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TWO
SECTIONS—SECTION
ONE
INCLUDING
Bank
(Quotation Section
Railway & Industrial Section
Railway Earnwra Section
-Bankers' Convention Section
cZ
COPYRIQHTEO IN 19 gp^r WILLIAM B. DANA
COMPANY, NEW YORK.
Issued
VOL 111.
Weekly
jf manual
CHARTERED
'
v
ENTERED AS SECOND-CLASS MATTER JUNE
23. 1879, AT THE POST OFFICE AT NEW
NEW YORK, NOVEMBER
$10.00 Per Year
Electric
13, 1920.
Railway Sects®®
State and
YORK, NEWYCIRK,
wl''^FBroDnys\?<;N,ybc'lt'r'-
1879
NO. 2890
^financial
^financial
HARVEY FISK & SONS
The IJbertyNational Bank
1822
THE FARMERS'LOAN & TRUST
of NewYork
32 Nassau St.
COMPANY
NEW
YORK
CAPITAL...
.....$5,000,000.00
SURPLUS
16, 18, 20 and 22 William Street
$5,000,000.00
v
UNDIVIDED PROFITS.$2,500,000.00
475 Fifth Avenue, at 41st Street
NEW
City Sections
UNDER THE ACT OF MARCH
3
UNITED STATES BONDS
YORK
NEW YORK CITY BONDS
AND OTHER CHOICE
MANAGEMENT
CARE
OF
DOMESTIC AND
OF
Correspondents in all countries
Special facilities in Scandinavia*
INVESTMENT SECURITIES
ESTATES
SECURITIES
FOREIGN
Harris Forbes & Co.
BANKING
FOREIGN
EXCHANGE
LETTERS
OF
COMMERCIAL
Pine Street, Corner William
NEW YORK
The New York Trust
CREDIT
10
Company
LETTERS
FORBES
&
CO.,
Inc.
BOSTON
HARRIS TRUST
26 Broad Street
ACCEPTANCES
Draper* Garden*, London, E. C.
HARRIS,
A
SAVINGS
BANK
CHICAGO
Act
5th Avenue and 57th Street
as
fiscal agents for munici¬
palities
and corporations and
Government, munici¬
pal, railroad and public utility
deal
LONDON
PARIS
in
BONDS
Capital, Surplus and Undivided
Member Federal Reserve System
and
New
York
Clearing
FOR
List
Profits,
House
INVESTMENT
Application
on
Cable Address SABA, NEW YORK
Established
Established
;
1892
1874.
John L. Williams & Sons
BANKERS
Edward B. Smith & Co
Corner 8th and Main Stmts
RICHMOND, VA.
Members New York and
Baltimore Correspondents:
R. LANCASTER WILLIAMS &
Established 1810
Stock
Philadelphia
Exchanges
co., Inc.
The
Mechanics
GARFIELD
National Bank
23rd
STREET,
where
FIFTH
Capital,
-
A
Metals
Broadway
$1,000,000
Bank for
Surplus,
New Yofe*.
The Chase National Bank
-
$1,000,000
Capital, Surplus, Profits
the Builders of Business
.
of the
$25,000,000
City of New York
57
Deposits, Sept. 8, 1920
ESTABLISHED
Philadelphia
OF THE CITY OF NEW YORK
AVENUI
Crosses
And
National Bank
$196,000,000
1784
BROADWAY
CAPITAL
$15,000,000
SURPLUS AND PROFITS
DEPOSITS (Sept. 8, 1920)
Foreign Exchange
Trust
Service
24,189,000
...828,680,000
OFFICERS
The Bank of New York
Bond
Department
A. BARTON
Chairman of the
National Banking Association
ALBERT
HEPBURN,
Advisory Board
H.
WIGGIN,
Chairman of the Board of Directors
CAPITAL & SURPLUS, $9,000.000
EUGENE V. R. THAYER. President
Vice-Presidents
Our
136
years'
service
of
experience
our
is
depositors
Samuel H. Miller
Edward R. Tinker
Carl J. Schmidlapp
the
at
'
Gerhard M. Dahl
Reeve Schley
American Express Company
Alfred O. Andrews
Robert I. Barr
SECURITIES DEPARTMENT
FIRST NATIONAL BANK
Henry W. Cannon
A
GOVERNMENT
SECURITIES
1
Barton Hepburn
Albert H, Wiggin
John J. Mitchell
Guy E. Tripp
James N. Hill
Daniel O. Jackiing
Charles M
Schwab
Wm.
A.
LAW,
George H. Savior
M. Hadden Howell
Cashier
William P. Holly
DIRECTORS
PHILADELPHIA, PA.
CHARTER NO.
Assistant Vice-Presidents
Edwtn A. Lee
"William E. Purdy
Samuel
President
65
BROADWAY
NEW YORK
H. Miller
Edward R. Tinker
Edward T. Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V R Thayer
Carl J. Schmidlapp
Gerhard M
DahJ
Andrew Fletcher
William B. Thompson
Reeve Schley
Kenneth F
Wood
H
Wendell Endicott
William M. Wood
anb JBcatoenf of Jforefgn
Snbeatment
MORGAN & CO.
J. P.
Wall Street, Corner
&
52 WILLIAM STREET
of Broad
Corner of 5th and Chestnut Streets
MORGAN, GRENFELL&CO., LONDON
Act as agents of
issue Loans.
Bills
of
PARIS
CO.,
&
of Credit
' /
Provincial
National
TransferSt
Telegraphic
Exchange,
Letters
Tne
18 Broad SL
NEW YORK
Corporations and negotiate and
on
HARJES
115 Devonshire SL
BOSTON
Orders executed for all Investment Securities.
No. 22 Old Broad Street
MORGAN,
KIDDER, PEABOOY & GO.
NEW YORK
PHILADELPHIA
CO.,
Cxt&ange
Maitland, Coppell & Co.
NEW YORK
DREXEL
[VOL. 111.
CHRONICLE
THE
H
&
•'
Union
Bank
of
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Messrs. Mallet Freres & Cie,
and
Securities bought and sold on Commission.
Foreign Exchange, Commercial Credits.
Letters of Credit
Paris,
Principal Places in Mexico.
on
Cable Transfers.
Circular
available
Travelers,
for
Letters
in
all
parts of the world.
TRAVELERS' LETTERS OF CREDIT
BROWN BROTHERS & CO.
Phujideutha
Agents for the Bank of Australasia.
Boston
NEW YORK
& CO, LTD.
BROTHERS
LONDON
August Belmont & Co.
43 EXCHANGE
BARING
PLA^E, NEW YORK
^Members New York Stock Exchange.
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Investment
.
ISSUE LETTERS OF CREDIT
Securities
for Travelers
Available
Foreign Exchange
Deposit
all
of the world.
parts
Draw bills of Exchange and make Telegraphic
Transfers.
Accounts
Commercial
in
Execute orders for the
Credits
Bonds
purchase and sale of
and
Stocks.
J. & W. Seligman & Co.
N2 54 Wall Street
Travelers' Credits
NEW YORK
BROWN, SHIPLEY & CO.
Investment Securities
LONDON
T. Suffern Taller
James G. Wallace
Grenville Kane
W. A. Harriman & Co,
INCORPORATED
25 Broad
TAILER&CD
New York
St.,
60 Federal
Boston
St,.
Redmond &<tn
10 Pine Street, New York
33 Pine St.
Lawrence Turnure &, Co.
Investment Securities
64-66 Wall
Travelers'
mission.
59 CEDAR
STREET
credits,
sold
through¬
available
States, Cuba, Puerto Rico, Mexico,
America
and
London
Bankers:
Midland
BANKERS,
Deposits
Received
Allowed
Subject
on
Bought
Interest
Draft,
to
Securities
Deposits,
and
Paris
Sold
London
Joint City
New York
Stock
&
and Pittsburgh
Exchanges
Limited.
Bank,
Bankers:
Members
Spain.
countries.
YORK
NEW
Pittsburgh
on com¬
Make collections
in and issue drafts and cable transfers on above
Central
New York
-
Investment Securities
Investment securities bought and
out the United
-
Bldg.
Street,
New York
Winslow, Lanier & Ca
-
Union Arcade
Heine &
Co.
DEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission,
MEMBERS
N.
Y.
STOCK
EXCHANGE.
HUTH
Foreign Exchange, Letters of Credit
Execute orders for
purchase and sale of
Stocks and Bonds.
Foreign Exchange Bought and Sold.
Bonds for
Investment
30 Pine Street
New York
Foreign Bonds & Investment Securities
Issue Commercial and Travelers' Credits
^available in all Darts of the world.
& CO.
»
Foreign Exchange.
T
Correspondents of
BERTRON, GRISCOM & CO. INC.
KsaiL, Taylor &> Co.
NeiV Vork
INVESTMENT
SECURITIES
Land Title
John Munroe & Co.
BOSTON
YORK
BOISSEVAIN
52
Building
PHILADELPHIA
NEW YORK
NEW
& CO.
of Credit for
Travelers
ALDRED & CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
Letters
FRED! HUTH & CO., London
Pittsburgh.
40 Wall Street
INVESTMENT SECURITIES
40
Wall
New
Street
York
COMMERCIAL DEPARTMENT
Commercial Credits.
Foreign Exchange
Cable Transfers.
FOREIGN
MESSRS.
EXCHANGE
PIERSON & CO.
Fiscal Agents
Public Utility and
MUNROE
&
CO..
Paris
Amsterdam, Holland.
„
Commercial Credits, Deposit Accounts,
for
Hydro-Electric
Companies
Nov. 13 1920.]
THE
CHRONICLE
m
SnbMtment att& jHnandal ©otwe«
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
NEW
YORK
187 So. La Salle Street
14
BOSTON
Montgomery Street
SAN FRANCISCO
421 Chestnut Street
PHILADELPHIA
•
411 Olive Street
Boston
ST. LOUIS
New York
Chicago
'
.
Millett, Roe&Hagek
;
Congress Street
CHICAGO
Investment Bankers
INVESTMENT SECURITIES
2-1 Marietta Street
ATLANTA, GA.
/
Title Insurance Building
LOS
ANGELES, CAL.
MEMBERS
Members of New York and
Chicago
Higginson & Co.
80, Lombard
60
.
NEW YORK STOCK EXCHANGE
Stock Exchanges
,
St.
Commercial Paper
'
London, £. C.
Securities
bought and sold
commission
on
Foreign Exchange
Commercial
&
available
Travelers'
in
all
parts
S2 WILLIAM ST.
Letters
of the
of
NEW YORK
Credit
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY,
Investment Securities
EQUIPMENT BONDS
Bondsj
Preferred
MEMBERS
NEW
YORK, BOSTON AND
CHICAGO STOCK
EXCHANGES
Members New York Stock
60
Boston
Providence
v
Established
NEW
Uptown Offices Fifth
YORK
Bonds
Public
GOVERNMENT
'»!-
BONDS
&
Preferred
Stocks
Present
indications,
V'-'-C
••
'-V'.
to normal would yield unusual
Investment Securities
V:V
26
profits.
Bond & Goodwin
NEW
Exchange
112 W. ADAMS ST..
CHICAGO
s
BROADWAY,
New York
Members New York Stock
return
a
Write for our suggestions and Circular F. B.
65
Exchange Place
Investment Bankers
Foreign
however
advancing tendency and
U. S. Government Bonds
Equipment Trust Certificates
norma
value due to the unprecedented fall in
Robinson & Co.
Utility Securities
Counselman & Co.
selling considerably below their
an
(
Correspondent Offices in 50 Cities,
Underwriters & Distributors
1888
FOREIGN
Exchanges.
BuMnf
Avenue and
43rd St.
Portland
Industrial
point to
Exchange
BROADWAY
,
Main Officer National
City Bank
Chicago
Detroit
are
Acceptances
EVANS, STILLMAN &, CO
Direct wires to all principal markets
Stocks
Investment Securities
Underwritten
&
Conservative
I
Investment Securities
Distributed
Yielding 6%
YORK
to
8%
Telephone 4600 Cowling Green
Federal Securities
Corporation
Frazier & Gh.
38 South Dearborn Street
CHICAGO
Broad
& Sansom
HoRghtelrng &Co.
Streets
EST. 1865
PHILADELPHIA
Baltimore
New
Washington
York
Pittsburgh
Lebanon
Underwriters
Chicago
Distributors
Wilkes Barre
Howe, Snow,
Corrigan & Berries
Investment
Glore, Ward & Co.
•
•.
*'
INC. 1918
10 So. La Salle St.
•"
'•
••
•
;
.
-
Bankers
GRAND RAPIDS,
■
SECURITIBSS AVES*C °
'
MICH.
B.
II.
Collins, President
|
.
"
•"
i
•
/
■
_
■
'
'
'
•
Southern
INVESTMENT SECURITIES
H.J. BACHMAN & CO.
18T SO.
Established
LA SALLE ST.
1866
64
PEACHTREE, ATLANTA
<
NEW YORK
CHICAGO
NEW
INVESTMENT
Securities
BANKERS
ORLEANS
BIRMINGHAM
JACKSONVILLE
CHARLOTTE
MEMPHIS
Members N. Y. and Pbila. Stock
Exchanges
1425 Walnut
St.,
61
PHILADELPHIA
H.
T.
HOLTZ &
Broadway
NEW
RAILROAD AND FOREIGN
YORK
CO*
INVESTMENT
GOVERNMENT BONDS
HARPER
&
INVESTMENT
BONDS
FOR INVESTMENT
TURNER
BANKERS
•
..
■.
I
STOCK EXCHANGE BUILDING
,
WALNUT STREET ABOVE BROAD
39
SOUTH
LA SALLE
CHICAGO
STREET
PHILADELPHIA
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
'
jfimntiai
jjftnatufal
Electric
-
Light
Enter¬
established
COMPANY
&
CHASE
earnings.
SECURITIES
15 State Street,
and
Power
prises with records of
Members New York and Boston
Stock Exchangee
BOSTON
NEW YORK
24 Broad Street,
jfimntiai
FINANCE
WE
ESTABROOK & CO.
INVESTMENT
[VOL. 111.
CHRONICLE
THE
rr
BONDS
WE OFFER
Bankers
and
Dealers
Investment
Proven Power and
Light Securities
BOSTO
19 CONGRESS ST.
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Richardson, Hill & Co.
Established
1870
71
BROADWAY.
NEV. YORK
MUNICIPAL AND
& Company
Place
New Street and Exchange
KAILROAD
YORK
NEW
,
BONDS
Investment Securities
For Conservative Investment
50
Arthur Lipper
SECURITIES BOUGHT AND
COMMISSION
ON
SOLD
Congress St.
BOSTON
R. L. Day
& Co.
Branch
Members
New York Stock Exchange
(Boston Stock Exchange
35
Congress St., Boston
Chicago Stock Exchange
Offices
Waldorf-Astoria Hotel,N.Y
N. Y. Stock Exchange
N.Y.
N. Y. Cotton Exchange
New York
Correspondents
REMICK, HODGES & CO.
11 East 44tb St.,
N.Y Coffee A Sugar Exch.
Saratoga Springs,
Philadelphia Stock Exoh.
Atlantio City, N. J.
Chicago Board of Trade
West End, N.
N. Y.
J.
Long Beach, N. Y.
Soosetelt &
Founded
1797
PARKINSON & BURR
We
Members of the New York and
Seasoned
Specialize in
Boston Stock Exchanges
Government and
Investments
53 State Street
7 Wall Street
Municipal Bonds
BOSTON
NEW YORK
30 Pine Street
William R,(pmpton(o.
New York
INVESTMENT BONDS
BONDS
14 Wall Street,
New York
Cincinnati
St. Louis
New Orleans
Chicago
Baker, Ayling & Young
W. F. Ladd & Co.
BOSTON
E. HOWARD GEORGE & CO., Inc.
PHILADELPHIA
Investment
Bankers
Investment
81
BOSTON, MASS.
State Street
Securities
Cochrane,Harper&Co.
Investment
Securities
New York
60 State
111
St.,
Broadway
NEW VORK
BOSTON
FOUNDED
1852
Investment Securities
Foreign |
Letters of
Credit
Exchange
Travelers' Checks
ESTABLISHED 1865
Correspondents
eAxtiHL JGo^eto&Co
5 Nassau
Thomas C. Perkins
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal in
Constructive Banking
15 State Street
Underlying Railroad Bonds
Boston, Mass.
and
Kttautfi-NarijoTl SrKuljtif
fembers
New
York
Stock
Exchange
Equitable Building
New York
36 Pearl Street
Hartford, Conn.
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
Throughout the World.
for eighteen
In the Financing
of established and pros¬
Specialist
Watkins &
Co.
yoars
New
.
perous
England
jlndus trials.
Industrial Securities
issues
underwritten and distributed
J. MURRAY WALKER
a# Devonshire Street
Boston
Wall Street
NEW YORK
Entire stock
Yielding 6}4% to 8%
7
Investment Securities
Nov. 13 1920.]
the
chronicle
Canadian
Canadian
Government
and
;
BANK OF MONTREAL THE
CANADIAN BANK
Established
Years
Municipal
over
Bonds
These
bonds
offer
CAPITAL PAID UP
exceptional
oppor¬
tunity for sound investment.
If pur¬
chased
now
they
will
yield
from
7% to 7i/2%
UNDIVIDED PROFITS
TOTAL ASSETS
-
-
on
request.
1,090,440
571,150,138
-
Incorporated
14 WALL STREET, NEW
YORK
Toronto, London, Eng., Winnipeg,
Montreal
New York
Office, 16
F. B. FRANCIS,
Bank
of
Montreal,
Travelers' Cheques and Letters of Credit
Issued
available in all parts of the
world.
Banking
Spokane,
San Francisco—British American
Bank (owned and controlled
by the Bank of
Indies,
British
Guiana
Colonial Bank
(in
interest is owned
LONDON
and
SWSgy
The Bank of
an
England,
The Bank of
Scotland,
Lloyd's Bank, Limited.
Sxchanga
THE BANK OF NOVA SCOTIA
Municipal & Corporation.
Securities
74Vvoad\vay
United Financial
Corporation
Limited
TfewYorfe
"Toronto
of
Canada.
Ig89
<3an.adi<an
government.
with
OFFICE—2 Lombard Street, B. C-
West
which
by the Bank of Montreal).
mes3
Atottberf Toronto Stock.
■
Exchange business
BANKERS IN GREAT BRITAIN:
Africa—The
established
and
description transacted
Chicago,
Montreal).
w
\
S^S&son.W-"
Buy and Sell Sterling and Continental
Exchange and Cable Trasf era. Collections
(France).
In the United States—Mew
York,
West
Exchange Plaee
made at all
points.
Agencies:
Throughout Canada and Newfoundland.
London, England, and at Mexico City.
Paris,
General Manager, Sir John Aird.
Assistant General
Manager. H. V. F. Jones.
8:5r:
At
In
$15,000,800
—$15,000,008
President, Sir Edmund Walker,
O.V.O., LLJD., D.G.It
Office—MONTREAL
Branches and
OFFICE, TORONTO
PAID UP CAPITAL
RESERVE
G.B.E., Vice-Pros.
Sir Frederick Williams-Taylor
General Manager.
Wood, Gundy & Co.
HEAD
MEREDITH, Bart., President.
SIR CHARLES
GORDON,
Head
C-20
$22,000,000
22,000,000
United States funds
Full Particulars
OF COMMERCE
-
REST
SIR VINCENT
Principal and interest payable in
100
INVESTMENT BANKERS
Chicago
$9,700,008
18,000,008
280,000,008
Head Office, Halifax, N. S.
General Manager's Office,
Toronto, Ont,
Montreal
Victoria'BjC.
(Incorporated 1832)
PAID-UP CAPITAL
RESERVE
FUND
TOTAL ASSETS OVER
330 branches throughout
Canada,
Newfoundland!
Cuba, Jamaica, Porto Rico, Dominican
Montreal
London
Toronto
RepublkU
and in Boston, Chicago and New York.
Commer¬
cial and Travelers' Credits
issued, available In aB
parte of the world. Bills on Canada or West Indian
6oints favorably United^States. collected by our
negotiated or Correspondence
ranches in the
invited.
Affiliated with
Canadian
Government, Provin¬
cial, Municipal and Corporation
Guaranty Trust Co. of New York.
New
York
Agency, 52 Wall Street.
H. F. Patterson, Agent.
London, England, Branch,
Bonds
58
Old
Broad
Bought—Sold—Quoted
GREENSHIELDS
Members
Montreal
Stock
Exchange
Dealers
in
Canadian
Bond
Issues
17
St. John
in Great Britain
R. A.
CANADIAN
CANADIAN
MUNICIPAL
Bank of Toronto
McDonagh, Somers &
The Dominion Bank
Building
HEAD OFFICE,
Total
"PORTTOIR
—141,000,000
Clarence A. Bogert,
President
Montreal
BOND
assets
Sir Edmund Osier.
Lichwy:
Street
AND
TORONTO
Paid Up Capital
$6,008,080
Reserve Fund & Undivided Profits
7,780,000
RURNETT.
John
Building
$18,000,000
19,000,000
500,000^00
Reserve Funds.
Total Assets
Head Office
Montreal
SIR HERBERT S. HOLT, President
E. L. PEASE, Viee-Pree. A Man.
Co.
TORONTO, CANADA
17 St.
1568
TORONTO, ONT.
Correspondence Invited
STOCK
Established
Capital Paid Up.
Request
MatibenHoibwl Sloct
ROYAL BANK OF CANADA
AND CORPORATION BONDS
INVESTMENT SECURITIES
Dominion Bank
Scotland.
THE
GOVERNMENT,
on
of
Daly & Go.
Street, Montreal
Offerings
St., E. C. 2.
Correspondents/Lo^,do/1 ^oiTlt C,ty 4 Midland
& CO.
General Manager.
New York Agency, 51 Broadway
O. 8. Howard, Agent
London Branch, 73 CornhiH
BROKERS
S. L. Jones, Manager
O.
B.
NEILL,
Director
Genera] Manager
TOO Branches throughout CANADA and NEW¬
FOUNDLAND,
In
CUBA.
PORTO
RICO
DOMINICAN
REPUBLIC, HAITI, COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITIHE
HONDURAS and BRITISH GUIANA.
ARGENTINE—Beenos Aires.
BRAZIL—Rio de Janeiro. Santos, Sao Paolo.
URUGUAY—Montevideo.
SPAIN—Barcelona, Plana de Oatatana.
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—08 William St.
F. T. Walker, J. A. Bee toon. B. B.
Mtfname?
and J. D. Leavitt, Agents.
FRENCH AUXILIARY: The Royal Bank
Canada
(France), PARIS, 28 Roe de
of
Quatre-Septembre.
CANADIAN
Principal and
Payable in
CANADIAN
BONDS
AND
FOREIGN
BOUGHT AND
Interest
New
TRAVELERS*
York
AND
LETTERS
OP
Thornton Davidson & Co., Ltd.
Transportation Bldg.
>
81
St.
3
88
Sparks
Peter
EXCHANGE
SOLD
COMMERCIAL
CREDIT
Members
St.
Montreal Stock Exchange
Bankers & Brokers
Montreal
Quebec
St.
HERDMAN & COMPANY
Dominion
Ottawa
R. C. Matthews & Co.
Express Building
MONTREAL
CANADIAN BONDS
CANADIAN
StmsERWxxfcCfMBwr
INVESTMENT
C. P. R. Bldg.
*
TORONTO
BONDS
BANKERS
TORONTO
CANADA
Specialists in
GEO,
B.
EDWARDS
NEW YORK, N. Y.
FOR SALE—Timber, Coal, Iron, Ranch and
other properties.
Confidential
Negotiations
Settlements and
united States
v
Purchases
West Jndies
Trunk, Grand Trunk Pacific,
Canadian
INVESTMENTS
72 Trinity Place
Grand
Investigations
of Property,
Canada
Northern
Northern
All
and
Pacific
Canadian
Issues
Canadian
Securities
Dealt
to.
TRUAX, HIGGINS CO.
Lewis
New Task
Buildinr. Montreal
Direct Wires
>£milius Jarvis & Co.
INVESTMENT BANKERS
Established
JARVIS BLDG.
1891
TORONTO, CAN.
[VOL. 111.
CHRONICLE
THE
TI
jforefgn
Zealand LONDON
New
and
Australia
BARCLAYS BANK
JOINT CITY & MIDLAND
LIMITED
BANK LIMITED
BANK OF
Chairman:
{ESTABLISHED 1817.)
123,828,500
PaJd-wp Capital
16,375,000
23,828,500
Rnerve Fund...............——!Stsserve Liability of Proprietor#—
264,032,000
C., Eng«
in England
and Waist
and
Aggregate Assets
JOHN
Sir
London Office
Paid-up Capital...
10,840,112
Limited
AND WALES
BRANCH:
168, Fenchurch Street,
Broad Street, London, E.
& 66, Old
ATLANTIC
C. 2
London, E. C., England
OFFICES
"Mauretania"
"Imperator,"
"Aquitania,"
Banca Italiana Di Scontc
Affiliated Banks:
COMPANY, LIMITED
Offices in Ireland
BANKING
BELFAST
Over 110
Is ALAND.
LONDON, E.C.
and the
00 WALL
Capital
STREET, NEW YORK CITY.
$10,000,000
Surplus—....
and
$3,200,000
Undivided Profits
Established 1834.
Branches In:
Vales.
Incorporated in New South
2,000,000
Reserve Fund
Raearve Liability of Proprietors
Japan
Philippine Islanda
Panama
Santo Domingo
;
San Francisco
£6,040,000
and Letters of
Credit are issued by the London Branch on the
Head Office. Branches and Agencies of the Bank
(a Australia and elsewhere.
Bills on Australasia
aegotlated or collected. Remittances cabled.
Head
demand,
on
New
Sydney,
Office,
BIrchin
Broadway.
Milan,
Genoa,
at
Naples,
Florence,
Venice,
Trieste,
Catania, Leghorn, and over 100
HEAD
London
London Clearing Agents:
Barclay's Bank. Ltd..
The Mercantile Bank of India Ltd.
Head
Broker
and
Banker
78
rue
Office
London
BRUSSELS,
'AIRES
Capital Paid Up
Belgium
Cable Address:
of Shareholders
Reserve Fund and Undivided Profits
Reserve Liability
Rennurb.
Branches
In
India,
ments, Federated
C
t Rtttnes
classes of Argentine,
A
New
total 141,215,765=£12,939,472
■
Spanish and
The Union Discount Co.
European banking business conducted.
of London, Limited
39
| A
general
commercial
ness
international
banking busi¬
transacted.
Colony
5,000,000
—-
-
5,000,000
STERLING.
HEREBY
18
NOTICE
RATES
INTEREST
OF
East
Bishopsgate, London, E. C.
in India, Burma, Gorton. Kenya
and at Aden and Zanzibar.
Subscribed Capital
£3,000,000
Paid-up Capital
£1,500,000
Reserve Fund
£2,000,000
The Bank conducts every description of banking
and exchange business.
GIVEN that the
allowed for money
Clermont & Co.
deposit are as follows:
on
Malay States, China, and Mauritius.
R. A. Edlundh, 64 Wall Street
NATIONAL BANK OF INDIA Limited
Branches
Telegraphic Address, Udlsco: London.
Reserve Fund
£750,06®
£785,704
Straits Settle¬
Ceylon,
Agency.
Head Office: 26,
Capital Authorized & Subscribed $10,000,000
$5=£1
York
Burma,
...
Bankers to the Government in British
Africa and Uganda.
CORNHILL,
Capital Paid Up
£1,590,00#
£756,066
Capital Authorized and Subscribed
de la Loi
Fenchurch St., E. C. 3
7
BUSINESS
BANKING
OF
KIND
1879
ROBERT BRUNNER
Rio de La Plata
OFFICE, BUENOS
Office,
Bologna,
168 Fenchurch Street, E. C.
15 Gracechurch Street,
Banco Espanol del
Palerme.
Branches In the
Kingdom.
EVERY
Established
E. C.
Street,
Lombard
Lane.
Office:
TRANSACTED.
London Office:
It.
Offices
Turin,
Lyons
Wales
South
" 2,696,000,000
Special Letters of Credit Branch In Rome
(formerly Sebasti & Real!) 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Peietier angle Bould. des. Italians; BRAZIL: Sae
Paulo and Santos; NEW YORK; Italian Discount
Sc Trust Co., 399
Java
£2,000,000
Accounts
ROME
Straits Settlements
China
London
...
India
2,040,000
Paid-up Capital
41,000,000
"
Central Management and Head
Commercial Banking Company International Banking Corporation
LIMITED
Provincials
Lire 015,000,000
Paid Up
Fund
Deposit and Current
(May 31, 1919).
THE
Credito
di
Italiana
Fully
Capital
Reserve
of Sydney
incorporated the
Socleta Bancarla Italiana
Societa
Scotland
Over 150 Offices in
Manager—W. A. Lalng
with which are
CLYDESDALE BANK, LIMITED
THE
Manager—W. J. Essame.
payable
Foreign Manager,
Address: The
65
Paid-up Capita] £2,500,0001
Drafts
DESCRIPTION OF BANKING
BUSINESS TRANSACTED
ENGLAND
(Bteserve
Assistant
London, E. C. 2.
1.460 OFFICES
OVERSEAS
IN
Incorporated 1880
Read Office: 71 CORNHILL,
£7,000,006
..£296,059,103
DEPOSITS
EVERY
£7,500,000
To- —
Fund..£2,630,000j gather £5,130,000
Eeserve Liability of Proprietors—. £5,000,000
Total Issued Capital & Reserves. £10,130,000
The Bank has 42 Branches in VICTORIA, 39 in
HEW SOUTH WALES, 19 In QUEENSLAND,
10 In SOUTH AUSTRALIA, 21 In WESTERN
AUSTRALIA, 3 In TASMANIA and 44 In NEW
£14,210,33*
OFFICE:
HEAD
OVER
Authorized and Issued
£20,000,000
CAPITAL..
ISSUED
RESERVE FUND..
■
Capital—
V<-
AUTHORIZED CAPITAL
1920)..367,667,322
Deposits (June 30
5, Threadneedle St.,
Established 1837
throughout
town*
world.
10,840,112
Reserve Fund
C'°!?^ETYREET
THE UNION BANK GF AUSTRALIA
banking
Capital... — £38,096,363
Subscribed
BRANCHES and AGENCIES in the
Australian
States, New Zealand,
Fiji, Papua
(Hew Guinea), and London. The Bank transacts
•very description of Australian Banking Business.
Weed and other Produce Credits arranged.
351
Head Office
all
In
the
Manager.
General
branches
1,400
over
Agents
31st March, 1920 $377,721,211
RUSSELL FRENCH, K.B.E.,
Ltd.
Bank,
54, Lombard St., London, E.
E. W. Woolley, Esq..
Hyde I Esq.
F.
Western
OFFICE:
HEAD
Directors:
Joint Managing
S. B. Murray. Esq..
amalgamated the Lendotft
been
South
ft
Provincial
McKENNA
Hon. R.
The Right
has
which
with
WALES
NEW SOUTH
At Call, 5 Per Cent.
At
3
to
Days'
7
5Ji
Notice,
posit at rates advertised from time to
grants loans on approved negotiable
Principal Branches
BRUSSELS
BUENOS
CHRISTOPHER
AIRES
HARBIN
BANKERS
Per Cent.
Company discounts approved bank
mercantile acceptances, receives money on
The
and
da-
Cable Address:
PANAMA
PORT AU PRINCE
DE
Discount
National
The
JANEIRO
SANTO DOMINGO
America
"Clerment"
Agents and correspondents
in all the other important
commercial
centers
of
the
world.
35
Capital
Reserve Fund.....
FOREIGN BANKING
CORPORATION
53 Broadway,
New York
2,500,000
.....
NOTICE is hereby given that the
INTEREST
as
allowed
for money
on
RATES OF
Deposit
are
5%
per annum
at
7 and 14 days
and to i fixed periods upon
specially agreed terms.
Loan granted on ap¬
proved negotiable securitle
,
time
PHILIP
to
0
0
Bills
Negotiated
or
forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.
E. M. J ANION, Manager.
Hong Kong & Shanghai
time;
HAROLD
CORPORATION
Kong Currerxjy)___f15,000,000
Gold...815,000,0001
836,000,006
Silver..821,000,006(
Liabilities of Proprietors
16,000,006
Paid up Capital (Hong
call.
notice.
Approved Bank & Mercantile Bills discounted
Money received on deposit at rates advertised
5 H % at
0
0
Paid-up Capital
539.437 10 0
Further Liability of Proprietors.
539,437 10
0
Remittances made by Telegraphic Transfer.
BANKING
follows:
from
Capital and Surplus, $6,500,000
4,233,325
0
585,000
1,078,875
STERLING.)
($5=£1
■AMERICAN
$21,166,625
-
1
Paid-up Capital
.
£3,000,000
Capital
Reserve Fund
Cable Address—Natdis London.
Subscribed
Address: 5 Gracechurch St., E. C.
Head Office: London, E. C. 3.
Subscribed Capital
LONDON, E. C.
CORNHILL
English Scottish and Australian Bank, Ltd.
Authorized
Company, Limited
OALI
I
Central
R. NUGENT, Manager.
HAVANA
MANILA
RIO
GUATEMALA,
time, and
securities.
WADE
Manager
Reserve Fond/In
\la
Reserve
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IE
CHINA, JAPAN. PHILIPPINES.
TLEMENTS, INDIA.
WADIL. QARDTTER
Asst.
84
STRAITS SET¬
WaH
Street!
Nov. 13 1920.]
.
THE
CHRONICLE
i
jforefgn
TO
Jforeigti
Jforefsn
SPERLING & CO.
NATIONAL
Basildon House, Moor
gate St*
of
London, E. C.
Banque Nationale de Credit
frs.
Established
under Egyptian Law
June, 1898, with the exclusive
right to
issue Notes
payable at sight to bearer.
500,000,000
Surplus
frs.
100,000,000
Deposits
frs.2,600,000,000
Hydro-Electric Companies
Head
Capital, fully paid
YORK
120
6
290 Branches in France
4
BROADWAY.
Branches
in
the
£1,663,270
LONDON AGENCY
AGENTS
SPERLING & CO., INC.,
£3,000,000
Reserve Fund
Office:
PARIS
•
NEW
Office—Cairo.
^
Capital..-
and
EGYPT
Head
FISCAL AGENTS FOR
Public Utility
BANK
Rhenish
AND
7
KING
WILLIAM
LONDON, E. C.,
Provinces
4,
ST.,
ENGLAND.
THE
NATIONAL PROVINCIAL AND
UNION DANK OF ENGLAND
GENERAL BANKING BUSINESS
BANCA COMMERCIALE 1TAUANA
Head
Office
MILAN
1
.
Limited
Paid-up Capital..........$31,200,000
Reserve
Funds...........$11,640,000
($5=£1.)
BSCRIBED CAPITAL
ID-UP CAPITAL
ahRVE FUND
-
AGENCY IN NEW YORK,
166 BROADWAY
UNION
London Office, 1 OLD BROAD
STREET, E.C.
Manager:- E. Console.
De
West End Agency and London
Office of the
Italian State Railways, 12 Waterloo
Place
Regent St., S. W.
Correspondents
to the Italian
54
Branches in Italy, at all the
principal points in the Kingdom
"Representatives
in New York and Agents
Ayres,
Winterthur, Basle, Geneva,
Lausanne, &o,
Offices
numerous
Amsterdam
Frs.70,000,000
"
"
CAPITAL AND
15,000,000
Hague
RESERVE FUND.
STANDARD DANK OF SOUTH AFRICA, Ltd
HEAD
OFFICE, LONDON, E. C.
Authorized
$60,000,000
Subscribed'Capital
$31,260,00
Paid-up Capital 6c Reserve Fund- $18,812,500
Total Resources
$306,126,416
W.
H.
68
and
FOREIGN
80-81
Damrak
STOCKS
Cable Address
Agencies throughout
New
F.105,000,000
:
York
AND
SALE
OF
SHARES
Achilles-Amsterdam
THE HAGUE
Established
Also representing The Bank
of New South
Wales with branches throughout
Australasia.
CREDIT
EXCHANGE
PURCHASE AND
AMSTERDAM
ROTTERDAM
St.,
LETTERS OF
*
MACINTYRE, Agent
Wall
...
COLLECTIONS
Arnold Gilissen & Co
Capital.
Over 360 Branches
South Africa.
England
BANKVEREENIGING
Rotterdam
The
RESERVES
in
Wales
ROTTERDAMSCHE
&c.
CAPITAL PAID UP
Office:
Bishopsgate, London, England,
and
Foreign Exchange, Documentary Credits.
Rio
de Janeiro. San
Paulo,
Socleta Commercials
d'Oriente, Tripoli*
Santos,
with
Every Description of Banking Business
In Italy" of the Banaue
Francaise et Italienne
l'Amerique du Sud.
Pour
Buenos
Head
15,
ZURICH
St. Gall,
$39,034.8
$36,196,201
-
Banques Suisses
Treasury.
$199,671,6
THE COMMERCIAL BANK OF
1871
Established
BANKERS AND STOCKRBOKERS
SCOTLAND, Ltd
1810
Head
Office—EDINBURGH
Capital (Subscribed)
Paid up—
FOREIGN EXCHANGE
£5,506,6N
—
■
250,000 "A" shares of £20 each £5
paid..£l,25M06
600,000 "B ' shares of £1 each fully pald..£
500,0—
The NATIONAL BANK
of SOUTH AFRICA, Ltd.
Over 600 Branches In Africa
Reserve
Ionian
with
80
Reserves
Bank, Limited
Incorporated by Royal Charter.
every
banking facility for transaction
Greece, where It has been established foi
Offers
and
years,
has
Branches
Country.
Exceed
-
-
$450,000,000 00
Also
Head
at
Cairo, 6cc.,
Basildon House,
Moorgate Street,
Office:
between this country and Africa,
New* York Agency
R.
E.
10 Wall St.
-
SUISSE
Established
Capital paid
Reserve
up
Funds
tho
$10,000,006
—
7,260,000
2,900,000
Profits—
1,296,669
Branches throughout
Egypt, Morocco,
West Africa and the
Canary Islands.
1
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
British, Colonial and Foreigs
Banking and Exchange business transacted.
and every description of
New York Agents—American
Exchange Nat.Beak
Lincoln Menny Oppenheimer
BANKERS
FRANKFORT-o-M., GERMANY
—
Cable Address
Liverpool
B.
Office,
25
Water
"Openhym"
INVESTMENT SECURITIES
Head Office, 17 & 18 Leadenhall
St., London. E. C
Manchester Office,
106-108
Portland
Street
FOREIGN
EXCHANGE
Street
APPLEBY, Agent, 100 Beaver St., New Yorl
frs. 100,000,000
frs.
30,000,000
Royal Bank of Scotland KONIG
OFFICE
Paid-up Capital
£2,000,000
Rast and Undivided Profits
■
.......
St. Andrew
Berne, Frauenfeld,
Geneva, Glaria, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
£35,648,823
London Office
...
$
Glasgow Office
....
172 Branches
BANKING
GO.
Street, NEW YORK
BUSINESS.
Every Description
Travellers'
Letters of Credit
on
Exchange Square
Throughout Scotland.
British,
Colonial and
Foreign Banking Business Transacted.
o
Commercial and
Bishopsgate, E. C.2
Manager: Wm. Wallace.
Agent: Thomas Lillie.
Foreign Exchange
T>o«umentary Business, Letters of Credit
&
Square, Edinburgh
Cashier and General Manager: A. K.
Wright.
Branohes at Basle,
BROTHERS
160 Pearl
£1,082,276
Deposits.....
Head Office
.
BANK OF BRITISH WEST AFRICA, LTD
Authorized Capital
Subscribed Capital
Capital (Paid Up)
Surplus and Undivided
R.
1856
Zurich, Switzerland
GENERAL
IRVINE. Set.
Street, E. O.
Egypt
Incorporated by Royal Charter, 1727.
HEAD
Deposits.. ..£36.071.; 4]
$8=£1
-
SAUNDERS, Agent.
CREDIT
in
LONDON, E. C. 2.
Offers to American banks and bankers Its
superior
facilities for the extension of trade and com¬
merce
throughout
Alexandria,
$1,750,006
£1,000.000
ALEX. ROBB, Gen Mgr.
MAGNUS
London Office—02 Lombard
Correejxmdence Invited.
KONIG BROTHERS, LONDON
and
NEDERLANDSCKE HANDEL-MAATSCHAPPV
ROTTERDAM
THE
viii
[Vol. 111.
CHRONICLE
JBanfetru ant> JSroberS (SutsfSe Jleto JJorfe
CHICAGO
CHICAGO
LOUIS
ST.
Greenebaum Sons
A. G. Edwards & Sons
lilden & lilden
Rank and Trust Company
IN C O HPO HATE D
Members
GENERAL
BANKING
208
410
v"
6% CHICAGO FIRST MORTGAGE BONDS
LOUIS
Olive St., ST.
CHICAGO
$2,000,000
Surplus,
Capital and
Stock Exchange
Louis
^:'V?'
La Salle Street
So.
New York Stock Exchange
St.
Bonds
Investment
La Salle and Madison Sts.
Southeast Corner
Suitable
Estates,
for
Trustees and Individuals
Bond Circular C 25.
Write for
Oldest Banking House in
& STITT
SCOTT
A State Bank
Chicago.
INVESTMENT BONDS
MUNICIPAL
BONDS
CORPORATION
111
INDUSTRIAL
Monroe St.
W.
Slaughter & Co.
A. O.
CHICAGO
Members
New York Stock Exchange
PREFERRED STOCKS
Chicago Stock Exchange
Chicago Board of Trade
MONROE
110 WEST
STREET
ILL.
CHICAGO,
Lorenzo L Anderson & Company
N.
810
8th
St. Louis
St.,
Municipal and Corporation Bonds
TIMBER BONDS
based always upon
Powell, Garard & Co.
New York Stock Exchange
New York Cotton Exchange
Members
Chicago Board of Trade
St. Louis Merchants Exchange
INVESTMENT SECURITIES
St. Louis Stock Exchange
Charles W. Moore
Herndon Smith
St. Louis
Philadelphia
New York
verification
expert
ofunderlyingassete
South La Salle Street
Chicago
39
St. Iouis Cotton Exchange
332
So Michigan
Av„ Cmc&©*>
William H. Burg
SMITH, MOORE & CO.
Municipal and
BONDS
Corporation
CINCINNATI
INVESTMENT BONDS
OLIVE ST.,
ST. LOUIS, MISSOURI
•
Formerly
./'-v.
134
Members
St.
N.
Louis Stock Exchange
ST. LOUIS
Broadway
& CO.
INVESTMENT BANKERS
CO.
ST.
OLIVE ST.
SPRINGFIELD,
Municipal, Railroad and Public
Utility Bonds
Bond
'
Bank Bids.,
SPRINGFIELD.
ILLINOIS.
V
WILL
41
South
Securities.
La
Salle St.
BUY
& Park District 4s
DEALERS IN
INVESTMENT SECURITIES
IRWIN, BALLMANN & CO.
Springfield (Illinois) Pleasure Drive¬
way
Securities—Municipal Bonds
York Stocks and Bonds
New
curities,
Convertible Note
Issues, Bonds, Bank Shares,
CHICAGO
WE
CINCINNATI, OHIO
Ohio
Se-
Bldg.,
Trust
Union
John Burnham & Co.
Unlisted
Rldgely-Farmers
o.
INVESTMENT SECURITIES
High Grade Investment
Matheny, Dixon, Cole & Co.
Department
CHANNER & SAWYER
LOUIS
ILL.
Savings
CINCINNATI,
Investment Securities
•89
5.30
Bank & Trust. Co.
CHICAGO
STIX &
300,000
Yield
The Provident
105 South La Salle Street
Members St. Louis Stock Exchange
1—New York
District
Price
TAYLOR, EWART
300
1937-1941-1944
Population
Stock Exchange
York
New
Due
Interest June and Dec.
CHICAGO
Ohio
Bonds
$lA%
SOUTH LA SALLE STREET
MARK C. STEINBERG & CO,
Members
$75,000.00
Miami Conservancy District
SHAPKER, WALLER & CO.
LOUIS SERVICE
ST.
& COMPANY
SHAPKER
F. WM. KRAFT, Lawyer
& Preparation of
Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
328-830-832
Walnut
St-
OHIO
CINCINNATI,
Specializing in Examination
BUFFALO
County,
Slocum,Eckardt & Company
111 W. Monroe St.,
Trust Building
Rooms 517 520,
Harris
INVESTMENTS
420 Ellicott
CHICAGO, ILLINOIS
FRIEDLANDER
EDGAR
DEALER
OH2IO
CINCINNATI
Square
TOLEDO
BUFFALO, N. Y.
FEDDE
JOHN
IN
Cincinnati Securities
&
PASLEY
TUCKER, ROB ISON&CO.
T. STEELE
Successors
Cerlifieb public accountants
BUFFALO, N. Y.
David
Robtson
to
Jr.
&
8ons
Bankers—Established
Government,
Municipa
and Corporation Bonds
SPECIALISTS
55 Liberty
New York
St.,
Municipal, Railroad and Corporation Bonds
Toledo and
Ohio Securities
IN
Gardner Building,
Buffalo and Western
New York
Securities
T.
LESSER
STOCKS AND BONDS
31
NASSAU
ST..
NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Eeturni.
475 Ellicott
Square
BUFFALO, N. Y.
TOLEDO, OHIO
GEORGE W. MYER, JR.
Certified Public Accountant
IRVING
1876-
Telephone Rector
5441
Graves, Blanchet & Thornburgti
MUNICIPAL BONDS
GARDNER
BUILDING
TOLEDO, OHIO
/
Nov. 13 1920.]
THE
CHRONICLE
IX
$5anfett« anb JBcofeers ©utsfbe JJeto gorfe
PITTSBURGH
MICHIGAN
MICHIGAN
GORDON
&,
COMPANY
Wtoobtf, g>toan Sc Cbtoarb* Co,
Members Detroit Stock
INVESTMENT BANKERS
'
•
,
Members Pittsburgh Slock
Exchange
*
1
1
Carried
Union Bank Building,
"
'
'
Inquiries Solicited
■
in
'* '
i
All
Markets.
Conservative
on
Membera of Detroit Stock Exchange
Exchange
'
Charles A. Parcells & Co.
Stocks
Margihs
PITTSBURGH,"PA.
INVESTMENT SECURITIES
Phone Court 3264-5
;
810
Congress Bldg.,
DETROIT, MICH.
PENOBSCOT BUILDING, DETROIT, MICH,
LYON, SINGER & CO.
INVESTMENT BANKERS
A. J. Hood
&
Company
Members Detroit Stock Exchange
(Established 20 Years)
Commonwealth
Bldg.,
PITTSBURGH
MICHIGAN SECURITIES
Securities of
Richard Brand Company
BOUGHT—SOLD—QUOTED
Specializing Detroit Securities
Pittsburgh District
Pennsylvania Municipal Bonds
Specialize in Michigan Stocks and Bonds
PENOBSCOT BUILDING
Geo. W.
We invite your inquiries
DETROIT
1721-3 Dime Bank
OLIVER BUILDING,
PITTSBURGH
GORDON, FORTIER &CO.
Stocks, Bonds, Grain
York
Stock
Suite 1613,
Exchange
Pittsburgh Stock Exchange
Chicago Board of Trade
Members
Dime Bank Building
Municipal Bonds Corporation Bonds
Telephone Cadillac 5050
DETROIT
A. E.
WHITTLESEY, McLEAN & CQ.
Investment Securities
and Provisions
Members New
Members
Bldg,, Detroit
Eberhardt & Co.
Preferred Stocks
,,
MICHIGAN
MASTEN & CO.
Active Members of Detroit Stock Exchange
2054-56-58 Penobscot Bldg.,
DETROIT
Established 1891
W. A.
New York Stock
Exchange
Boston Stock Exchange
Members
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton
Exchange
323 Fourth
Ave**
HAMLIN & CO.
Members Detroit Stock Exchange
FENTON, CQRRIGAN & BOYLE
Motor Stocks, Public Utilities & Oils
Pittsburgh, Pa,
Branch Office:
Investment Bankers
1010 Penobscot
Wheeling, W. Va.
Bldg.,
DETROIT, MICH.
Chicago
Detroit
Grand Rapids
PROVIDENCE
W. Carson Dick &
Company
BO DELL & CO.
INVESTMENT BONDS
10 WEYBOSSET
890-395 UNION ARCADE BUILDING
PITTSBURGH, PA.
KEANE,
HIGBIE
67 GRISWOLD ST.
PROVIDENCE
New York
CO.
&
MUNICIPAL BONDS
STREET
DETROIT
Boston
__
KANSAS CITY
KAY & CO.
;
Inc.,
COLUMBUS
STREET & COMPANY
INVESTMENT
CLAUDE MEEKER
Municipal & Corporate Bonds
Penobscot
Investment Securities
BANKERS
Bldg.
DETROIT, MICH.
Members Detroit Stock Exchange
Local Securities
Specialist in Cities Service Issues
Kansas
Missouri
City
East
8
71
Broad
St.,
COLUMBUS, O.
Broadway,
NEW
YORK CITY
GEORGE M. WEST & COMPANY
INDIANAPOLIS
NEWARK,
Fletcher American Company
INDIANAPOLIS
Established
N. J.
CONSERVATIVE
INVESTMENT BANKERS
INVESTMENT SECURITIES
Capital
Write
as
forbids
Indianapolis
Statistical
$1,500,000
-
or
or
offerings
on any
Indiana Security.
Chicago
DETROIT, MICH
Members Detroit Stock Exchange
FIREMEN'S INSURANCE
NEWARK,
N.
BUILDING
DANSARD-HULL-BUMPUS COMPANY
J.
TEXAS
,
BREED, ELLIOTT & HARRISON
Investment
INDIANAPOLIS
TRUST BLDG.
F.M. CHADBOURNE & CO.
Information Furnished,
Detroit
UNION
List upon request
J. E. JARRATT& COMPANY
Cincinnati
1893
and
Municipal
Listed
161
Bankers
INVESTMENT BANKERS
and
Congress
St.,
Corporation
Unlisted
Bonds
Stocks
W.
'-Jy. Detroit
Milwaukee
Municipal Bonds
Members Detroit
Stock Exchange
Investment Securities
San
Municipal Bonds
Antonio, Texas.
Joel Stockard & Co., Inc.,
Indiana Corporation Securities
DUNN & CARR
NEWTON TODD
Local
Indiana
415
Lemeke
Securities
Investment Securities
and
Corporation Bonds and Stocks
Bldg.
INVESTMENT BANKERS
Municipal, Government &
Corporation Bonds
INDIANAPOLIS
LOUISVILLE
JOHNSTON & COMPANY
Members Detroit StockfExchange
Union
Nat.
Bank
HOUSTON.
NORFOLK,
.
Bldg.
Penobscot
TEXAS
-
•
DETROIT
SECURITIES
NEW
NORFOLK, VA.
60
Pawl
Jones Bldg.
LOUISVILLE, KY.
Cherry'2600
Harris, Small & Lawson
1892
INVESTMENT
INVESTMENT
•
VA
MOTTU & CO.
Established
Bldg.
INVESTMENTS
SECURITIES
YORK
Broadway
44
CONGRESS
ST., W.
DETROIT
THE
z
eb&t\n grefe
f«nP<6
IBattfeer* anb JBrofeer
PACIFIC
PACIFIC
COAST
Howard Throckmorton
[VOL. 111.
CHRONICLE
DENVER
COAST
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
&
of MUNICIPALITIES AND
(Government
Municipal
Corporation
Company
CORPORATIONS
INVESTMENT
BANKERS
having substantial assets
Francisco
San
and
earning
power.
Alaska Commercial Building
COLORADO
DENVER
Quotations and
SUTRO
INVESTMENT
on
WILLIAM R. STAATS CO.
Securities
LOS ANGELES
1853
Established
Ban
Furnished
Information
Pacific Coast
PASADENA
SAN FRANCISCO
WESTERN
CO.
&
BROKERS
416 Montgomery St.
GREGG, WHITEHEAD & CO.
San Francisco Stock
Bond Exchange
and
BlankenhorD-HaDter-Dalin
& CO.
F. M. BROWN
DEALERS
DENVER
Company
PORTLAND,
BONDS
SAN
Bankers
Investment
IN
Municipal and Corporation
CORPORATION
)§
D/^MrVC MORRIS
BROTHERS, Inc.
DVJINLO
AND DISTRICT
BOND'HOUSI
THE PREMIER MUNICIPAL
and
Government
Bonds
Municipal
FRANCISCO
SAN
LOS ANGELES
DOLLARS
ONE MILLION
CAPITAL
FRANCISCO, CALIFORNIA
California Securities
ORE.
MUNICIPAL
National Bank Building
First
Specialty
a
Members
Francisco
813-815
SECURITIES
Sugar Stocks
Established over a Quarter Century
t
SAN DIEGO
PASADENA
Morris Building
■
PORTLAND, OREGON
-
No. 8, Central Building
-
SEATTLE, WASH.
Aronson and Company
Loo Angeles,
We specialize in
California
Municipal
&
California
Corporation
& COMPANY
HALL
BONDS
ESTABLISHED
1*12
INVESTMENT BONDS
CLEVELAND
DRAKE, RILEY & THOMAS
Van Nuya
The Gondii tig-Jones Company
Local and Pacific Coast Seourltles
Building
LEWIS
MINNEAPOLIS
STOCKS-BONDS-NOTES
Private Wires Coast to Coast
BANGOR BUILDING,
PORTLAND, OREQOU
BUILDING
LOS ANGELES
A
iTTiils
Correspondents Logan and Bryan
CLEVELAND
A. H. Woollacott & Co.
OTIS & COMPANY
Stocks, Bonds, Grain, Cotton
228-262 I. W. Hellman
Investment Bankers
Members of New
LOS
York, Cleveland, Chicago.
t:
'
COMMERCIAL PAPER/ 1
Columbus
Toledo
Cincinnati
Akron
Youngstown
Denver
Colorado Springs
Detroit
SHORT
Acceptances
TERM
WE WILL
California Securities
CALIFORNIA
LOS ANGELES
BUFFALO
590 Euclid Ave.
Niagara Life Bldg.
Powell
Los Angeles, Cal.
Bldg.
6s
JOHN W. DICKEY
Augusta, Ga.
KLIPPEL • WASHBURN - BERKLEY CO. R. H. MOULTON & COMPANY
SECURITIES
CALIFORNIA
City Bldg.
CLEVELAND, O.
Warren
American
Nat'l
Bank
Southern Securities
MUNICIPALS
LOS ANQELES
Title Insurance Building,
8nd Floor National
Established
1886.
San Francisco
Bldg.,
Bucyrus
MAX I. KOSHLAND
Unlisted
-
1st
BONDS of the PACIFIC COAST
Security
Listed
Company
AUGUSTA
Public Utility, Railroad and
Corporation
THE
Dayton
River
Sed River Lumber Extended Ts
inneapolls St. Ry. Co. 1st 5s
&. CO.
A. E. LEWIS
Municipal,
Unincorporated
CLEVELAND
BUY
Minnesota & Ontario Pow. 1st 6s
WELLS-DICKEY COMPANY, Minneapolis
NOTES
RITTER COMMERCIAL TRUST
INVESTMENT
ST.PAVL
MINNEAPOLIS
TORRANCE, MARSHALL & CO.
CLEVELAND
Bonds
IQIO
RAILROAD^
'CORPORATION BONDS i
Chicago Board of Trade.
Stocks
ESTABLISHED
1TONICIPAL
ANGELES
Detroit and Columbus Stock Exchanges.
New York Cotton Exchange,
Boston
&tevens-&-@o.
Building
-
WM.
E. BUSH & CO.
Augusta, Ga.
Inactive
Pacific Coast Securities
Stocks & Bonds
SOUTHERN
SECURITIES
Member
San
ALBERT
Leader
News
Francisco
SAN
CHAPMAN DE WOLFE CO.
Company
•
Bonds
and
SAN
Stocks
Short Term Notes
MILL STOCKS
SPARTANBURG,
851-353
t
COTTON
Building
FRANCISCO
CLEVELAND, O.
Hunter Glover &
Investment
and Bond Exchange
Mills
FOYER
Bldg.
Stock
FRANCISCO,
&tock»
Information
Street,
Montgomery
and
a
ad
CALIF.
Bonds
Quotations
on
all Paeifio
S. C.
A. M. LAW & CO., Inc.
DEALERS IN
Stocks and
Southern Textiles
Bonds
a
Specialty
Coast Securities
CLEVELAND
Members San Francisco Stock 3c Bond Exchange
SPARTANBURG, S. C.
Nov. 13 1920.]
THE
CHRONICLE
XI
pJattfetrst anb JBrofeenf (ghitsfbe Jfjeto gorft
BONDS
MARX &. COMPANY
BANKERS
STOCKS
Graham. Parsons & Co.
SHORT-TERM NOTES
I
«ll
CHESTNUT ST.
30
PHILADELPHIA
BIRMINGHAM,
.
.
ALA.
.
Parsly Bros. & Co.
Southern Municipal and
1421
CHESTNUT
ST.
YORK
Investment Securities
RANKERS
Corporation Bonds
PINE
NEW
STREET
PHILADELPHIA
Deal in and Purchase
Issues of
CHATTANOOGA
MEMBERS PHILADELPHIA STOCK
EXCHAMil
MUNICIPAL BONDS,
BONDS, NOTES AND PREFERRED STOOBft
LEWIS BURKE & CO.
of
LOCAL AND SOUTHERN
'
RAILROADS, UTILITIES
THAYER, BAKER & CO.
INDUSTRIAL
SECURITIES
:PV-'-:
AND
CORPORATIONS
'
■
of
ESTABLISHED VALUE
Jaaui Building
CHATTANOOGA
V'v .U;'C'( .vC'V
Oable Address "Grace,**
Philadelphia
MACON
INVESTMENTS
W. M. DAVIS & COMPANY
Commercial Trust Bldg,,
Boles &Westwood
PHILADELPHIA
Southern Municipal Bonds
AND
Members
Guaranteed Stocks
MACON
Established
GEORGIA
Investment
BANKERS
MONTGOMERY
410
B. W.
SOUTHERN
Chestnut
St.
Strassbwgcr
\
Public
0,
EDGAR,
RAILROADAT''
Corporation Bonds
c eItm
New
current
PHILADELPHIA
-
Exchanges.
MILWAUKEE
IICIFAL
LUt
-
Telephone Locust 4721
lenibers New York and
Philadelphia
lS.Hv^^NES Sf
-
Land Title Building,
Utility Securities
Stock
Broad Street
Philadelphia
Municipal, Railroad and
INVESTMENT SECURITIES
IWWE KECT081140—CABLE ABBtESS
Securities
Government,
Sfantpemery, Aim
20
Philadelphia Stock Exchange
1865.
East
RICHER
Water
and
CO.
Mason
Streets
MILWAUKEE, WIS.
York*
"BRiEMTMEMf—
efferlnfs,
BANKERS
Specializing
,r
'
WISCONSIN CORPORATION ISSUES
Chestnut St.f Philadelphia
321
Established 1837
Financing of Milwaukee
INYE5TMEHT-SER1HCE
Members New York and Philadelphia
and Wisconsin Industries.
You Want
To Know
Stock
Bought and Sold.
Exchanges
Investment Securities
If there is
anything
First Wisconsin
you want to know
about
a
Canadian
Investment
security's income
possibilities or the
marketability
own
€embers Philadelphia Stock
Company
WISCONSIN
Tax
If
Second Ward Secnrities Co.
us.
Second Ward Savings Bank BIdg.
our
Statistical
De¬
Lists Mailed
108
will get it for you with¬
%
&
Philadelphia
Telephone. Lombard 710
St.
Specialists in
•
Wisconsin
FOR
1421
CORPORATION
(CANADA)
MoRRI^EIpX&Co.
Investment
LIMITED
Chestnut
Street,
MENT
Philadelphia
Securities
MilwaukelW&
(AUK
New York
Tel. Cortlaridt 3234-5
BOYLE BROCKWAY & GRAHAM, INC.
fi»»r wi&COM&IN
M ATlO" AV
INVEST
& Co.
of
Royal Securities
165 Broadway
BONDS
High Grade Investments
with you.
agency
Municipals
Frederick Peirce
and
friendly relationship
V
Salle
charge.
Department.
It
will
help us to establish a
t
La
CHICAGO
We want you to use this
L;
So.
Upon Request
421 Chestnut Street
MILWAUKEE
hasn't
the
information on file, it
out
JERSEY
NEW
M. M. FREEMAN & CO.
partment
i
&
MUNICIPAL BONDS
Municipal
Bondsv write
Building
Exempt
PENNSYLVANIA
Government
or
Title
PHILADELPHIA
New York Telephone Canal 484S
of
Canadian Corpora¬
tion,
Land
Securities
MILWAUKEE
Exchange
INVESTMENT BANKERS
=
6
MATTERS
Underwriters and Specialists in
Wisconsin
Write
our
Issues
Trading Department.
Union
Arcade
FINANCIAL
Pittsburgh, Pa.
[VOL. 111.
CHRONICLE
THE
XII
Snqnlrie*
Current IBonb
UNLISTED
American
Acker, Merrall & Condit 6s, 1922
Candy Preferred
yZma
Gearless Motors
Havana Tobacco 5s, 1922
Hecker-Jones-Jewell 6s, 1922
m
Herring-Hall-Marvin Safe
Kensico Cemetery
\1920
United Lead Deb. 5s, 1943
Waring Hat Preferred
Ward
Woodlawn Cemetery
Members New
Safety Car Heating & Lighting
Sugar
Brooklyn City RR.
Federal Sugar Refining
Nassau El. RR. 5%, 1944
Columbus & 9th Av. RR. 5%, '93
New Amster. Gas Cons. 5%, '48
Central Aguirre
Lexington Av. & Pav. Fy. 5%, '93
New York
Herfoll
Exchange
Montreal
Tramway
5s,
public Utility g-ccurittea
1941
Can. Car &
Fdy. 6s, 1939
all issues
Canadian Northern Ry., all issues
St. Louis Southwestern, all issues
Cuban Govt. Bonds, all issues
Can. Prov. & Govt. Bonds, all issues
111
Augusta-Aiken Ry. & Elec. Co.
1st 5%,
Crosstown St. Ry.
Havana Tobacco Co. 5s, 1922
Mont.
N.
Y.
and
Phila.
Stock
Co.
Salmon River Power
1st 5%, due 1952
Co.
Virginia Rwy. & Power
1st 5%,
1st 5%,
1st 5%,
1st 5%,
1st
Nassau
1st
JOSEPH EGBERT
Wall St.,
NEW YORK
Recission
Argentine
New
4s
Cent.Pac.Coll.Tr.4s'46\Franc and
N.Y.,N.H.& H. 4s 1922/
£ Bonds
Russian
& East
Members of
York
Stook
Cincinnati
Stock
New
Chicago
Bonds
GLOVER & MACGREGOR
Stock
Russian
4%
Rentes,
PITTSBURGH, PA.
1894
Amer. Wat. Wks. & Elec. 5s, 1934
the
Exchange
Exchange
of
Board
Baltimore
& Boston
to Philadelphia
Phone
845 Fourth Ave.,
Company
River Gas Co.
due 1944
#
Ruble
Large and Small Pieces
Westheimer &
Gas Co.
5%, due 1948
Italian 5s, 1918-1920
.
INDIAN REFINING CO.
Light & Power Co.
York
Private
F'y Co.
5%, due 1927
1st 5%,
Telephone Rector 9261
PROCTER & GAMBLE CO.
Co.
5%, due 1993
New Amsterdam
1st
7
due 1927
due 1954
Lexington Ave. # Pavonia
PHILADELPHIA
Private wire connection
Rector 7416
due 1945
Kings County Lighting
LAND TITLE BLDG.,
BROADWAY
Y. CITY.
CITY UTILITIES
Central Union Gas Co.
BAUER, STARR & CO.
N.
Co.
Brooklyn Union Gas Co.
Lehigh Power Sec. 6s, 1927
115
i
due 1934
YORK
NEW
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Wyoming & Sou. 5s, 1939
Trinity Bldg. Corp. 5%s, 1939
Co.
Power Co.
Pacific Coast Power
1st 5%, due 1940
Exchanges
'Phone 7500 Rector, N. Y
Broadway.
1928
Buff. 5s, 1932
due 1941
Kansas City Lt. &
1st 5%, due 1944
MILLER & COMPANY
ISO
Buffalo Street Ry. 5s, 1931
Light Co.
Dayton Power &
1st 5%,
•
due 1945
Great Western Power
1st 5%, due 1946
Tel. Rector 7580
American Tobacco 6s, 1944
Srnaiimas, Siew $arfe
Grand Trunk Pac. Ry.,
Members
American Can Deb. 5s,
Mtatljets
Elec. Dev. of Ontario 5s, 1933
THEODORE L. BRONSON. & CO.
Members New York Stock
Baking 6s, 1937
York Stock Exchange
25 Broad Street
St., N. Y.
'37
Merchants' Refrigerating 6s,
Securities Co. of N. Y. Cons. 4s
Sixth Avenue RR.
10 Wall
1925
Atlas Portland Cement 6s,
H. B. Claflin Preferred
.
Trade
West Penn Traction 5s, 1960
R.A.SOICH&CO.
St. Paul Union Depot 7s,
CINCINNATI, OHIO
II Vafl SL, N. T.
1923
1924
West Penn Power deb. 6s,
Exchange
T«L Rector 5289-92-40JM73I
BALTIMORE, MD.
Bought—Sold—Quoted
KODAK
EASTMAN
Central
Aguirre Sugar
United
Gas
&
COMMON
3901
Cyanamid.
Eastman
Fajardo Sugar
United Light &
Amer.
Telephone 3992 Rector
Kodak
3993
3994
Ingersoll-Rand
Rys.
Elec.
Corp.
ALFRED F.INGOLD&CO.
Singer Mfg.
74
American Cigar
American Tobacco Scrip
Lawyers Title & Trust
Borden Company
Great
American
Home
Insurance
Broadway,
N.
Y.
Chatham & Phenix Nat. Bank
R.
J.
Reynolds Tob.
WE WISH TO BUY HIGH-
Insurance
GRADE
Members
r*
Stock
William
St.,
New York
r
SECURITIES.
Boenning, Garrison &, Co.
Stone, Prosser & Doty
52
PENNSYLVANIA
TAX-FREE
'Phone Hanover 7733
ladelphia
Exchange
Stock
Exchange
Building
PHILADELPHIA
*
Direct Private Telephone to
Berdell Broe.,N. Y,
Nov. 13 1920.]
THE
CHRONICLE
XIII
Current Ponb Snquin'e*.
Alabama Power 5s, 1946
Chinese Government 6s, 1921
Cons. Cities Lt., P. & Trac.
5s, '62
Chic. & East. 111. 4s, 1955
Cleveland Elect. 111. 7s, 1935
Detroit Edison 6s & 7s
& Ohio Val. Ry. 5s, '49
City Railway 5s, 1944
Ohio River Gen. 5s, 1937
Seaboard Air Line 4s, 1950
Firestone Tire Com. & Pfd.
Goodyear T. & R. Com. & Pfd.
Lincoln Motors, Class "A"
Kansas
Ry. 5s, 1941
Victor-American
Grand Rapids Gas Light 5s, 1939
Fuel
Woodward
General Baking 6s, 1939
5s,
Iron
Paige Detroit Com. & Pfd.
Packard Motor Com. & Pfd.
United Light &
6s, 1940
1952
,
Railways
Willys Corporation 8% Pfd.
West. States Gas & Elec. 5s, 1941
Island Refining 7s, 1929
Merrill, Lynch & Co.
Lehigh Power Sec. 6s, 1927
Louisville Gas & Elect. 8s, 1923
120
Broadway, New York
Telephone 6070 Rector
Lucey Mfg. Co. 8s, 1930
Norwalk Steel
Mach. Stock
Com'wlth Pr., Ry. & Lt.,Com.&Pf.
Detroit Edison Co. Stock
Evansv.
Donner Steel 5s, 1935
Erie & Suburban
Burroughs Add.
Private wires to
Chicago. Detroit, Cleveland,
41/2S, 1929
Traders Telephone 7683 Rector
Youngstoum, Grand Rapids and Lansing.
Ohio Cities Gas 7s
Peerless Truck & Motor 6s, 1925
United Light & Rys. 5s, 1932
Atlantic Coast Line Cons. 4s, '52
Atchison, East Okla. 4s, 1928
Central Aguirre Sugar
C. & O. R. & A. Div. 1st
4s, 1989
Central Pacific Ref. 4s,
1949
Chic. & No. West. Ext.
Chicago & East 111. 1st 5s, 1937
Del. Lack. & West. Coal
Morton lackeiibraclL & Ca
DETROIT
PHILADELPHIA
PITTSBURGH
Col.
Chic.
Northern
/•>',
offices is made
*
1
v-
>
'V
Connect.
New
Securities Stubs
s
,
1
Specialists in all
Dividend Scrips and Rights
Instantaneous communication between
our
Reg. 4s'26
Home Insurance Stk. & Rts.
Kirby Lumber Com. & Pfd.
New Jersey Zinc Stock & Rights
4213]food. Street*
mCAGO
Fajardo Sugar
Goodyear Tire & Rub.Com.&Pfd.
&
W.
&
Ter.
5s,
York Central
4s,
1922
4s,
Indiana
1952
1942
St. L. Iron Mt. & S. Gen. 5s
'31]
West Shore 1st Reg. 4s, 2361
possible through
their intercon nectton 6* private wires.
R.
C. C. Kerr & Co.
2 Rector St.,
40 Wall
N. Y.
Phona 6780 Rector
W.
PRESSPRICH
Street,
Telephone
j>
New York
U*
UVJ ■
John 307
Foreign Securities
Foreign Currency
Foreign Cheques
L. & N. S. E. & St. L. Div. 2d
3s, 1980
Mark A. Noble
Theodore C. Corwin
NOBLE & CORWIN
25 Broad St.
Bought and Sold
New York
Securities
Investment
42
CO.
'Phone 8300 Hanover
Exchange Place
Circular
Prince & Whitely
Equitable Trust
SUTRO BROS. & CO.
120
BROADWAY.
NEW
YORK
Telephone: Rector 7350
Iember s
Eastman
Surety
Members N.
ofNew York Slock Exchange
52
wire* to Philadelphia,
Boston,
Baltimore, Richmond, New Haven
Telephone 1111 Broad
Railroad
Bond
Y., Penna. & Ohio 4^8, 1935
Seaboard Air Line 6s, 1945
111. Cent., Western Line 4s, 1951
&
S,
&
Roanoke
W.
Col.
5s, 1934
5s, 1926
Virginia Midland 5s,
British-American Tob. Co.
Imperial Tobacco Co.
Wilcox, Ltd.
Cedar Rapids 5s
Mississippi River Power 5s
Babcock &
Penn Water 5s
Philadelphia Co. 5s, 1922
Shawinigan 5s
Shawinigan 5V£s
Public
Dept.
N.
Seaboard
Mexican Securities
D. & R. G.
cons.
1936
48 &
4^s, 1936
Cinn., Wabash & Mich. 4s, 1991
St. Louis & Cairo 4s,
New York
Railway & Light pfd.
Power preferred
Nebraska
Western States Gas & Elec.
pfd.
United Utilities pfd. & com.
Electric
Securities
1931
All
pfd
Appalachian
Power
preferred
American
Cleve., Akron & Col. 5s, 1927
Big 4, St. Louis div. 4s, 1991
Kansas Gas & Electric preferred
Oklahoma Gas & Electric pfd.
Florida
Cent.
&
Penin. 5s,
1943
Verdigris Val., Ind. & W. 5s, 1926
Gas
&
Electric
pfd.
Bloom. & Normal Ry. & Lt. pfd.
Penn. Power preferred
West.
Springfield Ry. & Light pfd.
Industrial Bond
Norwalk Steel
Dept.
Industrial
43^8 1929
Monon Coal 5s, 1936
Aluminum Co. of Amer. 7s, 1925
Westinghouse El. & Mfg. 7s, 1931
Consolidated
Textile
Consolidated Coal 5s,
Bank Stock
7s,
1923
1950
Elec.
Cable
7s,
1935
Dept.
Jacob
Stock
Dold
Nash Motor
Illinois
Dept
preferred
common
Central
&
preferred
Leased
Line
Pitts., Fort; Wayne & Chic. pfd.
Pitts., Bessemer & Lake Erie
Utica, Shenango & Susque. Val.
Grand Rapids & Indiana
Pitts., Youngstown & Ashtabula
Landers Frary & Clark stk & rts.
Standard
Oil
Dept.
Home Insurance Stock & Rights
Ohio Oil
Guaranty Trust
South
Atlantic Refining
Park
CORRESPONDENTS
secur.
Northern States Power preferred
Utah Power & Light Preferred
Columbia Trust
Telephone Rector 6834
preferred
Louisville & Jeff. Bridge 4s, 1945
Habirshaw
120 Broadway
Utility Dept.
Iowa
Illuminating & Power
Wayne Coal 6s, 1937
New Jersey Zinc 4s, 1926
Kuczynski & Co.
Exchange
Tel. Broad 6323
Private
Manitoba
Canadian, Cuban
Y. Stock
Broadway
Kodak Common
New Jersey Zinc
request.
on
C., Lake Sh. & M. S. deb. 4s, '31
Citizen National Bank
Niles-Bement Common
Liberty Bonds"
Rys. & Pow. 1st & Ref. 5s, 1934
N. Y.
Chase National Bank
National
'^Opportunities in
Cleveland Elec. Ilium. 1st 5s, 1939
Va.
Bankers Trust
DUNHAM &
Lehigh Valley Gen. Con. 4s, 2003
South Pacific Coast 1st
4s, 1937
Bank
Importers & Traders Nat'I Bank
Penn.
Oil
Anglo-American Oil
Vacuum Oil
Important Foreign Capitate
CARRUTHERS, PELL &
PRIVATE
Montreal
WIRES
Toronto
CO.
Bonds, Bank Stocks, Miscellaneous Securities, Standard Oil Stocks
15 Broad
Street, New York
Phones 5161 to 5169 Hanover
Philadelphia Phone, Locust 572: Bait. Phone, St. Paul 9380
[VOL. 111.
CHRONICLE
THE
XIV
Current $onti Jnqutrtest
F.
Montreal & Province 4s
J. LISMAN & CO.
New York Stock
Members
Grand Trunk Western 4s
Exchange
Grt.
BROADWAY, NEW YORK
61
Carolina
WE
DEAL) IN
Coal
O'Gara
Railways
1st
Company
&
Carolina
South
Racine Water Co. 5s
4s
Emmett
5s
Depew & Lake Erie Water
5s
LeavenworthC.&Ft.L.W.4s,5s,6s
1955
5s,
INCORPORATED
5s
17 Water St., corner
& Northern 5s
Falls;
Cedar
Waterloo
5s
RAILROAD AND STEAMSHIP SECURITIES
AND ALL
Division
Erie
Lake
WOOD, STRUTHERS & CO.
Investment
5 Nassau
NEW
Securities
Street
5s, '39
City of Montreal 5s, 1956
Consumers Pr. 7s, 1935
Del. Lack. & West. Coal
Minn. Gen. Elec. 5s, 1934
Northern Elec. 5s, 1939
Penna. Util. 5s,
1946
Springfield Ry. & Lt. 5s, 1926
Davies, Thomas & Co.
Members N. Y.
Ashland Lt. Pr. & St. Ry.
YORK
New York Central
Slock Exchange
New York
5 Nassau St.
Devonshire St., BOSTON
YORK
Wall Street, NEW
68
N. W. 5s
Weatherford Mineral Wells &
Wheeling,
CO.
H. C. SPILLER &
1929
Georgia 5J^s,
Irrigation District 6s
Queens County Water Co.
Otero Irrigation District 6s
1962
4*^s,
Louisiana Division,
Pacific,
Texas
State
York
Acquackanonk Water Co. 5s
Wichita Water Co. 5s
Kansas City Memphis & Birm. assent. 5s
Miss. Kansas & Oklahoma ctfs. & bds.
New
Water 5s
New York Interurban
4^s
Canada
of
Ry.
5s
Ohio
& Gloversville
Johnstown
Northern
Great
sterling
4s
Government
Clinchfield
&
Argentine
Fonda
Ry., Canada 4s
Northern
Canada Atlantic 4s
Telephone Rector 0536
Savannah Elec. 5s, 1952
33^s, 1997
Atch. Top. & Santa Fe Gen.4s, 1995
Southern Pacific refd. 4s, 1955
So. Jersey
Taylor & White
Central Pacific lst& refd. 4s, 1949
Atlanta Knoxville & Cin. 4s, 1955
G. E. & Tr. 5s, 1953
48 Exchange
Tel. Hanover 427-8-9
PL, N. Y.
So. Pac. Cent. Pac. Coll. Tr. 4s, 1949
VILAS & HICKEY
Central Pacific S^s, 1929
Canadian Pacific 6s, 1924
N. Y. Chic. & St.
BOND BROKERS
L. 4s, 1937
BOND
DEALERS
British-Amer. Tobacco
J. B. Stetson Com.
ON
AND
IN RAILROAD
ISSUES FOR
COMMISSION
Hanover 8317
Stock
Imperial Tobacco
U. S. Rubber 5s, 1947
Alabama Power 5s,
1946
Cleveland Electric 111. 5s & 7s
1933
Specialists in all Tobacco
Republic 5s, 1958
McKinley & Morris
Securities
Consumers
Power 5s & 7s
Northern States Power 5s
Empire Gas & Fuel 6s, 1926
Manila Elec. Ry. & Light 5s, 1953
ONE WALL ST., N. Y.
ACTIVE
Telephone
Reading General 4s, 1997
Southern Pac. Con. 4s, 1929
Dominican
ORDERS EXECUTED
Babcock & Wilcox
Oregon & California 5s, 1927
Reading, Jer. Cent. Coll. 4s, 1951
Cinn. Gas Trans. 5s,
New York
Street
49 Wall
Bristol 3 Bauer
l2o
& 6s, 1941
Gilbert J. Postley
BPhone-Eecior 4594
7
Wall Street
NEW
Telephone Rector 9697
YORK
Tel. Reetor 7981 to 7986
& Trac.
Amer. Lt.
Central Petroleum
GARDNER
20 BROAD STREET, N.
& CO.
Pacific Gas & Electric
Tel. Rector
Y.
Western Power
7430
1949 Third Avenue 1st 5s,
1937
Westchester Lt. 1st 5s, 1950
Long Island Ref. 4s
Missouri Kan. & Tex. 4s, 1990
St. Lawr. & Adir. 1st 5s, 1996
Denver & Rio Gran.
4^s, 1936
C. & N. W. S* F. 5s,
1929
1953
Wab. Tol. & Chicago 4s, 1941
Japanese Government 4s, 1931
Illinois Central 4s,
MacQuoid &
Iembers New York Stock
14 Wall St.,
N. Y.
Tel. Rector 9970.
American
We Will
We
Buy
Elec.
Detroit Edison
Ilium. 7s,
1935
Bell
Power
Telephone Co.
Empire District
Co. 6s, 1940
Duquesne Light Co. 6s, 1949
Great Western
Nevada California Elec. 6s, 1946
Laclede Gas
Salmon
River
Power Co. 5s, 1952
Wisconsin Electric Power
West Penn Power
7^s, 1945
Co. 7s, 1946
Co.
5s,
1936
(Canada) 5s, 1925
Electric 5s, 1949
Power Co. 6s, 1925
Light 7s, 1929
Metropolitan Edison
Southern California
West Penn Power
IN PUBLIC UTILITY
DIRECT PRIVATE
TELEPHONE
RECTOR 8060-1-2-3
Thread
Bottle Stock
Pfd.
Rapids Mfg. & Pr. 5s, 1953
ctfs. of dep.
Chic. & Western Indiana 4s, 1952
Det. Gr. H. & M. Con. & Eq. 6s, '20
European Loans of
American Rds.
Birmingham 4s, 1945
Montreal Tramway 5s, 1941
Mobile
&
Co. 5s, 1922
Puget Sound
Philadelphia Co. Conv. 5s, 1922
Shawinigan Wat. & Pr. 5J^a & 5«
United Ry. & Investing 5s, 1926
Co. 5s, 1946
17 William St., N.
CHICAGO
111 BROADWAY, NEW
Elec. 5s, 1932
ABRAHAM & CO.
SECURITIES
WIRE CONNECTION WITH
Cent. Ver. 4s, 1920,
Edison 5s, 1939
EARLE A. MILLER & CO.
SPECIALISTS
Thermos
American
Sell
Cedar
Consumers
Alabama Power Co. 5s, 1946
Cleveland
Will
Coady
Exchange
YORK
Y.
Tel. Raetor 1*1
Nov. 13 1920.]
THE
CHRONICLE
xv
Current JJonb ^Inquiries
Michoacan Power 6s
Guanajuato Pow.
& Elec. 6s & stocks
Trans.
Short
Line
4s,
1958
Kansas Cy.& Pacific RR. 1st
4s, 1990
& Santa Fe Ry Gen 4s'95
5s
Co.
1st
5s,
1982
Ry.
1st 5s,
1927
Norf.
&
Erie
Dallas & Waco Ry.
Southern Public Utilities 5s
Guanajuato Reduction &
Indianapolis Water Co.
RR.
Louis. & Nash.-St. Louis Div
3s, 1980
New York, Penna. & Ohio 4
Chic.
Mexican Light & Power 5s
Cape Breton Electric
Atch.
Atch., Top.
CL, Akron & Col.
Cent. Mex. Lt. & Pow. 6s & stocks
Mines 6s
4 J^s
Co.
1st 5s, 1940
Denv. & R. Gr. RR.Con
4s,
Des Moines & Ft.
4^8, 1936
Dodge RR 1st 4s '35
& 5s
Elgin Joliet & East. Ry. Co. 1st 5s, '41
Wichita (Kan.) Water 5s
Gr. Trunk West*
Ry. Co. 1st 4s, 1950
111. Cent.-Cairo
Bridge Co. 4s, 1950
Empire Lumber 6s
American Finance & Securities
J^s, 1935
&
Western Ry. i Con. 4s, 1996
Rio Grande West
Ry. Coll. Tr. 4s, '49
St. Louis & Cairo RR. Co. 1st
4s, 1931
So. Pacific RR. 1st Ref.
4s, 1955
West.
N.
Y.
Penna. RR. 5s, 1937
Winston-Salem So. Bound
Ry. 4s, '60
Utah & North. Ry. Con. 1st
5s, 1926
Portland Terminal 4s
Wm.
Toledo Fremont & Nor walk
Ry. 5s
Rochester & Syracuse RR. 5s
Carnegie Ewen
Tel. Rector 3273-4 and 3294
2 Wall Street. New York
Birmingham (Ala.)* Water 5s
7%';^
HOTCHKIN
Telephone
Main 460
&
53
CO.
State
St.,
Boston 9, Mass.
'
■
77
v'
VV"
—•
Anaconda Copper 7s, 1929
Wish
Cons.
6s, 1921
5s, 1942
Refg. 5s, 1941
City of Bergen 8s, 1945
Western Electric 7s,
We
Evansville & Terre Haute
1925
1
Sullivan Co.
to
Buy
Railroad Securities
Co.
4s
BULL & ELDREDGE
Members of the New York Stock
20 BROAD ST.,
N. Y.
Federal
Farm
Cons.
Cons.
Tel. Rector 8460
Loan
Refg.
Bonds
Extended Notes
Dallas & Waco 1st 5s, 1940
Mo. K. & East. 1st
5s, 1942
Mo.K. & T. of T. 1st 5s, 1942
St. Louis Div. 1st
4s, 2001
TANK CAR
Preferred
BUSH TERMINAL CO.
Consol 5s, 1955
Securities of the
American
Telephone & Telegraph
Company
& Associated Companies
BUSH
Wich. F.&N.W. 1st Ref. 5s'40
Wich. Falls & N.W. 1st 5s '39
BUILDING CO.
5s, 1960
Chic.TerreHaute&S. East.
Bought—Sold-—rQuoted
First & Ref.
JOSEPH G1LMAN
Rollins, Kalbfleisch & Co.
Members N. Y. Stock
Exchange
INVESTMENT SECURITIES
Y.
CITY
Telephone Rector 2687-8-9
66
BROADWAY
constable
.
lOM Amer. Water Wka. & Elec. 5s
@ 57
71
Broadway N*V
West Penn Traction 5s
@ 65
10M. E. St. L. & Interub. Water 5s
@ 70
j_0M West Penn Railways 5s @ 80
10M Twin H N. Side
L.&W.ctfs. @55 flat
OTTO
v
&
FLEMING
k. l.
Fleming-u*.
Bcwlin3Greeti<>4$0
Lake Shore Deb, 4s, 1928
Lake Shore Deb.
4s, 1931
St. Louis Iron Mtn. & So.
4s, 1929
Buff. Rochester & Pitts.
5s, 1937
Capital Stock
Denver & So. Lake
BILLO
Specialists Reorganization Securities
(Established
Vermont
J. S. FARLEE & CO.
Members New York Stock
Exchange
Penn.-Ohio Power & Light
Members American Bankers' Association
Telephone 4390 Bowling Green
Mentors New York State Bankers' Association
LOUIS
.
.
5s, 1934
Laurentide Power 5s, 1946
Lehigh Power Securities 6s, 1927
Nor. Ohio Trac. & Lt. 6s, 1926
Little Rock & Hot.
Sp. West 4s, '39
New Jersey & New York 1st
5s, '50
Central RR. of New
Jersey 5s
& Ohio 4^s
v;
Wabash 1st Lien Term. 4s
Providence
Securities 4s
"Nickel Plate" 2nd 6s
Texas & Oklahoma 5s
St. Paul K. C. Short Line
2920
BOSTON 9
Peoples Gas Light & Coke 5s
Pittsburgh & Shawmut 5s
Paterson Railway 6s, 1931
Northwest.
Trinity Place, N. Y.
1940
NASON & CO.
Devonshire St.
West. N. Y. & Penna. 4s & 5s
Carolina Clinch. & Ohio l-5s
Wichita Falls & NW.
5s, 1939 & 1940
Cleve. Akron & Columbus 4s & 5s
72
7^8,
Portland Railway 5s, 1930
International Agricultural
Memp. & Gulf 5s, 1940
Iowa Central 1st 5s, 1938
WOLFF & STANLEY
1929
N. Y. Penna.
Chic.
4j^s, '41
H.L.
85
^
7
Hydro-Electric 6s,
Denver Gas & Electric
7s, 1922
American Power & Light
6s, 1921
(6 BROADWAY
BROADWAY, N. Y.
Chicago & East Illinois 5s, 1937
Atlantic & Birm. 1st 5s, 1934
K. C. Mem. & B. Assented
1874)
BALTIMORE. MD.
Baltimore Stock Exchange.
1
Southwestern Power & Lt. 8s, 1925
Louisville Gas & Elec. 8s, 1923
NEWBORG & CO.
ST.
ST.
Members
Liberty Registered Bonds
TO
Broad
J. HARMANUS FISHER & SONS
Phone Hanover 6297
BONDS
VIRE
Tel. 7160-1-2
Consolidation Coal Go. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal
Corp. gecurities
Wash. Bait. & Annapolis Securities
SOUTH
PRIVATE
1943
26 Broad St., New York
SHORT TIME
60
5s,
Wm. C. ORTON & CO.
WANTED
87 Wall St., N. Y.
5s, 1960
Income 5s, 1960
South. Ind. Ry. 1st
4s, 1951
1st
CONSTABLE
FOR SALE
10M
i
Receivers Ctfs.
STANDARD
NEW YORK
N.
1937
1934
1955
Gen. S. F. 4^s, 1936
Tel. Brea€ 7740
PINE STREET
5691-6 John
5s,
6s,
4s,
Missouri, Kansas & Texas
Hartshorne & Battelle
84
1930
Chicago & East. Illinois
Exchange
Specialists in Foreign Government Securities
St.
Coal ,5s,
Mt. Vernon Branch 6s, 1923
Pitts., Cin.9 Chicago & St. Louis
3%s, 4s, and 4^8.
M Broad
1
Genl.
5s, 1933
Seaboard Air Line 6s & 7s
New Haven 4s, 1922
Mexican
5s
Price Bros., Ltd. 5s
New York
Shipbuilding 5s
Adams Express 4s
Granby Mining 8s
Consolidation Coal 4 J^s & 5s
Valvoline Oil Pfd.
National Bank of Cuba Stk.
Cuban
Government &
Government 4^s
RR*
Issues
Ttkp
SAM'L
Phon. 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad StrMt
[VOL. 111.
CHRONICLE
THE
XVI
Current JBoxit 3togulrte*
Dependable Quotations
BONDS
Information
and
STOCKS
for
Banks, Brokers
Coal Corp. Com.:
Cleve. C. C. & St. L. 2d 6s, 1929
and Institutions
Caro. Clinchf. & O. Pfd. Undep.
Clinchfield
Consol.
& Western Ry. Pfd.
Mohawk Valley Co.
New York
Miscellaneous and
Capital Stk.
STOCKS— BONDS— NOTES
Municipal Ry. Stk.
New York State
Rys. Pfd.
through
Northwestern Power Co. Pfd.
with
service
our
in
is
which
ment
touch
Power Preferred
Hose & Rubber
Central Massachusetts Power
Pfd.
Cumberland County Pow. & Lt., Pfd.
Brockton
Electric Bond & Share, Preferred
Massachusetts Cotton Mills
Piedmont Manufacturing
Wisconsin-Minnesota Lt. & Pr., Pfd.
of
Ilium,
Electric
WALTER S. PLACE
BOSTON, MASS.
St.,
35 Congress
and Philadelphia
Private Telephone New York
"Main
7088"
-
Western
1925
7s,
Bridge 4s
Hocking Valley 43^s
N. Y. Penna. & Ohio 1st 4J^s
Recommend
We
Investment
an
Funds in
of Your Surplus
Susq. & Western Ref. 5s
Finishing 5s
N. Y. & Westchester Ltg. 4s
Bush Terml. Cons. 5s & Bldg. 5s
N.
Elec. Consol.
New York
& Jeffersonville
Louisv.
Y.
U.
Crowell & Thurlow Steamship
Edison
Iss.
Sears, Roebuck 7s, Various
request
Securities
Investment
Adirondack Pow. & Lt., Com. & Pfd.
Boston Woven
on
Tol. Peoria & West 4s, 1917
12 Trinity Place
&
5s, '23
Nor. 111. Lt. & Tr. 1st Gu.
markets.
all
HANSON & HANSON
Piggly Wiggly Corp. Com.
Light
7s, 1921
■
-r>::
T. Conv.
Lucken Steel 1st 8s, 1940
depart¬
close
Analytical reports
Page Detroit Pfd.
Arkansas
Signal Oil Conv. 7s, 1930
r
iv-
Packard Motor Pfd.
6s,'49
Interboro R.
obligation
without
furnished
1923
Textile Conv.
Galena
Inactive
I
7s,
Duquesne Lt. Co. Coll. Tr.
on
Green Bay
Eq. 7s, 1935
Beth. Steel Marine
Bush Terminal Co. 6% Pfd.
S.
Cleveland
Chicago & St. Louis
Terminal of Dallas 5s
Union
10-Yr.
6% SERIES A, 1929
Specialists in Railroad Terminal Bonds
Yielding About 7»/2%
Tel. Rector 6881
Trinity Pl.
Refunding
and Improvement
Finlay Si Davenport
72
Cincin.
other
Willys Corp. 1st & 2nd Pref.
And
Goodyear—Locomobile
Templar—Selven Truck *
secured
well
equally
railroad
bonds.
Inquiries Invited
Specialists
Tire and Rubber
Motor Stocks
Stocks
Investment
Department
Typefounders 6s, 1937
American
Columbus & 9th Ave. Ry.5s, 1993
Kentucky Trac. & Term'15s,1951
New Jersey Steamboat 5s, 1921
Staten Island Railway 41/23, 1943
R. B. Hathaway
20 Nassau St.,
BOUGHT
& Co.
Established 1887
Members New
SOLD
AND
& Co.
E. W. Wagner
Tel. John 5020-1
N. Y.
.
York Stock Exchange
New York
33 New Street
Bay State Film
El Favor Mines
EDWIN BANCKER & CO.
SECURITIES
INVESTMENT
115
New York City
Broadway
Rector
Unlisted Oil, Mining, & ,
Industrial Securities
G. F. Redmond &Co.,
944-5-6
10 STATE ST.,
Direct Private
S T A N D A R D
Inc.
BOSTON, MASS.
Hill 920
Oil
CHICAGO SECURITIES
5s,
Penn
Mary
5s,
Empire Gas & Fuel Co. 6s,
Cincinnati Gas Transport. 5s,
Marion
Bought, Sold & Quoted
8ABC0CK, RUSHTON & CO.
York, Chicago
Stock Exchanges
New
Member*
HOMB INS. BLDG.,
CHICAGO
and
Bonds
Inquiries from Out-ofInvestment
are
especially solicited.
ERNEST
SMITH
'BROAD STREET
NEW
.
Telephone
Direct Private
Chicago,
YORK
Rector 6167
Wire Connection, to
Detroit & Grand
4^s & 6s
Water-Works & Elec. 5s
Aurora Elgin & Chicago 5s & 7^s
British Government 4s & 5s
Birmingham Ry., L. & P. 43^s & 6s
Columbus Ry., Pow. & Lt. 5s, 1940
Continental Motors 7s, 1921-25
Cudahy Packing 5s & 7s
Detroit Edison 5s, 1940
Consolidated Textile 7s
Evansville & Terre Haute Issues
Empire Gas &
Rapids
Fuel 6s, 1924-1926
& 5s
& Ry. 5s
French Government 4s
Georgia Lt., Pow.
Pacific 36, 1962
& 7s
Consol. Cities Lt., Pr. & Tr. 5s
Grand Trunk
Consumers
& CO.
20
Co.
&
Power 5s
Chicago & Eastern Illinois Issues
Cleveland Elec. Ilium. 5s & 7s
1949
Government 4s & 4j^s
Duquesne Lighting 6s,
Japanese
New
L
'
Stock
Stock
When Issued"
1926
CARL H.
Dealers
PFORZHEIMER & CO.
in Standard Oil
4860-1-2-3-4 Broad.
Phones
PHILADELPHIA
St.
American
Bonds
Houses and Banks
Chestnut
Old
1
Indiana
1933
K.PHILLIPS&.CO.
Argentine Govt. 4s & 5s
American Light & Traction 6s
Foreign Government
Town
507
Armour
Unlisted Stocks
and
SAMUEL
/
of
1932
1939
Boston
7 WALL STREET
NEW YORK
We Deal in—
Co.
1st
& Htg.
Coal Co.
Light
0
Standard
Vire to New York.
Tel. Main 313&—Fort
Securities
25 Broad St., N. Tf
Mississippi River Power 5s, 1951
Northern States Power 5s & 6s
Ohio Cities Gas 7s, 1921-25
Ry., Lt. & Pow. 5s,
Portland
1942
Southern California Edison 5s
Swift & Co.
& 6s
5s & 6s
Sayre Electric 5s
St. Louis Springf. Ten. & P. 5s, 1939
United Light
& Ry. 5s & 6s
Waterloo Cedar Falls & Nor.
West
Penn.
5s
Power 5s & 7s
Standard Gas & Elec. 6s & 7s
Tri-City Ry. & Light 5s
Light & Traction
American
Burroughs Adding Machine
Commonw'th P., Ry. & Lt. Com.&Pf.
Federal Light & Traction
Godchaux Sugar Com. & Pfd.
Goodyear Tire &
Rub.,jCom. &]Pfd.
Packard Motor Com. &
Paige
Steel
Pfd.
Detroit Motors
&
Tube
Pfd.
Northern States Power,
Com. & Pfd.
Nov. 13 1920.]
THE CHRONICLE
fhumtltA
Iflnanrial
"Hail, ye small sweet courtesies of
life, for smooth do ye make the road
of it."
—-Sterne.
Witness
courtesy
Recurring
vestments
We believe that if
being handled
The
being
degree
of
safety in in¬
us.
investment cycle.
American
banks,
tinguished position.
Houses dealing in these bonds are con¬
tinuing to call in increasing numbers on the American Ex¬
position must be
press Securities Department for quotations and data of
all
kinds on securities from across the
waters.
do
we
greater
but from international securities
selected by houses of dis¬
any pro-
turned down
a
investor in bonds may choose
to-day not
only from the domestic securities, so
long featured almost
exclusively in this country by investment houses and
at
courteous¬
ly, and if
for
pushing bond prices
Thus turns the
handled
the Bond Market
desire
is
business is worth
all it is worth
XVII
that with considera¬
tion, too.
We invite you to use
American Express Company
Our 39
service.
our
years' experience is
SECURITIES
the least import¬
not
advantage
ant
telephone'
Department
Bowling green jqooo
we can
offer you.
METROPOLITAN
TRUST
OF
COM PAN T
THE CITT OF
CO WALL STREET
Government,
NEW YORK.
Municipal,
Railroad
716 FIFTH AVENUE
Public
Utility
Industrial
Investment Bonds
As Dealers in
Guaranteed Stocks
Since
we
offer
vice
a
comprehensive
those
to
A. B. Leach &
Investment Securities
ser¬
interested
in
62 Cedar
St., New York
buying or selling.
Informa¬
tive literature, analyses of spe¬
Philadelphia
cific
Baltimore
issues
and
Co., Inc.
1855
colored
maps
105 So. La Salle St., Chicago
Buffalo
Boston
Scran ton
Cleveland
Pittsburgh
Minnetpoll
Detroit
Milwaukee!
illustrating properties, will be
furnished
upon
application.
Write
for,
Quotation
Sheets.
goscpTt ^Stalker Exchange
& jlcrtis
Broadway
Naw
Stock & Scrip
York
for
1o
PROCTER & GAMBLE
Ytrk Stock
Mvmhftrt Nett
61
New
issue
First
Bank of Manhattan Co.
Home Ins. Co.
Fund
Members New York Stock Exchange
Rights
New York
FRANK J.
Broadway el
M.
DILLON
Albany
NEW YORK, N. Y.
64rtO Rowling Green
Cincinnati
Cleveland
Rochester
^Boston
Kansas City
Syracuse
Philadelphia
Troy
Buffalo
Chicago
Wisconsin & Minn. div. 5s, 1921
New York Cent. 3V2s, 1997
16
Telephone
Broad
William
New
8063
Ask for circular CC-62
Mountague Vickers
BONDS
St.
York
«• Will St.
account
i GUARANTEED STOCKS
H.MByllesby & Ca
Incorporated
NewYork
III
HENRY NIGHTINGALE
Canadian. Mexican and Foreign Government
Securities.
Railroad and Public Utility Bonds.
Phone Broad 7118
Providence
simon
Members
deal
borg &
co.,
No. 46 Cedar Street
-
to tell fecuritief of
Industrial
an
established profit¬
corporation.
Details
on
application.
issues of bonds and notes
HIGH-GRADE
Naw York
Telephone: Beetor 6467 sad 638
iSrcct
New York
able
Matt. H. Connell &, Co.
Broadway
30 State
St
BROKERS AND SALESMEN WANTED
-
7s, 1921
Ill
10 wybosser
of New York Stock Exchange
in
Interborough Rapid Transit
new
Chicodo
208 S.LaScflle St
Broadway
48 BROAD WAV
We
and all
96
Colorado.
securities
We buy and sell for our own
at
and Industrial counties of South Central
T.1. Hut. MT.
mexican
Offered
Company does a large electric power and
light business in five agricultural, mining
H.
Bros.
(Pueblo, Colorado)
-
St. L. & San Fran. P. L. 4s, 1950
Montgomery
Bonds of the
St. Louis
New Orleans
Sinking
Gold
Light & Power Company
Pittsburgh
Baltimore
Refunding
Arkansas Valley Ry.,
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
T1
and
years
$1,400,000
Mortgage
J. S. Bache&Co.
Mortgage Bond Co.
11
of
INVESTMENT SECURITIES
L N. Rosanbama &
186
Company, Inc.,
BROADWAY, NEW
YORK
[VOL. 111.
CHRONICLE
THE
XVIII
jffnandal
^financial
Our
-
Established 1910
Correspondents
608 Chestnut Street
Philadelphia
,
Save
Time
Both
And
Impartial Analysis
of fundamental
security
is
AT Money
you
available
Send
bond.
Philadelphia is the logical
collection center of the East, The Phila¬
Just
as
delphia National
bank
to
route
your |
profited by
ELECTRIC CO.
f-KcS;
many years
6%
Secured Gold
Due
making collections and
special emphasis
velopment
of
upon
Principal
no
at
the de¬
Notes
1, 1922
semi-annual
and
inter eet
Complete description on rtqueU.
its !twenty-four-hour
par
Dec.
payable In New York.
Price to Yield 7 W %
Transit Department.
Items handled
GAS
CINCINNATI
items.
has laid
cor¬
title.
rect
&
of experience in
dollar
one
report—give
our
Bank is the logical
through which
This bank has
on
investment stock or
any
for
to
BOND
DEPARTMENT
Fifth-Third
for correspondents;
charge for telegraph transfers.
National Bank
CINCINNATI, O.
THE
United Verde Extension
According to official figures the United
Verde Extension Mining Company had
571,400 tons of positive ore reserves as
December 31, 1919.
As the average
content is 15%, this is the richest
grade copper ore reported by any mining
company in America.
of
BANK.
copper
An
analysis of the development and finan¬
cial condition of United Verde Extension
PHILADELPHIA, PA.
is contained in the current number of our
Market Review.
Sent
on
request for C-577.
HUGHES a DIER
Stocks—Bonds—Grain
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
Members- Chicago Board of Trade
,N. Y. Produce Exchange
42'New St., New York
Philadelphia
•National Bank of Commerce
in
New York
Cleveland
Pittsburgh
.
Brokers and
Salesman
Wanted
sell
to
the
Common
8%
Preferred
Stock
bonus
of
Stock
with
established
manufacturing and chain store business
doing over $1,750,000 volume.
Both
on
dividend basis.
COMMISSION
Capital, Surplus And Undivided Profits
ny2%.
FERGUSON-GOODELL & CO., Inc.,
Wholesale Investment Securites
National Association
Over
Fifty-five Million Dollars
28
West
NEW
44th
Building
Street
YORK CITY
Nov. 13 1920.]
THE
CHRONICLB
financial
HmmtitA
-v;
;■
*
I
Six Per Cent
Southern
municipal bonds
Municipals
Exempt from All Federal Income Taxes
Waterbury, Conn., School 5s___
1934-44
Flint, Mich., Municipal 5s
1936-49
Rochester, N. Y., Municipal 3y2s_____1924
Des Moines, Iowa, Gen.
Obliga. 5s
1932-51
Quincy, Mass., Sewer 4s
_1
1921-43
Short Time Notes
4.75%
5
_____
Commercial Paper
Preferred Stocks
_
___
5
5.125
_
Bridgeport, Conn., School 5s
Putnam, Conn., Water 4Vis__
Acceptances
5
1925-49
5.125-4.80
___1922-34
Everett, Mass., Sewer 4s
5.75-5.20
1929
5.25
North Hempstead, N. Y., Water 4.80s_1921-30
Knoxville, Tenn., Funding 5%s
Municipal 4s
Seattle, Wash., Park 4V^s
Port Huron, Mich., Paving
4^s
Hibernia
Securities
Company
Hibernia Bank
New
5.50
1924
Bern, N. C., Municipal 6s
6
6.50
1922
Descriptive Circulars
-
5.50
__1931
Cumberland Co., N. C., R. & B., 6s___1922
Building
New Orleans
New York Office
5.35
1923-25
_
(Incorporated)
5.50-5.25
1950
New Britain, Conn.,
y
•
6.50
Request
on
44 Pine St.
r. m. grant &
31
Nassau St.,
Botton
co.
New York
St. Louis
Chloago
30 Years
"i V
v*v,;
in
Export Banking
James Talcott, Inc.
General Offices
225 FOURTH AVENUE
NEW YORC CITY
FOUNDED 1884
INTIMATE
KNOWLEDGE
of
the needs and habits of the people,
acquired
and
by
of
years
actual residence
Agents,
experience
in the
tries themselves, is essential when
Branches
in
South
Correspondents for
America
Entire Production of Textile Mills Sold and Financed.
1 Branch in Mexico
8 Offices in
and
the United States and Abroad.
transacting business abroad.
13
Factors
Manufacturers and Merchants in
coun¬
Accounts Guaranteed and Discounted.
Europe
CABLE ADDRESS QUOMAKEL
Anglo-South American
"Bank,limited
New Yark Ageocy.
y
v'
•
'
:
-
'y--:-
••
'
=
•
■':
-
■
.y...
-■/
•
•'
49 Broadway
$50,000
DELTA COUNTY, COLORADO, SCHOOL DISTRICT NO. 1
6% HIGH SHOOL BUILDING BONDS
Dated November 1, 1920
§
Chas.
i
Oil
I
F.
&
is featured in
Noble
Gas
Co.
the current issue of
J
Devoted to the interests of investors
FINANCIAL
Assessed valuation,
1
5! jL*
Tt.
j
Free
on
School
I
Investment Securities
17th and California Streets,
Denver, Colorado
"
Salesmanship
'The Human Side of Business' is the
on this subject ever
written."
beet book
Price
census
Bosworth, Chanute & Company
Bond
27 Pine Street-New York
$5,798,430
189,000
5,500
1,565
—
103 and interest to yield over
5.60% to
optional period and 6% thereafter.
request
R.C.Megargel&Cc?
1919
Price:
| in oil securities. Published monthly |
1
Due November 1,1940
STATEMENT.
Total bonded debt, including this issue
Population, estimated—
"The Oil Industry"
I
Optional November 1, 1930
~
$3, cash with order.
circular free.
Descriptive
Published and for sale by
FY*»rI#»rirlr icirCc & Lot
ICUeriCK P#>lrrp ©c Co
*
ChestnutLStreet
lnv*tfm«nt
S.rfirifl«a
investment Securities
the Investment House of
1421
fJollistG r.Wh 11Q & (10.
UU'
~
J •" "
Philadelphia
" cedar street, new york
50 Congress St.
Boston. 9, Mass.
North American Bldg.
Philadelphia, Pa.
..
[VOL. 111.
CHRONICLE
THE
XX
Jffiiandal
Financing Foreign and Domestic Trade
buy goods abroad on a time credit basis, and yet
Importers may
,
satisfy the foreign sellers by paying them upon surren¬
„
der of
1
shipping documents.
sell goods abroad on a time credit basis, and yet
Exporters may
favorable discount rates.
get paid immediately, under
or
This
tance
goods between points in the United
the transfer of
States,
V
involving goods stored in warehouse,
Transactions
Domestic
be readily and economically financed.?
may
Corporation specializes in the granting of Accep¬
Credits, and will be pleased to discuss specific
proposition,.
'
[
.
Foreign Credit Corporation
Acceptors and International Bankers
Capital
Surplus and Undivided Profits $1,558,640.81
$5,000,000
Supervision of Federal Reserve Board
Under
SOUTHERN PACIFIC COMPANY
DIVIDEND
NO.
57.
QUARTERLY DIVIDEND of one dollar
and fifty cents ($1.50) per share on the Capital
Stock of this Company has been declared pay¬
able at the Treasurer'8 Office, No. 165 Broad¬
A
New
way.
Y.,
of record
York,
stockholders
to
books
only to stockholders
dividend orders.
VAN
K.
A.
1921,
3 o'clock P. M.,
30, 1920.
The stock
closed for the pay¬
Cheques will be mailed
who have filed permanent
will not
ment of this dividend.
transfer
3,
January
on
at
November
Tuesday,
on
N.
DEVENTER, Treasurer.
September last, being at the rate of seven
per cent per annum from revenue and three per
cent per annum from special income account, was
declared payable 31st December next to share¬
holders of record at 3 P. M. on 1st December next.
ERNEST ALEXANDER, Secretary.
Montreal, November 8, 1920.
dividend
of three
ordinary
stock
and
one-half per
declared
been
has
cent on
payable
1920, to stockholders of record at
the close of business November 30. 1920.
C. e. a. McCarthy. Secretary.
COMPANY
of
dividend
A
of
Stock
mon
$2.50
this
per
company
share
has
1921,
payable
on
December 1, 1920.
who have not already
Wednesday,
Stockholders
are
urgently
orders
forms
the Com¬
may
120
V.
Broadway,
S.
CROSBY, Treasurer.
New
York, N.
Y.
RAILWAY COMPANY.
New York, November 11, 1920.
A dividend of two and one-half per cent (2H %)
on
the
Preferred Stock of Southern Railway
Company has this day been declared payable on
December 30. 1920, to stockholders of record at
the close of business November 30, 1920.
C. E. A. MCCARTHY, Secretary.
A
quarterly
on
the
Dividend
CORPORATION
(No. 20) of §1.00 per
Stock of the
outstanding Capital
Company has been declared payable on Decem¬
ber 1st, 1920, to stockholders of record at the
close of business on November 19th, 1920.
i
Checks will be mailed by the Columbia Trust
Company, Dividend Disbursing Agent.
H. ESK. MOLLER, Treasurer.
by
holders in ad¬
the
1920,
first
the
when
of
of
stock
four
NO.
dollars
this
the
held
on
per
of
&
CO.,
company
Dec.
Nov.
to
meeting
8,
1920,
Managers,
Boston, Mass.
The
upon
quarterly dividend of 3% ($1.50 per share)
the common stock of the International
Mills has been declared payable Decem¬
1920, at the office of the Transfer Agents,
Colony Trust Company, Boston, Mass.,
all holders of record at close of business Novem¬
Cotton
ber
1,
the Old
to
ber 20.
1920.
INTERNATIONAL COTTON MILLS,
Office
Treasurer.
of
GREENE & CO., Managers,
Boston, Mass.
quarterly dividend of 1M % upon the pre¬
ferred stock of International Cotton Mills has
been declared payable December 1, 1920, at the
office of the Transfer Agents, the Old Colony
Trust Company, Boston, Mass., to all holders of
record at the close of business November 20, 1920.
LOCKWOOD,
of
the
INTERNATIONAL COTTON MILLS.
Allan B.
share on
has
been
fact
de¬
1920.
20,
that,
stockholders
owing
to
Greenough, Treasurer.
the
15, 1921, to stockholders
directed
special
company
ness
Office
GREENE
LOCKWOOD,
86
of record at the close of business Dec.
is
Inc.,
The
FRUIT COMPANY
clared payable on Jan.
Attention
SOUTHERN
f
dividend
capital
1,
STONE & WEBSTER,
with
Notes
is payable.
DIVIDEND
to
share
Definitive
the
AMERICAN SUMATRA TOBACCO CO.
A
record at
that this exchange
By FRANK M. ARGUIMBAU, Secretary.
Nov. 11, 1920.
CERRO DE PASCO COPPER
that
so
UNITED
be had upon application.
FREDERIC
effected
so
to file dividend mailing
undersigned, from whom blank
value)
par
December
the
on
done
of Blackstone Valley Gas
been declared, both
1920, to Stockholders of
the close of business November 15, 1920.
($50
Electric Company have
payable
Allan B. Greenough,
especially important
Interest coupon
requested
the
with
that
3,
on
stock
Transfer Agent.
GIVEN
HEREBY
coupons will be received
vance
of December
1st,
this day been
Monday,
January
to stockholders of record at 3 P. M.
declared,
dividend of $3.00 per share on
Notes.
engraved notes with coupons attached, will be
ready on alnd after November 17th, 1920, for
delivery and exchange for Temporary Notes of
the above issue, upon surrender thereof at the
office of The Chase National Bank of the City
of New York, Trust Department, No. 57 Broad¬
way,
New
York City.
All holders of Tem¬
porary Notes are requested to exchange the same
for Definitive Notes with coupons AS PROMPT¬
LY AS POSSIBLE AFTER NOVEMBER 17th,
1920.
It is
DIVIDEND NO. 33
COMMON
A semi-annual
Temporary Notes of Above Issue:
To the Holders of
NOTICE
IS
Island.
the preferred capital stock and a quarterly divi¬
dend of $1.00 per share on the common capital
Convertible
Fund
Sinking
7H%
Rhode
PREFERRED DIVIDEND NO. 17
and
SUMATRA TOBACCO
AMERICAN
be
UNION PACIFIC RAILROAD CO.
COMPANY
Woonsocket,
and
Pawtucket
30th
Gold
December 29,
BLACKSTONE VALLEY GAS AND ELECTRIC
a
Five-Year
ALABAMA GREAT SOUTHERN
RAILROAD COMPANY.
New York, November 11, 1920.
A dividend of three and one-half per cent on
the preferred stock of The Alabama Great South¬
ern Railroad Company has to-day been declared
payable February 18. 1920, to stockholders of
record at the close of business January 20, 1921.
A
meeting of the Directors held to-day the
usual quarterly dividend of two and one-half per
cent on the Common Stock for the quarter ended
At
be
THE
the
COMPANY.
CANADIAN PACIFIC RAILWAY
DIVIDEND NO .98.
1920.
November 11.
Y ORK
NEW
STREET
PINE
30
be
the transfer books of the
will be closed from the close of busi¬
THE ATLANTIC REFINING COMPANY,
3144 Passyunk Avenue,
Philadelphia, Pa.
November 11, 1920.
At
a
meeting of the Board of Directors
,
held
November 10, .1920, a dividend of $5.00 per share
was declared on the Common Stock of the Com¬
pany, payable December 15, 1920, to stockholder^*"^
at
the close
of business
November 22,
1920.
Checks
will
17, 1920, until Dec. 9, 1920.
mailed.
be
W.
D.
ANDERSON,
Secretary.
JOHN W. DAMON, Treasurer.
OFFICE
STANDARD
MILLING
COMPANY
49 Wall Street. New York City, Oct. 20,1920.
PREFERRED STOCK DIVIDEND NO. 44.
Board of Directors of
MILLING COMPANY have
The
the STANDARD
this day declared
quarterly dividend of One and One-half Per
(114%) upon the Preferred Stock of this
Company. payaDle out of the earnings for the
current fiscal
year on November 30,
1920, to
Preferred Stockholders of record at the close of
business on November 19. 1920.
JOS. A. KNOX, Treasurer.
a
O nt
The
United
Gas
OF
Improvement Co.
N. W. CORNER BROAD & ARCH STREETS
Philadelphia, Sept. 8, 1920.
The Directors have this day declared a quar¬
terly
dividend
of
one
ana
three-quarters
per cent
(87 He. per share) on the Preferred
Stock of this Company, payable December IS,
1920, to holders of Preferred Stock of record at
the close of business November 30, 1920.
Checks
will
be
mailed.
'
I.
W.
MORRIS, Treasurer.
Nov. 13 1920 ]
THE
CHRONICLE
xn
--JT
/foottdaf
i
-
"Y^/"E beg to
of
■
the installation
announce
private wire
organized firm of
a
Stevenson Bros. &
105 South La Salle
who
in
will
act
as
Perry, Inc
St., Chicago
correspondents
our
with
connection
the recently
to
investment
and
security business.
BROWN
BROTHERS
Philadelphia
TOBACCO
Series
PRODUCTS
"C"
CORPORATION.
Nov. 1920.
Certificates
issued
by
Dividend
Tobacco Products Corporation on November 15,
1918, will become due and payable on Novem¬
ber
est
15,
1920, with the last installment of inter¬
thereon.
Upon
presentation
surrender
of such
Guaranty Trust
Company of New York, 140 Broadway, New
York City, on or after November 15, 1920, the
principal sums due thereunder and interest due
thereon to November 15, 1920, will be paid.
WILLIAM A. FERGUSON, Secretary.
Dividend
and
Certificates
to
&
NEW YORK
Boston
GILLETTE SAFETY
RAZOR COMPANY.
The Board of Directors have to-day declared
regular quarterly dividend of $2.50 per share
and an extra dividend of $1.00 per share, payable
December 1st, 1920, to stockholders or record
October 30th, 1920.
FRANK J. FAHEY, Treasurer.
Boston, October 15, 1920.
a
the
GENERAL CHEMICAL COMPANY.
V
25 Broad St., New York, Oct. 22, 1920.
quarterly dividend of Two Per Cent (2%)
will be paid December 1st,
1920, to Common
Stockholders of record at 3 P. M., November 19,
1920.
STANDARD MILLING COMPANY
quarterly dividend of Two Per Cent
Common
Stock
of
this
LANCASTER MORGAN, Treasurer.
(2%)
November 30,
1920, in cash to Common
of record at the close of business
on
MOORE,
upon
Company,Jpayable
LEONARD
&
LYNCH
Stockholders
November
19, 1920.
Checks will be mailed.
JOS.
Members New York, Pittsburgh &
A.
Office
KNOX,
of
CONSOLIDATION
COAL
COMPANY
Baltimore, Md., October 11,
1920.
The Board of Directors has declared a quarterly
dividend of one and a half dollars ($1.50) per
share on its Capital stock, payable Oct. 30, 1920,
to
the stockholders of record at the close of
business Oct. 21, 1920.
The transfer books will
remain open.
Dividend checks will be mailed
T. K. STUART, Assistant Treasurer
Philadelphia
Stock Exchanges
Treasurer.
THE
Frick Bldg.
Ill B'way
Ritx Carlton
Pittsburgh
New York
CALIFORNIA
EDISON
Edison Building, Los Angeles, California.
The regular quarterly dividend of $1.75 per
share on the
outstanding Common Capital Stock
(being Common Stock Dividend No. 43) will be
paid on November 15th, 1920, to stockholders
of record at the close of business on October 31st,
man
applicant—young
with practical executive
experience in the routine of
the
brokerage
careful
trader
successful
business,
who
has
a
J
been
in
handling infund,
University
graduate, Wharton School,
student
of
brokerage
ac¬
counting
and
corporate
theory, wishes to place him¬
self
with
responsible firm.
The
applicant's
character,
reference and family recom¬
mends complete confidence.
Address C. O., care Chronicle
!
vestment
Philadelphia
FOREIGN EXCHANGE
Bought and Sold
on
Checks
Currency
Specializing in
Order
Russian Govt. Bonds
Bonds
CoT,
SOUTHERN
A desirable
A
49 Wall Street, New York City, Oct. 20,1920.
COMMON STOCK DIVIDEND NO. 16.
The Board of Directors of the STANDARD
MILLING COMPANY have to-day declared a
the
CO.
Shuman
&
Seligmann
and
CHAS.
Members New York Stock Exchange
80 Broad St.,
N. Y.
Currency
Foreign Govt. Securities
F.
Tel. 6810 Rector.
Tel. Broad 7270
HALL
&
CO.
20 Broad St., N. Y.
1920.
W. L.
PERCEY, Treasurer.
CONSOLIDATED
CIGAR
CORPORATION
New York, Nov. 12, 1920.
The Board of Directors has this day declared
a dividend
of $1.75 per share on the Preferred
Stock of • this Company, payable December 1,
1920, to stockholders of record November 24,
1920.
The books will not close.
Checks will be mailed.
>
By order of the Board of Directors.
LOUIS CAHN, Secretary.
Southwestern
Power
Preferred
Stock
&
Light
Co.
Dividend.
The regular quarterly dividend of one and three-
quarters per cent (IX %) on the Preferred Stock
of
Southwestern
Power
&
Light
declared, payable December 1, 1920, to
stockholders of record at the close of business
13,
INVESTMENT SECURITIES
INCORPORATED
Equitable Building,
//-£
%■
BALTIMORE
MARYLAND
JACOB
REISER, Treasurer.
Branch
^/dcacjpo, <$1.
Office,
811$ Exchange Ave.,
Chicago, 111.
Gorman, Austrian, Hungarian, Caeehe.
slovakian, Rumanian, and Jugoslav Gov t
Bonds susd
BACKER
Curronejr.
Est. Ul(
FINANCIAL
BROKER
W. H<
Goadby & Co.
Members Now York Stock Exchange
1920.
WILLIAM
vM££<z£/a//e S/L
So.
Company has
been
November
R. Lancaster Williams & Co., Inc.
Enhanf* Bank Bldg*
St. Paul
Minn
NO. 74 BROADWAY
NEW YORK
THE
[Voi.. 111.
CHRONICLE
financial
New Issue
$2,000,000
Province of Nova Scotia, Canada
Ten
Year 6%
Gold Bonds
(Non-Callable)
Dated November 15, 1920
Due November 15, 1930
Principal and Interest Payable May 15 and November 15, in
City in United States gold coin.
SI ,000
Coupon Bonds with the privilege of registration as to principal.
Halifax and in New York
A
legal investment for New Hampshire, Vermont and Connecticut Savings Banks
These bonds
are a
direct and primary obligation of the Province whose
credit
is irrevocably pledged for the payment of principal and interest.
The fi¬
nances of Nova Scotia are so handled that the entire annual expenditure
including all bond interest charges are adequately taken care of without
recourse to a provincial property tax, although there is statutory provision
for-such taxation.
The Province of Nova
oldest and most
Scotia, of which Halifax is the capitol, is one of the
highly developed of the Canadian provinces.
Price 93.50 and interest, to
yield
over
6.90%
Wm. A. Read & Co.
The information contained herein has been obtained from sources which we consider reliable.
While not guaranteed, it is accepted by us as accurate.
Service
to Investors
Announcement
Canada-The Field
An executive with
Municipal and Corporation
American
bond
selling and buying experience wants to
interests
Canada.
Her tremendous
offers
opment
open
or
a
New York office for
an
outside dealer
field
for
safe and remunerative investment.
At
institution.
watching
devel¬
are
great
a
the
moment Canadian
and
trial
Municipal
Indus¬
Securities,
paying high interest on fully se¬
cured
Address
capital,
advantageously
"Executive"
be purchased
can
this
through
house.
P. O. Box 372
City Hall Station
Our
favorable
position and
standing enable
the
investments,
means
to
high
to suggest to
us
those seeking safe
and profitable
most
practical
of placing funds in Canada
high
secure
"Service
To
returns. Write
Investors"
on
your
letter and address:
MKMKKmmKMKmaMKmmMmuMMMKMKMaMMKaaaBnm
INCORPORATED
INVESTMENT SECURITIES
Maintaining 81 Branch Offices in 70
Principal Cities of the United States
EXECUTIVE
111 W. Monroe'Street
.......inn
OFFICES:
NASSAU
COUNTY,
Coupon 5s
4.60% Basis
B. J. Van
CHICAGO
N.
Y.
Ingen & Co.
46 Cedar St.
New York
TEL. HM JOBM.
THE
CHRONICLE
XXIII
Jfmamlal
PNEUMATIC
TRUCK
U S-
was
THE United States Rubber public
Com*
in 1911
to the
pany
gave
the first Pneumatic Truck Tire
built
the
in
unbounded
motor
ever
world, because of its
faith
the future of
in
truck transportation.
It built it because of its -traditional
policy of looking into the future—of
.
V:-.
•
trying to anticipate the needs of all
•
kinds
and
and
users
conditions of
building tires
Before the tire
come
users
truck
tire
them.
to meet
themselves be*
fully conscious of their needs.
Before
a
tire market is
new
even
developed.
Here
the
are
problems which the
United States Rubber
dertook
on a
to
Company
solve when it
un¬
began work
Pneumatic Tire for motortrucks:
How
to
increase
tire
mileage—to
lengthen tire life—to give the truck
owner
greater tire economy.
*
There is
a
*
difference between build*
ing tires for tire
users
and building
them for sale.
The
pany
of
United States Rubber
has
sales
never
to
Com¬
allowed the question
influence
its
ideals
of
service.
United States
Fifty-three
factories
Rubber
The oldest and largest
Rubber Organization in the World
Company
Two hundred and
thirty-five Branches
THE
XXTY
rvoi.. m.
CHRONICLE
jHttantfal
Qhe PLAIN DEALERS MARKET
More Investors with More Dollars
Cleveland
and
Northern
Ohio
is
the
richest,
territory between New York and Chicago.
No other
given field offers
Northern
Ohio
is
so many
most
densely populated
/
advantages to financial advertisers.
overflowing with wealth.
Prosperity is established.
Cleveland, Akron, Lorain, Sandusky, Ashtabula, and
many
industrial and financial cities in this
can
millions
of
investment
dollars
Plain
one
many
savings deposits—totaling billions awaiting profitable
territory—every
corner
of it—can be covered at
one
cost
newspaper—the dominant medium of Northern Ohio—The Cleveland
Dealer.
appears
other thriving
each show
opportunity.
All of this rich
with
in
wealthy territory
The
bulk
of the financial
advertising in this moneyed field
in The Plain Dealer—proof that it is the
one
influential medium to
reach Northern Ohio investors.
The PiainBeaiei
CLEVELAND
Eastern Representative:
JOHN
B. WOODWARD
Times
New
Building
York
Western
Representative:
JOHN
GLASS
Peoples Gas Building
Chicago
Nov. 13 1920.]
THE
CHRONICLE
xxv
NEW ISSUE
$10,000,000
National Leather
Five-Year 8
Dated November
Company
Gold Notes
%
15, 1920
Due November 15, 1925
Interest payable May 15 and November 15 in New York or Chicago without deduction of normal Federal
Income
Tax not in excess of 2%.
Coupon notes in denominations of $1,000, $500 and $100, registrable as to
principal.
Redeemable at the option of the Company
notice, at 103
on
as a whole or in part on sixty days'
May 15,1921, and at M % less each six months thereafter to
November 15, 1924, and on May 15, 1925, at 101 and interest.
FIRST TRUST AND
SAVINGS
BANK, CHICAGO, TRUSTEE
:?'
a
■
Information concerning this issue and the history of the Company's operations is disclosed in
of Mr. George H. Swift, President of the National Leather Company, from which in part
following statements are summarized:
letter
the
BUSINESS
is
The National Leather
:
both
Company
holding com¬
operating and
an
EQUITY:
The capital stock outstanding
(upon which dividends at the rate of 8%
per annum are being paid) represents at
pany, being engaged, with the co-opera¬
tion of its affiliated companies, in the
sale
of
hides
of
tanning
leather.
and
current
and
manufacture
The
Company was in¬
corporated in August, 1919, for the pur¬
pose
of
conducting the tanning and
leather business operated by Swift and
Company for twenty-five years.
J Plants of the National Leather Company
and associated companies are located at
Peabody, Mass.; Winchester, N. H.; South
St. Paul, Minn.; Niles, Mich.; Ashland,
Ky.; South St. Joseph, Mo.; Newport,
Tenn.; Tannery Station, Md.; Walland,
Tenn.; Waynesville, N. C.; Harrisonburg,
Va., and Olean, N. Y., with a combined
annual capacity of 2,000,000 Hides, 2,500,000 Calf Skins and 4,000,000 sheep and
lamb skins.
Sales for the year 1919 were
in excess of $88,000,000.
FINANCIAL
ment
as
CONDITION:
Financial
of December 27,
current
this
reflected
of
financial condition of the
issue
is
in
their
in
statement
of
Taxes
for
the
five
years,
over
$5,000,000,
the
$800,000 annual interest requirements of
this issue.
TERMS OF ISSUE:
constitute
These Notes, which will
the only funded debt, will be
direct obligation of the National Leather
Company, and the Indenture under which
they are to be issued will provide among
other things :
(1) While any of these Notes are out¬
standing, the Company shall not create
any mortgage upon its assets nor pledge
any of its assets nor permit to be created
any mortgage upon the
properties and
assets of its affiliated companies which are
entirely owned, excepting that the com¬
panies may acquire property subject to
purchase money mortgages for not to ex¬
ceed 75% of the fair value of the property
covered by said mortgages.
(2) Current assets of the Company shall
be maintained equal to at least 150% of
current liabilities including these Notes,
and the affiliated companies owned by
this
Company shall maintain
current
assets of at least 110% of their current
a
to
the
com¬
pany.
indicated
Federal
inclusive, have averaged
or
more
than six times
jfr The Company has a direct investment of
$12,369,897 60 in affiliated companies, as
ber^,
:
Net earnings available for int¬
charges, after deduction for reserves
1915 to 1919
provide additional working capital, the
margin of safety in the current assets of
nearly
two
and
one-half
times
the
amount
equity of
and
state¬
present
an
erest
1919, shows net
liabilities and
quotations
EARNINGS
tangible assets of $36,352,282 80 and net
current
assets
alone
of
$24,083,385 20.
Proceeds of this financing being used in
the reduction of
market
approximately $28,000,000, ranking junior
to this issue of $10,000,000 Notes.
Decem¬
liabilities.
1919.
WE RECOMMEND THESE NOTES FOR INVESTMENT
Price:
100 and
Interest, Yielding 8%
Pending delivery of Definitive Notes, It is expected that Interim Receipts will be ready for delivery on or about November 20, 1920.
this issue shall be approved by Messrs. Winston, Strawn and Shaw, Chicago, as Counsel
Henry Veeder as Counsel for the Company, and this offering is subject to their approval.
All legal matters in connection with
for the Bankers, and Albert H. and
First Trust and
Savings Bank
Illinois Trust & Savings Bank
CHICAGO
CHICAGO
Lee
Higginson and Company
Harris, Forbes & Co.
The Merchants Loan and Trust Co.
;
All statements herein
we
are
do not guarantee them,
official
they
are
or are
based
the data
on
upon
information which
which
we
CHICAGO
we regard as reliable, and while
have acted in the purchase of tj^is security.
■
■.
.
L
■■>...
■■
■
-
-
[VOL.111.
CHRONICLE
THE
XXVI
'
ij.m
■
I
'I*
'
wssaasmx
■-
MOB
ohw-um
JFimntial
$4,450,000
GALENA-SIGNAL OIL COMPANY
7% Convertible Debenture Bonds
Dated
on
any
and $1,000. Redeemable
110 and interest; similarly at 109 and interest during 1921; the premium decreasing
interest date during 1920 at
Coupon Debentures in denominations of $100
$6,000,000.
BANKERS
i
each succeeding year until maturity.
1%
1
TRUST
The Galena-Signal Oil Company,
the Standard Oil Company of
of
COMPANY, NEW YORK, TRUSTEE
organized under the Laws of Pennsylvania, was a subsidiary
New Jersey prior to the dissolution of the latter in 1911.
information regarding these Debentures, we refer to a letter of Mr.
which he has summarized briefly, as follows'
For
pany,
Due April 1, 1930
Interest payable April 1 and October 1
April 1, 1920
Authorized and to be presently outstanding
BUSINESS:
L. J. Drake, President of the Com¬
the
and
Inception of business dates back to 1869; it comprises
of a complete line of lubricating and signal oils
manufacture
greases;
;
1
r
approximately
80% of the steam railroad mileage of the
United States and Canada is lubricated by Galena oils.
^
of September 30, 1920, together
upwards of $20,000,000, or over
3 times the amount of these Debentures; the net quick assets alone
on this basis were more than twice the amount of these Debentures.
The consolidated net assets,
ASSETS:
with the proceeds of
EQUITY:
this issue,
as
were
The Company's outstanding Capital Stock, at current quo¬
represents an equity of nearly $13,500,000, ranking junior
tations,
to
these $6,000,000
EARNINGS:
The
Debentures.
.
the Company and constituent com¬
earnings of
net
making allow-
panies, available for interest and Federal taxes, after
for depreciation, for the ten years ended December 31, 1919,
ance
1
averaged $1,525,231
per
annum.
similarly computed, for the nine
were $2,302,154,
equivalent to
the annual rate of $3,069,538, being approximately 5 times the annual
interest charges on the total funded debt now outstanding, including
The consolidated net earnings,
months
ended
September
30,
1920,
this issue.
The Debentures
CONVERTIBLE:
Company's
and
convertible,
are
stock, with
common
par
for
par,
into the
adjustment of accrued interest
an
dividends.
.-..v-
sinking fund on or before
April 1st of each year, commencing April 1, 1922, of 5% of the maxi¬
mum
amount of Debentures at any time issued.
The sinking fund
is to be applied to the purchase of the Debentures at not exceeding "
the redemption price during the year of such purchase, any unap¬
plied balance to be used to redeem the Debentures.
Credit is to be
allowed the sinking fund by reason of Debentures retired by con¬
The Company will provide
SINKING FUND:
.
version.
'']
'
a
\
No mortgage, except
RESTRICTIONS:
purchase money or inter-company
mortgages may be created on the Company's property without in¬
cluding these Debentures equally and ratably therewith; the con¬
solidated net quick assets are to be maintained in an amount equal
to at least 125% of the face amount of the Debentures outstanding.
The
legal proceedings in connection with the issue are being passed upon by Messrs. Hornblower, Miller &
Garrison, Messrs. Murray, Prentice & Rowland, New York, and Mr. John Walsh, Washington, D. C.
Interim receipts or temporary
Debentures
Price 93 y2
.
.
■'*
Debentures will be deliverable in the first instance.
All offerings of the
by us" and subject to approval of counsel.
made "when, as and if issued and received
are
'
'.
■■
and interest, yielding approximately 8%
■'.
.
■
■'
'•
1.
'
Blair & Co.
INCORPORATED
24
BROAD STREET
CHICAGO
CLEVELAND
The
PHILADELPHIA
BOSTON
BUFFALO
The statements
NEW YORK
SAN
presented above, while not guaranteed,
subscription
books
amount offered was
were
opened
and
aire
closed
FRANCISCO
ST.
obtained from sources which
on
Nov.
8th
oversubscribed, this advertisement appears
and
as
as a matter
the
are
LOUIS
believed to be reliable.
entire
of record.
*
—
Nov. 13 1920.]
THE
CHRONICLE
XXTII
Jffttanrial
7:'?--' '7-:!i.v.
7'■'
7
New
>■>
■7'-7:7:\
■■■
7:Uo'7j:<:7:- r.'.7':7;77:U
Issue
$2,250,000
The Pennsylvania-Ohio Power & Light
Company
Ten-Year 8% Bond Secured Sinking Fund Gold Notes
DatedNovember 1, 1920
From
a
letter signed
Business:
The
Due November 1/1930
by R. R. Stevens, President of the Company,
Company supplies electric light and
power
sumption.
a
summarize
as
follows:
for private and industrial
The Company and subsidiaries will
plants with
we
con¬
and operate three power
own
total present installed generating capacity of 77,666 H. P. Equip¬
ment has been
provided for the installation of
an
additional 20,000 H. P. unit.
Properties include 59.13 miles of electric railway lines and 218.5 miles of
new
high voltage transmission lines and extensive distribution lines.
Territory:
The territory served is
one
of the most highly developed,
growing industrial sections in the United States.
miles
The
Security:
It
prosperous
covers
and rapidly
about 600 square
midway between Pittsburgh and Cleveland, including Youngstown, Ohio.
population served is in
These Notes will be
a
excess
of 300,000.
1
direct obligation secured by pledge of $3,375,000 General
Mortgage Bonds of the Company, due November 1 1930, the bonds being
pledged in the ratio of 150% of bonds to 100% of notes.
Earnings:
Net earnings for the
year ended August 31, 1920, after deducting all prior
charges, exceed five times annual interest requirements. Net earnings for the
same
period
equal to 1.57 times interest charges
were
cluding this issue.
than
During the past five
years
on
total funded debt, in¬
there has been
an
increase of
more
150% in kilowatt hours.
'
; i
Sinking
A Sinking Fund will be provided to retire 3%
Fund;
of notes issued.
In other words, about
per annum
of the total amount
30% of the total issue should be retired
by maturity.
Notes offered
All
when,
as
and if issued and delivered to
legal details will be passed
us,
subject to approval of legal details by
our
Counsel.
by Messrs. Winthrop & Stimson, of New York, for the Bankers, and by
Messrs. Sullivan & Cromwell, of New York, for the Company.
The Company's properties and accounts
have been examined
upon
and'reported
on
by Stone & Webster, Inc.
.f ;*•
Price 96 and accrued interest, yielding
Write
over
8.60%
for Circular
Bonbright & Company
Incorporated
25 Nassau Street
The above information, while not guaranteed, has been obtained from
New York
sources we
believe to be accurate.
[VOL. 111.
CHRONICLE
THE
XXVIII
binomial
Profitable Readjustment
Go Over
of Investments
Do It This Evening
Your Investments
You
can
fortify
your
family against loss
of income and take advantage
tunities for
familiar
more
with
of
liberal return if
oppor¬
you are
economic
important
and
changes. Are you able to as¬
certain accurately the condition of each
financial
whose bonds you own? Our
Department, through'its Statistical
Bureau and its Department of Econom¬
company
Bond
which
ics
in
specialize
gathering
this
assist investors
in determining desirable changes.
We shall be pleased to make suggestions
information,
at
your
is
able
to
•
convenience.
Home Office
37 Wall Street
Uptown Office
Madison Ave.
at
Colonial Office
.
222 Broadway
Paris—23 Rue de La Paix
45th St.
London—3 King William St., E. C. 4
T«?
EQUITABLE
TRUST COMPANY
OF NEW YORK
BANKINQ, TRUSTS &
SAFE DEPOSIT
Total Resources
over
INVESTMENTS
VAULTS
$300,000,000
,
>...
iaaWlEiPKSSr
W-.
it * I mi
yommtrria' § y h
INCLUDING
^
Bank &
V
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 111.
SATURDAY, NOVEMBER 13, 1920
Inc. or
1920.
For Six Months
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
-
for
European
Now York funds.
subscriptions and
$10 00
6 00
13 50
7 75
11 50
NOTICE—On account of the fluctuations in the rate, of
advertisements
excnange,
must
be
remit
made
in
and
Quotation (monthly)
(semi-annually)
State and City
Terms of
Bankers' Convention (yearly)
six months
(26 times)
per
$6 30
—175 00
inch
100 00
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM
Chicago
B.
Pine
DANA
and
Cleveland
Detroit
Indianapolis....
Columbus
Streets,
New
...
Grand Rapids..
—
Akron......
Addresses of all, Office of the Company.
Decatur
—
Danville
Lansing
Lima
Ann
total bank
clearings of all the clearing houses of the United States for the week ending to-day
been $8,487,161,492, against $8,233,173,419 last week and $9,958,170,998
the corresponding week last year.
have
Adrian
Per
1919.
Cent.
...
Owensboro
Tot. Mid. West.
Francisco.—
Los Angeles
Seattle
New York
$3,903 240 928
609 .682.654
$4,838 ,713 435
*653 ,349.096
—19.3
Philadelphia.................
398 ,409.172
419 ,216 883
—5.0
Boston......................
Kansas Cltv.——
280 ,065.046
310 ,659.660
—9.8
167 030,726
205 992.897
—18.9
St. Louis
132 ,523,712
151 ,108.329
—12.3
120 .400,000
125 173.369
—3.8
168 ,78* .659
*85 000.000
134 ,164,467
95 ,332.381
—10.8
68 ,936,849
78 614.318
—12.2
63 ,922,485
75 ,473.947
—15.3
$7,037,698,782
1.270,497,624
-16.3
Chicago
......
;
San Francisco
Pittsburgh
...
...
Baltimore
...
............
New Orleans......
Eleven cities
Other cities
5 days
5 days..
$5,887 900 231
1.174,299.914
.....
—7.9
+ 184
Salt Lake City...
Spokane
Portland
Tacoma
—
Oakland
...
Sacramento
San Diego
Fresno
-
...
Stockton
San Jose
Pasadena
..._—.
Yakima
-7.6
...
Reno
Total all cities, 5
$7,062,200,145
1.424,961 347
days
$8,308,196,406
1.649.974.592
-15.0
Total all cities for week...
$8,487 161 492
$9 958 170 998
-14.8
Partly estimated.
The full details of the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
$
$
Philadelphia
Pittsburgh
4,511,440,894 5,097,569,202
431,896,699
442,578,159
„
—
Baltimore
Buffalo—
Albany
Washington
Rochester
Scranton.
Syracuse
Wilmington
Reading
Wilkes-Barre
Wheeling
Trenton
York
Erie
Greensburg
Binghamton
Altoona
-.
—
Chester
174,425,222
94,444,783
40,135,176
5,888,794
18,888.004
12,1971,228
5,183,084
0,158,552
3,200,000
2,700,000
3,029,993
4,800,000
4,296,822
1,651.041
2,557,191
1,741.757
1,127,900
1,050,000
1,402,272
2,400,000
137,913,755
86,860,368
35,837,312
5,480,742
17,838,558
+ 12.0
+ 7.3
+5.9
+ 11.9
10,898,661
4,461,220
5,283,304
+ 10.2
3,777,978
-r-15.3
3,054,583
3,015,929
5,108,186
3,465,054
1,390,033
2,292,628
1,089,724
1,157,600
1,015,153
1,408,730
2,666,761
409,741
1917.
$
$
%
—20-8 3,508,397,318 3,177,309,107
+2.5
402,594,687
327,778,735
+ 17.1
—11.6
+0.5
—6.0
+24.0
+ 11.0
+ 11.0
+59.8
—2.6
+3.4
—+.4
72,097,124
114,943,600
70.828,949
20,648,200
769,388;
5,191,641
15,102,718
6,929,805
43,869,438
19,613,967
4,937,386
12,000,000
6,774,823
3,573,582
4,903,899
3,029,108
4,252,803
3,107,877
2,217,279
2,007,117
3,382,477
2,410,418
1,122,281
1,980,324
1,100,000
768,100
600,000
1,551,003
3,421,437
2,810,182
1,970,377
3,903,845
2,425,140
1,288,756
1,915,297
1,053,153
917,200
550,000
1,250,000
2,477,572
423,480
6fff,122
160.400.000
18,737,093,
7,622,2041
2,128,297,
7,644,880
Hartford
—
6,000,000
6,327,781
New Haven..
SpringfieldPortland
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
1,228,220
2,149,444
10,359,700
+3.6
8,070,563
4,838,172
3,732,790
2,387,117
3,508,507
2,569,793
2,107,008
1,467,746
750.000
466,042,221
—10.7
—7.4
+4.4
+4.2
2,600,000
—3 9
4,593,933
—50.8
1,844,864
—22.3
2,352,367
+ 9.5
1,502,268
+ 11.1
1,000,000
+29.6
1,142,699
2,479,370 Not Included In total
-
TotalNewEng.
416,722,487
240,038,634
*
—18.6
+76.9
5,239,858
6,433,832
3,738,628
1,742,723
3,300,403
1,910,334
1,152,936
819,278
1,244.964
193,242,205
43,679.972
St.
...
Paul
Denver
Duluth
__
...
Joseph—...
Moinep
City
Cedar Rapids
Fargo
Not Included in total
46,834,895
48,428,112
23,781,850
11,745,940
10,941,207
11,553,391
6,500,000
12,169,688
4,786.315
3.000,000
2,532,632
4,200,000
20,958,308 + 131.1
29,672,240 —19.5
+ 32.7
8,852,863
16,052.3811
12,728,223
10,000,000
14,717,769
6.388,351
3,500,000
3,279,788
4,904,169
995,032
10,955,700
6,992,041
696,483
4,671,370
4,362,229
3,250,000
4,360,794
3,083.666
2,354,592
1,174,829
802,717
954,501
Billings
Tot. other West
...
Orleans
Louisville
Houston
Galveston.......
Richmond
Memphis
Atlanta.........
Savannah
Fort Worth
Nashville
Norfolk
Augusta
Rock
Chattanooga
Jacksonville.....
381,694,305
283,007.073
Mobile
Oklahoma
—.
Macon
Vicksburg
...
...
Jackson
Muskogee..,
Tulsa
Dallas
Shreveport
Total Southern
Total all.,
—17.3
—25.1
3,610,860
—14.3
8,715,449
15,057,064
8,948,870
8,401,063
8,388,267
2,833,815
1,923,920
2,814,428
983,106
—22.8
—14.4
—26.0
4,519,864
3,456,703
2,965,129
2,859.739
752,335
—8.1
509.029,896
—7.3
398,724,734
393,545,813
140,744,107
...
Waterloo .i
Helena
Austin
—35.0
9,494,087
7,438,030
9,133,416
471,991,331
163,898,084
81,923,442
17,124,583
29,908,285
16,206,735
—14.1
83,416,397
36,291,048
89,488,751
16,517,578
22,390,755
21,862,776
12,796,802
7,763,292
19,088,040
12,611,504
4,000,000
7,714,473
9,500,000
3,307,387
2,630,224
17,090,734
2,370,042
4,700,000
845,175
987,092
4,284,546
10,810,002
46,398,388
—28.3
139,742,527
61,147,323
18,987,605
15,050,516
5,000,000
51,549,633
20,685,771
64,457,646
6,826.096
13,532,610
16,242,852
8,3221090
4,652,622
11,385,169
6,857,431
3,604,142
5,234,757
6,897,835
2,555,188
1,544,691
9,389,271
2,903,827
2,000,000
155,541,793
44,665,810
21,298,010
19,100.000
6,100,000
36.238,060
20,005,859
66,462,893
14,458,614
18,330,040
5,657,575
—31.7
751,720,510
-19.0'
561,956
723,464
St. Louis
—9.2
18,940,723
23,201,488
659,005
1,744,754
1,475.478
2.330,686
1,330,210
Fremont
Hastings
New
—34.3
40,000,000
1,344,017
798,162
795,725
1,049,402
2,209,224
2,152,309
2,608,830
1,823,242
964,402
Pueblo
Aberdeen
+ 56.8
1,885,483
1,951,141
1,950,269
1,675,814
Springs
Knoxvllle
341,045,706
...
—
Stamford
—17.4 4,175.992,031 3,696.668,990
—13.9
+30.2
—0.6
2,605,920; +90.8
3,007,O17| —13.2
1.877,145, +58.1
2,815,020 —27.4
53,447,177
26,844,494
30.168.503
9,204,846
59,789,329
21,720,116
59.314.504
9,129,064
16,270,431
19,973,051
9,275,068
11,128,930
—11.1
—5.9
27,266,615
—23.1
—
Charleston
412,180,722
14,606,900
10.254,864
6,476,020
6,059,947
2,400.000
4,777,097
3,749,228
3,028,900
1,426,174
900,000
881,757
—5.2
—0.3
+1.5
59,611,499
60,894.195
Omaha
Little
366.290,591
12,495,100
10,012,884
—16.2
15.335,506; —18.4
35,682,861
4,559,410
10,294,033
93,052,001
Minneapolis
Birmingham
Boston
450,000
938,890
92,823,883
27,609,000
27,751,705
16,614,093
8,287,333
22,396,536
4,308,434
5,370,173
4,437,011
2,313,827
4,117.149
2,385.642
2,110,428
1,123,289
1,183,487
600,000
787,900
40,820,559, —10.9
224,026,390
Not Included In total
Providence—
728,442,015
106,120,218
27,935,000
38,140,562
13,449,495
8,000,000
183,125,125
49,655,080
46,936,932
17,872,660
20,034,250
19,402,792
14.858,049
Not included in total
5,341,660,133 6,464,017,931
801,262,096
428,418
438,308
161,450
627,221
247,901,680
2,125,112
Total Middle-
-1.1
—8.6
+37.3
;
—0.5
433,261
4,176,688
—7.8
—38.4
164,524,993
55,778,000
36,358,302
15,891.632
12.511,830
33,834,089
4,544,473
10,445,462
7,080,862
2,898,401
7,148,302
4,971,600
3,183,215
2,968,964
2,048,847
1,000,000
Huntington
2,322,749
308,007
+21.5
—20.1
1,022,721,521 1,034,364,058
Bethlehem
Montclalr..
—10.0
+ 50.0
65,000
3,347,548
19,407,157
Lancaster
—9.8
623,5771
694,719
972,695
206,088
408,460
—25.0
Colorado
+26.5
+8.7
951,593
586,422
1,100,000
824,295
879,055
952,707
457,412
357,379
67,101
895,719
,
Topeka
Inc. or
York
600.000
+3.6
—21.3
244,189.195
Lincoln..
;
+4.7
—2.7
—6.8
—0.5
377,370,602,
Wichita
Clearings at—
1918.
807,311
1,817,032
1,252,248
+ 18.8
4,201,708
2,813,916
10,060,000
181,667,739
Sioux
Dec.
+ 18.0
2,115,849'
1,972,522
4,352,981
2,800,000
8,392,000
375,653,595
Des
Week ending November 6.
Il919.
4,397,332
2,327,948.
—9.8
1,808,855
+9.4
3,200,000
—7.7
1,300,000
1,945,277 —32.9
+3.1
1,600,000
1,652,643. —11.4
—0.2
1,270,859
+21.8
1,425,408
,
4,828,688
4,685.723
3,500,000
3,690,943
1.844.535
1,380,976
3,129,503
2.139.536
0,135,000
1,407,772
1,800,000
1,100,000
1,067,942
1,372,713
1,157,000
945,394
1,053,612
'
Total Pacific-
St.
Friday night.
Nov. 6 show:
Detailed figures for the week ending
1920.
—11.6
—20.1
-13.6
»
all cases estimated, as we go to press
—0.5
—10.2
472,082,601
30,900,909
67,513,607
47,054,144
28,392,091
13,340,000
10,179,400
9,750,808
3,700,000
4,930,497
3,231,357
3,216.512
1,789,402
1,435.451
3,217,668
1,907,184
5,798,000
1,400,000
2,000,000
1,019,101
1,186,490
1,276,690
1,223,743
768,903
3,803,616
916,248
Kansas City
New
1917.
—
Long Beach
Santa Barbara.
All cities. 1 day...
+2.6
—4.2
4,401.277|
76,564,000
—
470,218,194.
53,615,218
78,628,702
85,476,087
27,315,436
13,939,000
10,949,700
9,789,649
-—6.3
5,236,210
7,359,528
1,000,000
i
Arbor
San
1920.
...
Mansfield
—-4.4
13,335,150,
4,702,095
5,897,855
3,943,399
5,188,812
1,631,681
Jacksonville, 111.,
CLEARING HOUSE RETURNS.
13.
—1.9
3.500,000
1,200,000
1,305,235
1,650,000
1,466,906
1,273.187
1,736.006
845,324
1,767.027
South Bend
Clearings—Returns by Telegraph.
105,000,000
30,405,519
16,986,000
14,227,900
Canton...:
Springfield, Ohio
York.
The following table, made up by telegraph. &c., indicates that the
Week ending November
...
Rockford
Bloomington
D. Riggs; Secretary, Herbert D. Seibert.
+ 0.7
2.764,142
Fort Wayne....
Lexington
Published every Saturday morning by WILLIAM B. DANA COMPANY, Presi¬
dent, Jacob Selbert Jr.; Vice-President, Arnold Q. Dana; Business Manager, William
Detroit
1918.
+ 12.6
13,633,300
13,274,284
Peoria—....
Youngstown
59,771,664
112,046.626
103,000,000
31,200,000
15,919,000
Milwaukee.—..
Dayton
623,805,711'
63.803,621
126,110,816
-
Quincy
"
COMPANY, Publishers,
Depeyster
596,127,366
—
Cincinnati
Evansville
Springfield, 111
Advertising—Per Inch Space
Transient matter per inch space (14 agate lines) for each insertion
Business Cards, twelve months (52 times) per inch
"
"
Front,
Dec.
%
Toledo
Subscription includes following Supplements—
Railway & Industrial (semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
Bank
1919.
Subscription—Payable in Advance
For One Year
tancaa
NO. 2890
Clearings at-
PUBLISHED WEEKLY
of
City Sectiosp
Week ending November 6.
2£lue ©tomcle
Terms
Railway Section
3,200,000
6,189,971
10,000,000
8,000,000
2,500,000
25,385,350
2,000,000
4,000,000
464,937
680,5 '5
4,615,476
11,084,758
37,613,633
3,804,741
604,424,352
'
8,233,173,419.9,603,144,670
Outside N. Y— 3,721,732,625 3,905,675,466
+ 20.8
—29.4
—31.1
—14.7
—9.3
—22.2
—34.8
+ 56.8
+ 0.9
—43.4
—40.1
—33.7
—44.7
—27.3
—8.6
—27.5
—56.9
+2.0
—11.8
—20.0
—19.8
+5.3
—10.9
—5.0
+49.1
—15.8
—14.9
—45.1
765.302
502,771
—31.1
624,456;
724,0411
+ 7.7
2,460,425j
+2.5
0,450,127i
25,659,163
—18.9
+4.3
3,000,000;
>
696,668
629,814
600,000
1,832.299
2,194,608
2,625,470
1,878,203
14.656.097
7,649,743
4,767,073
3.822,261
6,692,884
3,719,148
4,028,764
4,721,4J3
2,014.810
1,607,116
12.002.098
2,000,000
2,622,991
675,172
762,409
3,383,083
7,062,415
19,423,356
8,400,000
515.487,434| 498,601,972
6,523,079,148 5,824,192,853
L73.014.681
.SSO'g,646,88.3,746
flation
security markets have been utterly demoral¬
The
pronounced as the week moved on, yesterday
an
more
(Friday) being the worst of a whole series of bad
strength is impregnable, but what
Their
record.
past week, and the demoralization became
ized the
discount, or the very largest amount
of bills under
on
banks.
$3,126,594,000
everywhere except within the Reserve
Saturday they held no less than
Last
SITUATION.
THE FINANCIAL
[Vol. 111.
CHRONICLE
THE
1878
misery and trouble would have been
amount of
if with the
avoided
signing of the Armistice they
of notes. The
business on the
speculation supported by these notes could then
Exchange ever since the election of last week
never have occurred, and the corrective process now
Tuesday. There has evidently been forced liquida¬
tion on a tremendous scale.
The industrial shares nearing its end would never have been necessary.
stopped emitting further issues
had
days that have marked the course of
Stock
particularly weak—first one group, then
have been
for Nov. 1,
shows no im¬
upward movements at times in special stocks, such portant changes from the approximations of yield
made public a month earlier, and consequently indi¬
as
Southern Pacific, Northern Pacific and Great
cates harvests of all the leading products except
Northern, on favorable developments relating to
these particular properties.
The upturns in these wheat, appreciably greater than those of 1919. The
estimate of the yield of corn is decreased slightly,
have served to steady the market, and on more than
but production promises to be 3,199,126,000 bushels,
one occasion have prevented utter collapse.
There
Railroad stocks at
well, and there have even been sharp
first held up
is
telling what might have happened except for
of the railroad list.
Yesterday, how¬
no
the firmness
the avalanche of selling swept everything be¬
ever,
fore
it, and the railroad stocks plunged downward
along with the rest of the market, though the de¬
clines
were
not
quite
if the bottom had
as
At times it looked
heavy.
so
completely dropped out of the
There have been
are
issued
Monday of the current week,
on
which establishes
average)
as a
result of the favoring condition under
The rice crop also promises to be
which it matured.
well ahead of any
former year in the history of its
States, and oats and barley
culture in the United
Finally, the combined
well ahead of last year.
were
which in addition to the products al¬
ready mentioned includes wheat, rye and buckwheat,
The general causes
promises to exhibit a gain over a year ago of fully
obvious, but have been more potent perhaps as
They are
monetary stringency and the tumble in commodity
they have come more clearly into view.
and reacted upon each
acted
These have
high record, and the quality
developments to account
no new
extraordinary weakness.
values.
a new
grain is reported to be very good (better than
of the
cereal harvest,
market.
for the
report for the United States
The crop
another, and then still others.
