, £3,232,000; hence the total reserve fell off
£61,365,503 in 1918.
£3,230,000 to £19,854,000, as against £27,595,430
1919 and £30,132,523 the year previous.
The
cident, said "that they do not reproach him with
in
murdering the Lord Mayor of Cork must be set down
proportion of reserve to liabilities continues to de¬
cline and is now at 14.60%, as against 16.44% last
to the nice
sense
of international delicacy which dis¬
week, 17.25% the week previous to that and
tinguishes their species."
in
1919.
An
increase
of
19.90%
£2,747,000 in public de¬
recorded, but other deposits were reduced
and Government securities declined
to a realization that
£4,526,000.
Loans, however, (other securities) reg¬
istered an expansion of £4,526,000.
Circulation has
vances in wages and concessions in working condi¬
reached a total of £111,115,000, which compares
tions they are in reality bringing disaster upon them¬
selves.
The statement was made that the "Execu¬ with £76,781,965 last year and £49,682,980 in 1918.
According to
a
cablegram from London yesterday
gradually coming
by demanding continued ad¬
morning, British labor leaders
tive of the
are
'Triple Alliance' of the miners and trans¬
posits
was
£5,962,000,
Loans
aggregate £79,690,000.
In the corresponding
May 8 1920.]
THE
week of 1919 the total
£97,410,123.
There
Bank's
official
rule
7%.
for
at
change
no
which
rate,
in
the
continues
to
Clearings through the London banks
£743,073,000
a
We
a
append
the
been
discount
the week total
of
£99,477,023 and in 1918
was
has
CHRONICLE
£900,374,000
compared with
as
week ago and £490,650,000 last
tabular
different
items
of
the
1919.
1918.
May 5.
May 7.
£
Circulation.
The Bank's stock of
be
to
1,911,840,000
marks
marks
in
1918.
total
same
England
,£
..111,115,000
1917.
May 8.
£
£
a
49,682,980
38,724,155
Note
of
week's
54,172,724
54,833,814
83,441,906
and
49,452,735
55,871,732
45,049,406
33,187,474
Other securities....
79,690,000
99,477,023
97,410,123 111,479,848
79,409,760
Reserve notes & coin
19,8.54,000
27,595,430
30,132,523
34,745,456
bullion...112,520,117
85,927,395
61,365,503
55,019,611
59,362,727
14.60%
19.90%
18.20%
20.01%
5%
5%
5%
5%
Bank rate.........
more
than offset the
registered
The Bank of France in its
further small
This
is
exclusive
francs.
The
Bank's
gold
held abroad in both 1920
were
2,037,108,484 francs in 1918.
the week advances
francs,
while
general
Silver,
francs,
bills
francs,
francs,
on
deposits
reduced
were
Treasury
further
561,745,000 francs in the
gained
the other hand, fell off
discounted
and
A
v
During
augmented to the extent of
were
43,903,000 francs.
tion
week.
Net time
deposits
large
lost
expansion
or
amount of notes in circula
took
Cash
the
Federal
francs
and
27,011,835,645 francs, respectively.
July 30 1914, just prior to the outbreak of war,
the
amount
outstanding was only 6,683,184,785
Comparisons of the various items in this
francs.
week's return
with the statement of last week and
corresponding dates in 1919 and 1918
BANK
OF
FRANCE'S
—Status
for Week.
Inc..
May 8 1919.
Francs.
to
253,925
3,698,287,709
3,569,457,794
3,343,298,554
1,978,278,416
1,978,278,416
2,037,108,484
253,925
5,586,566,125
5,547,736,210
5,380,407,039
..Inc.
Silver
Dec.
15,089,000
229,005,495
Bills discounted
Dec280,324,000
2,097,172,298
894,942,341
Inc.
1,844,383,561
1,246,304,08)
reduced,
vaults
own
of
members
of
the
contracted
$5,813,000 to
reserve).
was
Reserves with
as
Bank
slightly reduced,
were
reserve
in
own
expanded
Aggregate
standing
$230,000,
did not change
reserves
$586,900,000,
at
The loss in surplus
hand
for
surplus
down
$30,839,16$.
to
are on
of
heavier, totaling
was
$4,712,550, thus bringing the total of
on
increase
an
excess reserves
The above figures
the basis of 13% legal
reserves
of the Federal Reserve system,
for
but
do not include cash in vault
amounting to $87,190,000
by these banks last Saturday.
At the Federal
Reserve Bank there
was
loss of
a
than
more
$46,-
000,000 in the gold settlement fund, which partly
accounted
for the reduction of
and which
reserve
ing about
to
$48,000,000 in total
principal factor in bring¬
reduction in cash
a
39.9%.
bill
the
was
There
was
an
reserves
from 43.1%
increase for the week in
holdings of $55,382,000, but the totals of
bills
included
no
less
than
$84,996,300
discounted for other Federal Reserve banks
$63,995,800
the previous
ments will be found in
week.
The
greater detail in
as
bank
a
re-
against
state¬
subsequent
1,177,399,179
Advan ei
was
deposits of $83,-
May 9 1918.
Francs.
Saturday,
on
deposits fell off $910,000 to $251,-
in
$12,104,000.
much,
these
Francs.
associated
$235,000 to $12,487,000, and in other depositaries
(State banks and trust companies) gained $15,000
the
of
as
No change.
Abroad...........
Total
May 6 1920.
Francs.
In France.
follows:
COMPARATIVE STATEMENT.
Changes
Gold Holdings—
are as
issued
Surplus
$20,000, to $562,309,000, but the
held
34,429,666,-
York
vaults of State banks and trust
companies
and 1918 at this time the amounts
were
New
Government
Reserve
member banks
On
the
reduced $14,761,000 during the
$87,190,000 (not counted
place during the week, bringing the total
outstanding up to 38,416,149,806 francs.
In 1919
820
of
were
Federal Reserve Bank
1,978,278,416 francs
280,324,000
the
In
heavy stock market liquidation,
253,925
now aggregate 5,586,566,125 francs, com¬
paring with 5,547,736,210 francs last year and with
5,380,407,039 francs the year before; of these amounts
29,894,000
reached
marks.
expansion
an
419,000.
holdings
15,080,000
has
corporate financing which
new
gain in its gold item this week, the
being
45,350,000
2,343,800,000
of $38,033,000.
Net de¬
deposits gained $37,737,000 to $4,185,289,000.
mand
weekly statement shows
of
companies,
loans, owing to
685,000, which
and 1919 and
with
compares
25,874,800,000 marks
anticipations.
while
31.37%
7%
about fulfilled
o f reserve
liabilities
increase
circulation
46,228,213,000
43,386,597
a
of
hand is reported
and
year
statement
trust
34,426,130
37,573,152
20,649,000
Governm't securities 55.309,000
to
advances
earlier at only 11,564,020,000 marks.
year
banks
23,691,566
Proportion
last
on
which
week of 1919 it stood at
Last
May 10.
"''.v
•>'/
76,781,965
Coin and
in
1916.
May 9.
£
deposits.....116,516,000 115,161,359 128,129,817 119,375,972
Public deposits.....
gold
1,091,690,000 ma?ks,
of
Bank
curtailment
a
ENGLAND'S COMPARATIVE STATEMENT.
1920.
Other
marks.
and
OF
was
enormous
year.
statement:
BANK
There
6,995,000 marks, and in liabilities of 142,692,000
comparisons
of
statement
marks.
1913
1,011,889,107
Note
45,350,000
308,624,395
255,824,688
part of the "Chronicle."
circulation...Inc.561,745,000 38,416,149,806 34,429,666,820 27,011,835.645
Treasury deposits..Dec. 29,894,000
General deposits. ..Inc.
43,903,000
59,948,872
62,104,506
3,438,379,105
3,052,029,553
Generally speaking the trend of the call
46,969,452
3,423,369,031
market at this centre
it
The
-
as
of
ever
some
Imperial Bank of Germany's statement, issued
April 23, is probably
yet put out
of its
rise to
one
of the most sensational
by that institution.
principal items
were so
drastic
widespread comment, although
explanation
was
forthcoming.
Changes in
no
as
to give
satisfying
Some authorities at¬
tribute the
last week.
was
and there
carried
time the
Stock
purposes
reduction
deposits declined
Gold
was
of
4,578,236,000
marks,
less than 4,027,097,000 marks.
no
expanded, 521,939,000 marks.
expanded
931,000
marks,
was once
Treasury certi¬
161,600,000 marks, notes of other
623,000
and
marks,
other
investments
securities
85,-
754,775,000
an
matter of
the
not
large,
as
7%.
There
largely of
calling of loans
offerings of time
time loans
called
at
was
at about that figure.
the volume of trading
was
a
were
was
professional charac¬
reported, but this did
money were
recent weeks and months until
was
was
change the prevailing quotations.
cases
This
fact, the requirements for speculative
were
Some
high
abundance of money to meet
relatively small nearly all the week, and
ter.
not
ficates increased
banks
a
was
afternoon that
abnormal level.
an
prevailing quotation
believed to have been
reduced 6,000 marks, and total coin and
Bullion 65,548,000 marks, while circulation
more
while
As
to
every
be said that for the greater part of the
Exchange requirements,
was
omenal
Then the renewal rate
up
money
just the opposite of what
flurry nearly
said to have been
end settlements.
phen¬
a
quotations
week it may
huge declines partly to the recent political
upheaval in Germany and partly to the usual monthBills discounted showed the
was
was
If anything,
still smaller than in
yesterday. In special
renewed, while in others payment
maturity.
In speculative circles the
easier'tone of the call money
market
was
attributed
turn to
regular channels of
funds.
Pierre
indicates that comprehensive
needed
are
about
bring
to
The trouble
j
thorough
a
position in
readjustment of the general monetary
this country.
in
Federal Reserve Agent, in his
Jay,
review of the situation,
measures
and
fairly large amount of
a
This action naturally resulted
5%% for 30 days.
for bills in the open market.
trifle higher rates
a
The actual advance
Demand loans on
changed from
Y% of 1%.
was
acceptances have not been
bankers
Quotations in detail are as follows:
5%.
-:.Vr
to be that bor¬
appears
days
6% for eligible member 90 days, 5%% f°r
passing of the first of the month and the re¬
to the
[Vol. 110.
THE CHRONICLE
1914
Delivery
voithin
30 Daye.
Spot Delivery
v
Sixty
Thirty
Day8.
Ninety
Days.
''
as
rowers are
eager as ever
to expand their activities
and that the Federal Reserve authorities have not
disposed to do
yet reached the point where they are
much
more
that little
in
Federal
have shown the
banks
few weeks
a
The
effect.
same
increases in discount
the
ago
to the 7% rate now
Reserve
Bank statements
thing regarding loans by
our
The quick resale of
throughout the country.
the $10,000,000
7
Ineligible bills.
6H bid
6H bid
7
bid
©5M
6H@57A
7 @6H
6
and
had been accomplished in this
by the advance
6&@6
7
@6H
Minneapolis have increased from 5}^ to 6%
The Bank of England statement showed
direction
expansion.
6H@57A
..6>£©6
.
Eligible bills of non-member banks
Both the Federal Reserve banks of Chicago
check effectively credit
sufficient to
not
are
Eligible bills of member banks
It has been
than utter words of caution.
demonstrated very clearly that
rates
Day*.
discount rate
on
secured by Liberty bonds and
paper
Bank of
Victory notes, while the Federal Reserve
of paper
the rate
increased
San Francisco has
The latter has also
from 5Y to 5%%.
increased the rate
this class
on
discounts secured by Treasury
on
certificates of all series from 5 to
The follow¬
5M%-
ing is the schedule of prevailing rates now in effect:
Delaware & Hudson bonds by Kuhn,
is a market for
DISCOUNT
RATES OF THE FEDERAL RESERVE
EFFECT MAY 6
IN
BANKS
1920.
Loeb & Co. demonstrated that there
As
price meet with the approval of investors.
a
considera¬
bly smaller in the aggregate than they were a few
whole, the offerings of
new
securities
were
bills
Discounted
interest and
standard railroad bonds if the rate of
within 90
maturing
(including member banks'
days
collateral
day
notes)
secured
15by—
Agricul¬
Bankers'
Accep¬
certiftc's
Treasury
Reserve
Trade
tural and
tances
Federal
Accep¬
live-stock
Other¬
Liberty
bonds
wise
disc'nted
and
secured
for
All
Victory
and
member
other.
notes.
unsecued.
banks.
of indebtedness
Bank of—
Bear. int.
at
weeks ago.
6X%.
5
5
Boston
tances
90 days.
6
5lA
paper
maturing maturing
91 to 180
tciihln
5
days.
6
6
New York
,
Referring to specific rates for
this
loans
money,
call
on
week, for both mixed collateral and all-industriai
loans alike
covered
a
of 6@9%,
range
7@15% in the previous week.
against
as
Monday 9%
high and ruling quotation, with 7% low.
the
was
On Tues¬
5
■;
6
5A
6
5
6
6
Philadelphia
5
5A
5A
6
5A
6
6
Cleveland
5H
5 H:1
6
5A
5%
6
Richmond
5X
5
5
6
6
5)4
5
5A
5A
6
Atlanta
6
5)A
6
6
Chicago..
5X
5
6
6
5A
6
6
St. Louis
5)4
5
5A
6
5
6
6
5)4
5
G
6
5
5)A
6
5
5
5A
6
5A
6
6
5
5
5A
6
6A
6
6
5H
6
5A
6
6
Minneapolis
City
Kansas
Dallas
was
did not get
basis,
slightly easier tone and call rates
a
above 8%, which
while
low
the
was
Thursday and Friday rates
at
7%, and this
the
three
tiated.
of the
was
was
6%.
were
also the renewal
Wednesday,
On
secured by War Finance Corporation bonds 1% higher than
the rate on commercial paper shown In column 4 of figures above.
Note 2, Rates shown for Kansas City are normal rates, applying to discounts not
In excess of a normal line fixed by the Federal Reserve Bank.
Discounts in excess
of the normal line are subject to a A % progressive increase for each 25% excess or
the only rate quoted
on
of the demand, which
excess
time money
practically
Nominally,
the
no
Sterling exchange has experienced a quiet and com¬
paratively uneventful week, and there is very little
light. In
was
at
8@8Yi% for
regular mixed collateral loans and 8J^@9%
industrial money.
as ever
ing
up
that
Fixed maturities
till Friday
was
Few
one
limited for the most part to
important trades
a
reported
were
stated
was
prominent lender had offered $6,000,000 for
been available in
This is
quite
a
Mercantile paper has
vanced and
larger amount than has
again been fractionally ad¬
re¬
are
less well known
are
Less activity
were
as
at
was
names
importance to report in the way of news develop¬
of
against 6^@7%, while
7@7J^%, against 7%
names
week
a
noted than in the recent past.
lighter and the demand showed
a
brief spurt of acti¬
ments.
With the exception of a
vity
Tuesday when prices moved sharply, first
on
up,
then down—demand was advanced 2% cents
to 3
873^, but
subsequently fell to 3 83^2—trading
ruled dull and rates
fairly stable, being main¬
were
tained at
slightly above the levels prevailing at the
close
Friday of last week.
on
from London
were
Cabled quotations
generally firm, and this encour¬
aged buying which in turn aided materially in sus¬
taining rates here.
offerings
was
were
Speculative interests
At the extreme close
in evidence.
orders
of choice character
quoted at 7%,
Offerings
a
long period.
sixty and ninety days' endorsed bills
ceivable and six months'
ago.
as scarce
were
maturity, although at the close it
fixed date loans.
now
all-
on
during the greater part of the week and trad¬
few renewals.
in any
was
change has been noted.
continues
range
thereof.
fraction
nego¬
week, but toward the close the supply
again in
on paper
each of
were
light during the earlier part
were
Rate
apparently "pegged"
days, and at which renewals
Offerings
■■■
514
514
San Francisco
Note 1.
day there
5
noted,
but
as
were
less
increase in
adequate supporting
as
forthcoming, rates
Nothing definite has
some
were
firmly held.
yet been heard concerning
expected inflow of gold and while the belief ap¬
the
pears
to be quite general that a movement
direction is
earned
soon
none
to be
inaugurated,
of the metal has
as
so
far
in this
as can
be
yet been actually
shipped.
Cable
advices
from
Tokio
reveal continued
im¬
It is admitted
still straitened, that com¬
falling ofi, which suggests that contraction is being
provement in the Japanese situation.
urged in various directions.
that money
Banks' and bankers' acceptances were
that
also firmer,
is, for the bills of eligible member and
member banks.
A moderate
non-
degree of activity
was
conditions
modity prices
instances banks
on
cargoes.
However, Japanese affairs have for the
reported with both local and out-of-town institutions
time
being ceased to be
in
kets
here.
the
market,
and
somewhat broader
Thursday it
was
brokers
activity in the
again
near
predicting
future.
On
reported that the New York Federal
Reserve Bank had increased its
bank acceptance
are
buying rate
% of 1%» making the
on
new
prime
rates
on
are
materially lower and that in many
are refusing to make further advances
are
News
that
a
a
factor in the financial marjj
bill had
been introduced
Thursday in the Senate by Senator France pro¬
posing
an
amendment to the War Finance Corpora¬
tion Act which would permit
trading with Germany
aroused considerable attention.
Such
a move,
it is
Mat 8 1920.]
THE CHRONICLE
understood,
would be favored by many business
According to reports received from Com¬
interests.
mercial Attache Hutchinson in
London, British im¬
ports from Germany are growing in volume rapidly
and
embrace
now
variety of commodities,
many of which, it is said, are being bought
indircetly
from Germany through the medium of Dutch and
American buyers.
Monday the market
was
quiet but firmer and demand
advanced to 3 83%@3 85%, cable trans¬
84%@3 86% and sixty days to 3 81 %@
3 83%; good buying was
reported while cable quota¬
tions from London came higher.
Increased activity
developed on Tuesday and under the impetus of a
were
fers to 3
brisk
but
inquiry rates moved
range
3
off
ran
was
sharply later
in the early dealings
up
quoted at 6.4 cents
were
would be quoted at
so on.
in better demand and there
further advance to 1.93 for
a
checks,
Recent dispatches from Berlin
that
franc, while in the
per
at 21.90,
lire, and
per
Reichsmarks
the
Allies is proving
responsible for the
are
Government's
highly unsatisfactory and has led to
the formation in
associations
are
Berlin, Hamburg and elsewhere of
by
protection of
holders
their
of
foreign
interests.
bonds
These
tions.
It is
already
assist in
understood
that
the
officially recognized
corporate bodies.
From the
same
source
demand,
3 84%@
and 3 81 @3 85 for
demand
83%@3 84%, cable transfers
sixty days to 3 80%@3 81.
sixty
3
regulate the whole of Germany's production, sale
foreign trade in iron and steel, has been formally
constituted.
to
84@3 85% and
well maintained
were
quarters
The
for
for
sixty
steady
cable
days.
and
transfers
On
Friday
practically
and
the
unchanged;
at
are
"Iron
Parliament," whose head¬
bar
Fears that
at Brazilian
rest when it
for
quotations
were
3 81%
sixty days, 3 83% for demand and 3 84% for
cable transfers.
jCommercial sight bills finished at
83%, sixty days at 3 79%, ninety days 3 77%, doc¬
uments for payment (sixty
days) 3 79% and seven-day
grain bills 3 82%.
Cotton and grain for payment
3
closed at 3
83%.
this week.
Practically
One
no
gold has been shipped
special transaction
noted, viz.,
was
consignment of United States gold coin amounting
to $457,000 received from
Colombia, South America,
a
A small
shipment of gold, to the
been engaged for the Virgin
sum
of $35,000,has
Islands.
a
as
rolling mill products,
rupture between France and Brazil
ports
was
to
Closing
material, and the other
the status of the former German liners interned
over
for
days.
imminent,
was
were
finally set at
announced that the French Ambassa-
dor had transmitted
note from his Government to
a
Foreign Office, recognizing Brazil's right
ownership*"of the vessels in question.
Cable ad¬
vices from Consul-General Thackara at Paris indicate
that French exports are
increasing in
an
encouraging
For the first three months of 1920, France's
way.
foreign trade showed imports of 7,766,950,000 francs,
against 6,342,752,000 francs in 1919, but exports for
the
in
period
same
valued at 3,383,886,000 francs,
were
comparison with 1,180,931,000 francs for the
period the previous
The official London check rate in Paris closed at
61.98,
against 64.10
as
sight bills
As to the Continental
been somewhat
except in
exchanges, movements hlxve
irregular, although here also changes,
two instances, have not been
one or
same
year.
on
a
week
ago.
In New York
the French centre finished at 15.82,
against 16.72; cable transfers at 15.80, against
*
and
iron, &c.
the Brazilian
sixty
raw
goods such
repre¬
consumers
for pig iron, ferro-
groups, one
and other
manganese
quoted rates ranged at 3 83%@3 85% for demand,
84%@3 86 for cable transfers and 3 81%@3 82%
3
Dusseldorf, will consist of 70
organized into two
for half-finished
fractional advance to 3 84@3 85 for
81%@3 82%
ruled
to 3
reacted'
Dulness characterized
Thursday's trading, but rates
market
as
also
learned that the so-called "Iron Parliament" which is
be
3 84%@3 85%
it is
and
and
was a
has
associations
fractionally
demand,
compe¬
Government
these
sentatives of producers, traders and
and there
the
conducting the negotia¬
Wednesday's market was quiet; some ir¬
regularity was shown at intervals, but the trend was
3
for
organizations
demanding that the Government appoint
tent financiers to
to
1
downward
was
18 points up.
or
handling of the
question of compulsory transfer of securities to thfe
for
3 83%@3 87%
lire,
manner
4.56% cents
short selling; the day's
on
88% for cable transfers
days.
to and
same
statement
Dealing with the day-to-day rates, sterling ex¬
change on Saturday of last week was firm and slightly
higher, with demand at 3 82@3 82%, cable transfers
3 82%@3 83% and
sixty days 3 79%@3 80%.
On
bills
francs at say, 16.52 per dollar, would be
equivalent
wide
a
1915
commercial sight at 15.86,
mercial
against 16.76, and
16.70
com¬
sixty days at 15.93, against 16.82 last week.
par¬
Belgian francs, which have been well maintained,
ticularly striking.^ Trading wasjnclined to be spotty,
brief outbursts of strength and
activity being almost
closed at 14.85 for checks and 14.83 for cable trans¬
fers, which
invariably succeeded by
week
of
dulness
and
more or
depression.
less extended periods
French
and
Italian
exchange continue the most active in the list, with
fluctuations ranging all the way from 30 to 150
centimes, but the trend taken jas a whole was dis¬
tinctly upward, so that francs did not at any time go
below 16.72 for sight bills, while at the highest
point
the quotation touched 15.82. The range for lire was
21
-77Jow, with the high^20.02.
higher cable quotations
were
responsible for the advance.
Light offerings and
said to have been chiefly
According to
some mar¬
ket authorities
a movement is on foot to
bring about
quoting of francs and lire and possibly other Latin
exchanges in terms of United States money per unit,
the
instead of
is
as
at present.
The old
way,
it is asserted,
confusing to laymen, and the prediction is made
that it is
only
actually done.
a
question of time when this will be
Under the
new
form of quotation,
compares
preceding.
checks and
the close
at
1.93 for cable remittances.
was
1.61 and 1.63.
checks and
for
00.51
with 15.65 and 15.63 in the
Reichsmarks finished at 1.92 for
Last
for
00.52
cable
transfers,
against 00.53 and 00.54 the week previous.
the close
for cable
22.28
a
was
20.20 for bankers'
against 1.63;
ago.
on
Finland at 5.41,
change
For lire
sight bills and 20.18
transfers, which contrasts with 22.30 and
week
finished at 1.59,
and
week
Austrian kronen closed
was
closed
Exchange
against 1.61;
Bucharest at 1.61,
Poland at 56, against 55, and
against 5.40 last week.
fractionally easier for
at
Czecho-Slovakia
on
on
8.73
for
checks
a
Greek
on
ex¬
time, but rallied
and
8.71
for
cable
transfers, the previous quotation.
In neutral
noted in
actions
have
exchange
some
improvement has been
price levels, although the volume of trans¬
continues
extremely restricted.
Guilders
been
well
maintained, like wiseJSwiss francs,
showed fractional
while the Scandinavian exchanges
and closed at
slight net decline.
a
weak
is that attempts
Probably
depreciation of their currencies.
form of con¬
trol of purchases of foreign exchange.
It is true that
Sweden has definitely decided against official ex¬
change control, but latest reports state that the
Government is making strenuous efforts to awaken
popular interest in the country's unfavorable trade
the most
important of these is by some
balance and has
recommended the elimination of all
imports, while it is earnestly
unnecessary
invested in foreign enter¬
Swedish capital be
no
requested
where during the war the
country was so surfeited with gold that its purchase
and free coinage were suspended, the Norges Bank
has
in
recently under royal decree suspended payments
shrink¬
gold, following the continued and alarming
age
of its gold
Bankers'
reserve.
sight
Amsterdam
on
closed
36jbg,
at
(unchanged); cable transfers at 36(unchanged);
commercial
sight
36 5-16
at
and
(unchanged),
sixty days at 35 15-16, against 36 last
commercial
Swiss
week.
exchange
finished the week at 5 65
sight bills and 5 63 for cable transfers.
for bankers'
This compares
Copen¬
with 5 63 and 5 61 last week.
hagen checks closed at 17.00, and cable transfers
on
Sweden
finished at 21.15 and cable transfers 21.30,
against
17.15, against 16.96 and 17.05.
21.25 and
the
closed at
19.20, against 19.25 and
Closing quotations on
preceding week.
Spanish pesetas
cable
Checks
21.4.0, while checks on Norway
19.05 and cable remittances
19.40
£
J-
35,198 ,000
,657,000i
3,004, 000
944, 000
1.112 000
21 ,235,0001
3,576 000
24,811 000
802,000
14.501 ,000
977,000
12,761 000
385,000
8,121 ,000
197,000
8 197,000
129 650,000:
944,000
2,369 ,000
194,000:
_
931,000;
Netherl'ds.
hi
Swltz'land.
501,000
Sweden
172,000
,589,000
121,000
.
__
53,875 ,000
715,000
279,000
11,769 ,000
380,000
61,153,200(763,802,052
61,747,690,764,085,062 702,926,251! 61,034,500763,960,751
Prev. week 702,337,462
Gold
,600,000
,445,000
61,366,400 763,763,535 702,648,852!
Total week 702,367,135
a
13 313, 000
109,000! 25,023 ,000123,162, ,000
...J
Italy... J
Norway
£
85 927,395
12,320,000 155 ,098,307
1,029,200 88 ,542,350
12,375,000 142 025,000
2,372,000 13 972,000
26,010,000 116 455,000
3,001,000 35 716,000
676,000 55 955,000
690,000 15 980,000
2,633,000 19 435,000
15 977,000
137",000 10 ,522,000
Spain
Denmark
£
...112,520 127 85 ,927,395
9,680 ,000 154,011 508,142 778,307
3.111 400 57,695 900; 87 513,150
12,375 ,000142,025 000129 650,000
.} 64 ,584,5001
Russia
A us-Hun
Nat. Bel.
Total.
Silver.
Gold.
£
v:
;
England.. 112 ,520,127
France a.. 144 331,508|
Germany
Total.
Silver.
Gold.
holdings ol the Bank of France
this year are exclusive of
£79,131,137
held abroad.
♦
No figures
h Figures
1917.
those of August 6 1914.
reported since October 29
for 1918 are
Norway,
In
prises.
May 8 1919.
May 0 1920.
Banks of-
three Scandinavian countries to
further
that
principal European banks:
The understanding
have been made recently on the part
prevent the
of bullion
following table indicates the amount
The
in the
Spanish pesetas, however, ruled
recoveries.
of the
(Vol. 110
THE CHRONICLE
1916
16.88 for checks and 16.95 for
were
transfers, against 17.00 and 17.08 a week ago.
THE FINANCIAL
This week's
PROGRAM OF ENGLAND.
foreign mail has brought us
report of the speech
by the Chancellor of the
the full
British
Exchequer to Parliament, on introducing the budget
of revenue and taxation for the new fiscal year.
In
general purport this speech and its recommenda¬
were
summarized in the cablegrams of two
its
tions
but the full details of the plan and the
argument for its own proposals can
weeks ago;
Government's
only from the speech
be had
itself.
"budget speech" is in fact a peculiar insti¬
tution of the British Parliament.
It can hardly be
The
said
exist
to
our
own
Congress.
In times of
Administration submits to the
our
peace,
in
House
Appropriations Committee its estimate of the money
needed to run the various departments of Govern¬
that Committee approves
ment;
what it sees fit to
and the Ways and Means Committee then
undertakes to adjust the taxes to the revenue prob¬
approve,
quotations a ably to be required. In the recent war financing
the procedure differed from the ordinary routine,
further slight reduction has taken place and the rate
for checks on Argentina closed at 42.50 and cable only to the extent that the Ways and Means Com¬
mittee had to settle on the question what part of the
transfers at 42.70, against 42.675 and 42.875.
For
Brazil the check rate has remained at 26.375 and abnormally large sum required should be raised from
With
to
at
26.50,
change
was
4.90 @4.95
Chilian
unchanged..
ex¬
weak and closed at 20against 23^ last
week, although Peru
Far
American
South
transfers
cable
regard
firm at 4.95@4.98, against
was
last week.
Eastern
rates
follows:
as
are
Hong Kong,
119® 121,
against 127J^@128; Yokohama, 49J4@49%, against
493^@50; Manila, 49%@49^, against 48^@493^;
Singapore, 46@46%, against 4634@46}^; Bombay,
46@46^, against 46M@463^, and Calcutta, 46@
86%@87%, against 93J^@94; Shanghai,
loans and what part
York
Clearing House banks, in their
operations with interior banking institutions, have
gained $3,166,000 net in cash as a result of the cur¬
rency
movements
Their
receipts
$7,362,000,
$4,196,000.
Reserve
for
from
the
ending May 7.
aggregated
week
interior
the
have
have reached
Adding the Sub-Treasury and Federal
shipments
the
while
operations and the gold exports, which to¬
gether occasioned
a
$72,242,000, the com¬
money into and out of the
loss of
bined result of the flow of
New York banks for the week appears to
have been
bill
the
in
other
Into
Bank Holdings.
Banks.
Senate and
or
iK it and gold exports
$7,362,000
$4,19fi,000
21,117,000
93.359 000 L
would then be further altered
Total.
$28,479,000
$97,555,000 L
*
needs.
But
presentation of the budget by the Finance
is a very different
Minister of the British Government
His Government will stand or
matter.
approval
or
disapproval
fall by the
of its measures by the
it is his business to
House; and the measure which
at
a
traditionally the least popular
of government.
That is notably the case
taxation i§ pressing
time like this, when war
$3,166,000
heavily
72,242,000
pulled in two directly opposite
on
to reduce
be
directions—by his wish
the people and when a Ministry may
1
ff?69,076,000
Neither
these bills,staked
his own political fortunes on the fate of the bill itself.
The political fortunes of the Administration were not
involved at all—exlcept in so far as an ill-contrived
measure might later prove inadequate for the public
Congressmen who introduced
of the
«;
Ga
or
committee of both houses.
Sub-Treasury and Fed. Reserve operr
both cases, the
apologized for a
measure
which was avowedly a compromise in his
own Committee, and which he knew would be subject
to revision and amendment in the open discussion of
Net Change in
Out of
Banks.
Ban I F'lnterlor movement.
But in
explained,defended,
of any act
7.
House.
Chairman
introduce and defend is
floss of $69,076,000, as follows:
Week ending May
might be called a "budget
speech," and the Chairman of the Senate Finance
Committee would similarly introduce the amended
in the conference
New
Committee would introduce
the Revenue Bill with what
House
46J4, against 4634@4634The
from taxes.
The Chairman of the
the burden for the sake of
political
pop u-
May 8 1920.]
THE CHRONICLE
larity, and by his knowledge that the burden ought
actually to be increased for the sake of sound public
renewal
finance.
1917
April.
Here
precisely
was
the
confronted Mr. Chamberlain in his
budget speech of April 19.
tentative sketch
a
or
be filled in
to
were
sidered measure,
of
case
or
the
crease
was
of
present
taxes
a
a
the
King's
half after the
The detailed
with
Parliamentary reports
references
numerous
speaking
conclusion
of
This
raised
why the Exchequer first,
was
its
cheers
to
leader
as
by the House.
of the
Opposition
the budget speech,
began by
loan
maturing in America in
to
it.
renew
off that loan in cash.
pay
"drive"
a
to
with
more
The
speech which elicited this high
frank statement of the bad side
very
good side 'of things.
well
a
the
as
Mr. Chamberlain set forth the
reassuring facts that the actual
of the fiscal
revenue
just closed had surpassed last year's budget
year
estimate
by
£138,500,000;
and excise alone
Whereas
ending with March 1919
of the
returns
from
cpstoms
being nearly 20% above the Govern¬
calculations.
ment's
in
the
fiscal
year
taxes provided for 34.47%
public expenditure and loans for 65.53%, in
the twelve months
ending with March 1920 only 19.6%
procured from loans and 80.4%
was
praise is
as
from
taxes.
the
loan.
no
These
the Chancellor's
posal to increase the stamp tax
in
expenditure
by
revenue
the
year,
was
The
to increase
heavily the tax
impose
might have
used
proposing unchanged
or
these facts
that, Mr. Chamberlain urged
increase.
On the basis of
of
existing
a
on
certain
surplus
£164,000,000 might be anticipated for the fiscal
on
budget.
Whatever
debt in
a
trying
money
the taxes and the
of
return
in the second year
revenue
peace.
is
This
after the
with
war
But the
have the necessary courage.
a
by Parliament,
with the frank
Why
forth
was
necessary
?
The
reasons
Although
once.
fiscal
Chancellor
set
March 31 to
why it must be dealt with at
reduced
£100,000,000
£1,312,205,000.
in the form of
during the
this floating debt amounted
year,
Most of this debt
Treasury bills with less than
maturity and subject to renewal.
But
a
are
incidents which, when combined
inflation problem and the necessity
paper
CASE BEFORE
NEW
on
was
year's
a year ago,
In
a
few weeks the Inter-State Commerce Com¬
mission,
will
increased to
now
a
cation
credit,"
to
a process
immediate
cause
of
inflation
of
which "can only lead, if unchecked,
ultirpate disaster"—and although all such advances
repkid by the end of last March, the non¬
had been
on
just filed by the railroads for
was
the appli¬
an
average
28% in freight rates, to yield the 1,017
promised by the
510
earnings approximately
new
Net income in
law.
millions, against 1,056 millions in 1916,
notwithstanding increased investment; yet if to-day's
costs-level had been in force during
all of 1919 the
yielded would have been only 220 millions, or a
little
over
1%,
20Yi billions.
on
the property investment of over
Presenting the
case
for the Eastern
territory, Mr. Daniel Willard summed up by various
items the increased
lakt
March against
receipts and outgoes by setting I
the condition, in 1916: increased
receipts, about 608% millions, or 36.37%; per contra,
a
total increase of about 1,215 millions, or 99.10%
in
costs.
The increases
where the money
"an
membership of eleven,
begin consideration and hearings
Bank of
England—a practice which the Chancellor
INTER-STATE
THE
COMMERCE COMMISSION.
and
as
great war
recognition by Government and peo¬
£228,500,000 had been borrowed outright from the
described
a
The adoption of such
land's economic future in these difficult times.
net
national credit."
unsparingly the condition of the unfunded public
debt and the
past
credit
future burden in establishing the
this
sequel to
do
Very few
ended.
dealing with it promptly, promise well for Eng¬
1919
country for "a further and generous effort" in
our
the
policy to-day, and the endorsement of that policy
the
security of
was
Governments in the immediate
to the rate
our
after
which
something
Napoleon
millions needed to raise their
our
to
war
British Government did not have the courage to
Chancellor declared it to be not enough, and asked
of increased taxes, "to improve
as
of these increased
market, has actually increased
sufficient to redeem that debt in 26 years.
lighten
be thought
may
chequer, in order to meet the problem of the
increase of
and
on excess
wine and spirits, to
some
yekr—which would be 2% of the national debt, br
the way
pro¬
stock transfers and
high grades of income, and
special advisability of
as a
substantial
revenues, a
on
taxes, the great fact which remains is that the Ex¬
reduced taxation.
Instead of
for his
reasons
larger rate for postage and telegrams.
a
Such is the
THE
Exchequer
and
fairly
sight.
basis for
revenue
companies' capital, to raise the rate of tax
on
of
of
reimburse
profits to the level from which it had been reduced,
ple of the
35% further in the pending fiscal
borrowing to balance
more
were
will be cut
balancing
of National Savings
expenditure."
which had
down
Mr. Chamberlain urged
But the Government "had decided that there
been reduced
year,
market
Treasury for its payments in redemption of that
Furthermore, since public expenditure,
60% in the past fiscal
our
Certificates in England , a sum of money to
the
persuasive argument."
public,
October.-An effort
by sale
raise,
to
statement which
a
ground with greater lucidity and
the
to
ago,
more
But the Government had decided to
ment, he had "never listened to
much
few weeks
might have been made to borrow again in
add to the tax
so
a
Treasury bills and then
7% rate, to reduce the principal of the
floating debt.
So of the $500,000,000 Anglo-French
success.
interspersed
are
£45,000,000
a
declaring that in thirty years' experience in Parlia¬
covered
for
rate
virtually at
shall be
Chamberlain, the present Chancellor,
Mir. Asquith,
the
war
t
this exacting test with rather notable
met
the
moreover,
proposing to in¬
was
and
year
by
case,
Exchequer
over.
Mr. Austen
at
this
the
war
of the Crown for grant of
declarations
budget
In
Chancellor
Something
of jealous scrutiny, survives in the
one
Ministers.
which the Ministry
on
out of office.
go
fully-con¬
a
tradition, whereby Parliament's atti¬
these
Treasury bills had caused
genera} outline whose details recently offered short-term bonds
a
tude towards the requests
money was
which
introducing, not
was
by the House, but
by the vote
itself would continue
of the ancient
He
dilemma
anxiotisly awaited
of
borrowing of the sort in the first 10 days of
new
over
692%
has
men,
over
gone,
millions,
millions more) the
however,
are
are
in materials, fuel, taxes
but the item
miscellaneous,
of
wages
shows
the increase in that being
consuming
(with
about
entire increase in receipts.
84
The
getting ready for another billion
the entire country.
,
_
•
■■
•
,
t
'' • •
•
It is
truly
unpleasant outlook, but unpleasant
an
always better than agreeable falsehoods;
truths
are
let
suppose
us
that typical Uncle Sam is very ill
that the
include heroic
(not without some fault of his own), and
his'
treatment of
necessary
endurance if not
some
thing to do: have
one
case may
lie has then just
surgery.
stern but competent
a
and
is before him—set his teeth
within, but
groan
through in order to live it down and do and
live it
Speaking to the Railway Business Association, a
Senator Frelinghuysen said that no one
month ago,
the
attending
tions
for rate-making
purposes
member after another frame ques¬
witnesses without reaching the conclusion
to
that the
Commissioners present had accepted
seven
good faith the governmental purpose as deter¬
by Congress and dedicated themselves in good
mined
accomplishment; Commissioner Mc-
faith to its full
Chord, who had been frankly out of sympathy with
that
purpose
gressively adds to it to match growing needs will
come back to the people in the great boon of greater
before its enactment, volunteered an
Here, then,
our
renew
at that
it will
will
or
demanded by the Brotherhoods; the members
so
of
roads, and another billion
Commission
the
cannot
avoid
thinking
about
both, and the first fact which they and all thinking
persons
will encounter is that if the latter billion
were
buying and planting seed, and the
follow.
(for it is less) and so the regimen the case demands
less heroic and we need not be so shaken up
in mind.
1
be said that the composition of
But it must
Labor Board is not what it should be,
up
Each body needs to
country.
for
room
The time
then) when the people were more ready to be taxed
than was realized in Congress—ready because the
of the interests at
accepting taxes
vation
well
as
case
well understand that
manded of
ery
us
by the arith¬
of its
argument; it casts a fact at the feet of men,
understood
personal sacrifice.
now
(as then) what is de¬
But
we
should not make the mis¬
supposing the Commission will quickly, and*
own
vitality, get
and become of to-day;
of
away
from the old bondage
it will not. immediately under¬
in conditions, understand the public
the roads and the changing
towards them; it will learn,
the people, must not wait as we
Therefore we,
formerly did, when the Commission heard little but
grumblings of shippers; next in harm to public
and leaves them to deal with it.
The roads must
the
have the
the country and
expressions of dissent from relief to the roads
the
increase, because they
country faces
are
alternative of
an
courage or
col¬
lapse.
Yet, when
other
one
we
contrast the billion needed with the
demanded,
find two positively clear
we
The first is that the billion
propositions.
or
any
part thereof to the men would scatter off into con¬
sumption, probably
small amount dissipated in
no
public
but it needs
help in the lesson.
metic, and the arithmetic implacably refuses to enter
into any
was
to be the price of sal¬
is both sacrifice and the price of recov¬
out of trials.
take of
attitude
for the roads is presented
stake
the expression of
as
ownership
The
was seen
Something of this spirit is needed again now, and let:
stand the change
'
formerly
wholly from the ablest men in the
grow, and each has
growth; each also needs aid in growing.
has been (albeit we were less tax-exhausted
made
was,
the
and that the
Commission is not now, any more than it
granted it would more than consume the former, and
more.
Viewing the subject in this
seems
the billion for the roads would need to be doubled
or
and|it is weakness to blink
from it—to recuperate our rail¬
just light, the sacrifice asked of us appears the less
us
surely be put to test.
A billion asked for the
he once stood.
find our compensation and
and our faith.
When we tax
must do,
we
are
we
harvests
gations which have been created by the law of 1920."
strengthening, for
To
can
turn away
or
and
earnestly hope the Senator did not misread their
of living.
burdens
us as
we
courage
ourselves—as
vastness
attitude and that it will continue
lightened
do^ibt this is like doubting whether the sun himself is
explicit recognition of the facts and the official obli¬
We
and
abundance
controversial topic) "could
(an obviously crucial and
one
the territorial grouping
on
and the basis of valuation
have heard
Inter-State
hearing by the
recent
Commission
Commerce
transportation regains its lost efficiency and pro¬
our
roads,
be better thereafter.
outlay for betterments by which
clear: the increased
diag¬ going to stand by
nosis, demand the whole truth, and summon all his
mental and moral resources to take whatever regimen
in
[VOL. 110.
THE CHRONICLE
1918
t
will be
public silence, for that will be interpreted as in¬
difference at the least.
We need to stand by and
a
near
a
the Commission—not with any
quiet determination that cannot be
clamor but with
misunderstood,
body will try to do what the people seem to
All indications are that the case is steadily
for that
wish.
making its
way among
the people, over the country,
aggravate high prices; but the billion to the roads
along right lines, but this needs to become manifest.
Therefore there is a call on all men with minds of
will
their
wretched
tend
or
work,
to
further
There is
no
than' doing without tools
economy
needed for proper
quality
would
into profitable consumption.
go
more
which
spending
unthrifty
or
than having tools of bad
in bad condition.
The losses caused, not
only by misconduct of labor and consequent clots
here
and there in the
distributing
process,
but by
shortages of rolling stock and other physical facili¬
ties,
are
beyond computation.
While it is true that
own
to
influence and
into
get
mutual touch,
And let it be understood that
roads and
every
unite their
bring it into action.
denying
more wage
granting aid to the
increases, in
any
and
line of industry, is not opposing labor but
really standing for it, because that course is for
the
general welfare, with which that of labor is indissolubly bound.
increased rates will enter into the costs of commodi¬
ties, there is
more
a
efficient
prodigious offset in the fact that
and
more
adequate
a
transportation
THE
IMPERATIVELY-NEEDED
HALT ON
WAGE INCREASING.
of
Having in mind all industry and service, yet es¬
smoothing out frictional spots, saving time lost by
delays in both distributing and producing, and also
pecially the demands which the new Labor Board
must face at its first meeting, the "Chronicle" urged,
saving perishable things from the wastes which have
last week, that
the time has arrived for taking, and
been
firmly holding,
a
machinery will
go
directly at the healing
constantly depleting them.
do cost, but they
process
Seed and sowing
yield harvests, and the analogy is
nominal wages.
stand against further increases in
This contention
was
reached only
May 8
1920.]
after serious
THE CHRONICLE
Good resolutions rarely enforce
study.
themselves; they usually provoke resistance by
an
increased pressure of the evils on whose account
they
made.
are
ly
a
A statute,
if at all
rational
a
good resolution, and although
slid into
weak habit of
a
well attended to when
enacted,
that this
threat is
curse
considering
of
thinking
any
is
mere¬
evil quite
an
statute about it
a
who does
no man
one,
Americans have
we
has been
imagine
can
wage-raising under strike duress
going to be quickly cured by
It will be
a
struggle—very like the last-ditch struggle which the
"Chronicle" has for many years been warning must
while successive surrenders to avoid it have
come,
been
making it only the
when it did
worse
The
now
here; let
us
accept
fact, and then brace ourselves to
go
supposes
he
efficiency
ther
its
The eyes
before
of unionized workers
they could get
but workers
play at the
Unless
have become
them all.
be taken because the alternative is
years
tion
we
which
in:
are
chase
vicious
a
and
beam must break at
wages
an
iron
last, if increasing load be piled
it, and similarly this vicious spiral must reach
on
its end.
Some
thoughtful
outlook presage
a
spiral of ascending
push prices before them;
rallying of the vital
forseen
of
way)
who
men
carry
powers
studying the
are
general disaster, and
some
which will (in
ending this situation is
production will sink to
labor, disillusioned sharply by shock, will be hunting
for jobs and anxious about to-morrow's dinner.
>
It is neither wise
nor
necessary
to predict such
a
calamity, but it would be unwise to deny its possi¬
bility and naturalness, or to forget that such dis¬
tresses have occurred in
mere
statutes)
our
national history;
but will not waive them.
spiral to end in such
Because
do not want the
we
it is time
a manner,
tion and
we
really
that
Not
more
even
than
the
highest-up of union leaders
this
question,
Yet
tion and incidents of the
calamity
we
and therefore
strengthening
determination
this stand against
this appears
of business
that is
In
a
hold—
large degree,
in the increased seriousness in the minds
men
generally, and
a
public evidence oi
given in the proceedings of
men
growing and
take—and
to
wage-boosting.
after another in manufactures and
the
a
one
convention
important trades;
in attendance do not all speak out
plainly,
against
be
must
forsee the dura¬
can
struggle;
we
know the
gen¬
must not flinch because
we
cannot
we
foresee the Costs of the prevention.
Some little time ago, a
Brooklyn announced
large department store in
reduction in prices of
a
neces¬
saries, offering, for instance, its $11 jmen's shoes at
$5; its chief competitor there followed suit by
offers its $15 shoes at $9.95, and
indications of
stand
must strive to our utmost to prevent,
gradually slide back towards normal.
many
to have
or
to the possibility
this
nouncing reductions;
are
as
be and will be made
can
wage-boosting.
taken, notwithstanding nobody
eral
is
available for distribu¬
secretly shudder
final stand
a
that the tendency
so
more
have considered
to
further
then
resolved to halt its ascent; do that, and then it will
Now there
for four
consumption, how is the cost of living to be
lowered ?
laws (not
defer exacting their penalties,
may
towards less rather
done
hand-to-mouth scale, and
to them
up
engage
another and destroying existing
one
of production,
aggregate
One
general collapse, in which
a
a
men
along in
goes
tion, and when hundreds of thousands continually
mutiny for the purpose of shortening the time and
seem
way
places
which roll back
consequences
millions of
many
of
for less
property or in producing the equipment for destruc¬
some un-
through and out.
us
presage
group
and the vast majority have
A question might be put
in killing
that cannot
one
of dire
waves
when
This is the situa¬
one
grasped the fact that this action
thus:
moment.
If
more wage
selfish advantage therefrom;
a
same game,
upon
a
so
inch beyond them¬
in all other industrial lines and
sup¬
contemplated for
still holden,
are
see an
monopolize the rule of
position too monstrous to be allowed) the stand must
be
clearness, for public
yielding to the inevitable.
mounting
(a
sufficient
of them cannot
them could
immediately but
hopeless weaklings
with
selves, and their immediate employer, and all they
ponder is how much and how long he can endure
not
we
fur¬
do anything."
can
that many
kept
a
everybody might well ponder:
drop in prices until the public regis¬
no
mind
opinion
not
increases, and
wage
which
"there will be
ters
to match
up
remark
concluded
be begun to-day.
saying that he
as
grant "some increase if the others
may
do," adding the just criticism that labor has
its
through it to the lasting settlement which cannot be
can
insurance, has not escaped
and its head is quoted
service
come.
long-deferred grapple is
and realize this
unavoidable and the
more
ive transaction in group
menace,
the most
even
solemn determination that it shall stop.
or
1919
New York stores is
not mark
what
says
prices down but all purchasers
Repeating its announcement, the
it is driving
"with
the widest-known of
broadly advertising that it does
may
select
they want and take 20% off when making
ment.
the
a
an¬
large store in this borough
a
pay¬
store
same
wedge into the high cost of living,
hope that it will split the merchandise
market wide open
and if adds
and let in both light and reason,"
remark
a
so
true and so
pat that it de¬
but they do show anxious study and a realization that
serves
something must be done.
retailer; they begin back with the increased cost of
the business
men
Here,
the strongest of
organizations notify the unionized truck¬
that the
cease or
tie-up of goods at this port must quickly
they will themselves take hold of the moving.
From New England come reports that the
textile
concerns
reducing
are
or
operations, because "for several
come
when
wages
started
they must make
higher
and
in
New
saying their
costs
a
of
about
reasons,
leading
reduce
to
the time has
stand against higher
materials."
A
members
must
have
173^%
increase, plus fewer hours and less output, and in
Lawrence
a
local Council
of
Workers of America demand
week, and "recognition,"
en
Amalgamated Textile
50% increase,
Company, notwithstanding its singularly
a
44-hour
Even the American Wool¬
progress¬
material, with the restriction and high cost of
manufacturing, with the tying-up of goods by
lators and with unsettled conditions of labor;
specu¬
but high
prices do culminate with the retailer, and the sledge¬
hammer
must
blow
begin
that
break
may
the
at
point
hammer."
of
"y"1 *
It is not proven
strike
Bedford, with the United Workers
100,000
raw
quoting: "high prices do not begin with the
that
no
their
■
1
backbone
with
contact
the
'
='
profit remains after these
proclaimed reductions; that is beside the point,
which is that all such
cumulative upon
ment in
as
being
prices
broadly advertised steps are
the overalls and old clothes
focusing public attention
a
are
relief
we
upon
must and shall have.
move¬
lower prices
Yet lowe?
not possible without lowering or at least
halting nominal
wages,
and increasing those is
a
THE
1920
have
blustering labor and the people as a mass
before
the movement for lower prices.
several trends of thinking, and these advertised
direct challenge to
These
[Vol. 110.
CHRONICLE
been too inert to
give
any
command.
us back where everything must
Circumstances have so changed
that no member of either the Inter-State Commerce
Commission or the new Board can take the old angle
Now when the new Railway Labor Board gathers
of view, unless he is wilfully blind.
Senator Frelingaround its table, a fortnight hence, it will meet the
huysen charitably excuses the failures of the former
employees' demand, coupled with a warning that the
men are in no mood to be trifled with.
There are body as due less to its own impotence or incompetence
than "to that state of the public mind which dis¬
two sound propositions which the members of the
Board may wisely take into serious consideration at played avowed hostility to adequate protection of
the interests of the railroads and to the narrow vision
the outset, and resolve to remember and maintain
of Congress which, until recently, failed to grasp the
as a part of the basis for all their action.
One is that
transportation, because of its prominence and its magnitude of the problem and the necessity of
Well
intrinsic nature, is the best of all industries for making handling it in a catholic, generous spirit."
said; and now the excuse should be ended.
We can¬
the stand against nominal wage increases; there is
not expect the members of the Labor Board to be
none where that is more necessary and more fit than
sound and firm for us, the people, as well as for them¬
here, and none where a just attitude will have a
selves.
They cannot immediately escape some in¬
wider influence generally in the same direction, for
fluence from past precedent, and they must meet
we may well take home to ourselves that if we cannot
The
mainly for adver¬
tising purposes only) all unite in one direction, how¬
ever slowly organized labor may take notice.
changes (even if we deem them
make such
stand there
a
much easier to take and hold it
there it will be very
Board
The
right
have slight reason to
we
^nywhere, and after we have begun
expect to do it
generally.
go:
now
other consideration meet for the
is that it is not a body for doing
the outlaws assume
what the brotherhoods and also
subject takes
to the people.
They will need to be sustained
great pressure.
by
public opinion behind them so unmistakable and so
close that they can feel it and are not left to infer it;
a
that
feeling—in business organizations, in the news¬
in Congress, and out everywhere among
papers,
the
people—should make itself known not merely after
the Board meets but before it meets, clearing and
shall be
take up, first, strengthening in advance. If wre count upon sound
the now-previous question whether any advance at all action and a stand of resistance at last, we must make
it ourselves and not leave it wholly to our uninshall be granted.
If the immovable arithmetic and
it
will
arbitrate how much advance
do,
granted for the present; its part is to
all the conditions do not dictate a
and numbers
glaringly plain that the
If it be not both true and
nothing else is true and
They might—by collecting it from the
plain.
lection, for
The
genuine
a
will not
men
the matter in the light which
We shall then see what we shall
and Ido what
we
find need and power to do.
Observe that neither of those will be
determination
this
required is present.
lacking, il the
A strong effort
made, Washington dispatches say, to pass, at
session,
with
some
inter-State
introduced
bill to estop interference by strikes
commerce;
one
such bill has been
by Senator Poindexter, and there may be
others; Senator Cummins is said to be convinced of
the
necessity of passing something for this purpose.
hold that
no
now upon any.
Ample
power
declaring illegal "every contract, combination in the
a
of trade
commerce
of misdemeanor for
or
among
nations," and prescribes the penalties
with foreign
contract
in restraint
the several States or
trust, or otherwise, or conspiracy,
or
"every person" making any such
engaging "in
conspiracy."
such combination
any
or
Here is ample law, applying to con¬
(including the late outlaw
attempts and reaching back to the latter months of
spiracies to halt
commerce
1916), and it has stood for thirty years.
enforcement
is
lacking,
and
a
Only the
hundred/new laws,
though toothed like the biggest crocodile in Egypt,
would be of n© use without enforcement.
We have
invoked
The
this
law upon
direction, because
business, turning it in the
our
politicians have cringed
war
is
is
are
states
is that
It must get into a peace
state of mind.
a war
state of mind.
over.
Let's have
peace.
people who to-day want to fight some more are
The
The people in favor of having
dangerous people.
the useful people."
This reported inter¬
will not fail to receive ample editorial comment.
are
peace
view
Few will doubt that this is
what should be done every¬
Yet standing in the midst of
where—"forget it."
desolation, in the shadow oi sorrow, it may
for
war
philosophy:
The trouble with the world to-day
some
agreement,
be hard
Yet, having once "made peace,"
do.
to
Reparations, restitu¬
remember?
tion, resumption,
time
"The
a
They
not only facts.
"War and peace are
of mind.
it is in
words:
this form of
In his talk occurs
what boots it to
granted by the old law of 1890, which begins by
wrong
will read the message of
correspondents to
newspaper
his message into four
over."
for him, the "Chronicle" must
should not spend
form of
Ask
Nitti.
legislation is needed and that Congress
With all due respect
is
Millions in every country
Premier
denses
purpose.
see
avoiding it longer.
will be
STATE OF MIND."
THE "WAR
people; spread a serious and helpful statement to "the four
col¬ corners of the earth" and it will be done. He con¬
displeasing to them, and what then? Then let
deal with the case, realizing the impossibility of
see,
representatives.
structed
people must meet another unavoidable
but the
us
answer
put up an unanswerable case.
ever
can
roads cannot pay more wages,
is
negative
question, it would be hard to see how events
to that
having
been
accomplished by
wherein
then there enters a new day,
nations may
"smile."
But France is afraid.
England must feel relieved.
Italy, the Premier contends, intends to be at peace.
And
the
slow
throbbing of
mistaken ambition will
induce
and
outlook
a
a
deep
remorse
over a
give the German mind a new
new resolve.
If the far-off
United States wishes to "settle down," to return to
former ways
and works, it is not abandonment, it is
not callousness
or
indifference, rather
may
it not be
promptings of the spirit of peace? But we have
been in the throes of a domestic legislative battle
the
over
the substance of peace,
than
seems
its
spiritual
that
our
of the world.
things
near
its physical form rather
content.
Sometimes, it almost
citizens know too much of the
Our strained eyes grow
at hand.
Almost
we
doings
blind to the
have come to be-
May 8 1920.]
lieve
THE CHRONICLE
cannot be at peace
we
with all the world without
membership in the League of Nations—without
ticipation in all the world's affairs.
take part, not
There is
are
perish
how
people if
as a
we
neighbors
are
fence.
row
those who stay
their
on
misfortune
soul
a
discover the seat and
neighbor nations?
best
any
laughs at locksmiths" is but
If the
faint showing of the
a
great truth that true "love will find
it, if they only will.
War,
sentiment,
there
endeavor.
might
old
"a
feel
We had it
every man
If
once.
have
not
we
had
What, but
our
a
Here in that mystery
unit world.
same
production
fact.
is
may
Nations
old.
are
we
same
change, but
but
us
now
won,
we
believe
fear,
we are
love,
or
one
of mysteries called
There is
earth.
The
no
means
cannot escape the
we
aggregations of
"new era" that
or
Back to the
the
Shall
the
man,
"new earth"
no
the
quarrels have
Work only will sustain life.
escape.
we
under
But surely
own
If need be, let
citizens of
of
kept it,
down
gone
another?
life is the
How
if he could
physical overcoming, the victory
secure.
longer to fear.
we
Once in the
mind."
of
state
bludgeon of militaristic autocracy.
with the
is
feeling of security in his life and
might
or
peace
longer enemies.
are no
bright the day would dawn for
that
persons, can
To will
abiding trust.
an
after-the-war,
recover
The
But peace without love is not pos¬
folds of peace,
can
way."
a
world, all its States, peoples and
a
There
men.
can
ignore the
soil, back to the home, back to
"self-determination" and political independence
of the
each
himself, back to the state of individuals,
man
and of
neighbors respecting but not interfering with
other,
and must
we go,
together in
go,
if
to dwell
we are
As with citizens
peace.
he
would
let
not
love
He Vill not let work win its
set
up
believe in the
is the
so
with
coun¬
make
collective
some
its
his
on
just reward;
declare
to
censor
He will not
reign of individuals, through work that
establishing product, price and wage,
of
means
according to inevitable exchange values—he must
have
a
paternal government to enforce
to
superimpose
work,
harmonious
equalities,
establish
to
contradictory, anomalous,
are
subversive and separative.
with his
the League of Nations
of universal love among
source
Does
influence?
to
or
can
The "love that
sible; not
fellowmen.
rights—all of which
sor¬
often becomes servant of the heart?
to follow love.
will
appeal to humanity; he must have "the law"
When
deny the mind
whole
He
relations,
one
be at peace if
effect.
side of the
own
But the home and its affairs,
advise
enters to
none
the
there is the prompt tender
comes
scalpel cannot find
matter
no
Yet
Always there radiates good-will.
or
We shall
live to ourselves,
we
wish the world.
may
sympathy and aid.
who
non-participation, isolation,
This state is likened to death.
well
and
cause
what both work and reward shall be.
idea that
an
apathy.
of
do
we
in the spirit though in the form,
really "at peace" ?
we
is
Yet if
par¬
1921
No
man can
be at
peace
neighbor who is forever interfering with his
thought.
purpose,
By manipulation of the moving picture camera
plant is seen to start out of the ground, send forth
a
its
branches, unfold its leaves and finally to burst
flower, all in a minute.
It is an artificial process
into
hastening of the appearance of growth. But all
reformers, all the governments, cannot, however
desirous, change the nature of actual growth, or
change one dead cell into a living.
The most that
—a
the
culture jn the material
to
give nature
spiritual world
or
better
a
chance
do is
can
by keeping down
interferences, and by appreciation of soils and minds,
by giving life liberty to flower and bear fruit.
But
instead
of
bowing to men of actual achievement,
guaranteeing freedom of initiative and the
rights of property, we run after some wild dreamer
and
who would force peace,
manipulation of
Thus
things,
continually at
are
we
with
man
laws of God.
We
as we
think
and
by.
they would do to
All
themselves
prove
and
hold
as
person, a
bor, and
called
the
us,
and doing it "first."
will not
we
speak
strangers, who
are
worthy
as we
first
acquaintance.
of
must
We
individual
away
possible friend,
from
an
good-will
our
inescapable neigh¬
brother, only when the good time
a
the
Millenium.
Both
war.
to
with the
wild to make humanity perfect in the whole,
grow
a
Often
men
with the nature of
war
his environment,
continually doing unto others,
are
We will not smile.
pass
prosperity and plenty by the
theory invented by himself.
some
comes
Well, this state of mind is
democracy and
exist, must be lived.
if they
peace,
are
ever
The dreamed-of world df
brotherly love is not like
a
New York City apart¬
ment house.
tries, peoples, Governments.
"Smile" is the admonition.
to face
glowering
over
good-will if it exists.
all the time.
right.
In
Do not
human
our
at
odds
tem.
over
When
assert
even
there
every
may
to
wants and ways,
common
bargaining,"
bargain, is to
wants
is to
purpose
and
meticulous
be
come
over
agree;
ways;
peace
the
into harmony by virtue
and will.
Yet forever
we
move¬
ments, to gain, to force, to compel acceptance of
our
What
we
abeyance,
world's
theories,
do
not
our ways.
see,
He will not let
peace
appeal from heart to heart, from nation to
will not let
a
League to Enforce Peace.
supply and demand operate under
nature, he must create a wholly artificial system of
HUMAN
GOVERN¬
On the
anniversary of the birth of Herbert Spencer,
April 27 1920, the "Evening Post" prints
article
erick
a
short
summarizing his teachings, written by Fred¬
J.
E.
Philosophy,
take the
Woodbridge,
Columbia
Johnsonian Professor of
University.
following paragraphs, in
From
this
we
order of
an
our own
his
readers
choosing:
"Evolution
that
if
came
government
in
only to
would
assure
leave
alone
men
they
would under the process of natural forces evolve
much
ever
possibly attain, for there is
"political alchemy by which
conduct out of leaden instincts.'
you
can
get golden
Nature alone has
fixed the conditions of such transmutation.
"Men do not agree
good
a
higher state of civilization than government
interference could
no
is that the professional reformer is the
nation; he must construct
He
our
we war.
physical combat being in
remaining warlord.
make its
Thus,
are
AND
MENT.
relinquish
forming classes, organizations, unions, parties,
views,
sys¬
to agree, to
to
SPENCER
Evidence
but there is need of sacrifice.
"collective
divisional
HERBERT
Do not seek for advantage
industrial affairs, here, everywhere, men are
banish
of
longer stand face
concealed enmities.
relations
without perfectness,
In
No
or
in what happiness consists.
therefore, in the interest of the
the greatest
.
.
."
in their conceptions of what is
To legislate,
good or of
happiness of the greatest number is to
common
legislate in the interest of confusion.
It enables
a
live
and compel ithem to
think they ought to live.
But all men
impose upon the many
few to
others
as
It is this cry, and this alone,
which should guide them when they attempt in any
manner to restrain one another.
."
"The doctrine of evolution does not to-day ride
out for freedom.
cry
[Vol. 110
THE CHRONICLE
1923
.
.
The
some
include the
institutions, as well as
personal descendants, and
of
welfare of the nation
in
beyond the
anxieties which in many now go
welfare
cases
and its
nations and other
the welfare of other
and more become an anxiety for
human progress at large."
To find God in nature
and in man, to find these immutable laws of environ¬
ment "working together for good," to find this pro¬
will
races,
more
some ten years ago.
And
self-determination is raised
not by nations alone.
The spectacle of legislative gression and retrogression but ever forward move¬
ment of humanity exemplification of the "spiritual,"
bodies multiplying laws, under pressure from those
to find in the individual the origin of all governments
interested in them, to make the public healthy,
and social institutions, to perceive in "equality"
wealthy and wise, v^hile the public, on its part,
merely the possession of open opportunity for selfbitterly complains that legislative bodies are venal,
incompetent, disorderly, and wasteful, may be a expression, to consider law as the product of liberty,
and order the result of freedom—how much answer
humorous spectacle for the cynic, but it is hardly
do they give to the' query of the writer as to the
that for the thoughtful.
It was this spectacle which
verdict of another hundred years?
Spencer held up for the reluctant gaze of those who
Is autocracy the result of the evolution of force
believed in what he called 'the great political super¬
and democracy the result of the exercise of nonstition/ that governments can 'improve life by break¬
with the easy assurance
the cry
ing
of
for freedom and
the fundamental conditions of life.'
voice crying in the wilderness?
Another cen¬
through
Is there endless
resistance ?
antagonism between the
If two "civilizations"
cataclysmic war that was inevi¬
tury—shall it be said of evolution ?—holds the answer."
Whether or not Spencer admitted, late in*life, the table, a material war, a war of brutality, of decima¬
existence in man of a spiritual quality not explain¬ tion, of destruction, can there issue out of the
able by a materialistic evolution, does not seem im¬ triumphing material force the regeneration of the '
world of men?
If so, why an Inter-Church move¬
portant when we consider that the National Academy
ment now, why a campaign of the United States
of Sciences in session at Washington is still engaged
in propounding theories of "energy, force, time, Chamber of Commerce to bombard the democracy
of the Republic with "ideas" concerning the nature of
space, magnetism," &c., and that one speaker de¬
our Government and its institutions?
If this terrible
velops the idea of smaller division than the atom or
war
was
itself a "reaction" to a material-minded
electron which he names a "quantel."
The structure
of matter and the size and constitution of space social and economic life, is there to be no reaction
Is his1
material and spiritual
together in
came
seem
very
of
moil"
from what is termed "the tur¬
the world of to-day.
From fire-mist to
far
away
jelly-fish, and from protoplasm to man, however
foundation for pointing to the
the progress of man, must take on the
of speculation and theory in the presence
important to
ultimate in
attenuation
some as
of the fact of millions of civicized
bombs
millions
at
other
of
(?)
civilized
men
men
hurling
on
the
to
forces?
a
it, and if there is to be one,
where will it go—to
in governments and less of sell-de¬
termination in men who do not volunteer for fighting,
of
more
power
if nothing more, passive pacifists?
and are,
magic will solve the metabolism of
What master
cell of
the dead
Can
man
war
into the living cell of peace?
and law into
put order, security, liberty
government when these things are not
in himself?
surrendering manhood and remain a
Can a poor working man slave during war
the memory of the great philosopher does a distinct man?
service in revealing the larger truth of his life-thought in a steel factory making guns to vanquish the danger
and work, that "evolution was with him largely a to humanity in autocracy, salving his soul with a
battlefields of
And the writer in recalling
France.
flight of imagination" while his "ideas about govern¬
ment
."
were
based theoretically on the
.
.
doctrine of
tion and
based
•
equal liberty, and practically on observa¬
experience.
on
the doctrine of evolution
doctrine
This
That they "were not
.
.
the
of
nor
"survival
drawn from it."
of
fittest,"
the
taking its roots in the cloudy nebular of space, of
concentric whorls of matter throwing out suns and
and flaming meteors that pass
return, worlds wherein man emerges from
planets
systems,
never
to
the dust of
concourse
ages
and life
"fortuitous
"evolution," but is it
by
appears
of atoms," may be
a
The writer quotes this passage from
philosopher's works: ".
.
.
it seems not only
'progress"?
the
rational
to
believe in
some
further evolution,
but
irrational to doubt it—irrational to suppose that the
causes
fu
which in the past have worked such wonder-
effects will in the future work
expecting that
organization,
any
nor
no
effects.
existing society will reach
that
any
of the varieties of
a
Can
build homes for men, actuated
and
"capitalism"?
number,
the desire
to
further
the
an
man?
progress
And
over
of man?
progressed in the evolution of
there
ever
a
time when the
doctrines of life became more apparent
Is it not true that wThen
relations, at
crux
than
of two
now
"economics" (let
?
us say
"production") is the hope of the world there is an
that "politics" is the cure-all for every
obsession
trouble?
Is it not true that
high
disaster?
Can
development.
power
in the rigid organization of a material -world ?
was
must
And
all
of ignoring the divinity that is in the
Where is there manifestation of spiritual
real
increasing
of
the expense
some
there
an
time break
beta
ideal which ignores
on
the
shores
super-State without
of
a
Where lies the perfect future if not in
obscurely recognized divinity of the soul?
Why
superman?
has
humanity adjusted to the requirements of life.
resting
the
hatred of so-called
government, institutions, and human
the
retrogressive, to the evolution of
Is
How far has mankind
Not
men now
Are "better living condi¬
society in the State to change the heart
yet look forward through increasing changes, now
along with this belief there arises, in
personal selfishness?
tions" to be the result of a blind
the
now
go on
patriotism, and then refuse to work at all to
alone by class interest
of
sense
living will become fully adapted to social life, they
progressive,
man
not
peace
followed
war
to end war?
What
thought did clashing armies give to the sacrifice to be
made after the war ?
What harmony of life can come
by repressing the spiritual liberties
every man
to work for work's honest
that energize
rewards and to
May 8
THE CHRONICLE
1920.]
have that
personal joy in individual accomplishment
1923
continue to haul their usual tonnage.
peculiar to himself, not transferable, not conferable?
effect of the decision will
Is
the
philosophy
Spencer's
individualism
of
already
business
still
confirmed/or already condemned?
be
of
The physical
consequently be small,
as
mining and of transportation will
conducted
along the
highest lines of
very
efficiency.
THE PROSPECTIVE DISSOLUTION OF READING.
It
not the
The
unscrambling
sary
by the decision requiring
Reading Ry. and the Philadelphia & Reading Coal
tion
of financial
& Iron Co.
cated
by the Reading Company, the holding
that brought the Reading system out of
company,
bankruptcy to
dividends of
.
8%
since 1913 and
since
smaller rate for the
a
was
joint
properties and
obtained
both the coal properties and the railway.
the railroad
for
many
Reading RR. passed into the
placed
was
by the
last
reor¬
by
Reading system since 1896
to
men,
may
be
superior skill and science of modern
efficiency in corporate
manage¬
is known
consolidated 4s, due in 1937.
road, they have
ganization plan.
Nor
prices of anthracite,
in
vance
the
the
increases in wages and
railroad
No
of
due to higher
war
the ad¬
anthracite had
recent
more
followed
consumer
success
prior to the late
various sizes
The
moderate.
the
was
as
of
reor¬
been
doubling of prices to
The
of New
issue
Reading carried the
by the Reading Company and
Court has ordered the
that the
now
that the Supreme
separation of the Reading Coal
Reading Railway it is highly probable
Reading Railway will continue/as hereto¬
fore, to be the sole carrier to market of the products
of the
Reading collieries.
Both the
conducted upon a
are
of
plosives for the mine workers; it has furnished electric
illumination
for
with
railroad
and
roadbed, heavy rails,
powerful locomotives and coal
is
a
cars
of great capacity
giant compared with the pigmy when small
hopper
used to
cars were
carry
coal.
piers at tidewater equipped with the
of
The modern
power.
substantial
its
The docks and
very
best
means
loading and unloading vessels, and the marine
equipment itself
are
used in the olden
for
the
so
far ahead of the methods
days that the apparatus of 25
ago appears puny
Men and
all
years
and clumsy .
are
responsible
great development of the anthracite
industry and the recent decision of the Supreme
no
has
matter
destroyed neither of these.
through what
process
Therefore,
of segregation the
Reading and the Central RR. of New Jersey
go
may
in order to comply with the decree of the Court,
the foundations will be undisturbed.
Production of
anthracite
will
would be
great hardship if the communities which
a
continue
have relied upon
this
usual,
as
source
and
indeed
of fuel should ih
it
any
degree be cut off from their customary supplies.
There must also be
the
mines
to
the
transportation of the coal from
markets
and
both
the
secure
on
any
The Cen¬
all of the $8,489,650
Lehigh & Wilkes-Barre Coal Co. stock, of which,
according to "Poor's Manual," $7,550,000 is pledged.
This
stock,
be
as
the decree of the Court is construed,
disposed of.
'
still other
are
by the District Court
scrambling
it
v
complications which
can
only
straightened out when the decree is construed
was
of 15
for this
Philadelphia.
at
will take
process
a very
The
un¬
long time, and
doubtless that the sudden rise
reason
points in the market value of Reading Company
common
following the announcement of the decision
did not hold.
STOCK DIVIDENDS SINCE THE U. S. SUPREME
COURT DECISION.
In view of the
ter,
declarations
our
stock dividends
of
on
March
not taxable
We show
8
Reading
doubt
have
come
to
Supreme
declaring that stock dividends
income under Federal law.
as
(1) the amount of stock
or
shares out¬
standing at the time of the stock declaration; (2)
the rate
or
percentage of the dividend, and (3)
the
stock by which the capital
will
amount in shares
be increased
or
through the dividend.
OR RECOMMENDED BY BOARD,
Outstanding
before Dlv.
On Common Stock—
$2,000,000
Acadia Mills Corporation--—American Glue Co
----------
-
American Light & Traction Co
American Multigraph Co
—
-
-
American Steel Foundries
——
American Tobacco Co
§1,500,000
$25,057,219
$1,000,000
$7,019,700
$17,184,000
-—$1,150,000
h$51,107,848
American Thermos Bottle Co
-----------
about $2,124,420
—
172,800 shs.
$8,000,000
Art Metal Construction Co
$1,457,120
Autocar Company---------------—
$3,000,000
Brier Hill Steel Co. (ft)
$12,500,000
British-American Tobacco Co., Inc
£12,811,412
Brown Shoe Co., Inc.——
—-——
$6,300,000
American Trading Co-
—
Amoskeag Manufacturing Co
Arlington Mills
—
——
-
-
$6,000,000
Brunswick-Balk e-Collender Co
Chandler Motor Car Co
Chapman Valve Manufacturing Co—.——
Cleveland-Akron Bag Co
Cleveland Automobile Co
—
Columbia Motors Co-
—-
Columbia Graphophone Mfg. Co—
Continental Oil Co
——
210,000 shs.
$500,000
$2,950,000
14,000 shs.
$500,000
915,160 shs.
$3,000,000
$1,000,000
$25,000,000
Detroit & Cleveland Navigation Co—about $5,000,000
Endlcott-Johnson Co
$14,900,000
Federal Oil Co
$4,750,000
Crowell & Thurlow SS. Co
Crucible Steel Co-
no
that
notice since the decision of the U. S.
Court
are
great interest attaching to the mat¬
bring together in the following table all the
we
-
Railway and the Central of New Jersey will
six months' notice.
upon
American Piano Co
Court
$14,504,000 of Central
redeemable at 105 and interest
are
STOCK DIVIDENDS VOTED
good business methods
very
coal
$23,000,000 of Reading-Jersey Central
huge scale.
Science has provided better and more powerful ex¬
current
of
acres
*
mining and transportation of anthracite
in modern times
parts of the rail¬
Reading reorganization.
owns
tral RR. of New Jersey owns
of
on
100,000
Philadelphia & Reading Coal & Iron Co.
period
There
tonnage from the Reading mines prior to the control
Co. from the
interest
the rising costs of production.
other than the
on
Jersey stock, all of which is pledged to
must be
a
first lien
Reading Company
result of the tremendous
as
a
This issue antedates the last
4s which
use
Besides being secured
by second and third mortgages
by the last reorganization and to the careful
capital supplied through the
The issue
the Reading general 4s.
Philadelphia & Reading RR. and the
Philadelphia & Reading Coal & Iron Co, first series
an
additional
both railroad and coal properties
on
as
the
as
The
Another bond
sight of, but which stands in much the
position
same
ment, to the scaling down of charges accomplished
the
lien
a
has been lost
land of the
Success of the
business
Reading general mortgage 4s secured by liens
upon
secured
ganization.
attributed to the
most compli¬
a
years
of the
neces¬
separa¬
outstanding $96,524,000
are
preceding
management
sound financial footing
a
There
general 4s do not mature until 1997.
hands of receivers three times before it
upon
interests, presents
problem.
stock
by the Reading Company in 1896, yet the
Philadelphia &
of
divesting and
a
common
prior to the joint control of the properties
years
old
$70,000,000 of
upon
There
1905.
anthracite
position where it has been paying
a
however, made
process,
joint control of the Philadelphia &
was
-
Amount of
Stock Div.
%
50
150(1)
2}£Q.
20(f)
5Q
6
30
75
100
100
50
100
40
20
25(f)
331-3
§1,000,000
$2,250,000
$626,430
$200,000
$350,985
$1,031,040
$345,000
$38,330,886
$2,124,420
*172,800 sha.
$4,000,000
$1,457,120
§1,200,000
$2,500,000
£3,202,853
$2,100,000
200
j$12,000,000
33 1-3
*70,000 shs.
100
$500,000
50
$1,475,000
1,900
*266,000 shs.
700
$3,500,000
5
*45,758 shs.
200
$6,000,000
200(k)
$2,000,000
60
$12,500,000
i 25
$1,250,000
' 10
$1,490,000
3
$142,500
Amount of
Outstanding
$1,000,000
Foundation Company, New York-..
20,000 shs.
Frye (John A.) Shoe Co
$250,000
General American Tank Car Co--—60,000 she,
General Chemical Co...
$16,519,200
General Flreprooflng Co.
...............
$1,017,500
J See note (a)
General Motors Corporation....^......... 1 $155,957,200
$1,000,COO
*5,000 shs.
$500,000
*180,000 shs.
$3,303,840
25
200
300
-
20
$16,121,000
Grasselll Chemical Co
nSO.OOO shs.
Greenfield Tap & Die Corp
$18,000,000
$1,600,000
$2,500,000
Hawaiian Pineapple Co....
Haynes Automobile Co..
-
$3,000,000
Hood Rubber Co...
70,777 shs.
International Motor Truck Co.....
$1,500,000
$5,532,200
Cotton Mills
Kelly-Springfield Tire Co.
Libby, McNeill & Llbby.....
$12,800,000
-
$3,000,000
Manomet Mills.
May Department Stores Cg..-_^._.'.—..— $15,000,000
Middle States Oil Co
about $2,916,670
February, both Governor Harding of the Federal Reserve
last
Board, and Mr. Hamlin, rightly served notice that they
$3,224,200
40,000 shs.
50(1)
$9,000,000
25
$400,000
60
$1,500,000
66 2-3
$2,000,000
100
*70,777 shs.
33 1-3
$500,000
3
$165,966
50
$6,400,000
66 2-3
$2,000,000
33 1-3
$5,000,000
20/Paid in March
20
50
$583,330
50/Pay'le in July
1
would resist in every way
and the Treasury as to
New England Investment Co..-
Each
................
,
Owens Bottle Co
be needed in the
Mints will be
$5,000,000
the Government—the
$2,400,000
100
$2,400,000
333 abt.$1,923,310
Queen City Cotton Co
Reynolds (R, J.) Tobacco Co..
St. Maurice Paper Co
33 1-3
100
200(f)
30
$5,000,000
Salmon Falls Manufacturing Co...
Seaconnet Cotton Mills
$600,000
$75,000,000
40(f)
...See footnote (i) below.
$6,000,000
100
$2,500,000
100
$45,000,000
33 1-3
Co
Sinclair Consolidated Oil Corporation
Standard Sanitary Manufacturing Co
Stanley Works....
Corporation
Studebaker
100
100(f)
$600,000
.....
......
Stutz Motor Car Co
Thompson (John R.) Co
Trumbull Steel Co
Truscom Steel Co
Turner (J. Spencer) Co
Union Bag <fc Paper Co
United Fuel Gas Co....
United States Worsted Co
Wagner Electric Mfg. Co. of St. Louis
Waldorf System, Inc
Whltaker-Glessner Co
„
Youngs^own Sheet & Tube Co
Where, then, will
This
$1,500,000
$600,000
$600,000
$30,000,000
50%; Electric Welding Co., Baltimore, 25%; Fa nir Bearing Co., 100%; Honolulu.
Iron Works, T. H., 140%; Riverside Manufacturing Co., 100%; Royal Worcester
Corset Co., 200%; Traut & Hine Mfg. Co., 100%; Woodslde Cotton Mills, 100%.
($100
par
is payable on the $155,957,200
its equivalent in shares of no par value, ten of
stock dividend
2^j%
value)
or
being issued for each $100 share.
bTobe paid out of surplus when the $325,000 Common stock
are
offered at par is
In accordance with
Preferred
consolidation
plan; outstanding, 99,336 shares,
d A stock dividend of
e
A press
8% has been declared (4% payable in 1920, 4% 1921).
report from Youngstown says that the directors "have decided to
issue
stock dividend of more than 400%, or more than
capital stock
to
$80,000,000," thus increasing
the
$100,000,000.
shareholders, at
a
declare
an
permitting the banks to act as trustees
The
/
Treasury has already asked and been denied
priation of two million dollars to build
to
take
of these immense
care
an appro-'
vault in Washington
a
WTere storage room
sums.
provided in Washington the Government's eggs would be
in
basket, and the warning against this is proverbial.
one
It is
perfectly simple to have transferred to the Federal
Reserve banks all the assets of the Sub-Treasuries that
not
composed of redundant coin, trust funds,
certificates and United States notes
or
against which
redemption receipts issued by the Treasury
are
of silver
held
are
or one
of its
branches.
to have been
never seems
appreciated what
a very
able service the Sub-Treasuries render in sorting out
that has been defaced
and
are
valu¬
the coin
1
or worn.
The Sub-Treasuries
ought to be branches of the
retary, and their great usefulness is
stock dividend (amount stated above), provided
meeting called for the purpose,
shall authorize the proposed
will vote
on
the abolition of the
as
much
quarterly stock dividends of 2% each, payable
stockholders, who will vote on same May 19.
See V. 110,
1857,1754, 1744.
j The new stock distributed as a stock dividend, will be designated as Class "B."
k As recommended by the board.
The stockholders voted May 6 to Increase the
stock from $1,000,000 to $4,000,000 and the directors, It is said, will formally declare
the 200% dividend next week.
1 The final steps in the matter of a stock dividend arc
yet pending and no announce¬
ment can be made at present.
Assuming that all of the holders of the 2d Pref. stock exercise their option to
exchange the same for Com., prior to June 15 the stock dividend will be paid on a
total of $5,000,000 Com. and will increase the outstanding issue thereof to $7,500,000.
m
Par value $25.
to accomplish
This bank will take
Sub-Treasuries.
of the Sub-Treasury functions will have to be per¬
formed
elsewhere.
It must be
the
appreciated that
Sub-Treasuries
are
of the proper functions
none
revenue
that the Federal Reserve banks
i The directors have declared four
upon authorization of the
Bank of New
as anyone
possession of the Sub-Treasury building in New York, and
of
$40,242,400 Common stock now ouistandlng and $10,865,448 Class
"B" Common which will be outstanding after conversion of the $12,072,720 scrip.
to be appreciated
Governor Strong of the Federal Reserve
York, perhaps, has done
June 1 on Increasing the Common stock and to
additional stock dividend (amount not fixed).
sure
when it is too late.
h Includes
n
recognized good
in accordance with
practice.
increase.
g The stockholders
The idea of
themselves is not
many
f The directors have voted to pay a
the
gold is either held against the outstanding gold certifi¬
banks.
for
paid for; $175,000 outstanding April 27.
c Includes 664 shares reset ved for exchange for outstanding shares of
and Common stock of the Union Bag & Paper Co.
a
gold, and the standard silver dollars?
Treasury at Washington, subject to the direction of the Sec¬
No par value.
General Motors Corp.
which
be found for the trust funds of
room
cates, or is the Gold Settlement Fund of the Federal Reserve
It
iThc following stock dividends have been reported by various newspapers, but
have not yet been verified by us, and therefore are not Included In the table above:
Helton Mills, 100%; Easley Cotton Mills, 300%; Electric Welding Co., Boston,
Federal Reserve banks, unless abso¬
necessary.
$40,000,000
$6,000,000
$2,500,000
$15,000,000
100,000 shs.
20
*20,000 shs.
120,000 shs.(h)66 2-3
*80,000 shs.
$4,500,000
33 1-3
$1,500,000
$14,000,000
Not yet determined.
$1,444,650
20
$288,930
$500,000
100
(b)$500,000
(c)$l0,000,000
50
$5,000,000
SlO.OOO.OOO
200
$20,000,000
(m)$5,000,000
50
$2,500,000
$4,000,000
8
(d)
$1,700,000
5
$85,000
about$3,869,700
400
$19,348,500
$50,000,000
30(f) $15,000,000
$18,500,000
See footnote (e)
Stutz Motor Car Co
W.) Co
$482,113
$500,000
$750,000
lutely
The result will be that the
future.
near
compelled to fill their vaults with coin and not
100
$1,500,000
$750,000
$20,000,000
Paige-Detroit Motor Car Co..
district,
that each bank will
see to it that the coin in its possession does not leave its dis¬
trict, in the event that there is any possibility that it may
$2,600,000
5
bank is serving its own
Reserve
distribute it among the
$5,000,000
Nonquitfc Spinning Co,
a
Federal
and the experience as to currency shows
$1,500,000
$1,200,000
$2,500,000
$3,000,000
$7,000,000
$35,000,000
Northwestern Leather Co
*
banks.
serve
$576,690
$9,642,275
....
division of authority between them
the management of the Federal Re¬
\
100
100
100
100
20(f)
$1,500,000
$1,200,000
$2,500,000
$3,000,000
New Jersey Zinc Co
Nicholson File Co
Common stock
demands.
meeting of the House Committee on this subject,
a
$508,750
\
Minneapolis Steel & Machine Co
Woolworth (F.
At
$389,893
$5,200,000
Monomae Spinning Co
Nashua Manufacturing Co........
Sears-Roebuck
meet the
50
--
Middle States OH Co
the Treasurer to shift from place to place to
to the order of
214Q.
.
Harbison-Walker Refractories Co
banks, it will no longer be subject
to the Federal Reserve
over
Slock Div.
%
100
before Div.
On Common Stock—
Federal Motor Truck Co
Katama
[Vol. 110.
THE CHRONICLE
1924
more
Reserve banks will in
ernment for this
some
Practically all
can
or
the Federal
be compensated by the Gov¬
work, and therefore, the direct loss to the
Government will be very
banks
way
functions;
extravagantly
than the Treasury of the United States; that
run
substantial.
the functions
that the Federal
Reserve
ought to perform have been taken away from
the Sub-Treasuries.
has
producing
much
are
Still, if it
can
be judged from what
happened in this office, the Sub-Treasury employees are
giving full time service to the Government.
If the
OPPOSES ABOLITION OF SUB-TREASURIES.
I feel
significance of the proposed step
sure
United States Sub-Treasury,
Yours
Cincinnati, Ohio, May 1 1920.
statement
or
to the
as
It is not
a
performing to-day at
are
has been
turn
to the banks
CONTINUED
completed, and
now
it is proposed to
It
is admitted that the Federal Reserve banks will perform
the
Sub-Treasury functions at
It
is
costs to
asserted
OFFERING OF BRITISH
a
greater cost
tp the Government
released, and thereby, indirectly,
made.
This
a
silver and minor coin.
Most of this is in the Sub-Treasuries
offering of ninety-day British Treasury bills
count basis of
time past.
6%, the
raie
on a
which has been in effect for
dis¬
some
The bills in this week's offering are dated May 3.
automatically
When,
as
RATE
ON
FRENCH
The French
this week
on a
advanced
the
some
proposed, this coin is turned
are
dated May 7.
was
CONTINUED
were
disposed of
discount basis of 6H%—the figure to which
for
rate
BILLS
QV2%.
ninety-day Treasury bills
The Sub-
a
TREASURY
AT
reservoir for redundant coin
because it is not needed in the channels of trade.
usual
disposed of this week by J. P. Morgan & Co.
saving will be
fifty million consists principally of subsidiary
of this character.
The
was
approximately fifty million dollars,
working capital of the Sub-Treasuries,
will be
are
TREASURY
BILLS.
perform them.
that
which represents the
Treasuries
Qistussious
a very
purely governmental functions.
now
(Sxxxxmt
great amount of valuable
separation of the Government from banking
functions
than it
S.
a
slight cost to the Government.
over
Espy,
pending abolition of the Sub-Treasuries.
service the Sub-Treasuries
wise
truly,
Assistant Treasurer, U.
appreciated by the proponents of the abolition,
by the public generally, what
The
appreciated,
place.
Arthur
The Editor of the "Commercial & Financial Chronicle
My Bear Sir:—In the "Chronicle" of last week there is
were
that the abolition would not take
time been 6%.
March
26;
it
had
previously
The bills in this week's offering
Mat 8
1920.]
CANADIAN
A
further
THE CHRONICLE
Under
VICTORY PRICES AGAIN LOWERED.
reduction
in
being
notice issued by
the Secretary of the Committee,
E. A. Daly, "to meet
prevailing market conditions."
In
reporting the new prices, which we indicate below (along
with the prices
figures
previously in force) the "Globe"
the amount received
each
by the seller being
states that
1922
...
1&23
...
1927.
...
1933
98K-99H
99**
99-100
99
99**
1
98-99
98-99
100 **
100
101**
100**
103
**-100**
102
99-100
99-100
100-101
97**-98**
99
98**
96-97
90
Feb. 23.
;
99**
97
97
The previous
lowering of the price
May 1,
96
**-97**
REPORTS
AS
TO
TRADE
noted in
DISCONTINUANCE
SUPPORT
BY
WAR
OF
our
issue
said last
it is
stated, indicated that
might be
forthcoming next week.
OF
TO BECOME
FEDERAL
VICE-PRESIDENT
FOREIGN
BANKING
CORPORATION.
The First Federal
Foreign Banking Association announces
Philip B. Kennedy, Director of the Bureau of Foreign
and Domestic Commerce in
Washington, has accepted a
position as Vice-President.
He will begin his duties about
that
June 15th.
was
Reference to the organization of the Association
made in
our
3.
Discussion:
NATIONAL
The
FOREIGN
TRADE
CONVEN¬
15th
coming week the Seventh Na ional Foreign Trade
inst.
Effect of
session
May 12 and will extend
The
Being
on
general
theme
will
be
"The
At the first general
being
the speakers and the subjects they will
follows: "The Relation of Our Productive
as
Our Foreign
Chairman National
to
the 13th, 14th and
May 12 the topic will be "Fundamentals of Our
Capacity to
Steel
convention
Creditor Nation."
a
Foreign Trade,"
discuss
over
Trade,"
by James A.
Farrell,
Foreign Trade Council, President U. S.
Corporation.
"The
Foreign Trade,"
by
Financial
Fred
L.
Situation
Lipman,
as
Applied
Vice-President
Wells
Fargo Nevada National bank, and "Foreign Ex¬
change," by Fred I. Kent, Vice-President, Bankers Trust
Co., New York.
general session, May 12, the session topic
will be "Exports and Imports" and the addresses on that
Trade,"
"The Function of Imports in Our
George
by
E.
Roberts,
Foreign
Vice-President National
City Bank; "The Future of Our Exports," by Frederick J.
Koster, President California Barrel Co., and "Railway
Foreign Trade," by William Sproule, President
Southern Pacific Ry.
"Foreign Trade Policies" is the session topic chosen for
Third
General
Marine" for
the
session
Fourth
"National Program
Fifth
General
which
among
will
on
May
13,
General session
for Foreign Trade"
session
on
May 15.
"The Merchant
on
May 14, and
the topic for the
A number of subjects
be given
consideration at the Group sessions,
which will be "Financing Foreign Trade" (in co¬
operation with the American Bankers' Association).
This
discussion assigned to Group II, is slated for May 12, the
addresses
being
as
Feasible?
Is
it
Desirable?"
for
of Imports."
VIII—"Foreign Trade and
X—"American Trade with Russia."
XI—"Practical Prob¬
Manager."
XII—"Webb Law in Operation."
Problems."
XIII—
;
L.
C.
LEFFINGWELL
PENDITURE
TO
DECLARES
BE
ROOT
"Since Armistice day
GOVERNMENT EX¬
OF
INFLATION.
the world has not only failed to
make progress towards the restoration of
from
healthy economic
sound position,"
by L. C. Leffingwell, Assistant
Secretary of the Treasury, in an address delivered on April
30 before the
Academy of Political Science in New York.
Mr. Leffingwell, whose remarks were offered
under the
the
head
to
statement
a
made
"Treasury Methods of Financing the War in Relation
Inflation,"
stated
Day is attributable
flation
and
the
expenditures by
that
"inflation
to three
principal
here
our own
(b) heavy
Government and Government in¬
prices,"
own
being inflated and
our
(a) world in¬
prices;
business; (c) reaction and
"Our
since Armistice
causes;
internationalization of
own
said
Mr.
waste among our
Leffingwell,
banking and
"are
position
currency
credits and securities,
including those of countries with which
technically in a State of War." "Government
expenditure," Mr. Leffingwell declared, "is at the root of
we
still
are
inflation
all
over
the
world."
He added
ference of Government in railroad
that
"the inter¬
affairs, begun
many years
before
we entered the
war, has subjected business and indus¬
try to the gravest hardships for lack of adequate transporta¬
tion
and
has involved
credit facilities."
a
great additional strain upon our
It is safe to
say," he said, " that the
expenditures and losses on account of rail¬
Government's
roads and its investments in the railroads will
to
$2,350,000,000."
U.
shortly amount
Referring to the expenditures of the
S.
Shipping Board, Mr. Leffingwell stated that "the
expenditures since Armistice Day amounted to
approximately $1,600,000,000, while Congress deliberated
actual cash
as
to
shipping policy.
our
Notwithstanding the fact that
engaged in commercial shipping at a time when
it is exceptionally profitable, the
Shipping Board, has made
as
follows:
"Through Credits and Invest¬
net return to the Treasury, its expenditures still
yet no
exceeding its receipts."
run
to-day at
what end
are
we
moving in
California;
"Possibilities
railroads being
our
shipping policy?"
To
He also
Instead
of
telling the people frankly and boldly that prices
are
high
because they are wasting, we fix prices and
prosecute profiteers in order
that the people may buy more and
pay
Instead
cause
of
less.
telling the people that Liberty bonds have depreciated be¬
they are treating their Liberty bonds
that the rate of interest upon
bondholders
disguised
as
a
as
spending money,
the bonds is too low and urge
refunding
we
a
clamor
bonus to
operation.
Instead of telling the young men who were drafted to
fight the war, and
who came back better and stronger and more fit to
fight their own battles
than they ever were before, to go to work and save their
money and look
out for themselves as any
self-respecting man should, we listen
complacently
to
their organized demands for
a
bonus, euphemistically called 'adjusted
compensation.'1'
"For plain living and high thinking" the Assistant Secre¬
tary said, "we have substituted wasting and bickering.
We
enjoy high living while
Bank of
are
said:
of silk
President,
"Why, he said,
loss at the Government's expense?
a
tion; "Through Foreign Finance Corporation," by Frank B.
it
Foreign Trade."
Ill—"Transportation and
IV—"Foreign Trade Advertising."
V—"Direct Sell¬
ments, by John E. Gardin, International Banking Corpora¬
Anderson,
Is
VII—"Sources
lems of the Export
Service in
the
Insurance,
it has been
At the second
occasion will be:
Men)
expanded by the feverish speculation in European currencies,
NEXT WEEK.
Convention will be held in San Francisco under the
auspices
of the National Foreign Trade Council.
The convention
will open on
Credit
of
Other discussions before the
group sessions will be:
terference with
issue of April 24, page 1701.
TION
"Credit
Group I—"Education
people."
SEVENTH
Association
life, but in fact has receded further
KENNEDY
FIRST
National
Discussion leaders: George R.
Meyercord, American Manufacturers For¬
eign Credit Insurance Exchange; Mark O.
Prentiss, U. S. Clearing House
of Foreign Credits.
was
PHILIP B.
the
Clausen, Vice-President Union National Bank, Seattle.
Address: "Difficult Problems and How to
Solve Them." E. G. Swift,
Discussion leader: C. K.
Mcintosh, Vice-President Bank of
California.
'Pacific
announcement
some
Michael,
'.V..
2.
Mr. Meyer, however,
commerce.
by Marc M.
reports,
current the past few days, to the effect that the War Finance
Corporation would discontinue about May 15 the making of
foreign
Credit,"
Gefcz Bros.
the Press."
on
of
John
ing abroad."
night that Eugene Meyer Jr. of the War
loans in support of
with
Communication."
FINANCE
Finance Corporation had declined to comment
Letter
1. Address: "The
Importance of Foreign Credits," Henry S. McKee,
Vice-President Merchants National Bank, Los
Angeles.
Discussion leader:
FOREIGN
CORPORATION.
was
American
and the program on this occasion will be:
96-97
1797.
page
was
May 13, the speakers
"Foreign Trade Promotion Through the
follows:
as
operation
Announced
99**
99 M
Guaranty
"Foreign Credits and Credit Information" will be the
subject for discussion on May 13 before Group IX (in co-
Price
Mar. 20.
100
101-102
98
..
..
Mar. 27.
98*£-99**
101
....
Authorized
28.
99
..
1934
Effective
April
99
1937
1924
Price
Effective
May 5.
Price
Bankers'
Walker,
Treasurer Consolidated Steel Corp.
point less in
Price
Price
Maturity—
It
ard
case:
New
of
one
Youngman,
by Allen
Banks," by W. E. Aughinbaugh, "New York Commercial;"
"Inland Banks and
Foreign Trade," by W. C. Dunlap,
Treasurer American Multigraph Co., and "Need for
Stand¬
announced represent the cost to the buyer,
now
discussion
"Banking Service to Foreign Trade" will form the topic to
be treated at the session of
Gourp VI on
made, according
the
Law," Elmer H.
a
Trust Co.
in the Toronto "Globe" of
May 5, which reports that the
reduction ranges from
to 1 point and is
the
Edge
Magazine, and
the
price of Canadian Victorybonds by the Victory Bond Special Committee is
announced
to
the
1935
we
stockings for the
temall means, of
grumble at the high cost of living—
poor,
of automobiles for
men
of
palaces for the profiteer and the plutocrat."
I
>
1
stimulated,"
'Unhealthily
to prosper and
He added:
expansion proceeds unchecked."
March, 1920, though holdings of
From March, 1919, to
(about 800 member banks
Reserve system
and loans upon
the Federal
all reporting member banks of
Government war securities of
of the commercial bank
control about 40%
continued,
commercial
leffingwell
Mr.
"commercial business appears
Government's war expenditures. The Government did not
nor did it borrow directly from the Banks of issue
borrowings for a day or a few days at a time which
were promptly repaid by withdrawals from depository banks or out of
tax receipts, and (b) certificates sold to Federal Reserve Banks under the
Pittman Act as a basis for the issue of Federal Reserve Bank notes to re¬
in leading cities believed to
deposits of the country) de¬
$2,000,000,000, their
$14,000,000,000. For every dollar of credit released by the Government, two
dollars were extorted by business.
From May 2 1919, to March 19 1920,
though the Reserve banks reduced their loans and discounts upon Govern¬
ment war securities from $1,800,000,000 to $1,400,000,000,
they in¬
creased their other loans and discounts from $350,000,000 to $1,400,000,000<
$4,000,000,000
from
creased
other loans and investments
something
to
over
meeting the
issue
money;
paper
except (a) temporary
place silver withdrawn from circulation and sold to the British Government There have been a few instances of purchases of Treasury certi¬
for India.
increased from $10,000,000,000 to over
negligible.
current
business man
to be turned
be taken up to
tures would be
The first War Revenue
proceeds to the war debt."
budget with teeth
in it—we must promptly revise our tax laws to make them
more
equitable—we must restore the railroads to a selfsupporting basis by establishing rates which will insure a
return for capital and labor commensurate with the return
part
and, immediately after the
to obtain additional
were
The
world wide
LeffingwelTs remarks in large
both." Mr.
follows:
of
shortage
as
rapidity with which our
financial and economic resources were mobil¬
than had been
Our military and economic effort was, I
believe, planned to reach the peak in the spring or summer 1919.
Though
hostilities ceased on Novemver 11 1918, the Treasury was called upon to
meet expenditures to the average amount of about $2,000,000,000 a month
in November and December 1918, and January 1919—the full amount of
the First Liberty Loan each month.
The peak of the war debt was not
reached until Aug. 31 1919 (when the floating debt amounted to over
$4,000,000,000, and the total gross debt amounted in round figures to
$26,596,000,000), and it was not until January 1920 that the Treasury was
able to reduce the floating debt to manageable amount and maturities.
In the period, lacking six days of three years, from the declaration of war
to March 31 1920, on the basis of Treasury daily statements, excluding
transactions in the principal of the public debt, the Government's current
expenditures amounted in round figures to $37,455,000,000 and its current
receipts to $14,198,000,000, the difference being covered by a net increase
in the public debt of $23,257,000,000.
On March 31 1920 the gross debt
had been decreased by about $19,000,000,000 to $24,698,000,000 from
taxes and salvage, including in the latter item the reduction of the net
balance in the general fund made possible by the reduced ordinary and
hoped by the most optimistic..
debt disbursements.
public
when another
this last quarter of the fiscal year will be regained in June
and profits taxes is payable, and that
installment of income
the end of the fiscal year on
June 30 1920, will show a reduction in the gross
$1,750,000,000 from the peak in August, 1919, and
debt of somewhere near
operations of the whole fiscal year will show a decrease in the gross debt
$600,000,000 which is more than accounted for, however, by the
the
of some
decreased
balance
in
against
delivered
the general fund.
This means that for the fiscal
total
The
disbursements
ments upon
when the armistice was
expenditures for
obligations taken from the Allies and other Govern¬
the sale of goods on credit in the aggregate amount of, say,
salvageable investments.
of more or
To what extent and with which degree of
expedition these investments may
of public
be liquidated depends
upon
questions
policy as well as practical finance.
The most
estimates of expenditures for the fiscal
reduced its
few hundred millions
mendations
of dollars) and advised the reduction of the taxes to
which did not, however,
The Treasury's
rigid economy in Governmental expenditure should be
enforced
should be maintained and rigorous salvage
adopted with a view to the rapid retirement of the floating debt
portion of the Victory Loan before maturity.
If due progress is
reducing the floating debt, Victory Notes should be accepted at
in payment of the five income and profits tax installments falling due
1922 and the first quarter of the calendar year 1923:
selling at or above par, a portion of them should
redemption in June and December 1922.
This would raise the
the notes are then
if
be called for
securities and make possible the refunding
reduced balance of the Victory Loan upon terms advantageous to
level of all other Government
of the
the
Government.
These
measures
taxes, increase
feasible
and
necessary.
If, however, we reduce
expenditures and delay salvage operations, the Government's
will be grave for the debt outstanding and maturing
three years amounts to $8,000,000,000.
maturities and redemption dates of the Liberty Bonds and Victory
financial predicament
within
The
Notes were arranged
conveniently for the retirement of the public debt.
and above
the amount of obligations of foreign governmental held by the United States)
within less than twenty-five years if, say, $1,250,000,000 a year is provided
The
sinking fund will retire the entire funded war debt (over
for the service of the
debt, including interest and sinking fund.
The
The methods
There are three ways
and paper money.
a
by some.
inflation in this country down to a minimum.
of financing
Government expenditures: taxes, loans
The last and worst of these methods was resorted to, to
greater or less extent,
extent,
Treasury's Methods.
pursued for accomplishing these results were intended to
and did hold the inevitable war
by all the European belligerents, and, to a disastrous
in the United States as a means of
It was avoided
V
inflation inevitably
But we must not assume that to the full extent that
There
Congress gave effect to the demands of the
Treasury as to the amount of revenue required, but the House of Represen¬
tatives and the Ways and Means Committee of that House are very jealous
good and bad
are
taxes.
and duty which they believe to be theirs to initiate revenue
of the right
Treasury
The
measures.
consulted
was
and
given the most courteous
consideration and the fullest opportunity to express its views, but the tax
bills were written
in
as
'y;
excess
profits tax as a tax upon
vested
capital.
that
><;.
..-y;
,'-
though favoring and indeed urging the war profits tax
profits roughly attributable to the war, strongly opposed the
tax upon
a
in Committee and the Treasury's views were overruled
important instances,
many
The Treasury,
the excess
profits in excess of a given return upon in¬
Experience has shown, what the Tresaury always asserted,
profits tax discourages initiative and enterprise, rewards
conservatism in
discourages
and
capitalization,
con¬
corporations in their monopolies, encourages extravagance and
firms great
wasteful management,
and adds to the cost of living.
Similarly the Treasury advised
against excessive rates of surtax and
Excessive surtaxes do not produce
urged heavier rates of normal tax.
drive capital into the
billions of exempt securities; and the
manufacture of additional amounts
of exempt securities is stimulated by
revenue
but
existance of these high surtax rates.
the very
This encourages wasteful
and municipalities at a time when the
worldwide shortage of capital makes it urgently necessary that out capital
resources be conserved for productive business.
Graduated surtaxes are
or
deferable expenditure by States
of
particularly where there exist billions
and desirable socially, but,
necesssry
dollars
of securities
from these taxes,
carrying exemption from these taxes,
exemption
excessive surtax rates defeat their own ends and, in the
of
useful and necessary purposes.
from the Treasury's views concerning surtaxes and normal
taxes has seriously impaired the market value of Liberty Bonds, which
are exempt from the normal taxes, but within certain limitations, subject
to surtaxes.
It is within the power of Congress, by reducing surtaxes and
increasing normal taxes, to lift Liberty Bonds to practically any market
analysis, the burden is shifted to the community as a whole because
consequent shortage of capital for
level it chooses.
In the last
is
analysis, taxes can only be paid our of income, and the best
something else, or measured in some
active
When a tax is imposed upon
other way, the taxpayer who has not
properly graduated income tax.
a
war
If possible
Capital taxes, including retro¬
available must shift the burden to some one else.
ultimate consumer.
profits taxes, and excessive surtaxes, excess profits taxes
sales taxor all these must
disorder in some
part of the
and
be shifted sooner or later—after much economic
cases—if possible to the consumer.
income of the poor man
Because the whole
is spent on things he consumes, and the greater
income of the man of modest means but a negligible part of
taxes of this sort are unjust and unnecessarily
the income of the rich man,
burdensome.
There is an even greater
fact that
are
the second War Revenue Act,
expenditures are met from taxes inflation is avoided.
Government
tax
in the calandar year
or
in
become law until Feb. 24 1919.
tax policy measurably limited the
incident to the war.
current income
par
$8,000,000,000 to $6,000,000,000 for
These recom¬
ultimately adopted
were
he will shift L to the
made in
from $24,000,-
and $4,000,000,000 for subsequent years.
methods
a
year
figure which proved to be correct within a
by the pending bill from
be carried
the current year
adequate revenue from taxes
and of
The Treasury, three days after armistice,
signed.
The departure
$10,000,000,000, and in addition several billion dollars worth
less
$8,000,still before the Senate Finance Committee
delay the House passed a bill estimated to produce
000,000 of taxes, but this bill was
the
expenditures.
of $37,455,000,000 include
against current
loans to the Allies and
special message to Congress demanding an increase of taxes.
a
After months of
last
receipts
sustained the Treasury and
after careful consideration,
budget within a couple of hundred million dollars—
its
balance
should
The issue was laid before the President, who,
on May 27 1918,
general election in the fall.
beginning seven months after the cessation of hostilities three days
after the signing of a peace treaty which is still unratified by America, and
two months before the peak of the war debt was reached, the United States
year
current
bitterly by leaders of both parties in Congress, who
for the summer and were looking forward to a
to adjourn
anxious
were
The
rough estimate of 24,000,00t0,000 of expenditures.
a
proposal was resisted
overcapitalization
April and May will show an important
increase in the public debt, in large measure due to the heavy burdens
thrown upon the Treasury in connection with the return of the railroads
to private control, the Treasury is hopeful that the ground lost in the first
Though the current months of
two months of
taxes
000,000 to $18,000,000,000 (a
possible the termination of the war a year sooner
ized made
Six or seven months later it became
of war.
expendtures were mounting very rapidly
Third Liberty Loan, the Treasury took steps
revenue from taxation, demanding $8,000,000,000 in
apparent to the Treasury that war
must," he said, "have a National
a
the
by loans.
Act became law on October 3 1917, about six
months after the declaration
realize promptly upon all saleable war assets,
is
the point where the most rigid economy in personal expendi¬
enforced.
As a practical matter the distinction cannot be
impose taxes as high as we dare upon both and seek to take
so we
surplus income of the rentier
expenditure to the quick, abjure
had elsewhere at a time when there
injustices and econtaxation are slight enough but
The income of the
in a period when the demand is for increased production ought
back into his business.
The income of the rentier ought to
from errors in the incidence of
higher their consequence become graver.
rates go
made
would probably have defeated
speeding up of production for the winning of the war
When tax rates are low, the inequalities,
nomic injuries
as
expenditures should be met from
The effort to go further
taxes.
itself and made the
including ships, applying the
to be
persistently and, on the whole, successfully
Treasury
The
Taxation.
insisted that one-third of the current war
impossible.
bonuses, and
Federal Reserve Banks but
duration as to be
such small amounts of such brief
in
these have been
limitations of currency
and credit, these and all other traditional methods, Mr.
Leffingwell contended, "should be used courageously, but
they will not," he said, "suffice under the abnormal world
conditions now prevailing."
In pointing out the remedies
Mr. Leffingwell said, "We must get together, stop bickering
and face the critical situation which confronts the world."
"We must cut Government
issues by one or more of the
ficates of public
High rates of interest and discount,
"We
[Vol. 110.
THE CHRONICLE
1926
Congress is
evil in these indirect taxes and that lies in the
perpetually urged to make expenditures out of the
public purse for the benefit of some
system
mass
of indirect taxation makes
of the voters upon
class or group in the community. A
it possible to conceal from the great
whom the burdens fall
the fact that they are
confer special benefits upon a part of the com¬
The notion that in some mysterious way the other fellow wiU
being mulcted in order to
munity.
pay,
the profiteer or the plutocrat—or perhaps
it—leads to wasteful expenditure.
the general public without
knowing
Thus the beneficent effects
third of the war
the taxes
of the Treasury's policy to pay as we go one-
expenditures from taxes were limited by the character
imposed.
of
Inflation was avoided to an important extent because
individual was curtailed and transferred to the
by the Government of credit instruments.
of these measures was not obtained because
certain of the taxes imposed tended to dissipate or penalize capital and
inflate prices.
'
Liberty Loans.
When the war began the investment bankers of the coun¬
try had, It is said, sold bonds of all kinds to some four hundred thousand
the
spending power of the
Government without the issue
The
full
value,
however,
May 8
The
persons.
plying
jL920.]
THE CHRONICLE
with^the problem
Treasury grappled
of loans boldly,
re¬
upon the patriotism and
people; it devised
capacity for self-sacrifice of the American
sound plan of decentralized organization for
mobilizing
a
the financial resources of the
country; and it promptly drew into its head¬
quarters staff experts from the business and financial
world, who gave to
the fine old Treasury
organization the necessary leaderdship for solving
the problems of the war.
*
The Sixty-fifth Congress convened on the 2nd of
April 1917, war
clared
the 6th,
on
24th.
It
and the Frist Liberty Loan Act
ceded only by two deficiency appropriation bills.
opinions
as
to the amount
exceed
the loan
$500,000,000.
was
de¬
on
Congress, being
be sold,
pre¬
believing
some
$1,500,000,000, others that it
must
The
of
bond
Federal Reserve Banks
selling,
paid
commissions,
employed the
community to form Liberty Loan
every
Committees and lead the movement.
decentralization,
no
fiscal agents, and called upon the leaders in the
as
banking and business world in
vesting
In organization it pursued a policy
leadership
in the Governor of the Federal
Reserve Bank of each district and in committees
appointed by him.
The First Liberty Loan not
only filled the Treasury for the moment but
is prepared the American
people for the draft and made them realize the
war.
It taught millions of them what a bond is and how
to
save and pay
for
one.
From May, 1917, to May 1919, the
country was thrown by the Treasury
months into throes of a Liberty Loan campaign—five loan cam¬
every six
paigns in
two years.
scribed for
some
It is estimated that 20,000,000 people or more sub¬
all of the loans, and that 2,000,000
people took part as
or
workers in
one or all of the
campaigns.
During these two years, covering
the whole period of our
participation in the war and six months after the
fighting stopped,
Was a war,
no one in America was ever allowed to
that he had
Bonds, and that
to do so
device
evolved
was
ever
Loan campaigns.
Second,
mind
Third,
effective for procuring saving as the
so
Every
to pay for one, or
one was
always buying
a
Liberty Bond,
getting ready to buy bonds of the
Fourth
forget that there
part in it, that that part included buying Liberty
he must save money. In the history of finance no
a
and
Victory
Loan
next issue.
campaigns
Liberty
trying
or
The first,
stand
in
out
responsibility, but for the
actual achievement of 100,000,000 united
people inspired by the finest and
purest patriotism
men
could
be
foolish
so
Liberty Loans
save
people
to
to
imagine
no
themselves
or
man
group
of
responsible.
Those
the principal instrument in
raising cash and
for the war.
were
the
as
Those who had obeyed the injunction to
borrow and
buy Liberty Bonds ignored the complementary
injunction to save and pay
getting
A
$50 bond in the hands of a patriot turned
spendthrift was to
$50 bill to be spent Saturday night, or, to
her, a new hat, and if the
$50 biU turned out to be a $45 bill, small matter.
him
a
This
most immediate cause of the
particularly.
situation
and
have meant
them
incidentally.
higher rates of interest
more taxes
has
been
rampant
fixing the terms of the loans the Treasury and alwasy one major con¬
sideration in mind, and it
perhaps accounts for some divergence of opinion
between the Treasury and some of the
bankers.
It was not from a wilful
doing
ments are
probably true in
amount
7.
page
There must never
foresight, lack of courage
thoughtful
looking to the possibility
way,
the effect of high rates of interest and short
and in causing
apprehension as to
the future, mast be
kept in mind the psychological effect at home an abroad.
As to
maturity, the experience of the Governments of the Allies showed
conclusively the
ment
embarrassment which must confront any
grave
govern¬
in
the course of a
long war which failed to place long-time bonds.
theory that short bonds would keep themselves at par has not been
sustained in practice.
Very much the highest interest bases have been
The
established by the short bonds and notes of this and other
governments.
The explanation is
simple.
When bonds are sold, to the accompaniment
of patriotic appeal, to an amount
in excess of the normal investment demand,
diminishing the
r
■
own
acts, issued the bonds and notes at rates of interest
which would in¬
market price for them at or near
par even in the period of
This is inflationist doctrine.
be treated
as
spending
bearing currency.
those who wish
Depreciation in market price
us our fill
serves
as
of interest-
check upon
a
to spend their bonds.
Certificates.
By selling Treasury certificates in
Liberty Loan and of income and profits tax installments
anticipation
the
Treasury
provided current funds to meet outgo, made provision
against the money
strain which would have been involved if
Liberty Loan and tax installments
had been paid on one or several
days without
anticipatory borrowing, and,
more
important in economic effect, tapped the credit resources of the banks
and trust companies of the United States and mobilized
them for the usee
of the Government, thus limiting commercial inflation
when the Government
long period of time
with the moral
certainty that very high interest rates would drive the bonds
was
the
principal buyer
and needed to
credit resources of the country placed at its
disposal.
The Treasury issued as great and as frequent
long loans
The
as
have the
the market
greater and more frequent than the market could
point of saturation
for long
Government loans had been
reached—and passed— with the Fourth Liberty Loan.
diversification of their investments.
In
a
Investors require
little over two
years we created
$25,300,000,000 of debt (at the maximum).
It
was bad
enough to ask the
people to absorb that amount of the obligations of
one Government.
It
would have been intolerable to insist upon their
buying only bonds of one
character, that is, long-time bonds.
After armistice the only
additional investment money into Government securities
diversification of terms and this
thereafter
revolving
by
Treasury
way to get
to offer some
was
done by issuing Victory Notes and
was
certificates.
The result of forcing out more long loans would have been the
perpetuate
tion of the war debt.
There is no greater influence
towards economy of
expenditure and maintenance of adequate revenue than the existence of
short dated debt.
No
Administration could have resisted the
pressure
reduction of taxes and increase of expenditures if the
time to pare
They do not bother much about the
basis.
a
The Civil War gave
Treasury
of each
war
for
debt at its maxi¬
of
$25,300,000,000 had been funded, and it had subsequently appeared
that taxes and salvage would more than meet current
expenditure.
The
Given the necessity of
selling bonds of long maturity, it was undesirable
high interest rate for
reaction.
The bonds and notes were
never meant to
mney.
There was no plan of
financing the war or of financing the period of re¬
adjustment which would protect the holders of the
Government's securities
or the Government's credit
against subsequent folly and waste.
War Savings.
The Liberty Loan campaigns were supplemented
by the
work of the War Savings Organization, which
deseminated sound economic
doctrine
and
produced
some
cash.
interest
a
'
sure a
mum
country with
:
Some critics
say that the Treasury should have foreseen the
after-the-war
reaction and, in order to
protect bondholders from the consequences of their
subscribers who have
overbought sell first the bonds which they can sell
with the least loss of
principal.
to burden the
Both these argu¬
so.
some cases.
they put aside."—War-Time Financial Problem,
Hartley Withers
could absorb—in fact,
depreciating other securities
would
But, as a rule, people who have the
instinct of saving will save, within certain
limits, whatever the rate of in¬
terest may be.
When the rate of interest is low they will
certainly not
reduce their saving because each hundred
pounds that they put away
brings them in comparatively little and when the rate of interest is
high
the attraction of the high rate will also deter
them from
absorb.
a determination to finance
that it should never be lost for
financial reasons, that the Treasury
maturities in
since
Liberty Bonds, which
more
spending money for the
other effect than to increase the inflation
the Victory Loan.
"save
desire to make the sale of bonds
hard, but from
to take the first
steps in a careful,
of a long war.
In addition to
any
"Some people argue that a low rate of interestmakes
people
more
because it is necessary for them to save more in order
to acquire
independ¬
ence.
Others maintain that a high rate of interest
induces people to save
because they can see the direct
advantage of
the
sold long bonds, and sold bonds at
low rates of interest.
come an end of the war in
defeat because of lack of
on
taxpayer and
during the period
In
war so
for the
bondholder, would have had
which
the first and
was
depreciation of Liberty Bonds,
affecting them
I shall mention later other conditions
affecting the general
I doubt whether
my
the most magnificent economic
achievement of any people.
For
conception, direction and detail the Treasury is entitled to credit and must
as
assume
spending money.
for them.
the
Treasury demamded $2,000,000,000 and
oversubscribed fifty percent.
The Treasury disregarded all
accepted methods
of
was
approved
Bankers differed in their
of bonds which could
that the amount
might run as high as
not
was
the third Act passed by the Sixty-fifth
was
1927
down
During the
war
debt is immediately after the
war.
Treasury certificates were sold largely to taxpayers in
Since the Victory Loan campaign efforts to procure
war
anticipation of taxes.
But above all, the Treasury must
distribution of both tax and loan certificates among [ investors
have been
increased and marked success has attended them.
The
give ground slowly, remembering that the limit of the task was not in
sight and that the credit of the Goverment of the United States was the
tions of the country have been asked to buy the certificates and
sell them
to their customers and their fine efforts to that end have been
to
a
premium long before maturity.
last financial resource of the
Allies.
ducting
which
commercial
a
would
commercial
float
operation.
several
billion
dollars
engaged, in war, not con¬
there
of
as
was
no
of
rate
Liberty Bonds
much with each other
instance when there
rate in respect to
any
a
were
interest
Notes as a
or
operation.
But the bankers differed
and I do not recall
any
favor of
Wo
Indeed
was any
Liberty issue
as
with the Treasury,
considerable opinion in
note than one-quarter of one
percent, higher than the rate
actually adopted by the Treasury.
parison of the present opinions of
some
financiers and publicists
A
com¬
banking institu¬
supplemented
by mailing
efforts is evidenced
amusing reading.
by the fact that
on
April
16
The
selcted list
a
of these
success
1920, of $2,693,808,500
loan and tax certificates outstanding only $462,114,000 were
pledged with
Federal Reserve banks as security for loans and discounts.
In view of the
fact that the Reserve
banks
were
maintaining
a
preferential rate for paper
secured, it is safe to assume that the remaining $2,231,000,000 certificates
were in the hands of investors, including banks which were not
borrowers.
so
War
with those
expressed during the war, and of record in the
Treasury, would furninsh
circulars describing each issue of certificates to
of taxpayers and bondholders of the United States.
Loan
Deposits.
Technically
the
Treasury's
special
depositary
system is one of the most interesting, as it is one of the most valuable,
devices for financing the war.
Our problems were different from those of
When the Treasury fixed the terms of the
Victory Loan I was told by a
banker, who is second to none as an
expert in the distribution of securities,
that they were
unnecessarily attractive.
A leading newspaper criticized
European countries.
the issue
First Liberty Loan at a Sunday conference in May 1917, between
repre¬
sentatives of the Treasury, of the Federal Reserve Board and of the New
was
bitterly
the
on
proclaimed by the
same
ground.
financiers
that serious apprehension
the impression that the
was
of
The attractiveness
the
country
were so attractive that
leave them safely to the bankers and business
the loan.
unanimity
men
and that
no
they might
subscriptions
their part were necessary to assure the success of
on
The head of the
tion, after
such
the issue
arounsed lest the people at large should get
Victory Notes
involving self-denial
with
of
Publicity Bureau of the Liberty Laon Organiza¬
tour of the country, told me that the
Treasury had jeopardized
the success of the loan and
destroyed the patriotic
a
appeal by offering notes
such
upon
attractive
terms.
Federal
Reserve
authorities
became
very
We had to deal with some thirty thousand indepen¬
all over the United States.
The
dent banks and trust companies scattered
device
York
to
of "payment
by credit"
was
Liberty Loan Committee.
worked out in connection with the
Unchanged in principle from that date
this, but simplified and perfected in the course of three years, it served
to weld
together and mobilize for war the banking resources of the United
States,
including
in
the
Government's
depositary
banking
system
"Payment by credit" is
which purchase
a
device for permitting the banking institutions
Government securities to defer payment for them until the
Government actually needs the money.
It
was
adopted to prevent money
apprehensive lest the banking institutions of the country should subscribe
heavily for their own account and the Treasury and the Governors of the
stringency.
Federal Reserve Banks
posit,
banks found some compensation for their
loss of
deposits resulting from the sale of securities to investors.
cently the 4%%
about
were
hard put to it to prevent
Victory Notes have been selling
on
their doing
an
Re¬
so.
interest basis of
6M%-
ten
thousand of the thirty thousand banking institutions of the country.
It
developed the further advantage
between the rate borne by the
of permitting the
that in
the
securities and the rate charged
difference
on
time, trouble
the de¬
and
the
If, instead
banks to make payment by credit, the Treasury had
re¬
The rates of interest determined
upon by the Treasury were at the time
fair rates for the Governemnt to
pay, having regard to the exemptions from
taxation which the bonds and notes
quired them to make payment in cash and held the cash, it is apparent that
carry
and their maturity.
No
one
the operation
increase in
simply could not have been carried out.
A very modest
the balances in Treasury offices involves money strain.
The
could forsee the probable course of the market for the bonds and notes in
attempt to make paymnt into Treasury offices in cash on one
the immediate future with
any
proceeds of the smallest issue of Treasury certificates—not
within
Treasury operations are conducted that they take them for granted; yet
degree of confidence.
A year ago it was
freely predicted by financial authorities that Victory Notes would shortly
go to a premium and that Liberty Bonds would be selling at or near
par
a
Every
year
or
two.
one knows
why these sanguine expectations have not been realized
Liberty Loan
two years ago
cause
went
and
of
great reaction.
patriotism, but not
Those who had bought Liberty Bonds as a matter
as
investor, began
to
treat their bonds
as so
much
tax payment—would create
a
panic.
to
of
the
mention
Bankers and the
public have become so accustomed to the ease and smoothness with which
With the armistice, and still more after the
Victory Loan, our people under¬
a
or
day
the business and banking community
was
In an
uproar be¬
of the fear of money strain in connection with the first great income
profits tax payment—a strain which never occurred because the Treas¬
ury's arrangements to deal with the situation were so complete.
limit Inflation Incidental to
"Payment by credit" was well calculated to
If, instead of permitting the banks to make payment by
borrowing.
war
people for the purposes of
functionaries.
them
tion in
in cash and had
redeposit the proceeds, to the extent that it did not require to
immediate use of them, it would have pursued a course more likely
If the Government were to draw into the Reserve
create inflation.
to
of its current requirements,
Banks and the Treasury offices cash in excess
the first effect would be to make money very
great war It must practically go through a
a
process of condemnation and pay a
credit; the Treasury had required them to make payment
make
[VOL. 110.
THE CHRONICLE
1928
the
people,
price determined by properly designated
The law of supply and demand cannot be allowed to func¬
times
war
to
so as
permit some of the people to extort from all of
righteous wax,
by their Government waging a
represented
prices, whether for commodities
credit, based upon the fact that the
or
supply is very limited and the demand for all practical purposes unlimited.
When the
tight, and increase money
rates, with consequent
by one
tions.
fighting
was over
most of these controls were broken down one
view to restoring natural
conditions.
interference with the Government's financial opera¬
The second effect would be heavy discounts by the Reserve banks
the demands
meet
to
banks would be put in possession of loanable funds.
make one bite of the cherry and to avoid the money
of certificates depositary
It
better to
was
been inevitable if the money had
strain and inflation which would have
been first drawn out of the banks and
In order to sell Liberty Bonds
then redeposited with them.
making
payment in installments over a period of months.
This injected an element
of great uncertainty into the Treasury's calculations.
It was quite im¬
possible precisely to anticipate receipts under these circumstances.
As a
matter of fact the
was
privilege of making payment in full on the opening day
Government's balances were consequently
largely availed of and the
swollen until certificates
could
matured or
of indebtedness issued in anticipation of the loan
This was done as
be called for earlier redemption.
promptly as possible, but the operations were on so huge a scale that it
was a matter of two weeks after a payment was made before the Treasury
could obtain really reliable
The same
information as to the amount of the payment.
principle (payment by credit) was employed in handling the
1918 (which was only about half covered by
anticipatory borrowing) although modified necessarily in detail.
Checks
received, drawn on qualified depositary banks, were forwarded to them and
the amount credited by them in the War Loan Deposit account.
This was
done instead of collecting the checks and redepositing the proceeds.
great tax payment in June,
problem, though not of such great dimensions, presents itself
connection with the current routine business of the Government under
A similar
in
and
war
be to have the
The ideal thing would
armistice conditions.
from day to day.
Government's receipts precisely equal its expenditures
has
consistently pursued the policy of borrowing sufficiently in advance to
meet its requirements, without direct borrowing from the Federal Reserve
being impossible of attainment, the Treasury
ideal, however,
That
The Treasury plans to sell
banks.
certificates to an amount sufficient to
This is
a small margin of safety in view of the impossibility of estimating closely.
It Is physically impossible to issue Treasury certificates more frequently than
every two weeks and it takes ordinarily two weeks from the date of the
offering of an issue of Treasury certificates to the date of closing the issue
cover
the estimated requirements for some
for the ascertainment of its
three weeks in advance.
Sometimes it happens that the Treas¬
results.
cash requirements and borrows in excess of the amount
be actually necessary at the time.
That happened last
ury miscalculates Its
which turns out to
Sometimes it underestimates it requirements. That hap¬
Indeed, it is very much more difficult to gauge the
current income and outgo now than its was during the period of active
warfare.
Expenditures increased at the rate of about $100,000,000 a
September.
pened only last month.
The physical limitations upon
production and transportation prevented expenditures Increasing by leaps
and bounds—imposed a certain sobriety upon them.
There has been no
similar brake upon the decrease since armistice. In consequence of settle¬
ments and sales of accumulated stores, receipts and expenditures have
regularly during the war.
month pretty
impossible of calcu¬
jumped about in such a way as to make tham utterly
The
lation.
Treasury has
control over the expenditures or salvage
no
operations of other departments.
"payment by credit" does not
put itself in possession of loanable funds.
What actually happens is
that the bank becomes possessed of an asset, to wit, Treasury certificates,
and is charged with a liability, to wit, an entry in the Government's war
loan deposit account.
It does not have any money to lend or spend until
it sells the certificates or borrows on them.
Like most human devices,
when
depositary bank,
A
makes
it
a
paymenfc-by credit may be subject to abuse, as, for instance,
tion of the proceeds of
sale
by the applica¬
borrowings on the certificates to other pur¬
or
than meeting the Government's calls, but the Governors of the Federal
Reserve banks, under the wise guidance of the Federal Reserve Board,
poses
deposits
The view that bank
are
potential currency is inapplicable to the
No checks are
against the Government's war loan deposit
deposits created in the Government's war loan account.
drawn upon or charged
ever
account with
serve
banks
Remittances are made by them to Re¬
depositary banks.
on
number
and
amount
of
Government
States
United
officers' checks outstanding or in process of
disbursing
collection at any given moment
of time is not affected by the amount of the
Government's deposits in de-
The Treasury has no control over the drawing of these checks
the credit of the Government of the United States has at all times been
tary banks.
and
sufficient to float them regardless of its bank balances.
involved
an
important
expansion of
United States handled as many as
He is
now
The
currency.
These checks have
treasurer
of
the
300,000 checks in one day during the war.
handling something like 80,000 checks a day.
This is not poten¬
We have struggled to keep enough money
meet these checks as they come in, but the checks have been
tial currency, but real currency.
in the bank to
floated not on the faith of our bank deposits but
in the general credit of
the United States Government.
Collateral
Agencies.
During
the war
the Treasury.
for
non-essential
to
Some were
independent of, though acting in cooperation
The Capital Issues Committee discouraged issues
purposes.
The Subcommittee on
York Liberty Loan Committee fixed the price of
credit
agencies were
the country and limit the
expansion of currency and credit.
Initiated by, others were quite
with,
collateral
many
created to conserve and mobilize the resources of
inflation of prices and the
the stock market.
The Division
Money of the New
call money and rationed
of Foreign Exchange of the
Federal Reserve Board licensed imports and exports of gold, silver and
The War Trade Board licensed Imports and exports of commodi¬
The War Industries Board fixed prices and priorities for commodities.
capital.
ties.
The Shipping
Board, the Food and Fuel Administrations and the Railroad
Administration, were all parts of
resources
Km cwhen the first duty was the
in en
a
comprehensive plan for mobilizing the
prices and rates to prevent inflation at a
winning of the war.
When the Govern-
(requires the services, the wealth, the productive capacity of all the
may
be called, though inaccurately, gold inflation.
Currency expansion, as distinguished from credit ex¬
It has not manufactured credit directly
at all.
currency
It has limited the expansion of credit as far as
The expansion of currency and credit which has taken place
has been the result not of Treasury methods of
financing the
unlimited buying power of the Government of the
ported by the devotion of the people.
mitments
ahead; but the Treasury never during the whole
provided
period of the war had
money
or
its requirements for more than a few weeks
to
the effective demand
United
of the
bank credit sufficient to meet
ahead.
Prices rose in response
by
States Government sustained
credit which its resources and taxing power and the devotion of
the general
one
Expenditures and
them by the Treasury,
Government contracts covered future produc¬
whether in cash or credit.
years
sup¬
than the methods which
employed to meet those expenditures..
or
but of the
Government expenditures and com¬
commitments always outran the provision made for
tion for months
war
United States when
the cause of price inflation, rather
were
the Treasury
hundred million people gave It.
They were influenced by two conflicting forces, the desire of the Govern¬
ment to stimulate
production and the desire of the Government to prevent
The expansion of currency and bank credit, which followed
profiteering.
the Government's expenditures and
uted the price
committments, sustained and distrib¬
In much of the discussion of currency and credit
inflation.
inflation and their relation to price inflation
insufficient attention has been
given to the practical difference between the operation sof private persons
and companies, on the one hand, and a government in war time, on
other.
A government in war
time,
the balance between the supply
obtaining currency or
countries (Including
no
and demand for commodities without first
Japant which assumed
any
of the beligerent
appreciable part of the finan¬
neutral countries of Europe.*
This was
no
small measure due to Treasury methods of financing the war.
Since Armistice day the world has not only failed
Since Armistice Day.
to make progress
peace
the
private concern cannot, upset
increased less than in
cial burden of the war) or in the
In
may, as a
bank credit.
The cost of living here has
towards the resortation of healthy economic life, but in
and peace conditions in Europe, and in America unsound economic
ideas have in many
instances prevailed and the effort is being made, first
condition bf some of the people at the ex¬
here then there, to improve the
pense of
all or the people.
■
Inflation here since armistice day is
attributable to three principal couses:
(a) World Inflation and the internationalization of prices; (b) Heavy ex¬
penditures by our Government and Government interference with busi¬
ness;
Reaction and waste among our own people.
(c)
For five years the world has been consuming more
(a)
than it produced,
issuing
living upon its capital, and the Governments of the world have been
of indebtedness
evidences
The inflation
butable in
to
represent the welath destroyed.
■
of prices.
small degree to the
no
This has
-;>y
which has taken place here since armistice seems attri¬
inflation
world
caused
currencies operating upon
inflation of the Continental European
the optimism of the American people.
People have been led to believe
that there is a mystery about foreign
protecting the
In war time the measures taken by
nations in respect to international trade and finance were
complete.
Embargoes on the export or import of gold were
exchange and that in some way America Is at fault for not
European Exchanges from depreciation.
the belligerent
less
more or
accompanied by embargoes on the export and import of
domestic price fixing, by
issues,
control over foreign
by
exchange and by Government loans in
These controls probably should not have been
removed
the Chairman of the Banking and Cur¬
Committee, United States Senate, dated
Bulletin for August, 1919.
rency
commodities, by
fixing the price of money, by control over capital
♦Letter of Governor Harding to
August 8 1919; Federal
Reserve
tJapan has
a
bank rate above eight per cent. Her inflation is a gold in advanced threefold more than before the
"The cost of living has
The gold holdings of Japan have now reached the unprece¬
dented total of 1,899,000,000 yen, of which 1,061,000,000 yen belongs to
the Government and 838,000,000 yen to the Bank of Japan.
Of this
.
.
.
only 545,000,000 yen is in Japan, 1,354,000,000 yen being in¬
deposited in England and the United States."—Economist,
1920, pages 19-20-.
"The abnormal inflation of currency not only keeps up prices, but is
large
sum
vested
or
January
3
lending impetus to speculative fever, which now knows no bounds.
In¬
vestments in new enterprises between January and October this
year
amounted to no less than 2,869,000,000 yen, or more than for the whole
2,676,000,000 yen; and the expan¬
of last year, when investments totalled
sion of capital is now such that the authorities
situtaion
as
wholesome.
can no longer regard the
Banks have been officially instructed to restrict
loans, and to preach economy and caution, but speculation continues
It is frequently reported that officials are interested in speculation,
that is one reason why no control is exercised over note inflation.
rife.
and
The
thing went on after the war with Russia, but it was followed by panic
and numerous business failures, leading to prolonged business depression.
"The effect on industry and society is far-reaching and disaffecting.
same
Many enterprises, such as weaving and shipping, continue to pay enormous
dividends, though most of the mushroom enterprises can hardly pay their
way.
Industry is marked by increasing unrest, with frequent strikes for
higher wages and shorter hours.
Of late the greater part of this unrest
has been in shipyards and mines.
At one of the copper mines recently the
troops had to be called out to put down violence when 6,000 miners began
to take matters into their own hands.
This is the first time in the industrial
history of Japan that troops have had to be called out to deal with strikes.
The cotton mills, which are paying such big didivends, being manned
mainly by women, have labour in their own hands, and so far they exper¬
ience no labor unrest.
In most cases mill work, so far as women go, is
little less than a form of slavery, as the girls are not free to leave when
they wish, and seldom get away until invalided out.
and extravagance of the profiteers and the
the luxury
On the other hand,
newly rich tend to
and cause revulsion of the poor against the rich.
Tho
most prosperous concerns in cities are the resturants, houses of questionable
pleasure, and the dealers in jewellery and expensive ornaments.
wealthy are buying up whole lots of houses, and pulling them down to
erect grand mansions with spacious gardens for themselves, to the
demorilize society,
The
great
find dwelling acwmcKlation. A great
with these gardens of the privileged
a premium, the
resentment of the poor, who cannot
nart of bie cities like Tokyo is taken up
while space for "Common dwellings is at
being driven Into the slums.
This leads to social
and the wealthy
Door
of the country.
I (was impossible to rely upon
War.
with the banks at issue.
practical.
war.
by the assertion that the Government
from banks, it is better to explain the
process briefly here, though in another book I have
already shown how
loans made by banks produce manufactured money by adding to the
banks' deposits, which embody the right of their customers to draw the checques
which are the chief form of currency thai we now use."
Hartly Withers,
Our Money and The State, parge 61.
a
'
pansion, has been very moderate in this country.* The Treasury has not
flation.
receipt of letter or telegram.
"As many people may be puzzled
increases the currency by borrowing
The
description,
During the
foreign countries.
alert to prevent such abuse.
have been
with
Before we entered the war we had what, for lack of a
Before the War.
better short
manufactured
and Victory Notes it was necessary to give
of making immediate payment in full or of
subscribers the option
seemed possible,
Inflation.
Upon the redeposit of the proceeds
ninety days.
be for periods from one to
as
Discounts so made would
artificially created.
so
rapidly
as
SSSdSSS sSdaSs^^-lconSSt.
Price
White
disaffection and
February 7 1920. page 263.
Paper (Cmd.)434. 1919),
Movements and Currency Expansion
jBritish
Statements of Pr^uction,
in certain countries.
Mat 8
If the gold
1920.]
THE CHRONICLE
embargoes
has been made
to be retained; for the gold held in
were
basis for further inflation there and the
have been sold for dollars to be
a
European currencies
things
not
which
European currencies
needed
for
means
them
well
as
Our
prices
own
expanded
a
needed.
taken
are
in
The
purchase
depreciated
consequence
gold basis
a
more
of
price at
these
methods
difficult..
being inflated and
are
by
credits and securities,
technically in
those
as
Europe
expanding
to
rapidly increasing foreign debt which will make the
a
ultimate resumption of
position
ever
used
the
feverish
our
banking and currency
in European currencies,
including those of countries with which
state of
we
still
are
exchanges
and
(b)
of the international balances and of the
foreign
of gold embargoes Federal Reserve bank
rates
because
cannot function
internationally, and will operate solely
i
■
Government
world.
Wise methods of
prevent
is
the
at
meeting it
root
the domestic
upon
■;'■
,
expenditure
cannot
of
inflation
all
over
the
mitigate the inflation, but they
may
it.
The Government of the United States has been
slow to realize upon
its salvageable war assets and to cut down
expenditures growing out of the
war.
While Congress deliberated the Government
held control of the railroad
systems of the country for a year and a quarter after
fighting stopped,
and furnished transportation at less than cost.
Then Congress ordered the
railroads returned to their
owners
with
a new
expenditure of $1,000,000,000
by the Government for their
account
000,000,000 the railroads
the Government.*
owe
and the deferment for
years of $1,-
The interference of Government in
before
we
entered
the
by the
railroad affairs, begun many years
has subjected business
war,
and
self-supporting basis by
industry to the
gravest hardships for lack of adequate
transportation and has involved
great additional strain upon our credit facilities.
You can fix the
a
a
return
for
capital and
mensurate with the return to be had
elsewhore at
world-wide shortage of both.
must
produce
but,
more
And, above all,
♦The
actual
labor
com¬
time when there is
a
we must work and save.
important still,
more
war.
In the present position
situation.
ways and means
Treasury, representing the financial end of the
executive branch of the
Government, and the Ways and Means Committee
of the House and the Finance
Committee of the Senate,
representing the
financial end of the legislative branch.
We must
promptly revise our tax
laws to make them more
equitable and less burdensome without
reducing
the revenue.
We must restore the railroads to a
establishing rates which will insure
own
speculation
on
1929
we
a
We
must consume less.
cash
expenditures of the Railroad Administration for the
ending June 30 1918, were $120,000,000, for the fiscal
year
ending June 30 1919, were $359,000,000 and from July 1st to March 31st
1920, were $776,000,000, a total of $1,255,000,000.
The recent legislation
and that now pending make
specific appropriations to the amount of
$800,000,000 and indifinite appropriations
(including a gift to short line
railroads which were not taken over
by the Government) which will in¬
volve expenditures to the estimated amount
of $300,000,000.
It is safe
six
months
to say that the Government's
expenditures and losses
railroads and its investments in the
railroads,
will
$2,350,000,000.
on
account
shortly
of the
amount
to
tOn the other hand though Federal Reserve Banks' loans and discounts
secured by Government war
obligations rose from about $250,000,000 at
the end of 1917 to a high of over
$1,800,000,000 in May 1919, their other
loans and investments never
during the war rose above about $850,000,000
(In November 1918) and were down as low as about
$350,000,000 in May
1919.
All reporting member banks'
holdings of and loans upon United
States war securities increased from a low of about
$1,250,000,000 in Decem¬
ber 1917, to a high of about
$4,000,000,000 in May 1919.
Their other
loans and investments increased from about
$9,500,000,000 in December
1917, to
a high of about $10,750,000,000 in
August 1918 and contracted to
than $10,000,000,000 in March 1919.
A smaller number of banks
(about 630 controlling about 35% of the commercial bank
deposits of the
country) were reporting in December 1917.
less
price
of capital but you cannot make it work
for that price.
price of labor but you cannot make it work for that
You
price.
rates
for the shipper, the
capital
nor
cannot
get
railroads have been kept
labor will work for them.
transportation.
The
If the railroads had
obliged to invest
through
The
private
United
By holding down
so poor that neither
N.
Y.
been
allowed
to
considerable amount of
any
given reasonable rates, they could have obtained capital
Shipping Board
$14,000,000, in the fiscal
$1,820,000,000 and in
expended
in
the fiscal
1917
year
1918 $771,000,000, in the fiscal year 1919
year
EXCHANGE INQUIRY INTO REPLOGLE
STEEL
charge
nothing in their operation,
On
the fiscal year 1920 (to Mar. 31
1920), $433,000,000.
The actual cash expenditures since armistice
day amounted to approximately
$1,600,000,000, while Congress deliberated as to our shipping policy.
Not¬
withstanding the fact that it has been engaged in commercial shipping at
time when it is
exceptionally profitable, the Shipping Board has made as
yet no net return to the Treasury, its expenditures still
exceeding its receipts.
DEALINGS.
May 5 it became known that
an investigation into deal¬
ings in Replogle Steel had been undertaken by the Committee
Business Conduct of the New York Stock
Exchange.
The
one in which
trading has been noticeably active in
on
channels.
States
STOCK
shipper has cheap rates but he
reasonable rates, the Government would have lost
and it would not have been
money in them for,
fix the
can
stock is
weeks.
In reporting that the investigation of the
Exchange Committee 4'has brought out there has been
manipulation of any sort in the issue," the "Wall Street
recent
Stock
no
Journal" of May 6 added:
of
Representatives of four houses which have been the principal buyers
the stock appeared before the committee and without showing their
Five billion dollars spent or invested in
railroads and ships, the larger
part of it after the fighting was over.
Why are the railroads being run
books
to-day at a loss at the Government's expense?
in our shipping policy?
were
To what end
are we
moving
Instead of telling the people frankly and
boldly that prices are high
because they are wasting, we fix
prices and prosecute profiteers in order
that the people may buy more and
pay less.
Instead of telling the people that
they
Liberty bonds have depreciated because
treating their Liberty bonds
are
spending
as
clamor that
money, we
the rate of interest upon the bonds is too low
and urge a bonus to bond¬
holders disguised
as a
refunding operation.
Instead of telling the young men who
who
were
for
themselves
as
any
self-respecting
placently to their organized demands
"adjusted
compensation."
for
save
man
a
fight their
listen
we
pensions.
From November 1918 to March 1921, nearly two
years and a half, the
first two years and a half after
fighting stopped and probably the most
critical two years and a half in the world's
history, the Government of the
United States has been deadlocked against itself, a Government
It is at least
by obstruc¬
questionable whether the progress of reaction would
so disastrous if our institutions had not given this
country, during the most critical period of the world's history, a Government
against itself, and therefore incapable of effective leadership in
so
movement
At this most critical moment in the history of Europe, when or
financial and economic 6take in Europe's affairs is so great that disaster
there could mean only disaster here, many of our own
people have turned
For plain living and high thinking we havesubsti-
bickering.
We enjoy high living while
we
grumble at
the high cost of living—of silk stockings and shirts for the
poor, of auto¬
mobiles for
men
of small means, of
Unhealthily stimulated,
commercial
palaces for the profiteer and the plutocrat.
commercial
business
expansion proceeds unchecked.
reporting
member
member
banks
banks
of the commercial bank
000,000 to something
of
in
the
Federal
to
appears
From March
1920, though holdings of and loans upon Government
hundred
Reserve
war
and
prosper
I
it
a
on
com¬
Business Conduct to notify you
full list (omitting odd lots) of purchases and sales
of Replogle
Steel Co.
common
or
clear¬
made by your firm on April
stock
19 to May 4, both dates inclusive.
Please give the date of the transaction, tho prices at which they are made,
the
name
of the firm with whom
tomer for whom the orders
firm for whom
they
were
were
they
were
executed,
made and the
the
or
name
name
of the
cus¬
of the individual
cleared.
or
'
•
Also furnish to this office the following information in connection with
position in Replogle Steel Co. at the close of business May 4 1920,
including transactions made on that date: How many shares long and for
whom?
How many shares short and for whom?
your
The
members
were
also
requested
supply the infor¬
to
mation to the committee not later than
noon
Allan A.
on
Monday,
Ryan, whose recent controversy with the Stock
Exchange authorities in the Stutz Motor
his
tender
to
(about
eight
$2,000,000,000, their other loans and investments
other
loans
and
discounts
Exchange,
to Replogle
as
I wish
generally to know that there is not the slightest basis
such
I
informs^
firm, still, in view of the fact that my name has been publicly
you
or
and the public
foundation for any
connection.
not associated in any
was
capacity with the flotation of the Replogle
Steel Co., had nothing to do with the sale
interest whatsoever,
their
caused him
case
member of the
this stock and with your inquiry
From May 2 1919 to Mar. 19 1920, though the Reserve banks reduced their
loans and discounts upon Government war securities from $1,800,000,000
increased
a
While I do not consider that you have the right to require this
securities of all
system
as
Steel dealings as follows:
tion from my
leading cities believed to control about 40%
resignation
replied to the latter's request for information
linked with
by business.
they
attempt to corner the
no
of the information desired by the
instructed by the Committee
am
to report to
ances
at that time or
$1,400,000,000,
The protests of the bear crowd led
mittee, addressed to members of the Exchange, said:
increased from $10,000,000,000 to over $14,000,000,000.
For every dollar
of credit released by the Government, two dollars were extorted
to
purchasers
the strength of Replogle
and
;r '•
1919 to March
deposits of the country) decreased from $4,000,-
over
target for short sales.
a
No treasury
steady
Their buying operations took place during a
the general list,
in
The letter in quest
(a)
tuted wasting and
chese outside interests, ha ve been
investigation which showed there has been
own
gamblers and wasters.
so
May 10.
international affairs.
or
approached by prominent industrial interests.
available
Steel made it
to tho
complete or
divided
national
was
Replogle in the market.
liquidating
com¬
euphemistically called
tration of the Government, it takes time to add
$65,000,000 to Civil War
have been
of
battles
their money and look
should,
bonus,
own
Penny wise and pound foolish, we leave the executive departments under¬
paid, and undermanned, so far as regards supervisory employees.
While
Congress struggles to effect economies at the expense of efficient adminis¬
tion.
when
stock
stock
drafted to fight the war, and
than they ever were before, to
go to work and
out
understood to have made it clear that the principals for whom they
purchases had no thought of punishing the short interests, but
buying into the property after investigation of its prospects.
Replogle Steel lis closely held by a group which refused to part with any
stock.
back better and stronger and more fit to
came
are
make the
subsequently.
I have
or
never
purchase of its shares, either
bought
or
sold
a
single share of
its stock, either for my personal account or that of my firm; and I have no
shares
or
directly
indirectly, in the Replogle Steel Co.
or
or
ite
in any operations connected with the same.
from
$350,000,000 to $1,400,000,000.t
High rates of interest and di8count, limitations of currency and credit,
these and all other traditional methods should be used
courageously;
they will not suffice under the abnormal world conditions
now
PROTEST AGAINST PROPOSED TAX ON STOCK TRANS¬
but
ACTIONS—CONFERENCE AT NEW YORK
prevailing.
STOCK EXCHANGE.
IV.
The
Remedies.
We must get together, stop
confronts the world
responsibility to and
her
our
as
we
our
bickering and face the critical situation which
should
a
foreign
war.
stake in Europe, and in
We must recognize
one way or
our
another lend
moral support and leadership and economic assistance but without
Government
loans.
We
must
cut
Government expenditure to the
adjure bonuses, and realize promptly upon all saleable
wai
quick
assets, Including
ships, applying the proceeds to the whr debt.
budget with teeth in it, which
means among
| We must have a national
other things that no appropri¬
ation shall be made by Congress without a critical examination and report
proposal to impose
one
of the methods for
the
calling of
a
of business
tax
on
all stock transactions
conference of Presidents of stock and
modity exchanges and
York Stock
a
as
providing soldier bonuses prompted
a
com¬
number of leaders in various lines
by William H. Remick, President of the New
Exchange.
This conference
was
held in this
city yesterday and resulted in the adoption of the following
resolution, introduced by Col. Prentiss:
taxes.uponj thejjtransfers of securities, and of
inimical to the interests
Resolved, That the proposed
and of other commodities, are
cotton, and of grain,
of the nation;
Be It Further Resolved,
this meeting from
That representatives present at
United States shall organize committees in their respective
for the instruction of the public in| the
cities to take all proper measures
bo apprehended from the proposed legislation.
chief executive officers of the Exchanges
consequences to
Be It Further Resolved, That the
and Boards of Trade in the following
cities: Baltimore, Boston, Chicago,
revenue
I do not know
together
against the proposed levy, Mr. Remick dispatched
protest
of the face value, in which case
.
and their employees,
but will react disastrously upon the financial structure
To consider steps to be taken In v'ew of this
of the entire United States.
emergency
have callod a conference to be held in the Governing
i
Room of the New York Stock Exchange on
I
urgently
It is
invite
you
Committee
Friday, May 7 at 3 p m.
I
presidents of all stock and commodity
have invited to this conference the
exchanges in tne United States whom the limits
of time will allow to attend
be present.
to
pointed out that this
each share, unless the selling price is
on
every
other
fraction thereof of the selling price.
sale made on an Exchange, of grain, cotton, or any
100 shares of stock will be at
Standard Oil Company of New Jersey,
selling at $700 a share, would be
The tax on the sale of 100 bales of cotton,
selling at the current price,
10,000 bushels of wheat would be in the
tax on the sale of
The
neighborhood of
of $40 a hundred bales.
be somewhere in the neighborhood
would
Is more than
the
The tax on the transfer of 100 shares of the stock of
100 shares.
$140.
I
.
If the stock sells for more than its par value, the tax
least $20.
on
in excess of $100
thereof
in which case the tax is two cents on each $10 or fraction
selling price.
The tax
$20
fraction
$50.
I think that there can be no difference of
opinion among us who know the
this
business
speculative markets of the country as to the effect that
nature of the
those markets, and through them upon the
tax would have upon
interests of the country.
the first time in the history
was
principal exchanges
throughout the United States met together to take common
adtion against what they considered to be a threat against
the financial, industrial and commercial life of the nation.
The various exchanges were represented as follows:
of the
the tax is two cents on each $10 or
If the shares are without face value, the tax
This means that the tax on the transfer of
of Representatives has
under consideration the imposition of a runinous tax upon translations
in securities.
This tax threatens the existence of the security markets of
the nation.
It will not be limited in its effect to the dealers in securities
Ways and Means Committee of the House
The
of the
and other securities is two cents on
of face value, unless the selling price is in excess
commodity, is two cents on each $10 or
following telegram on the 3rd instant.:
to them the
sticks
that it imposes on the transfer of
is twenty cents on
activities.
calling the heads of the various exchanges
The amount of the tax
before the Committee on Ways and Means.
now
per share,
to
derived from them.
whether ali of you have seen the terms of the bill which is
thereof of the selling price.
ized in the several localities may co-ordinate their
that would not be offset by any
that could possibly be
San Francisco and Washington,
committees organ¬
Central Committee through which the
a
taxed the sale of securities or
rightly considered, that the imposition of such taxes would hurt
the business of the country to an extent
each $10 or fraction thereof
York, Philadelphia, Pittsburgh, St. Louis,
legislators, to bear in mind that England,
speculative transactions beyond the nominal pre-war stamp taxes.
She has
Minneapolis, New Orleans, New
Cincinnati, Columbus, Detroit, Hartford,
shall constitute
It is well for all of us, and for our
under all her burden of war and debt, has not
other
and
each city of the
In
[Voi,. 110
THE CHRONICLE
1930
country that representatives of the
E. E. Thompson
Washington Stock Exchange.
Frederick W. Freeman
Columbus
W. E. Hutton, President
Cincinnati Stock Exchange.
that should be opposed by everyone who has
cause
of the nature of our occupations, are in
especially by
us,
who, be¬
the best position to appreciate
its effects.
I
that
believe
the point of view of the Government in
from
its final
that it
because it will take
away the market for new securities; that it will make London and Montreal
the primary market where the prices of American securities will be created;
produce no increase of revenue, or next to none;
results the tax will
will stop the investment
of capital in new enterprises,
of those who have de¬
that it will drive out of business a great proportion
Stock Exchange.
voted their lives to the brokerage business,
and will take away the occu¬
in New York alone, are
'
I most firmly believe that this tax threatens the very life of the security
markets of the country.
If the market places exist, it will be as places where
occasional transactions take place, but as real markets, where a seller can
pations of the employees of brokerage houses, who,
Walter Moaro
Buffalo Stock Exchange.
S. J. Foster, President
Providence Stock Exchange.
W. R. Conning, President
Hartford Stock
Fred Countiss (Former Pres.)
Chicago Stock Exchange.
J. R. Kiunmer, Vice-President 1 Baltimore
O. W. L. Johnson, Gov. of ExchJ
I think that the tax is one
the best interests of the country at heart, and
of thousands.
numbered by tens
Exchange
Stock Exchange.
always find
be at
Frederick II. Semple, President
St. Louis Stock Exchange.
fc. J. White, Vice-President
New Orleans Stock Exchange.
