Full text of Commercial and Financial Chronicle : November 1, 1919, Vol. 109, No. 2836

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financial

TV
ontm
eitiai

INCLUDING
Railway & Industrial Section
Rankers’ Convention Section
SATURDAY, NOVEMBER 1, 1919

Bank & Quotation Section
Railway Earnings Section
VOL. 109.

(Klircraiclc

Electric Railway Secrioi
State and City Sectior
NO. 2836
Week ending October 2 5 .

<
Hearings at-

Inc. or
Sec.

PUBLISHED WEEKLY.

Terms of Subscription—Payable in Advance * 10 no
For On® Y ear..........................................

For Six M onths.......................................I - I I I I I I " ^ " " " " " " ! ! ! " " " " ; .
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European Subscription six months (including postage).........................
^ 75
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NOTICE.'—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions anti a trertiscraents must be made
In New York funds.

Subscription includes following Supplements—
B ink and Q uotation (monthly) I B ailw a y and I ndustrial (semi-annually)
B ailw ay E arnings (monthly)
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T e r m s o f A d v e r t is in g — P e r I n c h S p a e e

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( Tw o Months
(S tim es).............................. 33 00
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&

W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r * ,
F r o n t , F in e a n d D e p e y s t e r S ts ., N e w Y o r k .
Published every Saturday morning by W ILLIA M B. D AN A COM PAN Y
Jacob Seibert Jr., President and Treasurer; Arnold G. P a m , VIce-PresiJent and
Secretary. Addresses of both. Office of the Company.

CLEARING HOUSE RETURNS.

The foil .wing table, made up by telegraph, Ac., indicates that the total bank clear­
ings of all the clearing hoZses of the United States for the week ending to-dav haveB
fcesa >9,119,476,496, ugalkst >9,407,611,033 List week and $7,639,061,639 the cor
resp mdlng week list year. •

Clearings—Returns by Telegraph
Week ending Noe 1

1919

1918

Per
Cent;J

New York.........
Chicago_______
Philadelphia,..
B o s to n ._____
Kansas City_
_
St. Louis______
San Francisco..
Pittsburgh____
Detroit _____
Baltim ore.. .
New Orleans__

$4,368 2>37,096
510,907,111
366,110,379
303,412,474
168,794,152
141,654,611
134,378,221
119,285,229
•82,621,779
75,044,866
63,382,709

>3,221,493,116
427,521,491
356,790,006
276,266,063
185,000,000
139,088,824
107,658,672
117,112,697
60,551,023
67,987,245
47,374,853

+ 35.9
+ 19.5
+ 2.6
+ 9.8
— 8.8
+ 1.8
+ 24.8
+ 1.9
+ 3 6 .4
+ 10.4
+ 33.8

Eleven cities, 5 days_____ - . . . .
Other cities, 5 days . . . ____________

$6,334,128,627
1,245,118,926

$5,0)6,843,9S9
915,492,741

+ 26.5
+ 36.0

Total all cities, 5 d a y s _____ _ .. .
All cltlei, 1 d a y .___ _________ . . I

>7,579,247,553
1,540,228,943

$5,922,336,730
1,231,292,671
*7.153,629,401

_____

E s tim a te d .
II deta:lls for th e week covered b y th e a b o v e w ill b e give n n ex t S a tu r d a y
o n n ™ ” l l n Uf n
th e m t o -d a y , clearin gs b ein g m a d e u p b y th e clearin g h ouses
“u
.
' an< hcnco ln ‘ he a b o v e th e la st d a y o f the week hag to b e In
all cases e s tim a te d , as we go t o press F r id a y n ig h t.

Detailed figures for the week ending Oct. 25 follow;
UVci ending October 25.

Clearl igs 1

Inc. 01
Dec.

1917.

1916.

%
$
$
Now York-----5,414,843,140 i , 1 8 1 ,9 9 5 ,9 3 7 + 29.5 3,313,238,529
3,591,766,063
Philadelphia___
483,276,219 4 4 2 ,5 1 1 ,0 3 7
+ 9.2 346.4S3.10l 2S2.904.029
Pittsburgh.-------166,299.103
1 7 6 ,3 5 2 ,3 1 3
—5.7
91,181,165
77,084,372
Baltimore---------89,887,409
8 1 .8 7 7 ,9 1 8
+ 9.8
41,690,19'
38,141,912
Buffalo-------------42,849.422
2 3 ,7 4 3 ,0 5 8
+ 80.5
20,900,761
16,382,933
Washington------15,581,205
1 4 ,6 9 0 ,2 1 2
+ 6.1
10,600,00(
9,032,659
Albany-------------5.433.017
5 ,3 5 9 ,4 7 3
+ 1.4
4,377,664
4,655.743
Rochester_______
10,002,359
9 ,3 6 1 ,5 5 3
+ 6 .(
6,293,22;
5,540,300
Scranton________
5.346,022
4 ,5 2 3 ,0 2 5
+ 18.2
3,302,442
3,210,491
Syracuso________
4,322.842
4 ,0 0 0 ,0 0 0
+ 8.1
4.227,51;
3,660,331
2,724,1 If
Iteadlug________
2 ,3 5 9 ,6 5 5
+ 15.9
2,513,881
2,053,905
Wilmington------4,363,994
3 ,5 4 4 ,7 5 3
+ 23.1
3,126.471
3,223,322
Wilkes-Barre----3.197,051
2 ,4 0 8 ,4 4 0
+ 29.5
1,995,00fi
1,873,356
Wheeling_______
5,315,656
3 ,7 9 3 ,9 0 5
+ 40.1
4.464,953
3,409,721
Trenton......... ..
3.500.000
2 ,9 3 2 ,2 3 2
+ 19+
2,481,1G
6
2,321,987
York____________
1,560,542
1 ,1 5 5 ,4 7 0
+ 35.1
1.272.0S1
1,012,892
Lancaster_______
2.700.000
2 .3 1 5 ,1 8 1 , + 16.6
2,541,132
1,877,293
Erie........................
2,387.917
2 ,0 1 6 ,6 0 8
+ 18+
1,744,840
1,315,645
Grconsburg.........
1.050.000
1 . 100,000
— 1.5
1,353,069
613,688
Chester_________
1.800.000
2 ,1 5 2 ,4 9 6 — 16.4
1,267,900
1,256,894
Binghamton.........
985.100
7 2 1 ,1 0 0
+ 36.6
906,200
801,800
Altoona________
1,054,874
.9 1 2 ,7 1 8
+ 15.6
834,536
625,705
Montclair.............
395,980
2 8 6 ,7 4 5
+ 38.0
423,243
434,068

Total Middle. - 6 , 2 6 8 ,8 7 5 ,9 0 7 4,970,173,829
B oston________
Providence_____
Hartford________
Now Ifavert____
Springfield......... .
Portland...............

Worcester______
lfall River______
New Bedford___.

Lowell_________

Holyoke________
Bangor__________
Tot. New Eng.

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

1.295,416
7 7 5 ,0 0 0
7 9 2 ,2 5 8
4 5 3 ,0 3 7 ,3 0 5




366,767,430
14,678,500
9,183,180
6,259,222
3,655,842
2.157,011
3,992.314
2,217,893
2,231,816
1 ,200 ,000

742,922
727,245
4 1 2 ,8 1 3 .3 7 5

+ 26.1 3,867,219,076 4,053,199,109
+ 9.2 256,926,992 214,614,800
+ 25.2
13,625,900
11,865,000
—2.3
6,750,353
8,133,280
+ 9.1
5,000,000
4,843,557
+ 27.8
3,321,258
3,867,126
+ 6.6
2 ,200 ,000
2,350,000
+ 11.9
3,936,558
4,083,721
+ 39.0
3,328,098
2,056,112
+ 0 .6
1,875,736
2,120,230
+ 7.9
1,138,604
982,253
+ 4.3
762.03S
1,0S4,943
+ 8.9
920,451
661,046
+ 9.7I 299.755.98S

256,662,071

$

535,118,634 + 21.9
68,017,591
—4.4
97,038,633 + 26.6
75,139,246 + 26.4
33,082,544 — 12.0
13,932,000 + 12.9
11,779,500 + 16.2
11,890,335 + 23.7
4,583,277 + 11.6
5,509,118 + 23.4
4,245,795
+ 1.3
3,855,173 + 20.4
1,773,375 + 17.8
3,560,715 + 47.8
1,377,246 + 44.9
900,,000 —22.2
7,247,000 + 52.9
1,867,962 + 32.9
2,006,149 + 54.5
1,300,99J + 11.5
1,446.392 + 17.7
1,344,454 + 35.5
1,047,777 + 53.0
1,129.072 + 23.0
1,089,593 + 42.3
+ 9.1
481,707
592,041
+ 1.3
822,759 + 34.6
i,05o,oo;: + 23.8
752,853 —35.3
309,673 + 55.1
105,000

S

488,497,731
37,388,258
75,208,21
50,496,451
25,844,379
12,348,000
9,164,100
8,552,192
3.900.000
4,898,119
3,086,584
3,357,411
1,905,546
3,394,04(1
1,254,62'
845,52'
6.546.000
1,868,501
2,277,558
1,090,624
1,164,534
945.495
1,204,071
682,288
956,970
377,371
570,369
677,902
1,114,395
400,795
341,875
121,752

$

450,212,336
36,936,400
55,860,049
47,157,956
23,291,524
10,843,310
10,649,200
9.695.417
4,000,000
4,774.535
3,236,307
2,048,077
1.369.417
3,275,823
1,749,222
582,796
4,850,000
1,359,595
2,622,626
786,741
948,374
756,310
1,047,737
590,938
753,2S0
540,087
513,738
858,174
955,424
340,000
321,591
138,871

T o t. M id . W e st.

1,070,207,952

894,396,604

+ 19.6

750,494.682

683,065,855

169,721,599
52,534,000
45,800,747
37,989,774
19,673,029
4,504,469
16,140,852
9,315,865
7,221,981
2,273,607
3,305,122
7,481,406
1,478,129
2,905,175
2,406,250
956,833
1,779,622

127,771,350
31,844,000
42,671,955
41,921,196
15.813,981
5,755,878
11,432,686
7,300,000
5,022,311
1,599,570
1,039,214
2,988,816
808,604
1,901,896
986,794
660,000
919,614

+ 32.8
+ 65.0
+ 7.3
— 9.4
+ 24.4
— 21.7
+ 41.:
+ 27.1
+ 43.:
+ 42

99,377,14S
28,412,000
26,445,321
25,639,945
16,090,642
3,494,759
8,163,088
5,415,987
4,457,188
2,254,424
2.029.2S1
3,215,537
886,797
1,977,210
937,979
600,000
675,229

76,886,266
25,398,139
19.613.6S6
18,746,543
11,613,057
2,401,842
6,905,985
4,265,000
2,708,824
1,929,809
1,376,736
2,010,642
860,678
1,612,575
704,049
392,545
528,409

+ 27.5

Total all cities for week . . .

652,471.146
65,054,522
122,915,760
95,000,000
29,099,725
15.724.000
13,564,900
14,703,361
5,115,124
6,800,000
4.300.000
4,641.925
2,088,718
5,263,213
1,990.212
700.000
11.082.000
2,481,979
3.100.000
1.450.000
1,702,871
1,810,577
1,602,402
1,389,714
1,550,153
525,478
600.000
1,107,243
1.390.000
486,292
480,489
100,148

S an F r a n cisc o ___
L o s A n g e le s ______
S e a t t l e ____________
P o r tla n d _____
S a lt L a k e C i t y I .
T a c o m a _________
S p o k a n e ______ _
O a k la n d ____
S a cr a m e n to .
S a n D ie g o . .
S a n J o se _____
F r e s n o ______
P a s a d e n a ___

+ 28.0
+ 25.1

$9,119,476,496

Chlcago______
Cincinnati____
Cleveland___ II
Detroit_______
Milwaukee____
Indianapolis___
Columbus_____
Toledo____ HI
Peoria____ HH
Gfand Rapids..
Dayton_______
Evansville____
Springfield, in ...
Youngstown___
Fort Wayne____
Lexington______
Akron_________
Rockford___ I.,
Canton__
South Bendllll!
Quincy________
Bloomington .
Springfield, Ohio
Decatur_______
Mansfield___ I ..
Jacksonville, ill..
Danville_______
Lima________
Lansing__ H I "
Owensboro.. I I ..
Ann Arbor_____
Adrian________

Y a k im a
L o n g B e a c h ____
T o t a l Pacific.

St. Joseph__
lies Moines..
Duluth_____
Wichita____
Sioux City__
Lincoln_____
Topeka_____
Cedar Rapids
Waterloo___
Helena___ _
Fargo_________
Colorado Springs
Pueblo_____
Aberdeen___
Fremont____
Hastings____
Billings____
Total oth. West

+ 21.

+ 150
+ 82
+ 52
+ 143.!
+ 45J
+ 93.,

385,488,460

3 0 0 ,4 3 7 ,8 6 5

+ 28.:

253,870,401
58,098,111
62,993,287
21,084,920
27,449,506
16,923,749
12,300,087
9,650,185
13.500.000
10.500.000
5,711,854
3,865,841
2,834,547
2,020,551
2.286.044
4,177,689
1,000,896
728,862
2,131,170
781,071
762,537
1.415.045

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

+ 13
— 5

5 1 4 ,0 8 6 ,3 5 3

4 6 9 .1 5 7 ,3 4 4

St. Louis........
1 7 9 ,0 2 4 ,9 7 9
1 6 6 ,3 2 2 ,6 3 5
New Orleans..
7 9 ,0 4 2 ,6 8 4
5 6 .1 6 5 .7 9 1
Louisville______
1 6 ,3 1 3 ,6 5 2
2 1 ,6 4 5 ,1 2 9
Houston_______
3 5 ,7 6 0 ,1 2 5
2 0 ,5 2 2 ,9 0 9
Galveston___
1 1 ,9 8 4 ,6 8 9
7 ,8 4 3 ,3 7 0
Richmond___
8 9 ,0 1 4 ,2 6 0
0 3 ,5 3 2 ,8 2 5
Atlanta____ _
9 9 ,5 6 3 ,5 4 8
6 9 ,8 8 9 ,7 1 9
Memphis____
3 2 ,1 4 6 ,1 2 7
2 0 ,8 0 4 ,9 4 5
Savannah____
1 5 ,3 1 4 ,1 7 3
10 ,0 0 1 ,4 )9 7
Fort Worth__
2 2 ,4 0 5 ,3 8 3
1 5 ,4 8 9 ,7 0 1
Nashville______
2 0 ,1 9 4 ,4 7 7
1 8 ,3 7 8 ,6 9 5
Norfolk______
J 2 , 2 2 8 ,5 8 7
9 ,4 3 2 ,6 6 5
Augusta ...........
7 ,7 8 5 ,5 3 4
4 ,2 4 4 ,6 7 4
Birmingham__
1 9 ,0 3 1 ,1 5 0
1 4 ,3 8 3 ,2 2 0
Little Rock___
1 2 ,0 0 0 ,000
6 ,1 8 5 ,0 8 4
Jacksonville____
9 ,3 2 3 ,5 7 5
6 .9 9 4 .7 9 1
Chattanooga___
G,8 4 2 ,5 3 3
5 ,2 9 7 ,7 0 3
Charleston_____
5 .5 0 0 .0 0 0
5 ,0 0 0 ,0 0 0
Knoxville...........
3 ,3 6 0 ,7 2 3
2 ,7 3 4 ,4 7 3
M obile_____
1 .5 0 0 .0 0 0
1 ,4 3 2 ,0 9 2
Oklahoma__
1 6 ,9 3 9 ,4 5 7
1 0 ,6 7 6 ,0 8 1
M acon________
5 .2 0 0 .0 0 0
2 ,8 0 0 ,0 0 0
Austin_________
1 ,7 8 3 ,0 7 5
2 ,3 4 6 ,3 7 3
Vicksburg___
6 5 9 ,8 5 9
4 2 8 ,9 3 6
Jackson____
9 2 5 ,0 0 0
8 4 5 ,6 7 5
Tulsa______
1 2 ,0 2 1 ,7 7 1
8 ,5 3 6 ,0 0 4
Muskogee______
4 ,9 6 5 ,8 7 6
2 ,9 2 7 ,8 6 3
Dallas.................
5 0 ,4 4 7 ,4 3 7
3 4 ,0 0 0 ,0 0 0
Shreveport_____
4 ,5 0 6 ,3 2 2
3 .2 2 0 .1 7 2
Total Southern 775,891,996 592.082.63j
Total all_____ ,467,6U.i~ 7.639,061,639
Outside N. Y__ ,052,767,893 3 ,457,065,702

2 3 0 ,0 7 2 ,5 2 6

177,954,785

+

2 .8

+

10.6

1 8 6 ,7 0 8 ,1 2 4
3 9 ,6 0 7 ,9 0 3
4 7 ,4 6 4 ,4 5 2
1 6 ,4 4 8 ,5 9 8
2 3 ,8 6 4 ,8 8 9
1 7 ,0 5 3 ,3 5 5
7 ,9 3 8 ,5 9 1
8 ,1 5 0 ,1 7 1
7 ,6 0 1 ,1 5 0
7 ,7 8 1 ,9 2 9
3 .7 6 5 .4 0 0
l 3 ,0 3 2 ,3 3 4
3 ,1 8 d ,0 9 8
2 ,5 5 9 ,1 9 7
2 ,3 3 5 ,8 6 2
2 ,0 2 6 ,4 4 5
7 5 8 ,4 5 6
6 7 9 ,7 3 8
1 .3 2 0 .4 0 1
5 8 8 ,1 9 3
4 9 0 ,3 1 4
1 ,7 0 8 .4 6 4

+ 9 .6

3 8 5 ,0 6 4 ,0 6 4

124,152,523
38,147,045
30,163,591
18,078,619
16,976,228
11,301,942
5,902,630
8,3X0,779
5.515,44?
4,805,487
2,914,815
1,755,960
1,734,900
2,223,000
1,905,309
2,097,041
941,801
493,042
1,014,787
518,557
448,460
1,089.719
278,484.882

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

123,773,142
40,361,357
18,156,275
15,969,727
6,592,751
22,915,748
28,933,331
14,337,065
9,901,489
12.771.5S3
9.145,504
5,628,112
4,001,791
3,010,755
4,252,283­
3,300,000
3,478,584
2.898.000
2.1S3.418
1,130,361
6,540.605
8,008,123
2.800.000
354,805
469,236
4.024,020
1,678,809
15,125,786

+

6.

+ 18.
+ 35.:
+ 3.
+32.
— 54.
+ 50.8

+ 2 2 .8

+ 37.9
+ 31.4
+ 4 3 .6
+ 16.2
+ 2.5
+ 27.7
+ 49.5
+ 3.2

+ 21.4
+ 8.9

+ 7.6
+ 40.7
—24.6
+ 74.3
+ 52.8
+40.1
+42.4
+ 55.9
+ 53.7
+ 44.6
+ 9.9
+ 29.6
+ 8 3 .4

+ 32.3
+ 94.0
+ 33.3
+ 29.2
+ 10.0
+ 22.9
+ 8.2
+ 58.7
+ 85
-24.0
+ 53.9
+ 9.4
+ 40.8
+ 69.6
+ 48.4
+ 40.0
+ 31.,)

3.748.706
498,286./ qj

371.742,360
030.893,124 5,821,1)9,562
7 1 7 ,6 5 4 ,5 9 5 2,229,343,499

THE CHRONICLE

1633

NOTICE—CONTINUED DELAY BECAUSE OF
PRINTERS’ STRIKE.
The troubles in the printing trades continue
seriously to delay the issue of our paper. Indeed it is
only with the utmost effort and at heavy extra outlays
that we find it possible to continue publication at all.
Only small non-union plants are available for our
purpose, and these are being closed up one after
another.
The uncompleted portion of our edition of Sept. 27
still remains tied up in the pressroom. We are sending
to our subscribers this week the issue of our “Bank &
Quotation Section,” but it is the number which should
have appeared four weeks ago—that is, Oct. 4. All
our other Supplements we still find ourselves obliged
to omit. The current issues of our “Electric Railway
Section” and our “Railway Earnings Section” are
ready for the press, but we have not yet been able to
get them printed. Our “Bankers’ Convention Sec­
tion ,” too, is held up in the same way.
THE

F IN A N C IA L

S IT U A T IO N .

Though call money rates have ruled extremely
high the past week the position of the Federal Re­
serve Bank of New York, as revealed by its return
issued Saturday Oct. 25, was greatly improved as
'compared with the condition revealed in the return
t?he previous Saturday (Oct. 18). As has been
repeatodly pointed out the condition of the Federal
Reserve Bank is really the controlling factor in the
situation, rather than that of the Clearing House
institutions, since the latter are borrowing on such
an extensive scale from the Reserve Bank, and the
latter has reached the limit of its loaning capacity
and hence is in no position to extend further accom­
modation— at least not on any considerable scale.
As noted in our comments on Saturday, Oct. 25,
the Reserve Bank has been so generous in aiding the
Glearing House institutions that by the roturn of
Oct. 18 its gold reserve had actually falldta a triflo
bdlow the legal requirements. The Reserve Act
compels the Reserve banks to hold a minimum of
3 5 %
geld against net deposits &nd a minitnum of
40% against the Federal Reserve notes in circula­
tion. The return tor Oct. 18 showed that after
allowing 35% against deposits th e‘ remainder of the
gold holdings constituted only 39.9% of the Re­
serve notes in cumulation, whereas, as already stated,
the minimum limit under the Reserve Act is 40% .
It was not to be supposed that this impairment of
condRion, even though only slight, would be allowed
to e»s£ more than temporarily. Accordingly it is
not surprising to find that the return for Oct. 25
showed a decided change for the better- The means
employed in effecting the improvement ai*e o j de­
cided interest. In the first place the Bank reduced
its bill holdings. It added to the volume of its
acceptances bought in the open market, prqbably
taking s^pme of the acceptances thrown over by the
banks, its object here evidently being to protect the
acceptance market. At all events the total of t’he
acceptances bought in the open market increased
from $85,315,000 to $97,925,000. But the aggregate
of bills discounted secured by war obligations was
reduced from $698,653,000 to $675,336,000 and the
total of bills discounted secured by commercial paper
was reduced from $116,668,000 to $105,083,000.
Altogether the bill holdings (including acceptances
bought in the open market) decreased from $900,­
636,000 to $878,344,000.
At the same time the Reserve Bank managed to
reduce the total of the items in process of collection



V ol . 109.]

(which for an institution of the size of the Federal
Reserve Bank of New York aro always la-go) from
$287,800,000 to $218,507,000. This last process
enabled it to run up its gold credit in t h ; settlement
fund with the Federal Reserve Board at Washington
from $43,171,000 to $100,792,000. At the same f e e
the gold held with foreign agencies was increased
from $39,239,000 to $48,805,000. The latter was co­
incident with a reduction from $46,355,000 to $19,242 ,­
0 0 0 in the item of gold in transit from the contineit
of Europe to the Bank of England, after reaching
which it counts in the gold reserve of the Federal
Reserve Bank.
The aggregate of Reserve notes in circulation was
simultaneously diminished from $758,190,685 to
$750,808,740. Thus it happened at once that the
liabilities both on deposit account and on note ac­
count were reduced, while at the same time the gold
holdings, as we have already seen, were increased.
The result of the two movements combined was that
the ratio of gold to liabilities was appreciably ad­
vanced. After allowing 35% against the deposits
the ratio of gold against Reserve notes was increased
so that it reached 4 6 ^ % against the previous week’s
ratio of only 39.9% . Even after the increase the
ratio is by no means high, the margin above the legal
minimum being indeed quite small. Bearing that
fact in mind and remembering that preparations
had to be made for Hie N ov. 1 interest and dividend
payments, it is not strange that money rates during
the past week should have developed a new upward
tendency. The one important fact to bear in mind
is that the position of the Federal Reserve Bank of
New York is not one of ease, but of strain that it
has already taken over tremendous amounts of the
obligations of the member banks, and that as a con­
sequence these latter will not find it possible to shift
any more of their burdens upon the central institur
tion.
The cotton condition report for October 25, issued
yesterday, quite naturally, in view of the more than
usually unfavorable weather that had prevailed in
the month preceding the date it covered, shows de­
terioration in almost all localities since Sept. 25— the
date of Hie last regular report— but as the falling off
is less than generally anticipated, the market was but
little affected. It has not been cufetomary heretofore
to issue a monthly report so late in the season, and
the present condition return is in compliance with a
joint resolution adopted by the House of Representa­
tives on Get. 16, and later concurred in by the Senate,
in response to complaints from the cotton States that
the estimate of approximate yield arrived at by the
Department of Agriculture on the basis of the Sept.
25 condition figures was Jto high. It is to be noted
that this special investigation has resulted in the
lowering of the condition 3.3 points from Sept. 25,
but this reduction does not in any sense serve to
establish the inaccuracy of the estimate for the pre­
ceding month.
On the contrary weather conditions during October
as reported officially by the Government were quite
uniformly adverse, leading to further deterioration in
condition, damage to cotton by rain, actual loss
through injury to unmatured bolls and dolay in pick­
ing. Under the circumstances a reduction of 3.3
points seems to harvo followed inevitably from ad­
verse conditions. In other words, tho result does not
appear to furnish warrant for the distrust reported

N ov. 1 1919.]

THE CHRONICLE

to have been felt generally throughout the South
concerning the approximation based on the September
25th condition. Private advices during October,
indicated deterioration in the condition of cotton in
about all States and where rains had been heavy and
continuous the damage was particularly apparent not
only in the lowering of the grade of staple unpicked,
but in actual quantitative loss through sprouting
or rotting in the bolls. Moreover, from various
localities in South Carolina, Georgia, Alabama and
Texas there were complaints of further damage by
boll weevil.
Now we have the official reports showing that, in
all States except North Carolina there was deteriora­
tion during October ranging from 1 point in South
Carolina to 6 points in Texas and averaging for the
whole belt, as already indicated, 3.3 points. In an
official statement accompanying the report, and ex­
planatory thereof, it is remarked in effect that dam­
age by rain and insects was the burden of the reports
from most of the belt with the deterioration most
extensive in Mississippi, Louisiana, Arkansas and
Texas. From Alabama eastward the rain damage
was slight. Continued rains developed further dam­
age from boll weevil which destroyed not only late
bolls but many of the earlier and larger ones. Much
seed sprouted in bolls. A favorable offsetting factor
was the absence of October frost.
According to the latest official statement, Canada’s
foreign exports in September exhibited more or less
marked contraction as compared with either of the
two preceding months of the current year or with
the corresponding period in 1918 and 1917. Imports,
on the other hand, were heavier than in any earlier
month of 1919'and well above the total for September
a year ago. The outcome for the nine-months, how­
ever, is a balance of exports moderately greater than
in 1918, but considerably below 1917. The outflow
of Canadian agricultural products continued of very
satisfactory volume and for the month showed an
appreciable gain over last year; the same is true of
animal products and wood, paper, &c. But in miscel­
laneous articles the decrease was conspicuously heavy,
reflecting, as we have heretofore intimated, the pre­
ponderating influence upon the 1918 totals of the
large shipments of munitions and supplies for the
Allies. In the aggregate the exports of goods of
domestic origin for September were of a value of
$104,994,400 against $138,738,700 in 1918 and $112,­
621,462 in 1917, and for the nine months reached
$869,853,526 and $873,018,402 and $1,056,609,677
respectively. Imports aggregated $85,515,012 for the
month against $71,469,480 and $75,893,364, with the
nine months' total $661,385,602 against $684,697,276
and $702,614,652. Finally, the export or favorable
balance for the latest nine months is $208,467,924
against $188,321,126 in the preceding year and $263,­
995,025 in 1917.
Reports from the Dominion indicate a more or
less important revival of activity in building opera­
tions in practically all sections of the country thus
far in the current year, and this is especially true of
most of the larger cities. In fact, the volume of con­
struction work arranged for generally during the
elapsed portion of 1919 has been much greater than
at any time since 1914. The September returns show
that in such eastern cities as Montreal, Toronto,
Hamilton, Halifax and Ottawa the contemplated out­
lay under the permits issued is of very much larger




1633

proportions than a year ago, and the same is true of
Winnipeg, Regina and Saskatoon in the W est.
Twenty-four cities in the Eastern Provinces give for
the month this year a total of intended expenditures
of $10,050,204 against $2,180,742 in 1918, and for
fifteen western cities the contrast is between $1,861,­
539 and $558,440. The aggregate of all (39 cities)
is, therefore, no less than $11,911,743 against $2 739,­
182. ^ o r the nine months the outlay arranged for in
the East, totals $46,263,161 against $22,862,772, and
in the West, $11,234,136 against $7,224,410. In all,
consequently, the contracts entered into at the 39
cities call provide for the expenditure of $57,497,297
this year against $30,087,182 a year ago. The total
for the period in 1914 was, however, some 79 million
dollars and in 1913 above 100 millions.
The Lloyd George Cabinet did not resign, as it
was at first feared might be necessary, because of
the unexpected defeat of the Government on an
amendment to the Alien Bill. The Premier called a
special meeting of the Cabinet a week ago to-day t©
consider the situation. After it had been in session
for an hour several leaders of the opposition were sum­
moned. The London “ Chronicle” said that a frank
but friendly discussion ensued, with the result that
misunderstandings previously existing were cleared
away to a great extent. When the conference broke
up, according to the London advices, there was
every indication that the measure would be passed
without serious opposition when Parliament re­
convened. Viscount Milner, Secretary of State for
Colonies, in reply to criticisms of the Government’s
financial policy by Lord Buckmaster, was quoted as
saying: “ I deprecate the panicky views which are
prevalent regarding the country’s financial position.
Though grave it is far less serious than in any other
great country, with the exception of the United
States and Japan. It certainly does not justify any
rash changes in the fiscal system, and no proof has
been given that additional taxation is necessary.”
Chancellor of the Exchequer Austen Chamberlain
announced in the House of Commons a few days ago
that the national railway strike cost the British
Treasury £10,000,000 and the publicity campaign
against the strike an additional £32,000. Andrew
Bonar Law made it known that the “ War Cabinet
has been changed into a Peace Cabinet,” which, it
was explained, means among other things that
“ all the Ministers will be responsible for the decisions
taken instead of the few Ministers forming the War
Cabinet.” Revised estimates of the Government
finances, it was declared in a London cablegram,
indicate a deficit for the year of £473,000,000 in­
stead of £250,000,000 as fixed in the budget. Tues­
day evening the Government received a vote of
confidence in the House of Commons on a motion
of Sir Frederick Banbury to postpone the debate of
the bill renewing the powers of the Defense of the
Realm Act. The Government received 283 votes
to 77 for the opposition. Formal discussion of
Great Britain’s financial situation was taken up in
the House of Commons on Wednesday. The
Chancellor of the Exchequer said that “ there is
every reason for caution, economy and wise hus­
bandry of resources, but none for panic.” He de­
clared that the country’s position is sound. The
Government is asking for a vote of confidence on
its financial policy. The Chancellor said that the
floating debt on October 26 was £1,286,000,000.

16?4

THE CHRONICLE

[V ol . 109.

sentatives of the German Government were quoted
this week in a Berlin dispatch as saying that “ the
national debt was already 172,000,000,000 marks and
that it would rise to 204,000,000,000 marks by April 1
1920, after all credits under the budget have been
realized upon.” These figures are in contrast to a
pre-war debt of only 5,000,000,000 marks. The
report was declared to be in circulation in Berlin
that “ the Foreign Affairs Committee of the National
Assembly has concurred in the Government’s decision
to decline to participate in the blockade against
Russia.” Naturally, Germany was greatly interested
in the report from London that a post-war policy
There was a further discussion in dispatches from regarding trade with Germany and Russia had been
Rome this weiek of the formidable and serious finan­ practically reached.
cial problems with which the Government of that
It became known here on M onday through Paris
country is confronted. The most immediate task,
it was pointed out, was to find a way to raise the cablegrams that a coalition of several important
funds with which to meet the interest on the huge political parties in France had been formed for the
national debt of $20,000,000,000. The Cabinet was elections next month. The platform on which they
said to be discussing this question daily. Baron were reported to have united calls for a fight “ against
Romano Avezzano, the new Italian Ambassador to extremists of the Socialist Party anti of the Royal­
the United States, left Rome a week ago yesterday ists.” While many Presidential possibilities were
for his new post. In an interview in that city with mentioned Premier Clemenceau was declared to
an Associated Press correspondent he was quoted as have the best chance. The votes for President
saying that “ our general impression here is that the will not be cast until next January. Employees on
time is now come to close the quarrel” (about Fiume the Paris subway were reported on M onday to have
and the Adriatic frontier). “ M y policy,” he added, decided to go on strike in the near future— the third
“ is clearly laid down— to promote an intimate knowl­ time so far this year. Syndicalist leaders, accord­
edge between the two peoples” (Italians and Ameri­ ing to a Paris dispatch yesterday morning, are
cans). The report was in general circulation in the bringing heavy pressure upon railway men to “ join
Italian capital early in the week that “ President the movement for a revolutionary general strike
Wilson has refused to accept Foreign Minister on N ov. 7.”
T ittoni’s last formula for the solution of the Fiume
The Peace Conference, in the form in which it has
problem without numerous reservations.” Advices
from London Thursday morning quoted diplomats existed since its original organization at the be­
there as asserting that another strong appeal had ginning of the year, bids fair to come to an end in
been addressed to the United States by Signor the near future. Its peace is to be taken, according
Tittoni regarding the Fiume situation. The Peace to Paris cablegrams, by the “ Committee for the En­
Conference has been notified definitely “ by a repre­ forcement of the Treaty of Versailles.” The ad­
sentative of Italy in Paris that the proposal made by vices stated also that as a matter of fact this new
Foreign Minister Tittoni for the settlement of the body will have to do with the enforcement of all
Fiume problem has not been accepted by the United treaties made by the present Peace Conference.
States.” According to a cablegram from Rome Sig­ The report was in circulation in Paris that the Su­
nor Nitti has sent a letter to his constituents saying preme Council had refused “ Rumania’s demands
that “ the Government has reaffirmed the Italianity for a rectification of the frontiers fixed in the de­
of Fiume and is employing every means to defend termination of the western borders of Rumania.”
it against all attacks.” The results of the general Doubt was expressed also in the French capital that
election in Fiume recently showed that “ the National the Council would make important changes in the
Union Party polled 0,999 out of 7,555 votes,” which Bulgarian Peace Treaty. In a Paris cablegram on
was regarded as “ a triumph for the annexationists.” Monday England, France and Italy were declared
The size of the majority vote was explained the fol­ to be willing to wait until N ov. 15 “ to get positive
lowing— day when it became known that no party ex­ indications whether the United States Senate will
cept that )f the National Union was allowed to ratify the Versailles treaty without important changes,
if by waiting they can gain the immediate assist­
name candidates.
ance of America in enforcing the treaty.” The
One of the most interesting reports regarding opinion was also expressed in Paris dispatches that
econom;c affairs in Germany appeared in a recent “ if it appears reasonably certain that America will
cablegram from Berlin. It stated that “ a Polish- not be ready with her ratification by the middle of
German economic agreement has been signed under November, the Allies will probably declare a state
which Germany will deliver to Poland 75,000 tons of of peace before that time.” Through a delayed
coal monthly, in return for which Poland will furnish dispatch from Vienna received on M onday it be­
Germany with 6,000,000 cwt. of potatoes at stated came known that Karl Seitz, President of the Aus­
intervals at 16 marks per hundredweight. In addi­ trian Republic, signed the Peace treaty for his
tion Poland is to supply large quantities of mineral country last Saturday. The report was in circula­
oil and other bituminous products, a million liters of tion in Stockholm that “ Archduke Joseph will soon
spirits and a large number of geese.” At frequent be elected King of Hungary.”
intervals figures are submitted that show the im­
Spain is having rather serious labor troubles.
mense debts under which the various European Gov­
ernments must struggle for years to come. Repre­ Because of the attitude of the Workers the Congress

John R . Clynos, Labor member of the House of
Commons from Manchester, in the course of the dis­
cussion of the financial situation on Thursday,
urged a levy on capital, asserting that “ the debt
o f £8,000,000,000 could never be wiped out or even
diminished through ordinary taxation.” An amend­
ment embodying this idea “ was rejected 405 to 50
and the Government resolution was adopted unani­
m ously.” Before the House of Commons adjourned
for the day the Government received another vote
of confidence— this time on its financial policy.
The majority in its favor was 355.




N ov. 1 1919.]

THE CHRONICLE

of Spanish Employers declared a general lockout
of workers in the country, effective next Tuesday,
N ov. 4. Wednesday it was reported from Madric
that the Minister of the Interior was taking steps
to break up the proposed lockout, and that “ he
would punish sternly employers who attempt to
coerce other employers to bring about a general
lockout. ”

1635

respectively. Circulation is £84,453,000. The total
a year ago was £64,203,370 and in 1917 only £42,­
401,340. Clearings through the London banks for
the week amounted to £612,790,000, in comparison
with £630,610,000 last week and £424,479,000 a
year ago. We append a tabular statement of com­
parisons:
B A N IC

OF

E N G L A N D ’S C O M P A R A T IV E
1919.
1918.
1917.
O ct. 2 9 .
O C . 30.
O c t. 3 1 .
£
£
£

STATEM ENT.
1916.

1915.

N o r . 1.

N or. 3.

£
British Treasury financing for the week ended C i r c u l a t i o n .________ 8 4 ,4 5 3 ,0 0 0 6 4 ,2 0 3 ,3 7 0 4 2 ,4 0 1 ,3 4 0 3 7 ,2 2 4 ,2 9 5 3 3 , 4 3£3 , 2 3 0
Oct. 25 shows that revenue and income were in P u b l ic d e p o s its _____ 2 2 ,7 5 4 ,0 0 0 2 9 .6 3 3 .8 9 S 4 3 ,8 4 3 ,9 4 6 5 1 ,1 0 7 ,4 3 7 4 5 ,5 3 7 , 4 3 8
O t h e r d e p o s its _ . ! 1 1 6 ,1 9 5 ,0 0 0 1 3 3 ,9 7 8 ,4 7 0 1 2 2 ,3 6 6 ,4 3 9 1 1 6 ,6 2 2 ,0 5 5
_
9 5 ,7 7 4 ,3 0 4
excess of the outgo and the Exchequer balance Avas G iv e r n r u ’ t s e c u ritie s 5 6 ,0 4 1 .0 0 0 5 7 ,7 5 1 ,6 1 8 5 9 ,0 4 3 ,8 7 0 4 2 ,1 8 8 ,1 5 3 1 8 ,8 9 5 ,0 6 8
O t h e r secux-itics____ 8 0 ,7 1 5 ,0 0 0
9 5 ,3 5 5 ,5 3 3
9 2 ,8 1 3 ,3 5 8 1 0 5 ,7 1 4 ,1 2 1
9 8 ,5 4 0 , 3 9 1
expanded £305,000 to £4,487,000, which compares R e s e r v e n o te s & c o in 2 2 ,0 5 9 ,0 0 0 2 8 ,1 9 4 ,9 6 0 3 2 ,0 7 4 ,3 5 1 3 7 ,5 S 9 ,0 4 5 4 1 , 6 7 2 , 4 8 8
with £4,183,000, the amount held the week pre­ C o i n a n d b u l l i o n . . 8 8 ,0 6 3 ,8 8 5 7 3 ,9 4 8 ,3 3 0 5 6 ,0 2 5 ,6 9 1 5 6 ,3 6 3 ,3 4 0 5 5 , 6 5 5 , 7 1 8
P r o p o r t i o n o f re s e rv e
vious. The week’s expenses totaled £19,169,000
to lia b ilit ie s ______
1 5 .8 8 %
1 7 .2 0 %
1 9 .3 0 %
2 2 .4 1 %
2 9 .4 9 %
5%
5%
5%
. 6%
5%
(against £18,312,000 for the week ending Oct. 18), B a n k r a t e ___. . . .
while the total outflow, including repayments of
The Bank of France in its weekly statement re­
Treasury bills, advances, and other items, was
ports a further gain of 336,769 francs in its gold item
£161,569,000, against £136,637,000 the previous
this week. The Bank’s aggregate gold holdings now
week. Receipts from all sources amounted to
total 5,575,485,250 francs, comparing with 5,443,­
£161,874,000, as against £136,417,000 last week.
297,529 francs last year and with 5,327,485,957
Of this sum revenues contributed £16,942,000,
francs the year before; of these amounts 1,978,­
against £21,094,000, and savings certificates £1,­
278,416 francs were held abroad in 1919 and 2,­
250,000, against £1,100,000. Neither the new fund­
037,108,484 francs in both 1918 and 1917.
During
ing loan nor Victory bonds yielded anything this
the week, bills discounted gained 132,005,166 francs
week, although a total of £9,700,000 and £1,100,000
and general deposits were augmented to the extent
was received from these items last week; but re­
of 76,685,647 francs. On the other hand, silver
payments on the civil contingencies fund added no
fell off 1,215,207 francs, advances decreased 9,­
less than £20,000,000. There were no repayments
927,017 francs and Treasury deposits were reduced
of advances this week. New issues of Treasury
15,945,698 francs. Note circulation registered the
bills reached a new high level on the present move­
large expansion of 205,046,660 francs, more than
ment, having totaled £123,682,000, in comparison
offsetting the slight contraction recorded last week.
with £102,372,000 last week and £111,339,000 the
The amount outstanding now totals 37,343,781,235
week before. Repayments were only £57,097,000;
francs, comparing with 30,782,046,255 francs in
hence the volume of Treasury bills outstanding
1918 and with 22,018,320,785 francs the year pre­
continues to expand and has once again passed the
vious. On July 30 1914, just prior to the outbreak
billion-pound mark and now stands at £1,043,687,­
of war, the total outstanding was only 6,683,184,785
000. Net temporary advances are reported at
francs. Comparisons of the various items in this
£242,582,000, a decrease for the week of £74,500,000.
week’s return with the statement of last week and
corresponding dates in 1918 and 1917 are as follows:
Official discount rates continue to be quoted at
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
5 % in London, Paris, Berlin, Vienna and Copen­
C h a n g es
--------------------------------- S ta tu s a s o f -------------------------------------fo r W eek .
O ct. 3 0 1 9 1 9 . O ct. 31 1 9 1 8 . N o v . 2 1 9 1 7 .
hagen; 5 ^ 2 % in Switzerland, 6% in Sweden, Norway
G old H o ld in g s —
F ra n cs.
F ra n cs.
F ra n cs.
F ra n cs.
and Petrograd, and 4 }^ % in Holland and Spain. I n F r a n c e .....................I n c . 3 3 6 ,7 6 9 3 ,5 9 7 ,2 0 6 .8 3 4 3 , 4 0 8 ,1 8 9 ,0 4 4 3 ,2 9 0 , 3 7 7 , 4 6 6
1 ,9 7 8 ,2 7 8 ,4 1 6
2 , 0 3 7 ,1 0 8 .4 8 4
2 .0 3 7 ,1 0 8 ,4 8 4
In London the private bank rate is now 4 % % for A b r o a 'J ........................... N o c h a n g e .
T o t a l .......................... I n c 3 3 6 ,7 6 9
5 ,5 7 5 ,4 S 5 ,2 5 0 5 ,4 4 3 ,2 9 7 ,5 2 9
5 ,3 2 7 ,4 8 5 ,9 5 7
sixty days, against 4 % @ 4 % % , and 4 ^ , against
S ilv e r - .......................... D e c - 1 .2 1 5 ,2 0 7
2 S 7 .6 1 7 .5 5 4
3 2 0 ,1 2 7 ,2 5 2
2 5 3 ,4 8 0 ,6 5 8
?
8 7 6 ,9 9 0 ,1 2 8
7 3 6 ,3 5 8 ,4 0 1
4 % @ , 4 % % for ninety days.
Call money in Lon­ B il ls d is c o u n t e l ------ I n c . 1 3 2 ,0 0 5 ,1 6 5
A
e
9 ,9 2 7
8
137
don is still quoted at 2J^%. So far as can be learned, N d vea nccier sc...................... DI n cc.. 2 0 5 ,0 4 6,0,61670 3 7 ,3 4 3 ?,7 8 1 ,2 3 5 3 0 ,7 3 7 ,0 2 36,5 1535 2 1 ,,0 1 8 ,,8 94 ,60885
ot
u la t io n . .
8 2 ,0 4 ,2
2
3 2 0 ,7
T r e a s u r y d e p o s i t s . . D e c . 1 5 ,9 4 5 ,6 9 8
6 3 ,4 0 9 ,8 5 0
1 7 5 ,8 9 3 ,4 4 7
3 9 ^ 2 5 5 ,9 2 7
no reports have been received by cable of open
G e n e r a l d e p o s i t s — I n c . 7 6 ,6 8 5 ,6 4 7
3 ,1 8 5 ,5 1 1 ,0 3 1
2 ,8 7 6 ,1 6 2 ,9 5 1
2 ,6 7 9 ,0 6 6 ,8 3 3
market discount rates at other centres.

For the first time in some weeks the Bank of
England reported a small gain in its gold holdings,
namely, £23,490, although total reserves were heavily
reduced, viz.: £1,019,000, there having been an
expansion of £1,043,000 in note circulation. The
deposit items were again sharply altered— public
deposits were expanded £342,000, while other de­
posits declined £28,525,000, and Government securi­
ties fell off £24,726,000— so that the proportion of
reserve to liabilities recovered from 13.80% last week
to 15.88%, which compares with 17.20 a year ago.
Loans (otliei securities) registered a contraction of
£2,428,000. Hie Bank s gold holdings now stand at
£88,063,885. In the corresponding week of 1918
the total held was £73,948,330 and the year before
£56,025,691. Reserves total £22,059,000, as against
£28,194,960 last year and £32,074,351 in 1917.
Loans total £80,/15,000, which compares with
£95,355,533 anti £92,813,358 one and two years ago,




Tn its statement as of Oct. 15, the Imperial Bank
of Germany shows further radical changes, among
which may be mentioned an increase of 1,988,442,000
marks in bills discounted and an expansion of 1,957,­
396,000 marks in deposits. Gold holdings continue to
shrink, total coin and bullion having declined 887,000
marks and gold 871,000 marks. Treasury notes in­
creased 48,212,000 marks and notes of other banks
1.578.000 marks. Advances were reduced 19,425,000
marks, investments decreased 3,537,000 marks and
other liabilities 61,320,000 marks. Note circulation
showed an expansion of 124,586,000 marks and other
securities of 6,279,000 marks. The Imperial Bank’ s
stock of gold on hand has now been reduced to
1.095.112.000 marks, which compares with 2,549,­
283,000 marks-last year and 2,403,460,000 marks in
1917.
Last Saturday s statement of New York Associated
banks and trust companies, which is given in creater

ance of speculation in industrial securities at the rate
and at the level of prices that have obtained for many
weeks must in the end develop an unstable monetary
condition and market for securities.

--------------- S p o t D e liv e r y -----------------N in ety
S ix ty
T h ir ty
D ays.
D ays.
D ays.
Eligible bills o f member banks-------------4 5/ « ig 4
4 yx <: 4 • 4 % ( « l
t
E li g ib l e b il ls o f n o n - m e m b e r b a n k s ------- 4 % < f i 4 i {t 4 ‘/ {,r< /4
/
4 * { ,< » 4

Ineligible bills...................................... S k ® ’*k

5k®4k

D e li v e r y
ir ith i n
30 D ays.
4 % old
4 5 4 b id

5«@ 4k

6

bid

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Re­
serve banks. Prevailing rates for various classes
of paper at the different Rederve banks are shown
in the following:

4
4k
4k

4
4 k
4k

4H
4k
4k

4k
4k
4k

5

5

5

5k

4

4

4

4

4

4

4

4 j

4k

4 k
4k
4k

4k
4k
4k

4
4k
4k

4k
4k
5

4k
5
5

4k
4k
5

4k
5
5

6k

5k

5k

5k

6k

5 k

4

4

4

4

4

4

4 k

4

4k

4

4

4k

4k

4 k

5

4

D a l la s .

4
4 «
4k

5
£

R A N K S '.
K a n s a s C ity .

RESERVE

S t. L o u is .

O
s
1.

M in n e a p o lis .

D is c o u n ts —
W i t h i n 15 d a y s , i n c l . m e m b e r
b a n k s ’ c o ll a t e r a l n o t e s ------16 to 60 d a y s ’ m a t u r it y .. 61 t o 9 0 d a y s ’ m a t u r i t y . . .
A g r i c u lt u r a l a n d
liv e -s to c k
p a p e r , 91 t o 1 8 0 d a y s l n c l . .
S e c u r e d b y U . S . c e r t ifi c a t e s
o f in d e b te d n e ss —
W ith in 15 d a y s , in c lu d in g
m e m b e r b a n k s ’ c o ll a t e r a l
n o t e s _______________________
S e c u r e d b y L ib e r t y b o n d s a n d
V ic to r y N o te s —
W i t h i n 15 d a y s , in c l u d i n g
m e m b e r b a n k s ’ c o lla t e r a l
n o t e s _______________________
S ecu red b y U . 8 . G overn m en t
w a r o b li g a t i o n s —
16 t o 9 0 d a y s ’ m a t u r it y .. .
T ra d e A c ce p ta n ces—
15 d a v s * m a t u r i t y .............. ..........
16 t o 9 0 d a y s ’ m a t u r i t y ...........

FEDERAL

C h ic a g o .

CLASSES
OF
D IS C O U N T S A N D L O A N S .

OF

R ic h m o n d .

RATES

| A t la n t a .

D IS C O U N T

C le v e la n d .

With the exception of Thursday, when call money
renewed at 6 % , the rates for day-to-day accommoda­
tions were high throughout the week. Even on that
day before the close of business a 12% quotation
was recorded. Yesterday it was reported that a rather
large amount of call money was wanted early in the
forenoon, but the offerings were said to have been
comparatively small. In view of experiences earlier
in the week and of the large banking transactions
that had to be arranged for to-day, stockbrokers yes­
terday were prepared to pay high figures for money
to carry them over the week end. Before 1 o ’clock
the rate had risen to 10% , by 2.30 it had jumped
to 15% , and closed officially at 19% . Later loans
at 20% were reported. Stiff rates were bid for time
money early in the week, but later stock brokers did
not appear to be speoially desirous of negotiatinglong
term loans. As a consequence, this department of
the money market became dull. Only small amounts
of new money were offered. In addition to the large
interest and dividend payments that are being made
to-day, and for which preparation had to be arranged
during the week, there were other transactions involv­
ing big sums. Special reference might be made of the
United Kingdom notes amounting to in the neighbor­
hood of $135,000,000, which matured to-day and
something like $36,000,060 French Cities notes which
are to be paid off. The high rates for money did not
check speculation in stocks, except for very brief per­
iods. Brokers say that as long as their customers are
determined to buy stocks at the present high prices,
the financial institutions are willing to lend the
money and the customers will pay the extremely high
rates for the use of it, the prevailing quotations can­
not be regarded as a particularly adverse factor in the
stock market. This would seem unsound reasoning,
for no thoughtful person can deny that the continu-

Referring to specific rates for money, call loans this
week have covered a range of 4 )^ @ 1 9 % , which
compares with 4 @ 8 % last week. Monday 9% was
the highest, with 5 % low and renewals at 6% . On
Tuesday rates shot up to as high as 15%, though
only a few loans were made at this figure. The low
was 6 % , while renewals were negotiated at 10% .
Wednesday’s range was 4J>^@12%, and 9% the ruling
figure. On Thursday the max mum was reduced
to 9 % , although the low was 6% with 8 % the re­
newal basis. Increased firmness was shown on
Friday when the high was advanced to 19%, though
the low was still 6 % , and 9% for renewals. This
is the highest rate quoted in a long period. The above
figures apply to both mixed collateral and all-indus­
trial loans alike. For fixed maturities increasing
firmness has been shown, especially during the latter
part of the week when all periods for awhile were
marked up to 6 % % . Before the close there was a
reaction to 6 % , which was bid for sixty days to six
months on regular mixed collateral. Last week 6 %
was quoted or sixty and ninety days and four months,
with five and six months’ money at 5 % @ 6 % . Allndustrial funds remain at Ql @ 7 % , the same as a
A
week ago. Funds were scarce and only a few trades
were recorded for small amounts.
Commercial paper remains pegged at 5
for s xty and ninety days’ endorsed bills receivable
and six months’ names of choice character, with
names not so well known at 5 ^ % . A good demand
is reported, but transactions showed a falling off,
due mainly to lighter offerings.
Banks’ and bankers’ acceptances have ruled firm
at previous levels. Trading was small in volume
and the market was quiet pending easier conditions
in call funds. Most of the business passing is for
out of town concerns. Loans on demand for bank­
ers’ acceptances continue to be quoted at 4 \ i % .
Detailed rates follow:

N ew Y ork .

detail in a subsequent section of this issue, was
about a# had been expected. The most striking
change was a reduction in loans of $40,180,000.
This brings that account to $5,332,277,000, or
approximately $100,000,000 less than the high record
point of two weeks ago, and presumably reflects
largely stock market liquidation. Net demand
deposits increased $2,456,000 to $4,214,729,000
(Government deposits of $253,022,000 deducted),
and net time deposits gained $302,000 to $275,­
452,000. Reserves in the Reserve Bank of mem­
ber banks showed a contraction of $14,244,000 to
$571,510,000.
Cash in own vaults, however (mem­
bers of the Federal Reserve Bank) was expanded
$4,578,000 to $99,849,000, though reserves in own
vaults (State banks and trust companies) were re­
reduced $184,000 to $11,098,000. Reserves in de­
positaries (State banks and trust companies) in­
creased $161,000 to $12,015,000. There was a
loss in the aggregate reserve of $14,267,000 to $594,­
623,000 and in surplus of $14,603,510, which leaves
a total of $33,995,430 in excess reserves. The
figures here.given for surplus are based on legal
reserves of 13*% for member banks of the Federal
Reserve system, but do not include cash in vault
to the amount of $99,849,000 held by these banks.
Circulation has been reduced $634,000 to $36,­
261,000. Borrowings at the Federal Reserve Bank
registered a falling off, rediscounts of Government
bonds having declined $23,000,000 and of commercial
paper $11,500,000, while the Reserve Bank increas
its open market purchases by $12,600,000.




[Vol. 109.

THE CHRONICLE

B o sto n .

163 f>

t
I
1

4X

4k

4k

4k

4k

4k

4k

4k

4k

4k

4k

4k

4
4k

4
4k

4
4k

4k
4k

4k
4k

4k
4k

4k
4k

4
4k

4k
4k

4k
4k

4k
4k

4 k
4 k

i R a t e s f o r d i s c o u n t e d b a n k e r s ’ a c c e p t a n c e s m a t u r in g w it h i n 15 d a y s , 4 % ; w it h i n
1 6 t o 6 0 d a y s , 4 k % . a n d w it h i n 6 1 t o 9 0 d a y s , 4 k % •

N 1.
ote

A c c e p t a n c e s p u r c h a s e d In o p e n m a r k e t , m in i m u m r a t e 4 % .

Nov. 1 1919.]

THE CHRONICLE

N o te 2 .
R a t e s o n p a p e r s e e u r e d b y W a r F in a n c e C o r p o r a t i o n b o n d s . 1 %
♦ b a n o n c o m m e r c i a l p a p e r o f c o r r e s p o n d i n g m a t u r it i e s .
.V o te 3 .

bli?n «

W h e n e v e r a p p l i c a t i o n Is m a d e b y m e m b e r b a n k s fo r r e n e w a l o f 15 -d a )

p a p e r . t h e F e d e r a l R e s e r v e b a n k s m a y c h a r g e a r a t e n o t e x c e e d in g t h a t f o r 9 0 - d a )
p a p e r o f t h e s a m e c la s s .
R a t e s f o r c o m m o d i t y p a p e r h a v e b e e n m e r g e d w it h t h o s e f o r c o m m e r c ia l p a p e
- o f c o r r e s p o n d i n g m a t u r it i e s .

1637

steady with demand rates at 4 16 % @ 4 16%, cable
transfers 4 16% @ 4 17 and sixty days 4 1 3 % @ 4 14.
Closing quotations were 4 14 for sixty days, 4 1G%
for demand and 4 17 for cable transfers. Commercial
sight bills finished at 4 16, sixty days at 4 12%,
ninety days at 4 12, documents for payment (sixty
days) it 4 13%, seven-day grain bills at 4 17 and
cotton and grain for payment at 4 15%. A sharp
falling off in gold shipments, directly due to the
strike of expressmen and dock workers, has been
noted, although it is now learned that small quan­
tities of the yellow7metal are being moved to domestic
points by means of parcels post. For export gold
coin to the amount of $250,000 lias been engaged for
South America, $24,000 for Canada and $15,000 for
M exico. Gold bare amounting to $300,000 have
been withdrawn for shipment to Paris, making in
all $589,000 for the week. Kuhn, Loeb & Co. report,
the arrival of $700,000 in gold bare from London,
while gold bars to the amount of $400,000 have been
received at the Assay Office for account of the Bank
of Africa.

Conditions in the sterling exchange market remain
about the same as a week ago, and while trading was
fairly active, all things considered, the disposition of
many operators appears to be a waiting one, pending
final decision as to the passage of the Edge Bill and
some improvement in the shipping situation at this
port. In the initial transactions quotations were
steady, with demand bills within a fraction of last
week's high point of 4 18, but later, on the receipt of
lower cabled rates from London and a resumption of
selling of liberal quantities of cotton and other com­
mercial bills, weakness set in again, though the de­
clines were not extensive and demand did not at any
time go below 4 15% , with the close slightly ab)ve
this figure.
Keen interest is being evinced in the progress of the
new British $250,000,000 loan, it being argued that
upon its success depends to a large extent the putting
•out of other foreign loans in this market. At present
Weakness continues to be the feature of dealings
writing, while the loan is said to be progressing favor­ in Continental exchange and new low7 records were
7
ably, it does not appear to be meeting with the degree established for both lire and reichmarks. In the
of enthusiasm hoped for. Terms of the projected case of the former, quotations on Italian exchange
$45,000,000 loan to French cities to replace maturing were forced down to the low price of 10.82 lire to
obligations are said to have been agreed upon, but it the dollar for sight bills, or a drop of 46 points from
is understood that no arrangements for their disposi­ last week’s close and 172 points below the lowest
tion will bo made until the British loan is placed. In levels reached during the period of the war. While
the absence of definite announcements from Wash­ not yet officially announced, it is reported through
ington discussion continues unabated, with banking private advices received here from Rome, that the
opinion still widely divergent, as to what extent, if Italian Institute of Foreign Exchange has removed
any, the Government should participate in foreign all arbitrary restrictions from trading in exchange,
financing. Many cling to the belief that the situation and to this in no small measure is attributed the
•can best be handled by private interests; still others sensational weakness, since it has afforded, it is
that it should be met by a modification of the War claimed, opportunity for speculative transactions
Finance Corporation Act, while in some quarters the not hitherto practicable under former regulations.
opinion is growing that the most satisfactory solution Several important banking institutions were in the
of the problem would be by an arrangement similar market as heavy sellers of lire exchange, but very
to that effected by the British Export Credit Depart­ little inquiry was noted even at the extraordinary
r
ment. In all probability, action in this direction de­ concessions made. As pointed out last week,
7
pends largely upon the degree of success attained by Italy’s concededly strained credit position, coupled
the Administration in its efforts to induce ratification with her urgent need of immediate supplies, is mili­
of the Peace Treaty by the Senate in something at tating strongly against the likelihood of adequate
least approximating its original form. Agents of the support being afforded, at least not until some sort
Bank of Montreal announce that for the present, .sales of adjustment lias been arranged. At the extreme
■of telegraphic transfers of rupees for account of the close a slight rally took place on the covering of
•Secretary of State of India will be discontinued.
shorts.
Referring to the day-to-day rates, sterling ex­
As to the other exchanges, French francs ruled
change on Saturday was firm and fractionally higher heavy throughout, touching at one time as low as 8 90
with demand ranging at 4 1G@4 17, cable transfers for checks— a drop of 24 points, while exchange on
7
at 4 1G%@4 17% and sixty days at 4 1 3 % @ 4 14%. Berlin broke to 3 08c. for demand, which is 2 points
On M onday increased firmness was apparent and below the previous extreme low point reached during
■quotations were marked up to 4 1 7 % @ 4 17% for the recent violent speculative activity. Detailed in­
demand, 4 1 7 % @ 4 18% for cable transfers and quiry reveals the fact that very little of this is now
4 1 4 % @ 4 15% for sixty days; trading was moder­ going on. According to reports from Berlin it is
ately active. Heavy offerings of cotton bills brought learned that the fall of the mark is causing grave
about a reaction on Tuesday and the range for de- .anxiety at that centre and steps are being taken to
inand was 4 1G% @4 17%, cable transfers at 4 17@ stop speculation in Germany affecting marks and
4 18% and sixty days at 4 14@ 4 15% . Wednes­ also to prevent the continued escape of capital into
day’s market was nervous and irregular with a other more remunerative fields. A huge domestic
further decline to 4 1 5 % @ 4 16 for demand, 4 1G% oan, it is alleged, is to be issued to wipe out Ger­
@ 4 1G% for cable transfers and 4 1 2 % @ 4 13 for many’s floating debt, which is to be made very at­
sixty days. Dulness marked operations on Thurs­ tractive to investors. In all probability it will take
day, but the undertone was a shade firmer and quo­ the form of premium bonds. A cablegram from Lon­
tations rallied to 4 1 5 % @ 4 16% for demand, 4 16% don under date of Oct. 24, states that the position of
@ 4 17% for cable transfers and 4 1 3 % @ 4 14% for reichsmarks is further complicated by previous guar­
sixty days. On Friday the market was quiet but antees on the part of German banks to repay foreign




1638

lenders on a gold basis. Parity is 23 43 marks to the
pound. At the end of 1918 these guarantees totaled,
it is said, 914,000,000 marks for the Deutsche Bank,
457,000,000 for the Dresdner Bank and 483,000,000
marks for the D isconto. Being liabilities to foreigners,
these guarantees now present a difficult problem.
Curiously enough, Austrian exchange has been rela­
tively steady, having been maintained— at or near
the low point previously ruling— by buying orders
from Vienna.
.
From a statement recently made public, it de­
velops that the Omsk Government has issued
orders for the recall of all the many forms and kinds
of paper money in circulation during the past three
years, and announced that the official medium of
exchange is to be the new paper money printed in
America for the Russian Government. Old money,
including the notes issued by the Kerensky Govern­
ment, is being discounted by the Government at
standards determined by the Russian Ministry of
Finance.
Notwithstanding the drawbacks to shipping oc­
casioned by the failure to completely settle the dock
strikes, trading has been fairly active, with trans­
actions at times reaching quite substantial totals.
The official check rate in Paris on London finished
at 36.80, comparing with 36.25 last week. In New
York sight bills on the French centre closed at 8 79,
against 8 66; cable remittances at 8 77, against
8 64;
commercial sight at 8 81, against 8 68, and
commercial sixty days at 8 85, against 8 72 on Fri­
day of last week. Belgian francs, which have not
shared in the general weakness, finished substantially
higher at 8 32 for checks and 8 30 for cable trans­
fers, against 8 60 and 8 58 a week ago. German
reichsmarks closed at 3 28 for checks and 3 30 for
cable transfers, which contrasts with 3 53 and 3 55
the week previous. Closing rates on Austrian
kronen were 00.93 for checks and 00.95 for cable
transfers, against 01.03 and 00.05 last week. Ex­
change on Czecho-Slovakia finished at 2.75, against
2.90; on Bucharest at 4.75, a gainst 4.85; on Poland
at 2 40, against 2 90, and on Finland at 4 55, against
4 10 in the preceding week. For lire, final rates
were 10.74 for checks and 10.72 for cable remit­
tances. A week ago the close was 10.38 and 10 36.
Greek exchange continues to be quoted at 5 77 for
checks and 5 75 for cable transfers.
In the neutral exchanges very little business is
passing and changes in rates were unimportant,
though the trend, in most cases, was fractionally
down. Guilders ruled and finished at a small net
advance for the week, although the Scandinavian ex­
changes moved irregularly and closed easier. Swiss
francs, however, and Spanish pesetas were well
maintained, the former closing ab mt unchanged and
the latter at an advance.
Bankers’ sight on Amsterdam finished at 37 13-16,
against 37% ; cable transfers at 37 15-16, against
37% ; commercial sight at 37% , against 37 9-16, and
commercial sixty days at 37% , against 37 3-16 last
week. Swi s exchange closed at 5 62 for bankers’
sight bills and 5 60 for cable transfers. Last week
the close was 5 64 and 5 62. Copenhagen checks
finished at 21.15, and cable transfers at 21.30,
against 21.20 and 21.35. Checks on Sweden closed
at 23.85 and cable transfers at 24.00, against 23.85
and 23.95 while checks on Norway finished at 22.65
and cable transfers at 22.85, against 22.65 and 22.80
last week. Spanish pesetas closed at 19.30 for




[V ol . 109.

THE CHRONICLE

checks and 19.35 for cable transfers. This compares
with 19.16 and 19.23 a week ago.
With regard to South American exchange, the
situation remains without appreciable alteration and
quotations continue at previous levels, with the rate
for checks on Argentina still at 42% and cable
transfers at 42% . For Brazil the check rate is
25% and cable transfers at 25% (unchanged).
Chilian exchange remains as heretofore at 19.88 and
Peruvian rates at 4 81 @ 4 82, the levels previously
current.
Far Eastern rates are as follows: Hong Kong,
9 3 @ 93% , against 93@ 93% ; Shanghai, 140@ 140% ,
against 140@ 140% ; Yokohama, 5 0 % @ 51, against
50% @ 51; Manila, 4 8 % @ 4 9 (unchanged); Singa­
pore, 5 0 % @ 5 0 % , (unchanged), Bombay, 4 2 @ 4 2 % ,
against 4 3 % @ 4 3 % , and Calcutta (cables) 4 2 @ 4 2 % ,
against 43% @ 4 3 % .
*
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 84,789,000 net in cash as a result of the cur­
rency movements for the Aveek ending Oct. 31.
Their receipts from the interior have aggregated
89.137.000, Avhile the shipments have reached
84.348.000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which
together occasioned a loss of 897,608,000, the com­
bined result of the flow of money into and out of the
N cav York banks for the week appears to have been
a loss of 892,819,000, as follows:
Week ending Oct

Into
Ranks

31

Net Change i n
Rank Holdings

Out of
Ranks

B a n k s ’ I n te r io r m o v e m e n t — ----------S u b - T r c ..s u r y a n d F e d e r a l R e s e r v e
o p e r a t io n s a n d g o l d e x p o r t s . . . .

$ 9 ,1 3 7 ,0 0 0

$ 4 ,3 4 8 ,0 0 0 G a in

$ 4 ,7 8 9 ,0 0 0

2 3 ,8 9 3 ,0 0 0

1 2 1 ,5 0 1 ,0 0 0 B o s s

9 7 ,6 0 8 ,0 0 0

T o t a l ___________________ ___________ _____

$ 3 3 ,0 3 0 ,0 0 0

S 1 2 5 ,S 4 9 ,0 0 0 L o s s $ 9 2 , 8 1 9 ,0 0 )

The following table indicates the amount of bullion
in the principal European banks:
Oct

E n g la n d ..
F ran ce a ..
G erm an y.
R u s sia * . .
A u s -H u n c
S p a i n _____
I t a l y ______
N c t h e r l’d s
N a t . B e l. h
S w l t z ’ la n d
S w e d e n ___
D en m ark.
N orw ay. .

Oct

30 1919

Gold.

Silver.

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

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

179,666
''

Total.

Gold.

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

T o t . w e e k .0 7 4 , 3 9 3 , 15H1 5 9 ,4 6 8 ,7 0 0 7 3 3 ,7 6 1 ,8 5 1 7 2 1 ,1 8 0 ,8 4 0
P r e v . w e e k 6 7 4 ,4 1 0 ,8 4 7 1 5 9 ,7 5 1 ,4 0 0 7 3 4 ,1 6 2 ,2 4 7 7 2 0 ,0 5 6 ,8 4 7

31 1 9 1 8

Silver.

Total.

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

1 2 ,8 0 0 ,0 0 0
2 ,6 5 8 ,0 6 0
1 2 .3 7 5 .0 0 0
2 .2 8 9 .0 0 0
2 5 .8 3 6 .0 0 0
3 .0 7 0 .0 0 0
6 0 0 ,0 0 0
6 0 0 ,0 0 0

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

a G o l d h o ld in g s o f t h e B a n k o f F r a n c e t h is y e a r a r e e x c l u s i v e d f £ 7 9 ,1 3 1 ,1 3 7 h e ld
abroad .
* N o fig u r e s r e p o r t e d s in c e O c t o b e r 2 9 1 9 1 7 .
c F ig u r e s f o r 1 9 1 8 a r e t h o s e g i v e n b y “ B r it i s h B o a r d o f T r u l e J o u r n a l " f o r D e c .
7 1917.
h F ig u r e s f o r 1 9 1 8 a r o t h o s e o f A u g u s t 6 1 9 1 4 .

THE FUTURE OF BRITISH GOVERNMENT
FINANCE.

The statements made by the British Government
to Parliament this week regarding the condition of
public revenue and expenditure, of the funded and
floating debt left by the war, and of the means by
which it will be possible to bring the national balance
sheet hereafter to a condition whereby the recurrent
deficit may be removed, are of peculiar interest
as showing the process of financial readjustment
which is under Avay in all the belligerant nations.
Briefly summed up, the public expenditure of Great
Britain reached, in the British fiscal year ending
last March, the enormous sum of £2,579,301,000,
which compared with only £197,493,000 in the
fiscal year ending Avith March 1914— the last be­
fore the Avar. Despite an increase of taxation,

N ov. 1 1919.]

THE CHRONICLE

1619

which had brought the annual Government receipts payments, due to the deficit in guaranteed earnings
from other sources than loans to a total £691,000,000 of the British railways below the present gfeatlv
greater than in the fiscal year 1914, the deficit
increased cost of operation, may be removed through
for the twelve months ending last March was £1,­ higher rates.
690,000,000. In the-Exchequer’s budget estimates of
I he well-known fact is that all previous experience
last April, it had been calculated that expenditure for
points to continuous and rapid decrease of public
the new fisca' year would be reduced from £2,579,
expenditure after the termination of a great war; the
301,000 to £1,451,100,000, and that since the in
process of reduction usually continuing during several
creased taxation imposed in the last year of the war
years. Public expenditure never returns to the pre­
would remain in force, the deficit for the year would
war basis, however, and in the case of England there
be cut down from last year’s £1,690,000,000 to
are two special matters which must be kept in mind—
£250,000,000.
one, that the annual interest on the public debt which
This anticipated reduction was very large; yet
was £269,964,000 in the last fiscal year, and which
the shortage left to be provided for, either through
will be increased, not decreased, during the present
increased taxation or through continued borrowings,
fiscal year, is in itself greatly in excess of the entire
remained at a total which would have greatly dis­
expenditure of the Exchequer in the fiscal year
turbed the public mind at any time before the war
before the war, which was £197,492,000; the other,
I urthermore, in a revised and supplemental esti
that the question remains in doubt as to what new
mate given out by the Chancellor of the Exchequer
burdens on the public purse will be imposed in con­
this week, the forecast of expenditure for the pending
nection with the Government’s social projects.
fiscal year was increased £191,195,000 over the
That problem is not wholly different from our own;
.April estimate and the forecast of revenue reduced
for although, in the four first months of the present
£32,450,000. Thus the anticipated deficit was
fiscal year beginning July 1, Government expenditure
figured out at £473,000,000, as against the £250,
has boen reduced from the same months in 1918 by
0 0 0 ,0 0 0
predicted six months ago.
something like $2,500,000,000 for ordinary disburse­
Before the Chancellor had made his speech, dis­
ments and nearly $1,000,000,000 on account of
cussion in England had converged on the question
advances to foreign Governments, nevertheless, our
whether the heavy deficit still remaining would
Treasury is already warning against the possible
be met by further increase in taxation; and if so,
consequences of the lavish disposition shown by
by what kind of taxes. The English people have
Congress in the matter of appropriations. It is not
at no time during the war flinched from payment
suggested, however, that the provision of our last
of abnormally heavy taxes, where the need for the
revenue law for reduction of next year’s income tax
revenue was proved. No country in the world has
from a basic rate of 12% to one of 8% be changed,
faced so exacting a war taxation, notably that im­
and meantime the curtailment of expenditure con­
posed on incomes, and no country has submitted
tinues month by month at a rapid rate.
with S3 little complaint or protest. It is possible
1 he British Government’s proposals were approved
that even a substantial addition to the tax rate
in Parliament on 1 hursday by the very unusual
now would have been acquiesced in by the British
majority of 355; the criticisms which were stated in
people if they were convinced that the new burden
the debate having no visible influence on the vote.
was inevitable. But it would hurt, and the question
Parliament was plainly disposed to avoid any further
before the Exchequer was, Could it be avoided?
financial disturbance such as would follow increased
The Chancellor of the Exchequer, in his speech of
taxation, and was ready to let the ministry take the
Wednesday, .ook the ground that it could be avoided.
responsibility of the policy proposed by it. What
As he put it, there is no financial crisis justifying
the attitude of the Exchequer and of Parliament
such a disturbing factor to trade as the introduction
really signifies is unwillingness to take any new step
at this time of a second budget. The idea of a
now, while the fiscal situation is still largely unfolded.
“ levy on capital” he dismissed at once as an ex­
I hat is also the attitude of our own Government.
pedient whose effect, both financially and socially,
Meantime, regarded from another point of view, the
would be altogether demoralizing. An increase in
rapidity with which expenditure has been and is being
the tax on war profits would be possible; but it
cut down by the British Government is reassuring.
would be so difficult that the disadvantages would
1 he
rate of reduction is certainly greater than
outweigh the advantages. It was true, the G ov­
people at large had anticipated even at the conclusion
ernment's unfunded debt had reached the large
of the war, and it is easily among the possibilities
sum of £1,286,000,000. But there was in sight
the pace of
in the next year or two
lor the fiscal year beginning next March so extensive
will exceed even the Exchequer’s present forecasts.
a reduction in expenditure that a surplus of revenue
might be anticipated during that twelve months THE RIGHT OF THE C O M M U N I T Y TO EXIST.
sufficient to reduce the debt. Therefore, the whole
M oie important than the question whether or not
question of revised tax schedules would be left over Judge Gary was right in refusing to meet the repre­
to the regular period of the new budget next April.
sentatives of labor or to arbitrate the steel strike,
Plainly enough, the wisdom of this decision oi whether any particular strike was settled so as to
depends largely on the correctness of the estimates piomote peace or not, are some fundamental ques­
given for future progressive reduction in expendi­ tions that lie behind these problems.
tures. lh e Chancellor of the Exchequer set forth
Is the Governm
ent going to be maintained?”
in this regard that before the end of the present “ Is dem
ocracy to continue?” “ Has the com unity
m
fiscal year, the British army will have been re the right to exist?”
duced further by half a million men. The costly
Some time ago when M . Briand broke the strike
' ‘non-employment doles” and “ bread subsidies” of the French railway employees by enrolling them
will have been terminated. M r. Chamberlain in­ all in the army and then ordering them as soldiers
timated further that the present large Government to icturn to work, in reply to the demand by what



that

retrenchment

1640

THE CHRONICLE

right the Government had acted, the answer promptly
came, it is believed as framed by M . Clemenceau,
“ The right of the community to exist.”
Men naturally assume that they, personally,
have the right to exist. M any claim that the com­
munity owes them a living; some are prepared to
uphold this claim by force. But to-day it would
seem that it is not even assumed that the com­
munity has the same right. Labor may proceed
to any length in its own interest. Employers may
declare a lockout. Capital may withdraw, or be
“ arbitrary.” In a feeble or shadowy way “ the
public” may be represented; but who ever stands
for the community as an organized body having
not only a right to exist, but representing an in­
heritance, embodying a civilization slowly de­
veloped through the centuries at the cost of endless
toil and sacrifice, constituting an organism which,
despite its limitations and imperfections, preserves
the existence and makes possible the maturing and
the achievements of man upon this worn and much
upheaved and cataclysmic globe, the earth? The
fierce recklessness with which the community as
such is to-day attacked, and the assurance with
which antagonistic theories of life and of human
welfare are hurled against it, and the vogue all this
has gained make a challenge of the question before
u s .

However quietly a strike begins, or however just
may be claimed to be its demands, it quickly resorts
to violence. It becomes to all intents and purposes
a mob; it plunders and kills; it takes no heed of the
interests of the community, except to assume that
the greater damage it does the more it aovances its
cause. At the outset its leaders may advise against
all violence, but such advise has only a face value.
As the crowd increases temper rises, and inevitably
the spark is struck that fires the mob. The com­
munity then exists only as an enemy; its represen­
tatives are to be fought, its peace is to be destroyed,
its community life, as far as possible, broken up.
The important fact that whoever may be the
leaders or inspirers of the particular strike, men and
women of character, American citizens, often with
homes and families, in other relations sensible and
order-loving, are not only carried away, but not
infrequently foremost in the disturbances, and
sometimes completely under the influence of ideas
which when accepted mean anarchy.
Two recent strikes were worked up in each in­
stance by a pair of college men having no connection
with the particular industry. M r. Jacob Margolis, who as counsel of the I. W . W . recently ap­
peared before the Senate Committee, openly and,
under, the circumstances it may be said, defiantly
confessed that he is “ against God, government and
church,” and that he favors the confiscation of
privately owned property. He further testified that
W . Z. Foster, the organizer of the steel strike,
might “ still be said to have in the back of his head,”
the same and still more violent views which before
the same Committee he had claimed that he had
changed, when they were read to him out of a book
he had written.
Here then is the situation which is to be faced by
the community that is widely and dangerously
threatened.
How is it to be met? Obviously first of all by
force. It does not matter that some of these
Socialists of the chair like Margolis are professed



[V ol . 109.

pacifists, and, as he says of himself, would not
fight to protect his wife if she was assaulted in his=
presence; their pacifism is too ridiculous and inane
to be heeded by their more hot-blooded followers.
“ Direct action” is the method which appeals to
them; and that means Fight. Force, and force
alone is the weapon that wins and keeps.
The community must recognize this and be ready
to meet it. It is a reversal to barbarism, differing
not at all in aim and method, only in circumstance,,
from that against which human society had to or­
ganize itself for existence at the beginning of history We have advanced far since that day; but the ad­
vance was possible only because the forces of so­
ciety were able to hold in check the barbarism ar­
rayed against it, and to keep it in sufficient control
to permit the ordering and use of the other highei,.
more enlightened and constructive forces which
humanity had within its reach.
^
This condition has changed only relatively. The
community has developed a civilization which has
become at once its distinction and its condition of
existence, while barbarism persists as a portent,
largely impotent, but ready to emerge and attack
wherever men become unmindful of duty, ava­
ricious, unjust, oppressive and selfish, and forget
God.
.
When men ignore the situation as it essentially
is, whatever its form, and because they hate dis­
turbance or are timid, deprecate resort to force and
instead resort to parley and talk, you have quickly
riot, private attack and the mob. But when as in
Seattle and Boston, the authorities uphold law and
order, or, as in Winnipeg, the community facing
betrayal by its proper protectors, finally gathers
ftself, the citizens rallying in manly efficiency and,,
repressing disorder with ample visible force, with
equal promptness individually undertaking to per­
form the routine work of police, firemen, mail car­
riers, drivers and the like, barbarism slinks away
and order and peace arc restored. To-day no
community which respects itself should fail to make
sure of trustworthy official defense, or be prepared
tcTprotect itself by some form of general organization.
But force can only clear the field. I he community
to be worthy to exist must hold itself responsible
for the welfare of its members and must be in the
best sense civilized. This involves knowing upon
what human welfare depends and in what civiliza­
tion truly consists. It must supply opportunity,
it must protect, encourage and inspire. It must
teach, driving out erroneous ideas by true ones..
It must ereate a true community of interest, of re­
spect, of mutual helpfulness, in which the work of
each is recognized as promotive of the welfare of all­
Taking advantage of the civic order which force has
secured it will create a human society in which force
will no longer be needed, for barbarism will be
despised and hated of all.
FAILURE OF UNI ONI SM TO EQUALIZE
WAGES.

Unionism has reached the most critical test of itshistory. By its educational processes and benevo­
lent purposes it has accomplished good for the
laboring man. It has taught him the dignity and
worth of his calling; it has shown him the way to
mutual helpfulness. But it has outgrown the only
legitimate law of its being. Lusting for power,
using a form of coercive force to accomplish its ends,

Nov. 1 1919.[

THE CHRONICLE

1641

and increasingly issuing purely arbitrary demands,, erable means, the impossible has been attempted.
it is rapidly destroying itself. At the very moment And when the individual laboring man finds that
of its highest exercise of power, it is weakest in the he has delegated his rights to a power incapable of
public regard. And in many ways it is now fighting enforcing them he will be compelled to repudiate
for its very existence. If anyone doubts this esti­ what is known in current discussion as unionism.
mate of conditions let him ask and answer to him­ And he will further discover, to cite only one ex­
self the question of what the vast majority of the ample, that he can gain more by “ collective bar­
American people think of the orgy of strikes that gaining" inside the plant than outside. He will
now interrupts the peaceful course and conduct discern clearly that “ unionism" has not been able
o f industry in the country. There are other signs. to equalize wages, because they never can be equalized
Unionism is no longer united. There is rebellion between the various classes or grades of employees,
and division among its constituent members. Lead­ but must, no matter what is accomplished by ar­
ers have lost some of their power to hold it in check. bitrary demands and coercive measures, succumb
And not only has a large body of the citizenry come to the worth and value of labor set by the service it
to regard it as a menace to the Government itself, performs in sustaining the wants and needs of man­
but it has essentially failed in its chief object to kind according to the price-measure of these in the
equalize the wages and working conditions of labor­ marts of the world. If unionism had succeeded in
ing men.
equalizing wages in the advances made, the shop­
There are powerful reasons for this, and the end, men would not now be postponing a strike, and the
though unseen, has been inevitable from the be­ building trades would now be receiving the wages
ginning. In the first place “ labor" can no more paid ship workers, even on the inflated scales oc­
be unified under one management than can “ capi­ casioned by war.
ta l." The forces of industrial progress and pro­
If unionism has failed to “ look out for the other
duction are not traceable to a single source, are not fellow ," the employers, it has more signally failed
susceptible of unified operation, and cannot be to consider the public. Mere juggling over words
made to produce equal results in kind or extent. and phrases in a declaration of rights and principles
This is as true of labor as of capital, of wages, there­ by a conference at Washington will accomplish
fore, as of profits. And unionism, consequently, little or nothing towards harmony so-called. It
while seemingly accomplishing tremendous results does not come that way. Principles cannot be com­
judged by wage returns, has reached, in its un­ promised or sacrificed. And if this is attempted
bridled career, the point where it demonstrates its in theory it cannot obtain in practice. If, as we
unfitness to rule the laborer and its essential an­ would point out, the interests of classes of employees
tagonism to the growth and good of free indus­ are inherently diverse, because industrial activities
trialism. It has been fighting eternal forces which are and must ever be diverse, they cannot be united
exist in 'th e nature of things with assumptions of (tested by wage-scales) under one self-constituted
temporary power, with assertions of self-consti­ and independent jurisdiction, and must in the end
tuted rights, and by means of false and futile ex­ depend upon fair dealing and justice by means of
pedients. It cannot go on in the course it has contracts entered into freely and observed by those
voluntarily chosen for itself. No sane man for a directly concerned.
momentibelieves that it can advance wages by its
Under socialism alone where all labor, regardless
own mere will in the next five years as it has in the of the worth of its returns, is deemed of equal pricepast five. And because it has elected to follow false value as enforced by the State, owning everything,
promises, and to prefer untenable claims, and to can there be a justification for a form of unionism
act by coercive means, when it does, as it must, suc­ which undertakes to correllate all kinds of employees
cumb to the natural laws of trade it will reveal it­ under one management. When this modern cru­
self to its own advocates for what it is, an organism sade fights against allowing an employer to contract
founded in good intent that has surrendered to sel­ with an individual employee, independent of its
fishness. And the truth of this is found in the fact sanction or permission, it simply fights against
that where, as people generally believe, there lies a progress and peace, and sounds its own doom.
mutuality of interest, unionism has done practically There c a n be no other righteous method between
nothing in behalf of capital, strange as the statement men and citizens remaining free. Uoro«
w rr
may sound.
ride all obstacles for a time, but must c o lla p s e d
Let us now use the words employers and em­ the end. And that end is in sight. What mean
ployees— as coequivalents, if you will, of capitalists these successive bills in Congress the object of
and laborers. While there has never been an at­ which is to prohibit strikes? And why does union­
tempt to unite employers i:i agriculture, manufac­ ism defend the “ weapon" of the strike, which to
ture and transportation into a single managing many seems but a bludgeon to compel acquiescence
organism, unionism has attempted to place, at where no right or mutual good exists?
least the employees in manufacture and transporta­
Is it not admitted by advocates of unionism that
tion within the control of one management, either it is powerless without a “ weapon," this weapon of
by direct membership in a colossal order or by close the strike ? Can a free people long tolerate an in­
affiliation therewith. There must come a time in dependent class-organism dependent upon the use
the onward course of coercive measures on the part of a “ weapon" to accomplish right and harmony?
of employees when the inherently diverse interests Does anyone doubt on a test between this republican
of the various industrial factors will prevent a con­ form of government and a unionism self-confessed
tinuance oi the process adopted. That time has to be powerless without continual^ brandishing a
now come, and we witness so-called leaders losing weapon, which will go down?
their powers over masses, and subunions at war
W hy does unionism deny its power to accomplish
with each other inside the general organism. Based, good unless given the unlimited use of a weapon?
as we affirm, on false assumptions and inconsid- Education and co-operative advancement so-called




[V ol . 100.

THE CHRONICLE

1642

are not conducted by bludgeons. And common
interests of employers and employees, dependent
in the nature of things on mutual agreements, and
equally binding contracts, under the inescapable
conditions of environment and subject to the un­
equal forward-moving forces of the races, are not
the puppits of arbitrary wills or even compulsory
arbitraments. They are common when they work
under normal conditions by mutual free agreements,
to ends of general goad. Wages are estimates put
upon products of labor by the wants, needs, and
tastes of individuals and peoples.
Until these are
equalized, wages can never be. And these organi­
zations to compel an arbitrary equality, flourish
for a time only to fail before the inevitable

C A P IT A L A N D LABOR— T H E I N H U M A N I T Y OF
TABLES A N D

C H A IR S .

At the Labor and Capital Conference at Washing­
ton a labor leader remarked: “ These tables and chairs
are capital.” This was uttered to indicate the con­
trast between “ soul-less” capital and that human ele­
ment embodied in laboring men. Nothing was said
about the delegates sitting "cross-legged on the floor,
and writing their resolutions on pads poised in air, so
that it was conceded that capital, even invested in
chairs and tables, has its uses. If only labor is human,
then capital must, of course,be unhuman. But why
quarrel with inanimate things like chairs and tables ?
How can, and how do, these capital things, like chairs
and tables, oppress mankind? And how can wooden
capital think, and how can men and “ things” come
to an “ understanding,” “ get together,” unless men
are willing to use things, and labor is willing to use
capital ? And has the labor group any more right to
ownership in the chairs and tables, rented and used,
than the public group or the capital group? Is it
possible that organized labor is contending against
chairs and tables and other like forms of concrete
capital such as mills and machinery, and, if it is, does
it not elect to sit on the floor when it “ strikes” ? Just
where is the “ uplift” in.this form of procedure?
If on the other hand laborers alone are “ humane”
then capitalists must be inhumane— although they are
m en,-and once, in most instances, were laborers.
But just because one still wants and another has won,
under the same law, with the like heads and hands, in
the great game of life, is that just reason for declaring
the former humane and the latter inhumane, or in­
human? “ M an’s inhumanity to man makes count­
less thousands mourn,” but is not the power to harm
also the power to help ? And if one man owning all
chairs and tables compels his fellows to sit on the
floor, is he any worse than those who, owning none,
refuse to let the rightful owners use their own prop­
erty, that they too shall sit on the floor? And, to
put the question squarely, if it is not a form of
sabotage of mills and machinery that the strikers con­
template, and it is not, we are willing to exonerate
all save a few “ radicals” from this, then their efforts
must be exerted against the owners, both as to owner­
ship and operation, and since these owners cannot
escape being men and are not inanimate, unfeeling
“ chairs and tables,” then the charge of “ inhumanity”
m a y li e a g a i n s t la bo re r s as well as capitalists, and
thereby becomes a question of fact— and cannot be
made the basis of a claim of wrongful ^condition” on
the part of labor, :or a self-righteous assumption that
labor alone is “ humane.”




This trick of speech tending to a quasi-personifica­
tion of chairs and tables as capitalists (or the other
way round) inflames many minds incapable of close
analysis. The trouble is that while labor would not
destroy capital by overt act, it is destroying it slowly
by not allowing its owners to use it in the only way
in which it can be used to the good of capital, labor
and the public— direct operation under sole control
in the industrial effort of the country. Has any man,
or have organizations of men, a right to control prop­
erty, capital, wealth, owned by others? If they, the
non-owners, have no right of control, they have no
right to prevent, or to interfere in, use.* And since
every good citizen, respecting his own rights, is
bound to aid other citizens, at least sympathetically,
to maintain their rights, then laborers must come to
the aid of capitalists, owners, in seeing that their
mills and machinery operate, and that their “ chairs
and tables” collect such sufficient rental for use as
will justify continuance in being. And if they do not,
if on the contrary they organize for the purpose of
forcing up wages regardless of profits necessary to
operation, they, the workers, are chargeable with
“ inhumanity” to their fellow-citizens, the capitalists.
Either labor, so called, is actually foolish in fight­
ing this inanimate thing it designates “ capital,” that
of itself is volitionless to harm anyone, or it is fighting
the owners who do direct it, and who alone legally and
morally have a right to direct, in which case all as­
sumptions to share in management or in profits fall
to the ground— until the laws and rights of ownership
are changed. T o a degree these laws have been
changed, but a strike to compel “ recognition” of a
“ union,” an outside organization, resolves itself into
an overt act against employers, exercising a lawful
prerogative to employ when and whom they will,
and as such becomes an interference with personal
liberty guaranteed by the Constitution. No man can
be oppressed by an employer, who fulfills a free con­
tract, or who relinquishes one employment for
another in a proper way. The real fact is that all
men are men, are workers, save the few who are drones
or bums. If it be admitted there are the “ idle rich,”
they themselves by inaction harm no one, while their
capital works (for some good) or if it does not work
neither harms or helps anyone. And much of the
troubles in this endless discussion lies in the false as­
sumption that because a man is poor he is more human
and humane than his fellowman.
THE

P R IN C IP LE

OF

THE

R I G H T TO Q U I T

OPEN

SHOP— T H E

WORK.

The issue which had failed temporarily with the
failure of the strike in the steel industry and then
was dragged into the Industrial Conference in
Washington and deprived that of opportunity to
effect anything, was the issue of control; in other
words, the issue of the closed or the open shop and
of local or central representation. Arguing from
his observation and perhaps from experience of his
own, an employer may rightfully decide that he
will not have union members in his employ; this
would be denounced as tyranny by
yet it
is as right as for union members to decide that they
will not, and it is far more rightful than for unions
to decide that they shall not, remain or enter any
strictly non-union shop. The right to hire must
stand on the same footing with the right to consent
to hiring, although it is only the latter concerning
which labor spokesmen wax eloquently indignant.

unionism,

N ov. 1 1919.]

THE CHRONICLE

1643

The broadest and fairest policy is the strictly open exercise his inalienable right to stop work when he
shop, which neither asks nor cares about union
chose, the same right which has been exercised when
affiliation. To the convention of the American
men have walked off ferryboats without a moment’s
Iron and Steel Institute, on last week Friday, Judge
notice and have thrown this city into disturbance
Gary put the issue very clearly in one sentence, and
up local lines and leaving food to perk h
he declared that the people at large will finally
on docks. If the right to quit is not absolute, re­
decide it and decide it rightly. Said he: “ Judging
gardless of any consequences to others, then it is
by experience, we believe it is for the best interest
subject to the higher law of public needs in d a citi­
of the employer and employee, and the general
zen s public duty. Labor has traded upon the
public, to have a business conducted on the basis
foimei public svmpatlw with it until it has deserv­
of what we term ‘the open shop,’ thus permitting
edly lost that sympathy; it now exhibits itself r s
any man to engage in any line of employment, or
inordinately selfish, and as not caring what happers
any employer to secure the services of any workman,
to the country. The compensation is that the
on terms agreed between the two, whether the work­
country now understands.
man is or is not connected with a labor union.”
The right of ownership, including power to hold
He added that the union advocates “ stand for col
property at any price or to withhold it from sale
lective bargaining through the unions; the others
oi hiie on any terms, is perfect under normal confavor collective bargaining through representatives c ltions but comes under the higher law in emer­
selected by the employees themselves from their
gencies. An owner of dwellings might lock their
own number.”
( ooi s and withhold them from use, if he were so
The bolt of M r. Gompers was against recognizing stiangely minded; but in a time of housing pressure
the right of the employer to not deal with outside he would find another law gripping him. One or
representatives of his men and the right in him anc two food dealers in a town might “ strike,” but a
them to agree voluntarily on their own form of concerted action by them all would soon show the
representation, and this bolt was notwithstanding distinction; if no specific statute law were found
the employers’ group had gone so far as to concede
applicable the public would quickly make a law for
the right of men to be “ represented by representa­
the case, since the public welfare must be predomi­
tives of their own choosing.” The country can
nant when the line is drawn. Therefore organized
judge which gave the larger recognition to collective
labor errs when it assumes that the individual right
bargaining, and can see the kind of liberty to which
to quit includes the right to enter into an agreement
M r. Gompers is so passionately devoted.
to quit, and all that has screened the leaders thus
He keeps up his misstatements, since it is only
far from the penal statutes against conspiracy is the
upon those that he can find a foothold for himself.
timidity of politicians and the indifference^ of the
“ Big busihess,” he declares (and his use of this ex­
public. Thus parleying has been used when crimi­
pression is another appeal to the prejudices and
nal prosecution should have been. N ot only is
passions of men) had determined “ to give labor,
the Sherman Act applicable to those who arrange
because of its growing strength, a blow between the
and order a strike in transportation, but the Lever
eyes.” On the contrary, the “ blow” was launched
law makes it unlawful “ to conspire, combine, agree,
by unionized labor, and business, small and ordi
or arrange with any other person, to limit the facili­
nary as well as “ big,” is at last realizing that the
ties for transporting, producing, Harvesting, manu­
aggressiveness of labor has reached a stage where facturing, supplying, storing, or dealing in, any
the alternative is either a firm stand or a complete
necessaries.” This broad language clearly covers
surrender. This has been more plain since the sur­
the case of the coal miners, and when their leader
render in 1916 gave such encouragement to that
announces that nothing can now prevent the strike
aggressiveness, and now the attack is so general that
he repeats what the railway brotherhoods said in
even we indifferent Americans cannot avoid seeing
1916; on the contrary, something could have pre­
it. “ Colleptive bargaining” is at last forced upon
vented Chief Stone and his fellow conspirators, and
public attention, and the late conference did not
something could prevent M r. Lewis. The action
wholly tail, having effected the challenge to see
set for to-day is not only marked by the customary
what we are facing.
repudiation of existing agreements and by omitting
You cannot force men to work, you cannot pre­
to give the operators a fair opportunity to consider
vent men from striking, you cannot deprive men of
the demands, but it followed the line taken in the
their God-given rights; so Mr. Gompers continues
steel case by not even asking consent of the workers
to declare, and lie renews his warnings of woes to themselves.
follow any attempt to abridge these personal rights.
A whole people cannot be punished by a statute
rIhey are truly rights, and God-given; but God also
or even brought under an indictment, and when the
gave obligations, necessities, and limitations, and
law must regard many persons as equally guilty it
labor needs now nothing so much as a snarp lesson
is balked, l e t when a few announce themselves as
about its limitations, given to it by its necessities
conspirators and publicly defy the law, it is for the
which lie in waiting for that kindly duty. A man
law to visit them with the consequences. N o action
can quit his job when he likes? Undeniably he
cou d be more unwarranted than this proposed
can, subject to some qualifications and limitations;
strike, more selfish, more in the line of attack upon
he can do as he pleases with his arm or whatever
eveiy interest, to cut off the supply of fuel would be
vise is his, subject to conditions. Is his sover­
to halt not merely transportation but everything
eignty absolute, as the Iederation of Labor affirms?
else; an announcement that on a certain date the
Suppose he is an engineer driving a train load of
process of freezing out and starving the American
sleeping passengers, and just as he reaches a high
people would begin would be in different terms but
embankment or a deep cut or has entered a tunnel not different in purport.
he brings his train to a stop and walks o ff? An ex­
Mr. Shea of the Brotherhood of Firem and
en
treme case, of course, yet the man would merely



hy -ying

Trainm now follow the exam of Mr. Gom
en
s
ple
pers

[V ol . 109.

THE CHRONICLE

1644

himself by announcing in advance that if any of
the proposed anti-strike propositions are enacted
into law the men will not obey them. Whom the
gods would destroy they first make mad. The
leaders of organized labor seem to be reaching that
condition or are unable to hold in check the most
radical element, and if anybody is aiming “ a blow
between the eyes” at organized labor these defiant
persons are the ones. Yet it is well to have the line
drawn so plainly that nobody can avoid seeing and
understanding it. Now, at last, let the country
meet it squarely and settle it.

LOAN

TO O M S K G O V E R N M E N T B Y
B A N K IN G SYN DICATE.

JAPANESE

Washington press dispatches on Oct. 30 stated that
advices to the State Department from Vladivostok reported
that the Omsk Government Bank had negotiated a loan of
20,000,000 yen from a Japanese banking syndicate to cover
purchases of supplies. It was added that officials at Wash­
ington believed this to be the loan recently sought by th&
Omsk Government in the United States.
R U S S IA N GOLD RESERVE I N
EXCEEDING

OMSK

REPORTED A S

600,000,000 GOLD RUBLES.
The New York “Evening Post” of Oct. 23 said:

A

R u s s i a n g o l d r e s e r v e , s a id t o t o t a l m o r e t h a n 6 0 0 ,0 0 0 ,0 0 0 g o l d r u b l e s ,

w h ic h w a s lo s t b y t h e B o ls h e v ik i, h a s b e e n c a p t u r e d b y t h e a n t i-B o ls h e v ik
f o r c e s u n d e r A d m ir a l K o lc h a k a n d c a r r ie d t o O m s k , w h e r e it is n o w h e ld ,
a c c o r d in g t o a s t a t e m e n t m a d e in N e w Y o r k t o - d a y b y A . J . S a c k , D i r e c t o r
t

o

r

m

i t

%

v

c n

t s

a

n

d

d

i s c u

s s i o

n

s

o f t h e R u s s ia n I n f o r m a t io n B u r e a u in t h e U n it e d S ta te s .
" A c c o r d i n g t o t h e la t e s t e s t im a t e ,” s a id M r . S a c k , “ p u b lis h e d

in

th e

o ffic i a l “ V ie s t n ik F in a n s o v ” f o r J u n e 1 9 1 9 , t h e g o ld r e s e r v e ta k e n fr o m th e -

C O N T I N U E D OFFERING OF B R IT IS H ^TREASURY
BILLS.

B o ls h e v ik i a t K a z a n , n o w in t h e p o s s e s s io n o f t h e a ll-R u s s ia n G o v e r n m e n t ,
a m o u n t s t o 6 5 1 ,5 3 2 ,1 7 7 r u b l e s .”

The usual offering of ninety-day British”
'Treasury bills,
Y
was disposed of this week by J. P. Morgan & Co. on a dis­ OFFERING OF T R E A S UCRH I NNOTES OF REPUBLIC OF
A.
count basis of 6%, the figure to which the rate was recently The Continental and Commercial Trust ^Savings Bank
advanced from 5 l %- The bills in this week’s offering of Chicago is offering an issue of $5,500,000 Republic of China
A
are dated Oct. 27.
6% two year secured Gold loan treasury notes at 98 % and
interest to yield over 7%. The notes are dated Nov. 1 1919
C O N T I N U E D OFFERING OF FRENCH TREASURY
and are due Nov. 1 1921. Principal and interest (May 1 and
BILLS.
Nov. 1) are payable in U. S. gold at tho Continental and Com­
Another block of the French Treasury bills which are being mercial Trust and Savings Bank, or in New York. The notesoffered in the market up to an amount of $50,000,000, as are in coupon form of $1,000 denomination, registrable as to
market conditions justify and on much the samo scheme as principal. They are redeemable in whole or in part at the
the British Treasury bills, was disposed of by J. P. Morgan option of the Republic on 30 days published notice, as fol­
& Co. this week. The offering in any one week is limited to lows: during the first year at a premium of H%» an<^ an^
$5,000,000. These French Treasury bills were again dis­ time thereafter at a premium of A % - The notes aro issued
posed of on a discount basis of 6%, the figure to which the to refund a $5,000,000 loan made to the Republic of China
rate was recently advanced. The bills in this week’s offer­ in 1916, and which matures to-day (Nov. 1). Tho Contincning are dated Oct. 31.
tal and Commercial Trust and Savings Bank in the present
offering says:
S A L E OF RUPEES ON A C C O U N T OF I N D I A N GOVERN­
M E N T TE M P O R A R IL Y D I S C O N T I N U E D .

The agency of the Bank of Montreal, at 64 Wall Street,
announced on Oct. 28 that the sale of telegraphic transfers
in rupees on account of the Indian Government had tem­
porarily been discontinued under instructions from London.

T h i s lo a n is a d ir e c t l i a b i l i t y a n d o b li g a t i o n o f t h e C h in e s e G o v e r n m e n t ,
w h ic h p le d g e s it s g o o d fa it h a n d c r e d it f o r t h o fu ll a n d p u n c t u a l p a y m e n
o f t h e t o t a l p r in c ip a l a n d in t e r e s t , a n d is s e c u r e d in r e s p e c t t o b o t h p r in ­
c ip a l a n d in te r e s t, b y a d ir e s t c h a r g e w h ic h t h e C h in e s e G o v e r n m e n t g u a r ­
a n te e s t o b e a f ir s t , p r io r a n d c o n t in u in g lie n o n t h e G o o d s T a x e s d e r iv e d
fr o m

fo u r o f t h e p r o v in c e s o f C h in a , th e r e c e ip ts fr o m

w h ic h , f o r t h e fis c a l

y e a r 1 9 1 9 -1 9 2 0 , a s s h o w n in t h e b u d g e t p r o m u lg a t e d b y t h e C h in e s e G o v ­
e r n m e n t , a r o e s t im a t e d t o p r o d u c e a t o t a l o f 4 ,9 1 1 ,6 9 2 C h ln e s o d o lla r s .
t h is t im e C h in e s e d o lla r s a r e w o r t h a b o u t 9 5 c e n t s in A m e r ic a n g o l d .

A t
T ho

lo a n is a d d i t io n a l ly s e c u r e d b y

S

STEEL’ S P UR CH A S E OF
LOANS.

UNITED

KIN G D O M

a d ir e c t c h a r g e u p o n t h o r e v e n u e s d e r iv e d

and to

U

G o v e r n m e n t fr o m

be

d e r iv e d

by

C h in e s e

th e

T obacco

and

W in e

P u b U c S a le s T a x o f C h in a , s u b je c t t o c e r t a in o t h e r c h a r g e s c la i m e d t o b e
p r io r u p o n

c e r ta in

p o r t io n s o f s a id r e v e n u e , w it h

th e d e c la r a tio n

by

th e

Elbert II. Gary, Chairman of the United States Steel
Corporation, announced yesterday that the United States
Steel Corporation has agreed to purchase $10,000,000 of the
new 5 ^ 2 % United Kingdom Loan amounting to $250,000,­ Further details regarding the offering will be found in our
000, and in addition to subscribe $10,000,000 to the syndicate advertising columns in this issue.
which will guarantee the sale of the total issue. Details of
the United Kingdom offering were given in our issue of
Saturday last, page 1562. In making known tho takings of C L A I M S FOR P A Y M E N T OF A U S T R I A N * NOTES
M A T U R I N G J A N . 1 1915 TO BE F IL E D W I T H
the Steel Corporation in the loan, Judge Gary said:
A L I E N PROPERTY C U S T O D IA N .
Notice to holders of Austrian notes, maturing January 1
1915, has been issued by The Alien Property Custodian .at
Washington, saying that he has received the assent of the
Austrian Government to the application of certain funds in
his hands to the redemption of 4^% Austrian Government
Treasury Notes which matured on January 1 1915. Notice
of claim for payment of such notes should be presented to
L OA N OF $40,000,000 B Y A M E R I C A N B A N K E R S I N tho Alien Property Custodian by the holders of such nob a
CO NJUNCTIO N W I T H B A RING BROS. TO
on or before December 1 1919. Payment in every case will
O M S K GO VE R NM E NT.
be conditioned on the surrender of the notes. Forms f< r
Announcement that a group of American bankers had in presenting such notice of claim may bo obtained from the
conjunction with Baring Brothers & Co., Ltd., of London, Bureau of Law, Alien Property Custodian.
agreed to extend a loan of approximately $40,000,000 to tho
Russian Government at Omsk was made as follows on BR ITIS H ORDER A G A I N S T B R E A K IN G UP SILVER
Oct. 21 by Charles Sargent of the firm of Kidder, Peabody COIN— EXPORTS OF SILVER COINS PROHIBITED.
& Co.:
In the British House of Commons, on Oct. 30, Austen
Chamberlain, Chancellor of the Exchequer, announced that
an order had been issued making illegal the melting or break­
ing up of silver coin currency. The export of British silver
coins is prohibited and steps are being taken to prohibit tho
The loan, which will take the form of a short term credit, export of silver bullion except under license. Tho situation
is secured, it is understood, by deposits of gold bars and coin the Chancellor added (it is learnod from Associated Press
in British custody in Hong Kong. The American partici­ cablegrams) is being carefully watched, and he hoped further
action would bo unnecessary.
pation in the loan amounts to about $25,000,000
C h i n e s e G o v e r n m e n t t h a t t h e t a x is e s t i m a t e d t o n e t d u r i n g t h e y e a r 1 9 1 9 ­
1920, th e su m

o f 1 4 ,5 1 4 ,9 9 2

C h in e s e d o lla r s , a n d t h a t d u r in g e a c h o f t h e

y e a r s t h a t a ll o r a n y p a r t r e m a in s u n p a id , a n e t s u m e q u iv a le n t t o a t le a s t
$ 5 ,5 0 0 ,0 0 0

in

g o ld

s h a ll b e

r e c e iv e d

upon

su ch reven u es b y

G o v e r n m e n t a n d s h a ll b e a v a ila b le f o r t h e s e r v ic e o f t h is lo a n .

W e b e li e v e t h e s e s e c u r it ie s w ill b e fir s t -c la s s in e v e r y r e s p e c t a n d a d e ­

s ir a b le in v e s t m e n t .
.
.
.
„
A l s o , w e t h i n k i t Is d e c i d e d l y t o t h e i n t e r e s t o f t h e U n i t e d S t a t e s a s w e l l
a s G r e a t B r it a in

t h a t p u r c h a s e s o f t h is c h a r a c t e r b e m a d e b y

a t t h is p a r t ic u la r t im e .

A m e r ic a n s

T h is s h o u ld h a v e a m a r k e d in flu e n c e t o w a r d s th e

r e s to r a tio n o f n o r m a l r a te s o f e x c h a n g e a n d t h e b e t t e r in g o f th e fin a n c ia l

a n d c o m m e r c ia l r e la tio n s b e t w e e n t h e t w o c o u n t r ie s , a n d t h e r e fo r e o f a d ­
v a n t a g e t o t h e e n t ir e b u s in e s s s it u a t io n .

A

g r o u p c o n s is tin g o f K id d e r , P e a b o d y & C o ., th e G u a r a n t y T r u s t C o .

a n d t h e N a t io n a l C i t y B a n k , h a v e , in c o n ju n c t io n w ith B a r in g B r o th e r s &
C o . , L t d . , L o n d o n , a g r e e d t o m a k e a lo a n o f a p p r o x im a t e ly $ 1 0 ,0 0 0 ,0 0 0 t o

th e O m sk G o v e r n m e n t.

secu red

by

g o ld

T h e lo a n w ill t a k e t h e fo r m o f a s h o r t t im e c r e d it ,

b ars a n d

c o in

d e p o s ite d

in

H ong

K ong.

I t is e x p e c t e d

t h a t a s y n d ic a t e w ill b e fo r m e d t o m a k e a p u b lic o ffe r in g o f t h is lo a n .




th e

C h in e s e

Nov. 1 1919.]

THE CHRONICLE

BERLIN STOCK E X C H A N G E CLOSES ON T U E S D A Y S
TO C A TC H UP W I T H BU S IN E S S .

T h e C h a ir m a n s t a t e d t h a t in J u ly
n e c e s s it a t e d h is t a k in g

In Berlin advices Oot. 28, the Associated Press said:

a n d a r e s id e n t o f t h a t c i t y a n d h a s b e e n a d ir e c t o r o f t h e F e d e r a l R e s e r v e
D ep u ty

th e b a n k s to c a tc h u p

th o

a c tiv itie s

on

M ondays

T h e S to c k E x c h a n g e h a s b e e n e x tr e m e ly liv e ly o n
t h e f a v o r i t e s p e c u l a t io n s b e in g in G e r m a n e x c h a n g e .

cau sed

G overn or.

F O R

T H E

P R E S E N T

I N

E X

in o r d e r t o a s s i s t i n t h e w o r k

in c o n v e n ie n c e

and

o f th e d ir e c to r s t o c o n tin u e

o f fin a n c in g t h e w a r , b u t o n ly w it h t h e u n ­
le s s p r e s s in g .

F or

C I I A NGE

c a t e s o f i n d e b t e d n e s s in w h i c h t h e S e c o n d F e d e r a l R e s e r v e D i s t r i c t l e d a ll

a d d it io n

to

th o

th e

g e n e r a l d u tie s

r e s p o n s ib ility

fo r

o f h is o f f i c e h e h a s f r o m

th e

d is tr ib u tu o n

o f U n ite d

th e o u tset

S ta tes

c e r t ifi­

o t h e r s in t h e v o l u m e p u r c h a s e d , a s w e ll a s f o r t h e e f f e c t iv e d ir e c t io n o f t h e

C L E A R A N C E S .

T h e e x t r e m e ly n e r v o u s a n d e r r a t ic m o v e m e n t s o f c a ll m o n e y r a t e s o n t h e
E x c h a n g e , a n d t h e o c c a s io n a l a d v a n c e s In to u n u s u a lly h ig h fig u r e s ,

h a v e c r e a te d a g o o d d e a l o f a d v e r s e c o m m e n t u p o n th e p a r t o f m o r e th a n a
fe w ' b r o k e r s a n d h a v e o c c a s io n e d in q u ir y a s t o

p erson al

o v e r th r e e y e a r s h e h a s s e r v e d a s s e n io r D e p u t y G o v e r n o r o f th e b a n k a n d ,
i n G o v e r n o r S t r o n g 's a b s e n c e a s a c t i n g G o v e r n o r .

The following is taken from the New York “Times” of
yesterday (Oct. 31):
S tock

m u ch

of

recen t d a ys, on e

STOCK

at

d e r s t a n d in g t h a t h o m ig h t r e t ir e w h e n t h is w o r k g r e w

In
C H A N G E

T rem an ,

ic a e n te r e d t h e w a r , a g a in y ie ld e d t o t h e u r g in g

tn e

assu m ed
N O

M r.

s a c r ific e , c o n s e n t e d , a n d a ft e r G o v e r n o r S t r o n g ’s r e tu r n , a t th e t im e A m e r ­

I t h a s b e e n p r o p o s e d t o c lo s e th e e x c h a n g e o n S a t u r d a y s , b u t t h e v o l u m ­
r e s u lts f r o m

M r. T rem an ,

B a n k s in c e it s o r g a n i z a t io n t o u n d e r t a k e a c t i v e s e r v ic e in t h e b a n k a s it s

w it h tr a n s a c t io n s , w h ic h th e p r e s e n t s t a ffs o f th e b a n k s a r e u n a b le t o h a n d le .
in o u s b u s in e s s w h ic h
s e le c tio n o f T u e s d a y .

1 9 1 8 w h e n G o v e r n o r S t r o n g ’s h e a lth

a lo n g r e s t, t h e d ir e c to r s r e q u e s te d

w h o is P r e s id e n t o f t h o T o m k i n s C o u n t y N a t io n a l B a n k o f I t h a c a , N . Y . ,

T h o B e r lin s t o c k m a r k e t w a s c lo s e d t o - d a y a n d b y o r d e r o f t h e c o m m it t e e
w il l b o c lo s e d e v e r y T u e s d a y in t h e fu t u r e t o a llo w

1645

o r g a n iz a t io n

th rou gh

bank

o f it s a c t iv e m a n a g e r s h a s

c ia lly

am ong

w r itte n

and

w h ic h

th e

t h is w a s a c c o m p lis h e d .

o f it s

m em ber

banks

d is t in g u is h e d

H is p r e s e n c e in

th e

r e s p o n s ib le f o r

th e

la r g e ly

o p e r a tio n s w h ic h

s it u a t e d
to

out

of

N ew

p r e v a ils ,

Y ork

espe­

C ity .

H is

t h e d e v e lo p m e n t o f t h e m o r e g e n e ra l

a ccep ta n ces h a v e b een
a

been

p o lic ie s a n d

o th e r c o n tr ib u t io n s

u se o f tra d e
c o n s titu te d

th e p o s s ib ilit y o f a d o p t in g

s o m e n e w c le a r a n c e s y s t e m w h ic h w ill te n d t o r e d u c e t h e a m o u n t o f m o n e y

as on e

b e t t e r u n d e r s ta n d in g

n o t a b le .

p a tr io tic

H is w o r k

in

th e b a n k

has

s e r v ic e .

A l t h o u g h M r . T r e m a n n o w r e s u m e s h is r e s id e n c e in I t a h c a , h e w ill c o n ­
tin u e t o a c t a s a d ir e c t o r o f t h e F e d e r a l R e s e r v e B a n k .

n e e d e d fo r c a r r y in g o n t h e S t o c k E x c h a n g e b u s in e s s a n d a t le a s t p a r t ia lly
e li m in a t e t h o f lu r r ie s in

c a ll m o n e y r a te s w h ic h h a v e b e e n

b e c o m in g fr e ­

• C O M P A R A T I V E FIGURES OF CO ND IT IO N OF
C A N A D IA N BANKS.

q u e n t o f la te .
W ith rega rd to a n y ch a n g e fr o m

t h e p r e s e n t d a ily c le a r a n c e s y s te m t o a

p e r io d ic c le a r a n c e , e it h e r w e e k l y o r f o r t n ig h t ly , it w a s s a id y e s t e r d a y t h a t
n o t h in g o f t h is s o r t c o u ld b e d o n e a t t h e p r e s e n t t im e a n d t h a t n o t h in g w a s
lik e ly t o b e u n d e r ta k e n
"

b e e n tr ie d o u t a n d
A c c o r d in g

to

u n t il a ft e r t h e p r o p o s e d C le a r in g C o r p o r a t io n h a s

i t s f u n c t i o n s s t u d i e d in a c t u a l o p e r a t i o n .

presen t

p la n s ,

th e

new

C le a r in g

o p e r a t io n s s h o r t ly a ft e r t h e fir s t o f n e x t y e a r .

C o r p o r a t io n

w ill

sta rt

In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the
return for June 30 1914:
ASSETS.

I t w a s s a id y e s t e r d a y t h a t

A u g . 30 1919.

it m ig h t b e p o s s ib le t o g e t t h e n e w c o r p o r a t io n in o p e r a t io n s o m e tim e in
D e c e m b e r , b u t s o m e o f t h e E x c h a n g e a u th o r itie s b e lie v e t h a t it w o u ld b o
u n w is e t o a t t e m p t t o in itia te its a c t iv it ie s b e fo r e th e e n d o f t h e y e a r b e c a u s e

J u ly 31

1919.

June 30 1914.

2 8 ,9 1 8 ,8 4 1

G o ld a n d s u b s id ia r y c o in —

o f t h e g r o a t p r e s s u r e o f b u s in e s s a t t h a t t i m e , a n d It is n o t d e s ir e d t o u n d e r ­

.

6 1 ,0 2 5 ,5 0 8

6 1 ,0 4 5 ,7 0 2

t a k e a n y e x p e r im e n ts a t th e b u s y s e a s o n .
A fe w w e e k s a g o it w a s h o p e d t o h a v e th e C le a r in g C o r p o r a t io n r e a d y t o

.

1 9 .7 9 9 ,1 8 8

1 9 ,1 5 7 ,8 2 8

1 7 ,1 6 0 ,1 1 1

T o t a l . ....................................................

8 0 ,8 2 4 ,6 9 6

8 0 .2 0 3 ,5 3 0

4 6 ,1 0 8 ,9 5 2

1 7 0 ,1 0 0 ,5 3 5

1 8 0 ,8 2 3 ,2 4 5

9 2 ,1 1 4 ,4 8 2

H o w e v e r , b e c a u s e o f d iffi­

D o m i n i o n n o t e s _____________________

c u l t i e s in p r e p a r i n g t h e q u a r t e r s o f t h e i n s t i t u t i o n , t h is p l a n h a d t o b e a b a n ­

s ta r t fu n c tio n in g b y th e m id d le o f N o v e m b e r .

D e p o s . w it h M in is t e r o f F in a n c e

doned.

L a b o r tr o u b le s h e ld t h e w o r k b a c k c o n s id e r a b ly a n d m a d e t h e d e la y

n e ce ssa ry fo r a m o n th

or so.

W o r k o n t h e n e w q u a r t e r s i n t h o b a s e m e n t o f t h e S t o c k E x c h a n g e is n o w
p r o g r e s sin g s a t is fa c t o r ily .
e m b o d y m a n y now
of

d e v ic e s

fo r

th e fts

and

h o ld u p s .

em ergen cy

lig h t in g

w ill b e in s t a ll e d , s o t h a t i f a t a n y t im e t h e r e g u la r li g h t in g s y s t e m

s h o u ld

ba put

m a t ic a lly .

5 ,9 3 1 ,4 8 0

6 ,6 6 7 .5 6 8

D e p o s i t o f c e n t r a l g o l d r e s e r v e s ..
D u e f r o m b a n k s _____________

1 0 6 ,4 0 0 ,0 0 0

1 0 8 ,4 0 0 ,0 0 0

3 ,0 5 0 ,0 0 0

1 7 7 ,3 3 4 ,4 6 5

2 3 0 ,4 7 4 ,8 9 0

1 ,2 2 1 .1 3 2 ,8 0 0

1 ,2 1 0 ,7 6 1 ,1 0 9

1 2 3 ,6 0 8 ,9 3 6
9 2 5 ,6 8 1 ,9 6 6

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

5 8 6 ,8 9 5 ,6 4 8

1 0 2 ,3 4 4 ,1 2 0

9 3 ,5 8 7 ,4 9 7

6 7 ,4 0 1 ,4 8 4

i n C a n a d a __________________

1 7 4 ,1 7 6 ,5 7 8

1 7 8 .0 9 8 ,4 3 4

1 3 7 ,1 2 0 ,1 6 7

O t h e r a s s e t s __________________________

An

sy stem

out

5 ,9 3 5 ,8 0 5

1 0 1 ,7 5 6 ,1 0 6

9 7 ,5 6 6 ,6 0 4

7 1 ,2 0 9 ,7 3 8

T o t a I - - .................................- ................. 2 , 7 1 3 , 8 0 8 . 8 9 2
L IA B IL IT IE S .

2 ,7 7 2 ,7 4 2 ,4 3 7

1 ,5 7 5 ,3 0 7 ,4 1 3

" W h e n t h e p l a c e Is r e a d y f o r o c c u p a n c y i t w i l l

fe a t u r e s in o f f i c e a r r a n g e m e n t a n d w ill h a v e a n u m b e r

p r e v e n tin g

f o r s e c u r i t y o f n o t e c i r c u l a t i o ni

o f ord er, th e

em ergen cy

w ill g o

in to

o p e r a tio n

B o n d s , s e c u r i t i e s , & c _______________
C a ll a n d s h o r t lo a n s in C a n a d a .
C a ll

a u to­

____________________________________________

D A L L A S RESERVE B A N K ON A D V A N C E S TO C A TTL E ­
M E N 'S M E E T I N G L O A N S OF W A R F I N A N C E
CORPORA TION.

Supplementing the announcement made by the War
Finance Corporation regarding the calling in of the loans
made to cattle growers, R. L. Van Zandt, Governor of the
, Foderal Reserve Bank of Dallas has issued a statement rela­
tive to advances which will bo made to the banks to enablo
them to afford accommodations to the cattlemen discharging
their obligations to the War Finance Corporation. Gov.
Van Zandt’s statement appeared as follows in the Dallas
“Nows” of Oct. 25:

th a n

S

W a r F in a n c e C o r p o r a t io n t o e x t e n d h is lo a n
e f f o r t s e c u r o th e m o n e y e ls e w h e r e .

if h e ca n

1 9 2 ,8 6 6 .6 6 6
1 1 5 ,4 3 4 ,6 6 6

C a p i t a l p a i d u p . ......................

1 1 5 ,8 3 4 ,7 2 3

1 1 5 ,7 2 1 ,6 2 9

1 1 4 ,8 1 1 ,7 7 5

R eserve

1 2 2 ,2 7 3 ,2 2 5

1 2 2 ,2 3 0 ,3 7 2

1 1 3 ,3 6 8 ,8 9 8

C i r c u l a t i o n . ......................

2 2 2 ,4 6 1 ,9 1 5

2 0 6 ,9 0 6 .9 4 1

9 9 ,1 3 8 ,0 2 9

G overn m en t

1 2 4 ,1 9 2 ,6 6 6

1 6 4 ,0 7 4 ,2 8 8

4 4 ,4 5 3 ,7 3 8

th o

W ar

F in a n c e

C o r p o r a t io n

th o

c o r p o r a t io n

an­

n o u n c e s t h a t i t w ill a d v a n c e t o I n c o r p o r a t e d b a n k s u p t o 1 0 0 % o f t h e a m o u n t
w h ic h m a y b o a d v a n c e d b y th e m t o c a ttle m e n fo r t h e p u r p o s e o f p a y in g
lo a n s n o w d u e b y t h o la t t e r t o t h e c o r p o r a t io n .
T h o a d v a n c e s t o th e b a n k s a re t o b e m a d e u n d e r t h e p r o v is io n s o f S e c­
tio n 7 o f th o W a r F in a n c e C o r p o r a t io n A c t a n d m u s t m a tu r e , a t th e o p tio n
o f th e a p p ly in g b a n k , n o t la te r th a n O c t . 1 5 1 9 2 0 .
T h e in te r e s t r a t e t o t h o b a n k s w ill b e 6 %

p e r a n n u m , p a y a b l e in a d v a n c e .

T h o a d v a n c e s w ill b e m a d e o n t h o p r o m is s o r y n o t e o f t h e b a n k , t h e c o l ­
la te r a l t o w h ic h m u s t p r o v id e a 3 3 % m a r g in a n d c o n s is t o f c a t t le p a p e r c o v e r ­
in g lo a n s p u r c h a s e d f r o m t h o c o r p o r a t io n .

W h ere su ch p aper d oes n ot p ro­

v i d e t h e m a r g in a b o v e m e n t io n e d , w h ic h is r e q u ir e d b y la w , a d d i t io n a l c o l ­
la te r a l m u s t c o n s is t o f s im ila r p a p e r , t h a t is , lo a n s fu ll y s e c u r e d b y li v e s t o c k .
N o m o n e y w ill b o a d v a n c e d b y t h e c o r p o r a t i o n e x c e p t t o p a y o f f a l o a n n o w
d u e t h e c o r p o r a t io n b y c a t t le m e n a n d e v i d e n c e o f t h is f a c t m u s t a p p e a r in
th o a p p lic a tio n .
I n n o e v e n t w ill t h o a d v a n c o e x c e e d 1 0 0 %

o f th o a m o u n t a d v a n c e d b y th o

a p p ly in g b a n k t o th e c a t t le m e n f o r t h e a fo r e s a id p u r p o s e .

A p p lic a t io n s fo r

s u c h lo a n s m u s t b e file d w it h a n d a p p r o v e d b y th e F e d e r a l R e s e r v e B a n k o f
D a ll a s a s f is c a l a g e n t o f t h e W a r F in a n c e C o r p o r a t i o n , w h ic h b a n k w ill f u r ­
n is h a p p l ic a t io n b la n k s , n o t e f o r m s , a n d d e s ir e d in f o r m a t i o n u p o n r e q u e s t .

R. II. T R E M A N RETIRES A S D E P U T Y GOVERNOR OF
FEDERAL RESERVE B A N K OF N E W YORK.

Tho retirement of Robert IT. Treman as senior Deputy
Governor of tho Federal Reserve Bank of Now York was
announced yesterday by the bank, which states, however,
that ho will continuo as a director; the announcement fol­
lows:
T h e C h a ir m a n o f t h e b o a r d o f d ir e c t o r s o f th e F e d e r a l R e s e r v e B a n k o f
Y ork
M r.

a n n o u n c e d t h a t t o t h o g r e a t r e g r e t o f a ll Its d ir e c t o r s a n d o f f i­
R obert

H .

T rem an

w 'o u l d

r e tir e

fr o m

a c tiv e

s e r v ic e

d e p u t y g o v e r n o r o f t h e b a n k a t t h e c lo s e o f b u s in e s s t o - d a y .




f u n d .............................................

d e p o s i t s ...................

D e m a n d d e p o s i t s ......................

8 7 8 ,8 2 7 ,5 4 2

4 9 5 ,0 6 7 .8 3 2

1 ,1 7 5 ,0 9 2 ,1 5 5

6 6 3 ,6 5 0 ,2 3 0

D u o t o b a n k s .......... ..................

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

4 8 ,f 6 6 ,8 9 8

3 2 ,4 2 6 .4 0 4

B i l l s p a y a b l e ...........................

4 ,0 2 6 ,4 0 0

3 ,3 7 1 ,3 6 4

2 0 ,0 9 6 .3 6 5

3 4 ,9 9 9 ,6 0 1

3 2 ,8 8 1 .2 6 0

1 2 ,6 5 6 ,0 8 5

T i m e d e p o s i t s ............................................... 1 , 1 9 6 , 6 3 2 , 9 3 1

O th e r

l i a b i l i t i e s .......................................

T o ta l,

not

in c lu d in g

c a p ita l

o r r e s e r v e f u n d . . . ................- . 2 , 4 4 9 , 6 8 4 , 9 6 6 2 , 5 0 9 , 8 2 0 , 4 4 8 1 , 3 3 0 , 4 8 8 , 6 8 3
N o te.
O w in g t o t h e o m is s io n o f t h e c e n ts in th e o ffic ia l r e p o r t s , t h o
c o t i n g s in t h e a b o v e d o n o t e x a c t l y a g r e e w it h t h e t o t a l g i v e n .

N A T I O N A L

b y a n y r e a s o n a b le

I n o r d e r t o a s s is t b a n k s in a r r a n g in g f o r t h e r e t ir e m e n t o f t h e lo a n s m a d e

cers

$

1 9 4 .0 7 5 ,0 0 0
1 1 6 ,5 9 9 ,1 0 0

T h e d ir e c to r s o f th e c o r p o r a tio n s u g ­

g e st th a t n o b o rro w e r o u g h t to a sk o r e x p e ct th o G o v e rn m e n t th ro u g h th e

N ew

s

1 9 4 ,0 7 5 ,0 0 0
1 1 6 ,6 6 5 ,2 0 0

A g e n c y a n d e x t e n s io n s o f t h o m a t u r i n g l o a n s w ill

o n l y b e g r a n t e d In e x c e p t i o n a l c a s e s .

t h e ir c u s to m e r s b y

e ls e w h e r e

C a p i t a l s u b s c r i b e d .................................

A s s t a t e d in t h e W a s h in g t o n d is p a t c h e s t o T h e N e w s a n d p u b lis h e d in

to

s h o r t lo a n s

C a p i t a l a u t h o r i z e d ....................

t h i s m o r n i n g ’ s p a p e r , t h o W a r F i n a n c e C o r p o r a t i o n is d e s i r o u s o f c l o s i n g u p
th o D a lla s C a t t le L o a n

and

a s s e n io r

T I O N

L I V E

O F

S T O C K

F O R E I G N

E X C H A N G E

O N

E X C H A N G E —

S T A B I L I Z A ­

E F F E C T

O N

F A R M E R S .

Concern over the present state of foreign exchange and
the constant depreciation in European money values is
expressed in a memorial to Congress from members of the
ational Lit e Stock Exchange which Senator Owen had iccorporated in tho Congressional Record of October 20. The
memorial sets out that "we are coming into a flood of pro­
duction of foodstuffs in the Northern hempiphere and again
will have a great surplus in the United States. If in the
meantime Europe has not found credits to purchase the
coming Winter s supply, we are likely to have a glut and prices
may fall below the cost of production to American farmers.”
In face of conditions both at home and abroad, the memorial
states, one of two things must occur:
A m e r ic a n p r ic e s m u s t b o r e d u c e d t o a p o in t w h ic h w ill e n a b le E u r o p e a n s
to p u rch a se ou r p rod u cts.
A m e r ic a n p r o d u c t s m u s t b e c o n s u m e d a t h o m e a n d t h e s u r p lu s o f p r o ­
d u c t io n w ill c e r t a in ly lo w e r p r e s e n t p r ic e s t o
m u s t s u ffe r t r e m e n d o u s lo s s e s .

a p o in t w h e re th e p ro d u ce r

The following is the memorial as published in the "Con­
gressional Record”:
C O N G R E SS

A SK E D

P R E S ID E N T

TO

BROAVN

E F F O R T
„
7o

, ,
.
M em bers

a ll

,
of

fr e h r
tio n
tio n

in
in

a

d

T O ^P R E V E N T

„
C on gress:

„ „ , ^ J f r.a v .e , s l t u ® tio 1 !
and Uv
a
h
e

S T A B IL IZ E
U R G E S

c o n fr o n ts

F O R E IG N

IM M E D IA T E
P R IC E

E X C H A N G E A C T IO N

IN

B R E A K S.

C h ic a g o , S ep tem b er 1 2 1 9 1 9 .
th o

A m e r ic a n

fa rm e r

and

u n le s s

p rom pt

by ^
C o n B r e s s o f t h e U n i t e d S t a t e s t h o u s a n d s o f fa r m e r s
p r o d “ c t s, w l n b o f i n a n c i a l l y r u i n e d .
er
T h i s c o n d i t i o n is

t o tb hn n r L a D ^
F l r l P rr
E u rop ean

f

b e c ° m b >K i n c r e a s i n g l y

d a n g e r o u s a s t im e p a ss e s .

n t S ta t°
fo r e ig n e x c h a n g e a n d t h e c o n s t a n t d e p r e c ia ­
m o n e y v a lu e s .

The

H on.

g r e s s io n a l

H e r b e r t C . H o o v e r , in h is r e c e n t t e s t im o n y b e f o r e t h e c o n ­

c o m m itte e

i m m i n e n t d a n g e r in
“ An

in v e s t ig a t in g

w ar

e x p e n d it u r e s ,

p o in t e d

out

th e

th e fo llo w in g s ta te m e n t:

e x t r e m e ly d a n g e r o u s s it u a t io n w il l r e s u lt in c a s e t h e U n i t e d S t a t e s

G o v e r n m e n t d o e s n o t a s s is t p r o d u c e r s in f in d in g

o u tle ts fo r

th e ir g o o d s .

D u r in g t h e w a r A m e r ic a n p r o d u c t s o f a ll k in d s in c r e a s e d t h r e e fo ld .

U n le ss

t h e r e a r e p e r m a n e n t m a r k e ts f o r th e s e p r o d u c t s a t e r r ib le r e a c t io n
e v ita b le ,

[V ol . 109.

THE CHRONICLE

1616

c o u n t e r -a c t in g

p r e s e n t e ffic ie n c y .

a ll th e

p r o d u c tio n

T h e A m e r ic a n

in c e n tiv e s ,

i n g c r e d it s t o t h e n a tio n s n e e d in g fo o d s .
“ A m e r ic a n fa r m e r s a r e e n title d t o th e
G o v e r n m e n t s tim u la tio n th e .

w h ic h

p r o d u c tio n

is in ­

cau sed

G o v e r n m e n t m u s t in t e r v e n e b y

th e

gra n t­

requirements for short-term accommodation foreshadows tho
approach of the time when the financial operations of the
Government will cease to be the important factor in shaping
Reserve Bank policies which they have been, and Federal
Reserve bank rates once more will be fixed solely “with a
view of accommodating commerce and business.” We
give in full as follows what the Board has to say in the matter:
A s t h e p e r io d o f w a r fin a n c in g b e g in s t o a p p r o a c h it s e n d , t h e F e d e r a l

g re a te st

c o n s id e r a tio n .

A fte r

m u st b e g u a ra n te e d m a rk e ts.

b e in a p o s i t io n

to

s h a p e t h e ir p o lic ie s w it h o u t

b e in g u n d e r t h e n e c e s s ity o f g iv in g fir s t c o n s id e r a t io n t o

“ A g r i c u l t u r a l p r o d u c t i o n in ~ i l t —e E u r o p e a n n a t i o n s is n e a r i n g a n o r m a l
s t a t e , b u t t h e c o u n t r ie s w h ic h h a v e e m e r g e d fr o m

R e s e r v e b a n k s w ill a g a in

th e w a r w ill n e e d A m e r i­

n eeds o f th e T rea su ry .

th e in te r e s ts o r

S in c e t h e e n t r y o f t h o U n it e d S ta te s in t o t h e g r e a t

w a r, th e F ed era l R e se rv e b a n k s h a v e , fr o m

t h e n e c e s s itie s o f t h e s it u a t io n ,

c a n fin a n c ia l a s s is ta n c e f o r a n o t h e r 18 m o n t h s .
“ W e a r e c o m in g in t o a f l o o d o f p r o d u c t i o n o f f o o d s t u f f s in t h e n o r t h e r n

u t i l i z e d t h e i r r e s o u r c e s i n e v e r y l e g i t i m a t e w a y in s u p p o r t o f w a r f i n a n c o .

h e m is p h e r e a n d a g a in w ill h a v e a g r e a t s u r p lu s in t h e U n it e d S t a t e s .

fa c ilit a t in g t h e p la c e m e n t o f t h e g r e a t is s u e s o f b o t h lo n g -t e r m

in

th e

m e a n tim e ,

E u ro p e h as n o t fo u n d

c r e d it s t o

p u rch ase

th e

If,

c o m in g

T h e ir d is c o u n t p o l i c y , in p a r t ic u la r , h a s b e e n s h a p e d , f ir s t w it h a v ie w

of

a n d sh ort­

te r m o b lig a t io n s b r o u g h t o u t b y t h e T r e a s u r y , a n d s e c o n d ly w it h a v ie w o f

v in t e r ’s s u p p li e s , w e a r e l i k e ly t o h a v e a g l u t a n d p r ic e s m a y f a ll b e lo w t h e

s ta b iliz in g t h e m a r k e t fo r L ib e r t y b o n d s .

c o s t o f p r o d u c t io n t o A m e r ic a n fa r m e r s .”
O u r fa r m e r s h a v e n e v e r b e f o r e h a d o c c a s io n t o c o n c e r n th e m s e lv e s v ith

f e r e n t i a l r a t e s ( d e t a i l s o f w h i c h a r e e l s e w h e r e p r e s e n t e d in t h o " B u l l e t i n ” )

th e

banks,

m a tter

o f fo r e ig n

exch an ge,

but

b r i n g t h i s s u b j e c t h o m e f o t h 'r n .

p resen t

c o n d itio n s

m ust

in e v it a b ly

T h e e x p o r te r o f A m e r ic a n fa r m p r o d u c t s

W i t h th e s e o b j e c t s in v ie w , d if ­

h a v e b e e n m a in t a in e d a t R e s e r v e b a n k s in f a v o r o f b o r r o w in g s b y m e m b e r
e ith e r

on

th e ir

ow n

w a r o b lig a t io n s .
T h e e ffe c t o f t h is p o l i c y

or

t h e ir

cu stom ers'

n otes,

w hen

secu red

by

is fa c in g t h e fu t u r e w it h g r e a t u n c e r t a in t y , a n d w e ll h e m ig h t .
A stu d y o f cu rren t exch an ge at
a s o f i 'r i d a y . S e p t . 1 2 1 9 1 9 , s h o w e d t h e

s u c c e s s fu l p la c e m e n t o f f iv e g r e a t lo a n s , a g g r e g a t in g $ 2 1 ,5 0 3 ,0 0 0 ,0 0 0 , a n d

fo llo w in g :

m a n y is s u e s o f t a x a n d l o a n c e r t i f i c a t e s .
X a lu e in
S ta tes

U n ite d

M on ey

S la t e s

S ep t. 1 2 ,

M on ey.

1919.

C en ts.

C e n ts.

p r o s e c u t io n o f th e w a r , a n d th e fir s t d u t y o f its fin a n c ia l a n d c r e d it s y s t e m ,
t h e r e f o r e , t h e c o n s t a n t s u p p o r t o f t h o G o v e r n m e n t ’s f in a n c i a l p r o g r a m .
T h e d is a p p e a r a n c e o f th e T r e a s u r y fr o m

th o lo n g -t e r m

lo a n m a r k e t a n d

th e r a p id r e d u c t io n in its r e q u ir e m e n ts fo r s h o r t -t e r m a c c o n m io d a t io n fo r e ­

2 0 .3

2 .0 0

F ran ce.

1 9 .3

1 1 .8 0

2 0 .3

3 .1 5

2 6 .8

2 1 .8 5

1 9 .3

F r a n c ....... .................

1 9 .3

1 1 .7 7

M a r k _______________

2 3 .8

P o u n d s t e r lin g .-

• 1 8 6 .6 5

D r a c h m a _________

1 9 .3

sh adow s

th e

ap proach

o f th e

tim e

w hen

th e

fin a n c ia l o p e r a t io n s

o f th o

G o v e r n m e n t w ill c e a s e t o b e t h e im p o r t a n t f a c t o r in s h a p i n g R e s e r v e b a n k
p o lic ie s w h ic h t h e y h a v e b e e n , a n d F e d e r a l R e s e r v o b a n k r a te s o n c e m o r e

6 .5 0

C r o w n _____________
do

D e n m a r k _______________________________

M a r k _____________

G r e a t B r ita in

T h o p r e fe r e n tia l t r e a t m e n t th u s

e x te n d e d t o b o r r o w e r s o n G o v e r n m e n t fin a n c e a c c o u n t h a s ju s tifie d its e lf,

t o t h e w a r w e r e c o m p le t e d , t h e m a in b u s in e s s o f t h e n a t io n w a s th e e f f ic i e n t

G r o w n _____________
----------------

th e

a b le f a c t t h a t , d u r in g t h e w a r a n d u n t il th e fin a n c ia l o p e r a t io n s in c id e n t

v a lu e in
C o u n try .

it s e lf in

n o t o n ly b y t h e r e s u lts a c liie v e d , b u t a ls o w a s ju s t ifie d b y t h e u n q u e s t io n ­

U n ite d

N orm al
M o n e ta r y U n it.

o f d iffe r e n tia l r a te s h a s r e fle c t e d

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

4 .0 0
4 1 6 .0 0
1 9 .6

w ill b e fix e d

s o le ly

“ w it h

a v ie w

o f a c c o m m o d a t in g

com m erce an d

b u s i-

T h e e x t e n t t o w h ic h F e d e r a l R e s e r v o b a n k r a te s m a y n o r m a lly b o e x p e c t e d
t o b e “ e ffe c t iv e ,”

in t h e s e n s e in w h ic h t h a t t e r m

is u s e d in E n g l a n d a n d

C o n t in e n t a l E u r o p e , s t ill r e m a in s t o lie d e t e r m in e d .

O u r e x p e r ie n c e u n d e r

t h e F e d e r a l R e s e r v e s y s t e m is t o o b r i e f t o e n a b l e d e f i n i t e c o n c l u s i o n s t o b o
d r a w n w ith r e fe r e n c e t o t h is m a t t e r .

I t seem s d o u b tfu l, h o w e v e r , w h e th e r ,

103

2 0 .3
,
2

2 .1 5
3 7 .0 0

s u c h c lo s e c o n n e c t io n

C r o w n _____________

____________________________________

1 9 .3

F i o r i n _____________

I t a ly

2 6 .8

2 2 .8 5

c r e d it in u s e a s w a s t o b o n o t e d , f o r e x a m p le , in p r e -w a r d a y s in E n g l a n d ,

L n a ..............................
C r o w n ____________

3 .7 5

M a r k _______________

2 3 -8

E s c u d o ____________

1 0 8 .0 0

fo r a lo n g t im e t o c o m e a n d ta k in g t h e c o u n t r y a s a w h o le , t h e r e w ill b e a n y
o f F ed eral R eserve b a n k

th e h o m o o f ce n tr a l b a n k in g .

r a t e s w i ! li t h e v o l u m e

of

O u r n e a r e s t a p p r o a c h t o a n e ft c e t iv e R e s e r v e

4 .3 5

b a n k r a t e w a s r e a c h e d in t h e c lo s in g m o n t h s o f t h o y o a r 1 9 1 6 .
T h o h a b i t u a l t e m p e r o f t h o A m e r i c a n b u s i n e s s c o m m u n i t y is s a n g u i n e ,
and

6 5 .0 0

L e i . _______ _________

1 9 .3

D i n a r _____________

193

8 .2

P e s e t a _____________

1 9 .3

1 9 .0 0

T h e b u lk o f th e r e q u ir e m e n ts fo r c r e d it fa c ilitie s c o m e s fr o m

2 6 .8

S e r v i a __________________________________

2 4 .3 5

t r a d e , m a in l y d o m e s t i c in it s o r ig in a n d c h a r a c t e r .

1 9 .3

1 7 .9 0

n o t m a k e fo r s e n s itiv e n e s s t o t h o in fl u e n c e o f c h a n g in g r a t e s s u c h a s w a s

F r a n c ---------------------

S w i t z e r l a n d -------------------------------------------

m ean

lit t le

o r n o t h in g

d e p r e c ia tin g

to

m oney.

t h e la b o r in g

m an

b u s in e s s

is ,

fo r

th e

m ost

p a rt,

done

on

s in c e

th e

G e r m a n c o a l m in e r s a g r e e d

in c r e a s e s

to

a r e p a id

a lo n g e r n a y n o t

p r o fit a n d

lib e r a l

m a r g in s.

in d u s t r y a n d

S u ch a c o n d itio n d o e s

t h o c a s e i n E n g l a n d , w h e r e m u c h b u s i n e s s is d o n e o n

C o n d it io n s in s o m e c o u n t r ie s h a v e r e a c h e d t h e p o in t w h e r e w a g e in c r e a s e s
in

A m e r ic a n

a n arrow

w h e re b a n k in g re s o u r ce s w e r e n o r m a lly e m p lo y e d

m a r g in o f

la r g e ly in t h o

in te r n a tio n a l lo a n m a r k e t .
,
A t a n y r a te , it s e e m s fa ir ly c le a r t h a t lit t le d e s ir a b le r e s tr a in in g in flu e n c e

f o r a n in c r e a s e in p a y b u t p r o v id e d t h e y w e r e g iv e n 2 p o u n d s o i la r d , o le o ,

c o u ld h a v e b e e n e x e r c is e d b y R e s e r v e

o r o t h e r e d ib le fa t s w h ic h th e ir m o n e y c a n n o t b u y .
F o r e ig n la b o r h a s n e v e r r e c e iv e d t h e w a g e s p a id

r e p e a le d te n d e n c ie s t o w a r d s p e c u la t io n o f o n e k in d o r a n o t h e r h a v e m a n i­
our

w orkm en .

Our

m o u n t in g p r ic e s a n d w a g e s t o e n a b le c u r p e o p le t o m e e t th e n h a v e b r o u g h t

is n o

o u r sta n d a rd

te n d e n c ie s

to

a p o in t E u r o p e ca n

never h ope to

a tta in .

It sta n d s to

reason

to

in

r e a s o n t h a t th e ir w a g e s e v e n i f a c c e p t e d a t fa c e v a lu e w o u ld n o t h a v e th e

u n d erta k en

p u r c h a s i n g p o w e r t o p r o v id e m o r e t h a n t h e m e r e n e c e s s itie s o f li fe .

e n te r p r is e

C on vert

b a n k r a t e s in r e c e n t m o n t h s .

"

h ile

fe s t e d t h e m s e lv e s a n d , a t t im e s , g i v e n r is e t o a n u n d e s ir a b lo s it u a t io n , t h e r e
b e lie v e t h a t a n

ch eck ,

w ith o u t

at

any

a d v a n c e o f r a te s w o u ld

ra te

s e r io u s

no

in ju r y

w h ic h w e r e e n t it le d

to

su ch
to

ad van ces

le g it im a t e

have

h e ld

th e se

c o u ld

as

have

been

b u s in e s s

en cou ragem en t an d

and

d e s ir a b lo

su p p ort.

T h ere

is

.t h e p u r c h a s i n g p o w e r o f t h is m o n e y a t t h e p r e s e n t r a t e o f e x c h a n g e i n t o

n o r e a d y m e t h o d in R e s e r v e b a n k in g b y w h ic h t h e u s e o f r e s e r v e fa c ilit ie s

.A m e r i c a n f o o d a n d i t is n o t t o b e w o n d e r e d

can

th a n m on ey.
It h as co m e

to

th e

p o in t w h e r e m a n y

th a t fo o d

o f th e

is m o r e a c c e p t a b l e

.
E u r o p e a n c o u n t r ie s c a n

be

w ith h e ld

fr o m

u s e in

n o t p o s s ib ly fin a n c e t h e p u r c h a s e o f fo o d s , n o tw ith s ta n d in g th a t t h e s p e c to r

w ith

o f

U n i t e d S t a t e s is f a r f r o m

s t a r v a t io n

la n d .
'

have

or

is

near

m a ln u tr itio n ,

s ta lk s

abroad

in

th e ir

O u r fa r m e r s h a v e r e s p o n d e d t o t h e a p p e a ls o f o u r G o v e r n m e n t a n d
p rodu ced

fo o d s tu ffs

sh o rte r

h ou rs,

r e c e iv in g a

and

in

abu n d an ce,

and

t h is

is

now

a v a ila b le

fo r

so m u ch

produ ced

th e

u n d e r t h e h a n d ic a p

fa r m e r ju s t ly

e x p e c t s h is

p r ic e c o m m e n s u r a t e w it h

o f h ig h e r w a g e s a n a

e ffo r ts

to

be

rew arded

th e co s t o f p r o d u c tio n .

In

th e

f a c e o f th e s e c o n d it io n s a t h o m e a n d a b r o a d o n e o f t w o th in g s m u s t o c c u r ,

1 . A m e r ic a n p r ic e s m u s t b e r e d u c e d t o a p o in t w h ic h w ill e n a b le E u r o p e a n s ^ o p u rch a se o u r p rod u cts.
2 . A m e r ic a n p r o d u c t s m u s t b e

con su m ed

at hom e and

th e

s u r p lu s o

p r o d u c t i o n w ill c e r t a in ly lo w e r p r e s e n t p r ic e s t o a p o in t w h e r e t h e p io d u c e r
m u s t s u ffe r t r e m e n d o u s lo s s e s .
.
A s p o i n t e d o u t b y M r . H o o v e r , t h e o n l y a p p a r e n t s o l u t i o n is f o r ( o n g r e s s

o f a c tiv ity

d iv e r s it y

o f b u s in e s s in t e r e s t s a n d
s im p le a n d fa r fr o m

b u s in e s s

to

be

o b t a in e d

a r e , h o w e v e r , c le a r a n d

v a s tly

im p o r t a n t .

p r o d u c t iv e in d u s tr y

th e

b e n e fic ia l e ffe c t s o r c r e d it s tim u lu s

w it h o u t , h o w e v e r , o p e n in g

th o w a y

p r o p e r s e c u r ity

and

s o le ly

p u r c h a s e o f A m e r ic a n p r o d u c t s , a n d p a r tic u la r ly A m e r ic a n fa r m
T h is c o n d it io n
c o u n tr ie s
on ce

w ill a u t o m a t ic a lly a d ju s t its e lf a s s o o n

r e -e s ta b lis h

m ore

resu m e

t h e ir

th e

a g r ic u ltu r a l

e x p o r ta tio n

of

and

th e

as th e E u ro p e a n

in d u s t r ia l

p rod u cts.

fo r

p rod u cts.

e n te r p r is e s

E xch an ge

and

in v a r ia b ly

a d ju s t s it s e lf t o t h e b a la n c e o f c o m m e r c e , a n d w h e n t h is p o in t is r e a c h e d
t h e s ta b iliz a tio n fu n d

c o u ld

b o r e tir e d a n d n o r m a l c o n d it io n s r e s t o r e d .

T h e r e c a n b e n o d o u b t b u t t h a t t h o p r e s e n t u n c e r ta in ty a n d h a z a r d o f

and

su pport

to t h o c o s t ly o v ils o f c r e d it a n d p r ic e

lfla t io n .

The October “Bulletin” also has the following to say eonerning the discount rates of the Federal Reserve banks
luring the v/ar period:
C h a n g e s in d is c o u n t r a t e s o f t h e F e d e r a l R e s e r v e b a n k s a f f e c t p r im a r ily
he

15

and

9 0 -d a y

ra tes o n

11 t h e d i s c o u n t s m a d e b y

w ar

p a p e r , w h ic h

c o n s t it u t e

about

90%

1 9 1 7 t h e F e d e r a l R e s e r v e B o a r d a u t h o r iz e d a r a t e o f 3 %

fo r b o th

U n ite d S ta te s w a r

b li g a t i o n s a n d h a v in g a m a t u r it y o f n o t e x c e e d in g 15 d a y s .

T h is w a s th e

a t e a t w h i c h t h e f i r s t t w o s e r i e s o f d 'r c a s u r y c e r t i f i c a t e s w e r e i s s u e d .
h o s a m e tim e a 3 l %
A

of

F e d e r a l R e s e r v e b a n k s d u r in g t h o w a r p e r io d .

n M ay

s h a ll b e m a d e a v a ila b le a s lo a n s u p o n

3 ho
3 hey

a r e t o r e g u la t e th e v o l u m e a n d u s e s o f c r e d it s o a s t o g i v e a t a ll t im e s t o

uem bor b a n k s’ n o te s a n d cu stom ers' p a p er secu red b y

I d o n o t a d v o c a t e t h a t t h is b o t u r n e r

E x p e r i­

t lir o u g h r a t e s c a n b e d e v e lo p e d w h ic h w ill s e c u r e th o d e s ir e d r e s u lt s .

t o a r r a n g e f o r t h e e s t a b lis h m e n t o f a fu n d w h ic h s h a ll b o a v a ila b le t o p r o t e c t
t o e x p e n d in in c r e a s in g t h e ir m il it a r y e q u ip m e n t , b u t t h a t it

a ls o ,

te m p e r as th e

c e r ta in o f s o lu t io n .

t h e c r e d it o f t h e b u y in g c o u n tr ie s .
o v e r to th em

w ith o u t,

e n c e a lo n e c a n d e t e r m in e w h e t h e r a n d in w h a t m a t t e r a t e c h n iq u e o f c o n t r o l
o b je c t s

s a le a n d d is tr ib u tio n .
T h is fo o d h a s b e e n
by

" r e la t iv e ,"

u n d e s ir a b le lin e s

b e in g w it h h e ld f r o m u s e in d e s ir a b le lin e s .
T h e p r o b le m o f c o n t r o ll in g t h e v o l u m e a n d u s e s o f c r e d it in a c o u n t r y

A t

r a t e , c o r r e s p o n d in g t o t h e in te r e s t r a t e o n th e fir s t

.l i b e r t y L o a n b o n d s , w a s a d o p t e d f o r 9 0 - d a y p a p e r s e c u r e d b y s u c h b o n d s ,
fh e 3 %

r a t e a d o p t e d b y s ix b a n k s r e m a in e d in f o r c e d u r in g p a r t o r t h o y e a r

m d w a s r a is e d s u c c e s s iv e ly t o 3 3 4 a n d 4 % .

O th e r F ed era l R e s e r v e b a n k s

id o p t e d a 3 H % r a t e o n t h is c la s s o f P a p e r ’ w h lc h r a t e c o m m o n ly p r e v a ile d
it t h e c l o s e o f t h e y e a r .
T h i s r a t e a l l o w e d a m a r g i n o f 'A % t o t h e b a n k s ,
h e r a t e o n c e r t if i c a t e s h a v i n g s u c c e s s iv e ly b e e n r a is e d d u r in g 1 9 1 7 t o 3
lb.'

T h e t i m e f o r o u r e a r ly f a ll a n d e a r ly w in t e r r u n s is a t h a n d , a n d t h e p a c k e r s

•ate o n t h e S e c o n d L i b e r t y L o a n o f N o v . 1 5 1 9 1 7 w a s l i k e w l s o f i x e d a t 4 % .

m u s t e x e r c is e c a r e in f il lin g t h e ir c e lla r s — a s t h e y m u s t d o in t h o s e a s o n o f
heavy

r u n s — w it h

h ig h -p r ic e d

m ea t,

w h ic h

c„n

not

la te r

be

s o ld

excep t

a t a t r e m e n d o u s lo s s .
’
T h i s is a m a t t e r w h ic h d e s e r v e s im m e d ia t e a t t e n t io n , a n d I r e s p e c t f u l ly
u rge u pon
n ecessary

a ll

M em bers

a c tio n

to

of

C orgress

s t a b iliz e

th e

th o g r e a t im p o r t a n c e

fo r e ig n

exch an g o

b e fo r e

o f ta k in g
th o

th o

d is a s tr o u s

federal

reserve

board

POLICY.

on

the

d isc o u n t

The Federal Reserve Board in its “Bulletin” for October
discusses the discount policy of the Federal Reserve banks,
and observes that “the disappearance of the Treasury from
the long-term loan market and tbe rapid reduction in its



In
n-Liis

b e g in n in g w it h t h e S e p t . 2 6 1 9 1 7 is s u e , t o 4 % , w h ilo t h o in t e r e s t

\ p r il 1 9 1 8
th e 1 0 4 %

in a c c o r d a n c e w it h t h e h ig h e r r a t e s fix e d f o r G o v r o n m e n t
ra to o n

1 5 -d a y

w a r p a p e r w a s r a is e d t o

4 % , a n d a t th o

la m e t i m e t h e r a t e o n 9 0 - d a y w a r p a p e r w a s r a is e d f r o m 4 t o 4 H % .
T h ese
•ates r e m a i n e d u n c h a n g e d d u r i n g t h e r e m a i n d e r o f t h e y e a r 1 9 1 8 a n d d u r i n g
h o n r e s e n t y e a r in t h e N e w A o i k D is t r ic t .
i d iffe r e n t ia l o f
• ccu red b y

e ffe c t s a r e fu r th e r fe lt b y o u r liv e -s to c k p r o d u c e r s .

t iie

and

.

f i n a n c i n g i s l a r g e l y r e s p o n s i b l e f o r t h e r e c e n t s l u m p in o u r l i v e - s t o c k m a r k e t s .

« %

w a s a d o p t e d e a r ly in

c e r t ific a t e s b y

r a is in g t h o 4 %

In s o m e o i m e o t h e r d is t r ic t s
1 9 1 9 in f a v o r o f 1 5 -d a y p a p e r
ra te to

4 ^ %

on

1 5 -d a y p a p e r

ic o n r e d b v o t h e r G o v e r n m e n t w a r s e c u r i t i e s .
A s r e g a r d s t h e r a te s o n o r d in a r y c o m m e r c ia l p a p e r m a t u r in g w ith in
la v s

n e r c ia l p a p e r d u r in g
fo r k

In o t h e r d is t r ic t s th o 1 5 -d a y r a to o n o r d in a r y c o m 1917 has b een

r a n g in g b e tw e e n 3 X

s le w Y o r k
a etw een
york

15

t h e N e w Y o r k b a n k ’s r a t e h a s a lw a y s b e e n t h o s a m e a s f o r w a r p a p e r

,f t h e s a m o m a t u r it y .

ban k to 3 M %

th o

ra tes

on

and 4 % .

fr o m

X

to

1%

h ig h e r t h a n

in

T h e r a is e o f t h o 1 5 -d a y r a t o b y

N ew
th o

a n d s u b s e q u e n tly t o 4 % , r e d u c e d th o d iffe r e n c e

1 5 -d a y

c o m m e r c ia l

a n d p r a c t ic a lly a ll o t h e r d is t r ic t s t o

paper

m a in ta in e d

b etw een

*4 %

and

in

th o

> *»% •

N ow

Nov. 1 1919.1

THE CHRONICLE

1647

Rates on ordinary GG-day paper, which at tiie beginning o f 1917 stood at
Since 1914 the deposits in the savings ba iks, not ithstanding heavy
4 % at nearly all banks, during the last two months of the year .vere raised
withdrawals on the pari of cur alien population, h ve increased 51% .
to 4K % . and iu April 1918 to 4 % % . This is the 60-day rate at present The deposits in the commercial banks of the country have increased 91% .
prevailing in all except the Kansas City and San Francisco districts, where For the year 1918 agriculture has yielded over twenty >illion dollars;
a 5% rate is maintained. The 90-day rate on ordinary commercial paper, industry, over thirty-two billion dollars. Every paper d liar that is in
which in the beginning of 1917 ranged between 4% and 4 H % . was raised circulation to-day in this country has a gold dollar back of it, with the
by Vi % during November and December o f the year and by another
% exception of the national bank notes, and that only is a small part o f
by most of the banks in April 1918. Since then this rate has ranged the whole.
between 4 3 and 5% . Six-month paper rates, which ranged between 4 y2
A
A further advantage is tho disappearance o f the invisible balance o f
and 5% at the beginning of 1917, were raised in some districts by ^ to 1% trade. The American securities that have in the past so largely con­
and range at present between 5 and 5H % • Rates on trade acceptances, tributed to that invisible balance of trade have been returned to us and
as a rule, have been running from M to K % lower than the corresponding have been absorbed by the investing public to an amount that ran well into
rates on other commercial paper, except that during the more recent period
the billions. I think the actual amount figured out was two billion dollars,
tho rato on 15-day paper has applied equally to trade acceptances and to
two or two and a quarter billion dollars. That is in accordance with Mr.
commercial paper of the ordinary typo.
Lowrie's report abeut two years ago, and the actual securities that have
As a general rule changes in the rates on war paper have caused corres­
come over here as security for loans and one thing or another. They ran
ponding changes in the rates on ordinary commercial paper, though, so far well into that figure.
as 15-day paper is concerned, four banks, viz.: Boston, New York, Phila­
Furthermore, the alien enemy custodian has also been busy and has
delphia and St. Louis have at present a uniform 4% rate on all such paper,
Americanized foreign investments belonging to the Entente, and that also
whether secured by Government war obligations or not. In the other will account for another billion dollars.
Federal Reserve districts a differential of X to H % obtains at present be­
So that you see that our position in this country in really a .vaa J _.ful one,
tween tho two classes of paper of the sh irt^st maturity. Rates on ordinary
and particularly when we constrast it with the rest of the world.
commercial paper maturing within 90 days have been running from 1 to
On the other hand, the European countries are suffering from the ex­
>4 % higher than the corresponding rates on war paper.
orbitant issues in irredeemable notes. The total amount estimated is
about fifty billion dollars, an amount that is practically inconceivable,
and printing is still going on.
J O H N E. G A R D I N PROPOSES T H A T U N I T E D S T A T E S
In Germany, particularly, they realize the extent to which that work has
S E N D A B I L L I O N D O L L A R S GOLD TO EU ROPE.
been done, so that it gave the German parliamentarian an opportunity to
say in the National Assembly there - to recommend that the printing o f
P ointing ou t th at “ gold really is the m ost im portant factor
money had better stop inasmuen as the machinery and the lab or necessary
in the rehabilitation of the exchanges,” John E . G ard in, for that purpose could be used much more profitably in other lines.
Now these excessive issues are not the only cause of the adverse rates
form erly Vice-P resident of the N a tio n al C ity B a n k of N e w
Y o r k , in addressing the In vestm en t Bankers’ A ssociation a t of exchange that prevail at the present tune. These note issues concernthemselves alone and have no practical bearing at all upon the international
its annual m eeting in S t. Louis last w eek, declared th a t we situation, inasmuch as no country will take them.
The question now comes up, gentlemen, as to the rehabilitation of Eu­
could safely let a billion or more dollars “ go across the w ater
rope. Thero are three prime factors that are determining in this respect—where it w ould do som e go od , and in doing this w ork it money, food and clothing.
w ould -be to our advantage a great deal more th a n an y b o d y
There is plenty of money over on the other side, speh as it is, but it won’t
has apy idea o f .”
“ A s it is n o w ,” M r . G ardin ad d ed , “ it buy anything, and the only money they can use and which they want, and
which, by right, I think they ought to expect, and who to expect it from?—
sim ply stands back of oUr bank notes as an inert m ass and there is no other country that has it but the United States— and that is
not perform ing its proper fu n ctio n .”
M r . G ard in ’s discus­ gold. Food and clothing. These three items are absolutely ne< essary
sion was on the subjet of foreign exchange, and in p art he at the present moment to bring vitality into shell-shocked Europe, and
it is this country alone that can furnish them. And the delivery' of these
said:
^ . •
essentials will have to be prompt.
Yesterday I looked at ono of the local papers here and I saw an advertise­
Now there are four hundred millions of people on the other side, and
ment by one o f your colleagues, and a very good friend o f mine, and the gist they will continue to exist, regardless of the fact of whether we help them
of this advertisement is this, I am going to read it to you: There are four or not, and some day they will come into their own and will have recovered
ways to improve tho foreign exchange situation; shipment o f gold to this their former strength. But if they can do that through their own efforts,
country, shipment o f goods to this country, extension o f long term dollar unsustained by what we can do for them, it wilj. be their advantage and our
credits, purchase of foreign securities.
loss. Opportunity knocks at the door of the Individual as well as it does o f
The f.rst is impossible and, besides, we don’t need or want more gold. a nation, only once, and this, gentleftieh, is our goklen opportunity to come
The socond is slowly readjusting itself. Tho third is practicable but is a bank forward ungrudgingly and with a wide vision and a big heart
transaction. The fourth is an investment proposition, with unusually at­
They don’t want charity. As you have noticed in the attitude that is
tractive features, namely, a chance for the enhancement of the principal being assumed by the Frenchman, by the Italian and by the Belgian, they
and interest involved. Helping our allies— I think I could have improved are not groveling in the dust and asking you to extend aid to them, but I
on that; fw o u ld have said helping the world, our best customers, helping am sorry to say, though, the German is doing it. although he doesn’ t need
our expdrts and thereby helping in tho development o f our own industry: it nearly so badly as the others do. The German is whining and whimper­
improving our foreign investments by supporting the foreign exchange ing and saying, “ Without American aid we will perish, and when we porish
situation.
the other countries will perish too.” There is a good deal of truth in that,
Now, gentlemen, there is tho A B C o f sound economics, and it has leaked and you gentlemen will have to consider that feature very well in your
out very successfully.
future undertakings, so far as foreign securities are concerned.
Now, coming to tho question o f foreign exchanges, I am just going to bore
Take our own case after tho Civil War. How long would it have been
you a few minutes with the principles underlying the foreign exchanges. before we had recovered our pre-war status if it had not been for the influx
The centre of gravity, as far as tho world’s commerce is concerned, always o f foreign capital? European capital poured into this country by the
has been London and always will bo London, owing to a great many factors millions and millions. We did not speak in billions in those days; that is
that go towa*ds making up the advantages that London possesses over other a new term. By the millions, and it was never withdrawn. It stayed in
financial centres.
this country and was made to do its work over and over again, and accu­
Consequently, the pound sterling is or can be called the money o f the mulated and accumulated, and the result was that up to the outbreak of this
world, and all other exchanges revolre around the price o f the pound war Europe laid tribute upon us to the extent o f seven hundred to eight
sterling.
hundred million do’lars, and that was the main item in our balance o f trade
I f you want to arrive at tho price o f any continental exchange all you have and defied all calculations of the bankers as to the seasonable movements
to do is to determine what tho pound sterling is selling for in that particular of money.
,
centre and -here converting it at what the price o f sterling is selling in New
Well, that has all been changed to our advantage. But our opportunity
York, and you will get tho price o f francs, o f lires or whatever you are after. now is to reverse the operation and lay the rest o f the world under tribute
That is a fundamental principle o f the exchanges. T o a great many people to us. And we can do it. We have got to do it. W e have got to do it
it is a mysterious performance.
for our own salvation.
But a little study will show you that if the plainest performance that can
W hen this foreign capital came into the country our dollar was only
be imagined, it is simply co-ordinating, co-ordination of one currency into worth about fifty or sixty cents. They did not hesitate. They were not
tho other, based upon the price of gold, which throughout the civilized afraid of losing anything on it. They bought up our bonds, our 6% gold
world has been co-ordinated so that it is relatively equal and sells at the bonds, payable in ten years. It is true they bought them at thirty cents ,
same price in one financial centre as it does in the other.
on the dollar, but we had to have the money, and we took our medicine.
We are producing goods to-day, I won't say as we have never done before, That showed that the foreigner had the courage of his convictions and
because that really would not be true, we aro not producing as much as we we. so much better educated than we were fifty years ago. so much better
formerly did, although we ought to. but still it won’t be long before our equipped to undertake any transaction, no matter how large we certainly •
factories will be at tho zenith of their production, just as soon as the miner should be able to stand up and have the courage o f our convictions and go
troubles as are existing now have been adjusted. And everybody realizes forward with a fresh heart and take advantage o f the opportunity that is ’
that in order to hold our own in tho world’s traffic, or -he world’s commerce, presented to us.
wo have got to be at the very peak o f production, and in order to do that
Tho foreigner will only buy o f us those things which he is forced to buy.
and then still bo on iho safe side of things, we have got to pay some atten­
such as cotton and copper and raw materials; in fact, stuff that has not
tion to the foreign situation.
Now, I just .want to say a few words in order to give you a picture of had any of our high priced labor ihjected into it, but simply what has
what this world’s strife has been and the burden that it has placed upon been gathered up in the fields and dug up in the mines. The other things
tho European countries and to contrast it with the burden that it has placed that he is going to buy, where labor is 75% o f the psoduct. he fS golng*to
upon our country. And the best way that I can do that is to figure it out buy from Germany and from other countries that aro in a like position
that he is.
on a mortgage basis. The national wealth of the Entente up to the last
And we have proof of that in the last report o f the Finance Minister o f
reports was $215,800,000,000- That includes .Great Britain, France,
Belgium and Italy, and the war burden on a mortgage basis, their war France. In tho month of September the balance o f trade against France
was one. billion, seven hundred thousand francs in round figure.. ' three
debt, amounted to a hundred Wllien dollars, and the burden on a percentage
basis would be 4\% % of the national wealth. Tho Central Rowers em­ that 6_0% of that has been ° Ur m° ney’ and 1 have boen reliably informed
m paid to Germany
bracing Germany, Austria. Bulgaria and Turkey, their national w'ealth
was only one hundred and twenty-five billions, their war debt sixty-four is t r a d m /w it ^ Pren°hma,n is alrcady tradln« " h k Germany. Germany
s trading with everyone else. Now, the Frenchman has this advantage
billions. The mortgage basis on that would be 5 3 ^ % , compared to 11 H %
of the Entente. We now come to our own country and our figures are- French* hLk^n G^™ any: that the German exchange is so much lower than
based on tho Census o f 1910. It then was two hundred and fifty million French exchange that whatever France buys in Germany has a discount
dollars, and I have loft it at that figure. But our national wealth'can now put on it ana they gfit It, Just that much cheaper. I f they buy it in this
wb? tevor they bu> Jlas a premium of about1>0 or 70% added to it ,
r
safely be assumed at least at four hundred billion dollars. Our war debt
.nabf a,,y' >'ou
?.<» that it is good pol cy for
including the loans to the Allies, is twenty-three billion dollars. The loans
the Frenchman to buy in tho lowest market. Now. the Englishman Is.
to the Allies you all know was about ten billions, which some day will be
c?
hli g’ the ltalian ls doing the
n
thing, and where are
repaid to U!j. Now. on the basis o f the Census of 1910. the mortgage basis, w«Tninh
on tho United States, is only 5 ^ % . and taking the actual national wraith condition S . & S S j f e 4 *
•» » ■ » * »
• * » »
you will find that it will be less than 3 % , so we have a picture that is exceed­
^ e are placing a burden upon our own manufacturer*;, our people can’t
ingly gratifying, but that is not all.
sell it. and. gentlemen, before you know it. wo will run into an ora of over-




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[Vol . 109;

THE CHRONICLE

production and we will be smothered with our own wealth. Now. gold
really is tho most important factor in the rehabilitation of the exchanges.
T he total visible supply o f gold to-day is about seven to eight billion dollars.
Strange to say, France has more gold than any country in Europe. Eng­
land has relatively a very small supply, but the English, gentlemen, are
bankers and they know how to make that small supply of gold work, con­
sequently they don't need so much. The Frenchman is afraid o f hi
shadow, and has over a billion, two hundred thousand dollars in actua
gold lying in his vaults. Italy has none, Germany has none. N ow,
where is the rest o f it? Unfortunately, I say advisedly unfortunately,
we have it in this country. We have between, well, something over three
billion dollars, a great deal more than we need. We could safely let one
billion or more go across the water, where it would do some good, and
in doing this work it would be to our advantage a great deal more than
anybody has any idea of. As it is now, it semply stands back of our bank
notes as an inert mass and not performing its proper function. I may
be considered a little bit paradoxical in advancing a view o f that kind,
but anybody that has studied economy, political economy, will confirm
what I say, although It is notsaitiin tho way o f criticism, as I believe that
our central organization, the Federal Reserve Bank, is run on an extremely
conservative basis, to the best interests of the country, and the bankers
and the commercial men can always rely upon its interests being safe
guarded and perhaps it is just as well that we should be running strong
at the present moment. But it does seem to mo that there is a potentiality
that has beon deprived o f its power in having so much gold in tho country.
Now, the rehabilitation powers o f nations is great and it won’t be long
before Europe finds its own— finds Itself coming into its own again, and
f we have helped it do that, we will be the gainers. If we don't, we have
missed our opportunities, as I have said before.

R EPO R T OF F E D E R A L RES ERVE B A N K OF N E W Y O R K
O N B U S I N E S S C O N D I T I O N S — E X P A N S I O N OF
B A N K CREDIT.
T h a t the p ast th irty days com prises a period of groat
o f ban k credit is the ou tstan din g statem ent in
a report on business conditions in the Federal Reservo
D istrict of N e w Y o r k , m ade publio b y the local Federal
R e s e rv e
B a n k yesterd a y. T h e loans, discounts and in­
v e s t m e n t o f N e w Y o r k Clearing H o u se ban ks, it is pointed
o u t t w i c e exceeded previous high records, and a t tho sam e
t i m e , it is further n oted , the b a n k ’s holdings of U n ited States
e x p a n s io n

War securities and loans on G o vern m en t collateral heavily
declined. T h e follow ing is taken from tho report:
Montv and Banking.
Tha nast thirty days have been marked by important movements in money
and banking In this district, particularly in the City o f New York. In this
^ r io d loan accounts of New York Clearing llouse banks reached new high
levels The loans and investments o f the Federal Reserve Bank of Now York
increased to a point not far below the highest ever reached. The call money
n ite T a s yet the accepted indicator of money market conditions, rose on
three d a y s to 15% and frequently to 10 and 12%.
A ? the Federal Reserve Bank tho reduction in member bank borrowings
was transient. The mounting credit demands o f the season and of sPc<Adation in securities, real estate and other forms of property, together with the
withdrawal of $166,000,000 o f Government deposits created by the sale of
certificates of indebtedness, produced directly or indirectly in three weeks a
rwn of $240 000 000 in the borrowings of member banks at tho federal
R^erve^Bank, until on Oct. 17 they reached $974,400,000 only $24,000,000
below the total of last July, the maximum for the Federal Reserve Bank of
N X 7 i n i e a s c in loans and investments of New York Clearing House banks
f r o m Sept ^ to Oct. 17 was about $45,000,000, with the peak on Oct. 10
when the total stood at $5 ,4 3 3 ,0 0 0 ,0 0 0 . the highest ever reached, and more
than $ 1 1 0 000,000 above the figure for three weeks previously.
ex­
pansion occurred in spite of a material liquidation of war obligations held
by the banks. During the same period the banks in this district which report
their condition to us each Friday reduced their Governmentbond lioidi:n°s
b r $9 000 000. their certificates of indebtedness by $109,000,000. and
their loans secured by United States bonds by $37,000,000; while their loans
secured b y s t o c k s and other bonds increased $112,000,000.
Nor is this movement confined to New York City and the Second Federal
Reserve District. The liquidation of Government securities and paper which
E S S X e 1° tho books ot o v er, section of tho country bas r i M l h d
credit but this credit has not been used to reduce borrowings at, tho 1 ederal
Reserve Banks; it has been promptly absorbed by tho demands of^produc­
tion and distribution or by the speculation in securities.
real estate, which is proceeding actively in nearly every part
The demands for credit which have lately been imposod upon tho l edcr ^
Reserve System have reduced its reserves to less than 49% . the lowest in
its history, despite the recent introduction into
^ ® rV
f^odstuffS £
$107,000,000 o f gold received from Germany in payment fc
•

sale of Government bonds, large amounts’ of small denomination bonds are
constantly being sent here from other districts for sale. However, tho great
volume of such exchanges is indicative of the extent of the continued selling
by small holders.
_____ ___________________
, .

F E D E R A L RESERVE BO A R D O N COST OF L I V I N G
■
PRO BLE M .
That the high price levels which have been attained in
the United States present a grave situation is clear, the
Federal Reserve Board notes in its October “ Bulletin,”
from the attention which current discussion of tho causes
of industrial unrest is directing to the cost of living problom.
Continuing the Board says:
It presents the most urgent and immediate phase of the problem of post­
war business and industrial readjustment. It promises to remain a per­
sistent phase of post-war conditions unless its nature and cause aro under­
stood and a rational economic attitude toward it is developed.
So far as the profiteering practices, which current discussions assume
have developed widely and rapidly since the armistice, are responsible
for tho price aggravations which have boon experienced in rocent months,
some considerable mitigation or the cost of living situation may bo expected
and, indeed, is already in sight. The activity of "fair price" committees
in different parts of the country, local action by the States, investigations
and publicity by the Foderal Trade Commission, and prosecution by the
Department of Justice, under Federal law, which, as elsewhere noted, is in
process of amendment, are already produchig results. Tho problem of re­
ducing the cost of living is. however, mainly that of restoring the purchasing
power of tho dollar. The doUar has lost purchasing power because expan­
sion of credit, under the necessities of war financing, proceeded at a rate
more rapid than the production and saving of goods. Tho return to a sound
economic condition and one which will involve as little furthor disturbance
of normal economic relationships as possible will bo a reversal of tho process
which has brought the country to its present pass. In other worus. tn«
way in must be tho way out. As the way in was expansion of credit at a
rate more rapid than expansion of production and saving, so the way out
must be an increase in production and in saving. The effect o
production will be to place a larger volume of goods against the $r«*t y
enlarged volume of our purchasing media and thus to reduce Pnc<^V .
effect of increased saving will bo a reduction in tho volumo of purchosmg
media in use and, by consequence, a reduction of prices also
“ What is needed is the restoration of a proper balance botwoen tme voium ,
of credit and the volumo of goods," said Gov. Harding, spoaklng o
annual convention of tho American Bankers Association a
•
•
Sept. 30. “ Because of the war financing of the Government it is no
practicable to reduce tho volume of credit except gradually, anc
o cs
and probably the only remedy for tho present unrest is to increase
volumo of goods and the facilities for their distribution. Shorter heuru
higher wages do not tend to increase production, but rather tho revere ,
and strikes and walkouts aro doubly harmful in that they stop p
n
without materially reducing consumption."
,
The cost of living problem on its financial side is mis-concoivod u
is conceived as the problom of restoring the value of the dollar.
o a P
the depreciation worked in the dollar by war conditions and to stan ar
the dollar of the future on this basis would be to ratify the inflation wrou„
by tho war and the Injustices it produced. No artificial solut on ®
economic situation of this kind is likely to commend itsolf to
e
judgment and the sense of equity of the country, even could some ar
,
method of dealing with the question of monetary depreciation Do uev
which would not bring in its train a crop of new difficulties and pro
•
So far as the main incidence of tho high cost of living is to bo oun
ranks of labor, its correction presents an industrial problem rather t
monetary problem— a problem to be met not by a change in the mono ai
standard but by a chango in the machinery of industrial remuneration, i >
successful handling of tho cost of living situation, so far as concerns a ° rj
is in first instance a matter of determining the extent to which the actual
cost of living to different grades of labor in different parts of the country
has been increased by rising prices, and, secondly, of devising some effective
method of adjusting money wages to changes in the money cost of living.
The former is a technical statistical problem and is having the attention ot
the Bureau of Labor Statistics, which is accumulating data on the basis or
which can bo constructed a cost of living index number that will show varia­
tions in total expenses of families dependent upon wages because of price
changes. The latter is the practical problem of improving the status o
labor by the establishment of new working principles governing tho rela­
tions of employers and employed.

FEDERAL

RESERVE BO A R D O N
L IQ U ID AT IO N .

OUTLOOK

FOR

*

That liquidation, in tho natural course, of war accounts
seems likely beforo long to becomo a characteristic of tho
banking trond, is the view expressed by the Foderal Reserve
Board in its “ Bulletin" for October. Whether such liqui­
dation, howovor, will result in a lasting decline in tho total
volumo of outstanding bank credits will depend, says tlio
Board, upon tho Stato of industry and trade and upon tlio
movoment of prices. Tho Board also has tho following

W^One o *the most'important*developinents o f tho past few
the general tendency on the part of the banks to distribute ^ th er tlian to
hold their certificates or Indebtedness. On Sept. 30. the last date for vrh f
f i r ' d ^ T v l u a b l e , the total amount of c e r t i f i c a t e s outstanding in the
country was $3.755,00#.000. and it is estimated from the fi* ^ “ ^ t^ held to SUV*
banks which report weekly that the aggregate amount or ^ r!;‘f‘catos h°
Material improvement in tho financial position of O.e Treasury and tno
b y ad banks in the United States was well under $2,000,000,000.
favorable conditions on which recent issues of loan certificate* have been
*The steady liquidation of Government paper in the banks and the dema
placed carry confirmation of tho views expressed by tho Secretary of the
Tor Government bonds in the market at rising prices indicate the gradual Treasury in his letter of July 25. and repeated in his letter of September 8.
absorption by savings o f those bonds for which the savings o f the country that tho borrowing operations incident to tho financing of tho war would
during the war were insufficient. Among the large borrowings made Tor tno be carried to completion without another great funding loan. So far as
purpose of participating in Liberty Loans were those o f the large insurance such operations aro concerned, they may be said to have come to a close
companies, and they are now nearly or completely liquidated, lh is evi- with tho Victory Loan. Such financing as is still to bo provided can
flance o f saving Is confirmed in the reports of sixty-four insurance companies clearly be carried through by issues maturing on tax dates.
showing that for the first six months of this year $845,000,000 more new
The outlook is distinctly encouraging, therefore, for an improvement in
insurance was written than in the corresponding period a year ago. in e tho investment status of tho outstanding funded securities of the Govern­
New York State savings banks show an increase of $137,000,000 in doposits ment and. with it, for an improvement in the loan and investment accounts
foe the first six months of this year, against $5,164,000 for the same months of the banks. The extent to which the banks of tho country subscribed
o f 1918. On the other hand extravagance in personal expenditures is every­ to war bonds of the different issues which they did not intend as a matter
where reported, and there is still an obvious disposition on tho part of holders of policy to carry permanently as a part of their long-term investments,
o f small denomination Liberty Bonds to sell. In certain issues the total or can not be accurately determined. Neither can the volumo of loans made
*50 bonds which have been presented at the Federal Reserve Bank tor ex­ by tho banks to customers on account of their subscriptions to Government
change into higher denominations—suggesting that the purchasers have war issues and still outstanding be accurately determined. Details of an
sold them to buyers able to hold $1,000 bonds— exceeds the number origin­ estimate made for this purpose and elsowhore presented in tho "Bulletin''
ally issued In this district. But as New York is the primary market for the




N ov. 1 1919.)

THE CHRONICLE

indicate that the volume of unabsorbed war securities is undoubtedly large
Liquidation o f these war finance investments and loans is clearly a necessary
preliminary to any large and genuine improvement in the banking and
credit situation. Such liquidation means the purchase of war securities
by actual investors. That such liquidation will bo stimulated through im­
provement in the market for Government bonds is clear. The recent
improvement in the Government bond market, foreshadowing as it probably
does a progressive improvement because o f Increased realization that G o v
eminent long-term financing is over, is, therefore, o f good augury for the
general banking situation.
Liquidation, in the natural course, o f war loan accounts seems likely
before long to become a characteristic of the banking trend. Whether
such liquidation, however, will result in a lasting decline in the total volume
o f outstanding bank credits will depend upon the state o f industry and
trade and upon the movement o f prices.

FEDERAL RESERVE BOARD ON CR ED IT A N D PRICES.
On the subject of credit and prices in its “ Bulletin” for
October the Federal Reserve Board states that the depen­
dence of prices on credit has had convincing exemplifica­
tion in the past few years; that expansion of credit has been
a considerable factor in our financial and price situation
has, it notes, often been pointed out in the “ Bulletin,” and
the Board adds:
The way in which credit affects prices nevertheless requires discriminating
analysis. Of itself and alone, credit can not bo said to determine prices.
Credit affects prices only as it is used in the purchase and payment of things.
It can affect prices, therefore, only when acting in conjunction with other
favoring conditions.
There are times when the banking organization has large reserves of
credit power, and yet industry and trade being "slow” there'is little demand
for additional credit and consequently little credit is added to the volume
of credit in use and consequently little effect is exerted by credit in changing
prices. A bank may offer a customer credit but it can not make him take
it. It is the credit which is taken and used, not the credit which is offered,
that counts in the movement of prices. There are other times when the
reserves of credit power are low and yet the demand for credit, is large and
the volume of credit in use consequently largo and its influence on prices
unmistakable. The volume of credit in use depends, therefore, quite as
much upon the state of trade as it does upon the state o f credit. The limits
within which the use of credit can be forced by the banks are pretty narrow.
Credit, as such, can not, therefore, be said to be the cause o f price changes
By enabling and facilitating transactions in the purchase and sale of ma­
terials and goods and labor, which require the use of a large volume of
purchasing media, credit nevertheless is a decisive factor in the price
situation. It is the business of the banking organization to create and
supply purchasing media. Thus, at times, when trade is brisk and the
spirit of industrial enterprise runs high, the increased volume of credit
supplied by the banks sustains and facilitates, if it does not indeed induce,
the purchasing movement, and thus supports the rise in price levels. With­
out such an enlargement in the volume o f circulating credit or purchasing
media in other suitable forms, the accommodation o f prices to changing
conditions in a period of activity would bo impeded. While credit, there­
fore, can not create a situation which results in high prices, it is equally true
that a situation which results in high prices can not eventuate without the
assistance and mediation of credit. While there must be a desire for the
use of credit before credit can expand, once under way an expansion of
trade gets so much encouragement, stimulus, and support from an expansion
of credit that it is at times difficult to say which is more cause and which
is more effect, so closely interdependent and interwoven are the two.
Questions o f theoretical formulation apart, however, the close connection
of credit and prices, or of prices and credit, docs not admit of reasonable
doubt. What is still to be tested is the kind and measure of control at
once effective and beneficial in its effects that can be exercised on credit
through the instrumentality of Federal Reserve bank rates and operations__
that is, the extent to which the volume and character of Federal Reserve
bank operations will be sensitively responsive to changes of rate.

FED E RA L RESERVE BOARD ON RESPONSIVENESS OF
FEDERAL RESERVE NOTE C IR C U L A T IO N
TO F L U C T U A I N G R E Q U I R E M E N T S .
The statement that there is “ no foundation in present
American experience for the view still sometimes urged that
changes in the volume of currency are responsible for changes
in prices” is made by the Federal Reserve Board in its
October “ Bulletin” in which in the discussion of Federal
Reserve notes it says:

1649

of currency in times of expansion follow price changes. They do not pre­
cede them
There is, therefore, no foundation in present American experi­
ence for the view still sometimes urged that changes in the volume of
currency are responsible for changes in prices.
V hile it may be true as a theoretical proposition that prices at retail could
not rise without an increase in the voluide of currency and that refusal to
supply currency might impede an upward movement-of retail prices (though
it is much more likely that refusal to supply currency would lead the com­
munity to adopt devices such as duo bills or bearer checks, &c., of small
denominations to meet the demand for currency substitutes), it is also true*
that such a method of controlling prices, if successful, would be at the cost
of business disaster. Brices at wholesale are not appreciably affected by
!h !fV° nme ° f po, kct m oncy- It is the volume of circulating bank credit
c
<t influences tljp trend of wholesale prices. Restriction of bank-note
issues would not, therefore, act as a direct restraint upon the movement of
wholesale prices. Such effect as might conceivably be exerted from this
source would at best be indirect, and would effectuate itself bv what would
M tu ta m o a n t to a breakdown in the organization of trade by making it
in J ! ! i ° r fet‘U prices Ip adjust themselves to changes, proceeding from
,
» or ess fundamental influences, in the movement of wholesale prices.
v n m r Cee CUrrenCy ° f the country is a function of the general money
i
the country’s business. To attempt to turn it into an instrument
control would be a perversion of the currency function of the
banking system.
of,?,?10 porrection of the price situation will come in a more natural and
■it ° T Illanncr- 1’ rices at retail will fall to more normal levels as prices
iin„:ri!?ff Sa 6
I>rices at wholesale will fall as savings accumulate and
I
‘ 1 1 0 the war-loan accounts of the banks ensues and production
01
t) ‘ , cs t° tup Point where it more nearly matches the great increase in
. ,° l‘ Ple of Circulating or purchasing media which have been called forth
uurmg the successive emergencies of recent years.
the manner in which liquidation of the war-loan business of the banks
notortP^ a! e a r i,UCti° n Pf currency raay be explained. It should also be
,W
dehtnr •t * if1
*?1 ‘ Quidation will be most effective if those who are now
ohUrri*i °
e bal,ks on account of Liberty Loan subscriptions take up their
thn ho , 8 0Ut of their own savinss- Repayments of funds borrowed from
jo
n s may take the form either of bank-deposit credit or of Federal
ac rn °i u°tps- lu the latter case. Federal Reserve notes w
rould begin to
to ti U.>
[-a m ! ku bands of the member banks. They would take them
the 10, ° era* Heserve banks for credit to their reserve accounts. 8ince
t, . f tserve acc°unts ol most of the member banks have been brought to
p / Present levels through extensive rediscounting, the return of the
rwi.tne Reserve notes to the Federal Reserve Bank would be in effect a
. * lon ° the member bank’s liability to its Federal Reserve bank and a
auement of the Federal Reserve note through such process of redemption.
we wou,.d thus be a direct reduction in the volume of Federal Reserve
th
.l n
ci,cu'ati°n and a corresponding reduction in rediscounts. In
0 oinier case, where the debtor of the member bank made payment by
creoit,, there would take place a reduction in first instance of the volume
tne member bank’s liabilities and in the socond instance of the Federal
iteserye Bank’s deposit liabilities— and, it may be added, on the asset
Mae of the statement a reduction of its discounts. The whole volume of
outstanding bank credit would thus contract itself, and the same causes
a
rought about the contraction would result in a lowering of prices,
w ic i would necessitate a smaller volume of pocket currency and a return
ow of redundant currency to the banks and eventually to the Federal
Reserve banks.
Taking things as they are, the bulk of outstanding Federal Reserve notes
ma> properly be regarded as supplied to the borrowing member banks
agmnst rediscounts. Expense in the shape o f a discount charge is, therefore,
entailed to member banks in obtaining increased supplied of notes. While
.. ederal Reserve notes are freely issued to the banks in the sense that no
limits have been imposed upon the amount, they are not issued without cost.
s increases in the volume of Federal Reserve note currency, particularly
in times of expansion, will be obtained against rediscounts or bills payable
oi member banks, the Federal Reserve note, as long as it is out, involves
serious cost to the bank that takes it. The member bank, therefore, has
ery inducement, as notes accumulate in its hands, to use them in reducing
its orrowings from the Federal Reserve Bank. Thus has an automatic
machinery been provided, operating by the method of profit and lo<>. for
sending into retirement and redemption such part of the Federal Reserve
note circulation of the community as may at any time be in excess of
requirements. The main condition, as already observed, determining
currency requirements is the level of prices. The reduction of the volume
the currency is, therefore, a price problem far more than the reduction of
prices is a currency problem.