300 million
bushels, and an even larger increase as
The outlook for white potatoes
1, holding out
compared with 1918.
is considered to be better than on Oct.
expectations of
a crop
only second to the high record
seriously undermined.
of
1917, while the sweet potato harvest is set down as
By availing of the apparently limitless resources of
of
unprecedented proportions.
the Federal Reserve
placed in the
other until confidence became
lation
built up
was
Prices,
banks,
after-the-war specu¬
an
which has no parallel in history.
and everything else moved up in seem¬
wages,
of
same
Tobacco, moreover, is
category, and a bountiful supply
It follows, there¬
apples and pears is indicated.
fore, that although the decrease in the wheat outturn
ingly endless procession. The Federal Reserve bank¬
is to be
ing system, if it had been scientifically constructed
for much satisfaction.
and
of the two years that have elapsed
orgy
since the conclusion of the Armistice.
fostered
has
and
the
encouraged
whole mercantile and financial
ing
credit to whoever
trolled
was
months ago and
a
saw
the
are
are
never
be in
such
regulatory
issues
paper money
beneficent creations
excessive
process
excessive
been
officials
delusion.
the
of
[But
gained too
Reserve
the
largely victims
over
more
that
they
can
sort of self-
a
guard against there
supply of these notes.
emitting
are
supply—that
exists within the Reserve Sys¬
tem itself which will
there
seventeen
or
putting out in the shape of Federal Reserve
notes
an
uncon¬
danger to which
The movement had
Besides
They hold the notion that the
they
to provide
bounteous horn of plenty.
leading about sixteen
then too late.
themselves
upon
sought to apply the brakes.
momentum.
were
the
community proceed¬
might apply for it and in
quantities out of
this delusion
was
movement,
depended
The Reserve authorities
much
Instead, it
the theory that we possessed a financial
upon
mechanism that could be
it
The official estimate of the average
administered, should have operated to prevent
the wild
and
ever
being
So they have
of the notes until
more
exceeded in the
while
they
Now the
raising interest rates and insisting
demands
be
must
price structure,
collapsed.
than
were
so
sharply
enormously inflated, has
Yet the credit demands
before, with the result that
curtailed.
,
are more
now
urgent
there is de¬
area
to be harvested this indicates
aggregate product of 3,199,136,000 bushels, or
an
281,676,000 bushels more than in 1919, some 617 mil¬
lions
greater than in 1918, and 74,380,000 bushels in
excess
given
of the
89.6,
as
1917.
This
average
of old
corn
for the
naturally
assures a
much greater than
remaining
on
farms Nov. 1
are
as
142,211,000 bushels, or 4.9% of the 1919
yield
on
hand
preceding five
a year ago,
years
Combining with this latest
estimates for
rye,
announced
summary
of the
crops:
Estimated
1920.
High
1917.
Records.
Bus.
Bus.
Bus.
732
565
413
218
wheat
1919.
Bus.
1918.
Bus.
533
(000,000a omitted.)
356
2,502
1,538
256
91
224
5,308
Corn
3,199
Oats
1,444
191
78
209
2,917
1,248
166
88
5,663
5,360
Spring wheat
Barley
Rye
Total business
Of these five crops,
an
2.8%
or
an average
approximation the
have the following
leading grain
and
of 82,618,000 bushels.
corn
wheat, oats, barley and
month ago, we
is for
estimated
compared with 69,835,000 bushels,
of the 1918
five
a year
greater than at the same time last year, be¬
ing stated
crop, as
a
Quality is
moderately above the 89.1 of
proportion of merchantable corn. The stocks
much
as
standing record of 1912.
or
and contrasting with 85.6 in 1918 and 75.2 in
ago,
Winter
that credit
corn
record, and nearly equaled but once
On the
—in 1872.
Production—
even
yield of
is about 30.9 bushels, a figure never before
per acre
now
3 1-3 billions of them, in circulation.
They allowed the volume of notes to expand
regretted, the general crop situation is cause
3,065
1,593
212
63
5,570
732 (1919)
356 (1918)
3,125 (1912)
1,593 (1917)
256 (1918)
91 (1918)
6,153
therefore, the indicated yield
aggregate of 303 million bushels greater
Nov. 13 1920.]
than in
THE
CHRONICLE
1919, and 490 million bushels under the
com¬
posite high record total.
in Canada for the
factory situation.
64x64 28-inch
the decided
The most recent estimates of
crops
year
yield of the cereal
also reveal
satis¬
a very
The production of wheat at ap¬
proximately 293 1-3 million bushels, while not
high
a
tives'
as
increase
ley and
grains,
over a
In
oats, too, there is
also indicated.
moreover,
for
crease
year
The quality of the
is reported better than
The wheat situation in
son
and moderate gains in bar¬
year ago,
rye are
heavy
a very
a year ago.
India, likewise, furnishes
satisfaction, latest reports indicating
in
yield of fully one-third
as
Furthermore, larger
ago.
rea¬
in¬
an
compared with
by
crops
expected from such important countries in the
are
Southern
Hemisphere
South Africa.
the United
as
Argentina, Australia and
With such the situation outside
States, there should be
of
dearth of wheat
no
to. relieve any shortage of supplies in Europe.
a
year
1920, covering
distribution to stockholers much the heaviest in the
history of the industry, is apt to foster
impression
a
as
to current conditions.
known fact that
during 1919 and the first half of
1920 the demand for cotton
goods
despite the high cost of the
raw
scale that had been much
manufacturers
years,
production
on a
more
a wage
than doubled in four
enabled
were
urgent that
was so
material and
to
dispose
basis of prices that afforded
gin of profit greater than
This situation
an erroneous
It is, of course,
of
a mar¬
before obtainable.
ever
clearly and truthfully reflected
was
in the dividend disbursements for the first and
comes
is, consequently, merely
question
up
%■
already in effect in parts of New
with reductions
matter of conjecture. But
■ \
a
England and elsewhere it would not
to be the
seem
part of wisdom for the Fall River operatives to main¬
tain
too stubborn attitude.
a
The
of the market for
course
ing the
ation
year
and
seems
to
fqrnish irrefutable
modification of the wage scale.
cember
ard
the
printing cloths dur¬
indicates most clearly the changed situ¬
for
reason
At the close of De¬
1919, the quotation stood at 14.50c for stand¬
(64x64 28-inch) printing cloths, and from that
upward with practically no check until
reached
was
highest point
downward
on
ever
April 12th, this having been
reached.
The market turned
early in May, however, and at
since has the decline been arrested.
price
was
no
time
By Aug. 7 the
down to 13.50c; by Sept. 16 to 11c; by Oct.
5 to
9.50c., and by Nov. 11 to 7c., and this, the ruling
quotation now, is the lowest point reached since
Sept. 1917, only excepting
short period early in
a
1919 when the cancellation of
as
a
depressing influence.
cline in
in the
22
war
orders, etc., acted
Concurrent with the de¬
printing cloths there has been
decided drop
a
price of cotton, but in lesser degree.
On July
1920, middling uplands stood at 43.75c in the New
York
market, the highest level since March 2 1866.
sec¬
Now is
quoted at 19.40c. As to the present outlook
in Fall
River, it is to be said that the low prices for
tablished
high records in the return to share¬
new
holders.
Before the third
quarter had far advanced,
goods have not stimulated demand.
it has
curtailment of
and, furthermore, prices began to
Consequent¬
ported
rate of distribution
tion of
a
decrease in the
would have been
average
occasion for
no
would have been in line with
surplus
accounts
amount
largely
surprise; in fact,
expectations.
swelled,
the
paid out in the third quarter
million dollars
But with
aggregate
was
over
a
on
the capital invested, and
a
production, the outturn
goods made it desirable
re¬
there has been
as
was
depleted
by the opportunities offered in occupations associat¬
ed with the
As
war.
regards the dividends declared in 1920, analysis
of the statement for the fourth
quarter of the
dicates that the shareholders in every
most all full years
cluded in the
It remains, there¬
being
Full opera¬
machinery, however, would not be possible if
greater total than had accrued to stockholders in al¬
prior to 1917.
now
less than half the full normal.
shortage of operatives since the force
greated than in the period ended June
30—nearly 10%%
as
demand for
a
On the contrary,
steadily declined and there has been further
however, the demand for goods began to contract
ease.
year
in¬
corporation in¬
compilation have shared
or
will share
fore, for the dividend declarations for the final
quar¬
in
ter of the year, now
lucid
amount involved is
$1,520,725
invested.
thirty-seven corporations report¬
indication
But
even
and the
of
the
available, to furnish
a more
changed situation at Fall River.
the reduced average
of
a
little under 4%%
aggregate distribution for the period of $1,-
520,725 is doubtless greater than warranted by
rent
cur¬
earnings, accumulated funds having again been
drawn upon.
quiet and margins for profit greatly
reduced, the manufacturers
embarrassing situation.
for
now
face
is close at hand.
are
now
The
going
month, and between
concluded.
reduction
now
and then
wage agreement
a new one must
high
wage
a
be
conjecture that the
expect that there should be
58.19c for weaving
difficult and
distribution
Of the
ing, however, all but six
bution
than in
and
are
the third
or
that
the
aggregate
4.44%
on
the capital
making
a
quarter.
smaller distri¬
For the twelve
months of 1920 the stockholders in the
establishments
with
or
or
29.45%
$4,833,010
or
thirty-seven
benefiting to the extent of $10,-
are
on
the capital, this comparing
14.55%
a year ago,
and $6,048,286
18.27% in 1918, the previous high record.
smallest return for
a
twelve-month
period
The
was
in
1898—2.41%.
expires with the end of the
in the present
based upon
latest
agreement under which opera¬
on
It is not difficult to
manufacturers will
a
In other words, the time
concluding the regular six month
tions
the
084,048,
With business
some
scale which is
cut of 47% yards of
-
What the
outcome will be when the
wage
quarters of 1920 which, in the order named, es¬
ond
ly,
Confer-; j
representatives of the manuf actual
voted to discussion of trade conditions.
17.50c
ufacturing Corporations for the
reduc¬
employees have already been held, but,
prior agreement, they have thus far been de¬
level moved
The dividend record of the Fall River Cotton Man¬
opera¬
any
and the
per
a
25%
over
(the
will be strenuously resisted.
ehces between the
ers
of the Dominion*
But notwithstanding
organization) have announced that
tion in wages
record, is fully 100 million bushels greater than that
els
printing cloths.
change in conditions, it is reported that
officials of the Fall River Textile Council
for 1919
and, it is stated, will leave 100 million bush¬
available for export after providing for the needs
1879
One of the unsettled matters of the
is the
application of the telephone
mission to increase rates,
expended
upon
season
for
per¬
and the application natu¬
rally meets protests and objections.
be
present
company
No words need
the proposition that any increase
is unpleasant to customers,
for this is in human na-
[Vol. 111.
CHKONICLE
THE
.1880
less and the sell¬ to 25% granted. There is some opposition, natural¬
er always wants to get more, so that all the pricely, one householder demanding to be told what right
regulation and profiteer-chasing which we have had the company has to ask an increase when the retail
could have been avoided (assuming that statute has price of sugar has already dropped one-half, while
the potency which many persons appear to ascribe to others complain of deficiencies in the service and
ture; the buyer always wants to pay
it) by
simple three-line enactment that the seller
a
shall
name
the
shall
name
it when he buys.
price when he sells and the consumer
In the lack of such
we
everybody will admit that the telephone
suppose
formerly
statutory climax, we must
a
As to the latter,
allege the futility of complaints.
get on as we can, and it can be admitted that in¬
business
creased
nearest to ideal efficiency of all the
came
varieties of
public service; it was a part of every
for
of
cost
telephone service, as of anything
else, is not pleasant. The only real question is wheth¬
er an
ed
increase is
just and
at the very
The company uses
method of
have been
be avoid¬
can
Upon this we must
least patiently hear and fairly weigh the
presented by the
case as
and
necessary
only at the expense of service.
the wholly fair and creditable
advertisements so prom¬
newspaper
regular city directory, which few ever see and can
be found in
had its
only
a
service,
all
as
that calls
that if he is
from
ing
on
getting only $225 net revenue annually
property appraised at $12,300 he is "not do¬
a
well," for his return is less than two cents
very
the
Under
dollar, and
almost
on
such
he would find it
a revenue
business,
impossible to increase his
even
as
and
scarce
advance any
would
The
turns.
in this
and
costly at present, and few investors
after viewing such
meagre re¬
company's physical property
now
in use
city has cost 123 millions to build, it says,
the basis of its
on
months its net
millions at
revenue
the
about
present rates, which is under two
few weeks
ago,
the
company
July and August it did not
creased
its
receipts
gross
per
earn
set forth
expenses
increased $1.07
per
station, and
deficit of $74,710 in August 1920.
changed to
a
cost of the
physical property devoted to public use,
creased
of
of
materials
and
The
supplies, had been in¬
17y2 millions during the year; the number
employees had increased 7,500 and the
had been raised.
operators and
statement
a
Yet the company
large number
seems
to be
are
wages
of all
is "short" 450
inexperienced; this
supported by the observed fact
that the company
has been frequently advertising for
operators of late.
On the side of prospective and pres¬
ent need of increased
new or
enlarged buildings for the pur¬
pose.
Let
service, the
company says
while
to be assumed that
adequate and improved service
would be chosen rather than
lesser evil
this
increased rates
the
on
i-
There
was
little
or
The condition of
the securities market is patent to
vestors have had
terest
a
taste of
everybody.
In¬
extraordinarily high in¬
rates, by which their appetities
have been
regarding
was a
any
great amount
regarding the League of Nations, and the
probable action of the forthcoming session of the
American
4th
Congress, and
more
particularly of the
Republican Administration,
new
There
next.
cable
advices
regarded
was
which
"first
as
tention and
very
following March
little in the European
American
newspaper
matter."
page
prominence
were
editors
Considerable at¬
given, however, to
a
speech by Premier Lloyd George at the annual ban¬
quet of the Lord Mayor of London,
ning.
Already
a
good
of
expenditure in 1920 is needed, with
action
Naturally there
published in American
in the next two years.
degree to this case.
i
Europe of political affairs, but
870,000 telephones in the Greater City,
more
some
■
definite official
no
single matter.
talk
■
large amount of informal and unof¬
a
ficial discussion in
83,000 applications pending; that equip¬
even
railways and have silenced
objection to them apply in
of
private life in all
by taking its stand with the company in
are
exist, and
declin¬
matter, and the same conditions which required
are
now
or a
The Merchants' Association has chosen the
there
that 26 millions
stationary
a
ing service in what has become a factor interwoven
there
ment to meet this demand does not
If the increase
try to be sensible and just.
us
requested is necessary, we must acquiesce, for it is
"station" having in-
,the net earnings of $719,916 in August of last year
exclusive
dozen
its operating
only 10 cents in August over that month in
1919, while
switchboard posi¬
city alone, and it now advertises pictures of
a
hours.
public hearing before the Public Service
expenses,
more
into business in business hours and
2%
At the
that in
But 552
needed, requiring an outlay of 33 millions
are
in this
quickly
again before the close of 1921 if the plans
be carried out.
tions
as
eight months ago, and the service should
earnings in the first eight
dollar. It leaves the reader to see the point.
a
answered three times
are now
were
be normal
It must have
and it promises recovery, saying
for 1920 will be about
cents per
Commission,
they
can
though the public needed that he should; new money
is
it for a time,
should remember.
users
simple brief and straightforward that nobody can
Ours," it tells the reader
all, and the deadening
increasing its burdens and seriously impairing its
time for recovery,
reasonably be excused from reading them.
us
hand of the Government also fell upon
inent that nobody can escape seeing them and so
the head "Your Income and
The company has also
few places.
troubles, being obliged to take its share of the
rise in costs which has hit
company.
addressing the public which the railways
using;
place and every residence, or so nearly that
discovering addresses ^he telephone directory,
which could be readily found, was about equal to the
that
are
in
view
of
the
things throughout the world that
wrong,
Tuesday
eve¬
the keynote
coming
and broad vision to
assertion,
on
editorials have been
newspapers on
speech—"Things
takes courage
this
many
see
right."
almost
appear
It
and believe
countless
to be going
and which show little probability of "coming
right" for
some
time to
come.
Among the topics, representing
some
of the lead¬
whetted, and it is hopeless to expect to borrow at
ing world questions that the British Premier dis¬
present except
cussed,
on severe
conditions.
Declaring that continuance of the present rates
would
and
mean
an
the company
which
a
return of less than
estimated deficit of
was
over a
2% for this
year
million next year,
asks discontinuance of the 8% discount
made
a
year ago,
and
an
increase of 20%
or
touched upon,
were
reparations from the
Germans, Bolshevism and the Irish situation. With
respect to reparations he made the following state¬
ment, which
was
regarded by his hearers
cant," according to
New York
a
"Times":
as
"signifi¬
London correspondent of the
"The Allies
are
seeking the
Nov. 13
best financial advice upon
mans
doing the
are
countries the
this problem.
The Ger¬
and if in all the Allied
same,
people listen to the counsel of those
whose sole purpose
is to restore the devastated re¬
of President Wilson
work
both of whom
our
faith in
Article X.
have
nations
no
doubt at all that peace
will be found along
paths of good understanding."
The "Times"
correspondent said that "this was received with loud
cheers,
echo of which presumably will be heard
an
in Paris."
In his discussion of
is such
Cecil,
But I think
already demonstrated that we have
the
practicality of such
thoroughly
thing as
a
it is wrong to make
agree
promise to do something they can't perform.
Frankly, that
the
was
when the 'Territorial In¬
case
tegrity' of certain members like Poland, was not
only threatened, but actually smashed, as it was last
year."
that "it is
.
I
Lord Robert
and
admirable dreamers.
are
actions have
little
gions, and not to repair devastated reputations, I
the
1881
CHRONICLE
THE
1920.]
Bolshevism, the speaker said
passing phase that cannot survive.
a
impossible creed, it is such
an
a
It
ludicrous
The Paris
cabled
a
correspondent of the New York "Times"
long synopsis of
an
article
on
the forthcom¬
creed, it is such a crazy creed, it cannot survive; but
ing Assembly of the League of Nations in Geneva,
I tell you
what
which he said
will pass
away.
anarchy it
may
may
survive—anarchy.
Bolshevism
If Russia falls into the hands of
be
generation before it is redeemed.
a
and "as
regarded as at least semi-official,
was
presenting clearly the thesis of the French
Government that the best way
to solve the problem
of America's absence is to
alter
tering thing which will poison the atmosphere of
whatever way
to obtain American ad¬
the world."
hesion."
It is
dead loss to
a
Taking
that
we
I
by the throat.
any
it is
say
of
that France considers it
means
to preserve
also that "this
extremely important
the form of the League rather than to
men
who
substitute for it any
If it is
war.
we
But until this
war.
necessary
correspondent said
in
have
war
words, France would be willing to make the cove¬
These
rate, cannot complain if
of the rules
is
The
covenant
the
we
mistaken, by the steps
am
have murder
indulge in these murders
they, at
fes¬
a
conditions in Ireland, the Premier said
up
"unless
taken
It is worse—it is
Europe.
apply some
conspiracy is
other association.
nant into what America would have
by-laws of
suppressed there is no hope of real peace or con¬
at the
ciliation in Ireland, and everyone
as
In other
to rules and
American-proposed association, yet
any
time
form."
conciliation
on
fair terms—fair to
in Ireland
is
long
as
peace
and
Ireland, yes, but
He added that "there is
fair to Great Britain."
man
desires
as
no
this terrorist conspiracy
With
dominant, who dares talk conciliation."
same
The Paris
preserving the League's technical
correspondent of the New York "Eve¬
ning Post," commenting
dent-elect
the attitude of Presi¬
upon
Harding toward the League,
as
it had been
reported in European newspapers, said:
"In the
respect to the industrial situation in Great Britain,
opinion of the forty-one nations who will respond to
the Premier admitted
the first roll
that
there
signs, but added that "there is
an
industrial
have made it
of the
direct
country."
an
He
attack
on
said to
was
plain that "he had held the balance be¬
tween the extremists
ed
desire to exploit
no
quarrel in order to make
institutions
the
disquieting
are
action
on
and
both
those
sides, those who want¬
who
wanted
smash
to
trade unionists."
call, the thing in existence is only
in which the whole world may
and
keep peace.
are
not
volition
own
participate to bring
They do not consider it dead. They
going to kill it at the dictation of
member State.
They
nor
any non-
not going to kill it of their
are
neglect,
It has not failed
fails.
an
at the disposal of the whole world, and
agency now
abandon it unless it
nor
The League function¬
yet.
ing only through the Council, and before the As¬
London
The
correspondent
of
"Herald" cabled that he had been
that Premier
to the
the
New
York
reliably informed
Lloyd George had decided not to
go
meeting of the Assembly of the League of Na¬
tions, which is scheduled to
open
in Geneva next
Monday, Nov. 15, "unless something develops that is
important than
more
admitting that the
been
now seems
reason
probable."
While
for this decision had not
given explicitly, the correspondent said that
"the
consensus
is that it
was
dictated
by the mani¬
fest
impossibility of proceeding with the reform of
the
League of Nations before some definite informa¬
tion is obtained
regarding the policy of the incom¬
ing Administration
spondent went
so
in
far
Washington."
The
corre¬
to say that "it is possible
as
sembly has acted at all, has already checked two
which is
wars,
Premiers'
lied
a
better record than that of the Al¬
Council."
The
Washington
spondent of the New York "Tribune," in
to his paper
a
corre¬
dispatch
from that centre, said that similar in¬
formation had been received there from London and
Paris.
He added that it
was
being sent "semi-offi-
cially to leaders of the Republican party here [Wash¬
ington], in New York and elsewhere."
The Paris
correspondent of the New York "Times"
cabled about
ried
to-day
for the
open
a
a
week ago that "the French press car¬
prominent article
on
the preparations
meeting of the League Assembly, which will
at Geneva on November 15."
"an ambitious program
He added that
has been arranged, and it is
to reiterate from the same authoritative source that
predicted in French official circles that the Geneva
Great Britain is ready to accept
meeting will last from six to ten weeks."
amendment to the
almost
any
kind of
League of Nations, but that she is
unwilling that the League be destroyed without the
put the League on a working basis."
hope of constituting a substitute organization which
the business of the
will
assure
wars."
sition,"
A
international
man
was
co-operation
said to be of
to
prevent
"responsible public
quoted as follows by the "Herald"
po¬
corre¬
spondent, regarding the attitude of Great Britain
toward
the
toward
Article
League
X:
with America about
ways
of
Nations
"Of
course
names
and
and
we
particularly
won't
terms;
we
recognized that the present covenant
quarrel
have al¬
was
the
He de¬
clared also that "an earnest effort is to be made to
der
twenty-nine divisions.
number and
are
a
They embrace
un¬
large
directly with better
conditions, economic and financial organiza¬
tion, plans for the establishment
Court
a
wide variety of topics, among which
several which have to do
health
It seems that
Assembly has been classified
of
International
matesfor the 1921
Justice,
of
a
Permanent
provisional
esti-
budget, the future method of
ap¬
portionment of expenses of the League, admission of
same
the reduction of armament.
have been
Associated Press dispatch from Ge¬
an
Thursday morning the first information was
neva
received here regarding still more
the final
as
specific plans and
As early
preparations for the Assembly.
Wednesday it
stated that "the Secretariat of
was
the League, 300 strong, is occupying the largest hotel
for its offices."
the
to
It
was
Assembly of the League, on November 15,
their secretaries and
ber
a
added that the delegations
advisers,
thousand more,
expected to
are
num¬
taxing to the utmost the ac¬
destroyed by fire and other means, a con¬
siderable number of
still
instructed to
intimated
Bantry, Ireland, advanced upon Irish
near
seized
In
a
special cablegram from Paris yesterday morning to
the New York
"Herald,"
synopsis
a
given of
was
France's share of the League of Nation's expenses.
It
claimed
was
francs for the
it
that
coming
will
amount
3,500,000
year
For the
year.
to
just clos¬
ing it is estimated that France's share will be 2,240,Attention is called to the fact that Sir
700 francs.
Eric Drummond,
gets
a
Secretary-General of the League,
salary of £10,000.
two under secretaries
gations
League.
are
to be
£4,000 each, and
by the League Council.
correspondent said also that
important subject coming up, according to
the program as
the
Dele¬
so on.
it
stands, is an amendment to
In another Associated Press
now
League Covenant."
Premier
mer
Asquith, in
includ¬
ammunition,
of
a
For¬
speech at Cardiff, ap¬
pealed for "a truce in what has become the worst
form of civil war,
be
during which an agreement could
sought along lines of his recent proposals that
Ireland should be
ion."
given the full status of a Domin¬
The London correspondent
"Times"
of the New York
quoted several other prominent men and
to show that there was a strong feeling
newspapers
against the policy of the British Government with
respect to Ireland.
7
'■
7.
The advices
Final preparations for the Assembly
made tomorrow
The Associated Press
"the first
his assistants £5,000,
in the Killarney mountains and
quantities
"large
ing explosives, bombs, rifles and shotguns."
expected from 41 of the 45 members of
are
the
a year,
Accord¬
cablegram from London on Monday, British
a
troops
was
by Premier Lloyd George in his speech at
financial
subjects for consideration.
This
banquet of the Lord Mayor of London.
ing to
when
measures
severe
use
to check the trouble.
necessary
Volunteer troops
of the most vital
Belfast, Dublin and Lon¬
The British military forces evidently
donderry.
have been
the
Most of the trouble
larger number wounded.
commodations of this small city." No wonder a large
budget for 1921 is on the program as one
people have been killed and a
has occurred in and about
deemed
Buildings
from week to week.
in character
States not named in the annex of the Covenant and
Through
[Vol. 111.
CHRONICLE
THE
1883
eral Baron
In
•
regarding the actual status of Gen¬
Wrangel, commander of the anti-Bolshe¬
vik forces in South
ing.
*
Russia, have continued conflict-
cablegram from Constantinople early
one
in the week it was asserted that "Russian-Bolshevik
forces
making determined
are
efforts
to
crash
dispatch from Geneva, yesterday morning, the as¬
through General Baron Wrangel's lines
sertion
kop Isthmus, leading northward from Crimea to the
made that "Lord Robert
was
the chief authors of the
Cecil,
one
League of Nations
of
Cove¬
nant, who is coming to the Assembly as a delegate
from
South
Africa, will support the proposed im¬
mediate admission to the League of former enemy
States."
the
According to the information gathered by
correspondent, "Italy, Switzerland, the Scandi¬
navian States and
tions
are
some
of the South American
favorable to such
hand, he said
that
a
"France,
plan."
na¬
On the other
Belgium,
mainland of
Russia, and
to the eastward with
a
are
that
tial
was
his position
France
not in
was
massing forces further
Tchongar."
It
grave.
was
stated that
position to render him substan¬
assistance, particularly with respect to food
supplies.
The
Rumania,
A few
said to have received advices
wras
a
the Pere-
view to taking the long tongue
of land known as the Isthmus of
days later Paris
on
r
dispatches regarding conditions in those
sec¬
Jugo-Slavia and Czecho-Slovakia will resist the ad¬
tions of Russia
mission
the most direct and effective control have not been
are
of
Germany and Hungary, although they
not unfavorable to Austria and
Associated Press
it
was
Bulgaria." In
an
dispatch from Paris last evening
said that the statement was made at the For¬
encouraging.
American
ably
alry raid
the
League
of
the
admission
Nations
at
patch from Vienna stated
newspapers
of
this
that
Germany
time.
A
to
dis¬
"according to the
here, Austria has made application for
London
in
South
on
Salkovo Station."
an
Sebastopol, is
a
at the time of his capture.
Kovno for
a
gone
to
session, "and that the first question to
be considered will be the
crossing of important de¬
that
Russia, and two
Bolshevist
a
cav¬
Captain Kilpatrick,
Stephen
Vanear, of Albany, and James D. Heddinger, of
Baltimore,
League of Nations Commission has
instance,
Associated Press cablegram from
gram
that the
Trotzky have
native of Uniontown, Pa.
admission to the
League of Nations." In a cable¬
from Warsaw the annpuncement was made
for
heard,
brutally killed during
according to
A
Cross
Red
nurses were
to
which Lenine and
"Captain Emmett Kilpatrick, representative of the
eign Office that "the French Government is unalter¬
opposed
over
were
said to have been with Kilpatrick
The three
occupied in "distributing relief supplies
sian civilians.
Kilpatrick
was
men
were
among
Rus¬
Vanear and Heddinger escaped, but
captured."
Rotterdam sent word
tachments of Germans from East Prussia into Li¬
that evidence had been received there
thuania."
"determined efforts are being made by agents of the
Russian Bolshevik Government to send missionaries
Ireland does not show definite
down.
continue to
appear
and the
signs of settling
Reports of political and religious outbreaks
come
hand.
to
The
principal clashes
to have been between Sinn Fein Volunteers
police and military forces.
Some of these
and
ed
agitators to the United States."
that .the
country
w
scheme calls
for
indicating that
It
was
report¬
the flooding of
this
ith 25,000 of such undesirable individuals.
Constantinople received reports that "Armenia is
passing under Bolshevist control."
Later dispatches
outbreaks and encounters have been characterized in
received in Paris indicated that General Wrangel
European advices
was
worth while to go
dents.
In
a
as
"sensational."
It is hardly
into the details of individual inci¬
general
way
they have been much the
holding his ground
very
well.
Bolshevist authorities sent out
On Thursday the
a
statement
from
Moscow, in which they claimed that "we have broken
Nov. 13
the
1920.]
THE
enemy's firm resistance and occupied his forti¬
fied
positions
A dispatch from Se-
Perekop."
near
1883
CHRONICLE
The Istrian frontier practically
the
Jugo-Slavs.
bastopol yesterday morning stated that "the Bolshe-
territorial
viki
ian suzerainty.
are
attacking
force
strong
drive into
latest
both
on
the
Wrangel's
General
in
troops
wings in their attempt to
Peninsula.
Crimean
According to
advices, Wrangel's forces are slowly falling
The latest advices received in Paris yester¬
back."
and Unie
decided in favor of
(2) Fiume to be independent, with
(3) Zara under Ital¬
contiguity to Italy.
(4) The islands of Cherso, Lussin
Premier Giolitti was
granted to Italy.1
expected to sign the agreement on behalf of Italy
Thursday.
on
According to
dispatch from Santa
a
Margherita, Italy, yesterday morning, the ftalian
day indicated that General Wrangel had withdrawn
and
to his second line of
Thursday to discuss the treaty, but
doubt of his
that there
and
defense,
was
Jugo-Slav delegates
it had not been
ability to hold it.
yesterday it
In
it
"Associated Press"
an
claimed that
was
have
signed
dertake to
cablegram from Paris
"France, Great Britain and Italy
tripartite agreement, in which they
a
in which
areas
France and
Italy
The limits of the
ceived
ment
respective special interests of
defined by the
According to the information re¬
recognized
are
document."
same
the
the
are
by the Associated Press in Paris this agree¬
signed "at Sevres on August 10, the day
was
public ceremonial of the signing of the Peace
It was pointed out
Treaty with Turkey took place."
that
"although the agreement is not considered a
secret one,
it nevertheless has
lic until now, after a
since the
lapse of nearly three months
terms the document
own
to
was
come
and
Peace
Treaty should go into effect." He noted also
an uncertainty."
In outlining
published at the time the Turkish
that "this date is still
the document the
said that
was
cablegram from Borne
a
dispatch had been
re¬
ceived there from Santa Margherita that the agree¬
ment would be
F
signed during the afternoon.
Dispatches from Vienna yesterday morning told
of the election
many years
of Dr. Bichard
Weisskirchner, for
as
first President of
Assembly,
He succeeds Dr.
Mayor of that city,
the Austrian National
Karl Seitz, who had served since March of last year.
Herr
was
Eldersch, representing the Social Democrats,
President, and Dr. F. Dinghofer,
chosen Second
representing
President.
the
Greater
German
Special mention
was
Third
Party,
made of the fact
that "for the first time since the pre-war monarchial
days high
preceded the
mass
opening
of
the
ses¬
sion."
into
force
be
to that time
a
|
The correspondent added that
signing."
"under its
been made pub¬
never
up
In
un¬
support each other in maintaining their
'spheres of influence' in Turkey.
signed.
held two sessions there
correspondent said that "while the
agreement does not take the form of
an
alliance, it
According to
The
of
a
Associated Press cablegram from
an
Hague, Holland is considering the advisability
becoming
remote
Republic, though apparently only as
A special commission ap¬
a
contingency.
pointed to revise the constitution appears to have
made
recommendations, which, if adopted, would
re¬
nevertheless pledges the contracting Powers to ren¬
sult in such
der
ment.
The commission is
several
changes in the constitution and to have ob¬
diplomatic support to each other in maintaining
their
respective positions in the
special interests
the
reason
forth
as
for
areas
In the preamble
recognized."
are
in which their
entering into the agreement is set
"being anxious to help Turkey develop her
resources
to avoid
and
the international
which have obstructed these
rivalries
objects in the past, and
a
served that "
but
only
so
character.
radical
a
change in the form of Govern¬
monarchy is
long
ants of the
a
blessing to
a
country,
it remains truly national in
as
Consequently
damental law
reported to have advised
by which
sovereign
any
provision in the fun¬
other than descend¬
persons
now
reigning might be called
being desirous to meet the requests of the Turkish
to the throne should be annuled."
Government that it receive necessary
proposed to the Parliament the reduction of Hol¬
the
assistance in
reorganization of justice, the finances, in the
land's
standing
The Government
by nearly one-half.
army
It wat
protection of religious and linguistic minorities, and
stated that "it is believed to be certain that the
the
lative branch will
economic
development of the country."
In
a
dispatch to
a
nople it
claimed that "the Turkish Government
was
Paris
has addressed
a
declared
the
that
news
note to the
was
said that
Treaty by Turkey."
Armenian official
an
In
commu¬
nique, under date of Nov. 7, had been issued,
nouncing the signature of
an
Turks.
terms,
According to
the
an¬
armistice with the
"the Armenian
Early in the week cablegrams were received from
Paris in which it
to
ferences of
and
for
railway station of Alexandropol and environs
a
radius of ten kilometers."
"the Turks
It
was
added that
guarantee the maintenance of order and
the individual
safety of the inhabitants of Alexan¬
dropol."
Commission
London
Italy
on
been
settled.
"Times"
received
a
dispatch from
Wednesday that the Adriatic question had
The
following
were
said to be the
principal features of the terms of settlement:
(1)
of
or
German
have been "settled
that
by the terms
were
The dif¬
characterized
by
as
to whether the
reparations,"
by
Repara¬
Allied Premiers shall fix the
a
was
compromise."
declared tc
It
was
said
0|f the agreement the Reparations
Commission will "fix the amount and the Premiers
will look it
ment
was
The
agreement with respect
"the dispute between the British
as
and French Governments
Earl
•
opinion, which
correspondents
amount
peace
asserted that Great Britain
indemnity to be received from Germany.
Arpachai, and during the continuance of the
to occupy the fortress
was
and France had reached
anj
troops are to withdraw from the west bank of the
are
from
400,000 to 260,000 men."
tions
negotiations the Turks
legis¬
point¬
Powers, in which it is
cablegram from Constantinople yesterday morn¬
ing it
was
ed out that "the scheme would reduce the army
present time is inopportune for
the ratification of the Peace
a
from Constanti¬
agency
adopt the proposal." It
was
over
before it becomes final."
delivered to the French
The agree¬
Foreign Office by
Derby, British Ambassador to France, and it
stated
that
it
would
be
carefully considered
promptly by the French Premier, Georges Leygues,
and his associates in the Government.
conference between the Earl of
Following
s
Derby and Premier
Leygues announcement was made at the French For-
[Vol. 111.
CHRONICLE
THE
1884
of repayments.
The volume
#ign Office that "all the details of the prograni for
sales, but still in
fixing German reparations had been settled."
outstanding, therefore, continues to expand and is
Washington has been advised that Jules Jusserand, the French Ambassador to the United States,
who returned home several months ago on a
leave of
is expected to return to Washington on
absence,
Nov. 24.
excess
£1,088,884,000,
now
Sales of Treasury bonds were
£3,250,000 to £244,614,000 and the
session
Thursday evening's
of
British
the
passed
its third reading, "after
on
jection of the
183 to 52."
It
noted in
was
vices that "the
a
fundamental
That the
be
The following are
principles of the bill:
brought administratively under
made
The final
"First—
people of the six Ulster counties shall not
liament in Ireland.
be any
note¬
small and rather listless gath¬
ering of members of the House."
the
any
rather tame debate.
a
reached in
was
yesterday morning's ad¬
passed without
measure
worthy incident in
stage
proposed by William C. Ad-
measure
the Opposition leader, had been defeated by
amson,
an
with
A
outside Par¬
Second—That there shall not
£1,333,498,000, in con¬
now
£1,325,993,000 the week previous and
£1,307,677,000
was
motion for re¬
a
floating debt is
trast
At
Temporary advances
£140,000.
£170,000, against
also increased
total
House of Commons the Irish Home Rule Bill
compared with £1,084,629,-
as
000 the week before.
a year ago.
dispatch from London
for
amount
states
the
of
repayment
that the total
American loan is
£59,229,000, which compares with £50,830,000 the
arranged.
amount estimated at the time the loan was
As
already explained the difference is due to the fall
in
exchange rates.
The floating debt is approxi¬
mately £21,000,000 larger than at the beginning of
the financial year
is looked
in April, and
an
additional increase
for, since the £50,000,000 war loan interest
will fall due
Dec.
on
There will probably be a
1.
decline, however, it is stated, in the March quarter,
since
revenues are
year.
usually largest at that time of the
.
weakening of the reservation which had been
by the Government for the
of safe¬
purpose
No
change has been noted in official discount rates
guarding the vital interests of the United King¬
at
dom."
Vienna
■
leading European centres
from 5% in Berlin,
Switzerland; 5 3^% in Belgium; 6% in
and
Paris, Rome and Madrid; 7% in London, Sweden
The
monthly statements of the British Board of
Trade, showing the exports and imports of the United
Kingdom,
are
being watched with
interest in the United
The
States,
as
as
Bank of Bombay
in Europe.
figures for October disclose imports of £149,of
decrease
£112,290,000,
British exports totaled
£3,606,162.
increase of £33,229,108
an
corresponding month of last
the
over
Counting the
year.
re¬
exports there was an expansion in the total value of
the
goods sent out of the United Kingdom of £29,-
The
717,253.
of imports for October
excess
against
£21,460,000
£54,783,415
last
was
It is
year.
A dispatch
Bombay under date of Nov. 6 stated that the
from
880,000 against £153,486,162 for October of last year,
a
Norway, and 43^% in Holland.
from
than usual
more
well
and
had increased its rate of discount'
The previous rate was established
5% to 6%.
A cablegram from Calcutta under
date announced that the Bank of Bengal
July 29 last.
on
the
same
taken similar
has
discount
rate has
action, having raised its rate of
In London the private bank
1% to 6%.
again been advanced fractionally, being now
quoted at 6%@6 13-16% for sixty and ninety-day
bills, against 6^@6 11-16% last week.
in London is likewise
in
Call
money
higher, and is reported at 5J^%,
So
comparison with 4%% the preceding week.
be
quite probable that labor conditions tended to reduce
far
the
exports
by cable of
give
reports have been received
a summary
ber and
considerably.
The
following
figures
of the imports and exports for Octo¬
the first ten months of this year compared
\fntib of October
1920.
fonlbs to October 31—
Ten
1919.
1920.
1919.
£149.880.000 £163^86.162 £1.651.070,000 £1.319.667,661
£79.060.892 £1,119.560.000
.....£112.290.000
British exports.
£620.405.244
196.588.000
Excess of Imports
£738.299.807
£98.702.747 £1.316.156.000
£128.420 000
£21.460.000
£64.783.415
British Treasury returns for
so
to
a
that the
£334.914.000
£581.257.744
the week ended Nov. 6,
further increase in outgoes over income,
Exchequer balance
£3,044,000,
as
market discounts at other centres.
several weeks the Bank of
increase in gold, the amount
an
being £330,928, and this was accompanied by a sub¬
stantial
gain in total
the result of
was
reduced £672,000
against £3,716,000
The week's expenses were
a
week
ago.
£23,913,000 against £23,-
a
reserve,
to be exact, £921,000,
£590,000.
cut in note circulation of
proportion of
10.64%,
last
indicated
open
no
For the first time in
The
Total exports
learned,
117.894.563
19.641.856
16.130.000
Re-exports
can
England reported
with the corresponding periods of 1919:
Imports
as
as
year.
of
increase
were
a
week
ago
and 16^g%
In public deposits there was a further
£1,673,000.
Other deposits, however,
and Government securities
reduced £2,666,000
contraction in loans
£647,000. The
gold holdings aggregate £123,476,888, which
£1,272,000.
An
(other securities)
Bank's
to liabilities recovered to
reserve
against 9.87%
additional
reported of
was
with £87,986,441 in 1919 and £74,585,063.
Last year the
533,000 last week, while the total out:low, including
compares
Treasury bills,
Circulation stands at £127,845,000.
amounted to
advances, and other items repaid,
£123,643,000 in comparison with £129,-
288,000 for the week ending Oct. 30.
receipts from all
sources
was
£128,936,000 the preceding week.
yielded
revenues
and
savings
amount
the
Of this
£18,434,000 against
certificates
week
£550,000
before.
The total of
£122,971,000 against
£16,768,000
against
Advances
sum,
a
brought
like
in
£16,750,000, against £16,500,000 and sundries £164,000,
against
credits £1,000,000 was
previous
week.
amount of
last week. From foreign
received, against nothing the
£250,000
Treasury bills were sold to the
a falling off from last week's
£85,903,000,
total
was
serves
1919 and
now
Re¬
£85,902,850 and in 1918 £64,936,720.
total
£14,080,000,
£28,098,343
as
a year
against £20,533,591 in
earlier, while loans
£73,224,000, in comparison with
and £99,760,727 one
and two
years ago,
respectively.
Clearings through the London banks for the week
gregated £705,253,000.
was
£792,787,000 and
Bank's
minimum
unchanged.
a
ag¬
The previous week the total
year ago £633,520,000. The
continues at
7%,
tabular statement of
com¬
discount
We append
are
£79,616,755
a
rate
parisons of the different items of the Bank of England
return:
Nov. 13
STATEMENT.
OF ENGLAND'S COMPARATIVE
BANK
CHRONICLE
THE
1920.]
1920.
1919.
1918.
1917.
1916.
Nov. 10.
Nov. 12.
Nov. 13.
Nor. 14.
No®. 15.
127.845,000
Otber
'
£
£
£
£
Circulation
Public deposits
85.902.850
22,160.935
19,816.000
64.936.720
30;008.694
net, time and Government, have been drawn
£
42.358.585; 36,894.970
42.224.527
53,738.394
114.924,843
112,469,000 102.759,672 138,703,718 120,511,326
deposits
deposit*,
dowi
considerably over $200,000,000.
In the same period,
however, the loan item has been cut nearly as much,
Other changes last Saturday were a gain in cash in
own vaults of $6,226,000 of members of the Federal
worthy of mention that in the past months
'
62.701,000
42.514,744
58.595,535
58,721,370
42,188,405
73,224,000
79,616.755
99.760,727
90,102.972
106.233.903*
14.080.000
20.533.591
28,098.343
31.696.758
38,031,451
Com and bullion... 123.476.888
87.986.441
74,585.063
55,605.343
66,476,421
Reserve
Bank, to $95,971,000 (not counted as re¬
22.54%
serve)
decline of $25,362,000 in
6%
banks
Governm't securities
securities
Otber
Reserve notes & coin
Proportion of reserve
10.64%
16H%
16.66%
19.50%
7%
to liabilities
6%
5%
5%
Bank rate
|
,
a
with
953,000, and
The Bank of France in its
ports
gold
weekly statement
re¬
further gain of 1,659,000 francs in its stock of
a
The Bank's gold holdings now aggre¬
hand.
on
5,488,506,850 francs, comparing with 5,576,-
gate
276,250 francs at this time last year and with 5,447,-
Federal
the
expansion in
an
of State banks and trust
$9,073,000.
of
reserves
in
own
vaults
depositories,
other
for,
companies, fell $294,000, to
In aggregate
$9,080,000.
of member
Bank, to $518,-
companies of $107,000, to
in
Reserves
State banks and trust
reserves
Reserve
reserves
there
was a
loss
Surplus, notwith-
$25,549,000, to $537,106,000.
889,394 francs the year previous; of these amounts
standing the heavy reduction in deposits, was elimi¬
held abroad in 1920, nated as a result of the contraction in reserves of
1,978,278,416 frands in 1919 and 2,037,108,484 francs member banks at the Reserve Bank, leaving in its
in 1918.
During the week silver gained 6,588,000 stead a deficit of $1,306,790, which compares with
francs, advances rose 44,608,000 francs and Treasury an excess last week of $13,995,090. The figures here
deposits were augmented by 25,152,000 francs. On given for surplus are based on reserves above legal
the other hand, bills discounted fell off 457,953,000
requirements of 13%, but not including cash in vault
francs, while general deposits were reduced 30,377,000 to the amount of $95,971,000 held by these banks
francs
1,948,367,056
Note circulation
francs.
The total
outstanding is
and contrasts with
and
1919
took
favorable turn,
a
a
26,743,000 francs being registered.
of
contraction
in
were
now
39,619,154,370 francs,
37,394,981,810 francs at this time
30,570,709,575 francs in 1918.
Just
prior to the outbreak of war in 1914, the amount was
only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and
1918
as
are
corresponding dates in 1919 and
follows:
Nov. 11 1920.
Nov. 13 1919.
Francs.
Francs.
Francs.
1,659,000
3.540.139,794
3.597,997,834
3,410.780,909
1,948.367.056
1.978.278.416
2.037,108 484
Inc.
1.659.000
5.488.506.850
5.576.276.250
5,447.889,394
Inc.
6.588.000
270,761,495
285,627,177
318.847.446
Dec457.953.000
3.202.176,298
1,192.297.083
801,701,943
44,608.000
2,107 245.000
1.343,198.940
865.421,968
_._.Inc.
Advances
Note
/
No change
Inc.
Abroad
Bills discounted
shown, due to
was
notes of
reserve
the
circulation...Dec. 26.743.000 39,619.154,370 37.394.981.810 30,570,709,575
Treasury deposits..Inc.
25,152.000
55,201.000
44.723.641
General deposits...Dec.
30.377.000
3.605,817.894
3,046,070,628
its
as
again shows drastic changes in
of Oct. 30,
principal items.
tioned
Chief
among
these
may
increase in bills discounted of
an
banks
more
change
rates
no
be
men¬
less than
In total coin and bullion there was a
marks and securities 29,373,000
reduced 98,149,000 marks.
gold
on
Last year
in
1918
as
fell 26,881,000
marks.
Liabilities
The Bank's stock
hand is reported at 1,091,586,000 marks..
the total held
was
1,093,454,000 marks and
statement
House banks and trust
day,
was
of
New
York
companies, issued
Clearing
on
Satur¬
less favorable than had been expected and
registered another small deficit—the third since the
beginning of October.
tion
on
255,000.
to
the stock
Government
was a
Owing to the heavy liquida¬
market, loans
were
reduced $54,-
Net demand deposits fell off $78,323,000,
$4,059,361,000.
This is exclusive of $15,586,000
deposits.
In the last-named item there
further decline of $11,054,000 recorded.
page
of this
were
money
on
the Stock Ex¬
at this centre was
on
were
averaged from $20,000,000 to $25,-
call here have
000,000
$20,000,000, all but $2,000,000 of which
loaned at
a
Earlier in the week the calling
9%.l
rather, generally reported.
was
been such
the
On Thursday the total was reported
day.
a
to have been
was
The last two named
7%.
the lowest that had been recorded
little time. .It is said that recently the loans
quotations
shifting of accounts between the banks in
important centres
throughout the United
difficult to determine
that it has been very
States
whether
a
pronounced net change in the general
new
securities
a
on
The character of the stock market was not
scale.
conducive to
when,
been
were
The offerings
considerably smaller
place.
monetary position has taken
of
There has
new
a
a
cheerful sentiment, such as
issues
are
feeling for
a
being disposed of.
week
or
is desired
There has
two that some little time
required to digest the new foreign Govern¬
bonds that have been sold in this market re¬
would be
2,550,020,000 marks.
week's
later
being from firm to tight. The prevailing
9% during the first four hours and 10%
from 9 to 8 and then to
ment
Last
on a
during the last hour, for each day of the first half
of the week.
Thursday afternoon the rate dropped
Gold showed a
small gain, viz., 15,000 marks.
Treasury certificates
expanded 1,096,202,000 marks and advances 2,480,-
deposits of 5,598,184,000 marks.
decline of 361,000 marks, investments
Thursday call
on
regarded
all
of
complete form
Until the last hour of business
of loans
were
The" bank statements will be
$3,300,000.
found in
5,989,660,000 marks, a further expansion in note
circulation of 1,530,338,000 marks and a gain in
000 marks.
record, namely $886,708,000,
296,831,791
2.898,106.496
Imperial Bank of Germany, in its statement,
issued
on
loss of $7,788,000 in cash reserves.
a
The Bank reduced its rediscounts with other Reserve
for some
The
by
increase in outstanding
an
$10,002,000, bringing that total to
highest total
attended
Nov. 14 1918.
Francs.
Total
ratio
——
for Week.
Silver
a
STATEMENT.
Status as of-
Changes
In France
decline from 39.1 to 38.6% in
statement
issue.
BANK OF FRANCE'S COMPARATIVE
Gold Holdings—
In the Federal Reserve Bank
the reserve
Saturday last.
on
It is
Although the
cently.
been attributed
severe
declines in stocks have
primarily to heavy short selling, it
naturally has been assumed that the trend of the mar¬
ket had caused considerable liquidation of speculative
holdings.
On this assumption it has been argued that
reduced mater¬
stock brokers' loans must have been
ially.
The question is whether the money has been
taken up
in
In certain circles
much lower rates for money before
being confidently made.
some
predictions of
very
March 1 next
are
other channel.
.
1886
CHRONICLE
THE
Referring to
week covered
of 7@10%,
range
and all industrials without
9@10%
week
a
Sensational
rates in detail, call loans this
money
a
mixed collateral
on
differentiation,
as
against
For the first three days of the
ago.
[Vol. 111.
featured
declines
dealings
the
in
sterling exchange market this week, and prices in
the initial transactions broke to 3
a
loss of
33% for demand,
ll%c. from the maximum of last week and
week, Monday, Tuesday and Wednesday, the call
the lowest level touched since the week of Feb.
market
last,
was
virtually fixed at 9@10%, with renewals
negotiated at 9%
each day.
on
Thursday, however,
the continued heavy liquidation on the stock market
brought about slightly easier conditions and there
was
decline to
a
and this
wras
only
was
maximum
7%, although the high
still the
ruling figure.
9%, and this
rate quoted,
one
offerings
the
was
low, ruling quotation for the day.
in the week
9%,
was
On Friday there
Early
light and the undertone
were
when
quotation
a
although it is still
extreme low
point of 3.18 reached
bills
against shipments of grain and cotton
unresponsive market.
the
time
Buyers
concessions
extreme
declaring that it
now
applies to four months'
sixty and ninety days.
collateral
of
loans.
as
industrial
regular mixed
on
remains at
money
1% higher; that is, 8@8% for the shorter
maturities and
little business
still
All
well
Five and six months, how¬
is still quoted at 7%@8%
ever,
%
money as
8% for five and six months.
Very
put through and the market
was
is
nominal affair.
a
are
not
In many quarters
election in the
held back
were
and aggregate transactions light in volume.
past,
The
principal inquiry
Banks'
moderate
and
came
was
due.
and
foreign
the
on
bankers', acceptances have shown
are
far
so
concerned, which
by savings banks.
a
prime New
as
still in demand
are
Otherwise trading
large individual trades recorded.
dull with
was
The undertone
was
firm, at levels previously current. Demand
loans for bankers' acceptances continue to be
quot¬
ed at
5%%.
-Spot Delivery
.v
/
Ninety
■-
Delivery
Sixty
Days.
Thirty
Days.
Days.
Eligible bills of member banks
within
30 Days
6H@6
6X bid
Eligible bills of non-member banks
8tf@0H
66H@6H
7
>bld
Ineligible bills
8
8
8
bid
@7H
@7H
8
@7H
money
changes this week in Federal
no
Reserve bank rates.
of rates
The
i
DISCOUNT
RATES
OF
THE
IN EFFECT
FEDERAL
NOVEMBER
-
RESERVE
12
BANKS
On
conditions, however, and the
within
bills
1920.
90
maturing
(including
member banks' IB-day col¬ Bankers'
lateral notes) secured by—
accep¬
tural
tances
Treasury
Liberty
certifi¬
cates
Other¬
accep¬
tances
paper
bonds
wise
for
and
secured
member
within
91 to 180
and
banks
90 days
days
edness
notes
Wednesday
Boston
5H
0
5H
New York
6
to
Cleveland
0
0
*5H
St. Louis
5H
*
»nd
6%
7
0
BH
0
OH
6H
0
by
at the Lord
6
0
% certificates, and 5%
on paper secured
by 4H %
certificates.
Note.—Rates
Federal
shown
subject to
Reserve
for
St.
Bank.
Louis,
excess
Rates
a
Kansas City and
of basic lines fixed
on
discounts
in
Dallas
are
normal
rates,
for each member bank
excess
of
the
basic
line
progressive increase for each 26% by which the amount of
modation extended exceeds the basic line.
"coming right."
were
ently precipitated
This
appar¬
quite general buying movement,
whereupon shorts rushed to cover and trading for a
time
was
week
dealers
a
active and the undertone firm.
when
the
influenced
short
covering
the
by
Later in
had subsided,
attractive
prices
market with liberal offerings.
Concurrently, quotations from London which had
again
came
moved up
on
on
the Lloyd George speech, sagged off
were
although the close
Dealing
change
on
more
the
was
registered in the local market,
well above the low point.
with the
day-to-day rates, sterling ex¬
Saturday of last week turned weak and
declined
about 3%
cents to 3 35%@3 3834 f°r
demand, 3 36%@3 39 for cable transfers and 3 30%
33% for sixty days; heavy offerings of commercial
were
receipt of lower quotations from London
the chief influences in
day's market
causing the break.
unsettled and
was
weak
Mon¬
and
prices
again receded sharply; demand went down to 3 33%
@3 34%, cable transfers to 3 33%@3 35%, and
as
on
sharply
ceding days, and
0
Francisco.
the
spectacular
than 5 cents
Mayor's banquet, to the effect that the
world's disorders
almost
t Discount rate corresponds with Interest rate borne by certificates pledged as
eollateral with minimum of 5% In the case of Philadelphia, Atlanta, Kansas
City
and Dallas and 5M% In the case of Cleveland, Richmond, Chicago and San
applying to discounts not in
more
pound, to 3 40%, mainly on the more optimistic
feeling created by Premier Lloyd George's statement
ling quotations
0
0
tH
on paper secured
6
7
0
to
Francisco.
5H %
0
0
Kansas City...
Dallas
6H
6
Minneapolis...
Ban
0
BH
to
...
7
5H
to
to
Atlanta
still
up more
sixty days to 3 28%@3 29%; offerings were still
large and a feature of the day's trading was the
absence of buyers, even at sharp concessions.
Ster¬
7
0
to
Richmond
a
maturing maturing
unsecured
Philadelphia.
Chicago
and
Victory
of
indebt¬
the
live-stock
disc'ted
was
in putting out exten¬
in the
Agricul¬
Trade
Federal Reserve
Bank ef—
the general confusion
the breaks.
on
sharply.
bills and the
days
con-
Tuesday the market turned firm and prices
rallied
3
Discounted
rise in prices
Still another factor in the weakness
sive short lines
following is the schedule
in effect for the various classes of
paper
at the different Reserve banks:
now
a
stiffening in both domestic
hence the avalanche of offerings of the
past few days.
and fresh declines
There have been
It is
cededly strained credit situation, forced sales became
the
Rates in detail follow:
dealers
quantities of exchange
theory that
With the recent
rally took place and rates shot
from interior banks.
degree of activity,
York bills
no
Sales
are now
many
pending the final settlement of the
British coal strike
smaller, generally speaking, than in the recent
were
the decline
hope of obtaining better prices.
also asserted that considerable
action of ^speculative operators
Names less well known remain at 8@8%%.
a
said to have withheld their bills until after the
six months'
8%.
at
materially
few
a
inevitable, since
was
which added greatly to
of choice character still at
an
on
even
trading for
London sent
sixty and ninety days' endorsed bills receivable and
names
and
wholly unexpected, and not
necessary;
Commercial paper has ruled firm but quiet with
The
lower quotations, and as usual this accentuated the
sequent lowering just recorded.
rate
scarce
were
offered
excited and erratic.
was
was
noted and the 8%
Feb. 4.
on
due primarily to heavy selling of commercial
downward movement.
(For fixed maturities a
15 cents above the
was
firm, but towards the close liberal supplies of funds
was
recorded,
3 31was
over
drop
made their appearance on the market with the con¬
slightly hardening tendency
of
little
a
14
by
are
Tuesday,
a
as
already noted, rallied
they had fallen
as
recovery
on
the two
pre¬
of about 5 cents took
place, to 3 35%@3 38 for demand, 3 36@3 38% for
cable
transfers and 3 30%@3
33% for sixty days;
covering, lighter offerings and an improvement
in the inquiry were partly responsible for the
rise,
short
though
many
regarded it
as
in
some measure a
natural
accom¬
reaction from the too
further
improvement
rapid decline.
was
shown,
as a
On Wednesday
result of higher
Nov. 13
THE
1920.]
1887
CHRONICLE
quotations from London and the favorable impression
situation, the failure to formulate any
produced by Lloyd George's remarks on business con¬
plan for the financing of
ditions, and rates moved up to 3 38%@3 40% for
needier nations of
3 39%@3 41%
demand,
3
for cable transfers
34@3 35% for sixty days.
operations and the appearance of
of short covering
to recent heavy
and bills, which, owing
With the completion
comprehensive
foreign trade with the
Europe and the accumulation of
our
shipments of
attained unwieldy propor¬
Furthermore, to this should be added the
and
cotton
tions.
grain,
soon
speculative interests who by selling On the
again
Demand bills ranged at short side during the decline, then rushing to cover
3 35%@3 37%, cable transfers at 3 36@3 38, and at the first indication of a recovery, considerably
sixty days at 3 30%@3 32%. Friday's market was aggravated matters. Reports from Paris and Milan
state that there is heavy speculation in lire at the
quiet but steady and the range was 3 36@3 37 for
latter centre, and it is charged that professional
demand, 3 36%@3 38 for cable transfers and 3 31%
speculators in Italy are sending out exaggerated and
@3 32% for sixty days. Closing quotations were
highly colored reports of adverse conditions there for
3 31% for sixty days, 3 36% for demand and 3 37 for
Many
cable transfers.
Commercial sight bills finished at the purpose of depressing the price of lire.
tactics of
supplies of bills on the market, prices
fresh
sagged off
Thursday.
on
3 28%, bankers here take the view that present levels for
Italian exchange are not justified, since Italy's im¬
payment (sixty days) at 3 30%, and
ports for the first half of 1920 exceed exports by only
seven-day grain bills at 3 35%.
Cotton and grain
for payment closed at 3 36.
The week's gold move¬ 4,524,200,000 lire, or a reduction of 2,521,500,000
lire from the corresponding period of 1919.
It is
ment was featured by the arrival of approximately
$2,000,000 from Sweden, consigned part to the Irving alleged that foreigners are now rigidly curtailing or
National Bank and part to the Canadian Bank of refusing absolutely to extend further credits to
3
36, sixty days at 3 30%, ninety days at
documents for
Commerce.
For
a
while considerable
speculation
was
indulged in regarding the real origin of this shipment,
but it
subsequently developed that it came from
Russia and
will in all
probability be returned, as
against the admission of Russian gold
strict orders
the Governmental authorities.
have been issued by
yesterday, brought
$11,935,000 gold from London, while an additional
$2,000,000 is on its way on the steamship New York.
The National City Bank has received from its San
Francisco office $1,000,000 gold from Australia.
The
docked
which
Adriatic,
this, too, is regarded as somewhat overdone for the 1
time in the
values at nearly
all European centres sustained a further drastic
revision downward.
Spectacular declines took place
which culminated in a drop of no less than 122 points
in the quotation for Italian lire, to the inconceivably
low figure of 29.72. This is 308 points below the
April low record and compares with a normal or pre¬
prevailed for
a
her many handicaps, France is
really remarkable progress
that despite
reason
understood to be making
toward
recovery.
According
to
banking
opinion
usually well informed, the weakness is largely due to
oversupply of offerings, mainly cotton, at a time
was almost without banking sup¬
an
when the market
Here also mah^ dealers have been holding
with
port.
their bills off the market until after the election,
improvement would follow
the idea that substantial
a
Semi-demoralization
in French exchange,
As to the Slump
Italian firms.
To sum up, the rise in the
abroad, particularly in Italy and France, is
Republican victory.
dollar
Ameri¬
of credit to
European customers. Great Britain is alsb said to be
curtailing accommodations, all of which has led to a
dearth of buyers for the many bills offered.
Gener¬
ally speaking, however, bankers appear to regard the
present extreme break as largely temporary and they
war level of 5.19 lire to the dollar.
As a matter of freely predict that as soon as the autumnal cotton
and grain bills have been provided for, the entire list
fact, new low records were established not only in
lire but in francs, kronen, drachma and practically will undergo substantial revision upward.
A cablegram from Finland States that all restric¬
all of the neutral exchanges.
Francs again went
tions in foreign exchange have been removed by the
down under the enormous pressure of bills offering for
Government of Finland, although bonds payable in
sale, this time to 17.47 for sight bills, or 81 centimes
foreign currency cannot be exported without license
lower for the week. ' This compares with the previous
Continental exchanges and currency
attributed to
tight
money
conditions here.
espbrters are drawing in their lines
can
low point of 17.15 touched in the
and all transactions must be
last.
under Government
week of April 17
Antwerp francs lost 95 points, to 16.67, which
points under the previous low level, while Aus¬
is 55
trian
Exchange
moved in
on
the
to
new
another
new
low of 00.27.
Central European republics
sympathy and losses of from 3 to 15 points
took
more
or
broke
kronen
Greek drachma, after hav¬
place.
weak and declined to
8.85, a loss of 5 points.
German marks shared in
the general weakness, breaking to 1.08 for checks,
though this was still appreciably above the^previous
low point recorded earlier in the year.
Later in the
week with the improvement in sterling, Continental
ing
rallied to 9.10, turned
rates rallied
slightly and sprne of the losses were re¬
But the improvement proved short-lived
and final quotations were not far from the lowest
for the week.
Trading practically throughout was
gained.
nervous
As
and unsettled.
was
reason
slump,
the
case
a
ago,
no
wholly adequate
could be assigned for the sudden
further
The official London check rate on
58.15
as
against 55.72
sight bills
and violent
than the unsatisfactory monetary
a
week
Paris finished at
ago.
In New York
the French centre closed at 17.34;
on
against 16.58; cable transfers at 17.32,
commercial sight 17.39,
against 16.56,
against 16.63, and commer¬
cial
sixty days at 17.45, against 16.69 on
the
previous week.
at
Final
and
with 15.67 and 15.65 a week ago.
1.16% for cable transfers, against 1.20% and
cents for
Austrian kronen closed at 00.27
checks and 00.28 for cable transfers.
week the close
at 29.02 for
was
00.30 and 00.31.
Exchange
cable
and 28.42 the
Czecho-Slovakia finished
Bucharest at 1.44, against.
Poland at 24, against 30, and on Finland at
l.Ol, against 1.08;
on
on
Last
Lire finished
bankers' sight bills and 29.00 for
This compares with 28.44
week before.
1.55;
cable remittances,
quotations for reichsmarks were 1.14% for checks
1.21% last week.
at
Friday of
Belgian francs finished the wefek
16.39 for checks and 16.37 for
which compares
transfers.
-
week
effected through banks
supervision.
on
2.10, against 2.25
,
CHRONICLE
THE
1888
the close
week
a
Far
For Greek exchange
ago.
8.85 for checks and 8.95 for cableremit-
was
tances, in comparison with 9.10and 9.20 a week earlier.
[Vol. 111.
Eastern"exchange reflected the further lowering
in silver, that is, so far as Hong Kong and
rates
concerned.
are
Shanghai
For the former the close
was
68@68%, against 70%@70%; Shanghai finished at
Heavy losses
scored in the neutral exchanges
31%@92%, against 94%@95; Yokohama, 50%@
—guilders, pesetas and Swiss francs again touching
50%, against 50%@51%; Manila, 46%@47 (un¬
changed); Singapore, 41 @43, against 42%@43%;
low levels.
new
All of the Scandinavian
sharply lower.
were
to
were
exchanges
Copenhagen remittances broke
13.00, nearly 40 points off, Stockholm fell to 18.50
and
Christiania
another
12.98.
to
low
new
broke to 6.60 and pesetas
all, however,
the
as was
volume of business.
business
men
Guilders
of 29.30 for
last week,
11.90,
on a
It is understood that
exchange situation and
small
Spanish
urging the Government's
are
intervention to prevent
the "continued ruinous -de¬
cline," in the exchange value of the peseta.
It is
charged that speculation has been permitted to
ceed with
pro¬
The New York
erations
with
sight bills
on
Amsterdam finished at 29%,
against 29 15-16; cable transfers
29%, against
at
Clearing House banks, in their
interior
banking institutions,
gained $8,045,000 net in cash as1
op¬
have
result of the cur¬
a
for the week ending Nov. 12. Their
rency movements
receipts from the interior have aggregated $11,054,000, while the shipments have reached $3,009,000.
Adding the Sub-Treasury and Federal Reserve
erations and the
sioned
loss of
a
the flow
impunity.
Bankers'
against 30%@30%; and Cal¬
30%@30%, against 30%@30%.
established
arousing to the seriousness of the
are
cutta
checks, Swiss francs
lost 139 points, to
case
Bombay, 30@30%,
of
$84,086,000, the combined result of
into and out of the New York
money
banks for the week
$76,041,000,
op¬
gold imports, which together occa¬
to have been
appears
a
loss of
follows:
as
30.25, commercial sight at 29.42 against 29%, and
Week
commercial
week.
Into
Swiss francs closed at 6.56 for bankers'
bills and 6.54 for cable transfers.
close
was
6.44
ished
at
13.00,
13.15
against 13.43; checks
and
6.42.
against
sight
A week ago
transfers
cable
Sweden
on
closed
Bank Holdings.
$3,009,000 Gain
$11,054,000
Reserve
$8,045,000
op¬
erations and gold Imports
14,874,000
at
The
at
in the
98,960,000 Loss $84,086,000
$25,928,000
Total
Copenhagen checks fin¬
13.10;
Fed.
and
Net Change in
Banks.
12.
Banks' Interior movement
Sub-Treasury
the
Out of
Banks.
ending Nov.
sixty days at 29.07, against 29% last
$101,969,000 Loss $76,041,000
following table indicates the amount of bullion
principal European banks:
18.70, and cable transfers 18.80, against 18.90 and
November
19.00, while checks
on
Norway finished at 13.00 and
11
1920.
November
preceding week.
Gold.
Spanish pesetas closed at 11.90 for
Last week
England
France
Germany
Spain
quotations there has been
a
further advance in the value of the American dollar
so
that
and
Argentine check rates have dropped to 33.00
cable
transfers
34.76% last week.
33.12%,
against 34.64 and
as
This is another
low and it is
new
claimed there is very little hope of any improvement
for the present at least.
A critical situation is
said
to
have
arisen
firms dealing in
among
chandise from the United States.
has
already been reported and
the
on
One
are
to
10,944,000
10,000,000
financial situation.
receding to the vanishing point.
also weak,
pesos.
For
quotation is
although it is learned that the Brazilian
Congress this week passed
ance
Brazil the
a
bill governing the issu¬
of paper money which would
of about $8,000,000
permit
in the issue of
98.160,000
32,191,000
Netherl'ds
Norway
1,083,000
12,644,000
"139", 000
8,117,000
..
Total week 582,614,480
Prev. week 582,204.542
Gold
a
an
increase
paper money
and
of President Pessoa.
and cable transfers
last
a
approximately
awaits the signature
Brazil checks closed at
week.
Chilian exchange which has lately shown
declining tendency, finished at 13.86, against 14%
last
week.
According to
some
the
abnormal rise
in the value of the United States dollar which
went to
very
recently
2,363,000
55,664,550
13,228,000
25,319,000 122,130,000
2,997,000 35,199.000
54,614,000
11,743,000
52,764,000
413,000
1,082,000
53,177,000
10,642,000
25,781,000
15,689,000
19,011,000
3,412,000
22,423,000
"179.666
16,653,000
11,095,000
12,783,000
8,117,000
16,653,000
10,916,000
11,724,000
8,154,000
48,177,800 592,753,904
47,200,400 591,769,836
holdings of the Bank of France this
year
exclusive
are
of
£77,934,682
held abroad.
THE
PASSING
OF
THE
ELECTION—ITS
LESSON.
The election is
For every
office
defeated.
terest
one's
Barring
the
a
contest, here and there, the in¬
affairs, to idle gossip
to the effect
as
personal fortunes—and
old ways
ourselves for
matter.
—for
we
over
on
ekcitedly
a
Truly,
few
settle dowTn to
is
having chosen
a
our
represent
our
or
our
in¬
can engage
in the business of governing
months, and then
ours
the event
the country and
of living and wrorking. We
tensively and
in.
are
is chosen; one, or more, refused,
thought turns back to business, to
wanes;
owrn
The last "returns"
over.
one
quiet speculation
we
tire of the
representative Government
agents
us.
we are
quite willing
In fact, Governing and
chief occupation and
object
in life.
Is there
16.37%
16.50, against 17.12% and 17.25
1,012,800
10,865,000
46,565,000 629,179.480 544,576.104
46,464,300 628,668,842 544,569.432
Government is not
extent of
54,651,750
96,811,000
32,202,000
8,1.54.000
counting operations to the
measure now
87,986,441
11,400,000 155,319,913
4,146,000
_
£
87,986,441
1,602,000
10,660,000
to let them
The
Total.
I
152,065,592 143,919,913
330,000 54,910,000
2,369,000 13,313,000
23,337,000 121,497,000
2,999,000 35,190,000
53,012,000
Sweden
Denmark
123,476,888
id,560*.666
thus enable the Bank of Brazil to
carry out redis-
$17,000,000.
1919.
Silver.
■
21,635,000
15,689,000
_
Switz'land
calling
release gold for
Meanwhile the accumulation of American
goods in
the Argentine custoln house is estimated at close
to
£
54.580,000
.
_
....
Nat. Bel.
mer¬
publications point out that imports from the
United States
£
bankruptcy
newspapers are
Argentine Government
export and thereby rectify the
These
£
141,505,592
Italy
As to South American
Gold.
123,476,888
..
a..
A us-Hun.
13.39 and 13.41.
was
Total.
against 13.28 and 13.38 the
checks and 11.92 for cable remittances.
the close
Silver.
£
cable remittances 13.10,
13
Banks of—
a
lesson in this? We hear the
peals of the campaign.
happiness of
seems
to
man,
speeches than
ap¬
the destiny of the whole world,
hang in the balance.
Owing to the "leading
issue" of the late contest this
in
flaming
The fate of the nation, the
ever
wTas
more
in evidence
before. The last word of
40 centavos, is likely to
the
leading candidates
materially curtail purchases in the United States,
for
one
of
humanity, which will be
as
and reflects
ditions.
high
a
as
7
belated
Peruvian
pesos
readjustment to after-war
exchange
guainst 4.85.
was
con¬
also easier at 4.80,
world-wide, having
man, woman
earth."
a
was:
"I speak for a victory
a victory for humanity
significance that touches every
and child in the civilized powers of the
And since the issue
was
more
of Govern-
Nov. 13
ment
(of
some
kind
akin to the fine
The
To-day with its
here, and governing and govern¬
tense yesterday.
tasks and its toil is
ment recede
wildly exaggerated, and how
frenzy of an election contest! That,
was on a
must be
a
constant
one,
charge upon
is that governing
the people in a re¬
public (where the people are supposed to govern
themselves)
or
of
exploitation has seemed to encompass the globe,
But
that the contest is
now
else there is danger that these spas¬
closed,
changed.
What
that the
to
strive to throw the duties and bur¬
weaken and enslave ourselves.
sovereign.
little
are
this intangible fabric of protection
freedom of initiative and
our
know in our
ought to perceive more clearly is
we
more we
we
of life
inmost hearts that the essentials
dens of life upon
rapidly into the distance.
lesson, if there be
1889
CHRONICLE
degree) there is truth in the
or
Yet how
statement.
however,
THE
1920.]
effort, the
It is the
more we
man
who is
It is the citizen who rules most when he
rules himself.
Given q fair field and no favor, man
fearlessly meet the calls when Government is
modic efforts will result in ill-advised action—in a
may
condition wherein the
least in evidence—the intervals between elections.
be regarded as a finishing process and the re¬
may
sult
expression of the popular win
WHAT WAS THE ISSUE?
Either we must constantly, as a
perfect one.
a
It is not
people, think on Government, or we condone our mistabes
by inactivity and neglect between times, or,
still another result may
selves
the
fall out—if we govern our¬
only part of the time while we are vitalizing
representative system, and then turn away, we
endow representatives with too great powers
may
and too much discretion.
trust
en¬
agents with our own powers, and finding
our
zeal grow
our own
Willing, therefore, to
cold, may we not have too much of
representative kind and become,
remarkable, it is quite natural, that
tion of the press
for entrance into the
in the
League of Nations, should see
overwhelming vote for Harding and Coolidge,
inevitable response
mere
a
to the general "discon¬
tent" which follows in the wake of
easy
a por¬
that pleaded so long and earnestly
war.
It is not
to accept defeat without extenuating admissions
—even
evasions.
League
one
But
was
not entrance into
this
of the chief causes of discontent? Was it
Government of the
not at the invitation of the Executive that the "sol¬
in
emn
fact, the governed and not the governors?
It is very
evident that governing is not the chief
It is very evident, since we turn
business of life.
quickly to our imperative personal tasks,
something else to do—something
away so
that
that demands
We may
whole free energy and
our
thought.
talk about all these millenial conditions that
held? Did not the Democratic
was
platform constitute it the chief issue; and did the
Republican platform accept the issue squarely as
drawn?
Wb have
do have
we
referendum"
wish to awaken old contentions, even
no
The "die is cast." We
animosities, of the campaign.
to
are now
accept in good spirit the expressed will of
*
are
to follow the revel of
politics and the decision of
the voters—but the realities of life and labor do not
In our own particular personal case, as
disappear.
secretly admit, it "matters little which
often
we
party is in power."
If this fact would only impress
compelled to dis¬
at its worth would we not be
us
count
greatly the power of Government to seriously
order
our
lives?
Doing this, would
we
not cease to
the people.
should meet
ly,
we
the
Coming from under the hyp¬
spell of the orators, and out of the enthusiasm
of the
made in the
of Government?
name
There has grown up a
that
we
alone"
sort of cult to the effect
must laugh at the
as
archaic.
old doctrine of "let us
Why, then, do
we
all breathe this
sigh of relief that the election at last is over?
do
we now
realize that
we are
administrations ?
saved the
And
prepared to live, and
We have actually done neither.
saving ourselves,
we
or
the end all of life in
The truth that
we
leaps first and strongest out of the
vote must have been
they
on
the
incompetency
of
relieved
us
of any
of the duties of life, duties
election and not
as a
So that
return to
structive
a
we are
our
to
what is
our
embrace the
seem
our
necessity of
This, at least, is
or an
will find
^
cause
to
League
re¬
some con¬
done with the
now
And in
"foreign
press upon us no
And there
and
old ways.
question that will
relation
passionate desire turn to it for that relief which it is
impressive, perhaps, because its field
soon
And it is here that the
power
This
More
an
accept the verdict as a mandate to
old works and also
policy in relation thereto.
domestic
avoid.
The lesson of this election is the lesson of every
whole in
being schooled in these details of
Government.
Why, then, do we so often in our years and times of
incapable of affording?
this issue, for
Administration,
the
having participated
lations" will
and control the results of our labor.
one ap¬
The women's
discontent, the taxes, the waste, the extrava¬
before
never
largely based
Government for little other than to
own
protest
not so keenly moved by the other elements
were
use
that arise out of the social and economic relations.
election.
And there is
this the comment is well made that
it, Government, has never made us slaves, it has
never
relation to this League-Treaty ?
general election in the United States
work, and to
a
than the course of the Administration in its extended
civilized State?
protect us in our indefeasible freedom to aspire, to
If
in the result of this election
was
a
aftermath of
is that
a
very compre¬
behind that as a motive
force for change; there was general "discontent."
But what more powerful factor in this discontent
face, we have either destroyed or
ought to see that governing and government are not
the be all
a
manner.
There
of the
return to the task of
have to determine
against Wilsonism; and
gance,
Republic.
as we
editorial comment cor¬
soon
trade relations with the world in
taking the campaign ut¬
And yet,
intensive consid¬
an
Why parent element not to be overlooked.
always have lived, under one or the other of the party
terances at their
shall
announces, we
hensive
fight to win for "our side," are we not pre¬
pared to look more calmly on the whole promise
But it is im¬
policies and interests, first and
And yet, as one
foremost.
our
return to
a
eration of domestic
from
daily work?
It must be borne, and it
hail," everywhere.
have decided for the "Constitution rather than
Covenant," for
appeal to Government to cure those ills inseparable
notic
"all
an
portant to know what we have decided—and, broad¬
rectly
our
The responsibility for conducting the
Government has shifted.
matter
Association.
party now entrusted with full
for careful and intensive study.
the world
at
large
no
party can
/
are some
truths in relation to this vital
pressing question of trade with the world that
almost self-evident. If we have aided in destroy-
THE
1890
ing
one
are
world-menacing military autocracy, if we
now
liberated from
a
[Vol. 111.
CHRONICLE
domestic personal auto¬
duced tq
A rise
still
purchase in advance of his wants.
regarded by the shopper as a warning that
was
tocracy which will bind our expanding foreign trade
higher prices would prevail, and in order to guard
against buying at the top he would purchase at the
to
current advance
ought not to place in its stead a party au¬
cracy, we
political and
a
will
governmental
the market is
of ^discontent"
a
through the surging back upon us of
responsibility that must be met by the
this election in the free spirit of the inevi¬
victors in
a
Here is where the
tability of world intercourse.
"Chinese wall"
so
assiduously builded in former days
down.
come
It is here that our interests, our
aloofness and isolation, our freedom
alliances" must prove
And it is here
that, moved by former indurated political theories,
we must show to the whole world that we do not live
for selfishness alone,
welcome
tions
through trade, that will be for the good of all.
As
are
and that we acknowledge and
interchange of civilizations, and civiliza¬
an
"look forward"
we
we
must
see
responsive to policies that restrict trade-intercourse
—the
greatest civilizer and peace-maker of earth—
and with
prowess
sources
the
hospitality of
our
splendid national
and the consciousness of our unfailing re¬
with which to entertain in
a
material way
coming guests, we must open wide our own doors
our
to the trade of the world.
Let
us
perfect
our
machin¬
at home (this is domestic), giving freedom to
ery
combinations for
courage
carrying
foreign trade and
on
bargains, the public is inclined to hold aloof.
tion to
Not
only is the retail merchant refraining from
making
new
purchases, but he has canceled orders
for
of
new
The cancellations and lack
goods already placed.
orders
making the manufacturers and
are
large distributers desperate, and they are exerting
themselves to force the retailers to
liquidate their
stocks at all hazards.
Daily newspapers have been publishing long ac¬
of stocks of manufacturers
counts
being offered at
The manufacturers have ar¬
ranged in the large cities exhibitions of their prod¬
greatly reduced prices.
ucts
which
are
offered much below recent
figures,
largely apparently for the purpose of educating the
public to await lower prices at the stores and shops
and to force the retailers to
stocks
that they
so
liquidate their present
must come into the market to re¬
plenish.
Another movement which
originated in
a
nearby
city is directed against the practice of cancellations.
The textile manufacturers have been very
buy.
This ope¬
buy at still lower cost.
disadvantage of the retail merchant and,
notwithstanding large advertisements calling atten¬
en¬
that exchange which benefits those who sell
and those who
quota¬
postpone actual needs, hoping that in a
to
even
rates to the
that the doors
that the harbors of the world are not closed
open,
and
short time he may
from "entangling
their mettle.
The prospective buyer real¬
falling.
izes that current values are well below recent
tions, but instead of buying,, he is inclined to delay
problems of other States far away.
And it is
must
of
figure, thus anticipating his actual
But just the reverse occurs now that
requirements.
That way' lies madness, and an increase
autocracy.
the trade
theoretical political policy that
a
the nature and power
assume
badly hurt
by the stagnation resulting from failure of the re¬
REMARKABLE
TRALwluTUATION—THE
RE¬
TAILER THE STUMBLING BLOCK.
A
has arisen in trade,
unusual situation
very
tailers to
liquidate stocks on hand and in addition
they have suffered from cancellations of orders.
effort is
in
organization which shall put a stop to can¬
whereby manufacturers, wholesale dealers and job¬
ers
bers
cellations.
are
arraigned against the retail merchants in
pretty much all sections of the country.
onism
every
arises out of
the
The antag¬
variety of goods handled by the large retail
distributers. When the manufacturers and the larger
distributers realized that
for cuts in
changed conditions called
prices, they made sweeping reductions and
they expected that the lower
bring in
much
a
range
of prices would
flood of orders, but in this they have been
The retail merchant is the neck of the bottle of
reach
and
All of
the
the
products of the factories must
consumers
producers of
The
object, it is declared, is to raise a
As in every
chants
are
other line of business, the retail mer¬
large borrowers at the banks, and the situ¬
ation which has arisen has resulted in committees of
bankers
to the
being formed to lend advice and assistance
tees and
of
raw
So
merchants.
some
so
urgent
numerous
are
are
are
these commit¬
their duties, that very much
bankers' time is taken up
and the financiers
disappointed.
trade.
an
standard of business ethics.
new
falling market for nearly
An
being made to unite all textile manufactur¬
seldom
by committee work
seen
at their
places of
business.
One
enterprising manufacturer of hats, finding
through the retail merchant;
himself loaded up
materials, manufacturers and
which he could not dispose of to his former custom¬
wholesale dealers, as well as jobbers, must in the
ers,
final
and
analysis depend
upon
the retail merchant to
with
advertised exactly
a
large stock of men's hats
as a
department store might
offered his entire stock
to consumers,
and the
keep the stream of trade moving evenly and inces¬
public quickly responded because the quality of the
santly.
hats
It
up
happened that the retail merchants
were
loaded
with goods bought at much higher prices when
was
superior and the prices most attractive.
Farmers have been
the
making
a
great ado because of
drop in the prices of grain and so also have the
manufacturers and distributers made their big cuts
cotton
planters of the South because of the decline
in
in the
raw
prices. With the holiday trade approaching, the
retail merchants naturally were reluctant to sacri¬
may seem,
fice their stocks and take
cotton
huge losses.
But the pub¬
cotton market.
Distasteful
though this
the retail merchants, the farmers and the
planters
are
simply passing through the
same
lic, reading from day to day of the slashes in market
ordeal that investors have been
values made
vestors who held A No. 1 bonds witnessed the market
to look for
by the manufacturers, has been educated
a
more
substantial
lowering in prices of
goods offered at retail than has occurred and has
ac¬
When
prices
were
a
curious psychological fact.
advancing the shopper
melt away
was
in¬
In¬
because of the change of invest¬
ment conditions when interest rates advanced from
around
cordingly been reluctant to purchase.
Bight here enters
values
going through.
many
4% to 8%.
Last year, and again this
year,
investors took losses in the market and de¬
ducted such losses from their incomes in
making out
Nov. 13
1920.]
THE
their tax returns.
In the
same
farmers and cotton growers
tual losses may
manner
CHRONICLE
merchants,
who have sustained
ac¬
deduct such losses from their respec¬
1891
International Finance Conference in Brussels reads:
"All the Government's interference with
trade, in¬
cluding exchange, tends to impede that improvement
tive incomes when
of
and in
healthy, stable, exchange."
little
doing
they make out their tax returns,
they may be able to sympathize a
so
with the
hardships endured silently by in¬
vestors.
economic
and adds:
GETTING ON THE JOB.
What has been called "the back-wash" of the
dential
war
energies of the country into talk.
that the election is
"Attempts to limit fluctuations of price
Now
past, the time has come for "at¬
It is
and avoid the trouble of
of
lems
are
the job.
directions
pressing.
unsolved
We
are
in
and
difficult
world;
a new
yet to learn that three-fourths of the
new
prob¬
are
there is
be
but people
new,
are
the
same;
enough basis of economic law, of moral prin¬
ciples and ideals, and of the teachings of experience
to serve for
ods,
enterprise.
with
starts
methods,
ideas
and
that common
so
suc¬
immediately requires
well
sense as
as
opportu¬
nity call for "getting down to business," turning from
talk to action and
The first
all the
thought.
because of the excitement of
When it
was
found that the
much
was
expected, fell short
so
and
half in her
a
draft and hard
was
feet.
hourly speed, and that
no
knot
forced
increased the difficulty, the
area
He took out her
propellors and
of their blades from 80 to 100
to her expected supremacy.
water with unwonted violence had
it, and in
consequence
The broader sweep
the
or a
en¬
square
Instantly the great ship, without pushing,
sprang
of
knot,
a
put up to the naval expert, the late Sir
William White.
larged the
yesterday i
Lusitania, from which
driving of her great engines improved
but rather
matters,
problem
Beating the
only made froth
the engines had less thrust.
of the blades, the larger grasp
on
resisting water, with the steady drive, was all
that
needed.
was
As at
no
longer
our
be
determined; the
knowledge is within reach
application to
fails, creating only irritation,
of
common
life.
In
a new
idea, the vision
larger meanings, of true values, of unlooked for
attainment
situation.
and
reward, at
once
changes the
Eyes brighten, dulness disappears, in¬
difference
gives place to interest, the moral atmos¬
phere clears,
are
sure
a new energy
disclosed.
A
larger
and
common
secured and there is
a
new
of the stroke has been
grip
on
the work to be
done.
with
ships,
Wrecks
the need of
more
That will mean,
own
challenge of the hour; primarily,
thought and broader knowledge.
The masterful thrill the
fort and
was
easy
at
closed
hand; all
normal
eyes
war
blocked individual ef¬
channels; the Government
turned to it; it
was
natural and
for all, from the banker and the merchant to
the workman and the farmer to turn to it for assist¬
ance
in their
parent.
special difficulty.
The evil is
now ap¬
One of the conclusions in the Report of the
this and
well wait; but in
mean
one
must
"Play the
mar¬
captain feels in the
open sea
when the winds blow and the storm beats is not be¬
yond the experience of the landsman in the stress of
affairs when he is master of his business
chosen his
to
response
Such
course.
an
and has
said the other
a man
day in
expression of sympathy because of
tjie existing business conditions: "Oh, I never felt
easier.
We settled
nothing to
that
worry
months ago
our course
about now."
No
problems have been simple at
recent
out excitement in the course, more
The
one's
uplift that
comes
best; is there
wins
or
well
trained
not?
panions.
time in the
any
surely
to the
goes
comes.
with decision and action is
It extends to the whole man;
spiritual reaction.
a
and have
will assert
one
The horse that trots steadily and with¬
past.
Playing the
joy
any
so
doing
game,
sweet, whether
Even the animals feel it.
one
Watch the
dog and the horse, man's best
com¬
This is their claim to companionship, their
appeal for recognition.
They did what
was
expected
of them.
Shall that
Is there
be
in
no
takes
joy and uplift be shut out of daily life?
way
touch
a
in which
with
his
a man can
keep
young or
boys except by going to the
Cannot he show in his habitual tone, if he
right view and follows wise and large meth¬
ods in his
business, that he is at
and not
The
excuse.
safety is found in the deep waters.
along the shore and in the shallows.
Business has been carried far in
different direction.
longer
accom¬
holds, and doing is the
That does not
with richer and fuller
a
see
accepted way to knowing. So
of course, availing oneself of one's
resources.
no
occur
games?
Here then is the
to
ket," any more than to encourage athletics means to
promote prize fighting. It means that with life, a*
and unrecognized ability
sweep
to-day is to
one may
the normal world the law
it has
to its
one
come to act.
There is high authority
saying "whosoever doeth, shall know." Where
turned at
shop and school where driving so often
as our
apt
an
The time has
for
part of the joy of life.
once
have
Affairs will
serve.
summons
vessel, Sir William told his modest tale, the thought
office and
adopt clever phrases
we
even
shal¬
grows
reach conclusions.
the deck of the noble
on
thinking
Questions must be settled, courses of action must
front when the strain
night in mid-ocean
to go
or
wait; uncertainty leads nowhere; hesitancy
plishes nothing; ignorance is no adequate
take chances.
impulse is to hustle and stir things up,
more
This will
Meth¬
and old, may not be all valuable, but
new
cess
and substantial
new
catch and
we
help,
quote.
have
we
things
"merely bad old things revived."
The world may
meas¬
settling questions, and
seeking exact facts, that
guide, and feel wise when
all
such
as
give way to mental laziness
low and
In
far
much easier to seek outside
so
in accustomed
ways, to
on
and
on
so
are
tending to business"—that it, for facing actualities
getting
a
secure
ings."
unusual interest in the Presi¬
campaign to turn both the immediate inter¬
est and the
alone
can
The report goes further
effective they falsify the market, remove
natural correctives and interfere with free deal¬
ures
an
which
futile and mischievous. In
are
has combined with
conditions
a
then, but
one
with them, but
feeling because he is
boy, and is putting himself, not
every
day, into
a
bigger and
a man
now
more
and
worth¬
while game.
He may be making a life as well as a
living, to
President Lincoln's noble phrase.
use
Whatever
day
can
was
the pressure
of business
afford to disregard ideas
One must think and read.
manager
or
no one
to¬
discredit ideals.
Sir Charles
Addis, the
of the great Hong Kong-Shanghai Bank,
speaking from the standpoint of China and pointing
out the real danger of political and economic mis¬
takes
"Political peace!
of
concludes:
the part of the great Powers,
on
It is the dream
Industrial peace!
He had emphasized the fact
world."
a war-worn
only by grasping this ideal and striving to trans¬
that
late this dream into
reality
the results of the
can
be assured.
war
simpler affairs, ideas and ideals are important
be decisive even when they come to us in
and may
form
The call is to go
after the things that count. "The
Job," because it is the thing which is given us to do
life, is worth doing
in the allotment of the business of
well.
For
it may have large
us
that those
even
that is
significance, larger
things which have so excited us just
be relational, for us at least, to much
It may
now.
unseen.
It makes, as
well
discloses, charac¬
as
ter; it rises above the trivial, because for us it be¬
We have the
whether
privilege of choice therefore as to
things that can only be done at the expense of
bigger things.
If
we
ourself and hold to
worth the
have
ideal for our work or
an
it, "the job" will be the better
It is possible that even average
doing.
whose life must be
men
given to business
may
win
"And find their
ungarlanded
done
In work
The
without
should be eschewed.
The sweep
the first returns, and later ones only
increased the amazement.
yet it
soon,
(in
an
to
150,000
passed
In this
where
Pennsylvania; more than three-quar¬
million in
a
a
On the electoral vote, Mr.
State, from 100,000
million; the plurality was more than a
a
about
and
State, the reckoning
a
astounding number of instances) by
expected by cautious people, but it
was
half-million in
ters of
Harding plurality of
a
expected in
was
be safely pronounced
may
When
hundreds of thousands.
Illinois; about 400,000 in Ohio,
half-million in
a
shift of less than
California, the State
2,000 in 1916 would have
Hughes to Washington and have written much
history
The
very
differently.
piercing of the solid South is another phe¬
Kentucky, which was counted on some¬
nomenon.
what for
Harding, was lost to him by scarcely 4,000,
reduced from
made
28,136 in 1916; that loss is more than
good by the 12,000 for him in Tennessee, a
In this State
change from 37,000 for Wilson in 1916.
Harding has carried
every
all in it will
are
not
county, and when the re¬
probably be found that there
county in the whole country where this
a
wave, or
upheaval,
will—has not made itself visible.
wards, and
even
parishes
say
as
We already
or
cities in the
South, carried by Republican candidates;
can
of last week's elections was almost be¬
on
so
precedent.
has to be
you
vote—partisanship
cast for John
popular vote of this year is, of course, not
available
know of
wildering
some reason
change—call it landslide, tidal
expense
squarely, and unwasted days."
Targe
EARDiNcrs
for
was
Quincy Adams.
is
amplest recompense
States, Monroe, running for a
term, just missed furnishing the "solitary ex¬
ample of unanimous choice, because one vote of New
turns
what Lowell describes:
For Life's
second
and
counts, or squander both our time and ourselves on
trivial
tory was just a hundred years ago, when, in 1820,
with 231 votes in 24
,
will do the thing that awaits us
we
number of those early elections far
in the last hundred years in heavy
The most remarkable case in our his¬
electoral vote.
sent
longs to the realm of duty.
a
any
thousands
tenuous as dreams.
as
47, and
outpassed
complex issues, no less than in smaller
with the most
and
123 to
Hampshire's eight
v
testimony that in the largest relations and
It is
[Vol. Ill
CHRONICLE
THE
1892
a
Republi¬
to Congress from Texas, and it is safe to
goes
that if the people in the eleven States which did
not leave their habit had followed their
secret
own
feelings (or perhaps had supposed it would be of any
Harding's 76% has been equaled only six times in
avail to do
the last hundred years;
complete fracture.
son,
by Monroe in 1820; by Jack¬
in 1832; by Harrison, in 1840; by Pierce, in 1852;
by Lincoln, in 1864, and by Wilson in 1912, the heavy
ratio' in the latter year
being due,
as
everybody re¬
A
so) penetration might possibly have been
striking fact is the singular
casts and of the many
members, to the temporary disruption of the Repub¬
lican party
by the Roosevelt movement.
votes
Presidents
are common
minority
the
popular vote. The largest proportion of that vote
received
by
a
Roosevelt's
Grant's
successful candidate since 1850 was
56.4% in 1904; and next to that was
55.6% in 1872; the smallest
40.4% in 1860, only
Electoral and
fell under
a
plurality of
half the total.
memories go
over
run
together. In
two millions, but
little short of one-
a
As will be recalled
back to 1876, Hayes
by
persons
was over a
(and 3% in ratio) behind Tilden
ular vote.
on
Also, in 1888, although Harrison
65 electoral
votes, he
in the
popular.
land
Lincoln's
42% of the total vote cast, and with 581,-
plurality in 1916 he fell
million
was
little under Wilson's in 1912.
popular votes do not
1912 Wilspn had a
944
enough in our history, if by
understand receiving less than one-half
we
was over
So
whose
quarterthe pop¬
won
by
98,000 behind Cleve¬
have had "minority"
we
Presidents in two instances.
Washington, and possibly
Presidents,
may
other of
our
one sense.
After the change in
pronounced by
to be "sure."
The
some
inquiry by
did not venture
company
inquirers'
on
a
Baltimore insurance
were
(as party
managers
election day.
must do) no fig¬
ventured; instead, there
statements
on
hand, while the Democrats professed to
feel confident
ures
wishes, 343
figures, yet indicated a
feeling which amply expressed itself
On the other
own
important journals
as
that Cox would carry
were
such wild
this State, with
Connecticut and Massachusetts and that New
shire
A
for
was
already
change which
speaking
so
came
expressed itself when the time
and
was so
quately foreseen must have been
serious in
does not
its
As
reasons.
imply
Hamp¬
secure.
an
international pact,
certainly yet inade¬
very
deep and
very
already pointed out, it
indisposition to enter into
and perhaps it implies the
some
con¬
trary ; but it does mean displeasure over the particu¬
lar
compact and the
as
the Wilson
well
as
manner
in which it has been
with the various shortcomings of
regime.
Those who
affect to
first," as being
narrow
scorn
the
motto, "America
and selfish, might be asked to
was
say
what they would put first.
by 162 to 14, followed by Madison by
the
English, and France first to the French, and
operation of the Electoral College, Jefferson
chosen in 1804
first
be said to have been unanimously
chosen, at least in
were
pressed,
one
of the fore¬
After inquiries
claimed and doubtless intended to conform to sound
information and not to the
"Minority"
accuracy
"straw" votes.
England is first to
Nov. 13
1920.]
THE
CHRONICLE
justly.
Is not one's
family first .with each
own
rent? The ill motto of warlike
Germany
was
pa¬
not bad
in
holding the Fatherland first, but in dreaming of
it
as
"over" all
by becoming conqueror of all.
suffering peoples of the earth have some
bless this
The
comes
to
cause
appeal
an
are
Hoover
Mr.
from
of the children who
the winter
for
now
rescue
liable to final starvation in
Russia is not approached
just at hand.
for
help,
be
said, cannot help the world unless it is-first
nor
This country, as must again
is Austria.
strong. We must be, and we must keep ourselves,
industrious, cool-headed, and prosperous, or
sane,
shall tend towards
we
not incline toward such
adding another to the number
suffering countries.. Shall we fulfill our humane
optimism.
is not the Governments
sell
the
policy
In
originating
Private
on
Government railway lines.
construction
of
freighters
ocean
steadily declined in Canada since the last
the
war.
United
of
States, the Canadian Government frequently
claimed that construction costs here
under the American
were
materially
figures, and the Government de¬
fenders made much of
Canadian
such
achievement.
an
ships built at from $160 to $180
weight ton
obliged to enter
are now
an
The
dead¬
a
international
competition with ships selling at British yards for
low
$70
as
alone would appear to
the
place
a severe
belief in financial and
common
as
The difference in capital charges
ton.
a
the new-born Canadian merchant marine.
in quarrels over boundaries, or by further¬
has
year
During the great shipping boom in the
obligations and save "the heart of the world" and
selves up
money,
supplement the export business
the lives of its
suffering innocents by tangling our¬
event, it
any
to attempt to
even
freighters constructed with public
but to utilize them to
country, and they have looked to it for
help; they still look and may look to it, and
of
1893
'
■
ing concord and industry and abundance among our¬
circles that further
selves ?
handicap
upon
It is
now
Parliamentary
in Canada will not be
As the "Chronicle" has
ent lesson—and
overlooked
or
possibly
pointed out, the real
one
in
some
pres¬
danger of being
mandate, and with that a direct responsi¬
a
There is need of the most careful investiga¬
bility.
independent patriotism, and the very best wisdom
that the country can
bring to the handling of the
The results of misgovernhere, like stout weeds overruning a fertile
problems confronting us.
are
The new Administration, at both ends of
garden.
Pennsylvania Avenue, should forget, or at least hold
in strict
check, the impulses and demands of partisan¬
ship; it must indeed hold the country "first" by set¬
ting
a
high ideal of duty and really trying to live up
Its first test will come with the appoint¬
to that.
office, and on this we think Mr. Harding
ments to
shall be necessary to
as
will not fail. The next
SEPTEMBER.
"
To those"who looked for
(and the hardest and longest
a
character of the returns of
suddemtransition in the
earnings of the steam rail¬
roads of the United States from ultra bad in
August
September, the actual showing
by the figures for the latter month in the
ultra favorable in
to
now
made
compilation presented herewith, will be
On the other hand to those who
recognized that
sudden transformation of that kind
the
on
a
passing from
month to another,
one
though the latter month
conditions,
too much to expect—that the most
was
could
that
be
hoped for
direction—the exhibit
was
ik
progress
higher rates for freight and
Inter-State
the
during
everywhere.
it
reality the gain in the
new
gross
gross,
With the
authorized by
Commission
seemed
striking increases in both
CANADA'S SHIPBUILDING POLICY—HIGH
passengers
Commerce
September,
the
made by the returns will
now
be found to contain much encouragement.
passions of a war which has been burning
even
marked by brighter
was
the "weeds" and in
readjusting after the distortions
decided
a
disappointment.
trial) will be in domestic policies, in dealing with
and the
com¬
RAILROAD: GROSS AND NET EARNINGS FOR
tion, the most serious thinking, the most lofty and
ment
Parliament, except
plete present contracts.
underweighed—is that the Republican
party has not so much, won a party victory as re¬
ceived
of
appropriations for shipbuilding
brought up at the next session
natural
in
to
effect
expect
and net earnings.
though
very
In
large, is not
COSTS.
After
proportionate to the advance in railroad rates, while
Ottawa, Can., Nov. 12 1920.
the addition to the net
an easy passage
through the Do¬
minion House of Commons for its
shipbuilding pro¬
winning
very
earnings is both relatively and
small.
Nevertheless there is
improvement in the net and this marks
some
decided
entailing to date an expenditure of sixty mil¬
change from the monthly exhibits in all the recent
past—in which circumstance there is most assuredly
too
inviting prospect of writing down its invest¬
encouragement for the future inasmuch as compari¬
or
charging off part of the annual deficit on
sons
none
ment
While advices from Washington assert
Shipping Board has tied up
operation.
that the United States
seven
steel
vessels since the end of September and
preparing to withdraw eight others, the Govern¬
ment-supported
Canada
are
enlisted
shipbuilding
plants
still working on new steel
throughout
ships to be
for
better.
succeeding months should
In
other
begun and there is
come
more
the
words
every reason
marked and grow
to believe it will be¬
in magnitude
as
time
This view finds
ample support when
we
recall the
circumstances that have existed and still exist pre¬
flag of the Canadian National
venting the full realization of the benefits that are
supposed to have accrued in favor of the roads with
the
In the first place it should
only half of the world's available ocean tonnage is
the advent of
be borne in mind that the
thus far to the Canadian
profitably employed.
Only
a
Government is
few months
ago
the
on
not
started
and
The point of view in Gov¬
ernment circles at the present
time, however, does
higher rates did not count
during September.
count, for instance, on long
the Government could sell the new mercantile fleet
substantial profit.
September.
all the traffic moved
Minister of Marine told the House of Commons that
a
increasingly
progresses.
being employed at the present time, every ship made
available
grow
change has only just
Although official reports contend that
under
Railways.
at
a
dollars, the Government of Canada is facing a
gram,
lion
are
absolutely
on
its
journey in August before the new freight
passenger
traffic
was
It did
haul traffic which
schedules went into effect. All such
at the old rates.
Nor did the
billed
advance in rates count in the case
of the intra-State
craffic
officials
State
where
intervened to prevent
State Commissions
or
%
good
There
were
States where this happened, especially
transportation. All such
many
in the matter of passenger
obstacles,
by degrees be eventually
will
however,
removed.
But
Stated in
perhaps keenest disappointment will be felt
continued to mount in the
same
way as
before.
Here
and incompetent correspondingly easier.
brief,
compilations show that
our
earnings
increased
tion in expenses in
attended by
was
or
a
gain in net of only
than 9.53%,
more
no
ize the benefits which
certain to
are
in the end.
come
will be
as
word of caution
a
this
at
Month of September—
Inc. (+) or Dec. (—
1919.
1920.
though these
gain in the
the
augmentation in
386.985,155
$102,329,084
that
the
granted not merely to
certain
also
these
was
in the wages
of railway labor awarded by the
July. These
estimated by the Labor
increases,
wage
Board itself, would
annual payroll of the roads
add $600,000,000 to the
by railroad officials the amount was estimated
and
at
past additions to expenses
- Principal
among
additions.
Railroad Labor Board in
it
were
additions to expenses is the further in¬
new
creases
It should be
schedules
higher rate
cover
new
that the
thereby leaving larger
expenses,
still higher figure.
a
In this
alone,
way,
expenses
certain to increase $50,000,000 a month at least.
are
Then also the maintenance outlays have been run¬
likely to continue to run in the imme¬
diate future, at unusual figures.
During Government
control the roads were left in poor repair and the de¬
ning, and
are
ficiency in that respect will have to be made good if
the
properties
standard of
no
are
to be restored to their former high
Railway
physical condition.
doubt sought to
crowd
extra maintenance work
much
as
as
managers
possible of the
into the months preceding
September, since the Government's guaranteed rental
was not to continue after the end
of August, "but
found
task
the
tionally
Consequently
insuperable.
outlays
maintenance
heavy
excep¬
continued
through September and in all probability are still
In the end, nevertheless, the mainten¬
continuing*
expenditures will
ance
back to
come
Then also there should come,
of
time,
bringing of railway labor to
was
During
lax and
but only in the
of
course
higher standard of
a
Government
railway employees did
pleased, with the result that
number of
normal basis.
saving in operating cost through the
some
efficiency.
a
men was
transportation
necessary
service.
a
discipline
control
very
much
as
they
greatly increased
to do a required amount
Conditions
earnings.........
The small
prodigious
a
+104.878,082 27.10
491,863.237
$93,423,391
+$8,905,693
9.53
even
will considerably outrun
improvement in the net.
remembered
but
on
be hoped for is
gross revenues
smaller
or
have been
can
0.90
$480,408,546 +$113,783,775 23.68
...3594,192,321
Gross earnings..______
+2,033
;
Actual
juncture.
is out of the question,
expenses
The most that
3cale.
224.922
226.955
.
%
Amount.
.£
Miles of road-
Net
contraction in expenses
seen
by the following:
Operating expenses
But
or
augmenta¬
an
the large amount of $104,878,082
27.10%, leaving therefore
$8,905,693
$113,783,775
than
less
no
23.68%, but that this
198 Roads.
also, however, time must be allowed in which to real¬
as com¬
pared with the corresponding month last year gross
or
the circumstance that in September expenses
over
out the poor
the application of the higher
schedules to business within the State.
[Vol. 111.
CHRONICLE
THE
18U
have
now
earnings
reason
the
improvement herp disclosed in the net
month of
same
1919
gain in
preceding
showed
$9,252,922
but $18,828,861 loss in the net.
gross,
by
Thus for Sep-
years.
tabulations
our
course
indifferent results recorded in
of the poor or
ember
of
added significance
derives
In
September 1918 the gain in the gross revenue reached
proportions, the
enormous
being still in progress,
war
extremely large, besides which
the volume of traffic
decided advances in both passenger
had then been made
result the
only
gain in the
381,
net
year
more
no
a
less
36.16%.
accom¬
of $126,177,Consequently the addition to the
than $3,190,550, or 2.79%.
The
51.82%.
or
was
As
no
augmentation in
an
reached
But this was
gross revenues
than $129,367,931, or
panied by
and freight rates
few months before.
a
before rising
expenses
played a similar part in
In that year (in Sep¬
$33,901,638 increase in gross,
expenses
contracting the net results.
tember
1917) there
but $7,699,654
over
was
loss in net, owing to
an
of fact, even
expansion of
As
41J^ million dollars in expenses.
a
matter
prior to 1917 the net failed to make a
satisfactory showing
tember 1916,
over
1915 in the gross
and
this
followed
on
many
sure,
to be
we
In Sep¬
occasions.
had $38,555,541 gain
and $12,572,543 gain in the net,
$17,783,141
gain in
gross
and
$18,546,361 gain in net in September 1915 over 1914.
Immediately prior to 1915, however, the returns had
been poor or
It
indifferent for several successive years.
happened that in September 1914, though gross
earnings
reduced by $12,857,844, this
were
by shortening of
thus
expenses
tions
year
before (September 1913) .our compila¬
registered
attended
by
met
On the other
yielding $748,914 gain in net.
hand, the
was
in amount of $13,606,758,
$9,805,231
increase in
gross
but
augmentation in expenses of $14,-
an
958,298, causing, therefore, a loss in net of $5,153,In
067.
of
was
September 1912 the gain in
more
then failed to
gross revenues
satisfactory extent, but the net even
keep
pace
with the rise in
gross
receipts;
changed and it will be the policy to hold railway
$19,891,032 increase in gross, or 7.88%, was attended
labor to strict
by
accountability and thereby promote
efficiency of operations.
bent
upon
railroad
That is positively incum¬
managers
inasmuch
as
it is
recognized that the advances in rates in and by
themselves
»
rise
in
are
costs
not sufficient to offset the tremendous
which
have been
imposed
upon
the
an
addition to
or
find
that
In
312,116 in
the
generally full effects from
changed conditions cannot be looked for until
If traffic should shrink by
after the first of January.
reason
of business
depression all the better, for the
carriers will be able to get
number of employees,
along with
a
diminished
rendering the task of weeding
in
September 1911
our
compilations
$39,801 increase in gross and $1,321,815 increase in
in
be
8.58%,
only minor changes in the totals, namely
showed
net.
tion of railroad officials
or
Extending the comparisons further back,
6.64%.
we
carriers, and that only by bringing about full efficiency
operations can the needed gains in net revenues
attained.
It is proper to add that in the estima¬
of $13,855,420,
expenses
leaving, therefore, only $6,035,612 increase in net,
in net
September 1910 there was
earnings.
this month
were
In the
much
September 1909 there
and
was
a
a
gain of $10,-
loss of $3,869,083
preceding results for
encouraging—that is, in
year
more
was
$27,052,253 gain in gross
$13,585,396 gain in net.
there
In September 1908
$15,299,397 loss in gross, with $4,083,435
gain in net.
very
but
gross revenues,
In September 1907 the returns were
incomplete, they coming to hand when the panic
Nov. 13
of
that
feature
1920.]
year
that at that
was
falling behind,
stated in
its
at
was
height.
brief, for September 1907
Pitts & Lake Erie
Chic R I & Pacific (2)...
our
were
Top & S Fe (3)
Michigan Central......
Pere
Marquette
following
the .September
furnish
we
In the
N Y Chic & St Louis..__
Buffalo Roch 8c Pittsb..
comparisons
Cine New on & Tex Pac.
St Louis-So Western (1).
back to 1906:
Elgin Joliet 8c Eastern.
Kansas City Southern..
Gross
Earnings.
Inc.
Year
Year
Preceding.
Dec.
r
..j
1907
...
136 ,839,986 126,782 ,987 -1-10,056,999
141 ,220,009 128,047 787 + 13,172,222
%
234,228 778 —15,299,397
1908
218 ,929,381
1909
246 ,065,956 219.013 ,703 + 27,052,253
256 ,647,702 246,335 ,586 + 10,312,116
1910
...
1912
...
1913
1914
1915
1916
...
...
1917
...
1918
...
Virginian...
{Inc. (+) or
Dec.
Chic & East Illinois.
(—).
Western
48 ,341,798
41
,818,855
81 ,615,313
95 ,443,956
91 ,580,434
+ 2,687,914
—3,594,503
77 ,531,878
+ 4,083,435
81 ,858,560 + 13,585,396
95 ,449,517 —3,869,083
89 ,398,733
+ 1,321,815
90 ,842,946
+ 6,035,612
+ 9,805,231
92 ,847,193
98 ,000,260
272 ,992,901 285,850 ,745 —12,857,844 92 ,022,947
294 ,241,340 276,458 ,199 + 17,783,141 111 ,728,276
91 274,033
Chicago 8c Alton......*
Internat 8c Great Nor,
New Orl Tex & Mex
Long
98 302,598 117 131,459
Note.—In 1906 the number of roads Included for
93 ,423.391
95;
1913, 242,097 miles: in 1914, 242,386 miles; in 1915, 245,132 miles: in 1916, 248,156
miles; in 1917, 245,148 miles; In 1918, 232,186 miles; in 1919, 232,772 miles; in 1920,
of the separate
roads the part played
In other words, there
greatly emphasized.
year,
instances where
are
as
iik?
110,987
327,418
Angeles & Salt Lake.
the
Inter-State
statements
in the
This is
a
an
Boston & Maine in New
of
636 in the gross,
decrease
in
a
also
are
numerous
315 increase in gross
Delaware &
The
the
Central,
possible to those given
(incl. the Pennsylvania
,
"Big
CHANGES
auxiliary
Four,"
a
controlled roads,
and
&c.,
NET
IN
.$1,963,772
.
Delaware & Hudson.
.
Baltimore & Ohio
Great Northern*..**:.*.
Chicago & Northwestern
.
.
.
Cine New Orl & Tex Pac
.
Central RR of N Jersey.,
Bessemer & Lake Erie.*.,
Elgin Joliet & Eastern...
a
Pennsylvania (2)
.
.
.
.
.
....
Mo Kan & Tex of Tex.*,
Buffalo Roch & Pittsb...
St Louis Southwest., net,
Virginian
Kansas City Southern....
Southern Pacific (7).,
San Ant &
on a
Aransas
Pass..
Wheeling & Lake Erie.*.,
Internat fc Gt Northern.,
The Chesapeake &
hear the front with $2,660,-
Chicago, & Alton
New Orl Tex & Mex (3)*.
Western Maryland
Long Island.*
and $1,202,377 increase in net.
Delaware Lack &
.
.
.
.
.
.
Hudson has added $1,903,184 to
Among the Eastern
Maine
Eastern
.
.
.
.
.
.
.
West..
Duluth & Iron Range*...
Toledo 8c Ohio Central._.
Illinois.,
Central...
....
Louisville & Nashville.**.
Pittsburgh 8c Lake Erie..
Denver 8c Rio Grande*.*.
Midland Valley**.*
Southern Pacific (6).
Minneapolis & St Louis..
for the net.
Mobile & Ohio
.
.
.
.
.
,
.
Southern
$409,017 loss in net; and the New York
Central With $8,707,884 increase in gross has $270,612
Railway
Colorado 8c Southern (2).
gross I has
the
like
the
whole going to
form
the
gain of $13,^33,076.
EARNINGS
IN
SEPTEMBER.
.
New Orl & Northeastern.
Chic Ind & Louisville
Bangor 8c Aroostook
(3)
The Pennsylvania Railroad on the
St Louis-San Fran
.
1,202,377
1,084,509
994,885
814,811
811,230
790.781
Increases.
Northwestern
Pacific....
$122,41$
Lake Erie & Western
117,491
Kansas Okla 8c Gulf.**..
117,385
Buffalo &
116,603
Susquehanna._
Chic Terre Haute & S E_*.
Central Vermont..
NY Ont & Western.
-
715,303 Alabama & Gt Southern.
655,138
612,542
Representing 69 roads
in our compilation.*$19,633,184
597.191
_
556,390
405.184
Decreases.
404,791
Atch
397,170
382,183
370,340
363,762
357,856
337,087
336,483
311,933
Cleve Cmc Chic 8c St L._
Chic Milw & St Paul.....
835,165
Boston 8c Maine..
Chic Rock Isl & Pac (2)
Duluth Missabe & Nor...
Yazoo & Miss Valley..**.
768,700
641,907
594,092
Erie
305.823
Missouri Pacific...
501,019
449,666
380,126
282,067
270,424
260.257
Chic & Great Western..**
Top & Santa Fe (3). $2,742,721
787,058
—
(3)
Michigan
Central.*.**..
...
Atlantic Coast Line..*..*
368,209
N Y N H & Hartford
329,325
311,297
239,804 Texas & Pacific
215,405 Richm Fred & Potomac.*
212,569 New York Central
204.186 Minneap St Paul 8c S S M.
199,841
290,399
287,728
6270,612
237,800
158,569
,■
Nashv Chatt & St Louis..
Pere Marquette
*-....
145.734
144,476
185,206 N Y Chic & St Louis
173,666 St Louis Southw of Tex.
140,901
170,922 N Y Susq 8c Western.***
134,551
169,920 Lehigh & New England..
127,809
166,703 Western Pacific...*****.
119,410
165,128 Grand Trunk 8c Western.
117,178
163,020 Cent RR of New England.
108,022
152,857 Georgia & Florida:.*.'..*
101,666
144,944
130,521
Representing 32 roads
in our compilation..$11,678,680
130,060
192.786
128,807
directly operated East and West of Pittsburgh
lines
a
$11,402,627 addition to gross, but only
$556,390 addition to net.
In the following we show
all changes for the separate roads for amounts in
reports
excess
of $100,000,
and in both gross
whether increases
•
-
-* -•
Northwestern.2,435,686
N Y N H & Hartford...
Northern
—
decreases,
2,210,070
2,169,042
Increases.
Southern Ryv....
This is
the result for the
Pennsylvania RR. {incl. the Pennsylvania
Company) and the Pittsburgh Cincinnati Chicago & St. Louis combined,
the
Pennsylvania RR. reporting $1,321,677 increase and the P. O. C. &
St. L. $765,287 decrease.
6 These figures
i
itstelf.
Including
merely cover the operations of the
the
various
auxiliary
NeW
Controlled
and
York Central
roads,
like
the
Michigan Central, the "Big Four," &c.t the result is a loss of $984,443.
GROSS EARNINGS IN SEPTEMBER.
Increases.
Pennsylvania (2).*
__o$l 1,402,627
New York Central.:
68,707,884
Baltimore & Ohio.....—
5*862,360
Southern Pacific (6)
5,454,159
Illinois Central.*:.*
4,280,685
Union Pacific (3)
*
3,747,805
Chesapeake & Ohio...—
2,660,315
Erie (3) 4* -A*-?*, a*.
—i*2,509,165
Chic &
or
and net.
PRINCIPAL CHANGES IN
Great
as
Pennsylvania RR.
various
the
Illinois Central
Baltimore & Ohio has enlarged its
decrease in net.
these
merely the operations of the New York Central
cover
Chesapeake & Ohio
by $5,862,360 and saved $994,885 out of this
But the Erie with $2,251,939 gain in
gross
nearly
as
increase.
Including
Chic &
trunk lines the
however,
Increases.
gross.
and $1,084,509 to net.
gross
Where,
total for any system, we have combined the separate
.
Ohio also stands high up
basis of the returns filed
on the
Commission.•
Ybrfe Central System, the result is
PRINCIPAL
The Illinois Central stands at the head of the list in
gain of $4,280,685 in the
above are
Commerce
the result for the
$670,534
Michigan
though the increases in the net are often quite small.
having $1,963,772 increase in net
$712,539
..
L.
itself.
portion of the gain in gross was saved for the net,
this respect
Representing 3 roads
in our compilation..
275.893
Pennsylvania Rft. reporting $10,732,093 increase and the P. O. C. &
New
The
where
$299,958
237,592
174,989
furnished by the companies themselves.
b These figures
gain of $1,762,-
cases
Duluth Missabe & Nor..
255,043
255.040
Seaboard Air Line..*...,
However, there
Decreases,
Yazoo 8c Miss Valley
Atl SS Lines...........
St.
and the New Haven reports $329,325
with $2,210,070 increase in gross.
net
compilatioh_$112,429,122
our
the
England suffered a decrease
$768,700 in net notwithstanding
in
Company) and the Pittsburgh Cincinnati Chicago 8c St. Louis combined,
already
increase in gross of $1,219,687.
\Mh
107,339
106,313
Island......
Representing 129 roads
307,684
296,121
in another section of the country
in net with
Southern
Gulf & Ship
to make the results Conform
so as
*_
Chic Peor 8c St Louis
Monongahela Connect..
326,421
...
returns do not show the
roads
The Milwaukee & St. Paul
has lost $787,058
stated, for higher prices.
Susquehanna.
8c Western...
Note.—All the figures in the
notwithstanding
having held back their wheat,
Buffalo &
N Y Susq
Norfolk &
with
to the gross.
farmers
121,765
418,632
Toledo St Louis & West.
very substantial additions
The Atchison Topeka & Santa Fe, for
instance, falls $2,742,721 behind in its net.
Hbre,
however, the addition 16 the gross was not fco large as
in many other instances (being only $1,369,133),
probably because Of a smaller wheat rnovement, the
appears
118,633
.
404,267
404,186
396,884
382,939
368,528
350,896
335,946
334,880
Florida East Coast.
increase in nht whatever
no
Newburgh & So S7 ore
Belt Ry of Chicago.. _*_
Atlantic & St Lawrence.
Caro Clinchf & Ohio
Atlantic Coast Line.:*..
Missouri Kan&Tex ofTex
N Y Out. 8c Western
by rising expenses is, as was the Case in the preceding
many
141,956
132,561
131,033
126,993
El Paso 8c Southwest.
449,' 330
Texas & Pacific
226,955 miles.
case
Kanawha & Michigan
Cincinnati Northern.
530,671
513,824
_
Central of Georgia
Grand Trunk Western..
San Ant & Aransas Pass.
n 1907, 84; In 1908 the returns were based on 231,367 miles: in 1909 on 236,545
miles; in 1910 on 240,678 miles; in 1911 on 230,918 miles; In 1912, 237,951 miles: in
In the
145,932
142,707
_
Los
+ 8,905.693
was
148,906
...
Lake Erie & Western
Chic St P Minn & Omaha
+ 3,190,550
the month of September
_
...
.
Nashv Chatt & St Louis.
Mobile & Ohio
Minn 8c St Louis
-18,828,861
1920 ..J 594, ,192,321 480.408 546 + 113783 775 102 329,084
181,123
171,214
157,568
157,356
157,066
156,802
154,530
Toledo & Ohio Central..
Western Pacific.
^-—7,699,654
+9.252,922
190,214
189,797
Kansas Okla 8c Gulf*..*
__
332 ,888,990 294,333 449 + 38,555,541 124 447,839 111 ,875,296 + 12,572,543
1919 ...' 495 ,123.397 485,870 475
195,669
190,428
466,931
(2)
Missouri Kan & Texas.
Chic Ind & Louisville.
93 181,915 + 18,546,361
364 ,880,086 330,978 448 + 33,901,638 116 086,103 123 785,757
487 ,140,781 357,772 850 + 129367 931 117 470,621 114 280,071
.*
Galveston Wharf
St Louis Merch Bridge.
554,211
537,970
(3).
Island
Colorado Southern
+ 748,914
Cine Ind & Western**.
203,084
199,522
Duluth So Shore & Atl._
Ann Arbor
584,653
580,330
560,904
559,875
_***...
Duluth 8c Iron Range
Denver & Rio Grande...
—5,153,067
.
Central..
Maine
45 ,653,884
45 ,413,358
90 ,720,548
96 ,878,558
663,609
646,483
616,608
Maryland...._
Union RR of Penn.
%
249 ,054,036 249.014 ,235
+ 39,801
272 ,209,629 252,318 ,597 + 19,891,032
285 ,050,042 275,244 ,811
...
...
Year
Preceding.
$
1906
1911
Year
Given.
(+) Or
(—).
Septembe
$-
.
Wheeling & Lake Erie..
year*
Given.
_
Minn StP & S S M
Net Earnings.
234,379
229,476
225,107
222,851
222,210
206,666
203,016
*_
1,141,818 Spok Port & Seattle
1,090,385 Ala Great Southern
1,016,619 New Orl & Northeastern
979,991 St Louis Southw of Tei.
975,087 Louisiana & Arkansas.
965,882 Monongahela .*..**_.*.
937,586 Rutland
856,388 Det Grand Hay & Milw.
85.5,564 Midland Valley.
840,790 Pittsb 8c West Virginia._
829,802 Gulf Mobile 8c Northern.
793.668 Vicksb Shreve & Pac
781,475 Central RR of New Eng.
729,638 Alabama & Vlcksburg
+__.
Lehigh Valley
with $3,594,503 decrease in net.
gross
Det Toledo & Iron ton.
1,198,00$
Seaboard Air Line...,
Bessemer & Lake Erie...
in
242,402
234,552
__
Chic Milw & St Paul....
Cleve Cin Chic & St L__
Cent RR of New Jersey.
compilation,
$254,643
1,458,309 Central Vermont...*...
1,369,133 West Jersey & Seashore.
1,317,852 Northwestern Pacific.
1,219,687 Chic Terre Haute & S3B.
Atch
though incomplete, registered $13,172,222 increase
l
$1,549,538 Bangor & Aroostook
_
still expanding;
was
gross
Increases.
Increases.
The significant
time, also, net earnings
though
1895
CHRONICLE
THE
$2,149,916
Louisville & Nashville
2.100,012
St Louis San Fran (3) .*.
2,046,216
Delaware Lack & West..
1,977,777
Delaware & Hudson..*.
1.903,184
Northern Pacific...-.
1,827,743
Boston & Maine
1,762,636
Missouri Pacific........
1,712,196
Wabash..
1,694,621
Norfolk & Western
1,611,655
Phila & Reading
1,557,398
When
the
roads
are
arranged in
groups
or geo¬
graphical divisions in our usual manner it is found
that three out of the
the net,
ern
and
divisions record losses in
seven
namely the New England, the Middle West¬
the
South
Western.
record increases in the net
Our summary
by
groups
is
as
as
,
The
well
as
follows:
other
groups
in the gross.
1920.
%
Southern
75,438.209
Northwest—115,102,244
8 A 9 (49 roads). Southwest.. 93,386.367
Groups 4 & 5 (35 roads).
..
Groups 6 A 7 (28 roads),
Groups
+ 14,216,463 23.22
+ 19,739.050 20.69
+ 15,219,152 19.47
+ 5,597,024 18.06
i.
-Net
-Mileage
;
September—
+ 4,486,934 21.68
30,336
25,176.490
20.689,556
19,153
—
%
$
—634.124 20.37
3.112,794
30,672
Group No. 2
Group No. 3
18,825
10,869.308
11.132,233
—262.925
2.36
26.47
+2.034.711
9.702,267
7,6-7.556
Groups Nos. 6 A 7
59,039
58.325
27.640.033
23,479.479
Groups Nos. 8 A 9-..
55,048
54,877
16.7(71.275
17.859.368 —1,088,093
Group No. 10
16,621
Groups Nos. 4 A 5—
38.577
39,008
+4,160,554 17.72
6.09
+208.636
9.482,405
16.584J 9,691.041
2.20
226.955J224.922 102,329,084f 93,423,391 +8.905.693
9.53
Group 11 Includes all of New York and
west
Pennsylvania except that portion
1920
3,224,000
2,665,000
and Maryland, and the
Indiana; all of Michigan except the northern
Pennsylvania west of Buffalo and
Mississippi River.
and Missouri north of St. Louis and Kansas
peninsula of Michigan, all of
Dakota and North Dakota
City: also all of Montana, Wyoming
parallel to the State line
Nebraska, together with Colorado north of a line
passing through Denver.
^
Groups VIII and IX combined include all of Kansas,
Oklahoma,
Ark ansa
Territory. Missouri south of St. Louis and Kansas City; Colorado
of Denver, the whole of Texas and the
line running
of a
north
Mexico
from
and
south
bulk of Louisiana; and that portion of New
the
northwest corner of the State through
holding their
most
the present
2,645,000
cases
had
year,
had to contend
heavier traffic in other kinds of
a
grain.
Western roads suffered
a
diminution, like¬
wise,
of their live stock traffic.
The receipts of
wheat for the four weeks
present
only 39,614,000 bushels
in the
ending September 25, the
at the Western primary markets were
year,
1,579,000
3,583,000
899,000
3.909,000
769,000
1,055,000
2,007,000
1,206,000
1,061,000
1,762,000
30,000
39,000
1920
553,000
625,000
2,119,000
7,000
4,000
3,100,000
2,328,000
17,076,000
13,406,000
10,762 ,000
594,000
848,000
5,930 000
1,237,000
201,000
19,827,000
3,000
28,000
1,762 .000
903 ,000
1,535,000 13,599,000
i,263,000 12,417,000
*
2,572.000
Duluth—
■
1920....
*
1919....
17,405,000
..
Minneapolis—
6.237,000
5,603,000
47,572,000
47,112,000
9,694,000
13,450,000
5,757 ,000
10,387 ,000
32,306,000
30.791,000
23,428 ,000
69,554,000
City—
1920....
4,000
96,000
23,186,000
25,562,000
1920
1919
receipts, however, at the
were
regards the Western livestock movement the
of Chicago reports
same
Kansas
City the receipts
17,153,000 bushels as against 13,883,as
against
the receipts of barley 5,229,000
bushels
as
against 4,480,000 bushels.
For the five cereals combined the
weeks
of
1920
were
usual form
Sept.
Flour.
25.
same
Western
FLOUR AND
Wheat.
(bbls.)
(bush.)
as
against 16,184 in 1919, while at Omaha the Union
Stock Yards Co. reports
the receipt of 10,824 cars as
against 14,163.
The
of
larger
a
shipments overland were only
42,205 bales in contrast with 77,248 bales in Septem¬
ber 1919;
bales in
the
82,977 bales in September 1918 and 112,236
receipts
435,875 bales for the month this
were
against 265,176 bales in 1919, but comparing
year as
with 526,665
as
At the outports however
September 1917.
tvill be
RECEIPTS
bales in 1918 and 602,778 bales in 1917,
seen
by the following:
COTTON
OF
FROM
JAN.
PORTS
SOUTHERN
AT
1
SEPT.
TO
IN
1919
30 1920,
AND
SEPTEMBER
1918.
AND
grain movement in
GRAIN
Corn.
Jan.
Since
September.
1.
Ports.
1918.
1919.
1920.
1918.
1919.
we
now
Texas City,
51,974
912,951
840.130
958,338
967,447
93,589
87.074
28,135 105.250
5,708
11,422
48,170
1,189
76,470
55,814
45
18,506
12,092
23.222
94,281 119,764
580.916
757,496
620.366
151.230
57.000
63
Ac
Savannah
631
82,149
95
12,000
5,500
68.0.54
1,598
271,612
132,581
1,152
7,245
7,618
16,526
Wilmington
14.060
49,134
106,552
50.881
Norfolk
6,552
13,527
11,991
156,396
202,931
124.722
161
368
348
3.327
1,814
3,656
Brunswick
Charleston
....
Newport News, Ac
65.595
435,875 265,176 526,665 3.574,317 3.763,799 2,958,524
Total
LESS GOVERNMENT IN BUSINESS AND MORE
Rye.
(bush.)
(bush.)
(bush.)
(bush.)
1920
548.000
3,992,000
9,462,000
918,000
414,000
1919
983,000
19,053,000
7,129,000
9,582,000
8,202,000
1,266,000
305,000
Chicago—
Milwaukee—
1920
66,000
341,000
1,306,000
4,145,000
840,000
557,000
1919
78,000
2,176,000
1.533,000
3,063,000
1,216,000
337,000
St. Louis—
1920.'...
336,000
4,203,000
1.404.000
2,660,000
139,000
61,000
1919
524,000
7,216,000
1,077.000
2,501,000
124,000
74,000
1920
438,000
149,000
1,338,000
66,000
In
an
article under the above
rent number of "World's
the
tion.
The views
tered
caption in the cur¬
Work," Senator Harding,
President-elect, furnishes
presumably to be the
1,459,000
1919
BUSINESS IN GOVERNMENT.
<
present:
Barley.
Ac
Orleans
Mobile
our
RECEIPTS.
Oats,
91,065 240,986 1,205,635 1,215.675
138.016
773
287,018
4,058
bales 242,172
against
four weeks of 1919.
shown in the table
are
WESTERN
4 wks. end.
receipts for the four
95,411,000 bushels
108,068,000 bushels in the
The details of the
13,720 carloads as
were
markets for the
against 4,956,000 bushels and the receipts
of rye 4,510,000
At
against 22,747 carloads for September 1919.
as
Pensacola,
as
77,884,000 35,613,000
receipts of only 20,785 carloads for September 1920
New
bushels
28,668,000
163,429,000 25,217,000
135.367,000 182,444,000
Union Stock Yard Transit Co.
The
year.
000; the receipts of oats 28,905,000 bushels
20,631,000 bushels;
4,000
against 64,118,000 bushels
as
corresponding four weeks of last
weeks,
48,000
'
23,097 000
12,004,000 217.321,000 163,877,000
1920
1919....12,747,000 272,101,000
Galveston
four
.5,567,000
13,913 ,000 .9 ,275,000
19,897, ,000 30 ,054,000 11,993,000
66,285,000
—
1920.
corn
29,000
1,963,000
1919....
cotton movement.
back for higher prices—but in
crops
334,000
355,000
Nevada, Utah
heavily diminished wheat'movement—farmers
a
903,000
In the South the roads had the benefit
Group X Includes all of Washington, Oregon, Idaho, California.
and Arizona and the western part of New Mexico.
Western roads,
519,000
24,751,000
Peoria—
Santa Fe and east of a line running from Santa Fe to EI Paso.
with
23,886,000
10,547,000
As
Southern States south of the Ohio and
Groups VI and VII combined include the northern
Indian
15,321,000
1920—
Minnesota, Wisconsin, Iowa and Illinois; all of South
aud
22,340,000
3,563,000
3,871,000
Toledo—
Pittsburgh.
east of the
24,189,000
33,033,000
5,696,000
16,201,000
Total of All—
Peninsula, and that portion of New York and
Groups IV and V combined include the
21,377,000
572,000
Omaha & Indianapolis—•
extreme northern portion of West Virginia.
Group 111 Includes all of Ohio and
19,006,000
5,814,000
496,000
1919....
NOTE.—Group I Includes all of the New England States.
of Pittsburgh and Buffalo; also all of New Jersey. Delaware
11,940,000
4,757,000
6,768,000
7,550,000
59,325,000
St. Louis—
Kansas
Total
2,745,000
6,519.000
68,312,000 23,190,000
Cleveland—
Inc.(+)or Dec.(—)
$
I
2.478.670
7,398
7.414
—
61,647,000
48,369,000
Milwaukee—
1919
Earnings-
1919.
1920.
1919.
1920.
119920
23,734,000
61,578,000
6,317,000
6.773,000
1919....
Detroit—
594,192.3211480.408.546 +113,783,775.23.68
Total (198 roads)
Group No. 1
+ 14.184.221 28.03
PaclflcJCoast— 35,479,806^ 29.882,782
Group 10 (12 roads),
1119992200
(bush )
(bush )
(bush)
""""
1920
1920....
27.25
+ 39,435,671
50.315.193
61,221.746
95,363.194
78.167,215
Middle West... 64,499,414
%
+ 5,382.194 25.97
& Middle.. 184.131.766 144,696,095
Group 2 (36 roads), East
Dec. (—)
*
20,762,321
NewjEngland—_ 26,154,515
Group 1 ( 8 roads),
Group 3 (30 roads).
RV
Bar lev
Oats.
Corn
(bush )
Chicago—
Inc. (+) or
1919.
%
Section or Group—
* 1
(bush
ms )
Sept. 25.
Grose Earnings-
Wheat
Flour
Jan. 1 to
BYiGROUPS.
SUMMARY
September-
[Vol. 111.
CHRONICLE
THE
1896
expressed
outline of what is
an
program
are
of his Administra¬
similar to those ut¬
by him during the campaign, but they
are
here
446,000
summarized in
Toledo—
Unfortunate
"idealism";
Detroit—
•
-
«,
•
187.000
-
1919
91,000
676.000
250,000
1920
132,000
281,000
indeed
Cleveland—
i Qon
X if zu.
cause
compact form.
indeed
is
the
misapplication
sometimes idealism
is the
The article follows:
is
misapplication of the term
progression
may
mean
of
practical.
moving
the
"progressive," be¬
forward
as
well
as
this because there
may
be
...
"5" 000
239",000
62" 000
611,000
1,000
1.000
1920
113,000
301,000
1,179,000
992,000
58,000
1919
301,000
617,000
1,182,000
1919
backward and
sideways.
I
say
Peoria—
620,000
136,000
117,000
1920
6,875.000
1,127.000
387.000
1.716,000
1919
1,928,000
89,000
435,000
some
persons
who feel that my subject is too close to prac¬
2,539.000
4.000
Duluth—
tical matters, though others may share with me the
opinion
that the best
with deeds
Minneapolis—
1920....
12.484.000
423,000
4,457.000
2,809,000
704,000
1919
16,151.000
305,000
1,932.000
1,797,000
1,220,000
6.702,000
497,000
907.000
Kansas
term
Unfortunate
City—
1920
9.445,000
364,000
4.091,000
2,900,000
1919
5,805,000
2,642,000
2,033,000
1919
that
doctrines of
574.000
1920
opinion
character,
idealism and
rather than
as
the
world
becomes
2.312,000
1.063.000
39.614,000
1919
1,891,000
64,118,000
17,153,000
13,883.000
28,905,000
20,631,000
4.510.000
4,956,000
4,480,000
themselves
Christ believed and
slowly
as
me
through
of
forgotten.
social
the
the
human
Socrates believed, rath¬
than in the faith that is placed in short-cut devices of
other doctrinaires of
5,229.000
concern
the perfection
modeling institutions, by such prophets
Total of AU—
1920
better
those who believe in
Omaha dt Indianapolis—
er
progressives
words, and may share with
as
Lenine,
and
rearrangement who have
re¬
by
been
Nov. 13
1920.]
is
America
nation peculiarly
a
endowed
1897
CHRONICLE
THE
food-yielding soil of this nation, but also bids the laborer at
by idealism; but
I like to think that it is not the idealism which pronounces
bench and furrow to go
all
of
equal
men
as
if equality were a thing which can be cre¬
believe, the policy I have suggested and here set forth.
by good citizenship, which gives first and takes afterward,
and
opportunity
equal
self-expression
free
have
to
women
worth
of
standards
American
and
for
every
We must repeal and wipe out a mass
man
and laws
their
in proving
business
idealism, but I like to think it is an idealism permeating
all
breaking
America,
down
classes, and
groups,
riculture
of its judgments to one-man
We
delegation
pressed will of the people, rather than upon the
well
We heard
upon
vision that new
value men and women and nations
done
who see the tasks to be
Because of this I find some idealism
and do them.
building firm foundations for the economic
in
country, and some idealism in the conception
trative Government, which serves
life of our
of an Adminis¬
its people well, by thrift,
and efficiency, rather than badly, by prodigality,
economy,
experimentation, and slipshoddiness.
*
by this that on the one hand we have
ment
to engage too
allowed our Govern¬
much in enterprises which it has bun¬
safer, and
gled and which American business can do better,
cheaper, and on the other hand we have
fective tinkering with
our
inconsistent
it should allow practices
with American standards of honor
On the contrary, I would urge that the regu¬
and fair play.
lation of our business,
when regulation became necessary,
should be not less but more effective than it has ever
been.
Nothing could be more deplorable, however, than
substitut¬
ing, as we have substituted, quanity of laws for
quality of
laws, as if the thickness of our statute books were a meas¬
of wise legislation.
ure
Nothing could be more futile and
dangerous than relying for good on
we
have
executive orders such as
experienced under war powers, still unrelinquished,
working of
We have
seen during nearly eight years, indeed, a reckless Govern¬
mental obstructing and harassing of business; it had nearly
if
as
signature upon paper could alter the
a
economic laws,
stagnacy
when
the
war
activity
motion and it has now, after the terrible
into
us
regulate supply and demand.
business
in
culminated
started
or
unpreparedness for war and for peace and the
wastes of
pouring of billions into yawning fool-hardiness and admin¬
tinkered and bungled with American busi¬
istrative waste,
American
until
ness
business
rather than expectancy,
been
has
The agitator who
can
than
suspicion, forget that Ameri¬
whole people and the
More vital
who are ten to one greater in number
executives,
business
America.
is
the
continued prosperity
of
Business in America is not big business; it is lit¬
businesses—all the units of production, even the single
machine in the shop and the farm and the home.
business is
American
vast fabric woven through the upgoing years
a
by the daily tasks of a
faithful, virtuous people.
It is a
blind idealist,
indeed, who can find no thrill in that magnifi¬
cent tapestry,
and one blind indeed who recklessly pulls at
its
threads
to
unravel it.
infinite variety of
manu¬
facturing establishments whose average number of employ¬
is probably not over
than half of
business as
door
twenty-five.
As late as 1910 less
producing establishments were not even doing
corporations. American business is almost every¬
body's business.
Wreck it,
and one not only closes the
of the employer's plant and makes
i
that
so
and seek
point which sickens us all, that our
of performing without wreckage
experiments establish
a
closer under¬
one
serve
may
the other and the other obey
co-operation.
Government co-operation to business, we
We must give
protect American business at home and we must aid
must
abroad by the upbuilding of our merchant ma¬
and protect it
rine
and
protection
American
of
restoration
a
self-respecting measure of
our
to her citizens wherever they may go
righteous errands.
upon
build
must
We
that abroad
under
a
economic life into new
our
will be known,
we
not as
a
strength so
nation strutting
plumage of fine words, but as one that knits friendly
peaceful relations by the shuttle of honorable deeds.
and
We must do it so that at home our economic life yields
whether he be capitalist or the most humble
not earned,
laborer, but to have a share in prosperity based upon the
of his
measure
is
America
merit.
own
proud of her business
unproductive the
We have
methods.
squeezed out of our method of doing business a good deal of
I think it would be
inefficiency and waste.
a
pretty fine
piece of idealism to squeeze inefficiency and waste out of
our
Administrative Government. Great and glorious
shall meet
we
we are
With the deep desire that
I, with them, turn ipy
We
tragedy of the bungled negotiation in Paris which
delayed progress toward that goal
has
America
unite
We
that will knit friendships and prevent wars.
one
the
face toward re¬
the plan for an association of nations.
constructing
desire
the hope of the world
and wisdom to fill the measure
requisition made upon us.
all Americans feel,
see
If
obligations.
our
shall find the courage
of the
achieve¬
present themselves to us for the future and we
ments may
people behind an
and has failed to
substantial part of her
unworkable and unacceptable plan, full of
or
even
engage
a
pitfalls for our freedom and tending to make wars for us
rather than stop wars.
of putting
task
The
dramatic
our
toward
leads
troubled nations
the
business
States
would
but it is one
stability of example to the other
of the earth rather than toward the ques¬
tionable boon of uninvited
can
affairs in order is not as
own
field for labors as some may be,
a
save
preaching.
into
methods
our
the
Putting more Ameri¬
Government of
resources,
the
United
stop the drain upon the
savings of our families, give us pride in doing
well, rather than saying something well.
something
I see something
of true idealism in that purpose.
I
Because of it
have
suggested that
certain tasks of cleaning house
meet
the
Unless
size
ever-increasing
we
America undertake
and of building Administra¬
tive Government upon a business basis.
We must do this to
of the Administrative load.
do it, the unparalleled prodigal wastes
of these
last eight years,
or
as
for which we all have to pay as consumers
taxpayers, will go on.
There will continue to be
The worthy Federal employee who is
overlapping labors.
American business is done by an
ees
the work of the Government and which
as
We must instead of
which
privilege-seeking mon¬
backs and three meals a day.
to the wage-earners,
anxiety
describes it, and the statesman
business is the daily labor of the
clothes upon their
tle
so
treats it with abuse and
who
into
and darkness rather than light.
American business is not a selfish,
ster.
put
Government the yearn¬
opportunity to every man; not to have that which he has
economic structure.
let business alone in the sense that
are
had too much inef¬
latter, I do not means that Government should
As to this
which
I mean
government in business.
We have had too much
big corporation or of the
standing between American Government and American busi¬
ness
But I
I value the crusader.
lies before us.
the job that
the
and chaos.
Perhaps the best idealism after all is in doing
everywhere.
remove
,
Government is incapable
wisdom, and spiritual effort of men and women
the labor,
to
enterprises and experiments which were
have been proved to a
Perhaps it would have been better sense to
world as a new world of opportunity for
mankind.
taxation
the will to create and produce,
.,
.
intended
never
good deal about visioning a new world after
a
internal
imposes upon
ing to undertake
if God were to confer a great permanent gift
the war, as
•
American factories.
our
our
We must uproot from our national
doing
before us to do.
set
tasks
the
it
to
readjust
individual.
obligations of honor; the giv¬
ing of example rather than preaching, and, above all,
must
as
whether that will is the will of the
haps the best of all idealism is not an ecstasy, but the fulfill¬
ment, in terms of deeds, of all
'
especial
economic menaces to our American ag¬
new
well
as
burdens
I like to think that per¬
rule.
drifting and afraid.
regard for the
representative Government and upon the ex¬
upon
of executive orders
effectively to prevent profi¬
serve
We must readjust our tariff, and this time with
special
privilege, and holding to the practices of our Republic, which
stands
which, failing to
teering and unfair practices, serve only to leave American
America maintains to-day her
their capacity.
sound foundation we need, I
To put our business upon a
rather the idealism which preserves
ated by assertion, but
affliction
wandering about with the
"No Hour Day."
a
now
underpaid and unrewarded by recognition of his merit
will leave
experience
our
we
service.
would crack under
With
another year or two
of the
Administrative Government
its load of folly, waste, grotesque experi¬
have
mentation and gross
had
the
inefficiency.
The national budget plan,
Congress and vetoed, we
passed already by a Republican
must put into force.
We must put our
[VOL. 111.
CHRONICLE
THE
1898
postal service upon a new basis.
PROPOSAL FOR EXTENDING BILLION DOLLA R CREDIT
We must extend the merit system in the choice and pro¬
TO GERMANY.
motion of Federal employees.
We must not
only lop off the useless jobs being done, but
reward efficiency and value among our public
must so
we
William
service employees that we may continue to have their loyalty
because
have given
we
decent pay and the expectation of
promotion when promotion is earned.
We must conduct
a
careful
similar labors shall not be
that similar functions shall be grouped
so
of
for advice in administra¬
tive improvement; we must have to
agriculture, more technical
be
aid us more men trained
meri who know
more
men,
practices of commerce and trade.
I believe, after all is
little idealism of
a
considered, that there may
simple and old-fashioned kind in
a
enough business in Government, a new free¬
and not
dom
to restore
man
war
ness
and
who,
the
to
Germany to be applied in the
following communication to
Commerce"
relative
the
to
Government,
freedom from
new
a
propaganda which makes us forget that deeds
better
are
than words.
the
"Journal
of
proposal, and published in its
issue of Nov. 6:
Editor of "The Journal of Commerce and Commercial Bulletin":
based
obligations and undertakings of Germany, which
that such credit is
to be
any
and all payments Germany
This loan would have
make to the Allies;
this
agree to
15.
collateral security German property in the hands
as
of the custodian, together with
ment owes
to be
may
reliably informed that the Allied Governments will
are
means
first mortgage on the whole of Germany and guaranteed
a
paid prior to
we
credit of one billion dollars
a
the gilt-edged security that this credit shall be paid in priority to
on
all other bonds,
$226,000,000
we are
Germany for ships seized during the
informed this Govern¬
This billion dollars is
war.
spent in America for condensed milk, cotton, phosphates, minerals,
shoes, wool, corn, rye, wheat, oats, cattle feed, cotton oil cake for cattle
feed, packing house products, milk
horses,
live beef, cattle, sheep, hogs,
cows,
merchandise of various kinds.
and
mares
Position
freedom from tinkering with busi¬
bungling with
our
agricultural conference in Washington the extending
representative Government, in place of one-
powers, a new
stated in
as
1806, urged at the
page
priority when they meet in Geneva Nov.
seeking a new freedom from too much government in busi¬
ness
6,
purchase of agricultural products in this country, has ad¬
Some of us Americans recall the doctrine called "The New
Freedom."
Saturday last, Nov.
billion dollar credit
a
and
business and the
Brauer, of this city,
Sir.—Germany has asked Congress to grant
We must go to men who know,
in
recent
not scattered.
and
of
dressed
scrutiny of our great execu¬
tive departments to plan so that
duplicated and
issue
W.
Our farmers in the Southern
of Farmers.
States have
hand at this present time
on
several million dollars' worth of low-grade cotton which they can neither
borrow any money on nor sell at any
reasonable price whatsoever, because
there is no market in this country for that grade of cotton and no market
in
Europe for that grade of cotton except Germany and associated States.
These farmers would gladly sell this cotton at below production cost, but
they cannot.
induce
(ikivmit
^wmts and Discussions
that
TREASURY
on
offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co. on a dis
was
obligations in
it
in
banks and
Induce
the
Germany,
There
and
she
has
are over two
CONTINUED
men
so
their
way.
and the War Finance Corporation,
money
it—so what is the farmer
on
Government to open up an export trade with
can
buy the low-grade cotton which is
no one to
now
buy it but
money.
hundred million pounds of wool in this country, much
March 26;
advanced
6%.
big loss if
a
for it.
pays
a
disposed of
were
it had previously for
The bills in this week's offering
v'v
/
that they can sell the
not
DAY BRITISH
TREASURY
BILLS IN
U. S.
ninety-day Treasury bills issued in the United States has
already beep reduced to £31,000,000
was
made by Stanley
Baldwin, Financial Secretary of the British Treasury in the
crops
which they
are
now
banding
have
now
higher prices for foodstuffs to
an
hand and
on
so
Government,
come.
secure
our
this great German trade
American public because
export outlet for their surplus products,
employ all their land, in which latter event it
means
so that
less cost of
our
they
produc¬
tion per acre and per bushel for grain, &c.; thus the prices of foodstuffs
to
public would be lower
This
outstanding British
surplus
only for this year but for generations to
means
our
The announcement that the amount of
Prices.
We should know that if America fails to
it
NINETY
VV::'
-■
and
not hold¬
along and buys and
comes
that the great German market may be secured for them by our
can
IN
•.
are
of our friends; they will sell It
These farmers from every section of the United States
farmers must have
REDUCTION
;y.'
of this wool
owners
some
themselves together to appeal to Congress to loan Germany a billion dollars
so
are
dated November 12.
The
indicated by
as
buyer with money to pay for it
Trade
discount basis of 6>S%—the figure to which
time been
some
no
6M%.
ninety-day Treasury bills
on a
was
BILLS
TREASURY
FRENCH
French
rate
it,
on
country in the world but Germany.
AT
The
pay
being held by our Southern planters because there is
ing it for higher prices,
this week
our
Germany, the only buyer that
at
ON
so as to
some
of which is coarse wool and which cannot be sold at this present time to
any
November 8.
RATE
otherwise
existence, could not loan
to do but try to
The bills in this week's offering are dated
time past.
some
the rate which has been in effect for
basis of 6%,
count
as
Bankers have informed the cotton growers that they will not loan
money
this cotton, the Federal Reserve Bank will not loan money on it, the
were
usual
product for higher prices,
sell their cotton and get cash money in'hand to meet
can
Treasury will not loan money
BILLS.
The
question of getting governmental credits
a
question of securing governmental credit to Germany
a
farmers
our
their
C0NTINUED10FFERING OF BRITISH
It is not
farmers to hold their
our
think, but it is
on an
average.
explanation will give those who don't know
regular export outlet and that it
food, whereas
means
that
our
an
idea of the value of
public would
pay
exports means greater cost of production per
higher cost of foodstuffs to our public.
no
a
less for
acre
and
This loan to Germany means that our American merchant marine will
be
established almost immediately because the freight money for
transporting
billion dollars' worth of food and raw material will make our American
one
House of Commons
added that it would
on
Nov.
soon
11.
He is also said to have
merchant marine,
Other Plans
Corporations
LOSS IN EXCHANGE IN PAYMENT OF GREAT BRIT¬
AIN'S INDEBTEDNESS TO U. S.
A
proceeds of loan when arranged.
as
The
de
Janeiro
bill
press
dispatches
Congress had
governing the issuing of
money at
to
carry
the
on
on
Nov.
9
announced
paper money.
These dispatches
issuance
of
approximately
rediscounting operations
$8,000,000
in
paper
allow the Bank of Brazil
to the limit of
approximately $17,-
000,000.
The
purpose
of the
measure
is
to
help
national
production
our
no
bank
or
corporation
can
are
'dead
loan money with
Germany the privi¬
outlined in the first
a
credit of $1,000,000,000 in America
as
Europe until after this billion-dollar loan is actually secured from
Germany and Germany begins to feel the effect of this loan.
America by
It will be to the interest of every
German
quickly
credit of $1,000,000,000
as
possible, because the
bankers
a
can
zero
banker in America to get behind this
and help
that the bill had passed the Senate.
as
sooner
begin loaning money to Central Europe with 100% safety
safety to-day.
Our bankers should look upon
such
a
loan
as a
godsend because after it is
granted they can loan billions upon billions of dollars to Europe with
safety
wnile in addition they can collect for themselves and their merchant
friend
gets on her feet and meets her obligations,
besides,
issue of Oct. 30, page 1704, we referred to the fact
push it through Congress
this credit is established the
sooner
outstanding accounts in Europe, which they
through
loans to producing states.
In
of like kind
money
the 8th inst. passed the
the present rate of exchange and would
out
I take this occasion to
any company
degree of safety to Central Europe before the amount of the indemnity
paid by Germany to the Allies is actually agreed upon, and which we
against
permit
or
to be
our
would
companies
do not believe will be done until the Allies agree to grant
to Central
state:
It
two
part of this article, and which credit takes priority over all Allied reparation
claims, and every banker snould know that no one can safely loan
MONEY ISSUE FOR BRAZIL
Rio
proposed capital of $12,000,000.
a
lege of securing
exchange.
that the Brazilian
with
before they are created, because the foundation is only of sand.
any
The total amount for repayment of the"American loan is now £59,229,000
against £50,830,000 accounted
on
Europe.
company
Every one should know that
of Commerce" said:
Ineffective.
being formed to-day to sell farm and other products to
One company with a proposed capital of $100,000,000 and another
are
remark that these
special cablegram from London Nov. 11 to the "Journal
difference is loss
which America must have.
be reduced to £20,000,000.
our
bankers
can
unless Germany
which she is glad to do; and,
may never get
collect outstanding accounts from
our farmers in
this country, which they cannot
pay until they find some one to buy and
pay
for their products.
Yours faithfully,
WILLIAM WALLACE BRAUEB.
ISSUANCE OF PAPER MONEY IN PERU PLANNED
Under date of Nov. 8
a press
dispatch from Lima, Peru,
said:
A
measure
which would govern the issuance of paper money in Peru
discussed by the Chamber of Deputies today.
to necessary articles for one y*~v, or
was
It is planned to limit imports
until the Bank of the Nation is
created*
5
Beekman
Street, New York City.
Commenting
of Nov.
11 said
upon
this proposal, the "Wall Street Journal"
editorially:
.■*
Halting business in the United 8tates need hesitate no longer.
a
well thought-out
plan to give us financial assistance.
has
Germany
The plan
letter from the German agent published in the "Journal
of
Commerce" of Nov. 8.
But before this it had already received the errthuis outlined in
a
Nov. 13
siastic
approval of
is
Germany to
for
United
States.
The plan
the
farm Federation in session at Washington.
a
buy a billion dollars' worth of farm products in
Business,
of
course,
There is only one slight matter to
is
ever,
a
rightly if the deal
There is
a
were
a
the United States
for the purchases.
This, bow-
150,000 freight cars.
stock?
treated
It is to be found in Ful
debts," said the Lord Cardina
tnis naive offer.
"With all my heart," was the reply.
from
"But where
can
instead of making new
Hard
his stores.
the
as
it may be, the producers of food
tions to pay
cleared up until the Federal Reserve sys¬
tem works off its huge supply of rediscounted paper.
Farm paper, dis¬
counted at the local banks, makes up an important part of this stock of
rediscounts.
It is not in the industrial but in the agricultural states that
the borrowings are the most disproportionate.
.
Holding wheat and cotton in hope of creating an artificial price will not
save the situation.
The farmers themselves would ultimately lose more
liquidation means paying debts and increasing
capital for productive enterprises.
Lower prices for all essentials will
result in benefit to the farmer as well as to others.
It is a sounder plan than
gain.
than they hope to
loaning
the
But we do ask European na¬
loaned them and we do expect them to pay.
money we
its debts and expects Europe to do the same.
In this connection be it remembered that we
will have to settle with thei
Hamburg-American line
when we declared war*
and also for the properties of German citizens in this country sold by the
Commission.