Phillip W. Wrenn, President
Boston Stock Exchange.
John B. Barbour, President
Cleveland Stock Exchange.
E. R. McCormack, Chairman
New York Curb Market Association.
W. 8. Silkworth, President
Consolidated Stock Exchange of N. Y.
Edward Flash, Jr.. President
New York Produce Exchange.
find a seller, they will
real markets are essential to the pros¬
National Ass'n of Mfrs., Washington.
Ohas. A. Otis, of Otis Co.
purchaser, and a purchaser can always
a
end, and as I believe that
Pittsburgh Stock Exchange.
James A. Emery, Counsel
an
perity of the country, I believe that anything that
the country's welfare.
FORMATION OF SURETY COMPANY BY
OF
his
introductory
remarks,
mentioning the fact that
President
Remick,
after
of those present came from
some
in
confronted by a
because the evil effects of the proposed
company
plans for the formation of a surety
Association of Stock
the decision of three
companies carrying fidelity insurance of
of its own is announced by the
Exchange Firms, of this city, following
great distances, gave it as his opinion that they came
of
recognition of the fact
members of the New York Stock
national emergency,
tax
on
vidual
in
would
range
on
once
the
by
every
were
from
of 1,000
imposed
class and practically every indi¬
United States.
that the tax
After showing
the prohibitive figures of from $20 to
the sale of 100 shares of stock; $40 on the sale of
100 bales of cotton at current
the
they
transactions in securities and commodities if
will be felt at
$140
that
quotations, and $5
on
the sale
bushels of wheat, the President went on to say that
imposition of the tax in its final results would produce
little, if
any,
investment
increased
of
and that it would stop the
revenue,
capital in
new
enterprises, because
take away the market for new
further that another effect of the imposition of
the tax would
be to make London and Montreal the primary
American
securities.
The
would
He pointed out
securities.
following is the
markets for
address made
by President Remick:
Gentlemen
and Moans Committee of the
ties and commodities led me to extend invitations to you to meet
here to discuss the
securi¬
with me
question of the levy of the proposed taxes, but not the
application of the proceeds of such tax if levied.
Your response to my
invitation gives me great pleasure, and on behalf of
myself, and my col¬
leagues, I extend to you an exceedingly hearty welcome.
I asked you to be here
grave
on
in
because, in
transactions in
my
opinion, we are confronted with a
"national emergency" because the tax
securities and commodities, which is under consideration
national emergency.
I
say
Congress, will not solely affect
us as
brokers, trading upon the leading
American exchanges, but the evil consequences of the tax.
will be felt at once
if it is imposed,
by every class and practically every individual
in the
United States.
I think that the fundamental objections to taxes of
better summarized than they
when, in opposing
a
to
the five surety
substitute therefor
tection
this nature cannot be
werej some years ago by Mr. Lloyd George
Exchange to discontinue
the broker's blanket bond after
write
May 15, and to
bond with important items of pro¬
a new
The
eliminated.
other
two
companies, it is
an¬
the company now being
surety companies which have written the
co-operate with
nounced,
are
formed.
The five
to
stated, the National
& Surety Company,
the American Surety Company, the United States Fidelity
& Guaranty Company and the Fidelity & Deposit Company.
According to the "Journal of Commerce" of April 29 the
American Surety, the United States Fidelity & Guaranty and
the Fidelity & Deposit finally decided to restrict their form
of bonds very materially, and the National Surety and the
Aetna Casualty & Surety decided to restrict their form
somewhat, following in this regard Lloyds, London, which
major part of fidelity insurance are, it is
Surety Company, the Aetna Casualty
been
has
The preparation by the Ways
House of Representatives of a bill imposing a drastic tax on sales of
ASSOCIATION
STOCK EXCHANGE FIRMS.
The development of
In
threatens the existence
of the markets is a blow at
field.
this
the chief competitor of
the surety companies in
Assistant District Attorney
While
Dooling of
city is said to have stated that a loss of $12,000,000 has
been suffered during the past year through bond thefts, the
this
Association of Stock Exchange Firms in its announcement
concerning the proposed surety company admits that losses
during the past year have been exceptionally heavy,
adds that the recoveries under such losses "amount to a
siderable
proportion thereof, and very appreciably diminish
the loss sustained
return out of
by the companies and still leave a moderate
the premium receipts."
announcement made
Firms
tax upon stock transfers, he said:
but
con¬
The following is the
by the Association of Stock Exchange
regarding the new organization:
Your committee has been
advised that three of the five surety companies
mainly of a speculative character, and worked
margin, will clearly not bear a rate of duty in any way com¬
parable with that charged upon actual conveyance.
Such an impost
would, in the first place, from the point of view of the revenue, defeat its
object by rendering the greater portion of such transactions impossible:
carrying fidelity insurance of
while, in the second place, it would,Jin my opinion, be opposed to the pub¬
lic interest as calculated to curtail that free circulation of securities which
is a necessary condition of steady prices and an open market.
For, al¬
though these transactions are in the main speculative transactions, and do
at times, like all speculative transactions, degenerate into mere gambling,
it is a mistake to suppose that this is their essential or pervading character¬
istic.
In their proper place they form part of the legitimate machinery for
discounting fluctuations in value, necessary not only to the Stock Exchange,
but to every sphere of commercial activity, and the imposition of a penal
tax designed
to curtail the mischevious developments of the system could
scarcely attain its object without inflicting irretrievable damage upon the
marketability o securities as a whole."
posed changes are fully set
"Such transactions being
upon narrow
will discontinue to write
members of the New York Stock Exchange
the broker's blanket bond after May 15, and will
substitute therefor a new
bond from which the most important items of
eliminated. Particulars of the pro¬
forth on the attached sheet.
The remaining
their willingness to continue to write the bond
co-operate with such company as we may form.
on the part of these surety companies and the impossi¬
protection heretofore given have been
two
as
companies have signified
heretofore and to
Due to this action
from the two remaining companies,
it is necessary that it exercise the authority
organize a surety company of its own, and that steps
take out a charter and by-laws for such a company and
bility of securing adequate coverage
your
committee has decided that
given to it to forthwith
have been taken to
to
proceed with its
organization in every detail with the least possible delay.
May 8 1920.]
THE CHRONICLE
It is admitted that losses during the
past year, due to various causes, have
■been exceptionally large, as noted in the
daily press, yet the recoveries under
•such losses, which have not been fully
published, amount to a considerable
proportion thereof and very appreciably diminish the loss sustained
by the
a moderate return out of the premium
receipts,
companies and still leave
with the installation
•
of the
Clearing House by the
change, and greater vigilance and
it is
New York Stock Ex-
care practised by Stock
confidently expected that suceeding
Exchange houses
years will show very much better
originally intended to organize this
was
$500,000, and
with
company
The
a
surplus, subscriptions are actually in hand for $881,000.
proposed to organize with a capital of $300,000 and
delay and its capital
000
It is
now
surplus of $300,000,
a
soon
be immediately increased to the proposed $1,000,-
can
if desired very shortly after its original incorporation.
or more
As
Surety Company has not discontinued the issuance of
It has, however, decided to restrict its
liability under such
property resulting from larceny,
theft, burglary, holdup 01
premises of the broker,
embezzlement
other criminal act while the property is on the
in transit within twenty miles of his
office, or on
or
This company will not continue to
copies of the charter and by-laws have been completed they
to you with further details of organization and
management,
as
will be sent
Your committee begs to advise that it has used
every possible means to
avoid the organization of this company,
bility which its management will entail
realizing the trouble and responsi¬
those who
upon
take it, but in view of the constantly
rising rates
are
willing to under¬
being charged by fidelity
•companies, with the constantly diminishing protection furnished, no course
seems to be left open for Stock Exchange firms to
safeguard themselves
nor
to mys¬
for trading losses, by
which is meant, losses occasioned by
employees who use the office machin¬
of their employers' to
ery
usually in fictitious
It is
conduct speculative
accounts
for
themselves,
names.
belief that trading losses of this character and losses due to
mys¬
our
terious disappearance are uninsurable hazards at
any obtainable premium
and that brokers
only safeguard themselves against such losses by vigil¬
can
and the adoption of sound office methods.
Our new bond will afford
brokers abundant protection against losses by theft of
every kind.
ance
On the
rand
a call will be made at that time for your subscription to
capital stock,
against which certificates representing your investment will be delivered.
liability for losses due
assume
terious, unexplained disappearance, of securities,
that the company can be gotten underway as a
going concern without
so
American
brokers' bonds.
bonds to losses of tangibli
capital of
a
surplus of $500,000, which would admit of the writing of
bonds to the amount of $100,000.
Of the proposed $1,000,000 of capital
and
In
a statement issued on
April 28 as to the new form of
broker's bonds, the American Surety
Company said:
deposit anywhere in the United States for conversion.
results.
It
1931
was
In brokers'
turnover
day, Joel Rathbone, of the National Surety
as saying:
same
Company
in
quoted
offices,
clerks.
as
it is in other offices at present, there is
New
clerks
not
are
experienced
so
an unusual
skilled
or
as
old
clerks, and that leads to carelessness in office management, which in turn
is
a
temptation to dishonesty.
More than
45% of the losses have been what
we
call "losses of securities
.
against losses incident to and unavoidable in this line of business except
through the organization of their own company, and while the amount of
insurance that can bo written under the law will not be as much as some of
■
the firms will find it
two
necessary to take out,
assurance has
been given by
fidelity companies, and it is believed will be given by others, that they
surplus lines of insurance taken by this company, so that it,
will reinsure
acting in its capacity
as
agent, will be able to
cover any
reasonable amount
of insurance which might be desired, and will derive
profit from the rein¬
surance.
>
At the
the
■
time the Association made public
same
changes proposed
the
by
surety
follows,
bonds
on
In the old
mitted
of the
directly
covers
The
property is upon any of
same
this is that in order to
embezzlement
•
or
embezzlement felony committed in the streets in transit
of
a
bank
able
■
or
in the premises
Paragraph B in the old bond, lines 20-25 reads: "through larceny whether
common
law or statutory, robbery, burglary,
hold-up, theft or other
fraudulent
means
of destruction or
misplacement
covered hereunder
or
means
or
mysterious unexplain-
in any recognized place of safe de¬
The new proposed bond strikes out "theft
or
other fraudulent
destruction
or
or misplacement or
mysterious, unexplainable dis¬
The effect of this change is that the insured cannot recover
appearance."
unless he is in position to indicate exactly how the
robbery or theft occurred,
and if securities disappear without the insured
being able to furnish such
information
recovery can be made.
no
I know of
one case
of
clerk in
a
a
That
broker's office
who induced his brother-in-law to open what was a legitimate account.
The
margin clerk did not report losses in the account to the supervising partner,
and by the time the auditor got there there was a loss of $100,000.
Surety companies
beginning to think that losses of that
are
insurable hazard, that
an
they
are
rather
a
sort do not
question of office
management, bookkeeping, auditing and the like, which ought to be con¬
trolled by the office system
Losses of that sort
falling market, that
a
S.
U.
we
rapidly, particu¬
grow so
feel it devolves upon the offices themselves
■
SUPREME
COURT
ORDERS
FEDERAL
FARM
LOAN ACT REARGUED.
On
April 26 the U. S. Supreme Court ordered the
ment of the
of 1916.
reargu-
constitutionality of the Federal Farm Loan Act
As has
already been noted in these columns,
pro¬
ceedings to test the legality of the tax exemption features of
farm loan bonds
were dismissed last October
by Judge A. S.
Falkanburgh, in the U. S. District Court at Kansas
of the insured's offices
the premises of the insured's bankers in the
upon
Borough of Manhattan, New York,
posit," &c.
or
any
disappearance, while the property is within
Van
City, Mo., and argument
the validity of the act
on
heard by the U. S. Supreme Court in January.
details
was
Further
to the action of the lower court will be found in
as
issues of Nov. 22 1919, page 1937 and Feb. 14, page 612.
our
Concerning last week's action of the Supreme Court the
Farm
Mortgage Bankers Association of America in
a
bulletin
Paragraph O old policy, lines 26-30 reads: "through robbery, hold-up
or theft by any person whomsoever while the
property is in transit within
issued
twenty miles of
been ordered reargued by the Supreme Court of the United States.
any
of the offices covered hereunder and in the custody of
of the insured's partners
any
arily employed or
or
of its employees or any messenger tempor¬
the part of any such employee
on
5f the property while in
custody
transit
or
temporarily employed
any messenger
•of any such
employee
or
nor
no
having
Everything is
security is furnished
through the negligence
You
messenger.
or messenger
aforesaid."
stricken out after the word "employees," so that
on
on
the part
The
order
what
was a temporary employment and what a
permanent one, and
hole exists for evading liability through any messenger whatsoever.
a
loop¬
This last provision is
or
are not liable unless
provision is entirely stricken out,
ing from any such causes under
so
a
any
April 30.
It is obvious that
1920
a
or
acts of employees.
bond,
new
Section
from
a
D,
The last
the early part of 3 921.
or
This
is the
ant in
was
made with
an
case
of Charles E.
1
covered any loss which might arise
the part of the
in substitution of this section that any
was
employee.
further provision
loss of money and for securities, the
nominal value and description of which had not
insured before the loss
a
been ascertained by the
RE ARGUMENT
losses sustained through trades fraudulently conducted by an employee in
genuine customer under certain conditions, is entirely stricken
out, and in substitution thereof is a clause reading "any loss directly or
a
indirectly from trading, actual or fictitious, whether in the
insured
or
otherwise, and whether
or not
name
tion therewith, or that any account regarding the same is
from
of the
within the knowledge of the in¬
sured, and notwithstanding any act on the part of any employee
in
distinctly excepted
being covered.
stricken out, which will have the effect of
offsetting against
any
loss
which might be sustained on any security which might be held by the in¬
sured, whether the
Paragraph
same
12, old
is of any value or not.
policy,
covered.
The effect of this is that
in London Lloyds which
having carried
a
had not been dis¬
bond in
a company
and
such bond having been cancelled without any loss having been reported, and
subsequently
a
loss was discovered to have occurred, that such loss would
ajot be covered under the new bond taken in lieu of the cancelled bond.
ation
FARM
was
held in Washington this week to discuss the situ¬
arising out of the action of the United States Supreme
Court in ordering
the reargument of the suit to test the valid¬
ity of the Federal Farm Loan Act.
order
referred
is
was
missioner,
who
to
in the
called by
is
On Feb. 4
missioner/
from
the
The Supreme Court's
This week's
previous article.
C. S. Lobdell, Farm Loan Com¬
reported
as
stating
that
applications
file with the twelve banks.
George W. Norris, who has since resigned as Com¬
aggregating $50,000,000
announced
Farm
Loan
are on
that
banks
applications
future
would
be
held
pending the Supreme Court's decision.
loans
for
in
abeyance
This week's de¬
liberations, practically concluded on the 4th inst., brought
it is said,
convincing evidence that
no
could be handled until the Supreme
clusions.
had been cancelled and at Which time any loss thereunder
TESTING
A conference of the Presidents of the Federal Farm Loan
lines 132-142 covered any loss which might
have been incurred upon any blanket bond or policy
SUIT
OF
connec¬
In paragraph 10, old policy, lines 122-3 the words "valid and enforceable"
are
strong probability that
LOAN ACT.
conference
sustained, is not covered.
Paragraph E, old policy, lines 56-66 immediately following, which insured
the name of
a
CONFERENCE OF FARM LOAN OFFICIALS INCIDENT
Banks
on
Smith against the Kansas City Title &
the Court will decide the Act unconstitutional.
This coverage is entirely eliminated in the
intent to defraud
later
In the meantime the business of the Federal
the Supreme Court.
TO
employees is not covered.
This is entirely eliminated in the new bond and there is
a
loss aris¬
loan made by an employee, whether authorized or unauthorized, if
such loan
case to
Mr, Wm. Marshall Bullitt and Mr. Frank Hagerman appeared for appell¬
circumstances.
old policy, lines 53-55
be set for
commo¬
&c.
cover
may
Trust Co., appealed from the Federal District Court at Kansas City.
that any loss from fictitious accounts of employees or by acts
so
of collusion between
and it
final decision cannot be expected before the last of
Section C, old policy, lines 51-52 formerly covered losses arising from col¬
lusion
Oral arguments in the Supreme Court
It will therefore be impossible for the
Tha order of the Court Indicates that there is
riot or civil
that the policy does not
The
Monday, April 26, arguments having been concluded nearly
date.
however committed.
Paragraph B, old policy, lines 45-50 formerly covered a loss arising from
insurrection, riot or civil commotion, earthquake, tornado, or other dis¬
turbance of nature &c. unless such loss resulted from
made
close for the term
one or more of the employees.
tion while the property was in the custody of a messenger,
was
the constitutionality of the Federal Farm Loan Act has
Land Banks and the Joint Stock Land Banks will be tied up as at
present
entirely eliminated and the bond, therefore, does not
loss from forgery whatsoever
■cover any
case to test
four months previous, on Jan. 8.
Paragraph 2, Section A, old policy, lines 43-44 has reference to losses
tljie forgery be committed with the collusion of
April 28, said:
be again heard before October in any event,
would also have to construct
arising from forgery, and in the old bond the companies
the
hazard that is going to be scrutinized very carefully by surety
a
companies in the future.
larceny
other brokerage house would, therefore, not be covered.
or
been
com¬
committed upon the premises, and any such
larceny
was
have
The effect of
it will be necessary to show that the
or
•
whether
paragraph in the
the premises covered hereunder."
recover
•
others
loss through any
any
employees wherever committed and
or by collusion with others.
and
messengers
ized trading in fictitious accounts by
employees in their own offices.
probably is
bond reads: "through larceny or embezzlement committed while the
new
by
Another important element has been unauthor¬
to prevent them.
bond, Paragraph A lines 18-19
act
defections
largest single item of loss.
larly in
written after May 15 1920:
dishonest
transit"—these
constitute
as
company
in
3
further
new
business
Court renders its
One newspaper account from
Washington
on
con¬
May
regarding the conference said:
The Board suspended the making of loans, except on applications
approved early in January.
.Available funds have
been
already
exhausted and
The Board
further loans made impossible without the sale of more bonds.
has not deemed it wise to offer bonds on the market, as the
issues are
involved in the pending litigation.
legality of the
resolution of Representative Ferris, Oklahoma,
the purchase by the Treasury
Congress has before it a
which would make funds available through
of
issue of farm loan bonds.
new
a
The Associated Press the
against another offer of farm loan
The opinion was held that a "cloud
would hang over bonds so long as the act providing for their issue was in
court."
Officials believed, however, that Congress would adopt the Ferris
bonds in the open market at this time.
resolution empowering the Treasury to absorb
tions
are
concerned.
Commissioner Lobdell said that many "pitable
cases" had come to the
Board's attention, due entirely to the fact that no
depended
be made to farmers who had
loans.
commercial
meet
certain
In
on
further advances could
the system to supply funds to
lie said, foreclosures had
instances,
resulted.
,
""On May 4 the daily
say:
$50,-
mately $16,000,000 from private banks to loan to farmers, more than
for loans have accumulated and are held
000.000 in applications
over
up
by
To offset this loss, hoeveer, the net
income of the twelve banks has averaged $240,000
monthly since the first
of the year.
The banks also have assets of $30,000,000 on which no liens have
been
placed, and Commissioner Lobdell said there was no reason for uneasiness
the system's financial situation.
We also quote from
the
Induced by the argument that
member banks
their deposi¬
loaned out at 5
and 6%, or a margin of approximately 3%.
The Federal Reserve banks
pay no interest to their depositors.
The Federal Reserve banks made
nearly a hundred per cent, profit last year on an interest rate lower than the
present rate.
The member banks who receive no interest on their deposits
are entitled to a rate, in my opinion, of 3%, where the member bank is only
from 4 to 6 and 7
in
imposing
decision
validity of the Farm Loan Act
and the present form of the Farm Loan bonds.
This conclusion has been
reached by the conferences of the members of the Farm Loan Board and
presidents of 12 Farm Loan Land banks, called to discuss the situation which
has arisen out of tho litigation over the tax exemption features of the Farm
several months until
a
Further trouble also is in store for the Farm Loan
Land banks as
When the Farm Loan Act first was
result
encountered coisiderable difficulty
Anticipating
marketing of its securities.
questioned
a
favorable and early decis-
slon by the Supreme Court upholding the validity of the measure
banks borrowed
a
the banks from private institutions to expedite Govern¬
its constitutionality the Board
to
in the
funds to continue operations,
giving
the Land
security for the
as
the farmers as collateral to secure
advances farm mortgages taken from
raised the rate of interest he addressed
sufficient amount of money to meet the
demands the Farm
Loan Land banks agreed to the condition that they would re-purchase
the
and would refund
the money borrowed on the
This condition at
was
he
letter
inserted
had
call of the creditor banks.
early decision and the immediate re-establishment of the market forn
opinion by the United States Supreme
Subsequently the United States Supreme Court has ordered
of the whole
a
the summer
question of the validity of the Farm Loan Act.
recess
as
United States Senate,
on
Five Civilized Tribes of
Indians,
April 27 1920.
Washington, D. C.
W. P. O. Harding, Governor Federal Reserve Board,
of
of
adding to the high
My Dear Governor —I have been im ending to call to see you and beg
and of the Federal Reserve Board to consider the injurious effects
you
raising the interest rates in America in its relation to
living and in its relation to bearing down the market value of Gov¬
cost of
bonds.
ernment
I
have
received
just
a
much larger volume of Government bonds than
a
important
telegram from the President of an
He explained to me that his bank had bought and
National Bank.
Thousands
of employees who
were
under¬
they would have
In his city.
done normally because of important Government works put up
compelled to buy Government bonds
unloaded them on the bank when the war suddenly ended, and he has
unable to sell these bonds on a falling market, and the market
to the banks of the United States and
justified them to their
throughout
For your consideration I quote the telegram:
the Union.
The Fed¬
nothing be done to give Liberty bonds some standing?
served notice that
as
example
conscience
own
and to their customers in raising the rate approximately 2%
and
been
is falling be¬
the Reserve Board has raised the rate of interest and set the
cause
they will rediscount
no
have, and has
commercial paper until we do so,
know this can only be done in the New York Exchange at panic
you
prices, it makes a serious and very embarrassing situation which might be
far-reaching."
very
'
•
,
The Reserve banks should be cautioned in pressing the banks too
sell these bonds
far to
This particular bank, I invite you to
falling market.
on a
observe, would receive a great injury, and you will be unable to repair
and the time to be
can
be made before thei fall or winter session of the
it
additional money through the sale of securities whose validity is in doubt,
addition,
some
provision must be made to retire the Indebtedness of the
Land banks, caused by the borrowing of money from private
of the loan
operations,
to be
signs of restiveness, and
a
the banks be required
That
;'
remove
appropriate necessary
the Federal Farm Loan land banks from their predicament,
periding bill providing for
an
commercial, and industrial life of the Nation depend; and
Fourth.
loans
That the banks be Invited and
My dear Governor, the bondholders of the United States have already
a
loss in the market value of their bonds of over
of these securities by
beg
the Federal Farm Loan Act to permit
the Secretary of the Treasury to pur¬
In this way, enough money would
be obtained to permit the Land banks to pay off
you,
their emergency loans, and
continue operations probably until the Supreme Court
Moreover,
announced its de¬
where
ning
the
Federal
emergency
Land
banks.
These deposits could be
used to meet the
agencies destroy the value
policy of raising the interest rates, and I
my
dear Governor, I call your attention to the unpardonable
practice of the usurious charges current In New York City,
high
as
have been run¬
I enter my solemn protest against this, and on behalf
30%.
Federal Reserve Board to put an end to
a
owh
through its
a
people of my State and the people of the United States I call upon the
false standard to the people of the
rates, and
known to have been considered is that of the amendment
permit the Secretary of the Treasury to make large deposits
pursuing
call loans, the stock-exchange collateral, the rates
on
as
of the
cision.
Yot another plan
$2,000,000,000.
which they bought on
and I beg the Board through you, to change this policy.
and scandalous
the conference is to have Congress amend
chase $100,000,000 of Farm Loan bonds.
of the Act to
required to refuse new speculative
investment securities.
on
suffered
appropriation of this amount is found
nsufficient to meet the needs of the situation.
One plan under advisement by
speculative
loans, and not raise the rates on loans upon which the manufacturer, the
The Government should not
funds to
margins on
'
the banks be invited to raise the rate on such
That
Third.
borrowed money; bonds which they bought at a sacrifice.
Appeal to Be Made to Congress.
A formal request soon may be made to Congress to
speculative purposes
to demand increased
Bonds which they bought as a patriotic duty; bonds
lieved to be improbable.
available remedies
I venture to suggest several:
gradually reduced;
such loans;
In
demand for repayment is not be¬
will be harmless.
That the banks be advised to require loans for
First.
of the banks making loans to the Land banks were reported
some
to have shown
banks.
period ahead before the Farm Loan banks can resume
This remedy is worse than the
This remedy is not necessary because there are other
and the Impossibility of obtaining
of loans because of the lack of funds,
permit itself to be held responsible
that will ensue if it persists in this policy of raising the
remedy for speculation.
'•
Second.
Meanwhile the Farm Loan Land banks must discontinue the extension
a
whose consequences
1
Conrfc.
Reserve Board can not
as
disease,
decision, it is not
consumed by the Court in deliberation oeforedrafting its
expected that decision
The Federal
for the consequences
interest rates
time required for
of the Court, rapidly approaching, the
the delivery of arguments on both sides of the question,
n
v
:
reargument
This action
of the Court in asking the reargument of the case is interpreted in some
quarters as indicating a division of the Court on the question.
In view of
if the
"Congressional Record"
the
afterwards.
Court.
view
in
Committee
thought unimportant in view of the prospects at that time for
Farm Loan bonds by a favorable
expressing the hope
This
that the Board would not raise the rate of interest.
"Can
collateral given to secure tho loans from the private banks
the time
Board
letter to the Gov¬
eral Reserve Bank is pressing us unmercifully to sell what we
Predicament Arises.
a
a
the Federal Reserve Board,
of
ernor
Government loans.
To obtain
City Reserve Bank.
The Senator stated that before the Federal Reserve
written
Loan securities.
ment loans to the farmers.
justified
automatically check¬
putting into effect an arrangement
rate that will penalize those banks, thus
a
of this kind, certainly at the Kansas
operations of the Farm Loan Land banks throughout the
of loans made by
When aggressive borrowing banks
the Federal Reserve bank is
ing the abuse; and I understand they are
Hon.
is obtained from the Supreme Court as to the
in
2 and 3%, and these deposits are
the "Wall Street Journal" of May 5
country will be forced to suspend for the next
an
The member banks borrow money from
%.
tors to whom they pay
following regarding the situation confronting the Farm
Farm Loan
it would tend to check speculation, the
Federal Reserve Board has raised the rates of Interest to
follows:
Loan banks:
as
said:
tor
In going into the open market for
half of 1 % interest, the Government rate
being's% and the private rate 6%.
to
by the Reserve Board, and the arrangement put into
effect at the Federal Reserve Bank at Kansas City the Sena¬
rates
the loan law's validity.
funds the banks are losing one
as
In commenting on the raising of
nearly $3,000,000,000."
ask in excess of their own reserves,
twelve land banks have borrowed approxi¬
Despite the fact that the
litigation
has the effect of depreciating the mar¬
Already, he said, "the
asking the use of a part of its reserves.
the following to
had
in Washington advices
newspapers
as necessary
ket value of United States bonds."
the board's next bond issue
of inactivity so far as loaning opera¬
and thereby avoid an entire summer
regarded
depreciation of 15%on$26,000,000,000 of bonds, amounts to
day said:
same
All members of the conference were
,
[Vol. 11',
THE CHRONICLE
1932
this nefarious practice which sets
United States in the matter of interest
which has been used to justify the Federal
raise the rates
on
speculation when
the whole country for the avowed
no
such remedy
Yours,
very
financial requirements of the banks.
Reserve Board to
purpose of
stopping
was necessary.
respectfully,
ROBERT L. OWEN.
During the first two years of the existence of the Farm Loan system the
Secretary of the Treasury, under authority given him by the Act, purchased
Farm Loan bonds at the rate of about $100,000,000 a
bonds purchased
public,
leaving
year.7
Some of the
by the Treasury subsequently have been resold to the
about
$100,000,000
of
the
securities remaining
in
the
Treasury vaults.
representations to the Senate
by Congress
may
be asked to prevent the total cessation
by the Farm Loan Land banks, it was said.
on
April 30, the Sena¬
tor said:
The Federal Reserve banks were not intended
They were intended
Immediate action
of operations
In his
They
appear
to
be
as
public
proceeding
to make all the money
as
money-making banks.
institutions to secure stability
upon
the
in credits.
theory that it is their business
they can, which I regard as a serious misconception
of the Reserve Act.
When
SENATOR OWEN PROTESTS AGAINST INCREASE IN
FEDERAL
RESERVE RATES—EFFECT ON
LIBERTY
Reserve Board raised the rate to 6 and 7%, it was
raise their rates to 8 and 10%,
age
BONDS.
the Federal
perfectly natural that the member banks throughout the country should
and when the rates were thus raised an aver¬
of 3% on the $25,000,000,000 of loans, an immediate increase of interest
charge in the amount of $750,000,000 was levied on the people of the United
The action
of
the
Federal
Reserve Board
Federal Reserve discount rates
on
was
in advancing:
criticised in the Senate
April 30, by Senator Owen (Democrat), of Oklahoma,
who claims that "the
charging of these high rates of interest,
States with
a
consequent increase in the cost of living.
In addition to this, a charge was made
by the merchant, by the manu¬
facturer, by the wholesaler, and by the retailer for his profits on the extra
cost of
charge
handling the business of the country; so that there was an added
on
the people of the United States, in addition to
the interest charges
May 8
raised,
as
1920.]
THE CHRONICLE
I have pointed out, of probably over a billion and one-half dollars.
In addition to this, the
pelled to
a
railroads of the country have found themselves
com¬
pas¬
charging of these high rates of interest, regarded
as
necessary,
depreciating the market value of United States bonds.
the depreciation of 15%
has
twenty-six billions of bonds amounts to nearly
on
banks of the United States to put on the drive for the sale of Liberty bonds
Victory bonds at par, with 4H% interest, the people bought them for
Many of them borrowed money with which to buy these
patriotic reasons.
bonds.
just, I do not think it decent
or
ethical for the Government agencies to pursue a policy which causes a loss
patriotic bondholders, and
of $3,000,000,000 to these
the policy is otherwise
more
injurious and harmful in the most serious
object to the Federal Reserve Act being administered
in
to
manner
a
as
President,
Feb. 16 I called the attention of the Senate to this mat¬
on
printed in the "Record" my letter of Feb. 13 to the President
I know of
no
action to correct the matter
a
higher point is
value of the Liberty
a
Raising the normal rate of
sufficient cause to bring about the low market
The only remedy for this condition is
bonds.
issue of Feb. 28,
our
"extortionate" rates in New York
in
to
an
appeal
following to
You refer to the
on
April 30, had the
bad psychological effect
a
on
interest
The people have ceased to feel shocked
high interest rate of 10% when the New York papers quote call money,
a
for immediate payment, at
to immediate payment,
the rate of 15 and 20%.
i
A call loan, subject
is entitled to the lowest possible rate.
Indeed in
case
a
year
interest rates
on
call loans secured by
important national bank which has
pledged
are
You do not appear to
as
bank "had
bought and underwritten
bonds than they would
works put up
or
a
.
.
.
unloaded them
on
who fix these high rates justify themselves on the ground that
tl\e high rate is necessary to check and repress undue speculation in stocks.
Undue speculation in stocks is an evil.
be used
in
a
It absorbs credits that ought to
Loans
industry and commerce.
ceeded $1,900,000,000
on
been somewhat reduced, but the true remedy
now
invetment securities ex¬
They have
few months ago in New York City.
The banks of New York can stop
is not high interest rates.
The
a
falling market, and the market is falling because the Reserve
Board has
information,
no
does
nor
it
does not believe that in this instance
the employees who had sub¬
scribed for bonds "unloaded" them on the bank.
is that
when this
and by
armistice many employees had subscribed for bonds for which
institution,
terms
Second.
The banks
require the gradual liquidation of speculative
can
loans, giving reasonable time in which to accomplish it without great injury
assumed
which resulted in
a
considerable loss to the subscribers and a corre¬
bank.
to the
profit
The bank in question did not
the policy which was adopted by many others of selling at the
market
Liberty
Although
bonds which it could not place with investors, large or
up to
May 1
Liberty bonds
1919 the discount rate on member banks' notes
4 % at eight of the Federal Reserve banks—
The banks
can
demand
more
collateral
as
margins, and In that
Of course, they do practice this
age
loans
as
They
a
gradually
can
the .rate of interest on
raise
penalty for such loans, without
speculative
raising the rate of interest
on
First
__93.64
—95.43
93.611 Fourth 4)4------93.61
1919 these discount rates at the Federal Reserve banks
___
___
convertible4M
Second 4
to
_
Nov.
____.95.271 Second convertible 4\i
95.431Third 4)4
___:
_
Governor Harding's answer to Senator
Owen is given in
the "Chronicle" of to-day.
another item in
_
banks' collateral notes, secured by
OF GOV.
at 10 of the
banks
HARDING OF FEDERAL
to Senator Owen's contention
RESERVE
that the raising
by the Federal Reserve Banks has operated
of discount rates
disadvantage of Government bond values, has been
to the
made by
Governor W. P. G. Harding of the Federal Reserve
Board.
Mr. Harding states
rates of all the
and
a
that "a glance at the discount
Federal Reserve Banks during the year 1919,
study of market quotations for Liberty bonds during
the year
ought to convince
any
one
that the decline in the
price for Liberty bonds and Victory notes has re¬
sulted from circumstances entirely beyond the control of
market
the Federal Reserve Board
In
seeking to show the
or
reason
values Gov. Harding 'calls
the Fourth
■
Liberty Loan member banks in most of the districts
discount paper
had
the
issue of
as a
Treasury
our
for the decline in Liberty bond
attention to the statement con¬
matter of
the hands of
patriotism, but not
as
a
bill to be spent
was
(given elsewhere in to-day's
paper) that "those who had bought Liberty bonds
their bonds
the $50
Leffingwell
so
as
investors, began to treat
A $50 bond in
much spending money.
partiot turned spendthrift was to him a $50
Saturday night,
turned out to be
a
or
to her a new hat, and if
This
$45 bill, small matter.
the first and most immediate cause of the depreciation
and in the other four or five districts at the coupon rate, the
declined to
an
average of
about 94.
"it is the Board's be¬
lief that the desired result would not be attained wdiile the
bonds back to par, Mr. Harding says
bonds
This completely disproves your
Federal Reserve
Reverting to the bank referred to in your letter, although this
had
on
hand unsold in April 1919 Liberty
and
a
Federal Reserve banks would be so great
institution
bonds amounting to more than
half times its combined capital and surplus,
and to more than
of its deposits, and although it was indebted to its Federal
Reserve
doubled its holdings of Liberty bonds in
admitted object
This was done in
the
April and May 1919 by purchases in the open market, the
being to average down the cost of bonds already held.
the face of the Victory
Loan campaign, and it is interesting to note that
bank's subscriptions to
Victory notes in May 1919 amounted to just one-
third of its open market
purchases of Liberty bonds in April and May
The
of
1919.
purchases
has no Victory
Victory notes were bought at par, while the open market
Liberty bonds were made around 94.
notes
on
The bank now
hand, having sold all it subscribed for.
The Federal Reserve Bank has not been
insisting that this bank sell its
it adjust its affairs so as to lean
less heavily upon the Federal Reserve Bank.
A glance at the discount rates of all Federal Reserve banks during the
year 1919 and a stud/ fef market quotations for Liberty bonds during the
year ought to convince any one that the decline in the market price for
Liberty bonds and Victory notes has resulted from circumstances entirely
beyond the control of the Federal Reserve Board or the Federal Reserve
bonds at
a
loss, but has been insisting that
banks.
In
an
address made on Friday last before
in New York, Assistant Secretary
to
the Academy of Political Science
of the Treasury Leffingwell, in referring
predictions made a year ago that Victory notes
would shortly go to a
premium and that Liberty bonds would be selling at or near par
year or two,
within a
said:
knows why these sanguine expectations have not been realized.
With the armistice, and still more after the Victory loan, our people under¬
went a great reaction.
Those who had bought Liberty bonds as a matter
of patriotism, but not as investors, began to treat their bonds as so much
spending money.
Those who had obeyed the injunction to borrow and buy
Liberty bonds ignored the complementary injunction to save and pay for
them.
A $50 bond in the hands of a patriot turned spendthrift was to him a
$50 bill to be spent Saturday night: or, to her, a new bat, and if the $50
bill turned out to be a $45 bill, small matter.
This was the first and most
immediate cause of the depreciation of Liberty bonds, affecting them
Every
one
particularly.
Victory notes
artificial methods.
Experience has shown that they could not be held at par last year by Fed¬
There are
outstanding.
Liberty bonds, affecting them particularly."
Were dis¬
count rates reduced with a view of bringing Government
of
demand upon the
could re¬
secured by Liberty bonds at rates lower than the coupon
contention that the Liberty bond market fell because the
the Federal Reserve banks."
tained in the address made last week by Assistant Secretary
of
it was
1919 that rates on this class of paper
advanced to 4*A % and at 2—-Cleveland and Kansas
were
City—were advanced to 4% %
two
BOARD TO SENATOR OWEN.
answer
Liberties, from 4% to 4K%.
untU about the middle of Nov.
bank at that time, it more than
An
member
remained the same, except that Dallas had advanced its rate on
25%
I
______
Board raised the rate of interest.
manufacturing and commercial loans.
ANSWER
the
Liberty bonds had steadily declined, so that the aver¬
price during the month of April 1919 of the various Issues was as follows:
First convertible 4_
rate,
to some extent.
Fourth.
Atlanta, St. Louis, Minne¬
Notwithstanding the fact, however, that for a period of 12 months after
check the tendency to speculation.
way
was
apolis and Dallas—and was 4\i % at the other Federal Reserve banks,
market quotations on
to the borrowers.
Third.
they had not
in your letter, through an affiliated
these subscriptions for the original subscribers on
small, in its community, but seemed to prefer to hold the bonds.
not
the Federal Reserve Board and the Federal Reserve Bank.
The Board's information
particular plant was shut down after the signing of the
finished paying, and the bank referred to
Up
By refusing to make new loans for speculative purposes, and this
First.
believe that employees at
Government works anywhere were ever compelled to buy Liberty bonds,
speculation very easily:
should be demanded of them by the Comptroller of the Currency
were com¬
the bank when the
has raised the rate of interest."
Boston, New York, Philadelphia, Cleveland,
men
on
suddenly ended," and that the bank "has been unable to sell these
war
secured by
The
the facts.
much larger volume of Government
to be
call loans of $5,000 and upward.
as to
to you that his
Thousands of employees who
because the New York law was changed so as to permit any rate of interest
on
fully advised
have done normally because of important Govern¬
in his city.
pelled to buy Government bonds
New York Stock Exchange collateral have not been held as technical usury,
charged
hand
on
collateral.
have been correctly
You state that the President of this bank has explained
pursue
These artificial high
an
between the member bank and the Federal Reserve Bank with
times to 1 Yt % per annum,
time loans.
of
and has in its files copies of correspondence dating back for more
refer,
sponding potential
only fair that the people should be contented to pay a very high rate for
ask the Board "to consider the
Liberty bonds entirely out of proportion to its capital and
normal times the rate of interest on call loans frequently went to 2%, some¬
and when call loans are quoted at 20% it seems
you
The Board has full knowledge of the specific case to which you
surplus.
and it
say:
throughout the United States.
rates
amount of
call loans, the Senator
on
practice in New York of charging extortionate interest rates for call
loans—10, 15, 20, and 30%—has had
at
February
27 in which
letter of April
your
Board
813.
.
bearing down the market value of Government bonds."
bonds
expressing his views to the Senate
The
McLean.
injurious effects of raising the interest rates in America in its relation to
Concerning the
page
V; r
-v.
May 3 1920.
ment
Senator Owen's letter to President Wilson last
given in
time like this would impair the
a
Congressional Record of May 5 at the instance of
Senator
com¬
public opinion, and to that opinion I hppeal.
was
;
contrary policy of furnishing
a
following is the letter which Gov. Harding has ad¬
dressed to Senator Owen, this letter having been inserted
This world, Mr. President, is a world of cause and effect, and adequate
interest to
result in improving the market
run
cheap rates at
which these bonds
will invariably produce a fixed result.
fact,''
The
than
plained of.
causes
long
Liberty bonds and
market."
an
calling it to his attention.
to
of
credit at
bring about these serious losses to the patriotic
people of the country.
ter and had
accom¬
matter of
My Dear Senator:—The Federal Reserve Board has given careful tatention
and I most vigorously
Mr.
value
way.
The banks are entitled to have these bonds brought back to par,
such
a
especially when
people of this country are entitled to have these bonds brought back
to par.
available for the
resources
and business." 4'As
adds, "the policy of the Federal Reserve Board to curb
in the
I do not think it wise, I do not think it
The
he
Already
When the Secretary of the Treasury appealed to all the
$3,000,000,000.
and
no
commerce
inflation will in the
another enormous extra charge to the cost of living.
senger rates, adding
the effect of
they would have
modation of
7% interest, plus commissions and discounts, all of which is
pay
charge upon the people of the country in the form of freight and high
The
that
1933
eral
about
$22,000,000,000 of Liberty bonds and
They cannot be brought back to par by
Reserve discount rates below their coupon rate,
unwise in the present
and It would be very
circumstances to establish a discount rate on paper
secured by these obligations much below the current rates
There
is
a
world-wide demand for capital,
credit in this country for agricultural,
for money.
and the demand for bank
commercial and industrial purposes
THE CHRONICLE
1934
Is heavier than has ever been known before; Investment demands for new
construction, for the maintenance and equipment of railroads, and for the
financing of our foreign trade are very great.
mands should the Federal
discount
rate
on
secured by
paper
below the current rates for
with
applications for loans
ably have been
While
the
so
great
Federal
as
Government
to
offer
on
obligations—a rate far
these securities and the volume would prob¬
to have far exceeded their utmost lending power.
is
Board
CURBING CREDIT EXPANSION.
low
a
money—they would have been over whelmed
Reserve
PIERRE JA Y ON CREDIT SITUATION AND NEED FOR
In the face of aU these de¬
Reserve banks have continued
authorized
and
empowered
by
[Vol. 110.
The fact that
review of the first four months of 1920
a
indicates very little progress toward a reduction of either
commodity prices
or
credit volume is stressed in the monthly-
report made public yesterday (May 7) of Pierre Jay, Federal
paragraph (c) of section 11 of the Federal Reserve Act, under certain con¬
Reserve Agent of the Federal Reserve Bank of New York,
ditions, to suspend the reserve requirements specified in the Act, it believes
and is the occasion for his
that this power is granted it for emergency purposes and that it is not the
intent of the Act that the Federal Reserve banks be permitted to operate
general rule with reserves below the legal minimum.
as a
The Board there¬
fore has taken and must continue to take such steps as in its judgment may
be
reserves
Reserve banks to function normally
not below the minimum
Reserve Act.
of Federal
enable the Federal
to
necessary
with
required by section 16 of the Federal
In view of the provisions in. that section for the redemption
Reserve notes outstanding, it is important that these reserves
be maintained.
demands upon banks for
counted and
$2,780,0®0,000;
While some may argue
April 27 the total
on
was
$2,888,748,000.
from this that the advance in discount rates made by
23 has not been effective, the Board
Reserve banks on Jan.
the Federal
is
credit during the present year; the total of dis¬
purchased bills held by all Federal Reserve banks on Dec. 26
1919 amounted to
firmly of the opinion that had these advances not been made the demands
the Federal Reserve banks would have been much heavier than they
upon
able
sign to
itself
dilating
new
turn
a
unmistak¬
an
discretion,
bankers manifested
which
courage
it is clear, and
notably during
so
the
war; a programe
requires the co-operation of producers, distributors
consumers
the less, is
for its success; but a programe
essential not only to
but to
which,
the Federal Reserve banks to pay
REPRESENTATIVE
PL ATT
view
the member banks the necessity for the exercise of a discrimin¬
vital factor in credit control, and it notes with interest your
expressed in the course of your remarks in the Senate on Friday,
as
April 30, that "when aggressive borrowing banks ask in excess of their own
the Federal Reserve Bank is justified in imposing a rate that
reserves
penalize those banks, thus automatically checking the abuse,
.
will
The
nomination
of
Representative
intimates that the
Federal Reserve Board should adjust its discount rates with the view of
charged by the Federal Reserve banks "shall be fixed with
a
bringing Government bonds back to
par,
so
and business.
commerce
of fact, the policy of the Federal Reserve Board to curb
As
a
impair the market.
In
The value of
a
promise to
pay a sum
certain at
a
the
paragrph of your letter
concluding
and
practice
scandalous
you
call attention
of usurious
charges
to the
current
in
New York City" on call loans; "the rates have been running as high as
30%," and enter
your
protest against this, and call upon the Federal Reserve
Board to "put an end to this nefarious practice."
On March 8
1
,
resolution:
Resolved, That the Federal Reserve Board be, and is hereby, directed to
advise the Senate what is the cause and justification for the usurious rates
of interast on collateral call loans in the financial centres, under what law
authorized, and what steps, if any, are required to abate this condition.
On March 27
1920 the board sent
letter to the Senate
a
by the resolution, which
was
from
the
reference you make in
a
copy
your
The board infers
letter to the interest rates on call
therefore
of Senate Document No. 262, which contains the informa¬
tion the board has been able to gather on the subject.
Very truly
P
G
HARDING, Governor
Senator Owen's letter, which prompted the above, will
be found in the article immediately preceding.
EXCHANGE.
undertaken to inaugurate a change
Swiss
money
Under
exchange
on
in the method long in
countries in the Latin Mone¬
the change initiated French,
are
money.
In referring to
the changed plan the New York "Times" of May 4
If
a
movement instituted
by
Italian
quoted in terms of United States
instead of in units of foreign
a
said:
number of banks and dealers in foreign
exchange is successful, the long established practice of quoting French,
Italian, Swiss and Belgian exchanges in the number of unics of foreign money
a
dollar will buy will be changed to the simpler and less confusing method of
quoting these units in the number of cents required to buy them.
In other
words, instead of saying French francs are worth 16.56 to the dollar, which
means
16 francs, 56 centimes, the quotation will read 6.04 cents to the franc.
For seveial years, or ever since the foreign exchange market became a
thing of popular interest,
a great many persons
have been unable to under¬
stand why French francs, fcr instance, should
"advance" when the
tion
of
moves
francs
were more
dollar.
to
from 16.40 to 16.25.
The
reason,
course, was
quota¬
that at 16.25
valuable, for it took fewer of them to purchase an American
Similarly, they "went down" when the quotation moved from 16.00
16:50.
Spanish pesetas, which have the
cents
same
normal par that francs have, 19.3
each, have been quoted in cents per peseta for years, and the present
scheme, which has not
changes this
way
as
yet become general, is to quote all foreign ex¬
hereafter
were
Capital.
admitted to the
11—
$50,000
Surplus. Resources.
$10,000
$565,105
40,000
District No.
The McCurtain
10.000
322,838
60,000
20,000
526,777
Idaho25,000
1,250
28,750
v
County Bank, Broken Bow,
Okla____
Citizens State Bank, Alice, Texas...
District No. 12—
Bank of Castleford, Castleford,
CHICAGO CONFERENCE TO CONSIDER REESTABLISHMENT OF FREE' WHEAT MARKET.
A National Conference
lishing
a
free and
exchanges of the country
of the
discuss
to
methods of reestab¬
market for wheat through the grain
open
upon
the approaching termination
authority of the United States Grain Corporation
held
was
on
yesterday, (May 7) at the La Salle Hotel,
Chicagojat the instance of Julius II. Barnes, United States
Wheat and flour trade organizations and
newspapers were
invited by Mr. Barnes to send representa¬
tives to the
meeting to confer with him
a
suitable
measures
free and open market for the purchase, sale and
of wheat and wheat
made such
earliest
in
on
provide for and to permit the establishment
products"
WheatlGuarantee Act.
Certain foreign exchange dealers have the present week
of quoting exchange
Washington makes public
The American State Bank, St. Marys, Ohio.
of
PROPOSED NEW METHOD OF QUOTING FOREIGN
and
FEDERAL
Total
to be taken "to
tary Union.
TO
SYSTEM.
WheatJiDireetor.
United Stales Senate.
,
vogue
ADMITTED
following list of institutions which
June 1
yours,
W
HON. R. L. OWEN,
INSTITUTIONS
District No. 4—
giving the infor¬
loans that this reply has not been brought to your attention, and
encloses
He is
Federal Reserve system in the week ending April 30 1920:
referred to the Committee
Banking and Currency and ordered to be printed.
on
Banking and Currency.
on
Poughkeepsie "Eagle-News."
The Federal Reserve Board at
the
i
1920, upon your motion, the Senate adopted the following
mation required
(whose
by President Wilson
the Senate
to
RESERVE
future
impaired by the inflation which the board is trying to control.
"unpardonable
STATE
matter
inflation will in the
contrary policy of furnishing credit at cheap rates at a time like this would
dates is
Strauss
Representative Piatt is Chairman of
Committee
the editor of the
Federal
in improving the market value of Liberty bonds and a
result
run
House
Albert
succeed
great that they would have left no rasources
available for the accommodation of
long
sent
was
yesterday (May 7).
the
to
of
referred to in the "Chronicle" of March 6,
was
924),
Board
Piatt,
member of the
view of
a
it is the board's belief that the
desired result would not be attained, while the demand upon the
Reserve banks would be
be
Reserve
a
view of accom¬
Were rates reduced with
modating commerce and business."
Federal
resignation
(d) of
Section 14 of the Federal Reserve Act provides that rates of discount to
Edmund
Poughkeepsie, N. Y. (Republican), to be
page
.
While you do not say so in direct terms, your letter
sustaining the market value of Government bonds, but paragraph
SUCCEED
TO
ALBERT STRAUSS ON FEDERAL RESERVE BOARD.
ating judgment in granting credits, the board feels that the application
a
NAMED
par¬
ticularly to those which are large borrowers, and that it is their duty to
rate is
abrupt
and warnings without raising rates.
situation by admonitions
the closest attention to the discount policies of member banks, and
a
to
unhappy consequences."
During the year 1919 the board tested the policy of attempting to control
While convinced that it is necessary for
of
pro¬
entire social and economic well-being, and
our
and
upon
never-
steady industrial
our
failure to undertake it is almost certain to lead
impress
requiring
one
and public spirit than the
have been and that the banks would by this time have all been below their
credit
is
prevent further ex¬
legal reserve.
the
stricter
gradual and orderly reduction
a
A difficult programe,
more
gress
a
not his institution
or
firm and determined stand to
more
and
the need of
Febnnuy, is
banker, whether
every
pansion and to inaugurate
even
upon
upwrard in credit and prices,
borrower, that the necessity is here for him to take
a
liquidation,) and dis¬
There has been not let-up, however, in
The
Mr. Jay says, "after the half of
of credit.
Ordinarily in the early months of the year there is
count rates work to a lower basis.
control of credit.
a
handling
the expiration of the
upon
Problems of national importance
meeting imperative in the public interest at the
possible moment, Mr. Barnes declared
announcing the proposed conference.
level of wheat prices,
on
April 30
One is the present
kept far above that of the United
States Guaranteed Price by export buying of wheat only,
wdiich in addition to being artificial and liable to stop at any
moment, handicaps our own mills and results in underpro¬
duction
of
mill-feed for
our
dairy industries.
Another is
the apparent reluctances of the exchanges to return to the
pre-war conditions of open trading and reestablishing the
hedging facilities which have been suspended during three
years
of Government wheat control.
exchanges it
to
the
was
extraordinary
disorganization.
wheat
years
facilities
prior to the
upon
war
which
must be
by individual initiative before the underlying security
provided
Barne..
trade hazards resulting from world
Exchange hedging
marketing[depended for
restored
This attitude of the
pointed out by Mr. Barnes, is due largely
by
the
declared.
Grain
Corporation
is
withdrawn,
Mr.
Otherwise, the country faces the risk of
wider margins between the producer price and the consumer
Mat 8
1920.]
THE CHRONICLE
price and consequent hardship to both.
Foreign buying of
wheat, largely concentrated in the hands of Governments
the present time, Mr.
sidies
abroad
and
Barnes said, is forced by bread sub¬
the inability of
by
their war-crippled
It
1935
also announced that because of such revocation of its Food Ad¬
was
ministration Wheat and Wheat Product License and because of the mis¬
conduct
leading to such revocation the wheat director license of the Sullivan
Mill and Elevator Co. has also been revoked, effective at noon, April 30.
until further notice.
private agencies to 4'carry at high values sufficient stock and
sufficient flow for
their people."
prices paid rests in
that
of the bread requirements of
assurance
influence the price
with
without concerted action,
or
level for America."
made public May 1,
outlining the plans for the Conference,
Act expires June 1
taken "to provide for and to
market for the
the
This Act provided in
permit the establishment of a free and open
purchase, sale, and handling of wheat and wheat products
inquiry
AGREEMENT
sugar
SUGAR
WITH
AMONG
stocks be pro-rated
essential industries to prevent any
fruit and
vegetable
refiners
New
crops
among
possible spoilage in the
has been accepted by the large
result of conferences in Washington and
as a
York, it became known
May 6.
on
Regarding the
agreement Washington advices of that date to the Phila¬
delphia "Public Ledger" had the following to
say:
Canners and preservers will be furnished with sufficient sugar to meet
of this Act."
expiration
Preliminary
1920.
that seasonable steps should be
AN
ALLOCATE
proposal that available
sugar
the section relating to Grain Exchanges,
REACH
TO
ESSENTIAL INDUSTRIES.
A
can
Mr. Barnes' letter
follows:
The "Wheat Guaranty
REFINERS
GOVERNMENT
few officials, and it is measurably true
a
these officials,
upon
SUGAR
He added that "the decision of purchase an
exchanges of the country indicates
of the grain
all
their legitimate needs, it was announced
to-day by Howard E. Figg,
unwillingness, because of present extraordinary hazards inherent in world
Assistant Attorney-General, who conferred with refiners' representatives,
disorganization, to reestablish tne hedging facilities on which the American
including John A. McCarthy, of Philadelphia, in New York yesterday.
The security of hedging markets
agencies to handle large quantities
Mr. Figg declined to comment on reports that curtailment of sugar supplies
capital solvency by price level changes; assure
ment, but it is understood that rationing measures such as were applied
marketing machinery for year had relied.
enabled manufacturing and distributing
without jeopardizing their
active
competition
has been
While open trading on exchanges
ready credit.
by
to soft drink and
during the
suspended for three years, the sustaining influence of actual and
The
potential buying of wheat at the Fair Price Basis furnished the same un¬
Just
derlying security.
Because of these influences the wheat producer
or
any
other commodity.
understood
be
received a larger per cent
and abroad than in an> other land
of the ultimate consumer price at home
This is now jeopardized by conditions that should
by all.
inadequate inland transportation and on foreign
advices also said:
why there should be
Liquid inland transportation is essential if the.producer is to find a ready
and at a fair reflection of the ultimate markets.
Moreover, the
an
'
immediate shortage of sugar in the United
States is not apparent from figures on sugar, imports for
the
Department of Commerce to-day.
sugar were
exceed
April obtained at
Nearly 1,000,000,000
pounds of
brought into the United States during April, considerably more
imported during April 1919.
those of April but
diminish and
buying dominated by Governments.
become necessary.
war may
same
than the amount
The chief hazards rest on
candy manufacturers will be attempted by the Govern¬
May imports probably will
beginning with June
shortage conditions may
or
July the imports will
be expected to prevail during the
fall, with the bulk of the sugar used in the summer canning.
market
five
six cities with open exchange
or
daily
normal
not
channels,
trading before the war demonstrated
On the security of that level grain flowed in
national price level.
a
necessarily
through
the
particular
points at which exchange trading was quoted, but always
accumulative
with the potential
potential delivery protection is crippled, exposing the
exchanges to concentrated buying, and
particularly that of foreign Gov¬
ernments.
An increase in the
the act of Govern¬
is forced,
first, by their bread subsidies and therefore the necessity of passing pur¬
chases through their national treasuries; second, because private agencies,
crippled by war, cannot cairy at high values sufficient stock and sufficient
flow for assusnce of the bread requirements of their people.
Formerly
current prices were the meeting point of differing individual opinions, at
home and abroad, affected daily by world crop progress or better approxi¬
mation of world consumption.
To-day the decision of purchase and prices
paid rests in a few officials, and it is measurably true that these officials,
with their
with
or
large
resources.
This
the Utah-Idaho
be the
Moreover, their policies are not governed by
America.
usual commercial practice.
employ¬
ment, ignore flour, and our mills suffer a completely artificial handicap.
This reflects into underproduction of mill-feed for our dairy industries.
A
wheat price, advanced in this manner under export buying of wheat only,
Present
Salt Lake
fall, should foreign buying for any reason discontinue.
therefrom
resulting, but credits have never rested on the opinion of traders; but on the
security of hedges which minimize losses in price fluctuations.
Wide and
rapid fluctuations in prices are to bo expected, naturally, from fluctuations
in overseas exchange, unusual ocean freights, the limitations of credits,
POUND
BY
from
sugar
announced
was
on
13-cent
a
May 1 by
Sugar Company of Salt Lake City, said to
producer in the inter-mountain region.
sugar
of this action retail prices of beet sugar at
LEHIGH
BY
The
a
pound.
of SI
COAL
&
NAVIGATION CO.
Lehigh Coal & Navigation Co. of Philadelphia
nounced
on
April 30, effective the following day,
ton in the
a
an
an¬
advance
price of domestic sizes of anthracite coal.
government officials.
only
The
Grain Corporation has protected the consumer to date by resale of purchases
made at the fair price level in the protection of the producer.
Its holdings
are almost exhausted; its authority about to expire.
Individual initiative
must take up the whole wheat handling machinery, which may require,
If in addition
result in
a
hedging facilities are lacking, the risks thus faced can
wider relation between producer price
under world hazards, reshaping or
and consumer price.
adjustment.
Therefore, I invite you to send representatives to
better understanding of new
1920, at 11
a.
m.
in the La Salle Hotel, Chicago.
A letter of Mr. Barnes
of
the
problems and new
attend a Conference,
conditions, on May 7
Government
page
V.
STEEL CORPORATION.
S.
The United States Supreme
wheat guarantee beyond June
1,
the latter's suit
The
of the
was
case
last
columns
motion for
against the United States Steel Corporation.
a
filed
the
April 28,
as was
indicated in these
1814, the argument
on
the
rehearing having been based largely
on
the
page
Reading Company and its subsidiaries.
in the suit
In its findings
against the Steel Corporation on March 1 the
Court had affirmed the
Supreme
decree of the
District
dismissing the Government suit for the dissolution of the
corporation and its subsidiary companies.
cereal division of the United
effective at
the Food Administration license covering
noon,
April 30,
wheat and wheat
products heretofore issued to the Sullivan Mill and Elevator
Ind., for admitted violations of the Food
approved Aug. 10 1917, and the rules, regula¬
requirements of the Food Administration particu¬
THEODORE E. BURTON FOR
United
the
from
U. S.
WITHDRAWN BY PRESIDENT.
The nomination of Theodore E.
of
Administration, announced on May 1 that he
has revoked until further notice,
tions and
on
Saturday,
decision of the Court last week ordering the dissolution of
LICENSE OF
SULLIVAN MILL & ELEVATOR CO.
Control Act,
May 3 declined to
application made by the Government for a rehearing
NOMINATION OF
U. S. FOOD ADMINISTRATION REVOKES
Co of Sullivan,
on
given in these columns last
1812.
Julius H. Barnes, chief of the
Court
grant the request of the Government for the reopening of
TARIFF BOARD
States Food
GOVERNMENT'S
DENIES
REQUEST FOR REOPENING OF SUIT AGAINST
Court of the United States for the District of New Jersey
expressing opposition to the exten¬
the date of its termination, was
Saturday, May 1,
^
COURT
SUPREME
S.
U.
be confident as to world wheat needs and prices
outside of the artificial influence of the views of foreign
sion
pound
City advanced from 16 to 28 cents
Private opinion
even
may or may not
a
CENTS A
ADVANCE IN PRICE OF ANTHRACITE COAL $1 A TON
against too rapid
for
22%
purchases, confined to wheat because of a desire for home
the cushion of current flour market protection
lacks
a
largest
In consequence
Government buying
without concerted action, can influence the price level for
TO
price of refined
basis to 22 M cents per
Foreign buying at present is, directly or indirectly,
ments,
ADVANCED
UTAH-IDAHO COMPANY—RETAIL PRICE28 CENTS.
Under present inland transporta¬
delivery in those markets if necessary.
tion conditions this
SUGAR
States
Tariff
the Senate by President
Burton to be
Commission
Wilson
on
was
a
member.,
withdrawn
April 28.
As
re¬
ported in these columns April 17, page 1599, Mr. Burton,
who
was
named
formerly
as
a
the vacancy
The
former
a
United States Senator from Ohio, was
member of the Commission
on
April 13 to fill
due to the resignation of Frank W. Taussig.
Senator is understood to have declined the
Commissionership, having, it is said, informed the President
that he
preferred to remain in private life.
larly including failing to keep accurate accounts and records
and
failing to render accurate reports truly reflecting their
actual
wheat
ending June
Grain
As
a
30
1918.
Corporation
during the
determine the exact
established that such excess profits to a sub¬
stantial amount had been taken and retained by
TARIFF
The
name
the company.
Wilson
of
on
COMMISSION.
of Samuel W. McCall to be a
U. S. Tariff Commission
profits taken by the Sullivan Mill and Elevator Co. al¬
though the evidence clearly
W. McCALL NAMED AS MEMBER OF U. S.
ten
says:
result of such violations it became impossible to
amount of excess
SAMUEL
months
The annouenement of the U. S.
operations
milling
was
member of the
sent to the Senate by President
May 6. Mr. McCall, who was formerly Governor
Massachusetts, has been named to take the place on the
Tariff Commission declined by former
Senator Theodore E.
THE CHRONICLE
1936
Burton.
A
press
dispatch from Winchester, Mass., May
[Vol. 110.
Board amounted to 93.82% of the same percentage of return on the average
fixed capital during the period of Federal control as the systems themselves
6, said:
actually earned
Former
Governor Samuel
that his decision to
MeCall said to-day
W.
accept appointment to the Tariff Commission was made after receipt of a
letter from Chairman
Page of the Commission urging him to accept and
outlining what he said
was
the very important character of the work to be
undertaken by the Commission during the coming year.
Republican.
He served
fourteen
member of the Ways and Means
of his twenty
Mr. McCall is a
in Congress as a
years
Committee of the House, which initiates
tarrif legislation.
and
1917.
their average fixed capital during the years 1915, 1916
on
This
ascertainment having
been reached, it was determined
upon as the basis for settlement with the
companies with which compensa¬
tion agreements had not been entered into, and its justness was at once
recognized and it has been accepted by most of the companies, thus placing
both the contract and non-contract companies upon the same basis.
above
estimate
non-contract
for
ing about ninety
per cent, of the deficit.
Administration Expenses.—One of the first steps
DEFICIT
IN
MACK AY
WITH
TELEGRAPHS
AND
GOVERN ME NT—DIFFERENCES
TELEPHONES BY
v
of the
OF
OPERATION
that
Government
known
was
the appointment by the Postmaster General of
the Wire Control Board,
as
COMPANIES.
immediately available to cover the deficit in the operation
of the
telegraph and telephone systems during Government
control is made in
Houston
sury
and made
the Trea¬
May 1 by Postmaster General Burleson,
on
of
"is
says
and
control
of the total gross
$600,000,000 during the period of
over
therefore
revenues."
The letter of the Postmaster
General deals with the basis of compensation, administra¬
tion expenses, cause of
that
states
he
deficit, &c., and
"was
among
unable to enter into
other things
compensation
a
agreement with the Mackay companies for the
land lines known
39 distinct
some
as
the Postal
companies."
contended for by the
sidered
use
of their
Telegraph system, embracing
The amount of compensation
Mackay companies, he
says, was con¬
compensation award of $1,680,000
a
made to these companies for the
system.
The award
the latter
maintaining "that they
was
tion to the entire net
which amounted
to
rejected by the Mackay companies
revenue
their land line system
of this
use
entitled
are
as compensa¬
arising from the operation of
during the period of Federal control
$2,803,392."
this amount and that awarded
The difference between
by the Post Master General,
namely, $2,123,393 was demanded from the Mackay com¬
panies and refused by them, and legal action, Mr. Burleson
announces,
will be instituted against the Mackay
by the Government.
The following is the Postmaster
General's letter seeking the
OFFICE
THE
OF
compa¬
appropriation above noted:
POSTMASTER
assigned to this duty J
of the
of $ 14,005,-
operation of the telegraph and telephone systems
during the period of Government control and to
the Joint Resolution of July 16
with reference to just
carry out
the provisions of
1918, and the Act approved July 11 1919,
compensation to the
owners
of the telegraph and tele-
systems for the supervision, possession, control and operation of
their properties by the United States during the period beginning midnight
pnone
July 31 1918, and ending midnight July 31 1919.
following items:
Aug.
1
This estimate
the
covers
,
(a) Amount due telegraph and
operating revenues of the particular companies with which they were
of
as
cover
until paid
companies
on
as
cover
amount
settlement with the remain¬
traveling expense of three expert economists and statistical advisers, a
interest from Aug.
1
small accounting and audit¬
a
ing force for the audit and adjustment of accounts of the various companies.
The entire expense of administration incurred up to this date has
amounted
to but $125,000 paid out of the telegraph and telephone revenues, and $12,-
000 allotted by the President from his General Defense Fund.
The entire
properties controlled represented
and one-half billion dollars.
investment of over one
an
This total overhead expense of $137,000 was
but two one-hundredths of one per cent,
of the total operating revenues
during the period of Federal control.
*
-
Deferred Maintenance.—The contracts with the companies provided that
the properties should
state of
be maintained by the Postmaster General up to a
relatively equal to that on and prior to July 31 1918,
that their
so
repair and operating condition would be relatively the same at the
expiration of the period of Federal control
as
This obli¬
at its beginning.
gation has been met to the satisfaction of the companies. ' The amounts
necessary to cover such maintenance and depreciation are reflected in the
figures herewith presented.
There are therefore
deferred maintenance
no
obligations.
*
Materials and Supplies.—In the compensation contracts it was provided
that at the end
of the period of Federal control
the Postmaster General
should return to the owner an equal quantity and quality of materials
and
supplies of equal relative usefulness to that of the materials and supplies
received by the Postmaster General, and that to the extent that such mater¬
ials and supplies were not returned account should be made therefor at the
same
prevailing prices at the end of the period of Federal control, the owner
of the systems to account for any excess of materials and supplies over those
delivered by it to the Postmaster General at the beginning of Federal control.
Under settlement agreements with the companies all differences in
materials
the basis of the cost figures at each period, without regard to the differ¬
in quantities,
this item.
qualities
prices, thus leaving
or
//>■■■:
'
the
1
claims
no
account of
on
'
of the properties provided
owners
for
payment of compensation in monthly installments and that all payments
under the contracts not
paid within five days after due should draw interest
from the date of maturity until paid at the rate of 5%
arriving at settlements with the various
compensation
interest
agreements
provide
owners it was
for
certain
In
per annum.
agreed that while the
monthly
and
settlements
delayed payments, all interest be waived with the exception of
on
1919, until paid
interest from Aug. 1
on
the net amount of compensation
found to be due the companies.
compensation agreements with the companies with which
In arriving at
contracts were not made
prior to the expiration of Federal control, it was
heretofore stated, to accord to these companies the same
as
on
made, and therefore provision is made for the payment of 5% interest
the net amount of compensation due each of those companies also
Aug. 1 1919 until paid.
1,850,000 00
due to telegraph and
incurred in the administration of the tele¬
expense
consulting engineer and valuation expert, and
were
_$11,455,565 84
ing telegraph and telophone companies.__
<c) Estimated amount to
only
relative treatment as was accorded to the companies with which contracts
1919, accounts of which have been audited and
with which terms of settlement have been agreed upon.
)Estimated amount to
The
the purpose,
telephone companies
additional compensation as
no
their regular salaries continuing to be paid out
Interest.—The contracts with the
565 84, to be immediately available and to remain available until expended,
to cover the deficit in the
They were allowed
Board,
.
My Dear Mr. Secretary:—By direction of the President, I have the honor
sum
was
graph and telephone systems consisted primarily of the salaries and moder¬
WashingUm, D. C.
appropriation of the
this
connected.
ence
to submit herewith an estimate for an
The Operating Board, appointed by the Post¬
1918, which had direct charge of operation of the
and supplies at the beginning and end of Federal control have been adjusted
Washington, D. C., May 1 1920.
Hon. David F. Houston, Secretary of the Treasury,
Dec. 13
composed of officials of the telegraph and telephone companies who were
on
GENERAL.
The members of this Board were
telegraph and telephone systems from Jan. 1 1919, until June 14 1919,
standard
excessive, and
per annum was
nies
and operation of the wires/
master General
ate
less than 2lA%
represents
committee
allowed no' compensation for their services in connection with the control
members of
The deficit, the letter
telegraph and telephone operations involving
revenues
Federal
letter addressed to Secretary of
public May 4.
the outcome of
gross
a
a
charged with fuU responsibility for the
control and management of the wire properties taken over by the President
appropriation of $14,005,566 be made
an
in the administration
telegraph and telephone systems after they were taken over by the
under the terms of the Joint Resolution.
A request
The
appropriation reflects settlements with contract and
companies upon this basis, the agreed settlements represent¬
1919,
An item covering interest
Capital furnished Companies.—The Government furnished
telephone
700,000 00
capital to
no
of the companies, but in accordance with the terms of the contracts the
any
of Aug. 1 1919
from
the amounts due th«
on
various companies as compensation Is included in the above estimate.
cost of new
capital employed in extensions of property during the period of
Federal control is reflected in the compensation allowed.
Total....
$14,005,565 84
________________
This deficit is the outcome of telegraph and telephone
operations involvi ng gross revenues of over six hundred million dollars
during the period of
Federal control and therefore represents less than 2J^% of the total gross
revenues
•
Judgments and Decrees.—No provisions
upon causes
Government, and while
the
wire
companies
The need for this appropriation is explained by the following statement:
Government for the
Basis of
never
Compensation.—The Joint Resolution approved July 16 1918,
under authority of which the telegraph and telephone properties were taken
by the Government, provided that "just compensation" should be
made for the use of the properties, to be determined by the President, but
no
method
for determining
"just compensation"
was
With
prescribed.
.respect to the basis of compensation for the wire properties this Joint Reso1
ution differed from the Congressional Act which authorized the President
to undertake the
case
it
fiscal years
ncrease
is
liability
no
the
upon
proportionate allowance for
any
taken over under
investigation necessary to determine just
j:<ensation for most of them.
com-
However, during the period of Federal control
•canpensation agreements were entered into with
one
hundred and
eight
fthe larger telegraph and telephone companies which owned and
operated
^proximately ninety-four per cent, of the telegraph and telephone proJrties in the United States.
The basis of compensation
of action
States would
pated that
Cause
liability
be sued
telegraph
upon
the
such
upon
telephone
or
any
not
of labor and
will be
of law.
or
No funds are provided in
decrees, and it is not antici¬
expenses
operating
material, and these
and
fair return
a
expenses,
expenses
increases
in
wages
in
properties.
some
to
on
necessary
No
it
taken
the invest¬
costs
to
make sub¬
appropriation having
being the policy of the
operate them within their revenues,
endeavor to meet these
were
increased
Not only did the cost of material
localities.
for operation of the properties and
Postmaster-General
involving
continued to increase after the
supplies continue to mount, but it becane
been made
upon any
necessary.
making operating
Government took control of the
stantial
judgment
of the system of his property without just
owners
ment, due mainly to increased
and
a
arising out of the operation of the systems by the United
deprive the
of Deficit.—Many of the properties at the time they
were
necessary to
agreed upon with these companies is fully
may
of the
United States, and not by themselves, and therefore
cause
over
this Joint Resolution made impossible during the
no
systems for the reason that their systems were actually being operated by the
judgments
a
States
owners
process
1915, 1916 and 1917, with
is
the actions could not be maintained against the United States and
there
the foregoing estimate to settle
in invested capital.
both, the position has
or
that the actions sounded in tort and Congress
having consented that the United
causes,
that
reason
compensation and without due
year of Federal control the
K
number of damage suits have been filed against
operation and management of the railroads, in which latter
The vast number of telegraph and telephone companies whose properties
were
a
the Postmaster-General,
provided that the compensation to the railroads should be fixed
was
at the average net operating income of the railroad companies for the three
A
or
been taken and sustained by the courts that there
i
over
made by Congress for suits
was
of action arising out of the operation of the wire s3rstems by the
it
was
found
increasing costs of operations by in
creasing the telegraph and telephone rates.
This
course
met with resistance
< ecussed in the Postmaster General's report to the President of Oct. 31
f')19 (Senate Document No. 152, Sixty-Sixth Congress, First Session, pp.
;*$-17).
The compensation, including depreciation, allowed in these agree-
control and after the decision of the Supreme Court of the United States
iDhffnts
on
was
93.82% of the amount which would have been
pensation fixed
—in
on
the basis fixed
other
words
the
by the Congress for cc
compensation fixed
tw
Jlowed had
com¬
pensation to the
e
Wire
Control
in the courts
by certain State Utility Commissions and
did not go into
June
South
2
1919 in the
Dakota.
many
of the rates
effect until shortly before the termination of Government
Had
case
it
of Dakota Central Telephone Co. v.
not
been
for
these
poned the effectiveness of the rate increases,
State of
injunction suits, which post
or
had the properties
been
May 8
1920.]
THE CHRONICLE
operated by the Government
few months longer, as was
pointed out to the
Congress .there would have been no deficit from the
operation of the wire
systems, but on the contrary the operating revenues would
have met the
expenses and would also have paid the just
compensation to the owners of
the systems for the use of their
properties, and the
a
of eleven members.
nominated for
appropriation by Congress
of
revenues
tation Act, and for
ready to be made and
These balances in favor of the Government
ficiency
last week and still
already been paid or the payments
only awaiting final auditing of the accounts.
are
are
crat and
uikable
was
one
a
unconfirmed,
of their
RAILROAD
FREIGHT
DANIEL
.
Committee
use of this system.
detail with respect to the Mackay Companies'
compensa¬
some
Post
on
27-30, of the Hearings
Offices
and
Post
Roads,
199-201, of the Hearings
of
State
and
Foreign Commerce, House of Representatives, Sixty-Sixth
Congress, First Session; and in the Postmaster-General's Report to the
President
the
on
administration
of the
Wire
made to the Mackay Companies
Systems, pp.
14-15.
which
the
property
taken
was
entire net
by
over
the
Government.
compensation
is
$2,123,392 56.
This
amount
formally refused
Legal action against the Mackay Companies will be instituted
by the Government and whatever amount may be recovered therein will
mination
can
for the
It will be
obligations of the
Government
to
before
pay
final deter¬
a
In any event the
just compensation
of the telegraph and telephone properties cannot be
contingent
use
the final result in this suit and
upon
some years
be reached in the courts in this matter.
constitutional
the present adjustment
in
of the
obligations of the Government with the other companies, this controversy
it would seem, should have no part.
Necessity for
Early Appropriation.—The Government is obligated to
1 1919 on all balances found due to the telegraph
a
pay interest from
Aug.
and telephone companies upon the return
of their properties.
fore in the interest of economy that the money
obligations be made available
of interest.
as soon as
Many of the companies
It is there¬
off these
necessary to pay
possible in order to stop the running
in need of money at this
are
time and
the prompt payment of these obligations will enable them better to furnish
Return
of Properties.—The wire properties
accordance
with
the
terms
of the law
were
promptly returned
passed by Congress.
in
During the
period of Government control the properties had been maintained to the
entire satisfaction of the owners.
preserved intact
The business of each company had been
and the management had
been such during this period
ing
an
000,000.
apprehensive
were
at first most
critical.
and
Respectfully,
Postmster-General.
In
statement
issued
May 5 William J. Deegan,
Secretary of the Mackay companies, claims that his company
a
bringing of
a
suit by the
Postmaster General is just what the company wants.
statement says
the
Burleson says that if he had
of
one
while
the
given by Burleson was abominable and
The longer he kept the lines the
worse.
as
regards
In addition to this, everybody knows that the telephone
.
and telegraph service
getting
greatly crippled condition, both
a
worse
steadily
was
the service and the
bigger the deficit: the fewer the repairs and the bigger the rates.
Burleson says he intends to bring suit against us for $2,123,392.
exactly what
us
as
company was
two
we want
compensation
or
given
him to do.
much
or more
other
telegraph
and
telephone
than it earned, with the exception of
three little telephone companies
where the difference
was
only
a
few
dollars.
The Western Union and the Bell
than they earned.
losses of the Western Union.
and
Bell
to them
were
our
given $10,211,681
profits to make
more
up
the
The courts will make shor:, work of him.
Telephone Companies hi excess of what they earned. Congress
manner
in which that excess
compensation
was
awarded
The Bell Telephone attorney took part and in fact
by Burleson.
of
It
hearings in regard to our compensation.
NAMED
POTTER
W.
of
from
the
revenues
Eastern
had
roads
been
but
additional
to expenses
and to adjust their income to
a
6%
suggested by the roads in general that the
additional revenue required be derived from
freight traffic
was
to remain undisturbed.
rates
passenger
the railroads in Official Classification
submitted
the
In
behalf
condition, need of additional
operating income and the
manner
of
Territory, Mr. Willard
following statement to the Commission
their financial
to
net
as
railway
in which it should be
se¬
cured.
Section
In the
15a
of
the
Interstate
Commerce
Act
provides
that:
exercise of its power to prescribe just and reasonable
rates the
Commission shall
initiate, modify, establish or adjust such rates so that
carriers as a whole (or as a whole in each of such
rate groups or territories
the Commission may from time to time
designate) will, under honest,
efficient and
economical
management and reasonable expenditures for
maintenance of way, structures and
equipment, earn an aggregate annual
as
net
railway operating income
equal
as
nearly
as
be to
may
a
fair return
upon the aggregate value of the railway property of such carriers
and used in the service of
transportation.
and
further
The
provides
Commission
what
held
for
that:
percentage
MEMBER
OF
from
such
time
to
aggregate
time determine
property
value
and make public
constitutes
a
fair
thereon, and such percentage shall be uniform for all rate groups or
territories which may be designated by the Commission.
In making such
determination it shall give due consideration,
among other things, "to the
transportation needs of the country and the necessity (under honest, efficient
and economical management of existing
transportation facilities) of
en¬
larging such facilities in jorder to provide the people of the United States
with adequate transportation.
The
2.
territory commonly
known
has been since 1887 a well defined rate
as Official Classification
Territory
territory, substantially differentiated
from other rate territories in the United States
by differences in industrial,
commercial
are
AS
of
shall
return
a
and transportation conditions.
Within this territory there
large number of railways and railway systems whose lines are con¬
fined thereto.
MARK
derived
case
$544,113,702 is sought to restore the relation
revenues
basis.
appropriates $10,211,681 to give to the Western Union
should look into the
sat in at
Telephone
Burleson proposed to take
Before Congress
of
the
We earned $4,029,195 and he awarded
Every
$1,680,000.
as
That is
ex¬
during 1916, Mr. Willard showed that
increases
In
time he would have made up this
Vice-Presidents of the Bell Telephone Company that
of the
Burleson turned back its lines in
plant and service ?
more
was
basis of
1.
had
How does he reconcile that with the recent state¬
than
operating expenses, due to higher wages and
augmented prices of material and fuel had advanced 99.10%,
in part:
deficit of $14,005,000.
ment
His
more
March 1920, applied to the total business of the
on
earned $4,029,195 and that the
of
The statement in behalf of the Eastern roads
38 Eastern systems
the
(Signed) A. S. BURLESON,
years
But, the carriers pointed out if the present
dealing
revenue
by the Government, including those which
was $1,056,- :
$510,000,000 notwithstand-'
with the effect of increased rates and increased basis of
are
over
it fell to
Ohio RR. and Chairman of the Sub-Committee of
General
Committee of Official Classification
Territory.
In
a
were
Tables submitted by the',
presented by Daniel Willard, President of the Baltimore &
It is
of great satisfaction to the Wire Control Board that these
21.16%
level of costs had been in
operation throughout 1919, the
year's net would have been only $220,000,000, or but little
more
than 1% on their
property investment of $20,000,-
facts
generally acknowledged by the companies whose properties
increase of
30.43% in their freight
increased investment in these three
$2,000,000,000.
36.37%.
source
by 17%.
revenues
000,000 and that in 1919
that the value of the properties had not been in the slightest
impaired; on
the contrary the value of the properties had been materially enhanced.
taken
secure an
carriers showed that their net income in 1916
penses as of
the facilities of communication which the public interests demand.
of the railroads in Eastern terri¬
6%.
to increase all
was
by them.
be covered into the Treasury.
the
to
may earn a net operating in¬
Southern railroads propose an advance "in
rates by 30.9% to
provide 20.7% larger revenues; the re¬
quired freight rate advance in the West is placed at
23.9%
of
come
demanded in
was
case
submitted
the 4th inst. in which
in order that they
revenues,
The
compensation to the
difference between this amount and that awarded by the Postmaster-General
just
in order to
higher operating,
6 % return on their
were
on
in all their
revenues, or an increase of
revenue
writing from the Mackay Companies, which demand
<
necessary
earn a
Statements
tory it is necessary for them to
arising from the operation of their land line system during
period of Federal control, which amounted to $3,803,392 56.
The
the
permit the carriers to
it is shown that in the
The
was
are entitled as
Railway Executives,
Inter-State Commerce Commission
formally rejected by them,
but they have thus far failed to enter suit for a judicial determination of
the just compensation due them,
as| prescribed by the Joint Resolution
Mackay Companies maintain that they
SOUGHT—
STATEMENT
EASTERN ROADS.
property investment.
Inter-
on
of
costs and to
6-9, and Part II,
pp.
INCREASES
enable the railroads of the
country to meet
Representatives,
H. R. 421 before the Committee
on
Association
II. J. 368 before the
on
House
Sixty-Fifth Congress, Third Session, and in Part I,
as
Demo¬
a
Freight rate increases averaging 28%, and to yield addi¬
tional revenue of
$1,017,766,000 are, it is estimated by the
these companies of $1,680,000 per annum for the
The facts in
tion appear in Part 1, pp.
RATE
WILLARD'S
FOR
sworn
reports to the Inter-State Commerce Commission, showing
the capital invested and net revenues, and a compensation award
was made
under
it is stated, is
one,
Independent.
an
compensation agree¬
The amount of compensation contended for by the
Mackay
companies was considered excessive by the Postmaster-General, in view
:K
term which will
a
companies.
award
was
reflected in the above de¬
to enter into
ment with the Mackay
companies for theUse of their land lines known as
the Postal Telegraph System, embracing some
thirty-nine distinct telegraph
pp.
Democrat,
estimate.
The Postmaster-General
to
a
Four of the present
crats and four are
which entered into compensation
agreements with the Government for the
use of their
properties were in excess of the amounts fixed in the contracts
for compensation.
These amounts have
are
Potter, who is
expire at the end of
eight commissioners are Demo¬
Republicans.
Of the two men nominated
1923.
of the companies
some
Mr.
of the two
one
positions recently created by
Congress in enlarging the Commission under the
Transpor¬
of funds for this
purpose would have been unnecessary.
Balances Due Government.—The net
1937
railway
more
There is very little overlapping in this
territory of lines of
largely identified with other rate territories.
It has been
recognized by this Commission in many
INTERSTATE
COMMERCE COMMISSION.
In addition to the two
new
members of the Inter-State
Commerce Commission named last week by President Wilson
(announced in
dent Wilson
our
on
mission Mark
issue of Saturday last,
May 6 nominated
will
page
1818), Presi¬
member of the Com¬
W. Potter, of New York, President of the
Carolina, Clinchfield & Ohio Ry.
nominations
as a
are
In the event that the three
confirmed by the Senate, the appointments
bring the Commission
up
to its newly authorized strength
which
rates may
cases as a separate territory within
be and have been adjusted with relation to each other.
Its limits for the purposes of this proceeding may be established
The Atalntic Seaboard from the Canadian Border to
Norfolk,
as
follows:
Virginia, the
main line of the Norfolk & Western Railway from Norfolk,
Va., to Kenova,
West Virginia, the main line of the Chesapeake & Ohio
W. Va. to
Railway from Kenova
Cincinnatti, Ohio, the Ohio River to Cario, 111., the Mississippi
River to the mouth of the Illinois
River, at or near Grafton, 111., the Illinois
River from Grafton, 111. to Pekin, 111., a line south and east of the Atchison
Topeka & Santa Fe Railway from Pekin, HI., through Joliet and Streator,
111., to Chicago, 111., a line drawn from Chicago, 111. to include the southern
peninsula of Michigan, and thence following the International boundry
to
the
Atlantic
Seaboard.
r
time many of the carriers are
At the present
3.
barely earning operating
earning less than operating expenses. Under
present conditions nearly all these carriers are guaranteed the standard
return by the Government, and the Government is therefore sustaining
heavy losses as a result of the operation of these properties under present
rates.
After Sept. 1 1920, when the Government's guaranty expires, the
carriers unless immediate relief by an increase in revenue through increases
in rates be granted, will be unable to earn any substantial return upon the
value of their properties.
It is therefore imperatively necessary in the
public interest, as well as in the interest of the carriers, that increases in
rates be made effective at the earliest practicable date.
4. The aggregate value of the property of the carriers in Official Classi¬
fication Territory cannot at the present time be finally ascertained.
The
property investment account of the carriers and their leased lines, including
materials and supplies, amounted on Dec. 31 1919, to $9,368,698,698.
The carriers believe and therefore state that this property investment in
the aggregate is substantially less than the aggregate value of the property
held for and used by them in the service of transportation.
5. The cost of capital at the present time to railroad companies of the
best credit, offering the best available security is about IlA%.
Section
15a of the Interstate Commerce Act provides for a return to the carriers
and some of them are
expenses
as
a
in such groups as may
group or
period of two years
for the
be established of 6%, as a
maximum
It is submitted that
beginning Mar. 1 1920.
adopt the maximum so
should, in the present emergency,
this Commission
aid the carriers as far as possible in strengthening
capital. 6% on the property investment,
including materials and supplies, of the carriers, or approximately $562,121,921, representw*ubstantilaly less than the minimum net operating income
which the carriers should earn in the public interest and as a fair return on
their property held for and used in the service of transportation.
This
amount of net railway operating income is substantially less than the amount
required to meet existing capital charges, provide for additions and better¬
ments properly chargeable to income, and afford a basis of credit on which
new capital may be attracted to the transportation business.
Such rates
of transportation should be established as will permit the carriers as a
group to earn not less than the amount of net operating income above stated.
6. The carriers have made estimates of the amount of necessary increases
in revenue through increases in rates.
For this purpose they have taken
the operating expenses and operating revenues of the preoperties of the
carriers by the United States Railroad Administration for the year ending
Oct. 31 1919, the latest available period, have allowed proper credit to the
revenues of that year on account of the retroactive application of the de¬
cision of this Commission in the Railway Mail Pay Case, Docket 9200, and
prescribed in order to
their credit and
comparing it with the year 1919, as
ratio of expenses to
198
of these adjustments the
On the basis
were
carriers have found, assuming
they
properties for a year with the same adjusted gross
adjusted expenses and including certain additional known
operate their
to
revenues
and
expenses,
such as increases in the price
of fuel and the reestablishment
of
for them to secure an incresase of 21.16%
in all their revenues, or an increase of 30-43% in their freight revenues
interstate and intrastate in order to earn an amount of net operating Income
diem, it would be necessary
per
equal to 6% on the property
and
investment of the carriers,
including material
sponding increase in net revenue.
comparison clearly demonstrates
This
in revenue neces¬
sary to meet present known expenses and provide a fair return should be
secured from freight traffic.
Because of the complexities of ordinary freight
tariff publication, such increases in rates can, generally speaking, be made
It is the judgment
usual
the
percentage method of in¬
that they be permitted to
a
If this is permitted,
proposing persontage increases.
the
expedition to substitute for these
tarriffs in the ordinary from preserving differentials
undertake with the utmost
carriers will
percentage supplement
On grain
of
The carriers therefore propose
in rates.
file supplements
in
of the carriers that the increases
only by the application
within a short time
crease
the
In
Applied to the
the
$158,462,984
337,007,051
U. 8. RR. Administration—pass, increase 26.98%
86,803,036
I. C. C. authority—mail increase, 55%
12,554,149
I. C. C. authority—express increase 10%
4,311,649
Miscellaneous
increase—estimated
9,648,011
I. C. C.
the
came
certain
In
for the
coal, other than lake cargo
and
suggested with
differentials.
region and related
suggested using the Connelsville rates as the
coke from the ConnelLsville
method is
districts, the same
for
and the same method
adjustments to preserve
advancing rates on
basis
propose
purpose
procentage is proposed
necessary
advancing rates both
eastbound and westbound.
arrive at a prompt
cooperation between this
the matter of rates
necessary to produce the revenue mentioned herein.
In conclusion, without prejudice to the right of any of them in due course
to ask for special consideration of rates, or divisions thereof, either generally
or on particular traffic, the carriers respectfully propose that this Commis¬
sion designate Official Classification Territory as a rate territory, and
establish or authorize such freight rates, not less than 30% in excess of
existing rates, as may be found to be necessary in order to assure to the
carriers a return of at least 6 % upon the aggregate value of their property
8.
expedite this investigation and to
In order to
decision,
it
as
there should be
is suggested that
Commission and the various
State Commissions as to
of the Interstate
provided in Section 15a (3)
such
advance be
effective as soon as
A further statement
was
Commission Act, and that
supplements to existing
permitted to be made by brief
tariffs and to be made
which
practicable.
of carriers of the
also presented
Eastern District,
by Mr. Willard to the
Commission,
contained the following:
A statement is
attached (marked A) giving the
operating revenues, ex¬
railway operating income of these carriers for
the years 1916 to 1919 inclusive, as audited, and also for the year 1919 so
adjusted as to reflect more nearly the present conditions—and shows as
penses,
net revenues and net
Administration—Frt. increase 25%—
Total increased revenues as
Net
Calendar
Revenues.
Year.
Operating
Ratio.
Net Ry.Oper.
Income.
Dec. Comp.
toith 1916.
$570,377,155
67.41
497,477,306
1916—.
1917.
297,706,179
74.21
84.71
87.87
$464,434,104
368,231,549
251,215,146
182,238,706
D
D
D
20.71
45.91
60.76
207,518,156
91.58
42,409,693
D
90.87
365,341,843
——
adjusted)
.
154.78%
$692,786,352
175,121,726
Materials 74%
156,103,050
Rates of pay
Fuel
(per hour)
102.33%
freight car repairs, and joint
facility operations, &c., estimated)
—
Miscellaneous (claims,
Taxes
Hire of
facility rents
Net increase of costs over
Note.—This computation
basis of costs as it makes no
increase of revenues.$606,401,866
does not reflect the full weight of increased
provision for increases due to changes in work¬
ing conditions.
It will be noted that while the expense
99.10%, the revenue
16,282,389
$1,215,188,746—99.10%
basis of expenses
Total increase in
125,576,367
49,318,862
—
equipment and joint
basis since 1916 has been
basis during the same period has been
increased
increased but
As
a
result the ratio
of operating expenses to operating revenues,
which in
99.73% when revenues and expenses are re¬
stated on existing cost and revenue basis.
A comparison of these results
with the actual results for 1919, as audited, indicates that the increase in
1916
was
passenger
67.32%, becomes
earnings and
load, direction of
economies in operation incident to increased
traffic, &c., made possible largely by
train
unusual conditions
including the demobilization of the military forces,
enabled the Railroad Administration to off-set, to a substantial degree, the
increased basis of expense shown above, resulting in an operating ratio of
resulting from the war,
1919, as audited.
Increased passenger business handled
might account for one-half of this reduction.
How¬
operations are of little value as a basis for future
consideration be given to the circumstances under which
the traffic (much of it incident to the demobilization of the army) was actu¬
ally handled, and further, unless the audited figures be so adjusted as to
fairly reflect the elements of increased revenue and increased expense which
it is now known will be effective in the future.
It has been suggested that the year ended Dec. 31 1919 was not typical
because of the reduced traffic in the first quarter, and because of the effect
of the stiikes in the steel and coal industries in the last quarter.
While
the results of 1919
calculations, unless
considerably after the armistice in Nov. 1918, and
there was a constant and steady increase of
such traffic from January on, reaching a maximum in October, the period
from May to October being unusually high.
The winter months, January,
February and March, 1919, were also exceptionally mild and open.
During the steel strike, shipments of steel products were largely main¬
tained from the accumulation of stock.
The coal strike was of short dura¬
tion and did not, upon the whole, seriously affect the earnings of the Eastern
carriers.
Moreover, the largely increased passenger traffic during the de¬
mobilization period, with a decreased train mileage, contributed an unusual
measure of net earnings, possibly more than offsetting any adverse effect
of fluctuations in freight traffic.
The fact is that fluctuations in traffic
are the rule and not the exception.
A year during which traffic remained
steadily at the maximum would not be typical.
However, because of the possible effect of the steel and coal strikes, these
carriers have compiled figures for the twelve months ended Oct. 31 1919,
based on a questionnaire submitted with detailed instructions to each
carrier. The questionnaire and instructions as well as all data upon which the
compilation is based, are available.
The figures both for the calendar
year 1919, and for the constructive year ended Oct. 31 1919, have been ad¬
justed and restated so as to illustrate as nearly as possible the results that
might be expected were the business of the calendar year, or of the twelve
months to Oct. 311919, to be done over again under the conditions affecting
revenues and
expenses which now exist1 or will exist in the
immediate
future.
The adjusted figures for the calendar year 1919 are shown on
statement (Marked A) attached; and the similar figures for the constructive
year (Oct 31 1919) are shown on statement (Marked C) attached.
Taking the adjusted figures for the year ended Dec. 31 1919, the results
shown indicate that under the changed conditions the operating ratio
freight traffic did fall off
recovered rather slowly, yet
resulting from the identical
to revenues of some
The average
business would be 91.58%.
volume of business, would
To reduce this to a
require an addition
$544,000,000.
ratio of operating expenses to operating revenues of these
previous to and including 1916, was 70.4%, and
carriers for the nine years
it Is the last full year preceding the
that have since occurred in both revenues and expenses, and
Taking 1916, which is selected because
radical changes
$608,786,880—36.37%
above
taxes and rents
Increase in expenses,
75% ratio, with the same
follows:
1919 (as
authority—15% case, &c—
U. S. RR.
ever,
a slight modification of the strict
of preserving differentials from groups
of origin.
This method would involve taking certain basing groups of
or'gin, advancing the rates from these groups the same percentage as all
other freight traffic and applying the amount of the increase thus ascer¬
tained in cents per ton as a specific increase from each related group to the
same point of destination.
In dealing with lake cargo and tidewater coal,
the carriers
coal,
Year 1916.
derived from:
Increase in revenues
with less train mileage
public interest.
percentage basis
and Increased Basis of Expenses as of March, 1920
Total Business of the 38 Eastern Systems During
compara¬
would be practicable to publish a specific tariff on this
percentage supplement.
This, it is believed, would be
proposing advances on bituminous
tidewater
summarized as follows:
ye«r_1916, which may be
Effect of Increased Rates
to points
tively simple and it
traffic in lieu of a
of
in the basis of operating
operating expenses have
outstripped the increases in rates may be more definitely shown by apply¬
ing to the business of 1916 the increased rates and charges and the increased
bases of expense which actually obtained in March, 1920.
Careful estimates, based on the experience of the Pennsylvania, New;
York Central and Baltimore and Ohio Railroads, have been made, and the
percentages of increased cost and rates so ascertained, have been applied
to the aggregate business handled in 1916 by the 38 Eastern systems, peti¬
tioners in the 15% case.
Statement (marked B), attached, shows in detail
the combined income account so adjusted, and the effect of increased rates
and increased expenses as of March, 1920, applied to the business of the
87.87 % for the year
manner.
and grain products from points in Central territory
England and Virginia territory, the tarriff is
in Trunk Line, New
in
that the increase in the basis
operating expenses has far exceeded the increase
revenues.
The extent to which the increases in
36.37%.
\
supplies.
7.
in 1919, and this
decreased but 5.77%, while
freight train miles actually decreased 18.72%, due to an increase in tons per
train mile from 699 to 810.
During the same period there was an increase
in passengers carried one mile of 30.27% with a decrease in passenger train
miles of 12.75%.
Ordinarily a condition such as indicated by these gifures
would have resulted in a substantially lower operating ratio, with a corre¬
securing additional
adjustments in expenses due to the fact that certain expenses effective
31 1919. were not, in all cases, effective throughout the entire year.
audited, there is noted a change in the
earnings from 67.41 in 1916 to 87.87
notwithstanding the freight ton miles handled
proper
Oct.
[Vol. 110
THE CHRONICLE
1938
it would seem that rates
ought now to be so
adjusted that the same standard
obtained during that period would now produce
approximately the same operating ratio.
It is also noted that the operating
ratio during the three year test period averaged 69.5%.
However, to overcome measurably the difference between the increased
basis of earnings and the increased basis of costs, and also to adjust the reof operating
efficiency that
May 8
1920.]
property investment, which in the "test period"
turn upon
5.32%, to
require for the Class I roads herein referred to, based
basis of 6% would
a
THE CHRONICLE
was
the figures of the year ended Dec. 31 1919 adjusted, additional
upon
(4) Under these conditions it cannot be estimated (much less determined)
with anything like
accuracy, what net railway operating income will be
obtained during 1920 and 1921 from
any given percentage increase in rates
made at this time.
reven¬
equal to about $494,000,000.
ues
If revenues were so increased, the net
about $139,000,000 greater than the average for the three
return would be
Since June 30 1917, the property investment
of the test period.
these carriers has been
years
increased
by
than
more
$1,076,000,000.
(5)
and there would be left about $75,000,000 to aid in the
establishment of credit, as a basis for future
ments
net
average
period"
failure to provide,
so
far
as
possible, net railway operating
would not be able to "provide the
people of the United States with
re-
transportation," and such
a course
would
bring serious
adequate
consequences to the
whole public—including shippers and carriers alike.
to reserve funds.
railway operating income of the "test
a
to enable the carriers to re-establish their
credit, would
defeat the clear intent of the Act because the carriers under such
conditions
financing, and for improve¬
largely unproductive, and for possible contribution
The
However,
income sufficient
of
The
annual carrying cost of this investment averages at least 6% or $64,000,000
in round figures,
1939
(6)
It is submitted, therefore, that under the conditions above outlined
the only secure
was
course
is for the Commission to
all information avail¬
use
adopted by the Congress not as a measure of profits to the carriers while
able, and to resolve all reasonable doubts
conducting operations at their own risk and bearing the burden
charges shown to be necessary, for on that side lies safety.
of the
financing necessary to provide improvements and extensions of facilities,
but rather
ment
the measure of
as
during
results and was to provide the
of operating
new
was to assume the risks
capital necessary for addi¬
tions, betterments and equipment.
capital is more than 7 % per
operation in
bonds
are
on a
Percentage
Increase in
offering from 7H% to 8% in addition to liberal com¬
missions for their sale and distribution j and underlying bonds of sub¬
stantial railroads may be bought on a basis to yield 7% and in some in¬
stances in excess of 8%.
Further, the European markets, heretofore avail¬
must compete,
are
able for American railroad issues, are now closed and
the whole world,
In
and
1920
$200,000,000 to $250,000,000 per
from
low
as
annum
funds
that
secure
on
justly
and
expects,
so,
constantly higher standard
a
is largely
efficiency
of
service.
The
dependent
unless increased
Clearly,
in
that
direction, but
increased
upon
capital
SOUTHERN ROADS.
increased
expenditures for
Application for increased
revenues
on
a
liberal basis
30.9%,
measurably
are
assured, these carriers will not be able to meet their maturing obligations
or secure
will
additional capital on a basis such
The
as
whole in
District will require as
the Eastern
revenue, to be
a
minimum,
as a
increase in
an
the
derived from increased rates and charges, of approximately
an
The additional amount necessary could be obtained
attached, shows
D)
(Marked
the
estimated
net
an
Year ended Oct.
31
Property investment._
i '-V-
/
•'
6% on property investment
— _
income year ended Oct. 31
$562,121,921
1919—
18,008,219
adjusted
—
—,--$2,570,967,815
revenue.
Per cent
total revenues required to meet deficit under 6%.
on
Total freight revenue..
Per cent
freight
on
revenue
the following:
a
or
panied by
For
the
This is equal to 20.7%
power
on
the total
of the Southern roads,
corresponding increase in rates of transportation,
a
are
exceedingly heavy losses unless
substantially advanced.
12 months ending Oct.
a
31
He said:
1919 statistics compiled for 38,900
total of 43,000 miles in the South show the following results:
leaving
$577,635,493; total operating
operating
net
revenue
revenue
$73,422,746.
expenses,
After
$504,-
deducting
and adjusting equipment and
joint facility rents, the net railway operating income
When the actual results for the 12 months
allowance for
Wage demands which may result in increases in addition
$120,770,028
30.9% if applied only to the freight traffic.
operating revenues,
212,747,
30.43 %
of
are
was
$51,208,428.
revised to reflect adjust¬
ments in revenue and expenses now in effect, but not in effect
throughout
6 Possible adjustment in contractural relations
the 12 months period, so as to adjust the results of that period to present
c
Claims of short lines
industrial railroads not represented in foregoing
figures for increased
day conditions, the final result is to reduce the net railway operating income
from $51,208,428 to $16,269,429.
to those
already effective.
with the Pullman, Express and
and
divisions and allowances,
occasioned
an
the
aggregate property
aggregate
amount
minimum
as
investment account in the
beginning March 1 1920.
Assuming
down in the
belief that
as
an
because it is the only
value practically available at this time, just as it was
estimate of value available to Congress
it
as we may
may
when it prescribed the
fair return for the
The Commission will, of course, make
be taken
as a
find available.
t
and must that the Congress clearly intended to lay
Transportation Act of 1920 a definite policy for the guidance
of the Commission, the guiding
policy
so
prescribed will undoubtedly control
administration of all the pro¬
of the Act,
which include, viz.: "due consideration, among other
the necessity of
enlarging such facilities in order to provide the people of the United States
things, to the transportation needs of the country and
with
adequate transportation."
Conclusion.
(1)
been
imposed upon the Commission of fixing rates and charges so as to
value of the transportation
the Southern
group
is
of $137,039,457 is required to pay 6% on this
of $16,269,429 for the year ending Oct. 31 1919, after making final adjust¬
ments to reflect present conditions.
It is
This deficit amounts to $120,770,028.
apparent, therefore, that if the needed increase in
revenue
is to be
derived from increases in freight rates and charges, then the same
inter-State and intra-State)
(both
must be advanced 30.9% to produce the sum
of $120,770,028.
'
In order to avoid disturbance in the distribution of traffic,
the Southern carriers recommend
carload
commodity rates
and other
on
to $1 a ton,
ton.
giving special treatment to
coal and coke, cement, stone
low-grade mineral product^.
from 50 cents to $1 40
a
on
coal and coke vary from
It is
a
Increases proposed
30 to 90 cents
a
ton,
on cement
ton, on building lime from 35 cents
and sand, gravel, stone, &c., from 25 to 50 cents
proposed to advance all other rates 31%.
FREIGHT RATE INCREASES SOUGHT IN BEHALF OF
properties devoted to the public use.
The information necessary to enable the Commission to determine
final aggregate
(3)
sum
Under the provisions of the Transportation Act of 1920, the duty has
yield as nearly as may be, a fixed percentage return upon the aggregate
(2)
The
property investment, as contrasted with the net railway operating income
the Commission's acts and decisions in the
visions
property investment for these railways in
$2,283,990,948.
but more probably the
representing true value, and further
of any other data
1919-
annual net railway operating income is related
percentage on aggregate value that should
two years
The
d Possible under-maintenance which may have
this account is not excessive
estimate of aggregate
the only
other companies,
under-statement of expenses for the year
The estimated aggregate
use
provision
revenues
6% income basis provided in the
railway tax accruals, uncollectible
required to meet deficit under 6%
Note.—The foregoing computations make no
the
these carriers will sustain
Total
21.16%
$1,788,033,734
—
on
analysis of the earning
miles out of
Total of all
Declaring that "a
Mr. Markham stated that, owing to the tremendous increase
in the cost of operation, which increase has not been accom¬
$544,113,702
...
an
or
their rates
Difference between adjusted net operating income and 6%
property investment.
revenues,
In
$9,368,698,698
— —
Net railway operating
estimate of needed additional
Transportation Act.
1919.
deriving less than 1%
are
exists" and that the credit of the carriers
to place these roads
companies, which for 144 roads represented, may be summarized as follows:
EASTERN DISTRICT.
systems
public service, Mr. Markham presented to the Commission
1919)
I, II and III roads, and switching and terminal
Railways of Class I, II and III Roads and Switching and Terminal Companies
or
should be firmly established so that they may perform their
operating
Eastern District in relation to property
investment (based on the Questionnaire data for year ended Oct. 31
segregated as to Class
railroad
grave emergency
applied to the freight traffic only.
Statement
$120,770,028,
return, the net annual income basis of the Southern roads
having been reduced to $16,269,429.
increase of about 22% if applied to all business, or about 30% if
income of all the carriers in the
Southern
net
$550,000,000 per annum, in order that they may be able to furnish adequate
service for the public.
of
Territory. Mr. Markham stated that with a property
investment of $2,283,990,948 and revenues of $577,635,493
of this country.
preceding facts and figures Indicate strongly that the railroads
revenues
made to the Inter-State Commerce Commission
was
on
May 5 by C. H. Markham, President of the Illinois
Central, in behalf of the railroads in Southern Classification
the public interest demands,
they be able to render the transportation service necessary for
the growing commerce
to
Mississippi and to the request
an advance of $500,000,000 in
FREIGHT RATE INCREASES SOUGHT IN BEHALF OF
endeavor to increase their operating efficiency,
improved facilities.
on
23.9%
either wages or material prices will soon be lower, while the public
carriers will undoubtedly
by
30.9%
the article which follows.
There is nothing in the existing situation to justify the expectation
and substantial results may be expected
nor
30.4%
roads
addition to the $300,000,000 revolving fund, will be found in
be hoped for in the immediate future in the way of lower operating
can
27.8%
roads
of the railroad executives for
the basis of the current cost of capital.
must
Little
costs.
6%
Reference to the petition filed in behalf of the Southern
roads and those West of the
of
railroads
earn
Freight advance needed for Western roads
3H %). must be taken care of, and in such refinancing the
as
19.4%
3,653,928,000
Freight advance needed for Southern
maturing obligations of these carriers, now bearing low rates of interest
(some
5,230,981,000
needed to earn 6%
revenues
Freight advance needed for Eastern
including Japan and the East.
1921,
1.06%
1,236,994,000
1,017,776,000
Increase in freight revenues needed to
surplus funds, and this applies not only to Europe but to practically
our
revenue
Total freight
in fact absorbing
are
219,217,000
Transportation Act
Present income deficit under
6%
Total railroad revenues
basis of
•
$20,616,573,000
property investment
on
Six per cent on investment under
New industrial issues, with which railroad financing
return in excess of 6 %.
railroads
Net income (1919, adjusted to
present cost basis)
annum even to those railroad
currently selling
and
■
Property investment in American
companies whose credit is of the best.
The Government Victory Loan
rate
Commission:
The carriers must now reassume the burdens and risks of
period of uncertain conditions affecting business generally.
The demands
for additional facilities and extensions were never more pressing than now.
a
The cost of new
higher
The request for increased rates has prompted the
publica¬
tion in the daily papers of the
following figures, taken from
official statements by carriers to the Inter-State Commerce
guaranteed rental to be paid by the Govern¬
a
the Government itself
period when
a
in favor of the
value cannot be obtained within any reasonable tune.
Elements and conditions affecting railroad operations and business
generally have changed and are still changing so rapidly as to make the
adjusted—unreliable as a basis upon which
WESTERN ROADS.
The request for increased freight rates in behalf of the
railroads west of the Mississippi
the
Inter-State
Commerce
results of 1919 alone—even as
to forecast the
future.
Felton, of Chicago,
as
River
was
Commission
formally made to
by
Samuel
M.
Chairman of the Western Executives
Freight rate advances of 23.9%
Hate Committee on May 6.
annually
yield additional revenue of $352,893,000
to
asked for by these roads to
on
states that the net
are
bring the net income up to 6%
Mr. Felton
property investment of $8,963,883,000.
a
income of the Western carriers fell from
J$460,181,000 in 1916 to $261,456,(XX) in 1919 and that a
recasting of the 1919 account to the present cost of labor,
coal and materials reduces the current income basis to $186,To raise *this income to 6% on the property in¬
vestment will require, the Western roads estimate, an addi¬
027,000.
their
tion of 17% to
They proposed to the Com¬
advance shall be made in pas¬
no
be obtained by
fares and that the needed revenue
senger
Long standing differentials
relationships, Mr. Felton explained, should be care¬
advancing freight rates 23.9%.
and rate
In his statement
fully observed in readjusting the tariffs.
to the Commission Mr. Felton also said:
a
There
at many points.
committee of the railway executives as
"Commercial"
as
the
of
yesterday
again
follows:
Members of the Senate committee
additional
an
saw
we
difficulties in the way of making
Senator Kellogg, of Min¬
appropriation of $500,000,000.
nesota, inquired where the money was to come
from in the face of an esti¬
billion dollars.
mated deficit in the Government Treasury of from one to two
railroads could obtain tha
If that was noc possible, he said'
Senator Gummins expressed the hope that the
needed money from private investors.
a
plan might be worked out ofr the Government to
that would
believed
Brown
be
one
way
Mr,
of meeting the situation, urging
thdt the certificates
run
for fifteen
Rea, President of the Pennyslvania R.
if such
that
underwrite car equip¬
end of ten or fifteen years.
ment trust certificates to mature at the
R. and
plan
a
undertaken
were
years.
Samuel
committee the "Commercial"
to his statement before the
as
said: "
'
•.
.
believed that at least
$175,000,000 of the revolving fund should be made available
for part payment on car
''V'..
'
.,
.
President Rea of the Pennsylvania system said he
immediately
Both Mr. Rea and A. H.
and locomotive orders.
Smith of the New York Central said the railroads
would find it very difficult
Mr. Smith declared that the Gov¬
settlement of the rate question
further loans from privace sources.
to get
Lumber and grain movements from the
Northwest are choked back because of insufficiency of available equipment,
and the same is true of fruit shipments from the West, grain from the Middle
West, and coal and coke, ore, vegetables, automobiles
manufactured
articles and merchandise in other sectoins.
There is a continually increasing
demand on the part of the traveling public for more passenger equipment,
more frequent train service and better accommodations.
All this calls for more and better equipment. The needs of the railways
of the entire country at the end of Federal control have been estimated by
congestion
From
quote
ernment should tide the roads over until aftei
commensurate to present demands.
facilities are not
Railroad
is
ments.
revenues.
Commission that
merce
[Vol. 110.
THE CHRONICLE
1940
follows:
$370,000,000
130,000,000
90,000,000
20,000,000
100,000 freight cars__
2,000 locomotives
3,000 passenger cars.
1,000 baggage cars..
made possible a re-estaolishment of
use
would have to be amended on
The views of bankers
of
to the
as
question of floating securi¬
equipment needs of the roads
Committee
Post"
One objection was that loans
that point.
be paid in five years.
heard by the
"Evening
last night reporting as follows what Jerome J.
of Kuhn, Loeb & Co. and Frederick W. Allen of
ties for the
Hanauer
the law
of the $300,000,000, declaring that in their opinion
from the revolving fund must
Senate
the credit of the railroads.
criticized the restrictions that had been placed
The Railway executives
around the
the
yesterday,
were
New
York
Lee, Higginson & Co. had to say.
suggestions were that terminal facilities be improved,
Hanauer's
Mr.
revised
regulations
loading
expedite loading
to
motive
and unloading,
improved, and the maximum use obtained from present facilities—
the end that transportation for the immediate future be speeded up,
power be
-_._$610,000.000
Total
1920
provision for normal replacements and additions in
This makes no
Some portion of this
and thereafter.
$610,000,000 can probably be raised
of $300,000,000 provided for the purpose in the
Transportation Act, but the bulk of it must be raised by the railways on
the basis of their own credit.
Large amounts must also be expended for
by loan from the fund
and betterments.
additions
other
food of all kinds, of lumber and
To finance the capital needs of the
resources.
with
railroads at a time of world¬
uncertainty, Mr. Felton said, will be a task of great difficulty
wide credit
even
of
other building materials, and of other natural
Mississippi river, so that there may be a greater production
west of the
an
He estimates that this
advance of their income basis to 6%.
of new
capital, the Western carriers must refund about $430,000,000 of maturing
obligations now bearing low rates of interest, some as low as 4%.
year
because there was little chance of obtaining new
and next, in addition to the necessity of raising large amounts
equipment this summer
if the money could be raised with which to buy equipment.
even
Mr. Allen echoed these
suggestions, saying that the Interstate Commerce
facilitate transportation movement.
Commission might use its powers to
agreed that the provision of law requiring repayment
Both bankers
of
should be extended to fifteen
$300,000,000 loaning fund within five years
national need for the building of
undeveloped and unoccupied areas in the great country
Particularly is there a great public and
railroads into the
all to
the roads could not undertake repayment within the short®
years, because
period.
Hanauer told the committee that the small investor,
Mr.
least important
the
the investing classes, was to-day almost the
The small investor, he said, was hard to reach,
buyer of securities.
creasing
formerly the
sold
in¬
of distributing securities.
He demanded a large
and was mercurial when his purchases became de¬
among
expense
return—r7% or more,
pressed in price.
Mr. Allen said that nowadays eight or ten
curities that formerly were
buying units took up the se¬
The income tax
taken by one buying unit.
the recipients of large incomes from buying, especially more
He added that a 7% return in this day of the "50-cent
prevented
taxable securities.
EXECUTIVES
RAILWAY
LOAN
OF
ASK
$500,000,000
FOR
GOVERNMENT
ACCOUNT
Besides the freight rate increases
and to which
the needs of the railroads, so
cerned,
far
sought by the railroads
refer elsewhere to-day,
as car
equipment is con¬
presented tq the Senate Committee on Inter-
were
State Commerce
Executives
we
by members of the Association of Railway
In addition to the revolving fund
May 6.
on
of $300,000,000
provided for in the Cummins-Esch Trans¬
portation Act, the executives have asked for an advance of
The
$500,000,000.
the
Chairman.
Announcement
been arranged was
cials
for
conference
had
made following the departure of the offi¬
According to the
"Times" of yesterday., Senator Cummins informed
Washington
New York
the
that
on
the 5th inst.
the executives that livestock
and
other food producers of
the Middle West had told the Senate Committee that short¬
of
cars
Edward
N.
and motive equipment
was
Brown, Chairman of the Board of the Pere
Marquette and the St. Louis-San Francisco railroads, ad¬
vised the committee that the present shortage
amounted to
and 3,190 loco¬
motives, and to meet this he said would require an outlay
of $1,600,000,000.
As to his further testimony the New
York "Commercial" of yesterday (May 7) said:
226,000 freight
cars,
9,500
passenger cars
The Senate committee was informed that since the first
railroads have placed orders
To finance these
in
equipment trust obligations had been issued.
more
than
year
the
purchases, Mr. Brown said, approximately $144,000,000
formed the committee that the market could
much
of the
for 27,778 freight cars and 618 locomotives.
an
He said bankers had in¬
not be expected to absorb
additional $100,000,000 of such securities.
taxes, he said, had taken up the money which investors
The income
asually put in such
securities, according to the bankers.
He is also reported as
high
ket.
use
as
7 % % interest
loan
equipment funds in the open mar¬
If, he said, Congress would authorize the immediate
of $125,000,000 from the $300,000,000
for the roads
of
revolving fund
provided for under the Transportation Act,
$500,000,000 additional would
by the Committee
meet
a
the require¬
yesterday,
the following from "Financial America":
A. M. Anderson, of J. P. Morgan
market for the current year
investment
$125,000,000
& Co., estimated that the
could absorb from $100,000,000 to
of the stronger roads.
in the securities
He said th®e was absolutely no
market the securities of the weaker railroads.
will take care of the weaker roads," he
prospect of being able to
"I believe that if the Government
said, "we will take care of the stronger ones.
Government can
which the
the stronger railroads."
"We
|
of the First National Bank of New York,
E. P. Sweezy,
tion very
I have not devised a way in
I believe the
$125,000,000 for
finance these weak roads, but
market will yield from $100,000,000 to
current investment
made a proposi¬
similar to that of Mr. Anderson.
can
provide the stronger roads with the
the Government will do the same
needed credit," he said, "if
The bankers
thing for the weaker ones.
the gravity of ihe transportation problem, and
certain extent sidetrack other demands upon them to take care
of the country appreciate
of
to
a
railroads."
the
The bankers of
,
the
United States will be unable to
worth of railroad securities this year,
National City Co.,
market $300,000,000
of the
Committee of the Senate
Charles E. Mitchell, President
told the Inter-State Commerce
to-day.
He
opposed
any
new
"taxation that is already
issue of Government bonds that would increase
strangling."
He was inclined to think that the
continuation of the Government
would be
"The
Mr.
was
top
added
that of the
declared
market
held
Government taxation, and the institutional investor was
that the main res®voir
small investor.
back by excessive
no
credit.
the credit structure has about been reached,"
"We cannot pile many more securities on it."
of
Mitchell.
He
revolving fund for a period of fifteen years
helpful to the railroads in re-establishing their
longer in the market,
now
left to the investment
The large individual investor was
he said.
materially impaired in relation to oth®
"Railroad credit has not been
types of credit," declared Mr.
He stated, however, that
competition for money and the
The
same
paper
Mitchell.
all had been impaired because of the extreme
inflation that has resulted from the war.
also reports that S. Davies Warfield, of
Baltimore, Chairman of the Association of
saying that the carriers had paid as
on
inability to get cars to market their commodities
to their
as
quote
will
making it impossible
to move perishable and semi-perishable food to market,
and that as a result a curtailment of production was in sight.
age
hearing to-day was included in a series in which shippers
As to other bankers heard
we
Railway
committee upon
its
executives appeared before
the invitation of Senator Cummins,
not what it used to be.
was
have been
and
railroad executives as to their inability to buy equipment and the necessity
for a Government guaranty for an issue of fifteen-year equipment trust
certificates to pay for new rolling stock.
The bankers to-day rath® de¬
precated the suggestion of a Gov®nment guarantee, saying that it would
be impossible for the roads to issue oth® securities.
heard
MENT—VIEWS OF BANKERS.
of the country,
dollar
The
EQUIP¬
OF
Railroad Inves¬
that the railroads of the nation were
Government ownership, unless a radical im¬
tors, declared yesterday
not
far from
provement in their
records him
as
"The railroads
condition were forthcoming.
It also
saying:
owe
so
much money to the Government now,
going to owe so much more in the
and are
future, that Government ownership seems
May 8
almost
1920.]
THE CHRONICLE
inevitable, unless
declared Mr.
steps
some
taken
are
to
their
restore
credit."
,
Warfield opposed the proposition that the railroad
revolving fund
should be devoted exclusively to the purchase of new
equipment.
declared that
He
The document
restore their
can
credit, before they
money from the bankers," added Mr. Warfield,
that fixed rate of return
earn
the Cummias-Esch Act."
hope for
can
"they must have
an
oppor¬
which Is guaranteed to them
until
as
of states
governors
supreme
comijnander.
joining the Sonora
meet
and
President for Mexico is to be
appointed
A Provisional
"as
■
accented
present plan has been
ist" army.
CARRANZA
OF
MEXICO
APPEALS
FOR
nominate
a
as
as
the
the "Liberal Constitutional¬
The Liberal Constitutionalist Party
of General Alvaro Obregon for the
cause
soon
by the Liberal Constitutionalist Army."
The revolutionary soldiers are to be known
PRESIDENT
De la Huerta is to act
cause
supreme commander of their own choice.
in
.
as
The proclamation sets up a new provisional
government in Mexico, with
Governor de la Huerta
"Before the railroads
summarized by the Associated Press
was
follows:
good portion of it must be used for the refunding of certain
a
obligations falling due.
tunity to
Prieta," setting forth the claims of the revolution in full.
Warfield.
Mr.
1941
was the one
espousing the
Presidency of Mexico.
Chief interest to foreigners is found in the last article of the
plan, which
SUPPORT OF PEOPLE TO QUELL REVOLT.
said:
The
secession
of
several
States
from
the
Republic
Mexico following the rebellion in Sonora
early in April led
to the issuance of a manifesto on
May 5 by President Carranza
appealing to the Mexican people "to furnish
new
"Supreme Commander of the Liberal Constitutionalist Army,
of
troops
legal protection and enforcement of their legal rights to all citizens and for¬
eigners, and especially favor the development of all industries, commerce
and business In general."
"The plan of Agua Prieta" declares for effective
suffrage and no re-elec¬
to aid the
legally constituted Government" and to "support
the principles of democracy for which we have
fought during
ten years
."
;
.
Two days later it
was
reported that
President Carranza and his Cabinet had left Mexico
City
for Vera Cruz where temporary
headquarters would be
established.
The
announced,
would
President
according
"fight to
a
the
to
his
manifesto
Associated
May
on
Press,
that
5
the
over
the
any one
He enunciated
successor.
the elimination of
Presidency to
the
except
a
principle of
d'etat from Mexican politics,
coup
asserting that the Presidency must not be
leaders."
a
prize for military
In the manifesto President Carranza declared it would
be
impossible to hold the Presidential elections, which had been
set for July 4.
Also he traced the events in Mexico which he
charged represented a plot by the followers of General
Obregon to gain the Presidency through means of violence.
The manifesto said to cantain 6,000
as
words,
was
situation, both military and poiltical, through which the
a frank and precise explanation of its causes
country is passing demands
and of the motives
underlying the Executive's determination
<S.
emergency.
In thus
addressing
you,
my
fellow citizens, I do
so
to meet the
of
law
and
in the character
me
of
en¬
order.
the former revolution
to
a
successf ul conclusion
Party, which
and
invested
with the responsibility of maintaining the
principles for which we have
fought
during ten
independently
command, I shall invoke all other
which
public convenience and patriotism
may
advise, in order
that the Government of the country may not faU into the hands
of any of
the present military leaders, who
would continue to cause
bloodshed
by disputes
among
themselves.
I
.
declare positively that I will not deliver the
power conferred upon me
until the revolutionists have been defeated, and then only to whomever
shall be legally designated to succeed me.
As President I call upon all officials and all classes for
support; upon all
soldiers in the armies, of revolt whok when they learn the true situation
in the country and the goal to which their ambitious
chiefs would lead
them, will be given
an
to the aid of the legal
I
call also upon
opportunity to rectify their attitude and
army which has remained loyal, that, in view of the
situation which I have described, the soldiers shall refuse to listen to
the
them
to
the
people determine that those two
yesterday pretended
their defenders shall not be
permitted, with the aid of
their
to
be
firearms, to dictate
Dispatches reaching Washington
channels
said
that
President
by his Generals at
on
May 1 through official
Carranza
had
been
recently
conference to resign in favor of
a
President ad interim, whom he or Congress should
appoint.
On April 23 Secretary of the Navy Daniels ordered three
a
American
in
response to
requests
through the State Department
for the protection of interests and their
property
during the
unsettled conditions.
secession of the Sonora
on
customs houses and all
property of the Federal government
the
the
Nogales
April 10.
were
more
uprising.
was
announced
Mexican Government had asked
States to
on
Defections subsequently
It
move
far
On
as
lutionists
name
of
a
troops through
proclamation
Sonora with
Washington from Sonora following the rebellion
sive
position by the action of the Carranza Government,
prior to the present revolution that State had made
and that
all
possible peaceful efforts to avoid invasion by the Car¬
troops.
ranza
The statement
advices of
was
quoted and referred to in Washington
April 20 to the New York "Times"
as
follows:
The formal statement which General Alvarado issued
to-night, outlining
the policies of those behind the movement
gressive Party of Mexico from
necessary
against Carranza, says the Pro¬
1913 had supported Carranza in the
hope
and carrying out
reforms.
"But Carranza," the statement goes on, "instead of
using this power to
carry out such reforms, and to solve all the problems that were in the
of the free development of the economic and social forces
of
employed all the
in power.
resources
were
on
reported among
April 16 that the
pernission from the United
American territory
was
the
Mexico, has
of the nation to prepare his plans to continue
For such purposes he has employed the army, the national funds,
the telegraphs, the mails and the whole administration
railroads,
machine to impose by force State Government and
destroy the progressive
and honest elements with but one
object—to continue in power against
the mandate of our national
constitution, which prohibits re-election.
He has imposed, by means of
corruption and force, the governments of
the States of San Luis
Potosi, Guantajuato, Queretaro, Campecha, Nueva
Leon, Tamaulipas, Coahuila, Jalisco, Vera Cruz and other States, and in
those States in which he could not
carry out his
plans of placing favorites,
as happened in
Yucatan, Tabasco, Nayarit, Zacatecas, Michoacan,
Hidalgo and Sonora, he has not ceased to promote economic and military
such
difficulties
to
destroy, by force, their respective independent governments,
which he considers
has been
obstacle for the realization of the criminal
plans he
an
trying to make effective."
Speaking of the action of the State of Sonora in severing relations with
Mexico City, the statement says:
"This measure was solely defensive and in
stances
was
no case and under no circum¬
intended to separate the State from the Mexican
Republic, nor
settlement of what
to
or accepted from
any foreign Government for the
purely domestic troubles, not prejudicial in any
w^y
are
foreign interests.
"The Progressive Party intends to
carry out in Mexico the political and
administrative reforms
so necessary to solve the
existing economic and social
These reforms consist in the organization of an administration
upon a scientific basis of efficiency and economic
order, t<i be able to develop
problems.
and
commerce
industry,
to
exploit
the
enormous
natural
of the country, as well as with
a view to creating the economic wellbeing and educational facilities for the betterment of the condition of the
people.
This party is composed largely of young men, energetic and
educated, who desire
to organize the Government upon a basis of absolute
morality and perfect harmony witn the economic interests of the
countries,
especially with the United States, for
reasons of
neighborhood."
The statement declares that the nomination of Bonillas
a
small group of Government employees and is
was
brought about
a manoeuvre
"to distract
the attention of the country."
"has had
no
"General Obregon," the statement adds,
other alternative in saving his life and the lives of his
friends,
than to oppose force by force; but he has not ambition
means
of
force, and
not who is elected
BILL
none
as a
to
a^ain power by
of his partisans have rebelled against Carranza
What is wanted is free elections only
,
and it matters
result."
SIGNED
so as
to
This request,
issued by the leading
title of
revo¬
"The plan of Agua
BY
IMPORTATION
of
is known, was not acted upon.
April 23
It requires
Governor of the
as the representative of General
Obergon
Progressive Party in Mexico, announced on April
20 that General Obregon was the leader of the new
revolu¬
tionary movement in Mexico.
General Alvarado also issued
a statement iii which he outlined
the policies of the Progres¬
sive Party, asserted that Sonora was forced to take a defen¬
PRESIDENT
WILSON
OF PRINT PAPER
THE PAPER
April 22, had joined
attack the State of Sonora from the north.
as
the constitutional
State,
The movement spread rapidly
States, it became known
the Federal troops.
as
The following day the
formerly siezed in the
"Republic of Sonora".
Five
to
came
that
with that end in view.
revolutionary movement in Mexico began with the
of Mexico at
declared elected in the last city elections."
and of the
by
warships to Mexican waters in
from American citizens made
The
were
General Salvador Alvarado, former Governor of
Yucatan,
who
resources
advised
States of San Luis Potosi, Guanajuato,
Queretaro,
Tamaplias." and of "those Councilmen of the City of
State of Nayarit.
agriculture,
leaders.'
new
the
will intervention be asked
rebel.
Finally ,1 appeal to the Mexican people to furnish new troops to aid
the legally constituted Government, support the
principles of democracy
for which we have fought during ten years, and
prevent a repetition of
the Huerta-Felix-Madero situation.
Let
in
and
recognition of Jose Santos Godinez
return
Government.
the
promises of those who wish
.
Mexico who
the
years.
As I make known to the nation sith entire frankness
that,
of the constitutional measures at
my
measures
held
Leon
way
I also speak in my character of c hief of the Constitutional
brought
elections
Nuevo
of establishing "a strong and
respectable Government"
President of the republic, which position obliges me to
guarantee the
forcement
In addition to repudiating Carranza, it calls for
"repudiation of the
public officials whose respective appointments originated in the last local
quoted
follows, in advices from Mexico City to the N.Y. "Times";
The delicate
tion.
he
finish to put down the rebellion, and that
he would not turn
legally elected
in
and all
civil and military authorities who
support this movement, will afford all
TO
DUTY
PERMIT
FREE—
SHORTAGE.
The first
relief of
for
some
piece of legislation having for its purpose the
the country-wide paper shortage that has existed
time was signed by President Wilson on
April 24.
The bill, which
originated in the House of Representatives,
amends the Revenue Act of 1916, so as to allow
print
paper
into the United States free for two
years up to the
value of 8 cents a pound.
Five cents was
to
come
mum.
The bill
thp Senate
on
was
formerly the maxi¬
passed by the House on March 30 and
April 17.
On the latter date, Senator Smoot,
discussing the purposes of the measure in the
out that the value of
print
paper
were
the amount to 8 cents
tries,
we
hope, will
come
into the United States free, as the
law' provides now for paper
The shortage of
print
past few months,
the
paper
below 5 cents a pound."
has become very acute during
with the result that many of the
daily papers and periodicals published in the large cities have
been forced to cut down in size, while some, also have ad¬
vanced their prices.
Several bills designed to relieve the
shortage in various ways
The Foreign
have been offered in Congress
Affairs Committee of the House is now consider¬
resolution, passed by the Senate the latter part of
February,* providing for the appointment of a commission
ing
a
negotiate with the Government of Canada for
to
bought on the spot market
the present shortage, Mr.
McAneny declared.
The market price was twice or three times as much
as that for paper bought under contracts, he said.
Brokers and small manufacturers were blamed by Mr. McAneny for the
"Absurdly" high prices for newsprint paper
Senate, pointed
in foreign countries exceeds
pound, and with this amendment increasing
a'pound print paper from some coun¬
5 "cents per
now
removal
offrestrictions on exportation of Canadian pulp wood. At
the same'time an investigation of the print paper situation is
conducted! by a Senate Commerce sub-committee
Reed of Missouri.
The paper shortage has been felt by the Government
Printing Office as well as by private publishers; and tempor¬
being
the Congressional Record was reported
ary! suspension
tolbe imminent on April 26 by reason of the fact that the
Government supplyjof paper might not last out till the new
deliveries
made.
were
The paper on which the Record is
published was said to have advanced from 3 cents to 1
cents a pound.
Testifying before the Senate investigating committee on
April 28, George McAneny, executive manager of the N. Y.
"Times" stated that the market price for newsprint paper
twice
or
three times as much as that for paper
bought
publishers also expressed their
views to the Senate sub-committee on the same date.
With
regard to the hearings on April 28, Washington press dis¬
patches had the following to say:
Other
contract.
under
accomplish a great deal in
shortage was expressed to-day by Prank P. Glass
of Birmingham, Ala., former President of the American Publishers' Asso¬
ciation, and one of the f'rst witnesses before the Senate Commerce sub¬
committee which is investigating the print paper question.
He explained
Ahat the shortage of newsprint was world-wide.
Questioned as to the advisability of Congress attempting to reduce con¬
sumption by limiting the size of publications admitted to the mail, Mr. Glass
said he doubted the "justice and feasibility" of such an undertaking.
While conceding that the cost of labor and all materials going into the
Doubt that the
Government will be able to
relieving the print paper
has increased, Mr. Glass declared he thought present
and that the manufacturers were "making high profits."
Answering Senator McNary, Republican, of Oregon, Mr. Glass said
•there was "no temptation" for manufacturers to divide territory for sale
.of their product because of the great demand for paper.
He also said he
jdid not believe the excess profits tax was to blame for the increased volume
making of paper
prices excessive
.of advertising.
George McAneny
the
of the New York
advertising "was a
increased
"Times" agreed with Mr. Glass that
coincidence" to the application of the
due to a post¬
He said the demand for advertising was
war desire of business men to stimulate business.
"The shortage of paper," said Mr. McAneny, "is due to
.excessi
profits tax.
the abnormal
this year than
increased pro¬
duction of 10%, and the indicated consumption of the "Times" for this
year is about 7% greater than that of last year."
New York newspapers. Mr. McAneny said, had been lending paper to
each other for months.
"The 'Times,' " he said, "would not have been
published last Sunday but for a loan from the "Globe.' "
In opening the hearing Senator Reed, Chairman of the committee, an¬
nounced that the investigation would deal with the production and con¬
sumption of newsprint, manufacturing costs, selling prices, increased volume
.demand for
advertising.
There is actually more newsprint
Trade Commission reports indicate an
The Federal
last.
of advertising
Samuel
M.
and enlarged newspaper
Williams of the "New
circulation.
York World," said the
"World's"
placed it in a "different position" from newspapers
generally, and that accordingly he had "no suggestions or complaints to
make."
He said that while Canadian mills were being enlarged and some
American mills had increased their production, present consumption ex¬
.ownership of paper mills
ceeded this increase.
That the shortage
of newsprint is
"critical" and many publications have
by Mr. Williams, who
World was selling the
suspended was affirmed
papers," the
smaller
added that "for the benefit
entire product of one of its
of the mills.
Both Mr. McAneny
and Mr. Glass said
the suspension of newspapers,
publications, last year were "little
significant."
The total suspensions were
"not
above normal," and
1,200, with 600 new
publications being started.
"corner" resulting naturally from
Answering a question by Senator Reed as to
Frank P. Glass described spot
and, without
added that the paper makers
market prices as "execssive"
distinguishing big and little manufacturers,
were
whether there
"They are selling the paper."
profiteering, he replied.
was
making "big profits."
Charles
of
Lane
Evening Post
York
New
the
suggested
the best
condition was for publishers to stop competitive
bidding.
•
Price fixing. Government control of distribution and limitation on the
size of publications by a postal ban were opposed by the metropolitan
publishers.
Arthur W- Dunn, representing the American Press Associa¬
tion, which serves several small dailies, declared, however, the smaller
remedy for the spot market
publishers favored Government
control of distribution, but he did not
legislation to that end would
whether
know
be constitutional.
expressed by Mr. Dunn was that
they were compelled to pay the high prices while the big publishers, able to
buy in large quantities, bought cheaper under contracts.
"Ik some one profiteering?" asked Senator Reed.
"Yes, somebody is making a good big profit out of it," answered Mr.
Dunn, adding, however, that he was unable to give any evidence of com¬
The
complaint of the small publishers
binations
or
price-fixing agreements
A Government
board
or
commission to take all newsprint
proposed as a
Senator Reed
the Senate sub-committee on April 29.
publishers wa^
with the paper shortage by
and allocate it among
paper
to
means
cope
during the hearings of
daily newspapers were
predicted by Frank
who appeared before the
Senate
He urged drastic reduc¬
tion in the use of newsprint and Governmental regulation
both of the paper and the wood pulp sources.
William
Randolph Hearst, another New York publisher, in a letter to
the committee, advocated a 20 or 25% cut in the size of
newspapers, but said he believed the time for Governmental
regulation had passed.
Mr. Hearst urged that publishers
double both advertising and circulation rates, saying such
action would automatically cut down the size and number of
copies without reducing revenue.
"The blame is entirely
with the newspaper publishers, who are consuming paper as
a rule quite recklessly and without good business judgment,''
Five and ten-cent
New York publisher,
sub-committee on May 1.
A. Munsey,
wrote Mr.
Hearst.
April 7 by Secretary of Com¬
utilization of all waste paper.
Mr. Alexander,in his statement said:
Following my appeal of last week to save waste and turn it back into the
channels of trade, I wish to call attention to the importance of saving all
A statement was
issued
on
Alexander urging the
merce
/
waste paper.
called quite a number of times
Attention has been
lately to the vital
public could realize how a shortage of
life I feel sure that a saving and utilization of all
would be made.
Many of the better grades of waste paper are used as pure substitutes for
ground wood pulp and are used in making all kinds of book, bond, ledger
and writing papers.
If this kind of waste was not used to some extent,
there would exist an even greater shortage of wood pulp from which most of
our printing papers and newsprint paper is made.
The waste paper use<I
in the above list consists of old magazines, periodicals, books and all kinds
shortage in paper
paper
and if the general
affects its daily
waste paper
of
printed mater in
marketed
general. Every pound of this waste that is saved and
of original wood pulp made direct from oui trees.
prevents the use
called "common mixed," and consists
of paper, such as newspaper, waste from
The chief use of this
kind of waste
boards, paper shipping
containers (which carry up to 100 lbs. of freight or express) and wrapping
paper.
More than 2,000,000 tons of ordinary waste paper are used for
boxes and shipping containers alone.
The public is so accustomed to having
its goods in paper boxes that it would be dumfounded to find their use
seriously curtailed and this is what will happen if we do not look more
toward the utilization of waste.
The use of waste papers for this purpose
The largest tonnage
of any and every
of waste paper is
sort and scrap
public buildings and the homes.
is for paper boxes, roofing and building
the offices, stores,
consumption of over 1,000,000,000 ft. of lumber annually
daily.
The utilization of waste must keep pace with this
of our trees for the wood pulp. At the present time
there is very little original wood pulp used for paperboard boxes.
In addition to the saving of trees in the making of paperboard, there is
another very great saving of lumber through the use of paper "shipping
cases" which are used instead of wood boxes.
Reports show that it would
prevents the
and is increasing
to
prevent a direct use
require more than
half a billion feet of
"paper" shipping cases, now
lumber annually to replace the
manufacturer in the
used by almost every
practiced by New York newspapers,
another."
The only remedies suggested by Mr. McAneny were economy by pub¬
lishers, and increased production, for he said he could "not see anything
the Government can do" to relieve the shortage.
Government regulation of the distribution of paper, suggested by Senator
dealers in waste paper and other salvage¬
rubber, metals, &c., who will pay a fair price
otherwise would be thrown away or burned.
In most towns
and cities there are
able material such as rags,
for what
The
Mr. McAneny asserted,
have resulted in saving paper, and he contended that "the big papers are
pot the offenders" in wasting paper.
"The Times," he added, used only a
.few tons more paper last month than in the same period last year.
Opposing postal rates graduated to the size of publications, suggested by
Senator Reed, Mr. McAneny said "a liberal allowance for one paper would
Economies
a
United States.
including weekly
were
due to
high prices.
headed by"Senator
was
[VOL. 110
THE CHRONICLE
1942
still has on hand a limited number of two
reclamation which it will be glad to send to interested
will show what one large city has done to
a city-wide system of waste reclamation for the home, store and
and the other will give some pointers on how to organize and oper¬
Department of Commerce
publications on waste
persons.
develop
factory,
These publications
ate the service.
be starvation for
I"
Massachusetts, would be of "doubtful wisdom
Mr.
McAneny said, explaining that only one-fourth of the newspapers co¬
operated with the War Industries Board in such a movement during the
Walsh, Democrat of
■
war.
"Are
you
not making more money
than ever before?"
asked Senator
side of the paper,"
answered Mr.
Reed.
"I'm
not familiar
McAneny, "but in
p, year
with the financial
February our profit was less
ago."
than that of the same
month
INTERNATIONAL
FURTHER
*
JULY
PAPER
FORECASTS
NEWSPRINT
MEREDITH SEES RE¬
COMPANY
ADVANCE IN PRICE OF
1—SECRETARY
LIEF IN ALASKA
FORESTS.
will be made by
producer in
the country, on July 1.
Higher selling prices will, according
to Chester W. Lyman, vice-president of the company, be
necessitated by "alarming rise in prices for pulp wood,
Increases in the
price of newsprint paper
! the International Paper
Company, the largest
May 8
other
ble
1920.]
THE CHRONICLE
materials and mill
raw
increase
in
supplies, together with inevita¬
transportation
charges."
The following
telegram addressed to Joseph Pulitzer, Jr., publisher of the
St. Louis Post-Dispatch,
by Mr. Lyman was presented to
the Senate sub-committee
investigating the
May 5:
■on
Alarming
supplies,
*
rise
in
prices for
pulp
wood, other
together with inevitable increase in
necessitate
a
materials
raw
mill
and
transportation charges, wiU
higher selling price for last two quarters.
and
financial
Only remedy for present trouble is rigid economy
by publishers in their
of news print.
It would be the height of folly for Government to at¬
use
tempt to regulate
lower spot market,
or
would result in diversion of
many
th'eir
normal
product.
This
onerous
specialty mills
addition
to
as
it may appear,
making
now
present
as
corporation,
print
news
newsprint
supply,
•
High spot market prices largely warranted by scarcity of raw material
In most cases believe the profits are not
inordinate.
Small publishers must be
helped out by larger consumers
and corresponding high prices.
protected by contracts.
In presenting the above
telegram, Charles G. Ross,
Washington correspondent of the Post-Dispatch, said that
paper was "strongly opposed to~ Government control of the
paper industry in any form whatsoever on the ground that
It would in effect be Government control of the
press."
""We do not believe," he said, "that Government
regulation
of the size of
newspapers is a sound solution of the
difficulty,
but believe the solution should be left to the
publishers and
that the law of supply and demand will in the
long
the present
•correct
run
high prices."
opinion of Secretary Meredith of the Department
Agriculture the forests of Alaska offer a way out of the
shortage.
Mr. Meredith's views on the subject were
presented in Washington press dispatches of May 5 as
follows:
/
C ■>
paper
A special
of Alaska
is
practicable
a
available for
the
United
and hydroelectric resource
increaseing the supply of newsprint
Recognizing in the paper situation an
States.
opportunity for the economic upbuilding of the territory, he is offering
cooperation in the establishment of paper mills by making available national
forest pulpwood on terms that will
provide a satisfactory operating basis.
The
national forests of Alaska probably contain
100,000,000 cords of
timber suitable for the manufacture of
newsprint and other grades of paper.
Under careful management it is believed that these
forests can produce
annually 2,000,000 cords of pulpwood for all time, or enough to manufacture
•one-third of the pulp products now consumed in the United
States.
Furthermore,
according
to
the second chief essential of
a
Secretary
paper
Meredith, these forests
contains
manufacturing industry—water power
He believes that the drawbacks which have
hitherto
prevented paper mak¬
ing in Alaska have been the large investments required for new
plants,
inaccessibility and lack of development in Alaska and big transportation
•charges.
He believes, however, that these obstacles ore more than offset
by the present acute demand and the high prices for all grades of
paper.
The department is preparing to contract sufficient
stumpage to supply
paper
mills for thirty years..
to month
as
it is cut,
The timber will be paid for from month
obviating the
materials.
necessity for large investments in
'
stock to be issued at
par to present
Norway.
With her
pulp, her water
products,
Alaska
wiU
second
a
forests of rapidly growing species suitable
enormous
and her tide water shipment of manufactured
power
undoubtedly become
of the United
sources
raw
States.
A
stockholders.
When this
$2,000,000
profits.
posits
are now
in business
De¬
about $30,000,000, an increase of $10,000,000
during the past
its Wall Street office
a
The institution opened
year.
in June, and this has been
year ago
great aid in business expansion.
a
The directors of the National Park Bank of this
city at
their meeting
and
President is
All the
Assistant Vice-Presidents
seven
Cashier.
The
title
Vice-
elected to this office have been junior officers
bank,
and
their
opportunity to properly
advancement
care
The
will
J. Edwin Pro vine,
provide larger
for the requirements of thebank's
following
Assistant
elected
were
Vice-Presidents: Frederick O. Foxcroft,
William A. Main,
Ralph L. Cerero, Jay D. Rising, H. E.
Scheuermann and Percy J. Ebbott.
elected Assistant Cashier.
In
Assistant
of
in the official roster of the institution.
a new one
men
the
of
May 4 elected
Assistant
one
Walter S. Jelliffee
outlining the experience of the foregoing the bank
one
substantial
of
the
principal paper
development of the
paper
industry in this wonderful region, combined with the intelligent reforesta¬
was
says
in part:
Mr.
Foxcroft
was
of the first Assistant Cashiers
one
directors of the National Park Bank.
appointed by the
He has given the institution forty-
of continuous and loyal service.
one years
Mr. Main
elected Assistant
was
Cashier of the bank in 1903, and during
approximately half a century has
rendered continuous and efficient service to the institution.
Mr. Provine
assisted in the inauguration of the credit department of the National Park
Bank.
Prior to being appointed Assistant Cashier in 1915 he was known
as
Manager of the credit department.
Park
Bank in
1919
as
Trust Officer.
was
for
came to
the National
approximately fourteen
Assistant Trust Officer of the Knickerbocker Trust Co., two years
years
York resident partner of W.
New
Mr. Cerero
He
Irving Osborne & Co. of Chicago, for
six years Assistant Secretary and Trust Officer of the United States Trust
&
Mortgage Co.
Mr. Rising in 1910
elected Assistant Secretary of
was
the Commerce Trust Co. of Kansas City, and in 1914 Chief National Bank
Examiner
the
of
Tenth
Federal
District.
Reserve
In
1917
he
became
Vice-President of the Live Stock National Bank of Omaha, Neb., leaving
that institution in January
1919 to accept a position
of the National Park Bank.
in 1912, Mr. Scheuermann
the
at
as
Assistant Castiier
Prior to coming with the National Park Bank
for several years identified with credit work
was
Liberty National Bank.
He left
that
institution
to
go
with the
National Park Bank in
"Alaska" declares Secretary Meredith, "is destined to become
for
to meet on the 17th inst. to consider a
proposal
capital from $1,000,000 to $2,000,000, the new
is effected the
company's capitalization will be
stock and
$1,000,000 surplus and undivided
of
means
of the Lincoln Trust
city, Alexander Webb, President, has been called
to increase
,
development of the forest
—♦—
meeting of the stockholders
by the board
•
He believes that the
V-
■
growing clientele.
In the
was
elected to the board.
it
stimulated by the high prices of the spot
market, is estimated at about
150,000 tons a year.
of
At
the annual meeting of the stockholders of
the Liberty
Securities Corporation all the directors were re-elected and
Harrall S. Tenney, Vice-President of the
Co. of this
conditions.
City In¬
vesting Building, No. 165 Broadway.
on account of
uncertainty of conditions.
Increase
likely to continue to turning point reached in general
industrial,
in cost
to
offices from 30 Pine St. to the third floor of
the
Impossible to fore¬
tell extent of increase
social
shortage,
paper
1943
a
Cashier in
Ebbott became identified with the National
Bank
in
1919.
1913;
Mr.
was
similar line of activity and was elected Aasistant
elected
Assistant Cashier in
an
Park
1917; served eighteen
months in the United States Army, returning to his duties in January 1919.
Mr. Jelliffee
came
to the National
Park Bank in 1918.
He has represented
the bank at group meetings and bankers' conventions
throughout the South.
•;
'
tion of pulp lands in the older
regions, should settle forever the question
of
a
paper
shortage in the
United
The
States."
Park
National
Bank
of
this
city has published
a
brochure of reprints of their recent advertisements inserted
ITEMS
The
•six
ABOUT
BANKS,
TRUST
COMPANIES,
public sales of bank stock this week
shares, which
were
sold at the Stock Exchange.
were
&C.
limited to
There
transactions in trust company stock.
Extensive
reporting bid and asked quotations, deposits, surplus,
•&c., of banks and trust companies in all important cities in!
were
no
"tables
the United States
published monthly in the "Bank and
are
in New York newspapers,
the
York
City bank and trust
stocks
company
published weekly in another department of this
will be
Shares.
•6
found
to-day
on
page
BANK—New York.
_
_
225
paper,
and
High. Close. Last previous sale.
225
225
April 1920— 240
the
E.
B.
Wilson,
Two New York Stock
Exchange memberships were repor¬
posted for transfer this week, the consideration being
stated as $91,000 and $90,000, respectively.
and
are
Inc., advertising
character of
these
largely the work of
agency
thought that possibly other institutions would
of the material for their
some
this«city.
of
own
care
to, adopt
use.
William P. Boggs celebrated his fiftieth anniversary as an
employee of the Mechanics & Metals National Bank of the
City of New York
he
on
May 1.
presented
was
on
In commemoration of the
behalf of the bank with
a
silver
plate by Gates W. McGarrah, President of the institution,
who
made
a
entered the
ted
financial and trade journals during
The style
The facsimiles have been reproduced by the bank with the
event
1964.
Low..
National Bank of Commerce,
also
are
months.
original and striking advertisements
•Quotation" Section, the May issue of which accompanies
to-day's "Chronicle."
Bid and asked quotations for all
New
past few
sorbed
short
speech
of
presentation.
by the Mechanics & Metals National,
1870, at the age of sixteen, and started
which
was
Mr.
Boggs
employ of the Fourth National Bank, since ab¬
on
the customary way of starting
on
May
1
the check desk,
boys at the time.
4
At
a
meeting
vacancy
May 6,| Kenneth F. Wood was elected a
city to fill the
caused by the death of Frank A. Sayles.
Mr.
Porter,
Wood
Vice-President of the
At
on
director of the Chase National Bank of this
is
•Saylesville, R. I., and
a
Sayles Finishing Plants at
trustee of the Sayles Estate.
v
The first
The New York and
Philadelphia banking house of Edward
announce
the removal of their New York
a
to be
appointed to the official staff of the
a
member of the bond department's city sales force.
meeting of the executive committee of the Board of
Directors
an
B. Smith & Co.
woman
Guaranty Trust Company of New York is Miss Clara F.
on
Assistant
office.
Thursday, April 29, Miss Porter
Secretary of the
She is
positions
on
one
of
a
very
company
was
appointed
at its Fifth Avenue
small number of women to whom
their official staffs have been awarded by New
York
The
City banks.
sketch of her
furnishes the following
company
graduated from Smith College
in 1906 and after some
experience as a private school teacher in Montclair, N. J., entered the em¬
In 1912 she
ploy of the New York Edison Company as a letter-writer.
became the editor of
a
editorial work to join
a
half she
a
magazine published in the interests of a number of
corporations.
public service
was
In
1917, she relinquished her
For a year
September,
before
being elected to
Vice-Presidency in The National
a
Shawmut. Bank.
■v.;
.'K,r
4
The death of Albert E. Turner of
She has been highly successful
saleswoman, and has spoken and written a great deal of the
a
Company of New York
association with the Guaranty Trust
correspondence bureau, but on Jan. 1 1919 became
opportuni¬
ties which the immediate future holds for women in financial enterprises.
Miss Porter is
member of the Women's University Club, and was the
first
President of the Business and Professional Women's League of New York.
delphia, occurred
Bentley D. Norman has been appointed an assistant sec¬
retary at the Brussels office of the Guaranty Trust
Company
of New York.
His death is announced with
April 18.
on
Harper & Turner, Phila¬
deepest sorrow" by the surviving partners, Clarence
"the
Harper and Arthur Peck, and a tribute to his worth
L.
in Philadelphia "Ledger" of April 20 in the column
appears
devoted to "Current
Tenney, formerly President of the Greenwich Trust
Company, has been elected Vice-President of the Liberty
Securities
knew him.
the
In the first reaction of
stunning blow to those who
is
fact
Corporation.
This
♦
—
grief and consternation one feels that
and
incredible—affection
reason
combine to repel the bleak,
unwelcome announcement, and to say "It is not
And it is not
V:-,'
Among other
Topics of the Town."
things the writer in giving expression to the sense of the loss
suffered in Mr. Turner's death says in part:
The death of Albert E. Turner comes as a
H. S.
the experience
banking methods gained through twelve years
in American
the bond department of the Guaranty.
in the
member of the New York City sales force.
as a
Societe Generale.
he went to the London branch office of the
With this broad continental training he has
career.
Miss Porter was
and
[Vol. 110.
THE CHRONICLE
1944
man so
so."
so.
built his life with blessing into the greater
life of Philadel¬
phia that he is not dead and will not die.
Commercial Bank of
The consolidation of the National
Albany and the Union National Bank & Trust Company of
Albany, under the charter of the National Commercial Bank
and under the corporate
Bank & Trust
have already
title of The National Commercial
As
Company, Albany, has been effected.
we
He who
was
He who toiled and
everybody's friend is an influence still.
thought unsparingly for the good of you and me, for the help of this great
abides not in the flesh but in the soul as an immortal
town we live in,
and tri¬
victory, and death stings not, for ©n his new life, a life regnant
no
in¬
The grave has won
No "obituary notice" will come near him.
spiration.
umphant, the day is breaking and the shadows flee.
indicated (in the "Chronicle" of Jan. 3 and April
17) the Union National Bank & Trust Co.
January, having represented
was
Four
formed in
conversion to the national
a
directors have been added to tbe directorate of
new
the Rittenhouse Trust Co., of
Philadelphia, namely Howard
system of the Union Trust Co., the National charter for the
Cooper Johnson, Dr. Edward Hodge, Samuel M. Clement,
latter having been
Jr., and Harry S. McDevitt.
taken out with
view to facilitating the
a
of the trust company and The National Commercial
merger
The consolidated bank has
Bank.
capital of $1,250,000,
a
moved to its
On April 5 the Trust Co.
quarters at 1512 Chestnut Street
new
which it
recently purchased.
'■J."
—♦
.•
surplus of $2,000,000 and undivided profits of $850,000.
The consolidation became effective
its
the officers of the consolidated institution:
are
President, Robert C. Pruyn; Vice-Presidents, Gerrit Y. Lansing, Thomas
I.
Van
Antwerp; Walter W.
Batchelder, Jacob II.
Gardner B.
Herzog,
Perry: Cashier, William L. Gillespie; Ass't. Vice-President, MacNaughton
Miller; Ass't Cashiers, R. C. B. Adams, Herbert J. Kneip, Leo K. Fox;
Trust
Officer,
Charles
McGarvey;
M.
Manager
Industrial Department,
Ernest W. Pittman.
the
the
territory of the National City Company
York, to the newly created position of Manager of
Investment
held the rank of
Department,
Major and
During the
was
Mr. Wilder
war
Division Inspector of the 89th
Division and later of the 1st Division while it
the
part of
was
Two
new
Y.
banks
One of
under the
♦
organization in Utica,
proposed institutions plans to organize
of the Merchants'
Bank with
a
capital of
The other is to incorporate under the
name
in the
proportion of two
of those who
Merchants' Bank
Francis M. Matt,
to
are
are:
A
financial
new
of
are:
serve
as
the
incorporators of the
Marrone,
The
George L. Brunner, Nicholas D.