P R E S ID EN T W IL S O N SIGNS BILL IN CREA S I NG LO -1 V
___ I N G P 0 W E R 0 F _ N A T IO N A L BA N K S TO 1 0 %
W H E N BA S E D ON W A R E H O U S E RECElTTS.----- ---

President Wilson signed on O ct. 22 the b ill, amending the
National B anking A ct so as to permit N ational hanks to
1 ho responsiveness of the volume o f Federal Reserve note circulation to lend to the extent of 2 5 % of their capital and surplus (instead
fluctuating requirements is again in process o f demonstration. A year ago of 10 , 0 as heretofore) on shipping documents, warehouse re­
attention was called in the “ Bulletin” to the increase of Federal Reserve
ceipts, etc., covering cotton and other readily marketable
notes in the months synchronizing with the crop-moving period. The
same phenomenon is now being repeated. Beginning with Aug. 1 1 9 1 9 , non-perishable staples, including live stock. As has hereto­
when the total volume o f outstanding Federal Reserve notes was $2,506,­ fore been indicated (see “ Chronicle,” Oct. 11, page 1414)
820,000 (the year 1919 opening with a circulation o f $2,647,605,000, as
reported on Jan. 3), there has been a steady increase in the volume of the bill was passed by the House on July 31, and on © et. 2
Reserve notes in circulation, week by week, as seen in the following state­ passed the Senate in slightly amended form; on Oct 7 the
ment showing an increaso for the period Aug. 1 to Sept. 26 of $148,534,000
House concurred in the Senate amendments.
Below we
Aug. 1 0
19
........... $2,506,820,000 Sept. 5 1919 .............$2,611,697,000
Aug. 8 19 9 .......... 2,032,057,000 Sept. 12 1919 ..........
2,621,228.000 give the. bill as signed by the President, showing in Italics,
Aug. 15 1919 --------- 2,540,904,000 geP t.l9 1919 ............. 2,621,258,000
the newly incorporated matter and in black-faced brackets
Aug. 22 1919 ........... 2,553,534,000 Sept. 26 1919 ..........
2,655,354,000
Aug. 29 1919 ............ 2,580,629,000
and type the matter previously embodied in the law but now
While seasonal requirements thus appear to be the principal cause of shorts omitted.

period changes in the volume of outstanding Federal Reserve notes, the
fundamental influence determining their normal volume is the movement
of general prices and the volume o f outstanding bank credit. No mathe­
matically and definite and quantitative relationship between the volume
of bank credit and the volume o f circulating notes can be specified, but a
close connection between the two exists. The connection is indeed so close
that an increase in the volume of circulating notes may ordinarily be
expected to follow closely upon an increase in the volume of circulating bark
credit. '1 his is particularly true in times when a close connection is ob­
served between changes in the volume of bank credit in use and general
prices. At such .1 nos, and generally in times of increasing trade activity,
prices at wholesalrise first. In their wsk - there follows of necessity a rise
of retail prices and in consequence a need for increase of circulation. If
may be stated as a general proposition, therefore, that changes in the volume




..
IH. R. 7478.)
AN A C T To amend sections 5200 and 5202 of the Revised Statutes of the
United States as amended by Acts of June 22 1906, and Sept. 24 1918.
Be it e n a c t e d b y t h e S e n a t e a n d H o u s e o f R e p r e s e n t a t i v e s o f D ie U n i t e d S t a t e s
o f A m e r i c a i n C o n g r e s s a s s e m b l e d , That section 5200 of the Revised Statutes
of the United States as amended by the Acts of June 22 1906, and Sept 24
1918, be further amended to read as follows:
Sec. o200. The total liabilities to any association of any person or of
any company, corporation, or firm for money borrowed, including in the
liabilities of a company or firm the liabilities of the several members thereof
shall at no time exceed 10 per centum of the amount of t h e capital stock of
such association, actually paid in and unimpaired, and 10 per centum of its
unimpaired surplus fund: P r o v i d e d , however. That (1) the discount of bMIs
of exchange drawn in good faith against actually existing values i n c l u d i n g

1650

THE CHRONICLE

[V ol . 109.

drafts and bills of exchange secured by shipping documents conveying or securing inally required to carry reserve against circulation as weii as against de­
title to goods shipped, and including demand obligations when secured by docu­ posits.
In the case of individual deposits, however, the same rulo was not ap­
ments covering commodities in actual process of shipment, and also including
bankers’ acceptances of the kinds described in section 13 of the Federal Reserve plied—that is to say, if a corporation had on deposit tho sum of S10,000
Act, (2) the discount of commercial or business paper actually owned by and the depositary bank held the demand note of the corporation for $0,000,
tho person, company, corporation, or firm negotiating the same, (3) the the bank was never permitted to deduct the demand note from tho de­
discount of notes secured by shipping documents, warehouse receipts, or other posit liability in computing its reserve. This practice of tho Comptroller's
such documents conveying or securing title covering readily marketable non­ office in drawing a distinction between bank deposits and individual de­
perishable staples, including live stock, when the actual market value of the posits was ratified by statute when the Federal Reserve Act was passed.
The language of the statute is as follows:
properly securing the obligation is not at any lime less than 115 per centum of
In estimating the balances required by this Act tho net difference of
the face amount of the notes secured by such documents and when sitch property
amounts duo to and from other banks shall be taken as the basis for as­
is fully covered by insurance, and (4) [a n d (3 )] the [p u rch ase or 3 dis­
count of any note or notes secured by not less than a like face amount of certaining the deposits against which required balances with Federal
bonds or notes o f the United States issued since April 24 lj)17, or certificates Reserve banks shall be determined.
The question submitted, therefore, invok es an interpretation of this
of indebtedness of the United States, shall not be considered as money bor­
rowed within the meaning o f this section. [ ; b u t ] Tho total liabilities to language. In reaching a conclusion it is necessary to determine:
1. Did Congress intend to treat balances due to foreign banks as deposit
any association, of any person or of any [c o m p a n y ] corporation, or firm.
or company, or the several members thereof upon any note or notes purchased liabilities?
2. if so, did it intend to permit balances due from foreign banks to be
or discounted by such association and secured by [ s u c h ] bonds, notes, or
certificates of indebtedness as described in (4) hereof shall not exceed (except deducted as bank balances?
If balances due to foreign banks are not to be treated as deposit liabili­
to the extent permitted by rules and regulations prescribed by the •Comp­
troller of tho Currency, with the approval of tho Secretary of the Treasury) ties the question arises whether they are subject to reserve requirements.
10 per centum of such capital stock and surplus fund of such association If they are uot treated as deposit liabilities they would probably have to be
and the total liabilities to any association of any person or of any corporation, classified as money borrowed, in which event they would be subject to
or firm, or company, or the several members thereof for money borrowed, includ­ limitations of Section 5202.
Assuming that these balances are payable in dollars at the banking
ing the liabilities upon notes secured in the manner described under (3) hereof,
except transactions (1 ). (2 ). and (4), shall not at any lime exceed 25 per centum house of the depositary bank in the United States, it would seem clear that
o f the amount of the association's paid-in and unimpaired capital slock and they conform to the requirements of deposit liabilities and should be treated
surplus. The exception made under (3) hereof shall not apply to the notes of as such. It is not entirely cloar, however, that they come in tho category
any one person, corporation or firm or company, or the several members thereof of balances due to other banks. In other words, the question arises whether
the language “ other banks” as used in the statute refers to banks organized
for more than six months in any consecutive twelve months."
Sec. 2. That section 5202 of the Revised Statutes of tho United States under the laws of the United States, cr under the laws of a State of the
as amended by soction 20, Title I. of the Act approved April 5 1918, be fur­ United States, or whether it is intended to include foreign banking cor­
porations.
ther amended so as to read as follows:
From a purely techinical standpoint it would seem that those deposits
“ Sec. 5202. No national banking association shall at any time bo in­
debted, or in any way liable, to an amsunt exceeding the amount of its should be treated as ordinary deposits and not as bank deposits, since
Section 1 of the Federal Reserve Act provides that:
capital stock at such time actually paid in and remaining undiminished by
Wherever the word "bank" is used in this Act the word shall be held to
losses or otherwise, except on account of demands of the nature following:
include State bank, banking associations, and trust company except whero
“ First. Notes of circulation.
national banks of Feceral Reserve banks are specifically referred to.
"Second. Moneys deposited with or collected by the association.
It is truo that the term "banking association” may bo said to bo broad
“ Third. Bills of exchango or drafts drawn against money actually on
enough to include foreign as well as domestic banks. It is a significant
deposit to the credit of the association, or due thereto.
"Fourth. Liabilities to the stockholders of the association for dividends fact, however, that wherever the Act relates to transactions with persons,
firms, or corporations in foreign countries it uses the word foreign to
and reserve profits.
"Fifth. Liabilities incurred under the provisions of the Federal Reserve qualify such persons, firms or corporations. For example, in Section 14,^
it refers to “ foreign corporations," “ foreign correspondents or agencies,'
Act.
"Sixth. Liabilities incurred under the provisions of the War Finance “ foreign firms,” and “ foreign individuals.” In Section 13 it draws a dis­
tinction between foreign and domestic transactions.
Corporation Act.
It may reasonably be argued, therefore, that had Congress intended tho
“ Seventh. Liabilities created by the indorsement of accepted bills of exchange
payable abroad actually owned by the indorsing bank and discounted at home word "bank” to include foreign associations and foreign correspondents,
it would have so provided in that part of Section 1, which is above quoted.
or abroad.”
In this view the conclusion would seem to bo justified that balances due to
Approved, October 22 1919.
foreign banks, firms, or associations, are not to be treated as balances duo
to other banks within the meaning of that language as used in the Act.
P RESID ENT SIGNS PLATT BILL ALLOWING NA­ If this bo true, it is clear thar Congress did not intend to permit balances
due from foreign banks, firms, or associations to ba deducted from bal­
TIONAL BANKS TO INV EST
IN
ances due to other banks.
Viewing this question from a practical standpoint, there does not appear
EXPORT CORPORATIONS.
to be any real justification for permitting this deduction. Tho reserve
carried against demand liabilities is primarily for tho purpose of enabling
tho depositary bank to meet any unusual or abnormal withdrawals on the
part of the depositors. Balances duo from other banks In the United
States are available for this purpose. They may be quickly and expe­
ditiously transferred to tho Federal Reserve Bank, and when so transferred
become a part of tho actual reserve of the depositary bank. In tho case
of balances due from foreign banks, however, this is not true. Such bal­
ances would have to bo sold on tho market like any other investment and
the proceeds of the sale deposited with tho Federal Reserve Bank in order to
become a part of tho member bank's reserve. The Board has reached tho
conclusion, therefore, that a member bank should not bo permitted to de­
RULING BY FEDERAL RESERVE BOARD RESPECTING duct a balance due from a foreign banking corporation from the balance
duo to such corporation In computing its reserve and a fortiori it should not
FOREIGN BALANCES I N THE COMPUTA­
bq permitted to deduct balances due from foreign correspondents or banks
TION OF RESERVES.
from balances due to other banks.

5%

The Platt bill, amending the Federal Reserve Act so as to
permit national banks to invest 5% of their paid-in capital
and surplus in stock of corporations organized to promote
foreign trade was signed by President Wilson on Sept. 17.
We printed the text of this bill in our issue of Sept. 13, page
1031, wherein we also gave particulars regarding Congres­
sional action thereon.

The Federal Reserve “Bulletin” for October reports a
ruling by the Federal Reserve Board under which it is held CHECKS DRAWN AGAINST A SAVINGS ACCOUNT.
that “a member bank should not be permitted to deduct a'
DRAFTS W I T H IN M E A N IN G OF FED­
balance due from a foreign banking corporation from the
ERAL RESERVE ACT.
balance due to such corporation in computing its reserve and ■ The Federal Reserve Board is of the opinion that a eheek
a fortiori it should not be permitted to deduct balances due upon savings aocount in member bank a eheek
from foreign correspondents or banks from balances due to withina the meaning of thata part of Section is13 of the or draft
Federal
other banks.” The ruling in full is as follows:
Reserve Act which prohibits any bank from making a chargo
The Federal Reserve Board has issued tho following ruling, under au­
thority granted to it in Section 10 of the Federal Reserve Act. upon tho two against a Federal Reserve B ink upon checks or drafts prequestions presented below:
stnted for collection or payment and remission therefor by
1. In figuring reciprocal balances should tho dollar balances duo to for­
exchange or otherwise. In a ruling to this effect, tho
eign banks be offset by foreign currency balances due from same banks ?
2. For the purpose of figuring reserve requirements, should foreign cur­ Board in its October “Bulletin” says:
rency balances due from foreign banks be used as a deduction from "due to
bank balances the same as due from banks in this country ?
Section 19 o f the Federal Reserve Act requires each member bank to
maintain a fixed reserve against demand and time deposits. For the pur­
pose of computing reserves, demand deposits are divided into two general
classes, viz., (a) individual or ordinary deposits. (6) Bank deposits.
Balances due to other banks have been treated as deposit liabilities re­
gardless of how these balances are created. In general, a balance duo to
another bank may be treated in one of two ways: (a) Tho funds may be
placed with the depositary bank by another bank for exchange purposes;
that is to say, with a view of using these funds as a checking account: or
(o) the depostary bank may receive another bank items for collection and
remittance and the balance due to another bank may consist of funds which
are not to be drawn against but which are to be remitted at a lator date.
Prior to the passage of the Federal Reserve Act tho office of the Comp­
troller without any express provision of law mado a distinction botween
ordinary deposits and bank deposits in that in the case of bank deposits in
computing reserves the depositary bank was permitted to deduct balances
due from other banks from balances due to other banks, and to treat as a
deposit liability only the net balances due to other banks. This custom
has prevailed for many years. It was likewise customary for tho Comp­
troller’s office to permit national bank notes of other banks to be deducted
from the deposit liabilities of the national bank in computing its reserve.
This custom no doubt grew out of the fact that national banks were orig­




The Federal Reserve Board has ruled that maturing notes and bills, or
bill of lading drafts drawn against a person, firm, lor corporation, other
than a ba >k, do not come within the provisions of that part of Section 131
referred to above. A bank may, therefore, properly charge tho Fodera
Reserve Bank for collecting such an item. A check or draft, however,
which is drawn by a depositor in a bank upon his account in that bank Is a
check or draft within the meaning of Section 13, regardless of whether or
not the funds out of which it is intended that the check shall ba paid con­
stitute a savings deposit or an ordinary demand deposit.
Legally, therefore, the drawee bank has no authority under tho pro­
visions of Section 13 of the Federal Reserve Act to deduct exchange In
making payment upon a check drawn against one of its savings accounts
sent to it for co’lec.tion by a Federal Reserve Bank.

FED ERA L RESERVE RULES ON CONDITIONAL SALES
AS THE BASIS OF TRADE ACCEPTANCES.

An acceptance which provides that the drawer is to retain
title to the goods until payment of the acceptance is not con­
sistent with the requirement of a legitimate trado acceptance
that the title shall have nass" 1 to the drawee at the time of
acceptance, according to the Federal Reserve Board, whiejj

N ov. 1 1919.]

THE CHRONICLE

adds that “the actual sale of goods and not what is generally
termed a conditional sale of goods must be the basis of the
acceptance.”
OPENING OF N A S H V I L L E BR AN CH OF F ED ERAL
RESERVE B A N K OF A T L A N T A .

The new Nashville branch of the Federal Reserve Bank of
Atlanta was opened on Oct. 21 in the First and Fourth Na­
tional Bank Building. The territory assigned to the new
branch includes all of Tennessee in the Atlanta Federal
Reserve District, except Chattanooga. All of the State
East of the Tennessee River except the city indicated.
Bradley Currey is Manager of the new branch and J. B.
McNamara is Cashier. W. H. Hartford is chairman of the
board; the names of the other directors of the branch were
given in our issue of Oct. 11, page 1410. W. T. Tyler has
been made Federal Reserve Agent and Auditor.
FEDERAL RESERVE B A N K OF N E W YOR K PREPARED
TO P A Y F A R M L O A N COUPONS D U E NOV. 1.

The Federal Reserve Bank of New York issued on Oct.
27 the following announcement:

On Nov. 1 1919 there will b.i due and payable the semi-annual interest
coupons on the various issues of farm loan bonds issued by the Federal Land
banks under the direction and control o f the Federal Farm Loan Board,
and for the convenience of banking institutions and the public the Federal
Reserve Bank o f New York is now prepared to receive from holders such
coupons for payment.
Checks in payment of the coupons thus deposited in advance will be
ready for delivery at 10 a. in. on Saturday Nov. 1 1919 or member banks,
if they so desire, may have the proceeds credited to their reserve accounts
upon request.
____________________

PROMOTION OF FOREIGN CO MMERCE— SECR ETA RY
GLASS ON WORK OF I N T E R N A T I O N A L
H IG H C O M M IS S IO N .

In response to the resolution of the Senate adopted on
Oct. 3 and published in our issue of Oct. 11, page 1413
Carter Glass, Secretary of the Treasury has submitted to
the Senate information bearing on the work of the Inter­
national High Commission. Under the resolution the heads
of the various Government agencies were asked to supply
information relative to the work carried on under their juris
diction relating to foreign commerce. The following is the
letter, of Secretary Glass treating of the work of the Inter­
national High Commission.

1651

tion of 1910. and has secured the establishment of the Trade-mark Registra­
tion Bureau .at llabana. Upon the practical importance of that bureau
in protecting the industrial property and good Mill of our manufacturers
and exporters I need not dwell. The commission is not relaxing its efforts
to bring into the trade-mark registration plan those of the seven countries
which have not yet ratified the trade-mark convention, and we are confident
that a relatively early date the more important countries will have adhered.
The stabilizing of exchange and the avoidance of the risk and expense of
the constant shipment of gold were the purpose of a convention providing
for an international gold clearance fund, a copy of which is attached as
Exhibit B. This convention has been found acceptable in principle by a
number of Governments and is in process of negotiation.
lo r many years past the heavy license fees required of commercial
travelers by municipalities and provincial governments have been a serious
obstacle to international commerce. At the first Pan American Financial
Conference a convention was agreed upon the purpose of which was to
eliminate the excessive levying of such license fees. This convention has
been found acceptable by some 14 American Republics, a number of which
have signed it, and with two of which it is now actually in effect. A copy
thereof, together with memoranda explaining its purpose, will be found in
Exhibit C.
The commission has undertaken to study the difficult problem of uniform
statistical methods, and upon the recommendation of the Department o f
Commerce and other competent authorities in this field the United States
section recommended the adoption of the international classification o f
merchandise for statistical purposes agreed upon at the International
Congress of Statistics, at Brussels, in Nov. 1913. This simple schedule
has been found acceptable by various Governments as at least constituting
an approach t •
ward uniform statistical methods. The council is now pub­
lishing in the Spanish language year by year the statistics of importation
and exportation of the several Republics as furnished to its secretary gen­
eral by the national sections. The Department of Commerce is publishing
the English version of the figures for the United States. All values a e given
in the national currency of the country concerned and in a money of account
upon which agreement was reached by the commission, taking one-fifth
of the United States gold dollar as the unit. To this money of account the
name Panamericano was given.
Close to the heart of the entire problem of progressive and uniform
international and commercial law are the related problems of til s of
exchange, checks, and other negotiable instruments. The commission
early decided that The Hague rules on bills of exchange and on checks
were much closer to the commercial law of the countries of civil-law tradi­
tions than could be the uniform negotiable instruments act of the United
Status. To reduce the slightly divergent systems of the various Republics
to one harmonious standard set up beside the negotiable instruments act
would at least constitute a genuine service and simplification of the prob­
lem. T o this end the commission has devoted itself, and it is gratifying
to be able to report that no less than five national congresses have at this
time projects of law, modifying their commercial codes with reference to
bills of exchange in the direction proposed by The Hague conferences on
that subject, while one country has lately enacted The Hague rules on checks
in slightly modified form. T o warehouse receipts and bills of lading the
commission has given somewhat less attention, and urges the adoption of th
respective United States uniform acts. With the problems of acceptances
and conditional sales the commission is likewise concerned, and hopes to
be able to recommend specific programs to the several Governments before
much time shall have elapsed.
Without citing the other activities of the commission, but submitting
instead a list of references in regard to its work (Exhibit D ), 1 beg to urge
upon the Senate the consideration that the commission provides a direct
and uninterrupted agency for the exchange of ideas on technical and non­
diplomatic problems. The simplicity as well as the elasticity of the organzation of the International nigh Commission makes it possible for it to
secure important resul.s with a surprisingly small outlay, and I have no
suggestions to offer as to further cooperation and coordination.
So far as concerns the appropriations made by the Congress of the
United States 1 append (Exhibit E) a list of them, together with indica­
tions of the manner in which they were expended and an estimate of ex­
penditures during the fiscal year 1920-21 to be made from the appropriation
of $30,000 for the maintenance of the commission, concerning which 1 shall
make a recommendation in my annual report to be submitted to the Con­
gress in December.
Closely related to the work of the commission and indeed absorbing
the attention of all its sections at the present time !s the second gathering
of ministers of finance and representative commercial and financial leaders
of the American Republics at Washington, January 12 to 17 1920. Just
as the first I’ an American Financial Conference had largely an emer­
gency purpose and was concerned with remedial measures, so the second
Pan American I1inancial Conference will be concerned with reconstruction
and with the establishment upon a broad basis of the best possible com­
mercial and financial relations between the free Republics of this hemi­
sphere. An appropriation to defray the expense of this conference was
made by the Sixty-fourth Congress in Public Act No. 379, which provided
$50,000 to remain available until expended. To this conference it is ex­
pected that nearly all the ministers of finance will come, and a number
of representatives of our own industrial and financial communities will be
invited to join in discussing the problems of common interest and moment.
The International High Commission will submit a detailed report of its
activities to this conference.
I have the honor, sir, to remain,
Respectfully,
.
CAR TE R GLASS, Secretary.

TREASURY DEPARTM EN T.
Washington, Oct. 16 1919.
To the President of the Senate;
Sir:— Responding to Senate resolution 203, requesting detailed state­
ments of the character, amount, and estimate of the cost to the Govern­
ment of the work of the International High Commission, together with
such suggestions and recommendations as I may be able to make, look­
ing to the closer cooperation and coordination of the work of the com­
mission with that of other agencies of the Government for the effective
promotion of the foreign commerce of the United States, I beg to submit
the following:
The International High Commission was established to give effect to
the recommendations of the first Pan American financial conference, held
hi Washington M ay 23 to 29 1915, under authorization of the Congress,
given in the Diplomatic and Consular appropriation act approved March
4 1915. The conference had been called in order that the ministers of
finance and appropriate financial and commercial leaders of the American
Republics might take counsel with the Secretary of the Treasury of the
United States as to the best means of offsetting the damage done to inter­
American commerce by the European War and of establishing closer
commercial and financial relations between the several Republics. It was
clearly obvious to those who took part in the conference that intermittent
gatherings of any kind could not hope to accomplish as much along either of
the lines indicated as a body permanently constituted and provided with
an adequate procedure and an effective organization for frequent consulta­
tion on nontechnical matters requiring international cooperation. The
structure suggested for such a body by the first Pan American financial con­
ference met with the unanimous approval o f the Governments invited to
participate, and the Congress o f the United States likewise sanctioned its
establishment by public act No. 15, Sixty-fourth Congress, approved Feb. 7
1916; appended herewith. (Exhibit A.) The plan agreed upon called for a
series of national sections, each composed of eminent jurists and financiers,
operating under the chairmanship of the minister of finance. Each section
was to have its own secretariat and to meet in separate session as often as
the minister of finance would deem desirable. All the sections were to
gather at such time and place and under such circumstances as the majority
would determine. In fact, they did meet in Buenos Aires in April. 1916,
under the chairmaaship o f the minister of finance o f Argentina and devised
a detailed program for their future work. They constituted as the directive B A N K H OLDINGS OF U. S. W A R OBL IGATIO NS A N D
and coordinating body of the entire commission three officers of the United
LOANS SECURED B Y SUCH OBLIGATIONS.
States section, giving to this agency the name of central executive council.
The United States section of the commission is at present composed of the
following members, the first three of whom constitute the executive council:
Carter Glass, Secretary o f the Treasury, chairman; John Bassett Moore,
Now \ork, vice-chairman; L. S. Rowo, secretary general; John H. Fahey.
Boston, Duncan U. Uetcher, United States Senator; Andrew J. Peters,
mayor of Boston.
Samuel Untcrmyer, New York.
Paul M . Warburg, New York.
Dean John II. Wlgmore. Northwestern University Law School, Chicago.
Herbert Fleishhacker, San Francisco.
The aims and objects of the commission since its meeting at Buenos
Airos in 1916 have been, in a broad way, to give effect to the recommenda­
tions o f the financial conference of 1915. It has taken a lead.ng part in
making effective the purposes o f the International Trade-mark Conven­




In anotaer item we refer to the response made to the resolu­
tion by the War Finance Corporation.

„ ^ ar paper all(l U. S. War obligations to the amount of
So,505,000,000 were held by the National and other banks of
the country on June 30 1919, according to statistics made
pubhc by the Federal Reserve Board in its October Bulletin.
Of Liberty Bonds, Victory Notes and Treasury Certificates
of Indebtedness, the banks of the country held a total of
$4,070,000,000 on the date indicated—the Liberty Bond
holdings totaling $1,463,000,000, the Victory Notes held
amounting to $847,000,000, while the Treasury Certificate
holdings aggregated $1,760,000,000. The Federal Reserve
Board makes public the information as follows:

1653

In the table below Is given an estimate of the bank holdings on June 30
1919 of the several classes of United States war securities, including Libertj
bonds. Victory notes and Treasury certificates, also of so-called war paper,
i. e., loans carried by the banks secured by United States war obligations.
Of the 16,304 millions of Liberty bonds outstanding at the close of the
fiscal year, national banks owned about 770 millions, while other member
banks report a net investment of 293 million in these securities.
It is
estimated that the banks outside of the Federal Reserve system held about
400 millions of Liberty bonds on that date, making the total arftount of
Liberty bonds held by all the banks somewhat less than 1,500 millions, or
about 9% o f the total outstanding.
Of the Victory notes, the amount owned by national banks on j u m .,() is
reported as 405 millions; other member banks give their net holdings of
these notes as 192 millions, while the banks outside of the federal Reserve
system, it is estimated, held about 250 millions of these securities. Of
the 3,468 millions outstanding at the close of the fiscal year, about 81/
millions, or nearly 25% , are thus shown among the banks- holdings.
Of the 3,634 millions of Treasury certificates outstanding on June 30, it is
estimated that less than 50% were held by the banks, the distribution by
classes of banks being as follows; National banks report a total of about
1,722 millions of United States bonds, other than Liberty loan bonds, but
including certificates owned. Of this total, it is assumed, the amount
of United States bonds proper, largely bonds with circulation privilege,
was about 715 millions, of which over 700 millions wer held by the United
States Treasury to secure circulation and deposits. The balance o f about
one billion would, therefore, represent the national bank holdings of Treas­
ury certificates. Like holdings of other member banks are given as about
360 millions, while certificate holdings of all other banks are estimated at
about 400 millions, the total of Treasury certificates held by all banks thus
being about 1,760 mi lions.
Between March 4 and June 30 1919 the amount of war papor held by
State bank and trust company members increased from about 422 to about
645 millions. On the basis of this increase, also of the increase in war
paper holdings of member banks in selected cities during about the same
period, the national bank holdings of war paper on June 30 are estimated at
1,400 miilions. For the banks outside of the Federal Reserve system war
paper holdings of about 450 millions are assumed. This makes an estimated
total of 2,495, or, say, a round 2.5 billions of war paper held by all the banks
o f the country at the close of the past fiscal year. It is understood that the
amount just given includes both loans to carry war security subscribers as
well as loans to customers for Industrial and commercial purposes, when
secured by Government war obligations. What portion of the total repre­
sents the result of war finance operations of the banks and what portion the
result o f commercial loan operations it is impossible to state.
C-omblning the totals of the investments and loans above given we obtain
an estimated total o f approximately 6.5 billions as the amount of United
States war securities and war paper held by the banks of the country
on June 30 1919.
Estimated Amounts of Liberty Bonds, Victory Notes. Treasury CertiT’jralc5
and "W a r Paper” Held by the Banks of the Country on June 30 1919.
Liberty bonds outstanding June 30 1919----- $16,3M ,000,000
Held by— National banks. ..................
7/0,000.000
Other member banks__________
393,000.000
All other banks (estimated)-----400,000.000^ ^
^
Victory notes outstanding June 30 1919-----Held by— National banks---------------------Other member banKs-------------A lloth er banks (estimated) — -

40o,000,000
192,000,000
250,000.000

^ 0Q0 qqq

Treasury certfs. outstanding June 30 1919. - § 3 ,6 3 4 ,0 0 0 .0 0 0
Held by— National banks (approximate). $1,000,000,000
Other member banks (a ctu a l)..
360,000,000
All other banks (estimated)----400,000.000
War paper held b y —
National banks estimated) —
Other member banks (actual;
All other banks (estim ated)..
Total

$1,400,000,000
645.000. 000
450.000. 000
2,495,000.000
.$0,565,000,000

PROMO TION OF FOREIGN COMMERCE— A C T I V I T I E S
OF W A R F I N A N C E CORPORATION.

With a view to the closer co-operation and co-ordination
of the work of the various Government agencies so far as
the promotion of foreign commerce is concerned, the Senate,
in a resolution adopted on Oct. 3, called for information
thereon from the heads of the various departments. Else­
where in to-day’s issue of our paper we give the response
made by Secretary of the Treasury Glass as to the work of the
International High Commission. Herewith we give the
advices conveyed to the Senate by Angus W . McLean,
Acting Managing Director of the War I’inance Corporation,
with regard to the activities of the latter in the promotion
of foreign trade:
War Finance Corporation.
Washinyton. Oct. 11, 1919.
Thu Secretary of the United States Senate:
Sir-— In response to Senate resolution No. 203, tho War Finance Cor­
poration respectfully submits the following:
1. The activities o f the War Finance Corporation in respect to the
promotion and development o f the foreign commerce o f the United States
are confined exclusively to making advances in order to promote com­
merce with foreign nations through the extension o f credits:
(a) To any person, firm, corporation, or association engaged in the
business in the United States o f exporting therefrom domestic products
to foreign countries, if such person, firm, corporation, or association is,
in the opinion o f the board of directors o f the corporation, unable to obtain
funds upon reasonable terms through banking channels.
tb) To any bank, banker, or trust company of the United States which
a!' ;r the passage o f the amendment to the act shall make an advance
to any such person, firm, corporation, or association for tho purpose of
assisting in the exportation o f such products.
2 . The act o f March 3 1919 (Public, No. 323, 65th C ong.), confer­
ring these powers on the corporation expressly provides that advances
may be made until the expiration o f one year after the termination of
the war, as fixed by the proclamation o f the President. It will be seen,
therefore, that the powers conferred upon the War Finance Corporation
in respect to promoting foreign commerce are o f an emergency character
only.




[V o l . 109.

THE CHRONICLE

3. It is manifestly impracticable to estimate the cost of such work,
as the work in connection with the foreign trade authorized to bo car­
ried on by the- War Finance Corporation is done by the regular employees
o f the corporation in connection with their general duties.
The amount of time devoted by such employees to the promotion of
foreign trade is negligible as compared with the general duties performed
by them.
The total number of employees engaged in the general business of the
corporation, including secretary-treasurer, counsel, expert examiners,
bookkeepers, statisticians, clerks, stenographers, messengers, and char­
women, is at the present time 28, but this number is being gradually re­
duced.
The total amount of compensation paid such employees amounts, in
the aggregate, to the sum of $6,229.83 per month.
It is suggested that the expense of carrying on the work of the Vi ar
Finance Corporation relating to foreign commerce cannot be said to be
a “ cost to the Government,” for the reason that all of the expenses of
the corporation are paid out of its earnings, and the earnings are greatly
in excess o f expenses, so that in the liquidation of the assets of the cor­
poration it is believed that a substantial amount will bo returned to the
Treasury over and above operating expenses.
^
4. It is respectfully suggested that the activities of the War Finance
Corporation in respect to foreign trade are special in their character and
in no sense a duplication of the work performed by other agencies or bureau'’
o f the Government.
.
5. Inasmuch as the work o f the War Finance Corporation in respect
to foreign commerce is essentially of an emergency character and of an
entirely different nature from that carried on by the other departments
set out in the Senate resolution, the corporation is unable to submit any
suggestions and recommendations looking to the closer co-operation and
co-ordination o f the various agencies of the Government for the effective
promotion o f the foreign commerce of the United States.
Respectfully submitted, by order of the board of directors of tho War
Finance Corporation, this the 11th day of October, 1919.
ANGUS W. M cLEAN.
Acting Managing Director.

P R E S ID E N T W IL SON BETTER— RECEIVES K I N G A N D
Q U E E N OF B E L G IU M A T BEDSID E.

Tho improvement in President Wilson s condition duiing
tho past week has been very appreciable. On Thursday,
Oct. 30, he was able informally to receive King Albert and
Queen Elizabeth of tho Belgians and their son Prince Leo­
pold, who have been this country's guests since Oct.. 2, when
they arrived in New York. WIdle the King was with the
President, tho latter presented him with a specially bound set
of Mr. Wilson’s “History of the American People.” The
President autographed the first volume of the set before
handing it to the King. The President has also attended to
some public business.
The President’s physicians announced on Oct. 29 that
“his present improvement now has reached a point where it
is not considered necessary to issue daily bulletins. The
United States Bulletin, the official weekly paper published
by the Government, commenting on rumors regarding tho
TVncirlont.’c illnoQ^ snirl on Oftt. *27!
Owing to the various rumors that are going about regarding the condi­
tion of President Wilson, we state that he has not has a paralytic shock,
nor has ho had any of the other troubles about which the gossips are busy.
The President is suffering from inflammation of the prostatic gland, which
is properly known as acute bowel trouble. It may later be necessary to
operate, but such operations are not classified by physicians as being
especially serious. The President is mentally alert and has no mental
or facial troubles. He returned home a very tired man, but is feeling
much more rested. The physicians’ bulletins may be depended upon as
telling the whole truth.

REPORT OF PUBLIC D ELEGATES TO N A T I O N A L
I N D U S T R I A L CONFERENCE— N E W P A R L E Y
PLANNED.

The representatives of the public at the National Indus­
trial Conference adjourned sine die on Oct. 24. The pre­
ceding day the Conference "as originally constituted had
beon adjourned as a result of tho withdrawal of the labor
delegates, and it was announced at the time of adjournment
that the public group would continue the work of tho Con­
ference alone. This plan, however, was not carried out,
and adjournment on Oct. 24 was in line with a recommenda­
tion mado at the final meeting of the public group by John D.
Rockefeller Jr., Chairman of a committee of five which
drafted a report submitted to President Wilson in behalf
of the public delegates. Although four or five conferees,
it was stated, were opposed tjo final adjournment, only
Dr. Charles W. Eliot, President Emeritus of Harvard Uni­
versity, voted against tho motion on final tests.
Delegates urged that tho high dost of liviug and other prob­
lems bo pressed for immediate /solution boforo dissolution,
but a strong majority of tho representatives, it was said,
felt that the Conference virtually came to an end with tho
withdrawal of the labor group on)Oct. 22. and that tho public
group was not sufficiently representative to undertake a
general program and also wn* handicapped by popular
disfavor. It was the opinion And understanding of some
of tho public representatives tliM President Wilson desired
them to continue the work and]accomplish tho purpose for
which the Conference primarily was callod, naraoly (in tho

\

Nov. 1 1019.]

THE CHRONICLE

President’s words) “reaching, if possible, some common
ground for agreement and action with regard to the future
■ conduct of industry.”' (“Chronicle,” Sept. 6, page 933.)
But Mr. Rockefeller’s position was that the public delegates
having participated in the full Conference would be handi­
capped by public opinion, and that an entirely new body
should be created. Several public representatives were
not present at the final session; of these Judge Elbert H.
Gary, Chairman of the United States Steel Corporation,
had gone to New York on Oct. 22 and did not return.
It was announced on Oct. 25, after a special meeting of
the President’s Cabinet, that a new industrial conference,
:in which there will be no direct distinction between the
-various interests represented, would be called in the near
■ future. Secretary Glass, who presided at the Cabinet
meeting in the absence of Secretary Lansing, made the
following statement:
Responsive to a recommendation made by the public group of the Indus­
trial Conference, the Cabinet considered the question of the continuance
•of the effort undertaken by the Conference and it was unanimously agreed
•that such a new conference should be called representing the body of the
public, and not divided into groups. This body will consist of approxi­
mately fifteen of the most prominent Americans. Names now being con­
sidered by the Cabinet will be recommended to the President.

Secretary Lane of the Interior Department wrote a
letter to President Wilson on Oct. 25 supporting the recom­
mendation of the public group in the Industrial Conference
that the President call a new conference. Mr. Lane was
the Chairman of the conference that adjourned on Oct. 23.
In a statement on Oct. 25 relative to the failure of that con­
ference, Mr. Lane said:

The Industrial Conference never really got started. It died at its birth,
because questions arose which ittwas not prepared to meet then. This
should not end the effort to go at this business o f adjusting labor troubles
by sense instead of force. Oh, for a few days of real sanity, when with
composed nerves and calm judgment and without bitterness o f feeling, we
could look at our problems and meet them with our traditional hopefulness
and confidence.
Recklessness is in our blood, a great willingness to take risks that we
have no right to take. W e will suffer for this spasm o f hysterical self­
assertiveness oil all sides. I want to soe a new conference of leading minds
that will think in practical terms, a real council of national defense against
•the kind o f civil war which some seem to think another irrespressible
conflict.

A statement was issued on Oet. 24 by Bernard M. Baruch,
who was Chairman of the public group at the Industrial
Conference. Mr. Baruch contended therein that the con­
ference accomplished five definite results; and he pointed
out that “as the result of what transpired at the Conference
cessions the peoplo now realize that the industrial problem
effects every one in every walk of life.” Mr. Baruch’s
statement said:
The Industrial Conference, as originally constituted, accomplished far
more than appears on the surface before it finally was dissolved.
First— It brought the issues involved home to the entire nation.
Second— It demonstrated the great difficulties o f a solution.
Third— Its discussions have had tho effect of setting the entire people
thinking, and from this thought will come the solution.
Fourth— There was brought home to all participants the intimate rela­
tions that exist between the farming interests and all industrial questions.
Fifth— What was not brought out clearly was that both capital and labor
owe to society— which is inclusive! o f capital and labor— a duty to produce
in quantity at tho lowest possible cost commensurate with the protection
of both capital and labor, all of the “ things" that are necessary to keep up
the proper, just and humane standards of modern life.
As the result o f what transpired at the Conference sessions the people
now realize that tho industrial problem affects every one in every walk of
life. I feel certain that tho farmer will attain his proper place in the solution
yet to be reached. All of the questions suggested go, not alone to the man
or woman who works with his or her hands, but to all salaried peoplo.
These include, for instance, firemen, policemen, postal employees and other
workers in Governmental, State and municipal lines, as well as the school
teachers of tho country. It is evident that the teacher has more to do
with tho upbringing and final moulding of good citizenship than any one
■else. Ail workers want not alone proper financial treatment, but recog­
nition of their position as part o f the foundation o f society itself. This
recognition must come, not as a privilege granted, but as a matter of
inherent right.
The outcomo o f this Conference must be, in my opinion, that there will
be manifest and increasing effort on the part of employers to see that not
alone proper wages are paid but that the human rights of the workers are
considered. The employer has certain rights which must be recognized
and protected. Coupled with these rights is the obligation to see that all
o f his employees are accorded just treatment.

: 653

ference opposed that right.” This statement clearly nega­
tives the declaration made before the Conference by Samuel
Gompers that the labor delegates could not “remain members
of it, with a refusal on the part of the employers’ group to
admit the right of wage workers to organize for collective
bargaining.” (“Chronicle,” Oct. 25, page 1572.) This
statement Mr. Gompers made just before the withdrawal of
the labor delegation from the Conference. The report of
the public group to the President follows:
To the President of the United States:
The delegates appointed by you as representatives of the general public
o f the Industrial Conference beg to submit the following report:
The Conference proper opened on Oct. 6 and terminated on Oct. 23.
sitting in all thirteen days. The public group held twenty-three meetings
or the discussion of the various matters brought before the Conference.
The public group, as was intended, differed from the other groups repre­
senting labor and capital, in one important particular. It had not the
homogeneity of interests o f either of these groups: it represented, rather, a
cross section of American life. Among its members were employers of
labor, large and small, farmers, capital, representatives of labor, Socialists
an professional students of industrial problems. Notwithstanding this
versity of interests and relation, there was manifested throughout an
astonishing amount of agreement upon the most vital subjects. This we
regarded as a most hopeful sign for the future, and an evidence of the possi­
bility of a united action in the interests of the entire nation.
factors Which Impeded the Work of the Conference.
The existence of the steel strike had the effect of focusing interest and
attention upon the present conflict as against constructive measures and
agreement for the future, and made the calm discussion of such constructive
measures difficult. Because it was manifestly impossible to dispose of this
subject by agreement under the rules of the Conference, which require
concurrence oi at least a majority of each of the three groups, the Conerence decided to defer action upon the question until the subject of col­
lective bargaining was passed upon.
After several days of earnest endeavor and numerous attempts at adjust­
ment between the points of view of the several groups, the Conference failed
to agree upon this issue.
Principle of Collective Bargaining Recognized.
In this connection we deem it important to emphasize the fact that the
Conference did not, at any time, reject the principle of the right of workers
to organize and to bargain collectively with their employers. Neither the
Conference as a whole nor any other group in the Conference opposed that
right. The difficulty that arose and the issue upon which the Conference
failed to agree was not upon.the principle involved but upon the method
of making it effective.
In our judgment even this difficulty would not have been insurmountable
had the Conference approached its task in another way.
Broad Program, Rather Than Single Resolutions, Was Needed.
Obviously the important principle of collective bargaining cannot be
sharply separated from other elements in the great problem of the relation
of employer and employee. The right of organization, the protection in
the exercise of their lawful rights, of those who seek to organize tho workers;
the careful definition of the various forms of organization through which
the right may be exercised, and the machinery necessary for the adjusting
of disputes arising in connection with that right must all be taken into
account in their proper relation.
We believe that the experience of this Conference, and of similar confer­
ences elsewhere, clearly showed the futility of attempting to deal with this
great question in a piecemeal way by adopting detached and unrelated
resolutions. Tho only efficient method in our judgment is that of formu­
lating a comprehensive and systematically developed program.

.
.
position of Public Group.
W e .believe that the right of workers to organize for the purpose of col­
lectively bargaining with their employers through representatives of their
own choosing cannot be denied or assailed. As representatives of the
public we can interpret this right only in the sense that wage earners must
be free to choose what organization or association, if any, they wiU join
for this purpose.
In the recognition of the right of workers to organize, to be represented
by representatives of their own choice, difficulties will from time to time
arise. W e believe that it will be possible for a properly constituted arbitral
authority to adjust such difficulties with justice and fairness to all parties
concerned.
The abrupt termination of the Conference prevented any discussion in
tho Conference of the important matter of the right of the workers to strike
and of the methods whereby, without destroying or impairing that right
the public interest may be adequately considered and protected.
Favor Adjustment Commission.
W e are deeply impressed by the necessity of setting up some machinery
for effecting the speedy adjustment of disputes arising betwoen workers
and employers, whether tho latter be private individuals or firms or public
and governmental authorities. In this connection there was submitted
to the Conference by the Secretary or Labor, W . B . Wilson. a well-considered
plan for establishing the necessary machinery of conciliation and arbitra­
tion. Because this plan was not considered by the Conference, owing to
the manner of its termination, we do not here express any judgment upon
it further than to say that we believe it affords a possible basis for a solution
o f the immediate problem and deserves serious consideration and study.
It is Impossible to discuss, in detail the numerous schemes for affording
to workers representation in the regulation of the conditions of labor, the
puns for profit-sharing, the many forms of shop councils and the like.
We respectfully suggest that a very great service could bo rendered to the

The text of the report of the public group to President !
Wilson was made publio at the White House Oct. 24. It
pointed out one of the obstacles to the progress of the Con­
®
b l 3Zd
[
employees- alike- ^ in
Department
Labor
ference was that the steel strike “had the effect of focusing 2 5 ^were 2establishedan<* bureau for the purpose tne gathering andofmaking
a
of
interest and attention upon the present conflict as against rthore s
lu lt
experiments and
give expert advice
anv
constructive measures and agreement for the future, and made results, buch a bureau could COnC(TninK a11 and assistance to their
P' “ "
lab~ ^ i o n s in -particular
the calm discussion of such constructive measures difficult.” esteblishments.t0
Tho report after referring to the failure of the conferees to
a d
in ^ t^
neral
.the opinion that
agree on any proposition dealing with tho question of col- s t a n dom^an'X Divi ri^n ° T f ’ ymeiupubl5c wc are ofchildren, advocatedthe
the W
?
of cornea and
by
ilective bargaining stated: “In this connection we deem it
the
important to emphasize tho fact that the conference did not
at any time reject the principle of tho right of workers to w , ST H ,C°mmitlee 10 SludU * e Various Questions Involved.
organize and to bargain collectively with their employers. proceed ?itil the d lscn ^ io ^ o A h°e 'g r? t ^ thl,Stlm° With :ulvanta" ° furthpr
g^fat
which we have
Neither the Conference as a whole nor any group in the Con­ dealing. It may wellobevarious interests1Questions with approach could»bee
» mPi d
*•»■*■«* o r ■
and points of
toe*



1654

THE CHRONICLE

up these matters and prepare along some such lines as herein indicated, a
program which will be of present value. Upon the presentation of the
report o f such a committee steps should be taken to give it practiacl effect
through another conference, representing capital, labor and the public,
if in the circumstances then existing it should seem to you to be wise.
In closing this report and terminating our labors we desire to give expres­
sion to our conviction that the Conference has been o f very real educational
value to all those privileged to participate in it. The frank and sincere
interchange of opinions and views and experience, both within the groups
and between them through individual contact, has given, we believe, to
every member o f the Conference a broader vision and understanding and
helped each to see the problems of the other.
Assuring you of our profound respect, and solicitude for your recovery,
w e have the honor to be,
Very truly yours.
The Group representing the Public,
BERNARD M . BARUCH, Chairman.

JU D GE G A R Y ON Q UE STIO N OF OPEN SHOP— RE S0L U T IO N OF IRON A N D STEEL I N S T I T U T E .

[Vol.

109.

bat them, insist upon absolute freedom to both employer and employee
in regard to employment and the management o f the shops. The non­
union employers and employees both stand for the open shop. The unions
ar^ue for the c'oscd shop or, as the leaders now insist, “ the right of collective
bargaining through labor union leaders.” Every proposition contended
for by the labor unions at the National Industrial Conference at Washington
led to domination of the shops and of the men by the union labor leaders.
Every position taken by the other side centred on the open shop. This is
the great question confronting the American people and, in fact, the world
public. From 89% to 90% or more of labor in this country is non-union
It is for them and the employers generally and the large class of men and
women who are not, strictly speaking, employers or wage earners, to deter­
mine whether or not it is best for the whole community to have industry
totally organized
Judging by experience, we believe it is for tho best
interest of employer and employee and the general public to have a business
conducted on the basis of what we term the “ open shop.” thus permitting
any man to engage in any line of employment, or any employer to secure
the services of any workman on terms agreed upon between tne two,
whether the workman is or is not connected with a labor union. Tho
verdict of the people at large will finally decide this/juestion, and the
decision will be right.
,
I think the fundamental question submitted to the Conference for
recommendation to industries was the open shop: that question apparently
could not be decided by majority vote for the reason that the Conference
was organized into three groups called Labor, Employers and Public. No
affirmative action under the constitution or adopted rules could bo taken
except bv the unanimous vote of the three groups, each or which voted
by a majority o f all its members. It was necessary to have such a condi­
tion, as otherwise there could be no conference in which there would be an
agreement between capital and labor, so-called.
The union labor advocates stand for collective bargaining through the
unions. The others favor collective bargaining through representatives
selected by the employees themselves from their own members.
The employers’ group offered the following resolution.
Resolved That without in any way limiting the right of a wage eimner ta
refrain from joining any association or to deal directly with his employer
as he chooses1 the right of wage earners in private as distinguished from
Government*5
employment to organize in trade and labor unlons in sho^
industrial councils or other lawful form of association, to Bargain coi
lortivelv to bo represented by representatives of their own choosing in

Last week (page 1574) we quoted a part of what Judge
Elbert H. Gary, Chairman of the Board of the United States
Steel Corporation, had to say at the semi-annual meeting
on Oct. 24 of the American Iron and Steel Institute with
regard to the National Industrial Conference at Washing­
ton. In leading up to the conference Judge Gary reviewed
the efforts of the labor leaders to unionize the iron and steel
industry, and we take occasion to give this week that por­
tion of his address which we omitted a week ago. In his
remarks quoted below Judge Gary points out that “every
proposition contended for by the labor unions at the National
Industrial Conference at Washington led to domination
of the shops and of the men by the union labor leaders.
Every position taken by the other side centred on the open { X r ^ n T o f h e r S l t l o r a *o f ^ m p l o y m andg the right of
shop!’’ “This,” he continued, “is the great question con­ the enmlover to deal or not to deal with men or groups of men who are not
fronting the American people, and in fact the world public.” ^ agree? upon the form of their representative relations.
T s^
The following is the portion of Judge Gary’s speech not to The employers’ group voted in favor of this resolution. The public
previously given herein:
group and the uni >n labor group voted against it.

The attention o f the members o f the American Iron and Steel Institute
The public group offered the fallowing resolution:
has of late been focussed on the attempt o f leaders in the American Federa­
Tho right of wage earners in trade and labor unions tolwrgaln c^ectlvoly^
to be represented by representatives of 1heir own choosdng lii m'g Uat ions
tion o f Labor to unionize the iron and steel industry of this country.
The present campaign was started at St. Paul, Minn., June 13 1918, by and adjustments with employers in respect to wages, hours of labor and
conditions of employment is
the adoption o f a resolution introduced by Delegate W . Z. Foster, couched relations and not be understood as limiting recognized. any wage „nrn.,r t(>
This must
the right of
earner to
in the following language:
-efrain from joining any organization or to deal directly with his emp y
f ho so chooses.
.
,t
"Whereas, The organization o f the vast armies of wage earners em­
ployed in the steel industries is vitally necessary to the further spread of
The public group voted In favor of this resolution. Tho employers
industrial democracy in America: and
.
__. .___ _ ...__
;roup and the union labor group voted against it.
Whereas, Organized labor can accomplish this great task only by putting
The union labor group finally offered the following resolution:
forth a tremendous effort; therefore, be it
„ . __.
. , „,__
Resulted, That the executive officers of the American Federation o fl^ b o r
Tho right or wage earners to organize without discrimination, to bargain
stand instructed to call a conference, during this contention,;°f delegates
lollectively, to be represented by representatives of their 9W 5^„^> hours
”
S
of all international unions whose interests are involved In the steel Indus­
legotiations and adjustments with employers in rospect to w a g e ,
tries, and of all the State Federations and City Central bodies in the steel
>f labor, and relations and conditions of employment is recognized.
districts, for the purpose of uniting all these organizations into one mighty
It was stated by Mr. Fish of the employers group that “ wo cannot read
drive to organise the steel plants of America.
his resolution without reference to the history of the last two weeks, ana
The movement appears to have proceeded, under the general direction
he events of yesterday. . . .
As the argument in this Conference as
o f Foster, without much result until June 13 1919. when another resolution
was adopted by the American Federation o f Labor at a meeting held in leveloped, it has been perfectly clear that the sum and substance or tne
•esolutions with reference to collective bargaining that have been presents
Atlantic City, which reads as follows:
leretofore, excepting tho substitute from tho employers group, the Chad"Whereas Every labor union in America, regardless o f its trade or in­
lourne resolution and the substitute offered for it by tho employers group,
dustry, has 'a direct and positive interest in the orga
in the iron and steel industry, because the accomplishment o f this vital hat these resolutions in substance meant this and nothing else, that this
task will greatly weaken the opposition o f employers everywhere, to the Conference is asked to take action which will force, if possible, the hundreds
extension of trade unionism and the establishment of decent conditions of if thousands of employers in industries throughout this country to recognize
W°Whereas , Th1f'organizing force now in the field working upon this vast h e labor unions whether they will or will not. and to forco their organlzaW
ions to deal with tho labor unions against their will. . . . I shall personally
project is altogether inadeauate in strength to carry on the work in the
vigorous manner imperatively demanded by the situation; therefore, be it.
feel obliged to oppose this resolution unless there Is a plain definition as to
Resolved, That President Gompers of the American 1 ederation of Labor
.vhat is meant by bargaining collectively.”
and Chairman of the National Committee for Organizing Iron and Steel
The union labor group and the public group voted in favor of tho resolu­
Workers, be authorized to call a conference, during the convention ot tne
American Federation o f Labor o f the heads of all international unions tion. Tho employers group voted against it. Thereupon the unfon labor
affiliated with the A. F. of L., to the end that they make arrangements to ;roup retired from the Conference.
1 end their assistance to the organization of the iron and steel industry.
All through the Conference whenever the question of collective bargaining
President Gompers thereupon named the heads of twenty-four aff.liated
Iras discussed, it was apparent that the union labor leaders would not support
organizations to act as a committee to develop and carry out plans for my resolution in favor of collective bargaining excopt on the basis that
unionizing the iron and steel industry pursuant to the resolutions men­ lollective bargaining meant bargaining through labor unions. For instance,
>n Tuesday when the two first resolutions above quoted were under distioned. You are familiar with what has occurred since that time and you
are more or lees acquainted with the history of the different union leaders rnssion and ready for vote, Mr. Chadbourne for tho public group spoke
who have been connected with the attempt to enlist the employees and to
bring about a strike in the manufacturing works The strike, which has
"M r. Chairman, I want to make a statement and to ask a question or
wo of Mr. Gompers with the Chairman’s permission.” (Turning to Mr.
been directed by the union labor leaders and was begun, so far as I am in­
lompers ) "M r . Gompers, the public group will retiro and reconsider its
formed. without any request or authorization from the workmen them­
ote, with tho recommendation or its chairman, Mr Baruch if you and
selves, has been conducted in the usual way. Immediately preceding the
rour group will do either one o f two things: either add, or other organlzaday fixed for ordering out the men, intimidating letters, large numbers of
ions’ after ‘labor and trade unions’ in the resolution, or give It as your
toud’s interpretation upon this record equally as solemn as the vote that
them being anonymous, were sent to the families o f the workmen threat­
s taken upon the resolution, that it is the Interpretation of tho gentlemen
ening physical injury to the Tather or husband, damage to or or destruc­
n your group that it does mean any other organization or any other
tion of the home and kidnapping of the children unless the employee referred
to should obey the order to strike. A number of the workmen, who had
T o this the union labor group would make no response.
joined the unions voluntarily, accepted the order to strike and others re­
As further evidence of the attitude of the union labor leaders It may be
mained away from the factories through fear. In many, if not most of the mentioned that in tho twelve points published by the leaders who were
mills, the larger number of employees continued to work without interrup­ conducting the strike they included and insisted upon the following:
tion. At the beginning many of the workmen who attempted to continue
"Abolition of company unions.”
their work and others who had remained at home through fear and at­
The unions claim that collective bargaining through different forms of
tempted to return, were confronted in the public streets and elsewhere shop organization made up of tho employees tends to limit the e tension of
by strikers, or pickets, and importuned to engage in the strike; and many unions by increasing their numbers. ’il>e non-u .ion employees and their
were assaulted and seriously injured
After protection was afforded by employers insist that collective bargaining through labor unions moans
the police, sheriffs’ deputies. State constabulary and, in sonic cases. State that employees are forced to join the unions, as otherwise they could not
or national troops, the numbers resuming work increased appreciably be represented. So it Is perfectly clear that the whole argument returns to
from day to day until in many places operations are about normal. 1aken tho main proposition of open or closed shop.
as a whole, the situation at present is good and steadily improving.
It will be observed that the strike is not the result of any claim by any
workmen for higher wages or better treatment nor for any reason except
the desire and effort on the part of union labor leaders to unionize the -ron
Whereas, Elbert H. G ary ,‘President of the American Iron & Stool Insti­
and steel industry. As stated in tho first resolution, the action taken was “ for
tute, has rendered to the American people and tho American iron and steel
the purpose of uniting all these organizations into one mighty drive to
industries a service of inestimable value by his course as a representative
organize the steel plants o f America.”
Without discussing for the present the merit or demerit of labor unions of the public in the industrial conference at Washington; therefore be it
Resol d, That the American Iron & Steel Institute, assembled in its:
it may be observed that union labor leaders openly state that they seok to
unionize or, as they say. "organize” the whole industry of this country. semi annual meeting, hereby records its unqualified approval of M r.
Tttiose who do not contract or deal with unions, although they do not com­ Gary's firm stand against any infringement of the rights of tho Individual.




Tho resolution adopted by the Institute following Judge
Gary’s address, endorsing the stand taken by him, read:

Nov. 1 1919.]

THE CHRONICLE

in labor or in business, rights fundamental to American industrial supermacy
as well as to American liberty; that it admires the vision and courage en­
abling him to discern and effectively oppose the radicalism injected into
trade unioi ism by unscrupulous leaders, an element especially dangerous
under present conditions, when worldwide ur.rest has created an oppor­
tunity for agitation aimed at the perpetuity of institutions under which our
our country has achieved its strength and our industries attained their
efficiency and prepsperity.

In response to the resolution Judge Gary said-

I would like to say from the outset the positions which have been taken
by your [’ resident, as expressed in words, has been without exception ap­
proval by the finance committee o f the United States Steel Corporation
which have been received by the board of directors, by its stockholders as
stated in many letters and telegrams which have been received by the board
of directors of this splendid institution of which we are all proud, by the
iron and steel industry generally of the United States and Canada, by
thousands upon thousands of individuals, chambers of commerce, associa­
tions and organizations, including farmers’ institutions, scattered all over
the country, from North to South and East to West; and I am glad to say
by the intelligent, influential, splendid press of this country.
And so you and I , all o f us cheerfully, emphatically extend the sentiments
of the resolution which has been passed to all these groups of individuals
to whom I have referred.

King Albert of Belgium and Prince Leopold were guests of
honor at the banquet of the Institute given at the Hotel
Commodore in the evening of Oct. 24.
H A R R Y A . W H E E L E R D E N IE S ASSER TIO N M A D E
B Y S A M U E L GOMPERS REGARDING EMPLOYER S'
A C T IO N A T I N D U S T R I A L CONFERENCE.

1655

After all, the public interest in this vital matter is the paramount con­
sideration of the Government and admits of no other action than that
of consideration of a peaceful settlement of the matter as suggested by you.
If for any reason tho miners and operators fail to come to a mutual under­
standing the interests of the public are of such vital importance in connec­
tion with the production of coal that it is incumbent upon them to refer
the matter in dispute to a board of arbitration for determination and to
continue tho operation of the mines pending the decision of the board.

This was the last paragraph of the message which was
embodied in a letter sent to Secretary of Labor Wilson by
the President’s Secretary, Mr. Tumulty, and which appeared
in our last week’s issue, page 1575. After reading the letter
to the representatives of the miners and the operators,
Secretary Wilson, who during all of last week had been
trying to bring about an agreement between the two in­
terests, announced that his final efforts had been of no avail.
The miners refused to call off the strike. The New York
“Times” in Washington advices of Oct. 24 said:

The operators agreed to accept the President’s proposals and announced
their willingness to resume negotiations, but the coal miners refused to agree
to anything or to call off the strike unless assured in advance that the
negotiations ■would be successful. The miners’ representatives were firm
in their determination not to accept the President's proposal, and no appeal
or argument by Secretary Wilson was able to sway them from their position.
Realizing that it was absolutely impossible to bring the operators and miners
together after the eleventh hour appeal of the President had failed, Secretary
Wilson adjourned the conference sine die.

After the conference Secretary Wilson issued a statement
which said:

The
of the
A statement was issued on Oct. 24 by Harry A. Wheeler, entirotyoperators agreed to accept the proposition to comePresident in its
and
they failed
to a conclusion
who was Chairman of the employers’ delegation at the to submit to proceed to negotiate andtoif be continued in operation pending
arbitration, the mines
recent National Industrial Conference, in which Mr. Wheeler an adjustment.
mean
denied the truth of certain statements made by Samuel The miners interpreted the letter of the President tothat two separate
first—
Gompers, President of the American Federation of Labor, propositions— they were willing to accept theexpressed a is, proceed Jto
negotiate. The operators said that having
willingness to
relativo to the action of the employers’ group on Oct. 22— accept the proposition in its entirety they held themselves ready to proceed
the day on which the labor delegation withdrew from the to do so, to negotiate and arbitrate whenever called upon to do so by the
Secretary of Labor or
with
conference. The question in controversy relates to a they withdrew. The the miners’ scale committee, and regretthat statement
miners remained and expressed
resolution which Mr. Gompers introduced on Oct. 22, on tions could not be proceeded with, but declined to go further that negotia­
than proceed
with negotiations
collective bargaining. This resolution was defeated. It negotiations woulduntil it had been determined whether the result of the
be successful or
has been asserted by Mr. Gompers that the vote in the Thereupon, after an all unsuccessful. of the President’s
day meeting
employers’ group for its rejection was by a majority of Cabinet, the following was issued:
only ono vote. In denying this, Mr. Wheeler issued the
W HITE HOUSEfollowing statement:
Washington, Ocl. 25 1919.
Mr. Gompers and the other representatives of organized labor who
bolted the National Industrial Conference are showing a poor spirit o(
sportsmanship. Neither Mr. Gompers nor President Eliot can becloud
the Issue by assuming that they correctly stated the vote of the employers’
group on the Gompers resolution and neither told the truth. The Gompers
resolution was defeated under the rule of the conference on group voting.
Group voting was the unanimous recommendation of the Rules Committee
at a time when no opportunity had been afforded for each group to size
up the others’ mental processes and opinions. President Eliot was not
in favor of group voting, but Mr. Gompers and the labor group voted
for it unanimously.
The employers’ group did not defeat the Gompers resolution by a maj­
ority o f ono. The employers’ group consisted of seventeen members,
three farmers, two bankers, two railroad executives, and ten business
men. When the vote on the Gompers resolution was taken the two mem­
bers named by the Investment Bankers' Association and one representa­
tive from the business men were absent from Washington. Fourteen
votes were cast. Ten votes were cast against the resolution, four in favor
o f it.
What Mr. Gompers had in mind to accomplish by a misstatement of the
facts and without any effort to ascertain the truth the public may judge.

COAL M I N E LEA D E RS REFUSE C O M P L IA N C E W I T H
REQUEST TO RESCIND S T R IK E ORDER.

The officials of the United Mine Workers of America,
notwithstanding President Wilson’s request that the organ­
ization withdraw the strike order affecting more than
400,000 workers, announced on Oct. 29 “that a strike of
bituminous minors cannot be avoided. . . . Tho issue
has been made, and if it must bo settled upon the field of in­
dustrial battle tho responsibility rests fairly and squarely
upon the coal barons alone.”
This statement was made following a conference of the
International Executive Board, the Scale Committee and
District Presidents of the United Mine Workers, four days
aftor a statement had been issued by President Wilson de­
claring that the strike of tho 500,000 coal minors scheduled
for Nov. 1 “is not only unjustifiable, it is unlawful.” “It
constitutes a fundamental attack, which is wrong both
morally and legally, upon tho rights of society and upon the
welfare of our country.” “Any attompt to carry out tho
purposes of this striko,” tho President said, “must be con­
sidered a grave moral and legal wrong against the Govern­
ment and tho people of tho United States.” The President’s
statement was received by the wholo country with approval.
The preceding day, Oct. 24, the President from his sick bed
had issued an appeal to the representatives of the miners
and the mine operators who were at that time in Washington,
where they had been conferring with Secretary of Labor
Wilson, urging them to arbitrate their differences. The
President, said:




A S tatem ent by the President.
On Sept. 23 1919, the convention of the United Mine Workers of America
at Cleveland, Ohio, adopted a proposal declaring that all contracts in the
bituminous field shall be declared as having automatically expired Nov. 1
1919. and making various demands including a 60% Increase in wages and
the adoption of a 6-hour work-day and a 5-day week; and providing that,
in the event a satisfactory wage agreement should not be secured for the
central competitive field before N ov. 1 1919 the national officials should
be authorized and instructed to call a general strike of all bituminous miners
and mine workers throughout the United States, effective Nov. 1 1919.
Pursuant to these instructions, the officers of the organization have
issued a call to make the strike effective N ov. 1. This is one of the gravest
steps ever proposed in this country affecting the economic welfare and the
domestic comfort and health of the people. It is proposed to abrogate an
agreement as to wages which was made with the sanction of the United
States Fuel Administration and which was to run during the continuance
of the war, but not beyond April l 1920.
This strike is proposed at a time when the Government is making the
most earnest effort to reduce the cost of living and has appealed with success
to other classes of workers to postpone similar disputes until a reasorab’.e
opportunity has been afforded for dealing with the cost of living. It is
recognized that the striko would practically shut off the country’s supply of
its principal fuel at a time when interference with that supply is calculated
to create a disastrous fuel famine. All interests would be affected alike
by a strike of this character, and its victims would be not the rich only,
but the poor and tho needy as well, those least able to provide in advance
a fuel supply for domestic use. It would involve the shutting down of
countless industries and the throwing out of employment of a large part
of the workers of the country. It would involve stopping the operation
of railroads, electric light and gas plants, street railway lines and other
public utilities, and the shipping to and from this country, thus preventing
our giving aid to the Allied countries with supplies which they so seriously
need.
The country is confronted with this prospect at a time when the war
itself is still a fact, when the world is still in suspense as to negotiations for
peace, when our troops are still being transported, and when their means
of transport is in urgent need of fuel.
From whatever angle the subject may be viewed, it is apparent that
such a strike in such circumstances would be the most far-reaching plan
ever presented in this country to limit the facilities of production and
distribution of a necessity of life and thus indirectly to restrict the produc­
tion and distribution of all the necessaries of life. A strike under these
circumstances is not only unjustifiable, it is unlawful.
The action proposed has apparently been taken without any vote upon
the specific proposition by tho individual members of tho United Aline
\ orkers of America throughout tho United States, an almost unprecedented
\
proceeding. I cannot believe that any right of any American worker needs
for its protection the taking of this extraordinary step, and I am convinced
that when the time and manner are considered, it constitutes a fundamental
attack, which is wrong morally and legally, upon the rights of society and
upon the welfare of our country. I feel convinced that individual members
of the United Mine Workers would not vote, upon full consideration, in
favor of such a strike under these conditions.
Vr hen a mov ement reaches the point where it appears to involve prac­
tically the entire productive capacity of tho country with respect to one of
the most vital necessities of daily domestic and industrial life, and when
the movement is asserted in the circumstances I have stated and at a time
and m a manner calculated to involve the maximum of danger to he public
we are in us cr tu?al hour of our country’s life, the public interest becomes
the paramount consideration.
.
t!'e 'e clrc«mstances I solemnly request both the national and the
‘ of ice‘ s and also the individual members of the United Mine Workers

[V ol . 109.

THE CHRONICLE

1656

o f A rm e r i c a t o r e c a l l a l l o r d e r s l o o k i n g t o a s t r i k e o n N o v .

1. a n d to ta k e

w ar em ergen cy con tra cts.

T h e C o n g r e s s h a s h e ld t o t h is p o s it io n s o la t e

as O c t. 2 2 , w h en a n a c t o f C o n g r e s s w a s a p p r o v e d m a k in g e v e n m o r e e f­

w h a te v e r step s m a y b e n ecessa ry t o p rev en t a n y sto p p a g e o f w o rk .
t o u c h n o t o n ly t h e w e lfa r e o f a c la s s , b u t v i t a lly c o n c e r n t h e w e ll-b e in g , t h e

fe c tiv e th e F o o d a n d F u el C o n tr o l A c t .
T h o s u s p e n s io n o f t h e r e s t r ic t io n s a s t o t h e p r ic e o f c o a l is n o t n e c e s s a r ily

c o m f o r t , a n d t h e v e r y li f e o f a ll t h e p e o p le .

p e r m a n e n t a n d c o n d i t i o n s w a r r a n t a r e n e w a l o f t h e s e r e s t r i c t i o n s a t t h is

It

is t i m e f o r p l a i n

s p e a k in g .

T h e s e m a tte r s w ith

w h ic h

we now

deal

I fe e l it m y d u t y in t h e p u b lic

in t e r e s t t o d e c la r e t h a t a n y a t t e m p t t o c a r r y o u t t h e p u r p o s e s o f t h is s t r ik e

t im e , a n d y e t t h e G o v e r n m e n t , i f it r e in s ta te s t h e o r d e r f ix in g a m a x im u m

and

p r ic e , w o u ld b e a b s o lu t e ly h e lp le s s t o p r o t e c t t h e p e o p le a g a in s t e x o r b i t a n t

th u s

to

p a r a ly z e

th e

in d u s tr y

o f th e

co u n try

w ith

th e

con sequ en t

s u f f e r in g a n d d is t r e s s o f a ll o u r p e o p l e , m u s t b e c o n s id e r e d a g r a v q m o r a l

p r ic e s o f t h e p r o d u c t i f t h e c o n t r a c t s m a d e u n d e r Its s a n c t io n

and

b e d e lib e r a t e ly b r o k e n .

le g a l w r o n g

a g a in s t th e

G overn m en t

and

th e

p e o p le

of

th e

U n ite d

T h is d o e s n o t m e a n t h a t a

s h o u ld n o w

c h a n g e c o u ld

not be

w ill b e e n fo r c e d ,

n e g o t ia t e d , a n d e ith e r a g r e e d u p o n o r a r b it r a t e d , i f p r o p e r p r o t e c t io n o f t h e

a n d m e a n s w ill b e f o u n d t o p r o t e c t t h e in te r e s ts o f t h e n a t io n in a n y e m e r g ­

p u b l i c b e a c c o r d e d in t h o s e t t l e m e n t , b u t i t d o e s m e a n t h a t t h e p u b l i c w e l f a r e

S ta te s.

I c a n d o n o t h in g le s s t h a n t o s a y t h a t t h e la w

in t h o w a r t im e e m e r g e n c y m u s t s t ill b e t h e s a m e p e r m a n e n t in t e r e s t t o b e

e n c y t h a t m a y a r is e o u t o f t h is u n h a p p y b u s in e s s .
I e x p r e s s n o o p in io n o n t h e m e r its o f t h e c o n t r o v e r s y .

I h a v e a lr e a d y

s u g g e s te d a p la n b y w h ic h a s e ttle m e n t m a y b e r e a c h e d , a n d I h o ld m y s e lf
in

r e a d in e s s

a t t h e r e q u e s t o f e ith e r o r b o t h

t r ib u n a l t o
p o s s ib le

in v e s t ig a t e a ll t h e f a c t s w it h

o r d e r ly

s e ttle m e n t

of

th e

a

s id e s t o

v ie w

q u e s t io n s

to

at

a p p o in t

a id in g

is s u e

o p e r a t o r s a n d t h e c o a l m in e r s , t o t h e e n d th a t t h e

in

at on ce

a

t h e e a r lie s t

b e tw een

th e

coal

ju s t r ig h t s , n o t o n ly o f

t h o s e in te r e s ts b u t a ls o o f t h e g e n e r a l p u b lic , m a y b e f u ll y p r o t e c t e d .

The attitude of Congress toward Jthe projected strike was
indicated in the Washington press dispatches of Oct. 25,
which said:
N o r w a s t h e P r e s id e n t o r t h e m e m b e r s o f h is c a b in e t t h e o n l y m e m b e r s o f
t h e G o v e r n m e n t a r o u s e d b y t h e c r it ic a l s it u a t io n c r e a t e d b y th e th r e a t o f
th e

U n ite d

M in e

W o r k e r s o f A m e r ic a .

C on gress to -d a y

g a v e e v e r y e v i­

d e n c e o f b e i n g r e a d y t o b a c k t h e a d m in is t r a t io n in a n y d r a s t i c m o v e It m a y

m in is tr a tio n
tin u o u s
and

to

and

and

c a llin g u p o n

a ll o t h e r s in

u n q u a lifie d

su pp ort

in

in t r o d u c e d

in to

th e

C o n g r e s s “ t o g iv e t h e n a tio n a l a d -

a u t h o r it y

th e

th e

assu ran ce o f con sta n t,

great

b oth

p a r tie s .

The

G o v e r n m e n t is t h e

p r o te c to r o f th e

p u b lic

p o r t a t io n a n d in d u s t r y .

I t w ill d e p r i v e u n n u m b e r e d t h o u s a n d s o f m e n w h o

a r e m a k in g n o c o m p la in t a b o u t th e ir e m p lo y m e n t o f th e ir r ig h t t o e a r n a
l i v e l i h o o d f o r t h e m s e l v e s a n d t h e i r f a m i l i e s , w il l p u t c it i e s In d a r k n e s s , a n d ,
if c o n t in u e d o n ly f o r a f e w d a y s , w ill b r in g c o l d a n d h u n g e r t o m il lio n s o f
o u r p e o p l e , i f c o n t i n u e d f o r a m o n t h i t w i l l l e a v e d e a t h a n d s t a r v a t i o n In i t s
w ake.

I t w o u ld b o a m o r e d e a d ly a t t a c k u p o n t h e life o f th e n a t io n th a n a n

in v a d in g a r m y .
'
,
. ..
B y e n a c tin g th e F o o d a n d F u e l C o n t r o l A c t C o n g r e s s h a s r e c o g n iz e d th e
v it a l im p o r t a n c e in t h e p r e s e n t c ir c u m s t a n c e s o f m a in t a in in g p r o d u c t i o n a n d
d is tr ib u tio n o f th e n e ce s sa rie s o f life a n d h a s m a d e it u n la w fu l fo r a n y c o n ­
c e r te d a c t io n , a g r e e m e n t o r th e a r r a n g e m e n t t o

bo m ade b y

tw o or m ore

p e r s o n s t o lim it th e fa c ilitie s o f tr a n s p o r ta tio n a n d p r o d u c t io n , o r t o r e s tr ic t

em ergen cy

h a v in g th is p u r p o s e o r e f f e c t .
sta n ce s

w h ic h

I have

M a k in g a s tr ik e e ffe c t iv e u n d e r th e c ir c u m ­

d e s c r ib e d

a m ou n ts to

su ch

con certed

a c tio n

or

ar-

con ­

c o n fr o n t in g

us

v i n d i c a t e t h e m a je s t y a n d p o w e r o f t h e G o v e r n m e n t in e n fo r c in g

o b e d i e n c e t o a n r e s p e c t f o r t h e c o n s t i t u t i o n a n d t h e l a w s a n d in f u l l y p r o ­
te c tin g e v e r y

by

w e lfa r e .
T h e p r o p o s e d s t r ik e , i f c a r r ie d t o its lo g ic a l c o n c lu s io n , w ill p a r a ly z e t r a n s ­

th e s u p p ly a n d d is t r ib u t io n o f fu e l, o r t o a id o r a b e t t h e d o in g o f a n y a c t

t a k e t o k e e p t h e m in e s o p e n , s t r ik e o r n o s t r ik e .
S e n a to r T h o m a s , o f C o lo r a d o , D e m o c r a t, to -d a y
S e n a te a jo in t r e s o lu tio n

served

c it iz e n in t h e m a in t e n a n c e a n d e x e r c is e o f h is la w fu l r ig h ts

a n d t h e o b s e r v a n c e o f h is la w fu l o b li g a t i o n s .”

In a statement issued on Oet. 29 following a conference
participated in by Secretary of Labor Wilson, Director
General Walker D. Hines of the Railway Administration,
Joseph P. Tumulty, who was present as the personal repre­
sentative of the President, Dr. Harry A. Garfield, former
Fuel Administrator, and Assistant Attorney General Frank
H. Garvin, Attorney General Palmer, who presided at the
conference, announced that the Government was ready to
meet the issue, and the law woufd be enforced “irrespective
of the persons involved in its violation.” The facts of the
coal crisis, added the Attorney General, “present a situation
which challenges the supremacy of the lawr, and every re­
source of the Government will be brought to bear to prevent a
national disaster which would inevitably result from the
cessation of mining operations.”
The statement in full follows:

I t Is t h o s o l e m n d u t y o f t h e D e p a r t m e n t o f J u s t i c e t o e n f o r c e t h i s s t a t u t e .
W e h a v e e n f o r c e d it in m a n y c a s e s , w e m u s t c o n t in u e t o d o s o ir r e s p e c t iv e
o f th e p e r s o n s in v o lv e d in it s v i o la t io n .
e n fo r c e it in t h is c a s e .

I h o p e it w ill n o t b e n e c e s s a r y t o

I n d e e d . I a m h e a r in g fr o m m a n y s o u r c e s t h a t la r g e

n u m b e r s o f t h e m in e r s t h e m s e lv e s d o n o t w is h t o q u * t w o r k a n d w ill n o t d o
s o i f a s s u r e d o f t h e p r o t e c t io n o f th e G o v e r n m e n t , o f w h ic h t h e y p r o p e r ly
fe e l th e m s e lv e s a p a r t .
p r o te c tio n
d ou b ted

I t is p r o b a b l y u n n e c e s s a r y f o r m e t o s a y t h a t s u c h

w ill e v e r y w h e r e b e g i v e n , s o t h a t m e n

r ig h t o f c o n t in u in g

t h e y s h a ll s e e f i t .

or t h e

p rem acy

to

w ork

m ay

e x e r c is e th e ir u n ­

u n d er su ch term s an d

c o n d itio n s as

T h e fa c t s p r e s e n t a s itu a tio n w h ic h c h a lle n g e s t h e su ­

la w , a n d e v e r y r e s o u r c e o f th e G o v e r n m e n t w ill b e b r o u g h t

t o b e a r t o p r e v e n t t h e n a t io n a l d is a s t e r w h ic h w o u ld in e v it a b ly r e s u lt fr o m
th e c e s s a tio n o f m in in g o p e r a t io n s .

.

The statement issued on Oct. 29 by the United Mine
Workers of America (referred to further above) following a
conference of the members of its International Executive
Board, its Scale Committee and District Presidents at In­
dianapolis, read as follows:
T h e c o n fe r e n c e o f U n ite d

M in e

W ork ers, com p osed

o f m e m b ers o f th e

I n t e r n a t io n a l E x e c u t i v e B o a r d , t h e S c a le C o m m it t e e o f t h e C e n t r a l C o m ­
p e t it iv e

D is tr ic t,

and

th e

D is tr ic t

P r e s id e n ts ,

U n ite d

M in e

W ork ers

or

A m e r ic a , g a v e m o s t p r o fo u n d c o n s id e r a t io n t o t h e s ta t e m e n t o f th e P r e s id e n t
o f t h e U n i t e d S t a t e s , w h i c h a p p e a r e d in t h e p u b l i c p r e s s r e c e n t l y , r e l a t i v e t o
t h e im p e n d in g s t r ik e o f b it u m in o u s m in e r s s o t f o r N o v . 1 .

N o c o m m u n ic a ­

t io n w a s r e c e iv e d b y th e in te r n a tio n a l o ffic e r s o f t h o U n it e d M in e W o r k e r s

T h e r e c a n b e n o d o u b t t h a t t h e G o v e r n m e n t h a s t h e p o w e r in t h e p u b lic

o f A m e r ic a fr o m

e ith e r t h e P r e s id e n t o r a n y r e p r e s e n ta tiv e o f t h o F e d e r a

I n t e r e s t , u n d e r t h e la w , t o d e a l w it h th e p r o je c t e d s tr ik e o f th e b itu m in o u s

G ov ern m en t.
A can va ss o f

th e

c o a l m in e r s , w it h o u t in fr in g in g u p o n

th e r e c o g n iz e d

r ig h t o f m e n

in a n y

e n tir e

s it u a t io n

show s

th a t

a

s tr ik e

of

b it u m m o u

l i n e o f in d u s t r y t o w o r k w h e n t h e y p le a s e a n d q u it w o r k w h e n t h e y p le a s e .

m in e r s c a n n o t b e

T h e il le g a l it y o f t h is s t r ik e c a n a n d w ill b e e s t a b lis h e d w it h o u t in a n y w a y

s e n ta tiv e s o f t h e U n ite d M in e W o r k e r s h e ld a t C le v e la n d , O h io , o n S e p t .

i m p a ir i n g t h e g e n e r a l r ig h t t o s t r ik e , a n d t h e g e n e r a l r ig h t t o s t r ik e is n o t

2 5 , o r d e r e d a s tr ik e o f b it u m in o u s m in e w o r k e r s t o b e c o m e e ffe c t iv e N o v .

in is s u e in a n y s e n s e w h a t e v e r in t h e p r e s e n t s it u a t io n .
T h is is t r u e b e c a u s e t h e

1 , in

c ir c u m s t a n c e s d iffe r e n t ia t e t h is c a s e fr o m

c a s e o f a n y o t h e r s t r ik e t h a t h a s e v e r t a k e n p la c e in t h e c o u n t r y .
n o t fo llo w

th a t e v e ry

s t r ik e is l a w f u l m e r e ly b e c a u s e t h e

is r e c o g n iz e d t o e x is t.
b e govern ed b y

E v e r y ca s e m u s t sta n d u p o n

it s o w n f a c t s .

T h e r e fo r e w h e n

th e e v en t a

h ig h e s t

A

r e g u la r ly c o n s t it u t e d

w a g o s c a le w a s n o t n e g o t ia t e d

a u t h o r it y

in

th e

o r g a n iz a t io n

has

a cted

co n v e n tio n

b e fo r e
in

o f rep re­

t h a t t im e .

th is m a n n e r ,

The

and

no

It does

r e p r e s e n ta tiv e s o f t h e o r g a n iz a t io n h a v e a u t h o r it y t o s e t s u c h a c t io n a s id e .

s tr ik e

T h e fa c t s a r e t h a t th e s a m e s u p r e m e a u t h o r it y w h ic h b r d e r e d t h o p e n d in g

r ig h t t o

its o w n

th e

a v o id e d .

b ottom

..

and

t h e P r e s id e n t s a id in h is

i i i. ________

.

i

a.i

s t a t e m e n t l a s t S a t u r d a y t h a t “ s u c h a s t r i k e , i n s u c h c i r c u m s t a n c e s is n o t

O X p irw u .
T h e r e s p o n s ib ility

o n ly u n ju s t ifia b le , b u t u n la w fu l," r e fe r e n c e w a s h a d o n ly t o t h e c o n d itio n s

have

in t h e im p e n d in g s itu a tio n .
T h e p r o p o s e d s t r ik e w a s o r d e r e d in a m a n n e r , f o r a p u r p o s e a n d w it h a

t h e m in e w o r k e r s ’ r e p r e s e n ta tiv e s h a v e u r g e d
so.

re fu s e d

to

fo r

th e

n e g o tia te

a

s tr ik e

re sts w ith

w age

a g re e m e n t,

T h e fu n d a m e n ta l ca u s e s w h ic h

n e c e s s a r y e ffe c t , w h ic h t a k e n t o g e t h e r p u t it o u t s id e t h e p a le o f th e la w .

th is d r a s tic

a c tio n

miiinlt V
toa nmv

th e

p rom p ted

are d eep

sea ted .

T hey

a p p e a le d ,

co a l op era tors.

n o tw ith s ta n d in g
an d beseech ed
th e

T hey

th o

th e m

fa c t
to

m in e w o r k e r s t o

do

ta k e

F o r t w o y e a r s th e ir w a g e s h a v e r e ­

A ft e r th e w a r b e g a n th e p r o d u c tio n o f fu e l w a s re g a r d e d a s o n e o f th e su b ­

m a in e d

je c t s o f s u c h p e c u lia r p u b lic im p o r ta n c e a s t o ju s t ify a s p e c ia l s t a t u t o r y e n ­

A d m in is tr a to r , D r . G a r fie ld , a n d fr o m

a ctm e n t.

S ta te s , f o r a n in c r e a s e in w a g e s s u ffic ie n t t o m e e t t h e in c r e a s e in t h o c o s t

The

F u e l A d m in is tr a tio n

w a s crea ted

to

s u p e r v is e th e s u b je c t

a n d m a t t e r s o f w a g e s a s w e ll a s p r ic e s w e r e c o n s id e r e d a n d s a n c t io n e d b y

of

t h e F u e l A d m in is t r a t io n .

s ta tio n a r y .

re fu s e d .

is t r a t io n
and

th e y

ord er

and

fo r c e .
W ith

A ft e r t h e c e s s a t io n o f h o s t ilit ie s t h e F u e l A d m in ­

s u s p e n d e d c e r ta in o f
a re s u b je c t
th e

to

sta tu te

it s

ord ers,

but

d id

r e in s t a t e m e n t a t a n y

under

w h ic h

th e

not

life .

T h e ir

to

th e

F ederal

Fuel

appeal

w as

r e je c te d

and

th e ir

requ est

N o t w i t h s t a n d in g t h is , t h e y c o n t in u e d m in in g c o a l, u n t il n o w th e ir

c o n t r a c t e x p ir e s , w h e n t h e y a r e d e t e r m in e d t h a t th e ir g r ie v a n c e s m u s t b e
a d ju s t e d In a r e a s o n a b l y s a t i s f a c t o r y m a n n e r .
T h e c o u r t s h a v e h e ld t h a t t h e w o r k in g m e n h a v e a r ig h t t o s tr ik e a n d m a y

is s t ill in

fu ll

q u it w o r k e it h e r s in g ly o r c o ll e c t iv e l y f o r t h e p u r p o s e o f r e d r e s s in g g r i e v ­
t h is

s itu a tio n

e x is tin g ,

th e

c o n v e n tio n

of

U n ite d

M in e

W ork ers

a t C l e v e la n d la s t S e p t e m b e r d e c id e d t o a n n u l a ll w a g e c o n t r a c t s o n N o v . 1
and

of

ago,

P r e s id e n t s

th e

m ade

n e c e s s itie s

year

h im t o th e P r e s id e n t o f t h e U n ite d

th em ,

te r m in a te

t im e u p o n

ord ers w ere

th o

one

took

th e u n p reced en ted

s te p s o f d e c id in g

in

ad van ce

of any

a n c e s a n d r ig h tin g w r o n g s .

T h e C o n s t it u t io n a n d g u a r a n te e s o f t h is fr e e

G o v e r n m e n t g iv e m e n th e r ig h t t o w o r k o r q u it I n d iv id u a lly o r c o lle c t iv e ly .
T h e m in e w o r k e r s , t h e r e fo r e , a r e b u t e x e r c is in g th e r ig h t g u a r a n te e d b y

oppor­

t u n it y f o r c o n s u lt a t io n e ith e r w it h t h e G o v e r n m e n t o r w it h t h e c o a l o p e r a ­

th e C o n s t it u t io n , a n d w h ic h c a n n o t b o ta k e n a w a y b y th o r e p r e s e n ta tiv e s o r

t o r s , t o s t r ik e o n N o v . 1 , u n le s s s a t is fa c t o r y n e w a r r a n g e m e n t s s h o u ld b e

t h e G o v e r n m e n t w h e n t h e y q u it w o r k o r w h e n t h e y r e fu s e t o w o r k u n t il th e ir

m w ? t h o u t a n y e x p r e s sio n fr o m

th o o r g a n iz a tio n

w illin g , a n d a n x io u s t o m e e t t h e c o a l o p e r a t o r s fo r th e p u r p o s e o f n e g o tia t­

in c r e a s e in w a g e s , a s ix -h o u r d a y a n d a

in g a n a g r e e m e n t a n d b r in g in g a b o u t a s e ttle m e n t o f t h e p r e s e n t u n h a p p y

g r ie v a n c e s
th e w o r k e r s th e m s e lv e s ,

p r o m u lg a t e d a d e m a n d fo r a 6 0 %
fiv e -d a y

w e e k , a n d a u t h o r iz e d a s tr ik e t o b e e ffe c t iv e N o v .

d e m a n d s w ere e v e n p re se n te d t o th e o p e ra to rs.

1. b e fo r e

th e

T h e d e m a n d fo r a n o w w a g e

a re

s itu a tio n .

a d ju s t e d .

The

m in e

w o r k e r s ’ r e p r e se n ta tiv e s

are

ready,

T h e y w ill r e s p o n d a t a n y t im e t o a c a ll fo r s u c h a m e e tin g a n d

w ill h o n e s t ly

endeavor

to

w ork

out

a

w age

agreem en t

upon

a

fa ir

and

a g r e e m e n t c o v e r e d o n ly a p a r t o f th e co a l fie ld s , b u t th e s tr ik o o r d e r w a s

e q u it a b le b a s is .

s e n t b r o a d c a s t t o w o r k e r s in o t h e r f ie l d s w h e r e o p e r a t o r s h a d b e e n g i v e n n o

g u a r a n te e th e n a t io n a n a d e q u a t e s u p p ly o f c o a l.

o p p o r tu n ity

w o r k e r s h a v e n o o t h e r p u r p o s e in v i e w o t h e r t h a n t o s e c u r e a w o r k i n g w a g e

h ou rs.

to

even

c o n s id e r

dem ands

fo r

in c r e a s e d

w ages

or

d ecreased

A l l t h i s h a s b e e n d o n e w h i l e t h o m i n e r s in e v e r y f i e l d , t h r o u g h t h e i r

r ig h t o f c o ll e c t iv e b a r g a in in g , h a d e n t e r e d in t o a s o le m n c o n t r a c t w ith
o p e r a t o r s , fix in g w a g e s a n d h o u r s fo r a d e fin it e p e r io d
e x p ir e d .

w h ic h

th e

T h e o p e r a t o r s , u p o n t h e in s is te n c e o f th e P r e s id e n t , in d ic a t ' d th e ir
t h o P r e s i d e n t 's r e q u e s t f o r a r b i t r a t i o n

as a

m oans

of

s e t t le m e n t a n d r e fu s e d t o d e fe r th o s tr ik e .
S o m e o f th e w a g e c o n t r a c t s w e re m a d e w ith th e s a n c t io n o f th o F e d e r a l
c o n t in u a t i o n o f t h e w a r o r u n til A p r il 1 1 9 2 0 .

M a n y oth ers, h o w e v e r, ru n

u n t il a t im e s t ill in t h e f u t u r e w it h o u t r e g a r d f o r t h e c o n t in u a t i o n o f t h e w a r .
W h i l e i t is p e r f e c t l y p l a i n t h a t t h e w a r is s t i l l o n a n d a n y c o n t r a c t r u n n i n g
u n t i l i t s c o n c l u s i o n is s t i l l i n f o r c e , w h a t e v e r w e i g h t m a y b e g i v e n

to

th e

a r g u m e n t th a t th o s u c c e ss fu l o p e r a t io n o f th e w a r n o lo n g e r r e q u ir e s s u c h
c o n t r a c t s , i t h a s n o a p p lic a t io n w h a t e v e r t o th e la r g e n u m b e r o f s u c h c o n ­
t r a c t s w h ic h e x p ir e a t a fix e d d a t e w ith o u t r e g a r d fo r th o w a r p e r io d .

The

a r m i s t i c e d i d n o t e n d t h e w a r a n d t h e c o u r t s in m a n y c a s e s h a v e h e l d t h a t
t h e w a r e m e r g e n c y s t a t u t e s a r e s t i l l in f o r c e : t h e s a m e r u l e m u s t a p p l y t o




in

th e w a g e p ro p o s a l

C o n s c io u s

of

th e g ra v e

r e s p o n s ib ility

r e s tin g

upon

th e

r e p r e se n ta tiv e s

o f t h e c o a l m in e r s , w o h a v e n o o t h e r a lt e r n a t iv e th a n t o c a r r y o u t t h e in ­
s t r u c tio n s o f th e U n ite d

M in e

W o rk e rs ’ c o n v e n tio n .

T h e is s u e h a s b e e n

m a d e , a n d i f it m u s t b e s e t t le d u p o n t h e fie l d o f in d u s tr ia l b a t t l e t h e r e ­
s p o n s ib ilit y re sts fa ir ly a n d s q u a r e ly u p o n

G o v e r n m e n t , o p e r a t in g th r o u g h th o F u e l A d m in is t r a t io n , t o ru n d u r in g th e

W e a s s e r t t h a t t h e m in e

A ll o f th e ir d e m a n d s a re I n c o r p o r a te d

s u b m it t e d t o t h e c o a l o p e r a t o r s , a n d e a c h a n d a ll a r e s u b je c t t o n e g o t i a t io n .

has n ot yet

w illin g n e s s t o n e g o t i a t e a n d a r b it r a t e p r o v id in g t h e s t r ik e is d e f e r r e d , w h ile
t h e m in e r s r e je c t e d

a g re e m e n t.

S u c h a g r e e m e n t a lo n e w ill p u t t h e m in e s in o p e r a t io n a n d

th e co a l b a ro n s

a lo n e .

With reference to the miners’ conference on Oct. 29,
advices of that date from Indianapolis to tho N. Y. “Times”
said:
S e v e n ty -fiv e
n a tio n a l

d e le g a te s

E x e c u tiv e

a tten d ed

B oard ,

th e

m em bers

of

m e e t in g ,
th e

c o n s is tin g

S c a le

of

C o m m it t e e ,

th e

In ter­

w ho

h o ld

t h e fr u itle s s c o n fe r e n c e s w ith t h e o p e r a t o r s a t B u ffa lo , P h ila d e lp h ia , a n d
W a s h in g t o n ,
R ep orts
in

and

th e

D is t r ic t

w ere m a d e b y

P r e s id e n ts .

D is t r ic t P r e s id e n ts a n d o th e r s o n

th e v a r io u s b itu m in o u s fie ld s .

T h is t o o k

up

th e s it u a t io n

a la r g e p a r t o f t h e d a y .

N ov. 1 1919.]

THE CHRONICLE

1657

I t a p p e a r e d t h a t t h e c o n f e r e n c e w a s d e la y i n g f in a l a c t io n in t h e h o p e t h a t t h e
op era tors

w o u ld

o ffe r

to

c o n fe r

a g a in

or

th a t

th e

F ed eral

I n s t e a d o t d e f i n i t e l y a c c e p t i n g o r r e j e c t i n g S e c r e t a r y W i l s o n 's s u g g e s t i o n

G overn m en t
m

w o u ld t a k e a c t io n o f s o m e s o r t t o p r e v e n t o r p o s t p o n e th e s tr ik e .
O n e o f t h e p o i n t s m a d e b y t h e m i n e w o r k e r s w a s t h a t w h il e t h e r e is a n

s o m a n y w o r d s , L e w is p r a c t ic a ll y ig n o r e s it a n d t a k e s a d v a n t a g e o f th e

o c c a s io n t o p u t h im s e lf r ig h t b e fo r e h is fo ll o w e r s , a n d , a s h e h o p e s , b e fo r e

e f f o r t t o h o ld t h e m in e r s t o t h e w a g e a g r e e m e n t , th e r e h a s b e e n n o e f f o r t

th e c o u n t r y ,

t o h o ld th e o p e r a t o r s t o c o a l p r ic e s b a s e d o n

h e d o e s n o t e v e n m e n t io n a r e v o c a t i o n o f t h e s t r ik e o r d e r , a n d t h e r e w ill
be none.
T h e n e g o t ia t io n s w ill c o m e a ft e r t h e s t r ik e b e g in s .

th e a g re e m e n t.

V h a t is s a u c e f o r t h e g o o s e s h o u ld b e s a u c e f o r t h e g a n d e r , ” is t h e w a y
o n e o f t h e d e le g a t e s t o t h e c o n fe r e n c e p u t it .
M r . L e w is s a id t o - d a y t h a t t h e o p e r a t o r s in t h e c o n f e r e n c e s h e ld f a ile d
t o o ffe r a s u g g e s tio n w h ic h w o u ld o p e n th e w a y t o a s e t t le m e n t , a lt h o u g h
in t h e p a s t t h e y a lw a y s h a v e b e e n r e a d y w it h s u g g e s t io n s .

I f th e F ed era l

s a id

L e w is ,

“ p r e ju d g e d

th e

case.

H e

spok e

w it h ­

o u t g i v in g t h e m in e r s a n o p p o r t u n i t y t o s t a t e t h e ir s id e o f it a n d w it h o n ly
a v e r y p a r tia l k n o w le d g e o f t h e fa c t s , a n d t h a t k n o w le d g e w a s in a c c u r a t e .
I a m c o n f id e n t t h a t b u t f o r h is in t e r v e n t io n
s e t t le d in t h r e e d a y s . ”

t h e s tr ik e , c o u ld

h ave been

s a id E llis S c a r le s
th e c o n fe r e n c e .

“ M any

(e d it o r

o f th e

“ U n ite d

M in e

o f t h e d is t r ic t P r e s id e n ts s p o k e , a n d

fe r e n c e t h a t t h e m in e r s b a c k h o m e w e r e 1 0 0 %
la n d c o n v e n t io n .

As

yet

th e

in te r n a tio n a l

o ffic e r s

have

su pp ort m a n y
s tr ik e f u n d

m e m b e rs fo r

n o th in g

tow a rd

c a r in g

I n d i v i d u a l b a n k a c c o u n t s w ill

s o m e tim e , a n d

th e n

th e

o r g a n iz a tio n h a s a

o f $ 1 5 ,0 0 0 ,0 0 0 , w h ic h c a n b e b r o u g h t in t o p la y .

“ I h a r d ly t h in k , h o w e v e r , t h a t a s t r ik e w ill b e o f lo n g d u r a t io n .”

The Governors of practically all the coal mining States
have issued statements announcing their intention to support
the stand taken by President Wilson and cooperate with the
Federal Government to enforce the laws in their respective
States in the event of disturbance from the strikers.
Governor Frank O. Lowden of Illinois in a statement on
Oct. 26 said:
T h e s t a t e m e n t o f t h e P r e s id e n t m a k e s t h e is s u e p la in .

T h e s t r ik e , n o d o u b t , h a s b e e n t h e m o s t p o w e r fu l w e a p o n in t h e h a n d s o f
la b o r t o im p r o v e it s c o n d it io n s .

S o lo n g a s t h e s tr ik e a ffe c t e d d ir e c t ly o n ly

t h e e m p lo y e r , t h e p u b lic c o u ld n o t o b je c t . T h e th r e a te n e d c o a l s t r ik e , h o w ­
e v e r , is a s t r ik e a g a in s t t h e A m e r ic a n p u b lic .
I n f a c t , i t Is l i k e l y t h a t t h e p u b l i c w i l l s u f f e r m o r e t h a n
th e m s e lv e s .

th e op era tors

W h e n e v e r a n y o r g a n iz a tio n , w h e th e r o f c a p ita l o r la b o r , b e ­

c o m e s s o p o w e r fu l a s t o b e a b le t o g iv e o r t o w it h h o ld fr o m

th e p u b lic th e

n e c e s s itie s o f life , s u ch o r g a n iz a t io n m u s t c o m e u n d e r t h e c o n t r o l o f t h e G o v ­
e r n m e n t , o th e r w is e t h e p a r t b e c o m e s g r e a te r t h a n t h e w h o le .
I f t h e o n l y a lt e r n a t i v e t o a s t r ik e o r l o c k o u t b y s u c h a n o r g a n i z a t io n is t h e
c o m p u ls o r y

a r b it r a t io n

o f d iffe r e n c e s

b e tw e e n

e m p lo y e r s

e n g a g e d in s u c h v i t a l u n d e r t a k in g s c o m p u l s o r y a r b it r a t i o n
w ill h a v e t o c o m e .

te le g r a m

w as

re fe r r e d

w ith

to

th e e n ­

t h e ir P r e s i­

s p ir it o f t h o s e o f h is fo llo w e r s w h o

have

been

d is tu r b e d

by

o f th e 2 9 th in s t. w a s r e a d

b y m e to

th e a s se m b le d c o n ­

d is tr ic ts y e s t e r d a y .
y o u t h is r e p ly :

O n b e h a lf o f th e c o n fe r e n c e , I a m

T h e S c a le C o m m it t e e r e p r e s e n t in g t h e U n it e d

a u t h o r iz e d t o m a k e

M in e W o rk e rs co n v e n e d

w ith t h e o p e r a t o r s o f t h e C e n t r a l C o m p e t it iv e F ie ld a t B u ffa lo S e p t . 2 5 a n d
p re s e n te d t o th e o p e r a to r s t h e w a g e d e m a n d s a s fo r m u la t e d

b y o u r in te r ­

n a t i o n a l c o n v e n t i o n , w h i c h w 'a s t h o r o u g h l y r e p r e s e n t a t i v e o f t h e v i e w s o f
our

m e m b e r s h ip .

The

d e m a n d s a n d r e fu s e d

o p e ra to rs

d e c lin e d

to n e g o tia te o n

to

c o n s id e r

a b a s is w h ic h

th e

m e r its

w o u ld

o f ou r

b e p r o d u c tiv e

1 m m r e s u lt s A ft e r a o n e -w e e k ’s a d jo u r n m e n t w a s ta k e n t o r e c o n v e n e
in I h ila d e lp h ia O c t . 9 , a n d a j o i n t s e s s io n o f t h r e e d a y s w a s h e ld in t h a t
c it y , th e m in e r s ’ r e p r e s e n ta tiv e s m a d e e v e r y e ffo r t t o n e g o t ia t e a n a g r e e ­
m e n t b u t w e r e m e t b y t h e u n c o m p r o m is in g r e fu s a l o f th e c o a l o p e r a t o r s t o
c o n s id e r th e m e r its o f o u r p o s it io n .
A t t h a t t i m e n o s t r i k e o r d e r w a s in e f f e c t a n d n o n e w o u l d h a v e b e e n is s u e d
h a d th e r e b e e n a n y c o n s t r u c t iv e s u g g e s tio n s o f a c o m p e t e n t n a tu r e o ffe r e d
b y th e co a l o p e r a to r s .

T h e m in e r s le ft t h e P h ila d e lp h ia c o n fe r e n c e w it h t h e

d e e p e s t r e lu c ta n c e a n d w it h h e a v y h e a r ts .

L a t e r o n , w h e n w e w e r e c a lle d

in t o c o n fe r e n c e b y y o u r s e lf a t W a s h in g t o n , d a y b y d a y w e r e ite r a te d t h a t w e
w e r e a n x io u s a n d w illin g t o g o in t o jo in t n e g o t ia t io n s w it h o u t r e s e r v a tio n s ,
a v in g in m in d o n ly t h e in t e r e s t o f o u r p e o p le , f o r t h e p u r p o s e o f n e g o t ia t in g
a w a g e a g r e e m e n t w h ic h w o u ld a v e r t a s tr ik e h i t h e b itu m in o u s in d u s t r y .
O u r p o s i t io n r e m a in s t h e s a m e t o - d a y .

W e s h a ll h o ld o u r s e lv e s in r e a d i­

n e s s t o a t t e n d a n y jo i n t c o n fe r e n c e w h ic h m a y b e a r r a n g e d b y y o u u p o n a
f a ir b a s is a n d s t a n d r e a d y t o r e c o n v e n e t h e in t e r n a t io n a l c o n v e n t i o n o f o u r
o r g a n iz a t io n w h e n e v e r o u r S c a le C o m m it t e e h a s r e c e iv e d
p r o p o s itio n fo r p r e s e n ta tio n t o s u c h a c o n v e n t io n .

an

h o n o r a b le

P e r m it m e t o s a y t o y o u , s ir , t h a t t h e u n p r e c e d e n t e d a n d u n w a r r a n t e d a c ­
t io n o f t h e C a b in e t a n d o f t h e P r e s id e n t o f t h e U n i t e d S t a t e s in is s u in g t h e
s t a t e m e n t o f S a tu r d a y la s t h a s d o n e m o r e t o p r e v e n t a s a t is fa c t o r y s e ttle ­
m e n t o f t h e im p e n d in g s t r ik e a n d a w o r k in g o u t o f a w a g e a g r e e m e n t th a n
a n y o t h e r e le m e n t w h ic h h a s e n te r e d in t o th e s it u a t io n .

T h e P r e s i d e n t 's

s t a t e m e n t is a f ie r c e l y p a r t is a n d o c u m e n t b e c a u s e i t a t t a c k s t h e in t e n t io n
o f t h e m in e
have

w o r k e r s w it h o u t e v e n s u g g e s tin g t h a t t h e m in e o p e r a t o r s

brou gh t

about

t h is

unhappy

s it u a t io n ,

and,

fu rth e r,

m ay

becau se

th e

to

e m p lo y e e s

t h r e a t is m a d e t o e x e r c i s e t h e f u l l f o r c e o f t h e G o v e r n m e n t t o p r e v e n t a

th a t ex ten t

and

s t o p p a g e o f w o r k w it h o u t a n y c o r r e s p o n d in g t h r e a t t o e x e r t th e fu ll fo r c e
o f th e G o v e r n m e n t t o e n fo r c e fa ir w o r k in g c o n d it io n s a n d a liv in g w a g e .

T h o s e le a d e r s o f la b o r w h o m e e t s u c h a s u g g e s tio n w it h t h e th r e a t o f a
g e n e r a l s tr ik e d o n o t h e lp t h e c a u s e o f la b o r .

W ils o n ’s

th e e n tir e d a ily p r e ss o f A m e r ic a

The text, of the telegram from the miners’ leader to Secre­
tary Wilson in full follows:

W h e n a s p e c ia l

in te r e s t c o n fli c t s w it h th e in te r e s ts o f t h e p e o p le a s a w h o le t h e fo r m e r m u s t
g iv e w a y .

S ecreta ry

t h e in d u s t r ia l b a t t l e t o -m o r r o w

P r e s id e n t W i l s o n ’ s d e c la r a t io n t h a t t h e s t r ik e w o u ld b e im m o r a l a s w e ll a s
ille g a l.

A o u r te le g r a m

fo r th e p o lic y o f th e C le v e ­

done

fo r t h e ir m e m b e r s in t h e e v e n t o f a s t r ik e .

in

c o u r a g e m e n t a n d s t im u la t io n o f a n e m p h a t ic d e c la r a t io n fr o m

t h e y a ll a s s u r e d t h e c o n ­

o f th e co n fe r e e s.
T h a t s ta t e m e n t h a s n o t m a d e fo r s e ttle m e n t, b u t r a th e r
fo r r e s e n t m e n t a m o n g t h e m in e r s .

w hen

m it t e e o f th e C e n t r a l C o m p e t it iv e F ie ld , a n d th e P r e s id e n ts o f o u r v a r io u s

W o r k e r s ’ J o u r n a l” )

T h e P r e s i d e n t 's s t a t e m e n t d i d n o t c h a n g e t h e a t t i t u d e

ch an ce

in t o a c t io n

fe r e n c e o f t h e m e m b e r s o f o u r I n t e r n a t io n a l E x e c u t i v e B o a r d , S c a le C o m ­

“ N o t a t h in g w a s s a id a t t h e c o n fe r e n c e fa v o r in g a c h a n g e in p la n s o r p o l­
ic y ,"
a fte r

h is

l i e w a s th u s a b le , th r o u g h

th e fig h t in g

t h a t t h e m in e r s w o u ld c o n t in u e a t w o r k , p r o v id in g t h e G o v e r n m e n t g r a n t e d
s a t is fa c t o r y w a g e d e m a n d s .
I ’r e s id e n t ,”

got

h is m e n

but

d e n t t h a t t h e P r e s id e n t o f t h e U n i t e d S t a t e s w a s in e r r o r , a n d t h u s r e v i v e

G o v e r n m e n t s h o u ld t a k e c o n t r o l o f t h e m in e s , M r . L e w is is o f t h e o p in io n

“ The

L e w is
t o h im .
sen d

l i e l e a v e s t h e d o o r o p e n t o f u t u r e n e g o t i a t i o n s , it is t r u e

A g e n e r a l s tr ik e w o u ld m e a n

I t is , in d e e d , a s a d

com m en ta ry u p o n

th e p r in c ip le s o f s q u a r e d e a lin g

w h e n t h e P r e s id e n t o f t h e U n it e d S t a t e s a n d h is C a b in e t b y a u n a n im o u s

in e f f e c t , a n e f f o r t t o s u b s t i t u t e S o v ie t s f o r t h e d u l y c o n s t it u t e d a u t h o r it y o f

v o t e a ll y th e m s e lv e s w it h t h e s in is te r fin a n c ia l in te r e s ts w h ic h s e e k t o d e n y

th e la n d .
m en t.

ju s t i c e t o la b o r a n d t o p r e c ip it a t e o u r c o u n t r y in t o in d u s tr ia l t u r m o il.

T h e p e o p le a re n o t y e t r e a d y t o a b a n d o n t h e ir fo r m

o f G overn ­

P r e s id e n t s ta te s :

I lli n o is w ill c o - o p e r a t e w it h t h e P r e s id e n t t o t h e e x t e n t o f it s p o w e r , t o
t h e e n d t h a t it s p e o p le s h a ll n o t s u ffe r .

The

“ T h e m in e w o r k e r s ’ p r o je c t e d s t r ik e is n o t o n l y u n ju s ­

t ifia b le , b u t u n la w fu l.”

l i e s t a t e s f u r t h e r : “ I t is w r o n g , b o t h m o r a ll y a n d

le g a lly ."
i n o t h e r w o r d s , t h e P r e s id e n t s a y s i t is a c r im e f o r t h e m in e r s
t o s tr ik e a n d th r e a te n s p u n is h m e n t f o r th e c r im e .”
M a y I p o in t o u t t o y o u t h a t u n d e r t h e la w s o f t h e U n it e d S ta te s , b e y o n d

POLICY OF G O V E R N M E N T “ U N P R E C E D E N T E D A N 1
U N W A R R A N T E D ” S A Y S H E A D OF M I N E R S .

John L. Lewis, President of the United Mine Worker
of America, made public on Oct. 30 a telegram which In
had sent to Secretary of Labor Wilson in reply to a messagi
from the latter which had been read before the conference of tn<
officials of the miners organization at Indianapolis the day be
fore. The message from Secretary Wilson urged that the strik<
order be rescinded. To this request no reference is madi
in Mr. Lewis’ reply, which was approved by the Executive
Council of the Union. It stated “that the unprecedentec
and unwarranted action of the Cabinet and of the Presi
dent of the United States in issuing the statement of Satur­
day last (Oct. 25) has dono more to prevent a satisfactory
settlement of the impending strike and a working out of £
wage agreement than any other element which has enterec
into the situation.” It characterized the President’s state­
ment as a fiercoly partisan document.” It is indeed ,’
said the reply, a sad commentary upon principles of square
dealing when tho President of tho United States and his
Cabinet by unanimous vote ally themselves with sinistei
financial interests which seek to deny justice to labor and
precipitate our country into industrial turmoil.”
Concerning the naturo and contents of Secretary Wilson’s
message to tho miners Theodore M. Knappen, special
correspondent of tho New York “Tribune” in advices from
Indianapolis on Oct. 30 saidW h i le S e c r e t a r y W i l s o n ’s t e le g r a m
in g to n ,

I

am

a b le , o n

q u e s t io n e d

w a s n o t p u b l i s h e d h e r e o r in W a s h ­

a u th o r ity , t o

c o m m u n ic a t i o n w a s in s u b s t a n c e a s f o ll o w s :

say

th a t

th o

S e c r e t a r y 's

a n y P r e s i d e n t i a l a m e n d m e n t o r a b r o g a t i o n , i t is n o t a c r i m e t o s t r i k e , i t
c a n n o t b e m a d e a c r im e t o s t r ik e , a n d t h a t a n in d iv id u a l c a n n o t b e p u n is h e d
f o r s t r ik in g a s f o r t h e c o m m is s io n o f a c r im e .
T h e P r e s id e n t o f t h e U n i t e d S t a t e s is t h e s e r v a n t a n d n o t t h e m a s t e r o f
th e C o n s t it u t io n .

T h e C o n s t it u t io n is t h e s u p r e m e la w

o f t h e la n d .

In

th o in te r p r e ta tio n a n d a p p lic a t io n o f t h o C o n s t it u t io n , t h e d e c is io n s o f th e
C o u r t a r e fin a l a u t h o r it y .
T h e P r e s i d e n t ’s s t a t e m e n t o f O c t . 2 5 t h r e a t e n s a n i n v a s i o n o f t h e c o n ­
s t it u t io n a l a n d in a lie n a b le r ig h t s o f A m e r ic a n c it iz e n s .
I t is t h e c li m a x
o f a l o n g s e r ie s o f a t t e m p t e d u s u r p a t io n s o f e x e c u t i v e p o w e r .
T h e P r e s id e n t ia l s t a t e m e n t a n n o u n c e d

a s its e x c u s e f o r th r e a t e n in g a n

i n v a s i o n o f c o n s t i t u t i o n a l r i g h t s “ t h a t t h e w a r i t s e l f is s t i l l a f a c t . ”
Tw o
d a y s l a t e r , h o w e v e r , in a v e t o m e s s a g e t o C o n g r e s s , t h e P r e s id e n t r e fu s e d
t o a p p r o v e o f t h e e n fo r c e m e n t o f a n a c t w h ic h , h e s a id , “ w a s p a ss e d b y
reason o f th e em erg en cy o f w ar an d

w h o s e o b je c t s

h a v e b e e n s a t is f ie d in

t h e d e m o b iliz a tio n o f t h e a r m y a n d n a v y ."
I f t h e P r e s id e n t w a s r ig h t
o n M o n d a y , I s u b m it , s ir , t h a t h e w a s w r o n g o n S a t u r d a y .
T h o P r e s id e n tia l e d ic t th r e a te n s t o d e n y t o m in e w o r k e r s p r o t e c t io n o f
b o th

th e

T h ir te e n th

and

F ou rteen th

A m en d m en ts

to

th e

C o n s titu tio n .

T h e y a r e th r e a te n e d w it h in v o lu n t a r y s e r v itu d e b y t h e P r e s id e n tia l a t t e m p t
t o m a k e a r e fu s a l t o w o r k , in d iv id u a lly o r c o lle c t iv e ly , a c r im e .
T h is

d e s p it e

th o S u p re m o C o u r t

has

r e p e a te d ly

h e ld

th a t

under

th e se

a m e n d m e n t s a l a b o r e r c a n n o t t ie f o r c e d , e v e n u u d o r t h e g u i s e o f a c o n t r a c t
o b lig a t io n ,
U n ite d

to

ren der

in v o lu n t a r y

S ta te s h a s a lw a y s

a sserted

th a n t o s a fe g u a r d t h e fr e e d o m
p r o s p e r it y b e b a s e d .”
It

is d i f f i c u l t

to

b e lie v e

s e r v ic e .
“ th ere

Tho
is n o

o f la b o r , u p o n

th a t th e

S u prem e
m ore

w h ic h

P r e s id e n t w o u ld

C ou rt

of

tn e

im p o r t a n t c o n c e r n
a lo n e c a n
have

e n d u r in g

is s u e d

su ch

a

d o c u m e n t h a d h e b e e n p h y s ic a lly c a p a b le o f o b t a in in g fir s t -h a n d in fo r m a ­
tio n

a n d o f e x e r c i s i n g h i s o w -n u n i n f l u e n c e d i n t e l l i g e n c e i n t h i s m o s t i m ­

p o r t a n t p r o b le m .

Y e t h is s t a t e m e n t o f O c t . 2 5 t h r e a t e n s t h e m in e w o r k e r s

w ith a s a n c t ifie d p e o n a g e ; d e m a n d s t h a t t h e y p e r fo r m in v o lu n t a r y s e r v ic e ;
p r o c la im s a r e fu s a l t o b e a c r im e w h e n n o s u c h c r im e e x is ts , n o r c a n s u c h a
c r im e b e d e fin e d u n d e r t h e C o n s t it u t io n .
T h e r ig h t a n d t h e d u t y r e s ts u p o n fr e e A m e r ic a n la b o r t o m a in ta in u n im S -t
TT1? 6 c o n s t i t u t i o n a l p r i v i l e g e s a n d g u a r a n t e e s o f a l l A m e r i c a n c i t i z e n s .
h e U n ite d M in e A V ork ers o f A m e r ic a b e lie v e th e g r e a t m a jo r it y o f o u r
c it iz e n s h ip w ill r e s e n t a n y tr e s p a s s u p o n th e s e p r in c ip le s .

I t im p lo r e d M r . L e w is t o r e !

11

v o k o t h o s t r ik e o r d e r a n d s a v e t h e c o u n t r y f r o m t h e c a t a s t r o p h e o f a s tr ik e

JO H N

L.

U n ite d M in e

L E A V IS ,

P r e s id e n t.

'V o r k e r s o f A m e r i c a .

n t h e c o a l in d u s t r y a n d a s k e d h im a t t h o s a m e t im e t o re a s s e m b le t h e n a ­
tio n a l c o n v e n t io n o f t h e m in e w o r k e r s , t h o S e c r e ta r y o f L a b o r g u a r a n te e in g
to h a v e co a l o p e r a to r s fr o m

e v e r y s o f t c o a l f i e l d in t h e c o u n t r y m e e t a t t h e

s a m e t im e ;a n d p la c e , s o t h a t n e g o tia tio n s c o u ld b e re s u m e d a n d
s u lt im m e d ia t e ly

passed

on

by

th o co n v e n tio n ,

th e ir r e ­

t h u s in s u r in g t h a t th e r e

w o u ld b e n o lo s t t im e a n d m a ltin g it c e r t a in t h a t w it h t h e f in a l a u t h o r it ie s
o n b o t h s id e s p r e s e n t t h e r e w o u ld b e n o p o s t p o n e m e n t o r fa ilu r e o f n e g o ­
tia tio n s .




L U A L UrEKATORS S T A N D B Y PRESI D E N T
W I L S O N S PROPOSAL TO A R B I T R A T E W I T H
M IN ER S.
of
of

our I

The executive committee
the coal operators the
Competitive Coal Field, employing approximately
oUU.OOO soft coal miners in Avestern Pennsylvania, Ohio,

[V ol . 109.

THE CHRONICLE

1658

Indiana and Illinois, in conference at Cleveland, on Oct. 31, the war by the Fuel Administration. The order in full
adopted a resolution welcoming an investigation by a tri­ follows:
bunal appointed by President Wilson to investigate the
threatened strike. The conference which had been called
to take action on the strike issue then adjourned.
The operators announced their readiness to put into effect
the President’s proposal made to the representatives of the
miners and operators by Secretary of Labor Wilson on Oct.
24 and appearing in our last week’s issue, page 1575. That
proposal was “that the wage scale committees of the operators
and miners go into conference without reservations for the
purpose of negotiating an agreement as though no demands
had been made or rejected.” The resolution adopted by
the operators on Oct. 31 was as follows:
U N IT E D

STA TE S

R A IL R O A D

A D M IN IS T R A T IO N .
W a sh in g to n ,

O ct.

30

1919.

In o r d e r t o In te r fe r e a s lit t le a s p o s s ib le w it h t h e n o r m a l c o u r s o o f c o a l'

t r a ffic , t h o R a ilr o a d

A d m in is t r a t io n u p t o th e p r e s e n t t im e h a s p e r m it t e d

c o a l t o g o t o t h e d e s ig n a te d c o n s ig n e e s .

F o r th e la s t tw o w eek s o p e n to p

e q u ip m e n t h a s b e e n d e v o t e d t o c o a l lo a d in g t o t h e e x c lu s io n o f o t h e r c la s s e s
o f t r a ffic a n d th e m o v e m e n t o f s u c h e q u ip m e n t h a s b e e n e x p e d it e d s o a s
fa c ilita te

th e

m a x im u m

p r o d u c tio n

o f c o a l.

The

r e s u lt h a s b e e n

c e p t io n a lly h e a v y c o a l p r o d u c t io n .
I t h a v in g b e c o m e n e ce s sa ry , h o w e v e r , to b e p r e p a r e d

an

to

ex­

t o in s u r e a g a in s t

a ll t e m p o r a r y c o n t in g e n c ie s , t h a t t h e t r a n s p o r t a t io n s e r v ic e b e p r o t e c t e d .

R e g io n a l D ir e c t o r s h a v e n o w b e e n in s t r u c t e d t o s e e t h a t e a c h r a ilr o a d s h a ll,

a c c u m u l a t e a n e c e s s a r y r e s e r v e o f c o a l w h e n i t is n o t a l r e a d y o n h a n d , p u r ­

c h a s in g s u c h c o a l if p o s s ib l e , a n d o t h e r w is e h o ld in g c o a l in t r a n s it .

The

p r a c t i c e t h u s r e s o r t e d t o is a p r a c t i c e w h i c h r a i l r o a d s h a v e a l w a y s e m p l o y e d

in e m e r g e n c i e s w h e t h e r u n d e r p r i v a t e o r p u b l i c c o n t r o l , a n d h a s b e e n r e c o g ­

W e h a v e a c c e p t e d in i t s e n t i r e t y t h e P r e s i d e n t 's p r o p o s a l o f O c t o b e r 2 4 .
and

r e a ffir m

w h ic h

th a t a cce p ta n ce .

t h e P r e s id e n t m a y

n iz e d a s in d is p e n s a b le t o t h e m a in t e m a n c e o f a n e s s e n tia l p u b lic s e r v ic e .

I n h o ld in g s u c h c o a l e x c e p t io n s w ill b e m a d e a s fa r a s p o s s ib le o f c o a t

W e w e lc o m e a n in v e s t ig a t io n b y a t r ib u n a l

a p p o in t, as su g g ested b y

h im

in

th e la s t p a r a ­

g r a p h o f h i s s t a t e m e n t o f O c t o b e r 2 t i.
W e h o ld o u r s e lv e s r e ^ d y t o c o m p ly a t a ll t im e s w it h a n y c o m m a n d s w h ic h
t h e G o v e r n m e n t , a c t i n g in t h e in t e r e s t s o f t h e w h o l e A m e r i c a n p e o p l e , m a y

After the adjournment of the operators’ conference,
Thomas T. Brewster, Chairman of their executive committee
said:

d e s t i n e d t o c e r t a i n c l a s s e s o f c o n s i g n e e s in t h e f o l l o w i n g o r d e r o f p r i o r i t y ,.
w h i c h is t h e b a s i s o f p r i o r i t y a d o p t e d d u r i n g t h o w a r b y t h e F u o l A d m i n ­
is tr a tio n ;
(<i) S t e a m r a i l r o a d s , i n l a n d a n d c o a s t w i s e v e s s e l s .
(6 )

d e e m It w is e t o is s u e .

tio n

p e n d in g n e g o t ia t io n s .

O u r p o s it io n

is a n d

a lw a y s h a s b e e n

th a t w e

a r e w illin g t o d o a n y t h in g th e G o v e r n m e n t a s k s u s t o d o .

In line with the action of the Senate on Oct. 30 the House
on Oct. 31 adopted a concurrent resolution giving assurance
of its unqualified support to the National Administration
and all others in authority “in the use of such constitutional
and lawful means as maybe necessary to meet the present
industrial emergency.” In the House the vote was unani­
mous. In the Senate there was but one dissenting vote, on
the resolution, this being cast by Senator Fall.
On the motion of Senator Fall to lay the resolution on the
table, the vote was 6 to G7, those voting aye being Fall
Fernald, France, McNary, Nelson and Norris.
The text of the resolution was as follows:
and

th e m a in t e n a n c e o f o r d e r fo r

th e s e c u r it y o f li fe a n d p r o p e r t y a n d t h e p r o t e c t io n o f t h e in d iv id u a l c itiz e n
i n t h e e x e r c i s e o f h i s c o n s t i t u t i o n a l r i g h t s is t h e f i r s t a n d p a r a m o u n t d u t y
o f th e

G o v e rn m e n t, an d

m ust

b e a t a ll t im e s v i g o r o u s ly

and

e ffe c tiv e ly

s a f e g u a r d e d b y t h e u s e o f e v e r y m e a n s t o t h a t e n d ; t h e r e f o r e , b e it
R e s o lv e d , b y th e S e n a te , th e H o u s e o f R e p r e s e n ta tiv e s c o n c u r r in g , th a t
w e h e r e b y g iv e t h e n a tio n a l a d m in is t r a t io n a n d a ll o t h e r s in a u t h o r it y th e
a s s u r a n c e o f o u r c o n s t a n t , c o n t in u o u s a n d u n q u a lifie d s u p p o r t in th e u se
o f s u c h c o n s t it u t io n a l a n d la w fu l m e a n s a s m a y

b e n e ce ssa ry t o m e e t th e

p r e s e n t in d u s t r ia l e m e r g e n c y a n d in v i n d i c a t in g t h e m a j e s t y a n d p o w e r o f
t h e G o v e r n m e n t in e n f o r c in g o b e d ie n c e t o a n d r e s p e c t f o r t h e C o n s t it u t io n
a n d t h e la w s a n d in f u ll y p r o t e c t in g e v e r y c it i z e n in t h e m a in t e n a n c e a n d
e x e r c is e o f h is la w fu l r ig h t s a n d t h e o b s e r v a n c e o f h is la w fu l o b li g a t i o n s .

As originally introduced on Oct. 25 by Senator Thomas of
Colorado, it was a joint resolution which would have re­
quired the signature of the President, but both the text and
form of the resolution were modified before its passago. As
a concurrent resolution it does not require the President’s
signature. In its original form the resolution referred to the
threatened strike of soft coal miners. It recited the great
difficulties and hardships such a strike would mean to the
people of the U. S. and it condemned the arbitrary attitude
of the miners’ leaders who had rejected President Wilson s
proposal to mediate their differences with the coal mine
operators. The clauses specifically dealing with the coal
miners’ strike were eliminated after expressions of opposi­
tion by several Senators who insisted that it was unfair to
issue a verdict of condemnation against the mine workers at
that time.

(/)

N a t io n a l, S ta te , c o u n t y

q u ir e m e n ts .
,
(o ) H u n k e r s

and

oth er

and

m u n ic ip a l

m a r in e

G overn m en t

em ergen cy

em ergen cy

r e q u ir e m e n ts

above.

not

re­

s p e c ifie d

..

a n d p u b lic a t io n o r d a ily n e w s p a p e r s .
C o a l h e l d i n t r a n s i t is n o t t o b e u n l o a d e d f r o m s t o r a g e n o r u s e d u n t i l a c t u ­
a ll y n e e d e d , s o t h a t if Its u s e is la t e r f o u n d u n n e c e s s a r y it c a n b e f o r w a r d e d
to

d e s t in a t io n w h e n e v e r p r a c t ic a b le .
I n s t r u c t i o n s is s u e d p r o v i d e t h a t t h e r e w ill b e a s li t t l e d is t u r b a n c e a s p o s ­

s ib le in t h e d is t r ib u t io n o f c o a l , b u t a t t h e s a m e t im e p r o t e c t i n g t h e n e c e s s i­
tie s o f t h e r a ilr o a d s , w h ic h h a v e a p u b lic d u t y t o p e r fo r m .

Following a meeting of the President’s Cabinet on Oct..
30 Attorney-General Palmer announced that an order re­
establishing maximum prices on coal would bo signed by
the President. The order was prepared at a conference
between Dr. II. A. Garfield, Federal Fuel Administrator,,
and officials of the Railroad Administration, which has
taken charge of supply and distribution of coal.
P R E S ID E N T IA L ORDER TO CONSERVE COAL SUPPLY..

An executive order re-establishing the old maximum
prices on bituminous and lignite coal fixed by the United
States Fuel Administration during the war was signed by
President Wilson on Oct. 31. The regulations regarding
margins of profit allowed to wholesalers, middlemen and
retail coal dealers fixed by the Fuel Administration are alsoreestablished. The order reads as follows:
W h erea s, th e

PRIORITY L IS T FOR CONSERVATION OF COAL I S S U E D
B Y U N I T E D STA TE S RR. A D M I N I S T R A T I O N GO V E R N M E N T TO R E S U M E PRICE­
F I X I N G POLICY.

Action looking to the prevention of a coal shortage which
might possibly affect the full operation of the railroads and
other public utilities was taken on Oct. 30 by Walker D.
Hines, Director-General of the Railroads. In view of
the strike of soft coal miners scheduled for Nov. 1, the
Director-General issued a priority order authorizing the
railroads under Government control, where it may become
necessary to insure a sufficient reserve supply, to seize coal
in transit.
#
“In holding such coal,” the order said, “exceptions will
be made as far as possible of coal destined to certain classes
of consignees,” in the same order of priority adopted during

U n ite d

S ta te s

F u e l A d m in is t r a t o r , a c t in g

u n d er th o

au­

t h o r it y o f a n e x e c u t iv e o r d e r is s u e d b y m e , d a t e d t h e 2 3 d o f A u g u s t 1 9 1 7 ,
a p p o in tin g
d ers, an d

th e

s a id

Fuel

A d m in is tr a to r

and

o f su bsequ en t

e x e cu tiv e

in f u r t h e r a n c e o f t h e p u r p o s e o f s a id o r d e r s a n d

C o n g r e s s th e r e in r e fe r r e d

to an d a p p rov ed

A ug.

10

or­

o f th e A c t o f

1 9 1 7 , d id

on

.I a n . 31

1 9 1 9 , a n d o n F e b . 2 0 1 9 1 9 , e x e c u t e a n d is s u e o r d e r s s u s p e n d in g u n t il f u r t h e r
ord er

by

th e

P r e s id e n t

t io n s

th e r e to fo r e

tio n ,

s a le ,

c e r t a in

p r o m u lg a t e d

s h ip m e n t ,

r u le s ,

r e la tin g

d is t r ib u t io n ,

r e g u la t io n s ,
to

ord ers

and

p r o c la m a ­

th e fix in g o f p r ic e s , t h o p r o d u c ­

a p p o rtio n m e n t,

sto ra g e

and

c o a l , a n d w h e r e a s i t is n e c e s s a r y t o r e s t o r e a n d m a in t a in d u r in g
c e r t a in o f s a id r u le s , r e g u la t io n s , o r d e r s a n d p r o c la m a t io n s ;
N o w , t h e r e fo r e , I , W o o d r o w W ils o n , P r e s id e n t o f th e
o f A m e r ic a a c t in g u n d e r a u t h o r it y
proved

A ug.

10

1917, d o

h ereby

o f t h e a fo r e s a id
revok e

and

use
th o

U n ite d

of

w ar

S ta te s

A ct o f C on gress, a p ­

annul

s a id

orders

o f J a n ..

31 1 9 1 9 , a n d F e b . 2 0 1 9 1 9 . t o t h e e x t e n t n e c e s s a r y t o r e s t o r e a ll o f t h o s a id
r u le s ,

r e g u la tio n s ,

orders

and

p r o c la m a tio n s

t h e r e in

su sp en d ed

con cern ­

in g :
,
.
,
(а ) F ix in g p r ic e s o f b it u m in o u s a n d lig n it e c o a l a t t h e m in e s ;
(б )

F ix in g o r r e g u la tin g c o m m is s io n s o f p e r s o n s , a n d a g e n c ie s p e r fo r m ­

in g t h e f u n c t i o n s o f m i d d l e m e n d e a l i n g in b i t u m i n o u s a n d l i g h t c o a l(c )

F ix in g o r r e g u la t in g g r o s s m a r g in s o r p r ic e s o f w h o le s a le a n d

d e a le r s

in

b it u m in o u s a n d

lig n ite c o a l; a n d

do

h ereby

r e t a il-

r e s t o r e a ll o f s a id

r u le s , r e g u l a t i o n s a n d p r o c l a m a t i o n s t o t h e e x t e n t h e r e in p r o v i d e d , t o fu lL
fo r c e ’ a n d e ffe c t, a s if th e y h a d n o t b e e n s u sp e n d e d .
I n a s m u c h a s i t is c o n t e m p l a t e d t h a t I t m a y b e

n ecessary

t o t im e t o r e v o k e o t h e r p o r t io n s o f s a id o r d e r s o f J a n . 31
20

1919, and

and

to

re store to

p r o c la m a t io n s

s h ip m e n t,




a s y lu m s .

(h) P r o d u c e r s o f n e w s p r i n t p a p e r s a n d p l a n t s n e c e s s a r y t o t h e p r i n t i n g

CONGRESS ADOPTS RESOLUTION P LE D IN G SUPPORT
TO N A T I O N A L A D M I N I S T R A T I O N I N PRESENT
I N D U S T R I A L CRISIS.

W h e r e a s , i h e e n f o r c e m e n t o f t h e la w

h o t e ls , h o s p it a ls , a n d

lig h t, h e a t, a n d w a te r fo r p u b lic u se .
(e ) P r o d u c e r s a n d m a n u f a c t u r e r s o f f o o d , i n c l u d i n g r e f r i g e r a t i o n .

W e h a v e a s s e n t e d t o t h e p r o p o s it i o n o f P r e s id e n t W iL so n a n d a r e w illin g
a t a n y t i m e - t o a r b i t r a t e a l l q u e s t i o n s , p r o v i d i n g t h e m i n e s a r e k e p t in o p e r a ­

D o m e s t ic , in c lu d in g

(c ) N a v y a n d a r m y .
(d ) P u b li c u t il it ie s , in c l u d i n g p la n t s a n d s u c h p o r t io n s o f p la n t s a s s u p p l y

or

fu ll fo r c e a n d

p o r tio n s

d is t r ib u t io n ,

th ereof

a p p o r tio n m e n t,

fr o m

tim e

1 9 1 9 , a n d I-e b .

e f f e c t r u le s , r e g u la t io n s , o r d e r s ,

r e g u la tin g
stora g o

th e
or

p r o d u c tio n ,

u so

a n d lig n it e c o a l, th e F u e l A d m in is t r a t o r s h a ll, a s o c c a s io n
c h a n g e o r m a k e s u c h r u le s o r r e g u la t io n s r e la t in g t o

th e

of

s a le ,

b it u m in o u s

a r is e s ,

restore,

p r o d u c t io n , s a le ,

s h ip m e n t , d is t r ib u t io n , a p p o r t io n m e n t , s t o r a g e o r u s e o f b it u m in o u s a n d .
l i g n it e c o a l a s in h is j u d g m e n t m a y b e n e c e s s a r -v .
(S ig n e d )

W O O D RO W

T h e W h ite H o u se , O ct. 3 0

COURT

ORDER

W IL S O N .

1919.

AGAIN ST

COAL

M IN E R S '

STRIKE.

An order was issued on Oct. 31 by Federal Judge A. B_
Anderson at Indianapolis enjoining officials of the United
Mine Workers from enforcing the strike of soft coal miners
of the Central Competitive Field. Unlawful conspiracy
to limit tho output and facilities for the transportation
of coal is charged in the proceedings, it was stated. The
order was granted on the petition of C. B. Ames, Assistant
Attorney-General of tho United States. Deputy United
States marshals began serving writs upon tho eighty-four

THE CHRONICLE

Nov. 1 1919.]

officials of the United Mine Workers’ organization who
are made defendants in the restraining order immediately
after issuance of the order. Frank J. Hayes, President,
John L. Lewis, Vice-President and acting President; William
Green, Secretary, and 81 others, comprising the executive
board, the scale committee and district president, who met
in the conference at Indianapolis on Oct. 29 and refused
President Wilson’s plea that the strike ordered be recalled
are the defendants.
The injunction provides that the miners’ officials shall
not issue final messages calling for the strike or aid in en­
forcing continuance of the mine tie-up. Immediate arrests
for contempt of court will follow any attempt to continue
strike plans, it was said. Hearing on the injunction against
the United Mine Workers was set for Nov. 8. With refer­
ence to the order Indianapolis press dispatches said:

1659

political and economic fabric of American civilization.”
The sub-committee of wrhich Mr. Frelinghuysen is head
has been holding hearings on the coal price situation since
Aug. 26. The hearings were referred to at length in the
“Chronicle” Sept. 20, pages 1135 and 1136. Senator
Frolinghuysen’s speech, condeming the unmerited demands
of the coal miners in part follows:
I h a ve h ad read a t th e d esk
p resen t U m e.
op era tors.

th e

I h a v e a ls o h a d

dem ands

read

read

of

th e m in e w o r k e r s a t

fr o m

th e

desk

th e r e p ly

th e

o f th e

B e fo r e p r o c e e d in g fu r t h e r I s h o u ld s t a t e t h a t t h e d a ily p a p e r s , w ith in t h e
p a s t 4 8 h o u r s , in d ic a t e t h a t t h e o f f ic i a ls r e p r e s e n t in g t h e a n t h r a c it e m in e r s
h a v e ju s t rea ch ed
M a r c h 31
c is io n .

an

B u t th e o ffic ia ls
r a d ic a lly
d iffe r e n t
The

a g r e e m e n t w ith

th e c o a l o p e r a to r s c o n t in u in g u n til

1 9 2 0 , th e e x is tin g w a g e s c a le .
.
r e p r e se n tin g
cou rse.

corresp on d en ce

w h ic h

I

th e
am

A ll h o n o r t o

b it u m in o u s
about

to

th e m

m in e r s

o ffe r

fo r th a t d e ­

have

p re se n ts

p u rsu ed

an

a

o m in o u s

s i t u a t i o n , a f f e c t i n g , in t h e h ig h e s t d e g r e e , t h e p r o s p e r i t y , p e a c e , h a p p i n e s s
a n d h e a lt h o f th e A m e r ic a n p e o p le .

J u d g e A . B . A n d e r s o n s ig n e d t h e o r d e r o n th e s h o w in g s e t fo r t h b y C . B .

I h a v e b e e n a fr ie n d o f la b o r , o f o r g a n iz e d la b o r , t h r o u g h o u t m y p u b lic

A m e s , A s s is t a n t A t t o r n e y -G e n e r a l , t h a t a n a t io n a l d is a s te r w a s im p e n d in g

c a r e e r , b o t h in t h e S e n a t e o f m y n a t i v e S t a t e a n d in t h e S e n a t e o f t h e . U n i t e d

and

S t a t e s , a n d I a m n o t a f r i e n d o f t y r a n n y , w h e t h e r i t b e 't h e t y r a n n y o f t h e
c a p it a lis t o r th e t y r a n n y o f th e p r o fe s s io n a l la b o r a g it a t o r .

on

th e b roa d

gen eral g rou n d s th a t th e

e n f o r c e it s la w s a n d p r o t e c t it s p e o p l e fr o m

G o v e r n m e n t h a s t h e r ig h t t o
c a la m ity .

T h e o r d e r w a s d ir e c t e d a g a in s t F r a n k G . H a y e s , t h e in c a p a c it a t e d P r e s i­
d e n t o f t h e u n io n ; J o h n

L . L e w is , a c t in g P r e s id e n t; W illia m

G reen ,

I b e l i e v e t h a t t h e l a b o r e r is w o r t h y o f h i s h i r e , b u t I d o n o t b e l i e v e t h a t

S ec­

a n y m a n o r s e t o f m e n is e n t i t l e d t o a w a g e t h a t w il l m e a n t h e p l a c i n g o f a n

: I t t o o k e ffe c t

r e t a r y -T r e a s u r e r , a n d a ll o t h e r o ff ic i a ls o f t h e o r g a n iz a t io n .

in t o le r a b le b u r d e n u p o n t h e g r e a t m a s s o f o u r p o p u l a t io n , a lr e a d y w e ig h e d
d o w n b y h ig h ta x e s a n d t h e h ig h c o s t o f liv in g

w h e n s e r v e d , a n d w il l c o n t i n u e in f o r c e u n t i l a f t e r t h e f o r m a l h e a r i n g , w h i c h
.J u d g e A n d e r s b n s e t f o r N o v . 8 .

T h is a c t io n

I n p r e s e n t in g t h e p e t it io n J u d g e A m e s m a d e it c le a r t h a t t h e c a s e w ill
n o t in v o lv e t h e g e n e r a l r ig h t o f w o r k m e n t o o r g a n iz e o r q u it w o r k .

It w o u ld h a v e n o b e a r in g o n o t h e r in d u s t r ie s a n d “ m e r e ly in v o lv e s t h e r ig h t

one

e n fo r c e it s la w s a n d t o p r o t e c t it s p e o p l e a g a in s t d is a s t e r .”
p e t it io n

g a v e n o tic e th a t w h e n

th e p r o c e e d in g s t o

on

th e p a rt o f a n o u t­

t r o v e r s y w h ic h a lo n e a ffe c t s th e c o a l o p e r a t o r s a n d th e ir e m p lo y e e s .

“ I t r e s t s ,” h e a d d e d , “ o n t h e b r o a d g e n e r a l p o w e r s o f t h e G o v e r n m e n t t o
The

o u t b u r s t o f in d ig n a tio n

O n l y a m a n o f im p a i r e d i n t e l l e c t w il l f a i l t o s e e t h a t t h is is n o t a c o n ­

o f la b o r d u r in g t h e w a r t o r e s tr ic t o r d e s t r o y t h e s u p p ly o f fo o d a n d f u e l .”

p o r a r y in ju n c t io n p e r m a n e n t c a m e u p o n

o f th e U n ite d A lin e W o r k e r s o f A m e r ic a s h o u ld e v o k e , a s I

fe e l s u r e it w ill e v o k e , a n
r a g e d p u b lic .

H e s a id

t h a t a f f e c t s a r .d s e r i o u s l y a f f e c t s e v e r y

h o u s e in

I t is

th e la n d , e s p e c ia lly

th e h o m e o f th e h u m b le s t c itiz e n w h o d e p e n d s u p o n c o a l fo r fu e l p u r p o s e s .
m a k e th e te m ­

O v e r a h u n d r e d m illio n s o f o u r c itiz e n s w h o h a v e n e v e r o w n e d a d o lla r

N o v . 8 t h e G o v e r n m e n t w o u ld

o f c o a l s t o c k a n y w h e r e a n d h a v e n e v e r b e e n n e a r a m in in g t o w n a r e v i t a lly

a s k a n o r d e r c o m m a n d in g th e u n io n o ffic ia ls t o w it h d r a w t h e s tr ik e o r d e r

c o n c e r n e d in t h i s c o n t r o v e r s y , f o r i f t h e U n i t e d M i n e W o r k e r s o f A m e r i c a

is s u e d O c t . 1 5 .
J u d g e A m e s m a d e it p la in a t t h e o u t s e t o f t h e b r ie f p r o c e e d in g s t h a t t h e

s h a ll h a v e t h e ir d e m a n d s g r a n t e d it w o u ld a d d f r o m $ 2 t o S 2 5 0 t o t h e p r ic e
o f e v e ry ton

a c t io n

filc h e d fr o m

w as a

G o v e r n m e n t a ffa ir , ta k e n

a t th e d ir e c tio n

o f th e A tto rn e y -

o f b itu m in o u s c o a l m a r k e te d , a n d a b illio n

d o lla r s ' w o u ld

bo

t h e p o c k e t s o f th o s e w h o c a n ill a ffo r d a n y s u c h t a x , in v ie w ,

G e n e r a l, a s a m e a s u r e t o c a r r y o u t t h e p o lic y o f th e c o u n t r y d u r in g a s ta te

o f th e in n u m e r a b le o th e r d e m a n d s m a d e u p o n th e fa m ily p u rse .

o f w ar.
T h e p e t it io n a v e r r e d th a t th e d e fe n d a n ts h a d e n te r e d in t o a c o n s p ir a c y

p r o d u c e th e m

W hat

t o r e s t r ic t t h e s u p p ly a n d d is t r ib u t io n o f b it u m in o u s c o a l a n d t o r e s tr ic t th e

are

th ese
in

dem ands?

d e ta il.

s u b m it t in g h e r e w ith .
t e c h n ic a l la n g u a g e .

o p e r a t io n o f t h e r a ilr o a d s b y r e s tr ic tin g o r d e s t r o y in g th e s u p p ly o f n e c e s s a r y
fu e l.
•
I t s e t f o r t h t h a t t h e a n n u a l p r o d u c t i o n o f t h e c o u n t r y w a s in t h e n e ig h ­

T h e p u b lic

s h o u ld

T h e y a re se t fo r th

I

s h a ll, h o w e v e r ,

in

know .

I

s h a ll

not

th e corresp on d en ce

p resen t a

fe w

o f th e m ,

re­

I am

in

non­

F ir s t— T h a t t h e p r e s e n t w a g e a g r e e m e n t b e t w e e n t h e o p e r a t o r s a n d t h e

m in e r s , w h ic h i t w a s g e n e r a lly u n d e r s t o o d w o u ld n o t e x p ir e u n t il A p r il
b o r h o o d o f 5 0 0 ,0 0 0 ,0 0 0 n e t t o n s , t h e p r in c ip a l p o r t io n o f w h ic h c o m e s f r o m ■ 1 9 2 0 , s h a ll b e c o n s id e r e d a s n u ll a n d v o i d a ft e r N o v . 1 1 9 1 9 .

O h io , w e s te r n P e n n s y lv a n ia , I llin o is a n d I n d ia n a — th e c e n tr a l c o m p e t it iv e
fie ld .

S e c o n d — T h a t h e r e a fte r th e
a n d o n l y s ix h o u r s a d a y .

I t s a id t h e r e a r o a p p r o x im a t e ly 6 1 5 ,0 0 0 b it u m i n o u s m in e w o r k e r s o f

a l l c l a s s e s in t h e c o u n t r y , o f w h o m a b o u t 4 0 0 , 0 0 0 a r e m e m b e r s o f t h e U n i t e d

T h ir d — W a g e s s h a ll

M in e W o r k e r s o f A m e r ic a .

in c r e a s e d

s h a ll w o r k

w a s b a s e d u p o n t h e a c t o f A u g . 1 0 1 9 1 8 , w h i c h in S e c t i o n 4 m a k e s i t u n l a w ­
fu l t o c o n s p ir e t o lim it th e fa c ilit ie s o f t r a n s p o r t a t io n , o r t h e s u p p ly o r d is ­
I t a ls o d ir e c t e d a t t e n t io n t o S e c tio n 2 4 , w h ic h

k e e p s t h e a c t in o p e r a t io n u n t il t h e e n d o f t h e s t a t e o f w a r is p r o c la im e d b y
th e P r e s id e n t.
T h e p e t it io n re h e a r s e d th e e s ta b lis h m e n t o f t h e F e d e r a l F u e l a n d R a ilr o a d

a n d f o r a ll w o r k
100% .

on

Sunday and

o n ly

fiv e

days

a

1

w eek

60% .

F o u r t h — F o r o v e r t i m e t h e r e s h a ll b e a 5 0 %

T h e p e t it io n b r o u g h t o u t t h a t t h e a p p lic a t io n fo r t h e t e m p o r a r y in ju n c t io n

tr ib u t io n o f fo o d a n d fu e l.

be

m in e r s

a d d itio n a l

h o lid a y s th e e x tr a p a y

co m p e n s a tio n ,

s h a ll a m o u n t t o

I s h a ll n o t p a r t ic u la r iz e t h e o t h e r d e m a n d s , t h o u g h th e s e a r e o n a p a r
w it h t h o s e c it e d .
W e m u s t n o t , h o w e v e r , lo s e s ig h t o f th e fin a l d e m a n d , t h e c r u x o f th e
m a t t e r , t o w it :
A V e r e c o m m e n d t h a t i n e v e n t a s a t i s f a c t o r y w a g e a g r e e m e n t is n o t s e c u r e d

A d m in is t r a t io n s , th e c o n c lu d in g o f t h e W a s h in g t o n w a g e a g r e e m e n t b e tw e e n

fo r t h e c e n t r a l c o m p e t it iv e fie ld b e fo r e N o v . 1 1 9 1 9 , t o r e p la c e t h e o n e n o w

m in e r s a n d o p e r a t o r s o n O c t . 6

in e f f e c t , t h a t t h e i n t e r n a t i o n a l o f f i c i a l s b e a u t h o r i z e d t o a n d a r e h e r e b y

1 9 1 7 , a n d t h e s u b s e q u e n t e x t e n s io n o f t h is

a g r e e m e n t t o c o v e r th e p e r io d o f th e w a r .

in s t r u c t e d t o c a l l a g e n e r a l s t r ik e o f a ll b it u m i n o u s m in e r s a n d m in e w o r k ­

I t s k e tc h e d th e p r o c e e d in g s o f t h o C le v e la n d c o n v e n t io n o f la s t S e p te m b e r
a n d c a lle d a tt e n t io n t o th e r e c o m m e n d a t io n o f P r e s id e n t L e w is o f t h e u n io n
t h a t th e W a s h in g t o n a g r e e m e n t b o d e c la r e d v o i d a fte r O c t . 3 1 .

m e n d a t io n o f t h o s c a le c o m m it t e e a t C le v e la n d fo r a s ix -h o u r d a y , fiv e - d a y
w eek and 60%

in c r e a s e in w a g e s w a s a ls o s e t fo r t h .

Commenting on the Government’s action, President Lewis
said:
I

yegard

th o

is s u a n c o o f t h is in ju n c t io n

as th e m o st

ers t h r o u g h o u t th e
1 9 1 9 .”

T h e recom ­

s w e e p in g a b r o g a ­

U n ite d

S ta tes, th o sam e

T h ese d em a n d s w ere p resen ted
a s se m b le d
lo w s :

in

B u ffa lo ,

A c c e p ta n c e o f th ese d e m a n d s ,
o f p r o d u c in g

c o a l,

w ith

becom e

who

w it h

m a d e r e p ly ,

th e

la r g e

d o u b le
d ir e c t

t e m p t e d e n fo r c e m e n t w o u ld r e a c t w ith g r e a t h a r m
a n d o n t h e in d iv id u a l m in e r s y o u r e p r e s e n t .”

s e t t le t h e s tr ik e a ft e r it o c c u r s .

T h o in ju n c tio n o n ly c o m p lic a t e s t o a fu r ­

t h e r d e g r e e t h e p r o b le m s in v o l v e d in a n a d ju s t m e n t o f t h e c o n t r o v e r s y .

Officials of the American Federation of Labor, following
the announcement that injunction proceedings had been
started, protested to Attorney-General Palmer against the
action of the Government. The Federation officials, it
was stated, contended that the injunction violated the rights
of union labor and indicated that tlio coal miners would have
their support in any fight brought to dissolve the injunction.
Mr. Palmer reiterated that the Government was proceeding
solely against one union which, he declared, was trying to
violate the law. Ho said tho right to strike was not involved.

o f th e in d u s tr y .

I he

S u ch

w age

Tho demands of the bituminous coal minors for increased
wages and shorter hours were characterized in the United
States Senate on Oct. 1 as “selfish, arbitrary and despotic”
in a speech by Senator Frelinghuysen, who is Chairman of
tho Inter-State Commerco sub-committee which is inves­
tigating tho increased coal prices. The soft coal miners’
demands aro a 60% general wage increase, a six hour day and
five day week. In his speech before tho Senate on Oct. 1
Senator Frelinghuysen declared: “The program of the
United Mine Workers of America is one of the links in the
-chain with which it is proposed to bind and strangle the



o p e ra to rs

in h e r e n t t o

t h e a lr e a d y h ig h

and

in d ir e c t a d d i­

in c r e a s e s a r e im p o s s ib le , a n d

o p e ra to rs , m o r e o v e r , exp ressed

con tra ct,

b u t in s is te d

r e a s o n a b le n e s s a n d

th a t

“ su ch

a

e q u a lly o n

w illin g n e s s

n e g o t ia t io n

be

to

th e ir a t ­

th e n a tio n

n e g o tia te

e n tered

a

T h is p o w e r , h o w e v e r ,

th e r e p r e s e n ta tiv e s o f th e m in e r s in d ic a te d t h a t t h e y d id n o t p o s s e s s .
e x a c t te r m s a s la id d o w n

by

th e c o n v e n tio n

AA h a t i s t h e s i t u a t i o n w h i c h w e f a c e ?
Ih ere

is ,

c o m p a r a t iv e ly

in t h e n a t i o n ’ s b i n s .

Tho

o f th o U n ite d M in e W o r k e r s

o f A m e r ic a m u s t b e m e t o r th e s tr ik e w o u ld t a k e p la c e o n
In e ffe c t , t h e y d e c la r e d t h a t t h e r e w a s n o t h in g t o n e g o tia te .
W in te r .

new

in t o in a s p ir it o f

t h a t t h e r e p r e s e n t a t iv e s o f t h e m in e r s b e v e s t e d w it h

th e ir u s u a l d is c r e t io n a r y p o w e r t o r e a lly n e g o t ia t e .”

N ov.

1 1919.

n e r e w e a r e o n t h e th r e s h o ld o f

s p e a k in g ,

but

a

scan t

s u p p ly

of

coal

I f t h e s e ,m e n h a v e t h e ir w a y , a s t a t e o f fa m in e w ill

b e p r e c ip ita te d u p o n th o la n d o r th o s e s e c tio n s d e p e n d e n t u p o n b itu m in o u s
c o a l.
A n e p i d e m i c o f p n e u m o n i a o r i n f l u e n z a is l i k e l y , o w i n g t o t h e s c a r ­
c it y o f fu e l.
D is tr e s s a n d h u n g e r w ill a f f e c t a ll c la s s e s .
But who

w ill

s u ffe r

m ost?

The

poor,

o f cou rse;

th e

o r p h a n s w h o h a v e b e e n u n a b le t o la y in a n y w in t e r s u p p ly .
th e c h ie f v ic tim s .
T h e s h a m e o f th is , t h e c r im e o f th is , w ill r e s t u p o n

“ SPIRIT OF SELFIS HNESS” S H O W N I N COAL
M I N E R S ’ D E M A N D S S A Y S SENATOR
F R E L IN G H U Y S E N .

1

t io n s t o t h e c o s t o f li v in g o f e v e r y c it iz e n a n d a d e m o r a liz a t io n a n d p r o s t r a ­
tio n

b y s t a t u t o r y la w , t h a t h a s e v e r b e e n is s u e d b y a n y F e d e r a l C b u r t .

in s t r u m e n t w ill n o t a v e r t t h e s t r ik e o f b it u m in o u s m in e w o r k e r s a n d w ill n o t

N ov.

in t e r a lia , a s f o l­

in d ir e c t in c r e a s e s

m o re th a n

consequent

tio n o f th o r ig h ts o f c itiz e n s g u a r a n te e d u n d e r th e C o n s t it u t io n a n d d e fin e d
T h is

e ffe c t iv e

t o t h e b it u m in o u s c o a l m in e

S e p t. 29 1919,

o t h e r it e m s o f y o u r d e m a n d s , w o u ld
cost

to

w id o w s a n d th e
T h e s e w ill

be

th e h ea d s o f th e se

o f f i c i a l s o f t h e U n i t e d A l i n e AATo r k e r s o f A m e r i c a , w h o h a v e r e f u s e d t o a b i d e
b y e x istin g c o n t r a c t s a n d h a v e d e m a n d e d
a n d a g r e a t ly in c r e a s e d w a g e .

g re a tly re d u ce d

w o r k in g h o u rs

H o w d o e s t h is s p ir it o f s e lfis h n e s s c o m p a r e w it h t h e n o b le s a c r ific e s o f o u r
b r a v e y o u n g m e n — 1 ,0 0 0 ,0 0 0 o f t h e m — w h o e n t e r e d t h e s e r v ic e o f t h e ir
c o u n t r y a t a m o d e s t w a g e t o h e lp r ig h t t h o w r o n g s o f t h e w o r ld a n d p u t
ty ra n n y
under
fo o t?
N o t c o n t e n t w it h th e iF u n p r e c e d e n t e d ly la r g e w e e k ly w a r -t im e in c o m e s ,
t h e y y o w ' is s u e t h e i r d e f i a n t d e m a n d s , t h r e a t e n i n g t o p a r a l y z e t h e i n d u s ­
t r ie s o f t h e n a t io n a n d je o p a r d iz e t h e h e a lt h a n d liv e s o f o u r p e o p l e
d e m a n d s a r e n o t m e t w ith in 3 0 d a y s .

if su ch

T h i s p r o g r a m o f t h e U n i t e d A li n e A V o r k e r s o f A m e r i c a is o n e o f t h e l i n k s
in t h e c h a i n w i t h w h i c h i t is p r o p o s e d t o s t r a n g l e t h e p o l i t i c a l a n d e c o n o m i c
fa b r ic o f A m e r ic a n c iv iliz a t io n .

I t is a l t o g e t h e r i n s y m p a t h y a n d a l l i a n c e

w it h t h e s c h e m e o f M r . F it z p a t r ic k , le a d e r o f t h e s t r ik in g s te e l
w h o a n n o u n c e d o n t h e fir s t d a y o f th e s tr ik e :
is

w ork ers,

W e a r e g o i n g t o s o c ia liz e t h e b a s ic in d u s t r ie s o f t h e U n it e d S t a t e s . T h is
t h e b e g in n in g o f t h e fir s t f i g h t .”

I t i s a l s o i n l i n e w i t h t h e d e c l a r e d p o l i c y a n d p u r p o s e o f A i r . F i t z p a t r i c k 's
c h ie f o f s t a ff, A ir . F o s t e r , a n a p t d is c ip le o f T r o t s k y a n d L e n in e .

,

In o n e o f th e papers I a m

s u b m i t t i n g h e r e w i t h is a d e m a n d f o r t h e n a ­

t i o n a l iz a t i o n o f t h e m in e s o f t h e c o u n t r y — t h a t t h e G o v e r n m e n t s h a ll r a is e
a fe w b illio n s o f d o lla r s t o b u y t h e m in e s a n d t u r n t h e m o v e r t o t h e m in e r s ,
to

b e op era ted

by

in d u s tr y .
T h e A m e r ic a n

th e la t t e r — a

P lu m b

p la n

p e o p le h a v e n e v e r y e t b e e n

fo r

ta k in g o v e r th e

w e ig h e d

m in in g

in t h e b a la n c e a n d

b e e n fo u n d w a n t in g , n o r w ill t h e y b e n o w , in m y h u m b le o p in io n .
A n a t io n w h ic h s o n o b l y r o s e t o th e o c c a s io n in 1 9 1 7 a n d 1 9 1 8 a n d c r u s h e d
t h e t y r a n n y w h ic h d o m in a te d E u r o p e a n d m e n a c e d t h e p e a c e o f th e w o r ld
w ill
A

n o t fa il in t h is c r is is .
g r e a te r d e s p o t is m m e n a c e s

w ith

th e

A m e r ic a

th a n

b e fo r e

Im p e r ia l G o v e r n m e n t o f G e r m a n y ; c h ie fly

a t ou r very d oors.

or

d u r in g th e

w ar

g r e a t e r b e c a u s e i t is

W e a re a t th e c r o s s r o a d s o f o u r n a tio n a l d e s t in y .

The

is s u e is , s h a ll t h is c o n t in u e t o b e a d e m o c r a c y , g o v e r n e d b y t h e p e o p l e as
a w h o le , o r s h a ll a f a c t i o n , a c la s s , a n o r g a n iz a t io n o f a n y s o r t , d e f y p u b lic
o p in io n , ig n o r e t h e n e e d s , t h e n e c e s s itie s o f t h e c o m m o n p e o p le , a n d s e t its e lf
a b o v e t h e la w a n d a b o v e t h e p u b lic w e lfa r e ?

T h a t is B o l s h e v i s m p u r e a n d

s im p le , f o r B o ls h e v i s m is t h e a n t it h e s is o f d e m o c r a c y .
I s t a n d in t h i s p u b l i c p l a c e a n d i s s u e t h i s s o l e m n w a r n i n g t o t h e A m e r i c a n
p e o p le .

[V ol . 109.

THE CHRONICLE

1660

I f y o u w o u ld r e m a in a fr e e p e o p l e , a r is e in y o u r m a je s t y a n d d e ­

f e a t t h is c o n s p i r a c y a g a in s t la w , o r d e r , a n d t h e c o m m o n w e a l.

late such action as may be essential to safeguard and pro­
mote the rights, interests and freedom of the wage-earners,
the workers who form the great mass of the people of our
Republic.” The call was issued by the Executive Council
of the Federation, and the four railroad brotherhoods on
Oct. 29. It read as follows:
N e a rly

a

m on th

b e fo r e

th e

d e c la r a tio n

G o v e r n m e n t th o e x e c u tiv e s o f th e
in c o n f e r e n c e in W a s h in g t o n

of

w ar

n a tio n a l a n d

by

th o

U n ite d

S ta te s

in te r n a tio n a l u n io n s m e t

a n d t h e n a n d th e r e d e c la r e d la b o r s a t t it u d e

t o w a r d o u r G o v e r n m e n t , w h e t h e r in p e a c e o r in w a r , a n d la b o r m a d e g o o d .
T h e a r m is t ic e w a s s ig n e d N o v . 11 1 9 1 8 .
ended.

A u t o m a t ic a l ly h o s tilitie s h a v e

T e c h n ic a l ly w e a r e y e t in a s t a t e o f w a r .

T h e r e tu r n o f in d u s tr y

f r o m a w a r f o o t i n g t o a p e a c e b a s i s is n o t r e a d i l y a c c o m p l i s h e d .
o t i c f e r v o r f o r o u r c o u n t r y in p e r il, b r o u g h t a b o u t b y
th re a te n e d th e o v e r th r o w

T h e p a t r i­

t h e d a n g e r s w h ic h

o f d e m o c r a c y a n d fr e e d o m , seem s t o h a v e su b ­

s id e d .
I n t h i s c r i t i c a l r e c o n s t r u c t i o n p e r i o d l a b o r is c o n f r o n t e d w i t h g r a v e d a n ­
. g e r s a f f e c t in g t h e v e r y f o u n d a t io n o f it s s t r u c t u r e .

S o g r a v e is t h e s it u a t i o n

r e g a r d e d t h a t a t it s r e c e n t m e e t in g t h e E x e c u t i v e C o u n c il o f 't h e A m e r ic a n
F e d e r a tio n o f L a b o r a n d t h e r e p r e s e n ta tiv e s o f th o R a ilr o a d B r o t h e r h o o d s
a g r e e d t h a t t h e e x e c u t iv e s o f t h e n a t io n a l a n d in t e r n a t io n a l u n io n s s h o u ld

NATIO NAL

b e in v it e d t o p a r t ic ip a t e in a c o n fe r e n c e a t t h e h e a d q u a r t e r s o f t h o A m e r ic a n

F A R M E R S CONGRESS ON S TRIKE
S I T U A TION.

F e d e r a t io n o f L a b o r a t 10 o ’c lo c k o n th e m o r n in g o f D e c . 13 1 9 1 9 , a n d th e r e

“ The thirty-ninth annual meeting of the National Farmers
Congress opened at Hagerstown, Md. on Oct. 28. One of
the features of the meeting,which continued for threedays,
was an address on Oct. 29 by John H. Ferguson, president
of the Baltimore Federation of Labor.
Taking the farmers by surprise with the statement that he
did not believe in strikes, Mr. Ferguson frankly admitted:
“The strike is an antiquated weapon. That may have gone
some years ago, but we are now living in 1919 and we must
learn to use 1919 methods. The time has come when we can
adjust all differences between capital and labor by conference,
mediation and arbitration.” On the preceding day, J. H.
Kimble, president of the Farmers Congress, in his address
pointed out that labor “is beginning ta realize that in the long
run little can be accomplished by strikes, which add to the
high cost of living.” The National Farmers Congress adopted
resolutions on Oct. 28 pledging support to President Wilson
and to all Government agencies in the orderly conduct of
national affairs and in the fearless administration of national The decision of the Executive Council to call the confer­
ence was made shortly after receipt of a message from the
laws.
; Illinois State Federation of Labor in convention at Peoria
The resolutions said:
! urging that such a conference be called. On Oct. 25 Samuel
Gompers issued this statement:
t o t a k e c o u n s e l a n d t o fo r m u la t e s u c h a c t io n a s m a y b e e s se n tia l t o s a fe ­

g u a r d a n d p r o m o t e t h e r ig h t s , in te r e s ts a n d fr e e d o m

th e w o rk e rs w h o fo r m

o f th e w a g e ea rn ers,

th e g r e a t m a ss o f th e p e o p le o f o u r R e p u b lic .

I t is i m p e r a t i v e t h a t t h e r e s p o n s i b l e r e p r e s e n t a t i v e s o f t h e l a b o r m o v e ­

m e n t s h a ll t h e r e f o r e c o n s id e r t h e s it u a t io n in t h e in d u s t r ia l a n d le g is la t iv e

fie ld a n d a g r e e u p o n fu n d a m e n t a l p r in c ip le s a n d a p r o g r a m w h ic h t h e w a g e

e a r n e r s w ill a c c e p t in p e r fo r m in g th e ir d u t y a s c it iz e n s a n d a t t h e s a m e t im e
m a in t a in in g

th e

a n d w e lfa r e .
W e c o n fe rre d
tio n s .

r ig h t

o f fr e e

m en

in

ord er

to

con serve

hum an

,
w it h th e r e p r e s e n ta tiv e s o f th e v a r io u s fa r m e r s

in to r e s t

o r g a n iz a ­

T h e c o n v e n t i o n s o f th e s e s e v e r a l b o d ie s w ill b e h e ld w it h in t h e n e x t

th ir ty d a y s .

T h e r e p r e s e n t a t iv e s o f t h o f a r m e r s , w h ilo in s y m p a t h y w it h

t h e p u r p o s e s o f t h e c o n fe r e n c e , d id n o t fe e l t h a t t h e y h a d th e a u t h o r it y t o
a p p e n d t h e ir n a m e s t o t h is c a ll .

H o w e v e r , f o r m a l c o m m u n i c a t i o n s w ill b e

s e n t t o th e ir c o n v e n t io n s in v it in g th e m

t o a p p o in t r e p r e s e n ta tiv e s t o p a r ­

t ic i p a t e in t h e c o n f e r e n c e o f D e c . 1 3 , w it h a u t h o r it y t o s p e a k in t h e n a m e o f
th e o r g a n iz a t io n s t h e y r e p r e s e n t.
Y o u a r e e a r n e s t l y u r g e d t o a t t e n d t h e c o n f e r e n c e in p e r s o n a n d t h e r e b y

g iv e t h e m o s t e ffe c t iv e a n d r e s p o n s ib le e x p r e s s io n o f th e n e e d s t o m e e t t h e

s it u a t io n .
E X E C U T I V E C O U N C I L , A m e r ic a n F e d e r a tio n o f L a b o r .
W A R R E N 8 . S T O N E , G ra n d C h i e f, B r o th er h o o d o f L o c o m o tiv e E n g in e e r s .
T I M O T H Y * S I I E A , G ra n d C h i e f, B r o th er h o o d o f L o c o m o tiv e F ir e m e n .
W . E . L E E , G ra n d C h i e f, B r o th er h o o d o f R a ilr o a d T r a in m e n .

L . E . S H E P P A R D , G ra n d C h i e f, O rd er o f R a ilw a y C o n d u c to r s o f A m e r i c a .

W e b e li e v e t h a t t h e p r e s e n t c r is is c a lls fo r c a lm , s a n e a n d d e lib e r a t e a c t io n

f r o m a ll c it iz e n s , w it h o u t r e g a r d t o c la s s o r o c c u p a t io n .

W e b e lie v e t h e c o n ­

s e r v a t is m o f t h e A m e r ic a n fa r m e r s h o u ld c o n t in u e t o b e o n g u a r d t o p r e v e n t
t h e d e v e lo p m e n t a n d s p r e a d o f r a d ic a l t h e o r ie s a n d t h e t e n d e n c y o f c e r ta in

e le m e n t s t o v it ia t e th e fu n d a m e n t a l p r in c ip le s o f A m e r ic a n in s titu tio n s fo r
w h ic h u n t o ld tr e a s u r e h a s b e e n s p e n t a n d t h e s a c r e d b lo o d o f A m e r ic a s s o n s

The proceedings of the f a r m e r s ’ convention on O c t . 3 0
were reported in advices of that date to the I hiLchuphia
“Press” as follows:
F a n n e rs ’ N a tio n a l C on g ress to d a y

p assed

r e s o lu t io n s p le d g in g

th e

fa r m e r s t o a n u n s w e r v in g a n d lo y a l s u p p o r t o f t h e G o v e r n m e n t a n d c o n ­
d e m n e d s tr ik e s .
H e a r t y a p p r o v a l o f t h e K e n y o n -A n d e r s o n b ill w a s e x p r e s s e d .
The

a c t io n

m ended.
ta x e s

o f C o n g r e s s in

r e p e a lin g

th e d a y lig h t

s a v in g

la w

w as co m ­

T h e r e s o lu t io n s a ls o fa v o r t h e fo llo w in g : C o n t in u a t io n o f s p e c ia l

le v ie d

fa r m e r s ’ o r g a n iz a tio n s p a r t ic ip a t e d .

G e n e r a ', d i s c u s s i o n

en su ed re g a id in g

t h e le g is la t io n p e n d i n g in C o n g r e s s in im ic a l t o t h e r ig h t s a n d in t e r e s t s o f

h a s b e e n s a c r ific e d .

The

A c o n f e r e n c e w a s h e l d in t h e A . F . o f L . B u i l d i n g t i l l s a f t e r n o o n in w h i c h
r e p r e s e n t a t 'v e s o f t h e A . F . o f L . , t h e r a il r o a d b r o t h e r h o o d s a n d t h e f o u r

d u r in g

th e

w ar

on

w ar

p r o fit s ; r a t ific a t io n

of

th e

w o m e n ’s

i n d u s t r i a l a r .d a g r i c u l t u r a l w o r k e r s .
F u r t h e r d is c u s s io n e n s u e d r e g a r d in g

le g is la tio n

w h ic h

s h o u ld

be

a t t h e h a n d s o f C o n g r e s s in t h e in t e r e s t o f t h e a b o v e .
I t w a s d e c id e d t h a t t h e c a ll fo r th e c o n fe r e n c e d e te r m in e d u p o n
E x e c u t iv e C o u n c il o f t h e A m e r ic a n

u rged
b y th e

F e d e r a tio n o f L a b o r s h o u ld b e jo in t ly

is s u e d b y t h e E x e c u t i v e C o u n c i l o f t h e A m e r i c a n F e d e r a t i o n o f L a b o r a n d
t h e r a ilr o a d b r o t h e r h o o d s .
I t w a s d e c id e d t h a t t h e
S a tu rd a y , D e c . 13.
T h e r e p r e se n ta tiv e s
sy m p a th y
a u t h o r it y

w ith
fr o m

th e

of

c o n fe r e n c e

th e

d is c u s s io n

fa rm e rs'
and

th e ir o r g a n iz a t io n s

s h o u ld

p u rposes,
to

ta k e

p la c e

o r g a n iz a t io n s ,
jo in

in

sta te d

in

W a s h in g t o n

a lth o u g h
th a t

th e c a ll f o r

th ey

in

e n tir e

had

no

th e c o n fe r e n c e ,

s u f f r a g e a m e n d m e n t b y t h e S t a t e s in t im e t o p e r m it w o m e n t o v o t e in t h e

b u t t h a t th e ir c o n v e n t i o n s , w h ic h w o u ld b e h e ld w it h in a m o n t h fr o m

n e x t P r e s id e n tia l e le c t io n ; t h a t th e d u t y

w o u ld b e g la d t o r e c e iv e in v it a t io n s u p o n w h ic h t o a c t , a n d s e le c t d e le g a t e s

le g a l s ta tu s a s t h e d u t y
fro m

p e r fo r m a n c e o f th e d u t y
or

d is tr ib u tiv e ;

flu e n c e le g is la t io n
co n s tru cte d fro m

in

th e sa m e
fo r e x cu se

o f a ll fa r m e r s ’ o r g a n iz a t io n s , e ith e r p r o ­

in v e s t ig a t io n

th rou g h

p la c e d

s im ila r p r o v is io n

t o v o t e ; a m e n d m e n t s o f t h e a n t i- t r u s t la w

t h a t w ill in c r e a s e t h e e x e m p t io n
d u c tiv e

o f v o tin g b e

o f ju r y s e r v ic e , w it h

o f a lle g e d

c o n tr o l o f th e p u b lic

p a c k e r s ’ a c t iv it ie s
p re ss ; r e te n tio n

to

in ­

o f s h ip s

ta x e s a n d lo a n s a n d th e ir o p e r a t io n fo r t h e d e v e lo p m e n t

o f A m e r ic a n a g r ic u lt u r e a n d c o m m e r c e ; c o n s e r v a t iv e , e c o n o m ic a l a n d b u s i­
n e s s - l i k e m e t h o d s in t h e e x p e n d i t u r e o f t h e p e o p l e 's m o n e y ; e n a c t m e n t o f
la w s f o r a

“ v ig o r o u s a n d e ffic ie n t n a t io n a l r e g u la t io n

o f r a ilw a y a d m in is ­

t r a t io n t r a f f ic , a n d r a t e s , w h ic h s h a ll e lim in a t e t h e p o s s ib i lit y o f c la s s c o n ­
tr o l”

o f t h e r a i l r o a d s a n d b y w h i c h t h e a g r i c u l t u r a l i n t e r e s t s s h a l l b e K iv e n

a d e q u a te r e p r e s e n ta tio n ; a m e n d m e n t t o th e F e d e r a l fa r m

lo a n c la s s w h if i

s h a ll e n a b l e t h e m t o p r o c u r e F e d e r a l l o a n s f o r p u r c h a s e o f f a r m s in l o c a l i t i e s
o f th e ir o w n s e le c t io n ; e x t e n d in g F e d e r a l a p p r o p r ia t io n s fo r g o o d r o a d s .

AM ERICAN FEDERATION OF LABOR CALLS CONFER­
ENCE OF HEADS OF 112 U N IONS.

now ,

fo r th e D e c . 13 co n fe re n ce .

At the meeting preceding the issuance of the above there
were present officials of the four railroad brotherhoods, Mr.
Gompers, other officers of the American Federation of Labor
and representatives of the following farm organizations:
The National Board of Farm Organizations, the Federation
of Milk Producers, the American Society of Equity and tho
National Farmers’ Union.
The request of the Illinois State Federation of Labor that
a special convention of the American Federation bo called
to meet in Washington was contained in a messago sent to
President Gompers and members of tho Executive Council,
which was summarized in Peoria press dispatches of Oct.
23 as follows:

Announcement was made by Samuel Gompers, President
of the American Federation of Labor, on Oct. 25 that a
conference of the heads of the 112 national and international
unions affiliated with the Federation would be held in
Washington on Dec. 13. On Oct. 24, two days after the
labor delegation to the National Industrial Conference had
withdrawn from that conference because of its inability to
secure adoption of a resolution it had sponsored on collec­
tive bargaining, the Executive Council of the American
Federation of Labor held a meeting, and it was at this meet­
ing that the decision was made to call the conference of all in Regarding the participation of tho farm organizations
the union heads. The railroad brotherhoods and farmers’ the forthcoming labor conference, Washington advices of
organizations Rro also to be represented at the conference. Oct. 26 to the Philadelphia “Public Ledger” said:
The purpose of the labor conference as set forth in a
call to all the unions affiliated with the Federation of Labor
is to permit the labor leaders “to take counsel and to formu­



T h e m e s s a g e u r g e s t h a t t h e o ffic i a l r e p r e s e n t a t iv e s o f t h e r a ilw a y b r o t h e r ­

h o o d s b e in v it e d t o p a r t ic ip a t e , t h o o b je c t o f t h o m e e tin g t o b o t h e p e r fe c t ­
in g o f a n o f f e n s iv e a n d d e f e n s i v e a llia n c e o f t h o in t e r n a t io n a l u n io n s o f t h e
U n ite d

S ta te s a n d C a n a d a a n d t h e r a ilw a y b r o t h e r h o o d s m o r e e ffe c t iv e ly

t o f i g h t o u t t h e l i f e a n d d e a t h s t r u g g l e s o f t h e w o r k e r s n o w in p r o g r e s s a n d
im p e n d in g .

T h e m e s s a g e a s s a i l s t h e “ s t e e l t r u s t " f o r m e t h o d s u s e d in t h e

p r e s e n t s tr ik e a n d s a y s “ t o o lo n g h a s la b o r p e r m it t e d th o s e t y r a n t s t o k e e p

th e w o r k e r s o n th e d e fe n s iv e .”
T h o m e s s a g e a l s o a s k s t h a t i n c l u d e d in t h o c a l l a s o n e o f t h e o b j e c t s o f t h e

p rop osed

m e e tin g b e t h e " le v y in g o f a n a s se s s m e n t u p o n

e v e r y o r g a n iz e d

w o r k e r in t h e U n i t e d S t a t e s a n d C a n a d a o f n o t le s s t h a n o n e - f o u r t h o f h i s

n e t e a r n in g s a n d u p o n

e v e r y o f f i c e r o f o r g a n i z e d l a b o r n o t le s s t h a n

50%

o f h is s a la r y u n t il t h e o b j e c t s o f t h is d r iv e b e a c c o m p lis h e d ."

T h e fo r m a t io n o f a w o r k in g a g r e e m e n t b e tw e e n th e w o r k e r s o f th o c o u n ­

t r y a n d t h e w o r k e r s o f t h e c i t y is e x p e c t e d t o g r o w o u t o f t h e c o n f e r e n c e o f
t h e 1 1 2 i n d u s t r i a l u n i o n s t e n t a t i v e l y c a l l e d f o r D e c . 13 b y S a m u e l G o m p e r s .
P r e s id e n t o f th e A m e r ic a n

F e d e r a t io n

o f L abor.

N ov. 1 1919.]
Just

how

th e

fa rm e r

THE CHRONICLE
w ill p a r t ic ip a t e

has

not

been

d e fin it e ly

a c c o r d in g t o o ffic ia ls o f th e n a t io n a l b o a r d o f fa r m o r g a n iz a t io n s , w h ic h a c ts
a s a n o ffic ia l c le a r in g h o u s e fo r 15 o r m o r e a g r ic u lt u r a l a s s o c ia t io n s .
c e r t a in , h o w e v e r , t h a t th e r e w ill b e d e le g a t e s f r o m
t io n s a t th e la b o r c o n fe r e n c e .

I t Is

th e fa rm e rs ’ o r g a n iz a ­

A c c o r d in g t o a s ta te m e n t m a d e t o -d a y b y a n o ffic ia l o f th e n a t io n a l b o a r d ,
:t h e fa r m e r s h o p e t o a f f e c t t h r e e t h in g s :
A r a p p r o a c h m e n t b e tw e e n th e a g r ic u lt u r a l w o r k e r s a n d th e c i t y w o r k e r s
s o th a t th e p r ic e o f fa r m p r o d u c t s m a y b e r e d u c e d to t h e c o n s u m e r w it h o u t
in t e r fe r in g w it h t h e p r ic e r e c e iv e d b y t h e g r o w e r .
J o i n t a c t i o n o n r a i l r o a d l e g i s l a t i o n s o a s t o p r e v e n t a n i n c r e a s e in r a t e s ,
.a n d t o r e t a in G o v e r n m e n t o w n e r s h ip i f p o s s ib l e .
'R e c o g n i t i o n

o f c o lle c t iv e b a r g a in in g .

O ffic ia ls o f t h e n a t io n a l b o a r d m a d e i t p la in t o - d a y t h a t t h e fa r m e r s a r e
n o t in s y m p a t h y w i t h l a b o r ’s p r o g r a m

in it s e n t ir e t y , a n d s a id t h a t t h e y

w o u ld g o v e r n t h e ir fu t u r e a c t io n v e r y m u c h o n t h e c o u r s e fo llo w e d
u n io n iz e d w o r k e r w ith in t h e n e x t fe w w e e k s .

b y th e

T h e r e is a b s o l u t e l y n o s y m p a t h y f o r t h e t h r e a t e n e d c o a l s t r i k e , a n d i f i t
is c a r r i e d t h r o u g h , a s l a b o r n o w
fa rm e rs .

a ffir m s , i t w ill d o

m u ch

The

t o a lie n a t e t h e

by

s titu tio n a l

‘ ‘ T h e r e is n o p o s s i b i l i t y o f a b s o r p t i o n o r a f f i l i a t i o n i n t h e p o s i t i o n t a k e n
fa r m e r s w ill p a r t ic ip a t e

is y e t t o b e d e t e r m i n e d

t h a t m a k e u p o u r o r g a n iz a tio n .

by

p o se d it.
w o u ld

T h e f a r m e r is m u c h in t e r e s t e d in r e a c h in g
S om e o f th e

fr o m

th e w o r k e r s , s o t h a t t h e fa r m e r s c a n d e a l d ir e c t ly w it h t h e m a n d e lim in a te

la b o r

in

o p p o s it io n

to

th e

th e ir c r o p s .

banded

tog eth er to

Jan.

a n t i-s t r ik e

in

red u ce th e acrea ge o f

and

e n fo r c in g

c o lle c tiv e

b a r g a in in g .

w a ste

John

o r g a n iz a tio n s

have

r e fu s e d

to

jo in

fo r c e s

w ith

t o u r g e fa v o r a b le a c tio n
b a r g a in in g b y fa r m e r s .

on

fo r

n ecessary

o v e r r id in g

th e

t w o -t h ir d s

W h ite

v e to

and

m a jo r it y .

th e

b u t tw e n ty

The

b ill

op­

m ade

e f­

t h e s a le o f b e v e r a g e s

w a s t h e r e it e r a t e d

H ou se th a t as soon

sta te m e n t

a s i t w a s le g a lly

p o s s ib le

th e e n d o f th e w a r a n d t h e e n d o f d e m o b ili­

e n d in g t h e p r e s e n t d r y a c t , w h ic h is s u p p o s e d l y

en a cte d u n d er th e b roa d w a r p ow ers o f th e G o v e rn ­

T h is c a n

b e sta ted

o ffic ia lly .

If th a t

to

“ The

Sun”

to -n ig h t b y

in

fo o d s tu ffs

th ro u g h

u s in g

th e m

in

o ccu rs, n o m a tter w h a t

d r y le a d e r s in C o n g r e s s .

th e

o s te n s ib ly

to

m a n u fa ctu re

p reven t

o f a lc o h o lic

T h e te c h n ic a l e n d o f t h e w a r th r o u g h r a t ific a t io n o f th e P e a c e

le g is la tio n

b e fo r e

Jan.

16.

S en a tor

S h epp ard

(T e x a s ),

S e n a to r L o d g e u rg e d a p r o m p t v o t e t o ta k e u p P r o h ib itio n .

who

"T h e

H e s a id n o

b e m a d e o n t h e T r e a t y u n til t h e v e t o w a s o u t o f th e w a y .

“ T h e s o o n e r i t is d i s p o s e d o f t h e b e t t e r , ”
S e n a te a n d

H ou se a cted

in

a s id M r . L o d g e .

bad

e lim in a t in g t h e y e a r o f g r a c e a llo w e d

fa it h ,”

s a id

b y le g is la t io n .

S e n a to r P h e la n ,

by

T h e A c t p r o v id e s a

y e a r f o r t h o s e w h o a r c le g it im a t e ly e n g a g e d in a n in d u s t r y w h ic h C o n g r e s s
a t o n e t im e fo s t e r e d , t o d is p o s e o f th e ir p r o p e r t y .
h a v e b e e n a b r id g e d .”

T h is p e r io d s h o u ld n o t

“ T h o P r e s id e n t m ig h t is s u e a p r o c la m a t io n n o w ,”
“ a n d d e c la r e d e m o b iliz a t io n
la w t o d o s o .”

“ T h e le a d e r s o f t h e f a r m o r g a n i z a t io n s w e r e in v it e d t o j o i n in a c o n f e r e n c e
“ T h e s e le a d e r s d e c lin e d t o d o s o . ’

o f th e

p ro g re ss c o u ld

M r . M ille r a b o u t p ress

w ith o r g a n iz e d l a b o r ," s a id M r . M ille r .

w hen

t o - n ig h t t h a t n o t h in g o f t h is s o r t w o u ld b e a t t e m p t e d .

b il l le g a liz in g c o lle c t iv e

r e p o r t s t h a t a n a llia n c e b e t w e e n o r g a n iz e d la b o r a n d th e fa r m e r s h a d b e e n
c o n s id e r e d .

to -d a y

R e a liz in g t h is f a c t d r y le a d e r s w ill m a k e n o a t t e m p t t o p u t t h r o u g h o t h e r

O r g a n i­

R e p r e s e n t a t iv e C u r r ie , o f M ic h ig a n , q u e s t io n e d

16.

P r o h ib it io n

M r . M ille r a p p e a re d

th e C a p p e r-H e rs m a n

th u d

s t e e r e d t h e P r o h ib it io n A m e n d m e n t t h r o u g h t h e S e n a t e , s a id t o “ T h e S u n "

o r g a n iz e d

D . M ille r , r e p r e s e n tin g t h e N a t io n a l B o a r d o f F a r m

a

T r e a t y o r a d e c la r a t io n b y C o n g r e s s w o u ld p r e v e n t t h e fu r t h e r u s e o f t h is
p o w e r".

Washington advices of Oct. 28 to the New York “Commer­
cial” stated that an official of the National Board of Farm
Organizations had made known that it was not the intention
of the agricultural interests to have delegates at the labor
conference. The advices said:
A g r ic u ltu r a l

o ffic ia ls

beverages.

h ero m o re th a n a m o n th a g o , a n d s u p p o rte d

z a t io n s , to ld t h e H o u s e J u d ic ia r y C o m m it t e e t o -d a y .

w it h

v e r y gen era l a n d b ro a d w a r p ow ers a n d w a s p assed

t h is p o lic y t h r o u g h it s d e le g a te s t o t h e in d u s tr ia l c o n fe r e n c e .

la b o r .

ea rth

T h e r e a s o n f o r t h i s i s t h a t t h e W a r t i m e P r o h i b i t i o n A c t wT s p a s s e d u n d e r t h e
a

T h e N a t i o n a l B o a r d o f F a r m O r g a n iz a t io n s d e c la r e d in f a v o r o f c o l l e c t i v e
b a r g a in in g a t it s c o n v e n t i o n

vo te d

th e

T h is w a s a d m itte d

T h e y o p p o s e it a ls o o n t h e g r o u n d t h a t t h e y fa v o r c o lle c t iv e

m a in ta in in g

to

la w t o k e e p t h e c o u n t r y d r y u n til J a n . 1 6 , w h e n t h e c o n s t it u t io n a l b a n o n
liq u o r b e c o m e s e ffe c t iv e .

b a r g a in in g a n d d o n o t w a n t la b o r d e p r i v e d o f t h e p r in c ip a l w e a p o n t h a t it
has

th e

t h e ir d e s ir e s m a y b e , t h e m o s t a r d e n t p r o h ib it i o n le a d e r s c a n n o t e n a c t a n y

p r o v is io n o f t h e C u m m in s b ill, f o r t h e y fe a r t h a t it m ig h t b e in te r p r e te d
t o r e a c h t h e a g r ic u ltu r is ts w h o

w hen

d e n t w ill p u t a n e n d t o t h e p r e s e n t d r y a c t , le a v in g t h e c o u n t r y w e t u n til

it h a s n o t c r y s t a liz e d f o r a n y d e fin it e fo r m o f le g is la tio n s u c h a s t h e P lu m b
p la n .
w ith

y esterd a y

, . ® D c e t *10 G e r m a n P e a c e T r e a t y i s r a t i f i e d b y t h e S e n a t e , o r f a i l i n g t h a t
i f C o n g r e s s a d o p t s a r e s o lu t io n d e c la r in g t h e w a r a t a n e n d , t h e P r e s i­

T h e r e is a g o o d d e a l o f s e n t i m e n t f o r g o v e r n m e n t o w n e r s h i p , b u t

n o t sta n d

S en a tors
have

z a tio n , th u s a u to m a tic a lly

h a v e s h o w n in t h e l a s t f e w m o n t h s i n d i c a t e s t h e r e is n o n e c e s s i t y f o r h ig h e r

do

h ig h

F ig h t S e n a to r s v o t i n g a y e c o u ld h a v e s w it c h e d a n d t h e m e a s u re

s till

a w a r e m e r g e n c y la w
m en t.

le g is la tio n t h e fa r m e r s s t a n d s o lid ly a g a in s t a n y t h in g t h a t

w ill b r in g a b o u t a n in c r e a s e in r a t e s , a s t h e y c o n t e n d t h e p r o f i t t h e r o a d s

fa rm e rs

back

t h e P r e s id e n t w o u ld p r o c la im

t h e v a r i o u s t a x e s t h a t t h e c o n s u m e r n o w h a s t o b e a r in t h e h a n d lin g o f f o o d
p ro d u cts.

The

fe ll

T h e o n e r a y - o f lig h t fo r t h e w e ts t o - d a y

fa r m e r s d o u b tle s s w ill s u g g e s t t h e fo r m a t io n o f c o n s u m e r s ’ o r g a n iz a t io n s b y

t a r iffs .

r a is e d

f e c t iv e im m e d ia t e l y le g a l m a c h in e r y f o r p r e v e n t in g
c o n t a in in g m o r e th a n o n e -h a lf o f 1 % a lc o h o l.

a c o m m o n p o in t w it h t h e w o r k e r o f t h e c i t y , a n d t h in k s t h a t i f t h e t w o

O n r a ilr o a d

a n tl-P r o h ib itio n is ts ,

p r o h ib it io n ,

S ix ty -fiv e

“ A n d ju s t h o w th e

t h e in d iv id u a l b o d ie s

w o r k t o g e t h e r a r e d u c t io n in t h e c o s t o f liv in g c a n b e m a d e .

o f th e

S e n a t e , f o ll o w in g t h e le a d o f t h e H o u s e , p a s s e d t h e e n fo r c e m e n t b ill o v e r
th e v e t o w it h o u t a n y t r o u b le .

th e o r g a n iz e d w o r k e r s a s h a r m fu l.

b y t h e fa r m e r s ,” s a id a n o ffic i a l o f t h e n a t io n a l b o a r d .

hopes

r e s id e n t v e t o e s t h e V o ls t e a d m e a s u r e t o e n fo r c e w a r t im e a s w e ll a s c o n ­

T h e fa r m e r s w ill n o t d e a l w it h t h e r a d ic a l w in g o f la b o r a n d r e g a r d t h e
b o ls h e v is t ic te n d e n c ie s d is p la y e d

1661

the Constitutional Prohibition Act, which comes into force
in January 1920 and the War-Time Prohibition Act which
has been in effect since July 1 of the present year, and which
was passed Nov. 21 1918.
Before the Senate vote was taken announcement was made
from the W hite House that the war-time ban on liquor,
which is embraced in part of the act passed by Congress,
would be lifted the moment the Senate formally ratified the
Treaty with Germany.
The action of the Senate on Oct. 28 in passing the bill
over the President’s veto was reported in Washington dis­
patches to the New York “Sun” as follows:

s e ttle d ,

c o n c lu d e d .

s a id S e n a t o r S te r lin g ,

H e h a s fu ll a u th o r ity u n d e r th e

S e n a t o r P h e la n s a id t h a t o w in g t o t h e d if f e r e n c e o f o p in io n r e g a r d in g w a r ­
tim e p r o h ib it io n , h e d e sir o d t o o ffe r a r e s o lu tio n .

T h is r e c it e d t h e d e c la r a ­

T. C. Atkeson, Washington representative of the Wash­
ington Grange and member of President Wilson’s Industrial
Conference, announced on Oct. 30 that the farmers of the
nation would not rally to the standard of union labor in the
conference called by Samuel Gompers for Dec. 13.
“Not one farmer out of a hundred favors an alliance
between union labor and the farm,” he said. “They have
nothing in common. The farmer is neither a factor in or­ The President’s message to the House vetoing the bill in
ganized labor nor an employer of organized labor. He full follows:
belongs in the general public class.”
t io n o f t h e P r e s id e n t in a s p e e c h t h a t t h e w a r w a s e n d e d .

sen se

ended.

o f th e

S en a te th a t fo r

The

r e s o lu t io n

I t exp ressed th e

p u r p o s e s o f w a r tim e p r o h ib it io n

w a s d e c la r e d

th e

w ar

is

ou t o f ord er.

T h e m o t io n t o g o in t o e x e c u t i v e s e s s io n w a s a d o p t e d 4 3 t o 3 8 .
“ I a lw a y s o p p o s e d c o n s t it u t io n a l p r o h ib it io n ,”

v o t e d a g a in st it .

p le

d e c id e d

am endm ent
b ill w h ic h

s a id S e n a to r L o d g e .

I b e lie v e it s h o u ld n o t b e in th e C o n s t it u t io n .

d iffe r e n t ly .
th a t

T h ere

cq n n ot b e

h a s ju s t b e e n

is

no

g rea ter

e n fo r c e d .

v etoed .

In

e v il

th a n

c o n s t it u t io n a l

I

vo te d

F o r th a t rea son

v ie w

o f d is tu r b e d

“ I

T he peo­

a

fo r th e

c o n d it io n s in

th e

c o u n t r y t h e fa ilu r e o f t h is le g is la t io n w o u ld b e a c a la m i t y ."

T o th e H o u s e o f R e p re sen ta tiv es:

$8,551,000

GO V E R N M E N T ACCE PTS BID OF
OF NITRO, W . VA.

I am

FOR SALE

and

s ig n a tu r e

to

H .

R .-6 8 1 0 ,

re g u la te th e

“ an

m a n u fa ctu re ,

act to

p r o h ib it

p r o d u c to n , u se

a n a m p le s u p p ly o f a lc o h o l a n d p r o m o t e it s u s e in s c ie n t if i c r e s e a r c h a n d
in t h e d e v e lo p m e n t o f f u e l , d y e a n d o t h e r la w f u l in d u s t r ie s ."
The

OF

1 he Senate on Oct. 28, concurring in the action of the
llouso of Representatives on the preceding daj7, passed
over the President’s veto the Prohibition Enforcement Bill.
’1 ho voto in the Senate was 65 to 20. The vote in the House
was 176 to 55 with two members voting presont. The bill
became effective at midnight Oct. 28. The action of the
House in passing the measure over the President’s veto,
came two hours after receipt from the White House of the
veto message. The bill provides for enforcement of both

s u b je c t

m a tter

trea ted

in

t h is

p h a se s o f th o p r o h ib it io n le g is la tio n .
t io n

seeks to

e n fo r c e

e n fo r c e m e n t w h ic h

m easu re

d e a ls

It
of

has to

w ith

w as m a d e n ecessary b y

th e e n fo r c e m e n t o f a n

th e e m e r g e n c ie s

o f th e

w ar and

w it h

tw o

d is tin c t

O n e p a r t o f th e a c t u n d e r c o n s id e r a ­

w a r tim e p r o h ib itio n .

The

oth e r

a c t w h ih

w hose

p r o v id e s

th e a d o p tio n

t io n a l a m e n d m e n t.
I o b je c t t o a n d c a n n o t a p p ro v e
le g is la tio n w it h r e fe r e n c e t o w a r t im e p r o h ib it io n .

th a t

p art

w as passed

o b je c ts h a v e

fo r

th e

o f th e C o n s titu ­

been

by

of

t h is

reason

s a tis fie d

in

t h e d e m o b iliz a t io n o f t h o a r m y a n d n a v y a n d w h o s e r e p e a l I h a v e a lr e a d y
so u g h t a t th e h a n d s o f C o n g re ss.