Of course all expenses of repairs, maintenance of the German
ships as well as loss of American ships by submarines will be deducted and
also the value of American private property seized in Germany will bej
deducted from German private property seized in the United States.
The United States stands ready to meet all of its international legal and
moral obligations and will expect the same observance of their obligations
German Lloyd and
which to buy from you something that you
bankrupt money with
a
North
ships interned in
,
ports and subsequently seized
our
by European nations.
John
Economic
Keynes in his very interesting book— The
Maynard
Peace"—not only seriously proposes that all of the
Consequence of the
United States, shall cancel all their claims on each
Allies,including the
have to sell.
Not a dollar.
these billions?
private owners—the
same.
anywhere
much as Germany
compensation for our loss of lives and resources.
The United States will pay
and textiles must do
as
or
pay.
We did not want any of the spoils of war.
warehouses at present prices
ones for the purpose of carrying
The credit situation cannot be
5
$100,000,000,000
to
up
We did not ask for any
The wholesaler must empty his
end.
and cancel debts,
$10,000,000,000
life and property,
supplies, &c., the Allies have
of mdemnitites and reparations
Is the United States to receive any of
money?"
position of the farmer is a hard one during the deflation period; so
that of the manufacturer and the wholesaler.
But liquidation must run
to the
wheel.
a
assessed Germany in the shape
The
is
Not
5,000 locomotives and
Does the United States receive any of this rolling
Germany was to surrender
compensating damages, reparations, &c., for loss of
As
Not a ton.
such compensation?
Is the United States to receive any
for the cost of war, loot of food, machinery
"You must pay your
spendthrift.
young
I borrow the
can
pay
not consummated.
classic precedent for
wer's "Richelieu."
to
be adjusted first:
billion dollars to
1923-29.
to
up
Under the armistice
detail, and the farmers would feel they were not
mere
8,500,000 tons annually
Italy from 4,500,000 tons in 1919-20 rising to
to
would feel the stimulus of such an
increase to the farmers' purchasing power.
must loan Germany a
1899
CHRONICLE
THE
1920.]
strongly intimates that this Is the
other for advances and loans made but
only solution of the matter,
the debts of
cancelling
the allies to
the
As the United States is the
the expense of our country and people,
at
[From the November Letter of Nelson,
that the United States,
address,
Cook & Co., Bankers, of Baltimore, Md.l
have proposed, in a recent
of Maryland is reported to
Senator France
Britain and France to the U nited
in exchange for the debts due by Great
States for advances made, shall acquire
possession of the former German Colonies in Africa.
Senator France is reported to have said as follows:
relief to her, while the United
States might purchase the colonies from the Allies for a sum in excess of this,
say about $11,000,000,000, which would go far toward cancelling the Allied
The effect cf the payment of so large a sum of
debt to the United States.
outstanding international debts by
these
colonies would be immediate
There is
effect
no
means of
understand
Senator
be
the
We do not doubt it.
says,
would be
an
If there is any one thing which
in half civilized
American
It would be "fun for the boys
the United States does not want and to
the United States will, in our opinion, not consent, it is
foreign territory in any part of the world and especially
Africa, nor should the United States Government or the
people
ever
consent to any compromise of the debts due this
country by any solvent nation.
The funded debt of the United States before the world war was under
Now it is about $24,000,000,000-
$1,000,000,000.
In addition there is
floating debt of about $2,500,000,000.
a
Under date of
Aug.s15 the Treasury Department placed the aggregate
Indebtedness of foreign
$9,711,739,636
upon
France
which there had accrued interest to June 30 1920
$126,910,635 58.
African colonies acquired from Germany
do not understand Senator France's suggestion that the United States
might purchase them from the Allies for a sum in excess of this (the $5,000,000,000 credit to Germany), say about $11,000,000,000
far towards cancelling the
In
which would go
cancel the foreign debts due the United States,
should practically not only
amounting to some $10,000,-
national
debt through an advance to Germany of this amount.
"In compensation"
(?) we are to acquire colonies in Africa with all the responsibility and C06t
such
The
acquisitions.
United
States is under no legal or
which would suggest a
than
more
whole
Would the people of the
bution of loans?
*
moral obligations to the Allies
to the
Peace Treaty, are due to
receive compensation
for*losses
battleships, cruisers, destroyers, submarines, airplanes,
munitions, &e., surrendered to the European Albes, Germany has ceded
them all of the vessels of her mercantile marine exceeding 1,600 gross
half of her vessels between 1,000 and 1,600 tons, trawlers, fishing
boats,
&c.
.
Germany has undertaken to
,
build for the Allies such types of ships
they may specify up to 200,000 tons annually for five years,
as
the vlalue of
credited to Germany against demanded reparations.
the United States receive any of this shipping?
Not a vessel except
the ships to be
Does
a
couple of old damaged light
cruisers and brcken-down destroyers, as
Germany has ceded to
Does the United States get any
of them?
Not to the slightest extent.
to France absolute possession of the
for ten years,
of expenditures amounting to
100,000,000,000 marks, the receipts would total 30,000,000,000.
clared it
High
He de¬
impossible to vote the credits demanded for the Inter-Allied
was
Commissioni In the Rhine territory, and reproached the Minister
having done anything to remedy the situa¬
of Finance, Dr. Wirth, for not
tion.
providing for
"sacrifice
a
/./,./
t
,
Cabinet had decided to introduce a bill
Dr. Wirth, in answering, said the
tax," adding that the Government would ask a
cereals abroad.
He declared the finan¬
credit of 1,000,000,000 marks to buy
could be solved "only if they can live."
cial difficulties of the German people
germany delivers to repara ti0n
bonds for 60,000,000,000
commission
marks.
According to London cablegrams of the 9th inst.,
ment
was
Austen
made in the House of Commons
Chamberlain,
Germany
had
of which is
Chancellor of
delivered
the
to
the
bonds, it is added, is
ments
of the Peace
hold
to
them
iii
announce¬
that day by
on
Exchequer,
that
Reparations Commission
gold marks, the value
approximately $15,000,000,000."
of the
The delivery
accordance with the require¬
Treaty, and the Commission
proposes
security for and in acknowledgement of
as
Germany's debt.
v
investmnents by dutch in
decline in
The
Saar Basin coal
of coal per
to Belgium 8,000,000 tons annually for ten years and
u. s. securities-
stocks.
dutch
following copyright cablegram from "The Hague,"
appeared in the New York "Times" of Nov. 9:
"inflated doliar quotations" here are still worrying the business world
There is much controversy in the press as to the reason to
the sudden depreciation of the
money
is naturally
It
guilder, which has held its own so long in tue
market.
assumed that the chief reason is the large importations,
/especially of coal from America, but the fact that big capitalists are sending
enormous sums to America and steadily buying scores of millions of dollars
is not discussed.
Bolshevism
American
the
war,
that
and
The Dutch feel that America is the one place safe from
otner
securities.
favor
social
disturbances,
Even the small
those securities.
they invest millions
and
farmers,
one
o
investing largely in
whereas only 20% of the
subscribed.
been noted in several
cablegrams from Amsterdam during the past month;
on
Oct. 14 said:
While stock
were
are
who grew wealthy during
Bankers in small provincial towns say
of dollars monthly,
The decline in Dutch stocks has
press
of the coal remaining outside of Upper Silesia and the Saar
fields, Germany is obligated to deliver to France 7,000,000 tons
annum
70,000,000,000
Reich¬
of approximately
deficit
He said that in the face
stag yesterday.
the Allies all of her rights and titles to her overseas
possessions, including railways, Ac., without payment.
Germany ceded
a
marks, Dr. Karl Helfferich, former Vice-Chancellor, declared in the
Amsterdam municipal loan has been
curiosities to be used as targets and sunk.
minpfi and out
faces
treasury
considerably.
guns,
to
tax."
Nov. 5 said:
papers
Germany's
made and dam¬
sustained.
tons,
I
regard to the German Treasury's deficit, cablegrams
daily
participating in the war against Germany
exception of the United States, as arranged in the armistice and
In add'tion to the
States approve such an unequal distri¬
proposed "sacrifice
With
United States should cancel any part of the debts due by
nations for cash advances made them by our Government.
All of the Allied and nations
ages
United
We think not,
(Term any faces deficit of 70 billion marks-
suggest that the
with the
States will lose the
cancellation of their indebtedness to us, and as to
acquiring colonies in semi-barbarous, half-civilized Africa— Gcd forbid!
We can not for the life of us understand why any American citizen could
European
cancel its $10,000,000,000 loans to the
$2,000,000,000 net, while the United
$10,000,000,000.
000,000, but also add an additional $5,000,000,000 to our present
of
Belgium $450,000,000
Allies, Great Britain will lose, net, not more than $5,000,000,000 and France
not
bonds to the amount of 60,000,000,000
Allied debt to the United States.
word Senator France proposes that we
a
'
Now if the United States agrees to
As Great Britain, chiefly, and France to a
smaller extent, are interested in the
we
$3,000,000,000, and to other nations about $500,-
*
and to other States about $400,000,000.
$4,277,000,000 and France $3,007,974,777, and of the total amount of
interest accrued to March 13 1920 Great Britain owed $232,312,740 77
and
borrowed
about $4,500,000,000
countries for money loaned by the United States at
Of the principal of this amount Great Britain owed
about $460,000,000.
States
has loaned Italy $175,000,000, Russia $800,000,000,
"enor¬
but death to the frogs."
the acquisition of
United
the United States about $3,500,000,000 borrowed money and
owes
is that the
receive, upon ratifying the sale, a credit
Senator France
which credit,
which the people of
'
France
African Colonies for about $11,000,000,000
and in addition that Germany is to
relief to her."
about
Russia
to
"immediate and profound."
France correctly his proposition
United States shall purchase these
$5,000,000,000,
the
owes
and has loaned to France $2,500,000,000, to Italy $2,400,000,000
money
and profound."
transaction would
a
Britain
heads I win, tails you lose" proposition.
one-sided
a
the transfer of these
doubt about the fact, as the Senator expresses it, that
such
of
we
mous
Great
while the other nations would
the difference between the amount loaned and the amount
Quite
000,000.
$5,000,000,000, which would be an enormous
of
borrowed.
and
United States, in a conference, to ask upon
what terms England and France would sell this territory to the United
States, receiving credit to the amount of the purchase price on their debts
to the United States, Germany at the same time to ratify the transaction and
to receive a credit to the amount of the value of the colonies, a minimum of
If
sacrifice only
might be desirable for the
"It
only nation which has not borrowed one dollaf
from the Allies the cancellation of the $10,000,000,000 loans made would be
unique proposition.
states—a
united
quotations continued to
drop on the Bourse today efforts
and the speculative public
view to stabilizing financial affairs.
being made by the highest financial interests
bring about a conference with a
On
the Bourse
today
rubber, petroleum
sugar,
closed below Wednesday's prices.
and
shall not exceed 50%
of the value of the documents accepted as security
by the exchange office.
Art. 3. The state shall have rights over all the property of the debtor
shipping shares all
Havana Sugar reached
while Royal Dutch Petroleum was down a point to 729.
Some of the
largest bankers
bank in security for loans authorized in virtue of this law.
Art. 4. The loans shall be made in such a manner that they can be paid
off within a period of one year, counting from the date when the office
endeavoring to persuade the shipment of
are
gold to the United States in order to reduce the exchange price on paper
of Holland.
currency
begins the operations authorized by this law.
Art. 5. When the notes loaned for a fixed period have been repaid, as
referred to in the preceding article, the exchange office shall proceed im¬
.
Further advices Oct. 27 said:
Quotations showed
mediately to the complete destruction of them by burning.
striking slump
a
Bourse here today,
the
on
Art. 6.-8.
some
was
the lack of demand
due to
used.
The exchange office shall be permitted to apply its present resources
in paper currency for the fulfillment of the provisions of this law.
partial recovery of the market,
for petroleum and to unfavorable sugar
reports from the Indies.
%,;■
/
•
MEETING TO ORGANIZE 8100,000,000
A
Commissioner John A.
in
Fowler at Batavia,
Java,
for the
tion regarding the demoralization of the Javanese markets.
threatened with
reactions
hand to such
on
bankruptcy.
which
would
that
an extent
a
other products,
conferences were
ised
to
are very
good
reasons
for believing that the banks have
support importers of good standing,
extension
financial
of the
disturbances.
prom¬
in order to prevent further
While
losses if they are forced to liquidate at once, there is every reason to
believe that the basic conditions of banks and industries
present market prices of the principal products
equivalent to about 4 cents
a
pound.
chanics
good.
are
per
The
At present there is
picul, which is
no
market for
the
long experiences of the Dutch in commercial fields, it is reasonable to
hope that the situation
may not
become critical,
though a number of
even
failures should result among the speculators.
Until the situation develops, therefore, it is advisable to exercise caution
been opened in Java to cover the transaction, particularly with reference
«to expensive luxuries and automobiles.
'
and
Nov. 9 the receipt of the following cablegram from Paris:
private banks and from the provinces confirm
early indications of the great success of the new French loan.
the
turn
requested advances
proceeds into loan subscriptions.
In country
their unsold wheat
on
so as to
is
for "Commerce
Day,"
Nov. 25, when most French cities and the Chambers of Commerce of fifty
Departments will devote the entire receipts from the day's business to loan
K1
subscriptions.
The
OF
FRANCE
In connection with the consideration
gested by the Committee
reduction in
was
the item of advances to
the government
The sinking fund
main account, and the other an excess devoted to reduction of the Bank's
This latter item is accounted for by reference to
agreements between the Bank and the government, under which
stipulated that when the
credits.
accumu¬
In the agrement of
set up should reach the
reserve so
expected to meet, the
excess
shouldTbe applied
government's debt to the Bank.
in a way
a sum
State.
of 13,947,000 francs applied to amortization of advances to the
A notable increase in this item is expected because the agreement
referred to above will not be in full effect until after Jan., 1921, and because
moratorium bills and
as
will
reduction
course
of advances
credits
pre-war
available for
become
to
liquidated, additional
are
the
amortization
the
government.
account,
It
aggregate capital of approxi¬
an
That capital has been supplied
by the na¬
to
be
become members of the
power
of the country
that has been of maximum helpfulness in tne trying times that we
have recently
passed through and
are
It has proven
experiencing.
now
splendid piece of financial machinery for the commercial business
a
of this country,
but to that extent and
further
no
it properly go under
can
the law.
The
foreign trade of this country,
that
a
of the unique position of
on account
States in the past few years, has
expanded to such an extent
contraction to pre-war conditions would have a most depressing ef¬
fect, and, therefore, it has
of equally
be recognized that another large piece
come to
important financial machinery is needed in order to finance that
our
avenue
of production
It
now
law, known
is to be
is
seen
will keep our people at work
as
adequately employed.
This
can
likewise be
the Edge Act, makes it possible, but not com¬
as
and
sums
will go toward
estimated
that
in
the
whether the banks of this country, required as they were
by the Federal Reserve law to furnish the capital for the present Federal
Reserve bank system, will, without compulsion of law and of their own free
will and accord, rise to the occasion and bring into existence another equally
important and potential piece of financial machinery.
It is estimated
that at the present time loans
credits in connection
or
with the foreign trade of American exporters aggregate
approximately four
billions of dollars, and it is a well-known fact that
a
directly
country
indirectly carried by the banks
or
of the
Long-time credits
are
in short-time
undesirable from the stand¬
point of prudent commercial bank management, and
with the
great deal of this Is
much of it must be renewed from time to time, it in fact repre¬
as
long-time credits.
spirit of the Federal Reserve Act in
bank business.
According to these stipulations the Bank of France statement of Oct. 28
shows
twelve Federal
are
the Federal Reserve Act,
as
It has resulted in co-ordinating the banking
system.
form, but
was
These banks have
hundred millions of dollars.
one
compulsion of law, known
sents
1918 it
There
in the interest of the commercial business of this
Federal Reserve Board.
mately
Bank might incur on moratorium bills and
to the amortization of the
Commerce and Marine of the American Bank¬
on
country under the supervision and direction of a central body known as the
lated interest paid by the government was destined to absorb losses that the
amount of risks that it was
the part of the bankers of this
on
States Foreign Commerce Bank, as sug¬
operated under the Federal Reserve law.
Reserve banks operated
account, in this statement, is divided into two parts, one representing the
advance to the State.
Nov. 8 with regard to
on
pulsory, for the banks of the country to furnish the needed capital therefor.
in the last statement of the Bank of France.
appears
Washington of the
ers' Association, it might not be amiss to refer to the present banking sys¬
ment to that
GOVERNMENT.
receipt of the following statement by cablegram
important
we
done under the Federal Reserve law, owing to the fact that a recent amend¬
ADVANCES
announced by the French Commission in New York on Nov. 4:
An
As
1615, the movement
McHugh said:
foreign trade and maintain It at such figures
BANK
TO
statement issued
a
country of the proposed United
and
REDUCING
York.
New
of
Bankers, manufacturers, exporters, importers
In
the United
enthusiasm throughout France
great
Bank
issue of Oct. 23, page
the movement under way, Mr.
This has resulted in a large
volume of bond purchases from this source.
There
our
Commerce
the Chair¬
McHugh, Vice-President of the Me¬
National
the Federal Reserve law requirements in order to
The French Commission in the United States announced
districts peasants have
on
tional banks of the country, and such State banks as elected to conform to
SUCCESS OF NEW FRENCH LOAN.
Further reports from large
call
Nov. 5
producers have been asked to participate in the Chicago
meeting.
under
on
cor¬
a
plan for the proposed cor¬
endorsed at the recent convention in
was
tem as
In negotiating documentary drafts based upon shipments unless credit has
Metals
Association.
tea, and naturally other markets reflect the general world-wide inactivity;
but in view of the sound basis of the country, which is undoubtedly due to
&
announced in
above the cost of pro¬
are
duction, the cost of production of sugar being 14 florins
The
inaugurated by the Committee
was
of which is John
man
importers have consider¬
able stocks of piece goods, iron, and steel, on which they would suffer very
severe
on
and Marine of the American Bankers' Association,
and
while the decisions reached by such conferences have not been given pub¬
licity, there
poration
As the failure of such speculators might have
seriously affect
organization meeting having been issued
ican Bankers' Association.
number of them were
held by the local creditors, for the purpose of protecting the market,
Dec. 10 and 11,
on
by John S. Drum, the newly-elected President of the Amer¬
The drop in the price of sugar evidently impaired the credit of speculators
who still have stocks
proposed 8100,000,000 foreign trade financing
poration is to be held at Chicago
the following informa¬
gave
meeting for the.purpose of effecting the organization
the
of
cablegram to the Department of Commerce at Wash¬
a
ington, under date of Oct. 26,
FOREIGN TRADE
FINANCING CORPORATION.
FINANCIAL CONDITIONS IN JAVA.
Trade
exchange office
the credits authorized by the
present in possession of the exchange office for exchange purposes will be
730 and 740, and the same was true with Java Sugar, which reached 606.
a
on
tion.
Dutch Petroleum for example, hovered between
Newspapers say the slump which followed
The interests
in accordance with this law shall become part of the funds of that institu¬
To comply with the provisions of this law, the amount of notes at
stocks reaching the low mark recorded during the recent depression.
Various Issues of Royal
^
,
low level of 660,
a
[Vol. 111.
CHRONICLE
THE
1900
so
far
as
are
not in harmony
it applies to commercial
Such long-time credits should be handled by an investment
corporation of wide and extensive distributing ability, and if they
were so
handled there would be a marked improvement in the banking situation.
Such
corporation
banks and business
I
am
men
of this country,
and if it be brought into existence
confidently of the opinion that it will
of this country
tem
into existence through the co-operation of the
can come
prove as
and the proper financing of it
as
helpful to the busines
tlhe
Federal Reserve sys¬
already has done.
of the next year reduction of the State's debt resulting from these
operations will not be less than 800,000,000 francs.
CANADIAN
ISSUE OF CURRENCY BY
NEW
PARAGUAY IN AID
OF
OF BANKS.
It
Additional information relative to the proposed issuance
by the Government of Paraguay of
of
amount
advices
from
the
to
the
Sept. 14.
these
30,000,000 pesos
new
currency
to
the
has been made available in
Department of Commerce at Washington
Legation at Asuncion, under date of
American
Reference to the
columns
Information
Sept.
which
18,
has
new currency
page
come
to
1131.
issue appeared in
The
more
detailed
Washington appeared
made known
was
House of Deputies of Paraguay on Sept. 8 passed the
discontinue
in
sisting
the
the
announcing this
Edwin
Hanson
of
issued
and
Montreal Committee
C.
individual
of
as
S.
Finance, have agreed to
any
importation
was
ACCOUNTS
SECURITIES.
Nov. 9 that the Canadian banks,
on
account
securities.
or
A
house
follows, by H. B. MacKenzie,
Garland, the members
Following the recent meetings at the stock exchanges here and in Toronto,
on
the
portation of securities.
The Minister
appreciates the support he has received in this matter from
obstructing
law.
the
of
subject of his request last February, that, in the national
interest, all con¬
cerned should unite in a policy
involving certain restriction on the im¬
sively to grant loans to the banks of this capital in the form expressed by
Art. 2. The loans shall be granted by the board of directors of the ex¬
change office under the following conditions: They shall not exceed a period
of six months: they shall pay interest at the rate of 12% per annum, and
shall be guaranteed by the assets of the banks.
The amount of the loans
per¬
statement
:.
the great majority of those
DISCONTINUE
the request of the Minister of
following act which had been presented by the President of the Republic.
Article 1. The exchange office is authorized to make an emission of legal
currency up to the amount of 30,000,000 pesos, to be used only and exclu¬
this
TO
IMPORTING
the Minister of Finance has been in further conference with
the banks
as
follows in "Commerce Reports" of Nov. 1.
The Senate and
at
BANKS
THOSE
tinued
to
addressed, especially
as a
few houses have
con¬
import securities
through various channels, thereby not only
in view, but also securing for themselves an advantage
of their neighbors.
purpose
at the expense
As the measures hitherto employed have not served
to check the opera¬
tions of this small minority, the
Minister, in order that his plan^may become
fully effective, and in fairness to the dealers who are giving him their sup-
Nov. 13
of securities, and the banks, recog¬
house persisting in the importation
by him, have agreed to do so.
nizing the exigencies of the case, as pointed out
Those who have been
receive
further
a
loyally cooperating with the Minister will therefore
measure
only
of protection, since the banks will now not
their refusal to facilitate such importations, but will in future
continue
/
persisting in them.
The Minister has requested the
-
of continued importations of
they will report the facts to him in order
they receive, thereafter, convincing information
that he in turn may
communicate with the banker or the individual or house
Such information may be given to any of the undersigned.
concerned.
he outlined the Governments'
plans for the reorganization of the country.
He justified the issue of the
north and south as
Presidential mandate declaring the unification of the
ment the Government felt
CHINESE
DISCUSSES
PREMIER
settlement.
The Government also has
will be carried
wards
a
Nov. 7
on
Government's sovereign rights
nanced.
A
Nov. 1 by the Peking
on
Government were outlined to newspaper
■■■'v..-;.,:',,
yesterday by the Premier.
men
Peking Government
The commission will include representatives of the
and the defunct Canton Government,
and military chiefs as well as civil
heads of the Southern Government have been
hope of the Peking Government to bring out
ernment embracing
invited to attend.
of this commission
It is the
Gov¬
a new
all factions.
American, British; French and Italian
by
consortium recently organized
bankers.
"Granted the necessity of the
loans," said the Premier, "if such loans en¬
danger the Government's sovereign rights or even savor of
them, the Government will not countenance
sonal
I
undertakings.
proper
Loans
it.
endangering
are necessary
only
the people from the necessity of diverting funds from per¬
In order to spare
confident that with a proper program and a
am
Parliament the Chinese people will see the necessity of funds for
on
the above, the "Journal of Commerce"
In its issue of November 6 the
yesterday to attach undue importance to
relative to the international consortium
the remarks of the Chinese Premier
China's sovereignty
loans from the consortium if
thereby impaired or even possibly endangered
were
regarded merely as a crystallization of the sentiment known to prevail
was
in
His declaration
China, as reported in dispatches from Peking.
assist
to
that the Government would not countenance
some
consortium purposes to exploit the Rot
which leading bankers in the
quarters in China that the
public for
private
This sentiment,
gain.
In the consortium have stated to be based
national groups participating
misapprehension, is recognized as one of the principal obstacles to be
before the consortium can function properly for China's benefit.
upon
overcome
The point was
made yesterday that the conception of the consortium which
would justify the
Premier's statement was altogether out of line with the
During the sessions of the consortium dele¬
underlying it.
ideas actually
gates In this city last month stress was
placed upon the fact that the inter¬
national undertaking was initiated at the request of the
Foreign Offices of
(in the case of the United States by the State
the respective Governments
Department) and that it was specifically predicated upon the
that
In
no one
other
In
China.
understanding
Power would obtain or seek to obtain a predominant
influence
the view is expressed that the international
words,
is in itself the best assurance that China's
character of the banking support
sovereign rights will be observed.
The ability of the Chinese
7, in which it is pointed out that
people to provide the funds necessary for re¬
tioned here, at least if his statement is meant to
railroad
other
and
developments.
sortium at their meeting adopted a
The matter is dealt with as follows in
communication referred to.
The secondary papers
much was to
investment market worthy
had been built up in China as yet.
name
No application.for a loan from
the consortium has yet been received from
China, it was indicated yesterday, nor is it regarded as probable that one
will
be
The consortium, however, is pretty well prepared to
straightened out.
handle such
a
the flotation
in
surrounding
confident that there will be little trouble
proposal when it arrives and, provided conditions
are
right, bankers are
I
obtaining funds for China.
T.
DISCLAIMS
LA MONT
W.
CHINESE
A letter addressed
& Co. to
East
are
was
made public yesterday (Nov. 12) by the
Commercial Intelligence Service at Washington,
that "no preference will be extended
particular business interest in the undertakings that
contemplated."
I have before
me
your
The letter is dated Nov. 4, and says:
letter of Oct. 23 addressed to Mr. Martin Egan
and I unreservedly can assure you
for the American group of bankers in the
consortium for China that no preference
business interest in the undertakings
I have
no
conferences
their attitude is identical with ours.
Our aim is to help Chino in
means
will be extended to any particular
that are contemplated.
authority to speak for the other groups, but my
with them convince me that
as
IN
by Thomas W. Lamont, of J. P. Morgan
In it Mr. Lamont says
to any
PREFERENCES
CONSORTIUM.
Dudley Mayo of Washington, regarding the Chinese
Consortium,
Far
have been
forthcoming until political difficulties in the Republic
of communication,
developing her great basic enterprises, such
of the same article, urge
good to be gained by quoting from many
no
policy.
-
A
as
GIVES OUTLINE
OF
REFORMS
copyright cablegram from Peking Nov. 6 was
follows by the
Boot
Other Leg.
on
Gold stocks in Argentina
leg.
Now the boot is on the other
roughly about $550,000,000, being the fourth
"La Razon," can write as
Yet a responsible
on
our
journal
follows:
"It is natural that the eyes of
be fixed
the
Her trade with
is manifestly creating heavy balances in
if exchange is anything to go by.
her favor,
to-day are
largest in the world if
of the reckoning as uncertain.
nation save the United States
every
all the great financiers of
the world should
it by hundreds of
conversion fund and try to open
clever
fundamental idea (the with¬
drawal of gold) which will be all the easier, seeing that their efforts are
directed against a market which, financially considered, lacks organization
and on which the Government cannot exercise the efficacious and decisive
financial schemes designed to
carry
control which is exercised in other
out the
countries
.
.
.
We lack banking
midst in a manner akin to the horse
laws and certain foreign banks act in our
of Troy,
benefiting interests that are contradictory to ours, just as if they
orders from abroad, or emanating from banks having more
under
acted
important interests to
under
our
consider than those of the
branches established here
species of control."
liberal legislation and exempt from every
usually pointed by the undeniable fact that United
States loans to Argentina have been called up at due date, and have not
been renewed.
It is undeniable that this complete absence of any perma¬
nent investment of American capital does rankle in Argentina at the present
The arguments are
perfectly logical reply, that while
time, and the
Argentina herself will invest
of interest she can hardly expect
nothing at low rates
outsiders to replace
attention it deserves.
This is not intended as being critical; it merely states the facts as they are
to-day for the benefit of those who fail to make head or tail of the incompre¬
her
market, never receives the
own
hensible view of the
Argentine
on
finance. 1
Argentina Must Alter Her
•
,.
Views.
commercial man fail to realize
is that before the war this republic was to some extent the preferred outlet
for surplus funds seeking a 7% return on reasonable security, and that to-day
not only is it difficult to get 7% on many capital propositions in Argentina,
but it is also easy for the investor in Europe and the United States to do
What the average
better with his
Argentine politician and
!
funds nearer at home.
generally understood in Argentina there can
Till this is
be no hope of
economic foundation for argument.
Argentine Government is the worst offender in this matter of mis¬
taken comprehension of the position.
Take as an example the renewal of
$80,000,000 Argentine paper short .date bills, with interest ranging from
5 A to 6M%.
This rate the Government expects for a six-month renewal,
but one might almost write "insist" rather than "expects," since this is
what it amounts to when the state of the local money market sees banks
getting down to a sound
The
paying as much as 7 A %
National 6%
and the
87,
or
for fixed deposits for a similar period and the
guarantee of a mortgage
amortization, are quoted at
Cedulas, bonds carrying a double
national promise to meet interest and
13 points under par.
That it would not
be politic for the holders of the
mentioned to refuse to renew
short-date loans afore¬
evident that the
is evident; but it is also very
its financial advisers are sadly misinformed as
to the wisdom of the course they are pursuing.
^
It is this obstinate refusal to look matters in the face; this insistence on
Argentine Government and
petulant clinging to the belief
of the ordinary cycle of world
makes her best
friends dread what will happen when she wakes from her infatuation.
Individual openings for the accumulation of wealth are perhaps greater
than ever, but until they can be co-ordinated with the national welfare the
situation Is full of danger and the political outlook does not lead one to hope
for a rapid or effective change in the conduct of public affairs.
the unique
that
a
position that Argentina holds; this
special providence leaves Argentina out
conditions and places her just
SITUATION
where she was in 1914, that
New York "Times" Nov. 7.
published
IN
ARGENTINA WITH ADVANCE
AMERICAN DOLLAR.
IN
PRICE OF
The following
from
dispatch
was
received by the daily papers
Argentina Nov. 10:
of the American dollar
high record, and it is said that there>re
no prospects of an abatement in the rise.
Consequently it is reported that
a critical situation has been
created among firms dealing in merchandise
There has been
PREMIER
gold stock.
ill-informed and
evidently biassed views on the attitude of the United States towards Argen¬
tine trade, but it may be said that the writers one and all forget that when
at the beginning of this year America shipped some $89,000,000 gold to
wipe off her debit balance, the arrival of the shipments was hailed with
exaggerated enthusiasm, and the example of America in thus freeing the
traffic in gold was held up to other nations as an example of wise commercial
There is
without saying that in order to accomplish our purposes
CHINESE
"abstract" part of Argentina's
will enable other nations to
who purchase her bonds in the underlying
projects for which she borrows and they loan.
for China
we must do our best to see that she secures the benefits, other things being
equal, of the lowest possible prices for the material and equipment that
finally go into the upbuilding of her public utilities.
It goes
articles whose burden
responsible for the depre¬
these very journals, as often as not
the Government to do nothing that
&c., and at the same time to protect both
China and the foreign investors
and intrinsic value of the
chiefly, if not solely,
ciation of the Argentine dollar; and yet
course
the
|
in Buenos Aires are full of
is that the United States is
in the con¬
interested
resolution designed to encourage China's
expected immediately from this move, as no
of the
include funds for essential
bankers
At that time, it was remarked, however, that not
self-help.
be
The
date of
Argentina blames
decline in exchange rates on
the United States for the great
that country.
her in
organization, confidence in which was expressed by the Premier, is ques¬
"Evening Post" of tliis city
printed correspondence from Buenos Aires, under
Russian figures are left out
not inclined
were
RATES ON
ARGENTINA.
.
of the 9th inst. said:
Bankers here
infringed China's
FOREIGN EXCHANGE
IN
reorganization and will provide them."
Commenting
finances reorganized.
invoked political considerations.
or
DECLINE
in the
took occasion to challenge the international banking
The Premier also
which
After¬
military administration
constitution will be drafted, the civil and
foreign loan would not be accepted If the conditipns
Oct.
commission pursuant to the unity proclamation
Plans for the calling of a
issued
they would not be counte¬
the dispatch herewith:
We quote
representing the people.
separated, reduction of the armies continued, and the
THE
saying that if Consortium loans endangered the
as
planned the election of a new Parliament
without corruption, truly
on
reported in Peking dispatches
was
settle¬
by the
The Government has
CON¬
SORTIUM AND SOVEREIGN RIGHTS.
The Chinese Premier
To secure a peaceful
compelled to accept the position created
resignation of the Canton military administration.
sovereignty
CHINESE
Government.
indicative of the sincerity of the
committees appointed by him that, should
securities in disregard of his request,
accorded an interview
Chinese and foreign journalists to whom
to
proposed to appoint a commission to devise a basis of
further business with any individual or house known to be
decline to do
Chinese Premier today
For the first time in history a
the account of any individual
port, has now asked the banks to discontinue
or
1901
CHRONICLE
THE
1920.]
in the past
from the
a
further advance in the price
few days to 133, a new
United States.
One bankruptcy which was
the price of the dollar.
are on
reported to-day is attributed to the rise
the verge of failing, including pne with
The
leading
liabilities of 9,000,000
approaching
by
pesos.
These
of rejected
*
American merchandise in the
Custom House is estimated to have reached the value of 10,000,000 pesos.
The dollar also is said to have reached
nigh record of 131 in Uruguay, in
a
which country it is reported that conditions somewhat similar to those in
The
same
kronen,
Reports" of Oct. 28
gold valued at $1,565,500 kroner,
";
which if filJy sub¬
scribed,
of the
Commonwealth
£360,000,000
($1,750,000,000)
or
indebtedness
($1,975,000,000) of which
£72 ($350) per capita, is indebtedness due directly to Australia's
bonus
of interest,
pardcipa
Interest is at 6%. and the issue is par, but a
payable to those who anticipate the installments, the
final of which is due Jan. 21 1921, will increase the effective rate to
6%.
over
Sept.
6,
probable that
trifle
■
considerably short of the required amount, and it is
are
a
a
;
subscriptions to the loan, becks of which
•
At the present writing (Sept. 1)
close
month's extension will be made, especially as large disburse¬
ments are soon to be made to wool growers
consigned to the
was
y'A
that consigned to the Canadian bank, which accepted the
was
shipment and subsequently sought to dispose of it to the Government.
Some bankers
yesterday held the view that the Assay Office merely
seen
by the Central Wool Committee
purchase.
a
The
gold, therefore, having been rejected by tne Government, is believed to be
to
£406,000,000
•/'-V-'VV''/
office takes the metal the transaction is in the nature of
The Commonwealth of Australia is floating in Australia a so-called peace
loan of £25,000,000 ($121,662,000 at normal exchange)
tion in the European war.
$419,554,
or
Bank of Commerce here, being shipped by private interests on
accepted gold for melting and assaying, but inquiry developed that when the
Melbourne, under date of Sept. 1:
gross
consigned to the Irving National Bank by the
were
: V-■'>'
The gold which was tendered at the Assay Office and rejected by it on
printed the following from Trade Commissioner A. W. Ferrin,
the
Sixteen boxes, containing gold valued at 3,009,024
$806,418,
or
Wednesday
increase
hitherto.
as
Nordiska Handelsbank of Stockholm, while the remaining boxes, contain-
A USTRALIAN PEACE LOAN OF £25,000,000.
will
much a puzzle
as
light yesterday regarding the shipment of gold
to
came
part of the mystery.
the other side.
at
gold from Sweden is of Russian
in its issue yesterday said:
paper,
Further details
Canadian
Under the above head "Commerce
v4*' *
received from Sweden earlier in the week, which tended io clear up at least
ng
Argentina obtain.
This gold came
parties took it up.
of Riga.
way
origin, other aspects of the transaction remain
news¬
import trade from the United States rapidly is
zero.
the accumulation
Meantime
retired from the transaction and private
While it is established that part of the
continue to call on the Government to release
newspapers
papers point out that the
'
in
The newspapers report that several important firms
gold for export and thereby rectify the financial situation.
[Vol. 111.
CHRONICLE
THE
1903
unavailable to count
as
bank
The Canadian Bank of Commerce
reported to have placed the gold
was
in its vaults following its refusal by the Assay Office.
forthcoming
to
as
what
A*-,
reserve.
decision, if
ultimate disposition of the metal.
No statement was
had been arrived at as to the
any,
The suggestion was made in the financial
district that perhaps the Canadian Government would not adopt the same
attitude toward the metal
the gold might be shipped
feasible
that maintained by the United States and that
as
In this
Another solution believed
the border.
across
"arts," against which there is
the sale of the gold for use in
was
Government ruling.
to bear the stamp of the old
no
it was noted, the purchaser would fall
case,
heir to whatever liability might accrue to the transaction
if the gold, known
Russian mint, but now classed as of indeter¬
and the Commonwealth treasurer has stated his hope that an important
portion of these disbursements will be turned into Government loans.
The
minate origin, should prove to have been stolen.
banks
it
are
money
assisting the loan by offering to lend 90%
without other security than the
of the subscription
bonds.
new
That part of the total shipment consigned to the
brought in and the steamship officials are reported in something of a
quandary
CITY
OF
{HOLLAND)
BONDS
offering
concerned.
The
a new
issue of
City of Amsterdam (Holland) 7% internal bonds
15,000,000 guilders.
change in price, the bonds
\
S. BACIIE & CO.
J. S. Bache & Co. of this city are
amount of
the
to
Subject to withdrawal and
offered at 8315 and accrued
are
Interest per 1,000 guilder bond, to yield at current rates of
return
of
Dutch
possible additional income from
a
Nov.
exchange to its normal parity of 40.2c.
1 and Nov. 1.
The bonds are re¬
drawings of 375,000 guilders each
states:
1922, with
The firm
year.
a
The annual
revenue
a funded
or
a
per
A
here
J
on
'<
steamer
Drottningholm
which
Russian origin, and hence likely to be returned.
of the gold is estimated at from
on
the
arrived
The value
$1,500,000 to $2,000,000.
Regarding the shipment the "Journal
Commerce"
of
Drottningholm
is
of
on
Russian
Tuesday
origin.
on the
This
and
was
some of the metal was tendered to the
found to bear Russian markings.
the Assay Office, where it
The gold
Assay Office here
was not
accepted by
learned that strict orders against the
accept¬
was
of Russian gold have been received.
The
understanding is that these
orders have been issued because of fcne
difficulty of tracing Russian
under the Soviet regime, it
being impossible to
demonstrate, for example,
not have been stolen or may not be shipped here
by
Bolshevik agents to support
propaganda in this country.
had
tendering the gold to the Assay Office yesterday were
disclosed by the authorities, but it was
reported to have been offered by
several parties and to constitute that
part of the $1,500,000 shipment which
arrived consigned merely to "owner."
The boxes containing the metal
bore marks indicating Swedish
origin, but upon opening them examination
showed the gold to bear Russian
markings.
The gold was at once rejected
and was removed on the trucks which
brought it to the office.
it
into this country via Sweden,
tion of the authorities.
learned, to send
was
so
far
as
or
from Swedish banks
as
to whether
they would be interested in purchasing
gold of
Rjussian origin but accompanied by a certificate of fineness of the
Royal Mint of Sweden.
One or two small
shipments of Russian gold have
previously been noted here, but these have been shown by the marks on
the boxes to have
come
from Reval.
Bankers yesterday expressed the
opinion that the gold had been shipped
here on consignment by the Swedish interests
who had failed to obtain a
toAcabled inquiries, in the hope that they would be able
market for the metal
after its arrival here.
If this is
the
to find
a
explanation of
the shipment, bankers said, they are not
likely to meet with such
in view of the attitude of the
Government toward Russian
success
gold.
Shipment in October.
In connection with the current incident it
ber considerable interest
was
aroused
by
a
was
recalled that early in Octo¬
shipment of $339,636 gold from
It subsequently
developed
represented part payment for surplus railway material sold
by the„War Department to the Government of Latvia, which
subsequently
sum
passed into the hands of the Soviet
m
at
as
its origin
of this supposed Soviet gold to pome into the
several
reasons
for this, and not the least is that several
polite term, commandeered.
use a
Another
is that the gold which bears the seal of the monarchy was
ago
a
shipment of gold mysteriously appeared, and
times
no
one
destination until the State Department announced thatit
or
sent
by
the Latvian
Government
for legitimate
■
uses
in
this
•
LOAN PLAN REVISED.
pending loan to Cuba, to which
have several
we
lately referred to, the "Wall Street Journal" of Nov. 11
said:
Plans
for
director
plan
no
of
the
proposed Cuban loan have been revised, according to
of
one
the
largest
banks
interested.
According
public offering of securities will be made.
Cuban Government
the
to
a
new
The idea of having the
pledge its credit has also apparently been given up.
It is proposed to form a committee to represent plantation owners, who
in need of funds to prepare and carry them
banks
coming
here have
sugar
planters will
mittee, who will
borrowing.
in
getting
manifested
pass
on
approved credit
and
or
to
season.
for
the
collateral.
the
com¬
the loans, thus centralizing the
arrange
some estates are
their workers.
finding difficulty
This has hindered crop cultiva¬
tions and the usual repairs to mills and machinery, which
the dead
funds
make known their requirements
upon
As matters stand at present
currency to pay
through the grinding
willingness to loan
a
through this committee
sugar crop
The
are
made during
season.
INTEREST CHARGES UNDER CUBAN MORATORIUM.
"Commerce
Reports"
Dispatches from Cuba state
rendered
of
Nov.
of
no
executive
8
said:
,
judicial decisions have been
or
to the
legal rights of creditors to collect interest for the period
extension of debts established by the moratorium.
If an agreement is
reached
as
leading attorneys
charged.
interest
and banks
are
convinced
However, in the absence of such
can
nant to a
be charged, since the matter of
moratorium, by which
a
an
that
interest
can
be
agreement, they think that
charging interest is
debtor is merely afforded
a
not repug¬
legal
excuse
deferring payment.
OPENING OF BANK OF BROTHERHOOD OF ENGINEERS.
The
Brotherhood of Locomotive Engineers
National Bank
which point the
War Department
began business
Nov. 1,
on
as
Co-operative
scheduled, its
opening being marked by the receipt of floral gifts from
other
financial
institutions
opening of the bank
page
1707.
of
the
city.
The
proposed
noted in these columns Sept. 30,
The officers are: Warren S. Stone, President;
was
W. B. Prenter, Vice-President and
Cashier; W. F. McCaleb,
Vice-President and Manager; S. R. Stone and H. R.
Ried,
Assistant
Cashiers.
The
Cleveland
"Plain
Dealer"
of
Nov.
2
said:
The stockholders
Russia reported by the Federal Reserve Board.
that this
However,
long
as
bring Russian gold
such efforts have come to the atten¬
As
reported yesterday morning, however, foreign
exchange dealers during the last month or so have been in
receipt of inquiries
response
been
As to the
to
First Gold Through Sweden.
This is the first
attempt,
are
country.
The names of those
j
yesterday.
gold
that the gold may
not
into the port of New York
before
Soviet Russia has not been recognized by this country, and
reason
Some time
fact,
bearing out the suspicions of foreign exchange bankers, developed conclusive¬
ly yesterday when
There
is that
Several
liner
unsafe for any
knew its origin
are
of the gold which arrived from Sweden
Swedish-American
day
Department has advised the Treasury Department that it
regime, which the Soviet has, to
reason
on
Nov. 11 said:
ance
be
would
country.
the 9th inst. is reported to be in part at
least, of
At least part
State
CUBAN
SWEDEN[0F RUSSIAN ORIGIN
consignment of gold received in the United States
Swedish-American
Drottningholm,
in suspicion.
The
debt,
capita
of the City of Amsterdam for
1921 is approximately 50,000,000 guilders ($20,000,000)
GOLD SHIPMENT FROM
ship
probably taken without warrant of law.
population of 640,000 and
Including this issue, of 190,133,851 guilders ($76,053,540)
indebtedness of $119.
the
still in ignorance this afternoon
came
officials said that the gold would not be allowed to land
another
|
The City of Amsterdam has
was
foreign countries, notably France, have laid claim to gold of the Czarist
deemable within forty years, beginning March
annual
11:
shipment of alleged Soviet gold which
board
on
were
special dispatch to the New York "Times"
a
Officially the United States Treasury
of the
any
Interest payable May
following Washington advices in the matter
contained in
was
exchange 6.67, with
It appears that all of the
how this situation will work out.
as to
$1,225,972 gold brought in falls in the same category so far as its origin is
AMSTERDAM
OFFERED BY J.
Irving National Bank,
ascertained, has not yet been removed from the vessel on which it
was
was
majority hold bnly
are
one
limited
to three shares each at
share, giving
the members of the B. of L. E.
and any resale must be made
a
Sale
$100
a
share, and the
wide distribution of the stock among
was
limited to members of the union,
through the bank
to members of the
engineers'
organization.
European workers long have operated co-operative financial
but this is the first venture into that field
by American labor.
institutions,
A
Nov. 13
1903
CHRONICLE
THE
1920.]
i Sugar Stocks.
'
Wed. Com-
pared with
Nor. 9 1918Adv.
Decl.
1
DEMAND
URGENT
SUBSIDIARY
FOR
SILVER.
although
Philadelphia News Bureau points out that
The
Mints of
the
country have worked at
the
record-breaking
speed for the past couple of years they are still
subsidiary and minor coins.
meet the demand for
unable to
The Phila¬
delphia Mint, it says, is operating 24 hours a day, but
able
catch
to
with
up
the
demand for coins,
silver, which seems general from all parts of the
Since
is un¬
particularly
country.
pie first of the year the stock of a subsidiary silver
$16,245,425 to $264,697,830, a new high rec¬
"has Increased by
ord, while since January 1 1917 it has
increased by $71,-
The News Bureau adds:
202,748.
Demand for subsidiary and
trade activity.
There was a call for
such as sodas, ice cream and mov¬
ing picture theatres, while the general advance in the price of newspapers
and the increase in trolley fares from the customary nickel to a 6 and 7
and 8 cent basis stimulated the demand for odd change.
The Mints were
operated day and night to cope with the demand, and turned out coins
from the penny to the half dollar like great manufacturing plants which
they are, but the demand was incessant and the books showed almost
by rising prices and unprecedented
pennies because of petty "luxury" taxes,
steady
rows
of "red ink"
Cuba Cane Sugar
South Porto Rico
figures.
Apart from the demand for coins due to high prices and trade activity
country it is believed that a large amount of American silver and
minor coins have found their way to other countries where they pass cur¬
Goodrich
Federal
Canada and perhaps to lands in South America.
have estimated that a substantial
notes outstanding have been taken out of the
amount
of
authorities in the past
Reserve
Federal
Cuba
mand
Philadelphia Mint has for years coined blanks and money
countries, but, owing to the enormous de¬
domestic coins it is only able to take on a small amount of the
The
country.
for
Reserve
and
for
South American
being offered.
Washington—The Treasury on Wednesday purchased 62,000 ounces of
silver, at $1 per ounce, to be delivered at San Francisco j total purchased
foreign business that is now
,
under Pittman Act to
date, 17,610,107 ounces.
^
Kelly Springfield Tire.
_
53%
20
.
.
_
_
:
_
59%
53
_
.
_
THE ARMISTICE AND
THE
BEFORE
The Wall Street "Journal" in
WAR.
its issue of Nov. 11 had an
different groups
of stocks at the present time with the prices at the time of
the Armistice in 1918, with those on April 5 1917 (when
the United States entered the War) and with those on July
30 1914 on the eve of the outbreak of the European War.
interesting article comparing the prices of
The second anniversary
of the signing of the
armistice which'concluded
security prices greatly depreciated, on the whole.
A
year ago, twelve months after the armistice, a different condition existed
for the market was then in the midst of advancing prices in oils, motors;
the great War finds
equipments, tobaccos and steels.
prices for all commodities;
liberal in its spendings.
The second anniversary of the armistice finds the public appetite for mer¬
chandise generally greatly diminished with a consequent decline inbusiness
The first year
for labor and a
*57
United States Rubber
45%
Willys-Owerland
26
a78%
pl5%
■'
8%
-
12
-
27%
12%
.
j45
3
-
-
38
24%
19%
5%
26%
51%
m67%
Copper Stocks.
19%
....
7V.:'
,
38
24%
9%
32
101%
81%
23%
56
92%
72%
23%
44
54%
48%
13%
24
....
22
15
....
14%
52%
Smelters........
25
Anaconda
Chile.
....
Chino
57%
55%
41
:_...
10%
44%
23%
41
21
21%
10%
Ray
16%
30%
25%
13
Utah..
46
112%
91%
56
Inspiration.....
Kennecott..—
Nevada
—
-VVv
■t";"
California
56%
American
Sinclair
.—
...^
.
—.
113
Company
v
12%
35%
W';.."
22%
172
69%
37%
221%
>.—
'v •
1%
2
21%
rl70
d78%
27%
192%
16%
22%
53
V 89%
19%
10%
....
'
Oil Stocks.
ri-iv
'
Petroleum......
Mexican Petroleum
Texas
c
.
47
41
51
71%
73%
■>
28
9
9%
%
©48
Miscellaneous.
6
Allis-Chalmers....
50%
Agricul. Chemical—
Can
American Cotton Oil
....
American Hide & Leather._
Preferred.
American Linseed—...
Amer. Teleph. & Teleg
American Woolen.—;
Amer. Writing Paper, pref—
Atlantic Gulf & West Ind_.
Central Leather
Consolidated Gas
Amer.
19%
32
3%
17
7%
114
12
*10%
American
....
28
116%
Corn Products—
7%
General Electric
139
Internat. Mercantile Marine
*1%
Preferred
*6%
International Paper..
6%
National Biscuit..
120
Nat'l Enal& St.
*9
Nat'l Lead..
41%
Pittsburgh Coal
16%
Pullman..
153%
Sears-Roebuck....
170%
Un' MFruit.
U.
d Products
....
...
ic._
*
U.S..
Va.Car.O.
Western Union.
_
11
*15%
21
54
26%
28%
28%
89
*102
74
48
47%
27%
41
43%
23
14%
15%
9
65
76%
55%
19%
41
64
124%
108
99%
51%
51%
64
46
*33
43%
108
113
123
90%
61%
39%
*119%
103%
85%
24%
47%
79%
164
157
135%
32
29%
16%
87%
119%
60%
39%
34%
58%
114% *106
100
34
43% 52%
56%
62
72%
45%
48%
59
*160%
127%
106%
187% *163
1108
,
*140
18%
122
40%
96%
50%
74%
32%
Westinghouse
Wilson & Co.
90
Wool worth
reprinted below:
The article is
:
94%
57
9%
....
_
_
Studebaker
-
STOCK PRICES NOW AND AT
104%
134
59%
23%
—
'■ /
32%
.
Pierce-Arrow.
in this
rent, such as Cuba, Mexico,
99
115%
x58%
General Motors
101%
Rubber Stocks.
and
63%
30
*125
185
*20
Chandler..
Pan
,
96%
15%
%
3%
98
113%
63%
33%
111%
46%
Motor
American
minor coins was stimulated during the war
100
19
American Sugar
American Beet Sugar
Maxwells
Nov. 9 Wednes1918.
day.
July 30 April 5
1914.
1917.
«
138
♦No sale: bid price,
x Old stock.
Note.—Stock dividends paid since
205%
*144
48%
99%
41%
75
48%
58%
93%
45%
69
*123
CASE
HERBERT
J.
following the war was one of high
FOR
ON
....
23
28
20%
20%
6%
20%
----
8%
12%
10% y
10
....
31%
,
21%
18
----
----
21%
13%
58%
23%
----
---.
8%
10%
10%
....
61%
----
%
F—sl05% .7
46
48%
6
----
20%
55
-a—
7
24%
10%
5%
----
20%
17%
/V
,
, ...„.
1920: a 33 1-3%; 5 100%,
__
Jan.
1
ml2%%;J40% stock,
reduced; d 10%; e 5%; / 75%; .7 3% or.;
*75%; 5 stock; p 33 1-3%; r 10%; s30%.
©Texas
cpar
general disposition on the public to be
'
.—
Co. par 25.
FEDERAL RESERVE
FORCES
CONTROLLING PRICES.
the Federal Reserve
Nov. 5 at the
Of the various classes of securities, steel and equipment stocks appeared
fortieth anniversary of the American Society of Mechanical
to have been affected the least, when their prices are compared with those
Engineers after saying that "these have been times of very
of two years ago.
The rails have shown an upward tendency, since their
sharply rising prices" observed that "prices cannot go on
divorce from Federal operation, but even with them the number of declines
from two years ago are greater than the advances.
rising forever," and added that "we have seen enough of
The copper stocks not only failed to improve in the first year of the
what a very wild rise in prices may do in the case of Germany
armistice but in the second twelve months following that notable event
and Austria".
While stating that "I am perfectly aware
they have declined to a greater extent than the year from Nov. 11 1918 to
Nov. 11 1919.
All other classes of stocks show a general decline, notably
that we already have a very effective check in money rates,
motors and rubbers, sugars, oils and tobaccos. The miscellaneous securities,
Mr. Case said "the trouble with this check is that it is some¬
because of the various types of business represented, make a rather mixed
times applied too late."
It is conceivable, he said, that if
showing.
generally.
following table gives the prices of the
shows the advance or decline from
of the European war:
"
1
Steel and Equipment Stocks.
"v''V
July 30 April 5 Nov. 9 Wednes-
1917.
1914.
American Car &
67%
68%
59%
136%
15%
26%
34
66%
84%
75%
86
130
67%
90%
81%
106
62%
62%
55% 5111%
72
58%
68
91%
18%
80
79%
...—19%
51%
106%
61
113
118
Baldwin
-
Steel B
Crucible Steel
Lackawanna Steel
Pressed Steel Car.
Bethlehem
— _
Republic Iron & Steel.
Sloss-Sheffield
U.S. Steel..
Preferred
day.
>1918.
44%
20 %
41
*30
Foundry-.
American Locomotive
.
York Central...
Pacific......
Norfolk & Western
Pennsylvania
Reading.
Southern Railway
.....
Southern Pacific...
New
Northern
Tobacco
American
American
Snuff
:..... 153
Sumatra.—.
.—215
160
Lorillard----—..-.
160
American Tobacco
P.
Lorillard
P.
Tobacco
Products....——
United Retail—
61%
52%
44
94%
105%
130
53
95%
27%
95%
137%
Haven..—51
80
98%
97%
52%
70
17%
84%
Union Tacific.
113%
New
97%
60
59%
81%
42
83%
103
110%
49%
91%
34%
108%
136%
*90
102%
78
....
*205
*206
*200
55
102%
smooth-acting governor,
credit policies the very
—
....
10%
15%
cial system a
4%
66%
40%
....
the welding
....
....
4%
12%
12%
3%
12%
12%
7%
....
6%
5%
----
— -
12%
Stocks.
*130
our
.....
29%
80%
90%
98
42
96
27%
113%
124%
i,
should have had a
controlling
....
87
44%
102%
78
Ohio
72
Chesapeake & Ohio..41%
Chicago Milw. & St. Paul..
85%
Baltimore &
we
....
55%
84
106
Rails.
89%
Atchison.
address delivered on
.....
70
52
102%
112%
Deputy Governor of
automatically
rapid rise in prices
last year might have been in part at
least avoided and
consequently the quite drastic declines that we are witnessing
Wed. Comnow."
Mr. Case also observed that "if in our financial
pared with
Nov. 9 1918.
system we can get a thorough-going introduction of engineer¬
Adv.
Decl.
44
ing methods, adapted of course, to financial and banking
23%
problems, I foresee the day when these periods of distress
24%
% \
will be nearly if not completely eliminated."
In his address
56%
13% Mr. Case also pointed out that the enormous price declines
23%
—9% in commodities now in progress has taken place without
3%
18% any violent rupture or breakdown—the reason he offered,
6% being that "taking a leaf from the basic principles of engineer¬
ing, there has been introduced into ourjbanking and finanan-
active stocks on the Exchange
Nov. 9 1918, the bus¬
iness day previous to the signing of the armistice Nov. 11 1918.
It also
gives the prices the day before United States declared war and the outbreak
The
Nov. 10 1920, and
J. Herbert Case,
Bank of New York in an
12%
.
<
194% /116%
156%
132%
156%
132% •
78%
59%
—e64 % V3.
24%
78
241%
24%
18%
safety," through
of the 10,000
Mr. Case's address
greatly augmented factor of
together and pooling of reserves
banks in the Federal Reserve
system.
follow.
I welcome the
of meeting
fortieth irthday party an
distinguished society, and I appreciate th
opportunity of attending your
the members of your
banker to engineers. Your membership list i
largely a roster of men who are making America.
Th C this is appreciate
by the Federal Reserve Bank of New York is attested by the fact tha
three of its directors have Deen drawn from your numoer.
I allude t
Mr. Henry R. Towne, Mr. William L. Saunders and Mr. Charles A. Stone
The constitution of your Federated American Engineering Societies
defines your profession as the science of controlling the forces and of utilizing
the materials of nature for the oenefit of man.
I should like you to think
privilege of speaking as a
of banking as a
profession with essentially
similar aims.
I conceive that
1904
THE
professions and
our
functions
our
are not
vitally different.
CHRONICLE
If they differ
prices.
somewhat now, I believe that in the future this difference will
grow less.
More and more the banker is becoming. In a
and
adopting essential engineering methods.
future
shall be able to deal with
we
cretely and with the
same
I
credit
hopes that in the
have
banking and financial problems as con¬
and knowledge as the mechanical or
sureness
to
plan his structures
they
desired.
are
of credit.
the case of
same way
But I think
we
are
a
go much
this in the future ?
further than this.
enough.
You know that the rapid growth of modern ousiness
and modern industry
has Drought with it in the
past many such stresses and strains.
These have
been known as financial crises.
When
they
thoughtful bankers and economists
meet
these
periodic strains
to devise
that
so
these
a
more
than
commercial
crises might be avoided,
exactly as the engineer, for example,
to meet every
load,
plans
If, in
bridge
a
I forsee
suc¬
veloped into something like
old-time crisis.
an
days of price indices, and accurate statistics.
1907,
anything like the present.
1903,
or
In
a
or
space
and
a
But
1893, there
so
large
was
we can say
a
that in the
if you like, that this remarkable fail
was
and that they made their
plans accordingly.
think I may safely
say that this decline
of producers or manufacturers—not
was
not
not the grain growers of the West, nor
tries.
growers
by many other of
And this decline has
undoubtedly meant
a
our
must in
to
the aggregate have
represented an enormous
point out to
rupture
or
What I wish
is that all this has taken place without any violent
breakdown, such as has often characterized the past.
And I
you
wan!; you to consider the
The
sum.
reason
why.
reason
greatly augmented factor of safety.
I presume that all of you know
what an astonishing number of banks
there are in the United Statas—
something like 30,000.
I dare say that you know that this is
possibly twice
as
many banks as in all the rest of the world
put together. Our neighbors
in Canada, for
instance, have only 12 or 15 banks, with a very large number
of branches.
And the same is
largely true, more or less, in Great Britain
a
and Prance and other countries.
30,000
banks
were
30,000
Now, to all intents and
separate individual
by local capital and operated largely
by local
liaisons here and there of one bank with
purposes,
banking units,
men.
There
these
But after all,
limits
were
anywhere
it became
a
this had sharp limits,
a
case
as
they
were
and in times of great stress these
The
of any surplus reserve
cold fact that could not be
overcome.
Then, in.a way,
of every bank for
itself, with unfortunate results for the
20 billions,
sum even
in these days.
It is to my mind unthinkable that with
10,000 banks possessing such resources as
these, welded together and pool¬
ing their reserves, there can be such a
breakdown of our banking system as
has come in the
past.
I hope very much that the
prediction recently made
by
see
distinguished financier, Mr. George E.
Roberts, that
another banking panic in this
country, may be realized.
a
we
shall
never
I don't mean
by this that we shall never see bank
failures, but we ought not again to
have the whole business life of
the nation temporarily throttled
by fright
and fear, as was once
periodically the
case.
But, gentlemen, my vision goes even further than
this.
Just as you
build mighty bridges and colossal
engines and dynamos, whose smooth and
uninterrupted working is among the marvels of the
world, and you are con¬
stantly improving upon them, so in the future I see
our whole banking and
financial and currency systems so
co-ordinated and so delicately adjusted
to the demands of business
that even severe commercial crises shall
likewise
be largely avoided.
I foresee these systems so
highly adapted, so well
planned, that they will rim on almost
automatically, like one of your beau¬
tiful machines.
I can see our Federal
Reserve system and the
currency sys¬
tem that goes with it so
developed that when the pace of business gets a
little too fast, when American
enthusiasm gets out of bounds, when the
spell of making money rapidly gets the better of men's
judgment, this sys¬
tem
will
automatically apply the brakes.
imagine, in time,
at the present
can
devise
so
And it will apply them, as I
that perhaps the very high interest rates which we
have
time will
some
no
longer be needed.
smooth-working
the delicate credit
machine, then
And in the
governor that will
we
same way,
if
we
automatically control
need have very few
breakdowns
or
stoppages for repairs.
I mean k very much lessened number of
failures.
I presume that
you know that the last four or five
years have been singularly
free from business fatalities.
These have been times of
very sharply-rising
living and breed
and if, at the
kind of friction and
every
time,
same
seems to me that we
we can
ought to do
get rid of periods
away very
largely
disturbance, unrest, and insatiate impulse to try
and
a
a man on an
only in which
one
island
country,
can eat
and
man on
What is true of the
the
hundred millions, or of the whole wide
have
every one can
an
abun¬
of its necessities and its comforts alike,
by adequate production and distribution of goods.
Within
marvelous
a
This advance, I may tell you, as some researches at our institu¬
shown, proceeds with
more
an
extraordinary
sureness.
Through¬
century the supply of goods, the total of products in this
has increased
at
a
rate
very
close to 4^%
steady march of production has proceeded without
and without
and
evenness
surely than the increase in population.
very
per
annum.
This
serious interruption,
great deal of change in rate, through booms and panics and
depressions and wars as well.
It has almost the precision of a mathematical
a
law.
Our business crises and depressions have been
very largely price
cycles—if you like, very largely psychological.
The vast business of pro¬
duction has gone on pretty much the same.
This is the real foundation,
I
think, for the hope that the financial and banking engineer of the future
adjust the credit machine that even these price waves and fluc¬
may so
tuations, with their attendant dislocations
ironed out.
and
disasters,
brief, gentlemen, I feel that the future is full
promise, financial and social as well as industrial.
the
engineering side,
done
a
may
be largely
1
great and
of the richest sort of
You,
gentlemen,
on
the mechanical and industrial engineering side, have
on
far-reaching work.
You have given American engineers
and
American engineering the highest place in the world.
Some of your
achievements, the feats that you have accomplished, are among the marvels
of mankind.
to follow.
same
You have set a wonderful, and, I
may say, a difficult example
What I wish you to know is that much the
aims and methods, are at work
now
same
ideas, much the
in the development of the Federal
Reserve System of the United States.
FEDERAL RESERVE BOARD REPORTS STABILITY IN
ORDERLY TRANSITION IN BUSINESS.
While noting that "October has been
It is very different now.
We have approximately 10,000 of
these banks, representing
70% of America's banking assets, welded together
into a coherent and
smoothly-working system wherein, practically speaking,
the resources of these
10,000 banks are more or less pooled, within reasonable
limits, and within limits that ought to be
equal to almost any probable
strain.
Although these 10,000 banks are a trifle less than one-third of the
total number, their resources
are more than two-thirds of
the total banging
resources of the nation.
Their aggregate deposits are in excess of
fabulous
rid of these recurrent times of rising prices which
cost of
one way
You may calculate it
able.
country.
a
is
transition in
non-exiitence
easily exceeded.
was
far
do away
certain
their city correspondents, and in times
of stress the relations that existed
between the larger and smaller banks
was such that the
larger banks were
so
we can
keep the vast industrial
organized
were
another, the smaller banks with
expected to help out the smaller,
If
more.
we can
In
why, as I see it, is that, taking a leaf from the basic
principles
engineering, there has been introduced into our banking and financial
of
system
if
than he reaps and makes.
There is
that
tion have
leading indus¬
very heave losses to a very large
number of people.
Without wishing to exaggerate the fact, it is
easy to see that these price
declines in commodities, whose annual worth runs
into the billions of dollars,
more
out the last half
of the South,
great deal of discomfort
financial and banking problems,
the last hundred years the great industrial nations have made
But I
undoubtedly
we can get
depression, it
advance.
expected by the vast body
by the cotton
no
world.
and
natural and
a
if
dant supply of this world's goods,
commerce
almost
and
course, to
island is equally true of a nation of
four months the
or
part of our
unemploy¬
people.
that this will do much
It ought to be pretty clearly evident that
have
inevitable recoil from the very violent advance in
prices of last year
and you may say that it was
expected by a great many shrewd and farmen-
a great number of
impossible schemes of social betterment.
before the
trade, have fallen something like 25%.
In other words, we have had
as great a decline as has before aeen
known in as many years.
seeing business
can see
with the prevalent social
few months
You may say,
And I
severely the
so.
of business
certainly never
was
of about three
great basis commodities, upon which rests
in
But this
inflated prices, or
oy
day when these periods of distress"will be nearly, If not completely,
irritation and discontent;
past few years a remarkable expansion in credits and
during recent months a
very remarkable fall in prices.
I am not sure that it is not the most remark¬
able fall in prices, taken as a
whole, of which we have any accurate record.
It may be that in the
very violent crises preceding the Civil War there
commercial crises, like
a
and year out;
affect
We have witnessed In the
such price declines as we have had this
year.
run
almost inevitably a great number of
machine running like a wonderful Curtiss turbine, day*in and day out, year in
cessful.
At the present time we are going
through somewhat of a com¬
mercial strain that might
very readily, under the old conditions, have de¬
were
are
entirely with uninvited unemployment;
gentlemen, that I think this endeavor has been
smooth-acting
a
credit policies, the very rapid rise in
financial system, we can get a thorough-going introduction of
eliminated.
water.
I wish to say to you,
our
engineering methods, adapted, of
can be put upon it, and
unusually heavy
unexpected hurricane, the ordinary dangers of fire and
an
There
ment/and much suffering for
possiole strain that
freshet,
a
should have had
we
our
that we
aware
but the trouble with this
It does not always act soon
Very few people gain very much in the long
financial
or
I am perfectly
money rates,
business crashes afterwards, and very often business stagnation,
banking system which would
acute
It is conceivable that if
wild commercial "booms."
generation of
a
complete shut¬
large measure of
from
particularly acute they have
are
It has been the endeavor of
a
prices last year might have been in part at least, avoided and consequently,
the quite drastic declines that we are witnessing now.
Speaking perhaps
a council of perfection, we
ought never to have had either.
least possible friction.
become panics.
or a
day a general rise in prices will automatic¬
some
automatically controlling
governor
breakage and the
no
business
The usual effect of such
ought to be able to avoid
we
Perhaps
do in
may
on
-
check is that it is sometimes applied too la to.
calculating the weight
that there shall be
so
falling prices.
on
ally put a check upon credit expansion.
It will have to do with stresses and strains
meeting them
The
time there is
strain
a very great
of orders and a slowing down
v'
V,',
already have a very effective check in
Moreover, he will endeavor
to do exactly what the engineer endeavors
to do In
and size of his constructions.
enterprise
an
great stoppage
a
Is It too much to think
variety and definiteness of knowledge
that the bankers of the past have not had.
At such
wild rise in prices
a very
It piits
down of mills and factories,
with the banker in dealing with problems
presently to
The banker of the future will have
and the means of
strain is
enough of what
seen
Germany and Austria.
ability to conduct
a
The engineer endeavors
his machines exactly to fit the conditions for which
or
The
does the banker.
a way,
We have
skies.
.
The mechanical engineer wishes first of ail.to know the
strength
So, in
has been dealing with a seller's market.
man
little fear of dealers being left with unsaleable goods.
But prices cannot go on rising forever.
If they did they would reach the
loaning money, this has been
of his materials.
deal of business
a great
very
electrical engineer does now with his
problems.
Ever since the banks took on the function of
the intent.
It goes without saying that it does not take
judgment to run a solvent enterprise with prices steadily going up.
financial engineer,
sense, a
[Vol. 111.
month of continued
a
business," the Federal Reserve Board, in its
monthly
statement, made public Nov. 1, observed that in
National survey of conditions "it may
fairly be said that
the economic and business situation in the United
States s
a
showing much inherent strength and
position of relative stability through
ability to attain
an
an
a
orderly transition."
We quote herewith in part the Board's
observations:
October has been
and
business
months, is still in
process
are
month of continued transition in business.
a
readjustment,
process.
essentially
the
which
has
been
much
in
Economic
evidence
in
recent
The factors involved in the present
readjustment
same as
those which have been observed and
noted in the past in periods of acute
transition, and include, conspicuously,
changes, uncertainty regarding future market conditions, and slack¬
suspension of activity in important lines of
industry. In a National
survey of conditions, however, it may
fairly be said that the economic and
price
ening
or
business situation in the
and
United
States is showing much inherent
strength
position of relative stability through an
orderly
Considering the industrial dislocations, the commercial disor¬
ability to attain
an
transition.
ganization,
everywhere
restoration
in evidence
a
and the, financial derangements occasioned
by the Great War
throughout the world, in one degree or another,
recovery and
proceeding apace in the United States, and the natural forces
are
which make for stabilization
carry assurance for the future.
Price revisions in textile lines and in
other branches of
wearing
apparel,
staple commodities, have been the
outstanding ele¬
just as during the preceding month.
Caution in
buying, due to a belief that price readjustment is not
yet complete, has
been a noteworthy factor, and in
some quarters has tended
to slow down
the activity of retail
trade, although more
as
well
ments
in
numerous
the
situation,
as
in
apparent
Crop yields have
on
the whole
opening of the month.
month
and
Labor
is
wages
so
far
In
justified the
Banking
reserves
held
fully
curtailed
(Boston)
wholesale
own
shoe
and
leather
operations and
in
of wages
industry,
some
as
cases
are
as
good
that
operations
are
as
it has been
concerned.
in
textiles, reports bring news of
complete shutdowns have occurred.
15 representative boot and shoe
manufacturers in
indicate
trade.
during the
a
steady improvement in the liquidity of
paper.
employed.
Notwithstanding some sporadic cuts in
actual payments or rates
Data from
their
there has been
less
here and there the general position is about
as
the
in
expectations expressed at the
have
at
from
40%
to
District No. 1
60%
of
normal
Nov. 13
THE
1920.]
with little spring business placed.
In Auburn, Maine, the shoe
frill time, employing one-half to two-thirds of
usual force.
In District No. 8 (St. Louis) there are increases both in
capacity
factories have been running
the
boot and shoes lines, but marked
falling off in future orders has reduced manufacturing activity.
Plants
within the district are estimated to be operating at from 55% to 65% of
business in
in current
and
shipments
than the smaller ones. Manu¬
the prices
Tanneries have still further reduced the
scale of operations, or have closed down during the month.
District No. 8
(St. Louis) reports that wet salted hides, which sold in St Louis at 41c.
per lb. October 15 1919, were being quoted at 9c. on the same date this
year.
District No. 3 (Philadelphia) says:
"Tanners report an absence of
demand for their product, which, following the ever-increasing lack of in¬
terest of the last few months, is now at its lowest ebb.
Both sales of fin¬
ished stock for immediate use and orders for future delivery are decreasing
capacity, the larger plants being more active
facturers
buying little leather, with consequent reductions in
are
both upper and sole leathers.
of
and all concessions in price fail to
situation
trade
retail
The
the
shows
stimulate the trade."
a moderate increase of net sales over
period last year, but it does not show the usual fall activity.
The
weather conditions throughout the country have had an ap¬
same
unseasonable
preciable effect upon the buying of certain articles, such as men's clothing.
Accompanying this relatively light demand is a tendency on the part of
the retailer in many cases to reduce prices in order to stimulate buying.
districts, has had some effect.
On the
whole, however, "the consumer is not buying very actively."
In some of
the agricultural sections the unsettled price situation relative to the prin¬
cipal crops, as well as the tendency often found to hold instead of market¬
ing, has helped retard full purchasing.
Reports from almost all districts
state that the retailer is purchasing very conservatively, outstanding orders
it
This,
in certain
reported
is
small, in spite of the fact that at this time of the year "many
fall and winter goods are ordinarily received."
Information received from the several Federal Reserve Districts brings
being
very
evidence of further recessions in
a
In District No.
whole.
12
building activity for the country, taken as
(San Francisco), however, the situation is ex¬
both in number and in value of
permits issued September was ahead of August and for the nineteen princi¬
pal cities, total valuation of permits was 50% greater than in September
a year ago.
But the Northwest is not sharing in these increases, both Port¬
land and Seattle showing marked reductions in the value of permits, as
compared with a year ago, amounting to 41.7% and 35.4% respectively.
On the other hand, Los Angeles registered a 195.5% increase and San
Francisco 62.1%.
In the other districts, with the possible exception of
ceptional, in that local reports show that
universal testimony to a
of building permits as com¬
pared with September 1919.
Although there is an increase in building ac¬
tivity in District No. 6 (Atlanta), as compared with a year ago, in a
majority of the eighteen cities from which reports are received, it i« no¬
ticeable that three large cities—New Orleans, Atlanta and Nashville—report
decreases in value of permits.
In District No. 1 (Boston) the value of
permits for new construction amounted to only $2,580,313 in September
1920, against $5,673,930 in September 1919, for the same cities.
Boston
showed a decline from $1,273,157 to $592,115 in new construction, but
District No.
general decline in both number and in value
there
was
ing year,
rest
an
the
same
the Wall Street
director of the
York. For six
years he was manager of investments of the banking house of Alexander
Brown & Sons, Baltimore, and during this time he was vice-president of
the Maryland Bankers' Association.
When the Liberty Loan campaigns
launched, Mr. Rudd was appointed executive manager for Maryland,
He had also for a time been department manager of
organization, and later he founded, and was
"Finance Forum," at the West Side Y. M. C. A. in New
"Journal"
were
and his work
No.
Building
reported.
although
value,
(New York) little change in the
2
the
projects in contemplation decreased in number and
value of contracts awarded rose largely because of
utilities. The estimated cost of
permits issued in District No. 3 (Philadelphia) in September 1919 was
$8,633,827, while the total was $4,936,379 in September 1920.
The num¬
ber of permits likewise declined from 2,268 to 1,943.
There is also less
building in progress in District No. 4 (Cleveland), although labor is more
plentiful and the transportation situation is improved.
In twelve leading
cities of the district, with the exception of Columbus, declines are recorded,
expenditures for public works and public
number and in value of permits issued.
both in
character that he was invited to come
FEDERAL
TO
SYSTEM.
Board at Washington announces the
The Federal Reserve
following list of institutions which were
admitted to the
in the week ending Nov. 5, 1920:
Federal Reserve system
'
■'
Total
'
Capital.
District No. §—
Bank & Trust Co.,
Commerce
to
partial payment plan
''
ADMITTED
RESERVE
Surplus. Resources.
Commerce,
La Grange
$100,000
-
$326,635
250,000
Georgia.
$650,000 4,071,433
Banking & Trust Co., La Grange,
Georgia
District No. 9—
State Bank of St.
Citizens
Peter, St. Peter,
50,000
District
20,000
770,763
25,000
5,000
331,992
65,000
10,000
25,000
Minnesota
10,000
807,460
235,131
10—
No.
Meadow Grove State Bank,
Meadow Grove,
Nebraska
District No. 11—
Bay City Bank & Trust Co.,
First State Bank, Bishop,
Bay City, Texas
Texas:
District No. 12—
Madras State
Bank, Madras, Oregon
Jackson County Bank,
...
Medford, Oregon—
25,000
100,000
18,000
309,972
20,000 1,218,732
INSTITUTIONS AUTHORIZED BY FEDERAL
BOARD TO EXERCISE
The Federal Reserve
RESERVE
TRUST POWERS.
Board has granted permission to the
following institutions to exercise trust powers:
Brotherhood
of
Engineers
Locomotive
Co-operative National Bank
of
Ohio.
County National Bank of Lock Haven, Lock Haven, Pa.
St. Clair National Bank of Belleville, Belleville, 111.
First National Bank of Marion, Marion, 111.
Cleveland,
The
The
The
Cleveland,
OFFERING
NEW
month of the preced¬
building situation is
a
INSTITUTIONS
STATE
CATES
OF
TREASURY CERTIFI¬
INDEBTEDNESS
OF
offering of Treasury Certificates of
An
District
high
so
of the administration of the
%vs-."
" '•.
''V,
here.
totals being $1,455,270 £nd $637,767.
For the
the totals for other construction remained almost the
district
of
was
New York to take charge
same.
In
also
was
the respective
the
of
increase in other permits over
librarian, registrar, and professor of law of Columbia University.
He
a member of the faculty of the New York
University for three
years
years.
(Atlanta), however, there is fairly
6
1905
CHRONICLE
the amount of
$200,000,000
or
Indebtedness to
thereabouts, was announced
by Secretary of the Treasury Houston on Nov. 7.
These
certificates will mature in six months, being dated Nov. 15
They will be known as Series
5%% and will have on
attached, payable May 16 1921. The cer¬
loan certificates and will not be available
1920, and due May 16
1921.
1921, and will bear interest at
D
interest coupon
tificates will be
for the
payment of taxes.
They will be issued in denomin¬
Federal Reserve
$5,000, $10,000 and $100,000. The
Bank of New York in its announcement of
the offering says
in part:
advanced as to the causes of hesitancy in
undertaking new construction in the face of the prevailing need is: first,
uncertainty regarding the prices of building materials; secondly, existing
high labor costs, and finally, difficulty in securing capital for financing
new projects and the prevailing high interest rates.
Financially the month
has shown comparatively few outstanding developments.
There has been
an upward tendency in the prices of bonds,
including both the Liberty is¬
sues
and corporate securities.
Discount rates have continued practically
unaffected in most parts of the country.
Movements of gold into the
United States have been accelerated through the action of the Federal Re¬
ations of $500, $1,000,
"ear marked"
result of the
operations connected with the Anglo-French maturities.
One or two
small foreign Government offerings have been successfully made in the
New York market, but the cost continued around 8%.
There has been a
profits
The
mos$ generally
opinion
System in bringing home deposits which have been held
Some inward shipments of gold have occurred as a
serve
abroad.
somewhat broader
better
rather
demand
distribution
somewhat revived, but
In
the stock market has been during most of the
month
Call money rates have been steady, most
time, around 7%, but during the latter part of the month have at
risen to 9% and 10%.
Foreign exchange has not been far from
rather depressed
a
acceptances by outside banks and a
of commercial paper.
Corporate financing has
for prime
of the
times
condition.
stable, but rather depressed,
with a declining tendency which is attributed
balance of unfunded indebtedness which gives rise
the New York market from time to time whenever quota¬
to
the large outstanding
to
offerings on
tions show
improvement.
DEATH
CIIANN1NG REDD,
OF
OF GOVERNMENT
LOAN ORGANIZATION.
Channing Rudd, in charge of the Government Loan Organization of the
New York for the last fourteen months, died sud¬
Federal Reserve Bank of
drug store in Hoboken, N. J.
He was taken ill
at Morris Plains, N. J.
His
death resulted from acute dilatation of the heart.
Mr. Rudd became con¬
nected with the Federal Reserve Bank of New York on Sept. 26 1918, and
carried on the administration of the Liberty Loan partial payment plans
of the Third, Fourth and Victory loans.
This work, which was conducted
under the name of the Liberty Loan Association, involved the handling of
denly
on
while
on
Nov.
8,
in
a
the way to the bank from his home
nearly 2,500,000 individual
to
subscribers.
the
installment accounts, and the delivery of bonds
of the active Liberty Loan cam¬
At the termination
continuing organiza¬
District of Treasury
War Savings Certificates, War Savings Stamps and
paign organization, Mr. Rudd was put in charge of the
tion, which conducted the sale in this Federal Reserve
Certificates,
Stamps.
His official designation was Controller of the Government
Savings
Thrift
Loan
He
Mr. Rudd was born in Tiskilwa, 111., on Sept. 7 1875.
corporation law in Washington, D. C., and was for five
Organization.
practiced
Said certificates
shall be exempt, both as to
all taxation now or
principal and interest, from
State, or
hereafter imposed by the United States, any
the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (&) graduated additional income
taxes, commonly known as surtaxes, and excess profits and war-profit#
taxes, now or hereafter imposed by the United States, upon the income or
any
of the possessions of
of individuals,
interest
on
an
partnerships, associations, or corporations. The
certificates authorized by said act
amount of bonds and
approved Sept. 24 1917, and amendments thereto, the principal of which
does not exceed in the aggregate $5,000, owned by any individual, partner¬
ship, association or
for in clause
not be
corporation, shall be exempt from the taxes
provided
(&) above.
The certificates of
this series do not bear the
circulation privilege and will
accepted in payment of taxes.
subscription and to allot less than the
subscriptions at any time
accrued interest for certificates allot¬
ted must be made on or before Nov. 15 1920, or on later allotment.
After
allotment and upon payment Federal Reserve Banks may issue interim
receipts pending delivery of the definitive certificates.
Any qualified
depositary will be permitted to make payment by credit for certificates
allotted to it for itself and its customers up to any amount for which it shall
be qualified in excess of existing deposits, when so notified oy the Federal
Reserve Bank of its district.
Treasury certificates of indebtedness of
Series H 1920, maturing Nov. 15 1920, will be accepted at par, with an
adjustment of accrued interest, in payment for any certificates of the Series.
D 1921, now offered which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve banks are author¬
ized and requested to receive subscriptions and to make allotment in full in
the order of the rceeipt of applications up to amounts indicated by the
Secretary of the Treasury to the Federal Reserve banks of the respective
The
right is reserved to reject any
amount of certificates
without notice.
applied for and to close the
Payment at par and
districts.
With regard to
the "Wall Street
the offering of the Certificates at 5%%
Journal" of Nov. 8 said:
expecting that future issues of certificates of indebted¬
would carry a lower rate of interest, are
altogether surprised at the action of the Secretary of the Treasury In
Bankers, while
ness
not
issued by the Government
It was thought by some bankers
% rate, in so far as credit conditions
within the next few months.
However, these same bankers well appreciate that the Secretary of the
Treasury in maintaining the 5M % rate thought the present not a propitious
offering another 5% %
that the next
are
six months' issue.
offering would carry a 5^
expected to improve
1906
THE
CHRONICLE
[Vol. 111.
time to shade the rate, especially at this season of the year, with the
agri¬
cultural demand for money rather large.
It Is said that the immediate
cussion, and that those in charge of tax legislation might seek to offset some
demand for credit probably prompted the Secretary to maintain
of the deficit
rate
Government
on
The
Government
bills.
has
*
amounting to $2,357,765,000.
4*4% to 6%.
There will mature
on
a
5M%
'
■
outstanding
It
at
time
present
Treasury
bills
these certificates range from
on
ties, although amounts thus obtained
relieving current burdens of demand
Nov. 15 a total of $102,683,000
5)4 % bills, and the
account of 1919 taxes is due.
officials believe it offers
A total of $703,026,000 4*4%
1921, when the initial installment
mature on that
There
date,
certificates will mature
tax
on
Mar.
the
the 1920 taxes will be due.
certificates.
handled.
term
It
Due.
Rale.
-Nov. 15
TD-1920
Dec.
Amount.
$102,683,000
4 *4
703,026,000
said to be only
was
which
on
iV--;
crrry
'
V'v'W"
its announced program of short
on
in anticipation of quarterly payment of income and profits
said
was
that the certificate issues would probably
legislation.
V'!"
.
taxes.
continue on
a
bi¬
of tax
way
,;,f :V
Loan
Jan.
3 1921
5*4
176,604,000
Jan.
15 1921
5*4
126,783,500
REPRESENTATIVES
Loan
FESS
AND
ON
McFADDEN
Loan
B-1921
TM-1921
Mar. 15 1921
4*4
201,370,500
Mar. 15 1921
5*4
74,278,000
Tax
TM3-1921
Mar. 15 1921
5*4
106,601,500
Tax
TM4-1921
—Mar. 15 1921
5*4
124,252,500
Tax
TAXATION PROBLEMS.
Tax
TM2-1921
TJ-1921
June
TS-1921
15 1921
6
Aug. 16 1921
6
157,654,500
6
341,994,500
Tax
*
242,517,000
Tax
$2,357,765,000
TAX BILL OF
The continuance of the Government's annual tax bill of
period of at least three years is fore¬
dispatches from Washington Nov. 7, in the event
that Congress adopts recommendations which are under¬
a
cast in press
stood to have been submitted to
Secretary of the Treasury
Houston on that day.
According to these accounts, Treas¬
officials maintain that the
National debt
of
be
can
program
for handling the
accomplished only through
$4,000,000,000;
maturing in 1923 and
and
with
the
an
annual
Victory
rates
savings securities falling due in
the interim and until 1924, the imposition of the four billion
dollars levy until the latter date is viewed as a
possibility.
war
The abandonment of the
stitution of
excess
profits taxes and the sub¬
graduated income tax, applying only to incomes
above $5,000, and at rates higher than those now
prevailing,
are, it is said, among the recommendations.
The Associated
a
dispatches in detailing the proposals said:
The Nation will face
it was understood
Houston, it
in the form of
an
profits tax and
ment
to-night, have been laid
before
Secretary
we
may
the Republican
stated, probably will include such recommendations
analysis of the Government's financial condition in his
can
That part of
succeed in
we
saved in the earlier
was
most probably repeal the
be able to reduce the
upper ranges
Representative Fess's state¬
dealing with taxation said:
The election offers many suggestions for the student
paigns.
The election of
of political cam¬
President by an overwhelming majority unlike
a
anything in the history of elections, backed by
Senate majority in
a
a con¬
which the Democrats claimed good chances to win eight seats, but
test in
in which
they won nothing and lost ten, giving the Republicans
of twenty-two, and the House
teresting
episode
in
a
majority
by the incredible majority of 176, is
an
in¬
Congress.
Since the Civil War the partisan line of demarkation has been the Mason
and
Dixon Line, the old dividing line, between the free and slave States.
Democracy's hold
the Southern section has even provided its chief
upon
Not infrequently the North and West
support.
that the contest is often referred to
so
North
and
are
strongly Republican,
the solid South against the united
as
West.
Chose Test Districts in South.
This election has
sho^n a smaller number of Democratic members of the
House from the North and West than Republican members from south of
the dividing line.
Maryland,
In the border States neutral in the Civil War—Delaware,
Kentucky
and
Missouri—Harding carried
all but Kentucky,
three of them elected Republican Senators, and they returned twenty-four
Republican members of the House and only ten Democratic members.
In addition,
Harding carried Tennessee with five out of the ten Congress¬
He seriously reduced the Democratic majority in the other Southern
States.
.\V;
'
V
The Republicans chose fifteen districts in the South in which to make
contests.
These
were
taken
tests to ascertain the
as
ing to break the "Solid South."
was
taxation is described by
war
Chairman of
Representative Fess states that "if
of the surtax."
Treasury officials,
Houston for approval.
Mr.
Nov. 7.
men.
continuation of the annual tax bill of four billion
a
dollars if Congress adopts recommendations drafted
by
which,
Fess,
Congressional Committee, as the first duty of the new Re¬
publican Administration in a statement which he issued on
excess
$4,000,000,000 for
Press
D.
session of this Congress,
$4,000,000,000 LIKELY FOR NEXT FOUR
YEARS.
revenue
securing of relief from
saving in the short session what
Total
ury
The
Representative 8.
/
Loan
Sept. 151921
C-1921
in North
Carolina,
one
three in Oklahoma.
feasibility of attempt¬
The list included three in Virginia, three
in Alabama, three in Tennessee, two in Texas and
These
were
in addition to the border States.
forthcoming annual report to Congress.
The analysis will show, and
accompanying recommendations will suggest,
it was said, that a three-year
program for tax revision is required in order
other eight.
to meet maturing Government
obligations and cover current Federal expense
demonstrates the possibility of disintegrating a minority rule in the South¬
Approximately $8,000,000,000 in Victory notes, war saving securities
and Treasury certificates of indebtedness will be due for
payment in the next
land which would not only be a valued result to the nation at large, but a
three years,
Recommendations to be made by Mr.
stitution therefor of
a
excess
Houston, it is understood, will
profit taxes in their entirety and the sub¬
graduated income tax of
a
than under present revenue laws.
It
believed the
was
substantially deeper cut
on
the amount of income grows
larger.
The Secretary is expected to advise
Congress that the strictest economy in
Federal appropriations is
as
necessary if the program outlined on the basis of
four billion dollar tax bill is to be
accomplished.
to estimate with any degree of
no way
would
as
a
He has said that there
accuracy what even the present
yield in
result
revenue
a
was
laws
because of the rapidly changing conditions in business
of after-the-war
transition
view of this was said to be that tax
and
readjustment.. Mr Houston's
receipts would be materially lower later
in the present fiscal
year, which ends June 30 1921.
Government income under the present
basis for calculating future
revenue
And that therefore the
laws could not be taken
lation which would produce four billions for the
next year, but the ways and
means of getting it will be left to
Congress except for the suggestions con¬
fined in the Treasury's
report.
In fact, the tax law framers will be informed
that there is no alternative to
voting a revenue act that will produce the
required amount.
savings securities falling due in the interim and until 1924, it was
a possibility that the
$4,000,000,000 tax levy might have to be
declared
even
until the latter date.
jority in Congress
revenues.
are
on
expected to clash with those of the Republican ma¬
questions of ways and means of obtaining the needed
But with the
changing Administration, it was understood, the
present regime at the Treasury would merely
suggest and offer little argu¬
ment
in support, of their stand for
repeal of the excess profits taxes and
replacement
a
score
Mississippi,
of members to
They hold only two members
the Canadian border, save four in New York; only two in New
on
the
the
tenth
Ohio,
and
twelfth
Indiana,
Boston.
in
Michigan,
Republicans
Wisconsin,
won
Minnesota,
England,
solid delegations in
the
Dakotas,
all
the
States west of the Mississippi and north of Oklahoma except in California.
won
all but
one
in New Jersey, Pennsylvania and Missouri.
The outcome of the election carries
an
interesting story.
mistakable terms the rebuke of Wilsonism
as an
It spells in
un-American effort to
un¬
over¬
ride by autocratic methods American rights safeguarded by constitutional
limitations in our organic law.
It is a repudiation of Wilson's effort of
group control in which entire blocks of votes
favor,
as
in the Adamson Act.
ican voter to the
were
bought through official
It demonstrates the keenness of the Amer¬
danger of sovietizing
industries under the captivating
caption of Democratization of Industry, the best example of which was the
Plumb Plan of rail control.
not
It also demonstrated that American labor is
only sound at heart, but independent of domination from labor official¬
dom.
■
No
one
nas
ever to
The
not
our
ever
be
enormous
altogether
so
■
*
/'
yet delivered the labor vote in this country, nor is it
delivered.
Republican plurality
because
of
was
largely due to the
Republican policy
toward
woman
woman
vote,
suffrage
or
toward progressive measures, which
appeal to the woman instinct and sense
of right, but in addition the pronounced dislike of
the character of the Gox
campaign which
was an
offense to the refinement of the
womanly sense of
public service.
which
The composition and character of all
Republican meetings,
displayed an intelligent enthusiasm and tone of refinement unknown
to
The program for handling the national debt—and
its payment is obliga¬
tory—can be accomplished only through annual revenue of
$4,000,000,000,
Treasury officials hold.
With the Victory notes
maturing in 1923 and the
Treasury views
well.
Texas, the Democrats have elected less than
likely
This attitude, which is held also
by practically all Treasury officials hav¬
ing to do with tax collections, forecasts a task of great
difficulty for the
framers of the new revenue act.
The Tresaury will insist
strongly on legis¬
war
as
The result
Pacific Coast, from the first and second districts of California; not a member
as a
receipts.
continued
good fields for Republican policies.
very
the House, and not a single Senator.
new
the additional tax
as
good thing for the South
save
They
income taxes would apply only to incomes above
$5,000 annually and that provision would be made for a
graduated increase
even
represented
were
on
abolishment of the
We did not enter either Georgia or Arkansas, both of which
In the vast country north of the Ohio River and west of the
period.
propose
Of the fifteen tests, wo won seven and made a remarkable showing in the
Treasury figures show.
Retention of the present aggregate level of
taxes, or maintenance of the
annual revenue of the Government at about four
million dollars, then, is
held to be unavoidable on the face of
average expenditures estimated for
the
a
the payments have thus been deferred can be better
■
monthly basis until Congress indicates what it will do in the
Tax
A-1921
and
It
Class.
5)4
15
additional years.
financing, issuing certificates of indebtedness to meet current require¬
ments
table of the various certificates of indebtedness outstanding,
showing the amount sold of each and the maturity dates:
a
H-1920
road for the distribution of small amounts of
one
several
over
Meanwhile, the Treasury will
Three issues bear 6% interest, five 5% %, one
5)4 %, and two
Series.
the
This feature of the financial status
deferring payment, but after the Victory notes have been retired,
Four issues
one
4 *4%.
Following Is
of
means
securities
bearing 4 % % interest, and three carrying 5*4%outstanding at the present time eleven issues of Government
are
burden
tax
15
on
securi¬
small, they help materially in
the Treasury by spreading out
of the Government also will have to be considered in the next tax laws, since
bills will mature at that time and
may be used in payment of taxes then due.
Approximately $500,000,000 of
are
on
maturing dates, according to officials.
bills just announced, bearing 5*4 %, will take the
place of this maturity.
A large block of tax certificates will mature on Dec.
15, when the final
on
to the Treasury's
The Treasury is committed to a continuation of the sale of savings
new
Installment
by higher duties and customs, acceding
argument for wiping the profits tax provisions off the statute books.
the
The rates
expected that tariff questions would be brought into the dis¬
was
fthe amounts
so
gained by higher income taxes.
t
political campaigns, foreshadowed the drift of the woman voter.
The treemendous vote of confidence
given the new Administration is not
confined to positive favor toward
Republican administration.
It included
a vast mass of our
citizenry who were woefully tired of Wilson and demon¬
strated an ending of the Wilson
regime.
It also included a pronounced con¬
viction of business America, not confined to
employers of labor, who nave
become properly alarmed over the
fateful disintegration of American
enterprise, and
more
It
or
an
official suspicion that every man who succeeds
must be
less dishonest.
included
a
respectable portion o 'labor which knows that the best
insurance against unemployment and low
wages is sound business methods,
where both the rights of labor
women
andjcapital are respected.
In addition, it
protest against undignified methods of campaigning.
was
Nov. 13
The
problems involved
devotion
demands
Parties
in this election are both imminent
and com¬
It
The electorate is not committed to any particular party.
manding.
the
to
are mere means
country's welfare rather than to party fealty.
to be
be opposition
employed to reach definite ends.
The support
dependent upon how the party in
today
may
power
treats the problems committed to it.
tomorrow,
Our first duty is to secure relief from war taxation.
This can only be
done by getting away from war conditions.
Formal peace must be estab¬
war laws discontinued.
Taxation can be
asjt is apparent thatjhe Republican leaders do not intend to
anything* inYheYoming session_of ^Congress looking "toward a repeal or
adjustment of taxesT it is believedThatT the committee dealing with taxa¬
tion matters will follow pretty largely the suggestions that will come to
them from business men.
It was said to-day [Nov. 8] that the Ways and
Means Committee will consult with the Economic Division of the Ameri¬
can Bankers' Association and the United States Chamber of Commerce.
Inasmuch
do
In
special dispatch from Washington to the New
a
lished at the earliest moment and
reduced
only by reducing the costs of government.
The Executive and
legislative must cooperate to cut this cost to the bone.
The war machine
must be dismantled by eliminating every war agency not absolutely neces¬
sary in peace time.
The
least
persistence of the frightful Government expenditure, which is at
seven
eight times what it
or
attention and reorganization.
what
repeal the
excess
was
we
before the war, demands immediate
profits tax and
substitution of
form of tax.
new
question, not members of either house, to investigate and
taxation
the
is the
and inaugurated in practice
budget system, which was vetoed by the President at the
last session.
of the
months suggests the necessity of a revision
of the employment of American labor
argument that European imports must
ductive
Europe
The se¬
not be impeded so that
be able to pay her debt due the United States must not
may
lead
disruption of American business enterprise.
to
Board is the necessity
dollar, which under
important problem facing the Federal Reserve
An
the purchasing power of the American
of appreciating
inflation has been reduced to about one-half of
war
against the danger of unemployment
The stability of business to insure
and consequent
Accordingly legal agencies for
worked out
protection of the public without a sacrifice of the rights of
suffering must be assured.
labor adjustment in
to guarantee
either labor
the
or
what it was before the
but an administrative function.
This is not for legislation,
war.
line with the Republican platform must be
capital.
These problems demand the
will be impatient for
■
standards of living.
American scale of wages to insure our
an
but for the protection
laws, not only for the sake of revenue,
revenue
of American industry in the interest
at
close of the
'■/'-'.'l-(?C-
The flood of imports in recent
Too much will be expected from
legislation, due largely to the policy recently inaugurated to
ernment for the. cure
There is
ness
no
who is
man
a
President-elect,
the
^handled wisely and the bast rasults
economic, social and political
Representative Fess
will have the
There can be no serious doubt that
problems, vast and numerous, will be
of sound,
since the days of the
Through his leadership the Nation
of counsel.
best brains the country affords.
on
fully alive to the serious¬
is to be congratulated upon the
The country
war.
look to the Gov¬
of all ills.
doubt that the new administration is
of the task which confronts it, the most serious
civil
The electorate
country's best leadership.
immediate results.
policies will be assured.
Pennsylvania, Chairman of the House Banking
and Currency Committee, indicated his ideas as to the taxa¬
tion requirements.
From the New York "Commercial"
of Nov. 9 we take the following as to what they had to say
McFadden of
in the matter:
accomplished
adopting a sub¬
stitute for it so far as current expenses are concerned," said Representative
Fess.
"I believe it is important, however, that the floating indebtedness
should be retired at once, and that Victory notes should be taken care of
when they become due.
If these obligations, totaling $8,000,000,000, are to
"I believe that enough of a
to make it
saving in current expenses can be
possible to repeal the excess profits tax without
be retired, it will be necessary to find a
"I
am
substitute for the excess profits tax.
offers the most feasible
necessary.
I believe that the
firmly of the opinion that the sales tax
method of providing the additional revenue
that it is imposed
hangover from
the war and which become due during the next two or three years.
It would
be possible to make the sales tax effective for the period covering the re¬
people will favor the sales tax if it is made plain to them
for the
specific purpose of retiring obligations which are a
tirement
of
rid of
able to make
situation as is desirable to inform Congress where
a special commission should be created to study the
such
a
survey
situation.
do in reducing expenditures is to get
If the present Bureau of Efficiency is not
of the
savings can be made,
In 1917 there were only 37,000 Government
war.
employees.
Now
something over 100,000 during the
there are more than 90,000, as against
up to
There has not been enough reduction in
the total number of employees
date."
that the ex¬
profits tax should be repealed and that there would be a saving in ap¬
propriations for Government departments, but differed on practically all
Representative McFadden agreed with Representative Fess
cess
other
obligations due in 1923.
The
dispatch is
follows:
as
they
no
say,
reduction of taxation for two or three years.
agreed that there
The Government
amount as at
present
$8,000,000,000 of its war obligations.
There
must continue to collect about the same
until 1923 at least to meet
change in the forms of taxation, but no general reduction
a
These two men, who speak
quickly
as
points.
have
and other "obnoxious"
reached the conclusion that the excess profit taxes
taxes must be eliminated as
"
Committee.
for different elements in the country,
possible in accordance with party
.
pledges, but that the elimination of them will mean that other measures of
taxation must be found to meet current expenses and outstanding obliga¬
I
tions of the Government.
of
the
thing.
President Wilson recommended to the last session of Congress
that the excess profits taxes be dropped, and three Democratic Secretaries
of the Treasury, McAdoo, Glass and Houston, have also urged it.
So both
parties are on record in favor of its repeal.
With such an agreement It Is
believed that these taxes will be tackled first, although it is not probable
that any tax or tariff revision legislation will be finally considered in the
coming session of the Sixty-sixth Congress, which convenes on Dec. 6 and
expires by Constitutional limitation on March 4.
Representative Fess is anxious that the Republican Party should care¬
fully consider taxation matters in the special session of Congress which
President Harding is expected to call.
His first disposition was for the
appointment of a Tax Commission, but since thinking this proposal over he
found that it had many disadvantages and he is now of the opinion that the
House Ways and Means Committee should consider first the advisability
of making a radical reduction in the number of Federal employes and
eliminate duplications in Government bureaus.
This can be done at once,
he said, and after a saving of perhaps nearly $1,000,000 has been effected,
then the committee will be in a position to say just how far the tax reduction
The Republican Party
is committed by its platform to the abolishment
and the Democratic platform virtually declared
the excess profits taxes
same
be carried.
can
"I
that the excess profits tax can be
of the opinion
am
repealed without
of the Govern¬
substituting any other tax for it, so far as the current expenses
ment are
new
"We can reduce the expense of Gov¬
concerned," said Mr. Fess.
be needed.
But some
the war obligations, and to
greatly, so that the excess profits tax will not
form of taxation will be required to meet
take care of maturing
$5,000,000,000,
Victory bonds in 1923, amounting to
$3,000,000,000.
and Treasury
Certificates I favor a sales tax which shall be levied solely for this purpose
and continue as long as necessary.
I think the people would not object to
such a tax for such a purpose.
On the other hand there must be some sim¬
plification of the tax forms and other readjustments.
But the ]>eople
must see that there can be no general reduction of taxation until after 1923
because of the necessity to prepare for the redemption of bonds and Treasury
Certificates.
All that can be done by the Republican Party is to reduce
certificates amounting to about
and Treasury
order
"In
to
the expenditures
and
get
money
redeem the Victory Bonds
to
of Government, and to that extent there can
be a slight
gradual reduction in taxes."
"But the first
the surplus and
thing that must be done is to cut away
duplication in the Federal Government.
Before the war there were
Federal employes in Washington.
At the time the armistice was
there were more than
100,000 and the reduction in two years has
This can be done only by the
10,000.
than
Congress and the practice of
35,000
signed
been less
co-operation of members of
inducing departments to make transfers
of
employes by members of Congress must be stopped.
I do not know just how far the reduction can take place.
It seems to me that an efficiency
commission should study the subject and report to
obligations.
these
"The first thing Congress must
surplus employees.
be
can
ernment
further expression to his views
the same time Representative L. T.
gave
the 8th inst. and at
war
change in the method of taxation but no gen¬
Chairman of the Banking and Currency
revision.
One of the earliest measures to be enacted
a
meet
to
in the
taxes, in the opinion of Representative A. D. Fess, Chairman of the Republi¬
can
Congressional Committee, and Representative L. T. McFadden,
composed of members of Congress, together with well-known experts on
report on the needs and possibilities of tax
There will be
impossible and admit that revenue
tax cut is
a
be maintained
must
will be
commission
Steps will most likely be taken at an early moment to create a
find that
cans
York
averred that the Republi¬
Republican members of Congress now in Washington are
probably
be able to reduce the upper ranges of
may
"Times" under date of Nov. 8, it is
eral reduction.
succeed in saving in the short session
It is to be hoped this can be done without the
the surtax.
any
If
saved in the earlier session of this Congress, we can most
was
1907
CHRONICLE
THE
1920.]
ductionjcan be made without injury to
Congress where the re-
the public service.
by Congress ordering a wholesale
cannot be done safely
Certainly this
reduction of the
force."
Representative Fess does not believe that
taxation will be acted upon
He is certain that the coming session of Con¬
gress will;bring about a further reduction in expenditures.
There is a difference of opinion among Republicans as to how the economy
untiliin'the special session.
program'is to be carried into effect.
Chairman McFadden of the Banking
and Currency Committee is opposed to the imposition of a new tax in place
of the
profits taxes which, he, too, says should
redeeming
be repealed.
bonds and Treasury certificates Mr.
the Victory
Instead of
McFadden
that they shall be refunded into long term bonds.
If this is
the banks will have sufficient money for commercial purposes as they
proposes
"The estimate of money to be derived
is
the excess profits tax
during the present fiscal year from
$1,300,000,<j)00," said Representative McFadden.
"I believe that this tax can be
eliminated and no substitute provided for it,
although there should be a revision in other portions
"I do not favor a sales tax.
Government obligations.
I also
am
against any early retirement of
unparalleled prosperity during
I would favor that no attempt be made to retire out¬
At the end of that time
much wealth that we can start on
accumulated
so
the retirement of these obligations to
much better advantage
carrying.
plan further contemplates the
fixed at a rate they can pay.
standing obligations during the next fifteen years.
the country will have
Treasury certificates they are now
settlement of the controversy with
of deferred interest on the $10,000,000,0001borrowed from the United States.
Mr. McFadden believes that
foreign Governments should resume payment of interest at once and if
these Governments cannot pay the prevailing rate of interest, it should be
His
foreign Governments as to the payment
I believe that if taxes can be kept down to a
minimum the country will have a period of
the next few years.
of the tax laws.
done
will be relieved of the bonds and
than at pres¬
If the United
Treasury certificates, Mr.
for
a
«,
States Government should refund
the Victory bonds and
McFadden concluded, there would be no
sales tax in place of the excess
necessity
profits taxes.
ent.
"I think it will be
helpful to take up these short term certificates of in¬
debtedness from the banks and issue long term bonds
in place of them.
think that such bonds can be floated at not to excede 5%
of indebtedness.
5% % which is the current rate for certificates
there will be no trouble in selling these long term
"I
am
them.
unnecessary to
in this manner,
in
I believe
the interest
This money would be of substantial
help in meeting expenses of the Government
impose additional taxes.
and would help to make it
Besides the $500,000,000 derived
I believe that there should be another $500,000,000 saved
expenditures for Government departments."
The New York "Times" of the 9th inst. in its Washington
dispatch of the 8th, recounting what the Republicans had to
say, stated:
In
an
editorial
AMERICAN
SALES TAX.
in its issue of Nov.
"Times" had the following to say
bonds to investors.
in favor of making the foreign Governments pay up
which they owe on loans to
AN
I
interest, as against
The happy
experience of France and Canada with a sales tax
the belief that its merits are not
suppose
of that
The Canadian Premier is
"The sales tax is a path untrodden by any other country
York "Times" said of the sales
On April 30 1862, the New
year:
finance or taxation
"Among
the numerous propositions for a
which shall produce a revenue
as
accomplish this end so
scheme of
equal to the greatly
in¬
have seen none that appears
fully, and to which so few objections can be urged,
creased expenditures of the Government we
to
strengthens
merely theoretical, but it is a mistake to
that they are pioneers in that line.
quoted as saying:
in the world."
tax
12, the New York
under the above head:
a^uniform tax upon transfers, or
sales of merchandise."
.
•
1908
Then
business favored it, but Congress
now
as
and not happy in execution
included
on
riously amended, and in
increase
an
latter tax
was
to
are
levying the tax
on
the
In 1863 the tax
articles
was
levied.
In
was
1866
changes
were
merits in that
farmers
simplicity, but also there
exchange transactions, the precedents
In 1870 the sales tax was repealed,
or on
notwithstanding.
contrary
objections
are
except stamp taxes, as the revenues were then becoming plethoric.
Even more convincing, because more modern, Is the experience of the
Phillipines with its 1% sales tax, levied by wise American administrators.
It yielded
14,000,000 pesos,
in this country two
of trade.
$7,000,000,
turnovers which would yield
on
billions, if the tax increased in proportion to the
The tax
accomplished this considerable marvel in
tively poor and unmercantile country
"without
a
hitch
a
and
yolume
compara¬
without
a
murmur," in the words of Martin R. Bourne, Vice-President of the Manila
Trading Company, addressing the New York Board of Trade.
says:
He further
;
|
.
■.
.
"The Philippines tax rests primarily on the merchants' sales of commodi¬
ties.
It includes a supplementary equivalent tax on common carriers and
others, and provides an exemption for farmers, but substantially it is a mer¬
chants' tax.
Possibly its greatest single advantage from the merchant's
viewpoint is its certainty and simplicity.
It involves no guesswork.
He
does not have to figure in graduated profits
percentages to know what
amount of price loading is necessary to cover the tax.
He does not have to
wait
a
day
The
At the close of business every
know the amount of our tax for the day's business.
We pay it
quarterly.
We also feel that we are mere collectors.
The tax is a recog¬
nized item, which Is figured in the
selling price."
He further[testifies that
the"Philippines sales
ular with all, and so far as I have heard has
the merchant
In
a
the
One
consumer.
never
it both collects and pays itself.
sense
ment Is
or
taking anything from him.
ernment."
.
a
new
would be such
a
No
one feels that the Govern¬
10 cents
of
blessed relief from the ills
we
inconveniences, it
or
know of that fault-finding
reported
cents
CENSING
SUGAR
under
the law
passed Aug. 10 1917, has been issued by President Wilson
through
The
and
Acting
Secretary
proclamation
was
was
State
of
Norman
H.
signed by the President
made public Nov. 4.
stice in the
of 10 cents
a
was
announced
the 10th inst. to 103^ cents, the
on
of the
be
leading
"Times,"
Mr.
refiners, declared that there would
the
According to the New
prices.
sugar
Spreckels said that the Government
control of sugar had not been
in
Before
the 6th inst., Claus A. Spreckels,
on
sugar
drop to pre-war
a
York
price
a
pound, in 100 lb. bags, less 2% for cash.
departing for Europe
one
"displacement" of
and had only resulted
a success
He
sugar.
quoted also
was
as
saying:
of the United States have had sufficient
contention that at
Prices must go to
no
1,250,000 tons.
new
there
was
normal, and
before the
us
time
crop
a
and in other
sugar,
sections the supply has been insufficient, and the results
my
have borne
out
real shortgage.
by that I
mean
pre-war
is being harvested with
this
prices, for
surplus to be sold
a
Only one-half of Europe is able to purchase
an
ything,
be used in this country.
planters and others who have been talking of high prices have been
fool's paradise and they
a
not unlike the person who tells
are
an
times that he believes it himself, but they will find
so many
that the downward trend cannot be stopped.
We must return to normal,
for during the war we have been living in expansion and now that must c ease
those financially
and
interested must
themselves for the receding
prepare
prices that are sure to come.
SUGAR
advices
Press
,
AT 25
CENTS IN HAVANA.
Havana
from
"Journal of Commerce"
same.
Oct.
published
26,
in
the
yesterday (Nov. 12), said:
Broadly speaking, prices in Havana are just about double the high mark
in
top-notch American cities.
One cause, according to dealers, is the
un¬
changed situation has been brought about by the present armi¬
precedented port congestion, apparently with little hope of early clearing,
between the United States and Germany, says the
procla¬
and which has resulted in the ruin of hundreds of tons of necessary products.
war
mation, and by the approaching expiration of the
powers granted to the
President by an act of Congress entitled "an act to provide for the national
welfare
pound
a
by leading
announced.
was
above, the Federal Sugar Refining Company quoted
Oct. 30,
on
and revokes the regulations governing the
The proclamation follows:
a
cent
a
reduction of
a
sugars
lowest up to that time for the year, and on the 11th, as stated
It makes unnecessary licenses
sugar,
Whereas,
On the 3rd inst.,
Davis.
for the importation, manufacture, storage and distribution
of
Oct. 20.
on
A further reduction of one-half
living in
which had been in force
sugar
was
sugar
pound, both the American Sugar Refining Co.
pound in the price of refined
a
untrue story
of
a
by the leading refiners
The
REGULATIONS.
1710,
page
Refining Co.
refining interest to 11 cents less 2% for cash
LI¬
proclamation relinquishing, effective Nov. 15, Federal
control
Federal Sugar
low level
a new
issue of Oct. 30,
our
continuing to accept orders for refined
pound
a
cent
a
of
A
In
which includes sugar, and the sugar crop must
REVOKES
decline in the price
a
and the National Sugar Refining Co. quoted a price of 12
fall finds
WILSON
low record, 6 cents
a new
previous drop, Nov. 9 to
a
the 11th reaching
on
pound.
a
as
at 11 cents
would be softened if not disarmed.
PRESIDENT
this
stated that while the
we
Some parts
developed imperfections
touched
Nov. 11, after
PRE¬
PRICES
SPRECKELS.
6M cents, and there has likewise been
i;.
.
sales tax
been criticized either by
He is simply collecting for the Gov¬
.
Even if
never
CENTS—PRE-WAR
10
raw sugar
on
of refined sugar,
tax is "tremendously pop-
hears of any effort at evasion.
price of
pound,
per
we
year to know the amount of his tax.
TO
DICTED BY CLAUS A.
va¬
the
[Vol. 111.
GOES
SUGAR
expenditures rising to $35,000,000 above
The levying of a sales tax on specific articles is familiar.
There
to
enacted
as
in the present revival is the making of the tax uniform and
new
universal.
1864,
manufactured
repealed on most articles, and in later years there
in the sales tax.
All that is
on
The bill
sales of "goods, wares, mer¬
gross
chandise, stocks, bonds and other securities."
Income,
divided in opinion,
was
of the idea presented to it.
of one-tenth of 1%
tax
a
CHRONICLE
THE
by continuing the United States Sugar Equalization Board until
Dec. 31 1920, and for other purposes approved
by the President
on
Whatever
the island
cause,
here
papers
Even here,
where,
Now, therefore, I, Woodrow Wilson, President of the United States, by
by
is going through
period of high cost,
a
burdensome than that found elsewhere
as more
the face of the earth.
on
the 31st
day of Dec. 1919."
the
described
where it is produced in sufficient bulk to supply millions else¬
retails
sugar
on
fruit, going to waste
the Havana market around 25 cents
a
a
pound.
Grape
few miles from town, sells at New York quotations
virtue of the powers conferred upon me by said act of
Congress, hereby find
and determine and by this porclamation do announce that it is
to-day, with a program calling for ready and available cash, and the
essential in order to carry into effect the
purposes of the act, that the im¬
price reductions in the hope of unloading luxuries to meet weekly pay-rolls.
no
portation, manufacture, storage
or
longer
Licenses heretofore required for the importation,
manufacture, storage or
of certain necessaries
hereby canceled, effective Nov.
are
J.
distributing
sugar, or any
product
or
by-product of the foregoing named necessaries.
Regulations, issued under the said act covering licenses
commodities
In
are
In
sugar
President's proclamation,
dealing in these
so
situation, with the issuance of the
"Financial America" of
Nov.
5
The proclamation issued by President Wilson
war-time restrictions
on
Thursday removing all
on
sugar was received in the sugar trade with consid¬
erable interest.
These restrictions, which went into effect in 1917 when the
.United States entered the World War,
placed the entire sugar industry of
the country under Government
supervision.
a
This resulted in the creation
National Food Administrator and the United States Sugar
Equalization
the latter body having fuil jurisdiction over the
sugar situation.
Board,
The restrictons thus removed
provided
of
prices for both the
raw
among
other things
and refined products.
for
the fixing
The United States Sugar
Equalization Board acquired the entire 1918 raw sugar production of Cuba,
Porto Rico, Hawaii and the
Pnilippines at a fixed price, less enough for local
consumption in those places.
The price set by the Equalization Board for
for the 1918 crop was 7.58c., while the
price of the refined product was
fixed at 9c. less
2% for cash wholesale.
The Equalization Board also in¬
raws
augurated what
into zones.
Pittsburgh and
by the
of
was
known
as
the zoning system which divided the
country
All that territory east of the
as
far south
as
80th meridian,
by the beet
sugar
manufacturers.
Allies in the
war
were
Practically all
as
provided for, but
sugar
drinks,
were
soft
was to
The Gulf refiners
territory south of the Georgia-Carolina line.
non-essentials, such
or
Buffalo and
the Georgia-Carolina line, was to be
supplied
refiners, while the territory west thereof
cane
&c.,
Out
be taken
were to
of the
care
supply the
1918
crop
our
used in the manufacture of
for the time
being denied.
of these provisions, including toe licensing of refiners, whole¬
salers, brokers, &c., have since been removed
so
that the announcement
made to-day was considered more of a
formality.
Since there has been a
local market for the
staple, however, the price of raw sugar has risen as high
as 22c. a
pound, while the price of the refined product in some instances
has retailed
at
30c. and higher.
From the high prices mentioned there has been a
sharp reaction in both
the price of
kets of
as
raw
and refined sugars here due to the purchase in foreign mar¬
large quantities of
raw sugars,
Natal, Africa, and Formosa.
before
Association at Atlantic
EMERGENCY
CONTROL
the
City
EXISTS
OF COAL.
Eastern
Ice
Manufacturers'
MSrrow,
Nov. 11, J. D. A.
on
ton, declared that no emergency exists in the
coal
the staple coming from
as
far away
bituminous
industry to call for Federal control of the mines, such
hinted
Senator Calder,
by
Reconstruction,
said:
of
address
ail
NO
SAYS
FEDERAL
Vice-President of the National Coal Association of Washing¬
hereby canceled, effective Nov. 15 1920.
reviewing the
MORROW
FOR
All persons, firms, corporations or associations
engaged in the business of
or
A.
D.
15
1920, with respect to the following:
importing, manufacturing, storing
mora¬
10%, have failed to start
distribution of certain necessaries be
subject to license, to the extent hereinafter specified.
distribution
torium, under which banks limit withdrawals to
a
few
of the
days
Senate
ago.
The
Committee
bituminous
industry, through its handling of the soft-coal shortage
as
on
coal
emer¬
Mr. Morrow said, has shown that it is able to meet
gency,
its
own
of
the
problems.
Mr. Morrow urged patience
the part
on
public toward business enterprises throughout the
country, which, he said, have not yet recovered from the
economic effect of the
been
unable,
necessary
up
to
a
The coal
war.
short time
ago,
industry, he said, had
to catch
up
with the
output of coal to meet the country's requirements
because
of
with the
railroads, he said, is that they have
inadequate
railway
requisite number of freight
various industries.
cars
facilities.
The
difficulty
not
nearly the
to meet the demands of the
The various systems, he said, are build¬
ing
cars as rapidly as possible to make up the deficiency.
During his talk Mr. Morrow told of the efforts of the bit¬
uminous coal
in the
industry to eliminate abuses that had developed
handling of coal during the shortage crisis.
efforts of the National Coal
the bituminous
mines had
Through
Association, he said, output at
now
reached
the point
duction at which the immediate wants of the Nation
of pro¬
are
being
met, while with it prices at the mines have appreciably fallen.
In his address Mr. Morrow said:
There is
any
nothing in the present situation in the coal industry to warrant
such regulation of the industry
mittee.
as
that suggested by the Calder Com¬
I think everyone here knows full well
business life
has
been conducted
on
that
American
social
and
the principle of having as little inter-
Nov. 13
t/v S-
if
1920.]
ference from the Government
as
we
possible and leaving the individual as free
as
for him to conduct his
can
affairs in his
own
freedom which has permitted this country to afford
own
It is that
way.
1909
CHRONICLE
THE
the wonderful oppor¬
Ithe
wish to deny
action taken by
representatives of the National Coal Association, of the Incerstate Commerce
others.
So
emphatically
the matter straight on the record, I
to put
as
there
tnat
I think everyone will admit
Commission
that Governmental interference, regulation or
control of
the coal shortage emergency,
impractical and fraught with
so
disadvantages and evils and is so
many
inevitably certain to result in higher costs and operating
that Government control
sumers,
or
business is so
expenses
to con¬
regulation ought to be imposed on no
The conditions in the bituminous coal industry
which have caused con¬
trouble in obtaining their supplies and have
States which
On the contrary the
given opportunity for
mittee
re-adjustment.
We all understand perfectly well that lack of transporta¬
tion is the basic
cause
Well, the remedy for that difficulty
of the trouble.
of
The railroads are making vigorous efforts to
in dire need of coal.
They have
attacked by witnesses before the Com¬
has
It
Spring and have been the
been
Committee
Those orders have made it
the deficit in coal output caused by the switchmen's
overcome
asserted
by F.
direct means of averting a very
Fall and Winter.
serious shortage of coal during the
transportation facilities.
bring this about.
were
eminently practical and right.
were
possible to
regulation of coal but improvement
during
and shipments of
priority orders issued by the Interstate Commerce
which have been indiscriminately
strike of last
not
to increase the production
bituminous coal and to obtain the movement of sufficient supplies to parts
of the United
speculative prices in this commodity are but a passing phase of the war
is
any
Commission and the action taken by the railways and the coal producres,
business except as a last resort, when nothing else will answer.
sumers
or
in
of the American Railroad Association in their efforts,
tunities to its citizens which it has afforded.
any
wrong-doing
any
was
Miller, special assistant to the
T.
Senate
Reconstruction, in testifying as a witness before the Com¬
on
co-operated splendidly with the coal producers and with the Government,
mittee, that the inluence of Joseph P. Tumulty, Secretary to the President,
under the leadership of Daniel Willard, during the past 6
was
If the railroads
given
are
they suffered during the
furnish
all
the
reasonableness
fear
no
no
doubt whatever that they will
needs.
this country
When
that
mines could be
opened if they
were
needed to supply this country,
The mines now open, equipped as they are with
needed.
can
produce
100,-
coal every year than this country can use and export.
more
We need to have sufficient transportation
devoted to the movement of the
output of these mines, and that is all that is necessary to relieve
conditions
public needs to be patient with business enterprises in the United
States
which
have
completed
yet
not
adjustment.
the after-war
We
patience and hard, common sense in the existing condition of affair's
not theoretical, socialistic governmental regulation.
If business men
need
and
are
given
opportunity to work out these problems, they will emerge
an
successfully from the economic chaos brought upon the country by the war.
Answering critics of the soft coal industry who have in¬
sisted that
shortage in bituminous coal has existed, Mr.
no
Morrow said:
Every
and then some intellectual giant discovers that we have pro¬
now
of soft coal in 1920, up to date, than in the
period last year, and he therefore jumps to the conclusion that there
has been
no
shortage this year and no excuse for consumers paying high
to 1920
as
production and needs is not with the year 1919, but with 1917.
In 1919, as the U. S.
Geological Survey pointed out in a recent report, at
least 40,000,000 tons of
year, were
coal, in addition to the current production of that
consumed out of stocks built up during the year 1918.
In other
actual
words, the 1919 production fell 40,000,000 tons, or more, behind the
requirements of the
year.
In 1917 the aggregate production was 551,791,-
000 tons, and the country was still
is estimated, from
short during the winter.
This year, it
550,000,000 to 565,000,000 tons of soft coal will be re¬
We are still far short of the average necessary to meet
quired.
At this time
mand.
that
de¬
some
said:
The allegation was
manipulate the whole
White House.
President
the
might
situation.
The
The Association has
the misuse of transportation facilities for the
We felt tnat they
the situation.
low the price
have had enough cars to trans¬
12,000,000
now much be¬
begun to decline, so that we are
consideration to this vital question,
entitled
priority orders of the Inter-State Commerce
I
glad to
am
to all the information we could give
that Mr. Tumulty himself has given the lie to the in¬
see
sinuation that his help was sought
to give unfair advantages to the coal
operators or to work agdinst the best interests of the public.
joint statement of Senators Calder and Edge gives the impressloD.
The
that the National Coal Association and the coal industry have
this time to put
up to
to eliminate various abuses
DENIES
the industry, they have been generally eradicated.
NATIONAL
ALLEGATION
/
statement
a
on
OF
COAL
ASSOCIATION
WRONG
DOING.
Nov. 9 Col. D. B. Wentz of Philadel¬
phia, President of the National Coal Association, replied
to statements coming out of the Urn ted States Committee
on Reconstruction at New York touching upon the Bitum¬
inous Coal
In nis statement Col. Wentz empha¬
Industry.
acting
through the National Coal Association, long ago took steps
sizes
the
point
to eradicate
the
Senate
bituminous
that
coal
operators,
abuses in the industry which were attacked by
Col. Wentz makes it clear that,
Committee.
due to efforts
of
the operators toward the
put of coal at the mines
increased out¬
in
At that time the Association urged upon the Inter-State Com¬
April.
Commission the necessity for a much greater supply of cars so that
merce
the soft coal output might be materially increased and a shortage prevented.
Such
order
an
issued in
was
June
by the Commission.
Association aggressively defended the
ington
on
A
wholly wrong impression has gone out to the
upblic through statements
Calder
Committee on Reconstruction,
is Chairman, pertaining to high prices in the
oitummous coal industry.
Broadly the entire industry has been aceued of
emanating from the United States Senate
which
Senator
"practicing gross extortion on the wnole public of the United States."
The Senate Committee asserts that "wrong-doing has been admitted by
D. B. Wentz,
representing the National Coal Association; by Commissioner
Clyde B. Aitchison
Willard
me nor
Daniel
No such admission has been made by
of the Interstate Commerce Commission, and
representing the railroads."
such admission has been made by either of
do I understand that any
The
order
ordor at the public hearing in Wash¬
The Commission was convinced of the need of
July 7.
was
Officials of the National Coal
opposed by shippers of other commodities.
a
larger
supply for the coal mines and kept the order in effect.
car
In the effort to eliminate
one
phase of the abuses that crept into the short¬
situation, the National Coal Association rigidly opposed, before the
Inter-State
Commission,
Commerce
speculative
reconsignment
of
coal
Limitations upon the right to reconsign, which later were put into
cars.
effect by the railways, have had the vigorous support of the Association
a
generally.
•
committee of the Association worked out, with wholesalers and representa¬
tives of the tidewater carrying
the
roads, plans to curtail the holding of
cars
at
piers to the minimum, and suggested changes in the rules of the Tide¬
water Coal
and had
Exchange to prevent these abuses.
These changes
were
made,
immediate effect toward checking tidewater speculation.
an
speculation wherever it existed, urged the Inter-State Commerce Commis¬
sion
to
sprung
withdraw
up
"wild cat"
mines,
which had
shortage emergency in various fields,
and whose
supply from
car
during the
working under high production cost,
wagon
were
exacting unwarranted
prices at the mines and were demoralizing labor and market conditions.
At my appearance
before the Calder committee, I explicitly stated that
while high prices had
prevailed in some of the bituminous coal fields during
the
shortage emergency, the rank and file of the responsible operators were
not
guilty of charging excessive prices.
The fact is that ever since last
Spring from 70 to 80% of the soft coal output has been shipped from the
at
The remainder of the product was largely
reasonable prices.
to a
speculators.
advance the soft coal output
point commensurate with the country's demands through increased car
supply, prices generally at the mines have greatly decreased during the last
They
are
still
on
the decline.
because of charter limitation, can have
The National Coal Association,
nothing to do with the prices charged
by its members or with their price policies.
But the effort of the Association
in the last 6 months to obtain increased production has been
the direction of
insistently in
bringing about lower prices for the commodity.
is manifest that the bituminous coal producers, through
Association, have been
Thus it
the National Coal
effectively laboring to bring about precisely the
results which Senator Calder's Committee urges.
Had it not been for tbe consistent efforts of the bituminous coal operators,
as
represented in the National Coal Association, to overcome the shortage
emergency
throughout the summer and fall, the Nation would now be faced
with the calamltoiis prospect
of
soft coal famine during the winter. This
There will be ample coal, and at
a
contingency no longer need be feared.
reasonable prices, for
that they will continue to drop.
public by the National Coal Associa¬
tion, Col. Wentz says:
of
situation
arising from the inadequate coal shipments, due to the switchmen's strike
all.
high prices have materially declined
within the last few weeks, and
In his statement made
,
The National Coal Association recognized last May the grave
month.
In
branches o?
with the result that, through the cooperation of other
gency
As the outcome of efforts of the operators to
OF
This
The fact is that the National
special committees, began an effort,
that had developed during the shortage emer¬
that which fell into the hands of
WENTZ
done nothing;
end to abuses whichthe Senators attack.
an
Coal Association months ago, through
mines
COL.
in
public officials, giving
as
them.
owners,
levels prevailing six weeks ago.
Commission are con¬
tinued until Dec. 1,1 have no doubt that production will be sufficient dur¬
ing the remainder of the winter, together with the reserves that will have
then been accumulated, to carry the country through to next spring with¬
out any difficulty.
Therefore there is no reason whatever for any one at
the present time paying any unreasonable prices for soft coal.
If the
were
Again the National Coal Association, in pursuing its fight to eliminate
In the meantime the production of coal has risen to
week and prices have
bituminous coal
operating conditions in the various fields was placed before officials of the
Interstate Commerce Commission, of the American Railroad Association
of speculating in coal by anybody.
It is only in the last few months that we
a
Likewise
informed.
accurately
July to the speculative holding of coal cars under load at tidewater points
bituminous coal producers of the United States, has had no
made every effort to prevent
port coal.
and
coal
National Coal Association, representing
sympathy at any time with these speculative abuses.
purpose
fully
be
information with respect to production and distribution of
When the attention of the National Coal Association was called during
Industry before to inject themselves into the market and accentuate an
the responsible
This was done simply and solely
ly advised of conditions in the industry.
that
Mr. Tumulty intimate¬
afforded an unusual
opportunity for speculators who never had anything to do with the
already acute
It is true that officials
This statement of Mr. Miller's is flagrantly false.
of the National Coal Association endeavored to keep
and soft coal producers
The unfortunate feature of the situation was that it
tons
the open market during the shortage emergency.
age
speculative prices that existed in
soft-coal fields during the shortage, Mr. Morrow
high
upon
of the
in
7,000,000 tons behind the production for the
we are
equal period of 1917 and 42,000,000 tons behind 1918.
Dwelling
enable
would
made by Mr. Miller that the coal operators sought to
The real comparison
That, of course, is sheer nonsense.
prices for coal.
which
orders
impression is grossly misleading and unfair.
duced 50,000,000 tons more
same
issue
to
and of various agencies in Washington who were necessarily interested
those of the last 6 months.
as
The
Commission
Commerce
operators to "dodge" contracts specifying lower prices than those prevailing
land available along the railways in which 10,000
machinery and manned with the men who are there,
000,000 tons
sought by officials of the National Coal Association to persuade the
Interstate
coal situation through their conferences during the summer and fall at the
10,000 bituminous coal mines open throughout the country.
are
but they are not
such
is done
to future sufficiency of their coal supply or the
of prices.
There is plenty of coal
more
as
months.
opportunity to recover from the ill effects
there is
war,
transportation
people need have
There
an
THE DROP IN COAL PRICES.
Coal prices have
dropped off about half
a
dollar from the
decidedly weak condition reported last Saturday, according
to the "Wall Street Journal."
Buyers of bituminous are
out of the
market, it
says,
waiting for the $4 price considered
inevitable.
All anthracite offered at lower prices is being
gobbled
however.
up,
We quote further as follows:
Pool 18, the lowest grade of soft
Good grade steam
coal, is offered already at from $4 to $4 25.
coal, pool 10, is quoted at S5 25 to $5 75, while high
pool 9 quality is quoted at $6 25 to $6 50.
50 cents under quotations last week.
These prices average more than
CHRONICLE
THE
1910
Anthracite, In
not declined
view of the heavy demand, has
much,
bo
of
loss, and the anniversary wiil bring with it solemn thoughts to the mind
though independents are not getting the panic prices exacted in the past few
of every
weeks.
living relatives,
Few purchases from independents have been made at more than
$14 50 to $15.
at $1
Rice is weaker at $3 50 and barley and buckwheat steadier
75@$2 and $5 50@$6.
$8, mines.
To arrive at
New York retail price at least $3 68
a
must be added, which includes 50 cents
profit.
But It must be borne in
mind that retailers to fill customers' requirements must buy from independ¬
ents at
as
higher prices and
above.
V'V:./^,'H-•
No buying of
a
Prices have eased
OF
THREE
HOLIDAYS
IN
cite mines
I shall direct that tne flag
was
were
perhaps the first time, certainly in recent years, the anthra¬
idle
Election Day, Nov. 2, the miners having voted a
on
week and
a
half-mast
consequent loss of tonnage.
Election
The amount of tonnage lost, according to
Day, Nov. 2.
preliminary figures based
and calculated
201,729
on
from fifteen leading producers
on accurate returns
the regular
tons of steam
was
daily
coal.
buckwheat No. 1,
houses, especially in
of production, was 714,128.
averages
Of
the
and five persons to the
28,000
latter,
tons,
in
round
size much used in offices and apartment
a
New York City.
540,409 tons.
was
On
The total loss of household coal
basis of ten tons
a
a
to a family
year
of the United States at all military posts, naval
buildings of the United 8tates be displayed at
on
that day as a token of the nation's participation in the exercises
on
strike of switchmen, and to the "vacation" of three weeks taken by the an¬
and from
some
cities, notably New York and Washington, have come complaints that they
have not received to date as much anthracite as received to
corresponding
dates in former years.
lost in the three holidays mentioned would
have been sufficient to have made up
the entire reported shortage in New
over to
supply several thousand
additional families with sufficient domestic anthracite to keep them running
a year.
:
'•
•
1920.]
The apparent failure of the
clearly enough that it is only necessary for one line, provided it be
cates
Although transatlantic freight rates
months ago,
there remains
time and before the
a
the fall is
few
a
have declined from 20 to 40%, but in the light
level which amounted to 400%,
conspicuous.
A feature in the development
the fact that before the
of America's export coal trade is
little
war
vailing rate of around $3 50
$22@$26
reduction.
big disparity between those ruling at the present
advance from the pre-war
enormous
a
considerably lower than
are
From the high point rates to the United Kingdom
war.
and French Atlantic ports
of the
coal
or no
During the
a ton.
in
seen
shipped at the then
was
pre¬
the cost increased to
war
since when it has reacted to $9 25 to $13, according to des¬
a ton,
tination.
An
interesting comparison in rates is that governing the shipment of
around
Prior to the
Hamburg.
usual charge.
During the
30 cents
war
the rate touched
war
per
high
as
100 lbs.
as
the
was
It is
$3.
now
$1 75.
The following
table shows the
high and present transatlantic
pre-war,
freight rates:
To—
Pre-war.
General cargo, United Kingdom._
French-Atlantic ports.
do
60@70c.
1 25
80c.@$l
French-Atlantic ports
West Coast Italy
♦Before the
Present.
$1 00
*
do
Cotton waste,
High.
20c. 100 lbs.
25-30c. 100 lbs.
_
Coal, Rotterdam
;
~'
'
1
RATES.
sufficiently strong, to remain independent and thereby force
would have In addition cared for what Washington reports is its
shortage to date, and would have left enough
FREIGHT
possible, to stabilize ocean charges.
do
The amount of production
OCEAN
IN
"conference" plan is already seen in the rate war now in progress and indi¬
thracite miners following the wage award of the U. 8. Anthracite Commis¬
sion, the distribution of anthracite has been disturbed,
DECLINE
cotton waste to
Owing to transportation difficulties early in the year following the outlaw
Tork,
their lives to their country in the
gave
quantity of exportable goods, the Shipping Board is endeavoring, by all
family, the loss would have been sufficient to have
city of more than 200,000 inhabitants for a year.
a
American
With falling freight rates, resulting from competition for the fast lessening
These 714,128 tons lost were comprised of 512,409 tons of domestic sizes
cared for
heroic
[From "Wall Street Journal," issue of November 11
one
The three days lost were: Mitchell Day, Oct. 29; All Saints Day, Nov. 1,
therefore
for the
elsewhere held.
means
>
This caused the bunching of three holidays within less than
numbers,
vessels and
on
THE
holiday.
and
being
anniversary, should be observed in
by suitable memorial services
suggestion to those who conduct such services.
COAL.
Bureau of Information has the following to say under the
For what
like in¬
year,
world war, seems to me eminently fitting and proper, and I commend the
stations,
offered at $8 50 to $9 and
are
churches
our
soldiers, sailors and marines who
statement issued under date of Nov. 8 the Anthracite
above head:
and
all
which nations,
That Nov. 14 this
coal at $6.
COST
THE
In
coal for export is reported this week.
Pocahontas and New River
off, however.
who fell, sympathy for their
men
and those religious reflections in
dividuals, must seek hope and consolation.
these with prices paid the "companies"
average
y:;
Fairmont gas
American; memories of brave
the Sunday immediately foUowing the
Stove, egg and chestnut, the commoner household sizes, are being sold
at $7 75 to
[Vol. 111.
$22 per ton
$9 25
*
24
10 50
*
26
13 00
3
1 75
30c.
Hamburg
what little coal was shipped went for $3 50 to $4 a ton.
war
COAL PRICES IN BROOKLYN.
In
article appearing in the "Brooklyn Eagle" on Nov. 11
an
regarding the price reductions in coal and other commodities,
There is
A message
te
need of any resident of Brooklyn paying more than $12 75
no
$13 per ton for anthracite coal of the best quality in domestic
according to Edward P. Doyle, Chairman of
the joint
sizes,
committee,
senting all real estate organizations in the city, which is making
repre¬
inves ti-
an
gation into coal profiteering.
Mr. Doyle returned from
Producers'
Association,
Philadelphia, where he and other members of
composed of the
of 500 collieries.
owners
The
committee met the heads of the Producers' Association by direction of the
Inter-State Commerce Commission.
"We found," said Mr. Doyle, "that anthracite coal of the domestic sizes
is delivered in local yards at
$11 75
and that the supply is plentiful.
a ton
There is absolutely no justification for the enormous prices charged by coal
dealers in Brooklyn.
coal
at
from
There is
more
there
no
The big Manhattan dealers
$12 75 to $13 50
reason
per
are now
a
fair
price.
in the world why any resident of Brooklyn should pay
than that at the present time.
I understand
some
of the dealers
over
still charging from $18 to $22 a ton.
are
"If any resident of Brooklyn cannot purchase coal from the local yards
at
$12 75
or
$13
a ton,
let him write
or
telephone to John F. Bermingham,
President of the Delaware Lackawanna & Western Coal Co., and his order
will be filled at the above price.
The maximum cost of coal consumed in
Brooklyn should not be
supply of anthracite coal
in
a
huge
Nov. 25, was
SUNDAY
Memorial
"I base
the information the committee
on
14)
BY
services
DESIGNATED
machinery
PRESIDENT
WILSON.
in
commemoration
of
the
American
war
will
A
procla¬
Oct. 8.
As
a
token of Nation's partici¬
on
naval
be displayed at half-mast.
military posts will
all public buildings, and
me
a
suggestion that I
name
Sunday,
out the country on that day may be
given an especial note of remembrance
for the heroic service and sacrifice of those who died for America in the world
effected
formal day
which shall annually be
participation In the world
through legislation,
memories, has acquired
and
already
war
will
some
Memorial
additional significance
as
set
aside to
day doubtless be
Day, rich in
heroic
being appropriate also
to the commemoration of the heroes of the world war.
I am, however, so
heartily in favor of the suggestion that has been made that 1 take this
occasion to
expresi
of
The
peace.
President
agencies in the
.
.
fitting
calls
the
our
says
inward cooling of the fine fervor
us an
in the crisis of the Nations stress and
us
now,
.
during the
'Red Cross
Roll
Call'
is
to take counsel with our inner selves, to
season
kindle
of
some
which animated
peril,
and cheer of
care
sailors," and in hi3 concluding appeal he
♦'if there is in
old
flame,
to
reaffirm allegiance to
a
re¬
practical
patriotism, and practical humanitarianism, and to symbolize
by re-enlistment in
thoughts and handsomer selves
great army mobilzed for the
a
common
The following is his message in full:
good."
annua]
to
Under
publicly
my
approval of the idea.
wars.
Our beloved country took a
noble part In hastening the arrival of the day hailed by the whole world
as
the dawn of peace; but close upon the day of victory followed the realization
which
will
be issued during the fortnight
the
stimulus of
ships of
only
in
war
common
grew
our
war
and
through
into immense size,
coopertaion of
enlarged its
range
our
people
of activity,
fighting forces, but also civilians involved in the hard¬
our own
nation and in the nations associated with
enterprise, and gave to the
world
an
us
in great
example of effective mercy
through coordinated effort.
Since the cessation of hostilities the organization has faced a dual duty:
first, to fulfill obligations created by the war, and, second, to adapt its
experience and machinery to the needs of peace.
It Is to-day
of
our
stUl assisting Governmental agencies in the care and cheer
disabled soldiers and sailors, In replacing those able to work in civilian
occupations and in counseling and aiding the families of former combatants;
and it is still assisting,
some
with diminished
resources,
the process of rehabili¬
of the more prostrated countries of our former associates.
continuing
these
manifest obligations, the
Red
Cross has been
accommodating methods and applying lessons learned in war to the normal
needs of
our
own
visions for public
people in times of peace, especially in regions where
health and welfare
were
imperfectly developed.
pro¬
It has
placed public health nurses in many localities and has endeavored to enlist
greater
the
numbers of young women in the nursing profession in order that
supply might more nearly equal
community nurses.
the steadily increasing demand for
It has devised a scheme of "public health centres ' for
the relief of maladies and for instruction in hygiene, dietetics and general
principles of disease prevention.
With Its
nurses
and nurses' aides it has
rendered incalculable service in the serious epidemics of influenza.
It has
carried instruction in hygiene and first aid into schools, the women's clubs
November 11 1918, will always be memorable as the beginning of the end
of the most terrible and destructive of all
membership,
organization
While
There has been transmitted to
Nov. 14,as Armistice Sunday,in order that the religious services held
through¬
a
needs
disabled
tation in
The executive order follows:
The selection of
dual duty; first to fulfill obligations
secondly to adapt its experience and
Governmental
soldiers and
this
pation in the exercises the flags
commemorate our
the
to
Since
assisting
served not
mation designating the day as Armistice Sunday was issued
war.
a
Nov. 7;
on
the President points out, the
hostilities,
attention to the fact that the Red Cross is "still
ARMISTICE
(Nov. 14) at the instance of President Wilson.
and
Armistice
beginning Nov. 11, Armistice Day.
AS
be held in the various churches of the
country to-morrow
on
on
The American Red Cross deserves a hearty response to its fourth invita¬
soldiers and sailors who lost their lives in the world
by the President
of
organization has faced
tion
(NOV.
issued by President Wilson
cessation
created by the war, and
obtained in Philadelphia."
SUNDAY
OF
|*
reserve.
"This prediction," he said,
have
BEHALF
during the roll call which opened
the regeneration of our better
than $13 50 per ton."
more
Mr. Doyle predicted that by Dec. 15 New York City would
IN
CALL.
Day, Nov. 11, and will continue until Thanksgiving Day,
selling anthracite
We consider this
ton.
ROLL
to the American people urging them to join
the Red Cross
the
his committee have been in conference with the officials of the Anthracite
CROSS
RED
It has the following to say regarding coal prices:
APPEAL
WILSON'S
PRESIDENT
and the homes of our country.
how to
care
to promote
rests.
It has taught young and untaught
Intelligently for their babies, and has done much in
mothers]
many ways
I
child welfare, upon which the welfare of the nation ultimately
It has made it a fundamental principle to
avoid futile duplications,
j
Nov. 13
to co-operate
with public agencies when its
co-operation was sought, and to
supply deficiencies where such agencies had not yet been established.
It has continued its educational work among the school children through
its Junior Red Cross branch, and it has, as one
now
of
result of its war experience,
disaster-relief on a scientific foundation, so that
promptly in almost every
put preparation for
equipped to meet disaster emergencies
our
it is
part
"I
us
unfortunately
public opinion, which has rather
spies and male
with the actual bringing to justice of German,
factors, has been misdirected to the extent that our only
possible claim to
one-half years ought in
continued efforts
valuable constructive work in the past three and
fairness to be restricted to the educational value of our
enterprise which produced a great number of
and to the newspaper
performances it has given a clear answer
be continued and carried over
The answer is in the record.
Additional to these obvious aspects of the matter, there is another reason
why I, as President of the United States and President of the American Red
Cross, urge my fellow-countrymen to join the Red Cross in impressive num¬
bers: Reaction follows emotion, and after great effort comes perilous lassi¬
tude.
Sound patriotism and genuine human service are continuous, not
Intermittent, not contingent merely upon the excitement of war.
If there
is in some of us an inward cooling of the fine fervor which animated us in
the crisis of the nation's stress and peril, a contraction of the spirit which
ennobled us as individuals and as a nation, now, during the "Red Cross
Roll-Call," is a fitting season to take counsel with our inner selves, to re¬
kindle the old flame, to reaffirm allegiance to practical patriotism and
practical humanitarianism, and to symbolize the regeneration of our better
thoughts and handsomer selves by re-enlistment in a great army mobilized
question why the Red Cross should
from war activity into peace-time activity.
to the
for the common
feel that the general
credited
country.
By systematic plans and practical
1911
CHRONICLE
THE
1920.]
printed in
specifically brought to jus¬
"The belief that the 'Providence Journal' has
take
impression and does
tice any of these individuals creates an unjust
is entitled
from the Department of Justice the full credit to which it
away
stories
our newspaper.
and
material
of every kind to the Department of Justice, we have never been able to
state that in any specific case we were adding materially to the Department's
own knowledge, of the situation, and we have aimed always to give the De¬
this
for
We
work.
sincerely
regret
that
this
situation
has arisen
that, while we have presented a great deal of
frankly declare
partment immediately the benefit of any information which
which
thought would be of
we
'Providence Journal's'
The
sources
One
by intentionally suggesting sources which did not actually exist.
specific illustration of this is the statement that the 'Providence
own
representatives were placed in the German and Austrian
and
WOODROW WILSON.
been
compelled to cover them
of such a confidential character that we have felt
good.
valu¬
of Information have given us
knowledge of a great many matters, and have in most instances
able
up
has come to us
value to it.
any
in
several
the
of
foreign
consular
Journal's*
Embassies
country.
throughout the
offices
It is not true that the 'Providence Journal's' own
representative's ever oc¬
It is, however, true that in many cases we
enabled, through members of the Bohemian National Alliance and
cupied positions of this kind.
were
LIBEL ACTION OF F.
RATHOM OF
R.
A suit for
JOHN
PRIVIDENCE "JOURNAL."
D. ROOSEVELT AGAINST
$500,000 damages was filed in the New
York
Supreme Court on Oct. 28 by Franklin D. Roosevelt, against
John R. Rathom, editor of the Providence "Journal" and
Scott C. Bone and
ment
of
Edward B. Clark, of the publicity depart¬
Republican National Committee on charges
the
the defendants charged and
occupying the aforesaid office of Assistant
Secretary of the Navy had been guilty of criminal misconduct, had abstrac¬
ted and secreted from the official files of the United States Government
official records in violation of the aforesaid Section 129 of the Criminal Code
of the United States, had persistently favored and actively forwarded in the
Navy Department a policy of returning to the service in the United States
Navy persons actually guilty of unnatural crimes, had deliberately falsified
the facts with reference to his official conduct after abstracting and secreting
documentary evidence thereupon and prostituted his public office for
personal and political advancement, regardless of the public interest and
had been guilty of falsehood, deception and other dishonorable conduct.
That the defendants, as the plaintiff Is informed and believes, published
said libel and caused its publication, not only throughout the State pf New
the publication complained of,
That in and by
imputed that the plaintiff while
York, but throughout the
United States.
the plaintiff has been held up to public scorn
contempt and thereby damage in the sum of $500,000.
By reason of the foregoing
ridicule and
Francis G. Caffey
made public in New York what he termed a "confession"
by Mr. Rathom, dated Feb. 12 1918 regarding speeches
and articles of Mr. Rathom prior to that date; this was given
out by Mr. Caffey after he had advised Mr. Roosevelt, who
had inquired whether Mr. Rathom could be indicted for
criminal libel in the Federal Courts, that he had found that
no Federal offense had been committed, because the letter
on which the complaint was based, had not been sent through
On
the
Oct.
mails.
27, U. S. District Attorney
The
following
Attorney Caffey, in which
is
the
statement
District
of
the so-called "confession" of Mr.
Rathom is embodied:
I
have
under
consideration the complaint
of Franklin D.
Roosevelt
against John R. Rathom, with a view to determining whether there has been
violation of any statute of the United States.
The letter on which the
a
complaint is based was delivered to Mr. Roosevelt by hand.
Hence it
come within the laws regulating the use of the mails.
In my
does not
judgment it is plainly libelous, but the question is whether the
of the offense is in the Federal Court or in the State Court.
jurisdiction
conduct that official notice of
it was
gation was In progress the Attorney
ject to A. B. Bielaski,
ment of Justice, as
R.
"John
General issued instructions on the
Chief of the Bureau of
sub¬
Investigation cf the Depart¬
follows:
Rathom of the Providence
"Journal" has. In public speeches
in regard to
his own activities, the activities of the Department of Justice, his own con¬
nection with and revelations to this department and the criminal activities
of spies, aliens and other persons and classes of persons.
"If he will make, in the presence of not less than three reputable wit¬
nesses. a complete confession as to these false statements on points which
will be brought to his attention by you. the statement oeing read in the
presence of Rathom and the witnesses and signed by him and the witnesses in
the presence of each other, the statement being addressed to me as the
Attorney General of the United States, I will not. for the present, print the
statement or permit it to be printed, nor will 1 give it out for publication.
and otherwise, made a
number of absolutely false statements
confidential way,
show it to such individuals as I may select.
I reserve the right to publish
it at any time in the future when I may conclude that it is for the public
In case
I think the public
good demands. I shall, in a
good that such course be taken.
"The course I may take as to the publication of
largely on the conduct of Mr.
The confession, dated
by Mr. Rathom, upon
this confession will depend
Rathom in the future."
Feb. 12 1918, was signed and
delivered in this office
of his counsel, one of
the advice and in the presence
members of the New York bar.
It was addressed to the
by whose authority it is madbe public, and was as follows:
"My attention has been called to the embarrassment which your depart¬
ment has been occasioned by the popular impression which prevails that I
or the Providence "Journal
should oe credited with the work which has
been accomplished since the outbreak of the European war in the suppres¬
sion of activities of German agents in this country, which impression has
arisen not from the publication of matter in the Providence "Journals
but from speeches which I have made on a few public occasions, and from
statements which I ma* have made of similar character to private indi¬
viduals to whom I made statements of a character similar to those objected
.the most eminent
Attorney General,
to in my
speeches.
of work
on
the Chicago "Herald," and by reason of
them then, the
gratitude.
helpful publicity for
their
organizations, how¬
Slavic Societies have continued from that time to show
direct connection with these Slavic
Our
concerned, came to us originally
far as the anti-German work was
ever, as
from British sources,
through which we were first introduced to one or two
of the leaders in this
important work; and the major part of the
Canadian
British,
turn furnished
or
American
copies of most of
Department.
to your
sources
"In regard to the wireless
revelations, while it is true that the
dence Journal' was enabled to secure
its own wireless station was not
'Provi¬
direct copies of all messages sent to
and from Tuckerton and Sayville from
the beginning of the European war,
utilized in catching these messages.
aided in this work by receiving the entire output
were
documen¬
through the
Government Intelligence sources.
I in
the information which came from these
which came into our possession came either
evidence
"We
of two of the highest-
powered wireless stations on the North American continent, both of them
in the control of one of the Allied Governments.
We have worked In com¬
with officials of the Government in attempting to decipher German
from time to time furnished rep¬
pany
codes in these wireless messages, and have
the Navy
of
resentatives
Radio departments of the
and
Government with copies of wireless messages
"The statement made in my Boston address
Dr. Heinrich Albert in this country,
and
"bnited
States
in our possession, in order to
enable them to check up and correct their own
files.
with regard to the
arrival of
hich had never been referred to
that
described with Dr.
Albert, but did not represent himself as coming from the German Embassy.
Dr. Albert believed that he was talking with a representative of the Hearst
in the columns of the Providence
one
of
our
own
"Journal," had as its basis the fact
representatives had the conversation
newspapers.
declared had been
which was
supposed to be Ambassador Dumbo's understanding of the attitude of the
Administration as stated to him by Mr. Bryan, we have never sought to
suggest and never have suggested that Mr. Bryan himself knew anything of
the contents of this document.
Our only claim was that it was presented
by Ambassador Dumba to Ambassador Bernstorff in the form of a statement
as his presumption from Mr. Bryan's interview with him.
A copy of this
document was furnished us directly through the sources outlined above.
"The suggested interview between Captain Boy-Ed and General Huerta
In a New York hotel was printed by us In good faith, the entire material
having been supplied to us from a source which we considered trustworthy.
We have since ascertained, however, by conferences witli officials of the
Department of Justice, that it is doubtful if such a meeting was ever held,
and that in any case no report of any such meeting was ever forwarded to
the President of the United States.
It came to our men secondhand.
With regard to the Werner Horn incident, the facts as stated by me in
the Boston speech are practically correct.
Any suggestion that the material
typewritten statement which we
"With regard to the
handed by Ambassador Dumba to
Providence Journal
representative Is not true.
the Instigation of any
The information came to
Bielaski.
from Mr.
us
Ambassador Bernstorff, and
by, or that Horn was arrested at
gathered
was
Mr. Rathom pursued such a course of
deemed necessary. While the investi¬
During the active period of the war
information of an im¬
portant character from these Embassies and consulates.
My first connec¬
tion with these Slavic elements came fifteen years ago, during my period
tary
The complaint in part says:
alleging libel.
the Crotian and Serbian National societies to secure
in respect to wireless
in respect thereto which
superintendent of the Atlantic Communication
I did furnish to the Secretary
matters in the
of the Navy the map
Philippines and certain information
I had secured from a former
Co., who was present with, me
when I presented this
material to Secretary
Daniels.
alluded to the Provi¬
of the prosecutions
arising from the discovery of passport frauds, although we were able to
secure a great many evidences of passport frauds through the sources named
"In all my
references to passport cases I have never
"Journal"
dence
as
having any connection with any
above.
"I
far
as
am
internment of Paul Koenig or any
is inaccurate.
far
as we
of my Boston speech in so
of our representatives the arrest or
positive that the stenographic report
it attributes to any of the activities
I
never
of the Hamburg-American
made or intended to make any
know the Government
Line employes
As
the Ham¬
such statement.
officials are alone responsible for
burg-American Line arrests.
attributed to me, in my
knowledge of a plot to blow up the
Bremerton Navy Yard, is improper in that (1) it suggests a plot to blow up
a navy yard,
whereas Dr. Goricar's instructions simply were to make in¬
vestigations of the location and activities of that yard* and (2) because
this particular incident related to a period prior to the beginning of the
European war.
Every statement printed by the Providence "Journal"
with regard to Dr. Goricar and his relations with his Government is true.
"With regard to the activities and conviction of Consul General Bopp
in San Francisco, we did not hvae any representative of The Providence
Journal in Bopp's office, nor did the information furnished by us, as far as
we know, figure in Bopp's conviction, although we did succeed
in securing
and publishing a great many Interesting details with regard to this case,
not only through Canadian sources, but through our own staff- nor^ was
any of the material developed by our staff in this case furnished to the
department, with the exception of a most important affidavit, the existence
of which, as we have been notified only during the last few days, was
"The statement,
Boston
by
an
unfair context wrongly
speech concerning Dr. Goricar's
known at the time to
the department.