Peters, John P. Liddy, Fred E. Cantwell, Joseph M. Mar¬
Henry
rone,
R.
Beebe,
Richard
Auld,
H.
Nicholas
E.
Devereux, Jr., Robert Kowlasky and Thayer Burgess.
At National Shawmut Bank
W. S.
can
Silver and Morris
was
elected
a
director to
The
The
per
share, the premium of $5
The charter for
24
Bank
new
'
Edward C.
Tioga Trust Company of Philadelphia,
of the institution
on
sold
on
became effective
one
the United States
and The National Shawmut Bank.
effect
roots
a
of
of
of
The
the five
National
delegates to
serve
many
Commerce
It is expected
April 29 1920.
with
the
a tithe
serve as
He started his banking
Banque Cantonale of Neuchatel and the
share which enabled
The increase
The increase
was
ratified
County National Bank of Lock Haven, Pa. opened
for business
on
May 4, with
a
capital of $250,000 and surplus
$25,000, following the issuance of
application for
14.
Switzerland.
From there
a
charter for the institu¬
by the Comptroller of the Currency.
a
charter
The officers
are:
was
C.
made in
R.
our
Reference to its
issue of February
Armstrong, President; S. D.
Shoemaker, Vice-President;
Paine, 3rd, Vice-President; F. H. Fredevetts, Cashier
and M.
A.
Burkett, Assistant Cashier.
that^this
Mr. Bolinger
training and experience, to
Banque Commerciale of Basle,
per
4
The
4
by personal contact to
present-day trade problems.
representative with the delegation.
career
Chamber of
He will
community of commercial interests, and get
is eminently fitted, by
a
may
director
capital from $300,000 to $500,000
A. G.
Chamber
a
Capital stock (par
new
surplus from $300,000 to $500,000.
national Chamber of Commerce in Paris in June.
International
elected
is announced, increasing it
the basis of $200
the bank to increase its
and its
was
$200,000 to the capital of the Warren
The $200,000 of the
$500,000.
value $100)
,
»-—
of
National Bank, of Warren, Pa.
to
Oct.
April 14.
■.
addition
An
on
Snyder, Jr., Secretary and Treasurer of the
Furst, Vice-President; H. W.
represent
granted
was
*
represent the American Bankers' Association at the Inter¬
also
share creating the surplus.
a
institution
1919.
tion
Vice-President
of Boston is
the
disposed of at $55
•
of
♦
Shawmut
George W.
Kraftsow, Vice-Presidents; S. G. Snook,
(Boston) directors' meeting
Telephone & Telegraph Co.,
Bolinger,
are:
by the stockholders March 1 1920.
succeed Theodore N. Vail, deceased.
John
of the Public
Vice-President and Cashier and Jacob Ash, Treasurer.
Gifford, Vice-President and Comptroller of the Ameri¬
Mr.
Monday next
The officers of the Company
$20,000.
Harlan G. Newcomer, Clarence B. Will¬
proposed incorporators of the People's Bank
Vincenzo
on
name
capital of $200,000 and surplus
a
of
Walter D. Jones, Christian A. Durr,
Szypulski, Karol Welik and William F. McCann.
of the
institution will open
Haney, President; I. S. Titelman, Morris Finer, George H.
,
nam^
are
shares for each three shares
new
Bank & Trust Co. "with
iams, C. R. Dewey, John B. Witte, Abe E. Nathan, Karol
J.
Stockholders
$50.
stock at $100 per share
(May 10) in Philadelphia under the
The
People's Bank of Utica with $100,000 capital.
names
par
new
stock is in shares of $50 each and was
in process of
arc
the
name
$100,000.
the
capital stock of
institution is located at Seventh and Morris Streets.
Army of Occupation.
'--""■'S'CV
N.
ized shares of
given rights to subscribe to the
::
appointment of Throop M. Wilder, formerly in charge
of New
capital from $300,000 to $500,000 and its surplus from
$300,000 to $500,000, by issuing the remaining 4,000 author¬
Fidelity Trust Company of Buffalo has announced
the Rochester
of
Company of Philadelphia is increasing
owned, payment to be made June 1 1920.
♦——'
The
The Colonial Trust
The following
April 28.
The
First
National Bank
of
Duquesne, Pa. has added
$50,000 to its capital, making it $100,000.
of
100%
was
A stock dividend
paid out of the undivided profits and the ad¬
ditional stock
was
$100.The
capital ratified by the stockholders
became
new
all taken up
effective April 28
1920.
4
by the old holders, at
on
par
Apr. 3
May 8
1920.]
THE CHRONICLE
Henry 0. Redue heretofore Cashier, has been elected a
Vice-President of the Old Town National Bank of
Baltimore,
Md. and a member of the Board of Directors.
Mr. Redue
who has been associated with the bank for 30
years is suc¬
ceeded in the cashiership by Francis M.
Miller, Assistant
Cashier.
'
■;-!/
•
.
•.
William B. Ridgely, formerly Comptroller of the
Currency,
died in Baltimore
May 1 following an operation.
Mr.
Ridgely served as Comptroller from 1901 to 1908, having
resigned to take the Presidency of the National Bank of
on
Commerce of Kansas City, Mo.,
the time he
then re-organized.
as
At
John
C.
Mitchell, President Denver National Bank; James Ringode
Vice-President United States National Bank; Thomas F.
Daly, President,
Capitol Life Insurance Co.; William V. Hodges, attorney; S. N. Hicks,
President Mountain Motors Co.; J. M. B.
Petrikin, President First National
Bank, Greeley; Frank T. Metzler, President J. S. Brown Mercantile
Co.;
Finlay L. MacFarland, President the MacFarland Auto Co.; W. E.
Porter,
capitalist; A. A. Reed, Vice-President United States National Bank; Karl C.
Schuyler, attorney; C. MacA. Willcox, President Daniels & Fisher Stores
Co.; Tyson Dines, attorney; C. H. Cheney, President First National
Bank,
Boulder; Merritt W. Gano, capitalist; C. A. Johnson,
Lyons & Johnson;
Hon. Oliver H. Shoup, Governor of Colorado; Fred W.
Standart, Standart
& Main; E. S.
Kassler, President Nevada-California Electric
Corp.; Harry
C. James, Vice-President Denver National
Bank; James B. Grant, Lewis &
Grant,
E.
attorneys;
T.
Wilson,
President
Continental
Oil
Co.; P. H.
Holme, Dines, Dines & Holme, attorneys; and J. F. Welborn, President
of the Colorado
Fuel &
Iron Co.
chosen
Comptroller Mr. Ridgely had been
Secretary of the Republic Iron & Steel Co. and previously,
at various
1945
was
times, had been connected with national banks.
At the time of his death he
62 years of age.
was
The First National Bank of Tulsa,
and
surplus
represents
Okla., reports a capital
April 17 of $700,000, of which $500,000
of
as
capital.
$300,000.
The
The
latter
stock
new
has
been
increased
from
voted by the stockholders on
was
Announcement is made by the Fidelity Securities
Corpora¬
tion of Maryland that Bernard J.
Burgunder, for the past
March 16, and
three years connected with the bond department of W. W.
Lanahan & Co., Baltimore, Md., has become associated with
distributed at par to the old stockholders in
proportion to
the investment department of the
poration.
friends
Fidelity Securities Cor¬
Mr. Burgunder is well known to, and has
bond dealers and individual investors.
among
Clifford B.
many
apoplexy.
city and its
as
Mr. Wright's part in the upbuilding of the
enterprises is indicated in editorial comment
follows in the "Cincinnati Enquirer" of April 30:
Removal of Clifford B. Wright from his familiar haunts in the
business
and social life of Cincinnati serves to remind the
living of the valuable
structive services of the element of the
community in which he
resentative member.
He was of the
was
building, the creative type,
tinguished from
now are so
which,
the destroying,
much in evidence.
a
a
rep¬
as
dis¬
citizen he reflected honor upon the ci ty,
is his just due, sincerely will
as
con¬
remodeling and reshaping forces which
As
his
mourn
from life and
severance
deeply regret the sudden fashion of his call to the hereafter.
Mr.
Wright
$12,321,226.
Claude
65
in 1875 he entered the service of the
Hughes & Co.
officer of
an
Later for
banking firm of H. W.
time he located in New York
a
the National Starch Co.
Cincinnati he became Vice-President of the Ohio
Valley Na¬
tional Bank, and when that institution was
merged with the
First National Bank he became
In
April 1907 he
Bank and Trust
was
a
Vice-President of the latter.
elected President of the Union Savings
Company and in November, 1919, when it
became affiliated with the Fifth-Third National
Bank, he
was made Chairman of the Board of Directors.
Mr. Wright
was
the
also
director of the United States
a
Strobridge
Orleans
and
Lithographing
Texas
Pacific
Co.,
Playing Card Co.,
the
Railroad,
Cincinnati
the
Company, and the American Tool Works.
of the Union Central Life Insurance
Ohio
He
Traction
was
that of President of
was
the Commercial
of
a
new
financial institution formed in Denver from the consolida¬
tion of the well known investment houses of
Sweet,
all
States Bank of Denver.
The
new
insti¬
a
men
of the
city and State.
banking business in the broader
companies of the East.
the
Mr. Carter took
representative in
his duties with the Trust
up
the
the
Fort
Arkansas Valley Bank
Bank
&
Trust
Cashier, and
as
Company.
He has
been active in the affairs of the Arkansas Bankers Associa¬
tion for
the
a
number of years and lately served
Committees
Publication
on
and
member of
as a
Agriculture.
representative of the Mississippi Valley
Trust
As
Mr. Carter will travel in Arkansas and
Oklahoma,
his headquarters at Fort Smith, Arkansas. *
making
«
The National
City Bank of Tampa, Fla., has increased its
capital from $300,000
$60,000 to $100,000.
to $500,000 and its surplus from
The additional stock (par $100) was
disposed of at $130
capital
were
per share.
The plans to enlarge the
ratified by the stockholders on Jan. 13 and the
new
half million dollar
The
bank, which began business Mar. 19 1917
than
200
capital
stockholders.
Its
was
made available April 19.
has
now
amount
resources
more
to
"...
♦
At
a
meeting
April 13 the directors of the Central State
on
Bank of Dallas, Texas, voted to recommend to the stock¬
holders that the capital be increased from $500,000 to
$1,-
000,000.
The premium obtained through the sale at $160
$100 share of the additional stock will be added to the
surplus thereby increasing it to about $400,000.
holders ratified the increase
will become
The
effective
an
Bank
of
institution for which
It is to have
capital
new
Long Beach (Cai.) is the
a
charter
capital of $200,000.
a
The stock¬
April 29 and the
immediately.
Home National
of
on
has been applied.
The proposed institu¬
tion is scheduled to begin business next November.
At
It will conduct
.
April 13 the stockholders of the First
on
National Bank of Santa Barbara, Calif., voted to increase
the capital from $200,000 to $300,000.
The combined
capital, surplus and undivided profits aggregate $450,000.
»
a
similar to the larger
sense,
meeting
a
It will devote its activities to
The
Royal
Bank
Canada
of
plans to issue $3,400,000 of
new
(Head
Office,
Montreal)
capital thereby increasing
May 31 at $150
7
Equitable
southeast
a
Beginning
be
those
business
of
Sweet,
Building, until
corner
a
June
1,
Causey,
home
can
of 17th and California
99-year lease has been obtained.
the
a
savings
temporary
Foster &
be
built
Streets,
Alexis
C.
as
Co.,
at
the
which
upon
Foster
Sweet, Causey, Foster & Co. is President of the trust
pany.
of
com¬
William E. Sweet and James H. Causey will remain
directors.
James
N.
Wright,
Henry Swan and
Mitchell of Wright, Swan & Co., with William D.
of Gano-Downs & Co.
are
the Vice-Presidents.
the following, form the board of directors:
over
$3,000,000.
commercial accounts will be received, but there is
will
a
Company,
the paid in capital from $17,000,000 to $20,400,(XX).
offices
of
Mississippi Valley Trust
corporation business, underwriting and marketing of secur¬
ities, and the handling of all forms of bond financing.
No
department.
28
Causey,
capital of $1,000,000 and surplus of $250,000,
paid in, and a directorate of thirty-five prominent bankers
trust
Feb.
resources
Wright, Swan & Co., and with the support
six of the United
and business
On
was
on
Smith
eight of the directors of the Denver National Bank and
tution has
been appointed
»——
Foster & Co. and
of
has
Oklahoma for
with
name
name
Carter
connected with
Club, in which capacity he assisted in origi¬
nating the Bureau of Municipal Research for Cincinnati.
The Bankers Trust Co. of Denver is the
It
May 1st, giving up an independent investment
banking business in Fort Smith, Arkansas. He was formerly
per
Among other
April 17,
G. R. McCullough is President and Roscoe
B.
Company.
Director
Company and Chairman
of the Executive Committee of that
company.
important posts in which he served
New
on
issued.
was
deposits of $11,701,261 and
as
Upon his return to
stock
new
rights being surrendered.
no
and
Company
the
Cashier.
Arkansas
years of age.
He was born in Cin¬
cinnati; after his graduation from Ohio Wesleyan University
was
holdings,
date
the bank reported
Wright, Chairman of the Board of Directors
Savings Bank & Trust Company of Cincinnati,
died suddenly on April 29 a few hours after he was stricken
appearing
their
approved by the Comptroller
was
latter
Adams is
of the Union
with
which
on
Clark
Downs
These, with
additional
stock
stock for
every
authorized
will
be
offered
to
$100 share at the rate of
per
five shares
now
held.
capital of $25,000,000.
issuance of the
stockholders
new
stock
substantial increase in
was
one
of
share of
The Bank
It is
The
record
stated
new
has
that
an
the
deemed desirable owing to the
the Canadian business of the bank
and that it is chiefly for the development of domestic com¬
merce
that the management of the institution has thought
it advisable to expand
an
the capital.
The bank already has
extensive and prosperous foreign
business, through which
the outside trade of the Dominion is being facilitated and
extended, but the funds used in the exploitation of this
obtained
entirely
from
the
deposits
received
in
are
foreign
[Vol
THE CHRONICLE
1946
countries.
The
installments
stock is made
new
Week ending May 1.
payable in ten monthly
Clearings al¬
beginning July 2 1920, the last payment being
Inc. or
V
April 11 1921.
Several
changes
in the
occurred
follows:
E.
F.
Macneill,
previously
of
management
of the branches of the Bank of Nova Scotia.
some
as
have
They
manager
are
the
of
Regina Branch has been appointed Manager of the Halifax
Branch, succeeding H. A. Flemming, who, after 46 years
of
service,
is
as
branch
active
retiring from
but will continue to act
management,
Secretary to the board of directors.
D. A. Y.
Merrick, Manager at Saskatoon, has been appointed
take the office which Mr. Macneill vacates at Regina and
to
0.
L.
appointed to succeed Mr. Merrick
Ferriss has been
Saskatoon.
at
Minneapolis-
——
Paul
Wichita
Duiuth
...
—
Lincoln
Cedar Rapids
...
Royal Securities Corporation, Head
incorporation of
a
Com¬
under New York State Laws, under the name of Agency
(Canada) Limited, with
Broadway under the managership of Oliver
Corporation
Royal Securities
offices
at
165
The addition of
E. Hurd.
a
New York office to its branches
37,309,960
14,766,116
15,717,235
+ 1.6
23,864,945
17,990,615
+9.5
10,372,602
+5.8
3,963,186
—11.4
10,719,299
7,376,165
11,082,000
9,657,189
4,694,752
2,339,052
2,431,587
+20.7
+9.7
+ 13.4
Eng., has been rendered
necessary
by the rapid growth of the Corporation's American business,
the most recent evidence of which
was
United States in conjunction with Lee,
public issue in the
Higginson & Company
Harris, Forbes, Inc. of $5,500,000 The Bell Telephone
and
Royal Securities Corpora¬
Company of Canada 7% bonds.
tion
was
founded in
1903
by Sir Max Aitken, now Lord
+ 15.8
from first page.
452,060
733,614
+40.5
496,577
802,798
+27.2
546,480
676,604
+7.7
702,208
799,530
3,002,000
2,073,302
1,208,364
Fremont
1,986,628
—
1,199,857
+ 25.8
906,585
1,600,643
486.958
+ 86.2
550,000
518,777
1,472,849
+ 8.7
974,122
-867,169
486,981,113
399,984,599
+ 27.8
348,844,098
310,522,872
152,552,256
Total Oth.West
142,384,736
.50,093,492
16,098,888
15,904,617
+ 7.1
137,840,322
127.642,49Z
+27.5
56.327,344
+69.3
24,783,009
12,303,673
3,200,000
42,826,626
33,998,619
18,124,444
11,265,418
3,574,744
....
Louisville—..
63,854,525
27,247,142
Houston
30,593,285
Orleans....
....
+92.4
+ 37.7
Galveston
6.800,000
4,938,133
Richmond
53,766,707
49.130,044
+9.4
20,595,107
14,798,362
51,858.706
+ 10.0
Worth.....
Fort
Memphis
...
57,016,927
22,567,845
16,671,476
+ 35.4
14,013,005
7,410,674
+ 63.0
Savannah.......
22,842,902
9,370,660
9,958,099
9,572,413
12,868,400
9,898,708
+43.5
Nashville
.
Jacksonville—.
14,000,000
Chattanooga J—.
7,655,914
2,847,790
4,410,996
+ 73.6
3,107,589
—84
3,378,934
—19.9
4,219,788
4,051,491 + 170.1
+39.3
9,491,124
...—
Augusta
....
Little Rock
10,943,480
Oklahoma
13,225,525
Mobile
4,664,677
6,625,794
1,600,000
.....
Inc.
ine. or
1920.
1919..
or
1920.
Dec.
1919.
S
$
%
'
%
%
KansasClty.... 997,408,242 796,290,140
i
+ 25.34 231,468,3833,161,422.646
Denver.......
St.
Joseph
Des
,
Moines...
Sioux City....
Duluth
Wichita
Lincoln
Topekat—....
Cedar
Rapids.
Colorado Spgs.
Pueblo
1.
Fargo
Sioux Falls....
Waterloo
.....
Helena
Aberdeen.....
Joplin.
Fremont...
153,194,203 116,785,448
72,315,295 70,607,143
59,346,300 45,358,956
57,702,313 42,280,362
31,842,082 27,542,993
61,309,222 40,926,881
26,211,414 20,681,870
14,539,731 15,365,848
14,065,812
9,908,202
5,432,043
3,874,522
4,106,278
3,517,794
14,519,130 12,317,105
16,992,904 14,733,859
9,731,602
7,995,751
7,761,214
8,454,500
7,277,472
5,865,424
6,344,000
9,011,750
3,675,348
2,990,245
Forks..
Lawrence.....
Iowa City.....
272,307,620
+66.
455,837,257
312,063,098
176,057,514
+ 49.8
245,054,577
+ 26.7
114,090,167
—5.4
63,423,306
+ 2.4:
+ 30.8
+ 36.5!
+ 42.0
+ 40.2
+ 16.7
+ 17.6
+ 15.3
+ 21.7
—8.1
Lewistown
+ 42.1
27,860,361
34,726,659
+ 22.9
i 15.806,886
+ 24.1
Great Falls....
t
St .'Louis
+ 31
12,950,313
9,249,170
+ 22
+ 91
+8
+7
+ 35
+38
—8
+ 31
+ 0.8
+ 35.6
21,991,000
+ 31
+ 18.5
8,050,473
+ 17
+ 22.0
14,004,731
6,847,213
9,377,470
2,183,922 + 48.2
3,376,894 + 571.5
2,582,680 + 0 05
715,337,306 630,037.390
.
Orleans.. 286,424,838 208,011,539
+ 13.5
+ 37.7
Louisville
104,159,141
74,495.206
+ 40.1
121.207,107
64,876,505
+ 86.8
28,605,900
20,331,176
+ 40.7
254,400,586 210.136,678
+ 21.1
86,623,778 59,374,738
295,207,165 207,845,364
111,680,785 74,270.350
42,847,624 25,689,183
104,514,526 68,484,269
44,403,040 40,342,260
+45.9
Galveston
Richmond
Worth...
Atlanta
Memphis
Savannah.
Nashville
Norfolk
Jacksonville...
84.686.725
56,835,119
Chattanooga
Kn xville
36,166,438
14,221,447
Birmingham
._
..
Rock..
59,655,888
......
10,696,645
.....
Charleston
21,917,983
Macon
21,784,634
59.517.726
31,120,141
Columbia
5,824,443,Not incl. In t
,066,121.497
,208,494,954
307,691,124
486,176,457
125,901,532
+ 50.4
+ 66.8
514,983,202
191,326,683
+ 52.6
+ 10.7
415,304,199
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
36,032,364
21,265,002
+ 57.7
+ 70.1
12,103,618
+ 17.5
20,330,505 + 193.4
7,288,945 + 46.8
12,830,737
+ 70.8
15,410,616
9,101,384 Not incl. in t otals
,122,556,647
350,375,887
,221,286,745
+ 78.6
44,379.870
+41.4
+ 31.1
8,009,114 + 288.6
9,060,076
+ 99.1
228,525,549
338,554,630
Beaumont
6,618,500
6,384,563
+ 3.7
70,503,240
27,433,729
Austin
8,176,746
18,185.548
—55.0
32,560,072
Columbus, Ga.
Wilming'n,N C
Vicksburg
6,761,389
5,252,204
3,229,001 + 109.4
3,718,896 + 41.3
1,730.093
1,910.742
—9.4
Jackson
El Paso.
Waco
Dallas
Newport News.
Montgomery..
Tampa
Texarkana....
Raleigh
Shreveport
Port Arthur
Wichita Falls..
18.627.534
+ 64.6
60.202.535
Muskogee
Tulsa
+ 53.6
3,255,748
+ 39.2
11,319,425
39,187,574
2,338,425
27,829,467 24,760,625
15,137,467
8,564,168
164,175,292 102,693,747
+ 12.4
+ 76.8
+ 59.9
4,434,572
4,431,761
+ 0.06
9,114,315
7,526,041
9,110,271
+ 21.1
11,545.249
3,577,804
3,558,815
8,333,696
24,075,074
1,862,890
25,615.403
+ 26.7
+ 0.5
4,504,454
+85.0
10,909,698 + ro.7
1,183,874
+ 57.4
14,145,957 + 81.1
Southern 3016376765 21956763H
9,114,803 + 41
12,713,685 + 434
10,729,070 —15,
29,873,506 Not incl. In t otals
+ 42.0
47,407,271
18,036,245
Oklahoma
12,884,327
67,892,355
9,082,207
+ 49,
otals
+ 43.4 9,468,211.547 6,967,197,747
Houston
Total
26,318,000
+ 29
5,745,000
1,720.936
2,400,109
Total Oth.West 2498326201 1742540928
Augusta
+58
+ 48
20,814,271
2,584,083
7,924,133 Notincl. in totals
2,489,061 Not incl. in totals
1,481,800 Not incl. in totals
Rochester.....
Little
75,536,804
40,425,786
33,645,289
13,895,050
12,566,164
45,035,244
55,637,847
29,194,515
36,755,784
21,171,597
17,750,163
3,238,009
Mobile
16,306,176
48,432,056
+ 15,
22,569,215
28,900,400
22,675,195
Fort
60,008,558
22,015,767
+ 38,
+ 98.5
Oshkosh......
443,418
11,708,213
8,663,682
3,968,904
2,577,698
+54.0
1,631,539
36,610,425
21,000,000
+ 74.6
16,096,607
4,785,722
2,616,485
+82.9
2,022,491
1,474,460
12,347,036
1,463,485
Southern
622,960,804
487,606,112
+ 27.8
443,547,096
350,571,518
»....
Canadian Bank Clearings.—The clearings of the Cana¬
dian banks for the month of April 1920 show an increase
over
the same month of 1919 of 30.4%, and for the four
months since Jan. 1, the gain reaches 36.9%.
I
+ 37.4
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
45,857,716
14,136,402
32,760,834
94,563,541
7,135,003
89,432,011
,555,221,290
+ 35.9
+ 16.1
922,050,065 + 31.1
356,776,360 —13.8
260,168,829
+ 86.9
84,059,428
+ 49.8
850,347,151
+32.0
255,614,189 + 33.2
887,008,230
+37.7
305,391,718
+68.6
105,071,148
+ 82.1
265,776,087
+ 56.3
153,912,244 + 24.7
201,921,584
+ 64.6
143,151,748 + 53.5
88,406,137 + 59.6
44,424,295
+30.7
83,249,011 + 173.6
27,955,462 + 51.8
50,307,283 +83.9
58,759,205 + 53.6
164,352,917 +39.0
29,532,391 + 369.2
35.255,407 + 100.0
24,743,700
+ 10.9
141,409,654 —77.0
12,294,517
15,070,546
7,185,993
46,355,173
+76.9
160,145,656
+41.2
9,983,762
92,548,330
38,835,041
424,161,235
18,109,484
+ 32.8
28,337,992
+ 39.4
+33.0
+ 10.8
+ 72.4
+ 26.4
+60.8
+ 65.4
—4.7
34,231,838 + 34.0
13,644,728
+ 3.6
16,407,762
+99.7
46,216,128 + 104.6
5,320,278 + 34.1
46,594,770
123^4847,432 9,110,308,766
+91.9
+36.1
Four Months.
April.
Inc.
Clearings at-
+ 52
82,273,991
55.165,033
40,338,227
270,015
282,936
589,284
+46.1
—
.
—4
160,543,018
.
+ 25.
1,800,000
2,607,798
+ 13.7
+ 10,
120.962,920
1,800,000
2,690,196
1,609,792
2,500,000
2,900,000
451,885
+ 34.
176,445,127
2,303,541
3,293,880
7,292,148
9,337,893
+ 51,
+ 15.6
614,480,546
343,724,225
265,872,578
220,503,609
115,094,728
+ 31 2
2,252,102
5,978,825
Kansas City...
New
+ 28.
7,787,400
2,039,907
2,929,130
Billings.
Mln
+ 58.
4,470,958
6,023,105
Hastings
Grand
+ 33
635,424,308
963,995,792
Minneapolis... 307,309,156 106,715,851 + 120 31 ,007,672,626
Omaha
315,273,873 228,585,121
+ 37.91 ,236,747.526
St. Paul...... 197,552,904 69,158,168 + 185.7
454,121,063
3,300,680
2,473,522
....
Total
Dec.
4,492,628
513,697
Shreveport
Clearings at-
1
3,566,573
370,523
7,414,136
6,163.478
3,392,072
13,641.597
Jackson
Dallas
■'
,,
+ 38.2
1,809,034
+ 30.8
1,750.000 + 278.6
—49.9
3,193,767
—2.5
380,135
2,500,000
Vicksburg
+ 41.4
10,340,384
9,851,357
6,816,289
4,710,595
5,703,139
5,024,357
3,313,532
3,427,663
4,577,284
7,862,289
1,661,055
+4.0
18,461,317
Muskogee.
Four Months.
+ 26.4
Birmingham
Knoxville..
24,201,573
11,751,174
24,480,180
11,053,851
42,273,333
10,825.333
12,844,441
6,664,093
+39.2
...
Norfolk
619,552
2,636,618
+ 14.5
1,599,338
1
Aberdeen
New
+9.5
1,704,424
2,137,086
935,959
,
St. Louis
1,813,040
1,457,598
Waterloo
Tulsa
April.
1,651,119
635,000
933,324
728,186
......
Austin
clearings brought forward
2,392,227
2,776,926
2,469,973
Fargo
Macon
Other Western and Southern
4,169,125
Pueblo
Charleston......
Beaverbrook.
8,263,006
6,518,576
6,333,221
9,369,489
7,485,904
4,721,729
2,700,000
2,166,286
1,863,375
+ 44.5
Atlanta..
in Canada and London,
35,781,284
19,339,680
15,184,39614,831,497
9,189,687
+21.2
—15.1
Colorado Springs.
Office, Montreal, into the American financial field is indi¬
cated in the announcement of the
38,092,868
2,177,235
Helena
The active entry of
136,360,818
28,957,349
16,236,632
5,437,765
2,824,723
2,666,725
Topeka..
174,080,442
25,509,760
13,951,506
Joseph—
Des Moines
$
$
%
+ 15.8
38,751,756 + 107.2
+ 14.9
51,791,521
Sioux City
St,
1917.
1918.
Dec.
192,961,010
19,671,214
21,657,338
15,971,815
11,738,439
7,804,834
9,817,045
...
Denver—.——.
Billings
of
$
59,483,447
Omaha
St.
1919.
223,445,703
80,283,284
Kansas City.....
Hastings
pany
1920.
S
due
110
Inc. or
or
1920.
1919.
S
8
%
Canada—
Dec.
1919.
1920.
Dec.
$
%
+ 33.6
Montreal
531 665,934 463,754,440
+ 14.62 ,252.756,492
Toronto
463 804,088 315,665,782
+46.9il ,741,798,530
685,673,320
213,620,545
+43.5
.
+22.3
755,526,193
595,092,040
+26.8
Vancouver
71 765,397i
48,996,055
+46.5
273,947,997
Ottawa
41 675,434
+
+43.2
+ 37.2
188 183,383:153.888,003
Winnipeg
+ 35.7
110,447,101
+ 18.6
+49.4
77,205,185
118,668,875
191,335,493
114,924,223
79.677.068
70,609,273
84,928,525
+ 34.4
56,656,491
43,607,594
+ 29.0
+ 38.5
61,103,032
139,181,447
45,973,014
+ 32.9
+43.2
+23.4
46,835,117
34,752,137
+ 34.8
+89.6
102,716,024
59,671,920
+ 72.1
+25.7
35.5!
157,619,979
68,321,711
52,583,335
+ 29.9
Brandon
3 167,430
30,749,589
22,353,270
16,767,183
22,423,175
11,123,884
12,110,323
23,831,494
9,658,898
16,826,237
14,796,178
2,509,342
+ 26.2
11,901,337
Lethbridge
4 588,281
3,034,366
+ 51.2
14,277,786
+29.8
....
9 812,068
8,128,712
+20.7
Brantford.....
7 025,759
+ 56.7
Moose Jaw...
7 379,639
4,482,643
6,872,875
2,563,116
2,165,971
1,732,798
34,987,158
23,519,000
9,121,122
10,999,299
27,993,817
+ 7.4
27,165,574
+ 10.0
+ 40.1
14,589,019
15,858,236
24.701,910
10.330.069
+ 46.4
11,290,103
8,361,685
+ 10.4
6,199,070
11,931,408
+ 25.6
+ 23.4
Quebec
30 339,053
;—
Halifax
19 882,133
Hamilton
33
St. John
—
500,454;
14 952,0291
...
777,4581
London..i....
16
Calgary
34 126,554
Victoria
11 914,125
31
....
903,710;
18
Edmonton
597,852'
Regina
Saskatoon
.
Fort William-
3 591,254
New Westmin'r
3 170,336
+ 38.6
+ 9.3
+ 39.7
+ 54.9
89,611,079
+ 30.5
+ 25.0
+48.3
+41.2
+ 35.0
Hat
1 913,617
Peterborough.
4 692,080
3,209,691
+46.2
7,783,404
15,802,763
Sherbrooke....
5 322,548
4,002,443
+ 33.0
18,877,745
Kitchener—
5 ,345,695
3,425,406 + 56.1
5,303,779 + 155.5
1,650,817 + 25.2
19,873,313
15,302,395
12,643,635
48,431,931
7,979,067
20,196,746 + 139.8
5,802,862 + 37.5
Medicine
13 ,742,647
Windsor.
Prince Albert.
Total
2
.
,066,412
1580905370 1212026470
Canada.
+ 30.4 6,219,262,374 4,541,501,811
+ 32.4
+ 57.2
+ 36.9
The clearings for the week ending Apr. 29, in comparison
with the same week of 1919, show an increase in the aggregate
of
113%.
Week ending April 29.
Clearings atInc.
1920.
1919.
1918.
1917.
%
S
Canada—
or
Dec.
Ottawa
—
Quebec....
;
_.
* .
-
Calgary
Hamilton
—
Victoria
:.
St. John
Halifax
—
London
Edmonton-..
.
...
16,407,834
68,684,677
—4.8
16,740 ,171
11,952,310
8,269,568
5,929,757
+ 40.1
8,183 ,554
5,936 ,115
0,594.744
5,060,705
+ 43.7
2,231,053
2,673,444
4,239,527
3,423,654
4,256,143
+ 21.7
2,196,200
1,737,417
+ 32.5
+ 5.8
2,054,859
3,825,766
2,094,502
2,816,801
+ 3.8
2,453,198
+ 61.4
4,079,136
533,278
698,444
+ 5.8
2,959,246
2,904,407
2,533,999
2,613.840
2,830,905
+ 24.8
842 ,456
,.
Vancouver
+ 1.2
+25.1
+ 20.6
790,000
900,042
2,165 ,984
...
44,757,082
2,714 .580
3,543 ,578
—
42,600,,841
7,273 ,565
......
Winnipeg.......
115,548,,170 114,213,095
78,657,667
98,458,,997
7,194 ,550
Montreal
Toronto.....
1,947,902
+ 11.2
1,588,550
1,845,505
1,255 ,079
1,468 ,296
+ 37.2
906,098
4,486 ,461
3,552 ,183
6,870 ,254
4,315 ,077
665 ,161
Regina
Brandon
Lethbridge
Saskatoon
96,380,501
63,528,236
46,937,700 100,640,605
8,004,440
10.185,473
—1.0
6,557,205
6,666,546
+ 0.1
4.615,628
+9.1
6,081,990
5,045,173
4,687,170
7,032,094
461,582
5,271,694
649,445-
981,482
New Westminster
700 ,720
915,373
1,415,763
563,477
574,715
Medicine Hat..
396 ,726
392,486
+ 1.1
Peterborough
902 ,827
+ 31.1
—4.0
783,471
858,328
662,073
925 ,099
688,568
963,616
.1,134 ,601
836,153
+35.7
541,107
565,296
1,363,258 + 140.9
+ 19.8
399,499
1,350,000
Brantford
Moose
..........
Jaw
Fort William
Sherbrooke
Kitchener
Windsor
Prince
Albert..
Total Canada
737 ,209
3,285 ,900
478 .643
342,376,797 307,648,417
+ 3.7
1,205,434
+ 30.9
578,092
+ 21.9
492,785
488,445
1,086,423607,47a
339,551
642,058
786,705
213,748
+11.3 251,167,996 315,904,803
May 8 1920.]
THE CHRONICLE
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
subjoined table, covering clearings for the current
1947
THE ENGLISH
GOLD
AND
—The
week, usually
We
once
appears on
month.
a
The
figures
received by telegraph from
are
SILVER
MARKETS.
the
following from the weekly circular of
Samuel Montagu & Co. of
London, written under date of
April 1 1919:
the first page of each issue, but on
account of the length of the other tables is
crowded out
other
reprint
GOLD.
A
remarkably large fall is shown in the Bank of England
gold reserve
notes.
The return issued to-day gives the amount
as
£111,646,970,
decrease of £3,562,950, as compared with that of last
week.
The moder¬
leading cities.
against
a
Clearings—Returns by Telegraph.
Week ending May 8.
Per
\
New
Chicago.
i
_______
San Francisco.
Pittsburgh
Detroit
_______
__
Baltimore
New Orleans
■■Y-r
+ 16.6
+ 9.0
not
+21.3
and
+ 28.8
upon
+27.5
Par
any
ship.
one
a
record
as to the amount of
golds
recently left England on the
Lapland—both carrying over £2,000,-
Two
vessels
It is understood that the former's
gold cargo is more than the £2,000,on board the German liner
Kronprinzessin Cecile at New York
+ 27.8
+29.5
similar large consignment.
We have heard from
Bombay by mail under date of March 12 that theprice of gold in that city—owing to Government sales—has
dipped below
Rps. 23.14-4, the equivalent per tola of gold as based
upon 15
of
transactions
sovereign (full weight).
Our correspondents state that as soon as dealers
able to secure gold
purchased in the last Government sale they com¬
menced to sell it
freely and the price again declined to Rps. 21.6.
The
quotation for the March settlement was
on
were
Exchange is appended.
Value
1919
are
1920.
The
results
given below:
Four Months
Actual
Quantity.
Aver.
Value.
Price.
99,201,457
IVal. $8,830,305,425 $7,910*393,545
RR. bonds
204,790,000
172,801,667
U. S.bonds 1,017,157,900
939,538,922
State,city&
or
1919.
Bank stocks
volume
of
Price.
141,349,000
46,200
$9,124,539,915'
share
140,137,454
SALES OF STOCKS AT THE NEW
fairly robust character during the week, though
a
seems
there would be considerable
rather taken off.
inquiry.
At somewhat lower rates
In reviewing the outlook, it should1
be remembered that China is
really bearing the onus of supporting a market,,
which comprises an
increasing production and large amounts of demone¬
tized silver. * The way in which these
large amounts of coin have accumu¬
lated is of interest.
Intelligent tradesmen, in the parts of Europe involved
in the late hostilities and
subsequent
99.1
98,797 213.8
87.6
unrest, insisted, and
properties
Exchange each month since
1920 and 1919 is indicated in the
The market has been of
the edge of the demand
94.8
89.8 $8,081,119,055 $7,076,628,005
in
been
now
sovereign made identical, the bazaar price of gold would
prob¬
ably adjust itself in accordance.
89.3
2,534 316.7
condition of affairs has
external and internal ratios of the
rupee to the
86.5
$7,008,363,655 $6,062,126,451
154,028,000
137,570,311
92.4
777,332,200
736,694,992
95.0
a
were the
SILVER.
89.6
transactions
Stock
Value.
Quantity.
Aver.
84.4
101,803,247
800
10,159,476,925
Actual
74,060,168
_
107,192,800
Rps. 1 below this ready rate.
This
extremely interesting in that it shows that Government sales
have achieved their
purpose and that
reached which suggests
that,
Par Value
StockjShs.
York
America,
New York
during the critical days of July 1914.
The last mentioned vessel did not
reach her intended destination but had to
take refuge again in Bar
Harbor,.
Maine.
It is reported that the
Philadelphia will sail this week with a
Descrip¬
New
South
000 placed
movement is
The
for
been shipped, or engaged
favorable effect upon the exchange between this
country
day—the Minnekahda and the
000.
+ 61.1
$6,674,965,406
a very
America, but has also established
same
+31.6
+29.1
695,421,276
only had
carried
+ 45.3
$5,519,884,512
1,155,080,894
monthly detailed statement
Four Months
...
taken
is reported from
for shipment, to Cuba,
Ceylon and Mexico, while $1,200,000 in gold have
been received from London.
The movement of gold on account of the
re¬
payment of the Anglo-French loan from the United States of
America has
$8,533,716,082
the New York Stock
Total
It
+24.7
+25.5
$7,037,843,688
1,495,872,394
for the two months of 1920 and
for .bonds
was
$500,000, $200,000 and $20,000 in gold have
rupees per-
Our usual
or
week
Settlements.
+27.8
Partly estimated.
tion.
the Straits
313,079,021
259,841,686
171,577,033
121,601,116
98.519,816
96,402,405
70,185,247
57,122,915
52,085,470
+22.7
-
gold available this
that
$4,824,463,236
Total all cities, 5 days
All cities, 1 day
of
amount
New York and
+ 21.5
$5,916,900,007
1,120,943,681
v..
Total all cities for week.
ate
Cent.
$3,131,969,668
452,078,859
67,251,830
Eleven cities, 5 days.
Other cities, 5 days
*
1919.
$3,806,590,101
563,527,401
*400,000,000
326,139,085
*200,000,000
132,520,551
119,525,285
124,175,073
*102,000,000
75,170,681
Boston
Kansas City..
St. Louis
1920.
Jan.
1
still insisting
are
far as possible on payment for their
goods in actual coin, and are giving
such change as required in the
sadly depreciated paper money of these
countries.
The stock of coin thus acquired was and is
so
the
on
in
buried, or conveyed
distance presumed to be safe.
Money changers and bankers
similar practices by either buying at a premium
advancing money upon coin deposited with them.
The limitation of the area of disturbance is now
setting free
secretly to
following:
a
must have embarked upon
or
YORK STOCK EXCHANGE.
gradually
1920.
immense quantities of silver coin—a slow
process, for the hoards are flowing
in rivulets of varying dimensions into the hands of
dealers, who retail the
parcels, when of sufficient size, to the London market.
News of the price
of silver and the profit derived from
realizing these hoards cannot
1919.
Mth
Number
Values.
Number
of
Shares.
Par.
$
Values.
of
Shares.
Actual,
quickly into the
$
Par.
Actual.
$
$
collection
of
throughout the
19.880,166 1,781,060,200 1,611,927,486 11,858,465 1,126,755,705
1,037,426,808
21,865,303 1,929,409,800 1,685,946,403 12,210,741 1,152,181,000
1,038,276,918
Mar. 29,008,749 2,585,053,325 2,312,469,840
21,403,531 2,019,230,100 1,845,369,427
.
vast
or whatnot—in
these countries
economic consequences of the Great War.
INDIAN
28,447,239 2,634,782,100 2,300,049,816 28,587,431 2,710,196,850
2,141,053,298
In Lacs of
following compilation
covers
the clearings by months
since Jan. 1 in 1920 and 1919:
MONTHLY
1919.
$
j
%
$
•
J
1919.
1920.
$
adjoining countries
seriously
affected
by
the
RETURNS.
Mar. 7.
Mar. 15.
18244
1 8274
1 7903
3864
3890
3894'
4204
4464
4422
...
Mar.
22.
366
110
100
1560
1560
8250
1560
7927
___
Securities (British Government)
Clearings Outside New York.
8250
The
Month.
1920.
CURRENCY
Rupees—
Notes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
CLEARINGS.
Clearings, Total All.
territory of.Russia and many of the
silver—paper
lstqu 70,754,218 6,295,523,325 5,610,343,729 45,472,737 4,298,166,805 3,921,073,153
The
coins
is not rastored, the flow of silver—and to
some extent of gold—coin
may not
yet have reached its full volume.
In any case it can be expected to last
for a very long time to come, if Russia becomes
tranquil under a stable
government.
It is evident that currency will consist of material other than
Jan.
Feb
permeate
interior of Europe, and even when known, the
must be slow.
Inasmuch as ordered security
eastern
these
%
$
coinage during the week ending 22nd ult. amounted to 89 lacs of
The stock in Shanghai on the 27th ult. consisted of about 42,300,in sycee, $19,800,000, and 25 lac.s of silver bars and U. S.
dollars,
as'compared with about 34.900,000 ounces in sycee, $14,600,000 and 120
rupees.
000
ounces
41,605,136,819 32,428,137,754 + 28.318,395,416,713 14,567,494,920 +26.3
February 33,230,502,161 25,808,147,986 + 28.8 15,086,449,738 11,613,895,464
+ 29.9
March
41,240,600,536 30,092,846,875 + 37.018,907,335,675 13,605,873,216 + 39.0
lacs of silver bars and U.S. dollars on the 13th ult.
The Shanghai exchange
is quoted at 7s. 4d. the tael.
Quotations for bar silver per ounce standard:
1st quar. 116 076 239516
March 27
January
_
Cash.
__
March 26
88,329,132,615
+31.4|52,389,202,126
39,787,^63,600 + 31.7
39,584 969,015 30,610,755,295 + 29.317,784,524,920 13,277,687,872
April
The
of bank
course
for the month of
+
34.0
clearings at leading cities of the country
February and since Jan. 1 in each of
March 29.
March 30
March 31
The
the
Two Mas. |
71d.
jApril 1__
_71d.
_.71^d.
71 %d.
72%d.
--72%d.
71^d.
71 %d.
72J^d.
72^d.
Cash.
Two Mos.
72VHd.
|Average
...7l.770d.
|BankRate
IBar gold oz. per fine
|
72%d.
71.791d..
_6%
_105s
quotations to-day for cash and forward delivery are respectively
and fid. above those fixed a week
ago.
same
the
last four years is shown in the subjoined statement:
BANK
CLEARINGS
——A
(000,000s
1920.
omitted.)
1919.
$
New York
AT
S
1918.
$
ENGLISH FINANCIAL MARKETS—PER
LEADING CITIES.
pril
1917.
$
1920.
Jan. 1 to April 301919.
1918.
$
$
65,875
54,912
8,376
4,444
56,803
5,753
5,527
2,527
1,277
2,180
1,313
1,419
17,333
14,094
14,653
2,270
2,222
Boston
1,651
1,259
2,112
1,014
Philadelphia
2,122
1,636
1,222
1,580
715
630
646
550
2,966
2,555
712
554
396
327
2,791
2,225
2,676
1,204
1,546
4,231
2,044
1,641
Chicago
St.
Louis
Pittsburgh
1,410
San Francisco.....
654
491
424
366
Cincinnati—.....
297
*237
240
167
Baltimore
393
316
257
182
997
796
816
564
Kansas
.
City
1917.
S
85,487
11,149
6,465
8,206
21,800
2,700
8,844
5,125
6,656
CABLE.
The
$
8,156
3,922
993
837
686
1,310
813
718
3,161
1,575
3,321
1,240
as
London,
Week ending May 7.
Silver, per oz
Gold, per fine oz
Consols, 2 yA per cents
British, 5 per cents
British, 4H per cents.
594
398
334
288
New Orleans.
286
208
241
154
1,208
922
906
578
367
167
129
136
1,008
635
528
74
101
81
308
357
394
233
109s.6d. 108s.
......
The
Tues.
Holiday
Holiday
107s.
......
Holiday
47^
83H
56.80
78
56.80
87.50
87.50
......
price of silver in New York
on
the
Wed.
Thurs.
May 5.
63}4
107s.6d.
47)4
83%
77H
May 6.
62H
108s.3d.
474
83%
7714
Fri.
May 7,.
60
108s.
48%
84%
77%
56.75
57
57.10
87.55
87.55
87.55
same
day has been:
361
251
Mon.
484
104
Sat.
May I.
May. 3 May A.
67H
65H
64^
..d.
French Rentes (in Paris)..fr
French War Loan (in Paris)fr.
2,165
Cleveland .......+
daily closing quotations for securities, &c., at London,,
reported by cable, have been as follows the past week:
Minneapolis
Louisville.
—
.....
Detroit.
540
Milwaukee
149
Los Angeles.
329
Providence
60
319
2,230
1,063
2,013
1,227
867
897
99
580
503
469
405
169
125
127
1,256
627
488
515
43
50
44
242
169
193
1,237
964
938
571
123
Omaha
315
229
256
141
Buflalo
194
99
90
75
736
371
340
300
St. Paul
198
69
64
63
454
272
244
233
76
62
58
55
315
237
238
218
Indianapolis
Denver..
110%
-■
-*ir>rLn-»ri-u*i_-Yi- I-MVI.-m
A
w«.ytJvys/ywwwwv^W'/wvwwWWWWWWWWWvWw^^'v^^AAft^AA^
153
117
101
67
614
456
358
247
210
178
102
1,123
850
659
389
112
74
53
44
515
305
235
182
198
155
148
90
742
591
506
322
Hartford
46
39
35
37
174
133
130
146
25 Schatz Mfg., 1st pref..
10 Morgan Steam Laundry
Salt Lake City
73
61
54
54
305
'233
210
212
59 Bond & Mtge. Guarantee
92,840
90,171
6,910
By Messrs. Adrian II. Muller & Sons, New York:
Shares.
Slocks.
Per cent.
Other cities
36,089 28,141 24,288 23,234 141,781
3,496
2,470
2,196
1,779
13,886
109,215
9,72 »
8,530
500 Relc
Equipment
39,585 30,611 26,484 25,013 155,661 118,940 101,370
Outside New York. 17,785 13,278 12,390 10,361
70,174
53,065
46,458
97,081
$10 each
40,278
15 Mueller, Inc., com
..
Per cent-
i
SI ,000 Kings Co. Ltg. 1st ref. 5s, '54
36
70
$1,000 New Orl.Ry.&Lt gen lien
4148, 1935
259,000 marks City of Berlin 4s
52
200
Corporation,
25c. per share
11
100 Wyoming Oil Synd. Units
Totafall
Bonds.
80
93 Royal Baking Powder, com...127
Total
W2%
Sales.—Among other securities, the following,
not usually dealt in al the Stock
Exchange, were recently sold
at auction in New York, Boston and
Philadelphia:
254
.......
10514
Auction
Memphis
Seattle
107^
©orawevctal atitlltttscellaucotts Hems
Richmond
.
100%
177
126
.
Silver in N. Y„ per oz...cts.H0
$500 lot
-
_
$19p?r 1000 marks
250,000 mks. City of Hamburg 4Ms
$19 per 1,000 marks
50,000 marks City of Leipzig 4)4s
$20 per 1,000 marks
.
(Vol
CHRONICLE
THE
1948
J10.
Per
By Messrs. R, L.
Day & Co., Boston:
5 Boston
Commonwealth Trust. 18 Mi
160-163
20 Falrhaven Mills, com
..295
2-3 Manomet Mills......
...
41X
3 Stafford Mills
...185
2 Easthampton Rubber Thread,
ex-di v.
..306 X
10 rights
51X flat
Wks._S96.94 per sh.
—
52 K
Per cent.
Bonds.
$24,000 Brockton St. Ry. 1st 5s,
1924, certifs. of deposit.
..66
■
flat
X Arlington Mills.. .. . t'm
5 U. S. Worsted, 1st pref
85
...
2SK
j 20 A. L. Sayles Co., com...:
1
of rec. May 20
1
of rec. June
July
*1X
Holders of rec. April
May 10
75c.
May
*IX
i-4.'—
30
la
Holders of rec. May
15
May
of rec. April
15
May 15
May 10
*2
preferred (quar.)...
14
30
of rec. April 30
1
of rec. May
Preferred..
1
June
1
Holders of rec. May
15a
3
(quar.)—.
June
1
Holders of rec. May
15a
...................
pref. (quar.)..
IK
July
1
Holders of rec. June
12
American Hide <fc Leather,
dc pref. (quar.)
IX
June 30
Holders of rec. June
14
Amer. Internal. Corp. corn,
% per sh.
Gas & Elec.
8c
4 American Mfg., pref.
82%
29 Herschell Splllman, pf.,$50ea. 47
19 Boston Wharf..
86
2 W.L. Douglas Shoe, pref
9514
10 Hood Rubber, pref.
99 X
16 rights New Bedford G. & E. L.
17c,
12 rights Charlestown
55
—
20
June
*IX
American Cotton Oil, common
Stocks.
Shares.
% per sh.
Boston....335
90 HoosacCot.MillSi pref , ex-dtvlOO
Stocks.
14 Second Nat, Bank,
.Extra
American Caramel,
1
Holders of rec. May
tc. May
♦1K
preferred (quar.)..__—.
Advance-Rumely Co., preferred (quar.;.
Alaska Packers' Association (quar.)
American Bank Note, common (quar.)—
American Brass (quar.)
Acme Tea, first
By Messrs. Wise, Hobbs & Arnold, Boston:
hares.
,
Days Inclusive.
Acme Coal Mining...
pf., $10ea. 10-10^
100 Unity Bidg. Trust
9,994 Mason Mach.
X Acadia Mills
215'K
Manufacturing.
25 Pepperell
Books Closed.
Payable.
Miscellaneous.
85 %
Wharf—
100 Glnter Grocery,
15 11111 Manufacturing.......
When
Cent.
Name of Company.
$ per sh.
10 European & North Amer. Ry. 89
Stocks.
Shares.
Slocks.
$ per sh.
1 First National Bank, Boston.340
Shares.
lire Eng., com. (quar.)
Machinery, com. (quar.)
2X
May 15
Holders of rec. May
1
June
Amer. La France
Amer. Laundry
to
June
to
June 30
May
8
to
May
IK
(auar.)
....
American Smelting & Refin., com. (quar.)
Preferred
1
May 23
June 22
May 15
$1
(quar.)...
American Radiator, common
3a
1
June 30
15
160
35 Sullivan Machinery
1 Bausch Machine Tool, com.
25 Ilendee Mfg., pref.
..123
to
May 30
to
15
May 23
Shares.
$ per sh.
$15 lot
t
18 United Gas & El. Corp., com
1
20 United Gas & Elec,. 1st pref. 14K
f
20 D. D. Wether ill, pref...... 89
500 Tono. North Star Mining.$21 lot
1,500 Tuxpara Star
Oil
$3 lot
400 Nevada Hills Mining
.$5 lot
200 New Hoffman Co
—_.$3 lot
Stocks.
Elec.8534-8534
31
72
sh.
9734
West End Trust
.169
Continental-Equit. T. & T.110
pref-.--
1
May 29
'Haiders of rec. May
15
Sept,.
1
Aug.
1
June
1
16
2034
Phila. Bourse, com., $50 ea.
7K
Securities Corp., general pref.40
Securities Corp. general com.
5
Enterprise Mfg........
68
Co.of Philadelphia.
A. T. Securities (quar.)...
f 200 Nat. Zinc & Bead of Boston.$6 lot
125
,1,000 Oklahoma Oil
$7 lot
10
400 Impt. Carbon Chaser
$1 lot
60
40 Tioga Trust.............-I K)
69 Fourth Street Nat. Bank...315
Bonds.
I
Per cent.
800 Friars
Oil
$3 lot
200 Mont .-Tono. Mines, $1 ea.$24 lot $4,000 Southern Traction 1st & coll.
5s, 1950, certifs. of deposit.2534
9,000 Brit. Col. Dredging, Ltd—$1 lot I
590 Bullfrog Stelnway Mining..$1 lot $10,000 Montgomery Transit 1st &
ref. 5s. 1946
1
1,000 Clara Foltz Gold Mining. _ f
5,000 Lancaster Nickel Mining.. j$l lot $1,000 Lehigh Vail. Trans. 1st Ser.
B 5s, 1935
8234
►
60 Northwestern Metals...
1
$1,000 Chattanooga Rys. 1st cons.
1,000 Ohio Tonopah Mining..... ($6
5s, 1956...
3634
$5,000 St. Louis K. C. & Nor. Ry..]
lot
$6,500 City of Salem, N. J., School
$1,000 Detroit Tol. & Ronton Ry.. j
District 434s. 1948
89 K
25 Corn Exchange Nat. Bank..385
Common
.....
Seven
York.
Merchandise Movement at New
at
1918-19.
1919-20.
Common
Holders of rec. May
♦$1.25 June
5
'Holders of rec. May
$
$
%
$
June
rec.
June 15a
IK
July
1
Holders of rec. June
15a
2
July
1
Holders of rec. June
15a
4
May
14
Holders of rec. May
8
nx
preferred (quar.)
(In com. stock).. */20
June
15
of rec. June
July
1
of rec. June 20
*2X
June
1
of rec. May
♦2
June
1
2
June
1
*1K
June
1
of rec, May
of rec. May
15
June
15
of rec. June
1
15
15
Holders of rec. May
2X
May
May
Holders of rec. May
la
2
May
15
Holders of rec. May
5
5
May
15
Holders of rec. May
5
(quar.)
(quar.)..
(payable in common stock).. .
.
8c.
8.589.023
16.740,934
8.438.132
21.023.969
December. 221,159.962
91,969,882 204.779.114 222.987.829
19.376,716
280.997,659
85.880.2 01- 257.151,089 264.544,534
21.284,852
January
.
..
April 30
Holders of rec. April
May
15
Holders of rec.
July
30
Holders of rec. July
May
15
Holders of rec.
K
6,342,5 0
8.026,387
9,856.349
1
7
May 15
*1X
*X
June
1
of rec. May
June
1
of rec. May
15
15
*x
Mine
1
of rec. May
15
49c. June
1
Holders of rec. May
15
May
15
Hdders of rec. May
10
5
5
(monthly)..
*K
19.323,958
10,600,101
2
May 20
Holders of rec. May
IK
May
K
Continental Paper Bag, com.
Totai- 20953126521958,349,143 2492437739 2170498971 167,697,004
75,808,257
Cosden & Co.,
(quar.)
(quar.)
...........
preferred (quar.)
Preferred
May 20
Holders of rec. May
(quar.)
Preferred (quar.)
Columbia Gas & Electric (quar.)_.._—
Consolidated Gas of N. Y. (quar.)
Continental Motors Corp., com. (quar.)..
22,429.000
April 30
of rec. May
Clinchfield Coal, common (quar.)
Colorado Fuel & Iron, com.
30
April 30
26a
e33 1-3 June 10 £Holdera of rec. June
—
292,275,856 130.844,316 396.929,064 312,904,175
.
March
April 30
Holders of rec.
15
stock). *fik
Preferred B (monthly)
260,144.811 110,759,849 301,626,954 311.376,177
February
Holders of rec.
15
IX
preferred (monthly)
Cities Service, Bankers' Shares
7,350.250
7,390.251
16.792.158
214.756,732 105,821.699 324,627.015 182,657.189
98,787.677 237 666.749 231,464.051
.
16
May
6
Common (payable in common
15.444.278
November 231.808,185
May
May
IK
Cities ServiceCommon and
October
IK
Carbon Steel, 2d preferred.
9,215.233
1
3
(quar.) —.
(quar.)
stock)..*
Chicago Mill & Lumber (quar.).....l—
20
of rec. June .19
.....
♦p200
(quar.)
10
Holders of rec. May 21
♦33 1-3
Oil
Bayou-Homei
1
10
of rec. May
. ..—-—
_ .
Cedar Rapids Mfg. & Power
S
i
15a
rec.
Holders of
(quar.)
—
Common (extra)..---.
Canada Cement, preferred (quar.).....
Canada Foundries <fc Forgings, com. (qu.
Preferred (quar.).
.......
15.281,139
96,101.747 237,532,410 237.731.667
July
:» 179,457.378
August... 163,182.188 122.452,147 264.759,378 209.108.295
251.529.881 115.731.618 267.365.966 197,725,054
September
18
Holders of
1
Burns Brothers, common
1918-19
9
3a
3a
May
1
Buckeye Pipe Line (quar.)............ ♦$2
Bull
May 19
April
rec.
1
Br unswick-Bal ke-Collender. common...
York.
1919-20.
1918-19.
to
'Holders of rec.
July
Chandler Motor Car (payable in
1919-20
16
May
May 25
May 29
June
Brooklyn Edison (quar.)...
Brown Shoe. Inc., com. (quar.)
Receipts
New
19
July
British-American Chem., com.
Exports:
Imports.
May
1K
IK
Canadian Converters', Ltd.
Month.
to
Brier Hill Steel, com.
STATEMENT.
Customs
1
April 18
IK
Flight per cent preferred (quar.)___.
(quar.)—
Preferred
15
15
May 24
Holders of
(quar.)
(quar.)
cent preferred (quar.)
Borden Company,
May
rec.
1
Bond & Mortgage
YORK—MONTHLY
NEW
OF
Holders of
June
Butler Mill, common
TRADE
'Holders of rec. July
IX
B
per
Aug. 16a
rec.
Holders of rec. May
♦3c.
Bethlehem Steel, common
....
FOREIGN
Holders of
May 15
h7
dividends).
special
Associated Dry Goods, 1st pref. (quar.).
Second preferred (quar.)
Art Metal Construction,
1234
26 Phila. Bourse ,pref., $25 ea.
8
Holders of rec. May
Preferred (account accum.
Merlon
T. & T. at $70
1 Library
15
Arkansas Natural Gas—
D...139
2 Guarantee Trust & S.
50 rights to subscribe to
1
May
...
(in com. slk.) */$2
3X
preferred..
*k75
Amer. Tobacco, com. (In Class B com.).
5
American Tobacco, common (quar.).
IK*
Amer. Water Works & Elec., Pref. (qu.)
$1
Anaconda Copper Mining (quar.)......
$ per
Stocks.
5 Real Estate Trust,
Truck
900 Smith Motor
June
IX
(quar.)..........
American Soda Fountain (quar.)..
Preferred
Lofland, Philadelphia:
By Messrs. Barnes &
Shares.
June
♦l %
American Sumatra Tobacco,
10 Turners Falls Pow. &
98
..........
*1
Amer. Steel Foundries, com.
'
|
Holders of rec.
15
June 15 j Holders of rec.
IK
to
8
t20c. May 15 j-May
Holders of rec.
May 15
IX
IX
May
June
Holders of rec.
15
IK
1
Holders of
rec.
April 30
May 12a
May 16
May
8
May
8
May 17a
150
Crescent
gold and silver for the 9 months:
Movement of
Pipe Line (quar.)............
Deere & Co., preferred
(quar.).........
♦75C. June
*1K
Diamond Match (quar.)
Gold Movement at New
2
.....
1 ♦Holders of rec
June
June
2
Dominion Bridge (quar.).-_.
Silver—New York.
York.
15 ♦Holders of rec
May 22
May 15
15
Holders of
rec
May 31a
rec
A
pril 30
1
May
i2X
IK
2X
15
Holders of
July
15
Holders of
rec
July
June
15
Holders of
rec
June
EziWrtS.
(quar.)
First and Second, preferred (quar.)..
Eastman Kodak, common (quar.)
July
1
Holders of rec.
May 31a
1918-19.
1919-20.
1918-19.
1919-20.
1919-20.
Common (extra),..................
2X
July
1
Holders of rec.
May 31a
Common (extra).....
5
June
$
$
S
8
?
April 30«
May 31«
Eastern Steel, common
Imports.
Month.
1919-20
October
23.609,1X0
3.903.713
1,974,60)*
088,892
3.921,003
268.600
1,680.894
1,901.535
2.881.673
Emerson
1,193.471
287.011
559.988
5.279,491
737.990
456.282
3.080.163
381.200
2.039.169
549.939
1,2-0.283
..
November
1.777.994
2,6*3 7 'd
September
531.690
12.110,147
221.832
261,913
1.738.094
December.
791.43*
861.071
22.246.193
985,950
1.858,736
14.251.986
January
183.085
649,358
17.790.299
2.517.289
2.327.316
709.700
1,458,285
1,708,182
529,787
668,246
24.814,399
2,346,310
3.132.386
232,476
35,247,500
2.311,250
1,770,599
460,250
5,573.143148,098,181
13,674,134
16,823.675
23,919,124
..
February
.
March
10,045,917
Total...
...
Preferred
(quar.)...
ElBenlohr (Otto) & Bros., com. (quar.)..
Electric Investment Corp., pref. (quar.)...
1,310.31'
August...
,
627.829
393.587
July
Imports.
Exports.
j
Phonograph, pref. (qu.) (No. 1)
following shows all the dividends announced for the
future by large or important corporations:
/
Dividends announced this week are printed in italics.
Books Closed.
Cent.
Payable.
Days Inclusive.
Extra
.........
...
.g.
Goodrich (B. F.) Co.. common
Preferred
l ......
(quar.)
Gilllland Oil, preferred
...
(quar.).
(quar.)....
..
Goodrich (B. F.) Co.. common (quar.).
(quar.)....
(quar.).
Harbison-Walker Refrac., com.
Preferred
(Steam.)
$1.75
Preferred
Atch. Topedk &
Santa Fe, com. (quar.)
(quar.)
Canadian Pacific, common
Calawissa, preferred stocks
Cin. N.O.& Texas Pacific, com. (quar.).
IX
28
Holders of
rec,
May 20
Aug. 20
Holders of
rec
July
June
June
(quar.)
stock)
Holders of
1
rec,
April 30a
rec
June
1
rec
May
Inland Steel (quar.)
Holders of rec
May 29
Int. Motor Truck, com.
June
15
Holders of
May 29
Kaministiqula Power, Ltd. (quar.)
Kelly-Spring Held Tire, preferred (quar.)
Lake of the Woods Milling, com. (quar.)
rec
June
1
Holders of
rec
May 29
June
1
Holders of
rec
May
Special guar, (quar.)
Cleveland & Pittsburgh, guar. (quar.)..
June
1
Holders of
rec
May
101
87Hc. June
1
Holders of
rec
May
10a
50c. June
1
Holders of rec
Illinois
Central
101
May 10a
2 K
(quar.)
Georgia Southern & Fla. 1st & 2d pref..
(quar.)
Norfolk & Western, adj. pref. (quar.)..
....
Norfolk & Western, com.
(quar.)
Pennsylvania RR. (quar.)
Pittsburgh & West Virginia, pref. (quar.)
June
21
Holders of rec.
Mayj28a
2Vx
May
13
Hol-'ers of
rec
May
1
Holders of
rec
IK
June
May
3
May
19
Holders of rec
A
1H
June
19
Holders of
rec
May 29 ♦Holders of
rec
May 29a
May
la
IX
pril 30a
May 31
Holders of rec
May
A
6a
May
13
Holders of rec
50c. June
10
Holders of
rec
May 25a
IK
May
16
Holders of
rec.
May
Central Arkansas Ry. & Light, pref. (qu.)
IK
June
1
Connecticut Ry. & Ltg., com. & pref.
3
May
15
?1
Reading Company, common (quar.)
First
preferred (quar.)
Preferred
prl! 20
(quar.).
Lanslon Monotype
Detiolt United
X
2
Preferred
June
1
3
May
15
3
Ry/(quar.)..:
Havana Elec. Ry., Light & Pow., com.
May' 15
Holders of rec. May
May
1
to
May
Holders of rec. May
(quar.).....
pril 30
May 26
April 15
15
Holders of rec
Holders of rec
la
May
June
15.
Holders of rec
May 31
1
Holders of rec
May 17a
June
1
Holders of rec
May 20a
June
1
Holders of rec
July
1
Holders of rec
May 24a
June 25a
May 20
Holders of reo
May 10a
Common
B
Manali Sugar, common
♦Holders of
rec.
Merrimack Mfg., com.
stock).
(quar.)
(quar.).
pril 30
15
IX
May
15
Holders of
rec.
April 30a
IX
June
15
Holders of
rec.
June
1
IX
May
15
Holders of rec. May
1
9
May
5a
Aug.
May
17 ♦May
May
15
to
16
1
Holders of reo. May
July
IX
f50
15
Holders of rec. July
1
22a
5a
July
20
Holders of rec. July
10
♦Holders of rec. May
18
June
Holders of rec. May
June
1
IK
May
15
Holders of rec.
May
15
Holders of rec.
June
10 ♦Holders of rec. May
$2
April 30
April 24
10
1
Holders of rec. M; y
10a
Maydl2
Holders of rec. May
7a
June
2
May
lb
Holders of rec.
April 30
2
May
lo
Holders of rec.
May
3
June
1
Holders of rec. May 22
June
1
Holders of rec. May 22
tlX
la
May 31 ♦Holders of.rec. May 21
Holders of rec. May 15a
1
June
May 29
Aug.
Holders of rec.
14 ♦Holders of
April 30a
rec. June
5
June
1
Holders of rec. May 17a
June
1
Holders of rec. May
17a
May 15
Holders of rec. May
1
June
1
Holders of rec. May
1
.Mine
1
Holders of rec. May
June
1
Holders of rec. May 17
June
1
Holders of rec. May
2
1
17a
Holders of rec.
Apt 11 17
2
June
1
May 1
May 31
June
1
Holders of rec. May
Sept.
1
Holders of rec. Aug. 15
Holders of rec. June 25
June
1
Holders of rec. April 27
May
15
Holders of rec
50c. May
15
Holders of rec. Muy
la
1
Holders of rec. June
10a
May 10
..
33
1-3
2
25c.
40c. July
May
(quar.).
5a
May
Holders cf rec.
4
2
Common (payable in common
pf. (qu.)
rec.
Holders of rec. June 21a
1
16
*2
3
(quar.)..
Common
Water Pow., pf. (qu.)
A tig.
2
_
pref...
Miami Copper (quar.)
1
July
50c.
(quar.)
MerrittOil Corporation
15
I
2X
Martin-Parry Corporation (quar.)
May 20
May
I
SI
8peci-il...
May 20
A
May
IK
IX
May
rec. May
$1.50
to
rec.
IX
I
Holders of rec.
15 ♦Holders of
Holders of
15
3
(quar.)
15
15a
May
Holders of rec. May
1
June
♦2
*e50
Lig-Mar Coal Mining Co., Inc. (quar.),
to
pril 24
1
June
3
15a
Pacific Gas & El., 1st pf.&oilg
A
June
$1
Lehigh Coal & Navigation
Libby, McNeill & Libby (in stock)
8
West Penn Railways, preferred
West Penn Trac.
la
May 12
Holders of rec. May
May 15
$1
A
Holders of
IX
1
50c.
April 24
*7 5c. June
Montreal L., H. & Pow., Cons. (quar.).
Norfolk Railway & Light
L.
Machine(quar.)
Massachusetts CottOD Mills
(qu)
15
Lee Rubber & Tire (quar.)
Massachusetts Gas Companies,
Street and Electric Railways.
American Railways, preferred (quar.)
10 ♦Holders of rec
May
June
*IK
7a
1
•75 c.
June
IK
15
1
tDelaware & Hudson Co.
HoIdP18 of rec
•75c.
...
June
IK
Special guaranteed (quar.)..
15
(In com. stock). 1100
3
IK
(quar.)..
Holders of rec
May
Holders of rec. May
♦1K
(quar.)
Illuminating & Power Sec. Corp.,pf.(qu.)
Indiana Pipe Line (quar.)..
l.
8
Holders of
June 39
2X
♦$1.25 May 19 ♦Holders of
Cleveland & Pittsburgh, reg. gu. (quar.)
Preferred
May 22
IX
(quar.)
Hartman Corporation
16
3X
Common (extra
IK
2
$2.50
(quar.)...
Hamilton Manufacturing Co.
When
$ 1.75
rec.
(in stock).. *f 10
13
stock)...
IX
Federal Utilities, preferred (quar.).,.
IK
Firestone Tire & Rubber, 7% pref. (quar.)
IK
Flsk Rubber, 2d pref. (quar.)
'
IK
General Asphalt, preferred (quar.)....—
2
General Chemical, common (quar.;....
\K
General Cigar, preferred (quar.)
IK
Debenture prefei red (quar.)
50c.
General Development (quar.)
Common (payable In common
Railroads
Holders of
16
Federal Oil. common (in com.
Great Lakes Dredge & Dock
Per
Alabama Great Southern, ordinary
rec.
1
May
Endicolt-Johnson Corp., com.
Gillette Sarety Razor
The
of Company.
Holders of
July
♦50
DIVIDENDS.
Name
1
IX
1
1
e50
Moline Plow, first
preferred (quar.)
Second preferred
(quar.)
July
10
to
Holders of rec.
17
April 30a
June
14
18
IK
June
1
Holders of rec. May
IX
June
1
Holders of rec. May 18
2
May
15
Holders of rec.
A nril
SO
May 8
1920.)
THE CHRONICLE
Ptf
When
Books Closed
Cent
A ame of Company
Payable.
Days Inclusive
Statement of New York City
Clearing House Banks
Companies.—The following detailed statement
and Trust
Miscellaneous (ConcludeD
Nash
April 20
shows the condition of the New York
1
Holders of
rec.
May
15a
Holders of
members for the week
15
rec.
June
30a
May 29
Holders of
rec.
May
17a
May 15
Holders of
rec.
May
la
4
May 15
Holders of
rec.
IX
June
Holders of
rec.
May 21a
May 24 Holders of
May 10 ♦Holders of
May 26 Holders of
rec.
May
rec.
April 30
May 15
Motors, preferred (.guar.)
National Acme
1X
(quar.).
July
2
-
.
Com. (payable in com. stock)..
National Lead, preferred (quar.).
New Cornelia
May
1%
IX
IX
(quar.;
National Biscuit, oommon
Preferred
(quar.)
.
-
*4
.
IX
New
York Shipbuilding (quar.)
Niles-Bement-Por.d, common (guar.).
Preferred
Nunnally
*S1
.
1
June
26c.
Copper
New Jersey Zinc (quar.)
15
June
rec.
May
1 ♦Holders of rec. May
3a
(guar.)....
rec.
June
rec.
May
5a
June
1
Holders of
rec.
April 30a
June
1
Holders of
rec.
May
May 15 Holders of
July
1 ♦Holders of
rec.
April 30
rec.
June 21
IX
$1
May 15
*30c. May
*
common
2
(quar ).
$1
May
IX
Pittsburgh Oil A Gas (quar.).
Pratt A Whitney, preferred
(quar.).__
Pressed Steel Car, common (quar.)
May
5
Holders of rec. May
Holders of rec. May
Holders of
rec.
M
2
May
Holders of
rec.
May 12a
rec.
April 24
May
y
5a
19a
2
May 15
July 15
*/40
Shawmut Steamship (quar.)
62Xc. May
$
Average.
Average Acge.
$
$
$
854
5,519
35,690
4,797
789
133,676
2,821
13,129
98,156
169,686
31.012
9,068
18,451
135,001
10,338
4,172
f.ooo
1,500
25,000
7,289
57,025
570,968
1,051
13,952
4,230
71,461
♦610,803
3,000
10,004
106,537
904
10.386
75,340
1,600
1,000
1,054
21,690
521
2,532
18,873
553
300
152
5,679
99
680
4,337
Nai
5,000
1,448
12,825
93,342
"5*939
25,000
7,128
30,328
129,690
NatBkof Comrn
336,515
28,165
3,687
260,425
25,704
6,699
1,697
2,745
1,453
34,062
1,000
National City
Nat
Chemical
Nat..
Nat Buteb A D:
Exch
Amer
Bank.
Chath A Phenb
27,953
*41414 1**14
84
43
298
4,812
19
5,109
14,539
110,609
12,675
4,571
128,201
2,787
18,989
128,440
57.013
984
5,726
38,981
"iiio
982
1
Metropolitan
2,000
2,910
32,648
1,954
5.306
June
1
Corn Exchange
154,184
6,360
21,578
36,232
154,671
*8*, 729
Holders of rec. June
1
Holders of rec. June
Sears. Roebuck A Co., common (quar.
Common (payable in common stock
$
128,023
15
15
Co.
Average Average
S
53,713
3,784
June
15
Average
$
6,866
fo.OOO f16,146
7,238
8
May 31
tories.
19,389
May
June
Ac.
Bank
3,000
Holders of
June
lation.
3,000
7
la
15
IX
IX
posits.
Deposit Deposits.
7,000
April 30
Holders of rec. May
May
2
(guar.)
Vault.
Hanover Nat
rec.
May 29
IX
First preferred (quar.)
Second preferred (quar.)____._w._
Seamms (R. E.) Co., Inc., pref.
Circu¬
ments,
Feb. 28
Nat'l
12,652
Pacific
IX
.
De¬
Citizens' Nat
Holders of
15
Time
Demand
Reserve
J9.000
Atlantic
15
2X
.....
Savage Arms Corporation, com. (quar)
Net
Legal
S
Bank of A merle-
15a
9
May
with
in
2,000
Mecb A Metals
rec.
June
2
rec.
Holders of
June
IX
Pullman Company (quar.)
Quaker Oats, preferred (quar.)
Holders of
Manhattan
16 ♦Holders of
2
*5
Cash
Members of
Bk ol NY, NBA
Holders of rec. May
6
June 26
3
tb
June 30
15 ♦Holders of rec. April 30
May 20
Nat'l,
Fed. Res. Bank
1
3
Discount,
Feb. 28
ending State.
May 1 1920.
Tr.Cos.,Feb. 28
10
June
IX
(quar.)
May
June
1
Loans,
Profits
Week
April 30
rec.
rec.
June
IX
OS
HOUSE RETURNS.
Invest¬
(.000 omitted.)
10
July
May
*2A
rec.
♦Holders of
May 15
CLEARING
Net
CapitalJ
HOUSE
MEMBERS
17
1 ♦Holders of
*$1.25 July
WEEKLY
Holders of rec. April 15a
10 ♦Holders of
e33 1-3
YORK
CLEARING
la
Holders of
*/5
Payable in slock....
NEW
10
Holders of
-
Pacific Development Corp. (quar.).
Paige-Detroit. Motor (monthly)
case
are
(Stated in thousands of dollars—that is, three ciphers [,000] omitted.)
May 20
$1
City Clearing House
ending May 1.
The figures for the
the averages of the daily results.
In the
of totals, actual figures at end of the week are also
given:
separate banks
7a
June 21
50c.
common
Ontairo Steel Products, pre!., (qua
Owens Bottle Co., com.(pay .in c< m
Preferred
rec.
VA
Ohio Cities Gas, common
Penmans, Ltd..
Holders of
2
(quar
Company,
1949
rec.
Holders of
rec.
^.Holders of
rec. May 15
Holders of rec. April 30a
4,620
8,776
Imp A Trad Nat
1,500
National Park
5,000
1,000
8,468
21,073
East River Nat
Second National
100
682
3,703
28,318
25)
61
1,463
20,941
159,993
3,426
4,833
695
1,000
37,531
208,140
11,768
318
1,501
11,172
786
50
19,511
90
637
First National
10,000
274,949
1,228
23,293
177,307
7,924
8,276
May 15
Holders of
rec.
May
8
Irving Nat Bk
J 9,000 110,141
200,940
5,272
25,345
191,878
3,947
2,296
IX
May 15
Holders of
rec.
May
8
IX
Preferred
2,846
1
4,417
33,847
817
Holders of rec. May
2
May
10
Holders of
rec.
April 28a
Continental...
IX
May
15
Holders of
rec.
May
Chase Nat Bank
IX
May 15
Holders of
rec.
April 30
(guar.).
Smith
(A. O.) Corp., pref. (quar.)
Southern California Edison, com.
Holders of
15
rec.
June
15
1
N
Y CountyNa
24,260
1,000
1,000
351
14,928
733
731
1,174
6,641
120
21,735
8,272
392,481
137
15.000
5,191
43.805
302,234
15,715
3,005
20,552
1,747
12,825
196
1,005
l'ioo
500
2,348
20,393
968
4
June
1
Holders of
rec.
May
Commercial Ex
200
967
8,525
453
1,384
2
Holders of
rec.
May 14a
Commonwealth.
400
795
9,451
451
1,323
9,562
IX
May 25
May 15
Holders of
rec.
May
Lincoln Nat
1,000
2,109
20,917
1,021
3,047
20,456
2
May 31
Holders of
rec.
May 20a
Garfield Nat...
1,000
1,437
15,046
530
2,052
15,301
115
396
IX
May 31
20a
Fifth
1,000
535
15,866
317
1,756
12,900
440
249
*2X
June
Holders of rec. May
15 ♦Holders of rec
May
15
Seaboard
1,000
51,020
1,083
6,607
67
June
15 ♦Holders of rec. May
15
5,000
97,948
527
9.707
45,951
73,735
543
*1
4,301
7,116
3,418
1,976
*3
June
15 ♦Holders of rec.
1,500
1,519
24,010
842
2,078
14 983
670
409
447
395
(guar.).
Southern
Pipe Line (quar.)
Spencer Petroleum, com. (monthly)
Stafford Co., preferred (guar.)
Preferred
Standard Oil
(quar.)
(California) (guar-.).
Extra.......
Standard Oil (Indiana)
(guar.).
Extra
*3
June
June
5
Fifth Avenue
.
...
National
liberty
Nat
Nat
May 17
C oal A Iron Nat
May
Bankere,
f
15
*4
Standard Oil of New York
(guar.)
Standard Sanitary Mfg., con.
(quar.).
Preferred (quar.)
17
15
Holders of
reo.
May
U S Mtge A Tr
720
May 20a
Guaranty
25.000
4,803
31,757
60,690
rec.
527,580
2,848
6,768
54,797
Holders of
rec.
May 20a
Fidelity Trust
1,000
1,307
13,311
363
1,600
11,942
399
$1
May 15
May
Columbia
5,000
7,453
79,457
1,226
10,994
79,759
6,164
hi,500
hi, 900
34,568
1,040
33,185
2,044
3,000
407
64,182
24,356
2,610
May
I
rec.
to
5
5
4
Trust
Trus
__
Trum
2
Holders of
May 15
May
rec
la
June<Z21
Franklin
*ix
June 21
I Incoln
May
15
rec.
May
5
479
3,201
2,000
3.355
38,628
580
3,655
24,296
27,996
1,000
1,320
17,726
557
1,005
122,075
4,400
1,329
14,465
12.951
5,000 10,633
k2,000 k 1,560
*126,314
12,540
22,936
580
2,728
21,290
293
Nassau N.Bklya
May 20
Holders of
rec.
May
5
Farm Loan A Tr
May
Holders of
rec.
May
1
Columbia Bank
15
June
X
15
Holders of
reo.
June
16
Holders of
res.
June
1
rec.
May 10
May 10
Totals, actual
co
co
*2
May 14 "Holders of
rec.
90,603 552,942 c4,009,133 215,607 35,731
87,190 562.309 c4,044,343 214,893 35,834
93.003 562,329 4.006,901 215,998 35,612
90,492 559,682 4,079,881 214,408 35,720
1 4,981,110
ndltion AprlI2' 4,943,616
May
15
Holders of
rec.
April 30a
Totals, actual
May 20
Holders of
rec.
May
Totals, actual co ndition April 17 5,020,410
10
*1X
IX
IX
June
1
"Holders of
rec.
May
United Cigar Stores, pref.
(quar.)...
United Drug, second prefe,red
June
15
Holders of
rec.
May 28a
June
1
Holders of
rec.
May
♦4
May 10
dividend
5
2
rec.
May
12a
15 "Holders of
rec.
May
1
Holders of
rec.
May
Holders of
rec.
*3
Extra
July
May 29
rec.
rec.
June
705
338
5,640
1,000
1,456
28,012
3,649
1,822
Stare
2,000
1,508
69,020
3,666
2,249
30,278
32,449
4,050,
5,683
88,685! 35,176
1,625
10,565
6,034
124,130
10,521
122,348
10.321
6,169
5,739
Totals, actual
ndltlon April 17
120,532
10,750
5,629
co
Trust
\fp
Compart ie.s
5,000
12,906
4,000
5,994
1
15
ntle Guar A Tr
16
17a
Lawyers T A
1
to
M"y
rec.
May
Holders of
rec.
rec.
May
15
*2
June
X
June
White (J. O.) Engineering, pref. (quar.)
White (J. G.) Management, pref. (qu.)
IX
IX
Tune
1
Holders of
reo.
M
y
Tr
tcrs
'Of Resetve
•< he
918
B
3,874,
46,202
28,698
1,018)
31,984
929
2,024
19,710
311
74,900
1,936
5,898!
51,694)
1,240
73,851
1,966;
5,935
50,694
1,286
l
75.094
1,931,
6,350'
52,532!
1,230)
Totals, actual oo-ndltlon 'April 17
72,784
1,862
5,658)
49,436
1
Holders of
rec.
May
15
June 30 * Holders of rec. June
15
9,000|
Average
Totals
actual condition
Totals, actual
18,901
:May
eo|ndltlon Apr!12
15
June
White
Motors
1
* Holders of rec. May
May 26 ♦ Holders of
rec.
May
IX
June
1
Holders of
rec.
May
15
14
15
IX
Tune
1
Holders of
rec.
May
15
1
Holders of
rec.
May 15
(quar.)
Corporation, pref. (monthly)
*$1
1
May
10
Holders of rec.
May
Woods Petroleum A Refining (monthly)..
Woolworth (F. W.) Co., com. (quar.)..
1
May
15
Holders of
rec.
April 30
2
Tune
1
May
2
to
M <y
stock)...... /50
Tune
1
M
2
to
May
Wire Wheel
Com,
*
.....
(payable in
com.
._
y
19
19
closed
for
stock.
lated
this date and not until further notice,
this dividend,
/ Payable In
dividends,
b Less
common
i Payable
British
stock,
in
g
Liberty
Income tax.
Transfer books not
(/Correction,
Payable in scrip,
Loan
a
e
Payable In
h On account of
accumu¬
bonds.
k Payable in Class B common stock.
o
Dividend is
p
Payable in Class B
one
share of
new
common
common
Comparison
for every two shares outstanding,
stock.
Clearing House Banks.—We give below
week
April2l 5,141.058 105.255 574,418
4,147,552 252.329 35,612
Ap* 117 5,213,726,103,094 570,969
aggr,
aggr.
act'lcond'n
April
4,216,285250,25135,720
4,172,128251,974 35,905
4,240,248251.692 36.526
aggr
Gr'd
aggr,
Or'd
*
April 10 5,136,313107,906 550,868
3!5,182,776 103,480 572,058
Includes deposits In foreign branches not Included In total footings, as foUows
National City Bank,
A Trust Co.,
for
such
$137,966,000; Guaranty Trust Co., 587,812,000; Farmers' Loan
$18,893,000.
Balances carried in banks In foreign countries as reserve
City Bank, $42,923,000: Guaranty Trust Co.,
deposits were; National
$13,742,000; Farmers' Loan & Trust Co., $3,814,000.
c Deposltsin foreign branches
d U. S. deposits deducted, $88,990,000. e U. S. deposits deducted,
not Included,
$83,685,000.
h As of
Boston
pre v.
+975)—152
1 5,179,091 99.677 574,413e4,185,289 251,419 35,834
+ 38,033 -5,578
—5
+37,737; —910, +222
act'lcond'n
act'lcond'n
act'lcond'n
Gr's
793,000.
mary
May
act'lcond'n
aggr,
1,240;
252,023 35,731
38,317j
—...
Gr's
Gr'd
t Declared subject to the approval of Director-General
1 The New York Stock Exchange has ruled that stock will not be
on
avge:238,570)439,676 5,141,235!103,104 564t874 d4,149,512
Comparison. pre!v. week
—40,620—2,443—6,517! —
Or'd aggr,
1
From unofficial sources,
of Railroads.
quoted ex-dividend
90,252! 35,240
88,119 35,101
34,603
86,968
May 20
rec.
*2X
....
132
35,044
1
May 20
Holders of
* Holders of
Whelan OH (No. 1)
White (J, G.) A Co., Inc., com. (guar.)..
Pref. (quar.)......
White (.7.(7.) Rnineorinq, com. (vtar.)
(quar.)
20,318
1
May
Holders of
May 31
1
122,663
1
ndltlon AprlI24
Average...
May
1
June
Bank....
Holders of rec. May
75c. May 31
*\x
15
May
'Holders of
15
IX
....
June
"Holders of
1
1
West India Sugar
5,668
Totals, actual co
4
y
rec.
Mav 29
30c. May
Grape Juice, com. (guar.)
(quar.)..
Finance, com. (quar.)
M
Holders of
June
IX
Wayagamack Pulp A Paper (quar.)
839
Totals, actual «•(> ndition May
June 2
May 29
♦2
(quar.)
2,545
250
Bank
May 10a
\x
(o)
U. S. Worsted, com. (pay. In com.
stock)
Vacuum OH
It
19,963
10a
1
IXC. June
June 29
IX
Corporation, com. (quar.)..
Preferred
(quar.).....
rf
1,878
1
May 27
IXC. June
...
U. S. Steel
'
ff.f ■
g800
Greenwich Bank
Bowery
Holders of
*1X
......
"fh
State Bankx.
N Y Prod Fxcb.
15a
<?200
United Paperboard, oommon
50
ndltlon May
IX
Fuel Gas (quar.)
1,233
225,520 415,092 4,943,672
Average.
e50
(quar.)
1,764
1,028
1
Tune
May 14 "Holders of
*4
United
Preferred
817
24,227
Trust
Trust
May 15 "Holders of
2
...v.
Tobacco Products Corp.. com. (quar.)..
Union Bag «fe Paper (payable In
stock).
Union Tank Car. com. A pref.
(quar.)..
26,249
925
Metropolitan Tr
15c.
.....
92,456
1,204
New York T~us
*IX
)
Extra....._.^
11,256
1,000
3,402
9.307
3,358
1,000
Peoples Trust.
2
Preferred
26,688
20,925
Holders of
Monthly..
Welch
49,916
10,536
9,086
*498,617
210
4,854
241,938
2,877
1
(monthly)
Waldorf System, preferred
Warwick Iron A- Steel
29,504
32,085
1
*2
United Profit Sharing
Extra
3,962
950
June
Texas Chief Oil (monthly)..........
(guar.)..
768
June
Holders of
*1X
Preferred
42,857
292,422
1,464
IX
hirst and second preferred (quar.
Studebaker Corporation, com.
(guar.).
Preferred (guar.)..
Stock
719
2,504
18,547
20,000
2,000
IX
Stewart-Warner Speedometer (quar.
Superior Steel—
Extra
24,645
1,500
nlon Exch...
Brooklyn True"
hlX
Brothers, preferred (guar.)
Preferred (account accum. dividends)...
Timken Detroit Axle (guar
,
May 10
May 10
IX
Stern
Texas United Oil
1,000
8,757
Bills payable, rediscounts, acceptances and other liabilities, $1,026,1920.
f As of Mar. 29 1920.
g As of Mar. 10 1920.
k As of Mar. 4
April 5 1920.
j As of April 17 1920.
a sum¬
showing the totals for all the items* in the Boston
^
Clearing House weekly statement for
BOSTON
CLEARING
My
1
1920.
HOUSE
a
series of weeks:
STATEMENTS OF
RESERVE
AND
MEMBERS.
Changes from
April 24
1920.
1920.
Averages.
Cash
Circulation
_
_
HOU8E BANKS
COMPANIES.
April 17
previous week.
POSITION OF CLEARING
TRUST
3.209,000 Inc.
Loans, disc'ts A Investments. 593,272,000 Inc.
Reserve
4,759,000 443,229.000 463,618.000
4,272,000 114,172,000 117,882 000
23,000
16,522,000
16,549,000
United States deposits
8,248,000 Dec.
1,612,000
538,000
5,153,000
9,860,000
22,161.000
6,967,000
24,277,000
59,853,000
in
Total
Reserve
Surplus
in Vault.
2,000
3,207,000
3,241,000
10,403,000 582,969,000 582,188,000
Individual deposits, Incl. U.S. 438,470,000 Dec.
Due to banks
109,900,000 Dec.
Time deposits
16,499,000 Dec.
Reserve
Depositaries
Reserve.
Required.
Reserve.
19,565,W0
552,942,000 552,942,000 527,655,500
15,963,300
16,599,000
6,034,00(
62,540,000
-
Exchanges for Clearing House
from other banks
21,623,000 Dec.
Due
54,700,000 Dec.
Cash In bank A in F. R. Bank
72,209,000 Dec.
7,082,000
79,291,000
79,715,000
24,509,000 Dec.
6,748,000
31,257,000
29 750,000
Reserve
excess
Federal
In
Reserve
bank
Bank
and
L
Reserve banks
Trust companies*...
Total May
1
Total Apr 1 24
Total April 17
Total April 10
Formerly
included
under the head
of "Individual Deposits."
$
Members Federal
State banks*
1,936,000
5,898,000
7,834,000
7,754,100
12,591,000 564,875,090 577,375,00^ 551,372,900
12,419,000 571,391,000 583,810,000 556,264,930
12,862,000 570,842,000 583,704,000 559,494,080
13,111.000 571,290,000 584,401,000 557,452.180
25,286.500
635,700
79,900
26,002,100
27,545,070
24,209,920
26,948,820
[Vol. 110.
THE CHRONICLE
1950
Actual
Cash
Total
Reserve
Surplus
Reserve.
Required.
Reserve.
$
%
%
562,309,000 562,309,000 532,211,380
16,690,000 16,245,360
6,169,000
10,521",000
7,604,100
7,901,000
5,935,000
1,966,000
1
State banks*
Trust companies*...
1920.
1
May
'
30,097,620
586,900,000 556,060,840
586,670,000 551,118,290
583,571,000 559,886,410
566,056,000 554,278,900
30,839,160
35,551,710
444,640
296,900
Total April 17....
12,487,000 574,413,000
12,252,000 574,418,000
12,602,000 570,969,000
Total April 10
13,188,000 552,868,000
1....
Total April 24....
23,684,590
11,777,100
Not members of Federal Reserve Bank.
$
reserve
6,289,700 Inc.
deposits.
on
19.2
P. C. reserve to dep..
%|
27,300
19,467,200 Dec.
104,700
-
2"l,137",100
Inc.
213,923,700
543,700
7,767,200 2,109,511,600
284,259,500
390,900
16.6%
Same
72,092,800 Inc.
904,255,000 Dec.
113,115,500 Inc.
.v
'
Dec.
4,329,900 2,003,560,400
11,130,800
174,900
31,910,200jDec.
Deposits with the F.
R. Bank of N. Y—
:
179,589,000
—
750,751,000 Inc.
Currency & bk. notes
%
116,700,000
52,703,000!
Specie
previous week.
1,900
Inc.
61,200
Dec. 16,413,800
Dec.
6,130,200
Dec.
0.5%
trust companies,
May 1, {6,468,210 April 24, $6,446,490 April 17, $6,481,140, April
b This la the reserve required on net demand deposits in the case
10, $6,494,820.
of State banks
but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
and
$
28,600,000!
Reserve
required on net demand deposits In the case of State banks
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:
This Is the
1920.
I
Surplus as of Feb. 28
Differences from
1
previous week.
Capital as of Feb. 28
Deposits
*
a
and
May
Differences from
1
$
Loans & Investments.
Total May
Companies.
Week Ended
May
1920.
Reserve banks...l
Trust
%
$
Members Federal
YORK CITY.
NEW
State Banks.
in
Vault.
IN
COMPANIES
TRUST
b
Reserve
Depositaries
Reserve
in
AND
BANKS
STATE
Figures.
trust companies,
May 1, $6,446,790, April 24, $6,479,940; April
17, $6,432,240; April 10, $6,490,410.
and
Banks
Non-Member
Companies.—Follow¬
Trust
ing is the report made to the Clearing House by
non-member institutions which are not included
clearing
the
in
"Clearing House Return" on the following page:
278
State
Companies Not in Clearing
Banking Department reports weekly
Banks and Trust
House.—The
State
HOUSE.
(Stated in thousands of dollars—that is, three
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
NEW YORK, NOT INCLUDED IN
Loans and Investments...
Specie
$787,918,600
-
Deposits with Federal Reserve Bank of New York..
Total deposits
Net
Demand
Time
Bank
Legal
Den
De¬
Circu¬
May I
Statebks.Feb.28 ments,
Vault.
Deposi¬
posits.
posits.
lation.
,
Dec.
$814,400
Inc.
Dec.
Dec.
Dec.
161,900
149,100
1,436,100
7,374,500
Bank.
Res.
1,554
16,498
241
200
691
207
Total
675
1,225
8,184
1,017
21
515
3,444
554
200
670
13,560
358
1,257
7,476
6,277
400
1,346
8,970
564
966
6,866
3,400
5,957
66,495
1,614
7,727
50,468
7,477
—Trust Companies
Stale Banks
15.03%
7.19%
$77,304,200
26,047,100
13.95%
4.69%
$37,817,000
cos
22.22%
$103,351,300
18.64%
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hta.
Total
100
444
3,467
430
205
Colonial Bank
600
1,332
14,872
1,958
1,279
500
337
6,442
760
509
3,421
16,119
6,308
"356
1,200
2,113
24,781
3,148
1,993
25,848
356
Hamilton Tr, Bkln
500
1,023
9,364
619
386
7,729
942
Mechanics Tr, Bay
200
437
9,900
318
459
5,098
4,770
700
1,461
International Bank
Banks and Trust
Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED
RESULTS
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
BANKS
AND
NEW
TRUST
COMPANIES
and
Investments.
6,002,477,800
3
.
10
17
24
.
31
6,085,367,900
6,190,394,500
6.148,908,100
6,091,136,800
7
6,027,329,800
6,009,316,400
14
5,932,509,000
21
5,887,539,200
5,871,844,300
6
5,871,656,000
5,890,723,400
5.891.763.200
13
5,884,557,500
5,934,438,800
3
April
April 10
April 17
April 24
5,946,884,000
5,959,998,300
1
....
5,970,588.000
5,929,153,600
—
-
Companies
Not Members of the
Fed'l Reserve Bank.
IN
19,264
937
845
12,827
5,712
5,300
Total
9,532 110,540
5,699
10,565
a89,143
13,545
580
week
—433
—2
+6
—265
—41
—3
89,408
13,586
583
90,612
13,537
570
89,979
93,430
13,654
594
14,236
585
——
YORK.
Demand
*
Total Cash
4,874,397,000
4,978,225,000
4,997,475.100
4,946,748,500
4,979,339,100
4,930,832,900
4,959,253.200
4,922.639.900
4,883,820,600
4,837,357,300
4,881,252,700
4,883,9* 0,600
4,990,480,100
4,915,902,800
4,979,072,300
4,997,453,900
5,015,732,100
Depositaries.
5,007,452.600
4,965.687,100
606,641,800
152,867,900
147,113,100
729,999,100
150,519,400
5,300
9,532 110,973
5,701
17 \ 5,500
9,800 111,763
5,835
Gr'd aggr April 10
5,500
5,935
10,559
10,699
10,963
3
5,500
9,633 111,658
9,633 116,612
6,607
10,399
Gr'd aggr April 24
703,777,800
135,734,500
Gr'd aggr April
664,736,800
136.692,800
671,113,200
675,721,600
682,179,300
667,361,800
130,482,500
134.336,100
138,651,200
135,817,600
136,837,300
137,477.500
137,498,800
134,062,200
132,585,200
129,262.500
134,487,200
129,740.800
131,772,400
126,207,200
us
Comparison prevlo
Reserve in
in Vault.
Deposits.
♦This item Includes gold, silver, legal tenders, national
Reserve notes.
a
673,921,100
649,253,400
679.267,600
688,403,300
729.909.700
694,405,700
694,100,200
689,051,100
bank notes and Federal
U.
deposits deducted, $509,000.
S.
Bills payable, rediscounts, acceptances
Excess reserve, $61,580 decrease.
and other liabilities, $10,957,000.
.rWy--.'!
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending May 1, with comparative
642,654.000
647,225,300
679,329,400
statement
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 m
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 Rgal depositaries" and "Cash in vaults."
Week ending M< y 1 1920.
New York
Two ciphers
com¬
panies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
definitions and rules under which the various items
For
April 24
made up, see "Chronicle," V. 98, p. 1661.
The
provisions ofl the law governing the reserve require¬
of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V. 104,
p. 1975)The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Trust
i
$32,975,0'
Capital
S4,ooo,o;
87,484,0;
Surplus and profits
Loans, di8C't8 & lnvestm'ts.
Exchanges for Clear. HouseDue from banks.-—-—
Bank deposits
11,536,0
763,733,0|
34,777,0
129,490,0
21,232,0
314,0
536,347,0
7,485,0
21,789,0
673.322,0
6,138,0
52,247,0
3,129,0
13,466,0
685,953,0
3,215,0
3,231,0
13,809,0
68,801,0
13,858,0
70,215,0
53,860,0
14,941,0
54,384,0
15,831,0
15,0
7,171,0
Included)
Res've with Fed. Res. Bank
133,881,0
544,520,0
52,247,0!
12,545,0
3,129,0
921,0
Total reserve and cash held.
64,792,0'
4,050,0
Reserve
50,082,o;
14,710,0;
3,145,0
68,842,0
53,227,0
905,0
15,615,0
Reserve with legal
Cash In vault*
deposit's.
-
required.--
Excess res. & cash in vault—
*
$36,975,0
98,993,0
820,724,0
30,552,0
132,658,0
141,244,0
553,104,0
7,118,0
701,466,0
8,712,0
53,126,0
587,0
651,553,0!,
U. S. deposits (not
805,057,0
28,714,0
123,791,0
243,0
515,115,0
Total deposits
798,510,0
29,103,0
117,184,0
28,516,0
-
Time deposits
$36,975,0, $36,975,0
98,993,0
99,020,0,
117,169,0
129,247,0;
-
deposits
1920.
Total.
F.R.System.Companles
Individual
ments
Membersof\
(00) omitted.
April 17
1920.
City State Banks and Trust Companies.—
In addition to the returns of "State banks and trust
are
Trust
...
Gr'd aggr April
Mar. 27
1
Total
Grand aggregate..
Loans
Mar. 20
May
OF
GREATER
Week ended—
Jan.
580
State Banks
1?,235,300
$25,581,700
Deposits In banks and trust
Jan.
"389
RESERVE.
Cash In vaults
Dec.
-
191
80
315
241
500
r;
First Nat Bk, JerC
19.4%.
223
Average Average
$
$
12,147
12,351
600
New Netherland—
Yorkville Bank...
3,448,500
5,041,300
2,016
1,748
11,857
11,709
3,901
W R Grace & Co_.
Dec.
Dec.
$
$
1,500
Battery Park Nat.
Mutual Bank
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
i
816,175,100
141,168,300
Average Average Average Average
$
$
$
$
Members of
Fed'l
Deposits, eliminating amounts due from reserve de¬
Percentage of reserve,
tories.
<&c.
Tr. cos. Feb.28
1920.
Nat'l
previous week.
8,206,800
18,323,400
76,355,200
864,586,400
Currency and bank notes.
Net
with
in
Dis¬
counts,
Week ending
Differences from
May 1.
Reserve
Cash
Nat.bks.Feb.28 Invest¬
Capital. Profits.
CLEARING
NON-MEMBERS
CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
ciphers 1000 omitted.)
Loans,
Net
::
■
■.
BANKS AND TRUST COMPANIES IN GREATER
SUMMARY OF STATE
INSTITUTIONS OF NEW YORK CLEARING
RETURN OF NON-MEMBER
Cash In vault Is not counted as reserve for
7,552,0
7,646,0
51,777,0
Federal Reserve Bank members.
Member Banks of the Federal Reserve
Board
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
In the statement
fTATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF
SELECTED CITIES
Heavy
response
withdrawals of deposits from reporting banks,
AS
AT
CLOSE
apparently
in
to the spring demand for funds in country districts, accompanied
by substantial liquidation of loans and investments and increased borrow¬
ings from the Federal Reserve Banks, are indicated by the Federal Reserve
Board's statement of condition on April 23 of 811 member banks in leading
cities.
Holdings of U. S. bonds declined by about 8 millions, while Victory notes
increased by 4.5 millions.
Treasury certificate holdings show a
oh hand
decline of 51.4 millions, largely in New York City banks, loans secured by
Government war obligations—a decline of 27.7 millions, and loans secured
by stocks and bonds—s decline of 31.9 millions, also largely for the member
banks in New York City.
All other loans and investments were 14.2 mill¬
ions larger than the week before.
As a consequence of these changes, total
OF
MEMBER
BANKS
BUSINESS
LOCATED
APRIL
IN
CENTRAL RESERVE AND OTHEB
23 1920
reporting banks, including rediscounts with Fed"
week of 100.2 millions.
deposits were reduced by about 19 millions for all reporting
banks and by 20.1 millions for New York City banks, while other demand
deposits (net) show a reduction of about 260 millions.
Time deposits in¬
creased by 13.1 millions.
Reserve balances with the Federal Reserve Banks
show a decline of 23.5 millions for all reporting banks, but only a nominal
change for the New York City members, and cash in vault decreased by 2.7
loans and investments of
eral Reserve Banks, show a decrease for the
Government
millions.
Total
accommodation
received
by
reporting member banks from the
week of 47.2 millions.
Bills
Federal Reserve Banks shows an increase for the
Government war obligations held under discount by Federal
Reserve Banks increased from 1,190.3 to 1,194.1 millions, and other dis¬
secured
by
counted paper so held shows an
increase from 863.1 to 906.5 millions.
May 8
1920.]
THE
1.
Three ciphers (000)
Boston.
omitted.
Number of reporting banks
U. S. bonds to Becure circulation.—
Data for all
New York
46
reporting banks In each district.
PhUadel. Cleveland.
116
1951
CHftONICLE
Richm'd.
Atlanta.
57
92
82
Three ciphers (000) omitted.
St. Louis. Mlnneap. Kan. City
Chicago.
Dallas.
107
35
35
83
44
67
811
7,221
10,297
2,085
15,053
19,573
17,855
34,605
23,319
269,793
585,200
5,397
3,508
7,974
18,724
12,792
36,494
202,316
11,091
51,743
59,660
144,824
1,687,427
10,765
33,328
31,731
1,112,626
145,882 3,147,591
929,138 11,138,634
13,061
47,498
11,347
41,874
27,223
14,015
21,397
16,926
13,948
227,668
59,478
19,861
34,169
29,102
8,431
6,384
300,758
31,410
18,918
19,536
65,133
36,278
73,847
14,272
7,641
37,407
29,026
9,427
59,554
3,054
14,405
72,057
663,382
109,354
152,623
88,741
69,037
196,655
48,657
30,694
60,944
543,198
191,607 1,334,930
757.250 3,886,909
24,753
108,750
453,301
30,911
585,067
890,457
386,271
408,976 1,776,482
40,478
156,756
409,107
19,893
342,743
26,972
63,449
110,866
205,435
307,627
80,499
544,530
rediscounts with F. R. banks- 1,081,858 6,428,419 1,018,422 1,473,355
620,690
568,434 2,537,304
33,225
195,358
389,125
23,062
8,692
229,815
701,525
42,423
14,957
435,499
64,002
96,701
Other U. S., incl. Liberty bonds.„
U. S. Victory notes
U. S. certificates of indebtedness—
Total U. S. securities—
Loans
and
bills
and
investments,
rediscounted
other
87,458
i
Total.
San Fran.
47
60,933
630,118
including
with
F.
R.
banks:
Loans sec. by U. S. war obligation
Loans sec. by stocks and bondsAil other loans and investments—
118,566
87,532
36,928
256,820
Total loans and Investments incl.
Reserve balances with F. R. Bank—
86,353
24,376
Cash In vault
Net demand deposits
693,003
67,422
16,971
92,480
32,758
35,907
665,827
857,925
352,201
26,700
8,585
361,600
7,331
103,143
3,152
4,299
380,235
101,566
41,735
47,880
152,891
175,554
56,800
15,894
29,509
50,285
121,146
801,123 5,194,865
137,610
421,914
13,490
108,547
Time deposits
Government deposits
B1113 payable with F. R. BankSecured by U. S. war obligations.
29,344
All other
18,820
13,780
654,998
43,163
67,928
9,978
287,190 1,412,233
149,782
614,631
6,779
338,504
122,569
3,776
41,263
112,632
30,655
2,232
727
7,643
5,631
13,009
11,877
4,990
28,759
39,591
260,870
71,607
45,858
610
.
360,573 1,251,575 17,086,278
25,397
75,855
1,413,648
11,512
26,913
367,831
237,166
610,422 11,422,770
44,964
478,024 2,621,640
1,282
1,458
2,580
9,543
170,822
14,394
25,738
28,614
35,039
889,095
4,389
5,551
1,234
3,141
67,643
16,899
54,723
85
735
''
Bills rediscounted with F. R. Bank-
26,327
60,762
Data for Banks in Federal Reserve Bank and
2.
."'./'I-''
i'
Secured by U. S. war obligations.
Allother
304,988
902,060
^ranch Cities and AH Other Reporting Banks.
All Other
New
Three cipher a (000)
York.
April 23. April
Number of
Total.
Reporting Banks.
16. April 23. April
16. April 23. April
16. April 23. April 16. April 23. April 16.
72
73
50
37,801
37,551
202,077
1,438
1,438
100,212
99,931
70,803
70,803
98,778
195,012
30,325
29,875
13,195
13,727
144,293
50,536
119,721
70,671
332,344
327,717
104,181
144,866
76,667
283,012
321,186
108,725
51,406
43,055
42,183
31,592
34,756
458,774
505,498
105,257
109,035
66,087
66,973
592,492
642,643
76,550
79,796
988,897 1,037,327
370,889
376,110
327,641
328,818
obllg..
511,463
520,052
by stocks and bonds. 1,172,721 1,204,500
332,775
reporting banks
U.S. bonds to
circulation
secure
.
Other U.S. bonds, incl. Lib. bds.
u. s. Victory notes
.
U. S. certificates of indebtednessTotal U.S. securities
Loans and
All F.R.Bank Cities. F. R. Branch Cities.
Chicago.
omitted.
277
50
278
198
197
336
April 16
April 23
336
Apr 25 *19
811
811
772
98,462
269,793
121,200
585,200
202,316
268,823
657,697
630,118
269,196
593,783
197,770
681,506
2,046",358
1,687,427
1,742,255
2,972,878
investments, including
bills rediscounted with F. R.
banks:
Loans sec. by U. S. war
Loans
sec.
75,871
AI1 other loans and investments 3,427,407 3,416,113 1,075,208
79,618
857,524
887,645
144,966
139,707
110,136
112,965
1,112,626 1,140,317 al,099,898
343,660 2,224,717 2,265,975
490,357
432,517
428,703
3,147,591 3,179,452 a10264007
484,774
1,074,416 7,091,766 7,083,637 2,160,087 2,150,894 1,886,781 1,889,918 11,138,634 11,124,449
Total loans & Investments, incl.
rediscounts with F. R. banks: 5,704,083 5,783,308 1,560,402 1,577,490 11162904 11274584 3,166,299 3,151,485 2,757,075 2,760,404 17,086,278 17,186,473 14,581,778
Reserve balances with F. R. bank
Cash in vault..
-
Net demand deposits
Time
deposits
-
-
-
646,899
646,849
104,560
106,742
4,680,133 4,791,592
300,889
299,103
■Government deposits
Bills payable with F. R. BankSecured by U.S.war obligations
All other
140,120
39,324
963,902
105,775
125,883
275,462
3,632
342,738
315,400
53,350
137,413 1,046,602 1,048,796
216,893
200,805
166,241
171,429
1,437,118 1,288,044
1,413,648
37,996
200,341
209,963
74,188
85,509
72,981
86,316
370,467
353,173
367,831
967,064 7,953,521 8,124,497 1,745,639 1,797,689 1,723,610 1,760,567 11,422,770 11,682,753 10,209,754
273,616 1,173,243 1,167,317
865,200
872,210
576,187
575,986
2,621,640 2,608,503
1,717,842
3,208
146,381
12,018
165,667
13,490
10,951
525,735
12,164
170,822
189,849
52,881
618,006
589,733
100,396
103,659
889,095
1,300
164,693
3,052
184,184
477
4,599
860
750
4,389
877,576
6,649
256,431
271,651
31,048
23,349
17,509
17,723
304,988
312,723
658,359
632,704
137,397
123,430
106,304
100,322
902,060
856,456
12.3
12.4
14.8
15.2
„
Jl,104,126
Bills rediscounted with F. R. B'k-
Secured by U.S. war obligations
All other—
Ratio of U. S.
war
war
Investments,
per
156,762
6,659
205,026
>
163,150
7,690
197,021
j 244,995
securities and
total
to
paper
149,218
158,844
loans
and
18.7
cent
19.4
9.7
10.0
15.6
16.2
14.1
•-I''"-
14.1
Exclusive of rediscounts with Federal Reserve banks.
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board
Further increases of 16.5 millions in bills secured by Government war
obligations and of 40.4 millions in other discounted bills are indicated in the
Federal Reserve Board's weekly bank statement, issued as at close of busi¬
ness on April 30 1920.
Federal Reserve note circulation, for the first time
since
April 9, shows
serves
an increase of 6.3 millions, while the Banks' cash re¬
declined by 12.8 millions.
As a consequence of these changes, the
further decline from 43 to 42.4 per cent.
Holdings of acceptances purchased in the open market show an increase
of 2.6 millions, while Treasury certificates holding show a nominal decline
reserve
ratio shows
a
Total earning assets
of 0.9 million.
were
about 59 millions larger than the
week before.
.
Of the total of 1,465.3
millions of loans secured by Government war obli¬
gations, 690.9 millions or 47.1%, were secured by Liberty bonds, 295.6
millions, or 20.2%, by Victory notes, and 478.9 millions, or 32.7%, by
Treasury certificates, as against 46.7, 20.2 and 33.1% of a total of 1,448.8
millions of loans secured by Government obligations reported the week
before.
Discounted paper held by the Boston, New York and Cleveland
Combined Resources
and
Liabilities
of
the
banks is inclusive
Richmond, Chicago, St. Louis, Minneapolis, Kansas City and Dallas banks,
Louis and San
St.
millions less than the week before.
Net deposits figure out at 39.1 millions
above last week's figure.
The banks' aggregate liabilities on Federal Re¬
serve
as
a
Bank notes show
Gold coin and certificates
174,561,000
876,003,000
112,781,000
agencies
-
185,654,000
,
374,380,000
112,781,000
189,229,000
360.088.000
112,781,000
Gold reserves,
reserves
Reserve districts.
%
Gold settlement fund, F. R. Board-.--.
further decline of 2.8 millions.
increased by the nominal amount of 0.2
millions.
An increase of 8275,000 in capital account is due largely to in¬
creases in capital and surplus of member banks in several of the Federal
Apr. 9 1920
Gold with foreign
a
result of further withdrawals for export, show a decline of about 13
millions, while other cash
Federal Reserve Banks
$
Francisco banks.
Government deposits declined by 5.2 millions, members' reserve de¬
posits increased by 3.8 millions, other deposits, including foreign Govern¬
ment credits, increased by 2.1 millions, and the
"float" carried by the
Reserve banks and treated as a deduction from gross deposits was 38.5
$
$
April 30'
while acceptances held at present by,New York, Cleveland, and San Fran¬
cisco banks comprise 18.1 millions of bills acquired from the New York,
Apr. 30 1920. Apr. 23 1920. Apr. 16 1920.
RESOURCES.
on
of 149.6 millions of paper discounted for the Philadelphia,
183,117,000
368,724,000
112.781,000
at
April 2
the
Close
1920.'Mar.
%
of
Business April 30 1920.
26 1920. Mar.
f
19
'20. Mar. 12 1920. May
%
2
1919.
S
$
171,585.000
379,558,000
154,237,000
363,132,000
150,600,000
388,271,000
169.978,(010
346,707,000
391,649,0(0)
600,989,000
112,781,000
112,781,000
112,781,000
112.781.000
Gold redemption fund
660,712,000
664,622,000
663,924,000
672,815,000
630,150,000
663,345,000
662,098,000
1,137,928,000 1,150.658,000 1,170,313,000 1,173.125.000 1,169,137.000 1,186,829.000 1,161,695.000
112,174.000
119.743.000
117,198.000
117.776.000
126,220,000
•135,447,000
122,883,000
Total gold reserves
Legal tender notes, sliver, Ac.
1,936,72 ',000 1,949.693,000 1,955.294,000 1.957.490,000 1,950,259,000 1.934.755.000 1,934,581. )00 1,936,364.000 2,166,618,000
125.745.00 >
120,366.0(0
130,109,000
129,810,000
122,400,000
70,601,000
134.045,000
132.437,000
133.875.Q00i
Total gold
held by banks
Gold with Federal Reserve agents.
Total
674,408,000
1
142 576 00<
119 380.000
947,696,000
1,104,699,000
114,223,000
2,070,765,000 2,083,568,000 2,087,731.000 2,087,306.000 2,080,428.000 2.057.155,000 2.060.326,000 2, '56,73 «.000 2,237,219^000
reserves
Bills discounted'
Secured by Govt, war obligations---.
All
other
-
Bills bought In open market
Total bills
on
hand
-
U. S. Government bonds..
U. 8. Victory Notes....
U. 8. certificates of Indebtedness
...
1,465,320,000 1,448,804,000 1,430,888,000 1,410,069,000 1,400.064,000 1,441.015,000 1.353.509.000 1.515,959,(0)0 1,788,068,000
854,172.000
907.487,<00
178,715,000
009.849.000 1,008,215,000
957.469.00 >
980,303,000
1,069,751,000 1,029,378,000
463.232,000
604.172.000
424,041,000
422,241,000
195,284,000
451,879,000
404,672,000
416,784,000
407,247,000
2,942,318,000 2,882.854,000 2,827,975,000 2.789.779.000 2,824.554.000 2,901,109,000 2,670,913.000 2.927,618.000 2,162,067,000
26.797.000
26.775.0(0)
20.7X9,Of,0
26,798.000
20.798,000
27,132,000
26,797,000
26,797,000
26,799,000
68.000
68.(0)0
68,000
68 000
68,000
68,000
08,000
68,000
4 >7.n0,«;oo
207.461.00
339,919,000
345,550,000
263,056,000
194,262",000
267,066,000
303,728,000
266,649,000
All other earning assets
Total earning assets
Bank
3.235,832,000 3,170,785.000 3,158,570,000 3.156.564.000 3,196,970,000 3,191,031,000 3.1O4.897.:00 3,221,922,10)0 2,383,461,000
11.793.000
11.791.000
12.009.000
12,104.000
10,974,000
11,990,000
12.123,000
12,328.000
12,369,000
-
premises
Uncollected
from
Items and
gross
other deductions
deposits
all other resources
Total resources
LIABILITIES.
Capital paid In.
793,615,000
835.676.000
768,788.000
966.609.OOf
817.926,(00)
12.481,000
13.689.000
13.851,< (K)
4,474,000
13,900,000
4.907,000
14.387.OOf
5,802,000
6,050,467,000 6,108,325.000 0.234,413,000 6,067,872,000 0,143,240.000 0,047,771,000
—-
5% redemp. fund agst. F. R. bank notes
6.16365700'
713,353,000
12,091,000
6,057,000
817,028,000
13,438,000
5,178.000
956,609,000
14,015,000
5,305,000
5,645.000
5.485.000
6,127.7 15.00
653,926,000
8,636,000
8,010,000
5,302,226,000
90.871, OOP
90,958,000
91,284,000
91,160,000
91,059.000
82,198,000
91,364.000
91,272,000
120,120.000
120,12 LOOO
120.120,000
120,120,000
120,120,000
49,466,000
120,120,000
120,120,000
58.027.000
55,324,(001
10,416.000
8,777,000
143,273,000
27,711.000
30,595,000
37,592,000
42,810,000
Due to members, reserve account
1,859,844,000 1,856,092,000 1,898,810,000 1,850,960,000 1.899.063.000 1,867.125,000 1.850.106,000 1,886,920.000 1,644,434,000
643.063.000
575.497.000
568.752,000
575,412,000
546.696,000
512,703,000
Deferred availability items.—
677,282,000
524,156,000 .589,283,000
98.286.000
131.714,000
100,969.000
100,605,000
128,466,000
100,160,000
102,657,000
Other deposits, Incl. foFn gov't credits104,493,000
102,430,000
91,639,000
— .
Surplus
120,120,000
Government deposits.
Total gross
deposits..
—
F. R. notes in actual circulation
F. R
bank notes In circulation—net llab.
All other liabilities
Total liabilities—.
—
2,526,085,000 2,590,615,000 2,709,344,000 2,535.754.000 2,609.945.000 2,541.692,000 2.652165 OOO 2.616.030.000 2,428,876,000
3,074,555,000 3.068,307.000 3,073.693,000 3.080.217,000 3.077,323,000 3.048.039.000 3,047,133.(00 3.039.75>, 0)9 2,549,040,000
21l.132.OfMi
220.738.n0
196.594,000
190.157,000
201,392.000
161,450,000
186,501,000
180,631,000
177,881,000
42,149.000
47.980,000
40,190,009
50.464.000
45,469,000
31,196,000
53.483,000
57,288,000
60.187,000
6,050,467,000
8,108,325,000,6.234,413,000
6,067.872,000 6.143.246,000 0,047,771,000
6,163057 WO 6,127.705
*00 5,302,226,000'
THE CHRONICLE
deposit and
Ratk) of gold reserves to net
40.5%
P. R. note llabll't es combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
43.3%
1
Ratio of total reserves to F. R. notes In
circulation
setting
after
aside
35%
against net deposit liabilities
$
Maturities—
Distribution by
00,738,000
1,496,952,000
1-15 days U.S. certlf. of Indebtedness..
5,537,000
1-15 days bills bought In open market..
1-15 days bills discounted
l££o days
$
|
$
\
$
$
S
5
5
81.940,000
99.822,000
98.700.000
103,750.000
127,119,000
137.600,00
133.499,000
64,796,000
1.439,306,000 1,447,603,000 1,423,906.000 1.391,720,000 1,425,695.000 1.273.870,00ft 1,499.923.000 1,677,868,000
5,806,000
42,766,000
78,076.000
85,596,000
4.876,000
149,461,GOO
10,131,000
29,234,000
82",862*,000
31-60 days
lB9.m~.666
"80f165"000
"73,770"000
85.24fl"000
"^.629,000
285.414.000
2,000.000
244,362.000
1,000,000
201.49.000
3.5 0,000
235.060.000
2.600,000
294.355,000
4,300,000
237.731/9)0
3,5:>0,000
Wns^ughTf^openmarketll
~4%95S~tib
M,034,000
84,453,000
7,017,000
17*1,583^666
l74.bV9~.656
177.480"556
mjlV.OOO
lYl",25*9",000
fffjlV.OOO
l78.535",fWi
180,5~3~3'c00
424.217,000
5,798.000
464,532,000
6,747,000
492.013,000
3,540,000
514,251.000
5.500,000
464,333.000
4,700,000
471.517,000
3.500.000
453 024.109
7.000.0<M,
......—.
_ — ...
61,884,000
312,610,000
59,013,000
297,875,000
66.226,000
87.792 000
246.527,000
27,499,000
120,066,000
101,000
31-60 days municipal warrants.........
.....—...
—...
..........
64,046.000
226.436,000
10,614,000
12,772,000
13,128.000
---—• ——
31,370.000
240.334.000
25,975,000
245.970,000
..........
63.786.000
238.214,000
.....
38,595,000
239,842,000
61-90 days bills discounted
59,317,000
228,719,000
8,245.000
—....
61-90 days blUs bought In open market..
certlf. of Indebtedness..
......
64,420.000
245,221,000
5.882.000
4.097,000
207 765 "Of
4.743.001,
3,540,000
61-90 days municipal warrants
— —
Over 99 days bills bought In open market
Over 90 days bills discounted
Over 90 days oertlf.
of Indebtedness
.
Over 90 days municipal warrants
Federal Reserve Notes—
........—
24,134.000
243.589.000
21,268,000
246,072.000
19,626,000
245.083,000
—
......—.
......
..........
.——---
10.793,WO
245.915.006
16.333,0<tf'
244.790,OW
25,905,000
157,842,000
—
..........
~—~
==;
=
■■■■■:
:
===•==
=== = =
•
—
3.326,186,000:3,335,140,000 3.326.948,000 3.327,614,000 3,307.064.000 3,289,312,000 3.292,819,006 3.281,343,000 2,731,274,000
251,631,000
266,833.000
253,255,000
247,397,000
229,741,000
241,273,000
245,686.006
241.593.000
182,234,000
Outstanding
Held by banks
58,491,000
68,000
423,922,000
6,998,000
31-60 days bills discounted
31-00 days U.S. certlf. of Indebtedness..
61-90 days U.S.
W2MS,m>
207,039.000
2.000,000
8"o.87V.OOO
292,992.000
1,500,000
16-30 days bills discounted
16-30 days U. 8. certlf. of Indebtedness..
.
3,074,555,000 3.068,307,000 3.073,693,000
In actual circulation
3.080,217,000 3.077,323,000 3.048,039.000 3,047.133,000 3.039,750,000 2,549,040,000
Fed. Res. Nous (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller
......
6,784,980,000 6.750,940.000 6,711,320,000 6,657.640,000 6.021,220.000 0,584.660.000 0,557.766,000 6.535.360,000
3,044,425,000 3,013,121,000 2,982.243,000 2.959.248,000 2,932.397,000 2,912,649,000 2,891.492,000 2.808.248,000
Amount chargeable to Fed. Res. agent 3,740,555,000
414,369,000
in bands of Federal Reserve Agent
3,737,819,000 3,729,077,000 3,698.392,000 3.688,823,000 3.072.011.000 3.666.268.000 3.667.112.060 3,148,219,000
402,679,000
402,129,000
370,778,000
381,759.000
382.699.000
373.449.0IW3S5.769.OOtt
416,945,000
Issued to Federal Reserve banks.....
3,326,186,000 3,335,140,000 3.326.948,000 3.327.614.000 3,307.064.000 3.289.312,000 3.292.819,003 3,281.343.000
How
============= ============ =
Secured—
By gold coin and certificates
255,032,000
By lawful money..
.........
Gold redemption fund
With Federal Reserve Board
-
-
254.531,000
254.901,000
...—*—
....
......
2,731,274,000
=========== ======
—— ==-—=- =- =
——
„
253.031,000
254,621.000
251,06100 /
—.......
...
230,498,000
250.151,000
..........
1,626,575,600
84,094,060
790,107,000
3,326,186,000 3,335,140.000 3,326,948,000 3,327,614,000 3.307,064.000 3.289,312,000 3,292,819,006 3,281.343,000 2,731,274,000
Total
Eligible
......
253.931,000
2,188,258,000 2.184,482,000 2,156,635.000 2.154,489,000 2,137.927.000 2,102,483.000 2.131,124.000 2.138,767,000
97,417,00
102,190,000
110.884,000
112,194.000
97.766,000
104,227.000
98.662,000
99.672,000
785,479,000
794.537,000
806,398,000
806,400,000
816.470.000
827,981.000
811,982,300
792,753,000
By eligible paper
4,390,120,000
1,241,901,000
paper
delivered to F. R.
Agent-J 2^3^05^000 2,815.094,000 2,748,776.000 2,715,965.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Phila.
Boston
Two ciphers (00) omitted.
Cleveland
OF THE
Richmond
2,748,07 U)00 2,837,877,000 2.611,443.00)'
2^87?,394.000 2^069,765,000
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 30 1920
Atlanta,
Chicago
St. Louts
Dallas
Minneap,
RESOURCES.
Gold coin and certificates
Gold Settlement Fund, F. R. B'd
Gold with Foreign Agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund....
...
Total gold reserves..
Legal tender notes, Bllver, &c
Total reserves.
.....
Bills discounted: Secured by Gov¬
obligations (a).
ernment war
All
other
Bills bought In open market (b).
Total bills
on
hand
U. S. Government bonds
U. 8. Government Victory bonds
U. S. certificates of Indebtedness
Total earning assets
Bank
premises
..........
Uncollected Items and
ductions from
6%
other
de¬
deposits..
fund
against
gross
redemption
Federal Reserve bank notes...
All other resources....
Total resources
LIABILITIES.
Capital paid In
Surplus
...
....
Government, deposits
Due to members, reserve account
Deferred availability Items
All other deposits
Total gross deposits
F. R. notes In actual circulation.
F.
R.
bank
notes
In
circulation
liability
—net
All other liabilities
Total liabilities
464,848,0
Memoranda—Contingent, liability
as
endors
Discounted paper rediscount,ed
with other F. R. banks
Rankers'
acceptances
other F.
foreign
(а)
sold
on
bills purch. for
correspondents
Includes bills discounted
other
F.
to
R. banks...
Contlng. Habll.
R.
banks, vl«
for
....
22,126,0
(б) Includes bankers' acceptances bought fr
With
84,996,0
om
other F. R. banks'
their endorsement
Without their endorsement
STATEMENT OF
Two ciphers (00) omitted
Federal
Boston
FEDERAL
RESERVE AGENTS
Phila
ACCOUNTS
Cleveland. Richmond
Atlanta
AT
CLOSE
Chicago
OF
BUSINESS
St. iMUis
APRIL
Minneap
30
1920
Dallas,
San Fran
Reserve notes:
Received from Comptroller...
Returned to Comptroller
Chargeable to F. R. Agent
In hands of F. R. Agent
returned
to
F. R.
Agent for
redemption:
Collat'l security for outst'g notes
Gold coin and ctfs. on hand...
Gold redemption fund
Gold Set'm't Fund, F.
R. B'd
Eligible paper, mln'm required
Total
Amount
of eligible paper
ered to F. R. Agent
3,740,555,0
414,369,0
ssued to F. R. bank, less amt.
deliv¬
F. R. notes outstanding
F. R. notes held by bank.......
F. R. notes In actual circulation.
\C
£\V
\
Mat 8
1920.]
THE CHRONICLE
Amsterdam Bankers' Guilders—
|pmxhjCTsr dfaseite*
High for the week.
Low for the week
Wall Street, Friday Night, May 7 1920.
Railroad and Miscellaneous Stocks.—The stock market
decidedly quiet this week, when compared with
its recent record, both as to volume of business and the
fluctuation of prices.
There was general weakness on Mon¬
day when railway shares showed a drop of about 2 points
and many industrials were from 3 or 4 to 15 points lower
than at the close last week.
This decline was followed by
a
substantial recovery, however, and on Thursday prac¬
tically every active issue in both groups stood higher than at
any time since the big break of two weeks ago.
The latter movement has doubtless been fostered by an
easier money market and a relatively steady foreign exchange
situation; but more perhaps by a persistent feeling that the
steady advance in commodity prices, in other words "the
high cost of living" has about reached a climax.
To-day's market has been dull and reactionary notwith¬
standing which the entire list of active shares closes with a
net advance for the week, averaging from 1 to 5 points or
more.
$1,000 premium.
Cincinnati,
TRANSACTIONS
Sales
Week
Lowest.
Aim
St( cks.
S per share.
May 6
May 4
11%
Apr
100
11
May
11
May 5
7
Jan
400
21
May 5
23
May 6
21
May
10
500
5% May 6
5%
101140
May 61140
100 '■■■'•
100
500 106
May 6107%
May
100%
~
Baldwin Locom, pref.100
Brown Shoe
100
Preferred
200 100%
600116
~
~
May 4 118%
100
500
95
May 4
95
Case (J I), pref
100
Chic <fc E 111 trust rects..
100
94 %
94%
Comput-Tab-Record.100
Feb
Feb
Apr
May 6 1140
May 3 106
May 114
May 3
98%
May 4
May 4
May 5
95
May 100
HOLIDAY
Monday
Tuesday....
1,097,132
835,035
Wednesday
Thursday....
Friday
90
May 4
May 3
90
98
May 6
98
1%
May 3
2
May 4
49%
May 3
42%
96%
May 4 104%
May 6
May 3
3%
May 6
May 6
May 4
96%
May 5
3,000
100
300
Detroit Edison
100
Duluth S S & Atl
100
10104 %
200
3%
4
May 6
May 3
Feb
11%
Mar
Jan
95
Mar
May 104
1% May
44
May 3
%
40
1,400
no par
Deere & Co, pref
Feb
Jan
2%
Apr
56
% May
% May
Apr 43%
Apr
Feb
90% May 101
May 4 108
Mar 108
3%
Feb
Mar
5%
Feb
Jan
Gen
130
90
May 6 95
May 7 104%
May 4 90
Gen Cigar deb, pref. .100
1,400
Gen Electric rights
18,485
Gulf States Stl, 1st pf 100
100
84
May 5
84
May 7
May 4
May 3
Mayj5
2
May 3
90%
May 5
90% May 5
90% May
92%
Feb
Homestake Mining.. 100
60
May 5
May 3
60
51
71
Jan
Indiahoma
Refining...6
1%
4,200
7%
Certificates of deposit.
1st preferred
100
2d
preferred-
100
M St P & S S Marie.
.
Preferred
100
200
82
82
May 5
Nunnally
May 3 100
May 5 105
100 147
May
100
9%
May
700
15%
50
Apr
Apr
Apr
Jan
May 88
Apr 118
90%
May 3
1,700
20%
23
May 6
Feb
155
Mar
Jan
65%
Standard Oil rights
Texas Co rects 60% paid
Tex Pac Land Trust. 100
1,700
600
25
100
100
3,500
89%
95
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Sales at
Feb
Feb
Jan
29
Mar
66
May 3
65
Apr
19
5
20
May 3
19
May
6
10%
May 5
10
Apr
16
4
21
21
Apr
23
Apr
7
2
May 4
May 7
1% May
2
May
May 3 168
May 204
Apr
4 352% May 4 240
May 3 191
*'
"
May 3 190
"
Feb 420
Apr
May
May
21
May
1% May
168
May
352 % May
3 168
72
Jan
22%
Apr
Mar
May 3
94
May 3
94
May 229
May! 96
Mar
94
19%
May 6
20
May 6!
19% May' 20
May
Railroad
.
Bonds.—Sales
of
State
Jan
bonds
at
the Board include $13,000 New York
at 100 and $2,000
Virginia 6s deferred trust receipts at 543^.
The market for railway and miscellaneous bonds has been
decidedly firmer in tone than for some time past.
The new
Pennsylvania 7s, when issued, have been a prominent
feature throughout the week at from 1 to 2% above par.
U. S. Steel 5s have been conspicuous for activity at fraction¬
ally higher quotations than last week.
Some of the local
tractions have also been strong features.
Of the 20 notably
active issues 16 have advanced, among which Reading 4s are
exceptional in a rise of 43^ points.
Foreign Exchange.—The market for,sterling exchange
has ruled quiet but
fairly steady throughout.
To-day's (Friday's) actual rates for sterling exchange were 3 81%®
3 82% for sixty days, 3 83% @3 85% for cheques and 3 84% @3 86 for
cables.
Commercial on banks sight 3 83% @3 84, sixty days 3 79% @3 81.
ninety
days
3 77% @3 78%
and documents for payment (sixty days)
Cotton for payment 3 83%@3 84 and grain for payment
3 79%@3 80%.
3 83%@3 84.
r
To-day's (Friday's) actual rates for Paris bankers' francs were 15.93®
16.13 for long and 15.86@16.06 for short.
Germany bankers' marks are
not
yet quoted for long and short bills.
Amsterdam bankers' guilders
were
35 15-16@36 1-16 for long and 36 5-16@36 7-16 for short.
Exchange at Paris
on
London, 63.30 francs; week's range, 63.15 high
and 63.80 low.
The range for foreign exchange for the week follows:
Sterling, Actual—
High for the week
Low for the week
Sixty Days. Cheques.
3 85
3 87%
3 79%
3 82
Cables.
3 88%
3 82%
15.93
16.83
15.82
16.72
15.80
11.93
1.73
1.95
1.75
Paris Bankers' Francs—
High for the week
Low for the week..
16.70
German Bankers' Marks—
High for the week
Low for the week
$814,000 $10,265,000
869.000
10,686,000
463,000
11,460,000
1,153,500
9,537,000
2,055,000
619,500
$10,381,000
Week ending May 7.
10.286,100
$3,919,000 $52,234,100
Jan. 1 to
Map 7.
York Stock
1920.
Exchange.
Stocks—No. shares...
1919.
4,213,293
Par value...
1920.
7,166,100
1919.
103,414,950
$9,212,361,975
$373,056,.550 $669,255,500
Bank shares, par
$600
80,555,694
$7,957,929,755
$40,200
$1,400
Bonds.
State,
mun.,
bonds...
$52,234,100
3,919,000
1C,381,000
3,841,000
$1,069,392,000
161,105,800
12,466,000
215,172.000
$842,977,400
146,961,500
170,824,500
$65,534,100
&c., bonds
RR. and misc. bonds..
$42,157,200
$58,464,200
$1,445,659,800
$1,160,763,400
AT THE
BOSTON.
PHILADELPHIA AND
EXCHANGES.
Boston
.—
May 7
Shares
1920
Saturday
Monday.
Tuesday.
Wednesday
Thursday
Friday
Philadelphia
Bond
Sales
Shares
Bond
Baltimore
Sales
Shares
Bond Sales
HOLI DAY
19,470
24,507
$55,850
8,180
$119,200
2,959
$17,000
63,400
5,521
222,900
3,264
41.600
30,955
25,650
4,607
151.700
1,114
10,000
30,467
.
108,800
6,576
127,100
3,827
2,000
2,664
69,000
2,796
23,000
33,000
$255,700
27,548
$689,900
13,960
$124,600
19,460 1
Total
124,859
United
States
the Board
are
Bonds.—Sales of Government bonds at
limited to the various Liberty Loan issues
all have been weak, some
touching
low quotations.
new
Daily Record of Liberty Loan Prices. May 1. May 3. May 4. May 5. May 6. May 7
1
First Liberty Loan
( High
•
91.70
1
91.00
90.50
•
91.50
92.20
(Low.
1 Close
1
91.30
89.30
89.86
90.60
91.50
1
91.30
89.40
90.28
91.50
91.90
Total sales in $1,000 units
Second Liberty Loan
( High
[
3%8, 15-30
4s, 10-25
year,
1932-47
1942
year conv,
2,028
2,033
1,346
8o.l4
85.10
84.90
85.00
85.20
i
84.90
84.80
84.60
84.80
84.90
i
84.98
84.80
84.90
84.92
85.10
140
55
125
232
125
.1
84.50
84.50
84.80
85.04
80.00
84.40
(Low.
(Close
1,240
i
84.30
84.50
84.50
85.90
84.40
84.30
84.80
85.04
85.90
.■«
Total sales in $1,000 units
Second Liberty Loan
\ High
4s, convertible, 1932-47
■;
(Low.
1 Close
r*
<
85
60
51
20
89.70
89.20
89.40
89.20
89.66
89.10
89.00
89.00
89.06
.0
89.72
89.10
89.12
89.10
89.06
H
f High
4%s of 1st L L conv,'32-'47( Low.
(Close
Total sales in $1,000 units
Third Liberty Loan
( High
4%s of 2d L L conv, *27-'42( Low.
1 Close
Total sales in $1,000 units
1,297
1,303
1,048
1,313
I
Total sales In $1,000 units
4%s of 1933-38
76
90.00
a
Third Liberty Loan
Fourth Liberty Loan
80.00
85.90
85.70
86.30
86.74
85.20
85.40
85.50
85.92
86.02
85.62
86.20
86.74
Q
.
85.70
M
CO
220
W
48
85.10
85.42
85.00
84.90
84.98
85.00
85.04
85.00
conv
gold notes,'22-'23( Low.
(Close
Total sales in $1,000 units
1,512
1,240
797
1,577
85.74
85.86
86.10
85.82
85.46
■<
85.60
85.50
85.60
85.62
85.62
85.64
85.64
85.70
2,768
3,512
2,669
4,634
85.80
3,178
X
'
mm'mm
m
m
mm.
mm
mm
"mm
mm
-m
m
mm
—
■mm
mm
—-
mm
-mm
■
96.38
96*20
96*08
9*6*10
96.36
1
1
»
1
«
!
Total sales In $1,000 units
'mm
....
96.60
1
I
( High
3%8,conv gold notes, '22-'23(Low.
(Close
....
'
-I
1
m
m
;
w
.1
Victory Liberty Loan
85.22
1,809
96.20
96.00
95.98
96.00
96.46
96.26
96.04
96.04
96.04
1,165
1,916
1,318
96.60
96.30
96.20
2,186
00.02
96.02
96.30
96.20
95.90
95.92
95.98
96.30
96.24
95.94
06.00
96.00
1,046
872
1,215
906
781
1
4%s
85.00
32
85.88
o
f High
4%s,lst LL 2d conv,'32-'47( Low.
(Close
Total sales in $1,000 units
Victory Liberty Loan
( High
96
85.10
85.10
■
I Close
Total sales in $1,000 units
Fourth Liberty Loan
89
85.2C
85.10
0
0
(Low.
85.58
1,147
85.32
u
( High
j
I
701
s
( High
(Low.
(Close
4%s of 1928
'
i
Total sales in $1,000 units
Third Liberty Loan
Jan
Mar
10
200 190
UnDyewood, pref... 100
90%
Mar
Febj 94
May 100%
10
200
May 4
May 6
100
1,380,000
2,531,000
4,213,293 $173,055,550
Feb
May 106
H8%
95
500
and
May 3
May 4
Rels (Robt) & Co .no par
State
147
95
200
200
no par
82
May 3 100
May 5 105
May 3
May 3
100
VVlvaudou
Jan
Mar
May
no par
Tidewater Oil
Jan
9% May 7
Feb 12%
15% May 5
14%
Jan1 18
100 96% May
96% May 3
96% May 100
108
3,700121
Feb 151%
May
132% May
5,100
1% May
1% May
1%
Apr
1%
1,400 21
May 3 26
May
18%
Feb 38
1,000 18% May 3 21% May
18% Feb 35%
44
200 44
44
May 4
May
May 63%
200 20
20
Feb 30%
May 5 20
May
100
70
Feb 80
May 6 70
May 6 63
Norfolk & West, pref.100
Peoria & Eastern
May 5
100105
Montana Power, pref 100
100
May 3 107%
7
May 5
4
600100
100
Norfolk Southern ;
Mar
May 5
77%
Lake Erie & Western. 100
Martin Parry rights....
Maxwell Motor
100
Feb
77% May 5
1,700
Loose Wiles, 1st pref.100
Manatl Sugar
100
May 102%
97% Feb 108%
94
Apr 100
84
May 94%
1% May
3%
7% May
9%
May 3 102%
Feb 170
4
May 6
7
May
Feb 84
May 5 72
6G0 106
Rights
1st preferred
100
Int Nickel, pref
100
Kayser (Julius) & Co. 100
1st preferred...
100
Kresge (S S) Co
100
Liggett & Myers rights..
8%
May 5
95
100
Int Motor Truck, .no par
67,881,500
40
100 95
700104
100
2,264,000
77,823,500
53,818,850
Slates
Jan
Durham Hosiery, pref .50
Fisher Body, pref
100
Chemical, pref.. 100
$2,150,000
74,192,500
584,321
United
Bonds.
I
$99,336,200
*
801,780
895.025
Total
New
State, Mun.
j <fc Foreign
j
Bonds.
Bonds.
Saturday
Jan
Jan
May 6
May 5
Feb
Feb 102%
Jan
Feb 118% May
93
90
54%
%
Mar
94% May 101
98
900
Rights
Cosden & Co
17
100
4%
Apr
27%
3%
100
Colum Grapho rights... 34.630
6
16%
FeD
6%
May 1570
May 6
May 5
May 3
May 3
400
CStPM&Om.pref.lOO
Cluett, Peabody, pf.100
Par Value.
DAILY TRANSACTIONS
$ per share. % per share.
95
Feb 175
Mar
100
Atlantic Refining
Preferred
Railroad,
&c.,
Shares.
Highest.
100
Preferred....
Assets Realization
YORK STOCK EXCHANGE
YEARLY
AND
Week ending
1,590121% May 3 140%
25 12,300 12% May
14%
Arbor
Lowest.
Highest.
$ per share.
100
Am Safety Razor
NEW
WEEKLY
BALTIMORE
Par. Shares
American Express
Range since Jan. 1.
par.
THE
Week ending
May 7 1920.
for
Range for Week.
36%
*
Total bonds
STOCKS.
AT
DAILY.
represented in
Week ending Mag f.
36%
36%
15@25 per $1,000
Montreal, $97 50 per
Government
following sales have occurred this week of shares not
our detailed list on the pages which follow:
36 1-16
35 13-16
—
Domestic Exchange.—Chicago, par.
St. Louis,
discount.
Boston,
par.
San
Francisco, par.
has been
.The
1953
Outside Market.—"Curb" issues suffered
1,510
considerably
oa
the opening day of trading this week, but thereafter values
continued
recoveries.
to
mend,
Business
the close to-day
the whole
showing substantial
not large.
Cleve¬
active, gained six points to 81, dropped
to 74 and ends the week at 75
General Asphalt, after a
loss of some ten points to 73, recovered to 71 % and weakened
again to-day, closing at 69%.
Goldwyn Picture was con¬
spicuous for an advance of about five points to 26, but it
reacted finally to 24%.
Libby, McNeill & Libby rose from
26 to 30^, fell back to 263^ and closed to-day at 28.
Swift
land Automobile
on
was
was
International advanced from 36 to 42
and reacted
to
39.
R. J.
Reynolds Tob. new com. B stock made its appearance
and sold "w. i.," up from 43 to 46, down to 42 and at 433^
finally.
General Motors, old com. stock, which was re¬
moved from the Exchange, was traded in in the outside
market, a few shares selling down from 310 to 300, the close
to-day being at 301. Submarine Boat was up two points to v
14%, the final figure to-day being 14
In the oil shares
White Oil was conspicuous, dropping at first from 26 to
20%, recovering to 25 and closing to-day at 24.
Simms
Petroleum, weakened from 19% to 18%, recovered to 20%
and finished to-day at 1934b
Arkansas Natural Gas im¬
proved three points to 23 and sold finally at 22.
Internat.
Petrol, declined from 36 to 34, advanced to 38% and reacted
finally to 36.
Merritt Oil, after early weakness from 15% to
14, sold up to 18 %, the close to-day being at 17.
Texas
Pacific Coal & Oil lost seven points to 70, moved up to 86,
and ends the week at 82. i In he bond department the new
Del. & Hudson 7s,
"w. i.," sold up from 100 to 100 34*
and at 100 34 finally.
,
New York Stock
1954
Exchange—Stock Record, Daily, Weekly and Yearly
PAGES
OCCUPYING THREE
For record of sales during the week
of stocks usually inactive, see preceding
page
PER
PER SHARE
BMH
AND LOW SALE PRICES—PER SB ARM. NOT PER
On basis of 100-ikcr#
STOCK
YORK
NEW
SHARE
Range for Presto*
Year 1919
Range since Jan. 1.
STOCKS
CENT
lots
EXCHANGE
Lowest
Do
100
800 Atlanta Blrm A Atlantic.. 100
800 Atlantic Coast
600
Do
1,300 Brooklyn
900
Rapid
Feb 11
Feb 11
42
10% Feb 10
7
100
Pacific—
2,300 Chesapeake A Ohio
100
800 Chicago Great Western... 100
Do
1,900
pref
..100
8,200 Chicago Mllw A St Paul.. 100
Do
7,600
pref
100
13
Feb
41
Mar 8
78
Feb 21
54
Feb
Hi
8
166
6
Feb 10
Feb 13
100
9
Feb 11
R!o Grande
pref.....
100
9% Feb 13
....100
600
Do
2d pref.,
100
4,400 Great Northern pref
100
18,100
Iron Ore propertlfs_.No par
17% Feb 13
pref..
12% Feb
7
8% Feb 11
Feb 11
4% Feb 13
May 5
64% Feb 13
23% Feb 13
50
Aprl3
100
100
preferred.—
41% May 4
23% leb 11
16
Feb
6
A Hartford
100
130 N Y Ontario A Western...100
1,600 Norfolk A Western
prior pref v t 0
Do
100
*9
15
*9
15
*14
20
*13
18
*31%
33
*31%
33
Tol St L
*31"
33%
11534 117
62%
02%
11034 118%
118
*62
63%
62»4
10
*9%
10
10
10
21%
2134
21%
21%
22
22
8
8
8
8
8
8%
8%
2334
24
24
24%
24%
10
6234
10%
^
2234
23
....
912
"25"
10%
*22
23
Do
100
3634
6412
63%
66
66I4
6534
1%
1%
2%
36i2
2%
80
32%
*35
3414
*75
8378
§93
128
1.400|A<ian
1,100!
66%
67
68%
s
Express
...
44%
Apr
63%
Apr
72
24
Dec
80
75
4484 Junt
84% June
Mar26
25% Feb 24
IOS4
Jan
34
Feb 20
20
Dec
37
18
Feb 24
10% Dec
23% Juna
30
Feb 21
23
37% Juna
9% Feb 19
100,
89
20% Dec
62% Dec
133
May
58% Mar 18
47
27%
Mar22
17% Mar26
15% Feb 28
125%
MarlO
69% Jan
13% Marl8
500j
Do
Jan
20
Feb 13
Mar31
10334
93
Apr 16
Jan
5
12834 Jaii
2
6134 Jan
3
110% May 6
39% Mar It
116% Feb
54% Jan
4
85
Marl 7!
11% Jan
9j
18% Mar 1!
90% Mar
2|
Feb
13|
11%
..10
Apr30
13)
.J.100
74
Feb
pref...
100
91
Apr 26
American Locomotive
100
82
Feb
101
86
15% Jan
30'% Jan
122
thia day
t Ex-rights
f Less than
7l
95
Mar
Jan
2
5
100
91% May 5
13 j
1
Ei-dlvldend
Feb
Jan
39%
Jan
88
Jan
10% Nov
13% Jan
Jan
44
Feb
113
Feb
Dec
Feb
9
Feb 25!
42%
84%
52%
107
881?! Anr 30
84% May
r98
14% Jan 22.
Apr2lj
39
Jan
3.
120% Jan
Si
86
Jan
84*4
Jan
27j
..100
Jan
62
Aug
30% Jan
No par
42
54*4
83
pref ser A. 100
Jan
Jan
71%
30% Feb 13:
No par
aod rights
Jan
37%
16% Feb 13
Ex-dlv
134
2
Jan
79% Apr 29
56% F eb 13:
a
Jan
Dec
3
Jan
100
100 ibarea
Jan
1%
68
Apr
99% Jan
13.
11,700 Am Steel Found tem ctfi.33%
no tales on
66
53% Marl9
Km Ship A Comm Corp.no pat
Bid and asked prices:
14
3
109% Apr
10284
100
temp ctfs
3
Mar26
Am Smelt Secur
Pref
7% Mar
Jan
88% Jan
9
87
.American Snuff
61% Jan
Apr
147% Apr
25,800:Amer International Corp..100
pre!
2u
Feb
56%
3
6
Do
Feb
21
Jan
131
Amer Smelting A Refining.
Dec
17
29%
May 6,
teb 25;
4
Feb
Amer Malt A Grain
l!
12
44% Mar
85
68
100
Mar
Jan
Jan
39%
Dec
26
Dec
Mar30
79%
Dec
Jan
3
61%
Dec
100% Jan
13
94
Dee
72
115% Jan
5
50
Mar22
93% Jan
#
19
Full paid.
30% July
16
72
Jan
May
52%
Jan
Feb
pref....
14% July
Dec
52
Do
25% July
Apr
33
38
Linseed.
3
Dec
9%
z92
100
Do
Dec
14
16
124 s
—
7,100 American
20%
48% Apr
1
45% Jan 28
90
10G
La France F E
15% July
3434 July
13% July
Jan
96% Jan
11
Feb
100
1,600'Am
Dec
Sept
3S% Feb 25
...100
pref..
J —IOC
Druggists Syndicate.10
pref...
Jan
7%
7%
15
46% Mar29;
4234 Apr
Juna
38% May
17484 Mar
87
100
300; Amcrlcan Ice
Do
Feb 24:
60
Dec
28
74% Feb 13
4,100; American Hide A Leather.100
7,700 j
Do
pref100
-
63
Jan
Feb 13
700,American Cotton Oil
4,1001 Amer
119% Aug
95
May 3
pref
Deo
81%
41
11,500 American Car A Foundry. 100
132% 135%
110% 11038
25% July
29%
30
39
pref
13% July
Mar
3
50
.
25% July
May
3
1C;G
Can
Dec
5
10
Jan
115
Do
Mar29
11
92
1,700!Amer Bosch Magneto..No pat
8471
66
Feb 24
72% May
70% July
53% Jan
90
Do
•
3
Jan
75
100
100
11,700,American
12
23*4 July
Juna
4
.,60
Jul7
Dec
Dec
34% May 3
....100
May
16
3
91
91
6%
12
Dec
91% Nov
1% Feb
*85
pref
Dec
Dec
Sept
93% Juna
3812 Feb
39% May
27«4 July
1% Feb 11
82
Dec
Mar
10
May 4
Feb 11
70
56
44
5j
2% Mar24
400.Amer Agricultural Chem._100
42%
6
12% May
199% May
48% May
33% Dec
39
Feb 11
88
Do
Dec
39% Dec
12% Jan
Apr
5
63% May 3
65
Apr 3J
*84
91
Dec
77
70
80% Marll
33% Apr 26
.50
5,600'American Beet Sugar
16% Nov
95
Jan
84%
110% 110%
44
45%
Feb 19
Dec
Dec
5,700 Allia ChaluierB Mfg
100
300;
Do
pref..............100
44%
32
25%
Nov
17
34% Feb
100
pref.
Sept
83*4 Juna
25
75
Do
Mar
50
25
..100
..100
100, American Bank Note
100;
Preferred.....
14
Apr
33
2%|
36%'
37
Dec
Feb
6
July
July
Juna
4%
26
2,400,Alaska Juneau Gold MiuV.-10
....
5
July
28*4
14% Feb 20j
22% Feb 20j
75
11034 111
5
Jan
July
66*4 Dec
9% Feb 13
15% Apr 24
35%
134%
13
24%
16%
25%
38%
58%
53% July
40% July
24% July
3634 MarlO
21% MarlO
100% MarlO
84% Marl 8
43% MarlO
26
2%|
36%'
.
8% Jan
22% Nov
37% Dec
188
33% July
Jan
54% Feb
100
pref
1,900, Max Rubber Inc
2,700 Alaska Gold Mines
Jan
Feb
40
35
8% Feb
.100
Do
9%
4%
23% Sept
60% Dec
3
Apr23
May
22% May
Mar 12
Jan
Feb
57
Marll
24
62%
May
9% June
31% Junt
25% May
50
105% Jan
3
26% Mar 1
13
12% July
40% July
104
62
18% Mar 1
2%
35%
133
Feb 19
49% Feb 24
7% Mar29
47% Feb 20
77% MarlO
36% Marll
July
23% July
100% May
62% July
60% Juna
Dec
1%!
133U
18
31% Feb 28
July
104% Aug
37% Dec
33%
110
^—100
2,410 Advanre Rumeiy
64%'
90%
Feb 21
2fcj% Feb 11
100
proL.......
Do
37% j
91
11
20% Feb 19.
32% Apr 7;
33%
91
52% Mar20
18% Mar 9
14% Feb 13,
20% Feb 13
63%
110% 111%'
41%
42%'
Dec
33
40% Dec
Apr 27
Apr 30
pref
....100
Pacific-——. 100
36%
41
93
Nov
40
1
MarlO
Jan
5
10% Feb 19
Feb 20
....100
pref...
33
9334
39%
13
Mar
45
11
2d
63%
107U 109%
Feb 24
21
Transit..100
------1Wisconsin C'eutral
41
*82
Dec
20% Feb 19
12% Feb 24
Do
3% Mar
10
31
Do
Dec
85% Dec
Dec
1%
89%
19%
48%
47%
112%
30
73% Dec
1%'
41
Aprl4
14% Feb 11
8% Feb 13.
33
_
May 5
76% Dec
31*4 Jan
7
Sept
33
91
1%
218
15
34
93% MarlO
4% Marl3
16% Marl5
20% Feb 11
37
3014
6312
20% May
Apr 27
Feb
jlndustrial & Miscellaneous
36
Dec
18% Dec
13% Dec
10% Feb 24'
100
30
12%
Feb 24
9434 Apr 27
Feb 13
3,000 Wheellna A Lake Erie Ry.100
*27
25
45
25
Do
pref A
100
Do
pref B
.....100
3,600 Western Maryland (n«u>)..100
10%
27-%
24
29% Jan 27j
'
10%
Feb
7% Feb 11
3,600 western
2734
6%
16% Feb 24
16% Feb 24
20% Feb 13
-----
27*12
15% July
4,000;
700,
"2*512
*27%
May
3% Apr
6oO(
Do
pref...—.........100
3,800, Wabash
..100
|
8%
24%
978
"958 To"
May
217
3
Jan
9
Feb 27
50
dep.
pref
116
MarlO
195
6% Feb 11
12% Feb 13
700 United Railways Invest... 100
16
9%
300
Dec
88% Feb 13
18
Feb 14
.......100
9,600 Onion Pacific..