W h e r e t h e p u r p o s e s o f p a r t ic u la r le g is ­

la t io n a r is in g o u t o f w a r e m e r g e n c y h a v e b e e n s a t is fie d , s o u n d p u b lic p o lic y
m a k e s c le a r t h e r e a s o n a n d n e c e s s it y f o r r e p e a l.
I t w ill n o t b e d if f ic u l t f o r C o n g r e s s in c o n s id e r in g t h is im p o r t a n t m a t t e r
t o s e p a r a te th e s e t w o q u e s t io n s a n d e ffe c t iv e ly t o le g is la t e r e g a r d in g t h e m :
m a k in g th e p r o p e r d is t in c t io n
of




beverages,

a r ,d s a le o f h ig h p r o o f s p i r it s f o r o t h e r t h a n b e v e r a g e p u r p o s e s , a n d t o in s u r e

The bid of $8,551,000 made by the Charleston Develop­
ment Co. for the Government’s war-time explosives plant
at Nitro, W. Va., was approved on Oct. 25 by Assistant
Secretary of War Crowell. Bids previously received by the
Government were rejected as inadequate on Oct. 7. At
that time, it is stated, three bids were submitted, the highest
$5,800,000, by Harris Brothers & Co. of New York. The
others were $4,312,500 by the New Jersey Machinery Ex­
change, Newark, and Theodore Friedsberg and John Eickeley, Jr., & Co., Pittsburgh, joint bidders, and $2,508,750
by the Dupont Chemical Co. The city cost the Governnent
$70,000,000.
_______________________
CONGRESS OVERRIDES P R E S ID EN T'S VETO
PROHIBITION E N F O R C E M E N T BILL.

r e tu r n in g w it h o u t m y

in to x ic a tin g

w ar

tim e

e m e r g e n c ie s

and

b etw een
th ose

t e m p o r a r y c a u s e s w h ic h

lik e

th e

C o n s t it u t io n a l

arose ou t

am endm ent

o f p r o h ib it i o n w h ic h is n o w p a r t o f t h e f u n d a m e n t a l la w o f t h e c o u n t r y .
I n a ll m a t t e r s h a t i n g t p ,d o w it h t h e p e r s o n a l h a b it s a n d c u s t o m s o f la r g e
n u m b e r s o f p e o p le w e m u s t b e c e r t a in t h a t th e e s ta b lis h e d p r o c e s s e s o f
le g a l c h a n g e a r e f o ll o w e d .
I n n o o th e r w a y c a n t h e s a lu t o r y o b je c t s o u g h t
t o b e a c c o m p lis h e d b y g r o a t r e fo r m s o f th is c h a r a c te r b e m a d e s a t is fa c t o r y
a n d p e rm a n e n t.
T h e W h ite H o u se , O c to b e r 27

1919.

W O O D R O W

W IL S O N .

After the Senate had concurred in the action of the House
in overriding the President’s veto, Daniel C. Roper, Com­
missioner of Internal Revenue, issuedjajstatement on Oct.
28 asking all law-abiding citizens, churches, civic organiza­
tions and .welfare societies to aid£the ^Internal i Revenue
Bureau in enforcing the prohibition enforcement law. Any

1662

THE CHHROINLE

[V ol . 109.

flouting of the law, Mr. Roper declared, would bring into expenditures, this department to be under the head of a
Comptroller-General of the United States. There is a
disrepute the American form of government.
further proposal that a committee of thirty-five members
His statement in part said:
The National Prohibition Act is now the law of the land. It makes the of the House be vested with the power of recommending
Bureau o f Internal Revenue the directing agency in the enforcement of
appropriations. A change in the House rules which would
both war-time prohibition and prohibition under the Constitutional amend­
ment. The Secretary and tho Commissioner of Internal Revenue urgently prevent the acceptance by the House of legislative riders
expressed to both Conunittees o f Congress tho hope that this important attached to appropriation measures is likewise proposed.
responsibility would not be imposed on the Treasury Department, burdened
The New York “Sun” reports that the first two provisions
as it is with fiscal and revenue matters. Congress decreed otherwise, and
the Department purposes to respond in tho fullest degree to the duty are embodied in a bill which was reported unanimously by
placed upon it.
the Committee, while others are carried in a resolution
Not to enforce prohibition thoroughly and effectively would reflect
upon our form of Government and would bring into disrepute tho reputa­ which was reported with dissenting opinions, some members
tion of the America*! people as law-abiding citizens. N o law can be effec­ of the Committee believing it unwise to confer such great
tively enforced except with tho assistance and co-operation of the law- powers on one committee.
In a statement relative to the
abiding element.
W e have accordingly put into operation the necessary organization to bill Representative Good, Chairman of the Committee, said:
co-operate with the public in the rigid enforcement of the prohibition law,
and as chief enforcement officer I appeal to every law-abiding citizen to
give me his or her support.
.
Close co-operation between Federal and State, county and municipal
officers is of the utmost importance. Collectors have been instructed to
get in touch with Governors and Mayors in each State and request their
co-operation in urging upon sheriffs and all other local officers the vital
necessity o f their immediately assuming their responsibilities under the
now Act.
.
.
We expect unreserved co-operation from those moral agencies which are
so vitally interested in the proper administration of this law. Such agencies
include churches, civic organizations, educational societies, charitable and
philanthropic societies and other welfare bodies.
We undertake the task intrusted to us with a sense of assurance prompted
b y the same abiding faith in the American people that enabled us to appeal
to them successfully in the enforcement of the war revenue laws.
The public has supported us so nobly in tax matters that we aro con­
fident it will not fail to respond in the enforcement of a measure which, like
the income tax, now is a part of the Constitution of the United States.
I look forward to such enforcement of prohibition as will sustain the
majesty of the law and the honor of the American citizens and American
institutions.

The whole program was framed to reduce the huge Government expen­
ditures, which now exceed our receipts despite the heavy taxation. Re­
duced Government expenditures and taxes will be the issue in this country
for twenty years, and compared with it the tariff and all othor issues will
pale into insignificance.

the merits of prohibition) how far constitutional rights and privileges may
be tortured and distorted in order to foist the fanaticism, prejudice or whim
o f some parts of the country on other parts, no matter how vehement the
protests of the subjected parts and the sham and absurdity of the measure
In question.
..
.
War prohibition was passed for a war emergency; a real and not imaginary
or fictitious emergency. It was passed to take effect until the conclusion
o f the war, meaning real war (and not during the time consumed debating a
treaty already signed by the belligerent Powers). Congress enacted that it
should last until the termination o f demobilization. If tho war was not
concluded by the signing of the armistice it certainly was ended when the
Treaty o f Peace was signed. The President has said officially that the
army and navy is demobilized and that there is no longer any occasion or
necessity for war prohibition and that the act should be repealed. The
President is the Commander-in-Chief o f the Army and Navy and as such
is the best judge and the highest authority on the question of tho necessity
for any war measures. I cannot conceive how. Congress takes upon itself
to insist upon enforcing a defunct war measure for which, in the opinion
o f the Commander-in-Chief of the Army and Navy, there is no need or
justification.
There remains nothing for the brewers and the trade generally to do ex­
cept to comply with the Volstead bill until it is set aside. That is my
opinion and advice. Naturally a test case will immediately be brought.

Tho bill creates an Independent establishment known as the accounting
department, to which is transferred all the powers and duties now imposed
by law upon the Comptroller of the Treasury and the six auditors. Under
the present plan the Congress has no power or control over appropriations
after they have once been made. The bill provides for a ComptrollerGeneral and an Assistant Comptroller-General of tho United States, who
shall bo appointed by and with the advice and consent of tho Senate. They
shall hold office during good behavior, but may be removed only by a con­
current resolution of Congress on account of inefficiency, neglect of duty, or
malfeasance in office.
.
The only way by which Congress can hold a check on expenditures is to
continue a control and audit of the accounts by an independent establish­
ment. Tho tenure in office of tho Comptroller General ar.d the Assistance
Comptroller General is made during good behavior in order to secure com­
petent men to occupy the positions and to make them absolutely inde­
pendent of the executive in their decision.
The Comptroller General could and would bo expected to criticize extrav­
agance, duplications and inefficiency in executive departments. He could
do this without fear of removal. The creation of this department will, it is
seen, serve as a check not only on useless expenditures, but will keep the
bureau more keenly alive to a rigid performance of its duties and obligations.
It has been urged by some as the most important forward steps in the process
of wise budgetary reform.
.
In reporting the bill the committee realizes that the step taken by Con­
gress at this timo should be evolutionary, rather than revolutionary. Tho
bill is not intended as the last word in budgetary legislation, but is intended
to correct weaknesses that are clearly discernible, and that should be cor­
rected at once.
In conclusion it is desired again to point out that the provisions of the
bill carry no departure from the fundamental political principles of tho pres­
ent Government o f the United States. It rather seeks to emphasize and
make more effective these principles. It provide s for no restriction on the
part of Congress to modify the proposals of tho President, but on the other
hand seeks to have such proposals come before it in such a form, itemized
classified and supported by detailed data, as will enable it more effectively
to perform this function.
The basic defects in the present system aro these: Expenditures are not
considered in connection with revenues; Congress does not require of the
President any carefully thought out financial and work program representing
what provisions in his opinion should be made for meeting tho financial needs
of the Government; tho estimates of expenditure needs now submitted to
Congress represent only the desires of the individual departments, establish­
ments and bureaus; these requests have been subjected to no superior revision
with a view to bringing them into harmony with each other, eliminating
duplication of organization or activities, or of making them, as a whole,
conform to the needs of the nation as represented by the condition of the
Treasury and prospective revenues.
If Increased economy and efficiency in the expenditure of funds is to bo
secured, it is thus imperative that these evils should bo attacked at their
sourco.' Tho only way by which this can bo done is by placing definite re­
sponsibility upon some officer of the Government to receive the requests
for funds as originally formulated by bureau and departmental chiefs and
subjecting them to that scrutiny, revision and correlation of the National
Government. There can be no question but that the officer upon whom
should bo placed this responsibility is the President of the United States.
The requirement that the President shall prepare and submit to Congress
annually upon its convening in regular session, a budget will thus definitely
locate upon him responsibility for the formulation and recommendation or a
financial an I work program for the year to ensue.

The bill as passed by the House differs Hut slightly, it is
said, from the one reported to it. Two amendments, one
by ex-Speaker Clark and the other by Representative Gra­
ham, were adopted, according to the New York “Times” of
Oct. 22, whichbysays: Clark and adopted by a bi-partisan vote elimi­
That presented
Mr.

nated tho provision which provided for the retirement of the Comptroller
at 70 years of age on half-pay, and made no provision for a pension. Mr.
Graham’s amendment charged the Comptroller with the duty of reporting
to Congress the minute any Department exceedod its appropriation.

At the time of the submission of the bill to the H o u s e ,
it was observed by the “Sun” that the strongest fight on the
proposed legislation is expectod to como on tho reso­
lution taking away from six committees their appro­
William F . Hirst, attorney for the New York Brewers priation powers.
Association, issued a statement on Oct. 28 indicating the is 147, and some The total membership of these committees
members claim
votes must be
attitude of the brewers toward the prohibition law. His overcome before tho new system all these adopted, The
can be
statement reads: Volstead bill over the veto of the President and In tho committes affected are Foreign Affairs, Agriculture, Mili­
The passage of the
face of the reasons he assigned for his action constitutes a most remarkable tary Affairs, Naval Affairs, Indian Affairs and Post Offices
chapter in the history of the prohibition agitation in the United States, and Post Roads. The roport filed by the Committee, it is
which already records some very remarkable events. It is a sad commentary
on and at the same time a solemn warning to the country of (regardless of learned from the “Times,” said in part:

O N T A R I O VOTES TO R E T A I N P R O H I B I T I O N .

At the first election in which women participated, the
Province of Ontario, Canada, on Oct. 20 voted to retain
the prohibition law known as the Ontario Temperance Act.
This measure was adopted during the war; the vote for its
retention was reported to be by a very largo majority.
B I L L FOR N A T I O N A L B U D G E T S Y S T E M P A S S E D B Y
TIIE HOUSE.

By a vote of 283 to 3 the House on Oct. 21 passed the bill
providing for the establishment of a national budget system.
The passage of the bill followed a four days debate. 1 he
bill was reported to the House on Oct. 8, with the conclusion
on Oct. 4 of the hearings before the Special Committee of
the House which had been investigating proposed changes
in Governmental fiscal affairs. The bill as drafted by the
Budget Committee, of which Representative Good is Chair­
man, proposed the creation of a Bureau of the Budget
in charge of a director at a salary of $10,000 and an Assist­
ant Director at a salary of $7,500; “the Bureau,” to quote
from the New York “Sun,” will consider all requests
for appropriations, eliminate duplications and extrav­
agance and submit all requests to Congress in the form
of a single budget with an estimate of Government receipts.
The President is charged through the bureau with the
responsibility for any extravagance.” The suggested legis­ On Juno 24 Roprosontativo James A. Froar of Wisconsin
lation also proposes the establishment of an accounting
department for tho independent audit of all Government delivered an extendod address in the House of Roprosonta


N ov. 1 1919.]

THE CHRONICLE

lives on the proposals for a national budget system; he
sought to emphasize “the immediate importance of a gen­
uine budget plan” and stated that any measure enacted
into law should provide a real budget system. Present,
inefficient legislative methods, he said, result primarily
from over 20 committees of the House and Senate that act
independently without responsibility or limit. In a letter
relative to his remarks before the House he also said:—

1663

preparation L as indicated. The legislative appropriation ship is thus
s
launched and started on its career without sails or rudder.
Let me give a few examples of legislative folly within the past few days
that speak for themselves. It Is a matter of recent history that eight
appropriation bills, after many months’ consideration last year in the
Houso, were passed to tho Senate, where they failod in the legislative dis­
card last session. Then they aggregated ova- $3,000,000,000. Again
hearings were held this session on tht-se same eight bills; again they were
prepared and reported; and again attacked and defended on the floor in a
series of attempts at economy— largely for political effect, it was claimed.
I say "attempts” advisedly, because any attempt to prepare or consider
Several so-called budget plans have been Introduced. The McCormick an appropriation bill in the usual way is unbusinesslike, wasteful and a
plan o f last session and tho plan I have offered this session. I believe meet legislative farce.
every test. Others offered h :r after may be equally good or possibly
What is a nationainmdget system? I will not attempt to discuss the
better. Hill H. R. 1201. known as the "Good bill," starts well, out gets no subject technically, because, while the general plan is simple and easily
where. It ties up the Administration to a plan and then turns loose the understood, matters of technical detail or ramifications of the system are
legislative branch— where the real trouble lies. Its passage will not effect not important to consider. Congress has neither the time, training, nor
the 20 different Irresponsible committees, pork Darrel legislation, or enorm­ desire to master such details. Briefly, an efficient budget system in­
ous waste o f time and money now involved. If accepted in present form cludes, first, a businesslike preparation o f estimates of expenditures by the
as a "budget bill," it will probably postpone any real budget legislation
President or the administration acting through the Secretary of the Treasury
Whatever its purposo, it does not deal with the legislative reform promised or other agency. As the administration spends the money, it should know
by Doth great parties in their national platform.
what money is claimed to be needed. This statement of departmental
No pride o f authorship exists, as tne subject is too large for that infer­ estimates carefully prepared by one who will be held responsible for all the
ence, but a plan to be effective, must wipe out all appropriation com­ items and the total amount contained in the preliminary budget should be
mittees and substitute a real budget committee. If the Good bill is ac­ in lieu of the unrelated estimates now furnished by the Secretary of the
companied by a positive change In House rules, like that proposed in Reso­ Treasury under the several acts of 1884, 1901, and 1906, at which latter
lution 83, it will approach a comprehensive budget system. Otherwise, datePresident Taft tried to make a beginning, but failed.
When an intelligent report has been carefully compiled by the administra­
it provides no legislative reform, wnile further "investigations" proposed
in the Good bill, may serve to hamstring efforts o f Senators and Repre- tion the budget reaches the next step. Second, the administration budget
senatives who for many years have tried to secure a real budget system. should be placed in the hands of an auditor general, comptroller, or other
In the Sundry Civil bill passed last week, the Senate provision for a com­ agent of Congress, appointed by Congress, and acting independent of the
mission to report to Congress a definite budget plan is reported to have administration. This official, with whatever technicaUaids and clerical
boen stricken out by the insistence o f the House Conferees. The pro­ help may be required, will make a complete analysis of the budget, com ­
vision was urged by Senators who for years have supported a genuine paring Its items with prior bills, cutting down wherever practicable to do
budget reform. Tne situation is plain. A real plan or makeshift plan is so. and making a complete audit or accounting on behalf of Congress, which
the issue, and the promise o f the Republican and Democratic platforms he represents, a duty now imperfectly performed by non-expert Congress­
men year after year. This report will be presented to Congress in the early
for real budget legislation should be kept. Vcr* sincerely.
days o f the session, having been prepared in advance by competent ex­
J. A. FREAK.
perts. Thereafter comes the last and most important step of all.
In his speech in th e H ou se R ep resen ta tive F rea r said in
aD *ast’ t* auditor general's report having been audited on
<*
le
behalf o f Congress by export accountants reaches the stage for legislative
p a rt:
action, and is referred to a budget committee, preferably a joint committee
We must not delude ourselves through press reports into believing that of the two Houses. This committee takes up the auditor’s report and gives
an effective budget la i is in sight. In my judgment, the struggle has
Whatever hearings may be found necessary. The bill or budget is jointly
hardly begun, the obstacles are many and the effort to get a comprehensive
considered throughout by the single joint budget committee, and then it
measure instead of a weak compromise makeshift will challenge the best effortsrGporte<^ 40 the respective Houses o f Congress for passage, but first by
of those who desire a real budget system.
the House. The bill then Is passed by both Houses.
Every student o f the subject knows that our Government’s legislative
M r. Chairman, this budget procedure should be hedged about so that
financial policy Invites waste of both public money and public time. Ours
increases In items of appropriations can be made in committee only by
is the only Government in the world without a businesslike budget system,
two-thirds vote and no increase shall be in order by an individual member
and the only reason this Government was not adjudged bankrupt long ago
on the floor. The administration’s budget and Congressional action then
is because o f our ability and readiness to tax to the limit and to negotiate
become matters of record responsibility. Congress must appropriate for
loans now quoted below par, which future generations are pledged to pay.
actual needs or bo held justly and politically responsible. Emergency
Apart from tho enormous increase in appropriations annually, reaching
appropriations can be similarly chocked, but practically all unnecessary
over 400% in four years, and an increase in our bonded indebtedness of
waste in time and money will be eliminated by this plan, according to the
several thousand per cent within the same four years, we have contracted
experience of other countries, and any real budget system must hare only
extravagant legislative habits with these expenditures. Every locality and one budget committee.
every special interest that can bring itself within a constantly broadening
This general plan for budget legislation, with somo modifications, is
rule of Government aid is now on the job. The doors are thrown open
adopted by other countries where an effective system L in use. It is the
s
Wider than ever before to Federal aid, and all opposition, constitutional or
only way to prevent many of the evils now existing, and for tha reason
otherwise, is swept aside whenever a breach can be made in the Federal possibly it will meet opposition in both House and Senate from those whose
vaults. Worthy and unworthy projects knock at tho Treasury doors, present position o f influence, power, and prestige on appropriation com­
hand in hand asking for help. Congress tries to recognize the rapidly in­
mittees would bo radically affected or possibly end. It would prevent
creasing claims o f many committees with varied Interests and at the same river and harbor pork barrels, because the River and Harbor Committee
time to press down tho brakes, but the good and bad alike aro linked to­ could not prepare bills or insert items other than thoso presented by the
gether with bonds o f mutual interest.
administration. It would effectually squelch the public-building porkRiver and harbor improvements anywhere and everywhere; creeks, barrel scandal necessity and not legislative pull would determine what
rills, and rivulets, good, bad, and indifferent, are bunched ih the same bill! waterways would be improved and what buildings erected.
Public buildings for village cross-roads persistently ask for money. Irriga­
Over a year and a half ago I spoke for a budget bill in the House and
tion ditches to cost hundreds o f millions of dollars to meet demands of land introduced resolutions urging its passage. Ever since that date I have
bone-dry communities, flood-control contributions from the Treasury to urged it, as have other members o f the House and Senate, in season and
reclaim hundreds o f millions of acres of private lands that still remain in the out. Three measures are before Congress at this time that should receive
wet column, drainage schemes which go Joyfully on with extravagant irri­ your consideraiton. Those introduced by myself are nouse Joint Resogation projects, water powers to make nitrates, fertilizer, and incidentally
wm0o , ! o ' intr<Kiuc<*l ^ a y 30; House Bill 4061. introduced M ay 30; House
n
to make millions o f dollars for their promoters.
Bill 3738, introduced M ay 28; and one or two other minor bills. House
Highways that reach from wherefore to whence; Army cantonments
Joint Resolution 83 and bills 4061 and 3738 are all that directly affect the
that have removed the blue-sky limit on real estate purchases and beat plan I submit. Other bills are designed to take from the Tresaury Depart­
Ruth Law’s altitude record; new arsenals that turn out trainloads of mu­
ment Governmental activities that should be undertaken by other de­
nitions soon to bo obsolete; aviation contracts that smell to heaven; Hog
partments and In order that the Treasury Department may bo free to take
Island shipyards that were properly christened in wine, water, and waste;
™
ny
d
and scores o f other activities directly financed or Indirectly receiving help ° V , ^ T i^ ? rtant, ,Utk!S that Would comc 40 54 under a budget system.
Bill No. 4061 provides that tho Secretary of the Treasury shall gather
from the Federal Treasury in times o f war and peace.
, dePu ^
st,mates and make them into
Millions for armies o f idle employees, employees engaged in useless sur­ t° ? et,hf r. t he shallw Dta, ® the President by Nov. 15 of a tentative bud­
get, which
furnish
each year N o
veys and interminable researches gathering carloads of valueless statistics
C mpo1 spocific action by the President, but every
°
and peregrinations from Maine to Mexico and Alabama to Alaska pur­
Pr^ident will hail the chance to present in a businesslike manner the facts
suant to instructions from new and old bureaus of the Government. Bulle­
which he is unable to properly place before Congress under existing meth­
tins, pamphlets, and publications sufficient to cover tho State o f Texas'
ods. Bill No. 3738 provides for an auditor general, who, acting as an
only a small part o f which aro read and not 1% digested. These “ activi­
employee of Congress, takes over certain duties now performed by the
ties,” asthey are called, have increased beyond all estimates with recent Treasury Department and. in addition, proceeds to audit, improve, and,
years.
where possible, reduce the estimates furnished by the Secretary of the
No responsibility is fixed, because the different bureaus all work Inde­
Treasury. In °rderto remove him and his corps of assistants from the conpendently on the principle o f grab jurisdiction and get all you can while you
tr.°1 l ^ luence of the administration he is to be appointed by the Speaker
..
are getting.
*
Th^
S
v*th the majority and minority leaders
Lot mo briefly describe present legislative methods and how they will be The i H? Ufe'. to concert this auditor general and his corps of of the House.
budget is
reach
assistants by
improved under a budget plan. For years the different departments of Nov. 15 every year and by Jan. 15 ho is required to present it to the House.
Government have submitted to the Speaker annually an estimate of pro­
House Joint Resolution 83, Which is the most important link in the bud­
posed expenditures for the next fiscal year. These estimates aro frequently get plan, provides for a changeof rules in House and Senate so that, instead
double the amount that tho bureau or department oxpects to get or does of a score of committees in the two Houses wasting months of legislative time,
get. When received, the department estimates aro assigned by the Speaker
ith
to 14 different appropriation committees of the Houso. These committees lZ%P ou J t R , ?“tie* a d jurisdiction, w d et com ittee of b th
w ste, H Zfaoin »esolu 83 provid on joint b genorZus financial
a % se fL°,
tion n es e
u
m
o
organize and then call before them tho heads of departments and bureaus H ses w receive th b d et reported by the auditor general and, after such
ou ill
e ug
directly afTectod by tho bill to be prepared by the particular committee. hearings as may be necessary, held in joint committee session, will report
Hearings aro had by every committee, generally reaching hundreds of the approved budget to the House and Senate for discussion. So far as
printed pages, with many thousands o f pages o f printed Appropriation practicable, the plan is hedged about by simple, direct methods for pro­
Committee hearings in tho aggregate. No individual Representative could tecting the Federal Treasury from existing waste and insuras a large saving
Intelligently read ono-tonth part o f tile total hearings, if ho had any desire of legislative time and of money.
to do so: and as a matter o f procedure, only a handful o f members can be
Tho resolution and bills wero prepared by me, but taken from othor
kept in attendance in the committee, while efforts to preserve committee measures offered in the past, with such changes as might bo desirable
quorums are notoriously hopeless. Dry details o f appropriations arc not No prido of authorship exists, nor aro these bills or the resolution urged in
inviting to tho average Representative. Finally, the chairman for the the precise form presented, but any plan that fails to give Congress a com­
committee proceeds to prepare a bill for expenditures for that particular plete control over the Auditor General's appointment and activities and that
or bureau for the next fiscal year. Sometimes the chairman fails to place in the hands of one committee the entire control of the budaet
is aided by employees o f tho department, with such other assistance as can will fail to give needed relief.
be had. Committee members may help, but from tho very nature of tho
O n J u ly 14 th e U . S. Senate passed a resolu tion p r o p o se d
Work, Which is frequently technical and alwavs drudgery, the course of




b y S en a tor M e d ill M c C o r m ic k , p r o v id in g fo r th e a p p o in t-

1664

THE CHRONICLE

ment of a special committee to devise a plan for a national
budget system. The resolution follows:
Resolved, That thore be appointed a special committee of the Senate to be
composed of 10 members, 6 to be chosen from the majority party and 4
from the minority party, to devise a plan for a budget system, and that
said committee shall report a plan for a national budget not later than
Dec. 1 1919.
,

Governor Alfred E. Smith believes that the financial
affairs of the United States should be administered along
the economic lines provided by a budget plan. In a state­
ment on Aug. 31 endorsing the National Budget Committee’s
campaign to secure the adoption by Congress of a budget
system, the Governor said that the elimination of waste
and extravagance in all appropriation bills is particularly
essential now during the post-war reconstruction period.
Gov. Smith is quoted as follows:

1 believe that a bureau o f the budget composed o f experts would be in a
position to draw up fairer estimates o f national expense than are now drawn
up independently by each o f the ten major departments of government.
It makes little difference whether this bureau operates in the office of
the President or in the office o f the Secretary o f the Treasury. The main
thing is to insure its permanency. The bureau should be non-partisan.
New York State has operated under a modified budget plan since 1916
when the Sago bill was passed by the Legislature. A clerical force that
corresponds to a budget bureau now co-ordinates the annual estimates of
expense submitted by the various departments. The preliminary state­
ments o f expense are submitted to the Governor, the State Comptroller
and the Legislative Budget Committee several months prior to the date
the Legislature convenes. They receive the closest scrutiny.
It is the duty o f the Chief Executive o f the State along with the Comp­
troller and the Budget Committee, to demand detailed statements from
department heads whenever items appear to be in excess of actual require­
ments. The Governor may forward to the Senate and Assembly recom­
mendations affecting the money requirements of any or all o f the depart­
ments. In preparing what corresponds in the national Government to
the Book o f Estimates, an effort is made to balance the income of the State
with its annual money needs, so that the end o f the fiscal year will not
show a deficit.
I do not believe that Congress should be bound by an Executive budget,
neither do I believe that the Legislature should be bound by a Governor's
budget. In the last analysis, the people have the say in deciding how pub­
lic moneys shall be spent. Here, in New \ ork State, the people have seen
fit to place this power in the hands of 201 Senators and Assemblymen.
It has been argued that the distribution of appropriation bills among
fourteen committees o f the House o f Representatives and fifteen com­
mittees o f the United States Senate tends toward a duplication of effort
in the estimates submitted.
To my mind the preparation o f an evenly balanced budget Is more im­
portant than the technical aspect of its consideration by Congress or by
the Legislature. I am anxious to cut State expenses to the bone, and I
know that the President is just as anxious to cut national expenses to the
bone. I believe that the Government will save many millions of dollars
annually by a careful scrutiny o f all estimates according to the provisions
o f a budget system.

B U D G E T S Y S T E M URG ED B Y S E C R E T A R Y G L A S S A N D
E X - P R E S I D E N T T A F T —- D A N G E R TO N A T I O N ’ S
C R E D I T I N B O N U S TO SOLDIERS.

As announced in another article in to-day’s issue of our
paper a measure providing for the establishment of a Nat­
ional budget system was passed by the House on Oct. 21.
At the hearing on Oct. 4 before the special House Com­
mittee which had been investigating the subject, former
President William H. Taft, and Secretary of the Treasury
Carter Glass, urged the adoption of a Federal budget system.
Mr. Taft also recommended a change of the House rules
so as to call for the appearance of Cabinet officers before
Congress to justify estimates of proposed expenditures
contained in a budget. This he declared would compel
Cabinet officers to familiarize themselves more than they
now do with the details of their own departments. Secre­
tary Glass urged the adoption of a budget system as a means
of conserving the Nation’s resources, and incidentally
voiced his apposition to the proposal to have the Government
give to the returned soldiers another large bonus. Mr.
Glass warned that unless “a prompt and immediate halt”
is called to “this great peril there must be another Liberty
Loan.” He further warned that “if bonds are given away
to the soldiers the issuance in that manner of those bonds
will depress the prices of existing bonds so gravely as to
imperil the credit of the United States.” The remarks oi
Secretary Glass on this point follow:

To-day the credit o f the United States is imperiled by projects initiated
and supported on the floor o f the Congress with a view to capturing the
so-called soldier vote. I do not believe for a minute there is any such
thing as the soldier vote. I do not believe that that magnificent body of
strong, brave, lusty young men who went out to France, or were ready to
go, want to see the people o f the United States exploited in order that
each o f them may receive a donation. I do not balievo these fine young
men, if thoy realized what it is that is proposed in their behalf, would accept
a gift made at the expense of their fathers and mothers and sisters and
the children that are to come after them in order to give them a holiday.
I call your attention to the fact that these projects extend to every one of
some 4,500,000 men, mostly young men, who were included in tho military
and naval forces o f the United States, even to those o f their number who
sought and obtained employment of a character which would relieve them
from being exposed to personal risk.
I have said the finances o f the United States are in excellent condition.
I have said in substance, that I do not anticipate a deficit in the current
fiscal year in excess o f $1,000,000,000, and that that deficit is covered




[V ol . 109.

by deferred installments of the Victory Loan, payable within the fiscal
year. I have said that there need be no more Liberty Loans. But I say
to you in all solemnity that if a prompt and immediate halt is not called
to this great peril, there must bo another Liberty Loan, and you, gentle­
men, will have to go out to the people of tho United States and call upon
them to subscribe for bonds, the proveeds of which are to be given away
to the well and strong young men you and I and the American people
know went out in a spirit of unselfishness, not one of self-seeking, to fight
for their country.
I hope I shall never shrink from the performance of any public duty, yet
I do not covet tho task of making such an appeal and I shall not willingly
be a party to offering this affront to the generous, heroic, unselfish Army
and Navy o f America that saved the freedom of the world.
The Congress may propose to pay this gift in bonds themselves; but
that should not fool anyone. If bonds are given away to tho soldiers the
issuance in that manner of those bonds will depress tho prices of existing
bonds so gravely as to imperil the credit of the United States and force
additional sacrifices from the twenty million people who participated in
financing the war, in providing the pay, food and munitions which made
it possible for our splendid army to contribute decisively to the great
victory.
I am heartly in favor of a budget system. Without effective control over
Governmental expenditures and limitation of them to the Government's
income wo shall bring down upon our heads the splendid strucUiro which
our fathers built and which we have preserved. Tho very success (whicli
you will pardon mo if I call brilliant) with which the Treasury has financed
the stupendous requirements imposed upon America by the great war may
become a menace.
I have spoken of the initiation of appropriations in Congress. Let me
also o f the increase of appropriations. As you all know, and as I know
after seventeen years in Congress and not more than half as many months
in tho Treasury, the processes employed in framing and passing public
buildings, and rivers and harbors bills lead to a great waste of the money
of the people. The continuance of the United States Government's activi­
ties where they are not needed, whether these activities be army posts or
sub-treasuries or hospitals, would have scant consideration in a real busi­
ness budget submitted by a finance minister, duly empowered by law,
and managed through Congress by a single committee under rules of limi­
tation imposed by the Congress on itself. In my belief, you cannot make
a real budget unless you face these facts and deal with them.

A warning as to the danger of inflation which the pro­
posed bonus to the soldiers would involve, was uttered on
Oct. 2 by Representative Platt, Chairman of the House
Committee on Banking and Currency.
S P E C I A L CO TTO N REPORT B Y G O V E R N M E N T I N RE­
SPONSE TO CO NG R ESS IO NAL R E S O L U T I O N .

In response to a joint resolution of Congress calling upon
the Secretary of Agriculture to prepare and publish not later
than Nov. 2 1919 a supplemental estimate of the condition
of tho cotton crop as of date Oct. 25 1919 the Government
yesterday (Oct. 31) issued the special report called for. The
latter makes tho condition on Oct. 25, 51.1%, against 54.4%,
the estimated condition Sept. 25. Further reference thereto
is made in our article on the Financial Situation. Tho reso­
lution calling for the special report was adopted by tho House
on Oct. 16 by a unanimous vote, and by the Senate on Oct.
17. It was sponsored by Representative Byrnes of South
Carolina, and its introduction resulted from tho claim by
Southern cotton interests that the Government’s report
of Oct. 2 over-estimated the yield. J. S. Wannamaker,
President of the American Cotton Association, in indicating
that a Congressional investigation of tho Government’s
report would be sought, was quoted in the New York “Com­
mercial” of Oct. 3 as saying:

The association has been urged from every section to take necessary
steps to have resolutions passed by Congress providing for an investigation
as to the indicated yield shown by this report. The association is now
making a painstaking investigation throughout tho entire belt as a result
of those complaints and will lay the Information which it obtains before
Congress.
The Government report issued Thursday gave the condition of cotton as
54.4. Tho condition of tho crop on tho samo day last year was given
as 54.4. Tho Indicated yield of this year, according to tho Government
report, is 186 pounds lint per acre. Last year, when tho conditions was
given as being the same as this year, the indicated yield was given as only
137 pounds. Why tho difference? Regardless of tho fact that tho report
shows serious damages from boll weevil, boll worms and insects, It gives
the indicated yield as being greater than last year. Tho Government
estimate appeared this time in somewhat changed fonn, tho Indicated yield
being given by States.
Tho indicated yield for South Carolina is given 211 pounds per aero. Wo
know absolutely that this is wrong. A canvass made by our association
shows this to be an error.
A canvass made by the association throughout the belt shows that cotton
is opening prematurally, that the bolls are undersized, and tho lint shows
a marked decrease.
In justice to the farmer, the manufacturer and tho consumer an investi­
gation should be authorized by Congress. Wo do not chargo that the
Department of Agriculture would intentionally over-estimate tho yield;
we had not, however, the slightest doubt but that an over-estimate has boen
mado Had the correct indicated yield been given, based upon the acroago
shown by the department after deducting for abandonment of 1,570,000
acres leaving total acrcago of 32,390,000, tho highest ostimate possiblo
under tho existing conditions with diseased plant, damage by lnsocts, promaturo opening. &c., the indicated yield could not have exceeded 9,775,000
bales at tho outside, exclusive of linters, oven with a very late frost.
With representatives through the length and breadth of this entire bolt,
wo are in position to givo first hand information concerning tho crop and
base our statement upon actual facts. W o shall uso ovory effort in our
power to have this error corrected. In tho meantime wo feel convinced
that if the department itself will make a recanvass, it will detect tho error
indicated and take necessary steps to correct tho samo. Wo are writing
every Member of Congress from the South urging that thoy insist upon

Nov. 1 1919.]

THE CHRONICLE

FOREIGN H OLD IN GS OF U. S. STEEL CORPORATION.

Further decline in the foreign holdings of shares of the
United States Steel Corporation is witnessed in the figures
ior the quarter ending Sept. 30 1919, made public this
week. The foreign holdings of Common stock on that
date are reported as 394,543, as compared with 465,434
on June 30 1919, while the holdings of Preferred stock are
shown as 143.840 on the latest date as compared with
146.478 on June 30 1919. On Dec. 31 1918 the common
holdings were 491.580 shares, while those of Preferred were
148.225. Compared with the period before the war the
shrinkage in foreign holdings is very striking; in the case
of the Common stock while the foreign holdings are now
394,543 shares, on March 31 1914 they aggregated 1,285,636
shares. The foreign holdings of the Preferred now at
143,840 compare with 312,311 shares on March 31 1914.
Below we furnish a detailed statement of the foreign hold­
ings at various dates since Dec. 31 1914 to the latest period.
FOREIGN HOLDINGS OF SHARES OF U. 8. STEEL CORPORATION.
>1. 30.Dec. 31 .Dec. 31 Dec. 31 Dec. 31
Dec. 31
Common Stock—
H9.
1918.
1917.
1916.
1915.
1914.
Africa____________
89
75
23
15
5
2
Algeria-------------------___
150
340
Argentina__________
75
04
43
34
23
8
80
Australia----------------36
30
23
38
3
Austr ia-H ungary____
>.888
2,887
472
472
532
690
>,689 2,629
Belgium_____ ______
2,625
2,625
2,639
3,509
84
Bermuda----------------107
97
95
95
46
73
48
Brazil______________
7
7
7
18
___
___
British India_______
38
24
24
17
>,564 45,613 41,639 31,662 38,011
54,259
Central A m erica-.
15
1
78
235
382
110
80
Chile.......................
30
18
11
8
73
China____________
28
79
10
13
13
26
Denmark
876
England..............
169.175 172,453 173.074 192,250 355,088
7*10*621
France.................
29.347 29,700 30,059 34,328 50,193
64,537
Germany___________
1,036
891
612
628 1,178
2.664
Gibraltar___________
______
___
____
•
___
_
100
Holland....................... 145.858 229,285 229.185 234,365 238,617
342.645
83
69
India
Ireland------------------19
19
914
1.730
2,991
281
281
Italy_______________
281
279
280
146
Japan--------------------45
45
5
Java----------------------4
8
M alta.........................
■0
1
40
75
75
75
75
M exico_____________
165
153
154
140
250
300
Norway____________
20
20
20
20
20
70
Peru_______________
1
3
Portugal___________
" '1 9 0
Russia_____________
10
Scotland___________
76
92
4S2
75
3,435
4,208
Spain______________
549
549
300
510
800
1.225
Sweden_____________
40
80
64
68
13
1
Switzerland_________
1,559
1,292
1,512
1.442
1,267
1,470
Turkey-------------------16
16
Uruguay____________
” 16
"l0
Wales--------------------35
30
30
45
‘ 315
'" 6 2 3
West Indies________
4,049
3,435
1,952
3,690
1,568
1,872
T otal....................... 394,543 491.5S0 484.190 502.632 696.631 1.193.064
Preferred Stock—
Africa
70
34
9
44
55
58
Algeria----------- --------105
105
75
75
Argentina---------------15
"is
19
24
18
11
Australia----------------104
73
379
379
403
484
Austria-H ungary____
2,463
2,463
683
3,683
3,483
2,086
Azores______________
120
120
120
120
120
Belgium. ---------------382
314
331
339
341
697
Bermuda___________
143
120
53
25
25
21
Brazil--------------- -----84
84
84
82
16
31
British India_______
352
354
119
81
Canada----------- 38,205
42,073 36,201 35.876 36,453
34.673
Central America . .
9
1
33
237
146
Chile.......................
25
27
"2 3
23
24
12
China____________
105
105
50
50
57
42
Colombia------------55
30
30
30
Denmark--------------------•
78
78
178
140
140
40
40
140
England -V-TI111111 38,707 37,936 39*779 50,429 147.453
174,906
France----------------------25,443 25,896 25,763 27,863 32,524
-------36,749
Germany
3,830
3.S65
862
935
1,330
3,252
Greece
65
65
65
38
38
Holland____________
24,224 25,264 25.274 25,384 26,494
29.000
India310
352
Ireland______ _______
310
316
"450
‘ 826
3*929
*4*119
Italy----------------------2,277
1,979
2,028
2.185
2,148
1,678
Japan______________
1
1
61
61
61
81
Luxemburg-------------23
23
15
15
15
M alta______________
50
245
405
405
405
405
M exico_____________
7
6
16
16
235
M orocco____________
7
Norway____________
26
"2 6
"2 6
"3 1
"2 7
27
Peru________________
6
6
6
6
6
5
Portugal-----------------120
Russia--------------------12
7
7
**33
43
Scotland-----------------198
229
252
734 12,256
13.747
Serbia--------------------220
220
220
220
Spain---------------------1.270
l'.300
880
710
421
432
Sweden_____________
1,370
1,156
1,136
1,136
1,137
1.130
Switzerland________
2,512
2,707
2,848
3,043
2,617
2,695
Turkey-------------------100
100
100
100
100
100
Wales______________
43
49
24
45
788
1,068
West Indies________
1,131
1.163
1,259
1.952
863
874

"ii

T otal.......................

143,840 148.225 140.077 156,412 274.588




309.457

. .

. .

. .

The Government estimate o f Oct. 2 was 10.696.000 bales. I can speak
only for South Carolina. I know the crop o f that State is over-estimated
In the Government report. Conditions with the cotton farmers there are
deplorable. The boll weevil got into the crop in sections where it has never
appeared before, and it has done great harm. Acres of cotton have been
abandoned since reports on which the October estimates were basod were
made. It is essential to the cotton growers that the mistake in the estimate
of the crop made by the Government should be corrected.
Secretary Houston o f the Department of Agriculture is unwilling to make
another estimato. He claims he has no reason to doubt the comparative
accuracy o f the October report and collection o f data for a new report will,
add greatly to the work of the Department.

COMMON.
Date—
Shares. PerCent.
Mar. 31 1914______ 1.285.636 25.29
June 30 1914........... 1,274,247 25.07
Dec. 31 1914
1 .193.064 23.47
Mar. 31 1915
1 .130.209 22.23
June 30 1915.......... 957.587 18.84
Sept. 30 1915.......... 826.833 16.27
Dec. 31 1915
696.631 13.70
Mar. 31 1916
634,469 12.48
Sept. 30 1916........... 537.809 10.58
Dec. 31 1916
502,632 9.89
Mar. 31 1917
494,338 9 72
June 30 1917........... 481,342 9.45
Sept. 30 1917........... 477.109 9.39
Dec. 31 1917
484.190 9.52
Mar. 31 1918
485,706 9.56
June 30 1918........... 491,464 9.66
Sept. 30 1918........... 495.009 9.73
Dec. 31 1918
491,580 9.68
Mar. 31 1919
493.552 9.71
June 30 1919--------- 465.434 9.15
Sept. 30 1919........... 394.543 7.76
- .

On Oct. 14, when the House Committee decided to favor­
ably report the resolution, Representative Byrnes had the
following to say in its support:

1605

. -

'this investigation and we call upon cotton producers all over thtv South
to do likewise.

PREFERRED.
Date—
Shares. PerCcnt.
8.67
Mar. 31 1914------- 312.311
June 30 1914........ 312.832
8.68
Dec. 31 1914........ 309.457
8.59
Mar. 31 1915........ 308.005
8.55
June 30 1915____ 303.070
8.41
Sept. 30 1915........ 297.691
8.26
Dec. 31 1915........ 274.588
7.62
Mar. 31 1916........ 262.091
7.27
Sept. 30 1916........ 171.096
4.75
Dec. 31 1916------ 156.412
4-34
Mar. 31 1917------ 151.757
4.21
June 30 1917------ 142,226
3.94
Sept. 30*1917......... 140.039
3.59
3.88
Dec. 31 1917....... 140,077
Mar. 31 1918....... 140.198
3.90
June 30 1918........ 149.032
4.13
4.10
Sept. 30 1918........ 147.845
Dec. 31 1918------ 148.225 *4.11
Mar. 31 1919____ 149,832
4.16
June 30 1919____ 146,478
4.07
June 30 1919----- 143.840
3.99

T R A D IN G I N COTTON OIL T E M P O R A R IL Y
S U SP E ND E D ON N . Y. PRODUCE
EXCHANGE.

^ A notice to the effect that the Board of Managers of the
New \ ork Produce Exchange had decided that public trading
in the October option of cotton oil should be suspended
during the pleasure of the Board and that the closing price
of 1 uesday (Oct. 14) should remain in force for margin pur­
poses only was posted on the Exchange on Oct. 15. The
New \ ork Commercial” of Oct. 16 in reporting this, said:
The reason given for this action was the present port strike at New York,
which will prevent temporarily the movement of the oil and the deliveries
on October contracts.
While the action of the board in suspending trading in the October option
is only temporary and will probably be rescinded as soon as the strike is
over, it raised a good deal of opposition among brokers, who were quite
ou spoken in their opposition to such a move. As a result a petition was in
circulation on the floor yesterday afternoon requesting President Edward
hlash Jr., to call a meeting of the members to discuss the action taken by
the board.
At any rate there was a docided difference of opinoin as to the propriety
of the action of the board regarding the suspension of October trading.
Some traders were of the opinion that the strike condition was a natural
obstacle In connection with actual merchandizing of goods and that the
sellers should not be protected against such conditions and also that the
suspension of trading prevents the owner of October oil from closing out
such contracts. Those who uphold the action of the board take the position
that it was proper under the circumstances and protects both the buyer
and the seller from conditions over which they had no control.
It is estimated that there are about 10,000 to 15,000 barrels o f oil which
will be available for delivery as soon as the strike is adjusted.

D AYLIG H T

SAVING

L A W APPROVED
IIY LAN.

BY

MAYOR

Mayor Hylan, of this city, announced on Oct. 24 that he
had approved the ordinance known as the “Daylight Saving
Ordinance,” which as the name implies provides for con­
tinuance of the daylight saving plan, i.e., putting the clocks
ahead one hour in the spring and back again in the autumn.
The ordinance was passed by the Board of Aldermen 10 days
before. In the statement announcing his favorable action
on the ordinance, Mayor Hylan said:
The Daylight Saving Law was repealed by Congress by overriding the
veto of President Wilson. This ordinance will give the people of the city
an extra hour in the evening for recreation and pleasure, and likewise
save them from paying such large gas and electric light bills.

The Board of Alderman of this city on Oct. 14 voted
unanimously to retain the daylight saving plan by adopting
the report of its Committee on General Welfare, amending
the Code of Ordinances. Following the introduction of a
resolution at a meeting of the Board of Aldermen on Sept. 23,
approving the continuance of the daylight saving plan, [its
Committee on General Welfare began hearings on the sub­
ject, and in its report to the Board it stated:
The proposed ordinance is a re-enactment of the existing State law and
its continuance is demanded by the overwhelming sentiment of the urban
population surrounding this great port. Your Committee is thoroughly
in accord with the petition and is convinced that in recommending its
adoption it is simply voicing the wishes of an overwhelming majority of
those who labor in the different industrial occupations in this city.

The action of the Board of Aldermen was reported in the
New York “Tribune” of Oct. 15 as follows:

Daylight saving was adopted permanently for Greater New York by
the Board of Aldermen yesterday. Unanimous approval was given to the
recommendation of the Committee on General Welfare that henceforth
as during the war, tho city’s official time bo advanced one hour from the
last Sunday in March to the last Sunday in October.
The aldermen waived objections that the permanent advancement of
time in New York without regard to the rest of the country would cause
confusion. Some of the objections were that commuters living an hour’s
journey from New York would have to start to work at 7 a. m. in order to
get hero at 9 a. m.; that theatregoers in adjoining States, unmindful of
the difference in time, would arrive an hour after the curtain had gone up
and that farmers complained they would have to begin work ‘ ‘while the
dew is on the crops.”
It was asserted that adoption of an independent daylight saving law for the
city would be a safeguard against possible repeal o f the State law, which is
identical, and which is still in force.
After objections had been discussed it was found there were no opposing
votes. The vote was 53 to 0. Alderman John Wirth, of Brooklyn said
he was skeptical about tho practicability of having daylight saving in
"spots." He suggested that an effort ought first to bo made to induce New

THE CHRONICLE
^

1666

York, New Jersey and Connecticut to agree to it. He asked to be excused
from voting.
"Aren't we In danger o f having the rest of the country pointing a finger
o f derision at us for adopting a time of our ow n?” asked Mr. Wirth. “ Think
of the confusion and hardships that will fall upon commuters.”
Arguments were made by Alderman William T . Collins, Chairman of
the Committee on General Welfare, that the public had been accustomed to
the daylight saving during war time and wanted to continue it. He said
the Board heretofore had gone on record as favoring it in a plea to President
Wilson to veto the repeal bill passed by Congress.
“ The only people who are opposed to daylight saving are the gas and
electric light companies,” said Mr. Collins. “ It means a loss to them.
We hope New York will sex the pace for the rest o f the country and that it
will be generally adopted before our ordinance goes into effect. We fear
the Legislature may attempt to repeal the State law, and we are serving
notice as to where New York stands.”
Alderman Fred Smith of Brooklyn, declared an hour o f sunlight a day
meant much to tubercular persons. Alderman Bruce M . Falconer con_
tended the action of New York would give influence to the National Day­
light Saving Association in extending the custom throughout the East.
M arcu s M . M a r k s , President of the N ation al D a y lig h t
Saving A ssociation , com m enting on the B o ard ’s actio n , was
quoted as having said:
The adoption of daylight saving by the city blazes the way for an extra
hour o f daylight throughout the Eastern zone. Other cities and towns will
follow. W e will have daylight saving not only in the East but in the Middle
West. Congress, before next April, will realize it erred when it repealed
the Federal Act.
T h e action of the N e w Y o r k Board of A lderm en was in
line w ith th a t of the Cincinnati C o m m on Council, which
a few w eeks before had incorporated the daylight saving
schem e in a city ordinance.
A bill proposing th at the daylight saving law , recently
repealed b y Congress, be m ade perm anent for th at portion
of the cou n try now having E astern tim e was introduced in
the H ou se on O c t. 11 b y R epresentative Fitzgerald (D em o­
crat) of M assach u setts.

D A Y L I G H T

S A V I N G

F R A N C E —

E N D E D

D I S C O N T I N U E D
O C T .

I N
I N

G R E A T

B R I T A I N

U N I T E D

A N D

S T A T E S

26.

T h e d aylight saving period in G reat B ritain and France
has been ended so far as the present year is concerned, the
clocks in G rea t B ritain having been turned back one hour
at 3 a . m . S ep t. 2 9 . and those of France having been simi­
larly turned back at m idnight O ct. 4 .
In G reat Britain the
clocks h ad been set ahead on M a rc h 3 0 .
T h e daylight
saving period in the U n ited States ended 1 a . m . O c t. 2 6 .

S E N A T O R

M I L E S

P O I N D E X T E R

D I D A C Y

F O R

D E C L A R E S

H I S

C A N ­

P R E S I D E N T .

A n n ou n cem en t th at he intends to seek the R epublican
nom ination for the Presidency in the 1920 cam p aign, was
m ade b y M ile s Poindexter, Senator from W a sh in g to n , in a
statem en t issued b y him on O c t. 2 6 , in which he enunciated
the principles on which he stands.
In his declaration as to
his p latform the Senator in asserting his stand against rad­
icalism essays th at “ revolutionary com m u n ism , b y w hatever
nam e it m a y be called, m u st be m et and p u t dow n wherever
it appears, as subversive of lib e r ty .”
T h is nation, he
further sa y s, “ cannot be ruled b y capital and it cannot be
ruled b y la b o r,” and he declares “ the effort o f an y labor
leader to p u t labor in control of the G o v e rn m e n t, b y m eans
of industrial blockade, economic pressure, in tim idation of
violence, or so-called direct action, cannot be tolerated any
m ore th an such an effort on the part of com bined capital
w ould be to lerated .”
Peace w ith G e rm a n y , Senator P oin­
dexter declares, should be declared a t once.
T h e T r e a ty ,
he a d d s, “ should be stripped of the extraneous incum brances
w hich h ave been placed upon it ” and “ tho perm anent bur­
dens which it proposed to place upon the U n ited States in
the condu ct of E uropean affairs should be a t once rejected.
T h e M o n ro e D o ctrin e, he affirm s, “ should be re-established
in its full vigor and the participation w hich it is proposed to
give E urope in tho control of A m erican affairs should bo
denied.”
T h e Senator’s declaration as to the principles to
w hich he com m its him self is addressed “ to the peoplo of the
U n ited S ta te s ,” and says:
This Government was founded on the principle that no special class
should control It;
The absolute security o f every man under the law in his person and
property;
The safeguarding o f the general welfare o f our people by keeping tho
Government at all times under their own control, both as against any special
class at home, and as against any foreign power or combination of powers;
And the active use by the Government, in the sphere o f its action, of tho
full powers of the nation to protect every citizen, of whatever station he
may be, both at home or in a foreign land, or on the sea, from unlawful
injury to his person or his property by any individual or special class, or
by any foreign power.
Every necessary agency o f the Government should be used to give
complete protection to the lives and lawful rights of American citizens in
Mexico; and the international duties we have assumed as to that country,
by reason o f our proximity, and as Incidental to the Monroe Doctrine,




[V o l . 109.

----

■ ■ 1 .........

should be at once performed. The launching and withdrawing, without•
•
definite purpose or result, of military expeditions to Vera Cruz and other
portions of Mexico, also as at Archangel and other portions of the world,
are criminal in their reckless disregard of life and national treasure expended
without the possibility of any benefits whatever.
Alien slackers, who renounced their "first papers” of naturalization in ■
order to escape military service, should be denied citizenship in the future,
and should be deported without delay to the several foreign countries from
which they came to the United States, in order that the opportunities t h e y
enjoy may be left for loyal citizens and soldiers.
Revolutionary communism, by whatever name it may be called, must be
met and put down wherever it appears, as subversive of liberty. There*
can be no compromise with anarchy.
The attempt of certain radical labor leaders to coerce Congress to enact
legislation proposed by them, if successful, would bo government by a
class, as in Russia, and not “ by the people,” as in the United States. The
threat to tie up transportation until the railroads are nationalized and
delivered to the control of the employees, if successful, would be govern­
ment by terror, for a special class.
The effort of certain radical leaders of labor organizations to secure control'
of tho police force of the various cities of the country, if successful, would
give to a small spocial class absolute control of officers of the law. It would1
give a certain class control o f the enforcement o f tho law, and of Govern­
mental agencies established to preserve the peace. Its success would mean
the abdication of the Government in favor of a class, and the immediate
establisnment o f dictatorship.
It should not be open to debate or*
negotiation.
This nation cannot be ruled by capital, and it cannot be ruled by labor.
Both capital and labor must bo subject to the rule of the people. The
Government must ba supreme.
The just claims of labor should be recognized and every opportunity should’
be given to laboring men and their families for comfort and happiness.
The laboring man, above all others, is benefited by the preservation of law
and order, the security o f life, person and property against violence and
arbitrary rule. But the effort of any labor leader to put labor in control'
of the Government, by means of industrial blockade, economic pressure,
intimidation of violence, or so-called direct action, cannot be tolerated,
any more than such an effort on tho part of combined capital would be*
tolerated. Either would violate the cardinal principles of free government.
Communism is inconsistent with the vested right of a laborer to the wages
of his labor. The right to work, to Join or not to Join a union, and to
accumulate, or to use, as one sees fit, and to transmit to his children tho
wages o f his work, is an essential part of "life, liberty and the pursuit
of happiness.”
These essential elements of liberty are menaced by revolutionary doc­
trines. This revolutionary movement is international in its scope and
purpose. It has received powerful oncouragemont from tho Administra­
tion. Many of its advocates have occupied high place in the Government.
Instead of encouraging a class dictatorship it is the business of the Govern­
ment to preserve the ordered liberty of the people, and to protect by every
means in its power the institutions on which it is founded. Defenders and
advocates of those who have been convicted by duo process of law of crimes
of violence, committed in pursuance of a revolutionary and communisticprogram, should be dismissed from the Government service.
The process of making a "supreme sacrifice” of America, and of "joining
our fortunes with tho fortunes of men everywhere” should bo stopped. Tho
opposite and ancient policy of our fathers must be restored— of saving in­
stead of sacrificing our great institutions, and of promoting in every honor­
able way the interests of our people. The process of internationalizing our
fortunes must be reversed, and the separate interests of this nation, with duo
regard for the rights of others, must be cherished again.
America, in her mighty separate station which the fathers gave her, leader
and champion of the new world, the friend of the old, must preserve her*
sovereign independence, as the one secure seat and refuge o f genuine liberty.
Extravagances produced by war, and Governmental waste, must give way
to a wise economy. Direct taxes upon Industry and consumption should be
reduced and supplemented by increased duties upon imports, and surplus
revenues derived therefrom should be expended in a liberal extension of landreclamation and internal improvement.
Radio communication between the United States and the rest of the world
should be under American control; and full co-operation by the Navy De­
partment towards that end should be assured.
An ample merchant marine under the American flag is essential to na­
tional prosperity. The merchant service and the fisheries afford a training
school for seamen; and every facility for the development of these great essen­
tials of national defense should be provided.
I favor an extensive system of national roads—built on approved engi­
neering principles, located with a view to military defense as well as civil,
and commercial use, co-ordinated with existing highways so as to form a
national as well as local system.
Peace with Germany should be declared at once.
The peace treaty should be stripped of the extraneous Incumbrances which'
have been placed upon it; and which have so long delayed it, and the per­
manent burdens which it is proposed to place upon the United States in the*
conduct of European affairs should bo at once rejected.
Every American soldier, except those engaged in diplomatic or other
peaceful service, should be at once withdrawn from Europe and the con­
tinent of Asia; and the work of recruiting and transporting military forces of
tho United States for service In Siberia and Germany, and the plans being
made for sending an American army to Turkey should be at once suppressed.
The resources of our people and tho activities of their Government should be
devoted to their own interests Instead of to these of foreign nations.
The proposal which has been recently presented to tho American people
that the United States should become a trustee for tho world should bo
denounced as destructive of liberty and ruinous to tho American people,
as well as injurious to the peace and safety of the world.
i
Tho formal proposal recently laid before tho Senate, by which, in tho case
of future emergent I js, tho American poople cannot increase their army o r
navy without the u lanimous consent and permission of a combination o f
foreign Rowers, would violate the Constitution and surrender tho sovereignty
of tho nation. It should be denounced as treasonable.
*1*4
Tho Monroe Doctrine should bo re-established in its full vigor, and the*
participation whicli it Is proposed to givo Europo in tho control of American
affairs should be denied.
Should a future exigency in European affairs again arise of such pro­
portions as to menace the interests of the United States, tho American
peoplo must benentirely free to deter line for thomselves in their own gen­
eration the extent and manner in which they shall interveno.
The recent assumption by certain officials of our Government of juris­
diction of the settlement of foreign controversies, which are of but remoteconcern to us, has engendered racial animosities against tho United States.
We should cease officious meddling with other pooplo's affairs. Tho ancient
American doctrino of confining our participation in governmental matter*
to tho American continent, while wc stand as a frienlly neutral to all nation*
with which we are at peace, should be restored.

N ov. 1 1919.]

THE CHRONICLE

The ancient policy under which we have enjoyed peace and prosperity,
and attained greatness, with honest friendship and.intinate social and com­
mercial intercourse with the rest of the owrld. should be re-established.
The war being over our people should be allowed to en.'oy the peace which
their victory won.
There is no “ royal road" to happiness, either in governmental or personal
affairs. Success must corns from struggle and “ eternal vigilance." It is
a mistake to assumo that a remedy can be found for all the ills of mankind.
Certain fundamental truths of government have been evolved by experience
and are fixed as the foundations of our institutions. To them we must
adhere, and working upon that basis, in a healthy evolution, and not by
revolution, we can adapt our laws and administration to the needs of tho
people as conditions develop; cleaving to the ancient principles of tho Con­
stitution. By so doing we* shall preserve for ourselves and our posterity
that happy state which we have attained among the nations o f the earth.
I stand upon theso principles, and shall make an active campaign for the
nomination by the Republican Party for the office o f Prseident of the United
States in order to present these issues to the people, and to attempt, if
■successful, to assist in re-establishing these principles in our domestic
and foreign policy. ___________

RAILROAD BROTHERHOODS A N D LABOR LEADERS
WARNING AS TO A N TI-ST R IK E PROVISIONS
OF C U M M IN S BILL.
.

In a declaration as to the views of the railroad brotherhoods
toward the anti-strike provision of the Cummins railroad bill
reported to the Senate on Oct. 23, Timothy Shea warned
Congress on Oct. 26 that the Brotherhood of Locomotive
Firemen and Enginemen, of which he is acting President,
would not observe such legislation if enacted into law. Mr.
Shea’s statement, which is more than 2,500 words in length,
was prompted bly the publication of his recent testimony
before the Railroad Wage Board, in which he said the rail­
road employees were prepared to fight for a living wage and
time-and-a-half overtime as conditions precedent to the
return of the roads to private control.
Yesterday (Oct. 31) the “Wall Street Journal” reported
that E. C. Davidson, Secretary of the International Machin­
ists’ Union, had announced that orders have been issued to
local unions of the railway organizations, affiliated Avith the
American Federation of Labor, to take a strike vote in the
event that the anti-strike clause of the Cummins railroad bill
is adopted by Congress.
On Oct. 30 representatives of organized labor filed a pro­
test before members of Congress against both the Cummins
and Esch bills, the Senate and House railroad measures.
Samuol Gompers, President, and Frank Morrison, Secretary,
of the American Federation of Labor, proposed at a confer­
ence with several representatives the substitution of the
Plumb plan for both bills. Officials of the four railroad
brotherhoods made application to Chairman Cummins of the
Senate Inter-State Commerce Committee to be heard in
•opposition to tho anti-strike provision of the Senate bill.
The following as to the presentments made by Mr. Shea
in his notice to Congress on Oct. 23 is taken from the New
York “Times” of Oct. 26:
In his statement Mr. Shea points out that at the request of Director
General Hines the brotherhoods are now holding wage increase demands in
abeyance in order that the Government may have a chance to wage to a
successful end its campaign against the high cost o f living. This shows
an attitude on the part of the railway workers in direct contrast to that
assumed by the leaders of tho United Mine AVorkers of America, who have
ordered a strike in defiance o f the expressed wish of the Government as
conveyed to them by President AVilson himself.
"AVe are now waiting,” said Mr. Shea, “ the outcome o f this campaign
against tho high cost of living. AVe wish to see prices reduced. If prices
aro not reduced, however, we shall have to have further advances in our
schedules in order that the standards of living of locomotive firemen and
hostlers shall at least be maintained on a subsistence level."
Mr. Shea points to the war activities of tho railway workers, whose
patriotism and patienco during the war years, he claims, were notable.
For nearly four years, ho says, tho railway men have been waiting for
tho establishment o f a reasonable work day, with time and one-half pay
for passenger and freight service.
"AVe considered,” ho continues, “ it our duty to remain at work in the
transportation industry in a time of war emergency, even though we suf­
fered a great financial loss in so doing. AVe looked upon tho war as a time
to give tho full measure of our capabilities and experience to tho country
and not as a time to make money.
“ Strikes occur in industry for various reasons. Tho experience of tho
world has shown that anti-strike legislation has always been abortive.
The Senate commttteo which lias reported the Cummins bill, has a report,
prepared two years ago, which was based on an exhaustive study of antistrlko legislation in Europe, Great Britain and Australia, and the conclu­
sion was drawn that in all countries where it had been tried it was found
to have been a failure. Now, we find this same committee, in the face
• of its own exhaustive investigations and conclusions, and contrary to tho
well-known experience o f the leading industrial and commercial nations
o f the world, submitting anti-strike legislation. The irrationality of such
action is only equalled by its ineffectiveness.
“ If railroad employees are given their simple, fundamental, economic
rights, together with proper machinery for adjusting current and less
important grievances, there could be no occasion for strikes and few strikes
would occur. This is the intelligent and effective polfcy to pursue. If the
members of tho Senate Committee were possessed of tho elements of
real industrial Insight and constructive statesmanship, they would recom­
mend such a policy instead o f the foolish and futile anti-strike provisions
of tho Cummins bill or the proposed amendment to the Federal Control
act introduced by Congressman Black."
Shea asserts that firemen cannot physically endure the hours they are
now required to work and that after four years o f waiting they have de­
cided that the shorter work hour issue cannot long be postponed. Unless




1667

the cost of living is reduced, he adds, the rates of pay must also be advanced
to meet the increased cost of living.
Shea makes reference to the labor provisions o f the League of Nations
which guarantee to all industrial workers a living wage and an eight-hour
day.
“ These two principles," he adds, “ have, therefore, been sanctioned by
the enlightened opinion of the civilized world. They are obligatory upon
our Government and upon the Railroad Administration. It is the .duty
of the Railroad Administration to see that they are practically applied.
It is the duty of the Senate to see that they are embodied in any legisla­
tion as a condition precedent to the return of the railroads to their private
owners or to any change in the present method of operation. If they
wish to bring about stability of operation of the railroads and prevent
strikes or interruption of traffic they would assure the employees of these
fundamental rights, and not propose arbitrary and abortive measures
such as the anti-strike provision of the Cummins bill or the proposed amend­
ment to the Federal control act by Congressman Black.”
The statement ends:
“ If any one will take the time to review tho history of the transportation
brotherhoods they will have no trouble to ascertain that strikes have been
an almost unknown quantity. It is true that now and then, here and there,
on an individual road there has been a temporary stoppage of traffic,
but not untill every other effort to secure justice had been exhausted.
There have been no sympathetic strikes sanctioned. The public has
been always free from any inconvenience and to have the Congress single
out railroad employees and attempt to deprive them by statute of the
economic right to strike if need be, to prevent injustice being imposed
upon them, must be accepted, in connection with other information we
have, as a foregone conclusion that the railroad interests contemplate
putting into effect a general reduction in wages of railroad employees after
the roads are returned to private control, and to prepare for this action
they desire a law to prevent such employees from striking to combat in­
justices which may be perpetrated by reducing their wages or interfering
with their hours of labor or rules of employment which have been esta­
blished.
“ If these interests or the legislators believe railroad employees will
unresistingly submit to any such invasion of their rights as citizens, they
had better expel that thought from their minds, because I believe I speak
for locomotive firemen and hostlers, at least, when I say that any law which
deprives them of the rights of American citizenship would not be observed;
not because this class of American citizens are law-breakers, but because
such a law would be unwarranted, un-American, and contrary to Ameri­
can institutions.
“ I am not an alarmist, but, in my opinion, such an act by Congress is
just what the extreme radicals as well as the revolutionary agitators desire,
as this would give them logical argument for direct action, with the in­
tention of displacing the liberal and more conservative leaders, and thereby
overthrow tho existing social, political and industrial institutions of the
country.
“ If ant ani-strike law is enacted tho responsibility for any upheaval
which might follow lies with Congress.”

That organized labor intended to preserve the right toB
strike Avas evidenced in a Avarning to Congress by officials
of the American Federation of Labor to the effect that the
proposed anti-strike provision in the railroad bill Avould cause
an immediate general A valkout throughout the country. As
to this the Associated Press dispatches of Oct. 25 said:

W illiam II. Johnston, President of the International Association of Ma­
’
chinists, the second largest union affiliated with the Federation, said that
“ direct action" might be resorted to if all other means of advancing the
interests o f the unions failed. He referred particularly to what he termed
the efforts of employers to shut out unions by binding their workers with
individual contracts. Mr. Johnston announced that with the passage of
the anti-strike legislation he would order immediately a vote on a strike
of the 350,000 members of his association, and predicted that the heads
of the other 112 international unions in the American Federation of Labor
would take similar action. Other uniofl officials agreed with this view.
Taking his cue from President Gompers’s appeal for financial support of
the steel strike. Mr. Johnston announced that an assessment of $1 a week
on the entire membership o f the machinists’ association as a “ defense
fund" would be proposed next month.
AVhile the legislation against strikes now pending in Congress applies
solely to railroad workers, many of whom are not affiliated with the Fed­
eration, it was said to-day that this legislation was one of the principal
reasons why the heads of the unions in the Federation were to be summoned
here for a conference in the near future.

Samuel Gompers, President of the American Federation
of Labor in testimony before the Senate Committee on
Inter-state on Sept. 24 declared: “I hold that such a measure
A’ould not only be unconstitutional but Avould be repugnant
A
to the spirit of the Constitution and antagonistic to the spirit
of the U. S.” (“Chronicle,’^Oct. 11, page 1427). Other labor
leaders have taken a like vieAv of the anti-strike provisions.
Denunciation of the anti-strike provision in the Cummins
bill, as introduced in the Senate on Sept. 2 Avas contained in
a statement authorized by Warren Stone, W. G. Lee, Tim­
othy Shea, and L. E. Shepperd, the brotherhood chiefs and
the other signers, and made public as folloivs on Sept. 13:
The Cummins Railroad bill, introduced in the Senate on Sept. 2 carries
a provision removing from labor the right to strike and making strikes
illegal. The exact language of this provision is as follows;
“ If two or more persons enter into any combination or agreement with
the intent substantially to hinder, restrain or prevent the movement of
commodities or persons in Interstate commerce or enter into any combina­
tion or agreement which substantially hinders, restrains or prevents the
movement of commodities or persons in interstate commerce, such persons
so combining and agreeing shall bo deemed guilty of a conspiracy, and
shall be punished by a fin©,not exceeding $500, or by imprisonment hot
exceeding six months or by both such fine and imprisonment; provided, that
nothing heroin shall be taken to deny to any individual the right to quit his
employment for any reason.”
This provision not only would make it illegal to strike with intent to hinder
interstate commerce, but also would make it illegal to enter into any com­
bination or agreement which does hinder interstate commerce. Intent would
not have to bo proved in the courts. Thus the provision is iron-clad; for
an.
y
° ’! th° railroads- of however small proportions, would unquestion­
ably hinder interstate commerce. Tho provision is carefully written to re­
move from railway labor the right to strike under any possible circumstances.

1668

THE CHRONICLE

I f this provision were enacted into law it would impose upon railway labor
tw o insupportable conditions, nam ely, com pulsory arbitration and econom ic
servitude. Such a serious and fundam ental proposal opens up the whole
question o f the relations o f labor to the State and to the em ployer and precipi­
tates every issue in the industrial situation. T o advance it in Congress at
this tim e in the face o f an econom ic crisis, and when Congress is refusing
the legitim ate requests o f railway labor for a full consideration o f its own
proposals, is a step calculated on ly further to Increase the difficulties that
con front the nation.
T he right to strike as a last resort is ingrained in the nature o f the Am er­
ican working man; he has inherited it from the Declaration o f Independence,
from the C onstitution o f the United States, from every tradition o f this free
people, from every achievem ent in the history o f our great nation. I f he failed
to cherish his econom ic freedom he would no longer be a true American
T o attem pt to p u t such a prohibitive law into operation, therefore, would be
madness. N o leadership in the world could restrain the rank and file o f
American labor under such an im position. T he human factors called forth
w ould be beyond con trol.
, .. „
W hat would be left a working m an, under the provisions o f the Cum mins
bill above quoted ? T he final clause o f the provision is an em pty prom ise. I f
tw o or m ore m en quit w ork under any excuse it could be held that they were
interfering with interstate com m erce. T h e provision sim ply means tha,t
under it men in the railroad em ploy would no longer be free to quit their
iobs- they w ould work in econom ic serfdom , subject to the conditions im ­
posed b y the adjustm ent boards, or if tw o or m ore o f them did quit they
would be crim inals, and the police and the troops, the courts, and the jails
can b e used against them .
.
. ,
.
A law such as this would spell the end o f labor organizations in Am erica.
Is this the intent o f the provision? D oes Congress, at the behest o f the
alarmed business system , propose to try to break up the organizations o f
labor throughout the country ? Is it decided that the tim e has com e to make
this final figh t
These are questions which dem and an answer. E very
workingm an in the land is asking them as he reads the newspapers. In his
heart Im k n ow s that to enact this law would spell m ore than the death o f
trade unionism . I t w ould spell the birth o f revolution.
T his is n ot a threat b ut m erely a statement o f obvious fa ct. The real
threat com es from the other s id e -a g a in s t labor to rem ove from its hands
She m ly weapon b y means o f which it has built up and maintained Its organi­
zation .a n d against the public to throw the country into a state o f confusion
in d violence
Labor alone, in this railroad crisis, has been thinking o f the
public; it is on ly labor’s plan which holds the public interest to b e prim ary.
A ll other plans and proposals have been dictated b y selfish m otives. This
final proposal is cynically disregardful o f the public welfare.
A s representatives o f the fourteen organizations com prising the organized
railw ay em ployees o f Am erica, we beg Congress m ost earnestly to consider
this situation on the basis o f its true values. W e feel it to be our duty as
Am erican citizens to lay before the people still another phase>o f
w hich m ay have escaped the attention o f Congress in the pressure or its
la bor, b u t w hich, nevertheless, is o f the utm ost im portance from the stand^ L e t uV speak directly from this standpoint. T h e American w orkingm an
is an independent citizen o f a free republic. H e believes in the Constitution
o f the United States and in our present representative form o f K a ^ ™ e u ^
H e believes that this Governm ent is the servant o f the people. H e know s
that it will not produce justice autom atically, but only through the eternal
vigilance o f its citizenry. He believes in the consent o f the governed in
^ O v e ^ t w o m illion men o f this stamp have advanced in Congress a P ^ n for
the solution o f the railroad problem . Their plan is com prehensive and con ­
structive T h e y have engaged able counsel to represent them . They have
" t o
avail themselves o f every possible channel o f the G overnm m t to
further their plan and to win a hearing for it before the bar o fp u b lic opinion.
T h ey6 have proposed no extra-Constitutional m ethods. T h ey want the
£ 5 . » ^ r . h « facts, and , o v ote upon t h . Issue.
present institution o f Governm ent offers every necessary means to this end.

ESCH RAILROAD BILL PRESENTED TO HOUSE COM­
M IT T E E — DATE FOR RETURN OF RAILROADS.
A recommendation that Government control of the rail­

roads be continued until July 1 next is made in a report
presented to the House Committee on Inter-State and
Foreign Commerce by a sub-committee on Oct. 30. This
announcement was contained in the “Financial America
newse report off the sub-comwhich explained that the six m onths ^ .i.t. .onal
slips o Oct. 30, m ittee said:
..
Th
control b y the R ailroad Administration is necessary 40 . f t®4® ? o f
o f stockholders and to provide for the gradual assm nption o f control b y
private owners. This was urged as an amendment to
®
draf t
bUl which the Com m ittee is using as a basis In drawing up a final drar
o f legislation for railroad regulation.
.
,

With regard to the Esch Railroad Bill, which was referred
to the House Committee by its sub-committee on Oct. c5U,
tho Now York “Evening Post” of Oct. 30 said:

There are said to be wide differences between the House draft and the
Senate bill [Cummins bill]. Com m itteem en admlUing their plan d o ^ not
contain a provision prohibiting strikes or one creating a transportation board
to determ ine the railroad needs from the point o f the public service.
N o new rule o f rate making is laid down b y the House m b ^ o m m l toe
draft which leaves practically unchanged authority o f the Inter-State
C om m erce Com m ission to fix “ Just and reasonable" rates.
A m ong other im portant changes proposed is the placing o f coast-w isc
and inland water carriers. Independent o f their join t use with steam lines,
under control o f the Comm ission, which also would have jurisdiction over
D ort-to-port rates.
, .
T h e bill provides for continuance o f the arbitration plans set up during
G overnm ent con trol, with an added provision that cou rt action cou ld be
instituted for tw ice the am ount o f damages suffered b y a p lain tiff as the
result o f a strike or lockou t.
,
. . „
B efore the bill finally is reported to the House, a labor section substan
tially the same as that in the Senate bill, providing fine and imprisonm ent
fo r an agreement among any persons to stop inter-State traffic, will be con ­
sidered b y the C om m ittee.
Chairman Esch. who headed the sub-com m ittee, said he expected to
have the final bin before the H ouse for consideration the latter part o f
next w eek, and that he would be “ well pleased" if it were finally passed
b y N o v . 15. He indicated that plans for adjournm ent o f the House
N o v 10 w ould be upset to com plete the rail bill.

The salient features of the original Esch bill, as explained
by C hairm an Esch at the hearing on July 17 of the House




[V ol . 109.

Committee on remedial railroad measures, were indicated in
our issue of July 26, page 333*. As to the date for the
return of the railroads, the latest official advices with regard
thereto came from Walker D. Hines, Director-General of
Railroads, at Chicago on Oct. 16, when, in discussing the
Government’s plans for returning the railroads to their owners
Dec. 31, he said: qualification whatever o f the President ,s announce­
,
There has been no
m ent, m ade in his message to Congress last M a y , that the railroads will bo
handed back t o their owners at the end o f this calendar year. T h e Railroad
Administration Is m aking all its plans to this effect with a view o f making
the transfer back to private management at that date with the least possible
disturbance o f the public service. T o this end we are co-operating actively
in every practicable w ay with the representatives o f the railroad.

A resolution urging the return of the railroads to private
ownership not later than Dec. 31 1919 was adopted by the
National Association of Railway and Utilities Commissioners
in convention at Indianapolis on Oct. 16. The resolution
stated, however, that the transition should be made with as
little disturbance as possible and with this end in view recom­
mended that the existing inter-State and intra-State rates,
passenger and freight, initiated by the Director-General,
be continued in force for a period not beyond July 1 1921.
The Association proposed several principles for consideration
by Congress in connection with remedial railroad legislation
now pending, these principles including:

T hat provision b e m ade for prom pt merger o f all carriers’ lines into a
unified system in times o f stress or em ergency, and the merger, within
proper lim its, o f the lines and facilities to such an extent as m ay bo necossary in the public interest to meet the reasonable dem ands o f the country a
dom estic and foreign com m erce.
T hat railroad construction be limited to the necessities and convenience
° f T hats^curitios o f inter-State linos be under the control o f the Governm ent.
T hat developm ent o f Inland waterways and co-ordinatioic o f rail and water
transportation systems be encouraged.
. ,
T hat a transporation board be created to study rail, water and highway
transportation conditions, the function o f which w ould be w holly advkwry
and the findings o f which would be reported to the Inter-Statcf C om m e
Comm ission.
. .
That Federal Incorporation o f railroads should n ot bo required or p c T hat in view o f the ‘ ‘inherent social and practical objections’ ’ to the estab­
lishment o f a definite guaranteed return to private service corporations,
such provision should not be included In the laws.

SENATE PASSES BILL FOR RAILROAD E Q U IPM E N T
FINANCTNG.

A bill embodying plans for financing railroad equipment
purchased during Government control was introduced in tno
Senate and House on Oct. 27 and on Oct. 30 the former
passed the measure. The plan proposes the formation of
an equipment trust to enable the railroads to reimburse
the Government for locomotives and freight cars bought
by the United States and allocated to the carriers during
Federal control. Prior to the introduction of the proposed
legislation by Representative Esch and Senator Cummins,
conferences were held between them and Swager Shorley,
Director of the Division of Finance of the United States
Railroad Administration and A. P. Thom, General Counsel
of the Association of Railway Executives. The legislation,
it is understood, would permit the financing of the equipment
along the lines of the proposals of the Committee of Bankers
of which Jerome J. Hanauer is Chairman, reference to which
was made in these columns July 5, page 34, July 26, page 337,
and Sept. 13, page 1038. The following is tho text of the
bill, as published in the “Journal of Commerce” of Oct. 29:
Be it enacted by the Senate and House o f Representatives o f the United States
o f Am erica in Congress assembled, that in order to m ake provision fo r the
reimbursement o f the United States for the sums advanced to provide
m otive pow er, cars and other equipment ordered b y the President for the
railroads and systems o f transportation now under Federal control (called
herein carriers) pursuant to the authority conferred b y the second para­
graph o f Section 6 or the A ct o f M arch 21 1918, the President m ay, upon
such terms as he shall deem advisable, receive in reimbursement cash, or
obligations o f any carrier, or part cash and part such obligations, or in his
discretion he m ay accept for such m otive power, cars, or other equipment
cash or the shares o f stock or obligations, secured or unsecured, o f any co r­
poration, not a carrier, organized for the purpose o f owning equipment or
equipment obligations, or part cash and part such shares or stock and ob­
ligations, and ho m ay transfer to such corporation any obligations o f car­
riers received on account o f m otive pow er, cars, or other equipm ent, and he
m ay execute any instruments necessary and proper to carry out the intent
o f tho second paragraph o f Section 6 o f said A ct or M arch 21 1918. to the
end that title to the m otive power, cars, and other equipm ent so ordered
by the President as aforesaid for the carriers may rest in them or their
trustees or nominees.
In addition to the powers herein and heretofore conferred, tho I resident
is further authorized to dispose in the manner and for the consideration
aforesaid o f m otive power cars, and other equipment if any. provided by
him in accordance with any other provisions o f said section and o f any
obligations o f carriers^hat m ay be received in reimbursement or the cost
th 8ee
c°f‘> T hat any contract for the sale o f any m otive power, cars, or other
equipment ordered or provided under any o f the provisions o f M otion 6 of
said A ct o f M arch 21 1918, m ay provide that title thereto, notwithstanding
delivery o f possession, shall not vest in the carriers until the purchase price,
which m ay be payable in installments during any period not exceeding
fifteen years, shall be fully paid and the conditions o f purchase fully por.form ed. Any such contract shall be In writing and acknowledged or proved

N ov. 1 1919.]

THE CHRONICLE

before some person authorized to administer oaths and filed with the Inter­
State Comm erce Commission within sixty days after the delivery thereof
and shall be valid and enforceable as against all persons whomsoever.
Sec. .1. That nothing herein contained shall be deemed to abrogate or
limit the powers conferred upon the President by said A ct o f M arch 21
1918.
Sec. 4. That the President m ay execute any o f the powers herein granted
through such agencies as he m ay determine.
Sec. .5. That this A ct is em ergency legislation enacted to m eet conditions
growing out o f war and to effectuate said A ct o f M arch 21 191.8.

FRANK TRUMBULL ON RAILW AY CREDIT.

A memorandum on Railway Credit drawn up by Frank
Trumbull, President of the Chesapeake & Ohio Railway
Company and the Hocking Valley Railway Company,
under date of Sept. 10 at Sussex, England, has just been
made available here. Mr. Trumbull expressly states that
he does not undertake to discuss therein “the merits of
regulation in the United States by the Inter-State CornCommerce Commission, the merits of regional commissions
or State commissions, or of the establishment of a Cabinet
officer or of a new Federal Transportation Board” but
confines himself “exclusively to the one question whether
railway credit can be re-established in the United States,
and if so, how?” In a letter accompanying his memor­
andum Mr. Trumbull says:
I f anything differentiates m y pamphlet from others, it is:
1. A n exposition o f the fa lla cy (to m y m ind) and financial danger o f an
attem pt to base rates for widely different existing carrier conditions— on
the “ average” condition.
2. T he fallacy o f relying upon voluntary mergers, with a suggestion o f a
m ethod for converting what seems to me to be a delusion into an actuality.
3. Provision for a sound investm ent for railway em ployees.

The following is taken from Mr. Trumbull’s memoran­
dum, in which ho discusses the situation in both Groat
Britain and the United States:
I am assuming in this memorandum a fundam ental, which so far as I
know is not controverted, nam ely, that the financing o f American rail­
roads if continued through existing com panies, ought to be m ore largely
through issues o f stock and not w ith m ore debt and m ore deb t.In the
U nited States, the aggregate outstanding debt o f the railroads is abou t
$11,500,000,000 and tho aggregate par value o f stocks in the hands o f tho
public is only about $6,100,000,000. B ut in m ost o f the States new stock
issues can only be m ade at par. So in tho United States, whero now financ­
ing through stock is particularly needed, it is m ost d ifficu lt. E ven some
o f the twenty so-called prosperous roads would com e in this category.
This situation m ight bo partly cured either (1) b y giving the companies
power to issue new stock at less than par or (2) power to issue new stock
w ithout par value or (3) b y cutting down existing capital stock issues,
so that new issues could be readily sold at par or m ore. But these m ethods
would Involve the roads in too m any intricacios, and probable conflicts
between Federal and State jurisd iction. Preferred stocks could in some
cases be issued, but would have to be sold at least on a seven per cent, or
eight per cent, basis.
It is claimed b y some that such a programm e as suggested herein is
equivalent or will shortly lead to Governm ent ownership and operation.
But on tho other hand it sooms to bo in order to raise tho question, whether
a plan for co-operation botweon the owners, tho workers and the G overn­
m ent, which represents the shippers and the general public, is not entirely
different out and out political dom ination, and therefore the wisest solurion o f all, in the light o f tho industrial evolution now in progress in every
civilised country. Tho railway workers and their families probably agreggato only about ten million people out o f about one hundred and ton m illion.
I f anything has been demonstrated b y tho great war, it is that governm ent
b y class, whotlior b y an autocracy in Gormany, or Bolshevism in Russia,
is intolerable. It is not probable that one hundred million poople in
tho United States would consent to dom ination b y oven ten m illion, over
such a necessity o f lifo as transportation. Clearly private investors, even
when wo include all those who Invest indirectly through insurance com ­
panies and savings banks, d o not and cannot dom inate the workers, and
tho shipping and travelling public. Railway regulation has already gono
too far for that to bo possible. Neither can tho shippers and the travelling
public dom inate tho private investor and the workers. M ust we go on
for over divided into hostile ca m p s7
Even if the plan proposed heroin should lead to government ownership,
it would bo bettor to roach that stago in a solvent w ay, rather than through
tho bankruptcy o f a largo part o f tho railways o f tho country with all o f
the exponso and other ovils attendant upon receiverships and reorganiza­
tions.
First: Establish an independent Federal Transportation Board in
W ashington, consisting o f not over five m ombers, chosen from the fields
o f railway operation, railway labor, com m erce, agriculture and banking,
appointments to be made for a long tenure w ith salaries sufficient to com ­
mand tho best administrative talent. This Federal Transportation Board
to roliovo the Interstate C om m erce Comm ission o f its present executive
and administrative functions, and to havo such new functions as Congress
m ay determine, and to be particularly charged with financial responsi­
bility in tho interest o f the whole public, and to have the supervision o f all
railway security issues.
Second: Now Fodoral corporations not loss than twelve nor more
than elghtoon in number to bo organized by tho Federal Transportation
Board. Those corporations to bo em powered to issue stock or obligations,
to acquire the stocks, and wherever desirable tho obligations o f exiting com ­
panies. Titles to tho properties themselves could bo taken later, if de­
sirable, subject to debt thon outstanding. The Foderal Transportation
Board to determine tho grouping o f roads into twelve, or not m ore than
eiglito n competitive system s. Stocks o f existing companies to be acquired
b y these new companies— observing allotm ent o f existing lines to the
new companies as docidixl upon b y the Fodoral Transportation Board.
Acquisitions to bo m ade upon the basis o f fair value o f the stocks— the
corporate incom e for a test period to be prom inent factor. Adjustm ents
o f incom e to bo made so as to allow, on the one hand, for investments which
had not fructified, and on the other hand, for deferred maintenance and
depreciation, if any. Acquisitions to be m ade under direction o f tho
Federal Transportation B oard, b y agreements with the present owners,
or b y arbitration or condem nation.




1669

T hird: As private investors are asked to contribute cap ital, either as now
existent, or for new purposes, the Governm ent should contribute S E C U R ­
I T Y , particularly as the Governm ent has com plete control over revenue
and in the public interest is taking m ore and m ore control over operations.
The Governm ent should have responsibility as well as power. It should
for the public welfare get “ under” the railroads as well as over them . T h e
G overnm ent w ould have to furnish m oney if private investors d o not.
T he stocks o f the new corporations should therefore be guaranteed b y
the Governm ent tho rate o f guarantee to be such as will sell the new stocks
at par at tim e o f issue. C oupled with this should be a profit sharing
arrangement as hereinafter suggested.
F ourth: T he Interstate Com m erce Commission to act as a quasi­
judicial tribunal and to have charge o f accounts: also to be supported b y
regional com m issions. Rates to be so adjusted as to yield at least six
per cent, net operating incom e on the railway property o f a region. State
com m issions not to be abolished.
Fifth- N o new or branch line o f railroad e x c e e d in g ______ miles in
length to be constructed without a certificate o f public convenience and
necessity from the Federal Transportation B oard.
Sixth: Em ancipate the railroads from all anti-trust laws because o f
the previous proposals herein.
Seventh: D irectors o f new corporations to reside in territory served
b y them and to be m ade up o f representatives o f the shareholders the
workers and com m ercial and agricultural interests. Directors to b e
paid sufficient salaries to com m and the best talent for administration
and not to have any conflicting interests.
Eighth: In order to stabilize conditions existing Governm ental guar­
antees to bo continued during the transition period to be terminated
say D ecem ber 31st 1921. (See note below ).
N inth: M a k e provision for adjustm ent o f labor disputes.
T he basis o f capitalizing the net corporate incom e should be the subject
o f careful stu dy and negotiation but in order to express something in
figures the follow ing illustrations are given.
I f the stock has a true earning power o f six per cent, per annum and
its value be determ ined b y capitalizing that— it w ould receive in par o f
stock o f the new Federal corporation:
if capitalized on a 5 % basis_________________________________ 120
............................................ 6 %

“

.................................................................................. 1 0 0

................................. 7 %
“ ............ - ................... - ..................... 85.71
.................... 8 %
" .............. .............................. .............. 75
I f the true earning pow er be eighteen per cent, per annum it would re­
ceive in par o f stock o f the new Federal corporation:
If capitalized on a 5 % basis_________________________________ 360
................................... 6 %
“ ............................................... — . ; . . 3 0 0
................................. 7 %
“ ...........................................................257.14
...................................8 %
“
..2 2 5
N ote.— Under an A ct o f the British Parliam ent just passed a M inistry
o f Transport (Cabinet Office) is established with powers very similar
to those o f the Director-General o f Railroads in the U nited States. All
powers relating to transport o f existing G overnm ent departments (Board
o f T rade & c.) are transferred to the new M inistry, i t also is given
powers to retain possession o f railways and to control their administration
or a period o f tw o years. N ew powers are also given over docks and
tramways: and a transfer is made from the R oad B oard o f the power to
m ake grants to local highway authorities for the im provem ent and main­
tenance o f roads. Power is also given to establish road transport services
and to fix railway rates for a period o f three and one-half years. T he
guarantee to the railway com panies o f the 1913 net revenue with certain
subsequent additions is continued for another tw o years m aking over
seven years in all.
I f the true earning power be three per cent, per annum it w ould receive
in par stock o f the new Federal corporation:
I f capitalized on a 5 % basis-------------------------------------------------- 60
...................................6 %
" .......................................... .................. 50
...................................7 %
“
42.86
........................... “ 8 %
"
.37 .5 0
Some com panies m ay claim current physical value o f property devoted
to the public service less debt assumed b y the new corporations. M arket
prices o f stocks would not afford a fair criterion o f the value o f all the stock
o f a given com pany. M anifestly no owner can get all three values, nam ely,
earnings value, current physical value and m arket quotation. So the
Federal Transportation Board should have broad powers o f negotiation,
and there should be com plete p ublicity o f its conclusions. Conservative
dividends actually paid during a test period should also be considered, in
fixing the exchange between the new stock at par, and the old . I t w ould be
a serious m atter to diminish individual incom es. On the other hand
Investors who have had no dividends, ought not to be penalised for putting
their earnings at the disposal o f the public. M anifestly dividends must
be higher than six per cent, per annum , if existing com panies are to be
em ployed to d o the transportation businass o f the U nited States. The
cou ntry therefore can well afford to be not only fair, but generous to all
who have put actual values at its service, and thus gird up its loins for
enormous expansion o f com m erce, and greater service to the w orld.
It is impossible to state in advance what the aggregate o f new stock
values would be under m ethods suggested herein, but to illustrate the
general theory o f the program m e, and only for that purpose the following
figures are set dow n.
T he net incom e o f the railroads o f the U nited States avail­
able for Interest for the calendar year 1917 (last year prior to
Governm ent operation) w as__________________________________ $933,750,060
Requirements for interest on debts were_____________________ $477,600,000
R em ainder........................................................
A ny financier would say, that this is, as a whole, a solvent
solution.
A t the highest prices quoted during the three-year period
ended D ec. 31 1916, the value o f the com m on and preferred
stocks, aggregate about $6,500,000,000.
Guaranteed dividends o f five per cent, per annum, subject
to super tax, on an equivalent amount o f the new Federal cor­
poration stocks, issued in exchange, would require___________ $325,000,000
Leaving a surplus o f . ...................................................................... $131,150,000
to be divided between (1; the holders o f the stocks o f the new com panies
in order to retain private initiative, and enterprise: (2) the railway workers,
or to be paid into pension or insurance funds for their benefit; and (3) the
G overnm ent. T he stocks o f the new com panies having been accepted b y
the holdors, subject to provision for profit sharing, that feature would
be autom atically legalised. E very facility should be given railway em­
ployees for the purchase b y them o f the new stocks, either for cash, or
under partial paym ent plans. T is significant that it w ould be a doubtful
.t
kindness to railway workers, to urge them to hazard their savings n the

456J50B

1670

THE CHRONICLE

[V ol . 109.

-•stocks o f existing com panies. The share paid over to the Governm ent | m embers, individually or collectively, on any other basis than that o f
-should be used b y it first, for making up the deficit, if any, in guarantees efficiency, loya lty and unadulterated Americanism.
Intelligent and system atic practice o f thrift develops a higher typ e o f
to particular (new) com panies; the remainder to be disposed o f as Con­
individual and increases the econom ic strength o f the nation; wo the eforo
gress m ay direct.
Banking reserves vtere m obilized b y the Banking A ct o f 1913. Railway pledge ourselves to continue in co-op e-a tion with the several bureaus and
operations are inevitably being m ore and m ore m obilized for the national departments o f the Governm ent and also such other organizations or agen­
welfare, it is logical to m obilize their net revenue, at least b y groups cies as are engaged in prom oting public and private thrift. W e especially
o f carriers, so as to sustain group credit. If any group fails to sustain itself, pledge ourselves to support and work for the success o f the thrift plar.s
being m ade for tho week beginning Jan. 7 1920 b y the W ar Loan Organiza­
corrective measures cou ld be applied directly«and at once.
T h e value o f stabilizing railway credit, thereby making provision for tion o f the Treasury Departm ent.
Increased expenses resulting from an extension o f our educational ac­
adequate transportation for 110,000,000 people at the lowest capital
cost— b oth as to quantity and price— is beyond com pute, particularly tivities leads us to believe that it would bo advisable to confer with the
as there is now so m uch demand all over the world for capital for other officers o f the American Bankers' Association regarding our finances and
purposes. T he cost o f refunding obligations which will mature from year we therefore request them to receive our new ly elected President and his
year will be m uch red u ced .' One issue o f debt aggregating $215,000,000
tw o immediate predecessors in office as a com m ittee authorized to discuss
four per cen t, bonds matures in 1921 and another com pany has an issue plans for closer financial co-operation.
o f $125,000,000 three and one-balf per cent, bonds m aturing in 1925.
The m ovem ent to introduce trade and bankers' acceptance into m ore
T he stocks o f the new com panies would have a m uch wider distribution general use has grown in im portance and the advisability o f making so
than railway stocks have ever heretofore had, and this opportunity for extensive a change in American business methods is receiving the careful
investment o f the savings o f the people including railway em ployees, would, attention o f leading business men and bankers. W e recom m end that the
in turn, confer inestim able benefits upon the country.
proper use o f acceptances and the growth o f this m ovem ent be studied
FRAN K TRUM BULL.
exhaustively b y our members.

A N N U A L CONVENTION OF AM ERICAN IN S T IT U T E
OF BAN K IN G .

At the annual convention of the American Institute of
Banking held at New Orleans on Oct. 7 and 8, an entire
session was devoted to the consideration of acceptances.
The discussion was led by Freas Brown Snyder, President
W. C. Hamilton & Sons of Philadelphia, and the speakers
were Jerome Thralls, Secretary-Treasurer of the Discount
Corporation of New York and Robert Id. Bean, Executive
Secretary of the American Acceptance Council, New York.
Two striking addresses were delivered on the closing days
of the convention, J. Howard Ardrey, Vice-President of the
National Bank of Commerce, New York, in his address,
entitled “Has the War Made Us Botter Bankers,” summed
up the great lessons which have been taught during the
world war. F. N . Shepherd, field manager of the Chamber
of Commerce of the United States, Washington, D. C., spoke
on “The Business Man in Commercial Organization.” The
keynote of his address was that all who live in America must
be Americans. R. S. Hecht, President of the Hibernia Bank
& Trust Company of New Orleans, told of the tremendous
possibilities of the South in an address, entitled “Tho South
of To-day.” W. A. Day, Deputy Governor of the Federal
Reserve Bank of San Francisco, spoke on the subject of
“Greater Educational Facilities for the Institute.” One
of the outstanding features of the convention was the debate
between Chattanooga and New York chapters on tho fol­
lowing questions:
Resolved, That Congress co-ordinate the merchant marine
and railroad for the purpose of encouraging foreign trade.
The debate was won by the Chattanooga Chapter, who
defended the negative side. A symposium on practical
banking problems proved particularly attractive, carrying
as it did the subjects of modern bank machinery, social side
of banking, new business, bank advertising and trust de­
partments. Approximately 700 delegates were present
at the convention. J. C. Thomson, Assistant Cashier of
the Northwestern National Bank of Minneapolis and Presi­
dent of the institute, presided. The election of officers for
the ensuing year resulted as follows: President, Gardner B.
Perry, Vice-President, National Commercial Bank, Albany,
New York; Vice-President, Stewart D. Beckley, Assistant
Cashier, City National Bank, Dallas, Texas; members of
executive council, Harry R. Kinsey, Williamsburg Savings
Bank, New York; Joseph J. Schroeder, National Bank of
the Republic, Chicago, 111.; J. H. McDowell, American
Trust & Banking Co., Chattanooga, Tenn.; Edward J.
McQuade, Liberty Savings Bank, Washington, D. C.

ROBERT R. REED BEFORE INV ESTM EN T BANKERS
CONVENTION ON SURTAX ON CAPITAL PROFITS.

Besides the report of the Taxation Committee of the In­
vestment Bankers’ Association of America, presented at
last week’s convention by the Chairman, Roy C. Osgood,
Vice-President of the First Trust & Savings Bank of Chicago,
a statement on “Surtax on Capital Profits,” by Robert R.
Reed, of Counsel for the Association, was read at the meeting
by Mr. Osgood. We take occasion to give this statement
herewith: o f the effect o f the higher incom e surtaxes on profits upon
'
< •- •
T he question

the sale o f capital assets, real estate, securities, e tc., was involved in some
o f our incom e tax arguments in W ashington, and has since the close o f tho
war becom e one o f the m ost im portant tax problems. It is especially im por­
tant in the fa ct that the tax actually prevents the consum m ation o f m any
large transactions, involving the sale b y an individual o f a property which has
so increased in value since he acquired it, or since M arch 1 1913, that
half or m ore o f the price realized would be taken as a tax b y the governm ent.
Substantially the same thing is true in the case o f a corporation subject to
a high rate o f excess profits tax. All the profit realized b y a salo in the tax­
able year is taxed as a part or the incom e o f that year even though it repre­
sents a gradual increase over a period o f prior years and may in fa ct not have
increased, or m ay have decreased, in value during the taxable year. A largo
number, if not m ost, o f the members o f the association concerned with
original prom otions have m et this situation during tho present yoar and found
this unintended confiscatory incidence o f the surtax standing as a bar to
to new developm ent and production.
The high surtaxes were intended, as advocated in Congress, as a tax on
current incom e from invested wealth. A man with an investm ent o f $10,­
000,000 producing $500,000 a year, cou ld, it was urged, stand a tax o f m ore
than half o f his incom e during the war. T ho tax would not exceed say 3 %
o f his capital and it was as a tax indirectly on his capital that so high a tax
was in effect and in some degree ju stified . T he destructive incidence of this
tax on capital transactions was largely overlooked. A man who in the tax­
able year undertook to sell a valuable farm property representing substan­
tially his whole wealth, say for $150,000. which cost him $40,000 in 1913,
or a valuable oil or mining property, an invention or p atent, does not look
upon the p rofit o f years as the current incom e o f a single yoar. He looks
upon his existing property as capital. A 50% tax on the price realized, is
to him a confiscatory tax on capital. It is in m ost cases a prohibitive tax
on the sale o f a capital asset.
This exact situation with respect to tho war and excess profits tax was
presumably foreseen b y certain mining and oil corporations subject to theso
taxes fo r 1918
Presum ably on their insistence and to avoid a manifest
confiscation o f their properties, Section 337 o f tho Revenue A ct provides
that in the case o f “ a bond fide sale o f mines, oil, or gas wells, or any interest
therein where the principal valuo o f tho property has been dem onstrated
b y prospecting or exploration and discovery work b y the taxpayer, the
portion o f the tax imposed b y this title attributable to such salo shall not
exceed 20 per centum o f the selling price o f such p roperty or interest.”
This applies o f course only to corporations and to tho war and excess profits
tax in a limited class o f cases. In 1918 it seemed impossible to get any
m ore general relief.
There have o f course been cases, probably m any o f them , where tho
capital increase has been borrow ed against and spent or lost beforo the actual
salo o f tho p rop erty, with the result that even a 20% tax would take what
was left o f the property. Expenses o f prior years, not such as to bo in­
cluded in tho cost o f the p roperty, or which have been deducted from the
relatively small gross incom es o f thoso years, cannot bo deducted from tho
p rofit. In som e cases a business has run at a nominal loss for several years
in developing a property which is sold at a price representing tho work o f
these prior years. Some relief is possible under tho regulations in such
cases, if a taxpayer has been b oth properly advised and far-sighted, but
A M E R IC A N IN S T IT U T E OF BANKERS OPPOSED TO generally speaking, the taxable p rofit in tho given year would have to be
determined without allowing tho deduction o f exponses attributable under
L IM IT IN G IN D IV ID U A L IN IA T IV E
the law to the conduct o f tho business in prior years.
■ A N D CURTAILING PRODUCTION.
Emphasizing the point that the high surtax as such is justifiable only as
an indirect tax on incom e producing capital and measured by the capital,
and having in m ind also tho distinction between earned incom o and un­
earned incom e, you r Association might at this timo w ithout waiting for a
general revision o f the present A ct, endeavor to secure a short remedial
A ct dealing w ith this particular injustice. Vou could, for instance, urge
a provision w ith proper safeguards that the total surtaxes should in no
case exceed a named percentage o f tho total capital owned b y the taxpnyor
at the end o f the year. Or you m ight be able to secure a remedial A ct based
on the present Section 337 quoted above, and providing in effect that tho
portion o f tho surtax on an individual attributable to tho sale o f property
acquired p rior to the taxable year should in no caso exceed a certain per­
centage o f the selling price. A substantially similar provision m ight be
secured with respect to the excess profits tax in all cases.
T h e recently published statem ent o f Senator Penrose that no general
revision o f tho Revonuo A ct could bo expected at the present session, ex­
plicitly left open tho possibility that one or m ore short remedial A cts would
•
believe in the equitable co-operation o f em ployees and em ployers be considered.
and are opposed to all attem pts to limit individual initiative and curtail
prod uction, and, in so far as our profession is concerned, are unalterably
opposed to any plan purporting to prom ote the material welfare o f our

Resolutions in which it is declared that “we at all times
and under all circumstances stand for tho merit system
and for the paying of salaries according to tho value of tho
service rendered” wero adopted by the American Institute
of Banking at its annual convention on Oct. 9. The mem­
bers of the institute expressed themselves as looking “forward
to the future with confidence” adding that “they believe
that the sinister motives of those who have attempted to
spread abroad in our land the seeds of Bolshevism and other
similar doctrines are rapidly becoming evident to overy one
and soon will be entirely discredited.” Tho resolutions
adopted also stated:




As was noted in these columns last week, page 1585, a
resolution proposed by Mr. Osgood, looking to the removal of

Nov. 1 1919.]

THE CHRONICLE

1671

the excess profits tax, was adopted by the Association; the because of their limited powers, to take advantage of at­
resolution reads:
tractive business opportunities. “The benefits of such,
Whereas, The Hoard of Governors of the Investment Bankers’ Association
of America, at a meeting in Atlantic City, held in December 1918, during opportunities may, however,” it is noted “be enjoyed by tho
the then pending revenue legislation, adopted a resolution stating it to be shareholders of a national banking association through a
tho sense of the Board that the principles of taxation embodied in the excess business corporation, the voting stock of which is continu­
profits and war profits tax provisions of the bill were and would be harmful
to business development under peace conditions and should be discontinued ously owned by them in the same proportions as their hold­
at the earliest time practicable under reconstruction conditions.
ings of bank stock.” Such an arrangement, in one form or
Resolved, That the Association in convention assembled, considering the another, it is observed, has been adopted by the shareholders
effect o f this tax upon financing during the past year and the effect it
will have upon financing in the near future, deems that the time for such of several large banks, both in this and other cities, and it
discontinuance has arrived and reaffirms tho principles stated in that has been determined that it will be to the interests of the
resolution; and.
Resolved, Further, That in order to revise the tax laws to supply any shareholders of the American Exchange National Bank
It is proposed to form the
necessary revenue lost by a repeal o f the excess profits provisions, the to adopt a similar arrangement.
Association recommends that a non-partisan body, composed of practical new company with a capital of $10,000,000—50,000 shares
and representative men, be appointed forthwith by the Government to
study the effect of war taxation in its relation to business and to report at of preferred stock (Class A) of a par value of $100 each an
the earliest possible time its recommendations for simplifying and readjust­ 50,000 shares of common stock (Class B) with no nominal
ing tho Federal tax laws along lines of the least injustice and discrimination or par value.
The bank’s shareholders are to be given the
between different classes of taxpayers, and for the encouragement of business
privilege of subscribing pro rata at $110 per share until
development.
Dec. 1 1919 for $2,000,000 of Class A stock, payment of
which is to be made by Jan. 1 1920. The plan, which will
IT EM S A B O U T B A N K S , T R U S T C O M P A N IE S , E T C .
Sales of bank stocks this week aggregate 44 shares and become effective on or before Jan. 2 1920, upon declaration,
were all made at auction. No trust company stocks were by the Committee, when and if in the judgment of the
sold. A sale of ten shares of First National Bank stock Committee, the holders of a sufficient number of shares
of the bank have assented,
was made at 995—an advance of 42 points over last week’s cular to the stockholders:is detailed as follows in the cir­
sale price. The first sale of State bank stock since Aug.
I’ lan providing
the organization by
1917 occurred this week. The price paid was 176, an in­ Exchange Bank of forsecurities corporation. shareholders of the American
a
crease of 74 points over the last previous sale price.
1. The organization by a Committee, representing shareholders of the
Shares. BANK— Neir York.
Lou .
10 First Nat. Bank o f N. Y ........ 995
34 State Bank............................. 176

High. Close. Last previous sale.
995
995 Oct. 1919— 953
176
176 Aug. 1917— 102

Henry Dirnse, who has been connected with the Irving
National Bank for the past three years, has resigned to be­
come President and General Manager of the National
Rubber Products Corporation of Philadelphia, and also
the Chairman of the board of the National Rubber Co. of
Pottstown, Pa., makers of the National Speedway tiro.
Mr. Dirnse has been identified with banking in New York
City for thirty years, during which time his principal con­
nections were as Cashier of the Citizens Central National
Bank, Vice-President of Century Bank, Vice-President of
Greenwich Bank. He has also had a good manufacturing
experience, having managed for the trustee the large plant of
tho American Paper Co., manufacturers of box board.
The proposal to increase the capital of the Public National
Bank of this city from Si ,500,(XX) to S2,000,000 was ratified
by the stockholders on Oct. 20. Mention of the intention
to issue $500,000 of additional stock was made in the
“Chroniclo” of Sept. 20. The new stock is issued at $100
per share and subscriptions aro payable Jan. 9 1920.
The Liberty National Bank of this city, which, following
the acquisition of tho Scandinavian Trust Co., took action
toward providing for an enlarged directorate ot thirty mem­
bers instead of twenty-three as heretofore, has elected six
now members to its board; the new members, all of whom
were directors of tho Trust Company, are: Alexander V.
Ostrom, Frederick W. Hvoslef, C. M. MacNeill, Jeremiah
Milbank, Alexander R. Nicol and E. A. Cappelen Smith.
A community of interests has been established in London
between II. & W. Greer, Ltd., and tho Interallied Trade &
Banking Corporation, Ltd. II. & W. Greer, Ltd., aro in­
creasing their capital to £600,000, fully paid, of which part
will be subscribed by the Interallied Trade & Banking Cor­
poration, Ltd. On the other hand, H. & W. Greer, Ltd.,
will acquire from present holders a substantial amount of
shares in tho Interallied Trade & Banking Corporation, Ltd.
The two companies will continue as separate concerns, but
E. L. Walter of II. & W. Greer, Ltd., will act as Managing
Director of both companies. Sir John Field Beale, K.B.E.,
Chairman of tho Interallied Trade & Banking Corporation,
Ltd.; I. C. Geddes and Leon Rueff will join the board of H.
& W. Greer, Ltd., and Harry Greer, M .P., Chairman of
the latter, W. J. Greer and L. Rueff will join the board of
the Interallied Trade & Banking Corporation. Ltd.
Plans providing for tho organization by the shareholders
of the American Exchango National Bank of this city of a
securities, to be known as tho American Exchango Securi­
ties Corporation are announced by the institution. A
committee representing the holders of a large number of
shares of tho bank, points out in a letter to the shareholders
under date of Oct. 7. that national banks are often unable



bank, under the laws of the State of Delaware, of a corporation to be known
as American Exchange Securities Corporation,” or other suitable name
(hereinafter called the "Securities Corpoation” ) . having 50,000 authorized
shares of preferred stock, of the par value of $100 each, to be known as
Class A stock, and 50,000 shares of common stock, which shall have no
nominal or par value, to be known as Class B stock, the provisions of the
certificate of incorporation, the by-laws and other details of the Securities
Corporation to be determined by the Committee.
2. Bank shareholders to be given the privilege of subscribing pro rata
at S110 per share, until the close of business, Dec. 1 1919 for $2,000,000
par value of Class A stock of the Securities Corporation, payment to be
made therefor on or before the close of business Jan. 2 1920. The terms
of preference of such Class A stock are to entitle the holders thereof to roceite dividends at the rate of but not exceeding 8% per annum, cumula­
tive from Jan. 1 1920, and payable quarterly, and in the case of failure to
pay such dividends on Class A stock, such deficiency in dividends to be
fully paid (but without Interest) before any dividend shall be paid on Class
B stock. Upon any dissolution or liquidation, holders of Class A stock
to receive an amount equal to the par value of each share and the amount
of all unpaid accrued dividends, plus the further sum of $20 per share (but
no more) before any sum shall be paid to holders of Class B stock. Holders
of Class A stock shall have no vocing power except as otherwise provided by
statute, shall have no right to subscribe for any Class A stock thereafter
issued, and no right to subscribe for any Class B or other stock. Class A
stock to be subject to redemption, at the option of the board of directors,
in whole or in part, on any dividend date, at the price of $120 per share and
accrued and unpaid dividends thereon. A syndicate to be formed to un­
derwrite, with a commission of SI per share, the offering of such $2,000,000
of Class A stock.
3. The distribution without charge therefor to each shareholder of the
bank who shall deposit his stock as hereinafter provided in paragraph (4)
of this plan of one share of the Class B stock of the Securities Corporation
for each one share of stock of the bank held by such shareholder. The
Class B stock of the Securities Corporation to be issued upon such terms
and for such consideration as its board of directors may approve, but in
such manner as to make it available for such distribution
4. The deposit by the shareholders of all their bank stock and Class B
stock of the Securities Corporation with United States Mortgage & Trust
Company of New 1 ork City as depositary, which will issue in exchange
transferable receipts in accordance with the provisions of an agreement in
form approved by the Committee providing for the carrying out of this
plan. The stocks of the bank and the Securities Corporation so deposited
will thereafter be transferable only together by transfers of the receipts, but
will always stand in the names of those who from time to time are the
registered owners of the receipts, who will retain all voting powers and
receive all dividends on both stocks except such special cash dividends as
may be doclared and paid by the bank or the Securities Corporation to
enable shareholders to increase the capital of the Securities Corporation,
and except such dividends, payable in Class B stock, as may be declared
and paid by the Securities Corporation upon or in connection with an in­
crease in the capital stock of the bank.

Columbia lrust Co. of this city has ready for distribution
its second edition of “Ownership Certificates, Information
at the Source, Withholding at the Source.” It is believed
that this booklet is the only one so far published on the
Federal income tax from this angle.
The Columbia Trust Co. has received its third successive
appointment as Treasurer of the American Red Cross Roll
Call.
The Bankers Trust Co. of this city has published and is
distributing a pamphlet in an attractive form entitled “TenMinute lalks with Workers,” containing 20 short essays on
the fundamental economic relations between Capital and
Labor. Some of the topics discussed in this little pamphlet
are What is Capital,” “What Capital Does,” “What is
Money, The Cost of Selling” and “Money and Prices.”
The foreword of this pamphlet says “These ‘Ten-Minute
Talks with Workers’ are reprinted by special permission
from the Trade Supplement of the London ‘Times.’ They
are submitted in this booklet as a contribution to straight

1673

THE CHRONICLE

V ol . 109.]

thinking about the relations between Capital and Labor control of the stock of tho Mohawk State Bank. The Union
which is essential to the progress and peace of the whole Savings Bank will obtain as a result of the acquisition two new
branches—tho main banking house of tho Mohawk State
world.”
Bank at 1933 Central Avenue, and a branch office at Eighth
International Banking Corporation (owned by the Na­ Street and Central Avenue. The first will bo known as the
tional City Bank of New York) have announced the opening Union Savings Bank, Mohawk Branch; the latter as the City
of a branch at Tsingtao, Province of Shantung, China. This Building Branch. The stockholders of the Mohawk Bank w ill
is the first American bank in Shantung and is the twenty- meet Nov. 3 to vote on its dissolution and liquidation and the
ninth branch opened by the International Banking Cor­ absorption of tho bank by the Union Savings. The deal will
add about $050,000 to the resources of the Union Bank. The
poration, eight of which are located in China.
Mohawk Bank has a capital of $50,000 and undivided profits
Upon the report of the President, Edward S. Maddock, of about $31,700. Alexander Landesco, Secretary and
that the net earnings of the Continental Guaranty Corpora­ Cashier of the Mohawk Bank will be manager of both
tion, on the average invested capital for the past nine months, branches under the Union Savings Bank, and tho clerical
were at the rate of over 20% per annum, the directors of that forces of the Mohawdc will be retained intact. President
corporation at their meeting held on Monday, Oct. 27 1919, II. W. Maeschor and other officers and directors of the
declared the regular quarterly dividend of 2% and an extra Mohawrk will retire from the bank upon its absorption by tho
dividend of 1% to stockholders of record at the close of Union. There will bo no change in officers or directors of the
business on Oct. 28 1919. The dividends are payable ort, /Union Bank in consequence of the deal.
Nov. 1 1919. The corporation now has branches at Lon-\
don, Toronto, Montreal, Pittsburgh and San Francisco/ \ Details of the absorption of the People’s Savings Bank Co.
and it is affiliated with the Guaranty Banking Corporation' of Cleveland by the Cleveland Trust Co., which went into
at Chicago.
effect on Oct. 24, are now at hand. We referred to the
merging of these two institutions in our Oct. 4 issue. Under
Herman Olavarria, who was formerly Vice-President of the.terms of consolidation, tho capital and surplus of the
the Banco Nacional de Cuba, Havana, has just been ap­ Cleveland Trust Co. were each increased from $2,500,000
pointed Assistant Manager of the Mercantile Bank of the to $4,000,000. Of the $4,000,000 capital, $500,000 will be
Americas.
issued to the stockholders of the People’s Savings Bank Co.
in payment for the assets of that institution,
Arthur Terry has been appointed Treasurer of the French- will be offered to stockholders of record at thewhile $1,000,000
close of
American Banking Corporation. Roger P. Kavanagh, Nov. 15 at $225 per share on the basis of one sharobusiness
heretofore Vice-President and Treasurer, continues as Vice­ stock for every threo shares of old. Total resources of now
tho
President. The increasing business of the corporation, enlarged Cleveland Trust Co. aggregate $85,000,000ofwith
which opened its doors on July 1 1919 at Cedar and William total deposits of over $78,495,000. Tho Peoplo’s Savings
Streets, has made this division of duties necessary. The Bank and the two offices of tho West Cleveland Bank (ab­
French-American Banking Corporation is an institution
last by
organized under the Federal Reserve Act for the promotion sorbed in August branchesthe People’s Savings Bank Co.) are
now operated as
Cleveland Trust
mak­
of foreign trade,'and is backed by the resources and goodwill ing 21 offices in all, and notof the stated in our issueCo.,Oct. 4.
20 as
of
of the Comptoir National d’Escompte de Paris, tbe National Henry M. Kiefer, formerly Vice-President and Treasurer of
Bank of Commerce in New York and the First National Bank the People’s Savings Bank Co., has been appointed manager
of Boston.
of the People’s branch, and Belden Seymour and Henry M.
heretofore
William H. Wheelock has been elected a Hustee of the Brooks,the People’sPresident and Vice-President, respective­
ly, of
Savings Bank Co., have been
Title Guarantee & Trust Co. of this city. Mr. Wheelock directors of the Cleveland Trust Co. Tho officers elected
of the
is President of Brown, Wheelock Co., Inc.
enlarged company are as follows: F. II. Goff, President;
B.
I. F.
Colonel W. N. Hughes Jr. has been elected Treasurer of A. G. Tame, E.and Greene,Mason,Freiberger, P. T. White,
A. L. Assmus
E. L.
Vice-Presidents; II. D.
the Finance & Trading Corporation of this city.
King, Secretary; F. II. Hobson, Treasurer, and R. R. Alex­
The directors of the North Avenue Bank of New Rochelle, ander, Trust Officer.
N. Y., with a view to providing permanent quarters for the At a recent meeting of the directors of the Central Trust
institution, have contracted for the purchase of tho property Co.
of the Metropolitan Building, in which it is now located. was of Illinois at Chicago, W. G. Edens, Assistant Secrotary,
for the department of
The building is a three-story structure, the second and third ness. mado Vice-Presidentof Constantine Mammonnow busi­
The appointment
was
floors of which are occupied by offices and lodge rooms; the made as manager of the Greek-Italian department; J.also
G.
the first floors are occupied by retail stores, the bank using Alexander has been appointed manager of the bond depart­
one temporarily; as soon as the present leases expire the bank ment, and E. W. Jeager, assistant manager.
will convert to its own use the entire corner.
The Bank of Commerce of Philadelphia began operations
on Oct. 18 under the title of the National Bank of Commerco
in Philadelphia, following the issuance to it of a National
charter by the Comptroller of the Currency. The proposal
of the bank to change to the national system was noted in
these columns Oct. 4. The bank began business in 1904. It
is planned to increase the capital from $300,000 to $500,000.
The stockholders will meet on Nov. 26 to act on the proposal.
The new stock will be disposed of at $125 per share, and the
increased capital is to become effective on Jan. 15 1920. The
bank’s resources now exceed $5,000,000. Tho officers are:
Nathan T. Folwell, President; S. C. Register and Jacob
Netter, Vice-Presidents; John P. Kolb, Cashier, and Edwin
Ristine, Assistant Cashier.
The Foreign Exohange Bank of Canton, Ohio, has been
acquired by the American Exchange Bank of Canton, Ohio
and will be operated in connection with tho John Jacob
Agency Co. The American Exchange Bank was only recently
incorporated with a capital of $50,000. Tho Foreign Ex­
change Bank will lose its identity in the mergor.
Announcement is made by Charles A. Hinsch, President
of tho Union Savings Bank and Trust Co. of Cincinnati that
that institution has acquired the Mohawk Stato Bank, also
Uf'Cmcinnati, through the purchase by Union interests of



The Milwaukee-Irving State Bank is tho title of a new
bank which opened for business on Oct. 18 in tho North­
west district of Chicago. The new institution has a capital
of $100,000 with surplus of $10,000. The officials are
Everotte R. Peacock, President; Fred C. Mahler, Vice­
President, and Albert II. Sporleder, Cashier.
A new national bank, the Columbia National, was opened
in Kansas City,Mo. (at 912-14 Walnut St.) on Oct. 9 under
tho presidency of Thornton Cooke. Mr. Cooko has been a
banker for twenty-two years, first at Herrington, Kans. and
then in Kansas City. During the latter part of tho war ho
was associated with the Capital Issues Committee at Wash­
ington. The Columbia National has been organized wdtli a
capital of $500,000 in shares of $100. Tho deposits on tho
opening day are said to havo amounted to more than $1,800,­
000. Mr. Cooko is associated in tho management of tho bank
with tho following:
Calvin II. Newman, Vice-President; also vice-president of the Citizens
National Bank and president of the Citizens Loan Company, both of Em­
poria, Kans.
Sidney K. Cooke, Vice-President (active) and also president of the Manu­
facturers and Mechanics Bank, Sheffield Industrial District, Kansas City,
George II. Buecking, Vice-President (active), seventeen years in Kansas
City banking.
F.
P. Todd, Cashier, besides a banking experience was for several years
a Missouri bank examiner.
Charles L. Aylward, Assistant Cashier; eight years in Kansas City banks.
Harold R. Bailey, Manager of the Bond Department.

N ov. 1 1919.]

THE CHRONICLE

The following are the directors of the bank:
Samuel J. Brown. George L. Brown & Son, contractors.
W . Burr Chapman, Chapman & Dewey Lumber Co.
N . W. Dlble, builder.
W . C. Hclmers, Helmers Manufacturing Co.
A. A. Kramer, owner Columbian Steel Tank Co.
.1. B. Lower, Washington, Kans.; President of Kansas banks.
P. II. Meehan, Cashier, Tampa (Kans.) State Bank.
V alter II. Negbaur, Negbaur & Sons, wholesale carpet and rug house.
J. T . Opie, Opie Brush Company.
A. M . Ott, President, Chrisman-Sawyer Banking C o., Independence, M o.
Solomon Stoddard, Vice-President and Manager Kansas City Bolt and
Nut Co.
L. T. Sunderland, President Ash Grove Lime & Portland Cement Co.
F. E. Tyler, President Dewey Portland Cement C o., Kansas City, and
member Tyler and Company, Junction City, Kans.

1673

The purchase by the Chase Securities Corp. of the stock
controlled by the Metropolitan Life Insurance Co. in the
Aletropolitan Bank of this city was announced on Oct. 29.
The Metropolitan Life Insurance Co. controlled 51% of the
stock of the Aletropolitan Bank, the purchase thus giving
the Chase Securities Corporation control of the bank. The
stock w'as taken over at $350 per $100 share. In announcing
the purchase, E. V. R. Thayer, President of the Chase Na­
tional Bank, stated that a similar offer is to be made to the
minority stockholders of the Aletropolitan Bank. The
Aletropolitan Bank has a capital of $2,000,000 and a surplus
of $2,500,000. Its main office is located at Fourth Ave.
and Twenty-third St. in the Aletropolitan Building and it
has three branch offices, one at Maiden Lane and Broadway,
another at Prince St. and Broadway, and the shoe and
leather branch at 207 Broadway. The following notice in
the matter has been issued to the stockholders of the bank
by Halev Fiske, President of the Aletropolitan Life In­
surance Co.:

William R. Compton Company announce that in con­
nection with tlieir investment banking business they are
organizing a trust company at St. Louis with an initial capital
of $300,000 and a surplus of $100,000. The new bank will
occupy the first floor of the Mercantile Club Building, at
Seventh and Locust Streets, St. Louis, recently purchased by
the Compton Company and which will hereafter be known I he Metropolitan Life Insurance Co. has received what it regards as an
as the Compton Building. The building is to be ready for advantageous offer from the Chase Securities Co. of New York City for
holdings of stock of the Metropolitan Bank, namely, S350 per
occupancy about the first of the year and the trust company its made the acceptance of this offer conditioned upon the same offer share.
It
being
will open for business about that time. William R. Compton, made to all the stockholders.
.
head of the Wm. R. Compton Company, will be president of
the trust company, which will probably be known as the
THE ENGLISH GOLD A N I) SILVER MARKETS.
Compton Trust Company. The vice-presidents will be: V e reprint the following from the "weekly circular of
Henry II. Hopkins, Thomas N. Dysart and Clarkson Potter. Samuel Alontagu & Co. of London, written under date of
Mr. Hopkins will also become Vice-President of (he Compton Oct. 9 1919:
GOLD.
Company. It is intended to utilize the new' trust company to „The Bank of England gold reserve against its note issue is £86,246,385,
increase the scope of the Compton Company’s business and a slight increase of £20,2,50, as compared with last week’s return. It is
service. William R. Compton Company maintains offices in reported that arrangements have been completed for the shipment of $3,­
the United
St. Louis, New York, Cincinnati, Chicago and New Orleans. 000.000 to India from Montreal, while fromrespectively, States $230,000.
have been engaged,
for shipment to
Mr. Compton states that the main purpose of the new bank $620,000 and $350,000South America. The applications for India Council
Hongkong, India and
will be to assist investors and to facilitate investment financ­ remittances were not so eager and Deferred T .T .’s were allotted below 2s..
11 15-16d.
represents the first slackening in the demand
ing, although a department for savings accounts may be namely, is.currency sinceThis Government exercised control in consequence
for Indian
the
started.
of war conditions. This period of the year was, before the war, usually
accompanied
to native
Edward Gray, President of the Dallas Trust & Savings causes, but it by a slacker demand owingconsiderable holidays andofother
should be remembered that
remittances
gold
and England
Bank of Dallas, Tex., announces the resignation of Wm. G. from the United Statesnotes are issued.now reinforce the Indian reserves,
against which currency
Breg as Vice-President in charge of the Farm Mortgage and A correspondent in the “
suggested
inflation in this
Bond Department to engage in business for himself. Ernest country might be alleviatedTimes" increase o f that currency the gold reserve
by an
£4.100,000 in
Though
advisable
R. Tennant, Cashier and who has been connected with the against Treasury currency notes. decrease such a step may bewithin the
currency inflation
bank for more than ten years, part of which time he served on general grounds, it would notcurrency would remain unaffected. The
United Kingdom, for the total of
in the Farm Mortgage Department, has been elected Vice- only sound method of deflating currency is to withdraw some portion of
the circulating media. It is true what world currency inflation would be
Presidort to succeed Mr. Breg.
diminished by the proposal, but, speaking broadly, only to the trifling
proportion that the amount of gold suggested bears to the extremely large
The First Federal Trust Co. of San Francisco (capital
$1,500,000) consummated on Oct. 4 the purchase of the stocks of precious metal already held in similar reserves throughout the
world.
Mutual Savings Bank of that city (capital $700,000) with all The market has been steady inSILVER. fairly active, though the volume
tone and
its assets for a cash consideration. On June 30 1019 total of business has been larger on some days than on others. Some free selling
from America caused a fall of 1 M d. on Vet. 3 to 63d. for cash delivery, but
assets of the Mutual Savings Bank were $11,400,128. A
the quotation
On the 7th inst. ampler
neiv home is to be erected for the enlarged First Federal next day about another rebounded to 61d. price rose yesterday to supplies.
brought
fall to
63 H d
Trust Co. on Alontgomery Street. The following circular only to fall again to-day*to 63d.63d. The
The discount for forward delivery vacil­
lated between '/•&. and % d .
has been sent to the clients of the Mutual Savings Bank:
^ The Mutual Savings Bank has sold its assets and business to the First
Federal Trust C o., which will continue the business at this location for
the present and, later, in enlarged premises at Post and Montgomery Streets.
The hirst Federal Trust Co. is owned by the stockholders of the First
National Bank of San Francisco, the oldest national bank in California.
A majority of the directors of the Mutual Savings Bank are also directors
of the trust company. and many o f the stockholders o f the two institutions
are the same. For this reason you may be assured that there will be no
radical change o f policy in the conduct of the business, and that no incon­
venience to our depositors or borrowers will result; on the contrary, we
believe that the trust company, having greater facilities, will be able to
givo you a more varied service, both in your personal and business affairs.

INDIAN C U RREN CY RETURNS.
In Lacs ° f Rupees—
Sept. 15.
Sept. 22.
Notes in circulation.............................................lfipig
16883
5039
Silver coin and bullion in India_____________ 5064
Silver coin and bullion out of India_________
Gold coin and bullion in India_____________ 1890
1380
Gold coin and bullion out of India__________
n
jj
Securities (Indian Government)______________1 7 0 3
1703
Securities (British Government)____________ 8250
8250

Sent. 30.
17186
5097
1 84 5
291

1703
8250

The Coinage during the week ending 30th ult. amounted to 97 lacs of
rupees. The large increase in the gold holding outside India (2S0 lacs)
is a sequel o f the greater freedom in the gold market.
The stock in Shanghai on the 4th inst. consisted of about 20,701.000
H-900,000 dollars, and 2,500 bars, as compared with about
19.600,000 ounces in sycee, 11,800.000 dollars, and 4.S00 bars on the
2 /th ult. Tlio Shanghai exchange is quoted at 6s. 3>^d. the tael. Quota­
tions for bar silver per ounce standard:
Cash.
Cash.
2 Mos,
Oct. 3 - ------- --------- 63d.
62K d. Oct. 9 .................,63d.
62H<L
4 -------------------64 d.
63 44d . A verage.................63.395d. 62.77d.
“
6
63 Md . Bank rate_____________________ 5%
“
7 ------------------- 63d.
62 t£d.
“
8 -------------------63 Hd. 62 Md . Bar gold per oz. fine about_____99s.

Tlio First Federal Trust Co. has a capital of $1,500,000
and surplus and profits of $551,773. These figures are of
date Oct. 4, when the deposits were $18,997,705 and the
resources totaled $21,332,219. The following are the officers
of the First Federal Trust Co.: Rudolph Spreckels, Presi­
dent; Clinton E. Worden, Vice-President; J. G. Hooper,
Vice-President and Trust Officer; O. K. Cushing, Vice­
President; J. K. Aloffitt, Cashier and Secretary; C. H. AlcCormiek, Treasurer; R. R . Pardow, Assistant Secretary; The quotations to-day for cash and forward delivery are respectively
M. It. Clark, Assistant Cashier, and L. A. AIcCrystle, L d . and y8d. below those fixed a week ago.
Assistant Trust Officer.
W o have also received this week the circular written under
The Union Bank of Australia, Ltd. (head office London) date of Oct. 16 1919:
GOLD.
announces with regret that after 39 years in the bank’s . 3
nk
England
against
is £86,246,315,
service A. C. Willis, Alanager, has expressed his wish to just hr - n ?less than that ingold reserve return. its note issue variation prob£,0
last week s
This minute
retire and the directors reluctantly agreed thereto. The New v orkVthat goldrecord as to its S155.000 has been been announced in
nl s
a,
exiguity. It has
to the value of
shipped or engaged
directors have appointed as his successor W7illiam John Es- ° \
t0 ij°I*th Amorica- We understand from the "Tim es” that
sanie, who had held the position of Assistant Alanager since fn i
V gO
l<1
Ve arrlvecl iu th‘‘
States from Constantinople
from
June 1902. As Assistant Alanager the directors have ap­ Hon y TU,0/4' of." raln ?b.°ught by BulgariaUnitedthe U. 3. Grain Administraof sovereigns, napoleons and gold coins
pointed Williaifi Arthur Laing, who has held the position of nc T.’rano.. °rf.? c®ns‘!*tsi largely sonle of it in boxes showing seals dated in
.
ta ’ ^
Accountant since November 1913. As Accountant the dm vt'v.Titios',mr ®a;earn yfromC"Bombay that considerable speculation has
,
. ” ‘ . b Pa<T in goId- Th« offer o f gold by the Indian Government
k
e
directors have appointed Guy Seymour Goddea.




rhaSf f V6n a welco. e opportunity now that silver business is so
m
or
t native to indulge in the speculative operations so dear

t o the bazaar. Transactions amounting to a lac of tolas frequently have
been reported. The up-country demand for gold has been about 20,000
tolas a day. The market price had fallen on Sept. 13 last to 26 lips, per
tola fine, as compared with the normal of Rps. 23-14-4.
Some trans­
actions have taken place even as low as 25 Rps.
SILVER.
Although the price had been inclined to sag after we last addressed you,
the undertone remained good owing to the demand for China remittances
and possibly in sympathy with the strong views expressed in America by
M r. Key Pittman, the author o f the Act bearing his name. He predicts
that within a week o f the formation o f an export silver association the price
would rise to SI 29 the ounce— that is the gold value of the silver contents
o f a United States dollar. Labor troubles in America may ere long affect
the output. It has been officially stated that f om April to August in­
clusive, Rps. 22,29,00,116 have been coined; this total calculated at 2s.—
a rupee represents an output of above £22,000,000 within 5 months. The
coinage during the week ending 7th inst. amounted to 19 lacs o f rupees.
IN D IA N C U R R EN C Y RETU RN S.
O 7.
ct.
Sept. 30.
Sept. 22.
In Lacs of Rupees—
17219
17186
...1 6 8 8 3
Notes in circulation________________________ 16883
5088
5097
...
Silver coin and bullion in India_____________ 5039
Silver coin and bullion out of India..
1832
1845
...
Gold coin and bullion in India----------------------- 1880
376
291
...
11
Gold coin and bullion out of India. ..
1703
1703
. . . 1703
Securities (Indian Government)--------------------1703
8250
...
8250
Securities (British Government)----------------- 8250
The stock in Shanghai on the 11th inst. consisted of about 21,000,000
ounces in sycee, 12,400,000 dollars and 1,880 bars, as compared with about
50,700,000 ounces in sycee, 11,900,000 dollars and 2,500 bars on the
4th inst- The Shanghai exchange is quoted at 6s. 4d. the tael. Quota­
tions for bar silver per ounce standard:
Cash.
2 Mos.
Cash.
2 Mos.
62%d.
Oct. 16 .......... 63 fid .
O ct. 10 ..............62J4d.
62Hd.
Average_______63.177d. 62.447d.
“ 11 .............62%d.
6 2 d.
Bank rate_____________________ 5%
“ 1 3 ............. 6 2 n d .
62d.
• 1 4 _______ 63 l-16d. 62 5-16d. Bar gold per ounce fine about.99s.
•
“ 1 5 _______ 63Md.
63d.
The quotations to-day for cash and forward delivery are respectively
fi d . and Md. above those fixed a week ago.

The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Oct. 25. Oct. 27. Oct. 28. Oct. 29. Oct. 30. Oct .31—
Wed.
Thurs.
Fri.
Tues.
Sat.
Mon.

Lo do
Week ending Oct. 31—
Silver, per oz . ---------------- d.
Consols, 2
per cents--------British, 5 per cents----------- .
British, 4>4 per ce n ts... —
French Rentes (In Paris), fr.
French War Loan(lnParls),fr.

A

____
Holiday
Holiday
Holiday
____
. .

65 K
52
•92
87
60.27
90.27

65
52
95 K
87
60.95
90.57

H
A
H

'A

CG.H
52 H
92 K

6A
6

----------

123 K

123K

65K
52
92

y,
y.
8H
6

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

8X
6

....

121K

120K

—
—

12114

* Ex-interest.

TREASURY CASH A N D

4

T R E A S U R Y C U R R E N C Y H O L D I N G S — The following
compilation, made up from the daily Government state­
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of June, August, Septem­
ber and October 1919:

CURRENT L IA B IL IT IE S .

The cash holdings of the Government as the items stood
Sept. 30 are set out in the following. The figures are taken
entirely from the daily statement of the United States
Treasury for C U R R E N T ASSETS A N D LIA BILITIES.
Sept. 30.
G OLD.

Loss gold reserve fund..

*584.480.358
152,979,026

Total...............................2,389,677,040 41
Total............................... 2,389,677,040 41
Note.— Reserved against $346,681,016 of U. S notes and S1,718,^04^of ^reasury
Treasury notes are also secured by silver dollars In
notes of 1893 outstanding.
the Treasury.
„
SILVER DOLLARS.

Liabilities—

Ot.
c
*

1 1919.
S

372,942,002
81,190,760
15,15(5,103
63.589.826
42,011.668
42,800,462
10.006.826
15,149,751

367,522,935
81,969,123
17,943,605
08.848,034
39,048,355
49,520,795
7.777,005
25.991,724

619,892,207 *640,877,518
152,979.026
152,979,026

058,622,276
152,979,026

303,400.976
77,605,985
15,764,258
62,789,206
40,635,808
33,933,734
10.622,687
15,029,555

416,913,1S1

489,898,492

505,643,150

8S7,S51,000

410,183,000

718,936,000

741,629,000

229.314.543
500.000

144,879,383
500,000

133,321,839

170,879,351

50,858.862
8.684,693

40,303,392
9,089,300

36,072,508
8,788,574

34,950,366
10,273,083

Total_____— ..........
Cash In Philippine Isl’ds
Dep’s. In Foreign Depts.

59.543,555
8,563,754
20,215.684

49,392,692
7,825,902
22,025,855

44,861.080
6,581,862
28,097,456

45,223,449
5,375,580
32,394,957
1,501,145,487

Treasuries----------Deduct current liabilities

1,637,489,868 1,101,720,103 1,421,606,729
283,019,766 303.587,191
321,290,541
1,316.199,327

309,406,987

818,700.337 1.118,109.535 1,191,738,500

- Includes Oct. 1 516,417,134 39 silver bullion and $25,991,723 89 minor coin
A c., not Included In statement "Stock of Money.”

F IN A N C IA L

S T A T E M E N T OF U.

30 1919.

S. A P R I L

The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as of April 30 1919:
CASH AVAILABLE TO PAY M ATURIN G OBLIGATIONS.
Settlem en t
w arra n ts,
Balance held by the
m atu red
Interest
Treasurer of the U.S.
o b lig ’n s and ch eck s
as per dally Treasury
ou tsta n d in g :
_______
statement lor April
T rea su ry w a r r a n t s ..
$ 1 ,2 8 2 ,8 3 9 39
30 1919_____________ $1,052,633,836 80
M a tu red Interest o b liga tions a _______
D isb u rsin g
o fleers’
c h e c k s .......................
B a lan ce free o f cu rren t
o b l i g a t i o n s _________
98,169.159 51

Deduct—

Net excess o! disburse­
ments over receipts
In April reports sub­
sequently received..

___
9 5 ,6 1 5 ,9 0 5 41
165 .549 ,01 2 20
_____ ___ ^
6 9 2 ,0 2 5 ,0 2 0 - 9

9 5 4 .4 6 4 ,6 7 7 29

*9 5 4 ,4 6 4 ,6 7 7 29

a T h e u n p aid Interest d u e on L ib e rty L oans Is estim ated In cases w hore c o m p le te
P U B L IC D E B T .
D E B T B E A R IN G NO IN T E R E S T .
(P a y a b le on presen tation .)
O b lig a tion s required t o b e reissued w hen redeem ed:
. . . . . . ..
U n ited States n o t e s . . ................................................................................................ * 3 4 6 .6 8 1 .0 1 6 00
Less g old reserv e.......... ............................................... - --------- ------------------- 1o 2,J79.(L.. j 63
E xcess o f n otes o v e r reserv e -------- ---------------------------O b lig a tion s th a t w ill b e retired on presentation:

Old demand notes.......................

226,360,879 00

226,360,879 00

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

1,718,304 00

Liabilities

1,407,443 22
Treas. checks outst’g—
Deposits of Government
officers:
14.528.652 37
Post Office Dept.........
Board of trustees,
Postal Savings Sys­
8,095,288 27
tem (5% reserve).Comptroller of the
Currency, agent for
creditors of Insolv­
1,246,780 76
ent banks— ............
Postmasters, clerks of
21,969,052 72
courts, &c----------------Deposits for:
Redemption of Fed’l
Reserve note (5%
199,263,194 20
fund)________________
Redemption of Fed’l
Reserve bank note
10,374,090 00
(5% fund)................
Redemption of nat’ l
19.151.652 70
bank notes (5% fd.)
Retirement of add’l
circulating notes.
227,170 00
Act M ay 30 1908..
Exchanges of curr’cy,
33,143,662 94
coin, Ac___________

Avail, gold (see above). 214,543,909
Avail, silver dollars (see
65,551,989 00
17,943,605 00
United States notes-----39,048.354 50
F’ederal Reserve notes..
49,520,794 50
Fed. Res. bank notes..
68,848,034 42
National bank notes-----161.998 57
Cert, checks on banks..
7,777,605 47
Subsidiary silver coin—
1,046,741 00
Minor coin_____________
16,417,134 39
Silver bullion-------- -------Unclassified (unsorted
24,782,984 32
currency, A c .)_______
Deposits In F
’ederal
Reserve banks______ 170,879,350 69
Deposits In special de­
positaries acct. of sales
of certfs. of indebted­
ness and Victory notes 741,629,000 00
Deposits In foreign de­
positaries:
32,394,956 78
To credit of Treas.U.S.
Deposits in nat’l banks:
34,950,366 54
To credit of Treas.U.S.
To credit of other
10,273,082 85
Govt, officers-------Deposits in Philippine
Treasury:
1,740,973 23
To credit of Treas.U.S.
309,406,987 18
— To credit of other
3,634,606 63 ♦Net balance______ ____ 1,191,738,500 39
Govt, officers_____

3

3

Total...............................1,501,145,487 57

♦ The amount to the credit of disbursing officers and agencies to-day was $1,532,­
021 887 55- Book credits for which obligations of foreign Governments are held
by the United States amount to $168,239,629 05.

519 3 ,7 0 1 ,9 9 0 37

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

N a tion s 1 ba n k n otes and F ed era l R eserv e bank n otes assum ed b y
the U . S . on d e p o sit o f la w fu l m on ey for their retirem en t--------F ra ction a l c u r r e n c y ----------------------------------------------------------------- - —

53,014
3 9 ,2 1 0 ,5 7 2 00
6,8 4 4 ,4 1 7 82

T o t a l ........................................................................................................................ $ 2 3 9 ,8 0 9 ,9 9 2 69
D E B T O N W H IC H I N T E R E S T H A S C E A S E D S IN C E M A T U R I T Y .
(P a y a b le on presen ta tion .)

.65,551,989 00

G EN ER AL FU N D .




1919.

S

431,501,332

159,090,586 00

Total...............................1,501,145,487 57

S t. 1
ep

Cash balance In Sub-Trcas
Dep In special depos’rtes
Account certs, of lndobt
Liberty Loan deposits
Cash In Fed Res banks
Cash In Fed. Land bank
Cash in national banks.
To credit Treas U S .
To credit dlsb. officers

S

226,360,879 00 Silver ctfs. outstandingTreasury notes of 1890
outstanding__________
Available silver dollars
In general fund______

x

1 1919.
S

rep orts h a v e n o t b een r e c e iv e d .

6
8

6
8

A
uj.

367,801.295
61,976,832
12,453,649
60,459,406
43.239,077
19,253,416
12.314,657
6,982.026

6
6

Assets—

1919.

S

Net gold coin and bulliou
Net silver ooin and bullion
Net United States notes. Net national bank notes _
Net Fed Reserve notes
Net Fed Res. bank notes
Net subsidiary stiver.
Minor ooln, Ao______

Liabilities—

Gold bullion___________
636,714,883 75 Gold certf.s. outstanding 673,301,781 00
Gold settlement fund,
Gold bullion..................... 1,752,962,156
Federal Reserve B d ..1,348,852,324 10
Gold reserve___________ 152,979,025 63
Avail, gold in gen. fund. 214,543,909

T o t a l............................

Jn 1
ue

Hld g in
o ins
S b rea ries
u -T su

(Formerly Issu ed as “ Statement of the Public Debt.” )

The price of silver in New York on the same day has boen:

Silver in N . Y ., per oz ..c t s .

Under tlie Acts of July 14 1980 and Dec. 23 1913 deposits of lawful money for th
retirement of outstanding national bank and Fe leral Reserve bank notes are paid
into the Treasury as miscellaneous receipts, and the30 obligations are made under the
Acts mentioned a part of the public debt. The amount of such obligations to-day
was$33,629,802.
,
. .
,
. .
x The available cash in Federal Reserve banks, In accordance with telegraphic
reports received, was $88,541,000. The difference is due to not disbursements
in transit and in process of examination.

Available oaeh balanoo

E N G L I S H F I N A N C I A L M A R K E T S — PER CA BLE.

Silver dollars_____ _____

[V ol . 109

THE CHRONICLE

1674

F u n d ed loan o f 1891, con tin u ed a t 2 % , called lo r red em p tion M a y 18
1900: Interest ceased A u g . 18 1900...................................... ............................
5 4 ,000
F u n d e d loan o f 1891, m atured Sept . 2 1S91........................................................
} 9 ,9 j 0
L oa n o f 1904, m atu red F e b . 2 1904 - - - ..................
1 3 ,050
F u n d e d loan o f 1907. m atured J u ly 2 1907
4 1 0 ,7 0 0
R e fu n d in g ce rtifica te s, m atured J u ly 11 9 0 7 ....................................................
10,930
O ld d e b t m atu red a t v a riou s d a tes prior to Jan. 1 1891 an d oth er Item s
o l d e b t m atu red a t v a riou s rates subsequ ent t o J a n . 1 186 1..................
9 0 0 ,3 3 0
C e rtifica te s o f in d eb ted n ess, a t v a riou s Interest rates, m a tu re d ............. 1 ,534,500

Loan of

1908-18................................................................................................. -

00
00
00
00
26
00

1,198,080 00

T o t a l ...................... - ........................................................................................................ * 4 ,0 9 2 .1 4 0 26
I N T E R E S T -B E A R I N G D E B T .
(P a y a b le on o r after specified fu tu re dates.)

Title of
Loan.

Interest
Payable.

Amount
Issued.
S

-Outstar:di"0 April 30 1919----------Total.
Registered.

Cu o .
o pn
*

$

599.724,050
1,707,200
646,259,150 597,956,850
Consols of 1930------- Q.-J.
118,489,900
13,773,950
102,315,400 104,715.950
Loan df 1 9 2 5 ........... Q .-F.
Panama Canal:
48,954,180
54,631,980
48,945,080
9,100
Loan of 1916-36..Q.-F.
25,947,400
30.000. 000
25,830,520
116,880
Loan of 1918-38.-Q .-F .
50,000,000
50.000.
00043,349,100 6,650,900
Loan of 1961------Q .-M .
28,894,500
28,894,500
6,705,OiO 22,189,500
Conversion bonds— Q.-J.
Ctfs' ofindebt., var-.M at. 6,592,357,800
............... 6,099,475,800 ,099,475,800
Ctfs. df Indebtedness.J.-J.
156,T>83,000 156,683,000
---------­
1st Liberty Loan_ J.-D . 1,9<9,455,559 277,720,300 1,132,3)1,300 1 410,071,600
_
183,167,200
1st L L Converted.J.-D.
568,318,450 22,144,200
161,023,000
388,005,650
1st L L converted.J.-D.
390,004,700 83,369,550 304,696,100
3,492,050
st L L 2d con v.. J.-D .
3,402,050
1,113,350
2,378,70 )
784,730,250
2d Liberty Loan.. M .-N . 3.807,864,150 91,651,150
693,119,100
o,i l L converted M . N . 2,954,043,000 429,973,050 2,351,730,850 2 ,7S 1,703,904
3d Liberty L o a n .-.M .-S . 4,174,147,750 520,270,100 3,452,921,750 3 ,973,191,850
.................6 ,809,422,886
4th Liberty Loan._A.-0.a6,959,422,886
122,871,470
Victory Liberty L n ._J .-D . 0122,871,470
980,781,070
War 8av.ATh.Stps.bMat.c l ,084,139,840
................
080,781,070
11,349,900
081,(00
Postal Savings bonds.J.-J.
11,349,960 10,668,590
( st to 16th series)
---------------------- - -----------------.................... 24,577.050.717
Aggr. ol int.-tear. debt.29,786,307,537
................

6 156.688,000

1

1

N ov. 1 1919.]

THE CHRONICLE

a This amount represents receipted the Treasurer of tVs Unite;! States on account
of principal of bonds of the Fourth Liberty Loan to April ;i0.
, ,b Tbe ™ r? ge lsauc Price of War Savings Stamps for the years 19!.' and 1919 with
interest at 4
per annum compounded quarterly for the average period to maturity

1 1923

Similar totals for three months since August 1 for six
years make the following exhibit:

1

do not*bear interest" Ja" '
Jan'
1924, resPectlveIv- Thrlft Stamps
c This amount represents receipts of the Tre-surer of the Unite 1 States on account
° f R’les of ' Vi‘r Savings Certiticate Stamps and U. S. Thriit Stamps
J
'T 1 Um, represents receipts of the Treasurer of the United States on ac­
',,
count of principal of bonds of the Victory Liberty Loan to April 30.

3
M ad
erch n ise.
|
Gld
o.
S er.
ilv
M
os.
(0 0
0s
Ecess
x
Ecess
x
cess
o it­ E­
m
x
Im
­
of
E­ Im of E­ Im Eof
x
­
x
­ x
ted p rts. p rts. Ep rts. p rts. p rts. Ep rts p rts. p rts. Epr ). o
o
xo
o
o
xo o
o
x ots
$
$
S
$
$
$
s
s
$
1919.. 1,808,519 1,086,624 721,895 128,913 5,809
123,104

otV c°eia
™
3

RECAPITULATION.
GROSS DEBT.
N ET D EB T.
Deb, bearing no int . . S239,809,992 69 Gross debt (opposite) 824,829,958,850 05
Debt on which interest
Deduct
4,092,140 26 Balance free of current
has ceased......... ..
Interest-bearing d e b t..24,577,056,717
obligations ................
692,025,020 29

1918.. 1,584,87^
1917.. 1,315,921
1916.. 1,469,805
1915.. 829,734
1914.. 420,559

10

x

Gross d e b t * ----------524,820,958,850 05
Net debt _________ 524,128,933,829*76
♦Total gross debt April 30 1919 on the basis of daily Treasury
st&temeiits — ____________________ ________
S 824
946 09

24
*

1675

776,549
729,978
546,078
436,285
429,168

808,329
585,943
923,727
393,449
/8,597

345

34,999 21.395 13,604
12,761
6,379 6,382 71,554 19,643 51,911
146,434 50,168 96,266 23,507 14,898 8,609
23,024 195,909 /167885 16,681
7,823 8,885­
5,354 120,967 /115613 10,708 9,544
1,164
73,682 9,199 64,483 12,970 5,201
7,769

Net amount of public debt payments in transit, *c", April 30’ i9 " ’ 3*,387’,096 04

i

The amount of S8,872,623,158 27 has been expended to above date hf this and
preceding fiscal years from the proceeds df sales of bonds authorize by law for
purchase df the obligations of foreign Governments. When payments are received
from foreign Governments on account of the principal of their obligations they must
be applie i to the reduction of the Interest-hearing debt of the Ynlted Statse.

1

(£cnmrun c tal a u d i t l i * c c 11a n ecu s Rictus
>
N e w Y o r k C it y B a n k s a n d T r u s t C o m p a n ie s .

. I M P O R T S A N D E X P O R T S FOR S E P T E M B E R .

The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for Sept, and from
it and previous statements ive have prepared the following:
FOREIGN TR A D E M O VEM E N T OF TH E UNITED STATES
(In the following tables three ciphers are In all cases omitted )
M ERCHANDISE

E orts.
xp
1919.
January______
February_____
M arch..............

$622,553
585.097
603.112
714,800
603,957
928,379
568,952
646,253
593,399

M a y __________
June__________
Ju ly..................
September____
October............
November____
December____

1917.

$504,797
411,362
522.900
600,443
550.925
483.799
507.468
527.014
550.396
501.861
522,236
565,886

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

T o ta l______

Imo
p rts.

1918.

1919

$613,325
467,648
553.986
529,928
549,674
573,467
372,758
488,656
454,507
542.101
487,328
600,100

|

$212,993
235.124
267,596
272,957
328,926
292.915
343.746
307,431
435,447

1917.

$233,942
207.715
242.162
322,853
260,350
241,878
273,003
261,669
246,765
251,008
210,887

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

______ $6,149,097 $6,233,478

1918.

$241,794
199,480
270,257
253,936
280,727
306.623
225,926
267.855
236,197
221.227
220,535
227,911

$3,031,213 $2,952,468

GOLD.

Ep rts.
xo
1919.
January..
February .
M arch___
April_____
M ay_____
June_____
Ju ly.........
August___
September
October . . .
November
December .

Imo
p rts.

1918.

$3,396
3,110
3,803
1,770
1,956
82,973
54,673
45.189
29,050

1917.

1919.

$3,746
5,084
2,810
3.560
3,599
2,704
7.200
3.277
2,284
2.178
3,048
1,580
$41,070

Total . . .

$20,720
22,088
17,920
16,965
57,698
67,164
69,052
46,049
31,333
11,154
7,223
4,538
$371.884

i ,oso;

26,134
1,846
2.490
1,472

1917.

$4,404
2,549
1,912
2,746
6,621
31,892
2,597
1,555
2.611
1.470.
1,920
1.766

$58,926
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,150
2,906
17,066

$62,043

January_____
February____
M arch______
April________
M a y _________
June_________
Ju ly................
August______
September___
October______
November___
December___

$19,615
33,100
23,106
25,077
28,598
12,608
8,262
13,809
12,928

T o ta l...........

120

1917.

1919.

$5,887
7,694
5,556
4,353
6,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125

Jan. .
F e b ..
Mar .
April.
M ay.
June.
July .
Aug .
Sept.
O c t ..
Nov .
D ec..

$
+ 409,560
+ 349,973
+ 335,546
+ 441,843
+ 275,041
+ 635,464
+ 225,206
+ 338,927
+ 157,862

Tot:. I

r Exports.

$
+ 270,855
+ 203,647
+ 280,738
+ 221,462
+ 228,072
+ 223,449
+ 265,590
+ 254,014
+ 288,727
+ 255,006
+ 271,228
+ 354,999

9

20
0

$5,576
6,757
8,198
7,067
7,913
7,079

1917.
$3,346
2.478
2,977
2,376
4,741
2,235
3,420
5,681
5,798
5,050
9,086
6,155

$ 7 1 ,375

5,528
8,327|
7,53.1

$5,998
4,449
6,963
5,081
7,298
5,351
5,220
7,257
7.172
6.766
5,490
4,330

__

$
+ 371.531
+ 268,168
+ 283.729
+275,992
+ 268,947
+ 266,844
+ 146,832
+220.801
+ 218,310
+ 320.874
+ 266,793
+ 372.189

+ 3.111.012 +3,281,010

1919.

7S0

___
425

___

130
192

___
___
___

B o ly
ro k n

100

Coney Island*
First......... ..
Green point..
130 Hillside*.........
Homestead*.
165" Mechanics'*..
Montauk •_
’ Nassau____
National City
North Side*.
825 People’s .........
380
600
182

__

220
20
0

....

140

8

155

20 215
0
150
165
110 120

SO
85
85
205
115
195
137

Brooklyn
Brooklyn T r.

505
245
Hamilton . .
260
Kings County 650
Manufacturers 190
People’s_____

90
95
215
130
205
147

255
270
700
205
310

t

Alliance R ’lty 60
Amer Surety.
76
Bond A M G . 245
Clty Investing 37
Preferred. .
82

$
$
+ 1,283
— 65f>
— 835; + 2,535
— 6,678
+ 898
— 4,922
+ 814
+ 876 — 3,022
+ 56.839 — 29.18S
+ 52,827
+ 4,603
+ 42,699
+ 1,722
+ 27,578
— 327
--------+ 708
------ -+ 1,128
— 186
............
............

-2 0 ,9 7 3

1919.

[ 1918.

$
$
+ 14.03E
+ 630
+ 26,343
+ 2.070
+ 14,908
+ 6.4 69
+18,010
+ 7,170
+ 20,685 + 39,083
+ 5,529
+ 3,215
+ 2,734 + 35.466
+ 5,482 + 13,292
+ 5,389
+ 3,168
+ 25,272
______
+ 1,660
............ -1-43,976
............ + 1.81,471

70
80
255
42

8
6

Lawyers Mtge 125
Mtge B ond..
92
Nat Surety.. 245
N Y Title A
M ortgage.. 135

Sei t. 30 1919
Aug. 30 1919..
July 31 1919..
June 30 1919..
May 31 1919..
April 30 1919..
Mar 31 1919..
Feb 28 1919..
Jan 31 1919..
Dec 31 1918..
Nov. 30 1918..
Oct. 31 1918_
Sei t. 30 1918..

S

1

$
177,104
165,332
62,234
47,724
35,557
38.5S0

$
63.9S4
54,783
33,059
23,235
25,286
17,791

$
113,120
110,549
29,184
24,489
10,271
20,689

Realty Assoc
(Brooklyn).
U S Casualty. 185
U S Title Guar 60
West A Bronx
Title A M G 150

145

115

200
70
170

696,288,160
694,621,710
693,343,210
692.252.950
691.052.300
689.878.300
688,183,250
683.342.450
683.004.450
684.648.950
684.468.950
684,446,440
683.026.300

•
S

C la nA t
ircu tio floa
Ud —
n er
La
eg l
Td
en ers.
I

34,024,987
35,328,665
34,629,207
36,190,333
37,152,677
38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307

687,460,223
689,235,005
686,278.555
683,086,600
685,612,243
686,157,475
684,292,440
679,799,125
680,025,471
683,661,878
676,431,533
679,637,575
678.465,863

34,024,987
35,328,665
34,629,207
36,190,333
37,152,677
38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307

S
721.485.210
724,563,670
720,907.762
719,276,933
722,764,920
725,131,122
724,487,192
721,879,472
721,928,498
723.529.210
716,853,155
721,471,137
721,933,170

S251 199,800 Federal Reserve bank n tas oi.t t .miing Sc. t 30, all secured by bonds
<

The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Sept. 30:

Gld
o.
S er.
ilv
x
cess
Ecess
x
x
Im Eof
­
E­ Im
x
­
E­ Im Ecess
x
­
p rts. Ep rts. p rts. p rts. E of p rts. p rts. E of
o
xo
o
o
xp
orts o
o
xp
orts

s

B
id
110

130
97
255

Bn sa dL a T d
o d n eg l en ers
o D ositfor—
n ep
La
eg l
Td
en ers.

M ad
erch n ise.

$
225,922 50,254 169,668
34,203 56,503 /22.240
348,968 528,332 (179364
94,430 382,888, (28845^
12,937 265,89 (252954
157,657 39,942 117,715

B A
id sk

Ask

BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.—We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:

S e.
ilvr

| 1918.

— Imports




149
470

N e w Y o r k C it y R e a lt y a n d S u r e t y C o m p a n ie s .

$53,341

Gld
o.
1917.

S
$
$
1919.. 5,866,456 2,697.035 3,169,421
1918.. 4,559,104 2.322,553 2,236,551
1917.. 4,603.949 2,282,795 2.321,154
1916.. 1,950,426 1,831,174 J .119,252
1915.. 2,531,542 1,302,095 1,229,447
1914.. 1,467,402] 1,410,072
1
57,330

210

B k8
an

Bid

I otals for merchandise, gold and silver for nine months:
M
os.
(0 0
0s
x­
om E
it­
te !). p rts.
d
o

50J

2*0
230

*
marked with a (*) are State banks, t Sale at auction or at Stock Ex­
change this week, t Includes one-half share Irving Trust Co
New stock,

$552,454

1918.

$84,131

M ad
erch n ise.
1918.

225

New York

Bankers Trust 490
495
Central Union 463
468
{Columbia..__ 380
390
.Commercial.. 150
160
.Empire______ 295
305
{Equitable Tr. 1480
490
Farm L A Tr. 435
445
iFidelity......... 220
230
Fulton______ 245
252
Guaranty Tr. 420
425
Hudson.
135
145
Irving Trust. /See Irving
l Nat Bank
Law Tit A Tr 125
132
Lincoln Trust 175
Mercantile Tr 235
Metropolitan. 345
355
Mutual (WestChester)____ 105
125
N Y Life Ins
A Trust.
785
800
N Y Trust___ 615
625
Title G u A T r 405
415
U S Mtg A Tr 430
440
United tates 890
920
Westchester.. 130
140

rbx-nffhu

EXCESS OF EXPORTS OR IMPORTS.

1919.

257
410

A
sk

Trust Co’s | Bid

222

__ 8
__
20 __
0

Imports.

$6,628
6,519
13,432
12,251
46.381
8,566
40,686
20,549,
10,340
32,038
7,150
48.306
$252,846

165
125
160
155
40
190
680
330
140
590
265
445

B
id

Banks
i
Jlrvlng (trust
certificates) 365
Liberty______ ; (450
Lincoln______ 270
Manhattan *
Mech A M et. 445
Merchants___ 235
Mutual*......... 425
New Neth* .
New York Co 140
New York.
450
Pacific * . .
135
Park____
750
Prod Exch*.. 400
Public_____
300
Seaboard . .
600
{Second . .
400
j tate*.........
tl76
]23d Ward*.
115
Union Exch.. 185
United States* 203
Wash H 'ts * .. 275
Westch Ave*. 170
Yorkvllle *___ 340

A ll p r i c e s n o w d o l l a r s p e r s h a r e .

Ep rts.
xo
1918.

__
320
20 __
0
225
__

10

SILVER.

1919.

A ll p r i c e s n o w d o l la r s p e r s h a r e .

B A
id sk

110

1918.

$2,113
3,945
10,481
6,692

—
N

Banks
Y
America *____ 615
Arner Exch_
_ 310
Atlantic_____
Battery Park. 2l5
Bowery
425
150
Bronx Boro*. 105
Bronx N at___ 150
Bryant Park* 145
Butch A Drov 35
Cent Merc___ 175
Chase_______ 650
Chat A Phen. 320
Chelsea Exch*
Chendcal .
580
Citizens___
255
C it y ................ 435
Coal A Iron.. 245
Colonial *____ 350
Columbia*_
_
Commerce_
_ 253
Comm'l Ex*. 395
C o m m on w e a lth * ... 215
Continental*.
Corn Exch*.. 425
Cosmop’tan*.
95
Cuba (Bk of). 177
East R iver..
150
Europe______
Fifth Avenue* 900
F ifth ...
(150
First____
t995
Garfield_____ 205
Gotham_____ 190
Greenwich *_. 380
Hanover_____ 815
Harrlman____ 365
Imp A T rad." 585

Bn so D o
o d n ep sit
S t 30 1919
ep
2s,
4s,
2s,
2s,
2s,

U
U
U.
U
U

U S Bn s H S t 30 to S re—
o d eld ep
ecu
O D osit to O D osit to
n ep
n ep
S re F era S re
ecu ed l ecu
o
R v Bn Ntio a Bn Hta
eser e a k a n l a k T l
eld
Ntes
o
Ntes
o
S

S Consols of 1930 ...........................
14,129,000
S Loan of 1925 _________________
2.593,000
S. Panama of 1 9 3 6 ........................
404,500
Panama of 1938......... .................
285,300
S one-year Cert! of Indebtedness 239,175,000

8

Totals____ ___________________

256,586,800

565,624,800
57,937,000
47,633,640
25,092,420

579,753.800
60,530,300
48,038.140
25,377,720:
239,175,000

696,288,160 ! 952,874,960

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Sept. 1 and
Oct. 1 and their increase or decrease during the month
of September:

M a d Mv en a N Yrk
erch n ise o em t t ew o .
Ep rts.
xo
Imorts.
p

M th
on .

1919.

Ntio a Bn Ntes— o l A t—
a n l a k o Tta floa

Amount afloat Sept 1 1919___________________________________________ *724,563,670
Net amount ret'.red during September-------------------------------------------------3,078,460
Amount of bank notes afloat Oet 1 1919_______ - ___________________ 5721,485,210
—
Amount on deposit t >redeem national bank n» tes Sept 1 1919......... — 535,328.665
1,303,678
Net amount of bank notes retired in September----------- -------------------------

L a en erNtes
eg l-T d o

Amount on deposit to redeem national bank notes Oct 1 1919----------$34,024,987

GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for September and
the three months.
Receipts.
—
Customs_________________
Internal revenue:
Income & profits ta x ..
Miscellaneous------------Mtscell. revenue................

O in ry
rd a

S t. 1919.
ep

$
24,724,215

944,897,366
140,757,151
31,852,289

Total......................... ____ 1,142,231,021

P n m Cn l—
aa a aa

Tolls, Ac....... ............ ____

324.424

S t. 1918. 3 M 1919.* 3 A 1918.*
ep
os.
fos.
5

S

12,719,024

S

66,276,122

36,308,166 1,017,556,093
89,005,938
364,612,849
13,757,135
189,401,006

564,600,209
278,690,127
58,376,945

151,790,263 1,637,846,070

944,399,998

94,391

1,029,909

1,613,824

a361,650
First Liberty bonds_____
2,664,306
al,448
Second Liberty bonds___
a486
5,087,024
50,020
Third Liberty bond3-----50,020
933,008,359
17,972
1,639,500
5,035,476
Fourth Liberty bonds___
1,639,500
810,084,029
Victory notes....... ............... 164,522,306
Certfs. of indebtedness..3,235,846,151 1,367,392,200 5,836,108,513 3,827,664.700
17,489,974
War Savings A Thrift stps
6,111,945
97,614,582
438,076,725
103,140
198,180
Postal Savings bonds____ ___________
___________
Deposits for retirement of
nat. bank notes & Fed.
Res. bank notes '(Acts
of July 14 1890 and
3,926,912
11,510,067
462,828
1,328,550
Dec. 23 1913)................
Total................................. 3,407,011,222 1,472.698,757 6,672,798,064 5,214,761,351
Grand total receipts......... 4,549,566,667 1,624,583,412. 8,311,674,043 6,160,775.174

Disbursements.

O in ry
rd a

—
Checks and warrants paid
(less bale, repaid, A c .). 488,616,163 1,258,983,690 2,016,953,866 4,006,955,507
Int. on public debt pa id .. 77,002,068
15,522,155
136,902,789
52,234,715
565,618,231 1.274,505,845 2,153,856,655 4,059,190,222

Special—

.

Panama Canal: Chks.pald
(less bals. repaid, Ac.) _
6402,601
urchase of obligations of
foreign Governments., 102,006,000
urchase of Federal Farm
Loan bonds:
Principal_____________
Accrued interest______
Total.................................

101,603,399

P b Debtu lic
B d int.-bearlng notes
on s,

608,440

1.504,344

3.447,612

282,150,000

253,931,946

904,885,000
3,500,000
37,329

282,758,440

255,436,200

911,869,941

and certlfs. retired____ 3,806,896,144
One-year Treasury notes
redeemed (Sec. 18, Fed.
Reserve Act approved
Dec. 23 1913)..........................................
Nat. bank notes and Fed.
Reserve bank notes re­
tired (Acts of July 14
1890 and Dec. 23 1913)
1,819,927

197,475,573 5,956,225,956 1,814,718,707

Total................................. 3,808,716,071

199,566,448 5,962,307,426 1,824,363,984

4,785,000

2,090,875

6,081,470

4,860,277

Grand total disbursem’ts.4 ,475,937,701 1,756,830,733 8,371,600,371 6,795,424,147
Excess of total receipts
over total disbursem'ts.
Excess of total disburse­
ments over total rec'pts

132,247,321

59,926,327

634,648,973

* Receipts and disbursements for June reaching the Treasury in July are included.
Counter entry (deduct),
Excess of credits.

b

STOCK OF MONEY IN THE COUNTRY.—The follow­
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:

-S ofM eyO 1 '19--------- M in C
tock on ct.
orey
irculationin U S a inT t. S t. 1 1919. O 1 1918.
. . rfeld rea ep
ct.
S

$

*

Gold coin (Including bullion
962,748,000
in Treasury)______ _____ 2,905,726.555
,
,935bl,047,846,479
740,028,984
Gold certificates......... ..................................................... ..
429,053,501
81,362,794
Standard sliver dollars_ 308,145,759
65,551,989
81,784,880
330,701,417
Silver certificates.................. .......................................... ..
159,090,586
226,412,045
Subsidiarysllvor___ 243,380,383
7,777,605 235.602,778
1,831,358
Treasury notes of 1890____ ____ _______
________
1,718,304
338,409.612
United States notes_______ 346,681,016 17,943,605
328,737,411
.
- (
Federal Reserve notes_c 2,886,288,515
39,048,355 2,668,430,760 2,365,006.124
Fed. Reserve bank notes.. 251,190,800 49,520,795
201,670,005
42,573,955
National bank notes_ 721,485,210
68,848,034
652,637,176 700,943,285

367522

T o ta l......... ......................... 7,662,893,238 616,213,318 5,806,571.880 5,790,017,574
Population of continental United States estimated at 106,396,000. Circulation
per capita, 554 58.
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money in Federal Reserve banks and in national
banks and special depositaries to the credit of the Treasurer of the United States
amounting to 5990,126,756 86.
b Includes 5534,796,964 10 Federal Reserve Gold Settlement Fund deposited
with Treasurer of the United States.
c lucludes own Federal Reserve notes held by Federal Reserve banks.
.— On Oct. 1 1919 Federal Reserve banks and Federal Reserve agents held
against Federal Reservo notes 5317.055.369 gold coin and bullion, $244,248,280
gold certificates and S178,809,400 Federal Reserve notes, a total of 51.240,113.040.
against 51,220,744,500 on Oct. 1 1918.

N
ote

FOREIGN TRADE OF NEW Y O R K — MONTHLY
STATEMENT.— In addition to the other tables given in
this department, made up from weekly returns, we give the
-following figures for the full months, also issued byour
JSew York Custom House:



|

1919.

1918.

|

1918.

S
|
5
s
S
85.SS0.208l 88,164,970 264,514.5341248,203,724
U0.759.S49 94,303.999 311,376,177)168,713.182
130.844.316 98.360.412 312.904,175)251,325,068
145.065.157121.564.991 331.394.915~291.710.439
17S .233.477 149.434,134 280.404,527219,019.748
152.314.929112,622,329 429,160.599:205,313,999
179.457.378' 90.101,747 237,532,410*237,731,667
163.182.188 122.452.147 264.759,3781209.103,295
251.529,881 115,731,618 267.365,966 197,725,054

C sto s R ts
u m eceip
a N Yrk
t ew o .
1919.

|

1918.

$
$
8,026,3871 7,488,551
9,856,349] 8,177,780
10,600,101 9,870,168
12,881,216 10,525,971
12.318.060) 12,162.731
13,964,223) 10,665,910
15,281,139! 9,215,233
15,444,278 8,589,023
16,740.934] 8.438,132

Total... 1397267383 998,736,347!'269944268l'2028860176 115.112,687! 85.133.499

Imports and exports of gold and silver for the 9 months:
GldMv en a N Yrk
o o em t t ew o .
Ep rts.
xo
Imorts.
p

M th
on .

1919.
January . .
February .
March____
April_____
M ay_____
June..........
July............
August. . .
September
T o ta l...

|

1919.

1918.

i

S
$
|
$
649,358 1,070,270 2.517,289
529,787|
993,993 2.346.310
668,246
628,514 2.311,250
699,827|
518,140 1,187,332
506,758
660,277 1,422,830
414,262
534.406 58,876,463
393,587
627,829 23,609,186
3,921,003
1,310.313
688.892
287,011
559,988 •5,279,491
5,459,149

1918.
$
657.940
3,170,387
301.073
223,177
1,302,420
203,500
3,903,713
268,600
737,990

S e— N Yrk
ilvr ew o .
xo
Imorts. Ep rts.
p
1919.
$

7,0381
2,566.942
2,360,639
2,115,201
2,650,017
828,695
1,974,668
1,680,894
1,777,994

1919.
$
6,299,043
5 $74,910
3,979,692
8,405,101
6.272,817
1,115,157
1,193,471
1,901,535
2,881,673

6.282,309101,471,154 10,768,860 15,962.088 37.623,399

Auction Sales.—Among other securities, the following,
wero recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not usually dealt in at the Stock Exchange,
Shares.

Stocks.

reT,i cM'
„

Sa S c s
h res. tok.

P t.
ercen

160 Bonbright & Co., Inc., Class
34 State Bank...............................-176
A, common_______ $17 por sh.
100 New Eng. Mtge. Security.541 lot
B, common___ i _ $15 per sh.
_
59 H . F. Taintor M fg.--S31 per sh.
39 Ohio. C. A Connecting Rys.
1,095 Garden City Estates. .51.25 per sh.
coll, tr., pref.......... 9t* per sh.
2 Consolidated Traction.............. 49
23 Chic. C. A Connecting Rys.
5 Ninth Ave. R R ....... ............... - 6 3
coll. tr.. common............. $14 lot
1 Eighth Ave. R R .......................}55
200 Hudson Companies, prof___ 2
4 N . Y . Title & Mortgage.......... 139
50 Kerbaugh Empire Co., com.$210 lot
First Mortgage Guarantee.. 91
7 L. I. Motor Parkway, Inc.,
1 1-3 Standard Fire Insurance
common__________51 per sh.
of Hartford-.........................S 2,,0J
181 McCall Corp., com..*3.50 per sh.
1 Chelsea Realty, common..-- S 3 lot
5 O'Rourke Engineers Constr.$501ot 2.000 Newmines Issues Co__ $5 per sh.
145 Nat. Securities Corp., com.5200 lot
1 B. A. & G. N . Williams.......... 1550
20 Piping Rock Realty......... $500 lot
1 South Dover Marble......... lot
50 Yale Leasing Corp___ $20 per sh.
1 Beechgrove Recreation Gr’ds,
100 McCall Corp., 1st pref--------30
Ltd .....................................
100 Commonwealth Lt. & P., Pf- 20
20 Nat. Reserve Bank of N . Y .,
50 Commonwealth Lt. & Power,
139% paid in liquidation..
common.........................$55 lot
5-10,000 Panic. Managers' Cert.
100 Interstate Electric Corp., pref 35
(W . O. Allison, Edwin A.
10 Interst. Elec. Corp., com..$11 lot
Fisher and James G. New200 New Utah Bingham M g ..$10 lot
combe), $170 paid on acct.
10 First Nat. Bank of N. Y -----995
500 Little Chief Mining Co.........
50 Wilhurst Oil Co., 1st pref...\*21
176 The Graphic Co....................
518
91 Wilhurst Oil Co., common../lot
50 New York Malt Co................Hot
1.000 Miller Gold Mining--------- -I
•
Bonds.
Per cent.
5.000 Mogolion Mines Co........... $475 lot
550 Internat. Silver, c o m ..529 per sh. $110 Pub. Serv. Corp. of N. J.,
perpetual int. bearing 6% ctf..$91 lot
60 Independent Chemical, Inc.,
$9,000 Batopilas Mg. 1st 6s, ext.’27 20
common_____________ 52 per sh.
51.000 Bklyn. Ft. Ham. & Coney
60 Independent Chemical, Inc.,
Isl. RR. 7s, due 1877: $10,000
preferred--------------------S15 per sh
La Dicha & Pacific RR. 1st 6s,
117 Union Square Realty, com. .550 lot
1936........................................... $5 lot
50 Oriental Bank, in ltquldat’n.S21 lot
30 Arrow Water Meter, I n c ...510 lot $10,000 Dry Dock E. B. & Batt.
RR. gen. 5s, 1932...................... 504*
2.000 All Package Gro. Stores. com(S15
$4,000 Atlan. Coast Lumber Corp.
1.000 All Package Gro. Stores, pref. Jlot
1st 5s.................................
50
400 Harcliff Corp., pref................\S60
$1.000 Acquackononk Water 1st 6s. 70
400 Harcliff Corp., common------ (lot
SI ,000 Black River Water Co. 1st 5s 10
210 Atlan. Coast Lumber Corp.,
preferred----------- ------------ So lot 51.000 Durham Coal & Iron 6%
scrip certificates.................. ...... 10
97 Durham Coal & Iron, c o m ..550 lot

6

9

}

0
0

By Messrs. Barnes & Lofland, Philadelphia:

73,628,966

S

January . .
February .
March____
April.........
M a y ..........
June..........
July...........
August . . .
September

42,732,717

P b D t—
u lic eb

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

[V ol . 109

THE CHRONICLE

1676

t

$ per sh.
S575eStandard Carbon...............$410 sh ' Shares. Stocks. Dredging_________ 98 )*
h r s S ck
a . to s.
. ' ' 12 American
lot

1 Giant Port. Cement, com__ 5
3,000 Tem Piute Mg. A Mill., com.,
200 Consol. Nev.-Utah Corp.,
51 each................
-®15 lot
S3 each.............................80
1,500 Tem Piute M . & M ., pref..
30 Quaker City Shirt (Norris­
$1 each...................................S31 lot
town) _________________ 61
5 Franklin Nat. Bank------------- 610
Bonds.
Per cent.
20 Commercial Trust---------------.28 8
52.000 Hestonvillo M. & F. Pass.
2 Independence F. I. Security
Ry. cons. 5s, 1924...................... 93J*
$25 each----------------------------- 29
2 Peoples Nat. F. I., $25 each. 19)* 100.000 Edison Port. Cement 1st
s. f. 6s, 1929; April 1915
5 West Phila. Bank, $50 each. 45
coupons on___________ 185*
7 Real Est. Trust, pref................ 97
23.000 Edison Port. Content 1st
1 Delaware Co. Nat. Bank,
s. f. 6s, 1929; Oct. 1918
Chester-------- ------------r tr ^
coupons on....................185*
1 l t Nat. Bank of Conshoh konl50
14.000 American Gas conv. 7%
Fire Assoc, of Phila., 550 par.3214*
notes, 1928............. 92 4*-925*
Continental Pass. R y........... - 75
11.000 John Wanamakor 1st 5s. '23 974*
10 Germantown Pass. R y.............. 90
3.000 Phila. Suburb Gas A Elec.
11 Citizens Pass. R y......... ...........222
1st & ref. 5s, 1060.......... 85
20 13th & 15th Sts. Pass. R y ...l 8 5
3.000 Citizens Traction 1st 5s, '42 835*
10 Union Passenger R y------------- 1204*
1.000 Dayton Power & Lt. 1st A
21 2d A 3d S reet.3. Pass. R y ...2 0 7 4 *
ref. 5s, 1941.......
824*
16 Phila. A Camden Ferry, $50
4.000 St. Petersburg & Gulf Ry.
each.................................. — 162
1st s. f. 6s, 1927............. 10
2 Pa. Acad, of Fine Arts------------30
70.000 rubles Russian Govt. Inter­
15 Giant Port. Cement, pref.,
nal 5s, 1926.................. 76
$50 each...............................- 22

1
10

3

By Messrs. Wise, Hobbs & Arnold, Boston:

Sae . S c s
hr s tok.

vet

$ per sh.
*
**• Shares. Stocks.
9 Cent.Miss.Vall.Elec.Prop..corn. 1
10 National Shawmut Bank--------- 2614*
2 Boston Wharf...... ............... — 88
17 Sharp M fg., common........... ......... 1424*
4. U . S. Worsted, 1st pref--------------- 965* 39 U. S. Worsted, 2d prof...............88
3 Old Colony Trust.....................255
10 U. S. Worsted, com., $10 each.. 94)
1 Mass. Cotton Mills, ex-dlv------1495*
Bonds.
Percent.
6 Blgelow-Hart. Carpet, pf.,ex-dlv 964*
10 Contoocook Mills, pref------------- 9244 $25,000 Boston Kiev. Ry. 4s, 1935. 55
25.000 Boaton Elav. Ry. 5s, 1942. 75
5 Western Real Est. Trustee,
2,500 Catalytic Chemical, Inj.,1
1174* & accnm. dlvs.
n tte ................................. I $5
5 Cllnton-Wright Wire, conv.
500 Catalytic Chemical, Ino.,)lot
8% pref........................ ..10454-10444
capital stock...........— J
30 M ess. Lighting Cos., pref--------- 75)*
34,143 Union Dve A Chem. 7%1
50 Old Dominion trust rctt.i........... '-lc.
note, 1921........- .......... |$5,000
Hood Rubber, common...........-157
86,343 Union Dye A Chem. com. > lot
5 Union Twist Drill, pref----------- 97
stock trust ctf........— j
10 Waltiiam Watch, pref--------------- 874*
12.000 Chic. Utilities 1st ser. A
1 E. T . Burrowes. common......... - 15
5s, 1942......................$400 lot
30 Cent . Miss. Vail. Ele?. Prop., pf. 5

10

N ov. 1 1919.]