1912
CHRONICLE
THE
"With reference to the statement in my Boston address regarding the cele¬
great numbers of suspects who continually visited there under every kind
of pretext.
bration of the du Pont explosion in Wilmington participated in by Captain
Boy-Ed and Captain von Papen, the apparent suggestion that the revela¬
tion of this incident had
Embassy officials,
anything to do with the elimination of these
is entirely
The Providence Journal
without foundation
"With respect to the statement concerning spies who were freed after
arrest, I may say that I did not intend to impute any improper motives to
any one connected with the Department of Justice- and since I have re¬
two
and
no
with intent, through the columns of
by myself.
or
and
erroneous
such suggestion has ever been made,
This instance
was
reported to
us
ceived further information with regard to such
cases,
there is now no such
by
G, B. Means, who was at that time in the confidential
employ of Captain
Boy-Ed and in most of whose statements I had at
The only corroboration
credence.
I
have
on
of this
now
fact that Captain Boy-Ed and Means did make
gether to Brooklyn
time
no
a
be returned
"There
placed any
of the
the
is
statement
long automobile trip to¬
the particular night referred to.
of my information concerning the Ottawa fire is also Mr.
Means.
he does not remember that any specific
The information which
place
based- but
was mentioned.
of
of the
my
photographic copies in
hotel in Washington
a
Croatian woman,
Nuber,
was was
a
to any
a
our
very
possession, and had not at that time in
"The statement attributed to
ment being
our
possession,
few specific proofs of this statement.
me
cases
of offers made by Austrians
to
damage plants is not correct.
Our knowledge of these matters is com¬
passed by a number of Austrian employees of plants to Austrian consular
officers, and which communications, intercepted by the above-named agents,
were sent by us to the
Department of Justice.
Only one or two of thase
specifically offer to perform improper acts, the majority of them asking
for advice as to how they could do of use in
performing improper acts.
The total number does not exceed six
or
eight.
"With regard to the statement in my article as
originally prepared for
the January
tion
1918 'World's
procured
was
Work,'detailing the method by which informa¬
the wireless, that I
over
was able to
enlist the assistance
of persons in whom the German
sentatives into the
up
the situation
sources
of
as
Embassy had confidence in getting
Embassy and consulates, this was intended to
"As it is the opinion of officials of the
cover
above outlined and for the necessary protection of our
'World's
Work,'
this message
was
to itself
foreign Government.
do
not mean
During
a number of their leaders with
in personal touch information which
they were able to obtain
our work in connection with
had any staff of people, outside of
Beyond the activities of
our own
German activities, we have at
our own
force, in
our
no
time
permanent employ.
force the work has been covered for
us
In
probably total thirty, and the employment of
none of them exceeded one
The regular staff of the 'Providence Journal' has not
increased by
more than six or seven.
It is, however, a fact that
many hundreds of
Bohemians and Slavic people have been
constantly at our call for whatever
services we might ask them to
render, and that they have
repeatedly
other
organization
sults and with
dence
Journal'
or
without the intervention
Government
ren¬
aid of any
whatever, always with gratifying
gave out for
re¬
thought of reward except the knowledge that the Provi¬
desires and constantly advocates the
autonomy of their
a
me
partial report of my speech
of the Genessee on Jan. 18
1918, is in the main
a
I spoke of two
men, not
in the 'New York
before the Society
fair transcript of my re¬
'three,' having been arrested at Detroit.
In another part of the same
report I said, with reference to other persons,
'One of them, it seems, has a sick
wife.'
I did not say, as reported, 'but
some of them, it
seems, have sick wives.'
I do not know the names of
any
those
German spies taken at Detroit beyond
which have become
public property through the newspapers and
proceedings in that city.
The information with regard to the re¬
lease of German spies after
having been caught, was brought to me volun¬
tarily in my rooms at the Hotel Statler in Detroit on
the
morning of Sun¬
day, Dec. 10 1917, by an officer of the United States
Army, who thought I
ought to know the conditions existing in
Michigan with regard to the run¬
ning down of spies in that territory.
The information, with the
exception
of the
names
of the men referred
to, was specific.
My informant said that
two Germans had been
tion field at Camp Custer, after
an
The
wreck the
planes.
saw
other wire ropes and
guys
that any severe strain In fast
flights would
He added that it had been discovered
that these men
previously boasted in
so
the
Post
Tavern
at
Grand
Rapids—"a
place
filled with German agents"—that
they were part of the same gang that had
caused a disastrous accident to four
Canadian aviators two weeks
prior to
that time, at the aerodrome
camp on Lake Ontario, and that the work
had been done in the same
way.
He added that for some mysterious rea¬
son these men were allowed
to go free, although every
army officer in camp
was convinced of tneir
guilt.
He said also that the great trouble at
Camp
Custer was that the Battle Creek
representative of the Department of Jus¬
tice was all alone; that under those
circumstances, with
thirty thousand
men
under arms, he could not possibly
cope with the situation; and that by
of the lack of power of the
reason
my
informant
Army Intelligence Division,
was
attached, it
was
impossible to keep
away
to
during the last two
to the
Attorney
of Oct. 29 said:
a
copy
General
as
of
which
from the camp
a
letter signed by Mr. Rathom, at the
Gregory,
Feb.
on
12
1918.
the charges
Caffey
With reference
Caffey's action, Mr. Rathom said last night:
"Mr. Caffey's attack
as
made them.
is
on me
brought by
with his record
Mr.
"confession. '
a
communication, in its entirety, will be found below.
to It and to Mr.
an
attempt to turn public attention from
against Franklin D. Roosevelt in connection
me
Assistant Secretary of the Navy, which charges stand
The
as
only conceivaole motive for this extraordinary and
unparalleled attack at this time, by
one of the most
powerful departments
of the Government of the United
States, is the desire to gain some petty
political advantage
the
on
of
eve
presidential election.
a
"The characterization of this letter
as a 'confession' is entirely unfounded
by the language of the letter itself, to a careful reading
and is proven false
of whic h I invite public attention.
"The statement that the letter
before
a
grand jury is
a
written by me to avoid appearance
was
falsehood.
I acceded to the request for such a
communication because I desired to protect hundreds of
loyal citizens who
had constantly given us very important information.
Neither in the letter
nor
of
subsequently have I disclosed
information and those
our
before
ment
I
wrote
the
more than a very
w;hich I disclosed
were
few of the real
sources
known to the Govern¬
letter.
"The contemptible effort to make it
appear that the few entirely super¬
ficial matters touched
volume of the work
war
is
on
by this letter in
affect the character
any way
accomplished by the Providence "Journal
worthy of its
X
source.
will
present to
the
through the columns of the Providence "Journal,"
to this entire matter which will show
or
during the
public on Saturday,
a statement
with regard
something of the record made by this
newspaper in connection with its anti-German activities, the exact status
of its loyal slnd
helpful association with almost
every
Government, and the innumerable occasions
been gratefully acknowledged,—in some
attempted, by attacking
me, to
department of the
which this helpfulness has
on
cases
by the
very
men
who have
besmirch the reputation of the 'Journal*.'*
Special advices from Washington regarding the publication
of the letter of Mr. Rathom at this
time, appeared
as
follows
in the New York "Times" of Oct. 28:
The action of United States District
Attorney Caffey, in giring out in
New York today a copy cf a statement signed
taken
at
the
instance
of the
Department of Justice that
a
by John R. Rathom, was
Attorney General.
It
learned
at
the
telegram had been sent to Mr. Caffey
au¬
thorizing him to give copies of the statement to the
was
press.
An additional
batch of documentary information concerning Mr. Rathom and his allega¬
tions about
picked up at the avia¬
attempt had been made to partially
through the wires of aeroplane supports, and
had been treated with acids
had
puolication
Attorney
war.
respect to spies attributed to
times," purporting to be
court
of
referred to this letter
no
countries at the close of the
present
"The statement with
marks.
or
been declined
by the President of the 'Providence
on
printing in full the letter of Mr. Rathom
request
year.
us
no spe¬
In New York on Wednesday night Francis G.
Caffey, U.S. Attorney for
the Southern District of New York, announced that his office had
no juris¬
diction over Franklin D. Roosevelt's charge of criminal libel
against John
R. Rathom, editor of the Providence "Journal."
In
in
temporary way at various times for brief periods by from forty to
fifty
persons throughout the entire country.
The number of persons whose
total special employment reached over
one month of actual work would
directly to
policy decided
a
General, the Providence "Journal"
a
dered such services
though
even
Journal' Company and myself some time
ago."
to
their work, but simply that I secured from
was
impression might be created
an
eral hundred of these invitations have
months, following
I
give the impression that, by my reference to the
Slavic and Bohemian people, I was
directing a large force of these men in
whom I
share of the credit that properly
belongs to the Department of
work, I have decided to ac¬
cept no more such invitations for the time being.
As a matter of fact, sev¬
taken by us from a
Newcastel, N. B., as being sent out from Nauen with no
station named, and was part of a
page of other material furnished through
"I
some
cific reference shouid be made to the 'Journal's
sheet dated from
a
Department of Justice, expressed
within the last few days, that public addresses made
oy myself at
me
the present time with regard to the war situation
may serve to keep alive
the mistaken impression that the 'Providence Journal' has
sought to take
information, and is not literally true.
1918
infinitesimal degree refer to the great
addition, Mr. Caffey
repre¬
"With respect to the 'World Almanac' wireless
message printed in the
February
an
by the 'Providence Journal' during that
time.
to
Justice, and that such
in my Boston speech about the Govern¬
in possession of hundreds of
Germany, and only in
number of revelations published
by me in the firm belief that
than
a full and complete statement of facts with respect
incident which, through oversight, was not brought to my atten¬
at war with
was
We have not in
or
I also stand ready at
to, and toward which criticism has been very properly d rected by the De¬
partment, relate to speeches made by me since the United States has been
stenographer in the employ of Consul
"In connection with my statement with
regard to the great majority of
the acts of property destruction,
&c., having been performed by Austrians,
I desire to say that this statement was made
more
the part of any Federal officer.
on
time to furnish you
tion and is not covered by this letter, if it be of the character outlined.
"I desire to point out to you that almost ail of the matters above
referred
secretly aiding the British Government.
true, and that my principal source of information leading me to
gen¬
eralize in this way was the continual
reports made to me by the Bohemian
and Slavic agents, who appeared firmly to believe that this was true.
time all matters and information in
any
possession having to do with possible violations of Federal statutes
any
and the person referred to who made the markings on the box
von
might lead to the development of violations
up,
I shall place at the disposal of
any representative
Department of Justice at
neglect of duty
source
young
Federal statute.
a
violation of any Federal law could be
a
I have information concerning a number of matters which I
feel, if properly followed
of information with respect to the 'hearts' story was a set
of circumstantial reports made to me through the Slavic .channels above re¬
it
complete legal warrant, even when evi¬
by the newspapers or by the general
I may have been wrong in my opinion,
give, in testifying before the
from the Embassies is covered by
my first statement with respect to in¬
formation obtained from the Embassies and Consulates.
a
action without
grand jury, on which action for
received concerning the damage to interned
we
The matter of securing
General
or
public to amply warrant arrest.
ships, and of the meeting attended by Ambassador Bernstorff at the German
Club, came through Bohemian and Slavic sources.
was
I have always felt that the Department
but my point of view on this subject remains
unchanged.
"There is no specific evidence which I could
I'told
ferred to,
general criticism of the methods
a
dence in hand might be considered
him that the Ottawa Parliament Building would be the
first object of this attack, although I understand Mr. Marshall states that
"My
should
;■
New York address
Department of Justice.
follow undue haste
It ,is my specific recollection that in my conversation with Mr.
Marshall,
a person
particular speech, that the
Department has always had to consider serious complications that might
made the subject of immediate reference to the Department
source
satisfied that
am
weighing legal reasons against drastic action toward
It has been explained to me by the
Department of Justice
officials several times, both before and since this
of Justice.
"The
I
knowledge where
custody.
in my
was
of which I have
case
malefactors.
Every attempt of
was
to
far too cautious in
was
Mr. Means to get into communication with us, and
every specific and
improper activity of his of which The Providence Journal or I ever had any
knowledge
[Vol. 111.
German
messenger from the
In
activities
was
sent
to
Mr.
Caffey today by special
Department of Justice.
Feoruary, 1918, while
a
Federal Grand Jury in New York
gating charges of German plottings, Mr. Rathom
was
investi¬
was summoned to appear
before that body at the instance of the Department of Justice in order that
he might be compelled to testify under oath as to the source of information
he had published.
While Mr. Rathom was still
a
witness before the Grand
Jury he opened negotiations with department officials, it was said at the
department, with
A.
Bruce
a
view to having him excused from testifying.
Bielaski,
then Chief of the Bureau of Investigation
of the
Department of Justice, who had been engaged in New York in connection
with the Grand Jury proceedings, came to Washington and laid Rathom's
offer before Attorney General .Gregory.
It
was
agreed to accept the offer
and Mr. Bielaski returned to New York and entered into conference with
Mr. Rathom.
The result of these
negotiations, according to department officials,
was
that Mr. Rathom agreed to make the statement in consideration of excusing
him from testifying before the Grand Jury.
It was asserted that the
Nov. 13
officials
THE
1920.]
of the
CHRONICLE
department had not made any demand on Mr. Rathom
for the statement, but that he had
volunteered to make it in consideration
being relieved from testifying, and the Attorney General was authorised
of
1913
record
year
in American railway operation.
This record hns been made
with
somewhat deteriorated plant and an
unusually high percentage of
a
unserviceable
cars.
to use it as he saw fit.
The
D.
it was said, believed that the time to exercise that
department,
discretion had
come
when Mr. Rathom made his charge against
.'''
V"-
'
stated, had been prepared by Mr. Rathom after
The statement, it was
and character had been outlined in conference with representatives
its scope
Department of Justice, and it was signed by Mr. Rathom in the
of witnesses, two of whom were connected with The Providence
presence
Journal.
The Department of Justice It was
explained, was responsible for the action
of The World's Work Magazine in
suppressing
Rathom that it had begun to publish on
it was said, the department
series of articles by Mr.
a
Mr. Rathom's activities in investi¬
When the first article appeared
gating the German spy system in America.
notified World's Work that it would be glad to
show it evidence concerning Mr. Rathom s activiites.
Work
As
The editor of World's
permitted to examine
to Washington and was
came
dence.
a mass
of evi¬
result, according to what was said at the department. World's
a
Work decided not to publish
Some surprise was
the
^rticles.
,
shown at the department over a report from New York
District Attorny Caffey had given the entire Rathom letter to the
that
He had oeen authorized, it was said, to make public "ex¬
newspapers.
cerpts."
S.
EFFICIENCY
ON
BINKERD
ROADS
OF
offering
proof "that .there is an initiative and enter¬
as
in private operation under proper regulation which
demonstrates it to be the superior method of providing the
eration of
Labor, made the statement that "it is
the election,
country with adequate and efficient transportation," Robert
and
Six montls of private
on
Nov. 9 said in part:
toward
operation of the railroads has shown that still, as
For—to put
it in
a
meaning to their accomplishments.
nutshell—six months of private operation of the rail¬
roads, by its increased efficiency, without
the investment of
an
additional
dollar, has added to the transportation capacity of the country the equival¬
approximately 600,000 freight cars, which, with necessary locomotives
ent of
would
"the
men
working people have elected from fifty-five to sixty
whose records show fair and considerate service."
in the country
car
the
average was
were
completely justified than
convincingly demonstrated.
Every
man
On the first of September
27.4,
increase of 6.1 miles.
an
Each mile added to the
ever
and the futility of separate party action
'■
in the House whose record of service
was
perfect has been
re
-
elected.
Incomplete checking already shows that fifty Congressmen who
were in¬
considerate and hostile have been defeated.
one
of the most impressive features of the entire election.
Fifty
time-seryers have been beaten.
Against these fifty who
defeated, the working people have elected
were
from fifty-five to sixty men whose records show fair and considerate service.
This represents a clear
also will show
an
gain for integrity in Government.
increased number of
complete checking up of the results
so
The
new
Con¬
who hold union cards.
men
In¬
far shows fifteen elected to the
Congress, with the probability that final counting
will show
more
new
than
twenty, possibly twenty-five.
It is not to be said that the election
Every forward looking
man
and
was
woman must
of the great plunge toward reaction.
satisfactory in
feel
some
every
respect.
deep regret because
But democracy will right itself at the
time, and meanwhile the actual tabulation of results in Congress, the
proper
lawmaking body, shows
progress
and
a response
The non-partisam
returned to their owners for operation each freight
averaged 22.3 miles per day.
The
The non-partisan political policy of the American Federation of Labor Is
more
one-half billion dollars.
to-day cost something like two and
When the railroads
deep regret because of the great
The
belief,
however,
that
completely justified than ever," he declares that
against fifty hostile Congressmen who have been defeated,
necessity for solvency on the part of management, are the keys which
unlock men's energies and give zest and
some
reaction."
more
and advancement of the individual worker, and tin chance for profit and
t ie
was
"democracy will right itself at the proper time" is expressed
by Mr. Gompers, and in essaying that "the non-partisan
political policy of the American Federation of Labor is
gress
the instincts of rivalry and emulation, the chance for personal gain
of old,
must Teel
woman
plunge
Chairman of the Association of
Railway Executives, in addressing the Yale Alumni Associa¬
Conn.,
not to be
satisfactory in every respect •"
According to Mr. Gompers, "every forward-looking man
This is
tion at Hartford,
ELECTION "GREAT
said that
prise
S. Binkerd, Assistant to the
ON
Commenting on the 5th inst. upon the result of last week's
election, Samuel Gompers, President of the American Fed¬
more
UNDER PRIVATE CONTROL.
In
VIEWS
PLUNGE TOWARD REACTION."
following is Mr. Gompers's statement:
________________________
ROBERT
GOMPER'S
formerly Assistant Secretary
to naval administration,
of the
SAMUEL
Franklin
of the Navy, and now the
Democratic candidate for Vice-President of the United States, in regard
Roosevelt,
a
definite and specified gain for all that makes for
to the needs of our time.
campaign of the American Federation of Labor
primarily and most effectively a campaign in Congressional districts.
results
were
gained in the primaries and in the election.
was
Its
These results will
constant reminder to all servants of special privilege and the ever
serve as a
daily movement of the freight cars of the country produces the same
present and always impressive fact will be before the new Congress that
transportation which would be produced by the addition of 100,000 cars
fifty of the unfaithful and the hostile were defeated by the organized workers
average
averaging
a
has
ment
additional
The increase in the rapidity of car move¬
mile less each day.
therefore
cars
been
equivalent
to
their
When the railroads were returned to
car
Putting
owners
the
load
average
per
On the first of September it was 29.8 tons, a gain of
28.3 tons.
was
134 tons.
an
A notable American has said, "I would rather be right than be
To be engaged in a righteous cause, to fight for
the tracks of the country.
upon
of our Republic.
putting something like 610,000
additional ton into all the freight cars of the country
peace
than is
a
President."
freedom, for justice, for
brotherhood, is of greater concern to the human family
passing success.
The labor movement of America recognizes the
and
numan
tremendous struggle of the masses of the
people in all history to obtain the
equivalent to adding about 60,000 additional cars.
right, and the setbacks they have often had to endure and the sacrifices
By increased rapidity of movement, therefore, the railroads have added
Is
they have had to make, decadp by decade, cycle by cycle, in the march
something like the equivalent of 610,000 cars, and by heavier loading some¬
and the trend of the cause of freedom of America, forward,
thing like the equivalent of 90,000 cars, or a total of 600,000 cars without
upward.
This
extraordinary contribution to
the rehabilitation of the country's
economic situation has been attempted to
that these six months of
only something
over
While the figure of
stated,
we
Senator
months of Government operation
will be
operation is
$900,000,000.
the cost of Government operation is
a
regarding the cost of the first six
has cost the
LABOR
I
am
not going to commit
taxpayers of the country
per annum,
which
Approximately one-third of this in
covered in the period between May 1 and
for this year, therefore, is
1 and must amount to approximately $200,000,000.
the second
place, the railroad plant had considerably deteriorated,
due to its excessive service
during the war period.
plain statement of fact.
a
ballast and millions of
and
July 20 1920, which granted increases
exceeding $600,000,000
retroactive to the first of May.
This is not
new
There had been
And the mortality op cars
was
urgently needed, it was necessary to concentrate
with all possible speed.
March 1 to Sept.
approximately $175,000,000 more
roadway and structures than was spent for
similar six months of last year
mainte¬
the
1 of this year
on
maintenance
same purpose during
the
and that from March 1 to Sept. 1 of this
they spent approximately $220,000,000 more upon maintenance of
equipment than was spent for the same purpose during the similar six
months of last year.
We therefore find that out of the alleged cost of $650,000,000 for six months of private
for
wages
operation, substantially $200,000,000
was
increased through Governmental agency, and that practically
the entire remainder was
necessary to
consumed in larger expenditures for maintenance
bring the transportation plant back more nearly to its pre-war
condition of efficiency.
In August
vious
of this year the railroads moved more freight than in any pre¬
month in any year in the
history of American railroad operation.
July movement ever known.
And, from
already know of the loading for September and October, it is al¬
July of this year was the biggest
what we
ready apparent that,
HARD
STRUGGLE,"
the
recently formed Central Trades
city,
Nov. 6, Samuel Gompers, President of the
addressing the gathering,
on
expressed the hope that the establishment of the new body
would mark a new era of progress for the labor movement
of the State and
City of New York.
une" of Nov. 7, in
The New York "Trib¬
reporting this, quotes him to the following
effect:
"In opening
barring some great accident, the year 1920 will be the
the meeting Mr. Gompers declared that the labor movement
of hard struggle,' and called upon 'all
of the United States 'is facing an era
unionists'
to rally
around the American Federation of Labor.
"Reaction has jumped into the
ser¬
The monthly statements of the Inter-State-
Commerce Commission show that from
the railroads expended
on
OF
an
steadily
and kind of transportation
UERA
American Federation of Labor, in
trade
If the country was to receive the amount
year
this
rail
increasing.
vice wnich it
or
In
and Labor Council of Greater New York at Beethoven Hall,
in the number of unserviceable locomotives, and 1.3% in
the number of unserviceable cars.
nance
He
MUCH MACHINE LABOR.
criticism,
ties, which under normal circumstances
new
should have been in these railroads, were not there.
increase of 9%
a
Hundreds of thousands of tons of
AN
FACING
At the first meeting of
$650,000,000 for six months.
firs£ place you will recall that there was a decision by the United
in wages to railroad employees
but
other citizen of our country.
ACCORDING TO SAMUEL GOMPERS—TOO
It will only be necessary to remind you of two
States Railroad Labor Board, dated
In
any
greatly under¬
months of private
fair and correct statement.
myself to exact figures.
Sept.
of
that the American labor movement, including myself, can be of
any way
things in order to show how untrue the statement is that private operations
crease
Harding has been elected President of the United States.
much my President as
service, it will be our duty and our pleasure.
Pending the results of a through analysis,
were
as
will pass that over, the whole poin- of our inquiry being whether
not the statement
In the
of the men who have been fair and just and who have
who have been unfair and antagonistic and
defeated, will be published by the American Federation of Labor.
be minimized by the statement
private operation have cost the taxpayers approxi¬
mately $650,000,000, while twenty-six
cost
names
been re-elected and of those
through rates.
or
Shortly the
additional capital investment on which the public has to pay a return
any
y
onward and
sai5
Mr.
saddle, both politically and industrially,"
Gompers, referring to the
tcTwhat he declared
was a
capital "to force the country-wide
t
In
establishment of the open shop."
of the new body to the various
offering copies of the constitution
nominees Mr. Gompers
tilem
result of the Presidential election and
concerted movement on the part of organized
to rededicate
crisis confronting
made a dramatic appeal to the candidates, exhorting
themselves to the cause of trade unionism "in this new
organized labor."
Addressing the American Society of Mechanical Engineers
the occasion of its fortieth anniversary on the 5th inst.,
on
Mr. Gompers, we learn from the New York "Times,"
pointed out that one of the problems facing American indus¬
try is the checking of the tendency to have the machine
replace the man.
The process already has been carried too
far, be said, for in many places the man has become "a
human connecting link" in the^machine and mastered by it
instead of controlling the machine itself.
The "Times" also
quotes Mr. Gompers as saying:
During the last fifty years the labor movement has endeavored to protect
the workman against the
inroads of the machine
fundamental effort toward this end
we
life.
own
Our
epitomized in this declaration: "The
article of commerce."
labor of a human being is not a commodity or
knew that human labor was
his
upon
[Vol. 111.
CHRONICLE
THE
1914
We
thinking
every
such visits
as
person
in this country
ing the genuine intimacy between the self-governing democracies of the
Western
inseparable from thinking, living beings, but it
Hemisphere.
It has
long been
hope that I might personally return these visits,
my
took the organized power of our labor organizations to secure recognition
and I
of this principle in law and in practice.
and strength: but I am prevented from
Workmen's compensation laws and
other legislation of a similar nature are a recognition of this fundamental.
I see, however, before the labor movement a great
a
future,
I also see
as
great future before the engineering profession, if the engineer should join
hands with the workman—both
development of
the
will
a
a
kind of work in which the
man
of production, but each day will have
processes
conceive of
can
no
worthier object to which I could dedicate my time
doing
and Cannot longer post¬
so,
the agreeable courtesy of their reciprocation which this country is
pone
strongly desirous of showing to
the
and peoples
Governments
both of
Brazil and Uruguay.
devoting their energies to one cause, namely,
kind of industry and
only learn the
not
impressed with the potency of
was
instruments for cementing the sincere attachment and deepen¬
I have,
therefore, directed that Secretary of State,
behalf and in
on my
stead, to visit both Brazil and Uruguay and extend to the people of
my
both
those
countries, through
respective
tneir
Governments,
the
mo6t
increasing opportunities to develop those human functions which are essen¬
emphatic
tially intelligent.
United States, and of the desire felt in this country for a strengthening of
♦
tie that binds
every
GOV. ALLEN OF KANSAS CALLS ELECTION IN KAN¬
SAS A
our
respective peoples in mutual goodwill and cordial
intercourse.
I
TO GOMPERS'S LEADERSHIP.
BLOW
of the esteem and friendship of the people of the
assurances
also much gratified that it
am
will be possible for the Secretary of
State, taking advantage of his proximity to Buenos Aires, to accept the very
The election results in Kansas last week
described
were
Allen (re-elected Governor of the State) as
the Gompers leadership ever received."
by Henry J.
courteous invitation of the
and to carry to the
of
ances
This statement
made by Gov. Allen at Topeka on Nov. 4,
was
when he also said:
people of the Argentine Confederation the same assur¬
high
our
"the greatest blow
Argentine Government to visit Buenos Aires,
and
esteen
PRESIDENT-ELECT
SPEECH
goodwill. *
deep
HARDING
DAY
ARMISTICE
IN
AMERICA'S PURPOSE IN
ON
WAR.
They turned on this State every gun at their command—money, speakers,
organizers—and lost in all except three counties.
the voters against me.
I believe the breaking into the solid South through
homa the best thing that ever happened, both to
Democratic
It
Party.
means
Tennessee and Okla¬
the "Solid South" and the
Democratic Party hereafter will
that the
have to depend for future success on more
At
They attacked particu¬
larly the Kansas Court of Industrial Relations and thereby sought to turn
potential things- than the
Armistice Day celebration at
an
Brownsville, Texas,
Nov. 11, Senator Warren G. Harding
on
formal address
delivered his first
President-elect, and in this he stated that
as
we
did not fight to make the world safe for democracy nor
for
humanity's sake, "but for the
inspires
to offer ail for country and the flag and we
men
becomes
free America and dropped the sword and
fought
JONATHAN
JR., OPPOSES SAMUEL
BOURNE,
GOM¬
Senator Jonathan Bourne, Jr.,
Chairman of the Republican
Association in opposing
the efforts of Samuel
Gompers to unionize every industry in the country, had the
following to
in
say
a
statement issued on Nov. G.¬
ought to be, aware that the tide of public sentiment
Mr. Gompers is, or
has turned against the false economic
gaining the recognition
right of every man to earn, according to his ability, is
that it should, and it will prevail
The inherent
doctrines he espouses.
in spite of the opposition of Mr. Gompers
dispatches recently Mr. Gompers was quoted as saying that
press
plans of certain employers to injure unionism have strengthened the determ¬
ination of the workers to resist a hundred fold.
The trouble witn Mr. Gom¬
is that he cannot distinguish the legitimate activities of unionism from
pers
he would set
the dictatorsolp which
The unionism which he proposes is
up.
His policy is one of rule or ruin.
exclusive, monopolis ic ana domineering.
if fully successtul, would uo destructive of the independence of the
individual and mark the end of that competition and rivalry which are the
His plans,
summation of ad industry and production.
Mr. Gompers seeks
that
must contribute
consequences
financially to the
support^of a union or suffer all the dire
that would follow his inability to earn a wage.
The cruel autocracy of Mr. Gompers
transcends anything dreamed of by
Through the control of industry he would make abject
rapacious monarchs.
penalty for the failure of a
poverty and possible starvation and death the
to
assign his independence to his keeping and pay the tax levy which he
merit and individual efficiency to count for nothing unless approval
assesses,
has first been
open
The people as a whole are to be
purchased from a union.
the enhanced rate of production and
denied
higher quality standard that
competition brings, and only that rate and that standard countenanced
by Mr. Gompers are to be permitted.
If the producers of the bulk of any
trusts.
commodity should combine their
interests for the purpose of forcing an increase in price,
assert that
independent producers of the
His
price?
of
answer
would Mr. Gompers
commodity would not only
same
would be denied
have no right to sell at the increased price but
he
announces
that
an
independent laborer
may not
The
cases
exactly similar.
are
market at
He seeks,
When wages
only be denied the
increased wage, but shall be refused employment and not be
at all.
a
fighting against
rights, but
our
of
alliance."
an
excess
of peace
of
We
given
any wage
SOUTH
Announcement
was
COLBY
SECRETARY
OF
OF
ANNOUNCEMENT
WILSON'S
VISIT
PRO¬
made
us
equal to the
President Wilson
Uruguay "on
in acknowledgment of the
stead,"
my
on
Nov. 9
behalf and in
visits
to
my
this country
President Wilson also
of the Presidents of those countries.
of war."
Toward
popular government in its most dependable develop¬
Here is
a
land of limitless
Republic whose heart is right.
Here is
opportunity.
a
Here is
people united
a
now,
aglow with the National spirit, and we shall not -wish division
involvement but will cling to the foundations and make
jn
a
strong America, a land of safety at home and an inspiring
The following is the Senator's
example to all the world."
speech in full:
Fellow Americans—November the eleventh has
to America ana the world.
National rights,
our
for
order
stamped
ana
our
effectiveness in aiding to
The
a
new
be tolerated by mankind.
never
day is especially interesting to our own country, because without
American
participation it might have been
indeed, there had been
thought of
an
an
a
later and different date, if,
armistice day at all.
armistice:
Ruthlessness in Its might
it was justice and consideration which im¬
But che tremendous tide of war had to be turned first, and it is
pelled.
unseemly to
say
that America was essential to the turning of that tide.
We do not claim to have won the war, but we
undying glory to American
of the American
Whatever
spirit and
world
the
is not
a
trait of
our
however incor¬
national character, that commercialism does not
that neutrality
us,
of American resources.
thought of us before,
have
may
helped mightily, and recorded
and gave the world a new understanding
arms
a new measure
have been appraised, the world has come to know that selfish¬
we
gross
preserve
for the world it marked
humanity and for all time it warns ambition and madness for
designed by God. and will
rectly
abiding significance
that one man's or one people's domination of the world was never
power
never
an
For America it sealed our capacity to defend
the established order of world civilization;
was
when our national rights are
en¬
conceived in fairness, not in fear, and that
threatened and our nationals
America is resolved to defend and
ever
will.
More,
are
we gave
sacrificed,
to humanity
example of unselfishness which it only half appraised before misunder¬
an
confusion.
unchallenged and unchallengeable, and
shall ultimately be revealed in clearest understanding.
I have
an
abiding faith that
the
ment on
that at his direction Secretary of State Bainbridge Colby
would visit Brazil and
emergency
the Senator made the statement that
we
will reveal to mankind the difference be¬
conception of rightful participation and that of unwise
as¬
sumption, the really revealed difference between aloofness and abandon¬
AMERICA.
made by
power
"here is
tween American
TO
Associated
involved, the Senator said, "after
were
But that unselfishness stands out
POSED
an
of them, to the compacts
aware
ment.
we
PRESIDENT
only
powers
patience, and only the productive development
standing led to
„
We
who had
a common enemy
we were
committed, if fully
never
won."
was
"unallied and unmortgaged" said
war
and he added "we fought with the Allied
we were
violated
and
ness
for union labor.
through the unions, to control ail labor and to force up wages.
are up
a
would be "No."
course,
that is precisely what he is proposing
But
the Senator,
because
not
i
*
always been loud in his condemnation of so-called
The labor chief has
any
He either
opportunity of earning a livelihood for himself and family.
man
If
working man must be a member of a union or else be deprived of
that every
the
the unionization of every industry in the country.
accomplished, according to his plans it would mean, of course,
were
greed when the victory for defense
the end of his speech
and his ilk.
In
as
stifled
helped to win the
PERS' S EFFORTS TO UNIONIZE ALL INDUSTRIES
Publicity
which
one supreme cause
moss-
back solidarity of any section of the country.
other.
with
one
hand and becoming association and helpfulnesss on
We helped to win the war, unallied and unmortgaged.
the Allied
had violated
Powers because
our
rights, but
committed, if fully
aware
fighting
a
common
We fought
only an associated Power, and
we were
who
enemy,
of them, to the compacts of alliance, and
not deserted our associates, but are
we
were
we
the
loyal to principles which made
never
we
have
us
what
are.
History will record it correctly,
no matter
how much beautiful sentiment
stated that Secretary Colby would at the same time avail
has beclouded our purposes in the world war.
himself of the the invitation to visit Buenos Aires, extended
world safe for democracy, though we were its best exemplars and we believe
our
by the Argentine Republic.
ment was made as
President Wilson's
announce¬
follows:
White House, Nov. 9 1920.
The history of the relations between the United States and the friendly
republics in South America was marked in the years 1918 and 1919 by two
incidents of the most agreeable character and outstanding significance.- I
refer to
Baltasar
the visit to this country in August
Brum,
now
1918 of his Excellency,
Dr.
President of Uruguay, and at the time of his visit
Minister of Foreign Affairs of his country, and
of his Excellency Dr. Epitacio Pessoa, now
time of his
in the
year
1919 the visit
President of Brazil, and at the
visit the President-elect to that exalted office.
Both these visits called forth
demonstrations
of the United States of the utmost
on
the part of the people
cordiality and good will toward the dis¬
tinguished visitors and the friendly nations whom they represented, and
Nor did we fight for humanity's sake, no matter how much auch
impelled.
The
We didn't fight to make the
representative democracy the best form of government in all the world.
Democracy was threatened and humanity
was
American indignation called for the Republic's defense.
the one supreme cause which
and
we
fought
as
becomes
inspires
a
free
men to
here is free and
cause
But
we
fought for
offer all for country and flag,
America and dropped
stifled greed when the victory for defense was
a
dying long before
won.
the sword
and
We proved anew that
ample America, which does not ask, but freely gives.
We made incalculable sacrifice in treasure and greater sacrifice in
blood,
but there
was
compensation.
The debt is unutterable, the burden long
during, and individual sorrows beyond
upon
the patriotic investment.
our
knowing, but there
All America responded
so
are
fires aflame everywhere in the Republic, all America so worked
that the altars of reconsecration were as far
Columbia
was
revealed anew, without
a
reaching
en¬
returns
nobly, patriotic
as our
or
fought
borders, and
sectional line in all her raiment.
1915
CHRONICLE
THE
Nov. 13 1920.]
„
r.
revealed the true American spirit.
in fact;
More, we found the American soul, and
We
were
Americans in
peoples, but one people with one purpose, one confidence,
not a collection of
pride,
one
We found
No nation can abide without a soul.
glories.
Righteousness and
aspiration and one flag.
one
ment for the investment abroad of our
How urgent is the need will appear if we
annual trade
is due
than
Better transportation on land, and an adequate
would have speeded our participation and shortened the
In five years we have
balance, sometimes against
world is in debt
>ucti ve development of peace made us equal to the emergency of war.
in industry, eminent in agriculture,
annual credit balance certainly
an
is
of the
national
gravest
weakness
well believe that the knowledge of our maritime
the
whica
contempt
America eminent on the high seas,
ultimately involved us.
I believe an
r spected in every avenue of trade, will be
I like to think of an America whose citizens
are ever
Republic.
they
w.iich protects its citizens wherever
like to think of a government
lawful mission, and anywhere under the shining sun.
go on a
and capacity to serve, in the
in the character of these men, in their readiness
calm certitude of their mannood,
with
talked
have
views
broadened
of
in their
new
baptism of Americanism.
I
sensed their rejoicing in service and their
and
many
They
citizenship.
they believed in Ameri¬
dared and sacrificed for the flag they loved because
tiem
held invoilate, they fought that their
inheritance should be preserved for
themselves and those who follow them.
and wanted
like their fathers, believe in an America of
These soldiers of the republic,
civil
They believe in an America of
religious liberty.
and
human
and
They believe in America fust, for it is in
American ideals.
America that
They believe it is only morning in the
life of the republic, and they want to look forward to the surpassing noonday
of national life, where this leading republic shall be the foremost nationality
their hopes and
aspirations centre.
These men believe that the nation worth
the nations of the earth.
among
having wrought the
third it is yet destined to write
fighting for is good to live and good to live for, and
miracle of development in a century
the supreme
and
a
triumph in human progress.
requires by
I believe with them, and
with you, that our sure path is the American
1 do not believe that the wisdom of Washington and Jefferson and
Hamilton is to be ignored, nor the chivalry of Lee nor the magnanimity of
Nor
Grant is to be forgotten.
can
and nationality be forgotten or the
fail to stir
the supreme belief of Lincoln in
union
outstanding Americanism of Roosevelt
hearts.
our
American
Here
is a republic whose heart is right.
Here is a land of limitless opportunity
beckoning men to rewards.
Here is a people united now, aglow with the
national spirit, and we shall not wish division in involvement, but will cling
popular government in its most dependable development.
we are
only in the morn of the national life."
Who dares to prophesy
One needs
touched, to
Texas is ample for an empire of
ought to enliven Laguana Madre.
quaffing the cup of optimism what the future has in
in
store?
only to see this magic valley where the possibilities are not yet
understand how
prophecy falls short.
Ships of modern commerce
incalculable.
Agriculture, transportation, factories, com¬
60,000,000.
alone is
Texas
all
merce,
are
strength of
growing in the gleam of the Lone Star and adding to
"the
We have only to go on, independent
country."
our common
unmortgaged, to write the supreme fulfillment.
aloofness, we shirk no obligation, we foresake no friends.
and free, untrammeled and
We choose no
We
have,
never
to
mean
we never
surrender
everywhere,
we
it.
will.
We
But we built in nationality and we do not
crave
fraternity,
we
wish amicable relations
offer peace and choose to promote it, but we
demand our
war
In
an
article appearing
dent-elect
POLICY
MARINE
ON
FUTURE.
were
measure
seas
the
American
Merchant
Marine declares that it will be the aim of the new
tration "to correct the mistakes of the past
Speaking
the Panama Canal, the President-elect says "convinced
I am that the Panama Canal has a peculiar concern to the
constructive American program for the
of
as
future."
people of our Central Valley, it has long been a matter of
that the Canal should not have been
highways of American trade."
The time will surely come, he says, "when we must claim
for our own country and for the Western continents every
profound regret to
made
one
me
of the great free
phenomenal emergence of a great American merchant marine is one
most striking economic consequences of the World War.
In 1914
of the
the total tonnage registered for foreign trade
under the American flag was
1,066,000 gross; today, thanks to the quick sense of the American
people as
importance of shipping in the World War and to the
invincible
to the critical
genius of the American industry in surmounting governmental delay and
administrative inefficiency, there Is ready for our flag sqme 12,500,000 gross
tons of
sea-going vessels.
vages
new
Marine Aid to
Trade.
great new activity to the nation's business life, as
safeguard
to
the country's security,
well
as a
whole¬
but more significant still, it
provides the mechanism wherewith we can retain and enlarge the economic
vantage-ground in world commerce and world finance which we now enjoy.
A
well equipped
merce;
energy
merchant marine is
a
prime essential of successful com¬
it is the best agency of trade development.
the same enterprise
in the search for
new
Nothing else will supply
markets, nor contribute the same
in the opening up of new trade routes, nor offer the same encourage¬
Increase
shipping
development will
Trade.
Carrying
of our salt-water transportation facili¬
in 1919, only about 34% of our exports and 50% of our
flag.
our
We must persist in every
It
may prove
difficult when the merchant fleet
be rehabilitated.
keep our shipmasters in business we will find it necessary to extend every
possible encouragement, every reasonable preference, to our own.
Convinced as I am that the Panama Canal has a peculiar concern to the
people of
our
central valley, It has long been a matter of profound regret to
that the canal should not have been made one of the great
me
free highways
whatever may have been the merits of the exigencies
of American trade,
which sustained the denial to American trade of special advantages
American
come
due to
ships by reason of our construction of the canal.
The time surely
when we must claim for our own country and for the Western
continents every rightful privilege
that
by virtue of this linking
may occur
of the two great oceans.
The canal
ought to be an interest and unity between all the Americas, and
I cannot but feel that the policy of a
Democratic Administration in admin¬
istering the canal has failed sadly in realizing these
aim to correct the mistakes of the past
American program
It will be
possibilities.
and to devise a constructive
for the future.
GOVERNOR COX AGAINST POLITICAL
SABOTAGE.
Governor James M. Cox of Ohio, in a statement
Columbus, Ohio,
on
issued at
Nov. 5,—the first to come from him
electiqn of Senator Harding as President—
"hope and firm belief that the Democracy
following the
declared it to be his
will not attempt political sabotage;"
the Nation
of
Nation's
resource" he said,
every
behalf of the
things that
cated the talk of
a new
are
"the
"should co-ordinate in
Governor Cox depre¬
helpful."
party and asserted that "the flag of
Democracy still flies as the symbol of things more enduring
than the
passions and resentments that come with the after¬
His statement follows:
math of war."
and
the Republican party is in complete control
executive branches of the National Government.
Therefore, policy as to statute and
administration is with it. Its task is no
It is my nope and firm belief
longer that of the critic but the constructor.
the
Democracy of the
The country
gency,
Nation will not attempt political sabotage.
has seen quite enough of that.
We
are
in the midst of emer¬
and the Nation's every resource should co-ordinate in behalf of the
things that are helpful.
So long as
Government exists the principles of Thomas Jefferson will be
the center about which human
One might as
absurd.
As essential as it has
hopes will gather.
Talk of
a new
party is
well discuss the destruction of human emotions.
been to the welfare of the country In the past, the creed
of Democracy is more
needed now than ever because recent events have
made it distinctly the American party.
In
spirit I
I would not retrace
It was a privilege to make the
right in the face of overwhelming odds.
There is a distinct
am as
proud as when the fight started.
step nor yield a single jot in
a
contest for the
principle.
difference between defeat and surrender.
the
as
that
The flag of Democracy still flies
symbol of things more enduring than the passion and resentments
come
with the aftermath of war.
PRESIDENT ELECT HARDING ON PARTY
GOVERNMENT.,
Speaking at Paris, 111., on Nov. 6, while enroute for
Point Isabel,
Tex., President-elect Harding made the'
following statement:
While I have
ment
and
preached the gospel of party government, that is, govern¬
through the sponsorship of party, I may
sober
tell
you now
in the reflection
thought of the aftermath that I do not want my party to be
members, but I want my party to serve
merchant marine is not alone that it sal¬
and puts to use a vast and costly body of war material, nor even that
it adds a
some
of our
new
place-holding of any
America for the American people.
serving to keep itself in power or to perpetuate the
Merchant
This importance
the
moved under the American flag.
trade under
rightful privilege that may occur by virtue of the linking of
the two great oceans."
The President-elect writes as follows
The
t
and whenever occasion
They, like the industries of Europe, will seek to undersell us, and in order
to
Adminis¬
and to devise a
now
aiming not only to nold but to increase the proportion of over¬
of Europe begins to
that
in the "Nautical Gazette," Presi¬
discussing
Harding,
agriculture,
and
For the first time in ten years
HARDING
Our new merchant
right to be saved.
Supplemented
caused the rapid expansion
of the legislative
OF
want to help, but we do not mean to
a
potent element in American economic growth without the accom¬
a
imports
freedom and our own America.
PRESIDENT-ELECT
we
have
cautious revision of the tariff that, while regardful of our
industry
ties and yet, even
inspiring example to all the world.
I said
unfavorable
resotration.
we
Must
The
America a land of safety at home and
to the foundations and make a strong
an
a
an
paniment of social injury.
our
Here is
a
stimulating their
though undesignedly, by
international position, will effectually safeguard every phaseof
changed
become
be prepared
bitter experience for the creditor country.
a
marine will do much to avert it.
will
path.
even
considerately,
such invasion
brought a new leaven of
have
life. 1 did not find
any who have been thinking of world regeneration, or who sought to promote
an altruistic theory of
international or inter-racial millennium.
But they
institutions
to deal
mean
From any
patriotism and devotion into the activities of American
can
flood of imports from debtor countries intent upon
a
creditor country
It is the natural way in which rsetoration
effort.
every
paralyze America to effect
Gulf I
have been among the people who came to give us kindly greetings—scores of
stalwart, virile young Americans who served their country so gallantly and
effectively at home and overseas.
One must have cause for renewed pride
to the
wrought.
foreign exchange, would be
from my home in Ohio to this furthermost post on the
All the way
must be
war
productive output and aided,
We
industrial and agricultural life.
the line of least resistance, and to this course we must
as
Europe bending
from
But
seeking the greater
development and enlarged resources and widened influcene of the
whom
international
this changed
that
our
of merchandise from the debtor
exports
remain
see
influence throughout the world.
safer at home and of greater
varying
creditor nation to whom the
great, probably much greater,
as
concern
Larger
can
a
Danger of Flood of Imports.
It
position shall not work to the injury of
I
to
prior debit balance.
our
merchant marine,
encouraged
us,
capital account some twelve billion dollars and to
on
ample in transportation.
i
changed from a debtor
nation, owing the world between four and five billion dollars, with a
We must ever be strong in peace, foremost
And
consider the new position of our
country in the world trade.
of national security.
We
had not trespassed, we had not offended, we had done no ill, our friendship
with all the world was unquestioned.
We knew nothing of envy and har¬
bored no hate.
Yet, we were involved, after an excess of patience, and only
conflict.
commercial
expansion.
lesson, too, of transcending importance.
a
unfailing justice are not in themselves a guaranty
the pro
Overseas transporta¬
surplus capital.
tion in American bottoms is of the root and essence of American
and set it aglow to light the way to new and greater
ours,
We learned
before the World War made us American
name
And
I like to say to you this afternoon that
result in which you can all rejoice, and
go
there is one thing about the
that is that our United States is to
along under American ideals.
I hope
that we can put our country on the right track at home.
I know
right, and we are going to steady the senses
well that the heart of America is
of the American mind and put our face to
States and make them the finest
the front and go on in these United
place under the shining sun.
Again at Marshall, Tex., on the 7th inst. Senator
New York "Times":
said according to the
Harding
explanation in
the responsibility I am going to assume
"in
Christianity gave us and the story of Galilee and its helpfulness to others;
America that shall be helpful to the less fortunate
and you and I want an
America strong, fortunate and wholly
peoples of the earth, but I want
followed
Out of the turmoil of the World War
I think the purpose was high.
ideal.
came
We
propositions.
many
want
and
peace
we
international
want
cooperation, but America has
humanity since this Republic began and America never will.
We want world
fellowship.
have to be contracted to
play our part
as an
never
failed
form and
meeting of powers to tell us what our
We want to meet with them, counsel with them,
out, and America does not need any
moral obligations are.
probably in
of the
other respects.
some
"The precise way in which some modifications can be best made must be
the
forecast
methods
conditions next
because
It is impossible
March
necessarily
are
Now the central idea is that the deadlock resulted from Presi¬
uncertain.
dent Wilson's perverse refusal to negotiate for the consent of other Powers
Americanization of the Treaty,
to
but that
our
will
Administration
new
that consent.
secure
"A separate
declaration of
peace was
After March 4 that will
refusal to act.
justified only by President Wilson's
longer be justifiable, unless other
no
Powers refuse to consent to modification, which I do not
Don't
anticipate.
allow Cox to drive you off the ground of Harding's Senate vote and
our
Keep to the simple issue, Americanization."
platform.
give them in the
know their thoughts and give them ours, but we want to
the treaty, modifying it to
Senate reservations and the Chicago plat¬
determined at the time in conference with the other parties.
We do not
agent of humanity, and we are
Our moral obligations will always stand
going to be contracted now.
not
different
a
the requirements
meet
to
play her part in dealing with the rest of the world.
No I do not mean to find fault with those who have
To attempt it would bring chaos and an
The only possible course is to keep
States.
I would not want our country aloOf from the other
people of the world.
free to
deal here from the beginning, by abandoning the
new
entire loss of results of the war and general disaster, involving the United
Let me tell you, my countrymen, you know the ideals that
this morning.
opinion, a
my
Versailles Treaty, is impossible.
but what I could preach*
termslof
Polish ques¬
They are not the League's business.
reference to the League.
out any
American people.
I should like to talk to you and I do not know
See
It would not
.
tions, for example, are properly being handled by the foreign offices with¬
if it did not consecrate itself to the service of the
not stand for my party
...
have not yet been enforced by the victorious nations.
peace
And while we went to the polls partisan
last Tuesday, after the polls were closed we are all fellow Americans with
common interest.
Of course, I was spokesman for a party but I would
popular government.
a
with by conference of Powers.
letter to Hays of March, 1919.
League dead.
The League has hardly begun to function because the
be true.
verdict of last Tuesday indicates that the American people mean
it
to keep
my
"It is very unwise to declare the
countrymen, and somehow I
You know ours is a popular government, my
f.hlnlr the
Matters of State policy must be dealt
ask of you this morning except that in your
There is nothing I have to
confidence I want your assistance in
[Tel..111.
CHRONICLE
THE
1916
Agreed with Harding in Part.
freedom of America.
views of Mr.
These
Root shows
that he believed
League" would oring disaster to all the world.
PLANS
MEETING
FOR
ture of the covenant,
PRESIDENT-ELECT
OF
was
stated in
There
dispatch to the daily
a
papers
Brownsville, Tex., that tentative plans looking to
from
a
meeting between the Presidents-elect of Mexico and the
on that day by repre¬
United States had been started there
sentative citizens and approved by Y. M. Vazquez, Mexican
who
Consul,
reported
was
while Senator
Harding is spending
vacation at Point Isabel.
a
According to the dispatch, the Consul expressed the belief
that General
Obregon would accept the invitation unless the
trip would interfere with his inauguration on Dec. 1.
As
indicating
Harding's
President-elect
views
in
the
to be
to arrange
conferences while the Senator is in Texas.
Senator Harding
He has insisted, it is said,
with
It is understood that
that he has earned
a
vacation and that his position,
President-elect, does not warrant plunging into
even as
a
situation that
his inauguration and that might
be complicated before
to determine
press
print the following advices contained in
dispatch Nov. 9:
It would be
Mexico,
Mexico
Harding at
a
border city,
even
should
General Obregon's headquarters.
The short time which
intervenes before the inauguration of the General and the necessity of pre¬
paring
It
were
given
as
for abandoning all thought of meeting the American President-elect.
reasons
a
legislative program to be submitted to Congress
a
was
said General Obregon realized
concerted action.
He also
Root's cablegram
there
the benefits to be derived from such
He
wars.
agrees
that it is impossible
agrees
by the conference.
statements in
were
that he had received a message from Mr.
the views of Mr. Root and
over
If there
has
dispatches from Marion
Root concerning the League of
It has been reported since then that Senator Harding was pro¬
Nations.
voked
was
any
feeling
on
showed
even
some anger.
Senator Harding's part against Mr. Root it
probably disappeared, for there is reliable information that he will ask
as
Secretary of State.
In Mr. Root's message there is a reference to a letter he wrote to Chairman
Hays in March 1919.
In that letter Mr. Root explained why the present
permanent court of arbitration at The Hague has been virtually a failure.
was a
weakness in the system devised by The
Hague conference,"
he said to Mr. Hays.
"It was that arbitration of justiciable questions was
not made
that no nation could bring another before the court
obligatory
so
unless the defendant was willing to come, and there was no way to enforce
judgment."
a
Mr. Root declared his belief that questions that were strictly "justiciable
judicial"
or
accord with
should be subjected to obligatory adjudication.
provision of the League Covenant.
a
difficulties
to endorse the
and
were
Root
Mr.
This
plan contained in the League covenant of making interna¬
any
compulsory in times of danger
nation to keep out of them.
although indicating what he regarded
was
member
a
of the
committee
He praised
some'defects.
as
of jurists
selected by
Council of the League to draw up a plan for the new world court.
he
abroad
was
is in
While he admitted that
apparent with regard to questions of policy, he seemed
practically impossiole for
this scheme,
arrangements for such a conference be completed, said a statement issued
last night from
upon
tional conferences upon political questions
*
impossible for General Alvaro Obregon, President-elect of
meet President-elect
to
a
association for preventing future
At the time Senator Harding was made acquainted with the contents of
some
We also
an
at this time to define the course to be taken
may
have to be dealt
by the present Administration.
City
pursued to obtain
"There
has sent discouraging replies to the telegraphic appeals.
the nations of the world to
To some extent, according to the message, he
with Senator Harding that there should be a conference with other nations
board his special train at San Antonio, Nov. 7, said:
Efforts have been made by American friends of Obregon and De la Huerta
judging by the message, that he is opposed to
is in harmony with views expressed by Senator Harding as to the method
Mr. Root to enter his Cabinet
matter, the New York "Times" in special advices written
on
to be no doubt,
insure permanent peace.
Mr.
request he would invite Alvaro Obregon to visit Matamoras
seems
the negotiations of a new arrangement between
saying that following their
as
"scrapping the
reservations and the Chicago platform and probably in some other respects.
HARDING AND GENERAL OBREGON.
On Nov. 4 it
that
He would retain the struc¬
modifying it to meet the requirements of the Senate
a
story was circulated that he had devised
a new
plan for
international association to take the place of the League of Nations,
the cable
message
the
While
an
but
expressing his views "shows that he believed that the
League formed in Paris
was
in the process of functioning and could not be
abandoned.
meeting, and personally desired it.
Senators
Dubious
on
Ratification.
Members of the Senate who have returned to Washington since election
seem
ELIHU ROOT DEEMS IT "UNWISE TO DECLARE
An
expression of view
on
to be
generally of the opinion that it will be impossible to ootain the
ratification of the Versailles Treaty with the League covenant, even with
1
LEAGUE DEAD."
the Lodge reservations or any other.
*
Some Senators think that if the United States is to enter
the League of Nations by Elihu
an
f nations it will be necessary to revise the covenant so as to
association
provide that
Root, in which he stated it to be "very unwise to declare
the League shall be based upon a tribunal established at The Hague instead
the League
of upon
dead,"
last August.
to
was
given in
a
cablegram from London
In observing that "the only possible
keep the treaty, modifying it to meet the requirements
of"the Senate reservations and the ^Chicago
Root said that in his
opinion "a
new
it would bring chaos and
WARSHIP FOR
an
entire loss of results
general disaster, involving the United States."
This
of Mr. Root's has just
message
come
to light.
publicity the New York "Times"~ln
Washington dispatch Nov. 8 said:
Miihu
it
Root, It was disclosed to-day,
a
In
special
An offer made
a
made public to-day by David Lawrence in
a
copyrighted article, the ex-Secretary of State said that "it would be very
unwise to declare the League dead," as "it would not be true."
He added
that to attempt a new
deal by "abandoning the Versailles Treaty" would
"bring chaos and entire loss of the results of the
involving
the
United
foUowing
a
Senator
request of Will H. Hays, Chairman
but was
The reply was
evidently intended for Senator Harding.
dr. Root's
your
are
Air. Root's cabled views as given in the article, republished by
permission of Mr. Lawrence;
"Declaration
on
declined
on
Nov. 5
by Senator Hard¬
was
made in the
Harding
on
disposal.
I
am
a
Gulf port.
following telegram addressed to
Nov. 5 by Secretary Daniels:
me
to say
that, having heard that
me
also authorized to offer in his
to
you
place
name
contemplate
a
the
warship at
use
of the
arrangements as will be suitable to you.
The
following telegram in
Harding:
The Hon.
I most
answer
was
sent
by Senator
<
»
Marion, Ohio, November 5.
Josephus Daniels, Secretary of the Navy, Washington, D. C.
gratefully acknowledge
your gracious telegram, in which you con¬
the President's thoughtful courtesy in directing a warship to be placed
my disposal for a contemplated trip to Panama, along with the use of
vey
Hampton Roads.
Please
assure
the Pres¬
ident of my grateful appreciation of his consideration, but I cannot
accept
because I am traveling by railroad to a vacation point in Texas and I have
which Hays asks an opinion cannot be defined.
Hague Court cannot be made to cover
the disposal of
Mayflower to take you to Hampton Roads, where the ship will wait for
you if that suits your convenience.
It will give me pleasure to make such
at
dessage.
was
the Mayflower for connection at
Here
to place at
visit to the Panama Canal Zone, he has directed
supposed to be the object of the League of Nations.
sent to another person,
OF
by Secretary of the Navy Daniels, at the
President Wilson,
The President desires
war, and general disaster,
National Committee, who, according to Mr. Lawrence,
whether the Hague Court could not be so defined as to include the
asked
OFFER
CANAL.
had already been booked to embark from
The offer
of the Republican
work
DECLINES
TO PANAMA
ing, who, in expressing appreciation of the offer, stated that
States."
The cablegram was sent
of
Panama Canal Zone
a
In his message, which was
TRIP
President-elect Harding a warship for the latter's trip to the
from London intended for Senator Harding's confidential in-
\ formation.
"-
instance
le
opposed last August the idea of
"swapping" the League of Nations, and made his position known in
caflegram
HARDING
deal here from the be¬
of the war and
giving
body like the League Council.
a
PRESIDENT-ELECT
^platform,'' Mr.
ginning, by abandoning the Versailles Treaty, is impossible.
To attempt
action taken by
is
course
The
anything but judiciable questions.
booked to embark from
courtesy.
a
Gulf port for Panama.
I thank you also for your
WARREN G. HARDING.
Nov. 13
1917
1920.]
The signatories agree to support
LEADING MINDS ON
with the best
pre-election promise to consult
minds of the country on plans for an associa¬
tion of nations,
starting
President-elect Harding on Nov. 5, before
his month's vacation in Texas and Panama,
upon
announced that he had sent out requests
"for personal and
informal conferences with men and women who have
eminent in the discussion of our foreign relations."
very
been
This announcement
Marion
at
CONFER
with his
accordance
In
WITH
ASSOCIATION OF NATIONS.
TO
HARDING
PRESIDENT-ELECT
was
made
Senator Harding let it be
with Will H.
Chairman
Hays, Republican National
of requests
follows by Senator Harding
as
Nov. 5, following a conference
on
number
for personal and very informal conferences with men and
the discussion of our foreign relations.
who have been eminent in
women
These
will
of learning what policy
his return to Marion in December and
personal, with the main purpose
be individual and
Senator Harding means to
avoid any unseemly anticipation, but feels
it
entirely free from campaign bias and
get it at the earliest possible day.
It is the first step toward the meeting
minds of which Senator Warding so frequently spoke during tne cam¬
He did not make public any
paign.
list, oecause it vill not be complete
before his vacation ends.
Senator
Harding
joint
announced that no consideration
further
would be
to work those lines.
"Article VI.
SPHERES OF
INFLUENCE IN TURKEY.
'
AGREEMENT
DEFINING
signing of a tripartite agreement by France, Great
Britain and Italy whereby they undertake to support each
The
their "spheres of influence" in Turkey
cablegrams from Paris
other in maintaining
was
announced in Associated Press
The mandatory powers
former Turkish Empire will enjoy
vis
nized in the
special interests of France
and Italy are recognized are defined by the same document.
This agreement, it developed to-day, was signed at Sevres on Aug. 10,
the day the public ceremonial of the signing of the peace treaty with Turkey
took place.
Although the agreement, it is explained, is not considered a
secret one, it nevertheless has never been made public until now, after a
lapse of nearly three months since the signing.
Under its own terms the
document was to come into force and be published at the time the Turkish
peace treaty should go into effect.
This date is sti 1 an uncertainty.
In connection with examination of the text of the agreement, now avail¬
able, attention is being called here to the fact that while the treaty defines
the spheres of influence of France and Italy—recognizing the special interests
of France in Cilicia and the western part of Kurdistan bordering on Syria,
and of Italy in Southern Anatolia—the British spheres of influence are not
only undefined, but are not referred to.
This has raised the question if
the agreement is susceptible of the interpretation that the British interests
may be held to extend to any or all the remaining parts of the Turkish
which the respective
*
Empire.
•
It is noted aiso
that while the agreement does not
take, the form of an
the contracting powers to "render diplo¬
matic support to each other in maintaining their respective positions in the
areas in which tneir special interests are recognized.
One section of the document provides for the exploitation of the Bagdad
alliance, it nevertheless pledges
railway by
a company
areas
Article VII.
defined in Article V."
reserves
to
Italy the right of the exploitation of the Heraclea
By Article VIII, the French and Italian governments agree to withdraw
Konieh and Adana to Italy.
Article X of the agreement
provides that nothing contained in it shall
prejudice the lights of nationals of
various areas for
non-signatory States to free access to the
commercial and economic purposes.
preamble of the document
Tne
reads:
Turkey develop her resources and to avoid the
International rivalries which have obstructed these oLjects in the past, and
"Being anxious to help
being desirous to meet the request of the
necessary
assistance
Turkish Government that it receive
the finances, the
the reorganization of justice,
in
the protection of religious, racial and
linguistic minorities, and the economic development of the country, con¬
sidering that the autonomy or eventual independence of Kurdistan has been
recognized by them, and that it is desirable with a view to facilitating the
development of that country and make provision for any assistance it may
require in its administration, and to avoid international rivalries in such
matters, recognizing the respective special interests of Italy in southern
Anatolia and of France in Cilicia and the western part of Kurdistan border
ing on Syria up to Jezire-ibn-Omar, as these areas are hereafter defined, the
British, Italian and French Governments have agreed upon the following:
gendarmerie and of the police, in
Text
of
Agreement.
"Article 1.—There shall be equal ty -n
Turkey between the contracting
in tne composition of all interntaional commissions, whether existing
be established, charged with the organization and supervision of the
powers
to
or
different public
and linguistic
or
services and for insuring the
minorities.
Kurdistan is desirous of
istration
or
protection of racial, religious
However in the event the Turkish Government
obtaining external assistance in ihe local admin¬
policing of areas in which the special interests
considering the treaty of peace with Turkey is being executed.
for supervising the execution
agreement'is to be ratified, it is provided in Article XI, and be
The
communicated to the Turkish Government and to be published and come
Into force at the same time the Turkish peace treaty goes into
the 9th inst.
officials are giving careful study to the tripartite
Department
agreement concluded by Great
Britain, France and Italy for the creation of
"spheres of influence" in Turkey, but it was stated to-day that any objec¬
tions that the American Government might have to the agreement haa not
formative stage.
of
change
approaching
doubtful whether, even
of American foreign policies due to the
officials indicated that it was
should the provisions of the agreement be found
administration,
objectionable to the policy of this Administration, the
find it expedient to
The
question about which the State Department has been most
officials said, was
concerned,
whether the provisions of the treaty violated in any way
opportunities to ail nations
American Government in its note on the
principle of equal commercial and economic
the
in
United States would
forward a protest.
Turkey, enunciated by the
Turkish settlement communicated to the
Some officials here profess to
allied Governments last March.
regard the tripartite agreement as a division
In Turkey to which the Allies feel themselves entitled
responsibilities which they have assumed in the
in return for the
adminis¬
of Turkish territories.
tration
In indicating
question
that consideration was being given to the
to whether any provision
as
contravening
an open
Press accounts from
following to
might be viewed as
door policy in Turkey, the Associated
Washington on the 6th inst. had the
say:
The open-door
principle was insisted upon by the United States in the
said, when President Wilson was asked in March
Turkish settlement, it was
by the French Government
for his views on the tentative draft of the Turkish
Treaty.
March 24 said:
The American note of
"It is the understanding of the
States that
whatever territorial changes or
In the former
Ottoman Empire, such changes
United
the
of
Government
arrangements may be made
or
in no way place American citizens or corporation of
arrangements will
situation than the citizens or cor¬
porations of any power party to this treaty."
In some quarters it was contended to-day that the second paragraph of
Article II of the tripartite agreement did violate this principle in excluding
from the particular spheres of influence reserved for each of the three powers
any
other country in a less favorable
other two contracting parties.
the Nationals of the
The
paragraph in question reads:
The
.
contracting powers undertake not to apply nor to
applications
on
make or support,
behalf of their citizens for industrial or commercial conces¬
which the special interests of one of the said powers are
sions in an area in
recognized, except in cases where such power
declines or is unable to take
position."
Although the cable summary showed Article X of the agreement to provide
against any prejudice to the rights of nationals of non-signatory States to
free access for commercial and economic purposes, the full text of the
article, according to some officials, may be construed otherwise.
It reads
Nothing in this agreement snail prejudice the right of citizens of other
States to free access for commercial and economic purposes to any of the
areas defined in Article V., subject to the reservations
contained in the
advantage of its special
treaty of peace with
Turkey, or which have been voluntarily accepted
by the contracting powers."
for
themselves in the present agreement
This latter clause, it was
in
effect nullifying
stated today, was capable of being construed as
the previous declaration of equal opportunity to
all
nations.
commercial opportunity for all
nations in Turkey, as laid down in the American note, the United States
has already sought to apply that principle in Mesopotamia.
Inquiry was
made several months ago of Great Birtain concerning the reported FrancoBritish agreement over the exploitation of oil in the Mesopotamian area
Acting on
the principles of the equal
This correspondence
Western
has not been made public.
Anatolia, in the sphere of Italian special
interests under the
world's supply of chrome before
the war, of which in 1913 the United States imported 18,200 tons, besides a
quantity of emery.
It is also practically the world's source for meerschuam
tripartite agreement, produced 7% of the
TURKEY REFUSES
A
Havas
TO RATIFY PEACE.
cablegram to the daily papers from Constan- -
tinople, Nov. 7, said:
The Turkish Government has
areas.''
on
dispatches from Washington, said:
the Associated Press in
State
effect.
conjectures have been ventured as to the attitude
of the United States toward the agreement;
respectively recognized, the
said
responsibility
of the terms of the treaty with Turkey for the
protection of minorities within their respective areas.
of France and Italy
contracting powers undertake not to dispute
the preferred claim of the power whose special interests in such are recognized
to supply such assistance.
This assistance shall be specially directed to
enhancing the protection afforded to the racial and linguistic minorities in
are
when the signatories are agreed ia
their troops from the respective areas
in which British, French and
It gives the
Interested.
Italian capital is equally
exploitation of the Heratlea coal mines, between
the
vis with the contracting powers the
coal basin.
of economic spheres
said:
The limits of the areas in
for the territories detac ed from
a
rights and privileges as the powers whose special interests are recog¬
same
details of the agreement these advices
In giving
Nov. 5.
special interests
The next article is as follows:
recognized.
are
Because of the unsettled future
TRIPARTITE
origin, is provided for.
Article V fixes the boundaries of the areas in which the
yet reached the
recreation period.
given to. a Cabinet during his
company
of the
remaining Turkish by the establish¬
Equality of treatment regarding railway rates and facilities for passengers,
Various
wholly becoming to get an expression
of
a
whatever their nationality, destination or
eniist united support.
may
to
ment of
By Article IX the signatories with special interests accept
known to-day that he is sending out a
conferences will take place upon
the unification in the near future
entire railway system In the territory
coming
from or going to the territories, dominions, colonies or protectorates of the
contracting powers shall enjoy In the areas defined perfect equality in
is declared that the present
The njxt article reads:
undertake to render diplomatic
addressed
a
in which it
ratification of the
note to the Powers
time is inopportune for the
Moscow ultimatum, and are
Article II provides that
the products and manufactured articles
all matters relating to commerce
and navigation.
"Article III.—The contracting powers
support to each other in maintaining their respective
In which their special interests are recognized."
positions in the areas
that the Anatolian Railway,
the Mersina-Tarsus-
Article
Adana
IV provides
Railway and that part
territory as defined by
Turkish
by a com¬
of the Bagdad Railway lying in
British, French and Italian
under this article has the
privilege of exchanging its interests in the Bagdad Railway for the exclusive
exploitation of the railroads within its area of special interest.
from
Reports
of Turkish
The
Turkey.
Tiflls indicate that the Armenians have yielded to the
offering virtually no resistance to the advance
troops from
Kars and Alexandropol.
occupation of Erivan by the Turks and
Tartars is also declared to
be imminent.
the treaty with Turkey shall be worked
with its capital furnished equally by
financial groups.
The French Government
pany
Peace Treaty by
In
printing the above the New York
"Times" of Nov. 8
stated:
month reported a Russian Soviet
that they repudiate the treaty with
Dispatches from the Near East late last
ultimatum to the Armenians demanding
Turkey,
passage
break
diplomatic
relations with the Entente
of Soviet troops through
Armenia.
and
permit the
the Armenians had refused to
declared
Later messages
submit to
ultimatum, but had agreed to permit the passage of Soviet troops
on
thi8
James
H.
con"
loving
In
upon Armenia were withdrawn.
it is
a conven¬
the satisfaction of all.
each
The Governments of the two countries
was
agreed that
a
have reached an agreement on
A great part
well
Peace Treaty.
to
has been
year
of the
were
Shares.
30
N. Y. County Nat. Bank!
High.
146
Nov. 1917—100
that
they have opened
Inc., 105 South La Salle Street, will act
in
ents
Stevenson Bros. & Perry, Inc., were
conduct
a
Directors
recently organized to
new
Watson
A.
are
Armour & Co.;
Press &
their correspond¬
general investment banking business including the
underwriting and distribution of
The
as
connection with investment and security business.
issues of securities.
Armour,
Vice-President,
Wm. V. Kelley, President, Miehle Printing
Mfg. Co.;
Steel Foundries;
Robert P. Lamont, President, American
Chairman, Sprague Warner & Co.; John A.
Stevenson, Vice-President, Robert Stevenson, Jr., President'
and
Robert
Indiana.
W.
-
...
Stewart,
Chairman, Standard Oil Co. of
'
■'
on
Oct.
on
1
Nov.
11—its second anniversary and the
announces on
birthday of King
1919,
and
carried In
we
First Avenue,
near
115th Street, the Company having
six years was
conducted by that firm at the above address.
The opening of this office will
bring to firms and individuals
in the Italian district of Harlem
a
personal and comprehensive
service in all branches of domestic and
same
foreign banking.
The
of services offered by the Company at its main
range
office, 399 Broadway, will hereafter be available in Harlem,
including:
special interest accounts;
business and personal
sale of
use
checking accounts for
(interest paid);
the purchase and
foreign exchange—specializing in lire; Circular Checks
Italy (without cost to the drawer) for both traveling and
remittance purposes;
and complete banking service for
on
importers and exporters.
The Italian section of Harlem is
entitled
were
to
accom¬
were
collateral and otherwise, amounted
on
on
Oct. 1 1920
were
reduced to .$19,500,
and loss
deposits automatically reduce
and
earnings
were
I cite this for two
sufficiently gratifying
stock investments because reward
of years.
1
item of safe deposit vaults, furniture
On Oct. 1 1920, this item has been charged to profit
wiped out entirely.
our
well;
as
On Oct.
healthy natural growth.
a
partly, to
reasons:
permit this charge-off
io
and, incidently, to Indicate to stockholders, the need for patience
comes to
those who
are
bank
in
loyal for
a
period
In other words, ail of the money spent for equipment, advertising
and the building up generally of a well-managed bank, becomes part of the
good-will of the institution
and
has
large distinct value although not
a
shown in the book value, or included in the advertised
All new equipment of every nature, ordered
by
capital and surplus.
in future, will
our company
be charged to expense account and will represent a considerable amount of
invisible surplus.
I
Because of business conditions many stockholders found it necessary dur¬
ing the
year to
sell their stock and there
from 195 to 205.
ment
In
was a
ready market for it, ranging
With the annual dividend continuing at 12%, the Invest¬
yield is 6% without regard to increasing oook value.
with most financial! nstitutions. we suffered
common
a
depreciation
in securities and if it were not for the charge-offs in this connection, the
addition
to
tingencies,
surplus
would
so
been
have
an
considerably
reduced
and
increase from Oct. 1
1919 to Oct.
earned
1 1920,
In addition to this, I might add that because
conditions,
have been setting up a reserve for con¬
we
that if any losses are sustained, we can charge them off against
by sales
Government
our
securities
During the year,
owned about
$1,000,000
general securities owned—$600,000.
our
Because
corner
The
larger.
that account without its affecting our surplus as shown.
ac¬
quired the banking business of A. Alvino & Figlio, which for
who
customers
any
our resources, an
fixtures, $35,000.
show that
we
Victor Emmanuel—the opening of a Harlem Office at 2242
happy to
am
This has been accomplished
$1,000,000, the total being $31,500,000
over
reduced,
are
of approximately $150,000.
Company
I
113,000,000.
over
the contrary, if conservative,
here shown indicates
of uncertain business
The Italian Discount and Trust
were
1919,
period
same
loans
as
reverse
surplus, nevertheless, shows
.
normal basis,
a
1919 and Oct. 1 1920.
In spite of a reduction, therefore, of $8,500,000 in loans, our deposits
increased in the
I. Newton Perry, Secretary & Treasurer,
John A. Spoor, Chairman, Union Stock Yard & Transit Co.;
A. A. Sprague,
debt
The part played by us in co-operating
bringing business towards
$28,000,000 while the total loans
000.
a
private wire to Chicago, and that Stevenson Bros. & Perry,
owe a
which prevented what otherwise might
causing embarrassment to
Ordinarily,
announce
menfaa
for business
opinion,
modated to every reasonable extent.
to
the
Brown Brothers & Co.
one
my
Reserve Bank for their timely
to-night that this entire obligation has been liquidated and we
without
Last previous sale.
146
146
little
obligations to the Federal Reserve Bank for bills
our
accommodation, and who,
No sales were
Close.
a
bills payable or loans rediscounted.
no
Our total loans
Low.
The em¬
working
tell you
stocks.
BANK—New York.
This gives
year.
have
etc.
sold at the Stock Exchange this week
and only thirty shares were sold at auction.
made of trust company
trying
a
Federal
is shown by a comparison of our statement of Oct. 1
companies,
for shopping
vacation.
during each
institutions, all of whom, in
to the officers
payable and notes rediscounted,
No bank stocks
weeks
employees begun
month
a
this co-operatively by
arrange
with the Federal Reserve Bank in
it is understood, will have
trust
banks,
and is working out
enjoying the holiday privilege, and this is being
of the past
On the former date
about
profit-sharing arrange¬
year
day off
one
regular two
have developed into a real crisis.
the chairmanship of tho Railroad Commission.
items
Our
innovations for
month of leisure
action tending towards deflation,
after Turkey's ratification of the
years
The Presidency of the Financial Commision will be give n
French representation at first, and Italy,
a
to the
one
are
their banking
as
of gratitude
British General should have the Presidency of Con¬
stantinople for approximately two
depositors for their co-operation-
announced last
done with enthusiasm and zeal.
Treaty, the announcement adds.
It
employee almost
harder when others
number of points for execution of the Turkish Peace
a
as to our
as
is the granting to each,
year,
ployees themselves, have to
,
well
Among other
recreation, in addition
or
the military relations of the Allies at Constanti¬
principles relating to
in
stockholders and employees for their con:
our
as
them all equally well.
serve
employees continues
during the
tion has been concluded between France and Great Britain
These advices said:
grateful to
very
desire to
our
ment with
to
cablegrams Nov. 5 made known that
are
tinued loyalty and interest
CONSTANTINOPLEC
LATIONS OF ALLIES AT
nople.
beautiful
a
address made at the gathering, Mr. Jonas said
an
We
to govern
Conroy, the senior Vice-President,
part:
CONVENTION FOR GOVERNMENT OF MILITARY RE-
London
[Vol. 111.
cup.
Turiksh Nationalist troops, which had been pressing in
the
that
dition
CHRONICLE
THE
1918
of the
rapid growth of
34th Street,
Manhattan office at
our
8th Avenue,
found it expedient to acquire the church property
we
34th Street adjoining our building and riinning up to the property of the
Manhattan Opera House.
This church is now being remodelled for our
on
use
and It will
were
offered
death,
Mr.
member of
one
please
a very
During the
Aaron
our
you to know that oefore
substantial profit
year,
lost two of
we
Westheim and
on our
our
starting
very
Herman
Mr.
alterations,
our
we
purchase.
old and
counsel, Mr. Selig B. Neuburger.
valuable directors by
B.
Scharmann;
also,
a
We have recently added
director, Mr. George I. Skinner, formerly Superintendent of Banks of
the State of New York.
ority
banking.
on
Mr.
valuable asset to
prove a
Skinner is recognized nationally as an auth¬
His banking experience and advice will
Consolidations and
undoubtedly
institution.
our
mergers
of banks will eventually tend towards the
elimination of small institutions and it may be that during the coming year
opportunities will present themselves to enable
our company
with us, or to purchase, one or more existing institutions.
only when
we
to have merged
We shall do this
believe the enlargement will be timely and healthy and to the
advantage of all concerned in
every way.
assured, furthermore, of all the advantages of .the intimate
connection which exists between
the
The West End Bank which has been established in the
Italian Discount and
Trust
Company, and Guaranty Trust Company of New
York and Banca Italiana di Sconto, of Rome, with its more
Bath
than 150 branches
ceded by an informal
throughout Italy.
Beach
business
in the
During the nine months ended Sept."30,Tthe"Morris Plan
banks and companies
small
loans
throughout Ithe 'United States made
aggregating
nearly
$60,000,000.
The~ total
and
year
State
section of
reception to the stockholders
The
organization of the bank
The charter for the bank
ago.
$200,000 and surplus of $100,000.
000,000.
,
mon
Fromn,
manufacturer
a
Bankers' Association, and Vice-President and Manager of
James P.
fche Morris Plan Bank of Cleveland, has been elected
William S. Germain, Cashier.
a mem¬
ber of the board of directors of the Industrial Finance Cor¬
poration.
William
Plan Bank of
S.
Royster,
President
ory
and
of
the
Morris
Norfolk, and Henry H. Kohn, of Albany, have
also been added to the board.
turers
Trust
Company of Brooklyn and New York to its
Stockhoiders_ and Employees
Nov. 6, one of the features
of the
at the Hotel Pennsylvania
was
the presentation
on
on
the part
employees to Nathau S. Jonas, President, ofahand-
soifte"traveling bagjand
a
complete golfing outfit, and Ato
of
pre¬
Nov. 4,
undertaken
issued by the
a
The officers
knit
goods,
capital of
are:
Solo*
President;
The chairman of the advis¬
committee is Isaac Meister.
Arthur J. Stern is counsel
acting secretary of the board of directors.
The Peninsula Natinal Bank of
on
the
by" the Manufac-
on
Kelly and Dr. Selden Rainforth, Vice-Presidents;
business
At the Second Annual Dinner tendered
was
was
Banking Department last March; it has
volume of loans made
by these banks to date exceeds $200,Thomas Coughlin, President of the Morris Plan
Brooklyn, began
newly erected building of the institution at 20th Ave.
and 86th St.
a
Bensonhurst
Monday, Nov. 6, its opening having been
on
bank has
new
Oct. 23 1920.
a
000.
The stock
was
of the
premium
was
officers
of
the
Cedarhurst, L. I.,
As stated in
our
began
issue of Sept. 11,
capital of $100,000 and surplus of $50,sold at $160 per $100 share, and
$10,000
applied to organization
bank
are:
President,
expenses.
Charles
The
C. Adams;
Vice-President, Clarence G. Galston; Cashier, Arthur
Davidson; Assistant Cashier, Stephen R. Craft.
i.
Nov. 13
A
1920.1
special meeting of the stockholders of the Union Na¬
tional Bank of Newark, N. J., will be
of acting
purpose
held
on
Dec. 1 for the
the several matters incident to the pro¬
on
Fidelity
Trust Co.
The proposal to merge was referred to in our
issue of Oct. 30.
The question of placing the Union National
in voluntary liquidation will be acted upon at the forth¬
consolidation
posed
coming meeting.
with
institution
the
of
the
Stephen E. Ruth, Assistant Cashier of the Philadelphia
the
foreign department.
Manager
a
Vice-President in charge
Ross ha3 resigned as
Edgar
effective
foreign department,
the
of
from undivided
Jan.
15,
Nov.
having decided to reside abroad.
Pittsburgh that the capital be increased from $50,000
$100,000 will be acted upon at a meeting of the
to
holders to be held
Action looking to the
Jan. 11.
on
larging of the capital
was
stock¬
en¬
taken by the directors on Oct. 22.
of
charter for the Liberty National
a
the institution began
Bank of Pittston, Pa.,
The institution has a
business Nov. 6.
Joseph L. Ferrarini is
capital of $150,000 in $100 shares.
that on
$1,000,000.
meeting of the Directors of Fenton, Corrigan & Boyle,
a
Investment Bankers, held in Detroit
Davis
the
elected to
was
Corporation.
Nov. 4, William L.
on
Vice-Presidency and
Directorship in
a
Mr. Davis recently purchased
interest in the Corporation, which will
Fenton, Davis & Boyle.
a
one-third
be known as
now
For the past eighteen
years
Mr.
banking business in Michigan,
Michigan
representative of the Continental
& Commercial Trust &
Savings Bank of Chicago, Manager
the Detroit office for the National City
of
of Detroit to become a partner of Fenton, Davis &
pany
He has had
Boyle.
a
wide experience in selecting and deal¬
Davis will be in active
J.
Boyle,
new
duties
Corporation,
the
actively in charge of the Detroit office, will'
President; Chas. F. Donnelly and Frank L. Pinola are Vice-
now
Presidents, and Frank A. Loro is Cashier.
office, filling the
the active management of the
assume
Mr.
Monday, Nov. 15.
on
& Treasurer of
Secretary
who has been
nature.
every
charge of the Detroit office of the
Corporation, assuming his
R.
Company, and
leaves the Executive staff of the First National Com¬
now
ing in high grade investment bonds of
Following the issuance by the Comptroller of the Currency
so
capital stock of $2,000,000,
surplus of $2,000,000 and undivided profits of approximately
having been
Allegheny Valley
Besides in¬
1.
profits to the surplus account,
Davis has been engaged in the
A recommendation of the directors of the
Bank of
The right expires Dec.
the company will have
1
At
National Bank, has been elected
of
prior to Dec. 15.
creasing the capital the officers have transferred $1,000,000
;-yyy;y,
.
1919
CHRONICLE
THE
vacancy
Grand Rapids
caused by the death of I Claud H.
Corrigan.
M.
Alfred
Secretary of
formerly Assistant
Scott,
the
Thousands of people
Fidelity Trust Co. of Baltimore, and Superintendent of the
Department, has been made Assistant Treas¬
Safe Deposit
urer
Mr. Scott is succeeded as head of the
of the company.
Deposit Department by R. Howard Strott, who has
an Assistant Secretary .
Safe
been elected
first section of
"bank
warming"
Forget" is the title under which the Mellon
National Bank of Pittsburgh makes
and
United
best work of the
The brochure is too costly we
printer's art.
should think to warrant
a
general distribution, but
limited number of copies is
we
imagine
available to those who may
application while the supply lasts.
It is commendable
give publicity to the country's organic law in this way,
to
especially at the present time when there is so much need
holding fast to the eternal principles embodied in that
of
is
a
that the
copy
of this brochure (a unique feature of which is
imprint
says
it has been "printed within the shadow
Independence Hall by the Franklin Printing Co., Phila¬
of
delphia,
founded
own
Benjamin Franklin
by
warrant preserve
we
it.
in
1728") I will
We shall certainly always keep our
»
A consolidation
State institution and
may not amalgamate with a national institution,
step in the merger plan that institution has made
Superior Savings & Trust Co. is
first
a
application to the Comptroller of the Currency for a charter.
the capital of the Superior Savings & Trust Co.
is $500,000.
At a meeting to be held on Nov. 18 ift is pro¬
At present
posed to increase this amount to $750,000 and to declare
a stock dividend of 50%.
It is then expected the shares will
Save
a
book value of $250 per
Bank has
share.
The Central National
a-capital of $1,000,000 of a book value of $250
plan this will be increased to
with the
trust company stockholders upon a share for share basis.
The merger will be effective about Jan. 1.
.The consolidated
per
share.
Under the
merger
$1,800,000 and thus provide shares to exchange
institution will have
a
capital and surplus of $4,000,000.
»
At
a
,
At
meeting of the Executive Committee of the Board o
a
Directors
was
Nov. 8, Goerge S. Jones
on
of Macon, Georgia,
appointed Vice-President of the Guaranty Trust Com¬
pany
Mr. Jones has been senior member of
& Johnston of Macon; he has
of New York.
the law firm of Jones, Park
had
wide experience in
a
reorganization work, and in general
corporation practice, especially that pertaining to the bank¬
ing field.
has been issued by the Comptroller of the Cur¬
A charter
for the Payday National Bank of
rency
Minneapolis with a
capital of $200,000, and the institution began business on
Nov. 4.
S. M. Strand is President and J. R. Schuknecht
Cashier.
Oct. 28, the stockholders of the
approved a recom¬
the directors that the company's capital be
special meeting
on
mendation of
increased from $1,000,000
to $2,000,000.
is to be offered pro rata at par to
The directors have voted to pay
all payments for
increase
The
new
stock
the present stockholders.
interest at 6% until Dec. 31
subscriptions to the new stock received
the capital of the
Humboldt Savings
Bank of San Francisco from $1,000,000
under way.
directors
on
y.yyy
the recommendation,
—:—♦
y.:;
The
sixty-fifth
(head office,
to $2,000,000 are
A resolution to this end was adopted by the
Oct. 21 and the stockholders are to meet on
Dec. 23 to pass on
annual
Montreal),
-•
report
-y y
.
of
'■-■y.V'.y'
The Molson's
Bank
covering the fiscal year ending
Sept. 30 1920, was presented to the shareholders at
annual
their
general meeting, held in Montreal on Nov. 2 1920,
and shows net
profits for the twelve months, after making
provision for bad and doubtful debts and for rebate of dis¬
count
on
current
loans, of $822,718, which, wita the amount
brought forward from last
available for
distribution.
follows: $480,000
for
year
($275,436), made $1,098,154
sum was appropriated as
This
dividends,
$25,061
officers' pension fund, $5,000 for charity
to
cover
contributed
fund and
Dominion Government taxes, leaving
Total deposits,
$66,744,820,
as
discounts show
and loss
the report states, now stand at
against $63,519,905 last year, and loans
an
to'
$70,00(5
the sum of
$518,093 to be carried forward to next year's profit
account.
Detroit Trust Co. of Detroit unanimously
on
Heyman is President of the bank.
Plans to
Owing to the fact that the
Bank of tht city.
National
a
the counter work is in
Walter M.
.
plan has been arranged between the Su¬
perior Savings & Trust Co. of Cleveland and the Central
as
and
while
imported Italian Botticine marble.
The floors
middle west.
the
at hand for ready reference.
copy
therefore
in
unique
is
stairways of the lobby are of gray Tennessee marble,
He who is fortunate enought to
imperishable instrument.
obtain
accounts were
of the size of a Chronicle page, bound in
are
elegant flexible covers» and the typography represents the
make
300 savings
new
publication is worthy of its subject.
The
States.
The pages
available in large type
the text of the Constitution of the
sumptuous form
than
more
juvenile department, the first
claimed in the country.
The pattern of the bank
building
We
on
opened by children in the
it
"Lest
visited the Liberty Trust and Savings
the occasion of the formal opening of the
its new half-million dollar home.
During the
Bank, Chicago,
increase of $7,800,000,
and
which reflects the
large demand for commercial loans in Canada.
During the
opened in the Do¬
minion, principally in the Provinces of Quebec and Ontario.
William Molson Macpherson is President and Edward
year
12 branches and sub-agencies were
Pratt, General Manager.
1920
reprint the following
Samuel Montagu
SILVER MARKETS.
GOLD AND
THE ENGLISH
We
CHRONICLE
THE
the
from
weekly
TREASURY
circular
of
& Co. of London, written under date of
Oct. 28 1919:
GOLD.
The Bank of
A moderate amount of gold
taken for New York,
tender for
Assets.
10 rupees instead of 15 rupees, was
Gold coin
Gold
*
$
293,808,321 94
bullion
1,905,429,386 94
passed on Sept. 8 1920.
per
557,004,498 00
Fed. Reserve Board..1,206,341,990 55
Gold
gold sovereign.
The gold held by the Bank of England on account of the Federal Reserve
Total
banks has been transferred recently to the United States.
put for the first six months of this year indicates that the production for
1920 will be less than half the amount produced in 1915.
In 1915 the
British
Gold certfs. outstanding
Gold
settlement
fund,
152,979,025 63
reserve
Avail, gold in gen'I fund
An estimate of the gold production of the United States based on the out¬
2,199,237,708 881
United States to the gold production of the world will probably
be not more than 12% (about half of that which it contributed in 1915),
while the stimulating effect of the exchange premium will probably increase
the quota which the British Empire will contribute to 75%.
tion of the
The Southern Rhodesian gold
output for September 1920 amounted to
45,471 fine ounces, as compared with 48,740 fine ounces for August 1920
and 53,021 fine ounces for September 1919.
Total
2,199,237,708 88
—
Treasury.
SILVER DOLLARS.
■>.
~'.m,
Assets.
311ver dollar®
Liabilities.
|
153,486,690 00
Sliver certs, outstanding
Treaa. notes of 1890 out.
Available
Bllver
Total
153,486,690 00
Total
GENERAL
13,636,962 00
FUND.
Liabilities.
Treasurer's
Avail. gold (Bee above).
Available silver dollars
the Indian exchange suggested to
of their bear commitments.
1,627,867 00
153,486,690 00
..
Assets.
The tendency of the market has been still downward.
Buyers have been
shy to come forward, especially from China.
A degree of steadiness in
$
138,221,861 00
dollars
in general fund
SILVER.
United States notes
Bazaar dealers the propriety of covering
As a consequence, a short-lived reaction
282,912,194 70
Note.—Reserved against $346,681,016 of U. S. notes and $1,627,867 of Treasury
notes of 1890 outstanding.
Treasury notes are also seemed by silver dollars in the
Empire produced 63.7% of the total world's gold output and the
United States 21.5%.
In 1919 the latter produced but 16.6%, while the
British Empire produced more than two-tnirds.
This year the contribu¬
'
IAabilUies.
$
Exactly a month later the Bombay Bazaar was willing to pay 16 rupees 10
annas
i.
GOLD.
was
making the gold sovereign legal
CURRENT LIABILITIES.
CURRENT ASSETS AND LIABILITIES.
small portion for India.
a very
The Indian Coinage (Amendment) Bill,
AND
holdings of the Government as the items stood
Oct. 30 are set out in the following.
The figures are taken
entirely from the daily statement of the United States
Treasury for Oct. 30:
;■/>■■■>
into the market this week and
came
with the exception of
CASH
The cash
England gold reserve against Its note issue Is £121,678,765,
small increase of £680 as compared with last week.
a
[Vol. 111.
282,912,194 70
checks
\ $
'
V*-.
out¬
standing
Depos. of Govt, officers:
800,443 89
Post Office Dept
Board of trustees, Pos¬
19,949,401 08
place on the 25th Inst, to 52%d.
Indian operators becoming quickly
satisfied, however, the poor undertone reasserted itself and prices again
commenced to drop.
Continental sales have been rather free until the
Fed. Res've bank notes.
13,636,962
8,181,712
23,750,109
3,680,824
National bank
notes...
last day or so.
Failing much in the way
dull and inactive.
15,323,029 91
Certif 'd cheeks on banks
438,294 91
Currency, agent for
Subsidiary silver coin...
3,141,697 70
939,548 72
32,582,366 44
Postmasters, clerks of
«orae
ook
of supplies, the market has become
The "Harvard Economic Review" gives the United States silver produc¬
tion for 1919 as 46,070,000 ounces, as against 56,510,000 ounces in 1918.
INDIAN
(In Lacs of Rupees.)
Oct. 7.
Silver coin and bullion in India
Oct. 15.
15,753
5,817
Notes in circulation
15,853
5,835
Oct. 22.
1 5,880
5,860
Silver coin and bullion out of India
Gold coin and bullion in India
2,389
Gold coin and bullion out of India
2,376.1
2,378
6,807
834.9
6,807
835
z
—
Securities (Indian Government)
Securities (British Government)
6,712
835
No rupees were coined during the week ending the 22d inst.
The stock in Shanghai on the 23d inst. consisted of about 37,060,000
ounces in sycee, 27,000,000 dollars and
with about 36,400,000 ounces in sycee,
of silver on the 18th inst.
1,660 bars of silver, as compared
26,500,000 dollars and 1,210 bars
-
Oct. 23
Oct. 25
.Oct. 26—
—
—
Oct. 27
Oct. 28
52 %d.
-52%d.
-52%d.
52%d.
52%d.
52.270d.
Average
Gold
per oz.
119s. 6d.
118s.
118s.
117s.
117s.
118s.
2d.
2d.
9d.
lid.
3.6d.
The silver quotations to-day for cash and forward delivery are each 1 %da week ago.
below those fixed
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
London,
Nov. 6.
Week ending Nov. 12—
Sat.
Silver, per oz
Gold, per fine ounce
Consols, 2% per cents
d. 54%
—
120s.
Tug.
Nov. 10.
Wed.
121s.4d.
45%
82 15-16 82%
82%
76%
76%
76%
76%
54.80
85.20
54.55
85.20
54.95
85.20
Paris), fr. 55.30
Loan(inParls).fr. 85.20
45
price of silver in New York
on
the
Voc.ll.
Thurs.
54%
53%
53%
54%
122s.4d. 122s.4d. 121s.
45%
French Rentes (in
The
Nov. 9.
45
82 9-16
British, 5 per cents.....
British, 4% per cents
French War
Nov. 8.
Mon.
45
83%
76%
Holiday
Holiday
Nov. 12.
Fri.
99%'
Foreign
82
99%
80%
99%
80%
99%
82%
99%
80%
preliminary
83%
76%
55
85.20
99%
80%
of
the
public
debt of the
as made up on the basis
the daily Treasury statements, is as follows:
statement of
United States for Oct. 30 1920,
Total gross debt Sept. 30 1920
Public-debt receipts Oct. 1 to 31 1920
Public-debt disbursements Oct. 1 to 31 1920..
Savings System
(5% reserve)
Comptroller
creditors
banks..——
special
eral
of
de¬
(5%
positaries:
To
of
in
$24,087,356,128 65
14,092,559 76
other
12,636,455 25
rency,
113,800 00
of
24,846,455 69
8..
and
383,067,446 74
Net balance
other
Government officers
...
Total
586,719,473 75
Total
586,719,473 75
...
Note.—The amount to the credit of disbursing officers and agencies
to-day was
$1,036,758,595 80.
Book credits for which obligations of foreign Governments are
held by the United States amount to $35,736,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve Bank notes are
paid into the Treasury
as
under the Acts mentioned
a
miscellaneous receipts,
part of the public debt.
and these obligations are made
The amount cf such obligations
to-day was $27,590,689.
$1,925,832 in Federal Reserve notes, $3,018,337 in Federal Reserve Bank notes,
and $13,343,586 in national bank notes are in the Treasury in process of
redemption
and are charges against the deposits for the respective 5% redemption funds.
TRADE
AND
TRAFFIC
MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Wednesday, Nov. 10,
issued its
regular monthly statement showing unfilled orders
subsidiary corporations as of Oct. 31 1920
to the amount of 9,836,852 tons.
This is a decline of 537,952
tons from the tonnage on hand Sept. 30 1920 and a reduction
of 1,281,616 tons from the high point for the year, which
was touched on July 30 last.
A year ago at this time the
on
the books of the
unfilled orders totaled 6,472,668 tons.
In the following we
give comparisons with previous months:
Tons.
Tons.
9,836,852 May
Oct.
31 1920-
Sept.
30 1920.-10,374,804 April
Aug.
31 1920-10,805,038 Feb.
Tons.
31 1917—11,886,591 Mar.
30 1917—12,183,083 Oct.
28 1917—11,576,697 Sept.
31 1917-11,474,054 Aug.
July
30 1920.-11,118,468 Jan.
30 1920.-10,978,817 Dec.
31 1916..11,547,286 July
31 1920.-10,940,466 Nov.
30 1916..11,058,542 June
April
30 1920-10,359,747 Oct.
31
Mar.
30 1920..
1916—10,015,260 May
30 1916.. 9,522,584 April
31 1916.. 9,660.357 Mar.
foreign Governments
other Investments,
or
Feb.
Jan.
31 1920-
9,285,441 July
Dec.
31 1919-
8,265,366 June
Nov.
30 1919—
31 1919—
Sept.
30 1919—
7,128,330 May
6,472,668 April
6,284,638 Mar.
00
Aug.
31 1919..
6,109,103 Feb.
00
July
31 1919..
5,578,661 Jan.
31 1916..
00
June
30 1919..
31 1915—
00
May
31 1919—
4,892,855 Dec.
4,282,310 Nov.
00
Apr.
30 1919-
4,800,685 Oct.
31 1915..
00
Mar.
31 1919..
5,430,572 Sept.
6,010,787 Aug.
30 1915..
$24,062,509,672 96
was as
held by the Treasurer
on account of
obligations of
follows:
Bonds:
Consols
of
1930
—
—
$599,724,050 00
Loan of 1925
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
11,612,160
'
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings
bonds
203,652,027 01
2,522,449 27
9,892,075 Sept.
28 1920- 9,502,081 Aug.
1920
Note.—Total gross debt before deduction of the balance
16,619,851 88
Philippine
Oct.
Total gross debt Oct. 31
free of current obligations, and without any deduction
cur¬
coin, &o.
Treasury:
To credit of Treasurer,
U
22,623,608 65
Act May 30
Exchanges
May
287,945,288 67
Decrease for period-.—
—__
addi¬
notes,
1908
banks:
8.
of
circulating
June
$263,098,832 98
....
11,819,256 55
tional
8,423,653 95
Government officers
Deposits
fund gold)
Retirement
nat.
credit
fund)
of
na¬
bank
notes
tional
90,493,000 00
To credit Treas., U. 8.
Deposits In
277,260.634 12
bank
Redemption
indebtedness
foreign
Reserve
notes (5%
sales of certificates of
Deposits in
Fed¬
notes
(5% fund gold)
Redemption of Fed¬
58,536,317 35
—
of
Reserve
eral
de¬
account
1,358,721 64
24,891,132 75
Deposits for:
5,950,000 00
Deposits in Federal Re¬
serve
Insolv¬
Ac
Redemption
banks
Deposits in
positaries
of
7,630,596 18
the
ent banks
courts,
9,478,300 74
of
53%
DEBT STATEMENT OF UNITED STATES OCT. 30 1920.
The
tal
(unsorted
currency,
Ac.)
Deposits in Federal Land
45
day has been:
same
00
00
00
05
121s.lld.
Sliver in N. Y.. per oz. (cts.):
Domestic
Silver bullion
Fine.
52 %d.
52%d.
52%d.
52%d.
52d.
51%d.
52.208d.
52d.
-
Minor coin
To credit Treas., U.
Bar Silver per oz. Standard.
Cash.
2 Mos.
Oct. 22--
above)
Unclassified
RETURNS.
CURRENCY
(see
Federal Reserve Dotes—
31 1916.. 9,593.592 Feb.
30 1916.. 9,640,458 Jan.
31 1916.. 9,937,798 Dec.
30 1916—
9,829,551 Nov.
31 1916..
9,331,001 Oct.
29 1916..
8,568,966 Sept.
7,922,767 Aug.
30 1915—
7,806,220 July
7,189,489 June
6,165,452 May
5,317,618 April
31
1917-11,711,644
31
1913- 4,513,767
30 1913.. 5,003.785
31 1913—
5,223,468
31 1913.. 5,399,356
30 1913-
5,807,317
31 1913—
6,324,322
30 1913—
6,978,762
31 1913-
7,468,956
28 1913..
7,656,714
7,827 368
31 1913—
31 1912—
7,932,164
7,852,883
7,594,381
30 1912— 6,551,507
30 1912—
31 1912..
31 1912.. 6,163,375
31 1912— 5,957.073
30 1912..
5,807,349
31 1912— 5,750,986
30 1912.. 5,664,885
Feb.
28 1919—
5,304,841
Jan.
31 1919..
6,684,268 July
31 1915— 4,908,455 Mar.
31 1915.. 4.928,540 Feb.
31 1912..
00
29 1912..
Dec.
31 1918..
5.454.201
00
7,379,152 June
30 1915..
31 1912—
00
Nov.
30 191831 1918-
5,379,721
5,084,765
Oct.
8,124,663 May
8,353,298 April
31 1911..
00
4,678,196 Jan.
31 1915.. 4,264,598 Dec.
30 1915— 4,162,244 Nov.
30 1911..
30 1918-
4,141,958
Sept.
8,297,905 Mar.
31 1915..
Oct.
31 1911—
31 1918-
3,694,327
Aug.
8,759,042 Feb.
28 1915..
Sept.
July
31 1918-
8,883,801 Jan.
31 1915..
Aug.
30 1911.. 3,611,315
31 1911.. 3,695,985
June
31 1914..
July
31 1911— 3,584,088
June
30 1911..
May
31 1911.. 3,113,154
30 1911— 3,218.700
$883,622,190 00
First
^
Liberty -Loan
Second
$1,952,401,400
3,323,757,050
3,649,224,850
6,365,611,413
Liberty Loan
Third Liberty Loan
Fourth Liberty Loan
*>
15.290,994,713 00
30 1918—
8,918,866 Dec.
May
31 1918-
8,337,623 Nov.
30 1914—
$1,782,040,000 00
April
30 1918—
8,741,882 Oct.
31 1914..
555,163,500 00
Mar.
31 1918..
Feb.
9,056.404 Sept.
9,288,453 Aug.
30 1914—
28 1918—
9,477,853 July
9,381,718 June
31 1914..
4,255,749
4,345,371
4,248,571
3,836,643
3,324,592
3.461,097
3,787,667
4,213,331
4,158,589
30 1914..
—
Total
bonds
Notes: Victory
$18,174,616,903 00
4,237,708,605 00
Liberty Loan
Treasury Certificates:
Tax
_•
ELoan.
Pittman
Act
259,375,000 00
Jan.
32,854,450 00
issues
War Savings Securities
Total interest-bearing
(net cash
receipts)
debt—
Debt on which interest has ceased
Non-interest-bearing debt
2,629,432,950 00
786,848,146 38
$23,828,606,604 38
5,715,310 26
228,187,758 32
31 1918-
Deb.
31 1917-
Nov.
30 1917—
Oct.
Special
31 1917—
Sept.
Cug.
July
June
Total
gross
debt
$24,062,509,672 96
31 1914..
April
Mar.
31 1911..
Feb.
28 1911..
4,032,857 Jan.
31 1911—
3,361,087
3.447,301
3,400,543
3,110.919
8,897,106 May
9,009,675 April
30 1917- 9,833,477 Mar.
31 1917-10,407,049 Feb.
31 1914.. 3,998,160 Dec.
30 1914— 4,277,068 Nov.
31 1910—
2,674,750
30 1910—
2.760,413
31 1914—
4,653,825 Oct.
31 1910..
28 1914—
31 1917-10,844,164 Jan.
30 1917-11,383,287 Dec.
31 1914..
5,026,440 Sept.
4,613,680 Aug.
Nov.
30 1913..
31 1913—
4,282,108 July
4,396,347
2.871.949
30 1910.. 3,148,106
31 1910.. 3,537,128
31 1910.. 3,970,931
Nov. 13
1920.]
THE
CHRONICLE
STEEL PRODUCTION IN OCTOBER.—The American
Iron & Steel Institute has issued
1931
Bonds and Legal
statement from which it
a
on
1Tenders
Circulation Afloat
Under—
Deposit for—
■
1919-20.
that the production of steel ingots in October 1920
by 30 companies, which in 1919 made 85.12% of the total
output in that year, totaled 3,015,982 tons, comprising
2,335,863 tons open-hearth, 676,634 tons Bessemer and 3,485
tons all other grades.
The figures for the corresponding
month in 1919 are not available for publication.
The pro¬
duction by months in 1920 was as follows:
appears
Total
—1920
Gross Tons—
—
675,954
653,888
—
695,003
693,586
-
LAKE
SUPERIOR
676.634
IRON
the movement for the
31 1920-
699,936,250
699,357,550
698.196,300
31 1919-
695,822.060
month in 1919.
Oct.
1919—
The
The
1:
To November 1
October—
1920.
Escanaba—
Marquette
_
—
1919.
6,514,327
437,229
3,117,097
280,222
482,495
-
1920.
756,926 1,015,089
.1,030,683
Ashland
1918.
1919.
878,031 1,285,176
7,447,197
1,830,472 1,887,284 13,566,737
1,886,951 2,920.070 14,089.331
Two Harbors....1,368,380
569.281 1.026,745
8,387.653
—
2,274.801
.
1918.
4,453,922
6,052,311
1,881,786 3,250,207
5,388,207
6,934.371
10,283,790 13,064,201
15 945,625 19,281.792
6.025,084
8,287,989
1,260,162
Superior
Duluth
—2,432,465
53,122,342 43,978.414 56,870.871
Total—— —8.848.986 6,201,883 8,541.593
31.288.571
32,439,832
32,892,677
33,241,792
32,649,434
33,146,580
699,866,398
691,689,258
688,995,580
687,666,753
723,392,772
723,938,762
722,641,255
733,108,190
724,338,692
722,142,160
34.727.572
689,748,578
722,394,325
in 1919.
following shows the amount of each class of U. S. bonds
on deposit to secure Federal Reserve bank
and certificates
notes and national
bank notes
on
Oct. 30:
*
U. S. Bonds Held Oct. 30 to Secure—
sea¬
shipments to Nov. 1 total no less than 53,122,342 tons,
which compares with 43,978,414 tons moved during the cor¬
responding period last year and with 56,870,871 tons in 1918.
Below we compare the shipments from different ports for
October 1920, 1919 and 1918 and for the respective seasons
Port—
726,463,704
31,039,887
$232,113,800 Federal Reserve bank notes outstanding Sept. 30 (all secured by
U. S. bonds), against $251,190,800
Bonds on Deposit
Oct. 30 1920.
son's
to Nov.
725.996,052
719,037,730
717,264,887
M.
3.015.982
ORE
same
Dec.31
732,549,629
726,477,082
27,817,444
27,015,647
27,403,924
28,363,714
29,710,095
698,099,990
689,327,635
686,225,000
692,104,195
691,498,920
34.727.572
Jan.
2,662.265
2,239,711
1,929,024
2,219,219
2,508,176
703,000,000
$
S
.
698,592 128
28,363,714
29,710,095
31,039,887
Nov. 29 1919—
2,704,683
«»
709,436,400
31,288,577
32,439*832
32,892{f>77
33,241,792
32,649,434
33,146,580
3,299,049
2,638,305
2,883,164
2,999,551
27,015,647
27.403,924
Total.
Tenders.
704,732,185
699,461,435
27,817,444
701,469,450
2,865,124
2,746,081
s
1920—
Feb. 28
2,802,818
3,000,432
$
707,963,400
706,307,750
704,884,000
Apr. 30 1920—
Mar.31 1920—
1919.
2,980,690
—
1920—
1920—
Bonds.
.
712,066,500
711,839,000
711.000.900
May 31 1920—
8,107,778
SHIPMENTS.—Ship¬
ments of Lake Superior iron ore during the month of October
1920 aggregated S,848,986 tons, an increase of 2,647,103 tons
over
Aug. 31 1920
July 31
1920.
15,688
17,463
13,297
5,784
; ^ 5,548
3,485
615,932
1920—
June 30
2,968,102
568,952
—.
Oct. 30
Sept. 30 1920—
Legal
Tenders.
s
16,640
13,017
700,151
795,164
—
April
Total
Bonds.
10,687
12,867
714,657
2,152,106
2,487,245
—2,056,336
May
2,251,544
June———_
2,287,273
July
2,135,633
August
2,299,045
September.
2,300,417
October —;
—2.335,863
March
All—Other.
Bessemer.
Open Hearfi.
2,242,758
January
February
Legal
On
Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank
Notes.
$
4s, U. S. Loan of 1925—
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
2,593,000
-
2s, U. S. One-year Certifs. of Indebted's
Totals
Hdd.
$
13,888,400
2s, U. S. Consols of 1930
Total
National Bank
Notes.
383,500
285,300
259,375,000
276,525,200
I
570,372,500
68,578,000
47,839,740
584,260,900
71,171,000
48,223,240
25,561,560
25,276,260
259,375,000
988,591,700
712,066,500
The
following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Oct. 1 and
Nov. 1 and their increase or decrease during the month of
-S'
October:
©ommerctal
tscellaricotis^ettif
National Bank Notes—Total Afloat—
1 1920—
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 August, September and
Holdings in
Aug.
1
1920. Sept.
1
1920.
Oct.
1
1920
Nov.
1
1920.
'
Sub-Treasuries.
Net gold coin and bullion
409,632,934
31,581,365
.
Net United States notes.
Net national nanfc notes.
Net Fed. Reserve notes
6,045,338
23,824,306
.
.
.
27,650,850
.
Net Fed. Res. bank notes.
Net subsidiary silver
.
.
„
.
.
.
2,115,735
6,364,173
19,032,886
.
.
$
$
$
Net silver coin and bullion.
coin, &c_
—
—
.$726,477,082
6,072,547
1 1920..—
Amount on deposit to redeem national
......-.--..$732,549,629
bank notes Oct. 1 1920—— $27,015,647
801,797
Net amount of bank notes retired in October—
Amount
deposit to redeem national bank notes Nov. 1 1920....
on
$27,817,444
GOVERNMENT REVENUE AND EXPENDITURES.
October 1920:
Minor
—
Net amount issued during October—
Amount of bank notes afloat Oct.
TREASURY CURRENCY HOLDINGS.—Tha
%
Amount afloat Oct.
417,771,523
35,367,057
7,019,239
19,309,339
25,177,030
2,060,483
6,138,595
15,977,881
$
—Through the courtesy of the Secretary
are enabled to place before our readers
Government receipts and disbursements
and 1919, and the three months of the
410,961,469
39,163,110
435,891,220
46,219,329
9,292,769
16,042,540
20,618,823
15,323,030
23,750,109
2,384,940
3,680,824
Customs
4,105,920
14,619,044
3,141,698
Internal revenue:
8,181,712
10,856,142
and 1919-20.
•
Oct. 1920.
Oct. 1920.
Receipts.
Ordinary—
S
25,599,596
Lees gold reserve fund
.
526,247,587 *528,821,147 *517,188,615
152,979,026
152,979,026
152,979,026
.
Cash balance In Sub-Treas.
*547,044,064
152,979,026
373,268,561
375,842,121
364,209,589
394,065,038
131,444,000
126,580,(i00
308,856,000
5,950,000
35,083,948
5,950,000
5,950,000
90,773,536
82,169,919
90,493,000
5,950,000
58,536,317
Miscellaneous
Oct. 1919.
Oct.
$
24,276,476
4 Mos. 1920.
g
Panama Canal tolls, &c
90,552,598
896,339,146 1,052,459,588
503,946,584
34,903,495
122,805,403
139,333,736
522,531,595
15,212,654
58,201,459
731,326
...
revenue......
4 Mos. 1919.
g
109,657,621
55,685,826
Income and profits tax
Miscellaneous
Total cash in Sub-Treas.
of the Treasury, we
to-day the details of
for September 1920
fiscal years 1920-21
394,589
229,755,471
1,825,235
247,602,460
1,424,498
—..220,034,805 257.109,755 1,760,109,068 1,895,985,734
Total ordinary
Dep. In special depositories:
Account cprts. of Indebt.
Dep. in Fed. Land banks
in Fed. Res. banks.
Dep. Id national banks:
.
Dep
_
Public Debt—
Certificates of indebtedness..259,252,500
War Savings securities......
To credit Treas. U. S.
14,104,492
11,008,619
12,835,618
14,092,560
13,114,515
12,636,455
Deposits
23,361,601
26,729,015
Reserve bank notes (Acts of
2,152,773
25,950,133
538,569
8,066,668
2,522,449
July 141890&Dec. 23 1913)
1,889,750
Postal Savings bonds
10,777,913
2,799,099
7,974,802
_
12,583,688
25,113,111
-
To credit dish, officers
3,085 136,160,864
20,575
951,330,389
29,675,000 2,419,418,950 5,865,783,513
7,316,468
8,295,241
24,806,442
72,800
103,140
Lib. bonds and Victory notes.
retirement
for
of
Nat. bank notes and Fed.
Total.....
Cash in Philippine Islands.
Deposits in Foreign Depts.
7,060,830
2,750,295
6,677,207
3,134,195
.263,098.833
175.902.627 2,430,941,761 6.848.700.691
Grand total receipts......483,133,638
Disbursements.
433,012,382 4,191,050,289 8,744,686,425
Total
Net cash
1,953,498
8,423,654
—
—
—
.
in banks, Sub-
Treasuries.
581,633,521
Deduct current liabilities
631,720,861
795,740,878
586,719,473
376,471,6(16
.
373,974,233
360,779,828
383,067,446
Ordinary—
Available cash balance
205,161,915
.
257,746,628
434,961.005
203,652.027
»
Includes Nov. 1, 832,582,366 44 silver bullion and $10,856,142 37 minor coin«
&«., not included in statement "Stock of Money."
STOCK OF MONEY IN THE COUNTRY.—The follow¬
Checks and warrants paid (less
&c.)—310,610,497 411,203,606 1,355,239,387 2,428,157,472
250,628,200
250,424,147
balances repaid,
Interest
on
public debt paid.-114,276,946 113,521,358
Checks paid
Panama Canal:
(less balances repaid, &c.)_
of. obligations
of
foreign
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:
1 1920
Money in Circulation—
Held in Treas Nov. 11920.
Nor. 1 1919.
-Stock of Money Nov.
inU.S
a
$
$
5
Treasury).
...2,739,043,566 435,891,220
—
Gold certificates
Standard silver dollars.—
269,857,494
Silver certificates
b882,711,539
352,546,218
—
13,838,962
116,370,804
969,214,760
424,439,732
81,885,372
Federal Reserve bank notes
138,221,861
156,135,714
261,556,132
239,022,461
1,627,867
1,709,093
8,181,712
338,499,304
328,013,984
23,750,109 3,349,459,421 2,738,944,522
234.921,076
3,680,824
209,049,369
National Bank notes
15,323,030
—
Subsidiary silver
264,697,830
......
Treasury notes of 1890....
—
United States notes
346,681,016
Federal Reserve notes
c3,663,517,685
238,601,900
732,549,629
—
Total
3,141,698
717,226,599
668,510,772
Population of continental United States estimated at dl07,491,000.
capita, 559 48.
Circulation
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 amount¬
ing to $184,181,986 31.
b Includes $416,223,098 Federal Reserve Gold Settlement Fund deposited with
Treasurer of United States,
c
Includes
d Revised
Principal.
Accrued
------
.— — .
1,469,315
3,961,146
.2,973,659
50,154,927
57,201,634
304,086,873
600,000
10,200,000
—— — —.
14,124
Interest
Total ordinary-.——-426,497,372 576,349,206
1,677,346,929 2,985,642,151
Public Debt—
retired—286,847,139 157,961,205 2,662,731,769 6,114,187,161
and certificates
National bank notes and Fed¬
eral Reserve bank notes re¬
tired (Acts of July 14 1890
and Dec. 23
1913)
—
_
1,098,150
8,489,420
—287,945,289 160,369,155 2,667,753,555 6,122,676,681
Total.
Grand total disbursements.714,442,661
*
/;
5,021,786
2,407,950
736,718,361 4,345,100,484 9,108,318,732
Receipts and disbursements for June reaching the Treasury in July are
included
8,254,949,120 503,605,555 6,393,140,821 5,816,925,779
per
a
Governments..—
Purch. ofFed. Farm Loan bds.:
Bonds, Interest-bearing notes,
Gold coin (including bullion
in
995,805
Purchase
own
Federal Reserve notes held by Federal Reserve banks,
figures.
Note.—On Nov. l 1920 Federal Reserve banks and Federal Reserve agents held
$863,436,309 gold coin and bullion, $204,452,280
gold certificates and $290,308,155 Federal Reserve notes, a total of $1,358,202,744,
against $1,300,082,520 on Nov. 1 1920.
against Federal Reserve notes
National
Banks.—The following information
national banks is from the office of the
Currency,|Treasury Department:
CLaftnn
~
*
CHARTERS ISSUED.
Conversions of State Banks and Trust Companies:
The National Bank of Boaz, Ala.
Conversion of The Farmers Sc Merchants Bank,
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:
$2o,uou
Boaz,
President, Hogan Jackson; Cashier, D. K. Sesarcy.
The First National Bank of Pagosa Springs, Colo...—.-Conversion of The Stockmens and Merchants Bank of Pagosa
nArt
J5.UUO
|
John H. Hollowell; Cashier, Emery D. Hollowell.
m
Original Organizations:
,
■
innn/vi
The Arlington National Bank, Arlington, Mass.——-1UUJJOU
President, Frank V. Noyes; Cashier Edw. C. Hildreth.
onrwvnn
The American National Bank of Santa Ana.Cal
■- -AHJ.UUU
President J. G. Mitchell; Cashier, John E. Bermann.
President,'
,
BANK NOTES—CHANGES IN TOTALS OF
regarding
Comptroller of the
Total
-
-
,,
_
———$350,000
APPLICATIONS
CHARTERS.
FOB
By Messrs. Wise, Hobbs & Arnold, Boston:
Conversions of State banks and Trust companies:
The National Bank of Huntington Park, Cal._„
Conversion of The Bank of Huntington Park, Gal.
Shares.
Stocks.
$ per sh
2 Hood Rubber, pref
95 %
1 EdIs. Elec. ni. of Brock ton.. 119 %
Ana, Cal.
Original organizations:
4,100 East
2 Boston
; v
2
The First National Bank of Holly Grove, Ark
50,000
Correspondent, Cay Hawkins, Holly Grove, Ark.
The First National Bank of Man., W. Va
25,000
Correspondent, R. H. Heyser, Kistler, W. Va.
The Community National Bank of Lancaster, N. Y
100,000
Correspondent, Harry J. Woodward, 47 Court St., Lan¬
caster, N. Y.
The First National Bank of Leonia, N. J.
25,000
Correspondent, Alexander A. Lincoln, Leonia, N. J.—
Total
$270,000
-
CAPITAL
Cordage
Insurance
470
Cambridge Gas Light..
33 Fairbanks.Morse «fe
65
$1002
Elec. Cos. pref.
ctf.)
dep. stamped
(
$2,725 East.Mass.St.Ry.ref.5s,'48J
211 Mass.
133%
86
Co.,pf.88-S8%
225 N. E. Fuel Oil, $5 each.
19
17 Springfield Ghs Lt. rights. 8Cc .-85c.
lot
Percent.
Bonds.
5 Hopkins & Allen Arms, com.)
9 N. E.
$ per sh.
S. Worsted, pref
Mass. St. Ry. pf. B__|
5.275 East. Mass. St. Ry. opt. war'tsl
224%
10 W. L. Douglas Shoe. pref...
Stocks.
7 U.
914 East.Mass. St. Ry.adJ.stk_)
$2,000 Savannah Elec. 1st cons. 5s.
1952. certf. of deposit
55% & Int.
)50c.
25 Mutual Film
|
lot $3,000 par roubles Russian Govt.
200 Raymond Engineering.....J
5)48. Issue of 1915
$10
Equitable Insur
-
.—
STOCK
INCREASED.
Amount
The First National Bank of Abingdon, Va
The Presque Isle Nat. Bank, Presque Isle, Maine
Capital
of Inc.
$75,000
25,000
100,000
50.000
1
The National Bank of Commerce of Ogden, Utah
The First National Bank of Matoaka, W. Va
Total
Shares.
1 Plymouth
$70,000
Correspondent, John A. Harvey, Suite 7, Trust Bldg., Santa
_
[VOL. 111.
CHRONICLE
THE
1922
When Inc.
$250,000
50.000
200,000
100,000
„
Stocks.
10 National Shawmut Bank
3 Merrimack Mfg., com
Shares.
Stocks.
$ per sh. Shares.
4 Brockton Gas light
250
—104% 27 Plymouth Cordage
% Bates Manufacturing.
10 Saco Lowell Shops, com
5 Arington Mills
20 Amesbury Electric Light
$ per sh.
55
225%-226
^25 N.E. Fuel Oil of Mass., $5 each 19
5 H. B. Clafiin & Co., lstpref—1«2
17 H. B. Claflin & Co., com
/ lot
6 rights Springfield Gas Light— 86c.
100 Nashua Mfg.. com
106-106%
100
_190
91
105
10 Southeast. Mass. Pow. & Elec. 110
25 Commonwealth Gas & El, pref- 60
$250,000
-
By Messrs. R. L. Day & Co., Boston:
The Citizens National Bank of Grand Rapids, Wis., to "The Citizens
National Bank of Wisconsin Rapids" (to conform to change in name of
Bonds.
Per cent.
25 Worcester Suburban Electric. .130% $2,000 Consolidated Coal 5s, 1950- 74%
25 Cent. Mass. Lt. & Pow., pref70%j$l ,000 No. Atlan. Oyster Farms 1st
50 Mass. Lighting Cos., pref70%
coll. 5s, 1924
s—
20flat
city of Grand Rapids to Wisconsin Rapids).
25 Mass. Lighting Cos., com—_
CHANGE
OF
TITLE
-
1 Boston Atheneum, par $300
Canadian Bank Clearings.—The clearings for the week
ending Nov. 4 at Canadian cities, in comparison with the
same week
in 1919, show an increase in the aggregate of
19.5%.
10% $3,200No. Atlan. Oyster Farms inc.
540 i deben. 5s, 1924..
—
5 flat
DIVIDENDS—Change in Method of Reporting Same.
We have
changed the method of presenting
our
dividend
_______
record.
Week ending November 4.
First
Clearings at—
Inc.
1919.
1920.
%
152,359,594 131,143,978
Toronto.
122,520,646
Winnipeg.....
99,525,026
18,060.389
12,312,183
6,607,490
5,333,079
Vancouver..........
Ottawa
+ 16.2 111,928,638
Brantford
1,608,533
Fort William....
New Westminster...
1,282,605
Medicine Hat..
863,665
1,106,633
1,277,513
1,225,350
3,203,416
14,161,229
7,235,751
4,600,000
11,239,607
3,306,024
8,197,183
2,721.226
3,961,048
6,182,882
7,234,690
1,325,927
1,000,000
2,783,975
2,480,942
1,348,218
1,372,712
748,351
722,115
1,142,831
1,093,961
1,222,157
2,536,165
536,590
66,664,022
66,567,742
+ 32.4
79,354,343
11,176,518
Calgary
12,217,248
3,187,079
8,713,534
2,745,262
4,350,453
8,158,034
.......
St. John..
Hamilton
.......
Victoria....
London
Edmonton
Regina
6,500,000
Brandon
1,265,549
Lethbridge...
1,456,872
Saskatoon
3,535,570
Moose
2,763,238
Jaw.........
Peterborough
808,322
I.
Sherbrooke
.
Kitchener
Windsor
Prince
Albert
Moncton
...
854,831 Not
__
the dividends in two separate tables.
show
the
diviends
have not yet been
previously
—13.1
9,154,473
—8.8
5,387,515
4,257,613
+ 15.9
+ 8.7
7,948,263
2,722,901
5,924,031
2,346,317
3,088,384
4,135,436
—3.6
+ 6.3
+0.8
+9.8
+ 32.0
—10.1
2,293,917
5,295,000
1,690,022
2,588,623
4,146,418
5,917,157
1,177.473
1,355,812
3,249,056
5,468,833
1,120,953
—4.5
+ 45.7
1,199,371
2,576,794
2,383,152
1,136,282
1,043,315
+27.0
+ 11.4
+ 19.3
—6.6
+ 8.0
876,433
+0.3
+ 26.3
—2.5
Cent.
Company.
3%
Dec.
Holders of
3%
Feb.
2%
Dec.
Holders pf rec. Jan. 20
Holders of rec. Dec.
1
Pacific,
(quar.)
common
Chestnut Bill (quar.)
Chicago & Northwestern,
♦1%
2%
3%
common
Preferred
Southern Pacific Co. (quar.)
Southern Ry., preferred
892,974
Union Pacific, common
647,996
Stock.
Per cent
10 Yale Leasing Corporation.....
22
5 American Trona Corp., pref...
25
Per cent.
Slock.
35 Interborough Rapid Transit...
10 Marsh
Lumber.....
40
$2 lot
100
100 Butterworth-Judson Corp., pref
100 Bway. & Seventh Ave. RR
13
Incorporated Land, pref......\5100
100 Incorporated Land, com——/
lot
15 Industrial Finance Corp., com.
3
500 National Chem,. Ltd., com...$17 lot
500 National Chem., Ltd., pref...$21 lot
150 Birth of a Race Photoplay Corp.
175 Sixth Avenue RR-
16
$25 lot
2% American Trona Corp.,
4)4
com...
10 Regal Oil & Gas
37
—
106 42d St. & Grand St. Ferry RR.
16
25
30 N. Y. County National Bank.. 146
SOlTexland Oil Corporation..
$10 lot
50 Texas Oil Producing
...$9 lot
545 Flelschtnan Realty & Constr..$41 lot
20 Jefferson Bank (in liq.)._$12 per sh.
50 Manha
Beach Realty Corp. .$25 lot
Per cent.
Bonds.
Metropolitan Jockey
$1,000
Ferry
Club
cons.
1948, receipts
$800
5s,
..$20 lot
9 Reorganization Finance Corp..$1 lot
300 Mexican Lead Co., pref..$1,000 lot
$12,000 Second Avenue RR. 1st 5s,
1943, receipts..
$50 lot
$5,000 34th St. RR. 1st 5s, 1996... 60
300 Mexican Lead Co., com....$225 lot
$5,000 Union Elev. RR.
.
5 Ranger Luckle Syndicate
(poop) of
44
Chicago, 5s, 1945..
$1 lot
Stocks.
% per sh
105 Real Est. Tr. of Washington. $50 lot
190 Dayton Springfield & Xenla
Southern
Ry.,
pref
Shares.
30 Paragon St. Sweeper, $50 ea.$3 lot
30 Mohave Minerals, common_$5 lot
$250 lot
73 New Jersey Gas, common. .$100 lot
115 Washington Va. Ry., pref
1 Bank of North America
3%
303
27 Philadelphia Nat. Bank.320-323
1 Southwark Nat. Bank
250
1 Provident Life & Trust
401
79 Corn Exchange Nat. Bank..380
404 United Nat. Utilities, pref.$120 lot
350 United Nat. Utilities, com.$120 lot
400 Geo. B. Newton Coal, 1st pf. 36
6 Aldine
Trust
160
2 People'sNat.FireIns.,$25ea.
30 Camden Fire Ins. Assoc., $5 ea.
19%
12%
1,226 rights to subscribe to Camden
Fire Ins. Assoc. at $10
1-1%
8 H. K. Mulford, $50 each.— 50
2 Pennsylvania
Acad,
Arts
3 Union Passenger Ry
of Fine
20%-23%
85
75 Amer. Type Founders, pref.. 78
65 Mineral Devel., com.; 50 Mlneral
Devel., pref
..$10
50 Isko Co., 1st pref.
(conv.)
(MR 25 Isko Co., common...$360 lot
50 Florida Fish Products, pref.:
v50 Fla. Fish Pod., com.$125 lot
15 E. G. Budd Mfg. 8% pref— 86
10)4 American Fire Alarm
5
$ per sh.
Stocks.
100 AnacondaSonoraCop.,$5ea-$2 lot
100 U. S. Horse Collar
—SI lot
200 Eastern Pa. Rys., pref
8)4
50 Washington Utilities—....$100 lot
10 Mohave Minerals,
•
pref..—.$9 lot
$130 lot
20 California Vineyards
500 Gold Belt M'g, Mill. & Pros.$7 lot
100 Banker Mining & Tunnel...$5 lot
5 Atlantic Coast Amusement. $7 lot
10 United Equities Corp., pref.$13 lot
3 United Equities Corp., com.$3 lot
50 The
Aquidale
Mines.......$5 lot
21 Warrior
Copper, pref. (part
payment)
$25 lot
24 Warrior Copper, common...15 lot
20 Nat. State Bank of Camden.237
Per Cent.
Bonds—
$10,250 Michigan Northern Power
1st 5s, 1941
a...
74%
$1,000 New Jer. Gas 1st 5s, 1940-1105 lot
$40,000 West. N. Y. & Pa. Trac.
-
1st
&
ref.
5s, 1957 (Jan. 1920
coupons attached)
...
9
$5,000 East Jersey Coast Water
1st 4%s, 1924..
28
$10,000 Phlla. & Garrettford St. Ry.
1st 5s, 1955
75
$22,0 *0 Seaboard Publishing 6s, 1926 5
$5,000 The City Water Power (Aus¬
tin, Tex.) 1st s. f. 5S, 1939
12
$10,000 Ohio Syndicate (part. ctfs.)$90
$1,000 Atlan. City & Shore RR., 1st
& col', cb
;
—'45 25)4
$2,000 City of Phlladelpha 4s, 1943 88
$500 City of Philadelphia 3%s, 1934 85
200 Jim Butler Tono. M'g, $1 e—l%o. $25,000 Wabash-Pitts. Term. 1st
40 la. Garage & Service, $10 ea_
4s, 1954......—
$220 lot
1
3 N. J. Consol. Gas, com..—$1 lot $20,000 Wabash-Pitts. Term. Ry.
2d 4s (certl. of deposit)
100 Ameri can Alkali...
$2 lot
$65 lot
14 United
Gas & Elec., pref— 13%
2 United Gas & Elec., common 50c.
15
to
Nov.
♦Holders of
Nov.
♦Holders of
$1
Nov.
*$1.50 Dec.
rec.
Dec.
Dec.
3
rec.
Nov. 12
rec.
Nov. 15
Nov.12
to
Nov. 19
Nov. 21
to
Dec.
3
$1.50 Dec.
Holders of
rec.
Nov. 15
Dec.
Holders of
rec.
Nov. 20
1%
1%
Jan.
Holders of
rec.
Nov. 30a
2%
Dec.
Holders of
rec.
Nov. 30
2%
——
(quar.)
Jan.
Holders of rec. Dec.
*11.50 Nov. 16 ♦Holders of
Pittsburgh
1
rec.
Not. 10
1%
Jan.
Holders of
rec.
Dec.
Jan.
♦Holders of
rec.
Nov. 30
Feb.
♦Holders of
rec.
Dec. 31
Jan.
♦Holders of
American Thread, preferred
*12%c Jan.
—
5
Atlas
Dec.
3
Atlantic Refining, common (quar.)
Dec.
♦Nov. 15
rec.
to
Holders of
rec.
Dec.
15
la
Nov. 30
Nov. 22
Dec.
1
to
5
Dec.
Dec.
1
to
$1
Powder, common (quar.)
Extra (payable In common stock)
Blackstone Val. Gas & Elec., com. (qu.)
Preferred
Dec.
Holders of
rec.
Nov. 15a
Dec.
9
Dec.
9
rec.
Nov. 15a
3
Dec.
Holders of
Brandram-Henderson, Ltd., com. (qu.).
1%
Dec.
Holders of
rec.
Brookslde Mills
5
Nov.
Holders of
rec.
Nov. 10
10
Nov.
Holders of
rec.
Nov. 10
-
Extra
la
Holders of
rec.
Nov.
Dec.
Holders of
rec.
Nov. 19
*1%
Jan.
♦Holders of
rec.
Dec. 20
*6
Jan.
1
Clifton Manufacturing-.....
Nov.
$1
Casein Co. of America
Cerro dePasco Copper (quar.)...
Clafllns. Inc. (quar.).
..
.
Cosden & Co., preferred (quar.)
Crescent Pipe Line (quar.)
1%
...
Nov.
Dec.
75o. Dec.
Holders of
Nov. 25
rec. Nov.
to
Dec.
8a
15a
15
Dec.
Holders of
rec.
Nov. 30a
Dec.
3
.
Holders of
rec.
Nov. 30
Holders of
rec.
Nov. 30a
Cumberland Pipe Line
Decker (Alfred) & Gobn. pref. (quar.)..
*1%
Drayton Mills, preferred
*3%
Jan.
1%
Jan.
......
Elsenlohr (Otto) & Bros., pref. (quar.)..
Essex Company
$3
Dec.
Dec.
*%
Jan.
*%
Gas & Electric Secur., com. (monthly)..
Holders
Ox rec.
Dec. 20
Holders of rec. Nov. 11
♦Holders of
rec.
Dec.
15
15
♦Holders of rec. Dec.
Jan.
♦Holders of
*2
_
(quar.)...
Extra (payable in stock)
Jan.
*2
Common (payable in common stock).
General Electric
Jan.
♦Holders of rec. Dec.
1%
Harbison-Walker Refrac., pref. (quar.).
Internat. Cotton Mills, com.
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
15
Holders of
American Express (quar.)
*$2
5
Amer. Rolling Mill, com. (in com. stock)
Amer. Sugar Refg., com. & pref. (quar.)
*1%
Crex Carpet
1st 5s, 1927
$35,000 Brooklyn
Holders of rec. Dec.
Miscellaneous.
+19.5 334.638.058 309.760.566
Shares.
22
Nov. 21
Street and Electric Railways.
Citizens Traction.
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian II. Muller & Sons, New York:
1 Clinton Hall Association......
Dec.
981,994
Auction
50 First Nat. Bank of Mt. Vernon.122
No"?. 30
Jan.
*2
—
North Pennsylvania (quar.)
Phlla. German town & Norristown (qu.).
rec.
Jan.
*$3
Delaware & Bound Brook (quar.)
N. Y. Philadelphia & Norfolk
Pittsb. Bessemer & Lake Erie, pref
Pittsb. Youngs. & Asb., pref. (quar.).
not
Shares.
Days Inclusive.
Canadian
lnclud ed In to tal
483,523,872 404,551.652
Books Closed.
When
Payable
Railroads (Steam).
Advance-Rumely Co., pref. (quar.),
Total Canada...
are:
Alabama Great Southern, ordinary
Preferred
335,412
783,957
943,816
1,164,375
780,812
1,278,860
393,705
+ 16.8
Per
Name of
934,850
487,986
—3.2
2,297,368
571,350
+ 19.5
The dividends announced this week
5,691,351
4,015,920
10,414,979
but which
announced,
paid.
82,130,278
9,992,399
5,726,973
+ 17.0
550,362
Quebec
Halifax
89,756,462
+28.2
95,603,530
75,198,532
15,438,256
group
bring together all the dividends announced the
Then we follow with a second table, in which
we
1917.
1918.
we
Canada—
now
current week.
or
Dec.
Montreal...
We
Jan.
$1.50 Dec.
(quar.)...
Holders of
Holders
of
rec.
rec.
rec.
Dec.
Jan.
8
8
10a
Nov. 20
1%
Dec.
Holders of
rec.
Lake of the Woods Milling, com. (quar.)
Preferred (quar.)
3
Dec.
Holders of
rec.
1%
Dec.
Holders of
rec.
Nov. 20
Liberty Match, Inc.
Manatl Sugar, com. (quar.)
Manhattan Shirt, com. (quar.)
McCrory Stores Corp., com. (No. 1)....
5
Dec.
Holders of
rec.
Jan.
2%
Dec.
Holders of
rec.
Nov. 16
43%C Dec.
Holders of
rec.
Nov. 22
Preferred
(quar.).
(quar.)
Dec.
♦Holders of
rec.
Dec.
Dec.
Holders of
rec.
Not. 23a
Jan.
Holders of
rec.
Dec.
*10
*3%
*1%
Philadelphia Electric, com. (quar.)
*45c.
Preferred
*25e
Rockaway Rolling Mills (quar.).
2
Rockhill Coal & Iron, pref. (quar.)_
San Joaquin Light & Power, pref. (qu.).
1%
Prior pref. (No. 1)
1%
1
Seamans (R. E.) Co., Inc., com. (qu.)—
2
Preferred
(quar.)
S nclair Cons. Oil. pref. (quar.)...
*$2
Southern Calif. Edison, com, (quar.)
1%
Southwestern Power & Light, pref.(qu.).
1%
Spalding (A. G.) & Bros., 1st pref. (qu.)_
1%
——
—
United Gas Improvement, pref. (quar.).
U. S. Gypsum com. (In common stock).
U. S.
Gypsum, com. (quar.)
(quar.).
Valvoline Oil (quar.)
Victor Monaghan Mills, com. (quar.)—
Preferred
...
♦Holders of
rec.
Nov.
9
Jan.
♦Holders of
rec.
Dec.
10
Jan.
♦Holders of
rec.
Dec.
10
Dec.
♦Holders of
rec.
Nov. 19
Dec.
♦Holders of
rec.
Nov. 19
Jan.
♦Holders of
rec.
Dec. 20
rec.
Nov. 20
Nov.
Dec.
Holders of
Dec.
Holders of
rec.
Nov. 30
Dec.
Holders of
rec.
Nov. 30
NOV.
Holders of
rec.
Nov. 15
Holders of
rec.
Nov. 15
♦Holders of
rec.
Nov.
Dec.
Nov. 15
Nov.
Holders of rec. Oct.
Dec.
Holders of
rec.
Nov. 13
Dec.
Holders of
rec.
Nov. 16a
31
Dec.
Holders of
rec.
Nov. 30a
3
Dec.
Holders of
rec.
Nov. 30a
Jan.
Holders of
rec.
Dec.
4
Jan.
Holders of rec. Dec.
4
Dec.
Holders of
3
.
(quar.)..
J
1
9
2%
1%
1%
....
—
Underwood Typewriter, com.
Preferred (quar.)..
1
1%
2%
*2%
Pacolet Manufacturing, common
Preferrei
Standard Oil (Kansas) (quar.)
Extra
Nov. 20
*1
Nat. Cloak & Suit, pref. (quar.)—
National Sugar Refg. (quar.)
Newmarket Mfg.
Nov. 20
*fb
Dec.
rec.
Nov. 30
♦Holders of rec. Dec.
15
*1
Dec.
♦Holders of
rec.
Dec. 15
*1%
Dec.
♦Holders of
rec.
Dec. 15
*2%
Dec.
♦Holders of rec. Dec.
7
*2%
Dec.
(quar.)
*1%
Wabasso Cotton, Ltd., com. (quar.)—_ *S1
Waldorf System, com. (In com. stock).. * 5
Dec.
Jan.
♦Holders of #ec. Dec. 15
Dec.
♦Holders of
Woolworth (F. W.) Co., pref. (quar,)...
Jan.
♦Holders of Tec. Dec. 10
Preferred
York
Manufacturing..
Extra
...
*1%
rec.
Nov. 20
4
Dec.
Holders of
rec.
Nov. 13
6
Dec.
Holders of
rec.
Nov. 13
Nov. 13 1920.]
1923
CHRONICLE
THE
-
Below
and
give the dividends announced in previous weeks
list does not include dividends
we
not
yet paid.
This
announced this week. '
Per
Name of
;
Name of
When
Payable
Days Inclusive.
Dec.
1
Holders of
rec.
Oct.
Catawlssa, preferred stocks.—
2X
Nov. 19
Holders of
rec.
Nov.
Cleveland & Pittsburgh, guar. (quar.)
1
Holders of rec. Nov. 10a
X
Dec.
1
Holders of
rec.
Nov. 10a
Dec.
1
Holders of
rec.
Nov. 15a
1
Holders of
Nov. 27a
15
1
Holders of rec. Nov.
Dec.
1
Holders of rec. Nov. 20a
IX
Dec.
18
1
Nov. 19
New Orleans Texas A Mexico (Nov. 1)..
IX
(quar.)
Norfolk A Western, adj. pref. (quar.)
Holders of
pref. (qu.)_
IX
Nov. 30a
30a
Holders of
Holders of
Nov. 30
50c. Dec.
(quar.)
rec.
5a
Holders of rec. Oct.
75c. Nov. 30
Pennsylvania (quar.)
Reading Co., first pref
Nov. 27a
rec.
20
IX
Pittsburgh A West Virginia
rec.
Holders of
Dec.
Dec.
Dec.
2X
(quar.)
Norfolk A Western, common
5a
Dec.
§2
Properfles
Great Northern Iron Ore
29a
Vs
—
Special guaranteed (quar.)
Cripple Creek Central, preferred (quar.)
Delaware A Hudson Co. (quar.)
—_
25a
rec.
Oct
la
Nov.
rec.
Holders of rec. Nov. 23a
9
Street & Electric Railways.
1
Dec.
Connecticut Ry. A Ltg., com. A pf. (qu.)
IX
IX
Detroit United Ry (quar )
2
Dec
Havana Elec, Ry. A Light, com.
3
Holders of
Nov. 15
A pref.
rec.
Nov. 15a
Holders of rec.
1
Oct.
30a
Holders ol rec
Nov.15
Nov
16a
Oct.
24
Nov. 15
to
Norfolk Railway A Light
(quar.)L.
EL, 1st pf. A orlg. pf.(qu.)
Northern Texas Elec. Co., com.
31
Nov. 15
Holders of rec,
Oct.
1
Holders of rec.
Nov. 15a
Dec.
1
Holders of rec.
Nov. 19a
2
30a
IX
Nov. 15
Holders ol rec.
Oct.
Tampa Electric Co. (quar.;
2X
Nov. 15
Holders of rec.
Nov.
Washington (D. C.) Ry. & Elec., pref..
West Penn Tr. A W. P., pref. (quar.)..
2 X
Dec.
Nov. 19
Nov. 22
IX
Nov. 15
Holders of rec.
Nov.
IX
Dec.
Holders of rec,
Nov. lfa
1
to
la
Nov. 15
Holders of rec.
Nov. 15
Holders of rec.
2
Nov. 15
Holders of rec.
2
Nov. 15
Holders of rec. Nov.
Lanston Monotype Machine (quar.)——
Lee Rubber A Tire'Corporatlon (quar.).
IX
Nov. 30
Holders of
Dec.
Hclders of rec. Nov.
Lehigh Coal A
1
ol
Oct.
25a
i....
.Extra
American Cigar, com. (in com.
—
American Hide & Leather, pref. (quar.).
La France Fire Eng., com.
(qu.)
....
Nov. 15
Holders of rec. Oct.
30a
Nov. 15
Holders of rec.
Oct.
30a
Holders of
.....
American Road Machinery, pref.
la
Dec.
la
Dec.
Dec.
15
3
Dec.
1
Nov. 12
Dec.
1
Holders of rec.
IX
Jan.
3x
Holders of rec,
Dec.
2X
Nov. 15
Holders of rec,
Nov.
rec,
to
(quar.)
lla
la
Holders of
rec,
Dec.
Dec.
31
Holders of
rec,
Dec.
Holders of rec,
Dec.
Holders of rec.
Nhv.
I>c. 31
Holders of rec,
Nov.
Nov. 20
IX
IX
Dec.
1
American Soda Fountain (quar.)...
American Sumatra Tobacco, preferred-
3X
Mar.
la
Holders of rec. Nov.
15
(quar.)..—..........
Nov. 13
Nov.
Nov. 15
I $2
Common B (quar.)
Feb.zl5a
...
_.U-—
(quar.)
(quar.)
preferred (quar.)
Eight per cent preferred (quar.).....
Bond & Mortgage Guarantee (quar.)...
Borden Co. preferred (quar.)
Second preferred
Bethlehem Steel, com. & Com. B
Seven per cent
(quar.)
Boston Manufacturing, pref. (quar.)'—_
British Columbia Fismng A Pack. (qu.).
Border City Mfg.,
Brookljn Edison Co. (quar.)..........
Brunswick-Balk Collender, com. (qu.)..
Jan.
2z
1
Holders of rec. Nov. 13a
la
Holders ol rec. Nov.
15
Nov. 22
Holders of rec. Oct.
16a
30
Holders of rec. Oct.
15a
Nov. 30
Holders of
rec.
Oct.
IX
Dec.
Holders bf
rec.
Nov.
IX
Dec.
1
6a
Holders of rec. Nov.
1
6a
IX
Jan.
3x
Holders of rec. Dec.
15a
IX
Jan.
3x
Holders of
Dec.
15a
2
Jan.
3x
Holders of rec. Dec.
4
Nov. 15
Holders of rec. Nov.
IX
Deo.
15
Holders of rec. Deo.
rec.
15a
8a
la
Nov. 15 ♦Holders of rec. Nov.
♦8
Preferred
5a
IX
Nov. 15
Holders of
rec.
Nov.
Nov. 20
Holders of
rec.
Nov. 10
2
Dec.
Holders of rec. Nov. 18a
1
*ix
Nov. 15 ♦Holders of rec. Nov.
Dec.
Nov. 20
15
5
Holders of rec. Nov. 22
Nov. 15
Nov. 15
Holders of
la
Holders of rec. Nov.
rec.
Nov.
5
Nov. 20 ♦Holders of
rec.
Nov.
5
Nov. 15
Holders of
rec.
Nov.
4
IX
Nov. 16
Holders of
rec.
Oct.
31
1
Nov.15
Holders of
rec.
Oct.
31a
IX
Nov. 15
Holders of
rec.
Oct.
31 a
IX
Nov. 15
Holders of
rec.
Oct.
30
Nov. 15
Holders of rec. Oct.
*1X
(quar.).
.....
5
i
Canada Cement, preferred (quar.)
Canada Foundries & Forg., common.
—
(quar.)
(quar,)......
X
Cedar RanHs Mfg. A Power (quar.).
Chicago Mill A Lumber, com. (quar.)..
*1X
31
8
Nov. 15 ♦Holders of rec. Nov.
'
X
Dec.
1
Holders of rec. Nov. 15
(payable in common stock)
Preferred B (monthly)
j...
Clincbfleld Coal, common (quar.)
Colorado Fuel A Iron, com. (quar.)
Preferred
(quar.)
Columbia Gas A Electric (quar.)
Columbia Graphophone Mfg., com. (qu.)
Common (payable in common stock)..
fix
Dec.
1
Holders of rec. Nov. 15
1
Holders of rec. Nov.
(quar.)..
Consolidated Gas of New York (quar.)..
Continental Motors Corp.. com. (quar.).
red (monthly)
Common and prefei
—
Common
Preferred
_
(quar.)
_
Davis Mills (quar.)..——
Dow Chemical, common
Preferred (quar.)
Extra
....
———————
2d pref. (quar.)....
(quar )_.
(extra)—
Preferred
(quar.).—.—........
Eisenlohr (Otto) A Bros., com. (quar.)..
Electric Investment, preferred (quar.)..
preferred (quar.)
Firestone Tire A Rubb.,7% pref. (qu.).
General Asphalt, preferred (quar.)
General Chemical, common (quar.)....
Federal Utilities,
preferred (quar.)..
Gillette Safety Razor
...
(quar.)
..-.i
—
—-
(quar.)—
Goodrich (B F.) Co.. com. (quar >
Goodrich (B. F.) Co., common (quar.)..
(quar.)
Great Western
Common
30a
30a
lx
Holders of rec. Dec.
10a
(0)
Jan.
lx
Holders of rec. Dec.
10a
IX
Jan.
lx
Holders of rec.
Dec.
10a
Nov. 20
Nov. 15
—
Sugar, com. (quar.)
IX
IX
Nov. 15
Dec.
..........
(quar.)
Manufacturing (quar.)
Harbison-Walker Refrac., com. (quar.).
Hart, Schaffner A Marx. com. (quar.)..
Hartman Corporation (quar.)
Hercules Powder, preferred (quar.)
Hocking Valley Products..
Hoosac Cotton Mills, preferred (quar.)..
Hlumlnatlne A Power Sec., pref. (guar.).
Greene Camnea Copper
Hamilton
Nov. 15
24
Nov. 27a
Nov.
7
8
Holders of rec. Nov.
8
Holders of rec. Nov. 10a
Nov. 15 ^Holders of rec. Nov.
Holders of
rec.
Dec.
1
♦Holders of rec.
.Holders of rec.
Nov. 15
Holders of rec.
3
Second preferred (quar.)...
5a
Nov. 15a
Dec.
15
Holders of rec. Dec.
Jan.
lx
Holders of rec. Nov.30a
Nov.15
Holders of rec. Oct.
2X
Jan.
lz
Holders of rec. Nov. 30a
lx
Holders of rec. Nov. 30a
Dec.
1
1
IX
Dec.
IX
Jan.
1
3z
SI
2
SI.50
la
rec.
Nov, 15
Nov.
la
Holders of rec. Nov. 15a
Holders of rec. Nov 19a
Holders of rec. Nov. 24a
Holders of rec. Dec. 24a
1
Holders of rec. Oct.
30
1
Dec.
Holders of rec. Oct.
30
Nov. 15
Holders of rec. Nov.
1
Nov. 15
Holders of rec. Nov.Holders of rec. Feb.
60
SI.50 Feb.15z
IX
Jan.
*1X
Jan.
*1X
30a
Holders of rec. Nov. 12
Holders of
Jan.
lx
Holders ol rec. Nov. 16a
19a
Holders of rec. Nov.
Dec.
15
Dec.
1
Holders of rec. Nov. 20
Dec.
1
Holders of rec.
Nov. 11
Dec.
20
Holders of rec.
la
4a
15
Dec. 15
Nov. 30a
Nov. 4
IX
Dec.
Holders of rec. Nov.
Nov.20
Jan.
lx
Holders of rec. Dec.
Jan.
lx
Holders of rec.
1
Dec.
31
Holders of rec.
Nov. 15
Holders of rec.
Ontario Steel Products, common (quar.)
2
Nov. 15
Holders of rec
2
Feb.z 16
Holders of rec. Jan 31
2
Mayzl6
Holders of rec
IX
Nov. 15
Common (quar.)
—
Common (quar.)
.
4x
Holders of rec. Dec. 21a
'21
(quar.)
Preferred
(quar.)...
IX
Feb,*16
Preferred
(quar.)
(quar.)
IX
IX
Mayxl6
80
Holders of rec. Jan 31 '21
Holdereof rec. A pr. 30 '21
Aug.xl5
Holdersof rec. July
Preferred
....
03
Holders of rec.
Holders of rec.
IX
(quar.)
Holders of rec.
8
Holders of rec.
Nov. 30
Holders of rec.
Nov.15
Holders of rec.
2
(quar.)
Nov. 20
Dec.
5
(quar.)
Pullman Company (quar.)
Nov.15
Holders of rec.
Holders of rec.
50 c
Common (payable in common
stock)..
Quaker Oats, preferred (quar.)
Dec.
1
/50c
Pure Oil, common (quar.)
Dec.
1
Nov. 30 ♦Holders of rec.
$2
Nov. 15
(quar.)
Dec.
3X
Mar. xl
25c.
—
Dec.
25c. Dec
Extra
Dec."16"
20
Dec
20
Holders of rec. Oct.
IX
pref. (quar.)
Nov. 15
Holders of rec. Nov.
1
Holders of rec. Nov.
4
Dec.
Standard Milling, common (quar.)
2
Nov.30
...,.
'
Holders of rec. Nov.
Dec.
15
Holders of rec. Nov.
Holders of rec. Dec.
(quar.)——
15 ♦Holders of rec. Nov.
Dec.
15 ♦Holders of rec. Nov.
4
Dec.
15
29
15a
15a
Oct. 31
Oct. 31
Nov.
la
Nov. 10a
Oct. 29
Oct. 29
Dec.
1 ♦Holders of rec. Oct.
Dec.
1
Holders of rec. Nov.
nix
(account accum. dividends)
Stewart. Mfg., common (quar.)...
Extia
Dec.
1
Holders of rec. Nov.
Nov. 15 ♦Holders of rec.
♦si
Preferred
(quar.)
Etewart-Warner Speedometer (quar,)...
(quar.).
*2
Nov. 15 ♦Holders of rec.
si
Nov. 15
Holders of rec.
1
Holders of rec.
Dec.
IX
(quar.)
Superior Steel Corporation—
First and second preferred (quar.)
Nov. 15
Holders of rec.
$1.50 Nov. 15
Suncook Mills, common (quar.)........
30o
5
30
1
15
19a
lfia
16
16
17
15
15
Holders of rec. Nov. 26a
nx
IX
Stern Brothers, preferred (quar.)
Studebaker Corp., com. A pref.
18
Dec.
*5
.............—...———.
Dec.
*3
Standard Oil (Ohio), pref. (quar.)....,.
Preferred
Holders of rec. Nov.
15
el 50
(in stock)
Standard Oil (Indiana) (quar.)
Standard Oil of New York
Nov. 30
Dec.
1
..——-—
Standard Oil (Indiana)
Extra
Holders of rec. Nov.
IX
2X
(quar.).
Standard Oil (California) (quar.)
Extra
to
Nov. 22
'
8
22
Dec. 20
Dec. 20
to
*
4
Southern Pipe Line (quar.)
Preferred
10
Holders of rec. Oct.
Nov.20 ♦Holders of rec. Nov.
*2
Seraet Solvay Co. (quar.)
Holders of rec. Nov.
Holders of rec. Dec.
31
Nov.15
2
(quar.).
Sharp Mfg., common (quar.)
Smith (A. O.) Corp.,
Holders of rec.
Dec.
Nov. 15
IX
(quar.)
Ritz-Carlton Hotel, preferred...
Holders of rec.
1
2
2X
Preferred
Sears, Roebuck A Co., common
Holders of rec.
nx
....
Qulasett Mill, common (quar.)
Rainier Motor Corporation, pief. (quar.)
Riordon Pulp A Paper, com. (quar.)
Joseph Lead
1
2
2
Dref. (quar.)....
Procter A Gamble, common
St.
Holders ol rec.
Dec.
Dec.
IX
IX
Pratt A Whitney Co..
Preferred
♦
Nov.15
*2X
Pittsburgh Steel, preferred (quar.)
Porto Rican-Amerlcan Tobacco (quar.).
Pressed Steel Car, common
30*21
31
6
Oct. 31
Nov. 15a
Nov. 15a
Nov. 4a
Nov. 17a
Nov. 9a
Oct. 26a
Oct. 30a
Nov. 15a
Nov. 16a
Nov. 1
Nov. 5
Nov. 15
Holders of rec. Nov.
Nov. 15
2
Ltd., common (quar.)
Oct
Holders of rec
Nov. 30 ♦Holders of rec. Oct.
*1
Paige-Detroit Motor (monthly)
Holders of rec.