1171.1 11834
118%
62%
62%
Feb
91%
31% Mar 9
15% Feb 13
23% Jan 14
11
Feb 11
21
Feb 11
100
July
45
16
9934 Marl3
Jan
Feb 11
74
172% Mar
Jan
43
51
100
Tw!d City Rapid
58% July
51% May
32% Mar 6
...100
certificates
31% May
Dec
68
70
W trust recelpts.
A
Dec
64% Feb 11
■
Preferred
19
48
10
..100
900
Do
pref
64,100 Texas A Pacific
200 Third Avenue..
Feb 19
*eb
21% Feb 11
100
Air Line
pref...
49,000 Southern Pacific Co
12,300 Southern Railway....
Sept
Apr 28
leb 11
50
..100
pref........
Do
Feb
63
43
7,300 Pittsburgh A West Va_...100
300
Do
pref..
.100
91,900 Reading
50
700
Do
1st pref...
50
800
Do
2d pref.
—5
22,600 St Louis-San Fran tr ctfs.. 100
500
Preferred A trust ctfs.. 100
2,100 St Louis Southwestern.... 100
800 Seaboard
32
Feb 24
62
prerf v t e»...
200 Pitts Cln Chic A St Ltulfc.,100
Do
13
68*,t Feb 11
39% May 3
23% Apr 21
60
..100
100
100
9,800 Pere Marquette v 10
Feb
88
.100
100
5,400 Northern Pacific..
20,700 Pennsylvania
1,400
Feb 11
35
20,000 N Y N H
Do
Feb 13
21
100
First preferred
700
13
Feb
6
600 N Y Chicago A St Louis.. 100
Second
Apr21
9
c..100
600 Nat Rye of Mex 2d pref
v t
Apr23
36
7,000 New York Central
""ISO
24
100
..100
pref trust ctfs
700 New Orl Tex A Mex
24
Jan
39
600 Manhattan Ry guar
100
2,800 Mlnneap A St L (new) ....100
4,700 Missouri Kansas A Texas. 100
1,500
Do
pref
........ 100
17,300 Missouri Pacific trust ctls.100
Do
Jan
40% Feb 13
98
Feb 11
100
July
54% June
Marl5
68
17% Feb 24
43
73
June
55
84% Marl3
41% Marl9
80% Feb 13
3% Feb 13
9% Feb 13
13% May 5
1,200 Illinois Central
100
2,100 interboro Cods Corp..No Par
2,600
Do
pref..............100
4,700 Kansas City Southern
100
Do
pref..
100
2,100 Lehigh Valley
60
Jan
32% Jlty
84
65% Aug
66% Mar 1
9
28
4,400 Gulf Mob A Nrr tr ctfS-.lOO
1,100
Preferred.....
100
Jan
Dec
68
68% Feb 11
33
Feb 13
...
Nashville
22%
51% Mar25
11
Mar
Jan
27
6|
62% May 4
Feb
100
3,700
May
133
Feb 13
Delaware Lack A Western..50
A
105
Dec
64 %
893g Feb 13
pref
800 Louisville
July
Nov
4y% Dec
100
100
A Hudson.
1st
76
85
116
23% Feb 13
Feb
July
6
120
100
12
30% May
52% July
61% Marll
91% MarlO
45% Feb 13
75
Feb 13
Feb 13
113
42
7,000 Erie
2,200
Do
68% May
Jan
Dec
7%
34% Dec
100
Do
28% July
170% July
Dec
42% Marl 1
100
100
5.500
Dec
51%
6
47% Feb 16
A
Dec
126%
Jan
30% Feb
20
Denver
6
3
13% Marl5
21
100
"*166
69% Mai
33% July
10% Feb 20
300 Colorado A Southern
200
Do
let pref
2d
Dec
27% Feb 28
42
Do
55% May
Dec
10
13
800 Clev Cln Chic A St Louis..100
100
Do
pref
100
Delaware
Dec
38%
100
Do
pref
50,600 Chic Rock IslA Pac
1,300
7% preferred
2,100
6% preferred
Jan
May
28%
Marl5
17
Feb
21
107
38% Feb 24
134
1>5% Feb 11
47
Feb 13
7
Feb 13
1,900 Chicago A Northwestern.. 100
""SOO
87i2 Dec
/
Mai
15% July
59% MarlO
3.
Jan
89
Mar
share.
104
Dec
49% Feb 24
27% Feb I'll
100
Transit.. 100
Deo
6
8% Feb 24
Jan
per
80%
82
93
Hiohae.
$
76%
86% MarlO
Jan
3
Apr29
Apr 21
81
100
Certificates ol deposit.
3,500 Canadian
S per ehare
5
Line RR..100
pref
Lowest
$ per ehare
72%
pref
8.400 Baltimore A Ohio...
Highest
'
76
10,625 Attb Topoka A Santa F6..100
1,400
V
$ per share
Pur
Railroads
Shares
101%
Dec
33% May
91
Dec
July
18% Sept
2884 Sept
41% May
New York Stock
Record—Continued—Page 2
For record of itlei during the week of atocka usually Inactive,
1955
second page preceding.
see
PER
aiQB
AND LOW BALE PRICES—PER SHARE
NOT PER CENT.
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 1
May 3
May 4
May 5
May 6
May 7
$ per share
$ per share
$ per share
$ per share
% per share
129
130
Shares
On
Week
< per share
126
130
*100
109
85%
*90
93%
*220
95
88
91i4 91%
106% 11378
89
8934
*91
94%
235
130
129% 13034
108
1033s
88%
*90
97%
94%
94
9434
*220
240
913s
109
*220
15%
4l"
*39
51
5534
153j
35%
54
5734
373s
40
3734
60
63
63
63
120
143% 148
*66% 68
55% 57l2
*
*—
*-
—
108
110
148
150%
*67
68
57
593s
12
*10
12
27%
*20
110
11734
116
25%
119%
*42
45
*—.
120% 124%
*106
107
*1
1%
2378
89
91%
8884 93%
101
101%
2258
108
9%
*90
45
*106
1
97a
94
9
17
2214
2234
17%
18
76
77%
3134
*66
68
61
61
69
140% 145
*91%
94
111
41
1534
57%
16
16%
583s
5734
583s
40
40
65
*60
65
*55
65
*108"
67
151% 159%
583s
*10
12
*20
24
11434 117
45
*42
45
*42
124% 126
127
131%
128
105% 106
*105% 110
*1
1%
*1
24
24%
23
92%
94%
94
95
96%
9534
94
9634
95%
98
9%
*90
8%
*15
2234
17%
77
31%
67%
*59%
7134
9%
95
9%
*90
9%
95
934
9%
91%
§91%
119
9
119"
1*19
884
118% 120
*8%
9
17
15
15
23
2234
23
2334
1734
1734
18%
18%
77%
31%
77%
33
67%
9
15%
15
"32%
77
31%
67%
60
72%
105
46
46%
146% 148%
67
*60
72%
102
4534
149
73
59
*34%
§80
80
60
60
*79
89%
16%
32%
59%
59%
60
35
37
3534
36%
87
82
79
79
82%
14%
84
84%
14%
37%
14%
84%
14%
40
39%
39
91
90%
91%
90%
*100
103
"l3""
12
1134
95
95%
96%
105
104% 104% *104
91%
135
141
9634
52
*100
81
81
*500
10
81
80%
91
93%
91%
92
44
*37
44
*21
23
21
21
32%
22%!
1338!
*60
63%!
32
3234
2134
103% 106
*98%
99
7234
74%
84
85
33
64
66
92
41
"30"
5634
*86
30"
5634
89
28%
29%
57
*86
5178
*20
79%
64%
"18%
523s
29%
*63%
*30
57%
58
86
69
Oct
16
Jan
29%Jan
12
16%
Feb
6
28% Jan
6
19%
Dec
39»4 July
37% July
64% May
85%Jan 28
48%
20%
Jan
Jan
87%
Dec
56%
Oct
10
Chicago Pneumatic Tool.. 100
800 Colorado Fuel
A
100
iron
3,600 Columbia Gas A Elec
100
17,900 Columbia Graphophone No par
50
Do
pref
.100
800 Consolidated Cigar
No par
100
Do
preferred...
100
5,300 Consolidated Gas (N Y)__ 100
3,800 Cons Inter-State Call Mg„ 10
31
Jan
164% Mar29
111% Apr 8
90
Nov
68
Apr
16*4
32%
60%
78
Feb 26
15% Feb 11
31% May 3
84
May 7
3284 May 6
*34% May 5
53
13
Feb
75
Feb 11
13% May 3
20% Jan
Feb 27
46% Apr 26
TOO
Do
preferred
100
2,600 Continental Candy Corp No par
82,700 Corn Products Refining.. 100
78
Feb
98
13
100
Apr22
10% Mar 3
102%Jan 22
1051
100
101
131
preferred
100
Do
preferred
27,200 Cuba Cane Sugar
1,600
Do
preferred
2134
500 Elk Horn Coal Corp
26
Jan
May 3
96% Mar 5
39% Feb 26
79% Feb 13
4)0
87%
Dec
69% Mar
39
Dec
24%
Dec
43
June
Dec
101
June
June
150
Aprl7
150
Jan
410
107
ios%
3
147
Jan
6
80
98% Apr 29
65% Feb 11
104
Jan
3
101*i
Aug
107%
95
Jan
5
83
Dec
123
74%
85%
86
33
33%
23%
13%
98%
98%
70
72
*84%
14%
39%
86
130
32%
22%
1334
14%
41
5,200 Endlcott-Johnson
32%
—-50
1,000
Do
preferred
12,500 Famous Players Lasky No
1,800
Do
preferred (8%)
200 Federal Mining A Smelting
3,800
Do
preferred—
700 Fisher Body Corp
130
4,900 Flsk Rubber
100
par
13%
143
63%
144
31%
30
31%
100
100
10
64%
62%
64%
300
62
6334
~4l"
41
*40~
26
27
26
32
31%
58%
86%
58%
31%
59%
28
No par
.——25
*30
33%
*58
59
*86
89
Apr29
81
16% Mar30
9"
Dec
26% Jan
2
100% Feb 13
31% May 3
41
May 6
134% MiU-20
25
Dec
20% Feb 10
12
Feb 11
68% Feb 27
141% May 7
225% Feb 17
24% Mar 5
73% Feb 13
53%
23
12734 12734
19%
1934
72%
74
73
......
43
44%
*44
44%
43
46%
113
114%
114
114%
112
112
*99% 102
*99% 102
70%
70%
27% 27%
31
32%
*99
102
*99
101
23
*21%
May 7
85% Jan
100
...100
91
Apr2S
10234 Jan
36
Feb 25
65% Jan
May 6
29% May 4
55% Apr29
4984 Jan
100
86
Feb 16
Feb
11
112% Feb 17
109% May 7
27% Feb 11
100
76% Feb 13
8,600 International Nickel (The).25
25,400 International Paper—
100
19% May 3
65% May 3
Do
stamped pref
100
3,400 Iron Products Corp—No par
Do
2,400 KeJIy-Sprlngfleld
82
3034
79
82
31
*45
2934
16%
*44
50
125
135
136
137
137
138
*104
108
*104
108
*104
*64
70
62
*31
138% *140
....
108
*104
108
*63%
70
64
64
62
*61
63
*61
35
*31
35
*31
Bid and asked prions: no sale* on this dajr
140% 143
*104
108
Do
2d
Jan
149% July
Dec
120
Jan
67»4 July
128% May
33% June
June
82
Nov
80
July
65
Nov
14
11
Feb
21%Jan
9
Aprl9
45%Jau
21
Apr23
30
106
96
60
30%
Mar
15
Dec
48
10
38%
Dec
91
Mar
Jan
5
2434
Dec
44
July
Feb 25
152% Jan
6
68
JaD
164
Nov
Feb
13
105
Jan
21
101%
Dec
4
95
110%
IH84
Mar
Apr
9
34
33% Apr
7
27% Nov
48% Jan
5
38%
5
62%
Apr 28
101% May 5
25% Feb 11
15%
Apr30
45
Feb11
100
100
112
Feb 11
135
Jan
Dec
Jan
43
33
Dec
21
Jan
40
10
195
Dec
250%
109%Jan 31
36
Apr 12
107
207
Jan
Jan
Oct
125% July
107*4 Nov
6
Mar 15
38% Jan
Oct
July
83
115
J&o
Oct
Aug
July
3
"25%
Jan
3
40%
Feb
81
July
115%Jan
19
94
Feb
120
June
28
Jau
70
Dec
27%
Doc
Apr29
18384 Jan
2
147%
Apr
245
July
100
104
Apr29
110% Jan
8
107
Jan
115
July
—100
61
Feb 16
69% Jan
7
63
Dec
100
60
Apr22
64% Mar22
*63
June
U dllnson (H R) A Go.no par
33
Apr29
45
2,300 Lo"iIlard (P)
1
Do
preferred
*63l2
70
400:M ickay
63
*61
63
400),
35
*31
35
| Leas than 100 shares,
preferred
110%
111
Jan
34
100 Loose-Wiles Biscuit tr ctfs.100
68% July
3784 July
91% July
Jan
Jan
Jau
200
Do
preferred
..100
10,400 Loew's Incorporated—.no par
3,600 Loft Incorporated—...no par
*106
Feb
10%
Dec
105
48
47% July
89% Oct
Dec
1001*
34
160
125
Apr
Jarv
5384 Nov
42%
48
Dec
7
Mar 19
Liggett A Myers Tobacco._ 100
*40
80
7138 July
20%
2034 Jan
91
165
*105
109%
Feb
Feb
9134 Jan
50
Apr
"93% "oci
40
9234
43
*10534 125
June
Jan
5
8
30%
16%
(H84
Feb
21%
11
*100
95
64%
3
Feb
105
100% 100% *100
31%
3034
30%
31
17
16%
1634
17
Aug
24
Jan
*160
*160
Jan
Jan
25
No
66%
51% Jan
111% Jau
115
Feb 26
165
170
142% Apr 13
28
1,900 Lee Rubber A Tire
Feb
49%
19
61% Apr
8
27
Aprl4
88% Apr 15
38
79^4
31
*150
Jan
par
78%
31
82%
27
63
29%
"82" ~ "Jan
51%Jan
100
3234
Oci
36% Mar 1
54,400 Lackawanna Steel
32%
406% Nov
62
3134
71%
27%
Jau
3
Laclede Gas (St Louis).... 100
80
70%
27%
176
79% Jan
Feb
27% May 3
24% Feb 13
70%
27%
3884 July
95% July
Jan
16
70
Temporary 8% preferred 100
609 Kelsey Wheel, Inc
100
11,100 Kennecott Copper
No par
10,300 Keystone Tire A Rubber...10
70%
27%
38% Jan
84% Jan
108
100
Tire
Oct
Feb
47% Dec
46% Dec
32% Dec
100
100
preferred
Oct
55
64% July
46% Aprl9
23% Apr
9
100
preferred
Dec
23% July
48% July
173
144%
118%
102
77% Apr 14
.100
——
5
2
13% Feb 13
Feb
Dec
Apr20
13
13
50% Feb 13
69
Doc
July
Mar26
62
500 Jones Bros Tea, Inc...
26
Mar24
42
6
200
Do
Preferred, new..
12,800. Int Mercantile Marine
300
23
410
3
20
38% Jan
39% Nov
31% Dec
15
94
25
July
47
Jan
8934 Jan
.100
1,000 Gulf Stales Steel tr ctfs.,100
200
19% Jan
75»8 Jan
172
100
Do
preferred
Granby ConsM S A P
Do
3
85% Jan
700 Gray A Davis, Inc
600 Greene Cauanea Copper.
10,900
Jan
36% Jan
May 3
......
109% 109%
33% 34%
84%
85%
48
49
Oct
July
Aprl5
6
Jan
69% Feb 13
200 Hartman Corporation
84%
91%
Mar25
80
deben stock (7%)..100
8,300 Goodrich Co (B F)
—...
26
Do
Mar
83
...
84
99
100
22%
112% 114
Doc
88
*99
•
July
55
3
312
26
61
Oct
105
Jan
2
73
♦31
261
Jan
Jan
84
35
Feb
91
Jan
53
62
62%
20%
45
*20
64%
109% July
91
24%
64%
Jan
29
85%
50
Oct
Oct
102
6
73
June
15%
99
Feb 17
84
*44
110
Jan
Feb
10734 112%
99
98%
Oct
46
33
preferred
*22
*10534 125
23
Oct
37% Nov
10384 June
80% May 3
preferred
Do
Jewel Tea, Inc...
50
106% July
5% Apr
30»2 Dec
65% Feb
100% Oct
IO84 Sept
20
*22
125
Dec
78«4
100
Do
38
50
86% July
50
100
23%
10734 110
*105
Aug
43
53%
24%
17
*78
Oct
June
Dec
5234
3034
75
23%
Mar
105
Aug
2
Feb
29%
16%
64
Jan
13
*100
75%
95%
28
30
17
21
Oct
Dec
100|
44
50
50
30
7
59% Apr 14
69
91%
16% May
par
102
7
100
July
Jan
1,200 Hendee Manufacturing
100
6,900 Hupp Motor Car Corp
10
10,100 Inspiration Cons Copper—20
Internal Agrlcui Corp
100
1,100
Do
preferred
100
9,000 Inter Harvester (new)
100
16%
278% Apr
56
10%
10,100 Haskel A Barker Cat...No
28
9
Dec
43% Nov
3
19%
102
108
July
Jan
39%
165
Jan
85% Jan
Feb
Nov
July
13
6334
*155
AprlG
Aprl4
Jan
Dec
Feb
605
19
165
107
July
Nov
9
Jan
38
*150
14%
July
67%
141%
113%
29%
60%
9% Apr24
20% Feb 26
6334
83%
Apr
76% Feb 13
19%
53%
79%
14
25
40
30%
Jan
9234 Jan
114
200 Emerson-Brantlngham
72
30
67
Fob
Jan
37% Nov
3484 Feb
39% Feb
50»4 Oct
No par
15,200 Consolidated Textile
12,000 Continental Can, Ino
66%
32
Jan
40% Jan
44% Jan
70% Mar22
83% Apr
93% Mar22
19%
53%
31
106
55% Feb 10
*76% Feb 13
3934
28i8
41% Jan
65% Jan
"65%
*27%
21% Jan
t34% May 3
85
Apr23
19%
70
Mar26
22
123
125
123
126%
126% 128%
12734 128%
10934 10934 *10934 112
*109% 112
*109% 110
32
29% 3234
32%
34%
3234
33% 34
8?
84
85
84
85%
87%
85%
19%
20%
19%
19%
19%
19%
19%
20
73
65%
70%
69% 70%
70%
73%
75%
28
31%
8134
3
66%
104%
66
81
70
Jan
3
40
*20
27%
29%
7534
5%
5
19
24
102
17
6
5
39
84
38
Apr
Feb
Jan
61% Jan
64
*79
23
166
104'4Jan
108% Jan
19%
43%
Dec
May 3
May 5
37
4234
May
115
Apr 1
May 3
117% Feb 26
64%
*20
42
Aug
92
7
9
44
1834
24
41%
102
Dec
96%
83
*37
*40"
2734
80
72
25
Deo
59% Feb 13
102
—— —
87
52%
Dec
41
5
Feb
63
52
11
85)2
Feb 27
37
60%
"is"
July
Sept
July
*20%
63%
41
30
116
8684 July
116% July
*811
28%
108
Jan
5684 Mar
Chile Copper
.25
4,950 Chino Copper
5
100 Cluett, Peabody A Co
100
8,100 Coca Cola
No par
200
*37"
Oct
Dec
90
101%
112
*80
2134
Oct
107*4 July
69
7*134
6684
May
2% May
45
44
76%
65%
119
Jan
Sept
55% Jan
55% Jan
86% Sept
11%
81%
600
Feb
1%
26
Jan
....100
No par
100
100 Cuban-American Sugar... 100
700 Dome Mines, Ltd
10
53%
92
*37
97
110
Oct
64%
36,100 Crucible Steel of America TOO
139
July
75% Jan
100
pref
Do
145
65
...100
500
Jan
100
pref
Do
103
46
Cerro de Pasco Cop ...No par
Chandler Motor Car
No par
4,200
16,400
1,500
4,300
35%
156%
Deo
Jan
27-% Feb 13
84
2934
76
70%
Do
Dec
Oot
64%
5
Feb
7% Feb
*74
20%
29
100
"76%
296
2834
*80
No par
Petroleum
*81%
293
71
9
71%
"13% "l3%
289
76%
Jan
84
1334
280
80
15
3,400 Freeport Texas Co
No par
1(134
1,800 Gaston W A W, Inc...No par
600 General Cigar, Inc..
*63
65
100
8,000 General Electric
100
141% 143%
24,900 General Motors Corp..... 1(M)
Do
"29% 30% 122,400
temporary ctf8-.no par
500
Do
preferred
100
72
2,100
Do
Deb stock (6%) —100
7134
141% 144
29%
7G34
71%
80%
5
Oct
75% Deo
83
21%
32%
61% 62
143% 144
300
Jan
Nov
76% May
23
23
15
142% 145%
28
12%
97%
134
4,000 California
192%
Jan
*20
2134
22
1338
103
*96
*10
12%
12% *13%
41
*37
40
38%
39%
39%
132
130
*128
127% 127% *128
21%
114
9% May 5
Feb
*9%
*21%
*37%
15
13
86
104% 105
*510
3
102% Feb 24
..No par
142
*80
*33
23
84
*78%
15%
80%
84
82
3834
*21
*12
61
15
23
15
36
37%
*21%
85
59
85
22%
84
59
15%
3934
43
*10
1,800 Booth Fisheries
200
35%
11
102% Jan
13
17,900 Central Leather
47
8734
*33
*80
81
80%
100
103% *100% 102
98% 98%
98% 98%
68
72
70
7234
74
*60
81
5
Feb
3334
600
«
32% Apr 9
96% May 6
14
600 California Packing
60
80%
111% Jan
l-%Jan
3,400 Caddo Central Oil A Ref—100
77
60
*510
9
Feb
14%
81
Apr 16
Feb
17
38%
10
1
17% Feb 11
77% Feb 27
81% Feb 26
22
39%
91
600
10%
104%
3
2,100 Butte A Superior Mining.. 10
32%
5134
8034
Mar
15
148% Apr 9
60% Mar25
135
Aprl9
18
87
54
Apr 23
30% Jan
Aug
80% May
Jan
65% Deo
14% Nov
24
84
97
40
114
74% Jan
19% Jan
26
*81
•
Feb 14
82
Feb
92
11
87
53
May 5
Jan
Mar
July
77% July
65% Deo
64
Jan
Feb
85
1434
53%
11
25
103% Feb 13
17%
July
65
68
Jan
15
35
*96
"5184
54% Feb 26
75
54% Nov
61
O0t
29
68%
900 Butte Copper A Zinc v t c._5
550 Butterlck
100
15
84
12%
6
3
17
Apr
11%Jan
1634
9534
67%Jan
74% Jan
7534 Jan
129
141% 145%
*100
66% Apr
4
33%
103
13
Apr30
93
86
*100
Feb
34%
100
85
103
54
69
'
Feb
1,700 Burns Bros
16%
12%
12%
12%
12%
9534 98%
97%
99%
105
104% 104% *104
140
13634 142
145%
Jan
Mar20
*78
81
9634
50
*78
60%
Jan
40
62
*81
60"
11
9
5
*100% 105
35%
9
59% Jan
13
32%
59%
Jan
21% Jan
Jan
33%
36%
27%
15% Feu 13
49% Feb
"16%
36
Feb
Jan
100 Calumet A Arizona Mining. 10
*59
94%
97
63
3334
105%Jan 29
6134 Jan
3
169% Dec
11084 June
108
*61
3234
Jan
Jan
pref 100
8%
64
7434
16%
32%
Oct
106
*45%
100
conv
700
34%
*80
61%
preferred
cum
Dec
95
2
185%Jan
176% Jan
Do
90%
Oct
May
120% June
100
May
108% Mar
Feb 26
Do
Aug
314%
Feb 26
500 Batopllas Mining
20
8,100 Bethlehem Motors
No par
7,400 Bethlehem Steel Corp
100
232,500
Do
Class B common.. 100
73
Dec
63
200 Barnsdall Corp CI A......25
5,400 Barrett Co (The)
;
100
200
Do
preferred
100
119
Feb
137
100
148%
Jan
Dec
97'4 Jan
29,100 Atl Gulf A W I S3 Line. —100
pref
Jan
50
Feb 13
Per that*
111%
113%
7
5
125
22,300 A T Securities Corp....no par
100 Autosales Corporation
50
6% pref temp certlfs
50
252,600 Baldwin Locomotive Wks.100
Highest
S
191%
93%
Jan
Feb 11
67%
150
Apr 12
10034 Mar 18
107
67%
72%
283
91
834
46%
105
Apr39
Apr30
100
Oil
67%
47%
Feb 16
93%
May 3
32%
105
84
100
100
119% 121
§15
23%
1734
Feb 13
63
32
*82
31%
1st preferred
—.100
2d preferred....—1G0
15 Brooklyn Edison, Ino
100 Brooklyn Union Gas—
*75%
144
151
"33% "3434
60%
25
33%
67%
46%
46%
*34%
89%
24%
18%
*102
102
36
22
100
*60%
73%
68
35
5834
9%
9%
77
91% May 7
106 % May 3
9934 Apr 28
38
Apr30
-100
pref
400
55%
34%
38
96
109
109
109
36
131
"93%
1%
24%
142% Aprl4
11834 Jan 20
106% Mar22
100
(new)..
200
109
36
37
106
963
93
34%
130
*105
1
2434
45
129%
123% Feb 13
103% May 6
May 3
Do
59%
$ per share
60
68
58%
12
35%
5778
22%
174%
*67
Lowest
% per share
224
pref
-.25
13,700 Anaconda Copper Mining..50
1,200 Associated Dry Goods
100
Do
24
34i8
80
pref
Highest
I per share
100
Do
100
163
60%
100
Tobacco
2,500 Amer Zinc Lead A Smelt
65
11634 120%
163s
500
Do
Do
*10
32
*9%
400
300
*20
32%
80
Do
65
11
3134
500
57%
24
31i4
50%
100
42
11
11634 119%
1658
145
preferred
100 American
*52
*20
91
~48"
Do
100
5,400 Amer Telephone A Teleg—100
400
68
*67
68
5834
16%
131
100
pref
6,000 Amer Sumatra Tobacco
*37
♦
Par
500 Amer Writing Paper pref—100
171
159%
45
Do
200 Associated
*67
57%
5734
41
111
87
"l2"
52
45
16%
32%
88%
16%
*49
*60
86
135s
36i8
*16
52
16%
(Con)
45, 400 Amer Woolen of Mass
41
*35
♦
91%
111
42""
*49
52
16
82
109
100% 100%
"4§"
85%
36%
91%
113
1
72%
*102
*10218 105
46
94%
240
2334
117% *117
9
44
1
97
943s
*225
24
109
*15
30
110
*90
94%
SHARE
Year 1919
Lowest
<Sk Miacoll.
Indus.
500
90%
*90%
97%
94%
9434
230% 230%
PER
Range for Previous
basis of 100-*ftare lots
EXCHANGE
4,400 American Sugar Reflnln«.„100
107
90
23%
55%
117"
45
12334 124
91%
107
100
*49
70
70
95
235
41
1534
57
58%
90
90%
100
42
*4834
1638
50
|
130% 131%
106% 107
95
*91%
109% 112%
9138
111%
100% 100%
*37"
130%
SHARE
Range since Jan. 1.
YORK STOCK
pref
Do
t Ex-rights.
a
..
Companies
Ex-div
-
and rights
b 80% paid
» Full paid
79% May
66
July
Mar 26
a
Old stock
*
Ex-dividend
New Yotk Stocs Hecord—Concluded
1956
Pot
record
of iia!e«
during the
of <itock«
week
usually
inactive,
Page 3
-
third page praeedfnft
nee
FIX SHAME
PBRSHARE
(HQS
& A LA PMIVM8—FBM SHARE. HOC PSM CMNT
AND LOW
Salts
STOCKS
for
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 3
May 4
May 5
May 6
May7
Week
$ per share
$ per share
3 per share
28
28
Shorts
*23
27
*23
124
126%
102
102
168
174%'
*92
25
3312
97
62%
62
97
22
22
22
33%
32%
22%
333*
"2^666,
33%
45%
45
46
44%
44%
18.9001
65
62%
63%
62
62
!
33
32%
32%
40
*38%
40%
30%,
ms.
63%
64%
85
85
85
*87
89
113%
111%
112
112
*65
73
*65
73"
*67
73
98
*90
95
*94
98
85
*90
70
*93
9%
72%
"72"
99
*93
9%
72%
9%
.
74%
*93
99
79%
78%
80
103% 103% *104
106
95%
33
*40
13%!
95%
13%
80%
*104
13%
*95
34
50
52
...
60
39%
40%
51%
4%;
4%
7%
54%
69
70
26%
69
*44
*93
106
104
104
37%
51
50
4%
130
*___.
♦48
4%
7%
132
27%
28%
55
55
70
69%
47%
45%
4%
7%
96%
92
94%
37
36%
24
33%
24%
33
33%
96%
93
37
26
33%
36
36%
38
69%
69%
*45%
128
700
128
900
2,500
27%
*54
700
56
91%
95%
92
*36
26%
39
93%
93
91
*34
28
28%
34%
38
97% 150,800
93%
18,400
38
32
34%
38%
38
68
*60
65
*60
65
90
*86
90
*86
90
87
58%
57
16%
*17*
17
85%
86%
84%
85%
87%
61%
97%
18%
88
57%
59
V 59%
59%
58%
58%
97%
59
59
*80
90
*85
90
17
17
*17
18
17
17
95
98
99%
99% 100
100
98%
100
*100
*82
*100
101
65
113
*60
113
103% 108
91%!
93
93
92%
*95
105
17
17%
17
17%
67
70
j
70
72%
92%
96%
79
83
I
84%
90%
95%'
94%
97%
97%
41
41
9%
87
58%
58%
18
100
101
6,000
101
65
*60
115
*113
104
95%
94
95
99%
99%
17%
71%
105
65
'^^-mm
115
-
„
600
17,900
105%
1,000
*41
42
16
*15
16
1,200
58%
58%
59
59
600
87%
95%
300
64,900
114% 116%
14
14
13%
14%
6,300
222
700
221% 221% *210
700
9%
10
79% 82%
80%
82% 27,200
30% 3738
36%
36% 112,100
70
71
71
*08
2,800
~
m
-
91
*90
94
91
91
*90
92
*90
*255
280
*260
280
*260
280
*260
280
115
*108
115
*108
115
*108
115
*108
705
§695
705
47
48%
42
42
106
48%
*42
10S34
105%
44%
105
To%,
10%
46%
46
62
63%
63%
14
90
15%
52
53
113
114
*80%
"10%
47%
6434
456
90
15
|
15%
5184
79%
97
48%
48%
44%
80
75
80%
82%
45
78%
83%
49%' "50"
50
43%!
J
42%'
10%
46%
*63
*80
15%
4234
"j
*38
*42
28%
43%
133
30%
43%
134
*48%
50
201% 205
66
69%
17
*46
*6%
17%
44
132
*4834
205
10%
10%
50%
48%
65%
50%!
1034
47%
67%
90
*80
16%
16%
54%
50
209
--
...
90
!
If
55
*80
15%
*6%
64
6234
79
84%
83
*95
50
53
96
100%
110
50
51
7%
64%
85%
100
53
99% 101
108
108
62%
62%
45
94%
9534
107% 107%
67% 68%
*8
8%
78% 8334
68
104
104
52%
52%
52
54
84%
84%
113
49%
55%
18%
80%
85
85
17%.
80%
71%
74%
18%
50
1,800
300
43
5~, 100
11
4834 190,600
5,100
43%
""665
116
132
Dec
Feb
75% July
71%
Bingham .....no par
35%
43
Marl 8
Feb 13
Feb 13
116%
111%
47%
*4834
71%
17%
No par
v t c
68
*46%
7
*95
54%
9734
*108
*107
112
*107
67
71
69
90
*80
90
*86
70
*67%
70
70
70
69%
112
71
Bid and aeked prloea; no sales on tbla dayi
*107
71%
62
68
Mar29
.100
91
Mar 25
92
Mar 27
Feb 13
Apr30
Febl3
Jan
3
38%
108%
Jan
8
101%
Jan
Jan
23%
Jan
8
16
Jan
98
Jan
7
93
Dec
8
46
Feb
No par
100
..100
100
Car.
15%
84% May 5
♦80
66
Apr
91%
27%
Jan24
85% Mar
12%
.100
84
Feb 13
113%
Jan 5
Apr 12
*59
Feb
109
Oot
Oct
..100
100
104%
Feb 2
100
Mar
106
Julr
...
67%
>00
64
68
Jan28
60
Der
.100
109
Feb 13
124
Marl9
110
Nov
132% July
.60
74
Feb25
120
Aprl9
51
Apr
106%
Aprl2
Company.
...
Punta Alegre 3ugar
Railway
Do
3prlng.... 100
8ceel
.100
pref.......
Ray Consolidat ed Cop per.. 10
Remington Typewriter v t c 100
Replogle Steel
...n» oar
.....
Republic Tron A Steel
Do
100
pref
.100
Republic Motor Truck.No
par
Royal Dutch Co (N Y shares)
Sr.Joseph Lead.......... .10
Savage Arms Corp..
100
Baxon Motor Car Corp No par
Sears, Roebuck A Co....100
Shattuck Arl» Copper
10
Shell Transp A Trading.
£2
Sinclair Cons Oil Corp
No par
Slots-Sheffield Steel A Iron 100
89% Febll
92% May 3
16
Maris
62% Febl3
34%
84%
96
37
93%
Feb26
Feb27
Apr29
Mar
4
Febll
Jan 2
Apr29
13
Apr30
209% Apr29
9% May 4
14%
54
112
Mar
94
Jan
3
38
Aug
92% May 4
JaD 3
106% J^ 13
55% Jan 2
116% May 7
17% Aprl2
83% Apr 6
46
Dec
124%
21%
243
Janl3
Aprla
Jua»
27% July
105%
53%
Oct
Dec
Nov
100
Jan
145
Jan
71%
106% July
74% Nov
44% Sept
Aug
121
12%
53%
Dec
Jan
July
Oct
Aug
29
6% Ma»-
168%
July
17
94%
84
230% Dec
19% July
Feb
12%
Jan
5
10
2
90%
Jan2S
74
Dec
81%
33%
Apr22
48%
Jan
5
41%
Dec
64% Nov
64
Feb13
82%
Jan26
46%
Feb
89
94%
73% M
tr
Feb
Dec
Nov
89,
Jan 23
Mar
Febll
310
Apr 19
Aprl4
85
2001
132
Jan
257
Oot
110
Feb28
116
Jan
107
Jan
117
Sept
preferred
preferred
...100
do
pref
non-voting... 100
.No par
(The) -.100
Studebaker Corp
Do
5
Apr 30 §850
Mar25
103% May 3 113% Mar25
39
Feb
6
51% Mar28
100
prof....
50
FeblJ
£78% May 5
97
Apr22
118%
126%
101%
Apr 8
Apr 8
36%
Jan
92
Jan
Apr 8
32
109%
an
45%
Jan31
Jan
100
41
Feb13
60
TemtorCorn A F pref A no par
42
May 3
Mar26
47
Mar26
pref class B
no par
Tenn Copp A C tr otfs.No par
Texas Comoauy (The).... 25
Tobacco
Products
pref
Corp.. 100
..100
Transcontinental OIL.
No par
Transue A Williams St.A'o par
Onion
Typewriter... 100
Paper Corp. 100
Bag A
38
9%
c41%
61
Febl3
Febll
c57%
Feb13
95%
13% M ir31
Jan 2
Jan 3
9%
17% May
Oct
Dec
Jan /t345
n!84
7
72%
97%
Jan 5
Jan 3
34%
37%
Jan
tiS
Jons
Dec
120
Jua*
88% Apr23
13% Apr29
51% May 3
106
168
Feb14
200
87
MarlO
127
38
Jan
6
34%
Dec
53
Jan
5
37%
90%
JaD
Oct
68% July
Jan
175% July
38%
66%
Jan
Aprl5
Aprl4
115
62% Nov
747b Out
Dec
Jan
Jan
197%
Jan
76
100
100
15%
Febl8
25%
14
100
43
Feb 3
65%
42%
37%
78%
116%
103%
Jan 3
Apr 7
Apr 6
Jan 5
Jan 8
Jan 0
Apr 8
Jan 5
Janl3
Do
Do
800
600
6.000
9,200
61,900
1,900
112
400
5",800
90
Oot
151
Oat
104% Nov
54%Jun«
Apr 7
38
Superior Steel Corp'n
U S Cast I Pipe A Fdy
700
7134
97% July
100 §680
Standard Oil of N J._
.
.
no
..
pref.
par
.
..100
pref.
100
U 8Realty A Improvement 100
United States
600
68%
I Leal than 100 ah&ree.
Feb
19
68%
..100
Do
"
82
73
104
6
80% Aug
.
*67
Feb
Feb20
Jan
Jan 3
500
142
70
Jat
22%
106%
96%
8~2O0
70
91%
98% Oec
107% Nov
Febll
50,000
*107
May
Pullman
...
Febl3
55%
74
31%
Public Serv Corp of N J
pref......
64
99%
112
88
Feb
Apr21
Apr29
Do
100
109
*135
Oct
74% July
105%
Feb 13
Febll
170
800
100
144
28% May
Apr29
100
1,500
64%
500
4434
94%
96
313,400
1073s 10734
3,800
69%
70
10,100
1600
8%
8%
115,700
79% 82
69
70
2,500
104
82%
87%
16
.10
8tee!
97
511
100
Pond Creek Coal..
Pressed
48%
United Fruit.....
7
*87
"70"
27%
no por
pref
Do
*44
90
*67%
*107
Dec
United Retail Stores ..No par
*62%
45
68%
42
Feb 13
Apr 14
pref
Do
19%
Apr30
Feb26
United Drug
100
Do
1st preferred.......50
17%
55
66%
67
Oct
140%
104% Dec
47% Nov
300
66
66%
Dec
Jan
Dec
United Alloy Steel... —No par
1,600
1,000
136% 138% *136
41
fan
57
7,600
46,200
4934
209%
73%
205
64
82
22
42% July
92%
800
113
66
80
58%
29%
67%
Pittsburgh Coal of Pa
1st
Rubber
...100
pref.
100
U 8 Smelting Ref A M
Do
50
50
Do
Utah
pref......
Copper.
Utah Securities v t c..
Vanadium
Corp
97
40
91%
108
61%
Mar 6
Feb13
148
53
Janl3
50
July
224
Apr! 4
157
Feb
Feb 13
69%
143%
May 4
116%
Febl3
44% May 5
Janl4
76
Jan
3
58% May
215
Oct
Oct
Jan
16%
119%
38%
Aug
Jan
74% July
32% May
Feb
Oct
66
Apr
X97%
Dec
167
May
96%
17%
Jan
111
May
Jan
73
Jan
109
Jan
50%
139%
119%
78%
June
Nov
July
Nov
43%
91%
Jan
45
Jan
50
Mar
109
Jan
5
88%
Feb
116%
80%
12%
Jan2S
111%
Dec
Jan
3
05%
Feb
Jan
2
115%
117%
97%
21%
July
July
July
June
42
Febl3
97
59%
Febl3
80%
112%
.no par
*92%
47% Mar27
Aprlfi
Virginia Iron C A C—....100
76
113
Aprl4
Jan 7
May 7
Wells, Fargo Express
48%
Febl4
76
Mar31
82
Feb 13
89% Marl8
Virginia-Carolina Cbem...100
Do
Dec
July
45f«
Feb27
May 2
...100 zl07
65% May 3
10
8% Apr30
100
pref..
United States Steel Corp..100
pref....
.100
100
Western Union Telegraph .100
104
May 3
Febl3
8% Dec
64%
Feb
110
62
Dec
51
Jan
54
Mar|
51% Nov
82
Sept
Dec
92% July
115% Oot
X88
Dee
79
May
92% May
50
106
Fbbl3
48
Febl3
55%
94%
40%
Jan
Westlnghouse Elec A Mfg..50
White Motor
.50
Jan
59% June
49
Feb 13
69% Mar29
45
Jan
80
Willys-Overland (The)
.25
Do
pref {new)
...100
17% May 3
80
May 4
32
Jan
3
23%
Jan
93
Jan
5
87% Jan
65% Jan
95% Nov
40% June
98% May
Wsstlnghouse Air Brake
0..No par
64
Feb 4
preferred .........100
100
93
120
Apr 6
Febll
.100
C—100
111
66
.....100
88
WllsonACo.Ino,
Do
•
Dec
9
50
pref
Do
400
145
70%
70%
5
Jan
1,500
108
66
112
2
Jan
27% Febll
40% Febll
125% Feb 13
48% Feb 13
70
71
70
8%
8%
8%
81
8234
81% 83%
68%
68%
68%
70%
10434 105
*104t2 108
*107
*135
*
Jan
3,8%
(Jolon OH.
132
*80
136% 136%
78
61%
Apr20
*80
Oct
1
1
Feb 13
81
Mar
9,800
30%
44
81%
49%
5534
Nov
39% Nov
74
Oct
Mar
6
102
Nov
149
Dec
Mar
72% Febl3
68%
8%
~U%
Nov
44
53%
9534
97
107% 107%
128
5% Mar
30% May 6
37
Janl3
U 8 Industrial Alcohol
63%
Aprl4
46
0 S Express
100
U S Food Products Corp.. 100
*44
Jan
Jan 2
14,400
44%
90%
107% 108
43
65
30,300
44%
94%
55% Apr 8
534 Mar 8
9% Apr 6
Febl3
63%
58%
9934 102%
50%
51
86
53%
Junt
61% July
55
July
34%
63
108% 108
97
Feb
47
Jan 5
85%
52
Jan
335%
41%
88
9934 10134
July
46
3
157
65
52
67
5
Jan
Febl3
Apr30
7
108% 10834
63%
65
Jan
Jan
26%
85%
99
July
Jan 28
120
63%
*95
75
58
FeblO
7
100
Oct
70% July
77%
5
6434
*95
FebJ
Apr3 )
7
7
Feb
19%
44% Mar
4%
..50
—.
pref
Do
Do
2l",100
16%
1734 *18%
55
relek.*..100
B—
Pierce Oil Corporation.....25
90
80
48?
5
Pleroe-Arrow M Gar
do
54
54
54% 56
*54%
5634
85
*84% 85
85
85
85
111% 115
*111% 115
*111% 114
48% 4934
49% 4934
4884
49%
54
55
55
56
54%
55
17%
19%
18% 19%
1834
19%
111% 112
Febl3
145%
91%
68
.
100
Pet A Trans
Class
Do
100
102
*65
44
63%
84
96
112%
48%
53%
4934
55
45
104
49
*17
95%
96
49
44
135
19
45%
104
44
*132
133
*17
63%
69%
8%
78%
67%
30
17
92%
65%
8%
74%
64%
44%
31
210% 21234
45%
108
30
116
208% 213
70%
71%
61%
*107
3084
49
.
Stromberg-Carburet
1,200
118
71%
50
7%
44%
25
Mall SB-.
Underwood
118"
118
133
par
Stewart Warn Sp Cor p..no par
65
64%
*45
68%
16%
CO
*106
44%'
132
29%
.no
77
>171
118
..no par
4434
*38
"10%
52%
115% 115%
30
30%
Mining....100
Phillips Jones Corp
Do
8,100
3,100
7,600
80% 201,300
44%
I
78
*42
48%
.25
Febll
Febl3
3
South Porto Rico Sugar... 100
§695
695
105%
104% 105
#QQ
49%
i
44
*80
a;78%
44
*38
10
77
50%
z3S%
Penn-Seaboard St'!
100
97
102% 109%
I
49% May 7
.100
Bottle.....
Parish A
115
}683
695
§683
700
§695
103% 104% 103% 105%' 105
41%
42% j
42
43
44
m
92
280
75
.100
Elevator...
Do
200
17%
*90
72
Co
(The) .....25
Pacific Telepb A
100
10834
*108
71%'
Jan
Pacific Development...
mm~-mm
*99% 101
*250
65
Jan 3
61
Otis Steel.
100
*96
216
67
87
23,900
1,300
1,200
42
115%
216
65
69,100
18%
15%
9%
80%
36%
68%
48%
Febll
Oct
59%
17%
*40%
13%
14
221% 221%
9%
9%
78% 80%
35% 36%
69
70%
9%
Feb10
Oct
57%
96%
78%
34%
68%
Febl3
45
Oct
July
21% July
13% Nov
99
m
99%
14
JaD 5
Jan 6
Vfay
111
«,
97%
59
17%
117%
s 12
Apr
m,
400
113
Sept
July
87
42%
102
May
99%
96
Jan 3
58
92%'
*40
110
57
95
96
9412
43
76%
92%
41
Jan
Jan
72%
*57
9%
103% May 3
13
May 3
8.3% Jun*
64
Apr
Dec
4,300
72
3,500
90
113.300
97% 129,100
900
97%
60
79%!
93%
04
32
17%
*55
35%
Feb2«
Jan
30
17%
58
14
75%
72«4
24% July
'93
9
17%
73
113% 114%
34%
102%
J.anlO
87
216
Apr28
Feb
Feb
17%
*70%
96
13%
95
108% May
Dec
42%
17
95
Dec-
8%
45%
36%
90
*100
i03
7
Apr
42
mm
115
100
Janl3
Jan 2
Jan 7
Apr 12
13
30
Oklahoma Prod A itef or Am 5
Pan-Am
89%
92
American
Owens
Feb 6
Feb25
100
Ohio Fuel Supply
Otis
102%
8
66%
.100
Nova Scotia Steel A Coal
Silver
July
Brake....100
Air
preferred
Ontario
92
Feb 6
17
*60
112% 116%
*15%
16
-
216
100
...100
Ohio Cities Gas
mmmmmm
107
41
109% 116
57%
13%
116
107% 108%
94
94%
91%
92%
.100
Nevada Consol Copper.......5
North
Jan
94% Febl9
Bead
York
70
Jan
...10!}
;
pref..
Do
3
80
'
65
*113
114% 115
100% 105%
Do
Om
Mar
91%
34%
*80%
*100
pref.
National
139
Dec *121
Feb2'»
par
Oct
Aug
63
.109
Oct
Nov
Nov
Jan
...100
preferred
75
87
116
Conduit Se Oanie. Vi
or
4-3% July
Jan
8ept
112
Apr30
Nat Enam'g A Stamp'g
Nov
45
107
110
Mar
40
29%
Jan 3
9
125
.
♦ Suit
5
Jan 3
Aprl7
3
...100
Biscuit
preferred..
Do
Nat
72%
91-%
Jan
33
100% 102
101
>00
Febl3
Mar 25
Mar 19
Philadelphia Co (Ptttsb).—50
90
*16%
1J0
40
People's G L A C (Chic)...100
16,200
30%
36%
*62%
58%
S3
..100
Feb 13
40
51
2,900
200
29%
*86
*16%
.100
...
Feb 13
54
32% July
Aprl4
Aprl4
Jan 6
Apr 8
38
*34
90
57%
Do
v t c
4
40%
600
95%
68
"l6~
preferred
Do
Pacific
*60
*
H
Pacific Gas A Electric
*86
57%
Nat Aniline 4c Ohera vta.no par
100
68
867
z35
National
FeblO
30% May 3
3»% Feol3
...50
400
91%'
16%
no par
...
1,400
*60
57%
Body.
45%
*86
16
Mont WardJfcCoIlfsCorp no par
35
45
*30
97% 100
94%
100
69%
69
30%
9,200
7%
26%
47
200
4%
7%
69%
45%
51
4%e
55
200
10,500
1,600
54%
52% July
83
July
New
3.400
59
51
7%
55
38
23%
61%
Fet>
Nov
New York Dock.
59%
40%
40
*35
Montana Power..
5234
69%
200
40%
136% 136%
27% 28
30%
84%
71% Nov
Mldvale S,ee! * Ordnance..50
1,700
55
*55
118% Bapt
Out
1,300
36%
49%
61
41%
51%
4%
56
39%
36
50
60
52
100
100
41%
2.600
13%
*45
105
Dei
350
13%
103
41%
27
89%
13%
60%
7%
137
98
"4",§00
104
*102
Marl 3
N.v
Do
80
79%
88
.
99
99
51
*48
7%
*54
99
35
59%
40%
4%
8
*125
99
97%'
33%
57%
*
50
58
27%
55
600
1,600
82%
261
21
""loo
10
75
13%
33%
59%
130
98
10
75
81%
110
Jan
32
National Cloak
10
82%
Jan
162%
6
700
75%
*93
104
Jau 3
6
85%
*90
Jan12
222
Jan
87
97%
O01
May
Oct
107
Feb11
Jan
6,900
97%
131%
Jan 6
Jan 8
Jan 7
6634
85%
10
9%
75% >74%
Ja
26
65I2
73
Dec
71%
National Acme
♦68
38% July
3i% Nov
A tg
60
Apr30
Feb 6
42% Feb26
Mulllns
*70~~
21
23
Aprl9
2234
700
13%
*45
40%
52%
*48
*65"
137%
*20%
200
800
Feb25
fi
36%
110% 111
Feb25
$ -ctV«
101% M,ir27
..100
41
95%
34
50
39%
52%
4%
7%
27
2,600
32%
Apr23
23
Highet*
f per than
.10
pre!
36
13%
100
35%
55
57%
127
32%
2)
117;e
9 per share
33% Jan
5
30% Jan 8
161
Copper..........
36%j
*39
S ptrehare
..100
17,200! Millie Stated Oil Corp
900
Lowttt
Highest
..100
preferred
Do
...
200
76%
13
86
113% 113%
Do
C7I2
36%
«n.<
63%
111
113
Miami
*92
33%
40
37
60%
Mexican Petroleum
36%
40
26
.
Department St a* ,_lO0
May
100
Par
Parry Corp ...no par
53,400
*32%
32%|
♦36
Martin
*63
32%
*38
36
Manhattan Shirt
~4~906
44%
63
40
100
25
lndu»triaiatMlsc.(Coa.>
128
22
i
03
36
Lowest
21%
32%
33%;
46%
Year 1919
lots
EXCHANGE
100% 104
181
176
178% 183%'
*
21-%
*38
128
25
127
131
*100% 104
173% 182%
21%
32%
44%
44%
63%
32
*23%
I
127% 128
175
♦92
21%
31%
431*
63%
30%
172
i *23%
—
1251* 130
>100
104
95
21
$ per share j $ per share
...J *27
28
Mange for Prennit
Range since Jan. 1.
On basis of 106 «*ar«
STOCK
YORK
NEW
v t
Woolworth (F W)
Do
pref
Worthtngton P A M
Do
pref A—
""300
* Ex-rlghta.
On
a
ot*'B
▼ t
-
Ex-dly, and rigktt.
.100
69%
xMx-AIt.
119
82%
98%
Jan
8
Jan 3
Jan 6
Janl3
126
July
Oct
104% July
104% June
145
Aprl4
120
Feb
136% May
Marl 3
116%
Jan 6
112% Dec
117% July
Apr30
95>.
Jan27
50
Feb
Feb25
93%
Jan13
88
Jan
F*h25
76
Jan
66
Jan
c
6
Reduced to basis of 325
par.
117
98%
Oct
Oot
s Par $100.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
of quoting bonds
1909 the Exchange method
Jan.
!l
Price
Week's
Range
BONDS
Range or
Since
N. Y. 8TOCK EXCHANGE
Last Sale
Jan. 1.
Ask Lorn
Bid
High
Ho
Low
Week
91.90
Sale 89.30
92.20 7318
89.30 100.40
■eoond Liberty Loan
4a
1st L L conv—1932-'47 J
D
85.90
Sale 84 30
86.00
292
84.30 93.48
N
85.10
Sale 84.60
85.20
677,
84.20 92.90
D
1st L L oonv—1932-*47 J
86.74
Sale 85.20
N
85.22
Sale 84.90
S
89.06
Sale 89.00
M
2nd L L oonv—1927-"42
3rd L L
1928 M
4148
4148
85.70
86.74
485 85.00 94.00
85.42 6935 84.30 92.86
90.00 6108 89.00 95.00
8b oonsol
2a conaol
96.04
Registered
General gold
Sale 95.98
Sale 95.90
Pan Canal 10-30-yr 2s
11936
Pan Canal 10-30-yr 2a reg._1938 Q
N
M
1961 Q
1961 Q
Philippine Island 4s_....1914-34 Q
Panama Canal 3a g
m
Potta Creek Br 1st 4a
101
BAA Dlv 1st
98
Sale
71%
Sale
N
87%
do
79l2
871*
89%
871*
44
44%
2
33
32%
32%
24
"German
74l2
8034
92%
86
las conaol gold 6a
75
Nebraska Extension 4a
8714
925s
42
50
J
73%
34
72
79
96i2
60
95U
88
36
88
96
Sale
8834
9578
89l2
7534
74i2
90
33
903s
9034
7614
7514
69:
8834
9378
89i4
9212
9812
9712
178:
69
82
206|
67l2
82
76
77
"405
55%
71
5
873g
92%
4
87%
9312
109
2934
43
Sale
Sale
Sale
.
Jan
j"
J
t~59%
Sale
5812
15-yr 6a._..1934 M
N
8734
87%
Sale
'20
46
N
87i4
59i2
8734
87l2
Mexico—Exter loan £ be of 1899 Q
Gold debt 4a of 1904
1954 J
87%
87%
t 33%
Sale
31
33U
D
30
Sale
2512
30
13
2612
1921 A
O
89%
Sale
893s
90
115
88I2
57%
56
54
Parla (City of) 5-year 0s
Tokyo City 55 loan of 1912
M
Apr '20
1021 M
N
95
Sale
9478
95i8
376
20-year gold bond 3X8—1937
10-year conv 6Xa
.1929 F
A
86
Sale
8O58
86
119
O
91
Sale
907s
92
261
pi922 F
A
9334
Sale
9312
9334
F
5)48
year conv
i
■
95
.
S
8712
'
M
4)4a Corporate
stock
4% Corporate atock
4% Corporate atock
4% Corporate stook
O
J~
1957 rn
M
—
87%
89%
<•»
Mi
—
N
Ml
-
-
mm
mm
m
mm
[Sale
95%
-
94
m
85%
85%
mm.
■
mm
mm
m
mm
m
88
N
*83
N
93
94%
77
94%
8034
M
M
N
1901 M
8
m
N
4)4% Corporate stock
1957
8)4% Corporate stock... 1964
■ Y State—4s
Ml
D
S
1983 M
1959 M N
1958 M N
1957 M
4)4b—
m m
93
4%Corporate stock reg__1956
New
S
A
4)49 Corporate stock
1964
4)4a Corporate stock
I960
4)4b Corporate atock July 1907
4>4a Corporate stock
1685
Canal Improvement 4s... 1961 J
95
95
—
mm
m
...
.
.
.
95
.
.
.
.
Canal Improvement 4a
I960 J
Canal Improvement 4)48.1964 J
95
....
Highway Iroprov't 4)4a..l903 M
Highway Improvt 4)48.-1905 m
flrglnla funded debt 2-3a..l991 j
100
99
8
100"
100
—-
J
1896 A
O
1995 A
G
Registered
Nov
Nov
Adjustment gold 4a.....11996
Registered
.......11995
Stamped
L'onv
......11995 M
1955 J
gold 4s
Conv 4a Issue of 1910.
1960 J
Cast Okla Dlv 1st g 4s...1928 M
Rocky Mtn Dlv 1st 4s.-.1966 J
Trans Con Short L let 48.1958 J
Oal-Arii 1st A ref 4Xa"A"1962 M
8 Fe Prea A Ph 1st g 6s...1942 M
Atl Coast L 1st gold 4G
11952 M
Gen unified 4)4 a
1964 J
Ala Mid 1st gu gold 6s
1928 M
Bruna A W 1st gu gold 4a_1938 J
Charles A Sav lat gold 78.1930 J
01952 M
L A N coll gold 4s
Sav F A W 1st gold 08
1st gold 03
Salt A Ohio prior 3 )4 a
Registered
1934 A
50
72
72%
....j 68%
64
Sale
93
1003s
58
Milw A Nor 1st ext 4X8—1934 3
Cons extended 4Xs
1934 J
"98%
92%
1920 J
General gold 3Xs
1987
M
60
61
Sale' 60%
D
7934
80%
80
S
79%
85
88
Apr '20
85%
88
Refunding gold 4s
J
58i4
70lS
68
69
Apr '20
60
09
R I Ark A Louis 1st
J
7134
74
Apr '20
72
76%
S
73
73%
76
Mar'20
76
81
S
81
95
95
June'19
.—
7134
73
72%
13
8
71%
78
92%
78
78
J
7S
77
J
N
Sale
60%
105
105
8034
Sale
58%
Feb *20
129
5S%
59
59%
36
85%
86%
284
~80
60
Jan
84%
81
5734
70
60
"63
78%
81
Sale
00
58%
06%
58
09
81%
92
'12
60
Sale
Sale
80%
D
~9l%
O
O
90
S
89
71
O
64%
Roch A Pitts lat gold 6a.. 1921
Conaol 1st g 0s
1922
A
ICO"
D
98%
74
78
71
75
94
N
76%
78%
76%
76%
86
Sale
84
86
05
70
89%
92%
i
89%
92»4
70%
73%
83%
73%
85
—
85
74% May* 19
90
May'18
n
e
79
82
Due Jan.
\
87
A
9134 Jan *19
79
Apr '20
Sale
97
67
00
58
Sale
58%
99
100
80
85
97
Rs Serlea B
55
94%
94%
90%
97%
Mar* 19
*87% "90%
87% Apr '20
97
Nov'18
105% Nov'19
88
Jan '17
98%
96%
99«4
9934
"99%
100%
72% Apr '20
70%
72'8
Apr '20
79
8734
67% Apr '20
70% May'19
63
61%
65
76%
61
62%
87% Apr '20
97)4 Feb '19
65
82
46
*60% "8784
68%
64
85%
90%
65
73
Oct '19
68
58
58%
103% Mar'20
82
58
66%
102% 104
*81%
84%
69%
87%
67% June'19
100
100
59
50
50%
90
May'17
88
Mar'll
81
Jan '20
69
Apr '20
63%
66
63
63
73
74
74
..1993
80
83
70
60%
62%
1940
70
72
1940
61%
100
56%
54%
61
81
81
"T
62%
77
82% Apr '20
82%
84
72%
71
71
75
59%
56% Apr '20
61% Apr '20
74% Jan '19
56%
61%
66%
77%
77%
Apr '20
~84% nn
C C C A I gen cons g 08—1934
Ind B A W 1st pref 4a
1940
71
84
02
Nov'16
101
68
100
O Ind A W 1st pref Sa—tfl938
70
73
1920
cm S A CI cons 1st g 6s„1928
103
12
74
*1936
*1936
Oct '19
77% Mar'20
82% Sept'19
931* May'19
101% 102% Oct '16
7634 Nov'19
71
Feorla A East 1st cons 48.1940
Income 4a
...1990
Colorado A Sou 1st g 4a——1929
1936
56
Mar'10
20
24
19
20%
75%
77%
Sale
68%
Sale
75%
75%
80% Apr '20
68%
70
94
95
Feb '20
Apr '20
45%
Apr
lat ga 4X0—-1961 A
Refund A Ext 4X0
2
80
"93"" "97"
Apr '20
1931
80%
87
"67"
83% Nov'19
Day A Mtctt 1st cons 4X8 1931
20-year deb 4Xa
Cfeve Short L
94" "95%
20
08
Apr '20,
Apr '20
109% Apr *16
93
Apr '20
94% Feb '20
89
1952
9984100%
99% 100
O
Ft W A Den C 1st g 60—1921
49%
77%
76%
88
84
94
Cuba RR lat 60-year 6s g—1952
Del Lack A Western—
09%
70
Morris A Eaa 1st gu 3X8—2000
O.534
65'4 Apr '20
51%
56
18
27
75%
80%
67%
88%
85%
75
95
98
Conn A Pas Rivs 1st g 4a._. 1943
97% June'17
~71%
82%
Clev Cln Co A St L gen 48—1993
Registered
Mar'20
J
Sale
Oin H A D 21 «rtId 4X8
1937
C Find A Y< V 1st gu 4s g 1923
lat gold 4s
Nov 19
90
J
Consol 50-year 4s
W W Val Dlv 1st g 49
65
Mobile Dlv 1st g 5s
62%
61%
A
Chic A West Ind gen g 6s._#1932
CI Bt L A C conaol 6«
75
92"
"61% ~68%
Nov'16
90%
77%
80
86
Oct '19
61% Apr '20
70% Apr '19
May'18
91%
A
7784
9684
95
90%
53
NY Lack A Wist 6a
Construction
79
81%
*
94
94
118
91
45
78
77«4
94
North Wisconsin lat 68—.1930
Mar'20
D
J
70%
A
M
Cons 68 reduced to 3X0--193O
Debenture 5s—
1930
91
8
97%
"78""
'20
79
75
09
St Paul AKOflt L 1st 4Xb'41
coub 6a
1930
Spr A Col Dlv 1st g 4s
9934 Feb '20
99% Mar'20
83
Apr '20
99
69
Ohic St P M A O
77%
4534
Jan
7734 Jau -20
101% Oot *16
80
5s
1952 M N
O
Keok A Des Moines let 5s 1923 A
85
45%
66
97%
Sept'19
103
cons g
69
8934 Apr '20
70% Apr '20
73% Jan *20
85
Apr '20
"79
J
D
Burl C R A N 1st g
O RI F A N W 1st 2U 50—1921
85
90% Mar'20
88
Aug '19
45%
n
Mao A Nor Dlv lat g 5s..1946
Mid Ga A Atl Dlv 58
1947 J
1934
4X8—1934
os
1934
54%
69%
61
93%
98«4
59%
98
101% 9934
9934
95
95%' 9934 Apr '20
99% 99% 100
Sept'19
98% 103
99% Mar'20
1988 j
Registered
Mar'20
53
95%
93% Feb '20
9034
96»4
60
Apr '20
97% Apr '20
79%
65%
973,
93%
20
99
....
100
Railway general gold 4a... 1988 j
69
53%
99% Mar* 18
45
Conaol 4Xs
—1957 m
All A West 1st g 48 gu
1998 A
Clear A M&h 1st gu g 6a..1943
O
I
85
53%
54
Apr
98
90%
Cairo f>»v 1st gold 4s.
1939
Cln W AM Dlv 1st g 4a—1991
St L Dlv 1st coll tr g 48—1990
75
70
90
54
Chicago Rock lal A Fao—
General
72% Apr '20
69
J
60
7134
78
70%
72%
Chlo T H A So East lat 5s—1960
47
Apr '20
Sale
85
f Itta Clev A Tol lat
g 68—1922 A
Tol A Cln dlv 1st ref 4b A. 1959 J
81
73
Superior Short L lat 5a g„cl930
July'15
80%
112
*60% "72"%
Aug '19
Sale
3
O
23
59%
59%
S
1937 A
*20
62
85%
J
1936 J
Jan
129% Aug '16
"ei"
O
N
No price Friday: latest thla week.
80
72%
N
Cent RR A B of Ga ooll g 58.1937 m
71%
62%
71
91
"so" nn
1933 Ml
1933 m
Mil Spar A N W lat gu 48.1947 m
1948 J
Ch Okla A G
92%
M
1946 J
8934
74% Apr '20
M
10-yr temp aeour Ca June 1929
Chatt Dlv pur money g 4a 1951
69%
92% Mar'20
J
A 6a...1952
80
9138
60
Car Clinch A Ohio 1st 30-yr 5s '38
Oiatral of Ga 1st gold 5s—j?1945
Oonsol gold 5s
1945 M
6
320
7!)
59
1937 M
80%
"71%
N
81
J
61
03%
60%
D
80
Cent Ohio R 1st c g 4XS--1830 M
C! Lor A W con 1st g 0s..1933 A
71%
61%
72%
64%'
72%:
98
St L Peo A N W 1st gu 58
19
02%
70%
_90" "97%
Ashland Dlv 1st g 09...1926 M
Mich Dlv 1st gold 08—1924 J
D
64
73% June'18
| 6312
64U
~87li
J
Apr '201
79
5484
99
92
Mil L S A West 1st g 68...1821 Ml
Ext A Imp a f gold 58—1929 F
68
8234
54%:
63%
70% Apr '20
IIII "99"%
Des Plalnes Val 1st gu 4Xs '47 M
Frera Elk A Mo V 1st 6s.. 1933 A
60%
*53% "00%
7284!
91
1921 A
Sinking fund deb 5a
Registered
72
70%
1921 A
6s.
82
60
88
1879-1929 A
Registered
10712
61%
1879-1929 A
Registered
Debenture
80
72
92
"68 " "Sale
1987 M
1987 M
General 6s stamped
Mar'20
5434
02%
02%
80
83
...1987 M
Stamped 4s
97
68%
68
78
81%
94
pi 987 Q
Registered
General 4b
63V
1934
Pitts Juno lBt geld 6s
1922
P Juno A M Dlv lat g 3 Xb 1925
P L E A W Va Sya ref 4s_.1841
foutbw Dlv 1st gold 3X8.1925
•>
80%
68
99% Oct '19
Registered....... 1880-1920 F
99
64
68125
57%
97
100% 102
"83 ~ HI
Ohic A N'west Ex 4s ...1886-'20 F
90
GO
72
1921 J
Wis A Minn Dlv g 6s
Wis Valley Dlv 1st 6s
91
70
513g
80%
96
"95% ~96%
Dubuque Dlv 1st s f 0s.. 1920 J
Fargo A Sou assum g 6s.. 1924 I
64
D
63%
9514
9514
Sale,
1929 J
cons gu
63
Sale
63 %
..1933
Refund A gen 58 Series A .1995 J
Canada Sou
Sale
Sale
60
11948
Buffalo R A P gen g 0s
54%
72%
54%
72%
6334
1925
Registered
10-yr conv 4)4s__
8hlo River RR lat g 0a
General gold 5s
72
55
N
11948
Temporary 10-yr 6s.
54
C1989 J
Gen'l gold 3 Xs Ser B
Genera! 4Xs Series C
*95
49%
191
50
70
97
6034 Apr '20
92% Feb »1H|
53% Apr '20
10712 108
5112
7012
.11925
lit 60-year gold 4a
•
5D2
Sale
26
I
'20
64
C1989 Q
el989 J
Registered
78% Dec '18
11995 Q
Atchison Topeka dc Santa Fe—
52
80
Man G B A N W 1st 3X8-1941 J
Mllw A S L 1st gu 3XS...1941 J
Ann Arbor 1st g 4s...
70
50
76% Dec '19'
64%
75%
60%
1934 J
50
70
80% Mar'20,
Jan
83
Rellread.
Gen g 4s
"80 " IIII
1947 J
Registered
1879-1929 A
Sinking fund 59.....1879-1929 A
54i2
90%
Mar'17
51%
Permanent 4s
100
29
90%
64%
70
100% June'18
o412
52
97
J
Ohio L 8 A East 1st 4XS
1909
Oh M A StP gen g 4a aer A.el989 J
Sinking fund 8s
13
28%
21
May'19'
8534 89
931s 10012
94
1005s
7912 81
100
20%
Mar'20
32
51%
25-year debenture 4s
99
71" "8l"%
9734 Feb '13'
Chic A L Sup Dlv g 5a
1921 J
Chlo A Mo Riv Dlv 68...1920 J
Chic A P W 1st g 5a.
1921 J
O M A Puget 3d 1st gu 48.1949 J
94
Apr '20
Apr '20
7l)
95»4
84
'20
J
"52% "55"
75
905s
8334
1
"20
90% Feb *20'
70
Mar'20',
50
Apr '20
70
....
88
Mar'20
23
94
90i4
Apr '20
23
23
63
19
Jan
25
93%
60
Nov'19
s
da deferred Brown Bros ctfs...
20%
....
8512
9434 10012
9414 100%
85
903s
10712
92
90% Oct '19
71
72%'
Ind A Louisv 1st gu 4a...1953 J
Ohio Ind A Sou 50-yr 4a
1956 J
98i2 Aug *19
Canal Improvement 4)48.1985 J
86%
89i4
90%
9434 Apr '20
94i2
94%
8512 Apr '20
8334
8334
8414
84i4
8534 Mar'2i)
93'8
9414
9412
8078
94
80%
193*
93
98i2 Aug
86%
1925 J
93
100
.
1902 J
87%
Mar'20
'
anal Improvement 4b
70
84
97%
8712
98
69
78
68
37
87l2
9134 Apr 20
88
Apr '20
90
79
75
•' '
StAte and City Securities.
S V City—4J4« Corp itock.1960 M
49
38
68% Apr '20
Gen A ref Ser A 4 Xs
a2014 A
Gen ref conv Ser B 5s...a2014 F
Convertible 4Xb
1932 J
923g
Feb '20
44
29%
78%
1947 J
These are prises on lie basis of S5fc£
'
98
.
"7l" "Sale
1958
Refunding gold 5s
Refunding 4a Series C
O K of Gt Brit A Ireland—
0-year 5 X% notee
65
Sale
Chic Ind A Louisv—Ref 08.1947 J
61
15-yr 0al934 M
Marseilles (City of)
73
8534
1927
Purch money 1st coal 6a..1942 F
Chic A Ind C Ry lat 5a...1936 J
Chicago Great West 1st 4a..1959 M
93
55
Sterling loan 4a
uyona (City of)
—
...1927
Chic A E 111 ret A Imp 4s g—1955
U S Mtg A Tr Co ctfs of dep..
9878
Sale
9734
8934
Registered
86%
Sale
'20
See Great North
General 4s
76
7
Jan
68%
General oonsol 1st 5a
1937
U S Mtg A Tr Co ctfa of dep.
Guar Tr Co ctfs of dep
Joint bonds.
66% Apr '20
78%
1949
8078
76
stamp"
1931
98
1922
70
83 %
66%
88% Sept'16
..1949
93% 99/6
73
81%
66%
64%
Sale
90
A
Japanese Govt—£ loan 4 His.1925
Second aeries 4 X a
1926 J
64
32%
Denver Dlv 4a
9812 1605
16
71%
14
875s
72
78% Deo '19
69
June'19
44
8
Sale
Oct 'ly
8234 May'19
Railway 1st lien 3X8.
1950
Chicago Burlington A Quincy—
24
1929
75
~0G% ~77 '
Feb '15
815s
8934
8934
97%
90%
X 76
t 75
70
~70%
Feb '15
8312
F
6534
65
*80
18G
113
9012
"97"%
74%
65
74%
90i2
8078
7334
72
59%
3
7338
Sale
Greenbrier Ry 1st gu g 4s. 1940
35
Sale
Sale
39
6934
70%
86% Mar'17 ....I
66
66%
69%
6338
76
91%
104% Jan '17
73
1946
44
..1931
do
77
"68%
44
2-yr5%agoId notes Aug 1921
10-year 5%a
6934
43%
—1926
do
do
Sale
Sale
f 5s'58
1921
s
g be
86
Sale
t 43
75%
8
90%
A
81%
1949
Dominion of uanada
95
81%
69%
J
A..1949 F
DominlcanRep ConsAdm
84
D
Copenagen 25-yr s f 5Xs—1944
M
Cuba—External debt 5a of 1904
External loan 4X3
85
97%
7034
8714
O
J
aer
84%
1989
con g
2d oonsol gold 4s
Illlnola Div3Xa
Illinois Dlv 4a
S
85%
8512
Warm Springs V 1st g 6a..1941
Ohic A Alton RR ref g 3s... 1940
July'18
100
70
82
85
4s...1981
1053$ 106U
1055s 106 U
79l2 Apr '20
8712 Mar'20
85
♦
F
Bordeaux (City of) 16-yr 68.1934 M
Chinese (Hukuang Ry) 5a of 1911 J
do
IOH4
101
Government
iagio-French 5-yr 6a Exter loan. A
Argentine Interna! 6a of 1909— M
do
88
m
m
M
Registered
50
82
194C
101
Mar'20
99
'18
Apr '20
82
1944
Craig Valley lat g 5a
Apr '20
98% Mar* 19
—■
95% 100%
95% 99%
96%
98%
Sale
Coal River Ry 1st gu 4s„ 1945
101
IO6I4 Apr '20
1.
High
82
1992
100
105%
6
Low
Apr *18
10!)% Jan
70
1991
4Xs
101% Apr *20
106"
105%
.............1926
1925
Exter flt 5e of 1914
95
95%
95% Apr '20
97% Apr '20
95
78%
20-year convertible 4X0--193O
30-year oonv Becured 5a..1946
96.60 8095 95 90 99.40
96.60 4820 95.90 99,40
No
1939
5s
Big Sandy 1st 4s
notes.—1922-'23
registered
.....41930
coupon..
...41930
foreign
99
Since
Jan
1931
1st conaol gold
Sale 85.46
96.00
O
oonv g
4s registered
4a ooudoii
Sale
Range
tor
High
100
N Y A Long Br gen g 4s..1941
Cent Vermont lat gu g 4s..cl92i
Ohsaa A O fund A Impt 5a.. 1920
97.50 Apr 20
96.50 101.10
96.10 16861 84.50 93.00
D
4th LL
flctory Liberty Loan
4149
conv g no too—.1922-'23
8148
4** Low
97
..192,
Registered
1st LL 2nd oonv 1932-'47 J
1933-'38 A
4148
5s
Rang
95%
9134
*198.
Am Dock A imp gu
fourth Liberty Loan
4148
Warn
Last Jaie
Leh A Hud Riv gen gu 58.1921
1927-'42 M
Third Liberty Loan
4148
Price
Friday
May 7
Bid
Registered
D
2nd L L
A.
Chut of N J gen gold 5a..—198.
1st 15-30 year—1932-X7 J
41
Si
>■*
ending May 7
High
first Liberty Loan
1957
interest"—except for interest and defaulted bonds•
Fridav
May 7
U. S. Government,
3Xa
are now—"and
May 7
BONDS
N. Y. STOCK EXCHANGE
Week ending
changed and prices
teas
Term A Improv
5a
4s__
100
100
...
Yd" "73"
6584
70%
1921
99 38 100
1923
90%
96%
9784 Feb '20
97«4
97*4
1923
90
Sale
90
90
04
90
9984100%
JDifAprlL • Due May. § Due June, i Due July. * Due Aug. fDueOot. 9 Due Nov. • Due Deo. a Option sale.
BONDS
N. Y. STOCK EXCHANGE
Range or
Since
Since
Friday
Range or
Last 8aU
May 7
Jan. 1.
Jan. 1.
Last Bale
May 7
N. Y. STOCK EXCHANGE
Week ending May 7
1st ref
A
96
96
96
96%
73
70
70
70
81
79
79
79
79
85%
67
67
72%
78%
Sale
59%
...1936
1936
Improvement gold 58
1928
lat A refunding 6a.1955
Sale
43
44%
38
49
39
Feb '20
39
43%
75
Jan
'20
75
70is
5s...1939
4a...-1940
Guaranteed
1940
Rio Gr Weet 1st gold 48—1939
Mtge A coll trust 4s A—1949
Del A Mack—1st lien g 48-1995
Gold 4a
1995
Det Rlv Tun Ter Tun 4 H a -1961
Dul Mlssabe A Nor gen 5b.-1941
Dul A Iron Range 1st 5a
1937
Registered
1937
DulitSou Shore A Atl g 6s—1937
Elgin Jollet A East lot g 58—1941
Erie 1st coneol gold 7a
1920
N Y A Erie lat ext g 48—1947
3rd ext gold 4*48
...1923
4th ext gold 58....
1920
5th ext gold 4b
...1928
N Y L E A W lat g fd 78—1920
Erie 1st cons g 4s prior—1990
Registered
1996
1st consol gen lien g 48.1996
Registered
1996
Sale
59%
59%
82
78
87
78
83
81ia
85
97
Jan
"4034
Dec
40%
Sale
73
34
83
85
81
85
65
72
83
L A N-South M Joint
41%
Registered....
88"% "SO"
N A C Bdge gen gu g
%"
-72" mi
Feb '20
53
55
23% Jan *17
~os~
95%
Aug'19
Doc *19
68
108
Nov'll
95
June'12
74%
91
77
77
56
76
94
94%
9478
94% Apr '20
75
74
82
94
71
1961
1961
96
1933
...1933
1933
1933
Mont ext 1st gold 4s... 1937
Registered
1937
Pacific ext guar 4a £
1940
Registered
let guar gold 5s
Will A 8 F 1st gold 5b..1938
D
Feb
92
"
78
97
99
Feb '20
9
7
Gulf A S 11st ref A t g 5s._61952 J
70
65
Hocking Val 1st cons g 4448 1999 J
Registered
...1999 J
61
63%
62%
M K A Okla 1st guar 5S..1942
9234
91%
"94""
55
7
Apr '20
18
M K A T of T 1st gu g 58
Col A H V 1st ext g 4S
1948 A
1955 F
Houston Belt A Term 1st 58.1937 J
O
A
Illinois Central let gold 4s.. 1951 J
J
1961 J
1951 J
1951 J
61%
01%
J
....
1st A refunding 5s Her A..1965
73
1st A refunding 5s Ser
J
A
O
O
1st refunding 4s.
w
78
mi "72"
83%
64%
Extended 1st gold 3HB—-1951
Registered...
lit gold 3a sterling
Reglatered
1938
1948
Pac R of Mo 1st ext g 4s..1938
Cent Br U P 1st g 4s
Apr '20
Nov'16
"72"
2d extended gold 6s
1938
1931
Gen con stamp gu g 5a..l931
Unified A ref gold 4a ..1929
Registered
1929
Rlv A G Dlv 1st g 40—.1933
Verdi V I A W 1st g 68—1926
Mob A Ohio new gold 6s
1927
lat ext gold 6a
41927
General gold 4a
1938
Montgomery Dlv let g 58.1947
BtLIrM A S gen con g 5s
73% Nov'19
1655
Purchased lines 3Hs
1952
IN04 Texas gold 48—1953
Registered
1953
15-year eeoured 5%a._
1934
Cairo Bridge gold 4a
1960
Litchfield Dlv 1st gold 3a.l951
Loulev Dlv A Term g 3Hs 1953
Middle Dlv reg 5b
1921
Omaha Dlv 1st gold 3s.—1951
6t Louie Dlv A Term g 38.1951
Gold 3HS
1951
1951
Registered
M
J
M
M
J
J
J
J
F
F
J
J
J
J
F
F
Bprlngf Dlv lat g 3 He
Western Lines 1st g 4a
Registered..
1951
1951
1951
Bellev A Car 1st 6a
1923 J
80
8
70
64
65%
57%
65%
65%
61
61%
o
J
N
66
J
70
Sale
70
Sale
70
J
50
J
58
A
...
64
A
50%
J
58%
63
62
A
IIII "74"
64
D
70
74%
Memph Dlv lBt g 4a—.1951 J
Reglatered
1951 J
D
61%
68
S
65%
82
J
66%
1650 J
69
"GO" ~66%
" "69 "
Jasper Branch 1st g 6s
52
53
63
61%
61%
'20
"77%
77%
69%
Nov'17
75% Deo '19
93
Jan
50%
51%
50%
51
Oct '09
Apr 1950
City Term 1st 4s._.1900
65
67%
63%
Sale
Lake Erie A West lat g 5a—1937
2d gold 5s
1941
75
79
79
67
80% Feb '17
"so"
90
65
Aug '19
82
83
86
Apr '20
84
78
Sept'19
Kansas City Sou 1st gold 38.1950 A
Registered
Kansas
North Ohio 1st guar g 5s__ 1945
Leh Val N Y 1st gu g 4Hs—1940
Registered
*
78
...I960
Ref A Impt 5b
1940
64%
63%
No price Friday; latest bid and aaked this week.
Nov'19
'20
65%
65
Apr '20
cpueJan.
78
20
78
Feb
89
Mar'20
50
59
64
"63% "75%
63%
75
82
76%
81%
87%
dJDue Feb.
g Due
96%
93% Jan
93%
93%
83
79
Apr '20
79
67
65
Apr
20
63
81%
65%
Nov'10
*20
75
85
95
Mar'20
95
85
95
94
95%
67%
67%
37%
38%
95% Feb '20
67% Apr '20
38%
33%
40
44%
45
45
45
73%
» Due July,
a Due
85
Jan
95
97
'20
Mar* 10
77
89%
3;
34%
6
42%
75
43%
55
l|
40
42
69
71
3!
37%
40
40
8)
70
70
39
39%
39
39%
73
73%
73
73
10,
73
44
82%
91
93
91
91
2
91
91
~G8~
68
80%
Nov'19
88
*88%
"88% "9234
90% Mar'20
*75
95
Deo '16
31
"53"" "607a
Sale
53
27%
29
29
Apr *20
27%
32%
29
Mar'20
15
20
22% Dec "19
35%
Sale
35%
40
36
Apr
20
25
29%
2.5,
Apr
20
24
37
28
26
25!
24
26
19%
23
Apr '20
Feb '20
23
23
«53%
—
"25"
J
25
A
O
54
35%
23%
12
32
29
33
*35% "39%
26%
42
M
F
A
M
M
J
M
69% Apr '17
39%
38
Apr '20
35
38
50
Apr '20
50
50
79
83%
91%
62% Dec '19
49
55
55%
28
....
51
Aug'19
Dec *16
34%
"52"%
79
Sale
87
87
1
86
81%
87
38% Dec '19
77
F
F
F
K
M N
M 8
M
J
F
J
A
A
J
J
82
82
5
82
Sale
51%
53%
96%
Apr '20
65
58
IIII "74
85
Oct '18
*67% ~6734
June'19
"77"% *79%
85%
8234
69
68
68
12
87
94%
*68 " _76~"
80% Oct '17
64
Sale
80
Apr '20
J
1
*03% "72"
80
86
99
10278
91
Apr '20
91
65
Apr *20
55
95%
59
99%
99%
92%
52%
64
63%
99%
55%
78
78
7578
77%
78
77%
68
Apr '20
68
74%
94
Apr '20
94
76
68
90%
94
99
*
L'90
21
21
20
15
17%
20
Mar'20
Jan
'20
61
60%
92
"47%
10
~30 "
23%
96% Feb '13
27%
60%
97%
110% Mar'17
20%
J
76%
77% Mar'20
Apr 20
,
Sept.
97%
8234 Apr '20
102
July* 14
KO
*67%
89%
59
96%
78*4 Apr '20
87
Mar'20
85%
81%
51%
67% Mar'20
68
80%
112
10
98
60
M
M
J
Q
M
F
50
48
37%
4
92% Apr '20
61
15
15
60%
92%
....
65
96
49
46%
47%
38
46%
59%
Sale
8U2
87
93%
67%
66%
19
65
72
70%
7134
70%
88%
66%
7134
233
64%
64
Sale
70%
J
79
62%
70
63
64
N
1934 M N
Lake Shore coll g 3Hs
1998 F
Reglatered
...1998 F
Mich Cent coll gold 3 Hs—1998 F
Registered
1998 F
Battle Cr A Stur 1st gu 3s.1989 J
Beech Creek lBt gu g 4a..1936 J
Reglatered
1936 J
2d guar gold 5a........1936 J
Registered....
1936 J
Beech Cr Ext 1st g 3HB.61951 A
Cart A Ad lat gu g 4s
1981 J
Gouv A Oawe lat gu g 5a__1942 J
Mob A Mai lat gu g 4b...1991 M
N J June R guar lat 48—1980 F
NY A Harlem g 3Hb
2000 W
June.
89" "89"
73%
Sale
76% Mar'20
55
57
57
Apr '20
56%
58
Apr '20
Mar'17
57
61%
75
40%
74%
G9%
58
"57""
Sale
75
"70%
6278
64
64% Apr '20
49
Feb '20
....
...
"II
87%
89%
Reglatered
77% Aug'19
82%
65
98% Dec *19
2013 A
New York Cent A Hud Rlv—
Mortgage 3Hs
1997 J
Reglatered
...1997 J
Debenture gold 4s—
1934 M
83%
69%
75
98 % 100%
Ref A Imp 4H8 "A"
93
72%
81%
8212
59%
97% May* 16!
....
87%
Consol 4s Series A
88%
101%
'05'
95
74%
161%
82% Jan '20|
59%
59%!
Sale
.....1935 IH
1998 F
Conv deb 6b_.
69% Feb *20
78
90%
67
76
63
95% Nov'19
IOI1.1 Apr '20
72% Mar'20:
83
Apr '20
~85~ "95
1935 A
Non-oum Income 6s A
Mar'19
76
N
90
59%
97% 100 "
48
51%
I
New York Central RR—
88% Apr '20
95% Feb '19
65% July'18
95
lit A Great Nor let g 0a
1919 M
James Frank A Clear 1st 48.1959 J
63
82
1923 J
N O Tex A Mexico 1st 6a...1925
Nov'10
65
63
79
New Orleans Term 1st 4a...1963 J
June'10
80% N0VI6
D
D
65%
101%
Mex pr lien 4HB.1957 J
Guaranteed general 4s
1977 A
Nat of Mex prior Hen 4HS-1920 J
1st consol 4s
1951 A
" "6*2" "
Apr '20
Jan
"77%
97%
50 I
Nat Rys of
61% Feb '20
73
48%
1931 J
Naahv Chatt A St L 1st 5a__1928 A
79% May'19
"83% "88
97%
St L A Cairo guar g 4a
80
70
'19;
79% Jan
64%
90
«9
100% 103
100
52%
1927 J
8t Louis Dlv 6a
117% May'10
Joint 1st ref 5fl Series A .1963 J
ind 111 A Iowa 1st g 4s
1
*20
69
1951 J
—1951 J
...1951 J
D
83" "93"%
53
92
"91%
63%
72%
June'16
100
A
D
Jan
69
80
J
J
60
"78%
52
50%
J
65%
63%
Deo '19
60
102
95%
D
M
"5
85%
85%
O
S
St Louis Sou lat gu g 48—1931
39
74%
Aug '19
85
D
Registered
66%
63% Mar'20
61%
61%
66
Cble St L A N O gold 68—1951 J
Registered
64
Apr '20
95% Bept'12
N
Carb A Sbaw let gold 4b..1932 M
Gold 3Hb
July'09
S
05%
1945
40-year gold loan 4s
3d 7s extended at 4%
78
79%
O
Collateral trust gold 48—.1952 A
Registered
1952 A
...
Mar'20
78
84
J
1951 A
1951 M
1951 fS
73% Oct '18
76% Apr '19
67
80
Bo 1923
refunding 5s Ser C..1926
General 4a
1975
Missouri Pao 1st cona g 6S..1920
1st A
79% Apr '20
92
Sept'17
78
J
6s..1943
Texas A Okla 1st gu g
84%
"9l"
100
97%
Missouri Paclflo (reorg Co)—
65
58%
62%
73% June'18
Col A Tol 1st ext 4s
1942
Bher 8h A So 1st gu g 5s..1942
91%
55%
10%
74%
Feb '20
99
'16
Kan City A Pao 1st g 4e..l990
Mo K A E 1st gu g 5S
1942
101% 106%
7%
63%
5% secured notes "ext"
100
89%
48%
62%
83%
1936 J
Dall A Waco 1st gu g 58—1940
53
97%
Trust Co certfs of deposit...
"83""
97
100% 101% Apr?20
Trust Co certfs of dep
St Louis Dlv 1st ref g 4s__2001
91%
91%
75%
74%
75
72%
90% Mar'20
90
Jan '20
88%
80
1944 M
2004 M
Gen sinking fund 4H8—
S1 « *83%
00
99% 101% 103% Apr *20
136% May*06
92% Apr '20
86% 96
89% 93% 91% Apr '20
5378 79% 55% Mar'20
7%
Trust Co certfs of deposit...
1st A refunding 4s
~85%
78
97
89
gu.'26 J
let ext gold 5s
1
Mar'20
60
Felr
85%
82
78
Sale
83%
Mississippi Central 1st 5s...1949 J
Mo Kan A Tex—1st gold 4s 1990 J
2d gold 4s—
01980 F
95%
74
79% Apr '20
80
Sept'19
83
Mar'20
97
1922
94%
...i
June'16
78
-1937
...1937
..1937
M S 8 M A A 1st g 4s lnt
99% 105<%
IIII "80
91% Feb '20
97
Apr *20
..1938
1941 M
"83% "88%
7978
77%
97
6b._1921|F
1st cona 5s
" ~96 "
83% Feb '20
83%
Registered
E Minn Nor Dlv 1st g 4s..1948
93
106
85%
Reduced to gold 4 H8.1933
74
80
90% June'19
73
Mar'20
91%
1937,»
1st Chic Term s f 4s
"376
103% Apr '20
118
Apr '17
85%
Sale 85%
91
102% May'16
~79%
102
"50~" *56"%
Deo '19
Sale
60
♦
80
74%
Aug '10
Feb *20
92
"Si" III-
10
Aug'19
Dec *19
90
5b...1936 F
58.1963 A
L A Jeff Bdge Co gu g 48—.1945 M
Manila RR—Sou lines 4s—1936 M
Mex Internat 1st cons g 48—1977 M
Stamped guaranteed
1977 M
Midland Term—lat s f g 5fl-1926 J
Minn St Louis 1st 7s
1927 J
Pacific Ext 1st gold 6s
1921 A
1st consol gold 5s..
1934 M
1st A refunding gold 4s...1949 M
Ref A ext 50-yr 5s Ser A..1.962 Q
Des M A Ft D 1st gu 48—1935 J
Iowa Central 1st gold 6a„1938 J
Refunding gold 4s
1951 M
MStPA8SMcong4slntgu_1938 J
Nov'19
53
'11
Jan
75
Gen cons gu 50 year
Deo '18
72
52
69%
0 A N Ala cona gu g
91* "o'l" "
June'18
97
61%
4HB.1945! J
Pensac 4 Atl let gu g
....
100% Deo *oe
60
61%
92
48-1952 J
...41952 G
N Fla A S 1st gu a 58
Nov'19
IIII "39V8
68
Sale
LANAM4Ml3tg4Hsl945 M
"79%
Jan '18
54%
41921
Registered
41
^4
108% Sept'19
Jan *18
92% 103
Feb '20
91% 91
75
67
63
66%
35%
1
85
67
63
92
Atl Knox 4 ClH Dlv 48—1955
19
Dec
95
73%
67
64
95
M
1980 M
30
106% Jan '17
8884 Mar'20
89
65%
68
100
73%
33%
72
72
74%
G5%
811" Sept'19
12
37
35%
8734
Oct *19
99% Oct '08
74%
65!
31%
92
61%
M
Atl Knox A Nor let g 5s„ 1946 J
Hender Bdge 1st s f g 6a..1931 M
Kentucky Central gold 4b. 1987 J
Lex A East 1st 50-yr 5b gu 1966 A
35
31
61%
95%
Q
47i
41
60% Mar'20
Jan *20
63
"20
60%
1930 J
F
2d gold 3s
39*" "47"
72
Jan
60
M
gold 4H8—1931 M
gold 68
1930 J
2d gold 08
"iz
79
72
72
73
60%
St Louis Dlv 1st gold 68—1921
June 16
3434
36
Ft Worth A Rio Gr lat g 4s. 1928
lit gold 3 Ha
56
92
77
79
79
69
85
Faducah A Mem Dlv 4s..1946
16
Sale
84%
34i2
Great Nor C B A Q coll 48-1921
Registered
NOAMlat
49%
59,
74% Apr '20
7278
Galv Hone A Hen 1st 5a.... 1933
.....
Registered
L Cin 4 Lex
86
85
Collateral trust gold 5s—1931
92
73
67
1940 J
—1940 J
Unified gold 4s
80
95%
'20
73%
1927 M
08..1930 J
—.1937 M
98
92
Aug'19
50%
49%
5a
95%
Jan
1927 M
80
94% Nov'15
98%
84
Florida E Coast lat 4J4«---1959
Fort 8t U D Co let g -*8.. 1941
ctfB "B"
~85*% ~85%
'20
Bull Co Branch 1st g 5s..1930
Debenture
Gold
'20
Jan
Sale
let general gold 6s.
.1942
Mt Vernon 1st gold 6b...1923
Green Bay A W deb ctfs "A"
Loulflvllle A Na8bv gen
95% Apr '20
100
Evanav A T H lat oona 6b..1921
Minn Union 1st g 68
N Y A R B lat gold 58
Louisiana A Ark let g 5s
80
73
~84% "93 " "87 " Apr"'20
A
Nor 8b B lat con g gu 5a.cl932
87
95
...
4912
6a..1926
Mont O 1st gu g 68
"
~ "90"%
73%
97
92
72
1937
1949
1949
Registered
10
*13
87%
M
M
Q
Q
J
M
J
M
J
M
M
M
N YB4 MB 1st con g 58.1935
June'19
80
84
"98"
95
Wllk A East lat gu g 5b..1942
Registered
52
48
86% Apr '20
97
1949
58—.....1934
20-year p in deb 6b
Guar refunding gold 4s
105% MarU8
1940
1st conaol g 6a..
"58"" "67"
42
Apr '20
86%
1932
4b
Debenture gold
95t4 103
98% 98%
96%
'20
Oct
95%
Sale
...
>
'
Deo '16
75
-
Man148
Gold
Unified gold 4s
59%
86
...1953
Gen conv 4a Series D... 1963
Ohio A Erie lat gold 5b._.1982
Olev A Mahon Vail g 58—1938
Erie A Jersey 1st 8 f 6s...1955
Genesee River 1st a f 6b...1957
Long Dock conaol g 6s
1935
Coal A RR 1st cur gu 68..1922
Dock A Impt 1st ext 5a.-.1943
N Y A Green L gu g 5b... 1946
N Y Suaq A W Is tref 58-1937
2d gold 4Hn
1937
General gold 6b
1940
Terminal lat gold 5b... 1943
8t Paul M A
75
96% June'18
94
A..1953
J..
84
75% July'16
73%
73%
"72% ~76%
gold 4s.. 1961
Registered
63
49% Apr '20
50
-
7!
68%
61% Apr '11
34
July'17
77i2
-
lit A ref 4148 Series A
Apr '20
40
-
Registered
62%
68%
43%
Rio Gr Juno let gu g
cona gu g
.3
65
68%
18
98% Jan
95%
4s.—..1933 J
1945
Registered
1945
Long iBld 1st cons gold 6s_.41931
1st consol gold 4s
41931
General gold 4s
...1838
Ferry gold 4H8
1922
67%
72%
70%
G434
Rio Gr Sou 1st gold
Ev A Ind 1st
59
65%
♦64
deposit
Mid of N J lat ext 56
60
59
72
83
95
94%
105
96
—
J
Leh 4 N Y 1st guar g 4s.
gold 4H0
Penn coll trust
1st lnt reduced to
10234 Apr '19
104
lat oona g 4a
50-year conv 4s Ser
do
BerleaB
<■'
67
69
60%
Grande—
Trust Co certfa of
97%
M
A
A
2003
Leh V Term Ry 1st gu 9 68—1941
Reglatered
...1941
Leh Val RR 10-ft ooll 6s__sl928
Leh Val Coal Co 1st gu g 5a-1933
Registered
1933
4H>
.1—1
75
High
68%
74%
66
Lehigh Val (Pa) cons g 43-2003 *
General corns
No. Loto
Hioh
Ask Low
68% Apr '20
75
Apr '20
95
97
Apr '20
113
Mar'17
Bid
High
70
20-year conv 5a
1935
Alb A Susq conv 3Hs
1946
Renas A Saratoga lat 78. .1921
Consol
Low
96
H8~—1922
—-1943
Denver A Rio
No.
ending May 7
Week
102% Feb '08
Delaware A Hudson1st A ref 4«
High
Ask Lost
Bid
West—Cone I.
gu g 8Hs. 2000 P
Delaware Lack <fc
Is! lien equip « 4
Range
WteVe
Week's
Range
Price
Price
Friday
BONDS
Warren
[Vol. no.
Record—Continued—Page 2
York Bond
New
tar.s
~76% IIII
70%
82% Jan '20
"~6
69
64%
82%
76%
15
76%
55
62
54%
60
"49"" *49 "
82%
82%
75%
75%
9534 Nov'16
104
May'16
■54" IIII
Nov'16
73%
49
76
75% Jan '20
♦67
66
• Due Oct.
89% Feb '16
80
May'17
s Option
tale.
Mat 8
New York Bond Record—Continued- Page 3
1920.]
Pries
BONDS
Week
May 7
ending
WUk't
Range
Last Sale
Atk Love
Bid
N Y Cent &HRRR (Con)—
90%
6518
N f 4k Northern 1st g 5s.1923
H Y 4 Pu 1st cone gu g 4s. 1993
Pine Creek reg guar 6s
.1932
R W A O eon 1st ext 5s_ JU922
"7l"
*95 " ~97%
77
60
High
92%
97%
CO
Nov'16
Philippine Ry 1st 30-yr s f 4s 1937
93% Jan *20
7714
Sale
Sale
66
65
93%
103
39
93%
70
69
Jan '20
78%
8034
75%
77%
84% Nov'19
Pitts Sh 4 L E 1st g 58
1st consol gold 58....
69
7934
74%
87%
84%
Reading Co gen gold 4s..—1997
Registered—....
—1997
Jersey Central coll g 4s...1951
Atlantic City guar 4s g...1951
93%
93%
123% Mar'12
9178 99% Aug *17
98% Nov* 18
82
Feb '14
66% Mar'20
20-year debenture 48—1929
A St L 1st g 4s -1937
Registered..
1937
74
66I2
7412
68
76
Debenture
64%
62U
W Y Chi
1931
"65
67%
68%
Apr '20
68
69
2301
81
73
8134
Nov'17
65
66%
70%
75
60%
75
Apr '20
75% Apr '20
Sale
68
West Shore 1st 4s guar...2361
06%
65%
60%
85
68
*65" "75" "
6434
74%
68
71%
Feb '19
3YO Lines eq tr 6s_.1920-22
94l2
Equip trust 4 He—1920-1925
N Y Connect 1st gu 4His A—1953
"99*14
70
68
"94% "94%
94% Jan '20
76
1964
45
,..1955
"6912
Conv debenture 6s.....—1948
Non-conv deben 4a
Non-conv deben 4s
60
49
62
Cent New Eng 1st gu 48—1961
Hartford 8t Ry 1st 4s
1930
51%
65
87%
90
86
53%
64
Sale
Sale
Sale
a'
o
Oot
St Louis A San Fran gen 6S.1931 j
General gold 5s
1931 j
Bt L A S F RR Cons R 4a._1996 J
Southw Dlv 1st g 5s
1947 a
K C Ft S A M cons g 08.1928 M
K C Ft S A M Ry ref g 4S.1936 a
K C A M R A B 1st gu 58-1929 a
9t L S W 1st g 4s bond otfs—1989 M
2d g 4s Income bond ctfs.pl989 J
Consol gold 4s
1032 J
1st terminal A unifying 58.1952 J
48%
55
Adjustment 5a.
Refunding 4s
Atl Birm 30-yr 1st
55
Oaro Cent 1st
60
66%
76%
"55" "61
60"" Feb"'20
Sale
J
J
87
64
52%
63%
75
o
q
91
60
97
60%
j
40I4
55
60
51
Sale
50%
Sale
53
98% Jan
54
59
34%
54%
Sale
44
Sale
42%
60
64
IIII
104
Registered.—
82
63%
Sale
62%
90
G H A S A M A P 1st 581931 M
N
2d exten 5s guar
1931 j
Gila V G A N 1st gu g 5s..1924 M
HOUS E A W T 1st g 58-__ 1933 M
1st guar 5a red..—1933 M
J
58
67%
34%
Mar'20
Providence Term 1st 4s.—1956
99% Deo '13
8838 Feb '14
74% Dec '19
54%
65%
92% June'12
60
Apr *20
W A Con East 1st 4Hs
74
1943
"54%
N Y O A W ref 1st g 4s—01992
Registered 65,000 only. .01992
General 4s
Sale
"go
1955
Sale
Norfolk Sou 1st A ref A 58-1961
50
Norf A Sou 1st gold 5s..
1941
Norf A West gen gold 6s.—1931
75%
98
Northern
122
64
103
40
54%
61%
"eo" "e'o""
49
56%
77% 77%
102% 104%
NOV'10
Feb '20
Sale
67%
79
III1 "71
102%
103"" 103""
59
6
67%
80
Oct '19
72«4
"7284 "78%
73
96%
72%
94%
69%
N
Sale
Sale
"73
75% Apr '20
75%
77i2
76
75%
10-25-year conv 4s...—1932
10-20-year eonv 4s
.1932
10-25-year conv 4Hs
1938
10-ycar conv 6s
.1929
Pocab C A C Joint 4s—1941
OOATlst guar gold 58.1922
Sclo V A N E 1st gu g 48-1989 M
102%
70
76
Mar'20
9034 Dec '19
95%
97%
72%
72%
157
3
70
Registered
Registered.
Ref A Imp 4 Ha ser
a2047
.a2047
A.....2047
69%
50%
General lien gold 3s
Sale
67%
1997
1997
Sale
55
Nov'19
"7l" "Sale
70
Bt Faul-Duluth Dlv g 48-1990
St P A N F gen gold 08—1923
961
102
99% 100
Registered certificates. 1923
_
1908
1948
~95%
104%
Nor Pao Term Co 1st g 6a..1933
"69%
Faolfio Coast Co 1st g 5a—1940
paduoah A His 1st s f 4H8-1955
80
79
79
84%
7434
85
"75%
...—1968
83%
10-year secured 7s
..1930
AUeg Val gen guar g 4a—1942
D R RR A B'ge 1st gu 4s g 1936
Phila Bait A W let g 48-1943
101%
7o%
Sale
83
75%
"781
Feb *20
78
102
Bodua Bay A Sou 1st s 58-1024
96%
94%
Sale
Guar 3Ha eon truatr eg A.1937
Guar 8Hs coll trust ser
Guar 8Ha trust otfs O
B.1941
1942
Guar 8Hs trust otfs D
1944
Guar 15-25-year gold 48..1931
40-year guar 4a ctfa Ser E.1952
OIn Leb A Nor gu 4s g...1942
OiAMar latgug4Hs
1935
CI A P gen gu 4Hs ser A.1942
....
69%
96%
96%
05% Apr '20
69% Mar'20
69% Feb '20
73% Jan '20
76%
77
77%
80
79
76%
82%
"87"
Nov'19
Feb *20
79
Pitts Y A Aah 1st cons 68.1927
977s
Tol W V A O gu 4H0 A..1931
Beries B 4 Ha—
1933
77
92
75
92
Beries O 4s
.......1942
P C C A St L gu 4HS
A—1940
"80 " "82%
Beries B guar
.....1942
Eerie* O guar
......1942
Beries D 4a guar
1945
Series E Si# guar gold. 1949
*
80
No priee Friday;latest hid and asked.
80
82%
78
a
88%
« Dae
"98%
89%
87%
100% 100%
104%108
14
64%
72%
100% Oot '17
91%
87%
93%
93%
96
90
96
80
89%
92% June'10
67%
68
Apr '20
85
J
July'19
"69% "Sale
79
60%
....
"S6"
52
Apr '20
08
119
79
69
78
87%
"ilo
55
" "61%
85% Sept'19
Sale
55
53%
56
53% Apr '20
1945 J
Mortgage gold 4s
O
53%
68
62
J
"80%
J
83%
Series F 5e_„»........ .1926 iw
s
80%
General 5s
—1930 M
N
92%
84%
Va A 80'w'n 1st gu 68—2003 J
J
91
96
60%
92%
91
80%
-—
92% Nov'19
65
60
99% 100
97%
96
Aug'19
Feb '20
60
60
"95% IIII
102% June'll
95
Jan '20
9234 100
90%
104% Deo '10
Mar'20
80% 89% 90
7984
80
60
64
60
A
80%
"j)5~ "95 "
89%
"90*
81% Sept'18
O
1st cons 60-year 5a—1958
W O A W 1st oy gu 4s
1924
88%
Jan '19
97
N
&
'70% "80%
60
99% Jan '20
97% Apr '20
91% Oct *18
50
87%
67%
91
91
51
90
62
*19
80% Apr *20
92
July'10
03
S
Oct
58%
80
84
89
94
42%
—
84
05
80%
94% 100
O
Apr '20
Apr '20,
92% July'19
78% Apr '20-—
87
j
84%
58—1055
O
go" "70""
Apr '20
93% Mar'17
....
75
J
Term Assn of St L 1st g 4 He.1939
1st cons gold 5s
1894-1944
g
62
J
79
Spokane Internat 1st
80
63
"52" "go"
J
*6~9% "79%
71
78
J
S
" "73%
6934
Sale
77%
J
81%
1
?1|
83
IIII IIII
76% Apr *19
Apr '20
78
82%
85%
81
80
82%
A
82
83
83
f g 4s.......1953
J
64
85%
73%
St L M Bridge Ter gu g 58.1030
Texas A Pao 1st gold 6a
2000
83
O
80%
D
76%
Gen refund
s
9534
95%
69%
69%
73%
80
9734
95%
09%
71%
73%
" "83%
81
80
"80%
90
Sale
8184
83%
83%
77% Apr '20
83%
77%
84%
80%
82
Feb *20
70
82
61
64%
73
73
87
Apr '20
37% Dec '19
73
83
35
1927
..1917
36
Feb *19
74
Mar'20
74
74
42%
47%
75
..—I960
46
7
1st refunding g 4s........1952 a
Union Paoiflo 1st g 4s......1947 J
76%
00%
69
Tor Ham A Buff 1st g 4s..11946 j
Ulster A Del 1st eons g 5s ..1928 J
75
Registered
1947
20-year conv 4s
1927
1st A refunding 4s—p2008
10-year °perm secured 6S.1928
Ore RR A Nav eon g 4s—1946
Ore Short Line 1st g 6s... 1922
1st consol g 5s.........1946
70
85
85
55
To! St L A W pr lien g 3Hs.1925
50-year gold 4s
Sale
....
4634
34%
12%
65
D
64%
D
82
53
79
18
Sale
J
j
Aug '18
64% Apr *20
82
Apr '20
Sept'17
79
79%
85% Oct '18
80%
81
Apr *20
90% Oct *19
80
80
Feb '20
84
84
e Due Jon*.
"80" 'Sale
M
S
68
Sale
j
J
98
Sale
07%
97%
J
D
70
Sale
70
a
J
9684
85%
97%
86%
D
75%
Sale
85% Apr '20
75%
77
Utab A Nor gold 5s
1926 j
J
89
91%
90% Apr '20
1933 j
J
79%
86
89
* Due Aug.
0
*80% "88%
Due Oot.
a
N
Due Nov.
76
81
103
67% 81
97% 101
851s 93
75% 85
90% 92%
Feb *18
80% Dee '19
80% June* 18
35
May'19
"72" "8f«4
J
v
68
97
97% Apr "20
j
Vandalla eons g 4s Ser A....1955 f
Consols 4s Series B......1957 M
Vera Cruz A P 1st gu 4%s.«1934 j
85%
"78% "85%
70
F
68
82
68%
98
1929 j
* Due July.
64%
53
J
j
75%
18% Mar'16
60
j
36
79
45% Apr '20
85
o
82%
55
..
Guar refund 4s
1st extended 4s
60
52%
....
Genera! gold 5s—....... .1036
Kan A M 1st gu g 48—1990
2d 20-year 5s
Tol P A W 1st gold 4s
83%
Apr '20
60
Apr '20
82% Apr "20
Apr '20
May'18
79% 86
106% Nov'04
50
W Min W A N W 1st gu 581930
To! A Ohio Cent 1st gu 5fl—1935
Western Dlv 1st g 58—1935
Coll trust 4s g Ser A—1017
Trust co otfs of deposit ....
68
80%
83%
2nd gold Income 5s—<2000 Mar
J
La Dlv B L 1st g 5s—...1931 J
90
a Doe Feb.
"98% "99""
96
N
3
Rich A Dan deb 5s stmpd-1927 A
1948 M
" "87 ~
87% Apr '20
S
Virginia Mid Ser D 4-68—1921 M
Series E 5s
—1928 m
80
80
85
9834 Apr '20
91% Apr '20
Registered....
Develop A gen 4s Ser A—.1950 A
Mob A Ohio coll tr g 4s...1938 M
Rich A Meek 1st g 58
94
93
63%
j
1994 j
Ga Pac Ry 1st g 8s
1922 J
Knoxv A Ohio 1st g 8s...1926 j
Mob A Blr prior Hen g 5s. 1945 j
"89"% "93%
99%
93
88
M
81%
80
Jan.
J
Cons 1st gold 5s—..—1950 M
E Tenn reorg Hen g 5s——1038 M
Ga Midland 1st 3s—1940 A
~70 "
"98" " 102"%
80
84
99
J
O
O
May*10
9334 Apr *17
87% Nov'19
88% Sepfl7
80% Apr '20
80
—
Mar'20
Atl A Yad 1st g guar 48-1940
E T Va A Ga Dlv g 5S-.1930
2
93
77
85
84
Deo *15
Gr R A1 ex 1st gu g 4HS.1941
Ohio Connect 1st gu 48—1943
J
—
00% Apr '20
81% Mar'16
77%
69
"81% "85%
—
Mar'19
81
80
69
94
60
Deo '19
1940
97
J
Feb'20
B—1940
93
N
Atl A Danv 1st g 4s......1948
2d 4S
...1948
85
96% Feb '12
90% Oot *12
88% Feb '17
75
Apr '20
79% May'19
76% Apr '20
85»4 Nov'19
Brse A Pitts gu g 3Hs
Series C
O
70
" "87"
'16
89% Apr "20
94
Apr '20
84%
77% Apr '20
104
82%
—.1942
Int reduced to 3 Ha—1942
88
77
96% May'18
Beries C 3Ha————1948
Series D 3HS—
1—1950
84%
7]8
78"" "82%
Nov *18
Oot
82%
80
"70"
J
95
100
106
97
65%
87
81% Mar'20
...
J
Deo '17
70
95
80%
80%
J
Jan '93
92
81%
73
'75"" "93%
65%
Mar'20
D
"79"
Bunbury A Lewis 1st g 4S.1936
U N J RR A Can gen 48—1944
Pennsylvania Co—
Guar 1st gold 4HB——1921
Registered.....
1921
Series B
78
87
N
N
49
5
78
Atl A Char! A L 1st A 4 Hs 1944
1st 30-year 6s Ser B....1944
70%
74
Sale 82
82
83%
93%
Sale 101
10134 1345 101
10134
78% 78% Apr '20
78% 82
82
"8884
62%
235
65% Apr '20
100
Oct '18
Ala Gt Sou 1st cons A 5s.. 1943
.—I
79
85
78
"52 "50" " "56%
65
78%
65
77
Apr '20
80
61%
N
—1955 J
1994 j
So Pac RR 1st ref 4s
Southern—1st cons g 6s
"78"" "80
80%
84% Sept* 19
100% Feb *17
79
g
So Pac Coast 1st gu 4s g—1937 j
San Fran Terml 1st 48—1950 A
Tex A N O con gold 5a_..1943 j
99%
65%
66%
87% Sept'10
69%
95% Apr *19
81% Apr '20
93%
48—1923
Consol gold 4s
1943
Oonsoi gold 4s......
,1948
Oonsoi 4Hs
1960
Genera! 4 Ha
.......1965
General 5s
105
1921 J
Morgan's La A T 1st 08—1920 j
No of Cal guar g 5s......1938 A
Ore A Cal 1st guar g 5s...1927 j
So Pao of Cal—Gu g 58—1937 M
Louisiana West 1st 6s
Sale
Mem Dlv 1st g 4Hs-6s__ .1990 J
St Louis div 1st g 4s
1951
Feb '19
65
64%
Oregon-Wash 1st A ref 4s...1961
Pennsylvania RR 1st
108'
Waco A N W dlv 1st g 6s '30 M
A A N W 1st gu g 08
1941 j
D
9812
65%
80
76% Oct *19
37% Dec '16
60
103
97
86%
73
76
73
71
96
81%
80
63%
98%
70
May'19
98% Apr '20
100% Jan '20
67
93
St Paul A Buluth 1st 58—1931
1st eonsol gold 4b
Wash Cent 1st gold 4s
80
•
71
64%
Feb '14
75
98
72%
197
69%
70%
76% Nov'19
50%
51
.........
4s
98%
98% Jan *20
73
Apr '20
Pacific prior Hen rail
way A land grant g 4s
conv
H A T C 1st g 58 lnt gu—1937 j
Gen gold 4s lnt guar....1921 A
50
107'
101%
68
32
77% Apr '20
102
102%
Improvement A ezt g 08—1934
New River 1st gold 0s—1932
S A W By 1st cons g 4s—1996
Registered........
1996
Dlv'l 1st lien A gen g 48.1944
50
20-year
20-year
Registered...
Sept* 17
40
61%
Mar'20
»
*1949
1939
70
49
Deo'16
81
88%
d
New England cons 5s..—1945
Oonsoi 4s..—
1945
75
41%
38
July'19
80% Mar'20
96% May'19
O
33
61
30
'
93
83
Mort guar gold 3HB—*1929 j
Through St L 1st gu 40.1964 A
51
3934
Providence Secur deb 48—1957
60%
55
54%
56
7
44
101
79%
84%
Sale
Prov A Springfield 1st 6s. 1922
'54% "6O84
99% Nov'19
A
Boston Terminal 1st 4s
59
60
04% Mar'20
76
Apr '19
72%
70
87%
64%
50
66%
54%
50
j
100
*14
67%
58
6034 Apr '20
54% Apr '20
33%
34%
S
60%
96% 102
3934
48%
64
4s...1949 J
7134
5984
51
53
g 4a_.el933 M
Gold 4s (Cent Pao ooll)-11949
July'14
Aug *13
39
92«4
01%
Apr '20
A
"38" "40"
91
198
97
62
..1949 F
83
66
Boutbern Pacific Co—
79% Deo '17
51%
51%
87
62
87%
56%
30%
96!
86
Jan
60%
1950 A
1950 A
59%
62%
81
60
'20
86
"5784 "58"
52
Apr '20
5934
N
Consol gold 5s
1943
Ga A Ala Ry 1st con 5s. .01945
Ga Car A No 1st gu g 5s..1929
Seaboard A Roan 1st 50—1926
106% May'15
6s..1937
89
May 17
84
oonv 5s
Cent Pao 1st ref gu g 48—1949 F
cons g
Naugatuok RR 1st 4s....1954
N Y Prov A Boston 48—1942
NYW'oheeAB 1st ser I 4Hs'46
7834
72
41
Apr '20
May'Id
Sale
"75% "Sale
Housatonlo R
7884
39;
78
"96 " "98
....
162
65
90
o
N
54%
83%
56%
68%
4538
43%
96% Apr '20
99%
pl929 M S
D
1934 j
54
93%
7l" "82"%
"eo" "eo""
82
88
J
—01949 F
1959 a
con g
Sale
45%
96%
Fla Cent A Pen 1st ext 68.1923
1st land grant ext g 58—1930
Nov'19
"34
87%
71%
42
93%
"91
79%
64%
40
93% Apr '20
Sale
82%
68%
24
Apr '20
97% Deo *17
75%
79
78«4 Jan '20
83%
8688
79
J
8eaboard Air Line g 4s
Gold 4s stamped
Oct '19
68
1956
42
J
45%
July'18
Mar'16
7934
80
6684 Apr '20
j
51
'17
87
j
Gray's Pt Ter 1st gu g 68.1947 j
8 A A A Pass 1st gu g 48—1943 J
1955
Harlem R~Pt Chea 1st 4S.1954
B A N Y Air Line 1st 4S-1955
:
69%
99
June*17
45
St Jos A Grand Isl 1st g 4s ..1947 J
St Louis A San Fran (reorg Co)—
Prior lien Ser A 4s
1950
79
91% Jan '12
60
1955
Non-oonv deben 4s
Sale
Oct
Cons Ry non-conv 4s..—1930
Non-conv deben 4a
1954
88%
99
Apr '20
j
44%
20
82%
Sale
....
Hioh
88%
40
O
45
Apr *20
Apr4'20
45
..1950
o
No. Low
82%
99
III! ~80
A
45%
44%
44%
Apr '20
46
45
Non-oonv deben 4s......I960
Cony debenture 3He
48
46
J
High
100
100%
"79" "Sale
50
50
Apr '20
45% Feb '20
1947
"95"
Jan. 1.
90% Aug '19
88% Jan '20
A
o
Since
or
82% Apr '20
64
74%
Apr '20
N Y N H A Hartford—
Non-conv deben 3 He..—1947
84%
j
Cum adjust Ser A 8s
*1955
Income Series A 6s—*1900
Nov'19
87
J LAS 1st gold 3 He
1951
1st gold 3Hs
....—1952
71
Prior Hen Ser B 5a
1950
Prior Hen Ser C 63...... 1928
93%
May'17
130% Jan '09
9514
90i«
Atk Low
71
80
j
1940 a
1943 J
93%
65%
Apr '20
69
71%
80
Bid
N
Perc Marquette 1st Ser A 58.1950
1st Series B 4s..—
1950
Nov'10
90i4
1931
1931
1940
...1940
deben 3He
Non-oonv deben 4s
C St L A P 1st eons g 5s..1932 a
101
53"" "60" "
Range
Range
Last Sale
D
Peoria A Pekln Un 1st 0s g—1921 Q
F
2d gold 4 Ha
51921 M N
103
2d guaranteed 6s......1934
Non-conv
P. O. C. A St. L (Con.)—
Series F guar 4s gold.—1953 J
Series G 4s guar—.....1957 M
Series 1 cons gu 4Ha—1963 f
97%
Week's
Friday
May 7
ending May 7
Aug '19
Feb '20
Pitts A L Erie 2d g 5s...al928
Pitts McK A Y 1st gu 08—1932
Non-oonv deben 4s
Week
76
1997
Debenture gold 4s..
1928
15-year gold 4s
1931
Registered..........1931
Ka A A G R 1st gu 0 5s—1938
Mahon C'l RR 1st 5s
1934
Registered
92%
Oct '19
Registered
4s
NO. Low
High
Price
BONDS
N. Y. STOCK EXCHANGE
60
55
Rut-Canada 1st gu g 48.1949
Id gold 0s
1990
Utlca A Blk Rlv gu g 4a..1922
Lake Shore gold 3His
1997
Registered
Jan. 1.
92% J an '20
78% Apr '19
113
MayiS
97% Mar'20
78
St Lawr A Adir 1st g 58—1996
Registered..
4i—
.......
Since
or
80
Rutland 1st eon g 4Hs.—1941
Og A L Cham 1st gu 48 g-1948
Michigan Central 6s
Range
Friday
May 7
N. Y. STOCK EXCHANGE
1959
<
Due Deo.
a
Option sale
[Vol. no.
New York Bond Record—Concluded—Page 4
19G0
Range
BONDS
Friday
Itange or
Since
N Y STOCK EXCHANGE
May 7
Last Sale
Jan. 1.
Week*
Price
BONDS
N Y STOCK
!?
EXCHANGE
Week ending May
6
7
1*4
Sale
N
Wabaah let gold 6a..—-—1939 M
N
82%
A
73
75
F
1939
Debenture eerlee B
1939 J
let lien equip e fd g 5a
1921
let Hen 50-yr g term 4s
1954
Det A Ch Ext let g
J
M
1941
1941
.
TolACb Dlv g 4a
M
West Maryland let g 4a
70%
69
—'«•
82
49%
83%
89
63%
1943
pl943 NOV
Income 68
Western Pao let aer A 6a -.1946 M
Sale
1926 A
1928 J
m
m
m
....
93%
v5
J
4778
S
Bup A Dul dlv A term let 4s *36 M
51*2
60
63
63%
64
67%
70
j
D
87%
88
Oot 19
1948 M
S
56
Sale!
56
Alaska Gold M deb 6s A
1925 M
8
13
13%
S
11%
15%
14%
13%
1920 M
13%
13%
13
'
17
1920 M
N
98
D
75%
75
84%
86
93
Am 88 of W Va 1st 5s
4Hs'39 J
48%
89
92
Braden Cop M coll tr s f 6s.. 1931 F
"ii
63
63%
Bush
*53 "
~16 "77"% ~88 '
78
90%
48%
4
52%
62%
62%
Mar'20
63%
63
Booth Fisheries deb s f 0s
92%
53
56
62%
71
70
Sale
22
22
38
31%
46%
37
4)
33
64%
66
Apr '20
May'18
90%!
1920 A
or
85
ex..
74%
73%
H^ie
74
74%
73%
Apr '20
74%
1960 A
6s ser A
conv
Coraputlng-Tab-Rec
a
Granby Cons MSAP
con 6s A
f
100%
76%
84
82
82
81%
88
96
95%
95%
90
95%
95%
86%
96
93%
Bale
95
Apr '29
94
95
89
Mar'20
89
89
86
87
86
82
Sale
81%
83
81%
36
76
75
Apr '20
75
83%
83
4s ser 2..1906
75
86%
1941
71%
Sale
95%
5s...l940jM
Apr'14
94
June'16
~7<j" II"
50
N Y Doc. 50-yr 1st g 4s
37
37
47
Niagara Falls Power 1st 5s..1932
31
2
31%
45
66
66
Niag Loc. A O Pow 1st 5s.. 1954
74%
7534
74%
81
Sale
81
82
61%
64
3
61
63
60
Hale
60
60%
Tennessee Cop 1st conv 6s..1925
Wash Water Power 1st 5S..1939
Wilson A Co 1st25-yrsf 6s.1941
92
95%
93
15
53
53
41
50
60
53
53
53
9
51
55
23
23
23
2
23
63
Apr '20
62%
70
60
Feb '20
60
77
July'19
1932
60
6s
SHale
97
28
10-yr
f 0s
conv s
93
85" *88*
Mar'20
Jan
2
3i
'20
74%
81
85
72
75
85
68
68
57%
95
54
60
Am Cot Oil debenture 5s
Sale
19%
116
13
23
90
78
20%
Apr 20
73
78
Am Sm A R 1st 30-yr 5s ser A '47
Am Tobacco 40-year g 6s_—1944
60
60
'20
Hale
16
17
Sale
Sale
15%
51%
55
55
55
54
"85
54%
6
54
16
14%
69
19%
9
15
19%
434
48
58
1
53%
60
2
52
60%
Oct'19
Conv deben 5s
Gold
4s
1951
Am Writ Paper s f 7-0s
1939
Baidw Loco Wor.s 1st 5s..1940
Cent Foundry 1st a f 0s
1931
Cent Leather 20-year g 5s..1925
Consol Tobacco g 4s
1951
44%
67%
30
Apr '20
30
40
Cuba Cane Sugar
40
Mar'20
40
42
Distill Sec Cor
92
94%
44% Mar'20
54
70%
71%
Deo'19
92
Apr '20
81%
77
Jan
'20
77
77
70
75
61
July'19
67
July'19
27%
25
26
24%
71%
25
88%
11
88" "98%
88
37j
86%
91
1st g 5s. 1927
Apr '20
25%
Debenture
Feb
32
31
74%
75%
Sale 117
76%
87
8ale
"7"9%
70
~98~
91%
98
99
98
8ale
957g
75
95% 100
91
63%
83%
83%
12
83%
97
97
98
61
97
99%
*7*9"
Sale
7%
7%
Liggett A Myers Tobao 7s..1944 A
50
50
2
F
80%
1944 A
10034
90i2
Feb* 17
95
82
"41%
Sale
22%
Hale
Jan
40%
22%
*20
80
75
81
84
88
91
95
73
60
80
—
...
~48
62
22
31
Standard Milling 1st 5a__..1930
83
.84
The Texas Co conv deb 6s.. 1931
88%
92
Union Bag A Paper 1st 58—1930
G7%
47%
25%
1
25%
Sale
23
25%
53
24
23
Apr '20
64
25%
69%
75%
47%
J una'17
23%
25%
70
conv
6s. 1938
"25" "30
30
20%
Apr *20
23
30
64
70
Nov'18
—
77
"86%
93%
96%
89
104% 105
85
100
80
35
89%
gSale 100%
80
Sale
7934
97
98
97
93%
Sale
92%
95
97
96
94
U 8 Smelt Ref A M conv 68.1926 F
Va-Caro Chem 1st 15-yr 68.1923 J
Conv deb 6s_._
«1924 A
West Electrlo 1st 5s Deo
1922 J
97%
9684
8884
93%
91
9934
93%
90%
96
105%
89%
90
Oct'19
Sale
81%
100 %
:5l
88
93%
Deo'lS
95
89%
110
95
Apr 20
104%
104%
89%
89%
95%
*89%
111
79%
91
87%
Union Oil Co of Ca! 1st 5a_. 1931 J
U S Realty AI conv deb g 5s 1924 J
U 8 Rubber 5-year sec 7s
1922 J
1st A ref 5s series A
1947 J
86%
80
13
93% Apr '20
8834 Apr '29
90%
96%
Hale
85
25
95
95
"89*
85
*■,;
99%
81
101
1013i
79%
96
90
J
J
M
M
M
J
J
99%
20
103
101
"80
70%
"7*8" " "84%
80%
Sale 101%
Sale
80
.
63
'Bo'
79%
7834
99% Jan '20
86% Apr *20
100%
1930 J
Stamped
70% Apr '20
47% Apr '20
50
1942
48
Dec '19
40
National Tube 1st 5s
N Y Air Bra.e 1st
'20
M
J
1951 F
61%
May'19
Jan
7s
40
88 '. Apr '20
50
Lorlllard Co (P
5s.
4
42%
24
1951
Nat Enam A Stampg 1st 58.1929
Nat Starch 20-year deb 5s.. 1930
July'17
80
5s
65
96
5%
94
1
65
85%
15
64%
83
Sale
5
64%
75
"91" "91*
Feb '20
67
5
Dec '19
2,
97%
5
55
98
100%
95% 100
536
83%
86%
102%
64% Jan *20
97%
100%
1940
Int Agric Corp 1st 20-yr 5s.. 1932
Int Paper conv s f g 6s
1935
1st A ref s f conv ser A...1947
72%
Apr '20
91
5
66
81%
91%
9334 Sept'19
89
21
65
97
73
_98 "
75
6
50
95
23,
97%
Sale
0
Sale
"79 " ~83%
77,
...i
98
75
6%
50
.-!
92
97
J
F
119
73% Dec '18
884
101
98
89%
86%
74%
11T
Mar'20
7
A
40
Sept'19
92
91%
9934
83
117
73
100'
93
4
80
79%
96% Apr '20
90
1935 J
Ingersoll-Rand 1st 5s
25
Sale
4%
al942
96%
1952 M
5s
20-year deb. 6s
25
83
"79%
4H8-—1936 J
Genera! Baking 1st 25-yr 08.1930
Gen Electric deb g 3Hs
1942
83
88
90%
8934
94% Apr '20
84%
117
7s ..1930 J
conv
conv
E I du Pont Powder
71%
72%
68
58
....
88
80%
7434
A
A
F
J
M
F
A
F
W
35
89
96
Hale
9634
1931 M
39
....
66
93
Sale
"79"
1924 F
Corn Prod Refg s f g 6s....1931
1st 25-year s f 6s..
1934|M
46
58%
8934
& Industrial
Am Agrio Chem 1st 0 5s
1928 A
55%
Jan
34
87
26
J
67%
91
88%
6
Eqult Tr (N Y inter otfs
Va Ry A Pow 1st A ref 5s...1934 J
60
90% July'19
25
f 4s...1927
95%
Manufacturing
58
40
otfsdep
86
Oct'19
85
72
1928
60
75
United Rye Inv 5s Pitts lss-1926
United Rys St L 1st g 4s
1934
St Louie Transit gu 5s
1924
60
Apr '20
101%
82%
76
25(-yr 6s A 1941
61%
52%
1948
91
al932
Sale
52
1937
60
86%
1951
16%
al960
10834
75
60
15%
Tri-Clty Ry A Lt 1st s f 6S..1923
Undergr of London 4 He
1933
"83 *
99
Apr '20
Ref A gen
Nor States Power
54
53%
Portland Gen Eleo let 6s. 1935
8t Joe Ry L H A P 1st g 5s_. 1937
0t Paul City Cab cons g 58—1937
Third Ave 1st ref 4a
1960
70%
95
213
74-%
Ontario Power N F 1st 5s.. 1943
Ontario Transmission 5s
1945
Pub Serv Corp N J gen 5s..1959
10-20-year 5sa eries 3
72
N Y State Rys 1st cons 4
Hs. 1982
Portland Ry 1st A ref 5s
1930
Portld Ry Lt A P 1st ref 5s. 1942
~ii»
70%
99%
80%
*28 M
20
N Y Rye 1st R E A ref 4a.—1942
82%
Sale
28
62!8
6212
—
Income 6s
Mtge Bonds (NY
73%
76
1928 M
s
82
8
Mar'18
79%
73
99%
f 6S..1941 J
Stamped
Great Falls Pow 1st
70
"n% "Sa'le
1932 A
68
Montreal Tram 1st A ref 5s. 1941 J
New Orl Ry A Lt gen 4 Ha—1936 "
N Y Munlcip Ry 1st a f 5s A.1966
20
3
74
58
Chic C A Conn Rys 8 f 58—19271A
Chic Un Stat'n 1st gu 4 Ha A
1903j J
Chile Copper 10-yr conv 7s. 1923 M
Coll tr A
16
Apr '20
70
1955 J
Buildings 5s guar tax
gg
69
56%
M
M
F
MIIw Eleo Ry A Lt oone g 5s 1926 F
Refunding A exten 4HS—1931 J
58%
13
Feb '18
67
60
Col A 9th Av let gu g 58—1993
Lex Av A P F let gu g 58—1993
Met W 8 El (Chlo 1st g 48—1938
95
55%
77
75
90
38
61%
62%
60
Stamped tax-exempt
1990 A
Manila Elec Ry A Lt s f 6s—1953 M
Metropolitan Street Ry—
Bway A 7th Av lat o g 58.1943 J
Sale1
22
62
J
A
85%
95
I
1
69%
Certificates of Deposit
102
5
Sale
64
—
1932
75
56
12
53
1957
Third Ave Ry 1st g 5s
33%
52
A——1957
Interboro Rap Tran 1st 68—1966
Manhat Ry (N Y cons g 4s. 1990
39
61%
61%
1949
75
1952 A
Terminal 1st 4s
Consol 5s
Oct* 17
80
Interboro-Metrop coll 4HS.1956
a
72
40% Deo '19
Det United 1st cone g 4H8—1932
Ft Smith Lt A Tr 1st g 5s—1936
Union Tr (NY
1950 J
74
Miscellaneous
"ii
Sale
....
Nassau Eleo guar gold 4e.l951
Chicago Rys 1st 5s..
1927
Conn Ry A L 1st A ref g 4Ha 1951
Stamped guar 4Ha
1951
United RRs San Fr
Nov 19
20
63%
32
4s..1949
Ad] income 5s..
87
50
Apr
35
Bklyn Un El lat g 4-5s... 1950
Stamped guar 4-5s
1956
Certificates of deposit.
80-year adj Jne 5s
Certificates of deposit
Mar'20
88%
Armour A Co let real est
33% Apr '20
Bklyn Q Co A 8 1st 5s—1941
Adjust Income 5s___.
N Y A Jersey 1st 5s
*69*"
Apr '20
Aug'18
32
Bk Q Co A 8 con gu g 68—1941
ser
95
J
83%
65%
Dot'19
22
Bk City 1st cone 5s. .1916-1941
High
Conv deb 6s series B_
20
39%
Certificates of deposit
Certificates of deposit stmp'd
Low
75
Montana Power 1st 5s A...1943
Morris A Co 1st s f 4Hs
1939
26%
No,
High
75
Int Mercan Marine a t 6s
8-yr 7% secured notes..*1921
Hud A Manhat 5s
&
Adams Ex coll tr g 4s
88%
51"
Aug'12j
70
Brooklyn Rapid Tran g 58—1946
let refund conv gold 4a.—2002
g
Westchester Ltd gold 6s
62%
N
Street Railway
Kings County E 1st
Stamped guar 4s
1957! J
48% Apr '20
52% Apr '20
62% Apr *20
50
S
A»k Low
J
Utlca Gas A Elec ref 5s
90% Apr '20
Feb* 17
loo
J
"Via Cent 50-yr lat gen 4a.—1949 J
Utlca Elec L A P lat g 5a...1950: J
90% Mar* 17
J
Wtoston-Salem 8 B l et 48—1960 J
83
77%
A
Refunding 4Ha aerlea A.. 1966 M
RR let conaol 4a
1949 M
77%
Apr
36
-
Sale
78
O
F
6s—1930
A
63%
25
S
Electric Lt—(Concl.)
1944 F
49
82%
1937
Exten A Impt gold
m
m
49
1952
Wheeling A L E let g 5a
Wheel Dlv let gold 6a
~
69
Utah Power A Lt 1st 5a
Mar 20
74%
65%
91
AUg'18!
Juiy'lOj
80
51
S
Wasb Terml let gu 3 >48—1945
let 40-yr guar 4a..-—1946
West N Y A Pa 1st g 6a
Gen gold 4a—
.
85%
83%
88%
75%
59
—
.
50
0
Jan. 1.
70% Nov'19
88
68—1941
Dee Molnee Dlv let g 4a. .1939
Om Dlv let g 3 Ha
97%
68%
——
Since
Lati Salt
Bid
HigU
73
82
77% Apr *20
"95% IIII
8
Range or
May 7
Louj
Gas
Range
Friday
* a.
12
83
90
WeeJc't
Price
1*
7
46
High
74%
83%
No.
Week ending May
75
Atk Low
Bid
75
Virginian let 6s series A.... 1962 M
2d gold 68
82
Sale
81%
100%
25
80%
107
98
93%
74
8434
100% 103%
7934 90
22
% 97
2j
94
94
105
92
Apr '20
96
5
95%
101
93%
9784
Coal, Iron & Steol
Beth Steel 1st ext s f 5s
Ga> and Electric Light
Atlanta G L Co lat g 5s
1947
Bklyn Edison Inc gen 5s A. 1949
Bklyn Un Gsb 1st cons g 68.1945
J D
J
J
M N
1956 A
O
Olncln Gas A Eleo lstAref 5s
Columbia G A E 1st 5e
1927 J
Columbus Gas 1st gold 5s._ 1932 J
J
J
Oonsol Gas 5-yr conv 7a
1925
Cons Gas ELAP of Bait 5-yr 6a'21
Q
F
M N
Detroit City Gas gold 5s
1923 J
J
Detroit Edison 1st coll tr 5s. 1933 J
J
1st A ref 6s ser A
*1940 M S
Eq GLN Y 1st cons g 5s...1932 M
8
Gaa A Eleo Berg Co 0 g 5s_. 1949 J
D
Havana Eleo consol g 5s
1952 F
A
Hudson Co Gas 1st g 5s
1949 M N
Kan City (Mo Gas 1st g 6a. 1922 A
O
Kings Co El L A P g 5a
1937 A
O
Purchase money 6s
1997 A
O
Convertible deb 6a
1925 M
8
Ed El 111 Bkn 1st con g 48.1939 j
J
Lao Gas L of St L Ref A ext 6s *34 A
O
Milwaukee Gas L 1st 4s
1927 M N
Newark Con Gas g 5s......1948 J
D
NYGELHAPg 5s
1948 J
D
Purchase money g 4s
1949 F
A
Ed Elec III lat couag 5s_.1995 J
i
NYAQ El LAP 1st con g 5s. 1930 F
A
93%
70%
74%
84
103
72
Bept'15
82% Feb '20
81
-
82%
79%
84%
79
Apr '20
70
79
88
Apr '20
79
86
81
89
86
85
84
86
87
99%
Sale
99%
97
79
IIII *91%
82%
94
85
June'19
1937
Con G Co of Ch lat gu g 5s 1936
Ind Nat Gas A Oil 30-yr 5sl930
Mu Fuel Gas 1st gu g 58—1947
Philadelphia Co conv g 6s.. 1922
Stand Gaa A El conv
"84% "85*
Ch G-L A Coke lat gu g 5s
a
f 6s..1926
86
79
79
95%
95%
Elk Horn Coal conv 6s
93
95
Illinois Steel
87
86%
90
Mar'20
99% 101%
1940 A
.1952 M
84
85%
Pleasant Val Coal 1st
84% Deo '19
Apr '20
98
Apr* 19
81%
75
77
Pocah Con Collier 1st
Feb '20
70
87%
83
*75%
60%
70
85
89%
75% "77
70
70
87% Mar'20
87%
82%
87%
104% Apr '17
Sale
75%
61
60%
60%
60%
65%
89
89
Apr '20
89
81
Mar'20
80
81
82%
Sale
82%
84%
82%
90%
75
Hale
74
75
74
83
79
82
105
IIII *8*7%
58%
Sale
84%
70
9
11
Apr'19
July'17
88% Mar'20
88%
88%
58%
58
67
71%
80
58%
71% Apr '20
100
Apr'17
89
Mar'17
75
May'19
88
Sale
88
88
86
88%
Apr '20
80%
85
97% May'17
70
Apr '20
Oot'17
84% Mar'20
97%
82
90
90
16
74
75
76
80% Apr '20
72
Sale
72
73
73%
75
75
75%
85
98
Feb '19
O
73
88
S
92%
87%
S
7978
f 58.1928 J
J
f 5s. 1957 J
J
74
Sale
73%
74%
15i
10
"73% "84"
90%
66
"1)2%
*14
90%
80%
42
86
99%
70
79%
8512
80%
13
80%
82%
70
s
Corp—[coup
10-60-year5s|reg
s
85%
72
Dec'14
101
IIII "so"
f_1940 A
J
J
J
J
1953 J
Sale
91
Sale
"92"
89
79%
83
80%
87
87
69
73
69
85
873g
93
Sale
O
dl933 M N
<11903 M N
1931 M
f 5s
Victor Fuel 1st s f 5s
80%
88
Apr '20
69
...-|
87
90
67
72
80
93
94%
398
92
1
92%
3
92
9934
99%
81%
83
Sale
93
8684
Nov'19
70
83
93%
92* ~94%
87%
86
93
N
J
88
--
Mar'19
..
•V...
89
86
91
7o"
70
M
8
Telegraph & Telephone
Am Telep A Tel coll tr 4s
1929 J
Convertible 4s
1936 M
8
747g
.1933 M
8
1946 J
D
7-year convertible 6a
1925 F
A
Cent Dist Tel 1st 30-yr 5S..1943 J
D
Commercial Cable lat g 4s__2397 Q
Registered._ j*.__
2397 Q
Cumb T A T 1st A gen 5s
1937 J
Keystone Telephone 1st 5s..1935 J
Mich State Teleph 1st 5s
1924 F
A
N Y A N J Telephone 5s g
1920 M N
N Y Telep 1st A gen s f 4HS-1939 M N
20-yr convertible 4 Hs
30-yr temp coll tr 5s
3ale
83
83
02.
Sale
74%
75
62% Apr '20
78
---
78
Sale
73
75%
76%
Sale
87
75%
94%
81%
64%
93%
90%
60
...
68%
*8i% *82%
81%
88
84
98
84%
84
99%
98%
77
95
Apr '20
Apr '20
Jan '18
81%
Apr '16
Apr '20
Jan '20
57
j
"ll
73%
62%
78
39;
75%
74
92%
90%
60
81%
84
99%
85%
8 6
99%
81%
96*4
7534
Sale
74%
7534
74%
89
Sale
89
89
80%
82%
82
89
82
81
88%
J
80%
81
81
81
80%
85%
79
79
70%
74%
86%-
30-yr deben
s f
6s...Feb 1949
South Bell Tel A T 1st s f 58.1941
West Union coll tr our 5s
"84% "84%
July'19
90
Va Iron Coal A Co.e 1st g 5s 1949
Pacific Tel A Tel 1st 58—1937 J
85%
98%
J
sf
80%
"75" IIII
80
Repub IAS 10-30-yr 5s
U S Steel
867g
93% July'19
91% Nov'19
89
89
s
89
79
O
1923
St L Roe. Mt A P 5b atmpd-1955
Tenn Coal I A RR gen 6s..1951
Utah Fuel 1st
74% *85%
75%
a
97%
81
80
D
Lackawanna Steel 1st g 5a__1923 A
1st eons ,6s series A
1950 M
Mid vale Steel A O conv a f 5s 1936 M
84% Apr '20
Hept'19
92% Deo '19
89%
82
79
N
let 6s
Jeff A Clear C A I 2d 6s
85
•No prioeFrldayilateit bid and asked, •
Indiana Steel
90
81
Sale
91
D
1925
4 He
90
Sale
79
D
Feb'18
84
N
deb
92
82
A
Feb'13
95
M
M
Refunding A extension 6a. 1933 M
United Fuel Gas 1st a I 6a_.1936 J
A
94
85% 100
Syracuse Lighting 1st g 5S..1951 J
Byraeuse Light A Power 6S..1954 J
Trenton G A El 1st g 5s
1949
Union Eleo Lt A P 1st g 5s..1932
Cahaba C M Co 1st gu
Colo F A I Co gen s f 6s
Apr '20
95% Apr '20
93
Apr '20
86
91
:::: "si
J
Peop Gas A O 1st cons g 68.1943
Refunding gold 5s
1947
6s
100
N
F A
M 8
A
M
J
J
M
M
M
5a International Series... 1930
Pat A Passaic G A El 5s
1949
Debenture
1943
Col Indus 1st A coll 5s gu__1934
Cons Coal of Md lstAref os. 1950
100%
Pacific G A E ICo—Cal G A E—
Corp unlfving A ref 5s._.4937 M
Pacific G A E gen A ref 5s.. 1942 J
Pao Pow A Lt 1st A ref 20-yr
J
N
J
D
cil926 M
S
6s. .1922 J
D
1923 J
1st A ref 5s guar A
1942 M
20-yr p m A Imp a I 6s...1936 J
Buff A Susq Iron s 1 5s.__.1932 J
"88"" "9478
Fund A real est g 4Hs
Mut Un Tel gu ext 6s
Northwest Tel gu
1938 J
1950 M
.1941 M
4Hs g—1934 J
N
N
75
—
76%
97
Apr '20
74%
75
101% Sept'17
Due Jan. *Du«AprU. • Due May. #DueJun«. IDueJuly, kDueAug. eDueOot. pDueNov.
94
Nov'16
DueDeo. lOption sale
81%
Mat 8 1920.
BOSTON STOCK EXCHANGE—Stock Record
SHARE PRICES—NOT PER CENTU
f PRICES.
Sales/or
STOCKS
the
BOSTON
Monday
Tuesday
Wednesday
Thursday
Friday
Week.
May 3
Saturday
May 1
May 4
May 5
May 6
May 7
1961
Range for Presume
Year 1919.
Range Since Jan. 1.
STOCK
Shares.
EXCHANGE
Lowest.
Highest.
Lowest.
Highest.
Railroads
125
125
125
633s
8212
31
*35
[125
6378
*8212
31i4
3H2
40
125
63
63i2
8212
*
125
63*2
63l2
125*
*123
63
i
32
|
32i4
41
33i2
3334
40
40
125
6312
1
*....
"82"
Boston Elevated
24
3534
2,405
40
|
82""
34
"3*4*14
40
Boston
355
125
117
40
152
Do
A
Albany
100
80
Feb 18
100
30
Feb 11
100
39
Jan
...
*5
*9
....
*5
10
_100
134
Boston A Maine.—
Do
pref
78"
*75
*9
*75
78"
67
67
28*8
2812
85
85
*
*83"
*83"
4Ti2
*41
41
54
53
*53
Apr'20
Last Sale, 10
75"
Boat A Wore Eleo pre
CbloJunoR
A U 8 Y
Mar'20
Last Sale 1 130
Feb'20
*
78
78
Last Saw 10334 Oct'19
Last Sale 72
Mar'20
20
*..._
68
*65
67
30
30
*65
Do
Mar 16
67% Jan
87% Jan
37ig Jan
116
Dec
2
2
2
62
Dec
80% Apr
85
Dec
97
35
67
618
29l2 2978
Last Sale 83
Apr'20
Last Sale' 85
Mar'20
Jan
381* July
Feb 27
40
Oct
50
Jan 28
143
Mar 15
130
Sept
168
2
7
Mar
8
10fl
6% Jan
8
Jan 28
11
Mar
5
100
130
Jan 30
132
Jan
8
132
Oct
75
Apr 26
86
Jan
2
84
72
Mar 30
70
Mar
"4TS4
697s Dec
83
26% Dec
40*4 July
83
80
Dec
991* Aug
85
Apr
Jan
6
94
Oct
115
1
x71
Dec
105
Jan
15
Dec
23
May
82
Oct
100
3Si2 Sept
47
Sept
50
Jan
Apr
June
86
76
Jan
100
15
Jan 20
100
85
Jan 24
87
Jan 31
60
40
Vermont A Massachusetts
"""380
40
4H2
54
53
53
5
5i8
5i8
5
518
1,490
1h
13s
1%
*H4
1%
175
6
614
6I4
*6
17
West End 8treet
Do
pref
I-.... 50
Apr
7
45«4 Jan
50i2 Jan 23
55i2 Jan
3
6
8
7i4Mar
l5gMar
Apr
1005s Mar
167
Apr
15
31
1
18
20
83
Jan 13
May
Jan
Mar 31
85
9
100
Rutland
pref
88
2512 Mar 11
Mar 29
Old Colony
22
41
781* July
5
365s Mar 10
95
*53
Mar
Jan
23
*40l2
70
Jan
86
54
June
23% Feb
22
*53
June
60
85%' *85i8
Apr'20
90
110
68
22
Last Sale 85
Jan
Feb
100
85i8
42
Feb
100
Northern New Hampshire. 100
Norwich A Worcester pref.100
42
Jan
30
135
100
...
N Y N H A Hartlord
85iS
*21
Jan
Nov
11
993s Mar
22
85i8
*
Jan
70c
Dec
31* Nov
2% Nov
100
Do
pref
Maine Central
Jan
28
45
no par
pref
Apr
145
6
Georgia Ry A Eleo atampd.100
30
*82
54
Boston Suburban Elec_.no par
Do
pref
no par
Sale' 6
30
85
22
Boston A Providence
Salej 10c
*65
29i8
22
10
75
67
2734
Apr'20
Dec'19
Last
6
*131
65
85
Last Sale 140
....
*5
10
*131
*131
*140
6
*9
6
132
01% Feb 13
100
Last
*140
Feb 17
119
100
pre
58
Oot
Miscellaneous
434
45g
4&8
5
*11
13S
1^4
*U4
*6
6I4
lh
6i4
94
9414
94U
9434
94
94i2
82
82
80
83
82
82
80
80
80
80
*80
412
*6
6
10
IOI4
11
11
36i2
3534
3534
31
30l2
3H2
32
912
934
912
9
9U
97
934
83
84
697
81
*80
81
75
*34*
36%
*912
*34
36l2
10
580
555
914
11
1034
2
2
2
2
2
218
*3
4
*3
4
334
1358
*514
30i2
14
13 8
14
14
14
6
31
*514
30t2
3178
32
578
3214
32
2314
23l2
24
24
24
24
24l2
86
"*9% "
1334
5
*80
86
*80
86
*80
86
145
146
144
145
145
145
33
33
34
25
*24
512
25
32
3212
3234
25
*24
57
*24
5712
5714
58
5714
1437
3378
16i2
16
1612
1714
25
2512
25
57%
70
71
5l2
27i2
*9i2
534
*67l2
5^8
27h
28&s
10
10
10
*91
96
96l2
96
9612
9612
534
57
29l2
55
14
2,655
1378
*512
3012
1,581
5,465
3212
26
283g
86
86
87
158
145
*143
144
277
3534
34l2 35%
Apr'20
57%
57
6,012
18
"l",919
513
18
24
24%
96
578
31
Apr'20
5%
273s
2,005
"l",395
584
29
3,073
75
978
10
10
97
97i2
232
7H2
72
211
71
71
71
7U2
72
72
*7H2
73
60
60
60
60
60
60
61
131i2 13H2 *130
*
13112 *130
13U2 *130
73
131l2 *130
3912
37
412 Feb 13
1
Feb 24
50
5
pref
Amer Telep A Teleg
8
13H2
Feb 10
Apr 30
100
80
Amoskeag Mfg
no par
Do
pref
no par
Anglo-Am Comrnl Corp.no par
94
Art Metal Construe Ino
10
2612 Jan
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
30%May
Blgheart Prod A Refg
It)
Boston Mex Pet Trustees noI par
Century Steel of Amer Ino.
riu
Connor (John T)
East Boston Land
Eastern
Do
May
79«4 Jan
9
Mar
9
May
-
16
pref.
Edison Electric Ilium..... 100
Elder Corporation
...
par
.no
50
Greenfield Tap A Die
25
Interaat Cement Corp .no par
Products
no pat
Internat
Mergenthaler
Feb
125
Mar
9
5
35
35
36
38
38
440
10
35
May
4
85
85l2
8514
8578
8534
8 534
8512
New England Telephone.. 100
85
Feb
6
29U
29
30
30
30
29
86
29l2
150
29
475
Ohio Body A
27i2 Feb
30
30
29i2
30
2912
30!8
2934
30l8
1,687
29
16212 162l2
162i4 162U
162
14i2
14&8
1414
44
4412
223g
2238
18
18
I
*44l»
*4H2
43
j
*4412
46
2212
*23
24
1812
*42
17l2
1914
43
43
113
115
66
66
271.4
27
2714
4378
443s
44
2434
25
2412
4414
2434
1412
1514
1412
15
2414
1434
2H4
2H2
2II4
225s
114
44
2612
4378
15i8
2214
38
20
20
"253*4
2634
60
26U
485
4412j "44% 44%
117%' 114
11634
Stewart
2,430
89
*26*
27
44U
24l2
15i2-
26*12
315
4312
2412
44
2412
1,978
1514
2214
15l2
2258
6,867
9,061
I
246
36
36
224
197s
20
670
10
60
*
60
2534
26
25%
60
*
50
65
Last Sale 70
65
26
Mar'20
26
26
10
26
1*295
29
Mig Corp
no par
Jan
11
20
Jan
60
Deo
71
Jan
Jan
13812 Jan 21
63
Jan 26
130
Feb
149
June
471* Nov
72
July
3
3
34)8Mar 30
170% Jan 19
83
Sept
96
Mar
199
5
89% Jan
86
67U Nov
3fi»s Jan
Not
145
Feb
13
99
Jan 12
93
Jan
991* Deo
4
10
Jan
2
14
Jan
16
Feb
17
55
Jan
3
36
July
7
6
49*4 Apr 8
30
Deo
151z
Dec
32ig
Jan
2
116
44
3
2238May
Feb
40
Feb
3H2 Jan
25l2 Apr
13
14
65
3312 Jan
49
Jan
2
25ig
Mar 19
7«4
May
66
Jan
Feb
5
6
25
75o Mar
22
"66 "
31
May
Jan
28
Oct
Jan
May
Aug
17
Mar
25
July
Feb
83
July
Jan
72i2 May
38
Jan
7n
Feb
23
Jan
37
Jan
60
May
741* Nov
16
.
44i2 Jan 20
26
Feb "
73
59
44
Feb 11
t9
2
150
Jan
"
26
23
May
591* Oct
35U Deo
27% Not
59U Oct
Jan
Apr 13i
Mar
.....100
52i2
"
2
1934 Apr
Jan
MarlO
51
oref..........100
2d
28*8 Nov
85a Feb
90
Oo»
Sept
938 Feb
35
Oct
11
Jan
99
Mar
Dec
Feb
Wickwire Spencer Steel..—5
1st pref..
6*4
Jan 20
100
Do
May
Jan
2314 Apr
.100
Jan
38% Nov
63
1«
Manufacturing.
88
Not
76
Feb
Watch
6
101% Jan 10
17
Walworth
Oct
Apr
581*
Waldorf System
Waltham
28
23%
90
Ventura Consol Oil Fields.
Warren Bros..
172
July
5
13
5
11
Ino
Oct
Mar
26i2May
4314 Feb
24J4May
12U Feb
—
Dec
138
19
28
pref
79
75
73
Do
Apr
7
8
3178 Apr 8
133
United Shoe Mach Corp
Deo
39
2
3
Union Twist Drill
24
6
26
25
Jan
7|
Feb
100
Tor ring ton....
34
6
Jan
llli2May
Swllt A Co..
67*June
4i2 Jan
3118 Deo
14%May
94
13
Magneto
Do
"
13
May 3
Apr 27
162
100
Sbawmut 88
Slmms
60
59
61
155
495
20
38
20
68
Root A V Dervoort CI A no par
20
37
20
*60"
265
24
36i2
*35
n
44
*2284
23
37
37
68
44
24
19
2212
20
"e'l
45
2412
20
"26"
Reece Button-Hole
245s
1514
2234
*35
*
Plant (Thos G> pref
310
*6712
26l2
4414
26%
17
15
15
44
43
11134 113
66
66
6534
27
46
1712
1
Ino
94"
15
95""
*1414
*4412
*2234
I8I4
15
2238
iiu2 11234
6534
*14
Circuit
Orpheura
Pacific Mills
"94"
"94"
95
1414
Blower...no par
38
16214
95
Mexican Investment Ino..
Dec
58%May
45
818 Apr
60
7
251* Jan
4
29
38
2
6
434 Mar
38
29
36l2 Jan
29% Jan
8012 Feb
8578
"8514
612 Mar 23
27
100
Linotype
261* Dec
1414 Apr 14
Apr
100
pref
841* Dec
211* Nov
Jan
131* May
Feb 20
9l2 Apr 30
95'4 Apr 16
6834 Feb 6
Do
Dec
17%
47# Nov
151* Mar
36i2 Jan
28%May
22)4 Feb27
in
16
Dec
157
Llbby, McNeill A Libby.-.IO
1st pref. 100
Massachusetts Gas Cos...100
Jan
21* Dec
6
28
Feb 13
2434 Apr 26
5234 Apr 20
16
Apr 14
23i2 Feb 25
14378May
Loew's
Theatres
Feb
6
88
70
MoElwain (W H)
1081* May
152
Nov
Dec
79
78i2
5
Feb 11
100
Island Oil A Trans Corp.. 10
pref
95
3
Jan
3
7
Apr 8
63
714 Nov
2
Aug
914 Aug
7
23
12l2 Apr
100
Jan
3% Jan
127s Apr 14
U2 Apr 13
Mar 20
334 Feb 14
2734 Feb 13
19
Feb 11
25
Dec
21* Apr
Apr 23
10
2
10
6
Jan
Apr 20
5
56c
3514 Apr 17
3
Feb 11
6
5
19
38
10
Manufacturing.