THE

C H R O N IC L E

1677

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

Per
When
Books Closed.
Shorts. Stocks.
$pcrsh. Shares. Slocks.
Name of Company.
s per sh.
Cent. Payable.
Days Inclusive.
175 Old Colony Trust___ 256H-256H
20 Nashawena Mills, cx-dlv___ 175 H
6 American All?., pref.... ........ 88 H
T r u s t C o m p a n i e s (Concluded).
172 Salmon Falls Mfg., pref___ 11514
25 Merrimack Mfg., common 83-117H
K in g s C o u n t y , B r o o k ly n ( q u a r .) . ..
10 Nashua Street Ry., com___ lo
Nov.
7
Oct. 26 to Oct. 31
10 Mave-ick Mills, pref______ 85
L i n c o l n ( q u a r . ) _____ __________ _____
6 Jessup & Moore Paper, pref. 96
1
Nov.
Holders of rec. Oct. 25a
14 Hill Manufacturing_______ 106?-,
M is c e lla n e o u s .
25 Draper Corporation_______ 148 H
30 Nashua Mfg., common____300
22 Sullivan Machinery.......... .159-160 Ajax Oil \mo thly)___ _ _ . . . . . . . . . *10c Nov. 1 ♦Holders of rec. Nov. 5
25 Arlington Mills___________150K
30 Hood Rubber, pref., ex-div.,
A la s k a P a c k e r s ' A s s j c l a t lo n ( q u a r .) ____ *2
Nov. 10 •Holders oi rec. Ort. 31
15 Ludlow Mfg. Assoc's.l49H-149H
104 J4-105 A m a l g a m a t e d S u g a r , p r e f e r r e d _________
2
Nov.
Holders of rec. Oct. 25
27 Androscoggin Mills________216
6 Hood Rubber, common____ 157X
A m e r ic a n B a n k N 5t e , c o m . ( q u a r .)
75c Nov. 15 Holders of rec. Nov. la
5 Lancaster Mills___________ 148
1,500 Dept. Stores Trust_________ 50c. A m e r ic a n B r a s s ( q u a r .) ___________
1H Nov. 15 Holders of rec. Oct. 31a
6 Berkshire Cotton Mfg_____ 209 H
E x t r a __________________________
1 Imernat. Text Book________ 60
1H Nov. 15 Holders of rec. Oct. 31a
5 Mass. Cotton Mills_______ 149M
5 Plymou ,h Cordage________ 231
American Caramel, preferred (guar.). . . . .
2
Nov. 10 Holders of rec. Nov. la
2 Newmarket Mfg__________ 187
5 Nat. ShawmutBank_________ 260H
Preferred (accou .1 accumulated dies.).. A
2
Nov. 10 Holders of rec. Nov. la
40 Tremont & Suffolk Mills___ 285
2 Sharp Manufacturing______ 146
A m e r ic a n C h i c l e , c o m m o n ( q u a r .)
1
Nov.
Holders of rec. Oct. 21
2 Wamsutta Mills__________ 160
A m e r ic a n C i g a r , c o m m o n ( q u a r .)
2
Nov.
Holders cf rec. Oct. 15a
A m e r . G a s & E l e c ., p r e f . ( q u a r .) .
Holders of rec. Oct. 17
1H Nov.
A m e r ic a n G l u e , c o m m o n _______________
5
Nov.
Oct. 19 to Nov. 1
C o m m o n ( e x t r a , p a y a b le in L . L . b d s .) i5
Nov.
Oct. 19 to Nov. 1
American Hide < Leather, pref. (guar.).. *XX Jan.
£
•Holders of rec. Dec. 13
A m . L a F r a n c e F i r e E n g .,I n c .,c o m . ( q u .)
2
Nov. 15 Holders of rec. Nov. 8a
A m e r . L a u n d r y M a c h i n e r y , c o m . ( q u a r .)
1
Dec.
Nov. 22 to Dec. 1
A m e r . L i g h t & T r a c t . , c o m m o n ( q u a r .) .
Oct. 16 to Oct. 26
2H Nov.
C o m m o n (p a y a b le In c o m m o n s t o c k ) . / 2 H Nov.
Oct. 16 to Oct. 26
P r o f e r r e J ( q u a r .) ______________
Oct. 16 to Oct. 26
1H Nov.
America . Radiator, common (guar.)
Week ng October 23.
*3
Dec. 31 •Holders of rec. Dec. 22
Clearings at—
Preferred (guar.)........... .................. *XX Nov. 15 •Holders of rec. Nov. 6
A m e r ic a n S h ip b u ild i n g , c o m m o n ( q u a r .)
Inc. or
Holders of rec. Oct. 15a
IX Nov.
C o m m o n ( e x t r a ) ____.
_
19 19 .
19 18 .
Dee.
19 17.
Holders of rec. Oct. 15a
19 16 .
2 M Nov.
P re fe rre d ( q u a r . j . I I I I I I I I I I I I I I I I I
Holders of rec. Oct. 15a
I X Nov.
Canada—
A m e r ic a n S o d a F o u n t a i n ( q u a r .) _______
J
$
s
1
s
%
XX Nov. 15 Holders of rec. Nov. 1
Montreal______ _______ 1 6 2 ,5 2 1 ,7 2 6 8 9 ,9 3 0 ,4 7 0 + 8 0 .7 9 0 ,9 7 8 ,3 7 7 7 8 ,2 9 0 ,5 1 9 ’ A m e r . S u m a t r a T o b a c c o , c o m . ( q u a r .)
Holders of res. Oct. 20a
2H Nov.
Toronto............. ............ 9 7 ,9 3 8 ,4 8 6 7 3 ,8 3 5 ,8 5 7 + 3 2 .6 6 0 ,8 3 3 ,0 3 0 5 9 ,0 7 8 ,3 5 5 A m e r . T e l e g . & C a b le ( q u a r .) .............................. * I X Dec.
♦Holders of rec. Nov. 29
Winnipeg...................... _ 7 4 , 1 4 4 , 7 1 7 6 8 ,9 6 7 ,5 7 7
+ 7 .5 . 8 5 ,2 6 3 ,2 3 5 5 3 ,7 8 1 ,1 6 6 A m e r . W a t e r - W o r k s & E l e c ., p r e f . ( q u .)
IX Nov. 25 Holders of rec. Nov. 1
Vancouver
A m e r . Z i n c , L e a d & S m e l t ., p r e f . ( b u .) _ SI.50 Nov.
1 6 ,5 4 9 ,5 8 9 1 1 .4 2 4 .6 3 C
+ 4 4 .E 1 0 ,2 0 2 ,5 0 2
Holders of rec. Oct. 24a
7 ,6 9 2 ,0 8 0
Ottawa............. ............
8 ,8 7 4 ,9 7 1
+ 2 4 .5 5 ,4 1 4 ,6 5 0 5 ,5 2 2 ,4 2 2 A m o s k e a g M a n u f a c t u r i n g , c o m . ( q u a r .) . S 1.25 Nov.
7 ,1 2 8 ,3 0 6
Holders of rec. Oct. 15
Calgary ____ ________ 1 0 ,9 2 8 ,1 9 1
A n a c o n d a C o p p e r M i n i n g ( q u a r .) ______ SI
8 ,3 0 8 ,0 9 4 + 3 1 .5 1 0 ,8 0 2 .8 2 6
Nov. 24 Holders of rec. Oct. 18a
5 ,6 9 3 ,4 2 1
Edmonton_________
A s s o c ia t io n D r y G o o d s 1 s t p r e f . ( q u a r .) .
6 .0 1 8 ,9 1 2
3 ,7 4 1 ,0 7 4
+ 6 0 .E
3 ,3 6 2 ,4 2 0
Holders of rec. Nov la
2 ,2 5 7 ,4 2 0
IX Dec.
• S e c o n d p r e fe r re d ( q u a r .) ...........................I ___
Victoria.. .
3 ,0 6 4 ,5 1 4
1 ,7 6 0 ,0 4 4
+ 7 4 .1
1 ,5 8 9 ,1 7 0
Holders of rec. Nov. la
1 ,7 6 8 ,9 6 5
I X Dec.
Atlantic Steel, preferred
Quebec____ ____ _
6 ,5 2 7 ,8 5 5
4 ,3 8 0 ,9 1 3 + 49 .0
3 ,6 8 6 ,7 8 8
4 ,0 2 5 ,4 1 5
3 X Nov. 1 Oct. 22 to Nov. 2
A t l a s P o w d e r , p r e f . ( q u a r l)
Hamilton___________
7 ,4 4 7 ,0 7 0
5 ,7 2 6 ,2 1 5
5 ,2 8 1 ,1 9 6
+ 3 0 .1
4 ,5 7 1 ,6 6 1
IX Nov. 1 Oct. 21 to Oct. 31
A u s t i n , N i c h o ls & C o . , p r e f . ( q u a r . ) . . .
Halifax____
5 ,2 3 2 ,3 9 0
3 ,9 5 8 ,0 5 1
+ 3 2 .2 3 ,3 9 1 ,7 5 5
2 ,3 5 6 ,8 5 7
I X Nov. 1 o-.t. 19 to Nov. 2
Avery Co., common.
Regina............. ........... . 6 ,5 1 2 ,1 3 5
7 ,0 9 4 ,7 1 1
— 8 .2
10
4 ,8 2 3 ,3 1 2
Nov. 25 ►
Holders of rec. Nov. 15
3 ,4 2 2 ,1 9 9
Saskatoon........ ..
U r o s & S p i n d .l s t & 2 d p f l ( q u .)
2 ,8 3 7 ,4 2 8
2 ,5 3 6 ,4 9 6 + 1 1 .9
2 ,6 8 9 ,8 8 8
Holders of rec. Oct. 25a
1 ,9 5 0 ,5 2 5
IX Nov.
Bethle ,ern Steel, common (guar.).
St John____
3 ,5 4 4 ,5 0 3
2 ,0 0 2 ,5 4 8
+ 7 7 .0
1 ,8 8 1 ,1 1 6
Holders of rec. Dec. 15a
1 ,7 5 8 ,2 9 8
IX Jan.
Common B (guar.)___
London ______
3 .3 6 0 ,9 7 3
2 ,5 7 5 ,8 2 8
+ 3 0 .5 2 ,0 9 0 ,0 3 9
Holders of rec. Dec. 15a
1 ,9 2 1 ,0 1 4
I X Jan.
Preferred (guar.).............
Moose Jaw___
2 ,4 4 2 ,9 7 1
— 1.2 1 ,9 4 1 ,7 9 3
2 ,4 7 2 ,7 2 8
Holders of rec. Dec. 15a
1 ,3 9 4 ,2 6 1
I X Jan.
E i j M f per ce t preferred (guar.)
Lethbridge ...
1 ,0 2 3 ,3 1 8
1 ,3 9 3 ,6 2 3 — 2 6 .5
2
Jan.
Holders of rec. Dec. 15a
1 ,3 4 1 ,1 0 9
1 ,0 2 3 ,9 1 3
B i g e l o w - H a r t f . C a r p e t C o r p . , c o m . ( q u .)
Brandon ..
1 ,0 6 6 ,3 4 7
8 8 1 ,3 3 1
2
Nov.
Oct. 28 to Oct. 31
8 4 8 ,4 9 7 + 2 5 .7
5 7 5 ,8 4 7
P r e f e r r e d ( q u a r .) ______ _____________ _
Brantford ..
1 ,3 8 5 ,4 2 9
9 3 7 ,3 1 3 + 4 7 .8
8 0 5 ,9 9 8
Nov.
Oct. 28 to Oct. 31
7 0 9 ,6 3 9
B o n d & M o r t g a g e G u a r a n t e e " ( q u a r .) ___
Fort William_________
1 ,2 2 3 ,8 7 6
— 5 .7
1 ,1 5 3 ,6 8 1
7 8 0 ,3 8 9
4
Nov. 1, Holders of rec. Nov. 8
6 4 0 ,0 1 0
New Westminster____
8 C o n d e n s e d M i l k , p r e f . ( q u a r .) .
6 7 6 ,0 7 3
5 7 9 ,6 3 4 + 1 6 .9
3 6 4 ,3 6 4
J
2 8 6 ,9 0 3
x x Dec. 1 Holders of reo. Dec. la
B r i l l (J. G . ) C o . , p r e fe r re d ( q u a r .) ................
Medicine Hat. . .
7 0 8 ,0 8 4
0 0 8 .8 9 4 + 1 6 .3
6 4 7 ,8 6 3
- 1
Nov. : Oct. 23 to Oct. 31
6 2 4 ,6 1 5
Peterborough .........
d £ r e; e r r e d (a c c o u n t a c c u m . d iv i d e n d s ) .
9 3 2 ,3 5 3
+ 1.2
9 2 1 ,2 9 9
6 5 8 .3 5 0
Nov. :
5 4 9 ,7 3 1
British Columbia Fish < Pack (guar.) . . .-- h2X Nov. 2: Oct. 23 ofto Oct. 31
tSherbrooke____ .
9 3 6 ,7 6 1
9 6 3 ,1 8 2
— 2 .7
7 1 9 ,9 9 6
6 0 0 ,4 3 5
xx
Holders rec. Nov. 9
Kitehener.... .......... .....
B r o m p t o n P u l p & P a p e r ( q u a r .) ................... ■
1 ,0 9 1 ,6 5 9
5 8 8 ,0 4 6 + 8 5 .6
6 4 0 ,4 5 9
4 3 6 ,2 0 0
x x Nov. ; Holders of rec. Oct. 31
B r o o k l y n E d i s o n ( q u a r .) ______________
Windsor____________ . 3 ,2 3 2 ,1 9 2
1 ,1 6 7 ,4 1 0
+ 1 7 .7
Dec. : Holders of rec. Nov. 20a
B r o w n S h o e , I n c ., p r e fe rre d ( q u a r .) ___Prince Albert___
4 8 2 ,8 6 9
3 4 7 ,2 4 9 + 3 9 .0
IX Nov. ] Holders of rec. Oct. 20a
.............
- - - ........
B r u n s w ic k - B a l k e - C o lle n d e r C o . , p f . (q u .))
x x Nov. li Nov. d5 to Nov. 14
HTotal Canada............. 4 3 0 ,6 3 5 ,1 9 7 l3 0 5 ,4 2 8 ,5 6 5 + 4 1 .0 3 0 1 ,0 7 1 ,9 5 6 l2 4 0 ,9 3 1 .8 7 1
. S2
Buckeye Pipe Li e (guar.)............. ...
Dec. If Holders of rec. Nov. 22
Bunte Brothers, pref. {quar.) ..................- XX Nov. 1 Holders of rec. Oct. 25
B u r n s B r o s , c o m m o n ( q u a r .) ..................................■ 2X Nov. If Holders of rec. Nov. la
C o m m o n (p a y a b le in c o m m o n s t o c k ) . ■ !2X Nov. If Holders of rec. Nov. la
B u t l e r B r o t h e r s ( q u a r .) ..............................
- 2X Nov. 1 Oct. 23 to Oct. 31
E x t r a ..................................................................................................■
X Nov. 1 Oct. 23 to Oct. 31
C a n a d a C e m e n t , L t d . , p r e f . ( q u a r .) ____■ XX Nov. 1
(1 Holders of rec. Oct. 31
C a n a d i a n C o n v e r t e r s , L t d . ( q u a r .) ____
IX Nov. 15 Holders of rec. Oct. 31
Dividends announced this week are printed in italics.
C e d a r R a p i d s M f g . & P o w e r ( q u a r .) ____
X Nov. 16 Holders of rec. Oct. 31
C e n t r a l L e a t h e r , c o m m o n ( q u a r .) .................. ■ x x Nov. 1 Holders of rec. Oct. 10a
C o m m o n ( e x t r a ) ................................................................. .
Nov. l Holders of rec. Oct. 10a
2
Per
When
Books Closed.
C e n tr a l M a in e P o w e r , c o m m o n ( N o . 1 ) .
1
Nov. 1
Name of Company.
Cent. Payable ■
Days Inclusive.
P r e f e r r e d ( q u a r .) ..............................................................
IX Nov. 1
Cleveland Automatic Mach., com. {quar.)' IX Nov. 15 Holders ol rec. Nov. 5a
Railroads (Steam). .
o
S
in
m
p re f
Dec. 1 Holders of rec. Nov. 15a
IX Dec.
Holders of rec. Oct. 31a C ll lnvceh. f&e lda n d u s kCy oBrrpe.w c o g , .c oq u. a&r .) ___.■ 6
C
i
Coal
,
m (
XX Nov. 15 Holders of rec. Nov. 11
Nov. 1 Oct. 30 to Nov. 10
2X
P r e i e r r c d ( q u a r .) ...............................................................
IX Nov. 1 Holders of rec. Oct. 27
*1X Dec. 3 1 ‘ Holders of rec. Dec. 15
C l u e t t , P e a b o d y & C o . , I n c . , c o m .( q u a r .)
x x Nov. 1 Holders oi re;. Oot. 21a
Preferred.
Dec. 3 ♦Holders of rec. Dec. 15
<
C o l o r a d o F u e l & I r o n , c o m m o n ( q u a r .)
*75c., Nov. 20 Holders of rec. Nov. 5
2
Nov.
Holders of rec. Oct. 30a
P r e f e r r e d ( q u a r .) .............................................................. *2
Nov. 20 Holders of rec. Nov. 5
Cincinnati Sandusky & Cleveland, pref ST.5( Nov.
Oct. 21 to Nov. 2
C o lu m b i
a
1
Nov. 15 Holders of rec. Oct. 31a
*87 X Dec.
♦Holders of rec. Nov. 10a C o m m o na G a lst h&- E E lie c ,n ( q( u a r .) ..............................
we
d so
qua
Nov. 1 Holders of rec. Oct. 15a
Special guara teed {guar.). ..............
♦50c Dec.
►
Holders of rec. Nov. 10a Consolidated Gas {quar.)__ __ r .) ........................... 2
Elmira d Williamsport, common. . _ .
h
2.2 Nov.
Holders of rec. Oct. 20a Co- ti ental Guaranty Corporation (guar.). *xx Dec. 15 •Holders ol rec. Nov. 12
2
Nov. 1 Oct. 29 to Oct. 30
IX Nov.
Holders of rec. Oct. 20a
Extra.... ... .......... . . . . . . ____ _
1
Nov. 1 Oct. 29 to Oct. 30
Preferred {guar.)__
IX Nov.
Holders of rec. Oct. 20a Conti ental Paper Bag, common (guar.) .
IX Nov. 15 Holders ol rec. Nov. 8
Nov.
2X
Holders of rec. Oct. 28
Preferred (guar.). . ................
■
Great Northern (quar.)____ ___
x x Nov. 15 Holders of rec. Nov. 8
IX Nov. : Sept. 18 to Oct. 9
s
, com m o (
a .)
Illin ois C c t r a l {guar.)
“
12 He
1
*ix Dec. : •Holders of rec. Nov. 10a C o C d e nm&o nC (op. a y a b le innc oq um or n ________ /12Hc Nov. 1 Holders of rec. Sept. 30
om
m
s t o c k ) ._
Morris & Essex Extension R R ..........
Nov.
Holders of rec. Sept. 30
2
Nov.
Holders of rec. Oct. 23a
ock
h
le
. . c o m . ( q u a r ____
2
N ashua & L ow ell. . . .
Nov. 15 Holders of rec. Nov. 5
4H Nov. ] Holders of rec. Oct. 15a C r P r e fe rr-rW d e eq ura C.)d________ ______ .)____
New York Central RR. (quar.)IIII I .
IX Nov. 15 Holders of rec. Nov. 5
Nov. ] Holders of rec. Oct. la C u d a he Pea c k(i n g , rp r e fe r re d _____________
IX
y
*3H Nov. i •Holders of rec. Oct. 21
Norfolk & Western, ad], pref. (quar.). .
1
Nov. U Holders of rec. Oct. 31a
50c. Nov. 15 Nov. 2 to Nov. 14
Norfolk & Western, common (quar.)___ *1X Dec. 19 •Holders of rec. Nov. 29a D a f o e - E u s t l c e C o . , I n c ______________
D i a m o n d Ic e & C o a l , p f . ( q u .) ( N o . 2 5 ) .
Northern Pacific (quar.) .........
XX Nov. 1 Holders of rec. Oct. 25
}X Nov. 1 Holders of rec. Oct. 4a
P r e f r d ( q u r .) ( N o . 2 6 ___________
Passaic & Delaware Exteaslon R r T I .I
X.X Nov. 1 Holders of rec. Oct. 25
Nov. 1 Holders of rec. Oct. 23a Diatnoe rdeMatcha (guar.)____ )_ . . . . . .
*2
Pennsylvania (quar.)________
Dec. 5 •Holders of rec. Nov. 29
75c Nov. 2f Holders of rec. Nov. la
2
fPere Marquette, prior preferred (quar.) IX Nov. 1 Holders of rec. Oct. 120a D o m i n i o n B r id g e ( q u a r .) ______________
Nov. 15 Holders of rec. Oct. 31
D o m i n i o n C o a l , p r e f . ( q u a r .) _______
Pittsb. & West Va., prel. (quar.)_____
x x Nov. 1 Holders of rec. Oct. 11
IX Nov. 2! Holders of rec. Nov. 3a D o m i n i o n S te e l C o r p . , L t d . , p f . ( q j . ) _
Reading Company, common (quar.).'** SI
x x Nov. 1 Oct. 16 to Nov. 1
Nov. X' Holders of rec. Oct. 24a d u P o n t ( E . I . ) d e N e m . P o w d . , c o m . ( q u .)
Reading Co. first preferred (quar.) "
1H Nov. 1 Holders of rec. Oct. 20a
50c. Dec. 1 Helpers of rec. Nov. 25a
1
P r e f e r r e d ( q u a r .) ______ _____________
Syracuse Binghamton & N. Y. (quar.).
IX Nov. 1 Holders of rec. Oct.
3
Nov. 1 Holders of rec. Oct. 23a
Steel, common (guar.)......... ....... 12X Jan. 15 Holders of rec. Jan. 20a
Utica Chenango & Susquehanna Valley
3
Nov. I Holdors of rec. Oct. 15a Eastern a d second preferred (guar.)...
2
„ First
x x Dec. 15 Holders of rec. Dec. 1
E a s t m a n K o d a k , c o m m o n ( e x t r a ) ....................
Street and Electric Railways.
2X Dec. 1 Holders of rec. Oct. 31a
3
American Railways, preferred (quar.).. }X Nov. 15 Holders of rec. Nov. 5a E d i s o n E l e c . I I I . , B o s t o n ( q u a r .) _______
Nov. 1 Holders of res. Oct. 15
E d i s t n E l e c . I l i u m , o f B r o c k t o n ( q u a r .) .
2
Bristol < Plat ri'le Tramway {guar.) . .
£
Nov. 1 Holders of rec. Oct. I5a
Nov. 1
Eisemann Magneto Corp.,
(guar.) ..
•Cape Breton Electric Co., common....
XX Nov. 1 Holders of rec. Oct. 20
Nov. 1 Hr Hers of rec. Oct. 15a E is e n l o h r ( O t t o ) & B r o s ., I pref. o m .( q u .)
IX
c.
Preferred____ _____________
”
X
Nov. 15 Holders of rec. Nov. la
3
Nov. 1 Hcl ’ers of rec. Oct. 15a E le c t r ic a l S e c u r itie s , p r o f , n q u, c r .) ______
(
a
, Carolina Power A Light, common (qiiar.",
XX Nov. 1 Holders of rec. Oct. 22a
X Nov. 1 Holders of rec. Oct. 15
E le c t r ic B o n d * S h i r e , P r e fe r r e d ( q u a r .)
-Cities Service, com. & pref. (monthly)
x x Nov. 1 Holders of rec. Oot. 17a
X Nov. 1 Holders of rec. Oct. 15a E l g i n N a t . W a t c h ( q u a r .) ____________ _
Common (payable in common stock)" f 1
2
Nov. 1 Holders of rec. Oct. 24a
Nov. 1 Holders of rec. Oct. 15a E l
e t le
r
■Cities Service, com. * pref. (rothly.) ’
X Dec. 1 Holders of rec. Nov. 15a E n k e rBsa sninB P a nrton guhm m( q u a e .). ______rH) "”" " X2Xc Nov. 1 Holders of rec. Oct. 15
r
, p r f (q u a l
Common (payable in com. stock)
I X Nov. 1 Holders of rec. Oct. 17a
f1
Dec. 1 Holders of rec. Nov. 15a E mte r s o n - S h o e i( q u aar .) ______________
Cities Service Bankers' shares (monthly) 52.7c Nov. 1 Holders of rec. Oct. 15
XX Nov. 1 Oct. 28 to Nov. 1
Commonwealth Pow., Ry. & L. pf.(qu.) gIX Nov. 1 Hclders of rec. Oct. 16a E u r e k a P i p e L i n e ( q u a r . ) _____ I I
4
Nov. 1 Holders of rec. Oct. 15
F a i r b a n k s C o . , f ir s t p r e fe r re d ( q u a r .) " I
■Connecticut Ry. & Ltg., com. * pf. (qu.)
2
Nov 1 Holders of rec Oct 20a
XX Nov. 15 Nov. 1 to Nov. 16
F a j a r d o S u g a r ( q u a r .) ______________ ’
Duqucsno Light Co., preferred (quar.) .'.
2X Nov. 1 Holders of rec. Oct. 20
XX Nov. 1 Holders of rcc. Oct. 1
F a l l R i v e r G a s W o r k s ( q u a r .) _
_
Havana Elec. Ry., Lt. & Pw„ com.* pf. 3
3
Nov. 1 Holders of rec. Odt. 25a
Nov. 15 Oct. 26 to Nov. 16
F e d e r a l S u g a r R e f g ., c o m . ( q u a r j
Montreal I... II. & Pow., cons, (quar.)
x x Nov. 1 Holders of rec. Oct. 21a
1H Nov. 16
Coup. No.l3z
P r e fe r r e 1 ( q u a r .) ______________ I " I " "
Philadelphia Co. 6% preferred stock..II SI.50 Nov. 1 Hol ders of rec. Oct. la
x x Nov. 1 Holders of rec. Oct. 21a
Holders of
Public Service Investment, pref. (quar.) XX Nov. 1 Holders of rec. Oct. 16a F is h e r B o d y C o r p o r a t i o n , p r e f . ( q u a r ) "
x x Nov. 1 Holders of rec. Oct. 423a
F o r t W o r t h P o w e r * L i g h t , p r e l. ( q u a r )
Tampa Electric Co. (quar.)....... __
’
XX Nov. 1 Holders of rec. Oct. 21
2X Nov. 16 Hoi ’ers of rec. Nov. la Freeport Texas Co. (guar.)...............
Texas Electric Ry., 2d p-ef. {guar.) .
SI
Nov. 2P Holders of rec. Nov. 14a
Nov. 1
Union S.reet Ry., New Bedford (quar.) XX Nov. 1 Hoi lers of rcc. Sept. 30a G a l r ( R o b e r t ) C o . , p r e fe r re d ( q u a r .)
XX Nov. 1 Oct. 25 to Oct. 31
Hoi iors of roc. Oct. 16a G e n e r a l C h e m ic a l , c o m m o n ( q u a r .) ” " 2
West I-enn Tower Co., pref. (quar.)__
Dec. l Holders of rec. Nov. 20a
x x Vov. 1 Holders of rec.
G e n e r a l C i g a r , I n c ., c o m . ( q u a r .) .
West Penn Trac. & W. P., pref. (quar.)I XX Nov. 16 Holders of rec. Oct. 21
1H Nov. 1 Holders of rec. Oct. 24a
Nov. 1
Ge eral Cigar, Inc., pref. (guar.) .. .II
XX Dec. 1 Holders of rec. Nov. 24a
Debe lure preferred (guar.) . . .
Ranks.
XX Ian. 2 Holders of rec. Dec. 24a
n a
o
r p ., c o
American Exchange National________
3
:Nov. 1 Holders of rec. Oct. 7a
Nov. 1 Holders of rec. Oct. 24a G eP re rfelr rM d t o(rqsu C o .) ______m .. . ( q u a r )
e
e
ar
.
Bowery Bank of New York (quar.) _
3
XX 1
Nov. 1 Holders of rec. Oct. 7a
lov. 1 Oct. 28 to Oct. 31
D e b e n t u r e s to c k ( q u a r )
Extra ............................ .......
3
Mov. 1 Holders of rec. Oct. 7a
1H 1
lov. 1 Oct. 28 to Oct. 31
G ille tte S a fe ty R a z o r ( q u a r .j l l l l ! !
Chemical National (bi-monthly)______
Oec. 1
2H 1
3X Nov. 1 Oct. 26 to Oct. 31
• of res. Oct. 31
s
G o o d ric h ( B . F . ) C o ., c o m m o n (q u a r ) " '
City, National.......... .......................
1
I
?eb. if.
lov. 1 Oct. 25 to Oct. 31
• of rec. Feb. 5
s
G o o d ric h ( B . F . ) C o ., c o m . (q u a r )
Commonwealth..........................
1
1
Ceb. if
5
Nov. 1 Oct. 22 to Oct. 31
■ of rec. Feb. 5a
s
P r e f e r r e d ( q u a r .) _______ _______
Corn Exchange (quar.)............ 1.1II'""
5
XX J
fan. 1
Nov. 1 Holders ol rec. Oct. 31a G r a n t M o t o r C a r C o r p o r a t i o n , c o m m o n
• of rec. Dec. 21a
s
Lincoln National (quar.)_________
X 1
<ov. 1
2X Nov. 1 Holders of rec. Oct. 29a
P r e f e r r e d ( q u a r .) ....................
'
Pacific (quar.)..........................
XX Idov. I
SI
Nov. 1 Oct. 21 to Oct. 31
G re a t N o rth e rn Pape r
..............................
Extra____ _______ _________
1H r*ov. 1
SI
Nov. 1 Oct. 21 to Oct. 31
H a r t , S c h a ffn e r & M a r x . c o m ." ( 'q u a V ) " "
Westchester Ave. (quar.)........... IIIIII
i
jlov. 29
2
Nov. 1 Holders of ree. Oct. 31
Hercules Petroleum, Class A (monthly) "
♦10c. j lov. 15 •
{Hercules Pouder, preferred (guar.)
Trust Companies.
XX blov. 15 :
to Nov. 15
H o l l y S u g a r C o r p o r a t i o n , p r e f . ( q u a r .) '
Farmers’ Loan & Trust (quar.)___
x x blov. 1
5
Nov. 1 Holders of rec. Oct. 2D . H o u g h t o n Co. E l e c . L i g h t , c o m
a
Hamilton, Brooklyn (quar.)
62 X blov. 1
3
Nov. 1 Holders of rec. Oct. 23a • P r e f e r r e d _______
18
Extra...........................
'
75c. >lov. 1
2
Nov. 1 Holders of roe. Oct. 2n ■ a h - P o w e r , o - p W - V , i 7 , y a7 ) .......................
o
18

Canadian Bank Clearings.—The clearings for the week
ending Oct. 30 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
41.0%.

II11111

DIVIDENDS.
The following shows all the dividends announced for the
futuro by large or important corporations:




I

H"

Ill "

THE

1678
N a m e o f C om pany.

Per
Cent.

W hen
Payable

Books Closed.
D ays Inclu sive.

M i s c e l l a n e o u s (Co' ti ued) —
O c t . 31
N o v . 1 0 ;t . 21
to
1 .4
I llin o is N o r t h e r n U t i l i t i e s , p r e f . ( q u a r .)
N o v . 15 H o ld e r s o f r e c . O c t . 3 1
Ill u m in a t i n g & P o w e r S e c u r s ., p r e f . ( q u .)
IH
O c t . 31
to
o c . N o v . 1 O c t . 23
Irutiahom a Reft ,i g (m onthly) - - - N o v . 15 H o ld e r s o f re c . O c t . 23
2
I n d ia n a P i p e L i n e ( q u a r . ) ..................................
D e c . 1 H o l l e r s o f re c . N o v . 1 0
*2
I n ’and Siet ( ar.) --------------------------------D e c . 1 H o ld e r s o f r e c . N o v . 10 a
1 tem a tio ra i Harvester, pref. (quar.) .
N o v . 1 f l o l le rs o f re c . O c t . 18 a
5
I n t e r n a t . M e r c a n t i le M a r i n e , p r e f -------N o v . 1 H o ld e r s o i re c . O c t . 16 a
14
I n t e r n a l . N i c k e l , p r e f . ( q u a r .) -------------N o v 15 H o ld e r s o f rec O c t 3 1
2
K a m i n i s t i q u i a P o w e r ( q u a r .) ...........................
N o v . 1 H i d le rs o f re c . O c t . 15 a
K a n sa s City Stock Y ards, com . ( q u a r . ) . ..
14
N o v . 1 H 1 le rs o f re c . O c t . 15 a
14
Preferred (q u a r .)..................— .................................
N o v . 1 H o ld e r s o f r e c . O c t . 2 0
K a y s e r (J u lia s ) A C o ., 1 s t & 2 1 p f . ( q u .)
14
N o v . 1 H o ld e r s o f r e c . O c t . 1 8 a
K e l l y - S p r i n k f l ‘ Id T i r o , c o m . ( q u a r .) ------- S I
N o v . 1 H o ld e r s o f r e c . O c t . 1 8 a
C o m m o n ( p a y a b le in c o m m o n s t > c k )._ 7 5 c .
N o v . 15 H o ld e r s o f re c . N o v . l a
2
P r e fe r r e d (q u a r . ) -------------------------------------N o v . 1 H o ld e r s o f re c . O c t . 2 1 a
K e ls e y W h e e l, I n c ., p r e f . ( q u a r .) -----------14
N o v . 1 H o l l e r s o f re c . O c t . 2 3 a
K eg s to e W alchcase (q u a r .)------------------------14
N o v . 1 H o ld e r s o f r e c . O c t . 20 a
1
K r e s s ( 8 . H . ) A C o ., c o m m o n ( q i a r . ) . - .
N o v . 29 H o ld e r s o f re c . O c t . 3 1 a
$1
L e h i g h C o a l A N a v i g a 'l o n ( q u a r .) ...................
D e c . 1 H dd e rs o f re c . N o v . 1 7
*3
L iyge'l <1- M y r s Tobacco, com . (q u a r .). . .
t l o l le rs o f re c . O c t . 3 1 a
N o v . 11
L i n : L oco.n tU u I P k s, In c . pref. (q u ar.)
14
N o v . 1 I I 1 le rs o f re c . O c t . 20
24
L o w e l l E le c t r ic L i g h t ( .q u a r .) --------------------15c N > v . i H 1 ’ e -s >f re c . O c t . 2 7 a
A f a ufactured Rubber, p e.'er e l (q u ir .) .
N o v . 1 H o ld e r s o f re c . O c t . 15
M a s s a c h u s e t t s G a s C o s .c o m . ( q u a r .) . .
14
N o v . 33
to
D e c . 1 N o v . 16
2
M a s a c h u s o t s G is C < m p a n le s , p r e f ------2 5 c . N o v . 15 H o ld e r s o f re c . O c t . 3 1 a
M e r i t t O i l ( N >. 1) ( q u a r .) .......................
N o v . 15 H o ld e r s o f re c . N o v . l a
50c.
M i .m i C o p p e r ( q u a r . ) . .............................. 1 5 c . N o . ' . ! H o ld e r s o l r e t . O c t . 16
M i f d g a n D r o p f o r g e , c >m . ( m o n t h l y ) . .
M ic h ig a n S ta m p in g ( m o n t h l y ) .............................. 1 2 4 c . N o v . 1 H o ld e r s o f re c . O c t . 1 5 .
19 c N o v . 1 H o i le rs o f re c . O c t .. 2 0 a
M i d d l e S ta te s O i l C o r p . ( r a t h l y .) ....................
13c D e c . 1 H o i le rs o f re c . N j v . 2 0 a
M o n t h l y ____________________________
1 H o l l e r s o f re c . D e c . 20 a
18 c U n .
M o n t h l y ____________________ _______
N o v . 1 H o ld e r s o f re c . O c t . 15 a
M i d v a l e S te e l A O r d n a n c e ( q u a r .) .................... $1
N o v . 1 I I >lders o f re c . O c t . 15
SI
M i d w e s t R e f in in g ( q u a r . ) . . . --------50c N o v . 1 H . d le rs o f re c . O c t . 15
E x t r a __________________________
N o v . 1 H o ld e r s o f r e c . O c t . 1 1
St
M o h a w k M i n i n g ( q u a r .) ..............................
N o v . 15 H d d e rs o f re c . O c t . 3 1
2
M o n tr e a l L i g h t , H e it & P o w e r ( q u a r .) ..
7 5 c . N o v . 1 H H e r e f re c . O c t . 2 ia
M u l l i n s B o d y C o r p . . c o m . ( N >. 1 ) .
N o v . 1 H o ld e r s o f r e c . O c t . 2 a
2
P r e f e r r e d ( N o . 1 ) ------------ --------------N o v . 1 H o i le rs o f re c . O c t . 2 8 a
M u n i c i p a l S e r v ic e , p re fe rre d ( q u a r .) ------14
N o v . 1 H o ld e r s o f re c . O c t . 2 0
14
N a s h M o t o r s , p r e f . ( q u a r . ) ...................
OCC. 1 H o i lo re o f re c . N o v . 1 5 a
75 c.
N a t i o n a l A c m e ( q u a r .) -------------------------------f i n . 15 H o i le ts o f re c . D e c . 30 a
14
N a t i o n a l B i s c u i t , c o m . ( q u a r .) ...........................
N o v . 2P H o i le rs o f re c . N i v . 15 a
14
P r e fe r r e d ( q u a r .) -------------- ------------Nov
1 H o ld e r s o f rec O c t 15
34
N a t i o n a l B r e w e r ie s , p r e le r r e 1---------N o v . 1 H o i le rs o f re c . O c t 2 1 a
N a t i o n a l C , r b . n , c o a m o n ( q u a r .) ................ S I
N o v . 1 H d lo re o f r e c . O c t . 2 1 a
2
P r e f e r r e d ( q u a r . ) . ...........................................................
)e c . 15 H d le rs o f re c . N > v. 2 1 a
14
N a t i o n a l L e a d . p r e f . ( q u a r .) ..................................
Nov. 2
t>
20 c . N v . 1 O c t . 2 »
N e w Ce .tral C oa l-------------------------------------- - N o v . 1 H o i 'e re >f re c . O c t . 1 6 a
N e w E ngland Com pany, fir s t p r e f e r r e i . . .
24
H o ld e r s o f r e c . O c t . 3 1 a
N o v . 1(
4
N e w J e r s e y Z i n c ( q u a r .) ................— .....................
N o v . I f ■ H 'd te rs o f re c . N o v . 8
N e w York S hip^ui'.dl’ g (q u a r .).............................. * $ 1
ICC.
1 * H o l le rs o f re c . N > v. 15
Ohio C ities Gas. com m o i (q u a r .).......................... *5 1
N o v . 15 H o ld e r s o f r e c . O c t . 3 1
O n t a r i o S te e l P r o d u c t s , p r e f . ( q u a r .) ------14
H o i le rs o f re c . O c t . 3 1
N o v . If
h4
P r e f . (a c c o u n t a c e u m . d i v i d e n d s .) ------N o v . 1 H o ld e r s o f r e c . O c t . 2 4 a
1
P a c if i c C o a s t C o . , c o m . ( q u a r .) ...................
N o v . 1 H o ld e r s o f re c . O e t . 2 4 a
14
F i r s t p r e f e r r e i ( q u a r .) ------------------ ---------N o v . 1 H o ld e r s o f r e c . O c t . 2 4 a
1
S ec n d p r e f e r r e i ( q u a r . ) - —
- --­
N o v . 15 H o ld e r s o f r e c . O c t . 15
2
P a c ific D e v e l o p m e n t C o r p . ( q u a r .) ...............
N o v . 1 H o i le rs o f re c . O c t . 2 2
P a c if ic P o w e r A L i g h t , p r e f . ( q u a r .) -------14
fa n .
2 H o i ere o f r e c . D e c . l a
Pe e rle s s T r u c k & M o t o r C o r p . ( N o . 1 ) - 14
fm .
? H i l ie rs o f r e c . D e c . l a
1
E x t r a ................................................................................
N o v . 15 H o l d e r s o f rec . N o v . 5
14
P e n m a n s , L t d . , c o m m o n ( q u a r .) ..
N o v . 1 H o l d e r s o f rec . O c t . 2 1
14
P r e f e r r e d ( q u a r .) ______________
♦25c N i v . 1( ♦ H o ld e r s o f rce . O c t . 3 1
P ennock Oil________________________
N o v . 10 H o ld e r s o f rec . N > v . 6a
SI
P e n n s y lv a n ia C o a l A C o k e ( q u a r .)
N o v . 1 * H o l 'e r s o f rec . O c t . 2 7
♦ 14
P h llllp s - J o n e s C o r p . , p r e f . ( q u a r .)
N o v . 15 H o ld e r s o f rec O c t . 3 1 a
24
Pittsburgh OH <1- Gas (q u a r .).......................
D e c . 31
P i t t s b u r g h P l a t e G l a s s , c o m m o n ( q u a r .) ♦2
*5
(z)
C o m m o n ( e x t r a ) ------------------------------------D e c . 1 H o ld e r s o f r e c . N o v . 15
14
Pittsburgh Steel, preferred (q u a r .)-----------N o v . 1 H o ld e r s o f r e c . O c t . 2 3 a
14
P i t v s f r d P o w e r , p r e fe r re d ( q u a r .) ................
N o v . 1 H o ld e r s o f r e c . O c t . 22
P o r tla n d G a s & C o k e . p re f. ( q u a r .) . ..
14
H o i le rs o f r e c . N o v . 1 2 a
)e c . ‘
2
P r e s s e d S te e l C a r , c o m m o n ( q u a r .) ------N o v . 25 H o ld e r s o f r e c . N o v . 5a
P r e f e r r e d ( q u a r .) ..............................................................
14
N o v . 15 H o ld e r s o f r e c . O c t . 25 a
5
Procter <k Gamble, com m on (q u a r .)-----------P r o d u c e r s A R e f in e r s C o r p . , p f . ( q u . ) . * 1 7 4 ' N > v . :► ♦ H o ld e r s o f r e c . O c t . 20
to
O c t . 31
N o v . ) O c t . 16
14
P u b l i c S e r v . o f N o I l l i n o i s , c o m ( q u .)
to
O c t . 31
N o v . 1 O c t . 16
14
P r e f e r r e d ( q u a r .) -------------------------------to
N o v . 12
N o v . 15 N o v . 1
2
P u l l m a n C o m p a n y ( q u a r . ) . . .......................
to
O c t . 31
25 c N o v . 1 O c t . 2 2
P y r e n e M f g . ( q u a r .) ................................................
N o v . 29 H o ld e r s o f r e c . N o v . l a
14
Q u a k e r O a t s , p r e fe r re d ( q u a r . ) . . - - .
N o v . 1 H o ld e r s o l r c c . O c t . 15 a
14
R e p u b li c I r o n & S te e l , c o m . ( q u a r .) .
N o v . 1 H o ld e r s o f r e c . O c t . 15
2
R e p u b li c O i l * R e f i n i n g . E x t r a ------D e c . 31 H d d e rs o f r c c . D e c . 2 4 a
14
R i o r d a n P u l p A P a p e r , p r e f . ( q u a r .) ------N o v . 15 H o ld e r s o f r e c . N o v . 1 0 a
24
C o m m o n ( q u a r .) ----------------------------------------to
O c t. 31
N o v . 1 O c t . 16
14
R u s s e ll M o t o r C a r , c o m . A p r e f .......................
N o v . 1 H o i le rs o f r c c . O c t . 18
S t . L a w r e n c e F l o u r M i l l s , c o m . ( q u a r .)
i 4
N ‘ V . 1 T lo l 'e v s o f r e c . O c t . 18
1
C o m m o n ( b o n u s ) --------------------------------------N > v. 1 H o i levs o f r c c . O c t . 1 7
14
P r e f e r r e d ( q u a r .) -------------------------------------N o v . 1 H o i lore o f r e c . O c t . 2 5 a
S a n t a C e c ilia S u g a r , c o m . ( q u a r . ) ( N o . 1)
14
N ) V . 1 H o id o r s o f r e c . O c t . 25 a
P r e fe r r e d ( q u a r . ) . . ....................... -------------------14
to
Nov. 2
S a p u l p a R e f in in g ( q u a r .) --------------------------1 2 4 c N o v . 1 O c t . 22
D e e . 15 H o ld e r s o f r e c . N o v . 30
S araic A rm s C orporation, com . (q u ar.) —
14
J i n . 15 H o ld e r s o f r e c . N o v . 3 )
5
Com m on (extra )_______________________
D e c . 15 H o l d e r s o f r e c . N o v . 33
14
F irst preferred (q u a r .)....................................................
D e c . 15 H o ld e r s o f r e c . N o v . 33
14
Second preferred (q u a r .)............................................
H o ld e r s o f t e c . O c t .. 15
Nov. 1
14
S i v a n - i a h S u g a r , p r e f . ( q u a r .) -----------------N o v . 15 H o i le rs o f r e c . O c t . 3 1 a
2
S e a r s , R o e b u c k A C o . , c o m . ( q u a r .) -------Nov
1 l i d to rs o f r e c . O c t . l . a
14
S u r r a P a c if ic E l e c t r i c C o . ( q u a r .) -----------N o v . 15 H o ld e r s o f r e c . N > v. 8a
2
Silversmiths C o., com m on --------------------------N o v . lfo H i l l e r s o f r e c . N o v . 8a
14
Preferred ( q u a r . ) . -------------- . - - —
N o V . 10 H o l l e r s o f r e c . O c t . 3 1 a
14
S I 033 S h e ffie ld S te e l & I r o n , c o m . ( q u a r .)
N o v . 15 H o ld e r s o l r e c . N o v . l a
Smith ( A . O.) C orporation, p ref. ( q u a r .)..
14
N o v . 15 H o ld e r s o f r e c . O c t . 3 1
Southern C alifornia E dison, com . (quar.)
14
N o v . 29 H o ld e r s o f r e c . N o v . 18 a
2
S t a n d a r d M i l l i n g , c o m . ( q u a r .) ................—
N o v . 29 H o i le rs o f r e c . N o v . 18 a
14
P r e f e r r e d ( q u a r .) ____________________
N o v . 10 H o ld e r s o f r e c . O c . 30
2
Standard Sanitary M f g ., com . (q u a r.)------N o v . 10 H o l d e r s o f r e c . O c t . 30
2
C om m on (extra )......................................................................
H o lle rs o f re c. O c t . 3 )
Nov. 1
14
Preferred (q u a r .)_______________
H d c r j o f r e c . O c t . 15 a
1 5 c . V, . 3
Slar-T ez Petroleum (m mi Mj).........
N o v . 1 H o ld e r s o f r e c . O c t . 10
S te e l C o . o l C a n a d a . L t d . , o r d in a r y ( q u .)
14
N o v . 1 H o ld e r s o f r e c . O c t . 10
14
P r e fe r e n c e ( q u i r .) -----------------------------N o v . 1 H o ld e r s o f r e c . O c t . 15 a
2
S t e w a r t M m u f a c t u r l n g , p r e f . ( q u a r .)
t/>
N o v . 14
N o v . 15 O c t . 3 1
3
S t e w a r t - W a r n e r S p e e d o m e te r ( q u a r . ) . . .
N o v . 1 H o i !e"S o f r c c . O c t . 15 a
S u p e r io r S te e l, c o m m o n ( q u a r .) ---------------4
•{ l 'c .s o f r o c . N o v . l a
2
n -v r
F i r s t p r e fe r re d ( q u a r ) ------------------------>t
to
O c t . 31
T i y l o r - W 1 rt->n Tr m A S e r ; f . < ■
14
N v . 1 I I 1 e 's o f r e c . O c t . 2 1
T e x a s P o w e r r i L : g i t . p re fe r e d ( ju r . ‘ .
2 c . N o v . 1 H o ld e r s o f r e c . S e p t . 2 5
Tezas-Ranger P rod. A R ef.(m th ly.) (N o . 6 ;
2c.
N o v . 5 H o l le is o l r e c . O c t . 2 5
M onthly (N o . 7 ) ................................................ - .................
N o v . 15 H o i le rs o f r e c . O c t . 3 1
T o b a c c o P r o d u c ts C o r p . , c o m . ( q u a r . ) . .
14
3c.
N o v . 10 H o ld e r s o f r e c . O c t . 2 0 a
T r i n i t y O i l C o r p . ( q u a r .) --------------------------U n i t e d D r u g , 1 s t p r e f . ( q u a r . ) . . ....................... 8 7 4 c N o v . 1 T I d le rs o f r e c . O c t . 15 a
N o v . 1 H 1 le rs o f r e o . O c t . 20 a
U n i t e d E le c t r ic S e c u ritie s , p r e fe r r e d ____
34
1 4 c D e c . 1 H 1 ie rs o f r e c . N o v . 10 a
U n i t e d P r o f i t S h a r i n g __________________
3 4 c D e c . 1 H o l l e r s o f r e c . N o v . 10 a
E x t r a ..................................................................................................
3a
5 Jc N o v . 1 H o ld e r s o f r e c . O c t .
U n i t e d Vre rd e E x t e n s i o n M i n i n g ( q u a r .) .
Ia n .
1 ► Holders o i r e c . D e c . 2 1
U ■ S. Playing Card (q u a r .)............................................ *3
Ja n .
1 ► Holders o f r e c . D e c . 2 1
*5
E xtra ----------------------- -------------------------------- —
Dec. 2
Dec. 3
V . S. Steel C orp., com . ( q u v . ) __________
14
4
to
Nov. 5
Preferred (q u a r .)_____________________
1 4 N o v. 29 N o v
N o v . 1 H o l l e r s o f r e c . O c t . 28
V a iled W ire A Supply, p -e f. (q u a r .)------14
N o v . 1 H o i le rs o f r o c . O c t . 23
S enior p eferred (q u a r .)............................................
14
*3
N i v . 2 ’ ► Holders o f r e c . N > v. 1
V a c u u m O i l . . ................................................................................
1
N o v . 1 H o l l e r s o f r e c . O c t . 15 a
V a . - C a r o l i n a C h e m ic a l , c o m . ( q u a r .) —
to
N o v . 16
30c N ov. 15 N o v . 1
W a r w i c k I r o n & S te e l------- -------------------------N o v . 1 H o ld e r s o f r e c . O c t . 15
W e b e r A H e i l b r o n e r , c o m . ( N o . 1 ) ................ 5 0 c .
Dec.
1 H o lle r s o f re c . N o v . 1 5 1
B 'r s f India Sugar F t .a -ce C orp ., com . .
14
| O e c . 1 I I 1 le rs o f r e c . N i v . 15 a
2
P refer red ------- ---- - - - .......................... ..................
1 4 I D e c . 1 H o l le rs o f r e c . N o v . 15
W h ite ( J . G .) A C o.. I n c ,, rrref. (q'utr, ) .




[Y ol . 109.

C H R O N IC L E
Per
Cent.

N a m e o f C om pany.
M i s c e l l a n e o u s (Concluded) .
W hite (J . G .) E ngineering C orp ., pref.(qu.)
W hite (J . G .) M a nagem ent C orp ., p f. (qu.)
W i l l y s - O v e r l a n d , c o m m o n ( q u a r .) -----------W ils o n A C o . , I n c . , c o m m o n ( q u a r .) ------W i r e W h e e l C o r p . . p r e f . ( m o n t h l y ) -------W o o lw o rth ( F . W .) C o ., c o m . ( q u a r .) ..
Y ale A T o ia e M f g ., s p e c ia l .. .............................

14
14
25c.
14
1
2
5

Books Closed.
D ays In clu siv e.

When.
Payable.

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

Dec. 1
Dec. 1
Nov. 1
Nov. 1
N o v . 10
Dec. 1
N o v . 15

of
of
of
of
of
of
of

rec . N o v .
re c. N o v .
re c. O c t .
re c . O c t .
re c . N o v .
re c. N o v .
re c. N o v .

15
15
20a
2 1a
1
10 a
7

* F r o m u n o ffic ia l s o u rc e s , t D e c la r e d s u b je c t t o th e a p p r o v a l o f D i r e c t o r - G e n e r a l
o f R a ilr o a d s ,
t T h e N e w Y o r k S t o c k E x c h a n g e h a s r u le d t h a t s to c k w ill n o t b e
q u o t e d e x - d iv id e n d o n th is d a t e a n d n o t u n t i l f u r t h e r n o t ic e .
a T r a n s f e r b o o k s n o t closed f o r th is d i v i d e n d , b L e s s B r i t i s h In c o m e t a x . d C o r ­
/ a au e m com on
g P
I
r e c t io n . e P a y a b le In s t o c k ., i Pi- ayya b lie i n r o u i m u u s t o c k , i/ » a y a b le “ n* s c r i p .
in s l o c k
h O n a c c o u n t o f a c c u m u la te d d iv id e n d s , i P a y a b le in L i b e r t y L o a n b o n d s . I R e d
C ro s s d iv id e n d .
m P a y a b le in U . S . L i b e r t y L o a n l ' A % b o n d s .
x P a y a b le
M a rc h 1 19 2 0 .
-

Statem ent of New York City Clearing House Banks
and Trust Companies.— The following detailed statement
shows the condition of the New York City (Tearing House
members for the week ending Oct. 25. The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
N EW

YO R K

C L E A R IN G
H O U S E
M EM B ER S
( .0 0 0 omUled.)
W e e k e n d in g
O c t . 25 1 9 1 9 .

W E E K LY

F r a n k lin T r u s t .
L in c o l n T r u s t . .
M e t r o p o l it a n T r
N a s s a u N , B k ln
Irv in g T r u s t C
Fa rm Lo a n A T r
C o lu m b ia B a n k .

1 A verage. Average Average

1 .0 0 0
1 ,0 0 0
1 ,0 0 0

3 ,0 0 a
5, J00
1 ,0 0 0

$

5 5 ,8 0 9
8 3 ,5 9 4
3 8 ,9 1 2
1 6 2 ,2 2 6
3 5 ,0 0 9
5 6 8 ,5 7 5
9 7 ,0 6 4
2 0 ,5 4 1
5 .0 S 4
1 2 7 ,0 0 1
3 9 1 ,2 2 4
2 2 ,5 0 1
1 3 1 ,5 9 7
1 4 2 ,1 0 4
4 4 ,5 6 8
4 5 ,8 3 5
1 6 5 ,2 7 1
4 3 ,6 4 2
2 1 1 .S IS
1 0 ,2 2 6
2 2 ,1 0 4
3 5 1 ,1 2 5
1 2 7 ,4 1 2
1 2 .7 5 1
8 ,1 5 2
3 9 8 ,5 2 3
2 1 ,9 4 5
8 ,7 6 3
9 ,0 3 0
1 7 ,7 6 6
1 3 ,6 9 1
1 0 ,4 7 1
5 4 ,3 2 6
1 0 1 .1 3 2
2 7 ,2 1 .)
1 7 ,8 4 7
4 1 ,9 4 8
3 0 9 ,4 4 3
6 4 ,7 0 8
5 9 5 ,4 4 6
1 4 ,3 5 0
9 4 ,8 9 3
3 1 ,4 2 7
9 2 ,4 0 8
2 7 ,4 4 4
2 2 ,7 3 0
4 7 ,7 7 8
1 0 ,5 7 5
0 1 ,3 7 1
1 3 2 ,2 3 3
2 0 ,2 1 6

O c t . 25 5 ,1 5 5 ,5 2 2
O c t . 18 5 ,1 9 6 ,8 8 9
O c t . 1 1 5 ,2 5 7 ,8 9 9
O c t . 4 5 ,2 1 9 ,2 1 8

co
eo
ex
co

a c tu a l
a c tu a l
a c tu a l
a c tu a l

$

5 ,9 3 7
43 2
2 ,0 0 5 1 2 ,2 4 2
661
3 ,1 7 3
9 ,8 0 1 1 9 ,4 9 4
1 ,0 5 0
4 ,0 3 5
1 4 ,7 2 4 7 6 ,4 3 5
1 ,7 1 1
8 ,6 3 7
433
2 ,1 1 9
126
72 1
1 ,5 6 3 1 2 ,8 5 7
3 ,0 3 0 3 6 ,9 0 9
1 ,4 4 3
3 ,4 3 6
5 ,7 3 0 1 5 ,0 1 1
3 ,2 5 6 1 9 ,1 7 3
5 ,9 6 4
1 ,1 1 7
5 .7 2 9
2 ,2 2 2
5 ,9 9 2 2 0 ,6 0 6
3 ,3 1 6
686
1 7 i O 2 2 ,0 1 8
419
1 ,3 6 9
984
2 ,0 8 7
1 ,1 6 3 2 3 ,5 0 2
3 ,9 8 1 1 7 ,1 0 7
1 ,8 3 0
9 12
1 ,5 3 7
15 2
7 ,0 6 4 4 7 ,8 2 4
2 ,9 7 6
1 ,2 2 9
1 ,1 2 3
3 17
1 ,3 1 1
449
2 ,3 8 5
1 ,2 6 9
1 ,9 4 3
435
1 ,3 7 7
349
7 ,1 3 6
1 ,0 4 0
532 n , 3 7 >
831
2 ,2 6 3
2 ,7 6 6
590
4 ,0 9 1
830
1 ,2 1 2 3 2 ,7 8 4
0 42
6 ,7 6 6
3 ,6 2 5 0 2 ,0 2 7
365
1 ,5 6 0
1 ,1 4 6
9 ,7 7 3
1 ,1 5 4
3 ,1 2 1
439
8 ,8 4 3
2 .7 0 1
699
489
3 ,2 )9
6 19
4 ,3 9 1
365
1 ,2 3 4
2 ,2 9 2
8 ,8 4 2
4 .2 7 7 1 4 ,5 2 3
2 ,4 9 4
70 9

Nat'l
Bank
T im e
C ircu­
D e­
p osits. lation

Average.

I

Average
$
$
3 ,0 9 4
3 7 ,7 8 6
78!
8 9 .2 2 9
1,5 3 8 !
2 4 ,9 2 8
3 ,8 5 5
1 4 9 ,6 8 9
2 7 ,3 9 5
*6 0 8 ,5 6 7 1 3 1 ,2 8 3 .
0 3 ,0 5 1
7 ,5 1 1 |
1 5 ,2 3 9
531
4 , 1 5 ) ....................1
9 4 ,6 3 7 , 5 ,7 4 2 ,
2 7 8 ,9 2 2
5 ,0 3 1
2 1 ,3 9 2
50
1 0 0 ,8 6 7 1 0 ,6 4 2
1 3 0 ,0 6 9 | ....................
4 75
3 6 ,1 9 1
4
3 8 ,0 1 6
5 ,0 4 8
1 5 1 ,9 4 2
1 ,1 5 0
2 4 ,6 6 3
3 ,7 3 8
1 6 6 ,7 2 7
45 3
1 0 ,4 3 0
18 ,2 6 0
9 ,7 7 7
19 3 ,9 6 5
3 ,7 3 7
1 1 8 ,9 8 5
5 20
1 3 ,0 5 9
7 ,1 3 2
3 0 7 ,2 3 4 2 5 .4 2 3
1 9 ,8 4 1
7 ,8 6 2
9 ,0 4 5
15
1 7 ,6 3 9
49
1 2 ,8 5 3
397
9 ,9 6 9
500
5 1 ,0 2 6
7 5 ,9 1 2 1 0 ,0 3 6
1 ,5 4 2
1 4 ,6 1 0
4 11
1 9 ,0 3 7
6 ,6 5 4
2 7 ,0 7 6
2 4 4 ,2 0 6 1 3 ,7 9 2
6 ,5 3 5
4 9 ,3 9 3
* 5 1 6 ,2 2 5 6 5 ,1 3 6
45 2
1 0 ,7 9 4
6 ,8 5 0
7 6 ,2 8 3
2 ,0 4 8
2 9 ,0 9 4
2 ,3 6 4
6 4 ,4 3 3
1 ,8 5 9
1 9 ,8 1 2
1 ,2 1 6
2 0 ,8 9 8
1 ,2 8 7
3 3 ,0 1 9
881
1 1 ,8 7 2
1 ,2 4 5
6 5 ,3 3 1
7 ,7 0 7
* 1 4 2 ,0 7 0
436
1 8 ,6 5 2

Avg*.

$

773
1 ,8 0 9
1 ,1 1 7
1 ,4 2 5
433
13 6
295
4 ,6 8 1
3 ,7 9 2
100
988
51
4 ,8 7 6
49
642
8 ,0 7 3
1 ,7 0 5
19 7
1,100

2 19
396
249
07
1 ,9 5 2
4 15
397

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

mb ers o f Federal Rc serve Ba
1 ,6 7 4
2 ,3 6 0
1 7 ,7 1 J
836
666
8 ,3 3 8
1 ,3 2 8
2 5 ,7 1 2
2 ,9 2 0
3 ,5 1 3
1 ,2 0 1
6 0 ,1 8 6

2 5 1 ,9 4 1
2 5 2 ,1 1 9
2 5 1 ,1 4 9
2 4 0 ,1 4 1

5 7 1 ,5 1 3
5 8 5 ,7 5 4
5 7 1 ,7 1 3
5 7 6 ,4 0 8

3 6 ,2 6 1
3 5 ,0 0 0
3 5 ,6 0 0
3 6 ,0 5 2

nk
1 ,2 0 7
3 11
2 ,1 9 4
2 ,7 3 4

71
2 2 ,0 4 9

5.040

10 8 ,9 4 6

9 ,4 5 9

0 ,4 1 9

8 5 ,1 8 5

22,120

10 8 ,5 4 8
1 0 7 ,9 ) 9
1 0 7 ,7 1 4
19 6 ,2 6 3

9 ,2 6 3
9 ,3 3 :
9 ,1 4 7
8 ,8 3 6

,6 4 2
,2 0 9
,8 2 3
.1 9 2

8 5 ,0 1 1
8 5 ,0 1 6
8 3 ,9 4 3
8 4 ,0 4 5

22,210
2 1 ,7 5 7
2 1 ,4 1 9
2 0 ,9 8 1

ol M e n , b ers o f F ederal Res
4 2 ,8 7 9
1 ,0 1 3
1 2 ,8 2 5
2 5 ,0 0 4
837
5 ,5 2 9

Bn
,2 2 9
,6 6 7

2 8 ,0 1 1
16 ,3 5 0

869
4 11

T ru s t Com pan
T itle G u a r A T r
La w ye rs T A T r
A v e r a g e ................
a c tu a l
a c tu a l
a c tu a l
a c tu a l

R ET U R N S .

co a Jit lo n O c t . 25
O c t . 18
co
c o 11 J[t [o n O c t . 11
O c t. 4
co

A v e r a g e ................

T o ta ls ,
T o ta ls ,
T o ta ls ,
T o ta ls ,

3 ,4 1 3
2 ,0 7 4
8 ,6 2 7
8 ,3 7 8
2 0 ,9 7 8
633
4 ,2 6 8
3 3 ,3 9 5
7 ,8 4 5
432
692
2 9 ,4 7 9
2 ,3 1 6
926
79 4
2 ,1 2 8
1 ,4 0 5
448
4 ,2 4 8
/ 6 .7 J 1
1 ,5 1 1
1 ,3 8 9
2 ,6 3 4
1 8 ,7 8 6
4 ,8 0 8
2 9 ,6 3 7
1 ,3 4 8
7 ,2 6 2
1 ,6 2 8
1 1 ,1 2 9
1 ,3 5 0
78 3
4 ,4 6 0
1 ,2 5 8
1 ,5 7 1
1 1 ,9 3 x
853

2,000

S ta te B a n k s .
G r e e n w ic h B a n k
B o w e r y B a n k ..
N Y Pro d E x c h .
S t a t c B a n k -------

T o ta ls ,
T o ta ls ,
T o ta ls ,
T o ta ls ,

$

6 ,0 9 9
7 ,9 8 2
3 ,2 7 9
1 3 ,0 2 7
7 ,1 4 1
5 5 ,3 4 5
1 0 ,0 5 9
1 ,0 6 8
122
6 ,9 4 3
2 7 ,8 9 9
1 ,1 7 4
6 ,9 5 1

13 9 ,6 0 o 3 9 9 ,0 2 0 5 ,1 7 7 .8 7 4

A v e ra g e a c tu a l
a c tu il
a c tu d
a c tu il

H O U S E

R eserv e
1
Mans,
! N et
with |
N et
Capital. P ro fits. D iscou it. Lasn
Iwgo.1 | D em and
in
InvestV, ult. D ep osi- D ep osits,
N a t ’ l , S e p t . 12 m eats.
lories.
Ac.
S t a t e , S e p t . 12
r r . C o s ,S e p t .l 2

M e m b e rs o f
$
F e d . R e s . B a ik
2 ,000
B k of N Y .N B A
2.500
M a n h a tta n C o
3.000
M e rc h a n ts ’ N a i
M e e h A M e t a l s _ 6 .000
1.500
B a n k o f A m e r ic a
25.000
N a tio n a l C i t y 3.000
C h e m ic a l N a t . .
1.000
A tla n tic N a t . .
300
N a t B u tc h & D
5.000
Am er Exch Nal
N a t B k o r C o m m 25.000
500
P a c ific B a n k —
7.000
C l i a t h & P h e n ix
3.000
H a n o ve r N a t ..
2,550
C itize n s N a t —
2.000
_
M e tr o p o lita n _
4.200
C o rn Exch ang e .
1,503
Im p & T r a d N a ’
5.000
N a tio n a l P a r k ..
1,003
E a s t R iv e r N a t .
1.000
S e c o n d N a t ____
F i r s t N a t i o n a l .. 10.000
6,000
Ir v in g N a tio n a l.
1,000
N Y C o u n ty N a t
1,000
C o n t i n e n t a l ____
C h a s e N a t i o n a l . 10,000
500
Fifth Avenue..
•200
C o m m 'l E x c h . .
400
C o m m o n w e a lt h .
1,000
L in c o l n N a t ___
1,000
G a rile ld N a t —
25 3
F if t h N a tio n a l.
1,000
S e a b o a rd N a t . .
/5.00U
L ib e rty N a t —
1.500
C o a l & Iro n N a i
1,000
U n io n E x c h N a t
1.500
B r o o k ly n T r u s t .
B a n k e r s T r C o . 15.000
2,000
U S M tg e & T r .
G u a r a n t y T r C o 25.000
1,000
F id e lity T r u s t ..
5.000
C o lu m b ia T r y s t
1.200
P e o p le s T r u s t . .
3.000
N e w Y o rk Tru st

T o ta ls ,
T o ta ls ,
T o ta ls ,
T it a ls ,

C L E A R IN G

co
co
co
co

3 ,7 5 0

5 .0 0 0
4 .0 0 0

1 8 ,3 5 5

6 7 ,8 8 3

1 ,8 5 0

4 ,8 9 6

4 4 ,3 0 1

1 ,2 8 0

n li t Io n J e t . 25
n d ltlo n J e t . 18
n d ltlo n O c t . 11
n d ltlo n O c t 4

6 8 ,2 ) 7
6 7 ,6 5 9
6 7 ,4 ) 0
6 6 ,3 9 9

1.8 3 .
1 ,9 5 2
1 ,8 2 5
1 ,7 6 4

5 ,3 7 3
4 ,0 4 5
5 ,3 2 3
5 ,0 3 8

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

1 ,3 0 1
1 ,2 7 4
1 ,2 2 7
1 ,1 9 9

9 ,0 0 0

3 5 ,9 7 8
i
G r ’ d a g g . , a v g e 2 2 2 ,3 5 0 4 2 2 ,4 1 6 5 ,3 5 4 ,6 0 0 109,573 585,72 M l ,222,713 27 1.522
— 0 7 ,8 0 1 + 1 ,2 6 8 + 2 ,7 7 8
w eek
+ 1 8 ,6 0 7 — 6 0 2 + 1 9 4 .
C o m p a r is o n , p re
G r ’ d a g g r , a c t’ l c o n d ’ n O c t . 2 5 5 ,3 3 2 ,2 7 7 1 1 0 ,9 4 7 5 8 3 ,5 2 5 e l ,2 1 4 ,7 2 9 2 7 5 ,4 5 2 3 6 ,2 0 1
+ 302 + 634
+ 2 ,4 5 6
C o m p a r is o n , p r e v . w e e k ....................| — 1 0 ,1 8 0 j + 4 ,3 9 4 — 14083
G
O
G
G

r’d
r ’d
r ’d
r’d

a g g r,
a g g r.
a g g r.
a g g r.

F = -= —

a c t ’ l c o n d ’ n O c t . 1 8 |5 ,3 7 2 ,4 5 ? U ) 6 .5 5 3
a c t ’ l c o n l ’ n O c t . 1 1 5 ,4 3 3 ,0 0 3 10 9 ,0 9 8
a c t ’ l c o a d ’ u O c t . 4 5 ,3 9 1 ,8 1 7 1 0 3 .8 1 9
a c t ’ l c o n d n S e p t .2 7 5 ,2 9 7 .4 7 4 1 0 7 ,1 4 7

5 9 7 ,0 0 8 c 4 ,2 1 2 ,2 7 3 2 7 5 ,1 5 0 3 5 ,6 2 7
5 8 3 ,8 5 9 4 ,1 9 3 ,3 9 1 2 7 3 ,7 9 5 3 5 ,0 5 2
5 4 8 ,6 3 8 4 ,2 ) 9 ,0 5 4 2 6 3 ,3 2 1 [3 0 .0 5 2
5 5 0 ,3 )3 4 ,1 2 7 ,5 3 5 2 )3 .9 2 9 |3 8 .8 5 2

* In c lu d e s d e p o s its In fo r e ig n b r a n c h e s n o t in c lu d e d In t i t a l fo o t in g s , as f o llo w s :
N a t i o n a l C i t y B a n k , $ 1 0 8 ,4 2 9 ,0 0 0 ; G u a r a n y T r u s t C o , $ 5 8 ,2 6 5 ,0 0 0 : F a r m e r s ’ L o a n
A T r u s t C o , $ 3 2 ,6 0 5 ,0 0 0
B a lla n c e s c i r r i e d in b a n k s h i tu r e ig n c o u n t r i e i as r e s e r v e
f o r s u c h d e p o s its w e r e : N a t i o n a l C i t y B a n k , $ 2 5 ,4 8 3 ,0 0 0 ; G u a r a n t y T r u s t C o . ,
$ 1 3 8 3 3 ,0 0 0 ; F a r m e r s ' L o a n A T r u s t C o . , $ 5 ,8 6 5 ,0 0 0 . c D e p o s its In f o r e ig n
b r a n c h e s n o t I n c lu d e d , d U . 8 . d e p o s i t ) d e lu : t c l , $ 2 7 1 ,6 3 9 ,0 0 ) . e U . 3 . d e p o s its
d e d u c te d , $ 2 5 3 ,0 2 2 ,0 0 0 . B i lls p a y a b l e , re d is c o u n ts , a c c e p ta n c e s a n d o t h e r lia ­
b il it ie s , $ 9 2 4 ,7 8 2 ,0 0 0 , / A s o f O c t . 1 8 1 3 1 9 .

T^ov.

1 1 9 1 9 .]

T H E C H R O N IC L E

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANK8
AND TRUST COMPANIES
Averages.
Cash
Reserve
In Vault.
'Members Federal
Reserve Bank___
■
State banks*______
"Trust companies*...
Total Oct. 25........
Total Oct. 18___
Total Oct. 10___
Total Oct. 3 ..

Reserve
in
Depositaries

a
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

S
.$
S
574,375,000 574,375,000 539,645,370
9.459.000
6.440.000 15.938,000 15.333,300
1.850.000
4.896.000 6,746,000 6,654,150
11.309.000 585.720.000 597,029,000 561,632,820:
11.088.000 552.942.000 594,030,000 559,151,000|
10.833.000 575,721,000'586,554,000 557,050,350
10.881.000 567,446,009*578,327,009 555,947,570

$
34,729,630
574,700
91,850
35,300,180
34,878 400
29,593 650
22,379.430

Actual Figures.

"Members Federal
Reserve Bank___
•3tate banks4______
Trust companies*__

Reserve
in
Depositaries

Total
Reserve,

S

i
b
1 Reserve
j Required

Surplus
Reserve

s

$
$
S
571,510,000 571,510,033 538,545,440 32,964,560
6.642.000 15,935,00 3 15,3 31,93)
603,020
5.373.000 7,238,003 6,780,153 ' 427,850
Total Oct. 25___ 11,098,909 583.525.000 594,623,000
33,995,430
Total Oct. 18___ 11.282,000 507.608.000 608,890,000 560,627,570 48,598,940
560,291,063
Total Oct. 10___ 10,972,003 583.859.000 594,831,000 557,765,853' 37,065,150
Total Oct. 3 ..
10,600,030 588,638,003 590,238,003 559,632,260 39,605,740
* Not members of Federal Reserve Bank,
a This Is the reserve required on net demand deposits In the case of State banks
.and trust companies, but in the case of members of the Federal Reserve banks in­
cludes also amount of reserve required on net time deposits, which was as follows
•Oct. 25, $7,533,060; Oct. 18, $7,568,460; Oct. 11, $7,740,510: Oct. 4, $7,269,45o’
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank in•eludes also amount of reserve required on not time dep isits, which was as follows
Oct. 25, $7.558,230: Oct. 18, $7,563,570; Oct. 11, $7,534,470; Oct. 4, $7,384,230
0,263,003
1,835,003

State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
.follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by State Banking Department.
Differences from
.
, ,
i
Oct. 25.
previous week.
Loans and investments............................$803,147,600
Inc
286,900
8 Pecle........■•••••...................................
9,274,400
Dec
20,590
•Currency and bank notes___________ _________
17,904 300 Inc
244,000
Deposits with Federal Reserve Bank of New York. ~ 7o!o30,400 Dec 4,600,100
' Total deposits . . . . ................................... 852,691,200
Dec 5.629,500
Deposits, eliminating amounts due from reserve de­
positaries, and from other banks and trust com­
panies In N. Y. City, exchanges and U.S. deposits 788,617,800 Dec 2,903.100
, Reserve on deposits........................................... ..... 140,271,300 Dec 2.835,700
Percentage of reserve, 20.4%.
RESERVE.
------- State Banks-----— Trust Companies—
■Cash in vaults.................................$23,314,700 13.92%
S74.111,000 14,24%
Deposits In banks and trust cos:__ 12,954,900 7.76%
29,890,700 5.75%
T ota l..........................................$36.269.600 21.68%

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.

Week ended Oct. 25.

$

Cash
Reserve
in Vault.

1679

$104,001,700

19.99%

Oct. 25.
1919.
Capital as or June 30Surplus as or June 30.
Loans & Investments.
Specie____
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y._
Deposits__________
Reserve on deposits..
P . C. reserve to den. .

Trust Companies.

Differences from
previous week.

Oct. 25.
1919.

Differences from
previous week.

$
$
$
S
23,000,000
105,550,000
45.708.300
175,5tS,100
712,806,100 Ins. "Y ,989", 165 2,187,373,SO D ei. 24,763,300
!)
7,004,900 Inc.
133,300
12,434,600 Dec.
91,800
29.640.300 Inc.
203,200
22,275,200 Inc.
35,000
68,697,000
858,275,2)0
125,196,500
20.4%

Doc.
695,600 227,648,009 Dec. 6,052,400
Dec. 2,361,000 2,271,95S,300 Dec. 20,6 )6,900
Dec. 1,753,300 339,511,500 Dec. 5,474,500
Dec.
0.5%
17.4% Dec.
0.2%

Non-Member Banks and Trust Companies.—Followmg is tho report made to the Clearing House by clearing
non-member institutions which are not included in the
Clearing House Return” on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLE4RING
HOUSE.
______ totaled in thousands of dollars—that is, three ciphers [099 omitted.)
L
Net Loans
'Capital Profits Dis­
Reserve Net
Net
Nafl
counts Cash
trllh Demand Time Pcnk
Nat.bks.Sep.12 Invest­ in
Legal
De­
De­ Circu­
St.tebksSepl 2 ments, Vault. Deposi­ posits. posits. lation.
Tr. cos. Sep. 12 &c.
tories.

CLEARING
Week ending
Oct. 25 1919.
Members of
Fed'l Res. Bank,
Battery Park Nat
Mutual B an k ___
New Netherlands
W R Grace & Co’s

s
1,500
200

t600
500
200

400
Total-

Average Average Average Average Average .4rerage
$
$
8
S
$
S
$
1.630 17,305
167 1,914 12,919
129
174
623 11,579
172 1,555 10,601
380* _
t070 9,250
211
1,229
7,700
142
997 7.65C
21
1,166
949
6,170
728 12,145
346 1,229
7,125 5.482*____
1,382 9,091
704
845
6,095
392

3,400

State Banks
Not Members of the
Federal Reserve Bank
Bank of Wash ITU
Colonial Bank___
International Bank
North Side, Bklyn
Tot il____

6,037 67,018

1,621

7.938

50,520

100

457 2,938
1,192 13,210
259 7,203
244 5,642

339
1,406
935
435

158
1,210

558
321

2,912
14,394
7,323
5,193

355
320 .........

2,154 28,993

3,085

2,247

29,822

675

564
298

337
257

6.742
3,671

1,018
4,505

862

594

10,413

5,523

5,568 10,779 *90,755
+ 34
+ 24 + 1,161
5,534 10,755 89.594*
5.616J 9,827 86,503!
5,285! 9,701 84.763!
5,439* 10,142 85,428

13.280
+ 61

566
—4

13,219
13,036
13,000
12,957

570
583
587
590

600
500
200

_ L -e

Trust Companies
Not Members of the
Federal Reserve Bank
HamlitonTr, Bklyn
Mech Tr, Bayonne

500
200

Totil.......

1,089
435

8,595
8,188

700

Grand aggregate..

1,524 16,783

5,500
us week

9,717 112,794
+ 983

Gr’d aggr, Oct 18j
Gr’d aggr, Oct. Ill
Gr'd aggr, Oct, 4,
Gr’d aggr. Sept. 27*

5.500
5,200,
5,200|
5,200'

9,7171111,811
9,370'109,205
9,370i 107,249
8,889 106.837

7,082;

566

w *•u j/u iwuvuuvivui
• v o

payable,
Banks and Trust Companies in New York City.—The Bills of Oct. 11rediscounts, acceptances and other liabilities. 857*
t As
1919.
averages of the New York City Clearing House banks and Excess reserve, $18,280 decrease.
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of Boston Clearing House Banks.—We give below a sum­
the Clearing House, are as follows:
mary showing the totals for all the items in the Bostoa
Clearing House weekly statement for a series of weeks:
COMBINED RESULT OF BANKS AND TRUST COMPANIES IN
$8

000

8

GREATER NEW YORK.

IfMt Ended—
May
May
May
May
May
. June
June
June
June
July

3_______
10.............
17.............
23_______
31.............
7 . . .........
14_______
21.............
28_______
5.............
J u l y 12 .............
July 19.............
J u l y 26___ . . . .
Aug.
2 .............

Loans a n d
Investm ents.

5.735.152.000
5.817.606.300
5.830.948.700
5.750.364.000
5.708.665.600
5.877.228.200
5.929.099.200
5.817.958.200
5.732.766.300
5,804,258,400
5.820.469.000
5.804.093.200
5.698.786.600
5.690,625,100
5.785.809.200
5.741.263.800
5.819.688.000
5.754.798.300
5,,864,168.300
5.902,292,900
6 .0 2 1 .6 6 6 .000
6.119.282.200
0,148,637.600
6.222.640.800
6.225.364.700
6.157.850.600

D em and
D ep ot Its.

BOSTON CLEARING HOUSE MEMBERS.
*Total Cash
Reserve In
in Vault. Depositaries

4.773,617.400 139.041.500
4.822.202.600 134.432.800
4.873.611.200 141.466.900
4.861.516.200 136.791.200
4.885.307.200 133.474.700
4.904.243.900 136.878.600
4.880.382.900 137.691.300
4.846.699.100 134.955.500
4.759.196.800 134.566.800
4,860.090.300 131.398.300
4.804.154.700 144.478.700
4.872.081.700 142.504.200
4.810.097.600 145,451,400
4.819.601.900 133.9S9.100
Aug.
9..............
4.842.504.500 132.963.800
Aug. 1 6 ...........
4,827,551 ,S00 133.444.000
Aug. 23.............
4.829.754.500 134.568.000
Aug. 30_______
4,783 .S93.900 132.595.200
8 ept. 6 _______
4.848.125.200 131,288.390
Sept. 13.............
4.938.470.000 134.273.500
Sept. 2 0 .._____
5,0.88,541,400 131.534.900
Sept. 27_______
4.935.788.100 132.190.500
Oct
4 ..................
4.959.036.000 133.183.600
Oct. 11...........
4.953.388.900 136.302.200
•Oct. 18.............
4.995.626.900 135.260.200
Oct. 25.............
5.011.330.800 136.751.700
• This Item Includes gold, silver, legal tenders, national bank notes
Reserve notes.

684.431.000
649.207.500
688.989.600
658.572.500
674.856.200
696.304.800
685.210.500
658.155.000
649.535.200
678.190.000
685.555.900
744.346.600
667.665.200
670.761.900
689,598,400
699.093.800
698.812.600
anti Federal

New York City State Banks and Trust Companies.—
In addition to the returns of “State banks and trust com­
panies in rsow York City not in the Clearing House ” furnished
by tho Stato Banking Department, tho Department also
presents a statement covering all tho institutions of this
class in the City of New York.
^ ^or definitions and rules under which tho various items
aro mado up, see Chronicle,” V. 98, p. 1GG1.
r The provisions of the law governing tho reservo require­
ments of State banking institutions as amended May 22
191/ wore 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).



Oct. 25.
1919.
Circulation...........................
Loans, dlsc’ts & Investments.
Individual deposits, lncl. U.S.
Due to banks.......................
Time deposits_____________
United States deposits*____
Exchanges for Clear. House..
Duo from other banks______
Cush In bank * in F. R. Bank
Reserve excess In bank and
Federal Reserve Bank___

Changes from
previous week.

Oct. 18.
1919.

$
%
$
4,180.000 Inc
26,000 4,154,000
567.900.000 Dec 1.918,000 569.818.000
457.889.000 Dec 9,239,000 467,119,100
117.682.000 Dec 7.869,000 125.551.000
12.841.000 Inc
123,090 12.718.000
18.665.000 Dec 2,679,000 21.344.000
22.736.000 Dec 5,042,000 27.778.000
71.251.000 Dec 15,689,090 86.940.000
73.757.000 Dec 4,891,000 78.648,009
25.213.000 Dec 5,258.000 30.471.000

Oct. 11.
1919.
4,114,000
570.454.000
449.888.000
113.397.000
11.607.000
24.962.000
22.067.000
77.682.000
69.472.000
22.270.000

Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Oct. 25 with comparative
igures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the federal Reserve Bank. “Cash in
vaults is not a part of legal reserve. For trust companies
not members of the 1 ederal Reserve system the reserve
required is l o /0 on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
Capital__________ ____
Surplus and profits.........
Loans, dUc'ts < Investin’ ,s
fc
Exchanges for Clear. House
Due from banks________
Bank deposits__________
Indhidual deposits______
Time deposits__________
Total deposits__________
U. S. dc;>o.slt9 (not Included)
Res’ vc wltil Fed. Res. Bank
Res’ve with legal deposit’s.
Cash in vault*......... .........
Total reserve & :ash held 11
Reserve required...............
Excess res. dc cash lu vault'

$3,000,0
8,145.0
30,490,o!
617,0j
19,0
287,0
21.392.0

$33,275,0 $33,275,0 $33,275.0
92.465.0 92.465.0 92.465.0
505.794.0 809.223.0 814.036.0
26.235.0 29.198.0 26.777.0
122.496.0 14? ,279,0 122.216.0
150.092.0 153.990.0 145.459.0
541.839.0 552.244.0 539.222.0
5.936.0
5.999.0
6.039.0
21.679.0 697.867.0 712.233.0 690.720.0
28,168,0 32.016.0 39.760.0
54.670.0 56.171.0 53.663.0
3.096.0
3.096.0
2.829.0
3.082.0
823.0 14,466.0! 14.291.0 13.970.0
3.829.0 72.142.0 73.544.0 70.467.0
3.156.0 55.558.01 54.704.0 .54,826,0
673.01 16.5S4.0' 18.840.0 15.641.0
* Cash in vault is not couuted as reserve fur Federal Reserve bank members.

[VOL. 109

T H E C H R O N IC L E

1680

of
—Following is the weakly statement issued by tlia Federal ReserveBoard giving the principal items of the resources and liabilities of the Member Banks. Definhions of the differen itemsthe statement were given in the statement of Dec. 14 1917, published in the “Chronicle Dec. 29 1917, page 2 o l6 .
M e m b e r

B a n k s

t h e

F e d e r a l

R e s e r v e

S y s te m .

in

STATE VIES T SH O W IN G PRINCIPAL RESOURCE AND LIA BILITV ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS O CT. 17 1919

Substantial reduction in the holdings o f Treasury certificates, offset,
how ever, to a large extent by a further increase in loans secured b y stocks
and bonds is indicated b y the Federal Reserve B oard ’s w eekly statement
o f con dition on O ct. 17 o f 776 m ember banks in leading cities.
N o m aterial changes are shown in the totals o f other G overnm ent securitias held, while the amount o f war paper on hand shows a reduction o f
19 m illions, o f which over 14 millions represents the decreqse at the New
Y ork C ity banks. On the other hand loans secured b y stocks and bonds
went up agout 35 millions, the N ew York C ity banks reporting an increase
' o f 23.4 millions under this head. A ll other loans and investments show a
decline o f 38 millions for the N ew Y ork banks and o f 16.5 millions tor an
reporting banks. Aggregate holdings o f Governm ent war securities and
war paper declined from 3,230.7 to 3,168.2 m illions and constitute 2 0.5 %
o f the total loans and investments o f all reporting banks, as against 20.9%
the week before. For the N ew Y ork C ity banks a dechne in this ratio
fro m 25.8 to 25.3 m ay be noted.
1. Data for a 'l reporting banka in

Bsto .
o n

T reecip ers (000) o itted
h h
m .

Veto

A pparently in connection with Liberty Loan interest paym ents, due
:t. 15, the Governm ent deposit account shows a decline o f 129.5 millions
at all reporting banks and o ^ 8 6 .5 millions at tho banks in N ew Y ork C ity .
On the other hand, other dem and deposits (net) went up 91.5 millions,
nearly all outside o f N ew Y o rk , while time deposits show a total gain ot
10.1 millions. In keeping with the large increase in deposits, other than
Governm ent deposits, reserve balances with the Federal Reserve banks
went up 25.9 millions. Cash in vault declined 2.5 millions.
A ccom m odation b y the Federal Reserve banks through the discount o f
the reporting banks’ ow n notes and custom ers’ paper shows a further in­
crease for the week o f about 55 mUlions. T he ratio o f tho com bined amount
o f these discounts and Governm ent deposits to the aggregate o f G overn­
ment war securities and war paper— which is indicative o f tho extent to
which the financing o f Governm ent loans is shifted from tho ™ m b e r banks
to tho Reserve banks— shows a decrease for the week from 70 to 6 9% ror
all reporting banks and from 68.5 to 65.6 for the member banks in New
Y ork C ity .
each district. Three ciphers (000) omitted.

Yr P Uiet. C vla d R m . A n . C ica o S o is. M n p K n C v Dlla SnF n Tta
ok h a le e n . ich ’d tla ta h g . t.Lu in ea . a . U a s. a ra . o l.

111
48,223
277,811
128,900
460,600

56
11,252
30,315
16,047
51,068

89
41,851
62,744
20,920
75,236

76,538 915,534
57,800 709,829
208,438 1,547,871
655,324 1,220,786
695,253
8),777
25,066
122,763
777,332 5,120,360
121.714 425,677
27,278 296,593
34,125 558,142
6 ),803 187,044

Total U. 8. securities------------------Loans secured by U . 3 . bonds, & c ..
Loans secured by stocks and bonds.
vll other loans and investments-----i.eserve balances with F. R . bank..
Cash In vault___________________ . . .
Net demand deposits---------------------Time deposits--------------------------------Government deposits---------------------Bills payable with F. R. bank............
Bills redlsoounted with F. R . bank.

108,692
158,089
209,444
460,330
65,599
18,411
071,632
22,237
33,016
143,543
30,320

210,751
107,847
315,939
783,458
92,702
34,063
825,260
300,891
36,156
99,974
31,765

98,650
39,915
108,211
323,106
36,875
16,560
347,691
94,635
9,921
52,402
19,250

100
20,898
47,162
53,357
109,941

35
17,154
15,590
8,083
22,302

35
7,120
12,818
5,285
25,322

76
14,517
25,476
10,621
28,963

43
19,278
19,790
4,635
29,227

56
34,005
42,164
10,050
53,441

776
269,365
615,055
305,478
945,549

89,424 231,358
27,169
104,535
43,726 323,495
323,667 1,275,441
32.216 181,474
68,632
14.216
272,891 1,332,446
120.042 459,231
35,044
6,126
84,555
57,542
35,014
29,623

82
25,821
36,487
15,457
20,885

46
14,023
16,476
10,173
35,916

Number of reporting banks________
U . 8 . bonds to secure circulation—
Other U. 3 . bonds*________________
U. 8 . Victory notes-----------------------U . 8 . certificates of indebtedness..

63,129
29,068
141,840
281,470
41,811
10,725
322,314
104,130
9,603
32,210
25,333

50,545
17,302
30,062
263,476
24,829
9,030
263,330
58,119
7,119
24,297
19,171

77,577
21,212
68,185
460,390
51,586
15.424
450,203
83,292
5,484
58,420
23,219

72,930
6,572
27,838
183,314
21,915
10,349
206,017
31,383
7,080
27,933
8,674

140,263
22,812
1.13,463
621,201
70,535
22,972
561,357
217,209
4,239
41,603
19,128

2,135,447
1,302,105.
3,138,512
8,855,903­
1,395,57*
368,211
11,159,933
2,037,010
482,804
1,214,751
439,349'

47
14,613
28,222
11,944
34,645

2. Data for B inks In Federal Reserve Bank and Branch Cities and All O ther R egortlng Banks.----AU Other

A F .B n C ies. F R B n C
ll .R a k U . . ra ch ities. Reporting Banks.
C ica o
h g.
N Yrk
ew o .
c
c
ct.
c
ct.
c
ct.
ct.
c
Ot. 17. Ot. 10. O 17. Ot. 10, O 17. O 10. Ot. 17. O 10. Ot. 17. Ot. 10.
o

T rucip ers (000) o itted
h h
m .

Ot. 17.
c

71
38,526
246,765
108,790
469,195

44
1,438
14,169
26,029
57,767

44
1,438
14,207
25,746
57,924

261
102,205
3.52.693
177.693
705,871

172
63,629
120,303
63,364
165,901

172
63.229
118,015
64,220
166,356

343
103,456
140,435
62,301
119,206

343
104,105
141,006
63,268
120,564

776
269,365
615,055
305,478
945,549

832,729 853.277
Total U . 8 . securities________
672,833 6S6.903
Loans secured by U. 8. bonds, &o.
Loans secured try stocks and bonds
other th m U . 8. securities......... 1,413,559 1,390,180
All other loans and Investments.. 2,372,1)1 2,910,062
653,452 654,14
Reserve balances with F. R. bank
112.331
100,466
Cash In vault____________________
Net demand deposit?____________ 4,68 1.01 4,673,25
313.947 339,066
Time dep >sits----------------------------293,11' 379,553
Government deposits............. ......
501,174 496,965
Bills payable with F. tt bank-----169,295 159,155
Bills rediscounted with F R bank
Ratio of U. 3 war secure, and war
25.8
25.3
paber. total loans & Invest’ !.
’ Including Liberty bonds

99.403
79,303

99,315 1,296,852 1,338,462
75,786 1.050,785 1,066,991

413,197
132,895

411,820
133,009

425,398
118,425

428,943
121,061

2,135,447
1,302.105

Number of reporting banks______
U. 8. bonds to secure circulation.
Other U . 8 . bonds*-------------------U. 8. Victory notes........................
U . 8. certificates of Indebtedness

71
38,526
247,92.3
112,514
433,751

%

T h e

F e d e r a l

R e s e r v e

B a n k s .—

261
102,280
354,317
179,813
660,442

247,064
697,734
125,971
4 0 .0 2 ’
834,373
172,927
2 4,963
40,318
22,314

248,423
693,206
119,016
39,619
862,499
172,051
20,353
37,352
23,760

2,366,772
5,554,843
1,042,082
212,934
7,896,576
917.653
411,082
841,699
354,911

15.8

15.5

F o llo w in g

is

th e

w e e k ly

773­
776
268,779­
269,539
637,264
611,714
305,181
992,791 2,079’,489
2,179,225
1,321,061

2,985,532
1,093.982:

2,340,088 385,396 384.076 386,344 379,315 3,138,512 3,103,479 10,2*66,712
5,604,131 1,593,301 1,576,611 1,707,819 1,691,774 8,855,963 8,872,516
172,128
167,038 1,395,572 1,369,653 1,275,986
169,006
181,362
1,033,609
349,952
370,745
90,177
368,211
91,227
64,302
65,100
215,216
7,869,448 1,519,575 1,498,910 1,734,782 1,691,047 11,159,933 11,059,405 10,186,109
539,853 539,999 2,037,610 2,027,503 1,714,216­
909,203 580,104 578,301
652,671
612,268
30,164
482,804
34,763
51,293
41,558
526,212
169,580
167,617 1,214,751 1,181,395 1,159,498
187,642
826,136 203,472
281,472
467,704
68,351
489,349
70,240
60,859
66,087
336,605

21.9

Gains in gold reserve through transfer o f gold from the European con­
tinent to the Bank o f England vaults and a m oderate reduction in loan
accou nt are indicated in the Federal Reserve B oard ’s weekly bank state­
m ent issued as at close o f business on O ct. 24 1919. D eposit liabilities o f
the banks declined abou t 3.8 millions, and for the first tim e since Sept. 19
Federal Reserve note circulation shows but a nominal increase. The re­
sult is seen in tho rise o f the reserve ratio from 48.3 to 48.7 /•W ar paper on hand shows a decline for the week o f 32.8 millions while
other discounts fell o ff 6.8 millions. Holdings o f acceptances increased
25 9 m illions, those o f Treasury certificates— 1.2 m illions, while total
earning'assets show a decline o f 9.5 millions. W ar paper ho dings o f the
C hicago bank are inclusive o f 43.1 millions o f
F . R / banks, while San Francisco s acceptancee holdings include 12.7

Tta
o l.
p
O 10. A ril 18.
ct.

22.3

s t a t e m e n t is s u e d

16.7

19.2

19.1

b y

th e

t7.0

F e d e ra l R e se rv e

B o a rd

26.6

20.9

20.5

o n

O ct. 2 4 :

millions o f bills purchased from other F. R . banks, as against 13.7 millions
thAllV
claases°o'f'deposlts show decreases for tho week; Governm ent deposits
being 49.7 millions less, m em ber banks’ reserve deposits— 27.5 millionsless, and all other deposits, including foreign Governm ent credits— 2.b
millions less than the. week before. On tho other hand, substantial de­
creases are shown for the totals o f gold in transit and in cu stody, also fo r
the “ flo a t" carried b y the F. R . banks, b oth o f which items are treated
as deductions from jp-oss deposits. N et deposits figure out 3.8 m illions
less, while F . R . note circulation is b ut 0.9 m illion larger than the week
'J°Admlssion to membership o f State banks and Trust com panies accounts
for an increase o f $323,000 in capital account, the F. R . banks at Chicago,
and San Francisco reporting m ost o f the increase.

C ombined R esources and Liabilities of the F ederal R eserve B anks at the C lose of B usiness Oct.24 1919* '

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

Ot. 24
c
R S UC S
EO R E.

Gold coin and certificates.______________
Gold settlement fund, F. R. Board______
G ild with foreign agencies______________

1919.

S
248,375,090
485.535.000
132.983.000

Ot. 17
c

1919.

$
251,954,000
461.193.000
106.917.000

O 10
ct.

1919.

$
215,485,090
495,904,090
103,123,000

O
ct.

3

1919.

S
242.495.000
510.335.000
108.892.000

845,893,009 820,064,000 859.512,000 867,632,000
1,186,697,090 1,166,393,000
Gold with Federal Reserve a g e n ts ...____ 1,197,933,090 1,201,302.000
94,119,0-90 101,252,090
107,077,000
101,799,000
Gold redemption fund— .............................
2,131,328.000 2,135,282,090
Total gold reserves____________ ______ - 2,146,605,000 2,128,443,000
70.229,009
70,772,000
70,742,000
67,956.000
Legal tender notes, silver, &e____________
2,109,185,000 2,202,100,000 2,205,511.000
Total reserves_________________________
Bills discounted:
1,672,797,090 1,654,166,000
Secured by Govt, war obligations_____ 1,666,055,000 1,698,835,000 401,058,090 361.771.000
416,084,099 422.842,000
All other_______ ___ __________________
342,938,000 326,852,009 326.667.000
363.846,000
Bills bought in open market_____________
Total bills on hand____________________
U. 8 . Government bonds________________
U. 8 . Victory Notes------------------------------U. 8 . certlllcates of Indebtedness..:-------AI1 other earning assets_____ - ___________

ep
ep
ep
S t. 26 1919. S t. 19 1919. S t. 12 1919. S t. 5 1919. Oct. 25 1918.
ep
S
S
S
S
S
376,07),000230.047.000
239,168,000
502,500.090
79,370.000

512.080.000
45,479.000

231.609.000
537.723.000

213.238.000
542.310.000

* 1 > / 0,999
* tO
5,82),000

821.044.000 787.606.000 769,332,000 785,548,000 t 798,181,000
lUl QIK 11 (|
(|
0 *1 1
1,196,325,000 1,208,961.000 1,190.769,000 1,172,163,000 1,1 O* # ,4 1 1
nr 0(1(1 (W) 1A-3,71 A,(K A 109.330.000
q *,n onn
I
U1,".>9,999
1US / M) BAJ
M
100.485.000

,'t

2.117,854.000 2.091.966.000 2,068,867,000 2,067,052,000 2,015,132,000
53,037,000
70,091,000
69.632,000
69,651.000
69,818,000
2,187,505.000 2,162,057.000 2,138,499,000 2,136,870,000 2,0)3,169,0001,572,503.000 1,383,396.000 1,524,521,000 1,635.233,000 1,0)2,417,000300,779.000 261.985.000 2.10.317.000 212,185,000 453,747,000'
ilii) .4( 1 | (l 353.817.000 362.005.000 •ir AA7,1
A l(\
»i
oui/uil nrin 393,623,000

tJ
kJ
X

2,224,773,000 1,999,698.000 2,116,843,000 2,202,035,000 1,911,787,000'
2,450,985,000 2,464,665,000 2,400,707.000 2,342,604,000
23,251,00027.095,000
27,096,000
27,097,000
27,090,000
27,095,000
27,005,000
27,097.000
27,095,090
192,000
192,000
197,000
137,000
136,000
133,000
87,000
86,000
341,655,000 250,223,000 *322,060,000
269,414,000 267,551,000 263,148,000 251,081,000 322,986,000
273,585,090
21,000

2,632,983.000 2,503,088,000 2,349,971,000 2,435,788,000 2,479,601,000 2,295,122,000
Total earning assets--------- ------------------ 2,751.751,000 2,761,263,000 2,695,487,000
13,146,000
13,143,000
12,815,000
13,146,000
13,184,000
13,319,000
13,336,000
13.358.000
Bank premises______ - _________________
Gold In transit or In cuitody In foreign
107,119,000
....................
80,246.000 114,138,000 153,232.000
46,355,000
46.355,000
46,355,000
counirl®s
19.242.000
____ ____________ ____ ___
Uncolleotei items and other deductions
853,658,000 861,955,000 827,404,000 1,025,122.000 373,066,000 827,845,000 856,923,000
918,008,000 1,115,812,000
from gross deposits----------------------------.3,692,000
11.289.000
11.313.000
11,160,000
11,503,000
11.897.000
12,636.000
12,331,000
12.571.000
6 % redemp- fund agst. F. R . bank notes
16.879,000
11.007.000
9,511,000
10.886.000
8,903.000
10.246.000
8,494.000
13,530,030
9,139,000
All other resources_______________________
5,631,899,000 5,688.609,000 5,601,076,000 5,534,921,000 5,270,73 >,000
Total resources. _____________________ 5,938,630,000 6,161,812,000 5,832,049,000 5,782,131.000

L B IT S
IA IL IE .

79,190,000
85,140,000
84,006,000
85,203,000
85.296.000
85,350.000
85,391,000
85,540,000
85,863,000
Capital paid I n . . . . . . . . . . . . . ___. . . ____
si ns7 nnn
81 ,087 ,IMO
1,134,000
81 037 000
OA V O U
O O
81.087.000
81.087.000
81.087.000
81,087,000
81.087.000
Surplus--------------- ------------------------------------59.110.000
7372I8X00
78.134,000
33i5S-L000
61.276.000
78.832.000
80.067.000
Government deposits____________________
83.984.000 133.639.000
1,731,413,000 1,651,426,000 1,802,791,000 1.757.041,000 1,68 5,1 )),000
Due to members, reserve account_______ 1,813,563,000 1,841,101,000 1,777,859,000 1,765,863,000 653,381.000 802.715.000 679.013.000 643,104,000 702,10 7,000
733,227,000 882.156.000 633,734,000 691.968,000
Deferred availability items______________
134.096.000
99.130.000 117,001,000
95.654.000 108.890.000
97,913,00
97.203.000
98.878.000 101.430.000
Other deposits, lncl. for. Govt, credits..
2,813,863,000 2.634.576.000 2.541.724.000 2.639.174.000 2.619,514.000 2.550.081.000 2,580,825,000
Total gross deposits.................... ............... 2.729.652.000 2,958,326,090
12.703.136.000 2.655.3.54.000 2.621.258.000 2, <121.228,000 2,611,607,090 2,507,9<2 000
F. R. notes In actual circulation________ 2.753.457.000 2,752,569,009 2,741,634,090 241.937.000 230.451.000 232,594.000 223.169.0)0 22 3.535.090
58.859.000
R. bank notes In circulation— net Ilab. 251,59 1,09) 249,675,099 247,170.099
41.865.000
25.933.009
27.288.000
21,495,9)0
39.995.000
28,973,019
32,848.000
34,615,090
35,931,099
All other liabilities-----------------------------------

1

¥.

5.270.783.000
I
Tota’ liabilities........................................... ’5 933 631 X l 6 151 812 090 5 S3! 040.010 5,732,131 0)0 5,631,800.000 5.686.609.000 5.691.076.000 5.584.921.000
* Includes One-» ear Treasury N >r«s




N o v .

THE

1 1 9 1 9 .]

Ot. 24
c
Ratio ot gold reserves to net deposit and
F. R . note liabilities combined____
Ratio of total reserves to net deposit and
F. R . note liabilities combined_____
Ratio of gold reserves to F. R . notes In
circulation after setting aside 35%
against net deposit liabilities_____

1919.

Ot. 17
c

1919.

C H R O N IC L E

Ot. 10
c

1919.

Ot.
c

3 1919.

1681

S t. 26 1910. S t. 19 1919. S t. 12 1919 S t. 5
ep
ep
ep
ep

1919 Oct. 25 1918.

47.0%

46.1%

47.0%

47.7%

48.4%

49.4%

47.0%

47.8%

SO.8%

4S.7%

48.3%

49.1%

49.7%

51.0%

52.5%

50.4%

50.4%

49.6%

57.6%

57.1%

58.1%

59.1%

62.5%

60.0%

D u nb Mtu —
istrib tio y a rities

59.6%

1-15 days bills bought In open market
88,601,000
95.063.000
05.228.000
104,417,000
108,414.000
101 631.000
99,250,000 . 87 ,511,000 j l 198 861 000
1-15 days bills discounted____________ 1,721.280,000 1,777,863,000 1,756,600,00 1,657,457,000 1,532,058,000
1,317 455.000 1,443,535,000 1,547 106.000
1-15 days U. S. certif. of Indebtedness,.
31.814.000
32.290.000
14.156.000
20,856,000
23,605,000
89 703.000 121,321,000
28, 686,000 250.906.000
1-15 days municipal warrants__________
2,000
15-30 days bills bought In open market..
*7*9,9*54*666 ■ .
',565
69.704.000
85,982,000
104 085.000
108,054,000
103, 119.000 \ 221,020,000
15-30 days bills discounted______________
115.559.000 109,132,000
77.032.000
117,639,000 120,183,000
6.8, 200.000
40.019.000
54, 803.000
1530 days U. 8. certif. of Indebtedness..
3,000,000
15.500.000
4,999,000
16.850.000
10,000,000
9, 000,000
11.659.000
10, 536.000
117,000
1630 days municipal warrants_
5.000
.31-60 days bills bought in open market..
124.124.000
131,462,00(1 129.186.000 116.849.000 112.931.000 102,,724,000 111.087.000
103 ,354,000 \ 279,786,000
■31-60 days bills discounted_____________
143.163.000
162.437.000
167.117.000
167.570.000 154.918.000 190,,393,000
166.970.000
147 354.000
31-60 days U. S. certif. of Indebtedness.
25.762.000
13.497.000
18.227.000
0,499,000
12.500.000
19,,706,000
19.676.000
24 777.000
42.000
31-60 days municipal warrants__________
7.000
61-90 days bills bought In open market..
76.167.000
'56,248,666
41.144.566
'34,904*666
34,37*1,666 *44,,584*666
*43,665,666
663.000 232.891.000
61-90 days bills discounted_____________
91.868.000
64.444.000
63.495.000
65.320.000
68.568.000
62,,922,000
88.579.000
790.000
61-90 days U. S. certif. of lndebtedness.
14.875.000
19.769.000
24.177.000
28.229.000
25.537.000
23,,972,000
18.032.000
8,676,000
532.000
61-90 days municipal warrants__________
10.000
•Over 90 days bills bought In open market
” "722*666
"*7'9 '3 *,666
793,000
793,000
15, 020,000
12.229.000
■Over 90 days bills discounted________
10,239,000
8,800,000
7,942,000
7,951,000
6,555,000
6 ,812,000
6,735,000
6, ,365,000
Over 90 days certif. of Indebtedness_____
198,134,000 194.129.000 200.221.000 187.714.000 179,439,000 180 ,005,000 170,967,000
62.319.000
170, 692,000
Over 90 days municipal warrants____
—
O atsta n d in g ..._________________________ 2.9S0,610,000 2,970,132.000 2,949,244,000 2.899,122,000 2,875,250,000
Held by banks______________________ 227,153,000 217,563,000 207,560,000 190,936,000 219,905,000 2,851, 622,000 1,830.146,000 .794,100,000 .697,090.000
230, 364,000 208,918.000
182,403 000 189,178,000

594 3
4

* 0 7* 6
6 ,7 2 6 5

I

"423.655

F era Rs r eNtes
ed l e e v o

In actual circulation________________ 2,753,457,000 2,752,569,000 2,741,684,000 2,708,186,000 2,655,354,000
2,621,258,000 2.621,228,000 2,611,697,000 2.507.912.000
)—

Fed. Ret. Notes

(Aen A u ts
g ts cco n

R eceived from the Comptroller________ 5.577.160.000 5.511.620.000 5.461.940.000 5.380.120.000 5,328,000,000 5,260
Returned to the Comptroller__________ 2.187.243.000 2.154.160.000 2.122.288.000 2.085.335.000 2.040.819,000 1,998, 280,000
416,000
Amount chargeable to Fed. Res. agent 3,389,917,
3,357 ,460,000 ,339,652,000 ,294,785
3,287.181 ,000 3,261, ,864.000
«n hands of Federal Reserve agent___
409,307,
387 ,328,000 390,408,000 395,663
411,922 000 410, 242,000

195.640.000
962.997.000

,122,941,000 3.525.460.000
937,783,000 560,860.000

.232,643,000 .185,158,000 ,964,600,000
402,497,000 391,059,000 267,510,000
Issued to Federal Reserve banks____ 2,980,610,000 2,970,132,000 2,949,244,000 2,899,122,000 2,875,259,000 2.851,622,000 2,830,146,000
2,794,100,000 2,697,090,000
Bow Secured—
® y gold coin and certificates___________
242,248,000 242,248,000 244,248,000 242,248,000 247,248,000 245,408,000 243.248.000 230.248.000 207.176.000
B y lawful money.!____ ________________
B y eligible paper______________________ 1,782,677
1,768, 830.000 ,762,547,000 732,724,000(1 .678,934
1.642 661.000 l ,639,377,666 ,821,932*666 ,51*2",092,600
88,108,000
<5oM redemption fund________. . . . . ____
90,999
93,608 ,000
91, 949.000
99,933
101 921.000
93,090,000
78,609,000
144.217.000
With Federal Reserve Board___________
864,686
867, 105.000 854.341,000 830,542 ,000 849,144,
861 632.000 854.431.000 791.703.000 899.213.000
T otal............................. ......................... 2,980,610,000 2,970,132,000 2.949,244,000 2,899.122,000 2,875,259,000
2,851,622.000 2,830,146,000
2.1
,697,090,000
Eligible per delivered to F. R . agent___ 2.366.882.000 2,371.047.00012.312.574.000*2,264.643.000 2.134,5.53.000
1.913.595.000 2.025,994.000
1.901,642.000

VTte.is.KLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT M 191*.
T ie s cip h e rs

(00) o m itt e d .

B o s to n .

S

N ets

Y ork

t

/Villa.

C lev ela n d

*

R ic h m o n d

S

A t la n t a .

C h ic a g o .

t

t

S t. L o u is

M in n e a p

S

K a n .C i t y

D a l la s .

S a n F ra n .

T o ta l.

*
15.127.0
28.460.0
6,117.0

248.375.0
405.535.0
132.983.0

7.717.0
66,845,0
9.707.0

155.967.0
100.792.0
48,805,0

s
1,101,0 15.492.0
31.515.0 42.686.0
10.639.0 10.905.0

Total gold held by banks_____ 84.269.0
Gold with Federal Reserve agents 67.467.0
Gold redemption fund__________ 19.951.0

305,564,0
283,000,0
24,780.0

43.255.0 69,083 d) 42.420.0
75.058.0 132,740,0 39.215.0
12.656.0
401,0
8,632,0

Total gold reserves___________ 171,687,0
Legal tender notes, silver, <to___
5,504,0

613,344,0 130,969,0 202,224,0
50,585,0
153,0
906,0

Total reserves_______________ 177.191.0
Bills discounted: Secured by Gov­
ernment war obligations (a). 109.146.0
All other_____________________ 11.641.0
Bills bought In open market (b). 46.385.0

663.929.0 131.122.0 203.130.0

90.490.0

78.720.0 439.076.0 103,896,0

61.035.0

71.415.0 142,876,0 151,681,0 2.214.561.0

675.336.0 182.789.0 116.920.0
105.083.0 23,252,0 23.793.0
97,925,0
601,0 39.779.0

85.780.0
17.125.0
5,357,0

71.174.0 186.790.0
33.988.0 57.022.0
10.282.0 43.358.0

58.424.0
22.231.0
6,213,0

33.204.0
25.645.0
19.622.0

52.280.0 .39,263,0
49.998.0 *23,465,0
471,0
1,640,0

Total bills on hand___________ 167,172,0
U . S. Government bonds_______
539,0
U . 8. Government Victory bonds
4,0
U . S. certificates of Indebtedness 22,042,0

878,344,0 206,642,0 180,492,0 108,262,0 115,444,0 287,170,0
1,257,0
1,385,0
1,094,0
1,234,0
375,0
4,476,0
50,0
5,0
73,473,0 29,188*0 24,733,6 11,6*6*0,0 14,464,0 40,523,0

86,868,0
1,153,0

78,471,0 102,749,0 164,368,0 175,003,0 2,450,985,0
116,0
8,868,0
3,965,0
2,632,0
27,095,0
27,0
86,0
9,094,0 12,344,0 '8,200.0 10,765,0 273,585,0

Total earning assets__________ 189,757,0
Bank premises__________________
2,212,0
Gold lu transit or in custody In
Foreign Countries________
Uncollected Items and other de­
ductions from gross deposits.. 68,387,0
6 % redemption fund against
Federal Reserve bank notes_
1,072,0
All other resources. ____________
324,0

953,124,0 237,215,0 206,319,0 121,156,0 130,288,0 332,169,0 105,120,0
3,994,0
500,0
889,0
463,0
490,0
2,936,0
690,0

RESOURCES.

Gold coin and oertifloates______
Gold Settlement Fund, F. R . B'd
Gold with Foreign Agencies____

Total resources_____ .

L B IT S
IA IL IE .

Capital paid In_________________
Burplus___________
Government deposits___________
Due to members, reserve account
Deferred availability Items_____
AH other deposits____________ ”
Total gross deposits__________
F . R . notes in actual circulation.
F . R. bank notes In circulation
— net liability_________________
AH other liabilities___________

M o n a Contingent liability
emra d —

2.257.0
83,647,0
6.516.0

90,267,0
223,0

24-.239.0
98.371.0
15.825.0

S
2.932.0
14.114,0
6.250.0

8.320.0
10,782,0
3.591.0

S
173,0
24,866,0
6,383,0

20.505.0 138.435.0
50.918.0 285.649.0
6,107,0 13,555,0

23.296.0
70.013.0
5,053,0

22.698.0
37.119.0
1,166,0

31.422.0 16,247,0
35.110.0 122,028,0
4,623,0 £2,779,0

77,530,0 437,639,0
1,190,0
1,437,0

98,362,0
5,534,0

60,978,0
57,0

71,155,0
260,0

7.850.0
7.868.0
4.787.0

17,099,0

87,708,0 123,961,0
402,0

S
7.200.0
5.589.0
3.458.0

t

49.704.0 846.893d)
99.616.0 1,197,938,0
2,076,0
101,779,0

41,054.0 151,396,0 2,146,605,0
1,822,0
285,0
67,956,0

54.949.0 1.666.055.0
22.841.0 416.084.0
97.213.0 368.846.0

76,534,0 ISS.400,0 2,751,751,0
^*382,0
400,0
13,358,0

19,242,0

19.242.0

218,507,0

77,865,0

78,239,0

79,786,0

2.651.0
2.351.0

1,446,0
781,0

1,126,0
847,0

375.0
835.0

42,713,0

99,626,0

G6,891,0

22,717,0

74,532,0 [45,919d)

42,823.0

918,008,0

739.0
2.123.0
702.0
314.0
892.0 U [526,0
, 605,0
12.571.0
242.0
1.323.0
469.0
164.0
515.0
'1*32,0
856,0
9,139,0
438,943,0 1,863,798,0 44S.929.0 490,550,0 293,105,0 253,192,0 S77,253,0 277,771,0 171,938,0
271,717,0 166,669,0 384,765.0 5,938,630,0
7.034.0
22,051,0
7,774,0
9,418,0
4.317.0
3.436.0 12,185,0
4,025,0
3,051,0
3,928,0 f 3,327,0
5.317.0
85.863.0
5.206.0
3.800.0
2.805.0
9.710.0
2.589.0
2.320.0
3.957.0
2.029.0
4.578.0
81.057.0
6.181.0
40.206.0
7.733.0
5.008.0
5.358.0
3.508.0
4.937.0
3.162.0
1.328.0
2.170.0
2.914.0
1.479.0
83.954.0
116,372.0 737.434.0 105,719,0 126,876,0 58.882.0 49.988.0 254,194,0 64.986.0 54.068.0
60,388,0
170.096.0 69,001,0 66,593,0 69.434.0 34.412.0 77,833,0 52.962.0 15.750.0 83.256.0 !53,156,0 108,632,0 1.813,563,0
58.864.0 31,365,0 26,529,0 733,227.0
5,717,0
44.146.0
6.695.0
6.146.0
3.655.0
2.922.0
9.664.0
3.836.0
2.193.0
3.654.0
2.015.0
8.235.0
93.878.0
188.658.0 991.882.0 189.148.0 204.623.0 137.329.0 90.830.0 346.628.0 124.946.0
213.903.0 750.809.0 216.396.0 246.295.0 135.114.0 140,943,0 463.729.0 128.611.0 73.339.0 147,944,0 89,450,0 144.875.0 2.729.652.0
84.236.0 96.275.0 .60,930,0 216.216.0 2.753.457.0
21,352,0
52.953.0 27,537,0 21,730,0 10,931,0 13.033.0 40,956,0 16,247,0
7.853.0 17.716.0
9.751.0 10,931,0 251,590,0
2,790,0
13.181.0
2,763,0
2.624,0
1,614,0
1,545,0
4,045,0
1,353,0
1.139.0
1.897,0
1.182.0 .2,848,0
S6,9S1,0
438,943.0 1.863,793,0 448,929,0 490,550,0 293,105,0 253,192.0 877.253,0 277,771,0
171.938,0 271.717,0 166,669,0 384,765,0
as endors er on:
5,938,630.0

Discounted paper rediscounted
with other F. R . banks_____
12,815,0
<a) Includes bills discounted" for
other F. R . banks, v i z .._____
______
______
<b) includes bankers’ acceptances bought fr om other F. R. banks:
Without their endorsement___

5,000,0

9.337,0

15,900,0

43.052,0

43,052,0
............

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

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

43,052,0
............

......... -

______

12,662.0

12,612,

24 into
T ocip ers (00) o itted
w h
m .
Bsto . N Yrk P U. C vla d R mn A n . C ica o S Lu M n p K n ity Dlla
o n ew o . h a le e n ich o d tla ta h g . t. o is. in ta . a .C . a s.
SnF n
a ra .
Federal Reserve notes:
S
%
S
S
S
S
•S
S
S
Received from Comptroller___ 439.480.0 1,827.220.0 472.860.0
S
S
435.860.0 278.120.0 274.000.0
STATEM ENT OF FEDErtAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS OCT

Returned to Comptroller____I 163.947.0

Chargeable to F. R . Agent___ 275,533,0
In hands of F. R . Agent______ 49.080,0
Issued to F. R . Bank, less amt.
returned to F. R . Agent for
redemption:
226.453.0
Gotlat’l security for outst’g notes:
Gold coin and ctfs. on hand..
Gold redemption fund______ I 13,4*6*7*6
Gold Set’m’t Fund, F. R . B*dl 54,000,0
Eligible paper, mln’m required 158.986.0
Total....................................... 226,453,0
Amount of eligible paper deliv­
ered to F. R . Agent_______
167.172.0
F . R . notes outstanding______ ” 226.453.0
F . R . notes held by hank___” ”
12,550,0
F . R . notea In antool circulation. 213.003.0




0

8
770.680.0 265,080,0 145,480.fi 186,020,0 131,740,0
78,563,0 240.536.0 96,993,0 48,055,0 75,213,0 43,283,0 350.620.0 5.577.160.0
104.180.0 2.137.243.0
969.926.0 256.426.0 286,667,0 164,568,0 195,437.0 530,144,0 168,087,0 97.425.0
130.600.0 22,160,0 29,260,0 24,897,0 50,515,0 35,720,0 17,510,0 10.980.0 110,807,0 88.457.0 246,440.0 8,889,917,0
8,690,0 24.495.0
5,400.0 409.307,0

857.294,0 216.434.0 149.193.0 113.552.0

839.326.0 234.266.0 257.407.0 139.671.0 141,922,0 494.424.0
150,577,0

86.445.0 102.117,0

63.962.0 241.049.0 2,680,610,0

183.740.0
30.125.0
9.260.0 14,669*0 12.615.0
2,215,0
90,000,0 60,389,0 90,000,0 37,000,0
556.326.0 159.208.0 124.667.0 100.456.0

13.052.0
3,267,0
20.800.0
49,326,0

8.831.0
242.248.0
3.713.0 14.499.0
99,999.0
9.484.0 85.117.0 864.686.0
41.934.0 141.424.0 1.782,677,0

2.500.0
4,000,0
2.918.0
8*.*54*4*6 4,082,0
45.500.0 277.105.0 61.931.0
94.004.0 208.775.0 80.564.0

1,750,0
33.360.0
67.007.0

839,326,0 234.266,0 257.407,0 130,671,0 144,922,0
494,424,0 150,577,0 86,445,0 102,117,0
877.733.0 163.226.0 179.177.0 103.959.0 102.546.0
839.326.0 234.226.0 257.407.0 139.671.0 144.922.0 287.094.0 86,868.0 68.329.0 102.740.0
494.424.0 150.577.0 86.445.0 102.117.0
88,517,0 17,870,0 11.112,0
4,557,0
3,979,0 30,695,0 21,966,0
2,209,0
5.842,0
760.809.0 218.896.0 246.295.0 135.114.0 140.943.0
463.729.0 128.611.0 84.236.0 96,275,0

63,962,0 241,040,0 2,080,610,0
64.368.0 168.661,0 2 .8*6,882,0
03.962.0 241.040.0 2.980.610.0
3,032,0 24.824,0 227,1*3,0
60.930.0 216.216.0 2.753.457.0

1682

[V ol .

T H E C H R O N IC L E

§ 5 a ttT itr s r

31 1919.
—A complete col­
lapse of the Labor Conference at Washington, increasing
probability that the threatened bituminous coal miners’ strike
would go into effect on Nov. 1 and a decidedly firm money
market have given added force to the reactionary movement
noted in the stock market at the close last week. Call loan
rates have ranged from 5 or 6 to 19%. the latter figure having
been reached near the close to-day. The tendency of rail­
way shares has been steadily downward until to-day; and
even after to-day’s recovery the entire active list of this
group, which is facing a possible fuel famine, declined an
average of 2 to 23^ points.
True to history and the spirit of the times industrial stocks
have been both strong and weak at the same moment, so to
speak. Of a list of 30 prominently active issues 14 close
with a net gain for the week, 15 are lower and one is un­
changed. General Motors is conspicuous for having covered
a range of 56 % points and closing near the highest. Studebaker advanced 14 points early in the week, but retained
only a small part of the gain. U. S. Rubber closes 12 points
higher than it sold on Monday and U. S. Steel shows a
recovery of 3 1 4 points from its earlier depression. Crucible
Steer, on the other hand, declined 14>6 points between Tues­
day and Thursday and Baldwin Locomotive dropped nearly
13 during the same period, Am. Tob. 8, Am. Lc. 7, Chandler
Motors 9, Mexican Pet. 11, and Pierce Arrow 10. Others
have covered a range of 5 to 7 points.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Wall Street, Friday Night, Oct.

R a ilr o a d

a n d

M is c e lla n e o u s

S t o c k s .

Sle
as
Rne for IV .
ag
sek
Rnesi c Jn. 1.
ag e a
for
W
eek h est.
on
Hh
ig est.
Lw
o est. H h
ig est.
P r Sae $ p sh re. S p sh re. $ p sh r V p sh re.
a hrs er a
er a
er ae er a
10b 170 H Oct 27 170 V Oct 27 160
Am Brake S < F, pf- - 10C
fc
I
Jan 176
STOCKS.

W a in Ot 31
eek id g c

American Express— 10.,
100
400 7
Ann Arbor-_________10<
200 15
Preferred. - --------100
Baldwin L' c )m, pref.lOV
500 104
Barnet Leather.. . . . .
300 96
7(k 92
preferred . ..
- 100 52
Buff & Susq pf v t c —108
Canada®anthem
.10
2C 43
Cluett, Peabody, preflOO
225 105
C- lum Graphoph me, pf.
700 94
Continen Candy rights. . 20,500
Detroit Edls m . . . . 100
200 117 H
Fisher Body, pref...lOo 1,500 107 H
General Chemical— lot
200 185
700 90 K
Gen Cigar deb pref— 100
,
Honiestake Mining— 100
500 63
K C Ft S A Mem. pf. 10(
2 O 52
f
Kelsey Wheel, pref-.lOO
lot 98
200 145
Kre3ge (S S) Co--------100
Preferred. . . . .100
600 108
Kress (S H) 3- Co, p f-100
400 109
Loose-Wiles 1st pref.100
200 UK
)
Marlin-Rock v t c
200 70
Monon Valley T r a c ...25
100 10
Montana Power, pref 100
110 106 V
I
Morris
Essex --------50
50 70
Mullins Body-----3,500 46
O is Elevator---------- — 8,300 130
Owens Bottle pref_ 100
_
700 100
Pan-Am P A T rights... 8,800
Preferred.
. .100
100 225
Pierce Oil, pref______ 100 1,700 105
Pitts Steel, pref—
100
100 93
Sinclair Oil rights . . . . 46,761
IS
So Porto Rico Sugar. 100 5,413 >22
Superior Steel. 1st pf. 100
100 100
U S Ind Alcohol rights.. 11,900 34
U S Rubber part pd rec.
100 45
Vulcan DeJnning— 100
100 24
Preferred_______
100
200 90

Oct 28 88
Oct
Oct
Oct 31 7
Oct
Oct 31 15
Oct 30 104)1 Oct
Oct 3C 98 IS Oct
Oct 27 94 V Oct
S
Oct 25 52
Oct
Oct 27 43
Oct
Oct 2! 105
Oct
Oct 28 95 !S Oct
Oct 27
Oct
Oct 28 117 V Oct
S
Oct 25 108 V Oct
*
Oct 31 187
Oct
Oct 28 96 V Oct
S
Oct 2° 63
Oct
Oct 27 52
Oct
Oct
Oct 29 98
Oct
Oct 25 145
Oct
Oct 31 108
Oct
Oct 31 110
Oct 31 100
Oct
Oct 31 70
Oct
Oct 25 10
Oct
Oct 3 ) 106 V Oct
I
Oct 31 70 V Oct
S
Oct 30-r 19
Oct
Oct
Oct 27 145
Oct 31 100
Oct
Oct 30 3 vs Oct
Oct 30 225
Oct
Oct 27 105 V Oct
S
Oct 28 93
Oct
Oct 25
Oct
Oct 29
Oct
Oct 29 100
Oct
Oct 30 39 V Oct
S
Oct 30 45
Oct
Oct 27 24
Oct
Oct 30 92
Oct

%

M
%

y
»

.n p r
oa

&

%

H

n pr
o a

■%
2

27X
5

28 76 V Sepl 103
S
M iy
31
1
Apr 8 V
S
31 15
Oct 15 V Oct
S
25 102
Jan HI V
S
2.r 96
Oct 99 V Oct
S
30 91
Oct 94 V Oct
S
25 50
Apr 53
June
Apr 48
27 46
May
20 103 V Jan 110
Sept
S
28 94 V Oct 95 V Oct
S
S
29
V Sept
S
V Sept
S
29 99 V Sepl 119
Sept
S
91
s
2
Feb UO v Oct
25 163 V Feb 197
June
S
Oct 101
28- 95
Aug
Oct 100
2> 60
Ken
Oct 52
27 52
Oct
Jan loots Oct
29 89
25 106 V Jan 170
July
S
31 106
Feb 109 V June
S
Jan 110
29 105
Aug
31 04 V Jan 106 V June
S
S
31 61 V July 80 V Apr
S
S
Oci 10
26 10
Oct
July 106 V Feb
30 104
S
31 71 V Jan 72
S
May
Got 53
28 46
Oct
31 130
Oct 145
Oct
Oct 104
31 100
May
2)1 Oci
29
3VS Oct
Jan 225
30 117
Oct
Oci 105 V O t
28 105
S
28 90 V Jan 99 V May
S
S
25
1 4 Oct
V Oct
S
Jan 257
Oct
31 132
29 95 V May 105
June
S
Oci 46 V Oct
25; 34
S
Oct 45
30 45
Oct
Jan 29 4 Oct
27 12
Jan 95
27 49
Oct

TRANSACTION S AT TH E N E W YORK STOCK EXCH A N G E
.
D A IL Y . W E E K L Y AN D Y E A R LY .

W en in
eek d g
O 31 1919.
ct.
Monday____ “ — ___
Tue3lay____ ______
We lrie.i lay . _____
Thursday..................
F rid ay....................
Total_____ ______

946,875
1,310,270
1,591,000
1,431,503
1,572,300
1,513,100

536.627.590
119,034,000
146,647,500
137,347,530
145.299.590
141.757.590

$988,000
2.657.000
1.856.000
1.997.000
2.752.009
2.737.009

8,415,043 $776,793,530

$12,937,0.90

$640,000
590.000
485.000
434.000
700.000
957.000

Sle a
as t
N YrkS c
ew o tok
Ech n e.
x ag

W en in O 31.
eek d g ct.
1918.

1919.

$7,150,000
10.740.000
12.232.000
9,742,000
12.50.3.000
10.512.000

$3,806,000 $62,879,000

J n 1 toO 31.
a.
ct.
1918.

1919.

Stocks— No. shares___
118,341,168
8,415,043
4,370,653
261,765,664
Par value___________ $776,763,500 $409,265,500 $23,865,065,280 $11,065,892,690
Bank shares, par_____
$17,700
________ j
$47,200

B* s
oid.

Government bonds___ $62,879,000
State, mun., &c., bonds
3,896,000
R R . and mlsc. bonds..
12,987,090
Total bonds________

$79,672,000

$25,317,000
7,479,500
10,978,500

$2,033,642,800
231,936,500
442,766,000

$971,078,000
216,549,500
263,485,000

$43,775,000

$2,758,345,300

$1,451,112,500

D A IL Y TRANSACTIONS AT TH E BOSTON, PHILADELPHIA AN D
BALTIM ORE EX CH A N G ES.

W en in
eek d g
O 31 1919.
ct.

Bsto .
o n
P ila elp ia
h d h.
Bltimre.
a o
S a Bn Sles S a Bn Sles S a Bn Sles
h res. o d a . h res. o d a . h res. o d a .

Saturday ............. 1
M on d ay.................
Tuesday— _ __
_
Wednesday . . . . . .
Thurs lay . a------ Friday . --------. . .

25,632
37,727
43,443
44,953)
37,814
26,997!

$37,050
86,400
162,300
37,300
71,400
17,000

6,463
8,579
14,1,02
11,960
17,286
18,566

$9,300
22,300
44,200
62,090
52,300
33,000

1,549
12,369
9,374
11,913
20,764
6,540

$35,000
32,000
43,200
21,000
43,200
19,000

T o ta l..,.— . - -

216,626

$411.950!

77.461

$223,600

62,514

$193,409




a n d

U n it e d

R a ilr o a d

S ta te s

B o n d s .

B o n d s .

a t

S I ,0 0 0

(1 9 2 5 )

a t

103

DilyR rdofL ertyLa P O 25. Ot. 27. Ot. 28.| ct. 29. Ot. 30. Ot. 31.
a eco
ib o n rices. ct.
c
c
c
c O
First Liberty Loan
( High 100.98 100.76 400.98 101.00 101.00 100.98
3VSs. 15-30 year, 1932-47 (Low. 100.70 100.00 108.52 100.72 100.90 100.58
(Close 100.72 100.70 100.90 100.96 100.90 100.70
897
Total gales In $1,000 units--------535
279
961
789
289
Second Liberty Loan
( High 9.3.70 9.3.66 93.42 93.28 93.2.3 93.2,1
4s, 10-25 pear o * jv, 1942 (Low.
c
93.00
93.50 93.38
93.12 93.12 93.12
(Close 93.50 93.43
93.12 93.2$ 93.16 93.00
259
Total sales In $1,000 units______
174
281
247
431
216
Second Liberty Loan
( High 95.30 95.30 95.20 95.20 95.00 95.00
4s, convertible, 1932-47
(Low.
95.20
95.20 95.20 95.08 95.00 95.00
(Close 95.20 95.30 95.20 95.10 95.00 95.00
119
Total sales in $1,000 units______
59
55
64
37
7
Third Liberty Loan
( High 95.40 95.36 95.20 95.36 95.24 95.18
4 Vis of 1928
(Low.
95.30
95.24
95.14! 95.20 95.14 95.06
(Close 95.36 95.30 95.20
95.24 95.22 95.14
1,195
1.967
1,873
1,792
Total sales in $1,000 units______
1,844
1,957
Third Liberty Loan
( High 95.33
95 28 95.28
95.40 95.20
95.80
4 Vis of 1st L L coov,'32-’47( Low.
95.20
95.20. 95.10
95.30
95.00 95.00
(Close 95.30
95.24
95.26' 95.20
95.00 95.20
98
79
28
135
42
53
Total sales in SI ,000 units______
Third l.iberty Loan
( High 93.74 93.74 93.46 9.3.34
93.30 93.20
4 ‘l s o f 2d L L conv,’27-'42 (Low.
93.201 93.18 93.10 93.02
93.60 93.44
(Close 93.72 93.501 93.28 93.34
93.16
93.20
991
549
1,330
Total sales in $1,000 units............
557
670
976
Fourth Liberty Loan
( High 93.76 9.3.66 93.38 9.3.42 93.40 93.30
4 VIS of 1933-38
(Low.
93.64 93.44
93.26 93.30 93.26 93.12
(Close 93.70 93.48
93.36 93.36 93.28 93.24
Total sales In $1,000 units............
1.677 5,450
3,917 4,015 4,017 3,229
Fourth Liberty Loan
(High
4 vis,1st LL 2d conv,'32-47( Low.
- — IClose
Total sales in $1,000 units______
Victory Liberty Loan
[Hlgll 09.62 99.64
99.60 99.64
99.62 90.62
conv gold notes,’22-23( Low.
99.58 99.58 99.55 99.56 99.59 99.46
(Close 99.58 99.62 99.56 99.58 99.54 99.46
Total sales in *1,000 units______
2.559
1,075 1,341
1,785 2,242
1,233
Victory Liberty Loan
( High 99.68 99.66 99.60 99.60 99.60 99.54
3 V, a,conv gold notes. '22-23 <Low
99.69 99.60 99.51 99.56 99.52 99.43
(Close 99.60 90.60 99.56 99.60 99.54 99.52
Total sales In $1,000 units............
430
1,392
907
420
1,023
344

....

4%
s

—Sterling exchange moved irregu­
larly without important variation. In the Continental ex­
changes lire broke sharply to the lowest point over recorded.
Marks, kronen and francs were also weal but less spectacu­
larly so. Neutral exchange was dull and featureless.
F o r e ig n

E x c h a n g e .

T o - d a y 's ( F r i d a y 's ) a c t u a l r a t e s f o r s t e r li n g e x c h a n g e w o r e 4 1 3 : H @ 4 14
f o r s i x t y d a y s , 4 1 G @ 4 1 6 % f o r c h e e k s a n d 4 16% @ 4 17 f o r c a b l e s .
C om ­
m e r c ia l o n b a n k s , s i g h t , 4 1 5 % & 4 1 6 ; s i x t y d a y s , 4 1 2 ) 4 @ 4 V2%\ n i n e t y
d a y s , 4 1 1 X @ 4 1 2 , a n d d o c u m e n t s fo r p a y m e n t (s ix t y d a y s ) , 4 1 3 @ 4 I A % .
(
f o r p a y m e n t , 4 1 5 % @ 4 1 6 . a n d g r a in f o r p a y m e n t , 4 1A% @ 4 1 6 .
T o - d a y ’ s ( F r i d a y ’ s ) a c t u a l r a t e s f o r P a ris b a n k e r s ' f r a n c s w e r e 8 8 5 @ 8 9 3
f o r l o n g a n d 8 77 @ 8 8 5 f o r s h o r t .
G erm a n y ba n k ers' m ark s are n o t y e t
l ° n K a n *l -short b i ll s .
A m s t e r d a m b a n k e r s ’ g u i l d e r s w o r e 3 7 % ('f
3 7 5 - 1 6 f o r l o n g a n d 3 7 % @ 3 7 1 1 -1 6 f o r s h o r t .
E x c h a n g e a t P a r is o n L o n d o n 3 6 . 8 0 f r a n c s ; w e e k ’ s r a n g e 3 6 . 0 5 f r a n c s
h ig h a n d 3 6 . 8 0 f r a n c s l o w .

The range for foreign exchango
Sterling, A c tu a l —

Tr t.h« w««b- m i ™
o
/ D a gs.

..
Cheques.

X

Cb
a les.

4 17
4 I5 X

4 1 8 'I
4 16V I

.8 6 6
.8 9 6

P a ris B ankers’ F ra n cs —

.4 1 5 VI
4 12%

8 62
8 90

8 60
8 88

3 54
3 08

3 56
3 10

G erm ang Bankers' M a r k s —
H ig h f o r t h e w e e k __________________
L o w f o r t h e w e e k _____________________
Am sterd am Bankers' G uilders —
-

Rilro d S te, M n Uited
a a , ta u . n
ta s
&Freio
o n S te
A
c.,
Bn s.
od
Bn s.
od
Bn s.
od

S ck
lo s.
Sa
h res. P r Vlu
a a e.

—No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been more
aotive than usual this week, due chiefly to tho exceptional
ie .'ord of a few issues. Conspicuous among these are Interbobo R. T. and Interboro Mets. which have added 234 and 2
points respectively to their previous decline, bringing them
down 2134 and 1934 from the prices recorded earlior in tho
year. Other issues have declined, however, including St. Paul
434s, So. Pac. 5s, U. P. 4s, and N. Y. Cent. 6s, all of which
are from 1 to over 2 points lower than last week. The ten­
dency, indeed, of all the bonds of this class dealt in has been
towards lower prices.
—Sales of Government bonds
tho Board are limited to
4s, coup.
and
the various Liberty Loans.
S ta te

( S a x je ile .

109

.

%

37
3 7 3 - 16

37
37

V
s
%

38

A
7%

S t . L o u itf. 1 5 @ 2 5 0 . p e r S I , 0 0 0
», p a r . M o n t r e a l , $:3 7 . 8 1 2 5 p e r
$ 1 ,0 0 0 p r e m iu m .

C in c in n a ti, p a r.

—“Curb” prices continued to move up­
ward this week in an exceedingly active market and oxcopt
for a slight reaction on Thursday duo to profit-taking, the
market presented a ftiirly firm tone. General Asphalt again
jumped into prominence the com. stock moving up some 31
points to 160, then down to 148. To’day’s transactions
showed a recovery to 15934- Allied Packers gainod over 4
points to 6534. the close to-day being at 65. A. T. Securities
fell from 7834 to 7534 but recovered to 7734, tho close being
at 7634- Coco-Cola weakened from 4334 to 3934 but recov­
ered to 4234 finally. Loft, Inc., declined from 3334 to 30
and finished to-day at 3034- Packard Motor now stock,
“w. i.” was traded in for the first time up from 28 to 36 and
at 31 finally. Todd Shipyards roso from 168 to 175 with tho
final transaction at 172. Vanadium Steel after an early riso
from 5934 to 6034 dropped to 57 the close to-day being at
5734- White Oil featured the oil list, moving down at first
from 3634 to 3534 then up to 4034 with a final reaction to
3834- Shell Transp. & Trading gained over 3 points to 8334
fell back to 8034 and was traded in finally at 8134. Carib
Syndicate, new stock, “w. i.” was active and advanced from
4534 to 52, the close to-day being at 51. Guffey-Gillospie
Oil com. improved from 27 to 2934, reacting finally to 2834.
Midwest Refg. dropped from 178 to 165 and sold finally at
170. Texas Co. new stock, “w. i.” advanced from 6234 to
68 and ends the week at 67. Texas Pacific Coal & Oil sold
up r-om 1 <8 to 195 and down to 183. In bonds Interboro
R. T. 7s recorded a further drop to 68, a loss of some 5 points
during the week. It recovered finally to 69.
O u ts id e

M a r k e t.

N

e w

Y

o r k

S t o c k

E

x c h a n g e —

S t o c k

R

e c o r d ,

D

a i l y ,

W

e e k l y

a n d

Y

e a r l y

„
O C C U P Y IN G T H R E E P A G E S
J
P o t r e c o r d o f ta le s d u r in g t h e w e e k o f t t o c k t u s u a lly in a c t iv e , ,e e p r e c e d in g p a n e
H IG H

AND

S a tu r d a y
O ct. 2 5 .

L O W S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .

M onday
O ct. 2 7 .

T u esd a y
O c t. 2 8 .

I f ed n esd a v
O ct. 2 9 .

T h u rsd ay
O ct. 3 0 .

F r id a y
O ct. 3 1 .

S a les
fo r
th e
W eek

STOCKS
NEW YO RK STOCK
EXCHANGE

J

PER SH AR E
R a n g e S in c e J a n . 1
O n b a s is o f 1 0 0 sh a re lo ts

1683
PER SH AR E
R a n g e f o r P r e c io u s
Y ea r 1918

L ow est
H ig h e s t
L o w e st
H ig h e s t
sh a re
S p e r sh a re
S h a res |
R a ilr o a d s
Par
$ p e r sh a re I ? p e r sh a r e
$ p e r sh a r e S p e r sh a r e
91
i S9*4
90%
7 ,8 0 0 A t c h T o p e k a & S a n t a F e _ . 1 0 0
SS
Aug 8
10 4
M ay27
M a r,
99*4 N o v
80
78%
79%
4 ,7 0 0
Do
p r e f ___________________ 100
787g O c t 2 8
89 Jan
4
80
Jan!
92% N o v
10%
*9%
12
2 0 0 A t l a n t a B lr m & A t l a n t i c . . 10 0
95%
6
M a r 3 11 15% J u ly 24
5
D eo,
10% J u n e
91
*92
96
4 0 0 A t l a n t i c C o a s t L in e R R . . 1 0 0
40
90% S ept 6
107
M ay29
89*8 A p r , 1 0 9
N ov
40
39
39%
6 ,3 0 0 , B a lt i m o r e & O h i o ............. ” l 0 0
50%
38% S ep t2 5
55% M a y 2 7
48% D e c
62
N ov
51%
50%
50*4
1 ,1 0 0
Do
p r e l ___________________ 100
20
49*4 S e p t 2 7
59% M ay27
53
Apr
64% N o v
20
1 9%
19% !
4 .1 2 0 B r . o k l y n R a p i d T r a n s i t . . 100
18% J a n 2 7
3 3 % J u ly 2 3
25*8 D e o
48% Jan
13*4 * 1 4
16
300
C e r t i f i c li e s o f d e p o s i t ___
13*4 O c t 3 0
2 8 % J u ly 2 3
148*4 148*4 149*4
6 ,7 0 0 C a n a d ia n P a c i f i c ______
too
«*>‘4
148% S e p t2 4
1 7 0 % J u l y 10
13 5
M ar
17 4 % O c t
57
*57
57*4
2 ,2 0 0 C h e s a p e a k e & O h i o .
10 0
*9
53% A ug21
68% M a y l7
49*4 J a n
11
6 2 % NOV
*7
11
1 0 0 C h i c a g o & A lt o n R R _____
100
M l
7% J n n l 3
1 2 % M a y 15
7
Apr
11
N ov
*12
15
13
P r e fe r r e 1
.................................. 100
0%
1 0% M a y 9
17 % J u l y l 7
1 0% D e c
18
NOV
7
” ’ 1 6 6 C h i c a g o & E a s t III t r r e c t s
5% O ct2 7
13 % J u ly 2 3
9%
’ *6"
To
----------;
P re fe rre d tr r e c ts
""
9 % O c t 22
'* 9 %
1 7% J u ly 2 4
9
M ay
Jan
*9%
10
9*8
1 ,4 0 0 , C h i c a g o G r e a t W e s t e r n .
165
28
7% Jan21
12
J u ly l7
6
Apr
11
N ov
26%
*26% 2 7
700,
Do
p r e l ___________
100
42%
22% A ug21
3 0 % M a y 19
18% A p r
42*4
32
N ov
41%
43
1 0 ,a 0 0 C h i c a g o M l l w & S t P a u l
100
64
3 4 % F e b 15
52*4 J u l y 17
37% A p r
54% S ept
63%
63
64
4 ,9 0 0
Do
p r e l ................................... 100
90%
60% A ug21
76
J u ly l7
66% A p r
86% N o v
91
90%
91
2 ,0 0 0 C h i c a g o & N o r t h w e s t e r n . . 100
M 20
S9
S ep t2 3
105 M a y 2 6
89% M ar
107
N ov
120
*118
12 4
300
100 1 2 0
Do
p r e f ________________
28
O ct2 9
1 3 3 J a n 17
125
J u ly
27%
137
Jan
27
27%
1 1 .0 0 0 C h i c R o c k I s l A P a c _____
10 0
*76
22% Jan21
32% J u ly l7
32% N o v
18
Apr
77
*75
77
7 % p r e f e r r e d ____________ 100
64
68% A u g 8
84 June 6
56*4 J a n
88
N ov
64%
64
64
500
6 % p r e f e r r e d ______________ 100
55% A u g21
73
J u l y 17
46
Jan
N ov
75
*65
75
2 0 0 C h ic S t P M in n A O m a h a
100
65
O ct2 8
82
Jan 7
69
S ept
82
D ec
*44
45
*44
45%
3 0 0 C l e v C ln C h i c A S t L o u i s
100
32
F e b 17
547g J u n e 6
26
Feb
N ov
40
*6 5
70
*65
70
Do
p r e f .................................... 100
63
S e p t 11
74
J u l y 12
N ov
_____
58*4 M a y
70
*22% 21%
2 0 0 C o l o r a d o A S o u t h e r n ___
10 0
19*4 J a n 2 2
31*4 M a y 5
18
Apr
27% N o v
*4 9
53
Do
1st p r e f ........................ 100
48% Jan 3
5 8 % J u ly 2 1
47
Apr
55
N ov
*45
52
Do
2 d p r e f .......................... 100
102
10 2
45
Feb
1 0 2 % 1021 * 1 0 2
51% M ay29
104
48
D ec
1 0 2 % 1 0 2 % 102
40
Apr
102% * 1 0 2
102%
8 00 D e liw a r e A H u d s o n ..
100 100
1 8 3 % 1 8 3 % '1 8 1
O ct2 3
189
116 M a y 2 9
*1 8 1
1 0 0 % A p r 119*4 N o v
185
18 1 % 183
184
*1 8 1
181
181
6 0 0 D e la w a r e L a c k A W e s t e r n " 5 0
*9
10
172% M a r lS
9
217
M ay 7
9
160
A p r 185
S ept
8%
9
8*s
S%
*8
*S % • 9%
9%
700 D e n v e r A R io G r a n d e
100
3*4 J a n 8
16%
15% J u ly l4
16%
2% Jan
16
7
N ov
15%
16
16%
1 5%
16%
15*4 16%
6 .5 0
Do
p r e f ........................... . . . 1 0 0
6% F eb
24
J u ly l4
*3%
4%
*4
5
Apr
13% Jan
*4
4%
4%
4
4
2 0 0 D u l it h S S A A t l a n t i c
100
2*4 F e b 11
*10
6*8 J u l y 15
12
2% F eb
4*4 O c t
*5
10
*5
10
*5
10
P r e fe r r e d _________
100
1 5%
5*s A p r 8
1 5%
11% J u ly 2 1
15 %
4*8 M a y
8% N o v
15*4 * 1 5 %
15
15%
15*4
1 5%
15*8 15%
1 5%
4 ,6 o 6 e r j e .................................
15
A ug21
25*4 2 6
20% M a y lO
*24*i 26
14
Apr
23% N o v
*25%
2 6 '­
25 %
24%
25
*24*4 2 5 %
25%
1 ,3 0 0
Do
1st p r e f ...........................100
23% A ug21
*17%
19 % * 1 7
33
J u ly 16
1 9%
361; N o v
23% Jan
♦17
19% *1 7
19
*17
19%
25
24%
Do
2 d p r e f . . . ....................100
16*4 A u g l 8
23*4 J u l y l 7 l
85*4 8 6 %
85% 86%
18% Jan
27% N o v
85% 85%
85
85%
84
85
84%
8434 ” 9', 8 0 0 G r e a t N o r t h e r n p r e f _____ '1 0 0
42
84
O ct3 0
431;
100% M a y 2 7
4 3 % 43*4
86
Jan
106% N o v
43%
44%
421* 4 3 %
43%
43
43*4 1 2 ,3 0 0
Iron O re p r o p e r t i e s ..,^ par
*9
31*4 J a n
11
52*4 J u ly lO
*9
34% N o v
11
*9
25% Jan
*9
io
11
*9
10
*9
10
G u lf M o b A N o r tr c t S _ ._ 1 0 0
7
S ep t2 0
*36
1 2% J u ly 2 5
37
*36
10
M ay
37
8
M ar
*36
*3 6
37
37
♦36
37
*36
37
P r e f e r r e d ............................
100
31% J a n l6
9 2 % 92*4
4 0 % J u l y 18
92
92
9 1 % 9 1%
27
M ar
35% D e c
92
92
92%
91%
91
91
1 ,6 0 0 I llin o is C e n t r a l ______ I I I ” 100
90
A ug21
5%
10 4 M a y l O
5%
5%
92
Jan
105% N o v
6
5%
6%
5%
5*1
5%
5*8
5%
5%
8 .3 0 0 I n t e r b o D C o n s C o r p
N o 'P a r
3% M a r 2 4
17
9 % June 2
17
19*4
17*4
18 %
19
4*4 D e c
9% Jan
17*4 1S%
17
17
17%
18
7 ,4 0 0
Do
p r e f ...................................i o o
11 % M a r 2 9
31% J u u e l2
6
6
1 7% D e c
47% Jan
*5%
8
1 0 0 I o w a C e n t r a l _____
100
2 % F e b 13
*18
20
9*4 J u ly 2 1
18%
18%
19
19
2% Jan
5% N o v
*18% 20
19
*18%
*18
1 9%
2 00 K a n sa s C it y S o u t h e r n ..I I lO O
*
16*4 J a n 3 0
25% M a y l 9
50
4 9%
49%
*48
15% A p r
24% N o v
49*4 *4 8
49
48%
48%
48
48
800
.
P r e f ................... ............ 100
48
O ct2 0
*16%
57
M ay21
10%
12
*10
12
45
Jan
59% N o v
*1 0
12
9%
10
*9%
10
2 0 0 L a k e E r ie A W e s t e r n ______ 1 0 0
7
F eb26
*17
21
17
14
J u ly 2 1
21
7% O c t
11% N o v
* 1 6 % 21
*16*1 21
♦ 16% 21
*16
20
P r e f e r r e d ________________
100
16% A p r 2 1
17
2 5 M a y 19
47% 47%
471.1
47%
15
Apr
47%
25
O ct
47
47
46%
47
4 6 % " 3 ,7 0 0 L e h ig h V a l l e y ________
46%
50
4 6 % O c t3 1
11 7
117
*113
60*8 J u n e 2
116
11 5
53% D ec
115
113
65% N o v
113
*1 1 2
110
11 3 % 113%
6 0 0 L o u is v i lle A N a s h v i l l e . . . 1 100
104% A u g l 9
58
59
*55
122*4 M a y 17
59
53
110
Jan
57
124*4 N o v
51%
55
50
48% 49%
51*4
3 ,2 0 0 M a n h a t t a n R v g u a r .
100
4 8 % O c t3 1
17
88
Jan25
IS
16%
80
D ec
100% D e o
17
*13
16
16% * 1 6
17*4
18
1 ,5 0 0 M i n n e a p A S t L ( n « ! c ) I . _ I i 0 0
9% Jan21
2 4% J u ly l7
*88
90
7% A p r
15% N o v
87
87%
86% 86%
*87
90
3 0 0 M in n S t P A S 8 M ............. 100
z847g S e p t l 9
12%
13%
12%
98% M a y 2 9
13
80% Jan
12%
97% N o v
12%
' 12%
13
12%
12*4
12%
12%
8 ,1 0 0 M is s o u r i K a n s a s A T e x a s . 100
4*8 F e b 10
18
18
18
1 8% * 1 8
1 6% J u ly 2 2
20
6*4 N o v
4*8 J a n
17%
IS
17%
17%
19
*1 S
600
Do
p r e f .............. ....................100
8 % J a n 13
28%
25% J u ly lS
2 9%
28% 28%
13% N o v
28
28%
6% Jan
2 3 % 28*4
28%
28
28
28%
1 0 ,7 0 0 M is s o u r i P a c i f i c t r u s t ct.fs .1 0 0
22*4 J a n 2 1
4 8 % 49
38 % J u ly 9
48
48
4S
4 8%
20
Jan
31% N o v
4 7 % 4E
47%
47%
47%
46%
3 ,0 0 0
Do
p r e f t r u s t c t f s ........... 100
45*4 A u g 2 0
58*4 J u n e 7
*7*i
8%
41
Jan
62
N ov
7%
6*4
V%
7%
7 %;
7%
1 .3 0 0 N a t R y u o f M e x 2 d p r e f . . . 1 0 0
5% F eb 6
14
M a r lO
'i s '
48%
48*4 '4 8 %
4*8
48%
1 0% N o v
4% M a y
4S
48
*48
49
48%
49
1 ,6 0 0 N e w O r l T e x A M e x v t c . , 1 0 0
72
28*4 A p r 10
72% 73%
73%
50
S ep t2 4
7 2 % 73
17
Apr
36% D e c
7 2%
73 %
72
71*4 7 2 %
73
7 ,9 0 0
69% Jan21
N ew
C e a t r i1 ................... 100
28
83*4J u n e 6
28
*28
30
*28
30
67% Jan
29
84*8 N o v
29
30
*28
*28%
30%
3 0 0 N Y C h i c a g o A S t L o u i s . . 100
23*4 S e p t 2 4
*64
70
3 3 % J u ly lO
*63
70
*63
70
34
N ov
13*8 O c t
*63
70
*6 3
70
*33
70
F ir s t p r e f e r r e d , ................... 100
62
O ct 1
*46
70
Apr 2
50
*44
46
*44
48
55
J u ly
65
N ov
*44
48
*44
48
*44
48
S e c o n d p r e f e r r e d ................ 100
42% A p r l9
33
5 3 % J u ly 7
34%
33% 33%
33
33%
40
Oct48
N ov
33
321* 3 3
33*4
32%
33%
1 1 ,1 0 0 ^ ^ N H A H a n f o r d _____ 100
25*4 F e b l 3
20
40% J u ly l7
20
19 %
19% *1 9
19*4 2 0
27
Apr
45% M a y
21
*19% 20%
*19%
20
5 0 0 N Y O n t a r io A W e s t e r n . . . 1 0 0
1 8% J a n 2 1
2 1 % J u l y 18
1 3% J a n
24*8 N o v
*13
14
N o r n ik S o u t h e r n .. .
100
14
O ct
1 0 0 * 4 101
20
M ay29
100
101
100% 100% 100% 100%
14
N ov
21% D e c
9 9 % 10 0 %
10 0
100%
2 ,2 0 0 N o r f o l k A W e s t e r n ........... ” lOO
98% S ep t2 2
86% 86%
86
86%
851; 86
112% M a y lO
102
Jan
112% N o v
85*4 8 6 %
84%
86
84%
85%
8 ,1 0 0 N o r t h e r n P a c i f i c _____
100
84
Aug 8
43% 43%
43% 43%
99% M a y 2 7
4 3 % 43*8
4 3 % 43%
105
N ov
81% Jan
43% z42%
43%
42%
1 2 ,3 1 9 P e n n s y l v a n i a ................. ................50
42% A u g 2 7
*16
17
*14
17
*14
17
4 8 % M a y 19
*14
17
43% J u n e
50% N o v
*14
*1 3
17
17
P e o r ia A E a s t e r n ____________ 100
4*4 M a r 2 6
24
25%
23*4 2 4 %
23%
24
20
J u l y 17
23% 24
4% A p r
6% N o v
22%
23
1 0 ,9 0 0 P e r e M a r q u e t t e v t c _______ 100
227g 2 3
12 % J a n 2 1
65
65
26% J u u e ll
65
65
9% M a y
1 8% N o v
64
65
z64
61
800
Do
p r i o r p r e f v t c ____ 100
56
M ar27
67*4 J u t y l 5
52% A p r
64
N ov
♦46
49
Do
p r e f v t c ...................... 100
67*4 67*4
39
Apr 7
68% 69
49
M ay21
69
69
30
Apr
50
N ov
♦66
70
68%
68% *67
68%
5 0 0 P it t s C in C h i c <fc S t L o u is
100
32
32%
44
A p r29
32%
32 %
3 2 % ■32%
72
S e p tl5
32
58% N o v
2 5 % June
32%
30*4 3 1 %
*31*4 33
3 ,9 0 0 P it t s b u r g h A W e s t V a _____100
*79
80
*79
30% A u g21
80
*79
44*4 J u n e 9
81
22% Jan
*7 9
40% N o v
81
79
79
*77
81
100
Do
p r e f ------------------------io o
81
82*4
8 1 % 82*4
78% A u g lS
84% June 7
80% 81%
61
Jan
82
N ov
81*|
79
8 0%
81
80*4 8 1 %
2 5 ,2 0 0 R e a d i n g ................................” ” .5 0
*34%
747g A u g 8
35
*34% 35
34% 34%
93*8 J u n e 6
*34
70% Jan
96% O ct
35
35
35
*34
35
500
Do
1st p r e f _________ ” ” 5 0
*37
34% A u g1 9
33
*37
38
38% F eb 4
37
37
35
Jan
39
M ay
*3 7
37%
33
*3 7
38
37%
400
l ‘ *4 19%
,
130 2 d P r e f _________ 5
36
A p r30
18*4 19
18%
3 9 % M a y 16;
18%
40
J u ly
18%
35
M ar
19%
18%
18% *1 S %
19
i n n S t E o u ls -S a n F r a n tr c t f s . _ i o O
10*4 J a n 2 1
*26
31
*23
29
27*4 J u l y 17
26
26
9*8 A p r
17 % D e o
*26
31
*2 2
29
a n o a * P r e fe r r e d A t r u s t r t f s . . 100
*15%
15% *14%
22
Jan27
15 %
37
M ay 2
*14%
15%
21
Apr
33% N o v
15
15
14% ,14%
*14*4
1 5%
3 0 0 ] S t L o u is S o u t h w e s t e r n _____ 100
*24
29%
♦261« 2 9 %
14% A u g l 3
28
29
23*8 J u n e 9
*28
29%
19
O ct
25
N ov
28
28
27*4 27*4
25
A ug28
8%
cn R ' D o
p r e l ........................................... 100
8%
8%
9
3 7 % J u n e lO
28
O ct
4 0 i; Jan
9
* 8*4
9%
9
£ 0 0 ] S e a b o a r d A i r L i n e .................... 100
7*8 F e b 13
81
81
12
J u ly 2 3
* 1 7 % ' 17 %
7
Apr
12
N ov
171 .
17%
*17%
18
3 0 0 !D o
p r e f _______
io o
10 7 % 110% 1 0 7 % 110
15*4 F e b 3
1 0 7 % 1 0 8 % 1 0 7 % 10 9 %
23*4 J u l y 17
15 % A p r
25% N o v
1 0 6 % 107*4 1 0 7 % 108*4
16n ’ 5 2 2 ! S o u lh t rn P a c ific " c o l I ” ” i o o
92*4 A u g 8 1 1 5 J u n e 2
25% 26
2 5 *t 2 6 1 ;
25%
25*8
25
25%
80% Jan
25
25%
110
N ov
24%
25
£•£00 S o u t h e r n R a i l w a y ________ .1 0 0
23
Aug 8
62% 62%
62%
33
M a y 19
62*4
63
62%
62%
63%
20% A p r
34% N o v
63%
63%
2,1 0 0 | D o
p r e f __________________
io o
51
59*4 A u g 2 1
52
52%
53%
5 1 % 531
72% M a y2 7
52
57
Jan
75% N o v
53*8
50*4 52
51
52*8 2 2 ,0 0 0 T e x a s A P a c i f i c .................... 1 .1 0 0
27% Jan21
*16%
18
19
19
7 0 % J u ly 2
19
*18
*16
14
M ay
16
18
16
29% D e c
*16
19
4 0 0 T h i r d A v e n u e ________________ i o o
13% J a n 4
12
♦10
12
*10
*9
2 5 % J u ly 2 3
12
*10
12
♦9
12
12% D e c
21*4 J a n
*9
12
T o l S t L A W tru st r e c e ip t s ..
6
M ay 1
*19
*19
25
1 3 % J u ly 2 9
*19
25
*20
25
*19
4
June
25
7% A u g
*20
25
P r e fe r r e d c e r t if i c a t e s d e p .
10
M ar 4
46
40
2 5 % J u ly 2 5
*40
46
8% M ar
46
*40
16
Aug
*40
46
T w i n C i t y R a p i d T r a n s i t . . 10 0
1 2 2 % 1 24%
38
J a n ie
1 2 2 % 124
60 June 3
1 2 2 % 1 2 3%
32
D ec
122*8 123% 122
1231
65% Jan
122% 123%
1 0 ,3 0 0 U n i o n P a c i f i c __________________10 0 1 1 3 % A J S S
67
67
66% 67
138% M a y2 9
66*4 66*4
109*4 J a n
66*4 6 7 %
66%
67
137% O ct
*67
68%
3 ,4 5 0
D o p r e f .......................................i o o
66% O R 2 7
12
*10%
*10%
1I
74*4 M a r 5
11
11
69
Jan
11
11
11%
76*4 N o v
11%
11%
11%
8 0 0 U n i t e d R a i l w a y s I n v e s t . . .1 0 0
221* 221* *221* 2 3
7% J a n 9
1 5% J u ly l 1
*2 2 % 23
>*22
23
22
4*4 J a n
22
12
June
*22% 23
300
D o p r e f ................................ . . 1 0 0
15
J a n lS
10 " T o *
10
34*4 J u l y 1
9%
10% A p r
9*4
20
M ay
” 9*4
9%
9%
*9*8
9%
9 0 0 W a b a s h ......................................_ . i o o
7*4 J a n 2 0
30% 30%
30
30%
'3 0 *
30*8
13*8 J u l y 2 3
7
Apr
30
29%
30
11*4 J W y
30*s
29% 29%
4 ,1 0 0
D o p r e f A ................................. 100
28 % S ep t3 0
20
19*4
20
38
M a y lO
19%
30% D e c
44% Jan
*19
20 “
200
D o p r e f B ......................... . . . 1 0 0
19
Jan23
12%
12%
12%
12% * 1 2
12%
2 5 % J u ly 9
19% D e c
12
11*4
11%
26% June
11*8
11*8 11%
3 ,6 0 0 W e s t e r n M a r y l a n d ( n « i c ) _ _ l 00
*21
*22
24
9% A p r21
24
*21
24
1 4 % J u l y 17
*21
10
D ec
24
24
*20
17*4 E e b
*2 1
24
D o 2 d p r e f _________________ 100
20
S e p t 18
22% 22%
*23
24
23
23
3 0 % J u ly 9
20
23
*22
23
32
June
Jan
24
23
23
5 0 0 W e s t e r n P a c i f i c ______________ 1 0 0
17
F eb 3
56
*54
66
*54
56
56
26
J u l y 14
13
*53%
56
Jan
24*4 N o v
55% 55%
*55
55%
500
D o p r e f .......................................i o o
52% F eb 2 0
14%
15
14%
15*4
14*4 15
61% Jan
9
46
Jan
66 J u n e
15
14%
14*4 15
*14%
15
4 ,4 0 0 W h e e l in g A L a k e E r ie R y . 1 0 0
7*4 M a r 5
*22
*22
24
26
*23
24
18% S e p t 2 4
22% 22% *20
8
A p r,
12*4 N o v
24
*22%
23
100
D o p r e f..................................... i o o
*32
34
*32
17
Jau30
3 3 % 33*4
34
28*4 S e p t 23
17% A p r!
34
26
N ov
33*4 33*4 * 3 2
*33
35
3 0 0 W i s c o n s in C e n t r a l __________ 100
30
S e p tIS
41% M a y lO
29% D ec
39*4 O c t
I n d u s t r ia l & M is c e lla n e o u s
39
*35% 39
40% 40%
3 9%
*3539%
*35
40
*35
39
5 0 0 A d a m s E x p r e s s ______________ t o o
44% 45%
44% 45%
44%
29% A pr26
43>
64
M ay23
44 % 45%
42
D ec
43% 44%
80
Jan
43%
44%
7 ,3 0 0 A d v a n c e I t u m e l y _____________100
21
Jan21
73 %
73
73
73%
73
587g J u l y 3
7 3%
73
7 3%
11
Jan
72*4 7 2 %
26*4 N o v
73
74
1 .9 0 0
D o p r e f .............................. . . . 1 0 0
56% Jan20
95% 95%
9 3 % 94
93*4 97*8
76 J u n e 9
941* 9 4 %
93
96
62% N o v
257g J a n
94*4 9 7
8 , 7 0 0 A j a x R u b b e r I n c ................... . 5 0
2%
66
J a n 13
*2%
2%
2%
2%
2%
113
J u l y 14
21
2%
49
Jan
72% D e e
2*8
2%
2%
2%
3 . 9 0 0 A la s k a G o l d M i n e s ___________ 10
2*8 O c t 3 0
4 % J a n 15
1% A p r
5% N o v
1%
1%
1%
3 , 0 0 0 A la s k a J u n e a u G o l d M l n ’ g . 1 0
1%
47
1*4 J a n
40
48
48%
46% 48
3% J u ly l4
45
46% 43%
3% Ju n e
47%
1% A p r
46
48
2 6 ,6 0 0 A ll ls -C h a lm e r s M f g _________ 100
30
Jan21
94% 94%
*91% 95
*94% 95
5 1 % O c t s!
94%
94% *93%
17*4 J a n
37
M ay
95
200
D o p r e f ......................................i o o
81% Jan23
99
*99
101
99% 99%
99*4
9 9 '2 1 0 0
97
S e p tlO 1
97
99
72% Jan
86 % M a y
*97% 99
1 .5 0 0 A m e r A g r i c u lt u r a l C h c m . . l 0 0
87
S e p t 2 113*4 M a y 1
*9 5
*93
98
96
96
96
*95
96
96
*95
*9 4
78
Jan
106
O ct
96
200
D o p r e f . . ................................ i o o
94
O c t 4 108
49
48%
48 %
49
M a r l5
*48
50
52% *49%
48%
89% J a n
101
Aug
5 1%
5 .5 0 0 A m e r ic a n B a n k N o t e . . .
50
33
Jan25
55
J u ly is j
*47
50
31% M a r
35% M a y
*47
49%
P r e fe r r e d ....................
so
42
Jan 2
94% 97
93*4 9 6
96*4 98*4
49
O c tl8 |
97*4 1 0 0 %
'9 6 * 4 9 9
42% A u g
41*4 J u n e
98% 100
4 5 ,5 0 0 A m e r ic a n B e e t S u g a r . . .
io o
6 2 - ■ J a n 3 101*4 O c t 2 1
* ------93
_____
93
------94
1
------- „ 9 4
93
48
N ov
84
F eb
94
' _____
Do
p r e f . . .............................io o )
84*4 J a n 13
1 2 2 % 124
1 2 3 % 1 2 4 % 1 2 3 % 12 5
95
M ay29
122
121*4 1 2 2
123%
*8 2
S ept
91% M a y
1 2 3 % 124
5 ,0 0 0 A m e r B o s c h M a g n e t o . . N o p a r
8 4 % M a y 7 131
6 1 * t 63*4
62% 63%
63%
64%
O ct2 1
6 3 % 64*8
61%
63%
62
6 3 % 3 5 ,8 0 0 A m e r ic a n C a n _______________ i o o
4 2 % F e b 11
*1 0 2
103
102% 102%
102
103%
68 *s S e p t 3 0
102
103
102*4 102*4 1 0 3
34% Jan
103
50*4 M a y
400
Do
p r e f . . .............................ioo|
9 8 % J a n 6 1 0 7 % J u n e lO
1 3 1 % 13 1
13 2
133%
1 3 3 % 13 5
133*4 135%
89% Jan
D ec
1 3 1 % 133*8 132*4 1 3 6
99
1 9 ,4 0 0 A m e r ic a n C a r A F o u n d r y . 100
8 4 % F o b lO
138*8 S e p t 4
68% Jan
115*4 115*4
D ec
93
116
116
350
Do
p r e f .................................. i o o
113
J a n 18 1 1 9
57% 57%
57
57%
56% 57
J u ly ll
106
57
57%
'5 6 %
57%
D ec
Jan
116
57% 58%
4 .9 0 0 A m e r ic a n C o t t o n O i l .............. 100|
39% Jan 2
91
91
6 7% J u ly l4
25
Jan
44% O ct
*9 1
93
500
Do
p r e f . . .............................i o o
88
Jan 7
11
II
11
11%
93
Apr 3
11
11
78
11
11
1 0%
11%
M ay
D eo
88
1 0%
10%
3 ,8 0 0 A m e r D r u g g is t s S y n d i c a t e . 10
10*8 J a n 2 4
37
39
37*4 3S*4
3 6 % 39%
14% M a r 7
3 5 % 3 7%
34% 37
36% 37
2 7 .7 0 0 A m e r ic a n H i d e A L e a t h e r . 100|
13% J a n 4
136
139
137
138*4 1 3 4
138%
4 3 % J u ly 3 1
117, J a n
1 3 2 % 135%
130
132
22% S ep t
1 3 1 % 133
2 5 .7 0 0
Do
p r e f ----------------------------- i o o
7 1 % J a n 2 142*8 O c t 22
43
40% 40%
43
40% 41%
60
947* A u g
42
44
Jan
7 ,2 0 0 A m e r ic a n I c e ........................... i o o
45
48
43%
44*8
371; A ug21
* 65*4 6.8
76% J u n e 6
♦65*4 6 8
66% 66%
1 1% J a n
O ct
49
67
67
♦66
68
2 .9 0 0
68
70
Do
p r e f .................................. i o o
54*4 J a n 2 0
11 9 % 122%| 121
122%
121 % 1241* 12 2 % 124*4 1 2 3
76% J u n e 6
O ct
61
38*4 J&nl
128*8 1 2 9 % 132% 1 3 4 ,0 0 0 A m e r I n t e r n a t io n a l C o r n . . 1 0 0
5 2 % F e b 8 13 2 % Out.3 1 1 5 1 % S e p t
601; O ct
■ Bid and asked p.lccs; no salos on this day. t Ex-rlghta. } Loss than 100 shares, a Ex-Jiv. and rights, x Ex-dlvldond.
*
S .p er s h a r e
90% 91%
79
79%

S p e r sh a re
8 p e r s h a re
S p e r sh a r e j
90%
91%
90%
91
90 % 90% !
79
79
78%
79
79
79% I
*9%
11
* 9 1 i 12
9% '
9*4
11 I
9 5 % ' *93
96
95% 95%
*9 2
93 I
41 | 4 0
40%
39% 40%
39% 40
50% l
*50%
52 j *50%
53% '
19*4 2 2 %
20*8
19% 2 0 %
20
20
_____
15%
16
16
51
150
150%
1 4 8 % 150
149* 149
53%
57%
5S
57%
57%
5 7%
57%
11
*7
11
8
*7
11
14
*11
15
*11
*11
15
*> £
1
6%
5%
7
7
_____
♦8%
9%
10%
9%
9%
*9*
9%
9%
T o '%
28
27
27
27
27
*26% 28
44
44%
43
421; 44
42% 43%
61
64%
64
64
64
63
64
91%
91
91%
91
91%
91% 9 U *
125
*115
12 5
*114
123
120
12 0
28%
2 8 % 28*4
2.8%
28
28
2 8 *i
77%
*75
77
*75
7 7% *7 6
77%
64
64
63
*63
65
*6 3
64
65
65
44
42*4 42*4
*65
*65
70
23
23% 23%




8 per
90*s
79%
1 0%
94
39
*50%
19*8
13*4
14 8 %
57
*7
♦11
7
*8%
9%
26%
41%
62%
91
120
27%
*75
*62%

sFull

pa ll.

New York Stock Record—Continued— Page 2

1684

For record o f »ales during the week o f stocks usually Inactive, see second page preceding.
H IG H

A N D LOW

S A L K P R I C E S — P E R S H A R E .\ N O T P E R C E N T .
T u esd a y
O ct. 2 8 .

S a tu r d a y
O ct. 2 5 .

W ed n esd a y
O ct. 2 9 .

17%

1 0 l2
*135
1 1 78
28

2512
34
79
4 9 7g
*80

* _____
I O H 2 10438
‘ 5612 "58%
441. 441*
12812 1 3 4 78
1001 * i o o i 2
2214 22 %
41 3 4 4 2 %
*7834 8 5
45
46
63% 64%
68%
75

36

103
1 02% 104%
*1 0 9
108
108
57
57% 59

1341*2 1*4*0%
99% 99%
21 % 21 %
42%
41%
84
*78%
63%
7 0%
56
70*4
*83%
*95%
18 %

* 7 1 * - '7 1 %
8 3 % 83*4
96% 97%
19 %
19 %
91% 93%
H%
¥ 4%

•320*
*100
13*4
34%
‘ .34"
92
133
104%
*87
106
*14
*32
*140
49%
46
25%
81%
167
325%
90%
86*4
85%
104%
68
40%
75
85%
61*4
58%
27
89
137%
114*4
60
11 1
27%
62%
*75
27%
*67
33
153
*109
1 105
ft 3 4 %
U 64
t 87
' *45

64%
73%
56
71
H4
96%
19%
---------

_____
10 3 % 1 0 6
_____ _____
57
58
134% 138
99
99
21 % 22
42
42
82
82
46
47%
63% 64
70
72%
_____
*70% 71%
*83
84
95% 96
19% 20
94
95%

131% 135%
99*4 1 0 0
21%
21*4
41*8 4 1 %
80
80
45%
44%
63%
62%
7 1%
68
5 4%
54%
70%
70%
84
*83
95%
94%
19*4
19%
93
92%

*9*7*
106*4
249
102
43*8
83%
399%
10 2
13*4
38
43
33%
93
136%
105
87
107*8
15
31
150*4
51%
46%
25%
82
17 2
388
94
87
90%

102

102

66
41
75
*85
61%
57*4
25*8
85%
137*4
113
59*4
111
26*8
64%
77*4
25%
*75
33
154
110
104
32*4
>6 4 %
90
*48

66
41
77%
88
62
58%
26%
86
140
114%
61%
112%
27*4
67%
79
25%
...
33
157%
110%
107
33*8
67
94
50

42%
42% 43%
41
83
8 3%
83
82%
348
320% 335
320
■310
330“
*100
101
*100
100
100
10 4
1 3%
13%
13%
13*4 14
13*4
35%
36%
35
351
35
35%
_
*4 2
45
44
*40
*33
*33
37
*33
38
34*
*92
93%
*9 2
94
*92
92
138
141%
137
137
104%
* 86 %
87%
8 7%
87
87
90
105
106% 107%
105% 108
10 7
*1 1
17
*11
14
14
17
31%
33% 33%
3 2 % 32*
33
15 0 %
152%
150
■146
1 52
154
51%
52%
51 %
5 0 % 52%
52%
46%
4612 4 7
46%
47
25
26%
25
2 5 % 27%
27%
82
S3
82
82%
83
84%
170
17 0 % 1 7 2
167
170
380
360% 390
334
334
91%
91
91
91
90%
86 %
86 % 87
86*4
87
90
89% 92%
87%
90
104%
*68
70
68
68
67%
68%
*4 1
42%
41
41%
41%
42
77
79%
80 %
7 6%
76%
80
*85
89
88
*85
85%
85%
62
62%
6 2 % 63%
61%
63
58% 59 %
59
59%
58 *s
60
27% 27%
27
27
26%
28
87
87
89%
90
90
89%
90
140
14 1 %
139% 142
140% 139
11 4 % 114%
115%
60% 62%
6 0 % 62 3g
‘ 59%
61%
111 % 113% 11 2 % 11 3 %
112% 11 0 %
2 7 % 28%
27% 28%
27%
2S*4
64
65 % 67%
67%
63%
65%
7 6 % 7 6%
7 6 % 77
*74
77
26
26
27
2 6 % 26*4
27%
*66
68
*66
70
*67
72
33% 33%
*33
35
3334
1 5 7 % 15 9 %
1 5 7 % 160*!
153*
15 6
I ll)
*109
11 0 %
►109
*109
110
108
110
111
114*
106*4 1 0 7
33 % 33%
33% 34h
33*4
34%
68 % 7 0
6 7 % 7 0%
65
66%
92% 95%
8 9 % 9 4*
88
93i
*47
50
*4 7
50
*45
463
41%

*1*3*8

*131*4
*75
92*4
106*4
240%
102
102
41*4
43%
82*4
83 %
374%
374
■100
101
13%
13%
*34
35%
_____
43
33%
38
*92
94
135
139
105
86
89"
105
108
*11
17
31
31%
150*4
151%
60
52%
45
46%
25
25%
80*4
82%
172% 170
390% 3 7 5 %
*91%
92%
86%
86 %
87%
93%

14"
* 1 3 % *1*4% “ 1 3%
*75
_____
*75
95% 98%
92% 96%
93%
* 1 0 6 % 109
* 1 0 5 % 106
246
253
255
246
14 %

102
40%

104%
110 %
53

F r id a y
O ct. 3 1 .

PER SH AR E
R a n o e S in ce J a n l
O n b a sis o f 1 0 0 -s h a re lots
L o w est

H ig h e st

$ p e r s h a re
$ p e r sh a re
I n d u s . & M ls c e ll. (C o n )
Par
84
O ct 8
44% M a r 1
A m e r ic a n L ln s e e .l ----------------100
9 8 % A p r 15
85
M ar 1
Do
p r e f . . ..................... — 10 0
117% O c t 7
58
Jan21
A m e r ic a n L o c o m o t i v e --------- 100
109*4 J u l y 2
100
J a n l4
Do
p r e f _________ _________ 100
63
Aug 3
52% S ep t2 6
A m e r M i l t & C r a i n --------N o p a '
4 7 % O lt2 2
35
O ct 3
A m S h ip & C o m m C o r p . n o p a r
94 % J u n e l2
80
O ct3 1
A m S m e lt S e c u r p r e f s e r A . 1 0 0
89*4 J u ly 16
62% F eb 6
A m e r S m e lt in g * R e f i n i n g . 1 0 0
97% O ct?8
109*8 J u l y l 7
Do
p r e f...................................100
14 0
S ep tIS
105
J a n 11
A m e r ic a n S n u f f --------------------- 10 0
47
J u ly 7
33% M a y lO
A m S te e l F o u n d tern c t f s .3 3 %
96% A u g lf
01
S e p tl9
P r e f t e m p e t f s . _ -------S o p a r
148*8 O c t 2 9
A m e r ic a n S u g a r R e f i n i n g . . 1 0 0 11 1 % J a n 2 1
Do
p r e f . . ......................— 10 0 1 1 3 % J a n 6 1 19 M a y 2 4
120% J u n e l2
73
A ug21
A r a e r S u m a t r a T o b a c c o — 100
100
M a y 12
92% A u g l9
Do
p r e f e r r e d -------------------100
108% M a r lO
96*4 A u g l 4
A m e r T e l e p h o n e & T e l e g . . 100
A m e r ic a n T o b a c c o --------------- 1 0 0 1 9 1 % F e b 4 3 1 4 % O c t 2 4
106
Jan
6
96*8 M a y l 4
Do
p r e f ( n e w ) __________ 1 0 0
149% O c t2 0
45% J a n l6
A m e r W o o l e n o f M a s s ----------100
9 4 % F e b 8 110*4 J u n e 5
Do
p r e f ___________________ 1 0 0
69
O ct 2
27% Jan 2
A m e r W r itin g P a p e r p - e f .- lO O
29
J u l y 14
11
Jan31
A m e r Z i n c L e a d <fe S m e l t — 2 5
65
J u ly 2 4
40
Jan21
Do
p r e f _________ ______ ____ 2 5
7 7 % J u l y 16
56% F eb 6
A n a co n d a C o p p e r M i n i n g ..50
5*4 A u g 1 2
1
Jan 2
A s s e ts R e a l i z a t i o n --------------------10
60
O ct 8
1 7% J a n 6
A s s o c i a t e d D r y G o o d s --------100
82
A u g l4
61
M a r l9
Do
1 s t p r e f e r r e d ------------ 10 0
80% M a y l3
68% F e b 8
Do
2 d p r e f e r r e d ------------10 0
68
J a n 2 1 2 6 % O ct.31
A s s o c i a t e d O i l ------------------------ 100
92
F e b 8 1 9 2 % O c t3 1
A t l G u l f & W 1 S 3 L i n e . . . 10 0
76% M a y 8
64
Jan29
Do
p r e f ___________________ 1 0 0
20 % O c t 20
15
O et3 0
A u t o s a le s C o r p o r a t i o n ---------- 5 0
O ct2 5
31% O c t 20
29
6 % p r e f t e m p c e r t i f s ----------5 0
15 0 % O c t 2 2
64% Jan29
B a ld w in L o c o m o t i v e W k s . 1 0 0
J u ly 7
Jan 2 145
B a r r e t t C o ( T h e ) .................... 1 0 0 1 0 3
119
M a y 29
F e b 10
Do
p r e f e r r e d -------------------1 0 0 1 1 0
2% M a y l ?
1% J a n 2 0
B a t o p lla s M i n i n g ______________2 0
45
O c tl6
26
S ep t2 2
B e t h le h e m M o t o r s ------- N o p a r
107*4 J u l y 15
55% Jan20
B e t h le h e m S t e e l C o r p --------10 0
112
O ct 23
55*8 J a n 2 1
Do
C la s s B c o m m o n . . 1 0 0
108
J u ly 2 1
90% Jan30
Do
p r e f e r r e d ____________ 10 0
116
S e p t3 0
101*8 J a n 2 2
Do
cum con v 8 %
p re flO O
25
J u l y 24
1 6 % O c t3 1
B o o t h F i s h e r i e s ........... — N o p a r
102
Aug 1
97
A p r l6
B r o o k l y n E d i s o n , I n c ---------- 1 0 0
92
M ay29
68
O ct3 1
B r o o k l y n U n i o n G a s ------------ 1 0 0
71
F e b 5 1 1 2 % J u l y 16
B r o w n S h o e , I n c -------------------1 0 0
101
M a y 14
97
A u g lS
Do
p r e f e r r e d ____________ 1 0 0
17
O ct 6
8% M a r2 2
B r u n s w ic k T e r m Sc R y S e e . 1 0 0
1 6 6 A p r 23
S ep t2 2
B u r n s B r o s ____________________1 0 0 1 2 5
17
O ct 6
5% F eb 2 0
B u tte C o p p e r & Z in c V t c . . 5
3 9 % J u ly 3 0
16
Jan27
B u t t e r i c k _____________________ 1 0 0
37% J u ly ll
1 6% F e b 11
B u tte & S u p e r io r M i n i n g ..1 0
54% M a y 2 7
30
A ug21
C a d d o C e n t r a l O il & R e f . . 10 0
84% O ct3 1
48% Jan 2
C a li f o r n ia P a c k i n g --------N o p a r
56% O ct2 0
20*8 J a n
C a li f o r n ia P e t r o l e u m ........... 1 0 0
64% Jan
86*8 S e p t l 7
Do
p r e f ____________________ 1 0 0
86*4 J u ly 2 4
56*4 M a r l 5
C a lu m e t & A r i z o n a M i n i n g . 10
101
A u g l9
9 1% J a n l4
C a s e (J I ) T h r e s h M p f c t f . 1 0 0
45
J u ly 2 8
20% Ju n c20
C e n t r a l F o u n d r y .......................1 0 0
7 4 % J u ly 2 8
27
Apr 5
Do
p r e f e r r e d ____________ 1 0 0
6 6 % F e b 8 1 1 6 % J u ly 2 4
C e n t r a l L e a t h e r ______________ 1 0 0
114
J u ly lO
Do
p r e f ____________________1 0 0 1 0 4 % J a n 7
67% J u ly ll
31
Jan22
C e r r o d e P a s c o C o p ___ N o p a r
5 1 % J u ly lO
3 0 % A p r 12
C e r ta in -T e e d P r o d u c t s .N o par
121
O c t l4
140% O ct2 8
134.
135*4 3 1 ,6 0 0 C h a n d le r M o t o r C a r . . N o p a r
110% O c t3 l
68
A p r lO
1 0 2 % 11 0 %
3 ,1 0 0 C h i c a g o P n e u m a t i c T o o l . . 1 0 0
2 9 % J u ly 14
17 % J a n 2 1
20 % 21%
1 5 ,5 0 0 C h il e C o p p e r ................................ 2 5
5 0 % J u ly lO
32% F eb 6
C h i n o C o p p e r ................................ - 5
41% 41%
4 ,5 0 0
9 5 % J u ly 2
60% F eb27
*79
82
2 0 0 C l u e t t , P e a b o d y A C o ------- i o n
56
J u l y 14
34*4 F e b lO
6 ,3 0 0 C o l o r a d o F u e l A i r o n ----------1 0 0
46
47%
69
O c t 11
39% F e b 1
C o l u m b i a G a s A E l e c ----------10 0
62%
63*s
6 .7 0 0
75% O ct2 7
50*4 O c t 18
70%
7 3 % 1 6 9 ,4 4 0 C o l u m b i a G r a p h o p h o n e . n o p a r
63 % J u ly l4
37*4 J a n
C o m p u tin g -T a b -R e o o r d ln g 100
*54
300
57
75 Ju n c27
54
A u g lS
1 .7 0 0 C o n s o l i d a t e d C i g a r --------N o p a r
70
70
86% J u ly ll
*78
A u g lS
Do
p r e f e r r e d -------------------l o o
84
*83
500
106% J u ly l5
87% Jan 27
C o n s o lid a te d G a s (N Y ) . . 1 0 0
7 ,1 5 0
96
96
23
O c t l4
5% A p r2 3
19*4 1 1 ,4 0 0 C o n s I n t e r - S t a t e C a ll M g . - 1 0
19%
103*4 J u n e 7
6 5 % F e b lO
94
3 .7 0 0 C o n t i n e n t a l C a n , I n o ----------1 0 0
93
1 0 0 % O c t 18 1 1 0 J u n e l 7
Do
p r e f e r r e d -------------------1 0 0
110
*101
15*8 O c t 2 0
10*4 8 e p t 2 0
14% 1 9 ,3 5 0 C o n t l n e n t a l C a n d y C o r p f N o p a r
13%
58
Jan
75*4 O c t l 8
C o n t i n e n t a l I n s u r a n c e --------. 2 5
*75
77
99
O ct2 2
46
Jan21
94%
9 7 % 2 1 9 ,1 0 0 C o r n P r o d u c t s R e f i n i n g . . 1 0 0 1 0 2
Jan23
1 6 9 % J u ly 2 5
Do
p r e f------------------------------ J 9 0
600
108%
*106
62% F eb
261
O c t 23
C r u c ib le S te e l o f A m e r ic a . 100
3 3 .0 0 0
245% 250
91
Jan 2 105
J u ly 3
Do
p r e f................................... 1 0 0
300
*102
103
45
O ct 6
20% Jan27
C u b a C a n e S u g a r ............N o p a r
43
4 4 % 8 5 .8 0 0
69% M a r 1
87 % J u ly 2
Do
p r e f ................................... J 0 0
8 ,1 0 0
82% 83%
160
Jan 8 410
O c t3 1
386
410
7 .7 0 0 C u b a n A m e r ic a n S u g a r . . .1 0 0
93*4 F e b l 7
103
J u ly 2 8
1 0 0 D e e r e A C o p r e f ......................... 1 0 0
1 0 0 % 101
10*8 J a n 3 1
16 % M a y l 2
1 ,9 0 0 D o m e M i n e s . L t d --------------------10
13*8 1 3 %
27
Jan23
43
J u ly lO
2 .7 0 0 E lk H o r n C o a l C o r p ................. 5 0
36
36
40
S ept 6
49
J u ly 2 3
Do
p r e f e r r e d ...................... - 5 0
100
*40
45
28% A u g 8
43 June27
3 0 0 E m e r s o n - B r a n t l n g h a m --------1 0 0
33%
33%
92
O c tlO
101
June26
Do
p r e f e r r e d _____________100
100
*92
93
8 0 J u n e 3 0 141.% O c t 2 8
8 ,4 0 0 E n d l c o t t - J o h n s o n .................... - 5 0
1 3 5 % 139
106% O ct2 7
Do
p r e f e r r e d --------------------1 0 0 1 0 1 % A u g 2 1
600
105
105
73
S c p tl9
94
O c tlO
1 .3 0 0 F a ir b a n k s C o ( T h e ) — . — 2 5
86
91
93
A ug21
123
J u ly l7
2 4 .7 0 0 F a m o u s P l a y e r s L a s k y N o p a r
106
108
9% F eb 2 0
2 3 % J u l y 15
F e d e r a l M i n i n g A S m e lt in g 1 0 0
300
11%
11%
3 0 % S e p t 26
48% J u ly l4
Do
p r e f e r r e d --------------------1 0 0
600
*30
32
38% J a n 8 173
O ct 8
9 0 0 F is h e r B o d y C o r p ----------N o p a r
151% 151%
42% A u g21
55
O ct 9
F is k R u b b e r .........................- — 2 5
51%
5 2 % 9 1 .7 0 0
42*8 A u g l 8
64% J u ly l4
8 ,8 0 0 F r e e p o r t T e x a s C o --------N o p a r
45
46
25
O ct2 8
38*4 J u l y l l
25%
26*8 1 5 .7 0 0 G a s t o n W A W I n c . . . N o p a r
47
Jan 3
9 5 % J u ly 2 3
7 .0 0 0 G e n e r a l C i g a r , I n o ..................J0 0
81%
82*8
144% F e b 3 176
O ct2 0
1 6 .5 0 0 G e n e r a l E l e c t r i c --------------------JOO
173
176
1 1 8 % J a n 2 1 390*4 O o t 2 9
G e n e r a l M o t o r s C o r p ........... 100
380
3 8 5 % 9 1 .3 0 0
82
Jan 6
95 June
Do
p r e f ..........................— . 1 0 0
1 ,2 0 0
92*4 92*4
8 2 % F e b 17
94*4 A p r l 4
Do
D e b e n tu re s t o c k ...1 0 0
5 .6 0 0
86*8 8 7
6 6 % J a n lO
93 % O ct2 9
88*4 9 1 % 1 5 7 ,7 0 0 G o o d r i c h C o ( B F ) --------------- 10 0 1 0 2
A u g 7 1 0 9 i2 A p r 16
Do
p r e f ....................................1 0 0
500
*104% 104%
64
A pr21
80
Jan
3
G r a n b y C o n s M S A P --------10 0
1 .3 0 0
65%
65%
3S% A p r2 5
4 7 % J u ly l4
1 .6 0 0 G r e e n e C a n a n e a C o p p e r . . 10 0
40%
40%
49% F eb 8
89% O ct2 0
9 ,2 0 0 G u l f S t a t e s S t e e l tr c t f s — 10 0
84*4
78%
54% J a n 8
96*4 J u ly lO
4 0 0 H a r t m a n C o r p o r a t i o n ........... 1 0 0
88
*85%
40
Feb 6
71% J u ly l4
1 1 .0 0 0 H a s k e l A B a r k e r C a r . . . N o p a r
63
62
42% F eb 6
6 8 % J u ly lO
1 7 .5 0 0 I n s p ir a t i o n C o n s C o p p e r — 2 0
58*4
57%
10% J a n 2
3 7 % J u l y 14
1 ,5 0 0 I n t e r n e t A g r l c n l C o r p --------10 0
27%
*26
48
Jan 4
91*8 J u l y l 4
Do
p r e f .................................... 10 0
3 .6 0 0
88
88
110% Jan21
149*8 J u l y 7
I n t e r H a r v e s t e r ( n e w ) --------10 0
4 .6 0 0
139% 141%
113
O ct3 0
120 J u n c23
Do
P r e f e r r e d , n e w --------10 0
1 ,3 5 0
* 1 1 3 % 114*4
21% Jan31
67*4 J u l y l l
61%
6 3 % 4 5 .0 0 0 I n t M e r c a n t i l e M a r i n e --------10 0
128% M a y2 8
92*4 F e b lO
Do
p r e f ____________________1 9 0
112
1 1 3 % 2 5 .0 0 0
24% F eb 3
33% Ju n c20
3 0 ,9 0 0 I n t e r n a t i o n a l N i c k e l ( T h e ) . 2 5
26*4 2 7 %
73
O o t3 1
30% Jan 3
6 2 .3 0 0 I n t e r n a t io n a l P a p e r ------------- 1 0 0
70
73
62
J a n l3
J u ly 2 2
80
Do
s t a m p e d p r e f ------------ 1 0 0
2 ,1 0 0
79%
79%
48
M arl 5
18
8 o p t3 0
1 ,1 0 0 J e w e l T e a . I n c ............................ JOO
25%
25%
59% O c t 1
M ar 6
91
Do
p r e fe r r e d .................... JOO
200
66
66
44
J u ly lO
31
June26
2 .0 0 0 J o n e s B r o s T e a . I n c .............. 100
3 4 . 34
68
Jan21
160*8 O c t 2 8
K e lly -S p r tn g fle ld T i r e —
25
156*4 1 5 8 % 2 4 .8 0 0
110% O ct2 1
T e m p o r a r y 8 % p r e fe r r e d 1 0 0 1 0 2 % A u g 2 1
200
il0 7
107
114*4 O c t 2 8
39
Jan24
4 ,0 0 0 K e ls e y W h e e l , I n c ----------------- 10 0
105
107%
43
J u l y 15
29% F e b l3
K e n n e c o t t C o p p e r ------- N o p a r
2 0 .0 0 0
32*8 3 3
48% 8 e p t2 2
126% J u ly l4
5 7 .3 0 0 K e y s t o n e T i r e A R u b b e r - . 1 0
67
68
103
O ct2 3
62% Jan21
L a c k a w a n n a S t e e l ----------------- 1 0 0
9 3 % 1 0 1 % 1 1 8 ,3 0 0
45% O ct2 3
83
Jan21
L a c l e d e O n * (St. L o u i s ! --------1 0 0
*48
60

* Bid and asked prices; no sales on this day. 1 Less than .100 shares.
For fluctuations In rights see second page preoellng.




STOCKS
N EW Y O R K 9TO CK
EXCHANGE

S h ire*
$ p c ' s'la re
80
80%
1 5 .6 0 0
*95%
98%
300
1 0 5 % 10 9
5 0 ,9 0 0
‘ 1 0 5 % 10 6
125
58
58%
5 ,2 0 0
43%
4 5 % 1 3 7 ,7 0 0
80
80
300
6 6 % 1 0 0 ,6 0 0
65%
98
1 ,8 0 0
98
1 2 5 % 12 5 %
800
44l.( 44*4 1 6 .6 0 0
*95%
9534
500
1 4 4 % 146% 9 2 ,8 0 0
* 1 1 6 % 118
200
1 0 3 % 1 0 4 % 4 8 ,2 0 0
*92
94*8
99%
99%
1 2 ,0 0 0
303% 309
3 8 .8 0 0
*98
99%
1 ,1 5 0
3 4 ,4 0 0
140
147
105
106
300
64
67%
9 .7 0 0
2 0 % 20*4
3 ,2 0 0
*56%
700
58
65%
66*8 3 3 .6 0 0
3%
4 ,1 0 0
3*8
54%
56*1
5 .0 0 0
* 7 4 * i 75*4
300
*7438 7 7
100
1 2 4 % 12 6 %
5 ,8 0 0
185
1 9 2 % 4 0 .9 0 0
73
73
100
515*4 1534
2 ,2 5 0
*27
30
200
143
147*4 2 6 2 ,1 0 0
125
126
3 ,4 0 7
*115
116
300
1 .7 0 0
1%
l* s
36*4 37*1 1 9 .8 0 0
102
103%
3 ,4 0 0
106*4 10 9 % 2 8 9 ,2 5 0
100
102%
116
116
500
16%
17%
3 .0 0 0
*97% 100
200
68
68%
1 ,2 6 0
106
108
2 .0 0 0
*97% 100
300
*10
11%
500
* 1 3 1 % 13 2
1 .9 0 0
10%
11% 2 9 .9 0 0
* 2 6 % 2 7%
“
400
24
24%
3 .9 0 0
3234 3 3
7 ,6 0 0
823* 8 4% 2 5 .8 0 0
54*1 3 7 .6 0 0
53
*80
80%
600
73
73
100
99
99
1 ,0 0 0
35%
*46
60
104
101*4 1 0 3 %
107*4 6 4 ,9 0 0
* 1 0 7 % 11 0
400
108
109
„
1 9 ,6 0 0
56
57
57
57%
300
44*4 4434

; p e r sh a re
3 p e r sh a re
sh a re
$ p e r sh a re
30% 81%
79%
80*4
81%
79 % »0 %
96
96
96% 91%
97
95%
9 5 78
1 0 3 % 106*4
1 0 7 % 110
110%
1 0 6 % 1 03%
*105
10 6
* 105% 107
103
105% 105%
58
58%
58% 59%
60
57
57
4234 4 3 %
42% 46
46
43%
45i
►80
85
*80
87
85
*80
87
65
66*4
65% 67%
66 %
01
69
98
98
98
98
93
99
99
121
121
126
121 % *120
1 2 5 % 12 6
44*4
44
44% 45%
45%
44i 1 45%
95
95
144
147
145
148%
1 4 2 % 14 6 %
141
143
116% 116% 116% 116%
*116
119
*116
11 9
103
105
1 0 2 % 10 5 %
1 0 1 % 10 3 %
9934 1 0 3
>92
95
*91% 94%
95
*9 2
*91
94
99%
99%
99% 99%
9 9 % 99 %
9 9 l2 9 9 7s
304% 309% 306% 309% 30 2 % 306
3043s 3 0 8
9S%
98%
98% 99%
99% 99%
9 9 i2 9 9 l 2
135% 140
1 3 8 % 142
141%
1 3 6 7« 1 3 9 7s 1 3 7
105% 105%
106
105*4 1 053i 105% 105% * 1 0 5
63
64
64
04%
65
64
64
65
20%
20%
20% 20%
2 0 % 21 %
2 1 lS 2 H ;
57
57%
57%
57
00
*5 7
59
59
66
66 %
66
65%
671»
06
6618 67*!
2%
3%
3
3%
3%
2%
21.
2U
_____ _____
55
54%
57
55%
56
561;
*76
77
76% 76%
*75>2 761;
76
77
*75
76
* 7 5 l2 7 7
12434
. 2 0 % 119% 12 0 %
123
119
1161* 1 1 7
1 8 2 % 139
182% 187
186
1 7 9 3s 1 8 2 i2 1S1
73
*7 1
74
*71
73
*7 1
*71
73
15
15%
15*4 15%
15*8 16%
16
17%
*29% 30
*28
30
*29*4 30%
*28
30%
151% 1 4 3 % 150% 13834 1 4 3 %
I 441.1 1 4 0 s4 1 4 0
126
12 4 % 1 2 7 % 1 2 6
126
1 2 6 l2 1 2 6 % 127
1 1 6 % 116%
115% 115%
* 1 1 4 l2 11 7
1%
1%
13g
1%
1%
1**8
13g
13s
3 5 % 3634
36% 38%
37
39%
36%
39
1 0 2 % 103%
100% 100%
100
1 0 1 78 100 % 103
1 0 3 % 10634
IO 6 I4 10334 1051* 1 0 4 % 107% 1 0 5 % 1 0 9
—
1 1 5 % 115% 1 1 5 % 1*15*8
1 1 6 " lie *
17 %
17%
18
1 7 % 17%
1712 1 7 7s * 1 7 %
17%
98
99*2
69
69*8
69%
6*9%
69
69
70
*69
72
106
106
105
106
98
98
99
99
10*8
10%
10 % 10 %
11
* 10 %
1 0 '2
137
1 37
138
139
1 3 9 % 14 0
14 3
934 10
10
10 %
8*4 10 %
1 2 l4
27
2 0 % _____ _____ * 2 4
26%
:
241;
24
24% 24%
25%
25
:
33
32%
32% 34
34 % 3 5
:
82%
81
81% 83
801,| 8 3
i
55%
52%
5 1 % 55 %
5 0 % 52
80%
80
80
80
80% 80%
:
75
.
____
*72
*7 2
73%
99%
99
99% 99%
$ per
80
*95%
107
*105%
59
44 %
*80
63%
97 %
121 %
44%

70

T h ursdau
O ct. 3 9 .

Sa% s
fo r
th e
W eek

§ Ex-righta.

a

PER SH AR E
R a n o e f o r P r e v io u s
Y ea r 1918
H ig h e st

L o w e st
S p er sh a re
27
Jan
69% Jan
53% Jan
z95
Jan

89
73
103
85

M ay
M ay
S ept.
O ct

$ p er sh a re
47% D e c
92
D ec
71*4 M a y
102% D e c

96
N ov
9 4 % O c tr.
110% N o v
107
D ec

Jan
M ar
Jan
Jan
Aug
Jan
8ept
Jan
Jan
Apr
D ec
D ec
D ee
D ec
12 M a y
51
M ay
36% Jan
54
Apr
97*4 J a n
58
Jan

116
114%
145
103
109%
198%
100%
60%
96%
39*8
21%
53%
*74%
2%
18%
63
36%
71
12 0 i.t
67*8

56% Jan
85
Jan
99% June

101*4 M a y
110
D ee
107% D e c

60
D ec
59*4 N o v
84
D ec
96% Jan
21
Jan

96
94
94
106%
28%

M ay
M ay
S ept
Apr
Sepb

78
Aug
62
June
95
Jan
6% Jan
108
F eb
6% D e c
7% M a y
61% Jan

93%
74
98
16%
61%
12%
18%
3.3%

N ov
N oV
Apr
JuneO ct
J u ly
N ov
M ay

98
108%
60*4
81
90*8
140%
92%
44*8
92
20%
11
38*4
59
%

M ayD ecM ay
June
F eb
D ec
D ec
M ay
D ec
A uer
J u ly
J u ly
O ct
N ov
D ec
D ec
Jac.
O ct.
F eb.
N ov

36%
12
38
61
73
18
33
54*4
101%
29%
30

Jnn
Jan
Jan
D ec
Jan
N ov
N ov
D ec
D ec
M ar
O ct

50
24%
70%
71
92%
41%
53
73*8
108
39
40%

N ov
N ov
D ec
M ay
D ec
A p rA pr
F ebN ov
N ov
N ov

68
14%
31*a
45
34*4
28*4

June
Apr
D ec
Jan
Jan
M ar

70%
24*4
47
65%
54
44%

June*
O ct
M ay
N ov
M ay
D er

Jan

39% J u ly

8 2 % J u ly
7% S ept
65% O ct
99
J u ly

105*8 N o v 13
June
95
F eb
107
D ec-

30

44
29%
*90%
62
86
27%
77%
136
90
6
22
37

F eb
Jan
Jan
Jan
Jan
Apr
D ec
Aug
June
June
Jan
M ar

60
60%
04
74 %
91*i
34
83
52
96
16
31%
43%

D ec
N ov
D ecM ay
June
N ov
F ebJan
F ebN ov
N ov
N ov

D ec
Jan
Jan

16
O ct;
44% O c t
43
June-

25*4
34
127*4
106*4
76*8

O ct
Jan
Jan
Jan
O ct

30
F eb68
June*
168% O c t
164
A ug88
F eb

38
95 *s
74
38%
58*4
37
34
41%
10
38
104
107
21
83*8
27
24%
68
27
88

Jan
D ec
Jan
Jan
D ec
M ar
Jan
D ec
Jan
Jan
O ct
O ct
Jan
Jan
Jan
Jan
Jan
D ec
Apr

69%
104
86
68%
111%
65
49%
68%
19
65
121
114%
33
125%
35
46%
65%
40%
97%

O ctD ec
O ct
N ov
Apr
D ec
J u ly
O ct
June
Juno
N ov
D ec
O ct
N ov
N ov
M ay
Jan
N ov
Jan

41

Apr

72

D ee

9
27
26

24*8 J u l y
29
M ar

36
O ct
41% N o v

65% D e c
82
J iilv |

91% M a y
90
M at

Ex-dlv. and rights. 6 80% paid. » Full paid, n Old stock. * Ex-dividend*

New York Stock Record— Concluded— Page 3

1685

For recofd o f ia le . during the week o f stocks u iu Uly Inactive, see third page preceding.
HIGH A N D L O W SALE PRICES— PER SHARE, NOT PER CENT.
S a tu r d a y
O ct. 2 5 .
$ per
36 %
*2 2 1
*108
74%
113%
—
*75
*04
32%
50
77%
40%
12 0
*100*4
241%
----- -26%
59%
51%
64
37 %
59
90
125 %

M onday
O ct. 2 7 .

sh a re
S per
38
30%
210
*221
111
*108
75%
*75
113% * 1 1 3
—
224*8
80
64 %
33
53%
80**
43
121
109
252
_____
267*
68
53%
64
38%
60
90%
1 2 6 -s

S p e r sh a re $ per share S per
371 36*4 37 %
3 8 % 3 7 i«
35
240
*230
238
*230
23 8 “ *225
111
*108
111
110% 110% * 1 0 7
78
*7 2
73
74
7!
76
115
113
113
*107
*112
115
225
2 2 4 ’% 2 2 5
220
210%
223

*110
*75
*6 4

80"
64 %

51
54*4
77%
79 %
41
42%
1 2 0 % 121
107
107
248
252%
2 6 % 26*4
6 0 % 63*4
52
53%
64
64
37% 38%
59% 60
90
90
125
125

84
82% 82%
10 7
* 1 0 3 % 10 7
15
14*8 14*8
81%
81%
81%
—
*1 0 1
10 3
91*8
8S% 91%
10 7
*107
108
17%
17
17%
13 8
135*4 1 4 1 %
57%
50% 56%
64
65
65
62
*58
62
82%
77%
79
5478
5 3 r8 5 5 14
>
55
*5 1 % 53
10 %
10%
10 %
8%
7%
7*4
72%
68*3 70*4
—
75
70
04%
37
_____ _
—
34
34
132*8 1 3 0 % 1 3 4 %
42%
40
40%
45
44% 44%
36%
35
35
86*2 9 2 %
89% 93%
109
10 9
109
1 09%
21
21%
2 0 % 21%
60% 63
62
63
♦93
96
95
95
2S
30%
2 8 % 307g
98
10 0
100
1 01%

73%
127
82%
101%
110
22%
101
111%
_____
54
10 7
15
90*4
24%
225
13
61*4
68*4 72*4
94^4
*92%
*100
116
15 5
155
—
—
15 9
159
92
96
13 2
38%
123
45%
12%
302
*240
102%
56
60
*90
41%
50
154%
*52%
*150
188
112%
30%
61
*2 5
85
105
105*4
46
121%
*113

Thursday
Oct. 3 3 .

sh a re

*83%
*103%
15
81
—
57
§107
11
133
55*2
64
♦58
76 %
53%
♦51
10
7*8
66
—
64^2
3Gi2
—
126%
40%
♦44
*35%

*70
126%
78%
99*4
*105
22%
98
104%
—
50*4
104%
15
90*4
22 %
*210
13
60

Wednesday
Oct. 2 9 .