$2
*2
Holders of rec. Nov.
Nov.15 ♦Holders of rec. Nov.
Tlmken-Detrolt Axle, pref. (quar.).....
nx
Dec.
(qu.)_
(monthly)
—
Union Tank Car. com. and pref
United Cigar Stores, com. (in com. stk.)
United Cigar Stores, preferred (quar.)..
United Drug, 2d pref. (quar.)
gix
Timken-Detroit Axle, com,
Trans-Atlantic Coal
—
(quar.)
Holders of
rec.
Oct.
1 ♦Holders of
Holders of
Nov.15
rec.
Nov.
rec.
Oct.
Dec.
nx
no
IX
Dec.
15
1
IX
Dec.
Jan.
15
Jan.
5
1
29a
31
5
29a
Holders of rec. Nov. 30a
Holdeis of rec. Nov. 15a
Holders of
Dec.
rec.
20
15 ♦Holders of
rec.
Dec.
Jan.l7x
Holders ol
rec.
Jan.
3s
Apr.lSz
July 15z
Holders of rec.
Apr.
13
(quar.)
—
Preferred
(quar.)
Vacuum Oil...———..............
Van Raalte Co.. Inc., 1st pref. (quar.).
Second preferred (quar.)
Warwick Iron A Steel.......
—
.
W.tyagamack Pulp A Paper (quar.)
Weber A Hellbroner, preferred (quar.)
Welch Grape Juice, common (quar.)
—
Jan.
(quar.)
White (J. G.) A Co., Inc.. pref. (quar.).
White (J. G.) Eng. Corp., com. (quar.)
White (J. G.) Management, pref. (quar.)
Woolworth (F. W.) Co., common (quar.)
(quar.)...
13
Holders of rec. Dec.
la
1 ♦Holders of
1 ♦Holders of
Dec. 21
rec,
Dec. 21
rec.
2
Dec.
30
Dec.
IX
Nov. 29
Nov.
3
Nov. 30
Holders of rec
IX
Dec.
1
Holders of rec
Nov. 17
SI.75 Dec.
1
Holders of
Nov. 17
Oct.
2
Nov.
to
,
rec,
3
Nov.
1
Nov.
ree.
Nov. 15
Nov.15
IX
Dec.
1
Holders of
IX
Dec.
1
Holders of rec. Nov. 15a
Holders of rec. Nov. 20
75c
Nov. 30
Nov. 30
Holders of rec. Nov. 20
rec. Nov. 15
♦Holders of
1
Nov. 15
1 ♦Holders of rec.
Nov.
5
Nov. 25 ♦Holders of rec.
Holders of rec. Nov. 15
Dec.
1
Holders of rec. Nov, 16
Dec.
1
Holders of rec. Nov, 15
Dec.
1
Holders of rec. Nov. 10a
Dec.l
1
Holders of roc. Nov. 10
nx
Dec.
Dec.
♦50c
IX
IX
IX
2
2X
Nov.120
Exchange has ruled that
stock
this date and not until further notice,
a Transfei
b Leas British Income tax.
a Correction.
e Payable In stock.
/Payable In common stock,
a Payable In scrip,
h On account
of accumulated dividends,
i Payable In Liberty or Victory Loan bonds.
* New York 8tock Exchange has ruled that Va. Iron, Coal A Coke be quoted
ex-the 10% stock dividend on Nov. 1.
will not be quoted ex-dlvidend on
..
Jan
books
50c. Nov. 22
4
Nov. 15
IX
Dec.
1
Nov. 30
1
1
Holders of rec. Nov.
5a
Holders of rec. Oct. 28a
Holders of rec. Nov. 20a
Holders of rec. Nov.20a
Holders of rec. Nov. 18
IX
Dec.
IX
Nov. 15
Nov.
6
to
Nov. 14
m
15
Nov. 18
Nov.
9
to
Nov.18
n
2
Nov. 15
Holders of rec. Nov.
IX
Nov. 15
Holders of rec. Oct.
5
30
15
to
31
3
X The New York Stock
From unofficial sources.
15
Holders of rec. July
IX
*2
Corp., com. (quar.)
(quar.)
Western Knitting'Co.
Yale A Towne Mfg.
Jan.
IX
(quar.)
West India Sug. Fin.
Dec.
*5
Extra
r»5
*3
.
not
I Payable
o
x
closed
tor
this
dividend,
In Class B shares,
Payable In Common B stock.
Payable in Class A stock.
At rate of five shares of common on every
1921.
„
20a
IX
IX
(quar.)
U. S. Steel Corporation, com.
Preferred
Nov.15
la
IX
(quar.)...
Preferred
Preferred
Nov.15
I
Holders of rec. Oct,
*100
(payable in stock)
United Paperboard, preferred
Preferred
Dec.
to
1 ♦Nov. 21
4
United Fruit (quar.)
Extra
Nov. 15
2
(bi-monthly)
Tobacco Products Corp., common
•
--
30a
Oct.
Apr 30 *21
Preferred
1
5a
IX
Deo.
Nov. 30
Deo. 31 a
Holders of rec.
2
Nov.15
30
2X
Nov. 15
1
15
3
U. S. Playing Card
ix
Ian,
Nyanza Mills (quar.)
5a
IX
10
16a
Holders of rec. Nov.
Dec.
4X
(quar.)
—
Oil A Gas, com. (quar.)
(quar.)
5a
2
17«
31
Nov. 20 ♦Holders of rec. Nov.
2
Niles-Bement-Pond, common (quar.)
Noble (Chas. F.)
Holders of rec. Nov.
rec.
Oct.
Holders of rec.
Nov. 15
10a
SI
Holders of rec. Nov.
Holders of
Holders of rec. Nov.
hlX
...
pref. (acct. accum. divs.)
New York Shipbuilding (quar.).
New River Co.,
Nov. 15
Holders of rec. Nov. 30a
Holders of rec. Nov.
1
IX
IX
(quar.)
National Lead, preferred (quar.)
IX
IX
1
Holders of rec. Nov. 17
Dec.
1^
(quar.)
Holders of rec. Nov.
Dec.
1
IX
:
Biscuit, common
Nov. 15
Nov. 15
Holders of rec. Dec.
Dec.
*2
Motor Wheel Corporation
(quar.)
United Retail Stores (in Class A stock)
Nov. 22
1
2
Montreal Light, Heat A Power (quar.).
Holders of
IX
IX
IX
Holders of rec.
Jan.
IX
—
1
IX
Moline Plow, first preferred (quar.)
Jan.
1
— ——
Nov. 15
Jan.
to
Nov. 15
1
IX
Holders of rec. Dec.
50c.
15
Oct;
3
*2
Dec.
?ec.
Holders of rec. Nov.
Jan.
25c.
Dec.
*10
(extra)
Preferred (quar.)
rec.
rec.
Holders.of rec. Nov.
Holders of
Dec. 15
IX
*25c. Nov. 16 ♦Holders of
S2.50 Dec.
Gilliland Oil, preferred
Preferred
Holders of rec. Oct.
Holders of rec. Oct.
25c. Jan.
2
5
1.
(extra)
General Cigar, jlnc.,
Deb. pref. (quar.)
15
Nov. 15 ♦Holders of lec. Nov. 10
Holders of ree. Oct. 30a
Nov. 20
IX
Nov. 30
15a
15a
Oct. 26
Oct. 30a
Nov.
1
Dec. 10a
Nov. 21
1
j.
IX
(quar.)
Common
Extra'
X
Dec.
Holders of rec.
1
Dec.
....
(quar.).....
«...
_—
Preferred
Dec. * 1
Dec.
2
IX
Eastman Kodak, common
Common
Dec. 31 ♦Holders of rec.
50c
2
2
(extra).....
Eastern Steel, 1st A
*1X
2
preferred (quar.)
Diamond Match (quar.).
Dominion Bridge (quar.)
Common
*x
si
Davison Chemical
Deere A Co.*
X
2
Continental Paper A Bag Mills, com. (qu.)
Preferred
Holders of rec. Nov.
IX
Merritt Oil (quar.)...
Miami Copper (quar.)
-
Canadian Converters
1
(quar.)
Merrimack Manufacturing
3
IX
2
Cabot Manufacturing (quar.)._
Dec.
Mills, preferred (quar.)
Martin-Pairy Corporation (quar.)
Massachusetts Gas Companies, pref
15a
IX
Oct.
2X
Butler Mill (quar.)
Cities Service—
to
Holders of rec. Nov. 13a
♦4
(quar.).....
Burns Bros., common
Preferred
Nov
21
1
$2
Buckeye Pipe Line (quar.)
Buckeye Steel Casting, com. (extra)
By-Products Coke
Dec.
IX
Dec.
3x
1
(quar.)
Associated Dry Goods, first pref. (quar.)
t
Dec.
SI
Anaconda Copper Mining (quar.)
Extra
Jan.
m3
m3
(payable in Class B shares)
Amer. Water Works A Elec.. pref. (qu.).
:
Holders of rec. Nov.
Pittsburgh Oil A Gas (quar.)
Nov. 14
to
of rec,
American Thermos Bottle—
American Tobacco, common (quar.)....
Art Metal Construction
Holders of rec. Nov.
1
Manomet
Pen mans,
Nov. 21
to
2
x Hold era
1
Nov. 28
to
1
24
24
Dec. 22
Nov. 17a
1
$4
Extra
':
Nov., 1
Holders of rec.
1
Dec.
SI
...
...
Mahoning Investment..
la
15
Extra
$1.50 D(C.
SI.50 Dec.
Special
la
Nov.15
Dec.
15a
30a
15
Dec. 31
*1X
15a
31
Nov. 15
IX
Nov.
Holders of rec. Nov.
1
*2
com.
Ludlow Mfg. Associates (quar.)
13a
1
stock)
American Smelt. & Refin., com. (quar.).
com.
Holders of rec. Oct.
Dec.
Lindsay Light, common (quar.)
.....
Preferred
(quar./—— ———...—...
13a
/25
(in
Amer. Rolling Mill, com.
Nov. 30
SI
3
Preferred
31
Dec.
la
rec.Nov.d20a
Nunnally Co.
Nov. 17
Dec.
SI
1
A A B (qu.)
2
foO
IX
(quar.)...
(quar.)
IX
Nov.
IX
.... ....
American Radiator, common
si
rec,
IX
American Locomotive, com. (quar.)..
.
Holders
Holders of rec,
IX
stock)..
American Cotton Oil, preferred......
American Felt, preferred (quar.)
(quar.)...
Nov. 15
Nov. 15
IX
American Bank Note, common (quar.)—
American Brass (quar.)...
50c.
Nj&vlgation (quar.)..:
Liggett A MyenrTob.
National
1
Allis-Chalmers Mfg. com. (quar.)
Preferred
Holders of rec. Nov.
3
Preferred
(quar.)
preferred
Preferred
Holders of rec. Nov.
1
S2
National Acme (quar.)
1
Miscellaneous.
Preferred
1
Dec.
Kaministlqula Power (quar.)
Kelly-Springfield Tire, pref. (quar.)
Middle States Oil (quar.)
75c. Dec.
in
Montreal L., H. A Pow. Cons. (quar.).
Amer.
Dec.
IX
May Department Stores, com. (quar.)..
Central Arkansas Ry. A Light, pref.(qu.)
?
*75c.
International Harvester, pref. (quar.)..
Iron Products Corp., pref. (quar.).....
(Steam!.
IX
Acme Tea,
23
10
10a
Nov.
la
Nov. 10a
Oct. 31
Holders of rec. Oot.
Nov. 15
2
...
Inland Steel (quar.)
Books Closed.
Atcb. Topeka & Santa Fe, common (qu.)
Pacific Gas A
Days Inclusive.
Jefferson A Clearfield Coal A Iron, pref.
Cent.
Company..
Railroads
Illinois Central
Books Closed.
Payable.
Miscellaneous (Concluded)—
Indiana Pipe Line (quar.)......
Per
When
Cent.
Company.
1
„
100 shares of common
.
t
outstanding,
i
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1928.
Slocks.
Railroad,
Slate, Mun.
<kc.,
Week ending
& Foreign
Bonds.
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Bonds.
value.
Par
Boston
mary
United
States
Bonds.
Nov. 12 1920.
Shares.
[Vol. 111.
CHRONICLE
THE
1924
BOSTON CLEARING HOUSE MEMBERS.
Nov.
Saturday
Tuesday
Wednesday
Thursday
$46,409,500
562,330
1,192,874
1,372,950
1,280,465
807,455
1,224,387
,
Monday
....
Friday
$2,267,000
3,752,000
5,913,000
4,327,000
3.691,000
106,131,900
119,004,000
112,651,500
67,502,000
104,962,200
$601,000
$3,925,000
1,526,000
1,274,000
831,500
7,564,000
10,700,000
9,112,000
930,500
1,849,000
3,732,500
6,440,461 $556,661,100
$23,682,500
Sales at
9,021,300
$7,012,000 $48,138,300
Week ending Nov. 12.
Jan.
1 to Nov.
12.
York Stock
1919.
1920.
Exchange.
1920.
S
$
$
S
2,479,000 Dec.
Circulation
1920.
108,253,000
23,693,000
3,497,000
19,000,000
Exchanges for Clearing House
Due from other banks..
66,976,000
...
shares...
6,440,451
10,517,215
$5.56,661,100
Par value..
$964,645,600
$48,138,300
7,012,000
$70,607,000
6,402,000
195,366,492
279,433,521
$16,743,415,575 $25,493,884,580
$11,400
$47,200
Bank shares, par
Bonds.
Government bonds
State,
...
&c„ bonds
num.,
RR. and misc. bonds..
$2,211,527,800
307,030,900
242,853,500
23)682,500
13,648,000
631,293,000
468,759,000
$78,832,800
Total bonds
DAILY
$2,341,830,000
$90,657,000
$3,280,153,900
$2,923,140,300
AT
TRANSACTIONS
THE
BOSTON,
PHILADELPHIA
AND
Dec.
Dec.
In
exce&s
1,546,000
16,000
55.666.000
72,665,000
55,954.000
388,000
6,476.000
5,904,000
Statement of New York
City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Nov. 6.
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:
Baltimore.
Philadelphia.
Bond Sales.
NEW
145,5731
$107,3.50
668
$28,000
10,513
105,500
150,400
4,299
3,193
8,503
7,910
104,450
161,6.50
98,000
129,000
49,300
6,117;
$28,700
54,800
4,698
14,557
42,750
52,298
$271,550
{stated
Bond Sales.
Shares.
\Bond Sales.
39,350
68,950
Total
Monday
Tuesday....
Wednesday
Shares.
47,000
Thursday
Friday
15,592
26,568
31,228
24,516
24,877
22,792
Equitable Trust Co. has been included in this
Sept. 25.
jv
:
-
2,054
YORK
WEEKLY
in thousands
1,353
17,000
$640,350
11,667
$321,300
(.000 omitted.)
Nat'l,
State, Sept.
1920.
6
City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
In the "Clearing House Returns" in the next column:
Co.
Manhattan
Sept.
8
30
Mech & Metals.
Bank of America
$
$
National City.. g40,000 g64,489
4,500
Atlantic Nat'l..
1,000
1,135
300
154
Nat
5,000
7,438
Nat BkofComm
HOUSE.
Chemical Nat'l.
25,000
32,696
Amer Exch
14,816
CLEARING
1,000
1,737
Chath & Pheni.
7,000
Nat'l.
3,000
7,929
20,331
3,199
9,286
Pacific Bank—
(Stated in thousands of dollars—that Is, three ciphers [000] omitted.)
Hanover
Net
Capital. Profits.
NON-MEMBERS
Loans,
Metropolitan..
Dis¬
Reserve
counts,
Nat.bks.Sept.8 Invest¬
8tatebks.8ep.30 ments,
with
Cash
Net
Demand
Net
2,000
_
Nat'l
Time
Cash
with
Net
Time
in
Legal
Demand
De¬
ments,
Vault.
lories.
Corn Exchange.
Bank
Imp & Trad Nat
in
Legal
De¬
De¬
Circu¬
National Park..
Vault.
Deposi¬
posits.
posits.
lation.
6,000
1,500
7,500
1,000
Average Average
$
$
48,071
846
4,324
133,120
2,737
13,639
211,176
10,382
19,911
61,806
578,005
1,992
13,783
8,018
60,352
139,282
1,629
18,863
4,480
451
13,849
2,096
128
125,868
379.708
21,748
126.709
Tr.cos. Sept.30
Members of
Fed'l
Res.
dec.
Bank.
$
Battery Park Nat.
1,614
200
710
$
$
$
1,500
Mutual Bank
$
15,199
10,874
210
281
Average Average
$
$
$
52
12,115
11,692
1,936
1,672
1,089
1,680
41,443
1,430
2,223
350
15,286
866
640
4,131
44
295
1,529 ,12,108
88,637
4,439
4,884
32,927
245,644
5,329
2,758
23,066
14,869
108,688
13,852
20,644
119,599
2,105
6,947
21,462
3,906
44,540
8,636
39,400
151,861
50,792
22,737
209,362
1,170
810
11,911
393
1,570
6,653
718
3,410
1,000
4,552
36,128
873
304,465
970
22,302
10,651
210,654
7,844
25,054
5,835
100
272,823
10,138
1,092
20,379
916
3,333
20,039
7,599
8,981
15,941
13,794
494
1,294
533
1,203
8,159
9,246
468
2,060
15,266
107
394
Garfield Nat'l..
1,000
1,588
400
1,376
10,115
525
729
7,986
3,400
6,365
63,480
1,682
7,196
48,640
8,637
591
Banks.
Not Members
of the
445
3,548
472
220
717
316
1,676
12,704
745
1,000
52,904
1,088
6,535
47,563
857
66
5,000
4,599
7,522
97,865
649
9,630
72,321
2,605
1,976
1,500
1,590
19,492
779
2,114
2,568
14,324
430
410
391
395
Nat'l.
15,893
2.,070
1,335
1,000
1,530
17,751
550
19,441
2,542
1,555
20,759
.
53
1,500
2,665
40,575
755
3,752
18,725
27,048
18,553
1,011
26,913
*204,325
14,184
500
Total
1,009
200
495
700
8,046
4,639
5,153
18,595
998
727
12,685
6,048
4,800
9,823 101,516
5,222
9,478
a82,084
14,738
week
+ 68
—66
—86
Gr'd aggr, Oct.
Gr'd aggr, Oct.
4,800
9,823 101,448
5,288
9,564
4,800
9,823 101,329
5,451
Gr'd aggr,
4,800
9,539 101,412
5,583
9,538
9,488
M
1,504
53,427
*504,857
28,835
485
2,510
18,839
726
5,000
7,634
1,900
1,375
1,321
9,834
75,095
4,232
1,500
3,515
33,632
1,821
New York Tr Co
3,000
11,612
1,813
2,000
1,112
2,000
3,448
Nassau N.Bklyn
895
325
11,032
2,712
19,855
79,846
Metropolitan Tr
402
373
49,470
527,647
1,558
Lincoln Tr Co..
625
9,624
8,971
6,785
35,754
1,500
Columbia Tr Co
Hamilton Tr, Bkln
Mech Tr, Bayonne
705
25,000
PeoplesTrustCo
Fed'l Reserve Bank.
4,970
285,746
60,459
Fidel-Int Tr Co
53
1,000
34,525
91,209
24,081
552
8,651
64,737
528
3,519
23,202
575
613
3,770
25,974
1,321
547
32,656
16,668
13,346
929
Farm Loan & Tr
Grand aggregate..
us
30
23
Oct. 16
5,000
1,394
10,853
122,201
1,589
1,425
14,564
*122,667
15,066
591
Columbia Bank.
2,000
1,542
23,377
727
3,339
23,510
115
+40
+2
Equitable Tr Co
12,000
17,620
165,408
1,692
20,027
*173,707
13,928
14,698
589
14,545
14,660
588
—32
a82,116
a81,083
a81,514
586
8.
deposits deducted, $253,000.
payable, rediscounts, acceptances and
Excess reserve, decrease,
other liabilities,
245
5,908
20,000
2,000
Guaranty Tr Co
17,167
1,953
Brooklyn Tr Co
Bankers Tr Co.
3,592
1,507
700
Total
Bills
1,000
U S Mtge & Tr.
100
600
*
Trust Companies
Not Members of the
Comparison previo
197
National.
Union Exch Nat
Bank of Wash Hts
Colonial Bank
U,
806
Seaboard Nat'l.
Coal & Iron Nat
Fed'l Reserve Bank.
a
1,628
Liberty
Total
State
500
1
"394
635
939
849
First N Bk, Jer Cy
7,404
2,553
36,717
200
Avenue..
90
5,243
2,619
134
400
Fifth
18,439
170,210
190,798
13,465
828
Commerc'l Exch
537
6,555
50
5,779
Commonwealth.
1,299
907
14,316
492
471
429
5,444
11,451
•
7,403
375,418
7,273
24
801
8,548
4,321
14,423
213
1,157
51
2,893
29,939
754
7,761
704
500
200
2
144,759
443
2,631
600
Yorkvllle Bank...
100
11,733
1,000
1,000
24,189
2,347
1,027
W R Grace & Co's
22,756
150,022
4,739
15,000
Fifth
New Netherland..
239
202
5,509
2,254
12,500
Chase National.
147,989
57,699
119,552
10,000
Continental Bk
770
105,328
Irving National.
N Y County Nat
197
283
$
<3
3,690
13,833
*573,331
Second Nat'l.. I
tories.
Average Average Average Average
$
29,362
99,853
i~,66o
18,859
1,606
2,693
East River Nat-
Average Avge.
Average
4,112
First National..
Week ending
Nov. 5 1920.
Ban
Circn
posits. lotion.
Deposit Deposits.
&c.
S
2,000
7,167
5,000 16,199
10,000 16,512
5,500
6,044
Nat Butch & Dr
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
Nat
Discount
Average
Fed. Res. Bank
New York
omitted.)
Tr.Cos.,Sept.30
of
Members
[000]
Reserve
Invest¬
Capital. Profits
HOUSE
Nov.
three ciphers
Loans,
MEMBERS.
Week ending
HOLI DAY
11,000
.
CLEARING HOUSE RETURNS.
of dollars—that is,
Net
CLEARING
Bk Of N Y.NBA
I
65,430,000
and Trust
,
Shares.
Inc.
and
Federal Reserve Bank
Week ending
Nov. 12 1920,
Inc.
55,682,000 Inc.
6,864,000 Inc.
bank
statement since
Saturday
# 238,000
2,063,000
The return of the
BALTIMORE EXCHANGES.
Boston.
2,616,000 105.637,000 115.942.000
23,931.000
23,347,000
8,312.000
5,560.000
19,289,000
148,000 18.852.000
Inc.
Time deposits.
Cash in bank & In F. R. Bank
1919,
2.485,000
2,732,000
$6,000
4,022,000 604,257,000 609,074,000
3,569,000 462.367,000 469,510,000
Loans, disc'ts & investments- 600,235,000 Dec.
Individual deposits, incl. U.S. 458,798,000 Dec.
Reserve
Stocks—No.
23
Oct.
30
1920.
United States deposits......
New
Oct.
Changes from
previous week.
1920.
Due to banks
Total.. .....i.w.
6
7,816,000
$5,928,000.
50
Avge, Nov. 6_. 262,900 460,438 5,145,695
93,440 541,344 c3,983,547 231,864 34,769
Totals, actual co ndition Nov. 6 5,117,624
Totals, actual co ndition Oct. 30 5,171,870
Totals, actual co ndition Oct. 23 5.232,161
95,971 518,953 c3,955,947 231,070 34,809
89,745 544.315 c4,033,094 231.562 34.781
93,072 507,266 c4,037,302 249,250 34,691
$176,790.
-State Banks.
State
1,000
1,860
18,706
'2,572
Bank..
250
844
341
5,678
2,500
2,331
5,745
71,991
692
Bank....
3,609
2,153
31,253
41~245
3,750
5,035
Greenwich Bank
Bowery
Philadelphia Banks.-—The Philadelphia Clearing House
statement for the week ending Nov. 6 with
comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand
deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve
system the reserve
required is 15% on demand deposits and ihcludes "Reserve
with legal depositaries" and "Cash in vaults."
Avge, Nov. 6..
1,556
18,984
23
96,442
6,873
4,050
55,915
41,268
6
96,873
7,007
3,956
56,516
41,327
Totals, actual co ndition Oct. 30
Totals, actual co ndition Oct. 23
96,598
6,938
4.184
57,411
41,224
95,835
6,923
4.185
56.059
40,990
1,172
Totals, actual
co
ndition Nov.
Trust Company
Title Guar <k Tr
6,000
12,281
48,326
1,075
3,555
30,740
Lawyers R & Tr
4,000
6,325
25,961
1,017
1,499
15,860
347
Avge, Nov. 6..
10,000
18,607
74,287
2,092
5,054
46,600
1,519
Totals, actual co ndition Nov.
6
Oct. 30
Two ciphers (00) omitted.
Members of
F.R. System Companies
1920.
Total.
$4,500,0
$37,725,0
$37,725,0
104,470,0
733,716,0
80,813,0
121,691,0
140,266,0
104,465,0
deposits
12,929,0
35,444,0
471,0
17,0
360,0
20,722,0
250,0
Total deposits
674,028,0
21,332,0
Loans, dlsc'ts & investm'ts
Exchanges for Clear. House
Due from banks
Bank
deposits
Individual deposits
Time
U. S. deposits (not lncl.)__
"2,818,0
Res've with legal deposit's
Reserve with F. R. Bank..
Cash In vault ♦
Total
reserve
and cash held
Reserve required
rec. <ft cash In
Excess
*
vault1
54,391,0
12,953,0
67,344,0
51,550,0
15,794,0
545,554,0
9,540,0
695,360,0
4,294,0
77,026
2,056
5,242
48,212
1.485
Gr'd
aggr,
1,521
avge 276,650
736,298,0
27,736,0
117,068,0
140,966,0
540,041,0
9,863,0
690,870,0
6,990,0
Gr'd
29,279,0
122,589,0
145,282,0
553,522,0
9,859,0
708,663,0
11,071,0
2,716,0
Gr'd
aggr,
1cond'n
act'.
Oct.
Gr'd
aggr,
Gr'd
aggr.
act'l cond'n
act'l cond'n
Oct.
Gr'd
aeerr,
act'l cond'n
967,0
3,785,0
3,101,0
2,818,0
54,391,0
13,920,0
71,129,0
54,651,0
69,241,0
54,943,0
56,079,0
14,049,0
72,844,0
56,037,0
684,0
16,478,0
14,298,0
16,807,0
2,749,0
52,298,0
14,194,0
pre vious
484,0815,316,424 102,405550,448 f4,086,062 274,65134,769
w eek
—55,153
—393 +3,696
-35,818-13,538
+68
$37,725,0
104,465,0
739,643,0
Cash In vault not counted as reserve for Federal Reserve Bank members.
Oct. 23
Comparison,
$33,225,0
91,541,0
698,272,0
30,342,0
121,674,0
139,906,0
524,832,0
9,290,0
Capital
Surplus and profits
5,190
co ndition
Oct. 23
1920.
Trust
2,028
46,898
47,179
1,511
Oct. 30
74,521
74.805
5,124
co ndition
Totals, actual
6 1920.
2,066
Totals, actual
Week ending Nov.
aggr,
act'l cond'n
Comparison,
*
Nov.
pre vious w eek...
6 5,289,018 105,044
528,033 g4,059,361 273,908 34,809
—399
+ 28
—78,323
-54,255 + 6,333 -25,656
30 5,343,273 98,711 553, 689
g 4,137,684 274,307 34,781
Oct. 23 5,405.022 102,051
516,693 g4,141.573 291,725 34,691
16 5,495,865 103,258 581.584
g4,254,508 291,429 34,725
Oct.
9 5.453,699 102,494 578 .701
975
64,158,
281,04434 .285
Includes deposits in foreign branches not
included in total footing as follows
National City Bank, $121,612,000; Bankers Trust
Co., $3,236,000; Guaranty Trust
Co., $102,083,000; Farmers' Loan & Trust Co., $15,532,000: Equitable Trust
Co.,
$23,640,000.
Balances carried in banks in foreign countries as
reserve for such
deposits were: National City Bank, $57,617,000 Bankers Trust
Co., $134,000
Guaranty Trust Co., $5,988,000 Farmers' Loan & Trust Co.,
$2,420,000 Equitable
Trust Co., $8,043,000.
c Deposits in
foreign branches not included,
e U.
S.
deposits deducted, $22,021,000.
f U. S. deposits deducted, $15,586,000.
Bills
payable, rediscounts, acceptances and other liabilities,
$1,319,650,000.
g As of
Oct. 5 1920.
■TATEMENTS OF RESERVE
POSITION OF CLEARING HOUSE
Demand
Deposits.
Reserve
Reserve
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
5,930,958,600
5,909,242,000
5,974,889,400
6,180,987,100
6,033,985,500
16,526,970
541,344,000 541,344,000 524,817,030
10,064,700
10,923,000
4,050,000
6,990,000
7,146,000
5,054,000
2,092,000
Sept. 18
858,300
Sept. 25—
156,000
Oct.
2
Oct.
6,873,000
Trust companies*...
9
17,541,270
8,768,350
10,128,300
Oct.
16
9,105,000 1563,847,000 572,952,000 557,092,600
$
$
113,816,000
635,852,100
121,689,700
642,537,500
639,681,000
4,919,536,700
4,734,688.600
119,424,400
119,291,700
119,786,400
122,518,100
635,358,400
664,983,300
640,648,100
6,049,015,800
6,104,585,900
6,066.267,200
4,722,031,500
125,787,400
640,474,300
4,786,338.000
4,777.329,700
121,362,100
120,382,300
653,642,900
5,938,526,500
Oct. 16
23
8,965,000 550,448,000 559,413,000 541,871,730
8,964,000 554,752,000 555.716,000 546,94 ,650
8,851,000 556,756,000 565,607,000 555,478,700
4,681,334,600
127,970,600
15,859,400
Total Nov.
6
Total Oct.
30
Total Oct.
Total Oct.
Depositaries.
$
4
Sept. 11
$
$
$
$
$
<» Vault.
4,750,119,900
4,752,350,000
4.724,943,200
4,859,379,600
$
5,906,454,700
28—
Aug.
Sept.
Reserve banks
Reserve l»
Total Cash
a
in Vault.
Btate banks*
*
Loans and
Investments.
Week ended—
Members Federal
IN
COMPANIES
GREATER NEW YORK.
Averages.
Cash
TRUST
AND
BANKS
OF
RESULTS
COMBINED
banks
COMPANIES.
TRUST
AND
1925
CHRONICLE
THE
Nov. 13 1920.]
Nov.
•
b
Cash
Reserve
Reserve
in
Total
Depositaries
Reserve.
Required.
$
$
$
!
$
Members Federal
Reserve.
Total Nov.
9,073,000 528,033,000 537,106,000
8,966,000 553.869,000 562,655.000
8,979,000 516,693,000 525,672,000
8,889,000 581,584,000 590,473,000
6
legal tenders, national bank notes
846,136,300
637,344,000
and Federal
2,252,210
790,120
1
1
538,412,790
548,659,910
Bank of New York.
shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 5 1920, in
—The following
$
7",007",000
Trust companies*...
This item includes gold, silver,
Condition of the Federal Reserve
Surplus
essrve
518,953,000 518,953,000 521,205,210
10,172,880
10,963,000
3,956,000
7,034,700
7,190,000
5,124,000
2,066,000
Reserve banks
Btate banks*
6
Reserve notes.
Actual Figures
in Vault.
23—
155,300
1,306,790
13,995,090
and the corresponding
comparison with the previous week
date last year:
5
Nov.
1920.
Oct
1920. Nov. 7 1919.
29
$
$
$
Resources—
Total Oct.
23—
Total Oct.
16
•
members of Federal
Not
549,649,180 -23,977,180
564,216,980 26,256,020
demand deposits In the case of State banks
but In the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
Nov. 6, $6,955,920 Oct. 30, $7,365,750 Oct. 23, $7,404,300 Oct. 16,* $7,221,060.
b This la the reserve required on net demand deposits In the case of State banks
a
This la the reserve required on net
and trust companies,
and trust companies, but In the case of members
Includes also amount of reserve required on net time
Nov. 6,
$6,932,100 Oct. 30, J$6,946,860 Oct.
of the Federal Reserve Bank
deposits, which was as follows:
23, $7,477,500 Oct. 16, $7,481,340.
149,896,000
61,303,000
46.669,0f;0
177,877,541
175,996,513
257,868,000
251,919,730
262,732,530
285 365 000
37,955,400
37.964,700
24.872,000
467,752,672
131,069,913
476.693,744
129,915,975
568.105,000
51,095,000
598,822,585
607,609,720
619,200,000
513,943,106
515,946,930
795,212,000
513,943,106
515,946.930
795,212,000
474,319,616
109,139,000
44,700,000
469.275,449
48,000,000
421.275.449
109,139,000
92,681,679
88,546,702
54,323,000
1,036,244,402 1.025,769,081
1,462,347
1,462,347
958,674,000
1,257,000
50,000
68,246,500
50,000
74,708,000
92,152,952
certificates
Gold settlement fund—F. R.
57,410,000
Board
28,314,588
agencies...
Gold with foreign
Total gold held by
Reserve Bank.
82,470.055
66,249,991
27,276,466
429,619,616
30
Total Oct.
Gold and gold
bank..h
Gold with Federal Reserve
A^ent
Gold redemption fund
Total gold reserves.
Legal tender notes, silver, &c_—
Total reserves
Bills discounted:
Secured by Government war
obllg'ns:
For members.
Companies.—
explanation of discontinuance of these returns see item
New York
For
City State Banks and Trust
In Chronicle of
Aug. 14,
page
643.
Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks
companies in New York City not in the Clearing
and trust
House, as
follows:
CFigure* Furnished 6y State Banking
Department.)
k Nov. 6.
Loans and Investments
-
Currency and bank notes—
Deposits with Federal Reserve
Differences from
previous week.
$622,102,500
7,998,700
17,566,900
...
Gold
Total
with other F. R. Banks.
Bills bought
Total bills
In open market
on
hand
bonds
U. S. Government
50,000
67,054,000
U. 8. Victory notes
U. 8. certificates of
Indebtedness
1,104,810,749 1.095,527,928 1,034,689,000
Total earning assets
BANKS AND TRUST COMPANIES IN GREATER
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
■UMMARY OF STATE
NEW
For members
Less rediscounts
Banks and Trust Companies
State
All other:
Inc. 2,211,600
Dec.
12,800
Inc.
613,600
Bank of New York..
deposits
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 20.6%.
State
custody In
or
-
All other resources
......
Inc.
4,480,900
Capital paid In...
Surplus..
Government deposits
112,461,600
Inc.
3,647,900
Due
Liabilities—
25,248,800
51,307,534
Trust Companies
13.75%
account
items
deposits, lncl. foreign govt, credits
to members—reserve
9,799,400
06.05%
24,733,900
06.68%
Other
F. R.
$36,795,000
22.72%
$75,666,600 20.43%
the Federal Reserve Bank of New York, which for the
companies combined on Nov. 6 were $52,362,700.
k The Equitable Trust Co. is no longer Included In these totals, it having become
a member of the Clearing House and being now Included In the statement of the
Clearing House member banks.
The change began with the return for Sept. 25.
Total
22,082,000
32,922,000
4.555,963
703,700,980
101,358.125
12,572,481
21,359,000
806,971,000
157,339,000
44,922,000
18,154,780
822,187,550 1,030,591,000
876,705,705
763,700,000
39,617,000
55,269,000
41.894,454
15,131,000
826,312,257
886,708,230
38,678,000
42,997,147
deposits
notes in actual circulation
Bank notes in circulation—net liab
Total gross
F. R.
25,244,300
51,307,534
14,729,864
683,342,808
110,084,804
—
.
Deferred availability
$50,932,700
19,242,000
238,043,000
1,660,000
1,871,251,970 1,856,956,544 1,919,695,000
Total resources
595,272,600
Banks
147,075,006
1,022,287
160,037,100
851,168
deductions
Uncollectible items and other
2,867,000
foreign
countries
1,144,500
7,456,300
16.67%
companies
transit
In
2.619,900
against F. R. Bank
notes
Gold
3,994,000
4,101,702
2,616,050
5% redemption fund
Inc.
Inc.
$26,995,600
Deposits In banks & trust
4,114,315
premises
52,362,700
640,173,500
RESERVE.
Cash In vaults
Bank
AU other liabilities
•Includes deposits with
Btate banks and trust
Banks and Trust
Companies in New York City.—The
of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages
1,871,251,970.1,856,956,544 1,919,695,000
Total liabilities
total reserves to deposit and
F. R. note liabilities combined38.6%
Ratio of gold reserves to F. R. notes In
circulation after deducting 35 % against
Ratio of
deposit liabilities
■
—
39.1%
......
...
deposits after de¬
gold reserves against
F. R. notes in circulation
Contingent liability on bills purchased
for foreign correspondents
40.3%
45.6%
Ratio of reserves to net
ducting
40%
36.6%
37.9%
6,077,979
6,078,714
the Federal Reserve Board on Nov. 6.
given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board say:
The Federal Reserve
The
Banks.—Following is the weekly statement issued by
figures for the system as a whole are
Combined increases of 26.9 millions in the holdings of discounted and
purchased paper and an addition of 20.4 millions to deposit liabilities, accom¬
panied by a further expansion by 2.9 millions in Federal Reserve note cir¬
culation, are indicated in the Federal Reserve Board's weekly bank state¬
ment issued as at close of business on Nov. 5,1920.
Aggregate cash reserves
are shown 1.7 millions larger than the week before, while the banks' reserve
ratio shows a slight decline for the week from 43.1 to 43%.
Holdings of paper secured by Government obligations, including Treas¬
ury certificates, increased by 11.2 millions, those of other discounted paper—
by 14.3 millions, those of acceptances purchased in open market—by 1.4
millions, while those of Treasury certificates declined by 1.4 millions.
Total earning assets are given as 3,421.6 millions, or 25.5 millions larger
than the week before.
Of the total of 1,215.1 millions of paper secured by Government war
obligations, 642.1 millions, or 52.9%, were secured by Liberty bonds,
334.4 millions, or 27.5%, by Victory notes, and 238.6 millions, or 19.6%,
by Treasury certificates, as against 53.3 , 26.8, and 19.9% of a correspond¬
ing total of 1,203.9 millions shown the week before.
Discounted bills held
by the Boston, Philadelphia, and Cleveland banks include a total of 225.2
discounted for the Federal Reserve Bank of New York
and seven other Reserve banks in the South and Middle West, as against
247.1 millions shown the week before, while acceptance holdings of the
millions of paper
Combined Resources and
RESOURCES.
fund, F. R. Board
Gold with foreign agencies
Gold settlement
Total gold held by
Gold with
banks..
Federal Reserve agents
Goli redemption fund
Total gold reserve
5
1920. Oct.
$
174,702,000
417.684,000
77,514,000
29
1920. Oct.
$
22
with 13.4 millions
the week of 20.4 millions.
An
addition
of over
10 millions to
outstanding Federal Reserve note
circulation is reported by the New York Bank, while smaller increases in
Federal Reserve note circulation are shown by the Chicago, St. Louis,
Minneapolis and San Francisco banks.
The seven other Federal Reserve
banks, on the other hand, report smaller circulation figures than the week
before, the largest reductions being shown for the Boston and
Cleveland
Reserve banks.
Federal Reserve Bank note circulation shows a nominal
1
decline of 0.4 million.
with foreign
agencies shows an increase for the
15
1920.
$
164,849,000
161,438,000
192,499,000
416,163,000
74,686,000
389.069,000
381,753,000
80,441,000
87.021.000
OCl. 8 1920.
I
216,763,000
391,974,000
90,409,000
Oct. I 1920.
$
201,046,000
362,468,000
111,455,000
•"
for account of the
The total of £old
During the week the Bank of France
earmarked"
Reserve banks a total of 3.3 millions of gold.
Federal
1920. Oct.
$
shown inclusive of 14.9 millions
acceptances purchased from the New York Reserve Bank, compared
held on the previous Friday.
As against a gain of 28.6 millions in Government deposits, the banks report
a reduction of 28.4 millions in members' reserve deposits.
Other deposits,
composed largely of foreign Government credits and non-member banks
clearing accounts, show an increase of 5-6 millions, while the "float" carried
by the Reserve banks and treated as a deduction from immediately avail¬
able deposits was 14.6 millions less than on the previous Friday.
As a
result of the above changes, calculated net deposits show an increase for
of bank
Liabilities of the Federal Reserve Banks at the Close of
Nov.
Golfl and fold certificates
Philadelphia and San Francisco banks are
week of 2.8 millions.
Business Nov. 5
1920.
Nov. 7
Sept. 24 1920. Sept. 17 1920.
$
183,826,000
341,303,000
111,455,000
$
1919.
$
164.529,000
244,836,000
331,308.000
111,455,000
429,429,600
127,165,000
801,430,000
607,292,000
636,584,000
674,969,000
699.146,000
661.273,000
630,948.000
655,698.000
670,200.000
1,211,619,000 1,237.942.000 1.207,275,000
1,152,346,000 1,175,118,000 1.203,240,000 1,169,038,000 1,142.412.000 1,180,393.000
110,860,000
127,893.000
141,632,000
147,710,000
154,766,000
160,423,000
161,790,000
172,504,000
179,127,000
2,119.656,000
2,003,072,000 1,989,835,000 1,973,127,000
2.001,673,000 2,003,320,000 1,994,611.000 1,992,101,000 1,966,324,000
1926
Legal tender notes, silver, Ac
Total
THE
I
CHRONICLE
[Vol- 111
..
reserves
Bills discounted.
2,187,369,000
,
Secured by Govt, war
obligations
—
1,771,028,000
All other
418,461,000
Rills bought In open market
Total bills
_
433.586,000
hand
on
....
U.
8.
Government bonds!
U.
8.
Victory notes
D.
8.
certificates of Indebtedness
..
Total earning assets
Bank premises
Uncollected
Items and other deductions
from gross deposits
5% redemp. f und agst. F. R. bank notes
All other resources..
Total resources
LIABILITIES.
Capital paid in
Surplus....
Government deposits...
Due to members, reserve account
Deferred availability Items....
Other deposits, incl. for'n gov't credits..
Total gross deposits
....
F. R. notes in actual circulation
F. R. bank notes in circulation—net liab.
All other liabilities
<
Total liabilities
Ratio of 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 total reserves to
circulation
after
F. R. notes in
setting' aside
35%
against net deposit liabilities
Distribution by Maturities—
1-15 days bills
bought In
S
%
$
$
$
$
t
76,671,009
131.993,000
115.046.000
107.424.000
138,646,000
121,443,000
106,484,000
95,041,000
109,503,000 1,723.833,000
1.635,658,000 1,591.408,000 1,558,148,000 1,551,801,000 1,618.998.000 1,515,472,000 1,483,052,000 1,349,550.000
21,066,000
12,178.000
15.370.000
33,641,000
54,957,000
19,547,000
23,748,000
147,405,000
26,310,000
99,432,000
68,556.000
73.439.000
77.329.000
56,543.000
55,922.000
92,432,000
77,418,000
62,189,000
119,955,000
open market.
1-15 days bills discounted..
1-16 days U. 8. certlf. of Indebtedness.
16-30 days bills bought In open market.
16-30 days b lls discounted
16-30 days U. 8. certlf. of Indebtedness.
277,975.000
12.597,000
8.100,000
76,589.000
82.560,000
304.552.000
5.650,000
88,171,000
504,721.000
31-60 days bills bought in open market.
81-60 days bills discounted...
512,062,000
497,629,000
300.671.000
295,140,000
6,400.000
281,399,000
14.000,000
105,890,000
516,868,000
22,284,000
307,789,000
352,199.000
265,315,000
10,998,000
13,500,000
85,555,000
514,192,000
7,107,000
13,052,000
176,945.009
106,047,000
506,078.000
123,260,000
144,585,000
579.209.000
18,870.000
22,371,000
23,108,000
80,461,000
17,039,000
346,734,000
29,118,000
336,732,000
26,653,000
186,561,009
286.988,000
81-60 days U. 8. certlf. of Indebtedness.
26.419.000
28.883.000
61-90 days bills bought In open market.
31.090,000
97,466,000
547,622,000
25,293,000
22,631.000
27.330.000
27,742.000
26,865,000
61-90 days bills discounted
61-90 days U. 8. certlf. of Indebtedness-
22.435,000
375,876.000
368,446.000
365,967.000
356,779,000
19,877,000
22,528,000
195,134,000
356,532.000
22.328.000
10,927,000
14,135.000
14,993,000
32,595.000
28.710.000
22,987.000
205.926,000
Over 90 days bills discounted
Over 90 days certlf. of indebtedness
202,946.000
195.443.000
22,507,000
5,517,009
23,260,000
25,996,000
52,382.000
77,000
21,874.000
25,414.000
26,403,000
28,141,000
14,555,009
195,792,000
192,104,000
188,839,000
187.532,000
213,111,000
Federal Reserve Notes—
Outstanding
3,659,448,000 3.666.170.000 3.663,725,000 3.642.707,000 3,625,726,000 3,603,149,000 3,586,497,000 3,581,625,000
3,000,867,009
305,268.000
314.867.000
307.526.000
289,436.000
303,603,000
298,459,000
306,501,000
291,944,000
194,108,009
Held by banks
In actual circulation
3.354,180.000 3.351.303.000 3,356.199,000 3,353,271,000 3,322,123,000 3,304,690,000 3,280,996,000 3,289.681,000
2,806,759,009
Fed. Res. Notes (Agents
Accounts)—
Received from the Comptroller
Returned to the Comptroller
7.972,800,000 7.881.500.000 7,793.880.000 7.763.600,000 7,721,620,000 7,683,640,000 7,640,540,000 7,582,040.000
5,665,380,099
3,722,603,000 3,696,681.000 3.669,986,000 3,648,405,000 3,623,381,000 3,594,968,000 3,576,029,000 3,554,226.000
2,281,864,«0t
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent.
4,250,197,000 4.184,819.000 4,123,894.000 4,115,195,000 4,098,239.000 4,088,672,000 4,064,511,000 4.027,814.000
3,383.516,069
Issued to Federal Reserve banks,
590,749,000
518,649,000
460.169.000
472,488.000
472,513,000
485,523,000
478,014,000
446.189,000
382.649,009
3,659,448,000 3.666,170.000 3,663,725,000 3,642,707,000 3,625,726,000 3,603,149,000 3.586.497,000 3.581,625,000
3.000,867,609
How Secured—
By gold and gold certificates
By eligible paper
277.776.000
277,776,000
279.776,000
280,276,000
279,276,000
279,225,000
279,226.000
279.226,000
238,248,009
2,502.102,000 2,491,052.000 2,460.485,000 2,473,669,000 2,483,314,000 2,422,756,000 2,374,878,000 2.343.683.1X10
1,793,592,009
119,101,000
107,222,000
113,271.000'
108,629,000
115,081.000
107,198,000
113,543,000
115.600.000
93,368,009
755,469.000
790,120,000
810.193,000| 780.133.000 748.055.000 793,970,000 818,850,000 843,116.000 875,659,009
.
Gold redemption fund
With Federal Reserve Board
Total
;
3,659,448,000 3.666,170,000 3.663.725,000 3,642,707,000 3,625,726,000 3,603,149,000 3,586,497.000 3..581.625.000
3,00»,867,909
Eligible paper delivered to F. R. Agent.. 3
048.546,000
•
3.000.646.n00l2.970,9Q6.000 2,996,612.000
3,027.140 000 2,921,119,000 2.932,892.000 2.732 661
0001 530.781,909
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Two
BUSINESS NOV. 5 1929
ciphers (00) omitted,
Boston
Federal Reserve Bank of—
Cleveland.
Richmond
Atlanta
Chicago.
St. Louis
Minneap
Dallas.
San Fran
RESOURCES.
Gold and gold certificates
-Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
Total gold held by banks......
Gold with Federal Reserve agents
Gold redemption fund
Total
gold
reserves.
Legal tender notes, silver, Ac....
Total reserves
Bills discounted:
Secured by Gov¬
ernment war obligations
All
(a).
other
Bills bought in open market
(b)__
Total bills on
hand
U. S. Government
bonds
U. 8. Government
Victory notes
U. S. certificates of indebtedness
Total
Bank
earning assets
premises
Uncollected
items and other de¬
ductions from gross deposits..
5%
redemption
Federal Reserve
fund
bank
against
notes..
All other resources
Total
resources
....
LIABILITIES.
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Deferred availability items
Oth. deposits, incl. for. Govt, cred.
Total gross deposits.
F. R. notes in actual circulation.
F. R. bank notes in circulation—
Net
liability
All other liabilities
Total liabilities.
506,991,0 1,871,252,0 495,551,0 616,978,0 285,497,0 276,018,0 980,426,0 274,127,0 171,621,0
282,705,0 201,397,0 450,873,0 6,413,436,0
Nov. 13 1920.]
Two ciphers
(00) omitted.
Boston.
LIABILITIES (Concluded)—
S
S
$
Atlanta.
Cleveland. Richmond
Phila.
New York.
1937
CHRONICLE
THE
$
$
S
Chicago.
Dallas.
$
$
San Fran.
Total.
$
St. Louts. Minneap. Kan.City.
$
%
$
S
Ratio of total reserves to net de¬
posit and F. R. note liabilities
combined, per cent
Memoranda—Contingent liability
48.7
38.6
56.0
endors
as
40.4
44.3
50.1
39.0
42.7
er on:
"
Discounted paper rediscounted
with other F. R. banks
43.6
45.0
39.8
39.5
40.0
*
•
■
.■
.f
•
225,171,6
'
44,700.0
37,508,0
10,000.0
j-
3,000.0
34,433,0
41,878,0
25,023,0
28,629,0
»
Bankers' acceptances sold to other
F. R. banks without endors't..
Contingent
„
'
other F.
on
.
their
endorsement—
om
1,904,0
—
—
752,0
768,0
432,0
16,206,0
736,0
416,0
225,171.0
—
other F. R. banks:
'
14,833,0
_
STATEMENT
FEDERAL
OF
—
RESERVE
AGENTS'
%
(In Thousands of Dollars).
S
■
Federal Reserve notes
on
hand
outstanding
$
S
CLOSE
310,024
OF
BUSINESS
5
NOV.
1920.
Richm'd
Cleve.
Phila.
AT
Atlanta
Chicago.
St. L.
Minn.
K. City.
%
$
$
$
$
S
*
59,535
139,800 34,280 30,000 26,159
991,176 282,705 369,013 152,045 182,231
117,300
Federal Reserve notes
ACCOUNTS
129,160
12,805
16.980
630,202 157,521
14,883,0
50
■■■
Boston. New York
Federal Reserve Agent at—
Resources—
576,0
784,0
1,312,0
32,550,0 141,232,0
51,389,0
(6) Includes bankers' acceptances bought fr
Without
1,280,0
6,078,0
1,168,0
banks, viz
R.
14,883,0
14,883,0
bills purcb.
for foreign correspondents
(a)Includes bills discounted for
Iiab.
■
7,360
%
$
$
84,550 116,417
Total.
Dallas. San Fr.
590,749
4,680
12,690
94,497 289,067 3,659,44a
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
Gold redemption fund
Eligible
3,50^
32,025
4,627
17",708 20,601 "V.iso
17,312
56,000
90,000 38.500
25,000 101,389
739,256 163,608 226,387 112,415 118,104
23,391
7,164
266,112 26,157 36,230
5,900
-
—
105,000
.
181,787
paper:(Amount required
16,226
(Excess amount held
5,860
209.608
17,337
Gold settlement fund—Federal Reserve Board
13,052
"8~, 263
3,776
932
"2",720
164,144
39,531
12,200
37,360
457,795 108,354
64,104
11,972
58,366
76,337
45,057
14,814
277,776
7,831
119,101
5,023 19", 672
755,469
14,734 71,611
66,909 197,784 2,507,102
541,444
14,148 16,069
753,574 2,388,264 625,847 804,256 337,413 447,388 1,453,668 343,994 196,719 285,251 215,832 598,883 8,451,089
Total
Liabilities—
Federal Reserve notes received from Comptroller, gross. 726,400 2,314,900 660,380 691,720 385,840 406,420 1,231,180 384,300 187,720 262,020 196,160 525,760 7,972,800
88,973 232,013 3,722,603-
299,076 1,183,924 343,395 292,707 207,636 164,654
Less amounts returned for destruction——
471,818 209,799
90,365 138,243
427,324 1,130,976 316,985 399,013 178,204 241,766
64,127
128,237
251,920 119,097 142,626 39,630
198,013 1,005,368 189,765 262,617 119,579 141,495
759,362 174,501
172,407 49,167
97,355 123,777 107,187 293,747 4,250,197
26,184 40,080 27,588 91,283 1,152,346
521,899 120,326
73,180 121,394
Net amount of Federal Reserve notes received from
Comptroller of the Currency
Collateral received from
(Gold
—
Federal Reserve bank: (Eligible paper—.——
81,057 213,853 3,048,546
753,574 2,388,264 625,847 804,256 337,413 447,388 1,453,668 343,994 196,719 285,251 215,832 598,883 8,451,089
Total
16,289
991,176 282,705 369,013 152,045 182,231
6,495
5,555
11,386 22,237
104,467
630,202 157,521
—
18,892
84,550 116,417
1,360
5,667
94,497 289,067 3,659,448
305,268
4,232 34,941
—i
293,735
886,709 271,319 346,776 145,550 176,676
556,455 138,629
83,190 110,750
90,265 254,126 3,354,189
310,024
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
73,747
System.—Following is the weekly statement issued by the Federal Reserve
principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Member Banks of the Federal Reserve
Board giving the
in the statement
STATEMENT SHOWING
BANK
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS
BRANCH CITIES AND ALL OTHER REPORTING
AND
member
banks
hown
to
in leading cities.
The statement also shows considerable
funds and substantially increased borrowings
Net
in accommoda-
withdrawals of Government funds totaled 71.1
millions, the New
Other demand deposits (net) declined by about
millions.
and a
shown.
deposits by 41.7
76 millions for all
reporting banks, while the New York members reported a decrease of 7.4
millions under this head.
Time deposits fell off by 9.4 millions, the reduc¬
tion for New York City banks alone being 17.7 millions.
Reserve balances
with the Federal Reserve banks were about 32 millions larger than the
week before, the increase for the reporting banks in New
showed
lions.
a
deficiency in reserves
Cash in vault shows
a
on
York City, which
the previous Friday, being about 36 mil¬
further decline by 10.5 millions, 3.4 millions
of which is shown for the member banks in New York City.
for all reporting member banks In
Three ciphers (000) omitted.
each Federal Reserve District at close of business October 29 1920.
New York
Boston.
Federal Reserve District.
Atlanta.
{Cleveland} Rlchm'd.
Phila.
Chicago.
St. Louis
Minneap. Kan. City
823
19,573
22,451
1,069
5,097
1,923
6,803
3,076
4,980
32,648
65,772
14,339
268,851
23,742
22,019
294,993
20,240
50,343
60,080
134,778
1,365,616
10,284
34,224
911,548
147,077 3,141,976
991,75811,599,276
92
81
46
108
35
37
83
46,663
248,439
83,500
147,242
11,347
28,908
33,453
14,455
21,552
16,623
7,371
28,080
51,313
13,533
9,877
9,218
42,400
61,179
19,064
6,887
4,019
38,574
2,705
15,526
13,774
14,014!
7,118
6,624
51,276
3,696
53,399
Other U. 8. bonds, incl. Liberty bonds..
525,844
76,366
53,178
162,714
36,556
46,982
31,423
58,802
19,425
5,838
Total U. 8. securities
30,122
64,461.
136,657
Total.
14,701
59
U. 8. Victory notes
U. 8. certificates of Indebtedness
San Fran.
68
115
12,610
U. 8. bonds to secure circulation
Dallas.
51
48
reporting banks—
Loans and investments,
For the New York City members an increase
banks alone reporting a reduction of Government
York
banks in New York City).
Number of
Federal Reserve banks, as-
at the
latter, increased during the week from 2,203.7
from 12.9 to 13.2% of the banks' total loans and In¬
rise in the ratio of accommodation from 14.9 to 15.5% are
holdings of United States bonds and Victory
notes, while Treasury certificates held show a further reduction of 18.9
millions.
Loans secured by Government war obligations show a decline of
2.9 millions for the week, the corresponding decline for the New York City
members being 12.4 millions.
Loans secured by corporate stocks and
bonds, on the other hand, show an increase of 36.1 millions for all reporting
banks and of 44.1 millions for the reporting banks in New York City.
The
largest volume of liquidation appears under the caption all other loans and
investments," composed chiefly of commercial discounts.
For all reporting
banks this item is shown about 68 millions smaller and for the New York
City banks—about 79.1 millions smaller than the week before.
As a
consequence of these changes, the banks' total loans and investments show
a reduction for the week of 85.6 millions
(57.2 millions for the member
Data
or
ion at the local Federal Reserve Bank from 856.1 to 881.7 millions
Reserve banks.
Little change is shown in the
1.
of reporting banks
the books of the
on
2,244.3 millions,
vestments.
withdrawals of Government
from the Federal
FEDERAL RESERVE
BANKS AS AT CLOSE OF BUSINESS OCTOBER 29 1920.
Accommodation
Continued liquidation of loans and investments, largely of commercial
discounts, and corresponding reductions in demand deposits are indicated
in the Federal Reserve Board's statement of condition on Oct. 29 of 823
IN
%
607,380
193,386
including bills re
discounted with Federal Reserve Bank
Loans
Loans
sec.
by stocks and
bonds...
All other loans and Investments
16,569
29,381
95,441
449,315
32,232
127,442
30,983
82,000
40,637
425,437 1,800,459
407,392
298,941
628,395
627,757
568,840 2,507,929
32,052
189,752
14,507
65,223
603,622
366,733
37,336
20,186
17,570
9,813
9, >58
368,7581[,307,83717,017,416
83,613 1,365,222
24,539
26,438
366,997
12,054
950,397
339,698
246,026 1,370,489
298,192
196,702
382,012
107,644
148,183
634,764
129/35
68,733
10,522
1,422
968
8,773
2,045
492
690,119
41,762
16,756
385,369
98,213
2,238
18,996
26,583
32,145
81,132
21,688
5,751
24,130
36
600
721
433
265
2,637
8,431
83,689
69,478'
438,665
76,945
197,680 1,359,100
212,864
327,329
816,7z6 4,087,314
by U. 8. war obligations...
sec.
588,161
983,644
30,024
108.747
403,293
942,4311.517,108
618,430
65,512
104,159!
36,700
18,719
36,088
684,743
39,244
10,363
42,482
Total loans and Investments, Including
rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash in vault
-
Net demand deposits...
...
Time deposits
Government
deposits
Bills payable
1,114,786 6,410,823
645,594
84,018
116,776
24,796
832,298 4,993,980
458,556
162,445
30,900
7,649
224,172
66,302
1,196
with F. R. Bank:
Secured by U. 8. war
23.038
obligations
All other..
347,740
—_.
19,306
743,58111,166,647
519,916 2,805,247
4,163
80,731
29,678
85
672,669
2,140
Bills rediscounted with F. R. Bank:
Secured by U.
All
other
war
13,062
obligations
138,629
35,765
10,613
4,607
10,735
16,511
52,354
8.
.u
459,879
35,799
38,505
44,924
76,756
270,132
New York, City.
Three
Number of reporting
Oct. 22
Oct. 29.
2,037
4,887
29,133
71,775
Oct. 22
Oct. 29.
Oct. 22.
Oct. 29.
Oct. 22.
Oct. 29.
Oct. 22.
Oct. 29 *20. Oct. 22 '20. Oct. 31 '19.
285
208
208
823
784
36,966
36,966
1,440
1,439
95,841
95,840
100,688
100,556
268,851
268,668
268,612
221,006
16,465
16,484
341,246
104,945
72,322
149,194
72,272
216,486
148,502
120,033
119,601
607,386
609,349
636,066
298,637
904,623
72
banks
U. 8. bonds to secure circulation...
72
51
51
285
330
823
330
74,010
74,034
11,174
11,084
338,159
105,225
51,856
61,915
36,305
36,489
199,386
193,349
132,558
137,753
17,745
18,377
189,420
204,497
63,786
66,135
41,787
43,240
294,993
313,872
460,020
469,759
46,824
47,384
728,645
746,528
337,158
338,824
298,813
299,886
1,364,616
63,208
obligat'ns.
410,604 422,995
335,184
and bonds.. 1,206,3831,162,316
All other loans and investments.. 3,603,496 3,682,640 ,063,643
Total loans and investments, incl
rediscounts with F. R. Bank... 5 680,503 5,737,7101 ,508,859
59,426
679,322
337,961
2,237,960
,075,952
7,391,264
Other U. 8. bonds, incl. Lib. bonds.
U. 8. Victory notes......
—...
U. 8. certificates of Indebtedness...
Total U. 8. securities
Loans and investments,
incl. bills
8.
war
Loans sec. by stocks
Net
37,647
942,140
318,231
335,907
291,110
70,093
4,202
316,266
[4
demand deposits
135,153
321,429
Time deposits
deposits..
with F. R. Bank:
Secured by U; 8. war obligations.
*
Bills payable
A1I other
Bsnk:
obligations
All other..
Ratio of U. S. war securities
a
to
137,166
131,360
1,336
83,935
1,069
82,217
1,071
211,55
210,236
32,152
32,071
12,973
451,568
569
*
672,669
2,140
674,652'
1,194,489
2,705
1,194,489
256.675
254,915
603,480
1,312,778
1,271,424
603,480
11.8
11.9
—
Secured by U. 8. war
paper
461,075
800
25,266
BUis rediscounted with F. R.
ments.
914,407 al,234,057
682,992
137,472
93,943
911,548
137,634
94,592
412,083 3,141,976 3,105.903 3,246.069
489,643
498,137
414,373
2,195,683
7,498,821 2,310,448 2,306.135 1,89 7,564 1,892,35611,599,276 11,697,312 a9,023,666
,520,723 11,037,191 11,124.024 3.274,883 3,280,568 2,705,342 2,698,268 17.0r 41 617 ,102,86016,115,200
974.601
155,420 1,365,222 1,133,215 1,403,171
206,867
203,1941 155,283
134,785 1,003,072
377,491
358,771
366.997
88,432
214,664
72,043
208,616
74,395!
86.338
38,818
948,855 7.823,307 7,862,936 1.749,785 1,767,4891,592.555 1,610,163 11,165.647 11,240,58811,284.902
603,435 2.805,247 2,814,559 2,194,156
908.418
909,636
609,697
292,807 1,285,914 1,302,706
151,849,
356,360
8< ,731
10.789
116,318
24,742
6,682
56,996
17,053
6,538
24,236
603,782
Bank...
Cash in vault-
Government
567,804
106,200
102,819
506,067 4,513,490
28,560
Reserve balance with F. R.
1,385,238; 2,107,938
re-
discounted with F. R. Bank:
Loans sec. by U.
256,675
1,312,778
Total.
All F. R. Bank Cities. F. R. Branch Cities. AUOther Report. Bks.
City of Chicago.
ciphers (000) omitted.
Oct. 29.
65,742
Federal Reserve Bank and branch cities and all other reporting banks.
Data of reporting member banks In
2.
8,761
84,090
total loans and
per cent
136,984
8,967
397,690
191,100
197,571
956,691
919,808
186,896
187,266
169,191
12,608
164,350
14.9
7.2
6.9
11.9
12.0
12.3
12.3
10.8
10.9
-
9,412
and war
Invest¬
-
Exclusive of rediscounts with
135.476
429,865
14 •'
Federal Reserve oauks.
1928
THE
CHRONICLE
VOLUME
futiites'
general downward tendency of prices in all the
principal markets and for all the important commodities of
the country, security values have suffered a severe decline
The
bottom seemed
to
have
been reached
on
Wednesday, and a faint rally ensued which continued through
Thursday.
But to-day persistent offerings of all classes of
stocks have carried the entire active list to
a new
low level.
A
long list of railway shares shows a drop of from 5 to 10
points within the week, including Reading down 10, Can.
Pac. 9, St. Paul 7, Bait. & Ohio over 6, UnionPac. nearly 6.
As usual, the industrials shows a much more drastic de¬
cline.
Among the exceptional features of this group are
Standard Oil of N. J. down 55 points, Mexican Pet. 25,
Atlantic Gulf 20, Houston Oil 14 and Crucible Steel, Am.
International Con>. and a few others nearly as much.
Of the depressing influences which have contributed to
the above results,
reports of curtailment
suspension of
operations in many large manufacturing plants have perhaps
been most effective.
The money market has also played its
part.
The 9 to 10% rate for call loans, which has prevailec
much of the time, was disappointing to those who had
looked for
or
easier market to follow the Nov.
an
ment of interest and dividends.
A
more or
disburse¬
1
less demoralizec.
wheat market and wide fluctuations in
foreign exchange have
tendency to restrict operations.
following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
doubtless
also had
a
The
STOCKS.
Sales
Week ending Nov. 12.
Range for Week.
Lowest.
Par. Shares
»
Alliance
Realty.,
Range since Jan. 1.
for
Week.
$ per share.
75
$ per share.
75
Nov
Nov
100
50
300
Nov
8
47
Nov
Am Brake Sh & ~F.no par
100
49
Nov
8
49
Nov
600
24
Nov 12
26
Nov
8
200
72 % Nov 12
73
Am Bank Note..
Am Malt & Grain.no par
Radiator.
Am
25
Snuff
American
Preferred
100'
(new ...100
Am Teleg & Cable.
100
..
Am Wholesale pref.,100
Assets Realization
Associated
10
OIL.
100
Atlas Tack Corp..no par
Austin, N & Co..no par
Preferred..
100
Auto Sales Corp
50
Barnsdall class A
25
46
300 102% Nov 10 105
Nov
~
100 80
300
200
1,000
49% Nov
iO
91 % Nov 10
3
Nov 10
300
39
9
Nov
Preferred ctfs dep
39
Feb
4834
49
Oct
60
July
24
Nov
44
Jan
72%
Nov
73
8
86
8
80
8
Nov
Nov 10
300 123NOV 11 129
100
1,000
75% Nov
83% Nov 12
no par
100
41% Nov 12
Chicago & Alton
100
Chic & Alton pref... 100
200
Cluett.Peabody&Co.lOO
1,400
100
9
Aug 125
2234
12
Nov
24
7234
June
82
1934
Jan
35
Aug
5034
Mar
123J4
10234
434
75% Nov
85% Nov
41% Nov 12
10534
834
19% Nov
7534
Oct
Oct 101
Jan
May
62
Jan
6
Feb
17
Oct
12
Aug
2354 Sept
...100
Davison Chemical no par
100
Nov 10
De Beers Cons M no par
200
Nov 11
2134 Nov
21
Deere & Co pref
100
200
Nov
93
Nov
92
Detroit United Ry... 100
300
Nov 10
91
Nov 12
83
49
Nov 106
Nov
91
Sept 104
43% Nov
*0
55
Nov 10
34
Nov 10
91
Jan
Jan
Oct
56
Jan
45 J4
Aug
64
Apr
32
Aug
40
Sept
Nov
3654 May
Feb
May 101
Sept 101
Jan
50
100
100
Nov 12
38
Nov 12
36
| Sept
100
Nov 12
90
Nov 12
90
Nov
.......26
100
51% Nov
51% Nov
47
100
400
98% Nov 10
98 % Nov 10
97%
100
100
200
90
9054 Nov
8634 May 100
Jan
100
300
71% Nov 12
400
24
Hosiery
Preferred.....
Fairbanks
Fisher Body pref
Gen Chemical pref.
..
Corp
Homestake Mining.. 100
Hydraulic Steel.. .no par
Indian Refining
10
Int Nickel pref
100
International Salt
100
.
Central
100
48
Nov 10
Nov
48% Nov 11
|Nov 12 ■25% Nov 10
800
16
Nov
Nov
6
200
83
Nov 10
83% Nov
100
67
Nov 10
67
100
10
Nov 10
Nov
16
ctfs
6734
Jan
10234
Aug 8334
Feb 10834
Jan
Jan
Mar
1,000
17
Nov 10
1,500
500
100
200
100
100
100
3% Nov 12
9
71
33J4
Sept
Nov 118
Oct
95
July 15534
Apr
Apr
Nov
45
52
Aug
8034
Apr
18
Nov
3334
Jan
0% Nov 12
7% Nov 10
634
7
7
7
Nov 11
51% Nov 12
Mar
Nov
Jan
3034
38
AprM
3534
Jan
Nov
Nov
Oct
Nov
334
6334
8
Jan
Nov
Oct
3054
Jan
Jan
56
Nov 11
Feb
60
26
Nov
8
2534
Nov
51
56H Nov
8
5134
Nov
59
9
8934
Nov
Nov
89% Nov 11 90
98% Nov 10 10234 Nov
50
8
Jan
Oct
Nov
Nov 125
Jan
Southern... 100
100
18
Nov 10
18
Nov 10
10
Feb
Norfolk & West pref. 100
224
65
Nov 12
6554 Nov 10
64
May
Ohio Body & Blow no par
500
120
15% Nov 10
1654 Nov
1634
Nov
2954 June
82
Nov
8
82
Nov
82
Nov
82
8
29
72
Mar
Jan
Nov
Parish & Bingham no par
200
23
Nov
8
23
Nov
23
Nov
4734
(J C) pref—100
100
300
86
Nov
8
86
Nov
86
Sept
98
May
Phillips-Jones pref...100
80 % Nov
8
81
Nov
8034
Nov
9234
Mar
Rand Mines
100
22
Nov 12
22
Nov 12
22
Jan
Nov
29
Reis (Robt) & Co .no par
Nov 12
1034 Nov 12
10
Oct
23
1st pref. 100
Sears, Roebuck pref. 100
Nov 11
69
69
Nov
84
8 103
Nov
11934
Mar
Oct
2334
Nov
12%
Aug 310
Apr
Nov 116
Jan
Third Avenue Ry—100
100
Tol St L & West tr rects.
Preferred tr rects
Underwood.
100
Un Cigar Stores pref.
100
100
United Drug....
1st
preferred
50
Weber & Heilbroner no p.
.1001
Nov 12
9
Nov
23J4 Nov 11
7J4 Nov 8
1434
5
Nov 10 106
Nov
Nov 10 103
Nov 10 103
Nov]l2
9 100
Apr
Apr
Jan
1134 Nov
9734 Nov
96
Aug 102
Jan
NO*.
36
Nov
34
Nov
Apr
1634 'Noy 12 1834 Nov
8 20034 Nov
190
9
10
1234 Nov 10
13
934
Nov
1034
100! 1834 Nov 8 18J4 Nov
15
Nov 12 152
200; 152
Nov 12 152
Nov 12 100
30010034 Nov 12 101
500 103
Nov 12 10534 Nov
8 103
200
45
Nov 11
300
11
Nov 11
1934 Nov 12
300! 85
Nov 10
Nov
June
Nov/ 8
100 20034 my
300
White Oil Corp...no par 13,700!
Wilson & Co pref
8103
Nov 11
45
11
Nov 11
Nov 11
44
11
Nov
14
47
Aug 2254
May 229
Feb
Oct
Oct
Mar
1954
Sept
2454
Sept 200
Sept
May
Oct 11134
Nov 148
Aug
Nov
Apr
Jan
Jan
53
Jan
11
Nov
2334 Nov
6
1934
Nov
2554
Nov
87 '
8
85
Nov
9834
Jan
Nov
1
89.98
89.68
89.68
90.36
90.00
89.90
89.46
89.40
89.08
[Close
90.46
90.28
89.90
89.50
89.50
89.18
Total sales in $1,000 units......
Third Liberty Loan
f High
294
1,330
1,072
1,245
1,341
90.10
89.70
89.46
89.50
89.16
89.10
434sof 1st L L conv.'32 *47(Low.
89.70
89.16
89.10
88.90
88.90
88.92
89.50
89.00
4348 0 11928
•
89.10
89.40
685
88.92
89.70
62
175
71
65
58
31
f High
434s of 2d L L conv. '27-'42( Low.
[Close
Total sales In $1,000 units
88.32
88.10
87.80
87.40
87.00
87.18
88.08
87.56
86.58
86.90
86.72
86.70
Total sales In $1,000 units
Third Liberty Loan
86.94
86.58
87.56
88.08
86.86
86.80
483
945
2,245
2,094
1,811
1,208
[High
(Low.
88.70
88.52
88.10
87.50
87.30
87.50
88.44
87.86
87.00
87.06
87.12
87.10
[ Close
88.44
87.86
87.40
87.28
87.24
87.20
890
3,263
2,702
4,133
2,208
f High
95.50
4348.1st LL 2d conv,'32-'47( Low.
95.50
1 Close
95.50
Fourth Liberty Loan
434s Of 1933-38
Total sales in $1,000 units
Fourth Liberty Loan
.
3,679
95.28
-
----
95.28
95.28
1
Total sales in $1,000 units
4m -
----
5
•
-
-
-
'
96.38
96.40
96.36
96.24
96.14
96.24
90.28
Victory Liberty Loan
[ High
454 conv gold notes, *22'23(Low.
96.26
96.24
96.06
96.00
96.02
96.30
96.10
96.06
96.92
[ Close
96.36
598
1,050
1,230
1,641
1,660
f High
gold note8,'22-'23(Low.
96.40
96.36
96.32
96.18
96.10
96.22
96.30
96.26
96.22
96.06
96.04
96.02
(Close
96.40
96.26
96.26
96.06
96.06
96.02
130
442
366
1,349
930
852
Total sales
$1,000 units
n
VIctory Liberty Loan
354s conv
Total sales in $1,000 units
96.30
801
Foreign Exchange.—
Today's (Friday's) actual rates for sterling exchange were 3 31 % @3 3234
sixty days, 3 36@3 37 for cheques and 3 3654 @3 37 54 for cables.
Com¬
on banks sight 3 3554 @3
3654 sixty days 3 3034 @3 31: ninety days
3 28 54 @3 29 54 and documents for payment (sixty days) 3 30 54 @3 3154*
Cotton for payment 3 3554 @3 3654 and grain for payment 3 3554 @3 3654mercial
Today's (Friday's) actual ratse for Paris bankers' francs were 17.33 @
17.56 for long and 17.27@17.50 for short.
German bankers' marks are not
for long and short bills.
Amsterdam bankers' builders were
290.07@2934 for long and 29 54 @29.43 for short.
Exchange at Paris on London 58.15 francs; week's range, 56.18 francs
high and 58.15 francs low.
The range for foreign exchange for the week follows:
yet quoted
Sixty Days.
Paris Bankers'
Cheques.
Cables.
3 35*54
3 2854
Sterling Actual—High for the week
Low for the week
3 4034
3 3334
3 3354
3 4134
Francs—
16.73
334
88.80
89.18
-
9
17.58
2%
3% Nov 12
-
90.32
Nov
234 Nov 11
Nov 12
-
90.48
24
2 % Nov 11
Nov 12
Tidewater Oil-.
-
-
----
90.56
High for the week
2% Nov 12
34
'
Low for the week
234
56
600
3,300
'■>:
Jan
Oct
Nov 12
10
'
y,
[ High
(Low.
Liberty Loan
Jan
Oct
25
Temtor C&FP clA no par
[Close
Total sales In 51,000 units.
Third
Oct
1634
Nov
88.80
Oct 108
6
334 Nov 8
2% Nov 10
2% Nov 12
Nov
89.18
16.62
17.47
16.60
17.45
X-20
1.22
German Bankers' Marks—
28.90
par
50 10%
100 69
500 103
Seneca Copper—no par 64,600 19J4
5
Shattuck Arizona
10 2,800
So Porto Rico Sugar. 100
400 10154
Preferred
!
.100
100 103
Submarine Boat..no par 7,100 10
Superior Steel 1st pref 100
100 9734
86.98
47
(Low.
4s, convertible, 1932 47
742
88.80
Low for the week
Nov
no par
87.00
30
Jan
Nov 12
Reis (Robt
87.00
76
89.18
46
1934 Nov
18H Nov
200
Penney
86.50
1
70
14
100
87.60
100
f High
% Nov 12
100
pref
88.08
Total sales In 51,000 units
Second Liberty Loan
29 7-16
55
900
Otis Steel
86.90
High for the week
8
2,200
Norfolk
86.98
86.62
Oct
Nov 12
1,500
87.00
86.90
1334
Nov 12
100
87.00
86.50
May
100
Biscuit
87.70
87.60
670
4
18
no par
National
368
87.60
88.08
8
55
300
810
88.08
7034
8 12954
8
14
825
563
f High
4s, 10-25-year-conv, 1942
Nov 10
Nov
95.20
95.10
(Low.
[Close
Total sales In $1,000 units..
Second Liberty Loan
Nov
100
Preferred ctf dep
93.72
10
500
100
93.70
94.60
Jan
25
certfs
94.60
95.00
78
Nat Anil Chem Con ctfs.
line
95.00
95.00
45
M St P & S S M leased
Mullins Body
94.80
94.82
Feb
100
asstd
94.70
94.50
95.06
Aug
50
preferred
94.90
94.90
88
137
preferred
1932-47
9. Nov.10. Nov.11. Nov. 12.
94.96
20
Nov
_
year.
8. Nov,
Nov.
95.06
f High
( Low(Close
71
Nov
stamped asstd.
3348.15-30
6
Oct
46
Certfs of deposit
First Liberty Loan
Nov.
June
100 137
100 14
no
1
Daily Record of Liberty Loan Prices
June
800
Martin-Parry
only the various Liberty Loan issues.
16
500
Maxwell Motor
Bonds.—Sales of Government bonds at
include
80
& Co. 100
Nov
States
Board
61
Liggett & Myers cl B. 100
Mallinson(HR &Co no p.
Preferred
United
the
6
Kelsey Wheel, Inc—100
Manhattan Shirt
are
limited to $17,000 Virginia 6s, deferred trust
receipts, at 75% to 76%.
The market for railway and industrial bonds has been less
active than of late, the transactions showing a diminishing
tendency day by day.
Prices generally declined in sympa¬
thy with other markets.
Of a list of 30 notably active bonds
only 2 are fractionally higher than last week.
The local
tractions, as usual, have led in the prevailing tendency and
are from 2 to 3 points lower.
Southern Pacific 5s have lost
a part of last week's unusual advance.
On the other hand
Readings are fractionally higher, and Penn. 7s, New York
Cent. 7s and Bell Tel. 7s have been relatively strong.
Nov 10
70
Kayser (Julius
6
71% Nov 12
8
8
State and Railroad Bonds.—Sales of State bonds at the
Mar
40
8034
EXCHANGE.
YEARLY.
Board
Nov
Nov
Aug
Nov 12
10
Nov
do
Nov 131
Nov
June
65
Nov
1st
Jan
Aug
91
V 2d
Apr
Nov
Nov
50
do
654
4
5% Nov
STOCK
YORK
NewYork, Boston. Philadelphia and Baltimore exchanges.
on
May
9
Aug
19% Nov
55% Nov 11
Nov 12
[For transactions
page 1924.]
Apr
Nov
41 % Nov
55
Nov 10
Iowa
Jan
2
100
Hartman
95
Jan
Jan
21
600
115
Durham
52
Apr
85%
100
Crex Carpet
Feb 11554
85
Apr
46% June
8934 Aug
Computlng-Tab-Rec.lOO
Preferred..
Nov
8
Nov
9
9
78
6
9
6
NOV
8 105
Nov
5% Nov
NEW
see
Nov
Nov 11
Nov
Buff & Susq v t c
Certain-Teed Prod
6
Nov
39
500
100
pref. .100
Nov
Nov
100 105
Barrett Chem Con ctfs..
75
8
3% Nov
1,100 108^ Nov
113% Nov
Nov 10
600 21
22% Nov
Nov 11
600 12
13% Nov.
100 72% Nov 9 72% Nov
5
Nov
500
4% Nov 12
Brunswick Terminal. 100
Case Thresh M
12
Highest.
% per share. $ per share
100
THE
[Close
Lowest.
Highest.
AT
DAILY, WEEKLY AND
the
this week.
BUSINESS
OF
(Samite.
Wall Street, Friday Night, Aoy. 12 1920.
and
Miscellaneous
Stocks.—In
sympathy
Railroad
with
[Vol. 111.
High for the week
Low for the week.;
1.08
1.10
Amsterdam Bankers' Guilders—
Domestic
Exchange.—Chicago,
discount.
par.
Boston,
par.
San Francisco,
$1,000 premium.
Cincinnati, par.
Outside
week
2954
30
29.30
29.40
St. Louis, 15@25c. per $1,000
par.
Montreal, $122 50 per
Market.—Liquidation in the fore-part of this
served
though there
to
send
"curb"
securities to lower levels and
somewhat better turn to the market as
the week closed, movements generally were irregular.
Gen¬
eral Asphalt Com. was conspicuous for a drop of eight points
to 46%, the close to-day being at 47.
United Retail Stores
Candy broke from 10 to 8% and ends the week at 8%.
Automatic Fuel after early loss from 65% to 64% sold up
to 66%.
Chicago Nipple lost about three points to 6 and
to-day sold back to 9 with the clo§e at 8%.
Indian Packing
declined from 3% to 3% and Lima Locomotive Com. from
72 to 65.
In the Oil Group Standard Oil (Indiana) was
actively traded in down from 760 to 725 and up to 748 with
the final figure at 737.
Carib Syndicate, after a loss of
over two points to 11%, recovered to-day to 14%, the close
being at 13%.
Internat. Petroleum weakened from 17%
to 15%, sold back to 16% and ends the week at 15.
GuffeyGillespie Oil Com. moved down from 31% to 27 and up
finally to 27%.
Simms Petroleum was conspicious 'for a
loss of two points to 7%.
Maracaibo Oil declined from 19%
to 17% and sold finally at 18.
Merritt Oil weakened from
14 to 11%.
Midwest Refining sold down from 161 to 147
and closed to-day at 152.
Ryan Consolidated receded from
17 to 15%.
Dealings in bonds continue heavy.
Allied
Packers 6s dropped from 65% to 60.
Canadian National
Ry. 7s were firm selling up from 101% to 102.
Grand
Trunk Ry. 7s also improved, advancing from 102% to 103
the close to-day being at 102%.
Sinclair Con. Oil were
especially weak, dropping from 91% to 89 and closing to-day
at 89%.
was a
.
PAGES
OCCUPYING THREE
For record of sales during the
week of stocks usually
inactive, see preceding page.
SHARE
PER
NEW
PER SHARE
,
Range for Previous
Tear 1919
Range since Jan. 1.
STOCKS
SHARE, NOT PER CENT.
SALE PRICE—PER
AND LOW
HIGH
*929
Exchange—Stock Record, Daily, Weekly and Yearly
New York Stock
On basis of
YORK STOCK
100-share lots
EXCHANGE
Lowest
Higfiesl
Lowest
Saturday
Highest
1.
Nov. 6.
Par
Railroads.
$ per sha r
89
77%
77%
9%
9%
Go
'700 Atlantic Coast Line RR
000 Baltimore & Ohio
Do
Pref
tn
45%
4634
53%
537g
14
14%
♦9
10
8%
8%
10%
11%
27%
41%
63%
81%
83
37
81%
81%
71
71
2.700
100
239
239
1%
1%
178
234
3
234
278
5%
512
5
5
*5
7%
8
18%
17
16
17%
28
2634
27%
25%
27%
20%
197g
1978
18
18%
87%
85%
32
8834
3278
13
13
878
88%
90
33%
34%
1 33
14
•13
15
♦31
33
♦8
30%
<
92%
5%
15%
5%
5%
1634
24
24%
14%
23%
24
48%
4834
48%
19%
3634
53%
f
1734
1
,
8734
31%
32
13
11%
11%
26
27
27
!
2334
21%
227g
48%
46
'
a.
-
51%
5334
52
m ^
— ^
52%
60
59
59%
17%
1634
17
16%
17%
200
100
S Marie
pref
Do
pref trust ctfs
Do
Second
Do
1105s 11378
110i2 11578
llii2 H5U
2"
2918
109%
1113s 11434
2178
24
285s
26l2
2778
27
28
25%
64
6312
64
61
633s
6234
6234
23%
!
27
64
64
2534
23
25
2214
24
22i2
233s
61%
21%
♦3)«
40
125
12534 12718
6558
39
4012
12578
124
655s
655s
♦38
39
123"
12612
66
S
6534
12412
6534
14%
12&8
13
12
I284
IU4
1134
2
26%
27
26
2712
25
26
105s
11
10
3078
29
978
10%
29%
29%
2712
♦19
9l2
IOI4
*39
40
121%
1235s 12412
*65i2 66i2
12
lll2
64
11%
23
251,.
29
I
2612
2*14
21
t
19
19
26
i
934
10
10
'
27U
♦18
98s
25%
2734
♦18
20
11
1178
113s
22
21
22
35l2
37
36
36%
75
77
75
75
III4
12
lll2
11
12i4
21
Preferred A trust ctfs... 100
1178
100
112% 465,400 Southern Pacific Co
100
27%
65,100 Southern Railway..—.—.100
2,300
Do
63%
pref..——100
23% 29,600 Texas A Pacific
100
100 Twin City Rapid Transit.. 100
40 ■
124% 37,600 Union Pacific
100
66
1,600
Do
|
pref
100
3,600 United Railways Invest...100
117S
26
I
5.0001
Do
pref
100
II,200 Wabash
10%
100
15,200,
27%
do
pref A
100
100
20
Do
pref B
100
j
12
25,400 Western Maryland (new).. 100
21
8,900
Do
2d pref
-100
35
| 13,100 Western Pacific.—.
..100
1,500
74%
Do
pref
100
pref
42
Si
36i2
77
78
7*
1314
12
24
24
22
1278
2218
2O84
22
18
21%
1,800,
40*2
1334
"|
42
40
40
40
40
3834
39
1,800 Wisconsin Central..
237s
|
20%
,
32%
10%
32
32
♦3U2
26
25
32
33
26i8
24
2514
573s
5512
57
55
55
38%
36
37
34
36
381?
38]2
38
138
138
138
♦13s
13s
1%
1'2
5714
5612
285s
3T "
~30%
3134
32
75
75
72
7312
73
82'4
7414
8234
67
30i8
72
73
545s
68i2
86
70i4
♦75
80
1
68i8
70
29%
30U
86
86
:
132i8 133
I
110
29i2
7084
"7234
757i
7218
73
75
83
83
•78
♦U2
67
63
64
80
♦75
3078
71l2
7U2
73&S
54
"29%
7234
71%
74
*80
8214
59%
64
♦75
"65% ~65%
6484
66I4
645a
68
27
28i4
8512
127l8 1318s
2678
2778
2634
85
85
85
85
"2278
23~7g
126l2 130
108
108
9
23
878
1321s 132% *132
978
23i8
884
9
132
140
95s
9l2
984
55
551s
55
56
441s
44i8
41
87g
1321s
95g
(
551s
57
40
43U
41
23
23
69%
883
884
8
13478 136
878
9
553s
557g
130
-
40%,
40i8
58
58
68
68I4
58
66l2
611 g
65 %
60%
637s
984
♦9i2
IOI4
9l2
90
91
•10018 102l4
1212
13 1
64i2
65*4
9314
102U 102U
12
12U
,
66I4
89
92%
1
1047g Aug
Oct22
37% Dec
21
Oct
Feb13
9084
101
11%
101
12
55%
Febl 3
884
6578
84%
Feb 13
2384
Feb 13
65
23%
73%
67%
27
86%
128%
130
6684 Junel2
8
130
9
40
I
01%
63«4
64"
65""
89
90%
♦100
101
11%
11%
11
11%
J'Ex-rights.
100
50
10
10
65%
*9%
6184
63
_
64
87
90%
10%
102
11
Do
77.700 Amer
10
8534
Do
900
*99
«99
-WO
?99
400
Do
| Less than 100 shares,
a
397g
Dec
48% May
12%
Jan
33% Dec
68
Feb27
56
Mar
Oct 4
39% Oct 2
8484 Sept 25
39
Apr
63%
24
Dec
44*4 June
75
Deo
57%
Febll
AuglO
Febll
Mar 9
Mar 9
Febl3
Janl4
Nov
103
3j
IO84
Jan
20
Dec
37
Dec
3384 Dec
527g
Dec
72% May
27%
Jan
70% July
60
June
1
20%
18
Feb 13
Feb14
118%
33%
50
Feb13
66%
Octl6
Oct 4
Oct 2
Sept27
Oct22
Oct 4
Oct 4
Nov 4
Oct 5
Oct 6
Octl 1
47
Mar22
27% June23
110
Febl3
43
Oct22
2984 Dec
129% Nov 4
119% Aug
15%
23%
65%
3378
48%
40
Febll
11
4984
20% May24
6
July 1
10
July
88%
17
1178
May
107g Dec
23% June
23
377g June
Dec
6% Dec
12
Dec
12
115
20% Dec
33
63
Dec
July
2384 July
917g Nov
June
May
13812 May
74®4 Mar
7% Augl2
69%
15%
14
Aug 9
32%
Jan 3
Oct23
Oct25
7
May20
13
Oct
4
34%
23%
Oct
5
20% Dec
38
Oct
8
14
25% July
61% May 24
Febll
20%
14
June21
8%
Feb13
7%
15
7%
Jan
157g July
Jan
3484 July
Dec
Dec
13% July
May
Apr
147g July
Octl8
16
Dec
15% Sept30
9%
20%
Febl 3
40
Sept27
17
Feb
30% July
26
July
64%
Nov 9
62%
Feb
61%
11
Ju!y30
27%
25
Febll
21% Novl2
55
NovlO
7*4 Mar
JaD
18% Sept
28'4 Sept
25
Dec
4178 May
4284 Apr 1
46% Mar29
29%
Apr
64
21
Jan
54
JuJy
Jan12
56%
Jan
76
June
66
Jan
113
July
72
33
Novl2
1
Aug 9
Jan 5
2% Mar24
3
8884
Mar31
1
Augll
Novl2
92% Nov 9
537g Jan 3
1%
Dec
I84
Jan
May
4% Jan
384 July
62% Heptl7
8884 8eptl3
100
100
100
100
28
Aug
9
82% Novll
96%
Dec
IO384
Jan 16
Apr 16
;r92
59% Novl2
75
Oct28
62
Jan
10184
84«4
Jan
96
64% NovlO
128«4
25% Novl2
85
Nov 9
25
Ex-dlv. and rights,
e
Jan
93
61*4
5
Jan 2
Jan 3
3
101
Jan
Feb25
10584 July 7
147%
Apr 9
116%
Feb 4
2284 NovlO
61
Aug2e
5484
Jan 3
124%
7% Novl2
Feb 6
95
8% Novl2
37
53
AuglO
Feb13
55% Novl2
82
100
97
Sept
61% Aug 6
80
Aug 3
Rasor
61%
71% Novl2
87
100
pref
Jan
Jan28
100
100
Jan
817s
Jan
95
9% Aug 7
Locomotive.
30
92
10
vnt_
3
70% %ugl7
50% Novl2
Ice
Safet^
Dec
Dec
70
84% June
93%June
38% Feb
39% May
27»4 July
737g Dec
33
Oct 16
61
100
100
pref
100
International Corp.-100
1,1300 American
Oct 7
Febl9
54
Am La France F E
American Linseed
Do
997g May
24% July
112% May
44
no par
pref
American
Dec
...100
100
Amer Druggists Synd cate. 10
r99 American Express..
100
o't99 American Hide A Leather. 100
*•700 American
•100
102
100
9'299
57
86
101
100
nref
39%
Dec
77
Oct 2
t>ref
American Cotton OH
653s
95
48
Agricultural Chem__100
39%
53% July
4078 July
40
Mayl9
pref
8-300
Nov
25% Dec
16% Nov
32
June 8
33%
8384 June
Oct 6
957g Nov 5
a
8%
Oct 15
25
Do
Do
33% July
70
Apr
100
22.100 American Car A Foundry.. 100
200
6684 Dec
23«4 Sept
60% Dec
Jan
Do DFef
- — -100
S.oOO^merlcan Beet 8ugar
100
--"Aa' Do pref
100
199 A mer Bosch Magneto..No par
2ft99 American Can
100
oH22
Do pref.......
100.
'292
6884 June
14
Mar
50
Sept
17
Vsnnl
24%
37% Deo
4% Dec
2884 Apr
103%
377g May24
22
Augl7
56
Aug 5
6484
25% July
387g July
37% Sept23
2738 Oct 4
Feb 6
6678
16% July
Jan
8%
Oct 15
70
Febll
16
4% Feb
22% Nov
'
Aprl3
50
Jan
5
pref
60%
5584
39
9l""
"87%
Bid and asked prioes; no sales on this dsy.
!
a mer
Feb19
Feb28
Oct 4
Oct 4
Oct29
Nov 5
Oct 19
Febll
64%
1097g May
Feb21
__
31%
JunelS
4%
24% July
98% May
Dec
18
Febll
31
Deo
90
Nov
11
3% May22
7
May 24
36
70
6
9%
95
80% June23
21
Oct 4
5
Oct 4
pref
56
55%
64
6384
7%
,
9
89
891«
80
.
8%
9%
9134
23
132
834
58
637s
95s
6412
66I4
,
63%
69%
68I4
10i8
9412
8,800
73%
Do
3
Jan 5
Oct
-
126
24%
.2i2
58
66
H22
108
2234
6718
"93"
7234
12284 May
88
Jan
56% Nov
16
8,900 Allls-Chalmers Mfg
3234
82
Do
July
May
60% June
28
6,000 Allied Chera A Dye
,
58
'
|
14
25
Dec
Dec
78
or
♦84%
1275g 129l2
72i2
24
65%
25%
2734
85i4
108
10912 10912
1%
55
do
200
80
29«8
1328s
13s
92
29
1%
1*4
55U
69
86
18s
138
700
Feb
Dec
40%
9% June
31%June
25% May
57
May
Nov
40
40% July
May
104
Dec
13
May20
Z™ Adams Express
_
7
10
Feb 5
June23
5,300 AJax Rubber Tnc
j.
1,200 Alaska Gold Mines.......
0'100 Alaska Juneau Gold Mln'g.
3334
127g July
13
857g Dec
3% Mar
..—..100
pref
5284 July
Jan
Dec
9
1.900 Advance Rumely
57
"33"
35
8214
63i2
82
65
♦75
80
68l2
28i4
855s
130
21I2
56
»
58
341s
1%
55
134
Hz
5684
92i2
112
15g
57
24
.
92
n2
55
9212
1%
5714
Hz
13s
Hz
*54
34
21%
25
34%
573s
♦31%
34
♦2212
335s
36i2
5712
•
Do
23% July
Sept
6684
63
July
33
7
15
7,600 Wheeling A Lake Erie Ry.100
11%
3184
112%
Industrial & Miscellaneous
26
1018
74%
)
100% May
38% July 2
9
Feb 13
84% Junel6
14,300 gt Louis Southwestern
100
9,500
Do
pref.————100
2,900 Seaboard Air Line
100
12
3734
1334
115s
22
18% Dec
1384 Dec
75% Dec
30
40
4,600
Do
1st pref
50
4,500
Do
2d prof...
50
30,200 st Lou's-Ban Fran tr ctfs..100
pref v t c
6% July
117g July
20% May
Oct 6
2484
62%
41% May 4
100
100
24
Oct 2
Oct 4
Oct22
Nov 4
Oct 4
Oct 4
Oct 4
6%
3984 May24
94
Aug 9
May
15% July
July
Apr
5% Apr
12% Dec
Oct 2
30%
Febll
327s
Do
Oct 2
Febl3
8%
21%
800
Oct 2
3%
21% Sept 20
17%
100
100
50
Do
Feb24
8
6% Feb
2% Dec
27%
16
51% May
May
116
217
884 July29
100
400
77
3634
100
100
100
50
prior pref v t c
37i2
22i2
2358
13i8
Feb
91% Dec
172% Mar
1284
100
1234
2278
3812
1212
13%
45
July
74
2
Oct
13% May 5
40
MaylO
39
2,200
64
Jan 16
647g June
16%
100
100
.100
preferred
16,900 Pittsburgh A West Va_.
300
Do
pref...
967s 284,300 Reading.
11178 ii4I2
29%
2978
58% July
Aug 4
3138.
878
Dec
3
76%
31%
44%;
31«4 May
48
97%
Do
300
i
Dec
8
Feb 13
92% 118,700 Northern Pacific
42%
19,600 Pennsylvania
2284
18,200 pere Marquette v t c
,
Sept
19
Oct
8078
4,400 Norfolk A Western
40
63
Oct2l
25% Novl2
43,300 N Y N H A Hartford
7,800 N Y Ontario A Western
27%
Octl9
100
6,700 Nat Rys of Mex 2d pref.. 100
3,100 New Orl Tex A Mex vtc.. 100
52,000 New York Central
100
4,600 N Y Chicago A St Louis... 100
1
First preferred
-.100
57%
Feb
3584
22,200
55
July
32
4178 Marl9
17% Oct 4
26,100 Missouri Pacific trust ctfs
•
Jan
107
ctfs_..100
;
I
82
Dec
91% Nov 5
1
48
Dec
88
2284 8ept20
100
6,800 Missouri Kansas A Texas. 100
290
Do
pref
100
1
July
Aug
57
100
100 Minn St P A S
97
73
55%
Oct 4
Mar30
Sept28
Feb 9
.,
2034
Oct 4
Jan
43
Feb 13
12%
-
60
16%
18%;
j
59
June
108
17% May20
Corp..No par
100
100
100
600 Lake Erie A Western
100
700
Do
pref
100
II,500 Lehleh Valley
50
1,100 Louisville A Nashville——100
I,900 Manhattan Ry guar.
100
6,400 Minneap A St L (new)
100
104% 105
•
61
84
260% Septl5
9
Jan 3
Feb10
9%
pref..
20,400 Kansas City Southern
3,100
Do
pref
6,540
34
32% July
Dec
6684 Junel2
30
Aug 9
7
Jan 24
Pref
Do
16
34
35
Jan
68
54
1% Nov
178 Nov
3
MaylO
7
Apr30
100
100
13,400 Interboro Cons
517s
32
M
22%
Oct 5
36%
Augll
100
100
Erie
..—.—.100
Do
1st pref
100
Do
2d pref
100
Great Northern pref
100
Iron Ore properties.No par
5%
1434
23%
July
May
133
69
July 6
pref
91%
47
19%
5
76
105
62
83% June29
165
52«4 July
Dec
8484
35
Dec
487g
120.
Febll
Do
34%
Dec
Feb13
46
July
12
307g May
Nov
Feb 13
100
17% July
Dec
85
64
100
Dec
116
23%
June28
33% July
28% July
1707g July
68% May
13% July
21
91% MarlO
Jan 6
41
Mar 8
June24
Mayl9
90%
47s
14%
21%
14%
72
984
Feb 13
67
98
691a May
3% Dec
7% Jan
44% Nov 5
65
Oct 5
20
300
72
2334
1978 May24
'30% Feb 6
4584
3
Oct 4
3338
65% May
51% Dec
8ept27
17% 8ept27
14% Oct 4
62
2,000 Illinois Central
29%
110
15
70% Nov 5
100
pref
Do
800 Gulf Mob A Nor tr
53
♦76
Feb 17:
4% Jan 10
7
Feb 13
100
8,100
80%
69
4
6
39,900
6%
5778
♦82
Dec
Feb
47
57i2
126%
Jan 3
42
1,200
7%
♦341
134
47
May20;
Febl3,
110
95
11,200
j
4%!
"42"
Dec
72%
25
23%
5
71%
200
13%
13% Marl5
Janl4
16
47g
14%
51%
60
::
91
91
,5%
1478
1047g 105%
1714
18
8534
32%
11
92
mtmmm
60
61%
87
31%
19%
6%
1578
10734 10778
61
84%
47%
3634
53%
5434
108
19
22%
19%
37
1634
25
434
14%
4878
20
27%
Dec
Feb 11
29,250
16
25%
*17%
16%
25%
9178
1
92
*ir
9% Aug3L
5% Septl4j
10
June26
400
19
15-%
24%
♦18
30%
93
*90
7%
9%
3%
278
26
88%
33%
14
♦37
38% Dec
Marl5
90
Rio Grande
16,800
Do
pref
300 Duluth S S A Atlantic
6%
*6
27%
20%
6%
11
♦105
Oct 15
17
493g
40% June28
58
3,900 Denver A
""l% "T%
1%
18
1%
2S4
7
•19%
*33%
53%
54
Febl3
27%
3,200 Delaware A Hudson
.100
600 Delaware Lack A Western. 50
239
239
240
240
1
178
3%'
6%
87S
1734
1%
3%
♦8
87% Dec
2884 Dec
54
J
15% July
107
May
Oct 5
Oct 15
6% preferred..
...100
Chic St P M & Omaha....100
Do
pref
.......—.100
Clev Cln Chic & St Louis.. 100
I,600 Colorado A Southern
100
Do
1st pref
Do
2d pref
1%
278
Mar
.....
124
36%
♦5
Jan
6
12% Sept27.
100
Chicago Great Western... 100
Do pref
100
33 000 Chicago Milw & St Paul
100
24,100
Do
pref
100
12 800 Chicago & Northwestern.. 100
Do
Pref
100
38~266 Chic Rock Is! & Pac
100
3^600
7% preferred
-.100
43
62%
Mag
89
104%
10,700
13,800
27%
104
Dec
Jan
x82% Junel8
2*800
Certificates of deposit. _
56*700 Canadian Pacific
100
23*600 Chesapeake & Ohio
100
*700 Chic & East Illinois trust rects
600
Do
pref trust rects...——
8%
Deo
7678
Apr 21
100
6*600 Brooklyn Rapid Transit..-100
8%
80%
3
82
5
.100
short
per
s
share
903s Nov 5
May20
2 500
124% 12534
687s
67%
*110
prel
share
pei
72
o'cqo Atlanta Birm A Atlantic. _ 100
99
•95
Fe__100
100
Atch Topeka & Santa
877s
$
$ per share 1
76
Feb 11:
$ per
Feb13
96%June 1
10% Novl2
Ex-<llvidend.
Mar26
86
427s
84%
113
Mar
Oct
May
Dec
Feb
148% Nov
Jan
119
Feb
39%
Jan
88
Jan
Jan14
10% Nov
Mar31
15%
175
103
14378 Nov
68% Sept
107% June
84% May
298
Oct
Sept
11384 May
76% Sept
July
67% July
Apr
93
14% Mar
103
May
43% July
Jan 3
Jan 3
13%
Jan
71%
Jan
53% Mar 19
37%
Aug
76% June
Jan 2
5484
J8n
76% June
52%
Feb
30%
122
68
120%
Jan
3
14%
Apr 7
Oct
132%
Oct
89
Nov
Jan22
95
142%
44% Mar
Apr
Oct
99%
Jan27
85
Mar
98%
109%
Apr 8
Mar 9
58
Jan
117%
100
Jan
109*4 July
107
177s June 10
e Full
paid.
1930
New York Stock
Record—Continued—Page
For record of volet during the week of ttockt usually
Inactive,
BIOS AND
LOW BALE
Tuesday
Wednesday
Thursday
No*. 6
Nov. 8
Nov. 9
Nov. 10
Nov. 11
t par share
14%
$ per shore
15%
13*2
81
58
91
91%
36*4
$ per share
15
♦79
67%
38*4
13*8
81
57
$
per share
14*8
*78
13%
80
57l2
34l2
54
57*4
92
♦91
$ per share
907s
33*2
91
35
13%
14
78
78
55*4
9078
34%
33%
54%
90*4
33*2
55
90%
34%
83
85*4
10212 16114 1021s
9758 101*4
"94% 98%
•105
108
♦105
108
*105
108
♦105
108
80%
82%
807#
81*4
76*4
81*4
75%
"8%
87
•83
87
*83
87
100%
124% 126%
9978 100l8
119*4 122*2
116
*89*4
•89
91
•89
91
120
123
118
120*4
65
67
93
45
44
5H8
27%
28
•57
50
15*4
15*4
128
13214
♦62
•129"
132
•78
3%
*....
•60
•60
102*2 108*8
15*2
"
62
127"
1
3*4
6178
1
1
3*4
104% 106%
65*2
1
1
3%
3*4
6478
J
3*2
60%
5*2
103*4 10378
6*8
5*2
60%
64%
60%
91
♦90
91
93
11%
11
10%
16
17%
68*s
18
16*4
17
15*8
17
69i4
67
69*8
65
16%
66*2
24
65*2
21*8
6,'84
23i2
23*4
21%
22
68
67*2
67*2
67
6/
69
68
396#
39
40*8
91
91
13%
14
25
25%
27
27i2
32
32
57%
16*4
*—
77
8712
7i2
20
20*2
9*4
9*4
78
7978
10078 10078
36%
37i8
1135s 116
40
38*2
91
39%
91%
35%
36*4
90*2
36%
76
78*2
76*2
75*a
74
74
75
75
73
14
13*2
14*8
2478
2578
13%
23%
25%
13%
24*4
13
24*8
23%
24
26
26
25*a
30*4
30
31
30%
56*2
31*4
15
57%
16%
30*2
57%
15%
75
75
74
76
74
64
62
63
59
67*2
16
187a
63l2
♦80
81*2
7*8
20%
71*2
*80
-.7*4
20i2
7U2
7
207g
x85
79%
86
7
7*8
21*8
71*2
60%
79%
81*2
87*2
85*4
88
""9*4
"15*4 "l~6%
71*2
73
73
3712
37i8
20%
70
68%
109*2 114*4
90
90
90
90
90
32
331?
72l2
295a
70*2
35*4
12*a
19*2
60*8
31*4
28
30
72
71
72
37*4
34
36
12*2
19*4
615a
12*4
18*4
60%
12%
19%
61%
62~
64%
37
38
12*8
60%
62
62
63
92
62
67"
65
67
80
79
79
"65"
♦10
195s
20
11*2
30%
30%
98*2 100
19%
19*2
20l8
20l2
18
♦60
*84%
62
86
138
138*4
*69
73
15*4
16l8
67
67
♦77
78
46*s
*82
47l8
8512
♦26
30
*13
♦13
17%
4%
60%
58%
60*4
60
60%
♦84%
86
136*4 138
69%
69%
1478
15*4
65% 66*2
75
76%
4678
47*2
♦82*2 85
24%
24%
4%
687a
58*4
•84*2
58%
58*2
♦84%
59*/
86
87
46
40%
41
59
60%
♦
18
19
91
97*2
12*4
12*4
12%
<1" wl
-.7%
94%
12%
7%
38*4
41
17
16*8
67%
66
99
16*8
68%
102
19
87
*16
1'%
68%
68%
100*2 102
106
"155s Teu
61
63
34
35*4
62
l?i8
16%
58
59
56
"15"
Te%
74
62%
17
59
♦72
31%
6%
22
47*4
91
22%
13
13
60
61
51
"28*4
36
5%
4%
12%
♦17
46%
*87
22%
11%
60%
29%
3;
63
167a
16*4
56
58
62%
166*8100*8
r1978 20*2
6%
4%
2"d"*4
"28%
36
5*4
4*a
36*2
6*2
20
47%
~17~
;
66
15%
14%
63*2
71%
15
64%
77
44
17
16
12%
24%
16%
41%
39
42
60%
58%
18
17
60%
17%
93%
12%
7%
89
95
,
12%
12%
~38%
39%
16%
68
f-590
68
44*8
47*a
12%
59%
104
20%
♦100
105
19*?
20%
]
*95
25
85*2
Dec
102
Aug
65
41
Dec
92
May
9
5% Novl2
129
115
Dec
160
Ap r
Oct
,
10
Aug
11%
Jan
26
SeptZ*
Jan 6
10% NOVI2.
29%
12
28%
Jan28
46
Jan 3
65
•
Jan 12
17
Jan
39% July
16%
19%
Jan
85%
Al*f*
69
OU5
30*2 No^i2
Feb
16
Feb
Dec
Jan
37*2 July
54*4 May
87*2 Dec
Jan
567
Jan
86% Sept
48%
20%
64*8
FeblO
Oct
1
75% Jan 6
19% Jttncl8
104% Jan 5
108*a Jan 5
61*8 Jun 3
164% Mar29
111% Apr 8
21% Jan 3
56*2
104*2
8
Oct26
33%
74%
71%
12*2
Aug 9
Sept28
Nov 8
Novl2
22% Nov! 2
Nov
25
74
NovlO
55%
114
67% July
141% Nov
113% Not
90
Nov
68
Apr
16%
Dec
32%
Feb
Jan
3
Jan
2
37% Nov
,
July
29% July
507 July
43% Nov
56
July
44%
Jan
3
67
Jan
9
34*4
39%
09
Oct
65%
92%
Jan
5
50*4
Oct
75*4
Janl4
91*2
Dec
95%
Oct
Oct
Aug27
54
Aug
897s Aug25
937g Mar22
20% Jan 5
£78
Aug
FeblO
*76% Feb 13
73% J'ily28
6% Novl2
19*8 Novl2
116% July
Jan
Jan
40*4
May20
Mayl9
14*2 Novl2
Feb
31
41%
8
80
Feb
Feb
78*4
Junr
75
86% July
100% July
Dec
Dec
46%
Apr26
578
30*2
6SI2 Novll
98
97% June22
102%
14%
105%
Apr 9
Jan22
65*2
100%
Aprl6
10*4 Sept
15%
Aprl4
40
Jan
99
107
Jftn
9
102
Jan
7% Novll
Nov
9
30
Augll
May 24
106
Novl2
9% Mayl9
18
Oct
43%
Apr 7
87*2 Nov
103% June
Oct
110
June
Oot
Oct
1097, July
Apr29
278*2
Oct
23
Apr
Feb
100
59%
85%
_
Jan
7
Aprl4
Jan21
Aprl7
"52% "Feb
2 61
106
Jtdy
Jan
55
Der
87%
Dor
69*2 Mar
nl50
Jan «410
Jan
3
10%
Jan
28
Jan
2
23%
Dec
147
Jan
6
89
Novl2
104
Jan
3
par
60
Novl2
95
Jan
6
100
78
Novll
91%
Oc t
Jan
20%
13
May24
56% Novl2
*
91
Oct
16% May
48
July
150
Dec
Aprl5
60
,
(8%)
<"-—25
No par
par
par
9*8 NovlO
26% Jan 2
95
NovlO
..
16*2 Mar30
44% Mayl4
80
June
101% Aug
83
9
Dec
25
107%
Dec
Dec
128
Dee
July
23% July
48*4 July
15*a Novl2
48
Jan
3
38% Jan
39% Nov
16
Nov 9
36*2
Jan 5
81% Dec
64% July
Oct26
JunelO
19*2
Jan 5
15
38*4 July
3%
49
134% Mar20
173
Dec
Oct
55
Oct
77*2 Juiy23
Apr
93%
109%
"Oct
66
NovI2
temporary ctfs.No
par
14*? NOV12
Do
Do
Deb stock (6%)...100
deben stock (7%)..100
63% Novll
172
89%
42
Jan 3
957g July
Aus
Mar26
85%
Jan 0
71% Novl2
94
Apr20
..100
Goodrich Oo (B F
44
Novl2
85%
Jan
5
..100
81
Oct22
102%
Jan 3
P....100
24
Novl2
3
47*2
Dec
80
12
NovlO
Jan
5
40%
Dec
Cananea Copper.. 100
g'ann Guantanamo Sugar
ru par
iinnnGulf States Steel tr ctfs._100
i'nnn Haskel A Barker Car...No par
91and HM*dee Manufacturing...100
i'ann Houston Oil of Texas
100
o'nno Hupp Motor Car Corp.....10
19 om fndlahoma Refining....
5
*23
Aug 6
55%
49%
38*8
20%
84%
78*4
40%
110%
23*4
9%
Jan
25
Jan
3
32% Dec
68% Nov
47*i July
Do pref
•J™ Granby Cons MSA
Gray A Davis, Inc
.
inn Greene
1
Inspiration Cons Copper...20
34*4
Interaat Agricul Corp
Do
38 700
pref.
100
38 300
Oct
9
Novl2
58% Novl2
17
N0VI2
75
July 2
12% Novl2
5%f Augll
38% NovlO
1312
FeblS
65
Nov
IntCT Harvester (new)
100
Do Preferred, nets....100
rnt Mercantile Marine
.lOO
Do pref
100
In!?rnat Motor Truck.No par
97
NOV12
.
Do
1st
Do
2d pref........-..100
pref.......... 100
28,100 International Nickel (The).25
3 300
39
.100
'
26,600
16
totenwtlona! Paper
...100
150 stamped pref......100
Invlnclble OH Corp
50
rr?n Products Corp...No par
lsland_Oil A Transp ▼
Je*.el Tea. Inc.......
j.fio _oref
8
103% Augl3
V61%
27
88%
142*2
16,200
11.100
19%
1,600
135
300
105
100
100
♦93
105
300
28,200
Heanecott Copper
No par
Hfeystone Tire A Rubber...10
Lackawanna SteeL
...100
Lwtede Gai (St Louis)
100
Dee Rubber A Tire
No par
Liggett A Myers Tobacco.. 100
Do pref.
..100
T
'Pew s Incorporated
incorporated
Ex-rig^
s
Ex-dlv
and
no par
No
rights—n Par"
110%
Jan
111
Nov 9
170
Feb
Jan 3
21%
5
Oct
687g July
37% July
July
149% July
91
June
Dec
120
Jan
67% July
128*2 May
92% Feb
Apr 7
4
84
Jan 19
71
Apr 9
26%
Jan
70
Feb 16,
27% Novl2
34% Noy 9
5
N0V12
Nov 9
20% Novl2
10
N0vl2
56*2 N0V12
35
Ahg 7
18% Oct 4
130
AUg 8
99
June2l
1«% Aue2fi
value 3100.
7
20% Dec
30% Jan
30
33%
48%
91%
57*2
33%
207
Jan
82
Nov
Jan
80
July
34
Dec
66
Nov
"l5"
47*4 Jttlyl5
51*2 Jan27
7% July 9
21% Jan 9
45% Jan 10
33% June
62
91% Mar 18
797g Jan 3
105
59%
Apr 13
68% Nov 5
15*2 N0V12
55
Noyl2
87
11%
Jan
34
152%
10
Feb
Jan
48
72
38% N0V12
20%
42%
10%
Aprl5
Jan24
200
56%
Apr 9
Apr 6
Apr 8
Aprl4
Jan
17.600
...100
—
71% July
115
16%
10*4
44%
T
89%
Feb
51%
111%
8% 9ept29,
7% 9ept29
16% No712
Jfmea Bros Tea. Inc......100
Heliy-Sprtngfletd T1re_.._.25
21% 27,100 .Temporary 8% preferred 100
Jan
Feb
Novl2,
900
<juu
300
Apr
49%
Novl2
1,050
ILv,
Aug
40
13
4*2
t c..r
102
Augl7
Jan 8
July 8
Aprl9
Sept20
55
12%
J
5%
9
94%
40
I Leas than 100 shares.
Apr
Jan
200
19%
OCtPO
Feb
72
18%
July
Dec
96% Apr f
82%
1 800
87
m
Oct 4
Sept24
56*|
135
Bid and asked prioes; no sales on this
day.
h
4% Novl2
Oct
29%
37*8
5%
16%
July
Sept
83
...100
preferred
lie
48
25% Novl2'
50
pref
108
Jan
June
146
-
Jan
Oct
Dec
95
27%
19*4
15
112
90..
101%
Jan
29%
19%
5
82
*135
20
Jan
176
136
19%
114
45
107% July
101
500
136
1
2% May
Oct
Jan
Sept
65*2 Jan
.65% Jan
Jan
55
21%
12%
58*4
12%
5/%
57% Novl2
1%
26
Feb
300
87
12*4
60*a
60
Feb
Jan 5
32*2 Apr 9
96% May 0
102% Jan 3
102% Feb24
Dec
900
19 700
38%
11%
58%
61*4
110
111%
1*8
Aug20
Novl2
90
16*2
'58
21%
11%
58*2
%
3
47
72
91
22
Jan 0
100% Sept
150% Oct
111% June
145
July
119
May
144%
60
45
91
21
Jan
5
15%
44
*85
Dec
103
2
72
♦85
87
22%
100
154% JunelO
Jan 3
60
19
42%
87
102%
Jan
16*2
58*4
.iu'4
22
Aug30
Jan
61
,
7
75%
16%
20
95%
114
Au»
82
Augl2
94%
61
12
7
77% July
65% Dee
Jan
Mar
Apr 9
Jan 5
89*4 Novll
pref
17%
Mar
,
No par
Sugar
54% Nov
3
56% Novl2
4 400
*15
192% Oct
76% May
148%
Jan
79% May25
121% Novl2
22 700
"
Jan
Jan
75
Aug 9
Jan29
Jan
169%
100
200
6
Feb
64%
170%
Augl4
Jan
Debenture pref
...100
i'nnn General Electric...
100
140 onn General Motors Corp pref. 100
35%
5*4
par
inn
10%
58%
36%
5*4
92
04
100
GMton W A W. Inc...ATo
Gen Amer Tank Car.. No
General Cigar. Ine
09™
OA
55
57*2
Jan 5
Jan
60
100
...100
Ftek Rubbw
Freeport Texas Co.
99
"l3"
80% May
76
federal Mining A Smelting 100
Do pref ----100
Fteher B°dy Corp
No par
«nn
34*2
"29
91
do
oaa
36%
73*2
36
22%
12%
Do
i?nn
00
24
12%
24
97
Feb
.100
.No
7^
24
14
16
A Co
pref
Cane
CoTp
7,700 Endlcott-Johnson
iv'cnd
17'®90
26
40
58%
20%
Novl2
82
25
Jan
75*4
Novl2 n0O5
g-599
72
47
*75
61
Do
64
84
47%
12%
16%
47*2
16%
Do
inn
66
Janl7
66
85
58
4%
12%
"if
50
19%
85
121% 131%
67
16%
69
70%
98% 101%
104% 104%
15% 16%
58
61
29%
36%
5%
16%
56%
341?
5*2
4*2
1978
197s
19%
19%
158
143% 143% ♦140
♦100
12%
7%
39%
16%
60%
16%
58%
"60%
"28*4
12%
52
„w
41%
60
♦17
90
36
74
•60
59*2
35*4
71
37%
♦24
♦16*8
60*2
Apr 6
25
72
65%
36%
65
69%
60%
56%
66%
67%
74%
100
73
62
85%
♦72%
167a
67
14%
63%
♦75
25
*12
62*4
"15% *16%
58%
61
*72
59
104
♦60
82
,
7,000
1
4%
July
July
Cuban-American Sugar
10
3,400 Dome
Mines, Ltd.........10
3,800 Elk Horn Coal
18
74*2
20
102
17%
4
...100
Refining
17,700
30
19
47
26
Do
10
97%
16%
82
25
900
,
700
15%
05
..100
Jl'fOOjCosden
*90
95
4%
pref....
Products
8,300 Famous
Players Lasky No
*26
4
...100
85,500 crucible Steel of
America.. 100
90
18%
Oct
29
May24
50
Sept24
15% NovlO
111% Novl2
ContinentalCanayCorp(Vopar
44,000 Cuba
79
♦9
69
Jan
28
Do
62
30
45%
65
65
9%
89
60
*74
98
73*2
22%
♦16
63%
30
84
♦20
Do
6,400
79,200 corn
Dec
110*4 Jua»
Jan
50
par
Mg_.10
"7% ~8%
•95
17
18
47
16
63
78
46
16
20%
95% 100
127s
13
7%
7*2
40% 42
90
78
*9%
No par
7,600 Consolidated Textile
No par
900 Contlhental
Can; Inc.,
100
------
♦82
42
29*4
69
86
16*4
37
20%
90
62
5
_
7
Jat>
Jan
Feb
Jan
June29
11
100
prcf.._.
Oct
106
37% Novl2
1,900 Consolidated Cigar
No par
109
Do
pref
....100
7,200 Consolidated Gas
(N Y1..100
5.1°0 Cbns Inter-State Call
81%
85*2
69
134%
39*8
76
60%
84
69
131
16*4
42%
13*4
59
♦80
Do
314%
40
88
No par
ColumbiaGraphophone No
600
108% Ma»
Feb
9
Elec....,100
34,100
Dei
Dec
9
45% Novl2
23% Oct
.1_
...100
.*
7
Jan
Novl2
55
Petroleum.....joo
pref
95
191%
93%
5
Jan
39
.100
Plow Wks..No 7.
12,300 Chlho Copper..i
20,500 Coca Cola.
2,350 Colorado Fuel A Iron
4,400 Columbia Gas A
76
21%
♦85
133
16%
41%
61%
102
53%
14*2
*74
13
6%
19%
136%
66%
67%
14*4
15%
64*a
64*4
136*2 137*2
67*4
69
14»a
15*a
64 7s
65*2
74*2 75
12
•63
47
16
4*8
59*4
24%
66*4
36%
22%
18
4
4%
12
66
♦87
18*a
24%
♦70
♦17"
95%
17%
13
17
5*4
28
95
25*2
16*4
16*2
71
28
95*4
19*4
13
425a
♦16
1612
68
6878
1018a 1037g
36
31
17*4
24%
"42ia
106
29
95*4
16
43
99
"~9% "9%
25%
43
62*4
"9% "9%
25%
25i8
li%
♦20
"
66
16
20
4*8
697a
♦13
25i8
17l2
30
Do
May
Jan
Aug
May 20
6% Novl2
pref......
..No par
2,300 Chicago Pneumatic Tool..100
13,400 Chile Copper...
25
23*4
26%
30*4
57
15%
""7% "8%
2018
"ei% 63"
12*2
22%
25*2
77%
79%
76% 79%
101
100% 100% *100
35
36
34% 36
106
109
112%
111%
*88
89%
91
89%
28*
29*4
25%
28%
66
69
71%
68*2
25
34%
36
33%
12
12
12
12%
18%
18
19%
19%
61%
61%
56% 61%
12*4
100
73
""9% "9%
20
♦90
73
78%
76%
79%
100% 100%
35%
36
10'% 112%
13
13
7
700
May
120% Juiw
21%
59%
91%
84
6,600 Oerro de Pasco Coo
24,200 Chandler Motor Car
119
100
37
common..100
23,000 Central Leather.
July
165%
105%
61%
Oct
93
76
77%
1005a 1005s
35*2 36*4
72
22
60*2
81*2
86*2
39%
47
90*2 Aug
148% Oct
Jan
Jan
Aug
Dec
45*4
94%
27%
Jan
210
Aug
Do
Jan20
97%
Aug
Novl2
300 Case (J 1)
36%
""6*4 "9*4
20'g
•15
85%
6%
16
37%
34%
74%
,
58*
2,500 California
111%
113*2
Apr 12
283
60% Nr>v
90
846
♦89
102
103
8*2
V*4
12%
7978
♦9%
21*4
76*2
78*8
100*2 10078
35*2 3612
113*8 115*2
20l8
"00"
60*2
•80
30%
58*4
74
7%
21%
20
90*?
26*2
77
57
20%
40
36*?
79%
74*2
13%
90
_33% "n%
39
91*4
38
77*4
25*8
27*s
►
87*4
21%
Aprl4
100% Maris
Auk 9
.*..100
68
74*4
30*4
7%
♦65
77
25
1714
11%
16%
67%
15*»
65%
91
36*2
751?
71*8
13*2
24*4
•80
16
67
38*4
38
64l2
8112
88
16
66*2
21%
5%
"§%
89
39
571?
6
92%May22
2,800 Burns Bros..
....100
3,500 Butte Copper A Zinc v t c..5
1,100 Butterlck
.........100
7,000 Butte A Superior Mining.. 10
6,100 Caddo Central Oil A Ref..ion
18,500 California Packing
.No par
11*8
13%
B
Conv
Dec
Dec
73
85% May20
47% Ooi
94% JWM
89% July
109% Ju%
33% May
91
90%
8% pref. 100
3,600 Booth Fisheries......._.Vo par
100 Brooklyn Edison, Inc.....100
Brooklyn Union Gas......100
5*2
12
15
73
4%
Class
Janl9
105
No par
pref,....
cum
14
13%
12*4
16*4
77
Do
Do
11%
11%
13
92
Do
1,257
88*8
13
39
57,800
94
Mar22
93%
142%
118%
106%' Mar22
104%
Corp.*..100
61%
90
6
Steel
Janl3
50
AuglS
20
Motors
103"
I63"
.100
3,100 Bethlehem
4,COO Bethlehem
90
16
38
3%
85%
5%
16i2
•88
1
60
89
6
6*4
12*4
16*8
%
3
(The)........, 100.
Do
pref..
900 Batopllas Mining
95
90
13
6
6*4
100 Barrett Co
200
88*4
5%
11*8
89
6*4
18
6i8
126
.105
95
103% 103% ♦103
104
5
5
5's
5*8
♦90
93
62
57*4
58%
3%
60*4
62%
•90
104" 104*2
.no par
65,700 Atl Gulf A W I 83 Line. ...100
Do
pref......
..,.100
101% 106
263,800 Baldwin Locomotive Wka.100
98's
98%
200
Do
pref
100
1*8
3*8
59%
61
preferred...... 100
100
1,200 Atlantic Fruit......
*103
105
preferred
2d
Dec
Novl2
pref..
........
25
42,800 Anaconda Copper Mining. 50
1,700 Associated Dry Goods
100
U1% 119
125% 1?5% *123
63
63*4
99
1st
Do
61%
3
May 20
Do
Do
Jan
74
300
Do
pref....*,.
100
3,300 Amer Writing Paper pref..l0Q
5,300 Amer Zinc Lead A Smelt., 25
630
Dec
80
100
400
Dec
102
.100
100
Common Ci'iss B..100
Do
7,600
47%
♦60
95
64
6%
125%
63
10%
•
♦15
....100
oref
60,900 Amer Woolen of Mass....
50
*103
1
3*2
61*8
Do
20
79%
Jan 5
Mar 30
100%
Novll
94% NovlO
8,000 Amer Telephone A Teleg.. 100
...100
39
45%
pref
Aug 9
83
9,400 Amer Tobacco..
400
Do
pref (new)..
60
*45
Do
100
26
*57*?
115*4
102% 106*8
105
63
64
5*4
75%
71'4
♦23*•
58
51%
15%
126%
128
105
105U 10514
5104' 104"
6*4
48*2
24%
*
51*4
122
1
92*4
47%
49%
25%
24
39
88
No par
18,400 Amer Sumatra Tobacco...100
77%
24
6.'
12312 126*4
4
•92
50
27*2
68
52
63>4
66*4
5*3
48*4
26
200
90
58
*46%
5012
30
31% Novl2
Pref temp ctfa
37,400 American Sugar Refining.. 100
97%
10.5
40
99
10''
6314
65*2
9
72
600
40
106*4 108*4
65
43%
40
15*4
15*4
124
129*4
6078
62
109% 1117a
•105
43%
8*2
9*8
40
58
58
♦
52
44
9
978
42
♦27J2
60
62
43
44
9*8
•
60*8
f per short
52*4 Novl2
16,200 Am Steel Pdry tern ctfs.,33 1-3
99%
99%
99% 100
116% 118% til 3
117%
89%
89%
89*2
89*4
115*8 117% *111*4 115%
62
63%
65
64%
92%
92%
♦91% 93
44
41
44
441?
8*4
8%
6*2
8%
9278
♦40
50
91
118
3 per share
30%
83
88*4
74
S per share
share
Highest
11% Novl2
33%
*84
per
Lowest
70*8 Aug23
z88%
31%
87
f
Highest
100 Am Smelt Sec or pre! ser A. 100
26,000 Amor 3melting A Refining. 100
1,300
Do
pref
..100
•83
85
Lowest
55*4
105
„
EXCHANGE
52*4
*94%
Range for Previous
Year 1919
basis of 100-share lots
On
Indus. 6c Mlscell. (Con.) Par
27,000 Am Ship A Comm Corp JVo par
13%
80
95% 98%
10-.% 105%
77*8
79
997s 100*8
11"% 118%
1897a 90%
114
1157s
61*4
64
120*4
115
64
9278
93
44%
60*s
85
997s 100*8
11%
♦77
STOCK
Shares
83
83*4
100
•he
YORK
Week
12
S per share
14%
53*2
9078
36
Friday
Nov.
80
♦78
ioiu
•83
NEW
PER SHARE
Range since Jan. 1
8TOCKS
Salts
tor
Monday
•78
PER SHARE
PRICES—PER SHARE. NOT PER CENT.
Saturday
2
second page preceding.
eee
Dec
"*8"
Mar
387j Dec
24% Dec
5
68
Jan 5
Jan
Jan21
101% Dec
Apr 7
27% Nov
Jah 5
Jan 5
Oct25
38%
62%
83
Jan 6
21
195
107
Dec
Mar
July
Nov
Jan
JanlO
01
44
164
109%
Jan3l
36
110%
Dec
Oct
July
126% July
Jan
107% Nov
43
Dec
83
40
Anrl2
0 Old stock.
0
Jan
Jan
Oct
360% A««
116
Ex-dlvtdend.
July
1931
New York Stock Record—Concluded—Page 3 •
of stocks usually Inactive, see
For record of iale« during the week
third page preceding.
PER SHARE
AND LOW SALE PRICES—PER
HIGH
Saturday
Monday
Nov. 8
Nov. 9
the
Nov. 12
Week
$ per share
Shares
% pes share
$ per share
$ per share
$ per shan
shaie
S per
12%
12%
12%
113s
12U
11%
11%
11
11%
10
37
*35
37
3478
35i2
33%
35
33%
34
31%
31%
*104
115
*104
115
12
*104
132
100
*61
*57
"57"
5~7~%
87
85
85%
*80
85
79%
80
80
80
•74%
76
74
74%
74
74
73
73
*73
74
♦95%
99
87
-
181% 187%
*61
63
12U
13
6212
3678
62%
*95
21%
20
32
20%
21%
21%
33*4
57%
32%
56*4
33
57
57%
55l2
91
90%
90%
90
32
33
32
32
*70
80
*70
18%
18%
17%
18%
4,500
12%
13%
35%
12%
13%
67,900
35%
34%
35%
41,100
63
98
*96
32
54%
55
55
"32"
33
30%
53%
£51%
90
90
90
90
73
72
72*4
7H2
72
106
*102
11%
11%
93
94
11%
92%
93%
24
23
23
*45%
46%
*45
47
60
*55
00
♦103
11%
11%
10%
89
5,700
71%
Do
National Lead
200
22%
300
45%
55%
56
38
38
38
38
6,100
26
26%
131
15
3%
6%
4%
25%
25%
25%
25
118% Sept
Nov
32% July
Oct
71% Nov
71%
Jan
6
32
52%
Jan
6
40%
69%
Jan
7
64
Nov
May 4
19% Novl2
100%
Jan
6
100
Nov
Aug 5
95
30
40
Marl9
45
Sept;
87
Nov
80
Jan 3
70
Jan
102%
Jan 13
103
Dec
13
Apr 7
NOV12
89%
Jan
2
Novll
102%
Jan
7
93
09
Novl2
64
3
102
Sept,
AuglO
17%
Jan
5
81% Novl2
125
125i8 126
♦50
54
1912
50i4
23
23
22%
20
19*4
2012
23%
60%
19i8
50*8
22%
41
22%
5
91%
Jan
3
Jan
3
19% Feb
44% Mar
100
48
May20
61%
Oct 2 5
47
Jan
67
July
Nova Scotia Steel A Coal..100
36
8
Jan
46
Jan
97
June
Nunnally Co (The)
12%
77%
22%
North American Co
600
No par
21,600
4%
600
25%
1,900
Orpheum Circuit. Inc..
123
1,300
Otis Elevator
6,400
Otis
Silver
Oct *
3% NovlO
Oklahoma Prod A Ref of Am
Ontario
Nov
No par
NovlO
41%
Jan
34%
Aug IP
65
Jan
46
Jan
70%
Deb
80
58%
Dec
75% July
41
Dec
| , 18
17%
18
55
50%
50%
900
21%
22
*21
49
22
20%
20%
3,300
52
50%
48
49
2,900
40%
41
800
79%
75
79% 134,500
73%
69%
11%
72
II,300
13
6,300
8,900
Penn-Seaboard St'l vtc No par
people's GLAC (Chic).. 100
27
Aug 9
45
Oct25
11,200
Philadelphia CO (Plttsb).... 50
30%
42%
JanlO
7,600
Phillips Petroleum
No par
Pierce-Arrow M Car...No par
33
AuglO
Novl2
24
Nbv 8
41
861/
7914
8284
75%
818s
*75%
78%
77
79i2
73%
76
70
74%
14%
70
71%
14%
14l2
14
14U
41
42
40%
41
39%
39l2
39
39i8
35%
36
34»4
35i2
2578
25
28i2
'm "l4%
24
80%
1312
8412
14
34
24%
14%
13%
38
40
37
39
3 7%
39%
3 884
38%
39%
3434
38
38%
36%
38%
33%
34%
33%
34
33
33
24%
26%
24%
26%
82
751'
78%
13%
13
13%
13
13%
82%
57%
62
84
83%
83%
625s
54
61%
6"'
69%
*85
89
86%
861/
♦85%
15i8
9484
90
15i2
15%
15i2
15
96
93
94i8
91%
111
64i4
39
93U
•105
6612
3934
93%
10;
"62"
109i2 HQ's
60
39
38
93
83%
83%
5834
61%
*84
89
*85%
15%
91%
14%
IO8I4 109%
57
59
38«4
9284
89W
105
"l§"
13*4
44's
1414
133s
1334
44i8
44
44
393s
73
75
70
69i2
687s
105% 108%
56%
58
37%
38
TsS
89
90
104
106% 107%
57
59
37%
88%
38%
13%
42
41
71*2
71%
73
88%
40
80%
68
72
93
93
93
30l2
29%
30%
29
29%
29
73
69'8
7214
69
70
70%
72%
72%
1434
1484
H84
14%
14%
14%
7%
14%
19
19
*20"%
412
103
104
20
19%
20
4
103
56
59i2
83
83
{660
685
105
105
46
28i2
305s
♦84
85
85
29"»4
28i2
6434
59
2834
6I84
553s
89
♦85
7%
7
19
4%
28%
55%
/
19
4
3%
104% 108
45%
46%
26%
28%
54%
56
5378
*8512
89
27%
55%
53%
*85%
17
86
*83
86
*83
*27%
57
57
28
58%
£49%
*83%
53
50
51%
89
17%
46%
171«
9*8
95s
9%
9%
49
48
48%
46%
48%
29
2Gi2
27%
28%
27%
16%
46%
16
16
16
6434
62%
63%
12
87i2
12l2
42
42
*86%
11%
41%
41%
80
8OI4
78
79%
28
2*8
35
333s
71
'
12
27%
34%
203
206%
6/84 695s
13'2
1378
42
49%
9%
46%
48
74%
40%
6',%
68%
102% 102%
Jh
73%
75%
73%
45%
70%
46
44
45
42
44
39
69%
701/
67%
69*4
104%
104
62
5258
50
106
84%
106
868s
106%
59%
58%
5-%
59
11
12
46%
50%
47%
605s
12%
12%
49%
56%
50%
52
•105
106
*105
107
10"
105
125s
12%
•53
55
46%
40%
107*4
105
12%
11%
63
83
89%
8884
100«4 101%
46
46«4
42%
43
25%
25%
984
42%
25
42%
25
9%
58
59
50%
50%
12
26%
13%
56
60
*85
87
300
17,100
104
52%
50
50%
49%
9%
8%
58%
67
49%
60
107*4 107%
109
109
♦105
107
•105
53
53
46
107
52%
"83%
84%
106% 106%
58
50%
12
11%
82%
106
7
39%
75
32
32t4
199% 200%
61%
64%
12%
11%
41
41%
6%
0%
35% 37%
74%
70»4
84%
105% 105%
56
56%
11%
*11
11%
48%
48
50%
45*4
47%
48*4
49%
48%
46% 48%
106
107% ♦105
107% *105
103
99
98
98
97% 97%
11%
12%
11%
11%
12%
UH
53
*51
51%
50%
51%
51%
88%
88%
88%
88%
88%
88%
100
98
100%
99%
98% 98%
48%
45*4
46%
45%
46
45
46
41%
21*4
8*4
42%
41
42%
42
23
21%
22
22
42%
23%
58
J*5®
9
57
9%
48% 49*4
107% 108
♦105
♦105
„
.
106
49
8%
47
56%
47%
48
48% 48%
106% 105% *105
80%
80
80
60
60%
61%
» Bid
and asked prices; no
46%
*58%
58%
58
84
106% 106%
53
56%
10%
40%
41%
11
50%
46%
104
105
95
98
12
12%
49%
51
.
1,600
100
700
1,900
312,600
4,797
25,700
1,600
75,200
10,500
300
1,400
13.900
965
2,100
pref
United States Rubber.....
No par
Vanadium Corp..
100
Virginia-Carolina Chem
Do
...100
pref
100
Virginia Iron C A C.w
V
No par
vivaudon.
Wells Fargo Express
100
Western Union Telegraph. 100
21
21
109
106
106%
107
*100
65
100
100
ImprovemcntlOO
100
Do
1st pref
100
U S Smelting Ref A M
50
Do
pref....
50
United States Steel Corp.. 100
Do
pref
....100
Utah Copper..
-.10
Utah Securities v t c
.100
Do
U S Realty A
8,300
White Motor.
50
2,400
Wlckwire Spencer Steel
5
81,200
Willys-Overland (The).....25
9,100
Do
pref (new)
100
1,900
WllsonACo.lnc.v t c...No par
1,600
Wool worth (F W)
—100
Do
pref
100
"0,866 WortWngton P A M v t C..100
47%
*58
100
100
pref
41%
107
49%
85
68
Do
U 8 Express
28,300 U S Food Products Corp.. 100
29,600
U 8 Industrial Alcohol
100
40
7%
1,000
200
58%
58%
16% NovlO
Febl3
41
8% NovlO
40%
25
0
NovlO
12
Novl2
56
NOV12
Aug
83% Aug 12
9% Aug24
c57%
Dec
81% Dec
04% Nov
89
Nov
97% July
800
50
Mfg..50
Weetlnghouse Air Brake
Westlnghouee Elec A
Do
pref A.„
Do
nref B
...—100
...—.100
Aug 9
170
FCbll
69
Aug 9
11% Novl2
40
Sept 8
6
Apr20
95%
106
38%
66%
224%
90%
116%
90
Aug 6
Novl2
64% Novl2
101
AUg 9
49% Novll
41% Junel4
8218 Novl2
104% JiinelS
3
72%
Jan
115
June
Jan
7
June
5
97% Dec
34% Dec
120
Jan
Jan
3
Apr 14
Oct23
Jan
3
Janl3
109
Jan
Jan28
111%
05%
8%
80%
Jan
7
120% Septl7
21
June
70
Mar31
80% Jnly13
97% Novl2
119
92%
55%
Oct23
Feb
Jan
Dec
54
Mar
£88
61% Nov
79
Dee
82
Sept
May
92% May
120
July
94%
40%
Jan
Jan
45
Jan
23%
87%
05%
Jan
Jan
40% June
104% July
130% May
69% Mar29
59% June
80
Oct
32% Sept20
32
Jan
3
93
Jan
5
40
SeptSO
82%
Jan 5
sales on this day.
| Less than* 100 shares.
J Ex-rights, a Ex-dlv. and rights. *TEx-diV.
Ohio Cities Gas to present title July 1 1920, range Incl. prices]from July 1 only; range for Ohio Cities
62
92% July
115% Oct
51
110
8
Novll
NovlO
78% Nov
50
Mar
115% July
117% July
97% July
21% June
3
NOVll
58
May
50% June
139% Nov
119% July
Jan
7
Julyl9
45% Nov 9
80
Jnly20
111
Jan
47
103
32% May
7
Octl3
MayiS
3
54%
115*4
Aprl6
Aprl4
June
Jan
Feb
Dec
Feb
Dec
Dec
88%
112%
Jan
45
5
97
lOO
48%
Jan
Feb13
Nov 12
£97% Dee
90% Jan
17% Jan
109
42
Oct
119% Oct
38% Aug
91% Oct
167
May
116%
3
Oct
58% July
215
74% July
Jan
Oet23
Oct
July
Apr
73
3
45%
Jan
Feb
5
Jan
100
42%
10%
00
8
47% Mar27
74%
Jan
6
76
02% Nov
14
Jan
Jan
21
80% Aug
Jan
14
43% N0V12
40
Novl2
Feb
Apr
80%
Febl3
157
69%
143%
Aug25
10%
Jan
103%
NoVl2
70
Jan
84% Dec
37% Jan
8
7
48
37%
75
Jan
53
41% Novl2
104
May 3
Jan n345
Jan
25% Jan 3
55% Apr 7
37% Apr 0
78% Jan 5
35% N0V12
70% Novl2
38
r
63% July 7
34% JulylS
5
45%
48
Mar
30%
Jan
10,830
46
50%
Dec
***
— —
53
9714
48%
49
Aug
85
6
88igl
50
*75
Oct
29
230i4
41% Dec
46% Feb
Jan
88
47
48%
.No par
Transcontinental OH
97%
43%
7%
July
94%
74
38
102
56%'
1---
45%
82%
17
Jan
6% Mar
168% Feb
Jan 13
127
50,900
56%
106%
21%
25% Novl2
32
NovlO
"KOOO
11
12% Dfec
Apr 0
73% May22
67%
49%
100
pref
St.No par
Corp.. 100
Union Oil
No par
United Alloy Steel
No par
13,100 United Fruit
100
60,500 United Retail Stores ..No par
1,300 U 8 Cast I Pipe A Fdy
100
94
49%
106% July
74% Nov
121
July
Aug
53%
83%
Union Bag A Paper
40
55%
17% Aprl2
25%Junel8
6% Novl2
18% Oct27
3
Novl2
Transue A Williams
64%
45
80%
"83%
Octll
13%
1,500
38
102
Do
9,200
6,200
68%
50
Jan
84
145
44% Sept
40
89%
♦105
60
'Name changed from
04
123% MaylO
55%
Oct
Dec
Nov
Jan
100
106%
2,100
t
44
106
41%
Dec
71%
Jan13
Jan 2
Nov 9
69
Aug
17% May
Oot
Superior Steel Corp'n
100
Tenn Copp A C tr ctfs.No par
Texas Company (The).
25
12,200 Texas Pacific Coal A OA
10
5,200 Times
Sq Auto Supply.No par
17,500 Tobacco Products Corp...100
*92
104
86%
14%
75%
77%
209
65%
39
42
74%
08
40
3
54% Juno
26%
32%
37
Jan
93% July 7
Jan 3
124%
Jh"
no pa
1,200
26
*6%
38
94
34% Feb26
67% Novl2
91% Nov 4
20
Sept 1
June
27% July
105%
5384
9% Dec
100
Do
pref
Superior Oil
135,700
76%
7
Mar
32
25%
41%
Feb
19
n!84
76%
*6%
37%
104
Sears, Roebuck A Co..
15,000
9%
48
41%
41%
38% Novll
3
Jan 0
Nov
22%
Jan 2
46%
9
78
7
12% Novl2
Oct
~1~,906
16%
46%
25%
Dec
98%
20% Septl3
60
Apr 8
13% Mar31
16%
77
39
112
107
92% May 3
Apr!2
Oct
42%
42
107% Nov
106%
104% Nov
77%
41%
Feb
Novl2
151
42
7
Apr
08%
87
109%
7/
79
85%
9%
48%
64%
Nov
51
*42% July 7
Jan
42
44
44
16%
*12%
♦41
110
AprlS
Aug 9
92
80
15
Maris
*36
91% Jan
132% July
Jan31
43
65%
Dec
101%
42
62%
00
120
50% Novl2
Jan28
124
Sept24
105% Novl2
54
1
~
10%
*13
Saxon Motor Car Corp.No par
July
Nov
10
13
100
Savage Arms Corp
Oct
106
Mar
85
86
10%
42%
781/
52%
*84
10%
25%
...
Oct
31%
109
100
Jan
Jan
11
42
71%
...50
Pure Oil (The).*
12%
85% Mar
12% Feb
£59
Feb
Jan24
45%
10
32
91%
Apr 8
11%
204
72% 8ept23
Augl8
126%
10%
32%
Feb 13
84
NOV12
86
26%
Feb
61%
47
50% 122,700
86
*6%
30%
*52%
47
86
32
45
105% Oct
74% July
98
May
91% June24
51% Mar26
118% Apr 8
86
26
Dec
26% Novl2
50
Feb13
86
202% 205%
93
£79% Sept20
86
33%
28% May
Stromberg-Carburet...No par
Studebaker Corp (The)..-100
27%
14%
60%
26%
Jan
Stewart Warn Sp Corp.No par
59
32
98
10
Steel A Tube of Am pref... 100
26
201% 204%
09%
63%
Augl2
8
Jan 8
Jan 7
200
60
21
79
Jan
4,200
28%
15%
4H
Oot
23%
13,500
13%
13%
111
Aug 6
56%
59
25
Jan
108%
11
57
Oct
86
27%
1584
13
*6%
86
*83%
26%
51%
62%
28%
Oct
101%
74% Novll
T
59
42
42
•6i2
9
47%
99
,
42
16%
13
13
42
46%
*83
4,900
15,500
103% 105%
15%
16
64
8
87,
16%
900
3%
Jan
Nov 4
243
Aprl4
100 103
44
Nov 9
90% Jan28
45% 45%
8,600 Shell Transp A Trading...£2
23% Aug 9
26
48% Jan 5
28% 117,700 Sinclair Cons Oil Corp No par
54%, Nov 9
55
6,100 81oss-Sheff1eld Steel A Iron 100
82% Jan26
56%
100
83
Nov 6
94% Aprl9
*81%
86
Do
preferred
100
591
Mar25
{630
645
Standard OH of N J._
100 1600
AuglO {850
105
4,950
105%
Do
pref non-voting
100 100%Junel7 113% Mar25
86
27%
173g
20512
56%
54%
9i2
49^8
70
48
28%
26%
17%
204
47%
27%
56%
♦81%
73
3
3%
103% 108
59%
55%
9'4
27*2
34%
7%
28
17%
♦86
3%
69%
14%
6%
18%
4,600
72,000
Apr
38%
44% July 2
82% Jan 3
Company
San Cecilia Sugar v t c.No par
63,900
43.
08
1,100
70
28%
200
29%
73%
Jan
100
100
100
pref..
Public Serv Corp of N J
3,600
19,300
'30
Jan 6
14%
79%
32
July
May
Apr12
Feb 2
7%
18%
39%
28%
70%
95%
54%
5.
58
83%
♦81%
*81%
85%
84%
8378
*8H2
635
{634
642
{630
{640
650
660
1630
105
105
105
105%
105% 105%
105
105'8
63
56
26%
*92
19%
104% 10534
44
45%
*29 "
55i2
4
4%
105
44U
*3058 ~3~I%
7
~8%
7212
700
11,400
3,000
Dec
58
27%
10
25
Railway Steel Spring......100
Do
pref
100
Ray Consolidated Copper.. 10
Remington Typewriter v t clOO
Replogle Steel..
.No patRepublic Iron A Steel
100
Do
pref...
100
Republic Motor Truck No par
Royal Dutch Co (N Y shares).
St Joseph Lead..
10
13
104%
Apr
Dec
104%
Pullman
88%
12%
39%
76%
67%
13
140%
Dec
27%
113%
16,250
2,700
Jan
92%
Aug 2
Feb13
8,600
26,200
105
*103
105
12%
38%
75%
69%
1434
t
87
67
Aprl4
Anr 8
Punta Alegre Sugar
200
60% 60%
105% 107%
50%
57
37% 38%
Aprl4
111%
June 3
Do
Oct
116%
84
Pressed Steel Car
100
Jan
22
90
Pond Creek Coal..
7,300
70
67%
Jan
39% Nov
74
Oct
Dec
Mar
June22
46
100
4,400
30
4l2
pref
15
93
20%
Do
98
72
I
pref..
Pittsburgh Coal of Pa
90%
7U2
"
Do
14%
105
12%
38%
100
25
100
100
100
pref
Pierce Oil Corporation
86%
3014
"Y
Do
50
......
15%
7518
30i4
36%
Class B
92%
94
73'4
Feb 13
Feb 13
11% Novl2
Do
15
7312
73%
•90
71%
pan-Am Pet A Trans
91%
*60
104
93%
105
89
6~2
38
64l4
Janl3
98
15%
94l2
111
01%
37
400
84
"61%
86
To"
78
41% May 20
15,700
89
20% Novl2
100
60
800
63%
45%
100
Pacific Development
7,000
83
26
Pacific Gas A Electric
2,900
13
25%
"!§% "14"
No par
pacific Teleph A Teleg
44,600
83
24%
74%
26%
86
♦el"
14
13%
41%
83
135s
3712
38%
83*4
6134
85
77%
71%
Nov
17
Apr 14
157
18
83i2
149
Nov
May20
*51
Bottle
"
128
107
124
Steel—
11% Nov
6% Mar
Apr
28% Sept20
19
Owens
July
75
Aprl7
9%
25
....1
70% July
5% Mar
4% Nov!2
NovlO
Mining....100
6
54
s
Feb
Jan
17
126
21% July
145% Oct
61
20
*50
19%
51
Oci
July
112
13% Nov
10%
May
94%
Jan
Jan
51
131
♦125
24% July
88% June
604
Jan
Aprl2
93%
110
July
92
108% May
8% Dec
45% Feb
88
Oct
101%
48%
13%
3%
123
4% Novl2
47
125
126
43% July
75
Nov
Jan
29%
86% July 9
June28
Novll
66
Feb
106%
Mar25
40
Novll
62% July
83
July
Feb
117%
_
preferred
25
4%
Dec
21
Aug 9
NovlO
Do
13%
3%
4%
"3% "3%
3%
99
6
44
New York Dock
700
*4%
6
Jan
100
400
55
14
Oct
Jan
26
Mayl9
10
59
5
100
100
New York Air Brake
85
22%
45
384
484
rref
Do
4,700
81%
25
55
14
264
105
100 £100% May21
Nevada Consol Copper
45
484
Jan
34% NovlO
100
100
pref
4,800
55%j
35s
preferred v t c
Do
400
92
45
14
3%
May
162%
Marl3
Mont Wd<feCo Ills Corp No par
National Acme
...50
3,100
4,600
5%
49%
55
15
3*4
110
3
300
44
*14
—1.
Pref
131%
Jan
Jan
17% Novl2
100
.....100
Oct
Jan
222
Aug 9
88
Dec
137
Aug
00
104
98
56
38
100
79% May
66
July
June
130
Jan 12
107
Feb13
45%
36%
Oct29
95%
Feb13
45U
38
1
£63'
64% Mar22
151% Apr14
137% Apr 19
30% Septl3
*43%
3714
July
Jan 7
69%
83
56
j
July
115
Dec
44
69
86
*22
245
Jan
63
100
102% 103
10%
10%
84%
11
84%
38
3%
71%
11
Apr
107
National Cloak & Suit
100
Do
pref
100
Nat Conduit A Cable.No par
Nat Enam'g A Stamp's...100
*87
71%
25
36
3%
88
106
147%
Nat Anil & Chera vtc..No par
47
*102
Jan 2
Jan 8
183%
67
54
10%
92^8
15%
•14
106
89
*20
38%
38%
72%
70%
11
♦23
♦55
,
June
2,000
4%
49%
53
July
120
2,600
1,200
*65
5%
5%
5%
88
106
*102
106
5
67
66
75
78%
5%
*65
5
5314
53%
81
Feb
"32"
*3l"
32
Feb
94
110%
..100
pref
Montana Power.....
4,900
53%
88%
Dec
40%
Janl9
Aug26
Aug 9
56% Novll
79% NovlO
69% Oct
I
Miami Copper
5
Middle States OH Corp
10
Mid vale Steel & Ordnanoe.. 50
8,700
32
*31
26%
Jan 3
AuglO
148
Mexican Petroleum
Do
20%
19%
20%
30
Jan 3
70
60«
100
pref
Do
98%
20%
92
*105
*60
20%
54%
72%
300
63
32%
78%
5%
♦90
220,600
12%
5%
•70
Manatl Sugar
j.,100
May Department Stores.. 100
Dec
75%
28
98
100
1834
53%
5%
125
Do
1958
32
100
pre!
Do
$ per short
115%
Novl2
.....100
Mackay Companies
100
Do
pre!
100
I,600
160% 170
167% 172
10
31% Novl2
Aug26
3,300
73%
36%
56
5
55%
80
72
31%
54%
88%
90%
31
79%
*95
32%
56%
90%
1
900
*61%
98i2
2034
*33
1
300
57%
*98
...
S per share
102
Lorlllard (P)
500
18%
12%
19
3514
98%
*94
98%
*95
2,600
345s
19
19%
13%
12%
36%
*98
...
163% 170
166i2 17784
37%
19
13%
37%
63
*98
99
65
19%
13%
37
19
*95%
*95% 100
175% 179%
57
56%
58
*57
Lowest
S per share
100
115
*104
115
Highest
Hiohest
f per share
Par
preferred
2d
Do
131
131
140
132% *132
105
100% 100% *100
*61
63
61% 61%
64
132
132i2
100
♦104
115
*104
115
133% 135%
105 i
100% 100% *100
66
63%
63%
*61
57%
57%
57%
57%
13/% 138
basis of 100-sAars lots
Lowest
Indu9. & Miscell. (Con.)
9,900 Loft Incorporated
No par
,1,200 Loose-Wiles Biscuit tr ctls.100
11
37
Range for Previous
Year 1919
On
STOCK
YORK
EXCHANGE
Friday
Nov. 11
10
Nov.
for
Thursday
Wednesday
Tuesday
Nov. 6
NEW
PER SNA RK
Ranoe since Jan. 1
STOCKS
Sales
SHARE. NOT PER CENT.
145
Aprl4
120
Jan
Feb
Jan
98% May
117% July
Oct
112%
Dec
95
Jan27
60
Feb
93%
Janl3
88
Jan
98%
Oct
76
Jan
6
««
,T«»,n
81
Oet
110%
6
117
c Reduced to basis of'828 par.
Gas Jan. 1 to July 31, 37; May 20.5#/s Jan.a
1932
New York Stock
BONDS
y. STOCK
U.
S.
EXCHANGE
Range
Nod. 12
Bid
1st 15-30
year..1932-'47| J
4fl
D
Ask Low
High
93.72 Sale
1932-'471J
1927-'42|M
4Mb
1st L L
4Mb
2nd L L conv..l927-'42,M
3rd L L
264. 81.40 92.90
462: 84.00 94.00
88.92 Sale
j88.90
90 10!
;86.58
89.18 Sale
88.32 8786 81.10 92.86
'89 08
90.56;59e7j 85.80 95.00
4Mb
conv g
3Ms
95.28
95.501
87.20 Sale
87.00
88.70,16875, ,82.00
96.02 Sale
!96,00
1922-'23 J
conv g notes
95,28 Sale
98,02 Sale
96.02
registered
,dl930!Q
2a consol coupon......
dl930 Q
..1925 Q
is registered..