Eastern 88 Lines Ino
Do
"
96l2
60
10
25
Do
Gorton-Pew Fisheries
"
5814
18
9l2
978
9612
520
6
*32
26
578
2834
578
30
2,170
4
Lost Sa'e 70
70
*67i2
218
18
2514
*69
10,772
218
4
*25
18
25
9%
11
Last Sale 2434
5778
1612
2334
624
10i2
2U
334
14U
512
3214
27l2
6
10
3212
4
134
2,242
94l2
10
9%
9l8
1034
.94%
36i2
3214
32
9i8
10
9412
84
"ll
*34
31
94%
83
*80
*10
*34
85
1
Am Oil Engineering*.
Amer Pneumatic Service..
Jan
80
16
205* Nov
2U2 July
43
Oot
July
30i2Mar22
Mining
.95
*.75
*.75
.50
*.35
.95
65%
67
*65
683s
*.35.
.50
*30
31
3
3
*278
11U
1134
1134
10
65i4
.50
10
*11
10
325
31
.25
.20
.10
329
24i8
*11
325
^5
2434
13
*11
31
25i2
13
3934
*4
414
4
4
9h
9?8
10
10
1212
278
1314
13
13
39i2
3
*30
651.1
65i4
Last Sale
40
*278
3
IOI4
2612
13
*11
3978
*334
4112
414
IOI4
1334
10
13
*278
3
5i2
*434
512
*434
514
*212
3
*212
3
212
212
1
*.70
1
*.70
*78
79
2978
334
*45
*78
30
291
334
lh
1»2
4
37»
4
*lh
*312
46
80
1
46
*45
80
*78
2912
2934
2978
4
*334
4i8
1%
168
H%
3
3h
*2i2
3*8
*212
23g
*2
212
*2
4i8
412
4
4
334
7
734
7
714
7
-
11
10%
1,055
Bingham Mines
.06
2,600
Butte-Balaklava
318
26%
320
40
*4
4H2
10
1334
1334
*278
3
Last Sale
*214
2i2
Last Sale
*44
257s 26
Apr'20
40
4%
10
46
30
*334
*H2
30
4
1%
378
3
912
13
1314
*278
3
5
Apr'20
23s
212
.75
Apr'20
7i2
412
6434
1978
5
*4%
6Hs
65
19
19
412
"""900
331
1,685
1,577
60
"""116
290
15s
100
*3l2
334
212
212
Apr'20
170
4i2
6434
1978
Daly-West
—
Davis-Daly Copper
*84"
934
I8I4
Helvetia
Consolidated....
26
..........
25
...
26
Mining
Isle Royale Copper
.50
*U2
28
135
""*775
44
6
100
21
100
79
5
16
25
16
85
85
86
85
86
8512
85
85
372
978
1914
IOI4
85%
IOI4
10
10
1914
213s
20
2I84
20
2012
.75
.75
*H2
134
4414
44^
57
43
*13
41
14
Vi
""."l3
.13
23s
57
41
*13%
H2
»
4414
*56
*13s
'
2914
43l2
1%
.15
*138
57
26
42i2
43
165
St Mary's Mineral Land..
1434
1414
14U
280
Seneea Copper
ll4
1%
li2
560
Shannon
15s
.14
178
*1%
2
*15s
2
.80
*.70
.80
*.70
.80
612
1^8
*2l2
3
1
1
17I2
U4
7
678
7
2
2
2
3
.50
*16
Bid and Mked pnoes.
2
*212
2
*3x
2
438
634
15s
612
17l2
5
l/(t
*34
*212
3
Last Sale 23s
*.10
*5
414
*178
.15,
5i2
*434
4%
178
2
Last Sale .75
*134
*678
2i8
712
9
9
234
234
.59
*.50
1
*.75
18
114
1734
18
*34
34
1,250
5i2
4i8
110
17g
34
2,075
318
*7i8
l7s
"i'.oio
712
165
2
2,050
25
*278
1712
*84
850
18
150
1
5
i Ex-dlvldend and right*
Qulncy
...
—.....
e
26
25
3i2
25
25
24
31*
Jan
Oot
514
Apr30
478 Apr
312 Jan
7
3
3
4
9%May
Feb 13
l2 Feb
1% Jan
2
2
3
4
Apr
Feb
2
Jan
2) 2
51* July
468
10
Oct
July
Feb
Feb
5
14*4 Mar
29U July
7% Jan
8
61* May
24
Feb 1«
Apr
2'a
Jan
72
3
Feb 13
12
3
2
2
Jan
2
13% June
10
July
83
July
11*4 Jan
7i* Jan
11
Mar
Jan 21
Mar
Mar 27
2714 Mar 27
87
Mar 24
1212 Jan
3
21% Apr20
80c Jan 27
2% Jan 26
49) z
121* July
Oct
Feb
28
67*4 Mar
87
878
8U
Jan
9
Feb
Nov
131* May
20*8 July
1*4 July
25c
Apr
75c
Mar
4U July
301* Mar
43i2May
6
6
58
45
Mar
65
Jan
52
Mar
83
July
40
Apr 29
58
Jan
40
Mar
76
July
13
Apr 22
19
Jan
13
Jan
20i* July
l%May 6
10c MariO
2
Jan
H* Mar
4U July
31* June
26
5
25
Superior A Boston Copper 10
Trinity
25
Superior
Utah
4i2
99c
July
5534 July
88i2 July
41
July
6% May
2*81 July
7% July
25
25
.....
South Utah M A 8
5
Mining
6
Consolidated
1
1
26
Utah-Apex
Jan
5
9i2 July
734 May
2
621* July
73
July
Corp...no par
10
Tuolumne Copper..
2%
*.90
1
1612
1%
.15
Apr'20
2%
Osceola
South Lake
Apr'20
*.10
4I4
16i2
6 Ex-etoek dividend
*1
3
Jan
214
Oct
Aug
684 Julj
26
46
*44
112
25
57
*.80
5
2
...
*44
514
2
Mining
DomlnloD Co
57
412
2
55
Old
45
514
2
"""699
44
23s
4
Lake
North
OJIbway
Apr'20
14l2
*.10
5i8
North Butte
43
43
4K. 4%
Nlplsslng Mines..
57
*414
134
*5
35
1
pref
44
*13
23s
.14
2912
43i2
870
11,032
Do
57
*55
Jan
Mar 24
Feb
......
Idrla Quicksilver
401
5
May
New Cornelia Copper
River Company
*561
38
18
Mohawk
740
29
80i2 Feb 10
Apr
60
330
29
Apr
78
6
200
20
*.50
42
26
512
6412
New
1
8
5211 Apr
7
New
29U
May
Feb
26
*412
Last Sale 23s
4
Mar
Mayflower-Old Colony....
Michigan
465
29U
21
60o
658 Jan
200
*.50
Feb
May
20o
5
21
7
1
14i2
1%
July
334 May
Feb
5
3*4May
25
5
...
27
1«4
29
62
Mar
8
25
Mass Consol
2512
*112
Mar
2
Jan
3
7
29«
39
*4 Jan 14
77
July
365s F>©o
July
20
16
Jan
480
Mar
4*4
22
25
*.50
Mar
1214 May
Jan
Mar
-
*6
1«4
90o May
47s Mar
4)2 Apr
0i8 Mar 31
July
101* May
Jan
1414
4
18
Feb
Nov
48*s Jan
26
Feb 13
U4 July
July
62
0
12
'I
Lake Copper Co...
La Salle Copper
Mason Valley Mine...
25
.50
Jan 10
21* July
July
91
10*4
360
Jan
2i2
Copper.......
7
29
Deo
20c
Jan
Apr3)
Feb 10
Apr 12
Keweenaw
23
10
321*
Jan
Apr
*
*6
97
Apr
10c
I0i2 Jan
Apr21
29)4 Apr 30
3'jMir 9
6
*21
9%
40is
Mar
39
26
Kerr Lake
7
187s
2% Feb
60c
1
pref
409
3
1
Island Creek Coal..
40c
.50
6212 Mar
4i2 Apr
15% Jan
1078 Apr 27
7
U
3
13
14
278May
4'2 Feb
23
978
Jan
9i2May
3
27
Jan
1
i2 Jan
May
1134 Feb
*6
19
26
20
10
7
315 May 7
1712 Feb 13
11% Apr 29
39
Apr 30
6c
10
6H2
*6
10
10
25
<
*20
6l2
Feb
East Butte Copper Min...
25
612
*
May
3
Mar
Franklin
1,840
*191.1
42
30
1
7%
*7
6
13
11
Feb 11
6% Mar 18
25
26
Copper Range Co
Do
""336
77
30o Mar
26
Carson Hill Gold
Indiana
4
4
Copper..
Calumet A Hecla
Hancock
"""400
31
*112
Arizona Commercial
Centennial
Apr'20
*30
4
714
61l2
18^8
45
*44
945
Last Sale 2U
7%
18%
4
*334
4
*4l2
40i2
4
912
Last Sale 7812
96
320
315
27
Last Sale 12
4
61U
........
.06
334
1878
326
Allouea
1*4 Feb
20
11
65
26
25
5
...
Arcadian Consolidated
11
334
62
860
*934
.06
*212
18
"""30
10
3's
2l2
60
412
3l2
25
25
115S
334
*3l2
♦212
*2
4*2
33
*30
Consolidated..
Ahmeek
Algomah Mining
10
*
.06
320
2412
100
67
Apr'20
11%
1134
11%
*434
45
30
Adventure
Apr'20
*65
.35
*3
*.70
45
30
32
10
.15 *.._.
325 •
320
39
•
Last Sale .95
.95
6514
3
10
*.75
*.30
Utah Metal A Tunnel
Victoria
Winona.....
-----—-
Wolverine
.....
May
57
May
l3cMay
412
371* Jan
U2 Apr
1
l%May
* Ex-rigbw
x Ei-dlvidend
Jan
Jan
7
4
Mar
Jan 29
1
Mar
2«4 Jan 19
13s Jan 10
3
3
4
Jan 23
9«4 Feb 20
3's Jan 5
2'« M^r 22
%May
8c
Jan
6%
Apr 26
6i2May
40c
6
12
2
Jan
Jan 10
25c
4
75c Apr
6
2i2 Apr 15
3
Feb 11
3'* Jan
4
8
2
7
23
JaD
Jan 10
D* Mar 22
25
Wyandotte--
Aeeeemnent paid
26
26
28
0
Half o*id
1U
7ic
Dec
Dec
l»4May
71*
114
Jan
Jan
li4 Mar
50c
Aug
1 li4 June
5% Nov
6I4 June
2% Sept
35s June
12*4 July
5
July
434 July
Jan
3
July
15
Mar
31
July
40c
Mar
1% May
50c
[vol. 110.
the chronicle
1962
Exchange.—Record of transactions at
May 3 to May 7,
both in¬
clusive, compiled from official sales lists:
•
Baltimore Stock
Outside Stock Exchanges
Stock Exchange,
Baltimore
.
Record.—Transactions in bonds at BostoD
Boston Bond
7, both inclusive:
Stock Exchange May 3 to May
for
Week.
Week'8 Range
Last
of Prices.
Sale.
Low.
Price.
Bond®—
Range
US Lib Loan 3 %s .1932-47
89.04
1st, Lib Loan 4s. 1932-47
84.04
Jan.
since
91.50 $12,650
250
84.24
1.
High.
Low.
High.
Par.
Stock*—
Arundel Corporation
Atlantic Petroleum
89.04 May
100.00
Jan
84.04 May
93.04
Jan
Week's Range
for
Sale.
.
of Prices.
Low.
High.
Shares.
38%
89
3%
1,450
2,000
Price.
37%
3%
37%
10
85.30
7,400
84.74
Apr
92.34
Jan
Celestine Oil
1st Lib Loan 4%s.'32-.47
85.14
85.90
2,950
Jan
85.00
85.40
92.98
Jan
Cent Teresa Sugar...... 10
Preferred
10
3d Lib Loan4%s—1928
89.00
90.10
6,650
23,500
84.84 Apr
84.84 Apr
93.80
2d Lib Loan4%s.*27-'42
89.00May
94.96
Jan
4th Lib Ln 4% 8.1933-38
85.14
85.96
87,600
84.50
Apr
92.98
Jan
1922-23
1922-23
95.96
96.50
86,000
95.84
Apr
99.30
Jan
Cosden & Co pref....
96.50
96.24
600
96.12 May
97.74
Feb
Am Tel & Tel coll 4s..1929
74%
71%
74%
1,000
81
Mar
72%
81
Jan
75
75
9,000
2,000
72%
Apr
71% May
66
75
May
Victory 4%s
Victory 3%s
72
AtlG & W I SSL 5s. .1959
Chio June 4U8Y 4s. 1940
Apr
1.50
1.55
1
37%
39
110
Houston Oil pref tr ctfs. 100
80
82
27
7%
8
270
6%
335
3%
Refining.....5
81
.
6%
...5
72%
4,000
69%
76
Jan
3,000
80% May
85
Mar
Manufacturers Finance 100
92
Swift & Co 1st 5s.....1944
85%
93%
93%
Apr
85
2,000
4,000
Mt V-Wood M pref v t rlOO
Northern Central...... 50
transactions at
both inclusive,
Chicago Stock Exchange.—Record of
Chicago Stock Exchange May 1 to May 7,
compiled from official sales lists:
of Prices.
Sale.
Par.
Stock*—
for
Week.
Week's Range
Low.
Price.
Shares.
High.
Preferred
Armour & Co
Preferred..
Wash Bait & Annap
81
94%
97%
Jan.
since
Range
1.
50
High.
Preferred..
^........
355
51
Jan
9
Apr
13%
Jan
65
Mar
74
Jan
60
200
Apr
75
Jan
19%
805
conv 8
"96%
.1923
f
Stewart Mfg Co
69
Jan
43
19,000
42
Mar
Jan
58%
58%
56
Mar
70%
70%
1,000
2,000
48%
62%
76%
24%
..1936
Funding 5s
Wash Bait & Ann 5s. .1941
mmimmm'mm
70% May
Jan
Jan
Apr
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, May 3 to May 7, both
inclusive, compiled from official sales lists:
at
Feb
Apr
5%
Feb
Last
Week's Range
for
Jan
Sale.
of Prices
Low.
High.
Week.
3%
59
2,350
1,425
650
93%
40
:
50
294
3% May
104
May
10%
13%
Apr
89%
108
May
101
Feb
41
Feb
97%
114% May
102
35
125%
Feb
Feb
Sales
Friday
Par.
Stocks—
Price.
since
Range
1.
Jan.
Low.
Shares.
High.
Feb
Jan
Feb
Mar
20
Alliance Insurance....... 10
American
no par
62
42
44
Jan
23
May
^31
42%
42%
20
9
20%
42%
42%
Gas........100
American Stores
Apr
Feb
Feb
Mar
56%
37%
821
46%
36%
Apr
91%
Apr
93
Feb
00
Apr
Buff&Susq Corp pf
100
46
46
3
44
Jan
Jan
Elec Storage Battery... 100
118
121
5,055
,99
Apr
Feb
50
92
141
Jan
86
70
86
May
105
Jan
General Asphalt
70% May
130
Jan
17
17
65
15
Feb
18%
Mar
17%
19%
1,500
13
Feb
23%
Apr
32
Apr
Receipts $10 paid
Jan
Receipts full paid
30%
6%
54,400
22%
6%
27
Feb
GOO
6%
Apr
7%
v t c
53
91%
91%
1st preferred
..100
70%
70%
100
Giant Portland Cement. 50
5%
5%
12
29
17%
17%
100
28
28%
10
39
910
36
Feb
45%
Jan
J G Brill Co
46
48%
80
35
Apr
44
Apr
Lake Superior Corp....100
16
14%
16%
4,428
13
6,700
11%
Apr
15%
Jan
Lehigh
63
62%
63
30
170
28%
Feb
35
Mar
41%
42
3
300
3
Feb
Manufacturers Rubber.
Feb
Midvale Steel & Ord
50
Jan
Minehill & S H
50
L
3
69%
23%
25%
69%
50
92%
91
91
265
25%
1,310
3
Feb
69%
91
Apr
May
79%
98%
100
Navigation
48
50
Lehigh Valley
...50
.
Feb
28
Mar
Apr
243
Apr
61
Feb
90
Apr
TO
Mar
40%
32%
24%
15
39%
2,300
45
8,100
Apr
5,100
111%
May
128
Jan
Phila Electric of Pa
25
24%
36%
Apr
5-5
Jan
Phila Rapid Transit
50
22%
22
Feb
49
Mar
Philadelphia Traction. ..50
52%
Mar
Reading
"64%
42%
100
41
30
32%
273
30
104% 104%
100
41%
42%
"3l"
36%
100
May
104% May
50%
108
Jan
Tono-Belmont
Devel
"32%
Ward, Montg & Co, pf w 120
10,500
54%
Apr
74%
Jan
32%
Apr
42
Apr
Union
300
20
Feb
29
Mar
46
48%
3,445
36%
22%
33%
1,275
19
2,035
Mar
53%
Apr
Feb
23
Apr
31% May
40
Mar
43%
35%
Feb
42%
25
Jan
58
2,252
120
39
10
329
Mar
% May
51%
Jan
50
Jan
Mar
Jan
Jan
31
30% May
24% May
Feb
28
Jan
Jan
25%
21%
4,092
Jan
'
76
36%
Jan
1%
22%
54%
860
61
53
Apr
63
Jan
87
400
65
Feb
94%
Apr
2
1,740
1%
,
3 1-16 Jan
1 15-16 Mar
1%
;
Feb
2%
1%
1,150
50
32
32
32%
192
31
Apr
37
Jan
100
172
172
172%
36
172
185
Jan
..50
46
44
46%
2,455
43
May
Apr
57
Jan
%
86
1
Traction.
United Cos of N J
United Gas Irnpt
1%
Warrants
%
U S Steel Corporation.. 100
1%
%
92%
97
Apr
% May
108%
Jan
% May
92%
1,105
Feb
Western Knitting Mills, (t)
Wilson & Co pref..
100
19
10%
1,625
Jan
WTarwick Iron & Steel... 10
30
8
Feb
94%
94%
35
93%
Apr
98%
Jan
West Jersey & Sea Shore. 50
37
37
37
10
35
Jan
40
Feb
Wrlgley Jr, com.
74%
75
80
74%
Apr
81%
Apr
York Railways, pref
30%
30%
30%
75
30% May
32
Jan
60%
77%
60%
78
70,000
58
58%
17,000
....25
18
47%
53
1
Tonopah Mining
4,850
26%
31%
Waldorf System, Inc...10
65%
41%
22%
"48""
61%
39
40
t c.50
Feb
% May
43%
Feb
43%
Apr
73% May
39%
Apr
83
50
25
Union Carbide & Curb. .10
United Paper Bd com.. 100
Wahl Co
_..(t)
31%
40%
73%
24%
9,500
Jan
Feb
37
Mar
28
45
Philadelphia Co (Pitts)..50
Preferred (5%)
50
Pref (cumulative 6%).50
40
Mar
65
47
30%
1,140
41
114%
77%
41
"44%
22
Feb
200
41
111% 117
100
100
Apr
44
73%
39%
36%
74%
77%
Apr
58%
14%
20
28
Pennsyl va nia ^50
22%
Mar
Jan
432
43%
Pennsylvania Salt Mfg..50
210
42
Apr
Apr
61
45
45
45
20%
30%
Apr
Jan
211
%
%
10
730
222
215
222
27%
85
36
11%
29%
5%
37%
Apr
27% Mar
17% May
5
36
100
4
130
28
Insurance Co of N A
37
10
Thompson, 7 R, com...25
v
Mar
43
Mar
Temtor Prod C & F "A" (t)
Union Iron Works
60 %
43
69% May
0%
(t)
..(t)
Preferred
1,000
42,000
19%
100
Stewart WarSpeed com
Jan
62
28%
100
Swift & Company
Swift International.
Apr
92
61
17
10
Shaw W W, com..7
92
92
"el"
52
Orpheum Circuit, Tnc_...l
corn....
2,000
Apr
290
Page Wov W Fence com.20
Motor.......
Apr
Jan
May
500
12%
Quaker Oats pref...
Jan
98%
93%
95%
96
90
.....
1949
.1949
Income 4s
100%
570
National
Sears-Roebuck
Feb
15
United Ry & E 4s
Jan
Jan
Apr
2,000
,
99%
90
70
81
May
97%
70
27%
Reo
Jan
Jan
60
Libby, McNeill & Llbby. 10
Lindsay Light.........10
Middle West Util pref. .100
Mitchell Motor Co....(t)
com
96%
15
20%
Feb
Mar
86
10
Pub Serv of Nor 111
96%
Jan
Jan
Mar
84%
69%
Holland-Amer Sugar.... 10
...
76
Feb
60
"66 "
Ilartman Corporation.. 100
Leather....
14,000
11,000
10%
114% 115%
35%
35%
Corporation..... (t)
Godschaux Sugar com._(t)
Great Lakes D & D
100
Hupp Motor...
60% May
98
110%
35
Elder
$5,000
77
'mm
Jan
99
114%
62
76
rnm-'m
~77~
Feb
99
100
60%
1927
6
89%
Match
14
80
35
Diamond
11
40
90
Decker
100
237
15
249
104%
10%
10%
(Alf) &Gohn, Inc (t)
13
15
'mrm
6
Cudahy Packing Co com 100
Deere & Co pref.
74
89
3%
10
98
'
Mar
60
104
104%
58
40
50
9%
81
65%
Feb
57
6
scr 2.
Motors
95%
Mar
85%
Commonwealth Edison. 100
Continental
15%
94
17%
6
Jan
Mar
3,000
65
-70
80%
12%
......
4%s.l935
conv 6s.
Cosden & Co
Jan
Mar
Feb
94% May
240
60
19%
85
110%
17%
1,530
16%
65
100
Briscoe, common...... (t)
Case (J I)......
(t)
Chic City & Con Ry pf.(t)
Chicago Pneum Tool.. 100
Chicago Rys part ctf
78%
50%
Mar
95
9%
Fisheries new___(t)
Booth
Feb
40
55
~55%
(t)
Beaver Board...
Mar
Mar
95
1
m,m*<m
Mar
46
Apr
66
7 per cent notes
Consol Coal
JjOW.
15%
16%
.100
May
88
66
mrn-trn'mt
Jan
4
44
mum mm mm mt
tm-m -mm
Apr
Apr
Bonds—
Cons G, E L & P
95
..15
_.......
80
96%
100
pref
Armour Leather...
390
81
American Radiator new
3%
Mar
60
90%
mt
Jan
7%
225
44
90
mm
Apr
4%
44%
93%
10%
Feb
Feb
Apr
97%
Pennsyl Water & Power 100
United Ry & Electric...50
mm
88
Feb
mmmm
mmmm
Jan
103%
Feb
76
44
Elkhorn Coal Corp 6s. 1925
570
41
41
41
(t)
Albert Pick & Co
32%
Jan
Jan
11
3% May
102
3%
3%
5
Chicago Ry 1st 5s
Sales
Friday
Last
Jan
Apr
7%
6%
Indiahoma
93
May
Feb
Davison Chemical..no par
81
85
77
128
71
Jan
95%
280
92%
Mar
331
Jan
9%
Feb
Feb
4
80%
'n
6%
8%
:
Mar
3.40
1.50 Apr
650
1,020
7
Apr
May
163
May
98% 100
m mm mmt mm
fcJan
4%
10c
May
161
5,695
1.70
Feb
2%
10c
83
Kentucky Co Oil
*
High.
40
Apr
3%
1932
N E Telephone 5s
Low.
35
9
6%
8%
mm mm
mm
"~3%
5
Pond Creek Coal 6s.. 1923
Miss River Power 6s. .1951
1
161
161
161
Consol Gas, E L & P.. 100
Consolidation Coal
100
84.84
2d Lib Loan 4s. 1927-42
10c
10c
1
100
♦
1.
Jan.
since
Week.
50
Big Vein Coal
Canton Co
•
•
Range
Last
'•'v.
Sales
Friday
Sales
Friday
Feb
23%
8%
8%
50
Jan
8%
*
Bonds—
Chicago Railways 5S..1927
60%
5,000
60% May
70
Mar
66
Mar
78
May
58
May
65
Mar
Bonds—
"58"
91.00 91.00 $50,000
Ol.OOMay
100.00
Jan
1927-42
85.86 85.86
5,000
85.86 May
90.10
Feb
4%s.'27-'42
3d Lib Loan 4 %s.
1928
Commonw Edison 5S..1943
Peop GL&Cref g5s. 1927
84.96 85.30
23,000
84.96May
91.90
Jan
89.10 90.00
36,500
89.10 May
94.60
Jan
4thLib Loan4^8
85.56 85,86 137,400
96.00 96.50 151,700
84.80 Apr
92.88
Jan
96.00May
99.34
Jan
74
82
Jan
US Lib Loan 3 %s. 1932-47
2d Lib Loan 4s.
.
2d Lib Loan
t No par value.
..
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange May 3 to May 7, both inelusive, compiled from official sales lists:
<
Stock*—
Par.
for
of Prices.
120
100
Arkansas Nat Gas
Low.
High.
52
.
89
10
22
new..
115
.89
19%
120
Low.
Lehigh Val Coal 1st 5S.1933
18
145
845
40
445
3%
7%
855
!
92
150
1%
May
.
31
Harbish El Cable, (no par)
16
16
17%
Indep Brewing
Preferred
Lone Star Gas
Mfrs
4%
1
La Belle Iron Wks com. 100
......
Light & Heat
2%
Jan
39
Jan
18
5%
Apr
Apr
600
8,850
1%
Jan
230
102%
Feb
130
May
122
Apr
121
Mar
28
May
45%
54%
55%
435
54
Feb
61%
4%
4%
7%
5,727
15%
15%
410
13%
Feb
19%
Apr
29
282
23
Feb
34%
55%
Mar
52%
8%
18%
Apr
4%
7
Jan
9%
Apr
52
1,264
44
Feb
36%
2,190
35
May
7%
12%
.1949
Mar
88%
Jan
8c
Mar
37c
1,500
48c
8,300
13%
1,150
11
Apr
May
48
159
Mar
168
5c
Mar
Apr
92
Jan
25c
Jan
53c
Jan
18
Mar
172
Apr
7c
Jan
7,000
115%
120% 125
150
114
May
225
Mar
360
120% May
130
Jan
108
123
"
113%
80% May
58% May
65
30
30%
10,000
30
May
30% May
56
5,000
55
Mar
63
96
96
1,000
96
May
95%
1,000
95
Apr
99
Jan
97
97
1,000
97
May
97
May
85
1,000
85
May
97%
Jan
Apr
101%
May
1930
I6i%
101%
95%
95%
Cons & coll tr 5s stp.
101% 155,000
95%
1,000
100%
102%
95% May
97
77
1951
85
Phila Electric 1st 5s. .1966
do
1997
Spanish-Amer Iron 6s. 1927
United Rys gold tr ctf 4s '49
77
1,000
77
Feb
81
83
85
32,000
83
May
93
84
Apr
72
84%
small.... 1966
Reading gen 4s.
Jan
Jan
Jan
Jan
"78%
84%
1,000
75%
76%
15,000
Jan
Jan
Feb
Apr
93%
82%
101%
Jan
Apr
200
108
May
115%
Jan
190
107
Feb
118%
Jan
108
113% 113%
48%
50
495
75
75
$1,000
48% May
75
Jan
55
Jan
75%
Jan
98%
99
3,000
98
Apr
44
45
3,600
40
Mar
New York "Curb" Market.—Below we
give
a
49
Jan
record of
May 3
the transactions in the outside security market from
to
May 7, both inclusive.
It
covers
the week ending Friday
*
afternoon.
It should be understood that no such
Apr
5c
114
.
100
Wcst'house El&Mfg com 50
11
14%
95
9c
5C
5c
West'house Air Brake...50
40c
167
Jan
260
18
89
45c"
4%
845
8
8c
168
"97"
80% May
18,000
P W & B ctfs 4s....1921
Jan
6%
Mar
35
18
100
May
1,000
59
Philadelphia Co—
Jan
May
50
7%
"96"
Pa & N Y Canal 5s...1939
Mar
200
35%
100
Nor Cent 2d 5s ser A. 1926
Penn RR conv 7s
103
May
80%
May
2%
100
89
Brew 6s
Apr
Jan
2%
50
Pittsb
15
Jan
4%
Pittsburgh Coal pref.-.100
Pittsb-Jerome Copper
1
Pittsb & Mt Shasta Cop_.l
U S Steel Corp pref
Feb
52
50
San Toy Mining
1
Stand San Mfg com...100
Union Natural Gas
100
26%
5
11%
4%
128% 130
7%
25
com.
Mar
445
15%
Oklahoma Natural Gas. .25
Pittsb Plate Glass
May
7
30
1
Pittsb Oil & Gas..
3%
Jan
26
50
PIttsb Brewing com
Preferred.
Apr
3%
4%
5
Ohio Fuel Supply
Apr
45
55%
50
Preferred
150
Apr
Feb
122
Nat Fireproofing com...50
Ohio Fuel Oil
Apr
1%
28
"30
25
Marland Petroleum.
800
Jan
122
100
new
3,635
Jan
45
2
50
com
Kay County Gas
10
95
Feb
103
80%
58%
85
Lehigh Valley coll 6s. .1928
89
76% May
99%
Jan
95%
30
Jan
95
2,000
103
Apr
76% May
95% Mar
56
Inter-State Rys coll 4s. 1943
Mar
9,985
29%
103
"58%
55
23
31
21,000
103
1998
135
89
Carnegie Lead & Zinc
5
Guffey-Glllespie Oil (no par)
96%
Purchase money 5s. 1936
Feb
42%
3%
7%
96
Elec & Peop tr ctfs 4s. 1945
Feb
1%
3%
7%
5
Beth Steel p m 6s
50
42%
_
1.
High.
115
1%
Preferred
2,000
96
240
"42%
138
76%
Lake Super Corp 5s... 1924
Carbo-Hydrogen Co com.5
100
75
76%
370
52%
>
Shares.
Barnsdall Corp class B..25
Preferred
Jan.
Week.
51%
Amer W7lnd Glass Mach 100
Preferred
Week's Range
Price.
Amer Rolling Mill com..25
since
Range
Last
Sale.
700
75
1946
Amer Tel & Tel 5s
Baldwin Locom 1st 5s. 1940
Sales
Friday
.'33-38
1922-23
Am Gas & El 5s, small.2007
Victory 4%s
to
transactions
on
the "Curb"
organized stock exchanges.
as
reliability attaches
to those on the regularly
On the "Curb"
any
security
may
be dealt in and any one can meet there and make prices and
have them included in the lists of those who make it a business
The possibility
that dealings
in spurious securities may be included, should, hence, always
be kept in mind, particularly as regards mining shares.
In
the circumstances, it is out of the question for any one to
to furnish
daily records of the transactions.
that fictitious transactions may creep
in,
or even
vouch for the absolute trustworthiness of this record of
transactions, and
we
"Curb"
give it for what it may be worth.
mat 8
1920.]
the chronicle
Last
Stocka—
Par.
Week's Range
of Prices.
Friday
for
Sale.
Week ending May 7.
Week.
Price.
Low.
High
Range
since
Other Oil
Shares.
Low.
High.
9%
Am
8%
44
Atlantic
Fruit.r
.
27%
Austin.Nich'lsACo.com (t)
Benford Auto Products.r.5
Brit-Amer
BritAmerTob
£1
Ordinary hearer
Carbon Steel
100
com. r...
Cities Service,
"ie%
93
-(t)
Colombia Synd.r__(no par)
-
Jan
30%
Mar
10
Apr
Apr
Guffey-Gillespie 011.r._(t)
Gum Cove Oil, new.r—.10
20
Feb
40
Jan
Harvey Crude Oil-.-
100
4%
31
4,700
3
3
200
%
4,900
800
6
1,100
81
%
3,200
5-16
6,000
t33%
%
7
May
16%
Jan
2,250
8
Feb
11%
Feb
Houston Oil
160
43
Apr
68
Apr
Hudson Oil.r
400
5
May
12%
Jan
Internat
3,000
15
Feb
18
Feb
Invincible Oil.r
Jan
Island Oil & Transport. 10
5%
5%
25
2%
1%
28%
2%
1%
28%
6
6
85
84
300
27% May
35
19
Feb
27
Jan
1% Mar
Feb
7%
100
Jan
xylS
3,900
16% May
3
Apr
King Petroleum Corp.r..l
Livingston Oil Corp.r—.1
9%
Jan
Lone Star Gas.ir
Jan
Magna Oil & Refining.
.1
4%
Jan
Manhattan Oil.r.(no par)
Merrltt Oil Corp.r
..10
"17"
14
8%
20%
20%
20%
16%
90
"38%
310
3
4,100
18
19%
66%
38%
39%
75 %
74
81
10%
10%
10%
5
Colombian Em'ld Synd new
"22"
300
3,400
100
66%
19H
6
4
2%
8
7
90
28
28%
142
May
2%
Feb
Mar
3%
24%
66% May
Feb
37%
44%
55
2,900
91
17
100
5,000
22,800
2,500
1,900
1,600
8,700
Apr
Apr
Apr
74
Feb
10% May
Jan
Jan
Mar
100
£1
34
38%
50
„
36
40
37
41
Metex Petrol Corp.r
4
4
3-16
1
1%
,
144"
1
1%
3%
May
25
Jan
North American Oil.r...5
20% May
149
20%
23
29
Jan
Ohio Fuel Oil.r
1
30
24
30
10
54
53
57
39
Mar
64
Apr
Oklahoma Nat Gas.r...25
35
33
35
41
41
41%
800
39
Feb
50
Jan
Oklahoma & Tex Petrol. .1
EmpireSteel&Iron com rlOO
33
33
40
250
32
Apr
53
Omar Oil & Gas........10
80
80
100
77
Apr
82
Apr
Apr
1%
4%
14%
40
44
2,500
35
Feb
54
Apr
1,100
4% May
63% Mav
Davis (Wm)
—(t)
_
...100
Preferred
Farrell (Wm) &Son com. r (t)
Garland Steamship
Gen
Asphalt, com.r—100
Gen Motors, old com. r. 100
"41"
5%
69%
4%
5%
73
63%
310
May
Phillips Petrol,
Apr
60
May
Producers & Ref.
21
Mar
34
Jan
1
Jan
2% May
Ryan
100
1
Apr
3
May
Salt Creek Producers.r_.25
Mar
33
Apr
1%
1%
2%
3
"24%
1%
2%
3
•
22
26%
1
14%
30%
9%
(no par)
5%
5
6%
33
36%
900
"lo"
10
10
200
Indian Packing Corp.r.(t)
10
10
10%
Intercontinental Itubb.100
11
10
11
.
2
2
4
Mar
1%
Jan
5,200
7,800
Hydraulic Steel, com.r-(t)
Imp Tob of G B & Ire.r_£l
r.
8
May
55
Mar
Mar
7%
Feb
43
Jan
Apr
17
Jan
10
May
20
Jan
525
2%
2,600
10
Feb
17
Jan
10,500
r
Texas
Co.r..—5
.1
"3%
38
1
2%
Apr
Stanton Oil, new.r
5
Apr
1%
3,600
Apr
Superior Oil Corp. (no par)
Texas Chief Oil.r...-.10
Texas Pac Coal & Oil.r. 10
17%
Apr
"82~~
78
78
100
72
Mar
Texas-Ranger Prod & R_.
Lincoln Mot Co cl A_r__50
46
46%
700
45
Mar
53
Locomobile
10
11
500
10
May
25
18
19%
1,100
17
Mar
39
Co.r.-l—(t)
Mercer Motors.r.(no
par)
NatFireproofing, com.r.50
92
Feb
Jan
Texon Oil & Land
Jan
Trinity Oil Corp.r
Jan
,
Tropical Oil Corp.r
7%
1,200
-50
16%
16
16%
1,800
100
40%
40
40%
900
Nor Am Pulp & Paper, (t)
Orpheum Circuit com.r.. 1
Packard Mot Car, com.r. 10
5%
30%
5%
5%
5,800
6,200
9-16
2,300
Apr
37
Jan
22
300
20
Mar
28
Mar
r
-
_.
Perfection T & R_r_.
2
10
.
Prlntz Biederman Co—25
Radio Corp of Am.r
2%
35%
Motor.r..(no par)
Republic Rubber-r(no par)
Rey ds(RJ)TobB new wi 25
B com, old.........loo
Rockaway Roll Mills.r (t)
Root&Vandervoot.com 100
Santa Cecilia Sug new—(t)
Singer Mfg. r
100
Submarine Boat
r
Sweets Co of Amer.
c„
(t)
5
Swift International_r.
-15
_
Preferred, r
.100
Union Carb & Carb.r._(t)
UntdPictureProdCorp
(f)
United Profit Sharing—25c
Un Retail St's Candy.r. (t)
U S Distributing com.r.50
U S HighSpeedSteel&Toolt
US Light & Heat, com.r.10
Steamship
10
U S Transport-r._10
Universal Paper Cup.r—10
Uzold
Tlre.r
Second
5%
5%
United Tex Petrol
Apr
Valverde Oil Prop.r
Jan
"14%
1
%
6
4%
5
1
.1
24
20%
39
"39%
"64%
1%
Jan
Alaska-Brit Col Metals.. 1
4%
Jan
Arizona
Silver.r
1
54%
Apr
Atlanta
Mines.r
....1
3c
2c
3c
Belcher-Divide, r
10c
7%e
6c
8c
10c
8c
7c
9c
6
Jan
45
May
Belcher Extension
530
May
Big Ledge Copper Co
11-16
...1
6c
4c
6c
45
Mar
Jan
Boston & Montana Dev..5
763
74c
91c
13%
Mar
54%
23%
Apr
Caledonia Mining.......1
Canada Copper Co Ltd..5
31c
30c
32c
—
130
225
124
May
150
Mar
460
13
440
Apr
735
Apr
Candalaria Silver.r
1
7-16
%
Feb
19
Mar
Carson Hill Gold.r
1
24%
24%
14%
42
36
3
1%
1%
.1%
15%
13%
15%
45
48
31%
30
31%
2%
35
14
Mar
27
Apr
200
88
Mar
May
"37c"
Mar
118
Apr
Apr
78
Jan
De Beers Cons Mines, Ltd.
Divide Extension
1
Apr
18%
3%
Jan
13
Feb
19
Jan
Eureka Croesus Min.r_.-1
55
Feb
Eureka Holly.r..
1
1%
2,830
27
Jan
1
10%
2%
10%
10%
40%
3%
Feb
Jan
Golden Gate Expior'n.r..5
4%
Jan
GoldfieldConsol'd r....10
Feb
12%
Jan
Goldfield
10c
2%
Apr
2%
Apr
Goldfield Merger.r...... 1
%
%
17%
19%
%
16%
Apr
Feb
4%
24%
Jan
Great Bend.r
Mar
26%
Jan
Hecla Mining
93
100
65
70
1%
600
93
10
5,500
18%
300
900
Jan
Forty-nine Mining_r
Gold
1
15,000
2
18
3,000
1%
24
Devel.r
2,100
20,500
1,700
1
20c
Jan
Jan
Howe Sound Co.,
10c
Butler.r
3
May
Kewanus. r
7c
Jumbo Extension.......
May
2%c
2c
3c
6c
6c
7c
Apr
3
Apr
Louisiana Consol
%
%
Apr
MacNamara Creseent.r—1
%
%
r
22
Apr
31
210
May
278
Jan
40
290
Feb
355
Mar
355
Jap
Mining,
Mason Valley
5
r
1-16
34%
38
17c
20c
2%
5
5%c
Motherlode.r
335
210
305
Feb
Mar
Mountain States Silv.r..l
388
417
595
377
Feb
480
Mar
Murray-Mog M Ltd
385
30
371
May
448
Mar
New Jersey Zinc.r
1
91o
75c
Allen Oil.r
___.l
Allied Oil.r
..1
.
2%
38c
""%
Arcadia Oil.r..
1
1%
3%
Apr
15-16
Jan
14,300
25c
May
1%
Jan
1
23,300
60c
Mar
1
Apr
22
20
23
Atlantic Gulf Oil Corp. 100
89
81%
90
Bigheart Prod & Ref
10%
Boone
10
6 313-16
Oil.r
Boston-Mexican Petrol.r.l
BoBton-Wyoming
Carlb Syndicate
OIl.r_.l
Circle
Oil.r
13-16
10
5
Cushing Petr Corp com r.5
27%
2%
2
2%
3%
3%
1%
1%
12%
12%
Engineers Petrol Co.r
1
Esmeralda Oil & Gas.r—1.
Fensland Oil
5
(no par)
Gilliland Oil com.r. (nopar)
Preferred.r
100
Glenrock Oil.r
10
3
3
5
1%
3-16
2%
8%
%
3
4,550
4,200
3,000
8,900
5,500
850
35
9
39%
89
1,300
1,800
3
7,200
2%
3,900
75c
285
10
9%
1,150
800
1
%
%
%
%
1
8c
Jan
6%
5% May
3-16
May
2%
Apr
5
Feb
32%
83
2%
Feb
May
Apr
10
120
3%
1
United Eastern Mining.. 1
r. 1
U S Continental Mines,
Jan
Victory Divide, r
10c
Washington Gold Quartz. 1
Apr
West End Consol'd
Jan
White Caps Extension. 10c
Jan
Jan
Mar
5
White Caps Mining
10c
1
Wllbert Mining
1 7-16
3%
9c
13c
1%
12c
5-16
1 7-16
2
9-16 1 11-16
1%
3%
8c
500
5-16
19-16
3%
10c
11c 15%c
1
1%
1%
1%
1%
2C
2c
2c
lie
10c
13c
7c
6c
8c
10
Jan
59c1
Apr
34
17%
Feb
3% May
Feb
%
Jan
48
Apr
1 15-16 Jan
13%
Mar
16
Mar
1 15-16 Jan
115-16 Apr
2h
Jan
Jan
2%
15c
Jan
"
15c
Feb
4c
Jan
Jan
40c
.
Mar
Mar
4%c
4%
Feb
20
4%
Feb
7-16
Feb
May
5*20 May
l%c Jan
27c
Jan
12c
Mar
4c
Jan
6c
15c
16c
Mar
%
%
16
1
Jan
Jan
May
30%
Apr
Jan
Jan
%
%
Feb
97c
Jan
39
Apr
32c
Jan
Mar
Apr
Apr
15c
2%
55c
65c
Jan
6c
Jan
91c
May
4%cMar
87c
May
74 c
Jan
273
Apr
9%
Feb
%
Apr
%
May
Jan
3%
Jan
78c
300
Apr
Jan
12%
1%
3,890
6%c Apr
Feb
1 3-16Jan
1% May
3-16
Jan
Jan
19
2%
Apr
Jan
%
3c
Jan
7c
Jan
35c
May
41c
Apr
l%c Feb
7c
Jan
1%
52,400
1 5-16
2,200
1 9-16
2,910
7,170
Apr
Jan
38
1-16 Mar
12
Jan
12c
May
Apr
May
1% May
3%
Jan
Jan
3%
4%
Jan
Jan
! 15-16
Jan
3%
4%
Jan
23,500
7c
Mar
11c
Apr
21,750
7c
Mar
29c
t Jan
97c
Jan
wrApr
1 7-16 Jan
2 7-16.' Jan
5,700
11,450
10,000
l%c Jan
19,400
7%c Jan
20c
17,000
4%o Apr
12c
Jan
3c
|'Apr
i
Mar
mm
m
Allied Pack
Apr
Amer Tel <fc Tel 6s.r.. 1922
Jan
Jan
Mar
Mar
6%
p
S
Bond*—
Jan
Jan
5%
May
3
52c
Feb
Mar
Jan
Mar
Jan
2
Tonopah Mining.r
3
Jan
Jan
Jan
6c
Jan
40
Mar
1%
Apr
May
May
Feb
20
30c
52,600
Mar
1%
%
1%
1 1-16
Jan
9%c
1%
1%
1-16 Apr
2c
7c
11,200
1 7-16
Jan
1
May
4c
Tonopah Belmont Dev.r.l
Tonopah Divide, r
42c
14c
3c
Tonopah Extension
Apr
78c
3c
Jan
29c
Jan
Apr
Sutherland Divide.r
28%
Apr
2% May
Apr
May
2%
Jan
53
91c
2c
5c
78c
1%
3%
May
Mar
60c
2c
32,800
1,000
3,200
7,200
19,100
%
15
11,050
15,900
5-16
Silver-Lead...
Mining
Jan
58c
%
14%
5c
Standard
7c
1,400
39c
Jan
May
5,500
4c
11%
1%
%
4%
10%
60%
Jan
4c
18,000
35c
3
Jan
49c
Jan
6%c 7%c
,5c
1%
39%
8%
1%
91c
76c
87o
36c
1% May
Feb
11%
3% May
7% Mar
Jan
1%
9,300
100
1,000
1
10%
27,700
14,200
1%
3c
....
Cons'd.r
1,000
16,100
3,300
15,400
Success
"
38c
Apr
9-16
16,800
9,000
Sunburst Cons Mines.r.. 1
Jan
1%
14
Silver Pick
14,700
Jan
Apr
Mar
2%
6%
May
11,000
10,700
72c
Silver King of Ariz new...
Silver King Divide, r
1
Silver Mt Mines
300
Apr
Apr
May
4c
3-10
2,500
6,570
39,800
275
•
Apr
Apr
7%
Jan
%
Feb
May
l%c Jan
6c
May
6%c Apr
11-16
8
13
3%
83
38%
2
Jan
25,900
90
7,400
3%
%
2%
8%
25%
Jan
Jan
Mar
8%
14,200
%
Apr
34,250
9-16 Feb
3,700
1
Jan
3,200
%
Apr
18,200
8c
May
28,400
6c
Mar
11,600
2c
Jan
26,900
15c
Apr
9,300
lc ' Apr
5,780 3 15-16 Jan
Apr
Apr
Jan
1
Mar
Apr
6,000
8
"T%
400
%
18
9%
*50
May
45
5%
1%
10
Federal Oil
7,600
3,400
80%
9%
Jan
2
May
8%
1%
4%
8
4%
Apr
55,500
11,400
22%
1
1%
13-16
Corp.r—1
5
7%
11-16
Del Tex Petrol
Duquesne Oil.r
Feb
2,000
Dominion Oil.r
Elk Basin Petrol.r
3
2%
18
""5%
20
48,100
27
1% May
1% May
3,400
1,700
6,600
10%
4%
27%
5
Continental Ref.r
Cosden & Co., com.r
7J100
9%
3%
1%
20
r new
Cent Am Petrol Corp r (t)
Central States Oil.r
1
Roper Group Mining
1
SenecaCopperCorp(no par)
Jan
1%
*2 %
34c
60c
9-16
33c
%
1%
Jan
Mar
7,500
5%c 6&8C
7-16
6%c
%
14%
Mar
10
Arkansas Nat Gas
16,200
1
2
Rex Consolidated Min___ 1
35c
39c
10
Mar
30,000
35c
25c
Amalgamated Royalty.r.l
Anna Bell
2%
8
Apr
5
Prince Cons
4%
1%
284
Nipissing Mines
Ophir Silver Mines.r
1,000
100
800
20,400
2%
60c
McKinley-Darragh-Sav ..1
371
Other Oil Stocks
7-16
37
19c
Magma Copper
20
6
18%c
5%c 7c
.......1
10c
...
25
300
6
16c
20
220
10
Jan
Apr
1,400
Apr
22
320
3%
Apr
290
330
Jan
4% May
250
27,600
•
19
5-16
May
210
417
25c
3%c
1
£1
100
19c
15
21%
100
(Calif).r. 100
6%c 8c
2c
2%c
%
17c
2
100
Standard Oil of N Y.r.100
1%
%
10c
3%
Blossom _r
MacNamara Mining, r—.1
2,450
1%
%
8c
18
Honduras Amer Synd.r(t)
85
*
23%
1%
1%
4 5-16 4 7-16
25c
100
Knox Divide,
10
1
1 5-16
——,
May
1% May
1% May
2%
2c
Zone Divide.r
93 May
65
Jim
3
21%
45c
2%
8%
2%c
400
2%
Jan
1
4%
Apr
Jan
%
20% May
20,000
2,500
36
34c
8c
2% May
310
3
"T%
18%
23,500
2,400
2%
.......
——
4%
58c
1%
%
9%c
Silver..
May
2,500
2%
2%
1%
1%
15%
3
1%
Apr
Emma
8c
56c
El Salvador Silver Mln.r.l
45
15,950
16,100
17,100
64,000
10,100
6,500
24,300
25
36
"Bsc"
1%
1%
Jan
1%
7-16
3
Consol Virginia Silver.r..5
Silver.r
1
60%
Apr
%
6%C
3
Cortez
1,100
2%
17
Jan
15
40%
1 1-16
8c
Cash Boy Consol
1
Consol Copper Mines..—5
15,500
13,000
33,000
"*2%
19%
59
Apr
900
2,900
Jan
1%
1,100
65%
2
6%
1% May
3,600
14%
14%
30%
40%
116
115
60%
12%
22,600
2
1%
7,700
Marsh
Ajax Oil, Class A.r
3-16
%
5
124
Subsidiaries
Oil.r
1%
Jan
Feb
Booth.r
Former Standard Oil
Standard Oil
29,100
3,000
15,000
17,200
1%
Feb
Feb
%
800
Apr
46
Shell Transp & Trading.r.
Vacuum
4%
4%
Jan
1%
Apr
Apr
1%
8,000
9,900
2,100
9,000
1 9-16
11-16 %
4%
13%
2%
New Jersey Zinc.r
r
27
Mar
6
200
Mar
Phillips Petroleum.r._
Prairie Pipe Line,
South Penn Oil.r
1%
Jan
47%
115
23%
1%
9%
15
7,000
6
1%
4%
"1%
6
2
2%
1%
Anglo-Amer Oil.r—
800
Feb
Par.
Rights.
19%
1
%
%
Mar
20
Feb
15-16
Jan
Mining Stocks—
Iron
General Motors, r
18%
May
12%
Jan
2% May
11%
3,600
440
13')
preferred.r—lOO
American Woolen.r
%
%
42
1,200
725
%
510
19%
7-16
Jan
22% Mar
Jan
%
3% May
Mar
75
17%
17
Jan
1%
.
Apr
May
May
3,200
100
Feb
%
Jan
13%
Apr
9
70
45
45
17 %
Jan
Feb
%
73%
Jan
4,900
(t)
WhiteOil Corp.r..(no par)
Woodburn Oil Corp.r..(t)
5-16
8,700
%
1
.r
Victorlal Oil.r—. ——10
16,400
6,800
Jan
3
4%
56
May
86
2%
200
%
2%
36
70
530
10%
Mar
19
2
3%
Jan
1%
Mar
35% May
3
10%
800
6,000
45,100
Jan
89%
Feb
500
1%
Apr
Apr
Apr
Mar
1,800
%
18%
3
Apr
18
1
Jan
Jan
%
5,500
3%
Jan
9%
#30%
7%
22
42
..5
I V Vivadou, Inc.r (no par)
Willys Corp com r (no par)
Willys Corp, 1st pref.r.100
6%
Apr
Mar
2%
Apr
May
45
r
U S
Feb
May
30
3,750
10%
Thlinket Pkg Corp.r-.-(t)
TimesSquare Auto Sup r(t)
46
%
510
"43%
10
r
4,700
5,059
3%
20%
1%
Apr
35% May
2,900
45
10
Mar
May
2
100
2%
2
2%
41
May
7
13%
40
5,700
1,600
35%
2%
3%
(no par)
t
v
41
2%
35%
2%
2%
(t)
Preferred. r.5
Ranier
2%
2%
10
Pressmen Tire & Rub r_
Stutz Motor Car
7
7%
Jan
90
26
May
Apr
May
17
1
Whelan Oil.r
22
r-———-
Apr
17
....1
Vulcan Oil.r
30%
4%
28%
Jan
28%
Preferred.
National Ice & Coal.
Mar
7%
2
1
1%
Mar
1%
5
2%
18%
Apr
35
1,800
9-16
Jan
42%
May
75
17
Jan
1 5-16 Apr
Jan
5%
1%
7,500
20,715
"20%
Jan
%
May
Apr
4% May
14% May
24
200
39
Apr
180
Mar
33
75%
9,200
7,300
2,700
Mar
1 1-16 Apr
3
Feb
600
34
8%
%
%
4
Mar
5
May
%
15
30%
7%
%
%
3%
Jan
4%
4%
1%
2,400
6
Jan
Jan
140
16,500
4%
Jan
2%
22%
2%
700
7,000
4,500
6,700
1,800
2,575
11,150
20%
10
32
1%
41
Feb
3%
May
3% Apr
900
Jan
1%
Apr
%
Feb
Lig-Mar Coal Mining.r-.l
Lima Locom. com.r—-100
Jan
7
14
20%
10%
Spencer Petrol Corp
Stanton Oil.r.
-
12,600
5,600
4,000
%
19
Feb
8
4%
Jan
9
18%
10%
10%
13
1%
Mar
Apr
Apr
Mar
19%
—
200
"28"
47
4
Slmms Petroleum r(no par)
Skelly Oil Co.r
.10
South States Cons Corp r 1
4,200
10
Jan
Feb
27
Feb
7-16
16
r
Jan
77
38
%
30%
10
Libby, McNeil&Libby.
Apr
1%
Feb
7-16
16
1
Keystone Solether.r
8
151
Jan
Mar
Apr
1
Sequoyah Oil & Ref
26%
1%
Kay County Gas.r
1%
Mar
36
1
J
%
Petroleum.r
Apr
Apr
Apr
Apr
Apr
Apr
Feb
3
1
1%
5
Red Rock Oil & Gas.r
Rickard
9-16
300
33
..10
300
2%
Heyden Chem.
com.r.(t)
700
300
310
39%
2
2
16,000
2,700
3,400
Grape Ola Prod Corp com 1
Preferred
—1
(no par)
10
60
Havana Tobacco, com rlOO
r.
Penn Gasoline, new
26
"24%
Hercules Paper,
Jan
Feb
Jan
14%
10
21
300
(no par)
r
130
26%
1%
75
Pennok Oil.r
60
301
Godschaux Sug, com.r. (t)
Goldwyn Picture
36,500
5% May
Panhandle Pr&Ref comr(t)
Preferred ,r
100
1%
4%
16
700
%
3-16
1% 13-16
3%
3%
Co, Inc.r.(»)
Conley Tin Foil
Cuban-Am Sug new w i.
High.
Jan
30
1%
140
6
14,600
7,800
7,600
16,500
1,740
3,500
8
18%
3%
4%
3%
50
Noble Oil & Gas
2%
1%
30
4%
3%
Metropolitan Petroleum.25
Mexico Oil Corp
10
Midwest Refining.r
Midwest-Texas Oil.r
5%
7
5
10% May
5
90
5-16
1
Petrol.r
Low.
29
%
com.r
Range since Jan. 1.
8,700
3
Hercules Petroleum.r
for
Shares.
12
400
2%
pref_r__100
Cities Serv Bankers shs r(t)
Cleve Auto Co new...
1%
7
High.
9%
28%
Car Ltg & Power.r..,*.-25
Case (J I) Plow WTks.r_(t)
10,640
6,600
1,400
11%
23
2%
£1
ord
Low.
27%
21%
8%
10
Chem.r
7
5
15
(no par)
-
_
r.
Price.
Par
8%
46%
7%
16%
8%
44
Writing Paper, com 100
Armour Leather com.
Stocks (Concluded)
Week.
of Prices.
15%
par)
100
23%
7
Amalg Tire Stores.r___(*)
Chicle.r
9%
22
Aluminum Mfrs.r.(no par)
Am Candy Co.com (no
3
2%
8%
1
Coal.r
Sales
Week's Range
Sale.
Grenada Oil Corp cl A.r.l.
Aetna Explosives.r(no par)
American
Last 1
1.
Jan.
Industrial & Mlscell.
Acme
1963
Sales
Friday
conv
deb6s'r 39
notes.r
Anaconda Cop M 6s
69
69
94%
94%
93%
1924
r
89
'29
Anglo-Amer Oil 7%s.r.'25
100%
100
71% 135,000
53,000
95%
93%
8,000
69
May
89%
Jan
94
Feb
97%
Jan
93%
May
10,000
89
May
96% 1 Jan
Jan
98%
70,000
99%
Mar
100% 'Mar
91
100%
[Vol. 110
THETCHRONICLE
1964
Friday
Week's Range
Price.
(Concluded.)-
Bonds
for
Week.
96%
1929
90
97
97
100
Goodrich (BF) Co
95%
95%
Interboro R T 7b.r
70%
69
Kennecott Cop
92
91%
7s. 1925
1921
7s_r__1930
Nor! «fc West RR 6s r w 1
SlnclalrConOll 7%s r w 1*25
Southwest Bell Telep 7b '25
Swedi8hGovt 6s Junel5 '39
Switzerland Govt 5%s 1929
Texas Co 7% notes.r 1923
Western Elec conv 7s. r '25
♦
Odd
t No
lots,
98%
"98"
97%
96%
? 96%
*
84
85
98%
99
Apr
Feb
76
91%
98%
May
May
Apr
97%
97%
82
Apr
May
84
Apr
93
98%
Apr
99%
99%
Mar
98
i Listed as a prospect.
Exchange this week, where additional transactions will be
r Unlisted.
wWhen issued,
x Ex-dlvldend.
v Ex-rights.
97
120
Surety.
92
97
Bond A M G.
210
220
Bond..
Surety..
195
200
City Investing
Preferred..
60
70
75
86
138
Nat
Title
Y
N
prices are "and
All bond
Jan
Apr
Ex-stock dividend.
Anglo-American Oil new. £1
Atlantic Refining
100
223* 23%
1120
475
60
•91
93
130
appointed trustee
under the Department of Antioquia, Republic of Colombia, trust and
Financial Agency Agreement dated April 26 1920, securing an authorized
issue of $10,000,000 7% External Secured Gold bonds, $3,500,000 of which
are to be known as "Series A" and are to be dated July 1 1920 and become
Co. of New York has been
1935.
York has been appointed transfer
Trust Co. of New
of the Chadwick-Hoskins Co.; of the capital stock of the
Chontales Mines, Ltd.; registrar of the capital stock of the Brooks Steam¬
agent of stock
stock of the Creole Syndicate Corp.; also as registrar
of the Capital stock of the Consolidated Oil Fields Corp.
ship Corp., and of the
and transfer agent
—The Guaranty
been appointed transfer
Trust Co. of New York has
stock of the Appalachian Power Co.
The
already acts as transfer agent for the Common and
agent of 1st Pref.
Trust Co.
Guaranty
Preferred
7 00
8 (X)
7.00
140
100
Galena-Signal OH com... 100
Preferred old-.100
110
120
63
65
98
102
Prairie Pipe Lint
Newburger, Henderson & Loeb, members of the New York
Stock Exchange, have just issued the fourth addition of their compilation
entitled "Tracing Industrial Corporation Profits" and copies are available
request.
Pforzhelmer & Co., dealers in
—Carl H.
years
Standard Oil securities, have
circular giving a record of the market action over a period of
of stocks of Standard Oil companies which have declared stock
prepared
a
distributions.
that they have the privilege of being
with thirty-eight well-known firms having
See advertising pages, this issue.
private wires
by
offices in vaiious cities.
Erie
'
—Canada Bond Corporation, Ltd., of
B.
O'Hara.
Toronto and London, is opening
this city, under the management of
New York office at 52 Broadway,
S.
.
—Field, Richards & Co. have moved
to 52 Broadway,
6s
their offices from 100 Broadway
the removal of his offices from 52 to
—Morgan Van Woert announces
Equipment 4%s
7.25
6.50
.100
Louisville A Nashville 6a..
7.0)
6.10
Southern Pipe Line Co. .100
127
132
Michigan Central 5a......
7.25
6.50
100
Southwest Pa Pipe Llnee.100
Standard Oil (Calif ornta).10f
Standard Oil (Indiana). .100
Standard Oil (Kansas).-.100
Standard Oli (Kentucky) 100
Btandard OH (Nebraska). 100
Standard 011 of New Jer.100
Preferred
100
Standard 011 of New Y'k .100
Standard OH (Ohio)
100
290
300
Equipment 6s
...
Minn StPASSM 4%a__.
Solar Refining
South Penn Oil—
65
330
680
700
Missouri Kansas A Texaa CB
570
590
Missouri Pacific 6s
390
400
Mobile A Ohio 5s
480
500
700
6 50
7.75
6.75
450
490
Norfolk A Western 4%e
7.00
6.10
7.00
6.00
104
90
98
Pennsylvania RR 4%s
7.00
6.00
109
114
Equipment 4s
Reading Co 4%s
7.10
6.25
100
St Louis Iron Mt A Sou 5b.
8 00
7.12
375
385
St Louis A San Francisco
..100
10
7.00
7.90
7 00
7.90
7.00
Southern Pacific Co 4%*,,
7 00
6.25
Southern Railway 4%a
35
*30
8 CO
7.50
6.75
Seaboard Air Line 6s
65
168
84
114
400
*70
205
94
100
Baboock A Wilcox.
100
Bllse (E W) Co oonimon. 60
Preferred
60
Canada Fdys A Forglngs.100
Carbon Steel common...100
118
80
100
75
220
101
106
Pieferred
95
126
100
81
86
Machine A Fdry._10(
130
140
British-Amer Tobao ord..£)
*16
1st
Preferred
76
Amer
.........
*35
425
10*
Iron
Banks and Trust Companies
All
Aek
I
prices dollars per share.
Bid
Banka
(220
230
Industrial*
Amer Excb...
280
290
215
Battery Park.
200
210
..
American
268
Bunkers Trust
360
370
Liberty
210
260
390
400
Central Union
390
395
280
290
Columbia....
340
346
J/232
238
Commercial..
145
320
Empire
300
Lincoln
425
Broadway Cen
Bronx Boro*.
146
165
Manhattan •.
106
126
Mech A
Bronx Nat...
160
160
Met. J/315
490
Mutual*
Park*
145
156
Nat American
150
Butch A Drov
37
42
New
Neth*..
195
iNew York Co
145
York...
460
<
■
220
..
Ohase
430
440
Ohat A Phen.
285
293
Pacific •
22
24
Johnson Tin Foil A Mct-iOli
108
115
MacAndrews A Forbes..
10C
158
166
Conl?y Fc'l (new)
135
145
Park
720
iNew
Chemical
605
620
jProd Excb*..
305
315
;Publlo
360
City
391
397
Coal A Iron..
250
;Second
Colonial *
350
State*
Columbia*.,.
180
200
|23d Ward*..,
'
Corrun'l
425
Ex*.
■>'
m
•
»
Union Exch..
200
160
18ft
United States*
Common
wealth*.
200
210
.
Continental*.
120
Corn Exch*..
435
220
3 50
York/file *.__
350
356
IOC
82
86
600
625
490
510
Preferred....
It. 4
138
175
Mercantile Tr
300
Metropolitan.
375*
27j
143
105
chester)
12o
Preferred
740
! Title Gu A Tr
370
380
U 8 Mtg A Tr
410
42!)
Puget 8d Pow & Light .100
830
850
460
"
United
375
States
Brooklyn
Brooklyn
Coney Island*
140
155
Brooklyn
500
515
First
2(15
216
Hamilton...
262
272
Tr.
Europe
110
130
Qreenpolnt...
150
165
Kings County
650
700
Fifth Avenue*
925
950
Hillside*
110
120
Manufacturers
205
210
Homestead*..
80
People's
Fifth
163
17<
First
930
960
Mechanics'*..
88
Oar field
240
Montauk •
95
105
190
195
1/270
92
234
810
)65
Harrhuan
Imp A Trad..
*
45
6% notee 1922.
94
Amer
..AAO
Tobacco 7s 1920.M&N
71
7%
46
7% notes 1922
90
7% notes 1923
this
205
215
196
205
People's
145
160
116
with
a
Calif Edison
Preferred
Standard Gas A El
jaj
w
Beth St 7s July
15'22. J&J 15
97i4| 98
95V1 96
Del A Hudson 6s 1920..FAA
99 V
9912
9212
95
57
Federal Sug Rfg 6s 1924M&N
70
General Elec 6s 1920.
8
Great Nortn 6a
35
K C Term Ry 4%*
359
6
44
*25 AAO
Goodrich (BF)Co7s
20
6s Nov 16
/
.J&J
1920...MAt
r
t Sale at auction or at Stock Ex¬
Ex-dlvldend.
y Ex-rights
•Per
f Flat
r.
92
92
95
i
86
68
Laclede Gas 7s Jan
12
Liggett AM yers'fob6B'21 J tti
Penn Co 4%s
1921..JAD li
Pub 8er Corn NJ 7s '22.MA)
96
90
9612
98
21
1929FAA
97
| 9612
85% 86%
953s 9584
46
Reyn (RJ) Tob 6s '22.F&A
90
•Hloss-Bhef 8 A 1 OH "29.* A A
89
9
iSouthern Ry 6b 1922... MAS
SwlftACo 6s 1921
FAA li
9184
47
...
ri
97
91
92V
.
97V
i
9834
87
987»
98V
12V JFtab flee Corp ** 22 MAS If.
85
46
48
98V
70
*8
73)2
35
40
40
80
62
63
78
83
81
i
100
85
18
20
|> orden Company com ..100
107
Texas Co 7s 1923
West Elec conv 7a 1925. AAO
lnOuattiai
11
•ad Miscellaneous
67
210
42
i
100
68
i
100
140
143
j Amer Typefounders oom.100
40
jI 45
Oft
A inerlcan Chicle oom
j
Preferred
American Hardwar*
■
Preferred
...
100
Co.... 100
3
i
6
5
!
,50
I
10
58
^Havana
84
j
Preferred
100
I
1st g 5b June 1
18
U2
5
Preferred
Tobbcco
..100
1922.
J-D
94
165
10
11
100
63
| 65
A-O
International Silver pref. 100
70
!
International Salt
1st gold 56 1951
Lehigh Valley Coal Sales.
63
Royal Baking Pow oom..
17
pays
v
accrued
Ex-riehta
60
100
*95
I
12
7
97
*89
91
120
135
100
Preferred
Singer Manufacturing
d Purchaser also
Fx-dlvtdend
1
Tnteroontlnen RuDb corn. 100
25
63
109
16'.
j Celluloid Company
33
75
91
50
12
3i2
22
60
15
60
47
100
14
*37
216
.100
100
American Brass
47
67
..MAS
45
r
96
I
75
10)2'
1 K>|
82
..100)
98
(Del). OC *16
Nominal
99 %
fb-34
1923..MAN if
80
com..
ft Baals,
share
nrlf>e
9978 10012
9534'! 9634
1921-JAJ
Singer Mfg Ltd
(*) are State banks,
99U 100
I 9012
89
lOOVlOOV
9734 9812
85
100"
50
100
Preferred
100
Onlted Lt A Rysoom
100
1st preferred
100
Western Power common.100
Preferred
100
99i2100%
7% notes July 15 '23J&J15
16
Preferred
9312
Canadian Pac t>« 192*.Mas 7
50
Tennessee Ry L A P corn
94
9412 947s
997s 100%
99V 100
39
Texas Pac Coal A OH..
t New stock,
copMin
92
153
565
week,
MAN
M&N
M&N
notes 1921
Cent
93
1924. FAA
Amer Tel A Tel 6s
465
<8-»
6.50
Banks marked
change
820
Nassau
North Side*..
South
95
OH 6s 1V24..MAS J
100
Preferred
125
133
88
Am Cot
58
__.10<
Preferred
Republic Ry A Light
190
Hanover
10f"
North'n States Pow uom.100
620
18ft
,
1951...JAJ
(t)
Northern Ohio Elec Corp.
720
112
...
1946.J&J
Mississippi Rlv Pow com. 100
Preferred
100
CIO
A
440
Greenwich *.. 1/270
100
Preferred
Trust...
"i
160
Gotham
Federal Light A Traction 100
Preferred
Life Ins
U-3
125
100
.
Short Term Securities—ler
...
N Y Trust...
-..-1
190
Y
East River.
.
*37
150
83
52
65
3
Preferred
100
10
Carolina PowALlgbt com 100
30
Cities Service Co com... 100 354
Preferred......
100
67
Colorado Power com... 100
9
Preferred
100
92
Oom'w'tb Pow Ry A Lt.. 100
19
Preferred
l(Xr
44
Elec Bond A Share pref.. 100
85
50
100
Preferred
100
Amer Power A Lt oom..
100
Preferred
100
Amer Public Utilities oonvlOO
..100
north Texas Eleo Co com 100
Preferred
10ft
Pacific Gas A Eleclst pref 100
N
....
Cuba (Bk of).
Ooemop'tan*.
6i *113
...
Preferred
Mutual (West¬
2*12"
99
10C
Young (J S) Co
iftO
.......
First Mtge 5b
280
10C
Preferred
110
Anglo-Amer Oil 7123 '25 AAO
Amer Lt A Trao com
Great Weat Pow 6&
IH'I
Tr
Truat
Law Tit A
Lincoln
185
H'ts*..
Wash
265
Hudson
740"
450
.
232
255
..
Guaranty Tr.
690
ITradesmen's*
22J
210
...
Seaboard
40 J
222
Fulton
375
Oltlsens
305
390
Fidelity
475"
295
Farm LATr.
no pir
Reynolds (R J) Tobaooo.lOG
B oommon stock
10C
45
83
230
....
Equitable Tr.
205'
135
OhelseaExcb*
Commerce
Alt
N
-
Bowery*
Cent Mere
Bid
York
New
Irving Nat of
Atlantlo.....
Trust Go's
Aek
Gas A Eleo com
300
84
80
...
Preferred
17
275
83
330
9u
69
42
100
preferred
preferred
17
*16
KM;
210
50
100
130
bearer.. £1
Brit-Am Tobac.
430
Phelps-Dodge Corp
100
Bcovlll Manufacturing... 100
Set
Bid.
Par
35
100
Hercules Powder com... 100
Preferred
100
Nllee-Bementl-Pond com 100
Preferred
100
Empire Steel A Iron ocm.
are.
Sh
Stock*— Per
Tobacco
American Cigar oommon.lCC
Conley Foil..
320
80
79
.
7.00
100
58
100
100
10C1
A Co common
Eastern Steel
6 76
7.60
215
*53
26
7.50
450
105
de Nemours
6 75
7-50
Virginian Ry 6s
Fire Arms
Mfg...
Amer
Bryant
...
Equipment 5s
Toledo A Ohio Central 4a..
86
100
72
.100
..100
preferred
preferred
76
178
Public Utilities
»>•
6a
...
100
Powder common... 100
(JuPont (E I)
6.50
7.37
Equipment 4%s._
Anaconda
4 m erica •
7.37
Equipment 4%e
Stocks—Per Share.
PateDt
7 00
N Y Ontario A Weet 4%e._
Preferred
1st
7 00
7.70
420
Explosives pref
Colt's
7.00
7.70
98
Co
Washington OH.
Atlas
7.00
8 00
415
100
100
Vacuum OH
Ordnance
6.75
8 00
...
New York Central Lines 6«_.
104V 105
Preferred.....
Aetna
6.75
7.50
Equipment 53 and 7s
680
6.50
7.50
325
...
Union Tank Car
7.25
70
102
Preferred
Swan A Finch
2nd
New York City
6.00
Kanawha A Michigan 4Ha.
Preferred.
Bid
7.00
405
Woodward
■auk*—N Y
7.00, 6.00
210
Winchester Co com..
60 Broadway, this city.
7.00
7.60
...
385
Thomas Iron.
this city.
7.00
00; 7.00
7.60; 7 00
-
Equipment 6s
Illinois Centra] 5s
600
7 .10
7 00
8
Equipment 4%s
Hocking Valley 4%*
52
00i
8.00
8 00
30
98
7 .10
8
Equipment 5e
Colorado A Southern fli...
327
6 50
6.00
8 00:
205
Debenture stook
specializing in banking and export adver¬
tising, have moved from 25 Pine St., this city, to more commodious quarters
on the twelfth floor of the Broad Exchange Building, 25 Broad St.
—Medley Scovil, Inc., agents
a
7 50
-
37
163
7.25
7.50
7 501 6.50
7.00
Chicago R IA Pac 4%l—.
93
7.25
8.50
Chicago A N W 4%B
99
7.00
8.25
Equipment 6s
Chicago A Eastern 111 fl%*_
Chic Ind A LouIbv 4%i
Chic St Louie A N O 5s
170
7.00
8.25
Chicago A Alton 4%i
32
.100
2d
—Hornblower & Weeks announce
connected
7.62
7.62
Equipment 5s
165
stock of this company.
upon
7.75 7.00
Equipment 4%s
—Messrs.
6.25
7.60
Ohio 6*.
Central of Georgia 4%i
Chesapeake A Ohio..
105
partners. '
6.25
6.25
7.00
4%s
Equipment 4s
Caro Clinchfleld A
235
95
-.100
Illinois Pipe Una
100 165
Indiana Pipe Line Co
60 "90
*36
International Petroleum. £1
National Transit Co
12.50 *28
157
New York Transit Co—100
94
Northern Pipe Line Co. 100
Ohio 011 Co
26 *323
*47
Penn-Mex Fuel Co
26
Prairie Oil A Oaa
100 585
7.00
7.00
Buff RochA Pittsburgh
Canadian Paclflo 4%s A 6s_
225
Preferred new
7 00
8.00
Baltimore A Ohio 4%s
107
450
Co
Basis.
Equipment*—PerCt
Equipment 6s
105
100
...
preferred new........100 102
Continental OH
100 fl 5
*30
Crescent Pipe Lice Co... 60
NOTICES
RR.
1200.,
..100
preferred
Borae-Scrymser
Eureka Pipe Line Co
—The Guaranty
*'f.'
Interest" except where marked
Per Share
Par Bid. I Ask.
Standard Oil Stocks
these columns March 20,
the firm of Ware & Leland, of New York and Chicago, dissolved on May 1.
being succeeded in New York by H. Herbert Ware, Sefton Tranter and
J. Herbert Ware Jr., under the firm name of Ware & Tranter, members
of New York Stock Exchange, New York Coffee and Sugar Exchange,
Chicago Stock Exchange and Chicago Board of Trade.
In Chicago the
business of Ware & Leland has been taken over by E. F. Leland & Co.,
members of New York Stock Exchange, New York Cotton Exchange,
Chicago Stock Exchange and Chicago Board of Trade, with Edward F,
Leland, John H. Weinand, Edward J. Schaack, Harry B. Signor as co¬
due July 1
170
Securities
Quotations for Sundry
Jan
the announcement made in
Guaranty Trust
82
150
Weet A Bronx
Title AM O
Cumberland Pipe Line... 100
—The
160
75
Assoc
Realty
A
Mortgage..
Cbeeebrougb Mfg new... 100
—In accordance with
150
144
Amer
Buokeye Pipe Line Co—
CURRENjT
Ask
112
I
[_ (Brooklyn).
Mar
* Correction.
t Dollars per 1,000 lire, flat.
Bid
130
Mtge
Apr
I Listed on the Stock
found, o New stock,
z
Lawyers Mtge
78
Jan
98%
98% May
98
Apr
9,000
96
86
73
IU S Casualty.
Ask
82
106
IUS Title Guar
Bid
Alliance R'lty
Jan
62
98%'
Jan
Apr
103%
100% May
Apr
93%
98% 120,000
95,000
98%
98%
May
'May
89
Apr
97
Jan
dollars per share.
prices
Alt
Bid
Feb
12,000
84%
98%
82
100
AH
99%
Apr
Realty and Surety Companies
New York City
97
May
83
7,000
66,000
97%
100% 105,000
96
127,000
73
53,000
75,000
92%
10,000
98%
98
990,000
97% 40,000
82
value,
par
89%
97
82%
82 %
100%
Del A Hud Co 7s r w
13,000
•
1.
High.
Low.
4,000
89%
7a.r. 1923
i
C C C & St L Ry 6s r
High.
Low.
Belgian Govt Ext 6b.r 1925
External 6s.r
1921
Cons Textile deb
Range Since Jan.
Sales
of Prices.
Last
Sale.
dividend
84
86
100
£1
127
129
<2
3
10
♦75
80
e
New stock.
MAY 8
THE CHRONICLE
1920.]
1965
lymzslmmt ami ^Uitacul |utjcll%0£iijcje.
RAILROAD
GROSS
EARNINGS
The following table shows the gross earnings of various STEAM roads from whioh regular weekly or monthly returns
can be obtained.
The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electrir railways
brought together separately
are
on a
subsequent
Latest Gross Earnings.
ROADS.
Week
or
Month.
Alabama & Vicks.
_
-
March
page.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
233,939
215,778
778,300
663,958
Ann
Arbor
68.410
3d wk Apr
1,474,714
1,181,430
52,631
Atch Topeka & S Fe March
16075181 12494210 53,043,814 38,091,433
Gulf Colo & S Fe_ March
6,623,579
4,263,237
2,101,388 1,404,707
Panhandle & S Fe March
651,809
372,125
1.956,148
1,141,636
Atlanta Birm & Atl. March
373,204
454,200
1,418,104
1,113,158
Atlanta & West Pt.
February
439.653
Atlantic City
February
Atlantic Coast Line- March
511,459
16,648,457
24,561.103
351,247
1,349,734
475,688
217,637
524,71
247,190
215,919
485,488
224,618
5,959,248 5,801,391 19,338.193
Baltimore & Ohio.. February
13989717 11228986 31,333.385
B & O Chic Term. March
120,485
646,864
238,526
460,175
Bangor & Aroostook March
498,250
1,451,593
Belt By of Chicago. February
219,449
790,551
370.765
March
662,122
Bessemer & L Erie.
606,573
1,877,056
81,592
137,205
440,300
Bingham & Garfield March
54,218
48,668
121,650
Birmingham South. March
Boston & Maine
February
4.470.284 4,402,978 11,248,56(1
63,439
295,073
Bklyn E D Terminal March
124,785
Buff Roch & Pittsb. 4th wk Apr
273,130 6,194,776
637,756
Buffalo & Susq
164,286
431,53',
February
205.038
Canadian Nat Rys. 4th wk Apr 2,478,641 2,321,065 29,482,425
4th wk Apr 4,710,000 3,954,000 57,952,000
Canadian Pacific
Can Pac Lines in Me March
326,875
915,353
343,515
Caro Clinch & Ohio February
420,168
440.029
1,056,815
_
""
~
Central of Georgia.
March
Central RRofNJ..1 February
-
Cent New
England. March
March
Central Vermont
Charles & W Caro._'March
Ches & Ohio Lines.
_
March
March
Chicago & Alton
February
March
Chicago & East 111.
Chicago Great West March
Chic Burl & Quinoy.
_
Chic Ind & Louisv..
(February
1.950.503
355,146
169,094
9,908.463
197.654
4,813,930
357,097
27,149,550
48,550,000
963,203
908,065
2,073.346 1,738,687! 6,465,314
4,943,494
6,838,254
3,166.086 3,002.613
6,614,686
433.888
1.285,484
1,412,758
444,328
397,772
1.446,445
1,196,574
531,001
763,448
268,433
842,588
256,345
6,200,032 5,271,819 18,856,924 16,099,938
5,755,577
2,197.264 1.899,166 6,787,146
13216614 10479346 29.786.962 22.126.426
2,311,007 1,806,854
1,638,789 1,579,748
859.079
1.028.604
Junction._|March
293.684
ChicMilw & St PauliMarch
13114063
Chic & Nort h West
February
11180934
Chic Peoria & St L_ February
Chic R I & Pacific.
February
208.128
Chicago
7,301,144
5,626,610
4,844,428
2,341,42
1,724,413
257.250
823,685
931,055
11075757 39,242.808 32,182,224
9.063.485 24.273 990 18,859.326
410.082
239,012
113.706
5,818,118
9,738,194 7.503,340 22.082.761 15,506,298
354.327
535.914
1,196,986
725,657
2.511.365 1,853,156
5,421,789
4,168,003
639,330
869,164
432,003
291,940
Cine Ind & Western March
1,074,558
220,452
660,093
378.556
Cin N O & Tex Pac. March
1,470,821 .1330,638 4,748,478 4,136,656
3d wk Apr
Colo & Southern
443,755 8,413,740
7,142,699
441,648
Ft W & Den City. February
844,759
2,043,846
942,808
1,618.545
Trin & Brazos Val March
9,a,411
487,996
174,174
309,765
March
Colo & Wyoming
93,939
187,549
290.625
78,358
Cuba Railroad
2,218,279 2.331.745
February
1,060,178 1,165,474
Delaware & Hudson February
5,200.331
2.428.366 2.273.580
4,937,534
.
Chic R 1 & Gulf.. February
Chic St P M & Om.
February
Chic Terre H & S E. February
March
Del Lack & West
5.082,370 5.275,651
Rio Grande February
Detroit & Mackinac March
2,933.714 2.103.299
139,267
172.129
136,798
169,195
268,145
408,537
Det & Tol Shore L.
February
160.707
116.751
March
Dul & Iron Range.
151,206
127,024
Dul Missabe & Nor. M arch
212,618
207,470
Dul Sou Shore & Atl 3d wk Apr
75,399
74,813
Duluth Winn & Pac March
203,597
200,184
East St Louis Conn. February
93,522
152,638
1,838.432 1,847.007
Elgin Joliet & East. February
Denv &
Denver & Salt Lake March
Detroit Tol & front. March
_
_
El
So West. March
Paso &
March
Erie Railroad
1,003,102 1,036,794
8,500,416 6,439,133
Chicago & Erie.. M arch
887,603]
807,993
Y__ March
105,6541
1,315,133
80,757
990,131
80,378
New Jer & N
Florida East Coast- March
Fonda Johns & Glov February
96.754!
Ft Smith & Western March
March
146,298]
102,310!
February
Georgia Railr< ad
Georgia & Florida.. February
519,693
Galveston Wharf
Grd Trk L in New E
Grand Trunk Syst.
Ch D & COT Jet.
.
March
Great North System March
Green Bay & West- February
Gulf Mobile & Nor. March
Gulf & Ship Island. March
Hocking
Illinois
March
Valley
Central.... February
Internat & Grt Nor. March
Kan City Mex & Or March
K C Mex & O of Tex March
City South. March
Kansas
Texark & Ft 8m
February
February
Kansas City Term
Lake ShoreTerminal March
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley..
Los Ang & Salt Lake
March
March
March
March
Louisiana & Arkan. March
Louisville & Nashv. March
Louisv Hend & St L March
March
Maine Central
205.274
173,883
454,658
274,364
347,702
194,925
1,004,297
1,008,740
155,468
657.763
122,243
57,001
463,249
150,075
274,080
117,292
300,855]
209,523
Missouri Kan & Tex March
Tex February
622,297
"
"463",500
463 ,586
982,150
3.879,829
778,163
2.964.504
1,466,656 1,0/3,047
7,713,118 7,411,951 25,117,871 22,496,186
90,488
209,112
211,737
93,457
198.480
886,414
573,642
303,064
539.211
692,000
195,246
226,896
500,190 3,312,719
1,451,010
1,117,081
11093 800 7,925,216 23,349,692 16,429,173
1,261,695;!,033,187 4,306,792 3,168,330
92.947
401,102
226,418
108,673
455.984
94,933
237,722
126,816
1.351,856 1,112,776 4,389,234 3,510,732
308,580
209,083
110,975
150.808
244.715
204,746
97,076
117,896
97,892
288,613
285,868
101,382
494,647
578,219
184,451
158,548
995.937
181.601
399.800
651.551
5,613,832 4,279.673 15,605,287 13,443,799
4,654,826 4,036,976
1,640,202 1,431,075
515,860
1,072,207
170,038
378,348
9,275.447 8,794,551 29,656,678 25,005,561
747,330
686,183
227,727
249,263
1,340,452 1,338,677 3,969,179 4,026,800
'
18.550
3d wk Apr
Mineral Range
13,66^
1,204,628 1,011.632
Minneap & St Louls March
Minn St P & S 8 M
February
3,481,254 2.790,644
91,713
91,070
Mississippi Central. March
Mo K & T Ry of
16,511,301 16,330,156
6,354,556 4,671,764
425,230
343,717
645,874
471,123
1,148,106
914,91.5
303,112
365,830
397,603
377,173
521,648
598.117
1,196,851
1,003,871
584,968
539,673
268,019
192.118
3,578,971
3,799.211
3,628,290
3,128,870
23,701.545 19,729,516
2,654,947 2,436,162
307,906
228,673
3,992,819 2.965,791
95.390
76,622
February
279,131!
315.992
4th wk Apr 1,682,319 1,571,191
Det Gr H & Milw March
Grand Trk West. March
Latest Gross Earnings.
Jan. 1 to Latest Date.
2,686,641 2,539,440,
2,235,263 1,741,939
189.906
283.537
3,855,959
2,803,200
5,965.900
234,320
7,537,658
3.482,092
6.973,456
225,841
9,156,867
4,819,961
ROADS.
Week
Month.
Current
l»t week
week
3d
week
4tb week
2d
IB I week
2d
3d
week
week
4th week
jst week
2d week
Feb
Feb
Fob
Feb
*
We
roads).
roads).
roads).
roads).
roads).
Mar
Mar
roads).
Mar (12 roads).
Mar (10 roads),
Apr (10 roads).
Apr ( 9 roads).
week Apr
3d
(13
(14
(13
( 9
(14
(14
no
(13 roads).
Previous
Year.
Year.
$
7,839.859
el. 150,467 17 50
+ 1,215.017 17.45
6.736.316
6,689,056:
6.278.306
3.16
+212.937
+ 1,410.750 26 73
+ 1,107,342 17.07
+936,108 13,84
+906.358 13.04
+2,364,481 22.69
+ 1,602.063 24.21
+911,381 14.57
+826,982 12.38
8,219.825
7,165,878:
7.506,473
6,487.501
6,764.941
6,948,321
10,419,611
6,617,762
6,254,497
6,679,491
of our totals.
Year.
..
v
,
Pittsb & West Va_. March
135,204
100,368
458,232
320.935
Port Reading
171,171
94,738
245,591
77,867
362,161
217,843
470,028
163.360
February
Quincy Om & K C__ February
Rich Fred & Potom. March
Wash
Rutland
Southern.. February
March
St Jos & Grand Isl'd March
St Louis-San Fran.. March
Ft W & Rio Gran. February
916,89211,045,024 2,968,556 3,212,847
778.950
685,472
309,844!
332,144
985,340
1,156,600
359,413
359,490
655,345
809,450
259,483'
207,921
7,262,462 5,913,473 21,472,622 17,514,464
155.062
139,868
1.562,159
689,909!
February
116.5471
94,126
971,498
471,175
94.708
279,419
340,594
196,413
274,344
3,131,898
1,452,288
193,591
1,970,774
971,697
262.616
194,330
105.323
St Louis Southwest. February
St L S W of Texas February
St L S F of Texas. February
St
Louis Transfer.
.
984,916
1,074,804
338,775'
4,111,949 3.698,7|77 13,166,753 10,407.686
381,688
293,042
121,082
77,477
Southern Pacific
13033251 11068000 29,143,504 23,991,802
February
Arizona Eastern, iFebruary
707,767
675,939
306,071
336,886
Galv Harris & S A.February
2.385.669
3,924,165
1,798,605 1,570,017
1.294.470
Hous & Tex Cent.! February
1,972,816
894,555
608,835
Ilous E & W Tex. February
366.037
173.059
457,807
240.628
608,705
Louisiana Western February
866.656
270 614
385,981
1.227,325
1,654.189
751,264
530,965
Morg La & Texas February
1.110.674
Texas & New Orl. February
1,566,891
529,715
729,571]
Southern Railway._ March
11879409 9,469,760 37.404.560 29,103,893
Ala Great South. March
2,606,649
2,359,649
823,4051
810,893
3,521,424
Mobile & Ohio... March
1,510,674 1,168,163 4,646,048
1,444,304
1,145,876
370.452
395,446
Georgia Sou & Fla March
419,827
South Ry in Miss March
531,339
123,300
156,566
205,802
368,518
67,389
112,088
Spokane Internat'l. March
1.669.763
596,295 2,004,379
633,021
Spok Portl & Seattle March
472.163
Staten Isl Rap TraniMarch
143.356
485,993
191,787
42,312
Tenn Ala & Georgia 3d wk Apr
2,142
48,297
4,146
March
645,480
714,418
Tennessee Central
229,173
222.780
584.582
743,288
283,871
Term RRAssnofStL February
378.781
462.251
666,414
St LMer Bridge T February
332.566
206,376
3d wk Apr
Texas & Pacific
625,797 11,841,570 9,585.521
639,247
1,637,722
2,434,195
550,144
Toledo St L & West March
793,922
March
190,374
236,542
63,761
80,626
Ulster & DelawareMarch
Union Pacific
9,167,610 8,402,368 29,715.948 24,612,099
5.431.302
7,665.545
3.497,118 2.485,770
Oreawn Short Line February
3.912.765
5.574,789
2.674.544 1.879,161
Dre-Wasli RR & N February
1.769,779
1,852,298
654,189
669,333
Union RR (Penn).. March
290,820
March
497,257
90,015
Utah
152,369
1,061,011
788,431
252,674
323,973
Vicks Shreve & Pac. March
2.241.868
690,848 3,521,079
1,330,777
Virginian Railroad. March
March
Wabash Railroad
4,373,592 3,505,276 13,531,432 10,568,087
5,213,345 4,118,004
302,418
257,360
Western Maryland- 3d wk Apr
March
3.335,451
762,681
2,361,115
949,718
Western Pacific
San Ant & Aran Pass March
Seaboard Air Line.. (March
South Buffalo
March
__
..
February
220.655
199.347
484,345
425,246
Wheel & Lake Erie. March
NW February
1,039,053
261,254
2.421,344
696,772
150.947
3,208,206
I .780 615
5,026.114
2,084,452
282,602
3.649.78
Western R.v of Ala..
Wichita Falls &
Valley
February
*
Monthly Summaries.
Curr.Yr.
April
...
May
June
„
..
232.708
..233,931
.232.169
..226,654
July
August... ..233.423
September ..232,772
October.
.
November
..233,192
..233,032
December- ..233,899
January
February
...
_
..232,511
..231,304
462,330
Monthly,
Current
6,689,392
6.960,566
7.594.843
7,701.019
7,854,679
12,784.092
Year.
_
%
6.949,253
8.175,583;
Previous
Year.
March
or
Decrease.
Current
Year.
...
Mileage
longer include Mexican roads in any
Increase
Previous
470,388
128,620
363,268
159,246
376,878
91,525
192,614
202,793
8,008,850 6,737,363 27,947,009 20.602,727
611,533
546,164
240,802
Monougahela
February
317,563
730,125
561,782
173,327
MonongahelaConn. March
263,135
Montour
March
202,432
210,285
64,695
99,750
Nashv Chatt & St L March
5,786,994 4,416,852
1,723,690 1,533,492
70,633
70,996
5,421
3,137
Nevada-Cal-Oregon 3d wk Apr
Nevada Northern.. March
424,706
473,240
114,084
149,842
402,144
144,756
399,855
Newburgh & Sou Sh March
151,828
New Orl Great Nor. March
527,157
619,940
183,607
224,877
New Orl & Nor East March
1,478,437
521,379
1,936,906
552,888
N O Texas & Mex.. March
407,182
556,484
164,266
199,745
Beauin S L & W__ March
307,066
476,043
71,721
174,590
St Ij Browns & M Marcn
1,171,805
1,655.988
402,470
617,180
New YorkCentraL. February
2372404b 20513579 63,921,339 45.335.185
Ind Harbor Belt. February
688,090
445.743| 1.342,586 1.051.589
Lake Erie & West March
2,232,965
775,355 2,457,204
751,267
Michigan Central February
6,213,733 5,229.847 13.192.992 11,230,384
Cincinnati North. March
653,187
297.845
224,861!
772,268
Cleve C C & St L_ March
7,046,588 5,126.885 21,167,601 15.445,290
Pitts & Lake Erie March
2,518,195 2,413,920 8,555,812 7,581,802
Tol & Ohio Cent. February
1,127,057
526.075
1,772,409
998.398
Kanawha & Mich February
489.793
221,828
722.727
382,741
N Y Chic & St Louis March
6,617,835 6.114.762
2,346,256 2,035,860
NYNH& Hartf.. March
9,092.874 7,652,328 26,321.911 21,943,870
N Y Ont & Western February
1,409,029
1,508,811
615,500
773,643
N Y Susq & Western March
875,049
1,002,034
270,606
362,592
Norfolk & Western. March
4,804,575 5,844,391 17,877,488 17.776,725
Norfolk Southern.. February J
940,709
459,287
1,206,071
462,460
Northern Alabama. March
8,247,855 7,423,001 25,821,402 22,202,066
Northern Pacific.__ February :
8.122,484 6,814,713 17,573,546 14.779,065
Minn & Internat. February
162,211
209,228
85,374
111,901
NorthwesternPacific March
1,538,730
1,128,910
382,433
496,389
Pacific Coast
March
1,277,896
415,839
1,649,833
565,936
26627154 26048657 56.667.127 56,626,140
Pennsylvania RR
February
Bait Ches & Atl_
274,287
March
257,706
97,217
116,730
Cumberland Vail. February
987.900
855,455
374,408
504,751
4.721.076 4.574,997
Long Island.
March
1,745,818 1,672,793
244,320
191,156
87,321
87,228
Mary'd Del & Va_ March
N Y Phila & Norf February
1,192,476
576.666
1,174,798
594,305
Tol Peor & West. March
385,600
111,751
498,981
15.5,866
W Jersey & Seash February
1.413,680
1,438,406
677,792
734,173
Pennsylvania Co
February
7,699,567 6.775,758 17.206.559 14.248,645
Grand Rap & Ind February
1.046.255
701,698
531,476
1,536,811
Pitts C C & St L. February
7,410,094 6,642.520 17.990,606 14.019.794
Peoria & Pekin Un_ March r
293,000
447,311
96,510
133,417
Pere Marquette
4,710,373
2,582,769 2,236,940 5.699,581
February
154.919
Perkiomeu
204.052
February
95.532
75,416
Pbila Beth & N E__ March
238.345
247,333
64,283
80,663
Phila & Reading
6,420,627 4.695.024 13.352,449 10.646.005
February
Pittsb & Shawmut.. March
393,867
258,616
66,788
147,449
I 68.387
168.899
Pitts Shaw & North February
246,359
117,501
Missouri Pacific
AGGREGATE OP GROSS EARNINGS—Weekly and
Weekly Summaries.
Jan. 1 to Latest Date.
Current
Mo & North Arkan. March
Mo Okla & Gulf
February
Yazoo & Miss
*
or
Previous
Year.
Year.
Prev.YrA
233.251 (388 6y 7,894 370,710,999
234.3.39 413 190,468
232,682 424 ,035.872
226,934'4o4 ,588,513
233,2031469 ,868,678
232,349 495 ,123,397
233,136 508 ,023,854
232,911 436 ,436.551
233,814 451 ,991,330
232,210 494 ,706,125
231.017 421 180.876
Increase
or
Decrease.
$
f 17.986,895
1-35.132,305
4 30.769,974
%
4.85
9.29
378,058,163
7.83
393,265,898
3 13
169.246,733 —14,658,220
502,505.334 —32,636,656 6.40
1.97
485,870,475
+9,252,922
3.87
189.081.358 + 18,942,496
139.029.989
—2,593,438 0.59
440,481,121 + 11,510,209 2.61
392,927.365 + 1011778760 25.90
348.749.787' -+72.431.089 20.77
[Vol J10.
THE CHRONICLE
19G6
Net|EarningsiMonthly to Latest Dates.—The table
gross and net earnings with charges and
surplus oftSTEAMjrailroad and industrial companies reGross Earnings
■
Current
Year.
$
Alabama & Vicksb.b
Jan 1 to Mar 31
Mar
Atch Top & Santa Fe_b_Marl6,075,181
Jan 1 to Mar 3153,043,814
Gulf Colo & S Fe_b—Mar 2,101,386
Jan 1 to Mar 31
6,623.579
Panhandle & 8 Fe.b. .Mar
1
Mar 31
to
651.809
1,956,148
—
S
'■■■
56,639
286,600
1,022,509
def75,682 defll0,368
def28,641 def359.475
498,250
Mar 31-—-
1,451,593
1
Jan
646,864
Aroostook_b__Mar
Bangor &
to
Bessemer & Lako Erle.b.Mar
Jan 1 to Mar 31---
1
Jan
1
1
Mar 31
to
6,465,314
Central Vermont.b
Jan 1 to Mar 31
Mar
531,000
1,446,445
—
40.430
def25.016
118,871
81,592
355,146
268,433
763,448
256,345
842,588
Mar 31
Mar 31
1,579,748
def16,298""
4,844,428
500,908
—
257,914
" 133T15
910,063
,4,748,478 4,136,656
South_L_ —iMar"* 987,908 T,053,027™201,706'
722,134
—
—
1,470,821
to
3,421,825
Mar 31
M ar 31
-
.
_
1,330,638
—
Trin & Brazos Vall.b.Mar
1
174,677
490,240
32.865
def4,822
defl2,612 defl04,085
220,452
660,093
Cine Ind & Western.b_.Mar
378,556
Jan 1 to Mar 31
1,074,558
Cine N O & Tex Pac_b__Mar
Jan 1 to Mar 31
Lake Erie & West.b„Mar
751,267
2,457,204
775,355
2,232,965
77,929
247,654
39,199
33,303
Pitts & Lake Erie.b-Mar 2,518,195
Jan 1 to Mar 31
8,555,812
2,413,920
7,581,802
231,530
884,163
96,763
1,258,935
N Y Chic & St Louis.b.Mar 2,346,256
Jan 1 to Mar 31
6,617,835
2,035,860
6,114,762
700,955
1,476,094
552,279
1,536.350
270,606
8,861
875,049 def279,442
def32,526
L 3,765
Jan
~"def258
Jan
Denver & Salt Lake_t.*_Mar'
Jan 1 to Mar 31
""136,798"
169,195"defl26,108
betroit
408,537
1,148,106
268,145
914,915
Detroit & Mackinac_b._Mar
Jan 1 to Mar 31
172,129
425,230
139,267
343,717
Duluth & Iron Range.b.Mar
Jan 1 to Mar 31-
127,024
397,609
151,206 defl85,537 defl23,562
377,173 def529,822 def44Q,980
187,549
Jan
1
to
200,184
584,968
Jan
Mar
.
74,868 def172,231
def8,573
def82,521
;
29,404
def65,356
322,106
9.56,953
21,302
85,728
r
45,319
95,433
-
~
def 41,119
575
defl36,587^ def36.549
MarJJ1
_...
1,031,085
f>—Mar
207,470 """"2127618 def281,719 defll7,984
D ulfM issabe & N or
P
Jan
Erie. b
_
1
to
1*—
Jan
to
•
-
def973d88defl586,727
598,117
521,648
—
7— M arT,500,416
-
1
•
-
Mar 31
67439A33""751,042 def688,615
23,701,545 19,729,516 dof710,137defl, 189063
Mar 31-
887,603
Mar
Jan
ljo Mar 31
— 2,654,947
FloridaTEasiTCoastlk.—Mar f,315,133
Jan
1
to
3,992,819
Mar 31—
FtSm ith &T Western 1 &77Mar
Jan 1 to Mar 31
192,039
228,760
807,993
2,436,162
9907131" ""533:773*
1,611,520
2.965.791
'-~777lT8
273.487
,'791
__480,340
57,001
194,925
1,466,656
1,073,047
Gulf & Ship Island.b_._Mar
► fc- Jan 1 to Mar 31
3,879,829
226,896
692,000
2,964,504
195,246
Gulf Mobile & Nor.b„_Mar
y- Jan
1 to Mar 31.
303,064
886,414
Mar 1,117,081
3,312,719
13,003
33,728
def6,643
347,702
102,310
274,364
1,451.010
to
Mar
Mar 31-.
Grand Trunk West.b...Mar
1 to Mar 31
Jan
it
—
f
Hocking Valley. b_
Jan
1
to
Mar 31
Internet & Grt Nor_b__Mar
Jan
1
to
pn Jan
1,261,695
4,306,792
Mar 31
& Orient.b
1 to Mar 31
K C,Mex
108,673
401,102
Mar
_
Jan
1 to Mar 31
1,351,856
4,389,234
Lehigh & Hud River.b—Mar158,548
Jan
—
*J*Jan 1 to Mar 31
494,647
—
Los'Ang & Salt Lake.f>lMarT7640,202
J* **Jan 1 to Mar 31.
4,654,826
1
to
Mar
417,616
488,258
"""301,126
1
to
20,071
def 16,470
defl 8,162
Jan
92,947
226,418
Maine Central.b
Mineral
Rango.b
Jan
1
to
94,933
237/722
Jan
def43T9t)9
1.112J76
3,510,732
159,731
808,363
def21,973~
184,451
578,219 def45,543
5887984
M317075
4,036,976_ 1,359.176
1227958
170,038
515,860
227,727
747,330
686,183
Mo Kan & Texas.b
45,498
p
*
Jan
Mar 2,686,641
9,156,867
1 to Mar 31
Missouri & No Ark.b...Mar
Jan 1 to Mar 31
Missouri
Jan
Pacific. b__
1
to
Jan
Jan
1
to
Mar
Mar 31-
New Orl Tex & Mex_b„Mar
Jan
F
I
[
1
to
Mar 31—
Beaum S L & West.b.Mar
Jan
1 to Mar 31
St!L Browns & M.b„Mar
Jan
1
to
251,296
1,011,632
2,803,200
91,713
221,738
Mar 31
pi 47,200
'133.744
64,418
27,047
381,224 def253.243
def5,125
128,620.
363,268
335,880
1,517,484
2,631
def30,505
155,272
425,153
def46,744
2,108
def58,734 def 183,153
431,370
4,591,762
182,174
620,965
179,532
def67,119
388,502 def263,778
149,842
473,240
114,084
424,706
35,298
153,377
35,786
163,414
199,745
164,266
407,182
53,751
78,284
36,126
21,765
71,721
307,066
69,508
128,976
def28,436
7.302
402,470
1,171,805
185,065
261,814
340.997
476,043
617,180
1,655,988
116,730
257,706
i.
97,217
274,287
;
def8,476
91,086
def4,986
def7,455
87,228
191,156
87,312
def21,958
244,320 deflll,204
def5,290
defll,344
155,866
498,981
111,751
385,600
42.732
61,298
def22,320
defl4,767
96,510
293,000
def3,229
18,462
def38,518
def91,933
Mar 31
Mar 31
to
Mar 31
-
133,417
Mar 31
1
447,311
Mar
147,449
Joseph & Gr fsl.b—Mar
259,483
809,450
1
Jan
1
Mar
to
to
31
1
to
Jan
655,345
57,108
7,262,462
5,913,473
21,472,622 17,514,464
1,735,075
4,080,317
942,787
2,528,790
Mar
Mar 31
279,419
def29,726 defl 12,063
984,916 def.304,338 def217,239
9,469,760
2,308,392
504,850
Mar 31——37,404,560 29,103,893
6,933,905
2,457,202
180,495
559,091
73,741
290,468
43,846
20,662
131,154
Railway.b...Mar 11,879,409
1
to
Jan
1
Jan
1
to
to
Mar 31Mar
31
Mobile &Ohio.b.....Mar
Jan
Sou
1
to
Mar 31-
-
823,405
2,606,649
810,893
2,359,649
359,446
1,444,304
370,452
1,145,876
200,567
1,510,674
4,646,048
1,168,163
3,521,424
44,060 def159,835
188,097 def276,931
156,566
531,339
l123,306
419,827
RR in Miss_b___Mar
Jan
1
to
Mar 31—
Spokane Internat.b
Jan
1
to
def6,950
42,267
def21,585
defl,296
112,088
67,389
368,518
205,802
149,945
51,767
633,021
596,295
208,697
157,757
321,874
Mar
Mar 31
Spok Port & Seattle-b..Mar
Jan
def40,609
df67,364
15,514
207,921
San Antonio &Ar Pass.bMar
338,775
Jan 1 to Mar 31
1,074,804
Southern
32,974
61,098
def38,093
def61,121
Mar 31
St Louis San Fran.b
Jan
66,788
258,616
393,867
Mar 31—
38,607
11,995
2,004,379
1,669,763
585,257
Mar 3,115,811
9,847,624
2,593,599
7,692,096
266,492
1,106,350
Toledo St L & West.b-Mar
Jan 1 to Mar 31
793,922
2,434,195
550.144
1,637,722
189,193
481,507
Ulster & Delaware_b...Mar
80,626
236,542
63,761
190,374
def26,039
def67,050
def23,751
def69,718
Union Pacific.-b
—Mar 9,167,610
8,402,368
Jan 1 to Mar 31
29,715,948 24,612,099
3,085,122
10.746,044
2,205,577
7,400,293
1
to
Texas & Pacific.b
Jan
1
Jan
Utah.b
1
to
to
Mar 31
Mar 31
90,015r
49,379
116,178
73,291
220,604
•
70,527
......Mar
31
152,369
497,257
290,820
247,395
36,216
112,857
Vicks Shrev & Pac.b...Mar
323,973
1,061,011
252,674
788,431
80,835
265,034
46,486
117,237
Mar 1,330,777
690,848
def72,557
—
Jan
Jan
1
1
to
Mar
—,
to Mar 31
Virginian.b
Jan
1
Wabash_b
Jan
Western
1
Jan
3,521,079
2,241,868
4 04,595
862,307
.——Mar 4,373,592
to Mar 31.
13,531,432
3,505,276
10,568,087
204,320
620,136
47,506
295,915
1,038,405
141,056
def94,900
to
Mar
31
—
Maryland.b—Mar 1,440,572
1
Mar 31
823
4,180,650
3,253,151 defl43,904 def339,016
949,718
3,335,451
762,681
2,361,115
158,024
806,808
Wheeling & Lake Erie.b.Mar 1,039.053
Jan 1 to Mar 31
3,208,206
696,772
2,084,452
40,674
def59,984
205,174 def292,001
to
Western Pacific.b
Jan 1 to Mar 31
Mar
v
def51,834
82,246
Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
a
ELECTRIC
RAILWAY
AND
PUBLIC
Latest Gross Earnings.
Name of
UTILITY
COS.
126,783
Atlantic Shore Ry
February
Bangor Ry & Electric March
Baton Rouge Elec Co February
Blackstone V G & El. February
ftBrazilian Trae.L & P February
Cape Breton EJec Co. February
Cent Miss V El Prop. February
Chattanooga Ry & Lt March
March
Cities Service Co
Cleve Painesv & East December
{/Columbia1 Gas & Elec
March
Columbus (Ga) El Co February
Com'w'th P, Ry & Lt March
Connecticut Power Co February
Consum Pow (Mich). March
(Me) P & L March
Dayton Pow & Light. February
iCumb Co
March
Edison
ftDetroit United Lines November
Duluth-Superior Trac March
East St Louis & Sub.
March
_
Eastern Texas Elec.. February
Edison El of Brockton February
fElec Light & Pow Co February
pEl Paso Electric Co February
Fall River Gas Works February
Federal Light & Trac January
Ft Worth Power & Lt February
Galv-Hous Elec Co
February
Georgia Lt, P & Rys
March
Great West Pow 8ys January
December
Harrisburg Railways
a
_
Havana El
1
to Latest Dale.
Current
Month.
cDetroit
Jan.
Road
Company.
Alabama Power Co.. March
1,533,492
4,416.852
174,590
51,052
569.778
—
Adirondack El Pow Co March
1,723,690
5,786,994
556,484
def25,796
def55,267
83,081
424,702
53.184
def11,599 jJp* 2,646
def51,131 il 116.323
234,320 def162,293
2,539,440
7,537,658
6,737,363
27,947,009 20,602,727
1 to Mar 31
Nevada Northern.b
93,546
^*
73,720
.
Mar 8,008,850
Mar 31
Nashv Chatt & StL.b_.Mar
p
159,246
470,388
70,368
156,265
415,839
4,184,745
313,617
943,296
1,338,677 def277,644 defl25,674
91,070
225,841
382,433
1,128,910
565,936
4,068,001
Previous
Current
Previous
Year.
Year.
Year.
Year.
"7,974
4,026,800 def808,200 def328,723
Mississippi Central.b___Mar
|rJan 1 to Mar 31
to
1
Jan
St
52,133
358,097
3,969,179
Minneap & St Louis.b. .Mar 1,204,628
IhwrJan 1 to Mar 31
3,855,959
496,389
1,538,730
Mar
Mar 31
Pittsb & Shawmut.b
d<443j09
Mar 1,340,452
146,884
to
1
Jan
or
249,263
Mar
to
1
Jan
defl 18 038 d6f203.181
1,410,502
3,157,375
Mar 31
31
~
defl8 364
def5,185
1 to Mar 31.
1,409,541
4,913,702
def35,631
def52,850
def151,745 defl95,287
393,928
Louis Hend & St L.b._.Mar
Jan 1 to Mar 31
def3,604
def2.875
644,395
4,705,032
Tol Peoria & West.b.Mar
166,955
def75,062
493,171 def470,015
""
8,794,551
811,530
29,656,678 25,005,561^3,094,672
Mar 31..
1
1,133,535
3,093,492
8,247,855
7,423,001
25,821,402 22,202,066
Pennsylvania System—
dof42,311
283,216
2847383
1,033,187
3,168,330 defl 12,440 def392,029
378.348
1 072,207
31
fts^Jan
887
def 13.965
Louisville & Nashville.b.Mar 9,275,447
Jan
628,1174
..
8,920
7,693
500,190
Louisiana & Arkansas. i>_ Mar "
Jan
to
8.358
43,822
539,211
Tox.b.Mar "" 126,816
1 to Mar 31
455,984
Kansas City South_b___Mar
b
19,358'
25,283
198,480
573,642
K C Mex & Or of
■jt
Mar
July 1 to Mar 31
"
1
Jan
1
124
1227243" ~"def8,519"
146,298
454,658
Wharf.b
Galveston
to
dfl,228,066
99,572
38,426
108,614
119,973
385,641
Mar
Pacific Coast.a
--
Chicago <fc Erie.b
1
Jan
»
98.382
325,187
Northwestern Pacific.b.Mar
dof71,464
80,265
203,597
539,673
272,646
Mar 31-
DullSo Sh & Atl.b..
Jan 1 to
Mar 31
Northern Pacific.b
471,123 def.301,472 def318,533
645.873
Duluth Winn & Pac.b_.Mar
to
Northern Alabama-b___Mar
Jan 1 to Mar 31
111 ,489
Mar 31------
1
362,592
1,002,034
Norfolk & Western.b...Mar 4,804,575
5,844,391
Jan 1 to Mar 31
17,877,488 17,776,725
55,156
to
31
NY8usq& West_b_„_Mar
f4,O30
2,399
1
Mar
Georgia Sou & Fla.b.Mar
290,625
Jan
to
95,411
def18,020
def62,630
309,765 defl 55,249 defl49,684
"""78,358" —937939
t
1
Ala Great South.b—.Mar
945,805
Colorado & Wyoming. f> 1 Mar"
Jan 1 to Mar 31
>
Tol & Tront.b_.Mar
31——
196,932
669,563
3,122,998
174,173
487,996
_
Mar
Peoria & Pekin Union.b.Mar
Chicago Great West.b..Mar 1,638,789
Jan 1 to Mar 31
5,818,118
,Jan
49,688
117,781
967.581
2,575,247
to
def65,017
397,772
def58,408
1,196,574 def414,834 def204,325
182,884 def269,838
1,100,807 def475,181
to
136,482
233,472
2,317,072
6,397,388
1
Mary'd Del & Va.b..Mar
1,806,854
5,626,610
1
224,861
653,187
Jan
Bait Ches & Atl.b—.Mar
Chic & East Jllinois.b—Mar 2,311,007
Jan 1 to Mar 31
7,301,144
Jan
279,845
772,268
Cleve C C & St L.b„Mar 7,046,588
5,126,885
Jan 1 to Mar 31
21,167,601 15,445,290
Mar 31
92,078
246,475
2,993,332
Colorado &
3,544
40,216
to
341.562
-18,856,924
to
42,351
60,351
1
1,223,163
780,404
2,199,304
1
183,607
527,157
Mar 31
1,738,687
4,943,494
1T008J06
Jan
224,877
619,940
to
"""14,440
Chesapeake"& Ohio_b„Mar 6,200,032
Caro.b—Mar
to
20,339
17,882
1
Jan
36,914
8.5,075
1
Jan
S
95,611
427,716
def657
def2,178
def6,453
21,001
Charles & W
Year.
521,379
1,478,427
9,691
54,381
Previous
552,888
1,936,906
54,218
169,040
121,650.
—
Georgia.b_-.Mar 2,073,346
Central of
Jan
Mar 31
deUJMf
662,122 defl23,834
1,950,503 def237,375 defll8,208
""48,668
S^uth^n.b.Mar
to
55,226
119,440
def26,l72
def30,866
460,175
1,349,734
137,205
440,300
Mar 31-
to
Birmingham
Jan
606,573
^
1,877,056
—
Garfield.b—Mar
Bingham &
def24,564
def73,505
120,485
351.247 defl01,763 def297,069
238,526
Mar
765.149
3,115.875
1,110,160
4,551,356
S
New Orl Great Nor.b-Mar
113,631
691.614
372,125
1,141,636
$
New York Central System—
Cincinnati North_b__Mar
1,832.591
7,3,52.122
1,404,707
4,263,237
Current
Year.
'
New Orl & Nor East.b—Mar
44,866
12,494,210
3,046,552
38,091,433 17.001.271
Atlantic Coast Line_b__Mar 5,959,248
5,801,391
Jan 1 to Mar 31
-19,338,193 16,648,457
B & O Chic Term.b
Jan 1 to Mar 31
10,521
151,390
215,778
663,958
233,939
778,300
tew
..
Previous
Year.
Current
Year.
,
-
Jan
V':Jan
Net Earnings
Previous
Year.
Year.
$
Roads.
.
Roads.
Year.
Current
following shows the
ported^thisVeek:
Net Earnings
Gross Earnings
Previous
b
Ry, L & P February
Haverhill Gas Lt Co. February
Honolulu R T & Land March
166,871
326,829
7,956
93,133
39,204
255,183
136,877
225,859
10,850
83,717
28,441
198,565
/9381000 /7972000
42,964
45,114
33,063
39,265
77,047
103,061
2193,524 1947,819
41,730
57,982
1340,403 1092,048
124,451
86,677
2545,437 2073,565
103,288
122,228
914,182
1167,007
226,296 202,919
305.944
247,207
1866,245 1375,361
2203.587 1606.536
169.809
367,330
117,325
103,575
23.622
151,460
66,086
414.843
152,445
252.847
161,617
285,113
103,194
92,012
22,091
120,067
55,338
333,629
105,490
%
547.453
$
420.453
725,193
22.456
248,153
59,713
433,748
/l9036.000 /10494.000
956,788
24,793
277,172
78,273
542,249
94.196
95,154
81.356
68,311
238.110
5,538,693
551,860
3.381,440
208,462
6.259,548
321,546
6.211,070
'691,043,
4,090,787
266,256
7,620,424'
247,285^
213,970
3.156,502
700,851
2,511,722
617.639
635,361
518,833
5,543,163 4,155,920
22,422,746 17,278.782
485,892
452,214
1,038,678
821,078
247,973
214,159
185,132
I 225.999
1
54,600
48,933
306,435
248,030
141,069
118,373
414.843
333,629
323,079
225,371
222,153
526.629
464.640
140,080
496,221
153,169
864,439
38.539
118,257
441,425
135,264
703,156
32,663
427.251
496,221
1.603,339
66.304
62,023
196,004
351.573
441,425
1,301,116
1.429,514
67,031
177,012
1.747,557
78,900
MAT 8
1967
THE CHRONICLE
1920.]
Latest Gross Earnings.
Gross
Jan. 1 to Latest Date.
or
Current
Previous
Current
Previous
Year.
Company.
Year.
Year.
Year.
Month.
Tennessee
12
Hudson & Manhattan December
March
Traction
b Illinois
Hnterboro Rap Tran_ March
Kansas Gas & Elec Co February
Keokuk Electric Co.. February
Key West Electric Co
Lake Shore Elec Ry._
Long Island Electric.
Louisville Railway
Lowell Electric Corp.
Manhat Bdge 3c Line
flMilw El Ry & Lt Co
February
December
December
March
February
December
February
Miss River Power Co March
Nashville Ry & Light March
New
England Power. March
Newp N&HRy.G&E March
198,421
_
200,588
Pacific Power & Light February
41.828
March
57,035
56,002
3179,961 2883,594
Rap Transit Co March
183,810
Second Avenue
February
March
180,642
747,154
826,143
687,099
Portland Gas & Coke February
Port (Ore) Ry,L&PCo March
Puget Sd Tr, Lt & P.
Republic Ry & Lt Co
Richmond Lt & RR__
St L Rocky Mt & Pac
Santiago EI Lt & Tr_.
979,862
711,584
229,801
6,562
159,469
50,756
10,211
_
Pensacola Electric Co December
Phila
12,079
81,609
982,025
291,322
North Texas Electric. February
December
Ocean Electric (L I)
Phil a & Western
45,144
95,207
940,760
New York Railways. December
Northern Ohio Elec.. March
_
368,769
42,866
13,645
N;Y & North Shore.
December
N Y & Queens County Decmeber
209,234
472,223
New York Dock Co.. March
N Y & Long Island._ December
736,167
525,271
37,595
42,066
358,946
68,530
73,450
866,470
26,497
125,425
December
February
December
December
Southern Cal Edison. March
Staten Island Midl'd. December
Tampa Electric Co.. February
Tennessee Power
March
286,520
63,502
62,417
732,385
22,129
102.948
193,406
527,565
JfcTenn Ry, Lt & P Co March
Texas Power & Lt Co February
Third Avenue System. March
208,594
485,761
291,958
868,695
914,420
737,307
334,742
Gross
117,885
41,020
Net
Earnings.
Honolulu
Earnings.
3
82,732
117,214
83,562
248,197
247,687
*20,829
*50,017
*54,259
14,845
8,138
14,169
43,573
42,297
5,737
17,772
8,788
963,752
Mar '20
3
57,035
56,002
159,598
155,840
22,983
19,906
61,345
51,085
mos
Phila & Western
Ry Co
3
mos
'19
*20
976.535 -■
'19
'20
'19
2
After allowing for other income
received.
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
370,671
on the last
Saturday of each month.
This index willnoJ
2,126,625
include reports in the issue of the "Chronicle" in which it is
1,552,773
published.
The latest index will be found in the issue of
444,2531
686,392
April 24.
The next will appear in that of May 29.
406,655
543,592
159,598
8.921,677
413,742
2,220,155
1,725,631
2,043,355
538,703
777,341
765.026
921,552
2,584,463
359,871
257,823
580,543
1,557,878
708,654
155,840
8,217,117
665,250
820,747
2,247,134
281,838
Atchison
639,927
1,468,429
603,162
.
2,444,004
84,845
Topeka
&
Santa Fe Railway.
(25th Annual Report—Year ended
207.596
2,618,503
2,151,046
387,366
68,427
Year.
Year.
326,829
225,859
Apr 1 to Mar 31_._.._ 3,337,177
Companies.
Dec. 31 1919.)
signed by President W. B. Storey,
together -with the income account, comparative balance sheet
as of Dec. 31, will be found on subsequent pages of this issue.
—V. 110, p. 1526.
The text of the report,
Lehigh Valley Railroad,
Jan
1
to
Mar 31._■
1,710,734
5,066,564
Porto Rico Ryfi Co., Ltd_Mar
110,944
Jan 1 to Mar 31316,950
companies only).a
Apr 1 to Mar 31.
a
Net
Mar
3,112,379
1,404,993
4.219,264
501,954
1.516,016
419,949
1,238,089
98,436
281,037
45,570
122,215
21,720
95,366
596,256
7,048(497
3,828,183
'
731,254
7,629,154
319,427
3,759,196
earnings here given are after deducting taxes.
Gross
Earnings.
.
Co
12
mos
12
mos
Common'th Pow,
mos
mos
20,908
244,415
6,447
8,998
125,798
136,829
2,545,437
2,073,565
'20 27,325,775
'19 23,101,251
828,338
759.189
9,218,113
579,665
248,673
540,083
219,106
6,575,848
6,210,565
2,642,265
1,597,349
176,612
225,772
213,919
'20
*19
7,807,914
1
914,183
'20 12,153,170
402,384
362,683
4,361,312
Cumb County Pow Mar '20
& Light Co
'19
12
mos
'
'20
'19
Mar '20
East St Louis &
Suburban Co Syst
12 mos
Erie'Lighting Co
and Subsidiaries
1
'19
'20
'19
Mar '20
'19
12 mos '20
'19
1.167,008
21,771
251,894
3,693,173
148,764
1,734,858
1,668,606
2,626,454
2,024,567
226,296
202,919
2.851.812
3,156,626
40,763
46,836
946,147
979,351
56,005
56,434
669,090
813,436
defl5,242
def9,598
227,057
165,915
367,330
285,113
3,430,752
3,320,773
117.612
88,664
779,536
822,174
54,754
62,858
31,784
116,007
104,227
81,495
959,559
1,059,854
46,811
26,331
340,903
382,450
,
56,880
663,529
652,614
169.560
31,763
15,048
14,921
175,988
184,362
11,410
164,915
16,299
16,091
199,951
47,511
21,611
304,865
191,630
273.566
39.978
.
198,088
Mar '20
'19
& Gas Co
12
Nashville Ry &
136,895
'20
'19
1,160,976
1.009.813
63,810
37,702
504,816
465,196
Mar '20
Huntington Devel
314,250
267,284
3,336,976
3,036,775
79,261
72,382
792,789
943,688
39,880
39,283
32,502
475.528
478.712
317,261
464,976
71,794
58,088
731,220
648,353
29,943
29,237
357,600
348,891
41,851
28,851
373,620
299,462
215,582
294.190
2,976,558
187,951
186,152
2,276,186
2,240,505
27,631
108,038
mos
'19
Light Co
12
mos
'20
'19
Penn*Central Light Mar '20
89,243
180,069
12 mos '20
146,812
1,949,555
'19
1,797,819
Mar '20
'19
12 mos '20
747,154
736,167
&;Power Co & Subsid
'19
Portland Ry, Lt &
Power Co
$
27,355
30,769
377,692
381,244
'19 10,024.226
12
t
103,061
77,047
1,118,891
981,269
'19
Co
Balance
Surplus'
3,771
5,638
187,127
91,529
Mar '20
Consumers Power
:
21,378
20,217
256,718
241,040
Mar '20
Ry & Lt Co Syst
'19
12
$
$
Fixed
Charges.
$
25,149
25,855
443,845
332,569
*19
'20
qg
Mar '20
'19
Chattanooga Ry
& Light Co
Net after
Taxes.
93,133
83,717
1,123,695
949,857
Mar '20
Bangor Ry & Elec
k
379.479
'19
Mar '20
Republic Ry &
epul
'19
Light Co
12
mos
'20
'19
Mar
Tennessee Pow
Ck>
12
mos
y2(T
'19
'20
'19
8,684,531
8.005,241
687,099
525,271
6,750,157
5,674,788
193,406"
208,594
2,107,504
2.387,029
2,635,947
172,815
107,605
1,687,097
1.380,340
88,42V
103,392
824,306
964,262
700,372
395,442
125,556
*64,848
114,397
*39,546
£478,789
1,389,374
1,301,203
53,208
51,975
694.984
635,868
•
Lyf
"O "
99
500 000
On Dec. 31 1919 the company held in its treasury the following $9,100,000
own issue:
Collateral Trust 4% bonds, $844,000: General
securities of its
$800,000;
$4,756,000; Equipment Trust Certificates
"O", $1,500,000; Series "E," $1,200,000;
Series
Series
total,
$6,000,000 Easton & Amboy guaranteed 5s, due May 1920, have
interest.
See V. 110, p. 1290.—Ld.J
was accrued during the year for taxes the sum of $316,667
of which $214,667 represented war taxes.
Taxes on the property used for
operating purposes, amounting to $1,822,986, were assumed by the U. S.|
[The
132,262
1,607,350
Utah Securities Corp (subsid
r
April 2, wrote in
been extended to May 1 1922 at 5%
184,605
1,859,178
v
1919.)
Dec. 31
Philadelphia,
Company Again in Possession.—On March 1 1920 Government control
ended.
The Transportation Act 1920 (V. 110, p. 720) will probably, if
fairly administered by the Inter-State Commerce Commission, work to
the benefit of your property.
Funded
Debt.—The
following
obligations,
aggregating $2,500,000,
matured, were redeemed and canceled during 1919:
Collateral Trust 4%
bonds, $1,000,000; installments of Equipment Trust Series ' L,
M,
"M,"
Year.
Year.
President E. E. Loomis,
substance:
Consol. Mortgage bonds,
Net Earnings
Previous
Current
$
Illinois Traction Co.a__Mar
15,452
31,978
42,841
FINANCIAL REPORTS
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Alabama Power Co_a.__Mar
11
156,929
329,975
506.050
206,578
2,501,304
Previous
10,926
13,310
10,975
39,917
32,927
'19
Co
3,117,224
2,542,141
237,353
Earnings
'
24,236
26,427
71,895
75,768
95,974
96,352
280,202
279,386
Mar '20
Louisville Railway
a Includes Milwaukee Light, Heat & Traction Co.
5 Includes all sources.
/ Earnings given in milreis.
g Includes constituent or subsidiary companies
h Subsidiary companies o
A Includes Tennessee Ry., Light & Power
ary
only.
Co., the Nashville Ry. & Light Co., the Tennessee Power Co. and the
Li
Chattanooga Ry. <fc Light Co.
I Includes both elevated and subway lines
/Of Abington and Rockland (Mass.).
Gross
& Taxes.
342,745
333,735
'19
'20
'19
mos
(66th Annual Report—Year ended
Current
Balance,
Surplus.
$
Fixed Chgs.
,
66,305
62,023
196,004
177,012
Mar '20
Rapid
Transit Co
617,261
612,999
1,356,732 1,220,144
507,628
568,490
151,859
146,711
967,317
1,136,346
13,104,254 11,212,760
2.733,258 2,081,712
601.324
474,291
Surplus.
69,189
84,317
484,840
801,686
$
31,127
849.293
Wash Bait & Annap.. February
Youngstown & Ohio. February
198,271
209,552
2,033,766
2,324,231
i
After allowing for other income received.
2
183,021
932,707
1075,374
Twin City Rap Tran. March
Virginia Ry & Power. March
Charges.
$
129,082
125,235
1,548,926
1,522,545
$
485,761
5,677,797
5,634,860
'20
*19
mos
.
Balance,
Fixed
after
Taxes.
52^,565
Mar '20
'19
Ry, Lt
Power Co
$
$
S
$
44,162
96,178
84,392
39,679
27.056
57,681
49,959
25,504
582,340 646,366 6,130,718 5,078,422
1710,734 1404,993
5,066,564 4,219,264
4876,561 3994,180 13,789,621 11,306,998
283,829 248,148
501,802
596,329
27,253
51.850
25,141
57.429
19,355
38,443
18,854
41.491
230,447 200,636 2.611,756 2,189,325
15,917
23,417
226,994
269,105
963,752
342,745 333,735
976,535
103.244
182,213
86,259
215,743
22,972
145,503
13,399
186,453
1452.175 1157,350
2,978.802 2,391,267
1530,186 1219,825
4,508,988 3,611,092
792,594
314,250 267,284
905,187
936,167
299,413
441,806
1,339,869
Houghton Co El L Co February
Houghton Co Trac Co February
Net
Earnings.
Name of Road
2263,257
35,219
51,417
178,322
328.394
Taxes.—There
Government.
„,
Additions, &c.—There was expended during the year for additions and
of road and equipment $4,994,647, including [$1,402,0491
betterments
improvements on subsidiary properties owned by the company [notably
$2,619,983 for locomotives, $591,076 for shops and engine houses, $566,734
for ties, rails and other track material.]
Nineteen Pacific type locomotives ordered in 1916 were received, as were
29 Santa Fe freight locomotives ordered at the same time.
Seven Santa he
,
,
enginas were due from builders and have been delivered since Dec. 31.
In accordance with order of I.-S. C. Commission, 648 of our engines were
equipped with electric headlights; the balance will be finished by the
required date (July 1).
Equipping the 1,027 engines in accordance, with
this rule will cost $231,075; 161 boxcars (80,000-lb.(capacity) were equipped
with steel ends.
The
total
Dec. 31 was 1,027, with a
39,305,898 lbs.; freight cars, 42,544 with a capacity of
number of locomotives on hand
tractive power of
1,622,717.5 tons.
The 2,300 coal and gondola cars referred to in the
to your company were
of such
„
last report as allocated
assigned by tne Government to other
equipment.
Renewals
lines in need
,
Under Federal Control.—During the three years
before Govern¬
operation an average of 867,155 ties was placed in our tracks annually.
In 1918, under Federal management, onlv 589,997 were installed, and in
1919 only 662,031, or an average of 241,141 ties a year less than the test
period average.
.
Of steel rails, the average number of tons laid during the test period
was 20,092 tons annually.
Only 13.626 tons were laid in 1918 and 15,082
in 1919, an average for the two years of 14,354 tons annually.
Wages.—In 1919 the Government continued to grant increased pay
to various classes of employees, $34,857,043 was paid in wages, an increase
of 41.8% over 1917, the last year before Government control.
In the same
time the freight tonnage decreased
694,503,030 ton miles, or 10.4%.
Demands for large increases in wages were pending at the end of Govern¬
ment
A
ment control.
Claims.—Loss and damage claims on
freight paid during the year amount¬
of $699,979, due largely to the spirit of law¬
the country as shown by losses through pilfering.
The department made 3,449 arrests, obtaining convictions in 3,338 cases,
and there were 31 cases still pending Dec. 31.
Cost of Supplies.—The past year saw continued increases in the cost or
materials consumed.
Coal used in locomotives for example, cost the
ed to $1,545,420, an increase
lessness
throughout
in 1917 $6,292,154, an average price of $2 63 a ton.
The same
quantity in 1919, when the average cost was $3 68 a ton, would have cost
$8,801,197, an increase of $2,509,043.
.
New Industries Served.—Twenty-nine new industries with direct track
connections were located on the Lehigh Valley during the year; 7,973 feet
company
of new
industrial sidings were constructed.
.
all the agencies formerly maintained by the
in large business producing centres away from its rails were dis¬
continued and by this and the routing methods adopted, much valuable
traffic heretofore enjoyed was diverted to other lines.
These agencies have
now been reinstated.
Stockholders.—On Dec. 31 there were 16,942 stockholders; average holding
71.54 shares, an increase compared with 1918 of 3,355. or 24.7%.
Under Government operation
company
...
....
GENERAL
STATISTICS FOR CALENDAR
Tons revenue freight
Tons freight, 1
mile
YEARS.
1917.
30,934,972 37,250,739
35,296,643
__.5968348276 7136881128 6662851306
1919.
-
1918.
$51,607,543 $53,273,923 $43,107,782
$1.66826
$1.43014
$1.22130
$0,893
$0.77
$0.67
6,796,350
7,629,888
7,136,491
Passengers carried 1 mile
262,693.218 270,388,327 243,924,392
Passenger revenue
$6,827,897 $6,234,935 $4,894,990
Average revenue per passenger
$1.00464
$0.81717
$0.68591
Average revenue per pass, per mile..
$0.02599
$0.02306
$0.02007
Net oper. revenue per mile of road...
$3,798
$5,718
$7,992
Freight revenue
-
Average revenue per ton
I
_
Average revenue per ton per
Passengers carried..
mile
-
THE CHRONICLE
1968
CORPORATE
CALENDAR
ACCOUNT FOR
INCOME
YEARS.
1918.
1919.
Compensation due from U. S, RR. Administrate.$11,316,196 $11,321,233
Other Corporate Income—
Miscellaneous rent income-,-.-,-15,<56
12,942
Miscellaneous non-operating physical property.244.605
225,318
176,970
116,820
1,188,678
2,546,778
114,156
54,764
66,398
Separately operated properties—profit-,Dividend
income
—
Income from—
Funded securities—
Unfunded securities and accounts
—
—
99,858
—
400
400
7,815
3,003
$1,848,238
$3,026,425
Sinking and other reserve funds
Miscellaneous
income
Total other corporate
income
income
Gross
Deductions—
—
.
.$13,164,434 $14,347,658
—
—
,
*
— —
—
$7,754,824
$6,592,834
6,060,800
"
deductions
Total
492,500
4,038,758
273,484
116,768
297,704
$8,187,221
$4,977,213
4,699,512
on
Net income-.Dividends
r
286,372
_—_.
unfunded debt.-...——
Maintenance of investment organization.
Miscellaneous income charges
Interest
$2,183,337
352,272
$2,196,128
332,814
316,667
4,615,602
220,007
Rent for leased roads
Miscellaneous rent deductions—
Miscellaneous tax accruals.,..
Interest on funded debt—
■
—
220.633
Road and Eauipmenl.—-Expenditures under this account during the year
were:
Road, $1,044,359; additions and betterments to equipment. $67,879;
general expenditures, $42,229; total, $1,154,467.
The figures representing charges to road and equipment have not all been
accepted by the receiver for the corporation and are subject to a final audit.
New 90-lb. rail, requiring 7,549 tons and replacing lighter rail, was placed
in 53 miles of track.
Approximately 287,000 tie plates and 57,000 rail
anchors were installed.
The new modern brick freight station with con¬
crete platforms at Salt Lake City, Utah, is completed and in use.
The unification of main line facilities of the Denver & Rio Grande and
the Atchison Topeka & Santa Fe railroads, between South Denver
and
Bragdon, Colo., mentioned in last year's report, remained in effect during
the entire year, but settlement as to road and equipment charges resulting
therefrom has not yet been effected.
At Soldier Summit, Utah, the new terminal mentioned in last year's report
was 70% complete and placed in operation Nov. 20 1919, the 30% not com¬
pleted representing yard tracks and various buildings.
Expended to date,
$1,126,433 account of road and equipment and $43 ,321 account of expenses.
No new equipment was purchased during the year.
Federal Valuation.—-Physical valuation of the property conducted under
the direction of the Federal Government, along with engineering and ac¬
counting work,
-
$532,034
$277,701
------— — _-_
FEDERAL ADMINISTRATION OPERATING
STATEMENT.
Average miles operated
-
1,436
—
Operating Revenues—
Coal freight
Merchandise freight
365,000 tons of
1,443
..
-
..
—
..
_ —
——
..
—
$65,542,502 $65,586,769 $53,358,446
Total operating revenue
Operating Expenses—
—
—
30,115,226
...
1,515,249
Traffic expenses.
Transportation
General, &c
—
Total operating expenses..
Net operating revenue— —
-
$5,353,466
9,999,610
1,013,395
24,141,699
1,317,997
17,004,251
654,982
30,523,764
1,344,999
$60,088,566 $57,346,025 $41,826,166
$5,453,936
$8,240,743 $11,532,280
1,822,987
1,874,237
1,9,53,954
—
—
$7,818,030
$9,824,647
18,152,710
480,733
Maintenance of way and structures—
Maintenance of equipment...
...
Railway tax accruals
Uncollectible railway revenues...
—
purposes.
[See also News Department on
and compare Western Pacific report in "Chronicle".—
1186.—Ed.]
following
page
Vol. 107, p.
2,064
2,125
income.
$6,364,382
$9,575,996
$185,313
-
——
$139,563
153,515
333,576
137,818
$393,139
86,153
300,621
track
Additional
Rolling
39,357
524,216
110,808
[Floating
Joint facility rent income—
Income from unfunded securities, &c.
Total
income
—
$4,488,580
—
$7,128,853 $10,355,909
Deductions—
Hire of
$42,113
146,483
$3,779,427
...
$6,821,131
520,556
_/
.
—
BALANCE
1919.
SHEET DECEMBER
1918.
.
leased
on
railway prop'ty.
1,639,650
1,996,988
Stocks.
.
stock...60,501,700 60,501,700
! Preferred stock...
106,300
106,300
1,715,555 I Funded debt— —096,336,000 96,911,000
2,026,066 Loans & bills pay
4.000,000
2,000,000
556
89,887
42,222
2,084,949
2,351,296
Special deposits—.
Cash.
34,079
30,694
Misc. accts. receivlO.826,055 11,671,878
35,980
Jnt.&divs.rec.,&c
30,410
Traffic, &c., bals.
Deferred assets...25,712,052
Unadjust. debits—
455,488
23,886,914
533,055
declared
Unmat'd int. accr.
Unmatured
(2)
31
1919.
Yard
per
65-/6. 45, %c.
54.12
5.91
0.45
106.31 182.64
7.5-lb.
34.36
1.33
666.32
158.76
—-
Miles Owned —Track Miles of Each Class of Ballast—
Slag. Cinders. Gravel. Total.Earth,Sic.
or Leased.
52.82 222.56 475.39
540.03
1,015.42 200.01
Ballast—
A—Standard
Gauge—
First track.
Additional
track—
312.35
72.03
24.54
140.45
370.93
1919.
1917.
572
572
572
425
1917.
1918.
1919.
423
-
Passenger cars-
785.90 2,210.24
680.43 2,210.68
1918 AND
1917.
1918.
248.00
55.30
1919,
EQUIPMENT AS OF DEC. 31
1 55.18
55.30
373.41
140.45
1 57.17
60.60
B—Narr.Gauge—1st track
303.30
Total tracks[1919
2,996.14 272.01
V1918
-2,891.11 169.05
428 Other
Freight cars...17,071
cars..
1,104
17,230
1,077
17,366
1,074
1917.
796,022
750,053
616,075
-—
—
1916-.
-
—
16,578
10,255
1,515,200
—
YEARS ENDING
DEC
31.
1917.
1918.
INCOME
_
ACCOUNT FOR
CALENDAR
YEARS.
Corporation,
Federal,
Total
Total
Total
1919.
1919.
1919.
1918.
1917.
$
$
s
$
Freight revenue.--
-----
.
V.
Mail, express, &c
——
.
—
$
24,099,452 24,099,452 24,634,502 21,849,883
6,922,474
1,994,331
4,922,280
1,795,432
6,922,474
1,994,331
4,735,517
1,837,738
33,016,257 33,016,257 31,352,214 28,423,138
4,856,556
4,856,550
4,635,701
3,563,397
8,040,802
7,923,546
5,185,374
7,923,540
264,344
484,131
241,398
241,398
9,252,440
11,295,477 11,295,477 11,260,010
560,734
560,734
402,680
399,383
701,392
869,074
832,405
832,405
Cr.l 1,453
Cr. 53,145
Cr .53,145
Cr.25,369
Total oper. revenues—.
355,102
354,509
85,891
18,762,435
liability
Total
Mfrs.,&c.
309,839 1,099,098
327,056 1,524,992
331,041 2,814,921
265,156 2.546,173
864,946
631,678
Accr'd deprec'n. .bl5,941,732
Unadjust. credits.
714,872
229,966,391221,126,474
Forest.
2,580
Average miles operated
2,593
2,611
1,628,979
Passengers carried-..
1,554,268
1,374,917
204,250,771
Passengers carried one mile
235,476,729
183,902,066
Rate per passenger per mile.-.2.32 cts.
2.94 cts.
2 68 cts.
Revenue freight carried-—
13,697,239
11,772,298
13,931,509
Revenue freight carried 1 mile—1,814,705,744 2,113,550,114 2, 082,531,562
Rate per ton per mile
1.049 cts.
1.328 cts.
1.166 cts.
Revenue per mile of road
$11,017
$12,733
$12,008
10.647
rents
liabilit's.
YEARS.
CALENDAR
1919.
Passenger revenue,.—
1,001,429
851,923
FOR
STATISTICS FOR
TRAFFIC
4.50,668
8,983
cur.
CARRIED
Animals. Coal&Coke. Ore, Ac.
295,772 5,275,904 3,948,945
286,645 6,009,978 4,986,816
236,087 5,546,562 4,018,575
248,327 4,787,140 4,357,373
Agricul.
842,740
6,899
Def'd liabilities...24,757,433
Tax
Profit and
Total
COMMODITIES
Tons—
1919—
1918—--.
136,351
9,976
451,233
accrued
Oth.
v
254,963
-
.
681,189
12,485,443
289,458
lo&S—c25,965,934 23,953,584
........229,966,391221,126,474
Maint. of way & structures
Maintenance of equipment
Traffic..
Transportation
Miscellaneous operations-
—
General-.,-—
—
Transp. for InvestmentTotal oper. expenses...
Net revenue
—
Ta x accruals
After deducting $30,000,000 funded debt held in treasury,
a
1,015.42 252.66
312.35 151.81
_
DEC.
Weight
SS-lb
B—Narr.Gauge—1st track 303.30
Total tracks/1919
2,996.14 404.47 1,016.03 128.28 536.78 720.15
U918- —-2,891.11 248.51 1,020.22 127.14 552.17 943.07
.
—
-
-
$
Common
Traffic, &e., bals.
54,588,488 55,170,324 Accts. & wages...
Bonds..
23,887,926 23,966,926 Misc. accts. pay'le
504,564 Int. mat'd, unp'd.
Notes
529,564
Ad vances...... 10,348,508
8,349,840 Divs. rnat'd, unp'd
divs.
Other invesim'ts.
2,471,666 Unmatured
404,566
Inv. in affil. cos
1918.
$
Liabilities—
&equip't_.b97,341,164 88,366,102
Misc. phys. prop..
$9,688,471
1919.
1
8
^
~
$86,643.
357,353
223,442
31.
I
■
A $8Ct8*
lmpts.
$45,897
35,738
226,088
equipment/Rolling
"V;;.
'
[Floating
facility rents, &c
Net income..
Road
ENDING
90-lb.
Income'■—
Other
Hire of equipment /
Joint
Mi les Owned
or Leased.
Ra t Is—
A—Standard Gauge.
First track-
2,330
$3,628,886
(1)
Locomotives
Operating
'
traffic per year.
RAILS—BALLAST—YEAR
-
—
1,441
..
------
—
ore
Pacific Loss Charged to Profit and Loss.—Mr. Baldwin, receiver,
authorized in April 1919 the charging off to profit and loss of $37,930,478,
being the value as of March 5 1915 of investments in securities of the West¬
ern Pacific Railway Co., representing cash, labor, material, &c., advanced
a
1917.
..$23,075,738 $24,118,33.3 $20,402,226
28,5^1,805
29,155,590
22,705,556
6,827,89/
6,234,935
4,894,990
4,038,883
3.837,383
2,777,0/7
1,552,643
743,350
1,170,023
1,515.536
1.497,178
1,408,574
—
Passenger
->
Mail, express, &c—
Transportation—water lines.
Incidental....
—
1918.
complete.
that company for construction
[In comparison with the company's operations in 1917.]
1919.
is about 68%
Goshen Valley RR.—This corporation, owned by Utah capital, commenced
operating Nov. 6 1919 a standard-gauge line 8.81 miles in length from Pearl
Junction. Utah, on the D. & R. G. RR., to Dividend and Iron King, Utah,
in the
Tintic Mining District, assuring your
company approximately
Western
Balance, surplus.,.——
(Vol. 110
b Represents only
road property of Lehigh Valley RR. proper (Easton
The total road and equipment investment or the system
including transportation subsidiaries owned by your co. is $218,215,345.
c The substantial changes in these accounts result from adjustment of the
investment accounts as they appeared prior to July 1 1907.
The accounts
are now stated in accordance with the priovisions of the Inter-State Com¬
merce Commission classifications.—V. 110, p. 1849.
—
Uncollectible
25,656,971
7,359,285
1,380,000
5,616
1,380,793
5,973,670
25,293,475 19,728,429
6,058,739
8,694,709
25,656,971
7,359,285
_
792
_
revenues...
1,197,000
3,213
1,231,011
5,972,877
141,777
4,858,526
7,462,267
364,266
193.752
8,319,377
98,339
8,319,377
5,615
1,431
to Wilkes-Barre).
def 793
Operating income.
Joint facility rent.. -----1
141,777
Inc. from lease of road to
U. S. Government
8,319,377
—....
98,339
Dividend income.
Denver
•
&
Rio
Grande
108,946
133,297
113,687
98,264
141,164
a.591,380
131,192
722,572
524,208
204,229
9,070,781
191.530
6,338,940
15,409.721
16,034,978
8,697,591
a580,937
772,467
208,114
349,597
172,571
Miscellaneous, rents, Ac..
(34th Annual Report—Year ended Dec. 31 1919.)
Secretary J. P.
substantially
the
Gross income--...
Howland, New York, April 1, presents
following data obtained from Receiver
Alexander R. Baldwin and the U. S. RR. Administration:
Operations.—The
total
operating
revenues
of
$33,016,257
represent
$12,733 per operated mile of road.
The revenue from freight traffic de¬
creased $535,050, or 2.2%.
There was a decrease of 2,159,211 tons in
total of commodities handled, of which bituminous coal, coke and ores were
the largest
contributors.
Revenue per ton per mile was 1.33 cents, as
against 1.17 cents in previous year.
The increase in revenue per ton mile
is entirely attributable to increase in rates which became effective June 25
1918 and are therefore not reflected in the entire operations of previous year.
Passenger revenues increased $2,000,194, or 40.6%.
The number of
passengers carried increased 13%.
The a\erage revenue per passenger
mile increased 9.7%, whereas passengers carried one mile increased 28%,
due to resumption of normal passenger travel /which was discouraged in
previous year account of war conditions.
Operating expenses increased $363,496, or 1.4%.
Expenditures for maintenance of way and structures were $1,873 per
operated mile, or $98 more than previous year.
Maintenance of equip¬
ment expenses decreased $117,256, or 1.5%, attributable to the large de¬
crease in repairs to locomotives,.
The average expenditure per locomotive
was $5,352; per passenger train car, $883; per freight train car, $186.
REVENUES PER
Gross.
MILE
OF ROAD AS
Net.
1919a-_$12,733 $2,838 1914b
1918a— 12,008
2,321 1913b
1917a— 11,017
3,370 1912b
1916a—
9,893
4,114 1910b
1916b
9,676. 3,946 1906b
1915b
8,487
2,930 1905b
a Dec.
31 years,
b June 30
—
—
Gross.
OF
DEC.
31
AND
Net.
$9,133 $2,761 1904b
9,571
2,899 1903b
9,126
2,468 1901b
3,054 1900b
9,273
7,948
3,061 1899b
7,038
2,836
JUNE
Gross.
.
.
30.
Net.
$6,858 $2,664
7,277
2,807
7,021
2,580
6,433
2,422
5,600
2,142
years.
Funded Debt.—A total of $348,500 First and Refunding Mtge. 5% bonds
was purchased for sinking fund and deposited with the trustee.
597,911
21,484
70,819
172,571
170,829
113,644
8,319,376
8,319,376
Inc. fromunfund. see., &c.
Railroad.
1,745,969
21,484
'62,479
Inc. from funded securities
—
--
Hire of equipment, &c...
Joint facility rents.■_
Rent for leased roads—
To U. S. Government—
funded debt—
4,894,397
8,319,376
398,267
4,894,397
337,246
4,911,475
510,961
4,922,457
Int.
on
Adj. Mtge. bonds.
700,000
700,000
700,000
700,000
Int.
on
unfunded debt—
2,626,333
2,640,086
2,722,648
To other companies..
Interest
on
Net income
398,267
—
260,253df2,747,700df2,487,446dfl,334,711
------
Sinking fund
13,753
196,930
6,200
—
Renewal fund
Balance to profitA loss.
196,930
132,928
6,200
494
------
df.57,123df2,747,700df2,690,577dfl,468,133
1,171
2,099,763
172,420
130,950
1,796,393
Includes net of $542,060
for revenue and expense items applicable te period
prior to Jan. 1 1918, accounted for by U. S. Railroad Administration.
a
COMBINED ACCOUNT FOR 1918 A VD 1919 AS COMPARED WITH CORPORATE
ACCOUNT FOR
Average miles operated
Net, after taxes, &c
...
—
—
Gross income
Interest
&c
on
Int.onAdj
1916.
.
-
—
\
../
_
funded debt
1917.
-
—
Hire of Equipment
Rents,
YEARS.
1918.
2,593
2,611
2,580
0^2,573
..$33,016,257 $31,352,214 $28,423,138 $25,644,486
$5,972,877
$4,858,526
$7,462,267
$9,461,773
1 117,467
2,857,075
1,084,476
1,181,868
—
Gross earnings
Other income
PREVIOUS
1919.
Calendar Years—
;
Mtge. bonds (7%)—
Sinking and renewal funds......
Additions and betterments—
$7,090,344
$7,715,601
$3,983,393
53,438,838 /
$146,823
\
$8,546,743 510,643,641
4,894,397
4,911,475
677,700
4,922,457
700,000
203,130
700,000
133,422
700,000
303,370
...—
$623,945
4.957,826
700,000
304,269
2,300,000
,
Balance, surplus or defieit..def.S2,690,577df$l,468,133 srSl,796,393sr$ 1,757.600
May 8
1920.]
THE
CONDENSED
BALANCE SHEET DEC.
GENERAL
1919.
1918.
s
$
Assets—
179,592,701
160,583
146,821
ry.
property.
Sinking funds.
Common stock. 38,000,000
38,000,000
Preferred stock. 49,775,670
49,775,670
Long term debt cl21,175,500 121,524,000
196
58,860
55,286
3,220
Misc. accts. pay.
88,745
250,897
Int. mat'd unp'd
Divs. matured..
2,174,860
52,124
3,220,717
987
987
6,772,574
44,023,189
Unmat.int.accr.
1,031,926
1,039,255
3,177,754
6,847,508
cos.—
.....
9,626
Unmatured rents
accrued
12,726
a2,375,435
...
2,581,368
Special deposits.
46,539
918
U.S.RR.Adm.
5,098,753
3,519,377
Ins. &oth: funds
172,900
6,457,531
5,155,209
172,900
4.880,698
3,665,504
liabilities
3,105
equipment..
_
Def.lnt.onW.P.
Ry.Co. 2dM.
7,976,430
bonds
5.612,258
72,138
.......
112,052
Other def. assets
Oth.unadj.debits
:
3,027,844
Sale of Utah Fuel
bEquitable Trust
Co. cap. stock
Oth. unadj. liab.
Co..
trustee,
judgment.... 39,518,601
Add'ns
165,419
to
3,959,281
193,623
3,959,281
244,654
5,594,071
5,585,619
prop,
through
39,518,601
72,485
inc.
and
surplus..
Sink. fd.
reserves
d 1,881,575
I,532,196
370,393
surplus
370,393
Prof. & loss..deb26,106,945
Approp.
Total
a
Total
246,613,380 283,102,298
...
Including $2,173,260
II,630,739
246,613,380 283,102,298
b Account of guaranty of old
1797: V. 107, p. 1186.
c Ex¬
cluding $13,497,500 bonds held in Treasury and by trustees, viz., 51,445,000 1st
to
bond
pay
Western Pacific bonds foreclosed.
coupons,
See V.
106, p.
Consols, of 1886 ($34,125,000 held by public): $10,000 RioGr. Western4s ($15,190,-
000 held by public); $1,395,000 Rio Gr. Western 1st Consols. ($15,080,000 held by
public); all the $650,000 Utah Central 1st Mtge. bonds; $9,997,500 D. &
R. G. First
& Ref. bonds of 1908 additional to $32,063,500 held by public,
d $348,500 5% First
& Ref. bonds were purchased during the year for the sinking fund.—V. 110, p. 561.
Pere
1917.
Marquette Railway.
OPERATING ACCOUNT—FEDERAL 1919 AND 1918—COMPANY 1917.
1919.
1918.
1917.
...$26,504,204 $22,200,348 $16,850,265
6,127,460
4,233,796
4,213,804
274,477
281,591
344,6/8
_—v" 94. ,988
855,32.
.11,953
1,589,00/
1,383,949
1,38/ ,155
__
_______
Mail
Co%'
1919.
103,759.351
The mines of the company produced during the year 2,103,098.71 tons
of
ore and 10,421 tons of precipitates, or a total of 2,113,519 tons.
Results.—The curtailed output and increased cost of production in every
department has had the effect of greatly reducing our revenues.
The net
income, after payment of all direct expenses, was $9,308,024, or, after
interest and depreciation charges, $5,103,641.
Dividends were declared
amounting to $9,325,000, thereby reducing the surplus from $66,232,484,
to
$62,011,125.
Extensive improvements were made at the mines in
Butte, and construction under way at various plants was continued and
largely completed.
The South American undertakings were advanced
uninterruptedly.
Development and Exploration.—In the mines of the company new drifts,
crosscuts, upraises, shafts and winzes aggregated 20.39 miles, as compared
with 41.85 miles in 1918.
The shafts were sunk additional depths aggre¬
gating 1,749 feet.
The shaft on the Orphan Girl claim was sunk to a depth
of 1,036 feet and a crosscut was started northerly to cut the veins apexing
on the Orphan Boy and the Anglo-Saxon claims.
The results of development and exploration work in the mines were quite
satisfactory.
A large amount of repair work was performed, notably ex¬
tensive retimbering at Anaconda, Never
Sweat,
Ramsdell-Parrot, St,
Lawrence, Diamond, Original, Moonlight and Leonard mines.
Also fireproofing was done in several shafts.
Y
Ventilation.—The plan of ventilation was carried on with gratifying re¬
sults.
Ten electrically driven fans were installed on surface, having a
capacity of 1,100,000 cu. ft.
Six fans were installed underground, while
87
blowers
were
Copper.—The
installed in the different mines.
copper
reduction works treated for all companies during
were
produced 144,112,285 lbs. of fine
copper,
7,377,-
477 ozs. of silver and 42,526 ozs. of gold.
Of this production, 129,781,031
lbs. of fine copper, 6,744,262.03 ozs. of silver and 42,525.781 ozs. of gold
were
produced for
your company.
The electrolytic copper refinery at Great Falls produced 129,022,057 lbs
of cathodes, 121,338,737 lbs. of which were melted into
shapes at Great Falls
The copper leaching plant treated 184,700 tons of tailings and 61,400 tons
of
purchased
copper.
The
_
7,132,498
6,143,894
3,894,690
from which there were produced 2,500 tons of cement
copper concentrator also treated by flotation 44,500 tons of
slimes from the ponds and 31,000 tons of tailings.
Zinc.—The zinc plants at Anaconda and Great; Falls treated 284,599 tons
of ore and other zinciferous material, including 191,419 tons from company's
mines, and 93.180 tons purchased.
337,974
Express
Miscellaneous.
344,773
12,233,619
886,884
Cr.l 1,682
442,859
9,925,781
3,994,251
Total operating revenue
..$35,433,136 $28,955,011 $23,50/ ,855
Maintenance of way ad structures.$3,495,487
$3,790,387 $2,425,689
Maintenance of equipment.:
__
Traffic
Transportation
Miscellaneous.