T u esd a y
O ct. 2 8 .

*70
126
81
1 00%
*105
22%
99%
106
104*4
105*8
15
88%
22
*210
13
60%
69*4
*92%
*100
*150
*89
159
93%
137

130
123
47%
46
1234
12%
308
305
249
■240
104
103%
*102
57*4
56%
65
62%

*75 "
*64

"721*2 ? T
49%
*47
1 0 5 % 108%
1 1 5 % 116
81
S l%
80% 82
12% * 1 2 %
12 %
13
78
80%
* 1 1 4 % 115
■113
114
81% 82
80*4 8 2 %
*5 8 %
59

per share

37
23.8

36%
*225
110 % 110 %
76%
76%
115
*107
2 1 4 % 213*4
114
*110
80
*75%
64 %
*64
32%
*31
51*4
51 %
78
78
41
41
125
127
109
*106*4
255
251%
*105
2 6 % *24*4
62%
64*4
63
53
*6 2
65
37%
37*4
61
60%
8 S 54
88*4
121 % * 1 2 3
_____ *110
821- * 8 2 %
105% * 1 0 3 %
14%
14%
84
83%

Vo’

161
97%
151
104
1347*
47%
1284
312
248
105%
104
57%
69

*

'
95
42
42%
52
53
♦150
155
*52%
55
191
114%
30%
* _____
*25
85%
105%
*104
44%
124*4
113%
124*4
74
49
107*4
115*4
SO
123 4
*78%
*113

194
117%
31 %
65
26
87*4
107*4
106
44 %
128%
113%
125%
77
49
109%
115%
81%

12*4
SO
114

"5 8 %
59 ’
85*4 80
iiV
115% *1 1 2
114
*110
117
56%
55%
553 4 5 6 s4
56%
5 7%
72
76 %
74
771
75% 80
34% 35%
34% 35%
35
36%
*93%
94%
*92
95*2
~ 8 3 l2 8 4 ~
84
85
8 3 % 84*4
*95
100
*95
100
"
131
1 2 6 % 126%
114
116
*114
110
1 04%
101
101
1 0 3 % 1 0 1 % 103%
*95
97
80
80
80
80
•
•
• B id a n d a

111
79
115
215
114
77
64%
32%
53%
79
41%
131*4
109
257

111
25*4
65%
54 %
65
38
62

88*4
125
115%
85
106%
14 %
8 5%

102
90%

110
17
138%
59
65*4
62%
82%
54%
53

310

R a n o e S in c e J a n . 1
O n h a ste o f 1 0 0 -s h a r r lots
L o w e st

8
&

Sae
hr s

H ln h e s t

PER SHARE
R a n e e f o r P r e c io u s
Y ear 1918
L oicest

H igh est

Pr
a
N pr
o a

Industrlal cMisc.(Con.)
$ p e r sh a re
S p e r sh a re
t p e r sh a re a p e r s h a r e
9,309 Lee Rubber
Tire___
21
Jan22
40
O ct2 1
12
Apr
24
D ecLiggett & Myers Tobacco..100 2 0 1
A p r 15 2 5 0 % A u g 8
1 64% A u c 2 1 0
D ec
300
Do preferred__________ 100 1 0 7
Jau27
115
J u l y 16
100% Ju n e
n o
N ot
5 ,6 0 0 Loose Wiles Biscuit tr ctfs ion
4 0 % F e b 17
81
J u ]y l4
17 % J an
45% D e c
400
Do 2d pref____________ 100
94
F eb 5 120
June20
53
Feb
96
D ee2 ,9 0 0 Lori Hard (P)______________ loo
147% A p r lo 24 5
J u ly 2 3
144% A ug 200
M ar
109
Do preferred__________ 100 1 0 7
Jan2S
115
J u ly 2 9
93
Jan
n o
N ov
Mackay Companies______ 100
70
Jan22
79% M a y 2 7
70
D ec
78% F e b
Do
pref________________100 z 6 3 J u n e 6
66
J u l y 11
57
J an
65
M ay
5 0 0 Manhattan Shirt___________ 25
28
Aug 5
3 8 % J u l y 17
3 1 ,4 0 0 Maxwell Motor. Inc______ 100
26% Jan22
61
J u ly 2 8
2 3 % J an
42% N O V
7 .0 0 0
Do 1st pref___________ 100
50% Jan22
8 4 % J u l y ’i S
50
D ec
09 % N o v
4 .0 0 0
Do
2d pref____________ 100
19 % J a n
46% Ju n e 3
19
M ay
32% N o v
8 ,1 0 0 May Department Stores.. 100
60
J a n 4 131*4 O c t 3 1
32% N O V
19
M ay
100
Do
preferred__________ 100 1 0 4
J a n 2 110
M ay 2
63% D e e
"
Jan
1 0 2 ,3 0 0 Mexican Petroleum________ 100 163*4 J u u 2 3 2 6 4
O ct2 2
194
Jan
O ct
Do
pref.............................ioo 1 0 5
F e b 7 118*4 S e p t 3 0
107
D ec.
Jan
Miami Copper______________
21% F eb 7
3 2 % J u ly 17
22% D e c
33% J a n
Middle States Oil C o rp _.._Iio 3 2 O c t 9
68
0 ;t ? o
Midvale Steel & Ordnaoce..50
40% F eb 7
61% J u ly li
41
D ec
M ay
61
Montana Power___________
61% A u g 2 9
83
J u ly 2 9
51% N o v
National Acme______________
29% Jan 2
4 3 % J u l y 12
Ma
33
Nat Aniline & Chem
4 5 % S e p t 18
66% O c t 1
Do
preferred v t c____ 100
87% S ep t2 3
91% O ct 7
National Biscuit__________
107
A u g 2 0 139
O ct 7
9 0 fA u g
110% D e
Do
preferred____ 1111100 1 1 5
A u g l9 *121
M a r ll
106% S *p t 114
M r
National Cloak * Suit____100
70
Jan22
92
J u ly 2 6
55
Sept
67% D ec
Do preferred__________
1 0 3 % F e b 26 10S % M a y 2 6
100
Jan 104
D ec
Nat Conduit & Cable.No
14
F eb 8
2 4 % J u ly 15
13
N ov
2 1 % J u ly
Nat Enam'g & Stamp'g___
45% F e b 8
88% Ju n e
37% Jan
54% M a y
Do pref------------------------ ioo
93
J a n 15 1 0 4
M ay2
88
N ov
9 9 i* F e b
National Lead_____________
64
J a n 11
94% 03123
43% Jan
Do pref-------------------I II
102
S e p t 8 112
J u ly l
99*4 M a r
105% M a y
Nevada Consol C opper..____
217* J u l y l
15% M a r lS
16% D ec
21 % M a y
New York Air Brake..IIlOO
9 1 % F e b 3 145*4 O c t 2 2
98% D ec
139
M ay
New York Dock___________
19% F e b 7
70*4 J u ly 3 0
18% Jan
27
M ay
Do preferred______ IIIlOO
44% M a r l3
75
J u ly 2 9
42
Jan
48% D e c
North American C o ..
100
47
J a n 11
67
J u ly 2 S
37% A ug
57% N o v
Nova Scotia Steel & Coal
46
Jan30
97
June 2
52% D ec
70
Aug
Ohio Cities Gas ( T h e ) ...J.25 0 3 5 % F e b 14
617S J u I y lO
35% M a r
48
© ct
Ohio Fuel Supply___________ 25
43
J a n 18
55
J u ly 2 5
40
O ct
46% J u n e
Oklahoma Prod & Refining"
8
Feb 3
13% M a y lO
Ontario Silver M ining.. IO
O
5% M a r lS
10% M a y l4
4% Jan
13
June
Owens Bottle_______________25
74
O ctl
46
M ar 3
44
D ec
70% A u g
Pacific Development___..
73
O c t 23
80
O c t 18
Pacific Gas < Electric____100
fc
61% O ct3 1
7 5 % J u ly 2 4
Pacific Mail S3............
29% F eb 8
42% J u ly li
23% Jan
40
D ec
Pacific Teleph * releg ^ . 1
22
Jan21
4 0 % A u g 15
18% D e c
27
O ct
Pan-Ara Pet & Trans______ 50
67
Jan21
140% O c t2
63 % O ct
72% O at
Penn-Seaboard St’ l v t c
27% A p r30
58
J u ly lS
People’s G L & C (Chic) .100
39
A ug21
57
M ay20
39% Jan
61
N ov
Philadelphia Co (Pittsb).._50
43
30
Jan 3
A p r 28
21
Apr
35% O c t
Pierce-Arrow M C a r .. . No
38*4 J a n 2 2
99
O C120
34
Jan
51*4 N o v
Do pref..............................
1 0 1 % J a n 3 111
O ct2 0
89*4 J a n
104
D ee
Pierce Oil Corporation_____ 25
16
Jan 2
3 1 % A p r 17
15
Sept
19 % O c t
Pittsburgh Coal of Pa......... 100
45
F eb 3
7 4 % J u ly 2 9
42
Jan
58*4 F e b
Do pref..............................
85% M a r l7
98
M ay28
79*4 J an
85% D e c
Pond Creek Coal_______
10
12% F e b 5
31 % O c t lS
15
N ov
20
JunePressed Steel Car.................100 * 5 9
F e b 11 1 0 9
O ct2 0
55% N o v
73
A llg
Do p re f............................
100
M a r 3 106
J u ly l6
93
A p r 100
A ur
Public Serv Corp of N J ..1 0 0
73% O ct2 2
91*4 J a n
7
85
O ct
109% M a r
Pullman Company_______
111*8 F e b 14 1 3 2 % J u l y 17
100% Jan
132% N o v
Punta Alegre Sugar.................50
51
Apr 4
97
O ct3 0 i
Railway Steel Spring......... 100
6 8 % F e b lO
107
O c .2 3 '
45% Jan
78% D eeDo pref....... ............... . ..1 0 0 1 0 4
F e b 4 112
June 3
95
Jan 1 05% D e c
Kay Consolidated Copper.. 10
19
M ar 4
27% J u ly l?
19% D e c
26% M a y
Remington Typewriter v t c
105% O ct2 4
68
A u g l8
Republic Iron A Steel......... 100
7 1 % J a n IS 14334 O c t 3 1
*7 2 % Jan
96
M ay
Do pref________________ 100 1 0 0
J a n 13 1 0 5 % J u ly 2 8
92% Jan
102% S e p t
Republic Motor Truck.No
44% S ept 8
6 6 % O c t 16
84
A ug27
Royal Dutch Co (N Y shares).
121
J u ly l?
St Joseph Lead.........................
13% M a y 3
17
J u l y 14
Savage Arms Corp...............100
63% Jan24
94% 0 c t l7
51% D e c
80% M ap Saxon Motor Car C o r p ... 100
6% M a r2 1
29
Aug 6
*4 A u g
18
N ov
Sears, Roebuck A Co____100 1 6 8 % F e b 13 224*4 O c t 2 2
133*4 J u n e
75% D e c
Shattuck Ariz Copper............10
10
F e b 19
19% J u ly 2 5
*13
D ec
18% F e b
Sinclair Cons Oil Gorp H
58% S e p t2 9
63
O ct2 2
81oss-8heffleld Steel A Iron 100
4 6 % F e b lO X79% O ct3 1
39
Jan
71% M a y
Do preferred__________ 100
85
M a r ll
97% J u ly 8
81
Feb
93% J u ly
Porto Rico Sugar pref.. 100 1 0 7
Jan27
117
S ept 6
102
Jan 110
N ov
Standard Milling...................100 1 2 4
J a n l4
160
O c tlS
84
Jan 120
D ec
Do preferred__________ 100
85% Jan 2
94% J u n e l2
80 June
89
Jan
Stewart Warner Speedom__100
86% J a n ll
162
O ct 99
Stromberg Carburet ..N o
36*4 J a n lO
1 0 9 % O c t 10
Studebaker Corp (T h e )...100
45*4 J a n 2 2
151
O ct2 8
33% A pr
72% N o v
Do pref..............................100
92
J a n 2 2 104
O ct2 8
8 0 % J u ly 1 0 0
N ov
tntzMotor Car of Am .N o
42% F e b l4
1447g O c t l 4
37
O ct
65
D ec
Superior Steel Corp’ n......... 100
32
Jan21
5 4 7g J u n e 3
34% M a r
45% M a y
Tenn Copp A C tr ctfs.No
1 2% M a r l 7
17% M a y 5
12*4 D e c
21
J u ly
Texas Company (The)____100 1 8 4
Jan 2 345
O ct3 0
130% Jan 2 0 3
© ct
Tidewater Oil......................... 100 2 0 7
Jan 3 265
O ct3 0
Jan 200% D e e
Tobacco Products C orp..100
72% J an 29
115
June30
481* M a r
82% D e o
Do pref________________ 100
99
J u ly 2 1
120 J u n e3 0
* 8 7 % M a r 104*g D e e
42*4 A u g 2 1
Transcontinental O il.. No
61
O ct2 0
Transue A Williams St.N o
37% J a n ll
36*4 O c t
42
M ay
Underwood Typewriter___100 1 1 5
Jan 8
100
Apr
112
D ec
Union Bag A Paper Corp. 100
75
J a n 3 100
65
Jan
M ay
80
Union Oil.
_________
41*4 O c t
9
_____
United Alloy Steel____ No
37% J a n ll
36% O ct
44% M a y
United Drug_______________ 100
90% Jan 6
69
June
90% D e e
Do 1st preferred________50
60
J u l y 18
46
Jan
50% N o v
Do 2d preferred_______100
91
Jan28
165
77
June
85% D e c
United Fruit_______________ 100 1 5 7
F e b lO
215
116% Jan
166% D e o
United Retail Stores ..N o
80% A u g21
U S Cast I Pipe A Fdy____ 100
14
J a n l5
11% A p r
M ay
19
Do pref________________ 100
42 % J a n l6
41
M ar
47*4 F e b
U S Express........................... 100
18*4 F e b 6
14 % A p r
16% M a y
U
Food Products Corp__100
66
Apr 8
U S Industrial Alcohol^. ..100
97% Jan22
*96
D ec
137
M ay
Do pref..............................100
96% Jan 2
94
O et
99
M ar
U SRealty A Improvement 100
17 % J a n 3
8
M ar
23
O ct
United States R u b b et___100
73
Jan21
51
Jan
80% D e c
Do 1st pref___________ 100 1 0 9
Jan20
*95
Jan
D eo
n o
do sub receipts full paid. . 1 1 8
O c t 3 135
U S Smelting Ref A M _____ 50
43% Jan21
77
32% A p r
50*4 O e t
Do pref_________________
45
J a n 18
50
42*8 A p r
47*4 D e c
United States Steel C orp .. 100
8 8 % F e b lO
S o l* M a r
1181* A u g
Do pref....... ......................100 1 1 3 % F e b l O
108
M ar
113% D e c
Utah Copper_______________
85% F e b 7
71% D ec
93
O ct
Utah Securities v t ______ 100
12% O c t 4
21% J u n e ll
11
8ept
16% N o v
Vlrginla-Carollna Chem___100
51
F e b lO
33*4 J a n
60% N o v
Do pref...........................t ioo 1 1 0
J a n 7 1157g O c t 7
98
Jan
113% D e c
Virginia Iron C A C ______ 100
54
M ar31
82
O c l2 1
50
J an
73% J u ly
Wells, Fargo Express_____ 100
A p r29
53
79
M ay23
63*4 S e p t
83% J a n
Western Union Telegraph. 100
82
S ep t2 2
92% M a y2 6
77% A u c
95*8 A p r
Westlnghouse Air Brake____50
94% J a n lS
126
J u ly
95
D ec
95
D eo
Westlnghouse Elec A M fg ..5 0
40% Jan21
5 9 7g J u n e 9
38% Jan
47% M a y
White Motor_______________50
45
Jan 3
86
O ct2 0
36*4 J a n
49
N ov
Wtllys-Overiand (The)_____ 25
23% Jan22
40% J u n e 2
15 % J a n
30
N ov
Do pref ( n e w ) _________100
87*4 J a n 7
98% M a y 9
75
Jan
89% N o v
WllsonACo.Inc, v t c ..N o
65% Jan20
104*8 J u l y 2
45% Jan
77% D e o
Do preferred__________100
9 6 % F e b 17
104% J u n e l6
9012 8 e p t
99% D e e
Woolworth (F W )_________ 100 1 2 0
F eb 7
136% M a y l 9
n o
M ar
108% O ot
Do pref............................. 100 1 1 4 % J u n e 2 6 1 1 7 % J u ly 2 5
111
O et
115
Sept
Worthington P A M v t C..100
50
F e b 13
117
O ct 7
34
Jan
69
Aug
Do pref A ____ ________ 100
88
Jan 9
98% O c tl5
85*8 F ? b
91
A pr
1,100
Do o i e i n — -------------------m u 00
pref B ........................100 6 6
ja
a
»8 1
x
u cctt 8
Ja n 3
O
8
69
Jan

5

100
50
vtc.n p r
oa
106
100
’ pr
a
100
100
100
5
100

*100

5

5
100
N pr
oa
pr
a
100

100

100
100
100

pr
a
10

N pr
oa

8
0

162
162
95% 97
1 40% 145

pr
a

130
47*4
12 %
340
250
105

57%
6 3%
71
'1 7 8
182
95
95
42%
54 %
150
153
53

121
46

12 %
333%
265
102*4
102 %
55
63*4

125
47%
12 %
345
265
103%
102 %
563 4
65%

*90
95
41 %
41%
52
53
149
149
52%
52%

2 "io% 2 0 5 ’ 2"l5”
118%
114
116%
29%
30%
29
65
*6 2
64
25
*25
27
86%
84%
80
108
1 0 3 % 106*4
106
*102
106
41 %
42
42
12,8
124% 133%
114
113% 113%
*124
127
75
70%
72%
70%
49
49»g *4,S *4 4 9 %
108
n o
1 0 6 % 108%
115*4 1 1 5
115
81 %
79% 80%
12 *il
12%
12*4
78
78
78%
77
113
114
*113
115
80
80
7 7%
77 %
6S
5S % * 5 7 %
58 %
85*4*
85%
85*4
_____i * 1 1 4
120
58%
55%
57
78% i
73
75%
347* 3 5 % ;
337* 34S4 ! 34 “ 3 5 %
.......................
94% 94% ' *94
94%
83% 85
82
8234 !
82%
847*
*95
100
*95
100
*95
99%
*127
130
*128
130
115% 115% l 115
115
10234 1131;
103% 107% ' 105% 109%
........................I * 9 7
98%
80
80
80
80 I 80
80
""
1
30
*62
25
86
107

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




37%
238

7 3 % *7 0
73 %
127
1 26% 127
SS
8 6 % 90*4
103
101
1011
110
* 105
110
22 %
22
223*
104*4 1 0 0 % 103%
121% 1 2 0
1 25%
1 0 4 % 103% 1 0 4 %
54
S3
53%
108% 1 0 7
109%
15
15
15
93*4
88
92%
24*4
2 2 % 237*
220
*2 15
225
13
13
13
61%
6 0 % 61 %
75
74
76%
100
*9 0
100
16
* 105
106

STOCKS
N EW YO G K STOCK
EXCHANGE

th e
W eek

Oct. 3 1 .
S

*75"
*7 6
SO
*04
64% * 6 4
32
32
32
52
55%
5 1 14 5334
50%
79
SO%
79
79
77
42
43%
42
42
40%
1 2 1 % 121% >120
123
121
*1 06*4 109
*106*4
“10614 109
249% 256% 252
258
247
*106
111
26%
26%
26%
2 6 % 261a
60*4 64%
60-% 6 2 '8
58%
52%
53 %
51%
5234 641*
*62
6234 6234 * 6 2
65
37%
37 %
37%
3 7 % 3 8 's
5 9 % 63%
5 9 % 63
59*4
90
90%
8 8 % ' 89%
88*4
121 %
_____
115
115
82% 82% *82% 84%
82%
* 1 0 3 % 106
1 05%
■103% 1 0 6
14%
14%
14%
14%
14%
82
84%
82%
837* 85*i4
102
*100
102
*100
103
89*4 9 1 %
89%
8 7%
89*
91=8
88*4
108
1 0 7 % 1 07% * 1 0 7
■10734 1 1 0
108
17
17
17
17
17
17
17
139
137*4
140
135*4 1 3 7
139*4 139
55%
5^% 55%
55 % 5 5 %
63% 63%
64%
61%
61%
59
59
58% *60
’ 59 ’
58%
78
79
80%
8 1 % 8134
84
7 8%
54% 55%
52%
53
54 %
5 3 % 55 %
5234 52*4 * 5 1 % 53
*52
53
*51%
10%
10%
10%
10%
8
8%
8%
9%
687* 6S7*
68 %
69%
75
75
7 5%
75 %
64 %
613* 6 4 %
64*4
38 % 39 %
3S34 4 0
34*1 3 6
1 31% 134
1 3 2 ’ 134%
4 0 % 42 %
4 0 % 423*
42
41
42
43%
* 3 4 % 36
35% 35%
901.1 9 5 %
8 8 % 92
108*4 I0S*4 1 0 8 % 10S %
20*4 21
2034 21
6 2 % 64 %
64
6434
* 93
96
*9 3
96
2 9%
30%
28% 30%
101
104
100
10334

73% *70
126*8 1 2 6%
84%
847S
1 01% 1 0 0 %
11 0
*105
22*4
22%
103
99%
110
1 09%
104*4 1 0 4 %
51
107%
1 0 6%
15
15
93
89
24
23
220
*216
13%
13
61
60%
72
71%
94% *90
116
*100
155
93
159
161
95%
95
1 47%
142%
104
130
129
46
46%
127* 1 2%
309
307
249
*240
104% ' 103%
106 I 104
57% '
56%
64
63%

95
____
95
43
52*4
1 54% * 1 5 0
155
53
63
53
___
190%
117
31
*29
64
♦62
28
*25
85%
10.8*4 1 0 6 % 10 8
106
105*4 * 1 0 4
46
45
45
1 26% 1 2 3
1251
114

SO "
64*4

share

PER SHARE

S a les

J Less than 100 shares.

8

pr
a
pr
a

pr
a
pr
a

n pr
oa
pr
a

pr
a

8

50

0

10

pr
a

7 0 % J u ly

}Ex-rlghts.

a

Ex-div. and rights,

z Ex-div.

p For fluctuations In

rights see p. 1682.

1 6 8 6

y
N e w Y o r k S t o c k E x c h a n g e — B o n d R e o o r c , F r id a „ , W e e k ly a n d Y e a r ly
j aa_ 1909 ifie Exchange method of quoting bonds was changed and prices are now—" and interest" —except for interest a id defaulted oo las.
BONDS

*-1 £

Rne
ag
Sc
ine
Jn 1
a.
o ig
.Vo.! Lw H h

Week’s
Range or
Last Sale

Price
Friday
Oct. 31

1 =

N . Y . STOCK E X C H A N G E
W e e k ending O c t . 31

High
U. S. Government.
First Liberty Loan
3 V^s 1st 15-30 year..1932- 47
Second Liberty Loan
4s
1st L L conv___1932-T7
4a
2nd L L ...............1927-T2
Third Liberty Loan
%g 1st. L L conv___1932-T7
4% 8 2nd L L conv.-1927-’ li
4>is 3rd L L..................... 192s
Fou-th Liberty Loan
1st L L 2nd conv l932-’47
4>4S 4th L L _________ 1933-’ 3K
Victory Liberty Loan
s couv g notes— 1922-'23
354s conv g notes— 1922-’ 23
consol registered— ------ <11931
28 consol coupon----------------<41931
40 registered-------------------------192r
coupon---- -----19V5
Pan Canal 10-30-yr 2s......... *193Fan Canal 10-30-yr 2s reg._193“
Panama Canal 3a g--------------1961
Registered__________ _____ 1961
Philippine island 4a.- — 1914-3^

4

100.52

10 1 00 3759 98.20 101.03

J
M

I) 9 5 .0 0
N 9 3 .0 9

Sale 95.09
SU e 93.00

!
9 5 .3 0 34 L 92.50 96.00
9 1 .7 0 1603 .92.10 95.10

J

D

9 5 .2 0
9 1 .1 6
9 5 .1 4

9alP 95.00
Sale 93.09
Sale 95.06

9 5 .8 0 435! 93.70 96.60
91.74 5973; 92.73 95.36
9 5 .4 J 10023 94.70 96.60

M

H

M S

i> a
£

100.90 _____ 109.95 O c t T 9 ____ ! 95.42 102.00
93.76 22300, ,93.00 95.72
9 3 .2 4 dale 93.12

454
2
a

99.61 10235. ,99.46 100 O
S
9 9 .6 3 4516, 99.43 100. b
977 99 7
8
a
99^4 S e p t’ 19
93 10 0 '4
100*4 A u g T 9
104 a 106*4
106 O c t '1 9
105% - 103
103 100%
105% 1081i 103
9 9 1 _____ 98 U Mar’ 19
s
93*4 93U
JulyTS
90 i s ------- 99
ig Aug T9
88
____
87*2 91
S1! O c t '1 9
88
90%
SI 91
Feb T5
100
Sale 99.46
Sale 99.52

9 9 .4 6
9 9 .5 2

4
a

Q N
Q M
Q M
Q F

8
8
8

Foreign Government.
O D 7V . S ile
.Anglo-French 5-yr SaExter loan
77*2 8-'»
S
Argentine Internal 5s ol 1909. .. *
8
M N 9 9 7 100
Bordeaux (City of) 3-yr 6S..19111
Chinese (Hukuaug Ry) 6«of 1911 J D t 6 H4 Sale
91*4 Sale
M S
Cuba— External debt 5s of 1904
90
Exterdtfi^of 1914 ser A .194 F A
73*8 Sale
External loan 4 H a---------- 19 4 F A
97*4 Sale
A O
Dominion of Canada g 6s— 192 >
95*8 S t l «
do
do
- — 1926 A
95
Sale
do
do
...1 9 3 1 A
83%
■JajnneeeOovt—f loan 4H*-H»25 F A t 82
4eoood series 4
— -------1925 J J t 82*4 S t ic
8 H 2 Sale
do do “ Gtrman stamp”
j t 8S12 70
Starling loan i r --------- - .- 1 9 '1
.Lyons (City of) 3-yr 6s........ 19? 9 M N
M N
Marseilles (City of) 3-yr 6a. 19 9
49 u
Mexico— Exter loan £ 5a of 1899 Q J t 4.3
42
49*2
Gold debt 4s of 1904.......... 1954 J D
96
SU c
Paris (City of) 5-yaar 6s------1921 A O
72
73
Tokyo City 5a loan of 1912------ M S
U X of Gt Brit
Ireland—
M
9 9 ’8 100
5year 5 >4 % notes-1919 N
M N 97*4
6year 5 H 7o notes................ .-1921 SU o
92*i Sale
2£>-year gold bond 5)48.-1937 F A
S5

o

o

\
ia

y

A
c

IT e ea p o th b sil o' tol
h* re rices n e a

Stete and Cltv Securities

9 Y City— 4>4fl Cocp atook.1900

ooryurate stock------ 1904
\'4s Corporate stock ------ 196<'
4H s Corporate stock July 19
4j4s Corporate stock-------- 193
4 Ha Corporate stock------ 195
4 % Corporate atook_____1950
d% Corporate sto c k .....1 9 5 8
4 % Corporate stock--------1957
4 Corporate a«.oCjt r e g ..lJ 5 0
New 4 Ha..............................1957
4 H % Corporate s to c k ... 1957
S H % Corporate st o c k ...1 954
Z Y 8tate— is..........................19(,1
V
Canal Improvement 4s— 1961
Canal Improvement 4s— 19fi2
Canal Improvement 4 a ..-I960
- Canal Improvement 4 Ha. 1964
Canal Improvement 4% 9.19B
5
Highway Improv't 4 H * - -* 933
Highway Improvt 4'43..196r
Virginia funded debt 2 33.-199'
It deferred Brown Bros ctfa...

V1
0
1

1
,0

101 > 101*4
8
101 > 102
8
92*4 93*8
92*4 93*8
92-*i 93*8
92*2
101*4 102
1 0 l7s 102
83

D
S
V N
I
M N
N
M N
M N

V
i

no

‘4

6 14
6

47
34

2
707
440

93'M.
97 >
8
93*8

97*2
102
10 1 %
10 1%
92 %
92%
92-8
93
101%
101-8
83

102*1

4

102

98
93*2
96*2 99
93*4 99*2
96*4 99
100*4 109*4

S e p t’ 19
Aug T 9
S e p t’ 19
O ct T 9

106% 108*4

7*% Dec IS

6U2 63

price Friday: latest this week,

93*4 100%
96*2 9 9 %
92 IOD

26
98
97%
19 96
97%
93
14 96
99*4
97*2
100 a 103*2
O ct •t-J
10 100*2
’a
10 1%
113 100 102 %
10 1%
O ct -19 . . . .
90*4 93*4
30 90*2 93*2
92%
3 90*2 93*a
92%
O c t T 9 ____ 90*8 93*8
10 1%
100*2 102 %
a
6 100*8 102 7
102
10 81*2 83*4
81

Dee •[<
i o s ’ I To 108 S e p t’ 19
103*2____ io«) s Ju< e is
62

61

Oct T 9

74*4

57%

52*2 Oct T 9

5l*a 58

79T Sale
78*2 79

79-7.1
787
a
Sept’ 19
77

76
85*2
76*a 82
707 80%
8

5 l7
8

71%

70

7334

7334
;

73*2 JuueTS
7o% **79*2
7 3i 2 Sale 73 7g
737a;
65*8 76*2
69*2 Oct T 9
90 102*4
91 j
90
90*4 90
83
92<s
9!
91
91*2 91
74
76
July’ 19
71
80 : 74
75*4 81
70%
Sale 7 5 7
8
76
85
25
82*2 84* 85 May’ ly,
95
95
95 June’ 19
84*8 95
76
85*|
767 Sale' 78
80 I
80
83
79
80*2 34 Oct T9
96*2 98*2
96 ____ I 98*2 June' 19
80
80
80 Oct T9'
82*2 86
114*2 ____ ! 129% Aug T5
757a, 30 63*2 78*i
73*2 Salej 73*2
Aug T9, ___! 105 107*4
105 ____ 105
Juiy'15
95*2 ____ 105
837g 89*2
‘>' I
84
Sale1 84
37
87
85 J 87 Feb 'lot
69
82*i
707®
"69~ Sale! 69
Mar’ 1
70
92-14
68% ’ 80
70
63-74 Sale C37
63
82*t
70
Sale
69
95*g 96*2
96
955a Sale 953a
112 Jan T2
•78*2
82 *87%
81% 82*2 81*2 Sept’ 19
597g 78
62 7
a
597 Sale 59%
a
SO 86*4
81*4
80 Sale 80
87*4 89*4
Sept'19
87%
87-ia
95*2 957
a
957| JulyTO
93*a
95*2 96
953.4 96
96 Oct TO
83
91'a
83 Aug T9
91
92
99*8 M.ir’ 13
55
68
58
57 "59 ‘ 57 7
a
95
96
95 101
95 8ept’ 19
84*2 88*4
82*i 84
84*2 Sept’ 19
84»g 84%
76*4 833.1 34*8 JulyTO
103-8 Keo
89
100% 101 ’
Sept’ 19
100*4
100*1 102
103 100*4 Aug T9
807 95%
8
90
90
88 * 92
a
75
82
747 75 Aug T9
97*4 100*2
9714 Aug T9
‘ 92‘ U
86
94 7
s
88
87
89
g
17, 957 99*4
97
96
96*2 97
74*2 75*4
73*8 82
74*2 May’ 19
90 M iy'18
89*2
97*8 Juue’ 17
91*4 51*4
90
91*4 Jan T9
86
90
87 Sept’ 19
85
100 105
1007i
100*2 1007s 100*2
Oct T9
100*4’ 102
101
100
104*2
937g 100
9S% 99*2 937a Oct T 9
Apr T
96*4
inni, Tnn *13
84*8

1

11

4

1

82

11

8
6
8

4

10
1*8

10 10 *8
2*2 0

7

16

8

8
8

100

*




12

a

Duo Jan.

93

1

y 8
i

1

Rilwy
a a

Se
e

(A

6

l

d

8

6

36

7
4
.1

6
6

Rilwy
a a

>2
*

8*4
2

1

8
8

91%
90
80
25*8
25
72
72

11

>
4

2

}

6

i6

h

Duo July,

56
98%
80
C
O
76%
82*4
67%

t

8*
04

—

....

1

8
6

8

* 6
8 6

90*2
90%
70
25
22
98
72
70*4
75

93*4
90%
83 1
36
30*4
104
80
80
78

03*4
56
93*2 103%
35*4 85*4
03
81
80
76%

60%
76*8
83*1
015U

61
57
84%
75
74*4
03
81%
73
71 % 81%
85
75
73%
08
98%
98
97*2
93
93
92
99*4
97
93
74
8 05
6 4
69
Oct T9'
99*4 100
99%
99*2 102
Sept’ 19]
99*4 102
83% 89
89 May’ 19
79
82
80
82 Oct T 9
84
89
_ 96*4 9S*s
Oct T9'
97*4 99
99%
99
Oct T9
99%
93
89
93 Aug T9
92
92
92 Oct T 9 _ j 92
91*2
63% 69*4 69*8
69*81 10 63% 71
70*2
09
70*2 Apr ‘ 19,
64*2
82%
75
79
79
Sale 78
Gl
77
63
7 5-1
72%
79*2

0
0

9*
94

__

96%
♦95
97*2

1

9
7*2
9*
94

8 8

817 Oct T ;
a
93
98*h'
Sale 97
106 I
109
pr TO 98
96*2
90*2
96 N ovTSj97*8 Oct ’ 19 .
93
98 Mar’ 19 93
92*2 92*2 Oct T 9 9 / N uv TSI10)

91*4
91*4
80*2
105 n o
............ ..

.

—

i
83

Uol2 LUM

11
101*8 l0fi

“06*I V7i
*96*8
97
98
90
90*2

I Oct ' 16
1 Juno’ lo
Jan T7

100'g i«9

. . . ‘ 100*8

97
. . . . TOO

101

9
9

104

___ i1 0 L io i
78

. . . J 75'a 73*4
------j 91*2 98

I 70
79*1
73
Sale 73
76*8 M a y '19 . . . .
70*s 70*.
194 1 66
70*j
68
Sale 60 >4
70*2 70*2
70»> \farT9
61
72
*65* 02 7
s
027
8
9l*a 95
90
96
90 Sept’ 19
97*4 97*4
97U Fob TJ
92*8
_ '
.. -.
97 M aV
80
89
.39
89
89
6 89
70%
09% G97
63
a
697
8
71
60
3 55
% 03*2
07
1 101 10S
105
107 105
84
82% 85
83*4 Oct T9
91
91 Oct TO ____ 90*2 97
10 4
118 Nov’ lfl
-- - —
94
95 May’ 18 I ; ; ; ; 67*1
80
67’2 June’ 19 ____ 59
%
102*8
102 -\
102*4
65
60
Salo 60
00
60*41
80*1 90 May’ l
15
83 Mar’ ll
SO
87*2 80 Sept’ 19 I. . . 80
07%
63
63*2 ! 12 60% 72*|
81*|
80
Sile 79
80*2 1 12 76
81*2 81%
] - - . . 82% 87
31*4
' ____ 70
70 Sopt
07*8
60
____ 60*8 70
00*8 Oct
70*4
63% 69*8 73 Oct
07
70
71*8 74%
71
84
—
101
99*4
Oct '
84
84 Oct '
------ , 82*4 84
____ 82*4 82*4
93-,
92%
____, 93
%
I02*t Oct T . . . . 1 102*4 107
76%
91 July'C
75
5 l”
"fll
2 | 50
607
»
50% 54
14 12
31
25
25*2
27*2 25
83
%
80*4 Oct T9, . . .
5 33
89-4
83*i 84 % 81*2
81*2
SI
79% Sale 797
a
80 I 29
97-2 99%
Oct T 9 . . . I 08*4 99*4
73

,1 66%

20

Duo April. « Duo May. 0 Duo Juno,

10

"oT~

1

<
4
f \ 101 66
99
^
\1
102 101
9 J —
37

6

4

a

93
91*8
91 *8• 33'
907 Oct T0|.
8
•o
>
8l'*8:
Sale 80
1
25 *g|
Sale 25*8
25
25
26
98 July I9i.
14
Sile 72
72%
71 Oct T 9 75
78 Aug T 9 ,.
72
97 Fob T3 .
32 M *r’ 17 .
60
57
Sale 56
98*2 Aug T9 101
3cptT9 .
81*2 Apr 17
63 May’ 19 .—
3
761s1
Sale 76*8
Oct ’ ly 2
69
69*2
71
925g Feb T .
61*8 Oct T 9 15
Sale 76*2
77*4
65*4 15
Sale 63
47
74
Sale 73
104
71
Sale 72*8
9
8 1•a
•
8
SUs 807
2
69*8
67
69*8
Oct T9 __ 1
3
93
93
7
Sale 93
08*8

10 *2 101
0
97
97 Sept’ 19
m 101 __ UK) Sept’ 19
A
_
J l 101 _ L017a Aug T9
73
80
77*2 Sept’ 19
1 — 92% 93*4 Oct TO
I

6

High

Low

51
Oct T9
4 U3*| 99*1
95%
Jan T7
79*4 ” 23 j 727* ~83i*
M ar‘ 17
____
48 77*2 »5U
79%
79
77j 83*8 91*8
S4%
7»*|
Oct T9 . . . I 75
82*4 82*4
May’ 19
74*8 82 *
4
76*4____ 96% Feb T0
69
69
69 June’ 19
G
75
80
63*2 74*8 76 Sept’ 19
707 707
8
a
70% Oct T9
69*a 71
*j Sept’ 16
70 ____
81*2____ 113 Feb T5
7 46% 63%
467
8
4G7 Sale 46*8
s
40
32
33*8
32^a 32*i 33*4
8,
95*4 99%
95ii Sept’ 19
99
13 71% 76*1
7478 73*4
75-U
74
8 80*2 86%
84
82
82*4
82-78
99 > 99%
8
99-»g Aug T 9 j90-4
99*8 Aug T 9 - — 1 99

H 98
O 102

6
6
5

■S
o^ I
^

51
85
95*4
104%
76*2
89%
73
Stl 7
83Sj
75

5

8

97*2

90-7*____

%
1

.

X
»

977
t
97 Mi 1894 95
93
7.1-s
7 74
O ct T 9
93*2 102
72 *a
61*2
15, 53
n
91*4
9134 100
5! 90
91%
93*4
1 7S-7g 85
1
7S*s
9 96
99*a
97*4
8 11 94
95%
98%
9 3%
39, 93*2 98*2
3 81*a 92 <8
81
>
12- 82*8 93
82*2
82%
7 4 81
89
33
' 70-2
80*2
O c t *19
977 102*2
a
O ct T 9 . . . .
93*2 102*2
17
4 9 -2
79*2
SepY 19
49
61
141 95 100*4
97
4 69
74
83

99 Y.
9/
92*4

9 9 % ____ 99
993a____ 98*2
99
997a - - 109*4
109% n o

Railroad.
Ann Arbor 1st g as--------------01995 Q J
Atchtaon Topeka A Santa Fe—
Gen g 4a___. . . ____
1995 A O
Registered--------------- — l " r A O
Adjustment gold 4s--------01995 Nov
Registered------------------- 01995 Nov
N
Stamped_____________ 01995
Conv gold 4s_____________1955 J D
Conv 4s Issue of 1910— ..i 9 6 0
East Okla Dlv 1st g 4a— 192
Rocky Mtn Dlv 1st 4 s ...1965
Trans Con Short L 1st 49.1953
Cal-Arlx 1st A ref 4Ha**A” 1962
8 Fe Prea A Ph 1st g 5 s ...1942
All Coast L 1st gold 4a------A1952
Jen UQlfled 4 Ha-------------- 1964
A’ a Mid 1st gu gold 5 9...192 8
Bruns A W 1st »u gold 4s. 193^
Charles A 3av 1st gold 79.1936
L A N coll gold 4s............ol952
3»V F A W 1st gold os____ 1934
1st gold 5s__________
..1934
Balt A Ohio prlo** 3 H « -------- 1925
Registered_____________01925
l4t 6d yea- gold 4s______ 0194*
Registered_______
0194*
iJ-yr conv 4 H »_____ - — 1935
Refund A gen 5s Series A . 1995
Temporary 10-yr 6s--------1929
Fittfl Juno 1st gold 6s------ 19^2
P Juno A M Dlv 1st 8 3 H* 1925
s L E A W VaSysref 4a_.1941
*
3euthw Dlv 1st gold 3 H s. 1925
Cent Ohio R 1st c g 4 H s — 1930
Cl Lor A W eon let c 5a. .1933
Ohio Rlvor liR 1st g 6s— 1933
General gold 5s-------------- 1937
Pitts Clev A Tol lat g 6S..1922
Tol AC lndlv 1st ref 4s A . 195y
Buffalo R A P gen g 5a-------- 193,
Consol 4 H »--------------- . . . .1957
All A West 1st g 4s gu------199*
Clear A Mab 1st gu g 5a.. 1943
Roch A Pitts 1st gold 6 s ..1921
Consol 1st g 6 s . . . ---------1922
Canada Sou cons gu A 5s...1 9 6 2
Car Clinch A Ohio 1st 30 -yr 5a *38
Central of Ga 1st gold 6e._.pl9t/>
Consol gold 5 s . . . . . . . . . .1945
10-yr temp secur 6a June 1929
Chatt Dlv pur money g Is 1951
Mao A Nor Dlv lat g 5a. .1946
Mid Ga A Atl Dlv 5s..........1947
Mobile Dlv lat g os............ 1946
CentP.R A B of Ga coll g 6s. 1937
Centof N J gen gold 5s.......... 1987
Registered------------------- 01987
\m Dock A Imp gu 5 s . . . 1921
Leh A Hud Rlv Ren gu 6s. 1920
*- I
R» -T
**"
1041

rre
ysy

Sale
97 a
9 7 78

97*2
• 97*2
97*2

9078
76*2
99*4
61*4
913.1
90
78*%
96%
91-8
95
82
82*2
81*2
63*2
9974
100
49*2
49
95*4
72

84

.-t

Cent Vermont 1st gu g la
1920 Q
Oherfa A O fund A impt 6e..l92 y J
1st cjnsol gold 5a------------ I v M N
N
Registered_____ - ___ . . . 193fc
General gold 4H 8------------ 1992 M S
5
Registered--------------------- 1992 m £
20-yenr convertlole 4 H 8..1930 F A
30-year conv secured 5 s ..1946 A O
D
Big Sandy 1st 4s_________ 1944
Coal ltlver Ry 1st gu 4s__1945 J U
J
Craig Valley lat g 5s_____ 1940 J
J
Potts Creek Br lat 4s____194* J
R A A D’v lat con g Is___193 ' J J
J
2d consol gold 4s----------198'J J
Greenbrier Ry Istgu g 4s.1940 M l«
Warm Springs V st g 5 s ..1 9 4 1
Cblc A Alton RR ref g 3s— 1949 A O
J
1st lien 3 Ha--------1950 J
Chicago Burlington A Quincy—
Denver Dlv 4a___________ 192. F A
J
Illinois Dlv 3 Ha...................191'' J
Illinois Dlv 4a ___________ 104O J J
A O
Iowa Dlv sinking fund 5s. 1919
Sinking fund 4 s ______ 1919 A O
Joint bonds.
Great North
Nebraska Extension 4s— 1927 M N
Registered_____________192 M N
d
General 4 s_______________ 195
J
Ohio A E III ref A Imp 4s g _. 1955 J
U S Mtg A Tr Co ctfs of dep .
A O
lat consol gold da_____ . .. 1 9 3
General consol 1st 5s_____ 1937 M N
a S Mtg A Tr Co otrs of deu
Guar Tr Oo ctfs of d e p .. - Purcb money 1st coal s . . 1942 F A
Chic A Ind C Ry 1st 5s — 1936 J J
Chicago Great West 1st 4 s..l96u M 5
J
Ohio Ind A Loulsv— Ref s . 1947 J
Refunding gold 5s------------ 1947 J
J
Refunding 4s Series C ------1947 J
J
Ind A Loulsv 1st gu Is ..1 9 5 6 J
J
Ohio Ind A Sou 50 yr 4s------ 1956 J
Cblc L 3 A East 1st » H *------ 1969 i D
J J
Cli M A StP gen g 4s ser A.el989
Registered------------------- el9SJ Q J
J
Gon'l gold 3 Hs Ser B . . J
«cl949 J
J
Goneral 4 Hs Series C ____ el989 J
Gen A ref Ser A 1 Hs____ fl2011 A O
F A
Gen ref conv Sor B 5s-..a201 4
Convertible 4HS_____ ...1 9 3 2 J l)
Permanent 4s____________ 1925 J D
25 year debenture Is_____ 1914 J J
J
Chic A L up Dlv g 5fl____ 1921 J
Chic A Mo Rlv Dlv 5 s . . . 1926 J J
J
Chic A P W 1st g 5s______ 1921 J
C M A Puget 3d lat gu 4s. 1949 J J
Dubuuue Dlv 1st s f da_ 1920 J J
_
Fargo A Sou assum g 6s_.l921 J J
Mllw A Nor 1st ext 1 H a ..l934 J D
Cons oxtondod 4 Ha____ 1931 J D
J
Wla A Minn Dlv g 5 s .....1 9 2 1 J
Wla Valley Dlv 1st s____1920 J J
Chic A N’west Ex 4s ...lS S 6 - ’ 26 F A
Registered ........... M
1926 F A
General gold 3 Ha_________1937 M N
Registered____________pi 987 Q K
General 4s________ _______1987 M N
Stamped 4s____________ 1937 M N
General 5s stamped______ 1987 M
Sinking fund s.......... 1879 1929 A
Registered_______ 1879-1929 A O
Sinking fund s _____ 1379 1929 A O
Registered........... ..1879 1929 A O
Debenture s____________ 1921 A O
Registered_____________ 1921 A O
N
Sluking fund deb 5*___ ...1 9 3 3
Registered_____________ 1933 r N
Dee Plaines Val 1st gu 4 Ha *47 M 3
Frera Elk A Mo V 1st 0 s .. 1933 A O
M anG B A N W 1st 3 H s. 1941 J J
Mllw A 3 L lat gu 3HS- --194I J J
MU L 3 A West lat g a .. .1921 ,M S
Ext A I nn a f gold 5a_ 1929 F A
_
3
Ashland Dlv lat g a .. .1925
Mloh Dlv lat gold fla..1924
M!l3par A N W latgu 4a . 1947 M S
St L Peo .V J W tat gu 58 W41 J
J
Tbtcago Rock Isl A Pao—
J
general gold 4s -_193> J
J
Reg Ishsred______ _______1983
Refunding gold 4s . ____ 1931 A O
20-year debenture s ____1932 i
I
H I Ark A Louis 1st 4 H i- -1 9 3 1 V H
Burl C R A N lat g 5e____ 1934 A O
C R I F A N W 1st gu 5a .. 1921 A O
Cho Okla A O gen « 5 s ..01919 J J
N
Consol gold 5 a .. _____ 1952
O
Keok A Des Moines lat 5s 19
St Paul A
C 3u L ldl 4 Ha
.
;tilc 9t P M A O oona s ____1930 J I)
J l)
Cons 0s reduecd to 3 H 3 --1
Debenture 5a_____________1930 M s
J
North Wisconsin lat fla— 1930 J
S
Superior Short L 1st 5a g.cl930
;hlc T H A So East let fla .1900 J D
l
Tile A West Ind gen fla.-f 1932 Q N
J
Consol 59 year *----1962 J
j
Jlu
A I) 2d gold 4 Ha____ I
C Find A Ft W 1st gu 4a g 1923 M N
J
Day A Mich lat cons 4 H® 1931 J
*lov Oln Ch A St L gen 4a..1993 J D
J
year deb 4 Hs-------------- 1931 J
General 5a Series B___...1 9 3 3 J D
J
Cairo Dlv 1st gold 4a......... 1939 J
I
Clu tV A M Dlv lat g 4-J..1991 J
31 L Dlv lat col! tr g 4a...1 9 9 0 Nl N
Spr A Col Div lat g i s ___ 1940 M S
W W Val Dlv lat g 4a____19 40 J
C I 3t T A C consol fla____1920 M N
.
1st gold 4s-------------------*1936 Q r
Registered__________ *1936 Q F
Cln S A Cl coua 1st g 6a-.1928 J j
J
O C C 4 I gen coua g a . . 1934 J
A
q J
A
Apr
Income 4s---------------Cleve Short L lat gu 4H & ---U 61 A
F A
M N
Ft W A Den C lat
a . . . 1921 J D
A O
J J
Del Lack A Western—
J D
Morris A Esa lat gu 3 H®- J
N Y Lack A W lat fl«..........1921 J
F A
N
F a
Warren
*rn g * Hs
*

ag
3 1 Rne
S ce
in
1 Jn 1
a.
N Lw H h
o. o ig
3 | 51
60
....1 85 93*8

W ’s
eek
Rneo
ag r
Lst Sle
a a

P
rice
F a
rid y
Ot. 31
c
B
id
60
I
*
J S3

BONDS
N . Y . STOCK EX C H A N G E
Weok ending Oct. 31

1

—
—

101

101
0
0
6
0 8

8

0 *4
8

70

10 *2
0
95

ct.
Duo Aug. } Due Oet.

92%

80%

1

'2

85*4 Sept’ 19 ____ jl 85

1
72i2 72*8 Oct ’ 19 ____ 1 70
100*4
100*2 Oct T 9
98*4 Juue’ 19' . . . . 95*4
99% 93*8 Aug T9 ____ 92*2
102*. pen 08

v Due N
Due Nov. r Due Doo.

v

7 *4
7

s

85*4
73

103 k

101
92

Option

sa
le

N o r . 1 1919.]

New York BoEd Record— Continued— Page 2
Price
Friday
Oct. 31

BONDS

N. Y. STOCK EXCHANGE
Wtek eu.iiug Oct. 31
Delaware & Hudson—
1st

«k ref 4s.

Bid

Week’s
Range or
Last Sale

Ask Low

■3*
8

Denver A Rio Grande—
let ous g 4e___________ 1930 J
Consol gold 4 Ha......... ._1936 J
i
_.192f
..1955
--193<
..194(
..1940
. 1931
vf tge A coll trust 4h A . 1941
.1995
..1995
Del Rlv Tun Ter Tun 4 4a -1961
Dul Mtosub* A Nor gen 5a .1941
Dul A Iron Range let 5*... . 1931
..193)
.1937
.1941
-192C
N v A Erie let ext g 4 ..1947
..1911
..192?
._192(
..1928
. 192f
- 199C
--199C
s.1990
-H W
Peun coll trust gold 4 . 1951
-195?
..195?
. 195?
.1982
..1938
Erie A Jersey 1st s f 6a .. .1955
..1957
.1935
Coal A RR 1st cur gu 0s .1922
Dock A Impt 1st ext 5a.. .1942
.1946
.1937
.1937
General gold 5a_
-194C
.1943
.1940
. 1942
vA ind 1st cons gu g 6 s -1926
Evausv A T H 1st cons 6 s. .1921
1st general gold 5 s. _
.1942
.1923
.1930
.1959
rort St U D Co 1st r
.1941
-192S
. 1933
Great Nor C B A Q coll 4a . 1921
A1921
.1901
.1901
.1933
.1933
.1933
. 1933
.1933
.1937
.1937
.1940
E Minn Nor 1)1 v 1st g 4a. .19 IS
.1922
_ 19J7

J
F
J
J
J
J
A
J
J
r
w
J

A

A
J
M
M
M
M

m

A
J
M
J
J
J
J
F
A
A
A
M
J
J
J

A

M

J

M
J
F

P

.If
A
J

J
J

A
A
A
J
J
J
A
J

J
N
0

J
O
J
G J

J

J
J
J

96 97
7St| 85*4
86*4 95*4
73ia 7S>i
102*4 102*4

J
64*8 Sale 04 *8
65
70 69
70
J 09
U ____ 78
75i8 Oct ’ 19
A
50*4 Sale 501’
58*4
D
J ____ 394 614 Apr ’ ll . . . .
J
; 39 July'17
J 65ig 654 654
654
5 0 I3 59 1 554 Oct *l>
O
50
D
82 Dec *16
D
50
1 754 July’ 16
6
N
777. 804 1 791,
801,
94i8
J
96 4 June'l > . . . .
O
904 91 934 Sepi’ 19
O
1054 Mar'08
75 83 83 June* 19
J
N
91>*
894 Sept’ l!
S
994 100 994 Oct ’ ll
817
*
N
784 Oct *ll
Sale 914
S
919*
92 flept'19
fl
0
9 0 4 ____ 994 July* 17
D
944 Nov'15
S
98 100
984 Aug'19 . . . .
Sala 53
J 53
604 29
84 Dec '10
J
72
t.)
J 484 Sale 4S
J
«t>4 55 73 June’ lC
14
82 Sale 82
82
A
4J
42 Sale 41*4
O
44
42 flalo •1
1
424 63
O
454 Sale 45
O
474 MJ
So4 894 904 Oct ’ Id
N
_
1067* Jan *17 __
J 914
1
J 94
974 914
944
97
97 Oct 'll
J 95
0 __ _ 109 1084 8ept'19
93
N
103 Jan ’ 18
J 934 ___ 1024 July’ 17
N
804
09 0 J<4 Sept’ 19
J 644
6 5 1004 Dec ’06 —
x
A
49 60 June’ 18
A
88
N
97 Dec *18 . . . .
72 __ 103 Jan *17 —
O
1
55
D
55*4 6278 55
J
234 Jan ’ 17
97
J 96
954 Aug’ 19
O
70 —
704 Aug'19 —
O
103 Nov* 11
O
95 June’ 12 ___
D
704 8 0 4 S0«4 Oct ’ 19 ___

J

J

J
J
J
J J
J J
J
J
J I)
J D
J J
A O
J J
J
J
J
J
.1937 J
J
Will A 8 P 1st gold 5s. .1938 J I)
” ___
Fob

55
70
954
9J
79

___
_ r_
_
81
Sale
95*4
80

. 834 Sale
105*4 ___
101

924
99
90
844 86
77

771, ____
100
10 I)1
H

64lg
69
75i8
45

63*4 734
53 60
767 844
|
91




95

8 3 844
*'
H94 96
984 1004
914 914
914 92
984 984
58 704
48

574

774
41*4
41
45
84

83
52
52
55
954

914 101
957« 101
107 109

644 784

55

72

95 98
704 70i4
85

977g
96 g
89

2 864
1 101

1034

86*4
100

113 Apr ’ 17
924
924 20 91
1024 May’ 16
6 , 81
85
85
SO Sept'19
80
77 Occ ’ 19 ___ I 77
744 Oct ’ 19 —
744
99 Aug'19 . . . . 99
104*4 Sept’ 19 . . . . 103
1304 May'O', . . . |
2 934
95*4
95*4
100*4 Aug '10 . . J
|
57 Sept'19 _. _ 51
9*4
94 00
64
1 73
73
73
1 71
73
73
734 Juntas
734 Oct ’ 18 . . . .
764 Apr '19 —
764
SO Oct ‘ 19 . . . . 80
854 June’ 19 . . . . 854
92 Sept'17
754 July'19 ___ 74
84 Nov'15
80 June'17

104 _ ^
954 9/4
95 . . . .
524 57
Debenture’tta "B” .
9V 104
*
Feb
01952 J J 73 Sale
1999 J J 73*8 74
J J
.1948 A O 7378
. 1955 F A 71>h ___
1937 J J 80
85
.1051 J J 83
J J Si
-1951 J J 73
J J 71
.1951 A O 73
.1951 A O 71
.1951 M 8
80 July'09 —
—
— M 8
Collateral trust gold 4s.. .1952 A O 72', 7D, 73*4
7 724
74
A O
. .1
95*8 flept’ 12
1st refunding 4s____
.1955 M N 804 81
31 76
804
81
.1952 J J 65 G97 71 Aug'19 __
8
71
.1953 M N 704 72*4 704
9 69
71*4
.1953 M N __ „ 85 06 Aug '19
60
.1934 J J 954 95*4 95*8
3 91*4
95*4
Cairo Bridge gold 4s
.1950 J O 79
79 Oct* 19 __ J 79
1951 J J 57
61
61 Aug'19 . . _ 61
1953 J J 674 —
734
734 10 66
J J
Middle 1)1 v reg 5 s ___ .1921 F A 974
102 June* 10
Omaha Div tat gold 3« . 1951 F A ____ G
5 5x«4 flept'18 . . . .
.1951 J J 57
62 Oct 'IS __
1951 J ) 674 —
1 68
08
68
.1951 J J
80 June’ 16
.1951 J J
77 8 0 4 NoV 16
Western Lines 1st g 4s__. 1951 F A 74 85
794 May'19 —
794
Regis ©red. ----------- 1951 P A
92 Nov’ 10
- 1923 J 1) 94*4
1174 May*10
Garb V Shaw 1st gold 4s 1932 W S 731,
73 Mar'19
73
Ohio flt l. A N O gold 6h 1951 J D 94 ___ 934
2 91
934
Registered-------------- 1951 J D 904 —
954 Feb l«i
954
O dd 3 4 b - ............... .1951 J D
654 July'18
-1951 J D
1903 J D 804 87 « 884 Oct *19
85
Meinph Dlv 1st g 4a. 1951 J D 77 , —
704 Oct ’ 18 . . . .
-1951
D
65 Nov* 17
St Louis 8nu 1st gu V
4s. 1931 M S 754 81
77U
774 Aue'19
Ind 1 1A Iowa 1st g 4 a ----- .1950
1
J
79', Sale, 794
794 10 794
1st A Great Nor 1st g 0s .. .1919 M N ____ 95
95
95
93
1959 J D
80*t 804 Aug'19
804
1950 A J 571* Sale 574
2 1 504
59
1950 A O
78 Oct '09
1950 1 J 77 Sa'e 77
804' ll! 754
Kansas City Term 1st 4s
1960 J J 71'2 Sale 74 4
74V 11 ' 734
-1937 J J 82
88 I 90 Oct *19, ----j 834
.1941
J 65
78 804 Feb '17!
.1945 A O 00
05 65 Aug’ 19
65
.1940 1 J 874 _ 1 884
_
5 80
88 V
.1940 1 J
78 Sept* 19
78
IrtlihJh Val (Pa) eons g 4s . 200 ? !W N 71
I 71
73 1 724 Oct '19
General -vn« 4\4s
HU, l l 1 sm.
81V 814 81
• No prlco Friday; latest bid and aakod thla week,

754
701*
80
001*

804
92 Aug ’ 10 —
604 July’ 19
604
80 Dee ’ 18 . . . .
954
954 163 944
2 91
95
95
5 324
864
864

86-4
10?

a

sb

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 31

Price
Friday
Oct. 31

k
i

High'. No.\Loio High

»7I8 974 97 Oct ‘ 19
82*4 83<8 8212 834
80\ Sale 80*4 8 S ]
A
76
74lf Oct ’ 19
. _194f A V 72
.1921 M N I0 2 *s 101 102*4 Apr *19
1922| J

Range
Since
Jan. 1

Due Jan.

h

604

884

954
887*
80
81
744
99
1034
994
66

IS7
*
824
83
764
80
88

76

—

79
844
75
774
714
974
70
61
734

68

794
73
99*4
954
95
79*4
82
96
82
044
88

SI
90
854
92
78
304
00

Due Feb.

g

A O
A O

Registered__

J
J
J
— ~
—~
M
Registered___________
M
*ong laid 1st cons gold 5s__/«i»o» G
1st consol gold 4s........... A1931 Q
J
M
J

J
J
J
S
S
J
J
D
8

D
8

J I)
« N
M 8
fW P
- . - - » ■» " «>•
B uo.
A r
N Y A R B 1st gold 5s____ 192: M s
Q J
M s
J u
* N
J J
J J
Collateral trust gold 5 s . 1931 M N
L Cln A Lex gold 4 4 s . 1931 M N
N O A M 1st gold 6 a.
J J
2 d gold 0 s ____
J J
Padud&h A \lem Div 4 s
F A
St Louis Dlv 1st gold os._1921 (W 8
m 9
Atl Knox A Cln Dlv 4a.
n N
*
Atl Knox A Nor 1st g 6a..i»-»o J D
Hender Bdge 1st s f g 6a..1931 M S
J J
A O
M s
L A N South M Joint 4s..l952 J J
Registered..... ............ 51952 Q J
N Fla A S 1st gu g 5s___ 1937 V A
N A C Bdge gen gu g 4 4 s 1945 J J
Penaac A Atl 1st gu g 0s..1921 F A
S A N Ala cons gu g 5s.. _1936 F A
Gen cons gu 50 year 5s. 1903 A O
8
w f.efTJLdg®Co
8 4s ..1945
Manila RR—Sou lines 4s__1936 M N
M S
M 5
J O
J D
A O
xT . ______
JJ
M N
1st A refunding gold 4s.
M 8
R«f A ext 50 yr 5s Per A.
Q F
Dea M A Ft D 1st gu 4s
J J
Iowa Central 1st gold 5a.
J D
Refunding gold 4a___
M 3
StPASSM oon g 4 s inf gu. i^ o J J
1st 00 ns 5a...... ..................1938
M "n
v '
'
ini k is 111ugu
J J
Mlsslaalppt Central U t5a...
J J
Mlaaeurl Kansas * Texas—
J D
K A
M N
M S
Trust Co cents of 'lp;>

— — .
.

11t mi 1 k
^
ci

J

1687

J
A O

-4sA Low
99 ig 99 , 99
------ 113

Sale 101
----- 100

95

105
70

July’ 18

914
824
73
914
75
694
704
72k,
704

72 r
2
7:
954 92 Oct ‘
85
994 Oct *
697* 69 Oct ’
744 81 June'
74
741* oci*
72
74 Oct 1
95 Jan *
—
92
Aug’
92 Apr ’
847* 92
91i8 Juno
8 H*
g:
814 82
99*4
O
97*8
9
83
Sale 83
8
•811*
8 H* Sept’
97 Oct ’
904 99
94>i July’
904 93
103 101 104 Sept’
100 Jan ’
78
894
Jan ’
99*4 Sale 9934
9!
51
527* 51*4
5
7714 Oct’
744 77
95 j 100
95*2 Sept’
1004
101i2 Oct •
75
77
75 Oct '
90
914 92 Oct 1
604
86*8 July’
66
68
66
61
95 Feb '

~H
H~

974 100

954 10
0

79
12

824
1004 104
964 100
894 91
054 68
—

88

70
77

75

-I —
.III
1___
5
).----—
___
___
___
___
___
___
___
___
14
1

17
29
___
___
___
___
___
___
2
2

—
—
___
—
—
—
1
___

924
80
724
864
66
70
72
67
92
92
904
814
994
97
P2
814
97
934
1034
100
794
994
514
724
954
1014
73
91
H54
62

984
80
80
92
754
84

771 ,

77

94
92
91
884
108
1004

884
814
100
94*4
1054
100
794
1014
57
79
954
1014
807*
954
874
73

944 95

___ 1014 101*8
1 964 100
S3 93
. . . . 70
70

103

—

Range
Since
Jan. 1

, No. Low Hi gh
1 98 1024
r ___
, 19 101 1027*
___ 1 974 100
i ___

Bid

10 P*

fa
S5
*

Week’s
Ra-ige or
Last Sale

___
Nov’ l . . . J

Mar’ l

— -

70
911* Junc’ I
101
101 July’ l ----- i 102 101
94
97
971* Apr '1 ___ 1 97*2 994
76 Oct ’ 1 ___ 1 74
764
80
41*4 Sale 41
34 41
44
49
417*1 44 Sept’ l
49
— * 44
|
45
55
,
7 5 4 SO
43
Sale 43
22 42
484
834 Sale 82**
9 814 89
934 904,
96*4 974
88
924 934
92" 944
80
|
—
—
64
6G
63*4
64
16 62 .09
34
Sale
5 29
35V
33
1
__ 1 204 30
224 32 1 ZU'4 Aug’ 191' 43
4J
431* 29 404 484
44
42
44 Aug’ 19 401*
41
34
30 Oct *19,.
30
34
29
30
27 July’ 19,.
25
27

79

77
5

1

434

5% secured notes ‘•ext” 10
Dali A Waco 1st gu g 5s.. 1940 M N
69'* Apr '17
Kan city A Pac 1st g 4s.
55
53 Oct'19
F A 53
53
53
Mo K A E 1st gu g 5a______ A O 40
41
401* July’ 19 ----- j 404 50
M K A Okl* lat guar 5a..1942 M N G9 Sale 69 j
69 I
714
1 69
M K A T of T lat gu g 5a 1942 M S
55
554 Aug’ 19
50'* 58
Sher 9b A So 1st gu g 5s.. 1942 J D
74
51 Dec ’ 16
Ten* A Okla 1st gu g 5a. .1943 M S •42 —
1 40 50
40
41)
Missouri Pacific (reorg Co)—
1st A refunding 5a Ser A .. 1905 F A 81
817, 81
1 81
81
877*
93
lat A refunding 5s Se» Ba 1923 F A 92
92 >8 Oct ’ 19 . . — 907 947*
g
1st A refunding 5a Ser C..1920 F A 85
874 87*2
8712 10 847g 92
General 4 a .......................1975 I ! 8 57 Sale! 57
V
58U 215 564 631*
Missouri Pac 1st cons g 0a .1920 M N -99
994 991* Oct ’ 19 — “j 98 100
40 year gold loan 4a......... 1945 m 8 * ___
80
58 Oct ’ 18
3d 7a extended at 4% ___ 193s M N
82 A pr’ 17
Booov St L A fl 1st 5a gu. 1951 F A
100
Cant Br U P lat g 4a___ 1948 J D
844 68 June’ 19 __ 1 68
_
68
Pac R of Mo lat ext g 4e__1938 F A 81
8034
—
804 82
2d extended gold 5a___ 1938 J J 914 94
89 May119
89
89
94
8 t L tr M A S gen con g 5a 1931 A O
93
93*4
93 : 10 91*4 974
Gen con stamp gu g 5* .. 1931 A O
102
July’ 14 __ i
7778 76
Unified A ref gold 4e ..1929 J J 76
76
73
824
Registered_________ 1929 J J
807« Oct *17
g
Rlv A G Dlv 1st g 48... 1933 M N 735 744 74*8
,
74i2
8 69*4 771,
Verdi V I A W 1st g 5a...1926 !W 8 904
92 July’ 19 . . . . 92
92
Mob A Ohio new gold « 8 ___ 1927 J D 1014 102 IOH4Oct ’ 19
1
1004 1054
lat ext gold 08................. 51927 G J 904 984 9612 Oct ‘ 19
2
96
984
G3-V 68 July’ Ih —
General gold 4 s................. 1938 M S
-----1 68
68
SO
Montgomery Dlv lat g 6 s. 1947 F A 84
84 Oct ’ 19 __ _ 83
91
St Louis Dlv 5a................1927 J D
82 Apr’ 19
86 7 87
g
St L A Cairo guar g 4s___ 1931 J J 754 77
781* Oct ’ 19 —
73** 814
Nashv Cbatt A flt L 1st 5a . 1928 A O 97
984 99
99
4 98*4 100
04*4 IlOU Ma; ’ 17
Jasper Branch let g 6 a ...1923 J J 100
Nat Rya of Mex pr lien 4 His. 1957 J J 40
50
50 Mar’ 19
50
59
Guaranteed general 4 s. _ .1977 f O ____ 397g 35 Aug ’ 16
. . . . -- Nat of Mex prior M 4 Vis. 1926 J J
en
967 Ket ’ 13
g
—
lat consol 4a...... ...............1951 A O
21 Aug’ IS
New Orleans Term 1st 4 s ... 1953 J J 69
Sale 69
691* ii 63
70
N O Tex A Mexico lat 6 s__ 1925 J I) 95*4 90
3 94
95*4
99*4
974
Non-cum Income 5a A___ 1935 A O 5434 Rale 54*4
5578 17i 50
'
624
New York Central RR—
Conv deb 6 s........-__ .<a__1935 m N 94
Sale 91
95
182 91 1001*
Consol 4a Series A............ 199^ F A 71
73
71
71
2 634 784
Ref A Imp 4 Ha “ A*’ ........ 2013 A O 764 774 795*
794
3 771, 86 .
New York Cent A Hud Rlv—
Mortgage 3H«..........
1997 J J 70 Sale 70
70*4 39 6 S 73
Registered____________1997 J J
71 Oct ’ lu ___ • 6 si* 71
M N 8 4 827, 8 I»*
U
82i2 28 78
86
Registered..
...1934 M N
79 Nov'Is
F A
634 6 3 ? 641*
641
_
5 62 68
F A
61
704 60 Sept'19
59 67
F A
634 G3'8 631*
631
2
*1 60*s 70
F A
75 Mar’ 17 ----- j —
—
J D
::::
J J 837g —
82 " Aug’ 19 " " " 82 ‘ “82 "
Registered.............
J J
95*4 Nov' 10
2d guar gold 5a___
J J 884 —
104 May 16 — - — —
J
“ ----“
U11 A O SH
1 ,1 J 2
1
Cart A Ad 1st gu g 4s___ 1981 J D 721,
49 Nov' 1ft
Gouv A Oswe 1st gu g 5s.. 1942 J D 91
Moh A Mai let gu b 4 s... 1991 M s .784
80 May'19 . . . . 80 80
N J June R Buar 1st 4a. ..1986 F A 63
89*2 Feb *16
N Y A Harlem g 3 Ha___ 2000 M N 74
80 M a y '17
N.Y A Northern ls» g 5a 1923 A O 961*
. 9Si< Aug'ly
"974 "984

Due June,

a Due July,

a

Due Sept,

o

Due Oet.

»

Option sale

BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 31
N T Cent 4 H R R R (Con)—
N YA P u l a t cons gu g 48.1993 A
Pine Creek reg guar 6 a-----1932 J
R vv 4 0 con 1st ext 5s—/tl922 A
Rutland 1st con g 4 Ha— 1941 J
Og & L Cham Istgu 4a g -1948 J
Rut-Canada 1st gu g 4s. 1919 J
St Lawr A Adir lat g 5a— 1996 J
2d gold 6 a----------------- 1996 A
Utica A Blk Rlv gu g 4a.. 1922 J
Lake Shore gold 3 Hs------ 1997 J
Registered----------------- 1997 J
Debenture gold 4s------ 1928 M
25-year gold 4s----------- 1931 M
Registered_________ 1931 M
Ka A & G R lat gu c 5s..-1938 J
Mahon C’l RR 1st 5s----- 1934 J
Pitts A L Erie 2d g 5a...a 1928 A
Pitts McK A Y lat gu 6 a .. 1932 J
2d guaranteed 6 a-------- 1934 J
Michigan Central 5a—- —1931 M
Registered.....................1931 Q
.............................. 1940 J
Registered-------------- 1940 J
J L AS 1st gold 3 H a ...1951 N
1st gold 3 Hs................. 1952 M
20-year debenture 4a..1929 A
1* Y Gfel A St L lat g 48 ..1937 A
Registered----------------- 1937 A
Debenture 4s------------- 1931 ft1
West Shore 1st 4s guar...2361 J
Registered— ........
2361 J
N Y C Lines eq tr 6a .. 1919-22 N
Equip trust 4 His.. 1919-1925 J
HI Y Ooaneot 1st gu 4 H« A. .1953 F
W Y N H A Hartford—
Non-oonv deben 4s---------1947 *
Won-eonv deben 3 Ha----- 1947 ft
i
Non-conv deben 3Ha----- 1954 A
Non-eonv deben 4a-------- 1955 J
Non-eonv deben 4s-------- 1956 ft
Oonr debenture 3 Via.----19o6 J
Oonv debenture 6s----------1948 J
Cons Ry non-conv 4s----- 1930 F
Non-conv deben 4 a ....1954 J
Non-conv deben 4a-----1955 J
Non-conv deben 4a-----1955 A
Non-conv deben 4a.-.-1956 J
Hviem R-Pt Obea 1st 4a. 1954 ft
B A N Y Air Line lat 4a_.1965 F
Cent New Eng lat gu 4a..1961 J
Hartford 8 t Ry lat 4a---- 1930 5
H-wsatonlo R eons g 5s.-1937 N
Nitigatuck RR lat 4a----- 1954 ft
N Y Prov A Boston 4a.-.1942 A
N YWohesAB 1st aer I 4Hs*46 J
Boston Terminal lat 4a— 1939 A
New England cons 5a-----1945 J
Oenaol 4 a ...................1946 J
Providence Secnr deb 48.-1957 ft
Prov A Springfield lat 5a. 1922 J
Providence Term 1st 4a. _. 1956 ft
4
W A Con East 1st 4 V 8 . .. 1 9 4 3 J
N Y O A W ref lat g 4a-----01992 \
Registered 15.000 only..01992 5
General 4a—.....................1955 J
Norfolk Sou 1st A ref A 58.-1961 F
Norf A Sou 1st gold 5s-------- 1941 ft
Norf A West gen gold 6 s-----1931 ft
Improvement & ext g 68.-1934 F
New River 1st gold 6 s----- 1932
N A W Ry lit cons 2 4a.-1996 P
Registered----------------- 1996 1
Dtv’l 1st lien A gen g 4s. 1944 J
10-25-year conv 4a-------1932 1
10-20-year conv 4s........1932 N
10 -25 -year conv 4Hs— 193s .
N
10-year conv 6 a (w l)— 1929 .
Pooah C A C Joint 4a.. -1941 J
C C A T lat guar gold 5a. 1922 J
Solo V A N E l 8t gu g 43—1989 >
'Northern Pacific prior lien railway A land grant g 4a-----1997 t
Registered.................... t.
General lien gold 3a------ <*2047 b
Registered----------------a-947 <
n
Ref A Imp 4 Ha ser A........3017 J
3t Paul-Duluth Dlv g 4s.-1995 J
at P A N P gen gold 63 -_-1923 F
Registered certificates. -1923 Q
H Paul A Duluth l 9t 58—1931 F
t
1st consol gold 4a-------- 1968 1
Wash Cent lat gold 4a----- 1948 Q
Nor Pao Term Co 1st g 68.-1933 J
Oregon-Wash 1st A ref 4a— 1961 1
PaclHc Coast Co lat g 5s—-1946 1
Paducah A Ilia lat a f 4^ 8—1955 J
•Pennsylvania RR lat g 4a.-1923 ft
Consol gold 6a__ . . . . . —1919 >

Price
Friday
Oct. 31

X prira Frtitty”
>

1

3!

Low High
78 80

95’'* 96
094 74
811* 90
821* 89
5 Deo

T5,
M.ay’ 17
j Jan ’09
i Mar’ 12
SAug T7
e Nov’ lS
82
Peb ‘ 14
June’03
t Aug T9
77
*
81
Nov’ 17
75
74
1
72 >4
2 Feb T9
s July’ 17
82

10 2 H .
101
.

94!* .
92*4 82 .

i 102
82U

2. 81

55'* Aug T9
50i* JulyT9
50 Aug TO
52
52
51
52
51
524 521* Oet T9
497*
50
____49
761*
74!* Sale 74
50 Oct T7
9U* Jan *12
’ 51 ‘ I!
60 July’ 18

73

88*4

49U 52
74 88

501*
70

49 " Oct ” 15
70
70
79»* De 3 *17
<
------ 59*4 59 Oct *00

lO i* May’ 15
a’
87 July* 14
68
80H____ 83 Aug ’ 13
44
43 Sale 43

84

701* 741*
77 85
784 84

U

58

021
*

’ 80 ’

20 "427* "54 "

70 Sept* 17
40
397* 40
997* Deo T3
884 Feb T4
60H

5

021*

*60 ’ ’ (
601* (
8 H* t
105 1(
1051* 1(
1051* 1(
s79 £

6 H4

70

1061* 1081*
77 861*
- k 79 79
74'1 82
84 841*

_78B* "Sale
75 80

io o “ 10412
103 llOU
82*4 86
97 97
76 81
88 70
80
7G 82
1*
118 50 617*
8 oi*
76
101
100

76
5 100'*
1001*
97
_
_ 761*

1

.
951* .
68

60 .
106H .
721*

9

84>* l
871* J
j

76
104'*
100 *8

981*
78'*

1001* .073*
6O
-4 79'*
8 i > 88
2

957*
997*
99U
871*
0 82
2 91
45 81
113 8 D4
J
—
867*

951*
90 *
9014
88

801*
96U
807,
97 >
4
871*

871* 871*

102

92

Deo T 7 ----- , ----------

97*4
07*4
955* Oct T9
87 Feb T7
78 Jan T9
771* Oct T9
863* Deo TO
85 Oct T9
851* Feb T9
8 H* Oct TO
96'4 May* 17
*9834 May’ 18
Dec T5
101
98U Feb *12
90'* Oct *12
8 SU Feb T7
791* Oct *19
79U May'19
87 June’ 19
83H Apr T9
93 May’lO
48*4 Apr T7
92 Deo T7
881* Sept* 17
on* Oct T9
911* 9H*
9 June L7
9
901* Oct T9
90 Oct T 9 1

aDue Jua.

78
78
774 771*

"8314 "884

85*4 87
811* 82ig

79i*
79*4
87
831*

791*
79*4
87
83H

91** 941*
9U* 92*4
’ 55“

90

* Due Feb. ( Dae Juno,

Price
Friday
Oct. 31

BONDS
N. Y. STOCK EXCHANf
Week ealing Oct. 31

Range
Since
Jan. 1

597
*

latest bid and aaltad,




Week's
Range or
Last Sale

High\
i Apr T9 -

........1960
........1965
General 5a------------- ........ 1963
.Alleg Val gen guar g 4a. —1942
D R RR A B’ge 1st gu 4a g 1936
Pfclla Balt A W lat g 4a-1943
9odua Bay A Sou lat g 5a.1924
Sunbury A Lewla lat g 43.1936
U N J RR A Can gen 48—1944
Pennsylvania Co—
Guar 1st gold 4 Ha-------- 1921
Registered...... .............. 1921
Guar 3 Hs coll trust reg A. 1937
Guar 3 H 3 coll trust aer B.1941
Guar 3 Ha trust ctfa C— 1942
Guar 3 Ha trust otfs D — 1944
Guar 15-25-year gold 4a..1931
•40-year guar 4s ctfa 8 er E.1952
Otn Leb A Nor gu 4s g— 1942
Ol A Mar lat gu g 4 H s ... 1935
Cl A P gen gu 4Ha aer A .1942
Series B.........................1912
Int reduced to 3 Ha--1942
Series 0 3 Ha................. 1948
Jerles D 3H«................1950
Bne A Pitts gu g IHa B—1940
Series O _____________ 1940
Ur R A I ex 1st gu g 4 Ha. 1941
Ohio Connect lat gu 4s .. .1941
Pitta Y A Ash 1st eons 5a 1927
TM W V A O gtl 4H* A .1931
Series B 4 H i ..............1933
dories O 4a..................... 1942
P O O A 9t L gu 4H« A.. 1910
dsrlea B guar________ 1912
Series C guar_________1942
Series D 4a guar........... 1945
Series E3H* guarjjold.1949
♦

[Vol . 109.

New York Bond Record—Continued—Page 3

1688

P C. C. & 9t. L (Con.)—
Sorlea F guar 4a gold— 1953
Series G 43 guar---------- 1957
Series I cons gu 4 Ha— 1963
C St L A P lat cons g 5a..1932
Peoria A Pekin Un 1st 6 a g—1921
2d gold 4 Ha................... M921
Pero Marquette 1st Ser A 5a. 1956
lat Serlea B 4 s.-------------1956
J
Philippine Ry lat 30-yr a 14a 1937
o
Pitts Sh A L E 1st g 5a........1940
J
lat conaol gold 5s----------- 1943
J
Reading Co gen gold 4a------ 1997
J
Registered------------ . . . 199“
o
Jersey Central coll g 4s— 1951
J
Atlantic City guar 4a g.._1951
J
St Joa A Grand lal lat g 4a —1947
St Louis A San Fran (reorg Co)—
J
Prior lien Ser A 4s............ 195!)
J
Prior Hen Ser B 5s............ 1950
Cum adjust Ser A 6 s___ ftl955 A O
Income Serlea A 6 s_____ 51969 Oct
St Louis A San Fran gen 6 a. 1931 J J
General gold 5a-------— 1931
St L A 9 F RR cons g 48—1996
Southw Dlv 1st g 5s--- 1947
K C Ft S A M cona g 68.1928
K C Ft S A M Ry ref g 48.1936
K C A M R A B 1st gu 58.1929
St L S W 1st g 4s bond ctfa—1989
2d g 4s Income bond otfs.pl989
Conaol gold 4s--------------1932
1st terminal A unifying 59.1952
Gray’s Pt Ter 1st gu g 58.1947
S 4 A A Pass 1st gu g 4a----- 1943
Seaboard Air Line g 4s------- 1950
Gold is stamped________I960
Adjustment 5a— . . . — 01949
Refunding 4a__________ 1959
\tl Blrm 30-yr let g 4s—al933
Caro Cent 1st con g 4s.—1949
Fla Cent A Pen 1st ext 6a. 1923
lat land grant ext g 68—1930
Conaol gold 5a----------- 1943
Qa A Ala Ity 1st con 5s..01945 J
Ga Car A No 1st gu g 5a._ 1929 J
Seaboard A Roan 1st 50—1926
Southern Pacific Co—
j
Gold 4s (Cent Pac coll)..*1949 J
J
Registered--------------20-year conv 4a-------- --.01929 M S
20-year eonv 5s---------------1934 J D
A
Cent Pao 1st ref gu g 48—1949
A
Registered___________ 1949
D
Mort guar gold 3 Hs—*1929
O
Through St L 1st gu 48.1 9 5 4
N
G H A S A M A P 1st 681931
J
2d exten 58 guaf—........ 1931
N
Ollft V G A N lBt gu g 58—1924
N
Hous E A W T 1st g 68— 1933 M N
1st guar 5s red-------.--1933
H A T C 1st g 5a Int gu — 1937 ■ O
* J
Gen gold 4s Int guar----- 1921
Waco A N W dlv 1st g 6 a ’30
A A N W lat gu g 5a..........1941
Louisiana West 1st 6 s----- 1921
Morgan’s La A T lat 6s-1920 J
No of Cal guar g 5a-------- 1938
Ore A Cal 1st guar g 58 —-1927
So Pac of Cal—Gu g 5 s . . . 1937
So Pac Coast lat gu 4a g —1937
Han Frau Terrnl lat 4a- —1950
Pox A N O con gold 5s— 1943
So Pac UR 1st ref 4s........1955
Southern—1st cons g 5a----- 1991
Registered--------- -------1994
Dovelop A gen Is Ser A .—1966
Mob A Ohio coll tr g 48— 1933
Mem Dlv lat g 4Ha-5s— 1096
Fit Louis dlv 1st g 4s........1951
Ala Gt Hon 1st cons A 58—1943
Atl A Chari A L 1st A 4 Ha 1944
1st 30-year 5a Ser B----- 1941
Atl A Danv 1st g 4s..........1943
2 d 4 s .....................
1918
Atl A Yad 1st g guar 4 s ..1949
E T Va A Ga Dlv g 5s.-.1930
Cons 1st gold 5s------ -.1956
E Teun reorg lien g 53----- 1933
Ga Midland 1st 3a............ 1946
Ga Pac Ry lat g 6 a..........1922
Knoxv A Ohio 1st g 68— 1925
Mob A BIr prior lion g 5a. 1945
Mortgage gold 4s--------1945
Rich A Dan deb 5satmpd.l927
Rich A Mock 1st g 5s----- 19 48
So Car A Ga 1st g5a........1919
Virginia Mid Ser D4-68—1921
Series E 5a..................... 1926
Series F 5s..................... 1926
Goneral 5s--- --------------1936
Va A So'w’n 1st gu 53..2003
1st cona 50-yoar 53—1958
W O A V 1st cy gu 4s----- 192 4
V
Spokauo Internat 1st g 53.-1955
Term Assn or St L l 9t g 4Ha.l939
1st cons gold 5s____ 1894-1944
Gen refund s f g 4s---------- 1953
St L M Bridge Ter gu g 5a. 1930
Texas A Pao 1st gold 6a -----2000
2nd gold Income 5a-------- 12000 Mar
La Dlv B L lat g 5s..........1931 J J
W Min W A N W 1st gu 581930
Tol A Ohio Cent 1st gu 5s._ 1935
Western Dlv 1st g 5s-------1935
General gold 5s------ ------- 1935
Kan A M 1st gu g 4a-------1990
2d 20-year 5s------ - — 1927
Tol P A W 1st gold 48.......... 1017
Tol 9t L A W pr lien g 3 Ha. 1925
50-year gold 4s---------------1950
Coll trust 4s g Ser A........1917
Trust co ctfa of deposit........
Tor Ham A Buff 1st g 4s.-61946
Ulster A Del 1st cons g 58—1923
lat refunding g 4s..............1952
Union Pacific 1st g 4«.......... 1947
Registered........................ 1947
2 0 -year conv 4a-------------1927
1st A refunding 4 s ........ $2008
1 0 -year perm secured 6s.1928
Ore RR A Nav con g la..1946
Ore Short Line 1st g 6 a ... 1922
lat conaol g 5s------------1946
Oua“ refund 4s------ - ._ 192 n
Utah A Nor gold 5s-----l ‘»J«
1st extended 4s------ 1933
Vandalta WHO n4s Ser A----- 1955
cona g *
0
Consols 4a Berios B ..........1957 M
Vera Of 1 A P lstgu4H i-1934

hDue

July

* D je Au*. » Due Oot.

Week’s
Range or
Last Sale

*33
3^

Range
Since
Jan. 1

Low
High\ No. Low High
91 Sept’ M
90"> Aug TO — . "8312 "9l’ “
8
95
91 Apr *19 . . . J 91 91
995* IO I4 101 June’ 19; ___ 101 102
O
93 100 June’ 17
90
87 Mar’ 16
34 S3 90
851*
851* 86 85
1 66 72U
69
65U 704 69
45 55
47 Oct T9 .
47
46
971* ___ 99 Jan ’ IS
951*
97U Dec T7
80*4
821* Sale 82
82s*
81>*
78 Aug T9
85
83
83 844 83
601* 62
Sale
Sale
59i* 69
41 Sale
100'*
93U 95
66-14
6814

Sale
674
O
871* S
62'a Salo
504
571* 59
Gl
614

101

6684

59!* Sept’ 19
56*4
681*
594
40

59
701*
60ii
417*
10134 Sept* 19
924 Sept'19
78 May TO
90 May' 17
101

101

6 *4Oct67ll)
6
9012
’
62*2

631*

63 Sept’ 19
57t* 58
61
617*
981* Jan *14
6 U*
6 U*

591*

991* 103U
637* 751*
881* 901*
63»* 74
57U 63
671* 65'*
581* 641*

1 614
62
4 66
70 6
6 6
6
673* 66 U Oet T9 . i 64
Sale 46
463 20 44
4
13 4R
Halo 48
50
l 71
71
711. 71
76 Apr T9 ___ 1 76
lOOu
1014 100U Apr T9 —
L O 101 Dec *15
O
85
874 871a Oct T9
874
924 93 July’ 19 ___ 914
94
024 941* Apr T9 —
954
95'* 954 95U May’ 19

63'*
62
64
46
48
71
7014

68

563* 64
70
79
591* 7M*
40
56
1013* 106
911* 931*

68

72
74
534
60
80
76
1004
924
93
94
964

797,
7D4 Sale 71
72*4 28 68
90 Feb *14 ___ |
8314 103 HU, 877,
82 Sale 81»s
1031* Sain 107
1091* 469 994 115
76U Sale 70U
76»4 130 724 83
871* Sopt’ 10 ___ |
53
3 82 K 4
83
82U Sale 82U
4 7*
80
721, 72s* 73
73
101 100 Oct T 8
93
99
96*4 Ja~ *18
92U 1 0 1 95 Nov
87U ___ 923* July’ 19 . . . . 924 0J5*
100 Oot ' 16
87U
1 94
94
94
91s* 9/
93*4
94s*
93 Scpt’ l ___ 93
9234 93
94
94
94 Mar’ l —
90 01
93 Nov’ 18
8734 95
991.
100U Oct T7
995 Aug T9 . . . . 994 99s*
8
08U 100
951* ___ 102'* Oct *18
33 92s* 9J4
95
941* Sale 941*
975* 97s*
95
97-rs July. 19
*
9012 924 921* June’ 19 _ _ 924 93
6 72
761*
804
75'2 Sale 7514
85
85
85 July* 19
83
834
733i Sale 784
791* 62 76
883*' 31 374 964
S7t. Sale 87’ .
92
854 85*4
8514 Sept’ 19
03 037, 627*
613* 56 627* 60
1 634 6 8 4
634 64
63
64
851* 80
90'g July’ 19
904 014
11 693* 744
7L 74
71
73
924 03
86 804 927* July* 19
8312 834 334 June’ 1
91
874 s:i's
Si
02 1 93 Oot T9
904 97',
74
66
IV, 70 Oct *19 —
70
81i* Mar* 10
(U 07 6 8 Oot ’ 19
6S
63
931* 96
95 Sept’ 19
95 07
897* 97
90'* Sept'19
92 9>U
92 July T9
52
52
50U 57 52 Jan T9
99 101 1001a Aug T9
1001* 101
973.1
100 Oct ’ IS
9L1* Oot ’ IS
8512 0 ;
60 66 05 Aug TO
65 65
921* 102 9514 July T9
95'** 953*
63 —
09 71
69 June* 19
994 Apr T9
99 100
10212 June’ ll
95>2
9134 100 96i* July' 19
'93"i* "o64
10 41* Deo *16
90U
9H* 95
93 July’ 19
90 ’ ’ 97’
92 813* SoutTS
0712 75 6712 Oct T9
07'* 71
857, 95
937* Mar’ 17
70 784 751* Apr TO
751* 751*
82
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New York Bond Record— Concluded— Page 4

.1 9 6 2
V ir g in ia n l e t 8 s s e r ie s A
W a b a s h 1 st g o l d 5 s .............. .1 0 3 9
2 d g o l d 6s .............................. .1 9 3 9
D e b e n t u r e s e r ie s B _____ .1 9 3 9
1s t H en e q u ip s I d g 5 s . . . .1 9 2 1
1 st d e n 6 0 -r r g te r m 4 s . . .1 9 5 4
D e t A O h E x t 1 s t g S s ___ .1 9 4 1
D e e M o i n e s D l v 1 s t g 4 s . .1 9 3 1 ;
1 941
O n i IM v 1 s t g 3 H a
T o l & C h D lv 1 st g 4 s . . . .1 9 4 1
W a s h T e r m l l e t g u 3 H 8 — . .1 9 4 5
1945
1st 4 0 y r g u s r 4 s .,
W e s t M a r y l a n d 1 s t g 4 s ___ .1 9 5 2
W e s t N Y & P a 1 s t g 5 s — .1 9 3 7
1 9 43
G e o g o l d 4 s _______
P1943
I n c o m e 5 s __________
W e s t e r n P a c 1 s t s e r A 5 s . . .1 9 4 6
W h e e l in g * L E 1 s t g 6s . — . 1 9 2 6
W h e e l D lv 1st g o ld 5a— -1 9 2 8
E x t e n & I m p t g o l d 5 s — .1 9 3 0
R e f u n d i n g 4 H s s e r ie s A . .1 9 6 6
1949
R R 1 s t c o n s o l 4 h. . .
W i n s t o n - S a le m 8 B 1 s t 4 s . .1 9 6 0
W ls C e n t 5 0 -y r 1 st g e n 4 s . . 1949
S u p & D u l d l v & t e r m 1 s t 4a ’ 3 8
S tr e e t R a ilw a y
B r o o k l y n R a p i d T r a n g 5 a . .1 9 4 5
1 st rotu n d e o n v g o ld 4 s . . . 2002
8 - y r 7 % s e c u r e d n o t e s . .2 )1 9 2 1
C e r t i f i c a t e s o f d e p o s i t _________
C e r t ific a t e s o f d e p o s it s tm p ’ d
B k C i t y 1 st c o n s 5 s . 1 9 1 6 -1 9 4 1
B k Q C o & 8 c o n g u g 58— 1941
B k l y n Cl C o A 8 1 s t 6 s _____1 9 4 1
B k ly n U n E l 1st g 4 - 5 s . . . 1950
S t a m p e d g u a r 4 - 5 s ______ 1 9 5 0
K in g s C o u n t y E 1 s t g 4 s . . 1 9 4 9
S t a m p e d g u a r 4 s ________1 9 4 9
N a s s a u E t e o g u a r g o l d 4 8 .1 9 5 1
C h i c a g o R y s 1 s t 5 s .................... 1 9 27
C o n n U y & L 1st A ret g 4 H s l9 5 1
S t a m p e d g u a r 4 1 4 s ________ 1 951
D e t U n ite d 1st e o n s g 4 H s — 1932
F t S m it h L t & T r 1 s t g 6 a . — 1 9 3 6
H u d A M a n h a t 5 s s e r A _____ 1 9 5 7
A d ju s t I n c o m e 5 s ________. 1 9 5 '
N Y A J e r s e y 1st 5 s ........... 1 9 3 2
I n te r b o r o -M e tr o p c o ll 4 H S -1 9 5 6
C e r t if i c a t e s o f d e p o s it . .
I n t e r b o r o R a p T r a n 1 st 5 s . .1 9 6 6
M a n h a t R v ( N V ) c o n s g 4 8 .1 9 9 0
S t a m p e d t a x - e x e m p t __ __ 1 9 9 0
_
M a n ila E le c R y & L t s f 5 s — 195?
M e tr o p o lita n S tr e e t R y —
B w a y A 7 th A v 1st c g 6 s . 194?
C o l A 9 th A v 1 st g u g 6 8 — 1993
L e x A v A 'P F 1 s t g u g 5 s . . 1 993
M e t W S E l ( O h io ) 1 s t g 4 s . . 1 9 3 ?
M l l w E le c R y A L t c o n s g 5 s 1 9 2 6
R e f u n d in g A e x t e n 4 H 8 — 1931
M o n t r e a l T r a m 1 s t A r e f 6 s . 1941
N e w O rl R y A L t gen 4 H S - 1 9 3 5
I f Y M u n lc lp R y 1 st s f 5 s A 1966
N Y R y s 1st R E A r e f 4 e — .1 9 4 2
C e r t if i c a t e s o f d e p o s i t ................
3 0 y e a r a d ' In c 5 s ------------ 0 1 9 4 2
C e r t if i c a t e s o f d e p o s i t -------------( f Y S ta te R y s 1st co n s 4 H 9 1962
P o r t la n d R y 1 s t A r e f 6 s --------1 9 3 0
F o r t l d R y L t A P 1 st r e f 6 8 .1 9 4 2
P o r t la n d G e n E le c 1 s t f is .1 9 3 5
S t J o s R y L H A P 1st g 5 8 — 1937
B t P a u l C it y C a b c o n s g 6 s . . 1937
T h ir d A v e 1 s t r e f 4 s ----------------- 1 9 6 0
A d J in c o m e 5 s _____________ < 1 9 6 0
j
T h ir d A v e R y 1 s t g 5 s .............. 1 9 3 "
T r l-C I t y R y A L t 1 st 8 f 5 e — 1923
U n d e r g r o f L o n d o n 4 H ? __. . 1 9 3 3
I n c o m e 6 s ____________________1 9 4 8
U n it e d R y s I n v 5 s P it t a i s s „ 1 9 2 6
U n i t e d R y s S t L 1 s t g 4 s _____ 1 9 3 4
S t L o u is T r a n s i t g u 5 s _____ 1 924
U n ite d R R s S a n F r s f 4 s — 1927
U n io n T r (N Y ) e tfs d e p . .
E a u l t T r ( N Y ) I n t e r e t fs
V a R y A P o w l e t A r e f 5 s . . . 1 934

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D
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O ln o ln G a s A E le c l s t A r e f 5a 1 956 A O
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C o lu m b i a O A E 1 s t 5 s ______ 1 927
J
C o l u m b u s G a s 1st g o l d 5 s . 1 9 3 ?
F
C o n s o l G a s o o n v d e b 6s . . . 1920
N
C o n s G a a E L A P o f B a l t 5 - y r 5 s '2 1
J
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E q O L N Y 1st c o o s g 5s . 1 9 3 2 in e
D
G a s A F le e B e r g C o c g 5 s . 194P
A
H a v a n a E ls e c o n s o l g 5 s _____ 1 9 5 2
N
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194°
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K a n e t t y ( M o ) G a s 1 st g 5s 1 9 2 2
K in g s ' ■ ' o E l L A P g S e -----------19 3 7
P u r c h a s e m o n e y 0 s ________199 7
C o n v e r t i b le d e b 6 * ________ 1 9 2 5
E d E l 111 B k n 1 s t e o n g 4 s . 1 9 3 9
L a o O a s L o f S t L R e f A e x t 5e '3 4
M il w a u k e e O a s L 1 s t 4 s ------- 1 9 2 7
N e w a r k C o n G a s g 6 s .............. 1 9 4 8
N Y O E L H A P g 5 s ........... 1 9 4 8
P u r c h a s e m o n e y g 4 s ........... 1 9 4 9
E d E le c 111 1 s t c o n s g 6 s . .1 9 9 5
N Y A Q E l I - t iP 1 s t c o n g 5 s 19.30
P a c l d c O A E l C o — C a l O A F,—
O o r p u n if y in g A r e f 5 s ------- 1 9 3 7
P a o t f io O A E g e n A r e f 6s . 1 9 4 2
P a n P o w A L t 1 st A r e f 2 0 - y r
A
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P o o p O a s A O 1st c o o s g 0 s 1 913 A O
R e f u n d in g g o l d 5 a ................. 1 9 4 7 M S
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1954 3
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1932 M
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R e f u n d i n g A e x t e n s io n 5 s 1 9 3 3 M N
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U 8 R e a lt y A I c o n v d e b g 5s 1924 J
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V a - C a r o C h e m 1 s t 1 5 -y r 5 s . 1 9 2 3 J
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W e s t E l e c t r i c 1 s t 5e D e c _____1 9 2 2 J

T e H g r a p h & T e le p h o n e
A m T e le p A T e l c o ll tr 4 s . . . 1 9 2 9
C o n v e r t i b l e 4 s ______________ 1 9 3 8
2 0 - y r c o n v e r t i b l e 4 H a _____1 9 3 3
3 0 - y r t e m p c o l l t r 6 s ........... 1 9 4 6
7 - y e a r c o n v e r t i b l e 6 s ...........1 9 2 6
C e n t D in t T e l 1 s t 3 0 - y r 5 s . . 1 9 4 3
C o m m e r c i a l C a b l e 1s t g 4 s .2 3 9 7
R e g i s t e r e d ........... L .
2397
C u m b T A T 1st A g e n 5 s . . . 1937
K e y s t o n e T e l e p h o n e 1s t 5 a . .1 9 3 5
M ic h S ta te T e te p h 1 st 5 s . . . 1924
N Y A N J T e le p h o n e 5s s . , 1 9 2 0
N Y T e le p 1st A g e n * f 4 H s 1939
3 0 - y r d e b e n s f t’,s . . . F e b 1 9 4 9
P a c i f i c T e l A T e l 1st 5 s
1937
S o u t h B e ll T e l A T 1st 9 t 5 s l l 9 4 1
W e s t U n io n c o ll t r c u r 5 e . . 1938
F u n d A r e a l e s t g 4 H s _____ 1 9 5 0
M u t U n T a l g u e x t 5 a _____1 941
N o rth w e s t T d gu 4 H e g — 1934

97

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97
101
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111
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9334
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B e t h S t e e l 1 s t e x t e 1 5 s ........... 1 9 2 6
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2 0 - y r p m A I m p s f 6 s ___ 1 9 3 6
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D e b e n t u r e 6 e . . ....................0 1 9 2 6
C a h a b a C M C o 1st g u 6s _ . 1922
C o l o F A l C o g e n a f 5 * _____ 1 9 4 3
C o l I n d u s 1 s t A c o l l 6 « g u _ .1 9 3 4
C o n s C o a l o f M d l s t A r e f 6 S .1 9 5 0
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I n d t a r a S te e l 1 s t 5 a ..................1 9 6 2
J e f f A C le a r C A I 2 d 6* . . . 1 9 2 6
L a c k a w a n n a S te e l 1st g 5 s . . 1923
l * t e o n * 6 a s c r ie s A ________ 1 9 5 0
M i d v a l e S t e e l A O e o n v s f 5 s l9 3 H
P le a e a m V& l C o a l 1 s t a f 5 * . . 1 9 2 8
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U 8 8 t e e l G o r p — J c o u p ____<11963
8 f 1 0 - 6 0 - y e a r 6s \ r e g _____ <11963
U t a h F u e l 1 s t a f 5 s __________ 1 931
V i c t o r F u e l 1 s t s f 5 s .................1 9 5 3
V a Iro n C o a l A C o k e 1st g 5s 1949

5612
19
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W e e i’ s
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BONDS
N . Y .'S T O C K E X C P A N G E
W e e k e n d in g O c t . 31

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N o v ’ 16
Oct. p Due Nov. q Due DecT

a Option sale-

BOSTON STOCK EXCHANGE— Stock Record „

1690

S H A R E P R IC E S — H O T P E R C E H T V M P R IC E S .
S a tu r d a y
O ct. 2 5

1231* 1 2 4 lg
66
67

88

88

80
35

80
36

M onday
O c t. 2 7

123
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130
138
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53
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6 E x -a to c k d iv id e n d ,

' To"

d E k ^ d lv ld c n d a n d r ig h t s .

S a les f o r
th e
W eek .
S h ares.

270
54 1
207
20
2 ,1 7 1
30
10
35
696

30
10
566

’*” 36
501
5
2
4 ,8 5 9
64

10 0
2 ,3 8 6
87
156
730
150
3 ,2 3 3
470
1 ,3 6 7
150
1 6 ,7 4 0
1 ,5 0 1
3 ,8 7 7
1 0 ,5 3 7
610
17 9
2 3 ,7 0 3
1 ,1 3 0
272
1 ,4 1 5
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1 ,0 5 6
54
2 ,1 2 9
56 1
42
365
446
225
' 135
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3
25
6 ,1 1 0
3 ,3 9 9
3 ,7 2 3
630
100
3 .8 3 1
241
1 2 ,9 8 3
431
488
650
39

BONDS

R a n g e S in ce J a n . 1 .

STOCKS
BOSTON STOCK
EXCHANGE

L o w e s t.
R a ilr o a d s
B o s t o n * A l b a n y ............. 100
3 o 3 t o n E l e v a t e d ! _______ 100
Do
p r e ____________________100
B o s t o n * L o w e l l _________10 J
B o s t o n A M a i n e _________100
Do
p r e f .............................100
B o s t o n & P r o v i d e n c e ___10 0
B o s to n S u b u rb a n E l e c . . s o par
Do
p r e f ________________n o p a r
B o s t A W o r e E le a p r e
no par
C h i c J u n e R y A U 3 Y _____1 0 0
Do
p r e f ________________ 103
C o n c o r d A M o n t c la s s 4 . . 100
1 m n e c t ic u t R i v e r ___________ 100
■ 'Itch b u rg p r e f ............................100
G e o r g ia R y A E l e c s t a m p d .1 0 0
Do
p r e f ________________1 0 0
M a in e C e n t r a l . __________ 100
N Y N H A I la r t lo r d .. -.1 0 0
N o r t h e r n N e w U a n p s h l r e .1 0 0
N o r w i c h A W o r c e s t e r p r e f . 10 0
Old C o l o n y ....................................10 0
R u t la n d p r e f _________________ 10 0
V e r m o n t A M a s s a c h u s e t t s 10 0
W e s t E n d S t r e e t ______________5 0
Do
p r e f ___________________ 5 0
M is c e lla n e o u s
A m e r P n e u m a tic S e r v ic e . - 2 5
Do
p r e f ________________ 5 0
A m e r T e l c p A T e l e g ------------ 10 0
A m o s k e a g M a n u f a c t u r i n g -------Do
p r e f ------------ -----------------------A n g lo -A m C o ra m i C o r p .n o par
A r t M e t a l C o n s t r u e I n c ___ 10
B lg h e a r t P r o d A R e r g --------10
C e n t u r y S t e e l o f A m e r I n c . 10
C u b a n P o r t la n d C e m e n t . . 10
E a s t B o s t o n L a n d --------------------10
E a s t e r n S S L in e s [ n o ______ 2 5
Do
p r e f ____________________100
E d is o n E le c t r i c I l i u m ........... 100
•l1 e r C o r p o r a t i o n ---------n o p a r
’,
F a ir b a n k s C o m p a n y ------------ 2 5
G o r t o n - P e w F is h e r ie s ______ 5 0
G r a y A D a v i s I n c ____________ 2 5
I n t e r n a t B u t t o n h o l e 8 M . . 10
[n t e r n a t P o r t la n d C e m e n t . 10
Do
p r e f _________ . . . -------- 5 0
I n t e r n a t P r o d u c t s --------- n o p a r
I s la n d OH A T r a n s C o r p . . 10
L i b b y , M c N e i l l A L i b b y . . . 10
L o e w ’ s T h e a t r e s ____________ 10
M c E I w a ln ( W H ) 1 s t p r e f . 1 0 0
M a s sa c h u s e tts G a s C o s . . .1 0 0
Do
p r e f ......... ................
100
M e r g e n t h a l e r L i n o t y p e ___ 100
M e x i c a n I n v e s t m e n t I n c . . 10
M u ll in s B o d y C o r p . . . n o p a r
N e w E n g la n d T e le p h o n e .-1 0 0
P a c if i c M i l l s ........................................
P a r is h A B in g h a m C o r p . n o p a r
P la n t ( T h u s G 1 p r e f .............. 10 0
R e e c e B u t t o n - H o l e ___________ 10
R o o t A V a n D e r v o o r t C la s s A
S t e w a r t M f g C o r p o r a t i o n -------S w lit A C o ......................
100
T o r r l n g t o n ......................
25
U n i o n C o p p e r L A M ----------2 5
U n ite d S h o e M a c h C o r p . . . 25
Do
p r e f _____________________ 2 5
V e n t u r a C o n s o l O il F i e l d s .
5
W a l d o r f S y s t e m I n c _______ 10
W a l t h a m W a t c h .......................100
W a lw o r th M a n u fa c tu r in g . 20
W a r r e n B r o s __________________
Do
1 s t p r e f ------------------------J 0 0
Do
2 d p r e f ------------------------ 1 0 0

H ig h est.

773
135
70
292
370
1 ,1 5 5
200
100
3 ,2 1 7
292
6 ,7 0 5
960
457
1 ,0 9 0
250
108
97
100

ft E x - r i g h t s .

L o w e s t.

145 A p r 3
80U A p r 5
Jpn28
97
95
Jan 3
38 *g J u ly 2 9
Jan27
50
168
Jan 6
6 0 c J u ly 3
J a n 14
11
F eb 7
30
Jan 4
135
9 0 J u n e lO
Jan 6
77
Apr 9
115
Jan 2
58
110 J u n e2 4
781* J u ly 2 9
Jan 6
83
40*4 J u iy 2 9
991g A u g 6
O ct2 9
115
Jan 3
105
M ay27
23
J a n l8
100
Apr 3
50
58 J u n e l3

Jan 2
Apr 8
A u g t4
F e b 15
Jan 9
Q a n tl 1
171g J a n 2 1
10 J u n e l f l

A u g l4
2
9U A u g l4
1 0 8 'g M a y 2 7
J u ly l2
145
M ar22
84
O ct 9
21*8 O c t 2 1
13’ g M a y l9

,

1 2 2 ig A p r
Jan
37
9U g D ec
Jan
80
Jan
19
Feb
27
Apr
150
D ec
50
10U M a r
J u ly
25
J u ly
138
821g A p r
N ov
73
F eb
104
Jan
53
Sept
106
70
O ct
77*2 J u n e
F eb
27
O ct
84
Jan
95
x 8 8 '2 J u n e
Jan
20
Aug
80
Feb
37
Jan
47

J u ly
40
S ept
4
90*4 A u g
60*2 J a n
Jan
76

55c
2 lg
97
79
7 8 lg
1 Q1a

10
M ar26
4 lg J a n 4
6
Jan22
39
A p r il
138
O ct2 4

23lgOct
521 g
28
537
3 tg

9

Jan21
A p r il
S e p t 11
A ug29
3.4 O c t 2 4
18
Jan 4
19
M ar20
6
Jnn 2
29*4 O c t 2 9
838 F e b 16
90
J a n l7
6 9 tg S e p t 8
62
Sept 8
130
F e b lO
491 2 S e p t 2 6
32<g S o p t 3 0
83
8 cp t2 6
145
F eb24
34
A ug21
93
Jan 6
14
Jan 3
85
J u ly 1
32<g J a n 2 3
115
Jan39
5 2 ig J a n l S
45c M ay 7
44
J a n l3
2 5 ig O c t2 8
7*4 J a n 2 1
16 M a y l 9
A ug26
28
M ar24
17
F e b 14
15
Jan 2
37
Jan23
38

» E x -d lv ld e n d .

11

F ob

H ig h est.

N ov
146
N ov
80
N ov
98
N ov
104
S ept
40
N ov
60
Au*
170
3 June
15 J u n e
3 OI4 n o t
Apr
14 7
8512 D e e
F eb
80
N ov
12 5
Jan
65
116*4 J a n
F eb
81
N ov
88
46 M a y
N ov
95
1 0 0 '8 N o v
1 1 2 lg D e o
Jan
25
O ct
90
J u ly
50
Apr
62

3*2
15*8
109*8
92
82
*19

M ar
M ar
O ct
N ov
Juns
D ee

I S '8
1 7 ijM » y
53 . M a y
13
M ar
58
M ar
186
N ov

llig N ov
18*4 M a y 6
4
Jan
6 7g J u n e l 9
6
N ov
20
O ct3 0
39
O ct
77
O ct3 0
172
Jan 2
134 J u n e
3 6 U O c t 21
64U N o r
2 7 ig J u n e
93
O c tlO
35
Aug
3 3 M .o y l7
27
Aug
52
M a y lO
3 1 * Aug
3 ig M a r
4 lg J u n e l 2
7 ig O c t
4 !g O c t
9<< M a y 6
23
N ov
12
Apr
30
O ct2 1
58<a O c t 2 2
" 6 H D e*
3>s A u g
9*8 F e b 2 0
35 O ct 20
7*4 J u n e * T o " M a y
11
J a n lS
93
N ov
99
M ar26i
88
S ept
91*4 N o v
86
J a n 91 177*4 J a n
71
N ov
62
June
71
J a n l3 i
N ov
107 J u n e 147
1 4 9 J u n e lS
72
J u ty l7 i
54
O s t2 0
*821* J u ly , f d o «2 -9 ® *
96
M a r l6
N ov
192
O c t3 1 1 130 “ F eb , 160
5 5U O ct> 4
A u g l fo'd * .Feb
99
M ar29
91
J a n 1 l 3 7j M a r
11
16 M a y l S
_____1
5 9 lg O c t 2 0
4 Ug N ov
O ct
59U 0 0124,
27
A u g , 146*4 A u g
1 5 0 M a y 5| 1 0 2
J a n 1 56
45
73
O o t3 ll
60c M ar
45e D eo,
2 ig J u n e 2
4 8 ig M a y
55
M ay 6
38*2 J u iy i
2 6 ig M a y
31
Jan25
24*4 A u g !
9
N ov
Jan!
?0 > 2 O j t 2 9 ;
5
21 >2 J u ly lO
43
O ct2 3
25
J u ly 24
N ov
17
F eb
83
J u ly l4
9
Apr
7 2 ig M a y 2
D eo
35
80
J u ly lO

2 lg J u ly 2 5
.5 0
A pr22
91
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6 2 ig M a r 2 2
U 4 J u ly 3 0
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52
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3 3 ig M a y 1
18
J u l y 30
lO-Tt F e b 2 8
1 0 ig M a y l2
7
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9 0 c M a y l4
20o Jan39
J u ly l7
350
M a r 14 4 8 0
1 2 U M a y 5 1 2 8 lg O c t 6
12
M ar21!
20
J u ly 2 8
39
M ar 5
62
J u ly 2 8 l
3*4 M a y 11
2
M a r l lj
4*4 F e b 13
141* O ct. 2 0 :
8
F ob28
21
Aug 9
1*8 M a y 9
6*4 J u ly 26|
4
M ay 1
9 ig J u ly 2 S
7*i M a y 2 1 !
2 0 c I*'eb29
50c M ar 8
2
July26|
42
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55*4 J u ly 2 8
8 3 ig J u ly 3 0 ,
78
A p r l2
24
J a n 21
41
J u ly 2 9
312 O c t l 6
0<8 M a y 9
99c M ar 4
2*8 J u ly 3 1
7*s J u ly 2 8
3
Jan25
2
A p r l6
5<2 J u ly 2 8
45g O c t 3 1
2*8 A p r 2 3
10
J u ly 28
4
F eb 7
2
J a n l3
1 3 U J < in e 3
10
J u ly iO
2 ig F e b 2 4
83
J u ly 2 8
4 9 i2 F e b 7
1
M ar 8
6 ig J u ly 2 8
14*4 M a r 5
2 9 U J u l y 31
6 '2 M a y 2
12*g J u ly 3 1
,100
' 8 7s F e b l l
28
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,100
57*4 M a r 1
86
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Do
pref
. 5
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8*4 J a n l 5
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9
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73
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52
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. 25
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75
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par
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261* J u ly 2 9
. 10
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40c
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5
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.
5
74o A p r 1
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U t a h - A p e x M i n i n g ..................
3= sJ u n e 2
.
1
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U ta h C o n s o lid a t e d ..
12*4 J u ly 2 9
1
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5
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50c
Jan 9
. 25
3
J u ly 2 8
. 25
15
M ar 5
31
Ju ly .3 1
. 2 5 1 4 0 c M a r l3
l% M a y 2 7

« A s s e s s m e n t p a id ,

R a n g e f o r PrevU nm
Y ear 1918.

121
S ep t2 2
631* S e p t 2 0
O ct2 4
86
O c tl5
73
Jan30
28
49
O c t 10
S ep t2 2
13 0
50c A pr28
4*s 8 e p t 2 3
18 J u n e l 3
O ct 1
132
F e b l3
84
A p r30
61
S ept 6
100
49
O H 27
99*8 M a r l 5
M a r l5
70
63
O ct 3
2 5 7s F e b l 3
M a y lO
88
M a r ll
95
86
O et2 7
161* O c t 8
O ct,3 0
82
381* S e p t 2 4
S e ct2 4
47

M in in g
5 0 A d v e n tu r e C o n s o lid a t e d — 25
A h m c e k ___________________ —
25
5 A lg o m a h M i n i n g --------------------- - 5
1 5 5 A l l o u e z _________________
25
2 ,1 0 1 A r i z o n a C o m m e r c i a l -----------5
1 7 0 B in g h a m M i n e s --------------------- 10
2 5 0 B u i t e - B a l i k l a v a C o p p e r . . 10
42
1
1 ,3 2 5
2 6 5 C e n t e n n i a l -----------------------------8 3 3 C o p p e r R a n g e C o . - - - ------20
115
10
9 ,1 4 0 D a v l s - D a l y C o p p e r .
10
1 ,3 8 5 E a s t B u t t e C o p p e r !
2 2 5 F r a n k l i n --------------------25
18 6
25
25
2 ,8 5 0
25
50
1
5 1 5 Isla n d C r e e k C o a l . . .
.
1
28
Do
p r e f . . ___________
25
205
5
455
25
400
25
85
25
35
. 5
1 ,2 6 5
. 25
120
25
2 ,0 5 5
. 25
840
. 25
180
25
375
5
470
13 5
. 5
10 6
926
955
302

[V ol . 109

w H a lf-p a id .

1.• u n e
J
D eo
69
15o J u ly
40 1 2 D e o
Jan
11
9
N ov.
O ct1
20o
D eo
425
I
10*4 J u n o
40
D eo;
1*2 A p r !
4*4 D e o ,
8 ig M a r
3 June
4*4 D e o
15c M ar
40
J u ly
4 4 7s D e o
791* O c t
19*2 J a n
5
Jan
8 0c S ept
3*4 D e o
2
Jan
2*4 D e o
3*4 S e p t
65c M ar
40c Juno
50>2 D e e
1U A u g

9*4 D e o
12
Aug
6 3 ig D e c
8 %
Jan
10*2 D o c
25o F ob
ig J u n e
32
D eo
4 6 'g J u n o
59
D oc
33
D eo
7
Jan
2*4 D e c
12 S e p t
10c D ec
4
Feb
1*4 A u g
2 t2 S e p t
73c D ec
H i M ay
7
D ec
1
D ec
Its D e c
lg N o v
18
D ec
40o M ay

1 S4 J a n

X412 F a b
51*2 N o v
3 S ept
07„ M a r
12
N ov
6
F eb
1 0 's J a '»
30c Sept
1
Jan
70 M a y
84
F eb
29
J u ly
O '* o c t
1*4 M a y
8*4 M a y
3 i4 M a r
6
Feo
7
Jan
•4l2 N o v
4*4 O c t
fl6 i2 M a y
2 tg J u l y
171* M a r
20
Jan
80
Jan
9 7s A p r
173, M a y
95c M ar
1*8 U e c
45*2 J a n
65
Ja»
78 M a y
67
Jan
15*4 I ) e 0
5*4 J a n
2
Jan
20c
Jan
«7g N o v
4*4 S e p t
41* F e b
1 % AUg
4>s N o v
12
Jan
3
Apr
3
Jan
2
Jan
36
Jan
1 V . M ar

N ov. 1 1919.]

THE CHRONICLE

1691

Outside Stock Exchanges
S t o c k s ( C o n c lu d e d )

Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange Oct. 25 to Oct. 31, both inclusive:
F rid a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .

B on d s.
U S L ib L o a n 3 3 4 8 .1 9 3 2 - 4 7
1st L ib L o a n 4 s . - 1 9 3 2 - 4 7
2.1 L ib L o a n 4 s .1 9 2 7 - 4 2
1 s t L ib L o a n 4 K s . ’ 3 2 -4 7
2 1 L i b L o a n 4 J 4 s . . ’ 2 7 -4 2
3 d L ib L o a n 4 3 4 s . . . 1 9 2 8
4 t h L ib L o a n 4 34 8 . ’ 3 3 -3 8
V i c t o r y 4 3 4 s _____1 9 2 2 -2 3
A m A g r ic C h e m 5 s . .1 9 2 8
A m T e l & T e l c o n v 6 3 .1 9 2 5
A t c h T o p A S F e 4 s . . . 1995
A t i G & W I SS L 5 s . . 1959
C a r s o n H il l G > 11 7 s ____
C h ic J u n e A U S Y 5 s . 1940
G t N o r -C B A Q 4 s . .1 9 2 1
K C M e m & B ir 5 s . . 1 9 3 4
M a s s G a s 4 ) 4 s _________ 1 9 2 9
M is s R iv e r P o w e r 5 s . .1 9 5 1
N E T e le p h o n e 5 s . .1 9 3 2
P u n t a A le g r e S u g a r 6 s 1921
S w if t & C o 1 st 5 s . . . 1 9 1 4
U S S m e lt R A M c o n v 6 s . .
V e o t u r a O il c o n v 7 s .
W e s t T e l A T e l 5 s ...................

—

______
—
- - _
______
973 4
----- -- _
- -83
______

9534
7134
—
78
- - -

-

9334
- -

—

1 0 0 .4 4
9 4 .8 4
9 3 .0 4
9 4 .8 4
9 3 .0 4
9 5 .0 4
9 3 .0 4
9 9 .3 4
97
10 9 3 4
7934
83
101
8 5 34
9534
7134
90
78
87
125
93
107
1 9 7 )4
88

S ales
fo r
W eek .
S h a res.

1 0 0 .6 i .52 3 ,3 5 0
9 4 .9 4
1 3 ,3 0 9
9 3 .4 4
1 5 ,7 5 0
9 5 .3 6
1 4 ,5 0 0
9 3 .7 0 6 0 ,9 5 9
9 5 .4 0 3 8 ,3 0 0
9 3 .7 0 1 0 1 ,4 0 0
9 9 .6 6 3 6 ,5 5 0
3 ,0 0 0
973 4
2 ,0 0 0
10134
1 ,0 0 0
7954
84
5 4 ,0 0 0
101
5 ,0 0 0
1 ,0 0 0
8534
1 1 ,0 0 0
953 4
1 ,0 0 0
7 1 )4
90
2 ,0 0 0
78
5 ,0 0 0
87
9 ,0 0 9
125
1 ,9 0 0
9 ,0 0 0
9 3 34
107
1 .0 9 0
1 .7 0 0
19 7 3 4
8 ,0 0 0
8834

R ange s in ce
L ow .

L in -l 3 a y L i g h t . . . . . . .1 0
9 )4
P r e fe r r e 1 _ .
10
M i d d l e W e s t U t i l c o m . 100
P r e f e r r e d . _________ . l o t
M it c h e ll M o t o r C o . . . ( * )
N a t i o n a l L e a t h e r _______ 2C
21
P u b S e r v o f N 111 p r e f . . 10C
90
Q u a k e r O a t s C o ___ _
_ .1 0 C
245
P r e f e r r e d . ____________ 100 - - R e o M o t o r ______ _
_ . .( * )
34
R e p u b l i c T r u c k . ______ (* )
65
R 'j o t
V an.
5 7 )4
S e i r s - R j c o u c k c o m m o n lO d 2 1 7
P r e f e r r e d ___ _____
109 118
S h a w W W c o m m o n ___ 100
235
S t e w a r t M f g . . ........... .. _ ( * )
5334
S t e w a r t - W a r n e r S p c o m 100 15834
_
100
S w i f t A C o ______ _
137
R i g h t s ____
S w ift I n t e r n a t io n a l.
25
62
I h om p son c o m m o n .
25
423 4
T c m t >r C A F ” " A
(* ) —
U n io n C a r b id e A C a r TTb. ? n .C o -------------------(n o p a r )
81*4
U n i t e ! P a p e r B d c o m . 100
W ahl C o .
r*)
3 7 )4
W ard . M m tg A C o p ref ..
112.
\Y ils o n A C o c o m m o n . _ ( * )
P r e fe r r e 1. . . . .
100
W iig le y J r c o m m o n .
8434
B onds—
A r m o u r A C o d e b 6 s . . 1 923
9734
C h i c C i t y A C o n R y s 5 s 192 7
C h i c R y s 4 s s e r ie s “ B "
O o m t m n w - E d i s o n 5 s . 1943
M e t r \Y S id e E l 1st 4 s . 19 )8
50
N o r t h w e s t e r n E le v 5 3 .1 9 4 1
P e o G L A C ref g 5 s . . 1947
_ C n i c G L A C 1 s t 5 s 1 937
S w ift A C o 1 s t g 5 s .
1944
W ils o n A C o 1st 6 s .
1941
- ...

Jan. 1

H ig h .

9 8 .0 4 F e b
9 1 .6 1 J a n
9 2 .0 4 J a n
9 3 .2 4 J a n
9 2 .6 4 A u g
9 4 .4 0 M a r
9 2 .8 4 A u g
9 9 .3 4 A u g
96
Aug
993 4
O ct
763 4 A u g
79
Fob
101
O ct
O ct
8434
9 434 A u g
70
S ept
8934 A p r
73
O ct
87
O ct
87
M ay
O ct
9234
99
F eb
94
Jan
87
Sept

1 0 0 .6 4

O ct

9 6 .5 8 S e p t

1 0 3 34
8334
84
101
9 4 34
9534
75
94
80
9 3 34
125
9834
10 7 3 4
19734
91

M ar
Jan
M ay
O ct
Jan
J u ly
J u ly
M ar
M ay
Feb
O ct
June
O ct
O ct
M ir

Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Oct. 25 to Oct. 31, both in­
clusive, compiled from official sales lists:
F r id a y
L a st
I l'c c U s R a n ge
S a le .
o f P r ic e s .
■ P r ic e . L o w .
H ig h

S tock s—
A m c r R o llin g M ill c o m

B a r n s d a ll C o r p . .
C a rb o -H y d ro g e n C o (
P r e f e r r e d _________ .

5134
1 133
1 _______
..............
» 238
) ...........
......
473 4
4
>
434

____

934

_

4

934
L o n e S t a r G a s ______
M f r s ’ L ig h t A H e a t .

170
______
734
10
. . .
29
52^
423 4
10

P r e fe r r e d . . . .
O h io F u e l O i l ____
O h io F u e l S u p p l y . .

14
P it t s b u r g h C o a l c o m .
P l t t s b - J e r o m e C o p p e r _____1
P itts b & M t S h a sta C o p . i

32c
58c
1334
0

S an T o y M in in g . . . . . . . . 1
S t a n d S a n it a r y M f g p f . 1 0 0
U n i o n N a t u r a l G a s ____ 100
U S G l a s s ................... _ . 1 0 0
U S S t e e l C o r p c o m ____ 100
P r e f e r r e J . ..................... joo
W e s t 'h o u s e A i r B r a k e . . 5 0
W e s t 'h o u s e E l e c & M f g . . .
B on ds—
I n d e p B r e w in g 6 s . . . . 1 9 5 5
P i t t s b B r e w in g 6 s
1949
P i t t s b C o a l d e b 6 s ____ 1931

3734
....
100
62 14
- - w
116
58

75
98

513 4
130
9834
103 34
169
100
130
47
334
434
9 )4
6 4 34
4
934
110
170
5 734
734
9 34
17
2634
5 2 34
4134
934
0
14
623 4
94
30c
57c
1334
14434
6
3734
8c

52
133
99
103 34
243
10034
130
49
4
4 34
10 34
6134
434
11
11234
175
5934
8
10
20
29
54
43
10
6
15
6 234
94
48c
59c
1434
14534
6 34
3 8 34
8c

100

100

12834
5434
108
11534
11334
553 4

129
6 234
108
11534
118
5834

60
75
98

60
75
98

S ales
fo r
W eek .
S h a res

R ange sin ce J a n . 1.
L ow .

200
945
85
1C
9 ,8 6 3
395
1
3 ,0 5 5
1 ,7 5 5
2 ,1 0 5
1 ,5 3 5
20
301
74
510
30
1 ,6 7 0
1 5 ,0 2 7
3 ,8 5 3
2 ,8 5 0
917
1 ,4 1 5
1 ,7 6 0
890
250
340
70
20
8 5 ,4 4 0
4 ,2 0 0
1 ,7 0 5
65
6 ,5 5 5
400
4 ,3 0 0
10
30
790
50
25
740
1 ,1 0 1

$ 6 ,0 0 0
2 8 ,0 0 0
3 ,0 0 0

16
4 2 34
283 4
834
2
7
45
8534
8c
21c
8
116
54
9
6c
100
122
30
8 8 )4
114
93
40J 4

Apr
Jan
Jan
M ar
J u li
M ay
M ay
June
Aug
Aug
S ept
F eb
Jan
Jan
F e l)
Jan
Jan
Aug
Jan
Jan
Jan
F eb
Jan
M ar
Jan
Jan
Feb
F et)
Jan
Jan
Jan
Jan
Feb
M ay
F eb
O ct
Jan
Feb
F eb
M ar
Jan
Jan

36
52
9554

Jan
Jan
Jan

4434
79
7 7 34
98
53
75
125
32
214
334
6
393 4
1 )4
534
9434
170
4S 34
634
5

10

H ig h .
64 54
157
10334
105
213
120
130
503 4
4 34
434
1 3 )4
6734
7
16
12334
300
60
834
1 1 )4
24
31
543 4
45
1 3 )4
1034
20
73
98
67c
70c

c a g o

S to ck s-

o l o c k

O ct
O ct
334
M ay
J u ly
M ay
O ct
O ct

P ar.

L a st
S a le.
P r ic e .

A m e r ic a n R a d i a t o r ____ 100
310
P r e f e r r e d ............................100
A m e r ic a n S h i p b u i l d i n g . 100 126
P r e f e r r e d ___ . . .. ............. 100
A r m o u r A C o p r e f . . . . _ 103 H
B ooth
F is h e r ie s c o m m o n
n e w . . . . . . . ...................... (* )
17
P r e f e r r e d ............................100
B r is c o e c o m m o n . _____
6 034
P r e f e r r e d . . __________
89
B u n t e c o m m o n _________
1 1 )4
B u t l e r B r o s . ___________
250
C a s o (J I ) ........... .............. ..
25
1 st p r e f e r r e d ______ _
_
97
2d p r e f e r r e d ........
983 4
C h ic C it y & C R y p t sh co m
P r e fe r r e d
.................
(» )
C h i c a g o K ie v R y p r e fe r r e I
5
C h i c P n e u m a t ic T o o l . . 100 11334
C h ic R y s p a rt c t f " 2 " . .
6
C h i c a g o T i t l e & T r u s t . . 100
C o i n m o n w c a l t h - E d l s o n 100 10734
C o n t M o to rs c o m m o n . . .
1334
C u d a h y P a c k C o c o m .1 0 0
11134
D e c k e r ( A ) & C o ____ . . ( * )
P r e f o r r e d ________. . . . . . .
"9 3 “
D e e r e A C o p r e fe r r e d . . 1 0 0
D i a m o n d M a t c h _______ 100
121
E d A J o n e s ____________ . . .
38
G r e a t L akC 3 D A D . . . . .
92
H a r t m a n C o r p o r a t i o n . . 100
8534
H a r t . S c h a f f A M a r x c o m 100
100
P r e f e r r e d ........... ................100 113
H o ll a n d - A m o r l c a n S u g a r . .
1834
H u p p M o t o r ...... ............ ....... ..
1334
I lli n o is B r i c k ___________ . 1 0 0
79
L i b b y ( W I ) . . ____________ I
31




W e e k 's R a n ge
o f P r ic e s .
L ow .
H ig h
305
120
126
86
102

310
120
128
86
103 34

S a les
fo r
W eek .
S h a res.

275
8534
100
8534
9 S 34

Apr
Apr
Feb
Apr
Aug

17
550
1834
77
78
40
56
4 ,4 3 0
6 0 34
89
89
10
12
235
1134
250
250
20
24
3 ,3 5 0
2 634
97
97
660
9834
236
985 4
34
40
34
10
10
25
5
5
70
99
1 1 3 )4
2 ,8 1 5
6
634
444
200
200
13
107
10754
535
14
1334
3 7 ,7 2 5
110
111 54
285
45
45
400
98
98
695
100
101
110
12034 12134
1 ,2 9 2
38
38
150
92
92
50
85
8 5 34
95
96
100
1 ,1 0 0
1 1234 113
95
17
19
830 .
1334
6 ,8 4 0
1434
79
79
3301
30
32
12,3801

1634
77
55
88
934
250
20
97
9834
34
634
5
6034
5
178
107
834
10034
3834
98
78
101
38
82
5434
68
10834
1214
1034
56
1934

S ept
O ct
O ct
O ct
June
O ct
O ct
O ct
O ct
Jan
M ar
M ay
F eb
Apr
Feb
Aug
Apr
F eb
O ct
O ct
Apr
June
O ct
O ct
Feb
Feb
Jan
Aug
S ept
F eb
Jan

P r e fe r r e J

J u ly
M ay

103
82
1034
434
30

.
...5 0
. .5 0
. .1 0 0

1134

P r e fe r r e d v t r _____.1 0 0
70
84
403 4

,*
}
P r e fe r r e 1
ra y l a n d O il
B on ds—

O ct

65
7534 J u ly
9 7 34 M a y

_______ 50
s ..............5

"l4 ”
22
37
434
8 934

*

J

H ig h .

45
50
145
115
5 ,5 7 0

P r e fe r r e d .

M ay
J u ly

R a n ge sin ce J a n . 1.
L ow .

4 .0 5
H 34

P r e f e r r e d .. . . .

M ay
J u ly

ib x c n a n g e .

325
J u ly
121
Aug
138
O ct
92
M ay
105 3 4 A u g
25
8334
6034
89
15
254
2734
9734
9834
2
18 34
17 34
11334
1034
212
118
14
123
4834
9834
105
122
4034
96
97
100
113
2134
17
8034
3 6 34

J u ly
June
O ct
O ct
J u ly
O ct
O ct
O ct
O ct
Aug
Aug
Aug
O ct
Aug
June
J u ly
O ct
M ay
O ct
O ct
J u ly
O ct
O ct
O ct
J u ly
O ct
O tc
O ct
Aug
Sept
O ct

s in ce

Jan.

L ow .

1.

H ig h .

9 )4
8
24
49
33
1 6 )4
8 834
240
98
2834
44
5 6 )4
16334
118
11234
45
84
1 1 5 '4
534
4134
34
49

O ct
Jum
Feb
M ar
Apr
S ept
O ct
S ept
O ct
M ay
S ept
O ct
Feb
S ept
M ay
Apr
Jan
Jan
J u ly
Jan
Aug
O ct

17
1034
40
65
5534
25
105
300
105
35 3 4
65
5734
225
122
250
59
1 6 3 >4
14934
2 2 34
6534
4 3 34
5034

Aug
Apr
M ay
M ay
J u ly
Aug
M ay
J u ly
M ay
O ct
O ct
O ct
O ct
Apr
O ct
O ct
O ct
M ay
O ct
O ct
O ct
O ct

Jan
Jan
S ent
J u ly
Sept
Feb
S ept

8 5 )4
2 9 34
40
11234
104
101
89

J u ly
J u ly
O ct
June
J u ly
J u ly
O ct

80*4 83
27
27
34
38
10S
112
85
85
99
9 9 )4
84
86

1 3 ,3 5 0
25
3 ,9 3 5
330
15
45
1 ,1 0 5

56
1 7 )4
19 34
105
8 1 )4
95
7434

1 0 2 )4 1 0 3 )4
9734 9734
50
59
4 0 3 4 403 4
9 0 3 4 903 4
50
50
66
66
6 7 34 6 7 34
86
86
9 3 >4 9 3 34
99
99

$ 3 ,0 0 0
5 ,0 0 0
1 .0 0 0
4 ,0 0 0
1 0 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0

O ct
10234
9734
O ct
41
Apr
June
38
Aug
90
50
66
O ct
6734
78
9 2 >4
96
M ar

F t id a y
L ast
W eek ’ s R ange
S a le.
o f P , ic es.
P r ic e
Low .
H ig h

S tock s—-

68

11
•2 ,3 1 0
225
834
25
25
240
5 4 34
4 9 34
315
5 9 ,3 5 0
2134
30
90
250
130
99*4
670
2 ,2 2 0
3434
3 ,7 4 0
65
850
5734
218
410
118
30
239
920
2 ,5 9 5
5334
5 ,3 0 0
161
13734 2 5 ,1 0 0
1 1 ,7 1 9
2 1 )4
62
1 5 ,5 0 0
965
4234
600
503 4

R ange

O ct
1033 4
O ct
9 7 )4
Aug
55
Jan
60
Jan
9 4 )4
5 6 34
O ct
66
Jan
8 7 )4
O ct
86
Jan
9834
1 0 2 34 J u lv

Baltimore Stock Exchange.—Record of transactions at

Sept

150
O ct
634
403 4
13c
M av
101
135
M ay
63
O ct
11434
116

934
834
25
53
48
1934
8834
245
98
33
5134
5 6J4
21 134
118
235
5 334
15734
134
1734
60
4134
49

S a les
fo r
W eek .
S h a res

(* ) N o p a r v a lu e .

J u ly
J u ly
O ct
Aug

—Record of transactions al
Chicago Stock Exchange Oct. 25 to Oct. 31, both inclusive
compiled from official sales lists:
y m

Par

F rid a y
L a st
W e e k ’ s R ange
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h

5 % n otes
7 % n o t e s . . .................... . .
C o n s o l C o a l r e fu n d 5 s . 195 0
C o n v e r t i b l e 6 s ............ 1923
S e rie s B 63 ________ .1 9 3 2
E lk h o r n C o a l C o r p 6 s . 1925
G - B - S B r e w in g in c 4 s . 1951
L a k e R o l a n d E l g u 5 s . 194 2
M S t A S t P C J o in t 5 s . 1 928
N o r f R y A L t 5 s _______1 949
P en n sy W A P 5 s . .
1940
U n ite d R y A E 4 s .
1949
I n c o m e 4 s ______ _ . ________
_ .1 9 4 9
F u n d in g 5 s _______ .1 9 3 6
do
s m a ll _______1 9 3 6

1 0134

85

85
3834
334
88
2 134
160
3 .8 0
10 34
10
103
803 4
1034
4H
30
35
40
1
9334
1134
57
4034
93J4
6934
8334
39
94
14
2034
37
4

85
3 8 34
4
8 8 34
2134
160
4 .1 5
1 2 34
1 2 )4
10434
82
11!
4-34
3034
35
40
1
9335
12
57
403 4
9 334
7034
85
41
91
15
22
37
434

8934
S 934
94
94
91
91
7234
723 4
98
98
83
83
97
9734
1 0 0 )4 1 0 0 )4
..
8534
9834 9834
1 0 1 3 4 1 0334
9 7 3 4 983 4
3
334
98
98
8354 8334
84
85
8 8 34 8 8 3 4
69
6954
49
4934
69
69
68
6834

S a les
fo r
W eek .
S h a res
40
6.)
1 ,6 5 0
40
51
6
1 8 ,9 5 5
9 ,8 4 4
2 0 ,7 0 4
874
315
3 ,0 7 6
1 ,6 9 6
448
5
90
50
10
2 ,6 7 9
111
9
5
60
169
143
100
360
470
65
210
S I ,000
2 ,0 0 0
1 ,0 0 0
5 ,0 0 0
1 ,0 0 0
7 .0 0 0
1 2 ,0 0 0
3 ,0 0 0
1 ,0 0 0
3 .0 0 0
2 2 .0 0 0
1 4 .0 0 0
2 5 .0 0 0
5 .0 0 0
1 .0 0 0
8 .0 0 0
2 ,0 0 0
1 3 .0 0 0
1 1 .0 0 0
2 ,0 0 0
500

R a n ge s in ce J a n . 1.
H ig h .
69
F eb
Jan
3434
2
Jan
Feb
7134
6
Apr
160
Apr
1 .0 0 M a r
9
O ct
10
O ct
103
O ct
Apr
783 4
634 F e b
4
Jan
Aug
30
27
M ar
39
June
34 J u n e
7234
Jan
5J4 J u n e
5454 M a r
16
Jan
71
Feb
69
Sept
7734
Jan
O ct
3734
94
O ct
14
O ct
20
O ct
Feb
3534
Feb
334
81
93
91
7 2 34
9734
82
9534
100 3 4
85
9834
8534
9734
134
9S
8 3 34
84
8834
6334
4S
6634
6 6 >4

Feb
Aug
O ct
O ct
O ct
Aug
Jan
____
June
Aug
O ct
Jan
O ct
M ay
O ct
O ct
O ct
O ct
Aug
Ap
Aug
Aug

96
Aug
49
J u ly
434 J u ly
93
June
2134
O ct
160
Apr
4 .9 0 J u lv
12 34
O ct
12 34 O c t
11 1 3 4 M a y
92
June
1234 M a y
5
M ay
4034 F e b
43
J u ly
50
J u ly
134 M a y
101
M ay
12 34 O c t
7234 M a y
5134 A u g
100
Aug
80
Feb
8834 M a y
48
M ay
95
S ept
2034
Jan
2934 J u n e
38
Apr
434 A u g
9034
9834
9334
7 9 34
10034
8534
9934
1 0 l? 4
92
10 0 3 4
10 5 3 4
9934
334
10034
9 3 34
9234
91
763 4
5534
78
76

S ept
F eb
F eb
Jan
M ar
Jan
June
J u ly
Jan
J u ly
S ept
June
M ay
Jan
Jan
Feb
June
Jan
M ar
M ar
M ar

at, Philadelphia Stock Exchange,e .—Reeord of transactions
Philadelphia Stock E x c h ^ Oct. 25 to Oct. 31, both
inclusive, compiled from official sales lists:
S tock s-

P ar.

F r id a y
L ast
S a le.
P r ic e . L o w .

A ll ia n c e I n s u r a n c e ______ 10
23
A m e r ic a n G a s . . . . .1 0 0
45
A m e r ic a n R a il w a y s p r e f 100
A m e r ic a n S t o r e s _____n o p a r
•*034
1s t p r e f e r r e d ______ ________
B a l lw in L o c o i n p r e f . . . 1 0 0
C a m b r ia I r o n . . ___ _
_ .5 0
'3 9
C h e stn u t H i l l ______________5 0
E a s t P e n n s y l v a n i a ______ 50
E le c S torage B a t t e r y . .1 0 0
145
G e n eral A s p h a lt ___ _
_ .1 0 0
161
P r e fe r r e d ___ ____________100 2 4 0
G ia n t P o r t C e m e n t p f ._ 5 0
I n s u r a n c e C o o f N A . . 10 ” 3234'
K e y s t o n e T e l e p h o n e . .5 9
P r e fe r r e d ________________ 50
L a k e Superior C o r p . _ i o o
23J4
L e h ig h N a v i g a t i o n ........... 5 0
x >5
L e h ig h V a l l e y . . . .
55
4634
M in e h i ll A S H ________. . 5 0
N o rth e rn C e n tr a l____ " . s o
N o r t h P e n n s y lv a n ia . . 50
P e a n s v l S a lt M f g ........... . . 5 0
81
P e n n s v l v a n i a ______ . . . 50 3-4234

23
45
65
40
91
1043
39
58
50
1423
132
200
20
.3 2
12
46
22
65

R ange
rices .
H ig h .
23
4934
65

430
160
5
2 ,6 2 3

91
1 0 4 )4
39
58
50
14S
161
241

100

20
34

1234
46
24
4 7 )4

51
70
80
81

S a les
fo r
W eek .
S h a res.

70
80
81

4334

5
3S
14
25
9 ,0 5 1
2 ,6 2 3
1 ,7 1 0
108
315
735
25
2 0 ,1 7 1
1,5 5 j
570
61
50
30
40
3 ,5 6 1

R a n ge s in ce J a n . 1.
Low .
19
Jan
45
O ct
6234 M a y
Apr
2034
88
Aug
Jan
10034
O ct
3834
58
O ct
50
O ct
5 1 )4
Jan
39
Jan
76
Jan
20
O ct
2 5 )4
Jan
8
M ar
46
O ct
17
Jan
65
O ct
O et
4634
50
Jan
6934 S ep t
79
Apr
80
J u ly
4 2 34 A u g

H ig h .
2 3 34
74
6934
42
96
10934
4134
58
50
153
161
241

20
34
18J4
59
2534
73
6 9 )4
5734
75
SO
84 34
4 8 )4

M ay
June
Jan
O ct
J u ly
June
Feb
O ct
O ct
O ct
O ct
O ct
O ct
Jupe
J u ly
J u ly
J u ly
Jan
June
S ept
Jan
F eb
F eb
M av

TH E

1693
Sales
Friday \
for
Last Week's Range
Week.
of Prices.
Sale.
High. Shares.
S t o c k s ( Concluded) Par. Price. Low.
P h ila d elp h ia C o ( P i t t s ) .50
P ref (cu m u la tiv e 6 % ) .5 0
P h ila E lectric o f P a _____ 25
P b ila G er & N o rr is . . .5 0
P h ila R a p T ra n v t r . . 5 (
P h ila d elp h ia T r a c tio n .5 0
R e a d i n g ................. ....
..5 0
T o n o -B « lm o n t D e v e i . . . . 1
T o u o p a h M in in g _______.1
U n ion T r a c t i o n ____ __ .5 0
U n ited C o s o f N J . . .1 0 0
U n ited G a s I m p t . . . .5 0
U S Steel C orp ora tion . . 100
W a rw ick Iron ft S te e l___10
W est J ersey A Sea Shore .5 0
W estm orela n d C o a l_____ 50
W m C ra m p A S o n s . . .1 0 0
Y o r k Railw ay’d p ' e f _____ 50

34 M
254
2 8 )4
63

son
3
197 ,4
5714
1094
404
74

—
V a U b L oa n 3d 414s . 1928
L ib L oa n 4 th 4 4 s . .1 9 3 8
V ic to r y n otes 4 % a '2 2 -'2 3
A lleg h en y V a il gen 4a. 1942
A n rr
& El 5a ara 2007
B a ld w in L o c o m 1st cm 1940
E le c & P eop le* tr ct fs 4a ' !,>
d«
s m a l l. . . ___1945
L eh ig h V a lley co il 60.1928
G en C one-jf 4 H * --2 0 0 3
L eh ig h Val C o a l 1st 5s 1933
laid d o b
.
1937
M id r a le Steel
O rd 5 sl9 3 6
N a t l P roperties 4-6s . 1946
P en nn R R gea 4 H a . .1 906

A

1004
67
1014
81
ICO
8614
35

P W Jr B etfs 4 s ____ 1921
P h fla E leetrie 1st 5 s . . I960
do
s m a l l.- .
-1966
R ea d in g gen 4* ............ 1997
U n ite d R y g g o ld tr c t ft s ’ 49
U n ite d R y a In v e st 5 » .1926
W d s b a e h C o 5 s ____ .1 9 3 0

93 4
82 4

70

Range since Jan. 1.
H it 1.

Low.

Jan
4 2 4 J u ly
37 H A p r
Jan
Jan
2 6 4 M ay
Apr
Jan 123
29 l Juno
A
A pr
Jan
71
O ct
Aug
9 3 H Juno
Jan 3 1 5 -lG M a y
4
M ay
Sept
41
M ay
Jan
f)c t
F eb 1 9 7 4
Jan
O ct
74 4
Feb 1 1 5 4 Ju ly
A pr
9
Jail
Jan
O ct
46
75
Jan
A pr
O ct
Feb 220
M ay
3 2 4 M ay

35
344
25
119
274
63
794
2 15-16
24
38
1964
53
106 4
814
404
73
210
314

35
35
25 4
119
234
65
824
3 1-16
3
384
1974
5714
1104
814
40 4
74
215
314

10
294
5,585
15
1.920
571
130
1,188
1,100
538
166
17.447
2,740
100
5
86
125
30

30
314
214
117
23
03
76
24
24
37
185
53
884
84
40 4
72 4
75
30

95.24
9 3 .34
9 9 .5 8
844
844
1004
664
OS
1014
81
994
72 4
804
35
85
934
97>4
100
93 4
94 4
124
99 4
91
51
76
974

9 5 .24
93.66
99.58
844
84 4
1004
67
68
10114
81
100
724
86*4
35
85
94
974
100
944
94 4
844
994
91
54
76
974

*1 .0 0 0
7 ,(XX)
4,000
1,000
500
3,000
6 .(XX)
300
12,000
2,000
3.000
35,000
3,000
1,0(X)
2,000
2.000
5.000
3,000
38,000
200
3 .000
2.00C
5,000
2,800
79,000
1,000

9 4 .3 0 Sept
9 2 .9 0 Sept
9 9 .3 0 S ept
Oct
84 4
83
June
Apr
100
65
M ar
or,
M ar
O ct
1014
Sept
80
99 4 July
Oct
724
804
O ct
Apr
30
8 2 4 Sept
90 4 A ug
95
Feb
100
Sept
93
Sept
93 4 M a y
8 0 4 A ug
99 4
O ci
91
54
Oct
Jan
62 4
95
Jan

96.38 Jan
9 5 .7 0 M a y
lO O .O iJuno
8 6 4 Ju ly
88 4
Jan
101
July
71
Jan
75
Jan
1<>2.4 J*n
93
Feb
1 0 0 4 M ar
( let
72 4
O ct
864
40
M ay
894
Jau
96
Jan
97 4 J u ly
1024
96
Ju ly
Jan
97 4
Jan
864
102
Aug
914
57
Jua
78 4 J u ly
9 8 4 Jun e

New Y o r k “ C u r b ” M a r k e t . —Below wo j?ive a record of
the transactions in the outstde security market from Oet. 25
to Oct. 31, both inclusive. It covers the week ending Friday
afternoon.

Sle
as
F a
rid y
a
Lst W 's Rne W .
a eekrices.g for
W en in Ot. 81.
eek d g c
eek
Sle. ofP
a
Stocks—
P r P Lw H h S a
a rice. o . ig . h res.

9,400
24
14
Acme C oal.r____________ 1
6,400
10 4
04
Aetna Explosives.r(no par)
67
67*
Preferred.r__________ 10C
500
56
55
Air Redaction r___(no par)
61
65 H 35,300
Allied Packers.r ______ (t)
4,500
154
164
Antals Tire S to re s.r.-.(t)
5,300
74
64
Amer Oil Engineering.r. 10
45,000
13
17 4
Amer Safety R a z o r .r ...25
1 74
7 5 4 78 4 27,400
A T Securities Corp w t.(t)
764
2,300
1 3 4 15 4
Amor Writ Paper, com. loo
154
5,200
31
29
Austin Nichols & Co Inc (t)
2,250
49
45
49
Beaver Board Cos com .r(t)
5,300
60
5 6 4 60
BrlscoeMotorCorp,comr(t)
94
94
94
Brlt-Am Them Corp----- 10
1,800
264 264
rit-Am Tob ordinary..£1
4,506
27
2 6 4 27
Ordln: ry bearer............£1
3,400
28
35
Bucyrus C o .r --------------- 100
Carib Syndicate— See"O th er Oil Stocks” belo w.
3
4 4 13,200
44
Car Ltg & Power, r ......... 25
23
26
Case (J I) PlowWks com(t)
300
97
96
First preferred.r . . .10(
9 8 4 98 4
Second preferred.r .101
1 0 4 1 24 204,500
114
■Cent Teresa Sag com .r. 10
4,500
94
84
CSmlmers Motor Corp.r (t)
76 4 76 4
Cities Service pref. . ...10C
74
7 4 29,500
74
Preference B w i --------- 1C
4 7 4 4 8 4 15,800
484
Cities err Bankers shs (t)
3 9 4 43 4 39,500
424
Ooca-ColaCo r t o r(no par)
19
6,50!)
214
Colonial Tire A R u b .r— (t)
33
2,300
32
-Cwas>l Textile C orp.r.(t)
13 4 17,300
12 4
134
Dafoe-Must lee Co In c .-(t)
15
15
Dalatour Beverage.r ..1 0
800
48
60
Durham Hosiery oomB.r.50
Preferred ,r_________ .100
aoo
84
4
Bwarson Phonograph .
63
6 6 4 38,200
Farrell (Wtn) A 3on,In«(t)
664
too
72
72
FWhar Body OWo C o. ..( t )
700
87
874
Preferred, r . _________ 100
48,400
162
129
General Asphalt com.r 100 1594
3,200
240
Preferred, r__________ 100 240
900
3 8 4 40
Oxlahaux Sue eom.r .(t)
700
9 3 4 07
First preferred.r____100
9,750
4
Qrape Ola common..
1 4 14,400
Preferred_______ . . .1
14
900
7
7
7
Hail Switch Signal.r. 100!
1,300
204
Preferred.r .............. ..1 0 0
204
2,506
4
4
34
HavanaTobacco com. r. 100
3,350
13
18
17
Pref erred, r__________ 100
57
6 1 4 17,900
Hendee M fgeom .r____ 100
584
8,700
94
84
84
Heyden Chemical r(no par)
15,500
1 3 4 14
1 34
Hupp Motor Car Corp. 10
900
17
16
16
Impor Tob of G B A I . . £ l
25
2 7 4 10,300
254
Indian. Packing Corp r (t)
9,000
19
Intercontinental Uubb.100
1,400
56
554
Internat Products.r___(t)
9,000
3
3
34
Kay County G as.r______ 1
34
400
32
Kirby Lumber e o m .r .. 100
54
54
5,4
Knickerbocker M o t.r . 100
3
5,300
34
34
Lake Torp Boat eom.r ..10
32
1,700
30
Libby, McNeill & L ib.r . 10
92
92
500
Lima Locom e o m .r .. .100
344
3 3 4 3 5 4 78,400
Loew's Incorp____(no par)
30
Loft Incorporated r(no par)
304
33 4 38,900
700
7 8 4 79
Madl onTlreftRub.com (t)
Malbohm M oto-s.r___ 10
1 2 4 14 4 14,10C
134
54
51
20C
Maillns on (H R) &Cocom(t)
3,400
98
974 984
Preferred.r. _________ 100
7-16 7-16
1,0()C
74
7 4 71.50C
63
1,40C
Maxw-Chalmers.r.new stk
41
38
2 2 ,10C
Mercer M o to is.r..(n o pa,)
394
8.40C
84
94
3,70C
1 74 1 94
1,701
_ _____
N a t i o n a l L e a t h e r . r ___
60
70(
56
50
N Y Shipbuilding..(no par)
5
3,30(
44
Nor Am Pulp
Paper . (t)
44
26,10(
41
3 9 4 42
32
5,20(
31
31M
Overland Tire . ..
36
...........
5,901
28
P a c k a r d M o t Car
1,300
03
9 7 4 98 4
1,625
2 94 304
294
47
44
2,151
P a t c h o g u e -P ly in
46

10

10
0

2,200

8

1,100
20
0

10
0

8

20

..6

0
0
101

101 101
8

1,200
100

20
0

1

A

1
20

1

22

1,200

3

6
8

20

A




21

Rnesin J n
a g ce a .
Lw
o.
Hh
ig
Oct
Jan
Mar
June
Oct
Oct
Oct
Oct
Oct
Jau
Sept
Ocl
Oct
Sept
Aug
July
1 2 4 Mar

14
64
59
51
59
154
7
164
744
24
28
45
53
74
204

20
2

23
96
984
104
44
76
74
35
384
134
314

11

14
33
98

2

54
60
87
39
334
25
93
4
l
44
15
H
24
48

1

6

44
134
244
104
304
24
18
54
14

10

27 4
32
17
45
124
51
974
4
4
57
374
64
134
17 4
25
24
34
144
28
97
25
374

[V

C H R O N IC L E

34
12 4
70
65
674
17
74
204
80
18
38
51
60
114
274
28
35

Apr
Oct
Oct

Aug
Oct
Oct

Feb
54
Oct
26
Oct
97
Oct
934
Oct
12 4
Mar
154
Oct
80 4
Oct
74
Feb
504
45
SeP*
June
45
Oct
35
Sept
144
Oct
25
60
Aug
Sept
Feb
94
June
Oet
Ocl
874
Oct
Jan
Jan 240
Oet
Oet
Sept
July
Sopt •98
I
Oct
Aug
Oct
Oct
14
Mar
1 0 4 July
July
24
May
Jan
6 4 July
July
29
Fob
Oct
Oct
62
May
104
Jan
14 4
25
Oct
Oct
50 4
May
35
Jan
5S Vi
July
Oct
34
33
Jan
Oct
10 4
3
Jan
35
Jan
Sept
93
Feb
Oct
384
Oct
314
Oct
80
Aug
Oct
16
Oct
Oct
54
Ocl
Oct
9 8 4 Oct
Sept
Sopt
Jan
74
Sept
684
Oot
43
Fob
124
May
Jan
24
Aug
Sopt
25
July
78
Jan
Jan
7 4 Apr
July
46
Aug
Oct
32
Am
Or
Oo
30
Oc
994
Aug
34 4
Oc
47

101
664
120
162
10

%

1

o l

. 109.

Sle
as
F a
rid y
a g ce a .
Lst W 's Rne fa
a eek a g r Rne sin J n 1.
rices. S a
Sle ofP
a.
Hh
ig .
o.
o . ig .
Stocks (Cn d ) P r. P
o clu ed a rice. Lw H h h res. Lw
8,500
4 Feb
14 Apr
Perfection Tire AR ubb.r. 1
4
4
Aug
97
94
Sept
900
90
Phillips-Jone3 Corppf rl03
9 4 4 96
Apr
4,500

714
4 4 May
Poulsea Wireless.r___ 10C
54
44
54
O ct
Sept 104
03
400 100
Procter & Gamble new pf 100 _ _ _ _ 103
Aug
20 June
12
15
15
5C
15
Pyrene Mfg . . ................1C
Oct
39
34
Oct
34
39
37
Reis (Robert) & Co (nopar)
Oot
Oct
97
95 4
292
90
First proferrei______ 100
9 5 4 97
Oct
02
Oct
50
9,600
55
62
56
Roplogle Steel.r_(no par)
July
11
5 4 Aug
64
7 4 29,500
Republic Rubber r (no par:
74
12 Sept
. C
10 4 114
9 4 Sept
RockawayUolltng Mills r(t)
Oct
00
37
Aug
56
3.90C
59
574
Root
Van Dervoort r 106
Shell Transp
Trad— See ’Other Oil Stocks” below.
Oct
11
9
Oct
9
18,000
Snow’s Fount Hold Corp 1C
Oct
5 6 4 July 105
97
95
206
Spicer Mfg com ........... 10C
97
July
11
6 4 May
85C
84
84
Standard Motor Const, r 1( ______
Oot
01
51 4 Sc pi
60
60
106
Standard Parts, cora.r. 10C
Oct
Oct '79
79
, C 51
78
Stearns M otors___________
oct
43
39
Oct
39
42
3,400
404
Stewart-Warner Speed w 1 t
20 H July
10
Feb
61,506
17 4
18 4
Submarine Boat v t c ..( t )
1 6 4 July
0 4 July
13
5,100
Sweets Co of America r 10
0514 Mar
1,506
4 0 4 Jan
60
62
Swift International . r _ 15 _____
5114 Oct
49
Oet
50
.HK
514
Tetr.tor Coro Gr pf A_(t) _ _____
4014 July
25
June
33
35
1,506
334
Tobacco Products Exp (*)
Oct
Fet 175
158
175
2,325 102
Todd Shipyards C orp ..(t) 172
July
0 0 4 Febl
82
83
1,500
Union Carbide ft Carb r (t)
July
Oct
5,600
United Eyeglass Shops .r .5 ____ Oct
33 4
Jan
65
1,300
United M otors.r. .(no par)
28
Oct
Sept
8,306
224
24 4
Uutd PlctureProd Corp . r (t )
3 4 July
7-10 Jan
24
24
3 4 18,600
United Profit Sharing.-25e
3014 Aug
1914 Aug
22 4 2 3 4 26,606
224
On Retail St's C andy.r.(ft
Oct
59
Oct
55
35,800
5 5 4 59
58 4
U
Distributing com— 50
Oct
28
Oct
27 4
27 Vi 28
2,850
28
U S High Speed Steel ft Tool
Jan
414 Oct
1
3
_____
34
U S Lt lit Corp, eom.r 16
Mar
2
8 4 Oct
7 4 66.50C
64
74
U Steamship__________ 10
6015 Oct
57
60
24,906
3714 A u g
574
Vanadium Steel of Am r(t)
S ept
83
Oct
27
37,606
2 9 4 32
31
V Vlvadou, Ino.r_.(no par)
Oet
4214 May 90
78
75
800
75
Warren Bros.r_______ 100
If July
344 May
1,606'
5
54
Wayne Coal--------------------Rights
Oct
Oct 355
355
17 310
Carib Syndicate. ------ . . _____ 310
Oct
25
Oot
10
25
3,206
12 4
Oct
82
Oct
70
82
19.60C
70
80
Texas Co.................... . . . .
Former Standard Oil
Subsidiaries
Oct
30 4
1 6 4 Jan
1,500
2 8 4 29
Anglo-American O ll.r. £1 . ___
May
Jan 197
185
30 104
184
Illinois Pipe Line.r . 106
July
Jan 319
303
170 258
297
Standard Oil (Calif) .r . 106 300
July
Apr 798
129 008
720
714
Standard Oil of N J.r-.IOO 714
Oct
Jan 440
417
05 310
412
Standard OH of N Y.rlOi ___May
Jan 535
315
531
531
Standard Oil (Ohio).r. 106
May
Jan 490
448
35 395
446
Vacuum O ll.r................100
Other Oil Stocks.
Oct
12
Aui
10
7,85C
1 0 4 1 14
414 Apr
Jan
4
50C
14
Alton O l l . r . ________ . .1 _ _____
9 H Oct
414 Apr
8.25C
9
94
Alliance Oil
R ef.r......... 5
114 Sept
4 July
1 3-lt 93.00C
14
Allied O l l . r . . ............... _ . l
754 Sept
Oct
6,901
4=
5
5,4
54
Alto Gasoline
O ll.r____
214 Apr
Aug
1
H 18,006
14
14
Amalgamated R oyalty.r.l
69c
Oct
Oct
60c
60c
69c
24,200
69c
Anna Bell.......................... ..
214 Sept
6,456
H Oct
4
4
Arittx u l l .r ....................... 1 _____
Sept
Sept
73
77
82
3.16C
78
A il Lobos Oil eom .r_ (t)
_
414 July
Jar.
24
206
-- 44
44
_
Atlantic Petroleum .r_
3 -If 12,006
H Auv 5-10 Jan
4
Barnett Oil G aa.r_____ 1
4
214 Oct
Oct
2
24
2 4 20,906
Bell Petroleum.r_________
24
10 >4 May
Mar
3
12,406
74
84
414 Aug
O
C
4
4
4
606
Boston-Mex Petrol______ 1 . - 83o Sept
Jai
18o
71c
75c
64.50C
750
Boston-Wyoming O ll.r_1
3214 J u ly
Oct
24
27
27
250
Brazos Oil Corp r (no par)
214 Oct
1 Sept
____
7.606
Burknett Van Cleav Oil
24
114 M a y
4 Aui
4
4
Can-Amer O ft G .r _____ 1 _____
52
Oct
Oct
28
52
40
105,606
51
Carib Syndicate new w 1..
Oct
Oct 1900
3500
4900
17,906
Carib Syndicate o ld .. ..26 - - - - 4200
23
Oct
1114 May
10C
Central Oil Develop.r .1C .........
Oet
Oct 950
950
45 800
- - - 800
Colombian Emerald. ___
63
June
37
Mar
49
4,601
4 4 4 51
Commonwealth Petrol.r(t)
12 14 Sept
Jan
1 0 4 1 14 14,606
1 04
Cosden * Co. eom .r____f
514 Oct
314 Sept
5
17,0061
Cushing Petr Corp corta.r
Oct
38
34
Oct
38
34
51,000
364
Dominion Oil ....................
July
11
414 Oct
54
54
10,806
Ertel O ll.r..... .....................f
1-16 Aug
Sept
5 -lf 10,900
5-lt
4
Esmeralda Oil G as.r___I
Apr
4
3
2
Jan
3
24
9,106
Federal Oil C orp.r______
814 Apr
4
3 4 Mar
8,206
34
34
Glenrook Oil Corp. r ----- 5(
3014 O c t
18
Aug
27
2 9 4 23,700
284
Guffey-Glllesplo O ll.r. (t.
50o June
c Sc pi
c
250
9,800
Gulfport Oil
R e f.r ...1 9 i
2 3 1 4 J u ly
Mar
17
10
15
1,450
Hercules Petrol Class A r i l - - - 4014 May
Fet
10
18
7,600
i
104
Home Oil &Refg _ r ____U
Oct
42c
~ *
30c
Aug
41c
360
37,100
3-Sc
Home Petrol of Denver. lfX
Oct
Jan 107
75
153
145
4,600
150
514 Apr
Feb
S5e
15-ie
4
1 4 16,700
Oct
Oet 150
150
146
350 146
Imperial Oil.......................... 147
5 4 June
1214 Oct
3,400
1 14 1 1 4
Indlahotna Ref C o .r -----Oct
41
1614 Jan
41
37
33
. 8,900
Internat Petrol.r--------- £
4914 Oct
3014 Aug
46
45 4 40 4 36,050
i Mar
614 Jan
74
7 4 28,400
Island Oil
Transp.r..lC
214 May
14 Sept
K
1,800
Lance Creek R oyalties.r.l
1
Aug
l
4 Aug
414 July
1*4 June
2
3*
2
33,200
Livingston Oll Corp.r—
9)4 Oct
814 Oet
Mar?ay Oil Corp. r . (no par)
May
35
2514 2,300 20
Aug
Merritt OH C w p .f-------- 10
1 5-10 Mar
14
24
2 4 21,900
.25
24
Metropolitan Petroleum.25
Oct
29
24
8,700
25
104
Mexlean-Panuco Oil------ 10
May
Jan 190
165
178
2,505 124
Midwest Refining.r------.50 170
50
114 May
8,600
/» Oet
4
4
Mldwest-Texas O ll.r------ 1
514 Apr
Mar
4
4 4 34.700
24
Morton Pet of M e .r — --1
7
Apr
__
24 Aug
64
800
National O ll.r............
*"
9 U Aug
25,100
04
0)4
54
North American Oll.r
614 Oct
Oct
5
54
54
Northern Texas Oll.r . . 5
214 May
0.500
4
4
Ohlo-Ranger.r------------------1
15
Oet
9,900
54
9 4 13
Omar Oil
Gas new............
1014 Oot
1 4 Apr
94
7 4 10 4 13,000
Orlont Oil & G as.r............1
May
4 Sept
4
r i
Osage Nation Oil Synd.r. 1
30
Oet
Oct
26
30
2,800
(t)
Panhandle Prod
R ef.(t)
1714 Apr
4,306’
x ii
1 1 4 Feb
* 1 3 4 15
Pen no k Oil r----------------- 1
81
Oct
Allg
12,300
58
70
77)4
80 4
Phillips Petrol eom.r . .((t)
t)
914 Juue
Aug
7
5,100
84
84
Producers
Itef.r--------10
214 May
3-10 Oct
3-16 4 23,300
_
4
Ranger O ll.r------------------- 1
2414 Juno
Mar
9
401)
.. 5
Rickard Texas C o .r -------5
714 May
2 4 Apr
64
54
6 4 68,500
Ryan Petroleum.r---------- 1
23
Oct
23
500
2 1 4 Oct
2 1 4 23
S ilt Crock Cons’d ................
65
July
55
Mu
38
534
51
7,700
.25
Salt Crk producera.r . . . 2 6
914 May
Jan
7
7
7,200
74
Sapulpa Refining.r............
14 May
9-16 10,250
9-16
7-16 A u g
4
eauoyah Oil
Ref--------1
84
Oct
Aug
80
06
814
83 4 26,600
Shell Trnnsp T r a d .r ..£2
45 4 Oct
Aug
414
28 4
>ar'
4 1 4 4 5 4 40,600
Simms Petroleum r(no par)
Oet
10
14
1,300
9 4 June
>ar)
Sincliir Central.r.(no par)
Oct
1114 Oct
13
12 4
1 2 4 134 49,400
Skclly Oil C o .r .................10
Oct
9
__
Apr
7
24
Soutliern Oil
Trans.r. 10
Oct
1H
8,900
1 4 Oct
14
14
14
South States Cons Corp r 1
Oct
21
19
194
10,800
134
Spencer Petrol C orp------ 10
*214 May
4
2 4 51,700
Stanton O ll.r........... ........ -i
1414 Sept
14
144
2,780
14 4
13 4
Star-Tex Pet.r
20 54 Oct
Oct
)
>ar)
194 204
19 4
Superior Oil Corp (no par)
144 June
Jan
9-16
9-16 9-16
llo
i
3,100
Texana OH
R ef.r—
'
08
Oet
Oct
67
6 1 4 08
17,400
Texas Company new. . .25
114 May
3-10 Sept
4
4
Texas Nat Petrol.r............1
Oet
Oct 195
179
195
1S3
7,400 174
Tex Pac Coal & Oil w 1...10
0
June
Oct
14
14
14
7,500
4
Texas-Ranger Prod & R ..1
i n May
4
4
300
4
Texas Steer O ll.r------------ 1
014 Aug
44
44
4 4 12,500
34
Tex-Ken OH C orp.r. . . ..5
114 Oot
June
14
14
1 4 54,400
4
Texon OH & Land.r--------1
Aug
14
14
5,600
14
Trinity OH C orp.r----------1

2,20
0

A

60
0

11

A

10

6
8

12

2 10

204

12

2

A

8

8

80
,0 0

A

8
8
8
684

6
11

7 8
M
64
8
20

H

4

6

4
H

6

10

10

11

A
&

2

8
1

6

1

8
8

l
>

A

8

2

..6

1,106

21

21

O
H

.6

A

6

94

7H
H

A

H 0%

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A

8

A
A
A

A

1

.10
4
..1
-.1
.10
..6
1 1
12
1
H
*
1
.10
1
8
..1

10
0

2
0

0
6

20

1

0
1

2,20
0

1

V
,

11.000

8
8

24
>

6

4

8

6
-.1
.£2
.10
.10
1
.10
..1
10

1

20

2 8 20
0
6

A

A

4

t

10

2
2

-.1 ___
.10
..1
-.1
-.1 __ -.1

2

10
8
20

6
,200

10
,000
2,100

no

1

in A g
u

O th e r O il S to c k s

(Go.eluded)

Put.

T r o p i c a l O i l . r ...................... 2 5
U n i t e 1 T e x P o t r .il.r . _ . . 1
V a l v e r d c O il P r o p . r ___ ( f )
V i c t o r i a O i l . r ......................... 10
V u lO ftn O i l . r ________________ 5
W e s t S ta tes O A L a n d .r
W h e l a n O i l . r ......................
W h i t e E a g l e O il A H e ( r . t
W h i t e OH C o r p .r _ _ ( n o par)
W o o x l b u r n O il C o r p . r . w l ( t )
W y o m i n g C o n s O i l . r _____1
M in in g S t o c k s —
P ar.
A la s k n -h r lt C o l M e » a l n ..l
A m e r H o n d M i n C o r p . r .1
- A m e r i c a M i n e s . r ___________ 1
.A m e r T i n & T u n g s t e n . r
A r i z o n a S i l v e r . r ................. . 1
A t l a n t a M i n e s ........... ..
'B e l o h e r - D l v l d e . r ..............1 0 c
B e lc h e r E x t e n s i o n . r . . . 1 0 c
B ig L e d g e C o p p e r C o ____ 5
" B o o t h . r _____________________ 1
B o s t o n St M o n t a n a D e v . . 5
■ C a le d o n ia M i n i n g ...........
■C anada C o p p e r O o . L td
O n d a l a i l a S liv e r r .
- C a r r ie S ilv e r , . r __________ 10c
■ C a sh B o y . . . . . _______1
G o n s o l A r iz S m e l t _______ _ 5
" C o n s o l V ir g in ia S i l v e r . r . . 5
■ O e s s o n C o o G o l d M St M . l
D i v i d e E K t e n s t o n . r _______ 1
S I S a l v a d o r S ilv e r M i n ___ 1
" E u r e k a C r o e s u s M i n r ____1
E u r e k a H o l l y . r . .............
F o r t y - n i n e M i n i n g . r ........... 1
< J a d S l e n . r .........................
.5 '
■ G o ld e n G a t e K x p t o r 'n . r . 5
G o l d f i e l d C o n s o l 'd _______ 10
G o l d f i e l d D e v e l . r . . . . 10c
G o l d f i e t d F l o r e n c e , r ______ 1
G o l d f i e l d M e r g e r . r ________l
G o l d Z o n e D i v i d e . r ______ l
G i n n d P a c i f i c C o p p e ; _____1
G r e a t B e n d . r _______________ 1
H a sb rou ek D iv id e .r .
H e c l a M i n i n g ____________ 2 5 c
'.I m p e r ia l C o n s o lid a t e d . r
J im
B u t l e r . r _______________ 1
J u m b o E x t e n s i o n _________ 1
K e r r L a k e . . . _______ . . . . 5
K e w a n u s . r . . . ______________ 1
K n o x D l v l d e . r _________ 1 0 c
'L a R o s e M in e s , L t d .
L o u is ia n a C o n s ’ d __________ 1
:M a c N a m a r a C r e s c e n t . r . . 1
M a o N a t m r a 'M t u l n g . r . . l
" M a g m a C l i i c f . r ____________ 1
’M a r s h M i n i n g _____________ 1
M a s o n V a l l e y ................ . . . . 5
M c K i n l e y - D a r r a g h - S a v __ 1
M o t h e r L o d e n e w . r ______ 1
N a t io n a l T in C o r p . r — 5 0 c
N e v a d a O p t ilr M i n . r . . 1 0 c
N l p l s s ln g M i n e s ---------------- 5
G n o n d a g o M in e s C o r p . r . 1
O p h i r S ilv e r M i n o s . r _____1
R e x C o n s o lid a t e d M i n ___ 1
R o p e r G r o u p M C o ........... 1
■St C r o i x C o n s M i n o s . r — 1
- S e n e c a C o p p C > r p .( n o p a r )
S e v e n M e t a ls M l n . r ______ 1
S ilv e r D o ll a r M r __________1
• S ilv e r K in g o f A r iz o n a ___ 1
S ilv e r K in g D i v i d e r ____ 1
S i l v e r P ic k C o n s ’ d . r --------- 1
S o u t h A m G o l d St F l a i r 10
S t a n d a r d S liv e r - L e a d .
S u c c e s s M i n i n g .................... 1
" T o g g e r y D l v l d e . r ............ 1 0 c
’T o n o p a h B e l m o n t D c v . r . l
T o n o p a h D l v l d e . r _______ 1
T o n o p a h E x t e n s i o n _______ 1
’T o n o p a h M i n i n g ............... __1
U n i t e d E a s t e r n ..................... l
U 8 C o n tin e n ta l M in e s .r 1
U n i t y G o l d M i n e s ................ 5
V i c t o r y D l v l d e . r . ..................1
W a s h in g t o n G o ld Q u a r t s . 1
W est E n d C o n s o lid a t e d ..5
W h i t e C a p s E x t e n s i o n . lO e
W h i t e C a p s M i n i n g ___ 1 0 c
W i l b e r t M i n i n g ____________ 1
W i ls o n S ilv e r M i n e s . r ___ 1
Y a n k e e J o h n _______________ 1
B on ds—
A llie d P a c k c o n v d e b 0s ’ 29
A m e r T e l & T e l Gs ( n e w ) ’ 2 2
6 % n o t e s . r ___________ 1 9 2 4
A m o r T o b s e r ia l 7 s . . 1 9 2 2
A n a c o n d a C o p M i n Gs r ’ 2 9
B e t h S t e e l s e r ia l 7 s . r . 192 2
S e r ia l 7 s . r .......................1 9 2 3
G a n a d a ( D o r a o f ) 5 K s . r ’ 21
5 K s r ........... .................. 192!)
C C C f t S t L o u is G S ..1 9 2 9
G o p e n h a g o n (C it y ) S K s ’ 44
F r c h G o v 5 s ( p e r 1 ,0 0 0 f r . )
G B & I (U n K in g d o m o f ) —
C o n v g S H s . r ----------1 9 2 9
C o n v g 5 K s . r ........... 192 2
I n t o r b o r o R T 7 s ---------- 1921
L a c le d e G a s L t c o l l 7 8 .1 9 2 9
R e y n o l d s (I t J ) T o b 0 s . 192 2
R u s sia n G o v t G H s .r - .1 9 1 9
5 K s . r — ......................... 1 9 2 1
S w e d i s h G o v t G sJ ’ n e 15 ’ 3 9
S w l t s e r l ’ d . G o v t o f . 5 K s ”29

TH E
F r id a y
L a st
W e e k 's R a n y e
S a le .
o f P r ic e s .
P r ic e . L o w .
H ig h .
18

1
8K
IK

10 K
IK

1
27
38 X

10
38c

1 7 -1 6 I K
IK
IK
1 1-16 1 H
H
K
K
X
3o
4c
36e
50c
37c
52c
X
K
7c
8c
78c
80c
37c
41c
1 9 -1 6 I K
1
15-1»>
1
18
17
18
7e
7c
8c
1 1 -1 6 1 1-16
4
4K
5K
2
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10,000
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20,000
5 ,6 0 0
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1,200
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2,000
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10,200
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8 ,000
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8,000
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11,100
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11,000
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300
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21,200
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sin ce

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18
22
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11,000
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1 1 1 -1 6

27c
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S ales
fo r
W eek .
S h a res.

J u ly
June
June
IK Sept
Oc
8
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Aug
20 X
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35c
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15
50c

6

31e

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M ay
M ay
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Sept
Aug
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Jan
S ept
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5c
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1
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1
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35c
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Aug
50c
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2 H e Aug
lie
June
4 1 -1 6 J a n
O ct
5 -1 6
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23c
9c
Sept
O ct
3K
2 H e J u ly
June
15c
Apr
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1 -1 6
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22c
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2
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Jan
45c
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3 -1 6
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1 3 -3 2 F e b
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8 K Sept
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Jan
60
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Jan
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Jan
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1

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X
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X

C H R O N IC L E

Jan.

1.

H ig h .
O ct
25H
1 1 -1 6 O c t
10 K S e p t
0
Apr
13 X
Aug
10H M a y
O ct
IK
28 K
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40 X
10 H A u g
40o
Sept

2
June
I K June
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0 H c M ar
84c
J u ly
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Apr
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0 .9
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1 9 I f Jan
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6c
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IK
1
Aug
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Apr
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Jan
42o
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4
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Aug
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99c
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Apr
35c
Apr
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S ept

8
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98 X

103K
101K
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97K
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86 K

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41K

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96 X
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68
99
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37
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93

O et
O ct
O ct

Jan
F eb

Jan
Jan
J u ly
Aug
Aug
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Oct
O ct
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J u ly
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Sept
O c.
O ct

94
99 X
100K
104
100
102 X
102K
100
93 X
98
93 K
109 X

Sept
O ct
M av
M ay
M ay
M ay
M ay
Sept
O ct
Aug
Aug
O ct

90 X
98 X
92 X

O ct
O ct
Feb
M ar
Aug
Feb
Feb
June
J u lv

101
100

72
65
100K
96 t<

• O d d lo ts ,
t N o p ar v a lu e ,
i L is te d a s a p r o s p e c t .
< L is t e d o n t h e S t o c k
E x c h a n g e t h is w e e k , w h e r e a d d i t i o n a l t r a n s a c t io n s w ill b e f o u n d .
0 N ew stoek .
* U n lis te d ,
w W h e n Issu ed ,
z E x -d iv id e n d ,
y E x -r ig h ts ,
z E x -s t o c k d iv id e n d .
I D o l l a r s p e r 1 ,0 0 0 li r e . f l a t .
^ C o rre ctio n .

CURRENT

NOTICES

— ITarry K. Towlo lias resigned as Vico-Presidont and Secretary o f Arneriean Water works & Electric C o., effective Nov. 1 1919, to become a
member of the nrm Oi v f. G. Souders & Co. o f Chicago and New York.
— Messrs. Redmond & Co. are offering for investment an attractive list
of municipal, railroad and miscellaneous bonds. For further particulars
*ee this firm’s page advertisement on page opposite Clearing House returns.
— Wellington E. Bull announces that ho has opened an office at 120
Broadway, Equitable Building, this city, for the purpose of transacting a
general business in investment securities.
— Estabrook & C o., 24 Broad St., New York, announce the change of
their telephone numbers to Rector 6512-G513-6S11-6515-6516-6517-6518<5519.
— The New York Trust Co. has been appointed registrar o f the Common
■stock of the McRoynolds Oil & Refining Co.




1693

Columbia Trust Co. lias been appointed transfer agent o f the Common
and Preferred stock of Robert Reis & Co.
^ — Liberty National Bank has been appointed registrar o f Archbald
Consolidated Coal Co. capital stock.
N ew

Y o r k C ity B a n k s a n d T r u s t C o m p a n ie s .
For statements usually given here see page 1675.

N e w Y o r k C ity R e a lt y a n d S u r e ty C o m p a n ie s .
__________ For statements usually given here see page 1675.
Q u o ta t io n s fo r S u n d r y S e c u r itie s
_______ All bond price* are “ and interest" except where marked " t "
Standard Oil Stocks Per Share
Par Bid
A n g l o - A m e r i c a n O i l n e w . £1
A t l a n t i c R e t ln t n g __________1 0 0
R i g h t s ___ _____________________
I Y e t . n e w ____________________
B o r n e - Scr y m s e r C o ___ I . i o n
B u c k e y e P ip e L in e C o ___ 5 0
*9 3
C h e a e b r .n iK b M f g n e w ___ 100! 3 0 3
C o n t in e n t a l O H ......................i p o ) 5 7 5
C r e s c e n t P i p e L in e C o ___ 6(.j *34
C u m b e r la n d P i p e L i n e . . . lfH'j 165
E u r e k a P ip e L in e■ C o ______ lOtJ 155
G a le n a -S ig n a l D ll' c o m ____ l e d
95
P r e fe r r e d o l d ________
....................._ 00 _108
1
P r e fe r r e d n e w ________ j 105
t il ln .‘is P ip e L in e __________ioo| 182
I n d i a n a P i p e L in e C o _____ 60) *96
I n t e r n a t io n a l P e t r o le u m
£ i *37:
N a t i o n a l T r a n s it C o . _ 1 2 .6 o ! *3 5
N e w Y o r k T r a n s it C 0 . . . I O O
178
N o r t h e r n P i p e L in e C o
I 0 o j 10-5
O h io OH C o _________
2® *367
P e n n -M e x F u e l C o . I I
26l *8 1
P r a tr te O H A G a s __________l o o j 7 1 5
P r a ir i e P i p e L i n e _____H I 10**1 2 9 7
S o la r R e f i n i n g ________
jo o j
S o u t h e r n P i p e L in e C o I I l O i
165
S ou th P en n O il
lo t
340
S o u th w e s t. P a P ip e L in e s 10'
S t a n d a r d O H ( C a l i f o r n l a ) .1 0 ( 2 9 5
S t a n d a r d OH ( I n d i a n a ) . 10.' [ 765
S t a n d a r d OH (K ftn s s s > _ ._ 1 0 C 5 3 0
S t a n d a r d O il ( K e n t u c k y ) 10C 1 4 9 5
515
718
113K
416
520
Sw an & F in c h ..
120
U n io n T a n k C a r C
130
V a c u u m O H . . ...........
H id
*40

Ordnance Stock*— P : h a r e .
er
63
A e t n a E x p lo s iv e s p r e f ___ ICt
148
A t la s P o w d e r c o m m o n ___ 109
89
P r e f e r r e d . ............................ 100
B a b c o c k St W i l c o x ________] ( k
121
B lis s ( E v . ) C o c o m m o n . 6 t * 4 2 0
P r e f e r r e d __________________ 50 • 66
C a n a d a F d y a & F o r g in ;
170
C a r b o n S t e e l c o m m o n ___ 100
118
1s t p r e f e r r e d _____________100
07
2 d p r e fe r r e d _____________ 100
68
C o l t ’ s P a t e n t F ir e A r m ?
M f g ........................
25 *62
d u P on t (E I) d o N em ou rs
409
91
D e b e n t u r e s t o c k ............... 100
E a s t e r n S t e e l_______________ 100.
S3
25
E m p ir e S t e e l A I r o n c o m .1 0 0
P r e f e r r e d ............................... 100
68
H e r c u le s P o w d e r c o m ____ 100 2 2 3
P r e f e r r e d __________
lOi) 106
N i le s - D e m e n t - P o n d c o m . 100 116
95
P r e f e r r e d _________________ 100
250
410
*3 2
W i n c h e s t e r C o c o m ______ 100
375
95
1 s t p r e f e r r e d ____________100
2 n d p r e fe r re d
______
62
W o o d w a r d I r o n ................ J 0 0
52
P r e f e r r e d ______________
80

13)2
'4 0 9
|l 70
1345

•101
[3 0 )
j77.5
[610
(51U
'5 3 0
722
ill
420
510
130
132
!4 4 3
[4 5

! 07
j 154
91
’12)
450
75
185
121
102
75
05
425
93
9.)
30
71
229
110
119
100
270
430
35
450
98
67
56
90

R R . E q u i p m e n t *— P tr C t
B a lt i m o r e A O h i o 4 K s ____
B u f f R o c h A P it t s b u r g h 4 K s
E q u ip m e n t 4 s ______________
F -q u tp m e n t 6 s ____________
C a n a d ia n P a c i f i c 4 H e ______
C a r o C U n e h fie M A O h io 5s
C e n t r a l o f G e o r g i a 4 H * ___ C h e s a p e a k e A O h i o __________
E q u i p m e n t 5 s .....................
C h ic a g o A A lto n 4 H e
____
E q u i p m e n t 3 s ________ ____
C h ic a g o A E a s t e r s il l 5 K s . _
O h io l e d A L o n l s r 4 K a ___
C h i c 8 t 1 -on lp A N O 3 a .
C h i c a g o A N W t K a ...........
C h i c a g o R I A P a o 4 K a _____
E q u i p m e n t 5 s ______________
C o l o r a d o A S o u t h e r n 5a___
E r ie 6 s ________________________
E q u i p m e n t 4 H a _________
H o c k i n g V a ll e y 4 K s ______
E q u i p m e n t 5 a _____________
I lli n o is C e n t r a l 5 a ___________
E q u ip m e n t 4 H » ........... ..
K a n a w h a A M ic h ig a n 4 H s .
L o u is v i lle A N a s h v i lle o a ...
M ic h i g a n C e n t r a l 5 e _______
E q u ip m e n t 6 s _____________
M in n S t P A 8 S M 4 K s . . .
M is s o u r i K a n s a s A T e x a s 5a
M is s o u r i P a c i f i c 5 s __________
M o b i l e A O h i o 5 s ____________
I E q u i p m e n t 4 K a _________ I
N e w Y o r k C e n t r a ! T .lnes 6 a .
E q u i p m e n t 4 H a ____________
N Y C e n t r a l R R 4 1 * 3 ________
N Y O m a r lo A W e s t 4 H a . .
N o r f o l k A W e s t e r n 4 H a _____
P e n n s y lv a n ia R R 4 H s ______
E q u i p m e n t 4 s ______ ______
S t L o u is I r e n M t A S o u 5 s . .
S t L o u is A S a n F r a n c i s c o E a.
)S e a b o a r d A ir L in e o s ........... ..
E q u ip m e n t 4 H o __________ j
_
[S o u t h e r n P a c i f i c C o 4 K a . . .
'S o u t h e r n R a i l w a y 4 H a ______
i
F .q u ip m e n t 5 s ________________
,T o l e d o f t O h i o C e n t r a l 4 e ___

T obacco

S t o c k * — P er

.

6 80
5 85
5 85
5 .8 7

5 .5 0
5 45
5 45
5 45
8.00 5 .7 0
8 .5 0 5 .7 5
6 .5 0 , 5 £7
5 S7 6 5 4
5 87 5 5 0
7 .2 5 6.00
7 2 5 6 .9 0
7 5 0 6 .2 5
6 .6 0 6 0 0
5 .8 5 5 4 0
5 .7 5 5 2 5
6 2 7 5 87
5 371 5 87

6
6

6.00
0 00

0 .5 0 6 00
0 25) 5 6 0
6 25 5 00
5 .6 5 ! 5 3 5
5 6 5 5 35
6 .2 5 5 75
5 G51 6 3 0
5 8 5 5 .6 5
5 85 5 65
5 8 5 5 40
7 .0 0 , 6 .0 0

а.

6 25;
6 .2 5
5 .9 5
5 .9 5
5 .9 0
б .50
5 60
5 55
5 55
6 .9 0
7 .0 0
8 50
0 .5 0
5 .7 5 )
6 25
6 .2 3
6 .5 0

5 .7 5
5 .7 5
5 .6 5
5 65
5 .7 0
5 .7 5
5 .2 5
5 .2 5
5 .2 5
6 .0 0
C 00
0 00
6 00
5 35
5 65
5 .6 5
5 .7 5

Sl> a r t .

Pt B .
a id

Aft.

A m e r ic a n c i g a r common. 10 * 135
HO
P r e fe r r e d ..............
_
100
86
91
A m e r M a c h in e .% F d r y _ w o 1 0 7
ir
B itM b A m u r T «.lia.- ' r J . . £ j
*26i2 27R
O r d in a r y , b e a r e r ______ £1
*261? 27U
C o n l e y F o i l _________________ ICfi 225 1250
J o h n s o n T in T o il A M e t .1 0 C 110 1 2 5
M a c A n d r e w ? A. F o r b e s . . 1 0 0 1 6 5
170
95
P r e f e r r e d _________________ 1 0 0
100
R e y n o ld s (R J ) T o b a c c o 100 525 55 0
B c o m m o n s t o c k ________ 1 0 0 5 0 5
520
P re fe rre d . . .
100 111 • ' 4
99
111
A d iv i d e n d « c r i p _________
99
B d iv i d e n d s c r ip _________
1
Y o u n g (J S ) C o ____________ 100 1 3 0
HO
98
P r e f e r r e d _________________ 1 0 0
105

S h o r t T e r m N o t e * — P e t G ent.
A m C o t O il 0.3 1 9 2 4 . . M A S 2
9812 98*4
A m e r T e l a T el be 1924 e A ■
»
9 S H 98*x
9 3 H 987*
6 % n o t e s 1 9 2 2 .............. A A O
P u b li c U tilitie s
A n a c o n d a C o p M in ’ 2 9 .J & J
981?' 93*4
131
A m e r G a s A E le c 00 m . . . 6 0 *1 2 9
C a n a d ia n P a c 6s 1 9 2 4 .M A S 2
9 9 1 ; 9934
P r e f e r r e d _________________6 0
*391g 4012 D e l A H u d s o n 5a 1 9 2 0 . . F A A
991*1 937 .
220
A m e r L t A T r a o c o m ____ ICO
216
F e d S u g a r R t g 5e 1 9 2 0 . . J A J
99-K 1 0 0
90
P r e f e r r e d ..............................1 0 0
93
G e n e r a l E l e c 6 a 19 2 0 _____J A J IrtO'.g 1 0 0 K
59
A m e r P o w e r A L t c o m ___ ICO
55
0 % n o t e s ( 2 - y r ) 1 9 1 9 .J A D
997*119118
74
P r e f e r r e d ......... ....................100
72
G r e a t N o r t h 6s 1 9 2 0 . . . M A S
99 1 99L
10
A m e r P u b li c U t i lit i e s c o m lO fl
K G T e r m U y 4 H s 1 9 2 1 .J A J
9 6 H 971 2
26
P r e f e r r e d ............................. 1 0 0
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9 9 7 *1 0 0 1 *
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P r e f e r r e d _________________ 1 0 0
761" 7 7 K ! P e n n C o 4 H s 1 9 2 1 . . J A D 16
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C o l o r a d o P o w e r c o m ____ 1 0 0
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2 3 H 2412 S o u t h e r n R y 6 s 1 9 2 3 . . . M A S
9 6 K 96**
P r e f e r r e d ______ __________ 100
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S w i f t A C o 6 s 1 9 2 1 . . . F A A 15 9 9 % 10!V*
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P r e f e r r e d . . ........... .............. 100
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N o r t h ’ n S t a t e s P o w 00 m . 100
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P r e f e r r e d ............................... 100
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P r e f e r r e d _______________ l o t
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1900
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Nov. 1 1919.]

—

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6 B a s is
a P u r c h a s e r a ls o p a y s a c c r u e d d i v i d e n d .
« N e w stock / F la t p r i c e ,
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T H E

1694

\ n m

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m

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[Vol . 109.

C H R O N IC L E

% T d \x w &

R A IL R O A D G R O S S E A R N IN G S

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returnscan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twocolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railwaysare brought together separately on a subsequent page.________________________________________________________ ___________
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Latest Gross Earnings.

Jan. 1 to Latest Dale.

Precious
Year.

Current
Year.

Precious
Year.