In
coupon,
Pan Canal 10-30-yr 2s
Pan Canal 10-30-yr 2s
Panama Canal 3s g
100
reg__1938 Q
1961
70
72*4
71
9912
10"%
99%
91'4
985s
9914
83
Sale
J
W
77
41
75
46
98% 100
55
89%
98
98%
99%
92%
82*4
14
78
—7
79%
86
66
78
58 F
Sale
65
76
76
78
37
.70
87*4
98%
90*4
9878
46
95%
8678
84%
9378
99
6s... 1921! A
98% Sale
do
1926: A
do
do
...1931 A
90's Sale
90M Sale
2-yr 5M» gold notes Aug 1921 F
10-year SMs...
98%
91
22
90%
986s
98*4
91
25
99
50
93%
74
92
Sale
91
101
Sale
100
1929,F
French Republic 25-yr ext 8a 1945 M
Italy (Kingoom of),8er A 0Ms'25 F
Japanese Govt—£ loan 4%s.l925 F
Second series 4Mb
1925 J
do
do
"German stamp"
Sterling loan 4s
1931 J
Lyons (City of) 15-yr 6s
1934 M
85
86
102
90
f $74*4 Sale
X 74% Sale
76
82
67%
82
58i4
84
14
18
35%
94*4
D
95
5-year 6M% notes
1921 M
20-year gold bond 5M8..1937 F.
10-year conv 5Ms_.
1929'F
N
5-year
J
J
49
*351
77
71
83
81
92*4
93%
50
50
98*4 Bale
50
911
29*4
3914
9514
103*4
265
26
48
Sale]
95%
52%
101
Sale,
101
S
46
8978
76
84
O
Paris
69
699
57*4
(City of) 5-year 6s
1921 A
Switzerland (Govt of) s f 8s
1940 J
Tokyo City 6« loan of 1912
M
O K of Gt Brit A"
Ireland—
97%
102%
75
83*4
83*4
83*4 Sale
83*4 Bale
45M Bale
35% 38
N
89%
100
920j
545
Jan'20
5H2
10
988s
337
107
39%
88% 95*4
100% 104%
99
£93
98%
99
92*8 99^
81% 90%
83
8912
89^8
8
9014
90
55
95%
95%
93
O
90
Salej
90
90
10
90%
98
85*4
94
95
23
91
90
95
9414
13
1963 M
S
15
M
M
93l2
86%
85
85
10
80
86*4
86%,
N
N
83
85
85
16
85
85
15
79%
80%
80
M
N
M
N
M
N
"92"
"95"%!
92
95%
W
N
M
N
82
M
1961
8
82% Oct '20
64*8
94%
94% Nov'20
71*4 Aug'20
90
4S...19611 J
J
4s...1962 J
J
4s_.1.1960 J
J
4Mb. 1964 J
J
4Ms. 1965 J
Highway Improv t 4Mb.. 1963 M
Highway Improv t 4Ms.. 1965 M
Virginia funded debt
S
S
2-3s..l991|J
J
5b deferred Brown Bros
ctfs
1
1
1
19
1
I
1
11 1«1« 111 1«»
11 1t
1
•
1
»
1
1
II
1
1
1
1
89
June'20
93
1
•
»
1
1
91
1
90
" "89"
91
July'20
107%
91
82% 89
89% 100%
89% 100%
71*4 81
98% Aug'19
89
Sept'20
91
93
Jan'20
99
102
May'20
100
July'20
71M Oct '20
75*4
76%
6712
75*4 Sale
....
95
95
71%
71%
76%
r---
99
107%
50
Railroad.
Arbor 1st g 4s
*1990, Q
Atchison Topeka A Santa Fe—
-Gen g 4s
..1995'A
Ann
Registered
Adjustment gold 4s
Stamped
J
O
1995 A
*1995
D
84%
72
71
J
76
77
77%
S
807g 81%
87% SlaeJ
1st gold 5s
Bait A Ohio prior
N
J
D
N
J
J
J
J!
M
Nj
C>;
78
93%....
77% 80
107% 113
72% 74
100
Po
Sale
102% Sale
76% 78
78
102%
let 50-year gold 4s
72
91
J
81% Sale
81%
*1925 Q
*1948 A
J
Registered..
10-yr conv 4Ms
*1948 Q
1933!-Refund A gen 53 Series A.
1995 J
Temporary 10-yr Gs
1929, J
Pitts June 1st gold 6s
1922 J
P June A M D1V 1st
g
D
J
J
3M81925 M
N
VaSysref 4s..l941|M
N
Southw Dlv 1st gold 3 Ms. 1925 J
Cent Ohio 1st c g 4M8..1930 M
CI Lor A W con 1st g 5s_. 1933 A
Ohio River RR 1st g 5s...1936 J
General gold 5s.
1937, A
Pitts Clev ATol 1st g 6s..1922 A
Tol AClndiv lstref 4s
A.1959! J
Buffalo R A P gen g 5s
1937, M
Consol 4Ms
1957 M
All A West 1st g 4s gu
1998, A
Clear A Mah 1st gu g 5s..1943 J
Roch A Pitts 1st gold 6s..
1921, F
Consol 1st g 6s
1922 J
Canada 8ou cons gu A 5s
1962) A
Car Clinch A Ohio 1st 30-yr 5s
38| J
70
15;
24
72«4!
5
1
89%
64%
71
77%
68%
82
82
87%
6978 80
95% 103%
68
78%
90%
92%
78
30
79%
~60~% "73"
98% 101%
Oct '20
84%
82
67
"~2
36
91
"53
91
78
85
Apr'20
73%
Feb'20
"41
60
60
73*4
257
57%
132
57%
81%
75%
76%
92%
(92
Sale
~8^~
~82~"
112
65%
Sale
76%
85
91%
88
92%
79%
72*4
80
73%
80%
99%
85
90%
9978 100
987g
87
62
77%
24
Mar'20
88
Aug'19
99% Mar'18
94*4
D
55
80
57
74% Sale
57%
74%
92%
51*4
6778
69%
79
85
85
91
91%
90%
90%
....
44*4
88%
•
-
«
«
58%
Jan'20
70%
73%
92*4
83%
73%
Apr'20
85
85
80
May'20
99
88
81
"60" "81 "
68
91
Mar'20
90% Mar'20
55% Sale
92% Sale
O
132
Oct '20
65% Sale
O
81
Jan'12
81
94
D
91
43
73
82%
A
77%
79
92
86%
J
87%
89%
83
S
60
33
103
70
D
O
82
Sale
77
N
62
71
78
J
17
71%
7178 Sale
J
O
72
79
73%
74%
70%
60*4
"ff" Sale"
S
O
82*4
67 78
62
81
J
--
69
11
104*4 100% Bept'20
1925 J
58
35
Nov'20
77%
Sept'20
79% Oct *20
12978 Aug'15
90
O
88%
85
77%
O
3Ms
374;
92
1934 A
Registered
P LE A W
S
8
M
A
86%
84%
70
M
77%
76%
7078
7078
67
88
84% Sale*
47*4
39
70
J
M
55
76%
76%
08%
S
M
1st gu gold 5s...1928 M
Bruns A W 1st gu gold 4s. 1938
Charles <fe Sav 1st
gold 78.1936
LAN coll gold 48
01952
Sav F & W 1st gold 6s
1934
76% Sale
~70~ Sale'
D
Trans Con Short L 1st 4s.
1958 J
Ala Mid
55
70% Sale
68% Sale
*1995! Nov
Cal-Ariz lst&ref 4Ms"A 1962
S FePres&Ph 1st
g5s._.1942
Atl Coast L 1st gold 4s
*1952
10-year secured 7s
1930
Gen unified 4Mb
1964
55
O
Nov
Conv gold 48
1955 J
Conv 4s Issue of 1910
1960 J
East Okla Dlv 1st
g 4s___1928 M
Rocky Mtn Dlv 1st 4s... 1965 J
52
99
88
88
74%
74%
Friday; latest bid and asked
a
Due Jan
80%
68
1926
99*4 100%
977g 100
77%
91
69%
75%
dDue April. eDue
May.
66
91
1934 J
79%
97%
__192l'J
General gold 3Me
Registered
General 4s
75
1879-1929 A
1879-1929 A
"98% IIII
73
20
60
71%
75
95
61
76
80%
82%
65%
62
70
83
17
53
67%
94%
93%
94%
93%
58
70
64
88
76
80
79%
98
86
N
A
O
F
1930 J
Cons 6s reduced to
3MS..1930 J
Debenture
5s
1930 M
North Wisconsin 1st 6s
1930 J
Superior Short L 1st 5s g.el930 M
59
1937|J
1923 M
J
W W Val Dlv lat
g 48
C I St L A C lBt g 4s
4s..1991 J
71
22
71
2
71
71
68*4
250
60%
71
68%
85
58%
69
118
85%
82
81
"61
59
90
88
81
69% Sale
65
77
76*4
83%
72%
88
88
Oct
79*4
81
72
80
79
88
74
74
68
75
68
Nov'20
56%
70
73
73
73 li
60*4
73
69
82
J
69
84
79%
80
F
O
"88" IIII
98
99
*19
Nov'16
Nov'20
82% Sept'19
88
102%
Oct'19
76*4
69%
"88" ~88"
88
Nov'19
71
64%
21%
65
"64%
65"
47
A
1935,M
N
73%
g 6a_..1921!J
Conn A Paa Rlva lat
g 4a...1943 A
Cuba RR lat 50-year 5a
g__1952|J
D
95
31% Nov'20
16
36
88*4
Nov'20
73
89
82%
74%
82
84
74
85%
75
757a
20
60%
79
95
95
2
91%
98
O
Del Lack A W^tern—
'atom
Due June. *Due
July. *Due Aug.
j
67
34
89
1929 F
Refund A Ext 4Mb
Ft W A Den C lat
81
60
F
A
64
69
1940 J
1990 Apr
4Mb...1961 A
O
103
77%
Oct '20
*1936 Q
J
62%
69*4
74% Jan
J
79
87%
98
75
Jan'20|
65
O
69
104
78
'201
61%
May'17
Mar'17
S
A
75%
58
98
69%
J
N
J
90%
82
Nov'16
69
76
Q
"
-May'18
67% June'19
103
"70% II11
J
76%
66*4
J
J
88
65
67
D
Q
76
79
73%
95
68
N
J
Registered
...*1936
ClnS A CI cons 1st
g 5s...1928
C C C A I gen
cons g 6s..1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st
pref 5s.. _dl938
Peoria A East 1st cons
4a. 1940
g 4s
....
73%
D
70
*20
75%
75%
75%
75%
67%
68% 67
68*4
102
102% 103
102
82%
79*4 Sept'20
87
84% 87
Nov'20
J
1939 J
96% 10078
76
Apr'20j
81
1993 J
99*4
9978
Feb'19
60
J
98%
95%
"
76
8778
1952 J
g
'20
Apr'20
Sept'19
97%
100
St L Dlv 1st coll
trg 4s...1990 M
Spr A Col Dlv 1st g 4s
1940 M
Jan'17
99% Oct
82
M
C Find A Ft W 1st
gu 4a g
Day A Mich 1st cons 4Ms 1931 J
Clev Cln Ch A St L
gen 4s.. 1993 J
20-year deb 4Ms
1931 J
9012
90%
99% 104
101%
Oct'16
105% Not'19
81
100
Chic T H A So East 1st
5S..1960 J
Chic A West Ind
gen g 6s_.el932 Q
*83% ~9l"%
90%
A
M
94%
98%
91%
104
96% June'20
Sale
i
94%
96
'20
90%
102%
997$
*66*4 Sale
103
"99
Mar* 19
72%
67
99
90%
Keb'20
98% Oct
100
73
A
81
70%
67
72% Sale
M
A
92
81
59%
70
87*4 Oct
1988 J
77*4
98
81%
78
89%
1988 J
75%
94
847S
88
Sale
97*4
99
Apr'19
91
....
76
lj
79%
95%
99
Apr'20
109% Apr'10
90% Oct *20
98
101%
61%
61%
99%
9378
98%
98%
80
66
5
*39
90%
Refunding gold
General 5s Series B
Cairo Dlv 1st
gold 4s
Cln W A M Dlv 1st
"53% "617s
*78 " "80 ~
July'20l
90%
102% Sale
76*4
1930 J
4Mb
2
88
"90% "of
St L Peo A N W
1st gu 5s 1948 J
Colorado A Sou lat
6778
52%
71
1933 M
Ashland Dlv 1st g 6s...1925 M
Mich Dlv lat
gold 6s...1924 J
Mil Spar A N W 1st
gu 4s. 1947 M
gu
56
32
1933 M
ManOBAN W lst3M8.1941 J
Mllw A 8 L 1st
gu 3Ms
1941 J
Mil L S A West 1st
g 6s...1921 M
Ext A Imp s f
gold 5s... 1929 F
Income 4a
Cleve Short L lat
61%
79%
65
94%
Des Plalnes Val 1st
gu 4Mb '47 M
Frem Elk A Mo V 1st
6s__1933 A
Consol 50-year 4s
Cln H A D 2d gold
61%
77%
77
"91% "94"%
1921 A
82
72
94%
1921 A
Registered
80
69*4
79%
70%
94% Sale
99% 102
1879-1929 A
1879-1929 A
4s
1934
R I Ark A Louis
lst4Ms..l934
Burl C R A N Is g 5s
1934
C R I F A N W
lstgu ^..1921
Ch Okla A G cons 5s.
1952
Keok A Des Moines
1st 5s 1923
St Paul A K C Sh L
1st 4Mb '41
Chle St P M A O cons 6s
6
10
Feb* 16
6678
Sale
68
61%
81
77
1987 M
Chic R I A
P—By gen 4s
68
93% *eb'20j
99
99% 99
68
6878 68
98*4 102
Sept* 19
80
82% 80
75% Sept'20
97%
98
....
97
80%
*62% "71%
1
94% June'20
98
58*4
91
f0*4
70%
J...1987 M
6s
50%
80%
75
6678 Sale
j?1987 Q
..1987 M
Registered
Sinking fund 5s
Registered
Debenture 5s
66
71%
68
84
1987 M
Stamped 4a
Genera) 5s stamped
Sinking fund
85%
1886-1926 F
85%
....
91
987g
78
Registered
64%
Mar'20
92%
6a..l924
4Mb
85%
52
May'19
71%
75
71%
69% Sale
1921
84
50
Mar'20
63
Chic A N'west Ex
4a...l886-*26 F
xpo-o,
♦No price
95
....
80
1932
68
50
57%
Oct *20
4MS..19341 J
Sinking fund deb 5s
Registered....
10-year secured 7s g
Mar'20
95
assura g
MUw A Nor 1st ext
Cons extended
Registered
97
107% 108
99
1
93%
93%
Mar'17
56
«1989
Wis A Minn Dlv g 5s
100%
8978 100%
88
100%
8412
94%
93% Sale
32
8
72
a2014
Fargo A Sou
8178
84
D
1967)--
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock reg._1956
New 4Mb
..1957
4M% Corporate stock...1957
3M% Corporate stock... 1954
State—4a..'.
Canal Imrpovement
Canal Improvement
Canal Improvement
Canal Improvement
Canal Improvement
90
::::
56% Sale
79
Gen'I gold 3Ms Ser B
el989
General 4Ms Series C.._el989
2
t
Nov'20
May'20<
85% Oct *20
Feb'13
97*4
J
Ind A Louisv 1st
gu 4a... 1956
Chic Ind A Sou
50-yr 4s
1956
Chic L 8 A East
1st 4M8..1969
Ch M A St P gen g 4a ser
A.C1989
4s
85
41
87*8
50
s;
gu 4a. 1949
8978
85% 485
41
20%
19%
93% Nov'20'
J »
92
*67" "82%
37
84
a.
Chic A Ind C Ry 1st
5s...1936
Registered
35
73
84
83*4
38
Sale
82
73
73
80
38
95%
89%
310
487
1965 J
If Y
dep
98
64
6
49%
40
Oct'19
79
39
1921
496
89
9078
Stamped
Chicago Great West 1st 4S..1959
Chic Ind A Louisv—Ref
Oa.1947
Refunding gold 58
1947
Refunding 4s Series C
1947
41
96
-|
42!
72*4
81%
Sale
63%
80%
Guar Tr Co ctfs of
dep
Purch money 1st coal 5S..1942
27
89% Nov'20'
89%
1934 J
95
89
88%
Chic A L Sup Dlv
g 5s
Chic A Mo Rlv Dlv 5s
Chic A P W 1st g 5s
C M A Puget 8d 1st
9412
S
72%
80%
35
72
29%
80% Sale
1st consol gold 6s
1930 A
General consol 1st
5s._.._1937 M
U S Mtg A Tr Co ctfs of
1
48*4!
"71% "72%
—
75
61%
58%
—
38%
Feb'20
J
79
89%
63%
Feb'15j
47%
37%
25-year debenture
94r,8 Balej
98*2 Sale'
S
113
34%
"77%
70
57%
Nov'20'
98
J
79
66%
458
Nov'20,
47% Sale
37% Sale
N
N
95
82%
June'19
J
General 4s...
1958 M
Chic A E 111 ref A
Imp 4s g._ 1955 J
U S Mtg A Tr Co eta of
84
88% Sept'16
A
N
' "86"%
79
'lis
75
65
J
99%
98*4
69%
72
71%
O
Gen Aref Ser A 4Mb
____a2014
Gen ref conv Ser B 5s
City Securities.
City—4Mb Corp stock. 1960 M
4Mb Corporate stock.... 1964 M
4Mb Corporate stock
1966 A
4Mb Corporate stock July
69
OA
100%
78%
73
95*4
88%
N Y
4Mb Corporate stock
4Mb Corporate stock
N
S
.1927 M
6
2
80
957g
86%
89
A
..pJ922 F
67
72
J
Alton RR ref g 3S..1949 A
Railuay 1st lien 3Ms
1950 J
Chic B A Q—Denver Dlv
4s. 1922 F
Illinois Dlv 3 Ms
1949 J
dep
71%
J
1925 J
8714 Bale
O
Zurich (City of) s f 8s
1945 A
O
f2 Best are prices on the basis
o/,$5fo£
J
J
Convertible 4M?
Permanent 4s.......
61
A
Sale
65
84
85
76%
87%
96%
85
88%
63*4 July'20
82*4 May'19
78% Dec'19
Sale
58% 61%
78% Sale
61% Sale
71
72*4
71% Sale
81% Bale
65% Sale
48
987g
8712
89%
481
71%
Chic A
92%
'20
57*4 Sale)
J
N
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899
Q
Gold debt 4s of 1904
1954 J
96
99
7518
Oct
74%
74%
85
D
D
92%
78
65
79%
7912 Oct '20
8
1989 J
Sept'20
977» Sale
98
97*4
80%
100% Jan'18
84%
86
85% 85%
92% 95
92%
93%
78% June'20
"76% Sale" 76%
77%
68
86
76%
Mar'17
74
Sale
73%
76
A
80*4
79*8
98%
99
O
Nebraska Extension 4s... 1927 W
Safe"
7812
97
F
Illinois Dlv 48
1949 J
Joint bonds
Bee Great North
es
F
1949 F
May'18
97% June'17
79
N
Greenbrier Ry 1st gu g 4a. 1940 M
Warm Springs V 1st g 5s. 1941 M
Registered....
90
A
74
32
76lg
74% May* 19
90
S
50
94
83
N
99
88
83
9978
98%
J
M
95%
75%
10
85
1939 M
98%
297
85
20
83
1992 M
41
A
4278
99
75
High
'
89
99%
J
.
96% 101
275i
84
%
98%
75*4
68
161
92
83
41 >8 Sale
98% Sale
76*8 Sale
X
A
do
State and
89%
87%
867S
—
5
91% Sale
98*8 Sale
N
5Mb
79%
72
99*«
89
J
J
Coal River Ry 1st gu 4a__1945 J
Craig Valley 1st g 5s
1940 J
Potta Creek Br 1st 4s
1946 J
R A A Dlv 1st con
g 4a
1989 J
'151
9912 Sale
99 h Sale
N
g
Feb
Sale
—
|
817g 827g
99% Sale
S
2d consol gold 4s
1945 M
Dominion of Canada
100
87
93*4 Nov'20'
J
51987 Q
Registered
1992
20-year convertible 4Ms_. 1930
30-year conv secured 5s__1946
Big Sandy 1st 4s
1944
No. Low
High
86
75
N
1987 J
Registered..
106%
106M
Since
85
General gold 4Mb
July'18
79M Apr '20'
871
Mar'20
*41
Jan 1925
DominicanRepConeAdmefSs
104
80
....
oordeaux tClty of) lo-yr 68-1934 M
Chinese (Hukuang Ry) 58 of 1911 J
External loan 4Mb..
105
99
Foreign Government.
Argentine Internal 6s ot 1909
'M
Belgium 25-yr ext s f7M 8 g. 1945 J
l-year 6% notes
Jan 1921!
Chrletlania (City) s f 8s
1945
Copeunagen 25-yr e f 6Mi8._1944
Cuba—External debt 5s of 1904.
Exter dt of 5s 1914 ser A—49
July'20!
105M Sept'20j
98U Mar'19
J
J
Am Dock A Imp gu 5a... 1921 J
J00l2 101
Ask Low
60
82
J
Chesa A O fund A
lmpt 5s..1929 J
1st conao! gold 5s..•
1939 M
101%
105
1926 Q
Registered.....
1961
Philippine Islands 4b—1914-'34
O-year 6% notes
Berne (City of) s i 8b
100
Range
Jan. 1
92%
86% Sale
D
N Y A Long Br gen
g 4a._1941 M
93.00
96.40 6980 94.70 99.40
96.40 4069 94.64 99.40
July'20
Week's
Ra nge or
Last Sale
12
89
Mac A Nor Dlv let
g 5s_. 1946 J
Mid Ga A Atl Dlv 5s
1947 J
Mobile Dlv 1st g 5a
1946 J
Cent RR A B of Ga coll
g 5s. 1937 M
6:186.00101.10
IOOI2 June'20
*193«lQ
A
N
10-yr emp aecur 6s June. 192a
Chatt Dlv pur money g 4a 1951 J
Registered
1932-'47! J
j
1922-'23;J
notes
Price
Bid
Cent of N J gen gold 5s
bonds.
Friday
Central of Ga 1st gold
5a...pl945 F
Conao gold 5a
...1945 M
83.00 93.48
10l
1933-'38.A
4th L L
Victory Liberty Loan
conv
89.18
and defaulted,
Nod.
—
86.80 Sale
1928JM
interest"—except for income
High
3978; 89.10 100.40
88.08
1932-'47
conv
Fourth Liberty Loan
4Ms * 1st L L 2nd conv
28 consol
95.20
88.70 89.00 88.80
86,98 Sale ,86.60
Third Liberty Loan
4MB
93.70
1
No. Low
are now—"and
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 12
Since
Jan
;
2nd L L
4tf8
Range
or
Last Sale
Liberty Loan
3Mfl
and prices
Week's
Friday
12
Government.
Second Liberty Loan
4a
1st L L conv
*
was
Pries
Week ending Nov.
First
Exchange—BOND Record, Friday, Weekly and Yearly
of gating bonds
changed
Jan. 1 1909 Hhe Exchange method,
^
82
Sale
6
63
71%
72
72
8
63
73
6*84
7014
fiO%
69%
1
63
72%
fDue Oct. pDue Nov. oDue Dec.
s
Option sale«
1933
New York BOND Record —Continued—Page 2
Week's
Price
BONDS
EXCHANGE
Week ending Nov. 12
Nov. 12
<5
Range or
99%
1923
Term & Improv 4a
Warren 1st ref gu g
911?
1923
Construction 5s
High
No.
5
99*2
9934
90%
<
92%
90
94
1922 J
Leh V Term Rylst gu g
102*8
Feb'08
9534
9578
9434
9678
79
80
67
86*2
Registered
86
73
87%
1st int reduced to 4s
Registered
20-year conv 5s
1935 A
1930 J
1946 A
O
85% Sale
85*2
D
104*2 Sale
1035s
10-year secured 7s
Alb A Susq conv 3Ha
Benss A Saratoga 1st 7s__1921
5834
68
70*4
62Ts
727g
73%
74*2
74*2
63
Ferry gold 4J^s
53*4
38
Gold
4s
Oct'20
39
54
Unified gold 4s
70*8
75
1955 F
A
50
D
♦50*8
70*4
Trust Co certlfs of deposit
Sale
1940 J
J
J
61*4
12
67*8
6784
67*4 Nov'20
58
54
5434
48
56
Dec'16
68
82
D
N
"77"
7/®4
25*2 July* 16
77
78
69
J
92*2
....
93*8 June'20
9278
O
89*4
93*8
90*8
Dul Missabe A Nor gen 5s
1941
1937
Dui A Iron Range 1st 5s
Oct'20
87*2
86
l05i2 Mar'08
78*8 Nov'20
O
1937
Registered
79
5s__1941
96
92
Oct'20
84
Erie 1st consol gold 7s
1920
N Y A Erie 1st ext g 4s... 1947
S
99
99*2
97
Oct'20
93*2
99%
N
80
Jau'20
80
80
91*2 Sept'20
91%
92
93
93
96
47
58%
65
72%
59%
68%
60
74
__
Registered
57*2
Oct'20
46
48*2
73
J
A
72*8
4s Ser A. .1953
O
4178 Sale
1953
O
42
Sale
42
72*2
45
4378
4s Series D...1953
0
48
Sale
48
Chic A Erie 1st gold 5s___1982
Cleve A Mahon Vail g 5s__1938
N
Registered
do
Gen
conv
Series B
conv
80
83
85*8'
85
1955
Genesee River 1st
1957
J
1935 A
Coal A RR 1st cur gu 6s.. 1922 M
Dock A Impt 1st ext 5s
1943 J
N Y A Green L gu g 5s
1946
N Y Susq A W 1st ref 5S..1937
2d gold 4Ha
General gold 5s
23
18
30
5078
74
34
78
83
10678 Jan'17
8684 Nov'20
12
66*2
47
46*2
5334
85
78%
"90"
417S
82%
J
86
86
103
88
N
Feb'20
74
82
85
57
60
61
100*4
40
Oct'20
62
Dec'06
A
1937
1940
A
5278 Sale
52
Terminal 1st gold 5s... 1943
Mid of N J 1st ext 5s
1940
N
78
97
O
73
72
Wilk A East 1st gu g 5s. .1942
Ev A Ind 1st cons gu g 6s..1926
Evansv A T H 1st cons 68..1921
D
53
70
60
Sept'20
94
23%
87*4
1st general gold 5s
1942
Mt Vernon 1st gold 6s... 1923
Bull Co Branch 1st g 5s.. 1930
O
"36 "
15
Florida E Coast 1st 4Ha..
J
J
A
A
45
108
o
41
95
77«g
7778
96
9678
96*4
Sale
80
82
96
84*2
84*4
64
84*4
103
"81*8 III I
"82 *
Sept'20
78
99*2
97
Feb'20
97
J
.1938 J
102*2
102*2
136*4 May'06
*101
93*4
91*4
cons g
J
Feb
Feb
J
5s_.61952 J
43^8.1999 J
-
_
.
*
1955
Registered
Extended 1st gold
82
82
71*2
84
«71
62'4 June'20
75
69
Sale
69
Oct'20
68
60
Nov'20
.54
60
e0'4
69
65%
102
61%
58*4
65
73*4
69*2
70
68*4
75
70%
88%
69*2
74
76*4
Leh Val N Y 1st gu g
Registered
•
No price Friday:
53*2 Sale
76*4
76*4
54%
75
74*4 Sale
72*2
74%
82%
Oct'20
Sale
72
70
.
A
4Hs._1940 J
1940 J
55
83
and asked this
72
86
Aug'19
83% Nov'20
83*2
78
90
week,
75
75
75
1
68*4
75
44%
4578
16
35%
4884
79
81%
70*2
82%
90%
88
91
....
5s..1942
68%
87«4
1
165
74%
93
75
78
497g
59
"98
A
M
M
26
827g
F
C..1926 M
General 4s
...1975 M
Missouri Pac 40-year 4s
1945 M
3d 7s extended at 4%
1938 M
Cent BrU P 1st g 4s
1948 J
Pac R of Mo 1st ext g 4s.. 1938 F
2d extended gold 6s
1938 J
St L Ir M A S gen con g 5s 1931 A
Gen con stamp gu g 5s..1931 A
Unified A ref gold 48...1929 J
Registered....
...1929 J
Riv A G Div 1st g 4S...1933 Ml
Verdi V I A W 1st g 5s. ..1926 IYI
Mob A Ohio new gold 6s_
1927 J
Jst ext gold 6s
hl927 Q
General gold 4s.
..1938 M
Montgomery Div 1st g 5s. 1947 F
St Louis Div 5s..
...1927 J
St L A Cairo guar g 4s.. 1931 J
Nashv Chatt A St L 1st 5S..1928 A
Jasper Branch 1st g 6s...1923 J
Nat Rys of Mex pr lien 4 ^•8.1957 J
Guaranteed general 4s
1977 A
Nat of Mex prior Hen 4^8.1926 J
1st A refunding 5s Ser
11951 A
NO A N'East ref A Imp 4%sA.'52
New Orleans Term 1st 4s... 1953 j"
N O Tex A Mexico 1st 6s
1925 J
1st consol 4s
income 5s A....1935 A
72
84
67
40*8
32*4
32*4
5:
5678
5078
10
60*2
Oct'20
25
60*2
60*2
4578
Oct'20
23%
48%
46
Oct'20
24
50
37
23
Feb'20
23
23
50
59
Oct'20
28
53
"59~"
55
55
55
Sept'20
Oct'20
45
~25~%
M
55
Sale
56
56
33*2
60
72
Sale
70*2
72*2
48%
72*2
62%
37
50
81%
83
90%
91%
62%
29*2
40
2
74*8
83*2
7
84
91%
2
74%
89%
Dec'16
37
20
Oct'20
51
28%
Oct'20
83
83
8934
91
84*2
86%
85*2
55% Sale
56
57*2
58
71
.
Oet'l S
Oct'20
72
71
61%
...
68-
51
7634
76*4
97*2
79*2
8734
8784
88*2
July'14
72
73%
807«
Oct'17
6978 Sale
697s
7078
82*2
90
87
102
99
99
....
92%
Sept'20
QQ
20
91%
64*2
64*2
68%
77*2
80*2
39i
76
19
63%
72'4
..J
80
14
91
i
76
75%
£4
Sale
98
99
*27
77
9384
35
30
40
64*2
77*2
75
80%
68
77
84
9784
"l7~% "30"
26
13
23
Nov'20
25
40%
15
16
Oct'20!----
20
28
95%
5178
76ia
17
94
110% Mar'17
27
28*2
87
1027,
86*4
Oct'20
Oct'20
76
95%
66
Mar'20
74%
87
..J
Oct'20
64*2
72%
7934
76*2
80
AUg'20
87%
~72~" Safe"
72
70
76*4
82%
102
60
59%
106
June'19
76
15
"76"" III!
62*2
93
64*2
9334
Sale
58
91% Sale
102
(,
Sale
1997
1997
J
67% Sale
1934
M
79
..1934
IV!
A
55
56
J
Jan'20
76
7678
6
76
80
65
65
2
5678
67
5
90«4
96
61
41%
64
86
9334
93%
9334
£8
62
91%
93%
176
103%
169
102
100% 103%
63
72«4
23
69*8
71
7878 Sale
78%
82%
16
69%
82%
*69% Sale
68%
70
42
61%
70*2
67%
67*2
10
57%
67 *2
79
80
37
69
82%
66%
76%
65
65
55
60
52%
60
69*8
Sale!
!
Sale
J
74
66% June'20
65
Aug'20
F
6284 Sale
6284
1998
F
56
64
J^ch Cent coll gold 3HS--199S
F
61%
64
58
Aug'20
58
58
F
56
45
49
Feb'20
49
49*2
Nov'20
81
82%
73
73
Registered
1942
1998
30-year deb 4s...*.
\ Lake Shore coll g 3^s
\ Registered
1998
Registered
2d guar gold
\
1989
1936
J
J
81
J
*80
J
75
Registered
Cart A Ad 1st
g Due June,
79%
—1936
Beech Creek 1st gu g 48..
Ki A A O R
b Due Feb
35%
30%
45
F
Gouv A Oswe:
Sept'19
46*2
17
63
M
Beech Cr Ext
87*4
""4
40*2
1930
72
"79""
46*2
27%
40*8
1998
2013
Battle CfWStur 1st gu 3s.
76%
23%
Nov'20
42
F
F
/Registered
"e"3"*4 "78 "
63%
61
M
deb 68.1935
92%
52%
135;
39%
38
O
5S..1943
Registered
85
88*8
63*2
3878
~
50*8
Dec'16
61%
59
Ser A..1965
A refunding 5s Ser Bo.1923
Debenture gold 4s
2
90*2
39%
(reorg Co)—
conv
...
Nov'19
95
*56
\
65
a Due Jan.
40
61% Sale
1936
Cent A Hud Riv
Mortgage 3Ha
Oct'09
74
81
I960
5s...1937
latest bid
53%
78
74
15,
Aug'19
74%
Oct'20
8784
2
70
New York
Nov'17
..
-
*
'
69%
....
56
49%
44% Sale
79
Sale
D
1st
84*4
74%
49*8
42
Nov'20
54
32%
Ref A imp 4Ha "A
88
77%
7584
347g
19
49%
37*2
Texas A Okla 1st gu g
93
8484
69% Sept'20
65%
45%'
52%
10-year coll tr 7s
84
84*2
Oct'20
43
50
Consol 4s Series A
88
65
1950 A
1st 4s
Nov'10
Sept'20
Oct'20
65% July'18
84*2 Sale
97%
75
..—
47%
7134
1944
2004
NY Cent RR
87
63
95
91
88*8
Non-cum
88
87
99
95
Sept'20
8878
Sher Sh A So 1st gu g
117% May'10
73
Mar'19
.
2d gold 5s
1941
North Ohio 1st guar g 5s..1945
65
June'16
92
4s..1931
Ind HI A Iowa 1st g 4s
1950
lot A Great Nor 1st g ext 7s 1922
James Frank A Clear 1st. 4s 1959
Kansas City Sou 1st gold 38.1950
Kansas City Term
61%
Oct'20
58%
Nov'16
79% May. 19
8t Louis Sou 1st gu g
Lake Erie A West 1st g
53
80%
76
"90"
"52" ~62_"
Oct'20
80
65*2
1951
Apr 1950
Oct'20
June'16
58*2 Sept'20
62
"67 "
Memph Dlv 1st g 4s...1951
Ref A impt 5s
83
77
97
Chic 8t L A N O gold 5s..
Registered
63
93%
80
90%
65*2
.1932
1951
Registered
1951
Gold 3^8
1951
Joint 1st ref 5s Series A. 1963
74
63
Q9
65
59%
70*2
57%
7478
62%
July'20
59
Carb A Shaw 1st gold 4s.
Registered
"62%
"65" *78%
76%
Oct'20
65
75
1923
62
72%
95% Sept'12
"9l" Safe"
1951
1951
1951
Bellev A Car 1st 6s
*
63
69
1951
1951
^-Registered
71
Sale
67*4
1951
Western Lines 1st g 4s
62%
"72""
--
"75*4 Safe"
1934
1950
Litchfield Dlv 1st gold 3s. 1951
Louisv Div A Term g 3Ms. 1953
Middle Div reg 5s
1921
Omaha Div 1st gold 3s... 1951
3 Ha
63%
"80"~ July"09
15-year secured 5Ha
Cairo Bridge gold 4s
g
83%
Nov'15
....
69*2
1953
Registered
83
79*8
Nov'20
*67*2
1952
8t Louis Div A Term g 3a.
Gold 3 Ha
78
89
♦67*2
1952
Registered
5934
Sept'17
1951
Registered
7
Nov 20
83
85
Mar'20!
51
1st A refunding 5s
Apr'19
Sale
July'20!
88%
Missouri Pacific
65%
7784
Oct'18
"69*8 "71*2
1st refunding 4a
1955
Purchased lines 3 Ha
1952
L N O A Texas gold 4a... 1953
Bprfngf Dlv 1st
73*2
76*4
1951
Registered
Collateral trust gold 4s
75
92
1951
1st gold 3s sterling
75
83
J
3H8...1951
Registered
7634
7
58*2
-
-
...1951
1951
Registered....
73
13
75*8
68%
1951
1st gold 3Ha
55
Oct'20
Oct'20
6684
70*8
Sale
Nov'10
99
91
43
5S..1942 M
MKATofT 1st, gu g 5S. 1942 J
91%
6578
75
int gu. 26
4s..1990
5s
1942
70
95
99
88
g
85*8
61
Mar'lOl
77
83
1st
96
76*2
1
67
67
75
.1916
93%
N
™
M K A Okla 1st, guar
94"
91%
10*4
*69*8 III I
1948
Houston Belt A Term 1st 58.1937
Illinois Central 1st gold 4s. 1951
*85 "
Apr'20
65% Sept'20
Sale
67
87
"ext
98
Oct'20i
1941
MoK AE 1st gu g
Oct'20
73
85%
98
1938
Kan City A Pac
91*8
934
96
85%
Dall A Waco 1st gu g 5s.. 1940 F
73*2 June'18
1999
_
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
9*2
90%
69,
5s
89
Feb'05j
Sept'20;
Oct'20
Oct'20
99%
88
5
May'16'
92%
5% secured notes
9034
63
88*8
9778
99%
Trust Co certfs of deposit... A
St Louis Div 1st ref g 4S..2001
96*4 106%
_
93
70
95
82*2.
88*8
I
75
72
98
Nov'20:
67*2
68
80*2
J™
63%
7934
88
79*2
"87*4 "95"
„
10l"% 104'
Oct'20
88
96% 100
45% 54
60% 76
Aug'20
75
90
O
Trust Co certfs of dep
82
99
D
104
73*2
96
Gen sinking fund 4Ha
83"
82
1937 J
Registered
-
Sept'19
Mar'20
76
1937 J
Nov'19
...,
68
1927
1st A refunding 4s
"76"% 83*4
Nov'20
.
95%
...
96%
67% Sale
1st ext gold
99
92
78l2
1st guar gold 5s
Will A S F 1st gold 5s.
Hocking Val 1st
83*4
71
Registered
Bay A W deb ctfs "A"
Debenture ctfs "B"
99
83
98*2
102*2
73*2
2d gold 4s
01990
Trust Co certfs of deposit...
88%
96*2 105%
72*8
O
1937 J
Gulf A S I 1st ref A t g
70
90*2
81*4
52*4
73*2
87%
M
Mississippi Central 1st 5s._.1949
Mo Kan A Tex—1st gold 48.1990
"81%
Sept'20
80
1stg4s_.1948 A
Uniorf 1st g 6s_
1922 J
reen
96*4
85*2
129*2 May'16
1940 J
Mont C 1st gu g 6s
21
96%
89
Oct'20
88
8934
1937 J
Pacific ext guar 4s £
92%
40
84*4
99
ggia
51
73*2 Sale
_
99
81%
M 8 S M A A 1st g 4s
750
Jan'lo¬
79*2
1st Chic Term s f 4s
June'16
103
102*4
88*s
EMinn Nor Div
^
109
....
4^8.1933 J
Registered
83
*76 "
1st cons 5s
Dec'19
Sale
81
1933 J
1933 J
_80" "
"51% 56*8
_
Registered
1933 J
Mont ext 1st gold 4s...1937 J
Minn
76
96
96
1933 J
Reduced to gold
"
67
7378
Aug'20
100
99*8 Sale
51%
1921
...1934
1st A refunding gold 4s...1949
Ref A ext 50-yr 5s Ser A.. 1962
Des M A Ft D 1st gu 4S..1935
Iowa Central 1st gold 5s..1938
Refinding gold 4s
1951
MStPASSMcong4sintgu.l938
Aug'10
51%
96*4 Sale
O
1961
Registered
7778
92
....
57*4
1st A ref 4^s Series A.... 1961
1st consol g 6s
83
65
A1921
Registered
02
103
100
1st consol gold 5s
June'12
D
Galv Hous A Hend 1st 5s... 1933
Great Nor C B A Q coll 4S..1921
81*4
67
Sept'20
o
1959
St Paul M A Man 4s
Oct'20
67
70*2
100
Feb'20
Pacific Ext 1st gold 6s
48" "60"
Jan'17
Nov'11
Fort St U D Co 1st g 4HS..1941
Ft Worth A Rio Gr 1st g 4s. 1928
Registered
90
Oct'20
100
75*8
.1955
Minn St Louis 1st 7s
90
100*4
4s..1977
Stamped guaranteed
1977
Midland Term—1st s f g 58.1925
55
105
85
Q9
Mex Internat 1st cons g
Nov'19
...
53
91
99
99
Manila RR—Sou lines 4s... 1936
Dec'18
85
84
20
104*4
10334
_
4S..1952
Registered
hi 952
N Fla A 8 1st gu g 5s
1937
N A C Bdge gen gu g 4*^8.1945
Pensac A Atl 1st gu g 6s..1921
SAN Ala cons gu g 5s
1936
Gen cons gu 50-year 58.1963
La A Jeff Bdge Co gug4s...l945
91
45
82%
81*2 Sept'19
Oct'20
86% Sept* 20
L A N-South M Joint
Jan'18
J
91
Sale
75
91% 94
87% 100
72
84*2
90
87%
LANAMAM lstg4Ha 1945
86
79
81%
62*2
88
Safe"
104
1980
5s__1946
6s__1931
72*8
May'20
"88% "92"
Kentucky Central gold 4s. 1987
Lex A East 1st 50-yr 5s gu 1965
Jan'18
91
...
N
M
J
Atl Knox A Nor 1st g
Hender Bdge 1st s f g
71
88
81*2
*87" ~89~"
90% June'19
94
w
M
"7934
72%
92
J™
50
38
"4
Dec'19
"92*"
70
2d gold 3s
Atl Knox A Cln Dlv 4s
108*2 Sept'19
96*8
O
Long Dock consol g 6s
"94
67%
30*8
8884
Erie A Jersey 1st s f 6s
f 6s
81»4
78*2
J
1
8
72*2
75
86
77
2d gold 6s..
j
1930
Paducah A Mem Div 4S..1946
June'16
1996
Penn coll trust gold 4s. .1951
Nov'20
*86
St Louis Div 1st gold 6s._1921
83
58
58*2
463s Sale
J
1st consol gen lien g 4s. 1996
57
58
58
J
1996
June'20
72
Jan'11
87
~87~~ "88%
6S..1930
1937
5s
67
95
1949
con g
Registered
98*2 Aug'19
S
92*4
"61% "73%
Nov'20
70*2
Collateral trust gold 5s
9434 Nov'15
D
72%
91
Oct'06
99%
65%
,
79
64*2
72% Nov'20
58%
O
J
91
77
Oct'20
Oct'20
66
60
90
S
1923
1920
5th ext gold 4s.
1928
N Y L E A W 1st g fd 7S..1920
Erie 1st cons g 4s prior.
1996
95*2
7978
"65%
..1940
1940
1931
10-year secured 7s
..1930
L Cln A Lex gold 4Ha
1931
NOAM 1st gold 6s
1930
92
4th ext gold 5s
92
Unified gold 4s
'77*2 "79" "
78
90
3rd ext gold 4Hb
May'20
72*2
70%
Gold
J
g
79
7434
67
Louisville A Nashv gen
N
Dul Sou Shore A Atl g 5s... 1937
92
86
70
Registered
80
D
J
73
84%
67
58.1935
N Y A R B 1st gold 5s
1927
Nor Sh B 1st con g gu 5s.ol932
Louisiana A Ark 1st g 5s
1927
1995
4s
73
Oct'20
"73"
74
N YB A M B 1st
Det Riv Tun Ter Tun 4Hs__1961
Det A Mack—1st lien g 4S..1995
Jan" 20
90
87%
66
68%
54*2
63
O
Mtge A coll trust 4s A..1949 A
98%
1934
20-year p m deb 5s
July* 17
54
J
Rio Gr West 1st gold 4S..1939 J
91*4
..1937
Debenture gold 5s
Apr* 11
34
103
92
Guar refunding gold 4s.._1949
70*s July'20
8
1940 J
1
Oct'13
82
1949
1st A refunding 5s
71
44
91*4
91*4
86% 100%
1932
52
D
98%
9784
93*2
....
1922
50
74%
56
1928 J
95
1945
67*4
Improvement gold 5a
83
89%
'20 ...J
Mar'12
Oct
77
1945
Registered
70*4
J
73%
69
105
Long Isld 1st cons gold 5s..h 1931
1st consol gold 4s
:
hl931
General gold 4s
;
1938
65%
J
1936 J
Rio Gr Sou 1st gold 4s
Guaranteed
Leh A N Y 1st guar g 4s
72%
65
100*4 100*4
65% Sale
63
69*2
4s. 1936 J
Rio Gr June 1st gu 5s.1939 J
997g 105
'20
100*4 July'20
9978 104
Consol gold 4^s
cons g
105
___
68*2 Oct
71*2
O
N
M
60
113
91%
1933
Hioh
Low
21
23,
98*4 Sale
Leh Val Coal Co 1st gu g 5s.
No.
72
8178
93
*92
1941
High
7134
80%
*93
1933
Sale
79
50-year
Ask Low
1933
9584
.
N
Elgin Jollet A East 1st
2003
Leh Val RR 10-yr coll 6a..nl928
4Ha
1943 M
Gold
Since
Jan. 1
717g Sale
80% 81
M
5s..1941 A
General cons 4Ha
Range
Range or
Last Sale
Bid
9734
90*8
let A ref 4s
DenARGr—1st
12
Lehigh Val (Pa) cons g 48..2003 M
987g 100*8
Delaware A Hudson—
1st lien equip g
Nov.
High
Low
Wee t'i
Friday
Nov. 12
EXCHANGE
Week ending
90*8
63
3Hs__2000
Jan. 1
99*2
92*2 May'20
Ask Low
Bid
Delaware Lack A West—Concl.
N Y Lack A W 1st 6s
1921
N. Y. STOCK
Since
Last Sale
Price
BONDS
Range
1?
Friday
ST. Y. STOCK
1st eu v 6s
Sale
65
52% May'20
64
64
82
54
00
9534 Nov'16
104
May* 16
57
67
73
June'20,
82%
85L
h Due July, n Due Sept. 0 Due Oct. * Option
sale.
1934
New York BOND
BONDS
N,
PHC4
Friday
Nov. 12
Y. STOCK EXCHANGE
Week ending Nov. 12
N T Cent <fc H R KR
(Con)—
lake Shore gold 3 Ms
Week's
Last Sale
Bid
.1997 J
Ask Low
eo
1997 J
Debenture goldf 4s
26-yeax gold 4a_.
1928 M
69i2
65
Michigan Central 6b
Registered
87*4
1931 M
4a
99
1931
86
Q
1940 J
Registered
Registered
Debenture 4s.
79*2
80'8 Bale
1937
85
~7*1%
If J June RR
guar 1st 4s._1930
N Y A Harlem
g 3Ma
2000
NY A Northern 1st
g 5s. 1923
N Y A Pu 1st cons
gu g 48.1993
Pine Creek reg guar
6a... 1932
RWAOcon 1st ext 5s__ftl922
Rutland 1st con g
"
72
98
Sale
71
80
1948
56
60
Rut-Canada 1st gu g 4a. 1949
St Lawr A Adlr 1st g
5s.-.1996
2d gold 6s
1996
50
60
70
gu 4a g.
Pitta A L Erie 2d
g 5a___al92S
Non-conv deben
Non-conv deben
Non-conv deben
Non-conv deben
Non-conv deben
50 >8
51
cons
5s
Consol 4s
69
79*2
100%
87
54
71*4
70
Sept'17
45
Nov'20
Dec'13
63
Feb* 14
63
Oct
58*4
I6l%
102
59
85
58
F
122
7012
80
79
98i2
98%
Jan'2U
75%
75%
77i2 Sale
98
Q
92
J
Q
J
J*
67l4
605s
Bt Paul A Duluth 1st
5s. .1931
1st consol gold 4s
1968
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st
g 6s.. 1933
Oregon-Wash 1st A ref 4s... 1961
71
68
80*8
83
68
87
...
70
153
6
80
104
83
95*4
95*8
98%
69%
71%
73%
73%
86
66
81
80
80
82%
Feb'12
Feb'17
68
76%
Sept'20
93
75
*80%
Mar'10
88
80
80
86%
*86%
88% Sept'17
85%
86%
84*4 Oct '20
13
74%
79%
90
80
90
82%
78
82% Sept'20
Oct '20
80
80
80*2
72% May'20
72%
84
82M
82 U
85*4 86
85% Sale
82%
82%
a
J
Apr'20
4
73%
76
82%
82%
88%
*37
74%
86
82%
82%
76% June'20
85
Due Jan,
86
6 Due Feb.
g Due
Jung,
75%
84
72
96
63
52
64%
76%
74%
88%
42
62%
77%
31?
81
91%
345
65% Sale
65
89%
67%
96% Sale
49%
96%
54%
96%
88
88
90
207
con
4
3
Oct
96% Nov'20
A
65
81%
M
68*4 Sale
Bale
64
67
Aug '20
..J
58
56
58*4
F
58%
63%
63%
98%
62%
70
62% Sale
Cons 1st gold 5s
87,
30
44
10
38
49
65
8
52
67
64
64
90
98
64
90
Nov'20
101
Dec *15
80
Nov'20
74%
81%
82% Oct '20
Oct '20
84%
84%
81
89
92
92
61%
73
—
-
89
Sale
Sale
73
Sale
72*4
74%
87% Sept'16
78
Sale
78
72
Sale
110
71%
72
89
85
Oct *20
95
93*4
97% Sale
94
98%
88%
99%
95%
95%
91%
75
Sale
75
76%
72
Sale
72
72
4
88%
00
46
93%
96
80%
J
A
J
93%
85%
96
J.
88
88
84% Oct
83
*200
54
65
60
61
21
50
85
85
1
66%
90
61*8
67%
61
62*4
71%
69% Nov'20,
82
81% Nov'20
86*4
86
86
81
86%
88
89%
69
Nov'20
67
90%
89%
92
51
53
69
90
67
92%
79%
91
52%
90
July'19
52%
97% Sale
97%
96%
96
80%
67
97%i
Nov'20
65
Oct *20
Feb '20
60
._
80%
90%
91
91
Aug '19
91
90%
60
60
95
95
102% June'11
--
88%
95
Jan
'20
104% Dec *16
85
98
8*4% *90*
84% Sept'20
85
Oct '20
79
68
70
69
Aug '20
55
70
84%
89%
80% June'20
70
Oct *20
80%
80%
...
60
85
68
J
80%
83
72%
85%
81%
71%
53
70%
70
85
106% Nov'04
"90% nil
93% Oct *20
E
80%
65
C
68%
64%
72
69
J
75%
89
84
J
66
70
Nov'20
72
J
85
75%
62%
Apr'20
70
79%
A
J
84
83
87%
74%
81
July'20
55
70
79
80%
62%
Nov'20
81
81
85
70
Sept'20
87% Oct *20
C
J
J
77%
..
26%
83%
77%
Apr'20
July'20
Oct *20
80%
82
62%
73
80
84
36
~93~%
65
85
Feb '19
81
51*4
F
81% Oct *20
74
81%
53%
54
42%
66
19
A
18% Mar'16
19
g 4s._*1946 J
1928 J
63%
77%
1952 A
1947 J
55
18
52
Aug *18
65
65
82
82
July'20
82
85%
52
Sept'20
52
52
65
64%
68
81
Sale
80%
157
74%
77
June'20
77
77
81
Sale
81
83%
131
78%
88%
76*4
35
1947 J
1927 J
172008 M
75
75*4
81%
75%
J
99
Sale
77
Sale
77
F
J
D
1933 J
Vandalla
N
98*4 Sale
88*4 Sale
80% Sale
88% 89%
74% _.r_
IIII *80*"
22
28
v Due Nov.
85%
81
95
103
19
78
66
98
97%
J
Pue. Qgt,
46% 52%
97% 100
96
97%
80% May'20
57
89%
60%
89%
89%
97%
81%
65
Nov'20
90
88%
1953 J
corns g 4s Ser A
1955 F
Consols 4s Series B
1957 M
VeraCruz A P 1st gu 4W8..1934 J
27
Nov'20
85
60
70%
86
81%"
81% Mar'16;—-
67
76*4
74%
70
65*4
71%
61%
1
86
62
69
gug5s. 1930 A
C
Texas A Pac 1st gold 5s
2000 J
E
2nd gold Income 5s
?2000 Mar
1929 J
1926'J
73%
90
84%
87
...
...1927 J
62%
77
84%
'20
Sale
61
100
1990 A
"6*8*" "79%
84
80
WMln WAN W lstgu 5sl930 F
Tol A Ohio Cent 1st
gu 58.. 1935 J
Western Dlv 1st g 5s
1935 A
General gold 5s
1935 J
293
60
89
J
10 7
88%
Apr'20
80% Aug '20
88% Sale
A
0
97%
July'19
1894-1944 F
k Sue Aug.
95*8 Sept'20
91% Apr'20
85
5s.__1955 J
Guar refund 4s
Utah A Nor gold 5s
1st extended 4s
82%
93*4
*83*" ~87*
96
Term Assn of St L 1st
g 4Ms 1039 A
1st cons gold 5s
refunding 4s
Sept'20
75
M
J
4S....J924 F
10-year perm secured 6S..1928
Ore RR A Nav con
g 4s..1946
Ore Short Line 1st
g 6s
1922
1st consol g 5s
1946
84%
88% Sale
88%
82% 91
88
4s
82%
93
Mar'19
83
"83*1*2 mi
88%
1st refunding g 4s
Union Pacific 1st
g 4s
*81% *85*%
83% Sept'20
86
J
50-year 5s.. 1958 A
5s
*85*" *87*"
82% Aug '20
93% Oct '20
97%
97%
1936 M
cons g
'18
84%
1926 M
Tol P A W 1st gold 4s
1917
Tol St L A W pr Hen
g 3Ms. 1925
50-year gold 4s
..1950
Coll trust 4s g 8er A
1917
Trust co ctfs of deposit
Tor Ham A Buff 1st
74%
Nov'18
90%
Oct
84%
Va A So'w'n 1st
gu 5s. .2003
Kan A M 1st gu
g 4s
2d 20-year 5s
60%
100
General 5s
1931
72
90
1926 M
La Dlv B L 1st
g 5s
*75% ~82%
79
85%
J
J
A
171
70% 70%
73% 93%
93% 117
65%
78
79
110
1946 A
Gen refund s f g 4s
St LM Bridge Ter
'20
156
78%
115% 1518
J
J
83
72*4
70% Oct
77%
£
Series E 5s
Series F 58
0
92
71
70%
77% Sale
Mortgage gold 4a
1945 J
Rich A Dan deb 5s
stmpd. 1927 A
Rich A Meek 1st g 5s
1948 M
Virginia Mid Ser D 4-5S..1921 M
W O A W 1st
cy gu
"I j
100
71
M
1922 *
Knoxv A Ohio 1st g 6s...1925 J
Mob A Blr prior lien
g 5s. 1945 J
Spokane Internat 1st
May'20
92
J
J
J
A
J
M
M
1938
61
45
42%
80*4
J
..1956
64%
60%
54%
55
49%
39
8.5%
_
E
18
65
90
J
Develop A gen 4s Ser A... 1956 A
Mob A Ohio coll tr
g 4s... 1938 M
Mem Dlv 1st g
4M&-5S...1996
St Louis dlv 1st
g 48
1951 J
Ala Gt Sou 1 st cons A 5s. 194 3 J
Tenn reorg Hen g 5s
Ga Midland 1st 3s
Ga Pac Ry 1st g 6s
67%
42
67%
1994
Atl A Yad 1st. g guar
4s__1949
E T Va A Ga Dlv
g 5a
1930
60%
70
49
83% 100
JT
5s...1937
Atl A Charl A L 1st A
4M81944
1st 30-year 5s Ser B
1944
Atl A Danv 1st g 4s
1948
2d 4s
1948
48%
34
Sale
so
1st 58.1931
1994
39%
40
Sale
69
1943 J
5s..01945 J
5s
71*4
39
1949 *
cons g
20
86%
42
....
5s.. 1930
Registered
70
86
2i
59% Sale
64*4 Sale
67
160" *
60
*37,
56%
So Pac Coast 1st
gu 4s g__1937
Tex A N O con gold
5s... 1943
So Pac RR 1st ref 4s
1955
San Fran Terml 1st 4s
1950
92*4
92*4
56%
41!
86
68%
----
63% Sale
51949
g
85
67
67%
g 1929
102
May'17
A
J
70
60
82
*20
67
90
96%
4s... 1949 J
g
56%
39%
933,
88
65%
70
M
*65*" *6*0%
Oct"20
60%
56
Louisiana West 1st 6s
1921
No of Cal guar g 5s
1938
Ore A Cal 1st guar
g 5s... 1927
So Pac of Cal—Gu
ft Due July,
93%
'
66
Gen gold 4s Int guar...1921
Waco A N W dlv 1st
g 6s *30
A A N W 1st
gu g 5s
1941
conv
"25
49*4 Bale
5s guar
1931
Gila V G A N lstgu
g 5s. .1924
Hous E A W T 1st
g 5b.-.1933
1st guar 5s red..
1933
H A T C 1st
g 5s lnt gu.„1937
1st A
71%
43
*71 " *8*8"*
148
93%
A
Mort guar gold
3Ma..51929
Through St L 1st gu 4s. 1954
20-year
58
40
69%
60
65%
65
Jan '14
63
Oct '20
coll)..*1949
cons
91*4
93%
86%
'20
Oct
60%
61% Sale
74% Sale
87%
88%
4s.cl933 M
Registered
20-year conv 4s
20-year conv 5s
1st
86
90
*61% ~64
1959 A
Registered
86% Oct *20
87% Nov'19
Sale
84
Oa Car A No 1st
J
gu g 5s.. 1929 Seaboard A Roan 1st 5s__1926 J
Southern Pacific Co—
Gold 4s (Cent Pac
Southern—1st
2
01949
g
Ulster A Del 1st
Apr'20
87*4
85*2
84%
Dec'12
83
685s
86U
97*4
Dec'15
90%
83
82M
No price Friday; latest bid and asked,
82
83
67
75
Apr'20
79% May'19
1942jA
1942|M
4MS-1963 F
72%
96% May'18
76%
85
105
101
66
Feb'20
80
Optipra' J>s Series A....1970 J
83
Nov'l.
79
~87*% I"
75%
69%
"l2
Jan'2
6958
1957IM
93%
81
88%
69l2
71*4
93%
83%
81%
82
105
96%
...
78%
73
Aug'20
73*8
75
185
Feb'20
98
98%
97*4 Oct '20
69% Mar'20
103% 108
62
76%
127
82% Oct *20
69l2
1945;M
104%
77
...
"69*" "82*"
86%
92%
84%
85
Oct '20
77% Nov'20
....
84
8erles E 3Ms guar gold. 1949 F
Series F guar 4s gold__.!953|J
•
90
2
83*2
91%
88
84l2
Series C 4s
1942iM
P C C A St L gu
4Mb A..1940 A
Series B guar
cons guar
81%
84
7612
49%
89
14
...
80%
77
59%
65
June'20
90i2
89
69
67%
75
90
6812
66%
..11950
Series T
Nov'20
20
~68% ~72
1948
guar
48
82%
98i2 Sale
9758
3Ms__1942
Series G 4s
74
4
72
82
8II4
77
Dec'16
106
70*4
89
104*8 Sale
803a Sale
CI A P gen gu
4Mb Ser A.1942
Series B
1942
Int reduced to
Series C guar
37%
106
80*4
90i2 Sale
81
98%
69
Oct'19
82
Sale
98%
Feb'19
93i2
82
Guar 3 Ms coll trust
reg A. 1937
Guar 3Ms coll trust, Ser
B. 1941
Guar 3Ms trust ctfs
C...1942
Guar 3Ms trust ctfs
D... 1944
Guar 15-25-year gold
4s..1931
40-year guar 4s ctfs Ser
E.1952,Cln Leb A Nor
gu 4s g
1942|M
CI A Mar 1st gu
g 4Ms___1935 M
Series D 4s guar
97
82
89%
Pennsylv Co gu 1st g
4Ms..l92l "
Registered
...1921
Erie A Pitts gu
g 3Ms B..1940 J
Series C
1940 J
Or R A I ex 1st gu
g 4Ms.l941 J
Ohio Connect 1st gu 4s
1943 M
Pitts Y A Ash 1st cons
5s.1927|M
Tol W V A O gu
4Mb A..1931 J
Series B 4 Ms
1033 J
June'20
78% Sept'20
81M Sale
1930 A
Series D 3Ms
96
81
Alleg Val gen guar g 4s... 1942 M
D R RR A
B'ge 1st gu 4s g 1930iF
Series C 3 Ms
74
76
*94% 105*"
82%
83 •
97% 102%
96
100%
*20
75i2
91*8
Pennsylvania RR 1st
10-year secured 7s
85
107
"II
82
Oct '20
Oct
76%
94
711s Sale
Pacific Coast Co 1st
g 5s... 1946 J
Paducah A His 1st s f
4Ms.. 1955 J
g 4s.. 1923 M
Consol gold 4s
1943 M
Consol gold 4s
...1948 M
Consol 4Ms
i960 F
General 4Ms
1965 J
General 5s...
1968 J
78
99
...
106
*47
83
100
Registered certificates.. 1923 Q
95
56%
Nov'19
55
Sale
F
78%
Oct'20
54%
55
78
83*4
J
77%
72%
*25
77%
76%
77*8
55% Sale
74
78%
76
*60
104%
Oct '20
77
Q
Q
J
74
70
Dec* 19
96l2
1997 Q
80
70
*17
Mar'20
103
74%
104%
67%
Sept'20
Northern
Registered
"34
77%
75
96*4
Pacific prlof lien rail¬
way A land grant
g 4s....1997 Q
100
77*4
7678
...
103*" Safe
Pocah C A C Joint
4s... 1941 J
CC AT 1st guar
gold 5S..1922 J
Sclo V A N E 1st
gu g 4s.. 1989 M
82
100*% 103*"
Oct *20
76
76
10-25-year conv 4Ms.>.1938 M
10-year conv 6s
1929 M
62
71%
'20
Oct
74
I III "76**4
60
48
Nov'16
102
76*4 Sale
64*4
63
57
"ie
60
Sept'20
104*8 10178 Oct '20
---
71
51
63
'20
82
-
101
31
6412
8ept'2U
57
J
M
46
74'a Dec'19
Sale
63
32
66
80%
80%
87%
75%
Nov'20
1950 A
g
Consol gold 5s
Ga A Ala Ry 1st con
51
48
85%
1950
5s
Refunding 4s
30-yr 1st
Caro Cent 1st
80%
91*4
80%
93% Apr'20
97% Dec *17
"9(J" Sale"
2d exten
74
1932 M
General lien gold 3s
a2047
Registered
>....a2047
Ref A Imp 4 Ms ser A
2047
9t Paul-Dututb Dlv
g 4S..1996
8t P A N P gen gold
6s... 1923
34%
-
40
....
41
.1932 J
J
GHASAMAP
s
Dlv'l 1st, lien
Agon g4s. 1944 J
conv 4a
1932 J
4a
56
48
99%
88%
N
66
unifying 5s. 1952
AtlA Birm
Aug'13
—
61U
67%
41%
81
...1928 J
Registered
O
"71% 1 1 1
66
86
1934
Cent Pac 1st ref
gu g 4s..1949
May" 15
46
1996 A
conv
44*" *60
July* 14
83
46*4 Sale
83
62%
58*4 Oct '20
*76 " III!
N
84%
1st gu g 5s. 1947 J
S A A A Pass 1st
gu g 4s....1943 J
56
Dec'17
6412
84% Sale
J
85
K C Ft S A M cons
g 6s. 1928
K C Ft 3 A M Ry ref
g 48.1936
K C A M R A B 1st
gu 58.1929
St L 3 W 1st g 48 bond
ctfs..1989
2d g 4s Income bond
ctfs.pl989
50
87%
Oct'19
59
80%
80%
91*4 Oct *20
801s Sept'20
Fla Cent A Pen 1st
ext 6s. 1923 J
1st land grant ext
J
39%
Aug'20
6058
81%
1943
Seaboard Air Line g 4s
Gold 4s stamped
65
July'18
49
N
Cum adjust Ser A 6s
O
ft 1955 A
Income Series A 6s
ftl9G0 Oct
St Louis A San Fran
J
gen 6a. 1931 J
General gold 5a
1931 J
St L A S F RR cons
g 4s..1996 J
1st terminal A
Jan'12
63
72%
91%
.1950
Prior ileu Ser C 6s
Adjustment
*93
Jan
80
St Jos A Grand lal 1st
g 4s.. 1947
St Louis A San Fran
(reorg Co)—
Prior Ueo 3er A 4s.......1950
Prior llerj Ser B 5a
52%
46
48%
56
45
45i2
77%
Oct'17
01*2
70%
10-25-year
10-20-year
4512
75l2
57%
M
Improvement A ext g 6s..l934 F
New River 1st
gold 6s
1932 A
N A W Ry 1st cons
g 48..1996 A
Registered
51
"57" 1111
N
45
45%
40%
44%
99
82%
102
S
1997
Consol gold 4s
79
High
96%
78
guar 4s g... 1951
76
65%
Low
May'20
F
Jersey Central eoll g 4s... 1951
73
94*% *97*%
22
50i8
60
pl992 M
M
Registered $5,000 only,.^1992
General 4s
1955
Norfolk Sou 1st A ref A
5s..1961
Norfolk A Sou 1st
gold 5S..1941
Norf A West gen gold 6s
1931
50
50
"45" IIII
1945
Providence Secur deb 4s. >1957 IM
g 4s
51
J
Gray's Pt Ter
44 !8
44l8
*9*5*%
64
78*4
50
1945
N Y O A W ret 1st
78
45
93%
82
95%
64*4
10
99'2 Feb* 19
97i2 June'20
75% Sale
M
92%
82
73i2
Nov'20
Sale
....
1956 J
Prov A Springfield
1st 5s. 1922 J
Providence Term 1st 4s
1956 M
WACon East 1st 4Ms... 1943 J
93*2
*20
Jan'09
52i2 Sept'20
Sept'20
1955
Boston Terminal 1st
4s... 1939 A
Oct
~80~ IIII
J
Southw Dlv 1st g 5s...1947 A
46
1956
B A N Y Air
Line 1st 4s.. 1955 F
Cent New Eng 1st
gu 4s..1961 J
Hartford St Ry 1st 4s
1930 M
New England
60
72*4
45%
4s
Housatonlc Ry cons g 5s.. 1937 M
Naugatuck RR 1st 4s
1954 M
N Y Prov A Boston
4s... 1942 A
NYW'cheaAB 1st Ser 14 M s *46 J
60
53
70
Sale
4s
Non-conv deben 4s
52
95U June'20
44
Harlem R-Pt Ches 1st 4s. 1954
71%
92%
45
Conv debenture 3
Ma
1956
Conv debenture 6s
..>1948
Cong Ry non-conv 4s
1930
Non-conv deben 4s
1954 J
Non-conv deben 4s
1955 J
"9*5*" ~98 "
71%
130's
45
1947
93%
71%
71
98
82
78
1947
92%
Nov'16
~98~I2 IIII
3Ms..._1954
10
May'15
103
71
3Ms
64* " *64*"
Aug'20
Feb'20
72*4 Side
4a
64*" *75*"
Feb* 16
No.
High
96% Oct *20
..1997
City
Jan. 1
78
1940
Registered
Atlantic
Nov'16
90
Equip trust 4MS--1920-1925
N Y Connect 1st
gu 4 Ms A..1953
W Y N H A Hartford—
67%
*25
60
99%
Registered
2361
NYC Lines eci tr 6s..
1920-22
23
60
84
1932
2d guaranteed 6s
1934
West Shore 1st 4s
guar...2361
81*8
Nov'17
101
Pitts McK A Y 1st gu 6a
Reading Co gen gold 4a
71** Nov'20
$2% Sale
Utlca A Blk Rlv gu
g 4S..1922
72%
81%
81*4
63%
72
Ask Low
95*4
N
14s 1937
Pitts Sh A L E 1st g 5s
1st consol gold 5a....
5
98
s
o
Since
or
40%
51921 M
77
66%
I
93%
71% Oct '20
100%
2d gold 4Ms..
93U
Philippine Ry 1st 30-yr
May'20
113
U N J RR A Can gen 4s..1944 M
Peoria A Pekln I7n 1st 6s g_.1921 Q
74*4
66%
93*2
95%
73'2
g 4a. 1936 J
Pere Marquette 1st Ser A 5a. 1958 J
1st Series B 4a
1956
72 U
89%
64
69%
4Ma~-1941
OgAL Cham 1st
93M
73
62
69
94
Sunbury A Lewis 1st
797»
71
1932 A
87%
"75% ~75%
Range
Range
Last Sale
12
Bid
~
5s
84**
Nov'19
80is
cons g
Phila Bait A W let g 4s..l943;M
Sodua Bay A Sou 1st g 5s. 1924 *
Aug'17
72U
7978
77
>1931
C St L A P 1st
69
76
74*4 Sept'20
~7*0~%
Pennsylvania Co (Concl.,
71*8
Week's
Friday
Nov.
74i8
63
66's Mar'20
W Y Chic & St L 1st
g 4s»1937 A
High
65
"25
82
70
Price
EXCHANGE
Week ending Nov. 12
9812 Nov'18
..
74%
>1940 J
JLA8 1stgold3Ms_..1051 M
1st gold 3Ms
1952 M
20-year debenture 4a.>.1929 A
85
84
99i2
N. Y. STOCK
65
84ij Nov'19
75i2 Jan'20
93'i May'20
~86 ~ 11
1991 M
5
70
Aug'20
84i2
1931 M
1934 J
Since
NO. Low
3
BONDS
Jan. 1
82
84*4 Bale
82i*
1931 M
or
High
71
70
Registered
Registered
Mob A Mai 1st gu g 4a
Mabon CI RR 1st 5s
Range
Record—Continued—Page
Range
06%
81
12
96*4 101
89%
12
82
80%
46
98%
88%
80%
■
89
Nov'20
89
Feb '18
_
98*4
93
74%
85
84%
92%
80*4 Dec *19
80% June'18
28
t
20~ *28"
28
Due Dec.
s
Option sale.
New York BOND Record —Concluded—Page 4
3»r
.1939
Debenture aeries B
M
F
A
Id
g
5s
87
58
75%
5134
58
55
67
70
73%
691|
63
63
36
84%
89%
82
58
59
62
60
69%
69
71%
72%
70%
71%
72
36
*
401a
417g
65%
65%
53
60
54
Mtge Bonds (N Y) 4s ser 2.1966
10-20-year 5s series 3..-.1932
31%
45
66
68
...
3
55
00%
h
55
68
■
50
28
5712
20
50
23
Oct'2Q
60
50%
67%
65% June'2o
70%
60
70
68
68
154
53%
320
13
63%
25%
78
Apr '20
73
78
19
22%
139
11
24%
ie%
21%
145
10
23%
655
41%
58
Baldw
5
49%
00
Cent Foundry 1st a
9.
49%
60%
Cent Leather 20-year
02%
24
Sale
53
56
Sale
57
57%
57is
57
21
40
30
30
42
Dec ' 19
92
Anr '20
92"
94%
74
Oct'20
74
77
69
75
69%
60
4#
-
-
-
61
20
69%
July'19
5%
4%
July'19
29
29%
25
O
57
30%
«
20
25%
26
-
-
-
6
.
578
56%
64%
51%
N
58
72%
.68
"99%
80
Jan
35
79%
79%
92
93
60
73
...
-
67% Sale
50
67%
50
21
33
30% Sale
30%
1947 J
Inc gen 5s A. 1949 J
Bklyn Un Gas 1st cons g 5s. 1945 M
Clncln Gas A Elec IstAref 5s 1956 A
_
Columbia G A E 1st 5s.....1927 J
1927 J
Columbus Gas 1st gold 5s..1932 J
Consol Gas 5~yr conv 7s...1925 Q
M
1923 J
Detroit Edison 1st coll tr 5s. 1933 J
Detroit City Gas gold 5s
*1940 M
66
33
69%
5s..19491J
Havana Elec consol g 5s
1952 F
Hudson Co Gas 1st g 5s
1949 M
Kan City (Mo) Gas 1st g 5s. 1922 A
Kings Co EI L A P g 5s
1937 A
Purchase money 6s
1997 A
Convertible deb 6s
J
5s '34 A
Milwaukee Gas L 1st 4s
1927 M
Newark Con Gas g 5s
1948 J
1948 J
1949 F
5S..1995IJ
NYAQ El LAP 1st con g 5s_1930|F
Pacific G A E Co-^-Cal G A E—j
5s.._1937jM
5s..19421J
|
Internationa! Series
1930 F
Pacific G A E gen A ref
Pac Pow A Lt 1st A ref 20-yr
5s..._1949jM
cons g 6s. 1943, A
Pat A Passaic G A EI
Peop Gas A C 1st
Refunding gold 5s
1947
Ch G-L A Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A Oil 30-yr 5s 1936
M
J
J
M
5s._1947|M
Philadelphia Co conv g 5s.. 1922; M
Stand Gas A El conv s f 6s..l926|J
5s..1951; J
58—1954'J
5S..1949 M
1932 M
Refunding A extension 5s. 1933 M
United Fuel Gas 1st s f 8s..1936 J
Utah Power A Lt 1st 5s
1944 F
Utlca Elec L A P 1st g 5s. ..1950 J
Union Elec Lt A P 1st g 5s..
Friday; latest bid and
2934
29%
67
103
76%
73%
84
76%
80
Sale
81% 82%
81% Sale
80
85
100% Sale
3
80
37%
56%
19%
37
75
84
8778
79%
93
"50" ~50"
Sept'20
67%
63%
75%
Oct'20
47%
50
June'17
1
30
103
33
23
30
1
67
77
*21% "33"%
21
20%
35(8
35
63
70
87
79
79
80
5
82
81%
82%
10
86
82
81
89
81
81%
Apr '20
*96"% 102"
79
79
90
95%
82%
95%
95
80
76'a
90
95% Apr '20
88
81%
80
80
94
Feb '18
100
Feb *13
80%
~65~" *70%
77
81%
Loco Worka
77
84
80
80
5
66
Sale
66
67
64
1st & ref a f conv ser
75%
78% Oct'20
104% Apr '17
West Electric lat 5s Dec.... 1922
Debenture
J
J
1943 F
Col Indus 1st A coll 5s gu__1934 F
Cons Coal of Md 1st A ref 5s 1950 J
Elk Horn Coal conv 0s
Illinois Steel deb 4Mb
84%
Lehigh C A Nav a 1 4M A.. 1954
Mid vale Steel AO conv sf 5s 1936
90
8978
77
82%
87%
74%
"85"
Utah Fuel lstsf5s
85
Victor Fuel 1st a f 5a
75%
Oct'20
88%
29
69%
1
70
Telegraph & Telephone
.
coll tr 4s
1929! J
Convertible 4s
1936 M
20-year conv 4 Ma
1933 M
30-year temp coll tr 5s
1946 J
7-year convertible 6s.
1925 F
Bell TelePh of Pa s f 7s A..1945 A
Cent Dlst Tel 1st 30-year 5s. 1943 J
Commercial Cable 1st g 4s..2397jQ
70
80
68
20
82
92
80%
91
70%
70
74" ~86 "
July'19
89
85
70%
67%
86
90
Oct'20
Sale
78%
95
80
Mar'20
asked. «DueJan. 5Due April.
2397; Q
CumbT AT 1st A gen 5s___1937iJ
Keystone Telephone lat 6a__1935 J
Mich State Teleph 1st 5a—1924 F
N YTelep 1st A genaf 4H8.1939 M
30-year deben a t 6s.Feb 1949; F
Pacific Tel A Tel 1st 5s
1937 J
South Bell Tel AT 1st s f 5s. 1941 jJ
West Union coll tr cur 5s—1938 J
Fund A real eat g 4HS...1950 M
Mut Un Tel gu ext 5s
1941 M
Northwest Tel gu 4 4a g.. 1934 J
Registered
67% Aug '20
98% Oct '17
80
77%
70%
May* 19
91
90*4
85% Nov'20
57
Mar'17
"75% ~86
80
77%
"89
Apr '17
III'
88
79
80
70
85
79
?5%
85%
63
75%
65
7?
64
Sale
66
95%
94%
64
69%
'53%
67%
94%
90
Oct'20
90
98%
96%
86 \
90% July'19
87% Sale
84
Sale
87%
88%
25
84%
84
87%
102
80%
91%
92%
79" "94%
15
70%
81%
95
95
cDueMay. (/Due June. ADueJuly.
92%
77
87
76% Sale
117
...
87% 100
90
99%
5
73
89%
86%
119
7478
79%;
74
837t
90%
97
Nov'20
68
817S
89%
97%
77
77
176
73
76
77%
117
Oct'20
117
73
Oct'20
72%
78%
91
90%
8
2
92%
77
91
81
71
70
90% Sale
90%
90%;
73%
Dec'18:
77%
....
90
99%
94'%
91
43
"89% 100%
89% Sept'20
89%
87% Sale
79
Sale
88%
90%
79
79
" "77%
82
O
100
81
97
51
95% 100%
95
Nov'18
79
86
Oct'20
75
99%
...
105
70%
21
98
96
104
95%
91
87%
G7
A
88
60
67%
86
76
75
Oct'20
97% Sale
....
2
Oct'20
88%
67%
67%
86% Sale
104
158
1
94%
...
89% 100%
87
100
83
Oct'20
87%
89%
86
Jan'20
99%
84%
99%
81
86%
86
80
105%
99% 111
89%
77
105%
Sale
81%
107% 107
82%
110
107%
100
82
81
82%
76
88
D
91
94
91
July'20
91
J
88
95%
88
Oct'20
88
97%
96»4
83
93%
91
A
N
86
89%
89%
89%
N
91%
92
82%
93
87
91%
N
85
90
85
....
.
J
{
J
■*
D
86%
90
80% Sale
98% Sale
77% Sale
90
80% Nov'20
86
87
Sept'20
87
88
87
80%
98%
83
88
98%
10
8484
96% 103%
74
90
77%
160
70
98
98%
178
97%
90
96
94
95
92%
94
92%
Oct'20
93% Sale
93%
93%
95% Sale
95%
90
89
77% Sale
89
93
9
90%
Sale
76
90
90
78
...
78%
11, 93
720
97%
76
89
Dec'14
3
"78 ~ "95%
78%
78%
68
24
68
75%
76
5
70
90
98
Sale
Sale
79
80
90
90%
92%
"92"% "93"%
78%
78%
92%
79
"7"e"% "76%
83%
76%
Aug'20
7734
77
70
82
80%
72%
8634
72%
90
90
90
93
93%
Sale
80
9378
92%
Oct'20
62
70
88%
83%
88%
93%
"I "89%
"94%
6
78%
83%
99%
83%
75
85%
80
"82
* *82"%
73
69
82% Sale
80
Sale
95% Sale
101% Sale
84%
63
5
80%
96
7
67
12
80
88%
72%
93
99*4
88
99%
80
80
422
1
*80 " "87*
88%
73
-
—-
79%
80%
114
72%
80%
69
85
93%
95%
9678
101%
Oct'20
115
92
997g
355
83%
76% Sole
J
"84""
83%
Mar'19
92%
92%
"81' III.
64%
Aug'20
95%101%
81% 96
60
04%
76%
"80"~ "82_"
7734
68
68
82%
82%
101
68%
J
J
19
"80% Aug"20
86% Sale 3
70
72%
*>
"32 "72%
80
79
74
76
Feb'19
00% Sale
80
867$
*85% "85%
75% Sale
J
8
8
D
A
O
1
75%
68
68
A
D
D
O
96
95%
85%
76
75%
93% July* 19
85% Nov'20
101
95%
92% 101
9734
80%
76
98'%
105
3
Oct'20
77
86%
D
8
O
A
64,
2!
6|
62%
77%
Jan'18
70~" "86%
80%
Oct'20
98
Apr'16
86%
86%
Oct'20
76%
78
149
72%
81%
91% Sale
Sale
81
Sale
91%
8478
93
36
84
96*4
85
15:
81
82
9!
767g
78%
88%
85%
83
84
8
70%
78%
78%
7
70
86%
81%
88
J
93
77% Sale
A
*DueAug. oDueOct.
99%
93%
85
76%
*
J
J
J
N
N
>
82%
Sale
98
•»
N
A
82%
80% Nov'20
82%
95%
96
92% Sale
J
A
A
D
O
19531 J
July'17
Sept'20
7034 Nov'20;
68%
82
66
1931
89
.
90%
88
86
Sale
M N
■»
19491M 8
71%
Am Telep A Tel
90
93
86
Sale
J
58%
72%
75
03
J
M S
Pleasant Val Coal 1st s f 5s.l928,J
•»
Pocah Con Collier 1st a f 5s. 1957i J
J
Repub IAS 10-30-yr 5a a f. 1940 A
O
St L Rock Mt A P 58 atmpd.1955'J
J
Tenn Coal I A RR gen 5a..l95lU
J
U S Steel Corp—fcoup__ .dl963 M N
a f 10-60-year 5s\reg
41963 M N
81
75
$5%
93
J
A
M N
J D
A O
1950 M
8
1925
1940
85%
79%
....
"58% "68"
67
64
J
al926
5s
80%
70
83%
Oct'20
79
O
Colo F A I Co gen s f 5s
80
89
727$
73%
Apr'14]
June'16
Oct'20
J
N
Va Iron Coal A Coke 1st g 5s
100
86
90
78% Sale
A
81
100
76%
2
67
79
1926 J
..1942 W
20-yr p m A Imp a f 6a
1936 \
Buff A Susq Iron a f 5a..__.1932 i
lat A ref 58 guar
90%
83
67%
89
95%
6
67
70
Beth Steel lat ext s f 5a
79la
67% Sale
70
71
79%
8978
N
78%
89
95
303
81
84%
73%
"87" " ~83%
1931 M
85%
77%
95%
83%
93
J
89
Apr '20
105
84%
c.
79%
84%
77% Sale
N
A
T
78% May'20
80
84
N
O
1951
Lorlllard Co (P) 7s_.
1944
5a
1951
Nat Enam A Stampg 1st 5a. 1929
J
Nat Starch 20-year deb 58..,1930
M
National Tube lat .5a
1942
M
N Y Air Brake lat conv 6a.. 1938
M
Standard Milling 1st 5s.... 1930
Union Bag A Paper 1st 5a.. 1930 J
Stamped
1930 J
Union Ol! Co of Cal 1st 5a. .1931 J
U 3 Realty «fe I conv deb g 5s 1924 J
U S Rubber 5-year sec 7a... 1922 J
lat A ref 5s aeries A
1947 J
'10-year 7Ha
1930 F
U 8 Smelt Ref A M conv 6a. 1926 F
Va-Caro Chera lat 15-yr 5a. 1923 J
Conv deb 6a
el924 A
84
mi ~87
80% Sale
83
92.% Sale
A...1947
84%
—U
84%
91
1935 J
f g 5s
82%
79
92%
Apr'20
Oct'20
g
69%
75%
Feb '20
80
89
88
95
F
J
897$
75%
79
86
84
A
A
85
75%
80%
75%
F
M
80%
89% Sept'20
80
86
1
May'20
A
f 6s
1st cona 5a aeries A
June'20
90
197
93
1952
Jeff A Clear C A I 2d 5a
1926
Lackawanna Steel 1st g 5a..1923
77
Oct'20
94%
72%
71
88
1st 5s..1940 M
Indiana Steel 1st 5a
Sept'19
92% Dec *19
81% 8ept*20
95
85%
108
66
5a
91
"87~" mi
106
100
25
83
&
Chem 1st 0 5s
Cahaba r. M Co 1st gu 6s.. 1922
117
102
~88~~ "91%
~83%
70%
29
96%
83
100
86
O
N
Liggett A Myers Tobac 7a..l944
87%
1
June* 19
100%
"22
95%
Sale
Coal, Iron & Steel
60%
70
77
84
8278
105%
94
1931
5s..1925
sol Tobacco g 4a
1951
Corn Prod Refgs f g 5s..... 1931
1st 25-year 8 f 5a
1934
Cuba Cane Sugar conv 7a.. 1930
Distill Sec Cor conv lat g 5s .1927
E I du Pont Powder 41^8...1936
General Baking 1st 25-yr 6s. 1936
Gen Electric deb g 3M*
1942
Sept'15
77% Nov'20
79
92%
1925 M
Ed El 111 Bkn 1st con g49-1939
30
82
71
105%
88
J
Conv deben 5s
Westlngh E A M 7a
Eq G L N Y 1st cons g 5fl...l932;M
Gas A Elec Berg Co c g
68
May'19
47%
1934.J
47i
Nov'20
30
f 4s...1927
7%
80
11
51%
31
Sale
Am Agric
7%
59%
59
'20
48%
41
N
4%
45
Oot'20
89%
1934
1924
5
1
Dec '19
78%
1933
2
15
634
58
90«4 Feb *17
95
July'17
49% Sale
32
8
6
6%
55
72
"60 "
65
6
58
67
28
81%
Int Paper conv a
25%
69
93
707a
65
74
Mar'18
58
78%
79%
71
32
67
54
68
85%
"
12
'71%
73%
105% Sale
95% Sale
31
40
30
"64%
70
~787s Sale'
19%
42%
'
82%
Oct'20
73%
71
73?8 Sale
20
57%
Oct *19
25%
95
75
70%
F
A O
F A
M N
M N
J
J
A O
J D
J D
F A
Debenture 5s..
1952 M S
20-year deb 6s
Feb 1940 F
A
Ingersoll-Rand 1st 5a
...1935 J
J
Int Agric Corp 1st 20^yr 5s.. i932 M N
40
26
20
73*78 "84%
59
84
72%
A
Ontario Power N F 1st 5s..1943 F
Ontario Transmission 5s
1945 M N
Pub Serv Corp N J gen 5s.. 1959 A
Tennessee Cop 1st oonv 0s..1925 M N
Wash Water Power 1st 5s_.1939 J
Wilson A Co 1st 25-yr s f 6s. 1941 A
10-year conv s f 6s
1928 J
Sale
Jan '20
21%
20%
"42
Feb'18
83
A
Nlag Lock A O Pow 1st 5s.. 1954 M
Manufacturing
68
61
65
21%
10
89
1951 F
Sale
Sale
11
66%
58%
July* 19
65%
55
4
83%
82
90
Sale
89
A
J
Industrial
1928
...1924
Am Cot Oil debenture 5s
1931
Am Sm A R 1st 30-yr 5s ser A '47
Am Tobacco 40-year g 6s... 1944
Gold 4s
1951
Am Writ Paper a f 7-6s
1939
Sale
82% Sale
Nor States Power 25-yr 5s A 1941
Oct'20
24%
65%
2478
Electric Light
10
65%
Oct'20
22
Union Tr (N Y) ctfs dep
►No price
31%
75
1948
Syracuse Lighting 1st g
38
21%
65%
05%
42% Sale
1937
Syracuse Light A Power
Trenton G A EI 1st g
7434
May'18
65%
5/
f 5s.. 1923
Mu Fuel Gas 1st gu g
61
Apr '20
57
United Rys Inv 5s Pitts lss._1926
5a
74
Niagara Falls power 1st 5s.. 1932
Ref A gen 6s
a 1932
53
...ol960
Corp unifying A ref
69
60%
18
St Paul City Cab cons g 5s..1937
Third Ave 1st ref 4s
...1960
Ed Elec Bl 1st cons g
61
...I
19
St Jos Ry L H A P 1st g 5S..1937
Purchase money g 4s
61
N Y Dock 50-yr 1st g 4s
77i8
Ry LtA P 1st ref 5s. 1942
NYGELHAPg 5s
50
50
21% Sale
Portland Gen Elec 1st 58.1935
Lac Gas L of St L Ref A ext
"45"% ~60%
13
49
61
1930
1st A ref 58 ser A
84
35
58
NY State Rys 1st cons 4H«-1962
Cons Gas ELAP of Bait 5 yr 5s'21
84
34%
77
al942 A
Stamped
92%
10
6012
Certificates of deposit
.
86
23
~65%
Certificates of deposit
_
78%
48
0512 Sale
W Y Rys 1st R E A ref 4s... 1942
Bkly Edison
76%
Sale
*76"% Sale"
43^s '39 J
D
Atlantic Fruit cony deb 7s A 1934 J
D
Booth Fisheries deb s f 6s...1926 A
O
BradeuCop Mcolltr sf 6S..1931 F
A
Bush Terminal 1st 4s..
1952 A
O
Consol 5s,
....1955 J
J
Building 5s guar tax ex..1900 A
O
Chic C A Conn Rys s 1 5s.-.1927 A
O
Chic UnSta'u lstgu 4^8 A.1963 J
J
1st Ser C 6 M s (ctfs)
1963 J
J
Chile Copper 10-yr conv 7a 1923 M N
Coll tr A conv 6s ser A... 1932 A
Q
Computing-Tab-Rec a f 0S--1941 J
J
GranbyConaMSA P con6sA1928 M N
Stamped .....I.
1928 M N
Great Falls Pow 1st a f 5s... 1940 M N
Int Mercan Marine s f 6s
1941 A
Montana Power 1st 5s A...1943 J
Morris A Co 1st s f 4V48....1939 J
Armour A Go 1st real est
46l2
4U2
21
N Y Murdclp Ry 1st s f 5s A. 1966
Atlanta G L Co 1st g 5s
19
45
54
New Orl Ry A Lt gen 4)49.-1935
Gas and
20% Sale
21
20%
45U
54'8
Montreal Tram 1st A ref 5s. 1941
Eqult Tr (N Y) inter ctfs
Va Ry Pow 1st A ref 5s
1926 M
8
1920 M N
8
05
19%
45
40% Dec *19
53..1993
Lex Av A P F lstgu g 5s..1993
Met W S El (Chic) 1st g 43.1938
Mllw Elec Ry A Lt cons g 5s 1926
Refunding A exten 4V4s..l931
s
64
21% Sale
21
57
Col A 9th Av 1st gu g
St Louis Transit gu 5s
'76% "88"
,3?i
3
63
Metropolitan Street Ry—
Bway A 7th Av 1st c g 53.1943
United RRs San Fr
63%
36
80
Stamped tax-exempt
1990
Manila Elec Ry A Lt s f 5s..1953
United Rys St L 1st g 4s
54
Nov'20
00
Manhat Ry (NY) cons g 4s. 1990
Income 6s
92 4
Nov 20
31
65
S
47
40%
interboro Rap Tran 1st 5S..1966
Undergr of London 4M&
" "5931
81
23
S
45%
Certificates of Deposit
a
47
73
36
....
Oct'19
1925 M
41
J
1957
1932
Adj Income 5s
43
Nov'20
66%
Interboro-Metrop coll 4^3-1956
Trl-Clty Ry A Lt 1st
63" "72"
6OI4
68%
High
Low
No
Nov'19
88
4s..—__1948'M
Am S3 of W Va 1st 5s
5l" "55%
Oct'20
60
60%
Hud A Manhat os ser A....1957
Third Ave Ry 1st g 5s
88%
90*8 Mar'17
70
87
73%
Miscellaneous
87
85
8412
8034 Nov'20
Oot'20
84 '
84%
86
High\
Ask Low
80
73
J
D
5s....1950!J
Alaska Gold M deb 6s A
Conv deb 6s series B
Oct '17
23
Elec ref 5s
Adams Ex coll tr g
Oct '20
Ft Smith Lt A Tr 1st g 5S...1939
Portld
69%
88%
4
86%
31
Det United 1st cons g 4J4s..l932
Portland Ry 1st A ref 5s
69%
1957 J
Since
Jan. 1
84
Aug'18
58*
57
57%
56
86%
35
5s._1916-1941
Bk Q Co A 3 con gu g 5s..1941
Bklyu Q Co A S 1st 5s
1941
Bkiyn Un E! 1st g 4-5S...1950
■v."; Stamped guar4-53.1... 1956
Kings County E 1st g 4s..1949
Stamped guar 4s
.1949
Nassau Elec guar gold 4s. 1951
Chicago Rys 1st 5s
1927
Conn Ry A L 1st A ref g4Ma 1951
Stamped guar 4^s
1951
30-year adj Inc 5s.
73
Oct'20
82
•Bk City 1st cons
N Y A Jersey 1st 5s
„..i
887$ Mar'20
80
Aug *12
53
July'20
74i2 Oct '19
deposit stmp'd
Adjust Income 5s
•
97% July'19
69% Oct'20
85
Certificates of deposit
of
Nov'20
53%
Street Railway.
Brooklyn Rapid Tran g 5S..1945 A
1st refund conv gold 48...2002 J
3-yr 7% secured notes..*1921 J
2,
Wettcbester Ltd gold
Aug'18
98
"
Certificates
84
90
1921 M S
J
1st lien 50-yr g term 4s... 1954 J
J
Det A Cb Ext 1st g 5s
1941 J
J
Des Moines Dlv 1st g 4s..1939 J
Om Dlv 1st g 3 >4a
1941 A O
Tol A Cb Dlv g ts
1941 M S
Wash Terml 1st gu 3^s
1945 F A
A
1st 40-yr guar 4s
1945 F
West Maryland 1st g 4s
1952 A O
J
West N Y A Pa 1st g 5s
1937 J
Gen gold 4a
1943 A O
Nov
Income 5s..
pi943
8
Western Pac 1st ser A 5s.. 1946 M
Wheeling A L E 1st g 5s
1926 A O
J
Wheel Dlv 1st gold 5s....1928 J
A
Exten A Impt gold 5a
1930 F
M
S
Refunding 4Ma series A.. 1966
RR 1st consol 4s
1949 M S
I
Winston-Salem S B 1st 4S..1960 J
J
Wis Cent 50-yr 1st gen 4s
1949 J
Sup A Dul dlv A term 1st 4s '36 M N
1st lien equip s
Utlca Gas A
91
Range or
Last Sale
12
Bid
Gas & Electric Lt— (Cancl.)
867g
79
88i2
J
J
Noo.
Range
Week's
Price
Friday
IS
ending Nqv, 12
72%
85
85^4
Week
High
Low
36
84%
85% Sale
79
82%
N
BONDS
N. Y. STOCK EXCHANGE
Jan. 1
No.
High
84*4 Sale
N
M
QQ
Last Sale
Ask Low
Bid
1962
1939
1939
Virginian 1st 5a series A
Wabash 1st gold 5a....
2d gold 5s
^2
Range or
Friday
Noo. 12
31
Range
Since
Week'a
Price
BONDS
S. Y. STOCK EXCHANGE
Week ending Nov. 12
1
1
85
84
Sale
78%
79
85
*82"% ~9Q~ "
9178 101% Sept'17
94
Nov'16
pDueNov. fDue Dec. sOptlon sale.
1936
BOSTON STOCK EXCHANGE-Stock Record s..BONDS
next page
SHARE PRICES-— NOT PER CENTUM PRICES
Tuesday
Wednesday
Nov. 6
Thursday
Nov. 8
Friday
Nov. 9
Nov. 10
Nov. 11
Nov. 12
130
131
65
66
89
89
66
88
34
34
33
*40
140
140
33
3*4
"334
•74V
*40
140
*130
7«I2
74V
33
62
32'8
62
*30'4
*81
83
90
31V
80
*85
*61
29V
*85
80
*70
84
83
83"
82
83
25
25
25
25V
24«4
25
8934
41V
!
74
41i4
41
50
51
51
.75
1
.75
1
3V
3U
13
3U
12l2
3V
13
100i8 10038
75V 75V
_
75
•nil
I*
*13
2234
1
♦ll8
IV
IV
IV
13V' *1234
*4V
2434
17V
412
2612
18V
25V
♦7012
*414
18
*7012
162
J
163
162
21V 2134
*1312 14
*3734 38
2412 24»4
21V
•2434
16
15
*40
liV
*10V
11
85V
\1
63
63
•26
21U
10 v
6384
*127
3234
101
18
16V
27
♦2534
63
152
1
153
0
2478
150
25
1
10
25
i
I
13V
*2334
9
8V
*29
103V 104V
13V
♦
23
884
8
8
7V
62
I
25
25
I
18V
1878
1878
19
19
19
20
*19V
♦19l2
3834;
25
17
27V
17V
27V *
30
30
32V
32V
17
57V
*.60
57V
*.25
56
.45
23V
.70
23V
57
*.25
55V
.40
*23
*884
*9V
9V
9V
*834
*9V
*.03
.05
*.03
.05
4
250
4
3V
251
1634
250
17
15
*9
7
245
34V
4V
7V
7
*9V
278
*3V
*2V
10
53
53
*
13V
19
17
17
17
27V
Last Sale 27
30
30
.70
958
.05
9
250
251
57V
*3
4V
4V
93
7
6V
7
9V
2V
9V
9V
2% 2%
51V
*3V
*2V
4V
52 V
2V
.50
51V
*2V
22V
*.25
*214
41V
37
21V
*1^
►
*35
21V
IV
*1
2V •
*.06
.08
.08
1,455
785
Nov'20
2V'
2V
.50
53
76
75
75
23
23
IV
3
*2V
3
•IV
3
4V
*3
56
17
2V
2
2V
IV
IV
IV
3V
4V
4
*3
3V
Last Sale IV
*2V
3
*2
2
*3
3
4V
3V
56V
17V
2V
3V
I
2V
IV
3V
4V
IV
*3
4V
3
3
53
56
*2V
52V
16V
17
17V
*1
*1
2V
3
2
*4
*2V
1
52
17V
2V
45
*42V
47
45
45
93
93
93
90
91
90V
90V
8V
1°5
--
3
,
*1V
3V
2V
43
3V
Oct'20
*2V
53V
17V
53
270
10
2
160
IV
175
3V
4V
3
196
629
5o5
175
8V
8V
8V
15
13
8V
8V
2
22
*29
42V
41V
|
22
I
21V
31
28V
29
I
*.25
2V
2
*2
2V
41V
41V
34
36
34
34
21V
IV
22 V
21V
22
—
.08
*4
4V
278
IV
4V
2V
42
*
30
27V
60J!
191
3,495
.
43
42
37
33
34
23
19V
22V
42
1
IV
304,
1
Qoci
1
Oct'20
*.06
.08
*4
4V
2V
*4
23s
.75
.75
IV
.50
.50
.50
.50
3V
434
IV
3V
3
3
434!
IV1
184
*484
IV
*1V
IV
♦IV
IV
*1V
IV
IV
.50
*.30
.50
*.25
.50
*.30
.50
4
4
2V
2V
1
.82
.40
.50
*.40
2*8
4V
3
4V
1
2V
j
.75
1
966,
.
745;
*.40
.50
*.42
.50
3,400
2V
3
2V '
*4V
2V
6,805
5
2V
*4V
IV
3
4V
1J6
IV /
Last Sale
134
1
Jan
Nov 10
76
Mar
22
Nov 11,
28
5
567
Oct 15
49
Jan
3,300
IV
Nov 10
5
17
19
161
Feb
*.25
*
12
.50
|
11
*.25
11
.50
Bid and asked prices,
10V
10V
*10V
*.25
.50
*.25
11
b Ex-stock dividend,
.50
*10V
.50
.50
11
I
"116
11
Oct'20
80
*10V
Last Sale. .25
d Ex-dlviden
.50
and rights,
e
Feb 11
Mar 19
28
26
43
25
15
Feb
21*2 July
Oct
July
83
JulF
37
Jan
72 V
May
38
Jan
80
July
Aug 10
52
Nov 12
25
20
25
10
1
2
Aug
8
Nov 12
5
Sept 20;
Jan
42
10c
32V
Gee.
Jan
2
Jan
3
Jan
30i4 Nov 12
6 V Nov 10
9
Nov 5
10
10
50c
25
1
25
25c
Nov 11
480
20
July
5
39
Mnr
62
July
3
2
Mar
14V Jan
5
4*4
Feb
14V
16
Jan
3
8
Feb
21
5V Apr
7
1*S May
4
May
0 V Mar 31
4
5
20c
Feb
50c
Mar
42
Apr
78
Apr
Feb 13
Nov 11
82
25
23
Oct 21
38
Oct
6
25
13s July 10
2V Oct 2
25
2
5
Oct 30
IV Sept
25
9
2V Oct 11
4
25
Nov 10
Jan
*4 Jan 14
60
Sept 22
75
2«4
6
June 21
Jan
3
3
2
25
3
Aug 18
11*4 Jan
7V Jan
52
Nov 12
72
5
16
May 20
24
5
7V Jan
8
100
21
Mar 12
48
79
Feb 16
95
5
North Butte
15
Lake
8V July 19
10V Nov 12
25
V
25
25
Oct 14
U4 Aug
2
20
2
Mar 27
Jan
.100
Oct 10;
Sept 27 i
12 V Jan
3
21V Apr 20;
80c
24
Jan 27
2V Jan 261
37V Jan 5
Jan
3V
99c
7
3
Jan 21
25
4
5
5V Jan
Michigan
2VNov
3
Mar 24
2V Jan
4V Apr
3V Jan
Mohawk
5
May
May
Mar
39
5
90c
12 V May
12
Mar
1
25
July
101
Jan
350
18
Nov
6
5;
Aug 11'
Aug 18
Aug 17
3
25
Oct
Mar
Jan
2V
Apr
Apr
4
Feb
2
Jan
2V Feb
49V Feb
14*4 Mar
6 V May
878 Feb
57*4 Mar
8V Jan
58
Jan
31
45
Mar
41
Oct 25
65
Jan
3
52
Mar
33
Nov 12
58
Jan
5
40
Mar
12 VMay 24
23
13
Jan
South Utah M A S
1
Aug 11
10c Mar 10
5
6c
25
Oct 29
4
10
25
Trinity
Aug 5
2 V Nov 11
75c Nov 11
1
Mar
5% Not
2*4 Jan 19
1*4 Jan 10;
4
4
95c
Oct 27
25
Aug 11
IV Aug 26
25c Sent 1
25
10
Oct 26
25
15c
Oct 15
Assessment paid,
h Ex-rights,
x
Ex-dividend,
w
Not
13V May
20% July
6V Jan 29
9
1
Oct
87
Mar
6
7
25
28
8c
25c
1
I
July
July
29V July
12V July
4
7
40c Nov
victoria
13V June
10
83
7
Jan
5
Utah Metal A Tunnel
5V July
4V Oct
July
10
Jan 10
Nov 11.
5
Winona
6V May
2*8 July
7*8 July
Jan
2
2V Apr 15
Utah-Apex Mining
Utah Consolidated
1
July
55*4 July
88V July
41
July
52V July
73
July
83
July
75
July
26V July
4V July
3V June
50c Aug
11V June
Tuolumne Copper
Aug
2
1*4 July
4V July
25
10
9V July
17*4 May
30V Mar
25
25
0ct
Aug
6*4 July
Feb
25
par
3*4 May
Apr
Mar
Qulncy
Seneca Copper Corp...no
Gee
9
75c
8t Mary'8 Mineral Land..
South Lake
July
36V
25c
Aug 19
27V Nov 12
Osceola
iv July
July
52
16V Jan
48V Jan
40V Jan 10
3
Jan
Feb
July
91
4VMar
9
Nov 12
3
409
2VJuly
Apr
10*4
1
pref
Apr V
62V Mar
20c
Oct 21
9
25
New River Company
.50
3
0
7;
7
V Jan
40c
2
Oct
13V Nov
20
New Cornelia Copper
Idria Quicksilver
9
4V Apr
15*4 Jan 5
10V Apr 27
245
25
New
21j
Jan
2c
10
Centennial.............. 25
Colony
Jan
3
1*4 Feb 27,
77
9
Aug 12
Feb
6i2Mar 18
5
Mason Valley Mine
Jan
Aug
25c June
......
31
Mar!
40c
Copper
Lake Copper Co
La Salle Copper.;
Oct
17
25
Keweenaw
May
25V
39VJune 18:
25
Do
pref
isle Roy ale Copper
Kerr Lake.
55
5
Ahmeek
Daly-West
Jan
2
32
Copper Range Co
74V Nov
44
10;
35
Carson Hill Gold
Jan,
23V Apr 7
44V Jan 261
33
25
Jan'
52V
20V Not
5
...
Oct
7*4 Jan;
16
May
Oct 20
Bingham Mines..
Butte-Balaklava Copper..
2
19
Nov 10
Arcadian Consolidated
Arizona Commercial
115
10;
26
28
Davis-Daly Copper
Rast Butte Copper Mln
69V
3514 Dec
27V Nov
59V Oct
150
May
29VMay
50
Franklin
99V De<
16
May
Nov
Wolverine...
Nov'20
.50
Jan
16V Aug
25V Mar
50
Wyandotte
*.25
•11
Jan
14
Apr 13;
100
165, superior
it el Superior A Boston Copper.
.50
5
113
60
Shannon
—nn«'
4V
2V
4V
7on
32V Sept 10
101
Manufacturing. 20
166 Ojibway Mining
onX Old Dominion Co.
200
Feb
93
Dec,
22
North
—
2
145
72
July;
50
Do
47V NOV:
83
Sept;
15V Dec;
32V Jan
10
_275 Nlplsslng Mines..
21V
28V
.08
2V
IV
IV
»1V
*.06
234
*1V
1J6
21
.08:
3
IV
♦1
2V
21V
Last Sale 2
2V
.08
*34
22 V
IK.1
1J6
IV
2V
.08
*28
*41V
I
4V
5V
89
21
13V'
37
IV
2V *
45
89
22V
13
14
21V
.08;
*42
|
8V
834
13
10V
13V
13V
Last Sale .25
Oct'20
*.25
"
8V
149
35
Waldorf System Inc
....
Nov
71
Feb
30
2278 Sept 23
12V Feb lit
1st pref
2d pref
199
86
D^c
Jan
25
Watch
90
Jan
Jan
June
July
Mar
67V Nov
31V Jan
6
1
5334
17V
2V
Jan
Mar
25V Apr
49*4 Apr
25
£Xr Mass Consol
1»;05 Mayflower-Old
Oct
11
60
4,
100
—Hancock Consolidated
300
Helvetia
30
Indiana Mining
745
island Creek Coal..-
2V
*.50
*51
52
23
*4
♦IV
1»005
6l2
9V
2V
9
2V
75
*234
IV
I
2V
52
52
120
4V
23
31
*35
9V1
2V
10
*•949
76
30
•21V
9
32
23V
3V
IV
I
31
6V
12,186
15V
9
30V
4V
6V
76
2V
22V
43V
250
14V
9VI
32V!
4V;
300
23V
3V
♦IV
22
31
15V
*9
31V
*4V
6V
9V
2V
249
488
55
35
99
130
Jan 26
Nov
Feb
Feb
9,
Calumet A Hecla
610
9
77
2212!
43V
15
250
1,101
.05
24
8V
2V
9
*.03
23
3
14
*.25
8
8V
9V
.05
.25
.50
...
8V
9V
215
20V
3V
8V
3V
Last Sale 4
4V
2V
*
3V
45V
*90
9
15
458
20
l|
Nov
°ct
Sept
9*8
Jan
8V
90
7J
37
Do
90
Dec
7VNov
Allouez
50
.50
86
63*4 Nov 8,
8;
8ept21j 1381| Jan 21;
Algomah Mining
530
52
*.03
248
15V
9V
►
3V
57V
17V
45V
9
250
33
*3V
*2V
484
17V
*2V
15
.05
22
200
.70
52
*.25
*76
434
93
3V
8V
9V
*20V
3V
*.60
77
*3
3
21
14V
3V
45
.25
*9
*3
45
52V
.25
32
*1*8
*2V
3V
57V
1734
52V
9V
15V
3V
57V
1734
*2V
.70
*.03
37s
655
.45
20V
3V
8V
9V
23
13
24
*.60
*.25
.45
30
24
58V
Nov
May
38
28*8 Nov
101V Jan 10;
June
25
Do
31V Apr 8'
12VSeptl5i
30|
Wlckwire Spencer Steel...
5
Mining
Adventure Consolidated.. 25
*28
Mar
July
5*4
19V Sept
no par
WarreD Bros
20
Aug 10
United Shoe Mach Corp
Do
pref
Ventura Consol Oil Fields.
Walworth
19
75
5
A Co
10, Waltham
235
Oct'20
38*4
May 25
29V Oct 9
22 * Nov 11!
no par
...
6,794
412
54V
54
56
1.164; Swift
.70
Jan
Oct
Apr
25
19
102
24
*U4
10
ShawmutSS.
Si mms Magneto
Stewart Mfg Corp
20
IV
2V
2V
IV
3V
434
"470
♦19V
♦16V
3V
3V
Reece Button-Hole
Root A V Dervoort CI A
19
*1V
2V
2V
484
60
22
17
33 V
*2
100
25
...
18V
IV
2V
IV
1
pref
28
June
16V Nov 9,
36*8 Jan 3
2478 Aug 10;
34 V Mar 30!
150
July 26; 176V Jan 19;
86
Oct 29,
99
Jan 12
13 V Nov 31
16
Jan
2
Pacific Mills
Plant (Thos G>
23V
26
30V NovlOj
53
82VMay 8; 101
10
no par
Orpheum Circuit Inc
146
17V
18V
2334
*3
415
17
77
3
Ohio Body A Blower
17V
24V
3V
*76
57
119
361j New England Telephone.. 100
80
Nov
9V Apr
100
355
.60
172
36V Jan
90*4 Oct 21
68*4 Feb 6,
Linotype...100
24V
17V
2V
.50
pref
*23V
9V
53
Do
Mergenthaler
24 V
7
234
^>4
"53"
10
Mexican Investment Inc..
23V
16 V
•76
*3
10
24V
*23
IV
950:
965
3,541
♦4V
4V
Theatres..
10
38V
*9
934
234
Loew's
11
McElwaln fW H> 1st pref. 100
335; Massachusetts Gas Cos... 100
38
32V
7
984
234
*3V
278
4V
234
.50
*3V
•IV
•2V
*2i4
650
order.
38V
.05
1634
9V
3334
4V
9V
34
♦4 V
21V
3V
8%
9V
255
434
*9
34
1,349
37V
*.25
23V
378
9V
9V
50
(Jnlon Twist Drill
.60
Oct
8
95
30
138
7
24V
38V
22
Nov
2
Torrlngton
32V
24
Jan
40
22
Nov
Gee
Gee
34
79
8V Apr
60
16"
""678 June
4V Jan
31V Gee
Apr
80V Feb
23
♦28
15V Mar
i 39
3
22
30
13VMa*
4V Nov
Dec!
Apr
4
101
25
164
Dec
7
Jan
88
20 V Nov 11
12
Nov 11
no par
...
Do
pref
100
Island Oil A Trans Corp.. 10
Llbby, McNeill A Llbby.. 10
*58
32
Jan
6
434 Mar
910
Last Sale 20V Sept'20
8V
32
Dec
2V Gee
3
41V Nov
I
Nov'20
through
In good
60
*
8
84V D<*
21V Not
26V Dw
Jan
16
AU*
108V May
152
Not
60
25
17
17
30V Jan
28*sMay
140
Feb
78V
14*4 Sept 17;
6V Mar 23
6
Aug 10
May 15
9V
Dec
6
12V Apr23
384 Feb 14
Nov
2
79
5
Jan
45
102
27V
7
Jan
17V
2434 Nov
5
...100
.
8
9
♦7V
22V
.70
10
10
...
Oct
Jan
Apr
95
5'
May
714 No*
Aug
Dec
5
2V
35V Apr 17;
10
Apr 23
1278 Apr 14
3*8 Jan 3
Nov 10
1
Oct
55c
Jan 13!
13
20
24V
3778
24V
1634
60c
62
Edison Electric Ilium.
60
61
June
Jan
10
25
Elder Corporation
Gorton-Pew Fisheries._
*24 V
103V
61
38V
24i2
17V
101
Manufacturing
19
102
*60
2478
38V
24V
58
3734 July 27
16
Apr 14
17
22
Apr
6
Apr 20
Oet 26
281. Greenfield Tap & Die
25
Internal Cement Corp.no par
Internat Products
no par
Last Sale 33 V Sept'20
•24V
38V
24V
1778
17V
137s
*22
30
10378 104V
62
13V
22V
50
730
152
*13
100
605
25V
152
150
*13
Oct
38V Sept
47
8ept
failed
having
100
25
23
82
3
547
5
*13
33
*.50
100
*15V
Dec
83
Feb 11
Boston Mex Pet Trusteesno par
83
Dec
19
5
99V Aug
115
Oct
105
Jan
94
38
6
40*4 July
Dec
15
1
10
Dec
x71
5
21V Sept 30
10
Dec
25V
7
460
63V
63V
*126V 129
3212 32V
100V
16V
25V
*15
Nov 12
*4 Nov
12V Nov
par
Eastern SS Lines Inc
Do
pref
85
|32
70
1,080
92
127
Apr 30
Nov 12
...
:i:
*24
17V
11
92
84
11
80
Jan
59V
86
7V Mar 15
3VNov 4;
13VNOV 5;
100*4 Sept 16
167
Apr 20
Feb 24
Feb 10
73
78V July
1
5
8
gram
11V
11V
63
100V
17V
26V
11V
1
5
100
Chocolate
June
F»b
Mar
6
our tele¬
5V
85
30V
100V
5*8
4
50c Nov
10
no par
Eastern
"324
48
pref
no par
Anglo-Am Comml Corp.no par
Art Metal Construe Inc
10
Beacon
Jan
89
July
86
Apr
27V Oct
89*4 Nov
May 17
July 7
50
AtlasTackCorporatlon.no
Jan
Feb
90
Oct
Jan
June 15
38
25
Blgheart Prod A Refg
11
30
135
3V Nov
2V Nov
132
37 V Sept 24
to come
92
*
are
70
Do
1,716
Last Sale 41V
1134
126
*16l4
*20i4
*152
13
5V
84
32
I
100
13
39
11
*91
129
31V
37V
23V
13V
11 v
92
63
130
24
37V
A Teleg
Amoskeag Mfg
that
20V
12V
37V
23V
Jan
8
50
010, Century Steel of Amer Inc.
10 Connor (John T)
130 East Boston Land
not In¬
July
50
West End Street
Do
pref
Miscellaneous
cluded,
18V
12
5V
85V
6334
950
Fri¬
actions
4V
26
20V
14
*35
11V
12,939
Last Sale 70V Oct'20
159
160
portion of
2078
13
534
1134
1078
85
130
2078
*13
39
5V
115
laneous
.80 stocks
25V
17V
17V
72
37V
*23V
24
For miscel¬
13
4V
160
3734
24V
14V
3734
.75
5
158
14
*91
1278
17V
21V
995
6
*12V
25V
*70V
162
*13
11
31
13l2
62
160
79
21V
8V
8
Jan 20
555
IV day's trans¬
25
75
*37
87
*9V
5
21V
*5V
7V
6
778
♦12V
*4V
13
25V
17V
,
•13U
*30
.85,
1
93
63
II
....
87
.60
H2
85
|,
27
•152
.75
13
ioi2
33»4
10034 101
*10V 18
21V
8
5
Jan
Jan
Jan
Nov
70c
55V Jan
15
Last Sale 1
Nov'20
Last Sale 12V Nov'20
21V
*5V
7V
85
130
33
14
*92
8534
130
*12*4
40V
578
1178
534
*91
70
16V
*39
*534
1134
74V
70
17V
»70i2
I
21U
•1312
3734
73
Mar
Mar
Dec
45*4 Jan
73
3,74lj Amer Telep
74V
25
75
75
161
99 V 100
71
*12l2
*414
5
17
100
9,675 Am Oil Engineering...
2,360 Amer Pneumatic Service..
105
Do
pref
.95
74l2
*1
13
25
2V
11V
71
7
11
132
10c
99V Mar
100
59
75
Oct 20
Sept 27
50
72
6
Oct 11
Jan 30
Rutland pref
100
21! Vermont A Massachusetts. 100
74V
25c
86
50
2V
20
23V Feb 11
80
July 9
77
July 21
507
*
50
168
75
40V
100
Oct
Sepr
Nov 12
39V
.80
40
130
44
41
38V July
|
j
3V Sept 21
N Y N H A Hartford
100
1,260
II Northern New Hampshire. 100
Norwich A Worcester pref. 100
85
Jan
Oct 21
MarlS
Maine Cen ral
50
.90
28
49
143
84
601
.90
Jan
70
•39V
2V
11V
Apr
97
2
41
1
80V
Dee
Mar 30
"94 Old Colony
2V
11V
100V
Dee
85
6
130
553
2V
40
Apr
145
Dec
62
86
82
.85
223s
3
100
116
I
72
25
*.25
13V
220
No\f'20
Highest
Jan 28
25c Oct
Elec pre.no par
9
Sept 14
Jan 12
82
71
*5V
7V
734
Jan
3
Oct 25
Aug 31
24
734
5V
Feb 11
39
100
Nov
68
89V Nov
71
82V
75
2V
30
124
134
68
25
11
14
Feb 18
100
82V
85
Lowest.
Georgia Ry <fe Elec stampd.100
Do
pref
100
....
72
22
Wore
25
39V
100V
*1234
*.75
6
Sale] 82
May 25
80
100
Providence
25
33g
*
23
Bost &
74
*82
Feb 17
60
...100
pref
Chic June Ry<fe US Y
Do
pref
57,
74V
14
22V
5i2
7'2
7V
*.60
Oct'20
Nov'20
10384 Oct'19
—
119
Boston Suburban Elec._«o par
Do
pref
no
par
Oct'20
72
2V
14
2234
•512
,
Last
*48
12
100
Do
82V
.80
27s
12
75
2i2 ♦
*13"
.75
12V
100
1003s
751?
75V
100
100
Boston «fe Maine
Boston <fc
82V
41
50
417
140
*70
Highest.
100
pref
24 V
*85
41
51
32
Albany..
Elevated
Do
Oct'20
29V
*82
*85
4112
*50
2978
*82
*82
*83
•85
31
*131
Last Sale 72
Mar'20
53
60
I
44
49
30
30
26
62
29V
30
*82
♦85
Boston &
Boston
67
20
74V
*60
62
988
f
140
Last Sale
62
206
64V
87V
135
74
74V
130
Range for Previous
Year 1919.
Railroads
64
Last Sale i4
Last Sale 3
Last Sale 3V
*3
~
130
*74
76V
♦61V
32*8
Lowest.
Week
*85
Last Sale 48
*131
"3*34
•3
130
130
65
87V
32V
45
*131
131
64V
33
45
*2V
♦3
135
131
*85
*.10
*212
•3
*131
33
33
140
*135
*40
*2V
65V
89V
47V*—.
*.10
129V 130
65
64V
87V
87V
130
6412
87i2
34
140
48
*135
130
Range since Jan. 1.
STOCK
EXCHANGE
the
Share*
131
88
BOSTON
lor
Monday
131
STOCKS
Sales
Saturday
Oct 21'
9*4 Feb 20
3*s Jan 5
3V Jan
8
2
7
23
Jan
Jan 10
IV Mar 22
Half-paid.
IV Mar
40c
IV
Jan
Jan
Dec
5V June
Dec
2% Sept
1*4 May
3V June
12*4 July
71c
7V Jan
IV Jan
IV Mar
50c
5
JulF
4*4 July
Jan
3
15
Mar
31
40c
Mar
1% May
July
July
Nov. 13
1920.]
1937
CHRONICLE
THE
Sales
Friday
Sale.
Stocks—
Boston Bond Record.—Transactions in bonds at Boston
Stock
Week.
4th Lib L'n 4Ms. 1933-38
$3,200
2,850
89.50 90.66
1st Lib L'n4Ks_193247
25,400
88.76
8,550
18,950
89.04May
82.04May
82.14May
81.60May
86.00May
81.74May
94.84May
95.72June
72% Apr
100.00 Jan
92.34 Jan
25
June
930
48%
July
61%
Jan
15,304
3%
Oct
6%
Jan
'Aug
4
""5%
10
6%
315
12%
350
1
22
22
23%
180
21
25
48
48
49%
660
29%
32
715
27
27%
3%
260
3%
150
7%
58%
9%
62%
465
86
86
Oklahoma Natural Gas..25
Paragon Refining
25
50
92.98 Jan
Preferred
*1
.
"7%
50
Pittsburgh Coal, com..100
Oregon Short Line 6s
Seneca Copper 8s
1925
99
99
Nov
100
105
20,000
95
Oct
106
Nov
Pittsburgh Brewing 6s. 1949
Southern 4s A
1956
62
Nov
62
Nov
West'house Electric 7s
1944
84
82
May
Western Tel & Tel 5s_ 1932
81
81
1.001
2,000
10,000
62
Swift & Co 1st 5s
62
84
77
June
Victory 3%s
1922-23
Am Tel & Tel col 14s_ 1929
77
75
93
77
_
Atl G & W I SS L 5s_ .1959
Carson Hill Gold 7s._ .1923
73
Chic June & U S Y 5s_1940
91
80
Cuba Cane Sugar 7s. .1930
Gt Nor-C B & Q 4s regis.
90%
95%
90%
95%
Mass Gas 4%s
81
81
77
1934
1961
76%
80%
59
59
Miss River Power 5s.
.
1931
1951
New River 5s
Norfolk Sou 5s A
80
80%
68
Aug
91
Nov
74
July
90% Nov
94% Apr
72
Sept
99.30 Jan
97.74 Feb
81
Mar
81
Jan
150
Jan
84% Jan
90% Nov
95% Nov
83% Jan
Nov
69% Mar
77
75
59
99
82%
Feb
Nov
Oct
Preferred
100
;
*>«■«<
«,
5b
43c
"43c"
Pittsburgh Oil & Gas.. 100
46c
11%
150
Pittsburgh Plate Glas3_100
San Toy Mining
6c
-
Apr
34% Mar
Feb
55%
Apr
29%
July
Sept
52%
28%
Mar
26
3
Oct
8%
Apr
Nov
18%
Apr
Oct
135
7%
51%
Mar
72
Sept
84%
Aug
92
Jan
4c
July
25c
30c
Aug
53c
'
10,700
13,300
Jan
Jan
5c
120
11
May
18
Mar
149
Aug
172
Apr
5,000
4c
Aug
7c
Jan
40
117
Oct
130
Jan
85%
275
83
Nov
107%
Jan
99% 102%
742
99%
Nov
118%
Union Natural Gas
100
120
U S Steel Corp, com
100
50
83
120
44%
44%
pref.100
47
360
44%
Nov
59
120
57%
Nov
75%
Jan
55
57%
West'house Elec & Mfg.50
W Penn Tr&WP,
Apr
Aug
120
^50
5c
5c
1
5%
13
11%
Pittsb-Jerome Copper
1
Pittsb & Mt Shasta Cop.. 1
West'house Air Brake
Feb
9%
19%
44
30
38%
July
11
Pittsb Brewing, com
Jan
Aug
12
135
12%
5%
11%
14
12
59
99
96.00 96.48
96.26 96.26
1%
50
92.98 Jan
Apr
260
54%
3%
93.80 Jan
94.96 Jan
Jan
31
3%
Ohio Fuel Supply
H.gh.
Low.
52
5
Preferred
High.
.
2%
45%
"52"
33,950
14,750
20,000
1,000
1,000
13,000
1,000
1,000
25,000
3,000
10,000
1,000
10,000
2.000
87.04
1922-23
Victory 4%s
19,705
50
Nat Fireproofing, com..50
Low.
High.
94.24 94.74
87.84 87.84
89.06 89.80
86.74 88.24
2d Lib L'n 4%s_1927-42
3d Lib Loan 4%s__ .1928
1%
1%
1%
.25
Ohio Fuel Oil
U S Lib Loan 3%s_193247
2d Lib Loan 4s_ .192742
Shares.
29%
1
Middle States Oil
Range since Jan. 1.
for
of Prices.
Low.
High.
Marland Petroleum
Week's Range
iMSt
Price.
Range since Jan. 1.
Week.
of Price*.
Low.
Price.
Mfrs Light & Heat
Sales
Sale.
Bonds—
Kay County Gas
Lone Star Gas
Exchange Nov. 6 to Nov. 11, both inclusive:
Friday
Par.
for
Week's Range
Last
Outside Stock Exchanges
Jan
Mar
Nov
Nov
Jan
Bonds.
70
»
«
«
«.
_
70%
$8,000
66%
July
75%
95%
96
27,000
95%
Nov
96
Nov
73
«
73
1,000
73
Nov
73
Nov
1931
West Penn Rys 5s
Jan
Jan
84
Exchange.—Record of transactions at
Exchange, Nov. 6 to NojV. 12, both in¬
clusive, compiled from official sales lists:
Baltimore Stock
Stock Exchange.—Record of transactions at
Chicago Stock Exchange Nov. 6 to Nov. 12, both inclusive,
compiled from official sales lists:
Chicago
Stock
Baltimore
Sales
Friday
Sales
Friday
Week's Range
Last
Sale.
Par.
Stocks—
Week.
of Prices.
Low.
Price.
High.
Par.
Stocks-
Shares.
Low.
275
American Radiator
100
pref._-_.100
Armour
Leather.—-—-15
Preferred
-100
Beaver Board
(*)
73
72
73%
Armour & Co
89
88%
15%
90
6,669
Fisheries, new.. .(♦)
5
Booh
Case
(J
6,337
92%
1,371
43
45
250
68
July
88%
Nov
85
Mar
15
Aug
89%
Mar
95%
40
Aug
Jan
110%
17%
58
Mar
Feb
Mar
400
5
Nov
13%
Jan
100
25
30
2,025
25
Nov
74
Jan
(*)
(»)
Preferred
Briscoe,
15%
89%
14
15
275
14
Nov
75
P Jan
9
9
200
9
Sept
24%
5
5%
Preferred
690
10
5,160
5
Nov
5
912
4%
Mar
4
4%
|Sept
555
%
Sept
101% 102%
30c
7%
......
99% 103%
40
42%
99%
McNeill & Llbby. 10
Lindsay Light
__.10
Mitchell Motor Co
(*)
National Leather..
10
Orpheum Circuit, Inc
1
People's Gas L & Coke. 100
Pick (Albert) & Co
(*)
Piggly Wiggly Stores Inc(*)
25c
Nov
108
40c
2,025
7%
Oct
760
50%
99%
Nov
101
315
Nov
125%
450
40
Nov
61
230
70%
Oct
105
13%
Nov
Feb
Feb
Mar
May
Jan
'
14
50
13%
Oct
13%
810
12%
Nov
23%
Apr
11%
10,940
11
Nov
32
Apr
70
5
May
4,500
7
Nov
44
Apr
8%
15%
Jan
35
Mar
Aug
6%
7
8
8%
9%
18% May
9%
High.
3%
10
Atlantic Petroleum
1.00
1.00
1
Celestine Oil
10
68
68
pref...100
3%
4,250
2%
1.05
1,669
1.00 Nov
160
7
6%
6%
Comm'l Credit pref
25
Consol G, E L & Pow..l00
24%
92%
24%
"92%
93
616
92%
86
88%
813
4%
975
Cosden & Co
86
100
Coal
5
pref
33"
(*)
100
—- (*)
Jan
June
3% May
11
Jan
29
May
103%
89
jan
May
4%
Jan
390
32%
78
80
100
67% May
44%
93%
44
44
25
44
44
Apr
Jan
May
8% June
14%
Feb
10
Jan
17%
Jan
23%
Oct
70
Jan
Houston
9
10
16
16
90
t r-100
24
25
8
100
62
65
158
62
Nov
95
50
69
69
15
60
July
70
80
83
413
74
Feb
84%
Mar
16%
16%
11%
100
13
Aug
16%
Nov
1.015
11
Feb
15
Preferred
Mt V-Wood Mills
Northern
v
9
v
tr
Central.
Pennsyl Wat & Power. .100
80%
Seaboard Air Line pref. 100
United Ry & Electric...50
"ii
11
78%
78% $20,000
4%s.l953
80%
80%
1.000
Chicago Ry 1st 6s._..1927
Consol Gas gen 4%s__ 1954
66%
66%
11.000
75
75
Cons G, EL&P
73%
74%
26.000
Atl Coast Line RR 4s. 1952
Bait Spar P & C
3,000
Feb
95%
95%
6,000
94
94
5.000
93
98
4%s__1935
5 per cent notes
96%
June
81
96
Jan
95%
Nov
Jan
98
6,500
Consol Coal refund 58.1950
75%
76
12.000
69
July
79
96
83
650
20
Nov
43
July
Elkhorn Coal Corp 6s.
1925
91%
May
May
97%
25
97% 145.000
6.000
91%
95%
Jan
83
83
109
83
I Sept
90
Mar
Fairmont Coal 5s
1931
84
85
5.000
84
Nov
175
34
175
Nov
310
Mar
Fla Cent & Penin extd 6s..
95
95
1.000
93
June
86%
99%
Apr
Feb
May
28
5.000
23%
1,330
2,100
5,250
103
20%
Interboro Rapid Transit 5s
55
55
Nov
55
Nov
Jan
Lexington (Ky) St 5s. 1949
Macon Dub & Sav 58.1947
79
79
1,000
79
Nov
79
Nov
59
60%
2,000
59
Nov
Apr
Monon V Trac 5s._—.1942
69
69%
2.000
61%
Sept
Nov
Pennsy W&P5S
1940
St Louis Iron Mtn & Sou—
80%
81
6.000
76%
Aug
62%
69%
86%
15
Nov
15%
24
100
12
Aug
26%
Jan
65
35
July
42%
Feb
29%
11,225
26
Nov
50%
Apr
104%
26%
7,735
96
Nov
128
11,480
23
Nov
55
80
25
Nov
52%
Mar
57%
25,500
53
Nov
74%
Jan
1%
14,800
25
53
1%
1%
Nov
1,335
13
Sept
480
20
Feb
1%
42
Jan
Jan
Oct
16
27
28%
45%
48%
1,825
36%
Nov
56
21%
6,99.5
20
Nov
40
"Mar
12
4,570
Nov
24
Nov
Mar
8%
48
70
72%
8%
50
48
Nov
76
175
70
Nov
81%
56%
42%
42%
Mar
49%
Sept
..1936
66
66
66
4.000
56
Mar
66
Nov
Funding 5s
58%
58%
10,000
51
Jan
58%
Nov
1952
West Maryland 4s.
Philadelphia Stock Exchange, Nov. 6 to
inclusive, compiled from official sales lists:
Apr
Sales
Friday
Oct
Oct
American Rys, pref
87
Feb
American Stores
5,000
76
Sept
86%
Feb
6,000
45
June
49
Feb
Elec Storag eBattery... 100
1,000
60
May
65
Oct
General Asphalt
May
70
Oct
65% June
75
Jan
59
July
76%
Nov
Auk
92%
Jan
47%
63%
68
63%
68%
8,000
58
69
69
3,000
76%
76%
1,000
84
84%
19.000
34
82%
Par.
Stocks-
100
no par
Buff&Susq Corp pf
v t c
100
Sales
Range since Jan. 1.
for
Low.
46
25
46
Nov
118
—
,
120
320
105
Sept
..100
Preferred
Insurance Co of N A
10
100
J G Brill Co
10
37
36
38
'
1%
3%
3%
5%
36
1%
27%
31%
91
91
828
1%
2,135
6
6%
51
99
Feb
141
Jan
51%
820
45
Aug
130
85
89
145
77
Aug
193
Jan
10
13
6% June
13
Feb
29%
29%
70
47%
Jan
55
111
50
112
"85"
"29%
27%
Jan
Oct
Jan
58
375
34
9
55
50
Aug
Aug
9
210
8
Sept
13
Jan
60
29
Sept
35
Feb
Aug
22
63
Oct
29
29
100
10
10
10%
1,549
Navigation
Lehigh Valley
50
50
75
74%
79%
3.169
51%
54%
425
Midvale Steel & Ord
50
<35%
75
35%
50
41%
35%
42%
97
40
May
50
40
40
85
39%
Sept
43%
Jan
66%
67%
104
64
July
76
Jan
41%
43%
2.90"
37%
Aug
44
Oct
36%
Jan
50
Lake Superior Corp
Lehigh
50
60
Pennsyl Salt Mfg..,
9%
Mar
June
80
Nor
40% May
56
Nov
57
Nov
51%
Jan
Jan
31%
30
Phlia Insul Wire
51%
51
32%
51%
818
23
23
23%
1,364
20% Sept
53%
25%
Jan
27%
27%
17%
27%
1,531
25
Sept
27%
Nov
18%
no par
25
Pbila Elec of Pa
Preferred
330
29% May
50% July
Oct
2,702
12%
50
52
359
49%
July
Oct
63
Jan
Philadelphia Traction...60
28
28
40
27%
Sept
29
Mar
9%
Sept
45
Jan
95%
97%
Feb
103
Nov
57
58
Apr
100%
Jan
3,320
48%
48%
116%
Phlla & Western pref...50
Apr
1%
100
60
48%
Jan
46
380
Apr
1,505
Jan
45
6,675
44
54%
Jan
Aug
258
30
22
95
Aug
55
Oct
Feb
18
51%
104
34
56
28
Jan
36
600
21
135
July
15
950
5%
20%
64%
200
3%
57
56%
20%
100%
18,894
Jan
18
768
22
51%
135
Sept
105
23
1%
High.
Apr
Mar
86
320
12%
Low.
31
37%
40
Sept
15
120
101
10
119
64%
64%
56%
40
99%
86
118
86
Range since Jan. 1.
for
Shares.
Philadelphia Co (Pitts)—
Pref (cumulative 6%).50
High.
100
—
118
High
10
«
Hunt & Broad Top pref...
Pennsylvania
Week.
Shares.
Price.
Pa Cent L & Pow pref...
46
-
Low.
W cert-.
Mlnehlll & S H
elusive, compiled from official sales lists:
Glass Co, pf.100
of Prices.
100
Preferred
transactions at
Pittsburgh Stock Exchange Nov. 6 to Nov. 12, both inPittsburgh Stock Exchange.—Record of
118
Week's Range
100
Keystone Telephone
value.
Amer Rolling
Jan
Exchange.—Record of transactions
Nov. 12, both
Philadelphia Stock
at
49%
79
High.
69
Sept
Feb
4,000
of Prices.
Nov
May
42
Aug
83%
Low.
42%
55
4.000
77
83%
47%
Sale.
Nov
13,000
42
46
2,000
4,000
79
Price.
42%
64
47%
American Gas
46
Par.
2.000
Oct
63
Oct
10,000
38
Week's Range
58%
Feb
67
38
Last
Nov
47
45
66%
Friday
56%
47
Feb
97%
$4,000
'
68
20.000
Nov
63
97%
72%
96
"83%
71
1949
Income 4s
Last
Rys 5s, ser "A*
Nov
1949
1949
Adjustment 5s
United Ry & E 4s
Sale.
Oct
95%
60% May
Jan
CM
71
56%
River & Gulf 4s
71
2,000
71
londs—
96
Oct
Nov
•
Seaboard A L stpd—.1950
May
20
31%
80%
55
Apr
14
48
Jan
Apr
1,600
96
Jan
Nov
Mar
15
26
100%
52
90
38
89
July
243
Nov
15%
7 per cent notes
Nov
63%
15%
15%
94
6 per cent notes
Nov
21
23%
108%
23
8,915
"70"
Jan
83
72% June
92% June
Cosden & Co conv s f.....
73%
(*)
r
Mar
70
Jan
63%
10%
Knitting Mills. (*)
50
50
Nov
83
Nov
Oct
20
Indep Brewing, com
78%
Oct
56% May
73% July
50%
45%
———(«)
Yard, Montgomery &
When issue!
--
10
Barnsdall Corp, Class A.25
Class B
25
Carbo Hydrogen Co, com.5
Pref erred
5
Carnegie Lead <fc Zinc
5
Columbia Gas & Elec..100
Consolidated Ice, pref.. .50
Guffey-Gille8 Oil.. (no par)
Harb-Walk Refrac.com. 100
Preferred
100
78%
79%
45
27%
Arkansas Nat Gas, com.
Jan
Bonds—
Nov
50
69
1%
Glass Mach 100
Jan
28%
38%
24
Mill, com.25
Amer Wind Glass Mach 100
Preferred100
Feb
May
25
25
Monon Vail Trac
Preferred
33
25
103
104
..
Yilson Co com
35
Oil pf tr ctfs.100
Davison Chemical.no par
155
10,325
14%
Preferred
July
Nov
535
20%
20%
-.
"53%
Am Wind
22
Apr
3.40 Jan
175
"II—
Rights A.
Amer Wind
Nov
74%
4
Consolidation
3
Jan
4%
38%
25
Stocks—
6%
Cent Teresa Sugar pref-.10
Feb
76
42
98
par
High.
Oct
20
International...
*No
Low.
67
26
26%
cago
Shares.
Nov
July
37
Yes tern
Low.
38%
38%
Standard Gas & Elec.
Co
Price,
40%
25
Rights.
Yahl
Week.
25
8%
15%
3haw W W com
Jan
72
7
.
23%
Swift
%f Sept
11
-
......
Eteo
Dervoort.
1 1,075
100
12%
■
Sears-Roebuck com
540
14
•»
11
Libby,
Root & Van
1% June
11% June
11% June
Feb
5%
71
-
—10 "12%
Motor
7%
57
55
.100
—.100
com—(*)
Hartman Corporation. .100
Holland-Amer Sugar
10
Match
Godschaux Sugar
Hupp
%
'
25c
10
Motors
Cudahy Packing com.
Diamond
1
5
4%
4
100
Chic Rys part ctf eer 2——
Commonwealth Edison 100
Chic Elev Ry pref
Rights
Continental
Jan
1
7%
4%
._(*)
--_(*)
i.
for
of Prices.
Manufacturers Finance 100
common
I)
Chic City & Con Ry—
Part share com
Week's Range
High.
Alabama Co 2d
15%
Range since Jan. 1.
Last
Sale.
Range since Jan. 1.
for
1% May
3%
3%
53
15
June
93
1%
6
5
Jan
Jan
Aug
11%
Jan
Mar
66
Jan
Feb
29
Jan
39
Jan
Sept
119
Feb
July
102
25% June
89
3%
Oct
Nov
Jan
5%
Apr
15%
Apr
Pbila Rapid Transit
2d
preferred
Devel
1
-.1
Tonopah Mining.
Union
18
50
..50
Reading
Tono-Belmont
50
1%
1%
50
29%
100
168%
50
35%
50
Traction
United Cos of N J
United Gas Impt
Preferred
-
U S Steel Corporation..
100
1%
1%
225
65
28
61%
Jan
Oct
20
33%
1%
4,3.50
1 1-16
Feb
Sept
3 1-16
Jan
"1%
750
1
Aug
2%
Feb
3,489
23
July
37
168%
200
163
Jan
37%
6,262
34%
July
Oct
185
35%
57
Jan
49%
50
20
49%
Oct
83%
85%
920
83%
Nov
29%
168
30
60%
108%
8%
Jan
Oct
Jan
10
8
8
280
8
Warwick Iron & S
38
100
Jan
8hore.50
38
35
40
West Jersey & Sea
Feb
60
75
75
30
71
June
75
Jan
Westmoreland
Coal
Feb
Jan
TilE
1938
[Vol. 111.
CHRONICLE
Week's
Last
Sale.
Bands—
Range since Jan. 1.
for
High.
Week.
95.00
12.500
Low.
u s Lib Loan 3%s.l932-47
1st Lib l'n 4%s_1932-47
95.00
89.00
89.50
1,050
2d Lib l'n 4 %s. 1927-42
3d Lib l'n 4%t
1928
86.90
88.60
89.50
90.42
87.26
4%s. 1933-38
Victory 4%s
1922-23
Amer Gas & el 6a
101
100.00
85.00 Aug
83.20 May
92.10
Oct
12,300
91.91
Jan
40,150
86.40 May
94.60
Jan
82.30 May
94.70 May
92.88
Jan
99.34
Jan
68%
82%
Jan
70
4.000
10.000
7,000
Sept
102
Nov
88% Nov
49% Sept
101x Sept
89
Nov
65
Jan
102
2003
72
13,000
59
72%
Oct
5,000
69
Nov
71%
Aug
1.000
85
July
99
Apr
105
June
Jan
Cons & coll tr 5s stpd '51
jan
1.000
100%
82%
Nov
82%
4.000
53 |
Aug
72
Standard Oil (Calif)
25
Sept
81
79%
July
85%
Nov
13,000
79%
85%
Nov
5.000
59%
July
July
86%
Jan
4s......1997
86
86%
4.000
72
Apr
68
58%
56.000
65
June
76
95
95
5,000
92
July
98%
Nov
Jan
Mar
New York "Curb" Market.—Below we
give a record of
the transactions in the outside
security market from Nov. 6
12, both inclusive.
It
the week
covers
ending Friday
afternoon.
the "Curb"
on
such
no
as
reliability attaches
those on the regularly
to
organized stock exchanges.
On
the
New
York
Stock
Exchange, for instance, only
Exchange can engage in business, and they
are permitted to deal
only in securities regularly listed—that
Is, securities where the companies responsible for them have
members of the
complied with certain stringent requirements before being
admitted
to
dealings.
Every precaution, too, is taken to
Insur
that quotations coming over the "tape," or reported
In the official list at the end of the
day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make
prices and have them included in the
lists of those who make it a business to furnish daily records
of the transaction
The possibility that fictitious transac¬
tions may creep in, or even that
dealings in spurious securi¬
ties may be included, should,
hence, always be kept in mind,
particularly as regards mining shares.1 In the circumstances,
It is out of the question for
any one to vouch for the absolute
.
trustworthiness of this record of "Curb"
we
give it for what it
mav
<ooue Oll.r,...
Boston-Mex Petrol .r
Par.
Week's Range
for
of Prices.
Week.
Price.
Low.
High.
Range since Jan. 1.
Oarlb
Carib
Low.
High.
Industrial & Miscell.
1
~"9X
40
Allied Packers-r__ (no. par)
Aluminum Mfrs pref.r.100
Tire
Stores
40
«...
-
"5"
Automatic Fuel S
Brill (j
G) Co-r
Esmefalda Oil A Gas
Federal Oil
Granada 011 Corp cl A r.10
Guffey-Gillespie Oll.r..(t)
Hudson Oll.r
Inter Petrol
Oar Ltg a Power.r.
_
Lone Star Gas.r
Magna Oil A Ref
Maracalbo Oil
Mexican Panuco
Mexico Oil Corp
Jan
Sept
36
Jan
80
Aug
97
July
1
Oct,
12%
10
01
Co._(t)
10
Midwest
Refining.r
Midwest-Texas OH.r
50
l
Noble Oil A Gas
North
1
American Oll.r
Omar Oil A Gas
Pennock
OH.r
Producers A Ref-r
10
Red Rock 011 A Gas.r
Ryan
Salt Creek Producers.r_.25
Sapiiipa Refining.r._,
Savoy 011
m
...10
r
Oil A Land
,r
Jan
Jan
Woodburn OH
Corp.r..(f)
Arizona Globe Copper
Atlanta Mlnes.'r
3
Oct
9%
Jan
Belcher Extension
11%
12%
Nov
Jan
Big Ledge Copper Co
Oct
Booth.r
6
1
H
lc
100
11%
4%
2,500
1,000
8,300
3%
Oct
Boston A Montana Dev__6
Caledonia Mining
1
40c
Oct
9
3%
June
14%
July
Canada Copper Co Ltd. .5
20c
35
5,900
29%
Aug
44%
Jan
46%
4%
16%
47
40
Sept
91
7
5%
17
400
Mar
Candalaria Silver.t
Cash Boy Consol _r
1
4%
Oct
25
Jan
Consol Ariz Smelt
16%
Nov
29
Jan
Oct
14
Jan
Consol Virginia Sllver.r__5
Cortes 811ver.r
1
Cree8on Con Gold MAM.l
X
1%
2,700
76%
16%
15%
76%
10
7
%
47
6%
22%
4%
46%
6%
40
21
20
2%
10
•
...
-
2%
2%
7%
2%
11
1
1%
10
1
1
Lehigh Coal A Nav.r
50
Llbby McNeill A Llb.r.10
74
74
11%
Lima Locom com.r____100
Locomobile Co_r._(ao par)
---
«.
Mercer Motors.r._ (no par)
Munson Furniture.r
«...
rnm
m
Aug
14
5%
50
12
National Leather _r
10
N. Y. Transportation __10
Nor Am Puln A Paper..(f)
1%
July
1%
9
2
.5
2%
Repub Rubher.r..(no par)
Reynolds (R J) Tob B.r.25
Royal Bak Powd com.r 100
36%
-
_
—^
_
IX
100
Todd Shipyards Corp.r.(t)
IX
114
mm
5%
m
1
1 9-16
Goldfield Consord
34
Jan
Goldfleld
132
June
33
19
100
11
1%
10
X
2%
I
9
31%
b16
%
2%
2%
6%
5%
Y*
X
2%
1
Great Bend.r
6%
6%
%
%
15%
30%
31%
5%
8%
IX
2%
7%
8%
5%
9%
2%
2%
9%
9%
17
10
%
%
2%
Jan
Howe Sound Co
X 13-16
X
1%
5-16
%
lc
l%c
9c
4c
17c
22c
lc
22c
35c
4*
4%
3%
lc
2c
10c
6c
1
6c
4%c
4%c
7c
Blossom.r
10c
Butler.r
Aug
92
Nov
35
Jan
Knox Dlvlde.r
6%
Nov
39
Jan
Lone
Get
14
Nov
Louisiana Consol
1
X
Nov
10
Apr
%
Nov
24%
Mining.r
1
Mason Valley
.5
Montana Silver King.r._l
11c
Motherlode.r
5%c
Kewanus.r
1
St.ar.r__
12
20%
Apr
MacNamara Mlning.r...l
Magma Copper
5
9% Nov
14% Aug
3%
Aue
18
Jan
Marsh
40
40
Oct
5%
Jan
13
Mar
3
Jan
1
Murray-Mog M Ltd
1
New Arcadian Copper.r_..
New Jersey
Zlnc.r
100
114%
82%
Jan
Nlpl8Slng Mines..
Sept
6
Jan
Nixon Nevada
1
600
20
38
36
Nov
45
May
Ophlr Silver Mines.r
Oct
117
Oct
Prince Consol
Ray Hercules.r-
40
81
Oct
4
700
4
Aug
2
900
1
Oct
2
16,100
1
26
200
2,100
.
50
%
22
1%
151
Aug
Nov
Oct
Feb
4%
82%
7
June
_5
1
73c
3%
157
Rex Consolidated
67g
Jan
Jan
Oct
Jan
3%
Jan
16
Apr
Jan
3-16
May
15
Nov
18%
Oct
65c
Feb
38
Feb
%
Aug
May
25
Jan
5,000
10%
Aue
22%
Jan
Feb
21
Jan
100
9
13,700
5 580
128
%
84,000
2
Aug
5
Apt
10,900
1,900
1,600
6%
Aug
%
15%
Nov
500
26%
Oct
500
4%
May
825
5%
1%
Aug
800
3,300
34,000
6,500
100
1%
Nov
Nov
Oct
Jan
Jan
%
Jan
1 5-16
Apr
6X
Jan
Aug
2%
900
4%
190
July
9-16 June
500
Jan
July
X
Aug
May
4c
4,600
Jan
IX
Jan
9%
Jan
10%
J% Mar
40% May
56
,7o*
$
Feb
Jan
Oct
Jan
Oct
7%
Aug
Nov
73%
8%
Nov
13%
Jan
Nov
22%
Mar
Apr
Oct
1%
Jan
1%
Jan
Nov
*2%
10
%
7-16
Jan
%
%
Map
1%
Jan
5%
Nov
6%
Nov
8%
Jan
1,300
3,300
2%
Aug
23,200
%
July
Jan
Min
Oct
Jan
Apr
Pick
Cons'd.
8,900
5,000
87,800
4,100
43,000
5,100
Oct
May
2c
June
38c
2%e Aug
49c
Jan
%
77c
3%
,
200
1,725
1,900
700
4
5,200
160
50
5c
8%
%
2,600
1,000
2,900
5-16
X
3,100
1%
5c
X
13-16
5%c
%
IX
3o
July
7o
Jan
Aug
30c
Mar
92c
15e
Oct
42c
20c
Nov
3-16
4%cJune
Aug
Mar
250
52c
%
2%
19c
X
Sept
Oct
July
Oct
Jan
Mar
Jan
10
Jan
e5o
Oct
2%
3
Jan
Sept
1 15-16 Jan
3%
Mar
2%
Oct
Aug
1 15-16 Jan
9-16
Feb
1 15-16 Apr
7c
Oct
16
Mar
15o
Jan
2c
Aug
15e
Feb
11c
June
44c
Jan
%cJuly
12c
Oct
15-16 Jan
Nov
Aug
3-16 Sept
Aug
July
July
%c Jul>
4%cMar
65c
Oct
Feb
4%
7-16
Jon
Sept
4%
15c
150
Oct
8c
Jan
Ma>
24%
Ang
9c
Oct
1%
Nov
X
Nov
4 "in Mar
73c
3%
Oct
Oct
Nov
157
%
97c
3%
1%
78c
4%
300
12%
Aug
3c
5.000
H
lc
5%c
6c
9,500
2c
1-16 Mar
Jan
Jan
Sept
6%cMay
23c
Aug
Oct
Apr
Aug
%
Jan
Jan
Jan
Nov
5c
Jan
39
5c
1 1-16 Sept
Jan
32c
8%
% May
% Aug
Feb
13c
Aug
1-16
Feb
27o
4c
X
Mar
5
20
14c
1%
3-16
%
Jan
Jan
3-16
2c
6c
12c
Nov
1%
1
l
r
1%
Nov 1 1-1 e
1-32
16,800
16,600
23.000
8,000
I?
1*
Jan
June
3
800
Mar
%
1,700
5.000
19,800
4o
May
4c
18,000
65,000
4,000
31,000
15-16 June
3-16
10c
6c
2%
Apr
1 3-16 Mar
lo
3%
73c
157
8%
1
1
81lver King Dlvlde.r
Sliver
% June
5.800
1
Roper Group Mining
St Croix Silver
3% '
Jan
Feb
39%
1%
6,000
1%
1%
X
1%
5%c 5%c
5c
1
Jan
59
120
1% May
6
25% June
5,000
11,500
X
3465-16
24% 26
9c
ll%c
8%
.5
Ray Verde Copper
18%
230
June
6c
?
Oct
1%
1
113
1%
80
%
18c
17?
1
Lake
3
Nov
16%
2%
3%
1% June
1% May
X
4%
Feb
800
5
85c
May
5
3
2X
Apr
Mar
9
Mar
%
May
July
2
7
6c
4,200
1,900
4,000
4,100
1,400
Mar
4.50
6c
Nov
Jan
U%
7%
8
1
Nov
39%
1
9
4,500
3,900
Kerr
7% June
Aug
Aug
5%
6%
Jan
Jan
Nov
29
53,800
2,000
X 11-16
3
3
7,800
47c
55c 142,000
1%
IX 15,300
Iron
18
1%
Oct
29c
Jumbo Extension
Nov
Aug
Aug
1%
2%
Jim
200
%
Ncv
1
2%
Jan
4,100
3
3
19,500
Apr
200
18
July
10%
7-16
64c
Nov
300
40
85
Aug
July
15%
62c
8
1
200
9%
Jan
1,000
2,060
4
5%
53
3,100
5%
3%
80
300
5%
175
300
Jan
Aug
Nov
%
200
3,000
1,200
11,900
1,000
9,850
14,000
3c
4c 10,500
5c
6c 12,000
5-167-16 32,500
3c
7,000
4%c
39c
43c 52,500
17c
18c 11,000
20c
22c
3,000
3-165-16 11,500
5c
8ci 25.500
1,100
1-321-16
Nov
12
Mar
Apr
6%
1,000
1
Jan
3%
1%
42
%
6%
2%
7-16
7%
X
4
1,400
9,300
20.900
2,400
8,000
17,300
1,000
10,500
1,300
1,200
2,400
Jan
Aug
24,400
42,500
8,500
18,100
lc
10
25c
25e 413-16
Hecla Mining
17
32
Apr
X Nov
•
9
%
%
X
3c
21c
1
Harruill Dlvlde.r
Apr
Jan
Aug
7%
21,900
3,200
37,000
1,800
3
Nov
65
1%
9%
1
300
947
160
X
IX
8c
10c
Divide.r
20
2%
3%
15-16
Apr
70
4
1%
10
r
Devel.r
Zone
Nov
1% Sept
Nov
X
Mar
13
100
10%
1%
Apr
Mar
Gold
Feb
2%
300
10%
2%
2%
7%
May
Nov
800
42,700
1
7/%
5%
130
Honduras Amer Synd.r (t)
1%
1%
25%
\]A
160'
Eureka Holly.r
Mar
8,700
1
Silver..
Aug
Jan
Nov
July
4
4
„
mm
2%
36
82
«...
m
1%
Sept
Aug
Emma
53c
2%
6%
100
12
2
3%
40%
Oct
480
Jan
161
25c
July
14'-4
5,900
5,600
IX
2%
1
Oct
21%
3%
7%
3%
64c
Eureka Croesus Mln.r
Nov
2.100
9
Anr
4
14
10
Nov
54
29%
40
1,100
10
18
Nov
Nov
100
8
Amer_r__(t)
July
295
72
Perfection T A R.r
7%
15%
20%
40.500
6%
13%
5%
Pyrene
El Salvador Silver Mln
3%
1
6%
59
3
4%
Divide Extension
500
65
40
Sept
4%
53%
11%
16
4%
40
1
78
200
11%
9%
Patchogue-Plym Mills pf.r
7,100
5.000
Oct
22%
12
mmmmmm
FIreproofing com.r.50
18
20
75
17c
5
2,000
1,000
%
1
3,883
7%
mmmmmm
Indian Pack Corp.r (no Par)
Intercontinr ntal Rubb.100
com.r.
1
1
2%
4%
3%
3%
mrnirn
Hercules PHper_r__<no oar)
Sweets Co of Amer_r__100
Internatlonal.r
5
2%
11-16
6
4%
28%
4%
m
810
Aug
Apr
7%
10
10c
Heyden Chem.r..(no par)
Swift
8%
1
1,500
4,200
mm
Sept
343
40
Mining Stocks—
Alaska-Brit Col Metals..1
America Mines r
1
60
6
16%
Asphalt, com.r... 100
100
'~2?
10c
Sept
Aug
660
147
90
,
6
Belcher-Divide, r
""17%
Goldwyn Plcture.r (no par)
Goodyear TAR com.r_ 100
Preferred, r
31
Victoria Oll.r
Oct
Co(nopar)
Garland Steamship _r__(t)
Roy de France Toilet Prod5
Stanwood Rubber.r-_-.(t)
**%
355
300
807
71
11
147
1&6
Jan
10
30
3
3%
17
19%
7-16 7-16
11% 14
9%
9%
X
1%
8C
81
45
i*
9
"~X
Darwin Silver
FaTellfW 'OAS >n.corn.r(t)
r.