—
_____
„
—
_
—
...
Transportation for investment.
Non-operating
income—
income
Bond interest
Cr.9,685
$5,709,280
864,731
1,687,7601
1,159,376/
$8,755,684
762,283
1,687,760
—
Miscel. income charges, rents, &c—
Dividends prior Preferred stock.
surplus
1,437,026
560,000
560,000
326,667
$1,645,054
CALENDAR
1919.
CORPORATE INCOME ACCOUNT FOR
,
$6,246,371
640,479
3,634,171
$1,437,413
$4,306,615
"■income for lease of road—
Expenses
702,112
.$26,723,826 $23,315,551 $17,381,446
$8,594,408
$5,567,136
$6,126,409
159,276
142,144
119,962
Taxes
Balance,
14,764,362
1,126,872
CY.8,593
YEARS.
1918.
$3,748,196
—....
$3,748,196
72,325
124,903
...
Net income.
$3,623,293
121,479
$3,675,871
103,866
$3,744,772
91,417
1,756 [424
$3,779,737
167,243
1,718,371
—
Non-operating income
Gross income
—
—
__
Taxes
Miscellaneous charges and rentals
__
Balance, surplus.
$1,896,931
Represents tentative standard return.—Y. 110,
States Power
Northern
$1,894,125
971.
p.
Co.
(Report for Fiscal Year ending Dec. 31 1919.)
The remarks of President H. M.
Byllesby together with
the income account and balance sheet
various statistical
ore,
At Great Falls there
lbs.
15.256,441 lbs.
and
7,150
ozs.
of
as
tables, will be found
(In Tons)
Diamondville, Wyo
Washoe, Mont-.
Sand Coulee, Mont
INCOME
ACCOUNT
on
FOR
.—
— —
—
1918.
—
—
—__
—
Balance, surplus
Total surplus
CONSOLIDATED
$
450,000
175,000
445,000
138,445
$6,243,551
339,711
418,920
62,351
89,976
$7,154,509
$2,921,418
411,786
431,524
$3,389,781
1,709,838
916,011
435,000
140,000
$751,458
None
franchises, &c_.G0,890,913 57,029,484
Collateral & other
276,115
384,151
Inv.instks. & bds.
51,714
4,956,302
211,180
Cash—
1,696,428
Liberty bonds
237,450
Cash for bond int.
10,380
Accts. & notes rec.
963,165
Unbilled electricity
237,344
Debt dlsc't & exp.
Def.Oper.chgs.,&c.
-
31.
1919.
Liabilities—
1918.
S
S
17,839,500 15,806,500
Common stock... 6,170,000
6,170,000
Minor, stk. equity
111,500
111,500
Bonded debt
*32,523,500 31,107,500
10-year 6% notes
(Minn. CO.).- 7,805,000
44,324
4,822,136 5-year con v. 7%
notes(Minn.Co.) 2,000,000
284,857
988,368 Notes payable.... a283,179
570,565
160,476 Accounts payable.
527,023
10,53 j Accrued interest..
661,722
1,181,695 Accrued taxes
Accrued Pref. divs.
Misceli.
219,079
Items
313,045
1,183,185
1,644,689
134,508
70,933,255 66,650,710
Reserves..
925,995
Surplus—
Inventories
$188,932
$751,458
7% Pref. stock.
Plant, prop.,rights,
Due from fisc. agts.
1,922,714
1,036,915
1918.
S
cash deposits—
531,411
$3,542,974
BALANCE SHEET DEC.
1919.
of other cos——
$4,117,313
1,999,056
$316,259
$1,067,717
Depreciation
Amortization of debt discount & exp.
4
$3,789,069
529,211
642,951
709,706
1,176,998
Interest charges (net)
Preferred dividends—
Assets—
$8,392,664
$4,405,964
—
—.
—
66,049
91,154
$9,875,934
Total gross earnings—
YEARS.
1917.
$7,339,654
436,620
459,188
— _
Operating expenses
Maintenance
—
1,067,717
r
Total
—
7,805,000
2,000,000
445,000
274,109
509.822
473,488
277,468
79,540
839,325
751,458
70.933,255 66,650,710
Includes $45,000 secured by hypothecation of $50,000 U. S. Liberty
x The outstanding bonds include:
N. S. Pow. Co. of Minn. 25-year
st & Ref. M. 5s, $24,567,500 (against $23,068,500 Dec. 31 1918); Minn,
ien. Elec. Co. 30-year 1st M. 5s, $7,403,000; Southwestern Minn. Div.
a
londs.
onds, $553,000.—V. 109, p. 1371.
of silver
.
—-.-124,867
.183,674
—
To Other Dep.
216,632
63,996
78,454
Sold.
151,842
Used.
40,395
50,692
10,179
104,812
408
29,793,693 ft. of lumber and purchased 18,058,369 ft.,
of which 36,010,965 ft. were shipped to our mines, 33,199,523 ft. were sold
commercially, 2,119,374 ft. were used at the mills for repairs, &c., and
1,788,389 ft. were supplied to the factory for manufacturing, or a total
disposition of 73,118,251 ft., decreasing the stock of finished lumber on
hand by 25,266,189 ft., leaving a balance on Dec. 31 1919 of 28,761,371 ft.
A new sawmill building at Bonner, replacing that destroyed by fire
Jan. 16 1919, began operations on Oct. 1 1919.
& Pacific Ry.
Operations of Butte Anaconda
Number.
5,630,451
1917——6,800,161
Income.
(1917-18
Inserted—Ed.
Interest
Income.
Balance,
Surplus.
Taxes, tfee.
"
Number.
244.976
245,682
355,224
Co.
Net
Gross
-TrafficPassenger.
Tons.
subsequent pages
CALENDAR
1919.
—$8,584,278
523,120
574,125
68,015
126,395
department..
Gas department
Steam department—.
Telephone department
Street
railway department
—
ozs.
The sawmills cut
1919-. -4,574,508
Electric
Net earnings.
produced 48,459,727 lbs. of electrolytic zinc,
and residue from which were produced
dross
5,157,220 lbs. of copper, 2,282,956
Produced.
-408,869
—
1918.
Taxes.
in
company's production there were rolled into
rods 43,241,497 lbs. of copper.
Of this amount 13,914,008 lbs. were manu¬
factured into wire, of which 6,405,782 lbs. were made into strand.
Construction—New Products.—An efficient smoke treatment plant, con¬
sisting of 20 Gottrell treater units, was put into commission at Anaconda.
The special reverberatory furnace was completed and is making satisfac¬
tory recovery of copper, silver, gold and arsenic contained in the dust.
Construction of an arsenic refming plant with capacity of 400 tons per
month of refined arsenic was begun; it will refine from the treaters.
The experimental 25-ton tower acid plant was completed and operated
with satisfactory results.
The acid will be used for treatment of phosphate
rock.
The erection of an experimental 50-ton phosphate plant was begun
which will be able to produce about 35 tons a day of "Treble Acid Phos¬
phate" containing about 48% of soluble phosphoric acid.
Subsidiary Departments.—These realized a profit for the year of $203,140.
The coal mines produced, shipped to other departments, &c.:
of Dec. 31 1919 and
of this'issue.
CONSOLIDATED
were
zinc
of lead,
of gold.
Rod and Wire Mill.—Of the
Total operating expenses
Net operating revenue—
Total
Avge. 3 Yrs.
243,349,350
235,385,478
purchased from or treated for other companies and 33,895 tons of cleanings,
&c., from the old plants at Anaconda and Butte.
will be cited fully another week.
Freight revenue
Passenger...
1918.
211,356,917 /
At Anaconda there
The report
*
1916.
283.30o,657
the year 2,340,100 tons of ore and other cupriferous material at Anaconda.
This includes 1,794,358 tons from company's mines, 511,847 tons either
{Report for Fiscal Year ending Dec. 31 1919.)
Gross
Production (in lbs.) of Copper from Co's Mines, excl. Custom Ores & Sub.
Accrued deprec.,
U. S. Govt. def.
assets
34,154,242
previous peace-time period, although the resumption of export trade, due
to obvious reasons, has been disappointingly slow.
108,575
36,6741763
_
Business—Output.—During the year the consumption of copper in do¬
rapidly increased from a state of profound depression, and
mestic business
since the first quarter has been conducted upon a scale far in excess of
any
U. S. Govt. def.
495,885
,
401,842
Deferred liabil.
44,075
357,426
Traffic. &c.,bal.
Misc.accts.rec_
.....
Copper Mining Company
{Report for the Fiscal Year ending Dec. 31 1919.)
John D. Ryan, Chairman of the board of directors, New
York, May 5, wrote in substance:
wages
payable
Unpledged...
Otherinv., unpl.
Cash..
&
Accts.
1,075
Misc. phys. prop.
Pledged
Anaconda
S
3,341
250,306
.
mtg.prop.sold
1969
1918.
$
Liabilities—
Depos. in lieu of
Inv.inaffil.
31.
1919.
|
!
Road & equip.. 180,546,496
Impts. on leased
CHRONICLE
$
1,204,827
2,095,714
1,789,396
59,483
586,883
367,176
$
231,013
213,960
219,590
$
def.$171,530
sur.
sur.
372,923
147,585
Phosphate Development.—During the year development was undertaken to
open a deposit of phsophate rock on land acquired near Garrison, Mont.
The results indicate the probability of a large and valuable deposit.
From the Southern California Orange Grove Fertilizer Co. we acquired
the right to purchase a large deposit of phosphate rock of high grade in
Caribou County, Idaho, about 7 miles from Soda Springs, on the Oregon
Short Line RR.
Plans have been made for a spur to said railway; also
four tunnels, &c., through which about 25,000,000 tons of rock can be
mined.
It is believed that this industry will add a large and profitable
business to
our
activities.
.
.,
....
_
International Smelting Co.—The smeltery of this subsidiary at Tooele.
Utah, treated in 1919 131,395.05 tons of copper ore and 237,164.36 tons
of lead ore, from which there were produced 13,695,215 lbs. of fine copper,
61,554,793 lbs. offinelead,5,523,241.79 ozs. of silver and 28,536.806ozs.gold,
The copper smeltery at Miami, Ariz., treated 351,119.36 tons of con¬
centrates and purchased ores, from which there were produced 160,451,682
lbs. of fine copper, 275,573.26 ozs. of silver and 5,379.814 ozs. of gold,
International Lead Refining Co.—The lead refinery of this subsidiary at
East Chicago, Ind., treated 32,237.68 tons of lead bullion from the Tooele
plant and 6,535.50 tons of purchased ore and other bullion from which
there were produced 69,884,930 lbs. of common lead, 6,402,350 lbs. of
antimonial lead, 6.311,227.38 ozs. of silver and 24,427,984 ozs. of gold.
Raritan Copper Works.—The refinery at Perth Amboy, N. J., treated for
ail companies 165,442.79 tons of copper bullion and 6,514,987.90 ozs..of
silver bullion, from which there were produced 326,671,962 lbs. of fine
copper, 19,503,573.65 ozs. of silver and 120,629.250 ozs. of gold.
South
America.—Andes
Copper
Mining Co. Development.—Churn
drilling to the extent of 12,546 ft. was done during the year to the south
of territory formerly drilled and approximately 33,000,000 tons of ore of
average grade were added to the reserves.
There still remains a large and
promising area to be drilled.
The total tonnage developed to Dec. 31 1919
amounted to 120,000,000 tons of tore having an average copper value of
1't)/theesix°tunnels
for the main water supply, aggregating 7,921 ft. in
length. 5,571 ft. have been driven. 3,068 ft. of which were driven during
1919.
The water line for domestic u ;e was completed, also a large reservoir
above the townsite.
.
The Potrerillos Railway was
:
.
^
^
completed, the first train arriving at the
May 1 1919.
The interconnecting line between main line and
mine 2lA miles in length, was complteed.
The section of the mine to mill railway from the millsite to the mou ih of
the main adit, is practically completed, incluiing the three tunnels, aggre¬
gating 6,364 ft. m length.
The main adit was driven 4,270 ft. in 1919,
making a total of 8,000 ft. in length.
In November water amcu iting to
3 000 gallons of water per minute was encountered in the main adit.
millsite
on
claims, millsites, rights of way, water rights and
perfected.
The company owns 270,994 acres of land,
1,250 of which were acquired during the year 1919.
The general drawings for the reduction works were practically completed,
and a pilot plant wasput into operation to demonstrate the process evolved.
Santiago Mining Co.—Development work at the Lo Aguirre mine was
confined chiefly to preparing the property for the mining of the ore by the
caving system.
Haulage drifts, raises, &c., aggregated 8,264 ft.
A new
body of sulphide ore was cut in the central section of the mine on the haul¬
age level, which, when developed, will add a substantial tonnage of ap¬
proximately 3% copper.
The main shaft of the Africana Mine was sunk 330 ft. during the year,
making a total depth of 588 ft.
The total advance in all workings was
3,672 ft.
Shaft No. 2 was sunk to a total depth of 233 ft. and connected
with shaft No. 1, 2,000 ft. distant, showing the vein to be continuous.
The shafts were equipped with hoisting engines, pumps, air drills, &c.
The title to all mining
other property was
developments throughout the property were satisfactory.
Investments.—During the year your company expended in adding to its
substantially all of which was advanced
to the South American companies, and for which your company Is entitled
to receive stock of those companies, issued at par.
Other Companies in which Anaconda Copper Co. Is Interested.
Walker Mining Co.—Operations were continued in spite of shortage of
labor.
There were mined and milled 38,785 tons of ore, producing 5,982.5
tons of concentrates.
There were shipped to the International smeltery
4,270 tons of concentrates containing 1,597,430 lbs. of copper, 29,077 ozs.
of silver and 677.754 ozs. of gold.
The new aerial tramway was,87% com¬
The
Investments the sum of $9,894,170,
The crosscut tunnel is being extended.
in 1919 456,174 bbls. of oil and paid $8 50
pleted.
Arizona Oil Co.—Produced
per share
[Vol
THE CHRONICLE
1970
in dividends, of which Anaconda received $69,360.
Anaconda Lead Products Co.—This new subsidiary is erecting a
East Chicago, Ind. (adjacent to International Lead Refining Co.),
put it in operation early in 1920
with
a
INCL. SUBSIDIARIES.
PROFIT & LOSS ACCT. YEARS END. DEC. 31.
1917.
1918.
1919.
$
Receipts—
plant at
and will
capacity of 20 tons of white lead daily.
of copper, silver
52,633,640 109,504,744 109,055,593
and gold--..--7,436,953
10,248,791
6,668.384
Royalties, &c
7,514,591
Sales of merchandise— 11,937,531
1,892,788
2,867,515
2,749,083
Income from invest., &c.
Metals
in
process
(at
1916.
$
Sales
cost) and on hand (sold
at contract prices)
28,705,375
and on
Metals in process
hand
37,225,804
102,606,287 150,486,317 158,954,240 150,540,687
Total receipts
Disbursements—
-
Mining exp., incl. devel.
24,591,950
21,156,714
16,216,916
32,966,589
29,844,525
19,474,604
23,695,832
18,960,027
18,944,075
24,709,071
15,227,458
19,183,023
6,247,392
11,186,550
8,552,862
5,845,701
6,956,883
6,419,288
6,760,480
5,210,178
1,518,566
2,522,616
6,104,185
3,396,110
5,387,437
1,613,424
*27,865,266
17,294,929
12,968,644
Ore purch. (incl. trans.)
Reduction expenses, &c.
Trans, of metals, refining
and selling expenses._
Cost of mdse. sold
Admin, exp. & taxes on
inc. & on timber lands
37,225,804
acquisition of bonds and stock of the Mother Lode Coalition Mines Co.,
and for use in connection with the enlargement of the Braden Copper Co.'s
plant in South America (V. 108. p. 787).
Alaska Steamship Co.—Net earnings, after deducting operating expenses,
depreciation and taxes, amounted to $737,064, which includes approxi¬
mately $275,000 representing adjustment of previous years' earnings.
Quarterly dividends of 1H% were paid, making a total distribution of
$270,000 for the year.
Copper River & Northwestern Ry.—Due to curtailed shipments from the
mines, the railway company operated at a net loss of $177,896 for the year.
Companies.—Detailed operating and financial reports of the
do. and Braden Copper Co. fo the year 1919 are in¬
Braden
Braden Copper Mines
cluded in pamphlet report.
Utah Copper Co.—The total net copper produced by the Utah Copper
in 1919 was 105,088,740 lbs., and the average cost of net copper per lb.
_
Bingham & Garfield Ry. dividend) amounting to 1.779 cts. per lb., and
compares with 12.53 cts. per lb. for 1918 on same basis.
Before crediting
gold, silver and other miscellaneous earnings the per lb. cost for 1919 was
14.145 cts. as compared with 16.331 cts. for 1918.
The net earnings for the
amounted to $8,252,396, as compared with $18,445,780 in 1918,
reduction of 55.3%, due mainly to curtailed production and the lower
price of copper.
Distributions of earnings and of proceeds of depletion
were made to shareholders during the year in the total sum of $9,746,940,
year
a
$6 per share.
Of the total sum distributed in 1919 your company re¬
on stock of the Utah Copper Co. held by it the sum of $3,699,024.
or
ceived
The net ore reserves remaining
2,928,237
7,113,463
Dec. 31 1919, determined by
96,226,500 129,006,914 124,094,213
34,860,027
6,379,787 21,479,403
526,275
1,276,145
676,533
19,815,625
9,325,000
17,484,375
(17%)
(8%)
(15%)
deductions
Balance
-
Interest...
Dividends
Per cent.
Balance,
sur
def.4,221,358
3,318.495
♦Metals In proces at cost and on hand sold, at
98,761,171
51,779,516
951,145
17,484.375
(15%)
14,518,127 33,343,997
contract prices.
aging 1.37% copper.
Sales by Quarters.—Due to the lack of demand for copper, operations at
the mines were curtailed during the first part of the year to approximately
30% of normal.
As market conditions bettered, production was gradually
increased, but it was not until the last of the year that the output was
again on a normal basis.
The tendency is reflected in the sale of copper
by quarterly periods, viz.: 1st quarter, 2,601,000 lbs.; 2d quarter, 9,044,000
lbs.; 3d quarter, 8,696,000 lbs.; 4th quarter, 20,355,000 lbs.
Our sales
during 1919 exceeded the entire production for the year.
[The public accountants say in part: "The book value of the investment
in the Utah Copper Co. stock has been decreased by $2,959,219, being the
amount of the capital distributions received during the year on 616,504
stiAr68 of stock owned.
"The property surplus account has been reduced by $2,787,072, being
the amount of the capital distributions made to the stockholders of your
corporation during the year.
The charge is made against undivided profits
ana the credit given to property account in the usual manner to cover de¬
pletion of the mines for the year.
The rate used takes into account the
additional ore reserves now known to exist in excess of those originally
claimed on income tax returns."]
KENNECOTT
CORPORATION—INCOME ACCOUNT.
COPPER
1919.
26,756,463
18.818 cts.
520,660
1918.
58,684,126
24.428 cts.
695,316
109.285 cts.
95.290 cts.
Years ending Dec. 31—
Copper produced and sold (lbs.)
Average selling price per pound
Silver produced and sold (oz.)
Average selling price per ounce
BALANCE SHEET DEC. 31.
1919.
Liabilities—
$
$
Assets—
1919.
1918.
claims,land,&c. 75.614,653
Bldgs.,mach.,«feo 67,458,373
Timber lands...
5,267,339
74,886,252
56,416,775
5,328,362
ly
owned-.-.. 38,487,026
|
Silver revenues
28,592,856
and
30,658,791
12,121,614 Dividend paya1,290,520
able February.
2,331,250
30,865,266 Reserve for de30,702,053
preciatlon
17,630,968
Surplus
62;011,125
254,194,634 237,203,698
Total
.
order, however, to comply
Expenses—
3,496,875
——254,194,634 237,203,698
compiled on the same basis as heretofore.
with the Government income tax require¬
Corporation.
April 26 1920, wrote in substance:
Mining.—Due to curtailed operations during a great part of the year, the
ore mined at Kennecott and Latouche amounted to but 426,708 tons, viz.:
Dm Tons.
Assay % Cu.
Tons Cu.
Kennecott
162,248
10.24
16,547.8
Latouche
.264,460
1.95
5,161.7
Production for shipment to the smelter totaled 63,048 dry tons, assaying
31.7% and containing 39,983,100 lbs. of copper, viz.: Kennecott, 31,644,600
lbs., and Latouche, 8,338,500 lbs.
The total recovery of copper at Kennecott in all ores treated, milling and
leaching combined, was 92.96%, exceeding 1918 by 3.58%.
At Latouche
the average recovery was 80.80%, this being a slight improvement over
previous years.
-
Development.—At the Bonanza and Jumbo mines at Kennecott 12,889 ft.
of development was done.
Of this total 3,571 ft. represent the completion
of an X-cut, 4,500 ft. in length, connecting the two mines.
The new
Jumbo double compartment incline was advanced 1,089 ft. and was tim¬
bered and completed to the 1,100-ft. level.
At the Bonanza mine the double
compartment incline was carried down an additional 518 ft. to the 1,150-ft.
level.
Besides such development 4,199 ft. of diamond drill exploration
was
done.
Development at the Latouche property totaled 5,268 ft. of
raising and drifting supplemented by 739 ft. of diamond drilling.
Improvements.—The Jumbo Aerial Tramway upper terminal was moved
to a new location cut in solid rock, a 500-ft. adit tunnel having been driven
back into the mountain for this purpose and the tramway then extended,
effecting a considerable saving in Jumbo operating costs.
\
Labor.—The labor situation at Kennecott was even further below standard
than during 1918.
After April 1 there was a general shortage of labor and
particularly miners, and the average length of employment about 5.3 months.
Manufacturing Costs.—There was received at the smelter, after allowing
for smelter deductions, 38.577,418 lbs. of deliverable refined copper and
432,992.19 ozs. of returnable silver; 26,756,463 lbs. of copper and 520,660
of silver were settled for during the year
transcontinental
delivered greater
quarterly disbursements to stockholders of 50c.
each were made.
Note Issue.—On March 11919 your corporation sold $12,000,000 one-year
6% notes at 99 H.
Although the corporation had at that time cash and
U. S. Government bonds on hand amounting to approximately $7,000,000,
under conditions then existing it was deemed wise to obtain additional funds
to provide for carrying a very considerable stock of copper pending the
return of better copper market conditions, as well as to take up $4,000,000
notes of the corporation then outstanding, due March 21; to provide for the
Dividends Paid.—Four
"
■r
140.966
372,676
196",302
$5,649,635
$4,208,909
$9,431,292 $11,817,196
4,777,907
7.147,801
238,541
190,833
143,125
265,689
118,635
514,344
9,016
28.713 (Ioss)41,156
Dividends from Utah Copper Co
$3,938,381 $14,672,272 $19,283,481
Gross income
Int. and commission on notes
$373,142
$653,333
167,531
payable
Depreciation
Depletion account—
For divs. as capital distrib'n ($2)--1
Other depletion
J
Red Cross & United War Works funds
525.165
391,233
382,853
2,287,793/
5,574,089
\
681,639
150,000
5,574.089
($2.00)
$734,316
584,263
353,446
5.574.058
491,980
10,311,665
($3.70)
Per share dividends paid
x2,787.073
($1.00)
Total deductions—
$6,278,583 $13,269,357 $18,049,726
Dividends
Balance,
xThis
-
surplus
does
$2,340,202
-
not include $2,787,072
INCOME ACCOUNT FOR
-A aska SS.
1919.
Oper. expenses & taxes-Net
180,033
(6 %)270.000
Balance, sur. or
a
3,833.852
$957,379
earnings
Depreciation
Dividends
on
$581,238
—
$
2,421,485
capital..al5,000,000
Capital surplus.v86,707,096
Property Burp__yl3.060.76l
Notes payable.. 12,000,000
154,620
cost)
128,739
179,531
15,000,000
86,706,162
15,847,833
4,000,000
224,909
285,934
522.473
83,081
80,660
413,288
366,605
1,045,172
396,496
7,511,405
9,999,360
Accrued Interest
and taxes
Deferred llabil's.
Treatm't,
Mat'l on hand &
1918.
$
Stated
Acc'ts payable..
3,189,311
Ore and concen¬
trates (at
$429,190 loss$177,890
315.899
(10)450.000
Liabilities—
hand
cost
1918.
$1,846,585
1,265,256
1919.
§
and in transit
at
N.W.Ry
1919.
1918.
20,744,877
Constr. & equip, bl,203,721
1,495,150
Investments —*97,650,906 100,608,839
Mining property*18.457,083
Metals
Copper Riv.
CORPORATION—BALANCE SHEET DEC. 31.
$
cts
a
$1,145,662
1,323,558
Dec. 311919 has outstanding $23,020,000 1st M. bds.
COPPER
1919.
u
Co.1918.
$3,733,938
3,304,748
def-.sur.$507,346def.$336,709
This company on
KENNECOTT
$1,233,755
SUBSIDIARY COMPANIES FOR CAL. YEARS
$4,791,231
Gross earnings
$1,402,915
for capital distribution.
refin¬
ing and deliv¬
852,695
935,601
Acc'ts collectible
920,325
2,389,185
Loans to affll.cos
Deferred acc'ts.
9,250,000
81,875
"67", 064
due)
Develop't res've
Marketable see's
2,646,163
2,336,591
Undivided profit
1,201,002
2,695,535
(after depletion)
In
transit
Cash
Total
135,607.701 133,823,065
ery
chges. (not
Total
—
135,607,701 133,823,065
and taken into profit and loss.
Manufacturing costs of production, including increased
freight charges, were approximately He. per lb. of copper
than during 1918.
per share
864,657
158,635
97,044
72,799
$3,091,515
$2,512,394
739,804
Total expenses
Net earnings
Accrued taxes
15,476,482
66,232,484
(5th Annual Report—Year Ended Dec. 31 1919.)
ozs.
$1,317,500
1,574,771
Deductions—
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
has been omitted from the current statements.—V. 110, p. 1528.
President Stephen Birch,
710,412
689,975
50,039
36,544
16,962
125,966
144,720
Delivery expense
ments for the purpose
Kennecott Copper
$2,162,032
1,646.938
1,110,910
143,313
$1,316,898
-
Mineral separation royalty.
General expense
35,435,356
Note.—The above accounts are
In
$5,603,910 $15,080,927 $16,026,105
-
Mining and milling.
Freight to smelter.
Smelting and refining
Selling commission
taxes, &c., ac¬
—.
—
Total revenues
Interest, discount, &c
Income from mines.
wages
27.015 cts.
681,641
95.848 cts.
$5,034,906 $14,335,282 $15,372,765
569,004
662,569
653,340
83,076
Dividends from Alaska SS. Co
25,000,000
&
crued
12,020,580
1,398.397
Mdse. for sale..
Met.in proc.,<tc. 28,705,375
Accts.rec.& cash 35,242,891
prepaid exp.
Total
gold
sec.
bonds
payable
not entire¬
Mat'l & supplies
&
116,562,500 116,562,500
Accts.
Inves. in sundry
cos.
sued
10-yr.
$
at/iflr leu
PhTiit.fll
Mines & mining
1918.
%
1917.
56,904,650
Account—
Copper revenues
Marine insurance
[Including assets and liabilities of subsidiary companies owned .1
difference
totaled 368,501,300 tons, aver¬
without allowance for new developments,
Insurance for ore lost in transit
Total
Co.
was
12.366 cts.
This figure includes no Federal income and excess profit taxes,
and is after crediting gold and silver and miscellaneous Income (including
Income
&c
Depreciation,
32,966,589
27,865,266
96,09/ ,/09
7,675,167
7,191,366
2,350,641
110.
a
Represents 2,787,079 1-13 outstanding shares
3,000,000 shares.
of no par value; total
authorized issue,
*
In 1919 net book value after
In
depletion deduction,
h After deducting
x Includes In 1919 616,504 shares Utah
1919 $1,540,414 depreciation,
Copper Co. stock, valued at $47,647,727;
Mines Co., par $10,
2,565,976 shares Braden Copper
$39,477,176; $23,020,000 par O. R. & N. W. Ry. Co.
bonds, $8,078,108; 48,174 shares O. R. & N. W. Ry. Co.
shares Alaska SS. Co. stock, $2,385,412, 500 shares Alaska
stock, 23.854H
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 Erom conversion of bonds and exchange of stock.—V. 110,
P.
470.
MAY 8
1920.]
THE CHRONICLE
1971
#
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING FEB. 28.
Peerless Truck & Motor Corporation.
Tremaine, Cleveland,
eb. 25, wrote in substance:
on
1919-20.
,
{Report for Fiscal Year ending Dec. 31 1919.)
President Burton G.
Prof, from oper. after all exp. & full
or'about
provision for Federal taxes..
Income from investments.
Total
.
1918-19.
1917-18.
$5,882,541
1,359,861
$3,614,631
2,533,409
$7,242,402
...
$2,396,000
1,293,279
$3,689,279
$6,147,940
Through the successful liquidation of the General Vehicle Co., the owner¬
ship of the Peerless Truck & Motor Corporation is now confined to all the
Common stock and 98.9% of the Preferred stock of the Peerless Motor
Oar Co., Cleveland, O.
During the past year many residents of Cleveland have made substantial
Investments in the stock of the Peerless Truck & Motor Corporation.
Much
of the stock purchased by Cleveland residents was acquired from blocks
held in New York, and nearly all the men who are now serving as officers
and directors are residents of Cleveland.
(V. 108, p. 2532; V. 109, p. 1185.)
The year of 1919 has been an important one in the affairs of the corpora¬
tion because it was necessary for its subsidiary, the Peerless Motor Car Co.,
to adjust its business from a war to a peace basis.
This adjustment has
been completed and a satisfactory profit has been earned while the adjust¬
ment was being made.
The outlook for 1920 is very encouraging indeed.
[The Convertible notes were reduced by $718,350 in 1919.
See V. 108,
p. 978, 1724; V. 107, p. 2481.]
Preferred dividends (7%)—
468,020
570,898
692,268
Common dividends
—x($4H) 1.603,250($4) 1,35^,668 ($2)677,803
Digest of Report of L. H. Kittredge, President Peerless Motor Car Co.
Notes &accts.rec.
The
plan for converting the business from
a war to a peace
basis contem¬
of all manufacturing facilities upon a single
adequate variety of bodies, thereby making
possible an excellent value in motor cars and reducing the sales resistance.
Notwithstanding serious interruptions in obtaining materials, the plans were
realized during 1919.
Furthermore, the profit made during the process of
adjustment was considerably in excess of the estimate.
In 1919 the product was improved, the sales and distributing organiza¬
tions were strengthened.
Plant additions were made to balance depart¬
ments, and much new equipment was added to improve the quality and
check the increase in cost.
Practically all the truck machinery, which was
not required for making truck repair parts, was utilized to manufacture
transmissions and axles and to increase the production of motors, bodies,
and many other parts.
The output planned for 1920 exceeds 1919 production by approximately
45%.
Liquidation of the greater portion of the investment in truck ma¬
terial has provided the company with ample cash and Government securi¬
ties to provide for this expansion of the business without additional finan¬
cing.
Unless unforseen obstacles seriously interfere, it is believed that the
result for 1920 will be very satisfactory.
[The Peerless works are located at Cleveland, O., about five miles from
the centre of the city.
Twenty acres of land with 27 buildings of modern
construction, containing about 650,000 sq. ft. of floor space.]
plated
the
concentration
passenger car chassis with an
CONSOLIDATED
PROFIT AND LOSS ACCOUNT FOR
1919.
CAL.
YEARS.
1918.
Net sales, incl. sales to date of liquida¬
tion of General Vehicle Co., Inc
$12,928,600
1917.
Net sales, excl. munitions and special
foreign contracts of General Vehicle Co., Inc.
$18,924,452
Cost of sales, incl. all oper., selling &
plant maint. & repairs.. 11,864,735
Depreciation of plants
...
218,714
Net income from sales...
Int.
on
$844,181
$1,302,618
291,631
230,808
405,014
$1,136,783
income
$1,074,989
$1,707,632
$166,018
$229,112
122,403
71,596
$300,000
306,799
41,715
386
Peerless Truck & Motor Corp.
6% secured convertible notes
Fed.
17,329,985
291,849
$845,152
Other income, incl. int. earned and in
1917 profit on special contracts,
General Vehicle Co., Inc
Total
10,831,089
214,808
exc.
prof, tax & income tax (est.)
Depreciation of investment, &c
Special reserve for contingencies.
Quar. dividend No. 1—seenote(2%)_
200,000
1,526
Cr.65,506
Total deductions
surplus.........
1,736
293,681
1,946
$466,156
$670,627
Pref. divs.of Peerless Motor Car Co..
Disct. on 10-yr. notes with trustee._.
Balance,
34,962
116,387
......
$596,511
$478,478
$760,095
$947,537
"
...
1920.
$
1919...
Assets—
1918.
Liabilities—
$
Land, plant, bldgs.
and
c
equipment.a3,067,853
MIscel.
2,862,034
1,237,044
Cash
secur.
.......
3.918,767
Inventories-d
U. S. Lib. bonds &
cert, of indebt.. 3,382,333
2,862,034 Peerless
1,790,890
163,144
2,465,448
invest
10,643,956
774,944
3,804,938
Liberty bonds— 1,822,000
Adv. to growers..
Cash
2,901,836
1,061,870
Deferred charges..
Total
21,800
U.
S.
ment
50,428
112,156
g2,735,450
1.106,297
Govern¬
982,282
acquire
361,031
64,407
(contra)..
470,872
Dividend payable.
1,627,683 Conting't
Surplus-.
—
reserve.
398,510
249,425
4,588,972
e664,058
295,342
5,259,600
balance of stock
outstanding
8,206,200
Total
40,922,701 34,024,970
.■
•
y
{Report for Fiscal
Year ended Dec. 31 1919.)
Mull, Apr. 29, wrote in substance:
President J. H.
Output.—Below is
a
record"of keels
Keels
laid, vessels launched"and""delivered:
Year 1919
Apr. 6 1917 to Dec.31 '19
Launched
Delivered. Keels. Launch'd Deliv.
U. S. Torpedo boat destroy.19
19
15
37
31
12
46
12
Transports, Pass. & cargo,
vessels and oil tankers
3
4
Totals
23
18
22
54
43
49
On Dec. 23 the keel for the last of the group of 25 Destroyers was laid.
These vessels will complete the contracts for 46 Destroyers awarded to us as
a part of the U. S.
war program; the initial contract for 6 Destroyers was
placed Mar. 28 1917.
A large part of the capacity of the shipyard during the next
year will
be engaged on the postponed construction of 5 Scout Cruisers for the Navy.
Our
shipyard force, averaging about 10,600 men, we believe will be fully
year on
existing contracts.
The larger part
of the improvements undertaken during the war period has been completed,
and we contemplate no further extensive improvements during 1920.
The future of the shipbuilding industry in the United States undoubtedly
depends on the passage by Congress of constructive legislation for the
protection of our Merchant Marine, in order that we may have a Merchant
Marine composed of American built vessels, capable or surviving in com¬
petition with foreign countries.
There will probably continue to be for
a time a demand for oil tankers and passenger vessels.
Your company has purchased the De La Vergne Machine Co. of New York
specializing in the manufacture of stationary oil engines and refrigerating
machinery.
We anticipate that it will be a valuable adjunct in the develop¬
ment of business in the above classes of machinery, and in augmenting the
main plant in Philadelphia.
All departments were fully engaged in 1919.
The Kensington drydock
and repair yard will, we anticipate, be engaged to its full capacity for some
time in the future.
We look for a large volume of vusiness during the coming year in the
manufacture of hydraulic machinery by our I. P. Morris Department
following the passage of the Water Power Bill by Congress.
We also anticipate a large volume of business in the manufacture of
Marine Diesel Engines of the Burmeister & Wain type, for which we con¬
trol the American rights.
This engine should prove an important factor
in the field of marine propulsion.
EARNINGS FOR PERIODS INDICATED,
&C.
Cat. Year
Cal. Year
8 Mos.
1919.
1918.
1917.
Yr.Apr. 30
1917-18.
$2,455,400
$380,001
1,507,402
$196,551
$2,981,846
$294,826
107,325
54,181
76,550
34,583
113,033
51,667
106,487
5% renewable notes
.
57,541
Dividends (seebelow)..(7^)457,350(6%)o65,880
81,525
(4)243,920
(6)365,380
$874,273
$2,032,633
x
Net earnings, all depts.$2,958,286
$654,100
Depreciation
Int. on 20-year 5% serial
—
90,700
51,383
gold 5s.
Ground rents and int. on
real estate mtges, and
Net surplus——$1,647,212
$1,441,526
123,907
This item as shown includes miscellaneous income and is given "after
deduction of insurance and taxes, but before deduction of bond interest,
miscellaneous interest or depreciation."
In May 1917 resumed dividends, 3% being paid semi-annually (6% per
annum) from Aug. 1 1917 to Aug. 1 1919, both inclusive, and in Oct. 1919
paid 1 Y% %, making a total of 7H % for year 1919.
fAs to stock dividend
of 150% now proposed in 1920, see "Chronicle" of May 1 p. 1852.—Ed.I
Other Payments—
Win Reduction of Capital Debt—
200,000
reserves
&c., less reserve-
3,453,800
556,090
67,775 Sundry creditors &
Accts.& notes rec.,
$
8,206,200
x
Doc. drafts disc..
Ltd., London..
Sundry debtors.__
1919.
$
cum. pref. stk.
(Wm.) Cramp & Sons Ship & Engine Building Co.
21,800
secured convert¬
ible notes
1920.
40,922,701 34,024,970
—
~V. 110, p.. 1190.
&
payable
accrued against
Gen'l Vehicle Co..
to
Truck
Motor Corp. 6%
Accounts payable.
945,353
cost-...
$
4,898,110
1,600,731 Accounts
Claim against U.S.
Govt, at factory
Cash
$
Capital stock... 4,898,110
\i.
7,891,571 Com. stk. (338,917
*(
sh. no par val.)_l1,684,255 11,684,255
9,592,746
231,758 Notes payable
1,905,000
7,542,396 Accounts payable. 3,793,882
2,279,025
515,713 Dividends declared
599,373
482,630
2,787,986 Prov. for Fed. tax.
& contingencies. 4,000,000
3,073,950
2,000,000
1,415,245 Surplus
12,638,990
7,467,859
973,603
Inventories
int. on 1st Mtge.
1918.
Peerless Motor Car
Co. Pref. stock-
b Pat'ts, franchises
and good-will...
Marketable
2,957,027
31.
1919.
of $1
Liabilities—
7%
notes & Consol. M. 5s.
CONSOLIDATED BALANCE SHEET DEC.
.
one
1919.
$
Assets—
Land,plants,mach.,
&c
10,408,559
Inv.instks.oth.cos 9,504,598
1 H% and
-
$7|467|85i ^'^7--!!!!
CONSOLIDATED BALANCE SHEET FEBRUARY 28.
Note.—The initial dividend of the Peerless Truck & Motor Corporation,
extra, was declared Oct. 2 1919 and paid Jan. 2 1920; like
amounts were paid April 1 1920 and a straight quarterly distribution of
2>£ % has been declared, payable July 1 1920 to holders of record June 1.
Compare V. 109, p. 1466; V. 110, p. 1419.
$5,171,131
_.$12i638i990
Includes three quarterly dividends of $1 each and
x
engaged during the coming
$11,890,079
gen. exp.,
Net addition to surplus
md 1
Total profit andloss surplus..
20-Year 5% serial notes redeemed
First Mtge. 5% gold bonds redeemed..
In reduction mortgages
....
5% renewable notes
20-Year 5% Consol. Mtge. bonds
Calendar Years1918.
1919.
191S
$181,000
$147,000
$181,
25,000
25,000
25,
20,000
20,000
20,
500,000
1,000,000
500,
308,000
—
Yr^A^r.30
$172,000
25,000
30,000
of
P. M. C. Co.—
22,890
Prepaid insur., &c.
66,171
22,890
38,742
In
Total
15,651,529 14,592,147
Total .—..—15,651,529
14,692,147
$1,500,000
(6) Expended for Additions & Impts,—
the purchase of real estate, new
tools, machinery, &c
$653,423
1919.
$
California Packing Corporation.
Cash
Securities owned—
3,294,482
63,102
Bills and accounts
1,651,621
Materials and sup¬
President J. K. Armsby comments substantially as follows:
1,698,511
*
Includes
V. 110, P
26,837,494
and
of Dec. 311919 $411,000 20-year 5% serial notes; $1,022,000
1852.
RAILROADS,
Current assets have increased
latter was increased to $6 per share.
Total ..—24,759,148
notes
•
GENERAL INVESTMENT NEWS
made for additions and betterments to the various plants and ranches owned
15 1920 when the
1,600,000
1,873,499
180,103
2,749,925
0,331,523
Bonds,
Consol. Mtge. bonds (exchanged for 20-year 5% serial notes); $1,000,000
First Mtge. 5s; and $565,444 real estate mortgages and ground rents.—
applicable to our stock ownership.
The exceedingly satisfactory coniuuuu vi *uo wrprawuu «$ rouwwiu uu
the attached consolidated balance sheet, from which it will be observed
that all notes payable were taken up prior to Feb. 29,1920, the only remain¬
ing liabilities being of a current nature.
Expenditures of $3,220,455 were
of $703,467 written off.
as
$
4,498,444
—24,759,148 26,337,494
Total
The consolidated income account
1918.
6,098,000
chinery, &C—16,499,831 15,788,735
Miscellaneous
$
6,098,000
ma¬
receivable
1919.
Liabilities—
mortgages
*2,998,444
1,893,755 Liberty Loan bonds
payable
1,825,000
2,726,280 Mdse. accounts-.. 1,602,349
264,585
2,511,065 Wages due Jan...
3,277,232 Accrued interest.. 1,002,204
140,427 Profit and loss.—10,968,660
1,551,601
estate,
plies
by $4,612,382 and there has been a slight decrease in current liabilities.
Since March 1 1920 the outstanding Preferred stock has been converted
into Common stock at the rate of 1H shares of the latter for each share of
Preferred and as a result of this conversion the entire capital is now repre¬
sented by 462,010 shares of Common stock without par value.
Dividends were paid during the year at the rate of 7% per annum on the
Pref. stock and at the rate of $4 per share on the Com. stock until March
$575,985
Capital stock
Heal
and depreciation
$537,691
1918.
S
Assets—
$50) capital stock issued as full-paid and non-assessable in accordance with
the Virginia statutes,
d Valued at cost or market, whichever is lower,
e Including
reserves for Federal taxes,
g After deducting $2,264,650 re¬
acquired and deposited with trustee.—V, 110, p. 1419.
presented herewith shows an increase
in the operating profits, due chiefly to the greater volume of business
handled as compared with previous years.
Income from investments is
$227,000
COMPARATIVE BALANCE SHEET DEC. 31.
After deducting in 1919 $218,714 charged off for depreciation,
b In¬
cluding cost of acquisition of stocks of sub. cos.
c Representing considera¬
tion received in cash for (auth. $20,000,000) $10,000,000 (200,000 shares at
a
{Report for Fiscal Year ending Feb. 29 1920.)
$726,000
INCLUDING
ELECTRIC
ROADS.
& Louisiana Midland RR.—Sale Ordered.—
order of the Louisiana Railroad Commission the receivers of this road
Arkansas
Biy
are
w
directed to sell the entire line for not less than $300,000 the purchaser
required to continue the operations from Monroe to Bastrop, La., 22
remainder from Bastrop to Crossett, Ark., 30H miles, may
by the purchaser for the value of the rails and other roperty
to be
miles, but the
be disposed of
along that part of the route.
Commission expressed the opinion
the
line from Monroe to Bastrop, if
reasonably and properly operated, would
to maintain the road there as a going
and produce sufficient revenues
earn
concern, and the payment of reasonable profits to the nolders of the stocks
and bonds.
This is conditioned upon the execution of a legal transfer from
Alfred Oowles for
a
part of the line now
110, p. 1526.
recorded in his name.—"Manufac¬
turers' Record."—V.
on
stks.
owned
Miscellaneous
1919.
1920.
Years end. Mar. 31—
cos.
1918.
1917.
sub.
of
83,699,792
$3,421,142
1,007,809
earnings.
$4,131,467
602,234
1,031,304
>;
$5,161,485
595,906
Gross earnings....
Expenses
$4,428,951
227,812
$4,302,026
274,011
$5,162,771
349,369
$5,757,391
268,494
Net earnings
84,201,139
$4,028,015
$4,813,402
85,488,897
Surplus and reserve
11,516,783
12,832,705
12,102,632
11,161,293
surplus earns...$15,717,922 $16,860,720 $16,916,035
;
$854,172
$854,172
$854,172
Common cash dividends
2,476,480
2,244,883
2,035,883
Common stock dividends
2,476,480
2,244,882
2,035,882
$16,650,189
Total
Preferred dividends
$854,172
1,846,693
1,846,692
$9,910,790 $11,516,783 $11,990,098 $12,102,632
Balance, surplus.....
110, p. 1641.
Hudson Co.—Bonds
Delaware &
-V.
Sold.—Kuhn," Loeb &
sale at 100 and
Secured Gold bonds,
Co. and First National Bank announce the
int.
Ten-Year
$10,000,000
of
dated June 1
7%
Due June 1 1930.
1920.
Data from Letter of President L.
Traction Co.—Earnings.—
American Light &
Earn,
[VOL. 110
THE CHRONICLE
i»; 2
F. Loree, New York,
May 4 1920.
Security.—Secured by deposit and pledge with trustee of the following:
(1) $10,000,000 Del. & Hudson 1st & Ref. 4s of 1943; (2) $3,500,000
Albany & Susq. RR. 1st 3Hs of 1946; (3) $1,000,000 Wilkes-Barre Connect¬
ing RIt. 1st & Improv. 5s, due May 1 1947 (principal and interest guaranteed
jointly and severally, by endorsement, by Pennsylvania RR. and Delaware
& Hudson Co.); (4) $500,000 Rensselaer & Saratoga RR. Guaranteed stock;
(5) $400,000 Albany & Susq. RR. Guaranteed stock.
Purpose.—To provide funds to pay off at maturity $9,000,000 3-Year 5%
Secured Gold notes, due Aug. 1 1920, and for other corporate requirements.
Capital & IJividends.—Company has paid dividends on its stock unin¬
terruptedly since 1881, and since 1907 at the rate of 9% per annum.
Present
outstanding Capital stock $42,503,000.
_
$1,000 and $500 (c* & r*).
Dated
deduction for any tax, assess¬
ment or governmental charge (except Federal income taxes) which company
or the trustee may be required to pay or to retain or deduct therefrom under
any present or future law of the United States or of any State, County,
municipality, or other taxing authority therein.
Not subject to redemp¬
Description
June 1 1920.
of
bonds.—--Denom.
Int. payable J. & D., without
tion.
Listing.—Application will be made in due course to
list the bonds on the
New York Stock Exchange.
Railroad.—Annual Report.—
Bangor & Aroostook
11) Federal Statistics—
1919.
$5,287,300
4,993,373
.
Operating revenues..
Operating expenses
$293,927
Net operating revenue
(2) Corporate Statistics—
,.
Compensation accrued
....
Railway war tax accruals
Balance.
Other' income
Gross
Total
*7:
V
,
_
deductions.
.
1917.
$4,384,561
2,990,368
$623,706
$1,394,193
1919.
1918.
$1,555,775
42,171
$1,555,775
$1,513,603
72,303
$1,507,576
3,741
$1,511,317
1,025,987
...
$1,585,906
1,112,317
243,600
154,400
_. _ _ _ * ..
$75,589
$87,330
...
...
...
income.
1918.
$4,863,223
4,239,517
..
_
.
.
_
....
_
_
Preferred dividends (7
Common dividends (4%).
Balance, surplus..
110, p. 1288. 7,
_ _ ...
243,600
154,400
Co.—Wage Increase.—
scale, effective for one year, has been signed between officials
and the employees.
Under the new scale the maximum
wage is 60 (rents an hour and the increase to all employees averages 5 cents
an hour.—V.
109, p. 887.
A new wage
of the company
American Public Utilities Co.—New Contract.—
Light & Traction Co. below.—V. 109, p. 979.
See Jackson (Miss.)
'
■
V
105,
p.
2542.
The committee for the First Mtge. 4s
for Deposits Extended.—
due May 1 1920, of which Henry
that more than two-thirds of the bonds
subjected to the agreement dated March 5 and that the com¬
mittee has socured an offer to exchange for the above-mentioned bonds
E. Cooper is Chairmap, announces
(provided the holders of substantially all of said bonds accept such ex¬
change) an equal amount of new Ten-Year 5% bonds, guaranteed both
prin. & int. by the Grand Trunk Ry. of Canada, which owns a majority of
stock of the Central Vermont Co.
The committee urges the holders of the
bonds who have not already done so promptly to deposit their bonds, so
that the committee may be in position to act for substantially all holders of
such bonds and, for that purpose, has extended until June 1 1920 the time
for deposits.—V. Ii0, p. 1848.
Chicago & Interurban Traction Co.—New Interests.—
taken over the management of the lines of the
which operates from 63d and Halsted,
South Side Elevated, a distance of 40 miles to
Kankakee, passing through Chicago Heights, Blue Island, Peotone and
Crete.
It had a gross business last year of $400,000.
The stock of the company is held in a voting trust, the trustees including
Mr. Insull, Henry A. Blair and others; the agreement which was for five
years has now been extended for another term of five years.
Samuel Insull
is Chairman, while the directors include Frank J. Baker, Henry A. Blair,
L. A. Busby, Britton I. Budd, Ira N. Cobe and W. W. Crawford.
The line
has been operated heretofore by Mr. Tallmadge, President of the Hammond
Whiting & Soutn Chicago Ry.—"Chicago Economist."—V. 110, p. 1186.
The Insull interests have
Chicago & Interurban Traction Co.,
where it connects with the
Great Western RR.—Merger Ratified.—
The stockholders on May
7 passed a resolution ratifying the consolidation
Pacific with the Chicago Great Western.
of the Wisconsin, Minneapolis &
110,
Texas
yield about 8% $1,500,0005-year 7% Conv.
City & Suburban Ry. of Washington.—Interest.—
An advertisement states
arrangements have been made for the payment
due Feb. 1 1920 on the 5%
April 29 1920 of the semi-annual interest
bonds of the City & Suburban Ry. of
at office of trustee. Baltimore Trust
Washington.
Interest will be payable
Co., Bait,. Md.—V. 110, p. 561, 464.
1920.
Earnings of Commonwealth Power Ry.
(1)3Mos.end.Mar.31—
Gross earnings
Operating expenses
$2,984,581
2,124,502
Gross income
Fixed charges (see note)_
Dividend
on
1920.
$7,620,424
4,635,843
269,295
pref. stock.
$590,784
xBalance
& Lt. Co. and its Subsidiary Cos.
1919.
1918.
1917.
$6,259,548
$5,076,359
$4,706,991
3,604,629
3,306,769
2,556,449
$2,654,919
$1,769,590
$2,150,543
2,017,978
269,295
1,779,094
269,295
1,563,535
269,095
$367,646def.$278,799
$317,913
(2)12 Mos.end. Mar. 31—
$27,325,775 $23,101,251 $20,093,104 $17,545,338
16,367,745 13,715,888
11,828,953
8,983,905
Gross earnings
Operating expenses-
$10,958,030
Gross income
Fixed charges (see note)
Dividend
on
$9,385,363
8,315,765
1,077,180
7,788,014
1,077,180
_
pref. stock.
xBalance
x
$1,565,085
$520,169
58,264,151
6,711,038
1,077,210
$475,902
$8,561,433
6,040,060
1,048,265
$1,473,108
Note.—Fixed charges include dividends on outstanding Pref. stocks of
constituent companies in addition to taxes and interest.
The "balance"
shown is available for dividends on common stock, replacements and depre¬
ciation.
The balance sheet of March 31
1920, shows outstanding:
Pref. stock,
$17,953,000; Common stock, $18,585,900; Common stock deliverable,
$2,414,100; Five-Year 7% Secured Convertible bonds, due May 1 1923,
$7,608,250; One-Year 7% Secured Gold notes, due Nov. 1 1920, $3,570,000;
Scrip due Feb. 1 1924, $1,019,369, due Feb. 1 1925, $1,121,814 and due
Feb.l 1926, $276,882; Secured Serial 7% Gold notes, $1,722,500 and 6%
Gold notes, $655,000; also Guaranty of $225,000 Usher obligations on W.
Va. coal property, $1.
& The board on April 19 1920, declared a dividend of 1
% on the Preferred
stock of record at the close of business April 20 1920, payable in scrip dated
May 1 1920, due on or before Feb. 1 1926, with interest at 6% per annum,
^ompare
ceb. 14,
"Electric Railway Section" and Annual Report in "Chronicle" of
657.—V. 110, p. 1748.
I
p.
Due May 1 1925.
Company.—Incorp. in Texas
.Owns and operates (a) entire electric
power and street railway business in Beaumont, Tex., (b) entire
business in Port Arthur, Tex., and (c) interurban
Beaumont and Port Arthur, about 20 miles.
Pop¬
ulation estimated at 70,000.
On Jan. 1 1920 had 7,479 light and power
customers with a total connected load of 16,683 k.w.
During 1919 carried
8,016,814 passengers.
Physical properties include three oil burning electric
generating plants having an installed electric generating capacity of 9,300
k.w. to which will be added a new unit of 4,000 k.w.
Purpose.—Proceeds will be used for the retirement of the outstanding
notes and floating debt, heretofore incurred for construction, and to furnish
additional capital for improvements and increased facilities including a new
4,000 k.w. turbo-generator.
light,
electric light and power
electric railway between
Capital after retirement of $750,000 Notes due Aug.
1.
Authorized.
Common stock (present rate
Preferred stock
8%)
-
(6% cumulative)
Convertible 7% notes due
Beaumont Traction 1st
1925 (this issue).
Mtge. 5s, 1943
due 1942
-
Outstand.
$1,400,000
1,400,000
1,500,000
600,000
200,000
.(Not limited) 1,463,000
$3,400,000
1,450,000
2,000,000
and power franchise in Beaumont expires
1963 and railway franchise 1961.
Electric light and power franchise in
Port Arthur expires 1943.
Practically all of the interurban railway mileage
is located on right-of-way owned by company.
light
-
*
67,427
Interest-
145,105
Balance
—V.
109,
270,592
212,532
p.
516,993
440,900
115,874
325,026
386,447
336,644
98,061
238,583
662,159
477,369
139,218
1919.
338,151
853,677
544,173
146,967
397,206
2262.
Fort Smith & Western
A report
1918.
1917.
$938,074 $1,131,752 $1,390,350
-..$440,442 $723,091
Gross
Expenses and taxes.__
Net, &c., income
-
1915.
1913.
Earn. yrs. end. Dec. 31—
—
Commonwealth Power Railway & Light Co.—Earnings.
Gold notes.
Int. payable M. & N. in New
Federal income tax up to 2%.
Denom.
$1,000, $500 and $100 (c*).
Red. all or part at any time on 45 days'
notice as follows with int.: before May 1 1921 at 103%, May 1 1921 to April
30 1923 at 102%, May 1 1923 to April 30 1924 at 101%, May 1 1924 to
maturity at 100%.
Convertible, par for par, at any time on or before
maturity into fully paid Comomn stock with a cash payment by the note¬
holder of $4 per share and an adjustment of int. on the notes and of divid¬
ends on the stock at the rate last declared within the 6 months next pre¬
ceding.
If called, conversion may be made up to and including redemp¬
tion date, tne noteholder to receive any premium payable on account of
redemption.
Guaranty Trust Co., New York, trustee.
Data from Letter of Pres. C. F. W. Wetterer, dated Boston, April 27.
Dated May 1
York without deduction for normal
Franchises.—Electric
on
Electric Co.—Notes Offered.—Guaranty
offering at 96 and int.
Trust Co. and Stone & Webster are
E. T. E. Co. Mtge. 5s,
1741, 1526.
p.
RR.—Report—Sale of Securities.—
cited on a previous page.
Equitable Trust Co., New York, on May 4 obtained an order from
Supreme Court Justice Lydon, directing David B. Knott, Sheriff of New
York County, to issue a further execution upon a judgment awarded against
the road and to levy upon certain property of tljie defendant held in this
State.
The property specified to be levied upon consists of 30,000 shares of
Globe Express Co. stock, 3,000 shares of Western Realty Co. stock, $523,000
Colorado Midland Ry. gold 4s, $30,000 Western Pacific 1st Mtge. bonds,
412 Vi shares of Western Pacific Preferred stock and 712 H shares of Western
Pacific Common stock now in the custody of the Bankers Trust Co., and
the Guaranty Trust Co. Compare Western Pacific in V. 107, p. 1186, 1102.
The plaintiff stipulates that it will bid the following amounts at the exe¬
cution sale on the levied property; $1,000,000 for the Western Realty stock,
$150,000 for the Globe Express stock, and $44,542 for the $523,000 Colorado
Midland bonds.
The market value of the other stock will be asked.
The execution granted will be returned against a judgment obtained by
the Equitable Trust Co. against the Denver & Rio Grande March 13 1918,
for $36,908,510 damages sought in an action, instituted in the Supreme
Court Dec. 13 1917, to recover the balance of a judgment awarded in the
Federal District Court June 14 1917.—V. 110, p. 561, 462.
The
to
":
have been
—V.
Denver & Rio Grande
The annual report is
Eastern
interim dividend of 2K% on the consolidated
Central Vermont Ry.—Time
Chicago
1415.
Ry.—Dividend.—
Central Argentine
The directors announce an
ordinary stock.—V.
the President, with other available funds to pay the same, and payable at a
later date when, as and if such sum shall be so received.—V. 110, p. 1845.
48,199
—V.
Buffalo & Lake Erie Traction
Conditional Dividend.—
declared a dividend of $2 25 a share, payable June 21 to
The company has
stock of record May 28, provided that on the aforesaid date the company
shall have received from the Government a sum sufficient, in the opinion of
Ry.—Improvements Planned.—
from Fort Smith, Ark., says
that this road will be improved
of increased business.
A petition has been filed by
in the U. S. court, asking for authority to spend
$225,000, of which $125,000 is for ballasting, $15,000 to -widen embank¬
ments, $50,000 for new side tracks, $20,000 for new equipment, and $15,000
for buildings, &c.—V. 107, p. 1003.
this year to take care
A. L. Mills, receiver,
Green Bay
& Western Railroad.-
■Earnings.
1919.
44,344
Gross corporate
deductions
Disbursements on stock and
Balance, surplus.
110, p. 561.
$284,701
75,464
163,750
76,145
163,750
$10,008
debt A and B
$204,878
79,823
$249,222
income
Total
1918.
$204,878
Compensation under Federal control.
Other corporate income
def.$49,305
-Y.
International Railway Co., Buffalo.—Propose Refund¬
ing Plan for $800,000 Lockport
& Olcott Ry. Bonds Due July 1.—
President H. G. Tulley, under date of
April 8, addressed a letter to holders
Mtge. 5% Gold Coupon bonds of Lockport & Olcott Ry., due
July 1 1920, in which is set forth a proposed plan for refunding, exchange
and conversion of the $800,000 of bonds issued under the Lockport & Olcott
of First
Ry. mortgage dated July 1 1900.
In order that the plan shall become
effective, it will be necessary to have sufficient number of the bonds de¬
posited with the several depositories not later than May 15 1920.
Data From Letter of President H. G. Tulley, Dated April 8 1920.
The $800,000 Lockport & Olcott Ry. M. 5s, due July 1 1920, are secured
by the property of the Lockport & Olcott Ry., which was consolidated in
1902 into the International Ry.
In 1912 the International Ry. authorized
its Ref. & Improv. mortgage to provide, first, for the refunding of the bond
Mat 8 1920.]
THE CHRONICLE
issues of the several companies consolidated into the
International Ry. and,
second, for additions and betterments to its property.
A serious situation exists to-day in that the International
Ry. is not able
to sell its Ref. & Improv. bonds and,
therefore, cannot finance its refunding
and capital requirements.
The company from a series of circumstances
chiefly incident to the war-time disturbance of our industrial situation has
outstanding Preferred stock of the Harwood Electric Co., amount¬
ing to $688,000, approximately $500,000 par value, has recently been ac¬
quired by Lehigh Power Securities Corp. at $86 25 a share under an offer
submitted to said stockholders.
A portion of the remainder has been de¬
posited with a committee organized in Philadelphia, of which William
M.
Lloyd is Chairman.
[See under "Industrials" below.]
It is reported that the difference between the committee and
Lehigh
Power Securities Corp. is one merely of the consideration to
be received for
the committee's holdings, and inasmuch as the
Pennsylvania merger statute
provides for appraisal under court direction of the holdings of those who do
not wish to accept the securities of the new
corporation to be formed, it is
become financially involved.
The net earnings from operation during the
two years, 1918 and 1919, were insufficient by
$1,100,000 to meet the full
interest charges upon its outstanding bonds.
In addition to this deficit
from operation the company had previously exhausted its cash
working
capital in meeting heavy cash discounts upon bonds sold for construction
requirements.
The Protective Committee for the International Traction Co. Collateral
Trust Bondholders has loaned the sum of $1,600,000 to
believed that the action of the committee will have
proceedings.—V.
the company,
needed to pay over-due interest and taxes which it allowed to have remained
unpaid would have thrown the
company
into bankruptcy.
Neither the
company nor the International Traction Bondholders Protective Commit¬
tee can borrow the additional $800,000 required to meet the
Lockport &
1973
Of the
no
effect
the merger
on
110, p. 261.
Long Island RR.—New Directors.—
Walter E. Frew and James A. McCrea have been elected
directors to
succeed Percival Roberts, Jr., and Walter G, Oakman.—V.
110,
p.
1526.
Olcott Ry. bonds payable on July 1
1920.
These bonds must be i*etired
receivership is imminent.
The status of the $800,000 Lockport & Olcott Ry. bonds in the contin¬
gency of a reorganization of an International Ry. receivership is difficult to
forecast.
The portion of the physical properties covered by this
mortgage
to a distant and isolated segment of the interurban section of the Inter¬
national Ry. system and traversing farm lands, being also the least
profit¬
able in its operation and its possibility.for the future.
It is doubtful if the
sale of your property under foreclosure proceedings would
protect the
principal of your bonds.
To meet the situation the company will make application to the P. S.
Commission, to authorize an $800,000 issue of 5-Year 7% Collateral Trust
Gold bonds secured by $1,200,000 of its Refunding & Improvement
5%
bonds for the purpose of exchanging these bonds with the holders of the
Lockport fc Olcott Ry. bonds, par for par.
The security expected to be
used for these 7% Coll. Trust Gold bonds will be made
up of $800,000
bonds available for issue under the International Ry. Ref. and
Improv.
Mtge. upon the retirement of like amount of Lockport & Olcott Ry. bonds
and we hope for the granting of our request by the Protective Committee
for International Traction Co. Collateral Trust bonds of
$400,000 addi¬
tional of the International Ry. 5% bonds.
These International Ry. 5-Year 7% Collateral Trust Gold bonds will be
convertible into International Ry. Ref. & Improv. 5% bonds at the rate of
$3,000 of Ref. & Improv. 5s for each $2,000 par of 7% Collateral Trust Gold
bonds.
The exchange of your bonds for International Ry. 5-Year
7%
Coll. Trust Gold bonds would accomplish an extension for a five year
period
of the $800,000 debt as represented by the Lockport & Olcott Ry. bonds
and would give the International Ry. the time necessary to work out its
financial rehabilitation which is impossible of immediate attainment under
the present unfavorable condition of the financial markets which most
seriously affect all public utility securities and especially tractions.
Holders are requested to deposit their bonds with any of the
depositories
mentioned, any of which will hold them in trust to be exchanged for Inter¬
national Ry. 5-Year Coll. Trust Gold bonds, if, when and as
approved by
the P. 8. Commission and issued by the International Ry.
Depositories.—Bank of Buffalo, Buffalo Trust Co., Citizens Commercial
Trust Co., Fidelity Trust Co., Lafayette National Bank,
Liberty Bank,
Manufacturers & Traders National Bank, Marine Trust Co., Peoples
Bank, Buffalo, N. Y.; National Exchange Bank, Lockport, N. Y.; Niagara
Falls Trust Co., Power City Bank, Niagara Falls, N. Y.; First Trust Co.
Tonawanda, N. Y.; Chase National Bank, N. Y. City.—V. 110, p. 561, 26 1
or
a
Jackson
Louisiana
&
Arkansas RR.—Note Application.—
The company has applied to the Indianapolis
Corporation Commission
for authority to issue $250,000 6% notes for the
purpose of purchasing new
locomotives and other equipment.—V. 110, p. 1415. 970.
Marshall &
On
boro
East Texas
RR.—Sold—Operations Discont.
April 15 1920 30 miles of the road between Gilmer and East Winnssold at
was
Quitman, Tex., to Judge J. H. Beavers and others for
$75,000, and this section of the line is to be operated by citizens along the
line who have bought it.
The Texas & Pacific Ry. has bought part of the
company's yard at Marshall, together with some other trackage, at $17,500.
Both of these sales are subject to the approval of
Judge Estes of the U. S.
District Court.
All operations have been discontinued.—V.
110, p. 1290.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Equip¬
ment Notes
Sold.—Wm. A. Read & Co.
Maturing $260,000 annually June 1 1921 to June 1 1930, incl. Int.
payD.
Denom. $1,000 c.
1
Security.—Direct obligation of the company, issued against equipment,
whose cash contract cost is 33 1-3% in excess of the amount of
notes.
Tho
pledged equipment is all new and consists of 25 freight
locomotives, 5
switching locomotives, 500 box cars, 6 sleeping cars, 6 baggage cars.
Capital.—Dividends on both issues of Capital stock have been paid
since 1903 and 7% is now being
paid on the outstanding $12,603,400
Preferred and $25,206,800 Common.—V. 110, p. 1749, 1642.
aole in New York J. &
Monongahela Valley Traction Co .—Bonds Offered.—
National City Co., New York, are offering at 963^ and
int.,
to
yield about AlA%,
an
additional $600,000 Gen. Mgte. 7%
Five-Year Gold Bonds of 1918, due July 1 1923
(see
tion in V. 107, p. 1004, 1287).
Bankers
Capitalization (Including Present Issue)—
6% cumulative
One-Year 6% Notes..
General Mortgage 7% bonds
Underlying bonds
Earnings of System for Twelve
New Company.—A new corporation, to be known as the Jackson Public
Service Co., is to acquire the new franchise (see below) and all the assets
of the Jackson Light & Traction Co. purchased under
bankruptcy sale (V.
Oper.
be certified at once, out of which the satisfaction of all general creditors
and of all the expenses of attorneys, engineers, and members of this protec¬
Gross earnings
1
1934, bearing interest at 5% to April 1 1922, the maturity date of
the Jackson Light & Traction bonds, and 6% thereafter until maturity.
They will be protected by a contract with the American Public Utilities Co.,
under which the latter guarantees the priority of the new issue over all
liabilities incurred by the new company, thus affording protection gaainst
a recurrence of the legal situation which has arisen with
regard to the credi¬
tors of the old company.
Defaulted interest, due April 1 and Oct. 1 1919,
on the old issue is to be paid by scrip
maturing in four annual installments
from Jan. 1 1921, to Jan. 1 1924, inclusive.
New Franchise, &c.—Since the sale of these properties in bankruptcy was
effected, the properties have been operating under increased rates, and have
been showing sufficient earnings to protect the bondholders under the plan
of reorganization outlined above.
A municipal election was held in Jackson
on Jan. 17 1920, at which election a new 25-year franchise was voted
by a
vote of 4 to 1 for the operation of these properties.
With this franchise in
effect, the attorneys for your committee are proceeding with the sale of the
properties to a new corporation (V. 110, p. 1849), which is to issue its bonds
exchangeable for the Jackson Light & Traction bonds.
A
representative of The Chicago Trust Co.,
May 4 1920, says:
of
under date
"It would be well to call your attention to the fact that this company is
in a fair way to recovery.
They are at present earning about twice
now
their interest
charges, and have a new franchise, new contracts with the
&c.
The new bonds, as per reorganization plan, should be ready
early part of June.
Attached to these bonds will be April 1 1920
coupons which will be paid in cash.
All interest from now on, including
that, will be paid on interest dates."—Compare V. 110, p. 1849.
city,
in the
Jackson
(Miss.) Public Service Co.—Reorganized.—
See Jackson Light & Traction company above.
Kansas
City Mexico & Orient Ry.—Bond Application.—
The company has applied to the Texas RR. Comm. for authority to issue
$4,483,000 bonds, part of the proceeds to be used for building the proposed
extension from San Angelo to Del Rio, Tex., about 65 miles; also an exten¬
sion
from
Alpine, Tex., through Brewster and Presidio counties, to the
Mexican border, about 100 miles.—V. 108, p. 1610.
Years—
Gross
income..
Total
1919.
deductions
$532,330
$231,193
$301,919
282
1
Net income
$529,532
227,613
C'r.9,072
379,500
206,340
Stock dividend
-
206,340
15,000,000
Months
ended
March
31
1920.
;
$4,776,548
3,232,819
876,590
_
$667,139
—
[TheWest Virginia P. 8.
crease on
all traction fares in
into tho city.]^-V.
Morris
&
Commission~on~April
21 ordered
a
2-cent in¬
Parkersburg and the interurban lines running
110, p. 970.
Essex
RR.—Bonds
Approved.—
The New Jersey P. U. Commission has approved the
application to issue
$73,000 of the First & Ref. bonds of 1900 to reimburse the Delaware Lacka¬
wanna & Western RR., lessee of the Morris & Essex
for advances for con¬
struction.—V. 108, p. 2538.
-a
Nashua (N.
H.) Street Ry.—Fare Increase.—
Cash fares of 10 cents became effective
on
April 1.
formerly at the rate of five for 35 cents.—V. 106,
p.
Tokens
are
sold
as
1036.
Norfolk
Trust
over
&
Western
"Ry.—Notes Offered.—Guaranty
Co., New York, are offering at 96K and int. to yield
7% $2,500,000 Four-Year 6% Secured Gold notes.
Circular shows:
To be dated May 1 1920.
Due May 1 1924.
Authorized, $2,500,000.
Denom., $1,000 (c*).
Int. payable M. & N. at Guaranty Trust Co., New
York, trustee.
Red. all or part, on any int. date prior to
maturity upon
60 days'notice, at the following pricesplus int.:
OnNov. 1 1920 at 101M %:
on May 1 1921 at
101%; on Nov. 1 1921 at 101H %; on May 1 1922 at
101%; on Nov. 1 1922 at 100M%; on May 1 1923 at 100j^; on Nov. 1
1923 at 100 M %
Security.—Secured by pledge with Trustee of U. S. Government
Liberty
Loan bonds, and company will covenant that the market value of the
col¬
lateral so pledged shall be maintained at all times equal to at least
110%
of the amount of the notas outstanding.
Company may at any time
deposit cash as security for the notes and in such event shall be entitled to
withdraw collateral, but only to such an extent that the market value of the
collateral securities remaining on deposit with the Trustee shall be main¬
tained at not less than 110% of the amount of the notes
remaining outstand¬
ing in excess of the amount of cash so deposited.
Purpose.—The net proceeds will be applied to the cost of construction
of a branch line of railroad, extending for about 18 lA miles from
Lenore,
W. Va., on the company's lines, to coal mines from which it is
expected
company will derive about 1,000,000 tons of coal traffic per annum.
Capitalization & Equity.—On Dec. 31 1919, capitalization consisted of
$105,973,300 funded debt, $22,992,300 Adjustment Preferred stock and
$121,406,800 Common stock.
Dividends.—Company has an unbroken dividend record on both classes
of stock covering a period of 19 years, the present rate
being 4% p. a. on
the Adjust. Pref. stock and 7% p. a. on the Common stock.
Tho aggre¬
gate market value of these stocks, at present quoted prices, is over $120,000,000.
•
Income Account Year ended December 31.
1918.
Compensation accrued under Federal control
Gross
-V'
1918.
301,137
Miscellaneous
Cash dividend
—
$8,288,861
3,419,706
1,880,000
5,987,000
9,150,000
exp., taxes
income
Fixed charges
Lehigh & Hudson River Railway.—Earnings.Calendar
"Outstanding.
$12,000,000
4,000.000
Balance
to be
Oct.
Authorized.
descrip¬
__
and $195,602 depreciation and sinking funds__
Annual interest charges on $15,137,000 bonds
tive committee,
is to be accomplished, making the total amount of bonds
issued $1,055,000.
New Bonds.—The new bonds are to be dated Oct. 1 1919, and mature
state:^
Common stock
Preferred stock,
(Miss.) Light & Traction Co.—Reorganization
Plan.—The Bondholders Protective Committee, William T.
Bacon, Chairman, has drawn up a reorganization plan which
provides in substance:
109, p. 173).
The new company is to issue immediately $1,055,000 First
Mortgage Sinking Fund Gold bonds, of which $930,000 are to be delivered,
bond for bond, to the holders of certificates of deposit for the Jackson
Light & Traction Co. First Mortgage 5% bopds.
Under the Mississippi statutes, priority over the old Jackson Light &
Traction Co. bonds was claimed by general creditors, amounting to over
$100,000.
While it was believed that this claim could be defeated, however,
to avoid possible litigation, an agreement with the general creditors was
reached whereby they are to take bonds of the new issue and dismiss their
claims to priority.
Accordingly, $125,000 bonds of the new issue are to
the sale at
announce
and int. by advertisement on another'page of $2,600,000
7% Equipment Trust gold notes, Series "H."
Bankers
state: fiy':-/:.;:o
vA:'A:
v. 0 -'\'E
A ■■ ',;=: '
par
-
Net income
1919.
$20,634,142 $20,711,875
19,805,054
19,931,599
4,113,775
5,461,443
$15,691,279 $14,470,156
Times charges earned
4.81
3.65
Net income from railway operations accruing to the United States Rail¬
road Administration amounted to $18,256,481 in 1918 and to
$10,363,404
in 1919.
Compare annual report in V. 110, p. 1408, 1415.
Northern Massachusetts Street Ry.—Fare Increased.—
The Massachusetts Department of Public Utilities has allowed this com¬
effective May 3, to increase fares on schedules filed for a minimum
fare of 10 cents, good for two zones, with 5 cents for each additional zone.
Number of zones has been reduced from 42 vo 25, but lengtn of each extended.
pany,
Profit and loss surplus.
-V.
$24,571 def.$274,849
110, p. 1849.
Former fare
Lehigh Power Securities Corp.—Consol. of Sub. Cos.—
Steps
under way for the merger and consolidation into a new
corporation to be called Pennsylvania Power & Light Co. of the following
subsidiaries of Lehigh Power Securities Corp.:
Lehigh Valley Light &
Power Co., Harwood Electric Co., Schuylkill Gas & Electric Co., Northum¬
berland County Gas & Electric Co., Northern Central Gas Co., Columbia
& Montour Electric Co. and Pennsylvania Power & Light Co., and Penn¬
sylvania Lighting Co.. now controlled by Securities Corp. General, of Phila.
tion.—V.
was
110,
6 cents for two zones, with 3 cents for each extra fare
p.
sec¬
1849.
are now
f
Pennsylvania RR.—Time for Deposits Extended.—
President Samuel Rea
burgh
announces:
"The amount of stock of the Pitts¬
Cincinnati Chicago and St. Louis RR. already deposited under the
by the Pennsylvania Co. (V. 110, p. 1188) on March
15 1920, is satisfactory, and the same will be accepted for purchase on the
terms and conditions set forth in the offer.
To enable additional
holdings
terms of the offer made
-
to be
deposited, the time will be extended from May I
until May 29 1920
inclusive, so that those stockholders who desire to do so may deposit their
stock and avail themselves of the offer.
Application will be made to list
the certificates of deposit on the New York and Philadelphia Stock Ex¬
changes."—V. 110, p. 1749. 1527.
Pitts. Cin. Chicago & St. Louis RR.—Time
Pennsylvania RR. above.—V. 110, p. 1290, 1188.
Extended.—
See
Pittsburgh (Pa.) Railways.—Interest Payments.—
May 1 19z0 on the following bonds was paid when due:
Consolidated Traction Co. Gold Car Trust bonds, dated Nov. 11917.
Interest due
(1)
(2)
Pittsburgh & Charleroi St. Ry. First Mortgage bonds.
Pittsburgh & Birmingham Traction Co. First Mortgage
Mt. Oliver Incline Ry.
(5) Millvale, Etna & Sharpsburg Street Ry.
(6) West Braddock Bridge Co.—V. 110, p. 1849, 1749.
(3)
bonds.
(4)
not reflected by income
1916 to Dec. 31 1916 had been $1,581,$3,016,230, the directors could not consistently
accept either of these offers and they have therefore brought proceedings to
determine the amount of the Government's obligation therefor.
The directors are advised by counsel that if as a result of this pending
proceeding, the Western Pacific RR. Co. is awarded as com pensation a sum
which may properly be credited to income for any period on account where¬
of full 6% dividends have not been paid and there is thus made available
a fund for dividends on account of such period at a rate m excess of that
already paid, then, though the preference granted the Preferred stock of
this corporation is not cumulative, it will nevertheless be proper, if then
existing conditions in the judgment of the directors permit the disbursement,
for this corporation to pay the holders of its Preferred stock on account of
the period referred to additional sums which, together with such dividends
as shall actually have been paid, will absorb the profits of such period ^allable for distribution up to but not exceeding the full amount required for
dividends on the Preferred stock at the rate of 6% per annum.
V. 110, p
306 and for the year 1917
1643, 1090.
Pittsburgh & West Virginia Ry.—Annual Report.—
Compensation Still
Uncertain.—No agreement between the
Director-General and the Pittsburgh & West Virginia Ry. Co. has been
executed to date.
The amount tentatively certified to by the I.-S. C.
Commission was $237,010 for the Pitts. & W. Va. Ry. and 8186,331 for
its subsidiary, the West Side Belt RR. (98% of capital stock owned).
Special compensation above the amounts just named is claimed for both cos.
Due to the uncertainty of the amount finally to be allowed, no estimate
the year's income figures to represent the return or rental
RR. Administration for the calendar years 1918 and 1919.
(Not Including Rental to Be Paid by U.S. RR. Administration).
has been set up in
due from the U. 8.
Pitts.
■West
West Va. Ry1918
$40,182
8,092
$48,412
8,789
<2%)280,000
Belt
RR.—
1918
$3,867
$3,2.51
(6)840,000
Miscell. rent income
Non-oper. physical prop.
Div. income on stock of
Pittsb. Terminal RR.
& Coal Co
Side
1919
1919
366
from funded secur.
Inc.
(chiefly from coal co.)
from unfunded
197,543
192,550
securities and accounts
43,039
24,080
Winnipeg Electric Ry.—New
33,122
10,527
$.592,936
&c.
67,581
paid—(6%)344,242
$1,133,400
144,168
(6)543,363
Total corp. income—
Oper. exp., taxaccr.,
Prof, dividends
Compare V. 110, p.
15,443
18,493
$14,329
X152.136
$37,553
177,166
906
AND
INDUSTRIAL
The stockholders on
$3,000,000 7%
MISCELLANEOUS.
Abitibi Power & Paper Co.,
Value Changed.—
Ltd.—
April 26 voted to change
the par value of the Common
stock from $100 to shares of no par value and to issue 5
for each share of $100 par.
The outstanding Capital
bo par
value shares
will then consist of
stock,
$1,000,000 7% Cumul. Pref. stock and 250,000 shares Common
110 par value.
,
. ■
_
A press report on May 5 stated that The Royal Securities Corp.
pur¬
chased and will shortly offer for public subscription, $4,000,000 6 % General
Mtge. Sinking Fund bonds.
Proceeds will provide funds for the completion
of the extensionprogram, and a portion "will be used to redeem the outstand¬
ing 7% Mtge. Debenture stock.—V. 110, p. 1643.
has
Air Reduction
9,556
Preferred Stock.—
issue of
1527, 1749, 1850. i
voted May 3 to create a new
The stockholders
Preference stock.
Income
Miscellaneous income—
1917, and inasmuch as its
accruing prior to July 1
operating income from July 14
net
Federal
Income Account
[Vol. 110
CHRONICLE
THE
1974
Co., Inc.—Balance Sheet.—
An item of $253,656, representing premium
companies, should be included in the assets of
V. 110, p. 1189; V. 110, p. 1749, 1643
Ajax Rubber Co., Inc.—Probable
investments in subsidiary
the balance sheet given in
Stock Offering.—
18 (a) on repealing, rescinding, canceling
resolution adopted Feb. 24 1920 which provided that
no part of the Capital stock as increased [from $10,000,000 to $20,000,000]
be issued, sold or offered for sale, except on and after submission of the
amount to stockholders and obtaining their approval, and (6) on authorizing
the sale or other disposition of the Capital stock as increased Feb. 24 at
such time, terms, manner, Sec., as the directors may determine.—V. 110,
p. 872, 659.
The stockholders will vote May
and annulling a certain
def.$18,887sur..$445,869def.$137,807def.$139,613
funded debt, $108,535.
Balance.
Includes interest on
x
Pittsburgh dispatch on May 5 states that at a meeting of stockholders
the matter of the West Side Belt RR. consolidation was not brought up.
No date has been set for stockholders to vote.
It had been advertised that
stockholders would act on the matter but later the advertisements were
recalled and if future action is contemplated it will again be advertised.
A
H.
O.
Richmond Light & Railroad.—Fare Increase.—
Service on the company's lines was resumed on May 6 after being shut
down completely since April 27 owing to a strike of the employees.
With
the resumption of service by order of P. S. Commissioner Lewis Nixon,
fares were increased from 5 to 8 cents or tickets in strips of ten to be sold for
75 cents.
The employees were granted an increase in wages from 40 cents
hour to CO cents an hour.
-
proceed immediately to stay the action
of Commissioner Nixon in
granting higher fares.
City officials contend that Commissioner Nixon
has no power to increase fares above those provided for in the franchise of
a traction line.—V. 110, p. 1850.
Co.—Resumes Sailings.—
Southern Pacific
(Atlantic Steamship Lines) has announced that passenger
service from New York to New Orleans, which was suspended on account
of
labor
troubles,
will resume sailings to-day May 8 at {noon.—
V. 110, p. 1527.
The company
Spokane Portland & Seattle R7.—Treasurer.—
President, has been olected Vice-Pres. and Compt;
Treasurer; Robert Crosbie is Secretary.—V. 110,
W. F. Turner, formerly
M.
p.
Barger was elected
1416, 971.
Texas
tinues
•
.
& Pacific Railway.—Treasurer.—
succeeded M. D. Cloyd as Treasurer for
the receiver with office in Dallas, Tex.
C. W. Veitch is Treasurer for the
corporation with office at 149 Broadway, N. Y.—V. 110, p. 1416, 961.
United Railways of St. Louis.--To Pay Bonds
Rolla Wells, receiver,
in
a
Due May 1
letter dated St. LouLs, April 28, to the holders
Louis RR. 4lA% bonds due May 1, said: "The interest on the
[$1,948,000] outstanding bonds of the St. Louis RR. will be paid on May 1
must be consum¬
be paid.
There¬
fore, proceedings have been instituted in the U. S. District Court of Missouri
for authority to issue receiver's certificates [amounting to $4,200,000, bear¬
ing int. at rate of 7% and running for three years] for the purpose of taking
up and paying off said bonds [and $2,300,000 receiver's certificates due
Sept. 2]; and tne proceeds of such certificates when authorized and sold will
be so used.
Authority has already been obtained from the Missouri P. S
Commission for the issuance of said certificates."—V. 110, p. 1850, 1643.'
1920.
Necessary court action and financial negotiations
mated before the principal of the outstanding bonds can
Western Pacific
RR.
Corp.—Plan to Pay the
Withheld
Preferred Dividends 2% per annum for 26 Months of Federal
Control Provided Suit as to Federal Compensation is Success¬
ful and Conditions Warrant.—In circular of April 23 sent to
the Pref. stockholders by order of the executive committee,
Secretary Lyman Rhodes says in substance:
1919-20.—On March 1 1920 Federal control of the
end.
In addition to the equipment, materials and
supplies on nand the Federal Government took our cash and cash balances,
amounting to $1,164,774, no part of which has been returned to us.
During the two years and two months of Federal control the Govern¬
ment advanced to the railroad company currently $1,950,000.
This is
the only money which tnat company has received from the Government.
Dividends at the rate of 6% p. a. were paid by tnis corporation upon its
preferred stock in the year 1918 and in January, 1919. from the profits of
the railroad made during the years 1916 and 1917.
Subsequently in view
of the controversy as to Federal (rental) compensation it was impossible
to assert with certainty that more than 4% dividends could be justified.
Accordingly, since the disbursement of Jan. 1919, dividend payments at
the rate of 4% have been paid out of available funds and these have not
exceeded the sums admittedly accruing as current Government rental and
non-operating income.
The operating revenues (gross railway earnings) of the Western Pacific
RR. Co. during 1917 (the first full year of the reorganized company) and
the revenues from the operation of the road by the U. S. RR. Adminis¬
tration in 1918. 1919 and 1920 compare as follows:
1917.
1918.
1919.
2 Mos 1920.
{Company.) (U.S.RR.Adm.)
(17. S.)
(U.S.)
Operating revenue
$9,898,483 *$11,000,000 *$13,000,000 x$2,385,733
Dividend Payments in
railway came to an
Net ry. oper. revenue.
♦Over,
x
3,016,230
2,604,528
3,575,968
646,425
This figure supplied and all the figures tabulated by Ed.
railway operating income
exceeded slightly the net operating railway income of the road for the year
prior to Government control but for a large portion of this time the Gov¬
ernment had the use of equipment for which the Western Pacific RR. Co.
paid $4,113,120 and which was delivered after Government control began.
The Government offered to the railroad company a rental of $1,900,348
per annum, being the average earnings of the three years prior to June 30
1917, and finally on Aug. 21 1919 raised this offer to $2,322,000.
Inasmuch
as the main line had been bankrupt from July 1 1914 to July 14 1916, and
as the reorganized company had made substantial investments of new money
in feeders, in branch lines and in new equipment the returns on which were
For 1918 and 1919 the average Government net
director.
"America!! Chicle" Co.—Reduces PaTValue Prom $100 to
Stock Offered—Underwritten•
No Par Value Shares—Additional
The stockholders on May 6
mon
voted (a) to change the par value of the Com¬
value and (6) to increase the number
stock from $100 to shares of no par
162,500 by issuing 82,500 additional shares (no par value) to
be offered for subscription at $40 per share to both the Preferred and Com¬
mon stockholders to the extent of % of their holdings as of May 6 1920;
payments to be made as follows: (1) either in full on May 17 1920, or (2)
25% on May 17, 25% June 10, 25% June 30 and 25% July 20.
The offering to the stockholders is being underwritten by a group of
bankers consisting of Hornblower & Weeks, White,
Dixon & Co.
In a letter to the stockholders it was stated that
Weld & Co. and Low,
it was the intention of
the company to continue dividends at the present rate of $4 per share per
annum on all the Common stock, including the new issue.
The new capital is required to enable the company to adequately handle
the very great extension of its domestic and foreign business.
A new
factory at Long Island City is now nearing completion.
For the year 1919 the company earned $1,700,000, after taxes and depre¬
ciation, equivalent to $7 77 per share on the entire amount of Common
stock which will be outstnading after this financing is completed.—Y. 110,
P. 869.
■
*
*«•;, " l(llll,
"""A. L. Ewing some time since
of the St.
as a
J. H. McClement has
of shares to
letter to Corporation Counsel O'Brien directing
Mayor Ilylan has sent a
him to
May 7, took no action on declaring a
retired as Chairman, but con¬
No successor was elected.—V. 110, p. 1637, 1644,1850»
The directors at their meeting
& W. Va.—V. 110, p. 1527, 1089.
Common dividend.
an
Co.—No Action on Common Div.—
Allis-Chalmsrs Mfg.
Federal Treasurer, has been elected Secretary
Moore, recently
and Treasurer of P.
American Express
Co.—New Foreign Securities Service.—
Company announces that on May 1 it added to its international banking
operations a department fully equipped to handle the purchase, custody
and delivery of foreign securities lor investment houses, bankers and banks,
which it is in a strategic position to carry through satisfactorily.
Company
has been operating in foreign financial fields since 1891, but not until July 1
1918 did it divorce itself from the domestic express business and enter the
financial and foreign shipping field exclusively.
William Vincent Astor and Howard K. Brooks have been elected direc¬
tors.
of
Harry Gee and Alexander B. Johnson, the
exchange department, have been
the foreign
—V. 110, p. SO.
latter formerly Manager
elected Vice-Presidents.
1417.
American International
Corp.—New Director.—
Daniel G. Wing, Pres. of the First
National Bank of Boston, has been
N. Vail.
Newcomb Carlton
executive committee.
elected a director to succeed the late Theodore
has succeeded Mr. Vail as a member of the
The regular
stocks, payabl3
quarterly dividend sof $1 50 have been declared on both
June 30 to holders of record June 14.—V. 110. p. 1285, 563.
Co., Philadelphia.—Notes Offered.—
West & Co. and Stroud & Co., Phila., are
offering at 98 and int. yielding 8 % $2,200,000 2-year Conv.
7% Secured Gold notes.
Gas
American
Bioren & Co.,
Dated May 1 1920.
Due May 1 1922.
Convertible upon 10 days'
prior to maturity, or their earlier
redemption, into 20-Year 7% gold bonds of an equal amount, together with
cash equal to 5% of the principal amount of the notes converted.
Red.
aU or part on 30 days' notice, at any time to and incl. May 1 1921 at 101 and
int. and thereafter, until maturity, at 110H and int.
Tax refundable in
Pennsylvania.
Company will agree to pay interest without deduction for
any national Federal income tax to an amount not exceeding 2%, which
it may lawfully pay at the source.
Int. payable M. & N. at office of Com
mercial Trust Co., Phila., Trustee. Denom. $500, $1,000 and $5,000 (c*)«
written notice to the trustee, at any time
Data from
Letter of Pres.
Morris W. Stroud, Phila., April 20 1920.
Capitalization Outstanding as of April 1 1920 After Present Financing^""
Capital stock
-$7,804,100110-yr. 7% Conv. bonds__$2,659,200
100-yr. 6% bonds
3,000,000[x2-yr. Conv. 7% notes.. 2,200,000
...
xCompany has issued $2,200,000 20-year gold 7% bonds dated May"!,
1920, due May 1 1940, which will be held against conversion of tnese
notes or, if sold, the proceeds will be used toward calling notes of this issue.
Purpose.—To retire $2,232,500 of bonds and/notes maturing June 1 and
for other corporate purposes.
Security.—Secured by deposit with the trustee of bonds and stocks, which
available from the
1920, amounts to
$661,700, against a maximum annual interest requirement on this issue of
notes of $154,000.
The collateral consists of the following securities:
$1,200,000
Burlington (Vt.) L. & Pwr. Co. 1st Mtge. 7s.
1,150,000
Luzerne County (Pa.) Gas & Electric Co. 6s.
980,000
Citizens Gas & Electric Co. (Waterloo, la.) 6s, 1937.
700,000
United Hudson Elec. Corp. (Poughkeepsie, N. Y.) IstM. 6s.
4,585,500
Phila. Surb. Gas & Electric Co. Common stock.
400,000
Rockford Gas Lt. & Coke Co. Common stock.
2,090,000
Luzerne County Gas & Electric Common stock.
represent a cost to company of $7,050,000.
The income
collateral deposited, for the year ended February 29,
_
Gross
Earnings Twelve Months endedlFeb. 29 1920.
earnings (subsidiary companies)
Total
revenue accruing to American Gas Co
Total expenses & interest charge^ American Gas
Surplus for the
year...
Co.)
,
$7,284,507
1,278,460
876,335
402,075
Mat 8
1920.]
THE CHRONICLE
Output and Number of Customers—Calendar Years.
1917.
1916.
Output—Gas
receive directly the stock dividend which
Aug. 1 to stock of record July 15.
1919.
m.
ft.
cu.
Output
1918.
2,677.629.000 3,205,334,000 3,737,666,000 3,699,617,000
—
Elec.,
k.w.h
61,494,790
103,094
No. Consum, gas
Electric
Steam.
"
—V. 110, p.
78.596,696
108,832
39,382
35,073
101,595,447
115,625.226
113,463
43,821
111,919
41,582
589
586
1975
636
1850, 1090.
xs
payable by American Tobacco
When A. T. Securities Corp. was formed it gave four shares of its stock
for one of American Tobacco common.
Upon dissolution shareholders
will be entitled to one share of American Tobacco common for each four
shares of A. T. Securities. "Wall Street Journal."
Compare V. 110, p. 1645
Autosales
Corporation—Earnings for Cat. Year 1919.—
Earnings after deducting cost of goods sold
Operating expenses, $1,317,063; administrative and general
penses, $69,392
-
American Hide & Leather
3 Months ending—
March 31—
1920.
1919
1918
*Net
Earnings.
§332,071
—780,202
655,119
-
Co.—Earnings, &c.
Bond
Int.
Sinking
Interest.
Fund.
on
S.F.Bds.
$93,935
48*560
37,500
79*315
58,210
37,500
69,665
Balance,
Surplus.
$238,136
614,827
489,744
.$2,239,979
2,093,024
2,011,969
1917-18
*
After
$31,840 $291,655
152,430
112,500
177,180
112,500
$1,916,485
231,195
1,596,899
206,445
1,515,844
charging replacements and renewals and Interest on loans.
Net
1920, $13,531,266.
Bonds were paid Sept. 2 1919.
current assets March 31
110, p. 467.
Fire Engine Co .—Earnings.—
American La France
Profits fo.* the first quarter of 1920, before allowing for income and excess
profits taxes,
196
are
reported as amounting to $220,948.—V. 110,
p.
1528,1417.
American Multigraph
Co.—Capital Increase—20% Stock
Dividend—Right to Subscribe for Additional Stock—Earnings.—
The stockhblders on April 26 voted to increase the authorized Common
(par $20) to $2,500,000 (par $20). Of the increase
$2.50,000 is to remain unissued for the present.
The balance has been set
aside by the directors for the following purposes: (a) $200,000 for the pur¬
pose of a stock dividend of 20%, payable June 1 to Common stockholders of
record May 20: (b) $800,000 will be offered to stockholders, and (c) $250,000
for subscription by employees.
stock from $1,000,000
An official circular says in substance:
Common stockholders of record
May 20 may subscribe for any amount of the $800,000 Common stock at
$25 per share, the directors reserving the right to limit the allotment to 80%
of the subscriber's holdings of Common stock at the close of business on said
date. Subscription rights expire at the close of business on May 31 1920.
Preferred stockholders of record May 20 may subscribe to any number of
shares of such offering
of Common stock at $25 per share, subject, however,
prior rights of Common stockholders and subject to allotment by the
directors, to be pro-rated as nearly as may be practicable in accordance
with their respective holdings on said date.
Subscription rights expire
May 31 1920.
Subscriptions will be payable in full June 1 or 20% on June 1 and 10%
on the first day or each succeeding month, final payment
being due on Feb. 1
1921.
Shares will be issued as or June 1 1920 to stockholders paying in full
on said date.
To stockholders paying under deferred payment plan, shares
will be Issued on the next succeeding Common stock dividend date following
payment in full of subscription price.
Int. will be allowed on all partial
payments at rate of 7 % per annum from the date of receipt thereof by the
company to date of final payment.
Employees or the company on May 20 1920 may subscribe on or before
May 31 1920 for any number of shares of the offering to $250,000, the
directors reserving the right to limit the allotment of shares on each sub¬
scription.
Subscriptions for such Common stock will be payable in full
June 1 1920, with the privilege to pay for stock allotment in installments as
follows: $2 per share on Juno 1 1920, $1 per share payable on the first day
of each succeeding month until Feb. 1 1922, and a final payment of $2
per share on Marcn 1 1922.
Shares will be issued as of June 1 1920 to employees paying in full on said
date.
To employees paying under deferred plan, shares will be issued on the
next succeeding Common stock dividend date following payment in full of
subscription price.
Interest will be allowed on all partial payments at the
rate of 7% per annum from date of receipt of partial payment to date of
receipt of final payment.
If an employee leaves the company before sub¬
scription has been paid in full, his rights to the stock under said subscrip¬
tion shall immediately cease and terminate, and all moneys credited on such
subscription will be returned on the next succeeding interest payment date
to
1917
Sales.
Prof. aft. Tax. Com. Div.
$4,178,004
$685,602
$50,000
4,030,478
495,903
280,000
4,632,621
319,831
280,000
5,037,187
495,636
100,000
1,249,227
155,054
30,000
-
1918
—
1920 (3 months)
Pref. Div.
$52,379
52,472
52,500
50.400
12,600
American Steel Foundries.—Stock
The directors have declared
a
Dividend—Earnings.
stock dividend of 6% on the Common stock,
payable May 29 to stock of record May 15.
"'t-"
1920
'
$2,066,713
1919:
'
1918
$1,827,967
$2,059,850
Cr.122.215
Cr.50,839
106,642
539,500
14,675
570,000
Cr.41,170
46,427
548,000
$1,415,295
-
$1,294,131
$1,506,593
Depreciation
Interest, sinking fund, &c
Federal taxes
-
Balance, surplus.
p.1190.
-V. 110,
American Tobacco
Co.—75% Stock Dividend Approved—
Scrip.—
v:
To Redeem $12,072,720
The stockholders
on
on
May 6 approved the plan of the directors for a 75%
"B" by the distribution
Common and Common Stock
but unissued Common Stock "B" on Aug. 1, to Common
stockholders of record on July 15.
The plan carries with it the redemption
of authorized
the
outstanding scrip amounting to $12,072,720, by the issuance of
Common stock in exchange for scrip, in order that scrip holders may par¬
ticipate in the stock dividend.
Compare V. 110, P- 1644.
American Water Works & Elec.
Co., Inc.—Officers.-—
Guy E. Tripp has been elected a director and \V. S. Finlay, Jr., has been
Vice President.—V. 110, p. 563.
made a
Wholesale
1920
April
1919.
$2,616,348
$2,100,876
—V. 110, p. 1528, 1850.
Anaconda
Art
Metal
Corporation.—April Sales.—
Increase.
11920
4 Mos.
1919.
$515,4721$14,610,446 $9,395,096
Increase.
$5,215,350
Copper Mining Co.—Output {lbs.)—
1920—April—1919.
15,800,000
13,750.000
—V. 110, p. 972. 1528.
Increase 11920—4 Mos.—1919.
2,050,000170,850,000
Construction
55,950,000
Increase.
14,900,000
Co.—100% Stock Dividend.—
A stock dividend of
100% has been declared, payable June 16 to holders
This distribution will increase the outstanding Capital
stock from $1,457,120 to $2,914,240, par $10.
of record
June 5.
Calendar Years—
Net shipments
Net profits
-—.
Fed. & State taxes (est.)
Dividends
1919.
1918.
1917.
1916.
$4,565,556
1,061,765
300,000
233,139
$5,435,508
867,306
550,000
145,582
$3,387,212
299,102
120,000
$2,286,375
$528,626
$171,724
$179,102
$261,733
Balance, surplus——
110, p. 1528.
261,763
—V.
A.
T.
j
Gross income
;
Profit and loss charges
28,227
$380,978
—
^
22,021
r
Net profit for period..-.
50,000
•
_____
$308,957
-
—V. 110, p. 564.
Barnsdall
Corporation.—Earnings for Three Months.—
The consolidated statement of income, Including subsidiaries, for the
period from Jan. 1 to March 31 1920, shows: Gross sales and earnings of all
Companies of which the entire capital stock is owned, $1,572,195; producing
and operating expenses, $566,084; net producing and operating income,
$1,006,111; other income, $155,840; total earnings, $jl,161,951; deprecia¬
tion, depletion, Federal taxes, &c., $542,103; net income consolidated
companies, $619,848; dividends, $325,000; balance, $294,848.
Barnsdall Corporation's proportion of earnings after all charges of affili¬
ated companies not consolidated, in excess of dividends
received, $157,552;
surplus, $452.400.—V. 110, p. 1750, 1528.
Beech-Nut Packing Co .--Notes
Offered.—Kidder, Peabody
offering at prices ranging from 98.90
and int. to 97.50 and int., to yield about 7.60%, according
to maturity, by advertisement on another
page $2,000,000
Two to Five Years 7% Gold notes.
&
Co., New York,
are
Dated May 1 1920.
Due $500,000 each May 1 1922 to 1925.
Denom.
$1,000 and $500 (c*).
Int. payable M. & N. at Liberty National Bank,
New York, trustee.
Callable at any time on 60 days' notice at 101 and int.
Company agrees that no other debt except purchase money mortgages
and pledges for temporary loams will be created during the life of this issue.
Data from Letter of Pres. Bartlett Arkell, Canajoharie, N.Y., April 28.
Company—Incorp. in 1899 in New York to produce
Business has shown continuous and healthy growth.
Balance
AsSCtS
Sheet
'
'V
Re-machinery
Advances
I nvestments
_
March
1920,
"•
food
products.
After Present Financing.
Liabilities—
--$3,318,086
477,895
419,303
457,947
632,037
128,013
-
Cash
Accounts receivable
Bills receivable
3,653,391
Inventory
Bank
31
stocks
Preferred stock
Common stock
Serial notes
Accounts
payable
Res. for taxes, &c
Reserve for deprec
-
Surplus
rI\)tal (each side)
210,612
_ _
-$1,000,000
900,000
2,000,000
58,359
288,122
492,608
4,558,195
$9,297,284
_
Earnings.—Sales have increased from $3,862,764 in 1913 to $8,740,956
Net earnings for the first quarter of 1920 show an increase of 75%
the corresponding period of last year.
Average net earnings applicable
to charges for the past 6 years are $1,026,451, or over 7 times the interest
required by these notes.
Purpose.—To retire bank loans and to provide working capital for inin 1919.
over
c^bh-sgq.
business
For further
particulars as to plant, &c., see V M09^p.l643 ;V.
110jp. 1851.
British Almerican^Tobacco Co.,
An
Ltd.—StocklDiv., ~&c.-—
official
announcement says: "Meetings of shareholders have been
called for May 10 to increase the capital stock by £2,500,000 and to sanc¬
tion a bonus distribution to the Ordinary Shareholders on the register on
May 17 1920, and to holders of share warrants to bearer on that date of
one share in four, approximately 3,202,853 shares.
It is also proposed to
distribute the issued capital of 641,000 shares of no par value of the Garland
Steamship Corp. which the company has acquired in the proportion of one
share for each 20 ordinary shares of British-American Tobacco Co., Ltd.,
and to pay one shilling in respect of each fraction of one-twentieth."—V.
110, p. 1851, 1190.
British Empire Steel
Corp.—Merger Plan.—At Montreal
May 2 and 3, Col. W. Grant Morden outlined the terms
of the proposed merger of Canadian companies named below
substantially as follows:
>
Securities Co.—To
Vote
on
Capital Slock of New Company—
Authorized. To be Issued.
$50,000,000 $37,000,000
100,000,000
25,000,000
-150,000,000
68,000,000
-200,000,000
77,000,000
7% Cumulative Preferred
8% do (participating)
7% non-cumulative preferred
Common
127,491
Other income—
American
$352,751
_
The share capital of the corporation was as foHows:
Earnings of American Steel Foundries for Quarters ending Mar. 31.
Net earnings..
of
1,386,455
gj
on
—V. 110, p. 1417.
stock dividend
Net profit from operations
Income from miscellaneous accounts
Reserve for Federal income taxes and other contingencies (est.).-
Nine Months—
1919-20...
1919-18
—V.
$1,739,206
ex¬
—
Dissolution June 3.—
The stockholders will vote June 3 on dissolving the company.
Transfer
books will close May 18 and will not be reopened, so that stockholders of
that date will be entitled to distribution of assets.
Total
-
—
-
$500,000,000$207,000,000
Concerns Included.—Included in the consolidation are the
following:
Dominion Steel Corp. and Its subsidiaries; Nova Scotia Steel & Coal Co.,
Ltd., and its subsidiaries; Canada Steamship Lines, Ltd., and its subsid¬
iaries; Canada Foundries & Forgings, Ltd., and its subsidiaries; Maritime
Nail Co. and its subsidiaries; Collingwood Shipbuilding Co., Ltd.; Port
Arthur
Shipbuilding
building &
Co.,
Ltd.;
Halifax
Shipyards,
Ltd.;
Davie
Ship¬
Repairing Co., Ltd.
To the above list may be added several other enterprises, negotiations
with which are now in progress.
>
Earnings.—The net earnings, after deductions for depreciation and full
and generous provision is made for taxation and other charges, averaging
the results of the last three years shows $16,000,000, while the current year's
earnings
are
estimated to exceed $20,000,000,
or
equal
co
15% on the Com¬
stock we propose to issue.
Dividend Prospects.—In view of the anticipated earnings of the constituent
companies in the current year, together with the savings to be effected
through unification of control brought about by the affiliation of Interests,
mon
which operating expenses will be reduced by several millions
annually, the directors of the British Empire Steel Corp. feel that they will
be quite justified in placing the Com. stock of the enterprise on a 5%
through
dividend basis before the end of 1920.
New Capitalization, &c.—We assume
and put against the outstanding
shares of the constituent companies an equivalent amount of
shares, namely, $37,000,000.
We issue $25,000,000 of 8%
participating shares as against an equivalent amount of cash
the corporation with the additional funds needed to carry out
its ambitious program of expansion and improvement, and we pay for the
combined properties $68,000,000 in 7% non-cumulative preference shares
and $77,000,000 of Com. stock.
That makes a total of $207,000,000.
We have an appraised value that has been substantiated by the greatest
experts obtainable on the North American continent and in England, of
$403,000,000 of assets, plus a surplus of $42,000,000 of quick assets over
current liabilities.
In other words, we have a net asset value, there of
$450,000,000 odd.
Directors and Officers.—The management of the new corporation will
comprise the ablest men of the boards of the constituent companies and four
or five names, which rank of national standing, will be added.
London Advisory Board.—This board will include Sir William Beardmore,
Bart., Chairman of William Beardmore & Co., Glasgow; Henry Steel,
Chairman of the United Steel Companies of Great Britain and the Bengal
Iron & Steel Co. of India; Right Hon. Viscount Furness, Chairman of the
Furness group of English steel industrials; Benjamin Talbot, J.P., Managing
Director of the Furness Companies; Major-Gen. Sir Newton Moore,
G.C.M.G., M.C., formerly Prime Minister of Western Australia, director
of the General Electric Co. of England and closely associated with the
Australian steel industry, and Sir Trevor Dawson, Bart., Deputy Chairman
and Managing Director of Vickers, Ltd.
preference
preference
preference
to provide
Following ratification by the American Tobacco Co. stockholders of the
plan for distribution of a 75% stock dividend in "B" Common (see above),
final preparations are being made to dissolve the A. T. Securities Corp.
This will be completed in time to permit A. T. Securities stockholders to
Terms
of Exchange.—The terms
on
which Common shares of the three
principal component parts are to enter the new consolidation, subject to
shareholders' approval, are reported as follows for each $100 thereof:
Dominion Steel Corp—$95 par
value in 7% non-cumulative Pref. stock
of the new corporation, plus $40 in Com. stock.
Canada Steamship Lines, Ltd.—$100 par value In 7%
Pref, stock, plus $45 in Com.; and,
Nova Scotia Steel & Coal Co., Ltd.—$90 par value in 7%
stock, plus $40 in Com.
Bristol
Brass
non-cumulative
.
Corp.—New Director.—
Mills
Brookside
Corp.,
Boston.—Extra Dividend.—
share, together with the regular semi-annual
An extra dividend of $5 per
dividend of $5, have been declared on the outstanding $1,600,000
stock, payable May 15 to holders of record April 27.—V. 107, p.
Shoe
stock
a
of record June
holders
Common
Capital
1749.
Co., Inc.—33 1-3% Stock Dividend.—
The directors have declared
Common
$6,300,000
from
Bush Terminal
Cuban-American Sugar
died
Co.,
on
Dominion Linens,
29.—V.
The stockholders will vote July 6 on
Trust 30-year gold
3 (a) to increase the capital stock from 150,000 to 200,000 shares, (b) to change the par value of the stock from $100
to no par value shares.—V. 110, p. 1640, 1645, 1851.
$10,000,000 to
103, p. 581.
provide for
7"-v,
;
77-V'' 7
The directors have ordered the payment
to
Steamship Lines,
Century Oil Co.—Officers,
&c
postponed meeting on May 3 authorized the pro¬
posed increase in the authorized capital stock from 20,000 to 40,000 shares.
declared the expected 25% stock dividend,
payable May 20 to shareholders of record on May 15, thus increasing the
outstanding stock from 20,000 shares of no par value to 25,000 shares.
Dividends in the past have been paid at the rate of 1 % quarterly with
The directors have accordingly
(1% &c).
On Monday the directors establishing a new policy
a straight quarterly 2%
distribution which will be paid at the
usual dividend date, June 15, probably to holders of record June 1.
W. H. Quaw & Co., 74 Broadway, are I preparing a circular regarding the
extras
—
declared
May 6 the following were elected directors:
O. A. Schreiber, a
director of Winchester Arms Co., A. M. Stewart, President James Stewart
&. Co.; Harvey Huffman, a director of the Stroudsburg National Bank;
Emerson G. Gaylord, President Cabot Trust Co.; F. H. Dewey, President
Mechanics National Bank of Worcester; John L. Kuser, director Fidelity
Trust Co., Newark, and A. E. Fitkin.
John F. Wallace, Chairman of the board Southern Oil & Transport
company
Corp. and a director of Taylor, Wharton Iron & Steel Co., has been chosen
Chairman and Vincent G. Shinkle, for 17 years associated with MidContinent Oil companies, was appointed President.
.
Net income after Fed. taxes, &c___._
Preferred dividends (7% p. a.)__.___
Chalmers Motor Corp.—Time for Deposits
Extended.—
See Maxwell Motor Co., Inc. below.—V. 110, p. 661.
Chandler Motor Car Co.—33
1-3% Stock Dividend.—
May 5 declared a stock dividend of 33 1-3%, payable
June 10 to stockholders of record June 1; this action increased the outstand¬
ing Common stock from 210,000 shares (no par value) to 280,000 shares
(no par value).
The operations for the first four months of this year, it is reported, re¬
sulted in shipments over three and a half times those of a year ago.—V. 110,
and its operations, bal. sheet, &c.—V. 110, p. 1530.
Fisher
Body Corporation.—Earnings.—
Common dividends
The
Mass.
Department of Public Utilities has granted the company's
Collingwood
Shipbuilding
Co.,
Ltd.—Merger.—
$2,854,481
326,305
$1,298,750
$2,528,176
(H. H.) Franklin Mfg. Co. (Automobiles), Syracuse,
Capital and Create No Par Value Shares.—
26 on increasing the capital stock from
Preferred stock, to $15,000,000 7% Preferred stock and
Common stock (par $100) to $15,000,000
(par $100).
stockholders will vote June 21 on converting the new Common stock
The stockholders will vote May
$5,000,000,
from
The
7%
$2,000,000
value.
pronounced "substantially correct" for the "Chronicle" says:have arranged to sell Common stock at $50 per share to
Preferred stockholders on the basis of one share of Common stock for each
two shares of Preferred stock held.
The opportunity to purchase will be
held open for 30 days following the meeting of June 21.
Pending issuance
of Common stock certificates, the company is arranging to forward to each
Preferred stockholder conditional right certificates outlining the number
of shares to which each Preferred stockholder is
See British Empire Steel Corp. above.—V. 75, p. 443.
Years
1917-18.
$1,603,289
304,539
N. Y.—To Increase
"The directors
f)etition toto be applied to improvements.—V. 109, p. 1528.
issue $175,000 additional capital stock for the purpose of providng funds
1918-19.
$2,625,299
223,317
1,2.50,000
$1,151,982
($2 50)
Balance, surplus...
—V. 110, p. 1646.
A statement
Light Co, Quincy, Mass.—Stock.—
April 30
8 Mos. to
Dec. 31 *19.
into 600,000 shares Common stock no par
1751, 1087.
Citizens Gas
10% dividend in Common
Company, N. Y.—Stock Dividend.—
The shareholders at a
Ltd.—Sells Sub. Co.—
On
p.
a
$16,390,000.—V. 110, p. 1853.
Foundation
Reports from Montreal on April 30 state that company has sold control
of the Quebec Steamship Co., Ltd., operating freight and passenger vessels
between New York and West Indies ports to Furness, Withy & Co., Ltd.
See British Empire Steel Corp. above.—V. 110, p. 873.
on
of
Dividend.—
stock, payable June 10, to Common shareholders or record May 26.
This
distribution will increase the outstanding Common stock from $14,900,000
Canada Foundries & Forgings, Ltd.—Merger.—
The directors
the Capital stock from $3,500,000
additions.—"Chicago Economist."
plant
Endicott-Johnson Corp.—10% Stock
Decrease.
220,000
See British Empire Steel Corp. above.—Y. 110, p. 1091.
Canada
See description in V. 109, p. 176.
The stockholders have voted to increase
to
(Pounds).—
1920—4 Mos.—1919.
26,000113,978,000
14,198,000
bonds.
Elgin Motor Car Corp.—Capital Increase.—
—V.
Increase. I
Debt.
increasing the indebtedness of the
company from $25,000,000 to $100,000,000, and on authorizing $75,000,000
in addition to the $25,000,000 now outstanding of First M. & Collateral
Oil & Refining Co.—Stock Increase.—
Calumet & Arizona Mining Co.—Production
Steel Corp. above.—V. 110, p. 1293.
Duquesne Light Co., Pittsburgh.—To Incr. Bond.
p.
The stockholders voted May
1920—April—1919.
3,176,000
3,150,000
—V. 110, p. 1645, 1641.
Corporation.—Merger Plan.—
Steel
Dominion
the
110,
263, 1615.
Caddo Central
Ltd.—5% Cash Bonus.—
Secretary II. A. Hignell on April 15 announced that a "bonus of 5%" (no
cash) would be paid on.the stock May 1 to holders of record
April 14.
This distribution was reported last week as though payable in
Common stock.—V. 110, p. 1853, 1191.
See British Empire
April
$100.—V. 110, p. 1645, 1418.
of Common stock, par
Co., Brooklyn, N. Y.—Obituary.—
Packing
Co.—Listing.—
has atborized the listing on and after.
May 10, of temporary certificates for $10,000,000 Common stock, par $10,
on official notice of issuance in exchange for present outstanding
certificate
The New York Stock Exchange
stock, payable Juno 1
Vice-Pres. William Shillaber of the Bush Terminal Co., President of
Newfoundland-American
succeed G. E. Colvin,
White and P. J. White.
Montgomery is quoted as follows:
"The Crown refinery is handling
about 5,000 barrels daily at this time.
This includes crude from the West
Columbia, Hull and Humble and Goose Creek fields.
The company has
about a million barrels of crude In storage.
Part of our current supply is
from the Gilliard No. 2, at Goose Creek, which came in last week.' —V.
109, p. 274.
.1
7:,;. -'•;/>: Mr.
doubt in
stock dividend of 33 1-3%, payable to
19, thereby increasing the outstanding
to $8,400,000.
The regular quarterly
dividend of 1 % % was also declared on the Common
to holders of record May 20.—V. 109, p. 2442.
Parker, R. A. Searle have been elected directors to
J. W. Colvin, R. L. Young, Thomas
non-cumulative
Hoy T. H. Barnes, of Hartford, Conn., has been elected a director,
succeeding A. B. Seelig.
Earnings for 1919, it is said, aggregate approxi¬
mately $168,000.—V. 110, p. 361. 263.
Brown
[Vol. 110.
THE CHRONICLE
1976
entitled, and under what
conditions.
Columbia
Graphophone Mfg.
Co.—Listing—Earnings.
"The directors have
already authorized the issuance of $3,500,000 of the
The New York Stock Exchange has authorized the listing of not exceed¬
ing 200,000 additional shares of Common stock, no par value, on official
notice of issuance and payment in full, making the total amount applied
for 1,204,031 shares..
In accordance with resolutions of the directors, Common stockholders
present Preferred stock and in a few days will authorize the issuance of the
remaining $1,500,000.
The new Preferred stock will have the same Com.
stock rights as that already issued.
It is not planned to sell any more stock
than that mentioned above during thepresent year."
The " Boston News Bureau" says: "The increase to $15,000,000 Common,
of record May
par
3 will be entitled to subscribe to said shares at $27 50 per
Compare Y. 110, p. 1751.
ended March 31 1920.
Earnings from all sources for three months ended Mar. 31 1920. $3,515,852
Interest on funded and floating debt
42,677
Depreciation reserves and other charges..
122,059
Reserve for excise, income and excess profits taxes for period.__
1,564,380
share to the extent of 20% of their holdings.
Income and Surplus for
Three Months
$100, is for the purpose of declaring a 250% stock dividend prior to
conversion into shares of no par value.
An undivided surplus of about
$1,000,000 will remain after the stock dividend." 1
General Development Co.,
SeeV. 110,
p.
1853,973.
N. Y.—Dividend.—
__
Net
income
r:.
Surplus account at Dec. 31 1919..
Total surplus, March 31
—V. 110, p. 1751,1293.
Columbia
1920
$1,786,736
2,864,545
$4,651,281
Syndicate.—Stock Sold.—
,
F. S. Sinithers & Co., and Moore, Leonard & Lynch announce that all
of the 150,000 shares of stock
been sold.—Compare V. 110,
recently offered by them
p.
at $11 a share has
1852.
Confiscatory.—
of Special Master Abraham S. Gilbert was filed with
Federal Judge Julius M. Mayer on May 6.
The report sustains the con¬
tentions of the company that the 80-cent gas law is confiscatory.
The special master contrasts the earnings for 1,000 cu. ft. with a working
capital of $3,800,000, based on 19,000,000,000 feet of sales, bringing the
invested capital of the company up to $74,854,351, upon which, he says,
the company is entitled to a fair return.
He says:
"Taking into consideration all of the factors wnich the courts have indi¬
cated as entering into the determination of a reasonable and proper rate of
return upon
capital employed in supplying gas to the public, I am of the
opinion that this complainant is entitled to receive a return of at least 8%
the value of the property used in its gas business."—V. 110, p. 1751.
on
Consol. Interstate-Caliahan Mining
Month of—
April 1920.
Croweil & Thurlow
Co.—Shipments.—
Mar. 1920.
Feb. 1920.
5,900,000
7,400,000
8,020,000
2,100,000
23,100
2,900,000
29,290
3,080,000
32,340
Steamship Co.—Capital Increase—
The stockholders voted May 6 to increase the capital stock from $1,000,000 to $4,000,000, preparatory, it is stated, to the declaration of a 200%
stock dividend which it is expected the directors will declare next week.
The "Boston News Bureau" says:
"It is possible that directors will place
the increased stock on a $4 dividend basis, although a fair chance exists
that the rate will not be higher than $3.
The present 100,000 shares, par
$10, will receive
a
200% stock dividend, making 300,000 shares outstanding.
If the dividend basis is established at $4 it would be equivalent to $12 a
on the present stock and $120 a share on the original capital of the
snare
company,
which
was
10,000 shares of $100 par. Company is now paying $8.
$17 a share on the existing 100,000
on the same capitalization."
Last year the company earned $16 to
shares, and should this year earn at least $20
—V. 110, p. 1852.
Crown Oil &
Refining Co.—New Officers, &c.—
H. B. Moore, of Houston, has been elected President, succeeding G. E.
Oolvin; H. F. Montgomery has been made Vice-Pres. and Sec., and C. E.
Robinson, Treasurer.
H. B. Moore, C. L. Robinson, R. R. Kelly, F. W.
General Electric
Co.—Acquisition.—
The company has acquired the former plant of the Bartlett Hayward
Co., Baltimore, recently offered for sale by the Government and used dur¬
ing the war primarily for the production of shrapnel shells.
The plant
consists of a number of one-story buildings on a tract of 40 acres, providing
of floor space, and represented an original outlay of
The price paid by the General Electric is to be between
about 450,000 sq. ft.
about
$2,100,000.
$600,000 to $1,000,000.
It is understood that the company
Consolidated Gas Co. of N. Y.—80c. Gas
The final report
51% zinc concentrates (lhs.)
59% lead concentrates (lbs.)|—
Silver (ounces)
—V. 110, p. 1645, 1529.
A dividend of 50 cents per share has been declared on the Capital stock,
payable May 20 to holders of record May 10.
This is the second distribu¬
tion since Sept. 1918 when 75 cents was paid.
In Feb. last a dividend of
50 cents was paid.—V. 110. p. 170.
of electric switchboards
and
will use the plant for the manufacture
accessories.—V. 110, p. 1646,
switchboard
1530.
General
Fireproofing Co.—50% Stock Dividend.—
dividend of 50% has been declared, thus increasing the out¬
Common stock from $1,017,500 to $1,526,250.
There is also
outstanding $1,374,900 Preferred stock.—V. 106, p. 718.
A
stock
standing
Greenfield Tap & Die
Corp.—Listing.—50% Stk. Divs.,&c
Exchange on April 20 placed on the list 80,000 shares
stock, par$25.
Earnings.—For the calendar year 1919: gross sales, $4,793,209; net
income, $1,200,605; total income, $1,332,558; deductions, $520,971 profit
for year, $811,557.
Dividends.—On Pref. stock at rate of 6% per annum since organization.
On the Common stock ($100 par): 1912, 2%; 1913, 4%; 1914 and 1915. 5%
each; 1916, 5H %'< 1917, 6%; with an extra stock dividend of 20%; 1918, 6%;
1919, 6% regular and 10% extra in Liberty bonds; 1920 ($25 par): April 1,
$1; July 1, $1 regular and 50% stock.
The directors have declared a 50% stock dividend on the outstanding
80,000 shares Common stock (par $25) payable July 1 to holders of record
June 4, bring the outstanding stock up to 120,000 shares.
The regular
quarterly dividend of $1 per share has also been declared payable July 1
The Boston Stock
Common
to holders of record June 4.
balance
Sheet
as
effect to the issuance of $500,000
(see offering in V. 110, p. 769.)
of Dec. 31 1919 after giving
additional Common stock
Assets[
Liabilities.
$1,500,000
Property, plant & equip._$3,054,011 Preferred stock
2,000,000
Good-will
600,000 Common stock
Treasury stock—Pref.
161,300 Notes & accounts payable. 1,274,864
Cash
261,704 Reserves for deprec. Fed.
Notes & accounts rec
tax,&c
1,138,460
845,773
Inventories
2,693,622 Surplus..
2,329,551
U. S. & Canadian bonds..
530,300
Total (each side)
Other assets
$8,242,875
96,166
Officers.—Frederick H. Payne, Pres.; Francis G. Echols, Vice-Pres. &
Gen. Mgr.;
Loen M. Lamb, Sec. & Compt.;
Frank A. Yeaw, Treas.;
Frederick E. Hawks, Asst. Treas.
Directors.—Charles Allen, Francis G. Echols, Franklin Judge, Frederick
II. Payne, William M. Pratt, Joseph W. Stevens, Charles N. Stoddard.
—V. 110. p. 768
Mat 8 1920.]
THE CHRONICLE
Halifax Shipyards,
See British
The stockholders voted (1) to issue $2,000,000 to stockholders of record
of this date, April 21 1920, as a stock dividend, without
payment therefor,
in the proportion of two new shares for
every three shares held; that certifi¬
Ltd.—Merger Plan.—
Empire Steel Corp. above.—V. 107, p. 1923.
Hartford Automotive Parts
cates
Co.—Earnings.—
Company reports net sales for 1919 of $1,241,938 and net profits of $156,718, equal, after Preferred dividends, to $9 71 a share on the Common stock
of $50 par value.
Net earnings for 1920 are estimated at $230,000.
Com¬
pany is the second largest manufacturer of universal joints, drive shafts
and
clutches for automobiles and trucks.
Net assets, it is stated, now
equal over $88 for every share of $50 Preferred outstanding.—V.
109,p.1370.
cone
Hartman Corporation.—New Directors.—
Melvin Emerich and
V. 110, p. 657.565.
Sidney H,
Kahn have been elected directors.—
"
Harwood Electric Co.—Committee for Preferred Stock.—
The committee named below in requesting the Preferred
stockholders to
deposit their shares with the Rittenhouse Trust Co., Phila., states: "In
view of pending proposals looking to the purchase of the
Preferred stock of
the Harwood Electric Co., the undersigned believe that
immediate co¬
operation among the Preferred stockholders is expedient in order to insure
that they will receive an adequate price for their
holdings."
Protective Committee.—William M. Lloyd, Chairman: Frederick J.
Petry,
Howard Longstreth, F. Corlies Morgan, Jos. S.
Lovering Wharton.
About the proposed merger of the Harwood Electric Co. with the
com¬
panies mentioned (see Lehigh Power Securities Corp. under "Railroads"
above), William M. Lloyd in reply to an inquiry says: "An offer of 86
per share cash has been made for the
stock, and an alternative offer or
9-10 per share of the
new Preferred stock in the merged
companies.
As
neither of these offers were satisfactory to the stockholders with whom
we
in touch, we decided to form a protective committee and
expect to
were
find out in court just what the rights of Cumulative Preferred
stockholders
are."—V. 107, p. 407.
Haynes Automobile Co.—60% Stock Dividend, &c.—
A stock dividend of 60% has been declared, thus
ing Common stock from $2,500,000 to $4,000,000.
The directors have voted to build
a
increasing the outstand¬
foundry to cost $250,-
a plant to manufacture the Little Six Haynes automobile and
in which to manufacture the bodies.—V, 109,
p. 1464.
Hercules Powder
a
factory
Co.—Quarterly Report.—
1920.
1919.
$4,786,630
1918.
632,023
Balance, surplus
$6,674,785
302,881
93.625
_
93,625
$538,398
1917.
$8,800,872 $13,548,610
1,328,065
1,858,938
93,625
93,625
$209,356
$1,234,440
$1,765,313
—V. 110, p. 1092.
Holly
Sugar
Corporation.—Tenders.—
The Columbia Trust Co. of N. Y., will, until
May 13, receive sealed bids
for the sale to it of sufficient Pref. stock to exhaust the sum of
$396,070,
now in the sinking fund, at not
exceeding 115 and accrued dividends.
—V.
110,
p.
representing new shares shall be issued only for full shares and shall
as of and dated May 15
1920, and such full shares shall participate
In dividends declared thereafter; that
scrip for fractions of shares shall be
issued at once to each stockholder entitled, which
be issued
may
1752.
holder thereof to receive
shall be void.
date.
No subscription shall be permitted for a fractional
part of a share,
but fractional parts when aggregating full shares shall entitle the holder
to subscribe for full shares.
Shares shall be paid for at par in cash at the
office of the Commonwealth Trust Co., Boston, in installments as follows:
25%
on or before June 1 1920
25% on or before Oct. 1 1920, 25% on or
1 1921, 25% on or before June 1 1921.
Interest at the rate of 6% per annum shall be allowed subscribers on all
installments (except the last) from the date of receipt to June 1 1921, and
,
before Feb.
subscribers may anticipate payment of any installment and receive interest
at the rate aforesaid for the time
Increase.
I 1920——AMos.
1919.
pre¬
scribe.
Certificates for
1921, and the
new shares shall be Issued as of and dated June 1
shares shaU participate in dividends declared after that
new
date.—Y. 110, p. 1531, 471.
Maxwell Motor Co.,
Inc.—Time for
Merger Plan Extended to July 31.—
2,200,000
Agricultural Corporation.—Outlook for
Discharge of Accumulated Dividends on Preferred Stock.—
In view of the satisfactory showing made by recent earnings, it is under¬
stood that the directors have as individuals been discussing the
question
of ways and means of discharging the accumulated dividends
aggregating
about 42% on the $13,055,500 7% Pref. stock and the possible increase in
the current dividend rate on that stock from 5 to 7%.
Owing to the absence
of directors
Thomas
W.
Lamont
and
(V. 109, p. 985) has been extended to July 31 1920.
committee says:
"This extension is necessitated by the failure of
security-holders to deposit their securities in sufficient amounts to justify
the committee in attempting to carry out the plan.
Under the plan of
readjustment the committee has until Aug. 30 1920 to declare the plan
operative.
The committee will continue its efforts to carry out the plan
The
if
V.
prior to July 31 1920 sufficient additional deposits
110, p. 1648, 664.
Albert
H.
are
received."—
',V ■'
May Department Stores Co., N. Y.—Stock Dividend of
33 1-3%—Cash Dividend Increased to 8% P. A.—
The directors have declared a stock dividend of 33 1-3%, thereby increas¬
ing the outstanding Common stock from $15,000,000 to $20,000,000.
The
directors also voted to increase the annual dividend rate from 7% to 8%,
paying
and
a
a quarterly dividend of 2% on June 1 to holders of record May 17
further quarterly dividend of 2% on Sept. 1 to holders of record Aug.
The stock dividend will be
15.
paid to stock of record
on
June 25 but the
110, P. 1523. 1419.
Maynard Coal Co., Columbus, O.—To Increase Capital.
The stockholders will vote May 24 on increasing the authorized common
stock from $800,000 to
$1,500,000.
The Pref. stock will remain unchanged,
$1,500,000.—Compare V. 110, p. 769.
Miami
Copper Co.—Earnings.—Copper Output (lbs.)—
Calendar Years—
Total income
1919.
•
_
_
_
1918.
$10,533,737 $14,446,704
8,951,036
8,727,534
_
Expenditures
Net income
$1,582,701
207,850
$5,719,170
117,223
$1,790,551
295,695
1,867,785
$5,836,393
____def.$372,929
$1,900,407
Interest net__
Wiggin the
matter has not, it is said, been brought before the board for formal consider¬
ation.
Mr. Wiggin has recently returned to the city, but Mr. Lamont is
Depreciation
Dividends
the Far East,
having been to China and being recently reported as in
Japan.
It is thought unlikely that action regarding the matter will be
taken until Mr. Lamont is home again, and then
only in case general con¬
ditions continue favorable.
The Bankers Trust Co. will, until May 19, receive proposals for the sale
to it of sufficient First Mtge. & Coll. Trust 5% 20-Yr. Sinking Fund Gold
bonds to absorb $325,390, now in the sinking fund, at not exceeding 103 and
Total
;
Balance, surplus
1920
April
1919.
4,924,420
4,489,748
—V. 110, p. 1531, 974.
Increase. I
1920
A Mos.
1919.
4 34,672118,476,722
1 8,776,701
Midvale Steel & Ordinance
1419.
International Motor Truck
Under
ment
in
interest.—V. 110, p.
Deposits
The committee of which Harry Bronner is chairman announces that the
time for the deposit of securities under the
plan and agreement of
Increase.
28,900,000 26,700,000
1,100,000
All subscriptions and assign¬
anticipated.
ments of rights must be filed with the Commonwealth Trust Co. on or
before May 21 1920, and all shares not subscribed for shall be sold for the
benefit of the company for cash at no less than par, as directors shall
International
town
full shares, after which date all
scrip
of the shares authorized
by this vote of each five shares held by each, for
this purpose including in the number of shares held
by each his proportion
of the shares representing the stock dividend aforesaid as if
issued on this
Inspiration Consolidated Copper Co.—Output Lbs.).—
from
entitling the
one or more
(2) That the additional 30,000 shares shall be offered to stockholders of
record April 21 1920 for subscription at par ($100) in the
proportion of three
date of distribution is not stated.—V.
1920——April
1919.
8,000,000
6,900,000
—V. 110, p. 1639, 1530.
be exchanged for
full shares if presented and surrendered to the Commonwealth Trust
Co.,
30 Congress St., Boston, on or before May 15 in amounts
readjust¬
malleable iron
000,
Quarters end. Mar. 31—
Gross receipts
Net earns, aft dep., &c_.
Pref. div. (1M%)——--
1917
Co.—Quarterly Earnings.—
Quar. end. March 31—
♦Net earnings
Interest
1920.
573,973
3,362,013
Decrease.
299,979
Co.—Quarterly Report.—
1919.
Balance, surplus.
1920.
$1,368,057
400,000
$878,574
338,737
$968,057
1918.
1917.
earnings
were
obtained
trucks during the March quarter, an annual
7,500 trucks per annum.—V. 110, p. 1854.
of 1,870
International
Curtis
Allen
has
on a
rate of
approximately
$2,750,197
$7,800,341
$7,055,991
elected
a
director, succeeding F.
S.
Flower.—
Jewel Tea Co., Inc.—Sales for
1920—4 Weeks—1919.
4 & 12 Weeks end. Mar. 20.
Increase. J 1920—12 Weeks—1919.
$119,0441 $4,184,809
$3,812,640
Increase.
$372,169
a
Midwest Refining Co.—Annual Report.—
1919.
,
Indicated net earnings [or other net gain—Ed.]
Less—Res. for deprec. and depletion
Reserve for taxes
Dividends..
1918.
$20,095,809 $16,051,944
5.127,144
2,789,921
4,518,887
5,707,595
3,387,911
2,044,668
Balance, surplus.
110, p. 1531.
$7,061,867
$5,509,760
-V.
Libby, McNeill & Libby.—50% Stock Dividend.
Milwaukee & Chicago
Compa
Breweries.—Liquidating Dividend
Illinois Trust & Savings Bank, Chicago, has sent holders of trust receipts
to subscr
notification that the assets of the company have been sold and
Is to be liquidated.
The first liquidating dividend will be
...
the Capital stock from 1,280,000 to 2,700,000 shares
(par $10), and ratify the details of financing approved by the directors which
includes sale to employees of company and its subsidiaries of the stock at
par as directors may determine.
An official statement says:
"Extension of business and increased costs have made it necessary for
Libby-McNeill & Libby to seek additional capital.
The result of the new
financing will be to reduce interest charges and effect economies in opera¬
tion and to interest employees financially in the business."—V. 109, p. 1797.
increasing
Lowell
of
Carl H. Pforzheimer & Co., in circular of May 1, say that the company
no income account but a comparison of the balance sheets indicates
the following:
director to succeed the late Richard G.
of record
on
After provisions for all taxes.
Note.—Subject to revision to meet any changes in interpretation
Federal tax laws, regulations and rulings.—V. 110, p. 1179.
Tonopah Mining Co.—New Director.—
George F. Tyler has been elected
Park.—V. 110, p. 1531.
27
814,456
1,800,564
furnishes
$1,432,750
$11,313,706
—V. 110, p. 1854, 1413.
Butler
$1,516,997
*
Paper Co.—Director.—
been
V. 110, p. 1752, 1743.
Jim
$9,670,711
Deprec. & depletion.___
$9,775,044
793,383
1,181,320
$539,827
production
__
A press report states that these
1919.
$4,701,534
792,722
1,158,615
Net profits.____.____
Quarters ending March 31—
Operating profit after depreciation, interest, &c__
Reserve for Federal taxes, contingencies, &c
$3,669,685
776,753
1,375,935
Gas
Light Co .—-Stock Approved.—
the company
$3.79H per
pound sterling on the stock.
The company's capitalization is £852,500,
£183,458 of which is held by residents of the United States.—V. 109, p. 277.
.
Monomac
Spinning Co., Boston.—Stock Dividend, cfee.
The stockholders on April 21 voted to increase the capital stock from
$1,200,000 to $5,000,000.
Of the increase it was voted to issue $1,200,000
to stockholders of record April 21 1920 as a 100% stock dividend in the
proportion of one new share foe each share held.
Certificates representing
new shares were issued as of and dated April 21 1920 and shall participate
in dividends declared thereafter.
The Mass. Department of Public Utilities has granted the company's
petition for an addition of capital stock of $200,000 to be applied to the pay¬
ment and cancellation of its outstanding obligations, maturing Nov. 1
1920—V. 110, p. 1531.
The stockholders also voted to offer for cash at par the 26,000 additional
shares (par $100) to stockholders of record April 21 1920 in the proportion of
1 1-12 of a share held as it shall stand after the issue of the stock dividend
No subscription shall be permitted for a fractional part of a
rights aggregating full shares shall entitle the holder to subscribe
Subscriptions are payable at office of Treasurer, in install¬
ments as follows:
25% on or before May 15 1920, 25% on or before July
15 1920, 25% on or Defore Oct. 15 1920 and 25% on or before Jan. 15 1921.
Interest at the rate of 6% per annum shall be allowed subscribers on all
installments (except the last) from the date of receipt to Jan. 15 1921 and
subscribers may anticipate payment of any installment and receive interest
at the rate aforesaid for the time anticipated.
All subscriptions and assign¬
ments of rights shall be filed with the Treasurer and the first installment
paid
aforesaid.
share but
Magma Copper Co.—Annual Report.—
Calendar Years—
Mecal sales
Inventory decrease
income..
$500,483
$1,056,851
$1,096,538
18,867
11,136
796
$519,350
480,000
$1,067,987
504,000
$1,097,334
480,000
$39,350
$563,987
$617,334
2,219,285
118,715
59,339,
$219,590
charges..
41,513
Balance, surplus.....
$178,077
1916.
2,083,947
94,273
33,005
1,841,118
132,921
58,605
Dividends
1917.
$3,251,104
Inc.16,972
$2,274,725
Inc.308,422
1,376,967
82,431
27,211
44,196
Netprofit
Other income
Miscellaneous
1918.
$3,041,978
144,156
$175,394
Operating expenses, &c_
Depreciation
Belling expenses & taxes.
Net
1919.
$1,715,879
492,159
for full shares.
—V. 108, p. 2532.
Manomet Mills,
New Bedford.—Capital Increase.—
The stockholders voted April 21 to increase the capital stock from $3,000,000 to $8,000,000.
A circular issued to the stockholders dated April 21
1920 and signed by Pres. William Whitman and Treas. Arnold G. Gard¬
ner
says
in substance:
on
or
before
May 15 1920, and all shares not then subscribed for and all
subscribed for but for which any installment shall not be paid as
required, shall be sold for cash at not less than par, as the directors shall
prescribe.
Certificates for new shares shall be issued as of and dated Jan.
15 1921 and the new shares shall participate in dividends declared after
that date.—V. 110, p. 1753, 82.
shares
(Montgomery) Ward & Co.—April Sales.—
The sales for April, it is stated, amounted to $9,112,000, an increase of
22.2% for the month.
For the four months ending April 30 sales aggre¬
gated $41,172,000, a gain for the period of 38.2%.—V. 110, p. 1855, 1531.
Motor Wheel
Corp., Lansing, Mich.—Balance
An item of "standing timber,
Sheet.—
$57,109,1' should be included in the assets
side of the balance sheet given in
V. 110,
p.
1192.
THE CHRONICLE
1978
National?Conduit &. Cable Co.—Quarterly Report.—
Quarters ending March 31—
Net sales
1920.
$3,638,354
3,520,703
Cr.14.592
146,066
,
Manufacturing costs and expenses
Other income
*
Taxes, charges and depreciation
Deficit for period.
-V. 110, p. 975.
Cr.23,071
160,083
New Cornelia
Cr.13,580
179,154
$219,694
$13,823
$292,413
Copper Co.—Copper Output {Pounds).—
1920—April—1919.
3.560,000
2,674,000
—V. 110, p. 1753. 1648.
Increase. \
1920—4 Mas.—1919.
886,000 13.948.000
12,298,000
Increase.
1,650.000
New England Mfg. Co., Boston.—$120 Cash Dividend.—
A cash dividend of $120 per share was declared payable on the outstanding
$250,000 Capital stock May 3, to holders of record May 1. , Of the out¬
standing 2,500 shares, par value $100, the Massachusetts Gas Cos. own
47^% or 1.187H shares.
New Jersey Zinc
Co.—Quarterly Report.—
Quarters end. Mar. 31—
Bond interest-
r
Res. for retire'tof bds__
Federal taxes
Dividends
(4%)
Balance, surplus
—V. 110, p. 1855.
River
New
1920.
$3,173,127
40,000
75,000
430,000
1,400,000
$2,855,427
40,000
75,000
570,000
1,400,000
$5,338,796
40,000
75,000
1,620,000
1,400,000
$6,735,444
40,000
75,000
613,705
4,200,000
$1,228,127
Total income
$770,427
$2,203,796
$1,806,739
1919.
1917.
1918.
New York
par $100, of which $10,000,000 is Common stock, $10,000,000 is Class B
Common stock, and $20,000,000 is Preferred stock.
The directors are disposed to recommend to a special meeting of the stock¬
holders, that the company's charter be amended so as to establish $25 as
the par value of the Common shares, and further so as to provide sufficient
authorized Capital stock to enable the company (1) to issue to the holders
of Class B Common stock in exchange for each of their present shares of
[non-voting] Class B Common stock of $100 par value 12 shares of New
Class B Common stock without voting rights and in all other respects like
the outstanding Class B Common stock except that the par value of each
share thereof shall be $25, and (2) at the same time to issue to the holders
of the Common stock a like 200% stock dividend in stock identical with
that to be issued to the holders of the Class B Common stock.
As another part of the proposed plan the directors expect to list the new
$25 shares of each class of Common stock and the $100 shares of Preferred
stock upon the New York Stock Exchange as soon as
Class B Common stock holders
requested to send their certificates,
properly endorsed, to the Equitable Trust Co., 37 Wall St., New York,
as promptly as possible and before May 20 1920, to be exchanged for tem¬
porary certificates for an equal number of shares.
The temporary certifi¬
cates to be issued in exchange for present certificates of Class B Common
stock will be identical with the certificates surrendered except they will
carry a provision under which, upon the completion of the proposed charter
amendments and the declaration of the proposed stock dividend, the holders
will upon notice from the company, receive for each share of the $100 par
Class B Common stock represented thereby, 12 sharse of the $25 par New
Class B Common stock, if the proposed plan is carried out.—V. 110, p. 268.
Root
Telephone Co.—New Director.—
Secy. Waldron Hopkins has been elected
110,
a
Niagara, Lockport & Ontario Power Co.—Bonds Auth.
The New York P.
S. Commission has authorized the company to issue
40-year bonds, series "A" and $109,500 7% 3-year
Of the proceeds not less than $391,200 are to be used for
additions,
extensions and improvements.—V. 109, p. 892.
Nova Scotia Steel & Coal
See British
Overseas Securities
See "Chronicle" of May
Pacific
1288.
p.
1799.
arrears
stock from $10,-
1754.
p.
1-3% has been declared
on
the $1,500,000 out¬
standing Common stock (par $10), payable to holders of record May 10.
After the distribution has been paid, there will bo outstanding $2,000,000
Common stock.
The directors also declared a cash dividend of
3% on the
Common shares, payable May 10 to holders of record
April 30.—V. 110,
p. 83.
|
Penn Mex Fuel
PROFIT
AND
•
Co., Pittsburgh, Pa.—
LOSS
ACCOUNT
FOR
CALENDAR
YEAR
income year
1919
Operating expenses and taxes
Net
-------
-
income
$1,106,172
BALANCE
Property
SHEET
account------$12,988,162
1,249,978
Mat.,mchdse & oil in tks.
844,020
Liberty bonds
32,250
Stk.
owned
&
adv to
cos
Total
DEC.
31
$15,155,617}
Total
-$15,155,617
Pennsylvania Coal & Coke Co,—Earnings.—
Gross
1919.
Net earnings
Other income
Gross income
Deductions
Dividends
Balance,
1917.
1918.
2,600,879
3,412,558
$7,560,297 $10,539,659
$696,229
$2,003,463
156,044
120,758
sales
$852,273
206,767
(8%)493,560
-
surplus—
——-
p.
1485.
Co.—Dividend Decreased.—
3,288,440
$8,811,111
$2,182,354
91,616
$2,123,641
$2,273,968
539,864
1,035.117
(4)246,781
(10)647,799
*$151,948
*$935,878
*$992,070
„chan8e account Federal taxes, estimated
at $645,506 for
1919. $839,770 for 1918 and $445,196 for 1917.—V. 109,
p. 1365.
the proposal to refund the 42%
year's vouchers for one year on a
on
of Preferred dividends and the
"The directors feel justified in stating
that the payment in cash of regular quarterly dividends on the Preference
stock at the rate of 7% per annum, accruing from July 1 1920, will hereafter
be made."—V. 110, p.
1857, 1420.
Sparks, Withington Co.—Dividend.—
A quarterly dividend of 50 cents per share has been declared on the out¬
standing 50,000 shares of Common stock (no par value) payable May 15
to holders of record May 5.
Dividends at the rate of 6% p. a. were paid
on the old Common stock, par $100, which was recently exchanged for three
shares of new for one of the old stock.—V. 110, p. 771.
Standard Milling
Co.—Capital Increase.—
The stockholders voted May 3 to increase the
from
$7,500,000
$15,000,000.
to
The
Oil
Co.
of
authorized common stock
has also outstanding
Compare V. 110, p. 1649.
company
$6,488,000 6% non-cumulative preferred stock.
Standard
-V. 110, p. 1856.
Calendar Years—
Net tons produced--
April 30.—V. 107,
on
portion of the issue in Preferred stock.
1919.
Capital stock.
Accounts payable
$10,000,000
313,438
Def. items due sub. cos.
5,000
Res. for inc. taxes
290,502
lies, for fire losses
30,991
•41,207 Res. for depl. & deprec-.
2,332,822
Surplus & undiv. prof_.
2,182,863
Cash & accts; receivable-
sub.
1919.
$4,346,248
2,291,223
948,852
...
Depletion and depreciation
died
An official announcement states:
Paige-Detroit Motor Car Co.—33 1-3% Stock Dividend.—
Gross
Co., Springfield, Mass.—Obituary.—
Spanish River Pulp & Paper Co.—Back Dividends.—
The stockholders voted May 5 to increase the
Capital
000,000 to $25.000,000.—V. 110,
& Wesson
The shareholders will vote June 23
Development Corp.—Stock Increase.—
A stock dividend of 33
Smith
President Joseph H. Wesson
per share has been declared on the stock,
payable June 1 to holders of record May 17.
Dividends at the rate of $5
per share have been paid quarterly since September, 1918/—V, 110, p. 666.
'
Corp.—Organized.—
1, p.
Engineering Co.—Pref. Stock.
Sears, Roebuck & Co.—April Sales.—
Southern Pipe Line
A quarterly dividend of $4
Co., Ltd.—Merger.—
Empire Steel Corp. above.—V. 110,
Dervoort
Van
1920
April
1919.
Increase.
11920
4 Mos.
1919.
Increase.
$21,824,141 $19,183,881 $2,640,260|$106,995,130$71,500,975$35,494,155
—V. 110, p. 1754, 1532.
$313,000 of its 6%
notes.
&
are
The present outstanding Preferred stock is now $1,180,000, the additional
$180,000 being issued late in 1919 for the purchase of the R. & V. Wagner
Ordnance plant adjoining the Engineering company's plant in Moline, HI.
—V. 109, p. 1993, 278.
director succeeding F. H.
1753, 1745.
p.
practicable after the
plan is carried out.
Company.—Back Dividends.—
Two dividends of $1.50 per share have been declared on the Pref. stock,
both payable May 26 to holders of record May 15.
This payment will
reduce accumulations to $40 a share.—V. 110, p. 1532, 1193.
Bethel!.—V.
share of each class with a $100 par value to be made exchangeable for
4 shares with a par of $25 each.
The present authorized and outstanding Capital stock is $40,000,000,
mon
1918.
$2,485,846
2,612,685
1919.
$3,084,469
3,167,151
[Vol. 110.
California.-—Extra
Dividend.—
An extra dividend of $1 has been declared along with the regular quar¬
terly Dividend of $2.50, botn payable June 15 to holders of record May 15.
A like amount was paid extra in March and December last.—V. 110, p.
1095, 1080, 976.
Standard Oil Co. of Indiana.—Extra Dividend.—
have declared an extra dividend of 3%, along with the
quarterly payment of 3% on the $30,000,000 outstanding capital stock
(par $100), payable June 15 to holders of record May 17.
An extra of 3%
has been paid quarterly in addition to the regular dividend, since Feb. 1917.
—V. 110, p. 1095, 473, 368.
The directors
Standard 6il Co. of New Jersey.—Authorization of
$100,000,000 Additional 7% Cumulative Preferred Stock.—
The stockholders voted May 5 to increase the Cumulative 7% Preferred
stock from
$100,000,000 to $200,000,000, of which $98,338,300 is to be
offered to Common stockholders of record May 14 at $100 a share on the
basis of one new Preferred share for each share of Common held.
Subscrip¬
tion rights expire Juno 15.
Compare V. 110, p. 1638, 1649, 1755.
Stanley Works, New Britain, Conn.—Payment of 100%
Stock Dividend—Rights to Subscribe to Common and Pref.
Secretary E. W. Christ in
a
letter to the stockholders dated March 27
said in subt.: The stockholders and
directors have voted:
To issue a common stock dividend of 100% to stockholders of record
March 26 1920 and certificate for your proportion of same will be issued
1.
Phelps-Dodge Corp.—Production of Blister Copper (lbs.)—■
Decrease.} 1920—4 Mos.—1919.
—V
110
?754
p
Pierce
Oil
1532
Profit
Preferred dividends
$6,074,825
621,539
2,558,798
600,000
-
Balance, surplus.
$2,151,884
-V. 109, p. 1648.
Arthur
$5,465,142
609,683
$5,360,763
683,181
2,025.698
Total income
Income charges
Profit and loss charges-
Shipbuilding Co.,
$2,894,488
Ltd.—Merger.—
See British Empire Steel Corp. above.—V.
109, p. 1279.
Porto Rican American Tobacco
declared, payable June 3 to holders of record
May 16, in 3-year 6% scrip.
Dividends were also paid in stock and scrip
from March 1918 to June 1919, both
inclusive, but none until March 1920
& strike. which tied up the plant for several months.—V. 110, p.
1084, 975.
v
(R. J.) Reynolds Tobacco Co.—200% Stock Dividend
Common and
Class
B
Common
Stock in
Class
B
on
Non-
Voting Common Stock—To Reduce Par of Common from $100
to $25—To List All Classes
of Stock on N. Y. Stock Exchange.—
President W. M. Reynolds in letter dated
May 1, addressed
to holders of Common and Class B Common
stock, says:*^
Vf The recent decision of the U. S. Supreme Court in the stock dividend
case affords your
company an opportunity to distribute a substantial stock
n
r.
.
__
—
—
i
dividend wl
mich the directors have for
»
,
«
some
t
•
.,
<•
.
-
-
_
time thought advisable.
Furthermore, the directors favor the adoption of a "par value of $25 for
Common shares in lieu of the
present par of $100, every outstanding Com¬
on
or
after April 3
1920.
tions in full is called to be made
3.
on or
before June 1.
To issue 240,000 shares of Preferred stock and to offer the same to
March 26 in proportion to their holdings on said
stockholders of record
date.
This right also relates to the old number of shares before the stock
div., and the right is to subscribe for 2.4 preferred sharesfor each old share.
The object of the preferred issue is to use such number of the preferred
shares as are not taken by the Stanley Works stockholders for payment
at par on purchase of the manufacturing business of the Stanley Rule &
Level Co.
(V. 110, p. 1296).
[Subscriptions for preferred shares expired
April 12 when payment in full was required.]—V. 110, p. 1857, 1420.
Stern
Bros.
(Dry Goods), N. Y.—Back Dividends.—
Two dividends of 154% each
ha,ve been declared on the Pref. stock,
154% of which is applicable on account of accumulated dividends, both
payable June 1 to holders of record May 20.—V. 110, p. 1095.
Stewart-Warner Speedometer
Co.—Dividend.—
A dividend of 3% has been
Both
you
To issue 60,000 shares of common stock and offer the same to stock¬
right is based on the number of shares before the stock dividend and
three new shares for every five old shares owned on March 26.
Rights to subscribe [expired] May 1, and payment at par of the subscrip¬
$4,808,445
552,318
income
2.
This
1918-
$10,263,464 $10,102,841
5,455,019
4,637,699
&c
and sent
holders of record March 26 in proportion to their holdings on that date.
amounts to
1919.
General and administrative expenses,
Port
6,383,409
Corporation.—Earnings.—
Calendar Years—
Gross profits,—
Other
Decrease.
f31«276,500 37,659,909
1522
Corp.—Capital Increase.
Company has increased its Common stuck by 200,000 new shares, no
of which 60,000 will be exchanged for Stewart Manufacturing
Corp. Common, no par value, share for share.
The remainder is to be kept
in the treasury for later issue as directors may determine.
A special meeting
of the stockholders will be held in Richmond June 4 to approve of the new
issue of Common stock.—V. 110, p. 1095.
par value,
Studebaker
jCorp.,
South
Bend,
Ind.—Reasons for
Declaring Recent 33 1-3% Stock Dividend.—President A. R.
Erskine has issued
stock
a
statement to holders of the
Common
saying in subt.:
As shown by our report for 1919 (V. 110, p. 1180) the corporation has an
Common capital stock of $75,000,000, of which $45,000,000
authorized
was
was
outstanding and $30,000,000 unissued.
The Common capitalization
increased Nov. 24 1919 (V. 109, p. 2077) for reasons explained in my
letter to the stockholders dated Oct. 29 1919 (V. 109, p. 1800).
Our business so far this year has been splendid, and
promises
M
continuous
growth and broader development than ever before.
The completed por¬
tion of the new automobile plant at South Bend is aboutltoXbeginJproduc-
MAT 8 1920.]
finest light weight
The Detroit plants are operating in good form.
the heaviest on record, and commercial pros¬
pects are generally satisfactory in export and domestic markets.
Finan¬
cially, the corporation is in strong condition, and all bills paid for construc¬
tion and inventories, and surplus cash assets on hand.
Considering all of these favorable circumstances, and the fact that the
common stockholders had for some years stood by uncomplainingly while
large surplus earnings were utilized to finance growth, the directors at their
meeting on April 6 determined that the time had cojne to reward the com¬
mon stockholders for their patience.
Whether to do this by an extra cash
dividend, an increase in the regular cash dividend, or the distribution of
a stock dividend, was the question.
The latter plan was adopted under unanimous vote (see V. 110, p. 1532)
because it held the double advantage of permitting a greater percentage of
distribution to the common stockholders and better ^protecting the cash
assets of the corporation.
Accordingly, the common stock outstanding was
increased by vote from $45,000,000 to $60,000,000, and the amount of the
increase, viz., $15,000,000 distributed among the common stockholders
of record April 19 as a 33 1-3% stock dividend to be mailed stockholders
on May 5.
Fractional scrip certificates when presented in amounts equal
to full shares, will be convertible into certificates of stock at the Lawyers
Title & Trust Co., 160 Broadway, N. Y. City.
[As to change in record dates for stock participating In future quarterly
dividends see V. 110, p. 1857, 1532.
The stockholders will vote May 18 on (1) increasing the authorized com¬
from $14,000,000 to $25,000,000
(2) on increasing the directors from
tlon of the new Light Six car, which we believe is the
automobile ever produced.