$
S
$
S
243,603 213,537 1,809.951 1,518,520
Alabama & Vicksb. August
Ann Arbor________ 3d wk Oct 100.641
74,015 3.431,605 2,729.399
Atch Topeka & S Fe September 17873535 15354828 126797079 118135608
Gulf Colo & S F e. August
2,126,609; 1,647,094 12,723,579 12,090,288
Panhandle & S Fe August
694,69S 5.30.193 3,749,808 3.880,693
Atlanta Birm & A tl. September
444,781 465.997 3,701,458 3,309,678
Atlanta & West P t. September
222,304 251,876 2,001.819 1,790,341
Atlantic City______ September
415,338 466,512 3,629.113 3,152,813
Atlantic Coast Line. September 4,754,208 4.778.365 46,276,518 41,390,761
Baltimoro & O h io.. September 18708038 18816993 132609922 125042186
B & O Ch T erm .. August
191,223 187.928 1,201,013 1,199,150
Bangor & Aroostook September
449,705 455.91
3,721,6-5 3,491,758
BeJlefonte Central.. September
11,083
7,339
74,755
65,038
Belt Ry o f C hicago September
403.134 332.985 2,722,238 2.937,747
Bassemer & L Erie. . August
1,519,337 1,589,825 8,641,402 8,297,311
Bingham & Garfield July
85.925 360.848
669,221 1,958.761
Birmingham South- September
87,112
42,524
432.638 1.136,923
Boston & Maine_ September 7,140,558 7.1.33.759 52.451,126 51,792,036
_
Buff Roch & Pittsb. 3d wk Oct 338,494 398,991 11,535,024 15,531,559
Buffalo & Susq_____ September
221,763 190,53/ 1,698.794 1.695.503
Canadian Nat Rys. 3d wk Oct 2,129,180 1,915,606 70,775,318 61,942,303
Can Pac Lines in Me September
150,916 138.451 2.013.442 1.585,539
_
Canadian Pacific_ 3d wk Oct 4,241,000 3,509.000 133411000 118629000
Caro Clinch & Ohio. September
550,451 488,133 4,369,816 3,453,235
Central o f Georgia. September 1,855,972 1,822,792 15,737,993 15,027,373
Central RR o f N J . September 4,131,525 4.249,786 32,895,634 33,091,906
Cent New England. August
528,145 612,572 4,179,876 4,001,844
_
Central Vermont_ August
517,588 457.970 3.680,136 3,253,981
Charleston & W Car August
233,809 2.37,377 1.932,817 1,792.606
Ches & Ohio Lines. . September 6,546,830 7,339,545 53,673,732 51,900,335
_
Chicago & Alton_ September 2,414 "81 2,501.247 18,691,158 17,735,341
Chic Burl & Quincy September 15187099 14017204 112201197 101032713
Chicaso & East 111.. August
2,211,751 2,811.806 15,909.69 16.891,992
Chicago Great West September 2,204,613 1,880,449 16,108,560 14,096,588
Chic Ind & L ouisv.. September 1,152,262 1.013.759 8,979,268 7,904,621
Chicago Junction.. August
354.213 325.474 2.368,090 2,181,301
Chic M ilw & St Paul September 15137097 13575320 110262256 95,766,153
Chic & North West. September 14504392 13344958 102112652 91,427.090
Chic Peoria & St L . August
134.410 221.754 1.029,611 1.456,207
Chic R I & Pacific.. September 11386285 9,758.725 89,405,48.) 72,629,183
Chic R I & G u lf.. August
41.3,482 417.350 2,964.579 2.865,261
Chic St P M & Om. September 2,639,485 2,406,687 19,863,310 17,739,383
Chic Terre H & S E . August
397,925 557,255 2,581,415 3,105,899
Cine Ind & Western August
321,655 311.295 1,989,512 2,027,500
Cin N O & Tex Pac. August
1.197.13*5 1,761.597 10.669,226 9,819,014
Colo & Southern_ 3d wk Oct 556,125 457.986 20.020.592 16,791,587
_
Ft W & Den C ity. August
1,012,623 722,018 6,980,027 4,819,949
99.446
Trin & Brazos Val August
809,655
123.632
723.373
Colo & Wyoming_ August
_
745,297
91,879 117,756
751,988
Cuba Railroad_____ August
976.501 1,017,02 9.246,684 9,186.710
Delaware & Hudson September 3,131,892 3,768,930 25.690,260 26,082,535
Del Lack & West_ September 6,213,780 6,5-10,659 52,974,984 49,736,310
_
3,105.753 3,096,021 20,015,011 19.061,497
Denv & Rio Grand. August
Denver & Salt Lake August
295,296 237,143 1,795,205 1,374,931
Detroit & Mackinac August
153.173 159.081 1,034,379 1,016.062
Detroit Tol & Iront. September
339,581 397,454 2,718,19! 2,409,85 '
Det & Tol Shore L . . September
268,651 177,370 1,819,222 1,446,686
Dul & Iron R ange.. September 1,106,005 1,250,257 6,791,118 7,311.283
Dul Missabe & N or. September 2.968.017 3,402,821 16,469,543 16,730,437
98,133 3,817,767 3,857.628
Dul Sou Shore & At! 3d wk Oct
99,654
Duluth Winn & Par July
148.679 128,105 1,113.163
977.033
900,349
East St Louis Conn September
102,553 113.350
836.675
Elgin Joliet & East. September 1,699.902 2,005,230 14,976,402 14,238.426
El Paso & So W est.. September 1,156,325 1,282.267 9.292,974 11.127,133
Erie Railroad______ September 8,881,185 8,096.843 67,298,016 61,953,958
Chicago & E rie.. September
948,420 944,702 7.666,216 7,537,903
701,357 503,156 7.448,021 6,722,305
Florida East Coast. September
830,482
726,689
Fonda Johns & Glov August
126,991 109.738
924,660
Ft Smith & Western September
157,534 113.971 1,130.838
556,582
51,705
717,612
Galveston Wharf_ August
_
72.539
Georgia Railroad_ September
_
562,077 775.181 4,453,953 4,722,131
726,899
98,405
745.483
Georgia & Florida.. September
87.825
Grd Trk L in New E September
165.522 367,621 2,621,310 1,704,522
Grand Trunk Syst. . 3d wk Oct 1.486.851 1,296,165 53,669,312 45,656,723
Grd Trunk West. September 2,141.970 1.796.655 16,317,275 13,296.2 1
Great Northern Syst September 11077054 10967706 77.235,005 63,566,615
Gulf Mobile & Nor. September
239,233 224,518 1,991,172 1,771,374
Gulf & Ship Island. September
206.335 226.242 1,797,919 1,974,730
Hocking Valley___ September 1,383,081 1.490.827 8,582,985 9,823.592
Illinois Central___ September 9.840,095 10802501 78,895,768 79,224,556
Internat & Grt Nor. September 1.2)5.421 1,354,734 10.377,553 9,804.121
933.120
979,611
Kan City Mex & Or September
156,915 174.329
826,91/
887,95 5
K C Max & O o f Tex September
129.253 115.347
Kansas City South. August
1,321,801 1,226,966 9,561,996 9,561.811
924.633
790.355
Texark & Ft Sm._ August
1,32,487 108.998
918.588
Kansas City T erm .. September
129,012 113,615 1,010,412
Lehigh & Hud River September
277.178 191.753 1.917.440 1.713.073
Lehigh & New Eng. September
418,731 180,680 2.769.777 3,011,752
Lehigh V alley_____ September 6,076,055 6,407,870 47,169,810 47,385.830
Los Ang & Salt Lake August
1.331.819 1,309,733 11,031.122 9.190,874
Louisiana & Arkan. September
178,369 127,073 1,533,753 1,251,337
Louisiana Ry & Nav August
301,262 ,317.031 2.281.129 1.934,712
Louisville & Nashv. September 9.846,323 9,991,340 78,592.992 73,368,512
Louisv Mend & St L September
265.06 ' 289.3 -5 2.165.589 2.019.938
Maine Central_____ September 1,603,177 1.646,584 12,852,475 12,127,813
Midland Valley____ August
349,364 302.847 2,538,208 2,191,242
9 28.765
611,141
25,084
Mineral Range____ 3d wk Oct
14.796
Minneap & St Louts September 1,371,678 1,255,858 9,692.242 8,737.277
Minn St P & S S M . September 4,186,107 3.978.417 30.679,835 24,354,869
818,025
663.589
Mississippi Central. August
85.073 129.081
Missouri Kan & Tex September 3,291,042 3,205.948 25.092.592 23,513,231
M o K & T Ry of Tex August
2,290,968 1,769.620 15.688,182 12,291,461
96,874 1,145.037 1,080,868
M o & North Arkan. September
159,896
M o Okla & Gulf___ September
139,709 171,283 1.020,7061 1,360,017
Missouri Pacific___ September 9.093.852 8.453.365 67,483,924:64,787,386

ROADS.
Monongahela___
Monongahela Conn.
M ontour_______
N.uhv Chatt & St L
Neva da- Cal - Orcg >
n
Nevada Northern .
Newburgh & Sou Sh
New Orl Great N or.
New Orl & Nor East
N O Texas * M e x ..
BeaumS L & W ._
St. L Browns & M
Now York Central. .
Ind Harber B )lt.
Lake Erie & West
Michigan Central
Cleve C C & St L .
Cincinnaf N arta.
Pitts & Trike Enc
Tol & Ohio Cent.
Kanawna & Mich
N Y Chi'* & St L mi
N Y N H & H artf..
N Y O n t i Western
N Y Susq * West. Norfolk & Western.
Norfolk Southern..
Northern Alabama.
_
Northern Pacific_
Minn & Internat.
NorthwesternPacific
Pacific Coast______
Pennsylvania R R ..
Malt d ie s A Ul__
Cine Leb & North
Cumberland Vail.
Long Island_____
Mary Del & Va._
N V Phila & Nor.
Tol Peor & West.
W Jersey & Seash
_
Pennsylvania C o _
Grand Ran * Ind
Pitts C C & St L .
Peoria 3c Pekin Un.
Pere Marquotto____
Perkiomen . . . .
Phila Beth & N E ._
_
Phila & Reading_
Pittsb & Shawmat..
Pittsb * West Va._
Pitts Shaw S North
c
Port Reading______
Quincy Om & K O ..
Rich Fred S Potom.
c
Wash Southern..
R utland__________
St Jos St Grand Isl’d
St Louis-San F ran..
Ft W S Rio Gran.
c
St L-S R of Texas
1
St Louis SouthwestSt L S W of Texas
St Louis Transfer..
San Ant & AranPass
Seaboard Air Line..
South B uffalo_____
Southern Pacific_
_
Arizona Eastern .
Galv Harris St S A
Hous & Tex Cent.
H ousE & W T ex .
Louisiana Western
Morg La & Texas
Texas St Now Orl.
Southern Railway..
Ala Great South.
M o b ile * O h io ...
Georgia Sou & Fla
Soutu Ry n M :ss.
Spokane Internat..
Spok Portl & Seattle
Staten Island R T . .
Toan Ala & Georgia
Tennessee Central..
Term RR AssnofStL
S tL M er HridgeT
Texas & Pac.fic-----Toledo St L * West.
Ulster* Delaware..
Union Pacific--------Oregon Short Line
Ore W as.iR R & N
Union RR (P enu)-Utah--------------------Vicks Shreve & Pac.
Virginian R R --------Wabish R R ............
Western MarylandWestern Pacific-----Western Ry of A la ..
W.iv-I * Lake Erie.
Wichita F ills & N W
Yacon & Miss Valley

Week or
Month.

Current
Year.

Jan. 1 to Latest Dale..

Prc nous
Year.

Precious
Year.

T “

1,961,905
1,515,961
974,089
13,438,395
232.900
1,720,015
999.138
1,653,321
4,820,489
1,313.2.35
1,075,632
2.711.349
210620888­
4,060,323
6,757,31 1
48.023.703
51,822,062
1,722,698
20.660,673
7,185,933
4.293,445
13.4 13,856
75,702,148
8,419,533
3,081.357
7,925,743 56,023,012 59,236.485
488,380! 4,096,919 3,633,267
835.653
136,533
732,996
10313013 72,513,472 70,645.842
773,371
62,603
799,870
550,186 4,789,377 4,292,614
528,195! 3.297.810 3.721.202
37151955282854124 264201130
8 57,014
197,9311 1,057,535
687.837
95,178'
708.285
_______ 699,903| 3.680.072 3.484,421
2,277.ITS 2,301,729 19,018,519 17,044,269
133,132 1,124,239 • 788,166
775,210 5,323.057 4,631,075
153,281 1,035.778 1011,279
1,710,159 8,219,285 6.970. I'M
9,336,280 78.533,535 67.003,845
.
716.7611 6,011,918 5,321,1 73
8,396,680 68,939.665 63,253,227
823,354
767,517
102,471
2,756,685 22,091.793 17.621,231
656,121
712,461
121.592
610,503 1,107,691
120,085
7.558,712 53.761,311 59,579,301
895,970
745,989
113,011
877,159 1,241,026
178.719
831,922
712,779
99,81.3
262,031 1,081,179 1,563,781
691.330
711,731
125,513
709,605 5.323.651 4,127.793
418,411 3,532,534 2,716,922
452.078 3,075,592 2,913,241
217.851 1,808,251 1.744,759
,iu<i ,u-iR 7,251,929 56,701,301 50,714,786­
734.679
951,591
162,016 120.115
935.998
179.573 102,338 1,009,708
1,260,500 1,061.283 9,610,489 9,582,229
635,931 650,550 4,151,858 4,496,830
738.331
679.859
107.553 143,335
2.599.811
411,833 355,223 2,753,135 28,604,483
30,298,801
3,161,032 3,971,221
778,000 1,161,813
57,052 111.022
16538992 14583550 121751835 111293855
258,219 403,029 2,715.834 3,333,836
2,062,181 13,997,821 13,829,623
I,
955.312
818,313 914,615 5.676,679 5,812,720
206.407 203.726 1.501,079 1,318.480
328,626 402,276 2.933,170 3,235,334
617.405' 732,753 5,585,811 6,034,736
_______
730.2.32 680.512 5,191,576 4,371,423
II. 317539 13394714 93,426.288 93,110,470
859,851 971.361 7,519,959 6.720,937
|
1,405,149 1,383.659 11,130,330 10,917,409
347,451 .316,991 3,177,878 2,600,034
867,377
159,650 136,618 1,101,867
651.522
87,311
685,441
107,428
668,4.33 737,70) 4,730,457 5,332,616
231,331 219.321 1,522,747 1.799.415
110,715
2,311
3,231
105,191
223,422 331,426 1,668.088 1,921.890
340.582 397,705 2,411,888 2,460.017
293,537 412,876 1,850,626 2,354.921
773.653 576,74 7 28.318,410 20,732,236
852,433 897,678 4,9 58,713 5.211,515
679,693
...
735,010
151.035 129,183
11152993 10527835 89.749.40.8 69,858,762
3.852,2013,233,073 27,607.468 24,617,876
2,789.321 2,589.778 20.779,092 19.274.863
731.858 678.763 5.188,513 4,310,173
98.663 129.024
614.506
731,302
293,291 219,932 2.111,740 1,617,166
1,297,198 1,256,148 7,313,173 7,499.156
3.117.358 5,169,009 30,002,925 29,801.083
1,512,746 1.455,293 10,889,627 11.009,405
1.477,042 1,286,679 7.932,228 7.311.474
191,011 192,903 1,690,787 1,512,110
1,237,697 1,434,011 9,518,615 9,992,774
653.235
211.311 101.353 1 310,399
2,462,018 2.109,072 18,000,644 15.933,619

A G G R E G A T E O F G R O S S E A R N I N G S — W eek ly and M onthly.
*Weekly Summaries.
1st
2d
3d
4ch
1st
2d
3d
4th
1st
2d
3d

Current
Year.

Precious
Year.

S
%
week Aug (14 roads).
8.306,915 7.316.424
week Aug (11 roads).
7.633.498
6,692.497
week Aug (11 roads).
7.057.111
7.683,102
week Aug (14 roads).
12,493.853 11,537,116
week Sept (14 roads).
7,539,327
8.487.457
week Sept (14 roads).
7,517.915
9,112.054
week Sept (8 roads).
5.909.152
7.526.452
week Sept (14 roads).
13.554.337 10,992.251
week Oct (8 roads).
8,512,726
7,517,918
week Oct. (13 roads).
8,705.749 7,789.435
9.751.383 8.364.852
week Oct (14 roads).
We no longer Include Mexican roads In any o f our




Increase or
Decrease.

%

9
+990.491 13-51
+941.001 14.06
+ 625.991 8.87
+9.56.737 8.29
+943.130 12.53
+ 1.594.139 21.20
+ 1.617,300 27.37
+2,562,086 23.42
+961,778, 12.78
+916,314 11.64
+ 1.386.5311 16.5’
totals.

Previous
Year.

Increase or j
Decrease. \ %
1

$
377.867.933
356.43M.375
335.60 7.5 71
284.131.201
289.392.150
36.5,01*6.33.5
370.710.999
378.0.58.163
333.265,898
169.216,733
502.505.334

S
M 06958.817 28 30
+ M2,163,408 23 06
+102757756 30 62
+ 111420.819 39 22
f b l . 6.56.597 21 31
f-10.676.415, 2 90
+ 17,986.895' 4 85
+.35.132.305 9 29
+30.769.974 7.81
— 14.658.220 3.13
— 32,636.658' 6.49

N ov. 1 1919.]

THE CHRONICLE

L a t e s t G ro s s E a r n in g s b y W e e k s .— In the table which
follows we sum up separately the earnings for the third week
of October.
The table covers 14 roads and shows 1 6 .5 7 %

1695

------ Gross Earnings—
------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
%
%
%
%
m oriw cn i .1 f J A
W
------- i „ _____ .1
. . .
rv Internat & Grt N or.b_.S ept 1 295 424
1.354.734 def72,961
198.015
Jan i to Sept 30--------- 19,377:559 9.804.121 def668.359 1.452,056
Kan City Mex & O r.b_.S ept
156 915
Third Week of October.
1919.
174,320 def48,622
25.059
1918.
Increase. Decrease.
Jan 1 to Sept 30_____
989! 120
979,641 def415i314 def205’,675
K C Mex & Or of T ex. b_ Sept
129 °53
S
5
S
115.347 def49,550 def42,489
S
Ann Arbor,
Jan 1 to Sept 30_______
826 ,917 887.956 def501,672 def182.334
’
100,641
74,015
26,626
h
338,494
398.991
129,012
60,497 I Kansas City Term_b ..S ep t
113,615
10,753 def 7,843
- 2,129,180 1,915,606 213~574
Jan 1 to Sept 30----- - 1.010.412
918.586
182,412
137 ,848
- 4,241,000 3.509,000 732,000
Lehigh & Hud R iver.b.Sept 277 178
Colorado & Southern
191.753
80,910
17,854
556,125
457,986
98,139
Jan 1 to Sept 30______ 1.947,440 1.713,073
Duluth South Shore & At
398.254
282,241
99.654
98,133
1,521
Grand Trunk o f Canada..
Lehigh & New E n g .b ...S e p t
418,731
180,680
112,175 def58,289
Grand Trunk Western _
. • 1.486-.851 1,296,165 190.686
Jan 1 to Sept 30______ 2,769,777 3,011,752
660.620
895.573
—
Detroit Grand Haven & Mil
Lehigh Valley b . .
Sept 6,076,055 6.407.870
„ ,w ( ,a(u
621,275 1,306,406
Canada A tlantic..
•
• Jan 1 to Sept 30--------- 47,169,810 47.385,830 4,274,369 5.956,231
Mineral Range_______________
14.796
25,084
10,288 L o u i s i a n a & A r k a n s a s . b.Sept 178,369
127,078
Novada-California-Oregon .
def 1,793 dof 10,903
8,633
9,894
1,261 i
Tennessee Alabama & Gee
/ m, t0 Sept 30--------- 1,533,753 1,254,337
190,419
2,341
3,231
890 Loulsvdie1& Nashville.b.Sept 9,846,323 9 ,9 9 1 340 def56,277
Texas & Pacific.............
773,668
576.747 196,921
1.175.499 2,063,643
Jan 1 to Sept 30--------- 78.592.992 73,368 542 10,080,*521 17,’228,134
265,067
289 *75
9,751,383 8.364,852 1,459,467
72,936 Louisv Hend & St L_b._Sept
92.222
112.106
Jan 1 to Sept 30--------- 2,165,589 2,049;9S8
.................... 1 .............- 1,386,531
471,762
588,315
Maine Central b -----------Sept 1 ,6 0 3 , 1 7 “ 1 646 584
53,187
254,206
a n w a r n in g s M o n t h ly t o L a t e s t D a te s .— The table
wan 1 to Sept 30........... 12,852,475 12,127,843 defl47,59l
683,670
following shows the gross and net earnings with charges and Alinneap A St L ouis.b-.S ept 1,371 678 1 255 85s
200,003
233,008
Jan 1 to Sept 3 0 . . . . P. 9.692.242 8.737.277
surplus of S T E A M railroad and industrial companies re­
396,622
508,053
Minn St P & S S M .b -.S e p t 4,186,107 3 978 417 1,145,147
ported this week:
628,972
. . . Jan, \ 4° SePl 30--------- 30,679.835 24,354,869 5.907,557 3.024,961
x
— - Gross Earnings--------------Net Earnings------ Missouri & Nor Ark b ..S ep t
159.896
96,874
def 1,871
3,014
Current
Prerious
Current
Previous
Roads.
xt t\ Z Sept 30--------- 1.145.087 1,060.868 def413.325
100.949
Year.
Year.
Year.
Year
S
S
M o Kan A T ex as.b----.Sept 3.291,042 3.205 948
744,660
905,119
Atch Top A SantaF o.b_Sopt17,873,535 15,354,828 6,148,688 1,865,060 at
1
Sept 30--------- 25,092,592 23,513.231 3,883,268 3,371.581
Jan 1 to Sept
30........ 126,797,079 118135,608 31,637,740 35,984,37“ M o Okla & G u lf.b ------- Sept
139,709
171 28.3 def80,665
6,287
Atl liirnt & A tl.b
. Sept 444,781
465,997 def36,042
25,047 . . . Jan 1 t0
30--------- 1,020,706 1,360,087 dof607,398 def213,240
Jan 1 to Sept 30--------- 3,701,458 3,309,678 def625,138 defl32,156 Missouri 1 acifjc b - . . Sept 9.093.852 8,453,365
1,475,451 1,985,366
Atlanta & West Point.b.Sopt
222,304
Jan 1 to Sept 30--------- 67,483,924 64,787,366 7.520,955 13,143,428
251,876
58,156
106.853
Jan 1 to Sept 30........... 2,001,849 1,790,341
. .Sept
130,889
516,916
591,624 Montour b . . .
142.550
def3,640
32,978
970,403
Atlantic C i t y .b .............Sept 415,338
Jan 1 to Sept 30...........
466,542
98.S70
178,356
974.089 defl54,432
70.437
Jan 1 to Sept 30........... 3.629,113 3.152.813 1.055,863
990,219 Newburgh & Sou Sh b.Sopt
6.3,196
156,934 def25.366
51,283
Atlantic Coast L in e.b ..S ep t 4,754,206 4,778,365
Jan 1 to Sept 30______ 1,047,814
256,220 1,093,632
999,138
188.121
31,804
Jan 1 to Sept 30--------- 46,276,518 41,390,761 6,640.238 10,427.360 New Orl & Northeast.b Sept
546 ‘>04
665.186 def56,512
87,796
Baltimore & O h io.b----- Sept 18,708,038 18.816.993 2,865,845 4,367,848
Jan 1 to Sept 30 --------- 4,781 ;,506 4.S20.489
417,256 1.089.428
Jan 1 to Sept 3 0 ...........132,609,922 125042.186 7.176,953 14,077,701 New Orleans Gt N or.b.S ep t
200,832
199.543
27,336
25.451
Bangor & A roostook.b.Sept
449,705
456 917
Jan 1 to Sept 30........... 1,722.600 1.653.321
28,466
82,508
468.690
165,133
Jan 1 to Sept 30........... 3,721,675 3.494.758
“
223,141
480,048 New Orleans Texas A Mexico System—
Belt Ry of C hicago.b. .Sept 403,134
Beauin Sour L & W .b Sept
122,189
332,985
72,497 def89,595
127.005
50.678
35.603
Jan 1 to Sept 30........... 2,722,238 2,937,747
Jan 1 to Sept ,30--------968.624 i.o .o .o jz
297,162
120,284
1,075,632
72.592
358,769
Birmingham Southern b Sept
42 524
87,112
JNow York C entral.b
Sept*9.4 8 5 ,9 1 5 3 0 5 0 6 3 2 2 6,485.418 10,420,504
3.241
46,555
432|638 1.136,923
Jan 1 to Sept 30______
Jan 1 to Sept 30---------229,010,770 210620,888 44,623.905 39.562,770
94,581
273,884
Boston & M aine.b.........Sept 7.140.558 7.133.759 1,307,035 2,073,994
,,i o o ./o »
j '’ Ci.n C M * St L b Sept 7,474.754 7,503.023 2.313.060 2,794.769
Jan 1 to Sept 30........... 52.451.126 51.792,036 5.132.50; 6.950.114
Jan 1 to Sept .30---------53,092,126 51,822,032 12.618,335 15.140.959
Buffalo & Susq.b. . . . . . Sept 221,763
190.537 def30,208
„
I
n
Har Belt b -.S ep t
620,110
5 3 6 ,4 6 5
def5,893
d ef63.269 def126,087
Jan 1 to Sept 30--------- 1,696,794 1,695.503 defl94.365
Jan 1 to Sept30- 4,802.942
4,060,328 def258,005 def461.797
97,519
Buffalo Roch & Pitts.b.Sept 1,446,194 1,771,039
83 043
Kanawha & M ich .b ..S e p t
417 146
264,614
629,713
68.624
45,138
Jan 1 to Sept 30...........10.556,712 13,650,434 def466,466 1.114,689
Jan 1 to Sept 30........... 3.204,’564 4,293.445
223,085 1.203.331
Canadian Pacific.a........ Soptl7.513,691 13,584,771 4,091,920
Lake Erie & W est.b ..S ep t
966,785
3.121.441
832,139
197,064
43,577
Jan ] to Sept 30.......... 124.239,'9/4 111080.975 23,053’269 23.'207.'068
Jan 1 to Sept 30--------- 7,115.939 6.757,311
342,566
811,515
Can Pac Lines in M e. b.Sept
150,916
138,454 defl2,406 defl8,950
Michigan Central.b__Sept 7,707,648 6,005.574 2,590,877 1.643,633
o.uoo.oeo
Jan 1 to Sept 30........... 2,013.442 1,585.539 def222,307 def178,705
Jan 1 to Sept30..56,918.226
48,923,700 15,171,966 11.593,569
Caro Clinch & O h io.b..S ep t
550,451
488,133
158,373
Tol A Ohio Central.b.Sopt
962.380
8714*4
156,313
161,728 def 101,389
Jan 1 to Sept 30........... 4,369,816 3,453,235 1.072,083
Jan 1
to Sept.30- 6,850,659
7,IS6,'933
879.747
549,630
6’ 4,837
Central o f G eorgia.b._.Sept 1,855,972 1,822,792
i o w ,vz
83.137
412,723 N Y N H A H a rtf.b----- SeptlO.216.559 10.007,110 1.807.534 2.854.706
Jan 1 to Sept 30.........-15,737,993 15,027,3;3 1.773,121 3.633,744
Jan 1 to Sept 30--------- 76,728,381 75,702.148 9,174.905 13,743,642
Central RR o f N J .b ...8 e p t 4,131,525 4 249 786
272,073 1.253.982 N 5 Ont A W est.b .............Sept 953,330 1,025.943
77.109
59,131
Jan 1to Sept 30--------- 32,895.634 33,’091.’906 3.817,615 7,406,635
, , WOlWO
Jan 1 to Sept 3 0 .......... 8,391,819 8,419,533 1,265.010 1.260,896
Chesapeake A O h io.b..S ep t 6,546,830 7,339,545 1 200 685 2 216 n-in N Y S n sq A W est.b ______Sept 323,“ 47
344,019
31,721
d ef 3.389
Jan 1 to Sept 30...........53.673.732 51.900.335 10.775.009 12.712 846
Jan 1 to Sept 30______ 2,870.714 3,084.357
216.377
268,144
Chicago & A lton .b .........Sept 2.414,784 2,501,247
. . v z o .m
256.396
158,348 Norfolk A W estern.b_.-Sept 7,348,327 7.925,743 1,224,220 2.220,017
Jan 1 to Sept 30...........18,691,456 17.735,341
Jan 1 to Sept 30---------56,023.042 59.236,485 10,226,717 14,535,247
1.698,811 2,786,396
Chic & North W est.b ._ Sept 14.504 392 13 3 4 4 «,.-,a 3,375,321 2,889,515 Northern P acific.b.........Sept 9.739,958 10,343,043
.
....
2,576,817 2.933,382
Jan } l ° 3ept 30- ------- 102; 112.652 91.’427,090 16,114,960 13,’083;518
Jan 1 to Sept 3 0 ..........72,543,472 70,645,842 16,778,982 18,718,582
Minn A Internat.b-.Sept
77,528
62,603 d e fll,4 0 S def21,126
Jan 1 to Sept 30______
799,870
773,371
m ost m m m m
def8,4S9
39,794
Northwestern P a c .b ______ Sept 628,741 560,186
168,595
214,900
Jan 1 to Sept 30______ ... 4,789,377 4,292.644 1.021,896 1.491.280
-----------2,152,998 1.775,039
Chic Ind & L ouisv.b_ Sept 1,152 262 1 0 4 1
_
101,214
230. 84 Pacific Coast C o .a _______ Sept 486,268
454,395
77.816
62,708
JaV
to 8«Pt 3 0 . . . . P. 8 :9 7 9 :2 6 8 7:904,621 1.450,969 1.274.048
Jan 1 to Sept 30........... 1,288,031 1,464,857
173,379
241.153
Chic Milw & St Paul_b . Sept 15,1.37,097 13.575.320 2.645.885 2.645.802 Pennsylvania R R .b ----- Sept30.906,615 37,154,966
3,211.271 4,887,602
Jan 1 to Sept 30---------110.262.256 95,766.153 7,992,298 10,421,683
Jan 1 to Sept 30...........282,854,124 264201,180 25,418,213 27,674,671
Chic Rock Isld A P ac.b.S ep tl 1,386,285 9 758 7‘>5 z ao i 4 / s 2,197,348
Long Island.b_______Sept 2,277,173 2 301 7“
>9
2,305.375 v hit uis
362,071
877,534
Jan 1 to Sept ,30..........19,048,549 17,’0H,’260 3,951,367 5.368.281
JQ 1 XT°afrtPtu 3 0 ............80,405,589 72:620:188 IRGS^SIS l6:753:807
fnp
Clue St P M & O .b ----- Sept 2,639.485 2 406 6 8 7
Mary'd Del A V a .V .S e n t
143,217
133 1,32
570.110
637,709
35,490
20,961
Jan 1 to Sept 30...........19,863.310 17,’739,'388 3,133,500 3,050,306
Jan 1 to Sept 30--------- 1,024,239
778:166
2,814
6,973
Colorado & Southern. b.Sopt 1,206,750 1 163.865
270.740
Pennsylvania C o . b . ..S ep tl0 ,401,552 9 336 2 6 0 1.646,625 1,320,534
332,338
Jan 1 to Sept 30--------- 9,683,515 OJSLIOl 1.S12.637 2.380.052
Jan 1 to Sept 30 --------- 78,583,585 67,006,846 10,364.818 6.317,973
Delaware A Hudson b ._ Sept .3,131,892 3 768 930
293,707 1,251,238
Grand Rap A In d .b -.S ep t
862,689
716 761
197,221 def29,177
Jan 1 to Sept .30 ---------25.690.260 2«:082:,585 2,480,144 3,765,522
Jan 1 to Sept 30--------- 6,021,948 5,324,173
692,224
556,099
Detroit Tol & Ironton b Sept
339,384
397 4 5 4
dcfO.Ol 1
Pitts C C A St L .b -.S cp t 9,079,693 8,396*660
50.282
880,290
442,055
Jan 1 to Sept 30______2,718,193
'
2,409,857 def373J71 def222J49
Jan 1 to Sept 30---------68,989,665 63,253,227 5.465,500 6,838.110
Det & Tol Shore L ine.b.Sopt
268*651
177,370
143,465
95.499 Phila A Reading, b ------- Sept 6,954,895 7.568 742 1.108.812 2,010,936
. Jan 1 to Sept .30______ 1.819,222 1.446,686
920,613
Jan 1 to Sept 30 --------- 53,764,311 59,579,364 6,251,524 12.413,553
633,325
Duluth & Iron Range.b.Sept 1 1 0 6 0 0 5 1,250.257
635,851
830,529 Phila Beth A N E .b ----------Sept 69,889 120 0 6 5
d o f 3,871
27,965
Jan 1 to Sept 30........... 6 ,794,’ l 18 7,311.283 3,403,993
Jan 1 to Sept 30--------610.503 1,107:691
3.802.820
23,148
206,260
Dul Missabe & North-b.Sept 2.968,017 .3,402,821 2.143.165 • s . i - so« Riehmond-Washington System—
o a\iz «z i ■
.
>
2.547,8'-6
Jan 1 to Sept 30
1 6 .4 6 9 ^ 3 16.’730,’437 l6.S13.’709 IO.’T & ’I s I
Washington South .b.S ep t 341 168
418.411
124,701
232,758
Jrrfi 1 to Sept 30........... 3,532,584 2.716.922
Last.StLomsConnect^b.Sept
102.553
113,350 deflO.106 def 17.47,3
1.675,164 1.277,872
def67.707 def109:372 St Louis-San Fran.b
Sept 7.452,640 7,201,929 2.258.610 2.543,457
, ,zm >129
Jan 1 to Sept 30...........56,701,301 5 0 ,7 ll’,786 13,187,259 10,589.457
332.528
526,095
E,g‘ jan0 , 1 £
r
3.839,673 3.802.502 St Louis Southwest.b . .Sept 1,260 500 1 061
348,483
400,774
El Paso A Southw est.b.Sept 1 156 3 9 5 1 oao or.a
Jan 1 to Sept 3 0 . . . . . . 9:640.489 f f i ’j ! ! 2,329,018 3,481,235
375.153
674.051
Jan 1 to Sept 30...........O.'zQJM 11.12^133
2.937,271 4,836,056 Seaboard Air Lino.b
Sept 3,161.082 3 9 7 1 221
95,936 1,047,691
Erie b
Sept 8.881,185 8.096,843 1.021.468
Jan 1 to Sept 30--------- 30,298.801 28:601 4S3 3,066.337 4,991,388
408.802
Jan 1 to Sept 30---------67.298.016 61,95,3,958 2,362,822df2,174^48 South B uffalo.b---------- Sept
57 062
111099
4,682
d e f 5,087
948 4 0 0
Chicago & E rie.b___ Sept
Jan 1 to Sept 3 0 . . . . . .
778.000 1 161 813
944.702
255,765
224,707
249.549
101,359
Jan 1 to Sept 3 0 .......... 7,666,’216 7,587,908
1,247.179.
436,529 SouthOTii P a d fic .b .. . . .Septl6,588,992 14.583 5 5 0 5,393.676 5.528,081
Florida East C oast.b__ Sept
704 357
508.156
Jan 1 to Sept 30--------- 121,751,835 111293 855 26,733.819 29,795.260
107.999
Jan 1 to Sept 30______ 7,448,021 6.722.305 1.169.714 defl49,310
1.917,907
Arizona Eastern_b__.Sept
256 9 4 0
408 090
156.912
28,922
Ft Smith & W estern.b..Sept
1 57 534
113,971
Jan 1 to Sept 30--------- 2,715:834 3.333:836
40,946
22.486
577,647 1,176.196
Jan 1 to Sept 30--------- 1,130,838
924,660
136,507
102.618
Louisiana W estern.b.Sept 3 2 8 6 2 6
402.276
117.306
66,066
Georgia _ b .......................Sept 562,077
Jan 1 to Sept 30______ 2,988 170 3.235,334
775,184
135,627
279,492
Jan 1 to Sept 30........... 4,453,953 4,722,131
953,268 1,524,473
848,573 1.654,618
Morgan's La A Tex b Sept *617 *405
732.758
Georgia & Florida.b___ Sept
87 8‘>
A
8.871
def56
98,405
-----def32,778
14,921
Southern /
w°Pt 3 0 --------- 5,585,811 6,034,736
0,1)34,736
Jan 1 to Sept 30______
726*899
792,592 2,072,033
/45,463
def245,109
,3,393
Southern R y .b ------------ S e p tll .3 1 7 589 13 3 Q1 7 1 1
Grd Trk Lines in N E .b .S ep t
165,5*2
1,265,153 5.018,551
Jan 1 to Sept 30--------- f e l l O ^ O
367,«*1
def 144.455
131,691
Jan 1 to Sept 30--------- 2,621,’3 id 1,704,522 def735,447 def319,717
11.048.970 27,031.024
Alabama Grt South b Sept 859,854
971 301
129.280
Grand Trunk W e st.b ...S e p t 2,141,970 1.796,655
1
271,179
570,420
375,764
Ga Sou h X |?P t 3 0 7,549,959 6.720.’937 1,157,856 1,821,110
Jan 1 to Sept 30...........16.317.275 13.296,274 3.369,087
-----------356,147
Oa South F la_b----- Sept
347,451
316,991
2.241 d ef 18,308
Great Northern.b
Sept 11,077.054 10,907.706 3,375,610 3.280 591
Jan 1 to Sept 30___ _ 3,177:878 2,600,064
229,165
276.898
9,947.933
Mobile A O h io.b------- Sept 1,405 *149 i (X3 fi5 s
1,383.658
Gulf & Ship Islan d .b...S ep t
206,335
226 >42
deft 871
Jan 1 to Sept 3 0 . _ . . _ . l i : i 3 o ; ^ 10 917’ 0 9 def.36, M 7 d e f129.846
47,873
Jan 1 to Sept 30___ 1. 1,797,919 *
dor3’371
dof373,802
539,481
1.974,730
29,158
482,591 Texas A P acific.b--------- Sept 3,340 274 2 591 7 7 3
Gulf Mobile & North -b.Sopt
2.39 233
758,807
481,673
224,518
def2,3 47
31,053
Jan 1 to Scot 30........... 1.991,172 1,771 374
4.119,532 3,750,097
13.557
295,613
4,939,820 5.022,748
Hocking V a lle y . b .
Sopt 1,.383.081
1.490,827
457,026
260.655
27.915.009 27,394,348
Jan 1 to Sept 30........... 8.582,985 9,823,592 1.696,163 2,084,810
Jan 1 to Sept ,30 .., _27;59M 68 °4 617 R7 g 1.609.592 1 r318.298
Illinois Central.b
Sept 9.810.095 10.802,501
5 10 938 2,869.223
Orc^AVash UR & NavbSept 2,789 324 ^ r 0 7 7 « 8.599.407 9.150.201
iS
Jan 1 to Sept 30...........78,895.768 79,224,556 7.579,828 14,312,328
448,385
594,798
Jan 1 to Sept 3 0 . . . . P.20:779:i)92 l l ’ lJitiS 4.325,661
M

lifii

Roads.

.m m

„ , / f 1 1 t0Tf«Pj'30::--;-77.235.'605 68,560.615 14.553,962




5,019.560

------ Gross Earnings------------—Net Earnings-----Current
Previous Current
Precious
Roads.
Year.
Year.
Year.
Year.
8
$
S
$
_
Western Maryland, b _ Sept 1,542,746 1,455,298 175,985 def147,647
Jan 1 to Sept 30______ 10.889.627 11,009,405
391,065
84,994
Wheeling A Lake Erie b Sept 1,237,697 1,434,044
163,019
398,430
Jan 1 to Sept 30______ 9,518,615 9,992,774 1,335,121 1,832,968
Yazoo A Miss Valley.b.Sept 2,462,013 2,109,072
718,053
665,367
Jan 1 to Sept 30______ 18,000,644 15,933,649 4,24/,332 3,914,184
a Net earnings here given are after deducting taxes,
b Net earnings hero given are before deducting taxes.
E L E C T R I C

R A I L W

A Y

A N D

P U E L IC

Latest Gross Earnings.
Name of Road
or Company.

Month.

Current
Year.

Precious
Year.

U T I L I T Y

C O S .

Jan. 1 to Latest Date.
Current
Year.

Precious
Year.

S
S
Adirondack El Pow Co September 146,897 159,124 1,222,591 1,341,871
236,830 269,049 1,830,107 1.884.557
Alabama Power C o .. August
135,553
138.514
13.690
17,970
Atlantic Shore R y — iSeptember
601,765
684,246
95,843 82,666
Bangor Ry & Electric August
171,235
234,332
30,544 23,413
Baton Rouge Elec Co August
218,965 197,612 1,642,008 1,529,918
Blackstone Y G & El- August
19734000 / 9 191000 f73767,000 /68649.000
^Brazilian Trac.L & P August
3260,157 2774,333 17,514,662 15,240.907
gBklyn Rap Tran Sys June
323,177
50,927 44,716:
377,089
Cape Breton Elec C o- August
219,409
268,602
34.380 29,372
Cent Miss V El Prop.JAugust
161,688 164,063! 1,212,071 1,174,431
Chattanooga Ry & Lt August
Cities Service C o ------September 1460,921 1907,155 17,108,170 16,868,718
52,036)
455,751
365,885
75.203
Cleve Painesv & East August
733,413
652,726
85,566 103,548
Colorado Power C o .-I July
804,071 779,687 7,709,114 7,660,977
(/Columbia Gas & Elec August
689,834
712,071
101,555 97,806
Columbus (Ga) El Co July
Com ’w’th P, Ry & Lt September 2144,857 1920,908 18,639,811 15,916,364
626,688
106,042 86,5631 802,739
Connecticut Pow C o . August
651,213 536,708 5,174,409 4,109,790
Consum Pow (M ich)..August
273,357 336,524 1,775,812 2,116,541
iCumb Co (Me) P & L August
Dayton Pow & Light September 219.728 201,457 2,043,279 1,683,768
(/Detroit Edison------- September 1302,229 1062,045 11,591,529 9,795,669
2416,691 1700,390 15,531.969 12,393,560
(/Detroit United Lines August
Duluth-Superior Trac September 159,634 137,877 1,434,927 1,270,746
266,066 372,462 2,676,392 2,665,899
East St Louis & Sub­ August
889,548
738,589
119,768 94,589
Eastern Texas E lec-- August
509,826
695,708
86.380 63,209
Edison El of Brockton August
21,497
140,503
181,380
26,113
J Elec Light & Pow Co August
829,224
126,736 99.022 1,000,791
oEl Paso Electric C o. August
458.782
58,291
474.468
68,499
Fall River Gas Works August
303.931 283,088 2,512,378 2,289,886
Federal Light & Trac. August
922.422
845,455
110,337 107,896
Fort Worth Pow & Lt August
290,432 254,354 2,015,335 1,743,375
Galv-Hous Elec C o. August
480,215 452,193 3,410,246 2,961.638
p Great West Pow Sys August
865.920
138,648 123,474 1,048,189
Harrisburg Railways. August
815,869 713,637 5,932,530 5,327,811
Havana El Ry, L & P August
213,001
237,312
26,096
32,172
Haverhill Gas Lt C o. August
463,182
496,950
64.178 58,357
Honolulu II T & Land August
267,837
282,651
32,012 32,234
Houghton Go El L Co August
198.746
221,659
25,508 27,544
Houghton Co Trac Co August
470,293 385,024 3,484,836 2,844,732
Hudson & Manhattan July
b Illinois Traction — September 1480./85 1302,353 12,492,891 10,853,116
l Interboro Rap Tran. September 3842,198 3176,577 34,218,319 30,264,338
584,971
674.469
84.255
83,048
Jacksonville Trac C o. August
180,683 150,290 1,689,983 1,330,576
Kansas Gas & Elec Co August
202,692
172.069
23,330
26,041
Keokuk Electric C o .. August
123.998
151,571
17,970
19.576
K ey West Electric Co August
265,577 238,587 1,708,118 1,417,698
Lake Shore Elec R y -- August
129,487
141,140
26,602
27,960
Long Island Electric. July
346,565 314,432 2,014,593 1,780,161
Louisville Railway— June
634.503
541,596
80.543
76,587
Lowell Electric Corp. August
81,942
90,091
12,301
12,843
Manhat Bdge 3c Line July
nMilw El Ry & Lt Co September 1207,608 1023,287 10,642,189 8,650,007
194,965 192,703 1,503,508 1,476.845
Mississippi Riv P Co- August
252,880 249,935 2,092,195 1.810.157
Nashville Ry & Light August
New England Power. September 382,672 338,160 2,922,423 2,600,482
1,578,949
NewpN & H R y, G & E September 233,563 213,091 2,079,075 3,984.734
New York Dock C o .. September 422,725 455,659 3,865,845
264,870
324,217
54.255
55,066
N Y & Long Islan d.. July
84,186
88,619
15.838
14,431
N Y & North Shore. . July
535,282
622,443
91,641
101,78"
N Y & Queens County July
1077,896 905.830 8,342,663 6,519,757
New York Railways. July
108.999
125.977
19.615
20,470
Northampton T ra c.. June
Northern Ohio E le c.. September 783,873 659,934 6,731,337 5,412,121
297,942 224.383 2,134.587 2,036,849
North Texas Electric - August
85,347
112,196
39,429 30,336
Ocean Electric (L I ). - July
197,086 167,316 1,380,598 1,202,952
Pacific Power St Light August
318.921
369,675
45,128 48,779
August
Pensacola Electric Co
400,642
476,825
59,268
69,130
Phila & Western_____ August
Phila Rapid Tran C o. September 3030.931 2679.001 25,995,431 23.123.557
171,064 155,656 1,385,589 1.119.812
August
Portland Gas St Coke.
701,595 671,067 5,669.615 4,988.085
Port(Ore)Ry,LAPCo. August
Republic Ry & Lt Co September 508,241 443,863 4,522,471 4.150,660
257,114
310,48"
47,903
53.951
Richmond Lt & R R — July
368,305 467.825 2.655.636 3,8-18,370
St L Rocky M t A P a c August
440,507
495,658
57.839
64,367
August
Santiago El Lt A T r ..
756.683
911.581
118.548 103.478
Savannah Electric Co August
472,471
502,317
80,718
88,561
July
Second A venue (Rec)
99.400
117.898
16.390
22.900
Southern Boulevard.. June
6,554,942
Southern Cal Edison . September 1006.011 815,183 7.862.637
163,839
200.023
42,028 31,539
Staten Island M idl’d . July
693,673
813.151
99,295 89.567
Tampa Electric C o .. August
159,161 191,743 1.442,302 1,404,079
Tennessee Power____ August
540.892 4,144,226 3,920.636
494,996
JkTenn R y, Lt & P Co August
266,519 257,750 2.147.027 1.972.813
Texas Power A Lt Oo August
1029,439 866,332 7,393.309 6,599,803
Third Avenue System. August
240,805
286.313
51.366
50.426
D D E B & B R R .. June
799,125
879,231
160,503 140,262
4 2 dStM AStNAvRy June
255,823 1,407.661 1,302.869
274,226
UnionRyCo(NYC). June
395.598
479.795
72.552
97.567
Yonkers R ailroad.. June
338.6-12
367.300
58.271
68,220
N Y City Inter R y . June
298,470
292.776
48,053
48.577
Belt Line Railway. June
348,060 316.629 1,999.917 1,909.852
Third Avenue------ June
September 974,964 826,759 8,240,600 7,299,516
Twin City Rap Tran
Virginia Ry A Power SeptemDer 770,151 699,200 6,685,715 5,944,866
203.155 242.955 1,175,052 1,199.668
Wash Balt & A nnap.. June
272.214
306,435
54.888
61,089
Westchester Electric. June
273.860
314.254
47.382 40.748
Youngstown & Ohio. August
a Includes Milwaukee Light, Heat A Traction Co. 6 'ndudrn all sou rce.
f Earnings given in milrels. g Includes constituent or subsidiary companies.
h Subsidiary companies only, j Lewiston Augusta & W a te ^ lle Steeet liy.
earnings, expenses, Ac., not'included in 1919. i Includes
Ry>>
Light & Power Co., the Nashville Ry. & Light C o . . the Tennessee Power
Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and
subway lines, j Of Abington and Rockland (Mass.).
E le c t r ic

[V o l . 109.

THE CHRONICLE

1696

R a ilw a y

in g s .—

a n d

O th e r

P u b lic

U tilit y

N e t

E a r n ­

T h e follow ing table gives the returns of E L E C T R I C
railw ay and other public u tility gross and net earnings with
charges and surplus reported this week:
------- N et Earn ings ----------- Gross Earnings
Current
P reciou s
P reciou s
Co
‘
Y ear.
Y ear.
Y ear.
Companies.
S
•
?
$
Beaver Val Trac Co A Pitts &
14,611
1,077
49,852
Beaver St Ry C o .a — Sept
38,977
69,385
377,056
Jan 1 to Sept 30...........
Consol Gas, Electric
317,-138
381.713
991,198
Light & Power C o— Sept 1,003,941
Jan 1 to Sept 30........... 9,284.985 8.648,281 3,381,727 3,177,69?




Companies.

-----Gross Earnings---Current
Precious
Year.
Year.
$
$

------Net Earnings------ Current
Precious
Year.
Year.
$
3

Duquesne Lt Oo A Subsidiary
352,212
305,913
944,104
Elec Lt A Pow C os.a.Sept 915,312
Jan 1 to Sept 30--------- 8,713,226 8,114,630 3,113,125 2,622,657
23,482
31,870
91,176
Equitable Coke C o .a — Sept
98,307
237,467
204.802
Jan 1 to Sept 30--------749,088 1,019,589
371,452
421.836
1.302,353
Illinois Traction C o .a ..S e p t 1,480,785
Jan 1 to Sept 30______12,492,891 10.853.116 3,412,300 2,990.689
Philadelphia Co & Subsidiary
378,249
100,541
959.940
Natural Gas C o s.a
Sept 671,509
Jan 1 to Sept 30--------- 9,178,618 9,272,248 4,162,827 5,227,172
60,843
96.833
77,667
Philadelphia Oil C o .a -.S e p t
116,745
466.427
757,042
613,820
901,321
Jan 1 to Sept 30--------def74
247
3,611
3.97
17th St InclinePlaneCo.aSept
6.778
5.951
29,572
31,700
Jan 1 to Sept 30--------Western Power Co of Canada,
22,598'
25,789
4i,152
36,015
L t d ________ *----------- Sept
303,101
297,475
451,256
466,470
Oct 1 to Sept 3 0 -.........
a Net earnings here given are after deducting taxes.
Raiance..
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
8 .
$
s
8
*21,31561,150
69,407
Sept '19
219,728
Dayton Power &
*24,328
44,389
65,895
'18
201,457
Light Co
*348,320
409,265
730,970
9 mos T9 2,043,279
*166,540
362.983
505,887
T8 1,683,768
*8,530
14,266
20,760
Sept T9
159,634
D ul uth- Superior
*9,917
14,418
22,588
T8
137,877
Traction Oo
*98.495
131,472
213,810
9 mos T9 1,434,927
*129,655
133,396
247,705
T 8 1,270,746
731,500 *427,933
---------- „
Interborough Rapid Sept T9 3,842,198 1.116.447
881,566 xdef 93,587
744,579
Transit Co
18 3,176,577
3 mos T9 10,961,270 3,292,455 2,144.008 x\ ,283,394
T8 9,435,624 2,740.956 2,741,896 *123,680
*120,194
159,875
270.848
Milwaukee Electric Sept T9
*80,088
150.979
223,952
R y & Light Co
18 1,023,287
*953,112
ivy «
mos . 19 10,642,189 2,312,607 1,454,320
*423,549
T8 8,650,007 1,651.274 1,311,899
*70,449
56,737
126,601
230.413
Nevada-California Sept T9
*46,783
54,677
100,108
T8
185,742
Electric Oorp
*599,620
512.022
mos T9 1,990,746 1,107,380
*383,966475,310
855,337
T 8 1.667,636
69,721
64,947
134.668
Sept T9
382,672
Now England Co
19,364
55,306
74,670
'18
338,160
Power System
639,388
768,809
12 mos T9 3,979,223 1,408,197
547,589
621,030
'18 3,277,097 1,168.619
*34,274
114,500
143,960
Republic Railway Sept T9
$08,241
*17.519
105,802
115,836
& Light Co
18
443,863
*291,902
1,027,109
9 mos T9 4,522.471 1,236.905
*253.386
930,158
'18 4,150,660 1,110,206
248,394
249,917
498,311
Southern California Sept T9 1,006,011
179,533
250,734
430,267
Edison Oo
T8
815,183
3,092.761 2,969,491
12 mos 19 10,043.150 6,062,252
'IS 8,599,855 5,376.422 2,864,709 2,511.713
x After allowing for other income received.
The United Gas & Electric C orporation.
RaUmce,.
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
$
S
$
7,635­
3,813
11.448
31,523
Citizens Gas & Fuel Sept T9
4,482
3,662
8,144
24,688
Co (Torre Haute, Ind) '18
75,935
44,225
120,160
351,440
12 mos T9
86.056
44,864
130,920
311,725
T8
15,498
13,830
29,328
61,432
Colorado Springs
Sept T9
13.803
12,459
26,202
55.974
(Colo) Lt.H t& PowCo '18
92,410
162,053
254,463
635,228
12 mos T9
66,904
149,527
216,431
594,992
T8
1,695
343
2,038
4,606
Columbia (Pa)
Sept T9
858
348
1,206
4,116
Gas Co
4,665
4,155
8,820
40,761
12 mos 19
3,234
4,046
7,280
36,216
T8
18,955
26,499
45,454
123,246
Conestoga Traction Sept T9
8,699
26,750
35.449
115.834
Co (Lancaster, Pa)
18
100,414
319,975
420,389
1,345,896
12 mos T9
154,202
325,590
479,792
T8 1,253,789
13,051
6,920
19,971
45.411
Consumers Electric Sept T9
2,800
6,832
9,632
35,980
Lt A Pow Co (New
18
94,027
83,183
177,210
535,463
Orleans, La)
12 mos T9
70.280
81,828
152,108
385,108
30,618
10,774
41,387
84,089
Edison Electric Co Sept T9
17,043
27,059
10,016
68,106
(Lancaster, Pa)
18
287,889
125.399
413,288
920,111
12 mos T9
239,369
115,319
354,688
781,559
'18
15,836
20,621
36,457
Elmira (N Y)
SeptT9 126,168
20,762
20,733
41,495
114,708
Water, Lt & RR Co
18
210,405
249,776
460,181
12 mos T9 1,520,500
220,685
244,445
465.131
'18 1,364,543
2,309
5
6,316
3,314
Gretna (La) Lt
Sept T9
769
4
7,178
773
St Power Co, Inc
18
16,189
63
90,326
16,252
12 mos 19
9.03S
92
47,767
9,085
T8
13,300
19,355
77,718
32,655
Harrisburg (Pa)
Sept T9
18,478
3,87»
69,405
27,356
Lt & Power Co
18
187,343
236,829
424,172
12 mos 19 1,083,119
223,963
978,689
393,863
'18
7,297
55,186
14,045
Houston (Texas)
Sept’ 19
1 1
6,941
51,594
14,711
Gas St Fuel Oo
18
43.98"
>4,768
740,656
133,756
12 mos T9
102.903
82.189
654,365
204,252
,T8
130
1,181
2,790
1,311
Houston Heights
Sept T9
*07
130
2,570
1,027
(Tex) Water & Lt
18
8,71*
1.960
28,591
10,278
Association
12 mos 19
13.656
1.960
31,734
15,216
dof.') ,490
158,041
797,613
154,551
Internat System
Sept T9
201,959 dnf 17,104
----720,073
184,855
(Buffalo. N Y)
18
2,378,712def 1296.436
12 mos T9 9,982,949 1,082,276
T8 8,728,694 1,768,924 2.126,262 dcf357,33*
1,017
1,383
*
4,436
2,900
Lancaster (Pa)
Sept T9
1,348
1,383
4,447
2,731
Electric Lt, Ht St
18
18,706­
16,751
56,574
35,517
Power Co
12 mos 19
33,013
Lancaster (Pa) Gas, Sept T9
27,967
Light & Fuel Co
321,637
12 mos T9
275,760
T8
22,453
Leavenworth (Kan) Sept T9
20,616
Lt, Ht & Power Co
18
301,755
12 mos T9
259.351
'18
36,204
Lockport (N Y )
Sept T9
30,370
Lt, Ht St Power Co
18
470,237
12 mos T9
431,278
T8
10,791
Richmond (Ind)
Sept T9
10,388
Lt, Ht A Power Co
18
174,364
12 mos T9
181,865
'18
23.779
Union Gas S Elec Sept T 9 .
t
16.780
Co (Bloomington, 111) T8
246,847
12 mos T9
203,956
T8
88,987
The Wilkes-Barre Sept T9
76,685
Go (Wilkes-Barre, Pa) '18
12 mos T9 1,119,437
935.990
.
T8

13,116
7,906
88,730
77,322
5,815
707
71.500
13,749
12,593
12.270
109,278
102,113
1,624
1,345
47,407
55,187
9,292
4 ,890
80,702
56.270
36,389
33,571
458,725
360,613

*2*215
2.277
27,316
26,510
3,856
2,88-1
42,070
34,608
5,909
6,052
82,075
82,791
5,427
4,510
60,046
55,261
2,538
2,637
30,951
32,143
21,139
21,590
256,598
255,304

! 6*901*
5,620
61,414
50,812
1.959
dof2,177
29,430
dof20,859
6,684
6,218
27,203
19,352
dor3,803
(1013,165.
dofl 2,639
dof74
6,754
2,253.
49,751
24,136
15,250­
11,981
202.127
105,330

Nov. 1 1919.]

THE CHRONICLE
Gross
Earnings.

'Now York Dock
Oo

Sopt ’ 19
’ 18
9 mos ’ 19
*18
T w in City Rapid
Sept ’ 19
Transit Co
’ 18
9 mos ’ 19
’ 18

422.725
455,659
3,865,845
3.984,734
974,964
826,759
8,240,600
7.299.515

Ne(
Fixed Chgs.
Earnings, < Taxes.
ft
$
160,966
86,600
204,817
105.737
1,476,717
803,971
1,715,598
855,185
275,055
213,993
253,399
172,634
2,348,199 1,525,012
2,074.947 1.442,296

Balance,
Surplus.
3
74,366
99,080
672,746
860,413
61,062
80,765
823,187
632,661

F IN A N C IA L R E P O R T S
F in a n c ia l R e p o r t s .— An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
■
on the last Saturday of each month. This index will not
include reports in the issue of the “ Chronicle” in which it is
published. The latest index will be found in the issue of
•
Sept. 27. The next will appear in that of Oct. 31.
H u d s o n & M a n h a t t a n R a ilr o a d .
(ICh/i Annual Report— Year ended Dec. 31 1918.)
President Oren Root, N . Y . , Oct. 1 1919, wrote in subts.:
., F * deral Compensation.—The Director-General o f Railroads on Dec. 28
1917 assumed control o f your property, and under agreement dated June 4
y ° llr company an aggregate annual compensation of
$J,0U3,3oJ. rhe Director-General took over the Hudson Terminal Build­
ings, Nos. 30 and 50 Church St., as part o f the railway property, and the
annual compensation is based upon the average annual operating income
o f theso properties for three years ended June 30 1917. So far no cash
settlement has been effected under this contract, except advances to meet
corporate expenses and fixed charges, but it is hoped that such ^settlement
may bo reached at an early date. In the contract the U. S. Government
•reserves to itself the right to deduct from the company’s compensation the
cost of additions and betterments made by it to the property, these during
the year 1918 amounting to $195,195.
Agreement icith Penn. RR. Modified During Federal Control.— For many
years there has existed an agreement between your company and the Penn­
sylvania R R . Co. for the joint operation o f trains between Hudson Terminal,
New York, and Newark, N. J. Under this agreement there is a provision

1697

FEDERAL INCOME ACCOUNT YEAR ENDED DEC. 31 1918.
nw oi RR- f? venue (^ e combined income account above)
$ 5 078 422
2 565 642
Total operating expenses.of railroad............ ..............- . . . .
Taxes on railroad operating properties__________________ _
*342,767
Net income from railroad operation________
e? 1 7 0 013
Net income from Hudson Terminal B u i l d i n g s ... '" ................
804 664
Non-operating income........... .
-----------------------l l ’Jun
------------------------------------- d b 1 I 3 2 9
e
Income deductions................... ............'•
Balance of income...........
. _
so 0 7 4 oca
M a ^ atta rf RR
R uchwn i
rp
ak°ve the sum called for by its contract with the Penn
have
H0t i? c,“ ded‘
U.
RR. Administration X “d
($16 0 4 4 subject to adjustment) by a total of $228,007. and interest item
d
i»io,U f 4 suhW t f « aHih,e fStan^aK return, (*3.003,363)
CONDENSED BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
$
s
Liabilities—
$
S
Prop, accounts. 119,313,326 119,336,291 Com. stk.&scrip 39,994,890 39,994,898
Tunnel Adv.Co. '
Pref. stk.&scrip 5,242,151
5,242,151
capital stock.
1,000
1,000 Stks. held in res.
12,909
12,909
Proceeds prop'y
N. Y. & J. 5s.. 5,000,000 5,000,000
released fr. M.
111,071
111,071 1st M. 4V£s___
b944,000
944.000
♦Amor.&depr.fds 1,405,459
1,135,185 1st L.&Ref.5 % 37,521,234 37,521,234
Bd. diset. & exp. 3,615,479
3,668,625 Adj. jnc. M. bds 33,102.000 33,102,000
13.284
£ as£ ..............-829,926 Real estate Ms.
888,000
927.000
Cash to pay ma­
Car PHrch. oblig.
272,000
456,008
tured coupons
480,345
25,760 Readj. reserve..
601.359
601,359
TJ. 8. Govt. Lib­
Res. for contin. c l ,735,000
1,075,000
erty Ln. bds.
400,000
250,000 Bank loan 5 % ..
110,000
Curr’t accts.rec.
74,769
208,935 Bills payable__
150,000
Dep. with pubCur. accts. pay.
48,989
165,013
lie departm'ts
14,186
14,186 Due amort, and
Prepaid insur.,
depreciation..
117,042
taxes, &c___
21,868
51,387 Matured int__
25,761
487,063
M afl & supplies ___
555,417 Accrued Interest
919,944
922,503
Accts. in susp.
462 Other reserves..
145,219
151,628
Due from U. S.
........
41,610
53,206
RR. Admin., al,889,034
............. Bal. of net inc..

A —
ssets

Total - ........ -*127,339,820 126,188,244

H.*&MdiR°R

T otal............. 127,339,820 126,188,244

^ ePF6?iatl? n funds. at D « l 31 1918

yet denositoH
amount 01 funds accrued not
value,C
§L405,459?r
' S117’042; total par value, $1,617,417: book
byatJ sIS R R ^ A r im .w contains the charges made against the company
T
of $195 1 9 5 ‘
r
expenditures for property account in the amount

,r?vePu<?. whereby on the basis o f the volume o f traffic obtaining in 1918
T
e ^ r t S V t h e U r a ^ t aPPr0Vaf ^
S
by th0
the Hudson & Manhattan RR. (Federal Administration) received an addi­
tional revenue during the last six months o f the year approximating $30,000 the issue of 6 d d m S ^ f t trSasuJ y is entitled to reimbursement, through
a
a month in excess o f the amount it would have received under the terms o f 81:3J3.807 made from worktag ^pTtai
uxpendit^r“ in the amount of
the agreement. The provision is still in effect and the result o f the modi­
fication is shown in the attached statements. (See foot-note “ a” following with the trustees
0l, i ^ A t Kmds (566,204,000) is deposited
d
income account below.— Kd.| The Hudson & Manhattan RR. Co., how­
c The account
Rof- ^ ; , and adjustment income mort.
ever, has not been benefited by this modification o f the existing contract.
income made *hv
.9 ?ntlngencies consists o f appropriations of
, Increase in Expenses.— The operating expenses in 1918 show substantial te r^ o ™ th e
direct'0^ as special reserves cra ted i*ider the
s
increases over 1917, principally due to the increases in wages by the Federal adeauatn
ln®°me mortgage, to secure the proper, sale and
Administration and increased cost o f supplies, especially coal. The effect S a n d o t a ^ n « r H ^ ‘ s meat and operation o f tunnels, lfhes of rail• o f the wage increase may be summarized as follows:
— V. I09 °p n 7 9
f h COmpany or to Preserve its earning capacity"
_T
.
„
_
1917.
1918.
Increase.
Per Cent.
No. employees, railroad----1,431
1,590
129
9%
B o s t o n E le v a te d R a ilw a y .
Compensation
----- $1.265,378 $1,801,828
$536,450
42.3 %
At a meeting of the board o f directors on Sept. 18 1919 Mr. Wilbur C
Fisk resigned as President, and was elected Chairman of the board. Mr.
{Statement o f Trustees fo r Quarter ending Sept. 3 0 1 91 9 .)
Oren Root was elected President.
-T h e trustees, James F . Jackson, C hairm an, in statem ent
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
° t U c t . 2 3 say in brief:
■Showing in 1918 combined account o f U. S. Govt, and the company.l
st/»dn°jIi ^ ,UndcI thelO-cent fare which went into effect on July 10 1919
1918.
1917.
1916.
1915.
l r 1
f loslng days o f September they were suffirient
Passenger fares.............. a$4,715,120 $4,110,436 $3,822,578. $3,477,695 to m S K
expenses- This Improvement has been sustained during the
Misc. rev. from R Ii. o p .
363,302
316.5/0
262,270
248,294
Total R R . revenue— $5,078,422 $4,427,006 $4,081,848 $3,725,989
Maint. o f way & stru c..
92,986
$268,061
$293,168
$269,424
Maintenance o f ©quip..
'66,574
190,234
219,179
179,676 tn Tu® charge of $450,000 appearing at the end o f the exhibitroafly 1
befomrs
Pow er_________________
729,074
476,819
275,986
243,509
Transportation expraises
995,490
742,338
679,464
615,303 & w lg W iS f/S i S jS.r°pr‘“ nK ,h>
S2& “ 5®
Traffic expenses...........
715
2,335
3,308
1,110 t w Is t0 be n°tod that the 10-cent fare did not go into effect until July 1 0 ■
‘General expenses_______
196.705
206,572
176,636
147,574 ^
an tuno6ualiy large amount o f track work iTas to be p e rfo ™ ^ lathis’
10
^ To.t,a ,. R R - opcr- exP - $2,581,545 $1,911,466 $1,622,634 $1,456,596 K h n W k 4 1 , fonr dayf of ?twke entailed a heavy loss <k rovanuo ami
T
Neb RR. oper. revenue. $2,496,877 $2,515,540 $2,462,214 $2,269,393 b^ n 'g rad u ^ fy re U fS ln ^ “ “ ,mmedlate Io*
Patronage, which has s in e
tRailroad taxes_________
342,767
293,610
308,438
272.237 of The
a r 0 C 5lfi d! ? t ‘ h? 4 during the next three months a large part
£
incurred during the last
will be
that
Net income_________ $2,154 110
$2,207,102 $2,168,604 $1,997,156 ?.Ltb° ^ c i textraordinary event shouldquarterthe year eliminated, and 1920
wnniH
occur
closing June 30
do Hud. Term. Rigs.
795’,179
876,777
900,376
947,395
do other real estate.
20.840 deft.26,703
17,701
35,233
Total net income_____$2,970 129
Non-oper. inoome...........
96|861

$3,057,175
78,013

$3,086,681
55,398

$2,979,784
43.111

Gross income ............. $3,066,991
Int. on car-purch. agree­
ments ______________
$17,467
Jilt, on real est. Ms., &c.
43.795
Rentals____________ ___
79,481
Amort, dobt diset., &e._
39.795
M iscellaneous..............
98,740

$3,135.18S

$3,142,080

$3,024,895

$26,667
4? ,566
76,287
39,795
90,493

$35,Stf7
50,536
83,377
39,795
54,968

$45,067
50,836
71,822
39.020
37.020

Balance for bond in t .. $2.787 713
Bond int. (N. Y . &.T. 5 s.
’
1st M . 4 >£s and 1st
Lien Ref. * ) - - - - - - - 2,168.535
Int. on adj. Inc. bon ds..
____
Reserve for contingencies
660,000

$2,854,381

$2,877,537

$2,779,130

Bal., surp. or deficit..bdcf$ 10,822

s u r .$ l,8 4 7

2,167,534
2,155,402
2,137,998
None (1%)331,020(2%)662,040
*685,000
390,000
...............

...............$3’ ^ E o l l

Gross incom e................. .
_ _
]]cbt of track and tenninal privilege,' &c” d ed u cY i^ I 11111 "
Bond interest— New York & Jersey 5s____

003 nsi
260:949
250 000

tor

First Lien and Refunding 5s
-----------i oyan cc
Reserve
contingencies..
.....................*............. *.................
660 000
jm a la n c . » / „ o . ,„co ,„c t o t t .

Revenue passengers carried..............'. 'A^94!o29 162 964n817
Reco.pls- per p a ssen g er.-............. 10.025 cte.
7.028 ctL 3° '
' f
8.914 cte!
91026^!
Cost of sorvlce por passenger...........all.3 2 8 cts.
a Of this amount labor cost 5.756 cents.
COMPARATIVE RECEIPTS A N D

Special cars, advt., sale of power, &c
Int. on dep., inc. from sec., &c

182,991
12,583

603.181
89,577

335,654
48.739

D epr^iation . . ” ” 11 ”
.......... ' $7’ ^ 7 ‘671 522.903.689 $11,453,768
Mint, transp. & general expenses.. a5.496,2|0 18.pl'.211
g'.Tol’, ? ^
859,168
447,610
T & £ 0r i ^ . r0?;ls-/« xcl^ 8
'pbwi"^)
65b:978
2,371,113
Propor. o f rent o f sub. _
1.291.691
Boston, excl. of sub. ow n ed..
2 7 8 one
1.365,626
738,918
Int. on Boston Elev. bonds & n o t e s "
389 0 9 ?
1,261,086
664,512
Miscellaneous items_______
'
i r ’ynl
32,920
13,717
T n ^ P? rtion of divs taxes...............f "’i s
•under Acte o
350 9 9 3
i1,243,223
943 o f .
Interest on unpaid
oou.993
658,235
25,078
________
-------------S27.,J6 .424 r 4 . 526./33
........... ..
$^28,694 $4r442,780
..
.
Back pay for M ay & June from
award of July 20 (est.)............... ..
450.000
Total loss
......................
51,378,694 $4,442,730

$3,072,665

$3,072,665

S7,475C
»
f t -* 75 t b ? 6 months and 257 779 tons at
for
Rr? «f » M, b..’ ,31.157 tons a ,
,
111 J 57 M , at
Includes $4,103,631 for waa-fs for 9 °JSia«,® 6 i 6 L for 11 months. It also
/

...................................“ ^ 5 5 7

predation funds*, thiu $69,131 being also included among deductions below. I p, 887




COST OF SEI&’ICE

s u r . $1,115 def.S20.908

■M?nhn tt,id eRin h J o ,? "a r b itr a r y allocation o f revenue to the Hudson &
»C n
tb? DIrector-General o f $183,588 in excess o f the normal
proportion o f joint revenue accruing to tho Hudson & Mahattan R R .
ohWfrX ,rv ^ >
n
rn°lltrfa) fc , Rh Pennsylvania R R . b If tho afgremenC w
on a ^ o ^ ^ L r ^ $224.4n
iOU
° combined dcflcit for 1 9 1 8 would be
A ^ - T h o income account as shown above for 1918 is tho result o f the
•combined accounts o f the U. S. R R . Administration and the company.
CORPORATE INCOME ACCOUNT YEAR ENDED DEC. 31 1918.
lacom o from lease _o f road and Hudson Terminal Bldgs —
r
Gross “r l S k from n . , w j ab e .by u - S. R R . Administration...$3,003.363
rentals f r ^ outside real estate
q
Non-operating income_____________
x94 265
Total.
Operating axpwfs'e^a'nd Yax'ei o'u ouuide' real" i'ta te
Operating expenses, general...........................25,387

r o M c .3i m s

P

19«*. $6,349,937, total receipts, $29,163,Q27.__V. l()9.

T h ir d

[Vol. 109

THE CHRONICLE

1698
A v e n u e

( R ep ort

R a ilw a y

fo r

F is c a l

C o m p a n y ,

Y e a r

e n d in g

N e w

J u n e

Y o r k

U n it e d

C ity .

(R e s u lt s

3 0 1 9 1 9 .)

President Slaughter W . H u g g , N e w Y o r k , O c t. 1 5, wrote
in substance:
Competition of New Subways. &c.— The latter portion of tho fiscal year
ending June 30 1918 and the earlier part of tho fiscal year ending Juno 30
1919 seem to have covered the period of greatest loss of receipts by reason
of the competition of newly constructed subway and elevated lines, im s
loss of receipts was then very marked, and although the latter months ot
tho year show a tendency to recovery the fiscal year, it will be noted, snows
an increase of only about $125,000 over the receipts of the previous year.
Wage Increases— Need for Higher Fares.— On the other hand,
necessary in Aug. 1918 to increase transportation wages approximately
46% and this increase carried with it large increases in several other depart­
ments. On the basis o f the previous year's operation this increase in wages
involved an increase in operating expenses of approximately $1,500,uuu.
With this large increase in rate of wages the operating results, as snown
in the report annexed, were only made possible by the reorganization or
operation, resulting from the shifting of travel and the additional faro,
collected in Westchester County.
. .
An additional increase of transportationwages of 25%
increases in other departments, was granted in Aug. 1919 hi order to meet
prevailing wages. This additional increase will be reflected in the opera
tion of the present fiscal year, and will make more urgent tho noewsity for
Immediate relief in the form of increased fares. Justice, we behove, will
u1 irna teI y b ta in. ^ Acijustment Bonds.— Under th?,
1
confronting all street transportation companies your
5?,“
sidered it necessary to set aside any amounts that have been earned applic
able to payment of interest on the 5% Adjustment
secure the proper, safe and adequate maintenance, equipment and operation
of tho road and to preserve its earning capacity.
m . . , .
,
Maintenance.— The equipment of tho system has been maintained at a
high standard of efficiency and the track, roadway and buildings have been
maintained as well as would seem justified under existing conditions of
th?S«6 ur6 ann
/vjrc'f— The'subsidiary companies in Westchester County wero
in particularly bad financial condition. They had been operating for years
at a loss on single 5-cent fares, the losses being carried by the Third Ave.
liy. Co.: the more the travel tho greater the deficit. i^Jtert
all o f tho communities in Westchester County agreed to the zone system,
or an extra fare for each interurban ride, except the village of Hastings-on1i udson. f Subsequently that village agreed to conrino the 5-cent faro within
tho village limits. A portion of the most unprofitable of tho Hastings track
has been removed, however, and negotiations are under way for a franchise
to re-operate the remaining portion of the track.

fo r

S ta te s
th e

S te e l

Q u a rte r

C o r p o r a t io n .

e n d in g

S ep t.

30 1 919.)

Tho results of the operations for the quarter ended Sep t. .10
1919, shown below , were given out on T u esday following the
regular meeting of the directors. A s for the tw o preceding
quarters, the official statem ent does not itemizo reserves sot
aside for Federal taxes.
;
,
.
T h e extra dividend on the C om m on stock om itted six
m onths and also three m onths ago was again om itted b y the
board, but the regular quarterly dividends of 1 % % o n the
Pro "err od and 1 \ i% on the C om m on stock wero declared,
the former payable N o v . 29 on stock of record N o v . 3 and
tho latter payable D e c . 30 on stock of record D eo. 3 .
The “ New York Times” makes the, following comments:
“ The report shows that August, with not earnings of $14,114,881, was xno
bestthe^orporaUon has had this year
Both July ^ A u g u s t showed in« * “ l ? i ® S 3 E r S S S .5 S S .

. or / d e c r e e . ot

u a* M
a r ite . T » « « »
rectly affected earuings only in the last eight days of the month, but it is
understood there was8 an indirect reflection jn operations o v e r «ie entire
month fett tho strike was a moot question during that time. It was pointuu
out that ^1 reports show the strike made its heaviest inroads in production
during the first wook, and that sinco thnn thore has boon a gradual recovery,
so that earnings were probably .affected to their ® rea tesextentIn the
p *riod covered by present report.
(Compare V. 109, p. 1133, 1—»,
1422, 1574. 1576.)
EARNINGS FOR QUARTER ENDING SEPT. 30.
1919.
1918.
1917.
.1916.
Not earnings^fswi toxt)"- .*40,177,232
42,901.589
Deduct—
,
,
Sink, fund on bonds of
S& SSa S R mS
9.057.802 8.970.278
Int. on U. S. Stool Corp.

‘• M i

2.008.001

1.912.919

68,2*3.784 85.817.067
11.159.813
288,436

8.867.392
5.376,233
325.™

1.838,564

1.747.267

CONSOL INCOME A N D PROFIT A N D LOSS STATEMENT FOR TIIE
CONSOL. JNCU.vil YEARS ENDING JUNE 30.
D ii“
Kent of equipment.. Rent of tracks & tSrm Is.

20.429
77,993

gO-429
72.1-4

S a le o f^ w g :^ :^ -

38,670

*41J M

Total oper. revenue..$10.363,448 $10,234,989
Operating Expenses—
Maint. or way * stru c.. $1,131,557 $1,186,997
860,333
Maint. of equipment—
1,013,602
59,770
Depreciation accruals—
'940*255
822,478
Power supply--------------3,047.828
Operation of cars---------- 3,424.466
830,974
845.654
Injuries to pers. A prop.
468,532
453,498
General & misc. expense
* * li .ll

^ ’S K iS s

Operating income------$1,804,304 *2.063.972
Interost revenue----------156,883
158,84/
Gross in co m e ..— —

19.92^
51,5S»

18.386
b sso "

34J93
4U895
$8,972,649 $11,136,370
$998,770
709,637
225.962
781.085
2,726,243
862,809
983,338

$1,090,701
599.550
294.2/1
731,598
2.923,777
659.197
509,101

8 1 794,450
$890,358
164,925

$3,480,054
157.870

$1,961,187

$2,222,819

$1,055,283

8/9.620
l , 1 2 o,oOU
— - —
{x-Svio

$548,080
879,620
1.126,800
4,665
13,022
10,521

$548,080
856,272
1,126.800
6,197
14.415
13,953

18,874
33,480
45,434
bb-bhJ __________ _

18,447
33.480
42.975
_______

18,049
33.480
29.606

M i s c . r e n t r e d u c t i o n s ------

iu ,//n

Amortization of debt,

d is c o u n t & e x p e n s e . . .
S in k in g fu n d a c c r u a l s . . .

l 'J . jJ U
3 3 .4 X 0

M iscellaneou s..-----------

xNet income f^ p e'ricil def2
$720:056def2
$456.503df$l S

In * 0 ct' Toi*7* p aid*' l\ I % ;° in^pffil^a nd ''o c t P^ 918 , nil.
*
V. 107, p. 1194.
BALANCE SHEET JUNE 30.
Railroads* equip.81,200,816
Special deposits—
108,876
Sinking funds..
84,100
Comp, of N .Y .C
8 8 ,000
State Ind.Comm
13,194
Other-----------D eprec.* conting. 2,022,498
Investment fund. .
254,389
Liberty bonds . . .
§62,700
Bklyn.A N or.Rlv.
RR. cap. stock.
25,000
Cash_____________ 1,043,339
Cash for mat. int.
648,191
Acc’ts receivatle..
92,319
337,343
Other RH. co s..
796,059
Materials < supp.
fe
19,339
Constr. in process.
Unexpired lnsur’ce
76,164
prem. A. rents..
Unamort. debt dis­
count & expense 1,232,007
Miscellaneous-----21,494

Total

$

1918.

$

3d
stock-16,590,000 16.590,000
81,137,408 Controlled cos . . .
509,100
516.600
107,447 1 U d
dAved R y .00x49,526,500 49.526,500
84,100
Controlled C08.- 6,628,361 6,628,361
8 8 .000
360,078
777,302
3,348 Liberty bond debt
276.768
263,086
2,022,498 Accounts payable
91,980
52,100
254,339 Empi .wages&dep.
639,499
648,191
402,200 Jpt. mat. & unpd78,605
78,605
Interest accrued..
640,603
643,808
„
25,000 Taxes accrued . . .
1,408,500
684,132 Int. on adj. M.bds 2,499,300
‘ 639,499 Res .for adj. ,depr.
conting.. sinking
io.720.273
383,018

3

743,414
26,211

Su^us - -i::::-det202,991

502.668

89,766
1,251,328
38,675

..88,925,830 87,980,434

Total ..................88,925,830 87,980,434

xTrTcludes 1st M . bonds. $5 000.000:
$21,990,500; adjustment mtge. 5% bonds, $22,536,000.
P u n t a
( F o u rth

1917'

None s in c e .-

1919.

1918.

A lo g r e

A n n u a l

R e p o rt—

S u g a r
Y e a r

v. tu. . p

C o m p a n y .

E n d e d

M a y

.51 191.).)

T h e remarks of President E dw in F . A tk in s, together with
com parative income account and balance sheet °
years, will be found on subsequent pages of this issue.
a

— V . 109, p . 1G14.




lS .lfc.2 3 7

36.074.425

18.7WI.91S
P ™ '™ .

TOUT (first a u ^ r ,

33 513 3 ^

ju Total (second quarU.) 34.3^1.301

56 961.4^4 1 1 3 ,1 2 1 .^

62.557.391

9 | ..5 | | |
3 0 : 1 2 0 :1 5 8

mont,6 bonds6was paUl AprU°'l m ^ fo r * t h e ™ m o s A p r i l

1919.

e « .« i»

1326

* This period includos, and tho figures reflect, tho strike in 1916.
*Note.— Interest on adjustment mortgage incomo bonds is included hi tho

$

.™

J a n S y * - ? ? - .........12.2-fo.167

Deductions—■
Interest: 1st M . bon ds..
1st ref. mtge. bonds
xAdjust. M . inc. bonds
Notes payable------. . .
Tracks & terminal p n v .

Assets*—
*

m m

NET EARNINGS FOR N IN E MONTHS ENDING SEPT. 30.
1919.
1918.
1917l9< 6,
|

$3,637,924

$548,080
879,620
1,126,800
2,550
13,737
10,747

n r t .v t ii:r r K % ) .

UiiC 0,:S t m
ra.“. " —
::
i i i
i S
Surplus for quarter—
11.105.167 3.840.561 21.824.554 51.859.450
x Note.— Tiio net earnings aro in all cases reported by
ordinary
deducting “ all expenses incident to operations, comprising thoso for ordinary
repairs and maintenance of plants anti interest on bonds of the sub. cos.
‘ako in alUhreequarters in 1918 and 1919 allowances were made for taxes
prior to stating the earnings including estimated war income » nda®£jl,n
profits taxes. The amount o f tho tax allowances
191- ;,inros‘ for (»sti-«
the official report, the circular merely referring to allowance
J ^ re_
mated proportion of extraordinary costs, resulting^fr<>._ •
^ rjajg
ments and conditions, of facilities installed and o f ^vento
excess
on hand, also estimated taxes (including Federal income and^ war ox^
profits taxes).” I a 1918 tho allowances for war Income and, exaess
2fl
taxes amounted for the first quarter of 1918 to
1
fwT 'U7
This
quarter to $90,716,250 and for the 3 d quarter to $ 1 0 1 987.317^ o w
last-raontionod allowance for taxes included
17
account of
current quarter on basts of existing tax laws and $4 5 ,0 0 0 ,0 0 0
j
additional taxes which it was thought might bo chargeablo for nrst nm
months under then proposed legislation.

T o T « h^

^

: i 40 -S :if 7 i 42 ® u
o8
6
5^

* After deducting Interest on subsidiary cos' bonds outstanding, vie.:
1916.
1917.
1918.
1919.
$745,853
$726,892
$7.38,506
January_______________
796,408
745,522
724,867
738,449
February_____________
795,226
746,977
724,848
738,988
792,541
744,648
739,069
732,882
April__________________
790,558
742,835
762,202
731,578
791,918
742,738
762,859
724,580
•June
783.717
739,795
755,784
719,894
.Tilly
____________
780,413
739,119
748,047
715,230
778.535
739,397
746,289
715.358
September____________
INCOME FOR N IN E MONTHS TO SEPT. 30.
1916.
1917.
1918.
1919.
$
$
Net ^ n h ^ — 3 — - -108,021,917 162,480.401 271,914,006 227,656.739
Deduct—
For sinking funds, depre­
elation & reserve funds 32,711.0)3
Interest ---------- ---------- 15.419,222
ITem. on bds. redeemed.
678.,>72

29.561.712
15.703,954
681.000

38,943.382
15,976,166
673,837

29,855.550
16,233,882
747,000

Total d e d u ctio n s ..... 48,809.747 ^5.949,666 2 g g 3 S J
Balance
Dividends—
18,914.757 18,914,757 18,014.757
Preferred (5tf % ) ...........JS’nif'qm
C om m on ......................... i9 ,061^313 59,725,513 64,808.568 29,227,393
5H%
12)4 %
11*4%
Per cent
Total dividends - - - - - 37.976,100 78,640,300 83,723,325 48.142.150
Undlv. sur. o irns., 9 mos. 21,236.0 1 0 37,890,438 132,627.236 132,078,157
Deducted Acct. Mar. 31 Quarter—
Extra com. dlv. (Rod
Cross), 1% , pd. July 28 ...............
Add’l allowances for war
taxes of 1st quar., viz.:
Made during 2d quar. -----------Made during 3d quar.....................
--dnnre. surplus......... 21,236.070

5,083,025
33,865,000
12,716,724
37,890,438

80,962,517 132,678,157

.ifillcd orders on hand Sept. 30 1919 amounted to 3.281.638 tons, as
avainst 4 892,855 tons on June 30 1919 and 8,297,905 tons Sopt. 30 191$.
— V .109', p. 1373.
1

Nov. 1 1919.]

THE CHRONICLE

C o s d e n & C o . (D e la w a r e ) a n d S u b s id ia r y C o m p a n ie s .
( Report f o r H a lf-Y ea r ended June 30 191 9 .)

_
1918-19.
Cross profit on operations $4,734,553
Operating, Ac., expenses 1,969,709
Net earnings-------------- $2,764,844
Uiv. jointly owned carp’s
80,170
-------------- $2,845,014
Bond interest__________
5 1 1 ,0 9 7

President J . S . Cosden says in substance:
earnings for the six months ending June 30 1919 amounted to
U u S l i m „ t deducting accrued^interest and taxes, including estimated
F lo r a l Taxes amounting to $521,231, but before depreciation and doployear wero $ 3 -8 1 9 ' 171 and f° r
In addition to the usual dividend the future policy of the Company will
^ r n i n 'i f 'e 0 e? £ a dividends in stock from time to time from the surplus
stoclihniAnr«O i1
Q n^J>Urp° s0 v i h 0 Bi)arcJ of Directors is recommending to the
rnt
t^$:L5,OO0y000 ( V 1 0 9 .e IK 1 2 7 > T l s T
COmm° n stock frora *25.000.000
in ^ t 0m enf\ vhW ^ " r )
tbis manner'rocoivo a substantial return on their
S th< Company will have the benefit o f the cash from Its net
»
Increase the earnings ° Pm
° f ltS properties- which should in turn greatly

EARNINGS FOR SIX MONTHS ENDING JUNE 30.
Net earnings_________________
oxYT'ii
Preferred dividends, cash (3 >£ % ) about
I .........* T 25'577
Common dividends........................................ ( 5 % 'cash) 90L936

1918.
$3,819,171
121,838
*1,637,300,

? f apces' t ^ plus..........................................................$3,254,020 $2,060,033

CONSOLIDATED BALANCE SHEET AS AT JUNE 30.
1918.
19i 9%
Oil lands, leases, refineries, pipelines, Ac., $48,563 497. less reserve for depletion, and depreciation,
59,504,015_________________________ _
3 9 9 5 9 482 40,748,425
Investments in affiliated cos. at book value, $1 (9 5 5 - ’
’
097: advances to same, $141,799________________ 2,096,896
2.805.165
Sinking fund investments, cash, accrued interest , Ac 230,432
66,734
(In addition the trustees have acquired $2,892,500
o f bonds which are deducted, per contra.)
Materials and supplies___________ ______ _ _ __
6 402 192
4.694,457
Prepaid insurance and deferred expenses _ I . . I . . I I '255 -154
428,100
Bond disc, and exp. (less prop, written off)...........
37,818
321,905
Items m suspense________________________________ ________
256,555
Notes and accounts receivable, after providing for *"
TTdq U £ Ul. itt m s 5 .....................- ................................. 1,840.549
^
2.256.229
o ; J , ’ .LlK
ert7 bon,d s- v - - ^ ...............- .........................
343,495
415,070
Cash In banks and on hand............................................ 1 ,767,922
288,002

A
ssets— y

lia b ilit ie s — ............................................................................ 5 2 ,0 3 4 .2 4 0
P r e f. s t o c k , 7 % c u m . c o n v e r tib le , p a r $5 a share;
a u th ., $ 7 ,0 0 0 ,0 0 0 ; o u ts ta n d in g ------------------------ 3 ,5 8 7 ,9 0 5
C o m m o n s to c k , p ar $5; a u th ., $ 2 5 ,0 0 0 ,0 0 0 : o u t s t ’d ’g l8 ,0 4 2 .8 9 0
O u ts ta n d in g shares o f su b sid ia ry c o s . a t b o o k v a lu e .
4 7 ,6 3 5
1 5-y ea r 6 % s in k in g fu n d co n v e r tib le g o ld b o n d s o f
C o sd e n A C o . (D e la w a r e ), d u e 1932, $ 1 0 ,3 7 7 ,5 0 0 :
less in s in k in g fu n d , $ 1 ,2 5 0 ,0 0 0 ; in trea su ry,
$ 3 ,0 0 0 , c o n v e r te d in to s to c k , $ 68 ,0 0 0 ; a n d h o ld
b y C o s d en A C o . ( ° k la ) $ 172 ,000 - . ..................
8 .8 8 4 ,5 0 0
First, M t g e . 6 % c o n v . g o ld b o n d s o f C o s d e n & C o .
( O k ia .) , d u e 1 92 6 ------------------------------759 000
3 -y r . 6 % c o n v . g o ld n otes o f C o s d e n O il A G a s C o "

Serial* ca r-rm rch ase n o t e s l I I I I I I I I I I I I I I I I I I I I I I I
W a T s
P u rch ase m o n e y o b lig a tio n s fo r p r o d u c in g p ro p e rtie s
166 [905
D u e t o a ffilia te d co m p a n ie s _____
223 766
N o te s p a y a b le t o b an k ers, $ 2 ,6 1 0 ,0 0 0 ; t o 'o t h e r s l
’
3 0 76
$ 4 6 6 ,3 5 8 ---------------------------------------------------------A c c t s . p a y ., $ 1 ,9 5 6 ,0 5 7 ; a c c e p t , d is c ., $ 4 4 2 ,5 0 6 I I I I 2 ,3 9 8 ,5 5 7
A c c r u e d in t. a n d ta x es, m c l. estim ate d F ed era l
tax es, $ 5 2 1 ,2 3 1 ; p re f..d iv id e n d a c c d ., $ 2 1 ,7 3 9 ____
5 4 2 ,9 7 0
Item s in su sp en se___________________
<>02 007
S u r p ,u s ..........................................— I - I I I I I I I I I I I I I I I l 3 , 1 4 4 , 5 4 1

52,280,641
3 ,4 8 1 ,1 1 0
17,572 095
75 223

1I K ?
' 66 958

9 * 6 ^ 0R9
>
2 ,2 2 3 221

5 16 ,01 6
1 3 ,6 7 7 ,6 7 9

In teres t o n n o te s p a y a b le _________________________
A m o r tiz a tio n o f d e b t d is c o u n t _____________ ”
In terest o n C o lla tera l T r u s t g o ld b o n d s
In te re s t o n d e b e n tu re n o t e s ................................ I I I I I I

$622 492
$ 2 2 4 ’ 948
3 9 ’ 586
4 5 '0 0 0
4 5 0 000
1 8 0 [000

$91,539
$49,488
6,115
‘ 2271250
76,480

N e t d e fic it fo r p e r io d .................. ....................................

$ 3 1 7 ,0 4 2

$ 2 6 7 ,7 9 4

1,598,235
Cr.88,260

914,239
Cr.46,286

Gross corp. in co m e ... $4,946,066
Int. on funded debt, A c. 4,066,812

$6,191,273
3,895,499

$3,142,737
2,080,930

70,764

$ 8 ,6 8 0 ,5 9 9
~ 4,923,563

849,707
Cr.40.762

$2,948,091
2,026,107

Net corporate income.
$879,254 $2,295,774 $1,061,807
$921,984
. ^ ‘'.— Subsidiary companies controlled are: Now Orleans Railway A
Light Co., receiver appointed Jan. 9 1919; Birmingham R y ., Light A Power
Co. receiver appointed Jan. 23 1919; Memphis Street Ry. Co., receiver
appointed Jan. 20 1919; Little Rock Ry. A Electric Co.; Knoxviile Ry. A
Light Co.; Houston Lighting A Power Co., 1905.
The company owns in the aggregato 85.79% o f tho Preferred and 94.54%
202?1O
1273 >m0n Stocks o f tho aforementioned subsidiaries.— V. 108. p.
t

I n t e r n a t i o n a l A g r i c u lt u r a l C o r p o r a t io n .
(10*/i A n n u a l Report— Y ear ended June 3 0 1 91 9 .)
P resident Stephen B . F lem in g says in substance:
}na. year’ after eharges for depreciation and rock dopkti°n, \*ero $2,207,406, a reservo of $600,000 has been made for taxes
compared with $1,168,270 for tho a sur.plus fiscalt h 0 year o f $1,607,406, as
previous for year.
During tho year bonds to tho amount o f $394,200 have been paid and
canceled, reducing tlio bonded dobt as of Juno 30 1919 to $9,881 400
.T h e ™ are now under construction two new fertilizer plants located at
Woburn, Mass., and Norfolk, Va. These plants will enable the company
oxpand its business in these sections, give better service to already
established trade, and effect considerable freight savings.
_ Jmprovements are being made at our Florida phospliate rock properties
)vhtehw ill greatiy increase our mining capacity. During tho war, our expoi t sales decreased more than 90% on account of no vessels being available,
nf
Europcan countries developed tho fact that their stocks
en. lrcly cxhausttxl. The vessel situation is rapidly
t
improving and inquiries-lrom Europe and the Far East indicate that our
exmirt saUss should exceed that which the company has heretofore enjoyed,
nw w
ou. investment in Germany has been made,
r
l hat ,C I, murcial relations between the countries have been
On
l i l up pendin the signm of ttie Peace Treaty




AT ED (t. e., 100% OWNED) COMPANIES.
r,
,
1919
1918
T
1918
Liabilities—
$
$
Real cst.,plant,&c 21,653,007 21,769,540 Preferred s to c k ... 13,055,500 13.055,500
Patents......... ..
300 Common s to c k ... 7,260,600 7,260,600
Investments . . . ” 1,37L556 1,772,132
First mtge. bonds.
Cash......... ............... 1,836,163 1,203,502 Bonds assumed on 9,881,400 10,275,600
Acets., notes, Ac.,
property purch.....................
rec. (lessres-ve). 7.860.043 6,360,312
730,291
620,664
Inventories, co st.. 2,738,474 2,688,683 Accounts payable.
Loans and notes
Due from: Jointly
payable----------- 4,409,665 3,867,844
owned c o r p s ... 1,685,661 1.451.261
163,194
..............
Dlv . payable_____
Other companies 1,158.327 1.135,530 Interest on bonds
Deferred charges.. 1,400.486 1,523,806
and loans ac­
Cash in sink fund.
192
crued, A c--------280,942
473,133
U . S . Lib. bonds. .
422.350
75,450 Spe.lal reserves... 1,982.882 1,075,857
Overburden from
Surplus.................... 2,596,519 1,805,082
unmined phos.
property..............
434,588
454,572

Asset*-

10,000

39
0

' ------ 40,360,993 38,444,280
Total .
40 360 Q 3 38 444 98 n
Q
on notes o f Toinriv ^ !^ i^ ? ntingent labilities consisting of endorsements
— V ? 109, p . 1613.
^ corporations, $450,000, not included above.

T h e P o o l e E n g in e e r in g & M a c h in e C o . o f M a r y la n d .
( Report f o r Fiscal Y ear ending June 3 0 1 91 9 .)

showing t x c X i d '^csnlTs h We h ^ nlZed a

83168

organization, which is

fa £ » ~ a
&e^ wnvth? Maryland Pressed Steel Co is S g l d in the m a ^
and since thntT ^ 10*)!8 f° ! a’jtpmpbiles. Production started late in M ay
~ “ oe that time has steadily increased, and we are now in nosition to
our r ^ n ^ ’ ^ 101^ 5,9 0 wheels per day. The outiook ^rlhVs bmrine^
The P o o l h 1 6
heavy pressed steel work is exceptionally good
APple Co. has acquired additional stock in the Maryland Pressed Steei
S p i f . T . f r k T u K S S K r 0* * 95% ° f ,he 30-°” *6 S “ ° f
f c h h a consolidated general balance sheet as o f June 30 1919* tooth er
June 30 1 9 1 9
SUmniary o f lncome and profit and loss for the y ^ ln c t e d
in ^ o ^ o ’tatements referred to show a [total profit and loss] deficit at Tune
?P 1919.°/5<89,4 4 5 , which is occasioned by the liberal charge against onera6
«1n
07 K%mn 1 8 ¥ 31 fT u t 0 5X3T U der review. O f
Il
$178,966 Sapplies to theh period subseauent to Dec. the 1a 1 8 o C noflT e m f_
s i 0 m Qu n t en4_1 1i

8,450
12,322

INCOME STATEMENT OF SUBSIDIARIES FOR CALENDAR YEARS
A N D S IX MONTHS TO JUNE 30.
„
..
1918— Year— 1917.
1919— 6 Mos.— 1918
1,984,934
Cr.89,917

339,641

156

^ ^ o s - 19-

O p era t n g re v e n u e ...........$1 8 ,0 2 1 ,8 8 9 $ 1 6 ,5 8 2 ,1 8 4 $ 1 0 ,9 1 8 ,4 5 5
O p era tin g ex p en ses--------- 1 1,1 8 0 .8 0 6
8 ,8 8 0 ,9 3 6
6 ,9 0 7 765

750,000

246,040

Cr.93,864

out o f a lfinrrfnLo f the “ ew ?i?ca\ year July 1 1919 finds your companies
United States Navy W° rk’ Wlth the except*on o f some K
un work for the

^J?139*545
50 670
9s ’ 4ns
l '5 0 6
291 '5 2 7
1H L836

Taxes and uncoil, accts.
Non-operating revenue.

202,052

Cr. 111,991

1915-16.
$2,793 ,S98
742,595
$2,051,305
56,473
$2,107,778
581,906
$1,525,872

86Q nnn
9'° ° 0

COMPANIES’ INCOME STATEMENT FOR CALENDAR YEAR 1918
A N D S IX MONTHS TO JUNE 30 1919.

T o t a l i n c o m e _______________________________________

Amort, qf bond disc., or­
ganization exp., A c_
_
Prom <mb°nds*purehl*l <>.69 [547 Cr a M',337
Extraordinary exp., A c.
Ktserve for contingencies
600,000
400.000
Kes. for loss, on invest’t500.000
1 referred dividends. . (6 H %)815",969x
?
surpl us------- , $791,437
of

1916-17.
$2,851,408
957,405
$1,894,003
81,170
$1,975,173
556,629
$1,418,544

9 ,4 5 7 .5 0 0

A m e r ic a n C it ie s C o m p a n y .
{In com e Statement as o f June 3 0 1 9 1 9 .)

Deductions— O p er a tin g exp en ses a n d ta x e s ” !

Balance, surplus______$ 2 ,333 917

1917-18.
$4,504,583
1,908,860
$2,595,723
130,955
(&2,726,678
533.237
$2,193,441

u-rn t!S! dentL I P roctor B rad y» B a ltim o re, M d ., O c t. 15 1 9 1 9 ,
S
wrote m substance:
printdnaf e f f o r t > ' p a r 1919 your companies expended their
w a??ontrfcts * All ot wlnd,ln.K up of canceled United states Government
ment “contracts h i™
co, pectipn V th UnIted States Governn
been collected “
b
settled, although the money due us has not

C o m p are V ." 16 9 1 p i *680," 1 18 2 1 1 2 7 7 l ........................... 5 2 ,0 3 4 ,2 4 0 5 2 .2 80 ,6 4 1

D iv id e n d s rec eiv ed o n s to c k s o w n e d .
In te re s t o n secu rities o w n e d _______
In teres t o n n o te s re c e iv a b le ____
In teres t in b a n k b a la n c e s _________ I I I "
S e rv ice c o n tr a c ts w ith s u b sid ia r y "co m p a n ie s
M is c e lla n e o u s _________

1699

INCOME ACCOUNT FOR YEARS ENDING JUNE 30.

Y

milaT rO U®§ sh?wn°in the bTlance shwts o f The I^ooFe1Co^^idTthe
j es0
a
f
f
i l
1°9^ained iD the *
10 h o l d e r s

o f $575,000 offset by a ^ fr g e ig a h fs t iifTOme^Vrincome and^excc^sp'ronte
taxes for the year ended June 30 1919.
m
^ l
INCOME ACCOUNT YEAR ENDED JUNE 30
(Maryland C o.’s $500,000 stock is owned by the Delaware Co.)
Consolidated.
~oole
P ' Co. of Md.f.
X1918-19.
1917-18.
1916-17.
Net income------------------------------------- 016
292
$575 000
Income and excess profits taxes______

D ividends---------------------------------------------

184’491

Good-will, Ac., written off_________ I
Surplus income for year___________
$256871
Surplus at beginning or year________
2 2 4 0 981
Adjl in par val. of M d. P. S. Co. stk_.
7 3 ,5 2 6
Gross surplus______________
' * 9 571 1 7 a
War taxes, prior years__________ . I I I
'160 823
Adj. of accts. with foreign countries. .
’ ~3
A dj. in par val. of M d. A Del. Co. stk 2,5bb‘ oo6

uo
1
la 4 -»ol

437

B S t f S S & 'S t g Z S t f
wero not included in reports for previous years*

Md. C .
o

1 1 named companies

Consol’d

Md. C
o.
1918
1919
s
1918
Liabilities—
S
S
Plant, equip’t, A c . . . 3,763,953 2,677,913
Common Stock—
Contr. & good-will..
53,442
P.En.A Mach.Co.Md
son non
Organization________
____
10,483
P.En.AMach.Co.Del3,0061666
’
Securities owned____
51,171
85,644
Md. Pressed Steel Co 34,560
..........
Cash sinking fu n d ...
5,109
4,000
p w ^ J?° prer- stk
63,160
Sink, fund for bonds.
6 6 ,0 0 0
bonds 491,000 495.000
Bonds in treasury___ 150,000
100,000
500.000
Supplies, A c ............. 956,933 1,674;809 1st Ref. Mtge. 6 s ... 500,000
vouchers and wages. 442 318 913,295
Accrued bond int___
040
Notes payable_____
_____ 1,424,320
Cash in banks, A c . . . 176,284
394,764
35,367 139,187
Cash for bond cou p..
25,230
25,770 Accounts payable__
Notes A accounts._ . 901,595 1,617,803 Collateral loans........ 202 164
Unsecured loans----- 150,000
U . S . Govt. contracts 593,903
Claims of sub. contr’s 348,128
3 vll?ry 1 0
1 tes-......... 90,000
Trade acceptances.. 40.000
Liberty bonds, A c___ 503,182
171,540 Sub. co ntr .claims. . . 348,128
Advance payments..
24,059
63,761 Dlv. pay. July 12................. _
45,000
Deferred charges____
112,494 Matured bond int__
251230
25,770
Profit A loss deficit- .
89,445
Accrued accounts
147 405
72,564
1919

A s ts
se —

5

6 ,0 0
80
2

69
0 57

Deprec., taxes, Ac.,
’
reserves ............... 2,187,949 786,904
Deferred credit items 16.150
,* .< .,0
12,278
Profit and loss-------- -------- 2,090,603

- v f o r i r i m

"

73’4 3 1

7M M 0

T o t a l.....................7.773,431 7,004,921

[Vol. 109.

THE CHRONICLE

1700

electric light and power plants (both steam and hydro).

G E N E R A L IN V E S T M E N T N E W S
R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

Population

8 6 Secnrfty^-Socurw?

ROADS.

A r t e s ia n B e lt R y .— Sale Confirm ed .—
The saio of thic road to Harrv Landa, J. E. Jarrett and_W. R . Wtoanan
for a sum said to he SI67.500 has been confirmed by the U. 8 . Dist. Court
at Jourdanton. Tex. It is said that the purchasers intend to orgnaize a
new company to operate the line.— See V. lUo, p.
•
A s h t a b u l a R a p id T r a n s it C o .— City to Purchase L i n e —
The Ashtabula City Council on Oct. 14 voted to approve
offer made by the company whereby the city may acquire the entire pro­
perty entirefv fr L rrom debt for $296,000. The city however agrees to
waive its creditors’ claims of about $25,000 duo from
’ anco
The funds to purchaso the property will have to be raised by the issuanco
of bonds against the road itself, which probably.willam ounttot $346£>00.
o f which $296,000 will be the actual purchase price and $50,000 to eatamisn
a fund with which to improve the present
Morttraee bonds
The present debt of the company includes
$307 000 Second Mortgage bonds and a floating debt of about $100,000.
— V. 98, p. 761.
B a v S ta t e S tr e e t R y .— To Reduce Stock.—

by $420,000 First & Kef 6 s. $120 000 6 % CmnulaUve
Pref stock and $80,000 One-Year note of Potomac Light & Power u o .,
duo Nov. 1 1920 and by the equity (representing { ^ am oun ttag^ ovw
£100 000) in the Preferred and Common stocks of tho v .tiamutrsDurg*
G r ^ S t l e & Waynesboro Ry. Tho value of this collateral is estimated
at over 1 2 0 % of the notes offered.
_______ Dec
----- Earnings Years ended—
Nrr a n c r nt o l e s : : : : : : : : : : : : : : : : : : :
e
Interest on mortgage debt----- Int. on collateral and unsecured notes

ILMfi'oil
iiillio
83,000

191$ 8 o fl2 6

I n 8 ,1 2 0
^VoOO
"u ■
uuu

$604 711
lff| :o 5 o
115’95'
---------

Balance, surplus...............................
$84,000
$113,550
$113,093
Purpose— Proceeds will be used for corporate purposes and to reimburse
the company for expenditures made and to be made.
Capitalization—
Outstanding. 10 -year 6 % notes. 1917-27 $000,000
olo.OOO
*lst & Ref. 6 s, 1944...........S I.347.000 Underlying bonds----------- l.ol2,9o(i
l-vear 6 % notes (this issue)
550.000 Common stock---------------Preferred ------- 842,500
15-year 3 % notes. 1m 2 3 280.000 ------ ---------stock ..,— : -------year oyo noios, i 9 q *Authorized $10 000,000; outstandlngfin hands of public. $1'347,000
d e p o d t ^ a s collateral for 6% notes of 1920 $420,000; reserved to retire
underlying bonds, $815,000. \ • 109, p. 1610.
•
^now^vag^^ale^recm itly0granted the motormen a n d ^ " dl\ ” l from
c^>

S

l S

S

S

S

f a

Preferred stock (except 107 shares not represented at the meeting) have
agreed to this plan.— V . 108, p- 2122.
TOi^New York P
^

' Confmhsion has au/horized William G. Phelps,

hour.— V. 109, p. 477, 370.
I n d i a n a p o lis S tr e e t R y .— Equipm ent Issu e.—
Soo Indianapolis Car Equipment Co. under "Industrials below.— V. 109.
p. 982, 676.
I n t e r b o r o u e h R a p id T r a n s it C o .— E arnings .—

i c &
»
B u f f a l o & S u s q u e h a n n a R a ilr o a d C o r p .— D ividends.—
A ,marterlv dividend of 1 '4 % and an extra of A of 1 % has been declared

C e n tr a l
c h S m a T o 'f the Board, and Charles H.
Maidch'am wa^ e T ^ tolScceed him. with headquarters at 135 East 11th
Place, Chicago, 111.— V. 109, p. 981.
fih ic a e o & E a s te r n I llin o is R R .— Federal Com pens.
Federal Judge Carpenter at Chicago heard the appeal of the company
J
D Heed receiver, asking for a review o f the DirecJnr G e S t f lU C ror lcr fixh.g the annual compensation at £1,280.000.
"?r-(
.
that although the compensation committee recomTheZH he comnanv bo pafd $4 408,030 annually the Director-General’s
™ a ffr^ u ced the figure to $3:360.000 and the Director-General further
reduced it to $3,280,000.— V. 109, p. 10,9.
C h ic a g o M ilw a u k e e & S t. P a u l
T ,.
>
II. E. Byram has been elected President and it. M . Calkins \ ice-I resi­
dent in charge of traffic.— V . 109, p. 172.
C it y & S u b u r b a n R y . o f Wa5*h -— ^ o,
T

■
^ fts s a rs s s s J
Baltimore Trust Co. on Nov.

1 1919.— v . 109. p.

4

{n ^ h ^ t V ^ o

-« * * *

//.

D e t r o it
.he m * „ .
dedsionC
°render^d b y S e Howard Wiest in the Ingham Circuit Co irt.
See V. 109, P- 1527, 1461*.
E a s t e r n M a s s a c h u s e t t s S t . R y .— Service. -

S m » S y ih id ¥ i™ l' S

m

o
”

alKx,i.UnU n « on Nov. 1 u » le « tho loss In
.
r - >«<•

m vu
<
ltel from
<lbcasc
on Oct. 24.— V- 109, p^370.
F o rt W a y n e & N o rth e rn In d ia n a T ra c tio n C o.
N otice to N oteholders.— T h e com m ittee of holders of 0 /0
F iv e -Y e a r Collateral T ru st gold notes give notice to depos­
itors under agreem ent of O c t. 2 1917, saying m substance

■ °”t S s s r S K f a .
mittee the sum of $22 85
U such payment they will receive ^ e&fx»o^tao?'certificates of deposit
pon
thefr pr
rt»fU
nding bonds and a
received by the committee uponf tho deposit. o f,th «fr j{,t^rest for fractional
proper amount of scrip certificates, or cirt .
« i o 0 0 face value of
interests being approximately $1,692.24 ror eacn ,'i.uuu
notes deposited.
Tnmes C Brady and Henry

. ■

S

S

f e

s s e

&

. ’&

t

Preferred stock to the amount o f 40% of their holdings ai^p^^ ^ ponding.
T h e ^ S ld e n f furffier stated'that the ^ ^ f u w^ X nt
i^
tedhS ^ edandS prPC8
U
R e i^ ^ iR ', t TYeas?,‘^ ^ uccT O d 8 0
t he^l l at eraf souring
The sale by tho Guaranty I ru® ®0 ’ ’ ®8
*
% $ p 1721) . scheduled
the Collateral Trust 4% bonds of the company (V. 1 I , ] •
for Oct. 15. was postponed until Nov. 5 — V. 109, p. 14bi.
on
J a c k s o n v ille T r a c t i o n p O .— R eceiverslnp .— t
ow8 the
E. J. Triay was appointed receiver on Oct. 30. This act
no
refusal of the public, through referendum vote to allow the company
increase tho 5-cent fare now charged.— V. 10S, P- i z t o ■
M isso u r i K a n s a s & T e x a s R y — A /ay l C a p o n s F old .—
It was announced on Oct. 31 that the coupons mat . office of agent for
following bonds would bo paid upon presentation at t o
uri Kansas
receiver 61 Broadway. N. Y. City on and after Oct. 31. MlKKiun ^
& Texas Oklahoma R R . 1st M . 5% bohds due
& W aco Ry.
road Bridge Co. 1st M . 4% bonds due Nov. 1 19.)1. Dallas & ^
.
*
1st M . 5% bonds due N ov. 1 1940.— V . 109, p. 1461.
M u s k e g o n (M ic h .) T r a c t i o n & L i g h t i n g C o .— Fore^.—
Tho company raised its fares to 7 cents effective Oct. 2 > ■• __y jqq
; ,
refund slips pending the final decision of the RR. Commission,
p. 1080.
N e w Y o r k N e w H a v e n & H a r t f o r d , 5 R ,T t^ iT m o U on
Judge Made In the U. S. District Court on O c t . 2 8 granted a motl _
i
putting over the argument on the application for the appoint
limited receiver until Nov. 17. See V. 109, p. 10S0, 1527.
^
N e w Y o r k & N o r t h S h o r e T r a c t i o n C o .— Zfme Fares.—
P. S. Commissioner Lewis Nixon on Oct. 27 was wrvot wit-h a writ ot
certiorari obtained by Corporation Counsel Burr from Justice Gavegan oi
the S im r e Z Court calling for a review of the Comm "
^
Aug. 28 permitting the company to establish a zone system and to charge
fares ranging from 6 cents to 11 cents. \ . 109, p. 1180, 88o.
N o r t h e r n P a c ific R y .— Obituary.—
Vice-President George H. Earl died on Oct. 25.— V. 109, p. 1366.
O a k la n d A n t i o c h & E a s te r n R R .— Sale Postponed.—
The foreclosure sale has been postponed until Nov. 24 by stipula­
tion.— V. 109, p. 1366.
P h ila d e lp h ia C o ., P i t t s b u r g h .— Capital In crea se.—
The stockholders on Aug. 30 1919 appro vwlan Increased Ri the authorized
amount of Common stock from $44,900,000 to $48,6oO,OOu. v . i uj ,
p. 1180, 173.
^
P u b lic S ervice C o r p . o f N . J .— Bonds Retired— Zone Fares.
The Philadelphia Stock Exchange on Oct. 24 struck from the regular
list $69 000 General Mortgage 5% S. F. 5 0 -year bonds, duo Oct. 1 1959,
reportedpurchased for the sinking fund, leaving the amount.Hated. *35,43^le000
This makes $2,069,000 of said bonds acquired for the sinking fund
1 0 SeeVubllc^Service

R y. below.— V. 109. p. 1462. 982.

P u b lic S ervice R y - (N . J -)-— Zone Fare System.
fo^a'fl^^conTfa^e^^alV^R^lint^an^^^^r^^^U^tJm^s^g^tion^tlmt the

* ? - Y; ^ -

confirmed on Oct. 18 by the U. 8 P,!?.1^nH^ftraVk as Mr. Dean’s bid was
that this means tho tearing up of the entire track,
road and
under the nlan giving the purchaser the right to
use it for whatever purpose desirable.— See V. 109, p. i£> >
f lr a n d T r u n k R v . o f C a n a d a .— Govt. Purchase B u i.—
The Liberal amendment to the motion
m clsire
ment majority of 30. The second reading was then declared carr
same division. The bill was considered by the House in H W n a g w on
oSt 27. After final passage It will go to the Senate where a debate oi
some duration is expected. Compare V. 109, p. 1609.
G u l f M o b ile & N o r t h e r n R R .— O fficers.—
John W . Platten has been elected Chairman o f the Hoard anu a. .
Tigrett has been elected President.— V. 108, p. 878.
H a g e r s t o w n & F r e d e r ic k R y .— O ffering o f N otes.—
F id elity T ru st C o ., B altim ore, are offering at 9 9 and m l ., i o
yield over 7 % , $ 5 5 0 ,0 0 0 One-year 6 % Collateral I r u s t notes,
dated N o v . 1 191 9 , due N o v . 1 1 92 0 .
Circular show s:
Interest payable M . & N . Denom. $1,000 ^ 1'in„nmp U x uu
C
00
C o ., Baltimore. trustee. C o . agrets to pay n o r m a o f u a ck *a to^ m J a tes
Property.— Owns and operates about 118H miles of traca,
y




activities.” — V. 109, p. 1610.
I n t e r n a t io n a l T r a c t i o n C o ., B u ii a X o — Settlement.—
President Edward G. Connette at the annual meeting of the stodk
h o E s t a l d that the settlement of the claims of ho d ersof the^Collateral
Trust 4s. interest on which was in default
tho ml lateral
reached
Since tho Indefinite postponement of the sale or the w u ai ra
V 1 0 3 ' p 1721) the offer of the committee representing the bondholders

p. 1610, 1462.
R e a d in g T r a n s it & L i g h t C o .— Offers Road to Em ployees.
a roeont disnatch from Norristown says that the company has offered
to “the employees of the road that they take over and operato tho property
to convince them that the road dot's not pay. The company Is said to
have also offered to advance them $25,000.— V. 109, p. B>-<. 1462.
S r h u v lk ill R a ilw a y C o .— Status— Interest D elayed.—
President Powell Evans in circular of Sept. 30 addressed
the $640?000 Consol. 5% Mortgage Ronds and $500,000 Schuylkill 1 ruction
C<Your management'Vlnd^It^ise to defer payment of interest duo Oct. 1
on these issues* of bonds until the rates and labor situation cluar, as—
° nm The car men have announced a strike for an increased wage from 40c.
nor hour to 55c per hour in defiance of personal contracts made May 5 1910,
when the rate was Increased from 35c. to 40c. after a 16 days’ strike which
C° ( T h e r o ^ l * h a v i n g ^ b e e ^ U e d ^ q ^ b y 0 '^ f i v e - w e e k s t r i k e o f Iks e m p l o y e e s
P r u d e n t E v a n s a n n o u n c e d o n O c t . 2 8 t h a t t h e 1 5 0 e m p l o y e e s w o u ld
r e c e i v e n o w a g e i n c r e a s e u n le s s t h e r e w a s a fu r t h e r I n c r e a s e in f a r e s ; h o p r o t /> tiffin o n o r a t i n g w i t h n o n -u n i o n m e n o n N o v . 3.J
,
.
,
P° m
I t b e c a m e ^ m p e r a t i v e l y n e c e s s a r y d u r in g t h e p a s t s ix m o n t h s t o r e d u c e
h a l k I n i m w r a e w h a t a n d a ls o a c c o u n t s p a y a b le , p a r tic u la r ly fo r p o w e r .
b a !iK ? ,
| ’ b e c a m e n e c e ssa r y t o r e p la c e c a r s n o lo n g e r u s a b le . 1 h o c o m n , 3 w a s a b le
fin a n c e th r o u g h a C a r T r u s t th r e e n e w s te e l c a r s c o m p le t e ly
Sn u ^D D ed
a n d to fin a n c e in d ir e c tly c e r ta in s t a tio n e q u ip m e n t, h u t w a s
fo r c e tP Ui 1 b u y d i r e c t l y t r u c k s a n d e l e c tr ic m o t o r s f o r o t h e r c a r b o d l o s .

N ov. 1 1919.]

THE

C H R O N IC L E

»
f' Jrtb pr necessary to m ake certain track chances and renewals.
All o f the capital expenditure (except as stated) necessarily has com e out o f
current net Income.
Rales and Labor Cost.— T he P . S. Comm ission last April awarded us an
8c. fare b u t required that we sell seven tickets for 50c. Our average fare
(outside St. C lalr-Pottsville zone) since has netted 7.7c. Our gross incom e
this year will approxim ately equal the essential minimum expense. In this
m inimum expense is on ly included $76,000 in round figures in interest on
this p roperty, nothing for depreciation or reductions in bank loans or pur­
chases o f new m achinery.
The appraisal o f this p roperty subm itted to the Comm ission last Spring
showed a depreciated value at the current range o f prices o f about $2,300 000
and on this am ount at the present abnorm ally low basis o f operating the
property is paying less than 3 1-3% interest.
T o care for any increase in wages, and 6 % interest on its real investm ent,
and any minimum for depreciation, am ortization, etc., this com pany to-day
is entitled to a 10 c. fare, and cannot get along unless it gets at least a 9c
fare.— V . 109, p , 1462.

Southern Pacific Co.— Conversion of Bonds.—
Since O ct. 1 1918 the com pany has reported to the N ew Y o r k

Stock
Exchange an increase in its outstanding capital stock from $272,823,405 to
$301,462,900 as the result o f the conversion as follows: (V . 108, p . 80):
Outstanding—
Convertible 4s.
Convertible 5s.
Capital Stock.
$80,472,910
$54,237,500
Oct. 1 1918.............
$272,823,400
Oct. 1 1919.............
53.815,760
46,103,500
301,462,900

Dec. S8,134,000
Inc. or dec---------- Dec. $26,657,150
Conversion price..130% till June 2 ’19
Par
— V. 109, p. 889. 266.

Southern Railway.— Paying

Inc.$28,6397500
Par

Off Dividend Scrip .—

Payment o f the Preferred stock dividend scrip d3ted Nov. 2 1914, princi­
pal and interest will be made on or after Nov. 1 at J. P. Morgan & Co.,
New York.— V. 109, p. 1527, 1360.

Timpson & Henderson Ry.— Receiver Appointed.—

D. R . Harris o f Henderson, Tex., has been appointed receiver.— V . 109,
p. 1367.

United Gas & Electric Corporation.— Earnings.—

30.
1918-19.
1917-18.
Balance o f subsidiary operating companies______$1,497,336 $1,356,472
D u — Reserve for renewals and replacements.. 338,981
ed ct
246,967
Earns, applic. to stk. o f sub. cos. owned by public
3l6,548
302,617
S u m m ary

S ta tem en t o f E a r n in g s f o r

12

M os.

en d ed

S ep t.

s

$847,807
$302,998

$806,888
$183,523

Deduct— Int. on United Gas & Elec. Oorp. b o n d s ..
Int. on Un. G . & E l. C orp. ctfs. o f indebtedness.
Am ortization o f debt d iscount____________

$1,150,805
$558,000
134,806
58,361

$990,411
$558,000
134,794
57.853

Balance for 12 m o n th s .______ __________ ________
$399,638
$239,765
For earnings o f subsidiary companies see ‘ ‘ Railway Earnings” depart­
ment above.— Y. 109. p . 484.

United Railways Investment Co.- -Earnings .—

June 30 Years—
1919.
Total incom e................... .*$1,666,192
Expenses, taxes, & c-----73,137
Interest charges, & c-----1,593,055

1918.
$1,703,508
90,270
1,613,238

1917.
$1,891,583
84,441
1,807,142

1916.
$1,766,226
73,743
1,115,321

Balance, surplus-------N one
, P rofit and loss cr e d its..
75,369
P rofit and loss, surplus. $7,339,604

N one
208,520
$7,264,235

N one
106,700
$7,055,715

$577,162
86.335
$6,949,015

W ashington Railway & Electric Co.— Merger Postponed.

The plan for the merger o f this com pany and the Capital Traction system
has been postponed to see how the recent 2 5% increase in fares will effect
the financial status o f the com panies.— V . 109, p . 1610, 1274.

West End Street Ry., Boston.— Bond

Application .—

The com pany has applied to tho Massachusetts P. 8 . Comm ission for
permission to issue $375,000 bonds to be used to refund a like am ount o f
bonds, due Feb. 1 1920.— V. 109, p . 982, 889

INDUSTRIAL AND MISCELLANEOUSf
All is-Chalmers Mfg. O I zxm ^___ Earnings Revised.—
Co., Inc.—
_______

ji m
•
-----------Sales iBilled--------- • ------------ Met Profit-----------1919.
1918.
xl919.
1918.
. . $2,755,437 $1,899,972
$330,842
$360,071
-- 2,802,945
1.990.853
338.348
418.770
-- 3,044,510
2,698,99?
323,835
617,398

Month o f—

-- $8,602,892
-- $2,573,530
-- 2.674.469

$6,589,828
$3,075,800
3,108.966
3.054.213

$996,025
$306,929
319.028
300,988

$1,396,239
$628,885
631.163
623,708

- S7.734.025
- $2,529,565
- 2,531,544
-- a
..496.574

$9,238,079
$2,959,149
3,167,442
3,085,701

$926,945
$312,108
300,231
303.970

$1,883,756
$450,679
407,399
312.218

$ 9 1 6 ,3 0 9

$ 1 ,1 7 0 ,2 9 6

-------- J £ ‘ § 5 ? ‘ fi8 3

Total nine months

S 9 .2 1 1 s .2 9 2

$23 894,600 $25,040,199

l:

.A

$4,450,290

\ N e t p r o f i t a f t e r d e d u c t i n g a ll e x p e n s e s , i n c lu d in g r e s e r v e f o r F e d e r a l
W
0r<j ' ™ ' ? ! ' o haT1<! S e p t . 3 0 1 9 1 9 , $ 1 4 , 5 4 a , 7 0 4 , a g a i n s t $ 3 2 , ­
,
8 2 .3 3 5 a s o f J u n e 3 0 1 9 1 8 .— V . 1 0 9 , p . 1 6 1 0 . 9 8 2 .

American Hide & Leather Co.
Seat.

Quarters

E n d in g
30—
N e t e a r n i n g s * -------------------------B o n d i n t e r e s t .................. .............." " I I I "

D e p r e cia tio n

and s in k in g fu n d __ I I I

f o
f l S
S
^
fo r f e d e r a l in c o m o

jg
*

1919.
qci coc
31 8 4 0

Earnings .—
1918.
$814,205
53,785
111,690

107,410

b o n d s w e r e p a id

Amer. Ship & Commerce Corp.— Director Resigns— Listed.

th at

t«n p o r a r y

r o s lFAlc d a s a d i r e c t o r o f t h is c o m p a n y .
th e N - Y - S to c k E x c h a n g e re c o m m e n d s
i n t e r c h a n g e a b l e c e r t i fi c a t e s f o r 4 6 1 . 6 1 5 s h a r e s o f c a p i t a l

P « n V a m e ; l*6 E m i t t e d t o t h e l i s t ; w i t h a u t h o r i t y t o a d d
? ,? , o f f lc i a l n o t i c e o f i s s u a n c e in e x c h a n g e ( s h o u l d t h e
e x ch a n g e a n d fo r su ch a m o u n ts a s t h e c o m p a n y
s h f r , ® ! ’ 9™2 ,6 .®0 o u t s t a n d i n g c a p i t a l s t o c k o f t h e W i l l i a m
ihrorIS ^ r & TT^tI}nir8 t h 2 & E n g i n e B u i l d i n g C o . o r v o t i n g t r u s t c e r t i fi c a t e s
40

b0 listed 609,745 shares>

American Water Works & Electric Co .—Officers.—
c
? A , /Y l h I?,?IT.” J ? a,S b e e n e l e c t e d V i c e -P r e s i d e n t a n d W . K .
r
S e c r e t a r y t o s u c c e e d I I . E . T o w l e , r e s i g n e d .— V . 1 0 8 . p . 2 2 4 3 .

D u n bar,

American Window-Glass Machine Co.—
Armour & Co.— Conversion of Bonds.—

S e e “ A m e r ic a n W in d o w G la s s C o . ” u n d e r re p o r ts a b o v e .— V . 1 0 9 , p .3 7 2 .
T o O c t. 3 , 5 « 7 ,0 0 0 ,0 0 0 o f th e $ 6 0 ,0 0 0 ,0 0 0 d e b e n tu re s h a d b ee n c o n v e r te d
In to I r e f. s t o c k
l e a v i n g $ 3 3 , 0 0 0 , 0 0 0 d e b e n t u r e s s t ill in t h e h a n d s o f t h e
p u b u c a n d m a k i n g $ 2 / , 0 0 0 , 0 0 0 I n f e r r e d s t o c k o u t s t a n d i n g .— V . 1 0 9 ,




Art Metal Construction Co.— Special

Dividend .—

Avery Company.— Common

10%.—

A special dividend o f 25 cents has been declared in addition to the regular
quarterly dividend o f 15 cents. The regular dividend is payable O ct. 31
to holders o f record O ct. 10 and the extra N o v . 29 to holders o f record
v V r J i 0,
am ount was paid extra in A u g.. M a y and F eb. last.—
V . 109, p . 475.

Dividend of

T h e directors have declared a dividend o f 10% on the C om m on sto ck ,
payable N o v . 25 to holders o f record N o v . 15. I » O ct. 1918 7 % was
p aid.— V . 108, p . 685.

Baldwin Locomotive Works.— Status—Plans.— In an
interview with a N. Y. “Tribune” correspondent on Oct. 28
President Samuel M. Vauclain gave the following information:
Enough orders are on hand to require operations up to 8 0% o f capacity
through the winter; 7 0% o f the locom otives now in hand are for foreign
c i t r i c * , and the other 3 0% are dom estic orders from such roads as the
Lehigh \ alley and the Pennsylvania, which were placed before tho United
States entered the war. I f the U . S. roads place orders with us shortly
alter the first o f next year we shall at once have to use 1 0 0 % o f our pro­
ductive capacity.
r>
W orks>to-d ay have unfilled orders from C uba, Brazil,
Poland, bpain, Australia and A frica. T h e establishment is now able to
produce betw een 2,500 and 3,000 steam locom otives and 500 electric loco­
m otives every twelve m onths.
?i2uc5 inl v rui?r0rs
to the Possibility o f a prom pt adoption o f a rogular
dividend, M r. Vauclain said: “ W e will d o what is in the best interests o f
tne stockholders. For som e tim e we have been putting earnings back into
com pany and building up a great equity. Wo have preferred not to
sell the stones from the foundation just to get some m oney to divide, but
to keep the foundation strong and make it still m ore solid. These are the
considerations which now guide u s.”
As Jp reports that the Baldwin directors are seriously considering re­
capitalizing the com pany, he said: “ D o n ’t believe them . I denied the
reports several weeks ago, and I want to d en y them just as em phatically
again. — v . 109, p . 1275.

Bell Telephone Co. of Penn.— Officers.—

„ Y‘
K tQnarcl has been elected President to succeed F . H . Bethel!,
resigned. John C . Lynch has been m ade Vice-President and General
M anager to succeed M r. K innard.— V . 106, p . 1903.

British American Tobacco Co., Ltd.— Listed.—

T he L ondon Stock E xchange has listed 2.081,183 Ordinary shares o f £1
w , 1^ ? kIngo^he 10141 am ount listed, it is understood, 8.477,203 shares.
— V . 109, p . 890.

British-Mexican Petroleum Co., Ltd.— Outlook.—
Bristol Brass Co.—

See Pan-Am erican Petroleum & Transport C o . below .— V . 109. p. 373.
__ V h 01Ogew

4 Q r0<4
3

stock ls b om s offqred to C om m on stockholders.

Butler Mill, New Bedford. — Extra

Dividend .—

• „ ^ ?,Y ra dividend o f $5 per share has been declared on the com m on stock
in addition to the regular quarterly dividends o f $2 on tho com m on and
$1.75 on the preferred. T h e com m on dividends are payable N o v . 15 to
o f record Nov.^5 and the pref. dividend D ec. 15 to holders o f record

Carbon Steel Co., Pittsburgh.— Earnings .—
1917-18.

r Sept. 30 Years—
1918-19.
N et p rofits......... ..........................................$5,122,376
Other in com e________________________
70,970

1916-17.
$2,234,545.

$3,747,771
20,400

10.200

T otal incom e______________________ $5,193 346
$3,768,171 $2,244,745
Preferred dividends— 1st Pref. ( 8 % ) 40,000
40.000
40.000
do
2d Preferred ( 6 % ) ............
90.000
90.000
90.000
C om m on dividends
------(20% )600,000 (25)7.50.000 (10)300.000
d ep recia tion o f plant and equipm en t.
207,651
192.845
6.032
R es. for Fed. in c .& e x c . prof, taxes. __ 3.225,000
----611.424
2.081,029
R es. for replacem ents & im provem ’t s .
600,000
C ontribution to war charities_______
15,000
U ncollectible bills & accts. receivable.
1,108
Prem ium on bonds redeem ed_________
7.650
D epreciation in inventory value, & c ..
166.783

100,000
21.100

10,000

Balance, urplus---------------------------$846,262
Total p rofit & loss surplus Sept. 3 0 . . $4,034,119
— V. 109, p. 1369.

$492,089
$3,187,858

Central Teresa Sugar Co .— Common

$582,290
$2,979,563

Stock.—

N e w Y o r k b a n k e r s h a v e u n d e r w r it t e n a n d p l a c e d p r i v a t e l y a b l o c k o f
C o m m o n stock .
M . S . W o l f & C o . , 41 B r o a d S t . . N . Y . , a r e o f fe r i n g
t h e C o m m o n s t o c k , w h ic h is e n t i t l e d t o 8 % d i v i d e n d s a f t e r t h e P r e f e r r e d
H
t lie n b o t h s h a r e e q u a ll y .
T h e c a p i t a li z a t i o n c o n s is t s
° l * 1 ; 7 5 0 ,0 0 0 P r e f e r r e d . a ll I s s u e d , a n d $ 3 , 5 0 0 , 0 0 0 a u t h o r i z e d C o m m o n ,
o f w h ic h $ 1 , 1 5 0 .0 0 0 r e s e r v e d , p a r f o r p a r , f o r t h e c o n v e r s i o n o f t h e P r e fe r r e d
stock .
T h e co m p a n y has n o bon d s.
S ee a d v e r tis e m e n t o f M . S . W o l f e & C o . o n a n o th e r p a g e .— V . 1 0 9 , p .1 3 6 9 .

Chesebrough M anufacturing Co., Consol.—Yew Stock.

« i rnn
Iders will vote Nov. 17 on increasing the capital stock from
o ./i 00.'0
.?0 a11 Common to $2,500,000 by the creation of $1,000,000 7%
Cumulative non-voting Preferred stock (par $100) redeemable at 112H

It is proposed to offer $500,000 of this new Preferred stock to stockholders
m ProK?rJ orl to their orient holdings at par and div. The remaining
|
$.>00,000 I referred stock shall remain unissued in the treasury and may be
issued from time to time in the future to the Common stockholders at the
discretion of the directors.
The stockholders also will be asked to approve an agreement entered into
by tho corporation with the Equitable Trust Co., New York, for under­
writing the subscription of the new stock to be issued for a compensation
equal to not more than 1% of the par amount of stock to be offered.—
V . lu o t p.

1917.
$489,262
60,140
105,235

an d^ rosC T ves e s U b f f i
e x c e s s p r o f i t s a n d .S ta te f r a n c h i s e t a x e s .

8 e ? t e t 2 T 9 T 9 .t T . 7 o 9 ? r - 9 8 3 ° ^ 1 9 1 9 ’ * 1 3 ’2 t 3 ‘ 2 3 9 ‘
-

1701

Chicago Pneumatic Tool Co.— Earnings.—

X t
T
9 M os. 1919. 1918—Cal. Yr.— 1917.
Net profits.a.............................
$1,215,865 SI .210,197 $2,006,372
Other Income........................
Cr.15,672
Cr .73,017
Interest on borrowed money________
20,847
130,499
223i964
Int. and discount on bonds_________
178.168
121,725
Dividends........... ........................
290,196 (6)386,928 (4)257,952
Federal. &c., taxes..........................
135,000
See note
227,674:
Deproc., renewals and sinking fund. .
396,192
487,582
438,712
Balance, surplus
------------------$165,238
$148,907
$911,438
a N et profits for the nine m onths ending Sept. 30 1919 and fo r the calen^ e a r 1 917.are' before ‘ Federal taxes.” In 1918 the net profits are
stated after deducting “ Federal taxes “
and m>
£ a' arice sheet “ o f Sept. 30. last, shows cash in banks
hand o f
accounts and notes receivable, $2,205,890: accounts
^ . y?09 P 1276 8 S sY ™ S' provision for Federal taxes. & c.. $1,455.835.—

$664,839;

Chino Copper Co .—Production.—
M on th o f Sept________________

q mr>« tn W

5

1919.

8 4

3,538,704
_ n ----------------------------------o.oJ ,<U

. 1 0ef p l3l°82'-778-------------------- 32.747.734

r 1918.

1917.

7,974.000
i .a H .U W

7.719.496
/ .a a .'i a o

59.640.412

61,649.094

Cities Fuel & Power Co.— Refunding— $7,500,000 Se­
cured, Notes Offered, Guaranteed by Cities Service Co.—Henry
C°- are0.°^?ring at 9 6 to yield 7.30%,
$7,500,000 Three-year Sinking Fund 6% Secured notes, to
be dated Nov. 1 1919 and mature Nov. 1 1922.
n o m a ° IF 0d fk u O^ n m m « ? ^ C*' . Intere® M . & N . without deduction fo r
t.
incom e tax not exceeding 2 % . Pennsylvania four mills
tax refundable. Principal redeem able all or part \mtil N o v . l ig jQ . at

THE

1702

[V o l . 109.

C H R O N IC L E

101 A and in t.; thereafter until N o v . 1 1921 at 101 and int, and thereafter
until m aturity at 100 M and int. Bankers Trust C o.. N . Y .. trustee.
Guaranteed as to principal, interest and sinking fund paym ents (o f 1%
m onthly beginning M a y 1 1920) b y endorsement on each note b y Cities
8Ca'ecurcd) 'by deposit with the trustee o f S13,400,000— principal amount
o f bonds and notes (together with the capital stocks) o f
1 /7 a^ r fnC
"P
nnn:
nanies viz*
Lorain C ounty Electric C o. 1st M . 5s, due 1941, S750,000.
Ozark Power & W ater C o . 1st M . 5s, due 1952. $1,500,000; K m pireT ransoortation & Oil C orp. 8 % notes, $4,000,000: Dom inion Gas C o. 5 % gold
Eonds due 1952, $1,750,000; C onsol. Cities L t., P ow . & T ra c. C o . Fir.st
T ipn
due 1902 *1,500,000: Frost Gas C o . 1-year 6 %
E m p ir e 'R e fU n g C m lr t M . & Collateral Trust 6s. duo 1927, $900,000.
Interest receivable per annum from bonds and notes Pledged------ * £ $ ’99^
Earns, accr. to other sec. pledged for year end. A ug. 31 1919------ -J s .o F t
T otal annual earnings accruing to securities pledged................ S1'l?,n'nnn
Annual interest charges on this issue o f notes.
- - - - - - - - - - 45U.UUU
Pur nose o f I s s u e — Cities Fuel & Pow er C o. in 1917 issued $10,000,000
2-yearPnotes, o f which $2,741,000 have been retired.
created for the purpose o f refunding the balance, due D oc. 1 1919, pending
m ore permanent financing.— V . 109, p. 680.

Cities Service Co., N. Y .— Stock I n ^ , ase— ^ ii btn to(,,Sub~
scribe for $3,000,000 Second Preference {Class B) §10 Shares
at $7.50 each.—The stockholders will vote Nov. 17 onl in­

creasing: the authorized capital stock from $200^00,000 to
$300,000,000 to be divided into (a) $150,000,000 Preferred
stock ($100 par, henceforth callable all or part at £112);
(b) $60 000,000 of Preference BB stock ($100 par, callable
all or nart at 106); (c) $40,000,000 of Preference B stock
($10 par, callable ail or part at $10.60); (d) $50,000,000 of
Common stock ($100 par).

sCTiDtions’ wi ? d o s e a t m Z N o v . 17 and bo payable 10% with the subthe remainder either (1) when stock is ready for delivery or
(2) *10% on the first d ay o f each m onth hereafter beginning Jan. 1 1920,
with wfien full paid, an adjustm ent o f interest and d iv id e n d
D ig e st o f S ta te m e n t b y P res. H en ry L. D o h e r ty . N. Y ., O c t. 16 1919.
t
m in Pities Service C o. Bankers Shares were created, each
L ate h X n 'n n it e n ih in t e r e s t I n a share o f Cities Service C o. Com m on
t‘i
L ^ c T o f $100 p m ^ Bankers Shares have found a ready market. On M ar . 15
1 Q1 Q there were but 1,061 holders o f record o f these Shares on Sept. 15,
i o i q ’ 3 989 lin ln c r e a s e o f 2,928 in a six m onths' period, while in the same
tim e t h e p r ic e o f the C om m on stock advanced from $345 a "hare to S480
1 T h e Directors now propose an Issue o f second Preferred stock to be known
« « Preference Shares o f which a limited am ount o f $10 par is now to be
offered forsubscription b y stockholders. In order to meet a Possible dem and

Preference B shares o f $10 par will meet with an Immediate dem and, and
bCD T id e n d s Poria iT G m m ce B shares will bo mailed on the first o f each
m enth to stock o f record the fifteenth o f the preceding m onth, except that

Gas & Fuel C o. below)

version. I f the issuance o f such debenture bonds is authorized, the stock­
holders o f record (Prof, and C om .) on Dec. 3 will be given the right to sub­
scribe at the rate o f $100 o f bonds for each four shares o f stock owned,
The debenture bonds will be issued in denom o f $100, $500 and $1,000It is proposed to have the offer to the stockholders underwritten a co p y or
which, when executed, will be at the office or the com pany for the Inspection
o f the stockholders. T he stock transfer books will close N o v . 7 and re­
main closed until N o v . 2f6 1919.
. . ,
j.
&
Seligman & C o. and H ayden, Stone & C o ., it is stated, will form
a syndicate to underwrite the issue.— V. 109, p. 1612, 1463.

w.
Detroit Goar & Machine Go.— Offering of Pref. Slock.—
Babcock, Rushton & Co., New York and Chicago, and E. H.
MacCrone & Co., Detroit, are offering, at 100 and div., to
yield 8%, $800,000 8% Cum. Pref. (a. & d.) stock, par $100.
East Coast Fisheries Co.— Rights.—
•.
See East Coast Fisheries Products C o .— V . 109, p . 984.
East Coast Fisheries Products Co.— Offering of Pref.
Slock— l. M. Tavlor & Co., New York, Boston, &e., are
offering at $130 per unit (i. e., one share of Pref. and five
shares of Common) the unsold portion of $3,000,00(1 7 /o
Cumulative Pref. (a. & d.) stock, par $100. A circular shows.

D ivs. payable Q .-J. Redeem able, in whole or in part, at $120 and divs.
Company.— Incorp. under the laws o f M aine (about Sept. 6 1919]. is
one o f the largest producers and manufacturers o f f r ^ h c u r c d and canned
fish and fish products and by-products In the -United States. P (>n(.in­
tensive plants, terminals, docks and wharfage, covering 16 acres. a tltM K
land. M o.; also other old established contributing pl ant s :
has
points along the coast. C om p a n y, through its eonstUuent com pa 1 , .
a large established profitable business, distributing Its products to tno
markets ^ f this <wiintry and abroad, with a record o f ^ y s e V e n d i n g
over the last 40 years, and continuous operations dating Dack to iooO.
In addition to the large output o f fish a n d fo o d p r o d u c t .t h e ^ m p a n ^ t e
preparing for the large manufacture o f important ^
^ ^ o d u c t s , inclutllllg
cod liver oil, fertilizer, animal fats, fish meal, tattle feed ,-^ ^ i-h eries Co
Tliis eom nanv has a firm contract with the East Coast 1 isnories l o .
T he firtocn tra ile rs o f that com pany will be
^ A ^ n ce n tra te
com pany, thus assuring Its «»e n tla l supply. and e n a b lin gI f to TOncentrate
upon the manufacturing and distributing o f its highl qua■ 3 1
■
' 1 t{j0
1Purpose.— Proceeds are to provide for the expansion o f p la n ts to m eet tn
constantly Increasing demand for the com pany s products, some or widen
__ Fresh fish
have enjoyed an excellent demand for over 40 years12
1 rosn n n
and manufactured fish products and by-products, $1,750,000, canned usn
products, $250,000; total, $2,000,000.
T . . /vien-Pres 1 Richard

E rn g E a N O era g E rn gs for
a in s— stimted et p tin a in

C o b -‘T vici^ irw i.R ! rvTng Cox
V

M th
on s

Vlmij'amin F . Smith.^Richard

F 't L
S
c o m I Fi.shcriMinC o Ustockholders 'were given t ^ f j ^ n V f l v e
scribe up to Oct. 27 at $115 per unit (that is one share o f 1 ref .a n d u v e
shares o f C om m on stock) to the East Coast Fisheries 1 roduct.
to the extent o f one-half o f their holdings. Com pare V . 109, p . lb i-i-

Eastern Steel Co.— Common

Div. in Liberty Bonds.

T he directors have declared a quarterly dividend 2 H % on the C om m on
stock, pavable in Third Liberty bonds on Jan. 15 1920 to holders or record
Jan. 2 1920. All odd amounts loss than $50 will be paid 1? c^sh. I n wrVioS^
quar. Com m on dividend o f 2 A % was paid in F ourth
to which the quar. d iv . was paid in cash. T h e regular quarterly
j
o f 1 % % on the 1st and 2d Preferred stock were also declared, payable
D ec. 15 to holders o f record D ec. 1.— V . 109, p , 891.

Eismann Magneto Corp.— Offering of Pref. Stock.—
Van Kmburgh & Atterbury, Eastman, Dillon & Co. ana
Jones & Reed, New York, are offering at 97 and
Coca-Cola Company.— Earnings —
rn(TCase McClure,yield 7.45%, by advertisement on another Apage,
div., to
N ine Months to Sept. 30—
s i 8* 918'709 SH U 25.023 *8.793,685
$1,500,000 7% Cumulative S. F. Preferred stock, par $iuu.
S v t ^ r o f : : : : : : : : : : : : : : : : : : : : : : . * 1 , 916:174 $ 1 ,995,913 $ 1 ,950,231
Divs. payable Q.-F. Redeemable as a whole or in pa *
— V . 109. P- 1182, 1082.
Crmcnliflfltpd tx Co.,N. Y.— Notice—-SO-CentGas Rate. 110Monthsdiv. upon 90 days’ notice.
Gas » . N , 1919 is th0iast convertible 6 and Period—
Profits.
Consolidated
S9 4 F M 7C
,
$591,979
SeefC ity ^Fuel & P o w W c o . a b o v e . - V . 109. p. 275. 581. 890.

July 1 1918 to D ec. 31 1918............................................
Jan. 1 to Juno 30 1919.......................- ..........................

i

l o S ’qnfi

271,860
June.
Sales (1919)------ $210,672 $218,746 $228,739 $247,279 $244,706 *272,764
Balance Sheet at Commencement o f Operations ( Total Each Side, $3,154,570).

in
n

«

Guaranty Corp, N. Y.— Extra

Dividend.

qu^rter?yr m ^ ” end< r^ % * fo ^ t h e qi^rtO T^endin^^pt.^Sol'^bott^payaW e
^
N o v . 1 to holders o f record O ct. 28. V. 10J. p.

Corn Products Refining Company.— Earnings.—

Results for Three and N in e Months Ending Sept. SO.
__ m m
9 M os — 1918-------- 1919— 9 M os.— 1918—
M w
M
( l 400 583 $11 653,892 $8,629,584
N et earnings----------------- * " l 4 0 230
'140,284 3
331.159
320.621
Other i n c o m e ---------------m u.zou
------- _
T otaM n com e------ *3.797,791
{ s r a ? v i d X < ff'“ , r
d
P e r c e n t .........................

U .6 4 0,86 ^ S1J.985,0;»1

M
tV\

l

f| ;9 7 «
in

i ^

» »
___________,

F
eb

M
ar.

A
pril.

Mn
a.

Lb —
ia ilities

/ssets—
\

____ _

$738,378 Preferred sto ck ___________$1,500,000
57)0,000 C om . stk. (30,000 sh. no
par value, b ook value
Accounts receivable---------oJl
$45 per share)_________ 1,350,794
Merchandise, in v e n to ry -. 1.140.72W
Accounts payable-----------22,024
Other current item s---------3 ( T 'o io
Deferred charges_________
11.332 R « e r v e for taxes & c..........
281.751
For fuller particulars see V . 109, p . b81.
M achinery & e q u ip m e n t-.
Patents & good-will-----------

Electric Storage Battery Co.— Listed.—•

The Philadelphia Slock Exchange has admitted to list $10,000 additional
Com m on stock issued in cxchango for a like amount of Prof, stock, making
th T totT l amount o f Com m on stock listed •W.OTJhW andiroductag the
am t. of Pref. stock outstanding and listed to $97,500.— V . 109, p . 1083.

0

Elk Basin Petroleum Co., N. Y .— New
6

Stock, & c .—

The shareholders will vote N o v .
on increasing tho authorized capital
stock from $2,000,000 to $5,000,000.
D ig e s t o f S t a t e m e n t b y P r e s i d e n t M a r t in P a s k u s , N . Y . , O c t . 2 1 1 9 1 9 .

and repair o f plants and estimated am ount for excess profits tax. A c.

p . 1612, 1463.

S S i S S a f ^ o M L S ^ ^ M r^ C b U d . 1. C l a i m ,.. . » r t b . B oard o f
the Barrett C om pany.— V . 109, P- 136J.

Cuba Cane Sugar Corp .—Proposal to Issue $-a,0 ,000
7% Debenture Bonds— Capital /ncreose.—The stocktmlde^
will vote Nov. 25 (ft) on creating an issue of $ 2 5 7 %
Debenture bonds; (6) on increasing the 'gomm-on sto<3k f^rom
1 000 000 shares, no par value, to l, 41o,oo7 snares n j>
value' and so as to increase ratably the stated capita ,
$t 2 500 000 to $54,583,335. Henry F. Kroyer, Sec., under
date of Oct. 30, in a letter to the stockholders, says in subst..
On Feb

11 1919 the stockholders authorized *1!®

lKS « u i > * o f a n S J S o t o S

m




—1

j

i in non in nrmliipHvfl

ern
*

(h 1 Ft0 urnrUmf Infnrnet. in InJlSOM
\ 7

It is con fiden tly expected that substantial returns will accrue to the
com pany as soon as the proceeds from the production will absorb tho
outlays for the developm ent o f tho acreage. Satisfactory progress in this
direction is being m ade.
^
_,
[Carl II. Pforzheimer & C o ., o f 25 Broad S t., N . Y ., aro interested.]—■
Y . 109, p . 1612.

Empire Gas & Fuel Co.— Definitive

t e a i « f f i S m o r ” h ? S p m " ‘ t t a ^ ^ n V c o m m o n l the p r M e ^
0e

sirs

f

Merest in leases on l.zu u acres, ui which / zo are in productive acrvnuv.

li.V 'n .V X '< on d U lon s and

SS&u? aa* s s s

As soon as this increaso is authorized there will be offored to tho stock­
holders proportionately to their holdings, 200,000 shares at $7 50 per share,
par $5 ’ On N o v . 11 warrants will be mailed to all stockholders o f record
on that date calling for paym ent o f subscriptions to the new stock on or
hefnre N o v 22 1919. b y which date all subscriptions m ust be paid. There
will then be outstanding 600,000 shares (total par value $3,000,000).
T he com pany has had underwritten such part o f the 200,000 shares as
shall not be taken b y tho stockholders.
From tho proceeds o f this additional 200,000 shares o f stock tho com pany
will purchaso substantial interests in tho R ock Creek oil field in W yom ing.
Early this year your com pany acquired certain royalty and other interests
in this field. T he discovery well was brought in b y tho Ohio Oil C o . In
M a y 1918, since which time tho developm ent work has progressed rapidly.
A pipe line leading to the railroad at R ock River has been com pleted and is
now in operation. W ork has been begun on a 35-mile pipo lino from tho
field to Laramie, W y o ., where a refinery is now being built b y tho M idw est
Refining C o . to refine tho crude produced from this field. There are six
producing wells. T he field has already been developed In a north and south
line for a distance o f three miles and an active developm ent cam paign is now
in progress b y the various com panies interested; 21 wells are drilling.
T he acreage upon which your com pany is to acquire this interest is being
operated b y tho Ohio Oil C o . In addition to tho holdings heroloforo ac­
quired b y your com pany in the R ock River field, tho proposed purchaso will
Include the following undivided working interests, on which aro located fivo
o f tho aforesaid six producing wells, viz.: (a) 17 'A % in leases on 3,880 acres,

* r

Notes.—

T he D efinitive C oupon B ond Secured Sinking Fund 6 % notes aro now
readv for delivery. T ho fully registered notes will bo ready in a few days.
Registered notes aro in denominations o f $100, $500. $1,000 and $5,000,
Interest m onthly. C oupon notes $1,000, with int. J . & J . — V. 109, p. 681.

N ov. 1 1919.]

THE

C H R O N IC L E

1703

date
Famous Players-Lasky Corp.— To Increase Capital Stock maturing later than three years from tho parityo f issue be created or guar­
add'l Pref. stock having
or
—$10,000,000 8% Cumulative Preferred Stock Underwritten— anteed, nor shallauthorized or issued in excess withthe preference over thisf
Pref. stock be
of
authorized issue o
Financial Statement as of Sept. 30 1919.—On subsequent $100,000,000 w ithout the consent o f 75% o f the Pref. stock outstanding;
(b) The com pany shall maintain at all times net tangible assets o f not
pages will be found the notice sent to the stockholders calling less than 200% and not current assets o f not less than 110% o f the I’ref.
a special meeting for Nor. 10 to increase the Common stock shall be issued unless not current assets are oequal authorized Pref. stock
stock outstanding; (c) N o additional shares f the
to at least 110% and
and to create a new $20,000,000 issue of Pref. stock, $10,000,­ total net tangible assets to at least 200% o f the Pref. stock outstanding,
000 of which has been underwritten. The notice contains plus m on stock asto classissued; covenants havein voting power equal Vto 109,
that about
be
(d) Shali
the
are
default.— C om pare .
also a full description of the Pref. stock, together with full C om 1464. a if any
p. 1613,
details as to the company’s organization, business, manage­ Great Western Power
California.— Bonds
ment, and a financial statement as of Sept. 30 1919, certi­ —Bonbright & Co., Inc., Co. ofHiginson & Co., andOffered.
Lee,
E. H.
fied by Messrs. Price, Waterhouse & Co.
Rollins & Sons, are offering at 96 and int., to yield 6.30%
Opening of Six Branches in Canada .—
The corporation announces the opening o f six branch offices in Canada, on the investment, a further §3,000,000 of tho issue of First
located at T oron to, M ontreal, St. John, W innipeg, C algary and Vancouver. & Ref. Mtge. 6% sinking fund gold bonds, Series A, dated
T ho Canadian distribution will bo made b y tho Fam ous-Lasky Film Service,
This will make
L td ., o f T oron to. Contracts already have been signed for the products o f March 1 1919 and due March 1 1949.
tho first year which begins N ov . 1. Under these contracts a minimum
$6,000,000 of the issue outstanding, the proceeds of which,
Income o f $750,000 a year, it is stated, is guaranteed the Famous Playerswith $1,000,000 other cash, are being expended on additions.
Lasky C orp. for its Param ount-Artcraft Pictures. T he opening o f the
Canadian offices is another stop in the international cam paign projected
b y the corporation.— V . 109, p. 1612.

Federal Sign System (Electric).— Earnings .—

Year end. M ar. 31—
1918-19.
1917-18.
1916-17.
Gross incom e....... .............$2,243,115 $2,136,541 $2,355,217
Expenses (incl. depr’n ). 2,180,077
2.074,482 2,254,042
N et in c o m e __________
— V . 107, p. 177.

$63,038

$62,059

$101,175

1915-16.
$1,913,908
1,831,213
$82,695

General Asphalt Co.— Exchange of Stock.—
T ho Philadelphia Stock Exchange has admitted to list $818,100 additional

C om m on stock issued in exchange for $545,400 Pref. stock surrendered and
canceled, making the total amount o f C om m on stock listed $18,052,150 and
reducing tho am ount o f Pref. stock listod to $S,631,900.— V . 109, p . 1613.

General Chemical Co.— Earnings

Revised.—

Results for Three and Six Months Ending Sept. 30.
.
— 1919— 3 M os.— 1918---------1919— 9 M os.— 1 9 1 8 Total profits _ .................. $1,761,500
S959.6S0 $4,851,933 $0,462,148
I ’referred dividends . . . ( 1 H )2 2 8 ,125(1 44)228,124 (4 ^ )6 8 4 ,3 7 4
6S4.373
C om m on dividends ...(2 % )3 3 0 ,3 8 4 (2 % )3 3 0 .3 8 4 (6 % )9 9 1 ,1 5 2
991,152
Insurance fu n d ________
45,000
75,000
155,000
315,000
R es. for taxes, plant A c.
d e p re cia tio n _________
300,000
C r.500.000
1,500,000
1,500,000
balance s u r p lu s _____
— V . 109, p . 1613. 375.

$857,991

$826,172

$1,521,407

$2,971,623

General Electric Co.— Radio Merger, <te.—
See M arconi Wireless Telegraph C o. below .— V . 109, p . 375.
General Gas & Electric Go.— Tenders Asked.—
The Guaranty Trust C o .. N . Y ., having on deposit S300.277 for the re­

purchase o f 5% 10-year gold bonds, due Jan. I 1925, will receive sealed
proposals until 10 a. m. Thursday N ov. 13, for the sale o f same at no
m ore than par and interest.— V . 109. p . 480.

President M ortim er Fleishhacker savs: “ The company is constructing a
hydro-electric generating plant of an initial capacity of 53,000 h. p ..
which will increase the installed hydro-electric generating capacity o f the
company to_ 140,000 h. p ., and a now 100,000-volt steel tower transmission
Une
phis plant to Valona, the distrfbuitng centre for the San Franc'sco
Bay district. It is estimated that tho transmission line will be completed
early in 1920 and tho new hydro-electric plant early in 1921. This increase
is urgontly required by the increasing demand for electricity in the territory
now served by the distributing system of the com pany.”

11cw

Capitalization Outstanding Oct. 6 1919. Including This Issue.
Great Western Power C o. First M tge. 5 % bonds, 1946............$20,760,009
C ity Electric C o. First M tge. 5 % bonds, 1937________________ 1,584.000

3

Consolidated Elec. C o. Gen. M . % bonds, 1955, and underlying
b o n d s -----------------------------------------------------------------------------------------------

1 ,755,200

J iP b /k Ref- M . 6 % bonds. Ser. A , duo M ar. 1 1949 (this issue)

6,000,000

Conv. D ebs. 1925, convertible into Pref. stoek at 9 5 _______

4,529.600

6%

Preferred stock, 7 % cum ulative...........................................................
1.995.158
Com m on stock, ail owned b y Western Power C o rp ___________ 27.500,000

Tho com pany owns substantially all of the Common stock and loasea
and operates tho properties of the California Electric Generating C o ., which
has outstanding with tho public S992.000 First M tge. 5 % Sinking Fund
Guaranteed bonds, duo 1948 (closed except for pledge with the trustee a*
security for this mortgage), and $ 2 ,500,000 Guar. Pref. stock, % cum .,
and also owns substantially all o f the shares of the Westorn Canal Co.

6

Earns for 12 M os. ended— A for.31’ 17 M ar. 31*18 M ar. 31’ 19 July 3 1 ’ 19
Gross earns., incl. other in c ._ $4,066.655 $4,130,597 $4,898,181 $5,122,855
N et, after oper. exp ., taxes,
rentals, A c . . . . . .................. $2,402,325 $2,318,122 $2,811,751 $2,922,279
Annual int. requirements on ail outstanding m tge. bonds, incl.

this is s u e ___________ ________________________________ _________
Annual interest requirements on all outstanding debentures____

1,565,810
271.776

Surplus over interest charges____ 1___________________________ $1,084,693
N et earnings 1.87 times annual interest on total mortgage debt including
this issue (without benefit from the proceods of this financing). See further
data. V . 108, p . 2127.

Green Star Steamship Corp.— Bonds Sold.—Equit­
able Trust Co., New York, announce the sale by ad­
General Motors a Corp.o— Probable Recapitalization .—
vertisement on another page at prices ranging from 100 and
It Is reported that
plan
f recapU abzation is being considered
whereby the C om on shareholders will receive possibly ten shares o f int. to 98 and int. to yield from 7% to 7.50% according to
new Com m on stock o f no par value in exchange for each share o f the present
outstanding 1,476,477 shares, par $100. T he total authorized C om m on maturities, of $4,500,000 Five-Year 7% Marine Equip­
stock Is 5,000,000 shares, par $100. T ho C om m on stock has been selling ment Serial First Mortgage bonds.
for about $385 a share recently.— V . 109, p. 1613, 1370.
D ated O ct. 15 1919, due $450,000 sem i-annually, A pril 15 1920 to O ct.
15
a whole or
any int. date
int.
Geneva (N. Y.) Cutlery Co.—Offering of Pref. Stock.— on 1924. Redeem able as om . $1,000in(cpart on t. payable A . at 105 andquit­
60
*
in
&
E
Trust
., N ew ork trustee.
he com pany agrees to
the
A. D. Converse & Co., N. Y., are offering at 102 and div. ablee radays’C onotice.a xYD en , any State Ttax ).levied against thepay O. normal
bands b y the
an additional $100,000 8% Cumulative Participating Pref. fe d olf Incom eNT Yand and Pennsylvania.
State
Ohio,
ew o rk
(a. & d.) stock. Dividends payable Q.-.T.
Data from Letter of Pres. J. Mercadante, dated New Y ork, O ct. 15 1919

Capitalization (N o Ronds)—
Authorized.
Issued.
Cum ulative 8 % Preferred stock (par $160)_______ $2,000,000
$1,100,000
C om m on stock (par $ 1 0 0 ) ...........................................
600,000
300,000
T
,
,
1919.
Earnings—
1918.
(6 mos.)
T otal s a le s ...............................................................................$1,318,153 $641,377
T otal exp. (Incl. Federal taxes p a id ’during’ p orlod ). 1. 1.039[656 488,823
Balance (excl. Fed. taxes not paid during p eriod )___
— Com paro V . 106, p . 2653; V. 107, p . 1290.

$278,497 $152,554

Goodyear Tire & Rubber Co., Akron, Ohio.—Offering
& Borton and First Savings
& Trust Co., Cleveland: A. G. Decker & Co., Chicago and
Wm, A. Read & Co., New York, are offering at 100 and
div. when, as and if issued and received, $40,000,000 7%
First Preferred (a. & d.) stock. Par $100. As holders of
tho present First and Second Preferred and Common stock
aro given the prior right to subscribe to this issue
(V. l09, p. 1(513), allotments cannot bo made before Nov.
18 1919. It is expected that stock or temporary certifi­
cates will be delivered soon thereafter. (See advertising
pages.)
of First Preferred Stock.—Borton

Company.— Incorp. in Deleware [July 31 1919] with a paid-up capital
stock o f $10,000,000. Has acquired the vessels named below from the
Nafra C o ., In c. T he latter com pany was incorp. in D ec. 1914 (capital
$1,000,000), besides conducting an Im port and export business has been
operating these and other steamships for the U. S. Shipping B oard. Through
Its stockholders the Green Star SS. C orporation controls the shipments o f
a number o f Im portant trading com panies which include the Nafra C o ., I n c .,
N ew York; the Nafra italiana o f M ilan, Italy (capital recently increased to
Lit. 12,000,000), and the U nited M erchants, I.td. o f London, recently
form od, authorized capital o f £250,000 o f which £100,000 will be paid in
as soon as organization is com pleted. T he latter com pany will take over
im m ediately a large trade controlled b y the incorporators.
Security.— Secured b y a first closed m ortgage on five American steel steam­
ships o f an aggregate dead weight tonnage o f 45.950 tons, and actual freight
carrying capacity o f over 40.000 tons, appraised at 89.2S0.500. as follows:
Eurana, “ Santa C ecilia,” “ C hencha,” “ T idew ater” and 4‘ Plym outh,**
each a modern steel screw steamer and classed as 100 A1 Lloyds.
Earnings. T he estimated earnings after deducting interest and am orti— V°ni Oo'T^Tf) ji;jnountinK to 51,215 000 for the com ing year is $1,665,000.

Gtuii states steel uo .— Net

Profits .—

Month o f—
Sept. 1919. A u g. 1919.
N et profits, after taxes, depreciation, A c . ____ __
$42,228
312,989
jb ', the com pany has been accustom ed to report its gross
profits before deduction o f depreciation, taxes, A c ., and n ot the net profits
as above shown, after allowing fo r these item s.— V . 109, p . 1464, 891.

Hackensack Water Co.—

Stock Rights— Status.—
Dividends cumulative and payable Q .-J. Callable as a whole or in part
r r(?lor(l
p . m. N o v . 3 m ay subscribe at par, $25 a
at 110 and div. at any tim o on 30 days’ notice.
non one jr7
20 ,f or, tho, init> $ 2 ,000,000 o f the issue o f
al
During the year beginning N o v . 'l 1920 and In each year thereafter the
com pany will redeem 2>4% o f tho largest am ount o f Prof, stock issued, $4,000,000 i 7c C um ulative I referred stock at the rate o f four shares o f
l 9 f every eleven shares o f old stock , whether C om m on or Prewhothor or not outstanding, either b y purchase In tho open market or by
icf, them respectively. Subscription warrants will be distributed
call o f tho stock at 110 and accruod dividend.
T } N o v . 4 J , , ? , an(l tnust be filed with Treasurer, Earle T albot, 624 Park
D ata from L etter o f Pres. F. A. S e ib e rlin g , d a te d A k ro n , O c t. 20 1919. Ave^, W eehawken. N . J ., or w ith N ew Y ork Trust C o ., 26 Broad St..
Capitalization— Upon Completion o f Present Financing and Retirement o f rSjra
wN o v ' 2P J9 19- Subscriptions must be paid at either
Existing First and Second Pref. Stocks (V . 109, p. 1613).
i
™ before D e c. 1 19 10 . 25% June 1 1920 and 25%,
Crpilal Sto-k (N o Ronds)—
Auth.
Outst'g.
Pr.iirion t 'o
\y° W be allow ed on paym ents m ade.
l11.
ent ltob ert W . de Forest m circular o f O ct. 24 says in substance:
7 % Cum ulative Preferred stock (this issue)____$100,000,000 $40,000,000
C om m on stock
....................................................... 100,000,000 *20,731,100 qqo F.;!nnnQ- ftfr'5ul\'^i,c° nsu n 1P11on fo r the present calendar year is 37J)19,* Tho balance sheet, as o f Aug. 31 1919, shows a surplus o f over $27,000,­ i t OmripnS’ f i n
was o n ly 26,807.674 gallons. Our storage reservoir
000 and based on current market quotations tho C om m on stock has an
AHHif(i!^n->wnstrucV 0!1 for lnore than seven years, is nearly com aggregate market value o f over $80,000,000.
Pl^Whil(.AthP
" SJn f^ Ion 7 ,ains are being com pleted,
have increased, net earnings decreased in 1917
Easiness.— The largest manufacturer o f tires in the world producing at and l m w
present approxim ately 20% o f the total autom obile tire business o f this N ew 1 ?i'r^.>]-(i> *liTt
C
hargely_ increased cost o f labor and supplies. T he
country. Also manufactures a wide variety o f mechanical and other rub­ on the rales r-sfaldlsh^ri^f^S 11 lft Ju,y last authorized a surcharge o f 17H %
ber goods. Owns 150 acros o f real estate in Akron and vicinity and its also1 aeainl ^ e H
d 1 Hnder Pre-war conditions. T he Commission has
factories have a com bined floor space o f about 100 acres. Over 43,000 thHr v-diiatinnd «dhLawv!h,° com p any is entitled to a net return o f 7 % on
people aro em ployed in manufacture and distribution.
value is
es? than the com pany beleived to be actual
SALES A N D E A R N IN G S— YE A R E N D E D OCTORER 31.
bonds o u S t a f C
a t t l o u f f PaF
°f ^ ^
***
Sales.
N et Earn's.
Sales.
N et Earn’s.
190708.
$2,189,749
$120,925 1913- 14 — $31,056,129 $3,391,165
Extra Dividend.—
190809 .4,277,067
..
651,687 1914- 1 5 . . . 36,490,652 5,137,083
to'
a2, ° * tra dividend o f 50 cents per share in
19091 0 9,560.145
...
1,406,105 1915- 1 6 . . . 63,950,399 7,003,330 addition r^ o f record
mon thli" di vldeild o f 25 rants, both payable N ov. 5
191011 13,262,266
—
1,291,625 1916- 1 7 . . . 111.450,644 *14.044,206 t o h o d e
3 0 ’ in Sept’ 1919 an extra o f 50 cents was paid.
19111 2 _________
25,232,207
3.001,295 1917- 1 8 . . . 131,247,382 *15,388,191 — V 109? P 779 d °
19121332,998,827
—
2,041,268 1918-19 ost. 165.000,000 *20,000,000

'5,aL aii an lCom,m?rcial & Sugar Co.—

* Boforo deduction o f Federal taxes.
T he annual requirements o f (his issue will be $2,800,000.
Assets.— Upon com pletion o f the present -financing the total net assets
will be in excess o f $86,000,000 and tho total net current assets will be
in excess o f $47,000,000. Patents and good will are carried on books at $1.
Provisions.— (a) N o mortgage or lien shall bo placed on the real estate,
plants, or equipment, nor shall any bonds, notes, debentures or other debt




Humble Oil & Refining Co.— New Stock.—This comP%
ny; o of whose capital stock is owned by the Standard
has arranged to increase its stock
man11ot 8;?00’000 stock for subscription by employees $400,f the new $25,000,000, and having set aside offers
uuu
the remaining $16,400,000 to shareholders of record Oct. 28.

[Vol. 109.

THE CHRONICLE

1704

(а ) $ 1 0 ,2 5 0 ,0 0 0 S e r ie s A o f f e r e d a t p a r , $ 1 0 0 a s h a r e , in t h e p r o p o r t i o n o f
1 \i sh a re s fo r e a c h sh a r e h e ld .
S u b s c r ip t io n s t o b e r e c e iv e d u n til n o o n
D e c . 1 , w h e n p a y m e n t in fu ll m u s t b e m a d e .
(б ) SO, 1 5 0 ,0 0 0 S e r ie s B o f f e r e d a t * 2 5 0 a s h a r e in t h e p r o p o r t i o n o f % o
o n e s h a r e fo r e a c h s h a r e h e ld .
S u b s c r ip t io n s t o b e r e c e iv e d t ill n o o n
J a n . 1 0 , p a y a b l e in fo u r e q u a l in s t a llm e n t s , J a n . 1 0 , F e b . 1 0 . M a r c h 1 0
a n d A p r il 1 0 .— V . 1 0 8 , p . 1 1 6 8 , 7 8 7 .

Indianapolis Car Equipment Co .—

O fferin g

of

First

P ref. Stock. Breed, Elliott
Harrison, Indianapolis, are
offering, at par to yield 6%, $200,000 First Pref. 0% taxexempt stock, par $100. Circular shows:
—

&

D a te d O c t . 15 1 9 1 0 .
D iv s . p a y a b le Q .-J .
C a lla b le a t 102 a t a n y d iv i­
d e n d p a y in g tim e .
D u e $ 1 0 ,0 0 0 s .- a . b e g in n in g A p r il 15 1 9 2 0 .
C o m p a n y .— O r g a n iz e d t o p r o v i d e 2 5 s t a n d a r d d o u b l e t r u c k ‘ ‘p a y - a s - y o u
e n t e r ” c a r s f o r t h e I n d ia n a p o lis S t . R y . , c o s t in g $ 2 5 0 ,0 0 0 .
T h e am ount
in e x c e s s o f t h e fu n d s r e c e iv e d f r o m t h e p r o c e e d s o f t h e s a le o f t h is P r e f.
s t o c k is p r o v id e d b y t h e I n d i a n a p o l is S t . R y . t h r o u g h t h e p u r c h a s e o f t h e
C o m m o n s to c k o f th e E q u ip m e n t C o .

Indian Refining Co., Inc.,

N. Y.—$S,000,000

B P r ef.-—

T h e s h a r e h o l d e r s w i l l v o t e a t A u g u s t a , M e . , o n N o v . 11 u p o n i n c r e a s i n g
t h e c a p i t a l s t o c k t o $ 1 4 ,0 0 0 ,0 0 0 , a ll in s h a r e s o f S 1 0 0 e a c h , o f w h i c h $ 3 , ­
0 0 0 .0 0 0 s h a ll b e t h e p r e s e n t P r e f e r r e d s t o c k , $ 8 ,0 0 0 ,0 0 0 s h a ll b e C la s s B
P r e f e r r e d s t o c k a n d $ 3 ,0 0 0 ,0 0 0 w ill b o t h e p r e s e n t o u t s t a n d i n g c o m m o n
s t o c k : w h ile a f u r t h e r 1 5 ,0 0 0 s h a r e s ( $ 1 ,5 0 0 ,0 0 0 ) o f C o m m o n s t o c k m a y b e
is s u e d f r o m t i m e t o t i m e u p o n s u r r e n d e r a n d c a n c e l l a t i o n o f t h e a b o v e m e n ­
t io n e d ($ 3 ,0 0 0 ,0 0 0 ) P r e fe r r e d s t o c k u p o n f i v e d a y s ’ w r it t e n n o t ic e t o t h e
c o m p a n y f o r e x c h a n g e a t th e r a t e o f t w o s h a re s (2 ) o f s u c h P r e fe r r e d s t o c k
fo r o n e sh a re o f C o m m o n , o n th e d a y a ft e r th e d a t e o n w h ic h a n y d iv id e n d
o n s u c h P r e fe r r e d s t o c k is m a d e p a y a b l e .
D ig e s t o f S t a t e m e n t b y P r e s id e n t T h e o d o r e L . P o m e r o y , N . Y ., O c t .2 1 .
T h a t t h e c o m p a n y m a y b e in p o s i t io n t o p r o v i d e f o r g r o w t h a n d d e v e l o p ­
m e n t th e s to c k h o ld e r s a r e a s k e d t o g iv e fo r m a l c o n s e n t t o a n a u th o r iz a tio n
o f n e w I * re fe rre d s t o c k , s u b je c t t o t h e e x is t in g P r e fe r r e d is s u e , t o c o n s is t
o f $ 8 0 0 0 ,0 0 0 C la s s B 7 % C u m u la t iv e N o n - c o n v e r t ib le P r e fe r r e d
stock ,
t o b e a r q u a r t e r ly d iv i d e n d s , p a y a b l e o u t o f e a r n in g s , a n d t o b e c a lla b le o n
a n y d iv id e n d d a t e a t 1 1 0 a n d a c c u m u la t e d d iv id e n d s , t o h a v e n o v o t i n g
p o w e r ( e x c e p t u n t i l t h e c o m p a n y s h a ll b e in d e f a u l t in p a y m e n t o f f o u r
q u a r t e r ly d i v i d e n d s ) , a n d n o r ig h t t o s u b s c r i b e t o f u t u r e is s u e s o f s t o c k .
T h e n e w is s u e is a ls o t o b e e n t i t l e d t o r e c e i v e , o n d i s t r i b u t i o n o f a s s e t s
o t h e r t h a n p r o f i t s , 1 0 0 % o f it s p a r v a l u e a n d c u m u l a t e d d i v i d e n d s , b u t w ill
b e e n t it le d t o n o o t h e r p r e fe r e n c e , d iv i d e n d o r d is t r ib u t io n .
I t is t h e in t e n t i o n o f t h e c o m p a n y t o is s u e t h is s t c o k a t t h e d is c r e t io n o f
t h e b o a r d o f d i r e c t o r s a t s u c h t i m e s , a n d in s u c h a m o u n t s a s c o n d i t i o n s m a y
w a r r a n t a n d t h e b u s in e s s m a y r e q u ir e , a n d a ll s t o c k s o t o b e is s u e d f o r c a s h
w ill b e o f f e r e d f i r s t t o t h e h o l d e r s o f t h e s t o c k n o w o u t s t a n d i n g .— V .
109, p . 1176, 891.

International Motor Truck Corn.— A c q u isitio n .—■
S ee W r ig h t-M a r tin

A ir c r a ft C o r p . b e lo w .— V .

109, p .

1183, 779.

International Silver Co.— O fficers. —
G
D . M u n s o n o f W a llin g fo r d h a s b e e n e le c t e d 1 st V .-P r e s . t o s u c c e e d
G C E d w a r d s , d e c e a s e d : I . W . C o k e fa i r , N . Y . . h a s b e e n e le c t e d 2 d V .-P r e s .
a n d L . B . H a ll, N . Y . , 3 d V .-P r e s .
R o y C . W ilc o x w a s e le c te d a d ir e c to r
t o s u c c e e d M r . E d w a r d s .— V . 1 0 8 , p . 1 1 6 8 .

Invincible Oil Co.— Final N otice. —
T h e c o m p a n y n o t ifi e s t h e h o ld e r s o f t h e C o m m o n s t o c k o f th o L o u is ia n a
O i l R e f i n i n g C o r p . t h a t a s s u f f i c i e n t s t o c k o f t h a t c o m p a n y lia s b e e n d e ­
p o s it e d u n d e r th e p r o p o s a l d a t e d S e p t. 10 1 9 1 9 , t h is c o r p o r a t io n w ill c a r r y
o u t t h e e x c h a n g e o u t lin e d in s a id p r o p o s a l a n d o f f e r .
F u rth er, th a t p u r­
s u a n t t o a r e s o lu t io n o f t h e d ir e c t o r s a d o p t e d O c t . 21 1 9 1 9 , t h e r ig h t t o
d e p o s it a t th e C h a s e N a tio n a l B a n k , N . Y . C it y , sh a res o f th e C o m m o n
s t o c k o f L o u is ia n a O il R e fin in g C o r p . f o r e x c h a n g e fo r sh a re s o f th e c o r ­
p o r a t i o n w i l l t e r m i n a t e o n N o v . 1 .• V . 1 0 9 , p . 7 6 .
—

Keystone Telephone Co. of Philadelphia.— O ffering o f

—Harper & Turner and Reiily, Brock & Co., Philadel­
phia, are offering at 97 andint., to net over 6.40%, $1,100,000
Equipment & First Mtge. Collateral Ten-Year Sinking Fund
6% gold bonds, dated Nov. 1 1919, due Nov. 1 1929. Data
from letter of Vice-Pros. Edward M. Cooke:
Bonds.

In te re st p a y a b le M . & N .
C a lla b le a s a w h o le o n ly a t 101 a n d in t . o n
3 0 d a y s ’ n o t ic e .
D e n o m . $ 1 ,0 0 0 ( c * ) .
F id e lit y T r u s t C o . , P h ila
tru ste e .
F r e e o f P e n n s y lv a n ia S ta te t a x .
T h e co m p a n y co n tra cts to p a y th e n orm al
F e d e r a l in c o m e t a x in s o fa r a s i t m a y b e le g a l tS a s s u m e it
A s in k in g
fu n d b e g in n in g N o v . 1 1 9 2 2 w ill r e t ir e t h e b o n d s a s fo llo w s . 1 9 2 2 a n d 1 9 2 3 ,
$ 1 0 0 0 0 0 e a c h ? 1 9 2 4 t o 1 9 2 6 . $ 1 .5 0 .0 0 0 e a c h ; 1 9 2 7 a n d 1 9 2 8 , $ 2 0 0 ,0 0 0 e a c h .
9
P u r p o s e — T o in s t a ll a c o ih p le t e m o d e r n a u t o m a t ic t e le p h o n e s y s t e m .
T h e c o m p a n y w ill b e t h e fir s t c o m p a n y t o c o v e r t h e P h ila d e lp h ia t e r r it o r y
c o m p le t e ly — t h o n o w s y s t e m t o b e in o p e r a t io n b y t h e s u m m e r o f 1 9 2 1 .
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s im ila r m
fo r m t o t h a t s e c u r in g c a r t u s ts .
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p o s it w it h t h e tr u s te e o f $ 1 ,5 0 0 ,0 0 0 F ir s t 5 s d u e 1 9 3 o [t o t a l a u t h o r iz e d
$ 1 0 0 0 0 0 0 0 , o u t s t a n d i n g $ 6 ,7 2 5 j0 0 0 ].
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th r o u g h s t o c k o w n e r s h ip b y th e
K e y s t o n e T e le p h o n e C o . o f N . J .
O w n s t h e e n t ir e c a p it a l s t o c k
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T e le p h o n e C o .
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and
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m o r e t h a n 7 0 ,0 0 0 .0 0 0 m e s s a g e s y e a r l y .
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in P h ila d e lp h ia e x t e n d s u n d e r a b o u t 3 4 3 n u le s o f c i t y s t r e e t s , w it h a m p le
d u c t s p a c e , p a r t o f w h ic h s p a c e i« t e n t e d t o t h e P h ila . E le c t r ic C o ., w h ic h
a f t e r 1 9 2 1 w ill y i e ld o v e r $ 1 0 0 ,0 0 0 y e a r l y .— V . 1 0 9 , p . 1 6 1 3 .

Lake of the Woods Milling Co., Ltd

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C ap ital In c r e a s e .-

I t is a n n o u n c e d t h a t t h e s h a r e h o ld e r s r e c e n t ly v o t e d t o in c r e a s e t h e c o m ­
m o n s to c k fr o m
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$ 2 , 5 0 0 , 0 0 0 w a s C o m m o n o f w h i c h $ 4 0 0 , 0 0 0 u n i s s u e d a n d $ 1 . 5 0 0 J)O O w a s
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I t is ,< « a t e d t h a t t h e s h a r e h o l d e r s w i l l p r o b a b l y
b e g i v e n t h e r i g h t t o s u b s c r i b e t o t h e n e w s t o c k in t h o n e a r f u t u r e ,
v . lb a ,
p . 985.

Loew’s Incorporated.— Board of D irectors. —
T h e d ir e c t o r s ju s t a n n o u n c e d
in c lu d e s :
W . C . D u r a n t , P r e s id e n t
G e n e n a l M o t o r s C o r p o r a tio n ; J o s e p h
P .
K n a p p , P r e s id e n t A m e r ic a n
L it h o g r a p h ic C o .; H a r v e y D . G ib s o n , P r e s id e n t L ib e r t y N a t io n a l B a n k :
D » n i e l E . P o m e r o y , V i e e - P r e s i d e n t B a n k e r s T r u s t C o . ; J a m e s H . I e r ic in s ,
o f M o n t g o m e r y & C o .; C . E . D a n fo r th , o f V a n E m b u r g h & A tte r b u r y ;
L e e S H u b e r t, P r e s id e n t o f S a m . S . & L e e S h u b e r t , I n c .; M a r c u s L o e w ,
P r e s id e n t ; D a v i d B e r n s te in , T r e a s u r e r ; N . M . S c h e n c k , S e c r e t a r y , a n d
D a v id L . L o e w .— V . 1 0 9 , p . 1 5 3 0 .

Louisiana Oil Refining Corp.— N otice. —
S e e I n v in c ib le O il C o . a b o v e .— V .

105, p . 2003.

Ludlow Manufacturing Associates.— Special Dividend.
T h e d ir e c t o r s h a v e d e c la r e d
th e r e g u la r q u a r te r ly d iv id e n d
t o h o ld e r s o f r e c o r d N o v . 1 .
a n d S e p t , la s t , a n d a ls o in t h e

a s p e c ia l d iv id e n d o f S I p e r s n a r e a lo n g w it h
o f & 1 .5 0 p e r s h a jr e , b o t h p a y a b l e D e c . 1 1 J i y
A lik e a m o u n t w a s p a id in M a r c h a n d J u n e
f o u r q u a r t e r s o f 1 9 1 8 .— V . 1 0 9 , p . 6 8 3 .

(H. R.) Mallinson & Co., Inc.— In corporated . —
I n c o r p o r a t e d In D e l a w a r e O c t . 2 7 1 9 1 9 w i t h a n a u t h o r i z e d c a p i t a l o f
$ 1 0 ,0 0 0 jf)0 0 7 % C u m u la t i v e P r e f . s t o c k (p a r $ 1 0 0 ) a n d 2 0 0 ,0 0 0 s h a r e s
o f C o m m o n s to c k (n o p a r v a lu e ).
C om p a re V . 109, p . 1613.




Manomet Mills.— Special

Dividend of

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record O ct. 28.
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o f $ 2 p e r s h a r e a lo n g w ith
N o v . 4 t o s h a r e h o ld e r s o f
F e b . , M a y a n d A u g . la s t
p. 482.

Marconi Wireless Telegraph Co. of America.— Merger
Plan, & c. —The shareholders will vote in Jersey City on
Nov. 25 on a plan which is outlined substantially as follows:
D ig e s t o f S t a t e m e n t b y P r e s id e n t J o h n W . G r ig g s .
S ta t io n s .— W h e n t h e w a r c a m e y o u r c o m p a n y h a d e r e c t e d , a n d n e a r ly
r e a d y f o r o p e r a t io n , lo n g d is t a n c e s t a t io n s a t N e w B r u n s w ic k a n d B e lm a r ,
N . J . . feu1 t r a n s - A t l a n t i c s e r v i c e ; a n d o n P a c i f i c c o a s t , n e a r S a n F r a n o l s c o ,
a n d o n t n o H a w a i i a n I s l a n d s , f o r c o m m u n i c a t i o n w i t h J a p a n ; a n d i t h a d in
t h e c o u r s e o f c o n s t r u c t io n s t a t io n s a t M a r io n , M a s s ., a n d C h a t h a m , o n
C a p o C o d , fo r c o m m u n ic a t io n w ith N o r w a y .
Y o u r c o m p a n y h a s r e c e n tly
p u r c h a s e d t h e s t a t io n a t T u c k e r t o n , N . J .. in te n d e d fo r c o m m u n ic a t io n
w it h F r a n c e .
.
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.
A t t h e b e g in n in g o f th e w a r t h e B r itis h G o v e r n m e n t , fo r its o w n u s e , t o o k
o v e r a ll t h e B r it is h s t a t io n s , t h u s p r e v e n t in g a n y u s e o f o u r N e w B r u n s w ic k
a n d B e lm a r s t a t io n s ; a n d w h e n t h e U n it e d S ta te s e n te r e d t h e w a r o u r G o v ­
e r n m e n t t o o k o v e r t h e T u c k e r t o n s t a t i o n a n d a ll o f o u r s t a t i o n s , c a u s i n g t h e
s u s p e n s io n o f a ll o u r t r a n s - o c e a n i c c o m m u n i c a t i o n .
W h en ou r G overn ­
m e n t p e r m it s u s t o r e s u m e o p e r a t io n s , w h ic h m u s t h a p p e n s o o n , th e r e v e n u e
f r o m s u c h b u s i n e s s w i l l b e p a r t i c u l a r l y n e c e s s a r y b e c a u s e o f the c e s s a t i o n
o f t h e e x t r a o r d in a r y d e m a n d f o r s m a ll w ir e le s s o u t f i t s c r e a t e d b y t h o w a r .
I le l a ti o n s w ith B r itis h C o m p a n y .— A t o r g a n i z a t io n y o u r c o m p a n y r e c e i v e d
a g r a n t o f t h e M a r c o n i p a t e n t s a n d in v e n t io n s f o r u s e in t h e t e r r it o r y o c
th e U n ite d S ta te s a n d C u b a o n ly .
T h e B r itis h c o m p a n y h a s a lw a y s h e ld
a s u b s t a n t ia l s t o c k in t e r e s t in t h e A m e r ic a n c o m p a n y a n d t h e p la n s o f t h e
t w o h a v e c o n t e m p la t e d m u tu a l c o -o p e r a t io n a n d c o n t r o l s o fa r a s tr a n s ­
A t l a n t i c s e r v i c e is c o n c e r n e d .
T w o o f t h e o ff ic e r s o f th e B r itis h c o m p a n y
h a v e b e e n o ffic e r s o f th e A m e r ic a n c o m p a n y , v iz .: S e n a to r e M a r c o n i a n a
Air. Godfrey C . Isaacs.
........................_
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T h e r e e x i s t s o n t h e p a r t o f t h e o f f i c i a l s o f t h e G o v e r n m e n t , w e f i n d , a.
v e r y s t r o n g o b je c t io n t o y o u r c o m p a n y b e c a u s e o f th e s t o c k in t e r e s t n e ia
t h e r e in b y th e B r it is h c o m p a n y .
W e a r e c o n v in c e d t h a t t o r e ta in th o s u p ­
p o r t o f o u r o w n G o v e r n m e n t i t is n e c e s s a r y t h a t a ll p a r t i c i p a t i o n in i t s
s t o c k , a s w e ll a s in it s o p e r a t io n s , o n t h e p a r t o f a n y f o r e ig n w ir e le s s c o m ­
p a n y m u s t b e e lim in a te d .
R a d io D e v ic e s o f G e n e r a l E l e c tr ic C o .— C e r t a in l o n g d i s t a n c e a n d o t h e r r a d i o
d e v ic e s a n d s y s te m s h a v e b e e n d e v e lo p e d b y th e G e n e r a l E le c tr ic G o .
S o m e o f t h e s e d e v i c e s a n d s y s t e m s p r o m i s e t o b e o f g r e a t v a l u e in t r a n s ­
o c e a n ic r a d io c o m m u n ic a t io n .
N e w M e r g e r C o m p a n y .— A c o r p o r a t io n h a s b e e n f o r m e d c a lle d t h e R a d io
C o r p o r a tio n o f A m e r ic a , w it h a u t h o r iz e d s t o c k a s f o llo w s :
(а ) 7 % P r e fe r r e d s t o c k , p a r v a lu e $ 5 p e r s h a r e , p r e fe r r e d a ls o
a s t o a s se ts ; d iv id e n d s c u m u la t iv e a ft e r th e e n d o f th e fis c a l
y e a r e n d i n g i n 1 9 2 3 , r e d e e m a b l e o n a n y d i v i d e n d d a t e a t $ ,) o 0
p e r sh aF e a n d a c c r u e d d iv id e n d s .
T o t a l a u t h o r iz e d is s u e - - - $ 2 ,> ,0 0 0 .0 0 0
( б ) C o m m o n s t o c k w i t h o u t p a r v a l u e --------------------------*
---------------- o , 0 0 0 , 0 0 0 s n r s .
T h e t w o c la s s e s o f s t o c k h a v e e q u a l v o t i n g p o w e r , s h a r e f o r s h a r e .
1 3 .5 ,1 7 4 s h a r e s o f t h o P r e f e r r e d s t o c k a il'd 2 , 0 0 0 , 0 0 0 s h a r e s of t h e Com m on
s t o c k o f th e R a d io C o r p o r a t io n h a v e b e e n is s u e d t o t h o G e n e r a l E le c t r i c g o .
T h e r e m a in d e r o f t h e s h a r e s r e m a in in t h e t r e a s u r y .
_

The Radio Corporation has entered into an agreement with the Genera
Electric C o. concerning present and future patent rights, the manufacture
of patented apparatus and devices exclusively by tho General Electric g o .
for the Radio Corporation and the exclusive right to the R adioCorporation
to sell patented radio apparatus and devices of tho General Electric Go.
P u r c h a s e o f B r itis h H o l d in g s .— T h e G e n e r a l E l e c t r i c C o . h a s a p p r o p r i a t e d
$ 2 , 5 0 0 , 0 0 0 , a p o r t i o n o f w h i c h is t o b e u s e d b y t h e G e n e r a l E l e c t r i c C o .
u n d e r a n a r r a n g e m e n t s a t i s f a c t o r y t o y o u r d i r e c t o r s in p u r c h a s i n g t h e s n a r t s
o f s t o c k i n y o u r c o m p a n y n o w o w n e d a n d h e l d b y M a r c o n i »\ l r c l e s s t * io g r a p h C o . , L t d . , o f G r e a t B r it a in , w h ic h s h a r e s it w ill h o ld , t h e r e m a in in g
p o r t i o n o f t h i s s u m h a v i n g b e e n p a i d in c a s h t o t h e R a d i o C o r p o r a t i o n o r
e x p e n d e d o r a g r e e d t o b e e x p e n d e d d ir e c t ly f o r it s b e n e f i t .
P r o p o s e d S o u th A m e r ic a n D e v e lo p m e n t.— T h e G e n e r a l E l e c t r i c C o . h a s
e n te r e d in t o a n a g r e e m e n t w h ic h , i f t h e p r o p o s e d p ld n g o e s t h r o u g h , w in
e n a b l e t h e R a d i o C o r p o r a t i o n t o e n t e r i n t o a n a g r e e m e n t w i t h J Y l a r c o n jj s
W i r e le s s T e l e g r a p h C o . , L t d . , w h i c h w ill g r e a t l y i n c r e a s e t h e p o w e r s a n a
p r iv ile g e s o f y o u r c o m p a n y o u t s id e o f t h e U n it e d S t a t e s a n d C m b a , a n u
w h ic h w ill p r o v id e , a m o n g o t h e r t h in g s , f o r t h e f o r m a t io n o f a S o iit n A r n e r ic a n c o m p a n y m a n a g e d a n d o p e r a t e d b y th e R a d io C o r p o r a t io n , w h lc n w u i
o w n th e m a jo r it y o f t h e s t o c k o f v a r io u s c o m p a n ie s w h ic h w ill c o n s t r u e s
s t a t io n s in S o u t h A m e r ic a f o r c o m m u n ic a t i o n w it h t h o U n i t e d S t a t e s a n a
E n g l a n d , a n d in d u e c o u r s e w it h o t h e r c o u n t r ie s .
A l t e r n a t o r C o n t r a c t.— T h o G e n e r a l E l e c t r i c C o . a ls o h a s a c o n t r a c t w it h
t h e R a d io C o r p o r a t io n t o fu r n is h t o it c e r t a in 2 0 0 k . w . h ig h f r e q u e n c y
a lte r n a to r s k n o w n a s th o A le x a n d e r s o n a lte r n a to r s , w it h a c c e s s o r ie s , a t a n
a g r e e d p r i c e , t o b e p a i d f o r in P r e f e r r e d s t o c k o f t h e R a d i o C o r p . a t p a r .
F o r e ig n S h a r e s .— W h i le t h e a c t u a l c o n t r o l o f t h e R a d i o C o r p o r a t i o n m u s t
a t a l l t i m e s b e k e p t in t h e h a n d s o f l o y a l A m e r i c a n c i t i z e n s o r c o r p o r a t i o n s ,
it is h o p e d t h a t it w ill b e p o s s ib l e t o a c c o m p lis h t h is e n d a n d a t t h e s a m e
t im e t o is s u e a li m it e d n u m b e r o f f o r e ig n s h a r e c e r t if i c a t e s w h ic h c a n b e
v o t e d i f h e ld b y fo r e ig n e r s .
E f f o r t s w ill b e m a d o t o s u p p l y t o y o u r c o m p a n y
e n o u g h o f s u c h fo r e ig n sh a r e c e r t ific a t e s s o a ll, o r s u b s t a n t ia lly a ll, o f y o u r
c o m p a n y ’s s t o c k h o ld e r s w h o a r e f o r e ig n e r s m a y r e c e iv e t h e ir sA o ck o f t h e
R a d io C o r p o r a t io n in s u c h c e r t ifi c a t e s .
P r o p o s e d S a le — M a n u f a c t u r i n g P l a n t A c
M a i; B e E x c lu d e d .— I t is n o w
p r o p o s e d t h a t y o u r c o m p a n y s e l l t o t h e R a d i o C o r p o r a t i o n a l l i t s a s s a ils
a n d p r o p e r t y i n c l u d i n g c a s h a n d s e c u r i t i e s , e x c e p t i t s m a n u f a c t u r i n g _ P 'a n t
a t A id e n e
N . J .. a n d its c la im s a g a in s t th e U n ite d S ta to s G o v e r n m e n t
a n d c e r ta in p r iv a t e c o r p o r a t io n s a n d fir m s a r is in g
u n lic e n s e d u s e o f
t h e a p p a r a t u s c o v e r e d b y t h e p a t e n t s o f t h o M a r c o n i C o . , a n d w ill r e c e i v o
2 0 0 0 0 0 0 sh a res o f th o C o m m o n s to c k o f th e R a d io C o r p o r a tio n a n d 1 rcr.
s t o c k o f $ 1 0 , 0 0 0 , 0 0 0 in c o n s i d e r a t i o n o f t h e t r a n s f e r o f i t s a ^ s a b o v e s e t
f o r t h a n d i t s a g r e e m e n t t o t r a n s f e r t o t h e R a d i o C o r p o r a t i o n i th e i f i r s t
$ 5 0 0 ,0 0 0 d e r iv e d b y it f r o m t h e c la i m s a b o v e r e fe r r e d t o o r a lt e r n a t i v e ly
t o t r a n s f e r t o t h e R a d i o C o r p o r a t i o n it s f a c t o r y a t A i d e n e , N . J .
I f th e n e t t a n g ib le a s se ts th u s tr a n s fe r r e d , n o t in c lu d in g th e c la im s o r th e
f a c t o r y , a r e n o r r e a s o n a b l y w o r t h $ 9 , 5 0 0 ,0 0 0 a p p r a i s e d o i l a g o i n g - c o n c e r n
b a s i s t h e d e f i c i t is t o b e m a d e u p i n c a s h r e a l i z e d o n t h e c l a i m s a b o v o m e n ­
t io n e d a s a n d w h e n t h e c la im s a r e s e t t le d , b u t , y o u r c o m p a n y w ill n o t
g u a r a n t e e t h o c l a i m s in a n y r e s p e c t a n d w ill n o t b e l i a b l e f o r a n y c a s h d e t t c i t
e x c e p t t o th e e x t e n t in d ic a t e d .
P r o p o s e d D i r i d e n d . — I t i s i n t e n d e d ( a f t e r t h o p r o p o s e d p l a n is a p p r o v e d )
t o d e c la r e a d iv id e n d o n th e s h a r e s o f y o u r c o m p a n y o f 2 5 c e n t s p e r s h a r e ,
p a y a b l e o n o r a b o u t J a n . 2 1 9 2 0 . a n d a s u f f i c i e n t a m o u n t f o r t ills p u r p o s e
w ill b e r e s e r v e d .
’
L e a s e o f F a c to r y to G e n e r a l E l e c tr ic C o .— I t is a ls o p r o p o s e d t o l e a s e t h e
A id e n e fa c t o r y t o th e G e n e r a l E le c t r ic C o .
W h a t S a in I n c l u d e s . — T h i s p l a n , a s w i l l b e s e e n , d o e s n o t i n v o l v e t h e s a tfo
o f t h o w h o le a s se ts a n d p r o p e r t y o f y o u r c o m p a n y as a n e n t ir e t y , b u t d o e s
r a d ic a lly c h a n g e th o s c o p e o r its o p e r a t io n s a n d tr a n s fe r s t h e c o n d u c t o r
w ir e le s s c o m m u n ic a t i o n a n d t h e s a le o f w ir e le s s d e v ic e s t o t h o n e w c o m p a n y .
E x c h a n g e o f S to c k .— I t is e x p e c t e d t h a t e a c h s t o c k h o l d e r o f t h e M c i r o o n
W ir e le s s T e le g r a p h C o . o f A m e r ic a , f o r o n e s h a r e o f t h e p a r v a l u o o f $ 5 in
t h e p r e s e n t c o m p a n y , w ill b o e n t i t l e d t o r e c e i v o in e x c h a n g e P r e f e r r e d s t o c k
o f t h e n a r v a l u e o f $ 5 in t h e n e w c o m p a n y a n d o n e s h a r e o f C o m m o n s t o c k
in t h e n e w c o m p a n y i n a d d i t i o n .
(O n D e c . 3 1 t h e M a r c o n i h a d o u t s t a n d i n g
$ 9 ,9 9 9 ,5 0 0 o f it s $ 1 0 ,0 0 0 ,0 0 0 a u t h o r iz e d c a p it a l s t o c k ,— E d .)
O u tlo o k — U n le s s n e w a n d u n f o r e s e e n o b s t a c l e s a r is e , t h o n e w c o m p a n y
u n d e r i t s t r a f f i c a r r a n g e m e n t s w i t h t h e B r i t i s h c o m p a n y a n d o t h e r s w ill b e
e n a b le d s h o r t ly a ft e r its s t a t io n s a r e r e tu r n e d b y o u r G o v e r n m e n t t o s ta r t
t r a f f ic w it h t h e B r itis h I s la n d s , N o r w a y , F r a n c o a n d J a p a n , a n d , a s s d o n
a s t h e n e c e s s a r y s t a t io n s a r e b u ilt , t o o p e n c o m m u n ic a t io n s w it h S o u th
A m e r ic a th u s a t t a in in g u n d e r c o n d it io n s o f f in a n c ia l s t r e n g t h , w ith a d o n a r t m e n t a i s t a f f o f e x c e p t io n a l e x p e r ie n c e a n d a b il it y , t h e g r e a t o b je c t iv e
t h a t h a s a lw a y s b e e n a im e d a t , n a m e ly a w o r ld -w id e s y s t e m o f c o m m e r c ia l
w ir e le s s c o m m u n ic a t i o n , t o t h e a d v a n t a g e o f o ifr s h a r e h o ld e r s , a n d t h e m a ­
te r ia l b e n e f it o f o u r c o u n t r y .
,
O u r s t o c k t r a n s f e r b o o k s w ill b o c l o s e d f r o m 3 p . m . O c t . 3 1 u n t i l 1 0 a . m
D e c . 1 1 9 1 9 .— V . 1 0 8 , p . 2 2 4 6 . 1 1 6 9 .