152
1
61
16%
7%
1%
Empire Tube A St. (no par)
Mfg.r
'"fx
Spencer Petroleum Corp. 10
Nov
mm
aGardner Motor
Preferred .r
"ll%
5
57
du Pont (E.I.) de Nemours
A Co debenture stock 100
Kay County Gas.r
Lake Torpedo Boat.r
17
5
Slmms Petroleum r(no par)
19
Aug
Aug
29%
5
300
4
Apr
Nov
3-16 3-16
ux
Cons'd.r
67
5
Aue
20
9
3-16
%
15
17%
10
Nov
1%
600
Nov
12c
"15"
5
July
3
Jan
3%
2,400
27%
...10
66%
mmmmmm.
(f)
Continental Motors.r.__10
Crude Chemical, com r
Hocking Valley Prod
2
10
91
m
100
2,450
56,000
"27%
l.r.
Sept
mrn
Jan
94
33%
Colombian Emer Synd
Conley Tin Foil.r
Tenn Rv. LA P.
w
July
8%
Mar
388
90
J
Explor.r(t)
Meridian Petroleum
Merrltt 011 Corp.r
45%
mm
65
Aug
90
25
80
3
«•
May
Aug
273
13
Lance Creek Royaltiea.r.l
10
Cities Serv Bankers "hs r(t)
Preferred,
Par
83
_25
Charcoal Iron of Amer. 10
Chicago Nipple Mfg c| a 10
44
40
11
Wilcox Oil A Gas.r
Nov
2,300
100
12
1
„
r new-__no
66%
11%
4%
Nov
X
2X
1
6
Fensland OH.;
(no par)
Gilliland OH pref.r
100
GJenrock Oll.r.
10
83
"
6%
8%
49
Nov
5% f Jan
Aug
Nov
74
10
X
10
4
2%
2
13%
7-16
100
1,500
3,400
Jan
25,000
1% 1 3-16 1 5-16
1
700
5
Jan
4%
42
5
Engineers Petrol Co.r.__l
__10
Western States OH A L.r.l
9
4
4
Nov
Nov
6%
%
IX
10
Elk Basin Petrol.r
4% Apr
16%
Jan
Nov
1%
40
11%
%
1%
11% July
86
1
8%
Sept
1%
1,238
Uuhe
15-16
Jan
Aug
1
100
18,000
8,900
4,000
oom r_6
5
Brlt-AmerTob ord bear -£1
Brooklyn City RR.r_._10
Radio Corp of
35
Feb
42
64%
Brltlsh-Amer Cbera.r._.10
Nat
200
40%
3%
If 18
5
83
100
Gen
7
Jan
i2^
19
2%
May
1%
5,500
27
19c
74
Trading.r___
Cuahlng Petr Corp
Denny Oll.r
66%
100
Automobile
3,000
86
1
Amer Writ Paper com.. 100
Borden Co prel
Cleve
2
10%
41%
9
mrnm
(t)
r
IX
9%
2,500
3,300
IX
12c
10
11%
ite new.r
United Tex Petrol.r
Coal.r..
Aetna Explosives.r(no par)
Air Reduction.r_. (no par)
Amal
OU.r__i
Cosden A Co, com.r.
Texon
Acme*
Synd'c
Skelly Oil
Shares.
Feb
3%
9
„X
16c
6
Settled Prod.r
Sales
Last
Jan
55
760
378
370
1
Seaboard Oil A Gas.r
Sale.
Stocks—
transacti ns, and
be worth.
Friday
Week ending Nov. 12.
19
Nov
52
305
339
336
725
1%
Dominion Oll.r
It should be understood that
to transactions
100
Allied Oll.r
1
Arkansas Nat Gas.r
10
Atlantic Gulf Oil Corp. 100
Bigheart Prod A Ref
10
Boston-Wyoming
to Nov.
_r.
Jan
70
39.000
85 %
66
United Rys Invest 5s. 1926
Welsbach Co 5s
1930
Jan
3%
Nov
20%
52
289
Other OH Stocks
Allen Oil.r._._
85%
66
8%
29
52
20
52
290
Standard Oil (Ind) .r
60
Standard Oil of N Y.r.100
77
66
Aug
2,300
1%
1%
1%
3%
40
£1
Feb
Nov
77
66
Anglo-Amer Oll.r
Galena-Sig Oil com.r..100
Ohio OtLr
84
Pub Serv Corp n j 5s. 1959
1
Subsidiaries
Oct
82 H
58
5.000
3%
40
Oct
Former Standard OH
84%
1966
.6
Jan
2
Rights.
Jan
56%
Phila Electric 1st 5s..1966
Wayne Coal
Willys Corp 1st pref.r.100
1%
Jan
78
Oct
%
22,900
19,200
IX
6%
69
4.000
10
X
Nov
55
10
IX
1%
1%
3%
10
r
Jan
90 %
102%
82%
50%
Preferred,
High.
Sept
%
30
6%
Aug
104% 105
Peoples Pass tr ctfs 4s 1943
Philadelphia co—
U S Light A Ht, com.r.. 10
U 8 Steamship
Low.
6,900
1,100
100
35
29
30
New Jersey Zlnc.r
June
80
92% June
93
1%
8%
Distributing com.r.50
U S High Sp Steel A Tool (t)
85
67
1.000
93
1%
8%
Candy.r_(t)
U S
2
3.000
llH
Sharlng__26c
'n Retail St's
57
1
1
2%
98
Oct
55
Range since Jan. 1.
for
Week.
Shares
7-16
X
General Electric _r.__
84 %
16.000
united Profit
X
v t
30% May
84 %
25
Week's Range
of Prices.
Low.
High
Price.
c..5
Onion Carbide A Carb.r(t)
United Gas A El com.r. 100
Nov
68
84%
10.000
{Concluded)—
Triangle Film Corp
Jan
99%
Oct
97
30,0.50
Jan
82
Oct
90%
241.000
98
68 %
Penna rr 10-yr 7s... 1930
Consol 4s
1948
Reading gen
600
Oct
26 %
68 X
26%
Registered 4s
2003
Lehigh Val Coal 1st 5s 1933
small
73
102
89
88%
54
55%
101H 102
65 %
Keystone Telep 1st 6s 1935
Lehigh can cons 4%g '54
Lehigh Valley coll 6s.. 1928
do
1,000
91 j*
91%
French Repub 8s
Inter-State Rys col14s 1943
Gen consol 4s
74
70
Cuba Cane Sugar 7s.. 1930
Elec & Peoples tr ctfs 4s *45
Jan
Sept
74
do
small
2007
Baldwin Locom 1st 68.1940
Bell Telep of Pa 7s.... 1945
89.80
Stocks
High.
88.60 127,300
96.36
31.5.50
96.00
2007
Last
Sale.
Sales
Range
of Prices.
Low.
Price.
4th Lib l'n
Sales
Friday
Friday
1%
Jan
Nov
Apr
JaD
Jan
Feb
1 3-16 Jan
2%
1%
12c
%
1%
Jan
Oct
Jan
Jan
Sept
Judc
Oct
14c
Jan
Jan
30c
Mar
Nov. 13 1920.]
1939
CHRONICLE
THE
Sales
Friday
Range since Jan. 1.
Last
Week's Ranoe
for
Sale.
of Prices.
Low.
High.
New York City Realty and Surety
Week.
Mining (Concluded)—Par Price.
Bid
Standard
Sliver-Lead
500
4
700
3-16
bX
1
Success Mining
Sutherland Divide _/
3-16
1
Tonopah Belmont Dev
1
1
2c
IX 19-16
1
13-16
Tonopah Extension
1
Tonopah Mining.r
1
United Eastern Mining..1
2H
40,000
2,000
2,750
IX 111-16
IX
2H
8
United Mines of Mexico.r.
U 8 Continental Mines.r.l
6c
Unity Gold Mines.
Victory Divide.r
5
10c
7X
6c
%
87c
6
IX
IX
_
Weet End Consol'd
White Caps Exten
10c
10c
White Caps Mining
White Knob Cop pref.r.10
Wilbert
Mining
Yukon Alaska
6c
7c
4c
5
IX
Nov
%
11c
210
55
60
Preferred
75
85
._
10
Apr
Sept
Jan
4% c July
29o
1
May
3c
Jan
6c
Aug
20c
Apr
13-16 Jan
30
Mar
Mar
Oct
26
Oct
%
3,100
1%
12o
Aug
24
Oct
1%
Jan
1924
6% notes.r
96
Anaconda Cop Min 7s.r'29
Anglo Amer Oil 7 Mb r.'25
100 K
Armour A Co7% notes r" 30
Beth Steel Eaulp 7s..1935
96^
94X
Canadian Nat Rys 7s. 1933
C C C A St L Ry 6s r 1929
102
Colum Graph Mfg 8s. 1925
"94 X
96
96%
Nov
Aug
97%
91% June
Oct
96
96%
fJan
fJan
100
k
Diamond Match 7^8.1935
~89~ "
Duquesne Light 6s
1949
Empire Gas A Fuel 6s_r.'24
1926
40
French Government 4s.r._
Goodrich (JBF)
"89X
Co 78.1925
1940
102X
70
93 X
Kennecott Copper 7sr .1930
Laclede Gas Light 7s.r._
Nov
99%
Nov
Nov
101
Oct
100%
Oct
Oct
Oct
90%
Oct
94
Oct
96%
40
Nov
62
June
50
Nov
77
July
93%
Nov
93%
Nov
89%
99
7% ser noies.r.Oct 15 '22
195,000
51
93
98%
1927
Southwest Bell Tel 7s. 1925
94 X
1921
97 X
Switzerland Gcvt 5^8.1929
Texas Co 7% notes .r.l 923
83
98X
98%
94%
Jan
100X
May
Nov
Mar
Nov
Nov
97%
98
100* 100*
West Virginia 3 Hs.r._1939
82%
82%
Zurich
99
•
1945
99%
Jan
100%
Oct
Nov
92
Oct
84
101%
98%
Oct
Sept
Oct
97% June
Anglo American Oil new. £1 *20
Atlantic Refining
1001000
Frankfort 5s.r
16%
—
100
Co
Hamburg 4s.r
4Ks.r
Sold last
13X
15
205
98
Continental Oil
108
Crescent Pipe Line Co
50 *31
Cumberland Pipe Line—100 150
Eureka Pipe Line Co
100 HO
Galena Signal Oil com—100
50
Preferred old
100
92
Preferred new
100
90
Illinois Pipe Line
100 165
Indiana Pipe Line Co
60 *89
International Petrol,(no Par) *16
National Transit Co.-.12.50
*28
New York Transit Co—100
170
Northern Pipe Line Co.. 100
100
Ohio OH Co
25 *285
Penn Mex Fuel Co
25 *44
Prairie Oil & Gas...
100 525
Prairie Pipe Line
-100 215
Solar Refining
100 395
Southern Pipe Line Co.-100 zll6
South Penn Oil
100 263
Southwest Pa Pipe Lines. 100
65
Standard Oil (California). 100 328
Standard Oil (Indiana)—100 *725
New stock
295
Standard Oil (Kansas) —100 590
Standard Oil (Kentucky) 100 420
Standard Oil (Nebraska). 100 425
Standard Oil of New Jer.100 645
Preferred
100 105
Standard Oil of New Y'k. 100 370
Standard OH (Ohio)
100 420
Preferred
100 102
Swan & Finch—
100
40
Union Tank Car Co
100 no
Preferred
100
Qfi
Ask
Bid
America •
205
210
255
Exch—
215
Atlantic
Battery Park.
prices dollars
per
mm
Bid
205
*98
350
145
155
Nat American
150
145
155
Nat City
307
312
185
195
34
38
Cent Meroan-
195
205
New York Co
Ch&se
375
385
New
Chat A Pken.
260
270
Pacific *.
Chelsea Exch*
145
155
Park
470
mm
mm
155
90
Aug
100
104
81%
Aug
Jan
Oct
97%
Nov
Nov
82%
July
93
97% June
96% Aug
Jan
May
99%
Oct
101 %
84
Nov
86
Nov
96%
July
99%
78%
Oct
83%
Apr
Nov
Nov
100%
Oct
99
June
28
8%
13%
Oct
Nov
Nov
15
Nov
29%
Nov
Nov
28
12
8%
12%
12%
Nov
June
34
July
June
27% June
25
100
Stocka—Per Sh
Tobacco
Bid
Ask
—
330
340"
368
210
260
270
315
320
155
130
300
315
155
165
Mercantile Tr
325
600
625
Metropolitan-
250
180
Second
450
223
State*
210
Tradesmen's*
200
,23d Ward*—
220
Union Exch__
225
300"
362
Trust
170
m
295
200
Lincoln
218
m
Equitable Tr.
Guaranty Tr.
mm mm.
170
mmfmm
mmmm
mm
chester)
...
105
125
N Y Life Ins.
Trust
550
600
N Y Trust
mm.
180
590
615
A
130
United States*
160
180
Title Gu A Tr
295
305
335
343
Wash H'ts*„
350
425
U S Mtg A Tr
395
405
Cosmop'tan*.
110
120
York vllle*..
375
425
United
810
Cuba (Bk of).
150
185
East River—
170
Fifth Avenue*
910
m
.
States
830
Brooklyn
Coney Island*
140
155
205
Brooklyn
930
First
215
Brooklyn
485
500
Fifth
150
165
Green point-
160
180
Hamilton
260
270
First...
925
940
Hillside*
110
120
Kings County
630
660
Garfield
225
235
Homestead*..
80
100
Manufacturers
195
203
Gotham
190
205
People's
275
290
Greenwich *
250
«.
-
-
Mechanics'*.
-
.
iMontauk*
85
92
85
Tr.
95
230
Hanover
830
845
Nassau
220
Harrlman
345
355
North Slde*..
195
505
515
People's
150
160
Rldeewood
200
Banks marked with
this week.
I New
(*) are 8tate banks
stock,
x
Ex-dlvidend.
18
156
165
90
96
8%
*8
76
80
110
115
101
94
*87
♦36
38
100
89
-
.
-
Preferred
—
100
100
Lt—100
Preferred
100
Elec Bond A Share pref—100
Federal Light A Traction 100
Preferred
Com'w'th Pow Ry A
—100
100
83
87
Firestone Tire A Rub.com. 10 ♦100
Preferred
Great West Pow
93
133
105
Young (J S) Co
Preferred
—
Trac com
Amer Lt A
101%
165
100
5s 1946.JAJ
Mississippi Rlv Pow com.
Preferred
5s 1961—-JAJ
Northern Ohio Elec Corp.(t)
—100
North'n States Pow com. 100
100
100
6% preferred
7% preferred
£0
North Texas
82
"85
~90
100
pref 100
A Light.—100
100
Republic Ry A Light
100
Preterred
100
South Calif Edison com—100
Preferred
100
Standard Gas A El (Del). 50
Preferred
50
Tennessee Ry L A P com. 100
Preferred
100
44
103
44%
72%
106
'if,
150
60
"65
£0
60
100
Short Term Securities—Pe
60
70
Preferred
Preferred
Pacific Gas A Elec 1st
100
100
—
Cew
Am Cot Oil 68
91
92
Amer
94%
Puget Sd Pow
Preferred
96
6% notes 1922
AAO
Am Tob 7% notes 1921MAN
MAN
7% notes 1922
7% notes 1923
MAN
AnacondaCop Mln 6s'29. JAJ
1st
Preferred
9934 100%
and
88
American
American Chicle com.no par
.JAJ
96
96%
100
100%
1929
7s
Series B
Beth St 7s July 15 '22 .JAJ
15
Preferred
96i4
American Hardware
98
98%
97
96
93
Typefounders com.l
Preferred
—10
97%
95%
94
'25 AAO
90
W) Co, new
155
100
195
stock—-—100
Co
100
100
78
l8tg58June 1 1922.-JAD
Intercontlnen Rubb com. 100
55
Company
71
73
Celluloid
98
du Pont (E
96
96%
Laclede Gas 7s Jan 1929 FA A
92%
94
Lehigh Pow Sec 6s 1927.FA A
69%
71
LlggettAMyer8Tob6s'21 JAD
Penn Co 4%s 1921 —-JAD15
Pub Ser Corp N J 7s '22.MAS
Reyn (R J) Tob 6s '22.FAA
9814
98%
98»4
9834
86
88
97%
97%
Sloss Sbeff S A I 6s '29.FAA
88
90
1922—MAS
.FAA15
9534
97%
96%
7% notes Oct 15 '25 AA015
15
Southern Ry 6s
Swilt A Co 6s 1921..
MASj
U 8 Rubber 7%s 1930-FAA
Utah Sec Corp 6s '22.
West Elec conv 7s
MAS 151
1925. AAO
Debenture
Havana Tobacco
Preferred
9734
97%
97%
Phelps Dodge
98%
99
Royal Baking Pow corn..
Corp
100
100
1%
8
12
"71%
"82%
170
116
100
83
Manufacturing—100
158
Preferred
98%
83
I) de Nemours
A Co, com
International Salt.,
100
1st gold 5s 1951
AAO
International Silver pref. 100
Lehigb Valley Coal Sales. 50
97%
60
100
Preferred
97
Nov
83
25
92
—
Borden Company
93%
1921.JAJ
1923—MAN15
6s
-
41
-5
com.-.100
100
Preferred
90%
92%
Bliss (E
Interboro R T 7s 1921 MAS
K C Term Ry4%s
139
Amer
Federal Sug Rfg 6s 1924 MAN
37
68
1
1
—
9684
Canadian Pac 6s 1924. MAS2
Goodrich (B F) Co 7s
j
Miscellaneous—Per share
180
Brass
-1
Industrial
9934 100%
100%
Anglo Amer Oil 7 %s '25 AAO
Arm'rACo7sJulyl5'30JAJ15
preferred
Western Power
100
87
100
100
Corp....100
100
United Lt A Rys com
94%
9584
1924—MAS2
Tel A Tel 6s 1924. FA A
Elec Co com 100
89%
100
100
Portage Rubber, com
100
Preferred
80
71%
Preferred
Miller Rubber
—
100
100
—
First Mtge
Stocks
Texas Co 7s 1923
205
Imp A Trad
•
Colorado Power com
12%
Weyman-Bruton Co, oomlOO
Preferred
-—---100
Hocking Valley 6a 1924MAS
Cora Exch*.-
m
110
114
12%
•12
*15
95
7% notes July 15 '23 JAJ15
Continental.-
mm.
100
107
*11%
172
scrip
Eleo com.— 60
Prel erred
mmmm
260
Mutual (West¬
460
Public Utilities
Amer Gas A
50
100
100
Amer Power A Lt com.—100
Preferred
---100
Amer Publio Utilities com 100
Preferred
»
100
Carolina Pow A Light com 100
Cities Service Co com... 100
Preferred
---100
92
Tobacco Prod Corp
Preferred
Law Tit A Tr
Commerce
210
Virginian Ry 6a
_
Reynolds (R J) Tobacco- 25
B common stock
25
Preferred
100
4s—
Union Pacific 7s
97
Tob—100
*
Equipment 5s
Toledo A Ohio Central
Ask.
Swlnehart Tire A R,com. 100
mmmm
480
Columbia*
mm
....
165
140
Republic*
Ex*_
152%
are.
Preferred
Porto Rlcan-Amer
—
Southern Railway 4Xb
360
60j*i5Ii2
Mohawk Rubber
Fulton
145
_
Equipment 4^8
Rubber
Fidelity Inter.
480
A Sou 5s.
Francisco 5s.
St Louis A San
Seaboard Air Line 5a
Southern Pacific Co 4Xa.
Other Oil Stocks
.
Hudson
135
470
Equipment 4s
Reading Co 4Xb
St Louis Iron Mt
Preferred
20%
Farm L A Tr.
160
wealth*
102
100
Bankers Trust
mmmm
Park*
Common¬
35
165
New York
225
Bronx Nat-._
Comm'l
340
82
160
Seaboard
99
77
150
Public—
Pennsylvania RR 4Xb—.
65
114
100
Amer Machine & Fdry.,100
American Tobacco scrip
British Amer Tobac ord_.£l
Brit Amer Tobac, bearer.£1
Conley Foil (new)...no par
Helme (Geo W) Co, com .100
Preferred
100
Imperial Tob of G B & Ire—
Johnson Tin Foil A Met. 100
Mac Andrews A Forbes—100
Preferred
100
300
320
490
260
Pacific Fruit Express 7s—.
105
Apr
Empire
Mech A Met.
Mutual*
555
Northern Pacific 7s
440
Aug
Oct
97 %
„
4^s...
375
86%
Commercial—
fed"
125
545
Norfolk A Western 4Xb
138
330
150
350
10512
133
365
250
N Y Ontario A West
American Cigar common. 100
320
Colonial*.—
New York Cent 4^8. 5s
655
Nov
97
Equipment 4Xb
450
107%
310
Coal A Iron..
Mobile A Ohio 5s
440
Apr
355
Chemical
610
97%
Columbia
York
Missouri Pacific 5s
93
Central Union
105
Butch A Drov
Missouri Kansas A Texas 5s.
300
Bii
97%
Equipment 5s A 7s
735
Par
Oct
Minn St P A S S M 4Xb
333
Oct
212
Neth*__
68
7.12
6.95
Equipment 6s
268
Oct
330
New
Michigan Central 5s
Oct
207
Boro*.
Bryant
120
98%
320
Broadway Cen
Bronx
Louisville A Nashville 5s
99 %
97
6.95
410
98%
Jan
6.95
Equipment 4^8
Kanawha A Michigan 4^8.-
Oct
Oct
Equipment 5s
220
Oct
97
7.75
7.25
7.25
Illinois Central 5s
540
Oct
Manhattan *
.
47
7.75
5s
Equipment 4Hs
Valley 4Mb
Hocking
290
98%
Liberty—..
450
104
99
American
218
NY
Erie
175
Imperial Oil
Magnolia Petroleum
Trust Co's
Ask
190
j
30
8.00
Colorado A Southern 5a
Midwest Refining
100%
7.37
7.37
Equipment 5s
16%
Oct
98
7.15
6.90
Chicago RIA Pac4^8
91
Feb
share.
Irving Nat of
185
170
Bowery*
mm
Chicago A N W 4MB
39
and Trust Companies.
Banks
]
|
Chic St Louis A N O 5a
94
Gen'l Tire & Rub, com—.100
Industrial*—
265
Amer
96
*30
100
Goodyear Tire A R, com. 100
Banks—N Y
Equipment 5s
Chicago A Eastern Hi 5)^s._
Chic Ind A Loulsv 4XB
170
100 335
Preferred
Ail
54
115
64
* Correction.
New York City Banks
Equipment 5a
Chicago A Alton 4)^8
33
155
Sept
t No par value,
i Listed as a prospect.
I Listed on the Stock
Exchange this week, where additional transactions will be found,
o New stock
r'Unlisted,
w When issued,
a: Ex-dividend,
y Ex-rights,
z Ex-stock dividend.
flat.
112
—
10
7.75
7.50
7.25
7.25
8.50
8.50
8.50
7.37
Central of Georgia 4Xb.
Chesapeake A Ohio
Sept
Nov
lots,
t Dollars per 1,000 lire,
Carol Clinchfteld A Ohio 5s__
102
97%
and not reported—Nov. 4. 200 Gardner Motor at
week
Canadian Pacific 4 ^s A 68—
90
215
—100
100
Vacuum Oil
Washington Oil
7,40
6.87
6.87
6.87
7.12
Equipment 4s
Equipment 6s
107
Nov
2.000
12%
115,000
14
12%
12%
160
Equipments—PerCt. Basis.
425
*88
Buckeye Pipe Line Co
50
Chesebrough Mfg new—100
63
10,000
35,000
18
15
,
German Electric 4MB-*-
85
150
Buff Roch A Pittsburgh 4Xb
1075
22
55,000
40,000
160
75
Baltimore A Ohio 4)^8
20%
Sept
(DoUan per 1.000 Marti)
Cologne 3Hs.r.
104
410
100
Preferred
Borne Scrymser
RR.
Ask.
Bid.
Par
Scrip
12
8%
150
.
West A Bronx
"and interest" except where marked "f.**
Sept
Municipal Bonds
12
8%
U S Casualty
U S Title Guar
Pe r shar
Standard Oil Stocks
96%
Oct
96%
Oct
96% June
German Government and
4s _r
125
Quotations for Sundry Securities
96
99% 125,000
202
115
Ask
105
Assoc
(Brooklyn).
Realty
A
90%
33,000
30,000
60,000
10,000
99%
'25
Title
Mortgage.-
93%
97% 60.000
97% 22,000
84% 19,000
98% 170.000
83
Nov
Sept
94
93%
11,000
85%
Aug
Nov
Oct
99%
3,000
91% 310,000
100% 275,000
94% 21,000
99
(Swltz) 8s.r
Jan
69%
40,000
85
1925
Western Elec conv 7s.r
Apr
Nov
76
92%
28,000
97%
97%
Swedish Gov 6s June 15 '39
Union Tank Car eq 7s. 1930
Utah Securities Gs.r.,1922
99
90
102
100
94
Oct
103
50,000
89
Nov
Oct
98%
98
85%
Aug
100
91%
98
97% June
•
Nov
19,000
102
Aug
56%
92
98%
91
99%
99%
100
98%
89X
100 X
6fl.r
86%
83%
1,000
40,000
79
80
20,000
99% 100% 245,000
21,000
97% 98
95
95% 33,000
35.000
93% 94%
94
7,000
94%
20,000
96
15
8,000
97%
10,000
25% 26
55
59% 104,000
59,000
99
99
55
Swift A Co 7s_r
100
93X 93% 15.000
103,000
89% 91
280,000
102% 103
70
74% 160.000
93% 93% 10.000
Reynolds (RJ)Tob 6s.rl922
Solvay A Cie 8s.r
101
Nov
1925
7% ser notes.r.Oct 15 '23
Seneca Cop 8s..Apr 15 1925
SlnclalrCon Oil 7
s r
'25
Sept
97
100
Soars,Roebuck A Co 7s.r'21
99%
95
91%
Russian Govt 6Hs.r._1919
Seaboard Air Line 6s
Nov
Sept
Oct
Oct
Nov
1924
...
77
57
Nov
1923
7s.r......
Aug
Sept
Sept
....1922
7s.r
36
46
97
Ohio Cities Gas 7s.r_.1921
7s.r
Sept
94
N Y N H A Hart 4s.r 1922
7s. r
Mar
Oct
95%
95
97
95
97
100
'40
98
Oct
Aug
20,000
10,000
97
99% 100X 645,000
14,000
100
100J*
35,000
89
90
10,000
84X 85
94X 9bX 37,000
40"
43
171,000
MeCabe A Sons 7s.r..l945
r
Oct
94
Apr
92%
98%
Idgg A Myers Tob 6s.rl921
Lukens Steel 8s
1940
Norway. Klngd of. 8s
94%
98
Sept
50
Interboro R T 7s.r.._1921
Grand Trunk Ry 7s
fact
82
50
5s. r
Galena-Signal Oil 7s.r.l930
96%
101
92
94X
94
Cosden A Co 6s. r
Denmark(Klngd of)8s.l945
/
6,000
126,000
94 X
91
a
Consumers Pow 7s.r. .1923
6s.r
98%
Nov
94X 185,000
12,000
70
77
3,000
49
49
26,000
101H 102
50,000
90
91
7s
Cons Textile deb 7s-r 1923
Sept
96
94X
1921
Boone Oil 6s
Jan
60%
92%
6bX 200,000
10,000
96X
90 X 65,000
50,000
95
96
90X 200,000
100 X 100X 45,000
90X 97X 97,000
196
BondSurety—
Y
N
All bond prices are
2 7-16 Jan
Aug
lc
60
95X
94X
Mtge
Nat
80
Title A M G
Apr
9bX
94X
60
7s.r
Amer Tel A Tel 6s_r_.1922
♦Odd
70
200
Jan
Nov
May
96
Allied Pack conv deb6s r'39
a
Surety-
City Investing
Bed
116
75
100
Ask
112
Lawyers Mtge
Bond A M G_
Amer
Preferred new
Aluminum Mf
Bid
75
75
Jan
4%
Bonds—
Berlin
Ask
65
Alliance R'lty
Jan
8%
Aug
7
35
IX
2 16-16
July
66
200
1
25
Jan
Jan
1
4,100
1
3c
25
Jan
3%
4%
2%
%
13,000
1,400
7,000
3,750
5,000
36,500
1
1
Trust...(f)
Yukon Gold Co.r
8c
Jan
7o
Aug
Aug
1 6-16 June
300
lc
Jan
7c
1 3-16
1
6,200
lc
Jan
%
%cJune
2.600
1
8%
Jan
2%cSept
5,000
7,000
2c
2c
19-16
11-16
Tonopah Divide _r
Sept
bX
3-163-16
3c
4c
Sou Amer Gold & Plat.r.10
Companies.
All prices dollars per. share.
HiVf>.
Low.
Shares.
84%
86
Singer
99
99%
Singer Mfg
Ltd
£1
3%
-
t Sale at auction or at Stock Exchange
r Ex-rights.
*
ft Basis,
Per share,
/ Flat
prioe.
n
Nominal.
accrued dividend.
V Ex-righta.
d Purchaser also pays
x
Ex-dlvidend.
$ New stock.
1940
\xmzsXxam\ <mxt fftaxtoaxl gwlelliptxt*,
RAILROAD GROSS EARNINGS
v
.+ C'
^:
'
following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought together separately on a subsequent page.
The
Week
or
Month.
Current
Precious
Current
Year.
Year.
Week
ROADS.
Previous
Year.
Year.
or
Month.
271,460
222,304 2,280,627 2,001,849
437,132
415,338 3,824,800 3,629,113
5,061,890 4,754,207 53,470,773 46,276,518
24570398 18708038 162573 871 132609923
B & O Ch Term- September
217,785 1,533,344
1,418,798
224,969
704,348
449,705 4,778,374 3,721,675
Bangor Sc Aroostook September
74,755
Beliefonte Central.. September
86,561
15,999
11,083
Belt Ry of Chicago. .September
403,135 3,182,960 2,722,238
524,900
Bessemer & L Erie- ; September 2,320,511 1,320,520 10,504,147 9,981,922
847,188
32,881
84.249
1,294.533
Bingham Sc Garfield September
432,638
457,779
61,014
42,524
Birmingham South. September
Boston & Maine
September 8,903,194 7,140,558 63,009,183 52.451,126
755,795
839,120
126,474
117.468
Bklyn E D Term.— September
Buff Roch & Pittsb- 1st wk Nov
532,548
222,536 19,399,024 13,084,496
1,696,794
338,384
221,763 2,179.283
Buffalo & flusq
September
Canadian Nat Rys. 1st wk Nov 2,770,758 1,987,622 89.229.093 78,162,578
Canadian Pacific
1st wk Nov 2,723,000 3,821,000 167092000 136788000
Can Pac Lines in Me September
174,404
150,916 2,091,767 2,013,442
Caro Clinch & Ohio- September
578.469 5,335,509 4,597,080
696,047
Central of Georgia.. Septefnber 2,238,912 1,855,973 18,889,250 15,737.993
Central RRofN J- September 5,273.344 4,131,526 36,185,727 32.895,635
Cent New England- September
829,466
671,898 5,125,067 4,851,775
587,315 5,187,996 4,267,451
Central Vermont... September
829,717
227,116
278,904 2,569,183 2,211,722
Charleston & W Car September
Ches & Ohio Lines- September 9,207,145 6,546,830 62,968,523(53,673,732
Chicago & Alton... September 2,974.659 2,414,784 21,562,800 18,691,456
15509311 15163627 114147989 96,177,098
Chic Burl & Quincy. August
Chicago & East 111.. September 3,112,978 2,449,370 21,695,867 18,359,068
Chicago Great West September 2,271,744 2,204,613 17,372,302 16,108,560
Chic Ind Sc Louisv
September 1,617,908 1,152,262 11,506,466 8,979,269
359.920
329,440 2,465,048 2,697,530
Chicago Junction.. September
ChicMilw&St Paul September 16356 784 15137097 121277 139 110262 256
Chic & North West- September 16940078 14504392 119213 093 102112 652
289,315
181,883 1,986,380 1,221,495
Ohlc Peoria & St L— September
Chic R I Sc Pac...
September 12767205 11386285 99,420,805 80,405,389
505,498 4,798,706 3,470,078
582,887
Chic R I & Gulf.
September
Chic St P M & Om. September 1,974,365 2,639,485 23.098,263 19,863,311
Chic Terre H & S E. September
713,196
483,720 4,130,603 3,068,136
Chic Ind Sc Western September
443,728
286,662 3,281,690 2,256,174
Colo & Southern— 4th wk Oct
919,960
827,261 24,783,386 21,110,485
Ft W & Den City
September 1,217,907 1,049,897 9,212,298 8,029,924
Trin & Brazos Val September
958,803
212,328
149,148 1,386,476
Wichita Valley... September
751,204
116,493 1,247,821
152,786
819.441
Colo Sc Wyoming... September
102,401
730,269
74,143
657,659
97,453
85,594
588,854
August
Copper Range..
Cuba Railroad..
976,503 8,062,494 7,293,677
1,003,131
August
108,139
154,044 2.185.455 1,930,162
Oamaguey Sc Nuev August
Delaware Sc Hudson September 5,030,160 3,126,976 31,515,408 25,643,713
Del Lack Sc Western September 8,191,557 6,213,780 56.003,638 52,974.984
Deny Sc Rio Grande September 4,058,873 3,498,069 28,034,370 23,543,080
Denver Sc Salt Lake. September
289,575
309,371 2,021,431 2,104,577
Detroit Sc Mackinac September
221,291
152,449 1,476,074 1,186,828
Detroit To! Sc Iront. September
339,384 3,632,853 2,718,193
564,491
Det Sc Tol Shore L- September
260,836
268,651
1.375.456 1,819,222
Dul & Iron Range.
September 1,686.336 1,106,006 8,650,127 6,794.119
Dul Mlssabe Sc Nor. September 2,793,028 2,968,017 14,993,720 16,469,543
Dul Sou Shore & Atl 4tn wk Oct
184,449
157,490 4,798,308 3,975,257
Duluth Winn & Pac September
194,170
153.533 1,763,402 1,412,259
East St Louis Conn. September
102,554 1,044,737
900,350
182,311
East'nSteamshLines September
711,683
506,655 33,742,128 33,607,471
Elgin Joliet & East. September 2,540,693 1,699,903 17,470,105 14,976,403
El Paso Sc Sou West September 1,287,358 1,156,325 10,550,137
9,292,974
Erie Railroad
September 11133124 ,8898,185 76,084,974 67,298,016
Chicago Sc Erie.. September 1,180,725
148,420 8,991,129 7,666,216
N J & N Y RR
133,741
969,082
108,820
834,244
September
Florida East Coast- September
959,400
704,357 9,881,252 7,448,021
Fonda Johns & Glov September
131,397
109,302
1,069,609
939,784
Ft Smith & Western September
185,995
157.534 1,348,399 1,130,838
Galveston Wharf
217,100
68,194 1,227,505
624,777
September
609,286
Georgia Railroad... September
562,077 4,872,202 4,453,953
Georgia Sc Florida.. September
157,558
726,899
87,825 1,088,157
Grd Trk L in Can.. August
211,963
209.451
1,152,650 1,339.559
Grand Trunk Syst.. 1st wk Nov 2,385,604 1,931,520
Atl & St Lawrence September
279,003
160,370
2,152", 241 2,325",037
Atlantax& West Pt- September
-
..
—-
September
Atlantic Coast Line- September
Baltimore & Ohio.. September
.
-
OhDetCanGT.Tct September
DetGH&Milw. September
Grand Trk West. September
Cheat North System
Green Bay Sc West
Gulf Mobile Sc Nor.
Gulf & Ship Island.
208,584
233,593
1,386.244
1,548,143
650,753
460,325 3,563,608 3,168,486
1,661,860 1,293,332 12,631,135 10,216,198
1&246097 11077055 88,787,113 77,235,006
Minneap & St Louis
September
98,889
88.005
684.121
July
420,356
239,233 2,815,147
September
312,648
September
206,335 2,199,051
1,629,919 1,349,664 9,602.500
August
September 14120780 9,840.095 104035566
112,678
77,878
September*
772,353
September^ 1,849,635 1,295,424 13,314,966
160,387
September
156,915 1,199,222
197,080
September
129,253 1,336,683
Septemberl 2,162,095 1,332,293 14,064,143
206,096
146,691
September
1,507,308
140,416
132,709
August
993,693
September
282,416
139,709 1,854,117
221,580
September
195,755 1,315,524
145,090
991.461
September
101,012
356,044
September
277,178 2,095.888
318,737
September
418.731 3.229,689
September 7,051,143 6,076,055 51,716,966
September 1,799,768 1,472,350 14,941,339
381,453
178.369 3.062,944
September
331.956
September
298,961
3,047,393
September 11946335 9,846.324 92.043,833
293,561
365,067 2,297,845
September
September 2,187,831 1,603,175 14,980,682
529.459
September
339.245 3,549.589
4th wk Oct
32,159
19,776
558,773
September 1,768,563 1.371,679 12,082,375
Minn St P Sc S S M
September
Hocking Valley....
Illinois
Central
Illinois Terminal
Internat & Grt Nor.
Kan City Mex Sc Or
KOMex&Oof Tex
Kansas City South
Texark & Ft Sm..
Kansas City Term.
Kan Okla Sc Gulf-
Lake Sup Sc Ishpem
Lake Term Ry
Lehigh Sc Hud River
Lehigh Sc New Eng.
Lehigh Valley
Los Ang & Salt Lake
Louisiana Sc Arkan
Louisiana Ry Sc Nav
Louisville Sc Nashv.
Louisv Hend Sc St L
Maine Central
Midland Valley....
Mineral Range
661.479
1,991,172
1,797,920
7,199,904
78,895,768
698,128
10,377,560
989,121
826,917
10,897,290
1,071,324
881,400
1,020,706
823,343
836,813
1,947,440
2,769,777
47,169.811
12,503,473
1,533,754
2,583.090
78,592,993
2,165,590
12,852,475
2.877.453
640,917
9,692.242
4.979.771 4,186.108 33.974.903 30.679.836
Mississippi Central- September
Missouri Kan Sc Tex September
Mo K & T Ry of Tex September
Mo & North Arkan
September
Missouri Pacific
September
Monongahela
September
Monongahela Conn. (September
Montour
(August
Nashv Chatt Sc St L September
Nevada-Cal-Oregon 4th wk Oct
Nevada Northern.. September
Newburgh Sc Sou Sb September
New Orl Great Nor. September
N O Texas & Mex_. September
Beaum S L & W__ September
St L Brownsv &M September
New York Central.. September
.
.....
8d week Aug
4th week Aug
1st
2d
3d
week Sept
week Sept
4th week Sept
1st week Oct
2d
3d
(17 roads)
(10 roads)
week Sept (16 roads)
week Oct
week Oct
4th week Oct
*We
no
(16 roads).—.
(15 roads)
(13 roads)
(13 roads)
(15 roads)
(18 roads)....
(20 roads)
Previous
Year.
Year.
Decrease.
S
Weekly Summaries.
$
%
15,142.176 12,859,576
18,469,887
15,434,886
15,958,176
13,441,122
17,369.292 14,253.136
25,901,613 20,470,587
15.925,478
19,550.180
17.548,585
13.253.628
18,221,855
13,670,975
19,594,766 14,822,387
27,081,898 21.930.629
Increase
Year.
Prevoius
Year.
Current
Year.
Year.
%
75,946
119,085
,3,757,974 3,291,043
2,725,980 2,429,787
199,747
159,897
10806048 9.093,852
308,137
507.659
183,418
290,757
143,607
167,738
2,313.253 1,908,986
11,856
15,384
126,276
80,759
63,196
190,189
200,832
263.707
295,790
205,013
856,948
38194829
833.307
1,302,731
Michigan Central.(September 9,025,500
Clev C C Sc St L__iSeptember 8,672,757
392,168
Cincinnati North. September
Pitts Sc Lake Erie September 4,245,040
Tol Sc Ohio Cent. September 1,441,711
559,102
Kanawha & Mich September
N Y Chic Sc St Louis September 3,033,078
N Y N H & Hartf— September 12420629
N Y Ont Sc Western September 1,229,223
434,734
N Y Suso & West.. September
700,662
Norfolk Southern.. September
Norfolk Sc Western. September 8,959.982
Northern Pacific.._ September 11567703
118,186
Minn & Internat- September
863,120
Northwestern Pac_
September
225,656
Oahu Ry & Land Co September
628.892
Pacific Coast..
September
Pennsylv RR Sc Co. September 58521090
103,742
Bait Ches Sc Atl— September
134,504
Cine Leb & Nor— September
981,096
Grand Rap & Ind September
Long Island..... September 2,807,844
159,154
Mary Del Sc Va— September
745,548
N Y Phila Sc Norf September
156,664
Tol Peor & West. September
W Jersey & Seash September 1,482,741
Pitts C C Sc St L. September 9,750,227
133,344
Peoria Sc Pekin tin. September
Lake Erie Sc West September
_
—
_
Pere Marquette
Perkiomen
Phila Beth Sc N E__
Phila & Reading...
Pittsb Sc Shawmut.
Pitts Shaw & North-
September 4,423,025
September
September
September
134,249
146,576
8,512,293
September
September
194,493
184.308
Pittsb & West Va— September
318.466
221,633
September
Quincy Om Sc K C_. August
Port Reading
Rich Fred & Potom. September
Rutland
St Jos Sc Grand Isl'd
St Louis San Fran—
Ft W Sc Rio Grand
St L-S F of Texas.
St Louis Southwest.
St L S W of Texas
Total system
St Louis Transfer..
San Ant Sc Aran Pass
San Ant Uvalde & G
Seaboard Air Line..
South
Buffalo
Pacific...
Atlantic S S Lines
Arizona Eastern.
Galv Harris Sc S A
Hous & Tex Cent.
Hous E Sc W Tex
Southern
LouisIanaWestern
September
September
September
September
September
4th wk Oct
September
3d wk Oct
September
September
September
September
September
September
September
August
September
September
September
August
_
_
„
...
17.70
I960
18.72
21.86
20.96
10.25
30.02
33.28
28.05
+5,151,569 23.48
2,695,502 22,975,723
992,3811 9,046,745
417,1461 3,747,688
2,067,196 20,486,720
10216559 90,700,126
953,330, 9,443,674
323,747 3,250,805
590,161' 5,844,634
7,348,327 59,683,436
9,739,959 79,616,516
950,910
77,528
628,741
5,919,357
114,603
486,268
...
Curr.Yr.
.233,899
.232,511
.231.304
March.
.213,434
April.—. .221.725
May
.213.206
June...... .213.525
.220.459
July
August
...
.199,957
September. .226,955
76,728,381
8,391.820
2,870,714
4,687,080
56,023,042
72,543,473
799,871
4,789,377
1,292,336
2,277,173
143,217
770,772
137,701
1,248,189
9,079,693
99,550
3,332,640
101,419
70,263
6,954,895
116,313
121,432
128,669
218,347
119,734
940,103
453,720
19,479,328 19,048,549
987,316 1,024,239
5,952.582 6,098,830
1,476,664 1,203,479
10.636,196 9,497,465
75,475,122 68,980,665
867,068
1,140,298
29,555,822 25,427,031
813.884
905,279
612,847
988,180
64,285,930 53,764,311
862,302
1,233,873
834,211
1,103,816
1,718,601 1,005,820
1,333,509 1,902,527
711.731
847,650
8,286,823 9,460,180
3,480,388 3,529,313
2,424,362 2,170,767
67,498,809 56,701,301
1,397,644 1,135.757
1,256,014 1,126,561
24,835.790 16,433,919
6,598,391 4,793,212
23,941,290 15,846,039
808,988
1,011.627
4,039,807 3,212,015
838,662
1,145,778
36,094,624 30,298,801
778,001
1.084,767
20427390 16588992 145540367 131754 835
718,025
955,617 4.209,023 7,825,959
284,779
254,779 2,632,986
2,533,151 1,625,221 18,277,168
884,639 8,246,685
1,086,473
251.660
223,257 2,117,492
443,113
321,175 3,402,121
906,039
617,405 7,516,321
891,618
7021,658 7,118,741
5,907,147 4,983,535 139083 483
859.854 8,446,324
1,082,064
2,099,725 1,243,337 15,331,454
429,529
347,454 3,917.978
555,057
628,078 15.216,535
546,204 5,772,236
752,870
109,646
109,423
1,105,092
154,460
155,062
1,327,865
139,751
125,818 1,140,196
892,721
669,870 6,666,524
229,311
192,148 1,765,448
4,023
6,022
158,094
271,148
213,834 2,157,598
475,772
390.683 3,383,618
481,970
336,038 3,014,209
995,068 33.768,367
1,273,647
853,699 8,286,255
1,108,739
176,277
157,796
1,096.153
14455 946 11452998 93,490.063
21842334 18094529 150688741
4,393,412 3,852,205 32,667,974
2,992,974 2,769,324 24,530.702
654,587 7,504,110
1,271,195
184,020
139,560 1,400,044
,
3.264.872
12,497,070
42,273,794
16,165,520
11,653,471
2,083,186
12,459,189
1,977,831
2.459.5S4
15,623,046
6,561,319
1,724,336
2,659,544
5,565,811
5,895.235
115337442
7,549,959
11,912,564
3,177,879
12,741,596
4.781,506
842,420
1,256,929
811,260
5,400,327
1,714,896
113,605
1,879.923
2,832,618
2,186,665
29,310,819
5,822,412
891.807
80,746,408
129192968
27,667,468
20,779,092
5,840,101
865,318
2.408,425
8,628,258
34,727,202
11,173,716
9,365,243
1,881,537
9,518,616
1,593,145
21,792.654 18,00,0645
Monthly.
*Monthly Summaries.
Mileage.
December..
January
February
lj620,369
21,308,436
6,850,659
3,204,565
17,707,486
47788997 395552443 365035174
158.971
1,221,736 1,216,507
810,079
899,051
101,793
862.690 6,899,518 6,021,949
118,838
952,722
649,389
272,512
335,623
9,470,291 7,452,640
181,166
162,980
163,604
116.853
587,880
894,500
844,370
641,554
430,382
689,027
129,128
135,644
458,831
809,727
153,694
87,776
4,177,702 3,161,083
57,062
161,117
Current
%
739,536
777,163
28,980.942 25,092,592
18.117,970
20,620,665
1,488,538 1,145,087
83,944,497 67,483,924
2,914.504 2,620,815
2,330,650 1,316,719
839,513
869,703
18,108,593 14,436,089
278,500
329,173
1,351.610 1,105,634
1,258,412 1,047,814
1,967,063 1,722,600
184,866 2,069,133 1,431,108
968,625
122,189 1,584,677
512,726 5,540,615 3,968.997
29486945 264025826 229010770
597,454; 5,253,545 4,182.833
966,785 8,477,993 7,115,940
7,707,648 63,584,315 56,918,226
7,474,754 64,650,862 53,092,126
259,607i 2.597,352 2,156,945
Morg La Sc Texas September
Texas & New Orl. September
Southern Railway.
4th wk Oct
Ala Great South. September
Cin N O & Tex P. September
Georgia Sou & Fla September
Mobile & Ohio... 4th wk Oct
New Orl Sc Nor E. September
Northern Ala
September
South Ry in Miss. September
Spokane Internat.
September
Spok Portl Sc Seattle September
Staten Island R T._ September
Tenn Ala & Georgia 4th wk Oct
Tennessee Central
September
TermRRAssn of StL September
StLMerBdgeT. September
Texas Sc Pacific
4th wk Oct
Toledo St L & West. September
Ulster & Delaware.. September
Union Pacific
September
Total system.... September
Oregon Short Line September
Ore-Wash RR&N September
Union RR (Penn).. September
Utah
September
Vicks Shrev Sc Pac.. September
467.898
296.684
Virginian Railroad- September 2,009,717 1,280,079
Wabash RR
September 6,328,898 4,634,277
Western Maryland. 4th wk Oct
689,372
382,533
Western Pacific
September 1,851,647 1,433,015
Western Ry of Ala.. September
256,282
190,749
Wheel Sc Lake Erie. September 2,019,172 1,237,697
Wicbita Falls & N W September
230,737
252,745
Yazoo Sc Miss Valley September 2.162,055 2,462.013
or
+2,282.600
+3,035.001
+2,517,054
+3.116,156
+5,431,026
+3.624,702
+4,019,303
+4,550,880
+4,772,379
longer include Mexican roads in any of our totals,
Previous
Ind Harbor Belt. August
AGGREGATE OF GROSS EARNINGS—Weekly and
Current
*
Current
$
S
Alabama Sc Vicksb. September
387,708
230,352 2.537,130 2,040.303
146.450 4.335,350 3,601,410
Arbor—i 4th wk Oct
206,111
Atch Topeka & S Fe September 18448670 17873 535 155941213 126797080
Gulf Colo & 8 Fe- September 2,657,105 2,153.320 18,958,988 14,876,900
Panhandle S Fe— September
670,346 6,709,893 4,420,152
960,659
Atlanta Birm & Atl. September
444,782 4,288,928 3,701,458
496,324
Ann
AtlanticVity.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Dale.
Latest Gross Earnings.
ROADS.
Prev.Yr.
Year.
Previous
Year.
f Comparison with 1917 figures, not 1919.
or
Decrease.
Vo
% 1
$
233.814 451.991.330 440 .481.121
232,210 494,706.125 392 .927,365
421.180,876 348 ,749,787
408,582,467 347 ,090.277
387,680,982 372 ,828,115
387,330.487 348 .701,414
430,931,483 369 .225,761
467*351.544 401 ,376.485
199,418 441.423,158 367 .865,628
224,922 594,192,321 480 ,408,546
231.017
212,770
220,918
211.040
208.598
218.918
Increase
+11.510,209 2.61
+101778760 25.90
+72.431,089 20.77
+61.492,190 17.72
+12.852.867 3.45
+38.629.073 11.08
+61.705.722 16.90
+65,925,059 16-43
+73.557.530 19.96
+113783775 23.68
Nov. 13
Gross Earnings by
Latest
•
follows
of October.
Weeks.—In the table which
separately the earnings for the fourth week
The table covers 20 roads and shows 23.48%
we sum
up
increase in the aggregate over
Fourth week of
the same week last year.
Jan 1 to Sept
30 '20
'19
St Joseph & Gr Isl__Sept
Buffalo Rochester & Pittsburgh
National Rys
Pacific
Colorado & Southern
Duluth South Shore & Atl
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav & Milw_
Canada Atlantic
Mineral Range
Canadian
Canadian
Jan 1 to Sept 30'20
*?
Georgia.
i
_
689,372
Maryland
'19
'19
St Louis Southwestern—
western
Jan 1 to
278", 579
306,839
'19
75,020
"Rail¬
May results for all the
In the
following
give all statements that have come
we
We also add the returns of
received this week.
week.
trial compames
Gross
from
Railway.
'19
86,561
74,755
'19
field
Fp|Sr»Jl"lltoSept3019
'19
30 '20
Jan 1 to Sept
*19
Sept '20
Chic Peor & St L
Jan 1 to Sept 30 '20
VW'
Ftrf
'19
*•<
Sept '20
ChicRI&Pac
12,767720?" TV127249
353,868
def.53,920
def365,681
def663,936
T26SW 1JM.456
142,003
775,111
387.107
342.409
Sept 30 '20
3,470,078
Sept '20
1,552,564
1,206,750
1,998,558
30 '20 10,910,121
793,282
530,965
270,740
1,407,571
1,812,637
'19
Jan 1 to Sept
'19
9,683,515
~
1,386,028
229,009
938.813
1,303,732
244,442
355.108
783,967
249,974
343.448
464,053
223,559
884,870
265,008
372,376
989,006
2,518,173
'19
152,786
116,493
1,247,821
751,204
51,853
35,536
209,102
160,852
46.509
31.510
159,950
123,268
Detroit & Toledo
Sept '20
Short Line
'19
Jan 1 to Sept 30 '20
*19
260,836
268,651
1,375,456
1,819,222
111,920
143,465
489,317
920,613
101,920
135,565
386,955
836.310
Denver City
Jan 1 to Sept
'19
30 '20
'19
Sept '20
Wichita Valley
'19
Jan 1 to Sept
30 '20
Sept '20
'19
Jan 1 to Sept 30 '20
Denver & Salt
'19
rrftr
Fonda Johns &Glov Sept '20
'19
fcy
Jan 1 to
Sept 30 '20
Sept '20
'19
Jan 1 to Sept
30 '20
'19
Illinois Central
sTZZh
24,835
26,584
104,383
'
62
]5*3
141,755
82,161
795,398
.
297,974
296.033
defl 6,467
def 9,507
157,558
def36,978
def32.778
87,825
1,088,157 def634,389 def692,071
726,899 def245,109 def283,709
def2^m
def731,004
def278,439
1,799,597
2,1221^2
540,938
105,895
5,038,570 def778,197
7,578,828
3,845,781
77,332
2,428,977
939,784
Sept '20 14,120,780
'19
9,840,095
Jan 1 to Sept
2,275,614
2,347,873.
34,510
40,731
45,760
289,575
def47,086
def46,841
def37,790
309,371
2,021,431 def445,540 def.528,981 def.585,750
2,104,577 def586.223 def667,362 def675,977
48,(
53,722
131,397
43,008
30,919
35,819
109,302
317.057
352,315
397,640
1,069,609
*19
Georgia & Florida
30 '20 104,035,566
'19
78,895,768
347,074
2,504,710
def35,180
3,739,167
Ishpeming Co.Sept '20
221,580
123,165
117,920"
122,967
'19
195 755
Sept 30 '20
1,315,524
125,344
630,225
300,168
121,472
586,343
269,214
121,249
598,110
772 808
" 5,456
def 12,495
Jan 1 to
'19
-823,343
Louisiana Ry & Nav Sept '20
331,956
*19
298,961
Jan 1 to Sept 30 '20
'19
2,583,090
Minn St P & S S SM Sept'20
'19
3,047,393
4,979,771
4,186,108
Jan 1 to Sept 30 '20 33,974,902
'19 30,679,835
Oahu Ry & Land Co Sept
225,656
'20
'19
114,603
Jan 1 to Sept 30'20
1,620,369
'19
1,292,336
♦Pennsylvania Ry__Sept '20 58,521,090
'19 47 788 998
*20
1,482,741
*19
♦West Jersey&SS.Sept
1
948
190
Sept '20
2!807.844
'19
♦Long Island
2,277 173
Pitts C C & St Louis Sept *20
'19
9J5o[227
*20
98L095
'19
862,689
♦Grd Rap Ind Ry CoSept
9 079 693
19,455""
27,321
262,012
104,038
9,296
def3,378
135,891
def32,006
def26,136 defl 13,420
907,347
1,145,147
3,042,755
5,907.557
595,772
597^7
893,755
482,243
4,096,863
631,899
464,161
3.465,239
106,481
34,176
683,624
535,340
92,279
24,176
557,988
445,340
24,176
558,028
445,380
6,320,147
4,998,470
4,641,512
3,709,822
4,0663?$
121,571
158,876
84,391
110,622
56,3*75
622,329
362,072
516,840
267,371
9237*9
3,184,291
92,391
502,2?6
269.403
115,003 def239,295 def408,60"2
880,290 def633,592 def596,213
135,301
197,222
100,551
168,762
568,486
634,593
1,266,016
831,273
4,325,661
3,299,014
2,689,385
1,485,976
1,600,592
1,038,872
1,011,998
3,852,205
9,362,749
6,405,702
6,677,663
8,599,407
7,115,887
7,005,514
Sept '20
6,328,898
955,488
823,068
4,634,277
597,632
485,469
4,393,412
'19
Yazoo & Miss
2,162,055
ValleySept '20
'19
2,462,013
Jan 1 to Sept 30 '20
21,792,654
'19 18,000,645
*
92,4?2
157,139
1,428,055
Per cent of return on
(annual): Pennsylvania RR.,
Seashore RR. Co., 2.51%; Long Island RR.
property investment
Sept., 3.07%; West Jersey &
and the Pennsyl¬
Grand Rapids & Indiana Ry. Co., 4.03%,
System, 2.60%.
ELECTRIC
or
Road
Current
Company.
Month.
Year.
COS"
UTILITY
RAILWAY AND PUBLIC
Latest Gross Earnings.
Name of
517,632
336,055
41,402 defl26,814
653,111
639,604
789,176 df1,091,296
3,705,367
3,570,016
133,513
718,653
1,583,515
4,247,332
Co., 6.67%;
vania
1,398,114
1 to Sept 30 '20 42,273,794dfl,202,943df2,367,652df5,078,184
'19 34,727,202
2,883.052
1,902,138
204,508
Jan.
Previous
Year.
1
to Latest Date.
Current
Previous
Year.
Year.
$
Adirondack El Pow Co June
Co.. September
Atlantic Shore Ry... July
Alabama Power
470,992"
1,217,907
1,049,897
9,212,298
8.029,924
Sept '20
Ft Worth &
def87,999
748,386
2,969,745
139,840
764.812
155,187
913,170
505,925
.
defl6,689
2,769,324
30 '20 24,530,702
Oregon Short Line Sept'20
def188,443
—TOTl
Sept '20
33,818.766 32,789,201
195,815
2,992,974
'19
Jan 1 to Sept
def24,783
63,073
582,887
505,498
4,798.706
'19
Lake
Ore-WashRR &NSept '20
def38.379
75,906
Jan 1 to
-
150,688,741 37,318,862 27,073,252 27,326,015
'20 14,455,946
5,702,996
4,834,161 4,667,955
'19 11,452,998
4,939,820
4,654,353
4,570.729
Jan 1 to Sept 30'20 93,490,063 25,177,584 19,983,351 20,398,895
'19 80,746,408 27,915,009 25,717.586 25.407,944
Union Pacific Co___Sept
Jan
8,565,882
Colorado & Sou
-
5,591,954
6,299,344.
'19 18,094,529
6,991
1,845,910
1,131,534
2,022.599
'19
Lake
1,636,429
5,856,344
6,479,016
7,384,789
7,239,205
*19 129,192,968 40,251,943
Wabash Ry
8.549
2,305,375
4,805,456
Jan 1 to Sept 30 *20 99,420,805
'19 80,405,389 11,682,515
Chic R I & Gulf
def20,963
760,029
516,627
8,871
'19
2,714
'19 11,386,285
3,020
15,252
62,680
1,220,738
Jan 1 to Sept 30'20 32,667,974
'19 27,667,468
181,883
def44,341
def50,441
1,986,380 def258,638 def320,554
1,221,495 def572,082 def634,764
'19
4,635,937
'19 20,779,093
829,717
106,808 ~
89,355
£03*2
587,315
defl ,105
defl8,515
19,815
5,187,996def1086,962def1183,974def1339,847
4,267,451 def540,497 def697,264 def716.634
289,315
def12,633
defl 9,733
def29,590
Sept '20
Central Vermont
4,144,062
4,667,067
7,825,959 def597,324 def690,918
fcotal sys.Sept '20 21,842,334
Jan 1 to Sept 30'20
4,423
def39,441
def33,076
32,881
def48,202
def36,654
84,249
250,956
319,762
1,294,533
847,188 defl80,810 def247,454
Sept '20
'19
Bingham & Gar-
906,039
617,405
7,516,321
Sept 30'20
'19
Union Pac
the indus¬
Net after
Net after
Taxes.
Equip.Rents
4,534
2,808
9,548
8,039
11,083
30 *20
Jan 1 to Sept
Railway.
15,999
Sept '20
Bellefonte Central
Net from
5,400,495
5,393,677
def25,701
546,504
'19
5,565,811
792,592
438,610
718,025 defl86,789 defl98,312 defl97,853
SoPac Atl SS L__Sept '20
'19
955,617 defl35,506 defl45,486
57,805
4,209,023 D4,842,786 D4,944,512 D4,917,591
Jan 1 to Sept 30 '20
Jan 1 to
separate companies.
in the present
6,320,861
Sept 30 *20 145,540,367 24,623,518 16,171,122 15,515,081
'19 131,754,835 26,733,849 20,950,025 20,616,639
Morgans Louisi- Sept '20
ana & Tex & SS Co
'19
Monthly to Latest Dates.—In our
regarding t\he
Sept 30 '20
Southern Pacific Co.Sept '20 20/127,390
'19 16,588,992
Section or Supplement, which accompanies
to-day'8 issue of the" Chronicle," we give the September figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission.
The reader is referred to that Supple¬
full details
844,370 defl90,464 def213,483 defl47,216
641,354
def49,563
def70,578
def69,024
6,598,391 df1,865,810 df2,081,686 df 1,714,193
4,793,212 def813,728dfl,004.067 def979,304
Sept '20
of Texas
' 19
"
Earnings"
for
30 '20
St Louis South-
27,081,898 21,930,629 5,226,289
5,151,269
Total (20 roads)
increase (23.48%)
163,604
def33,680
def35,683
def64,356
116,853
def26,514
def28,144
def46,305
1,256,014 def338,987 def360,072 def651,610
1.126,561
65,353
51,274 defl28,7l7
'20
'19
Jan 1 to Sept
Jan 1 to
Net
ment
Sept 30 '20
1,999
6,022
995,068
382,533
1,273,647
162,980 defl00,978 defl04,927 defll5,858
181,166
54,807
51,800
47,702
1,397,644 def559,649 def594,282 def792,127
1,135,757
37,075
9,288
def21*,219
'19
73,021
11,856
587,880
5,907,147
4,023
Railway
Texas & Pacific
Net Earnings
'19
j,*#
Ft Worth & R G_ Sept '20
3,528
306,620
923,612
4,983,535
39,522
def8,338
def57,957
1,966
2,050
St Louis-San Francisco—
628,078
15,384
894,500
4,496,039
4,420,404
7,568,416
6,825,704
335,623
27,166
9,367
272,512
26,382
14,510
12,154
2,424,362 def290,784 def408,380 def452,266
2,170,767
112,743
24,212
24,614
'20
'19
,
12,383
67,074
19,776
363,436
555,057
1
j
Tennessee Alabama &
way
'
530,616
3,175,005
32,159
430.510
Louis Southwestern
Western
•
St Louis-S F & Tex. Sept
Ohio
Southern
827,261
157,490
3,705,621
I
Nevada-California-Oregon
St
3,221,718
5,878,000
59,661
264,333
652,386
1,701,000
92,699
26,959
Jan 1 to
Minneapolis & St Louis
Iowa Central
Mobile &
146,450
546.521
206,111
8*0,854
3,874,104
7,579,000
919,960
184,449
Ann Arbor
5,299,467
5,059,255
184,308
13,034
11,077
121,432
def25,448
def27,340
1,103,816 def342,754 def.360,313
834,211 def250,916 def267.559
♦Penna Ry System.Sept '20 75,245,699
'19 62,798,915
Pittsb Shaw & Nor. Sept '20
'19
Decrease.
Increase.
1919.
1920.
October.
1941
CHRONICLE
THE
1920.]
Bangor Ry &
Electric August
September
Elec Co September
Beaver Valley Trac Co September
^Barcelona Trac L & P
Baton Rouge
BinghamtonLt,Ht&P August
Blackstone V G & El. September
/Brazilian Trac, L & P September
Bklyn Rap Tran SysaBklyn City RR— June
aBklyn Heights RR June
Coney Isld & Bklyn June
Coney Isld & Grave June
Electric
June
Brooklyn... June
Nassau
South
Consol..
Bklyn Qu Co & Sub
Cape Breton Elec Co.
Cent Miss V El Prop.
Chattanooga Ry & Lt
Cities Service Co
Citizens Traction Co.
Cleve Painesv & East
Colorado Power Co..
^Columbia Gas & Elec
Columbus (Ga) El Co
Com'w'th P, Ry & Lt
Connecticut Power Co
Consum Pow (Mich).
Cumb Co (Me) P & L
Dayton Pow & Light.
June
New York
June
September
September
August
September
July
July
September
September
September
September
September
September
August
September
Edison
September
Duluth-Superior Trac! September
d Detroit
D uq uesne
Lt Co subsid1
light & power cos..
East St Louis & Sub..
East Sh G & E Subsid
Eastern Penn Ry Co.
September
August
July
July
Eastern Texas Elec.. September
Edison El of Brockton September
/Elec Light & Pow Co September
<?E1 Paso Electric Co. September
Equitable Coke Co.. June
Erie Ltg Co & Subsid. July)
Fall River Gas Works September
Federal Light & Trac. June
Fort Worth Pow & Lt July
Galv-Hous Elec Co.. September
General Gas & El Co. August
Georgia Lt, P & Rys. June
Great Nor Pow Co.— June
e Great West Pow Sys August
Harrisburg Railways. June
Havana El Ry, L « P August
Haverhill Gas Lt Co. September
Honolulu R T & Land September
Houghton Co Trac Co September
Houghton Co Trac Co August
Hudson & Manhattan June
Hunting'n Dev & Gas July
d Illinois
Traction... September
807,945
1.051,433
123,891
177,464
361,221 258,552 3,004,299 2,088,659
93,030
119,582
21,891
29,161
684,246
787.965
95,843
110,199
2910.418 2030,383 18,549,193 13,877.752
265,411
341,459
38,558
31,078j
448,439
532.792
51,9341
62,962
39.38L
64,796
274,147 236,955| 2,392",462 1,978",973
12043000 9792,000 96,665,000 83,559,000
%
$
$
(5,135.865
929,385
41,467 14,614,845
7,571 (832,184* \
968,173
1496,530
239,544 204,937
37,271
44,408
14,834
15,611
3,121.347 2,660,462
571,858 505,128
382,474
432,318
83,374
85,005
1763,610 1464,144 10,461,584 7,008,850
729,943
912,349
137,402
165,114
426,493
456,968
49,404
59,478
304,515
359,635
35,913
41,867
640.252
863,887
85,275
107,817
18,949,528 15,108,170
2074,085 1460,921
69,290
91,374
380",548
449,039
73.896
86,785
1,126.924
82,448 1.084.101
95,312
1084,100 876,731 10,588.016 8,585,845
941,370
1,169.209
127,280 121,984
2653,561 2144,857 22,832.246 18,739,810
912,356
109,617 1,077,823
128,214
8,144,857
1209,032 940,282 10,311,451
1,775,812
303,376 273,357 2,029.573
301,256 219,728 2,649.426 2,043,279
1801,269 1302,229 15,474,217 11.591,529
1,434,927
159.633 1,444.471
153,664
.
1313,476
376,321
30,311
151,891
144,708
105,138
33,544
160,216
123,916
90,065
80,058
347.735
242,370
341.143
985,177
828.144
179,549
596.096
146,244
793,107
37,560
73,349
23,390
28,221
571,237
117,289
1756,543
915,312 10,848.339
195,599 2,683,991
22,438
129,238 1,813*470
124,344 1,187,626
974,066
87,030
265,770
28,512
130,078 1,383,420
457,893
107,025
58,659
73,577
297,350
104,719
257,045
787,174
691,751
131,650
480,215
128.634
815,869
34,769
63,316
23,020
25,508
481,397
8,713,226
1,998,129
1,436*848
1,013,891
782,73S
209,891
1,130,868
460,677
•
640*908
548",055
2,258.288
1,254,242
2.779.102
1,912.108
712,085
2.302,379
1,589",326
1,329*461
951,118
3,969,322
661.195
3,410,246
861,948
775.573
7,350,391
5,932,530
272,081
560,266
221,766
240,912
217,522
198,746
3,131,010 3.014.543
1,399.811
977,482
74,664
15,045,172 12,492.890
328,421
620,923
-
THE
1942
Latest Gross Earnings.
CHRONICLE
-Gross Earnings-
Jan. 1 to Latest Date.
Current
Current
Company.
Month.
Interboro Rap
Tran—
Subway Division.. June
1677,667 1625,252 10,293,060
233,289
181,116
1,904,527
31,436
27,130
262,435
145,592
142,548
1,444,196
19,581
15,208
191,339
289,351
226.427
1,583.424
Nebraska Power Co.
Nevada-Calif El Corp
New England Power.
New Jersey Pow & Lt
_
NewpN&HRy.G&E
New York Dock Co.N Y & Long Island..
N Y & North Shore..
N Y &
Queens County
October
September
June
June
34,223
347,818
107,110
24,277
September
June
June
August
September
September
26,360
346,565
79.876
22,763
June
13,095
.lune
246,368
548,443
52,408
12,442
101,105
106,709
677,418
96,099
38,400
b Ninth Avenue— June
Nor Caro Pub Ser Co August
Northern Ohio Elec.. September
North Texas Electric. September
NorthwOhioRy&PCo August
Ocean Electric (L I). June
Pacific Gas & El Co.. September
1,087,557
67,171
783,873
87,967
911,603
1,350,880
166,779
1,190,196
113,180
2 014,593
714,379
129,523
77,248
10,642,189
2,002,800
1,691,558
1.577.844
1,847,681
2,377,552
3,847,129
2,070,953
4,286,478
236,519
21,120
460,684
165,952
1,025 099
8,409,035
2,906,861
1.990*740
2,539.751
2,079.074
3.865.845
269,151
45,752
520,656
.
551,300
,3,889,190
j
i
17,264,767
837.858
6,731,337
2,426,932
292,347
41,488
72,767
29,308
26,182
90,169
3173,708 2214,523 25,879,471 19,464,936
324,698
55,665
Pacific Power & Light July
Penn Cent Lt&P&Sub July
214,682
176.636
184,119
$
Elevated Division
Jan 1 to Juno 30
June
1,677,667
—10,293,060
ManhattanBdge3c Line. June
Jan
1
to June 30
1,625,252
9,250,312
22,763
132,244
Year.
Year.
$
987,188
7,192,009
916,600
5,706,463
351,514
2,235,291
452,809
2,187,825
13,095
77,248
•
2,269
9,899
1,765
5,863
s
N Y & Queens County__June
Jan 1 to June 30
106,709
551,300
101,105
def9,912
520,656 def!07,003
def14,824
def59,502
Long Island Electric
34,223
148,892
26,360
113,180
8,195
2,816
5,550
defl2,044
N Y & Long Island
—June
Jan 1 to June 30
49,229
236,519
52,408
269,151
1,855
def45,278
Ocean Electric
June
Jan 1 to June 30—.—.
29,308
90,169
26,182
72,767
Manhat & Queens (Rec) June
Jan 1 to June 30
24,277
127,064
23,883
129,523
10,884
3,860
7,789
Richmond Lt & RR
Jan 1 to June 30
61,092
285,907
50,350
256,536
def21,025
def70,449
def3,680
def24,881
Jan
1
June
to June 30—
-
June
—
■
10,431
21,212
1
13,080
14,163
17,746
def9,126
2,989
Note.—All the above net earnings are after deducting
taxes,
a The Brooklyn City RR. is no longer
part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the
Brooklyn City RR. has been operated by its
b The Eighth Ave. and Ninth Ave. RR. Cos.
were
and Sept. 26
owners.
formerly leased to the
New York Railways Co., but these leases were terminated
1919, respectively, since which dates these
on
July 11 1919
roads have been
operated separately.
129.029
PennsylvUtilitiesSyst August
S
Interboro Rap Trans Syst—
Subway Division
June 2,614,189
2,287,761
Jan 1 to June 30
.16,985,124 14,003,934
229,822
13,793",870
233,562
422.724
49,229
5,767
b N Y Railways
June
b Eighth Avenue.. June
918,722
127,064
132,244
23,883
227,115
179,401
1661,650 1207,607
244,787
191,050
307.142
256,521
221,549
174,154
291,191
230,412
550,583 393.993
41,105
27,336
July
September
August
August
September
September
June
April
June
148,892
2.039,798
14,003,934
9,250,312
1,510,300
Net Earnings
Previous
Previous
Year.
Year.
J6.985.124
2614,189 2287.761
_
Keystone Teleph Co.
Key West Electric Co
Lake Shore Elec Ry_Long Island Electric.
Louisville Railway—
Lowell Electric Corp.
Manhattan & Queens
Manhat Bdge 3c Line
Metropol'n Edison Co
sMilw El Ry & Lt Co_
Miss River Power Co.
Nashville Ry & Light
$
Previous
Year.
Year
%
Elevated Division. June
Kansas Gas & Elec Co July
Keokuk Electric CoSeptember
Current
Previous
Year.
Companies.
Current
Year.
*
Name of Road
or
[VOL. 111.
145,635
185.911
FINANCIAL REPORTS.
Philadelphia
Co and
Subsid Nat Gas Cos September
666.397 10,985,848 9,107,962
941,974
Philadelphia Oil Co.. September
901.320
149,403
116,745
1,327,023
Phlla & Western
September
546,187
76,905
69,362
588.885
Phila Rap Transit Co September 3093,995 3030,930 27,954,733 25,995.430
Portland Gas & Coke July
166.994
200,473
1,214.525
1,434,011
Porto
Rico Rys
September
121,065
840,305
89,977
1,027,322
Port(Ore)Ry,L&PCo August
807.751
701,595 6,120.882
5,669,615
Puget Sd Pow & Lt Co September
816,562 707,977 7,256,156
ReadingTrans&LtSys August
246,050
266,611
Republic Ry & Lt Co. August
4,026,313
700.018 522,812 5,357",221
Richmond Lt & RR__ June
61,092
50,350
256,536
285,907
Rutland Lt & Power. August
54,287
46,857
St L Rocky Mt & Pac September
509,822
357.878 3,784",851
3,013,514
Sandusky Gas & Elec August
62,364
39,491
Schenectady Ry Co.. September
165.141
1.220". 494
141,028
1,394.191
Second Avenue
Aprii
51.821
158.918
42,662
183,803
17th St Incl Plane Co September
30.200
4,259
3,808
32,699
Southern Cal Edison. August
1528,108 972,974 9,147,564 6,856,625
Southwestern Pow &L July
749,706 484.952
Tampa Electric Co.. September
116,205
102,653
"915,804
1,073,751
Tennessee Power
August
203,466
159,461
1,542.302
1,600,521
hTenn Ry, Lt & P Co August
503,835
42.5,901
3,635,414
4,221,941
Texas Power & Lt Co July
362.763
1,883.388
260,787
2,405,926
Third Avenue System_ September 1159,323 1004,730
8,407,501
9,124.973
Twin City Rap Tran. April
I 017MI4
**2.221
4.135,038 3.500.724
United Rys or Bait.. Julv
Utah Power & Light. August
Utah Securities Corp. August
10046665 8241,055
531,642 460,739
695,212
604,779
Virginia Ry & Power. August
Wash Bait & Annap.. June
922,490
156,083
44,501
766,910
203,115
40.603
932,270
1,175,052
185,818
West Pow Co of Can. July
Western Gas & Elec.. August
154,315
51,254
2,288,712
394,504
1.925.247
315,199
Youngst & Ohio River September
58,943
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been
on
published during the preceding month will be given
Saturday of each month.
This index will not
the last
include reports
published.
in the issue of the "Chronicle" in which it is
The latest index will be found in the issue
of
The next will appear in that of Nov. 27.
Oct. 30.
New
York
New
Haven
&
Hartford
RR.
Co.
(Digest of Official Statement Made at Special Meeting Oct. 11.)
The shareholders
on
Oct. 11 met to authorize
a
First and
Refunding Mortgage which should secure (a) "on a parity
all evidences of indebtedness previously issued and now '
outstanding, of which the company is the maker or
which it has
assumed through
merger or consolidation
with
the
original maker and which
are
not
already
secured by a direct mortgage" (b) bonds to refund the com¬
pany's debt as it matures (c) additional bonds to be issued
from time to time for additions, betterments and for
any
other lawful purposes.
The
Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co, having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the
Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR
companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
a
separately,
all
c Includes Milwaukee Light, Heat & Traction Co.
e Includes constituent or
subsidiary companies.
milreis.
a Subsidiary
companies only,
h Includes
sources,
given
in
d Includes
/Earnings
Tennessee
Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i Includes
both subway and elevated lines,
j Of Abington & Rockland (Mass.).
Railway,
k Given
in
pesetas.
Electric Railway and Other Public
Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week;
Gross EarningsCurrent
Previous
Year
Year.
Companies.
-Net Earnings
Current
Previous
Year.
Year.
$
$
$
Keystone Telephone Co_-Oct
145,592
1,444,196
142,548
1,350,880
48,817
486,968
764,025
10,960,944
711,100
9,667,933
The mortgage will provide that the amount of bonds which
may be at
time issued and outstanding shall be limited to an amount which,
together with all other bonds, notes and other evidences of indebtedness of
any
which the company is the maker or which it has assumed, shall not exceed
twice the amount of capital stock plus twice the amount of the
premiums
and hereafter paid and set up in the balance sheet of the
company as
prescribed by the Interstate Commerce Commission.
Vice-President E. G. Buckland. at the meeting
Oet. 11 reviewed the
company's .efforts to fund its floating debt and called to mind how in 1913
its proposed issue of $67,552,000 6 % 50-year convertible bonds after
being
underwritten, was balked by a decision of the Supreme Court of Mass.
which Meld that such an issue would in effect deprive the P. S. Commission
of that State of its right to determine the market value of the stock at time
of issue.
Again he recalled that in 1918 after the company had obtained
assurances that at least half of an issue of $45,000,000
7% cum. Pref. stock
now
would be taken the Director-General declined to sanction such
insisted that the Government should loan the
company the
Jan
1
to
Oct
31
-
New York Street
Railways.
Gross EarningsCurrent
Previous
Companies.
-Net Earnings
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Brooklyn Rapid Trans System
aBklyn City RR
June ~~929,385
Jan 1 to June 30
5,135,865
Bklyn Hts RR (Rec) .June
7,571
Jan
1
to June 30
137,402
729,943
def3,572
def6,324
18,482
48,274
239,544
1,196,530
204,937
968,173
30,469
101,317
61,626
130,115
15,611
44,408
14,834
37,271
5,181
def 8,021
6,852
8,079
(Rec)--June
571,858
30
3,121,347
2,660,462
14,534
14,732
101,335
324.356
1,464,144
7.008,850
357,162
2,263,403
408,861
2,156,761
15,700
63,380
58,200
Coney Isl & Bk'n (Rec) June
Jan
1
to June
30
Coney Isl & Graves
Jan
1
to June
Nassau Electric
Jan
1
June
30
to June
NYConsol (Rec)
Jan 1 to June 30
June 1,763,610
10,461,584
South
June
Brooklyn
Jan
1
to June
30
Tan
Ninth
Jan
Ave
1
1
83,374
382,474
22,678
f
def95,763)
def491,304
1,087,557
1,474) def570,534
June
96,099|
..June
460,684
38,400!
7,264,767 def222,963|
def8,247
165,952)
def75,533J
to June 30
Ave
505,128
85,005
432,318
6New York Ry (Rec)—June
677,4181
Jan 1 to June 30
3,889,190!
hEighth
118,077
574,294
20,828,
165,114
912,349
to June 30
1
67,914
117,480
def 1,495
41,467
Bk'nQuCo&Sub(Rec)June
Jan
832,184
to June 30
571,237
Hudson & Manhattan-.June
Jan 1 to June 30
3,131.010
.
481,397
3,014,543
216,083
979,151
27,392
64,756
1,189,485
to
meet
the
issue and
Vice-President
notes
Buckland
Oct.
11
said
in
substance:
Present Requirements.—During that time [i. e. since
April 15 1918] by the
sale of the Eastern Steamship Co. bonds the
Company was enabled to
reduce the indebtedness of $43,964,000 by about
$900,000, so that today that
indebtedness is $43,026,500, and the indebtedness to the
Director-Genera 1
for additions and betterments is
$17,000,000, making a total of about
$60,000,000.
That
was
We early applied for a
less than ten years.
the
situation
at
the
close
of
Federal
refunding of this indebtedness for
a
control.
period of not
In addition, in order to carry out the
program and to make this
tation machine adequate to do the
transpor¬
transportation business of New England,
$10,000,000 in additions and betterments to
roadway and structures.
Of that the company was able to furnish from
its earnings about $1,800,000, leaving
$8,200,000—to be exact $8,130,000—
to be advanced by the Government under the terms of
the Transportation
it
4,614,845
an
$43,964,000
maturing April 15 1918, and that thereafter
from time to time during Federal control the Government loaned
the
company a further $17,000,000 to take care of additions and betterments
made necessary by the war.
needed
44,789
442,128
Standard G!& El Subs-_Sept 2,573,369
2,061,427
Oct 1 to Sept 3030,809,761 26,268,477
The new bonds were finally authorized at an adjourned
meeting held
Nov. 11, the plan going through as first proposed except that the amount of
the immediate issue, which will be deposited with the U. S. Government as
collateral will be approximately S80.000.000.
was
necessary
to
spend
Act of 1920 that will be evidenced by
obligations running 15 years.
[President Pearson describes the more important of these further
im¬
and additions as "the completion of certain of our interior
terminals, the one at New Haven at Providence, at Hartford and at Waterbury; the enlargement of our facilities for taking care of
locomotives, and
provements
some
other material matters.
Application of Funds Since June 30 1913.—The stockholders are entitled
earnings and with the receipts of the
company in the years succeeding June 30
1913, when the present Manage¬
ment assumed control.
Ed.]
to know what has been done with the
The total
debt of
the company on June 30 1913 was
$268,953,000; on
was $292,278,000, an increase of
$23,324,000.
increased in the following way;
Floating debt was increased
$21,797,000, equipment trust obligations $11,165,000, and the funded
debt was decreased—bonds had
matured—$9,638,000; that makes a total
increase in money borrowed of $23,324,000.
The company earned surplus
income within this period of $14,510,000.
Therefore It is accountable to
July 31 1920, it
Now this
was
for a receipt of a total of $37,835,000 within that
period.
The Auditing Department advises me
that there have been spent for
roadway and structures within that time $34,266,000, for owned
equipment
$4,568,500, and for equipment bought under equipment trusts
$6,725,000,
showing a total^of $45,560,000, gone into the property.
On the other
hand with the $37,000,000 from
borrowings and from earnings we have re¬
ceived $8,000,000 from sales of
property like the Waterbury Gas Light
Co., Park Square Property, and various other properties.
you
Company—Chances of Dividends.
Under Transportation Act.—When the Trans¬
portation Act was passed the Government for the first time recognized the
proposition that Interstate Commerce
carriers by groups were entitled
to a fair return on the value of their property devoted to transportation
services, and that for the period ending two years from March 1, that fair
rate of return should not be less than 5M% nor more than 6%.
Immediately upon the passage of the Act, Feb. 28, the Interstate Com¬
merce Commission said to
railroads that it wished to have them make a
statement to it of what
"v&luations were and what their needs were.
The railroads proceeded to make that statement and the Interstate Cothmerce Commission divided them into three groups, the Eastern Group being
bounded on the North by the Canadian boundary on the east by the Atlantic
Ocean, on the west by the Mississippi River: and on the south by the Ohio
and Potomac Rivers.
' ' -' • '/"'
'
\ :
The Eastern Group—of which the New Haven is a part—presented as
valuation statement of approximately nine billion dollars, and in the
presentation of the facts supporting that valuation showed from the report
received from the Valuation Bureau of the Interstate Commerce Commission
that their value conservatively estimated was S120.000.000, more than
carried upon their books, whereas the value as shown by the roads west of
the Hudson was about $110,000,000 less.
When the Commission approved valuations it changed the claimed valua¬
tions of the Eastern Group less than any other, for which I think the New
England Lines are entitled to a great deal of credit.
Estimates of Probable Return.—In pursuance of the law the Commission
fixed 6% as the rate of return to which the Eastern Group was entitled and
raised freight rates substantially 40% and passenger rates 20%, and the
railroads began to figure out how they would come out.
Of course, such estimates had been made before and it was known In
New England that the cost of coal was very much in excess of other parts of
the country, and that the very large amount of terminal work which is done
In New England made it cost more to do the same kind of work here than
it did elsewhere, and therefore at the very beginning of the rate hearing the
attention of the Commission was called to this fact by a supplemental
petition which was filed by the New England Group, which asked me to
represent them.
"
?
The Commission in making its decision referred to the necessities of the
New England Group and said that "their connections would do well to
give consideration to their requirements."
Now what has happened?
That part of the group west of the Hudson
River will receive instead of 6% about 6.6%, the group east of the Hudson
River, or the New England Group, will receive about 3.3%; so that our
partners in the group are receiving more than is necessary to comply with
the requirements of law and we in New England are receiving less.
Necessity for New Basis for Dividing Revenue on Through Rates.—In
anticipation of that, last April, we went to our connections and said: "the
divisions of revenue on through rates were established many years ago at a
time when operating conditions were very different and we want you as our
partners in this enterprise to turn over to us a larger share of those divisions
rather than to have it recaptured in the form of Government taxes or other¬
wise."
:-v.
'v....
q
For a considerable time negotiations were conducted, but the connections
finally said they would not do anything without the orders of the Interstate
Commerce Commission, and there was nothing left for us to do excepting
petition the Interstate Commerce Commission—I am now speaking of all
the New England roads—in order that that 3.3% will be made up to 6%
by requiring those who unite with us in through traffic to pass back to us
the excess which they receive and that excess is estimated to be $25,000,000
per year.
\
v y;,':v '
,.'v.
and
1919
Return
.
.
Status
Contingent
on
"Divisions" Case.—If the New England roads
6% Operating income, that means a 6% income after paying operat¬
ing expenses and taxes, a 6% income available for interest, rentals and
dividends, there is no possible doubt that they can go along very pros¬
can see a
perously, but whether they can
Interstate Commerce
p.
what the
receive it is going to depend upon
Commission does in this
"divisions" case.—V. Ill,
^
1852, 1752.
& Indiana Ry.
Grand Rapids
President Samuel Rea
annual standard compensation fixed in the con¬
The aggergate amount of standard compensation for
period of Government control was therefore, $1,858,771*
Of this amount the Government paid your company $451,000 leaving $1 ,407,771 still due Dec. 31 1919.
In addition your company borrowed
$475,000 from the Pennsylvania Company on account of Corporate obliga¬
tions for interest, rentals, taxes, etc.
As final settlement with the Government has not been finally determined
Income Statement.—The
tract was
the
$929,385.
two-year
.
«...
and General Balance
upon, some of the items in the Income Statement
Sheet are necessarily estimated.
v
i
«
Road and Equipment Expenditures for 9119.—The B. S. RR. Administra¬
tion reports net expenditures of $115,659 for road and $34,527 for equip¬
ment.
»
I
New Rolling Slock.—The U: S. RR. Administration allocated to your
__
box cars, 50 fifty-ton drop bottom
Mikado locomotives, which equipment
The equipment has been financed thru
a 6%
Equipment Trust and leased to your company.
The Equipment,
Trust certificates will be accepted at par by the Government and onefifteenth will mature in each year from 1921 to 1935, Incl.
These Equip¬
ment Trust obligations do not appear in the Balance Sheet of Dec. 31 1919.
[As to proposed lease to Penn. R. R. Co. see "Investment News" belowj.
company
450 fifty-ton single sheated
composite gondola cars, and 5 light
it is estimated will cost $1,809,780.
INCOME STATEMENT
FOR YEAR 1919
COMPARED WITH YEAR 1918.
1918
1919
Compensation accrued under
$929,385
Federal control
17,566
4,116
10
59,578
4,145
income
Miscellaneous
rent
Miscellaneous
non-operating physical property
Dividend income
Income from unfunded securities
Income from funded securities.
Gross
and accounts
for
leased road
$957,295
$155,101
18,160
585
accruals
funded debt
Interest on unfunded debt
Maintenance of investment organization.
Miscellaneous income charges—
Miscellaneous tax
Total
on
—
deductions.....
profit and loss
—--
Net income, to
OF SYSTEM FOR
INCOME ACCOUNT
1919
transportation
&c
$4,805,660
1,798,798
342,841
113,209
$4,198,383
1,711.196
329,959
equipm't
Traffic
.
.
Transportation
.
&c.
.
2,058
4,902
2,964
$656,825
$300,470
1916
575
147,218
119,898
131,922
$3,759,081
1,650,842
263,101
110,837
113,704
$7,207,727
$6,491,359
$5,897,566
1,946,196
$937,963
1,790,490
126,484
118.804
3,943,834
315,910
3,363,026
$676,379
1,170,186
123.834
2,896.922
248,939
Operating Expenses—
Maintenance of way, &c.. .$1,009,092
264,662
$633,592
1,038,964
L 131,455
$137?, 50f
<94
*rf
$7,341,516
$897,120
18,196
Total
Net revenue
Miscellaneous income
Taxes, &c
—
Hire of equipment
Joint facility
1917
570
$8,238,636
Total
General,
1918
570
2,159,961
327,270
125,703
172,585
Mail and express
Maintenance of
$763,566
$251,234
>
7,774
408
483,605
YEARS ENDING DEC 31.
$5,453,117
Freight
Passenger
Other
481.957
25,767
11,945
70,051
570
operated.:
Operating Revenue—
Mileage
Incidental,
12
—-----
—
taxes
Interest
922
$1,014,800
—>
Miscellaneous rents
War
20
$155,101
income
Deduct—
Rent
$929,385
17,756
9,213
rentals
Derating Income
319,397
126,722
14,104
$455,093
$6,474,945
$732,782
8,932
276,199
197,608
13,481
$5,116,260
$4,390,460
$1,375,098
$1,501,106
$254,425
$902,499
289.700
180,937
1,962
'
.
1918
1919
Liabilities
i
5
$
$
21.667
50,000
Advances......
138,355
131,667
5,791,700
3onds.
11,257.000 11,373,000
Loans & bills pay..
665.000
318,015
Notes
150,000
150,000
investments
100.044
100,044
Traffic
21,289,797 21,139,610
& equip
Road
Inv. in affil. cos.:
Stocks
Common
stock...
5,791,700
accounts.
Unad. accts., &c
36,521
Matured int., &c._
2,834
149,889
153.037
TJnmat. int., &c...
2,633
153,038
52,500
52,463
Miscel. accounts..
32,104
20,520
4,448
Special deposits...
MiscelL
2.200
Accts. & wages...
992
149,795
408,811
Cash—
259,911
14,096
Misc. phys. prop..
balances—
260.309
104,779
Deprec. (equip.)..
2,295,797
1,999,539
Sundry accounts 1,880.188
Unad., &c., items
55,918
1,686,550
Add. to property-
Other
1,970,782
985,902
.
52,500
U. S. RR. Admin.:
TJ. S. RR. Admin.;
Sundry accounts 1,662,394
Compensation— 1,407,771
1,635,612
929,385
Total reach 8^*425,457,487 24,557,499
Profit and loss
1,972,358
1,269,999
16,801
-V. Ill,p. 1752.
Virginia Railway & Power Co.
(11 th Annual Report—Year Ended June 30 1920).
President Thos. S.
in substance:
Wheelwright, Richmond, Va., writes
'"r
Results.—The properties owned, leased and operated by the company
after excluding offsetting transactions show, compared
for the fiscal year
ended June 30 1919, gross earnings of $9,908,006, an increase
17.54%; operating expenses were $6,115,670. an increase
$6,652; taxes
and rentals,
$1,601,084, increase $47,412: surnlus over fixed charges and rentals, $1,666,296, increase $580,475.
After deducting the year's proportion of discount
on sale of securities and other or ofit and loss charges there remained a sur¬
with the year
of $1,478,723 or
of $722,137 or 13.39%; other income was $161,424, Increase
and licenses $686,380, increase $135,351; total fixed charges
plus on the year's operation of $1,515,639.
From this amount the directors authorized the transfer as of June 30 1920
to the Reserve for Depreciation of $594,480, which was equal to 6% of
the gross earnings of the system for the year, thereby continuing the program
of the company since July 1 1911.
The credit balance of $921,159 was
carried to surplus account.
The foregoing statement includes the City Gas Co. of Norfolk, controlled
by stock ownership and also the properties of the Norfolk Railway & Light
Co. held under lease.
The interest and sinking fund charges of the lastnamed company are carried as a nart of the fixed charges of the Virginia
Railway 8c Power Co. and the
leased company is carried as a
cash rental equal to 6% on the stock of the
separate charge against income.
Mileage.—The approximate net decrease in mileage In single track equiva¬
lent was 6.05 miles.
In Norfolk, Portsmouth and Norfolk County 1.881
miles of single track equivalent were contructed, 7.285 miles abandoned
and removed, and the gauge of 5.645 miles of single track equivalent was
changed from standard to wide gauge.
Rolling Stock.—Thirty new single truck semi-convertible safety cars
equipments were purchased for use in Richmond and Petersburg.
double truck closed car was sold and 22 obsolete cars scrapped.
One
turbine and accessories, and
one Alberger
20,000 k. w. Condenser Steam and motor driven were in¬
stalled in 12th St. power station In Richmond.
Capital Expenditures.—The expenditures during the fiscal year for addi¬
extensions and betterments to property and charged to Capital
amounted to $1,548,513, as follows: (a) Railway Department,
$782,433; (b) Light and Power Department, after crediting to the Richmond
Division the $489,118 expended during the year June 30 1919 on account
of the installation of the Richmond & Norfolk Transmission Line, and
with the Transmission Substation Equipment, but transferred in the late
tions,
Account,
Cost of Transmission Line and
Sub-station Equipment, a credit of
$188,774; (c) Norfolk Gas Department, $135,089; (a) transmission line,
$819,764; total $1,548,513.
• s i.
Maintenance.—The expenditures for maintenance of way and equipment
amounted to $1,016,993, as against $862,669.
The property is in fair
although considerable maintenance work has been
in securing labor and materials and Is
physical condition,
impossible on account of difficulty
necessarily deferred.
regular charges for maintenance of way and equipment
equal to the usual 6% of the gross earnings for the
credited to reverse for depreciation and charged against
surplus, as above stated.
The balance to the credit of the Reserve for
Depreciation on June 30 1920 including the City Gas Co. of Norfolk was
$1,241,069.
V
•
Valuation.—The company has had a valuation of the entire properties
of the system made by Stone & Webster, Inc., of Boston, to facilitate the
several municipal councils and the State Corporation Commission in arriv¬
ing at a proper valuation for rate-making purposes.
The inventory and
appraisal made as of Jan. 1 1920 shows a total of $59,746,670.
Stone 8c
Webster, also ascertained the
"historic value" that is to say the actual
amount of money put into the enterprise from Its inception, allowing 8%
thereon and deducting whatever return has been paid.
This showed a
total of $59,870,100 exclusive of the City Gas Co. of Norfolk.
: v
The company also employed Forestall & Robison of New York, to make
an Inventory and appraisal of the properties of the City Gas Co. of Norfolk
as of Jan. 1 1920, which showed $2,631,885.
An "historic appraisal" was
also made by Mr. A. Merritt Taylor, Philadelphia, who was employed by
the Norfolk Public Utilities Commission under the authority of City Council
of Norfolk; this last showed a total value as of Jan. 1 1920 of $2.383>
In addition to the
an
amount of $594,480,
fiscal year was
908, and by the
and with the
recommendation of the Norfolk Public Utilities Commission
the rates and charges
revised by the State Corporation Commission in
approval of the City Council of Norfolk,
of the City Gas Co. were
accordance therewith.
Rates.—Applications are now pending before the City Council of Norfolk
Council of Richmond for new franchises and revisions in rates
the allowance of a fair and inviting return upon
what is determined to be a fair value of the property used In the railway
operations in these Divisions.
r
,
and the City
and charges based upon
Safety Cars.—The thirty cars added to the equipment on the
paid for in cash, $168,957.
The fifty additional
Division were acquired delivery being made in Aug. and
Sept. 1920 under an Equipment Trust Agreement (Philadelphia Plan)
requiring payment of $94,886 cash and $250,000 by Installments over a
period of 5 years, evidenced by notes bearing 8%, which were sold to the
bankers at ninety-five (95).
1
Transmission Line Built With Funds From Du Pont Chemical Co.—In the
Light and Power Department the company has made a contract with the
Du Pont Chemical Co. for the construction of a transmission line of approx¬
imately eight miles and a sub-station for the purpose of furnishing the
industrial community at Hopewell with current.
The maximum cost is
established at $250,000, which under the agreement will be advanced by the
Du Pont Chemical Company and repaid in semi-annual Installments by this
company by the payment of one-half of the gross receipts from light ana
power service on this line, the first payment to be made Jan. 1 1922 from
the receipts from July 1 1921.
No Dividend.—On account of the necessity of making extensions and
Improvements in both railway and light and power properties to take care
of demands for additional service throughout the territory served the Board
considered it necessary to continue the conservation of the cash resources
as far as possible, and for that reason no dividends were declared on the
stock during the year.
Birney
Richmond Division were
cars
for the Norfolk
Notes.—In addition
to the $23,835,626
bonds, the company has out¬
5 1918 (V. 107,
the U. S. Shipping
treasury bonds
and invesement
annual installments;
standing (a) $650,000 of 6% Collateral Trust notes, sold Jan.
p. 1916); (6) note for $500,000 covering loan made by
Board secured by $223,000 Virginia Railway & Power Co.
and $377,000 Norfolk & Portsmouth Traction Co. treasury
bonds.
This loan is due and payable in five equal
commencing one year after the declaration of peace.
The company also owes the U. S. Housing
871 for the purchase of 50 safety cars, which amount
annual installments, commencing one year after
Corporation the sunt of $302,«•
is payable in three
declaration of peace.
(The usual
comparative income account was
Oct. 30, on page 1747).
published
in "Chronicle" of
jomparison changed.
with
Power.—One 20,000 k. w. General Electric
year to
Dec. 311919)
March 16, wrote in brief:
(24th Annual Report Year Ended
3R
1918
•
$
Assets—
.*•
.
SHEET DECEMBER
BALANCE
Status of
Valuation
1943
CHRONICLE
THE
Nov. 13 1920.
r
1944
THE
CHRONICLE
COMBINED BALANCE SHEET—JUNE 30.
Marland
(Including Norfolk Ry. & Light Co. and City Gas Co. of Norfolk, All Charges
Between Companies Eliminated).
1920.
1919.
$
$
Assets—
1920.
Liabilities—
Prop., plant. Iran
chlaw A
prlv—39,179,607 39,261,240
New constr.
bet
8,642,629
7,094.117
Rl.est.aviiil.for sale
Investments
77,605
525,750
1,267,687
eitnk. fund bonds..
1,622,000
Work in progress.
_
Trustee accounts..
190,610
Prem.&dlsc.on bds
430,321
5,797
Suspense account.
Int. rec. accrued..
Prepaid
cos.
Dividends deposits
Cash.......
1,328
644,119
16,344
298,725
439,235
116,690
379,389
1,582
505,736
..-54,452,416 52,249,481
Divs.
payable
1,328
Interest accrued..
87,668
24,491
23 084
86,047
92,047
362,629
accr.
314,783
26,075
—
27,979
9,630"
1,241,069
1,036
39,262
1,649,294
Surplus account.. 2,086,612
Dr.
708,856
233,950
1,282,941
1,165,453
Other
leserves
8k. fd. bd. retlr't..
Book
to
Total
.........54,452,416 52,249,481
Total assets...
Total liabilities..
It
upon
cluding
the city's investment (in¬
cost of completion) of more than $150,000,000 in the city-owned
nor is any allowance made for interest to the amount of
$879,288
certificates of indebtedness of New York Consolidated RR. Co. held
by the trustee under the First Refunding
these certificates being,
we
Mtge. of the Brooklyn Rapid
advised, junior to the sub¬
are
The fixed charges on
subway bonds (1st M. bonds of New York Municipal
Ry. Corp., which are pledged for the 7% notes and 5% notes of Brooklyn
Rapid Transit Co.) as given in the table which follows, include interest at
5% and the sinking fund charges, so far as chargeable to operation.
Fixed
Charges of $1,216,805 Charged to Construction.—In addition to the
fixed charges shown, $1,216,805 of fixed
charges on subway bonds and re¬
ceiver's certificates were chargeable to cost of construction
during the year.
Comparison.—The gross earnings increased substantially above our esti¬
mate, but the operating expenses and taxes increased by an even greater
Our estimate was based on the expectation that the
Montague
St. and the Queensboro tunnels would be
open for operation in the fall of
1919.
This expectation was not realized and the two tunnels
were not
open for operation until August of this year.
The large increase in gross
earnings was due to an unprecedented advance
amount.
in the riding per capita which was
general through all of New York City.
The disintegration of the surface lines both in
Brooklyn and Manhattan,
involving an increased cost of riding on those lines, was undoubtedly an
important contributory cause.
Unfortunately operating expenses were unexpectedly increased.
To pro¬
vide for the great increase in riding over the old lines additional
car mileage
was necessary.
The cost of maintenance grew rapidly, due principally to
the serious
advance in the cost of materials and labor.
Due chiefly to the
unexpected advance in the price of coal the cost of power increased more
than $500,000 above our estimate.
Taxes also showed a material increase.
maintenance
on
the
property during
the
past year
has been good.
The reduction in the actual fixed
charges below the amount estimated
due to the delay in completion of the new lines and
equipment,
as a
account.
*
■
Construction.—As stated, the Montague St. and Queensboro tunnels were
completed and operation of trains begun through them in August.
Due
to the short time they have been
operated and the disruption of service
caused by the strike, no comparison of actual
earnings from those new lines
with
our estimates can as yet be made.
But little progress has been made on the construction
by the city of the
14th St.-Eastern line, and none at all in the Nassau St.
subway.
Other
important and necessary construction has been somewhat
delayed princi¬
pally on account of the very difficult labor situation, but is now nearing
completion.
for the purpose of
shares of Marland
very
new
soon.
35,000
This
r
RR.
of such extensions.
Directors.—E. W. Marland, W. G. Lackey, F. R.
Kenney, Samuel C.
Collins, C. C. Brown, Earl Oliver, W. H. McFadden and J. S.
Alcorn,
City, Okla.; E. N. Potter and A. J. McAllister of Potter Bros., in¬
vestment bankers, N. Y. City; Sidney H.
March, of Ladenburgh, Thaiman & Co., Investment
bankers, N. Y. City; J. D. Callery, Pittsburgh, Pa.,
capitalist; William F. Stifel, Wheeling, W. Va., Pres. J. L, Stifel &
Sons,
manufacturers; John E. Stevenson, Wheeling, W. Va., of Mitchell & Ste¬
venson,
investment bankers; C.
D.
Smith, Memphis,
manufacturer;
Vernon F. Taylor, Indiana, Pa.,
capitalist- Louis J. Nicolaus, St. Louis,
Mo., Stifel-Nicolaus Invest. Co., investment bankers.
Ponca
It is the intention of the Marland Oil Co. to make
application for listing
on the N. Y. Stock
Exchange, the St. Louis Stock Exchange and
the Pittsburgh Stock Exchange.
These listings should provide a broader
market for the shares, give them a wider
currency and make them more
available for collateral purposes.
its shares
It is proposed at the present time to issue
approximately 500,000 shares
of stock for the purpose of
acquiring the issued and outstanding stock of
Marland Refining Co. and approximately 350,000 shares for
the purpose of
acquiring the issued and outstanding stock of Kay County Gas Co.
110, p. 2081, 2483; V. Ill, p. 595. 1376.
also V.
Further
Dr.
Particulars from
Report
of
Dr.
THE
RAPID
White.
White's full report is a large volume,
with charts, &c., reviewing
approximately 500 leases owned by the two companies, and esti¬
mating the amount of recoverable oil or gas from each, the cost of such
recovery and the value of the same, based
to Aug. 1 1920.
Dr. White further says:
on
data procured from June 25
Total Acreage of Leaseholds.—These oil and gas leases,
counting the entire
acreage when only a fractional interest is owned in a lease, total
approxi¬
mately: |(a) 133,844 acres for the Marland Refiinng Co.; (6) and 48,368
acres for the Kay County Gas Co., in 44,287 acres of which both
are jointly
interested; while in addition (c) the Kay County Gas Co. owns two Osage
gas leases which total 345,788 70 acres.
Of this large area only a comparatively small portion in actual
acreage
developed, as may be seen from the appended production sheets.
has yet been
Refining, Ac.—The writer was not requested to affix values to any of the
properties of the two companies outside the leasehold estates of eacn in
oil and gas rights.
The refinery profits are sure to be large, and like the
pipe line profits from the purchase and sale of oil and its transportation to
the refineries, are real additional values over and above that of the cost
of the two plants themselves.
Then, too, the fact that the royalty oil derived from the several lease¬
holds operated by both companies will necessarily in most cases be handled
by the pipe lines of tne Kay County and be purchased and refined by the
Marland Company, is of much importance and value to both
companies.
Reserves.—The
M.Cu.Ft.Gas
for the future
reserves
as
on
properties
or
leaseholds already
follows:
Reserves—
bbls.
3,000,000
66,626,163
Marland Refining Co
Kay County Gas Co
69,626,163
Totals
Royalty oil
Oil—Other
Total
expenses
and taxes
Balance..
Actual.
Estimate.
Difference.
$19,893,465 $18,675,000 +$1,218,465
16,536,796
14,691,000 +1,845,796
$3,356,669
$1,254,130
43,312
$3,984,000
$1,275,000
43,000
—$627,331
Total
$1,297,442
Balance
$2,059,227
2,745,952
$1,318,000
$2,666,000
3,140,000
—$20,558
—$606,773
—394,048
$686,725
$474,000
+$212,725
Fixed charges prior to
rentals
subway bonds.
Miscellaneous
Fixed charges on 5% subway bonds..
interests
13,488,465.4
3.485,409.5
7,042,757.4
•
—V. Ill, p. 1851. 1751.
reserve
—24,016,632.3
Outlook.—With such large reserves of oil, gas, and gaosline in
sight, and
with the considerable reduction in overhead expenses certain to result from
consolidation of the two companies, the financial outlook for the
combination
is
assured.
exceedingly
bright, and
a
very
prosperous
proposed
future seems
i
An
official
statement
published Oct. 20
says
in substance:
The oil pipe line department is laying five miles of 3-inch line from
Marland's school land lease, south of Jennings, to a point northeast of
Quay,
where it will join the 4-inch line from Quay to Burbank.
The company has
two wells drilling on the school quarter, one of which has gotten the Skinner
sand at 2,561 feet and should be completed within a week.
Offset wells
found production around 2,800 feet.
With five new oil pools opened up, and Kay County Gas Co.'s gas
pool,
Osage County has suddenly come to the front as a competitive
ground for all the large companies.
In the beginning Marland Refining
and Kay County Gas companies were almost alone in buying Western Osage
acreage.
The pools opened up are all widely separated and few wells have
been drilled to date, considering the large territory to be developed.
Western
The Marland
Refining Co. now has 11,332 shareholders, against 4,500
It is announced that checks will be mailed Oct. 23-25 to stock¬
Sept. 30 for the Marland's regular quarterly 2H % dividend
and the Kay County's 6K cents per s^are.—Y. Ill, p. 1570.
a
Deficit
oil
of Oil.
10,619,385.4
2,869,080.0
|
YEAR ENDING~JL'2VE 30~1 92(TFROM OPERTRANSIT LINES (N. Y, CONSOLIDATED
Gross earnings
See
in detail
WSULTS'FOR
CO.) AS COMPARED WITH STONE & WEBSTER ESTIMATE.
Operating
portion of its shares for the outstanding
of reconstructing the
shops at 36th St. and 39th St. is well
With these shop improvements available there should be an
improvement in the cost and rapidity of maintenance.
It should be pointed out that the delays which have
occurred in the com¬
pletion of new lines and other construction necessarily involve the addition
of greater interest charges to the construction account and
the deferring of
any improvement in the operating deficits which may be
expected as a result
ACTUAL
a
Officers and Directors of New Marland Oil Co. (of Delaware), Merger Co.
Officers.—E. W. Marland, President: W. H. McFadden, W. G. Lackey,
J. S. Alcorn and F. R.
Kenney, Vice-Presidents (all V.-Pres. of merging
cos.); W. G. Lackey, Treasurer: John E. Hale, Secretary.
under way.
~~ATING
exchanging
Refining Co. and Kay County Gas Co. on the basis of
share of holding company stock for 10 shares of Marland
Refining Co.
stock and one share of holding
company stock for 20 shares of Kay County
Gas Co. stock.
one
apparatus is of a very efficient type and with it in use substantial
savings should be effected in the cost of power.
The plan of converting the
central power station to an oil-burning
plant has been abandoned on ac¬
count ef the great increase in the cost of
oil, making unnecessary a contem¬
plated expenditure of $275,000.
use
impossible in this consolidation to place a value on each
company
its earning power for the reason that each is
dependent upon the
give its own properties their maximum earning power.
Your
new
of the
on
to
owned, are summarized
extension to the Williamsburg power
plant the two
turbo-electric units should be ready for
operation
new
$6 76
$3 36
it is to be noted, the net value of the
property
respective boards of directors accordingly decided that a
holding
company, to be known as Marland Oil Co., should be organized under the
Delaware, with a capital stock of 2,000,000 shares of no par value,
was
result
greater amount of fixed charges on the company's obligations
charged to the construction account and a less amount to the
operating.
a
The work
,
Kay County.
$1,602,122
4,193,026
5,323,965
9,062,879
7,215,293
22,732,721
12,161,832
laws of
indebtedness,
subways:
was
based
other
Court), together
provided for the
of City Contract
June 30 1921..
The actual deficit of $686,725 shown for the fiscal
year ending June 30
1920, an increase of $212,725 over our estimate, was, of course, determined
without making allowance for any return
k.w.
owns
.
by Marland Refining Co. per outstanding share is $6 76 and that
owned by Kay County Gas Co.
per outstanding share is $3 36, so that each
share of Marland represents almost
exactly twice the property value of a
share of Kay County.
made in
In the
Increase.
$7,414,358
10,218,548
$33,352,140 $23,265,336
4,929,344
6,924,028
From these schedules,
wages,, with the large advance in the cost of coal and even dis¬
regarding the cost of the recent strike, that prediction can be reiterated,
with oven greater force, as applied to the
earnings for the fiscal year ending
were
the Books.
$5,258,966
outstanding
owned
a small part of the cost of the elevated lines
contributed
by the company to the rapid transit system."
The actual results of operation for the
past year, as shown below, prove
that our prediction was fully justified, and in view of the increase
recently
of which
on
White.
.....$41,247,592 $26,303,213
7,895,452
3,037,877
______
Assets per share..
summary
of
;
Net worth....
Shares
the
Dr.
$17,261,647 $34,894,553 $17,632,906
Pipe lines and other fixed assets
Oil and gas leases, as appraised
by Dr. White.....
representing but
that
News
Marland.
ceiver's certificates (authorized by the U. 8. District
aggregating $73,000,000, which represent fresh capital
rapid transit lines subsequent to March 19 1913, the date
No. 4, to say nothing of the $14,654,794 of certificates
believe
Value.
$15,318,363 $22,732,721
1,943,284
12,161,832
Current assets
Investments and deferred assets
Refineries and other fixed assets.
of Nov. 15 1919 (V. 109, p. 2071) we included
estimates as to the earnings of New York Consolidated RR. Co.
(which
operates the subway and elevated rapid transit lines) for the fiscal
year
ending June 30 1920, based on the 5-cent fare and taking into consideration
the increase in wages effective Aug. 10 1919 and the surface transfer
charge
effective Aug. 1 1919.
We then made the following prediction: "Without an increased fare the
rapid transit lines will not be able to earn even the fixed charges upon the
underlying bonds aggregating $22,967,000, and the notes, bonds and re¬
We
.
Total
Subway and Elevated Lines by Stone & Webster.)
our
(See
In addition to their oil and
gas leases, each of these two companies
additional property as given in the
following complete schedules:
in substance:
on
follows:
White's Valuations Compared With Valuations Carried
Marland Refining Co
Kay County Gas Co.
Nov. 6 1920, in a
Kidder, Peabody & Co. of
N. Y. City, who represents the 7%
3-year secured notes, say
Transit Co.,
way bonds.
as
.
Digest of Statement by President E. W. Marland.
Appraisal.—-Dr. I. O. White, State Geologist of West
Virginia, was em¬
ployed to appraise and report upon the oil and
gas leases held by each
company, while book values were accepted as
reflecting the relative worth
of the other properties.
His comprehensive and detailed document was
submitted to your directors in their
meetings of Sept. 24 and 25, showing:
241,558
106.441
Cons. & empl. cred
Unred. tickets
Stone l& Webster, Inc., New York,
letter to Kuhn, Loeb & Co. and
Results.—In
statements
1747.
p.
as
official
Dept.)':
Brooklyn Rapid Transit Company System.
(Report
from
379,065
bonds
Suspense Items
Depreciation
368,919
111,
371,670
on
468,933
coup, depos..
-V-
Mat, Int.
Taxes & rent
115,642
Total ':.
391,534
Sink. fd. instal
93,079
368,469
(of Delaware).
regarding this new Delaware holding corporation
properties of its constituent companies are ium-
1,364,0001
10,621
accounts..
.
14,952
the
marized
1,464,000
20,933
256,123
In
90,481
467,350
debt
7,895
accounts
Sundry
1,326,627
1,257,000
Funded
and
7,999,400
7,999,400
23,835,626 23,835,626
Bills payable
Co.
The facts
%
14,100,500
Payrolls&accts.pay 1,048,342
36,516
618,318
accounts.
Material & supp_.
Bills receivable...
Consumers acct3..
Sub.
77,605
401,920
Preferred stock...
Oil
0Official Statement Regarding Merger—Expert's Report.)
1919.
$
Common stock...14,100,500
[VOL. 111.
year ago.
holders of record
Nov. 13
Crucible Steel Company
which
Aug. 31 1920)
signed by Chairman H. S. Wiliknson and
(20th Annual Report—Year Ending
Adverse
very
the
Conditions.—During
New Factory.—-A huge addition to our group of buildings in Brooklyn has;
added over 110,000 sq. feet of fire-proof concrete factory floor space,
to house the combined mechanical operations of our blade and metal
of America, Pittsburgh, Pa.
The report
Vice-President John A. Mathews as of
the year
Is
Nov. 3, says in subst:
suffered
the steel industry has
largely from labor unrest, which culminated in strikes not alone in
business, but on the railroads, in coal mines and various other
steel
its employees.
make large reductions in prices,
tional increases in salaries and wage sto
products and have since that period accom¬
plished a daily output—averaging over 2,000,000 boxes annually—at a
saving of more than $100,000 per year, and with a profit to that subsidiary,
in which we own the majority of stock, of over $40,000 for seven months.
We likewise secured the majority ownership and developed the extensive
and modern soap plant of the Lightfoot Schultz Co. at West Hoboken, N. J.,
for the making of Safetee soap products and shaving accessories.
Ever-Ready and Star brush factories are making substantial gains
profitably so.
produce complete mechanical equipment for our new plants—both
and abroad—your company also operates an automatic machine work-
The
princi¬
for fuel and raw
and this situation must first be
and most
To
here
plant of generous proportions, ana located in Brooklyn.
hopeful develbpment for the year
involved large investments—but place us in a position of
controlling and rounding out the only complete shaving service in the world
ing
These added subsidiaries hold a most
ahead—have
relieved.
Improvements.—At the last annual meeting your
Chairman reported that
the improvements then under contract would be completed at the earliest
possible date, and that no further extensions would be made for some time.
Accordingly we have completed the new blast furnace, which is now success¬
fully operating, the by-product coke ovens will be operating during the
present month; the river improvements are now completed, and the exten¬
sions in the various plants are practically all finished and operating.
These
improvements have necessitated an expenditure during the past year
$9,300,000 and have been a steady drain on earnings.
This invesment will
increase production, lower costs, and materially change the general results,
enable us to furnish steel at the lowest possible prices and still allow a fair
return to stockholders on their investment.
'
The company has been purchasing about one-third of its pig iron require¬
ments at market price.
It will now be able, to produce its entire require¬
ments.
It has previously purchased its supply of coke and has been
obliged during the year to pay at times the highest market prices; it
now be able to produce its entire requirements of coke, while with the recent
completion of our new unloading facilities, we are equipped to handle a
sufficient quantity of coal from our own mines to furnish the plant with Its
fuel and coking coal, without depending upon railroad transportation.
Federal Taxes—All our Federal income taxes including back taxes which
were under controversy, have been ascertained and paid in full.
It is only
fair to state that we have paid since making our last annual report the sum
of $12,766,115 for taxes, this sum including the amount of unpaid back
taxes in dispute and the taxes from Aug. 31 1918 to Aug. 31 1919.
It has
been somewhat difficult to meet this amount in addition to our building
program and has necessarily required the greatest economies possible
the conservation of all earnings to meet these demands.
Orders.—It has been our policy to accept only such orders as call for
delivery within three months on account of the steady advance in the cost
of raw materials.
Your company now has on its books unfilled orders for
more than three months output, after deducting suspensions
and cancella tions, which in our business have not been or great volume.
The tool
steel business has not been subject to the violent fluctuations in prices
that has affected other branches of the steel industry, and for this reason
the average price of tool steel has remained practically the same throughout
of
will
under the control of one organization.
Most satisfactory
progress in development Is also shown by the Canadian
Company, with a factory In Toronto capable of an output more than
needs of the entire Dominion of Canada.
sufficient for the
Development.—Our representatives have toured and helped to
various brands of merchandise in all of the countries of Central
Export
establish
our
America, South America, and Cuba, Mexico, Porto Rico, Philippines and
Hawaii.
Localized as well as store advertising is also appearing in China.
Japan, &c.
Foreign Interests.—Your directors have authorized the transfer of all
our foreign assets, trade-marks, copyrights and patents, to the American
Safety Razor Export Corporation, incorporated under the laws of Delaware
—400,000 shares, no par value—all to be held in the treasury of the American
Safety Razor Corporation (V. Ill, p. 1371.)
An achievement in the way of reorganizing and refinancing with English
capital, should shortly be accomplished in
at
London and Paris, and will operate
{irocedure in the Dominion or Canada, full details of which will be announced
ater.
"
:■ v, ]■', "■
: •
,
the year.
1,086; total 5,264.
ENDING
REPORTS—YEARS
CO'S
FROM
1919-20.
1918-19.
taxes.$17,274,489 $14,093,005
Depreciation & renewals
3,775,291
4,171,489
AUGUST 31.
1917-18.
1916-17.
$19,939,225 $16,161,236
3,375,000
5,759.000
scrip&bds.sub.cos.
312,333
347,308
368,098
503,877
adjustments.
1,230,176
Loss on sale of bonds
176,668
Preferred dividends..(7%) 1,750,000 (7) 1,750,000(7) 1,750.000(30^>7562500
Common dividends.....
See note
See note
.-—2
.
.
BAL.
SUB. COS. BUT NOT
SH. JUNE 30 1920 (INCL
Liabilities—
$
Assets
FOREIGN COS.)
.
$
',
10,800,000
431, 684 Capital stock (see note)
100,000
836, 829 Notes payable—
965 Accounts payable
174,287
Merchandise (at cost)
627,
39,869
Cash reserve conting. liab (b)_ 1,000, 000 Miscellaneous charges
128,977
Accounts rec. from affil. cos..
301 392 Federal taxes, 1919
2,907
Investments in affiliated cos.404 145 Real estate taxes, 1920
62,500
Mortgage
receivable
17 500 Mortgages
610 Due affiliated cos..
8,033
Real estate, bldgs., macb., &c. 1,134,
Charges deferred
438 156 Surplus (before 1920 taxes)..(a) 1,267,513
Casb
receivable
Accounts
Goodwill,
Product of Its Tool Steel Mills (in tons)
Aug. 31 1919
Nov. 30 1919 Feb. 29 1920
May 31 1920 Aug. 31 1920
68.379
69,803
84,228
77,682
74,960
Your company in respect to future business is in a very excellent condition.
Inventories.—All inventories have been taken and valued at approximate
cost, or at the market value prevailing Aug. 31 1920, whichever figure was
the lower.
Such valuations do not include profits on materials purchased
by one subsidiary from another.
Number of Stockholders.—On Aug. 31 1920, Preferred 4,178, Common
Company's Unfilled Orders for the
Profits after Fed.
the formation of the British-
Ltd., which will absorb our various subsidiaries
in territories including Continental
Europe and all of the English colonies.
This new company will have a
capital of £400,000—will have ample cash resources—with the parent com¬
pany in voting control.
Negotiations are now being carried on for a similar
American Safety Razor Co.;
and
RESULTS
North
Corporation), with capacity for making
(the Jay & Johnson Box
the boxes for all of our razor
facilities have led to the highest costs
products that have existed for many years,
$1,000,000.
Subsidiary Cos.—In May 1920, we completed a box factory in
Bergen
pally because of inability to obtain a sufficient amount of raw products at a
reasonable cost.
Labor unrest, which has decreased production, and lack
of transportation
This plant represents a cash investment of nearly
products.
industries that furnish commodities necessary .for use in the manufacture
of our crucible steel products.
It has had constantly increasing costs in
almost all of the raw products used in manufacturing steel, as well as addi¬
Prices.—We find it impossible to
1945
CHRONICLE
THE
1920.]
patents, &c
-
805
-..-.7,391
.12,584,086
Total..
12,684,086
Total
(a) Surplus does not Include corporation's proportion of surplus of the
following affiliated cos.: Lightfoot Schultz Co., $25,695; Jay & Johnson
Box Corp., $20,402.
(b) Contingent Liabilities:
(1) In purchasing goodwill, the company
assumed a contingent obligation to make additional payments for goodwill
there
to but not exceeding $1,600,000 against which
is a cash reserve
(2) In respect of building construction and machinery and
equipment contracted for but not completed or delivered.
Note.—Capital stock:
Authorized and issued, 800,000 non-assessable
shares of par value of $25 each under laws of Virginia as follows: 400,000
shares for cash at $18 per share, $7,200,000;
400,000 shares for goodwill
carried at $3,600,000.—V. Ill, p. 1568, 1371.
up
of $1,000,000,
Int.on
Carbon
Inventory
.$10,030,021
Balance, surplus
$4,719,857
$7,824,208 $12,062,127
Complete Dividend Record of Common Stock (Dividends Are Not
FAi5 reported 4-XT
"XT Stock 't? /.L
[As
to N. a
Y. /I/.* rtl * Exchange, rtrl+L "x" n/lrl O/l
with
added
*i
»m
7m
'on
A
~
Oct. *19. Jan. '20. Apr. '20. July
July *19.
Paid—
Shown in Rep't)
Kit T? ~ frtH 1
?
by Editor.]
'20.
Oct.' 20.
3%
3%
3%
2%
"x 2%
/ 1M%
M
t$375,000 $750,000 $750,000 $750,000 $750,000 $1,000,000
f
Apr. *20.
July 1920.
Aug. 1920.
(
50%
16 2-3%
14 2-7%
,
In cash
In stock
$6,250,000
$50,000,000
(Common)
I$12,500,000 $6,250,000
Making Com. stock outstanding
$37,500,000 $43,750,000
Compare V. 110. p. 468, 767, 1191, 2570; V. Ill, p. 392, 497.
in its report of July 29 to the New York
gives the following revised figures for the
fiscal years ending Aug. 31 1915 to 1919, showing the effect
of the settlement ''made with the Commissioner of Internal
Revenue in 1919 of the company's Federal Income and Ex¬
cess Profits Taxes which affected previous year's earnings."
The company
Stock Exchange
(Compare V. Ill, p. 592).
OFFICIALLY REVISED FIGURES FOR
[1919-20 Inserted by
Fiscal Year—
Gross Sales.
,
tive return.
CONSOLIDATED
BALANCE
1920.
$
100,765,212 85,168,741
Investments
347,304
514,777
Scrip red. fund
1,519,579
U. S. Govt. sec..
87,000
749,500
Mat'ls & suppliea-30,557.398 27,605,896
Adv. on ore cont..
47,424
Unexp. tax & ins_
Due
from
empl.
380,794
Liberty bonds.
-V
_
recelvable--10,655,015
2,747,080
Total
.111, p.
SHEET
AUG. 31.
1920.
1919.
%
Assets—
Property
Cash
_
(See above)
$11,789,744
16.677,781
25,812,128
7,159,269
16,713,984
313.511
13,556,034
43,792
3,117,542
previously submitted showing taxes paid were based on tenta¬
Figures now given are based on final and completed return."
........
♦"Figures
Accts.
„
Net Earnings.
(See above)
$1,205,790
(es*.)$65.000,000
59,560.692
77.160,658
31,352,718
47.776.648
18,043,446
1919-20.
1918-19*
1917-18
1916-17
1915-16
1914-15
YEARS 1914-15 TO 1918-19
Editor.]
Taxes.
Common
Bonds
Dividend
1,530,797
scrp._-
4,975,000
Notes
214,220 Accts. payable
230,309 Int. & tax. accr._
Res.
or
Fed. tax.
547,846 Pref. dlv. pay.
Reserve funds
8,958,434
4,536,718 Surplus—
145,587,228 130,046,020
1569.
1919.
$
$
stock.—25,000,000 25,000,000
stock
50,000,000 25,000,000
6,250,000
5,879,000
Liabilities—
Preferred
Total
£00,000
7,350,465
4,211,308
584,331
538,532
2,500,000
8,520,679
437,500
437,500
18,618,171 12,653,404
29,871,760 45,774,800
145,587,228 130,046,020
_American Safety Razor Corp., Brooklyn, N. Y.
(First Ann. Report dated Oct. 6 1920—Bal. Sheet June 30 1920)
President Joseph Kaufman, Brooklyn, Oct. 6, wrote in sub.
Operations.—September practically completed our first year of actual
operation. The period, beginning Sept. 10 1919, ending Dec. 31 1919,
snowed a net trading profit before providing for taxes of $699,755.
Marwick, Mitchell & Co., have again audited the books for the combined
companies, as of June 30 1920,with a net result as per the statement
of an additional profit before providing for taxes of $645,067.
We estimate
that an improved condition for the quarter July through September, will
round out the first twelve months of operation with a net gain before pro¬
viding for taxes of approximately $1,600,000.
The past year has been fraught with abnormal
congestion, exorbitant expenses, adjustments due to reorganization, &c.
annexed
conditions—the freight
Steel
Company,
{Report for Fiscal Year Ending
Charles McKnight,
President
wrote in
Pittsburgh.
Sept. 30 1920.)
Pittsburgh, Oct. 28 1920,
substance:
Conditions.—The year began In the midst of a steel workers*
strike, which seriously handicapped operations.
This was followed by coal
miners' and railroad employees' strikes, resulting in a lack of fuel and cars,
so that our production during the year was reduced approximately 50%.
These conditions, together with a general decline during the past two
months in the demand for steel, resulting in suspensions and cancellations
of orders, have had a very unfavorable effect upon earnings.
The net earnings for the year, including income from all sources, a refund
of munition manufacturers' taxes and adjustment of insurance values, and
after providing for Interest on
outstanding obligations, were $149,046
[contrasting with $1,968,346 and $1,687,147, respectively, In 1918-19
1917-18 after deducting Federal taxes, reserves or $3,225,000 and $2,081,029.—V. 109. p. 1701.—Ed.]
The following charges have been made against the surplus account:
$227,075 for general depreciation, $67,322 net loss on sale of dismantled
machinery, $1,147 loss on sale of War Finance Corp. bonds, $36,318 adjust¬
ment on account of settlement of claims and of depreciation applicable to
prior years.
We have also paid out of surplus and net profits of the previousyear 8%
dividend ($40,000) on the 1st Pref. stock, 6% ($90,000) on the 2d Pref.
stock, and dividends, amounting to $240,000 (8%) on the Common stock;
leaving a net balance in the surplus account on Sept. 30 1920 of $3,481,302.
Results since Jan. 1 1917 {the Year the U. S. Entered War).—Gross profits
were $11,076,627, but Federal income, excess profits and munition manu¬
facturers' taxes amounted to $5,905,206; and we paid dividends as follows:
$160,000 on the 1st Pref., $360,000 on 2d Pref. and $1,890,000 on the
Adverse
and
Common
In this
stock.
period there has been
expended for additions, improvements
and
reserved for depre¬
equipment $1,813,243, and a further $777,441 has been
ciation.
During 1917 and 1918 important extensions and equipment
(included in the above figure) were made at the request of the
ment, and charged to operations.
Since the armistice such
extensions made for producing war materials, if found unsuited for the com¬
U.S. Govern¬
additions and
pany's use, have been or
prevailing conditions.
will be disposed of or
changed, if possible, to suit
,,
,
^
Contracts.—Early In the war your company was enabled to
retire all its then outstanding bonds and other obligations, thus placing itself
in a strong financial position.
At the time the armistice was signed the
company was obligated to furnish a very large tonnage of bullet-proof plates
for armored tanks, as well as for other necessary war materials.
Following
the armistice, the Government requested an immediate termination of these
contracts, and although we had contracted for large quantities of materials,
settlements were arranged, excepting in one instance where your companyhad proceeded under a so-called "informal contract."
Our claim under this
contract was approved by the Staff of the Claims Board, but subsequently
disallowed by the Board of Contract Adjustment and the Secretary of War.
This claim amounts to $357,856.
We are now preparing to carry the case
to the U. S. Court of Claims.
•
Federal Taxes.—For the cal. year 1917 we paid Federal income and excess
Government
manufacturers tax of
and has just been
profits taxes amounting to $644,871, and a munition
$271,063.
Of this latter tax $68,548 was illegally assessed
The Internal Revenue Department has not,
accepted the amount of invested capital as reported In our return
returned to your company.
however,
for 1917, and
tentatively assessed an additional tax for that
Department maintains its position 1 r.^M to
has recently
year of $280,748.
If the
invested capital on the same
1917. your company
7U% Serial
determined by Iti for^the year
the years subse¬
subject to audit and adjustment
basis as that
will receive
quent to 1917, although
Sbtj a IiSit6r elate.
additional assessments for
this matter will be
Notes.—These unforeseen
assessments, the unpaid Govern¬
inventories due to higher cost of materials,
made it advisable to issue, on July 1
Notes, payable $400,000 July 1
1922, $400,000 July 1 1923, $400,000 July It924 and $M.W0 My 1 1925.
These notes were purchased by the Union Trust Co. of Pittsburgh Mid are
secured by $1,776,000 20-Year 5% Sinking Fund Gold Bonds issued by this
ment
cfaim,
increased values of
with the advancing labor rates, &c.,
last
$1 600 000 Five-Year 7H% Serial
1916
THE
CHRONICLE
Nov. 1 1912, and 5,106 shares of the capital stock of the Kittanning Iron & Steel Mfg. Co., which securities were held in our
treasury
(see V. Ill, p. 192).
[Vol. 111.
company on
BALANCE
Klttanning Iron & Steel Mfg. Co.—During the past year this
subsidiary,
we own the
controlling interest, paid 10% cash dividends and a
stock dividend of 150%, so that your
company now owns 5,106 shares of the
capital stock > the present aggregate book value of which is,
conservatively,
$653,057, or $127.90 a share, although this investment is shown
upon our
books only at the purchase price paid of
$268,350.
The
plant & equip't
Leaseholds:
.
1920.
$
{
I
Liabilities—
1919.
$
'Common stock._xl7,004,890 14,927,520
1,149,032
Devell2,365,448]
Undeveloped.
Good-will
2,280,145 Preferred stock... 2,961,950
16,975,098 Accounts payable.
626,166
12,496,528 /
Notes payable
595,436 Cash commitments
5,039,546
z548,250
4,475,475 Interest accrued..
32,883 Depreciation
i.Tax reserve......
557,817
64,500
1,616,676
32,883
195,541
Inventories
2,684
398,366
reserves
48,736
13,741
63,237
13,292,964
7,412,708
533.127 Other
727,484
Deferred assets...
present time orders and inquiries for all grades of steel,
particularly special steels such as your company manufactures, are
exceedingly light.
Your company has always secured a large portion of its
50,350
647,442 Profit and loss
890,978
Accrued interest..
Cash..
Outlook.—At the
591,544
361,833
6,673
Accounts recelv
Notes recelv., Ac.
year (before Federal taxes)
Inventories.—A physical inventory has been taken, and the
values of all
materials and supplies conservatively
represent the cost thereof, which are
below present market prices.
3,000,000
1,049,869
595,436
7% gold notes—_
r
1
mill and coal mines of the
year have been very successful and the
ave
$
Stks. other eorp's.
U. S. Govt, bonds
operations of the blast furnace,
been $484,272.
Srofits realized by that company thus far this
1919.
$
Realestate,bldgs.,
in which
Kittannmg Co. during the present
SHEET MAY 31.
1920.
Assets—
10,5841 '
1,011,970! .,j,...v
115 975!
6,112
________
'
93499 Total (each side) .35,663,915 26,771,633
and
purchases and in
many cases
x
canceling and suspending orders already placed.
Therefore, while the plant is now operating only part time, with the return
of normal conditions we should be enabled to show
favorable results.
For
income
"Chronicle,"
for
account
page
year
SHEET
1920.
1919.
$
I
plant,
equipment
a6,724,895
Accts.A billsrec..bl,174,320
materials,
.
1,609,184
156,262
_
{Int.
x959,000 Common div
1,035
__
Excess
Kittanlng Iron A
Steel Mfg. Co.,
362,638
Interest
(2%)60,000
(5)
150",000
Balance,
3,709,088
Total
199,945
3,481,302
176,870
4,034,119
$7,946,508
$935,403
631,144
$7,273,544
$783,519
4,365,676
631,144
—$1,537,064
surplus.
$1,514,782
$1,493,205
tributed earnings of subsidiary cos.
Expenses, incl. taxes, of Utah Sec. Corp
11,432,410 13,432,715
Includes real estate, plant, equipment, Ac., $7,502,336, less reserve for
depreciation, $777,441.
b Includes notes receivable, $2,728; general ac¬
counts, receivable, $813,736, and claim pending against U. S. Govt., Ord¬
Dept., on war contract, $357,856.
c Secured by $1,776,000 20-year
sinking fund gold bonds dated Nov. 1 1912 and 5,106 shares of capital stock
of the Kittanlng Iron & Steel Mfg. Co.
x Includes U. S.
Govt, bonds;
Inc. from all
At Sept. 30 1920 the company was contingently liable as follows:
(1) For
additional profits and income taxes for
prior years, the amount of which
has not been definitely determined.
(2) For notes receivable discounted
in an amount of $18,839.
Corp. (of Wyo.),
Denver,
...$607,994 $751,012 $750,118
_deb.5,941
Okla., connecting with our system of gathering and pipe lines in the Beggs
field, thus enabling us to handle the supply of crude
required for our West
Tulsa refinery.
Last spring the company purchased 100 additional
new tank cars, and
it has recently leased some additional
equipment, giving it at this time a
.
Refinery Operations.—Both the Blackwell and West Tulsa plants (the
through a subsidiary) have been in successful operation
throughout the fiscal year.
They now have a combined daily capacity of
10,000 barrels, and during the fiscal year consumed
1,710,487 barrels of
crude, which, after being refined, was sold and distributed for a
gross reve¬
nue
of $6,049,000.
The company acquired during the
year all of the capital stock of the
Culmers company, which has
completely equipped plants at Salt Lake City
and Provo, Utah, for
compounding and distributing petroleum products,
enjoys
well-established trade in such commodities in these cities and
territory tributary thereto.
This company did a gross business for the
12 montns' period ended July 30 1920
amounting to $554;000.
a
Gasoline Extraction
Plant.—During the year a casinghead gasoline plant
was constructed
upon our property in the Beggs,
Okla., field for the pur¬
pose of extracting gasoline from the casinghead gas
coming from the oil
wells.
This plant was installed at the expense of
another company and will
operate on this gas production of your company on an attractive
basis, affording
Lease
us
a
substantial
royalty
revenue.
Holdings.—As the result of our policy of searching for new fields
possibilities, the company has added to its lease
holdings
year 83,000 acres in proven and prospective
territory.
with oil and gas
during the
It is estimated that the
company has available at this time, on acreage
already proven, undrilled 1 ocations for 500 additional oil and
gas wells.
Applications have been made under the new Federal oil land
leasing bill
for prospecting permits and leases covering
Wyoming properties, heretofore
held under the old placer law locations.
•
New
Stock.—Early in 1920 the company offered to its stockholders,
through a syndicate of investment bankers who underwrote the entire
Issue, 180,000 shares of its Common capital stock at par.
The entire offer¬
ing was taken up and paid for and the proceeds have been devoted to the
development of properties and expansion of operations. (V. 110,
472,
771; V.
Ill,
p.
p.
268,
1190.)
Dividends.—Quarterly dividends of 1M % have been regularly paid
Revision
The
earnings statement
was
of Federal Taxes for 1918.—On the basis of revised data the
1918 were changed from the figures shown in the 1918
Federal taxes for
depletion by extraction of copperpound for the 1918 copper product, but instead
loss by itself.
having been made by the Government, the revised
figures may require further revision, but as the changes made affected the
value of copper on hand, the reserves for 1918 Federal taxes and
the excess
bearing rock
to show
No
as
a cost per
depletion
final
as a
decision
of current assets over current liabilities
Dec. 31 1918, a revised statement
follows reflecting these changes which are in accord with the
figures used
in the report of 1919 operations.
[These
as of Dec. 31
1918.—Ed.]
on
published in the "Chronicle"
changes have been made below
the statement
Product.—The company's copper product for the
year aggregated 52,859,146 lbs., which at 20.16c. per lb. amounted to $10,656,763.
There
was delivered in year 27,978,077 lbs.
at 19.77c. per lb., representing in
the aggregate $5,531,380, and there was on hand Dec.
31 1919, 32,449,559
lbs.
(valued at ,19c. $6,166,776), as against 7,568,400 lbs., which was
carried at 17.04c. per lb. or $1,290,929 on Jan. 1 1919.
Capital and Investment Assets.—These were increased by construction,
&c., $661,410 and decreased $1,143,138 on account of Buffalo real estate
($483,500), &c.
There was an increase in reserves ior depreciation
and depletion of $3,412,270 and an increase
by adjustment of reserves
for doubtful accounts receivable of $257,389.
sold
Comparative Results
as
Shown by Conglomerate and Osceola Lodes Combined.
1916.
Tons of rock treated...
Mine cost per ton of rock (ex¬
cluding construction)
3,166,274
1917.
rock
1918.
1919.
3,159,570
2,876,392
1,830,760
$2 52
$3 07
S3 85
$2 03
Pounds of refined copper pro¬
duced from mine..
...71,349,591
Pounds of copper per ton of
68,419,826 58,722,969 43,776,194
22.53
21.65
20-42
23.91
(1) Conglomerate Lode Operations for Years ending Dec. 31.
1916.
Tons of rock treated.
Mine
cost
per
ton
of
1,727,794
1917.
1918.
1,751,621
1919.
1,547,603
1,111,080
rock
(excluding construction)
$2 63
$3 26
$4 09
$4 87
Copper produced, lbs.
51,785,016 50,415,860 43,329,816 32,895,816
Copper per ton of rock, lbs..
29.97
28.78
28.00
29.61
__
Development, &c.—The operating shafts
on
the Conglomerate lode have
attained the following depths: (a) Calumet Nos. 5 and 6, 5,555.0 ft.;
(b)
Calumet No. 4, 7,995.0 ft.; (c) Calumet No. 2, 3,761.0 ft.; (of)
Slopeshaft,
1,588.0 ft.; (e) Hecla No. 6, 7,874.6 ft.: if) Hecla No. 7, 7,977.7 ft.; (gj South
Hecla No. 8, 2,488.0 ft.; (h) South Hecla Nos. 9 and 10, 8,132.7 ft.; (i) Red
Jacket shaft, 4,900 ft.; (j) Tamarack No. 3, 29.5 feet, below 18th level;
(k) Tamarack No. 3 (inclined), 8.0 ft. below 24th level; (I) Tamarack No. 5,
147.0 ft. below 40th level.
About 63 drills have been at work during the year rrmoving shaft pillars
and cleaning up arches and the backs of old stopes.
secured from those operations.
A total of 349,384 tons
has been
In the Calumet Branch, the 40th level drift north of No. 6 shaft has been
extended 51 feet, opening a fair grade of rock.
In the Hecla Branch,
drifts in the lode have been extended 981 feet, disclosing rock of average
copper content; No. 2 shaft has been abandoned.
In the South Hecla Branch, the drifts were advanced 751
opening a fair grade of rock, and 406 feet poor.
437 feet above the 80th level.
feet, 345 feet
No. 12 shaft was raised
In the Red Jacket Shaft Branch, drifts were advanced 113 feet, opening
fair grade of rock.
The drifts in the Tamarack Branch were advanced
1,479 feet, 1 037 feet opening a fair grade of rock and 442 feet poor.
The
Haulage drift on the 80th level, was advanced 2,517 ft. and is now holed
to Nos. 6 and 7 Hecla shafts, and in addition 1,637 feet of crosscut was
widened to conform to the dimensions of the Haulage drift.
a
(2) Operations on Osceola Lode for Years ending Dec. 31.
1916.
the
outstanding Pref. stock, and, beginning with Feb. 1920, quarterly dividends
of 1M % have also been paid on the Common stock.
The company has no funded debt.
Nov. 6, on page 1859.
Mining Company.
annual report.
It was also decided not to include the
owned and operated in its service.
latter controlled
$744,176
471,666
in substance:
Denver, Aug. 15, wrote in sub.:
Pipe Lines and Tank Cars.—Early in the fiscal year the company built
50-mile pipe line from the Burkburnett field in Texas to
Lawton, Okla.,
with a view to insuring an adequate
supply of crude oil for its refineries.
However, with the opening of the deep-sand production in the
Beggs, Okla.,
field it was found that sufficient crude could be obtained
therefrom, and the
pipe line was therefore sold late in 1919 at a profit of about ,65%.
During the latter part of 1919 the company built a 40-mile
pipe line, with
two pumping stations, extending from its West
Tulsa refinery to Beggs,
496,320
{Report for Fiscal Year Ending Dec. 31 1919).
President Rodolphe L. Agassiz,
Boston, March 18, wrote
[Division offices: Tulsa, Okla.; Rawlins and Riverton, Wyo., and Fort
Worth, Tex.
Refineries: Blackwell and Tulsa, Okla.]
a
$751,012
—.$111,674 $254,692 $272,510
2200; V. Ill, p. 590.—V. 109, p. 1178.
p.
Calumet & Hecla
Colo.
Field Operations.—The company has drilled 167 wells, of which 118 were
paying producing oil wells, 14 gas wells and 35 were lost or abandoned.
It
is now drilling 28 wells on proven and
prospective leases.
Its crude oil production for the fiscal year was
1,431,920 barrels of 42
gallons each, and there is now being produced from its properties a daily
average of 6,000 barrels, or at rate of 2,190,000 barrels per annum.
Sales from natural gas production
averaged approximately 15,000,000
cubic feet per day in addition to that consumed for fuel in the
operation of
the properties.
The company also has 8 large gas wells shut in, each
having a daily capacity of from 15,000,000 to 50,000,000 cubic feet, market¬
ing arrangements for a portion of which are now under way.
In addition to developing proven
properties, your company has con¬
ducted extensive operations for the development of its
prospective leases
which have resulted in 6 original
discoveries, disclosing the existence of
theretofore unknown pools of oil and gas, in each of which the
company
owns and controls leases covering a substantial
portion of the acreage.
sources accr. to
Compare V. 110,
(3rd Annual Report—For Fiscal Year Ended May 31 1920.)
President Frank E. Kistler,
$906,080 $912,726
155,068
162,608
Combined net income
At
Sept. 30 1920 the company had pledged $200,000 par value A%%
Victory notes, included in above investments, as security for time collateral
note of $180,000, included in above notes payable.—V. Ill,
p. 1854.
Refiners
$764,664
156,670
Utah Sec. Corp_$607,994
Deduct—Int. charges on 10-year 6%
gold notes 496,320
amount not fetated.
and
4.865,179
Net earnings from all sources
applicable to
Utah Securities Corp
Profit, reaemption 10-year notes
nance
cars
1,908,099
COMBINED NET INCOME ALL COMPANIES FOR
CALENDAR YEARS.
Calendar Years—
1919.
1918.
1917.
Gross earns, of Utah Sec. Corp.. incl. undis¬
a
total of 600
$5,365,445
1,908.099
$8,621,779
$1,095,256
5,358,316
631,144
notes
on
Commis. paid on underwriting notes.
profits,
357,565
Ac__
3,030,274 Surplus
11,432,410 13,432,7151
&
Dec. 31 '17.
$6,036,768
1.641
Expenses and taxes
30,000
&c., tax
268,350
940,065
Cash
Producers
TO DEC. 31.
4,873
Total...
Replacements,
inv......
Total
1912
596,000
465,163
on
notes
10
Dec. 31 *18.
Reserves—
employees
other
accrued
7 Vi%
559,334
1,600,000
1,134,092 Notes payable
40,698 Accounts payable.
Stocks and bonds
(at cost)...
Liberty bonds for
Sept. 10 1912 to—
;
Dec. 31 '19.
Interest and dividends
$6,708,807
♦Profit realized by redemption of
$19,518,000 Utah Sec. Corp. notes
1,908,099
Sale of securities
1,500,000
3,000,000
ial notes
Corporation, New York City.
CORPORATIONS PROFIT & LOSS ACCT. SEPT.
%
500,000
6,810,865 Second pref. stock 1,500,000
1,099,187.Common stock... 3,000,000
i7^% secured sert
(at cost)
Deferred charges.
Investments—
1919.
$
500,000
mill supplies, Ac.
Securities
(Report for Fiscal Year ending Dec. 31 1919.)
The report just issued
permits comparisons as follows:
1920.
Liabilities—
'First pref. stock..
1859.
Utah
week's
SEPTEMBER 30.
I
$
Real estate,
Raw
last
see
1478,
p.
1854.
BALANCE
Assets—
1919-20
After
deducting $33,160 treasury stock.
The total auth. cap. stock
is $20,000,000 divided into Common and
Pref., par $10.
z "Pan-American
Refining Co. 1920 7% gold notes (secured by 1st M. on tank cars, steel
tankage and refinery plant at West Tulsa, Okla.,
pledged)."—V. Ill,
tonnage from the automobile and allied industries,
implement manufactur¬
ers, railroads, saw companies, &c., all of which are at
present curtailing
Tons of rock treated
1,438,480
1917.
1,407.949
1918.
1,328,789
1919.
<
719,680
Mine cost per ton of rock (ex¬
cluding construction)
$1 32
$1 60
$1 88
$2 28
Copper produced, lbs
4-19»564,575 18,003,966 15,393,153 10,880,378
Copper per ton of rock, lbs.
13.60
12.79
11.58
15-57
Shaft sinking, feet
139
338
251
Drifting, feet...
16,443
16,352
10,192
14,632
_
Nov. 13
operating shafts on this lode have attained the following depths;
13, 3,232 ft.; No. 14, 3,095 ft.; No. 15, 3,116 ft.; No. 16, 3,274 ft.:
17, 2,279 ft.; No. 18, 1,460.
The openings on this lode show about
the same grade of rock as last year.
The product secured from footwall
stones was about 17.5% of the total product from this branch.
/ Abandoned.—The Tamarack Mill has been entirely abandoned and will
be dismantled.
' \ /• ■
General.—During the war the use of copper was restricted almost wholly
The
No.
the signing of the armistice, the buying
of copper
total of unused copper held by the allied govern¬
unsold copper in the hands of the producers was greater than
ever before.
Furthermore, the production of copper, stimulated as it had
been by war requirements, was almost at its maximum.
Because of these conditions, the year 1919 began most unfavorably for
cents to 14 H cents per pound, and even
About Jan. 15 this mine was
limited.
of
underground
put on a three-quarter time basis.
On March 1, a reduction of wages
15% was made effective.
In the meantime, many of the
men had left.
On May 1 the force was reduced to a point where the pro¬
duction would be on a 50% of normal basis, with the mines working full
time.
The price of copper improved somewhat, but the cost of living con¬
tinued high, and on July 15 wages were restored to the rates prevailing be¬
fore the cut made in March.
v
The enforced limited production, the increased freight rates on rock and
labor and supplies have all contributed to
coal, and the high rates for
high cost for the past year.
OPERATING STATEMENT FOR
Copper produced, lbs.
Total lbs.
per Lb.
67,968,357 at 21.05c.
Lb.
&cost 52,859,146 at 20.16c.
of year,
7,568,490 at 17.04c.
17,967,381 at 12.60c.
60,427,636 at 19.77c
and cost...—
85,935,738 at 19.29c.
78,367,248 at 19.29c.
& cost
27,978,077 at 19.77c.
On hand end of year-_-__
32,449,559 at 19.77c.
7,568,490 at 19.29c.
•-
$5,263,077 at 18.81c.
$19,027,052 at 24.28c.
selling and de¬
cost
-
5,666,727 at 20.25c.
15,507,297 at 19.79c.
Delivered in year, lbs.
1
the
Amt.
1918.
Amt.
■per
On hand beginning
lbs. and cost
$1,500,750.
CALENDAR YEARS.
1919.
Production, &c-
Sales, Price Received,
Received for copper
ered (as above)-.-
&c.—
deliv¬
Production,
livery
Net earnings
Loss by reduct. to
597,617
631,686
Add divs. from other cos—
Other miscellaneous items-
_
Deduct—1917 Federal taxes.
Obsolescence and depreciat'n
$6,199,546
$786,834
364,918
75,750
1,608.279
Depletion of min dep
Dividends paid
259,607
Sundry items
CURRENT ASSETS AND
1919.
*$553,669
3,304,774
Assets—
Cash
Accounts receiv.
Copper, lbs
105,088,740
Average price
17.776 cts.
Gold, oz. (at $20) ——
28,907
Silver, oz___L—
263,721
Average price
$1.1203
Operating Revenue—
Sales of silver.
LIABILITIES DECEMBER 31.
1918.
1919.
Liabilities—
1918.
$1,128,961 Accts. payable. $1,588,848
4,292,737 Res'ves,income&
1,290,029 excess prof .tax's
Copper on hand
Notes receivable
6,166,776
Liberty bonds..
1,519,150
4,40*2", 900
4,091,209
$2,919,925
4,801,511
Supplies
Toial
assets.
Total liabilities $1,588,848
$15,965,578 $15,916,138
Includes $36,788, cash at foreign
X
404,249
and charges...
330,000
Balance of
banks.
PAID BY CAL. & HECLA
TOTAL OF $151,750,000 DIVS.
$3,324,174
assets?14,376,730 $12,591,963
MINING CO.
$115,850,000; in 1912, $4,200,000; in 1913, $3,200,000;
in 1914, $1,000,000;
in 1915, $5,000,000; in 1916, $7,500,000; in 1917,
$8,500,000; in 1918, $5,500,000, in 1919, $1,000,000.
[Capital stock $2,500,000 in 100,000 shares of $25 each; $12 per share
paid in.]
To Dec. 31 1911,
Companies—Divs. Received Therefrom, Earnings, &c.
Total.
1919.
1918.
1917.
Divs. from—
Tot. to '17.
$5,831,144
Other Mining
(1)
.
Allouez
Centennial ————
Isle Royale..,
Osceola—---
—
Superior
Total received—
.
$2,968,712
328,000
41,500
131,030
2,636,782
50,100
$3,011,205
41,000
1,168,500
41,500
83,000
197,737
82,967
""33*187
444,922
656,620
335,600
100,680
$1,800,747
$472,371
$11,440,448
(2) Earnings, &c
,
Allouez
Copper
Production
1919.—
.....
.———
.
17,223,111
3,749,984
100,200
Isle Royale.
563,935
1,979,268
White Pine
Total
Editor's totals.
Owned.
15.80c.
18.08C.
36.84c.
100.000
90,000
28,785
60,000
Co
Osceola Cons. Min. Co..
152,977 302,977
33,560 96,150
def .26,261
def.65.697
sur.151,159
def.45,218
def.175,891
def.80,611
def. 109,804
$1,138,450 def.$3il,899
owned.
Superior Copper Co
Great Lakes Trans. Corp
Common
Preferred
...
Calumet Transp, Co
Issued.
50,100 100,000
2,000
Co— 33,187
White Pine Copper Co.—
Isle Royal Copper
[For the details of the operations of these companies,
reports appended to the pamphlet.—Ed.]—V. Ill, p.
Utah
...
288,450
Issued.
41,500
Cliff Mining Co.......
150,000
112,559
def.80,611
679,073
41,000
Centennial Cop, M. Co
100,000
———
def. 109,804
24.30c
Balance.
Bur. or Def.
42,602
10,000
3,482
Copper Company,
y
gross production of copper from all sources aggregated
110,591,608 pounds; net after smelter deductions, 105,088.740 pounds.
amounted to $8,252,396, or $5 08 per share, as com¬
pared with $18,445,780, or $11 35 per share, for 1918.
This decrease in
earnings is due to smaller production and lower prices.
Early in 1919
curtailment of about 50% in production was decided upon and this has been
continued up to the present time.
Early in 1919 there was very little demand and about mid-year prices fell
as low as
14.50 cents per pound.
Subsequently a marked improvement
in the demand with a fair advance in market prices resulted in sales in
excess
of production, effecting a moderate reduction of the surplus of
marketable copper remaining unsold Dec. 31 1918.
The average price
received for copper actually delivered was 18.626 cents per pound.
In
addition, the production of gold amounted to 28,906.6 ounces.
The pro¬
duction of silver amounted to 263,721 ounces.
The cost of producing copper from all sources was 14.145 cents.
De¬
ducting the value of gold and silver recovered and miscellaneous income in
Utah, including that from the Bingham & Garfield Ry. Co., amounting to
1.779 cents per pound, from the cost of producing copper, results in a per
pound cost for 1919 of 12.366 cents, as compared with 12.53 cents for 1918.
These costs are calculated with Federal taxes eliminated for comparative
Results.—The
The total net income
dividends received from the
purposes; no allowance has been made for the
holdings in the Nevada Consolidated Copper Co.
The net income from operations amounted to $4,689,872.
from dividends from investments, and from interest, rentals,
Other income
&c., amounted
$6,423,468
37,9
824,5
492,2
Div.
$14,864,669 $30,717,827 $24,886,646 $33,747,7
$4,689,872 $13,807,303 $23,910,777
investment
rentals received._
$350,000
Cons.
1,500,750
965,983
on
Int. &
Cap. distrib. Nev.
Adjustments
745,791
$4,951,825
1,122,523
$1,600,300
886,852
2,651,325
$8,252,396 $18,945,780
Total net profits
Plant
(earnings)—•
(capital distrib'n).
Total rate per cent—
354,0
589,7
1,289,630
500.000
&c., funds..
Dividends
Divs.
$5,636,875
$29,985,125 $39,738,6
replacements, de¬
preciation, &e
Red Cross,
>
8,754,0 4
$16,532,3
Total expenses
Net operating revenue._
Other Income—
9,746,940
(60%)
20,712,248
2,842,857
(145%)
12,589,798
3,655,102
(100%)
19,493,8 >0
(120%)
sr$5,140,391sr$19655,0
Bal., surp. or def..def.$1,494,544 sr$2,200,880
x Includes
in 1917 (127**%) $20,712,248 dividends
and <17H%) $2.
distribution; in 1918, $12,589,798 dividends and $3,655,10
capital distribution.
BALANCE SHEET OF UTAH COPPER CO. DEC. 31.
842,857 capital
1919.
$
Mining and
Liabilities—
Capital stock.
milling
properties.---.x23,888,833 24,151,469
13,191,641 13,109,425
Pat'ts & proc. r'ts.
312.694
yDeferred charges. 9,151,355
8,943,524
Mat'ls & supplies. 3,264,838
3,996,925
Accts. receiv., &c_
78,422
749,412
Copper in transit. 13,142,849
8,699,255
Ore in mill bins...
18,044
10,536
Marketable secur. 13,847,150 11,957,489
Cash..
1,568,951 8,729,047
Due for Dec. deliv.zl.lp5,780
3,695,142
Investments
1919.