Our farm wagon business is
Stutz Motor Car Co. of
America, Inc.—Capital Inc.—
The stockholders voted May 5 to increase the capital stock from 120,000
shares, no par value, to 200,000 shares, no par value.
The amount of
capital with which the corporation will carry on business is increased from
$600,000 to $1,000,000.
The 80,000 shares of new stock are to be paid out
in stock dividends.
The present plan
provides for distribution of the 80,000 shares in four
each to stockholders of record June 15 1920,
15 1920 and March 15 1921 (V. 110, p. 1420), but
installments of 20,000 shares
Sept. 15 1920, Dec.
authorization has been given directors, however, to distribute the 80,000
shares for stock dividend in such different installments and on such earlier
dates
as
they
may,
in their discretion, determine.
It is understood this action was taken in order that the
80,000 shares
mon
five to seven, (3) on setting aside $2,000,000 of the common stock for sub¬
scription by the employees in such amounts, upon such terms, &c., as the
directors may determine.
Digest of Circular Signed by Pres. J. Warner, Warren, O., April 15,
The special meeting to consider increasing the capital stock Is called
primarily because the directors are of the opinion that some distribution
of the surplus should be made in the form of a stock dividend to the common
stockholders.
It should be understood that the surplus of a company is
largely in plant extensions, inventories, &c.
For this reason no substan¬
tial distribution of the surplus of a going concern can ordinarily be made
except through the medium of a common stock dividend.
The directors also recommend that the board be increased and that two
additional members be elected.
If this is done it will enable us to put
upon the board men largely interested in the stock of your Company who
will, in the opinion of the board, be of great assistance in the successful
conduct of
Texas Pacific Coal & Oil
First annual report for calendar year 1919 shows:
Gross earns., $20,112,266; oper. exp., $4,532,945; oper.
i...
profit..$15,579,321
6,742,371
Gross income...
$22,321,692
Deduct—Depreciation,
depletion,
oil
&
gas
development
&
Dividends paid
16,913,081
1,399,818
Surplus for
$4,008,793
year
1755.
Thatcher
Manufacturing Co .—Bonds Offered.—Bonbright & Co., and Hemphill, Noyes & Co., New York, are
offering at 95 and int. to yield about 7 % %, by advertisement
on
another page, $2,000,000 Ten-Year 7% Convertible
Sinking Fund Mtge. Gold bonds, dated April 1 1920.
F. E. Baldwin,
Elmira, April 23.
Sinking Fund.—An Annual. Sinking Fund will be provided for the retire¬
ment of the bonds at not exceeding 105 and int. and will retire over half
of this issue by maturity.
For the purpose of this fund, $50,000 will be
payable during the first year, $100,000 for each of the five years thereafter,
and $150,000 per
annum
thereafter until maturity less the principal
amount of any bonds converted during the year.
.
J
aa-fej
v
Balance
Dec.
Sheet
31
After Giving Effect to Present Financing and
Including Estimated Reserves for Federal Taxes.
1919,
Liabilities—
Assets—
Real estate, plants, &c
..$3,162,120
1,340,351
632,105
3.54,580
424,970
Licenses, formulae & contracts
Investments In other
cos
Cash
Accounts receivable 1 ess
res
.
.
.
Inventories
Liberty
541,168
280,350
51,793
bonds
Deferred
For further details
Times
V. 110, p.
stock
Com. stock (80,000
$250,000
....
sh.,
par) 3,586,778
10-Yr. 7% Convertible bonds. 2,000,000
6% Mortgage bonds
149,500
Notes and accounts payable..
483,644
no
Accruals and reserves
capital
was
This policy is being adopted very widely by the most
in all lines of industry and has become an established
practice well beyond the experimental stage.
In my opinion your company
will be in a much stronger position if a large proportion of its employees
have a direct financial interest in its prosperity and growth.
substantial companies
As explanatory of the amount of the increase of common stock which is
recommended, I may say that it has always been the company's policy to
keep a substantial amount of unissued stock in the treasury so that such
stock may be quickly available for whatever use is required of it.
There¬
fore, the directors recommend a stock increase of sufficient proportions not
only to take care of the matters already mentioned but also to enable the
company to continue this policy.
Such action is now especially desirable
because your company has become so large and has so many stockholders
scattered over the entire country, that the necessary legal procedure and
work incident to an increase of its stock entails considerable delay, which
desire to avoid.
we
Earnings,
cfee.—The "Iron Age" of Feb. 12 reported:
The annual statement read Feb. 3 at the annual
$6,787,437
1857.
126,453 the year before.
During 1919 the company earned $192,392 from
Liberty plant near Leavittsburg, Trumbull Co., which was acquired
July 1 from the Liberty Steel Co.
The statement of earnings is net after
deducting taxes, dividends and other charges.
[In 1919 the company
paid 11}!% on its common stock and 7% on preferred. To April 1 1920
paid 5% on the common stock.—Ed.]
„
The surplus fund of $9,000,000 Dec. 31 last compares with a surplus of
$6,532,924 Dec. 31 1918.
nA.
The company now employs 6,000 men and its payroll in 1919 was $8,000,000, $1,000,000 higher than the year before.
Production in 1919 was 198,500 tons and about 200,000 tons were shipped,
„
surplus stocks being drawn upon.
In January, 1920, the company s ingot
production was broken, the seven furnaces producing 34,000 tons, or at the
annual rate of 408,000 tons, double the 1919 output.
The Trumbull company now has under construction at its Trumbull
plant in Warren 9-in. and 12-in. Morgan continuous hot-rolled strip steel
mills and is doubling the capacity of its cold-rolled strip steel department.
With the additions, the strip steel department will have an annual capacity
of 150,000 tons.
..
The company's plants comprise seven 100-ton open-hearth furnaces,
blooming mill, 18 and 21-in. Morgan continuous bar mills, 44 sheet, tin and
jobbing mills, including 29 tin mills, 13 sheet mills and two jobbing mills,
with complete galvanizing and tinning departments; a 16-in. continuous
hot-rolled strip steel mill and a cold strip-steel department.
Total yearly capacity of the plants is 300,000 tons of finished product.
Plant valuation is fixed at $18,500,000.
The company owns 700 acres of coal lands near Brownsville, Pa., where
its gas coal is produced and its requirements fully met.
It also owns a
one-fourth interest in 17,000,000 tons of Lake Superior basic ore.
.Hans
have not yet matured for blast furnace construction, the next step in the
company's development.
■
The authorized capital stock is $24,000,000,
of which $14,000,000
is common and $10,000,000 pref., $20,000,000 being issued in equal amounts
of common and preferred.
Compare official statement in V. 108, p. 2131.
—V. 110, p. 1650, 568.
..
Union
Dividend
An extra dividend of 2%, together with a quarterly dividend of 4% has
declared on the stock, both payable May 15 to holders of record
been
May 10.—V. 110, p. 1857. 269.
Bag & Paper Co.—Capital Increase—Stock Div
United Gas Improvement
Co.—Creates $15,000,000 7%
Pref. Stock of which $6,103,000 is Offered to Stockholders
for Subscription at par, $50.
Cum.
the capital stock by 300
000 shares, par $50 each, all of said increase being 7%
stock.
The common stock remains the same, viz.i,
Corp.—Dividend Certificates.—
will, it is announced, be paid with the last installment of interest thereon
upon presentation at the Bankers Trust Co., 16 Wall St., N. Y., on or
after May 15 1920.—V. 110, p. 967, 877.
Sks.^
Report—Earnings, &c.—
The year was a most unusual one,
the first four months being conducted
the history of the
company.
Our expectations of a revival of business, however, were more
than justified.
In June orders began to materialize and all during the bal¬
ance of the year were largely in excess of shipments eacn month.
The result for the year is gratifying.
The loss for the first six months
has been turned into a profit for the year of $254,765.
Our quick assets
total $1,237,622, against liabilities, in the shape of current accounts of $74,a
loss, with orders and shipments the smallest in
036.
We have set aside reserve for income and corporation taxes duo in
1920, $35,070.
Our reserve for depreciation increased $21,500, and now
stands at $73,011.
Reserve for discounts and bad debts, $30,851.
This
leaves a surplus account of $596,507, an Increase of $128,501 for the year.
Our holdings of Liberty bonds total $95,902, and certificates of indebted¬
ness $85,000.
At this writing our ware continues to be In good demand.
We are unable
to fill our orders with any degree of promptness.
After two advances in
wages this year our men are responding and showing a disposition on the
part of skilled labor to give us somewhere near our productive capacity.
We are having difficulties, however, in securing soft coal and supplies.
BALANCE SHEET DEC. 31 1919.
Assets.
est., bldgs., mach.,
fixt., pat. & moulds.$2,543,949
Cash
201,762
collectible
Liberty bonds & certif
Stock in other
stock
Pref.
8% stock.
Sundry creditors
585,775 Taxes
Inventory
Accts.
Common
cos
Unexpired ins
275,315
180,902
12,486
$1,750,000
73,011
•
rate of
6% per annum on such full paid subscription warrants from
annum on instalments from the date of payment thereof to Aug. 31 1920,
inclusive, after which date no interest will accrue thereon; and upon pay¬
ment of the final instalment on or before Sept. 1 1920 and surrender of the
subscription warrant, stock will be issued as of Sept. 1 1920, and
Surplus
30,851
596,507
$3,809,475
Total
Fractional warrants aggregating one share or more when presented at
office of the treasurer on or before 3 p. m., June 15 1920 will entitle the holder
to receive in exchange a subscription warrant for the right to subscribe
for
represented by the fractional
share will be
15 1820.
Com¬
1638, 1650.
ty
J
the number of full shares of Prferred stock
warrants so surrendered.
No subscription for a fraction of a
received and all fractional warrants will be void after June
pare
annual report in V. 110, p.
States
United
Steel
Court Denies
Anti-Trust Suit.—
Corp.—Supreme
Government1 s Request for Rehearing in
May 3 refused to grant the Government
request for a rehearing of the anti-trust
United Verde Extension
•
suit.—V. 110, p. 1858, 1846.
Mining Co.—Status.—
dated May 1 shows:
Cash on hand
1920, $930,014; Liberty bonds, $3,364,400; bills payable,
23,857.634 lbs.—V. 110, p. 1650,
A circular issued to the stockholders
as
of
April
1
1096.
...$3,809,475
$70,600 8%
cumu¬
p$ Trumbull Steely Co. ^Warren, O .—To Increase Common
StocklandlDeclarelStockiDividend—Earnings, &c.—
dividends
thereon will accrue from that date.
$500,000; copper on hand on April 1 1920,
9,286
At last advices $1,179,400 8% non cumulative and
lative Pref.—Ed.—V. 110, p. 368.
x
the date
of payment thereof to June 1 1920; or (2) In two instalments payable (a)
$25 per share on or before 3 p. ra. June 15 1920; (b) $25 per share on or
before 3 p. m. Sept. 1 1920; interest will be paid at the rate of 6% per
Whitaker-Glessner
Total
Subscription
stockholders specify¬
ing the amount of Preferred stock for whidh each is entitled to subscribe
on or about May 17 1920.
Subscriptions for full shares may be made payable as follows (1) In full
between May 17 and 3 p. m. June 1 1920, in which eventstock will be issued
in exchange for such full paid subscription warrants as of June 1 1920, and
dividends thereon will accrue from that date; interest will be paid at the
xl,250,000
74,036
35,070
Res. for deprec
For disc, consign. & bad
debts
of said Preferred stock
at par ($50) per share to the extent of 10% of their
warrants and fractional warrants shall be Issued to the
The U. S. Supreme Court on
Liabilities.
Real
1,211,456 shares par
holdings.
Series "A" dividend certificates issued May 15 1918 and due May 15 1920
Trenton Potteries Co.—Annual
Cumulative Preferred
$50.
Secretary C. W. Curran in letter to the stockholders dated Phila.
May 3, says in subst.:
The stockholders of record May 7 will be given the right to subscribe
between May 17 and June 15 1920 for 122,060 shares
at
_
The stockholders voted May 4 to increase the capital stock from $10,000,000 to $20,000,000.
Of the new stock $5,000,000 is to. bo distribute
as a 50% stock dividend on May 20 to holders of record May) 10.
Compar
V. 110, p. 1755, 1650.
The stockholders voted May 3 1920 to increase
Products
,
—
from 80,000 shares Common (no par value) and
20,000 shares Preferred (par $100) to 300,000 shares Common and 20,000
shares Preferred.
The active capital was Increased from $2,400,000 to
$3,500,000.—V. 110, p. 1650, 1533.
Tobacco
„
,
filed May 4 under the New York law increasing the auth¬
Axef'CMich..—Extra
meeting by President
its
stock
Timken-Detroit
proposed stock
offer
deem advisable.
317,515
Total (each side)
Square Auto Supply Co.—Capital Increase
A certificate
orized
see
Preferred
the directors recommend that after this
and sell to the employees $2,000,000 of the Common stock in such amounts,
at such times and on such terms, at not less than par, as the directors may
,
Federal taxes
Further Data From Letter of Pres.
business.
Jonathan Warner, indicates for 1919: Gross sales of $24,569,841 compared
with $27,000,000 in 1918.
Net earnings of $2,388,258 compare with $3,-
Co.—Earnings.—
Other income
its!
Furthermore,
dividend has been declared, the stockholders authorize the board to
could be distributed during current year if earnings warranted it, instead
of stretching it over into 1921.—V. 110, p. 1649, 1420.
—V. 110, p.
1979
THE CHRONICLE
The company has
Co.—400% Stock Dividend.—
announced
a
dividend of 400% payable In Common
stock, thus increasing the outstanding Common stock from $3,869,700 to
$19,348,500
The company intends to make large extensions to its plants
at Wheeling and Martin's Ferry, W. Va., and at Portsmouth.— V. 110,
p.
1533. 1328.
For
other
"
•
Investment
News,
see
page
1983.
[Vol. 110.
THE CHRONICLE
1980
I^epxrrls and
RAILWAY COMPANY
THE ATCHISON TOPEKA & SANTA FE
TWENTY-FIFTH ANNUAL REPORT—FOR
THE FISCAL YEAR ENDING DECEMBER 31 1919.
Topeka & Santa Fe Railway System,
York City.
April 6 1920.
Office of the Atchison
acquisition of bonds and stocks of other railway and
terminal companies:
Barton County & Santa Fe Ry
$134,252 42
Minkler Southern Railway
306,866 60
Northwestern Pacific RR
1,779,406 56
North Texas & Santa Fe Ry
798.423 99
Oklahoma Central RR
12,424 72
To the Stockholders:
Your Directors submit the following report for
the fiscal
January 1 1919 to December 31 1919, inclusive.
The Lines comprising the Atchison System which have
been operated throughout the year by the United States
Railroad Administration
are
follows:
as
1920
Atchison
Additions and Betterments—System
Dec. 31 1919.
Topeka & Santa Fe Railway
Dec. 311918.
8,661.99 miles
1
8,624.67 miles
"
"
1,917.95
767.63
64.09
"
64.09
61.51
20.22
"
"
61.51
20.22
M
11,483.12
"
11,456.07
Rio Grande El Paso & Santa Fe Railroad
..
Betterments to
Ice Plant, Bel en.
10,550
19,382
500
110,048
Miscellaneous Items
81
71
13
64
^
299,603 32
,
report there were
2,253,981 32
Other Investments, including Sinking Fund
Total Charges
$23,188,283 83
carried forward
Reduction of Book Values:
Cherokee & Pittsburg Coal and Mining
Garden City Gulf & Northern RR
$260,781 65
5,254 70
Co.
750,000
24,901
29,832
43,747
Santa Fe Pacific Land Sales
Ice Plant, San Bernardino.
Ice and Power Plant, Winslow
Santa Fe Tie & Lumber Preserving Plant..
Net Increase in Capital Account
00
49
11
35
1
*'114'517 30
$22,073,766 53
during the year—
INCOME STATEMENT.
Credits in bold-faced type.
1919.
1918.
For details of Additions and Betterments
on
as
$47,196,262 50 $59,715,203 22
2,452 Freight-Train Cars
76 Miscellaneous Work Cars.
3,095,398 38
Other
and
Charges
(exclusive of
.
4,056,239 44
and Joint Facility Rents)...
Ik Equipment
3,405,574 03
on
$14,438,981 18
Less—Value of Equipment
te interest on
the year as
Bonds,
including
accrued
Adjustment Bonds..—
••****;
11,696,191 79
Income
available
amount
for
(representing
dividends
""
and
HI
From the net corporate income for the year
sums have been deducted:
Dividends on Preferred Stock—
$96,801
510,788
30,667
43,848
500
48,457
818 Freight-Train Cars
6 Passenger-Train Cars
.
194 Miscellaneous Work Cars
f **''
1 Automobile
Miscellaneous Adjustments—
$28,348,432 89 $43,098,657 77
surplus)...
retired during
follows:
20 Locomotives
11,654,259 20
*
.
Corporate
7,151,934 84
55,322 07
23,560 15
—
......
1,556,712 22
$40,044,624 68 $54,752,916 97
Interest
—-—$7,208,164 12
......
12 Miscellaneous Equipment—
% I"4
analyzes
follows:
93 Locomotives
Gross Corporate Income
Taxes.
see
page
$42,885,310 80 $14,615,087 26
4,310,951 70
15,100,115 96
tract—Accrued
Other Income
by accounts
25 [pamphlet report].
The item of $13,707,918 58 for "Equipment"
statement
Compensation under Federal Control Con¬
Net
....
Tie and Timber Lands
The following is a summary of the transactions of the
System for the years ending December 31 1918 and 1919:
Rentals
21,863,658 74
$372,800 00
6,418 31
Real Estate held for future use
completed on December 31 1919 85.09 miles of additional
line, which will be ready for operation in the near future.
The Company is also interested, jointly with other com¬
panies through ownership of stocks and bonds, in other lines
aggregating 556.92 miles.
** For detailed statement of
present mileage and for changes
in mileage during the year see pages 29 to 33 [pamphlet
report].
Si P"?
Equipment
Fuel Lands and Other Properties:
Healdton Pipe Line Co
Santa Barbara Tie and Pole Co
Increase during the year 27.05 miles.
In addition to lines covered by this
$3,279,003 09
$7,277,116 56
13,707,918 58
878,623 60
Property
Equipment
"
Grand Canyon Railway.
Kansas Southwestern Railway
94
88
86
00
Lines:
Fixed
"
'
1,907.64
767.67
Gulf Colorado & Santa Fe Railway
Panhandle & Santa Fe Railway
177,024
4,699
206,952
213,000
Osage County & Santa Fe Ry
South Plains & Santa Fe Ry
Tulsa & Santa Fe Ry
Verde Valley Railway
year
rm
including the
Construction and acquisition of new mileage,
No. 5 Nassau Street, New
27
40
01
84
00
08
731,062 60
the following
$13,707,918 58
No 42 (2^%) paid Aug. 1
.$3,104,342 50
No. 43 (23^%)
retired and the 76
cars, which being
permanently assigned to work service, were relettered in work
service equipment series during the year and transferred
from freight equipment to work service equipment at their
depreciated value at time of relettering.
The 818
paid Feb. 2
$6,208.685 00
Dividends
Common Stock—
on
No. 56 (1 y2
%) paid June 2
1919
$3,327,142 50
57 (1H %) paid Sept. 2
ooo
.
"
■
No
1919
No. 58 (1^%) paid Dec. 1
freight-train
miscellaneous work
3,104,342 50
3,338,797 50
cars
cars
reported
as
added, include 69
3,342,622 50
CAPITAL STOCK AND FUNDED DEBT.
3,343.132 50
..
outstanding Capital Stock (deducting stock in treas¬
ury) on December 31 1918 consisted of:
;
No. 59 (1 y %) paid Mar. 1
Appropriation for Fuel Reserve Fund
Lines
Bonds Sinking
The
13,351.695 00
70,260 81
California-Arizona
Common
15,843 97
Fund
S.
F.
&
S.
J.
V.
13,354 00
Fund....
19,659,838 78
Issued during the year:
Common Stock issued in exchange for
$221,785,500 00
124,173,700 00
$345,959,200 00
Convertible Bonds
1,088,000 00
retired
$23,438,818 99
Surplus carried to Profit and Loss
Surplus to credit of Profit and Loss Decem¬
Capital Stock outstanding December 31 1919: r
Common
$222,873,500 00
Preferred
124,173,700 00
$41,797,635 19
194,808 10
ber 31 1918
Sundry Adjustments
Surplus
...
Preferred...
Railway Bonds Sinking
-$347,047,200 00
$41,992,443 29
appropriated for
Physical Property
Investment in
41,927,870 84
Surplus to credit of Profit and Loss December 31 1919
Company's capital stock on
and the changes in number for the year
The number of holders of the
64,572 45
$65,366,689 83
December 31 1919,
were as follows:
Number
of
Increase for
Stockholders.
than compensation under
Federal control contract consists of interest on cash in banks
and sums collected as interest and dividends upon bonds and
Income
from
sources
other
companies the transactions of which are not in¬
also lap-over revenues and
expenses and adjustments therof.
The income account in
this respect does not reflect a normal year's showing but
constitutes a record of income credits, applying in part to
prior years, received o^ determined during the year.
During the year the sum of $750,000 in cash was received
as the net proceeds of sale of land embraced in the Santa Fe
Pacific Land Grant, but this was directly written off the book
value of Railroads, Franchises and Other Property and the
transaction does not appear in the Income Account.
stocks of
Common..
Preferred
EXPENDITURES
AND
REDUCTION
OF
the year:
Obligations Retired:
Convertible 4% Bonds
Obligations Issued:
California-Arizona Lines First and
funding Mortgage 4M% Bonds
Account as shown by the
20 [pamphlet report], at
December 31 1919 aggregated $804,903,069 71, as compared
with $782,829,303 18 at December 31 1918, an increase
-during the year of $22,073,766 53, which analyzes as follows:
$1,088,00000
Re¬
Decrease of Funded Debt.
■-
Total System Funded
1,468 50
1,086,531 50
Debt outstanding Dec. 31 1919..$285,553,457 70
charges for year ending December 31 1920 will
approximately $11,628,000, or an average monthly
charge of about $969,000.
Interest
be
TREASURY.
BOOK VALUES.
The total charges to Capital
General Balance Sheet, page
389
894
outstanding Funded Debt of the System (deducting
bonds in treasury) amounted, on December 31 1918, to..$286,639,989 20
The following changes in the Funded Debt occurred during
The
cluded in the System accounts,
CAPITAL
the Year.
31,281
19,643
....
Neither this Company nor any of
notes or bills outstanding.
its auxiliaries has
any
Company held in its treasury on December 31 1919,
$4,532,650 01 cash, of which amount $1,820,034 49 was held
as
banker for its affiliated companies.
In addition, the
The
Mat 8 1920.]
1981
THE CHRONICLE
Company arid its affiliated railway companies
own $19,013,Liberty Loan Bonds and Victory Loan Notes and
$1,499,589 70 of short-term notes, which are carried in the
general balance sheet in "Other Investments" and "Current
Assets," respectively.
200 00 of
Due to the United States Government:
Uncompleted
Additions
Extensions
and
and
Betterments
Road
$12,996,725 82
*
Due from the United States Government:
Accrued
Depreciation—Equipment
$10,994,254 55
Equipment Retired
625,050 33
Roaa Property Retired and Not Replaced
Accrued Depreciation—Miscellaneous Physical Property-
314,526 47
80,441 85
FUEL RESERVE FUND.
The fund has been increased
priations of income,
as
during the
$12,014,273 20
by
year
appro¬
$982,452 62
In addition to the above the Government is
follows:
Amount to credit of Fund December 31 1918
Added during the year.
__
...
82,033,684 25
70,260 81
_
In Fund December 31 1919
$2,103,945 06
CONSTRUCTION OF NEW LINES.
Although somewhat retarded by the scarcity of labor,
definite progress has been made during the year toward the
completion and placing in service of all but one of the new
lines shown as uncompleted in the last Annual Report.
The present status of these lines is briefly outlined in the
following:
BARTON
Balance due to the United States Government
COUNTY & SANTA FE
RAILWAY.
charged with
material and supplies on hand at December 31 1917 and
certain subsequent additions thereto stated in the accounts
at time of transfer at a value of $23,977,558 08, for which
material and supplies equal in quantity, quality and relative
usefulness are to be returned at the end of Federal control,
any differences in quantities to be accounted for at prices
then prevailing.
At December 31 1919 the Government
was carrying a charge against the Company for expenditures
for additions and betterments not approved by it and not
reflected above amounting to $278,054 40.
The retired property (road and equipment) and accrued
depreciation accounts are as stated on the books of the
United States Railroad Administration
This
line, extending from Holyrood to Galatia, Kansas, a
distance of 31.20 miles, was placed in operation July 1 1919.
MINKLER SOUTHERN RAILWAY.
With the consent of the Railroad Administration, work on
the extension of this line from Porterville to Ducor, Califor¬
nia, a distance of 12.48 miles, was actively resumed about the
middle of the year.
Practically all the right-of-way has been
secured, the grading and bridging is more than half completed
and track laying is in progress.
It is expected to have the
line ready for operation about July 1 next.
TULSA & SANTA FE RAILWAY.
1919
and
as
of December 31
subject to modification and adjustment to
conform to a proper construction of the Compensation Con¬
tract.
Minor adjustments may also be required in the
accounts subject to quarterly settlement.
These various accounts are grouped in the general balance
sheet, pages 20 and 21 [pamphlet report], as United States
are
Government
under
accounts
current
and
deferred
assets,
deferred liabilities and unadjusted debit and credit accounts,
EXTENSION OF GUARANTY.
The Transportation Act, 1920, which provided for the ter¬
mination of Federal control, extended to railway companies
under Federal control the
privilege of
an
extension of Federal
May 1912 your Company has been using the freight
and passenger terminals of the St. Louis-San Francisco Rail¬
way Company at Tulsa, Oklahoma.
Owing to the rapid
growth of that city, these facilities became utterly inadequate
for the proper handling of the traffic of both
companies, and
as there was no reasonable
prospect of such terminals being
suitably enlarged, an Oklahoma corporation, known as the
control guaranty for a period of six months ending August 31
1920.
As a condition to receiving such guaranties, however,
Tulsa & Santa Fe
for said six months
Since
Railway Company,
was
cember 12 1917, to provide
terminals to be operated
formed
on
De¬
independent freight and passenger
by your Company under lease.
The freight facilities were substantially completed and placed
in operation May 1 1919.
Work on the passenger facilities
was deferred at the
request of the Railroad Administration,
and negotiations are now pending to determine whether the
use of
the St. Louis-San Francisco Company's passenger
faciiitis cannot be continued
on
will render the construction of
ties unnecessary at
terms and conditions
independent
passenger
which
facili¬
this time.
GOVERNMENT CONTROL.
Federal control and
operation of
your
properties ceased
under the ■1 Transportation Act 1920" and corporate operation
resumed midnight of February 29 1920, but the proper¬
was
ties
not, at the end of Federal control, as it was agreed
Compensation Contract they should be, in substan¬
tially as good condition and in substantially as complete
equipment as when taken over by the President, pursuant
to his Proclamation of December 26 1917.
Adjustment and
settlement of all matters relating to maintenance of your
properties will be proceeded with as rapidly as consistent
with the importance and difficulties of the questions in¬
were
in the
railway companies
required to execute and file with the
March 15
written acceptance of all provisions of Sections 209 of
were
Inter-State Commerce Commission, on or before
1920,
a
said Act.
The result of such acceptance was to agree to pay
to the United States the excess of
over
railway operating income
and above such guaranty
After careful consideration,
it
was
deemed advisable to
accept the provisions of Section 209, and this was accord¬
ingly done.
ALLOCATED
EQUIPMENT.
During the year there were finally allocated to the Com¬
pany and accepted by it 2,700 steel-underframe
40-ton
capacity box cars, constructed under ^contracts between the
Director-General of Railroads and equipment manufacturers.
To finance the cost of this equipment the Company under
date of January 15 1920 joined the Director-General in an
equipment trust agreement with the Guaranty Trust C6mpany of New York.
The cost of these cars has not yet been
definitely determined, but it will not exceed $7,917,480.
Under the agreement referred to the purchase price is pay¬
able in fifteen equal installments, payable on January 15 in
each year commencing on January 15 1921 and ending on
January 15 1935, with interest at 6% per annum from
January 15 1920 until the date of payment, interest payable
semi-annually on January 15 and July 15 in each year.
At December 31 1919 the Company had received 2,450
of the
cars
and
liability for the estimated cost thereof, viz.:
$7,151,256 is carried in the general balance sheet as an
unadjusted credit account.
volved.
Thus far
settlements of any character have been effected
Compensation Contract of November 22 1918,
but an understanding as to the form of statement of accounts
subject to quarterly settlement has been reached.
The
status as of December 31 1919 of accounts subject to such
under
settlement
was
as
operations of your railway property during the
1919.
A summary of the results of such
operations for the years 1918 and 1919 is as follows :
calendar
year
$53,169,398
7,948,850
2,288,919
12,399,216
2,578,638
....
Completed Additions and Betterments—Equipment.
Road Extensions...
95
82
95
74
Taxes.less War Taxes.
$25,499,314 17
1,769,261 64
2,561,456 94
4,846,967 04
19,317,778 19
1,065,586 20
'
$55,060,364 18
Balance due from the United States Government
$23,324,660 34
In the above statement the Government has been credited
with
$34,931,000 paid during the year on account of com¬
pensation but is charged with the estimated amount of
additional
compensation on additions and betterments
reported as completed at December 31 1919.
It does not,
however, include interest due the Company on unpaid
quarterly balances, an estimate of which has been made and
included in the income account of the year and is carried on
the balance sheet as an unadjusted debit account.
Other accounts with the Government
subject
follows:
to
as
of December 31
quarterly settlement,
were
Total.
$
06
Due to the United States Government:
Payments for Corporate Transactions
Expense prior to January 1 1918 paid
Expended for:
Completed Additions and Betterments—Road....
$
Operating Revenues.......187,658,222 95 209,500,003 77 397,158,226 72
Operating Expenses
135,793,050 49 156,026,127 11 291,819,186 53
$78,385,024 52
Liabilities December 31 1917 paid
1919.
$
Assets December 31 1917 collected..
Revenue prior to January 1 1918 collected...
not
conduct the
1918.
Agents' and Conductors' Balances December 31 1917
but
The United States Railroad Administration continued to
follows:
from the United States Government:
Accrued Compensation—balance
Cash transferred December 31 1917
Due
1919,
GENERAL.
no
the
as
Net
Operating Revenues.
51,865,163 53
7,812,629 78
53.473,876 66 105,339,040 19
9,137,463 24
16,950,093 02
Uncollectible Rail way Reve¬
27,605 68
42,242 71
69,848 39
RailwayOperatinglncome 44,024,928 07
Equipment and Joint Facil¬
ity Rents
181,410 55
44,294,170 71
88,319,098 78
2,268,552 98
2,087,142 43
42,025,617 73
86,231,956 35.
nues
Railway Operating Income
as
defined
Control
in
Federal
44,206,338 62
Act..
Lapover revenues and expenses applying to the period
prior to January 1 1918, adjusted by the Administration
during Federal control, are included in the above, the net
effect being a credit to "Railway Operating Income" of
$729,197 40, the prior revenues exceeding the prior expenses
by that amount; however, the above figures do not include
additional mail pay which accrued to the Administration
during these two years under decision of the Inter-State
Commerce Commission of December 23 1919 in the Railway
Mail Pay case, estimated at $3,191,000, which was taken
into the Federal accounts for January 1920.
The
income
of
the
Administration
derived
from
your
the two years, including additional mail
pay, was in excess of the sum of the agreed compensation
for the same period and the interest rental accrued to De¬
cember 31 1919 on additions and betterments reported a&
completed at that date.
1
W. B. STOREY, President.
property during
[Vol, 110
THE CHRONICLE
1982
THE ATCHISON TOPEEA & SANTA FE
RAILWAY COMPANY—SYSTEM.
Comprising The Atchison Topeka & Santa Fe Railway Company, Gulf Colorado & Santa Fe Railway Company,
& Santa Fe Railway Company, Grand Canyon Railway Company, Kansas Southwestern Railway
Company, and Itio Grande El Paso & Santa Fe Railroad Company.
-
•
ACCOUNT
INCOME
DR.
Corporate Operating Expenses
Taxes
I..
3,373,271
26,349
133,263
32.302
11,654,259
625,126
155,276
_
Rent for Leased Roads
Miscellaneous Rents
-—
...
Miscellaneous Tax Accruals
on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Debits
Dividend No. 42 on Capital Stock,
♦'
43 44
44
44
Interest
.«
i
44
44
56
44
"
44
57
58
59
_
_
—
-
26
65
22
69
00
90
87
56
07
6.208,685 00
44
44
44
44
44
44
44
44
1
44
44
44
44
$3,327,142
3,338,797
3,342,622
3,343,132
Common
44
44
44
50
50
50
50
13,351,695 00
■'
:
.
3,104,342 50
•
1
v
26
66
43
77
20
68
55
$3,104,342 50
Preferred
CR.
1919.
Compensation under Federal Control Contract—Accrued--$44,615,087
Income from Lease of Road
160,939
Miscellaneous Rent Income
252,479
Miscellaneous Non-Operating Physical Property
93,989
Dividend Income
7,214,058
Income from Funded Securities
1,313,084
Income from Unfunded Securities and Accounts
1,856,256
Income from Sinking and Other Reserve Funds
73,159
Miscellaneous Income Credits
4.136,148
$616,695 90
—.
-
..
—
MONTHS ENDING DECEMBER 31
TWELVE
FOR
Panhandle
Appropriation for Fuel Reserve Fund
70,260 81
_
15,843 97
13,354 00
California-Arizona Lines Bonds Sinking Fund
The 8, F. & 8. J. V. Ry. Co. Bonds Sinking Fund
Balance, being Surplus for 12 months ending December 31
1919 carried to Profit and Loss Account
23,438,818 99
___
$59,715,203 22
$59,715,203 22
PROFIT
DR.
AND
31
CR.
1919.
$41,797,635 19
23,438,818 99
194,808 10
Balance brought forward from December 31 1918
$64,572 45
Surplus appropriated for investment in physical property-.
Balance carried to General Balance Sheet..
DECEMBER
TO
ACCOUNT
LOSS
Surplus for twelve months ending December 31 1919
Sundry Adjustments
65,366,689 83
$65,431,262 28
$65,431,262 28
RAILWAY COMPANY—SYSTEM.
ATCHISON TOPEKA & SANTA FE
THE
,
Comprising The Atchison Topeka & Santa Fe Railway Company, Gulf Colorado & Santa Fe Railway Company, Panhandle
& Santa Fe Railway Company, Grand Canyon Railway Company, Kansas Southwestern Railway
Company, and Rio Grande El Paso & Santa Fe Railroad Company.
GENERAL BALANCE
i
SHEET DECEMBER 31
1919.
Balances
Balances
Dec. 31 1919.
ASSETS.
Dec. 31 1918.
$731,110,400 11
Railroads, Franchises and Other Property, Including Stocks, Bonds, &c. (Exhibit A)
Expenditures for Additions and Betterments, Construction and Other Capital Purposes
During Current Fiscal Year (Exhibit B)
—
$710,071,807 79
22,916,443 02
$732,988,250 81
12,192,238 23
22,512,037 77
$753,622,437 88
15,885,799 01
Investments, New Acquisitions (Exhibit C).
Sinking Fund
5 53
819 06
35,394,013 76
Other Investments
37,648,808 61
$804,903,069 71
$782,829,303 18
$172,302,412 01
Balance brought down
$150,230,113 98
Current Assets:
200,000
251,664
1,512,680
187,371
1,016,495
197,192
53,370
..—$53,169,398 06
4,282,650 01
250,000 00
U. S. Government—Accrued Compensation...
Cash
$42,885,310 80
5,399,773 41
——
00
61
Time
10
22
76
36
55
Loans and
Deposits
Special Deposits
....
248,641 68
.
1,499,589 70
Bills Receivable
{
Traffic and Car Service Balances
17,365 74
Miscellaneous Accounts Receivable
618.885 69
Material and
119.989 00
Interest
and
Supplies
Dividends
34,449 04
181 13
Receivable
Other Current Assets
122 56
_
60,241,150 05
61,703,981 37
Deferred Assets:
2,203,093 9146,540,596 65
$200 00
Working Fund Advances
Guaranty Trust Co. of New York:
Cash Deposit for Fuel Reserve Fund
$34,941 13
2,033,684 25
134.468 53
2,103,945 06
26,330 14
Other Deferred Assets
U.
2,130,475 20
49.219,874 54
S. Government—Deferred Assets.
Unadjusted Debits:
^
'
Rents and Insurance Premiums Paid in Advance._
Other Unadjusted Debits
.
$201,421 71
1,148,983 57
f 1,350,405 2816,000,282 10
U.
$139,186 18
1,431,505 10
1,570,691 28
11,987,583 20
S. Government—Unadjusted Debits.
y:';-
$258,028,473 29
'
-
■
$297,452,186 28
-r
LIABILITIES.
/;>/V-;:
■
Capital Stock:
Outstanding (Exhibit D)
$345,959,200 00
$347,047,200 00
Funded Debt:
286,639,989 20
150,230,113 98
Bonds Outstanding (Exhibit E)
Balance carried down
285,553,457 70
.
172,302,412 01
...
$804,903,069 71
$782,829,303 18
'l
Current Liabilities:
$9,500,000 00
42,427
314,226
595,160
1,706 ,182
66
96
87
31
153,952 50
115,000 00
6,431,125 00
3,162,225 85
39,56047
Loans and Bills Payable
Traffic and Car Service Balances...—
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid.
'
Dividends Matured Unpaid
Funded Debt Matured Unpaid
...
———
.
$3,259 22
309,500 23
46,555 49
1,138,367 54
225,187 70
45,000 00
;
6,447,475 00
3,158,621 30
39,560 47
Unmatured Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
$11,413,526 95
$22,059,861 62
Deferred
264,112 18
52,131,940 71
U. S. Government—Deferred Liabilities
$3,159,573 27
3,194,579 32
41,320,240 60
5,693,874 47
53,368,267 66
49,153 79
196.639 49
68,057,090 00
Liabilities
;
Unadjusted Credits:
Tax
Liability.
$3,499,878 30
3,204,199 94
46,681,481 40
Operating Reserves
Accrued
Other
Depreciation—Equipment
10,233,092 60
Unadjusted Credits...
U. S. Government—Unadjusted Credits
63.618,652 24
278,054 40
.
Corporate Surplus:
$86,196,225
25,263
92,322
10,005
2,033,684
99
69
68
53
25
Additions to Property through Income and Surplus
Funded Debt Retired through Income and Surplus
California-Arizona Lines Bonds—Sinking Fund Reserve
The S. F. & S. J. V. Ry. Co. Bonds—Sinking Fund Reserve
Reserve for Fuel Lands
$88,357,502 14
41,797.635 19 Profit and Loss—Balance...
130,155,137 33-
—$86,260,798 44
34,504 94
108,166 65
14,118 28
2,103,945 06
.
$88,521,533 37
65,366,689 83
153.888,223 20
$297,452,186 28
$258,028,473 29
We have examined the books and accounts of The Atchison
Topeka & Santa Fe Railway and System Lines and certify that the above Balance Shee,.
and relative Income and Profit and Loss Accounts are
properly drawn up therefrom and show the correct income of the Company's System for the yea
and the true financial condition at the close of the year,
subject to such adjustment as may be required in settlement of U. S. Government accounts re"
ferred to in the President's report.
We have been provided with satisfactory certificates from the Trustees as to the securities pledged under the different
mortgages, and
Chicago,
we
have also verified the cash items.
March25 1920.
^
^^^^PRICE,
WATERHOUSE & CO.. Auditors.
MAT 8
1920.]
THE CHRONICLE
GENERAL
BALANCE
SHEET—EXHIBIT A.
GENERAL
RAILROADS, FRANCHISES AND OTHER PROPERTY.
Amount December 31
1918
—i
1918
-
-
,
:
'
Real Estate held for future use
1,877,850 70
//
.
45,091 05—1,877,850 70
$14,070,088 93
Expenditures during the year ending Dec. 311919:
Northwestern Pacific Railroad
--$1,779,407 56
Healdton Pipe Line Company Capital Stock
372,800 00
Tie and Timber Lands
19,382 71
$1,832,759 65
45,091 05
companies
co's___$l,832,759 65
Western Oklahoma Railway
22,916,443 02
terminal
Western Oklahoma Railway
•
Investments in securities of terminal
$732,988,250 81
of
'...$12,192,238 23
__
Transferred from Exhibit A:
-
Total
Transferred to Exhibit C:
Investment
in
securities
SHEET—EXHIBIT O.
Expenditures to December 31 1918.
Expenditures for Additions and Betterments, Construction
and other Capital Purposes during year ending December
31
BALANCE
INVESTMENTS—NEW ACQUISITIONS.
$710,071,807 79
-
1983
Ice
10,550 81
6,418 31
Plant, Bel en
Santa Barbara Tie & Pole Co
500 13
$731,110,400 11
GENERAL
BALANCE
SHEET—EXHIBIT
STOCK DECEMBER 31
CAPITAL
v
Common
Cherokee
1919.
Issued*
In Treasury.
$222,918,000 00
$44,500 00
•
124,199,500 00
25,800 00
$347,117,500 00
*
$70,300 00
&
Coal
Pittsburg
Mining Co
Plant, San Bernardino
Plant, Winslow
Power Plant, Winslow
Rails and Fastenings leased
various parties
Ice
Outstanding.
Ice
$222,873,500 00
124,173,700 00
$347,047,200 00
Preferred
$2,189,059 52
Deductions:
D.
&
$260,781
24,901
28,981
j
850
65
49
96
-A.-
15
to
14,086 84
Santa Fe Tie & Lumber Preserv¬
Not Including $4,800,000
Preferred Stock placed in special trust for
Reorganization Committee and not yet used, nor
$2,486,500 Preferred Stock in custody of the Central Union Trust Com¬
pany off New York as Trustee, but held subject to the Company's order.
43,747 35— 373,349 44—1,815,710 08
ing Co
certain purposes by the
$15,885,799 01
GENERAL BALANCE SHEET—EXHIBIT B—EXPENDITURES FOR ADDITIONS AND BETTERMENTS, CONSTRUCTION AND OTHER
CAPITAL PURPOSES DURING YEAR ENDING DECEMBER 31 1919.
jr
Name of Road.
Atchison Topeka & Santa Fe Ry
Atchison Topeka & Santa Fe Ry.
Barton
$11,662,109 28
1,722,244 20
-
Cane-Belt RR„
San
Llano Valley
1,444
115,887
3,164
13,489
5,917
395,841 38
21,258 19
904 41
>
18
49
06
08
88
*5,25470
1,444
115,887
*2,090
13,489
5,917
798,423 99
_
-
_
Osage County & Santa Fe Ry
Panhandle Sr. Santa
Ry
12,424 72
_
9,679 41
_
.
_
__
*177,024" 94
_
Rio Grande El Paso & Santa Fe RR.
241,141 67
11,790 19
17,039 05
_
Rocky Mountain & Santa Fe Ry
Santa Fe Pacific RR
_
— -
-
9,258 13
3,758 64
-
.
-----
------
_
,
__
■'
'
.
4",699" 88
8,127 27
2,826,26
206,952 86
"206,95286
_
'
200 00
7.054,059 85
7,054,059 85
3,427 39
2,826 26
__
_
Tulsa & Santa Fe Ry
Verde Valley Ry
Western Arizona Ry
309,563 67
798,423 99
12,424 72
9,679 41
*177,024 94
241,141 67
11,790 19
17,039 05
200 00
_
Improvement Co.
South Plains & Santa Fe Ry
Texas & Gulf Ry
,
$21,863,658 74
"
24
65
94
54
76
20 67
3"06".86666
2,697 07
------
Oil Fields & Santa Fe Ry
18
49
64
08
88
348 13
15,894
24,536
495,832
27,245
1,842
24
65
94
54
76
20 67
La ton & Western RR
Minkler Southern Ry
North Texas & Santa Fe Ry
Oklahoma Central RR
r
42
348 13
15,894
24,536
495,832
27,245
1,842
_
Fe Land
""
904 41
RR
Dodge City & Cimarron Valley Ry
Eastern Ry. of Nex Mexico System
Garden City Gulf & Northern RR
Grand Canyon Ry
Gulf & Interstate Ry. of Texas
Gulf & Interstate Ry. of Texas—Santa Fe Dock & Channel Co
Gulf Beaumont & Great Northern Ry.
Gulf Beaumont & Kansas City Ry
Gulf Colorado & Santa Fe Ry
Jasper & Eastern Ry
Kansas Southwestern Ry_
Santa
$11,565,947 48
1,722,244 20
395,841 38
21,258 19
-
Saba &
Total.
Expenditures.
*$96,161 80
"$134.252
-
_
California Arizona & Santa Fe Ry
Concho
Construction.
Betterments.
,
(Coast Lines)
County & Santa Fe Ry
Other
Additions and
' ::
1
.
""■"2f3,ooo"66
222.258 13
$124,208 22
$23,262,037 77
3,758 64
$1,274,170 81
'■
Deductions:
Land Sales
_
:
_
750,000 00
-----
•:V'
$22,512,037 77
*
Credits.
GENERAL
BALANCE
E—FUNDED
SHEET—EXHIBIT
DECEMBER
DEBT
Rate
In
of
Issued.
Interest
Class of Bonds.
Treasury.
$152,562 ,500
51,728 ,000
7,975 ,000
10,071 ,000
22.545 ,000
18,525 ,737
9,603 ,000
3,000 ,000
Adjustment Mortgage—Due July 1 1995
-Convertible—Due June 1 1955--,
-i—
Convertible—Due June 1 1960
Transcontinental Short Line—Due July 1 1958
California-Arizona Lines—Due March 1 1962
Eastern Oklahoma Division—Due March 1 1928
Rockv Mountain Division—Due January 1 1965
San Francisco & San Joaquin Valley Ry.—Due Octobor 1 1940.
Santa Fe Prescott & Phoenix Ry.—Due September 1 1942...
.-—....—...
1937
—.
Miscellaneous Bonds—
00
00
00
00
00
20
00
00
$1,928,000 00
382,000 00
5,967 .000
4,940 ,000
560 ,000
192 ,000
224 ,000
2 ,820
Genera] Mortgage—Due October 1 1995
Chicago Santa Fe & California Ry.—Due January 1
Hutchinson & Southern Ry.—Due January 1 1928
Prescott & Eastern RR.—Due April 1 1928---,
1919.
31
00
"18,000 06
00
00
00
00
00
$287,896,057 20
(V.)
The
Vivadou,
York
New
The "Iron
of 300,000
a
Age," May 6, says in substance:
$1Ne?earaings Sept.
stock
stock
_
_
,
1 to Dec. 31 1919, $420,435: Federal tax (est.), $120,000; bal., sur., $300,435; net earnings Jan. 1 to March 31 1920, $278,082.
It is estimated that the gross business for the full year 1920 will amount
to about $8,000,000 and that net earnings will be at least $1,500,000.
Compare V. 109, p. 895, 1086; V. 110, p. 1096. 772.
White
Motor
Co., Cleveland.—New Capital—Report.—
increasing the capital stock from
A statement accompanying the notice of the
The stockholders will vote June 9 on
$25,000,000 to $30,000,000.
meeting says:
,,,
.
.
.
affirmatively the directors will be in a position
to issue and sell stock from time to time and in amount deemed necessary
to provide additional capital funds likely to be required by company s
increasing business.
No stock dividend is contemplated.
If and when
more stock is sold, stockholders will of course, be given subscription rights.
The company has declared the regular quarterly dividend of $1, payable
June 30 to stock of record June 15.
Earnings Calendar Years—
1919.
1J18.
'
"If the stockholders act
Gross sales.
-
Other
income
Total income
-
Federal taxes and reserve for contingencies
Balance for dividends
Dividends
Total
surplus
—V. 109. p. 2446.
(F. W.) Woolworth
—V. 110, P.
orized Common stock amounting to $20,000,000.
The directors also decided that it was advisable to declare an
dividend,
additional
represented by surplus accumulated since organization
and which will more nearly represent the value of the com¬
pany's various properties and working capital.
The stockholders are to vote on June 1 on increasing the Common capital
from $20,000,000 to $100,000,000, the increase to consist of 800,000 shares
of Common, par value $100.
The shareholders are also asked to waive their
right to subscribe to $6,000,000 or 60,000 shares of the increased Common
and to authorize the directors to sell this amount to employees of the com¬
as
of the company,
pany
"at such times and under such conditions as
scribe **
the directors may pre-
A
Campbell is quoted as follows:
"If the stockholders,
at their meeting, vote in favor of increasing the Capital stock, it is then the
intention of the directors to declare a further stock dividend out of this
increase in capital and still leave in the treasury a substantial amount of
stock to be sold from time to time as the conditions of the company may
warrant, for further extensions, the securing of additional raw materials
or working capital."—V. 110, p. 1858, 977.
Pres.
James A.
NOTIC E S
CURRENT
433,091
$6,380,585
3,700,000
six-story building at 14 Stone
$2,680,585
1,280,000
moved six
$1,429,876
6,449,180
$1,400,585
5,220,891
$6,621,476
Co.—April Sales.—
Increase. I
1920—4 Mos.—1919.
$9,135,404 $1,608.474]$38,256,991 $32,584,629
1650. 1533, 1096.
1920—Avril—1919.
$10,743,878
$5,729,876
2,860,000
$2,809,876
1.440.000
The directors have declared
which is now unissued,
This disposes of all the auth¬
5,497,484
$7,879,056
1
Surplus
Previous surplus adjusted
holders of record Juno 20.
$41,667,697 $39,559,794
4,983,371
746,505
Operating profit, after expenses
$285,553,457 70
stock dividend of 15.034 shares of Common stock,
payable July 1 to
of capital
$2,342,599 50
Youngstown Sheet & Tube Co.—Stock Dividend.—
Inc.—Listing.—
Stock Exchange has authorized the listing
(being the total authorized issue), no par value.
Corporation has no funded debt.
Gross sales Sept. 1 to Dec. 31 1919, $1,790,256; Jan. 1 to March 31 1920,
shares
14,599 50
Outstanding.
$150,634,500 00
51,346,000 00
7,975,000 00
10,071,000 00
22,545,000 00
18,511,137 70
9,603,000 00
3,000 000 00
5,949,000 00
4,940,000 00
560,000 00
192,000 00
224,000 00
2,820 00
Increa*?•
$5,672,382
—The advertising agency
at 67 and 69
of Albert Frank & Co. is now
St.
housed in its new
In 1872 this concern began its career
Since then it has
the same neighborhood,
required for its business expansion.
Quick work was
William St., where it occupied small space.
times,
including the present location, in
due to more room
required to get the latest additional space
the result that the present
required by the company, with
old
site was purchased in February last, the
spared to rush the new structure to
completion.
The building, it is said, has the distinction of being the first
to be built in this country for an advertising agency's own use.
Albert
Frank & Co. formerly gave their chief attention to financial and transpor¬
tation advertising.
Now merchandising accounts constitute a fair propor¬
building taken down and no money
tion of their business.
THE CHRONICLE
1984
[Vol. 110
NORTHERN STATES POWER COMPANY
ANNUAL REPORT—FOR THE YEAR ENDED
zinc mines
208 South La Salle Street,
Chicago, Illinois, April 27 1920.
To the Stockholders
of Northern States Power Company:
Your Directors herewith submit report of the financial con¬
dition of your Company and its subsidiaries, as of Decem¬
ber 31 1919; also a statement of operations during the twelve
months ended on that date, and other detailed information,
to which your attention is called.
The earnings for the years ended December 31 compare
follows:
1918.
1919.
1917.
1916.
Earniugs_$9,875,934 34 $8,392,664 40 $7,154,508 89 $6,087,153 16
4,117,312 69
3,542,974 06
3,389,780 50
3,341,656 90
1,999,055 83
1,922,713 64
1,709,837 74
1,593,127 79
Balance
2,118,256 86
1,620,260 42
1,679,942 76
1,748,529 11
Gross
Net Earnings
Fixed Charges..
Divi¬
Preferred
dends
1,176,998 02
B al ance A vail abl e
for
1,036,915 32
Amortiza-
916,011 05
740,236 39
763,931 71
1,008,292 72
v ■'
tion,Depreciation and Com¬
mon
Dividends
941,258 84
583,345 10
There has
again been a material increase in your Company's
business, due in part to the rapid restoration of normal
activities, and in part to the development of new business.
A marked feature of the year's business was the very slight
loss felt by the closing down of so-called war industries.
The after-effects of the war, as shown in the higher prices of
all farm products, have
placed the farming communities in
a very prosperous condition, reacting favorably upon all the
industries in the territory served by your Company.
This is
especially true as regards the manufacture of farm imple¬
ments and machinery and equipment for flour mills and
allied plants.
The gross earnings of your Company increased 17.67 per
cent over 1918, and net earnings increased 16.21 per cent.
No increased rates of any consequence were made effective
in 1919, but the increase in gross earnings reflected, in addi¬
tion to much new business, rate increases made effective the
latter part of 1918.
The entire balance of net income for 1919, after payment
of preferred stock dividends and the setting aside of necessary
sums for depreciation and amortization, was credited to sur¬
plus.
No dividends were paid on the common stock during
the past year.
Depreciation and other reserves, as well as
surplus earnings, as above, have been reinvested in better¬
ments and improvements to the property.
Water conditions at the hydro-electric plants were above
the average, and the heavy snowfall of the past winter
promises a continuance of this favorable situation.
The cost of coal in 1917 absorbed 17.36 per cent of the
gross earnings, in 1918, 20.8 per cent and in 1919, 19.45
per cent.
Although the fuel cost continues to be a serious
item in the operating expenses,
and there is little indication
of any reduction, it would seem that the growth of the busi¬
ness is carrying this burden with greater ease, and that while
there may be further increases in the price of coal and in
freight rates, the ratio of the fuel cost to gross earnings
should not increase beyond the high ratio of 1918.
It is expected that legislation will shortly be passed by
Congress enabling further development of the hydro-electric
power situations owned by your Company.
Your Company is still faced with the high cost of labor,
and there is little likelihood of any immediate recession.
There are indications, however, that it is easier to retain
the services of experienced help and that there is a slowly
growing realization that labor must produce and do its share
if it is to retain the
as a
result of the
Expenditures
great benefits which have accrued to it
war.
for
new
construction
during
the
year
amounted to S3,455,930 22.
During the
year
1919 the
new
25,000-kilowatt steam tur¬
bine at the Riverside steam plant of the Minneapolis Power
Division was placed in operation.
This unit
provided much
needed capacity, and due to its high economies has effected
material savings in fuel consumption, compared with the
smaller units which had been
operating beyond their eco¬
capacity during the past two years.
The capacity
of this power station has been increased four and twofifths times since 1914.
It is now by far the largest power
source in this part of
the country, and one of the larger
nomical
work
of
installing a 4,000-kilowatt steam turbine,
superheaters and miscellaneous equipment at Galena, Illi¬
nois, was carried on steadily during the year.
The instal¬
lation was completed in March 1920 and the turbine placed
in
service.
The installation of
a
3,000-kilowatt steam turbine, stokers
and necessary equipment in the steam station at Sioux Falls
was also completed,
and this unit placed in operation in
January 1920.
_
The installation of these economical
new
untis at the River¬
side steam plant, at Galena and at Sioux Falls has resulted
in a fuel saving of 25 per cent to the extent of the current
1919.
in
the Galena district.
The following additions to your Company's
and distribution lines were completed in 1919:
transmission
A^33,000-volt transmission line, 11 miles in length,
con¬
necting Shullsburg, Wisconsin, with Apple River, Illinois,
to supply power wholesale to the Lena Electric Light &
Power Company, serving the cities of Apple River, Lena,
Nora, Stockton, Shannon and Lanark, Illinois;
A 60,000-volt ransmission line connecting Sious Falls with
Pipestone on the Southwestern Division, which will enable
the Company to shut down the small steam station in the
latter city.
This line is 54 miles long, 35 miles of which is
new construction and 19 miles of which is a 13,000-volt line
increased to a higher voltage.
This line was placed in service
in the early part of 1920;
Raising the voltage from 33,000 volts to 67,000 volts of
the transmission tie line connecting Faribault, Mankato and
the Southwestern Division with Minneapolis and St. Paul,
a distance of approximately 100 miles;
Extensive additions to the underground and overhead
distribution systems in the cities of St. Paul and Minneapolis,
and the increasing of a large section of the distribution sys¬
tem in Sioux Falls for 4,000-volt operation.
The following towns were connected to your Company's
transmission and distribution systems during the year, all
of which were supplied directly on a wholesale basis or were
served through some company purchasing current from us:
1978
Prairie du Chien, Wis.
Woodman, Wris.
Wauzeka, Wis.
Warren, 111.
Nora. 111.
Lena, 111.
Pearl City, HI.
Shannon, 111.
Lanark, 111.
Apple River, 111.
Decorah, Iowa.
Claremont, Minn.
Kilkenny, Minn.
Belle Plaine, Minn.
Blooming ton, Minn.
Coon Creek, Minn.
Oxboro Heath, Minn.
Essig, Minn.
Frost, Minn.
Bricelyn, Minn.
Your
Company has made all necessary expenditures to
properties in first-class operating condition.
During the year your Company sold $1,499,000 00 of its
first and refunding bonds, and underlying bonds aggregating
$83,000 00 were retired through the medium of sinlnng funds.
The relations of your Company with the various city
officials, its customers and the communities generally are
uniformly satisfactory, and due to the policy of good-will so
consistently followed the Company has been enabled to
maintain the
#
obtain such increases in rates
it in
to maintain
as were necessary
sound
operating condition.
Upon the application of the cities of Fargo and Grand
Forks the Railroad Commission of North Dakota held hear¬
a
_
ings to consider the fairness of our rates for electricity, gas
cities, and with the exception of a slight
reduction in electric rates in Fargo our entire rate schedules
and steam in these
in
the two cities
were
sustained.
.
.
Application had been made by the Minot Division to the
Railroad
Commission in
North Dakota for
an
increases
electric rates in Minot, and during March 1920 a decision
was rendered granting the increase applied for, to date from
March 1
1920.
litigation of importance during the year.
Company's preferred stock in the terri¬
tory served is being continued with marked success, 24,797
shares, of a par value of $100 00 per share, having been sold
during the year; 2,712 new local shareholders were added to
the Company's list.
The policy of the Company in encourag¬
ing community ownership is undoubtedly for the best inter¬
est of all concerned, creating, as it does, such close relations
between the Company and the citizens that it may be com¬
pared with the highest type of municipal ownership without
the very serious drawbacks of municipal operation.
The increasing popularity of this progressive step inaugu¬
rated by your Company may be gauged by the following
record of sales since the inception of the movement in June
There
was
no
^
The sale of your
1915:
Year—
1915
1916..
Total
January to March, inclusive, 1920—
Total
The
steam stations in the United States.
The
31
generated by these untis, and to that extent will tend to offset
the loss in business due to a lessening of the activities of the
Office of Northern Stales Power Company
(Incorporated in Delaware).
as
DECEMBER
Separate Sales.
Par
Value of Shares.
326
1,926
2,069
4,049
4,314
$206,300
1,002,800
945,900
1,967,100
2,479,700
12,684
$6,601,800
2,668
1,432,600
15.352
$8,034,400
holdings of preferred stock in the territory served by
Company now average approximately $10 00 per capita
of the population served.
Due to the continued high cost of labor and materials,
your Company is reducing to the lowest possible limits the
amount of construction work in the coming year, doing
only
that necessary to provide adequate equipment for the antici¬
pated steady growth in its business.
Immediately following this report is given the report of
the Treasurer, submitting general financial statement, cer¬
tified earnings statement of your Company for the twelve
months ended December 31 1919, certified balance sheet of
same date, also statement of comparative earnings.
There
your
May 8 1920.]
are
THE CHRONICLE
also submitted statistics
covering connected load, con¬
equipment, territory
information, including physical
sumers, population, electrical and gas
served and other detailed
NORTHERN STATES POWER COMPANY OF DELA¬
WARE
AND
SUBSIDIARIES—CONSOLIDATED
INCOME ACCOUNT FOR THE YEAR ENDED
description of property.
The
.
Board
of
Directors
DECEMBER 31 1919 AND SUMMARY OF
SURPLUS ACCOUNT.
has
constantly appreciated the
loyal interest and skillful industry of the employees.
A sur¬
vey of the entire situation—the results being herein set forth
—calls for grateful reaffirmation of that
appreciation.
By order of the Board of Directors,
^v.'
H. M. BYLLESBY,
"j
President.
1985
Gross Earnings—
Electric Department
Gas Department
Steam Department
$8,584,278 29
523,120 27
574,125 61
68,014 88
126,395 29
....
Telephone Department
Street Railway Department
.
REPORT
OF THE
Total Gross Earnings
$9,875,934 34
Operating Expenses and Taxes—
Operation
TREASURER.
.$4,405,964 40
Maintenance
Minneapolis, Minn., April 24 1920.
Mr. H. M. Byllesby, President Northern States Power Com¬
pany, Chicago, Illinois.
Dear Sir:—I beg to submit herewith
general financial
statement, certified earnings statement for the twelve
months ended December 31 1919, and certified balance sheet
as of the same
date; also statement of comparative earnings.
Respectfully yours,
J. J. MOLYNEAUX,
642,950 76
709,706 49
Taxes
Total Operating Expenses and Taxes
Net Earnings
Interest Charges (Net)
5,758,621 65
$4,117,312 69
1,999,055 83
...
Net Income Available for Amortization of Debt Discount
and
Expense, Depreciation and Dividends
$2,118,256 86
Deduct—
Preferred Stock Dividends
$1,176,998 02
Appropriated for:
Depreciation
$450,000 00
Amortization
Treasurer.
and
Debt
of
Discount
Expense
175,000 00
625,000 00
1,801,998 02
NORTHERN STATES POWER COMPANY AND SUB¬
SIDIARIES—SUMMARY
OF
INCOME
AND
Surplus January
PROFIT AND LOSS FOR THE YEAR 1919.
(For details
see
Balance carried to Surplus Account
report of audit below by Arthur Andersen & Company,
$316,258 84
751,457 93
1919
1
Total Surplus December 31 1919, per Balance Sheet
$1,067,716 77
certified public accountants.)
Gross
Earnings
Operating Expenses
-
Net Earnings
Interest Charges (Net)..
Balance
for
$9,875,934 34
5,758,621 65
...
amortization
of
bond
discount
and
Leaving a balance of
(This balance of $941,258 84 is equal to 15.25% on the out¬
standing common stock; however, your Company has
appropriated. for depreciation and amortization of debt
discount and expense, as shown below)
Appropriated for depreciation
$450,000 00
Debt discount and expense amortized
175,000 00
common
stock
the
in
Stocks
and
Bonds
of
Other
the $6,-
$839,325 48
Companies,
&c
51,714 25
Debt
Discount and Expense in Process of
(including $268,000 00 Expired)
Deferred Operating Charges, &c.:
Unexpired Insurance
Miscellaneous
Deferred
Charges,
Unad¬
justed Debts, &c
Rate Investigation Expenses
Extraordinary
Operating
Expenses
in
Amortization
4,956,302 30
$35,519 27
39,856 31
26,964 31
Process of Amortization
108,839 74
211,179 63
450,000 00
Current Assets:
Cash
a net balance to the depreciation reserve
December 31 1919 of
ac¬
$866,757 45
SURPLUS ACCOUNT.
1918
U.
Hand and in Bank
on
$1,696,427 76
S.
Liberty Bonds ($50,000 00 Pledged
Security for Notes Payable, per Contra)
as
237,450 00
10,380 00
Cash Deposited for Bond Interest
Accounts and Notes Receiv'le $1,035,891 02
Less—Reserve
for
Uncol¬
lectible Accounts
72,725 93
963,165 09
237,344 29
Unbilled
$751,457 93
was
added
was
$219,300 00
49,047 81
7,767 21
276,115 02
_$1,289,325 48
Against the foregoing there has been charged for equipment
retired from service, renewals, replacements, &c., less
salvage (net)
422,568 03
During 1919 there
Cash
1919 from current
year
The surplus account on December 31
.$60,890,912 86
Bonds:
gage
Collateral
Associations,
Total
count on
Rights, Franchises, &c
Deposits under First and Refunding Mort¬
Investments
surplus earnings
Resulting in
V*
Plant, Property,
Sinking Fund Cash
DEPRECIATION RESERVE.
This has been increased during
1919.
Collateral and Other Cash Deposits:
Special Trust Fund
outstanding.)
The balance in the depreciation reserve account on Decem¬
ber 31 1918 was
DECEMBER 31
Capital Assets:
$941,258 84
$316,258 84
on
SHEET
ASSETS.
625,000 00
170,000
BALANCE
expense,
depreciation and dividends
$2,118,256 86
During the year 1919 the Company has earned and paid or
accrued dividends on its preferred stock at the
regular rate
of 7% per annum, which amounted to
1,176,998 02
Balance carried to Surplus Account
This balance of $316,258 84 is
equal to 5.12%
NORTHERN STATES POWER COMPANY OF DELA¬
WARE AND SUBSIDIARIES—CONSOLIDATED
$4,117,312 69
1,999,055 83
_.
316,258 84
Making the surplus account December 31 1919
$1,067,716 7/,
Electricity
Due from Fiscal Agents for December Pre¬
ferred Stock Sales, &c
219,079 03
1,183,184 81
Inventories
4,547,030 98
ON DECEMBER 31 1919
The foregoing undistributed surplus account of
$1,067,716 77
And the depreciation reserve account on the same date of..
866,757 45
Make an aggregate of
■
.$1,934,474 22
Representing the surplus earnings from operation which have been invested
in extensions, improvements and additions to the property.
MAINTENANCE, REPLACEMENTS & RENEWALS.
Total
....$70,933,255 04
LIABILITIES.
Capital Stock of Northern States Power Co. of Delaware;
Authorized:
7% Preferred, 500,000 Shares, $100Each$50,000,000 00
Common, 500,000 Shares, $100 Each— 50,000,000 00
All the
properties embraced in the operations of the Com¬
pany and its subsidiaries have been fully maintained and
are in excellent operating condition.
The cost of maintenance of property for the year 1919
amounted to $642,950 76, which is included in operating
expenses.
In addition to this maintenance there has been
a total of $422,568 03 charged against previously existing
depreciation reserve for replacements and renewals of prop¬
erty during the same period.
The total expenditure for the
year 1919, therefore, has been:
For maintenance
$642,950 76
422,568 03
For replacements, renewals, &c., net
Total for maintenance, replacements, renewals, &c. (net)..$1,065,518 79
TAXES.
$100,000,000 00
Issued and Outstanding:
7%
179,400
Preferred,
$17,940,000 00
100,500 00
$17,839,500 00
Common, 61,700 Shares, $100 Each
6,170,000 00
Shares, $100 Each
Treasury
Less—In
$24,009,500 00
Stock of Companies in
Southwestern Minnesota Division
111,500 00
—
Minority Stockholders'
Funded Debt:
Northern States Power Company of Minne¬
sota 25-Year 5%
First and Refunding
Mortgage Bonds, Due April 1 1941
$24,567,500 00
Underlying Bonds:
Minneapolis General Elec¬
tric Co. 30-Year 5% First
Mortgage
Bonds,
due
December
1 1934
$7,403,000 00
Minnesota
Southwestern
The
taxes
included
in
the
operating
expenses
of the year
1919 amount to
Equity in
Division
553,000 00
Bonds..
$709,706 49
7,956,000 00
32,523,500 00
—
CONSTRUCTION EXPENDITURES.
Unfunded
of
States
Power
Company
of
Minnesota:
For the year 1919 there was expended for additions, improve¬
ments and betterments to the properties an aggregate net
total
Debt—Northern
-—$3,455,930 22
10-Year 6% Gold Notes, Due April 1 1926.
5-Year Sinking Fund Convertible 7% Gold
Notes, Due August 15 1923
$7,805,000 00
2,000,000 00
^
_
9,805,000 00
Arthur Andersen
David Himmelblau
W. H. Andersen, Resident Manager
W. C. Reyer, Public Utility
F. M. Simons Jr., Industrial Engineering Dept.
ARTHUR
Dept.
New York
I
Chicago, March 13 1920.
Power
Company of Delaware and Subsidiaries for
the year ended December 31 1919, and we hereby certify
that, in our opinion, the attached Consolidated Balance
Sheet and Consolidated Income Account correctly reflect
the financial condition at December 31 1919, and the results
from operations for the year ended that date.
ANDERSEN
$283,178 50
Accounts Payable
Milwaukee
Harris Trust Building
ARTHUR
Secured by Hy¬
pothecation of $50,000 00 U. S. Liberty
Accrued Interest
We have audited the books and records of the Northern
States
Notes Payable ($45,000 00
Bonds, per Contra)
ANDERSEN & CO.
Certified Public Accountants
Chicago
*
Telephone Randolph 5386
Current Liabilities:
& CO..
Certified Public Accountants.
570,565 60
on
Funded and Unfunded
Debt
-
Accrued General Interest
Accrued Taxes
Accrued Preferred Stock Dividends
Standard Gas & Electric
Company
Byllesby Engineering & Management Corp.
Deposits
Consumers'
Miscellaneous Outstanding Liabilities
523,074 08
3,949 16
661,721 98
313,045 43
21,612 85
I'
17,206 14
75,250 23
20,438 88
2,490,042 85
Reserves:
Depreciation and Replacements
Special Maintenance
—
$866,757 45
59,237 97
925,995 42
1.067,716 77
Surplus
'
$70,933,255 04
THE CHRONICLE
1986
NORTHERN
CAPITALIZATION.
Northern States Power
The total number of
Company
was
incorporated under
1909.
preferred and common stockholders
Company at the last closing
of the Northern States Power
of the books
was
Stock,
Preferred
Cumulative,
$50,000,000.
Authorized,
The
1919
outstanding issued preferred stock on December 31
$17,839,500, an increase of $2,033,000 during the
1919.
was
year
Common Stock,
Authorized, $50,000,000.
change in the issued common stock
since the last annual report.
On December 31 1919 there
was outstanding $6,170,000.
There has been
MINNEAPOLIS GENERAL ELECTRIC
THE
First
no
5%
Mortgage
Bonds,
Dated December
December 1 1934; Authorized,
COMPANY.
1
1904,
Due
$8,000,000.
Retired
through Sinking Fund, $597,000; outstanding
1919, $7,403,000.
There were $76,000 bonds redeemed through the opera¬
tion of the Sinking Fund during the year 1919.
These are
the only underlying bonds outstanding in the hands of the
public. However, other bonds which are not underlying
are explained in a later paragraph.
First
STATES
COMPANY
(OF
issued
first
119986534526470—
Ten-Year
STATES
year
COMPANY
(OF
MINNESOTA).
6% Notes, Dated April 1 1916, Due April 1 1926;
Authorized, $12,000,000.
The
outstanding issue of these notes
December 31 1919, there having been
the year 1919.
was
no
SERVED.
Wisconsin, and communities adjacent thereto
Paul, Minnesota. Division.
Served with electricity in St. Paul
and immediate suburbs, and as to part of the territory, with
429,350
heat
i
319,900
...
Minnesota, Division.
Served with electricity and
Stillwater and South Stillwater, electricity in
White Bear and smaller communities, and artificial gas in Hud¬
son,
Wisconsin
Fargo, North Dakota, Division.
Served with electricity, arti¬
ficial gas, steam heat and street railway in Fargo, artificial gas
and street railway in Moorhead, Minnesota, and electricity and
street railway in Dilworth, Minnesota
Sioux Falls, South Dakota, Division.
Served with electricity in
Sioux Falls and surrounding territory
Galena, Illinois, and Platteville, Wisconsin, Division.
Served
with electricity, principally in extensive zinc mining operations.
Grand Forks, North Dakota, Division.
Served with electricity,
artificial gas and steam heat in Grand Forks, electricity and
artificial gas in East Grand Forks,, Minnesota, and electricity
in Red Lake Falls and surrounding territory—
Mankato, Minnesota, Division.
Served with electricity and arti¬
ficial gas in Mankato. and electricity in surrounding territory.
Faribault, Minnesota, Division.
Served with electricity and arti¬
ficial gas In Faribault and Northfield, and electricity in sur¬
rounding territory
Minot, North Dakota, Division.
Served with electricity, steam
heat and telephone in Minot, electricity in surrounding territory,
and, as to part of territory, with telephone
Southwestern Minnesota Division.
Served with electricity in a
group of communities located in the southwestern part of
Stillwater,
artificial gas in
20,000
29,500
34,200
42,250
18,100
46,800
39,000
15,200
Minnesota....
27,700
Estimated total population served December 31 1919
.1,022,000
to
the
foregoing, the lines of the Company
farming population of large proportions,
in the above figures, and which is
continually absorbing increased amounts of electricity and
artificial gas furnished by the various divisions.
rural and
a
$7,805,000 on
change during
COMMUNITIES
Service Classified by Communities—
SERVED.
'
v
Electricity Only...
Electricity and Gas:
Electricity and Steam
Electricity and Street Railway
Electricity, Gas and Steam
Electricity, Gas and Street Railway
Electricity, Gas, Steam and Street Railway.
Electricity, Steam and Telephone
Gas Only
...
.........215
9
...
,
2
1
1
2
____
,
1
...
__(r.
1
1
Total Communities Served
.233
'
Communities Classified by Service—
Electricity
NORTHERN
Five-Year
STATES
POWER
COMPANY
(OF
MINNESOTA).
7% Gold Notes, Dated August 15 1918, Due Aug¬
ust 15 1923; Authorized, $3,500,000.
1
The
outstanding issue of these notes
December 31 1919, there having been
the year 1919.
was
no
$2,000,000 on
change during
Option Warrants, Issued April 1 1916, Maturing April 1 1922.
There was no change in the option warrants during the
year
1919.
On December 3|1 1919 the outstanding was
78,050.
232
Gas
Steam.
NORTHERN
STATES
POWER
COMPANY
(OF
MINNESOTA).
Preferred and Common Stocks.
Northern States Power Company of Delaware owns all
of the capital stock of Northern States Power Company of
Minnesota, except qualifying directors' shares, and the
changes in the stocks of the two companies are identical.
NORTHERN STATES POWER COMPANY AND SUB¬
SIDIARIES—COMPARATIVE
STATEMENTS
YEARS
.
4
Telephone
1
Total Communities by Class of Service...
MISCELLANEOUS
Dec. 31
Consumers Connected: 1919.
Electric...
115,265
Gross
-
-
1917—
-
Earnings.
§9,875,934 34
8.392,664 40
7,154,608 89
6,087,153 16
5,121,826 95
J— 4,492,746 95
4,045,642 44
3,695,985 61
3,208,286 61
2,711,07100
—.
1912—.
-
Net Earnings.
$4,117,312
3,642,974
3,389,780
3,341,656
2,866,634
2,419,491
2,043,035
1,860,968
1,583,027
1,289,295
69
06
50
90
10
04
72
60
96
58
figures include for the full years all properties
comprised in Northern States Power Company, which
gives a comparison of the growth in earnings of the terri¬
now
tory served.
Gross Earnings.
$9,875,934
8,392,664
7,154,508
6.087,153
5,121,826
4,395,868
3,887,408
2,839,222
1,568,993
723,754
1918
1913
1910
34
40
89
16
95
81
42
47
25
75
Net Earnings.
$4,117,312 69
3,542,974 06
3,389,780 50
3,341,656 90
2,866,63410
2,364,370 31
1,956,934
1,392,562
697,417
301,938
06
87
81
65
These figures include the properties only for the period
operated by the Northern States Power Company.
•
.
Dec. 31
'
Dec. 31
1915.
1917.
1916.
95.480
12,982
101,438
11,909
11,782
81,774
11,296
740
709
716
689
685
2,016
1,842
2,159
1,918
1,602
131,003
115,898
110,137
95,677
81,322
15,105
5,761
14,460
14,355
Gas..
Steam Heat
Telephone
Increase over prev. yrs.
Dec. 31
1919.
No. motors connected.
16,454
175,562
Horse powers in motors
50-watt
Dec. 31
Dec. 31
1917.
1918.
14,363
159,043
68,306
10,729
12,082
Dec. 31
Dec. 31
19i6.
1915.
12,734
127,689
11,237
102,247
9,790
83,471
equivalents
connected
:1,998,522
City arcs connected
City incandescents con¬
nected
Total K.W. connected-
3,624
13,344
308,073
1,815,278 1,718,134 1,532,258 1,340,975
3,611
5,725
3,720
3,686
13,105
269,588
16,638
231,718
Gas output, year 1919
Gas output, year 1918.
10,598
11,891
191,945
Electric distribution lines December 31 1919..
Electric transmission lines December 31 1919.
159,807
1,600 miles
1,284 miles
cu. ft.
—
cu.
ft.
17,159,950
—
367,966,400
350,806,450
cu.
ft,
Increase 1919 over 1918—
Electric output, year 1919
Electric output, year 1918
-386,493,939 k.w.-h.
350,827,299 k.w.-h.
—
Increase 1919 over 1918
35,666,640 k.w.-h.
The
generating plants and substations of the subsidiary
companies of Northern States Power Company are generally
contained in modern structures, all adapted to their purpose,
and contain a total rated capacity of equipment, as follows:
4
Reciprocating engines and turbines
The above
Year—
Dec. 31
1918.
34,764 h.p.
87,115 h.p.
51,205 h.p.
129,613 h.p.
358,621 h.p.
—
Water wheels..
>
.256
....
STATISTICS.
Dec. 31
Boilers
DE¬
CEMBER 31.
Year—
...
Electric Stations:
INCOME
ENDED
14
5
Street Railway
Other Securities.
Properties acquired during the year 1917 had outstanding
on December 31 1919 $553,000 bonds and
$111,500 of stock
not owned by Northern States Power Company, there having
been $7,000 par value of these bonds retired during the year.
The interest of your Company is a security investment until
the remaining stock is acquired, at which time the $553,000
bonds will become an underlying issue of the Northern States
Power System.
Certain of your subsidiary companies have outstanding
securities, but all of these are owned by Northern States
Power Company, and are pledged as collateral to its first
and refunding 5% bonds.
1919
POPULATION.
AND
which is not included
and
POWER
EMBRACED
St.
serve
refunding 5% bonds increased
1919, making the outstanding
at the close of the year $24,567,500.
On December 31 1919
the Company had cash of $219,300 on deposit with the trus¬
tee of these bonds, to be withdrawn against construction
expenditures.
NORTHERN
PROPERTIES
Minnespolls, Minnesota, Division.
Served with electricity in
Minneapolis and surrounding territory, including St. Croix Falls,
In addition
Refunding Bonds, Dated April 1 1916,
April 1 1941; Authorized, $100,000,000.
$1,499,000 during the
AND
MINNESOTA).
and
Due
The
POWER
COMPANY
_
December 31
NORTHERN
POWER
SUBSIDIARIES.
steam
10,972.
7%
STATES
J1
NORTHERN STATES POWER COMPANY.
the laws of Delaware in
[Vol. 110
7
.
f
Rating of generators.——
High-voltage transformers
Gas plants have generating and holder capacity as follows:
Generating capacity per day
1,460,000 cu.ft.
1,177,000 cu.ft.
Holder capacity
SUMMARY
OF
GAS
EQUIPMENT
DECEMBER
Mfg. Capacity
1919,
320,000
Holder
Capacity
{Cubic Feet).
500,000
62,000
280,000
200,000
150.000
200,000
20,000
150,000
1,460,000
1,177.000
per Day
{Cub. Feet).
540,000
Location—
Fargo, N. D
Faribault, Minn
Grand Forks, N. D.__
Hudson, Wis
Mankato, Minn
Northfield, Minn.
Stillwater, Minn
31
—.
200,000
15,000
>
Total
SUMMARY OF GAS MAINS.
Location—
Miles.
Fargo Division
Faribault Division.
Grand Forks Division
Hudson Division
46
26
25
7
25
.
Mankato Division
Northfield Division
Stillwater Division
Interurban High-Pressure Lines
Total
-
——
14
-
1._
25
23
.191
MAT 8
1920.]
THE CHRONICLE
%\xx (&mxmzxtml Jimes.
COMMERCIAL EPITOME
Friday Night, May 7 1920.
Wholesale, jobbing: and retail
buying less; thay are
tired of higher prices.
Evidently there is a silent revolt
against living costs on the part of large sections of the popu¬
lation in various parts of the United States.
Partly, how¬
ever the reduction in trade is due to the lack of adequat
railroad transportation.
Also the cold raw spring, the most
backward in many years, hurts the sale of spring and summer
goods.
Manufacturers and dealers in other words are faced
with peculiarly unfavorable conditions.
In the dry goods
trade, too, there is a fear of cancellations.
To make mat¬
ters worse banks are tied up with loans which cannot be
liquidated because of the non-arrival of the merchandise
tied up on the railroads.
The money situation, too, natur¬
ally attracts increasing attention.
Rates are high with the
Trade continues to shrink.
business is smaller.
The people are
of the Federal Reserve banks down to a law record
reserves
percentage.
Add to all this the bane of oppressively high
prices or in other words the high cost of living, a rather
gloomy stock market, and pessimistic talk about the world's
prospective crops, and the picture certainly is not especially
attractive.
Farmers
cannot
market
their
crops
to
any
satisfactory extent. Manufacturers find it hard to get fuel
and raw materials, and no less difficult to deliver the finished
product to buyers.
It is said that there are nearly 25,000
ears loaded with grain on the tracks between New York and
Pittsburgh, some of which have been there for a month or
more.
Meanwhile widespread economy of itself apart from
other causes is having some effect on prices.
In various parts
of the countiy they are being reduced.
This fact naturally
reacts upon jobbing and wholesale lines.
There is less and
less disposition to order merchandise heavily for distant
delivery. Nobody knows what prices are going to be.
The uncertainty as to deliveries, it will be readily under¬
stood, also handicaps business, although here and there
there is a slight improvement at points which happen to be
favored for the time being at least with a somewhat larger
supply of cars.
The South and the Middle West are having
the best trade, but it is not what it was at one time.
It is
noticeable, too, that failures though fewer are often for larger
liabilities than has generally been the case.
As for the crop
outlook rains in Texas have benefited cotton, the unwelcome
rains in the eastern cotton belt have died down, and the
weather for seeding the grain crops has been better.
The
spring wheat acreage will be to all appearance much smaller
than that of last year, but that of corn may increase under
the spur of remarkable prices; also that of oats, rye and
barley.
A significant, perhaps a momentous, thing occurred to-day
in Paterson, N. J., a big silk manufacturing centre.
It may
mark the turn of the tide.
For silk mill owners there is
demand of their workmen for higher wages
high rates already being paid,
promptly reduced them 214 cents per yard of output and
announced that if this reduction is not accepted they will
close their mills.
This incident may turn out to be the hand¬
writing on the wall.
It will probably not be the first in¬
stance of the kind if sales decrease, deflation progresses and
economy cuts the Gordian knot of exorbitant prices, which
afflict an overtaxed and sorely burdened but hitherto pa¬
tient people.
At New York in the last five years the cost
of living has increased 103%.
Not only do high prices still prevail, but the Federal Re¬
serve Bank points out that they are either higher in many
cases than they were in January and February or in some
other cases but little lower.
On the whole, very little prog¬
ress
has been made towards a reduction of either com¬
response
than
to
even
a
the abnormally
modity prices
or
merchandise credits during the first four
The usual credit liquidation of January
did not occur this year, and, while during
February the steadily rising indices of commodity prices
months of 1920.
and February
showed< signs of declining^ they resumed
during March and April, accompanied
by increasing bank loans.
Deflation of merchandise loans
and merchandise prices is something that lies^ ahead.
It
ought to come and it is bound to come. Chicago bread
prices jumped from 10 cents to 12 cents a loaf as a result of
an increase in wages of bakers to $55 a week for day work.
Such wages mean an income far higher than many a pro¬
halted,
or
even
their upward course
fessional
man
has.
high cost of living is undoubtedly chargeable
partly to a breakdown in railroad transportation.
Repre¬
sentatives of the Middle Western States from Canada to the
Gulf have appealed to the Inter-State Commerce Commis¬
sion for relief both for that section and for the East.
While
The present
people in the East are paying exorbitant prices for food prod¬
ucts, food is piling up in the Middle West to an extent that
threatens financial inconvenience.
Banks cannot collect
on
loans.
Merchandise cannot be delivered and loan
transactions terminated.
Scarcity of freight ears in the
producing States and their accumulation in the East caused
the mischief.
Farmers' stocks of grain in the Mississippi
Valley are large and potatoes are rotting there while they are
sold here at unheard of prices by the pound.
Shoe manufacturers state that prices next fall will be
lower because of lower prices for leather.
Haberdashers
1987
promise to reduce prices of collars to 25 cents each.
They
have been 35 to 50 cents and generally 40.
Agitators
against high prices have been urging the people to wear
celluloid collars and strike back at haberdashers and laundrymen.
Some woolen mills are reported to be closing down.
Raw silk has declined sharply.
The Japanese silk trade
was hard hit by the Japanese panic.
Japan has had to re¬
move
the embargo on exports of cotton yarn.
The silk
situation at Tokyo is reported to be bad. The Silk Exchange,
it seems, has closed again with prices tending downward.
Japanese sugar cane companies are to ship 50,000 tons of
sugar to the United States.
Japanese prices of imported
tin plate, chemicals, fertilizers, and steel are far below
the market prices in the United States with trade in a state
of collapse and money tight.
Silks at one point in Japan
have fallen 50%.
Contradictory rumors are in circulation as to the number
of
men
Some advices said the
strike in New Bedford.
on
strike affected 37 cloth mills and that 20,000 workers were
idle.
It was the weaving departments which were either
closed
entirely
or very
in all
but two
cases
badly crippled, the rest of the plants
Two mills have
returned work and other mills are said to be making progress
toward a resumption of work.
New wage increases from
$1 an hour to $1 25 or $10 per 8-hour day for twenty crafts
have, it is stated, cut building operations at Chicago in half.
The scale a year ago was 75 cents to 80 cents an hour.
Laborers advanced from 75 to 80 cents an hour.
Workers,
it is pointed out, may soon find themselves with high wage
scales but no employment.
In big woolen mills of Rhode
Island higher wages are demanded.
The United Textile
Workers of America have demanded for all textile operatives
affiliated with it a general wage advance of 1734% to go into
in
effect
being in operation.
Such
June.
would
advance
an
make
cumulative advance of 143% in wages at Fall
total
Yet the trade of the mills has of late fallen
Jan. 23 1916.
off
a
River since
sharply.
it sounds Australia may import wheat in 1921
season, due to drought.
Great Britain
refuses the petition of the Australian Wheat Board to forego
the balance of 1,500,000 tons owing her.
West Australia
refuses to contribute to the shipment and other provinces
Strange
owing to
as
a
poor
follow suit.
may
STOCKS
MERCHANDISE
OF
IN NEW YORK.
May 1 1920. April 1 1920.
bags.896,366
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
-
mats.
7,362
__bags.508,311
-
tons. 25,378
No.
bales.
9,548
..barrels.
7,100
Hides..
Cotton
Flour
747,742
1,968
461,695
28,966
May 1 1919.
504,527
3,073
420.332
53,639
Not published
9,809
8,500
63.337
5,400
LARD higher; prime Western 20.90 @21c.; refined to the
Continent, 23c.; South American, 23.25c.; Brazil, in kegs,
24.25c.
Futures were rather irregular with May lower.
Later came a rise with grain.
Packers sold on advances.
Lard stocks have decreased moderately.
Hogs declined,
grain advanced at times packers bought.
Later
good demand for lard and ribs, contrasting with
buyers' indifference about pork.
Shorts covered freely.
To-day prices advanced closing higher for the week.
but
as
there
was a
DAILY
CLOSING
PRICES
Sat.
May delivery
cts_19.80
July delivery..
20.55
September delivery
OF
LARD
Mon.
19.82
20.62
FUTURES
Tues.
19.75
20.70
Wed.
19.90
20.85
IN
CHICAGO
Fri.
Thurs.
20.30
2i.l0
21.90
20-40
21.20
21.97
PORK quiet; mess $42 @$43; family $50 @$53.
May pork
closed at $36 and July at $36.80, a decline for the week.
mess
steady; mess $16 @$18; packet $17@19; extra India
$40@42.
Cut meats higher; pickled hams, 10 to 20
lbs.,
30^@30%c.; picnic, 16%@1834c.; pickled bellies, 6
Beef
On May 1 the Chicago statement of
increase of about 2,750,000 lbs.
Butter, creamery, extras, 6134@62^4e.
Cheese, flats, 20@
3134c.
Eggs, fresh gathered, extras, 49@4934c.
to
12 lbs.,
meat
26@28c.
showed
stocks
COFFEE
on
an
the spot has at times been more active
and
firm; later, it was quiet; 7 Rio 15%e.; No. 4 Santos, 23%@
2434c.; fair to good Cucuta, 2134@22c. Futures advanced
with a sharp rise at Rio and Santos.
An importer now in
Brazil is supposed to have been buying here.
Some advance
in stocks at one time also helped coffee.
At other times a
decline in stocks has had a more or less depressing effect on
coffee.
The stock at Rio is only 313,000 bags however,
against 681,000 a year ago and at Santos 2,342,000 bags
against 5,833,000 at this time last year. On the other hand
New York has a stock of Brazil of 851,255 bags against
570,184 last year; total in sight for the United States 1,487,bags against 1,259,948 a year ago.
Europe sold but
the trade bought freely.
To-day prices advanced ending
376
higher than a week ago.
Mav
December.
15 61 (§15.62 January
15.21 @15.22 March
..cts_15 31@15.32
July
SeptemberII
cta.15 09@15.10
J 5.09 @15.10
15-09@15.10
been higher, centrifugal 96 degrees test
Cuba
19.56c., Porto Rican 19.56c.
Cuba for second half
of May loading sold at 1834c. f. o. b.; June shipment at 19c.
equal to 20.06c. duty paid; 100,000 bags sold early on the
week it is understood at 19@1934c. cost and freight June,
SUGAR
has
July and August shipment; Guantamano May loading sold
at 19^c. f. o. b.; Java firsts, May shipment at 18c. c. i. f.
and July and Aug. at 1734c. c. i. f.; Porto Rico has been
quiet owing to the strike and the doubt as to when shipments
could be made.
In any case of late buyers have been dis-
asking prices.
Cuban exports are larger to
north of Hatteras reaching 96,937 tons, but
receipts at the Cuban porst were smaller i. e. only 132,054
tons compared with 154,353 tons the previous week and
170,729 tone a year ago.
Stocks at the ports are only
672,947 tons against 1,038,984 tons in 1919 and 1,077,905
in 1918 at the corresponding date.
Refined 18%@23c.
for granulated.
The 1919-20 crop is computed by the AllAmerican Sugar League as 5,000,000 tons less than that of
1913-14 when the world's total production of cane and beet
sugar was 20,655,900 tons.
If this estimate is reasonably
correct this year's crop is only 75 % of that of the year before
the war.
The increased consumption of candy and other
sweets under prohibition has raised the per capita consumtion to probably an unheard-of total.
The beet sugar crop
in the United States in 1919-20 is put at 726,500 tons against
874,000 in 1915-16 and 733,401 tons in 1913-14.
Louisiana's
crop this year according to one estimate is only 121,000
tons against 280,900 tons last year,
The Statistical Sugar
Trade Journal shows a remarkable decrease in the world's
inclined to pay
Atlantic ports
The German crop in 1913-14 was nearly
3,000,000 tons and now only 935,000 tons.
The European
crop in 1913-14 it is stated at 8,684,762 tons and this year
not 4,000,000 tons.
Futures here advanced to-day and end
higher than a week ago.
A bill introduced in the House of
Representatives would bar speculation in sugar and pro¬
hibit resales by dealers "without reasonable justification."
The Utah-Idaho Sugar Co., western beet sugar company,
increased the price of granulated sugar from 13 cents to
22% cents a lb.
crop
of sugar.
cts -18.57® 18.60
cts-18.r>0@18.75 August
May
18.55 @18.75
June
18.45@18.50
September
-18.59® 18.60
July
and easier; SI.67 to Si.72 was quoted
carloads, May-June delivery and $1.70 to $1.75 for five
bbl. lots immediate delivery.
One crusher on the 5th inst.,
it is said, was offering oil at $1.65, and he is quoted as saying
that any amount was obtainable at that figure.
Cocoanut
oil, Ceylon bbls. 18c., Cochin 18%@19e.
Olive $3.10 @
$3.25.
Corn, car lots, 20c.
Cottonseed, crude, immediate,
$15.50.
Spirits of turpentine, $2.45.
Common to good
strained rosin, $19.50.
Oils—Linseed quiet
for
good demand and steady; refined, in
bbls., 23.50@24.50c.; bulk, 15@16c.; cases, 27@28e.( Gas¬
oline in better demand at unchanged jnices; steel1 bbls.,
28%c.; consumers, 30%c.; gas machine, 47 %c.
A 75,000bbl. gusher was brought in in the Chinamapa field, Mexico,
on the 5th inst.
According to the Oil City "Derrick," the
March shipments of petroleum from Mexico eclipsed all
former records, the total being 10,560,535 bbls., an increase
of ,4,905,317 bbls. over the same month last year.
One
report on the 3d inst. said that the Featherstone Well No. 1
in the northeast extension of the Homer field, which was
PETROLEUM in
brought in about two months ago with an initial production
of 185 bbls. from 1,143 feet, is now making 2,000 bbls. at
1,275 feet in a sand which is said to be 172 feet in thickness.
Pennsylvanla
Coming
J6 10
4 00
Indiana.........-93 63 Thrall
Princeton
3 77 Healdton
$3 50
2 75
3 00
3 77 Moran
3 98 Henrietta
3 00
3 75
Kansas&Oklahoma 3 50 Canada..
4 13
1 75
4 05
3 73
Corsicana,
Corsicana,
3 00 Caddo, La., light.
1 75 Caddo crude
3 50
North Lima
Electra..........
3 50 De
South Lima.
3 73
Strawn
done and it
be
prices
seems
active.
more
are,
only a question of a little time when it will
Prices are in the main steady.
The high
however,
powerful incentive to increase the
a
No doubt it will be much larger than last year.
Preparations for planting the next crop are actively under
acreage.
•'-Kv
'■
way.
\
V;
.
predic¬
will go
higher.
And what is taken to be the first step in that direc¬
tion, is the withdrawal by many sellers of any prices under
COPPER steady; sentiment is more cheerful and
tions are being made by many traders that prices
19c.
Some dealers are quoting 19% to 19%c.
Workers are
returning to the Butte Mines and good progress is reported in
opening the lower levels.
Electrolytic is officially 4u°ted
at 18.75@19c.
Shipments are light owing to the railroad
situation.
And light ore and coal deliveries are also draw¬
backs.
Tin lower and more active.
The decline was attri¬
buted to lower cables and heavy arrivals; 58c. wras quoted for
spot tin.
Lead steady but quiet at 8.90@9.25c.
Zinc
lower and active at 7.80@7.90c. spot St. Louis.
Fuel
Plants are shutting
stocks are low at a
time when they want a good deal of iron. Some look for higher
prices.
Export inquiries here are frequent.
In general, if
the iron can be moved it can be readily enough sold.#
The
April output of pig iron dropped to 91,327 tons daily, as
against an average in March of 109,900 tons.
The output
for April was 2,739,797 tons, against 3,375,907 tons in
PIG IRON trade is hard hit by the
railroad strike.
and alloy shipments are badly delayed.
down daily on this account. Consumers'
March.
awaits
trade
STEEL
•
The
conditions.
railroad
better
switchmen's and engineers' strike hits the ;
trade rather hard.
In some cases mills are operating at
renewal of the
The trouble is that fuel and raw
get than ever.
It is said that
Youngstown and Buffalo there is an increasing tendency
50%
or
less of normal.
materials
at
are
to bank rires.
harder
to
It is there that the strike is felt most acutely.
prices are largely nominal. Export trade has
been brought almost to a standstill.
But is should be noted
that lower prices are quoted for delivery later in the year.
Plates have been sold for the last half of 1920 at 3 cents
Meanwhile
Pittsburgh; shapes are more frequently quoted at 2.75 to
Pittsburgh; bars, 2.75 to 3c.
A Pittsburgh dispatch
says that steel congestion there is very serious.
Terminal
yards are piled high with steel; mills suspensions there are
increasing owing to the strikes.
3.25e.
COTTON
Friday Night, May 7 1920.
THE MOVEMENT OF THE CROP, as
indicated by
our
For the
week ending this evening the total receipts have reached
60,541 bales, against 67,967 bales last week and
103,524
bales the previous week, making the total receipts since
Aug. 1 1919 6,371,225 bales, against 4,574,984 bales for the
same period of 1918-19, showing an increase since Aug. 11919
telegrams from the South to-night, is given below.
3 40
3 00
Cabell
3 92
Somerset,
and
32
deg.
above
Bagland...
Wooster
......
RUBBER lower.
the Far East and
Illinois,
Plymouth
The
the
light
heavy.
.....
Soto
heavy arrivals from
absence of demand
....
London and
were
the chief
The cables have latterly been weaker
too.
Later shorts covered and caused a rally; sterling ex¬
change steadied too.
Smoked ribbed sheets 41% for spot
and nearby; 41 % for June; 42c. for July; 43c. for August;
44c. for September; 44 %c. for July-December; 45 %c. for
October-December and 46 %c. for the first half of next year.
There was some demand earlier from speculative interests
at 40%c. for ribbed smoked sheets, but very little actual
business was done.
Paras and Centrals dull and unchanged.
OCEAN FREIGHTS have been only
moderately active,
to say the least.
Exports lag; imports increased somewhat.
One drawback is that many ships are unable to get bunker
coal; railroad delays hurt business.
The general situation
is unsatisfactory.
Even grain shipments have fallen off.
General cargo freights are hard to get.
Bunker coal at New
York and Southern ports sells at $12 to $15 per ton and not
plentiful at even such prices.
Cotton is being shipped in
ocean liners at $1 50 to $2 75 per 100 lbs. from New York to
Liverpool or Manchester, with $1 to Antwerp or Rotterdam
and $1 25 to Genoa.
The American Steamship Owners'
Association has formally declared its refusal ti recognize
the closed ship policy and is not disposed to grant any addi¬
tional increases in the wages paid to the unlicensed personnel
on American
ships.
Charters included coal from Atlantic range to Marseilles at 823 50 prompt;
coal from Atlantic range to west Italy at $23 75; coal from Virginia to Port
Said, $25; coal from Virginia to west Italy, $29. Welsh form, May; coal
Italy $22 75, free stevedoring May; coal from Virginia to Marseilles or Genoa, $23 25 prompt; deals from Camden to United
Kingdom, 300s. May; coal from Atlantic range to Mediterranean, $20,
May-June; coal from Atlantic range to a French Atlantic port, $20 50, June;
coal from Charleston, S. C.f to Marseilles, $24, June; coal from Atlantic
range to a French Atlantic port, $20 50, May-June; coal from Atlantic
range to Rotterdam, $19, four trips, May; coal from Atlantic range to
Rotterdam, $19 50, May; coal from Atlantic range to Spain, $23; coal from
Atlantic range to west Italy, $22, free discharge, May-June; coal from
Atlantic range to Port Said, $25 50, June; sugar from Philadelphia to Nor¬
folk, $2, free loading and discharge,
from Virginia to west
t TOBACCO still hampered by unsatisfacotry transporta¬
tion; trade is not active. A fair business, however, has been
of
1,796,241 bales.
I
2 25
-depressing factors.
•
[Vot. 110.
THE CHRONICLE
1988
2,959
1,142
Galveston
Texas
City
2,957
2,476
24
2,802
441
—
.
Thurs.
Wed.
Tues.
Mon.
Sat.
3,993
1,115
Mobile.
■
mm
"728
....
Pensacola
—
'■——
—
1~,845
mm
*932
mm
Newp't News, &c
—
mm"—
mm
—
—
—
—
—
mm
-
5,107
252
1
—
— —
mm
—
mm
—
—
mm
—
—
—
—
—
—
107
16,469
2,058
—
—
63
■mm—
—
63
2,277
13,846
500
2,598
—
500
—
117
110
83
112
2,379
290
480
2,704
425
440
58 6
—
—
—
New York
—
—
--mm.
mm.
—
—
— —
Boston
.
—
—
........
mm-— — —
mm
210
273
■
■
mm
—
—
—
—
"56
Totals this week.
8,324
—
—
181
1,235
— — —
—
210
11.209
—
622
129
••
....
210
'
30
279
279
7,220
60,541
■
Baltimore
28
28
■
—
—
1,222
366
mm
—
—
267
977
131
mm
——mm
2,249
3,256
—
107
—
3,584
—
mm
—
806
640
587
Norfolk
mm
417
75
Wilmington
Philadelphia
mm
•
—
1,621
mm
Charleston
—
5,022
1,022
Jacksonville
Savannah
Brunswick.
—
16,792
2,722
1,605
'
Port Arthur, &c_
New Orleans
Total.
Fri.
9,728
10,141
566
300
13,919
following shows the week's total receipts, the total
Aug. 1 1919 and the stocks to-night, compared with
The
since
last year:
1919-20.
Receipts to
May 7.
This
Week.
Galveston
Texas
City
Aransas
Pass
Port Arthur, &c_.
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Since Aug
1
1919.
16,792 2,034,461
331,650
2,722
1,801
"107
92,386
16,469 1,203,666
253,977
2,058
15,795
"63
13,832
13,846 1,215,609
393,493
15,427
129,509
40",362
97",763
4,568
8,582
6,111
12,103
6,531
3.411
60,541 6.371,225 104,230 4,574,984 1,147,304
1,208,246
142,205
326,946
4,220
18,317
40,208
85,340
19,195
2,704
28
210
1,235
Baltimore
269
Philadelphia
566
....
90
10,700
228,279
comparison may be made with other years,
give below the totals at leading ports for six seasons*
In order that
we
337,413
5,150
68,268
414,880
583
Totals
1919.
203,128
13,417
44.356
2,379
Boston
II"
53", 527
26,993 1,253,617
1,597
132,258
9,812
97
20,906
846,889
16,153
3,000
68,680
4,714
158,266
1,231
97,145
8,727
271,535
3,015
34
7,450
831
24,259
192
17,679
1920.
220,620
56,792
11,350
Charleston
New York
1 1918.
203,995
1,000
57,700
59,419
156,737
N'port News, &c.
Week.
39,226 1,544,049
1,435
65,808
"6",391
500
Norfolk
Since Aug
112,442
Brunswick
Wilmington
Stock.
1918-19.
This
MAY 8
39,226
1,435
26,993
1,597
16,153
3,000
4,714
1,231
8,727
16,792
2,829
16,469
2,058
13,846
TexasCity.&c.
Orleans.
Mobile
Savannah
Brunswick
500
2,379
Charleston, &c
Wilmington
_
583
_
Norfolk
1918.
1919.
1920.
Receipts at—
Galveston
New
THE CHRONICLE
1920.]
2,704
1917.
4,534
2,146
24,405
1916.
13,723
20,237
181
317
4,836
5,525
11,174
"1*689
453
279
2,560
.
1915.
22,297
6,059
23,117
1,387
4,634
2,000
5,696
44,383
4,255
15,824
186
19,219
5,696
10,534
900
8,229
4,000
2,103
1,924
5,041
2,607
5,191
500
168
204
2,353
1,554
"6", 886
4,901
3,970
60,541
104,230
56,713
70,719 |
28
N'portN.(&c_
All others
"
is
Tot. this week
94,412
83,081
Since Aug. 1__ 6,371,225 4,574,984 5,279,268 6,249.308 6,418,531 9,929.162
The exports for
the week ending this evening reach a total
71,477 bales, of which 10,576 were to Great Britain,
to
France and 60,901
to other destinations.
Ex¬
of
ports for the week and since Aug. 1 1919 are as follows:
Week ending May
Exported to—-
Exported to—
Exports
Great
Great
from—
Total.
14,6441,268,025
97,300
195,607
Galveston..
Other.
14,644
Britain. France.
20,934
Texas City
Houston
Britain.
France.
Other
216,541
70,284
250
250
13
13
El Paso..
13,832
437,010
116,724
404
88,645
24,614
28,705
28,705
19,013
21,614
290,574
198,826
Charleston.
1,750
1,750
Wilmington.
11,104
11,104
New Orleans
4,638
9,194
404
Mobile
Pensacola..
Jacksonville
Savannah..
Brunswick
Total.
408,834 1,774,159
70,284
...
Pt. Nogalez.
.
Norfolk
60
New York..
60
166,408
90,162
29,363
105,127
14,754
2,350
17,098
453
453
8,844
4,589
403
"525
Boston
525
21,930
400
Baltimore..
Philadelphia
610,283 1,164,017
5,197
118,456
19,013
""~I6o
21,714
593,059 1,082,459
166,408
19", 149
16,847
500
24*476
133,787
107,582
153,792
148,810
171,838
12,949
6,489
41,333
139,986
3,702
1,400
5,296
27,626
375
735
Providence..
100,181
100,181
929
239,105
4,131
239,105
Tacoma
45,746
45,746
Portl'd, Ore.
36,668
36,668
San Fran...
3,202
Los Angeles
Seattle
71,4772,835,526
515,145 2,364,140 5,714,811
101,607155,3961,829,528
22,130 34,224 71,26111,963,004
621,0971,643,6314,094,256
516,4651,109,120 3,588,589
60,901
10,576
Total
Total '18-'19
53,789
Totari7-'18
14,907
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
"':'v
New York.
On
Shipboard, Not Cleared for—
Ger¬
Great
Britain. France.
May 7 at—
New
16,601
10,541
8,000
___
Orleans..
Savannah
—
__
'""821
1,382
Galveston..
Other
Coast¬
many.
Cont't.
wise.
Total.
Stock.
10,500
60,271
44,417
30,000
1,000
160,349
292,996
82,442
1,682
3,468
67,868
37,362
117,770
«33,170
"7", 501 25,470
10,000
2,000
300
7,000
Charleston
Mobile
400
Norfolk
New
ports*._
13,000
50,524
37,727
17,750
Total 1919
—
Total 1918—
a
8,121
10,000
3,500
9,501
Including 11,655 bales for Japan.
Speculatio
1
74,640
9,574
17,179
Leaving
400
3,000
17,000
2,000
4,000
1,000
York*—
Total 1920-
Other
84
3,000
1,000
227,279
989,534
14,984 157,770
5,574 62,875 1,145,371
14,100 52,529 1,295,292
* Estimated.
in cottou for future delivery has not been
active, but what the market has lacked in activity it has
made up in strength.
The trade has been a persistent
buyer at rising prices.
This is one or the outstanding facts
of the week.
Besides, the weather in the eastern belt has
not been by any means favorable.
It has been too wet in
the Atlantic States and also in the eastern gulf section.
Georgia, Mississippi and Alabama have at times had heavy
downpours.
Also the big Memphis district has had, if
anything, too much rain.
Certainly this has been the im¬
pression of many.
And there is also an idea that southern
Texas has not got quite so much rain as is needed.
It is
true also that the Government weekly report on the 5th
inst. was not so favorable as bad been expected.
In Texas
germination and stands of early cotton wero mostly poor.
In Georgia too the stands are not good and the growth is
slow.
In Alabama stands of early cotton are irregular
although mostly fairly good.
In Louisiana low temperatures
followed by rains were unfavorable features.
A)kansas re¬
ports poor stands in many places.
In North Carolina recent
weather was too cool for satisfactory germination of the seed
and for growth.
And as regards acreage the drift of the figures during the
week has been toward a smaller increase than was expected
about a month ago.
Then some people are talking tenta¬
tively of 8 to 10%.
Even now, of course, nobody as yet
really knows anything about the matter.
And it will be a
long time before they will.
The amount of unspinnable
cotton in the country is reported according to Washington
despatches at 1,200,769, including 1,039,003 bales of linters,
of which 288,253 bales are in consuming establishments,
417,829 bales in public storage and compresses, 268,441
bales in oil mills and 65,000 bales elsewrhere.
Also 150,000
bales of bollies and 41,256 bales of ginned cut perishable
Meanwhile the general belief is that a crop of at
bales is needed with the outlook at present
rather dubious as to the likelihood of its being raised.
Con¬
servative people would be glad to see a much larger crop
than this as something that would facilitate the return of
trade conditions to something like normal.
But at the
staple.
least 14,000,000
present stage of the season at least most people think that
this is entirely out of the question.
Liverpool has been a good buyer at times.
And other
foreign interests are said t<? have bought to a certain extent.
The strong feature, however, has been the new crop.
The
old crop has lagged—it has not been so much wanted.
Be¬
sides it is already at a big premium.
And there is more or
less talk of the likelihood of rather large deliveries on May
It is said that
contracts.
a
steamer has been chartered at
New York to go to
market.
Memphis
Savannah and load 10,000 bales for this
is said to be shipping cotton to Savannah
for this purpose.
May having lagged behind it is not be¬
lieved to be high enough to attract any great amount of
cotton just now.
But it may be that shorts in May are tak¬
ing precautions against the experience which shorts in
March had to undergo.
The Lancashire strike is reported
to have been settled.
From Aug. 1 1919 to May 7 1920.
7 1920.
1989
On the other hand, very many feel that cotton is high
enough and, in fact, too high. -Cottongoods have been dull
and in some cases weaker.
Certain silk goods are said to be
much lower than a few weeks ago.
Raw silk has recently
declined very sharply, coincident with the Japanese panic.
In some cases it dropped 50% as compared with three
months ago in New York.
Money is tight in Japan; exports
of yarns are now permitted from that country.
As for wool,
only the better grades are wanted.
The strikes at New
Bedford will naturally curtail the output of cotton goods.
At one time Japanese interests were believed to be large
sellers here of July and October.
Some reports say that the
outlook in Texas is better than it was recently.
Texas has
certainly had beneficial rains in some parts of that State,
notably in the central and northern sections.
Recent rains
in Louisiana
seem
be
to
on
the whole beneficial.
And at
times the temperatures in Texas have been high.
These,
with rains seemed to mean forcing weather for the plant
there.
Texas has plenty of sub-soil moisture and has had
plenty of sub-soil moisture and has had for some time past.
What it needed was surface moisture, and this it has of late
been getting, though the southern part of the State could
no
doubt stand
more.
The view is taken by not a few that there is
of time for the crop as a whole to catch up.
still plenty
Meantime
tendecny towards trade reaction
in this country.
Governor Harding of the Federal Reserve
Board has been quoted as intimating that caution would be
advisable during the next six months.
At times the stock
market has been more or less irregular and depressed.
The
poor service on the railroads hurts general trade, including
there is believed to be
the iron and steel
a
business^
This is apt to be taken as a
barometer of American business.
And
many
believe that
tendency is towards deflation.
The people are tired
of high prices.
To-day cotton fell owing to good rains in
Texas, less rain in the Eastern belt, rumors of lower prices
for cotton goods and of cancellations., and a decline in stocks.
Also, Paterson, N. J., silk mill owners reduced wages 2H
cents per yard of output in response to a demand for higher
wages and threatened to close their mills if the reduction is
not accepted.
Liverpool and spot houses sold and there
the
May notices too for 1,100 bales
not without their effect.
An
early and temporary advance was due to higher Liverpool
prices, reports that the Lancashire strike had been settled,
a noticeable demand for July at an increased premium over
October and covering of shorts.
Liverpool and spot houses
bought July.
Prices ended lower on the old crop and higher
on
the new.
Spot cotton closed at 41.10c. a decline for
the week of 15 points.
was
scattered
were
issued
liquidation.
and
The official
they
were
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Sat.
Hoi.
May 1 to May 7—
Middling uplands
FUTURES.—The
Mon.
41.45
Wed. Wed. Thurs.
41.60 41.75
41.50
Fri.
41.10
highest, lowest and closing prices at
week have been as follows:
New York for the past
Saturday, Monday,
May 1.
May 3.
Tuesday, Wed'day, Thursd'y,
May 6.
May 5.
May 4.
Friday,
May 7.
Week.
May—
40.25-.60 40.10-.65 40.60-.80 40.50-.90 40.10-. 70 40.10-.90
40.58 — 40.70 — 40.50-.85 40.10 —
40.45
Range
Closing
—.
June—
Range
.
39.55
39.35
Closing
—
39.70
—
39.45
—
39.10
—
ftm
July—
38.00-.45 37.83-.45 38.33-.60 38.22-.73 38.03-.60 37.83-.73
38.36-.38 38.47-.51 38.23-.30 38.03-. 10
38.20-.2
Range
Closing
August—
37.53-60
37.55~.60
Range
37.00
37.47
37.25
37.10
Closing
37.28
—
36.85
37.00
—36.35
September—
Range
36.20
Closing
—
36.40
—
October—
Range
36.46-.80!35.85-.83
35.52-.00 35.40-.08 35.90-.40
DAY.
.....
Closing
HOLI¬
35.40/80
35.7CK73 35.88-.92 36.35-.38 36.5l-.53 35.85-.90
November—
Range
35.20
Closing
—
35.40
—35.85
35.30
—35.95
*»*
December—
34.70-.20,35.l5-.60|35.65-.98 34.98-.95 34.70-198
Range
34.80-.20
Closing
34.95-.97 35.13-.15 35.59-.60 35.68
55l34.98-.10j
Ml
January—
Range
34.4CK75 34.18-.68 34.63-.10 35.10-.48 34.50-.35 34.18-148
Closing
34.50
—
34.57
—35.10
—
35.12-.15 34.50
34.20
—
34.20
—
34.75
—
34.85
February—
Range
34.70
—
34.15
—
34.79
—
.....
Closing
....
«
33.77-. 10 33.57-.00 33.92-.45 34.53-.88 33.88-.45 33.57-/88
33.88-.90 33.85 — 34.42-.43 34.60 — 133.88-.90
Range
Closing
j 36c.
—
t
March—
136c.
/34c.
made
SUPPLY OF COTTON to-night, as
THE VISIBLE
telegraph, is as follows. Foreign stocks, as
week's returns, and consequently
figures are brought down to Thursday evening.
Mav 7—
1920.
191^.
1918.
1917.
Stock at Liverpool
..bales,tl,199,000
553,000
332.000
607.000
Stock at London
11,000
12,000
22,000
24,000
Stock a* Manchester
175,000
81,000
48,000
53,000
up
[Vol. 110.
THE CHRONICLE
1990
by cable and
well
the afloat, are this
as
all foreign
.-.1.3^5,000
Total Great Britain
at Hamburg
Via
61,000
341,000
at Bremen..
at
HavreZ:::::
Marseilles
at Barcelona.;
——
70,000
167,000
364,000
70,000
at Trieste
224,000
7,000
88,000
29,000
1,000
164,000
86,000
639,000
at Genoa...
149,000
1,000
10,000
4,000
201,000
7,000
at
...
.2,024,000 1,010,000
566,000 1,035,000
111,000
27,000
35,000
69,000
374,741
297,124
132,000
231,000
Egypt, Brazil, &c., afloat for Eur.
57,000
31,000
94,000
36,000
Stock n Alexandria, Egypt
118,000
365,000
302,000
127,000
Stock in Bombay, India..
1,150,000
967,000 *640,000
902,000
Stock in U. S. pobs
1,147,304 1,208,246 1,347,821
936,468
Stock in U. S. interior towns
1,130,441 1,397,201 1,065,189
877,537
Total European stocks
India cotton afloat for Europe
Amer. cotton
Via
other routes, &c
to-day
Of the
supply.6,128,880 5,351,485 4,201,445 4.219,076
American and other descriptions are as follows:
above, totals of
189,000
484,000
16,000
*138,000
132,000
44,000
*291,000
231,000
1,347,821
123,000
24,000
12,000
35,000
32,000
27,000
22,000
32,000
*26,000
35,000
31,000
94,000
36,000
365.000
967,000
302,000
*640,000
127,000
902,000
9,000
*61,000
59,000
Total to be deducted
5,090
1,057
1,046
10,291
*
The
49,478
46,072
213.215
12,394
449,827
308,765
35,790 1,579,915
19,678 1,317,834
Including movement by rail to Canada.
foregoing shows the week's net overland movement
against 35,790 bales for the week last
has been 19,678 bales,
year,
and that for the season to date the aggregate net over¬
a decrease from a year ago of 262,081 bales.
land exhibits
-1918-19-
-1919-20-
Week.
104,230
35,790
1,579,915
2,818,000
57,000
2,805,000
153,219 10,507,059
*21,695
328,394
197,020
*19,803
8,959,899
700,585
Week.
Takings.
Receipts at ports to May 7.
60,541
Net overland to May 7
19,678
Southern consumption to May 7.a 73,000
Total marketed
Interior stocks in excess
Came into sight during
Total in sight May 7
Nor.
a
9,660,484
10,835,453
...
week,
4,574,984
177,217
week..131,524
spinners'takings to May 7.. 46,242
Decrease during
Since
Aug. 1,
Since
Aug. 1.
6,371,225
1,317,834
Spinners'
17,893
2,469,496
1,673,125
These figures are consumption; takings not
available.
Movement into
sight in previous years:
Since Aug. 1—
Bales.
Week—
..140,198 1917-18—May 10
120,178 1916-17—May 11
147,892 1915-16—May 12
1918—May 10
1911—May 11
1916—May 12
Bales.
10,742,142
...11,642,662
11,100,343
JNG COTTON AT OTHER
QUOTATIONS FOR MIDD
MARKETS.
1.841,000 1,666,000 1,294,000 1,341,000
4,287,880 3,685,485 2,907,445 2,878,076
Total East India, &c.._.
Total American
48,184 1,888,680
Leaving total net overland *
15,071
143,000
.
96,091
708,630
2,236
*
197,000
204
22,841
2,290
564
.
877,537
4,287,880 3,685,485 2,907,445 2,878.076
Total American
East Indian, Brazil,
—
Liverpool stock
t273,000
London stock
11,000
Manchester stock
20,000
Continental stock
101,000
India afloat for Europe
111,000
Egypt, Brazil, &c., afloat
57,000
Stock in Alexandria, Egypt
118,000
Stock in Bombay. India ........1,150,000
193,420
377,359
Inland, &c., from South
936,468
1,065,189
19,435
Liverpool stock.
bales. 1926,000
356,000
Manchester stock
...
...
155,000
46,000
Continental stock
—
638,000
332,000
American afloat for Europe
374,741
297,124
U. 8. port stocks...
1,147,304 1,208,246
V. S. interior stocks
1,130,441 1,397,201
U. 8. exports to-day
16,394
48,914
a489,375
416,666
23,582
97,130
57,204
163,060
65,291
221,476
In Sight and
Total visible
al0,469
11,425
325
1,564
1,356
—24,769 1,767,661
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
15,071
19,435
48,914
16,394
—--
Since
Aug. 1.
19,729
99,055
25,013
2,641
—11,218
Virginia points
Via
afloat for Europe—
-
U, 8. exports
Via
351,000
---—
Total Continental stocks
Rock Island..
Louisville
Cincinnati
Via
*1,000
*1,000
——
Mounds, &c
Via
1,097
8,987
230
395
200
St. Louis
Week.
Since
Aug. 1.
672,338
380.747
Week.
Via
6S4.000
402,000
646,000
——
-1918-19
1919-20
May 7—
Shipped—
«...
Stock
Stock
Stock
Stock
Stock
Stock
Stock
WEEK AND
MOVEMENT FOR THE
SINCE AUG. 1.
OVERLAND
Closing Quotations for Middling Cotton on—
Total visible supply
6,128.880 5.351,485 4,201,445 4.219,076
Middling uplands, Liverpool
26.63d.
17.19d.
21.55d.
21.80d.
Middling uplands, New York
41.10c.
29.10c.
28.15c.
20.00c.
Egypt, good sakel Liverpool
89.50d.
30.08d.
31.97d.
29.85d.
Peruvian, rough good, Liverpool.
50.00d.
29.75d.
39.00d.
20.75d.
Broach, fine, Liverpool
22.10d.
16.00d.
20.80d.
12.00d.
TinneveUy, good, Liverpool...—
23.10d.
16.25d.
21.06d.
12.58d.
Week ending
*
Estimated.
41.00
of
1,071 bales, a gain of 1,777,395 bales over 1919, an excess
of
1,927,435 bales over 1918 and a gain of 1,909,804 bales
1917.
41.00
40.50
40.50
40.50
41.00
40.50
41.25
40.50
41.00
41.50
41.50
40.50
40.50
40.50
40.50
40.50
40.50
Savannah.
40.50
'
,
40.50
40.50
Baltimore
1
Continental imports for past week have been 90,000 bales.
The above figures for 1920 show an increase over last week
over
40.25
41.50
41.50
4i.50
41.50
41.70
41.85
41.75
40.50
41.50
Philadelphia
Augusta
Memphis
42.00
40.88
40.88
40.88
41.00
40.88
42.00
42.00
40.90
42.00
41.00
42.00
40.85
40-60
41.25
41.20
41.25
41.25
41.75
Houston
Littie
40.50
41.50
41.35
41.50
40.70
41.25
41.75
41.75
42.00
42.00
Louis
Rock
■'
40.50
42.00
40.88
...
St.
Friday
42.00
40.25
40.50
New Orleans
Mobile
Norfolk
I
42.00
40.25
42.00
42.00
40.75
42.00
42.00
Galveston
Charleston
t Liverpool stock recount.
Tuesday. Wed'day, Thursd'y,
Saturday. Monday.
May 7,
41.25
41.75
42-00
ORLEANS CONTRACT MARKET.
NEW
AT THE INTERIOR TOWNS.
Movement to May
Movement to May
7 1919.
Season.
Week.
May
Helena..
Little Rock—
33.42-.45 33.82-.88 33.73
Tone—
264
7,074
251
61,460
369
42
840
420
24
31,299
58,680
36,901
431
548
150
184.263
78,954
3,189
2,211
1,514
5,300
44,022
Augusta
10,564
114
2,500
1,122
31,114
75
152,799
6,929
1,987
122,371
2,787
25,070
6,000
196,471
6,408
28,000
8,206101,034
12,421
390,679
8,812 174,169
50
34,201
l",030
210,353
53,973
209
Rome
La., Shreveport
Miss.,Columbus
75 740
457
21,793
3,840
409
11,340
400
1 145
28 154
1,723
1,700
44,308
23.400
319
17,214
Greenwood
700
137,591
108,107
Meridian
100
35,646
185
20
25,872
53
18,013
305
l",153
Natchez
Vicksburg
2,100
32,921
603
1,895
673,296
1,097
200
48,127
13,039
58,400
300
Yazoo City
Mo., St. Louis.
N.C.,Gr'nsboro
82
Raleigh
O., Cincinnati.
Okla., Ardmore
1,500
Hugo
1,786
37,089
134,785
16",129
15,104
1,093,603
"493
B.C., Greenville
Greenwood.
Tenn..Memphis
_
6,688
38,125
Brenham
-
400
Dallas
Honey Grove.
77,629
31,076
17,3451,904,587
Houston
700
Paris
119,125
40,639
Ban Antonio
3,699
372
1,070
13,253
414
7,915
13,500
21,975
1,872
671
530
200
39,341
1,200
10,469
1,441
208
9,876 1497,653
1,000
288
345
2,409
10,397
"200
3,000
6,247
5
24,575
491
6,121
17,891 330,835
2",676
42,034
7,800
125,075
30,025
39,509
14,700
50,051
3,674
36,010
36,500
15,137
568
3,486
525
21,500
1,000
10,000
300
295
1,909
25,000
44,117
27,125
34,408
300
5,200
49
746
3,526
25,640
9,624
1,038
83,164
13,769
817,496
1,268
2,765
7,233
9
638
200
5,500
3,413
1,483
Nashville
51,755
188,235
46,100
117,887
19,219
20
128,744
129,067
38,624
42,077
33,519
700
200
56,897
Oklahoma
488
2,800
3,800
7,400
5,933
16,267
7,900
1,000
11,620
24,787
Chlckasha
45
3,521
2~ 146
Clarksdale
5,004
"920
17J,007
1,906
100
17,463
5,184
20,500
4,000
20,379259,617
900 12,300
1,071
695
877
45,050
83,582
577
28,576
30,189
,641,839
2,664
116,563
39,403
616
5,700
26,369 341,093
1,193
6,377
1,477
1,454 11,874
1,299
3,325
33,946 256,232
2,619
—
NEW YORK
1920-C
1919
1918
1917
1916
1915
1914
1913
41.10
—28.75
27.25
—19.80
12.85
9.85
13.00
12.00
Closed.
SaturdayMonday
Tuesday
Wednesday.
Thursday
Friday
..
Market
Closed.
SALES.
Spot.
Contr't.
Total.
15.25
1909
1908
1907
1906
10.90
10.55
11.75
11.80
7.95
1905
WEATHER REPORTS
Total
Steady
Steady
Very steady
Steady
2,200
700
i~66o
2,200
700
l"655
Easy
3,900
1895
9.75
1894
8.06
1893
1900
9.75
1892
1899
1891
1898——
6.19
6.38
1890
...11.94
1897
7.69
1889
-.11.12
3,900
_.
__
._
..
...
__
6.81
7.25
7.81
7.38
8.88
BY TELE GRAPH .—Our tele¬
in this section is in good condition but not
making much headway.
Planting and replanting continues.
Temperature satisfactory for germination.
Rain.
Thermometer
Rainfall.
Galveston, Texas
2 days
0.19 in.
high 82
low 70
Abilene
2 days
dry
dry
1 day
4 days
3 days
1 day
dry
0.38 in.
high
high
high
high
high
98
94
92
96
95
low 62
low 69
low 68
0.94 in. high 102
2
2
1
2
0.32 in.
Brenham
Brownsville
-
__
Cuero
*
Henrietta
_
Palestine
Antonio
Taylor
Weatherford
u_
"
days
days
day
days
3 days
4 days
1 day
„
3 days
4 days
Ardmore, Okla
2 days
Altus
2 days
Brinkley, Ark
dry
1 day
2 days
Eldorado
1 day
Muskogee
Oklahoma City
m-mmm
1896.c—
10.95
The plant up
San
...
8.38
13.80
1902
1901
graphic reports this evening from the South indicate that
rain has been quite the rule and in some sections there has
been rather too much precipitation, interfering with farm
work.
Texas reports an improvement in the situation, but
moisture is needed in southwestern districts.
Texas.—General.—Good rains occurred in the northern sec¬
tions of Texas but were somewhat excessive in parts of north¬
east portion.
Drought has been partially broken in Nortwest Texas.
In the southwestern district moisture is needed.
Paris
HOLI DAY
Steady, 20 pts. adv.
Quiet, 15 pts. adv..
Quiet, 15 pts. adv..
Quiet, 25 pts. dec._
Quiet, 40 pts. dec..
Steady
Easy
Steady
Steady
Lampasas
Longview
Luling
Nacogdoches
1,700
MARKET AND SALES AT NEW YORK.
Market
—
Steady
Steady
.11.90 1904-c
15-50 1903
1911
Huntsville
Futures.
—
34.3^
39.42-.48
38.08-.15
36.33 —
35.83- .99
35.52-.53 34.99-.05
35.02 — 34.45-.50
34.54-.58 34.03-.10
39.50 —
38.04-.07
36.81 —
36.31-.33
Kerrville
13,538
78,5571130,441102,732 5,671,967;i22,5351397201
Spot.
—
Quiet
Steady
1910
Dallas
56,862 6,478,083
34.27-.30 34.92
Friday,
May 7.
QUOTATIONS FOR 32 YEARS.
1912-c
~
Total, 41 towns
36.12
Steady
Steady
Steady
Steady
Spot
Options
39,719
5,904
Columbus
Macon
155,362
126,741
252.264
518,187
1,345
3,751
I
50
1,978
1,928
50,414
4,158
9,680
Atlanta
4,765
34,921
—
— 39.85
38.20-.23 38.25-.27
— 36.01
—
35.6/-. 64 36.11-.15
34.80-.85 35.37-.38
39.55
March...
70,662
38,393
31,700
—
17,730
October
3,397
4,520
39.40
24,368
38.00
December
1,658
24
—
January
9.
Week.
Season.
39.15
May
July.
September
38.10-.16
36.02 —
35.20-.24 35.52-.56
34.41-.44 34.80-.86
34.00 — 34.40-.42
180
Ga., Albany
Clarksville
May
5,852
9
Pine Bluff
Tex., Abilene.
Week.
Stocks
468
Belma—
Athens
7.
Week.
Receipts.
67
Montgomery
Ark.,
Ship¬
ments.
Stocks
70
Ala., Eufaula..
|
Ship¬
ments.
Receipts.
Towns.
Tuesday, Wed'day, Thursd'y,
May 6.
May 5.
May 4.
Saturday, Monday,
May 3.
May 1.
9 1918.
0.02 in.
0.02 in.
5.59 in.
0.30 in.
1.71 in.
0.08 in.
0.44 in.
high 92
high 94
high 101
high 90
high 94
high. 94
highl90
0.61 in.
4.69 in.
high 95
0.04 in.
high 92
0.07 in.
4.15 in.
high~95
0.42 in. high 102
0.20 in.
high 98
high 93
0.01 in.
high 95
1.51 in.
high 83
0.95 in.
high 88
mean 76
mhan 80
mean
82
mean
80
mean
mean
83
79
low 59
low 66
mean
8l
mean
79
low 62
mean
low 64
mean
78
83
low 59
mean
75
low 69
mean
82
low 59
mean
77
low 62
mean
76
low 60
mean
78
low 68
mean
80
low 60
mean
78
low 61
mean
81
low 52
mean
low 61
mean
75
77
low 58
mean
76
low 58
mean
71
low 62
mean
75
low 69
low 62
low 68
MAT 8
1920.]
THE
Rain.
Little Rock
Marianna
4 days
Rainfall.
0.60 in.
CHRONICLE
Thermometer
high 84
low 60
mean 72
0.85 in.
high 86
low 56
mean 71
dry
high 92
low 68
mean 80
Amite
dry
high 93
low 65
mean 79
New Orleans
1 day
0.12 in.
mean 78
Shreveport
3 days
1.33 in.
high 88
low 62
mean 75
Columbus, Miss
__4 days
1.95 in.
high 89
low 61
mean 75
Greenwood
3 days
1.24 in.
high 89
low 60
mean 75
Okalona
4 days
1.24 in.
high 86
low 59
mean 73
Vicksburg
2 days
0.95 in.
high 84
low 64
mean 74
Mobile, Ala.—Satisfactory progress is being made on uplands.
Cotton has
sustained no serious damage from hailstorms and heavy rains
up State, but
bottoms are covered
—4 days
0.95 in.
high 88
low 61
mean 75
Decatur
3 days
1.03 in.hign 87
low 58
mean 72
Montgomery
4 days
0.87 in.
high 85
low 61
mean 73
Selma.
5 days
1.15 in.
high 85
low 57
mean 69
Gainesville, Fla
3 days
0.49 in.
high 90
low 51
mean 71
Madison
3 days
0.94 in.
high 90
low 62
mean 76
Savannah, Ga
3 days
1.20 in.
high 89
low 58
mean 71
Athens, Ga
3 days
0.98 in.
high 89
low 48
mean 69
Augusta
__2 days
0.59 in.
high 88
low 54
mean 71
Columbus
3 days
1.59 in.
high 89
low 54
mean 72
Charleston, S. C
2 days
0.14 in.
high 88
low 58
mean 73
Greenwood
2 days
0.16 in.
high 86
low 47
mean 67
Columbia
1 day
0.03 in.
high 84
low 48
mean 66
Conway
1 day
0.18 in.
high 84
low 45
mean 65
Charlotte, N. C
3 days
0.11 in.
high 80
low 45
mean 63
Newborn
2 days
0.14 in.
high 82
low 41
mean 62
Weldon
dry
hign 83
low 34
mean 59
Dyersburg, Tenn
;
2 days
1.15 in.
high 80
low 52
mean 66
Memphis
3 days
2.22 in.
high 80
low 55
mean 68
4 days
Alexandria; La
The
below:
1991
prices of futures at Liverpool for each day
are
given
_
_
—_
Moil.
Sat.
Tues.
Wed.
Thurs.
Fri.
May I
to
12%
May 7,
July—L--..
August
September.
HOLI¬
October
DAY.
12%
4
p. m. p. m, p. m. p. m, p. m. p. m.
24.8224.04
24.41 24.25
24.08 23.90
23.7523.51
23.00 23.68 23.32 23.30 23.2023.35 23.52 23.57 23.5523.35
23.45 23.50 23.15i23.12 23.03 23.15 23.34 23.40 23.37i23.lG
23.30 23.3323.00 22.9722.8522.98 23.17 23.23 23.1922.97
...
February
p. m. p. m
4
12%
24.5524.6524.36 24.3124.3524.59 24.74 24.80
24 30 24.4424.11 24.0624.0024.19 24.36 24 41
24.00 24.1423.80 23.77 23.6823.85 24.03 24.10
23.70 23.78 23.47 23 46 23.3623.52 23.70 23.77
.
December..
January
4
12%
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
25.00 25.30 25.05 25.13 25.13 25.43 25.59 25.69
25.88 25.00
25.00 25.28 25.0125.08 25.09 25.39 25.50 25.60
25.08 25.43
24.99,25.12 24.89|24.95 24.97 25.27 25.37 25.44 25.48 25.26
24.8124.9224.7424.7824.7625.01 25.12 25.18 25.20 25.01
d.
June
...
4
12%
p. m. p. m. p. m. p. m
May
November
4
12%
12%
..
March
April
23.1523.1522.86 22.8322.7022. 83 23.02 23 .08 23.0322.81
_
BREADSTUFFS
Friday Night, May 7 1920.
Flour has been firm and at times there has been
for export.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
not be
1919-20.
Cotton Takings.
Week and Season.
Week.
1918-19.
Season.
Week.
Season.
6145.000
65,000
62,000
Total supply
F Deduct—
Visible supply May
9,660,484
1,912.000
2,000
77,000
624,000
161,000
6,421,333 19.455,471 5,588,137 15,461,934
6,128,880
7
Total takings to May
L Of which American
P
188,000
3",027",455
68,000
6,000
2,000
610,000
§
2.764.000
128,000
748,000
6,128,880 5,351,485
292,453 13,326,591
158,453
9,738,591
134,000
3,588,000
7.0
—
Of which other
5,351,485
236,652 10,110,449
169,652 7,921,449
67,000 2,189,000
♦
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total includes the estimated consumption by Southern mills,
2,818,000 bales in 1919-20 and 2,805,000 bales in 1918-19—takings not
being available—and the
aggregate
amounts taken by Northern and
foreign spinners, 10,508,591 bales in 1919-20 and 7,305,449 bales in 1918-19,
of which 6,920,591 bales and 5,116,449 bales American,
6 Estimated.
a
MANCHESTER
MARKET.—Our report received by
to-nigbt from Manchester states that the market is
quiet and weakening with no signs of any improvement.
cable
1920.
1919.
8% U>. Shirt¬
ings, Common
Mid.
32a Cop
ings, Common
Mid.
Twist.
Mar,
Cot'n
32a Cov
to Finest.
Up's
Twist.
to Finest.
Uv't
d.
a.
d.
s.
8.
d.
8% lbs. Shirt¬
d.
d.
d.
a.
d.
Cot'n
d.
b.
d.
12
61
@
76% 42
6
0
28% 16 9
@24 0
15.36
70
@
87
42
6
@40 0
28.05 20 %
28.80 25
@
19
@
27
6
@23 0
15.32
26
60
@
78
42
6
@40 0
28.38 24H
@
26% 16 6
59 %
60
@
76
42
0
@40 0
27.70 25
27
@
77
42
0
@40 0
10
60
@
77
42
0
@40 0
28.03 20 %
27.00 26%
@
@
@
23
60
@
77
42
0
@40 0
20.18 27 %
30
60
@
77
42
0
@40 0
25.83 27 %
55
@
70
42
0
@40 0
20.63 28%
16
@23 0
15.78
0
@23
15.24
@23
@23
18.20
@
28^ 17 0
28% 17 0
29% 18 0
@23
18.53
@
29% 18 4
@24
17.29
@
30% 18 0
@24 3
17.19
m
detail:
Apr.
2
9
16
10.88
May
7
SHIPPING
NEWS.—Shipments
GALVESTON—To Bremen—May 6—Cuttyhunk,
To Genoa—May 6—Sestri, 2,987
'
11,657-.
NEW ORLEANS—To Liverpool—May 1—Hanover. 8,639
To
Belfast—April 30—Rathlin Head, 555
To Venice—rMay 4—Burma, 4,553
To Trieste—May 4—Burma, 75
—
To Havana—May 6—Lake
MOBILE—To Liverpool—May
60
11,657
2,987
8,639
555
4,553
75
Fisher, 10
10
5—Kerhoukson, 404
404
SAVANNAH—To Bremen—April 30—Mar Caspio, 9,1629,162
To Hamburg—April 30—Mar Caspio, 250---May 1—Cohasset,
10,514
—10,764
To Barcelona—May 1—Virginia Bridge, 8,779
8,779
CHARLESTON—To Barcelona—May 5—Virginia Bridge, 1,750— 1,750
WILMINGTON—To Bremen—May 1—Moshico, 11,104—
11,104
BOSTON—To Manchester—April 13—Monmouth, 453--453
PHILADELPHIA—To Manchester—April 12—Manchester Shipper,
225
May 3—River Araxes, 300
525
—
—
—-
Total
71,477
LIVERPOOL.—Sales, stocks, &c., for past week:
April 16.
export
April 23.
April 30.
19,000
Sales of the stock
Of which speculators took
Of which exporters took
Sales, American
Total stock
Of which American
Total imports for the week
Of which American
Amount afloat
Of which American
17,000
18,000
May 7.
21,000
12,000
14,000
18,000
15,000
6,000
6,000
9,000
10,000
78,000
63,000
74,000
80,000
-—1,134,000 1,132,000 1,133,000 1,199,000
911,000
902,000
916,000
926,000
86,000
82,000
47,000
113,000
82,000
50,000
69,000
19,000
286,000
258,000
230,000
204,000
179,000
143,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
SpotJ
Tuesday.
Monday.
P. M,
Quiet.
<
Friday.
tend¬
Dull.
I
25.81
More
Quiet.
demand.
—i.
25.88
25.80
4,000
Mid.Upl'ds
Sales
Thursday.
Market
2,000
3,000
4,000
26.63
4,000
Quiet
Steady
4@15 pts.
14@22 pts.
Quiet,
7 @14 pts.
advance.
advance.
decline.
Quiet 0pts. Quiet 5 pts.
/
opened \
Market,
f
4p.m.
1
ported
bbls.
dec. to
dec. to
4 pts. adv. 2 pts. adv.
Quiet
Steady
4@54 pts.
14@38 pts.
advance.
decline.
enlarged
soft
their
poor
the
have
Norwegian
rye
has been
transportation facilities.
flour, however, there has been
from
were
price
wheat straights
And the domestic demand generally
bought 75,000 bbls. of
a
good demand
Government.
flour and, it
appears,
re¬
Recently
bid
on
it
30,000
later.
They have also, it appears, bought con¬
grain.
But some are cautious.
They were
impressed, for one thing, by the fact that Mr. Barnes has
called a meeting of the grain and flour interests at Chicago
for May 7, when the question of resuming open trading in
wheat will be considered.
Flour prices have been braced
by rising and. even high record prices for wheat.
The
"Northwestern Miller" says patent flour now averages
from $13 per bbl. for soft winters to $15 50 for springs.
Cash wheat was selling at $2 90 to $3 35 per bushel, later
or more
siderable rye
it advanced 5 to 10c.
Wheat
advanced
sharply with
a
good export
demand.
Business has been restricted here by the smallness of the
New York supply.
Sales were made early in the week of
No. 2 winter here at $3.03 @$3.11 on track and at the Gulf
at $3.12 f. o. b.
The visible supply in the United States
decreased 185,000 bushels against
11,821,000 in the same
The total is now 42,784,000 bushels against
49,302,000 a year ago.
James A. Patten of Chicago says
that the world faces a serious food shortage, and he favors
keeping the wheat market closed to speculation until July
1 1921.
Some others owing to bad crop news are opposed
to reopening the wheat market to unrestricted trading.
Yet others, and they are not a few, believe in taking off
restrictions and leaving the whole thing to the law of supply
week last year.
demand
as
in the
the week No. 2 winter
end
the
best corrective.
Later in
reported up to $3.14on track here
and $3.18 f. o. b. Gulf with a steady demand for export.
Still later $3.20 it.appears was paid f. o. b. Gulf.
At the
Northwest prices have advanced latterly 5@10e.
To-day
Western an d Gulf prices advanced 4@7c.
Export business
was
done at $3 25 f.
Cincinnati
The
was
o.
b. Gulf.
"Price
Current" says:
"Private reports
correspondents were incomplete because of the irregular
mail service.
Reports received, however, from Illinois,
Missouri, Iowa, Minnesota and Nebraska indicate that the
from
soil condition is
now
too wet in most localities and that the
general crop season is from ten to twenty days late; also that
seeding of oats is being done with considerable difficulty on
account of the wet condition of the soil.
Despite the fact
that heavy exports threaten to exhaust the surplus wheat
supply before a new crop is ready, the Argentine Government
does not expect to limit or prohibit exportation.
The new
high record price is $26 52 pesos a ton.
DAILY
CLOSING PRICES
Sat.
St'y
to
unch.
32
Steady
Barely st'y.
pts, 17@26 pts. 3 @27 pts.
advance.
No. 2 red
Indian
advance.
decline.
OF WHEAT IN NEW YORK.
Mon.
Tues.
Wed. Thurs.
Fri.
cts.307
advanced
310
310
312
314
325@33Q
light receipts, owing to poor
railroad facilities, and a sharp demand from shorts.
A new
high record was touched.
That kind of thing is becoming
a
commonplace.
Strong cash markets have helped the
rise in futures.
And the visible supply in the United States
decreased last week 1,021,000 bushels against an incsease
corn
on
in the same week last year of 664,000|bushels.
It is now
5,039,000 bushels against 4,240,000 bushels last year, and
little enough it is to meet possible emergencies.
Eastern
who
covered
this
sold
last
week
week with
on
the blue
financial
outlook
noticeable celerity.
Sellers
Chicago's trifling receipts so to
The cash demand was brisk. The
very
few, buyers many.
speak fanned the flame.
high price of sugar has stimulated the trade in corn syrup.
From this source may come a big demand for corn.
The
consumption in other directions is said to be larger than is
generally suspected. Meanwhile the thorn in the side of the
trade is the bad transportation conditions.
In the West
there is some improvement, but the tie-up at Buffalo is
hurting the East and the export trade.
The grain trade
were
26.34
HOLIDAY
Futures.
For rye
demand
They have had scant attention
small, owing mainly to the
shorts
Hardening
Market,
12:15
Wednesday.
ency.
Saturday.
Government
—
Forwarded
each
heretofore.
Exporters
demand.
some
a
most wanted, could
the better grades, it is said,
scarce,
ignored.
somewhat.
in
were
—
-
Actual
limits
and
Total bales.
NEW YORK—To Antwerp—May 1—Navarino, 60
had, being
altogether
been
Visible supply April 30
6,127,809
5,332,920
Visible supply Aug.
4,792,018
1
—
American in sight to May 7
131,624 10,835,453
177,217
Bombay receipts to May 6——
Other India shipm'ts to May 6—
Alexandria receipts to May 5—
Other supply to May 6*
not
Where clears, which
which the
AttorneyGeneral Palmer, requesting him to use his authority to settle
the Buffalo strike under the Lever Act.
The matter is
becoming serious.
Kansas farmers are unable to market
grain and hay. Bank loans are tied up by railroad delays.
It is a credit strain all around.
There are said to be 23,000
grain-laden cars stalled on the tracks between New York and
Pittsburgh.
Later on prices gave way under liquidation.
meeting at the Produce Exchange at
chairman was instructed to communicate with
here held a
Many of the shorts have been driven out.
an optimistic
report on the outlook for
To-day prices advanced and end far higher
about 15c. on May
i. e.,
f
Mori.
Sat.
-
Inglis has issued
the wheat crop.
than a week ago,
IN NEW YORK.
Wed. Thurs.
lues.
Fri.
213% 220
CHICAGO.
Wed. Thurs.
Fri.
yellow
.
cts.202% 206
208% 209%
DAILY CLOSING PRICES OP CORN FUTURES IN
No. 2
Mon.
Sat.
Tues.
has been rather irregular
in growth is reported in that State.
Germination
in Alabama also, and the stand Is rather poor in Arkansas,
and 8c. on July.
PRICES OP CORN
DAILY CLOSING
cts.175% 179% 182% 183% 188% 191 %
165% 168% 16$% 168% 171% 173%
September delivery in elevator
157% 160% 162
160% 162% 163
—
Oats advanced to a new high record on small receipts and
May delivery in elevator
July delivery in elevator
have been
the price of
higher
compared
presumably somewhat better railroad facilities here and there.
main the offerings were smaller in Chicago than
the demand.
The effect on prices was very apparent.
The visible supply last week, moreover, fell off 437,000
bushels against only 33,000 last year.
And now the total
is down to 6,813,000 bushels, against 21,507,000 bushels a
year ago.
That of rye showed a sharp decrease. Of barley
the total visible is only 3,392,000 bushels, against 14,887,000
a year ago.
Later in the week prices ^declined for a mo¬
ment on profit taking and a falling off in the demand from
shorts.
Not that people are selling July freely at the big
discounts, but many are disposed to look on for a time.
Still, the oats crop is believed to be late and there is more or
less buying on this idea, especially of July or September.
There is a notion that the receipts of new oats in July will
not be large.
To-day prices again advanced and end some
4H to 5c. higher than a week ago on futures.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
temperatures.
SPRING WHEAT.—The
low
Sat.
progress
May delivery in elevator
elevator
—
September delivery in elevator
July delivery in
Tues.
Mon.
Sat.
Fri.
Thurs.
Wed.
Tues.
Mon.
cts.140
104@145 145
145
No. 2 white
.140
' 140@145 145
145
DAILY CLOSING PRICES OF OATS FUTURES
145 @147
148
145@147
148
IN CHICAGO.
Wed. Thurs.
cts.101% 106
107
105% 105%
89%
90% 92% 91% 92%
75% 77
78
76% 77%
105%
93%
77%
8@9c. higher than last
Friday.
PRICES OF RYE
following are closing
The
FUTURES IN CHICAGO.
Tues.
Mon.
Sat.
Wed.
212%
203%
214% 214
204% 205
elevatorcts_210
July delivery in elevator
201%
September delivery in elevator.
Thurs.
Fri.
$14 25@$15 25
Spring patents
soft 12 00
straights
13 50_
Rye flour
11 50®
Corn goods. 100 lbs.—
Yellow meal
4 40
Cornflour
4 50®
Winter straights,
Kansas
13 00
14 50
12 75
4 60
No. 1
Nos. 2, 3 and
Nos. 2-0 and
barley:
$7 00
$3 25 @$3 30
No. 2 red
No. 1
spring...
No. 2 yellow..
...
No. 3 white
—
148 nom.
148 nom.
148 nom.
FOR THE WEEK ENDING
MAY 3.—The 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
in much of the
South during the past week was favorable for the growth of corn, and the
generally light rainfall in the central and western Gulf States permitted
cultivation.
The color of the plants is improving in the lower Missis¬
sippi Valley.
Considerable progress was made in planting in the central
trans-Mississippi States, although the soil continues too wet in some
localities.
Planting progressed northward over the central Great Plains to
extreme southern Nebraska at about the average date.
In the central
districts east of the Mississippi, however, continued cold weather and
frequent rains prevented much progress in preparation of solid and planting
of corn, especially in the Ohio Valley.
Planting made fairly good progress
in the Atlantic Coast sections, becoming general during the week as far
north as Virginia.
The cold, dry and windy weather was unfavorable
for germination in the middle and south Pacific Coast sections, but the
168,000
170,000
64,000
8,000
8,000
60,000
575,000
1,690,000
683,000
1,075,000
152,000
47,000
253",000
City..
Omaha
Indianapolis.
118,000
171,000
359,000
262,000
60,000
_
Total
wk. '20
Same
wk. '19
359,000
Same
wk. '18
310,000
Since Aug. 1—
1919-20
1918-19
1917-18
weather for the season
weather was favorable in the far Southwest.
COTTON.—Rainfall during the week was light in the central
western portions of the cotton belt, but moderate to fairly heavy falls
received in most eastern
localities.
Soil moisture was ample,
Planting made fairly good
tates where
Er ogress in allthe soil was the belt,
portions of too wet.
This in some local areas In the eastern
except work was under way at the close
northwestern limits of
the belt.
738,000
seaboard ports for
ended May 1 1920 follow:
ween
Flour.
Wheat.
Corn.
Oats.
Barley.
%ye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
_
15,000
26",000
45,000
26,000
108,000
58,000
19,000
97,000
70,000
81,000
171,000
472,000
90,000
10,000
12,000
91,000
~3~, 000
231,000
6,886,000
2,209,000
32,918,000
288,000
5041)00
6,449,000
12,612,000
962,000
12,393,000
5,611,000
323,000
854,000
65,903,000
4,746,000
23,086,000
'20
Since Jan.1'20
*
on
Receipts do not
163,000
304,000
4O",666
188",000
11",000
Boston
Total wk.
include grain passing
352,000
258,000
53,000
242,000
50,000
47,000
384,000
441,000
370,000
270,000
48,000
York
29,000
335,000 1,077,000
4,270,000 15,387,000
1,249,000 2,438,000
8,091,000 12,677,000
through New Orleans for foreign port 8
through bills of lading
The exports from the several seaboard
ending May 1 are shown in the annexed
ports for the week
statement:
Wheat,
Flour.
Oats.
Rye.
Barley.
Peas.
Bushels.
Exports from—
Corn.
Bushels.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
New York
428,738
162,286
205,638
Portland, Me
441,000
58",000
47",000
Philadelphia ...i
448~655 "9",000
167,391
242,000
130,000
1,000
39,000
162",666
156",000
Baltimore
27,000
Orleans
7,000
Total week
1,231,638
6,451,158
New
258,000
28,000
Week 1919
286,000
4,000
"35",665
26.665
444,397
349,286 112,000 1,134,738
65,873 1,052,878 873,571 1,363,000 1,736,615
96,000
The destination of
these exports for the week
25", 75l
and since
July 1 1919 is as below:
and
Week
July 1 to—
Since
Week
Since
Week
Since
May 1
Since
July 1
May 1
July 1
May 1
July 1
1919.
1920.
1919.
1920.
Barrels.
Bushels.
Bushels.
Bushels.
Barrels.
United
Kingdom.
318", 286
Continent
So.&Cent. Amer.
West Indies
Corn.
Wheat.
Flour.
Exports for Week
-
12,000
19,000
6,135,077
8,977,771
52,179,739
83,917,387
56,000
137,606
25",565
"Y.OOO
13,530
15,000
138", 666
413", 025
294,000
792,638
909,685
1,295,806
Brit.No.Am.Cols.
Other Countries--
148,316
Total
Total 1918-19
349,286 17,466,713
1052878 14,314,161
1919.
Bushels.1
2,458,793
245,500
80,207
887,134
3,970
58
It was somewhat too
North Carolina, and the plants are coming up slowly
stands are generally fair to good in South Carolina.
unsatisfactory in Georgia, but considerable improvement
6,148,000
flour and grain at the
Total receipts of
were
Cool weather prevailed the first part
higher the middle and latter parts,
of the belt.
cool for germination in
in that State, but the
4,547,000
4,917,000
27.001,000 29,219,000
16,236,000 380,507,000 156,035,000 171,653,000
71,587,000 40,561,000
13,034,000 381,998,000 169,740,000 236,643,000
,754,000 22 ,106,000
12,902,000 151,234,000 197,141,000 273,807,000 46
1920.
expecially in the western portion
except in some extreme western
of the week to the
280,000
2,514,000
4,216,000
and
week, but the temperature was
districts.
362,000
2,035,000
4,430,000
2,412,000
1,601,000
128,000
he
469,000
251,000
617,000
509,000
warmer
The stands are
199,000
209", 000
Boston
follows:
CORN.—The moderately warm
of the
352,000
74,000
3,000
424,000
49,000
53,000
45,000
WEATHER BULLETIN
as
302,000
Galveston
1 80
1 90 @2 00
Malting
2 44%
No. 2
155,000
20,000
2,000
Slnce Jan.1'19
Barley—
Feeding
2 20
Rye—
152,000
27,000
160,000
Week 1919--.
....
No. 2 white
nom.
196,000
252,000
Montreal
4,j?earl. 6 25
Oats—
Corn-
506,000
76,000
5,000
Milwaukee
New Orleans.*
3-0.
7 00@7 15
Nos. 4-0 and 5-0
7 25
Oats goods — Carload.
spot deli very
10 60® 11 60
No. 1
321,000
Toledo
Kansas
45,000
222,000
1,224,000
1,085,000
25,000
_
Duluth
Baltimore
Barley goods—Portage
bush. 32 lbs. bushASlbs. btishMlbs.
bbls.imibs. bush. 60 lbs. bush. 56 lbs
Chicago
Minneapolis.
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at—
Philadelphia.
GRAIN.
Wheat-
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:
Portland, Me.
quotations:
market
movement of breadstuffs to
The statement ofJthe
indicated below are prepared by us from
New
FLOUR.
growth resulted. Moder¬
were made from Florida.
planting of early potatoes was begun as far north as southern
New York, Michigan, Wisconsin, Montana and Washington, the soil was
much too cold and wet in most northern and many central districts for field
work.
Dry, cold and windy weather was unfavorable in California.
1235
While the
215% 219%
205% 208
185%
189
favorable for potatoes and truck
in southeastern districts, and considerable
shipments of beans, tomatoes and potatoes
Peoria
592,000 bushels against 17,246,000 a year ago.
Feeding
barley advanced on a good demand at $1;95@$2.02. This
was said to be be to replace oats for local feeding.
To-day
DAILY CLOSING
POTATOES.—The weather was fairly
ate
St. Louis
Fri.
has advanced on a good export demand.
The
visible supply decreased last week 2,490,000 bushels against
an increase last year of
12,000 bushels.
The total is 15,-
May delivery in
in Louisiana.
crops
Detroit
Rye
advanced further and closed
spring
weather continued unfavorable in the
week being cold, cloudy and rainy, preventing satisfactory
in the preparation of seed beds and sowing of grain.
Fairly good
progress was made in seeding in some localities in the southern portion of
the belt, and much spring wheat was sown in Montana, but, as a rule,
little of this work was possible.
In an average season, seeding is genera
by this date to the northern limits of the belt, while during the present
season very little wheat has been sown in some of the heavier producing
localities, particularly in the Red River Valley.