Maritime Nail Co., Ltd., Montreal.— Bonds Called.—

A ll o f t h e o u t s t a n d i n g F ir s t M t g e . 1 0 -y e a r g o l d b o n d s , d a t e d M a y 1 1 9 1 2 .
h a v e b e e n c a lle d fo r p a y m e n t N o v . 1 a t 1 0 5 a n d in t . a t P r u d e n tia l I r u s t
C o ., L t d ., M o n t r e a l.— V . 1 0 5 , p . 824.

Nov. 1 1919.]

THE CHRONICLE

Massachusetts Gas Cos.—
Maxwell Motor Co., Inc .— Merger Notice.— *
_ The stockholders committees o f the two companies announce

Stockholders of Mexican Petroleum Who Exchange Stock May
Also Subscribe— All Pan-American Ronds and P r e f . Slock
Called for Payment— Expansion of Facilities to Take Care
of New Business.—President H. L. Dokenv, in a circular

S e e N e w E n g la n d F u e l & T r a n s p o r t a t io n C o . b 3 lo w .— V . 1 0 3 , p . 2 3 3 1 .

that to
effect the merger of Maxwell Motor Co., I n c . a n d Chalmers Motor Corp.
under t h e plan of Aug. .30 1919 approved by t'u >ir boards of directors
securities must bo deposited with Central Union Trust Co. of New York'
Depositary, 80 Hroadway, New York City, on or bo Nov. {> 1919.— V 109'
p. 1614.

dated at New York 0;;t. 25 1919, says in sulistance:

C l a s s l i C o m m o n S t o c k .— O n O c t . 2 2 1 9 1 9 t h e c h a r t e r o f i n c o r p o r a t i o n
w a s a m e n d e d s o t h a t $ 7 0 ,0 0 0 ,0 0 0 u n is s u e d C o m m o n s t o c k o n t o f a t o t a l
a u t h o r iz e d a m o u n t o f $ 1 2 5 ,0 0 0 ,0 0 0 w a s c la s s ifie d a s n o n - r o t in g C la s s B
c o m m o n s t o c k , e n t it le d t o s h a r e r a t a b ly in a ll d iv id e n d s a n d o t h e r d is t r i­
b u t io n s a n d in a ll t h e r ig h t s a n d p r iv ile g e s o f t h e C o m m o n s t o c k e x c e p t
tn e r ig h t t o v o t e .
A t a m e e t in g o f th e b o a r d o f d ir e c t o r s , h e ld o n th e 2 3 d
m s t ., r e s o lu tio n s w e r e a d o p t e d t o t h e fo llo w in g e ffe c t :

Mexican Petroleum Co., Ltd. of Delaware.— O p tion

to Exchange C om m on Stock Right o f S u b scrip tio n .—
S ee P a n -A m e r ic a n

P e tr o le u m

T ran sport

C o.

b s lo w .— V .

109,

p.

1530

Middle States Oil Corporation.— 10% Stock D iv id e n d .—

P a n - A m e r i c a n S t o c k h o ld e r s A f a y S u b s e r v e . — A l l h o l d e r s o f r e c o r d , e i t h e r
R e f e r r e d , C o m m o n o r C l a s s B C o m m o n , at, t h e c l o s e o f b u s i n e s s o n N o v . 2 5
i 9 1 9 , w ill b o g iv e n th e r ig h t t o s u b s c r ib e t o th e e x te n t o f 1 0 % o f th e p a r
v a lu e o f t h e ir h o ld in g s fo r n o n -v o t i n g C la s s B C o m m o n s t o c k a t $ 1 0 0 fo r
e a c h sh a re o f th e p a r v a lu e o f $ 5 0 .
S u b s c r ip t io n s w ill b e r e c e iv e d e it h e r a t
th e G u a ra n ty T ru s t C o ., N . Y . C ity , o r a t th e o ffic e o f th e co m p a n y ,
L o s A n g e le s , C a l i f ., a t a n y t im e b e t w e e n t h e is s u a n c e o f t h e s u b s c r ip t io n
w a rra n ts s h o r t ly a fte r N o v . 2 5 , a n d D e c . 2 2 1 919.

T h e d ir e c t o r s h a v e o r d e r e d t h a t o n D e c . 1 t h e r e s h a ll b e d is t r ib u t e d t o
a il s t o c k h o ld e r s o f r e c o r d N o v . 2 0 a n a m o u n t o f s t o c k e q u a l t o 1 0 % o f
t h e i r r e s p e c t i v e h o l d i n g s , f r a c t i o n a l s h a r e s t o b e a d j u s t e d b v p a y m e n t , in
m o n e y t o th e p e r s o n s e n title d th e r e to e q u a l t o th e lo w m a r k e t p r ic e o f th e
la s t b u s in e s s d a y o f N o v e m b e r 1 9 1 9 .

N e w S u bsidia ry D o m in io n Oil C o. O rga n ized .—
T h e D o m i n i o n O il h a s b e e n o r g a n i z e d u n d e r t h e J o i n t s t o c k a s s o c i a t i o n
la w s o f T e x a s w ith a u t h o r iz e d c a p it a l s t o c k c o n s is t in g o f 3 2 ,0 0 0 ,0 0 0 6 %
C u m . P r o f , in $ 1 0 0 s h a r e s a n d $ 2 , 0 0 0 , 0 0 0 C o m m o n s t o c k i n $ 1 0 s h a r e s .
I s s u e d , $ 4 0 0 ,0 0 0 P r e f. a n d $ 1 ,8 0 0 ,0 0 0 C o m m o n .
A m a jo r it y o f th e la tte r
is o w n e d b y t h e M i d d l e S t a t e s O il C o r p .
T h e n e w c o m p a n y h a s a c q u i r e d p r o d u c i n g o i l i n t e r e s t s in t h e O s a g e N a ­
t io n , O k la h o m a , a n d B u r k b u r n e tt fie ld , W ic h it a C o u n t y , T e x a s , a n d in t e r ­
e s t in a p i p e J in e a n d o p t i o n s o n f u r t h e r B u r k b u r n e t t p r o p e r t y . — V . 1 0 9 ,
p . 1614.

Montgomery Ward & Co.— A cq u isitio n — R eorga n iza tion .Nacirema Steamship Corporation, N. Y .— New Finan­
cing .—jThis company, incorporated in Delaware in March
last with a capital of $500,000, par $100, has arranged to
increase its capital to 1,000.000 shares of no par valwe, all of
one class, of wdiioh 495,000 shares are presently to be issued
It. C. Megargel & Co., N. Y., are forming a sjmdicate to
underwrite .‘100,000 shares of the stock.
S e e U n ite d R e ta il S to r e s C o r p . b e lo w .— V . 1 0 9 . p . 9 8 5 .

D i g e s t o f S t a t e m e n t b y P r e s . .1. M a r k h a m M a r s h a l l , N . Y . , O c t . 2 2 .
P r o p e r t y .— B y p u r c h a s e f r o m t h e U . S . G o v e r n m e n t , 1 5 " A l " s t e a m s h i p s ,
a ll in o p e r a t i o n , 10 o f w h ic h a r e o f w o o d w it h a n a v e r a g e t o n n a g e o f 4 ,8 0 0
d . w . C , a n d 5 a r e o f c o m p o s it e s te e l a n d w o o d e n c o n s t r u c t io n w it h a n
a v e r a g e t o n n a g e o f 4 ,5 0 0 d . w . t .
I t a ls o h o ld s a n o p t io n , w h ic h it e x p e c t s
t o e x e r c is e u p o n th e c o m p le t io n o f th e p r o p o s e d fin a n c in g , t o p u r c h a s e fr o m
t h e U . 8 . G o v e r n m e n t 10 a d d it io n a l s h ip s o f t h e la t t e r t y p o a b o v e m e n ­
t io n e d .
T h e c o m p a n y h a s a r r a n g e d t o a c q u i r e a ll o f t h e o u t s t a n d i n g c a p i t a l
s t o c k o f ( 1 ) F o r e i g n k D o m e s t i c T r a n s p o r t a t i o n C o r p . r .f N . A '. , w h i c h h a *
p u r c h a s e d fr o m th e A u s tr a lia n G o v e r n m e n t 5 w o o d e n s te a m s h ip s w ith a n
a v e r a g e t o n n a g e o f 4 , 3 0 0 d . w . t . , a ll c la s s e d A l , o f t h e f i n e s t t y p e , 3 d e ­
liv e r e d a n d 2 t o b e d e liv e r e d b e fo r e D e c . 3 1 .
(2 ) t h e B r o o k s S t e a m s h ip
C o r p . (a D e l a w a r e c o r p o r a t i o n ) , le s s e e o f a s t e a m s h i p p ie r a t 2 0 t h S t . , E a s t
R i v e r , M a n h a t t a n , a n d o f a p ie r In P h i l a d e l p h i a , a n d w i t h o f f i c e s in N e w
Y o r k , N e w O r le a n s , L o n d o n , P a r is a n d B u e n o s A ir e s , a n d c h a r t e r in g a g e n ­
c ie s in n u m e r o u s lo a d in g s h ip p i n g c e n t r e s .
I t w ill c o n t i n u e t o o p e r a t e a n d
c h a r t e r a ll t h e v e s s e ls o w n e d o r c o n t r o l l e d b y N a c i r e m a S t e a m s h i p C o r p .
P u r p o s e o f P r e s e n t I s s u e .— I t i s p r o p o s e d t o i s s u e 4 9 5 , 0 0 0 s h a r e s o f t h e
C o m m o n s t o c k in p a r t t o t h e o w n e r s o f t h e e q u it y r e p r e s e n t e d b y t h e c o m ­
p a n y 's p r e s e n t h o l d i n g s , a n d t h e o w n e r s o f t h e s t o c k o f F o r e i g n k D o m e s t i c
T r a n s p o r t a t i o n C o r p . , a n d in p a r t t o b e s o ld t o p r o v i d e f u n d s : (a ) t o p u r c h ­
a se s to c k o f B r o o k s S S . C o r p ., a n d to c o m p le te th e p u r c h a s e o f s to c k o f
F o r e ig n & D o m e s t i c T r a n s p . C o r p . ; (6 ) t o li q u i d a t e p a r t o f t h e p u r c h a s e
p r ic e o f th e v e s s e ls p u r c h a s e d b y t h e N a c ir e m a S S . C o r p . a n d F o r e ig n &
D o m e s t ic T r a n s p . C o r p .; a n d (C ) t o r a is e w o r k in g c a p it a l.
U p o n t h e c o m p le t io n o f t h e p r o p o s e d f in a n c i n g t h e 3 0 v e s s e ls t h e n
o w n e d , e it h e r d ir e c t ly o r t h r o u g h it s s u b s i d i a r y c o m p a n ie s , w ill b e o w n e d
f r e e a n d c l e a r o f a ll i n d e b t e d n e s s e x c e p t a 5 % o b l i g a t i o n t o t h e U . S .
G o v e r n m e n t o f $ 7 ,1 2 5 ,0 0 0 , p a y a b l e s e r ia lly d u r in g a p e r io d o f fo u r y e a r s .
T h e c o m p a n y w ill t h e n a ls o h a v e in it s t r e a s u r y m o r e t h a n $ 2 , 0 0 0 , 0 0 0
o f c a s h w h ic h c a n b o u s e d e ith e r a s w o r k in g c a p it a l o r t o liq u id a t e p a r t o f
s a id o b lig a t io n t o t h e U n it e d S ta te s G o v e r n m e n t .
E a r n i n g s .— A l l o w i n g f o r a n a p p r e c i a b l e r e d u c t i o n in r a t e s d u r i n g t h e n e x t
12 m o n t h s , I w o u ld e s t im a t e t h e g r o s s a n n u a l e a r n in g s o f t h e e n t ir e 3 0
v e s s e k o w n e d o r c o n t r o lle d a n d t o b e a c q u ir e d a t b e t w e e n $ 1 3 ,5 0 0 ,0 0 0 a n d
$ 1 5 ,0 0 0 ,0 0 0 , w it h n e t e a r n in g s b e fo r e d e p r e c ia t io n a n d t a x e s o f a p p r o x i­
m a te ly 4 0 %
o r b e t w e e n $ 5 ,4 0 0 ,0 0 0 a n d $ 6 ,0 0 0 ,0 0 0 , o r a p p r o x im a t e ly
b e tw e e n $11 a n d * 1 2 a s h a r e o n th e C o m . s t o c k t o b e p r e s e n tly is s u e d .
D ir e c to r s .— (A s h e r e t o f o r e ) , S h e p p a r d G . S c h e r m e r h o r n , f o r m e r ly V .- P .
o f U n i t e d F A ru it C o . ; P i e r p o n t V . D a v i s , Y . - P r . N a t i o n a l C i t y C o . ; A m o s D .
C a r v e r , o f B a k e r , C a r v e r & M o r r e ll, s h ip c h a n d le r s , N . Y . C it y ; F r e d e r ic k
R . E a t o n , a n d J . M a r k h a m M a r s h a ll.
F o u r a d d i t io n a l d ir e c t o r s w ill b e
a n n o u n c e d in t h e n e a r f u t u r e .
L i s t i n g .— A p p l i c a t i o n w ill b e m a d e t o lis t t h e s t o c k o n t h e N . Y . S t o c k
E xch an ge.

Nashawena Mills.— Special

A s p e c ia l
s t o c k , a lo n g
t o h o ld e r s o
A u g . la s t .—

D iv id e n d .

—

d iv id e n d o f $ 2 h a s b e e n d e c la r e d o n t h e $ 3 ,0 0 0 ,0 0 0 c a p it a l
w ith th e r e g u la r q u a r t e r ly d iv id e n d o f $ 2 , b o t h p a y a b le N o v . 4
f record O ct. 28.
I , i k e a m o u n t s w e r e p a i d in F e b . , M a v a n d
V . 109, p . 482.

National Acme Go.— E a r n in g s .—

Q u a r ter s e n d in g S e p t. 3 0 —
1919
N e t s a l e s ......................................................................$ 3 , 5 3 3 , 3 9 0
N e t p r o f i t s . . ................................... .........................
$ 8 5 8 ,1 6 1
D iv id e n d s p a id
....................................
3 7 5 ,0 0 0

1918.
$ 3 ,9 2 8 ,5 6 0
$ 1 ,5 1 4 ,3 3 3
3 7 5 ,0 0 0

S u r p l u s f o r q u a r t e r ____________
— V . 108, p . 1387.

$ 1 ,1 3 9 ,3 3 3

(1H%)

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

$ 4 8 3 lfii
’

Nevada Consol. Copper Co.-

1917.
$ 1 ,5 5 3 ,7 9 0
$ 1 ,2 2 3 ,9 2 6
3 7 5 ,0 0 0
$ 8 4 8 ,9 2 6

-Production (Pounds ) . —

1919.
1918.
1917.
M o n t h o f S e p t e m b e r ________
4 ,2 5 0 ,0 0 0
6 ,6 7 0 ,4 1 5
6 ,5 2 4 ,3 5 2
N in e m o n th s t o S e p t. 3 0 .
J
- - - - - - - - 3 1 .2 2 1 ,5 8 5
5 9 ,5 3 0 ,4 1 5
5 9 ,8 8 7 ,3 5 0
l n o m in e s w e r e s h u t d o w n d u r in g A u g u s t o n a c c o u n t o f a s t r ik e , c o n s e ­
q u e n t ly th e r e w a s n o p r o d u c t io n .— V . 1 0 0 . p . 1 1 8 4 . 1 0 8 4 .

Nonquit Spinning Co .— Special

Ohio Fuel Supply Co .— E arn ings.—

8 - .........................................

Oxford Paper Co .— Bonds

* 7 5 7 .9 4 7

Called

S u b s c r i p t i o n R ig h t s a f ' e r E t c h a m — A ll t h e l a t t e r d e p o s i t i n g s t o c k f o r
e x c h a n g e p u r s u a n t t o t h is o ffe r w ill b e e n t it le d t o s u b s c r ib e fo r a d d it io n a l
w , a-S w v ( o m m o .n s t o c k
t h e e x t e n t o f 1 0 % o f t h e C la s s B C o m m o n s t o c k
w n ic n t h e y r e c e iv e u p o n s u c h e x c h a n g e , a t p r ic e o f $ 1 0 0 p e r s h a r e , a n d w ill
r e c e iv e s u b s c r ip t io n w a r r a n ts e v id e n c in g s u c h r ig h ts .
E x p la n a to r y C ir c u la r S ig n e d

o
m & ! f ' a r t A p r i l 1 1 9 2 0 o f A l l S e c u r itie s R a n k in g A h e a d o f C o m m o n
shocks.
V V ith t h i s a d d i t i o n a l f i n a n c i n g , y o u r b o a r d h a s t h o u g h t i t w i s e t o
*‘ a l '
r e d e m p t i o n o n A p r il 1 1 9 2 0 a ll o u t s t a n d i n g s e c u r it ie s h a v i n g p r io r it y
o v e r t h e C o m m o n s t o c k a n d C la s s “ B ” C o m m o n s t o c k .
T h e s e h a v e a lr e a d y
i n n n n n r-Vi, a r ’ e l I r e d u c e d .
T h e m a r in e e q u ip m e n t b o n d s , o r ig in a lly $ 6 ,i ! , . „ ■ h a v e t h r o u g h r e d e m p t io n a n d c o n v e r s io n in t o C o m m o n s t o c k ,
e d u c e d t o $ 1 4 2 ,0 0 0 .
T h e $ 1 0 ,5 0 0 ,0 0 0 P r e fe r r e d s t o c k h a s b e e n r e ­
a m e d b y li k e c o n v e r s io n t o $ 1 ,0 8 2 ,0 0 0 .
i n e a c h c a s e t h e r ig h t o f t h o h o ld ­
ers t o c o n v e r t t h e ir s e c u r itie s in t o C o m m o n s t o c k w ill c o n t in u e u n t il 3 0 d a y s
p r io r t o th e r e d e m p tio n d a te .
r J f . rrf aJ c *n B u s i n e s s . — T h e v o l u m e o f b u s i n e s s o f y o u r c o m p a n y a n d i t s
a m n a t e d c o m p a n ie s h a s b e e n v e r y la r g e ly in c r e a s e d a s a r e s u lt o f t h e n e w
r o ta tio n s w h ic h h a v e b e e n a n d a r e b e in g e s ta b lis h e d .
M e x i c a n P e t r o l e u m C o . , L t d . — A- o u r m a n a g e m e n t , e a r l v i n
1915,
B iit e r o d i n t o n e g o t i a t i o n s w i t h p r o m i n e n t s h i n h u i l d n n e a n d ^ iiin n in c r m f ln n f

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s te r lin g , y o u r c o m p a n y s u b s c r ib in g fo r o n e -h a lf o f th e s t o c k .
L o r d P ir r ie
is C h a ir m a n .
Y o u r P r e s id e n t is V ic e - C h a i r m a n .
A’ o n r V i c e - P r e s , k G e n .
M g r . , H e r b e r t G . W y l i e , is M a n a g i n g D i r e c t o r .
(S e e a ls o V . 1 0 9 . p . 3 7 3 ) .
f o r t h e n e w c o m p a n y s ite s fo r o il d is t r ib u t in g s t a t io n s h a v e b e e n a c ­
q u ir e d
at
G la s g o w ,
L iv e r p o o l.
M a n ch ester
S h ip
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A v o n m o u th ,
S o u t h a m p t o n , P ly m o u t h , H u ll a n d N e w c a s t le -o n -T v n e , a n d fo r a r e fin e r v
o n t h e M a n c h e s t e r S h ip C a n a l.
F i t t y - f o u r s t o r a g e t a n k s , o f a c a p a c i t y o f 5 5 ,0 0 0 b b ls . e a c h , w e r e p u r c h as j i
th e s e ta n k s 2 8 w ill b e r e q u ir e d fo r th e s ta tio n s a b o v e m e n t io n e d ,
a n d t h e s t a t io n s a b o u t t o b e e s ta b lis h e d in H o lla n d a n d S c a n d in a v ia n
c o u n tr ie s ; 12 o f th e s e ta n k s a r e a lr e a d y e n r o u t e .

Pi
o n a s u o s t a n t i a l s c a l e , w u n e t n e b u s i n e s s a w a i t i n g t h e c o m p l e t i o n „...........
s t o r a g e r e s e r v o ir s in G r e a t B r it a in a n d e ls e w h e r e w ill t a x it s a v a ila b le
t r a n s p o r ta tio n fa c ilitie s .
D e m a n d f o r F u e l O i l .— T h e w a r u s e o f p e t r o l e u m h a s r e s u l t e d i n t h e d e s i r e
l o r t h a t c la s s o f f u e l, w h e r e v e r c o s t ju s t i f ie s .
Y our m anagem ent m ade
c o n t r a c t s f o r t h e s a le o f o i l f u e l t o (a ) s e v e r a l r a i l w a v c o m p a n i e s in A r g e n ­
tin a a n d U r u g u a y , w h ic h n e c e s s ita te d th e e s ta b lis h m e n t o f o il d is t r ib u t in g
s t a t io n s a t M o n t e v i d e o a n d B u e n o s A ir e s , n o w b e in g b u il t ; (6 ) t o t h e
E m e r g e n c y F le e t C o r p o r a t io n a t v a r io u s p o r t s , t o w it: B o s t o n , P h ila d e lp h ia ,
C r i s t o b a l , C . Z . , a n d S t . T h o m a s , W . 1 .; ( c ) t o t w o g r e a t S o u t h e r n r a i l w a y
s y s t e m s , n e c e s s it a t in g n e w d e liv e r y s t a t io n s a t S a v a n n a h . J a c k s o n v i lle a n il
G a lv e s t o n fr o m w h ic h la t t e r s t a t io n , a ls o , a v e r y la r g e q u a n t it y o f p e t r o le u m
lu e l w ill b e d o liv e r e d t o c o p p e r c o m p a n ie s o f N e w M e x i c o a n d A r iz o n a ,
w h ic h h a v e h e r e t o fo r e o b t a in e d th e ir fu e l o il s u p p lie s fr o m C a lifo r n ia .
A c « j T a n k S te a m e r s , to C o st $ 1 2 ,0 0 0 ,0 0 0 .— T h e s e s a le s in c r e a s e d t h e a g g r e ­
g a t e s a le s f o r 1 9 2 0 t o m o r e t h a n 4 0 ,0 0 0 ,0 0 0 b b ls . o f p e t r o le u m p r o d u c t s ,
m a k in g n e c e s s a r y 18 a d d it io n a l ta n k s te a m e r s , 6 o f w h ic h a r e b e in g b u ilt
p y .-V s h ip b u ild in g c o m p a n ie s , 5 h a v e b e e n ch a r te r e d fr o m E u r o p e a n
b u ild e r s , a n d t h e r e m a in d e r w ill b e fu r n is h e d b y th e B r it is h M e x ic a n
l e tr o le u m C o ., L t d .
T h e s ix p u r c h a s e d s t e a m e r s a r e o f a b o u t 1 0 ,5 0 0 - t o n
c a r r y i n g c a p a c i t y e a c h , a n d M il] c o s t a p p r o x i m a t e l y $ 1 2 , 0 0 0 , 0 0 0 .
Y our
!,
, \ " t h e n c o n s is t o f 4 6 v e s s e ls o f o v e r 4 0 0 .0 0 0 t o n s (n e a r ly
w
3 ,0 0 0 ,0 0 0 b b ls .) c a r r y in g c a p a c it y .
P i p e L in e A d d i t i o n s .— S 0 0 N e w T a n k C a r s .— T o m o v e t h is la r g e a d d i t i o n a l
q u a n t it y o f o il t o a n d fr o m s e a b o a r d , 1 0 0 m ile s o f 8 -in c h p ip e lin e a n d 175
m i l e s o f 1 0 - i n c h p i p e l i n e ( t o b e d e l i v e r e d b e f o r e M a r c h 1 n e x t year) h a v e
b e e n p u r c h a s e d , t o g e th e r w ith 51 p u m p s a n d 8 0 0 ta n k c a r s (n o w b e in g d e ­
liv e r e d ).
\\ h e n t h e f i r s t u n i t o f y o u r n e w p i p e l i n e s y s t e m i s c o m p i e ' e d i t
w ill b e p o s s ib l e t o m o v e 1 2 5 ,0 0 0 b b ls . p e r d a v , o r a b o u t 4 5 ,0 0 0 ,0 0 9 b b ls .
p e r a n n u m f r o m t h e w e lls t o t h e s e a b o a r d .
'
• I n c r i a s c 5 0 % in C a p a c ity o f T w o R e fin e r ie s .— T h e a d d i t io n t o f a c ilit ie s a ls o
in c lu d e s a n in c r e a s e o f 5 0 % in c a p a c i t y o f t h o r o f in in g p la n t a t T a m p i c o ,
M e x i c o , t h u s m a k in g it s c a p a c i t y 7 5 ,0 0 0 b b ls . d a i l v , a n d a n in c r e a s e o f "
5 0 % in t h e r e f i n e r y a t D e s t r e h a n , L a . , m a k i n g it s d a d v c a p a c i t y
1 5 ,0 0 0
b b l s . . a t o t a l o f m o r e t h a n 3 2 . 0 0 0 . 0 0 0 b b l s . ( l ' j b i l l i o n g a l s ,', a n n u a l l y ,
p r o d u c i n g 1 2 5 ,0 0 0 ,0 0 0 gaL s. o f g a s o li n e a n d 2 9 ,0 0 0 .0 0 0 b b ls . o f fu e l o i l . "
i n e s e c o n t r a c t s a n d c o n s e q u e n t p r o v is io n s f o r in c r e a s e d b u s in e s s w h ic h
w ill m o r e t h a n d o u b le it s v o l u m e , fu r n is h t h e r e a s o n s f o r t h e f in a n c i a l p la n
a b o v e o u t lin e d .— V . 1 0 9 . p . 1 5 3 1 . 1 2 7 9 . 1 2 7 0 .

Panhandle Producing & Refining Co. — Perm. Organ.—

\ t : J . Z Cl0 r S 'T T Ki ° y a ,*! ' J o n e s , O . D . S m i t h e r s , J . A . G e r m a n y , T h o m a s
J a n s e n 'N o y e s J ' S h a w ’ ° ' A ' B y r n e s > F e li x T . R o s e n , E . C . L y n c h a n d

P

$ 2 ,2 1 9 ,4 4 6

b y P r e s id e n t D o h e n y a s o f O c t . 25 1919.

I s s u e U n d e r w r itte n .— T h e s t o c k o f f e r e d f o r s a le a s a b o v e w i l l y i e l d t o t h e
iin n V m r N
° J $ 9 ,5 0 0 ,0 0 0 , a m a x im u m o f a p p r o x im a t e ly $ 1 4 ,­
” im a m S a lo m o n k C o ., in v e s tm e n t b a n k e rs fo r th e c o m p a n y ,
° ° . w h o s e m e m b e r s a re d ir e c t o r s , h a v e a g r e e d t o fo r m a s y n d i­
c a t e t o u n d e r w r i t e t h e s u b s c r i p t i o n o f t h e s t o c k t o b o o f f e r e d , a n d it s s a le
is t h u s a s s u r e d .

Tho V

9 M o s . to
C a l. Y a r
8 M o s to
„
.
S e p t . 3 0 '1 9 .
1918.
D e c . 3 1 '1 7 .
G r o s s e a r n i n g s ........................................................... $ 8 , 7 7 3 , 1 9 3 $ 1 2 , 5 3 6 , 8 6 4
$ 7 ,0 0 2 ,6 3 6
O p e r a t i n g e x p e n s e s ......................................... ...
4 ,2 6 2 ,5 5 1
6 ,5 8 2 ,2 2 4
4 ,8 1 9 ,3 1 9
D e p r e c i a t i o n ...........................................
7 4 3 ,8 6 5
6 7 6 ,8 1 4
6 5 1 ,8 7 9
......................................................................
7 3 0 .3 4 1
7 3 0 ,8 2 0
___
D i v i d e n d s ...................................................................
2 ,2 7 8 ,4 8 9
2 ,3 7 7 ,5 5 0
9 9 0 ,6 5 0
. - T ' f o T p T s ’f

E x c h a n g e O ffe r f o r M e x i c a n P e tr o le u m C o m m o n .— A l l h o l d e r s o f C o m m o n
,° i
M e x ic a n P e tr o le u m C o ., L t d ., o f D e la w a r e , m a y e x c h a n g e t h e ir
s t o c k a t a n y t im e b e tw e e n N o v . 5 a n d N o v . 2 0 1 9 1 9 , b o t h in c lu s iv e , fo r
tn e a fo r e s a id C la s s B C o m m o n s t o c k , p a r fo r p a r , t h a t is , o n e s h a r e o f
M e x ic a n P e tr o lo u m C o . C o m m o n s t o c k o f th e p a r v a lu e o f $ 1 0 0 fo r t w o
s n a r e s o f n o n - v o t i n g C la s s B C o m m o n s t o c k o f t h e P a n -A m e r ic a n C o . o f
t h e p a r v a lu e o f $ 5 0 , a t t h e o f f i c e o f W i lli a m S a lo m o n & C o . , 2 5 B r o o d S t .,
JN. x . C i t y , o r a t o f f i c e o f c o m p a n y , 1 0 1 5 S e c u r i t y B l d g . , L o s A n g e l e s .

Dividend.—

A s p e c ia l d iv id e n d o f $ 2 h a s b e e n d e c la r e d o n t h e $ 2 ,4 0 0 ,0 3 0 c a p it a l s t o c k ,
in a d d i t i o n t o t h e ^ g u l i i r q u a r t e r l y d i v i d e n d o f $ 2 , b o t h p a y a b l e !STov. 4 t o
h o ld e r s o f r e c a r d O c t . 2 8 .
S i m i l a r a m o u n t s w e r e p a i d in F e b . , M a v a n d
A u g . la s t a n d e a c h o f t h e f o u r q u a r t e r s o f 1 0 1 8 .— V . 1 0 9 . p . 4 8 2 .

1705

B - J o n e s , P r e s id e n t ; J . A . G e r m a n y a n d T h o m a s M o r r is , , . , r 0 s l. c n t s : , L P ' M c C l u r e , S e c r e t a r y ; M . A . C h a m b e r s , T r e a s u r e r .
d

1614

Q U a r te r S ° f t h °

c o r a p a n y a re a t W ic h it a

F a lls , T e x a s .— V .

Pierce-Arrow Motor Car Co.— Quarterly
R e su lts

fo r

T h ree

109,

Report.—

a n d N i n e M o n t h s E n d in g S ep t. 3 0 .
1 9 1 9 — 3 M o s .— 19 1 8 .
1 9 1 9 — 9 M o s .— 1918.

$ 5 1 0 ,7 8 8

—

N i n e t y - f iv e , 5 y e a r 6 % S . F . g o ld b o n d s o f $ 1 ,0 0 0 e a c h a n d te n o f $ 5 0 0
e a c h h a v e b e e n c a lle d f o r p a y m e n t o n N o v . 1 a t 1 0 2 % a n d in t . a t L e e ,
H lg g m s o n & C o .. B o s t o n , M a s s .— V . 1 0 4 , p . 2 3 4 8 .

B a l a n c e , s u r p l u s -----------

$ 2 7 6 ,8 5 3

$ 3 7 4 ,2 5 9

$ 4 4 5 ,5 4 2

$ 1 ,4 9 5 ,1 5 5

p . 1 4 6 7 . ° a rS O n r 0 C e n t l y s u c c e e d e d A V a lt e r C . W r y e a s S e c r e t a r y . — V . 1 0 9 , .

Punta Alegre Sugar Co.— A n u a l R eport The com-Pan-American Petroleum & Transport Co., N. Y.— ?o,nf?-S fo.urth annual report for the ncrop year ended May.31
10% N ew Stock Underwritten— Option to Subscribe— Common i.il is given m full on subsequent pages of this issue.




.—

J

All Outstanding Bonds Called for Payment on Ja n . 1
but Conversion Right Continues for 90 days Thereafter.

1920

B e t w e e n M a y 3 1 1 9 1 9 . t h e d a t e o f t h e la s t b a la n c e s h e e t a n d O c t . 15
1 9 1 9 1 4 6 ,4 1 1 s h a r e s o f C o m m o n s t o c k , p a r $ 5 0 , h a d h e a n is s u e d a n d 5 1 ,­
2 6 9 ,0 0 0
1st M . b a n d s a n d $ 2 ,6 6 3 ,2 5 3 C o lla t e r a l T r u s t b o n d s h a d b - o n c o r v erted
m a k in g th e o u ts ta n d in g a m o u n ts a s fo llo w s :
O om m oa sto ck ,
$ 1 1 IS O 7 0 0 ' 1 s t M . b o n d s , $ 2 3 1 , 0 0 0 , a n d C o l l a t e r a l 6 s , $ 3 3 2 , 0 0 0 ( V . 1 0 9 ,

Notice is now driven by advertisement on a preceding page
that these remaining bonds have been called for payment on
Jan. 1 1920 at the Merchants National Rank of Boston, the
1st 0s at 110, the Collateral 6s at 105. The right of ^onversion, however, will continue for 90 days beyond that date.
See advertisement.—V. 109, p. 1614, 1185.
p . 7 8 , 3 7 6 . 8 9 3 , 1 1 8 5 , 1 6 1 4 ).

,

— Merger Plan.—

.

R a d io C o r p . o f A m e r ic a .
S e e M a r c o n i W ir e le s s T e le g r a p h C o . a b o v e .
R a y

[Vol. 109.

THE CHRONICLE

1706

C o n s o l.

C o p p e r

C o .

(Z6sg.).— igi7

—Production

W j$n

M o n t h o f S e p t ---------------------------- ----------------------o l
9 m o s . t o S e p t . 3 0 ____________________________3 5 ,6 o 0 ,O O O

7 0 ' 2 5 6 '6 7 9
/U ,2 5 b ,0 ( 9

6 ^ 3 0 7 559
6 6 ,3 9 7 ,5 5 9

— V . 109, p . 1185, 781.

&
Pref. Stock Offering—Right to Pur­
chase Common Stock.—Goldman, Sachs & Co., Lehman
Bros and White, Weld & Co., New York, are offering at
95 and div. (from Oot. 1 1919) *2,000,000 7% Cumulative
First Preferred stock, par $100.
(R o b e r t )

R e is

C o .—

D iv id e n d s p a y a b l e Q .-J .
R e d e e m a b le a t $ 1 1 5 a n d d iv s .
O n o r b e fo r e
D ec
1 1 9 2 1 a n d a n n u a lly t h e r e a f t e r , t h e c o r p o r a t io n s h a ll a c q u ir e o u t o f
n e t p r o f it s a f t e r F ir s t I T e f . d i v . p a y m e n t s , a t n o t t o e x c e e d $ 1 1 5 a n d d i v s . ,
a n a m o u n t o f F ir s t P r e f. s t o c k e q u a l t o 3 % o f t h e la r g e s t a m o u n t e v e r
o u ts ta n d in g .
N o m o r t g a g e w it h o u t t h e c o n s e n t o f J f o f b o t h c la s s e s o f
P r e f. s to ck s .
E a c h s h a r e o f s t o c k h a s o n e v o t e u n til O c t . 1 1 9 2 3 , w h e n t h e
C o m m o n s t o c k s h a ll h a v e s o le v o t i n g p o w e r .
C a p ita liz a tio n . U p o n C o m p le tio n o f P r e s e n t F in a n c in g (N o B o n d s ).
A u th o r iz e d .
O u tst’ g .
, 2 7 25q o '0sh0
7 , 5 0 sn.

F i r s t P r e f e r r e d 7 % s t o c k ( p a r $ 1 0 0 ) ....................................$i ’ l q q ' 2 h °
• S e c o n d P r e f . s t o c k ( n o p a r v a l u e ) .......................................
* .9 0 > s n .

Data from Letter o f Pres. Arthur M. Reis. Dated N. Y.. Oct. 18 1915.
tl i s t o r u — E s t a b lis h e d in 1 8 8 5 w it h a c a p i t a l o f $ 1 5 ,0 0 0 , a n d t h e n e t a s s e t s
w it h o u t th e a d d it io n o f a n y o u t s id e c a p it a l a n d p r io r t o
n e w m o n e y a s a r e s u lt o f t h e p r e s e n t r e c a p it a liz a t io n , e x c e e d $ 1 ,5 9 3 ,0 ) 3 .
T a b le S h o w in g T o ta l N u m b e r o f A c t i v e A c c o u n t s .
soon
1QP7
1913
1916.
1917.
1913.
O ct. 1 9 1 9 .
i^ g g r i
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7 000
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a n d t h e k n i t t i n g m i l l w il l b e l o c a t e d i n W a t e r T o r d
N . Y
B o t h o f th A se
m il ls w ill b e o n e r a t e d b y s u b s i d i a r y c o n c e r n s ( W i l l i a m H . l o w i e s J » r g . v -o .
a n d F o r d M fg . C o ., r e s p e c t iv e ly ).
In a d d i t io n t o u n d e r w e a r , d is tr ib u te s
h o s ie r y , sw e a te r s a n d b a t h in g s u it s .
T h e p r o d u c ts a r e s o ld u n d e r t h e w e llk n o w n b r a n d s “ R e is ." " B o n ia m in F r a n k lin ,
L a v e n d e r L in e
S ^ ’,
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O ly m p ic .
S ilk L o p ,
" I m p e r a t o r ." A c .
O v e r 1 , 0 0 0 d i f f e r e n t s t y l e s a r e s o l d J i ^ e r . t t a e tirati
m ark s.
T h e c o m p a n y is a l s o s o l e a g e n t i n c e r t a i n t e r r i t o r y f o r
B. V. D .
a n p u r | .n t e — T h f n e w C a p i t a l w i l l b ) u s e d t o p r o m o t e t h e d e v e l o p m e n t a n d
e x p a n s io n o f t h e b u s in e s s , a lo n g h e r e t o f o r e s u c c e s s f u l lin e s t o f in a n c e t h e
p u r c h a s e 1o f th e F o r d M i l l ’a t W a t e r f o r d . N . Y „ ^
1
‘ o p r o r i d j f.or 1 h i c « i n ­
t
s t r u c t io n , p u r c h a s e a n d c o n t r o l o f u n d e r w e a r a n d h o . i e r y m ills a s m a y b e
n e c e s s a r y fr o m tim e t o tim e .
* o m b i i e d S a le s a n d N e t P r o f i t s ( B e fo r e a n d A f t e r
1916
1917-

,
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.
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o A h e P u m b . o f F ir s t P r e f.
n

T h e s t o c k h o l d e r s o n O c t .2 2 v o t e d (a ) t o c h a n g e t h e n a m i o f t h e c o m p a n y
t o R o c h e s t e r G a s Sc E l e c t r i c C o r p . a n d ( 6 ) t o i n c r e a s e t h e r a - J i t o l s : t u c k f r o m
3 1 7 2 5 0 0 0 0 t o $ 1 8 , 2 5 0 , 0 0 0 . t h o n o w s t o c k t o c o n s i s t o r -pi , 0 3 3 , 0 0 3 C o m m o n
(p a r $ 1 0 0 ).— V . 1 0 9 . p . 1 4 6 7 .

Savage Arms Corp.—5%

A n e x tr a d iv id e n
a b le J a n . 15 1 9 2 0
d iv id e n d s o f l ) a %
th e 2 d F r e f. s t o c k s

Extra Dividend— Earnings .—

d o f 5 % h a s b e e n d e c la r e d o n th e C o m m o n s t o c k , p a y ­
t o h o ld e r s o f r e c o r d N o v . 3 0 .
T h e r e g u la r
q u a r t e r ly
o n th e C o m m o n
1 H % o n th e 1st P ro f, a n d 1H \ % o n
w e r e a ls o d e c la r o d , p a y a b le D e c . 15 t o h o ld e r s o f r e c o r d

N 'p r e s i d e n t W . L . W r i g h t i n h i s a n n o u n c e m e n t r e g a r d i n g t h e e x t r a d i s t r i ­
b u t io n o n th e C o m m o n s t o c k s a id : " W h i le u n c e r ta in tie s r e g a r d in g t a x a t io n
a n d g e n e r a l b u s in e s s c o n d it io n s d o n o t p e r m it a la r g e r d is t r ib u t io n a t t ills
t i m e , i t is f e l t t h a t t h is a m o u n t c a n s a f e l y b e d i s t r i b u t e d , a n d , i f w a r r a n t e d ,
fu r th e r a m o u n t s m a y b e d is tr ib u te d la t e r .
,,
_
" L e v e l o p m e n t a n d e x te n s io n o f o u r p r e s e n t lin o s o f s m a ll a r m s , a m m u n i­
t i o n a n d t r u c k a n d p l e a s u r e c a r p a r t s is p r o c e e d i n g s a t i s f a t o r l l y .
Labor
d iffic u lt ie s a t th o S h a r o n p la n t o f th e C o m p a n y h a v e d e la y e d p r o g r e s s o n
a ll w o r k a t t h a t p o i n t f o r s o m e w e e k s , b u t p r e s e n t i n d i c a t i o n s a r e f a v o r a b l e .
R e su lts f o r

T h ree a n d N i n e M o n th s E n d in g S ep t. 3 0 .
1 9 1 9 — 9 M o s .— '1 9 1 8 .
1 9 1 9 — 3 M o s .— 1 9 1 8 .
$ 2 ,0 2 1 ,8 0 5
$ 7 ,0 7 7 ,0 0 1
$ 2 0 6 ,3 0 3
$ 1 ,6 5 7 ,7 3 6
~
_
2 1 ,8 7 4
...............
6 ,6 7 9
5 5 1 .4 5 2
5 .9 0 6 .2 0 1
3 3 ,5 1 3
1 ,3 9 4 ,6 4 2
. _
( 5 H ) 5 2 5 (5 )4 )1 7 ,6 7 5
175
(1 * 4 )1 7 5
3 ,9 1 1
(1 > $ )£ .7 2 2 ( 4 ^ ) 1 1 . 7 3 1 ( 4 M ) 1 8 .2 4 8

• T o t a l e a r n i n g s ____________
I n t e r e s t _____________________
R e s e r v e s _____________________
1st P r e f. d iv . (1 * 4 % > —
2 d P re f. d iv . ( 1 '4 % ) - - C o m m o n d iv . ( 1 ) 4 % ) —
B a l a n c o , s u r p l u s _______

116,220(1)4) 120.708 (4 >4)349.562(4)4 >377.3 (4

$ 5 2 ,4 8 1

$ 1 2 9 ,8 1 0

$ 1 ,1 0 5 ,5 3 5

$ 7 3 5 .6 -9

* A f t e r d e d u c t i n g a il o p e r a t i n g e x p e n s e s i n c l u d i n g t h o s e f o r \ ° r d t “ a r y
r e p a ir s a n d m a in t e n a n c e , o r d in a r y t a x e s a n d o r d in a r y d a p r e c . c h a r g e s
T h e q u a r t e r ly s t a t e m e n t s a r e s u b je c t t o a d ju s t m e n t o f n » e r v e f o r F e d e r a l
ta x e s & o t h e r r e s e r v e s a s d is c .o s e d b y a u d it o f t h e a c c t s .
V . 109, p . 4 oJ .

Seamless Rubber Co., Inc., New Haven.— Lease.—

S e e S e a m le s s R u b b e r

R e a lty

A s so cia te s b e lo w .— V .

104, p . 2558.

Soamle33 Rubber Realty Associates .— Offering of Pref.
Shares— Guaranty by United Drug Co.—-New Factory.

Jackson & Curtis and Lee, Higgmson & Co., Boston, are
offering at par ($1,000) and div., $1,200,000 (> ,o Preferred
(a. & d.) shares. Annual net rentals sufficient to pay the
Pref. sharo divs. and to retire all the Prof, shares within 14
years, in annual installments, are unconditionally guaranteed
by United Drug Co. Louis K. Liggett, President of tho
latter company, says in substance:
D iv id e n d s p a y a b le Q . F . , fir s t d iv . p a y a b lo F e b . 1 1 9 2 0 .
R e d e e m a b le a t
1 0 2 a n d a c c r u e d d i v . C a l l a b l e in p a r t , f i r s in k i n g T u n d o n l y , a t p a r a n d d i v .
N o a d d it io n a l P r e fe r r e d sh ar& s m a y b ; is s u e d .
A _ - rv, i a t f t , ( a
S e ' - u r i t u ___T h e T r u s t e e s o f t h o S e a m l e s s R u b b e r Realty A s s o c i a t e s i »
v o l u n t a r y a s s o c i a t i o n u n d e r a d e c l a r a t i o n o f t r u s t ) w ill o w n
a f a c t o r y , t o h a v e 3 1 2 . 6 0 0 s q . f t o f f l 2 ? r0" " a 3 , . a ^
h f i h /T r S m
fiff
b e in g c o n s t r u e t e d a t a c o s t o f a b o u t $ 1 ,8 0 0 ,0 0 0 . le a s e d b y t h e 0 r u s t
2 0 y e a r s t o t h e S e a m le s s R u b b e r C o . . I n c
a .s u b s id ia r y o r t h e U n it e d D r u g
C o.
A ll f u n d s n e c e s s a r y t o c o m p le t e t h e b u il d i n g o y e r a n d
P
c e e d s o r $ 1 ,2 0 0 ,0 0 0 I T e L s h a r e s a r e t o b e f u r n is h e d b y U n it e d ! D r u g C O .,
w h i c h w h e n b u i l d i n g A c . a r o f u l l y p a i d T or w i l l r e c e i v e a l l t o e C o m m o n s h a r e s .
S t r e n g t h o f O u a r a n t g .— A n n u a l n e t p r o f i t s o f U n i t e d D r u g C o . f o r l a s t 3
y e a r s h a v e a v e r a g e d $ 2 ,6 2 0 ,0 0 1 . a n d fo r y e a r 1 9 1 8 w e r e $ 3 ,0 1 8 ,0 9 1 , »
ta x e s.
T h e c o m b i n e d s a le s o f U n i t e d D r u i? C o . ( I n c l. s a le s OT i t t o
L ig g e t t S to r e s ) f o r t h e y e a r 1 9 1 8 w e r e $ 5 1 ,0 2 8 ,3 3 6 a n d f o r f ir s t 8 m o n th S
1 9 1 9 w e r o $ 3 1 ,8 1 9 ,0 2 7 .
T h e n e t n r o fits fo r th o 8 m o n t h s (F e d e r a l in c o m e «
e x c e s s p r o fit s ta x e s n o t d e d u c t e d ) w e r e $ 3 ,8 9 1 ,6 2 7 .
a u -iw T r u s t e e s .— T h o T r u s t e e s a r o A l f r e d L . A i k e n , P r o s . T h o N a t i o n a l S h a w
m u t B a n k . B o s to n , a n d R o b e r t C . M o r s e , o r J a ck s o n A I - v U s , lio s io n .
T i t l e t o t h o p r o p e r t y is v e s t e d in t h e m u n t il a ll t h o 1 r e f e r r e d S h a r e s .
r e d e e m e d a n d c a n c e le d
. .
..
D e s c r i p t i o n o f L e a s e . — T h o l e a s e w i l l p r o v i d e f o r p a y m e n t t o t h 0 |f P s „ h‘ .
in e a c h o f t h e y e a r s 1 9 2 0 t o 1 9 3 3 , i n c l .. o f $ 1 3 2 ,0 9 9 n e t , a n d f o r e a c h s u d
s e q u e n t y e a r d u r in g t h e te r m o f th e le a s e , $ 7 2 ,0 9 0 n e t .
T hese p a y
w ill b i s u f f i c i e n t t o p a y t h e d i v s . o n t h o P r e f e r r e d s h a r e s a n d t o r e t i r e a
( ^ n i t a d i z a t i n n * o f A s s o c i a t e s .— P r e f e r r e d s h a r e s $ 1 , 2 0 0 , 0 0 9 ( p a r $ 1 , 0 0 0 ) ,
C o m m o n s h a r e s , 1 ,0 0 0 ( n o p a r v a l u e ) .
.
„ i t „ i «u n ’ k
C o n t r o l .— T h e U n i t e d D r u g C o . o w n s t h o e n t i r e o u t s t a n d i n g c a p i t a l
o f T h e S e a m l e s s R u b b e r C o . . I n c . , e x c e p t a T ew s h a r e s o r n o a - v o t i n g » r e i •
sto ck .
T h e b a l a n c e s h e e t o f t h e la t t e r o f A u g . 3 1 1 9 1 9 , s h o w s n o t a s s e t s in
e x ce s s o f $ 1 ,0 0 0 ,0 0 0 .

(Howard) Smith Paper Mills, Ltd.—Acquires Control.—
F im

^ ^ ' t 's h a r e ^ 0^ ™ d d e d t ” ^ t t ^ o ^ e x e r c i s e t t h i s ” p r i v i l e g o

J a n . 22 1920
T h i s ? p r i v i l e g e w ill b n e x t e n d e d o n l y t o
F ir s t P r e f. s t o c k p la c e d b y t h e s y n d i c a t e — \ . 1 0 9 , P -

th e

on

or

b e fo r e

$ 2 ,0 0 3 ,0 3 0 o f

.— Typewriter Prices.

R e m in g t o n T y p e w r ite r C o
A r .The o o m n a n v r e c e n t l y i n c r e a s e d t h e p r i c e o f i t s standard m o d e l f r o m $1
t o T$ l l 0 ? T h e R o y a f C o m n a n y f r o m $ 1 0 0 t o 5 1 0 7 . 5 0 a n d t h e H a m m o n d
C o m p a n y fro m $ 1 0 0 t o $ 1 1 0 . . T h e U n d e rw o o d C < ^ p a n y d o e s th e L
C
i t s p r e s e n t p r i c e o f $ 1 0 2 .5 0 f o r it s s t a n d a r d o f f i c e m o d e l as; d o e s t h e
u
S m 't h C o m p a n y .
T h e N o ise le ss T y p e w r it e r
t w e lv e o th e r
T h e a b o v e c o m p a n i e s ( e x c e p t t h e H a m m o n d ) 't o g e t h e r w t o t w c i v ^ o t u e r
c o m p a n i e s i n t h e t y p e w r i t e r a n d c a l c u l a t i n g i n a c h i n e ii
■ j , .
V
0 f u n fa ir
S e p t . 2 3 b y th o F e d e r a l T r a d e C o m m is s io n In ^
‘ L ^ w ^ a n d d is c o u n ts
c o m p e t it io n , a lle g in g m a in t e n a n c e o f s y s te m s o f w W e . '
T h e y a re
t e n d in g t o r e s tr ic t fr e o c o m p e t it io n a n d c r e a t e m o n o p o lie s .
I n e y a re
d ir e c t e d t o file a n s w e r w ith t h e C o m m s s io n . N o v . 1 3 .
V . 1U J. P - t o .
R e p lo g le

S te a l

C o .,

W

h a r t o n ,

N .

A c .—

J .—

T h i s c o m p a n y w a s in c o r p o r a t e d in D e la w a r e o n
r h ° ‘ > ?0 0 0 0 s h a r e s
s h a r ia o f a u t h o r iz e d c a p it a l s t o c k o f n o p a r v a lu e o f w h ic h 2 5 0 .0 0 0 s n a r e
w i l l b o i s s u e d in c o n n e c t i o n w i t h t h e p u r c h a s e o f t h e b ^ o r e m i n K s . p i g ' r o
f u r n a c e s , A c . . o f t h e W h a r t o n ( N . J.) S t e e l C o . » n d ^
' fu rth i r c K v U o p
m e n t o f th e p r o p e r ty .
K u h n , L o e b & C o . a x e r e c e i v i n g deposte o r s t o c k in
t h e W h a r t o n S t e e l O o . a n d w e u n d e r s t a n d w i l l b o s h a r e h o l d e r s i n th i& n e w
c o m p a n y , a s w ill a ll t h e s h a r e h o ld e r s o f t h e o l d c o n c e n b
Th
P
• k .
e v e r , t h a t t h e f i r m i s u n d e r w r i t i n g t h e e n t e r p r i s e a n d w i l l o f f e r i t s s t o c k is
P r j n 0 L e o n a r d T R e n k > g l e , f o r m e r D i r e c t o r o f Steel Supply a t W a s h i n g t o n
a n d n o w h e a d o f W h a r t o n S te e l C o . a n d V a n a d iu m C o r p o r a t io n o f A m e r ic a ,
w ill h e a d th e n e w c o m p a n y .

— Earnings —

R e p u b lic M o to r T r u c k
C o ., I n c .
T h e c o n s o lid a te d in c o m e a c c o u n t o r R e p u b lic M o t o r T r u c k a n d T o r b e n s e n
A x le c o m p a n ie s fo r th e t h r e e m o n th s e n d in g S e p t. 30; 1 9 1 9 s h o w s
N et
s a le s , $ 6 ,2 6 4 ,7 7 3 ; c o s t , g e n e r a l e x p e n s o s , A c ., $ 5 ,6 1 9 ,8 2 2 , n e t P ™ r'C
$ 6 4 4 ,9 5 1 : o t h e r in c o m e , $ 1 2 2 ,2 7 9 : t o t a l in c o m e , $ 7 6 7 ,2 3 0 ; in t e r e s t c h a r g e s ,
& c .. $ 2 4 6 ,3 2 7 ; b a la n c e , s u r p lu s , $ 5 2 0 ,9 0 3 .
lf _
F o r t h e y e a r e n d i n g J u n e 3 0 1 9 1 9 t h e s a l e s t o t a l e d $ 1 6 . 5 1 3 . 3 7 7 . ^m a n i f a c
t u r i n g o r o f i t s . $ 2 ,9 9 4 ,0 1 3 . a n d n e t d e f i c i t , a f t e r a ll c h a r g e s . P e d f r a l t a x e s
and
d iv id e n d s , $ 3 3 9 ,0 7 1 .
T ota l
p r o f it a n d lo s s s u r p lu s . $ 1 ,- 0 8 .8 7 4 .
— V . 109, p . 1372.
R o c h e s t e r

G a s

&

E le c t r ic

C o r p ,—

New Name —

I n r e p lv t o a n in q u ir y P r e s . C . H o w a r d S m ith s a y s : “ U p t o t h e p r e s e n t
t i m e , t h e T o r o n t o I’ a p :r M f g . C o . , L t d . , h a s n o t b o o n a c q u i r e d b v t h i s c o m ­
p a n y , b it I, p e r s o n a lly , c o m p le t e d tr a n s a c tio n s O c t . 2 5 , a n d n o w o w n a n d
c o n t r o l a v e r y la r g e m a j o r i t y o f t h e s t o c k .
A p r o p o s it i o n w ill b o p u t b e f o r e
th e s h a r e h o ld e r s o f th e H o w a r d S m ith P a p e r M ills , s h o r t ly , w h e n n o d o u b t
t h e T o r o n t o c o m o a n y w ill b e t a k e n u n d e r t h e o r g a n i z a t i o n .
.
" A n e w B o a r d h a s b i o n e l e c t e d c o m o o s e d < > [ , ,rr? ' v, Y d t8 ".1’ 11' J a m e s W . P y k e , V ic e -P r e s .: H a r o ld C r a b t r e e ; W . D . R o b b ; J . A le x . 6 a m ° r A ll s h a r e h o ld e r s o f th e T o r o n t o P a p e r M f g . C o
w h o w is h t o a c c e p t
t h e o ffe r o f t h is c o m p a n y , a r e a s k e d t o d e liv o r t h e ir s t o c k c e r t ific a t e s t o
th e R o y a l T r u s t C o ., T o r o n t o , a s s o o n as p o s s ib le , w h e n t e m p o r a r y re ­
c e ip t s fo r th o c e r t ific a t e s a n d c h o c k s fo r th e s t o c k a t th o a g r e e d p r ic o o i
$ 1 3 8 p e r sh a re w ill h e is s u e d .
...................................
,
__
,
I n c o n n e c t i o n w i t h t h e p u r c h a s e i t Is s t a t o d t h a t t h e H o w a r d a m i t i
P a p o r M il ls a r o c o a s id e r in g t h e Is s u a n c e o r a n is s u e o f 8 % P r e fe r r e d s t o c k .
— V.

103, p .

at prices ranging from par and int. to 96.41 and int. to
yield from 6% to Q'A% according to maturities $3,500,UUU
Mortgage Lien 6% Serial gold notes. Circular shows:
D a t e d S e p t . 1 1 9 1 9 , d u e a n n u a lly $ 1 9 5 ,0 0 0 e a c h S e p t . 1 1 9 2 0 t o 1 9 2 8
a n d $1 7 1 5 0 0 0 S e p t . 1 1 9 2 9 .
R e d e e m a b le in th e r e v e r s e o f n u m e r ic a l
o r d e r o il in t. d a t e a t 1 0 5 d u r in g fir s t 3 y e a r s ; 103 d u r in g t h e n e x t 3 y e a r s ,
a n d th e r e a fte r a t 102 a n d in t .
D e n o t n . $ 1 ,0 0 0 a n d $ 5 0 0 (c * > .
in tp a y a b l e a t t h e F ir s t N a t i o n a l B a n k , C h ic a g o , R o y a l B a n k o f C a n a d a M o n t r e a l, a n d A m e r ic a n E x c h a n g e N a tio n a l B a n k
N e w Y o r k , w ith o u t
d e d u c t io n fo r F e d e r a l in c o m e t a x , n o t in e x c e s s o f 2 % .
M on trea l tr u s t
( ° f ) i s n o s itio r i* o f N o tcs^ — N o w is s u e d t o r e f u n d m a t u r i n g o b l i g a t i o n s a n d t o
I n
S
&
r t C
$ 3 ,5 0 0 ,0 0 0 : r e s e r v e d t o a c q u ir e a d d it io n a l fix e d a s se ts
o r f o r a d d it io n s t o w o r k in g c a p it a l, $ 1 ,5 9 0 ,0 9 0 .
S e c u r it y — S e c u r e d b v d i r e c t m o r t g a g e , s u b j e c t

$ 3 ,5 0 0 ,0 0 0 o f n o te s m a t u r in g fr o m

E a r n in g s
R u s s e ll

M o to r

C a r

L t d .,
T o r o n t o .— F a m in g —
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
N e t p r o f i t s a f t e r w a r t a x e s ........................
5 4 5 7 .8 7 8
5 6 2 8 ,5 8 2
$ 6 4 3 ,5 9 1
P r e f e r r e d d i v i d e n d s ( 8 % p . a . ) ----------8 4 ,0 0 0
8 4 .0 0 0
x 3 J 2 .0 0 0
C o m m o n d i v i d e n d s ( 7 % ) ________________
5 6 ,0 0 0
5 6 ,0 0 0
--------------

x I n c lu d e s
107, p.

2 6 >4 %

P re fe rre d

1583.

Rochester Ry.

crease .—

&




to

fir s t

m n r t e a .a n
m ortg a g e

1 9 2 0 - 2 9 , $ 2 0 , 2 W > ,u u u .

Y e a r s E n d in g J u n e 3 0 . A f t e r D e p r e c ia tio n b u t B e fo r e I n t. C h a r g e s .

C o .,

B a l a n c e s u r p l u s __________________________

— V.

o n ly

m i ^ h / a r i o nn ao / n . % c u r i ; r - W e a f m U t « ^ p l a . i t . s 'a n d h y d r a u l i c d e v e l o p m e n t * .

b e h in d

S e e R o c h e s t e r R y . & L ig h t C o . b e lo w .

1615.

Spanish River Pulp & Paper Mills, Ltd.— Offering of
Notes.—Peabody, Houghteling & Co., Chicago, aro offering

$ 3 1 7 ,8 7 8

d iv id e n d s

$ 4 8 8 ,5 8 2

accru ed ,

Light Co .—New

due

in

$ 2 5 1 ,5 9 1

fo r m e r

years.

Name—Capital In ­

1915.
1 qV6 9 i «
1
* 1 89177 9 1 3
$ 1 ,3 3 5 ,0 9 1
$ 2 ,2 5 6 ,8 9 6
$I9 1 5 r4 4 t o n 1 s‘V 'M t. 1 T o n d s , • c5o2 3 .rSOU. ssi i nk i i ngg fiu n d f o r 11 t . .M . h b o n d s .
i t
i
unn kn
s
n te , es 8
b
$ g
uuu
.
$ 2 2 0 0 0 0 : m a x i m u m in t e r e s t c h a r g e o n t h e s e n o t e s , $ 2 1 0 ,0 0 0 , b a la c o „
s u r p lu s,

$ 1 ,3 0 3 ,3 3 6 .

_ _
_

C a p ita liz a tio n —
I 'r e f e r r e d s t o c k
- - - $ 5 ,6 9 9 ,1 0 0
F i r s t M o r t g a g e b o n d s _____ $ 8 , 7 2 6 , 0 0 0 i r e t o r r e u s o o c u ---------------n o n n o il
M t g e L i o n n o t e s ( t h i s tas ) 3 . 5 0 0 . 0 0 0 ! < o m m o n s t o c k ........................... 8 . 0 9 0 . 0 0 0
C
C o m p a r e a n n u a l r e p o r t in V . 1 0 9 , p . J 7 8 , 1 -8 U .

Standard Oil Co. of New
S e e H u m b l e O il A

J e r s e y . — S u b sid ia ry C o. Stock.

R e fin in g C o . a b o v e .— V . 1 0 9 , p . lo 3 1 .

Nov. 1 1919.]

af

THE CHRONICLE

Steinway & Sons.— Obituary.—
President Charles H. Stein way died on Oct. 30.
Stewart Mfg.voted on Oct. 27 to increase the Common stock c .—
Corp., Chicago .— Capital Increase, & from
s*0<'kholders

45,000 shares (no par value) to 60,000 shares (no par value). The increased
snares will be offered for subscription to the stockholders of record Nov. 7
*>
r°Xa^ a "
a
P(,‘r s*Kr®»
extent of one-third of their holdings, payable
N ov °2 ^ompany s ° ^ lce» Chicago. The right to subscribe will expire on
The proceeds will bo used to retire the outstanding bonds and for the
be^determined wV 8 ^Qg Hon q*-gSuc b addRionaI plants and property as may

Studebaker Corporation .—Proposed Increase of $45,­
000 000 in Common Stock-Plan to Offer S15,000,000 at 105
to Stockholders of Record Nov. 29—Proceeds to Retire $15,000,­
000 /% Serial Notes of 1919 on Ja n . 1 1920 at Redemption
Rates. The shareholders will vote Nov. 24 on increasing the
Common stock from $30,000,000 to $75,000,000. Of the
new stock it is proposed to offer $15,000,000 at 105 to
Common stockholders of record Nov. 29, one share for every
two shares held, subscription to be filed and paid not later
than Dec. 15.
The board of directors at their meeting Oct. 28 1919 also adopted a
resolution providing that if the stockholders shall vote for said increase of
stock as aforesaid, the S15,000,000 7% Serial Notes, dated Jan. 1 1919,
shall be called for redemption on Jan. 1 1920 and paid off at the redemption
rates from the proceeds o f the aforesaid offering.
v.io'T °r ^he dosing o f the transfer books from Nov. 3 1919 to Nov. 24
1919, inclusive, the directors passed a resolution that all dividends declared
on Nov. 4 1919 shall be payable on Dec. 1 1919 to the stockholders of record
Nov. 28 1919.
President A. R. Erskine is quoted as saying that the company will prob­
ably produce 40,000 cars this year and that the net would about equal the
best previous years. The company, he says, is experiencing but little
trouble with labor, and that since the signing of the armistice wages at the
plants have been raised 3 0 % , and 150% since the beginning of the European
War.— V. 109, p. 1085.

Superior Oil Corp.— Stock Oversubscribed.—Harvey Fisk
& Sons and C. E. Welles & Co., New York, announce the over­
subscription by advertisement on another page of 70,000
shares (no par value) at $20 per share:
Data from Letter of Vice Pres. Robt. M. C a tts, Cincinnati, Oct. 22.

1707

ri i 5 ? ’0 0 0 sbarcs °,f tbo new company have been reserved for sale to officers,
directors and employees active in its management. Robert J. Thorne and
associates will continue as directors and managers.— V. 109, p. 1373, 12S0.
U n it e d

S ta te s

P la y in g

C a r d

C o .—

Extra Dividend.—

strict ie£ t[rf,mY1 d
£e?
5% h,as becn de; lared on the outstanding capital
l ^ i l o o t w i h m tho regular quarterly dividend of 3% , both payable
i f h ' J i ^ O to holders of record Dec. 211919. In Jan. 1919 an extra o f
oi 5% wa» paid in Liberty bonds.— V. 107, p. 1292.
S ta te s

S te e l

C o r p o r a t io n .—

See Financial Reports’* on a preceding page.

Quarterly Report.—

To Purchase $10,000,000 United Kingdom 5 ^ s — Also to
Subscribe $1 0,000,000 to Syndicate Underwriting Entire Issue.
P S^ 7 3 CH086nt Events
U ta h

C o p p e r

f°llowing the Editorial Department.— V. 109.

C o .—

Production (lbs.).—

9*mosh t o ! m t ' t n ............................... 8,2209092 17 N85,000
— V i09^,pPli8 6 '7 8 2 -------------------82,539,955 148,898,596
W e s t e r n

C a n a d a

F lo u r

M ills

C o

1
,'.378
154.052,325

.— Earnings.—

Totef nrofi ts"8'
3° ~
1919.
1918.
1917.
Bond interect...............................- ....................$437,986 $543,844 $418,023
D?vWend« 4 ---------- --------------------------------- 83,555
87,889
91,664
uiviaenas------------------------------------- ( 1 0 %) 250,000(10)229,702 (8)169,976
.............................$104,431
total protit and loss surplus.........................-$712,865
W h it e

O il

$226,253
$858,434

$156,383
$844,651

Officers.—

C o r p .—

b^?.n el« ; ted President, Frank H. Bethell 1st A
ricc-Pres.,
VlS ? resA Y,ld J - w - Colvin, Vice-Pres. Including
\
t
Dolvin, Louis L. Clarke, Oscar Gubelman.
ih r r v T
hl '' S ' o1- Hutchings, Jr., S. Z. Mitchell, H. B. Moore.
P A?. B a b c ^ k .liv U109; p 1615 ’ ° harleS A ' Stono* ° Uy E ' Tripp and
J .

G .

W

h it e

&

Officers.—

C o .—

AViiiio
and p ■ M . Hubbard, formerly partners in Hemphill.
Or*.n.1 t „ (± ambcrlail) ! New York, and Howe, Snow, Corrigan & Bertles,
‘
have been elected Vice-Presidents of this comi
W.! b* connected with the administration of the com party's
1
v
general securities business.— V. 108, p. 2131.
W illy s

C o r p o r a t io n .—

Officers and Directors of New Co.—

, Capitalization.— Authorized 300,000 shares (no par value) outstanding
N, Willys, President; J. R. Harbeck, Vicivl’ r&sident, in
‘
150,000 shares, 80.000 o f which shares are being placed in escrow for a ch i r l l f l f
York executive office; C. O. Miniger, Vice-President, in
period of 5 years for the purpose of insuring the continuance of the present ch-ir<ro
Vice-President,
management. No additional shares may bo issued without the consent of in charge of newauto-lite division operation; J. Allen Smith, Vice-President
process gear unit operation; J. V. Hall
80% o f the holders of the present outstanding shares, except for the acquisiS e c t a r y m0t° r Car I,roductlon: F - p - Decker, Treasurer and C. S. Alertz,’
* ? , developed or proven oil properties equal in value on a per share basis
with the present properties or for an equivalent in cash.
Directors.—John N. AVillys, Edward F. Swift, F. S AVhoeler J R HnrCompany.— Incorp. recently in Delaware. Controls by contract and
!?uF£}}asc: (a) A group o f 25 producing oil and gas leases, containing about S“I :S S t „ l , Bb
0uffipgiy0' ...... .......
“ S i.
2,4/9 acres in the Estill and Big Sinking Districts of Kentucky. Settled
lC
t?on ’ 1*132^6 bbls. gross a day, and 987.64 barrels net, obtained from
194 wells averaging from 300 to 1,200 feet depth. There are on these propV
ertlos 154 inside tested locations with adequate power connections for pipe A 111ys-O ver Iand Company. These are separate and distinct organization*
linos already in operation, and ready to be connected up with new wells. thatathcKAVmvT r w f i i d'f^rent managements. Aside from the fact
n , Corporation lists among its assets, 500.000 shares, or a
It is estimated that within a year the company will drill and complete not little mJ
less than 00 wells on these locations, (b) A group of 50 undeveloped leases
in adjacent counties containing about 5 ,2 0 0 acres.
Estimated Earnings based on Present and Expected Production and Oil Prices. s s
r s d" " , i 8 7 the * " °
™ ■»»»
Gross Expenses & Federal
Net ’
.
. .
Income.
Accrual.
Taxes.
Income.
(C .
R .)W ils o n
B o d y
C o . — Bonds Called.—
come............................ $941,320 $152,512 $114,151 $674,656
Additional income........................ 417,020
248,529
31,592 136,900
T o t a l .....................................-$1,358,340 $401,041 $145,743 $811,556
Officers * Directors.— George A. Evalenko. Pres., New York, P res.'of
the Bi-Contment Trading Corp.; Robt. M . Catts. 1st Vico-Pres., New York
engaged in Kentucky oil Industry; Percy D. McConnell, 2d Vice-Pres.
Tulsa, Okla., oil expert; W. Frederick Suender, Treas., Cincinnati, O.
w n?,k’ c h P avis, Sec., New York; Chas. B. Wing, Asst. Sec., Cincinnati, O.
) V J (- Schleitor, Vice-Pros., Dilworth, Porter & Co.. Inc., Pittsburgh, Pa.
^ j e r r y V est, Senior Member o f the N. Y. Stock Exchange firm of C. E
N evr^ork ° -' ^ ew ^ ork; Wilbur C. Fisk, Harvey Fisk & Sora, Bankers
S w e e ts

C o m p a n y

o f

A m e r ic a .—

T a y lo r E n g in e e r in g

&

&

M a n u fa c t u r in g

C o .,

A lle n t o w n

C o ., P h ila ., are
o f eri? g
£
9& H and d iv . yiolding about 8 .1 2 % , $ 5 0 0 ,0 0 0
8 % Cuim dhtjvo P ref. stock , par $ 1 0 0 .
T o ta l authorized,
S ,5 0 0 ,0 0 0 .
frl
T o r o n t o

P a p e r

M a n u fa c t u r in g

C o .,

L t d .—

Sale .—

See Howard Smith Paper Mills, Ltd. above and V. 109, p. 1615.

.—New $ 1 , 8 0 0 , 0 0 0 Rubber Factory—Guar­
anty of Pref. Shares— Profits for First Eight Months of 1919.
U n it e d

D r u g

C o

Seo Seamless Rubber Realty Associates above.

Earnings .—

Results for 8 Months ending Aug. 31 1919 and 9 Months ending Sept. 30.
„ ,
•
8 Mos. 1919
1918— 9 Mos.— 1917.
w if K - f - V V ; ...............................$34,819,026 $35,365,887 $28,817,877
v innro Federal taxes.................... $3,894,626 $3,246,425 $3,154,874
■~~Y. 109, p. 1615, 894.
U n it e d

G a s

Im p r o v e m e n t

C o .,

P h ila d e lp h ia .

— Outlook.

ri) nt F ; TV™or’ Chairman o f the Business Development Committee of
u
Kxr°iLh a Sto« ™K£ chanK reported on Oct. 28 that he had been told
c
0’
Samuel T. Bodino in reply to queries that up to this time the
f reducing tho dividend had not been under contemplation. While
Fresiaent Bod me Pjoferred not to discuss what policy the directors were
U .11
i pursu? ’ aIr- Turner came away with the impression that Mr.
iiodine does not propose t« recommend any change in the rate during the
coming year. The death o f two or throe large stockholders and the salo of
soveraI thousand shares held by their estates, Air. Turner believes, affected
Y ° 109C i) ° 8 9 1 ° 3 “ 9 > ^ advcrsely and caused other holders to sell.—
<
C
R e ta il

S to r e s

C o r p .

Ward & Co., In c. — A rrangem ents

— Control of Montgomery

have been m ade b y the
\\ h elan -D u ke interests looking to the reorganization of M o n t­
gom ery W a rd & C o ., I n c ., under the new corporation law of
Illinois.
ruunection the new corporation will issuo 1 ,0 0 0 ,0 0 0 shares (no par
IT „lvV1* ,W1b h esoldfor cash, o f which 850,000 will be acquired under a
‘b
contract by (■•‘orgo J A helan on behalf of the U. It. Stores Corp. and by
Y
other strong financial Interests associated with him. in duo course rights to
acquire a substantial interest in the stock o f a holding company, formed to
acquire these shares, will be accorded the stockholders o f the U. R. S. Corn,
which In accordance with its announced policy, will Itself retain a substantial
interest in the holding company.




W .)

W

o o lw o r t h

C o .—

Contract . —

See Sweets Co. of America above.— V. 109, p. 1468, 1086.
(® ^ a s s - )

G a s

L ig h t

C o

.— N ew M anagem ent . —

055 “ ■ Tenney & Co. have concluded arrangements to take over the
operating management to-day. President & Gen. Mgr. AVilliard B.
Usborne has tendered his resignation.— V. 109. p. 287.
W

Contract.—

ool worth Co. has closed a contract whereby “ Tootsie Rolls” and
(ctl0,ls •manufactured by the Sweets Co. of America will be placed
™ r 1,a lu i?u sit e 11 a 1 Wool worth storas in the country. Similar con,tf y
♦nt Yr iUch ,,avo b«°n 'made with the United Cigar Stores, Union News Co.
p i 09 ('l 615°1 5 3 1 ^ obacco ®°-> and Ike Schulte Cigar Stores.— V. 109
..1

r z —Offering of Pref. Stock.— Frazier

,n t- “ tto G “ rdi“ " &»*>«•
(F .

r ig h t

A e r o n a u t ic a l

C o r p .—

A cou isition . —

See AVright-Martin Aircraft Corp. below.— V. 109, p. 1615.
W

r ig h t-M a r t in

A ir c r a ft

C o r p .—

Transfer Authorized.—

The stockholders voted on Oct. 27 (a) to transfer certain of its properties
Aeronautical Corp. and (6 ) to sell its New Brunswick, N. J .
plant to the International M otor Truck Corp. as per plan in V. 109. p. 276,
x o t .— see v. 1U9, p. lo lo , 1374.
Y a le

&

T o w n e

M fg .

C o .—

Special Dividend of

5%.

—

The directors have declared a special dividend of 5% on the Common
^ M iiy last 5— V ° 1095 p° 6 8 8 ^ ° f record N ov' 7' A Iike am°unt was paid

CURRENT

NOTICES

Breed, Elliott & Harrison, dealers in investment securities, with offices
at Indianapolis, Chicago, Cincinnati, Milwaukee, Detroit and Minneapolis,
have issued a 42-page booklet entitled “ AVhat Securities Mean.” As the
title Implies, it is a primer on securities; their elements o f investment and
speculation, their purpose, structure and uses and their classifications*
graduated from income to profit. These subjects the booklet treats con­
cisely and clearly. It also contains a bibliography of tho major studies in
the system of securities, and auxiliary studies in practice and technique,
the latter including a list of books on corporation finance, railroad finance,
corporation law and accounting. The firm also offers, without charge, two
other booklets entitled “ The Menace o f Fraudulent Promotions” and “ AVhat
Finance Means.”
0
The Guaranty Trust Co. of New York has boon appointed transfer
agent of the following: The Preferred and Common stocks o f the American
Oil Engineering Corp., and capital stock of the United States High Speed
Steel & Tool Corp., the Wright Aeronautical Corp. and Archbald Consol.
Coal Co.; has also been appointed registrar of the capital stock of AVhite
Oil Corp., the i'wferred and Common stock of the A
rermont Hydro-Electric
Corp. and the Preferred and Common stock of the New Jersey Power &
Light Co.
~~John J- Roach, formerly managor of salesmen with Hallgarten & Co.;
Charles S. Morley, formerly with Colgate, Parker & C o., and Frank L.
eed, formerly with Hemphill, Noyes & C o., have formed a co-partnership
under the name o f Roach, Morley & Co. to deal in investment securities,
with offices at 6 8 AVilliam St.
Frank E. YA'acaser, for a number of years associated with the National
City Co., and prior to that time with the Harris Trust & Savings Bank, has
associated himself with the investment banking house of Ames, Emerich &
Co.
— R. M . Grant & Co. are offering $1,025,000 Des Moines, Iowa, 5%
water works bonds, due June 1929-69. These bonds are legal for New
t ork and all New England savings banks and trustees. Des Moines is the
capital of the wealthiest agricultural State in the Union.

[Vol. 109.

THE CHRONICLE

1708

f^£pxrris < tX Jpcrcum
m
euts.
FAIL

US PLAYERS-LASKY CORPORATION

P A

’ M O U N T

P I C T U R E S —

A R T C R A F T

P I C T U R E S .

485 FIFTH AVENUE, NEW YO R K C IT Y
Murray Hill 8500
OFFICE OF ADOLPH ZUKOR, President.

22, 1919.
To the Stockholders:
In order to provide for the extension of the business of
your Corporation, the Board of Directors has recommended
the creation of Eight Per Cent Cumulative Convertible
Preferred Stock and the issue at this time of 510,000,000
par value of said Preferred Stock. To that end a special
meeting of the stockholders has been called to authorize
the amendment of the Certificate of Incorporation so as,
among other things, to provide for the increase of the au­
thorized capital stock by $20,000,000 of Eight Per Cent
Cumulative Convertible Preferred Stock and 250,000 shares
of common stock of no par value. It is intended that of
the 250,000 shares of additional common stock to be au­
thorized, approximately 182,000 shares will, in the first
instance, be set aside to provide for the conversion not only
of the $10,000,000 of Preferred Stock presently to be issued,
but also of the $10,000,000 of authorized but unissued Pre­
ferred Stock.
.
Subject to the necessary stockholders’ action, the Cor­
poration offers to the holders of record of its stock at the
close of business on November 13,1919, theright to subscribe,
on or before November 28, 1919, for Eight Per Cent Cumula­
tive Convertible Preferred Stock of the Corporation, at its
par value of $100 per share, at the rate of one share thereof for
•each two shares of the common stock of the corporation
so held by them, payment in full to accompany subscrip­
tions. Dividends on said Preferred Stock will accrue from
November 28 1919.
Upon the authorization of the proposed increase of stock,
there will be mailed on November 13 1919, or on the earliest
-date practicable thereafter, to the stockholders of the Cor­
poration of record at the close of business on November 13
1919, one or more subscription warrants specifying in the
aggregate the amount of said Preferred Stock to which said
stockholders shall be entitled to subscribe. Subscription
warrants must be returned to Empire Trust Company on
or before November 28 1919 by the respective stock­
holders or their assignees, accompanied by payment of the
full subscription price in New York funds. All checks must
be certified and made payable to the order of said Trust
Company. They should not be made payable to the Cor­
poration. On the back of the subscription warrants will be
found two forms, one to be signed to exercise the subscrip­
tion right, the other a form of assignment. Subscription
warrants authorizing subscription for two or more shares
will be exchangeable for other subscription warrants for
lesser amounts but for the same aggregate number of shares.
Subscription warrants will be issued only for full shares;
where a stockholder holds an odd number of shares, frac­
tional warrants will be issued. No subscription may be
made on a fractional warrant, but such warrants will be
exchangeable in even number for subscription warrants for
the aggregate number of shares represented thereby.
No subscription or assignment of subscription privilege
will be recognized unless made on the forms furnished by the
Corporation.
. .
Temporary stock certificates or full paid subscription
receipts exchangeable for definitive engraved stock cer­
tificates representing the Preferred Stock subscribed for
will be issued upon payment of subscriptions.
New York, Oct

A r r a n g e m e n ts
o f

t h e

o ffe r in g

fo r m e d

b y

g a r t e n

&

h a v e
t o

M e ssrs.
C o .,

b e e n

t h e

m a d e

D o m in ic k

a c t in g

fo r

s t o c k h o ld e r s

in

&

t h e
b y

r

u n d e r w r it in g
a

D o m in ic k

c o n ju n c t io n

s y n d ic a t e
a n d

w it h

H a u -

M e ssrs.

Application will be made to list the Preferred Stock on the
New York Stock Exchange.
K u h n ,

L o e b

&

C o .

Preferred Stock Provisions:

The amended Certificate of Incorporation will contain,
among others, provisions covering in substance the follow­
ing:
1. Cumulative quarterly dividends at the rate of 8% per
cent per annum shall be paid on the Preferred Stock, out
of surplusor net profits, before any dividend on the Common
Stock.
2. A cumulative sinking fund equivalent to 3% of tho
issued Preferred Stock, less converted amounts, shall be
applied out of surplus or net profits, after payment of all
Preferred Stock dividends, annually beginning November
30, 1920, t<3 purchase or redemption of Preferred Stock at
not exceeding $120 per share.
3. The Preferred Stock shall be preferred as to assets as
well as to earnings.
4. The Preferred Stock shall be redeemable in whole or



in part, at the option of the Corporation, on any dividend
date beginning February 1, 1920, at $120 per share and
accrued dividends, on 60 days’ notice.
5. At the option of the holder thereof, Preferred Stock
may be converted at par, at any time (and up to and in­
cluding redemption date if called) into Common Stock at
$110 per share to and including November 30, 1920. at Silo
thereafter to and including November 30, 1921, and at $120
thereafter, with an adjustment of dividends. Provision
will also be made for reduction of the conversion price if
Common Stock in addition to the present 200,000 shares is
issued (except for conversion of Preferred Stock) at less than
$100 per share, such reductions, however, to be made only
after issuance subsequent to October 22 1919, or to a re­
duction at any time made, of at least 5,000 additional
shares.
. .
,
6. Without consent of holders of at least two-thirds of tne
outstanding Preferred Stock, the Corporation shall not,
among other things, voluntarily liquidate or dissolve, or
dispose of the property or business of the Corporation sub­
stantially in their entirety, or create (a) any mortgage or
other lien to secure an issue of bonds or otherwise, (») any
bonds, notes or other evidences of indebtedness maturing
later than one year from date of issue, (o) any stock having
priority over or parity with the present authorized l re­
ferred Stock, or increase the latter.
7. A Finance Committee is to bo created to supervise
capital expenditures, salaries, advances and loans; and with­
out its consent no additional shares of Common Stock may
be issued. After tho annual meeting of 1920 tho Finance
Committee shall consist of three persons oloctod from among
the directors annually by tho Preferred stockholders and two
by the Common stockholders. (The composition of the
Finance Committee to serve until that meeting is shown
below.)
,
8. Each share of Preferred Stock shall bo entitlod to one
vote, but if full Preferred Stock dividends are not paid for
any quarter then as long as arrears remain each share ot
Preferred Stock shall bo entitlod to as many votes as the
number of outstanding shares divides into twice the number
of outstanding Common shares, while each share of Common
Stock continues entitled to a single vote. At elections ot
directors each share is entitled to the number of votes indi­
cated above times tho number of directors to bo elected, and
said votes may all bo cast for a single director or distributed.
If full Preferred Stock dividends are not paid for any quarter
and tho default continues, tho terms of all the directors shall
expire at the next annual meeting of stockholders.
9. The Preferred Stock may be issued at not less than par,
in cash or property. Not more than 100,000 shares of the
200,000 to bo presently authorized shall be issued (1) oxcept
with consent of holders of at least two-thirds of tho outstand­
ing Preferred Stock; or (2) unless (a) full cumulative Pre­
ferred Stock dividends have been paid, (b) net earnings for
tho last fiscal year are at least three times dividends on all
Preferred Stock outstanding and proposed to bo issued, (c)
thero shall theretoforo have been purchased, rodeomod or
converted a number of shares equal to all additional shares
theretofore issued plus tho additional shares proposed to be
issued, and (d) the Finance Committeo shall approve such
issue.
t
10. The books of the Corporation shall be audited at least
once during each fiscal year by a certified public or chartered
accountant.
Organization:

Famous Players-Lasky Corporation was organized under
the laws of New York, July 19 1916, and upon organization
it acquired the entire capital stock of Famous Players Film
Company and Jesse L. Lasky Foaturo Play Company, Inc.,
and later all of the stock of Bosworth, Inc., Oliver Morosco
Photoplay Company and Paramount Pictures Corporation.
It also acquired all of tho stock of tho Paramount subsidiaries,
through which the first named companies, all theretofore
engaged in the business of producing motion pictures, had
distributed their productions. All of those companies are
now merged into the present corporation, and additional
interests have been acquired from time to time in further
collateral enterprises.
Business:

t

The Corporation is engaged in the business of producing
and distributing motion pictures, being tho leading corpora­
tion of its kind. It produces in its two large studios at
Hollywood, Cal., in its studio at Fort Loe, and in its studio
in New York City, and has now under construction through
one of its British affiliations, a now studio in London.
England, and is itself constructing a very large fireproof

Nov. 1 1919.]

THE CHRONICLE

studio on Long Island, within the limits of the City of New
York. Its reservoir of dramatic material, stars and direc­
tors is very large and includes many of the best known names
in the motion picture industry. It is the policy of the Cor­
poration to employ the highest grade of talent in its produc­
tions. Careful analysis over a long period has demon­
strated the financial soundness of this plan.
In addition to distributing its own product, the Corpora­
tion has the exclusive right to distribute the output of several
other well known producers. Its distribution is extensive.
In tho United States alone there are estimated to be about
15,000 motion picture theatres, of which the Corporation
counts as its customers over 11,000. It has in operation
branch offices known as film exchanges in twenty-eight of
the principal cities of the United States, and maintains a
separate selling organization for the foreign trade. It main­
tains six branches in Canada and offices in London, Sydney,
Wellington, Mexico City, Pads. Copenhagen, Barcelona,
Buenos Aires, Rio de Janeiro, Santiago, Havana, Tokyo,
Shanghai and Manila.
Management:

The managers of the business, who have built it up from
its inception, are individually holders of large amounts of
the common stock, and will continue to devote their entire
energies to the Cor{>oration’s development along the lines
which experience has shown to be sound and remunerative.
Mr. H. I). H. Connick, Vice-President of the American In­
ternational Corporation, will be, in charge of finances, be­
coming Chairman of the newly created Finance Committee.
I|e will resign as Vice-President of American International
Corporation and become an active executive of Famous
Players-Lasky Corporation. The other members of the
first Finance Committee will be Messrs. Frederic G. Lee,
President of Irving Trust Company; Gayer G. Dominick of
Dominick & Dominick; Maurice Wertheinj of Hallgarten &
Co., and Adolph Zukor, the President of the Corporation.

1709

Earnings:

During the war the motion picture industry was hampered
because its foreign trade was almost entirely out off and
because building restrictions made it practically impossible
to erect new theatres or to enlarge those in existence. Not­
withstanding these conditions, however, the Corporation was
able, 1° show net earnings for the year ending December 31
io ^ ^ ’246,266, before deduction of Federal taxes. In
1918, on account of tho same conditions, and also because
the influenza epidemic closed substantially all of the theatres
in the United States for a protracted period, the earnings
were further decreased to $1,281,175. Upon the signing of
the armistice, conditions immediately improved, and for the
first six months of 1919 the Corporation’s net earnings
amounted to $2,439,337, or at the rate of approximately
$5,000,000 for the year. After allowing liberally for Federal
taxes, and assuming that the new capital provided by the
Preferred Stock issue will earn only the dividend require­
ment, earnings are conservatively estimated to be running
at the rate of about five times the dividend charges of the
new Preferred Stock.
The Industry:

Tho history of the motion picture industry dates from
about 1894. In its early days nearly all motion pictures
were manufactured abroad, and consisted principally of short
stories and trick films, but with development of the industry,
American theatres are now showing practically all American
made films, and patronage has greatly increased; the gross
yea ly income of motion picture theatres in the United
tates being now estimated to be about $750,000,000. At
ne same time the number of theatres and their capacity is
increasing, and it is reported that in addition to the 15,000
already in operation, with a seating capacity of over 8,000,UUU, more than 1,200 new houses are in course of construction,
at an approximate cost of $72,000,000. In recent years the
export business has likewise increased, and the United States
Capitalization:
now leads the world in the foreign motion picture trade.
Tho present capitalization consists of an authorized issue 1 he number of theatres in foreign countries, estimated at
of 200,000 shares of Common Stock of no par value, all of about 17,000, is small, compared with the population, and
which has been issued. The proceeds of the $10,000,000 of there is a great opportunity of increasing the volume of our
Preferred Stock presently to be issued will be used in the export business. As the motion picture industry stands to­
development and extension of the business and particularly day , it is the most convenient, the cheapest and the most
to intensify distribution. Of the additional 250,000 shares popular form of amusement. The use of films in educational
of Common Stock to be authorized, approximately 182,000 and commercial fields, now specially exploited through
shares will in the first instance be set aside to proride for the separate departments by Famous Players-Lasky Corporation,
conversion of the authorized Preferred shares.
provides a considerable income with large possibilities. I
believe the industry will continue the rapid growth wrhich it
Assets:
experiencing, and
A financial statement as of September 30 1919, certified has lately been the largest and most Famous Players-Lasky
Corporation, as
important factor
to by Messrs. Price, Waterhouse & Company, is appended, business, is prepared to follow up this development in the
showing net assets after giving effect as at that date to intro­ sound lines and to take advantage of all opportunities.along
duction of the new capital, but not including any good-will,
Very truly yours,
ot $22,326,443 or 223% of the total amount of Preferred
Stock now to be issued.
ADOLPH ZUKOR, President.
..........................
BALANCE SHEET SEPTEMBER 27 1919.
G IV IN G

EFFECT

AS

AT

SEPTEM BER

27

1919 T O

\ SSFTS
Cash »n hand and in banks.. _ " ' " ‘
Bills Receivable_______________~~

TH E

.510,519,732 20
44,315 8 8

A ccou n ts Receivable — •
"

Advances to wholly owned companies for con­
struction, &c____________ _______ ______
8299,462 54
Affiliated (partly owned) companies—
Advances for film controlled by Famous
Players-Lasky Corporation.
_
_
247,421 64
Advances to producers—,s.-cured by film'"in
pos.ses.sion o f Famous Players-Laskv Corn
2,562,421 83
General Accounts Receivable.
Domestic—
Film customers_____________
158,402 43
Other accounts__________ I
321.758 8 8
Foreign________________
321,887 87
Famous Players, London
237,9 5 92
1
4,152,287 11
Merchandise—
Negatives completed but not released, or in
process, raw film, &c., at cost.
3,252,976 31
Rented film:
Positives, Residual value_________
389,093 90
Negatives,— do
d o .....................I l l ” 11 2,269,823 94
Costumes, properties and scenery
19,823 38
■Scenarios and rights, at c o s t..
652,290 59
Accessories_____
351,634 56
6,935,642 71
Securities Owned—
Liberty bonds, less advances thereon________ 5386,402 23
other Investments___________________________
1 4 1 ,3 4 5 05
Investments in securities of partly owned sub­
sidiary companies not yet con solid ated,... 2,269,402 11
2,797,149 40
Fixed A ssets—
Land and buildings, at cost------------------------- 5846,505 07
Machinery, plant and fixtures, at cost
759,421 48
Less Depreciation Reserves:
Land and Buildings_________
Machinery, plant and fixtures

SALE

SI ,605,927 55
Si l l 696 17
292 551 80

401,247 97
Deferred Charges—
Insurance and rent paid in advance and salaries paid in
advance by issue o f capital s to ck ...

OF

PREFERRED

STOCK

OF

$ 1 0 ,0 0 0 ,0 0 0

PAR

VALUE.

LIABILITIES.
Iiills Payable................................................................................ *1,556,300 27
Accounts Payable—
G e n e r a l............................... ..............................
$517,058 05
Manufacturers participation and royalties_
_
39,032 0 2
Accrued payroll and commissions due_ ____
_
64,752 16
620,842 23
Rentals of Film, Paid in Advance of Service—
D o m e s tic ......... ........................... ............................S I, 105,651 48

Foreign......... ........................................................

98,146 34
1,203,797 82

Liabilities in Respect of Collection of Federal Taxes—

Reserve for footage ta x _______________________
T o Governm ent— Excise tax_________________

146,719 40
178A78 14

324,897 54

Capital Stock—

Preferred—
8 % Cum ulative convertible— 100,000 shares
o f S I00 each par value................................. $10,000,000 00
Com m on at no par value—
Issued 168,015 shares stated
at $80 00____ $13,441,200 00
31,877 shares fo r .........
3,187,700 00
_199.892 shares fo r................. S16.62S.900 00

Loss 279 shares in treasury at S80.

22,320 00

199,613 shares outsta'g

516,606,580 00
26,606.580 00
Surplus at Senlembcr 27 1919—
Income and excess profits taxes for 1918 not
determined, pending assignment of Govern­
ment pre-war rate— balance payable es­
timated _p , $95,324 3 U. rso provision
at
39. No
‘
made for Federal income and excess profit
taxes from January 1 1919..
3 331 308 57
................................. 3,331,308 5 V
Contingent Liabilit-J—
Notes discounted___
SI62.942 28

1,201,679 58
381.474 51

J f? UI Langible as-.et.s------------- --------- ----------- ----------- $26,032,281 3 9
■flood-will
.................- ......................- ......... ........................ 7.611,445 04
*33,643,726 43

$33,643,726 43

Wo have examined the books of the Famous Players-Lasky
Corporation at September 27 1919 and wo certify that, in
our opinion, the above balance sheet shows the true financial
position of tho ( onipany at September 27 1919, giving effect

as at that date to the agreement for the sale of Preferred
Stock which, subject to the necessary stockholders’ action,
has since been effected.
54 William Street, New York, PRICE, WATERHOUSE & CO
Oct. 22 1919.




[V ol . 109.

THE CHRONICLE

1710
PUNTA

ALEGRE

SUGAR

COMPANY

FOURTH ANNUAL REPORT FOR THE YEAR ENDED MAY 31 191D.
1 1919, and declared a dividend of 2V£% payable October
To the Stockholders:— •
1919.
The Board of Directors submit herewith the annual re­ 15Appended is a statement showing the .Profit and Loss
port on the operations of tho company for the crop year Account for the crop year, and comparison with the previous
ending May 31 1919.
also a
The total output of the estates as compared with the pre­ year,Mr. M. consolidated balance sheet certified by the Audi­
tor,
W. Maclachlan, chartered accountant, Havana.
ceding crop was as follows:
1917-1918.
By order of the Board of Directors,
b
1
1918-1919.
215,927
Central Punta San Juan (incl. summer crop)------226,234
EDWIN F. ATKINS, President.
145,295
Central F lorid a---------------------------------------------- ,
81,524
October 15 1919.
Central Trinidad_____________________________ 114,579
CONSOLIDATED PROFIT AND LOSS STATEM EN T
SEASON
442,746
605,150
y J
jK ’J11
At Punta San Juan grinding continued from Decomber 2 1918-1919 ’ AND COMPARISON W ITH OORRESI ONDING
FIGURES FOR 1917-1918 SEASON.
1917-1918.
1918, to June G, with a short summer run from July 8 to
1918-1919.
July 23. Owing to constant interruptions from unseasonable Operating Profit___________________________ $3,017,622 29 $1,822,979 42
rains the output did not come up to expectations, as not only Depreciation on Plant------------------------,— 522,691 88 381,694 08
216,141 10
was the work suspended, but the sucrose content of the cane Interest on Loans-----------------------------------non
on Bonds-------was materially impaired. On the other hand, the showing Interest Administration -------------------------- 2c!>’e?n 80 In 270,000 00
operating
General
2,430 72
made by the cane fields was very gratifying, the tonnage Miscellaneous Debits or Expense................. bJ.blO ot>
Credits---------------29,823
per acre being 30% in excess of the estimate. In order to
$1,217,189 58
$865,404 46
handle the excess cane it has been decided to double tho mill, Net Profit for Year............. - - - - - .........$1,800,432 71 $957,574 96
and thus increase the grinding capacity to 500,000 bags. Estimated United States and Cuban Incomo
193.600 00
The work on this extension is progressing favorably, and
and War Profits Taxes--------- --------- -----226,913 ,>J
it is anticipated that the new mill will be grinding before Available Profit for Year..................................$1,573,519 12 $763,974 96
March, 1920, in which case 70,000 bags should be turned out Deduct:
26.157 86
by the new equipment in the coming crop. No new plant­ Adjustments on Previous Periods ......... 39.B9S 23
Organization
37,150
ings are required to supply cane for this additional output, ProportiononofPreferred Stock,Expenses - 37 1. 0 80 --------------- 80
Dividend
Jan. 1 1919-1.462 00
and supplies for succeeding crops will be largely provided for
$985 43 $63,308 66
by contracts with outside planters. In the year under
$700,666 30
. - - - - - - - .........$l,574,o04 55
review 37.4% of the cane ground at this central was from the Net Addition to Surplus.- (Including- -Reservo
per 1918 Report
company plantations. The company has taken advantage Surplus as Loss)------------------------------------------ 842,018 83 141,352 52
of an opportunity to secure a large tract of land comprising for Fire M ay 31 1919, as per Balance Sheet.$ 2 .416,523 37 _ $842,018 82
540 caballerias in fee, and 259 on lease, which may be planted Surplus
as required and thus ensure a sufficient cane supply for many CONSOLIDATED BALANCE SHEET AT M A Y 31 1919. AND COM­
years.
p ARISON
The railroad has been extended and connected with the PARISON W ITH CORRESPONDING FIGURES A I M A Y 31 1918.
ASSETS.
ay 31
broad gauge line to Ciego de Avila, thus putting the Central ^MUniTdUlings and Machinery.....................W ,509,526 79 Afay 31 1918.
15
,809.1
in direct communication with the mam railroad systems of Railroad and Shipping Equipment............. 2,000,243 14 $3,186,507 61
1,520.027 64
Cuba. Additional equipment purchased includes 150 cane HousesPlows, Carts, Tools, ..Furnituro, -Etc. 1,121,304 2 > 895,837 53
and Buildings, E tc — — — - - 166,738
Steam
185,61)6 40
cars and two locomotives.
$8,116.740 59 $5,769,110 93
The Florida Central had another very successful year.
1,208,849 94
702.303 12
Less: Reserve for Depreciation.
The new mill was completed on schedule time and operated
satisfactorily. Grinding continued from December 2 to
$6,907,890 65 $5,066,807 81
46,922 66
49,099 31
June 7, and even better results would have been attained Plant under Construction-------------731,806
Pastures, Roads and Wells--------had it not been for interruptions due to the strikes on the Lands,Fields and New Plantings, including 828,555 29 1,396,531 23
45
Ditches................
1,247,824 32
railroad. The company’s plantations supplied 17.6% of the Cano
cane ground at this estate. Leases have been secured in a
Total Fixed Assets__________________ $9,033,369 57 $7,242,068 15
new district being opened up by a railway connection to Organization Expenses, ............... - ..............
less $111,452 40
297,206 78
Written
25
the North Coast of the Island, and a good cane supply is Mortgages Off.................86.531 82
Receivable------------------------------85,031 8z
anticipated from that source. Fifty new cane cars have Working Assets:
,
307.994 84
Live Stock.....................................................
59
been Trinidad the results of the crop were highly satisfactory Supplies in Warehouse at Cost---------------- 574,237 2? 529,513 00
.. . ,
61
702
At purchased.
Sugar in Process at Cost-----------------------29,900 00
on Account 1920
and for the first time in the history of the central the output ExpensesDeferred to FutureCrop------------. 47,366 2431 100,448 74
31.703 38
Operations.
45,000
exceeded 100,000 bags. The favorable showing was duo to Charges
$970,362 55
Total Working Assets_______ _______ $1,089,587 20
the good cane supply resulting from tho recent plantings Current Assets:
combined with factory efficiency on account of excellent Supplies in Stores at Cost---------------------- $172,281 34 $141,455 35
mill work. Of the cane ground from December 11 to June Unliquidated Sugar and Molasses, Valued
at Contract Price, loss Allowance for
12 74.8% was produced on the company s plantations.
Expenses and Estimated Deterioration,
Pledged as Security for Notes Payable.
Additional railroad equipment of fifty cane cars was pur3.706,033 95
see Contra______________
.>,994,620 70
Accounts Receivable from Planters and
C^As was the case last year, the crop was sold to the United Boston Fiscal Agents, - - - ------- - - Unro- 740,113 35 499,597 36
Others-----------------------—
Cash and
States Equalization Board, and about 80% of the sugar has
23,909 28
115.274 23
w .o is o e
been shipped, 111,700 bags remaining in storage m t uba.
These conditions of delayed shipment have caused excessive
Total Current Aasots...........................$7,22-1,930 45
$4,486,270 17
expense for warehousing and carrying charges, but to date
$17,921.475 02 $13,082.439 47
the condition of the sugars shipped has bene satisfactory,
and do not indicate any substantial deterioration.
LIABILITIES.
The summer conditions on the Island have not been fa»- Capital Accounts:
orable, as heavy rains in the early weeks have been followed
», ,#6 .(
oo $3,100,000 00
bv a long period of drouth. It is expected however, that
r S S t o k d ::.......................- ........................
le o f lo o M
Account - - - - - - - - - - - - - - 37
with reasonable rains in October the fields will recover suf i- Surplus 8tock of Subsidiaries- -In- -Hands- -of 2,416,523 f)(( 842,018" 8‘2
^
2.400 00
oiently to provide for a satisfactory crop. . A production Capital
’
of about 700,000 bags is anticipated. In view o. the un­ Surplus on* Stock oYSubsidiaries in Hands
2.400 00
of Public.....................................................
2 -400 00
certainty as to the future market in sugar the management
Total Capital Accounts......................... $7,041,323 37 $3,946,818 82
decided to dispose o t» part ot the 1919-1920 crop ■ » advance,
and have sold 100,000 bags on a very satisfactory basis
1,500,000 00
Mn
tgeb 6%nConvertlble Bonds. 1935- 1,500,000 00
The working organization of the company is now well CoUateral Trutt 6% Conv. Bonds. 1 9 3 1 - 2.995,200 00 2,995,200 00
established and the personnel are to be congratulated on
Total Bonded
their successful and constructive work since the inception oi Current Liabilities: Indebtedness--------------$4,495,200 00 $4,495,200 00
.
,.
Notes and Acceptances Outstanding, se­
the company. of the annual balance sheet additional. v om
.. . ~
$3,765,000 00
cured by Sugars, soo Contra...................*5.305,600 00
112,500 00
Since the date
Bond Interest Accrued--------------- - - - - - 112,,>00 00
for United States and Cuban
raon stock amounting to 146,414 shares has been issued, and Provision and War Profits Taxes............... 226,913 59 193,600 00
1 Income
$1,269,000 of the First Mortgage Bonds, and % ,bb.4,2UU Boston
2
Agents, Unreported Credits
238,105 49
*569,320 65
o f th e C o lla t e r a l Trust Bonds h a v e b e e n c o n v e r t e d .
Accounts Payable---------------------------------501,832 .>7
At the date of this report the capital and bonded indebted­
Total Current Liabilities....................$6,384,951 65 $4,640,420 65
ness is as follows:
$17,921,475 02 $13,082,439 47
ou

x **<t •

zo

i

o kio

F is c a l

* 11’9T?’nnO
Common sto ck .......
First Mortgage 6% Convertible bonds due 1935-------------------Collateral Trust 6% Convertible bonds, due 19.11-----------------332,uuu

.

$11,743,700

The outstanding Bonds have been called for payment Janu­
ary 1 1920.
.
i- • i
The Directors voted to appropriate from the undividedi
earnings of the company to May 31 1919, a sum sufficient
in the opinion of the Treasurer to provide for the payment
of dividends at the rate of 10%, or $5 per share on the Com­
mon stock outstanding during the year beginning October



CER TIFIC A TE OF AUDITORS.
I have examined the books and accounts of tho Punta Alegre Sugar
Company and its subsidiaries, tho Trinidad Company and tho Compania
Azucarera Florida, for tho purposo of verifying their assets and liabilities
as of M ay 31 1919- Tho foregoing consolidated balance sheet, in my
opinion correctly represents the financial position of tho Company as of
that date, after including tho operating results up to tho time at which
the crop was completed. All known liabilities havo been included in tho
Accounts. The Trustees of the Collateral Trust Bonds hold for tho Com­
pany 81,200,000 notes of tho Florida Sugar Company, due 1931.
‘ tj.
2 Vfoou S«nt«ml>or 25 1919.
M . W. M ACLACHLAN,
Chartered Accountant.

N ov. 1 1919.]

© m u w jc r d a l

THE CHRONICLE
g im je s .

C O M M E R C IA L E P IT O M E

1711

! distributed among the City’s manufacturers. Tho price,
according to Mr. Williams wiU be in the neighborhood of
13 cents. Under the regulations established by the U. S.
Sugar Equalization Board, it has been unlawful to sell sugar
+ uW u GSa e a^ a Pr^ce exceeding 9H C- a lb. and 11 cents rextt bu* al^fr°d circumstances have necessitated a change.
We should wake up and push our foreign trade in parts
of the world heretofore largely neglected. What is described
as a move unique in the history of the empire” is the permis­
sion just granted to British commercial travelers and repre­
sentatives of business houses to travel on any British war­
ship leaving England for foreign ports. This shows that the
British are disposed to take extraordinary measures to
increase their foreign business. The weather here early in
the week was unseasonably warm. On Oct. 23th, the
temperature at 1.30 p. m. reached 81 degrees, the highest
on record. In Boston it was 78 degrees, also a high record.
It has been far warmer here than in the Southwest when the
temperature has been as low as 22 degrees. It has been
mud here to-day.
prime western 27.85; refined to the Continent
3U.oO; Sonth America 30.75c.; Brazil in kegs 31.75c. Futures
advanced with hogs and cottonseed oil and covering of shorts.
Also some inquiry from France has been reported. The cash
demand was reported much better. And there were reports
ot a loan to Germany. Hog receipts have been small,
lo-day prices advanced ending higher for the week.

Friday N ight , Oct. 31 1919.
Despite an impending coal strike supposed to involve
400,090 to 500,000 workers trade has expanded. To-day,
however, the Federal Court at Indianapolis granted a tem­
porary injunction returnable Nov. 8 restraining labor
leaders from furthering the strike. And in any oaso it
looks as though it might be possible to produce bituminous
coal enough in non-union sections of the country to tide
over until the other mines oan be operated, if need be under
the protection of the United States troops. There is no
doubt one thing: The people of this country are thoroughly
aroused. They have stood a good deal from labor and the
time has come for a halt. The time has come to show labor
that the part is not greater than the whole and that 110,­
009,000 people are not going to be subjected to oold. dis­
ease, hunger and even starvation at the word of a mere
handful of the population and a few ambitious labor leaders.
The mines will be operated; a supply of coal will be had.
Labor will be taught that a sovereign people rule in this D A ILY CLOSING PRICES OP LARD FUTURES IN C H 1C A Q O .
Tues.
Wed.
Thurs.
Fri.
coun :y and that neither cupidity nor thinkly veiled dis­ October delivery cts.27.00 Mon. 27.50 27.60 27.10 26.95
loyalty will be permitted to play havoc with the social and January delivery______ 24.00 27.40 24.37 24.67 24.37 24.60
24.15
commercial fabric of this Republic.
mess $45 nominal; family §52@§53; short
Meanwhile the country is proceeding about its regular i P° 5 P A t®-^y; January pork closed at §24 60, a rise of
busmoss with a calmness and confidence little less than re- clear
t'k® we®k. Beef steady; mess §23 @521; packe
mirkablo under the circumstances. Transactions have ac­
India mess $50@S52. No canned roast
tually increased in some directions. There i.sabig demand for 52o@§26; extra 2, §7 25. Cut meats lower;1pickled hams,
steel. Business in pig iron is larger. There is a sharp demand in*to 20 i?’ P®;1 ^ @ 2 2 ^ o .; pickled bellies 26@27e. Butter
lbs., 2
for cotton at rising prices. The textile industries are active. 10
extras
other grades 51@70o. Cheese
The sales of groceries are on a larger scale. There is a better creamer@33c. 70@70^e.; gathered extras, 69@70o.; first
Eggs, fresh
demand for wool. The leather trade is brisk and prices are fiats 23 firsts 60@68c.
extra
m some casos higher. The exports of wheat make no bad to COFFEE on the spot has been higher but quiet; No. 7
exhioit, everything considered. And the strike of dookmea
!?>P
here seems to be dying out. Jobbing trade makes a good ‘>c oc4C'’ ^ ° ‘ 4 Snntos, 26@263^c.; fair to good Cucuta,
d
response
rise in
showing. Chicago has a better jobbing, retail and mail order and Santos. Futures advanced in available to adelivery Rio
And the stock
for
has
business than it had a year ago. At St. Paul the transactions been small At one time it here only about 275,000 bags.
was
are said to be 50 to 100% above those at this time last year. Kio Janeiro s stock is steadily falling. It is only 376,000
Pittsburgh is practically back to the steel production notice- bags,
a
ago. Wall
ablo before the strike. Kansas City has done better a general nave against 771,000So year the trade. Street and Europe
been buying.
Shorts have been
business m eleven months than it did in the whole of last year. covering. To-day priceshas
12
Retail trade hero and in other parts of the country is active. lower, but are higher for ended unchanged to pricespoints
the week. Closing
were
Taking the country oyer there is more complaint about de­ as follows:
layed receipts of supplies than of any diminution in business. D e c ...c t s . 16.45 16.491M arch.cts. 16.32 @ 16.34 IJuly . _cts _16.30 @ 16 .32
Ofjoourso the big industries of the country are more or less
|September
I
no vous about the possibility of a vast bituminous coal January... .32 16.34 |May--------- 16.31 @ 16.3396Septe * 16.28@16.30
SUGAR
centrifugal
str ke. That is only natural. Also there are complaints and Porto still 7.28c. farCrop Cuba has degrees test Cuba
Rico. New
advanced. Sales
not only of scarcity of labor but of its inefficiency. Things
made to the trade of about 12,000
first
have come to such a pass that inefficient labor demands were of January shipment at 8c. f. o. b. bags for the8Mc.
half
Cuba
wage: far above what used to be paid to the most skilled it seems to manufacturers for this same delivery. and
workmon. The old saying is “Pride goeth before a fall.” has bought 125,000 bags, for shipments extendingCanada
from
Labor has reached a ^ioint of arrogance that calls for salutary March and
at
f. o.
The crop is
disciphno from the vast mass of American people. And that estimated at June, inclusive and 7He.believedb.that eventually
4,009,000 tons
it is
is surely what it will get. Tho people are not deciding the supply will
ample and at lower prices.
against labor and for the employer. They are deciding that Stocks at Cubanturn out to be 27th, are stated at 318,546
ports October
this country shall not be wrecked by labor or anybody else. tons, a decrease of 82,909 tons for the week. Cuban ex­
Illmois farmers, represented by tho Executive Board of the ports ran up for
to 102,591 tons
Illinois Agricultural Association, have gone on record as of which 66,123 the week ending October 27th, ports. Cuban
tons
opposed to strikes and shorter hours that reduce production receipts for the week were for North Atlantic
were 19,6S2 tons
4,057
and increase the cost of living, and they recommend a basic tons. Refined is in gradually increasing an increase of larger
supply with a
ten-hour day for all productive industries
sugar New
It is gratifying to notice that the American Wholesale Coal production. Later of new crop Cuban raw by Jnauary
bought 25,000 bags, shipment
^ssocuition, representing dealers doing an annual business of Orleans refiners °' A- (e(luivalent c. and f. price optional),
f100,000,000 tons throughout the country, is to make efforts wU,U0u nags, second
at 8c.
a
to prevent an increase in the price of ooal to consumers from cost and freight pricehalf Januaryto 7^ c.ando. cargo for April
equivalent
b.
the impending strike. A moral force in business may help at 7.85c.) Later a New Orleans refiner f.bought(understood
5,000 tons
1 10 brutal force of an illegal and disloyal strike. In first half of January at 8Hc. oost and freight. New York
addition tho Government has legal moans at its disposal refiners bought 125,000 bags, Feb.-Mar. supposed to be at
which the great mass of the American peoplo think should be
cost and
used if the neod arisos with the utmost rigor. The coal oper­ or akout 7.93c.bags, secondfreight. A Philadelphia refiner
half March at 7.95c. cost and
ators say that the granting of miners’ demands would moan bought 2o,000
fre£ 4•
operator took
bags March, 10,000
an additional tax on the American people of §1,000,000 000 and f10.000 May at 7.45 f. 10.000south side port. TheApril
o. b.
Fed­
or $10 per capita.
the U. S. Sugar Equalization
The longshoremen’s strike is breaking up, more men re­ eral Sugar Refining Co. has suedsale of 4,500 tons of sugar to
Board tor profits on an export
turning to work. In all, about 16,000 have come back. the Norwegian Government, alleging that
Shipping compamos refused tho compromise of 85 cents an shipment was refused after which the Boardthe license for
to
hour and §1.25 overtime, holding to award of 70 cents an Norway for its own account making a profit ofsold sugar on
§219,744
hour fixed by the National Commission. Four vessels have the transaction. A Washington dispatch says that the
just sailed and eighty others are being “worked.” the Ship­ gar E juabzation Board has telegraphed Senator McNary
ping Board reports. A Gary dispatch quotes H. II. Titus, i lat it is preparing to wind up its activities, as it regards
a member of tho steel strikers’ council, and chief of pickets,
as saying that the men are going back to work, that the further Government control as unwarranted.
^iko is lost and for its fail’.;re tho army is responsible.
Linseed quiet and unchanged at §1 72 for car lots
The Printers League Section of the Association of Employ­ on the spot with the usual premium of 3 cents for 5 barrels
ing Printers announced on the 23th inst. that contracts had °f 1
*i°1c?~an<V C(:nts f°r single barrels. Lard, winter steady,
been made for tho printing of more than sixty New York S'o^ ioii
price,
Ceylon
at
City periodicals in the plants of various eastern cities out- 1§@ 18He.; Cochin, §1 75; cocoanut oil,steady at steady,and
19@19Hc. Olive
§2 50
sido of New York. Some may not return. As to the sugar ™ 1°>> reiined at 22.56@22.76c. Cod, domestic, higher
scarcity tho Sugar Equalization Board’s ruling, permitting at SI 14; Newfoundland, §1 15@§1 16. Spirits of turpen­
ownors of sugar held for export to divert it to domestic tine, §1 oo. Common to good strained rosin, §16 75.
market will release hundreds of thousands of pounds. Fed­ PETROLEUM in good demand at unchanged prices;
eral Food Administrator Arthur Williams announces that refmed in ban-els 19.25@20.25e.; bulk New York, 11.59®
early next week more than 6,000,000 lbs. of sugar will bo 12.50c.; cases New York, 23.25@24.25c. Gasoline continues
16

s




[V ol . 109.

THE CHRONICLE

1712

active and steady; motor gasoline in steel barrels, 2 4 ^ o .;
consumers, 263^c.; gas machine, 41}^o. One well on the
Chapman ranch in Southern California produced 1,250,000
barrels since its completion in March, and its present daily
production is 4,200 barrels. The Standard Oil Co. has two
wells in the samo district which produced 3,000 barrels daily.
Yet, drillings are being impeded by the scarcity of tools.
The estimated production of the fields of the Mid-Continent
at the close of the past week was as follows: North Louisiana,
50,000 barrels; North Texas, 23S,760 barrels; Corsicana light
and Thrall, 900 barrels; Kansas, 89,000 barrels; Oklahoma,
outside of Cushing, Shamrock and Healdton, 157,000 barrels;
Cushing and Shamrock, 38,000 barrels; Healdton, 37,000
barrels; total, 610,000 barrels. The estimated daily produc­
tion of heavy gravity oil in the Gulf Coast field was 69,000
barrels; Corsicana, heavy, 500 barrels. Strawn_________ $2 28
Pennsylvania-------- $4 25 Indiana_________S2 3S
Corning___________ 2 95 Princeton________ 2 32
Cabell_____________ 2 87 lllinc«6, above 30
degrees________ 2 42
Somerset. 32 deg.
and above----------- 2 70 Plymouth________2 33
Ragland----------------- 1 25 Kansas&Oklahoma 2 25
________
Wooster___________ __ _ Corsicana, light.. 2 28
2 95
North L im a ..____ 2 48 Corsicana, heavy. 105
South Lima______ 2 48 Electra.................... 2 35

T h r a ll...............
2
Healdton_______ 1
Moran___________2
Henrietta________ 2
Canada__________ 2
Caddo, La., light. 2
Caddo heavy_0 75
De Soto_________ 2

Mon.

Sal.
Galveston______
Texas C ity------Port Arthur, &e_
New Orleans
P ensacola______
Jacksonville____
Brunswick______
Charleston______
Wilmington------Nowp’t News, &c
Baltim ore--------Philadelphia-----Totals rtiis week.

Tucs.

18,565 36,545
457
3,235

14,453

Wed.

10,891 11,511
1,518
1,295
2,266
5,948 6*224 12,573
243 10,372
1,840

8',325
582

5',972
169

8',457
1,855

9', 161

15,32.1

17,113

10,161

2',541
1,373
2,490

3*333
1,375
3,623
—

3',325
1,821
2,141

3',440
894
1,399

'528
___

"2 5

350
—

Total.

Fri.

Thurs.

16,806
4,735

108.771
11,240
2,266
47.499
15,061

"650
'650
12',485 11,293 75.477
9,000 9,000
5,634 23,014
4',741
1,144 7,498
891
1,735 13,570
2,182
76
7<>
3
528
534
"5 0
'109
1,422
1,422
"
337

127
38,975 51,946 72,402 45,315 39,284 69,019 316,943
"5 0

'l o o

The following shows the week’s total receipts, the total
since Aug. 1 1919 and the stocks to-night, compared with
last vear:

28
25
28
28
88
25
15

Stock.

1918.

1919.
Receipts to
Oct. 31.

This SinccAug This Since Aug
Week. 1 1919.
Week.
11918.

1917

1918.

’
RUBBER has been quiet but generally firm, despite big Galveston_______ 108,771 503,316 40,673 577,534 271,68-4 288,737
13.806
24,554
C ity______
arrivals here in two weeks. The trouble is that the long­ TexasArthur, &c_. 11,240 26,251 11.995 1.3,609 390,416 294,755
2,954
497
5,413
2,266
Port
shoremen’s strike has tied them up. Actual stocks in M obile__________ 47,499 218,804 45.0S1 328,149 20,057 22,294
New Orleans_____
warehouse are small. Spot smoked ribbed sheets, 54c.; Pensacola_______ 15.061 31,242 2,271 36,015
110
6,397
9.268
10*.596
1,939
'818
5,134
later, 53c.; the rest of 1919 and all of 1920, 52c.; first latex Jacksonville_____ 75.477 420,887 23,116 339,680 327,770 269,69-4
'655
crepe, lc. above these prices. Para up-river quiet at 52c. Savannah ----------- 9,000 56,800 7.500 28,800 19,000 55,582
9,500
B runswick--------54,352
for fine and 34^c.@ 35e. for Coars; Caucho ball upper 35c.; Charleston______ 38,014 80,142 3.261 37,122 78.443 44,905
7,597
53,899
39,155
7,498
W ilm ington------Guayule wet 25 @ 27c.
90.729
94,372
69,755
7,944
85,664
13,570
1,272
831
76
N ’port News, &c.
OCEAN FREIGHTS.—The longshoremen’s strike, at­ N orfolk-------------- 528 7,333 101 2,199 98,719 97,963
60
tended with riots on Oct. 27, has hurt business. The strike New Y o r k ............ 534 5,165 1,136 11,472 3,923 11.502
204
Boston__________
8,216
4,200
4,385
7,632
is dving out now. Interior shipments to New York have Philadelphia.— 1,422 4,924
Baltimore---13,490‘
6,290
337
not been encouraged. Traffic has been diverted to other
Atlantic ports. The strike is a blow both to freight and T ota ls________. 3 16,943l 1,505,090 152,254 1,509,237 1,403,923 1,230,551
passenger service. Freight is being discharged at other In order that comparison may be made with other years,
ports. Buying for foreign markets naturally suffers. There
is a demand for coal tonnage. Heavy grain from Canada to
the United Kingdom has been 10s. per quarter; flour, 57s.
1914.
1915.
1916.
1919.
6d. per ton; coal, Virginia to Rotterdam, quoted at $22 50; Receipts at— 108,771 1918. 1917. 109,471 72,377 153,423
68,553
40.673
Galveston___
French Atlantic, $23 50 to $24; West Italy, $27 to $27 50. Texas City,&c 13,506 12,492 4,094
21,222'
14,861
94,879
About 16,000 dock men have returned to work here. It is New Orleans. 47.499 45,081 55,821 26,771 67,632 39,248
6,541
3,724
2,505
5,051
2,271
15 061
hoped that the trouble will soon be over. Charters include M o b ile ______ 75.477 23,116 39,808 40,013 31,068 47,981
2,000’
steam, 3,400 tons deadweight, 12 months’ timo, $9 50 Savannah___ 9 000 7,500 7,000 5,000 2,800 13,516­
Brunswick —
5,372
7,597
prompt; coal from Virginia to River Plate, $16 Nov.; coal Charleston,&c 23 014 3,261 9,676 4,927 8,948 7,121
6,900
3,422
7.498
Wilmington. .
from Baltimore to Gibraltar, Oran or Algiers, $26 50; coal Norfolk______ 18 570 7,944 14,460 27,693 19,926 15,515
103
104
101
76
from Norfolk to Bermuda, $7 50; grain from Canada to the N'port N .,& c. 3,471 2,218 16,884 9,270 2,663 4,778
6,288
United Kingdom. 35.000 quarters, 10s., option flour, 57s. All others___
6d. Nov. 15; grain from Canada to the United Kingdom, . Tot. this week 1,505 943 1,509,237 2.023.161 2,869.681 2.344,679 1.632.448
152,254 224,873 325,901 231,002 317,633
316
090
15,000 quarters, 10s., option flour, 57s. 6d. Nov. 26.; coal Since Aug. 1 ..
from Virginia to Algiers or Cette, 128s. 6d. prompt; twelve Tlie e x p o r t s io r tn e ween, turning m io
—
months’ time charter, steamer, 2,553 tons, about $9 50; of 78,000 bales, of which 38,381 were toj Great Britain,
coal from Charleston to West Italy, $27 50, November; ____ to France and 39,619 to other destinations.
lumber from Providence to Civita Vecchia, $70.
Exports for the week and since Aug. 1 1919 aro as follows:
TOBACCO has been in brisk demand, notably for Wis­
From Aug
to Oct
Week ending Oct
consin and Sumatra, but including Connecticut and I ^nn7
Exported to
Exported to
sylvania. It comes from all over the country. Dealeis from
Exports
Great
Great
supplies, it is said, are down to an abnormally low stage. A
Total.
Other.
Britain. France. Other. Total. Britain. fia n ce.
big trade is predicted. The way for business here is cleared
by the practical ending of the cigarmakers’ strike. A report
current is that there are in the market cable orders tor 710,­
000,000 cigarettes for which purchasers agree to pay cash
against shipping documents. It is said to be impossible to
'
get more than 50,000,000 for immediate delivery
COPPER quiet and lower; electrolytic, 21b£@22c. Tin
steady at 55@56J^c. Lead in good demand and steady
at 6.75@6.80c., spot New York, and 6.50c. for St. Louis.
Spelter lower at 7.70c., spot New York.
PIG IRON has been active in the Central West. Large
sales of foundry and malleable iron have been made not
only for prompt delivery, but also for the first half of next
year. Also, there has been a fair business in Southern iron.
Coke prices are up sharply.
STEEL is higher on semi-finished material. For prompt * Figures
delivery independent concerns ask premiums. Ihe supply In addition to above exports, our telegrams to-night also
of available material is small. There is a sharp demand lor give us the following amounts of cotton on shipboard, not
plates and bars. Regular prices are adhered to for the most cleared at the ports named. We add similar figures for
part by the large steel producers. Many mills, however, are
sold ahead. Steel billets for forging or retolling is $0 a ton
On Shipboard, Not Cleared for—
above the schedule of $43 50 Pittsburgh. For steel bars
2.50c. Pittsburgh is asked. Bar iron is-held at $0 per ton
Learing
GerOther |
Great \
irise.
higher by Eastern mills, i. e., 2.75c. Pittsburgh for com­ Oct. 31 at— Britain.' France. many. Cont't. | Coast- Total. Sloth.
Japanese are
mon. Plates are 2.65c. Pittsburgh 1919
8,000i 36.0-13 4,509 102.517 169,137
54.004 --------1,694 51,31-1 339,102
heavy buyers.
17,891
3,566 3,660' 24,503
12,000 9,000 ______1 5,000 2,000 28,()!)() 299,770
1 1919

31 1919
—

31 1919

—

—

6,400

G a lv e s t o n . . 23,540
El P a so .. .
N ew O rleans
M o b ile ..........
P en sa cola . .
Ja ck son v ille
" 9 ,4 7 1
Sav annah
B ru n sw ick .
C h arleston . . . . .
N orfolk*. - - N ew Y o r k ..

t

T o t a l ____

T ota l
T ota l

1918*
1917.

3*1,695 41,166

: :

100

5,370

P h iladelphia
San F r a n ___ .............

--

-

-

5,371
100

1,424

107,443

274 ,089

40,011
19,688
10,435
7,780
58,801
67,017
8,343

1,424

18,346
4,341
955
105

19,915
1,354

114,938

58,280

13'3,118

..........

44,628
8,200
32,005
27
1,423
1,810
13,517
3,082

5,605
82

...

.

381 ,532
2
180,864
2 1 ,042
10,435
7 ,7 8 0
2 5 0 ,199
67,017
8,343
44,628
2 6 ,546
41,951
1,064
1,528
1,810
13,517
3 ,082

39,619

38,381

24,251
45.74C

29,940

5,285
13,336

78.00C

515,911

85,236

460 ,193 1,0 6 1 ,3 4 0

15,65*1
13,288

45,200
72,373

542,164
893,255

145,035
217,138

312 ,159 99 9 ,3 5 8
281,277 1,391,670

ad ju sted to m ake com p a rison w ith this season a p p rox im a tely c o r r e c t .

G a l v e s t o n .............
N e w O r le a n s ..
S a v a n n a h .............

COTTON

31 1919
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
316,943 bales, against 229,399 bales last week and 230,522
bales the previous week, making the total receipts since
Aug. 1 1919 1,505,090 bales, against 1,509,237 bales for the
same period of 1918, showing a decrease since Aug. 1 1919
of 4,147 bales.



Friday N ight , Oct.

M o b ile

-----------

N e w Y o r k *—
O t h e r p o r t s * ..

........... ...........;

5,181

1.400

700

...........1 ...........
600
3.000 ______ ...........I 1,000 ...........
6 . 0 0 0 --------- ...........1 1,000 ______

700
6,581
600
•1,000
7,000

7 7,743
13,170
93,772
91.719
115.462

1,203,181
1919.- 98,072 13,966 11,660 67.548 9.494 200,742 1,095,733
101S— 57.044 14,000 ______ 39,974 23,800 134,818
16.180 12.910 108,019 842.856
1917.. 63.665 15.294 _____
* Estimated.

T ota l
T ota l
T ota l

Speculation in cotton for future delivery has been more
active at rising prices. This was largely owing to tho same
causes whioh have heretofore had so bracing an effoct.
That is to say. spot cotton has been active at home and
abroad. And" the weather has been bad. There has been

N ov . 1 1919.]

THE CHRONICLE

too much rain. Bolls, it is said, have rotted. Seed has
sprouted and the grade of unpicked cotton has been lowered.
The rains have also delayed picking. Boll-weevil over a
wide strotch of territory has to all appearance cut down or
destroyed the top crop. The pest has entered South Caro­
lina and damaged cotton there. And what is something
new, it has penetrated Southeastern North Carolina. Of
course the Government report of to-day was awaited with
interest, although its effect was largely foreshadowed in
the recent advance in prices. It was received at 12 o’clock
and stated the condition at 51.1%, against 54.4 a month
ago. Previous guesses had averaged about 50%. Picking
being very backward, the most so for years past, good
weather is needed from now on, not only for this work but
to prevent further deterioration of the quality and decrease
in the quantity.
Liverpool of late has been a good buyer of January, March
and May. Trade interests have bought December and
January freely. But within a day or two the buying of
March and May has been a feature. The effect has been
to cut down the discounts on the distant months. For
a time the premiums on December and January were very
high, particularly on December. For a large short interest
had accumulated in that month. Some time ago trade
interests are understood to have sold December on the
assumption that the present crop was going to be a high
grade one. That would have meant a good deal of cotton
fit to tender on contracts. But it has turned out otherwise.
At any rate, that is the general opinion. It is considered
a low grade crop. Meanwhile the scramblo to buy the
higher grades has continued at the South. Middling has been
selling at some Southern markets at 40 to 4 0 % c. All sorts
of prices have been paid for staple cotton of 1 to 1 % inch.
The basis has been steadily rising. It is understood that
heavy lossos have had to bo faced by shippers on account of
the spectacular rise in spot cotton during the last month or
six weeks. They have made big contracts to deliver at much
lower prices. And it is said that in some cases they have
offered 10 cents per pound bonuses to be released. A recent
Southern dispatch said that one firm had offered $250,000
to bo released from its contract to ship high grades to mills.
This is eloquent testimony to the straits to which many
have been reduced by the unexpected scarcity of the better
descriptions. And there have been stories that Germany
has been buying freely. It was even said that she has
purchased as much as 500,000 bales since Aug. 1, in addition
to 150,000 bales previously bought in noutral countries.
Credits it appears has been arranged with private indi­
viduals. There are reports from time to time that big bank­
ing credits havo been arranged with Germany. It is natural
to suppose that the big textile industries of Germany are
anxious to go ahead and resume business as speedily as
possible.
Liverpool’s spot sales have been large reaching 10,000 to
15,000 bales a clay. Trade interests have been calling cotton
there on a large scale. English interests have seemed to bo
alarmed moreover at the imminence of a big bituminous coal
strike in this country on Nov. 1st. They have evidently
feared that supplies of raw cotton from America might be
interrupted. This with the bad weather at the Southwest
and the voracious demand has sent prices upward there
rapidly. On the 28th inst. November in Liverpool ran
up equal to 210 American points on November, the old time
war-timo limit on fluctuations there having been removed.
For a long period it will bo recalled it was 100 English points
or 200 in American money. The 200 point limit on fluctua­
tions whether upward or downward remains in force here.
There has been a good business in cotton goods in this counrty and Manchester has been active and firm. A now high
record for silver was reached here on the 30tli inst. when the
quotation was 12 3 . London has also had a new “high.”
This rise in silver it is understood has had beneficial effects
on Lancashire’s trade with China. Finally as regards the
coal strike if it eventually occurs the general idea is that it
will not be protracted. The government will give protec­
tion to miners who wish to work. That of itself it is assumed
will mean the failuro of the strike. In addition public senti­
ment all over the U. S. has been aroused. The government
will be strongly supported everywhere in measures of repres­
sion or prosecution in connection with this unwarranted act
of labor. To-day a temporary injunction was granted by
the Federal Court at Indianapolis, restraining the furthering
of the coal strike. It will bo argued on Nov. 8th.
On the othor hand the spot demand, it is believed, will
soon die down for a time, now that the October shipping
contracts are believed to have been filled. Moreover the
advance 1ms been so marked that on general principles a
sharp reaction would not be at all surprising. It may come
at any time. Labor unrest continues all over the country.
Latterly stocks havo declined and money rates have ad­
vanced. Foreign exclmngo has fallen. Lira rates have
dropped to a now low level. Exports have not been large.
It has happened more than once that there were none at all.
And there is no doubt that there is a large supply of cotton
of ono sort or anotbor in the world. Southern reports say
tlmt farmers are disposed to sell their cotton as fast as picked.
The long interest, it is understood here has been consider­
ably increased. The short interest in some directions has
boon greatly reduced. Some are holding aloof, however,
chiefly because of the unsettled state of conditions in the



1713

labor world. To-day prices declined for a time as the
Government report was rather more favorable than had been
expected. But later they rallied on the announcement of the
granting of an injunction against the strike. Also freezing
weather was predicted for parts of Texas, Oklahoma and
Arkansas. And there was good buying of December,
January and March. A rise in stocks helped cotton. The
ending was very steady at a moderate net advance. De­
cember ended at about 1 cent higher for the week. Middling
uplands closed on the spot at 38.40, a rise for the week of
120 points.
tThe official quotation for middling upland cotton in the
New York market each day for the past week has been:
25 to Oct. 31—
■ Sat. Mon. Tues. W ed. T hu rs.
Middling uplands.......................37.00 37.40 38.55 38.35 38.25

Fri.
38-40

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 31 for each of the past 32 years havo been as follows:
1919.c _____38.40
1918----------- 30.20
1917_______ 28.85
1910----------- 19.15
1915----------- 12.25
1 9 1 4 ..
..........
1 9 1 3 ..
..14.10
1912. ........... 11.70

1 9 1 1 _c.
1 9 1 0 --.
1 9 0 9 .. .
1 9 0 8 .. .
1 9 0 7 ...
1 9 0 6 .. .
1 9 0 5 ...
1 9 0 1 ...

___

9 .4 0
____ 1 4 .5 5
_____1 5 .0 5
_____9 .3 5
_____1 0 .9 0
___ 1 0 .5 0
_____1 0 .7 5

----- 10.00

1 9 0 3 - c . . . - . 1 0 . 6 0 1 8 9 5 c _ . _ 9 .0 1
1 9 0 2 _____
1 8 0 4 ________ . 5 .7 0
1 9 0 1 _____ . . 7 .9 1 1 8 9 3 ________ . 8.15
1 9 0 0 _____ . . 9 .6 2 1 8 9 2 ............ . . 8.19
1 8 9 9 ___
. . 7 .3 8 1 3 9 1 ______ . 8.39
1 8 9 8 ___
. . 5 .3 1 1 3 9 0 ________ . 9.98
1 8 9 7 _____ .
6 .0 0 1 8 8 9 ________ .10.64
1 8 9 6 _____ . . 8.12 1 3 8 3 ________ . 9.82

MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Saturday_
_
M onday_
_
Tuesday . . .
Wednesday.
Thursday . .
Friday____

Futures
Market
Closed.

Quiet, 20 pts. d e c ..
Steady, 40 pts. adv.
Steady, 115 pts.adv.
Steady, 20 pts. dec.
Steady, 10 pts. dec.
Steady, 15 pts. adv.

SALES.
Spot.

Conlr'l. Total.

E a s y _________
Steady________ ...........
Steady________ : : : : : :
Irreg u lar_ __
_
F irm _________

Total____

2,200 ~2 ,2 0 6
400
400
600
600
1,600
1,600
4,800i

4,800

FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
Nv b —
o emer

S tu a } Mn a , T esd y W 'd y T u ’y F a ,
a rd y o d y u a , ed a , h rsd , rid y
Ot 25 | Ot 27 Ot 28 Ot 23 | Ot 30 Ot 31 W
c
c
c
c
c
c
eek

1
______

1
Range_____ _________
-------------- 36.15 —
Closing____ 31.90 — '35.37 — 36.42 — 36.20 — 36.19 —
1
Range_____ 35.02-.75 35.55-.85 25.90-.76 36.48-.90 36.02-.58
Closing____ J5.20-.25 35.57-.6S 36.72-.76 36.50-.65 36.49-.52
—
1
Range.........
. O-.O I . O-.I .35.40-.00 35.55-.10 35.22-.90
Closing____ 34.7O-.S0 35.15-.16 35.9S-.00 35.61-.72 35.75-.S1
—
1
Range_____
35.15 —
Closing . . .
34.10 — 134.60 — 35.30 — 35.00 — 35.30 —
—
1
Range......... 33.92-.55 34.05-.50 34.S4-.34 34.SO- .21 34.45-.19
Closing___ 33.98-.03 34.47-.50 35.11-.15 34.85-.90 35.16-.1S
—
1
Range_____ -------------- ,34.05 — 34.72 —
Closing____ 33.69 — '34.20 — 34.85 — 34.55 — 34.95 —
—
1
Range____ 33.38-.10 33.55-.98 34.27-.77 34.25-.62 33.87-.S0
Closing____ 33.59-.55 33.92-.95 34.55-.65 34.28 - 3 4 .7 5 -.S 0
—
1
Range____ --------------'33.18 — _________
Closing____ 33.10 — 33.55 — 34.10 — 33.75 — 34.30 —
—
Range......... 32.S5-.45 33.15-.46 33.80-.15 33.53-.85 33.15020
Closing____ 33.00 — j33.47-.50 34.00 — 33/50 — 34.13-.14
—
Range_____ -------------- 31.90-.95
32.45 — -------------Closing____ 31.80 — 32.30 — 32.80 — 32.40 — 32.95 —
—
Range......... -------------- 31.09 —
31.S0-.05-------------Closing____ .30.90-.00 31.35 — 31.95 — 31.65 — 32.15 —

D b—
ecemer
J n ry
a a

F ru ry
eb a

346 3 348 8

______L

Mrch
a
A ril
p
My
a
J ie
u
J ly
u

A g st
uu

—
______

Sp b
e temer

137c. /36 c. /35 c.

36.90 — 36.15-.90
36.85 —

_____
_____

36.15-.88 35.02Z.00
36.65-.70
35.59-.22 34.60/.10
35.92-.95

______ 35.15

35.40 —

—

35.05-.66^33.921.66
35.25-.31 _____ : __
34.05-.72
35.12 —
34.73-.35 33.38/.35
34.90 —
33.18 —
34.45 — --- --- —

—
______ 31.90-.45

34.00-.69 32.85 a60
34.30-.35
33.10 —
32.00 — 31.00 z32
31.80-.00

a 34c. z 32c.

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are tho closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Week ending
Oct. 31.
Galveston_____
New Orleans..
Mobile ............
Savannah_____
Charleston____
Wilmington___
Norfolk_______
Baltimore_____
Philadelphia . .
Augusta______
M em phis_____
Dallas________
Houston______
Little Rock_
_

Closing Quotations for Middling Cotton
Saturday. Monday.j Tuesday. Wed'day. Thursd’yJ Friday
39.00
37.38
35.50
36.25
.{35.25
.'37.25
.'36.25
. 3S.00
'39.25
37.35

39.50
37.50
35.75
36.25
,35.75
35.25
35.63
36.25
37.65
36.25
,38.00
38.90
-39.25
37.50

40.25
38.09
36.50
37.00
36.50
36.00
---37.00
38.80
37.00
39.00
40.25
40.00
38.50

40.50
38.50
36.50
37.25
36.50
36.00

—

37.00
38.60
37.13
40.0)
40.10
40.00
38.38

40.50
39.00
37.10
36.50
36.00
36.75
37.00
38.50
37.50
40.00
40.10
40.00
3S.3S

'40.50
39.00
37.00
37.38
37.00
36.25
136.83
37.00
33.65
37.50
ilO.OO
140.30
140.00
3S.38

NEW ORLEANS CONTRACT MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
SaturdayJ Monday, Tuesday} Wed’day} Thursd’y} Friday,

Oct. 2 5 . j Oct. 2 7 . Oct. 2 8 . { Oct. 2 9 . Oct. 3 0 . j Oct. 3 1 .
N ovem ber_____ §6.25 — 3 6 . 6 6 — { 3 7 . 4 6 — 3 7 . 3 4 — 3 7 . 3 8 — 3 7 . 2 5 —
December______ o § 0
96 99 36 84- 90
6 88 90
2
January _______ § 5 0 «S§ -* 1 ? £ §2?H3 2 * .-2 8 3366..1 5 --..2 0 3 5 .. 8 6 - .. 9 0 3 6 .. 0 0 -- ..0 4 3 6 ..7 5 - .. 9 1
. 0
- 7- 3
3
36 00- 0
March_________
§
3 4 9 0 94 3 5
1835 10
8
M a y __________ 3 3 . 4 4 - . 4 8 ^ 3 . 8 7 — 3 5 .. 2 5 - .. 2 6 3 4 .. 2 3 -- ..2 8 3 4 .. 1 7 - .. 6 S 3 4 .. 7 0 -- .. 718
3
4 53- 60
62
J u l y __________ 3 3 . 0 4 - . 0 8 3 3 . 3 7 - . 4 0 3 4 . 0 3 - . 0 6 3 3 . 7 0 - . 8 5 3 i . 1 8 - — 3 4 . 1 2 - . 1 4
Tone—
S p o t ________ Steady j Steady
Firm
Steady Steady ! Steady
Options______ Steady 1 Steady 1 Steady ! Steady 1 Steady |B’iy St’y

T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, as m ade
u p b y ca b le and telegraph , is as follow s.
F oreign stock s,
w ell as th e a flo a t, are this w eek ’s return s, and con seq u en tly
a ll foreign figures are b rou gh t d ow n to T h u rsd a y even in g.
B u t to m ak e the tota l the com p lete figures fo r to-n igh t
(F r id a y ), w e a d d the item o f exp orts from the U n ited States,
in clu d in g in it the exp orts o f F rid a y o n ly .
Oct. 31—
1919.
Stock at Liverpool............b a le s.. 639,000
12,000
Stock at London________________
Stock at Manchester ................
73,000

1918.
183,000
16,000
39,000

1917.
342,000
19,000
31,000

1916.__
611.000
31,000
53,000

Total Great Britain__________
Stock at Hamburg______________
Stock at Bremen______ ______ —
Stock at Havre. .............. .............
Stock at Marseilles_____________
Stock at Barcelona_____________
Stock at Genoa________________
Stock at Trieste________________

724,000
______
--------141,000
6,000
54,000
43,000
______

238,000

392,000

1 1 1 ,0 0 0
1 ,0 0 0

154,000
4,000
57.000

695.000
* 1 ,0 0 0
* 1 ,0 0 0
150.000
5,000
37,000
185.000
* 1 ,0 0 0

Total Continental stocks______

244,000

150,000

15.000
23.000

Total European stocks________ 968.000 388.000
9,000
India cotton afloat for Europe—
44,CO
O
260.000
Amer. cotton afloat for Europe. . 302,870
55,000
Egypt, Brazil, &c., afloat for Lur'e ’ 47,000
Stock in Alexandria, E g y p t------- 166.000 216,000
Stock in Bombay, India------------ 600,000 *655,000
Stock in U. S. ports____________ 1 ,403,923 1,230,551
Stock in U. S. interior towns___ 1 ,089,168 1,141,240
10,870
--------U. S. exports to-day-------------------

1 1 .0 0 0

226,000

381,000

618,000 1,076,000
50.000
35,000
400.000
635,720
36.000
51,CO
O
178.000
1 2 0 ,0 0 0
*580,000 304,000
950,905 1,306,854
878,891 1,158,599
27,551

Total visible supply___________ 4,631,831 3,954,797 3,691,7964,
,714.724
Of the above, totals o f American and other descriptions are as follows:
American—
99.000 2 2 1 ,0 0 0
475.000
Liverpool stock___________ bales. 444,000
1 0 .0 0 0
41,000
2 2 ,0 0 0
Manchester stock_______________
45,000
294.000
Continental stock---------------------- 201,000 *130,000 *191,000
260,000 400,000 635,720
American afloat for Europe------- 302,870
950,905 1 306,854
U. S. port stocks________________ 1,403.923 l,230,o51
U. S. interior stocks-------------------- 1,089,168 1,141,246 878,891 1 158,599
7,551
U. S. exports to-day-----------------10,870
--------Total American_______________ 3,496,831 2,870,797 2,663,796 3,938,724
East Indian, Brazil, cSc.—
______
84.000
1 2 1 ,0 0 0
136.000
Liverpool stock_________________ 195,000
16.000
19.000
31.000
London stock___________________
12,000
29.000
9.000
1 2 .0 0 0
28,000
Manchester stock---------------------*2 0 ,0 0 0
*35,000
*87,000
Continental stock_______________
43,000
9,000
50.000
35.000
India afloat for Europe_________
44,000
55.000
36.000
51.000
Egypt, Brazil, &c., afloat_______
47,000
216,000
178,000
1 2 0 .0 0 0
Stock in Alexandria. E g y p t______________ 166,000
655,000 *580,000 304,000
Stock in Bombay, In d ia ________ 600,000
776,000
Total East India, &c................1,135,000 1,084,000 1,028,000
Total American. 1 .................... 3,496,831 2,870,797 2,663,796 3,938,724
Total visible supply__________ 4,631.831 3,954,797 3,691,796 4,714,724
is, Liverpool......... 24.25d.
21.26d.
21.27d. 11.13d.
Middling uplands.____ _________ ____
• ”
K k
29.05c.
28.75c.
18.90c.
Middling uplands,’ New Y o r■ ------ 38.40d.
33.13d.
31.80d. 24.45d.
Egypt, good sake), Liverpool___ 37.50d.
38.50d.
29.00d.
14.25d.
Peruvian, rough good, Liverpool. 31.50d.
20.30d.
22.65d.
10.55d.
Broach, fine, Liverpool_________ 21.10d.
20.48d.
22.90d.
10.67d.
Tinnevelly, good, Liverpool_____ 21.35d.
* Estimated.

C on tin en ta l im p orts fo r past w eek h av e been 37,000 bales.
T h e a b o v e figures fo r 1919 show an increase o v e r last w eek
o f 2 3 7 ,2 9 3 ba les, a gain o f 6 7 7 ,0 3 4 bales o v e r 1918, an excess
o f 94 0 ,0 3 5 bales o v e r 1917 and a loss o f 8 2 ,89 3 bales from
1916.
A T T H E I N T E R I O R T O W N S th e m o v e m e n t— th a t is,
th e receip ts fo r th e w eek and since A u g . 1, th e shipm ents for
th e w eek a n d th e stock s to-n ig h t, a n d th e sam e item s for the
corresp on d in g p eriod o f th e previou s y ea r— is set o u t in
deta il b elow :
Movement to Oct 31 1919
Towns.

Ship- Stocks
merits. Oct.
Season. Week.
31.

Receipts.
Week.

Ala., Eufaula..
Montgomery.
Selma...........
Ark., Helena..
Little Rock .
Pine Bluff. .
Ga., Albany...
Athens..........
Atlanta.. —
Augusta____
Columbus . .
Macon______
Rome............
La., Shrevepon
Miss.,Columbus
Clarksdale . . .
Greenwood...
Meridian___
Natchez........
Vicksburg__
Yazoo City. .
Mo., St. Louis.
N.C.,Gr’nsborc
R aleig h ..__
O., Cincinnati.
Okla., Armore.
Chickasha__
Hugo.............
Oklahoma__
S.C.,Greenville
Greenwood. . .
Tenn.,Memphls
Nashville___
Tex., Abilene..
Brenham __
Clarksville. . .
Dallas..........
Honey Grove.
Houston_ _
_
Paris.............
San Antonio .

[V ol . 109

THE CHRONICLE

1714

Movement to Nov 1 1918
Receipts.
Week. | Season.

Ship- Slocks
merits. Nos.
Week.
1.

___ 2,071
3,926
128
3,172
565 3,288
842
3,852
35,867 4,091 23,725 2,524 42,024 1,530 20,787
33,824 1,747 14,869
23,244 2,405 15,019 1,919
3,093
217 6,083
14,003
1,850
11,758 1,564 6,369 1,949
9,665
62,980 7,832 39,027 9,148 46,726 5,101 26,158
31,074
216 27,993
3.00C
10,330 1,900 17,500 4,709
7,684
300 3,437
300
8,132
373
772 3,906
7,915
56,898 5,807 44,215 9,000 49,648 5,000 37,282
12,504
83,608 12,221 35,573 5,072 55,970 7,392 22,726
22,97f 226,543 20,172 188,748 22,153 179,595 11,201 125,486
4,401
17,432 1,60C 20,900 2,500 28,000 2,590 15,000
71,785 7,380 30,302
10,874
91,106 10,155 55,564 8,725
19,276 2,426 11,642
3,00(
20,720 3,000 13.39C 2,040
1,500 43,917 7,000 55,562 3,000( 37,570
21,100
3,501
700 3,694
9,728
800
1,385
5,871 1,051 4,821
47,684 4,658 38,651
47,785 2,500 36,113 7,424
4,501
5,001
46,438 5,000 29,000 9,000 54,035 4,000 40,414
35 9,681
17,137
3,694
15,662 2,162 13,961 2,082
20,440 1,124 10,497
2,051
14,051 1,600 8,074 1,661
9,626 1,188 6,968
6,355 1,547
6,139
617
1,254
13,894 1,705 11,509
136
2,094
15,000 1,367 11,223
92,886 15,182 15,742
66,652 10,232 5,022 16,721
10,277
600 6,069
8,727
1,600
900 7,012
11,220
1,200
211
250
2,641
255
535
4,508 1,200
1,346
34,717 14,867 15,025
25,500 15,867
4,000
15,100 3,000
_____
—
—
14,830 1,549 9,821
'800 5,097 2~162
l’,800
8,636
14,617 1,550 5,522
581 3,772 1,407
1,080
11,960
500 5,000
11,295
247 2 ,0 0 0
3
591
18,401 2,139 19,932
5,171
43,688 5,100 29,720 5,071
314 6,575
7,954
1,500
8,618 1,000 10,225 2,781
36,000 158,801 32,000 182,102 27,846 181,653 24,125 234,830
284
____ _____
—
101
500
89
828
4,481
600
600
LO O 10,165 1,000 1,400
O
14,422
500 5,263
700
400
300 3,211
2,847
16,023 1,313 6,885
2,757 20,530 2,423 5,340 2,451
3,416
19,698 2,768 13,626 3,000 32,843 3,000 11,536
12,584
710 4,545
552
971
13,700 2,052 1,856
91,203 461,821 81,164 160,062 70,453 699,516 49,706 279,277
36,387 3,431 8,357
5,851 51,137 5.65S 10,603 3,063
614
325 2,724
19,345
700 3,037
1,000
13,326

O V E R L A N D M O V E M E N T F O R T H E W E E K A N I>
S IN C E A U G . 1.— W e giv e b elow a statem en t sh ow in g theoverla n d m ov em en t fo r the w eek and since A u g . 1* as m adeu p fro m telegraph ic rep orts F rid a y n igh t. T h e results f o r
the w eek a n d since A u g . 1 in the last tw o years are as fo llo w s r
•1918-

-------- 1919---------Since
Week.
Aug- 1.
76,940
.10,232
88,916
.16,788
3,383
. 1,483
16,350
. 2,416
9,750
. 3,000
15,706
. 2,275
. 7,614
67,619

Oct. 31
Shipped—
Via Mounds,

3,954
12,166
7,984
12,013

Since
Aug. 1.
090,839­
91,007
3,412
33,990­
27,675­
50,878­
118,280
415.987

Week.
*15,182
19,369
1 ,0 0 2

.43.808

278,66-4

71,670

. 2,821
. 761
. 6,152

Deduct shipments—

25,054
8,626
48,995

1,400
461
6,709

18,056­
15,538
75,526-

82,675

* Including movement by rail to Canada,

8,570

109,120

195,989

Total to be deducted----------------9,734
Leaving total net overland *--------- 34,074

63,100

306,867"

a Revised.

T h e foreg oin g show s th e w eek ’ s net overla n d m ov em en tlias been 3 4 ,07 4 bales, against 63 ,10 0 bales fo r th e w eek last
y ea r, a nd th a t fo r the season to date th e aggregate n et o v e r­
land exh ibits a decrease fro m a yea r a go o f 110,878 bales.
-1918—

----------1919-----------In Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to Oct. 31______316,943 1,505,090
Net overland to Oct. 31-------------- 34,074
195,989
Southern consumption to Oct. 31.0 70,000
870,000

Week.
152,254
63,100
80,000

Total marketed...........................421,017
Interior stocks in excess_________ 36,844

295,354 2,933.104
74,879
444,630

Came into sight during week— 457,861
Total in sight Oct. 31..............................
Nor. spinners’ takings to Oct. 3 1 .. 71,410

2.571.079
287,181

370,233
2,858,260
...........
505,164

80,014

SinceAug. 1.
1,509,237
306,867
1,117,000-

-------­
3,377,734
466,506-

a These figures are consumption; takings not available.

M ovem ent into sight in previous years:
Week—
1917— Nov.
1916— Nov.
1915— Nov.

Bales.
Since Aug.
2 ......................... 457,292 1917— Nov.
3 ..............
505,808 1916—Nov.
5..........................444,412 1915—Nov.

1—
2................. ___4.028.67ff3 ....................... .5.183.87&
5....................... 4,108,444

W E A T H E R R E P O R T S B Y T E L E G R A P H — Advicesto us by telegraph this evening indicate that rain has been
general at the South during the week, with the precipitation,,
however, light or moderate. Texas reports fields are still
too wet for farm work.
Texas.— Moderate rains occurred with generally
weather. Fields are still too wet for farm work;
om
Rain. Rainfall. --------- Therm eter----------

cloudy"

high 84 low 76 moan 8 0
............
high 84 low 38 mean 61
high 89 low 56 mean 73high 90 low 72 mean 81
high 92 low 55 mean 74
0 .2 2
high 81 low 48 mean 650.16
high 87 low 40 mean 64
0.55
high 8 8 low 63 mean 760 .1 2
high 84 low 46 mean 650.80
high 8 8 low 47 mean 6 8 0.13
high 90 low 46 mean 6 8
high 90 low 52 mean 71
.1 day
0 .2 0 in.
high 91 low 61 mean 76
Nacogdoches.
high 8 6 low 58 moan 72
.2 days 0 .2 2 in.
.4 days 0.28 in. high 8 6 low 48 mean 67
.1 day
0.08 in. high 8 6 low 54 mean 70.3 days 0.44 in. high — low — mean 50
.2 days 0.24 in.
high 84 low 44 mean 64
days 1.54 in. high 84 low 40 mean 62
.3 days 0.43 in. high 8 6 low 43 mean 65'
0.04 in. high 87 low 52 mean 70
.1 day
days 0.23 in. high 83 low 48 mean 6 6
.4 days 0 . 6 8 in. high — low — mean 80
.1 day
0.13 in. high 87 low 56 mean 72
high 91 low 58 mean 75Columbus, M iss____________ ____
0.08 in. high 87 low 58 mean 73
Vicksburg, M iss__________ -.1 day
Mobile, Ala.— Warm weather, numerous showers; several heavy local rains
in interior; picking abt. ov er.2 days 0.67 in. high 8 6 low 6 8 mean 77'
Selma, Ala__________________3 days 0.55 in. high 85 low 64 mean 7 5
Atlanta, G a .------- --------------- 1 day
0.01 in. high 91 low 6 6
moan79
Savannah, G a_______________ 2 days 0.29 in. high 8 8 low 65
mean76Madison, Fla_______________ 1 day
0.01 in. high 96 low 6 6 mean 81
Charlotte, N . C ..................... -1 day
0.36 in. high 8 6 low 58
mean7 2
Memphis, Tenn_____________ 3 days 0.59 in. high 82 low 50 mean 6 6 Charleston, S. C ___________
high 8 6 low 63
mean7 5
day
days
days
days
days
.4 days
.3 days
.1 day
.3 days
-4 days
.1
.2
.2
2
.2

0.14
0.40
0.71
0.76

in.
in.
in.
in.
in.
in.
in.
in.
in.
in.

CENSUS BUREAU REPORT ON COTTON W INNING
TO OCT. 18.—Tho Census Bureau issued on Oct. 25jits
report on tho amount of cotton ginned up to Oct. 1 from tho
growth of 1919. as follows, comparison being made with
the returns for tho like period of preceding years:

1919.
1918.
1917.
1916.
1915.
A labam a....................... 382,565
492,047 225,668 292,808 556,086A rlzona.......................14,055
6.082
1,421
1,390
195
Arkansas........................ 272,271 448,544 317,149 673,366 283,423
California......................
13,294
10,241
6,119
6.852
4,272'
Florida............................
10,425
12,148
27.492
32,167
32.165
G eorgia_______________1,108,852 1,278,896 1,044,480 1,217.903 1,178,045
L ouisiana...................... 143,231 320,150 352,121
,0 1
319,698
223,063
M ississippi................... 402,928
591,657
375.106 448,504
421,663
19,967
M issou ri_____________
14,440
10,608
29,426
11,829
297.910
North Carolina_______ 354,132
151,160 251,764
264,935
349,946 341,804
Oklahoma------------------ 265,950
490.608
66.255
794,729
South Carolina_______ 835,954
582,361
508,635
581,667
__________________
_____ 130,922
_____
.171,968
......
_____
Tennesee_____________
80,554
79,353
39,596
Texas............................. 973,935 2,054,250 2.066,004 2,845,705 2.001,416
Virginia_______ _____ 5,955
2,659
1,368
10,123
3,950
All other States______
941
1,203
1,149
2,266
413

Total, 41 town 276,794 1,746,335 239,950 1089168 2/16,960 2,034,963 182,081 1141246

U. S........................... 4,879,483 6,811,351 5573,606 7,303483 5,708,730
The 1919 figures o f the report are subject to slight corrections when
checked against tho individual returns of the ginners being transmitted b y

T h e a b o v e tota ls show th a t th e in terior stock s h a v e i n ­
du rin g th e w eek 3 6 ,8 4 4 bales a nd are to-n ig h t 5 2 ,078
bales less than a t the sam o tim e last y e a r. T h o receip ts at
all tow n s h a v e been 19,834 bales m oro th an th e sam e w eek
la st y e a r.

The number o f round bales included this year is 55,575, against 111,605
bales in 1918 and 108,298 bales in 1917. The number of Sea Island bales
Included is 1,791. against 10.683 bales in 1918 and 43,815 bales in 1917.
Tho distribution of Sea Island cotton for 1919 by States is: Florida 1,103
bales; Georgia 350 bales, and South Carolina 338 bales.
The corrected statistic o f the quantity of cotton ginned this season p rior
to Sept. 25 are 1,837,708 bales.

crea sed




1715

THE CHRONICLE

N ov. 1 1919.]

THE AGRICULTURAL DEPARTMENT’S SEPTEM­ ALEXANDRIA RECEIPTS AND SHIPMENTS OF
BER REPORT.—The following statement, showing the COTTON.—The following are the receipts and shipments for
condition of cotton on Oct. 25, was issued by the Depart­ the week ending Oct. 8 and for the corresponding week
of the two previous years:
ment of Agriculture on Oct. 31:
Condition of cotton as of Oct. 25 last at 51.1, against 54.4 on Sept. 25
1919, 61.4 on A uk- 25, 67.1 on July 25, 70.0 on Juno 25 and 75.6 on M ay 25The estimate above has been mado in consequence of the following reso­
lution passed by Congress:
.
— , __ ., ,
"Resolved, by the Senate and House of Representatives of the Uiuted
States of America in Congress assembled, that the Secretary of Agriculture
is hereby authorized and directed to prepare and publish not later than
N ov. 2 1919, a supplemental estimate of tho condition of the cotton crop
as o f the date o f Oct. 25 1919.”
.
Inasmuch as similar reports have not been made regularly in the past,
no comparison of the condition on Oct. 25 this year can bo made with con­
dition on same date in past years, and can afford no basis o f a forecast of

P The condition by States follows: Virginia 63, North Carolina 64. South
Carolina 60, Georgia 48, Florida 33, Alabama 44, Mississippi 49, Louisiana
32 Texas 46, Arkansas 55, Tennessee 58, Missouri 70, Oklahoma 6 8 ,
California 92, Arizona 89, and United States 51.1.

EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.—Below' we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of September
and since Aug. 1 in 1919 and 1918, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.____________
1918.

1919.

1918.

1919.

A u gu st Sept - -

lb s .
9 ,6 6 5
8 ,1 7 6

..
.........

T o t a l e x p o r t s o f c o t t d n m a n u f a c t u r e s ---------

lb s .
5 9 ,6 8 7
6 4 ,4 9 2
233
9 ,1 8 2

1 5 6 ,1 4 7

lb s .
5 0 ,0 2 2
4 6 ,3 1 6

lb s .
6 1 ,9 0 3
5 1 ,9 2 4

yard s.
2 6 7 ,6 2 0
2 4 7 ,7 9 0

ya rd s.
3 3 1 ,1 8 2
2 7 7 ,7 9 3

lb s .
7 9 ,4 7 1
6 6 ,0 6 5
302
1 0 ,3 0 9

lb s .
1 7 ,5 6 8
1 4 ,1 4 1

Liverpool___________
Manchester & c______
Continent and IndiaAmerica_____________

Total exports. _

_____

1 2 3 ,5 9 4

180,000
496,839

234,863
713,074

Since
Week. Aug. 1,

Since
Week. Aug. 1.
9,184 34,166
10,249
2,125 19,119

7,043 90,867
20,758
1 7 1 18,921
*6
1 0 0 33,985

::::

46,701
20,416
22,988

8,844 164,531

—

90,105 111,309 63,534

MANCHESTER MARKET.—Our reports received by
cable to-night from Manchester state that the market is
quieter but with a healthy tone. A material business is
pending. We give prices for to-day below and leave those
for previous weeks of this and last year for comparison:
1918.

1919.

1918.

1919.

1918.

1919.

1917.

Since
Week. Aug. 1.

Export (bales)—
To
To
To
•To

1918.

225,790
746,640

Receipts (cantors)—
This week ________ ____
Since Aug. 1_______

T o ta l o f A l l .

C lo th .

Y a rn < c T h rea d .
S
0 00‘s
o m it t e d .

1919.

Alexandria, Egypt,
October 8 .

8 K 6 s . S h irtin g s. C om m on
to F i n e s t .

3 2 s C op
T w ist.
A ug.
5
12
19
20

d.
3 911
39 q
3 9 )4
40

@
@
@
@

d.
43 H
42 q
4 m
4 4 )4

s. d .
25 6
25 3
26 9
27 0

C o l'n
M id .
U p ’s

s. d
@30 0
@29 9
@31 0
@31 6

d.
1 8 .1 5
1 7 .8 5
1 8 .5 8
1 9 .8 S

d.
53H
5 4 >4
55 q
55K

®
@
@

C o t'n
M id .
U p 's

8 X 6 s . S h iit in g s . C om m on
t o F in e s t .

32s C op
T w ist.
d.
55 H
5 0 )4
56
50 H

s. d .
30 0
30 3
30 3
30 3

8.

d.

@ 3 8 714
©3S10H
@ 381014
@ 3 8 10K

d.
2 4 .5 8
2 5 .1 0
2 3 .3 4
2 3 .2 8

Tho foregoing show's that there was exported from the
United Kingdom during the two months 150,147,000 pounds
@
@
of manufactured cotton, against 123,594,000 pounds last
@
@
year, an increase of 32,553,000 pounds.
SHIPPING NEWS.—As shown on a previous page, the
RECEIPTS FROM THE PLANTATIONS. ____ exports of cotton from the United States the past wreek have
reached 78,000 bales. The shipments in detail as made up
from mail and telegraphic returns, are as follows:
3
10
17
24
31

W eek
e n d in g

S to ck s a t I n t e r io r T o w n s .

R e c e i p ts a t P o r ts .

1919. I 1918.

1917.

1917.

6 6 1 ,4 0 7
7 3 6 ,9 0 4
8 0 8 ,0 9 4

2 0 1 ,9 4 1 5 4 ,2 8 4 1 3 7 ,3 3 4 1 5 0 ,8 3 6
2 8 7 ,1 4 3 9 5 ,3 8 4 2 1 5 .2 5 3 1.8 5 ,0 2 2
3 5 5 ,4 4 9 4 2 9 ,3 2 8 ,2 2 7 ,7 7 7 2 5 3 ,7 3 6

7 9 9 ,8 1 0
8 6 6 ,5 7 0
8 9 3 ,0 0 5 ; 9 4 2 ,2 1 9
1 7 . 2 3 0 ,5 2 2 1 0 3 ,0 4 7 2 3 5 ,5391 9 8 6 ,3 2 0 1 ,0 1 1 ,6 1 0
2 4 . . 2 2 9 .3 9 9 1 6 9 ,2 3 0 2 5 1 ,9 6 4 ,1 ,0 5 2 ,3 2 4 1 ,0 6 6 ,3 6 9
3 1 . . 3 1 0 ,9 4 3 1 5 2 ,2 5 4 2 2 4 ,8 7 3 1 ,0 8 9 ,1 6 8 1 ,1 4 1 ,2 4 6

4 3 9 , 1 6 5 2 0 0 , 0 0 S 2 1 7 ,9 0 7 2 9 2 ,1 1 4
5 4 4 ,5 9 1 2 5 0 ,5 5 8 2 4 4 ,9 8 3 ;3 1 2 ,4 5 5
6 7 3 ,9 9 4 3 2 3 ,8 3 7 2 3 3 ,0 3 S '3 0 4 ,9 4 2
7 7 4 ,8 7 3 2 9 5 .4 0 3 2 2 3 .9 S 7 j3 5 2 .7 5 3
8 7 8 ,8 9 1 3 5 3 ,7S 7 2 2 7 ,1 3 3 3 2 8 ,9 8 1

S e p t.

1 2 ..

1 9 ..
2 6 ..

1919.

1918

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

I

6 2 9 ,1611
6 6 6 ,3 1 4
7 1 7 ,8 2 0

Oct.

3 . . 1 1 8 ,0 1 8 1 5 9 ,4 3 1 2 0 8 ,3 9 8

1 0 .. 1 5 7 ,3 6 3 1 6 9 ,3 3 4 2 0 7 ,0 2 9

@
@
@

27 0
45
4 5 H 27 1 U
40
27 3
4 9 bj 2 7 9
50
2 7 10

@31 0
@32 0
@32 3
@32 9
@ 3 2 1012

1 9 .0 S
2 0 .7 4
2 2 .1 7
2 2 .6 8
2 4 .2 5

55K
55
5 1 >4
54
52

@
@
@

56 X
57
50
5 551
55

30
30
39
30
29

3
0
0
0
3

@381014
@3S 6
@38 C
@38 6
@37 9

2 3 .4 3
2 2 .0 2
2 2 .1 0
2 1 .0 8
2 1 .2 6

R e ceip ts fr o m P la n ta tio n s

1918.

1919.

41

41M
4 2 )4
45
45

Dales.
NEW' Y O R K — To Piraeus— Oct. 25— Norman Monarch, 100______
100
GALVESTON— T o Liverpool— Oct. 28— Oranian, 11,734________ .11,734
T o Manchester— Oct. 28— Pilar de Larrinaga, 11,806_________ 11,806
To Christiania— Oct. 29— Artemis, 900 ______________________
900
To Copenhagen— Oct. 29— Harald, 5,500_____________________ 5,500
SAVANNAH— T o Liverpool— Oct. 28— Tritonia, 9,471___________ 9,471
To Bremen— Oct. 27— Canibas, 17,082------------------------------------ 17,082
To Hamburg— Oct. 25— West Erral, 14,600_ Oct. 27— Cani­
_
bas, 13______________________________________________
.14,613
NORFOLK— To Liverpool— Oct. 30— Oakmore, 5,370_____________5,370
SAN FRANCISCO— To Japan— Oct. 24— Grace Dollar, 4 2 5 --Oct. 27— Korea Maru, 999-----------------1,424

The above statement show's: 1.—That the total receipts
.78,000
from the plantations since Aug. 1 1919 are 1,792,371 bales; TheTotal
particulars of
in 1918 w'oro 1,953,867 bales, and in 1917 were 2,547,110 arranged in our usualthe foregoing shipments for the week,
form, are as follows:
bales. 2. That although tho receipts at tho outports, the
Grt. Britain.Germany.
past week were 316,943 bales, the actual movement from New Y ork_____ ____ ____ Norway. Denm'k. Greece. Japan. Total.
____
100
29,940
plantations was 353,787 bales, tho balance going to increase Galveston_____23,540 ------ ____ 5,500 -----900
41,166
Savannah_____
stocks at intorior towns. Last year receipts from the plan­ N orfolk _______ 9,471 31,695 ------ ------ -----5,370
5,370
------ ...................................
tations for the w'eek were 227,133 bales and for 1917 they San Francisco.. ____
1,424
1,424
were 328,981 bales.
900
5,500
100
1,424 78,000
T o ta ls ______ 38.381 31,695
WORLD’S SUPPLY AND TAKINGS OF COTTON.
COTTON FREIGHTS.—Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
1918.
1919.
C otton Takings.
as follow’s, quotations being in cents per pound:
Week and Season.
100

Week.

Season.

Week.

Season.

3,824.244
Visible supply Oct. 24-------------- 4,394,538
4,792,018
3,027,450
Visible supply Aug. 1-------------457*861 2,858,260 37*0,233 3,377,734
A m e r i c a n in sight t o Oct. 31----14,000
258.000
258,000
Bombay receipts to Oct. 30------ 610,000
9,000
2 ,0 0 0
61,000
Other India shipm’ts to Oct. 303*1*,666
191.000
160,080
630,000
A l e x a n d r i a r e c e i p t s t o Oct. 29_
4,000
48,000
47.000
63,000
Other supply to Oct. 29*--------Total supply------------ ----------- 4,896,399 8,156,278 4,243,477 6,872,184
Deduct—
Visible supply Oct. 31................. 4,631,831 4,631,831 3,954,797 3.954,797
Total takings to Oct. 3 1 .a ------Of which American-------------Of which othor---------------------

264.568 3.524.447
221.568 2.561.447
43,000
963,000

288.6S0 2.917.387
244,680 2.447.387
44,000
470.000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
870,000 bales in 1919 and 1,117,000 bales in 1918— takings not being
available— and the aggregate amounts taken by Northern and foreign
spinners, 2,654.447 bales in 1919 and 1,800,387 bales in 1918. of which
1,691,447 bales and 1,330,387 bales American, b Estimated.

BOMBAY COTTON MOVEMENT FROM ALL PORTS.
1919.
R e c e i p ts a t—
ircck .

Bombay.............................

6 ,0 0 0

W eek.

2 2 1 ,0 0 0

7 ,0 0 0

F o r th e W e e k .

E x p o r ts
fr o m —

1917.

1918.

S in c e
A u g . 1.

S in ce
A u g . 1.
2 2 9 ,0 0 0

W eek.
7 ,0 0 0

S in ce
A u g . 1.
1 6 0 ,0 0 0

G rea t
B r it a in .

C o n t i­
n e n t.

J a p a n cfc
C h in a .

Total stock____________________
Of which American. _________
Total imports o f the week_______
Of which American_____ ______
Amount afloat__________________
_
Of which American_ ________
nu.vu --------------------------------

S p o t.
M a rk e t,
1 2 :1 5
V. M .

1 9 1 9 ----------

^

1017

3 ,0 0 0

1 4 ,0 0 0

1 7 ,0 0 0

1 3 ,0 0 0

6 9 ,0 0 0

750

1 ,5 0 0

2 ,2 5 0

5 ,2 5 0

2 ,4 5 0

S a tu r d a y .

1

S a l e s ______ H O L I D A Y

3 ,7 5 0

1 5 ,5 0 0

1 9 ,2 5 0

1 8 ,2 5 0

7 1 ,4 5 0

2 9 3 ,0 0 0

3 7 5 .0 0 0

F u tu r e s .
M ark et
op en ed \

7 ,7 0 0

__

Total a l l 1 9 1 9 ...........

1018 - -1 9 1 7 ...........




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

Oct. 17.
74,000

Oct. 24.
65,000

Oct. 31.
64,000

28,000
7,000
58.000
767.000
546.000
44.000

40.000

38.000
3.000

35.000

2 0 .0 0 0

128.000
IVl.UUU
104,000

2 9 3 ,0 0 0

3 8 2 ,7 0 0

1 0 .0 0 0

71.000
728.000
517.000
23.000
1 2 .0 0 0

173.000
i ‘i«,UUU
142.000

6 6 .0 0 0

685.000
470.000
30,000
7.000
206.000
1 IO.UUU
178,000

8 ,0 0 0

84.000
639.000
444.000
39.000
35.000
---------

M onday.

T u esd a y.

W ed n esd ay.

T h u rsd a y.

F r id a y .

G ood
dem and.

G ood
dem and.

G ood
dem and.

A c t iv e .

G ood
dem and.

f

Other India
.

Oct. 10.
63,000

The tone of tho Liverpool market for spots and futures
each day of tho past week and the daily closing prices of
spot cotton have been as follows:

T o ta l.

Bombay—
1 9 1 9 ...........

Sales of tho week_______________
Of which speculators took_____
Of which exporters t o o k ______
Sales, American________________
Actual export------------------- -------

S in c e A u g u s t 1 .

T o t a l.

S h a n g h a i, 1 .7 5 c . a s k e d .
B o m b a y , 1 .5 0 s . a s k e d .
V l a d i v o s t o k , 1 .7 5 c .
G o th e n b u r g , 2 .2 5 c .
B r e m e n , 2 .0 0 c .
H a m b u r g , 2 .0 0 c .
D a n z ig , 2 .5 0 c .

LIVERPOOL.—By cable from Liverpool we have the fol­
lowing statement of the w'eek’s sales, stocks, &c., at that port:

M I d .U p l’ ds
C o n t i­ J a p a n &
G reat
B r ita in . n e n t.
C h in a .

S t o c k h o l m , 2 .7 5 c .
T r i e s t e , 2 .6 0 c .
F lu m e , 2 .6 0 c .
L i s b o n , 1 .7 5 c .
O p o r t o , 1 .7 5 c .
B a r c e lo n a d ir e c t ,
2 .0 0 c . a s k e d .
J a p a n , 1 .7 5 c . a s k e d .

L i v e r p o o l , 1 .7 5 c .
M a n c h e s t e r , 1 .7 5 c .
A n t w e r p , 1 .6 5 c .
G h e n t v i a A n t w e r p , 1 .8 0 c .
H a v r e , 1 .7 5 c .
R o t t e r d a m , 1 .7 5 c .
G e n o a , 2 .0 0 c .
C h r is t ia n i a , 2 .2 5 c .

M a rk e t,
4
P. M .

f
1
j

2 3 .6 2

2 4 .3 6

2 4 .9 0

2 4 .4 0

2 4 .2 5

1 0 ,0 0 0

1 0 ,0 0 0

1 5 ,0 0 0

1 5 ,0 0 0

1 5 ,0 0 0

S te a d y
V e r y s t e ’ d y V e r y s t e ’ d y V e r y s t e 'd y
S te a d y ,
20 @ 2 9 p ts. 1 7 @ 3 1 p ts . 1 7 @ 2 2 p ts. 4 @ 9 p ts. 2 2 @ 2 5 p ts .
advan ce.
ad van ce.
ad van ce.
advan ce.
a d van ce.
N ea r s to ’d y
3 5 @ 5 0 p t s . I r r e g u la r
U n s e t t le d
S te a d y ,
S tea d y
a d va n ce. 38 to
1 0 5 4 5 p t s . d e c . 14 p t 3 . d e c . 2 5 p t s . d e c .
D i s t a n t ir r .
p o in ts
to 32 p ts.
to
to 4 p ts.
7@ 53
p ts. a d v a n c e .
17 p t s . a d v .
advan ce.
advan ce.
d e c lin e .

The prices of futures at Liverpool for each day are given
below:

S a t.
p

d.
O c t o b e r ________
N o v e m b e r _____
D ecem ber
___
J a n u a r y . . ___
F e b r u a r y _____
M a r c h _________

M on.

Tues.

4
12 H
1 2 H 12 X
n i p m p m p m p III

M a y ______ _
J u n e _________
J u l y _____________
A u g u s t ______ . _

Th u rs.

F r i.

4
4
12 H
5
12 M
p m p m p m p m . p. m . p. m .

d.

d.

d.

d.

d.

d.

d.

d.

d.

d.

2 3 .7 2
2 3 .3 5
2 2 .9 2
2 2 .3 2
2 1 .9 2
2 1 .5 2
2 1 .2 5
2 0 .9 5
2 0 .7 0
2 0 .4 6
2 0 .0 6

d.

H O L IDAY.

A p r i l .............................

W ed.
12 X

12 K

a

O c t . 25
to
O c t. 3 1.

[Vol . 109.

THE CHRONICLE

1716

2 3 .8 0
2 3 .4 0
2 2 .9 3
2 2 .3 4
2 1 .9 1
2 1 .5 0
2 1 .2 3
2 0 .9 6
2 0 .7 1
2 0 .4 6
2 0 .0 6

2 4 .4 6
2 4 .1 5
2 3 .3 6
2 2 .7 1
2 2 .2 2
2 1 .7 5
2 1 .4 0
2 1 .0 5
2 0 .7 7
2 0 .4 9
2 0 .0 5

2 4 .7 5
2 4 .4 5
2 3 .7 3
2 2 .8 3
2 2 .4 2
2 2 .0 1
> 1.72
2 1 .4 3
2 1 .1 5
2 0 .8 8
2 0 .4 4

2 4 .8 6
2 4 .4 6
2 3 .8 0
2 3 .0 6
2 2 .6 6
2 2 .2 7
2 1 .9 7
2 1 .6 7
2 1 .4 2
2 1 .1 2
2 0 .6 5

2 4 .3 0
2 4 .2 0
2 3 .6 3
2 2 .9 1
2 2 .5 1
2 2 .1 3
2 1 .9 0
2 1 .6 5
2 1 .4 5
2 1 .2 0
2 0 .6 0

24.31
2 4 .1 3
2 3 .5 8
2 3 .0 0
2 2 .6 0
2 2 .2 1
2 1 .9 0
2 1 .6 0
2 1 .3 6
2 1 .1 2
2 0 .5 2

2 4 .2 5
2 4 .1 5
2 3 .5 3
2 2 .9 5
2 2 .5 5
2 2 .1 5
2 1 .8 4
2 1 .5 1
2 1 .3 1
•21.OS
2 0 .4 8

2 4 .0 6
2 3 .5 4
2 3 .0 6
2 2 .7
2 2 .3 3
2 2 .0 3
2 1 .7 3
2 1 .5 3
2 1 .3 0
2 0 .8 3

2 3 .9 0
2 3 .4 9
2 2 .9 4
2 2 .6 0
2 2 .2 4
2 1 .9 7
2 1 .6 8
2 1 .4 8
2 1 .2 4
2 0 .6 5

B R E A D S T U F F S
Friday Night, October 31 1919.
Flour has been quiet and unsettled. Stocks are said to be
large and prices here none too firm. Mills on the other hand
in most eases raised their prices early in the week as cash
wheat at the Northwest advanced then 5 cents per bushel.
B ut here resellers are offering good grades at much below
mill prices. Some mills too have seemed anxious to make
sales offering mixed cars with mill feed. On the whole buyers
are holding aloof. Of course the longshoremen’s strike has
been a drawback and much flour has accumulated on the
N ew Jersey side. It is offered by resellers freely at what
might be tempting prices but for the fact that buyers are gen­
erally well supplied. The production for the week ending
Oct. 17, is stated by the Grain Corporation at 3,394,000 bbls.
against 2,660,000 in the same week last year.
The visible supplies of wheat in the United States increased
last week only 1,581,000 bushels, against 5,996,000 in tho
same week last year. The total is 95,364,000 bushels, against
113,508,000 a year ago. The Canadian visible supply in­
creased last week 2,364,000 bushels, against 2,915,000 last
year; total, 13,719,000, against 12,610,000 bushels a year ago.
In Germany dry weather has delayed seeding. In Russia,
according to the British Consul reports, in the Southern
region the yield of wheat on the new crop will approximate
20 bushels or over. This compares with an average yield
per acre of 10 bushels. Barley will show from 24 to 30
bushels per acre, against a normal yield of 15 bushels. In
Australia beneficial weather has prevailed. But it is said
that the acreago there this year is moderate. It is expected
that the total crop will show a marked reduction as com­
pared with last year. Rumania has received many inquiries
from the Allies and neutrals, while practically none have been
received from the former Central Empires. Canada has
sold 200,000 tons of wheat to Belgian Government and 1,­
000,000 bushels to Great Britain, besides sales to Greece.
D A IL Y CLOSING PRICES OP W HEAT IN NEW YORK.
Sat. Mon. Ives. Weil. Thurs. Fri.
N o. 2 red....................................cts_237% 237% 237% 237% 237% 237%
N o. 1 spring.......................................240% 240% 240% 210% 240% 2-10%

Indian corn has advanced on light receipts, bad weather
at times and covering of shorts. Early in the week there
were heavy rains at the W est in most of the h ading States.
Farmers, too, seem dissatisfied with present prices. And
the Railroad Administration has ordered all Western rail­
roads to send all available empty box cars to the Southwest.
They are wanted to take care of wheat that has been piled
upon the ground or on the farms because of the lack of storeage room. That would seem to indicate that the movement
of the corn crop is likely to be small for a time. Also stress
was laid on rumors of a loan by American bankers and mer­
chants to Germany of 8500,000,000. It is inferred that
German purchases of American corn would thereby be
facilitated. The threatened scarcity of cars, however, has
been a leading factor. Big commission houses at Chicago
have at times bought on the strength of this alone. Also a
sharp advance in hogs has counted. A t Chicago two Board
of Trade memberships have been sold at 810,300 net to buyer.
The directors will appoint a committee to prepare rules and
regulations for a corporation plan for clearing trades on tho
Board of Trade. The project for building a new exchange
building at an estimated cost of $6,250 ,00 0 is postponed
indefinitely. A t one time, it is true, prices eased a little
under better weather and the dulness of trade. Early in the
week, too, Nebraska farmers were more disposed to sell.
Omaha wired that new corn was coming in from leading
counties and was testing N o . 3. Buyers at Chicago have
not been overanxious to buy new corn. The quality has
not been attractive. To-day prices advanced slightly.
They are higher for the week.
D A ILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tries. Wed. Thurs. Fn.
N o. 3 yellow.......................................153% 154% 154% 155% 156% 156%
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tries. Wed. Thurs. hrl.
December delivery in elevator.cts.125% 127% 125% 127% 127% 12S%
M ay delivery in elevator_________ 122% 123% 122% 123% 124% 124

Oats have been quiet with slight fluctuations, alternately
rising and falling feebly with corn. Cash trade has been
dull. Export demand has been lacking with the dock strike
still on. But the prospects for foreign business even apart
from the labor situation are not considered particularly
bright. And all this has caused liquidation. Y et prices, if
they have not advanced materially neither have they fallen
much. Country offerings have not been large. The selling
pressure at Chicago has not been great. Tho receipts there
from the interior have been light. A t times the offerings to
arrive have been noticeably small. Cash houses have bought
futures. The Eastern demand at Chicago has increased.




Also rye and barley have been in
one time advanced sharply. The
check the crop movement. To-day
December ends unchanged for the

some demand. Rye at'
permit system tends to*
prices advanced a trifle.
week.

D A ILY CLOSING PRICES OF OATS IN NEW Y O R K .
.
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
No. 1 w hite.cts. 82% 82%
82
82
82
82 _
82
81@81% 81@ 81% 81@81% 81@ 81%
No. 2 white____ 82
D A ILY CLOSING PRICES OF OATS FUTURES IN C H I C A G O .
Sal. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator.cts. 71% 71% 70%
71% 71
71%.
M ay delivery in elevator_________ 74
74% 73%
74% 74
74%.

The following are closing quotations:
Spring patents___ $12 00
Winter straights, soft iO 00
Kansas straights__11 25
Rye flour______nom . 7 25
Corn goods, 100 lbs.—
White gram ___ $3 55(3
Yellow grain_____ 3 50(g
Corn flour_________
3 60 @

FLOUR.
Barley goods— Portage barley:
No. 1.............................$7 00
Nos. 2. 3 and 4. pearl. 6 00@6
Nos. 2-0 and 3-0......... 7 00@7
7 25
Nos. 4-0 and 5-0_____
Oats g o o d s— C arload ,
spot delivery_________
8 30

Oats—
Wheat—
82
No. 2 red...................................$2 37% No. 1
No. 1 spring________________ 240% No! 2 w h i t e . . . . . . ------ 81@81% No. 3 white................... 80% @811
Corn—
No. 2 y e llo w ..______________ 157%
_
No. 3 yellow________________ 156% Barley—
Feeding________________
138
Rye—
Malting________________
143
No. 2 . ................................. 1 53

E X P O R T S OF B R E A D S T U F F S , P R O V IS IO N S , C O T ­
T O N A N D P E T R O L E U M .— The exports of these articles
during the month of September and nine months for the
past three years have been as follows:______________________ __
Exports
from
U . S.

1918.

1919.
9 M on th s.

Septem ber.

1917.

Septem ber.

9 M on th s.

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

Q u an tities
W h e a t. bu
F lo u r .b b ls

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

2 6 ,8 4 8 ,3 0 8
3 3 3 ,1 4 8

W h eat * bu
C o r n , bu sh

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

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

T o ta l bu sh

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

Vlu
a es.

B r ’ d stu ffs
P ro v isio n s.
C o t t o n ___
P e tr o l.,& c .
C o t 's 'd o il
T ota l

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

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

Septem ber.
2 ,6 1 2 ,7 6 2
1 ,0 1 5 ,2 9 3

9 M on th s.

9 1 ,4 1 2 ,8 1 2 :
8 ,8 9 1 ,7 2 1

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

1 7 7 ,9 2 6 ,0 2 6 ­

S
4 7 0 ,0 0 0 ,7 3 5 .
3 3 1 ,9 4 7 ,0 7 7 "
3 7 1 ,9 3 5 ,1 1 9 *
1 7 1 ,7 4 0 ,5 8 5 ­
1 5 ,5 5 8 ,8 7 2 "

v a l . 2 1 8 ,9 4 5 ,7 2 1 2 6 8 3 8 5 0 5 1 7 2 3 6 ,7 6 2 ,6 3 9 2 0 1 3 0 4 7 3 7 3 1 3 9 ,1 8 8 ,7 2 3 1 3 6 1 1 8 2 3 8 8 -

* I n c lu d in g f l o u r r e d u c e d t o b u s h e ls .

W E A T H E R B U L L E T IN FO R T1IE W E E K E N D I N G '
O C T . 28 .— The influences of weather on the crops as sum­
marized in the weather bulletin issued by tho Department o f
Agriculture for tho week ending Oct. 28, were as follows:

COTTON.— The week in general was very unfavorable for cotton.
Picking was delayed by rainy weather in most sections of the belt and was
practically suspended in many localities, although good progress was made
in South Carolina, where this work is much in advance of the average
season. More or less damage resulted to cotton in all except the more
Eastern States by too much rain and cloudy weather, causing bolls to decay,,
seed to sprout, and discoloration in open, unpicked cotton. Tho lato crop,
showed improvement in the extreme northeastern part of the belt, but
elsewhere in the northern districts it niado only poor progress or deteriorated.
Boll-weevil has been reported in tho extreme northeastern portion of
North Carolina.
.
,
. . .
. . . .
W IN TER GRAINS.— The rains and snows during the week in thoPacific Coast, central plateau and Northwestern States were beneficial to
winter grains. Winter-wheat and rye made good advance generally in theprincipal winter-wheat, belt. Winter-wheat is up to a good stand and is in
excellent condition in nearly all of the principal producing areas.
CORN.-—The work of husking corn proceeded very slowly and it was
unsafe to crib in large quantities because of tho decided lack of sunshine
and showers in the Central States. Some damage was done to corn by
the usually wet and warm weather in Southwestern States.

The statement of tho movement of breadstuffs to markot.
indicated below are prepared by us from figures collected by
tho 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 liavo been:

R ts a—
eceip t

Fu
lo r.

661s. 19616*.
2 7 0 ,0 0 0
C h i c a g o ______
M in n e a p o lis ..

Wea
h t.
Re.
y
C or> .
Ots.
a
Briev
a .
b sh 6 0 lb.b sh 56 lb.b sh 3 2 lb.b sh S s.b s .'Ms.
u . s u . s u . s u A lb uh b

I n d ia n a p o lis ..

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

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

T o t a l w k . ’ 19
S am e w k . ’ is
Sam e w k. T 7

• 5 2 4 ,0 0 0
3 2 0 ,0 0 !)
3 5 7 ,0 0 0

1 0 ,7 9 3 ,0 0 0
1 4 .7 4 1 ,0 0 0
7 ,2 3 9 ,0 0 0

S in c e A u g . I —
1 9 1 9 ........... ..
1 9 1 8 ..............
1 9 1 7 ..............

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

M i l w a u k e e ___

1 7 ,0 0 0

S t . I . o u l s _____

1 5 1 ,0 0 0
8 7 ,0 0 0

1 ,2 0 9 ,0 0 0
9 7 ,0 0 0
1 9 3 ,0 0 0
1 6 ,0 0 0
2 8 ,0 0 0
4 4 2 .0 0 0
6 2 1 .0 0 0
1 0 8 ,0 0 0
2 0 8 ,0 0 0
3 7 8 ,0 0 0

1 ,9 5 6 ,0 0 0
5 3 3 ,0 0 0
1 1 ,0 0 0
9 4 0 ,0 0 0
7 5 ,0 0 0
8 3 ,0 0 0
5 5 6 ,0 0 0
2 0 0 ,0 0 0
1 0 0 ,0 0 0
1 1 0 ,0 0 0
29L000

2 1 0 ,0 0 0
3 1 8 ,0 0 0
1 2 5 ,0 0 0
2 0 0 ,0 0 0

1 2 0 ,0 0 0
2 7 1 ,0 0 0
■132,000
1 0 ,0 0 0 -

1 3 ,0 0 0
3 ,0 0 0

0 ,0 0 0 *

3 ,3 0 0 ,0 0 0
4 ,3 8 9 ,0 0 0
1 ,5 6 0 ,0 0 0

4 ,8 0 1 ,0 0 0
7 ,2 0 1 ,0 0 0
7 ,0 3 8 ,0 0 0

8 6 9 ,0 0 0
1 ,9 0 S ,0 0 0
2 ,3 8 4 ,0 0 0

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

..............
8 4 4 ,0 0 0 9 5 7 ,0 0 0
8 4 4 .0 0 0

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

Total receipts of flour and grain at tho seaboard ports for
the week ended Oct. 25 1919 follow:_________________________

lo r.
R ts a— F u
eceip t
Brrels.
a
N e w Y o r k ___
P h il a d e l p h i a —
B a l t i m o r e _____
N 'p o r t N e w s .
N e w O r le a n s .*
G a l v e s t o n _____
M o n t r e a l _____
B o s t o n ________

1 6 4 .0 0 0
9 7 .0 0 0
1 1 7 .0 0 0
4 0 .0 0 0
9 6 .0 0 0
3 0 .0 0 0
9 8 .0 0 0
3 5 .0 0 0

Wea
h l.
Bsh
u els.
3 8 3 .0 0 0
4 6 3 .0 0 0
2 7 4 .0 0 0
1 3 7 .0 0 0
2 8 4 .0 0 0
3 0 1 .0 0 0
1 ,7 1 8 ,0 0 0
5 4 ,0 0 0

Crn
o.
Bs e
uhls.
1 1 ,0 0 0
1 1 ,0 0 0
6 8 ,0 0 0
6 4 ,0 0 0
5 .0 0 0
2 .0 0 0

3 ,6 1 4 ,0 0 0
6 7 7 ,0 0 0
T ota l w k . T 9
S in c o J a n .1 ’ 19 3 0 ,7 2 2 ,0 0 0 1 9 2 ,6 3 6 ,0 0 0

1 6 1 ,0 0 0
9 ,9 9 4 ,0 0 0

4 ,0 0 3 ,0 0 0
6 2 .7 0 5 ,0 0 0

8 1 ,0 0 0
1 8 .5 5 2 .0 0 0

3 8 3 ,0 0 0
W eek 1918—
S i n c e J a n .1 '1 8 1 4 ,0 1 4 .0 0 0

Ots.
a
Brley
a .
Re.
y
Bsh
u els. Bsh
u els. B sh
u els.
8 1 0 .0 0 0
8 0 ,0 0 0
2 2 ,0 0 0
7 0 .0 0 0
5 2 .0 0 0
1 6 6 ,0 0 0
2 8 ,0 0 0

1 ,0 0 0

1 1 4 ,0 0 0

3 5 8 ,0 0 0
2 2 ,0 0 0
1 5 ,0 0 0 ­
3 2 3 ,0 0 0

2 9 7 ,0 0 0
1 ,0 0 0

’2 1 ,0 0 0

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

2 2 0 .0 0 0
8 ,3 1 5 .0 0 0

8 6 1 ,0 0 0
5 .4 4 0 ,0 0 0

* R e c e ip ts <lo n o t Include grain passing through N o w O rle an s for foreign
o n th r o u g h b ills o f la d in g .

ports,

THE CHRONICLE

N ov. 1 1919.J

The exports from the several seaboard ports for the week
ending Oct. 25 are shown in the annexed statement:

1717

THE DRY GOODS TRADE

New York, Friday Night, Oct. 31 1919.
A firm tone has again characterized the market for dry
goods, although some caution is still to be noted in con­
nection with future purchases. It seems to have been
.............. 1 9 3 ,9 7 7
1 1 4 ,8 4 5
N e w Y o r k __________
.1 .........
1 ,0 0 0
pretty well ascertained that the high prices asked for many
m '.ooo
2 4 3 .0 0 0
—
. . .
lines are cutting off buying. Jobbers are not inclined to
1 7 7 .0 0 0
stock up too heavily as they are already experiencing diffi­
1 3 7 .0 0 0
N e w p o r t N e w s _____
4 0 .0 0 0
7 0 .0 0 0 3 2 3 ,0 0 0 1 1 4 .0 0 0 ..............
1 7 8 .0 0 0 ..............
5 2 .0 0 0
N e w O r le a n s ..............
4 ,0 0 0
1 1 .0 0 0
culty in selling at prices below those that agents are quot­
8 4 5 ’,0 0 0
ing at present. The belief has been expressed that there
2 3 0 ,0 0 0 6 0 ,0 0 0 1 2 2 ,0 0 0 ..............
1 1 7 ,0 0 0
M o n t r e a l ____________ 1 ,2 3 0 ,0 0 0
is .a growing tendency to limit the size of stocks carried,,
T o t a l w e e k ---------- 2 ,7 4 6 ,0 0 0
3 5 2 ,0 0 0 5 7 6 ,9 7 7 6 2 4 ,0 0 0 ..............
4 ,0 0 0 2 8 3 ,8 4 5
due to the large amount of money necessary to carry them.
6 9 3 ,6 8 9
8 1 ,9 4 0
W e e k 1 9 1 8 ................... 2 ,3 1 6 ,5 9 3
From three to four times as much capital is now required
The destination of these exports for the week and since to carry a stock and there has not been a proportionate
decrease in debts and banking obligations to meet this
July 1 1919 is as below*
rise in values. Traders who are accustomed to regulate
their factory operations by the volume of advance business
Crn
o.
Fu
lo r.
Wea
h t. ■
booked are finding retailers shy about forward purchases.
Ep rts for W W
xo
eek eek S t-.ce
in
W
eek S ce
Sice
W
eek
a d S ce
n in
u
J ly1 O 2 5 J ly 1 They seem more inclined to buy and sell for quick turn­
u
ct.
u
ct.
O 2 5 J ly 1 O 2 5
ct.
J ly 1 to
u —
1918.
overs and this is working against long-time manufacturing
1919.
1918.
1918.
1919.
1919.
u els. u els. plans. One condition of the market that has not escaped
u els. Bsh B sh
a
u els. B sh
Brrels. Brrels. Bsh
a
the attention of discerning sellers is the rapidity with which
4 9 8 ,7 0 8
1 .5 0 8 .0 0 0 2 0 ,6 4 7 ,8 7 5
7 2 ,0 0 0 3 ,3 5 1 ,1 7 5
U n ite d K in g d o m .
1 9 1 ,0 0 0
C o n t i n e n t ................ 1 9 9 ,8 4 5 3 ,9 3 9 ,9 2 5 1 .2 3 8 .0 0 0 4 0 ,0 5 8 ,0 4 0
opinions change. It is strong confirmation of the danger
1 8 ,6 7 3
’ V.OOO
4 5 ,0 0 0
2 8 9 ,9 5 6
6 ,0 0 0
S o . & C e n t. A m e r.
of the whole situation and at the same time convincing
4 0 3 ,7 7 9
1 ,0 6 5
3 8 1 ,1 2 0
6 ,0 0 0
W c s t I n d i e s -----------proof of the difficulty buyers are experiencing in getting
B r i t . N o . A m . C o ls
3 ,1 3 9
” 56",393
O th e r C o u n t r ie s ..
their needs. A fitful demand always tends to produce
4 ,0 0 0 1 ,1 1 5 ,2 9 9
an elusive supply and one is quick to point out that pro­
T o t a l ..................... 2 8 3 ,8 4 5 8 ,0 1 8 ,5 6 9 2 ,7 4 6 ,0 0 0 6 0 ,7 5 1 ,9 8 0
2 ,1 9 1 ,0 6 9
1 ,1 7 3 ,5 0 7 2 ,3 1 6 ,5 9 3 2 4 .7 2 6 ,6 7 6
8 1 ,9 4 0
T o t a l 1 9 1 8 . .............
duction is under normal when distribution is irregular.
There continues to be a good demand in the export divi­
The world’s shipments of wheat and corn for the week sion of the market. It now appears certain that this de­
ending Oct. 25 1919 and since July 1 1919 and 1918 are mand is for actual needs and not simply for speculative possi­
bilities.
Houses with established agencies in foreign
shown in the following:
____________________
countries are getting fair sized repeat orders that plainly
Crn
o.
indicate a steadiness of distribution. The feeling seems
Wea
h t.
to be prevalent that the opportunity along export lines isto
1918.
1 9 1 9 -1 8 .
1918.
1 9 1 9 -1 8 .
Ep rts.
xo
broaden considerably in the near future and especially for
S tee
i
S ce
in
W
eek
S ic
i e
Sc
ine
W
eek
those who have merchandise in hand. Inquiries have
u
u
c
u
u
Ot. 2 5 . J ly 1 . J ly 1. Ot. 2 5 . J ly 1 . J ly 1 .
c
been received for cotton yarns from Germany, and South
u els. Bsh
u els. American countries are still buying at a satisfactory rate.
u els. Bsh
u els. Bsh
Bsh
u els. Bsh
u els. Bsh
5 ,0 2 4 ,0 0 0
6 6 8 ,0 0 0
1 6 ,0 0 0
N o r t h A m e r . 5 ,0 3 3 ,0 0 0 1 2 5 ,6 3 8 ,0 0 0 6 9 ,6 9 0 ,0 0 0
The ever increasing demand for hosiery continues to beD a n u b e ------the feature of the market. M ills and agents are finding i t
7 ,8 1 2 ,0 0 0
A r g e n t i n a . . . 3 .1 2 4 .0 0 0 5 8 .1 0 1 .0 0 0 5 0 .5 3 6 .0 0 0 2 ,5 5 8 ,0 0 0 4 2 ,6 2 8 ,0 0 0
hard to take care of all the business offered. The needs are2 .4 0 0 .0 0 0 3 6 . 7 0 3 .0 0 0 1 2 .5 7 0 .0 0 0
A u s t r a lia —
4 ,2 3 4 ,0 0 0
I n d i a _______
well scattered and in many cases are for large quantities.
7 1 ,0 0 0
1 ,6 6 6 ,0 0 0
9 6 2 ,0 0 0
1 ,4 0 7 ,0 0 0
4 1 ,0 0 0
8 6 6 ,0 0 0
O t h . c o u n t r 's
D O M E S T IC C O T T O N G O O D S .— The market for staple
T o t a l ........... 1 0 ,6 2 8 ,0 0 0 2 2 1 ,8 4 9 ,0 0 0 1 3 7 ,8 9 6 ,0 0 0 2 ,6 1 5 ,0 0 0 4 4 ,9 6 2 ,0 0 0 1 3 ,7 9 8 ,0 0 0
cottons has had another week of activity. There seems to
be no special reason for the impetus that has been felt in
The quantity of wheat and corn afloat for Europe on dates many circles.
The demand for finished goods has been
greater than was anticipated and a number of large houses
mentioned was as follows:
have not made full provision for all their wants. Undoubt­
Wea
h t.
Crn
o.
edly, too, a large amount of merchandise is being engaged b y
those who expect to resell when a good profit is obtainable.
Uited
n
Uited
n
K g o . * o .tinn Tta K ig o . *C ti:eU Tta
in d m C~ e t. o l. i dm on
o l. Operations were not confined to any single section of the
market. M ore
u els. Bsh
Bsh
u els. Bsh
u els. Bsh
u els. Bsh
u els. B sh
u els. verters, printersgoods were being bought by bleachers, con­
and manufacturers. Experienced traders
O c t. 25 1 9 1 9 ..
O c t . 1 8 1 9 1 9 . . 1 5 .5 6 8 .0 0 0 4 7 ',8 0 0 ,5 5 6 6 3 ,3 6 8 ’ ,6 6 5 4', o 8 8 ',6 6 6 n " ,’76b’,6 6 5 1 5 ,8 4 8 ,5 5 6
have never seen anything like the demand there is in some
O c t . 11 1 9 1 9 . . 1 7 . 5 2 0 .0 0 0 5 2 .3 2 8 .0 0 0 6 9 .8 4 8 .0 0 0 4 .5 2 8 .0 0 0 1 1 .5 7 8 .0 0 0 1 6 ,1 0 6 ,0 0 0
lines. Agents can sell almost anything they care to offer but.
S e p t . 2 7 1 9 1 9 . . 1 5 .8 0 8 .0 0 0 5 3 .1 4 4 .0 0 0 6 8 .9 5 2 .0 0 0 4 .2 0 0 .0 0 0 1 1 .9 4 4 .0 0 0 1 6 ,1 4 4 ,0 0 0
there is no volume to the offerings where early delivery is
* I n c lu d in g f o r “ O r d e r s .”
sought. There seems to be a well sold condition in mill cen­
tres and manufacturers’ agents are especially hampered in
The visible supply of grain, comprising the stocks in promising deliveries.
Sales of colored goods have been
granary at principal points of accumulation at lake and steadier and tickings and denims are also closely sold in a
number of mills. There appear to be more merchants who
seaboard ports Oct. 25 1919 was as follows:
have confidence in today’s prices than there were a short time
G R A IN ST O C K S.
ago and yet today’s values are considerably higher. In the
Wea
h t.
C orn.
O ats.
Rue.
Barley,
U n ite d S ta te s —
bush.
b sh
u.
b sh
u.
b sh
u.
b sh gray goods division of the market a strong tone developed
u.
N e w Y o r k ................................... 6 ,2 8 9 ,0 0 0
22.000
605,000
126,000
262,000 during the latter part of the week and sales were very steady.
B o s t o n ...................................
1 ,4 2 7 ,0 0 0
...........
92,000
233,000
14,000 Gray goods, 3S j^-inch standards are listed at 1 9 ^ cents.
P h ila d e lp h ia .............................. 2 ,9 2 8 ,0 0 0
21.000
150,000
8,000
19,000
B a lt im o r e ___________________ 4 ,2 7 6 ,0 0 0
38.000
452,000
58,000
4,000
W O O L E N G O O D S .— M ore optimism has been noted in
N e w p o r t N e w s --------------------5 0 0 ,0 0 0
...........
55,000
5,000
42,000 the market for woolens and worsteds this week. There has;
N e w O r le a n s______ __________ 5 ,2 3 2 ,0 0 0
78.000
218,000
847,000
G a lv e s t o n .......................
2 ,9 0 6 ,0 0 0
been a change of sentiment that will be disappointing to...........
55,000
73,000
B u f f a l o ........... ............................. 1 5 ,6 1 3 ,0 0 0
75.000 1,501,000
780,000
576,000 buyers who expected lower prices for the new season.
At
T o l e d o .......................................... 1 ,7 3 2 ,0 0 0
..........
116,000
345,000
...........
present, indications are that serges, semi-staple and fancy
5 4 ,0 0 0
D e t r o i t ........................................
22.000
198,000
113,000
..........
C h ic a g o .........................................1 8 ,4 4 8 ,0 0 0
709.000 7,147,000 2,696,000
257,000 worsteds will sell at prices on a paritv with those that haveM i lw a u k e e .........................
2 ,4 8 6 ,0 0 0
29.000
995,000
338,000
233,000
D u l u t h ........................................ 3 ,0 7 0 ,0 0 0
...........
355,000 4,789,000
845,000 been procured during the last few months. On the other hand
M in n e a p o lis .............................. 5 ,9 2 5 ,0 0 0
5,000 4,163,000 6,175,000
916,000. it is believed that woolens will need some stimulation if ordersS t . L o u is ..................................... 3 ,1 6 4 ,0 0 0
17.000
194,000
92,000
5,000
There
K a n s a s C i t y ______ __________ 1 4 ,6 5 5 ,0 0 0
45.000 1,225,000
315,000
........... are to be in keeping with the production planned.
P e o r i a ..........................................
7 ,0 0 0
81.000
392,000
...............................
has been no response in the market to attempts to lower prices
I n d ia n a p o lis ______ __________
5 4 1 ,0 0 0
114.000
300,000
46,000
...........
by forcing sales. Current business in men’s wear is somewhat
O m a h a ........................................ 5 ,5 0 4 ,0 0 0
165.000
654,000
174,000
43,000
O n L a k e s ..............................
6 0 7 ,0 0 0
..................................................................33,000spotty but the retailers’ forward orders have been completeO n C a n a l an d R iv e r ....................................
...........
175,000
270,000
________ seems to be based on a thoroughly optimistic view.
and
Large producers of staple dress goods find that their orders
T o t a l O c t . 2 5 1 9 1 9 ______ 9 5 ,3 6 4 ,0 0 0
1 .4 2 1 .0 0 0 1 9 ,0 4 2 .0 0 0 1 6 ,5 6 3 ,0 0 0
4 ,1 6 9 ,0 0 0
T o t a l O c t . 18 1 9 1 9 ............9 3 ,7 8 3 ,0 0 0
1 .4 2 7 .0 0 0 1 9 ,1 2 0 ,0 0 0 1 5 ,7 2 9 ,0 0 0
4 ,0 0 0 ,0 0 0
are carrying their mills further than was expected two months
5 .1 0 8 .0 0 0 2 2 ,2 1 1 ,0 0 0
5 ,5 0 3 ,0 0 0
3 ,1 2 6 ,0 0 0
T o t a l O c t . 2 6 1 9 1 8 _____ 1 1 3 ,5 0 8 ,0 0 0
ago. A shortage of labor in N ew England is placing a definite'
T o t a l O c t . 2 7 1 9 1 7 ............ 1 4 , 5 2 4 ,0 0 0
1 .4 9 2 .0 0 0 1 6 ,6 2 4 ,0 0 0
3 ,3 0 8 ,0 0 0
4 ,1 5 7 ,0 0 0
limitation on production.
A 'o — B o n d e d g r a i n n o t I n c lu d e d a b o v e : O a t s , 2 ,0 0 0 b u s h e ls N o w Y o r k , 1 0 ,0 0 0
te.

Ep rtsfrom
xo
—

a . ea
y
o . lo r. a
Wea Cra F u Ots. | Re. Brley P s.
h t.
u els. uhls uhls. uhls
Bsh Brrels. Bsh |Bs e . Bs e Bs e .
u els. a
Bsh
u els.

B o s t o n ; t o t a l , 1 2 ,0 0 0 b u s h e D , a g a i n s t 3 ,0 0 0 b u s h e ls in 1 9 1 8 : a n d b a r l e y , N e w Y o r k ,
3 0 ,0 0 0
b u s h e ls : D u l u t h , 3 3 ,0 0 0 b u s h e ls ; t o t a l , 6 3 ,0 0 0 , a g a i n s t 6 6 ,0 0 0 In 1 9 1 8 .

Canadian—
M o n t r e a l ................................... 5 ,9 3 1 ,0 0 0
F t . W i lli a m & P t . A r t h u r . 3 , 4 7 9 ,0 0 0
O t h e r C a n a d i a n ...................... 4 ,3 0 9 ,0 0 0
T ota l
T ota l
T o ta l
T o ta l

O ct.
O ct.
O ct.
O ct.

25
18
26
27

Summary—
American_____
C a n a d i a n ______
T ota l
T ota l
T ota l
T ota l

O ct.
O ct.
O ct.
O ct.

25
IS
26
27

1 9 1 9 -----------1 3 ,7 1 9 ,0 0 0
1 9 1 9 ............ 1 1 ,3 5 5 ,0 0 0
1 9 1 8 ............ 1 2 , 6 1 0 ,0 0 0
1 9 1 7 ............ 1 3 ,1 0 2 ,0 0 0

.9 5 ,3 6 4 ,0 0 0
■1 3 ,7 1 9 ,0 0 0
1 9 1 9 _____ 1 0 9 .0 8 3 .0 0 0
1 9 1 9 _____ 1 0 5 .1 3 8 .0 0 0
1 9 1 8 _____ 1 2 6 .1 1 8 .0 0 0
1 9 1 7 _____ 2 7 , 6 2 6 ,0 0 0




2,000

5 7 5 .0 0 0
2 ,3 6 1 ,0 0 0
4 0 6 .0 0 0

1 9 1 ,0 0 0
.................

5 8 2 ,0 0 0
8 3 4 ,0 0 0
1 1 6 ,0 0 0

2,000
2,000

3 .3 4 2 .0 0 0
3 . 0 3 0 .0 0 0
6 .6 3 5 .0 0 0
3 .8 8 6 .0 0 0

1 9 1 ,0 0 0
2 1 1 ,0 0 0
2 ,0 0 0
3 ,0 0 0

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

1 ,4 2 1 ,0 0 0 1 9 ,0 4 2 ,0 0 0
2 ,0 0 0
3 ,3 4 2 ,0 0 0

1 6 .5 6 3 ,0 0 0
1 9 1 ,0 0 0

4 ,1 6 9 ,0 0 0
1 ,5 3 2 ,0 0 0

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

5 ,7 0 1 ,0 0 0
6 ,0 4 3 ,0 0 0
3 ,2 6 3 ,0 0 0
4 ,4 2 5 ,0 0 0

1 3 4 ,0 0 0
2 3 ,0 0 0

F O R E IG N D R Y G O O D S .— The market for linens seems
to have the capacity to absorb largo quantities of merchan­
dise. There has been more buying this week through regular
importers from Belfast and Scotland and retailers are pressing
the jobbers for deliveries. M o st of the recent orders placed
°u-i t
e S < have been qualified as to delivery and the
.r 1 ^e
ability of the manufacturer to obtain raw material. Labor
conditions in the United Kingdom have been bad due to the
bonus being paid by the government to those who are idle
but even if more workers enter the mills there is still the
scarcity of flax to reckon with. And there seems to be no­
relief from that situation. Burlaps have been quiet, due
largely to the harbor strike and a passive interest on the part
of buyers. Light weights are quoted at 13.75 to 14.00 cents
and heavy weights at 17.85 to 18.00 cents.

THE CHRONICLE

1718

J>tatc

itm

l

©ittj ^e p a rtw m t

N E W S

I T E M S .

C a li f o r n i a .— Legislature Called in Special Session to A ct on

W om an Suffrage A m endm ent.— G ov. W . D . Stephens on
Oct. 25 called a special session of the Legislature to convene
N o v . 1 for the exclusive consideration of the National
W om an Suffrage Amendment.

[V ol . 109.

ARCADIA, Los Angeles C oun ty. C alif .— DESCRIPTION OF BONDS.
— Additional information is at hand relative to the sale of tho $159,000
5 U % tax-free water bonds, recently awarded to Blankonhorn-HunterDulm C o., and the Lumbermens Trust Co., jointly— V. 109, p. 1479.
Denoms. $1,000 and $750. Date Nov. 1 1919. Int. M . & N. Due
$3,750 yearly on Nov. 1 from 1920 to 1959, inch
Financial Statement.
$7,000,000
Actual valuation (estimated)__________________
. 3,520,000
Assessed valuation.__________ ________________
. 416.250
Total bonded debt-----------------------------------------281,250
Total water debt______________________________
. 135.000
Net debt______________________________________

ASHTABULA C IT Y SCHOOL D ISTR IC T (P. O. A shtabula), A sh­
tabu la C ou n ty, O h io.— BOND ELECTION.— On Nov. 4, it is stated,
a proposition to issue $95,000 site-purchase and building bonds will be
C a n t o n , O h i o . — M a yor Suspended.— According to tho voted upon.
ASHTABULA HARBOR SPECIAL SCHOOL D ISTRICT (P. O.
Pittsburgh “ Despatch,” Governor Cox on Oct. 27 suspended
A shtabula H arbor), Ashtabula C ou n ty, O hio.— BOND OFFERING.—
M ayor Charles E . Poorman of Canton, becauso of alleged H. F. Bugbeo, Clerk Board of Education, will receive bids until 1 p. m.
inefficient handling of the steel strike riots in that city, and Nov. 6 for $96,000 5)4 % coupon deficit bonds. Donom. $1,000. Date,
day of salo. Prin. and somi-ann. int. payable at tho Marino-National Bank
appealed to a committee of Canton business men to rally of Ashtabula. Duo $7,000 each six months from April I 1921 to Oct. 1 1926,
inch, and $6,000 Apr. 1 and Oct. 1 1927. Cert, check on a solvont bank
around Vice M ayor Schrantz.
.
If order cannot be maintained by the Vico M ayor, G ov­ located in Ohio, for 5% of amount of bonds bid for, required. Purchaser to
pay accrued interest.
•
ernor Cox said, he would order tho Ohio National Guard
ATCHISON COUNTY (P. O. A tch isoh ), Kans.'—BONDS VOTED.—
to go to Canton and take charge of the situation.
Recently an issue of $185,000 memorial bonds was authorized, it is reported,
by 625 votes.
C h in a (R e p u b lic o f ) . — N otes Offered by Bankers.— The
ATLANTA, G a.— BONDS PROPOSED.— 'The question of issuing $3,000,­
Continental & Commercial Trust & Savings Bank of Chicago 000 school bonds Is being considered.
is offering to investors, $5,500,000 Republic of China 0 %
AUSTIN COUNTY (P. O. Bellville), T ex.— BONDS VOTED.— The
2-yr. secured gold loan treasury notes of 1919 dated N o v . 1 people favored the issuance of $1,500,000 road bonds, it is stated, at the
election held Oct. 7.— V. 109, p. 999.
1919 due N o v . 1 1921, at 9 8 Y and interest to yield over 7 % .
%
AVALON SCHOOL D ISTRICT (P. O. P ittsbu rgh ), A llegh*ny
The official notice of this bond offering will be found among the advertise­ C oun ty, Pa.— BOND ELECTION.— At the general election the voters
will have submitted to them a proposition to issue $180,000 school building
ments elsewhere in this Department.
bonds.
T e x a s . — Bond E lection.— Among the 6 proposed amend­
AZUSA, Los A ngolcs C oun ty, C alif.— BONDS DEFEATED.— Tho
ments to the State Constitution which will be placed before question of issuing $'6,000 gymnasium bonds was defeated at an election
Sept. 30.
tlie voters at the election to be held N o v , 4 is one for the issu­
ance of $75,000,000 30-year 4 K % highway bonds. This
BALES TOW NSHIP, Pottaw atom ie C ou n ty, O kla.— BOND ELEC
proposition provides for a tax levy not exceeding 20 cents TION PROPOSED .— Reports state that $100,000 road bonds may be vot d
upon in November.
on the $100 valuation on taxable property in the State.
BALTIMORE, Md.— LOAN PROPOSED.— A loan of $2,000,000 to bo
T h e other proposals are as follows:
used for school purposes has been recommended to tho Board’ ol Estimato
For amendment to Section 51 of Article 3 of the Constitution authorizing by tho School Board.
the Legislature to grant aid to Confederate soldiers, sailors and their widows
BARBERTON, Summit C ou n ty , O h io.— BOND OFFERING.—
who have been residents of this State since Jan. 1 1912.
For amendment to Article 16 of the Constitution, authorizing a division
H. B. Erase, City Auditor, will receive bids until 1 p. m. N ov. 18 for
o f the net proceeds of the prison system o f this State between tho State and $28,743.50 5% deficiency bonds. Denom. 57 for .$500 and 1 for $243.o0.
prisoners confined in the penitentiary or thoir dependents.
Int. semi-ann. Duo yearly on Oct. 1 as follows: $3,000 1920 to 1928,
For the amendment to Article 16 o f the Constitution of tho State of inch; and $1,743.50, 1929. Cert, check for 1% of amount of bonds bid
Texas, authorizing the issuance of bonds by the city and county of Galveston. for (but not less than $100), payablo to tho City Treasurer, required.
For the amendment to Article S, Section 9 of the Constitution of tho
BATH TOW NSHIP RURAL SCHOOL D IS T R IC T , G reene C ou n ty ,
State of Texas providing for the levy o f taxes not to exceed thirty cents for
roads streets and bridges and not to exceed fifty conts for tho erection of O h io.— BOND ELECTION.— A proposition to issue $100,000 school-site,
public buildings, streets, sewers, water-works and other permanent im­ building and equipment bonds will bo voted upon on N ov. 4.
provements, and not to exceed sixty cents for maintenance of public roads
BEDFORD, C uyahoga C ou n ty , O h io.— BOND ELECTION.— On
1 1 For°the^amendment to Sections 10, 11, 12, 13, 14 and 15 of Article 7 of N ov. 4 tho pooplo will voto on a proposition to issue $200,000 school bonds.
1
the Constitution of the State of Texas, fixing tho constitutional status of tho
University o f Texas, tho Agricultural and Mechanical Collego of Texas, 4. BELLEVUE, A llegheny C ou n ty , Pa .— BOND ELECTION.— On N ov.
it Is roported, tbo pooplo will voto on §65,000 park memorial bonus.
the College o f Industrial Arts at Denton, Tex.; tho Sam Houston Normal
Institute at Huntsville, Tex.; the North Texas State Normal at Denton,
BEN AVON (P. O. P ittsbu rgh , A llegheny C ou n ty, Pa.— BOND
Tex.; the Southwest Texas State Normal at San Marcos, Tex.; the A
Vest ELECTION.— At the general election a $35,000 municipal-building bond
Texas State Normal at Canvon, Tex., and the East Texas Stato Normal issue will be submitted to the voters.
at Commerce, Tex., and other State educational institutions, and deter­
mining tho interest, respectively, of tho University o f Texas, the Agricul­
BENTON, Franklin C oun ty, 111.— BONDS VOTED.-—At a reeont
tural and Mechanical College o f Texas, and the Prairio View State Normal election, it is stated, tho electors voted to issuo $40,000 fire department
and Industrial College in the University permanent fund; and providing bonds.
for the support, direction and development of Stato educational institutions.
BENTON COUNTY (P. O. Fawler), In d .— BONDS TO BE RE-OF­
FERED IN JANUARY.— Tho County Treasurer advises us that tbo $13,540
4 H % road bonds offered without success on Oct. 1— V. 109, p. 1479— will
bo re-advertised in January 1920.
B O N D P R O P O S A L S A N D N E G O T IA T IO N S
BEREA, C uyahoga C oun ty, O h io.— BOND ELECTION.— It is re­
this week have been as follows:
ported that on Nov. 4 the pooplo of the Village will vote on a proposition
to issuo $50,000 electric light plant and $30,000 water works bonds.
ABERDEEN, Grays H arbor C oun ty, W ash.— FIN AN CIAL STATE­
M EN T __We are in receipt of the following fmancial statement issued in
BEULAH TOW NSHIP, Joh n ston C oun ty, No. Caro.— BOND
connection with the sale of the $125,000 highway bonds recently awarded
SALE.— An issuo of $10,000 5)4 % road bonds has beon sold to tho Hanchott
to Freeman-Smith & Camp Co. o f Portland at 100.032— V. 109, p. 1479.
Bond Co. of Chicago. Denom. $500. Date July 1 1919. Prin. and
semi-ann. int. (J. & J.) payable at the Chatham & Phoenix National
Financial Statement,.
Actual value, estimated---------------r o T o ’??!? Bank, N . Y . Duo July 1 1939.
Assessed valuation 19 18----.-------6,213,413
BEXLEY, Franklin C oun ty, O hio.— BOND OFFERING.— Lowis S.
Bonded debt, including this issue........................- ..........................
700,000
Higgins, Village Clerk, will receive proposals until 12 m. Nov. 17 (date
P o p u l a t i o n , e s t i m a t e d ---------------------------------------------------------------------------------------„ u ,u u i>
changed from Nov. 10) for $15,000 534 % sower bonds. Auth. Soc. 3939­
AKRON, Summit C ou n ty , O hio.— BOND ELECTION. ;On Sept. 22 3947 Gen. Code. Donom. $1,000. Date Oct. 1 1919. Int. A. & O. Duo
the City Council passed an ordinance calling for the submission to the Oct. 1 1940. Cert, chock for 5% of amount of bonds bid for, payablo to tho
voters on N ov. 4 of the question of issuing the $6,000,000 water works Village Treasurer, required. Bonds to bo delivered and paid for within 10
days from date of award. Purchaser to pay accrued interest.
bonds mentioned in V . 109, p. 1198.
ALABAMA (State o f).— BOND OFFERING.— Newspaper reports say
BIG HORN COUNTY SCHOOL D ISTR IC T NO. 17 (P. O. Basin),
tlrat $954,000.4)4 % gold bonds will be sold at 12 m. N ov. 25. Int. J. & J W yo.— BOND SALE.— An issue of $14,000 6% 15-25 year (opt.) school
bonds has been sold to Bonwell, Phillips, Este & Co., of Denver, for $14,725
ALAMOSA COUNTY SCHOOL D ISTR IC T NO. 3 (P. O. Alam osa), equal to 105.178.
C olo .— BOND SALE.— On Oct. 15 tho $86,000 5)4% 15-30 yr. (opt.) school
B IG RAPIDS SCHOOL D ISTR IC T (P. O. Big R apids), Necosta
bonds__V 109. p. 1382— woro awarded to Sweot-Causoy, Foster & Co., for
C ou n ty, M ich.— BOND SALE.— On Sept. 19 an issuo of $35,000 5% school
$89,920 (104.569) and int. Other bidders were:
Name.
Bid.
bonds was awarded to Whittlesey, McLean & Co., of Detroit, at 102.62.
Bid.
Name.
fc
Denom. $1,000.
Date Sept. 9 1919. Int. M . & 8. Duo on Sept. 9 as
E. if. Rollins & Sons------- $89,723 80 Wright, Swan < C o-------- $88,666 00
Sidlo, Simon Fels & C o_ 89,500 00 John Nuvcon & C o., Chi._ 87,514 50 follows: $10,000 in 1924 and 1929, and $15,000 in 1934, optional after Sopt.
_
9 1929.
Keeler Bros______________ 89,355 001
BILLINGS, Y ellow ston e C ou n ty, M ont.— BOND OFFERING.— E. H,
ALLEN COU N TY (P. O. F t. W ayne), Ind .— BOND OFFERING —
W m F Ranke County Treasurer, will receive proposals until 10 a. m. Sackett, City Clerk, will soli at public auction 9 p. m. Dec. 2 tho following
5% bonds recently voted— V. 109, p. 1479:
Vau'g^m*^ a ^ I^ k ^ T w ji^ K in d s. Donom. $1,525. Due $400 000 sewer bonds. Cert, check on somo reliable bank for $25,000,
’
§ i , 525 each six months from M ay 15 1921 to N ov. 15 1930, inch
’
payablo to tho City Treasurer required.
75 000 park bonds. Cert, check on some reliable bank for $7,500,
36.700 J. D. Butt et al Lake Twp. bonds. Denom. SI.835. Due Sl,83o
'
payablo to City Treasurer required.
each six months from M ay 15 1921 to N ov. 15 1930, ind .
Denom. $1,000. Date July 1 1919. Prin. and somi-ann. int. (J. & J.),
Date N ov. 15 1919. Int. M . & N.
office of tho
tho holdor,
ALLEN COU N TY (P. O. Lima), O h io. BOND ELEC TION.— 11 is navable at the in New YorkCity Treasurer or at tho option ofby tho City
at some bank
City, N. Y ., to bo designated
reported that on N ov. 4 the people will vote ^ i the issuance n $ 3 0 ,000 Treasurer. Duo July 1 1939, optional July 1 1934 or on any Interest pay­
children's home, $45,000 High St. bridgo and $45,000 Bellefontaine Axe ing date thereafter. The approving opinion of Chas. B. Wood of Chicago
bridge bonds.
will bo furnished to tho purchaser without chargo. Purchaser to pay
ALLEN PARISH ROAD D ISTR IC T NO. 5 (P. O. O berlin), La.— accrued interest.
BIDS REJECTED.— All bids for tho sl90,000 5% road bonds, offered on
BIRMINGHAM, Ala.— BOND OFFERING.— N . A . Barctt, President
Oct. 15— V. 109, p. 1479— were rejected.
of tho City Commission, will recoivo bids until Doc. 1, it is stated, for tho
following 5% bonds: $1,000,000 30-year school, $500,000 10-year audi­
ALLIANCE, Stark C ou n ty, O h io.— BOND SALE.— Of the 8 issues
o f 5% bonds offered on Oct. 27— V. 109, P- 1479— tho $38,000 8-year torium and $500,000 10-year city-liall and library bonds.
deficiency bonds, dated Nov. I 1919, were awarded, it is stated, to SeasonBLAINE COUNTY CONSOLIDATED SCHOOL D ISTR IC T NO. 97,
good & Mayer, o f Cincinnati.
Okla.— BOND SALE.— Geo. W. & J. E. Piersol of Oklahoma City have
ALTHEIMER PAVING D IST R IC T NO. 1 (P. O. A ltheim er), Jeffer­ beon awarded $20,000 6% bonds. Donom. $500. Date M ay 29 1919.
son C ou n ty , Ark.— BOND SALE.— The “ Little Rock Gazette" of Oct. Prin. and semi-ann. int. (J. & J.) payablo at tho Oklahoma Fiscal Agency
29 states that SI 1,000 bonds have been sold to the Simmons National in New York City, N . Y . Duo M ay 29 1939.
Bank o f Pine Bluff.
BLUFFTON, Allen C oun ty, O hio.— BOND ELECTION.— ' ho voters
T
ANN A R B O R ,'W ash ten aw C ou n ty, M ich.— BOND SALE.— Whittle­ on Nov. 4 will have submitted to them a proposition to issuo $3,000 fire dopt.
bonds, it is reported.
sey. McLean & Co. o f Detroit were on July 24 awarded $120,000 10-year
water-works and $165,000 1-10-year serial paving 5% bonds.
Denom.
BOGALUSA, W ashin gton Parish, La .— BONDS VOTED & SOLD.—
$1,000 and $500. Date Aug. 1 1919.
Int. F. & A. Water-works bonds
mature Aug 1 1929 and paving bonds mature $16,500 yearly on Aug. 1 At the election Oct. 21 $125,000 water and sower, $125,000 stroet, $300,000
school, $10,000 citjy hall, and $15,000 fire alarm system bonds were voted*
from 1920 to 1929. inch




Nov. 1 1919.]

It is report'd that these issues have been sold to the Hibernia Bank &
Trust Co., o f New Orleans.
B O L IV A R

SCH O OL

1719

THE CHRONICLE
T O W N S H IP

(P .

O.

O tte r b e in ),

B e n to n

C o u n t y , I n d . — BOND OFFERING.— John M . Lugar, Twp. Trustee, will
receive bids until 10 a. m. Nov. 15 for $9,450 5% school bonds. Denom.
1 for *450 and 18 for $500. Date Oct. 15 1919. Int. J. & J. Due *450
July 15 1921, and $500 each six months from Jan. 15 1922 to July 15 1930,
incl. Cert, check for $500, payable to Raid trustee required. Purchaser
to pay accrued interest and furnish blank bonds.
B O U L D E R , B o u l d e r C o u n t y , C o l o . — BOND ELECTION.— The issue
of $ 1 0 0 ,0 0 0 5 % 10-15-year (opt.) memorial park bonds (mentioned in V.
109, p. 1383, will be voted upon N ov. 4. Bonds to be dated Feb. 1 1920.
Denom. $1,000.
B O W I E C O U N T Y R O A D D I S T R I C T N O . 3 , T e x .— BONDS REGIS­
TERED.— An issue of $60,000 5 14% 15-30 year bonds was registered on
Oct. 17 with the State Comptroller.
B R A D F O R D , M ia m i C o u n t y , O h i o . — BOND OFFERING.— Roy E
Brown. Village Clerk, will receive proposals until 12 m. N ov. 13 for the
following
special assessment street impt. bonds:
$26,500 Main St. bonds. Denom. $2,650.
60,000 Miami Ave. bonds. Denom. $6,000.
Date Oct. 1 1919. Int. semi-ann. Due $8,650 (1 bond o f each issue)
yearly on Mar. 1 from 1921 to 1930, incl. Cert, check for 5% o f amount
of bond bid for, payable to the Village Treasurer, required. Bonds to
be delivered and paid for within 10 days from date o f award. Purchaser
to pay accrued interest.
B R I G H T O N , M o n r o e C o u n t y , N . Y .— BOND OFFERING.— F . Porter
Surgcnor, Town Clerk, will receive proposals until 4 p. m. Nov. 3 for $185,­
000 5% sewer bonds. Denom. $500. Date Oct. 1 1919. Int. J. & D.
Due yearly on June 1 as follows: $18,000, 1921 to 1930, incl., and $19,000,
1931 to 1940, incl. Cert, check for $1,000, payable to B. H. Howard,
Supervisor, required. Bonds to bo delivered and paid for at the Union
Trust Co. of Rochester. Purchaser to pay accrued interest.
B R IN T C N
T O W N S H IP ,
P o tta w a to m ie
C o u n ty ,
O k l a .— BOND
ELECTION PROPOSED.— We are informed at an election will be held in
November to authorize $50,000 road improvement bonds.
B R O O K F I E L D T O W N S H I P R U R A L S C H O O L D I S T R I C T ( P .O .
S h a r o n , Pa., R , . F . D . No. 6 7 ) , O h i o . — BOND SALE.
On Oct. 1 the
$11,250 5% 4-9-yr. serial school building bonds— V. 109, p. 1290— were
awarded to Otis & Co. o f Cleveland at par and interest.

Date Nov. 1 1919. Int. M . & N ., payable at the Bank of Clearwater*'
Certified check for $1,000, payable to “ City of Clearwater.” requiredBonded debt (including this issue), $288,960. Sinking fund, $13,567.
Assessed value 1919, $2,800,000.
CLEARW ATER

H IG H W A Y

D IS T R IC T

(P .

O.

O r o fin o ),

C le a r

w a t e r C o u n t y , I d a .— BOND OFFERING.— Proposals will be received'
until 5 p. m. Nov. 10 by Samson Snyder, Secretary, for $100,000 10-10year (opt.) gold bonds at not exceeding 6 % interest, bains? part of the
$300,000 authorized at the election held Oct. 4— V. 109, p. 1383— by a
vote of 413 to 21. Denoms. not more than $1,000 and not less than $100
Date Nov. 1 1019. Int. J. & J. Cert, check for $5,000 required. Asses­
sed value of district exceeds $-1,600,000.
C L E V E L A N D , O h i o . — BONDS PROPOSED.— The city proposes to issue
$50,000 bath-house bonds, which, if approved, will be taken by the SinkingFund Trustees.
.

C L E V E L A N D C O N S O L I D A T E D S C H O O L D I S T R I C T (P . O . C l e v e ­

l a n d ) , B o liv a r C o u n t y , M is s . — BOND OFFERING.— The Clerk Board
o f County Supervisors will receive bids until 12 m. N ov. 3 for $50,000
school bonds, at not exceeding 6 % interest. Denom. $1,000. Date
Mar. 1 1920. Due yearly on Mar. 1 as follows: $2,000, 1921 to 1930,
incl.; $3,000, 1931 to 1910, ind .
C L E V E L A N D H E I G H T S , C u y a h o g a C o u n t y , O h i o . — BOND OFFER­
ING.— II. H. Canfield, Village Clerk, will receive bids until 12 m. N ov. 17
for the following 5 H % coupon special assessment bonds:
$7,814 East Monmouth Road improvement bonds. Denom. 1 for $314
and 15 for $500. Due yearly on Oct. 1 as follows: $314 1921— $500
1922 to 1926, inclusive; $1,000 1927 and 1928: $1,500 1929 and 1930.
35,005 Crest Road improvement bonds. Denom. 1 for So and 35 for $1,000.
Due yearly on Oct. 1 as follows: $5 1921; $3,000 1922 to 1926, in­
clusive: $4,000 1927 and 1928: $6,000 1929 and 1930.
19,404 Noble PI., storm and sanitary sewer bonds. Denom. 1 for $404
and 19 for $1,000. Due yearly on Oct. 1 as follows: $404
1921; $1,000 1922 to 1925, inclusive; $2,000 1926 and 1927; $3,000
_ 1928; $4,000 1929 and 1930.
19,587 Taylor Caledonia Sewer District N o. 5 bonds. Denom. 1 for *587"
and 19 for $1,000. Duo yearly on Oct. 1 as follows: $587 1921;
$1,000 1922 to 1925. inclusive; $2,000 1923 and 1927; $3,000 1928;
$4,000 1929 and 1930.
Data Sept. 1 1919. Int. A. & O. Certified check on some bank otherthan the one making the bid, for 1 0 % of amount of bonds hid for, payable
to the Village Treasurer, required. Bonds to be delivered and paid for at
Cleveland Heights, within ten days from date of award. Purchaser to pay
accrued interest.
B U R B A N K I R R I G A T I O N D I S T R I C T N O . 4 , W a lla W a lla C o u n t y ,
C O L E M A N C O U N T Y (P . O . C o l e m a n ) , T e x .— DESCRIPTION OF
W a s h . — BONDS VOTED.— By a vote o f 75 to 7 the question of issuing
BONDS.— The $500,000 5% registered Precinct No. 1 road bonds recontly
$400,000 bonds carried at the election Sept. 30.
voted— V. 109, p. 1480—are in denom. of $1,000 and bear date of Feb. 1
B U R K E C O U N T Y ( P . O . M o r g a n t o n ) , N . C.— BOND OFFERING.—
1920. Int. F. & A ., payable at the National Pvrk Bank, N. Y . Due
Proposals will be received until 2 p. ni. N ov. 15 by the Board o f County Feb. 1 1950. Bonded debt Oct. 25 1919, this issue only. Assessed
Commissioners for the following 5% road bonds:
value, $5,500,000.
$17,000 Lower Fork Twp. bonds. Due $1,000 on Dec. 1 in even numbered
C O L L I N C O U N T Y R O A D D I S T R I C T S , T ex.— BONDS REGISTERED.
years beginning 1924.
30,000 Linville Twp. bonds. Due $1,000 yearly on Dec. 1 from 1924 to — Recently the following serial bonds were registered with the State Comp­
troller:
1953, inclusive.
Denom. $1,000. Interest semi-annual. Certified check for $1,000 is $125,000 5 'A% Road District No. 7 bonds.
69.000 5% Road District No. 12 bonds.
required with each issue bid upon.
50.000 5% Road District No. 13 bonds.
B U R L I N G T O N , M ila n C o u n t y , T e x .— WARRANT S ALE — An issue
188.000 5 'A% Road District No. 15 bonds.
of $15,000 6 % warrants has been sold to J. L. Arlitt of Austin.a . Due yearly
85.000 5 M % Road District N o. 16 bonds.
S
from 1921 to 1951, inclusive.
125.000 5 ^ % Road District No. 17 bonds.
40.000 5 X % Road District N o. 10 bonds.
A
B U T L E R C O U N T Y (P . O . P o p la r B l u f f ) , M o .— BOND OFFERING.—
60.000 5H % Road District N o. 23 bonds.
Additional information is at hand relative to the offering on Nov. 3 of the
259.000 5 l % Road District No. 26 bonds.
A
$200,000 5% road bonds— V. 109, p. 1097. Proposals for these bonds will
450.000 5 'A % Road District No. 29 bonds.
bo received until 12 m. on that day by Jas. F. Higgins, County Treasurer.
50.000 513% Road District N o. 30 bonds.
Denom. $1,000. Date Sept. 1 1919. Prin. and semi-ann. int. payable
at the offico o f the County Treasurer. Due yearly as follows: $10,000
C O L U M B I A N A C O U N T Y (P . O . L i s b o n ) , O h i o . — BOND SALE.— On.
1925 to 1929, incl., and $15,000 1930 to 1939, incl. Certified check for Oct. 20 the two issues of 5% road bonds, dated Oct. 1 1919 (V. 109, p. 1541).$2,000, payable to the above County Treasurer, required. Tho opinion were awarded as follows:
of Charles & Rutherford of St. Louis approving the validity of the bonds $33,000 1-10-year serial bonds to the Provident Savings Bank & Trust C o .,
will be furnished the purchaser.
of Cincinnati, at 100.07.
5,500 1-5-year serial bonds to the People’s State Bank of Lisbon at
C A L D W E L L S C H O O L D I S T R I C T ( P . O . C a l d w e l l ) ,( N o b l e C o u n t y ,
par and interest.
O h i o . — BOND ELECTION.— Newspaper sreport that on N ov. 4 the
citizens will vote on the question o f issuing $60,000 school-building and
C O L U M B U S S C H O O L D I S T R I C T (P . O . C o lu m b u s ), F r a n k lin
1 0 ,0 0 0
site-purchasing bonds.
C o u n t y , O h i o . — BOND SALE.— The School Sinking Fund Trustees have
purchased $65,000 4 A % 14-yr. school bonds dated Nov. 15 1919, which
C A L E X I C O , I m p e r ia l C o u n t y , C a l i f . — BOND ELECTION.— News­
papers state that an issue of $ 1 2 1 ,0 0 0 civic improvementl_bonds is to be are a part of a $500,000 issue.
BOND OFFERING.— Proposals will be received until 10 a. m. Nov. 15
voted upon in a few days.
Be*j»SEs S *
&
by the Finance Committee of tho Board of Education, at tho office o f
C A N T O N , S t a r k C o u t y , O h i o . — BOND SALE.— On Oct. 27 th e 2
the
said board, Ohio
Bldg., for $435,000
issuas of 5 H % coupon bonds, aggregating $86,000— V. 109, p. 1624— were pon Clerk of bonds, being the National Bank the $500,000 issue 4 A % cou­
school
mentioned
awarded to Seasongood & Mayer, o f Cincinnati, for $89,480,1 equal to above. Denom. $1,000. Dateremainder of Prin. and semi-ann. int. (M .
Nov. 1 1910.
104.046.
& N.) payable at the Treasurer’s office. Due $60,000 Nov. 15 1933, and
$125,000 on Nov. 15 in 1§34, 1935 & 1936. Cert, check on a local bank:
C A N Y O N C O U N T Y S C H O O L D I S T R I C T N O J 7 8 ,7 I d a .— BOND
SALE.— On Oct. 9 an issue o f $9,000 5% school bonds'was* awarded, it is other than the one making tho bid, for 1 % of amount of bonds bid for, pay­
stated, to the State o f Idaho at par.
able to the Board of Education, required. Bids must bo on blanks furnished
by the committee. Purchaser to pay accrued interest.
C A N T O N S C H O O L D I S T R I C T (P . O . C a n t o n ) , S ta r k C o u n t y ,
O h i o . — BOND ELECTION.— On Nov. 4 the voters will have submitted to
C O N T I N E N T A L S C H O O L D I S T R I C T (P . O . C o n t i n e n t a l ) , P u t n a m
them a proposition to issuo $1,425,000 5% school bonds,
C o u n t y , O h i o . — BOND OFFERING.— J . H . Young, Clerk Board of Educa­
tion, will receive proposals until 12 m. N ov. 10 for $7,000 6 % coupon refund­
C A R N E G I E S C H O O L D I S T R I C T (P . O . C a r n e g i e ) , A l l e g h e n y
ing bonds. Denom. $1,000. Dato Oct. 10 1919. Int. semi-ann. Due
C o u n t y , Pa.— BOND ELECTION.— It is reported that the matter of issu­
$ 1 ,0 0 0 yearly on Oct. 10 from 1929 to 1935 incl. Cert, chock on a local
in g $300,000 school bonds will be voted upon at tho November election.
bank for 5% of amount of bonds bid for, payable to the District Treasurer,
C A S A G R A N D E H I G H S C H O O L D I S T R I C T N O . 2 (P . O . C a sa
required. Purchaser to furnish blank bonds.
G r a n d e ) , P i n a l C o u n t y , A r i z . — BOND OFFERING.— Bids will be re­
A like amount of bonds was offered on Oct. 27— V. 109, p. 1624.
ceived at any time by W. J. Hamilton, Prest., for $1253)00 6 % high school
C O N W A Y R O A D D I S T R I C T N O . 2 , L a c le d e C o u n t y , M o .— BONDS
bldg, bonds. Denom. $1,000. Date N ov. 1 1919. Due S12,O0O yearly
from 1931 to 1935, incl. and $13,000 yearly from 1936 to 1940, incl. Cert, VOTED.— By a vote o f 168 to 23 the question of issuing $14,000 road bonds
carried, it is stated, at a recent election.
check for 5% the amount o f bonds bid for required.
C H A T H A M C O U N T Y (P . O . S a v a n n a h l , G a . — BONDS VOTED.—
On Oct. 7 the $500,000 school bonds— V. 109, p. 1000— were authorized
by a vote of 3,205 to 8 . Date of sale not yet determined.
C H A U N C E Y , A t h e n s C o u n t y , O h i o . — BOND SALE.— An issue of
$2,337 60 6 % street-impt. bonds was recently awarded to tho Athens
National Bank at par. Denom. $233 76. Int. payable annually on
Aug. 31. Duo $233 76 yearly on Aug. 31 from 1920 to 1929, incl.
C H E H A L I S S C H O O L D I S T R I C T N O . 3 (P . O . C h e h a l i s ) , L e w is
C o u n t y , W a s h . — BONDS VOTED.— The question o f issuing $46,000
3 -yr. school bends carried at the election Oct. 18.— V. 109, p. 1479.
C H IC O H IG H S C H O O L D IS T R IC T

(P . O . C h i c o ) , B u t t e C o u n t y ,

C a l i f . — BONDS VOTED.— The voters favored the issuance o f $440,000
school bonds by a vote o f 2100 to 304, according to reports, at a recent elec­
tion.
*
C H I C K A S H A , G r a d y C o u n t y , O k l a . — BOND SALE.— On Oct. 23
the $100,000 6 % park bonds (V. 109, p. 1541) were awarded to R . J.
Edwards, o f Oklahoma City, at 102.116 and interest. Other bids were:
Name—•
_ Bid.
Name—
Bid.
Pearson & T aft...........--$101,806 00 Exchange Bank, T u lsa ..$101,125 00
A . J . M cM a h o n ...........- 101,800 00 Ballinger Bond C o ........... 100,500 00
O. Edgar Honnold------- 101,600 00 Geo. E . Calvert________ 100,158 00
John Nuveonfc Co.,Chic. 101,215 50
C H IS H O L M

SCHOOL

D IS T R IC T

(P .

O.

C h is h o lm ),

S t.

L o u is

C o u n t y , M i n n . — BONDS VOTED.— An issue of $250,000 school bonds
was recently authorized, according to reports, by a vote o f 27 to 2.
C IN C IN N A T I S C H O O L

D IS T R IC T

(P . O . C i n c i n n a t i ) , H a m i l t o n

C o u n t y , O h i o . — BOND SALE.— On Oct. 27 the $65,000 4 H % 40-year
coupon school bonds, dated Oct. 27 1919— V. 109, p. 1480— were awarded
to E. H. Rollins & Sons of Chicago at 101.47 and interest.
C L A C K A M A S C O U N T Y ( P . O . O r e g o n C i t y ) , O r e .— BOND ELEC­
TION PROPOSED.— An issue o f $1,700,000 road and $150,000 bridge bonds,
it is reported, aro to be voted in November.
C L A R K E C O U N T Y ( P . O . V a n c o u v e r ) , W a s h . — BOND SALE.—
Morris Bros., Inc., of Seattle have purchased and are now offering to in­
vestors at a price to net 5% $181,000 5K % road bonds. Denom. $1,000.
Date Oct. 1 1919. Due yearly on Oct. 1 from 1930 to 1939, incl.

CLEARWATER, Pinellas County, Fla.—B O N D O F F E R I N G — V ntil
8 p. m. Nov. 19 proposals w bo received by W. H. Freem
ill
an, City Clerk,
for $45,000 5% 30-year coupon street-im
provem bonds. Denom $1,000,
ent
.



C O R Y E L L C O U N T Y C O M M O N S C H O O L D I S T R I C T N O . 17, T e x .

— BONDS REGISTERED.— An issue of $5,500 5% 10-20 year school bonds
was registered on Oct. 15 with the State Comptroller.
C O S H O C T O N , C o s h o c t o n C o u n t y , O h i o .— BOND OFFERING.—
Wm. H. Williams, City Auditor, will receive proposals until 12 m. Nov. 8
for tho following 5 A % bonds:
$18,500 deficit bonds. Denom. $500. Due $1,000 on Sept. 1 1920 and
$1,000 March 1 and $1,500 on Sept. 1 from 1926 to 1927, incl.
17.000 street-impt. bonds. Denom. $500. Due $500 each six months
from Mar. 1 1920 to Sept. 1 1936, incl.
6.000 fire-dept. bonds. Denom. $1,000. Due $1,000 yearly on Sept. 1
from 1920 to 1925, incl.
Date Nov. 1 1919. Int. semi-ann. Certified check for 10% of amount
of bonds bid for required.
C O U N C IL

BLUFFS SCH O O L

D IS T R IC T

(P . O . C o u n c i l B l u f f s ) ,

P o t t a w a t t a m i e C o u n t y , I o w a .— BOND ELECTION.— The question of"
issuing tho $200,000 school bonds mentioned in V. 109, p. 1480), will be
voted upon at an election to bo hold N ov. 10. R . II. Williams is SecretaryBoard of Education.
C R A W F O R D C O U N T Y ( P . O . S t i l l v i l l e ) , M o .— BONDS VOTED.—
By a vote of 1,048 to 476 the question of issuing the$ 250,000 road bonds
carried at the election Oct. 14 (V. 109, p. 1384).
C R E E K C O U N T Y (P . O . S a p u l p a ) , O k l a . — BONDS APPROVED.— An
issuo of $1,000,000 road bonds was approved by the Attorney-General
on Oct. 19.
C R O W W I N G C O U N T Y (P . O . B r a i n e r d ) , M i n n .— BOND OFFERING.
— Chi N ov. 1 $180,000*5% road bonds will be offered for sale, due N ov. 1
CROW
W IN G
C O U N T Y IN D E P E N D E N T S C H O O L D I S T R I C T
N O . 5 1 , M i n n . — BOND OFFERING.— Proposals will be received until
8 p. m. Nov. 1 by Howard Olts, Clerk (P. 6 . Ironton), for the following

■>A % coupon bonds.
$100,000 high school bonds. Due yearly on Nov. 1 as follows: $30,000
1932, $35,000 1933 and 1934.
35.000 Jefferson School addition bonds. Due yearly on N ov. 1 as fol*10.000 1929, $8,000 1930 and $17,000 1931.
50.000 refunding bonds. Due yearly on Nov. 1 as follows: $5,000 1921
to 1926 incl., and $10,000 1927 and 1928.
Denom. $1,000. Date N ov. 1 1919. Int. semi-ann. payable at a place
to suit purchaser. Cert, check for 3% of bonds bid, payable to G. A .
Anderson, Treasurer, required.

C R O W W IN G C O U N T Y IN D E P E N D E N T S C H O O L D I S T R IC T N O .
1 1 0 ( P . O . T r o m m a l d ) , M inn.— B O N D S A L E . — The $10,000 school
bonds recently voted (V. 109, p. 1381) have been sold to the State of
Minnesota.
C U M B E R L A N D C O U N T Y (P . O . C u m b e r l a n d ) , V a .— B O N D O FFE R ­

I N G __R. O. Garrett, Clerk Board of Supervisors, will receive bids, it is
stated, until N ov. 11 for $20,000 20-year Hamilton Road District bonds.

C U P E R T IN O U N IO N H IG H S C H O O L
D IS T R IC T , S a n ta
C la r a
C o u n t y , C a l i f . — B O N D E L E C T I O N . — It is reported that this district will
h o ld a $ 7 5 ,0 0 0 bond election N ov. 1 2 .
C U R R Y C O U N T Y S C H O O L D IS T R IC T

(P . O . C l o v i s ) , N . M ; x . —

F inan cial Statem ent.

Assessed valuation--------------------------------------------------------------------- 3
D> t wi h this issue................................................................................

P o p u la tio n _________________________________________________________

12

'

C U S H I N G , P a y n e C o u n t y , O k l a .— B O N D S V O T E D .— -At

an election
heH Oct 14 the $40,000 city-hall and $10,000 fire-equipment !,% bonds
n®n sied in V. 109, p. 1384, carried. The vote was 231 “ for to 56
“ against.”
C U S T E R C O U N T Y (P . O . C u s t e r ) , S o . D a k . — B O N D O F F E R IN G .—

A K Cowles Countv Auditor, will receive bids until 1 p. m. N ov. 22, it is
stated, for $ 5 0 ,0 0 0 6 % 13 1-,3-year (average) road bonds. Int. semi-ann.
Certified check for 5% required.
C U Y A H O G A C O U N T Y (P . O . C lo v e la n d ), O h io .— BO N D E L E C ­
T I O N __It is reported that on N ov. 4 the people will vote on a proposition

to issue $3,500,000 criniinal-courts-building bonds.

D A L L E S C I T Y , P o lk C o u n t y , O r e .— F I N A N C I A L S T A T E M E N T .—

Actual vaiue, estim ated-------------- --------- - ............................... SL000,000 00
Assessed valuation, 1 9 1 8 - - - - - ................................ - ................. 3 ’o - ? ’-no on
Bonded debt, including this issue...........................- - - - - - - - - 2 / 3,, oO 00
L e s s water bonds ------------------------------------------------------- -------- 510,000 00
Less sinking fund------------------------------------- --------- 9LS13 52
Net debt— - - - ...............— ..............- - - - - .........................

* I m p r o v e m e n t b o n d s ---------------------------------------------------------------------------------------

Population, estimated, 7,000.

o2

8 8 2 , <5 2 9 4

D A V I E S S C O U N T Y ( P . O . W a s h i n g t o n ) , Ind. — BOND OFFERING.—
Rimer Buzan County Treasurer, will receive bids until 2 p. m. Nov. 12
for the following 4 K % gravel-road bonds: $3,690 Geo. N. Myers et al,
M adison Twi).; S3.687 Geo. J. Keith et al. Washington Twp.; $2,814
Alonzo Smith et al, Veale Twp.; and $4,000 Hayden Osborn et al, Madison
Twn bonds
Each issue is divided into ten equal bonds. Date Oct. 7
1919
Int M & N. Due one bond of each issue each six months from
M ay 15 1921 to N ov. 15 1925. inclusive.
D A V I S , Y o l o C o u n t y , C a l i f . — BOND ELECTION.— On Nov. 4 the
Issu an ce o f $75,000 municipal water bonds at not exceeding 6 % interest
will be voted upon.
D A V I S T O W N S H I P , P o t t a w a t o m i e C o u n t y , O k l a . — BOND ELEC­
TION PROPOSED.— County Commissioners have been asked to call an
election in November to vote $100,000 road bonds.
D A W S O N C O U N T Y ( P . O . G l e n d i v e ) , M o n t .— BONDS NOT TO BE
O F F F R F D A T PRESENT.— W e are advised that the $200,000 road bonds
voted on Sept. 2— V. 109, p. 1097— will bo not bo offered for sale before
April 1920.
D A Y T O N , M o n t g o m e r y C o u n t y , P a . — BOND ELECTION.— At the
November election the voters will pass on the issuance of $3,153,700 im­
, provement bonds.
D E D H A M , N o r f o l k C o u n t y , M a s s .— BOND SALE.— On Oct. 31 the
following 4 Vi % notes, dated N ov. 1 1919, were awarded to S. N. Bond

hospital bonds. Denom. 22 for $1,000 and 1 for $1,600. Due
$ 2^ 000 jTly on N ov. 1 from 1920 to 1930 incl. and $1,600 Nov. 1
1931.
12,000 fire-department bonds. Due N ov. 1 1920.
Interest M . & N .
D E E R L O D G E , P o w e ll C o u n t y , M o n t .— BOND OFFERING.— I . S.
Eldred City Clerk, will receive proposals until 8:30 p. m. Dec. 8 for $30,000
6 % city-hal bonds.
Denom. $1,000. Date Oct. 1 1919. Semi-ann. int.
(Z & O ) payable at the Wells-Dickey Trust Co. o f Minneapolis
Due
Oct 1 1939 optional after Oct. 1 1934. Cert, check on a reliable bank
for $3,000, payable to the City Treasurer, required. Purchaser to pay
:accrued interest.
n r K A L B C O U N T Y (P . O . D e c a t u r ) , G a . — BONDS VOTED.— The
peorde favored the issuance of $750,000 road bonds, it is reported, at the elec­
tion held Oct. 4.— V. 109, p. 1384.
nFNVFR
C o l o . — BOND ELECTION.-^Reports say that an election
will be held’ Dec. 2 to vote $2,000,000 bonds.
$23'6

n rci n rF

SCH OOL

D IS T R IC T

(P .

O.

D e s lo g e ),

S t.

F r a n c o is

Ccu!mty^Mo.—OW N D SALE.— On Oct. 22 an issue of 170,000 5>*% 13Hyear*awr. school bonds was awarded, it is stated, to Stern Bros. & Co. of
Kansas City at 103.70.
D E S M O I N E S , P o lk C o u n t y , I o w a . — BOND SALE .— On Oct. 27 the
$1,025,000 5% 10-50-year serial public-service special bonds dated Oct. 1
1 9 1 9 __ y . jog, p. 162-1— were awareed to R. M . Grant & Co. for $1,045,000
(101.195) and interest.
In an advertisement on a preceding page the purchasers are offering these
bonds to investors.
DULUTH SCHOOL D IST R IC T (P. O. D u lu th ), G ivinn ett C oun ty,
G a __BOND OFFERING.— Proposals will be received until 10 a. m. Nov. 10

1 I T s 5,006', "925: $5.000n,°1930; $5,000. 1935: ^ • ^ ° - $.1 0’0 an<1 s « l
ow
)^
A^
1945. B o n d e d d e b t (incl. t h i s i s s u e ) O c t . 20 1919, $25,UUU. Assessed
value 1918. $521,000.
DUVAL COUNTY SPECIAL TAX SCHOOL D IST R IC T NO. 1.—
F l a — BOND SALE.— The $325,000 5% 30-year school bonds dated
Aug. 1 1919, offered on Oct. 4— V. 109, p. 1291— have been sold to the
Robinson-Humphrey C o., of Atlanta.
EARLSBORO TOW N SHIP, Pottawatom ie C ou n ty, O kla.—
ELECTION PROPOSED.— Newspapers state that an issue o f coO.OOO road
bonds are soon to be voted upon.
EAST CLEVELAND, C uyahoga C ou n ty, O h io.— BOND ELECTION.
__On N ov. 4, according to reports, the people will vote on the issuance ol
$250,000 hospital bonds.
EAST YOU N GSTOW N , M ahoning C oun ty, O h ia.— BOND OFFER­
ING.— Anthony Julius, Village Clerk, will receive bids until 12 m. N ov. 10
3
0
"fuml 1ng bonds. Denom. $1,250. Due $3,750 yearly on
N ov. 15 from 1920 to 1927, inclusive.
425 Devitt Ave. improvement bonds. Due N ov. 15 ‘ 924.
450 Tinnev Ave. improvement bonds. Due N ov. 15 1924.
600 Sixth St. improvement bonds. Due Nov. 15 1924.
300 Wilson Ave. Improvement bonds. Duo N ov. 15 1924.
2 350 Tenth St. improvement bonds. Donom. $470. Duo $470 yearly
’
on Nov. 15 from 1920 to 1924, inclusive.
0 1 0 O Washington St. improvement bonds. Denom. $420. Due $120
’
vearly on N ov. 15 from 1920 to 1924, inclusive.
2 730 Adam St. improvement bonds. Denom. $546. Duo $546 yearly
'
on N ov. 15 from 1920 to 1924, inclusive.
1 720 fire-alarm-system bonds. Denom. $344. Due $344 yearly on
’
N ov. 15 from 1920 to 1924, incl.
,
1 0 0 0 0 water-works bonds.
Denom. $1,000. Due $1,000 yearly on
’
N ov. 15 from 1920 to 1929. incl.
, , , .
Date N ov 15 1919. Interest semi-annual. A certified check for $100,
Davable to the Village Treasurer. Is required with each issue bid upon.
Bonds to be delivered and paid for within 15 days from dato of award.
Purchaser to pay accrued Interest.
E L I Z A B E T H , U n i o n C o u n t y , N . J .— BOND SALE.— On Oct. 27 the
3 issues o f 4 H % coupon (with privilege of registration) bonds— V. 109, p.
1624— were awarded as follows;
3

’




$304,000 ($309,307 46 offered) school bonds to the Guaranty Trust Co. of
N. Y. for $309,355 20, equal to 101.766. Due yearly on Nov. 1
as follows: $10,000 1920 to 1049, incl.; $11,000 1941 to 1948.
incl., and $6 , 0 0 0 1949.
122,000 re-improvement bonds to T. S. Rippol & Co. of Newark for $122,­
909, equal to 100.745. Duo yearly on May 1 as follows: $6,000
1921 to 192 ', incl., and $8,000 1928 to 193', incl.
21.000 re-improvement assessment bonds to J. S. Rippol S Co. of New­
c
ark for $21,070, equal to 100.333. Duo yearly on M ay 1 as
follows: $4,000 1021, $5,000 1922. $6,009 1923 and 1924.
ELK POINT, Union C oun ty, So. Dak.— BIDS REJECTED.— All bids
received for the 350,000 5% 5-20-year (opt.) sewer bonds, dated Oct. 1 1919,
offered on Oct. 17 (V. 109, p. 1384), wero rejoctod.
ELLIS COUNTY COMMON SCHOOL DISTRICTS. T ex .— BONDS
REGISTERED.— On Oct. 9 the following ,5% serial bonds were registered
with t 'o State Comptroller:
$12,00 ) School D strict No. 29 bonds.
12,905 School District No. 81 bonds.
5.000 School District- No. S5 bonds.
ELLS WORTH, Ellcw>rth C iu n ly , K in s .— BOND S 1 LE.— Two issues
of paving bonds, aggregating $126,000, wero recently disposed of. Eldon
R. Shaw is City Clerk and Treasurer.
•
EL PASO, El Paso C ounty. T e x — BOND SALE.— The $100,000
paving. $2 0 0 ,0 0 0 water-works, $2 2 0 ,0 0 0 school, 310 ).0 0 0 street, repairs,
$100,000 sewage disposal, $25,000 library and $150,000 park and scenic
drive 5 'f bonds voted at the ele-tlon hold Oct. 4— Vo. 109, p. 1098—-have
been sold to the First National Bank of St. Louts. Denom. $1,000. Due
yearly from 1929 to 1959, incl.
EL PASO COUNTY SCHOOL D ISTR IC T NO 11 CL O. C olorado
Springs), C olo.— BOND ELECTION.— Special election has been called
for N ov. 28 to vote upon issuing $195,000 5 % 20-yr. school bonds. This
district includes the city of Colorado Springs.
ELYRIA SCHOOL DISTR IC T (P. O. Elyria), Lorain C ounty, O hio.
___ BOND ELECTION. — At the election to be hold Nov. 4, it is reported, the
people will vote on a proposition to issue $ 1 ,0 0 0 ,0 0 0 school bonds.

$50,006'20-year school bonds, bearing 5% , 5H % or 6 % Interest. Denom.
$1,000. Date N ov. 1 1919.
EMMETT COUNTY (P. O. Petoskey), M ich.— BONDS VOTED.— At
the election held Oct. 6 tho proposition to issue $ 100,000 road bonds carried
by a vote of 1,416 “ for” to 276 “ against-”
EUCLID, C uvahoga C ou n ty, O h io.— BOND ELECTION .— News­
papers report that tho electors on Nov. -1 will vote on the question of issuing
$385,000 street bonds.
EUREKA, H um boldt C ou n ty.C alif.— BONDS DEFETED.
question of issuing $255,000 auditorium, $2 0 ,0 0 0 playground and $ 1 0 0 ,0 0 0
municipal wood-yard 5 % 40-year bonds failed to carry at a recent olection.
The vote east was 841 "for” to 1,092 "against.”
EWING TOW NSHIP SCHOOL DISTRICT (P. O. T ren ton ), Mercer
C ounty, N. J.— BOND SALE.— An Issue of $25,000 5% school bonds,
which was voted by 47 “ for” to 9 “ against" at an election held Oct. i , has
been sold to the Public Schools Support Trustees. Duo In 1937.
FALL RIVER, Bristol C ou n ty, Mass.— BOND SALE.— It is reported
that the 3 issues of 4M % bonds aggregating $490,000 which were offered
without success on March 26 last-—V. 108, p, 1311— have been sold
privately.
FAYETTE COUNTY (P. O. Somerville), T en n .— BONDS VOTED —
Reports state that the $500,006 road bonds mentioned in V. 109, p. 1481
have been voted.
FAYETTEVILLE, Cum berland C oun ty, No. Caro .— BOND OFFER­
ING.— Proposals will bo rocoived until 12 m. Nov. 18 by C. W. Rankin,
City Treasurer, for $200,000 5>4% (coupon or registered) water .street and
bridgo bonds. Donom. $1,000. Dato Nov. 1 1919. Prin.
semi-ann.
int. (M . & N.) at tho Hanover Nat. Bank, N. Y. Due $8,000 y°^rw °.n
Nov. 1 from 1920 to 1944, inch Certified chock on an incorporated bant
or trust company for $1,000, payable to the abovo City Treasurer, required.
Bids must be mado on blank forms furnished by tho City Treasurer. I urchaser to pay accrued interest. The bonds will bo prepared under the
supervision of the United States Mortgago & Trust Co., N. Y ., which will
certify as to tho genuineness of the signatures of the city officials and the
seal impressed thereon. The approving opinion of Caldwoll & Masslich,
N. Y. City, will bo furnished to the purchaser without chargo.
FERGUS COUNTY SCHOOL D ISTR IC T NO. 192 (P. O. Grass
R ange), M ont.— BOND SALE.— W e are informed that the $1,100 school
bonds offered on Oct. 25— V. 109, p. 1542— have been sold.
FIFTH W ARD DRAINAGE DISTR IC T NO. 2 (P. O. M erm entau),
Acadia Parish, I a .— BOND SALE.— On Oct. 9, it is stated, $58,000 5%
26-year dredging bonds were awarded to W. L. Slayton & Co. of Toledo
for $58,100, equal to 100.189.
FLEMING, Logan C ou n ty, C olo.— BOND SALE.— An issuo of $10,000
6 % 15-year water bonds has been sold to the International Trust Co., of
Denver, at 103.88. Other bidders all of Denver were:
, „
Benwell, Phillips, Este & C o-j
j Keeler Bros------------------------- 101.25
flankers Securities C o_______ [103.55 Sidlo, Simons, Fel S C o ______ 101.00
c
Bosworth Chanute & C o------J
I
Bid of 104.03 was also received from J. N. Wright S Co., of Denver, but
c
was not considered.
FLORENCE, Lauderdale C oun ty, Ala.— DESCRIPTION OF BONDS.
— Additional information Is at hand relative to the sale of tho $200,000 5%
school-building bonds awarded on Sept. 9 to J. O. Mayer & Co. at 93
(V. 109, p. 1542). Denom. $1,000. DateOct. 1 1919. Int. J. & J. Due
1939, subject to call on each interest-paying date.
FLORENCE SCHOOL DISTR IC T NO. 2, Frem ont C ou n ty , C olo.—
BOND DESCRIPTION.— Further details .are at hand relative to the sale of
the $100,000 5% building bonds recently awarded to E. 11. Rollins S Sons
c
and the International Trust Co., both of Denver, jointly— V. 109. p. 1291.
Denoins. $1,000 and $500. Date Nov. 1 1919. Int. semi-ann. (M . S N .),
c
payable at the office of the County Treasurer or at Kountze Bros., N. A .
Duo Nov. 1 1939, optional N ov. 1 1934.
FOUNTAIN COUNTY (P. O. C ovivnton), Ind.— BONDS NOT SOLD.
— Tho $21,8-10 4 l % road bonds offered on Oct. 25— V. 109, p. 1542—
A
wore not sold.
FRANKLIN COUNTY (P. O. Brookvillo), In d .— BOND OFFERING.—
Bids for the $10,332 4 U % road bonds which were recently offered without
success (V. 109. p. 1481) will bo received until 2 p. m. Nov. .3 by Chas. K.
Winscott, County Treasurer. Donom. $645 75. Dato Sept. 1 1919.
Int. M . S N. Due $129 50 each six months from M ay 15 1920 to Nov. 15
c
1923 inclusive.
FRAZEYSBU RG, Muskingum C oun ty, O h io.— BOND OFFERING.—
Proposals will he received until 12 m. Nov. 5 by J. H. Schooler, Village
Clerk, it is reported, for $3,700
% 10 1-3-year (aver.) street impt. bonds.
Int. semi-ann. Cert, check for 5% required.
FREDONIA, C h a utauqua C ou n ty, N. Y .— BOND SALE.— Recently
$75 000 street impt. bonds were awarded to Wm. R. Compton C o., of
Now York, at 100.04 for 4.65s. Dato N ov. 1 1919. Int. semi-ann.
Due $7,500 yearly on N ov. 1 from 1920 to 1929, incl.
FREMONT, Sandusky C ounty, O hio.— BOND OFFERING.— F. O.
Klogin, City Auditor, will rocoivo proposals until 12 m. Nov. 3 for $4,000
r.or coupon comfort station bonds. Donom. $200. Duo $200 each six
months from Apr. 1 1921 to Oct. 1 1930, Incl. Cert, check for $300 ro<U
1 Tho’ said Auditor will also recolvo bids until 12 m. Nov. 10 for $50,000
5 % coupon Stillwell Ave. impt. bonds.
Denom. $2,500. Duo $2,500
each six months from April 1 1921 to Oct. 1 1930, Inch
All the above bonds aro dated Oct. 1 1919. Somi-ann. int. (A. S O .),
c
navablo at tho offico of the Sinking Fund Trustees. The certified chocks
must be drawn on a solvent bank, and he payable to tho City Treasurer.
Bonds to bo delivered and paid for within 10 days from dato of award.
Purchaser to pay accrued int.

Nov. 1 1919.]

THE CHRONICLE

1721

FULTON COUNTY^ (P. O. R ochester), In d .— NO BIDS RECEIVED. were awarded to the Wm. R. Compton Co. of N. Y. at 105.20 and intcrest_
■
—There were no bids submitted for tho 6 Issues of 4 )4 % road bonds offered Denom. 50 for SI.000 and 25 for $<00. Date Aug. 1 1919. Principal and
semi-annual interest (F. & A.) payable at the Village Treasurer’s officee •
on Oct. 27.— V. 109, p. 1625.
Due $2,700 yearly on Aug. 1 from 1922 to 1946. inclusive.
GALLATIN COUNTY SCHOOL DISTRICT NO. 76 ( P. O. Boze
HUNTINGTON BEACH, Orange C ou n ty, C alif.— BOND S ALE — On
man), M ont.— BOND SALE.— On Oct. 20 an issue of S3,000 school bonds
Oct. 20 the Lumbermen’s Trust Co. of San Francisco, offering 106.40 and'
was purchased «y the State of Montana.
interest was awarded the $40,000 5)4% gas-distributing-system bonds.
GLIDDEN CONSOLIDATED SCHOOL D ISTRICT (P. O. G lidden ), — V. 109, p. 1542.
Carroll C ounty, la .— BONDS NOT YET SOLI).— The $40,000 school
IBERIA PARISH (P. O. New Iberia), La .— BOND SALE.— On Aug..
bonds voted at the election Sept. 6 — V. 109, p. 1200— have not boon dis­
27. the following two issues of 5% serial bonds were awarded to Graves,
posed of.
Blanchet & Thornburgh, of Toledo, at par and interest.
GOULDS SPECIAL DRAINAGE D ISTRICT NO. 1 (P. O. Miama), $60,000 Road District No. 4 bonds. Date Oct. 1 1917. Int. A . k O.
Dade C ounty, Fla.— BIDS RE.JEDTED.— All bids received for the $52,­
75,000 Road District No. 7 bonds. Date Feb. 1 1918. Int. F. & A .
000 6 % 12 5-G-yr. aver, bonds offered on Oct. 22— V. 109, p. 1542— were
Denom. $500.
rejected. The bonsd will bo rcadvertised.
IDAHO (State o f).— BONDS PURCHASED BY THE STATE.— The
GRAN T COUNTY SCHOOL DISTR IC T NO. 31. W ash.— BOND following 5% building bonds were purchased at par by the State of Idaho
SALE.— On Oct. 17 the $1,200 5 M % % 15-yr. bonds— V. 109. p. 1481
during the threo months ending Sept. 30 1919:
were awarded to the State of Washington at par. Denom. $200. Date
Date
day of sale. Int. ann.
Place—
Amount.
Date.
Maturity.
Sold.
Ada and Canyon Counties. $4,460 Aug. 1 1919 Aug. 1 1939
Aug. 28
C R A N T PARISH ROAD DISTRICT NO. 8 (P. O. C olfax), La.
Aug. 21
BOND SALE.— On Oct. 6 the $210,000 5% 1-30-yr. serial road bonds— V. Bonneville County------------- 10,000 July 15 1919 July 15 1939
Aug. 4
109, p. 1098— were awarded to tho Inter-State Trust & Banking Co. of Bonneville County________ 3,000 M ay 1 1919 M ay 1 1939
Bonneville County_________ 30,000 July 1 1919 July 1 1939
Sep . 25
Now Orleans at 98. Denom. $500. Date Jan. 1 1920. In.t J. & J.
Boundary C ou n ty .............. 8,000 July 1 1919 July 1 1939
Sept. 25
GREAT FALLS, Cascade C ou n ty , M ont.— BONDS VOTED.— On Butte County------------------- 2,000 Sept. 1 1919 Sept. 1 1929 July 31
Aug. 23
Canyon County------T_____ 7,000 Aug. 1 1919 Aug. 1 1939
Oct. 20 the $225,000 waterworks bonds— V. 109. p. 109S— were author
Clearwater County_______ 1,000 Mar. 1 1919 Mar. 1 1921
July 15
ized by a vote o f 265 “ for" to 46 “ against."
Franklin C o u n ty ............. 10.000 June 1 1919 June 1 1939 July 16
GREENE COUNTY (P. O. O atskill). N. Y .— BOND S ALE — An issue Franklin County.................
10,000
June1
1919June 1
of $20,000 5% bonds was recently awarded to the Oatskill Savings Bank Idaho County....................... 2.000 M ay 1 1919 M av 1 1929
July 30
at 104.29. Denom. $1,000. Date Nov. 1 1919.
Due $5,000 yearly on Jefferson County-------------- 5,400 Aug. 1 1919 Aug. 1 1939
Sept. 16
May 1 from 1927 to 19.30 incl.
Jerome C o u n t y ..............
3,000 M ay 1 1919 M ay 1 1939
July 12
Apr.
1939
July 19
n ty....................
GREENFIELD TOW NSHIP SCHOOL DISTR IC T NO. 4, W ayne Jerome C ouo u n ty ............... 3,600 July 1 1919 Apr. 1 1939
C
1 1919 July 1
Sept. 22
C ou n ty, Mich.— BOND SALE.— On Aug. 29 tke $50,000 4*4% 15-year Kootenai County-------------- 1,500
1 1919
8
Kootenai
school bonds, dated July 11 1919 (V. 109. p. 799), were awarded to the Kootenai County-------------- 3,000 July \ 1919 July 1 1939 July 18
6,000 July
July 1 1939
Aug.
Bank of Detroit.
Latah County.............
2,000 July 1 1919 Julv 1 1924 July 22
GREENSBORO, G u ilford C oun ty, No. Caro .— BOND OFFERING
Latah County------------------- 1,750 Sept. 1 1919 Sept. 1 1939
Sept. 23
Reports state that bids will be received until 2.30 p. m. Nov. 15 by O. M . Lemhi County..................... 2.000 Aug. 1 1919 Aug. 1 1935
Aug. 27
Hunt, City Clerk, for $200,000 2-11 year serial street impt... $50,000 23 2-3 Madison County.................. 92,000 July 1 1919 *July 1 1939
Sept. 10
year (aver.) water and $25,000 2-26 year serial sewer bonds at not exceeding Minidoka C o u n ty -----------1,000 July 1 1929 July 1 1929 July 30
Nez Perce County............... 4,000 July 1 1919 July 1 1939 Aug. 4
6 % interest. Int. semi-ann. Cert, check for 2% , required.
G R IFFITH . Lake C ou n ty, Ind .— BOND OFFERING.- Trope sals will Nez Perce County------------ 2,000 July 1 1919 July 1 1939 Aug. 4
1 1919
be received until 8 p. m. N ov. 7 by I*. C. Taggart, Town O.erk. for *26 (Km Payette County----------------- 65,000 July 1 1919 *July 1 1939 Aug. 26 *
10.000
1 1934
Sept. 10
5% water-works bonds. Denom. $500. Date Oct. 15 1910. In*. J. & J- Shoshone County--------------- 10,000 Aug. 1 1919 Aug. 1 1939 Sept. 26
Shoshone County--------------July
Due each six months as follows: $500 July 15 1920. $1,000 .Tan. 15 1921, Washington C o u n ty --------- 2,800 Dec. 11918 July 1 1938 July 8
Dec.
$2,000 July 15 1921 to July 15 1926, Inclusive, and $2,500 Jan. 15 192/.
* Optional in ten years.
GROSSE POINTE, W ayne C oun ty, M ich.— BOND SALE.— On
(State o f).— NOTE OFFERING.— Proposals will be received
Aug. 5 Whittlesey. McLean & C o., of Detroit, were awarded at 103.20 an
issue o f $25,000 4 44% park bonds. Denom. $1,000. Date Aug. 1 1919. Hrrnnr,nV,' ^ by John W. Eagleson, State Treasurer (P. O. Boise), for •
$650,000 1 year treasury notes at not exceeding 5 H % interest. Denom.
Int. J. & D. Due Aug. 1 1949.
to suit purchaser. Int. seini-ann. Certified check for 2% required.
HAGERSTOW N, W ashington C ou n ty, Md.— BOND OFFERING.—
IMPERIAL IR R IG A TIO N D IST R IC T (P. O. El C en tro), Imperial
It is reported that Wm. Logan, Tax Collector, will receive proposals until
^ u n t y , C a lif.— BONDS AW ARDED IN PART.—O t the $2,500,000
12 m. N ov. 20 for $270,000 coupon sewerage bonds.
bpnds offered ,.i <ct. 21 (V. 109. p. 1385), $1,500,000 bonds were
HALCOTT (P. O. C atskill), G reene C ou n ty, N. Y .— BOND OFFER­ awaraca on that day to a syndicate composed of the Anglo & London
.
ING.— W. D. Griffin, Town Supervisor, will receive proposals until 11 a. m. Aiir^ J: ? tlonal Bank. Blankenhorn-IIunter-Dulin C o .f and Bond & Goodwin
Nov. 3 , it is stated, for $2,000 stone crusher bonds. Denom. $500. Date at 95.15 and interest.
N ov. 1 1919.
M ontgom ery C ou n ty , K ans.— BOND ELECTION
HAMILTON, Butler C oun ty, O hio.— BOND SALE.— On Oct. 28 I ROI OSED.— An election is to be called to vote $500,000 school bonds.
the Tissues of 5% 1-10 year serial spocial assessment bonds, dated Aug. 1
INDIANAPOLIS, In d .— TEMPORARY L O A N — On Oct. 22 a tem­
1919. aggregating $61,991— V. 109, p. 1481— were awarded to the Ilamporary loan of $.520,000, dated Oct. 23 1919 and maturing $270,000 June 23
ilson Clearing llouso at par and interest.
1919 and $250,000 Dec. 23 1919, was awarded to the Union Trust Co. of
HAMILTON COUNTY (P. O. C in cin n ati), O hio.— BOND SALE.— Indianapolis on a 5)4% interest basis.
On Oct. 24 the eight issues of 4)4% road bonds, aggregating $648,500
IRW IN, W estm oreland C ou n ty , Pa .— BOND ELECTION.— A propo­
(V. 109, p. 1481), wereawarded to the National City Co. and Harris, Forbes
sition to issue $35,000 paving bonds will be placed on the ballot for the
k C o., of Now York, and Hayden, Miller k C o., of Cleveland.
election on N ov. 4, it is reported.
HANFORD UNION HIGH SCHOOL DISTRICT (P. O. H anford),
JACKSON PARISH (P. O. J on esb oro), L a.— BOND OFFERING.---Kings C ounty, Calif.— BOND ELECTION.— On Nov. 12 the people
Reports state that bids will be received at once by the President o f the Parish
will vote on a proposition to issue $350,000 bonds it is reported.
School Board for $45,000 5% school bonds. Denom. $500. Date Oct. 1
HARDIN COUNTY (P. O. K en ton ), O h io.— BOND SALE.— On 1919. Certified check for 1 )4 % of the amount of bonds bid for, required.
Oct. 23 tho $27,000 5% 1-4-year serial pike bonds, dated Oct. 23 1919
JACKSON UNION SCHOOL D IST R IC T (P. O. Jackson), Jackson
(V. 109, p. 1542), were awarded to tho Liberty Bank, o f Ada.
C oun ty, M ich.— BOND SALE.— An Issue of $100,000 5% 13-18 year
HARLEM CONSOLIDATED SCHOOL DISTRICT (P. O. Harlem), serial school bonds was recently purchased, it is stated, by Whittlesey,
W innebago C ounty, III.— BOND SALE.— The $35,000 building bonds McLean & Co., of Detroit. Date Aug. 15 1919. Due yearly as follows::
recently voted (V. 109. p. 1385) have been sold.
$3,000, 1932: $5,000, 1933 and 1934; $7,000, 1935; $55,000, 1936 and
HARPERSBURG TOW NSHIP SCHOOL D ISTR IC T, A shtabula $25,000, 1937.
C ou n ty, O h io.— BOND ELECTION.— On Nov. 4 the voters will pass on a
JENNINGS, Jefferson Davis Parish, La.— BOND ELECTION.— An
proposition to issue $75,000 20-year site and building bonds.
election will bo held during November to vote on the question of issuing the
$250,000 school bonds.— V. 109, p. 1625.
HAW THORNE SCHOOL DISTR IC T (P. O. N orth Paterson),
Passaic C oun ty, N. J.— BOND SALE.— On Sept. 23 the issue of 5%
JEFFERSON COUNTY (P. O. M adison), Ind.— BOND SALE.—
2-29-year serial coupon school bonds was awarded to Outwater k Wells, of On Oct. 22 tho $13,720 4)4% 2-11 yr. serial road bonds— V. 109, p. 1542—
Jersey City, at 100.17 for $85,000 bonds.
were awarded to tho Madison Safe Deposit & Trust Co. of Madison, at par
HEALDSBURG, Sonom a C oun ty, C alif.— AT ACTION YET TAKEN and interest.
0
— J. W. Hillhouse, City Clerk, advises us that no action hasy et been taken
JEFFERSON COUNTY (P. O. B oulder), M ont.— BOND SALE —
looking towards the issuance o f the $2 0 ,0 0 0 park bonds defeated at the According to reports, on Oct. 27 the Wells-Dickey C o., of Minneapolis,
election Sept. 10 (V. 109, p. 1292). He further states that he does not " ’as awarded at 100.25, tho $100,000 5)4% 11-20 year (opt.) road bonds
believe any effort will be made to vote the park bonds again.
offered on that date (V. 109, p. 1292).
HENDRICKS COUNTY (P. O. Danville), Ind.— BOND OFFERING.— , . J |,FFi R S pN c o u NTY INDEPENDENT SCHOOL D IST R IC T NO.
Proposals will be received until 10:15 a. m. Nov. 10 by Allen J. Wilson, J* (P- O. R in gh n g), O kla.— BOND SALE.— Geo. W. k J. E. Piersol of
County Treasurer, for $23,500 4 y>% Arthur M . Davis et al. Liberty Town­ Oklahoma City have been awarded $25,000 6 % bonds. Denom. $500.
ship bonds. Denom. $1,175. Date Sept. 15 1919. Int. M . & N. Due Date Sept. 1 1919. Prin. and semi-ann. int. (J. & J.) payable at the Okla­
$1,175 each six months from M ay 15 1921 to N ov. 15 1930, inclusive.
homa Fiscal Agency in New York City, N. Y . Due Sept. 1 1939.
HENSLEY SCHOOL TOW NSHIP (P. O. F ranklin). Johnson
JERSEY C IT Y , H udson C oun ty, N. J .— BOND SALE.— The Harris
C ou n ty, Ind.— i’.OND OFFERING.— It is reported that M . M . Pitcher, Trust & Savings Bank of Chicago, has purchased and is now offering to
Twp. Trustee, will receive bids until 2 p. m. Nov. 17 for $6,500 5% 10-yr. investors at a prico to yield 4.60%, $2,151,000 5% tax-free gold coupon
serial school bonds.
(with privilege of registration) municipal bonds. Denom. $1,000. Date
HILL COUNTY COMMON SCHOOL DISTR IC T NO. 6 8 , Tex.— Oct. 1 1919. Prin. and semi-ann. int. (A. k O.) payable at the City Trea­
on Aug. 1 as follows: SI 1,000 1922; $108,000,­
BONDS REGISTERED.— An issue o f $6,000 5% 5-20 year school bonds was surer s office. Duo yrly. $1,652,000,, 1925.
1923; $380,000, 1924; and
registered with tho State Comptroller on Oct. 15.
Financial Statement.
HOLGATE, H enry C ou n ty, O h io.— BOND SALE.— On Oct. 21 Assessed valuation for taxation___________________________
$326 492 815
$5,038 76 6 % refunding bonds were awarded to Durfee, Niles k Co. of Total funded debt, including this issue__________ $34,059,693*
’
’
Toledo for $5,398 76 (107.144) and interest. Denom. 9 for $500 and 1 for Less water debt.................................. $12,332,254
$538 76. Date Sept. 1 1919. Int. Sept. 1. Due one bond yearly from Less sinking fund--------------------------- 4,734,692 17,066,946
1928 to 1937, incl.
Net bonded debt____________ ______ ________________________ 16,992,747
Population, 1915 Census, 270,903; present, estimated, 300,000.
HOMACHITTO SWAMP LAND DISTRICT, Miss.— BOND SALE.—
On Oct. 6 Englo k I.aub, of Natchoz, were awarded $5,000 6 % bonds at
JOHNSON C IT Y UNION FREE SCHOOL DISTR IC T NO. 11 (P. O.
Joh n son C ity), Broome C ou n ty , N. Y .— BOND SALE.— According to
100.21. Denom. $500. Int. annually. Duo $500 yearly.
HOPKINS COUNTY LEVEE IMPROVEMENT DISTR IC T NO. 2, reports an issue of $30,000 5% school bonds has been sold.
Tex.— BOND SALE.— Recently the Thels k Diestelkamp Investment Co.
KARNES COUNTY COMMON SCHOOL DISTR IC T NO. 16, T ex.—
of St. Louis purchased $50,000 0% levee impt. bonds. Denom. $500. Date BONDS REGISTERED.— Wo aro advised that an issue of $5,000 5% 10-20
Aug. 1 1919. Int. F. & A. Duo yearly from 1921 to 1949, incl.
year school bonds was registered with the State Comptroller on Oct. 17.
V, O r , *TTC A n, d F.■\.STEr>M R O A ’-' DIST^U '"'T \ - k __’> Tr) SALE. _ £ A U F M A N COUNTY (P. O .K aufm an), T bx.— BONDS REGISTERED.
o\
— n-< />,./
s/ :i
stated, that M . W. Elkins o f Little Rock purchased
^tate Comptroller registered $100,000 6 % serialjevoe impt. bonds on
$450,700 road bonds.
HOUSTON, Tex.— BOND SALE.— The $150,000 street bonds offered
.K A Y C O U N T Y (P . O . N e w k irk ), O k la .— BONDS D E F E A T E D —
without success on Oct. 20 (V. 109, p. 1625) have been sold to the City held Oct °7 S 1 ’ 5 0 0 ' 0 0 0 road bonds was decisively defeated at an election
Sinking Fund.
HOW ARD COUNTY (P. O. K okom o), Ind .— BOND SALE.— Tho
T e n n .— BOND OFFERING.— Bids will be received until
$3,500 4)4% 1-10-year serial road bonds, dated Oct. 7 1919, offered on
4 by J. L. Greer, City Treasurer and Recorder, for $200,000
Oct. 20— V. 109, p. 1542— have been sold.
COTt?fied chock ^or *2 % required ^onds’ lt Is stated’ Interest semi-annual.
"
HUBBARD, Trum bull C ounty, O h io.— CORRECTION.— On Oct. 6
the 5 issues or 6 % 1-5-year serial street bonds, aggregating $31,051 47 (not
Lio ra i” C o u n t y , O h io .— BOND OFFERING.— Pro$305,117 as reported in V. 109. p. 1481) and the $7,136 97 6 % 1-10-year
! n ” i^rr^''iT 1
$20,000
serial street bonds were awarded to Seasongood k Mayer of Cincinnati 5 ^ r o imTn. b,\t ‘I j shtn g 12 m - N,ov' 20 by tho Village Clerk for Sept. 15
1910
*2^®“ bonds. Denom. $500. Date
for $78,416 44 (100.597) and interest.
Cert
r D u 0 ?50° yearIy on M ay 1 from 1923 to 1962 incl.
o
HUDSON, Summit C ou n ty, O h io.— BOND SALE.— On Oct. 21 the ^ "a su rer remnv3nh° ° n am. u? t of bonds bid for, payable to the Village
' Uoncl's u> bu delivered and paid for within 1 0 days
$2,500 5)4% Main St. impt. bonds—V. 109, p. 14$ 1— were awarded to from nZ'
°In,
V Purchaser to pay accrued interest.
.
8 tacy & Braun of Toledo at 101.9028 and interest.
Due $1,500 Oct. 15
a like amount of bonds was offered on Oct. 8— V. 109. p. 1386.
1930 and $1,000 Oct. 15 1931.
(P\ ° ’ W aukegan ), III.— BOND ELECTION.— OnHUDSON FALLS, W ashington C ou n ty, N. Y .— BOND SALE— On N<h*^Gie^£mi?rTY n
Oct. 29 the $67,500 5% gold registered paving bonds (V. 109, p. 1625), 1 it K r e p o r te d !^ ra W,U vote on tho Question of Issuing $ 1 ,0 0 0 .0 0 0 road bonds,.




1939July 16

LAKE ST. PETER DRAINAGE DISTRICT (P. O. St. Joseoh ),
T e n sa s Parish. La.— BOND OFFERING.— Further details are at hand
relative to the offering on Nov. 6 o f the $126,000 5% 1-30-year serial bonds
(V. 109. p. 1626). Prooosals for these bonds will be received until 10 a. m.
on that day by F. H. Curry, Chairman. Denoms. S!00 and $500. Date
Oct. I 1919. Int. A. A O. Certified check for $5,000, payable to the
District Treasurer, required.
LAUDERDALE COUNTY SUPERVISORS DISTR IC T NO. 3 (P. O.
M eridian), Miss.— B O N D O F F E R IN G .— On N ov. 6 $75,000 road bonds
will be offered for sale. W . R. Pistol is Chancery Clerk.
LENOIR COUNTY (P. O. K inston ), N. C .— BOND OFFERING.—
Pealed bids will be received until 11a. m. N ov. 10 by J. H. Dawson, Co.
Tre&s., for $600,000 5% road-impt. bonds. Denom. $1,000- Date June 1
1919. Prin. and semi-ann. int. (J. A D.) at the National Bank of Com­
merce. N. Y . Due $150,000 June 1 1924, $40,000 yearly on June from
1925 to 1929. inel., and $50,000 yearly on June 1 from 1930 to 1934, incl.
Cert, check for 2% of the amount of bonds bid for required. Purchaser to
pay accrued int. The bonds will be printed under the supervision of the
IT. S. Mortgage & Trust Co. of N. Y ., which will certify as to the genuine­
ness o f the signatures and seal thereof and the approving opinion of Messrs.
Reed. McCooke & Hoyt o f N. Y . City, that the bonds are valid obligations,
will be furnished purchaser. A similar issue of bonds was otferod on Oct. 6 .
— V. 109. p. 1292.
.
LICKING CO U N T Y (P. O. N e w a r k ) . Ohio . —

BOND

O F F E R IN G .—

J. S. Mason, Chrk Board of County Commissioners, will receive bids
until 12 m. Nov. 12 for $51,000 5% Bridge and Pike deficit bonds. Denom.
$1,000. Date Oct. 21 1919. Int. semi-ann. Due $3,000 Oct. 1, 192.3: and
*6.000 on April 1 and Oct. 1, in each o f the years, from 1924 to 1927. incl.
Cert, check for 5% of amount of bonds bid for, payable to the County Trea­
surer, required. Purchaser to pay accrued interest.
LILLING TO N H IGH SCHOOL D IST R ICT (P. O. L illingtoni,
H arnett County, No. Caro . — B O N D O F F E R I N G . — According to reports,

bids will be received until 12 m. Nov. 10 by B. P. Gentrv, Clerk, Board
o f Public Instruction for $15,000 6 % 20-year school bonds.
LILLING TO N T O W N SH IP (P. O. Lillingtonl, Harnett C ounty,
N o. Caro.— B O N D O F F E R I N G . — ! . W. Halford. Chairman of Twp.

Commissioners, will receive bids, it is stated, until 12 m. Nov. 10 for $15.■090 6 % 20-year road bonds. Date Jan. 1 1920.
LINCOLN

[V ol . 109.

THE CHRONICLE

1722

COUNTY

(P.

O.

Tracy),

Mo. —

BONDS

V O T E D .— On

Oct. 21 the $800,000 5
% 20-year inapt, bonds— V. 109, p. 1542— were
-authorized, it is stated.
LINN CO U N T Y (P. O. Albany). O r ' . — B O N D S A L E . — O n Oct. 11 the
$100,000 5 % 5-vear road bonds, dated Oct. 1 1919 (V'. 109. p. 1292), were
awarded to the First Savings Bank of Albany at 100.70 and interest. Other
bidders were:
T u o First Savings Bank, A lban v....................8100.700 and accrued int.
J. W. Cusiek A Co., banker*, Albany_______ $100,300
The First National Bank, Albany__________ $100,000 and accrued int. less
$470 for pr'nting bonds and
other expenses.
■Ralph Schnecloch C o., Portland____________ $100,‘UH and accrued int.
Merchants Trust A Sav. Bank, St. Paul_____$100,000 and accrued int. less
$500 for printing bonds and
other expenses.
The National City C o., New York__ __ ...$100,360 and accrued int.
$ 1 0 0 ,0 0 0 and accrued int. and
•Carstens A Earles, Inc., Seattle______ f(l)
! 0 0 lithographed bonds; or
I (2 ) $100,160 arid accrued int.
■Continental A Com’l Trust A Sav. Bank___ $100,101 and accrude int
Lumbermen’s Trust C o., Portland_________ 1
Morris Bros., Inc., Portland_______________'8100.105 and accrued int.
LITTLE RIVER COUNTY ROAD IMPROVEMENT DISTRICT
NO. 8 , Ark.— B N SALE.— An issue o f $225,000 5% road bonds was
OD
recently purchased by the Wm. R. Compton Co. of St. Louis. Denom.
$1,000. Date July 1 1919. .Principal and semi-annual interest (F. A A.)
payable at the St. Louis Union Trust Co.. St. Louis. Due yearly on Aug. 1
from 1924 to 1944. Inclusive.
LOGAN COU N TY SCHOOL D ISTR IC T NO. 69, C olo.— BOND SALE.
— An issue of $15,000 5 H % 15-30-year (opt.) school bonds has been sold
to Benwell, Phillips, Este A C o., of Denver, at 100.61.
LOGAN TOW NSHIP fP. O. B u cklan d), A nglaize C oun ty, O h io.—
BO N D SALE. — On Oct. 23 two issues of 5% 1-5 yr. serial road bonds,
aggregating $19,900, were awarded, it is stated, to the Peoples National
Bank o f AVapakoneta, at par. Int. payable Mar. & Sept.
LONDON, M adison C oun ty, O h io.— BOND OFFERING.— !. W. Byers,
Village Clerk, will receive proposals until 12 m. Nov. 1 for the following
street impt. bonds:
,
_
,,
,
, .
32,500 6 % No. Main St. (village s share) bonds. Duo 14 years from date.
Cert, check for $125 required.
45 500 5 *4% coupon Center St. (villages share) bonds. Due $2,500 each
six months from Mar. 1 1921 to Sept. 1 1929. Inch and $500 Mar. 1
1930. Cert, check for 5% of amount of bonds bid for, roquirod.
7.500
coupon Center St. (assessment) bonds. Due $2,500 on Mar. 1
1930, Sept. 1 1930 and Mar. 1 1931. Cert, check for 5% of amount
of bonds bid for, required.
.
Date day of sale. Prin. and ann. int. payable at tho Village Treasurer s
•fffce. Cert, cheeks shall be made payable to “ The Village of London.
PureJiaser to pay accrued interest.
LONG BEACH, Nassau C oun ty, N. Y .— BONDS VOTED.— The people
hare voted to issue $2 2 0 ,0 0 0 water-supply bonds, it is reported.
LUFKIN. Angelina C oun ty, Tex.— B O N D E L E C T I O N — A t an
•lection to be held N or. 19 $50,000 sewer and .$100,000 street impt. bonds
will be voted upon. L. Mitchell Is City Manager.
LYNDEN, W hatcom C ou n ty, W ash.— BONDS VOTED.— By a rote
• f i l l to 5 tho question of issuing 3 5 , 0 0 0 paving bonds earned at an election
Oot. 15.
McKINLEY COUNTY <P. O. G allu p), N. Mex.— BOND OFFERING.—
David O. Garclo, Connt.y Treasurer, will receive bids until Dec. > for th
fallowing 6 % 10-30 (opt.) school bonds.
$4,000 County School District No. 16 bonds.
5.500 County School District No. 9 bonds.
Cert, check for $500 required for each Issue hid upon.
MADISON COUNTY (P. O. A nderson), Ind .— N O BIDS.— No bids
wore submitted for tho $62,200 and $58,800
road bonds offered on
Oot. 18 (V. 109. p. 1386).
MADISON, Lake C oun ty. So. Dak.— BOND SALE.— ' il Oct. 27
O
Bolger. Mossor A Willaman of Chicago were awarded the $2o,000 o% water­
works bonds— V. 109, p. 1626— at 100.10. Denom. $500. Date Nov. 1
1919. Int. M . A N . Due Nov. 1 1939.
MADISON COUNTY (P. O. M arshall), No. C aro.— BONDS VOTED.—
Thti issuance of $25,000 (5% 30-year Township No. 2 road bonds, carried
at an election held Oct. 4.
MADISON RURAL SCHOOL DISTR IC T (P. O. M adison), Lake
C ou n ty, O h io.— BOND SALE. — During October the $64.39o 5 ' . %
2-26-year serial coupon school bonds dated Oct. 1 1010— \ . 100. D. 100wore awarded to the Detroit Trust Co. for $60,535. «'iua1 to 10>.40.

MANATEE RIVER BAY AND GULF SPECIAL ROAD AND BRIDGE
D IS T R IC T (P. O. Bradentown). Manatee C ounty, Fla. L O i \ l J
■OFFERING.— ! . W. Ponder, Chairman of Board of County Supervisors,
will receive bids until 10 a. m. Nov. 24 for $125,000 6 % 30-year bonds.
Denom. 51.000. Date June 1 1919. Int. J. & D. Certified check for
-11.000. payable to Wm. M . Taylor. Clerk of Circuit Court, required.
MANSFIELD, Richland C ounty, O hio. — BOND OFFERING.—City
Auditor C. E. Rhoads will receive bids until 12 ni. Nov. 4. it Is stated, for
$6,600 5 !i% 7 5-6-year (average) water-main bonds. Interest semi-annual.
•Certified check for 2 % required.
MARION, Marion County, O hio.— BOND OFFERING.— FVank W .
'•JVeb-’T, City Auditor, will receive bids until 12 tn. Nov. o for $10,000 oM %




park bonds. Donom. $500. Date March 1 1919. Int. M . & S. Due
$500 each six months from March 1 1921 to Sept. 1 1930, inclusive. Certi­
fied chock for $200, payable to the City Treasurer required. Purchaser to
pay accrued interest.
.
,_
T.
-ir
A like amount of bonds was offered and reported sold on July 29— v .
109, p. 505.
MARION COUNTY (P. O. Indianapolis), In d .— BOND OFFERING.
— Ed. G. Sourbier, County Treasurer, will receive bids unitl 10 a. m. Nov. 10
for the following 4 H % road bonds:
„ . . A
$89,000 Oscar Lee et al Center Twp. bonds. Denoms. $690., Due $3,450
each six months from M ay 15 1921 to Nov. 15 1930, incl.
6 8 000 A. L. Wisby et al Wayne Twp. bonds. Denom. $680. Due $3,400
each six months from M ay 15 1921 to Nov. 15 1930, incl.
11,600 Walter E. Smith et al Wayne Twp. bonds. Donom. $580. Due
•S5S0 each six months from M ay 15 1921 to Nov. 15 1930, incl.
Int. M . & N.
MARION SCHOOL D ISTRICT (P. O. M arion). Marion C ou n ty,
O h io.— BOND ELECTION.— At the regular election N ov. 4 a proposition
to issue $250,000 school building bonds will be submitted, it Is reported.
MARLIN, Falls C ou n ty, T ex.— BONDS VOTED.— An issue of $14,000
fire station and $26,000 firo equipment 5% 10-40 yr. (opt.) coupon bonds
were recently voted. Denom. $500. Date Oct. 1 1919. Int. (A. & O.) In
Marlin or at the Mechanics and Metals Natl. Bank, N. Y . Bonded debt
(incl. this issue), $182,000. Sinking fund. $24,983. Assess, val 1919,
$4,000,000 State and County tax rate (per $1,000), $21.70. Total tax rate
(per $1,000). $41.20.
•
MARS H ILL. Madison C ounty, N. C .— BOND OFFERTYO.— J . P .
Smith. Town Clerk, will receive proposals until Nov. 8 for $10,000 5 At /
o
improvement bonds. Denom. $1,000 to $50. Date N ov. 15 191J
Due N ov. 15 1929.
M ATAG O R D A C O U N T Y LEVEE IMPROVEMENT D IST R ICT NO. 1,
Tex. — BONDS REGISTERED.— This district registered $150,000 6 % bonds

with the State Comptroller on Oct. 16.
M ATAG O R D A

COUNTY

ROAD

D IST R ICT

NO. 8 (P. O. Bay

C ity). Tex.— BOND OFFERING.— Amos Lee, County Auditor, will re­
ceive bids until 1 p. in. Nov. 10 for $25,000 road bouds. Cert, check Tor
$1,000 payable to John F. Perry Co.. Judgo, required.
M ATTOON TO W N SH IP

(P. O. M altoon), Coles County, 111.—

BOND SALE.— 'Tho Hanchett Bond Co. of Chicago recently purchased,
and is now offering to investors at a price to yield 4.60% . $2 0 ,0 0 0 •>% taxfree road bonds. Denom. $1,000. Date Aug. 1 1919. I rin. and semian Int (J. A J.), payable at the Continental A Commercial National Bank
of Chicago. Due Ju'ly 1 1921. Total bonded debt, $136,000. Assessed
value. $2,903,977.
MENARD C O U N T Y (P. O. Menard), Tex.— BONDS DEFEATED.—
The Issuance of $150,000 Precinct No. 1 bonds was defeated at the election
held Oct. 11 (V. 109. p. 1386).
MIDDLESEX

BO R O U G H

SCH OOL

D IST R IC T

(P.

O.

Bound

Brook), Middlesex C ounty. N. J .— BOND SALE.— On Oct. 24 the issue
of 5% 12*4 yr. (aver.) school bonds (V. 109, p. 1542) was awarded to the
New Jersey Fidelity Plate Glass Insurance Co. of Newark, for $47,Jot)
(100.531) and interest, for $47,000 bonds.
M ILTON, Norfolk C ounty, Mass.— BOND OFFEE ING .—
“Proposals
will ho received until 4 p. m. Nov. 6 by J. Porter Holmes, Town Treasurer,
for $23,500 4 H % coupon tax-free tuberculosis hospital bonds. Denom.
23 for $1,000 and 1 for $500. Date Nov. 1 1919 Prin. and semi-aim. int.
(M . & N.) payable at the First National Bank of Boston. Due $o,0UU
yrlv. on Nov. I from 1920 to 1923, incl.; and $3,500 Nov. 1 1924.
These bonds are engraved under the supervision of and certified as to
genuineness by Tho First National Bank of Boston; their legality wm bo
approved by Ropes, Gray. Boyden & Perkins, whose opinion will be fur­
nished the purchaser. All legal papers incident to this issue will be filed
with said bank where they may be inspected at any time.
Bonds will be delivered to the purchaser on or about Nov. 11 at tne first
National Bank of Boston.
MINERAL C O U N T Y (P. O. Superior), M ont.— BOND OFFERING —
John McMillan, Co. Clerk, will roccive bids until 2.30 p. m. T>ee. 10 rot*
$40,009 5H % 15-20 yr. (opt.) coupon court house bonds. Denom. $1,000.
Date Oct. "l 1919. Int. payable at tho Natl. Bank of Commerce, N . Y .
Cert, cheek for $1,000 payable to the County Treasurer required.. Bonded
debt (incl. this issue) $128,000. Floating debt, $57,000. Sinking fund,
$2,835.
MINNEAPOLIS, M inn.— BOND OFFERING.— Proposals will be re­
ceived until 3 p. m. Nov. 12 by Dan C . Bro n. City Comptroller, for tho
following 5 % bonds.
$450,000 Board of Education Funding bonds. Due yearly on N ov. 1 as
follows: $50,000 1920. $100,000 1921 to 1924 incl.
100,000 Main Sewer bonds. Due Nov. 1 1949.
, .
Denoms. $50, $100. $500 and $1,000 as purchaser thereof may desire.
Date Nov. 1 1919. Prin. and semi-ann. int. payable at the Fiscal Agency
of the City of Minneapolis in New York City. N. Y., or at the office of the
City Treasurer. Cert. check for 2% of tho amount of bonds hid for payable
C. A. Blooinquist, City Treasurer, required. No bid will be received for
sum less than 95% and interest. Bonds will be delivered to the purchaser
thereof at the offico of the City Comptroller, or elsewhere in tho United
States, at. option of purchaser.
M ITCHELL, Davison C ounty, So. Dak.— BOND OFFERING — Sealed
bids will be received until 8 p. m. Nov. 24 by Thomas Eastcott, City
Auditor, for tho $100,000 auditorium and $25,000 fire-station 10-20-year
(opt.) bonds at not exceeding 5% interest, recently veted (V. 109, p. 1201).
Denom. $1,000. Date Jan. 1 1920. Certified check for 2% required.
MITCHELL

SCHOOL

D IST R IC T .

Stanislaus

C ounty,

C alif.—

BOND SALE.— On Oct. 14 the $11,000 5% 3 to 13-yr. serial bldg, bonds—
V. 109, n. 1482— were awarded to the Lumberman’s Trust Co. of Portland
at 100.43 and int. Denom. $500. Date Oot. 14 1919. Int, A. A O .
MONONA C O U N T Y (P. O. Onawa), Iowa.— BOND SALE.— On
Sept. 2 the Bankers Mortgage Co. of Des Moines was awarded $65,000 6 %
2-15 year road and bridge funding bonds for $65,175 equal to 100.269.
Denom. $1,000. Date Sept. 2 1919. Int. semi-ann.
MONROE C O U N T Y (P. O. Paris). Mo.— BONDS DEFEATED.—
On Oct. 14 the $1,000,000 road bonds— V. 109, p. 1293— were defeated.
M O N TG O M ER Y C O U N T Y (P. O. Crawfordsvillo), In d .— NO BIDS.
__There wero no bidders for the $15,680 4H % road bonds offered on Oct. 25.
— V. 109. p. 1542.
M ORGAN C O U N T Y (P. O. McConnellsvillo), O hio.— BOND SALE.
__On Oct. 9 $27,000 5% road bonds were purchased by the Stato Industrial
Commission of Ohio, at par and interest. DenOm. $1,500. Date N or. I
1919. Int. M . A N . Due from 1920 to 1928, Incl.
M O RRIS, Okmulgee C ounty, Okla. — BOND SALE.— Tho $60,000
6 % sewer bonds offered on Scot. 22— V. 109, p. 1201— wero awarded on
that day to the First National Bank of Okmulgee at 103 and int. Duo Juno
30 1944.
MT. VER N O N , W estchester County, N. Y . — BOND SALE.— On Oct.
23 the 3 issues of 4 4£ % registered school bonds, aggregating $35,000 (V . 109,
p 1543) were awardod to the National City Co., of New York, for $135,­
492.84 (100.357) and interest.
MOUNT VERNON SPECIAL ROAD D IS T R IC T (P. O. Mount Ver­

non), Lawrence County, Mo.— DESCRIPTION OF BONDS.— The
$36,000 5 '•2 % road bonds awarded during June to 8 tif"l-N‘colaus Invest­
ment Co. of St. Louis— V. 109, p. 197— are in donom. of $1,000 and are
dated Sept. 1 1919. Int. M . A S. Due yearly on March 1 as follows:
$1,009. 1921 to 1926. incl.. and $1,000, 1927 to 1931. incl.
MUNDEN, R epublic C oun ty, K a iu .— BONDS AUTHOR!/ED — The
“ Topeka Capital of Oct. 18 states tho Mayer ami the City Council have
passed an ordinance authorizing the issuance of $4 , 0 0 0 water-works-sys'em
improvement bonds.
M URPHY, Cherokee County, No. Caro.— BOND SALE.— C. N.
M alone A Co., bidding 101.32. were awarded the $25,000 6 % s>rial llghtDlant bonds offered on Oct. 28 (V. 109, p. 1388). Denom $500. Date
Nov. 1 1919. Int. M . A N.
MUSSELSHELL C O U N T Y (P. O. Roundup), M ont.— BOND ELEC­
TION.— On Jan. 13 an olection will bo held to vote on the lssuanca of the
$300,090 5M % 16-20 year (opt.) road bonds mentioned in V. 109. p. 1182.

N ov. 1 1919.]

THE CHRONICLE

NACOGDOCHES COUNTY (P. O. N acogdoch es), Tea.-—BOND
SALE.— On Oct. 23 the $800,000 5 A % 1-30 year serial special road bonds
— V. 109, p. 1543— were awarded to the National City Co. at 102.55 and
int.
NASH C O U N T Y (P. O. Nashville), N. C . — BOND OFFERING.— It is
reported that L. S. Inscoe, Supt. of County Board of Education, will receive
bids until 11 a. m. N ov. 22 for $20,000 1-20 yr. serial school bonds, at not
to exceed 6 % .
NASHVILLE VILLAGE SCHOOL D ISTR IC T (P. O. Nashville),
Holmes C ou n ty, O h io.— BOND OFFERING.— Will F. Crow, Clerk Board
of Education, will receive proposals until 6 pi. m. N ov. 14 for $7,700 5 A %
coupon school bonds. Denom. $550. Interest semi-annual. Due $550
each six months from March 15 1921 to Sept. 15 1927, inclusive. Certified
check for 2% of amount o f bonds bid for, required. Purchaser to pay
accrued interest.
NEBRASKA C IT Y, Otoe C ou n ty, N eb.— BOND ELECTION.— On
Nov. 4 an election will be held to vbte on the issuance of 5-20-year (opt.)
sewerage-system bonds not to exceed $52,487. The bonds are to draw
interest at not more than 5 H % . Denom. $1,000. Interest semi-annual,
payable at the fiscal agency of Nebraska City at the office of tne County
Treasurer.
NEW CASTLE SCHOOL D ISTRICT (P. O. New Castle), C oshoc­
ton C oun ty, O h io.— BOND ELECTION.— On N ov. 4 a proposition to
issue $ 1 ,0 0 0 ,0 0 0 school bonds will bo voted upon, according to reports.
NEW HAMPSHIRE (State o f).— BOND OFFERING.— J. W . Plummer,
State Treasurer, will receive bids until 11 a. m. Nov. 12 for $1,500,000
4 A % war bonds of 1919. Date Dec. 1 1919. Duo $700,000.Dec. 1 1923
and $800,000 Dec. 1 1925.
NEW M EXICO (State o f).— DEBENTURE SALE.— On Oct. 28 the
$300,000 6 % 2-year road debentures, dated July 1 1919— V. 109, p. 1293—
were awarded to the Brown-Crummer Co. of Wichita at 100.70 and interest.

1723

PALMERTON (Carbon County), Pa. — NO BIDS.— No bids were re­
ceived for the two issues of tax-free Delaware Ave. improvement bond'
aggregating $72,000, offered on Oct. 14 (V. 109, p. 1387).
PALO VERDE JO IN T LEVEE D IST R IC T , Riverside and Imperial

Counties, Calif.— BOND SALE.— On Oct. 22 the $S®0,000 6 A 7c 19Hyear (average) bonds (V. 109, p. 1387) were awarded to J. R. Mason A Ce.
and McDonnell A C o., of San Francisco.
^PASCAGOULA, Jackson C ou n ty , Miss.— BOND SALE.— On Oct. 1 #
$75,000 6 % wharf construction bonds were awarded to A. T . Bell A Co.,
of Toledo, for $77,483 (103.31) and blank bonds. Denom. $500. Date
Nov. 1 1919. Int. M . & N. Due yearly on Nov. 1 from 1920 to 1938,
incl.
PATTERSON C ON SOLIDATED~m DEPEN DEN T“ SCH OOL~DIs"
T R IC T (P. O. P atterson), Madison C oun ty, la .— BOND SALE.— The
Harris Trust & Savings Bank of Chicago recently purchased and are now
offering to investors $33,500 5% bonds. Denoms. $500 and $1,000. Date
Aug. 1 1919. Int. J. A D. Duo part yearly from 1925 to 1939, incl.
PEN A R G U YL, Northam pton C oun ty, Pa.— BOND ELECTION.— O*
Nov. 4 the people will vote on the question of issuing $35,000 street and
$ 1 0 ,0 0 0 funding bonds.
PE RR Y , Noble C ou n ty , Okla.— BONDS APPROVED.— On Oct. 17
the Atty. Gen. approved $166,000 waterworks, $84,000 electric light plant
and $ 1 0 ,0 0 0 park bonds.
PHELPS C O U N T Y (P. O. Rolla), Mo.— DESCRIPTION Q F BONDS.—
The $400,000 5% bonds recently awarded to the Kauffmann-Smith-Emert
Investment Cp. of St. Louis (V. 109, p. 1483), are in denom. of $1,000 and
are dated Oct. 1 1919. Principal and semi-annual interest (A. & O.) pay­
able at the National Bank of Commerce, St. Louis. Dne yearly on Oct. 1
as follows: $17,000 1924, $18,000 1925, $19,000 1926, $20,000 1927. $21,00©
1928, $22,000 1929, $23,000 1930, $24,000 1931. $25,000 1932. $26,000 1933.
$27,000 1934, $29,000 1935, $30,800 1936. $31,000 1937, $33,000 1938
and $35,000 1939.
PIKE C O U N T Y (P. O. M agnolia), Miss.— BOND A N D WARRANT
NEW PHILADELPHIA SCH OOL D IST R ICT (P. O. New Phila­
SALE.— On Oct. 6 the First National Bank of M cComb purchased $35,008
delphia), Tuscarawas C ounty, O hio.— BOND SALE.— An issue of
$10,000 5% school building bonds was recently purchased by the State school bends and $7,000 warrants for $42,355, equal to 100.845. Denem.
$500. Date July 1 1919. Int. annually in July.
Industrial Commission of Ohio at 100.52.
PITTSFIELD , Berkshire C ounty, Mass.— BOND OFFERING.—
N EW TO N , Catawaba County, No. Caro .— BOND OFFERING.—
Sealed bids will bo received until 6 p. m. Nov. 4 by D. B. Gaither, Town F. M . Platt, City Treasurer, will receive proposals until 11 a. m. N ov. 5
Clerk and Treasurer, for the following tax-free coupon bonds at not ex­ for the following 4 A % coupon tax-free bonds:
$ 175,000 school bonds. Denom. $1,000. Due vrly. on Nov. 1 as follows:
ceeding 5 A % interest.
,
_
.
$9,000, 1920 to 1934; $8,000, 1935 to 1939 incl.
$73 OO0 local fmpt., water, electric light and sewer bonds. Due yearly
9,500 sidewalk bands. Denom. 9 for $1,000 and 1 for $500. Due
on March 1 as follows: $5,000 1921 to 1929, inch and $4,000
yrly. on Nov. 1 as follows: $2,000, 1920 to 1923, and $1,500, 1924.
1930 to 1936. incl.
^
Date Nov. 1 1919. Prin. and semi-ann. int. (M . A N.) payable at the
48,000 funding bonds. Duo $3,000 yearly on March 1 from 1921 to
First National Bank of Boston. These bonds are engraved under the
Denom 9 ^ i , 000. Date Sept. 1 1919. Int. M . A S. payable at the supervision of and certified as to genuineness by the First Nat. Bank of
office of the. Town Treasurer. Cert, check for 2% o f the amount o f bonds Boston; their legality will be approved by Ropes, Gray, Boydcn A Perkins,
bid for payable to the above Town Clerk and Treasurer, required. Bonded whoso opinion wiil bo furnished the purchaser. All legal papers incident
debt (including this issue) Oct. 23 1919, $218,235. Sinking fund, $1,976. to these issues will be filed with said bank where they may be inspected
at any time. Bonds will be delivered to the purchaser on or about Nov. 7
Assessed value 1918. $1,150,590.
at the First Nat. Bank of Boston.
NEW TON C O U N TY (P. O. K entland). Ind.— NO BIDS RECEIVED.
PLAINS, Sumter C ounty, G a.— BONDS VOTED.— At a recent
__No bids were received on Sept. 29 tor the $8,8004A 7o road bonds offered
election by a vote of 8 8 "for" to 4 "against” $27,000 water and light bonds
on that date.— V. 109, p. 1293.
were authorised.
.
NEZ PERCE CO U N T Y (P. O. Lewiston), Ida.— BONDS VOTED.—
By a vote of 1,885 to 475 the question of issuing $400,000 road and bridge , PLAIN SBO R O TO W N SH IP SCHOOL D IST R IC T (P. O . Plainsboro), Middlesex C ounty, N. J.— BOND OFFERING.— G. A. Burlsen,
bonds carried at the election Oct. 7.— Y. 109, p. 1293.
District Clerk, will receive proposals until 8 p. m. Nov. 12 for an issue ol
N IAG AR A (P- O. La Salle), Niagara C ountv, N. Y .— BOND SALE.—
not to exceed $42,000.
Dec. 1
On Oct 25 $ 6 000 5% bonds were awarded to O'Brian A Potter, o f Buffalo, 5% school bonds, semi-ann. int., payable atDenom. $500. DateBank of
1919. Prin. and
the First National
at 100.21. Denom. $500, Due yearly on Nov. I from 1921 to 1930, incl.
Princeton. Cert, check for 3% of amount of bid, payable to J. E. WhiteNILES, Trumbull C ounty, Ohio.'—BOND OFFERING.— Homer Custodian.
POPLAR BLUFF, Butler County, Mo.— BOND ELECTION.— City
Thomas City Auditor, will receive proposals until 2 p.ra. Nov. 5 for $15,000
a
refunding bonds. Auth. Sec. 3916 Gen. Code. Denom. $1,000. Council has called an election to vote upon issuing $50,000 park site bonds.
Date Oct. 1 1919- Int. semi-ann. Due Oct. 1 1930. Cert, check for 1 %
POPLAR SCHOOL D
ounty, M
of amount of bonds bid for payable to the City Treasurer, required. Bonds BONDS VOTED.— At an IST R ICT NO. 9, Roosevelt C6 % school ont.—
election held Oct. 1 1 , $25,000
bends
to be delivered and paid for within 10 days from date of aawrd. Purchaser were voted.
to pay accrued interest.
PO R TLAN D , Ore.— BOND SALE.— The $500,000 5% 3-20-year serial
BOND OFFERING.• Homer Thomas, City Auditor, will receive pro­ gold park and playground bonds, dated Nov. 1 1919, offered Oct. 29—
—
posals until 2 p. m. Nov. 28 for the following bonds, aggregating $40,000:
V. 109, p. 1627— were awarded
to the Harris Trust A Saving.
$26 000 5% assessment street impt. bonds. Auth. Sec. 3914, Gen. Code. Bank and Clark, Kendall A Co.on that day $510,451, equal to 102.0905.
jointly for
’
Denon. $1,000. Due 83,000 yearly on April 1 1921 to 1928, incl.,
and $1,000 April 1 1929 and 1930.
PORTER T O W N SH IP, Porter C ou n ty, Ind.— BOND S ALE — On
14 000 5% street impt. (city's share) bonds. Auth. Sec. 3939, Gen. Oct. 4 the $15,000 4 A % 1-15-year serial refunding bonds dated Oct. 1
’ • Code. Denom. $1,000. Due yearly on April 1 as follows: $5,000 1919— V. 109, p. 1101— were disposed of at par and interest.
1924, $7,000 1925, and $2,000 1926.
PORT VUE (P. O. Pittsburgh), Allegheny County, Pa.— BOND
Date Oct. 1 1919. Int. semi-ann. Certified check for 1% of amount of
bends bid for, payable to the “ City of Niles,” required. Bonds to be de­ ELECTION.— On Nov. 4 the borough will vote on the question of issuing
$50,000 improvement bonds.
*
livered and paid for within 10 days from date of award. Purchaser to pay
accrued interest.
P O T TAW AT O M IE C O U N T Y (P. O. Tecumseh), Okla.— BOND
Similar issues of bonds were offered on Oct. 13.— V. 109, p. 1293.
SALE.— It is reported that 8100,000 5% bridge bonds have been awarded
to the American National Bank of Oklahoma at 100.10. Denom. $1,000.
NOBLE T O W N SH IP (P. O. St. Marys), Auglaize C ounty, O hio.—
Date July 1 1919.
BOND SALE.— On Oct. 24 two issues of 5% 1-5-year serial road bonds were
PU LASKI C O U N T Y (P. O. W inam ac), Ind . — BOND OFFERING.—
awarded as follows:
Cecil Bachtenkircher, County Treasurer, will receive bids until 10 a. m.
$14,200 River Road bonds to the First National Bank of St. Marys.
T
15,700 Noble-Moulton Road bonds to the Home Banking Co. of St. Marys. Nov. 4 for $14,000 4 A % W m. B. Powers et al Indian Creek A V»n Burt-n
Twps. road bonds. Denom. $700. Date Oct. 7 191V. Int. M . A N. Due
NORFOLK. Madison C oun ty, Neb.— BONDS VOTED.— At an election $700 each six months from M ay 15 1921 to N ov. 15 1930, inclusive.
held Oct. 20 $450,000 school bonds were voted.
Q U IN C Y , Norfolk C ounty, Mass.— BOND SALE.— Oh Oct. 30 an
N O R W A L K , Fairfield C ounty, C onn. — NO ACTION.— No action issue of $85,000 4 A % coupon tuberculosis hospital bonds was awarded,
A
Boston at 100.713. Denom. $1,000. Date
has been taken towards tho re-submission of a $ 1 0 0 ,0 0 0 park bond issue it is stated, to Coffin M . Burr of Due $9,000 yearly on Sept. 1 from 192© to
Sept. 1 1919. Int.
A S.
which was recently defeated.
1927, incl. $8,000 Sept. 1 1928, and $5,000 Sept. 1 1929.
NORWOOD. Hnmhron C ou n tv. O h io.— BOND SALE.— ' he State In­
T
Q U IN C Y , Logan C ou n ty, O h io.— BOND OFFERING.— It la reported
dustrial Commission of Ohio recently purchased $30,000 deficiency bonds.
that H. M . Cromer, Village Clerk, will receive proposals until 12 m. Nov. 3
for $1,600 6 % 3-6-year serial fire department equipment bonds.
NUTLEY SCHOOL D ISTR ICT (P. O. N utley), Essex County, N. J.
R ACINE, Racine C ounty, W ise.— BOND OFFERING.— Sealed IWs
— BONDS VOTED.— On Oct. 27 tho. people authorized the issuance of
will be received until 2 p. m. Nov. 6 by A . J. Eisenhut, City Treasurer,
$80,000 school-addition bonds, it is reported.
for the $430,000 4 A % school house construction bond 3 recently voted—
V. 109, p. 1203. Denom. $1,000. Date Nov. 1 1919. Prin. and swraiO CTAVIA T O W N SH IP. Le Flore County, Okla.— BOND SALE.—
An issue of $10,000 6 % road bonds has been purchased by Goo. W. A -T K. ann. interest (M . A N .) payable at the Ctiy Treasurer's office or in New
.
Piersol of Oklahoma City. Donom. $1,080. Date May 24 1919. Prin. York Exchange. Due yearly on Nov. 1 from 1930 to 1939, incl. Cert,
and semi-ann. int. (M . A N . ) payable at the Fiscal Agoncy of Oklahoma in check for $2,000 payable to the "C ity of Racine,” required.
New York City, N. Y . Due M ay 24 1944.
RANDOLPH CO U N T Y (P. O. W inchester), Ind .— BOND OFFERING.
— Melville B. Mull, County Treasurer, will receive bids until 11 a. m. N ov.
ORANG*7 RURAL SCH OOL D IST R IC T . Cuyahoyn C ountv, O hio.—
8
A White River Twps. and
BOND ELECTION.— The question of Issuing $300,000 school site and J. for $17,400 Lee Harshr«an et al. War A White River Twps. 4 A %$4,10©
L. Merryweather et al. West River
road
building bonds will be voted upon at the election Nov. 4.
bonds. Each issue is divided into 20 equal bonds. Date Oct. 6 1919Int. M . A N. Due $1,075 (1 bond of each issue) each six months from M ay
OREGON C IT Y SCHOOL D IST R IC T (P. O. Oregon City), Clacka
mas County. Ore.— BOND SALE.— On Oct. 17 an issue of $35,000 5% 15 1921 to Nov. 15 1930, inclusive.
building bonds was awarded to E. L. Devereaux A Co. for $35,178 53
R A Y CO U N T Y (P. O. Richm ond), Me.— BOND ELECTION.— On
(100.510) and int. Denom. $500. Date Oct. 1 1919. Int. A. A O
Nov. 22, it is stated, the voters will decide whether they are in favor o f
Duo Oct. 1 1939.
issuing the $1,300,000 road bonds mentioned in V. 100, p. 1294
RED RIVER PARISH ROAD D ISTR ICT NO. 2 (P. O. C ou sh attal,
OSAGE C O U N TY SCHOOL D IST R ICT NO. 36, Okla.— BOND SALE ■
— Recently Geo. AV. A .1. E. Piersol of Oklahoma City purchased $4,000 La.— BOND OFFERING.— Sealed bids will ba received until Dec. 2 by
6 % school bonds.
Denom. $500. Date Aug. 12 1919. Prin. and semi- J. r . S. Thomas, Secretary, for $150,000 5% 1-40-year serial road bonds,
u i fuK semi-ann. int., payable at the Parish Treasurer's office. Cert,
ann. int. (J. A J.) payable at the fiscal agency of the State of Oklahoma
chec/c on any solvent bank doing business in Louisiana for 2 A % . pavabl#
in New York City, N. Y . Due Aug. 12 1939.
to the Police Jury required.
OSGOOD, Darke C ounty, O hio.— BOND OFFER ING.— Proposa 1 will
s
A like amount of bonds was offered on Oct. 22— V. 109, p. 1291.
bo received until 12 m. Nov. 15 by Aug. J. Reichert, Village Clerk, for
R ED W O O D C O U N T Y (P. O. Redwood Falls), M inn.— BOAT) SALE.
$3,000 6 % deficiency bonds. Denom. 1 for $600 and 6 for $400. Date.
An issue of
road bonds was recently awarded, according
Doc. 1 1919. Int. semi-ann. Due $600 Sept. 1 1921 and $400 yearly on reports, to the$100,000 §% Trust A Savings Bank of St. Paul at-IOI J45. te
Merchants
Sept. 1 from 1922 to 1927.
% o ? o £ P £ ? U R G ’ Sauk c ? u " t y , W ise/—BOND SALE.— On Oct. 27 the
O U ACH ITA PARISH (P. O. Monroe), La.— BOND ELECTION.—
5% coupon street impt. bonds—V. 109, p. 1483— were awarded,
An oloction will bo held Dec. 2 to vote on tho question of Issuing $1,600,000
yearly'from' 92
riank of Reod.sburg at 101.33. Due part
road bonds.
OWEN COUNTY (P. O. Spencer), In d .— BOND OFFERING.— Chas.
C. Schults, Countv Treasurer, will receive bids until 2 p. in. Dec. 6 for the
$27,200 424% bridge bonds offered without success on Oct. 17— V. 109,
p. 1627. Denom. $1,360. Date N ov. 15 1919. Int. J. A J. Due $1,360
check for $50 required.
each six months beginning July 15 1920- Cert, check for $1,000 required.
PAINESVILLE, Lake C ounty, O hio.— BOND ELECTION.— ' he M ^ K r n r ^ n 0 0 ^ D IST R IC T (P. O. Richm end), Ray C- u ntv,
T
people on Nov. 4 will vote on the question of issuing $15,000 fire depart­ voted
' 0 7 ED.— On Oct. ul $10,000 5 A 7c gymnas.um bonds were
ment motor truck bonds.




1724

THE CHRONICLE

RIDGEW OOD, Bergen C ou n ty, N. J.— BOND SALE.— On Oct. 28
•the issue of 5% 1-6 year serial coupon municipal land bonds, dated Sept. 1
1919— V. 109, p. 1543— was awarded to the Security Trust C o., of Camden,
for $12,016 (100.133) and interest, for $12,000 bonds.
RIN DGE LAND RECLAMATION D ISTRICT (P. O. S tock ton ), San
J oa qu in C oun ty, Calif.— BOND ELECTION.— According to reports
an election is to bo held Nov. 6 when a proposition to issue $527,410 bonds
will be submitted to the voters.
RIN GLIN G , Jefferson C ounty, Okla.— BOND SALE.— An issue of
$11,700 6 % funding bonds was recently sold to Geo. W . A J. E. Piersol of
Oklahoma City. Denoms. 11 for $1,000 and 1 for $700. Date July 21
1919. Prin. and semi-ann. int. (F. A A.) payable at the Fiscal Agency of
the State of Oklahoma in New York City, N. Y . Due July 21 1939.
RIPLE Y, Lauderdale C ou n ty. T e n n .-A 'O ACTION YET TAKEN.—
We are advised bv the City R eorder that no action has yet been taken
looking towards the reissuance o f the $50,000 unsold portion of $150,000
■city impt. bonds offered during June.— V. 108, p. 2559.
ROCK COUNTY (P. O. L u v n n e ), M inn.— BOND OFFERING.—
Sealed bids will be received until 1.30 p. m. Nov. 14 by Olnf Skyberg, Cn.
And. for $150,000 5% coupon highway impt. bonds. Denom. $1,000.
Date N ov. 1 1919. Prin. and semi-ann. int. (M . A N .) at the Northwestern
Natl. Bank, Minneapolis. Due $50,000 Nov. 1 1929. $10,000 yrly. on
N ov. 1 from 1930 to 1937. inol. and $20,000 N ov. 1 1938. Cert, check on
some solvent bank for $15,000 payable to the Co. Treas. required. Bids
must be unconditional.
RO C K COUNTY (P. O. L uverne), M inn.— BONDS VOTED. The
question o f issuing $300,000 highway impt. bonds carried, it is stated at
the election Oct. 7— V. 109, p. 1294.
R O Y SCHOOL DISTRICT. Fergus C ou -.ty. M ont.— BOND SALE
ENJOINED.— Newspapers report that a suit has been commenced to
enjoin the sale of $17,000 school bonds recently voted alleging the amount
exceeds the constitutional limit.
SAC C IT Y SCHOOL D ISTRICT (P. O. Sac C ity). Sac C ou n tv. Ia.—
DESCRIPTION OF BONDS.— The $100,000 5% school bonds recently
purchased by Wliite-Phillips Co. « f Davenport at 102.535— V. 109. p. 1628
are In the denomination of $1,000 and dated N ov. 1 1919. Int. M . & N.
Due $3,000 yrlv. from 1924 to 1928 inch, $4,000 yrly. from 1929 to 1938
inch, and $45,000 1939.
ST . AUGUSTINE, St. Johns C ou n ty , Fla.— BONDS PROPOSED.—
Tho question o f issuing $400,000 sanitary sewer bonds is being considered.
•C . G. Oldfather is City Auditor and Clerk.
ST. CHARLES, Kane C oun ty, 111.— BONDS VOTED.— On Oct. 22
tho voters approved the issuance of $20,000 5% 2-21-year serial electric”light and power plant bonds. The vote cast was 121 “ for" and 8 8 “ against."
ST. M ARYS CONSOLIDATED HIGH SCHOOL D ISTRICT (P. O.
H ow ard), Miner C ou n ty, So. Dak.— BONDS VOTED.— At a recent
election $50,000 were voted, it is stated.
ST. PETERSBURG, Pinellas C oun ty, Fla.— BOND ELECTION.—
An election will be held N ov. 12 to vote on the issuance o f the following
514% 30-year bonds: $10,000 band stand, $35,000 water-front improve­
ment, $15,000 bridge, $5,000 comfort-station, $10,000 park and $25,000
sewer bonds. G. B. Shepard is Director of Finance.
SALEM TOW NSHIP (P. O. W apakoneta), A uglaize C oun ty, O h io.—
BOND OFFERING.— J. T. Reed, Township Clerk, will receive bids until
12 m. N ov. 11 for the following 5% road bonds:
' $8,600 R. 41 Gierhnrt Road Impt. bonds. Denom. $860.
10,800 St. M »ry ’s River Road Impt. bonds. Denorx. $1,080.
10.700 Van Wert Road Impt. bonds. Denom. $1,070.
Date Sept. 1 1919. Int. M . & S. Due $4,010 (2 o f each issue) yearly
-on Sept. 1 from 1920 to 1924, inclusive.
SAN DIEGO COUNTY (P. O. San Diego), C alif.— BOND ELECTION.
— On Nov. 12 tho $2,300,000 5% serial county highway bonds mentioned
in V. 109, p. 1484, will be voted upon. Denom. $1,000. Due 575 bonds
from 1 to 20 years, inclusive, and 58 bonds due 21 to 40 years, inclusive.
"Interest payable semi-annually in San Diego.
SAN MATEO, San Mateo C oun ty, C alif.— BOND ELECTION.—
On Nov. 10 an election will be held, it is stated, to vote on the question
•o f issuing the following bonds:
$400,000 bonds for the purchase of the Peninsula Water Company.
14.000 bonds for a new fire motor engine.
24.000 bonds for a box fire alarm system.
SCARSDALE UNION FREE SCHOOL DISTR IC T NO. 1, W e.tchester C ou n ty, N. Y .— BOND OFFERING.— Proposals will bo recolved
until 12 m N ov 12 by Alex. M . Crane, Clerk Board of Education, at
the office of Phillip W . Russell, 14 Wall St., New York City, for $217,000
Kor coupon (with privilege of registration) school bonds. Denom. $1,000.
Date Dec. 1 1919
Prin. and semi-ann. Int. (J. & D.) payable at tho
U S Mtgo. & Trust Co., of New York. Duo yearly on Dec. 1 as follows:
$9,000, 1920 and 1921: $10,000, 1922 to 1940, incl.: and $9,000, 1941.
Cert, check on an incorporated bank or trust company, for 2% of amount
o f bonds bid for, payable to the Board of Education, required. Purchaser
to pay accrued interest.
SEW ICKLEY SCHOOL D ISTR IC T (P. O. Sew ickley), Allegheny
C ou n ty , Pa.— BOND ELECTION.— Newspapers report that on Nov. 4
the people will vote on $250,000 high school building bonds.
SEYMOUR, Jackson C oun ty, Ind.— BOND SALE.— On Oct. 25 the
$10,000 5% 3-7-year serial bonds dated Nov. 1 1919— V. 109, p. 1543—
were awarded to C. H. Ahlbrand at 108.80 and interest.
SHELBY COUNTY (P. O. C enter), T ex.— BOND SALE.— On Oct. 1
the $1,105,000 road district bonds (V. 109, p. 1294) were awarded, it is
stated, to C. W. Arlitt, o f Austin.
SHREW SBU RY TOW NSHIP (P. O. Shrew sbury), M onm outh
C ou n ty , N. 3.— BOND ELECTION.— The voters on N ov. 4 wdl have sub­
mitted to them a proposition to issue $17,000 fire apparatus bonds.
SIDNEY, R ichlan d C oun ty, M ont.— BOND SALE.— On Oct. 20 the
$30,000 6 % 10-20 yr. (opt.) sewer bonds— V. 109. p. 1203— were awarded
•to Wells-Dickey Co. o f Minneapolis for $31,250 (104.166) and int. Other
bidders were:
Name.
BnI.
Sweet-Causey, Fester A C o., Denver--------------------------------------- 92
Kalman, Matteson & Wood. St. Paul----------------------------------------- -|1.03t) oO
John Nuveen A C o., Chicago___________________________________ 30,802 00
Spit?er-Rorick A Co.. Toledo______________________________________ 30-^33 ;>0

'International Trust C o., Denver______________________________ 30,540 00
C. H. Coffin, Chicago.........................
30.501 00
W . L. Slayton C o., Toledo.......................................................... 30,156 00
SIDNEY, Shelby C oun ty, O h io.— BOND SALE.— On Sept. 1 the Sink­
ing Fund Trustees, paying par and interest, purchased $10,000 6 % bonds.
BOND ELECTION— On Sept. 22 the Council passed an ordinance
•calling for the submission at the November election o f a proposition to issue
$15,000 street-paving (city’s portion) bonds.
SILVERTON, Ham ilton C ou n ty, O h io.— BOND OFFERING.— Pro­
posals addressed to Henry Diehl. Village Clerk, care of O. W. Bennett,
N o. 711 Fourth National Bank Bldg., Cincinnati, will be received until
12 m. N ov. 17 for $4,645 87 6 % Montgomery Road special assessment
'bonds, Auth. Sec. 3914, Gen. Code. Denom. $464 59. Date July 27
1919. Int. ann. Duo 1 bond yearly on July 27 beginning 1920. Cert,
check for 5% of amount of bonds bid for, payable to the Village Treasurer
•required. Bonds to be delivered and paid for within 10 days from date of
award. Purchaser to pay accrued interest.
SOUTH AMBOY, Middlesex C oun ty, N. 3.— BOND SALE.— On Oct.
28 the issue of 5% 8% year (aver.) water bonds, to tho amount of $75,000,
was awarded to Tho First National Bank of South Amboy, it is stated.
SOUTHAMPTON UNION FREE SCHOOL DISTR IC T NO. 9 (P. O.
B ridgeham pton), S uffolk C oun ty, N. Y .— BOND SALE.— It is reported
that the Southold Savings Bank of Southold, has been awarded $18,750
5 % school bonds, dated July 1 1919.
Due $750 yearly on July 1 from
1920 to 1944, incl.
SPOONER, Beltrami C oun ty, M inn.— BONDS W ITH DRAW N .—
T h e $8,000 bonds voted during M ay— V. 108, p. 2160— have been with­
drawn.




[V

o l

. 109.

STAR KV ILLE , O ktibbeha C ounty, Miss.— BOND OFFERING.—
Bids will be received until 8:30 p, m. Dec. 2 by T . J. Gunn, City Clerk, for
$5 5 ,0 0 0 5)4% tax-free coupon water and sowerago-improvemont bonds.
Denom. $500. Date N ov. 1 1919. Int. M . A N ., payable at the Chase
National Bank, New York. Duo $2,500 yearly from 1920 to 1929, inclusive,
and $3,000 1930 to 1939, inclusive. Certified check for 5% , payable to the
abovo City Clerk, required. Bonded debt (excluding this issue) Oct. 28
1919, $81,500. Floating debt (additional), $10,500. Sinking fund,
$5,442. Assessed value 1919, $1,581,029.
STATESVILLE, Iredell C oun ty, No. Caro.— BOND SALE.— On
Sept. 30 tho $100,000 school and $25,000 gas 514% coupon bonds.— V. 109,
p. 1203— were sold.
STOCKLAND TOW NSHIP HIGH SCHOOL D ISTRICT (P. O.
S tocklan d), Iroquois C oun ty, 111.—-BOND SALE.— On July 21 $30,000
5% serial school bonds wero awarded to Taylor, Ewart A Co., of Chicago.
Denom. $1,000. Date Aug. 1 1919. Int. F. A A.
STRATHM ORE UNION HIGH SCHOOL D IST R IC T , Tulare
C ou n ty, Calif.— BOND ELECTION.— On Nov. 3 the voters will decide
whether they are in favor of issuing the $85,000 5% 5-33-year serial bonds
mentioned in V. 109, p. 1484. Denom. $1,000. Int. semi-ann. A. B.
Snyder is District Principal.
STRONGSVILLE RURAL SCHOOL D IST R IC T (P. O. S tron gs­
ville), C uyahoga C ou n ty, O h io.— BOND ELECTION.- At tho election
Nov. 4 the voters will pass on the issuance of $40,000 school site and build­
ing bonds, according to reports.
ST U TT G A R T AND PRAIRIE ROAD IMPROVEMENT D ISTR IC T,
Arkansas and Prairie C ounties, Ark.— BOND SALE.— On Oct. 27 an
issue of $70,000 5 l4 % 1 0 H-year average road bonds was awarded, it is
stated, to the Exchange Bank of Stuttgart at par.
SUGAR LAND INDEPENDENT SCHOOL DISTR IC T (P. O. Sugar
L and), Fort Bend C oun ty, Tex.— BOND SALE. The $40,000 5%
23-voar school bonds (V. 108, p. 1744) have been sold to tho Imperial Bank
A Trust Cn of Sugar Land, at par.
SUMMIT COUNTY (P. O. A kron), O hio.— BOND ELECTION.— At
the election N ov. 4 the voters will pass on the proposition to issue the $300,­
000 sanitarium bonds mentioned in V. 109, p. 1295.
SYRACUSE, N. Y .— BOND OFFERING.— M . E. Conan, City Compt­
roller, will receive bids until 1 p. m . Nov. 6 for the following 4j-£% taxS 5 8 0 g e a i e r a 1 impt. bonds. Denom. $1,000. Duo $29,000 yearly on
Oct. 1 from 1920 to 1939, inch
„
250,000
intercepting sewer bonds. Denom. 20 for f 500 and 240 for
$1 000. Duo $12,500 yearly on Oct. 1 from 1920 to 1939, inch
Dato Oct. 1 1919. Prin. and semi-ann. int. payable at the Columbia
Trust Co. of N. Y ., where the bonds will also be delivered and paid for
on Nov. 11. Cert, check for 2% of amount of bonds bid for, payable
to the said comptroller, roquired. Bids are desired on forms furnished
by the city. Purchaser to pay accrued interest.
TALIH INA, Le Flore C ounty, Okla.— BOND SALE.— An issuo of
$10,175 6 % funding bonds has been sold to Geo. W. & J. E. Pieraol, or
Oklahoma City. Denoms. 10 for $1,000 and 1 for $175. Dato Aug. 5
1919. Prin. and semi-ann. int. (M . A S.) payable at tho Oklahoma Fiscal
Agency in New York. Due on Aug. 5 as follows: $2,000 1924, $2,000
moo *« > ooo m u
<

*r> non 1Q3Q and S') non 10.14

TARENTUM. A llegheny C ou n ty , Pa.— BOND ELECTION.— A propo*
sition to issuo $35,000 park bonds will be voted upon on Nov. 4, It is
reported.
TETON COUNTY (P. O. C hou teau), M ont.— BOND OFFERING
POSTPONED.— The of F-ing of the $150,000 5 '4 % road bonds which was
to bo held Nov. 7 (V. 109, p. 1628) has boon indefinitely postponed.
TEXARKANA, Bowie C ounty, T ex.— BONDS REGISTERED.— On
Oct. 14 an issue of $10,000 6 % 5-30 year firo station bonds was registered
with the State Comptroller.
TE XA S (State o f).— BONDS REGISTERED.— ' he following 5% bonds
T
ere registered by the State Comptroller:
mount. Place and Purpose of Issue.
Oct. 8
5-20-years
—■
>
11,600 Bosque Co. Common S. D. No. 24______
Oct. 8
1 0 - 2 0 -years
Bosque Co. Common S. D. No. 32______ 10-20-years
2 .0 0 0
Oct. 9
2 0 -years
nn
450 Chambers Co. Common S. D. No. 1___
Oct. 9
2 0 -years
750 Chambers Co. Common S. D. No. 8 ____
Oct. 8
700 Coleman Co. Common S. D. No. 20____ 10 - 2 0 -years
Oct. 8
Coleman Co. Common S. D. No. 31____ 10 - 2 0 -years
2.500
Oct. 8
800 Crockett Ind. Sch. Dist------------------------ 10-40-years
Oct. 9
5 - 2 0 -years
2.500 Delta Co. Common S. D. No. 8 _______
Oct. 9
5-20-yoars
joato
2,600 Delta Co. Common S. D. Nb. 12______
Oct. 9
5-20-yoars
2.500 Delta Co. Common 9. D . No. 26--------Oct. 9
Delta Co. Common S. D. No. 29______
5-20-ye—“
5-20-years
•
1 ,2 0 0
Oct. 10
Ellis Co. Common S. D. No. 25...............
serially
2 ,0 0 0
r,-90-ve
5 - 2 0 -years
Oct. 9
4.000 Grayson Co. Common S. D. No. 107____
2 0 -years
Oct. 9
2,600 Henderson Co. Common S. D. No. 5____
40-years
Oct. 9
_
4.200 Henderson Co. Common S. D. No. 10_
Oct. 9
2 0 -years
1.500 Henderson Co. Common 9. D. No. 14HOct. 9
Henderson Co. Common S. D. No. 15_
_
2 0 -years
2 .0 0 0
Oct. 9
2 0 -years
Henderson Co. Common S. D. No. 40_
_
2 ,0 0 0
Oct. 9
_
2 0 -years
1,300 Henderson Co. Common S. D. No. 46_
Oct. 9
2 0 -years
1,250 Henderson Co. Common S. D. No. 49>3Oct. 9
serially
1,600 Hunt Co. Common S. D. No. 19----------Oct. 9
serially
1.640 Hunt Co. Common S. D. No. 36---------Oct. 9
serially
1,960 Hunt Co. Common 3. D. No. 46---------Oct. 9
serially
3,800 Hunt Co. Common S. D . N o. 10---------Oct. 9
serially
1,400 Hunt Co. Common S. D. No. 64---------Oct. 9
serially
2,475 Hunt Co. Common S. D . No. 77---------Oct. 9
serially
3.000 Hunt Co. Common 9. D. No. 93---------Oct. 9
serially
3.000 Hunt Co. Common S. D. No. 112--------Oct. 9
serially
750 Hunt Co. Common 5. D. No. 128--------serially
Oct. 9
1,675 Hunt Co. Common 8 . D. No. 136--------Oct. 9
4.000 Jackson Co. Common S. D. No. 8 ........... 10 - 2 0 - years
Oct. 9
Lamar Co. Common S. D. No. 91--------- 10 - 2 0 -years
1 .2 0 0
2 - 2 0 -years
Oct. 9
Lee Co. Common S. D. No. 7 --------------2 .0 0 0
2 - 2 0 -years
Oct. 9
Leo Co. Common S. I). No. 13-------------1 ,2 0 0
5-40-yoars
Oct. 8
Madisonville Ind. Sch. D is t ...................
2 ,0 0 0
1 0 - 2 0 -years
Oct. 9
2.500 Mills Co. Common S. D. No. 4 .............Oct. 9
Parker Co. Common 9. D. No. 22--------- 10 - 2 0 -years
2 ,0 0 0
Oct. 9
Parker Co. Common S. D. No. 36--------- 1 0 -2 0 -years
2 ,0 0 0
15-years
Oct. 10
1.500 San Jacinto Co. Common S. D. No. 4 —
12 -years
Oct. 10
San Jacinto Co. Common S. D. No. 2 1 ..
1 ,2 0 0
2 0 -years
Oct. 9
1.500 Smith Co. Common S. D. No. 22---------2 0 -yoars
Oct. 6
3.000 Tarrant Co. Common S. D. No. 100-----5-20-years
Oct. 9
.....
3.000 Triidty Co. Common S. D. No. 20--------Oct. 9
5-20-years
1,600 Upshur Co. Common S. D. No. 7 -----5 - 2 0 -yoars
Oct. 9
5-20-------1,900 Upshur Co. Common S. D. No. 24......
5 - 2 0 -yoars
Oct. 9
Upshur Co. Common S. D. No. 42---5-20­
1 ,2 0 0
2 0 -years
Oct. 9
Wheeler Co. Common S. D. No. 30—
1 .0 0 0
2 0 -yoars
Oct. 9
zu-years
1.500 Wheeler Co. Common S. D. No. 32_____
Oct. 14
Gonzales County Common S. D. No. 44 .10-20 years
1 0 -2 0
1 ,0 0 0
Oct. 14
Gonzales County Common S. D. No. 47 .10-20 years
1 0 -2 0 yearn
2 ,0 0 0
Hill County Common S. I). No. 53______5-20 years
5-20 years
Oct. 15
2 ,0 0 0
i 10 -2 0 irnnru
Oct. 14
500 D „/l Diirnn Pruinfv Pnrtl rvintl O H Ma r H 1(ion years
Oct. 14
1 0 -2 0 years
1.500
Oct. 15
1 0 -2 0 yoars
4.000
Oct. 15
.1 0 -2 0 years
3.000
Oct. 15
. 1 -2 0 years
3.000
Oct. 15
. 5-20 years
2 .0 0 0
Oct. 15
. 5-20 years
3.500
THEDFORD, Thom as C oun ty, Neb.— BOND SALE.— W o are inmed that the $10,000 water bonds— V. 109, p. 1484— have boon sold
par for 6 ’s.
TIPPECANOE COUNTY (P. O. Lafayette), Ind .— BONDS NOT
\LD.— Tho 4 issues of 4 H % mad bonds which wero offered on Sept.
__V. 109, p. 1203— have not been sold.
TIPTONVILLE, Lake C ounty, T enn .-B O .V D OFFERING.— Accord- to reports, Mayor C. B. Tipton will receive bids until 2 p. m. Nov. 10
■$7,000 6 % 20-year water bonds, dated Oct. 1 1919. Denom. $500.
T IT U S COUNTY (P. O. Mt. Pleasant), Tex.— BONDS REGISTERED.
Rocently the State Comptroller registered $648,500 5 M % serial bonds.

■Nov. 1 1919.]

THE CHRONICLE

TOLEDO, Lincoln C oun ty, Ore.— BOND ELECTION PROPOSED.—
During the early part of December $1,800 bonds will be voted upon. Mark
L. Stewart Is Town Clerk.
T R IN IT Y COUNTY ROAD DISTRICT NO. 2, T ex.— BONDS REGIS­
TERED.— On Oct. 14 $200,000 543% serial road bonds were registered
twith the State Comptroller.
T R IPP COUNTY (P. O. W inner), So. Dak.— BOND SALE.— On
Oct. 27 the $200,000 5% 12-20-year serial court-house bonds, dated Oct. 1
1919 (V. 109. p. 1029), were awarded to Elston & Co., of Chicago.
TULARE, Tulare C ounty, C alif.— BOND ELECTION.— An election
will be held Nov. 3 (date changed from Oct. 17) to vote on the question
o f issuing $90,000 municipal auditorium bonds.— V. 109, p. 1390.
VASSAR, T uscola C oun ty, M ich.— BOND SALE.— The $20,000
electric light and $10,000 water 5% bonds offered on Aug. 27— V. 109,
p. 804— have been awarded, according to reports, to Whittlesey, McLean
& Co., of Detroit.
VERMILION PARISH (P. O. A bbeville), La.— BOND OFFERING.—
It is reported that Joseph E. Broussard, President of the Police Jury, will
•receive bids until Nov. 5 for $350,000 5% road bonds.
VERMILION PARISH ROAD DISTR IC T NO. 1 (P. O. Abbaville),
La .— BOND OFFERING.— Proposals will be received until 10 a. m. Nov. 5
by Joseph E. Broussard, President o f Policy Jury, for $350,000 5% bonds.
DcEom. $500. Dato Oct. 1 1919. Int. A. & O. Due yearly on Oct. 1
from 1920 to 1944, incl. Cert, check on some national bank doing business
in the State of Louisiana or on some solvent bank for at least 2K %. re­
quired .
VERNON PARISH (P. O. Leesville), La.— DESCRIPTION OF BONDS.
-—Tho $225,000 5% road bonds recently awarded to the Hanchett Bond
■Co. of Chicago (V. 109, p. 909), are described as follows: Denom. $500.
Date April 1 1919. Principal and semi-annual interest (A. & O.) payable
at the Chase National Bank, New York. Due yearly on April 1 as follows:
18.000 1920, $19000 1921, $19,500 1922, $20,500 1923, $22,000 1924,
23,000 1925, $24,000 1926. $25,000 1927, $20,500 1928 and $27,500 1929.
Financial Statement.
Assessed valuation for taxation, 1919_______________________ $35,874,050
Bonded debt (this issue only)________________________________
225,000
Population, estimated, 25,000.
VIG O COUNTY (P. O. Terre H aute), In d .— NO BIDS RECEIVED.—
N o bids were received for tho $22,400 4 H % road bonds offered on Oct. 13.
— V. 109, p. 1485.
VILLA PARK SCHOOL DISTRICT, Orange C ounty, Calif.— BOND
SALE.— On Oct. 21 tho $15,000 5% 1-15 year serial school bonds— V. 109,
p. 1485— wero awarded to tho Bank of Italy for $15,204.50 (101.363)
■
and int. Other bidders were:
R . H. Moulton C o_________ $15,1211Carston & Earles___________ $15,107
Security Trust A Sav. Bank. 15,1201 Lumbermans Trust C o______15,069
Wm. Cavalier C o----------------15,1101W. R . Staats C o_____________15,052

J

VIRDEN. M acoupen C ou n ty, III.— BONDS VOTED.—-At a recent
♦
election, it is reported, the voters approved a bond issue of $42,500 for
water-works system.
V IRGIN IA BEACH, Princess Anne C oun ty, Va.— BONDS NOT
SOLD.— No sale has yet been mado o f the $25,000 5% sewer bonds voted
during April (V. 108, p. 1960). Denom. $1,000. Date Oct. 1 1919.
Interest semi-annual. Due Oct. 1 1949, optional after five years.
W ACO, M cLennan C oun ty, T ex.— BONDS REFUSED.— The $150 000
5% 30-year school bonds awarded on June 12 to A. E. Aub & Co. o f Cin­

N E W LOANS

1725

cinnati— ! . 108, p. 2560— were refused by them because their attorney
J. <f ? e ” ,°°d of Chicago would not approve these bonds for the fact that the
u
sinking funds of the city were not sufficiently large and their taxing power
was o f such a nature as to make it impossible to take up these bonds at
maturity.
W A K E

F O R E ST ,

W ake

C ou n ty ,

W A R R E N S V IL L E

R U R A L

SC H O O L

C O U N T Y

W A S H IN G T O N

P A R IS H

Biddle & Henry
104 S o u th F ifth S t.
P h ila d elp h ia

M
UNICIPAL BONDS
of Texas Municipalities

yielding from 6 to 5.25%

G .

W IS E

&

FEDDE & PASLEY

W arren s-

(P .

O .

W e is e r ),

B O N D S N O T TO

I d a .—

(P . O . F r a n k lin t o n ) , L a .—

BO N D S V O T E D .

E I ,is

C ou n ty ,

T e x .— B O N D S V O T E D .— O n O c t .

«« o n ooWlnF ° ^ 40-year serial bonds were authorized by a vote of 232 to
s s
s s s t e , " *
sir“ t
s >5-“ *> ■ » * '- p * The above will be offered for sale about N ov. 15 or Nov. 20.
r v X A Y T^, E rr.C O y N T Y

(P ‘

° -

G o ld s b o r o ),

N o.

C a r o .— B O N D

7
8

OFFER-

W h U a k tT i f - n N I f q t ( P V ° 1 L a r e d o > ’ T ? , * : r : B 0 X D S A L E .— O n O c t . 21
t a x -fr e e c o u n o n ';
a 3,.1 ' L o u l 5 ’ w e r e a w a r d e d $ 3 0 0 , 0 0 0 5 % 1 - 3 0 y e a r s e r i a l
r a x ir e e c o u p o n r o a d b o n d s , d a t e d A u g . 1 1 9 1 9 .— V . 1 0 9 . p . 1 5 4 4 .
e 1e vhV>n H ! " r S P

V L ° f a ' nn . C o u n t y ,

O h i o .— B O N D S

V O T E D .— A t

th e

water-wo^kldh?nH- 6— ^ by a ’vote of 217 to 8 .
p 1205— tho proposition to issue $25,000
water works bonds carried

F IN A N C IA L
"R
easons W
hy” No. 4

Immediate Credit
on Live Stock Shipments

Sealed bids will be received by the Committee
on AVays and Means of the C ity Council , f th !
City 0 / Minneapolis. Minnesota^aV t C o f f i c e of
i - ^ - i ln^ersiKnoa' WEDNESDAY. NOVEMRFR
12TH . 1919, at 3:00 o’clock p. m. for 84 50 OO no
f)
Board o f Education Funding Bonds and 81 no °
000.00 Main Sewer Bonds.
u o n a !5 ana $100,The above bonds will be dated November 1 st
19- The Board of Education Funding Bonds
one '’ ecomo. , duo and payable as follows: $50 0 0 0 .0 0 on November 1st. 1920: $100,000.00 on
i s t ,' 1 J 2 2 , 8 1 nh , 0 0 0 , 0 0 ^ 1 0 0 '^ 0 0 ' 0 0 K°n Nsovember
S
1st
5 i 0 0 non^n on November 1 t
1023
and $100,000.00 on November 1 st 1 9 9 4 ’. The
Alain Sewer Bonds will become due and navable
on the first day of November, 1949
P y
. _These bonds will boar interest at the rate of five
(5% ) per cent per annum, payable somi-annually.
and no bid will be entertained for a sum less than
95 per cent o f the par value of said bonds and
accruod interest upon same to date of delivery
The right to reject any or all bids is hereby
reserved.
A certified check for Two Per Cent o f the par
value o f the bonds bid for, made to C. A Bloomquist. City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
DAN C . BROW N,
City Comptroller.
Minneapolis, Minn.

We have perfected a system by which
we are able to give our correspondent
banks immediate credit for live stock
shipments to the Chicago market.
This system places proceeds to your
credit one to three days sooner than
has heretofore been possible. Write
us to explain.

N

a t io n a l

o f

(

tty

H

a n k

(JlICAGO

DAVID R. FORGAN, President
BANKS AND BANKERS DEPARTMENT
F. A. CRAN DALL, Vice-President
S. P. JOHNSON, Assistant Cashier
HENRY M E Y E R , Assistant Cashier
R. V. KELLEY. Assistant Cashier

JO H N BOYLE JR.
A tto r n e y -a t-L a w

S. N. BOND & CO.

PATENTS
O U R A Y BLDG.
W A S H IN G T O N , D. C.
16 years in the examining corps of
the United States Patent Office.

C o m m e r c ia l P a p e r

F. W M . K R A F T , L aw yer

M u n ic ip a l B o n d s

Specializing in Examination & Preparation of

C c r t tfte b $ )u b lic a c c o u n ta n t*

111 Broadway

C o u n ty , M u n icipal and C o rp o ration
B on d s, W a r ra n ts and S ecu rities and
P roceedin gs A u th o r izin g Sam e.

New York

G S tate Street, Boston
O
55 L ib e r ty S t.,

N ew

Y orV

W . F. Baker. Manager Bond D e p t.
,,

Rooms 517-520, 111 W. Monroe S t.,
Harris Trust Building

C H IC A G O . IL L IN O IS
G E O R G E

W .

M Y E R ,

2 RECTOR S T .. NEW YO R K

A u d its, Investigations,

Estate Accounting,
Incom e T ax Return#,
Telephone Hector 5441




N ew Jersey

J R

C ertified Public A c c o u n ta n t

G E O .

B,

,

thn
<™o£md0,tal,s a r 0 at hand relative to the offering on Nov. 10 of
R irt.fcr'lS o
(coupon or registered) bridge bonds— V. 109, p. 1629.
n on_y wJn & received until 12 m. on that day by Geo. F.
<
e
lono ’ nim
B5ard of Commissioners. Denom. $1,000. Date July 1
A Trust rv,
£ em-];ann- j n,t - (J- & J > at the office of tho U. 9. Mtge.
nf hnMor
. Y '• and int. on registered bonds will, at the request
from 1^ 9 > toP?ooom -N<J
t
b
w
^chnago. Due $1,000 yearly on Nov. 1
S v 1 L to,
9; ’ T ro h ST ° ? ° yearly from 1930 to 1934, inch. $3,000
Cert r W ? ™ 3 5 t 0 \?39,’ mc,C 54,000 yearly from 1945 to 1949. incl.
bonds bid forreq°idr°od
“ Wayne C° Unty f° r 2% ° f th° am° Unt ° f
ReeHC
*
3‘dder will be furnished with the opinion of Messrs,
cations
* 5 oyt ,°^ New York City that the bonds are valid oblivisinn of ti,«arrn^,yi0 li,nty' ^he *
>onds will be printed under the suoerChv wh.vn^ w-nnlt0?!r States Mortgage A Trust Company of New York
the bn^Hs h
curt a as to th® genuineness of the signatures and seal on
y
Eoard nf
bands are to be issued under legislation authorizing the
th on ri ncl on
Commissioners to levy each year a sufficient tax to pay
accrued ?nterest d int0rest as the 531110 becomes due. Purchaser to pay

C O .

Government and Municipal Bonds
'519-21 First N at’l Bank B ldg., H ouston, Tex.

O .

W A T E R L O O T O W N S H I P S C H O O L D I S T R I C T (P . O . N ew M a rs h P A t h e n s
C ou n ty
O h i o . — B O N D O F F E R IN G . — F r e d B u r t . C l e r k

Circular on request
H A R O L D

(P .

rSfJT? ° , Education. will receive bids until 12 m. Nov. 15 for $5,400 5%
deficit b o n d s . Denom. $600. Date Nov. 15 1919. Prin. and
lnt?•) P a y a b l e at New Marshfield. Due $600 each six
lo^Vh!? • I?i.®cptA ,r 1920 to Sept. 15 1924. Cert, check on a bank
tro*
>
locatod In Athens County , for 5% of amount of bid, payable to the Board
of Education, required.

BONDS

3s, 3 j^ s , 4s,
and 4J^8

D IS T R IC T

Newspaper reports state that $500,000 road bonds have been voted.

C I T Y O F M IN N E A P O L IS

P H I L A D E L P H I A

B O N D E L E C T I O N .—

v
P R E S E N T . — The $300,000 road bonds recently voted—
AuditorP 1205—Wil not be offered at Present. Frank E. Smith is County

5550,000
C IT Y O F

C a r o .—

v d le ), C uyahoga C ou n ty , O h io. — B O N D E L E C T IO N .— A proposition
to issue $(>5,000 school bonds will be voted upon on Nov. 4. it is stated.

NEW LOANS

W e A lw ays Have
A M arket In

N o.

An election will bo held Dec. 1 to vote on the question of issuing 8100,000
30 year water and sewer bonds not to exceed 6 % int. J. G. Mills Is Mayor.

E D W A R D S

in v e s t m e n t s

32
Broadway, NEW Y O R K . N. Y.
►OR SALE— Timber, Coal, Iron. Ranch and
other properties.
C onfidential Negotiations, Investigation;
Settlements and Purchases of Property.
Cnitcd States.
West Indies
Canads

,

I

S e c u r itie s

C U T W A T E R & W ELLS
i I® Exchange Place
T el. 20 Montgomery
Jersey City, N. J.

[V ol . 109

THE CHRONICLE

1726

WEST LIB ER TY, M uscatine C oun ty, Iowa.— BOND SALE.— An
Issue o f $30,000 5% 1-15-year serial electric light impt. bonds was awarded
on Oct. 21 to the White-Phillips Co. o f Davenport for $30,151, equal to
100.503. Denom. $1,000- Date N ov. 1 1919. Int. M . & N.
W HEATLAND COUNTY (P. O. H arlow ton), M ont.— BOND OFFER­
ING.— Further details are at hand relative to the offering On Nov. 4 ortho
$200,000 5 H % highway bonds (V. 109, p. 1391).
bonds will be received until 3 p. m. on that day by W . W . Phares, County
Clerk. Denom. $1,000. Date Oct. 1 1919. Principal and semi-annual
Interest (J. & J.) payable at the office of the County Treasurer. Due
yearly on Jan. 1 as follows: $10,000 1926 to 1930, inclusive: $15,000 1931 to
1939, inclusive, and $15,000 Oct. 1 1939: redeemable at option of county
on Jan. 1 preceding the date of its absolute maturity, or any interest­
paying date thereafter, upon giving thirty days’ notice. Certified check for
$7,500, payable to the County Treasurer, required. The approving
opinion of Caldwell & Masslich, of New York, as to the legality of the
bonds will be furnished the purchaser without charge.
W HITLEY COUNTY (P. O. Colum bia City), In d .— BOND OFFER­
ING — Forrest S. Deeter, County Treasurer, will receive proposals until
1 p in. Nov. 15 for $7,685 4H % Earl Wise ot al Troy & Etna Twps. road
bonds. Denom. $768.50. Date Nov. 15 1919. Int. .M . & N. Duo
$768.50 each six months from M ay 15 1920 to Nov. 15 1929, incl.
W IB A U X COU N TY (P. O. W ibaux), M ont.— BOND VOTED.— On
8 cDt 2 $75 000 serial road bonds at not exceeding 6 % interest were author­
ized by a vote o f 236 to 153. L. C. Faltermeyer, County Clerk, advises us
that the above bonds will be sold about M ay 1 1920.
W IC H IT A , Sedgewick C oun ty, Kan^r-BOND SALE. On Oct. 14
the $191,859.87 4 H % 1-10 year serial paving and sewer bonds— V. 109,
p. I486— were awarded to The Brown-Crummer C o., o f Wichita, at 99.31.
W ID N ER SCH OOL T O W N SH IP (P. O. FreelandvilIe),Knox County,

Ind — BOND OFFERING.— Chae. Smith, Township Trustee, will receive
bids until 2 p. m. N ov. 10 for $4,500 4
10-year school bonds.
W IL K IN C O U N T Y CONSOLIDATED SCHOOL D ISTR ICT NO. 14

fP O. Campbell), M inn.— BOND OFFERING.— C. P. Carlson. Clerk
Board o f School Trustees, will receive proposals until Nov. 3 for $50,000
$y$% school bends.
W IL M IN G T O N , Del.— BOND SALE.— On Oct. 27 the 3 issues of 4)4%
2 3 -2 8 year serial bonds, aggregating $500,000— V. 109, p. 1630— were
awarded to the Guaranty Trust C ». of New York, at 98.57 and interest.
Date Oct. 1 1919.
W IN N E T T Fergus C ounty, M ont. — BOND OFFERING.— Bids will
be received until Dec. 1 for $35,000 6 % water bonds
Due in 1939. Theeo
bonds were voted at the election Oct. 13— V. 109, p. 1391. The vote
oast was 28 "fo r” and 0 "against.”
W Y A N D O T T E C O U N T Y (P .IO . Kansas C ity), K ans.— BOND OF­
FERING.— Newspapers state that'a public campaign to dispose o f $400,000
ai/ % court house bonds to the general public is proposed. It is further
reported that the state supreme court held this issue could not be sold
legally because county had exceeded its bonded indebtedness limit. Last
legislature exempted this issue from the bond limit of this county.
YAK IM A, Yakima C ounty, W ash. — BOND SALE.—-An issue of $350,­
000 5 K % sower bonds was recently sold to Cars tens & Earles, Inc., of

Seattle
Denom. $1,000. Date Nov. 1 1919. Prin. and semi-ann. m t.
(M. & 'N .) payable at the office of the City Treasurer or at the Fiscal
Agency of the State «r Washington In New York City, N. Y . Due Nov. 1
1939.
YELLOWSTONE COUNTY (P. O. Billings), M ont.— BOND OFFER­
ING.— Reports state that proposals will be received until Jan. 9 by Clerk
Board of County Commissioners, for the $250,000 6 % road bonds recently
voted— V. 109, p. 1205. Int. semi-ann.
YONKERS, W estchester C ou n ty, N. Y .— TEMPORARY LOAN.— A
temporary loan pf $3 7 3 ,0 0 0 , maturing six months from date, has been'
awarded, it is stated, to Redmond & Co., of New York.

CANADA,

its

FIN A N CIAL

and

M u n ic ip a litie s .

F IN A N C IA L

A t l a n t i c M u tu a l I n s u r a n c e C o m p a n y
N e w Y o r k , J a n u a ry 2 4 th , 1919. ^

The Trustees, in conformity with the Charter of the Company, submit the followin'] statement of its affairs on the
3 1 s t of December, 1 9 1 8 .
P r e m iu m s o n M a r i n e a n d I n l a n d T r a n s p o r t a t i o n I n s u r a n c e f r o m t h e 1st J a n u a r y , 1 9 1 8 , t o
t h e 3 1 s t D e c e m b e r , 1 9 1 8 ...................................................- - - ................................. ..............................................
P r e m i u m s o n P o l i c i e s n o t t e r m in a t e d 1 s t J a n u a r y , 1 9 1 8 ................................- ......................... ...............

1 ,0 7 2 ,5 5 0 .9 0

T o t a l P r e m i u m s . ______ ____________________________________________________________________________________
P r e m iu m s m a r k e d o f f a s t e r m i n a t e ! f r o m 1 s t J a n u a r y , 1 9 1 8 , t o 3 1 s t D e c e m b e r , 1 9 1 8 ..............
I n t e r e s t o n t h e i n v e s t m e n t s o f t h e C o m p a n y r e c e iv e d d u r in g t h e y e a r $ 4 1 8 ,1 0 6 .0 0
I n t e r e s t o n D e p o s i t s in B a n k s , T r u s t C o m p a n i e s , e t c ............................. 1 2 0 ,0 1 0 .8 4
R e n t r e c e lv e d le 33 T a x e s a n d E x p e n s e s — --------- -— -------------------------- -9 7 ,6 3 4 .5 1 S

Losses paid during the year.. .

P ro v in c e s

BARRIE, O n t.— DEBENTURES NOT TO BE ISSUED A T PRESENT.
— The Town Clerk advises us that the $77,000 debentures recently authorized— V. 109, p. 1391— will not be issued for at least a year.
B R IDGEBU RG, O nt .— DEBENTURE OFFERING.— It. A. Land,
Town Clerk, will receive bids until 6 p. m. N ov. 3 for $50,000 6 % public
school debentures.
DUNDAS, Ont .— DEBENTURE SALE.— An issue of $3,500 debentures
has been disposed of locally.
MOOSE JAW , Sask.— DEBENTURE SALE.— An issue of $161,000 de­
bentures is reported as sold to W ood, Gundy & Co. of Toronto.
DEBENTURES AUTHORIZED.— It is reported that $40,000 water
works extension debentures have been authorized.
N O R TH G O W E R T O W N SH IP (P. O. North Gow er), O n t.— DE­
BENTURE SALE.— During March of this year an issue o f $23,500 5 'A %
ditching debentures was awarded to J. A. Craig at par. Int. Dec. 31Due part yearly on Doc. 31 for 20 years.
OAK B A Y , N . B . — DEBENTURES VOTED.— The ratepayers, by avote of 237 to 53, approved the issuance of $65,000 school debentures atan election held Oct. 4.
O T T A W A , O n t. — DEBENTURES AUTHORIZED— A by-law to iesur
$50,000 Collegiate Institute bonds was passed, it is stated, on Oct, 6 .
R EN FR EW , O n t. — DEBENTURES VOTED.— The property owners
on Oct. 18 voted to issue $25,000 fire hall erection debentures, I* is re­
ported.
S1MCOE, O nt .— DEBENTURES AUTHORIZED.— Oil Oct. 6 the
council passed a by law to issue $6 , 0 0 0 public utility debentures, accord­
ing to reports.
W IN D S O R , O n t.— DEBENTURES AUTHORIZED.— A by-law auth­
orizing the issuance of $15,000 school debentures has been passed. It is:
stated.
W IN G H A M , O nt .— DEBENTURES VOTED.— On Oct. 17 it is stated,
the voters approved, by 236 "for” to 18 “ against,” a by-law to issue $40,000'
Hydro-distributing-plant debentures.
YAR M O U TH T O W N S H IP , O nt .— DEBENTURES AUTHORIZED.—
According to reports a by-law„to issue $22,000 school and general impt.
bonds has been passed.

High G rade
Investm ent Bonds

$ 7 .7 5 7 ,4 4 2 .5 1
jO 5 flg 0 8

18

Municipal and Corporation
Issues Underwritten

6 3 5 ,7 5 2 .01^

$239:186 A l “ ’ 10'5 f3T“
>
li e - i n s u r a n c e s ___________________ 1 * 9 4 7 ,7 3 3 .0 8 8 2 ,1 8 6 ,9 1 9 .5 9
.

W e specialize in securities of
the Mississippi Valley and the
South

S I , 9 1 9 ,0 5 4 .0 5

R e - in s u r a n c e P r e m iu m s a n d R e t u r n s o f P r e m i u m s ------------------------- ------------- - ............ f l ~ 7 5 6 , 9 3 7 .0 1
E x p e n s e s , i n c l u d i n g c o m p e n s a t i o n o f o f f i c e r s a n d c le r k s , t a x e s , s t a t io n e r y ,
a d v e r t is e m e n t s , e t c ........................................................................ - ......................... .......................$ 9 9 0 .0 1 9 .9 3
A d i v i d e n d o f in t e r e s t o f S i r p e r c e n t , o n t h e o u t s t a n d i n g c e r t if i c a t e s o f p r o f it s w il l b e p a id t o th e
h o ld e r s t h e r e o f , o r t h e ir le g a l r e p r e s e n t a t i v e s , o n a n d a f t e r T u e s d a y t h e f o u r t h o f F e b r u a r y n e x t .
T h e o u t s t a n d i n g c e r t if i c a t e s o f t h e Iss u e o f 1 9 1 7 w il l b e r e d e e m e d a n d p a id t o t h e h o ld e r s t h e r e o f , o r
t h e ir le g a l r e p r e s e n t a t i v e s , o n a n d a f t e r T u e s d a y t h e f o u r t h o f F e b r u a r y n e x t , f r o m w h ic h d a t e a ll I n te r e s t
t h e r e o n w ill c e a s e .
T h e c e r t if i c a t e s t o b e p r o d u c e d a t t h e H int o f p a y m e n t a n d c a n c e l e d .
^
A d i v i d e n d o f F o r t y - f i v e p e r c e n t , i s d e c la r e d o n t h e e a r n e d p r e m iu m s o f t h e C o m p a n y f o r t h e y e a r
e n d in g 3 1 s t D e c e m b e r , 1 9 1 8 , w h ic h a r e e n t it l e d t o p a r t i c i p a t e in d i v i d e n d , f o r w h i c h , u p o n a p p l i c a t i o n ,
c e r t i f i c a t e s w il l b e

EDMUND L. BAYLIES,
JOHN N. BEACH,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK,
j . w i l l i a m Cl a r k ;,___
FREDERIC A. D a ULETT,
CLEVELAND H. DODGE.
CORNELIUS ELDERT,
G. STANTON FLOY£>-JONES.

t h e S iX th £ f. ^ A K T O . V

F L O Y D -J O N E S .

S ecreta ry.

TRUSTEES.
DALLAS B. PRATT.
PHILIP A. S. FRANKLIN.
JOHN J. HIKER,
HERBERT L. GRIGGS
JUSTUS RUPERTI
SAMUEL T. HUBBARD,
WILLIAM JAY 8 C H I B F F B L 1 N .
WILLIAM H. LEFFERTS,
SAMUEL SLOAN,
CHARLES D. LKVERIOH.
HENRY FORBESMcCREERY, WILLIAM SLOANE.
NICHOLAS F. PALMER,
LOUIS STERN,
WALTER WOOD PARSONS. WILLIAM A. STREET,
CHARLB3 A. PEABODY.
GEORQE K. TURNURE.
GEORGE C. VAN TUYL, Jr.
WILLIAM R. PETEHS
RICHARD H. WILLIAMS.
C O R N E L I U S E L D E R T . P res id e n t.
W A L T E R W O O D P A R S O N S , V tee-P r es U k n t.
C H A R L E S E . F A Y . 2 I V ic e -P r es id en t.
W I L L I A M D . W I N T E R , 3rd V lc e -r r e s U m t.

A o o irris.
U n i t e d S ta te s! a n d S t a t e o f N e w Y o r k
B o n d s ............................................................... S 8 , 4 6 3 .0 0 0 .0 0
S t o c k o f th e C it y o f N e w Y o r k a n d
„
S t o c k s o f T r u s t C o m p a n ie s * B a n k a
1 .3 S 5 .5 0 0 .0 0
S t o c k s a n d B o n d s o f R a i l r o a d s ________
3 , 0 6 9 ,8 7 9 .8 5
2 8 o .4 1 0 .0 0
O t h e r S e c u r it ie s _____ _____________________
S p e c i a l D e p o s i t s In B a n k a a n d T r u s t
C o m p a n ie s . . ............................................
1 ,0 0 0 ,0 0 0 .0 0
R e a l E s t a t e c o r . W a l l S t r e e t , W illia m
S t r e e t a n d E x c h a n g e P l a c e _______
3 , 9 0 0 .0 0 0 .0 0
R e a l E s t a t e o n S t a t e n I s la n d (h o ld
u n d e r p r o v is io n s o f C h a p t e r 4 8 1 ,
L a w s o f 1 S S 7 ).............................................
7 5 ,0 0 0 .0 0
P r c m l 'i i n
B il ls R e c e i v a b l e ----------------------------------------7 1 6 ,7 8 3 .3 0
C a s h in h a n d s o f E u r o p e a n B a n k e r s
t o p a y lo s s e s u n d e r p o lic i e s p a y a b l e
In f o T l i 'n
2S fi o f)4 (vo
C a s h in B a n k a n d In O f f i c e ------------------1 ,9 7 2 .8 0 9 .0 1
S t a t u t o r y D e p o s i t w it h t h o S t a t e o f
______ ____
Q u e e n s la n d
-Vi>ctr.i4Li.___ _____ _____ __
4 ,7 6 5 .0 0
$ 1 6 ,8 2 3 ,4 9 1 .3 4

E s t im a t e d L o s s e s a n d L o s s e s U n s e t t ie d In p r o c e s s o f A d j u s t m e n t ........... $ 4 , 5 5 7 ,0 2 9 .0 0
P r e m iu m s o n U n t e r m i n a t e d R i s k s . - 1 . 0 0 0 ,9 8 4 .3 3
C e r t if i c a t e s o f P r o f it s a n d I n t e r e s t
U n p a id
_____
3 1 6 ,7 0 2 .7 5
R e t u r n P r e m iu m s U n p a i d .........................
r a x e s U n p a i d _______ _________ - ...............
4 0 0 ,0 0 0 .0 0
R e -I n s u r a n c e
P r e m iu m s o n T e r r n ln a t e d R i s k s . . . ..................................... - 2 8 8 ,5 0 8 .9 2
C la im s n o t S e t t le d , i n c l u d i n g C o m p e n s i t l o n , e t c .................. .. .................... - 1 J 9 ,2 9 6 .1 0
C e r t i f i c a t e s o f P r o fit s O r d e r e d R e ­
d e e m e d . W i t h h e ld f o r U n p a i d P r e m l 1 m s ____________ ________ ______________
1
I n c o m e T a x W i t h h e ld a t t h e S o u r c e .*
.
C e r t ifi c a t e s o f P r o f it s O u t s t a n d i n g ___
6 ,1 4 0 ,1 0 0 .0 0
B a la n c e ______ _________ ____ _____ . . . . . .

3 ,8 2 5 ,5 7 0 .1 1

$ 1 6 ,8 2 3 ,4 9 1 .3 4

Balance brought down----------- --------------------- ---------- - .............. .............. . . . . . . . . . . ______________ $3,82o ,570.11
Accrued Interest on tbo 3lst day of December, 1913, amounted t o . . ......... ....................................
«•> .890.45
Rents due and accrued on the 31st day of December, 1918, amounted to.....................................
23 , 100,40
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of
December, 1918, amounted to........................ .......................................... ...................................... 402 ,184.31
Note- The Insurance Department has estimated the value of the Real Estate on Staten Island
.700.00
In excess of the Book Value given above, a t.................................................................... . .
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
Company’s valuation by----------------------------------------------- ------------------------------------------- ---------. ,384.11

On the basis of these Increased valuations the balance would be-------------------------------------- -* 6 ,8Sd .835.38




BOND DEPARTMENT

M ississippi V a lle y T ru st C o .
S T . L O U IS

Adrian H. Muller & Son
A U C T IO N E E R S
OFFICE No. 58 WILLIAM STREET
Corner Pine Street
R egu lar

W e e k ly
OF

S ales

STOCKS and B O N D S
EVERY W EDNESDAY
At the Exchange Sale* Room*
14-1S Ve*ey Street

FACTORS

JA M ESsTA LC O TT, Inc
Pounded 1804

225 F ou rth A v e.,

NEW YO R K

T ex tile Factors and
Com m ission M erch an ts
Foreign Accounts Solicited.
Cable Address*—Quomake)