OATS.—Oat seeding, also, was still further delayed by the unfavorable
weather conditions, especially in central and northern districts from the
Mississippi Valley eastward.
Both oats and barley, however, are reported
in fair to good condition in the central Great Plains, although growth is
slow.
Oats on lowlands in Indiana were badly washed by floods.
RICE.—The week was favorable for rice seeding in Arkansas, and the
rains at the close of the preceding week were very beneficial to this crop
wheat belt, the
But in the
No. 1 white
but the cotton
doing well. The recent rains and the
warmer
weather were very beneficial in Louisiana, eastern Texas and
Oklahoma, but germination of early cotton Las been mostly poor in Texas.
Considerable replanting has been necessary in California, but more favor¬
able weather in Arizona has resulted in a decided improvement in that
State.
Chopping out is progressing in the more southern districts.
Winter Grains.—There was a general and rather decided improvement In
winter wheat during the week in much of the Atlantic Coast area and also
in the central great plains; elsewhere the crop continued to improve, but
rather slowly on account of insufficient warmth and sunshine.
The weather
during the week was very favorable for winter wheat in Kansas and satis¬
factory progress was made in that State; the stalks are stooling well in the
western portion and beginning to head in extreme southern counties.
The
recent rains in Kansas and Oklahoma were beneficial for the winter grain
crops, but they are suffering tor moisture in most of Texas, where wheat
is heading on a short straw.
Some grains that are coming into head in
California are also suffering from deficient moisture.
While winter wheat
is growing slowly in the Northwestern States, it is mostly in good condition
in that area; it is stooling well and Is in fair to good condition in Montana .
Winter oats made satisfactory advance in the Southern States from eastern
Texas eastward, but it continues too dry in central and western Texas.
This crop is ripening in Florida and harvest has begun in that State.
Rye
and barley showed some improvement during the week in nearly all sections,
but the advance was mostly slow on account of continued unseasonably
in the last-named State is
that is up
hasty buying by alarmed shorts.
Cash markets
very strong.
In Winnipeg May shorts ran
May up on the 4th inst. to SI 21 or nearly 5 cents
than the night before.
May was the strongest in Chicago,
also rising 7 cents by the early part of the week
with last Friday.
Eastern shorts bought freely in Chicago.
Here the offerings were almost nothing.
The country was
said to be selling more freely, tempted by higher prices and
rye
[Vol. 110.
THE CHRONICLE
1992
1,231,638 136,661,287
6,451,158 125,006,521
5,219
96,000
65,873
3,680,823
4,744,702
May 8 1920.]
THE CHRONICLE
The world's shipment of wheat and corn for the week
ending May 1 1920 and since July 1 1919 and 1918 are
shown in the following:
Corn.
Wheat.
1&19.
1918.
1919.
Exports.
1918.
Since
Since
Week
Since
Since
May 1.
July 1.
July 1.,
May 1.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Week
North Amer.
2,978,000 271,791,000 259,236,000
78,000
2,692,000
7,997,000
9,454",000 181,293",000 72,568",000 3,838",000 114,586",000
29,149,000
Russia.
Danube
Argentina
Australia
50,846,000
5,623,000
3,301,000
1,750,65o
3","859",660
13,168,000 538,608,000 391,574,000
3,916,000 119,028,000
41,005,000
83,613,000
736,000
...
India
1,911",000
Oth. countr's
Total
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports May 1 1920 was as follows:
at
granary
GRAIN
STOCKS.
Wheat.
United
469,000
Boston
100,000
Philadelphia
914,000
Baltimore
988,000
Newport News
Corn.
Oats.
bush.
bush.
31,000
63,000
11,000
1,000
166,000
411,000
20,000
139,000
74,000
163,000
370,000
1,562,000
29,000
38,000
205,000
43,000
112,000
49,000
84,000
.
New Orleans
970,000
Galveston
8,545,000
Buffalo
5,023,000
Toledo
692,000
Detroit
23,000
Chicago
7,604,000
219,000
Afloat...
Milwaukee
t662,000
623,000
141,000
139,000
32,000
2,309,000
4,377,000
94,000
744,000
30,000
79,000
419,000
2,109,000
9,148,000
2,000
255,000
309,000
130,000
514,000
347,000
1,512,000
762,000
1,056,000
171,000
430,000
53,000
Indianapolis
Omaha
On Lakes....
Total May
1 1920
Total April 24 1920
42,784,000
42.969,000
Total May
49,502,000
3 1919
1,028,000
259,000
214,000
331,000
2<326,000
City
2,000
6,000
30,000
721,000
242,000
7,094,000
476,000
St. Louis
bush.
20,000
3,000
2,375,000
Duluth
Kansas
403,000
1,101,000
85,000
Barley.
23,000
1,020,000
Minneapolis
Peoria....
Rye.
bush.
74,000
14,000
bush.
States—
New York
86,000
62,000
87,000
27,000
69,000
4,000
61,000
3,926,000
594,000
7,000
252,000
5,039,000
6,813,000 15,559,000
3,392,000
6,060,000
7,250,000 18,049,000
3,164,000
4,245.000 21,507,000 17,246,000 14,881,000
Note.—Bonded grain not included above:
total, 12,000, against 9,000 bushels in 1919
Oats, 2,000 New York, 10,000 Boston;
barley, New York, 81,000 total, 81,000
bushels, against 74,000 in 1919.
Canadian—
Montreal
121,000
1,560,000
219,000
4,000
4,000
12,000
1,900,000
2,319,000
763,000
6,813,000 15,559,000
4,000
3,392,000
1,900,000
5,292,000
8,018,000
643,000
4,354,000
Other Canadian
1,017,000
175,000
536,000
Total May
15,000
4,000
Ft. William <fe Pt. Arthur.
9,571,000
15,000
Total April 24 1920....12,577,000
20,000
5,172,000
5,101,000
Total May
32,788,000
22,000
5,675,000
42,784,000
5,039,000
9,571,000
15,000
1 1920
3 1919
Summary—
American
Canadian.
Total May
5,172,000
1 1920
52,355,000
5,054,000 11,985,000 15,563,000
Total April 24 1920
55.546,000
82,290,000
6,080,000 12,351,000 18,053,000
5,483,000
4,267,000 27,182,000 17,258,000 15,644,000
Total May
3 1919
THE DRY GOODS TRADE
A more
New York, Friday Night, May 7 1920.
pronounced feeling of quiet has been evident in all
primary dry goods markets during the week.
The closing
of the Exchanges on May 1 had some little effect on business,
but opinion |was current among traders that the markets
were undergoing a strain that would not lessen much until
belated deliveries have been completed.
It was stated at
the week-end that goods are beginning to move more freely
on the railroads, but merchants said it would be weeks before
the effects of the tie-up would pass away.
Primary markets
are receiving a negative answer to the question they have been
asking for some time concerning the ability of the retail
trade to carry along at high prices to the consumer; and
many causes are assigned for the retailers' action in cutting
prices at the 1st of May.
But every experienced merchant
knows that the real cause is dull business at high prices.
At the present time the resistance to price advances is
stronger and more open than it has been since the armistice.
The trade in spots is actually dull.
It seems plain enough
that consumers will not pay prices for clothing based upon
abnormal wage payments to those who make it, and they are
leaving it to the manufacturers and merchants to settle
their own troubles.
Merchants would, as a matter of
course, prefer to see prices held stable so that they can plan
to sell goods for long term deliveries to those users who by
force of circumstances must buy their goods from four to
six months before they can actually begin using them.
The
letting down in the dry goods trade is becoming very marked,
owing to the fear that strikes may curtail the output for a
time, and holders of goods on contracts are uneasy.
The
position of clothing manufacturers is reported as showing
some signs of improvement, but in general they have been
hard hit by heavy demands of labor through local unions.
Garment merchants and manufacturers are being thrown
together for protection against the conditions labor has
forced in this great industry.
Underneath the quiet of the
markets rumblings of labor troubles are ominous.
In New
England wage difficulties are coming to a head fast and
strikes of an extensive character are already reported at
New Bedford.
Manufacturers there have grown tired of
fighting sporadic strikes after wage advances for a definite
period have been agreed upon, and many of them would
prefer to shut down through strike causes than accumulate
goods at high costs when there is no market for them. In the
local market it is said that the American Woolen Company
1993
will lead the
fight against labor in its new demands, and
much speculation throughout the woolen
and worsted trade.
Reports from New Bedford during the
early part of the week said that 80% of the machinery there
was idle.
It is generally believed that if instead of striking
labor would work harder and produce more for the high wages
it is at present receiving, there would be no need to worry,
and prices would seek soon a normal level.
Based upon
prices to-day for print cloths or ginghams, a wage advance
of 20% for operatives might mean one to two cents a yard
advance in the cost of goods.
More attention is being given
in some houses to the possibilities of export trade, because
of the slackening demands of the home trade.
The demand
for export shows little change compared with conditions a
week ago, but sellers catering to those markets are^villing
to listen to lower prices.
DOMESTIC
COTTON
GOODS.—The cotton goods
market for the week has been quieter than for some time.
The dullness is becoming more pronounced, yet it is manifest
that weakness does not develop in any general way.
There
seems to be little doubt among cotton goods merchants that
a higher scale of some kind will have to be taken into account
beginning June 1.
Jobbers are holding out of the markets
and retailers are not buying liberally.
Commission mer¬
chants are telling their mills frankly that if wages are to be
advanced the added costs cannot be passed on to the con¬
sumers successfully this summer.
The well sold condition
of most mills makes it a simple matter for many merchants
to look upon the current dullness in demand with compla¬
cency.
They could not offer many spot goods if buyers
were asking for them, and they are unable to grant early
deliveries to buyers who need them.
Deliveries are catching
up all the while, but the movement is still very irregular as
a consequence of transportation difficulties.
Many goods
are long over due and have been paid for, and many other
goods not paid for but soon due have not arrived.
Jobbers
cannot pay for these goods and are receiving extensions until
this
has
caused
>
deliveries
have
been
made.
Jobbers'
stocks
are
low
and
jobbers frankly state that they have not goods enough
to take care of them for the three busy months of August,
September and October.
The continuation of offerings at
retail at more attractive prices is having a sobering effect
upon merchants, who were planning for still higher prices
this fall.
In the fine goods end of the cotton goods trade jt
is recognized that a curtailment of production will assist in
holding prices for goods this season.
Commission houses
expect to hear many protests against high prices for cotton
goods from Southern jobbers.
In the trade, sheetings are
quiet and may be had at concessions of le from the extreme
top by shopping among second hands.
48 squares 5.00
yard stock 19%c. and 6.15s 18c. The mechanical trades
continue to take fair quantities of wide sheetings and drills.
Prints at nominally unchanged prices.
Ginghams scarce.
Fine goods trading is very light.
Trading in gray goods
continues quiet.
Manufacturers are asking full prices for
most descriptions of stock.
363^ inch (14x64s 26c.
The
weakness in late deliveries of gray cloths is still talked of as
indicating a possible break, yet many traders point to the
relative steadiness of spots.
Heavy colored cottons for do¬
mestic use are hard to pick up for early shipment, as are also
plaids, denims, cottonades, and come lines of tickings.
WOOLEN GOODS.—The
woolen situation continues
many
weak, only fine worsteds and fancy woolens holding up.
The
more spotty than it has been for several months,
and talks of 50% increased wages to be passed on to con¬
sumers is treated as ridiculous by merchants as well as mill
men.
The fact that the wool goods trade is not so buoyant
as some selling agents have been talking about is confirmed
by the willingness of mills to shut down or fight strikers.
The tendency on the part of merchants to cancel orders for
woolen goods is reported growing in the local market.
Some
of the most prominent interests locally believe it is time for
the greatest optimism and co-operation, and declare that
unless there is a recession of raw materials prices and present
labor difficulties are solved in a way that is satisfactory to
the manufacturers, the entire woolen and worsted industry
will be brought to a standstill.
While cancelations in men's
market is
>
the same is not
still strong. Larger
quantities of dress goods materials have been sold for counter
trade than ever before as there is a growing tendency on the
part of women to eliminate the ready-to-wear custom.
FOREIGN DRY GOODS.—The demand for linens is
lessening.
The situation becomes more acute day by day
but no relief is expected for months.
Production is still
very limited.
Scarcity of flax is given as the chief reason
for the scarcity of linen.
Last week a few packages of linen
reached New York from Great Britain and more is still afloat.
But the receipts are negligible, scarcely comparable with the
needs.
Growers in Great Britain are looking forward to
increased acreage this year, but reports from Russia are
disquieting, and persons in close touch with conditions there
say no flax may be expected from the Soviet republic until
1923.
The burlap markets give evidence of a change down¬
ward.
Importing houses are holding steady,'while specu¬
lators are endeavoring to unload surplus stocks.
8-40s have
been sold lately in the local market at 9.50 and 9.60c.,
while heavy weights are held at 13 Kc. by some factors who
would like to sell.
There is a moderate demand for odd
wear
is the talk of the market at present,
true
of
widths.
fine
dress
goods, which are
^
which
3Pxe (Lhxamtlz
Terms of
April 8 offered $7,281,000 4^% serial coupon
on
bonds, but received
were
PUBLISHED WEEKLY.
Subscription—Payable in Advance
no
District,
account of the
NOTICE.—On
remittances for European
$11 50
ing
fluctuations In the rates of exchange,
Subscription includes follovrlng Supplements—
Railway and Industrial (semi-annually)
Electric Railway (semi-annually)
Bankers' Convention (yearly)
City (semi-annually)
Terms of
Chicago Office—39 South La Salle Street,
New York
each insertion.... $6 30
175 00
100 00
Canadian municipal bond sales reached
City.
$14,867,835.
In the
Telephone Majestic 7396.
forms of
COMPANY, Publisher*,
B. DANA
:
following
we
furnish
Canadian loans(per't)
14,867,835
Bonds U.S.Possess'ns
None
Gen.fund
None
bds.,N.Y.C
the
tabulated by
as
us,
reach
a
and with $57,416,993 in the month of March 1920.
largest issue placed during the month of April was by
plant bonds to Burns, Brinker & Go., of Omaha,
gas
and accrued interest.
par
cluded in the total
Other important issues in¬
Akron, Ohio, $3,750,000 5
repre¬
are:
The number of
were
251 and 318,
For
months for
a
Month of
construction bonds about
5.23%
and the $2,315,000 15^-year (average) water-works bonds
about 5.26%; State of Rhode Island, $2,500,000 4>£% sol¬
diers' bonus bonds, awarded to the Rhode Island Hospital
Trust Co., the National Exchange Bank and the Estate of
John Nicholas Brown at a joint bid of 100.911, yielding about
National Bank and
Northwestern
awarded to the
Minn., $3,443,445,
the Minnesota
Loan &
Co., jointly representing nine separate issues,
com¬
April 1919.
add the following table,
we
series of years:
April.
1905
1904
.t68,277.482
1916
*86,899,155
26,402,049
206,902,393
1901._:.„
171,261,251
1900
1910
20,691,260
268,986,826
96,258,461
97,951,422
162,026,305
124,708,581
117,402,998
1899
1911
yl03,224,074
23,644,915
22,317,243
38,562,686
112,196,084
78,235,067
1913
1912
1909
1907
37,462,552
21,426,859
19,909,004
1906
8,725,437
1908....
—
Four Months
$40,409,428
11,814,584
17,626,820
6,735,283
1903
14,999,882
1917
1915
For the
Month of
For the
$230,703,757
158,818,451
90,130,471
169,324,775
1918
1902
$76,137,234
58,333,230
48,803,588
9,298,268
14,157,809
7,477,406
3,570,963
1898
1897
13,060,323
4,521,850
1896
38,254,819
33,192,622
48,650,275
26,098,992
27,336.696
48,631,385
19,672,118
29,496,406
1895
8,469,464
1894
11,599,392
1893
9,175,788
35,718,205
26,680,211
1892
6,723,000
28,987,431
65,755,686
t Includes $25,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinking Fund of New York City, i
* Includes $55,000,000 bonds issued by New York City at public sale.
V
Trust
purposes
Four Months
$57,461,431
52,713,484
1920-
1914
$685,000
This contrasts with 330 and
showing the aggregates of long-term issues for April and the
four
the $500,000 trunk sewer
4.44%; Minneapolis,
City, $57,065,000 in April
1918, $30,610,000 in 1917, and
issues made during April 1920
respectively.
comparative
1919
the
102.3163,
at
None
391 for March 1920 and with 285 and 361 for
1534*year (average)
water-works bonds yielding about 5.26% at this figure, the
$250,000 street-improvement bonds yielding about 5.05%,
Toledo,
None
38,468,188
2,100,716
municipalities emitting permanent bonds
A
senting four separate issues awarded to Stacy & Braun, of
1919, $17,505,000 in
and the number of separate
city of Omaha, Neb., which disposed of $5,000,000 5%
at
300,000
86,899,155
28,215,365
5,600,919
-1,750,000
$23,500,000 in 1916.
total of $57,461,431.
with $52,713,484 in the corresponding month
30-year
$
S
68,277,482
t Includes temporary securities Issued by New York
1920, $32,000,000 in April
municipal bonds of the long-term variety, issued
This compares
$
52,713,484 14,999,882
41,975,700 25,425,000
7,514,928
8,869,408
10,000,000
None
None
3,500,000
138,640,266 112.204,112 52,993,290 109,146,386 122,465,439
Total..
during April,
1916.
1917.
1918.
$
s
(U.S.) 57,461,431
*Terap'y loans (U.S.) 66,311,000
BOND SALES IN APRIL.
comparison of all the various
1919.
1920.
-
Perman't loans
MUNICIPAL
a
obligations put out in April in the last five years:
Front, Fine and Depeyster Sts., New York,
JftaLe ami Citaj gjepartaewi
field during April
This includes $57,065,000 revenue
bonds, bills, corporate stock notes and tax notes issued by
Smith, 1 Drapers' Gardens, E. C.
IiONDON Office—Edwards &
WILLIAM
Short-term securities in the municipal
aggregated $66,311,000.
Advertising—Per Inch Space
Transient mattei per inch space (14 agate lines) for
Business Cards, twelve months (52 times) per inch
"
««
six months (26 times) per inch
bids; and Ozarkee County,
no
$1,500,000 5s.
Wise.,
•,
Bank and Quotation (monthly)
Railway Eabnings (monthly)
$3,000,000 43^s, of which only $250,000 was sold.
was
Toledo, Ohio, $1,000,000 5s,
subscriptions and advertisements must be made
In New York funds.
The
re¬
5Ks; State of Michigan $2,750,000 43^s; the original offer¬
7 75
European Subscription six months (including postage)
last year,
bids
no
ceived; these bonds will be reoffered to-day (May 10) as
European Subscription (including postage)
Canadian Subscription (including postage)
new
Cleveland School
Ohio, $4,000,000 5% school bonds,
13 50
For Six Months
The
Other municipalities which
bids.
unable to dispose of their bonds are:
$10 00
6 00
For One Year
8tate and
[Vol. 110.
THE CHRONICLE
1994
Including $70,000,000 bonds sold by New York City~$65,000,000 at publlo
sale and
prising $35,000 5% work-house bonds at 95, yielding 6.87%,
$5,000,000 to the Sinking Fund.
Owing to the crowded condition of
our
columns,
we are
$300,000 5% park bonds at 95 yielding about 6.87%, $50,000
obliged to omit this week the customary table showing the
5% improvement fund bonds at 95 yielding about 6%,
month's bond sales in detail.
It will be given later.
$150,000 5% Franklin Ave. bridge bonds at 95 yielding
about 5.46%, $250,000
5% school bonds at 95 yielding about
5.79%, $1,250,000 school bonds at 95 yielding about 5.44%,
NEWSITEMS.
$100,000 4% Bassett's Creek bonds at 95 yielding about
Canton, Ohio.—Charter Form of Government to Be Voted
Council of Canton on April 27 unanimously
passed an ordinance providing for submission to the elector¬
ate at the Aug. 10 primaries of the question, "Shall a com¬
mission be chosen to frame a charter and provide for the
4.30%, $50,000 public comfort station bonds at 95 yielding
about 5.33%,
and $1,258,444 83 special street improvement
bonds at par for 5s; Akron
School District, Ohio, $2,000,000
5V2% school bonds awarded to Silverman, Huyck & Co., of
Cincinnati, at 100.8605, yielding about 5.38%; Norfolk, Val.,
$1,500,000 5% water bonds awarded to the National City
Co.,
98.179,
at
$1,398,000
yielding about 5.68%;
bonds
5%
awarded
Yonkers,
Sherwood
to
N.
Y.,
Merrifield,
Hornblower & Weeks and A. B. Leach & Co., all of New York
City, at their joint bid of 100.13
as
follows: $748,000 school
bonds, yielding about 4.98%, $350,000 tax-deficiency bonds
yielding about 4.97%, and $300,000 assessment bonds yield¬
ing about 4.96%; Contra Costa County, Calif., $1,250,000
5% highway bonds sold to Girvin & Miller at par; and
Perty Amboy, N. J., $1,200,000 6% water improvement
bonds
sold
to
Hornblower & Weeks,
B. J. Van Ingen &
Co., Geo. B. Gibbons & Co., A. B. Leach & Co. and J. S.
Rippel & Co.,
on
their joint bid of 100.075, yielding about
5.985%.
Many issues of bonds
takers.
The
were
reason was
sufficiently attractive.
offered in April without finding
chiefly that interest rates
were
not
U. S. Government bonds declined
sharply during the month, and this, with the offering of
some
large issues of railway bonds, to yield 7%, made adjustment
necessary
of municipal bonds to
The amount of
April aggregates
72 separate
income basis.
municipal issues offered but not sold during
no
less than $25,602,882.
issues.
This represents
In Massachusetts, where the interest
rate
is
ture
which, if passed,
now
a new
limited,
there
is
a
bill
before
treasurers to fix interest rates
on
all
largest issue not sold
Legisla¬
bonds, notes and other
securities issued by their respective county or
The
the
will permit county and municipal
was
municipality.
by the city of Pittsburg, Pa.,
On.—The City
election of the members of the commission for
of
government" ?
a
charter form
A special dispatch to the "Cleveland Plain
Dealer" says:
'
'
City Board of Elections within thirty days will be formally notified
election.
Voters at the time they decide whether or not the
of government is desired will elect fifteen commissioners.
To qualify for election the individual seeking the place must submit to the
Board of Elections twenty-five days prior to the date of the election a nomin¬
ating petition containing signatures of fifty electors.
The fifteen commissioners elected, in the event voters want the com¬
mission form of government, will frame the charter, and submit it to the
The
of the special
charter form
electorate within
a
year.
New York
State.—Savings Bank Investment Law Amended
Regarding Investments in Bankers' Acceptances.—The 1920
Legislature passed an Act amending the banking law in
relation to investment of savings funds in bankers' accept¬
ances.
Previously savings institutions could invest in
acceptances eligible "for rediscount with Federal
banks."
Under the amendment
they
are
Reserve
allowed to invest
in acceptances eligible "for purchase in the open market by
Federal Reserve banks."
We print below sub-division (11)
Section
(239) showing the new matter in italics and the
part omitted in brackets:
and maturi¬
in the open
provided the same are accepted by a bank,
trust company, incorporated under the
11. Bankers' acceptances and bills of exchange of the kind
ties made eligible by law for [rediscount with] purchase
market by Federal Reserve banks,
national banking association or
laws of the State of New York or under the laws of the United States and
having its principal place of business in the State of New York.
Not
than 20% of the assets of any savings bank less the amount of the
available fund held pursuant to the provisions of Section 251 of this chapter,
shall be invested in such acceptances.
The aggregate amount of the
liability of any bank, national banking association or trust company or
any savings bank for acceptances held by such savings bank and deposits
made with it shaU not exceed 25% of the paid-up capital and surplus or such
bank, national banking association or trust company and not more than
5% of the aggregate amount credited to the depositors of any savings
bank shall be invested in the acceptances of or deposited with a bank,
national banking association or trust company of which a trustee of such
savings bank is a director.
more
South
Dakota.—Special Session of Legislature Called b$
Dakota on May 3
Governor.—Governor Norbeck of South
Mat 8
issued
1920.]
THE CHRONICLE
Other bidders:
call for
a special session of the Legislature to convene
The legislators will be asked to consider a con¬
stitutional amendment which would permit the payment of a
a
Keeler Bros., 88. 5 20-year., also 89.90
6-20-yr. serial.
Hanchett Bond Co., Chicago., 86.20 for 20-year.
Palmer Bond & Mtge. Co.. Salt Lake City, 86.06
20-yr.; 89.13 6-20-yr.
May 24.
on
bonus
former
to
salaries of
service
men.
An
increase
in
teachers'
1995
serial.
Bosworth, Chanute & Co., Denver, 85.95 20-yr.; 90.11 1-20-yr. serial.
H. Rollins & Sons and International Trust Co. of
Denver. 85.91
E.
40% will also be asked.
20-yr. and 88.88 6-20-yr. serial.
Financial Statement.
Assessed valuation
Total bonded debt (with this issue)
$35.004.760
^
BOND CALLS AND REDEMPTIONS
400,000
Population, estimated
The
Dalles, Wasco County, Ore.—Bond Call.—On
May 1 $54,500 bonds dated May 1 1895 were called for pay¬
ment, same being due.
BROCKTON,
BOND
AND
PROPOSALS
this week have been
NEGOTIATIONS
Plymouth
ABBEVILLE, Abbeville County, So. Caro.—BOND OFFERING.—
Newspaper reports say that bids will be received until 12 m. May 12 by
the Mayor, for $90,000 20, 30 and 40 year paving bonds at not
exceeding
5M% interest.
Cert, check for $1,500, required.
County,
Mass.—TEMPORARY LOAN.—
On May 5 a temporary loan of $100,000 issued in
anticipation of revenue,
dated May 7 and maturing Nov. 19 1920 was awarded to S. N. Bond &
Co.
of New York on a
5.83% discount basis.
BROOKVILLE
follows:
as
18,000
BRAZORIA COUNTY (P. O. Angleton), Tex.—BONDS 'DEFEATED.
—At the election held in Angleton District on
April 24—V. 110, p. 1446—
$150,000 road bonds were defeated.
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Brookville), Montgomery County, Ohio.—NO BIDS.—No bids were
submitted for the $120,000 5M % high school bldg. bonds, offered on
May
I.—V. 110, p. 1897.
BUENA
VISTA
SCHOOL
DISTRICT,
Tulare
County,
Calif.—
BOND SALE.—An issue of $11,000
6% school bonds was sold on April 21
the First National Bank of Visalia for
$11,362.20, equal to 103.292.
Denom. $1,000.
Date March 20 1920.
Int. M. & S.
A like amount of bonds was
reported as sold in V. 110, p. 1336.
ADAMS COUNTY
to
1940.
BUFFALO, N. Y.—BOND SALE.—During the month of April the
following 4% bonds were purchased by the sinking funds:
$4,500.00 water refunding bonds, dated April 1 1920.
Due April 1 1945.
II,050.82 monthly local work bonds, dated April 15 1920.
Due April 15
(P. O. West Union), Ohio .—BOND SALE.—The
$18,000 5M% bonds, offered on March 1—V. 110, p. 889—have been sold
to the Sinking Fund Trustees at par.
Date March 1 1920.
Due March
1
AKRON, Summit County, Ohio.—BONDS VOTED.—It is reported
that the proposition to issue $900,000 office building construction bonds
carried by a vote of 6,435 "for" to 2,413 "against."
ALAMANCE COUNTY (P. O. Alamance), So. Caro .—BOND SALE.—
It is reported that $200,000 6% road bonds have been awarded to the
National Bank of Alamance at par as follows:
$50,000 3-12-year serial road bonds, Series No. 1.
75,000 13-22-year serial road bonds, Series No. 2.
63,000 23-28-year serial road bonds, Series No. 3.
12,000 4-29-year serial road bonds, Series No. 4.
ALLENTOWN, Monmouth County, N. J.—BOND OFFERING.—
Proposals for an issue of $15,000 borough bonds, to bear interest at a rate
not to exceed 5%, will be received until 8:50 p. m. May 24, by Chas. 8.
Joiner,
Borough Clerk.
Cert, check on an incorporated
company, for 2% of amount of bonds bid for, required.
bank
or
trust
COUNTY
(P. O. Barley), Ga.—BOND ELECTION.—
Reports state that on May 12 the voters will be given an opportunity to
vote upon the question of issuing $230,000 road bonds
ATTALIA IRRIGATION
Due April 26 1945.
BUNCOMBE COUNTY (P. O. Asheville), No. Caro.—BOND OFFER¬
ING.—B. A. Patton, Chairman Board of County
Commissioners, will
receive bids for $300,000 6% road and bridge bonds until 12 m.
May 10.
Date April 1 1920. Due yearly on April 1 as follows:
$33,000, 1922 to 1929,
incl., and $36,000, 1930.
Cert, check for $6,000 required.
The county
will furnish the approving opinion of Reed,
BURKE
COUNTY
(P.
O.
to vote
Dougherty & Hoyt, N. Y.
Waynesboro),
Ga .—BOND ELECTION
place on April 20
$500,000 5% road and bridge bonds—V. 110, p. 1216—was called
CALLED OFF.—The election which
on
was
to have taken
off.
ALLIANCE,
Box Butte County,
Neb.—BOND OFFERING.—On
May 25 $25,000 intersection paving and $10,000 drainage bonds at not
exceeding 6% int. will be offered for sale.
APPLING
1921.
5,000.00 water refunding bonds, dated April 26 1920.
DISTRICT
(P. O. Attalia), Walla Walla
County, Wash.—BOND SALE.—An issue of $125,000 6% 20-year irriga¬
tion bonds has been sold, according to reports, to H. P. Pratt & Co. of
BUTLER, Butler County, Pa.—BOND OFFERING.—Proposals will
be received until 4 p. m. May 11 by C. G. Chase, City
Clerk, according to
reports, for $125,000 5% 19%-year (aver.) street impt. bonds.
ann.
Cert, check for $l,OO0 rqeuired.
Int. semi-
CABELL COUNTY (P. O. Huntington), W. Va .—BOND ELECTION.
May 25 it is stated that $1,000,000 road bonds will be voted upon.
—On
BOND
CABIN CREEK ROAD DISTRICT, Kanawha
County, W. Va.—
TO BE TAKEN BY STATE.—'The Charleston
"Gazette," in its issue of April 14, states that "Kanawha County Court is
unable to get anyone to take over the $904,000 in bonds issued by the Cabin
Creek District since the law provides for the sale of the bonds ar par, plus
accrued interest.
The Board of Public Works will take $37,000 of them,
awarded
but
BEAVERHEAD COUNTY
(P. O.
Dillon), Mont
BONDS
DE¬
FEATED.—On April 23 the following bonds—V. 110, p. 999—were turned
down:
CACHE RIVER DRAINAGE DISTRICT NO. 2, Greene
County,
Ark.—BOND SALE.—An issue of $580,000 drainage bonds was sold accord¬
ing to reports, to Jos. R. Bertig of Paragould and Guy E. Thompson of
Little Rock, jointly, at par.
Tacoma at 90, a basis of about 6.93%.
BEAVER
DAM DRAINAGE DISTRICT, Greene County, Ark.—
SALE.—Reports say that Jos. R. Bertig of Paragould, has been
$183,000 5%% drainage bonds at 101.50.
Denom. $1,000.
Due yearly from 1920 to 1939, incl.
$100,000 Federal aid road bonds.
Vote 505 "against" to 494 "for."
70,000 County high school dormitory bonds.
Vote 516 "against"
Vote 633 "against" to 355 "for."
BEDFORD COUNTY (P. O. Shelbyville), Tenn.—BONDS VOTED.—
Reports say that the Bedford County Court recently voted $200,000 worth
of bonds, thereby accepting the proposition put the Court
by the State
Highway Commission on March 25.
BELLEFONTAINE
SCHOOL DISTRICT
(P. O. Bellefontaine),
Logan County, Ohio.—BOND OFFERING.—Proposals will be received
S. Jones, Clerk of Board of Education, until 12 m. May 10 for
$16,500 5H% refunding bonds.
Auth. Sec. 5656 Gen. Code.
Denom.
by W,
$500.
Date Jan. 1 1920.
Int. semi-ann.
Due $500 each six months
1 1921 to Jan. 1 1937, incl.
Cert, check for $500, payable to
the Treasurer of the Board of Education, required.
Bond to be delivered
from Jan.
and paid for
within 10 days from date of award.
Purchaser to pay acrued
interest.
BELTRAMI COUNTY (P. O. Bemidji), Minn.—BOND OFFERING.—
A. D. Johnson, County Auditor, will receive bids until May 10, it is stated,
for the $250,000 6% 10-year State Road bonds, offered without success
on
Feb. 5—V.
110, p. 889.
Int. semi-ann.
Denoms. $1,000 and $500.
Cert, check for $1,000 required.
BENTON, Franklin County, III.—BOND SALE.—It Is reported that
$40,000 5% fire dept. bonds, authorized by a vote of the people last
fall—V. 109, p. 1718—have been sold to the Hanchett Bond Co., of Chicago,
the
at par.
BENTON
COUNTY
SCHOOL
DISTRICT JOINT NO.
1, Wash.—
BOND OFFERING.—At 11
a. m. May 15 George Starr, County Treasurer
(P. O. Prosser), will receive proposals for $5,100 school bonds at not ex¬
ceeding 6% interest.
Prin. and interest payable at the office of the County
Treasurer.
Due $1,275 in 1925, 1930,1935 and 1940.
BESSMER SCHOOL DISTRICT (P. O. Bessmer), Jefferson County,
Ala.—BOND OFFERING.—Sealed bids will be received until May 8 by
Leonard
L.
Vann,
Superintendent of Schools for $300,000 5%
20-year
school bonds.
BEVERLY ROAD DISTRICT, Randolph County, W. Va.—BONDS
TO BE TAKEN BY STATE.—The $94,000 5% 1-29-year serial gold coupon
road bonds offered on March 1—V. 110, p. 184—will be taken by the State
Board of Public Works, it is stated.
BEXLEY
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Columbus),
Franklin County, Ohio.—BOND SALE.—The $50,000 5M% coupon
school bonds, offered without success on Mar. 10—V. 110, p. 1336—have
been purchased, according to reports, by the State Industrial Commission
of Ohio at par.
Date Mar. 25 1920.
Due each six months as follows:
$2,500, Mar. 25 1923 to Sept. 25 1925 incl., and $3,500,1926 to 1930 incl.
1
1921
to
Int. semi-an-.
1929, incl.
1920.
Mar.
Due $500 each six months from Mar.
15
15
BIRMINGHAM,
Fire
Alarm
Ala.—BOND SALE.—On March 31 the Gamewell
purchased $275,000 5% fire department bonds at par.
1920.
Due April 1 1930.
Co.
Date April 1
BISHOPVILLE, Lee County, So. Caro.—BOND SALE.—According
to newspaper reports the $55,000 6% 11H year (aver.) street paving bonds,
dated April 1 1920, offered on April 21—V. 110, p. 1661—have been sold
to J. H. Hilsman & Co. of Atlanta at 94.54, a basis of about 6.69%.
BLUFFTON SCHOOL CITY (P. O. Bluffton), Allen County, IndBONDS OFFERED.—H. F. Kain, Secretary of the School Board*
us that no offering was made on April 27 of an issue of
$102,000 5%
—NO
advises
high-school building bonds.—V. 110,
p.
1771.
BOISE SCHOOL DISTRICT
(P. O. Boise), Ada County, Idaho.—
BONDS VOTED.—On April 26 $275,OOo hign-school -budding bonds were
voted.
BOXELDER
Utah.—BOND
COUNTY
SCHOOL
SALE.—The
$180,000
DISTRICT
5%
(P. O. Brigham),
20-year building bonds have
been sold to Continental & Commercial Trust & Savings Bank of
and Sweet, Causey, Foster & Co. and Wright, Swan & Co. of
jointly at 90.076,:a basis of about 5.92%.
Canyon
County, Idaho.—BOND ELECTION.—An
on issuing $100,000 American Legion Hall
election has been called to vote
bonds.
CALDWELL SCHOOL DISTRICT (P. O. Caldwell), Noble
County,
Ohio.—BOND SALE.—Weil, Roth & Co. of Cincinnati, have been awarded
at
101.18725, a basis of about 5.89%, the $60,000 6% coupon school bldg.
bonds, offered on March 11—V. 110, p. 890.
Date March 1 1920.
Due
$1,500 yearly on March 1 from 1921 to 1959, incl., and $1,500 Feb. 1 1960.
CANAL
WINCHESTER,
Franklin
County,
Ohio.—BIDS
RE¬
JECTED.—All bids received for the $9,500 5 *A% High St. paving (village's
share) bonds offered
on
May 3—V. 110, p. 1553—were rejected.
CANTON, McPherson County, Kans.—BOND SALE.—On March 8
the
$37,000 water and $18,000 light 5%
bonds—V.
109,
p.
2457—were
sold to the Butler County State Bank of Eldorado at par.
Denom. $500.
Date Jan. 1 1920.
Int. J. & J.
Due $3,000 yearly beginning Jan. 1 1922.
CANTON SCHOOL DISTRICT NO. 1 (P. O. Canton), St. Lawrence
County, N. Y.—BOND SALE.—On Oct. 15 last ,Sherwood & Merrifield,
York, were awarded at 100.20, a basis of about 4.72%, an issue or
$15,000 4M% heating and plumbing system bonds.
Denom. $500 and
of New
$1,000.
Dated Oct. 1 1919.
1928 to 1933, incl.
Int. A.
&
O.
Due $2,500 yrly on Oct. 1
from
CARBON COUNTY SCHOOL DISTRICT No. 1 (P. O. Red
Lodge)
Mont.—BONDS VOTED.—On April 24 the $60,000 school-building bond
—V.
110,
p.
1662—were voted.
„
CARROLL COUNTY (P. O. Delphi), Ind.—NO BIDS RECEIVED.—
bids were received for the $8,000 AlA% road impt. bonds offered on
No
April 27.—V. 110, p. 1771.
COUNTY (P. O. Charlotte Court House), Va.—
12 m. May 17 by
Supervisors, for the following 6% coupon bonds:
$120,000 Madison Magisterial District bonds.
Denom. $1,000.
Due as
follows: $10,000, 1925; $12,000,
1930; $15,000, 1935; $20,000,
1940; $23,000, 1945; $30,000, 1950; and $10,000, 1954.
35,500 Roanoke Magisterial District bonds.
Denoms. 35 for $1,000,
and 1 for $500.
Due as follows: $5,000, 1925; $5,000, 1930;
$5,000, 1935; $7,500, 1940; $5,500, 1945, and $7,500, 1950.
Date July 1 1920.
Prin. and semi-ann. int. payable at the office of the
County Treasurer.
Cert, check for 1% of tne amount of bid payable to
the Board of Supervisors, required.
Bonds to be prepared and furnished
by the purchaser at his expense.
w
CHARLOTTE
BOND OFFERING.—Sealed bids will be received until
the Board of
CIRCLEVILLE,
Pickaway
County,
Ohio.—BOND
SALE.—'The
$9,500 5A% sanitary sewer extension bonds, offered on April 23—V. 110,
p. 1553—were awarded to the First National Bank of Circleville, at par and
int.
Due $500 each six months from March 1 1921 to March 1 1930, incl.
CLEVES, Hamilton County, Ohio.—BOND OFFERING.—Proposals
BIG SPRING TOWNSHIP (P. O. New Riegel), Seneca County, O.—
SALE.—On Apr. 24 and issue of $8,500 5% coupon road impt.
bonds was awarded to Charles Schnitz, at par.
Denom. $500.
Date
BOND
May
no more.
CALDWELL,
to
589 "for."
50,000 Central heat plant bonds.
PART OF BOND ISSUE
Caieago,
Denver,
will be received until 12 m. June 4
by R. R. Robinson, Village Clerk, for
Sec. 3916-3917 Gen. Code.
semi-ann int. payable at the
Due $500 yearly on May 1
of amount of bonds bid ror,
payable to the Village Treasurer, required.
Bonds to be delivered and
paid for within 10 days from date of award..
Purchaser to pay accrued
$5,000 5H% street refunding bonds.
Auth.
Denom. $500.
Date May 1 1920.
Prin. and
Hamilton County National Bank of Cleves.
from 1921 to 1930, incl.
Cert, check for 5%
interest.
CLINTON
SCHOOL CITY
(P. O. Clinton), Ind.—BOND SALE.—
Indianapolis, have purchased and are now offering to
issue of $130,000 5% tax-free school bldg. bonds.
Denom. $1,000.
Date April 6 1920.
Prin. and semi-ann. int. (J. & J.),
payable at the Clinton Trust Co., of Clinton.
Due yearly on July 1 as
follows:
$8,000 1921 to 1925, incl., and $9r,000 1926 to 1935, incl.
Total
debt (incl. this issue), $154,000; assessed value, $7,800,000.
J. F. Wild & Co., of
investors at par, an
COAL GROVE SCHOOL DISTRICT (P. O. Coal Grove), Lawrence
County, Ohio.—BOND OFFERING.—Charles Sheppard, Clerk of Board of
Education, will receive proposals until 12 m. May 26 for $4,000 5% school
refunding bonds.
Auth. Sec. 7629, Gen. Code.
Denom. $500.
Date
Mar. 29 1920.
Int. semi-ann.
Due Mar. 29 1929.
Certified check for
$200, payable to the Board of Education, required.
COLUMBUS CITY SCHOOL DISTRICT (P. O. Columbus), Franklin County, Ohio.—BONDS NOT SOLD.—The $1,170,000 5% school-
building bonds, offered
bids
were
received.
on
May 1—V. 110,
p.
1772-—were not sold,
as^no
DALLAS,
County,
Dallas
Tex.—BONDS TO BE OFFERED.—The
$225,000 hospital
serial bonds,
for
E. B.
$1,500,000 school, $400,000 sewer, $400,000 water,
Improvement and $175,000 municipal abbattoir 5% 40-year
voted at the election held on April 6—V. 110, p. 1662—will be offered
sale about May 30 1920.
Date May 1 1920.
Int. semi-ann.
Reppert is Commissioner
of Finance and Revenue.
DAYTONA, Volusia County, Fla.—BOND OFFERING.—According
reports George F. Crouch, City Clerk, will receive bids
m.
May 15 for the $450,000 5% paving and drainage bonds
success on Feb. 3.—V. 110, p.
1109.
until 12
offered without
to
Mont.—BOND SALE.It is reported that on May 5 the $150,000 highway bonds were awarded to
the Daly Bank A Trust Co. of Anaconda at par for 6s.
Date April 1 1920.
Due yearly on Jan. 1 as follows: $7,000, 1922 and 1923, and $8,000, 1924
to 1940, incl., each bond redeemable at the option of county on the interest
paying date occurring 1 year prior to the maturity thereof.
DELEWARE, Delaware County, Ohio.—BOND OFFERING.—Proposals will be received until 12 m. May 22 by F. D. King, City Auditor, for
DEER LODGE COUNTY
(P. O. Anaconda),
6% coupon bonds:
$5,800 judgment bonds.
Denoms. 11
March 1 1922, and $500 each six
1 1927
incl
the following
22,000 funding bonds.
March 1
MOINES, Union County, N. Mex.—BOND SALE.—It is
have bought the $75,000 6% water
DEER
reported
bonds—
1772—conditionally.
110, p.
LODGE,
Powell
POSED.—An issue of $20,000
County, Mont.—BOND ELECTION PRO¬
additional city hall bonds is being considered-
NO. 4 (P. O. Cuero). Tex.—
be received until 10 a. m. May 11 by J. L.
$40,000 5% 20-30 year road bonds, offered
without success on April 27—V. 110, p. 1772.
Denom. $500. Date Oct.
10 1918.
Int. semi-ann. (A. & O.), payable at the Hanover National
Bank, N. Y., and at Cuero and Austin.
Cert, check for $800, required.
DE WITT COUNTY
Boal, County Judge, for the
DINUBA UNION HIGH SCHOOL DISTRICT, Tulare Countv,
Calif.—BOND SALE.—On April 24 $120,000 5% school bonds were
to the First National Bank of Dinuba at par and int.
Denom. $1,000.
Date March 27 1920.
Int. semi-ann.
A like amount of bonds was reported as sold in V. 110, p. 1447.
sold
DONORA BOROUGH SCHOOL DISTRICT (P. O. Donora), WashCounty, Pa.—BONDS NOT SOLD.—No sale was made of the
$170,000 4% % tax-free school bonds, offered on April 30—V. 110, p.
ington
1662.
DOUGLAS COUNTY (P. O. Omaha), Neb.—BONDS VALID.—The
"Omaha News" of April 17 states that the Nebraska Supreme Court,
April
17, uphold the issuance of $822,000 bonds—V.
the Douglas County courthouse valid.
DUNCAN,
110, p. 889—for repair to
Stephens County, Okla.—BONDS
extension bonds were voted.
VOTED.—On April
27 $30,000 water
DUNKIRK, Chautauqua County,
N. Y.—BIDS
REJECTED.—'The
all bids received for the $35,600 5% 1-5-yr.
May 4—V. 110, p. 1898—were rejected.
The city unexpectedly received $60,000 of its portion of the Mercantile
and manufacturers tax, making the bond issue unnecessary.
City Treasurer advises us that
serial coupon bonds offered on
CLEVELAND, Cuyahoga County, Ohio.—NO BIDS SUB¬
MITTED.—No bids were submitted for the $38,000 6% special assessment
street impt. and $250,000 534% hospital bonds offered on April 30.—V.
110, p. 1662.
EAST
EAST AURORA, Erie County,
N. Y.—BOND
May 12 by
registered bonds:
will be received until 7:30 p. m.
for the following
$10,800 5%
Elm St. paving bonds.
OFFERING.—Proposals
Clerk,
D. N. Rumsey, Village
Due $1,800 yearly on May
1 from
1923 to 1928, incl.
„
4,500 chemical-engine bonds, to bear interest at a rate not exceeding
Due $900 yearly on May 1 from 1921 to 1925, incl.
Date May 1 1920.
Int. semi-ann.
Certified check for 2% of amount
bonds bid for, required.
Bids must be on blanks furnished by the Village
Clerk.
Bonds will be prepared under the supervision of the U. S. Mtge.
& Trust Co. of N. Y., which will certify as to their genuineness; legality
will be approved by Reed, Daugherty & Hoyt of New York.
6%.
of
EDGERTON, Williams County,
$19,750 6% special assessment street
V. 110, p. 1663—were not sold.
Ohio.—BONDS NOT SOLD.—The
impt. bonds, offered on April 26—
Mass.—BOND SALE.—R. M. Grant
Oldham & Co., of Boston, have purchased the following
FALL RIVER, Bristol County,
& Co., and Merrill,
and semi-ann. int. (A. & O.)
5K% bonds:
$340,000 Highway bonds.
Due $68,000 yearly on April 1 from 1921
1925, incl.
140,000 Sewer bonds.
Due yearly on April 1 as follows: $5,000, 1921 to
1940, incl.; and $4,000. 1941 to 1950. incl.
220,000 Public Improvement bonds.
Due $22,000 yearly on
1
from 1921 to 1930, incl.
These bonds are being offered to investors at prices to yield from 5%
to 5.25%.
FLORENCE COUNTY (P. O. Florence), So. Caro.—BOND OFFER¬
ING.—Bids will be received until 12 m. May 14 by A. L. Ervin, County
to
,
April
Supervisor, for $80,000 funding and $270,000 highway and bridge 2-30serial bonds at not exceeding 6% int.
Date April 1 1920. Prin. and
semi-ann. int. (A. & O.) payable at some bank in New York City, N. Y.
Cert, check for $5,000 required.
$17,000 1923 to 1927, incl., and $40,000
1928 to 1933, incl.
Certified check or cash on an incorporated bank or
trust company for 2% of the amount of bonds bid for, payable to the city
of Goldsboro, required.
The successful bidders will be furnished with the
opinion of Reed, Dougherty & Hoyt of N.
binding obligations of the City of
under the
i920.
FRAMINGHAM, Middlesex County, Mass .—TEMPORARY LOAN.—
On May 4 the temporary loan of $100,000, issued in anticipation of revenue,
dated. May 4 and maturing Nov. 10 1920—V. 110, p. 1898—was awarded
to the Fremont Trust Co. of Boston, on a 5.50% discount basis.
FRUITDALE
SCHOOL
DISTRICT, Kern County, Calif.—BOND
6% school bonds will be offered for sale.
OFFERING.—On May 17 $5,000
Rochester), Ind.—BOND OFFERING.—
p. m. May 10 by H. B. Kumler, County
Treasurer, for the following 4)4% road bonds:
$23,000 Geo. Rentschler et al Liberty Twp. bonds.
Denom. $1,150.
15,150 Frank Dillman et al Henry Twp. bonds.
Denom. $757.50.
3,750 O. M. Powell et al Rochester Twp. bonds.
Denom. $187.56.
Date April 1 1920.
Int. M. & N.
Due one bond of each issue semi¬
annually from May 15 1921 to Nov. 15 1930, incl.
FULTON
COUNTY (P. O.
Proposals will be
received until 3
GARFIELD COUNTY SCHOOL DISTRICT NO. 1 (P. O. Glenwood
Springs), Colo.—BOND ELECTION POSTPONED.—The elction called
for May 3 to vote on $190,000 school bonds—V. 110, p. 1773—has been
postponed until May 10.
GEAUGA COUNTY (P. O. Chardon), Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. May 10 by H. E. Leach, County
Auditor, for $8,000 5% I. C. H. No. 15 bonds.
Denoms. $500 and $200.
Date May 1 1920.
Prin. and semi-ann. int. payable at the County Treas¬
ury.
Due $200 on May 1 and Nov. 1 in 1921 and 1922; $200 on May i
and $400 on Nov. 1 in 1923; $500 on May 1 and Nov. i in 1924, 1925, 1926,
1927, 1928 and 1929, and $600 May 1 1930.
Certified check for $800,
payable to tne County Treasurer, required.
SALE.—i"he
GLOUCESTER, Essex County, Mass.—BOND
$35,000
5% highway and drainage bonds offered on May 5—V. *10, p. 1898—were
on that date to Coffin & Burr of Boston at 100.593, a basis of about
awarded
4.83%.
on
Denom. $1,000.
Date May 1 1920.
Int. M. & N.
Due yearly
as follows: $4,000 1921 to 1925, incl., and $3,000 i926 to 1930,
May 1
inclusive.
if
a
Purchaser to pay
GOLDSBORO,
Wayne
County,
No.
Clerk, for $325,000 534 and 5%% coupon
Caro .—BOND OFFERING.—
by C. M. Grantham, City
(with privilege of registration)
will
accrued interest.
official notice of this bond offering mil be
The
ments elsewhere in this
found among the advertise¬
Department.
GRAHAM COUNTY SCHOOL
Ariz.—BONDS VOTED.—On April
DISTRICT NO. 1 (P. O.
16 by 94 "for" to 55
Safford),
"against" $50,000
school bonds were voted.
grammar
SCHOOL DISTRICT NO. 3
OFFERING.—According to newspaper
11 a. m. May 11 by F. C. Anderson,
$125,000 534 % school building bonds—
V. 110, p. 279.
Date Dec. 1 1919.
Int. J. & D.
Due yearly on Dec. 1
as follows: $5,0C0, 1924 to 1933, incl., and $75,000, 1934.
Cert, check for
10% of amount bid, payable to the Treasurer Board of Education, required.
CONSOLIDATED
CITY
(P. O. Herman), Minn.—BOND
reports bids will be received until
Clerk Board of Education, for the
Springfield), Mo.—BONDS DEFEATED.
bonds—V. 110, p. 1448—were voted
GREENE COUNTY (P. O.
April 5 the $1,500,000 road
—On
down.
GREENE
COUNTY
The $125,000 5% 1-year
(P. O. Monroe), Wis .—BONDS NOT SOLD.—
highway bonds offered on May 1—V. 110, p. 1898
sold.
not
were
GREENE
SCHOOL
(P. O. Greene), Butler County,
$105,000 school bonds, carried by
April 15.
DISTRICT
Icwa.—BONDS VOTED.—An issue of
a
heavy majority, it is stated, on
DISTRICT (P. O. Laings), Monroe
OFFERING.-—Proposals will be received until
Clerk of Board of Education, for $6,000
6% scnool bonds.
Auth. Sec. 7625-7627 Gen, Code.
Denom. $100.
Date May 1 1920.
Int. payable yearly on May 1.
Due $600 yearly on
Oct. 1 from 1922 to 1931, incl.
Cert, check for 10% of amount of bid,
GREEN TOWNSHIP SCHOOL
Ohio.—-BOND
County,
12
May 15 by Jacob M. Clegg,
m.
payable to the above clerk, required.
GREENVILLE SCHOOL DISTRICT (P. O. Greenville), Greenville
County, So. Caro.—BOND OFFERING.—Proposals will be received until
May 31 by Geo. W. Sirrione, Sec. of School Board, for $250,(X)0 5% 20-yr.
school bonds.
Denom. $1,006.
Date July 1 1920.
Due July 1 1940.
Polk County, Fla.—BOND OFFERING.—The Town
bids until 12 m. May 20 for the purchase of $60,000
impt. bonds, dated Jan. 1 1920.
The bonds will be in denoms.
of $1,000, maturing 30 years from date
and bearing 5% interest, pay¬
able semi-annually at a place selected by purchaser and agreeable to the
Board of Bond Trustees.
Cert, check for $500, required.
HAINES CITY,
of Haines City invites
street
HARDIN
COUNTY
Dean C. Jones, County
(P. O. Kenton), Ohio.—BOND OFFERING.—
Auditor, will receive proposals until 12 m. to-day
(May 8) for the $17,860 5% Geiger
Pike bonds offered
unsuccessfully on
p. 1448.
Denom. 16 for $1,000 and 1 for $1,860.
Prin. and semi-ann. int. (M. & N) payable at the County
Treasurer's office.
Due yearly on May 8 as follows: $4,000, 1921; $5,000,
1922; $4,000, 1923 and $4,860, 1924.
Cert, check for $500 required.
Bonds to be delivered and paid for at the County Treasurer's office within
15 days from date of award.
Purchaser to pay accrued interest.
29—V.
March
Date
110,
day of sale.
COUNTY (P. O. Clarksburg), W. \a.—BOND ELEC¬
stated that initial steps toward a $4,000,000
bond issue campaign, the largest ever undertaken by any West
Virginia county, were taken at a conference held in Clarksburg on April
HARRISON
PROPOSED.—It is
TION
good roads
29
between
the Harrison county
It is planned to circulate
Court.
upon
good roads committee and the County
petitions and have a special election for
near future.
The road program agreed
contemplates the permanent improvement of the main roads leading
of the seven surrounding counties.
k*
authority to issue the
bonds in the
from Clarksburg to each
HASTINGS,
Adams
County,
Neb.—BOND OFFERING.—Sealed
proposals will be received until 5 p. m. May 24 by A. T. Bratton, City
Clerk, for the following bonds—V. 110, p. 1663:
$100,600 auditorium bonds.
Due in 20 years subject to call in numerical
order commencing with bond No. 1 on any int. paying date
after 5 years from date.
75,000 park bonds.
Due in 20 years subject to call in numerical order
commencing with bond No. 1 on any int. paying date after 5
years from date.
„
■
Denom. $1,000.
Int. semi-ann.
Cert, check on a responsible bank for
5% payable to A. M. Campbell, City Treasurer, required.
Total debt
April 1 1920, $329,000.
Total assessed value $2,651,944.
Actual value,
$13,259,720.
Population, 12,000.
Official circular states that no bonds
of the city have been defaulted or contested, and there is no litigation pend¬
ing or threatened, affecting the status of the city in any way, or the status
or title of any city officer.
HAYWARD, Alameda County, Calif.—BOND SALE.—On Feb. 27
& London, Paris National Bank purchased $200,000 5% 40-year
system bonds at par.
Denom. $1,000.
Date Jan. 1 1920. Int.
the Anglo
water
& J,;
UNION FREE SCHOOL DISTRICT NO. 22
Park), Nassau County, N. Y.—NO BIDDERS.—'There
school bonds offered on April 28.—
HEMPSTEAD (TOWN)
O.
(P.
were
V.
Floral
no
bidders for the $152,000 5%
110, p. 1773.
Ind.—BOND SALE.—
bonds, offered on
F. Wild & Co. of
Indianapolis.
Denom. $1,350.
Date Feb. 15 1920. Prin. and semi-ann.
int. (M. & N.), payable at the County Treasurer's office.
Due $1,350
each six months from May 15 1921 to Nov 15 1920, incl.
HENNEPIN COUNTY (P. O. Minneapolis), Minn.—BONDS NOT
SOLD—BONDS RE-OFFERED.—No bids were submitted on May 3 for
COUNTY
HENDRICKS
(P.
O.
Danville),
The $27,000 4>4% Henry Hunt et al Marion Twp. road
March i—V. 110, p. 891—have been purchased by J.
the $50,000 bridge
bonds—V. 110, p. 1898.
being re-offered for sale at 11 a. m. on
Tne above bonds are now
HENNEPIN COUNTY
143
(P.
O.
May 17.
CONSOLIDATED SCHOOL DISTRICT NO.
Franklin), Minn.—BOND OFFERING.—Proposals
7 p. m. May 17 by D. E. Loomis, Clerk (P. O.
received until
will be
407-417
Marquette Ave., Minneapolis, Minn.) for $50,000 5)4% bonds.
Date
May 1 1920.
Prin. and semi-ann. int. payable at the Northwestern Na¬
tional Bank, Minneapolis.
Due May 1 1935, optional on May 1 1925 or
upon any int. paying date thereafter before nixturity.
Cert, check for
$5,000, payable to the District Treasurer, required.
The approving opinion
of J. M. Martin, attorney, of Minneaplois, will be delivered to the purchaser
with the bonds at time of sale.
Purchaser to pay accrued interest.
HIGHLAND
PARK,
Wayne County,
Mich.—BOND OFFERING.—
Proposals will be received until 8 p. m. May 17 by Delmer C. Gowing, City
Clerk, for $200,006 hospital bonds, to bear interest at 434 %, 4% %, or 5%,
upon which rates bids are to be based.
Denom. $1,000. Date June 1
1920. Prin and semi-ann. int. payable at the Highland Park State Bank,
of Highland Park.
Due June 1 1940.
Cert, check for $500, required.
HILLSBORO,
Highland
County,
Ohio.—BOND
OFFERING.—
$9,000 534% coupon motor fire engine truck
12 m. May 31 by B. E. Ervin, Village Clerk.
Denom. 6 for $1,000 and 6 for $500.
Date March 1 1920.
Int. M. & S.
Due $500 yearly on Sept. 1 from 1920 to 1925, incl.; and $1,000 yearly on
March 1 from 1921 to 1926, incl.
Purchaser to pay accrued interest.
Sealed bids for an issue of
bonds will be received until
DISTRICT (P. O. Holgate), Henry County,
Burk, Clerk of the Board of Education,
May 17 for the $100,000 6% school building
bonds, voted on March 23—V. 110, p. 1448.
Denom. $1,000. Date
April 1 1920.
Int. A. & O.
Due $6,0o0 on April 1 and Oct. 1 in the years
1921 to 1925, incl.; $2,000 on April 1 and $1,000 oniOct.il|inJ,theiyears
HOLGATE SCHOOL
Ohio.—BOND OFFERING.—C. C.
will receive bids until 12 m.
Sealed bids will be received until 12 m. June 1
valid and
will be prepared
Trust Co., N. Y., which
of the city officials and the
impressed on the bonds.
Bids for 5% % bonds will not be considered
proper bid or bids be received for all of the bonds as 534% bonds.
seal
J.
BENTON, Chouteau County, Mont.—BOND OFFERING.—
sell at public auction 10 a. m. June 1 $16,500
6% 10-20-year (opt.) funding bonds.
Denom. $500.
Date June 1
Prin. and semi-ann. int. payable at the office of the City Treasurer or at
the option of holder at some bank in New York to be designated by the
City Treasurer.
Cert, check on some national bank for $i,000, payable
to the City Treasurer, required.
Purchaser to pay accrued interest.
FORT
Y. that the bonds are
Goldsboro and the bonds
supervision of the U. S. Mtge. &
certify as to the genuineness of the signatures
year
W. S. Towner, City Clerk, will
payable at the Hanover
yearly on April 1 as follows:
Due
ROAD DISTRICT
BOND OFFERING.—Bids will
Date April 1 1920. Prin.
National Bank, N. Y,
Denom. $1,000.
street-improvement bonds.
GRANT
Denom. $500.
Due $1,000 each six months, from
1932, incl.
Prin. and semi-ann. int. payable at Delaware.
1922 to Sept. 1
Date April 1 1920.
DES
for $500, 1 for $300. Due $300
months from Sept. 1 1922 to Sept.
that Keeler Bros., of Denver
V.
[VOL. 110.
THE CHRONICLE
1996
Mat 8
1920.]
THE CHRONICLE
1926 to 1930, incl.; $2,000 on April 1 and Oct. 1 in the years 1931 to 1935,
incl.; $3,000 on April 1 and $2,000 on Oct. 1 in the years 1936 to 1938, incl.;
$3,000 on April 1 and Oct. 1 in the years 1939 to 1941, incl.; $4,000 on April
1 and $3,000 on Oct. 1 in the years 1942 and 1943; and $4,000 on April 1
and Oct. 1 in 1944.
Cert, check for 10% of amount of bonds bid for,
payable to the Board of Education, required.
Purchaser to pay accrued
interest.
HOWARD COUNTY (P. O.
Kokomo), Ind.—NO BIDS RECEIVED.—
road bonds aggregating
1997
LIBERAL SCHOOL
DISTRICT
(P. O. Liberal), Seward County,
school bonds—V. 110,
KaPA'Z~B0NDS. VOTED.—On April 28 the $230,000
1499—carried.
p.
LIMA, Allen County, Ohio.—NOTE SALE.—The $250,000 6% 5-year
Colett
St. sewer notes, which were offered unsuccessfully on
Apr. 19—
V. 110, p. 1774—have been purchased by Spitzer, Rorick &
Co., of Toledo,
who are now offering them to investors at a price to yield 5.40%. Denom.
$1.000.
Date May 11920.
Int. M. & S.
Due
May 1 1925.
No bids were received for the 3 issues of 4M%
$21,400, which
were
offered
on
April 30.—V. 110,
p.
LINCOLN, Lancaster County, Neb.—BONDS VOTED.—On April 20
1773.
the
HUTCHINSON, Reno County, Kans.—BOND SALE.—It is stated
that $30,000 4 }4% fire station bonds were sold to theFontrom Loan and
Trust Co. of Hutchinson at par.
IDAHO (State of).—NO BIDS.—At the recent offering of $52,000 bonds
V. 110, p. 1663—to improve the Lava
Hot Springs natatorium
no bids were
received.
$300,000 light bonds—V.
110,
LOGAN TOWNSHIP (P. O.
1664—were voted.
p.
Buckland),
Anglaize County, Ohio.—
BOND SALE.—On April 27 the People's National Bank of Wapakoneta,
gurchased, at par,$1,087. Date$6,522 6%1 Amanda-Mendon Road Impt.
onds.
an issue of March
Denom.
1920.
Int. M.
&
S.
Due
$1,087
March 1 and Sept. 1 in 1921, and $2,174
on
on
March 1 and Sept.
1 in 1922.
IMPERIAL IRRIGATION DISTRICT
(P. O. El Centro), Imperial
Calif.—BIDS REJECTED—BONDS RE-OFFERED .—The fol¬
on April 27 for the $500,000 5H% school bonds—
1663:
Anglo & London Paris Nat!
Bank of Italy.
$435,500 Frank & Lewis
$428,750
County,
lowing bids were received
V.
110, p.
Blank'n,Hunter,Dulm Co.
were rejected and the bonds will be re-offered for sale
These bids
on
May 20.
INDIANA BORO SCHOOL DISTRICT (P. O. Indiana), Indiana
County, Pa.—NO BIDDERS.—There were no bidders for the $100,000
4)4% tax-free school-building bonds offered on Apr. 29.—V. 110, p. 1663.
JACKSON COUNTY (P. O. Jackson), Ohio.—BOND SALE.—The
$35,500 514% inter-county highway No. 364 improvement bonds, offered
on May 1—V. 110, p. 1774—were awarded to the First National Bank of
Jackson at par, and interest.
Due $7,000 yearly on May 1 from 1921 to
1924, incl., and $7,500 May 1 1925.
JACKSON SCHOOL TOWNSHIP (P. O. Camden), Carroll County,
OFFERING.—Joseph C.
Sink,
Township Trustee, will
LORAIN
SCHOOL
Ohio.—BONDS
carried
by
DISTRICT (P. O. Lorain), Lorain County,
VOTED.—The $1,000,000 school building bonds issue
vote of 1,207 to 422 at the election held April 27.—V. 110, p.
a
1774.
LOWER MARION TOWNSHIP SCHOOL DISTRICT (P. O. Ardmore), Montgomery County, Pa.—BOND SALE.—On May 5 the $100,000 (18 2-5 year (aver.) coupon tax-free school bonds offered on that date
—V.
110, p. 1664—were awarded to Frazier & Co. and M. M. Freeman
& Co. of Philadelphia, at 100.27 for 42£s, a basis of about 4.72%.
Denom.
$1,000.
Date June 1 1920.
Int. J. & D.
Due $15,000 on June 1 in
1925, 1930, 1935 and 1940; $20,000 on June 1 1945, and Dec. i i949.
McMAHON
SCHOOL
DISTRICT,
Caldwell
County,
Tex.—BOND
SALE.—The $7,000 5% 10-40-year (opt.) school building bonds offered.
March 15—V. 110, p. 1110—have been taken by the State Board of Edu¬
cation at par.
Denom. $100.
Date April 10 1920.
Int. annually.
MARICOPA COUNTY SCHOOL
DISTRICT NO.
11, Ariz.—BOND
Ind.—BOND
OFFERING.—Proposals will be received until 9.30
receive bids until 2 p. m. May 20 for $48,000 6% coupon school-building
bonds.
Denom. $500.
Date June 15 1920.
Int. J. & D., payable at the
Farmers State Bank of Camden.
Due yearly on Dec. 15 as follows: $4,000,
Clerk Board of County Supervisors (P. O. Peoria) for $200,000 6% gram¬
mar and high school bonds.
Denom. $500 and $1,000.
Due in 20 years.
1921 & 1922; $5,000, 1923 to 1930, incl.
Certified check for $48,000, plus
the premium offered, if any, payable to the above trustee, required.
A
similar issue of bonds was offered on April 20—V. 110, p. 1663.
JAMESTOWN, Chatauqua County, N. Y.—BOND SALE.—On May
3 the 2 issues of coupon or registered bonds offered on that date—V. 110,
p. 1898—were awarded to the National City Co. of New York at 100.519,
follows:
as
$400,000
'
••
.
1-40-year serial water bonds
as
5Ks,
a
basis of about 5.20%.
Due $10,000 yearly on May 1 from 1921 to 1960, incl.
250,000
1-25-year serial lighting bonds as 5^s,
a
basis of about 5.44%.
Due $1.0,000 yearly on May 1 from 1921 to 1945, incl.
Thayer, Drew & Co. bid 101.699 for both issues at 5H%..
000 lighting bonds, 100.17 for $300,000 5M% water bonds maturing from
1921 to 1950, and par for $100,000 5% water bonds maturing from 1951
1960.
__
Ashtabula
County,
Ohio.—BOND ELECTION.—
May 22, it is stated, for the purpose of voting on a
proposition to issue $55,000 municipal light plant bonds.
JENNINGS COUNTY (P. O. Vernon), Ind.—BOND SALE—The
$10,782.50 6% 1-10-yr. serial Storm Creek Drainage bonds, offered on
March 1.—V. 110, p. 582-r—were awarded to the City Trust Co. of Indiana¬
polis, at par.
I
JOHNSON CITY,
Washington County, Tenn.—BOND OFFERING.
m. May 31, it is reported, by R. C. Warren,
$150,000 5% 11-20-year serial school bonds.
Int.
Cert, check for 2\i% required.
—Bids will be received until 12
Treasurer,
semi-ann.
for
JOHNSON COUNTY (P. O. Franklin), Ind.—BOND SALE.—The
$15,800 414% Wm. Keaton et al Nineveh Twp. road bonds offered on
Apr. 26—V. 110, p. 1774—have been sold, according to reports, to the
Franklin National Bank of Franklin at par.
Denom. $790. Date May 1
1920.
Int. M. & N.
Due $790 each six months from May 15 1921 to
Nov. 15 1930. incl.
JOLIET
SCHOOL
DISTRICT
(P.
O.
Joliet), Wiel County, 111.—
BOND SALE.—On April 30 the $200,000 5% coupon school bonds, offered
on that date—V. 110, p. 1774—were awarded to the Continental & Com¬
mercial Trust & Savings Bank, and A. B. Leach & Co., both of Chicago,
at 96.2625 a basis of about
5.39%.
Due $20,000 July 1 1930, and $30,000
yearly on July 1 from 1931 to 1936, incl,
JOPLIN,
Jasper
County,
Mo.—BONDS NOT SOLD.—No sale
was
made of the $291,500 5% sanitary sewer bonds offered May 4—V. 110, p.
1898.
The above bonds will be reoffered for sale later on.
KAHLER, Sheboygan County, Wis.—BONDS TO BE SOLD LOCALLY.
—We are advised by E. Albrecht, Village Clerk, that $69,500 5% bonds
recently voted will be sold locally.
Denom. $100, $500 and $1,000.
Int.
A.
&
St.
Clair
County,
May 17 by the
Mich.—BOND
SALE.—The
$380,000 public impt. bonds, voted at a recent election—V. 110, p. 1774—
have been sold to the Detroit Triist Co. of Detroit.
MARION
COUNTY
(P.
O.
Columbia), Miss.—BOND SALE.—The
Citizens Bank and the Columbia Bank, both of Columbia, bidding jointly,
were awarded on March 5 $200,000 5H% good-road bonds at par and int.
Denom. $500.
Date July 1 1919.
Int. J. & J.
Due $40,000 yearly on
July 1 from 1921 to 1925, incl.
MATAGORDA COUNTY ROAD DISTRICT NO. 1 (P. O. Bay City),
Tex.—BOND OFFERING.—This county will receive bids for the purchase
$25,000 road bonds.
These bonds have been approved by John O.
Thomson of N. Y.
Bids to be received not later than 10 a. ra. May 10.
W. E. Davant is District Attorney.
MEDFORD,
Middlesex
County,
Mass.-—TEMPORARY
LOAN.—
On May 7, according to reports, a temporary loan of $100,000, maturing
$50,000 Dec. 20 1920 and $50,000 Jan. 15 1921, was awarded to Goldman,
Sachs & Co., on a 5.93% discount basis.
.
JEFFERSON,
An election is to bo held
City
CITY,
m.
of
Sherwood &
Merrifield offered 100.589 for both issues at 5)4 % •
Harris, Forbes & Co.
bid 100.423 for both issues at 5H%O'Brien, Potter & Co. bid 101 for
both issues at.6%.
Geo. B. Gibbons & Co. 100.17 at 5H% for the $250,-
to
MARINE
a.
O.
MEDFORD IRRIGATION DISTRICT (P. O. Medford), Jackson
County, Ore.—BOND OFFERING.—Further details are at hand relative
to the offering on May 15 of the $1,250,000 6% 5-40-year gold serial bonds
—V.
110, p.
1899.
Bids for these bonds will be received until 11 a. m.
Directors.
Donom. not
Prin. and semi-ann. int. (J. & J)
payable at the place to be designated respectively in the bonds and coupons,
said place to be in the United States, and to be designated by the successful
on
that day by E. M. Wilson, Secretary Board of
less than $100 nor more than $1,000.
bidder
or
bidders.
MERCER
COUNTY (P. O. Celina), Ohio.— BONDS VOTED.—The
people voted in the affirmative on the proposition to issue the $500,000
court house bonds mentioned in V. 110, p. 1110.
The vote was 2,510 "for"
and 2,132 "against."
METTER, Candler County, Ga.—BOND OFFERING.—According to
sealed bids will be received until May 15 by L. C. Anderson,
Mayor, for $35,000 5% water-works bonds.
Denom. $500.
Date May 1
newspapers
1920.
MIDDLEPORT,
Meigs
County,
Ohio.—BOND
OFFERING.—Pro¬
posals will be received until 12 m. May 17 by F. M. Sisson, Village Clerk,
for $43,000 5H% refunding bonds.
Denom. $1,000.
Date July 15,
1920J
Int. semi-ann.
Due yearly on July 1 as follows: $2,000, 1921;
$3,000, 1922; $2,000. 1923 and 1924; $3,000, 1925 and 1926; $2,000, 1927
to 1940, incl.
Purchaser to pay accrued interest.
MINNEAPOLIS,
Minn.—BOND
OFFERING.—George
M.
Link,
Secretary Board of Estimate and Taxation, will receive sealed proposals
for $150,000 5% sewer coupon bonds, it is stated, until 2.30 p. m. May 12,
Denom. $1,000, $500, $100 and $50.
Date July 1 1920.
Prin. and semiann. int. payable at the Fiscal Agency in New York or at the City Treas¬
urer's office.
Due $5,000 yearly on July 1 from 1921 to 1950, incl.
Cert,
check for 2% of the bonds bid for, payable to the City Treas. required.
The bonds will be delivered to the purchaser at the Bd. of Est. and Taxa¬
tion in Minneapolis or elsewhere in U. 8. at option of purchaser.
BOND SALE.—It is also stated that the
KEARNEY SCHOOL DISTRICT (P. O. Kearney), Buffalo County,
parkway impt. bonds offered
on
$388,724.43 5% 1-10 year serial
April 30—V. 110, p. 1775—have been
follows:
Neb.—BOND OFFERING.—Bids will be received until 8 p. m. May 20 by
awarded
the Secretary Board of Education, for the $125,000 6%
$200,000.00 bonds to the Minneapolis Trust Co., Minneapolis.
10,000.00 bonds to the Midland National Bank, Minneapolis.
93,724.43 bonds to the Minnesota Loan & Trust Co., Minneapolis.
30,000.00 bonds to the Lakewood Cemetery Association.
25,000.00 bonds to Chas. M. Loring.
25,000.00 bonds to Earl Brown.
5,000.00 bonds to the State Institute of Savings, Minneapolis.
10-30-year (opt.)
school-building bonds—V. 110, p. 1664.
Denom. $1,000.
Date
May 1 1920.
Int. M. & N., payable at the office of the County Treasurer.
Due May 1 1950, optional after 10 years.
Cert, check for 1%, payable
coupon
to the Secretary,
i
required.
KEMMERER SCHOOL DISTRICT NO. 1 (P. O.Kemmer), Lincoln
County, Wyo.—BOND SALE.—The $75,000 6% 1-17 year serial bonds,
dated May i 1920, offered on May 1—V. 110, p. 1555—have been taken,
it is reported, by the State of Wyoming at par.
school bonds—V. 110,
p.
N6. 162, Wash.—BOND SALE.
awarded on May 3 the $75,000 coupon
MITCHELL, Davison County, So. Dak.—NO BIDS RECEIVED.—
May 3 no bids were submitted for the $75,000 water-works and $50,000
10-20 year (opt.) bonds.—V. 110, p. 1775.
On
LAUDERDALE COUNTY (P. O. Ripley), Tenn.—BOND SALE.—
Reports say that on May 1 the First National Bank of Ripley and the Bank
of Halls purchased $100,000 6 % 20-year road bonds at 100.756.
LAUREL
SCHOOL
DISTRICT,
Orange
Calif.—BOND
County,
M. Backs, County
bonds until 11 a.m. May 11.
Date June 1 1920.
Int. semi-ann., payable at the office
Treasurer.
Due $2,000 yearly from 1921 to 1940, incl.
Cert, or cashier's check for 3% of the amount of said bonds or of the portion
thereof bid for, payable to the Chairman Board of County Supervisors,
required.
Total value of taxable property (exclusive of operative property),
1919, $867,015.
Clerk (P. O. Santa Ana) for $40,000 6% school
Denom. $1,000.
of the County
LAURENS COUNTY
(P.
O.
MONROE COUNTY (P. O. Bloomington), Ind.—BOND SALE.—
P. Wild & Co. of Indianapolis have purchased $17,000 414% Perry
Twp. road bonds.
Denom. $850.
Date Feb. 3 1920.
Prin. and semi-ann.
int. (M. & N.), payable at the County Treasurer's office.
Due $850 each
six months from May 15 1921 to Nov 15 1930, incl.
J.
1774—it is reported, at par.
OFFERING.—Sealed proposals will be received by J.
Laurens), So. Caro.—BOND SALE.—
purchased $150,000 5% 20-year
MONTGOMERY, Montgomery County, Ala.—BONDS VOTED.—
Montgomery gave a majority of 5 to 1, it is stated, at the special
April 27, in favor of the issuance of bonds to the amount of
$1,000,000 for improvements in the public school system, $250,000 lor the
payment of the floating debt, $150,000 for improvements in the municipal
water works, and $50,000 for improvements in sanitation.
Voters of
election held
road bonds.
LEWIS & CLARKE COUNTY (P. O. Helena), Mont.—BOND SALE.
are
offered
on
informed that the $100,000 6% public highway and bridge bonds
April 27—V. 110, p. 1449—have been sold to the Montana Trust
and Sav. Bank of Helena at 102.19.
|
LEWISTOWN, Fergus County, Mont.—BONDS VOTED.—On Apr. 23
by a light vote $100,000 water and $40,000 bridge bonds carried.
(P. O. Buffalo), White County,
for the $35,000 5%
Apr. 27.—V. 110, p. 1664.
LIBERTY SCHOOL TOWNSHIP
Ind.—NO BIDS RECEIVED.—No bids were received
school bonds offered on
LIBERTY
SCHOOL
TOWNSHIP
(P.
O.
Greentown),
Howard
County, Ind.—BOND OFFERING.—John S. Hall, Township Trustee,
will receive proposals until 2 p. m. May 14 for $39,300 5^% school bonds.
Denoms. 75 for $500 and 15 for $120.
Date July 20 1920.
Prin. and
semi-ann. int. (J. & J.) payable at the State Bank of Greentown.
Due
$2,620 yearly on Jan. 20 from 1921 to 1935, incl.
Cert, check for $150
required.
Ohio.—BOND SALE.—
serial emergency bridge bonds offered on
been sold to the Detroit Trust Co. of Detroit
Due $2,000 yearly on Mar. 1 from 1921 to
MONTGOMERY COUNTY (P. O. Dayton),
The
$18,000
5i4%
1-9-year
Mar. 6—V. 110, p. 892—have
at par.
Date Mar. 1
1929 inclusive.
It is stated that C. T. Frick of Columbia
—We
|
sewer
KING COUNTY SCHOOL DISTRICT
—-The State of Washington was
as
1920.
^
MORRISTOWN, Hamblem County, Tenn.—BOND SALE.—On April
2 J. C. Mayer & Co. of Cincinnati were awarded at par $115,500 20-year
general impt. and $101,000 (about 7M years aver.) street impt. 6% bonds.
Denom. $1,000.
Date Jan. 1 1920J
Int. J. & J.
AIRY, Carroll County, Md.—BONDS VOTED.—At an election
voted, 115 to 47, in favor of the issuance
$22,000 street impt. and water supply bonds.
MT.
held May 3, it is stated, the people
of
MUSKEGON
SCHOOL
DISTRICT
(P.
O.
Muskegon), Muskegon
County, Mich.—BOND SALE.—On April 20 an issue of $200,000 6-15serial 5H % coupon school building bonds was awarded to the Conti¬
nental & Commercial Trust & Savings Bank of Chicago, at 100.60, a basis
of about 5.42%.
Denom. $1,000.
Date May 1 1920.
Prin. and semiann. int. (M. & N.) payable at the Continental & Commercial Trust Co
Savings Bank of Chicago.
Due $20,000 yearly on May 1 from 1926 to
1935, incl.
Bonded debt (incl. this issue) $466,400.
Assessed value,
$26,215,000.
These bonds are now being offered to investors at a price to yield about
5.25%.
w
year
,
,
,
NEW ORLEANS,
La.—CERTIFICATE SALE.—A syndicate composed
Whitney-Central National Bank, Hibernla Bank & Trust Co., Canal
Commercial National Bank, Interstate Trust & Bank¬
ing Co. and Marine Bank & Trust Co., has purchased the $1,600,000
City of New Orleans paving certificates, offered unsuccessfully during
February.—V. 110, p. 682.
of the
Bank & Trust Co.,
County,
Newport
NEWPORT,
R.
Y.—TEMPORARY LOANS.—During the month
NEW YORK CITY, N.
April the following short-term securities, consisting of Revenue Bills,
Special Revenue Bonds, and Corporate Stock, aggregating $57,065,000
of
issued
'
Aggregating $48,355,000.
Revenue Bills of 1920,
Maturity.
int. Rate.
Amount.
5.95%
6
12
15
July
July 26
Sept. 15
Aug.
2
Aug. 16
Aug. 26
5.95r
—5.951
6.95'
....—...5.95
5.95
100,000
5.95%
500,000
5.95%
95,000.
5.95%
500,000.-..-—
5.95%
500,000
5.95'
500,000..
1
5.95'
1,000,000
—5.95'
1,000,000.
5.95'
2.000,000
5.95'
2,000,000
5.95'
2,000,000
2.000,000
1,000,000
450,000
I
1
2,000,000—
630,000
50,000
100,000
150,000.
50,000
200,000
100,000
500,000...
30,000
100,000...
-
Oct.
Sept. 7
Sept. 20
1920
1920
1920
1920
1920
1920
Oct.
11
1920
Oct.
22
1920
1920
1920
Sept. 27 1920
Sept. 20 1920
Nov. 22
1920
1920
1920
1
Oct.
Sept. 14
Dec. 28
1920
Nov. 22
1920
1
June 14
June 15
1920
Dec.
15
1920
Aug.
9 1920
28 1920
Nov.
July
June 28
1920
1920
1920
1920
May 20 1920
May 28 1920
Aug. 30
—5.95%
5.95%
5.95%
5.95%
12
June
1920
Sept. 20 1920
Sept. 14 1920
5.95%
5.95%
5.9.5%
5.95%
Oct.
22
1920
1920
1920
1920
15 1920
Nov. 17
Dec.
15
Dec. 20
.5.95%
—5.95 %
5.95%
5.95%
5.95%
.
1920
9
June 15
5.95%
5.95%
5.95%
—
1920
7
Aug. 23
Aug. 30
5.95%
*
18
Sept.
Aug.
Nov. 22
500,000
500,000.....
500,000...
1,000,000
100.000..
1920
1920
Nov. 22
3,000,000
200,000
30,000
1,500,000—.
1,000,000
1,000.000
1,140,000
30,000
1,000,000.
1,500,000
2,000,000
250,000
1920
Nov. 22
5.95'
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
—-
1920
Nov. 15
5.95'
2,000,000
1920
Nov. 15
5.95'
5.95'
5.95'
—
1920
Sept. 20
—5.95%
.".
1920
1920
Nov. 10
5.95%
-
500,000
880,000
370,000
1920
1920
Sept. 15
5.95%
4,000,000—
April
April
April
April
April
April
April
April
April
April
April
1920
1920
1920
..5.95%
250,000
1,000,000
Date Sold.
1920
July
5.95%
-
July
5.95%
$2,000,000...
2,000,000...
1,500.000...
1,000,000...
'100,000
Oct.
May 20 1920
Aug. 13 1920
Dec.
1 1920
i
Rapid Transit—
$450,000
450,000
June 21
1,245,000
1920
June
28
15 1920
Aug.
9 1920
5.95%
500,000
1,000,000
500,000
1
April
April
April
April
April
April
1920
July
July
5.95%
5.95%
1920
Aug. 16 1920
—5.95%
June 21
...5.95%
12
12
12
15
15
15
April 12
April 26
April 28
1920
On demand
3 Vi%
Sept. 15 1920
—5.95%
CORPORATE STOCK.—During the same period
following Gold Exempt Corporate Stock Notes were disposed of:
SALE OF LONG TERM
the
Rapid Transit—
Maturity.
Nov. 11969
Nov. 11969
Nov. 11969
Int. Rate.
Amount.
$6,000
150,000
200,000
—
-
4M%
4K%
4^%
Date Sold.
Vvarious Municipal Purposes—
—
—
OCHOCO
11969
April 26
4H%
4M%
4^%
Nov.
Nov.
Nov.
1
1969
1
1944
1
1934
April 26
April 26
April 26
IRRIGATION
DISTRICT
O.
(P.
Prineville),
Crook
County, Ore.—BOND DESCRIPTION.—The $100,000 6% 11-22-year
V. 110, p. 1900, are in
serial bonds awarded on April 24 as reported in
Int. J. & J.
denominations of $500 and $1,000.
Date April 1 1920.
Venango County, Pa.—BOND OFFERING.—Proposals
will be received until 4 p. m. May 10
by W. W. Holt. City Treasurer.
Date April 1 1920. Int. A & O. Due
yearly from 1925 to 1938.
Cert, check for 1% of amount of bonds bid for
PfOIL CITY,
for
an
Issue of $100,000 4K % bonds
required.
OXNARD DRAINAGE DISTRICT
(P. O. Oxnard), Ventura County
Ruppert, Secretary Board
Calif.—BOND SALE.—We are advised by C. C.
that the $130,000 6% 10-20-year drainage system bonds
offered on April 28—V. 110, p. 1665—-have been sold to the Wm.R. Staats
Co. and Blyth, Witter & Co., jointly, at par and int.
Denom. $500.
Date Oct. 1 1919.
Int. J. & J.
The Secretary Board of Directors also
has the following to say concerning the sale.
"Under the law the district could not sell the bonds except for par and
accrued interest, therefor the contractor,
'Ross Construction Co.,' of
Sacramento will discount them at 94 naturally including that amount in
their bid which was $127.197tfor work advertised.
Contract awarded to
the said construction company."
of
Directors,
PARK
COUNTY
SCHOOL
DISTRICT
41, Mont.—BONDS
high school bonds have
NO.
VOTED.—By 92 "for" to 12 "against" $35,000
been voted.
PEMBERTONLSCHOOL DISTRICT (P. O. Pemberton), Blue Earth
County, Minn.—BOND SALE.—The State of Minnesota has purchased
bonds recently voted.—V. 110, p. 1665.
the $90,000 school
County, N. Y.—BOND SALE.—The $4,500 regis¬
tered fire-truck purchase bonds, offered on May 1—V. 110, p. 1775—were
awarded to the Citizens Bank and the Baldwin's Bank of Penn Yan, at par
for 6s.
Date May 1 1920.
Due $500 yearly on Oct. 1 from 1920 to 1928,
inclusive.
PHILIP,
accrued
County,
So.
Dak.—BONDS NOT SOLD.—Alvin
Waggoner, City Auditor, advises us that the $50,000 5% water-works and
sewer bonds offered on April 30 were not sold.
The city Auditor also ad¬
I
interest.
County, Mass.—LOAN OFFERING.—It is
reported that the City Treasurer will receive proposals until 11 a. m.
May 12 for a temporary loan of $400,000, issued in anticipation of revenue.
Dated May 12 and maturing $200,000 on Nov. 19 and Dec. 3 1920.
PITTSFIELD, Berkshire
BLUFF
POPLAR
Butler
SCHOOL
NO. 37 (P. O. Poplar),
$30,000 5H% 1-6-yea tax110, p. 1665—have been sold
DISTRICT
County, Mo.—BOND SALE.—The
school bonds recently voted.—V.
free coupon
PORTLAND, Ore.—BONDS AWARDED IN PART.—Of the $250,000
(opt.) assessment collection bonds offered on May 3—
110, p. 1776—$77,000 bonds were awarded on that day. it is stated,
57-10-year
V.
I
follows:
as
j$50,000 bonds at 100.50.
$27,000 bonds at par.
RECEIVED.—It is also stated that there were no bids sub¬
mitted for the $300,000 5&% reconstruction bonds offered for sale on
NO BIDS
the
same
date.
O. Portsmouth), Scioto
PORTSMOUTH SCHOOL DISTRICT (P.
Ohio.—BOND OFFERING.—Proposals will be received until
C. Hazlebeck, Clerk of Board of Education, for
$30,000 bH% coupon school impt. bonds.
Denom. $500. Date May 1
1920.
Prin. and semi-ann. int. (M. & N.) payable at the First National
Bank of Portsmouth.
Due yearly on May 1 as follows: $3,000, 1933;
$2,000, 1934 and 1935; $4,000, 1936 and 1937, and $5,000, 1938, 1939
and 1940.
Cert, check on a solvent bank, for 5% of amount of bonds bid
for, payable to the above clerk, required.
Purchaser to pay accrued int.
12m. May 14 by William
OFFERING.—At 8p.m.
Varney, Mayor, will receive
^ V
bonds. Date July 1 1920.
bonds.
Date Sept. 1 1920.
bonds.
Date Nov. 1 1920.
for $500 payable to the above, Mayor, required.
May 12, it is stated that John W.
5, 5K% and 6% bonds:
the following
$20,000 sewer
20,000 sewer
20,000 sewer
Cert, check
PRICE SCHOOL DISTRICT (P. O. Price),
—BOND SALE.—Sweet, Causey, Foster & Co.
bids for
t
Carbon County, Utah.
and the Palmer Bond &
Mtge. Co. have bought at 85-75 $175,000 of the $300,000 5% 20-year
school bonds.. Dated May 1 1920.
Int. semi-ann., New York payment.
The remaining $125,000 will not be offered for sale for two years, it is re¬
Other bidders:
ported.
Co. and
International Trust Co., Bosworth,
Chanute &
Benwell, Phillips, Este & Co. of Denver.
REDLANDS HIGH SCHOOL DISTRICT, San Bernandino County,
price paid for the $185,000 5M% 12-year
Calif.—PRICE PAID.—The
(aver.) school bonds awarded on April 26 to the First National Bank of
Redlands—V. 110, p. 1900—was 100.707 and int. a basis of about 5.42%.
bidders:
Citizens
L
s.\
National
jgeles__
I Redlands National Bank of
-__-_$186,275|
Redlands
$185,125
Bank of
RICHMOND CO jNTY
(P. O. Rockingham), No. Caro.—BOND
OFFERING.—Sealed bids will be received until 12 m. May 12 by B. F.
Reynolds, Chairman Board of County Commissioners, for $100,000 court
exceeding 6% interest.
Prin. and semi-ann. int. payable
Bids will be received on bonds maturing serially 1920 to
1950, incl., and for bonds to mature 1950.
Cert, check for $5,000 payable
to the above Chairman, required.
house bonds at not
in New York.
(P. O. Richmond), Contra Costa
Calif.—BOND ELECTION.—An election will be held May 12
issuance of $565,000 bonds, it is stated.
RICHMOND SCHOOL DISTRICT
County,
to vote on the
ROANOKE, Roanoke County, Va.—BOND OFFERING.—Proposals
received until 2 p. m. May 22 by P. H. Tucker, City Clerk, for the
% coupon bonds:
$135,000 school building bonds.
Date April 1 1916.
Int. A. & O, Due
April 1 1946.
200,000 school building bonds.
Date Jan. 1 1920.
Int. J. & J. Due
will be
following 4
Jan.
Jan.
1950.
1
impt.
300,000 street
1
bonds.
Date Jan.
1
1920.
Int. J. & J.
Due
1950.
Prin. and interest payable at the office of the City
Treasurer.
Cert, check for 1 % of the bonds bid for, required.
The bonds
will be prepared under the supervision of the U. S. Mtge. <5c Trust Co.,
N. Y., which will certify as to the genuineness of the signatures of the city
officials signing the bonds and the seal impressed thereon, and the legality
of the bonds will be passed upon by John C. Thomson of N. Y., and a copy
of his opinion will be furnished to each successful bidder.
The successful
Denom.
$1,000.
notice of the accept¬
bidder must pay for said bonds within 30 days after
ance of such bids unless some other date or dates of payment
The bonds will be ready for
be mutually
delivery June 1 1920.
ROCHESTER, N. Y.—NOTE SALE.—On April 30 an issue of $100,000
grade-crossing notes, maturing 8 months from May 5 1920, was awarded to
the Security Trust Co. of Rochester, on a
interest basis. Other
bidders, both of New York, were:
Name—
Int. Rate.
5.95%
"
S.N. Bond & Co
White, Weld & Co. ($50,000
only)
Premium.
$9.00
6.00%
10.00
issue of $650,000 garbage disposal
until 2:30 p. m. May 13 by H. D. Quinby, City Comp¬
troller1.
Due eight months from May 18 1920 at the Central Union Trust
Co., of New York, where delivery will be made on May 18.
Bidders must
NOTE OFFERING.—Proposals for an
Haakon
(
5s, bids being received this time until 3.15 p. m. May 18 by E. S. Mor¬
City Controller.
The several Issues are described as follows:
$1,410,000 Second Ave. irapt. bonds.
> ;
1,140,000 Boulevard of Allies impt. bonds.
Series "A."
861,000 Street impt. bonds.
Series "B."
777,000 Broad St. impt. bonds.
351,000 Ferry St. impt. bonds.
315,000 East Carson St. impt. bonds.
300,000 East St. impt. bonds.
270,000 Beechwood Boulevard Bridge bonds.
231,000 Highland Park impt. bonds.
210,000 Saw Mill Run Sewer bonds.
Series "A."
210,000 Negley Run Sewer bonds.
Series "A."
~
135,000 Solio Run Sewer bonds.
'
■
99,000 Mayview City Home and Hospital impt. bonds.
90,000 Nine Mile Run Sewer bonds.
Series "A."
90,000 Island Ave. Bridge bonds.
90,000 Baker St. hnpt. bonds.
30,000 Mt. Washington Roadway impt. bonds.
Series "A."
540,000 Funding bonds of 1920.
132,000 Warrington Ave. impt. bonds.
Demons. $1,000, $500 and $100.
Date Feb. 1 1920.
Int. F. & A.
Each issue will mature in 30 equal annual installments beginning Feb. 1
1921.
Cert, check on a national bank or trust company for 2% of amount
bid for, payable to the "City of Pittsburgh," required.
Bids must be
made upon blanks which may be obtained from the City Controller.
The
official circular states that there is no litigation pending or threatened con¬
cerning the validity of these bonds, the boundaries of the city or the titles
of the officers to their respective offices.
Favorable opinion of Hawkins
Del afield & Longfellow of N. Y. will be furnished.
Purchaser to pay
agreed upon.
PENN YAN, Yates
.
PIPE CREEK SCHOOL
TOWNSHIP (P. O. Elwood), Madison
County, Ind.—BOND OFFERING.—Proposals will be received until
2 p. m. May 20 by William H. Boone, Township Trustee, for $110,000 6%
coupon tax-free school building bonds.
Denom. $500.
Date day of sale.
Prin. and semi-aim. int. payable at the Elwood Trust Co.
Due yearly
on July 15 as follows: $8,000, 1921 to 1925, incl., and $7,000, 1926 to 1935,
incl.
Cert, check for 5% of amount of bonds bid for, payable to "Pipe
Creek School Township," required.
Purchaser to pay accrued int.
Other
Nov.
Dock Purposes—
$50,000
5,000
25,000
April 26
April 26
April 26
3H%
$50,000-..—
$150,000 highway bonds—V. 110, p.
as
Wnfpr
$500,000
100,000
1,000,000
VOTED.—On
O. Malta), Mont.—BONDS
,
row,
April 12
April 12
1920
June 21
5.95%
j
,
on
5.95%
40,000
COUNTY (P.
PHILLIPS
April 23 the $150,000 court house and
illl—were voted.
PITTSBURGH, Pa .—BOND OFFERING.—The 19 issues of 1-30-year
(with privilege of registration) bonds, aggregating $7,281,000,
April 8, are being re-offered
1
April
6
Abril 20
April 27
Various Municipal Purposes—
$215,000
result many South Dakota towns
serial coupon
April
1920
June 21
5.95%
—5.95%
a
County,
1920, Aggregating $2,710,000.
5.95%
Mar. 15 1921
—5.95%
April 1 1921
—5.95%
April 20 1921
5.95%
April 27 1921
Corporate Stock Notes, Aggregating $6,000,000.
300,000
510,000
500,000
of interest in State of South Da¬
and the law provides that bonds cannot be sold at a discount.
just now have voted bond issues
which they are unable to seU.
The Governor is about to call a special
session of the Legislature, probably late in May, and one of the important
matters to be taken up is legislation allowing a higher rate of interest on
municipal bonds."
kota is 5%
As
which were offered unsuccessfully as 41^s, on
April
April
April
April
April
April
April
April
April
April
April 12
April 12
April 13
April 13
April 15
April 15
April 15
April 16
April 16
April 19
April 21
April 21
April 21
April 21
April 21
April 21
April 27
April 28
April 28
April 28
April 29
April 29
April 29
April 29
April 29
April 29
April 29
April 29
April 29
April 30
April 30
April 30
April 30
Special Revenue Bonds of
$1,400,000
vises us that "the limitation on the rate
I.—TEMPORARY LOAN.—On
May 4 the Old Colony Trust Co. of Boston was awarded on a 5.90% dis¬
plus a premium of $7 50, the temporary loan of $75,000, dated
May 6 and maturing Sept. 3 1920—V. 110, p. 1900.
count basis,
were
[Vol. 110.
THE CHRONICLE
1998
notes will be received
MAT 8 1920.]
THE CHRONICLE
designate denominations desired, state rate of interest, and to whom (not
bearer) notes will be made payable.
^ NOTE SALE.—On May 6 $350,000
notes, maturing eight months from
May 10 1920 at the Central Union Trust Co., of New York, were awarded
Said bonds will be delivered to the successful
bidder, within the shortest
possible time after the opening of proposals, at the office of the Commissioner
follows:
as
of
Finance, ex-officio City Treasurer,
All proceedings for the issuance of
the bonds have been approved by George 8.
Clay of New York, Edward
R. Young and C. E. Spencer of Los
Angeles, attorneys-at-law, and the
opinion of these two firms approving the legality of said bonds wiU be
furnished the successful bidder.
$200,000 school
notes to White, Weld & Co., of New York, at
5.90% Interest
plus $5 premium.
50,000 school notes to the National Bank of Commerce, of Rochester,
at 6% interest, plus $5 premium.
100,000 municipal bldg. notes to the Geneseo Valley Trust Co., of Roch¬
ester, at 5.90% interest, plus $10 premium.
-
ROCKAWAY TOWNSHIP SCHOOL DISTRICT (P. O. Denville)
Morris County, N. J.—NO BIDS.—No bids were received for an
issue
of $40,000 school bonds offered on
May 3.
ROCKY MOUNT, Edgecombe County, No. Caro.—BONDS VOTED.—
a majority of 143 votes the proposed issue of
$160,000 in gas impb.
was authorized
by the voters, it is stated, on May 3.—Y. 110, p. 1666.
By
bonds
RUPERT, Minidoka County, Ida.—BOND SALE.—Keeler Bros, of
Denver have purchased $60,000 6% serial
electric-light and power-plant
bonds.
Denom. $1,000.
Date Dec. 1 1919.
Int. J. & J.
Due yearly
on Dec. 1 from 1930 to
1939, incl.
BOND ELECTION.—An issue of
$75,000 water-extension and city-hall
soon to be voted upon.
bonds is
RUSK COUNTY
(P. O. Henderson), Tex.—-BOND SALE.—The
$800,000 5M% tax-free road bonds offered on March 4 1920—V.
110, p.
788—have been purchased by the Kauffman-Smith-Emert & Co. of St.
Louis.
Denom, $1,000.
Date Aug. lo 1919.
Prin. and semi-ann. int.
(F. & A.) payable at the Hanover National Bank, N. Y., or at the office
of the State
Treasurer, or at the office of the County Treasurer, at option
of holder.
Due yearly on Aug. 15 as follows: $26,000, 1920 to
1929, incl.,
and $27,000, 1930 to 1949, incl.
Financial Statement.
Estimated actual value of taxable property
Assessed value of taxable property, 1919
Total bonded indebtedness, this issue only
Population, 1910 census
Present estimated population
This county has no other bonds
ouostandng
$35,000,000
9,082,379
800,000
29,946
35,000
or
authorized.
RUTHERFORD COUNTY (P. O. Murfreesboro), Tenn.—BOND
OFFERING.—Until 2 p. m. June 1 J. P. Leathers, Clerk of the County
the option
of the holder.
Cert,
check for $2,500,
Clerk, required.
payable to the above
SAGINAW, Saginaw County, Mich.—BOND SALE.—The $500,000
5%
coupon
were
water-works
disposed of at
par.
incl.
bonds, offered on April 28—V. 110, p. 1776—
Due $20,000 yearly on May 1 from 1921 to 1945
;
ST. CLAIR SCHOOL DISTRICT
(P. O. St. Clair), St. Clair County,
Mich.—BONDS NOT SOLD.—The $325,000 5% school-building bonds
on April 26—V. 110.
p. 1776—were not sold.
offered
SALT LAKE
CITY, Salt Lake County, Utah.—BONDS DEFEATED.
—On April 27 the issue of
$3,300,000 water-works bonds (V 110, p. 1341)
was
defeated.
SANDERS COUNTY SCHOOL DISTRICT NO. 1 (P. O. Plains),
Mont.—BOND OFFERING.—Proposals will be received until 8
p. m. June
by E. L. Johnson, Clerk (P. O. First National Bank, Plains, Mont.) for
$15,000 6% 10-20-year (opt.) tax-free
coupon
school-building bonds.
Denom. $1,000.
Int. J. & J.
Cert, check for $1,500, payable to the above
Clerk, required.
.
SANTA
1999
responsible bank in the State of California for 2%, payable to the above
Commissioner of Finance, required.
MONICA, Los Angeles County, Calif.-—BOND OFFERING.—
Proposals will be received until 10 a. m. May 10 by Frank J. Townsend,
Commissioner of Finance, for $75,000 5% tax-free water-works bonds.
Denom. $1,000.
Date May 1 1920.
Prln. and semi-ann. int. (M. & N.)
payable at the office of the County Treasurer.
Due yearly on May 1 as
follows: $2,000, 1921 to 1957, incl.; and $1,000, 1958.
Cert, check on some
NEW LOANS
NEW
Financial Standing of the
Bonded Inbedtedness—
City of Santa Monica.
Outstanding bonds
SCOTT COUNTY
(P. O. Scottsburg), Ind.—BOND SALE.—On
April 29 the $1,632 50 (not $16,325 as reported in V. 110, p. 1666) 6%
drainage bonds, offered on that date, were awarded to Wayman & Robertson
of Brownstown, at par.
Denom. $163 25.
Int. J. & D.
Due $163 25
yearly on Dec. 1 from 1920 to 1929, incl.
SCOTT COUNTY (P. O. Davenport), Iowa .—NO BIDS RECEIVED.—
Hugo H. Stahl, County Treasurer, advises us that no bids were received
for the $435,000 5% road bonds offered on May 3—V. 110,
p. 1901.
The above bonds will
no
doubt be reoffered for sale.
SEBRING SCHOOL DISTRICT (P. O. Sebring), Mahoning County,
Ohio.—BOND SALE.—The $5,000 5A% school bonds offered on May 1—
V. 110, p. 1666—were awarded at par and int. to the Citizens Banking Co.
of Sebring.
Date May 1 1920.
Due yearly on Nov. 1 as follows: $500,
1923 to 1926, incl., and $1,000, 1927 to i929, incl.
W. L. Slayton & Co.
of Toledo was the only other bidder.
SEDALIA SCHOOL DISTRICT (P. O. Sedalia), Pettis County, Mo.
18 $75,000 school bonds are to be sub¬
—BOND ELECTION.—On May
mitted to a vote.
SEDGWICK,
Sedgwick
County,
Colo.—BOND
SENECA FALLS, Seneca County, N. Y.—BOND SALE.—The $32,000
SHARPSVILLE SCHOOL DISTRICT (P. O. Sharpsville). Mercer
County, Pa.—NO BIDS RECEIVED.—No bids wore received for the
$135,000 tax-free high school bldg. bonds offered on May 3—V. 110, p. 1776.
SIDNEY, Cheyenne County, Neb.—BONDS VOTED.—To aid fair¬
improvements $30,000 of bonds have been voted.
grounds
SPENCER COUNTY (P. O. Rockport), Ind.—BOND OFFERING.—
James A, Haines, Sr., County Treasurer, will receive proposals until 10
a.
m.
May 15 for $17,000 5% school bonds.
SPRINGCREEK TOWNSHIP RURAL SCHOOL DISTRICT (P.
South
O.
STEARNS COUNTY SCHOOL DISTRICT NO.
152, Minn.—BOND
SALE.—The Merchants Trust & Savings Bank of St. Paul and Minneapolis
awarded on April 27 $40,000 5}A% school bonds at par and interest.
was
Denom. $1,000.
Date Feb. 1 1920.
Int. F. & A.
Due Feb. 1 1935.
STEELE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 63
(P. O. Blooming Prairie), Minn.—BOND OFFERING.—Benedick Melby,
District Clerk, will receive bids for $50,000 5H % school bonds until 8 p.m.
May 17.
Denom. $1,000.
Int. semi-ann., payable at the First National
Bank, Minneapolis.
Due May 1 1935.
Cert, check for 10% required.
Bonded debt (including this issue) May 1 1920, $125,000.
Assessed value,
$500,000.
NEW LOANS
LOANS
$10,000
Town of Dodson, Montana
ELECTRIC LIGHT BONDS.
On
104
Date May
Piqua), Miami County, Ohio.—BONDS DEFEATED.—At an election
held April 6, the citizens, by a vote of 160 "against" to 64 "for," voted
down a proposition to issue $65,000 school bldg. bonds.
MAY 19, 1920, at 4 p. m., in the Board
of the Board of School Directors of the
of Williamsport, Pa., the Finance Com¬
mittee of the said Board of School Directors will
Room
City
receive and open sealed proposals for the purchase
of $200,000 of the 4% per cent bonds of the
School District of Williamsport, Pa.
Of the above:
$25,000
$31,000
$38,000
$48,000
$58,000
will be due and payable on June 1,1925.
will be due and payable on June 1,1930.
will be due and payable on June 1,1935.
will be due and payable on June 1,1940/
will be due and payable on June 1,1945.
All of said bonds are of the denomination of
Henry
Denom. $1,000.
15 1920.
Int. M. & N.
Due $1,000 yearly on May 15 from 1921 to 1937,
incl.
Purchaser to pay accrued int.
4%% BONDS
Biddle &
State
paving bonds, offered on April 26—V. ilO, p. 1666—have been sold to
O'Brien, Potter & Co. of Buffalo, at par and interest for 5s.
Date May 1
1920.
Due $8,000 yearly on Nov. 1 from 1927 to 1930, incl.
School District of Gity of Williamsport, Pa
Bought & Sold
SALE.—1The
Land Board has bought $33,000 5% water bonds at par.
OF THE
City of Philadelphia
__$16.599,610 00
municipality-$29,460,550 00
Value of property owned by municipality
2,407,468 46
The city of Santa Monica has never defaulted on
any bond payment.
Population—In 1910 the Federal Census gave to the city a population of
7,487.
On January 1 1920 the population was estimated to be 15,000.
$200,000
LOANS
$974,250 00
Assessed valuation for 1919
^
True value estimated of all taxable property in
Notice is hereby given that the Council of the
Town of Dodson, Montana, will sell at public
auction
electric
light
bonds
of
the
Town,
for
$10,000.00, 6%, 20-year, optional after ton years,
interest payable semi-annually in New York City,
on the SEVENTH DAY OF
JUNE, A.D.. 1920.
AT EIGHT O'CLOCK, P.M., at the Council
Chamber in
said
Town.
Certified
check
for
$2,000.00
on
National
O.
E.
Bank as guarantee.
MOEN, Town Clerk.
$20,000
$1,000.
All of said bonds will bear date June 1, 1920,
and will be payable as to maturity as above
stated, and bear interest to maturity at the rate
Fifth Street
of
sylvania
Philadelphia
Town of Dodson, Montana
cent per annum, free from all Penn¬
State taxes (other than succession or
Per
inheritance
tax),
payable
the
on
first
SEWER
BONDS.
day of
June and December in each year.
1
The assessed valuation of the property of the
said School District, as shown by the Loan State¬
ment filed,
is $21,101,190.
The total bonded
indebtedness of the School District, including the
above issue of bonds, is $749,000.
Nem YorJt Telephone, John 6089.
Notice is hereby given that the Council of the
Town of Dodson, Montana, will sell at public
auction sewer bonds of the Town for $20,000.00,
6%, 20-year, optional after ten years, interest
payable semi-annually in New York City, on the
EIGHTH
DAY
OF
JUNE, A.D., 1920,
AT
All of the said bonds are issued for the
purpose
of the
two
Wholesaling entire Issues of City, County,
School District and Road District Bonds
afaTsxas.
on
Request.
/
Barold G.WISE&CoMEA2nr
•
V-
if&v
construction
and
equipment of
school buildings in the said School Dis¬
trict; one on the Wayne Avenue site, Newberry,
MUNICIPAL BONDS
CircuLart
erection,
new
Pa.; the other to replace the Ourtin School Build¬
ing on Market Street, Williamsport, Pa., and
this issue of bonds has been duly authorized by
the voters of the School District of the City of
Williamsport, Pa.
The opinions of Messrs. Reading & Allen, of
Williamsport, Pa., and of Townsend, Elliott &
Munson, of Philadelphia, Pa., as to the legality
of this issue of bonds will be on file with the Board
of School
Directors of the School District of
♦
Houstoot,Texas
Williamsport.
Sr"-
The sealed envelope containing the proposal or
proposals for the purchase of said bonds should
be addressed
$400,000.00
City of Bayonne, N. J., Water 5 Ht,
Dated April 1,1929.
Due April 1,1926
Price 102.08 ft Int., returning 8.10%
M. M. FREEMAN & CO.
A21 Chestnut Street
Philadelphia
Telephone. Lombard 710
to Ottls M. Keefer, Chairman of
Finance Committee, Board of School Directors,
229 West Third Street, Williamsport, Pa.
It is expected that the bonds will be prepared
and executed and ready for delivery on or about
June
1,
1920.
The Board
reserves
the right to reject all pro¬
EIGHT
O'CLOCK, P.M., at the Council Cham¬
ber in said Town.
on
National
Certified check for $2,000.00
Bank
as
O.
guarantee.
MOEN, Town Clerk.
E.
If There Is A Market We Can Find It
^
\
We
hold
sales
and bonds every
charging
of stokgo
Wednesdy,a
$1.50 entrance eef
Our weekly
for each item.
catalogues and postal card servloa
reach every market.
We take
pleasure in furnishing quotations.
posals.
**
A certified check for two per cent of the amount
of the bid will be required from all bidders.
By order of the Board of School Directors of
the School District of Williamsport, Pa.
OTTIS
M.
KEEFER,
Chairman of Finance Committee.
Barnes
& Lofland
Sto«k Brokers ft Auctioneers
147 S. 4th
St.,
Philadelphia
WEYMOUTH,
Norfolk County,
MasTEMPORARY LOAN.—
On April 30 a temporary loan of $100,000, dated May 3 and maturing
$50,000 Nov. 12 and Dec. 22 1920 was awarded to F. 8. Moseley & Co. of
Boston, on a 5.85% discount basis.
(P. O. Galena}, Mo
OFFERING.—It Is
bonds will be sold on May 22.
COUNTY
STONE
stated that $95,000 road
STRAIGHT BAYOU DRAINAGE DISTRICT (P. O. Silver City),
Humphrey County, Mias.—BOND SALE.—The Delta Bank and Trust
awarded on April 24 $300,000 5% % drainage bonds
at par.
Denom. $1,000.
Int. semi-ann.
WHITLEY COUNTY (P. O. Columbia City), Ind.—BOND OFFERING.—Forrest 8. Deeter, County Treasurer, will receive bids until 1 p. m.
May 15 for the following 5% road bonds:
,
$9,412.60 Weeks-Fry, Whitley & Noble Co. Line road bonds.
Denom.
$470.63.
Due $470,63 each six months from May 15 1921 to
Nov. 15 1930, incl.
2,350.00 Chas. W. Johnson road bonds.
Denom. $117,50.
Due $117.50
each six months from May 15 1921 to Nov 15 1930, incl.
18,625.00 F. Marion Grable road bonds.
Denom. $931.25.
Due $931.25
each six months from May 15 1921 to Nov. 15 1930, incl.
20,329.00 Cox-Keiser road, bonds.
Denom. $1,016.45.
Date May 15
1920.
Due $1,016.45 each six months from May 15 1921 to
Nov. 15 1930, incl.
.
60,600.00 Dorsey-Jagger road bonds.
Denom. $1,515.
Date March 15
1920.
Due $3,030 each six months from May 15 1920 to Nov.
Nov. 15 1930, incl.
Co. of Yazoo City was
O. Akron), Ohio.—BONDS VOTED.—Unof¬
the April 27 election the people authorized three
SUMMIT COUNTY (P.
ficial reports state that at
issues of bonds, as follows:
_
hospital bonds, by a vote of 11,047 to 1,455.
court house bonds by 7,651 "for" to 3,574 "against.
Monroe Falls bridge bonds by 7,400 to 3,460.
Barberton bridge bonds by 7,032 to 3,476.
$1,000,000
600,000
43,000
24,000
TIPTON COUNTY (P. O. Covington;,
Tenn.—BIDS REJECTED.—
the $155,000 5A% road bonds on April 26-—V. 110, p.
rejected because none were at par as the law requires.
On May 10 the issue is to be re^offered.
C. P. Simonton, County Clerk.
At the offering of
1666—all bids
_
were
TUCSON,
County, Ariz .—BOND ELECTION.—On
gold coupon bonds will be voted upon:
Puna
May 15
Interest M. & N.
the following 6% 30-year
WHITMAN COUNTY SCHOOL DISTRICT NO. 22, Wash.—BOND
SALE.—The State of Washington offering par for bMs was awarded the
$18,460 school bonds offered on April 24—V. 110, p. 1559—There were
$140,000 water works impt. bonds.
40,000 Sixth Ave. subway bonds.
40,000 Stone Ave. subway bonds.
75,000 Street impt. bonds.
35,000 ornamental street lighting bonds.
Denom. $500.
Due July 2 1920.
Prin. and semi-ann. int. (J. & J.) pay¬
able at Tucson, Ariz., or in New York City, N. Y., or such other place as
may be designated by the Mayor and Common Council at the option of
holders.
Due July 2 1950.
O. Glasgow), Mont.—BONDS
VALLEY COUNTY (P.
April 23 the $200,000 road
bonds—V7 110,
of the Board of School Directors, for $200,000
struction
VOTED.—On
awarded to the Old Colony
of about 4.98%.
Due $1,000 yearly on April
1921 to 1950, incl.
,
Denom. $1,000.
Prin. and semi-ann.
National Bank of Boston.
1921 to 1940, incl.
Preble County, Ohio.—BONDS VOTED.—
that the people voted favorably upon the
question of issuing $29,500 city building and fire equipment bonds at the
election held April 27.—V. 110, p. 1453.
ALEXANDRIA,
The Corporation Clerk advises us
DISTRICT (P. O. West Point), Cuming
5A%
Neb.—BOND SALE.—The $250,000
5-20 year (opt.)
April 27—V. 110, p. 1777—were
April 27 to O. W. McNear & Co. of Chicago at par less expenses.
Date April 1 1920.
Int. J. & J.
school bonds offered without success on
on
Denom. $1,000.
City of Goldsboro,
)'
■.
.
.
.
city's
offered on
5A % sewer bonds,
YAKIMA COUNTY (P. O. Yakima),
Wash,—BOND SALE.—An Issue
1-10-year serial road bonds has been sold, it is
its
Provinces
stated.
Municipalities.
and
is reported that
$2,000,000 6%
basis of about 5.36%.
ALBERTA (Province of).—DEBENTURE SALE.—It
Dominion Securities Corp. of Toronto has purchased
eh
3-year debentures at 101.744, Canadian funds,
Principal payable in Canada and New York.
a
CENTRAL BUTTE, Sask.—DEBENTURE SALE-W. L. McKinnon
& Co., of Regina, have purchased $3,000 debentures of this village, it is
reported.
DUNDALK, Ont.—DEBENTURES VOTED.—At an election held April
12, the voters, by 140 to 5, authorized the issuance of $10,000 debentures
for tne reconstruction of the Dundalk Woolen Mills.
ESTERHAZY, Sask.—DEBENTURES AUTHORIZED—Authority to
$1,000 debentures has been obtained from the Local Government
Board, according to reports.
Issue
FINANCIAL
Town of Harlem, Montana
C.
N.
BONDS
IMPROVEMENT
.
.
Sealed proposals will be
of Aldermen of the City
$23,000 5A%
110, p. 682—
1920.
$45,000.00
5325,000
STREET
$20,000 special assessment
110, p. 1668.
LOANS
NEW
LOANS
NEW
portion and
May 3.—V.
CANADA,
Welsh), Jefferson
will be received by
John T. Hood, District Secretary, for $130,000 6% bonds until 2 p. m.
May 31, it Ls stated.
Date June 1 1920.
Denom. $500.
Due yearly
WELSH DRAINAGE DISTRICT NO. 1 (P. O.
Davis Parish, La.—BOND OFFERING.—Proposals
County,
XENIA, Greene County, Ohio.—BOND SALE.—'The
1-10-year serial water-works bonds offered on March 1—V.
(P. O. Buckingham),
school
of $10,000 6% 15-30-yr. (opt.)
bonds has been sold to Bosworth, Chanute & Co. of Denver.
WEST POINT SCHOOL
\
have been purchased by the Xenia Water Co. at par.
Date March 1
NO BIDS RECEIVED.—No bids were received for the $3,000
of $409,400 6%
issue
SALE.—An
department.
COUNTY
WORTHINGTON,
Nobles
County,
Minn.—BOND
SALE.—The
$100,000 paving and $25,000 water-works bonds mentioned in V. 110, p.
1778—have been disposed of.
int. payable at the Iourth Atlantic
WELD COUNTY SCHOOL DISTRICT NO. 106
Colo.—BOND
Townsend, Elliott &
the office of the
to legality will be on file at
.
,
.
as
(P.
O. Wise), Va.—BOND OFFERING.—R. R.
Roberts, County Clerk, will receive sealed bids until 12 m. May 11, it is
stated, for $300,000 514% 1-30-year serial road bonds.
Int. semi-ann.
Cert, check for 1% required.
WISE
the
bonds, a basis of about 4.91%
Due $11,000 yearly on May 1
Int. A. & O.
April 1 1920.
$31,000 in 1930,
of this bond offering will be found among the advertise¬
ments elsewhere in this
$55,000 1-5-year serial macadam pavement bonds, a basis of about 4.92%.
Date May 1 1920.
Int. M. & N.
Due $11,000 yearly on May 1
from 1921 to 1925, incl.
30,000 1-30-year serial sewer and drain, bonds, a basis
1920.
Date June 1
Cert, check for 2% of
Delivery of bonds to be made on or about June 1*
Board of School Directors.
WATERTOWN, Middlesex County, Mass.—BOND SALE.—On April
44,000 1-4-year serial street construction
Date May 1 1920.
Int. M. & N.
from 1921 to 1924, incl.
4%% tax-free school con¬
$1,000.
Opinions of Reading & Allen of Williamsport and of
The official notice
30 the following 5% coupon tax-free bonds were
Trust Co. of Boston at 100.219:
Denom.
bonds.
June 1 as follows: $25,000 in 1925,
Munson of Philadelphia
(P. O. Warren), Trumbull
County, Ohio.—NO BIDS RECEIVED.—No bids were received for
$122,000 5K% school bonds offered on April 28.—V. 110, p. 1776.
sold
on
amount of bid required.
building bonds.
WEST
equipment
Due
$38,000 in 1935, $48,000 in 1940, $58,000 in 1945:
WALNUT SCHOOL DISTRICT, Los Angeles County, Calif.—
BOND OFFERING.—On May 10 bids will be received for $8,000 5A%
from
and
Int. J. & J.
BUREN COUNTY (P. O. Paw Paw), Mich.—BOND SALE.—
reported that an issue of $262,000 6% road bonds was recently pur¬
E. Ellis of Grand Rapids.
Date
May 19 by Ottis M. Keefer, Chairman of Finance
until 4 p. m.
VAN
SCHOOL DISTRICT
received
Committee
Lycoming County, Pa.—BOND OFFERING.—Proposals will be
chased by Geo.
WARREN CITY
Williamsport),
O.
(P.
DISTRICT
SCHOOL
WILLIAMSPORT
789—were voted.
p.
other bids received.
no
_
It is
[VOL. 110.
THE CHRONICLE
2009
'
.
•
,
of Goldsboro, North
Carolina, in the City Hall in said City, until
TUESDAY, JUNE 1, 1920, at twelve o'clock M.,
when they will bo publicly opened, for the pur¬
chase of $325,000 Street Improvement Bonus of
said City, of the denomination of $1,000 each,
and dated April 1, 1920.
Said bonds will mature
serially, seventeen bonds on April 1st in each of
the years 1923 to 1927, inclusive, and forty bonds
on April 1st in each of the years 1928 to 1933,
inclusive.
Principal and interest will be payable
at the Hanover National Bank
New York City.
The bonds will be coupon bonds, with the
Water
Bonds.
AMERICAN
r
received by thje Board
MFG.
CO.
Notice Is hereby given that the Council of the
Town of Harlem, Montana, will sell at
public
auction water bonds of the Town, for $45,000,000
20 year, optional after ten years, interes,
payable semi-annually in New York City, on the
FIRST DAY OF JUNE, A. D., 1920, at eight
o'clock P. M., at the Council Chamber in said
Town.
Certified check for $2,000.00 on National
6%,
CORDAGE
Bank guarantee.
MANILA, SISAL, JUTE
A.
BOE, Town Clerk.
fleble & Weet Streets,
privi¬
Brooklyn, N. Y. City
lege of conversion into fully registered bonds.
The bonds will bear interest at the rate of either
five and one-half
or
five and three-quarters per
payable semi-annually on
April 1st and October 1st in each year, and all
centum
per
annum,
will bear interest at the same rato.
Bidders are
requested to name the rate in their bids.
for 5%% bonds will not
bid or bids be received
Bids
be considered if
for all
a proper
of the bonds as
bonds.
Proposals must be enclosed in a sealed envelope
on the outside, "Proposal for Bonds," and
addressed
to
C, M. Grantham, City Clerk,
Goldsboro, North Carolina.
Bidders must de¬
posit with said City Clerk before making their
bids, or present with their bids, a certified check
Public
Utilities
in
growing communi¬
ties operated and
'
financed.
FEDDE
514%
marked
§ Their securities
&
PASLEY
offered to investors.
Certified flafslit Starontsnis
drawn to the order of the City of Goldsboro, upon
Middle West
incorporated bank or trust company, or a sum
of money, for or in an amount equal to two per
centum of the face amount of the bonds bid for,
Utilities
an
Suite No.
the municipality against any loss re¬
sulting from the failure of the bidder to comply
with the terms of his bid.
Purchasers must pay
to
secure
72
with
St.
GEORGE
GEO.
obligations of the City of Goldsboro.
The bonds will be
prepared under the supervision
Company,
New York City, which will certify as to the gen¬
uineness of the signatures of the city officials
and the seal impressed on the bonds.
By order of the Board of Aldermen.
Dated, April 30th, 1920.
of the United States Mortgage & Trust
M.
Adams
the
opinion of Messrs. Reed, Dougherty & Hoyt, of
New York City, that tne bonds are valid and
C.
New York
Liberty St.,
The bonds cannot be sold at
less than par and accrued interest.
Successful bidders will be furnished
binding
55
CHICAGO, ILLINOIS
accrued interest from the date of the bonds to the
date of delivery.
West
Co.
1500
GRANTHAM, City Clerk.
B.
EDWARDS
INVESTMENTS
82
Broadway.
2
Negotiations,
Investigations
Purchases of Property.
Settlements and
United States.
RECTOR ST.. NEW YORK
NEW YORK. N. Y,
3OR SALE—Timber, GeaL Iron. Ranch a»«f
other properties.
3enfMentlal
W. MYER, JR.
Certified Public Accountant
West Indies-
Canada.
\
..
.
Audits. Investigations,
Estate Aooountlng,
Inoome Tax
Telephone
Return*.
Rector 544]
May 8
EDENLAND,
an
THE CHRONICLE
1920.]
Sask.—DEBENTURE
SALE.—This
Tillage
has
sold
issue of $500 of its debentures to Harris, Read & Co., of Regina.
Alta.—DEBENTURES DEFEATED.—At the April
EDMONTON,
12
election—V. 110, p. 1560—the by-laws to issue the following debentures,
failed to carry, not polling the necessary three-quarters majority:
$20,000 6% 20-year concrete sidewalk (city's share) debentures.
10,000 6% 8-year plank sidewalk (city's share) debentures.
20,000 6 % 20-year paving (city's share) debentures.
700,000 6% 20-year power house extension debentures.
500,000 6% 20-year telephone extension debentures.
135,000 6 % 20-year exhibition grand stand debentures.
Ont.—NO
HAWKESBURY,
BIDS—OFFERS
FOR
SALTFLEET TOWNSHIP (P. O. Stony Creek), Wentworth County,
Ont.—DEBENTURE OFFERING.—Erland Lee, Township Clerk,
will
receive bids until 6 p m. May 11 for
site and erection debentures.
SASKATCHEWAN
DE¬
OPTIONS
CLINED.—There were no bidders for the $95,000 6% 20-year installment
offered April 27.
Two bond houses made offers for
one month's option on the issue at prices of 94 and 95, but the Town Council
declined to accept them.
1TUNA, Sask.—DEBENTURES AUTHORIZED.—'The Local Govern¬
Board has given the village permission to issue $2,150 debentures,
ment
it is stated.
LINCOLN
COUNTY,
Ont.—DEBENTURES AUTHORIZED.—On
April 16, it is stated, a by-law to issue $95,000 road debentures was passed.
MANITOBA (Province of) .—DEBENTURE SALE.—An issue of $3,000,000 6 % 5-year debentures has been purchased, according to reports,
by J. P. Morgan & Co. of New York.
Payable in U. S. funds at New York.
of).—DEBENTURE SALE.—On April 12
(Province
an
issue of $97,000 6% 20-year sewer and water main debentures was awarded
to the Bond & Debenture Corp. of Canada, at 89.06, a basis of about 7.03%.
Denom. $1,000.
Due March
23.
Date March 23 1920.
23 1940.
DISTRICTS,
Sask .—DEBENTURES
Norton, $2,000; xHawarden, $28,000; Lothian, $500; Thorncliffe. $500;
xArroyo, $1,000; xGirvin, $15,500; Crescent View, $700; xDysart, $2,000;
Durham, $1,200; xMoore, $3,000; xEyebrow, $20,000; Lockwood, $16,500;
Renown, $15,500; xBrooklyn, $13,500; xMiddleton, $4,000; xBriar Dale,
$2,600; xLost Lake, $1,200; Broadway, $5,000; xSalisbury, $600; Queensville, $800; xGertrude, $3,200; Springfield, $3,000; Stryj, $1,500; xWhiteshore, $1,200; xCapitol, $800; Langham, $30,000,
debentures,
MANITOBA
SCHOOL
$40,000 6% 20-year installment school
AUTHORIZED.—The following is a list of authorizations granted by the
Local Government Board from March 20 1920, to April 17 1920:
Preparations are being made to re-submit these by-laws to the Burgesses.
road
2001
Int. payable annually on March
x
Being included in next sale held by the Local Government Board.
SALE.—The
following, according to the "Financial
DEBENTURE
Post" of Toronto, is a list of debentures, amounting to $45,600, reported
sold from March 20 1920, to April i7 1920:
■
'
Govan, $2,500, Regina Public School Sinking Fund Trustees; Drake,
$7,000, Waterman Waterbury Mfg. Co., Ltd., Regina; Eagle Valley,
$4,100, Waterman Waterbury Mfg. Co., Ltd., Regina; Eldred, $2,000,
G. D. Robertson, Mortlach; Milton South, $1,000, O. M.
Gripton, St.
Catharines, Ont.; Frobisher, $4,500, Waterman Waterbury Mfg. Co., Ltd.,
Regina; Creekside, $4,000, sold locally; Waterbury, $4,000, E. Toessin;
Milestone, $2,000, sold localy; Root, $2,000, Waterman Waterbury Mfg.
Co., Ltd., Regina; Edenlald, $4,500. sold locally; Meskansaw, $5,300,
Waterman Waterbury Mfg. Co., Ltd., Regina; Elfros, $1,800, Canada
Landed & National Investment Co., Winnipeg; Bunkerhill, $900, Regina
Public School Sinking Fund Trustees.
SHAUNAVON, Sask .—DEBENTURES AUTHORIZED.—It is reported
that the Local Government Board has granted this town permission to issue
MONTREAL,
Que.—DEBENTURES AUTHORIZED.—On April 26
the City Council passed, without any opposition, two by-laws providing
for the issuance of $3,000,000 local improvement and $500,000 aqueduct
impt. debentures.
$15,500 debentures.
MOOSE JAW, Sask.—DEBENTURE SALE.—Wood, Gundy & Co., of
Saskatoon, have purchased, according to reports, $4,000 debentures.
tures.
(Province
BRUNSWICK
NEW
of).—DEBENTURE
SALE.—On
May 1 a syndicate composed of A. E. Ames & Co. and Wood, Gundy & Co.
of Toronto and J. M. Robinson & Sons, and the Eastern Securities Co. of
awarded at 96.1579, $1,800,000 road and bridge and $1,000,John & Quebec Railway Construction 6% 10-year coupon (with
St. John, was
000 St.
privilege of registration) bonds.
The successful bid calls for the payment
of principal and interest in gold at Fredericks ton, Montreal or Toronto.
Denom. $1,000.
Date May 1 1920.
Int. M. & N.
Due May 1 1930.
The successful bidders also submitted a bid of 97.1747, payment of prin¬
cipal and interest to be made in Canada and New York.
TORONTO, Ont.—DEBENTURES AUTHORIZED.—The City Council
April 12 voted in favor of the issuance of $345,000 school enlargement,
$442,000 waterworks impt., and $116,000 relief sewer construction deben¬
on
TRURO, N. S.—DEBENTURE SALE.—W. F. Mahon & Co. of Halifax
debentures, it is reported.
have purchased $15,000 5% 30-year
UNITY, Sask.—DEBENTURES AUTHORIZED.—'The town has
tained authority to issue, according to reports, $24,000 debentures.
WALLACE
ob¬
R. M.
NO 243, Sask .—DEBENTURE SALE.—An issue of
$3,000 debentures has been sold to the Regina Public School Sinking Fund
Trustees.
*
WESTBOURNE
R.
M.
(P. O. Gladstone, Box 15), Man.—DEBEN¬
TURE OFFERING.—Proposals are being received until 12 m.
May 31 by
St. Clair McGregor, Secretary-Treasurer, for $40,000
P.
FALLS,
Ont.—DEBENTURES VOTED.—A by-law to
bonds carried by a vote of 396 to 73 at an election held
April 26, according to reports.
PK NIAGARA
issue $250,000 sewer
ROCANVILLE,
Sask.—DEBENTURES AUTHORIZED.—IX, is re¬
ported that the Local Government Board has given this village authority
to issue $2,000 debentures.
SAINT
AUGUSTINE
PARISH, Que.—DEBENTURE SALE.—Rene
purchased an issue of $200,000 5H% coupon
T. Leclere of Montreal has
debentures.
semi-ann int.
treal
or
Denom. $100 and $500.
Date March 1 1920.
Prin. and
(M. & S.) payable at the Merchants Bank of Canada, Mon¬
Due March 1 1925.
Quebec.
NEW
and
for
WHEATLANDS
The
Local
R.
Government
M., Sask .—DEBENTURES AUTHORIZED.—
Board has authorized the issuance of $5,000 de¬
bentures.
WOODLANDS
R
M., Man.-DEBENTURE ELECTION.—'The
WOODSTOCK, Ont.—DEBENTURE SALE.—An issue of $65,000
15-year debentures has been sold locally, according to reports.
ENGINEERS
to
Issue
rate¬
payers are voting to-day (May 8) on a by-law to issue $7,000 6% 20-year
school house construction debentures.
6%
LOANS
Intention
of
Notice
Sell $50,000
6% 30-year in¬
Date July 1 1920.
Bonds to be delivered and
paid for in Canadian funds, at the Merchants' Bank of Gladstone.
stallment road debentures.
MANAGEMENT
and
Water 6% Bonds, of, by,
the
City of Wolf Point, of
Roosevelt County, Montana, at Pub¬
lic Auction,
the
to
the Bidder Offering
Highest Price Therefor.
STATE
CITY
MONTANA
1
OF ROOSEVELT }SS;
OF
COUNTY
OF WOLF
POINT
Pursuant to the authority
STONE & WEBSTER
FINANCE
industrial and public
utility properties and conduct an
J
of Ordinance No. 86
investment
of the Council of the City of Wolf Point, of Roose-
County, Montana, passed and approved
April 12th, A. D. 1920, authorizing and directing
the advertisement and sale of certain bonds o
said City, namely:
Water Bonds of the City of Wolf Point, of
Roosevelt
County,
Montana,
to
an
amount
aggregating the principal sum of $50,000.00,
comprising 100 bonds numbered consecutively
from one to one hundred, both numbers included,
of the denomination of Five Hundred Dollars
($500.00) each, ail dated April 1st, A. D. 1920,
absolutely due and payable April 1st, A. D. 1940,
but redeemable at the option of said City at any
time after April 1st, A. D. 1930, bearing interest
from their date until paid, at the rate of six (6)
per cent per annum, payable semi-annually on
the first days of January and July, respectively,
in each year, both principal thereof and interest
thereon, payable at the National Bank of Com¬
merce in the City and State of New York, U. S. A.
velt
PUBLICJNOTICE IS HEREBY GIVEN that
aforesaid jpwill, at the office ef the
undersigned Clerk in said City, on Monday, to
wit: the 17th day of May, A. D. 1920, at the
hour of 9 o'clock p. m., be sold to the bidder
offering the highest price therefor.
the
bonds
idder will be public
gpAt the said requiredauction the with the under¬
to deposit said successful
signed
Clerk
a
certified
check
payable
to
his
DESIGN
banking business.
steam
stations,
power
transmission
lines, city and interrailways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
urban
CONSTRUCT
either from
their
designs or from designs of
other engineers or architects.
own
MANAGE
dustrial
public utility and in¬
companies.
REPORT
on
going concerns,
proposed extensions and new
projects.
|
.;
NEW YORK
BOSTON
PITTSBURGH
DETROIT
3AN FRANCISCO
SEATTLE
PARIS
J. G. WHITE ENGINEERING
you.
Changing industrial conditions
make
efficient
supervision
essential than
more
ever.
Peabody management service
has been of great benefit to
many owners of coal mines.
ENGINEERS
six bituminous mines in eleven
fields with
an
annual capacity
of 18,000,000 tons.
Viele, Blackwell & Buck
It is the result of thirty-seven
Engineers
Constructor
years
of experience in mining
"F and selling coal.
Designs and Construction
Hydroelectric and steam
Booklet
Power Plants
Buildings—Industrial Units
Transmission Systems
explaining this servics
vsill be mailed
on
request.
,
Public Utilities
Industrial Plants
Reports—Appraisals
financially interested
properties you should
investigate the service we offer
Ours is a highly specialized
organization operating thirty-
THE
CORPORATION
Wall Street
If you are
in coal
check
Bygorder of the Council of the City of Wolf
Point, of Roosevelt County, Montana, made this
12thlday of April, A. D. 1920.
mm
(Signed) O. T. STENNES, Mayor.
(Seal)
(Signed) lAMIJEL DOWELL. Clerk.
49
Management
CHICAGO
YOUNGSTOWN
order. In the sum of $5,000.00, which shall be
held by the City and forfeited to it should the
purchaser fail to take up and pay for said bonds
when
presented to him.
Said certified
mustgbe made on a National Bank.
Coal Mine
hydro-electric developments,
Reports—Valuations—Estimates
New
York
At EXCHANGE PLACE
NEW
YORE;
PEABODY
COAL
CHICAGO
CO.
THE CHRONICLE
2002
[Vol. 110.
^financial
^financial
Sanca
Italiana
Di
Sconto
with which ere Incorporated the
FINDING CAPITAL
Bancarla Italiana
Societa
and the
Societa Italiana di Credlto Provincials
PROSPEROUS industrial
corporations in need of addi¬
tional capital, or builders contemplating the construction
of office buildings, apartment houses or other modern fire¬
proof structures, should inform themselves regarding the
Straus Plan of financing.
^
Reserve
on
ROME
>
Special Letter* ef Credit Branch In Rem*
ifsrmerly Sebaetl & Real!) J 20 Plana 01 Spsgna.
Foreign Brandies: FRANCE: Parte, 2 Buele
/aletier angle Bould. des. Italiena; BRAZIL; See
Pauls and Santos; NEW YORK: Italian Discount
% Trust Co.. 809 Broadway.
Office* at Genoa, Milan. Naples, Palermo;
Porta.
Trieste,
Venice,
Florence,
Bologna,
Datania, Leghorn, and aver 100 Branches in th*
Ctagdem.
London Clearing Agents: Barclay's Bank, Ltd.:
158 Fenchurch Street, E.O.
request.
1882
150
38 Years
EVERT
KIND
INCORPORATED
BANKING
OF
BUSINESS
TRANSACTED.
BROADWAY, NEW YORK
detroit
chicago
41*000,000
_
0,195,000,000
Central Management and Head Offlee:
S.W.STRAUS & CO.
ESTABLISHED
M
Fund
Deposit end Current Account*
(Map 01,1915)
We purchase outright long term first mortgage bond
issues, in amounts of $500,000 or more.
Particulars
....Lire 015,000,000
Capital Fully Paid Up
minneapolis
Without Loss
san
francisco
Lincoln Menny Oppenheimer
Any Investor
to
BANKERS
FRANKFORT-o-M., GERMANY
Gable Address "Openhym"
'National Bank
of
Commerce
INVESTMENT SECURITIES
FOREIGN
New York
in
EXCHANGE
BERLINER HANDELS-GESELLSCHAFT
BANK
W.
Berlin
Behrenstrasse 00-00
(Founded in
Fully-paid capital &
1850)
reserves
M 144,500,000
All kinds ef banking business transacted.
' 1
Special attention given to foregn exchange and
documentary bustaess.
Trade information furn¬
ished.
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
Cable Address: Handeloee Berlin
Banco
Espanol del Rio de La Plata
HEAD OFFICE. BUENOS AIRES
London Office, 1 Fenchurch St., E. C. 0
Selected Investment Securities
All classes of Argentine. Spanish and
European banking business conducted.
Located in Pittsburgh, the greatest industrial
the world,
centre in
we are intimately in touch
developments in this district.
with
We
Capital & (teams ■ legal 148,215,765^2331.47
own
and offer
forfsale
a
which have been selected by
investment
number of bonds,
because of their
us
Adrian H. Muller & Son
possibilities.
Write for
MELLON
information and late lists
AUCTIONEERS
NATIONAL BANK
OFFICE
No. 00 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
PITTSBURGH, PA.
OP
8TOCKS and BONDS
EVERY WEDNESDAY
Illinois Trust & Savings Bank
SUCCESS
La Salle at Jackson
t Th.Slgn of Swvte.
j
Pays Interest
on
Has
Deposits, Current and Reserve
Accounts,
change.
v
a
on
hand at all time?
cellent securities.
Deals in Foreign Ex-
Transacts
$15,000,009
»
Time
14-10 Vesey Street
Chicago
Capital and Surplus
"
At the Exchange Sales Rooms
Corporation Fiaaacod
a
variety of
ex-
Buys and sells
""IF
Bond Issues
BUFFALO
Underwritten
Government, Municipal and
General Trust Business.
Corporation Bonds.
ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT
F. WM. KRAFT, Lawyer
CORRESPONDENCE INVITED
Specializing in Examination ft Preparation ol
County, Municipal and Corporation
Honda, Warrants and Securities and
CHICAGO, ILLINOIS
Mining Engineers and Geologist*
MARK HARRIS
STOCKS end BONDS
COAL AND UINERAL PROPERTIES
Proceedings Authorizing! Same*
Roome 011-520, 111 W. Monro# St.,
Harris Trust Building
H. M. CHANCE A CO.
iieHn Office
Canadian Brand*
Royal Bank Bidg.
Toronto, Out.
Mutual Life
'
Examln.d; Managed, Appralaad
BnMaUb
PHILADELPHIA
Bldg.
Buffalo, N. Y.
—
/
MAT 8
1920.]
THE CHRONICLE
tttt
©rttfit Companies!
Cotton
The
Ohas. o. Corn
Paul Scbwara
August Schierenberg
Prank A. Kimball
NEW
ENGLAND
Rhode Island
TRUST COMPANY
Hospital Trust
Company
BOSTON. MASS.
Corn,
&
Schwarz
Co.
CAPITAL; tl.tM.IN
SURPLUS. t3.Mt.IM
Sefe Deposit Vault,
Authorised to act as Executor, and to receive and bold
money or property in trust or on deposit from Courts of
Law or Equity, Executors. Administrators,
COMMISSION MERCHANTS
directors
Edward d. Pearce
Assignees,
18
William Street
New
York
Interest Allowed
MEMBERS OF
on
Lyman B. Goff
Howard O. Sturges
Stephen O. Metcalf
Deposits Subject to Check.
Exchange
Walter R. Callender
Benjamin M. Jackson
Fi*ua W. Matteson
roger pierce, Vice-President
frederick P. fish, Vice-President
Robert H. I. Goddard
Henry D. Sharpe
frederick w. allen. Treasurer
charles e. nott, Secretary
OFFICERS
Herbert J. Wells, Chairman of th$ Board
Thomas H. West, Jr., President
Horatio A. Hunt
leo wm. huegle, Asst. Secretary
arthur f. thomas, Asst Trust Officer
COTTON MERCHANTS
Henry F. Llppttt
Charles D. Owen, Jt,
Isaac B. Merriman
raymond merrill. Asst. Treasure!
john w. pill8bury, Asst. Treasurer.
Bro.,
Ernest A. Harris
Vice President
Asst. Trust Officer
.
ill Chestnut St.
18 Broad St.
sew all e. swallow, Ant. Tr. Off!
george h. BOYNTON,
PHILADELPHIA
NEW YORK
Manager Safe Deposit Vault!
Frederick P. Fish
Augustus P. Loring.j!
Ernest Lovering
Roger Pierce
Walworth Pierce
Charles H. W. Foster
Ttederl* Serega A Co., Liverpool.
Asst. Trust Officer
Henry B. Hagan
Assistant Secretary
George H. Capron
Vice President
David P. Kimball
James M. Pendergast
John H. Wells,
Vice President
Robert A. Leeson
George H. Davenport
Francis W. Fabyan
KoFaddecn & Co., Rotterdam,
Trust Officer
Henry L. Slader
8. Parker Bremer
FOREIGN CORRESPONDENTS;
Asst. Trust Officer
Harry W. Simmons
Yiee President and
Georgs Wlgglesworth. Chairman
Arthur Adams
J. D. Cameron Bradley
Foreign Cottons
Robert T. Downs
Preston H. Gardner
BOARD OF DIRECTORS.
Importers of Egyptian and all
Thomas H. West, Jv;
Frederick A. Ballon
Albert W. Dlmlck
Alfred K. Potter
orrin o. hart, Trust Officer
edward B. ladd, Asst. Treasurer
Geo. H. M Fadden &
Rowland Hazard
Royal C. Taft
J. Arthur Atwood
William O. Dart
Horatio A. Hunt
James E. Sullivan
james R. hooper, President
arthur adams, Vice-President
New York Coffee Exchange
William L. Hodgman
Frank H. Swan
Herbert J. Wells
OFFICERS.
Nt« York Cotton Exchange
Now Orleans Cotton Exchange
Now York Produce
Guardians, Trustees, Corporations and Individuals.
Also acts as Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
iseiete d'Importation et de Oommiasian. Havre.
Frank H. Gage
Morris Gray
Gilbert A
Harrington
.
Secretary
Ralph S. Richarda
Aeeistant Secretary
Secretary
Ralph W. Bowen
Asst. Trust Officer
Henry H. Proctor
fftFadden A Co.. 8. A. I.. Milan.
Assistant
G. Burton Hlbbert
Aeeistant
Secretary
Edwin M. Richards
Herbert M. Sears
Selnhart
A Co.,
Sydney Harwood
Alexandria. Egypt.
Ve*. H. McPaddec A Bre.'e Agency. Lima. Peru.
Franklin W. Hobba
Providence, Rhode Island
Arthqr R. Sharp
Henry L. Shattuok
James R. Hooper
Henry Hentz & Co.
it William Street
CentralTrusi Company
Iff Congress Street
NEW YORK
BOSTON, MASS.
OF ILLINOIS
COMMISSION MERCHANTS
AND
BROKERS
CHICAGO
Insurance Co.
Under
National, State and
Clearing House, Supervision
Members af
New Yark Stock Exchange
New Yark Cotton Exchange
New York Coffee A Sugar Exchange
New York Produce
The United States Life
IN THE CITY OF NEW YORK.
Accounts of bank* and
bankers received
Exchange
Correspondence Invited
Chicago Board of Trade
Associate Members of
Efficiently
Liverpool Cotton Association
equipped
Over Forty-Five Million Dollars Paid te Policy¬
holders.
to
handle all business pertain¬
JOHN P. MUNN, M. D„ PRESIDENT
ing to banking, and offer a
for
high
class,
Good
of banks, corporations, firms
producers,
under
and individuals.
■OIVEB BXCHAHOB BUILDIBQ
Company.
Address Home Office. 277 Broadway I
open
direct
contracts
personal
with
the
New York City.
HABOVBB SQUABB
Capital & Sur¬
plus 17.000,000
NEW YORK
Deposits,
160,000,000
COTTON MERCHANTS
oa
territory
complete service to accounts
Hubbard Bros. & Co.
Vhnl Advance* Made
Non-Participating Policies enly.
Organised 1850.
Cotton
CHARTERED 1853
Coadgameatt.
GWATHMEY A CO.
United States Trust Company of New York
10-24 EXCHANGE PLACE. NEW YORK
45-47 WALL STREET
475
FIFTH AVENUE. NEW YORK
MEMBERS
|
Capital,
1
NEW YORK COTTON EXOHANGB
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXOHANGB
NEW YORK PRODUCE EXOHANGB
Surplut and Undivided Profite,
This Company aots as Executor, Administrator, Guardian, Trustee, Cour»
Depositary and in other reoognized trust oapaoities.
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
AIVBRPOOL COTTON ASSOCIATION
It allows Interest at ourrent rates
Stephen M. Weld & Co.
WILLIAM M. KINGSLEY,
TBU8TEES
WILLIAM
CO.
Mill. Bunding
XI Broad Street, N. Y,
FREDERIC W. ROBBERT, Ind Aaat. See'r
CHARLES A. EDWARDS, Id Asst. Secretary
JOHN
ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
A.
STEWART, Chairman of the Board
EDWARD W. SHELDON
OHAUNOEY KEEP
ARTHUR 0URTI8S JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
CORNELIUS N. BLISS JR.
HENRY W. de FOREST
WILLIAM VINCENT AS10B
WILLIAM 8LOANH
COTTON MERCHANTS
Members New
Yerk Cettan Exchange.
STEINHAUSER & CO.
L. F. DOMMERICH & CO.
Successors to
WILLIAM RAY A CO.
COTTON BROKERS.
_
i
II Cotton Exchange
New York
Order* for future delivery contracts executed on
tti New Yerk and XJverpoal Cotton Exchanges.
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
6eea II, Cotton Exchange BcRdlm
NSW YORK.
•»
WILFRED J. WORCESTER, Secretary
Vice-President
WILLIAMSON PELL, Asst. Secretary
LIVERPOOL.
ROBERT MOORE A
deposits.
and invests money, seourltles and other property, real
personal, for estates, oorporations and individuals.
EDWARD W. SHELDON. President
York City
PHILADELPHIA,
UTIOA. N. Y..
WELD A CO.,
BOSTON.
FALL RIVER.
PROVIDENCE,
NEW BEDFORD
on
It holds, manages
COTTON MERCHANTS
82-92 Beaver Street, New
S2,000,000.00
I
•
NEW YORK
Established over 80 Years
{VOL. 110.
THEiCHRONICLE
XXX
jflnantlal
jflnatttfal
1
WE SPECIALIZE
NEW LOAN
Port of Tacoma,
IN
Pref. Stook
Brunswick-Balke-Collender 7 % Pf. Stk.
Charcoal Iron Co. of America 7s
Alfred Decker & Cohn 7%
21,500,000
Washington
Central Bond & Mortgage
208 South La Salle St.
Bonds
General Obligation 5%
Co.
:y^'.
CHICAGO
Financial Statement
$189,884,048
Actual value
recommends'fo'conservative investors
Assessed valuation, 1919
94,942,024
Total bonded debt (this Issue only).
1,500,000
Bonded
Debt
Less than One and Three-
Quarters Per Cent of Assessed
the purchase
Maturing 1981-1905
Has large
Price, Par and Interest
of
BUTLER BROTHERS
Valuation.
AMES. EMERICH & GO.
undistributed.surplus
New York
Ill Broadway,
MILWAUKEE
CHICAGO
COMMON
WOOLEN
AMERICAN
Chicago Junction RR. Co. First 4s
General American Tank Car Equip. 6t
General American Tank Car 7% Pf. Stk.
Godchaux Sugars, Inc., 7% Pref. Stook
The Glidden Company 7% Pref. Stook
Paid 22% dividend in 1919
Bolger, Mosser & Willaman
Chicago
29 South La Salle Street,
Book value far in excess of market price
PACKARD
GERMAN
7% PREFERRED
Earnings over 5 times dividend requirements.
$700,000
Analysis Sent Free
Statistical
Bond* and Marks
Request.
on
Our circular on
application.
Stephens County, Texas
OBLIGATION
DIRECT
C. F. Childs & Company
Wollenberger & Co.
Specialists
INVESTMENT BANKERS
U. Ss Government Bonds
105 So. La Salle St.
5y2% BONDS.
Due serially 1921 to
of taxable
value
Assessed
1950.
property.
$18,202,010
1919
Total bonded
Bonded
714,000
valuation
indebtedness
less than 4% of assessed
debt
Population, estimated, 20,000.
Accrued
and
Price—100
CHICAGO
capital: $$oo.ooo
Interest.
NEW YCAK
CHICAGO
120 Broadway
ICS So. La Salla St.
Mortgage Trust Company
SAINT LOUIS
202 North Broadway
Caldwell & Company
$300,000 Casey-Hudson Company
8%
Cumulative Serial Preferred Stock at
$100 per share and accrued dividends
Serial redemptions, 1923-1932
Business—General
business
in
Automatic
Screw Machine Products, besides manufacturing
and marketing several important articles In large
quantities.
Net Quick Assets—$147 per share of Pre¬
ferred Stock.
Net Tangible
Preferred
SOUTHERN MUNICIPALS
Cumberland Tel. & Telep. Co. 5a
Nashville Chattanooga
H.
F.
A St. Louis By.
Nashville & Decatur By.
PRINCE & CO.
BANKERS
Nashville Ballway A Light Oa. Securities
ST. LOUIS, MO.
NASHVILLE, TENN.,
814 Union Streat
BOSTON, MASS,
BIdg.
817 Security
Assets—Over $200 per share of
Stock.
Earnings—x\verage Annual Net Earnings of
the Company $109,177.98, or over
half times dividend requirements.
four and one-
NASHVILLE TRUST CO.
George H. Taylor, Jr. & Co.
High Grade Investments
Naehvllle Ballway A Light Oa. Securities.
Nashville & Decatur BR.
Corporation
Chicago
ENGINEERING
&
SztkftKgOf
Utility
Public
NORTH
THIRD AVE.
.
.
TENNESSEE
.
Campion
MANAGEMENT
W. G. SOUDERS & CO.
INVESTMENT SECURITIES
BROADWAY
141
NEW
A
Bonds
288
NASHVILLE
McClelian &
Members st New Yerk A Batten Sleek
Nashville Chattanooga A St. Louis By.
Municipal,
111 W. Monroe St.,
INVESTMENTS
HIGH-GRADE
DEPT.
& BOND
STOCK
Special Circular on Request.
YORK CITY
Day & Zimmermann, Inc.
ENGINEERS
808 South La'Salla Street,
CHICAGO
EMERY, PECK & R0CKW00D
Detrelt
New Yerk
Grand Rapids
Milwaukee
INVESTMENT SECURITIES
Continental
Commercial
A
Engineering, Construction, Report!
Building
Bank
V
CHICAGO
Appraisals, Audits, Management
In connection with
Railway Exchange Building
MILWAUKEE
P. W.
Chapman & Company
Publlo Utilities & Industrial Properties
HOME OFFICE
INVESTMENT SECURITIES
CHRISTIAN & PARSONS CO.
Philadelphia
118 South La Salla St.
Commercial
Paper
611 Cheftnut St.
,
B32William Street
YORK
NEW
CHICAGO
NEW YORK OFFICE
8 Wall Street
CHICAGO OFFICB
Harris Trust Bide.
Collateral Loam
Investment Securities
S300.000
Sfego, III.
20* 1 la Sails SI
Dominick & Dominic
MUSSELSHELL COUNTY, MONTANA
NATIONAL
FIRST
RICHMOND, VA.
Capital and Surplus,
-
115 BROADWAY
Dated January 1, 1920.
$3,000,000.00
Jr., President
W. M. Addison, Vice-President
C. R. Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
John
Established 1870
6% County Road Bonds
BANK
M. Miller,
Due January 1, 1940.
1939.
Principal and semi-annual interest (January 1
and July 1) payable at the Hanover National
Bank, New York City.'
Denomination $1,000.
FINANCIAL
.
issue
Net
Debt
.
.
.
.
$60,000,000
17,602,373
.
.
.
.
1,029,880
66,827
.....
963,053
Population 20,000
Offerings of registered legal railroad bonds
SEASONGOOD, HAAS & MACDONALD
Members New York Stock Exchange
PRICE TO YIELD 5)4 % to optional date and
6% thereafter.
Elston &
80
Broadway
New York
Company
IN VESTMENTJSECURITIES
89
Members New York Stock Exchange
including this
.....
Sinking Fund
WANTED
In
INVESTMENT SECURITIES
STATEMENT
Real Value (estimated)
Assessed Valuation
Total Bonded Debt,
Correspondence Invited
Daalara
Optional serially 1930 to
S. La Salle St.
CHICAGO
Municipal
I Are
Exempt from
Bonds
Federal
Income
Yielding from
TaseCe*'
to 6%.
Send fo* List
THE HANCHETT BOND CO.
Incorporated 1918
39 South
La Salla Street
CHICAGO
@FedFRASER