1918.
$
Assets—
Accounts
331,158
962,155
4,306,039
5,972,721
payable.
Reserve for
1918,
$
$
—16,244,900 16,244,900
taxes,
-
acc't Insur., &c_
Treatment,
&c.,
1,175,283
2,390,113
Surplus from—
Sale of securities 8,290,620
8,290,620
charges..
—
Operations
48,999,864 50,494,408
Total
79,347,863 84,354,917
-
—79,347,863 84,354,917
—
depreciation reserve, $4,441,493, against $3,684,523.
y Deferred charges to operations, stripping and dumping rights, &c.
z Cash due in January for December copper deliveries.
Investments.—These have a face value or $13,694,834 and a book value
of $13,191,641.
They include chiefly $5,002,500 stock of Nevada Consoli¬
dated Copper Co. carried on the books at $4,453,007, and $7,500,000
stock of Bingham & Garfield Ry. Co. carried at par.
x
After deducting
Additions
ended Dec. 31 1919.)
MacNeil, N.Y., April 20, wrote in brief:
(15th Annual Report—Year
President C.M.
$8,756,667 $17,076,993 $13,421,407
1,590
35,392
41,009
stripping, &c
692,338
1,235,058
940,650
Selling commission.
180,373
303,919
491,874
Treatment and refining.
5,233,762
12,066,466
9,991,706
Ore
Total
reference should be made to
496.
307,806
$48,797,423 $50,280,073
Erpenses—
Mining, milling & taxes.
development
150,000
85,320
10,000
$49,019,308
952,960
Mine
$600,000 sur.840,424
$640,424
def.73,739
def.65,697
301,159
def.45,218
99,168 200,000
Ahmeek Mining Co....
Allouez Mining Co
Declared.
14.02c.
$49,054,143
(3) Shares owned in—
La Salle Copper
Income
Lb.
Divider ds
21.55c.
40.86c.
Superior
y
per
340,719
10,824,331
Osceola
y
Net
Cost
24.64c.
La Salle.—-—--
166,000
50,100
1,365,148
13,007,647
Centennial
$19,554,541 $44,525,129
Total income
3,729,682
492,000
'
Ahmeek..
$297,504
$991,680
307,500
$1,573,248
$6,156,124
Ahmeek
1918.
1917.
1916.
188,092,405 195,837,111 187,531,824
22.876 cts. 24.186 cts. 26.139 cts.
50,928
'
51,112
47,648
489,484
498,820
461,597
97.561 cts. 82.384 cts. 66.682 cts.
$18,680,969 $43,029,021 $47,364,421
578,133
1,018,564
1,022,234
295,440
477,544
410,768
Sales of copper.
Sales of gold.—
def.$l,150,804
___def.$2,366,620
Balance
31 1919 are cited
196, 700, 1090.]
YEARS ENDING DEC. 31.
1919.
Sales of—
(220) 5,500", 000
600,000
98,598
(4%) 1,000,000
(est.)
Reserve 1918 Fed. tax.
1858, 2083, 2200, 2574; V. Ill, p.
in V. 110, p.
unreported
as yet
reported, although substantial tonnages of commercial ore
are known to exist in areas not yet fully developed.
[The statements of earnings and production since Dec.
INCOME ACCOUNT
$577,017
net
Total
pared with 15.69 cents in 1918.
These costs as stated include the customary
charges for plant depreciation, all tax accruals other than Federal income
and profits taxes for which no reserves were set up in 1919, and all fixed
and general administrative expenses, and the usual credits for non-operating
earnings.
The total 1918 costs, including charge for Federal tax reserves
set up for that year, were 16.60 cents per pound of copper.
The high aver¬
age production cost for the current year is due in part to curtailment of
output, which throws the burden of all overhead expenses upon half tonnage,
but chiefly to the prevailing high cost of labor, fuel and supplies.
The net earnings for 1919, inclusive of miscellaneous income, were
$1,110,407, representing a profit of 2.526 cents per pound of copper pro¬
duced.
The net earning per pound of copper produced in 1918 was 4.45
cents, the price of copper averaging 21.049 cents, and the production costs
16.60 cents per pound.
The aggregate of quarterly distributions to stockholders during the year,
at the rate of $1 50 per share of stock, was $2,999,185.
The payment of
this sum reduced the surplus account by $1,773,828, leaving a surplus bal¬
ance of $8,160,533 at Dec. 31
1919.
Of the total amount distributed in
1919 your company received on its holdings in the Nevada Consolidated
Copper Co. the sum of $1,500,750.
The necessary stripping at the shovel pits was carried ahead of ore ex¬
traction as usual, and the development of the underground workings of the
Ruth mine was well advanced.
As no prospect drilling or development was
done outside the present ore bodies, no additions to the ore reserves are
$3,519,755
1,856,941
822,850
$652,286
Total
4.49c.
1,519,755 at
def$403,650
mkt value
248,636
$1,095,791,
Nevada Consolidated
ments and
copper.
The price dropped from 26
at that low figure the demand was
or a total of $5,785,663.
The amount received from the
Copper Co. as a capital distribution amounted to
An adjustment of treatment charges and metal inventories
showed a further credit of $965,983, a total of $2,466,733, or a total balance
carried to surplus account of $8,252,396.
Dividends.—The amounts distributed to the stockholders during the year
were as follows:
(1) First quarter, capital distribution, $1 50 per share;
(2) second quarter, capital distribution, $1 50 per share; (3) third quarter,
capital distribution, $1 01 per share, and as dividend, 49 cents per share;
(4) fourth quarter, as capital distribution, 79 cents per share; and as divi¬
dend. 71 cents per share; total for year $6 per share in dividends and capital
distributions, viz.: (o) Capital distributions $4 80 per share, or $7,797,552;
(5) dividends $1 20 per share, or $1,949,388; total, $9,746,940.
The total
amount distributed to stockholders down to and including Dec. 31 1919,
including both the amounts distributed as capital distributions and divi¬
dends, was $101,762,722 in cash.
Nevada Consolidated Copper Co.—The net production of copper was
43,971,982 pounds, the result of treating 2,135,425 tons of ore of average
grade 1.599% copper.
This is somewhat less than 50% of the full capacity
of production.
The average cost of production was 16.14 cents per net pound, as com¬
to
No.
to war purposes, and after
almost ceased.
The sum
1947
CHRONICLE
THE
1920.]
net.
toproperty andplants aggregated $993,214 and $262,636
Ry.—This company reports total assets of $9,285,445,
Bingham cc Garfield
$8,385,597, current assets,
offsetting the same, capital
for taxes, accident
$1,145,902; profit and
including investment in road and equipment,
$894,491, and unadjusted debits, $5,357; and
stock, $7,500,000; accounts payable, $192,130; reserve
insurance, &c., $64,325; reserve for depreciation,
loss, surplus,
$383,089.—V. Ill, p. 1573.
GENERAL
RAILROADS,
INVESTMENT NEWS.
INCLUDING
ELECTRIC
Electric Railway News.—The
following table summarizes recent railroad and electnc rail¬
General Railroad and
way
news
of a more or
less general character- news con¬
detailed information is commonly published
on preceding pages under the heading "Current Events and
Discussions" (if not in the "Editorial Department ),jeither
in the week the matter becomes public or as soon thereafter
as
may be practicable.
American and Canadian Bands That ProfiX in English Hands from Status
of Exchange.—"London Statist" of Oct. 23, p. 656.
cerning which
1948
THE
CHRONICLE
Miscellaneous.—(a) Transportation Act:
address by Pres. Daniel WIIlard,
of B. k
O.—"Railway Age" Nov. 5, p. 787 to 789.
Caa) Car and locomotive
orders in October.—Idem, Nov.
5, p. 815.
(b) English Railway Statistics.
—Idem, p. 790.
(c) Heavy Traffic Continues.—Idem,
p. 805.
(d) Gov¬
ernment's loss of J659.000.000 for 6 months
ended Aug. 31 estimated
by
I.-S. C. Commission without
readjustment of maintenance expenses.—
Idem, p. 810.
(e) Report as to electrification of British
railroads.—Idem,
p. 808.
(J) Rapid transit construction plan for N. Y.
City for next 25 years
(with map).—"Engineering News Record"
Oct. 14, p. 754 to 758.
(g)
Cost of maintenance and life of
rails.—Idem, Oct. 7, p. 715, and Oct. 28,
5. 849. Symposium, railway automobile hazards.—"Electric
ournal" <70 Electric
Oct. 30, p. 913.
(4) Order
to joint
as
Atch.
being completed for delivery of $18,000,000
of new rolling stock for the
company's system. The equipment, which,
it is said, would cost
only $6 .OOO.OCO before the war, includes 50 locomotives,
2,000 refrigerator cars and 500 coal cars.—V.
Ill, p. 1851.
Baltimore & Ohio RR.—Special Conditions
Affecting
September Earnings—Company's Official Statement.—
Railway
See footnote to earnings table in V.
Ill, p. 1845.—V. Ill, p. 1751,1660.
passenger
seen
Bangor & Aroostook Ry.—-U.
Bolivia
by
orders
60% -of estimate.
(g) Alfred M. Barrett succeeds Lewis
of N. Y.
"Fin. Am." Nov. 6.
(r) Possible
ousting of local Board.
N. Y. "Times" Nov. 12,
p. 32.
Matters Fully Covered in "Chronicle"
of Nov. 6.—(a) Transportation Act,
problems to be solved: statement by S. Davies
Warfield: p. 1812.
(6)
Tentative and preliminary valuations of 50 carriers.
Favorable comparison
with railroad book
figures, p. 1813 (compare deductions for depreciation,
see
"Railway Review, Oct. 30, p. 676 to 678.
(c) Effect of higher rates on
lost of
food, clothing and traveling as figured by Southern Pacific
Co., p.
1814.
{d) Regulations governing issuance of securities under
Transporta¬
tion Act, p. 1814.
Alabama & Vicksburg Ry.
The earnings and income statements
Oct. 30, page 1750.
Balance
Assets—
Road &
J
$
193,800
Physical property...
1,660
254,120
1,660
252,685
63,874
7,948
2,629
investments..
Cash..
Special deposits
Bills receivable
Miscellaneous acc'ts.
819
100
100
7,243
21,516
Sinking funds
386,060
353,551
UnadJ., Ac., acc'ts..
64,369
64,164
U. S. RR. Adm n...2,331,736
1,890,022
Revenue
U. S. RR. Adm. int.
60,000
Total (each side)..9,511,681
8,674,318
%
The
Admin...1,646,912 1,070,097
499,019
465,466
Accrued depreciation
Sinking fund
58,000
reserves
Profit and loss
386,059
$426,000.
329,080
68,000
353,551
Ill, p. 1750.
Superior Corp. under
Industrials" below.—V. 110,
p. 1748.
Ill, p. 1369.
See "Chronicle" of
July 17 1920,
page 261.
>
Arkansas
Valley Ry. Light & Power Co.—Bonds
Offered.—Federal Securities Corp. and H. M.
Byllesby & Co.
Inc., Chicago, are offering at 96 and int. to yield over
8%
$1,400,000 First & Ref. Mtge. Sinking Fund Gold
7Hs.
1920.
Due Nov.
1 1931.
Red. on any int. date at
105
and int. upon 30 days' notice.
Int. payable M. & N. at First
National
Bank, New York, or Continental & Commercial Trust &
Savings Bank,
Chicago, trustee.
Denom.
$1,000, $500 and $100. (c*).
Int. payable
without deduction for the normal Federal
income tax, not in excess of
2%.
Pennsylvania 4 mills tax
mission line with 10,097 customers.
The street railway
system which
covers all of the
principal sections of the city and also serves the
outlying
districts consists of about 34 miles of
single track together with 50 cars.
Company is installing an additional power plant at Pueblo with a
generating
capacity of 10,000 h. p.
Owns and maintains reserve steam
power stations in La Junta and
Rocky
Ford.
The local distribution systems in the
various towns
comprising the
Valley division consist of 74 miles of low tension line and
81 'miles of high
tension transmission line with
3,980 customers.
A 66,000-volt transmission
line connects Pueblo and La Junta.
At Canon City owns and
operates a
modern steam power station with a
normal generating
capacity of 16,270
a. p.
Operates a hydro-eiectric plant on Beaver
Creek, having a normal
rating of 2,400 h. p., and high tension transmission
lines connect
this
development with the company's steam
power stations at Peublo, Canon
City, La Junta and Rocky Ford.
The systems in the communities
served
by the Mountain division comprise 101 miles of
low tension
distributing
lines and 145 miles of high tension
transmission lines, serving in all
3,210
customers.
Total population served
(est.) 110,000.
Capitalization After This Financing—
Common
stock
Preferred 7% Cumulative stock....
Second 8% Preferred stock...
Authorized
Outstanding
$6,000,000 $3,500,000
4,000,000
1,870,800
2,000,000
840,000
1,250,000
x600,000
__
Bond Secured 8% Gold Notes
due Oct. 1 1922
1st & ref. Mtge. 7H%
sink.fd.bds. due'31
(thisiss.)\15,000,000/1,400,000
1st & ref. mtge. 5% sink, fund
bonds due 1931
J
Pueblo & Suburban Tr. & Ltg. Co.
5s, due Oct. 1 1922
x Secured by
deposit of $900,000 Gen.
13,000,000
Closed
1,647,000
Mtge. 7% bonds due Oct. 1 1922.
Purpose.—Proceeds of sale of these bonds and
$600,000 Bond Secured 8%
Gold Notes will provide funds for the
retirement of $724,900
7% Notes,
due Dec. 1 1920, and
$960,000 Pueblo Tr. & Lt, Co., 1st
Mtge. Sinking
Fund 5s, due Jan. 1 1921, and for
extensions and improvements.
Security.—Secured by a first mortgage upon the entire
properties of the
company, subject only to an underlying issue of
$1,647,000 face value of
that part of the
&
Lighting Co.
under this 1st & Ref.
property formerly owned by Pueblo
which latter issue
Mtge.
are
& Suburban
provided for at maturity
Sinking Fund.—Sinking fund requires the annual
payment on Nov. 1
each year up to and incl. Nov.
1 1930 of cash in an amount
equal to 2%
of the amount issued and
outstanding bonds to be applied for the purchase
and retirement of First & Ref. Bonds.
Restrictions.—Additional bonds can only be issued for
75% of the cost of
additions, &c., when annual net earnings shall have been
equal to at least
1 % times ann. int. charges on
outstanding bonds, incl. those to be issued.
Earnings for Twelve tgnths Ended September 30 1920.
&c.
A.
Holt &
Co., Liverpool, whereby a joint steamship service is
established
between Vancouver and the Orient, each
steamship interest having an
equal number of steamers for the service.
This arrangement is
expected
to foster Canadian trade in the Far
East.
In addition to the
companies mentioned in V. Ill, p. 1851, and V.
110,
p. 2567, these additional companies have been
incorporated by this Govern¬
ment-owned property each with a
capital of $40,000, and with the
same
incorporators:
Canadian Freighter,
Ltd., Canadian
porter, Ltd.—V. Ill, p. 1851, 1565.
Sapper,
Ltd.,
Canadian
Trans¬
\
Carolina Clinchfield & Ohio
Ry.— U. S. Loan Authori¬
zation Conditional
Underwriting of $5,000,000 Inc. Debs.
on
F_8ee "Chronicle" of July
J 7 1920, page 261.—V. Ill,
p. 1847.
& Central Argentine Ry.—Dividend Increase.—
Dividends of 3% % on Ordinary stock for
half-year, making 6% for year
6% on Deferred stock for year, have been declared payable, less
income
on Oct. 29;
£200,000 transferred to fire insurance, accidents and
other
funds;
£145,163 forward;
£300,000 of the profit on exchange has been
transferred to renewals fund and the balance carried to
the general reserve.
Last year,
2% on Ordinary stock;
£49,746
forward.
"London Stock
Exchange Weekly Official Intelligence," Oct. 25 1920.—V.
Ill, p. 389
and
tax,
Central Pacific Ry.—Bonds
Offered.—Price.—McKinley
& Morris, New York, are
offering at 79 (Not 97] and
int.,
yielding
over 6.70%, $500,000 3^% Gold Bonds of
1899,
due Aug. 1 1929.
Guaranteed principal and interest by the
Southern Pacific Co.
See adv. pages of last week's "Chron¬
icle" and V. Ill, p. 1851.
Chicago & Alton RR.—New Chicago Freight Terminal.—
Track layout on restricted area; double deck
freight house; teams
yard
approached by inclines; warehouse and general offices in main
building:
elevator connections with freightt unnels, see
"Engineering News Record
of Oct. 14 1920, pages 728 to 730.—V.
Ill, p. 1178.
Chicago Burlington & Quincy RR.—U. S. Loan Auth.
See "Chronicle" of July 17 1920,
page 261—V. Ill, p. 1851.
Chicago El. Rys. Coll. Trust—Earnings—Loss in Spite of
Effective Aug. 4, with Four Tickets for 35 Cents.
10-Cent Fares
Earnings—
bTotal earnings
July 1920.
$1,401,065
^
Net earnings
Interest charges
Aug. 1920.
$1,458,708
Sept. 1920.
$1,434,377
1,254,520 al,411,253
Total expenses
1,254,331
$146,545
206,160
$47,455
205,682
$180,046
205,407
$59,615
$158,227
15,025,599
*13,578,959
1,446,640
$25,361
14,698,167
14,169,071
529,096
Net
deficit
Number of passengers, 1920
Number of passengers, 1919
Increase
17,024,667
*13,990,060
3,034,607
Includes $145,336 of back pay accumulated in June and
July, resulting
the last wage increase which was made
retroactive to June 1.
b The rate of fare
previously for cash 8 cts. and for tickets 7H cts. was
on Aug. 4 raised to 10 cts.
for cash with 4 tickets for 35 cts. V.
Ill, p. 588.
*
A strike of three
days in July and one
a
from
abnormally low.—V. 110,
p.
1751, 1851.
464,
2567;
day in August makes these figures
V. 111. 294, 588, 692, 791, 895
earnings
$1,786,252
(not incl. deprec.)
592,129
$1,400,000 1st & ref. 7Ks, $105,000;
$3,000,000 1st k ref. 5s, $150,000; $1,647,000 Pueblo k Sub.
Tr. & Lt. 5s, $82,350
337.350
earn,
Annual
Railways.—Steamship Service,
An arrangement, it is
reported, has been concluded between the Canadian
National Rys., the Canadian Government
Merchant Marine, Ltd., and
refunded.
Net
-
Canadian National
From
Letter of Otto E. Osthoff,
Vice-Pres., Chicago, Nov. 1.
Company.—Incorp. in Colorado in 1911.
Company is operated in three
units known
respectively as the Pueblo, Valley and Mountain
divisions,
which are connected by 313 miles, of
high tension transmission lines.
Owns
and operates a modern steam
power station in Pueblo, normal
generating
capacity 7,215 h. p., which supplies power for the electric
distributing and
the street railway systems in
Pueblo.
The Pueblo electric
distributing
system consists of 142 miles of pole line! and 92 miles
of high tension trans¬
Gross
-
by the company.—V. Ill, p. 1851.
Arkansas Harbor Terminal Ry.—U. S. Loan
Authorized.
,
1920, said in substance:
receipts during the year ending
1920 gives approximately $1,022,000 the amount
of the current
Judge Julius M. Mayer in the U. S. District Court has
granted an injunc¬
tion prohibiting P. 8. Commissioner
Barrett from taking
steps to compel
the restoration of service on various
trolley lines.
The injunction is similar
to the one that was served some
time ago upon Lewis Nixon.
The B.R.T. strike was
officially declared off on Nov. 9 when about 300
of the striking
employees unanimously voted to return to work.
The strike
was called
Aug. 28 last, but was broken
American Railways.—Stock Sold at Auction.—
See National Properties Co.
below.—Y.
Traction
11.328 cts-
6
Ill, p. 1082.
Algoma Eastern Ry.—Operation.—
on
Nov.
Brooklyn Rapid Transit Co.—Injunction.—
See Lake Superior Corp. under "Industrials"
below.—V. 109, p. 1075.
Bonds
of
account the $17,080 excess of
"Operations for October the
period of heavy maintenance expenditures
for this year having
passed, will show a profit and it is expected that the
results during the balance of the
present year and the first half of nex t
year
will provide a sufficient excess of
repots over the expenditures to
overcome
the current deficit."—V.
Algoma Central & Hudson Bay Ry.—Operation.—
See Lake
Data
10.025 cts
11.54 cts.
approximately $160,000.
2,261,437 2,174,641
xlncluding in 1919: Vicksburg & Meridian first mtge. bonds,
$940,000;
Vicksburg & Meridian—scrip, $1,985: consol. 1st M. bonds,
$580,800;
2d Mtge. bonds, $416,100;
equipment trust notes, Series "A," $172,349.—
V.
Dated Nov. 1
...
Bureau"
71,294,020
10.23 cts.
(of which labor is
"Cost of coal increased $239,000.
The average cost of the coal
consumed
last year was $5.75 per ton, while for
the same three months'
period this
year it has been $11.50 per ton, and
during September was $12.67 per ton.
The increased cost of the materials
used in maintenance and
repairs amounts
to
Corporate Surplus—
329,080
News
pass,
deficit to be overcome as of Oct.
1 1920.
In addition there is
$435,348
retroactive back pay which was paid in Oct.
1919 but applied to the months
of May and June 1919 for which
provision has not yet been made.
"The actual increase in
operating expenses for the past three months
over the
corresponding period of last year amounted to $872,692.
Of this
amount the increases in
wages chargeable to operating
expenses totaled
Accounts and wages.
Miscellaneous acc'ts.
Add'ns to property..
Funded debt retired.
"Boston
June 30
79,324,921
per revenue passenger
"Taking into
Mortgage bonds.._x2,111,234 1,938,885
28,928
29,234
819
29,629
Accrued interest, Ac.
49,786
58,055
Operating reserves..
19,842
41,756
Unadjusted accounts
20,564
26,024
9,154,342 $8,076,3651,039,147
928,694
...
number
passengers,
"Cost of service" per rev.
5.71 cents)
Common stock.....2,100,000
2,100,000
U. S. RR.
1919.
_
1918.
%
Liabilities—
193,800
and
1920
1919
$8,017,179 $7,135,088
98,016
12,583
Total
receipts,
-,.-$8,115,195 $7,147,671
Operating expenses (of which $4,529,752 is wages). 6.865,042
5.496.220
Talxes, rentals, dividends, &c
2,289,301
2,580,145
Sheet December 31.
cos..
Other
Results for Three Months Ending Sept. 30 1920
;
Total "cost of service"
Net loss for three months
1919.
September Quarter.—
Receipts from direct operation
Int. on deposits, income from
securities, &c
published in the "Chronicle" of
1918.
equipment..6,157,899 5,886,243
Invest, in affil.
Ill, p. 1851.
"Receipts
1919.
July.
Railway.—Description of Narrow-Gauge Lines.—
Boston Elevated Ry.—Net Loss
for
Co.—Balance Sheet.—
were
Loan Auth. in
The "Railway Age" of Nov. 5 has another
article entitled "Meter
Gauge
Railways the Standard in Bolivia," being the seventh of a series of
articles
by their South American correspondent, John P. Risque.—V.
guar¬
equipment
S.
See "Chronicle" of July 17 1920,
page 261.—V. Ill, p. 1660.
Pres. Rea of Penna. RR., "Fin. Am."
Nov.
Commerce urges payment of Govt,
RR.
p. 7.
Top. &ISanta Fe Ry.—U.S. Loan—Equip.Orders.
See "Chronicle" of
July 17 1920, page 261.
It is stated that contracts are
fares.—"Railway Age" Nov. 5, p. 814.
(j) State RR. Commissions in
session .—"Journal of Commerce" Nov. 9 to
Nov. 12.
(k) New England
Merger plaas, see N. Y, N. H. & H. RR. below.
(I) Nebraska's 2c. pas¬
senger rate enjoined by Fed. Court on Nov. 9.
(m) Need for more loco¬
motives, N. Y. "Times" Oct. 31, Sec. 2, p. 1.
(n) Outlook as
Pres. Gray of U. P. RR. and
12.
(o) U. S. Chamber of
anty.
Idem. Nov. 12.
(p)
"Journal of Comm." Nov. 12,
Nixon on P. 8. Commission
[Vol. 111.
after op. exp. taxes and main,
int.
charges
on
Balance available for dividends,
amortization, deprecia. &c.
254,779
About 80 % of net earns. are derived from sale of
electric light and power.
Franchises.—Operates under satisfactory franchises which extend well
beyond the maturity of the bonds and notes.—V. 109,
p. 1985.
Chicago & Erie RR.—Loses
Tax Suit.—
Federal
Judge Anderson at Indianapolis has handed down
sustaining the Master in Chancery dismissing the
a decision
company's suit against
Commissioners, by which the road sought to have
State tax assessment reduced about
$6,000,000.—V. 109, p. 774.
the Indiana Board of Tax
its
Chicago North Shore
& Milwaukee RR.—New Terminal.
The company has
completed a handsome station at the north terminus
of its line, which is well
arranged to
serve
patrons and unique in inspection
Nov. 13
THE
1920.]
facilities; see "Electric Railway
/
598.
Journal" of Sept. 15 1920, pages 595 to
Reasons
The I.-S. C. Commission on
Ry.—$7,862,000 Govt. Loan.
Nov. 9 approved a
loan to the company of
equip¬
'$1,425,000 to aid the carrier in making additions and betterments to
ment and $6,437,000 for additions and betterments other than to equipt.
The Illinois P. U. Commission has authorized the company to issue
$2,000,000 bonds.—Y. Ill, p. 1660.
Lines.—Fares—Valuation.—
Chicago Surface
filed a petition in the Circuit Court for a tem¬
injunction restraining the street railway companies from collecting
The city of Chicago has
porary
than 5-cent fares.
more
Commission has issued an order making permanent
The Commission in its decision reserves the right
to either side to apply for a change as justified by rising or falling expenses
and is calculated to allow a return of about 7% on the valuation of the
property as a going concern at the price the city must pay according to the
franchise ordinances of 1907, if it takes over the lines.
The Commission
The Illinois P. U.
the 8-cent surface fare.
$133,000,000, reproduction cost of physical property
$170,000,000, and reproduction cost less depreciation, $143,900,000,
going value allowance of $20,000,000.—Y. Ill, p. 73, 294.
■finds the original cost,
new,
vrtth
for many years on a narrow
Revenue passengers.
Ill,
p.
The directors have
or
Taft form the board.
The £2,500,000 5}4
Increase Fares.—
decided to increase street car fares to 6 cents straight,
with a charge of 1 cent for transfers.
The present
9 tickets for 50 cents,
with a cent for transfers.
The new fare is
Fares under the franchise ordinance are regulated by the
in..the interest fund.—V. Ill, p. 1565.
Denver & Salt
Lake RR.—Amendment
Indiana Harbor
The I.-S. C.
effective Nov. 14.
amount of money
Defeated.—
Chelsea
Melrose-Woburn
$127,556
80,587
Lynn
144,664
Salem
Lowell
101,235
125,503
Lawrence
77,925
Haverhill
41,485
68,849
127,658
•Quincy
Brockton.
40,275
Taunton
120,089
Fall River
—V.
Ill, p.
99,147
105.900
71.098
37,768
58,027
114,757
26,743
99,442
of Service.
$134,668
19,700
23,250
14.600
9.850
16,200
90,715
134,539
118,847
129.150
85,698
47,618
74,227
28.800
8.950
17,400
143.557
35,693
116,842
Electric Short Line Ry.
Kansas City
The "Electric
Deficit.
def.$7,112
def.10,128
sur.10125
def.17,612
def.3,647
def.7,773
def.6.133
def.5.378
def.15.899
sur.4,582
sur.3,247
Denied.—
Kansas Oklahoma & Gulf Ry.—Petition
petition of the Fidelity National Bank & Trust Co., Kansas
have Frank Hagerman, B. Haywood Hagerman and Alexander
ousted from the management of the company (formerly the Missouri
homa & Gulf Ry., V. 109, p. 776) was dismissed Oct. 27 by Judge William
C. Hook at the cost of the petitioning bank.—V. Ill, p. 1566.
The
to
of Minn.—Loan Denied.—
the application of this road for a
security
Railroad.—Bonds Listed.—
The N. Y. Stock Exchange has admitted to list J. P. Morgan & Co.
receipts for Erie Ry. Consol. Mtge. 7% bonds, due Sept. 1 1930; New York
& Erie RR. 4th Mtge. Ext. 5% bonds, due Oct. 1 1930; and New York Lake
Erie
1
Consol. Mtge. 7% coupon
Fernwood Columbia & Gulf RR.—New Name.—
Fernwood & Gulf RR. has been changed to above
Fernwood to Kokomo, Miss., 44
bonds, due 1936, $500,000.
Capital, $100,000.
title.
miles. First mtge. 6%
Office, Fernwood,Miss.
Fort Smith & Western RR.—Note Application.—
has applied to the I.-S. C. Commission for authority to
for $156,000 for the flotation of receiver's certificates
as collateral for a Government loan of $156,000.
The money is sought to
purchase new equipment and make improvements.—V. 110, p.
The company
Issue promissory notes
1972.
Power
Co.—Vice-Pres. Resigns.—
tendered his resignation as Vice-President, effective
Dec. 1, to become President of the Shippers' Compress Co.—V. Ill,
p.1852,1666.
William H. Glenn has
Rapids & Indiana Ry.—Offer by Pennsylvania
Co. to Purchase, Minority Stock.—Purchase Price to be in
Grand Rapids Co. 2d Mtge 4% Bonds Now Owned by Penna.
Co.-—Offer of Pennsylvania RR. to Lease
Grand
Road.—Annual
Report.—Nice-Pres. H. Tatnall of the Pennsylvania Co.,
in a letter to the stockholders dated Nov. 1 says in subst:
Terms of Purchase.—The Pennsylvania Co. is desirous of purchasing your
shares, giving you in payment par for par Second Mtge. 4% Bonds of the
Grand Rapids & Indiana Ry. now owned by the Pennsylvania Co. on the
basis of a $1,000 bond for each 10 shares (par $100) of stock.
For any
shares less than ten in number which may be deposited, non-interest bearing
scrip will be issued, convertible into the bonds when presented in sums
aggregating in par $1,000.
This offer to purchase your stock is conditioned
upon the necessary approval of any Federal or State Commission having
jurisdiction in the matter.
Description of Bonds.—Denom. $1,000 (c*).
Int. payable A.
for any taxes that may be imposed thereon, either by
laws of the United States or of the States of Indiana or Michigan, which the
company may be required to retain therefrom.
The company's
show that the int. has been earned and paid on these bonds since their issue.
Deposits by Dec. 15.—If you are desirous of accepting the offer,
& O.
without deduction
accounts
please
deposit your stock, duly assigned in blank, accompanied by the necessary
amount of Documentary Stamps unattached and uncanceled, to T. H. B.
McKnight, Treas. of the Pennsylvania Co., Pittsburgh, who will issue
receipts therefor pending the approval of the sale by the Commissions
having jurisdiction.
Or certificates willfbe received for transmittal to Mr.
McKnight by the Treas. of Pennsylvania RR., Broad St. Station, Phila.,
Asst. Treas., 85 Cedar St., N. Y. City.
Should the Commissions
withhold approval, Certificates and Documentary Stamps will be returned.
This offer will
remain open until Dec. 15 next.
Stockholders accepting
the offer prior to that date will receive bonds carrying interest from Oct. 1
llast without adjustment.
Pennsylvania RR. Offers to Lease Road.—The Pennsylvania RR. has
offered to lease the road for a term of 999 years upon the general basis of
paying a rental sufficient to cover its fixed charges, which would include
the interest on the Second Mortgage Bonds above referred to and a dividend
or
•of 4% upon
the stock.
i
River Ry.—Stock
City,
New
Okla¬
Application.—
authority to
has applied to the I.-S. C. Commission for
capital stock, the proceeds to be used to pay all the mort¬
gage debt, amounting to $2,587,000, which matured July 1
pay $400,000 debenture bonds, which also matured July
The applicant says its total outstanding stock amounts to
following corporations being given as the principal owners: Central
New Jersey, 2,070 shares; Del. Lack. & Western, 2,149 shares; Erie
2,081 shares; Lehigh Coal & Nav. Co., 6,445 shares; Lehigh
2,083 shares; and Pennsylvania RR., 2,079 shares.
These corporations and their offices will participate in the issue,
par.—V. Ill, p.
applicant says, and pays for the stock allotted to them at pi
1920, and to
1 1920.
$1,720,000, the
RR. of
RR.,
Valley RR.,
the
1852.
Corp.—$5,000,000 Improvem't Program.
for 1921 has been announced by Gen.
Angeles Ry.
Los
A
$5,000,000 extension program
division
Kuhrts.
The expenditure will cover new cars, a new
carhouse, new substations and extensive reconstruction of tracks and
ment. ("Electric Railway Journal.")—V. Ill, p. 792.
Mgr. G. J.
Maine Central
No action was
The name of the
Georgia Railway &
Lehigh & Hudson
The company
issue $2,987,000
bonds, due Sept. 1 1930.
1278.
Road runs from
the
of
$42,250 and a similar request of the Maxton Alma &
South Bound RR. of N. C. for a loan of $63,546, because, it is said, the
prospective earning power of the two roads being doubtful the
offered for the loans was inadequate.—V. 108, p. 2433.
Ill, p.
Rys.—Rerouting Plan for System.—
Nov. 6 has an interesting outline, with
Railway Journal" of
report of John A. Beeler, electric railway consultant, on
Kansas City Railways.
The report recommends the complete rerouting
of the entire system to produce substantial economies and improved service.
The report also recommends that the Kansas lines be made independent
the Missouri lines with a trunk line interconnection.
The saving, according
to the report, would amount to a total of $620,000 annually.
The same journal has further data on the appointment of the permaent
receivers.—V. Ill, p. 1752.
charts, of the
Commission has denied
Erie & Western RR. 1st
within 60
Act, 1920.
exceed
Transportation Act, 1920,
the
&c.
Government loan of
—V.
Authorized.—
authorized the company to issue
guaranty provisions of Section 209, Transportation
The company states that it is entitled to an amount estimated to
$3,000,000 under the guaranty provisions of the
and settlement not having been made therefor funds are needed for
pay¬
ment of traffic balances, per diems, pay-rolls, war taxes, fuel, ties,
—V. Ill, p. 1369.
1182.
The I.-S. C.
Belt RR.—Notes
Commission has
less than par, with interest
required to pay the notes
proceeds of settlement under
Massachusetts Street Ry.—September Earnings.
The "Boston News Bureau" says: Only three of the eleven "home rule"
districts of the company showed a surplus after total cost of service,*includ¬
ing an allowance of 6% on valuation of property, in Sept.
The remaining
eight districts had deficits ranging from $3,746 to $17,612 for the month.
All districts, however, showed revenues in excess of oper. expenses and taxes.
The appended table shows in detail the September operations by districts:
Total
Over.Exp.
6% on
Total Cost Surplus or
& Taxes. Property,
$114,568
$20,100
69,665
21,050
112,989
21,550
July.—
days $2,200,000 demand promissory notes at not
at a rate not exceeding 7%.
The company is
out of earnings within two years or out of
$18,000,000
this road, was
Revenue.
which became due July 1 last
$25,000,000 7% Debentures,
'J
:
;
Illinois Central RR.—U. S. Loan Authorized in
"Chronicle" of July 17 1920, page 261.—V. Ill, p. 1852.
Eastern
District—
Feb. 1—Notes
See
of the Colorado State Constitution to issue
three railroad tunnels, including one for
defeated Nov. 2 by the voters.—V. 110, p. 1289.
The amendment
in bonds to build
,
,
% 5-year secured notes
paid off at maturity.
See offering of
dated Oct. 1 1920, in V. Ill, p. 1472.
were
$31,252
8cts.7 (tlcketOH)
9,561,608
9,972,289
fare is 5 cents,
to Open
appointed to fix the physical property and stock
Railway, preliminary to its nationalization, has
granted representatives of the system an extension to Feb. 11921 to prepare
statements for adjudication.
The arbitration proceedings will be neld in
Montreal.
Sir Walter Cassils, Sir Thomas White and William Howard
1273.
Cleveland Railway.—To
Ry.—Arbitration
Trunk
Grand
The Arbitration Board
values of the Grand Trunk
$68,954
No
worked
sufficient credit, and has
Pennsylvania,
274,854
deductions
Balance, deficit-.—.....................
'-Fare, cents
margin and without
the past like other roads in the same region by illiberal
railroad legislation, regulation and taxation.
If the enlargement and Im¬
provements to the company's property as above set forth are to be accom¬
plished, and the road henceforth to be in reality part of the
then it is desirable that the Pennsylvania Co. acquire the minority stock.
The annual report is given on a preceding page.—V. Ill, p. 1752.
been hampered in
Increase Fares—Earns —
Under the terms of the service-at-cost franchise, fares are to be increased
from 8 to 8J4 cents, effective Dec. 1.
It is expected that the fare will be
increased to 9 cents by March 1 and to 10 cents by June 1 next.
Effective
Sept. 1 last, fares were increased from 7H cents to 8 cents.
1919.
Month of September—
*
1920
$672,052
Total revenue and income
$765,798
$460,487
•Cost of service—(a) Operating expenses
$559,898
242,818
—V.
of
accounting.
Cincinnati Traction Co.—To
(ft) Taxes and other
and Leasing Road.—The Pennsylvania
and its predecessors
& Pacific
I.
R.
for Acquiring Minority Stock
the Pennsylvania RR. have assisted and developed the company
for many years.
It forms part of the System West
Pittsbrugh, but has been separately operated.
Control is owned by the
Pennsylvania Co. and the Pennsylvania RR. has guaranteed a large part
of its outstanding bonds.
It is desirable to work It closer into the Penn¬
sylvania System and effect greater economy in operating and
Although it is operated most economically, it has earned a very narrow
margin of profits, and while it is essential to enlarge and improve its tracks,
terminals, facilities and equipment, it has heretofore been and is now unable
to finance itself through the satisfactory sale of either its stock or its securi¬
ties, so that to meet these requirements it has been in the past dependent
upon the Pennsylvania Co.
s
For ten years the company has not paid a dividend, and while the earn¬
ings in some of these years seem fairly satisfactory the company has
Co. and
—V. Ill, p. 1471, 1082.
Chicago
1949
CHRONICLE
pave¬
RR.—Dividends Deferred.—
of a declaration of the usual quarterly
the directors on Nov. 10.
, ,
taken on the matter
dividend on the Pref. stock by
President Morris McDonald
$1 25, and this is the first
been declared.—V. Ill, p.
Manchester (N.
James
V.
advised that operating conditions did not
dividend at present. The usual dividend is
time in the company's history that one has not
1752, 1562.
consideration of this
warrant
H.) Trac., Light & Power Co.—Director
A. Read & Co., has been elected a director.—
Dean, of Wm.
109, p.
1891.
Milwaukee Electric Ry. & Lt. Co.—Guaranty.—
RR. Commission has granted the company permission to
principal and dividends $1,090,000 Ten-Year 8%
Fund Equipment Trust gold certificates.
See offering in V. Ill, p. 1183,
The Wisconsin
Sinking
guarantee as to
1566.
,
.
& Northern Ry .—Fares.—
RR. Commission recently granted the petition of the
the sale of 6 tickets for 25 cents, good on the com¬
line within the city of Milwaukee.
A straight 5-cent fare became
Milwaukee
The
Wisconsin
company
to discontinue
pany's
effective.—V. 107, p. 82.
National Properties
Co.—Sale of
Collateral.—The 181,-
American Railways Common stock pledged as
collateral for the National Properties 4-6% bonds was sold
860 shares of
Court,
public auction Nov. 8, by order of the U. S. District
Federal Building, Wilmington, Del., by Francis de H.
Janvier, special master, and bought in by the
protective committee, of which Evan Randolph is
for $265,000, the only bid made.
„ „
The petition filed in the U. S. District Court at Wilmington, in behalf of
of the above sale was denied by Judge Morris.
...
The Court has fixed Nov. 19 as the latest date on which objections may
be filed to confirmation of the sale of the American Railways stock.
_
at
at the
bondholders'
Chairman,
Attorneys representing the minority
involuntary petition in bankruptcy
an
bondholders committee have rued
seeking to have the afiairs or the
bondholders is
investigated.
A representative of tne minority
quoted as saying: "When a company is adjudged a
bankruptcy is appointed.
Such officer would have authority
vestigation as to what caused the company to become
other investigation of its condition we desire. —V. Ill, p.
company
bankrupt a referee in
to make In¬
bankrupt ana make
1661.
New York Central RR.—Fare Decision, &c.—
The Appellate Division of the New York Supreme Court at Albany on
Nov. 10 handed down a decision directing the company to file with the
New York P. S. Commission a new schedule fixing the rate of fare for way
passengers between Albany and Buffalo at 2 cents a mile as required by the
charter.
The present fare is 3 cents a mile.
Court action was instituted
by the Commission in July against the road when it refused to obey the
Commission's order to reduce the rate of fare from 3 to 2 cents a mile.
The Company has applied to the I. S. C. Commission for authority to
issue $7,000,000 6% Ref. & Impt. Mtge. bonds, Series
B dated April l
1920, payable Oct. 1 2013 at 102M% to be used to secure a note to be
1950
THE
CHRONICLE
given by the company to the Railroad
Administration for indebtedness
growing ont of Federal operations.—V.
Ill, p. 1567.
New
York
New
Haven
&
Hartford
RR.—To
$80,000,000 Bond for Refunding Indebtedness
Philadelphia Rapid Transit Co—Loan Approved.—
The voters on Nov. 2
approved the $33,000,000 city loan by 182,506 for
and 54,983 against.
As a result of the approval of the
loan, it is stated,
there will be available
Issue
$3,500,000 for completing and equipping the
to the Govern¬
ment.—The stockholders on Nov. 11 ratified
their action of
Oct. 11 placing a First &
Frankford Elevated Ry.
Pittsburgh Cincinnati Chicago & St. Louis RR.—
Offer by Pennsylvania Co. to Purchase Minority Stock.
—Pennsylvania RR. Offers to Lease Road.—The Pennsylvania
RR. through the
Pennsylvania Co. has made a further offer to
purchase the minority stock on the same basis as the
previous
that during the past month he has
with the Director-General and Sec¬
refunding of the company's debt to
its terms on which that
refunding
offer
the
Government about $60,000,000
For a loan of $8,130,000 the
Treasury insisted on the same arrangement
in refunding of the
larger total covered
by a 15-year note and secured
by deposit of the new first
mortgage bonds at 85.
as
Outlook for Earnings, &c.—See statement of
Vice-President
:
Buckland under "reports" above and
1279, 1567, 1752, 1852.
Compare V. Ill,
p.
Consolidation of New England Roads Planned.—
"P.
R. Todd, Pres. of
Bangor & Aroostook RR. and New England Direc¬
tor of RR. Administration
during the war, told 300 local purchasing agents
City Club tbat two plans affecting New
England railroads
were under discussion
by various commercial organizations.
The first pro¬
vides for taking over the New Haven
and New York Central, which
now
has a lease on the Boston &
Albany RIi. by the Pennsylvania road.
"The other is to consolidate all New
England roads with the exception
of Boston &
Albany, already leased, and the Grand Trunk, which is owned
at the Boston
by
Canadian
Government
V. Ill, p. 1852.
Railway
system."
("Financial
America.")—
Mtge.
The property sold
comprises real estate located at from 711 to 717 E.
11th St. containing a 3-story
garage and a 2-story brick
building for $95,500;
10th St.; 714 to 616 E. 11th St. and No.
2
Drydock St. for $165,500 and properties located at from
13 to 17 Front
St. with a substantial
3-story warehouse for $129,000.
Granting of Foreclosure Sale
IPostponed
Until
Jan.
17.—
Federal Judge Julius M.
Mayer in the U. 8. District Court, has con¬
tinued until Jan. 17 next the matter of
granting a decree of foreclosure sought
by the Guaranty Trust Co., trustee, for the 1st Real
Est. & Ref. Mtge. 4s.
Judge Mayer gave as his chief reason that Governor-elect
Miller having
made a definite statement of
securing if possible remedial measures for the
traction companies in New York
City he expected that the State Legislature
would take
action which will afford financial relief, just to all
parties con¬
cerned.
Placing the road on sale at the present time would be
detrimental
to all security holders.—V.
Ill, p. 1852
North Alabama Traction
The
finally decided.—V. 100,
p.
North Carolina Public Service
Co.—Fare Increase.—
Northern
Pacific
Railway.—Certificates Ready.—
definitive certificates of the
7% Equipment Trust of 1920 are now
ready for delivery at Bankers Trust Co., N. Y.
City, in exchange for the
outstanding temporary certificates.—V. ill, p. 1753.
Ohio Valley Electric
Ry..
Huntington, W. Va.—Fares.
The West Virginia P. S.
Commission has authorized the
company to raise
the fare on its
Huntington lines from 5 cents to 6 cents, effective
Nov. 8.
—V. Ill, p
1084.
Ore.-Wash. RR. & Nav. Co.—Conversion
of
The
Sterling\Bonds
has filed an application with the I.-S.
C. Commission
asking if authority of the Commission is
required for the conversion of
outstanding sterling bonds into dollar bonds.
The amount of such bonds
outstanding total £3,782,400. which would total
$18,912,000 if converted
into dollar bonds.
The sterling bonds are
booked as a liability in dollars
of $18,344,640 and if
converted would increase
company
tent of
the funded debt to the
$567,360.—V1. 107,
Pacific Electric
p.
ex¬
1288.
•
P. S. Commission, it will take
Due Nov.
1 1930.
Tax refund in Penna.
Denom.
$1,000, $500 and $100 (c*).
Callable all or part, at
any time on 30 days'
notice at 110 prior to Nov.
1 1921, and thereafter at 1
point less each year
until maturity;
plus int. in each case.
Int. payable M. & N. in
New York
without deduction for Federal
income tax up to
2%.
Central Union Trust
Co., New York, Trustee.
Earnings.—Net earnings for the year ended
Aug. 31 1920, after deducting
all prior charges, exceed
5 times the annual int.
Net earnings for this
requirements
same
period
are
equal to
on these notes.
1.57 times the annual
these notes.
The growth
over
on
properties to be owned is indicated
by
increase
from 96,989,498 k. w. h. to
over
245,000,000 k. w. h.
150% in the last five years.
Sinking Fund.—Annual sinking fund of
3% of the total amount
issued, accruing from Nov. 1 1920 to be used for
than
retirement
of
notes
at
not
exceeding
the
or
an
more
of notes
purchase or call and
respective redemption prices.
Compare description of properties, capitalization, earn¬
ings, &c., in connection with the offering of
$13,000,000
1st & ref. 7Y2% bonds in V.
Ill, p. 1753.
Pennsylvania
Indiana Ry. and
RR.—Offers to Lease Grand Rapids &
Pittsburgh Cincinnati Chicago & St. Louis RR.
See statements of these
respective companies.
\
[Company resumes monthly earnings statements.
See earnings
depart¬
preceding page of this issue.]—V. Ill, p. 1753, 1472.
ment on a
-
that, pending action by the Pennsylvania
steps to raise its fare as contemplated on
a
hearing
on
the matter
on
Nov. 19.
Republic Railway & Light Co.—Bonds Called.—
The entire outstanding issue of
3-year 7 % Collateral Trust Sinking Fund
gold notes, dated Jan. 15 1920, amounting to
$1,233,000, has been called
for redemption Dec. 6 at 100H and int. from
July 15 to Dec. 6, amounting
to $27.42 for each $1,000
note, payable at the First Trust & Savings Co.,
Cleveland, O.
See offering in V. 110, p. 168.—V.
Ill, p. 1084, 693.
Rutland RR.—Government Loan.—
The I. S. C. Commission has
approved a loan of $61,000 to the road for
additions and betterments, estimated total cost
$89.O0O, the carrier itself
being required to finance $28,000 to meet the loan.—V.
110, p. 971.
Saginaw-Bay
City
(Mich.)
Ry.—Traction
Situation—
The city officials of
Saginaw, Mich., in an effort to end the strike on the
company's lines, have proposed (a) to prevent the interurban lines
(which
hold no franchise in the
city) from operating over the city lines; (b) to issue
$500,000 municipal bonds to be used to establish a
jitney motor bus ser¬
vice, and (c) revocation of the company's franchise.—V.
110, p.465.
Salt Lake Garfield & Western
Ry.—Fare Increase.—
The Utah P. U. Commission has
authorized the company to increase
one-way passenger fares between Salt Lake
City and Saltair Beach from
30 to 35 cents, or on a fare basis of about 2
Yi cents per mile.—V. 109, p.2074
Salt Lake & Utah RR.— U. S. Loan
Authorized in
"Chronjcle" of July 17 1920,
page
261.—V. Ill, p. 295.
Schuylkill Ry.—Reorganization Plan—Interest,
July.—
&c.—
The operation of the reorganization
plan (outlined in V. 107, p. 1920,
we are informed, is being held
temporarily in abeyance pending the
determination of the ability of the
company to meet the obligations re¬
quired thereby.
'
The interest deferred on Oct. 11919 on
the Schuylkill Traction 1st
Mtge.
5s of 1943 was paid on Dec. 31 1919 and
has been paid at
maturity since
that date.
No interest has been paid on the
Schuylkill Ry. 1st Consol. 5s
of 1935 since the maturity of
April 1919.
Fares were increased on Oct. 1 1920 from
5 to 6 cents cash for the modified
zone, with 20 tickets for $1 instead of 6 tickets for 25
cents.—V. 109, p. 1700
Southern Pacific
Co.—Refused Government
Loan.—
The I.-S. C. Commission has denied the
company's request for a Govern¬
$5,028,000 for the purchase of new
equipment.
The company
in filing its application with the
Commission proposed to purchase the fol¬
ment loan of
lowing equipment: $25 freight locomotives, 2 electric
locomotives, 24 switch
locomotives, 2,000 box cars, 1,000 flat cars, 1,000 stock
mobile cars, 256 ballast
Of this amount the road
cars,
500 auto¬
and
65 caboose cars, valued at $17,232,600.
proposed to furnish $12,204,000, borrowing the re¬
cars
maining $5,028,000 from the Government under the
Transportation Act.
To secure the loan the railroad offered
Northwestern Pacific RR. 1st & Ref.
4H% 50-year gold bonds due 1957.
M.
The Commission stated "that the
necessary showing has not been made
that the applicant is unable to
provide itself with the funds necessary for
the aforesaid purposes from other
sources."—V. Ill, p. 1852,
Subsidiary Changed.—
The name of the Southern Rg. Co. in
Mississippi (11.40 miles), which is
operated by the Southern Ryl by agreement, has been
changed to Columbus
& Greenville RR.—V.
Ill, p. 1562.
Toledo St. Louis & Western RR.—Stricken
from List.—
The New York Stock
Exchange has stricken from the list the Preferred
and Common stock.—V.
110,
p.
Pennsylvania-Ohio Power & Light Co.—Notes Offered.
—Bonbright & Co., are offering at 96 and int.
yielding over
8.60% $2,250,000 10-Year 8% Bond Secured
Sinking Fund
Gold Notes (see
advertising pages).
The bankers state:
charges on total funded debt,
including int.
of the electric
light and power
an¬
no
Oct. 27.
The Commission will hold
See V. Ill, p. 1662.
Southern Ry.—Name of
Ry.—Municipal Plan Defeated.—
The residents of Pasadena,
Cal,, voted on Nov. 2 against the
proposition
for the issuance of
$4,500,000 in bonds to finance the
building of a municipal
electric railway between Los
Angeles and Pasadena to compete with this
company's lines.
The same plan was voted
down in April 1919.—V.
Ill,
Dated Nov. 1 1920.
official
in subst:
2009),
The Board of Aldermen of
Concord, N. C., recently authorized the com¬
pany to charge an 8-cent cash fare on its lines in
Concord
Four tickets are
sold for 30 cents —V
111, p 1370
The
The
says
Reading Transit & Light
Co.—Suspends Fare Increase.
The company has announced
See
309.
road.
The Pennsylvania RR. has offered to
lease the P., C., C. & St. L. RR.
a term of 999
years upon the general basis of
paying a rental sufficient to
its fixed
charges, which would include the interest on its funded debt
and a div. at the rate of
4% p. a. upon its stock for 5 years, and thereafter
at the rate of 5
%.
The lease will be submitted to the stockholders of
your
company (Dec. 29) and of The Pennsylvania RR
and also to any Federal
or State Commissions
having jurisdiction in the matter, for their approval.
Under these circumstances the
Pennsylvania Co. is willing to reopen the
offer to purchase your stock as
above referred to and hold it open until
Dec. 31 1920.
Proper adjustment of the div. and int. will be made with
stockholders depositing their stock after
Dec. 1 and before Dec. 31.
The General Mortgage Bonds
offered in payment bear 5% int.
The
first coupon for five months is
payable Dec. 1 next; thereafter J. & D.
Stockholders desiring to take
advantage of this offer should deposit
their stock duly
assigned in blank, accompanied by the necessary amount
of documentary
stamps, with T. H. B. McKnigbt, Treas., Pittsburgh,
when bonds in due course will be sent
or certificates will be
received, and
bonds delivered for Mr.
McKnight, by the Treas. of The Pennsylvania RR.
Broad St. Station,
Phila., or the Asst. Treas., 85 Cedar St., N. Y. City.—
V. Ill, p. 1753,
Co.—Fare Increase.—
company has been authorized by the State P. S.
Commission to
Increase fares from 7 to 8 cents until a
formal hearing in
December, when
the case will be
the
cover
the properties at 405 to 415 E.
The real estate holdings
comprising the properties located at 4th Ave.,
Lexington Ave. and 32nd and 33rd Sts. on which the court had
placed an
upset price of $2,500,000, also the
property on Madison Ave. from 85th
to 86th Sts. found no bidders and the
sale was adjourned until Dec.
7.
lease
to
signed by Pres. Samuel Rea
for
New York Rys.—Sale of
Realty.—
Acting under a decree of the V S. District Court three
parcels of real
estate belonging to the
company were sold at foreclosure sale on Nov.
9,
under the order of Frances M.
Scott, Special Master, in part satisfaction of
the First Real Estate & Ref.
has offered
A large percentage of the
minoirty shareholders of The P., C., C. &
St. L. RR. have
accepted the offer of the Pennsylvania Co. (V. 110,
p 1188)
to purchase their shares, and
give in payment, par for par. Gen. Mtge.
5%
Bonds of P., C., C. & St. L.
RR., which bond9 are guaranteed, principal
and int. by Pennsylvania RR.
good security.
to
and
nouncement
company's officials tried to get the Government to
take its mortgage bonds at
par, but the Director-General and the
Secretary
Treasury demanded the making of notes which should
be secured by a
larger amount of the company's bonds in order
to give the Government
years by the company giving its note
guaranteeing
that amount and secured
by mortgage bonds at 85 as the Director-General
pointed out that this road's debentures were
selling below 85, and therefore
the Goyernment should not be
asked to accept the new
mortgage bond above
that figure.
new
will
ease
Further
of the
Of the company's
indebtedness
will be refunded for 10
It Is expected tha
finally be nego¬
tiated with the
company for the operation of the road.—V.
Ill, p. 1753.
Refunding Mortgage on the com¬
pany's properties and approved the issuance of about
$80,000,000 of the bonds to be pledged at 85 for
refunding the
company's indebtedness to the U. S. Government incurred
during the period cf Federal control
Vice-President Buckland explained
been carrying on active
negotiations
retary of the Treasury regarding the
the Government and with
respect to
might take place.
The
[Vol. 111.
2654.
Tonopah & Tidewater RR.—Judgment.—
The trustees for
the Debenture stock certificate
holders announce that
their favor in the action to recover the
American
income tax and subject to
any appeal in the meantime the trustees
propose
to distribute whatever sum
may ultimately be found available as an addition
judgment has been given in
to the
half-yearly interest payable April 15 next.—V. Ill,
Union Pacific
p.
1662.
RR.—Conversion of Sterling Bonds.—
The company has filed an
application submitting to the judgment of the
I.-S. C. Commission whether
the authority of the Commission is
required
for the issue under the 1st
Lien & Ref.
Mtge., payable in United States
currency upon the conversion of bonds issued
prior to June 27 1920, payable
in pounds sterling to the extent
that such conversion results in an
increase
of the funded debt.
The company applies for
authority of the Commission for the conversion
of any and all
sterling bonds outstanding on June 28 1920, if in the
judgment
of the Commission the
conversion requires its
approval.
The company
states that the amount of
sterling bonds outstanding aggregates £771,000
and are convertible into
dollar bonds to the amount
of $3,858,000.
The
sterling bonds are booked as a
liability in dollars of $3,742,260 and their
conversion would therefore
increase the funded debt to the extent
of $115,740.
(See also Oregon-Washington RR.
& Navigation Co.
above.)
It is stated that the
company is seeking to
acquire the Southern Montana
Ry. Co.,
a
narrow
gauge line
extending from
Divide, Mont., to Elkhorn
Mines of Boston & Montana
Development Co., about 30 miles.
It is stated
that the Southern Montana
because of the route
possessed through Big Hole
Canyon and into Idaho affords a cut
off of more than 200 miles.—V.
110, P. 2388.
United RRs. of San
Fran.—Favors
Municipal Ownership.
The voters of San Francisco
on Nov. 2
by a vote of 60,000 for and 40,000
against, approved the proposition to
amend the city charter in such form
as to enable it to
acquire traction properties, toibe
paid for out of earnings.
f
Nov. 13
THE
1920.]
Union.
It is stated that the
United Rys. &
The
79),
$1,000,000 7% Con¬
on April 1 1920 (V. 110, p.
payable in New York funds.—V.lll, p. 1663.
Alameda Farms
Co., Calif.—Guaranteed Bonds Offered.—
apd Freeman, Smith & Camp Co.,
in March 1920, offered athOO, to yield 6% $500,000 First
Mtge 6% gold bonds.
Unconditionally guaranteed principal and interest
by endorsement by Alameda Sugar Co.
Dated June 1 1913.
Due June 1
1933.
Tax exempt in California.
Int. payable J. & D. at office of Union
Trust Co., San Francisco, trustee.
Callable at 105 on any int. date on 2
weeks' notice.
Denom. $1,000
(c*).
Auth., $1,500,000; outstanding,
$960,000.
Bonds are a first mortgage on 10,379.13 acres of fertile and
productive river bottom land on the Sacramento River, 14 miles west of
Marysville.
Property has been well protected and improved and under
intensive cultivation for over 20 years.
Sinking fund provides for annual
retirement of 6% of all outstanding bonds, either by purchase or call at
105.
Company has acquired $175,000 of said bonds to date for sinking
The Anglo & London Paris Nat, Bank
proposition under the terms
financial rehabilita¬
which the noteholders' protective committee has
working, have been completed, and the affairs of the company are
now being administered under new management.
Of the outstanding capital stock 75% has been deposited under the note¬
holders' agreement, and the noteholders' committee has agreed to raise
$250,000 immediately to liquidate the more pressing financial obligations
of the company, including $83,500 interest on underlying bonds, which was
due March 1; accumulated taxes of $77,000, interest on equipment trust
been
'v >
Company.—Alameda Sugar Co. owns and controls the Alameda Farms
through ownership of all of its capital stock.
Lands are leased to
Alameda Sugar Co., which operates same through tenant farming.
Purpose.—To provide funds for purchase of a sugar factory acquired by
company, at 1-3 of its replacement value, and for other erquirements inci¬
fund purposes.
.
Co.
dental thereto.
amounting to $4,000, and current bills.
Howard S. Graham, of Graham, Parsons & Co., Phila., has been elected
President to succeed Norman Grey, who was elected Vice-President.
R. Golden Donaldson (Chairman Commercial National Bank) was elected
V.-Pres., and C. R. Bitting (of Day & Zimmerman, engineers, Phila.)
was elected
Secretary-Treasurer.
Howard S. Graham, R. Golden Donaldson, Norman Grey, Van Lear
Black of Baltimore, and Taylor Burke of Alexandria were elected members
of the executive committee.
Col. C. C. Tucker of Washington, Edward
tlopkinson of Philadelphia and Gardiner L. Booth of Alexandria were
elected General Counsel.
The directors have entered into a contract with Day & Zimmerman under
which that firm will take over the financial management with a view to
Increasing efficiency and eliminating waste.
See V. Ill, p. 1184, 1754.
Alameda Sugar Co.—Guarantees Bonds.—
notes,
Co.—"Decision.—
are
San Francisco,
Washington-Virginia Ry.—Reorg.—New Management.—
Wheeling Traction
Steam
Abitibi Power & Paper Go., Ltd.—Decision.—
an increase of 2c. an hour instead of the 15c.
them.
The employees, however, reserve the right to reopen the
question in Feb. next if by that time the cost of living has not been materially
reduced.—V. Ill, p. 295.
the plans for the reorganization and
ih)
1810.
Director-General, p.
It Is announced that, as a result of arbitration, the
asked by
It is stated that
Rowe becomes
(i) Oil;
vertible Debentures redeemed at 110 and int.
receive
tion of the company, on
S.
Mexican pipe line and oil development, British
position as to oil resources, p. 1819. 0) Timber industry proDlem, p. 1820.
Electric Co. of Balto.—Wage Increase.—
employees have accepted the company's
Dr. L.
tonnage of world,
plan, which has been approved by the security holders and provides for the
scaling down of capitalization, is now before the California RR. Commission
for approval.
The fact that the amendment has been adopted, it is stated, does not mean
that the United Railroads will be taken over at an early date.
The action
of the voters, it is understood, must first be ratified by the State Legislature
of California, after which the terms of purchase will be arranged by City
Councils of San Francisco.
These in turn mast also have the approval of
the Legislature.
It is believed that many months will elapse before the
actual physical transfer of the property to the city can be arranged,—
V, 111, p. 1853.
' '
; ■
of which the men will
ig) Pan-American
if) Eight-hour day report criticised, p. 1810.
1809.
p.
proposition was put before the voters two years ago and defeated.
action of the voters on the amendment just passed will
interfere with the reorganization plan which is now under way.
The
A similar
not
1951
CHRONICLE
See Alameda Farms Co.
recently increased the capital stock from $325,000 to
The stockholders
$2,000,000 to consist of $1,000,000 7%
Common and $375,000 Founders stock.
Cum. Pref., $625,000 non-voting
incorp. in Delaware and owns the entire capital stock
of the Amalgamated Coal Co. of Pennsylvania.
This latter company
owns about 2,500 acres in fee simple and the mineral rights of 1,500 acres
In one continuous block in Somerset County, Pa.
In May 1919 an issue of
$200,000 1st Mtge. Coll. 7s, due May 1 1929, were offered at par with a
bonus in common stock by L. J. Dawes & Co.
Edmond Englert has been
elected President to succeed L. J. Dawes, resigned.
The company was
v
O., denied the petition
restraining injunction
against the compny.
In June last the Martins Ferry City Council passed
an ordinance revoking all rights of the company and ordering it to remove
rails, wires and poles from the streets.
Judge Sater ruled that under Ohio
laws a forfeit of franchise does not exist merely by virtue of a revoking
ordinance, but must be judicially determined.—V. Ill, p. 1371.
Judge Sater in U. S. District Court at Columbus,
city of Martins Ferry, O., for a perpetual
above.—V. 107, p. 503.
Amalgamated Coal Co., Pittsburgh.—Capital Increase.
American Bosch Magneto
Corp.—Earnings.—Status.—
Shipments in September last, were over
of the
20,000 magnetos, compared with
in 1919.
Overhead expense was cut
by over 17% during the month.
Current assets total $6,185,245, including
$403,000 cash and are four time- the current liabilities.
The sales contract under which the company is to market the Gray &
Davis output provides that Bosch is to receive 10% of net sales.
These
sales at present are running at an annual rate of from $2,500,000 to $3,-
a
monthly average of 17,256 magnetos
000,000.
INDUSTRIAL
General
Industrial
and
Unfilled orders on hand on Sept.
MISCELLANEOUS
AND
Public Utility News.—The
table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and "Discussions" (if not in
the "Editorial Department"), either concurrently or as
early as practicable after the matter becomes public.
Prices.—(a) Minimum prices for the year are noted for staples as follows:
following
$2 01M agst. $3 25 Jan. 7; at Chic, wheat, corn and
reported on Nov. 12 at lowest in 4 years. "Journal of Comm.,"
Cotton, Nov. 9, 19.85c. agst. 43.75c. July 22.'' Raw Sugar
on Nov. 11 6c., refined 10c. (agst. 23c. July 12).
Crude rubber 19c. (com¬
pare "Journal of Comm."
Nov. 12, p. 3.
(6) Commodity prices by
Bradstreet index at lowest since June 1917; flour falls to $10 for family
Wheat at N. Y. Nov. 12,
oats were all
Nov. 13, p. 1.
patents at Minneapolis—"Journal of Commerce" Nov. 9, p. 1; Nov. 8,
p. 1 and 3; Nov. 6, p. 3.
(c) Coke at new low level $9, agst. recent high
$19, and $2 10 the 10-year pre-war average.—Idem., p. 8.
id) Tea below
minimum price of past 15 years; Food costs soar abroad.—Idem, Nov. 6,
p.
9.
(e) Prints and denims "cut to quick."—Idem, p. 10.
(/) Chicago retailers make big price reductions.—"N. Y. Times" Nov. 7,
1, p. 2.
(fir) Bread, decline of, lc. a loaf in Winnipeg Nov. 8, and
Sec.
Sromised coffee, for Canadian paperrestaurants reduce prices 11 to
ut not
shortly (i) N. Y. Childs men plan increase in price.
"Wall St. Jour." Nov. 9.
Wages.—(a) Iron puddlers' pay raised from $18 02 to
Nov. and Dec.—"Iron Trade Review," Nov. 4, p. 1265.
28%,
"Fin.
Am." Nov. 10 and Nov. 9;
$18 76 a ton for
(6) Nova Scotia
miners get increase.—"Journal of Commerce" Nov. 9, p. 1.
(c) Sheet and
tin mill wages advanced 3% and 7%% till Jan. 1, following higher price
for sheet and tin plate:—Idem, Nov. 12, p. 8.
id) Call for general strike
11, p. 17; Oct. 31, p. 26.
(e) 12,000
trades waive wage advafnce from 90c. to
in 1919; but plasterers strike.—Idem, Nov. 10, p. 1.
if) 150 N. Y. East Side butchers agree to pay minimum wage of $45.
Coal.—(a) Talk of Federal control of mines.—"N. Y. Times" Nov. 6,
p. 1; Nov. 8, p. 26.
(6) Coal miners in Northern Colorado on strike since
Sept. 27 voted Nov. 7 to return to work.
(c) Coal: Items "d" to "f" in
last week's issue refer to "Coal Trade Journal.'
id) Mexican Govt., owing
to strike, may operate mines.—"N
Y. Times" Nov. 6, p. 15.
(e) Indiana
conspiracy case.
"N. Y. Times" Nov. 9, p. 23.
v
(f) Bituminous coal falls $3 to $4, supply more plentiful,
(g) Anthracite
miners ask higher raise from scale committee.
"Ev. Post" Nov. 8, p. 20.
(h)
Fair practice committee appointed.
New maximum production.
"Coal Trade Journal" Nov. 10, p. 1259.
(i) British miners only 10%
idle; export restrictions relaxed.
"Journal of Comm." Nov. 12, p. 8.
(j) Striking miners battle in Tug Valley, W. Va.
"N. Y. Sun" Nov. 9.
Miscellaneous.—(a) "Iron Age" reports that U. IS. Steel Corp. mills
continue operating about 80% of capacity, the independent plants 50 to
60%.
(6) U. S. Steel Corp. unfilled orders Oct. 31 9,836,852 tons, agst.
10,374,804 Sept. 30 (see a previous page),
(c) Downward trend in iron
and steel exports.—"Iron Age" Nov. 4, p. 1210. Prices decline somewhat.
(d) Plan to form American league for open shop.
"Iron Trade Review"
Nov. 11, p. 1339, 1350.
A. F. L. suggest war chest to fight same.
"N. Y.
Sun" Nov. 11, p. 10; Nov. 12, p. 25.
(e) St. Lawrence waterway, engineer¬
ing features.
"Eng. News Record," Oct. 21, p. 786, 788.
(f) Progress of Canadian Hydro-Electric Commission's 500,000 h. p.
hydraulic development around Niagara Falls.
"Eng. News Rec." Oct. 14.
in
Mexico.—"N.
Y. Times" Nov.
members of Baltimore building
$1 an hour, promised
S)in. Journal"Mexican mines for 9(i) U. S. of years 1916 to 1919.—"Eng. &
Output of Oct. 16, p. 795. months Bureau of Mines to co-operate
more
extensively with State institutions
and private companies.—Idem,
(j) Cancellation of textile contracts.—"Journal of Com¬
9, p. 1.
(k) October building less.—Idem, p. 3.
(Z) Tire status,—Boston News Bureau, Nov. 9, p. 8.
(m) Shoemakers' unions enjoined from effort begun in May 1919 to force
Thomas G. Plant Co. to adopt closed shop.—"N. Y Times" Nov. 6, p. 4.
Labor stability improves.
Idem. Nov. 7, Sec. 2, p. 25.
in) Building
graft and Shipping Board investigations, "N. Y. Times" Nov. 10, to 13.
Nov.
American Express
independent from the operations of the American Railway Express Co.;
old American Express Co. being confined to its commer¬
banking, financial,
tourist, and other
non-transportation trans¬
actions.—V. 110, p. 1974.
the activities of the
cial
American Iron & Steel Corporation.—Organized.—
published statement July 1920] revised for the "Chronicle" states that
company, with executive offices In Cleveland, will soon begin theconstruction of a steel plant just west of Michigan City, Ind.
The company has
been chartered in Delaware with a capital stock of $50,000,000.
Parties representing the company have taken an option of purchase on
300 acres on the shore in La Porte County, Ind., and are now availing
themselves of their rights.
From $5,000,000 to $10,000,000 is to be ex¬
pended immediately.
The plant will include a blast furnace, six openhearth furnaces and a 12-mill sheet plant contemplating eventually a tube
mill and various other finishing mills.
The company will this year build
three 12,000-ton boats for carrying ore to its plant.
Among thoso in the enterprise are a number of men who occupy strong
positions in the steel industry as well as in financial circles, including former
Congressman Wheeler, L. L. Knox, Pittsburgh, Pres. of Slick-Kuox Steel
Co., V.-Pres. of Blaw-Knox Steel Co.; E. E. Slick, Pittsburgh, Chairman of
Slick-Knox Steel Co., and former V.-Pres. of Midvale Steel & Ordnance Co.;
J. A. Langfitt, Pittsburgh, V.-Pres. of United Chemical Co.; George A.
Magoon, Pittsburgh, Pres. of the Commonwealth Feul Co.; A. J. Vernier,
Chicago; George F. Titus, Detroit, Pres. of Detroit Paper Mfg. Co.; R. L.
Queisser, Cleveland, V.-Pres. of Jones Gear Co., andF. J. Langer, Cleve¬
land, director of the Lake Superior Iron Ore Co.
A
American Radiator Co.—Listing.—
Stock Exchange has authorized the listing of $11,076,225
$25); auth., $22,000,000;and$3,000,000 7%Cumulative
Pref. stock,on official notice of issuance, in exchange for present outstand¬
ing certificates, with authority to add $2,730,000 additlonalCommon stock
in exchange for present outstanding certificates of the par value of $100
each, in the ratio of 4 shares of the par value of $25 per share in exchange
for each $100 par value share.—V, 110, p. 2389.
The New York
Common stock (par
American Rolling Mill Co.—Stock Dividend.—
stock dividend has been declared on the Common stock, payable
Feb. 1 1921 to holders of record Dec. 31 1919.
Stock
dividends of 5% each were paid Feb. 1 1918, Feb. 1 1919, and Jan. 10
1920.
Extra cash dividends of 1% each have been paid in addition to the
regular quarterly dividends, from Jan. 1918 to Oct. 1919, incl., and also in
July and Oct. last.—V. Ill, p. 1280, 591.
A 5%
in Common stock,
American Smelting & Refining Co.—Sale
it is stated, has sold about 135,000,000
plus copper at 15 cents, delivery to start in Dec. and
The company,
Jan. and Feb. 1921.
ov.
(o) Closing of many ship yards predicted. "Journal of
12* p. 2.
ip) Federal Railway Express Committee reports.
Nov. 11, p. 9.
ip) Packers' case postponed till Nov.
Numerous New
Com."
"Wall
15.
is) Berlin mob on Nov. 10 seizes plant.
it) Kansas Industrial Court on Nov. 11 will
American Sugar
The
which
The
been
p.
Fully in "Chronicle" of Nov. 6.—(a) Bank clearings, fail¬
operations on N. Y Stock Exch. in October, p. 1780-81.
(&) Return
securities by British Treasury, p. 1801.
(c) Wheat and cotton
inquiry by Commission.
Holding for higher prices. Proposed cotton
Matters Covered
Export Association, p. 1805 to
E. Wilson, of Wilson & Co., p.
1808.
1808.
id) Live stock industry by Thomas
(e) Bituminous bulletin suspended,
Omitted.
regular quarterly dividend of 1 % % has been declared on the
3 1921 to stockholders of record Dec. 1 1920.
Common
V. Ill,
1568. 1474.
American Water Works &
Results for
Elec.
Three Months
Total gross
Account
Income
Co.—Earnings—Report.
ending September 30.
*1,3722%6
West Penn Trac. property__
3,641,201
SI
felm ,1,§?322 si&e
2,606,008 1,990,322
2,744,622
__$5,013,497 $3,961,403 $3,989,330 $3,210,258
Water Works & Electric Co., Exclusive of
Traction Properties.
1920.
1919.
1918.
1917.
of American
Earnings of the West Penn
1919.
ures,
Refining Co.—Extra Div.
10 to omit the extra dividend of H or 1%
paid quarterly on the Common stock since July 1918.
stock, payable Jan.
(r)
of American
„
directors voted Nov.
has
temporarily or reduce wages.
"N. Y. Sun" Nov. 11, p. 1.
permit no curtailment of flour
plants unless explained.
"N. Y. Times" Nov. 12, p. 17.
(u) N. Y. clothiers' 7 points rejected by union.
Idem, p. 10U. S. crude oil avg. daily output for Sept. 1920 was 1,261,500 bbls.,
agst. average of 1,204,204 for 9 mos. in 1920 and 1,024,828 for 9 mos. in
continue through
the price of lead from 7H to 7 cents.
has dismissed a claim against the Government
brought by the company to collect $512,515 as additional payment on
33,069 tons of copper taken by the War Department during the war.
The
corporation contended that the 23 Yi cents a pound price fixed by the Gov¬
ernment was insufficient compensaion.—V. Ill, p. 1367.
England and other mills close
output by local
.
of Copper, &c.
pounds of its sur¬
The company has reduced
The U.S. Court of Claims
6, p. 923.
St. Jour."
Co.—Dividend Increased.—
A quarterly dividend of $2 per share (2%) has been declared on the
Capital stock, payable Jan. 3 1921 to holders of record Nov. 30 quarterly
dividends of llA% each have been paid since Jan. 1916.
The increase
in dividend has been declared from the earnings of the company entirely
merce" Nov. 8, p. 1; Nov.
&1.
30 were $6,757,200 as compared with
in excess of total sales for the year
$5,442,381 on Jan. 1 and is $775,000
1919.—V. Ill, p. 1181, 1085.
Net
earnings
interSfS"^::::::::::::
Net
income
-V. Ill, p.
1470.
206,868
209,588
$336,151
206.391
$376,595
203.028
$124,077
$135,743
$129,760
$173,567
$330,945
$345,331
19S2
THE
American Sumatra Tobacco
CHRONICLE
Co.—Engraved Notes Ready.
Brompton Pulp & Paper Co., Ltd.—Capital Increase,&c.
The engraved notes will be ready on and after Nov.
17 1920 for delivery
and exchange for temporary notes of the 7
W% 5-year Sinking Fund Con
vertible gold notes at the Chase National
Bank, N. Y.—V.
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, July 9 1920, subdividing 70,000 Common
shares (par $100) into 140,000
shares, without par value and increasing
Ill, p.1749,1663
American Wholesale
1920
Oct.
1919.
-$2,527,529
$3,284,718
—V. Ill, p. 1474, 1085.
the Common stock from
140,000 shares to 210,000 shares without par
See V. Ill, p. 297, 1755.
Corp.—October Sales.—
Decrease.1
1920—10 tfos.—1919.
$757.1891$33,984,295
$29,776,755
Brooklyn Union Gas Co.—Operations.—
$4,207,540
in the nine months ended Sept. 30 over 1919,
our payroll this
year of approximately $6,000,000 will
represent an
enhancement of about $1,000,000 over last
year.
However, we have
handled a gain of nearly 25% in business with an
increase of only 63 in the
number of our employees.
Coal and gas oil costs continue high, oil now
costing 12.75 cents a gallon against 4.75 cents in
1917, and coal $12 a ton
against $5 50.
The contract for gas oil for the first six months of 1920 was
at 7.30 cents a gallon.
We are now operating under a 97-cent gas rate,
impounding the amount above the 80-cent rate; there is now about $1,100,000 held by the trustee, which will accrue to the
company in case the 80-cent
gas law is held confiscatory.
[A decision is expected in December or
but
Co., Lawrence, Mass.—New Schedule.
A press dispatch from Lawrence,
Mass., of Nov. 5 1920 stated that "the
four mills of the company in this
city Nov. 4 closed for the remainder of
the week, and on Nov. 8 will
go on a four-day-a-week schedule.
The mills
have been running on a 6-day schedule,
but, according to the agents, with
only about 50% or their personnel.
Lack of orders was given as the reason
for the surtailment."—V.
Ill, p. 1854, 1663.
Anglo-American
Commercial
Corp.—Receivership.—
Judge Julius M. Mayer in the Federal Court on Nov. 5,
appointed
Sheppard G. Schermerhorn and Leo
Oppenheimer, New York, as joint
receivers in an equity suit
brought by the New Haven Clock Co., a creditor
Jan.]
The company has had its 97-cent rate
extended until March 1 1921. and
it is now seeking to have the injunction
modified so that it can make a
temporary rate of $1 30.
The Consolidated Gas is permitted to
charge
$1 20 a 1,000 ft. and other companies even
higher than the $1 30 rate.
See Kings County Lighting Co. below.—V.
Ill, p. 1186.
for $6,588.
In the petition the plaintiff stated that the
defendant has
claims against it in excess of $1,000,000, now
due or about
that the monthly payroll is between $16,000
and $18,000.
its assets at a fair valuation exceed its
liabilities, it has not on
its
to meet
obligations.—Compare V. 108,
obligations and
to become due;
and that while
hand sufficient
2024,
p.
2243
,
Brookside Mills Corp., Boston.—Extra Dividend
1920
Oct.
1919.
Decrease. I
1920—10 Mos.—1919.
100,000 29,800,000
27,700,000
2,900,000
110, p. 2489.
Armour
&
30.
Co.—Copper Output {in Lbs.).—
2,800,000
—Y.
in "Chronicle" of Oct.
Co.—Indictment.—The
Chicago
Increase.
2,100,000
"Herald-
Examiner" Oct. 21 1920 said in part:
Lamb from New Zealand costs less thart lamb raised
by farmers in the
United States.
Farming is cheaper in New Zealand, and there are not so
many dogs.
Armour & Co. bought New Zealand lamb and sold it at about
the same price as they sold American lamb on the same
day.
The Depart¬
ment of Justice says that Armour & Co. made a
profit of 5 to 16 cents a lb.
the New Zealand product.
Armour & Co.'s answer to the Indictment is the statement that
they have
actually lost money on their total transactions in lamb for some time past,
and they offer to prove it.
Under the circumstances
Brown Shoe Co., Inc.—No Common Dividend.—
The directors have omitted the declaration of the
regular quarterly divi¬
on the common
stock, usually payable Dec. 1.
Quarterly dividends
of IH% each have been
paid since Dec. 1 1919, to and incl. Sept. 1 1920.
A 33 1-3% stock dividend was
paid July 1 last on the common stock.—
V. Ill, p. 297.
dend
Calumet & Arizona Mining
1920—October—1919.
2,484,000
4.244,000
—Y. Ill, p. 1474, 1086.
Sir Thomas
bitter
"a
joke,"
and
wonder.
no
speak of their
Everybody concerned
Central
knows that every big business must be run on a basis of fair
average
that it cannot figure and regulate sales on a basis of
individual
profit,
purchases.
To indict a big concern because it buys
everywhere and sells equal quality
at an equal price
everywhere, is preposterous, unless it can be shown that
the average and total profit for the
great concern is profiteering.
Closing Out in Canada.—
F. Edson White,
V.-Pres., is quoted
packing plant at Hamilton, Ont.,
the few to be had cost $6
also closing two branch
as
saying: "We are closing a small
there are practically no hogs there and
as
100 lbs.
more than in the United States.
We are
one at Montreal and one in
The total investment in these two cities does not
exceed $20,000.
We continue in the Canadian meat trade and
Ontario.
a
distributing houses,
supply it from
house."—V. Ill, p. 1474.
our
Chicago
'
See Ohio
Atl. Gulf & West Indies S. S. Lines.—No New
Financing.
Atlas Powder Co.,
A cash dividend of
Philadelphia.—5% Stock Dividend.—
3% has been declared on the Common stock in addition
dividend of 5% in Common stock, have been
declared, both
payable Dec. 10 1920 to holders of record Nov. 30 1920.
This stock dis¬
tribution, it is understood, will increase the outstanding Common stock
from $5,252,520 to $5,515,100.
A 5% stock dividend, together with a
cash dividend of
3%, was paid in September last.—V.
to
an
extra
Ill, p. 694.
Barnet
Leather
Company.—Earnings.—
Results for
Quarters and Nine Months Ending Sept. 30.
1920—3 Mos.—1919.
1920—9 Mos.—1919.
x Net earnings....
$291,500
$431,650
$779,543
$857,923
Pref. divs. & sinking fund.__
49,414
50,000
148,241
110,000
Common divs., No. 1 paid
Aug. 15 ($1.50)
60,000
60,000
Balance, surplus
$182,086
$381,650
$571,302
$747,923
x After deducting
charges for maintenance and repairs of plants,
estimated amount of income and excess
profit tax, &c.
Of the balance,
$571,302, for 9 months
ending Sept. 30 1920, $500,000
aside for inventory losses,
leaving a balance of $71,302, which added
to the earned sundus as of Dec.
31 1919, $550,226, makes a total
earned
surplus on Sept. 30 1920 of $621,528.
The result is subject to adjustment
at the end of the year and to
changes incident to income and excess profit
tax nillim.-V. Ill,
p. 1664.
was set
*
Belden
k
3BBsS
.J
Manufacturing Co.—Capital Increase.—
W The stockholders have rescinded
their action of Aug. 10 1920
increase in the capital stock from
an
auhorizing
$2,000,000 to $4,000,000, and, instead,
have voted to increase the
capital only an additional $1,000,000,
feeling
that this expansion would be
sufficient for the company's immediate
needs.
—V. 109, p. 2265.
Biddle Motor Car Co.—Receiver's Sale.—
The receivers announce that
Nov. 22 1920, by order of the
Chas. Shongood, U. S.
Auctioneer, sells
Court, at 1 West 142d St., N. Y.
City,
assets of the above
bankrupt, consisting of finished cars, finished
chassis,
tires, parts, general equipment, steel
machinery, hardware, small tools,
repair parts, &c.
Also the receiver's right, title
and interest in and to the
name and in and to the
unexpired term of the lease of said premises, which
has 5 years to run.
See V. Ill, p. 591, 795.
Bingham Mines Co.—To Retire Stock.—
shareholders
on Nov.
10 voted to cancel 50,000 of the
outstanding
at $10 a share.
Stockholders of record Nov. 10
33 1-3% of their
holdings on or before Dec. 17.
Payment is due Dec. 27.—V. 109, p. 983.
,
150,000 shares for cash
are
entitled
to
turn
in
Blackstone Valley Gas & Electric Co
—Bonds Offered.—
Estabrook & Co., New
York, &c., are offering at 84 and int.
to yield about
6J^%, an additional $600,000 1st & Gen.
Mtge. 5s of 1912.
Due Jan. 1 1939.
The bankers state:
Callable
all
or
part at 110 and int. on
any int. date company agrees to
the normal Federal income tax up to
2%.
Auth., $5,000,000 out¬
standing (including those now offered)
$3,875,000; retired by sinking fund
and canceled, $219,000;
unissued, $906,000.
pay
Earnings.—Net earnings for the 12 months
ending Sept. 30 1920 ($902,324) were 2.80 times int. on all bonds
outstanding (including underlying
bonds and those now
offered) and dividends on stock of
subsidiary company
held by the public.—See V.
110, p. 361.
(E. W.) Bliss Co., Brooklyn, N. Y
.—Acquisition.—
&
The company has purchased the
plant, &c.,
Manufacturing Co.
Compare V. Ill,
Booth Fisheries
p.
of the Cleveland Machine
391, 694, 1372.
Co., Chicago.—Status.-—
President Knowlton Ames is
quoted as saying that the
company's posi¬
tion Is good, that its credit is as
good to-day as it has been for ten
years,
and that there is
nothing in the company's affairs to cause the
break in
the preferred stock.
President Ames, it is stated, called attention
to the
fact that the preferred dividend is
cumulative, thereby suggesting that the
last quarter's dividend may be deferred.—V.
110, p. 2389.
+
K
Decrease.
37,482,000
3,152,000
p.
Union
President
succeed the late E.G.
to
1418.
Telephone Co. (Ohio).^-Consolidation.
Bell Telephone Co.
below.—V.
Ill, p.
1475.
100 and int.
$1,500,000 8% Serial Gold Notes.
'
Dated Nov. 15 1920.
Due $75,000 each year, 1921 to 1929, and
$825,000
Nov. 15 1930.
Int. payable N. & M. at First National
Bank, Cincinnati,
trustee, without deduction for Federal income taxes not in excess of
2%.
Denom. $100, $500, $1,000 and
$5,000 (c*).
Red. on any int. date,
all or part, on 30 days' notice, at
par and
int., plus
a
premium
each year or part thereof
by which the maturity Is anticipated.
covenants to maintain net current assets to
the amount of
of
for
Company
150% of the
rent
cur¬
liabilities, including all notes and bonds
outstanding.
No mortgage
other lien can be created
except purchase-money mortgages for new and
additional property.
Data from Letter of Peter G.
Thompson Jr., Cincinnati, Oct. 30 1920.
Company.—Incorp. in Ohio and commenced active operations in Jan.
Organized primarily for the development of forest
products.
Now
owns in full and controls
the wood on over 500 sq. miles or reserve
timber1907.
lands.
In
addition
to large plants for
making sulphite, kraft and soda
company has the largest chestnut tannic acid plant
Also makes container board, chlorine, liquid and caustic
soda, turpentine, bindex, lumber. &c.
Is now building a paper mill which
will produce wrapping, bond and book
papers.
Its pulp is sold throughout
pulps, at Canton, N. C.,
in
the country.
the United States and in
England, France, Italy, South America and Japan.
Company owns and operates 3 coal mines purchased from the Black Dia¬
Collieries at Coal Creek, Tenn.,
consisting of over 6,000 acres of
untouched coal.
Owns many miles of railroad, also
engine and equipment.
mond
Capitalization.—Authorized
and
issued, $1,000,000 6% pref. and $1,000,Serial Gold Notes (this issue)
authorized, $2,000,000,
issued, $1,560,000.
Land Purchase notes, $595,856.
Earnings.—After deducting taxes, earnings for the past 5
years were
$4,383,579, making the average per year available for interest
require¬
ments and redemption of these notes
$876,716.
Earnings since April 30
1920 are the largest in the history of the
company.
The balance sheet as
of July 31 last shows a
surplus of $7,386,046.
Purpose.—To take care of the broad demand for its product.—V.
110,
000 Common stock.
to be
p.
and
Co.—Copper Output {in lbs.)
1920—10 Mos.—1919.
Champion Fibre Co.—Notes Offered.—Channer & Sawyer
and Befell &
Chatfield, Cincinnati, 0., are offering at
or
The company's banking interests are
reported as saying that the reports
that the company contemplates the issuance of some
$5,000,000 notes are
unfounded.
This also applies to the story of salt water in
the Mexican
wells.
Furthermore, that there will be no public financing.—V. Ill, p. 795.
I
1,760,000 34.330,000
Tait has been elected
Henderson.—V. 110,
they
as
Decrease.
Canadian Salt Co., Ltd., Windsor, Ont.—New President
•on
Indictment
—
An extra dividend of
10% has been declared on the outstanding $1,600,000
capital stock (par $100), in addition to the regular semi-annual dividend of
5%, both payable Nov. 15 to holders of record Nov. 10.
Extra dividends
of 5% each were
paid in Nov. 1917, 1918 and 1919 and in May last.—
V. 110, p. 1976.
2631.
Anglo-Persian Oil Co.—Organization.—
See p. 1705 under "Current Events
Arizona Copper
value.
Increase.
Gas sales increased
22%
American Woolen
money
[Vol. 111.
2196.
Chattanooga Coke & Gas Co., Inc.—Listing—Earnings.
The Boston Stock
Exchange on Nov. 8 placed on the list temporary cer¬
tificates for 20,400 shares Class A
capital stock (par $50).
On Aug. 31 1920 the stockholders voted to
change the authorized capital
stock from 15,000 shares Common
(no par value) and $1,020,000
8% Cum.
(par $100) to 15,000 shares Common and $1,020,000 Class AI
(par $50).
The Class A stock is entitled to 8% cum divs. and in
addition to 4% non-cum. divs. before
any divs. are paid on the Common
stock.
The Common stock is then entitled to $6
per share per annum out
of any balance of
surplus or net profits remaining after the payment of the
Common dividends; 50% of such net
profits are to be set aside as a sinking
fund for the redemption of the Class
A" stock, the remaining
50% may be
Pref. stock
stock
distributed
as
additional Com.
divs.
or
used
for corporate purposes.
Earnings Cal. Years 1918 and 1919 and Eight Months Ended Aug. 30 1920.
1918.
8 Mos. 1920.
&c
$1,124,419
$33,158
$261,321
891
loss 18
$145,552
reserves,
$990,195
796,769
46,211
114,057
438
Deprec. & depletion,
$34,049
$261,303
Other income.
-V.
1919.
$1,295,372
927,120
66,549
156,590
$145,114
Cost of manufacture
Overhead and selling
Ill, p. 796.
751,164
35,623
76,311
Chicago Pneumatic Tool Co.—Quarterly Report.—
Results for 9 Mos. to Sept. 30—
Mfg. profit before depreciation, &c
General and administrative expenses
Sept. 30 "20. Sept. 30 '19.
$4,099,551
$3,153,581
2,368,954
1,937,716
Net profits.
Miscellaneous income
$1,730,597
76,626
$1,807,223
Total income
Interest
on
Interest
on
borrowed money
bonds
$1,231,437
15,572
261,595
Discount on bonds
Provision for taxe
Provision for loss on exchange
Depreciation, renewals and sinking fund
Dividends^
$1,215,865
-
$20,847
145,431
78,533
135,000
236,165
283,650
396,192
(6 %) 680,568 (4 ^) 290,196
Net income
$345,245
$165,238
Dividends deducted in 1920:
April, 2%, $188,808; July, 2%, $233,808;
Oct.. 2%, $257,952.—V. Ill, p. 1372.
Chicago Telephone Co.—Seeks Increased Rates.—
The Company has asked the Illinois
P. U. Commission for new rates
increasing its revenue $4,330,000 to yield 8% on valuation of
$80,700,000
on its Chicago
property.
Th§ temporary increases recently granted, it is
stated, are not meeting increased operating costs.—V.
Ill, p. 1855.
Cleveland Telephone
See Ohio Bell
Co.—Change of Name, &c.—
Telephone Co. below.—V. Ill,
p.
1475.
Nov. 13
Chino Copper Co.- —Copper
Output {in lbs.)— ;
in
Increase,
Mos.—1919
645,530139,612,432 36,035,639
Increase. 11920—10
1920—Oct.—1919
3,933,435 3,287.905
—V. Ill, p. 1569. 1276.
3,576,793
Earnings.—Earnings for 1919,
interest, were $373,459, or more
1st M.
the
on
the
Corp.—New Stock Issue.—
of record Nov. 22 are given the right to subscribe on or
before Dec. 7 to about 535,274 shares of stock (no par value) in the ratio
of two new shares for each share held.
Arrangements have been made for
underwriting the offering.
The proceeds, it is stated, will be used to pay for the business and proper¬
ties of B. B. & R. Knight. Inc., recently acquired by Pres. Rupprecht and
associates, and has been offered to the company at cost and interest.
The
directors have votes to accept the offer.
(For description of B. B. & R.
Knight, Inc. properties, &c.t see Y. Ill, p. 1375).—V/lll, p. 1373.
•
1916-17.
1,003,523
$3,811,387
852,982
484,432
430,637
391,427
$5,506,215
$5,095,006
$4,296,349
5,186,622
4,540,297
4,318,341
3,343,042
$1,240,274
earnings
$965,918
$776,665
$57,538
535,999
499,446
$34,330
530,645
490,791
0.127,064
129.708
$1,268,288 in 1919.—V. Ill, p.
A dividend of $12 per
and 6% in Dec.
Dayton
yield
to
Power
over
E&gel
&
After Pref.
&c.—
holders of record Nov. 30.
compared with 6% in July
Light Co.—Bonds Offered.—Potter
are offering at 97K and int.,
York,
$1,000,000 First Lien
March 1 1920,
Gen. Mtge. 3-Year 7% Gold bonds, of
Due Mar. 1 1923.
A circular shows:
Capitalization After This Financing—
Authorized.
$14,000,000
6% cumulative preferred stock
1st Lien & Gen. Mtge. 7s (incl. this
First & Ref. Gold 5s of 1941.
Underlying divisional bonds
6.000,000
5,000,000
20,000,000
issue)
*
__
Outstanding.
$3,053,000
3,480,100
3,000,000
x2,540,000
Closed y2,697,000
...
security for the First
only be issued for
deposit as security for additional Gen. M. 7s so long as any of the latter are
outstanding,
y $265,000 of these bonds are to be retired Mar. 1 1921 from
x $4,000,000 bonds are deposited with trustee as
Lien & Gen. Mtge. 7% bonds.
Additional bonds can
of the present issue.
Earnings.—For year ended Sept.
the proceeds
after
net
oper.
expenses
*
$3,571,394;
Annual interest on all
excluding $265,000 underlying
bonds presently to be retired), $458,600.
Compare previous offering of
additional $2,000,000 1st Lien & Gen. 7s, discription or property, earnings,
(incl. this issue, but
&c., in V. 110, p. 1293;
V. Ill, p. 592.
Diamond Match Co.—Defers Capital Increase.—
The directors on Nov. 10 formally ratified the sale of $6,000,000 15-year
Debentures (see offering in V. Ill, p. 1856).
President W. A. Fairburn says: "The company is stronger to-day than it
has ever been.
We have enjoyed very good business and the prospects
wholly for
The pro¬
bright.
In fact, the money raised by this issue will be used
to enable us to keep uo our good business.
posed stock increase has been postponed indefinitely.
The money
we expected to raise through the sale of new stock was to be
additions and improvements for which purposes we have just
$6,000,000."—Y. Ill, p. 1855, 1756.
are
expansion purposes,
which
used for the
borrowed
& Motors Company, Inc.,
Indianapolis.—Stock Offering.—
Company in June 1920 offered the unsold portion of $5,000,000 8% Cum
Preferred stock (par $100), with 50% bonus of Common stock.
Dividends
payable J. & J. An official statement says in substance: "Fred S. Duesen¬
berg, the designer and builder of the "Eight-in-a-Row" motor, and designer
of this new car, will actively superintend its construction and production.
Other officers and directors of the company are motor car and business
Duesenberg Automobile
of the highest reputation.
"The company has purchased 16
acres of land in the
Indianapolis labor centre, and the work on the new factory
menced within a very short time.
Present financial plans
men
heart of the
should be com¬
call for the
automobile distributors and
franchise
sales
placing of $1,500,000 of the capital stock with
dealers, this to be deposited with the company, to secure their
for the sale of Duesenberg motor cars and other products, thus insuring
for the factory output over a period of five years."
Oakland, Calif.—Merger.—
Railroad Commission
Co.—V. Ill, p. 1475.
East Bear Ridge Colliery Co.—Stock Offered.—
J. H. Brooks & Co., New York, in June 1920 offered the unsold portion
of this company's Common stock (par $25 per share). Circular shows:
Capitalization: First Mtge. 6% bonds, due May 1 1925 (V. 103, p. 1983),
auth., $350,000; retired by sinking fund to May 1 1920, $133,000; out¬
standing, $217,000.
Common stock, auth., $750,000; outst., $500,000.
Property is in the lower anthracite district near Frackville, Pa.
Con¬
servative estimates place the amount of mineable coal now remaining in
the property at ovpr 4,000,000 tons.
Company leases from the Girard
estate.
Output averages over 220,000 tons per annum during past 3 years.
Earnings.—For the past three years earnings after expenses, depletion,
taxes and sinking fund, averaged over $4 per share on the 20,000 shares
to be outstanding.
Commencing Sept. 1 1920. a quarterly dividend of
2H% wiH be paid, or at the rate of 10% per annum.—V. 103, p. 1983.
East Butte Copper Mining Co .—Copper Output {Lbs.)i—
1920—Oct.—1919.
Decrease.[
1920—10 Mos.—1919.. Decrease.
1,626,980
2,027,340
400,364 15.575,560
16.535,440
959,880
East
Bay Water Co.,
Co. of Calif, has applied to the
permission to sell its properties to East Bay Water
The Union Water
for
—V.
Ill, p. 1475.
1087.
Electric Appliance Co.—Bonds Offered.—First
Trust & Savings Bank and National City Bank,' Chicago,
are offering at 98 and int. an additional $500,000 First Mtge.
Edison
3-year 7% gold bonds, dated April 1 1920,
Auth. and outstanding $1,500,000.
A
$100,000; Common $86,800. No bonds.
both received 8%, the Prof, partici¬
up to 10%. A 40% stock dividend
1918 and in 1919 a cash div. of $10
$1,068,427
Profits.—Annual net sales increased from $798,265 in 1918 to
profits, before interest and taxes, in 1919 of $43,786
5 times the div. requirements on this Pref. stock.
Company.—Incorp. in May 1916, In Mass.
Manufacturers a
"stitched down" shoe of high type, under the trade name of "Ever
Company leases its two plants, which have a combined capacity of
pairs of shoes per day.
President, Karl Engel.
were
ir 1919 and net
children's
Easy."
3,000
Explosives Trades,
of Pur¬
Corporation.—The bankers
London at 96
£3,000,000
The prospectus shows:
Ltd.—Notes Offered, Account
chase of Stock in General Motors
named below recently offered in
£10, £20, £50,
due Nov. 1 1927.
Int. payable M. & N.
£100, £500 and £1,000 (r).
Red. as a whole at 101
time after Nov. 1 1922 on 3 months' notice.
Trustee,
Overseas Bank, Ltd., London.
Bankers Making Offering.—Helbert, Wagg & Co., Ltd.,
authorized by and on behalf of the company to offer the above
subscription at 96H •
Glyn, Mills, Currie & Co., London,
Scotland, Ltd., Glasgow, and branches, and Williams
Ltd., Manchester, and branches, as bankers, received
at
any
due April 1 1923.
circular shows:
Denom.
and int.
British
London, were
notes for
Uni Baonnk of
Deacon's Bank,
applications.
Security.—Secured by 998,080 Preference shares and 1,250,000 Ordinary
shares of Nobel's Explosives Co., Ltd.
These shares were valued at date
of their acquisition by company at £6,623,000.
Co. will undertake to
maintain the value of the security at not less than the foregoing figure on
deposited,,
Explosives Co.
of that
*
Purpose.—Proceeds will be applied in completing the company's purchase
of shares of the General Motors Corp. and for the general purposes of the co.
[A press dispatch from Detroit on Nov. 8 said: Final payment will be
made to the General Motors Corp. on Dec. 1 for the $36,000,000 of stock
which was purchased by the Canadian and British interests a few months
set out in the trust deed.
In addition to shares
will retain 515,428 Ordinary shares of Nobel's
the shares deposited, make up approximately 99%
company's capital.
the
terms
company
which,
ago,
with
10% of which amount
already has been received by
that corporation.
understood
be
which will
will be received'on the date mentioned is
to
neighborhood of between $30,000,000 and $33,000,000,
add substantially to the cash position of that organization.]
Sinking Fund.—Company will also undertake to apply in the year
Dec. 31 1923, and in each subsequent year, the sum of £200,000
the redemption of the notes, by drawings at par or by
Company.—Incorp. in Nov. 1918 to merge, by exchange
interests of the shareholders in a number of companies
manufacture of explosives, detonators, fog signals, fuses, sporting
military ammunition, metal goods, chemicals, gas mantles,
The amount that
4n the
30 1920: Gross earnings,
and taxes, $1,218,645.
bonds in hands of public
Pref.
Dated Nov. 1 1920;
declared on the outstanding
Common stock
$100,0008%
and Common stock have
8% 7-Year Secured notes.
(Inc.).—Dividend.—
8.20%, an additional
$9,604,382
discounted.
Stock Sold.-
pates equally with the Common stock
was paid upon the Common stock in
per share.
r
&
1,692,835
Surplus
Shoe Co., Everett, Mass.—Pref.
Mass.Shoe
outstanding,
$200,000;
1918.—V. Ill, p. 1191, 662.
Brothers & Co., New
"■
Whitney & Elwell. Boston, in Mch. offered at 100 and div.
Cum.Partic. Pref. stock. Par$100. Dlvs. Q.—J. Callable all or part on any
div. date at $110 and divs.
Capitalization, auth., Pref. $100,000; Common
Cr.279,100
1855.
$1,500,000 capital stock, payable Dec. 15 to
In December last a dividend of 12% was paid,
>1122,501
20,906
1,610,589
Total (each side)
105,855
Contingent
Liability.—Notes and acceptances receivable
$46,992.
Compare V. Ill, p. 77, 298, 497.
None
None
None
bank advance, $1,346,538, against
share, (12% A has been
'*-
'
over
Crucible Steel Co. of America.—Annual Report,
See annual report under "Financial Reports" above.
See also Marquette Iron Co. below.—V. Ill, p. 1569.
Cumberland Pipe Line Co.
V
This Financing).v.
1ftf'%A(?'—
__
Cr.25.000
Balance, sur. or def__
None
Stock outstanding, $5,360,700: special
{After
X/i0-
Stock in other companies.
$46,271
495,741
436,295
(10%)
Renewal fund
Received for damage of
Bathurst St. property
Reserve fund
Dividends
1920
Advances
$953,307
$60,592
536,070
513,902
Deduct—
Interest.
issue
$844,171 Notes & accept. payable_$2,096,500
Accounts payable....
955.838
Notes & accounts receiv__ 1,314,024
53,953
Sundry accounts receiv
15,454 Fed'l & other taxes accr'd
45,055
Gen. El. Co. 5s, 1952
1,500,000 Other accruals
Funded debt
1,500,000
Subscriptions to Common
2,650,200
stock (employees)
50,469 Preferred stock
610,000
Inventories
4,020,412 Common stock
Fixed investments
Deferred charges
$6,426,896
Total income
31
Aug.
Assets—
108,719
$3,007,424
897,498
Oper. expenses and taxes
Net
1917-18.
113,022
the interest on this
Cash
Toronto.—Annual Report.117,033
$4,018,260
Sheet
Balance
The stockholders
1918-19.
bonds.
For the
$706,800, or over 6H times
entire year.
(
Consumers' Gas Co.,
'
Electric
during
of the
Mfl
after Federal taxes but before deducting
than 3H times the interest requirements
first 8 months of 1920 net profit before
interest or taxes was
for
Sept. 30 Years—
1919-20.
Meters, No..
122,793
Receipts from gas sales.. $5,030,146
Residuals, coke, tar, &c_
889,982
Merchandise sold, piping
and burner, rentals, &c.
506,768
provide
hand.
The physical assets have
$2,500,000.
Control.—59% of the Common shares are owned by the General
Co., which has agreed to retain its investment at least to this extent
the life of these bonds.
The General Electric Co. also owns 73%
outstanding Preferred stock.
..
Consolidated Textile
incurred
required to complete business now
a sound replacement value of over
plant and inventory extensions
on
Y.—Sub. Cos. Seek$ 1 20 Gas.
The following allied and subsidiary companies, through William L.
Ramson, counsel, have asked Federal Judges Ward, Hough and Mayer to
modify the decree of Aug. 11 (V. Ill, p. 592, 695) so as to allow them to
charge $1 20 instead of $1 per 1,000 cu. ft. of gas: East River Gas Co^ of
L. I. City, New Amsterdam Gas Light Co., Standard Gas Light Co.,
Mutual Gas Light Co., Central Union Gas Co. and Northern Union Gas Co.
Ill, p. 1282.
Purpose.—Proceeds will be used In part to pay temporary loans
the construction of additional manufacturing faculties and to
further
Consolidated Gas Co. of N.
—V.
1953
CHRONICLE
THE
1920.]
ending
towards
purchase.
of shares, the
engaged in the
and
electric bulbs,
Now
accessories, and in rolling metal, welding. &c.
indirectly, almost the entire capital of the following
varnishes and motor
holds, directly or
panies (the few
the whole, being
outstanding shares,
com¬
amounting to not more than 2% or
absentees or others hindered from
mainly held by trustees,
participating in the merger):
Curtis's & Harvey, Ltd.
Nobel's Explosives Co., Ltd.
"E. C." Powder Co., Ltd.
Kynoch, Ltd.
Eley Bros., Ltd.
Bickford, Smith & Co., Ltd.
King's Norton Metal Co., Ltd.
Birmingham Metal & Munitions Co.
BritishSouth African
Expl.Co., Ltd.
and many
other companies.
acquired John Marston, Ltd. (manufacturers of the "Sun¬
bicycle), and British Pluviusin Co., Ltd., of Man¬
(manufacturers of artificial leather), as well as, directly or through
Company has
beam" motor cycle and
chester
lis constituent companies, substantial holdings
Rubber Co., Ltd., Tyre Investment Trust Co.,
in the following: Dunlop
Ltd. (which controls the
Co. of Canada and the Dunlop Far East Co.),
Rotax Motor Accessories Co., Ltd., General Mo¬
British Dyestuffs Corp., Ltd., British Cellulose
Co., Ltd., Edison Accumulators, Ltd., and others.
'
Nd
Assets.—Combined assets, including constituent cos., after deduction
of all liabilities, and excluding patents/ processes and good-will, amounted
on Dec. 31 1919 to £13,853,853.
When the proceeds of the present issue are
added to this sum, the principal of the notes is covered more than 5H times.
Earnings.—Net profits for the year ended Dec. 31 1919 amounted, before
Dunlop Rubber Goods
Dunlop Co. of America,
tors Corp. of America,
deducting income tax, to
£1,416,665, and the directors
anticipate that these
If to that
31 191&
sufficient to cover
anticipate
that recently-acquired interests will bring in substantial additional revenue.
Change of Name.—Since 60% of its capital is now used in the manufac¬
ture of commodities other than explosives, steps are being taken to change
profits will be maintained for the current and future years.
amount be added dividends in respect of shares acquired since Dec.
(computed at the rates paid for that year), the total is
the interest on these notes more than 7 times.
The directors
"Nobel Industries, Ltd,"
-41
Capitalization.—Authorized, £18,000,000; issued and fully paid, £15,Company has no debenture debt.
The aggregate debt of
merger companies (less £81,955 held by them) amounts to £1,167,785.
Directors.—Include, with others: Sir Harry McGowan, K.B.E., Chair¬
man
& Managing Director; Sir George J. Smith, Deputy Chairman; Sir
Ralph William Anstruther, Bart., M. F. Armstrong, Arthur Chamberlain,
Lt.-Col. the Lord Cochrane of Cults., Lord Ribblesdale, P.C., B. E.
Todhunter, O.B.E., Col. J. W. Weston, M.P.
The Secretary is Sir Josiah
Stamp, K.B.E., 6 Cavendish 8q., W. 1.
Registered office, 220 Winches¬
ter House, Old Broad St., E. C. 2.
the name to
549,562.
jrieischman Co.,
Cincinnati.—New Note
Issue.—Harris
and W. E. Hutton &Co.,
will offer publicly, in the
near future, $4,000,000 8%
10-year gold notes. Proceeds,
it is said, are to be used in financing extensions and additions
Savings Bank, Chicago,
Cincinnati, have purchased and
Trust &
—V.
107, p. 85.
'
Ford Motor Co —Record Output.—
,
The company, it is stated, broke all existing production
turning out a total of 99,967 cars.
Oct. 26, it is said, was
4,668 cars being built or at rate of one at every 18X
pany's official estimate for the fiscal year ending July
\
.
t
^
4
records In Oct.,
the banner day,
aeoimds. Thecom^
31 1921, Isjl ,250,000
1954
THE
CHRONICLE
Reports that the company is
expeinmenting with a new
metal which may
supplant vanadium steel in the manufacture of
motor cars
have been denied.
(See also article in "Wall
Street Journal" No. 9)
re-production, &c.
Announcement has been
Flour Mill1 and dam
site
Huron River power
power rights for
not made public.
a
"The
10 miles from Ann
Arbor,
on Nov. 1 on a
five-day-afor inventory, and six
days a
Sales will aggregate between
$205,000,000
$206,000,000 for the fiscal year ended Oct.
31 1920, an increase of
$38,000,000 over the previous year.
''
Goodyear has never entered the footwear
business, but has a neat business
in I mechanical
goods.
Probably it divides 85% for tires and
15% for
mechanical goods.
In the year ended Oct.
31 mechanical -goods sales
probably exceeded $30,000,000.
week may come in
and
Mich., together with
rights to Ford.
It is understood the transfer
conveys
considerable distance above
the dam.
The price was
It is
reported that the
company is now installing the
Lopulco Pulverize
systems at its
plant, in connection with new boilers which are the
largest of their particular
type yet manufactured.—V.
Ill, p. 1665.
Freeport Texas Company.-
General
Net
Other
expenses.
Incidentally, company produced approxi¬
Earnings.-
Sec
Gramm-Bernstein
612,840
Dividends
§9% has been declared.
$779,370
101,857
$738,493
a
steadily growing demand for its
product, and to provide for
increased production, the
Company's capital has been raised from
2'000 to $5,000,000," (all Common stock) and a stock dividend of
419,960
12,801
Net
income
Interest charges..
480,045
$733,968
4,525
$1,366,276
$61,037
income.......
$881,227
The
Company are makers of the "First Class
Liberty Truck'."
Vice-President and Gen. Mgr. B. A.
Gramm, writing Aug. 21, says:
Answering your inquiry of the 18th, the
U. S.
$1,305,239
there
were
$738,493
$768,238
deducted:
Taxes
paid,
J553,220: reserve ror depreciation, $207,777: reserve for depletion
eaving
final profit and loss
surplus of
a
$5,092,475.—V. Ill,
Gas & Electric Securities
$551,328:
696.
p.
Co.—Larger
Stock Dividend —
The company has
declared the regular
monthly dividend of \4 of 1% in
on the Common
stock and declared a dividend
of % of 1 % payable in
stock.
Previously the Common stock paid \4 of 1% in cash
and Y of 1% in stock.
Dividends are payable Jan. 1 to stock of
record
Dec.
cash
Common
15.—V. 109, p. 2175.
^
Galena-Signal Oil
week
offered
Convertible
and
'
v--
at
Debenture
and
(See advertising pages.)
Sold.—Blair & Co. this
and int. $4,450,000 7%
Dated
April
1
1920.
93H
Bonds.
fully described in V.
The bankers state:
Ill,
p.
696.
Purpose.—To pay existing current debt and to
increase working capital.
Capitalization After This Financing—
Authorized
Outstanding.
7% Con. Debenture Bonds (this
issue)
_-$6,000,000 $6,000,000
Preferred stock
(original) 8% cumulative..
2,000,000
2,000,000
New Pref. stock
8% cumul (incl $10,800 sub. acct.) 8,000,000
4,000,000
Common stock
22,000,000 16,000,000
There
are
outstanding $2,800,000
1st
Mtge. 6%
Bonds of Petroleum
Refining Co. of Texas (now Galena-Signal Oil Co. of
Texas), due July 1
1933.
The Galena-Signal Oil Co. is
also the guarantor of $720,000 Marine
Equipment 6% bonds due serially, to be secured
upon a tank steamer now
under construction for the
Galena Navigation Co., a
subsidiary.
Earnings.—Net earnings incl. constituent
cos.
available for int. and
Federal taxes, after allowance
for depreciation, have been as
follows:
Annual average for 10
years ended Dec. 31 1919
$1,525,231
For the 9 mos. ended
Sept. 30 1920 the consolidated net earn,
similary computed, were $2,302,154 equivalent to the
annual
rate
of
x3,069,539
the annual interest
charges on the total funded
outstanding, including this issue.
Working Capital.—The consolidated balance sheet as of
Sept. 30 1920,
after giving effect to the
present financing, shows :
'
""Divs. Q.-F.
Red. all or part at 110 and divs. on
any div. date after
30 days' notice.
Sinking fund provides for the redemption of
stock.
tb^ Pref.
Stock will participate to the extent
of 1% before the Common
stockholders receive more than
8% in any one year.
»-'•
*
'*
Capitalization After Present Financing (No
Bonds).
Auth?
"Outstdg.
7% Cumul. 1st Pref. & Partic. stock (par
$100)
$1,500,000 $1,500,000
Common stock (par $25)
3,500,000
1,760,350
During 1919, interests associated with Morris &
Company of Chicago,
acquired a substantial Common stocjc interest in Gunns Ltd., the
purchase
price being par.
It is expected that this
affilitaiqn and a recently doubled
plant capacity will materially Increase the volume
of the company's bussiness and its net
earnings.
Brigadier'General John A. Gunn, President.
Hargraves Mills, Fall River.—Dividend.—
The
directors declared a
quarterly dividend of \\4% on the $1,600,000
Capital stock, payable Nov. 1 last to holders of record Oct.
28.
A 100%
stock dividend was payable
Sept. last on the authorized and
outstanding
$800,000 capital stock, par $100.—V. Ill,
p. 1187, 993.
Approximately 5 times
debt
now
Current
Assets:—Cash,
(less res.), $6,132,315;
$8,137,105;
$1,451,413;
accounts
receivable
Current
Liabilities:—Accounts payable,
expenses,
$132,484
$1,943,814:
2,076,297
...i
$14,307,877
General
American
Tank
&
Car
Corp.—Equip.
Co., New York, &c.,
are
Maturing $500,000 semi-annually. May 1 1921 to
or part on
any May 1 or Nov. 1 at 1% premium on
maturing more than one year after the date fixed for
K % of premium on all Trust Certificates
one year or less
maturing
after the date fixed for
redemption.
Int. payable M. & N.
at Chicago or New
York without deduction for
any normal Federal income
tax up to 2%
payable at the source.
Denom. $1,000, $500 (c*).
Harris
Trust & Savings
Bank, Caicago, trustee.
redemption, and
at
Security.—Secured
on
steel
average price of cars is
are issued in excess
of
tank
cars
of
standard
construction.
General Electric Co.—N ew Stock
Offered.—The. directors
on Nov. 12
authorized the issuance of
$27,500,000 additional
stock to be offered to
stockholders of record Dec. 8 at
par
at the rate of one share of
new stock for
every 5 shares of
old stock held.
f
.
Subscription
to the
new
stock must be made
or before Jan. 20
1921,
payments are to be made either in four equal
installments, on Jan. 20
April 20, July 20 and Oct. 20 1921, or in full
at time of subscription.
Motors
stantial Interest.—
See Explosives
Trades,
Corp.—Explosives
Trades
Has
Sub¬
Gillette Safety Razor
p.
1756.
Co.—Earnings-
Net earnings in October
last, it is reported, amount to
$870,384, as
compared with $731,563 in 1919; for the 10 months
ended Oct. 31 1920,
earnings is said to have increased 8.67% over 1-919.
In Oct. last,
the company sold 183,640 razors
and 1,650,812 dozens of extra
blades.—
—V. Ill, p. 1665, 392.
net
(B.
F.)
Goodrich Co.—Production, &c.—
See Goodyear Tire & Rubber Co..
below.—V. Ill, p. 1187, 899
Goodyear Tire & Rubber Co.—Correction—Sales, &c.—
In connection with the official
announcement made in last week's "Chron¬
icle" regarding the Goodyear Tire & Rubber
caption
a
the B.
Co., there slipped under this
quotation from the "Philadelphia News Bureau
relating solely
Goodrich Co. as the quotation itself showed.
F.
1896.
p.
a
Capital.
an
early date to
act
on
the matter."
Hood Rubber Co .—No Par Value Shares.—
Treasurer F. C. Hood in a notice to the
Common stockholders says:
"The stockholders on Oct. 27 voted
(a) to change the existing Common
stock into 100,000 shares of no
par value, and (b) that the holders of the
outstanding Common stock shall exchange the same for shares of
Common
stock without par value, on the basis
of two shares without
par value for
each share heretofore
outstanding, this exchange to be made as of Nov. 5
1920.
After that date dividends will be
declared on the shares without
par value only.
The new certificates,will not be
ready for delivery before
Nov. 22."—V. Ill, p. 1856.
^Houston Oil Co. of
Results for
Three Mos.
Texas.—Earnings—_
Sept. 30 1920
Ended
(noTJncl Kirby Lumber Co.
Companies.)
Depletion and depreciation_$161,558
156,178 Misc. earnings
Cr28,281
and
Oil
sales
Land
$718,281
Expenses
Net
earnings,.$562,103 Bal. surplus
$428,826
Oil sales~in October, it is reported, amounted
to'$310,000".
Land sales in
October, totaled $90,000, an average of $20
per acre, r
%•>.
*
During the past 15 days, three wells with a total
initial'production of
7.500 bbls. daily have been brought in on
part of
___
f
company's acreage in the
Hull pool, Texas.
Two of the new wells came in
flowing 3,000 bbls. each
and.one well had an initial flow of 1,500 bbls.
daily.—V. Ill, p. 77.
Hupp Motor Car Corp.—Comparative Balance Sheet.Sept.
30
June
1920
Assets
30
Sept. 30
1920
Liabilities—
Land, bldgs.,equip
Common stock...
3,192,326 Preferred stock...
3,858,921
3,858,921
trade
names, &c
Cash
j...
_.
Current
497,074
...
Accts. receivable.
(not
1,397,976
3,791,368
.
Inv. in sundry sees
Inv. in Lib. bonds.
S.
certifs.
187,850
137,280
dep., ins.,
disc., <fcc
2,604,202
1,838,110
19,262
795,626
...
847,220
t
'
460,000
480,000
500,000
1,962,933
1,468,933
4,700,956
4,002,345
___.17.079.917
14,767.808
12,147
14,767,808
939,100
spec.
962,000 Surplus
137,280
17,079,917
Total..
due)
and other taxes.
1,082,000
sec
5,192,100
.
and
finance notes...
Can. Vict'y bonds.
Accrued int. Govt,
5,192,100
y864,100
49,243 Peter Smith
prop..
152,650 H <fe'M. Body Co.
187,850 Res.
for
Federal
926.296
$
labiities
1,026,048 Res. for customers*
1,764,638
Inventories.
4,745.634
Prepaid in. & taxes
87,337
30
1920
$
3,773,625
ment, &c
June
1920
S
Good-will,
U.
Ltd., above.—V. Ill
in
notice to the stockholders
says: "The directors
on
Nov. 8, after due
consideration, decided to recommend to the stock¬
holders tnat the capital stock be increased
from $6,000,000 to $12,000,000.
new shares to be offered
to the stockholders of record at a
date to be fixed
at $150 per
share, thus adding $3 ,000,000 to the
surplus.
A meeting of the
stockholders
on
The directors declared the
regular quarterly cash dividend of $2 a share
and the regular
semi-annual dividend of
2% in stock, both payable Jan. 15
to stock of record Dec.
8.—V. Ill, p. 1756.
General
snow
The
approximately $2,800 each.
No trust certificates
$1,710 per car.
|y» Earnings.—Gross income increased
from less than
$2,000,000 in 1913 to
over
$21,000,000 in 1919.
Net Income after all
taxes, available for div.
Increased from about
$325,000 in 1913 to over $2,500,000 for
year ended
Sept. 30 1920.
Compare full statement to the N. Y. Stock
Exchange in
V. 110, p. 2090.—V.
Ill, p. 1283.
and
109,
Home Insurance Co., N. Y.
City.—To Increase
President E. G.
will be called at
Dated Nov. 1 1920.
Nov. 1 1923.
Red. all
all Trust Certificates
1856, 1476.
Eleven ($11,000) First
Mtge. 6% 20-year Sinking Fund gold bonds, dated
Trusts
offering
at prices
ranging from 99.52 and int. to 97.38 and int. to
yield about 8% according to
maturity $3,000,000 Equip.
Note Collateral
7% Gold Trust Certificates (Series Two).
Payment unconditionally guaranteed
by General American
Tank Car Corp. of W.
Va.,
A circular shows:
p.
1912, have been called for
redemption on and after Jan. 2 1921 at 105 and
int. at the Empire Trust
Co., N. Y., trustee.—V.
exclusive
Sept. 30
1920, after allowing for the
mortgage debt of the Texas subsidiary, were
upwards of $20,000,000 or over 3 times
the amount of these Debentures.
For description of
bonds, properties and balance sheet as of June 30
1920,
see V
111, p. 696.
being steadily diminished."—V. Ill,
Hocking Coal Co.—Bonds Called.—
accrued
The total net
assets, (together with the proceeds of this
issue)
of good will, trade
marks, etc., based on the balance sheet as of
Corporation.—Sales.—
on Nov. 10, stated "the
sales for the 10 months
ending
greater than in 1919.
The financial condition of the
company is excellent.
Our borrowings reached the
high point some time
$16,384,175
Net current assets
Offered.—Ames, Emerich
Hartman
President Straus
Oct. 31 were 29%
ago, and our loans are
bill#receivable, $152,886: inventories,
owned
(excl. stock in subsidiaries),
securities
$253,446: prepaid items, etc., $257,010
to
Gunns, Ltd —Offering of Pref. Stock.—National
City Co.,
Ltd., and Greenshields & Co., Montreal, in
Feb., 1920,
offered at 97.50 per share
$1,500,000 7% Cumul. First Pref.
& Partic. stock,
par $100.
Bankers state:
Co .—Bonds
sold
Due April 1 1930,
/
B.
item regarding the increase of
our capital is
correct.
We increased from
$1,500,000 to $5,000,000 and
have received
authority from the States of Ohio and Illinois to
proceed
immediately with the sale of $2,000,000 worth
of our common stock.
It
is all
common, $10 par value. The first
sales being made at $12.50
per share.
In 1913 Mr.
Bernstein and the writer went
together on a 50-50 basis,
and we have built
up the company to $3,500,000 in
assets, the stock being
held equally between
us.
On account of the
large business that we have
enjoyed this year and the
shortage of capital available because of the bank
conditions, we have deemed it advisable to
increase our capital so as to be
relieved of the present strain.
The company has a record of
earnings which
makes our present stock
worth 20 for 1 over its original investment
in 1913.
Present officers are (same as
heretofore): M. Bernstein, President and
Treasurer; B. A. Gramm, V.-Pres. and Gen.
Manager; H. O. Bentley.
Secretary, and the other two directors
being R. W. Austin and D. Bern¬
stein.—Compare offering of $600,000 serial 7% notes in Y.
110, p. 768-
ii"2",§89
Balance, surplus (see note)
Note.—From profit and loss
(See "Wall Street
Motor Truck
Co., Lima, O —Stock.
"Due to
$1,353,475
profit.........
ninety days.
mately 27,000,000 pairs of rubber heels
in 12 months. *
Journal" Nov.
3.)—V. Ill, p. 1856.
1756.J*
9 Mos. f
6 Mos. to May 31
Aug. 31 '20
1920
1919^
.$3,626,524 $2,225,375 $1,438,371
1,660,209
1,011,362
239.041
Gross sales
Cost of sales
company, it is stated, resumed operations
basis, following the annual shutdown
week
made of sale of the Dexter
fuel
x
[Vol. 111.
and trucks.
cars
y Preferred stock,
13,079
treasury to be retired.
share!1,
Total
$100 par,
t
less
4,438
shares
held
in
Net profit for the 3 months
ending June 30 1920 after Federal
taxes, were
$843,535; Pref. dividends, $15,122;
Common dividend (quar. of
214%
paid Aug. 1), $129,802; bal., surp.,
$698,611.
Compare
V.
Ill,
p.
1856.
Indian Refining Co.—
George?. Slala
us
eiec
ogo.
Inde-
ndent
Brewing Co., Pittsb.—Annual
Preferred Dividends Deferred.—
Report.—
1955
CHRONICLE
THE
1920.]
Nov. 13
Output for the Three
Sept. 30, '19
$1,511,748
$4,912,067
1,903,473
3,724,678
5,326,053
de/$391,725
$1,187,389
$1,297,263
(all sources)
Cost of prod.
Sept. 30, '18
Sept. 30, '20
Years Ending
Income
&oper.
Profit on sales—
Disbursements—
$270,000
$270,000
315,000
315,000
(2%)90,000 (4%)180,000
bonds—
Pref. dividends (7%)
Common dividends.
Interest on
Oct. 20, '17
$5,352,765
4,279,121
$1,073,644
419,764
538,052
1919.
200,571
56,464
Cpke
142,593
65,998 Limestone
75,368
51,265
Pig iron
116,362
50,149
4,758
5,418
Steel ingots
92,671
55,456 Dolomite
Decrease in Magpie ore production was due to plant being down part or
July and August for development workjpn sixth level.
The coal companies
operations have been curtailed on account of car shortage.
Comparative Monthly Shipments Iron and Steel {in Tons).
defl,458,826 def 168,482 sur $83,751
None
Total surp. Sept. 30
$237,135
$1,695,962
$1,864,444 $1,780,694
The company has suspended payment of dividends on the Preferred stock.
Similar action on the Common stock was taken earlier in the year.—V. 109
Balance
p.
1889.
■
International Mercantile
Marine Co.—Status.—
Franklin on Nov. 5, regarding the affairs of the company,
stated that although the general steamship situation is not entirely
factory, nevertheless as far as the old established lines are
situation is not bad; and that the earnings of the company so far this year,
although below those of last year, are running about
same as
He pointed out that during that year the earnings,
Pres. P. A. S.
satis¬
concerned the
the
1918.
including subsidiaries,
sufficient to pay fixed charges and 6% on the Pref. stock, and showed
In addition a very substantial surplus.
It
also pointed out that the I. M. M. Co. is in a strong financial
position, and that since the year 1915 its bonded debt had been reduced
from
total (incl. all subsidiaries) of $80,000,000 to about $47,000,000, and
In addition to this 40% accrued dividends on its Pref. stock, amounting to
about $21,000,000, had been paid off.
This had all been accomplished out
of earnings, no additional securities having been issued to the public:
In addition to this, a large percentage of the tonnage lost during the war
has been replaced, so that the gross tonnage owned by the company and its
subsidiaries is now 1,036,153, as compared to 1,115,861 pro-war.—V.
were
P-
": ' §
'i-'i4■■ S
account.48,364,300 49,033,735
^AsSCtS
Property
stock
41,834,600
2,619,189 Accts. payable.-- 3,006,350
133,689
8,323,669 Preferred dividend
377,803
1,338,986 Accident, &c., fd._
1,603,705
2,182,376
9,753,205
receivable-- 1,982,329
on call..
3,015,000
Investments
Cash
Inventories
Aects.
Loans
250,000
15,000 Exchange reserve.
Profit and loss
12,385,873
Total
66,900,915
provided. V. Ill, p. 1857.
66,900,915 62.289,914
Total
x
Preferred
959,335 Common
Includes tax reserves as
Kansas City
Power &
ment
8,912,600
41,834,600
x2,409,686
133,689
308,481
Ltd.. England.—
company is likely to issue a large number of
lis. each. This concern, which has already
this year, is said to be negotiating with of¬
ficials of the American Linseed Co. for control or acquisition of the latter
company.—V. Ill, p. 1476, 393.
Lever Bros.,
------
8,690,858
62,289,914
Dated July 1 1920. Denom.
from July 1 1921 to 1923.
City, trustee. Red.
premium of H% for
to pay the Federal
not in excess of 2%.
organized in 1907. Plant
occupies 26 acres of ground
with
modern machinery
outstanding $750,000
from $250,000
and the Common
buildings .all fully equipped with the most
for the fabrication of structural steel.
Capital stock
Pref. and $750,000 Common.
Both issues were increased
in Jan. 1920, the Pref. by the sale of $500,000 additional
by the declaration of a 200% stock dividend.
Average
the years 1916 to 1919, after interest, depreciation and
$249,421.
Net earnings for the first 6 months of 1920,
net earnings for
Federal taxes, were
before depreciation
and Federal taxes, were $336,518.
Total net assets $1,986,198. Proceeds
of the issue will be used to retire current debt and to supply additional work¬
Howard A.
ing capital.
Kay County Gas
See Mar land
Joseph
below.—V. Ill, p. 1374.
I
Oil Fields of Calif., Ltd.—Capital, &c.
Exchange Weekly Official Intelligence" says: Ex¬
held on Oct. 27 and Nov. 17 to
articles of association; and (2) to
Increase the capital to £1,500,000 by the creation of 1 ,'805,615 additional
shares of 10s.
it is proposed to issue at once 1,205,615 new shares.
Share¬
holders will be given the right to apply for one new share for every share
held on Oct. 1 at 17s. 6d. per share, payable 10s. (of which 5s. is premium)
on application, and 7s. 6d.
(of which 2s. 6d. is premium), on June 1 1921.
River
"London Stock
traordinary general meetings are to be
consider resolutions:
(1) to adopt new
See
V. Ill,
p.
1857.
Lighting Co.—Rate
Kings County
unconstitutional.
The P. S.
U; S. Supreme Court.
See V.
Increase—Directors.
the charge for gas will
the company is receiving
This rate was fixed by a
95c. rate confiscatory and
Commission will appeal the decision to the
Ralph ELsmon has announced that
Increased to $1 50 per 1,000 cu. ft.
At present
95c., or 15c. in excess of the statutory rate.
decree of the Federal Court which declared the
Vice-Pres.
Ill, p. 1570.
to the company to make a
Borough Gas Co., which is willing
during the winter. It is said that
refused service by the company, which
has pleaded inability to make connections because of want of funds.
The
company is now given until Dec. 1 to connect the main with the Brooklyn
Borough Gas Co., and by Dec. 5 to begin serving would-be cunsumers.
Ralph Elsman has been elected President and a director, succeeding
F. M. Tait.
Andrew J. Connaud, W. A. Morris and Paul Bucher have
been elected directors, succeeding George O. Knapp, C. K. G. Billings and
The P. S. Commission has issued an order
connection with the main of the Brooklyn
to supply 1,000,000 cu. ft. of gas per day
3,000 would-be consumers have been
Elton
Parks.—V. Ill, p.
(B. B. &
See
R.) Knight,
(S. H.) Kress
Inc.—Control Acquired.—-
$2,418,789
Ill, p.
Laclede
1570, 1088.
Gas
Results for
above and compare V.
Light Co.—Earnings.—
ending July 31 1920 and Dec. 31 1919.
Gas
Operating
Elec-
Pintsch
Department,
tricity.
Gas.
revenue.-$5,346,654 $731,020 $175,649
&c- 2,045,253
195,017
57,468
Net, after taxes,
Non-operating revenue
earnings
Deduct int. on funded
...
——
—
Net
Net
profit (before
debt & other fixed
dividends)
charges—
Totals
July 31'20. Dec. 31 '19
$6,253,324 $5,531,710
a2,297,539 1,875,097
27,900
$2,325,439 $1,875,097
1,815,242 1,608,373
$510,197 $266,724
and depreciation.
During the 12 months ending July 31 1920 the company produced
7.034.055M. cubic feet of gas, of which 6,644,643 was sold.—V. Ill,p. 1414.
a
Net revenue
after taxes
Lake Superior
port,
V Massachusetts
Corporation.—Quarterly Report.—Therequarter of the fiscal year shows:
dated Oct. 18, the first
Gas Cos.,
Vice-President of the Crucible Steel
Marquette Iron Co.—V. 107, p. 506.
Boston.—Treasurer Resigns.—
Treasurer of the company and
his connection as trustee and
Richards has resigned his office as
subsidiaries.
He will, however, retain
director of the Massachusetts Gas
its
Companies.-rV. 119, p. 2074.
Oil Co., Ltd.—Certificates Ready.—
Definitive share warrants are ready in England for delivery in exchange
for provisional certificates dated Sept. 13 1919.
Holders of provisional
certificates should lodge them with the American Exchange National Bank
128 Broadway, and definitive share warrants will be handed them in ex¬
change therefor in about 21 days from receipt.—V. Ill, p. 1757, 78.
Mexican Eagle
Miami Copper
1920—Oct.—1919.
Co.—Copper Production (in Pounds).—
Decrease.\ 1920—10 Mos.—1919.
Increase.
4,877,395
4,582,293
1477, 1088.
295,102146,282,933
45,281,216
1,001,717
Co.—Add'tl Bonds Listed.—
authorized the listing of $648,300
bonds of 1911, due Jan. 1 1951,
the list, irrespective of subsequent pur¬
These bonds are issued in accord¬
6 1920, authorizing the issuance
of $1,267,000 in addition to the bonds previously certified and delivered.
The Illinois P. U. Commission on July 28 1920 granted permission to issue
Mississippi stiver Power
The
Boston
Stock
Exchange has
additional 1st Mortgage 40-Year 5% Gold
making the total authorized for
chases and cancellations, $20,648,300.
ance with a vote of the directors on May
1648.
Mills, Inc., Amsterdam, N. Y.—
Incorporated in New York in Aug., 1920, with an authorized capital of
$1 000,000 6% Pref. stock (par $100) and 200,000 shares of Common stock,
par value.
Bonded debt consists of $200,000 debentures of old companies
assumed.
Company is a consolidation of Shuttleworth Brothers Co. and
MeCleary, Wallin & Crouse.
Officers, H. S. Shuttleworth, Pres.; A. W.
Shuttleworth, 1st Vice-Pres.; F. A. Whitmore, 2d Vice-Pres.; E. H. Patton,
above
the
bonds.—V. 1104 p.
Mohawk
Carpet
no
Sec.-Treas.
y..•■■7
Montgomery Ward & Co.,
1920—Oct.—1919.
Decrease. |
Chicago.—October Sales.—
1920—10 Mos.—1919.
Increase.
$5.301,7701$^1,386,435 $79,980,901 $11,405,534
President Silas Strawn is quoted as saying: "The mild weather of October
had
prejudicial effect on winter wear lines, most pronounced in under¬
blankets and gloves, as well as in groceries and other food products.
The people are buying in very small quantities.
It is expected, however,
that when the weather becomes more severe there will be a strong revival
in business in winter goods, and sales, it is beliveod, will pass $100,000,000
before the close of the year."—V. Ill, p. 1666, 1477.
$8,687,895
Increase.
$233,5881$22,105,567 $18,446,535 $3,659,032
Twelve Months
Source—
Ill, p. 1375.
& Co.—October Sales.—
Increase. I 1920—10 Mos.—1919
1920—Oct. 1919—
—V.
1570 , 78.
Consolidated Textile Corp.
$2,652,377
Dougherty has resigned as
America to become President of
—V. Ill, p.
be
Oil Co—Ex¬
Co.—New President.—
Marquette Iron
John W.
E. M.
Springfield Motor Truck Co.—New Director.—
A. Bower, Vice-President of the Liberty National Bank of N. Y.,
Kern
The
Ill, p. 1570.
Stock—A ppraisal.—The plan to consolidate the
interests of this company and its ally, the Kay County Gas
Co., by exchanging their stock for the stock of the Marland
Oil Co., incorporated in Delaware on Oct. 8 1920, has been
completed and the stockholders of the merging companies
are notified to present their certificates on or before Nov. 26
at one of the depositaries for exchange as per plan.
Depositaries: (1) Guaranty Trust Co., N. Y.; (2) Colonial Trust Co.,
Pittsburgh; (3) Merchants' Loan & Trust Co., Chicago; (4) Mississippi
Valley Trust Co., St. Louis; (5) Citizens'-Peoples' Trust Co., Wheeling,
W. Va.; 06) Security State Bank, Ponce City, Okla.
The exchange is to be made on the basis of one share of stock of Marland
Oil Co. for 10 shares of Marland Refining Co. and one share of stock of
Marland Oil Co. for 20 shares of Kay County Gas Co.
See also Marland Oil Co. under "Reports" above.—V. Ill, p. 1376.
Co. of
106. p. 2348.
-V.
Co.—Merger as Marland
change of
Co.—Merger—Exchange of Stock.—
elected a director.—V.
(Del.)— ■Consolidation-
Co. below.-
Marland Refining
Kelly
has been
dividend of 1 % on the
$100), payable Dec. 15 to
1284.
declared an initial quarterly
Marland Refining
See
Fitch/President.
Refining Co.
have
Marland Oil Co.,
Structural Steel Co.—Notes Offered.—
Co., Kansas City, in Aug. offered at 100 and int.
deductible at the source,
Company was
Corporation.—Initial Common Div.—
McCrory Stores
The directors
outstanding $5,000,000 Common stock (par
holders of record Dec. 1.—V. Ill, p. 1666,
Light Co.—New Financing.—
7acres of
that the
understood
It is
20% 5s. Preference shares at
issued £12,000,000 in capital
yielding 8% $500,000 Serial 8% Gold notes.
$500 and $1,000.
Due $100,000 each J. & J.
Int. payable J. & J., at Commerce Trust Co.. Kansas
on any int. date all or a Series at 100 and int., plus a
each 6 months of unexpired time.
Company agrees
Income tax,
Navigation Co.—Financial Statement.—
of
Develop¬
statement regarding the history, properties and operations
has been prepared under the auspices of the Business
Committee of the Phila. Stock Exchange.—V. Ill, p. 798.
A financial
that
Kansas City
1375.
this company
it is
Strandberg, McGreevy &
%
Lehigh Coal &
stated, has sold $10,000,000 of new securities to a
syndicate headed by Halsey, Stuart & Co. and Chase Securities Corp.
The new financing, it is said, is for the purpose of meeting $5,000,000 notes
payable and $6,000,000 1st Mtge. 7s due Jan. 1 next.
It is expected
a public offering will be made in the near future.-—V. 110, p. 1854.
The company,
1570
V. Ill, p.
$
1
—
Clark Co .—Capital Increase.—
The stockholders have voted to increase the capital stock from $6,000,000
to $7,000,000 (par $25).
Shareholders of record Dec. 15 are given the right
to subscribe to the new stock at par in the proportion of one share of new
to every six shares held.
Payment must be made before Jan. 15 1921.—
International Nickel Co.—Balance Sheet Sept. 30.—
The income account was published in The Chronicle" Nov. 6, page 1857
1920
1919
$
stock.— 8,912,600
73,794
Landers, Frary &
111. p. 387. *
Liabilities—
Superior coal.
July.
Aug.
Sept.
Total.
47,977
47,840
46,429
142,246
18,466
16,449
13,314
48,229
Unfilled orders on Sept. 30 1920, including pig iron and steel for delivery
in the last quarter of 1920, were approximately 200,000 tons.
A satisfac¬
tory tonnage is offering for delivery in the first quarter of 1921.
The President of the Algoma Central & Hudson Bay Ry. Co. reports
that the results for the first three months of the fiscal year show a gratifying
improvement.
The recent increase in freight rates granted by the Dominion
Railway Commission, although accompanied by a rise in wages, has im¬
proved the situation.
It is expected that the earnings for the year will show
a gratifying improvement.
The Algoma Eastern Ry. Co. operating results
for the three months ended Sept. 30 have been highly satisfactory.
Traffic
conditions are expected to continue favorable.
The increased freight rates
effective Sept. 13, will increase operating revenue materially.
The railway
goes into the winter with track and equipment in good condition.—V. Ill,
1919
a
1919
Lake
1920
was
1920
Months ended Sept. 30.
(In tons)—
1920.
Cannelton coal
139,954
1919.
67,420
1920.
32,210
(In tons)—
Magpie ore
$247,960
$271,380
315,000
315,000
(2^)112,500 (1^) 67,500
590,871
392,101
Depreciation, &c
$6,623,316
$13,989,665
a
wear,
(Philip) Morris & Co., Ltd.—Probable Merger.—
Tobacco Products Corp. below.—V. Ill, p. 1571.
See
(Leonard) Morton & Co.,
Chicago.—Shipments.—
Osthoff is reported as stating that
October were $916,460, an increase
Oct. 1919.—V. Ill, p. 1666, 1284.
Otto E.
shipments for
Chairman
order
89.6% over
Municipal Gas Co., Albany,
The
compliance with
by virtue of the
the
N. Y.—New Gas Rate.—
York P. S. Com¬
per 1,000 cu. ft.
has been granted permission by the New
the rate for gas from $1 30 to $1 50
Commission's decision says:
"Such permission is
The company
mission to increase
the terms of the
"the gross mail
of $432,929 or
granted solely in
Court and not
jurisdiction or discretion by
order of the Supreme
exercise of any independent
Commission."—See V. Ill, p. 595."
1956
THE
Mullins Body
CHRONICLE
Corporation, Salem, Ohio.—
Results for the 9 Months ended
Sept. 30 1920 and 7 Months ended Dec. 31 1919.
9 Mos. '20.
7 Mos.'19.
Earnings
Expenses,
...
Balance
Income charges-.
Federal
$452,727
Surplus
21,347
148.500
$282,880
(2%)20,000
($3)300,000 (75c.)52,500
regular
Ohio Bell
session of the numerous concrete foundations
which will assure the nucleus
a smokeless
powder plant for completion and use in time of national
The War Department's total
recovery of the plant is about
being paid for out of
As
common
doubtedly
company
once
770.
of $1,500,000 6% pref. (par $100)
Of the new issue, it is stated that
and sold to stockholders at
par.—V.
110,
Lee, Iligginson & Co., Harris, Forbes & Co., New York,
Chicago, are offering at
yielding 8%, $10,000,000 5-year 8% gold notes.
and Merchants' Loan & Trust
Co.,
100 and int.,
(See advertising pages.)
not in
of 2%.
Denom. $1,000, $500 and $100 (c*).
Red. all or part on
15 1921 and at \i% less each six months
on May
15,1925 at 101 and interest.
First
Chicago, trustee. 1
Business.—Company is both an operating and holding company,
being
engaged,'with the co-operation of its affiliated
companies, in the tanning of
hides and manufacture and sale of
leather: was incorp. in August 1919
[in
Maine—V. 109, p. 780, 8921 for the
purpose of conducting the tanning and
leather business operated by Swift & Co for
25 years.
Plants of company
and associated companies are located at
Peabody, Mass., Winchester, N. H.,
South St. Paul, Minn.,
Niles, Mich., Ashland, Ky., South St.
Joseph, Mo.,
Newport, Tenn., Tannery Station, Md., Walland, Tenn.,
Waynesville.
N. C., Harrisonburg, Va., and
Olean, N. Y., with a combined annual
capacity of 2,000,000 hides, 2,500,000 calf skins and
4,000,000 sheep and
lamb skins.
60 days' notice at 103 on
May
thereafter to Nov. 15 1924, and
Trust & Savings Bank,
Capitalization after this Financing—
Capital stock
Five-Year 8% gold notes
__
Authorized. Outstanding.
$30,000.000 $30,000,000
10,000,000
10,000,000
Purpose.—Entire proceeds will be applied in the
payment of current
obligations and to provide additional
working capital.
Sales.—Sales for 1919 were in excess of
$88,000,000.
Earnings.—Net earnings available for interest
charges, after deduction
for reserves and Federal
taxes, for the 5 years 1915 to 1919,
incl., have
averaged over $5,000,000, or more than 6 times the
$800,000 annual interest
requirements of this issue.
Restrictions.—The indenture will provide:
(1) While any of these notes
are
outstanding the company shall not create any mortgage
upon its
assets
nor
any
of its assets,
nor permit to be created
any
mortgage upon the
properties and assets of its affiliated
companies which are entirely owned
excepting that the companies may
acquire property subject to purchase
money mortgages for not to exceed
75% of the fair value of the property
covered by said
mortgages.
(2) Current assets of the
company shall be
maintained equal to at elast
150% of current liabilities including these
notes, and the affiliated companies owned shall
maintain current assets of
at least 110% of their current
liabilities.
For information concerning the
history, properties, financial
statement,
&c., see V 109, p. 780, 892. and compare first annual
report for the fiscal
year ended Dec. 27 1919, given in full in V.
110, p. 1747.—V. Ill, p. 195.
National Sugar
Refining Co., New York.—Dividend.—
A quarterly dividend of
2YZ%
payable Jan. 2 1921 to holders
has been declared
the Capital
stock,
of record Dec. 10.
Dividends paid this
April, 154% each: July and Oct.,
3H% each:
making a total of 10%.
Quarterly dividends of 1 54 % each were paid from
Jan. 1918 to April
last, inclusive.—V. Ill, p. 698.
Years end. Aug. 31—
Vice-President Wells.—V. 110,
a
mem
city cont
p.
ber of the
ract
depart¬
267.
Decrease 11920—10
Mos.—1919
350,000142,671,938 35,534,585
3,850,000 4,200 000
—V. Ill, p. 1570, 1088.
New Cornelia
Decrease. I
1920-—10 Mos.—1919.
437,000135,460,000
32,381,000
1477. 1089.
New Idria
Increase.
3,079,000
Quicksilver Mining Co.—Mines Closed.—
The company on Nov. 4 announced
that its property in San Benito
Coun¬
ty has been closed down
temporarily, owing to the stagnation of the metal
market.—V. Ill, p. 1284.
New York Edison Co.—To Build
New Power House.—
The company, it is stated, will soon
begin work
house, to cost $5,500,000 located on
on
power
the founation of
a new
Locust Ave., near the East
River, and will extend from 132d to 134th Sts the
Bronx.—V. Ill, p. 1858.
New York & Richmond Gas
Co.—Interest
Notice
has
been
received
coupon that matured Nov.
1
by
on
the New York Stock
the
Defaulted.—
Excnahge
$1,500,000 1st Mtge. 5s, due
1921, is not being paid.—V. Ill, p. 799.
New
York
that the
May 1
Shipbuilding Corporation.—Tenders.—
The Union Trust Co. of
Pittsburgh, trustee, will,
bids for the sale to it of First
Mtge.
not
now
until Nov. 17, receive
5% 30-year Sinking Fund gold bonds, at
exceeding 102H and int., to an amount sufficient to
absorb $187,500
in the sinking fund.—V.
Ill, p. 1081.
•
Nobel
See
Industries, Ltd.—To Adopt New Name.—
Explosives Trades, Ltd., above.
Northern New York
The New York P.
$2,000,000 5%
be classified
as
the
out¬
Co.—Acquisition.—
new
financing mentioned in V. Ill,
7% Cumulative 1st Pref.
stock, which may
or
Common stock.
1917-18.
p.
1916-17.
$5,616,702
$560,000
$560,000
$5,400,691
$560,000
(6)710,382(7^)910,636
$3,884,027
$3,334,390
$4,346,320
Profit and loss
surplus..$20,757,672 $16,992,251 $13,657,861
—V.
Ill, p. 1858.
Parker Mills,
$3,930,055
$9,311,541
Fall River, Mass.—Dividend.—
A quarterly dividend of 1
H% was payable Nov. 1 to holders of record on
Oct. 28 on the outstanding $1,600,000
Capital stock.
In Sept. last a 100%
stock dividend was declared
pavable, increasing the authorized and out¬
standing Capital stock from $800,000 to
$1,600,000, par $100.—V. Ill, p.
1189, 995.
Pennock Oil
Co.—Earnings, &c.—
Results for Quarter and 9 Mos.
Ending September 30 1920.
3 Mos.
Net production (bbls
Sales
of oil
118,849
$416,747
98.297
_
_
Direct oper. and gen. expense (inCl.
rentals)
Net from oil
.
_
9Mos.
279 743
$916,152
291.339
$318,450 $654,813
__
Gas and gasoline.-.
7.732
_
Misc. and interest
23.205
20,634
9,134
Gross income
Loss on canceled and surrendered leases
$335,316 $698,659
15.873
25,381
Net inc. before prov. for deple.
dep., and Federal taxes._$319.443 $67^,271
Producing oil wells brought in during year to date 29 (14 in last
quarter):
dry holes 6.
New wells drilling Nov. 8, 11. Total oil wells
producing Nov.
8, 212.
Acquired since Jan. 1
1920, 2,510 acres for $99,485.
Stock
outstanding $3,750,000; current
liabilities $148,549, incl.,
V. Ill, p. 902.
current
Phelps
Dodge
assets
(incl.
reserve for
$374,089 cash), $666,870
1919 Federal tax, $5,489.—;
Corp.—Copper Production
1920—October—1919
7,126,000 8,926.000
V. Ill, p.1478, 995.
Decrease
f 1920—10
(in
lbs.)—
Mos.—1919
Decrease.
14,327,450
1,800,000178,576,500 92,903,950
Philadelphia Insulated Wire Co.—Financial Statement.
Results for the Six Months
ending Sept. 30 1920.
discounts).__ll,431,077 Depreciation reserve..
Manufacturing & gen. expense
192,569 Organization
Gross sales (less
1,025,688
Net income....
Plant,
Dividend-
$212,820
Balance
Assets—
Sheet
Sept.
property &
.___
14,990
_
(3 %) 75,000
and
March
31
Liabilities—
$77,845
1920.
Sept.30'20 Mar.31 '2
$51,556
$235,990
Bills & acc'ts pay-
*$854,712
$899,697
48,089
51,142
Accrued for taxes.
Claim account
""228
390,180
342,250
Dividends payable
75,000
305,290
_
340,690
1,326
Cash
Bills and
accounts
Raw materials and
work in process.
Prepaid
accounts.
Total
x
.
Balance, surplus..
30
Sept.30'20 Mar. 31'20
goodwill
$44,985
expenses, &c
Cost of materials used
1,225
Surplus.
Capital stk. (25,000
shs.,noparval.)
$1,598,271 $1,635,092
Total
77,846
1,393,641
1,397,871
$1,598,271 $1,635,092
After deducting depreciation
reserve, $44,985.—V. Ill, p. 1667.
Company, Arkansas.—Earnings.—
(Income Statement for Month and Twelve Months
ending Sept. 30.)
1920—Sept.—1919.
1920—12 Mos.—1919."'
Gross earnings.
$70,609
$54,903
$715,342
$554,113
(a) Oper. exp. & taxes..
47,963
34,823
488,078
342,437
Net
Fixed
earnings
charges
Balance
$22,646
9,998
$20,080
6,501
$227,264
83,379
$211,676
71,782
$12,648
$13,579
4,587
$143,885
54,419
$139,894
4,083
|
—
_
Pref. divs. accrued.
48,942
Balance, surplus
$8,059
$9,496
$89,466
$90,952
a The
operating expenses do not include $21,009 in the
12 months'
period and $4,185 in September of 1920, and
$32,675 in the 12 months'
period and $2,400 in September 1919, unexpended
balance added to main¬
tenance
N. Y.
and
renewals
reserve.
"John
Nickerson
Jr.
City, is interested."—V. Ill, p. 1662, 1567.
of
61
Broadway.
Pittsburg Brewing Co.—No Preferred Dividend.—
The company has suspended
payment of dividends on the
Preferred stock.
The declaration of a dividend on
the Common stock was
deferred in May
last.
Compare V. 110, p. 2082.
%
The directors have been authorized to
broaden the scope of the
company's
operations ana $750,000 was ordered set aside
to purchase the entire
authorized stock of a company to be formed
to enter other
lines of business.
Net loss for the fiscal year is
$595,317.—V.
110,
p.
2082.
Pittsburgh Plate Glass Co.—Merger
Approved.—
The Governor of Pennsylvania has
Plate Glass Co. with Columbia
approved the
merger of Pittsburgh
Chemical, Patton-Pitcairn Co., under the
name of
Pittsburgh Plate Glass Co. with an authorized
capital of $37.500 000
—Compare V. Ill, p. 1285, 1478, 1571.
,
'
W'
Pittsburg Steel Co.—New Officers.—
John Bindley has been elected
Chairman: Willis F.
and Clayton Snyder, Treasurer.—V.
Ill,
Utilities, Inc.—Debentures Auth.—
U. Commission has authorized the
company to issue
50-year gold bonds and $912,900 capital
1918-19.
$5,433,634
1,483,144(13)1539,244
Increase.
7,137,353
Copper Co.—Production (in Lbs.).—
1920—Oct.—1919.
3.887,000
p.
on
,
1919-20.
Surplus
Surety Co.—New Officer.—
Nevada Consolidated
Copper Co.—Production (in lbs.)
1920—Oct.—1919
3,450,000
—V. Ill,
for the
^
Pine Bluff
Edward G. Eibler has been
elected Vice-President and
Executive Council.
He will have joint
charge of the
ment with
reasons
on
year are as follows: Jan. and
National
of the
one
Net profits...
$6,395,468
Preferred dividend (7%) $1,028,297
Common div
(12>£%)
The bankers state:
Dated Nov. 15 1920, due Nov. 15 1925.
Int. payable M. & N. in New
York or Chicago without deduction of normal
Federal income tax
pledge
has been declared
Packard Motor Car Co.—Annual
Report.—
—
National Leather Co., Boston.—Notes
Offered.—First
Trust & Savings Bank, Illinois Trust &
Savings Bank, Chi¬
excess
;
Telephone Co.—Merger, &c.—
1757.
earrnngs at
(par $10).
$700,000 will be issued at
cago;
Mills
44,859
27,864
the
(par $100) to $5,500,000 consisting
$4,000,000
26,697
Merchant
82,202
36,124
The company, it is stated, has
purchased the Ottawa Power Co., including
the hydraulic
power plant, power house situated on Victoria Island, ana
also six water lots at the Chaudiere.
The above-mentioned deal was un¬
Financing.—
The stockholders have voted to increase
the authorized capital stock from
$3,500,000 consisting of $2,000,000 common
(par $100) and $1,500,000 6%
Pref.
p.
Blooms &
Billets.
.
was
National Grocer Co —Stock Increase
and
63.632
,
contemplating some financing are
is building three new plants
Marseilles, 111., New York City
company carries only six weeks'
supply of flour,
molasses, &c., no concern is being felt over the
inventory position.
("Bos¬
ton News Bureau.")—V.
Ill, p. 1477.
are
-Outvut (in Tons)—
Ingots.
95,354
38,306
Ottawa Light, Heat & Power
$9,400,000.
Detroit.
$1,782,726.—
Pursuant to the plan in V. Ill,
p. 1475, the name of the Cleveland
Telephone Co. has been changed to the Ohio Bell
Telephone Co.
A
petition was filed Nov. 7 with the Ohio P. U. Commission
by the Ohio
Bell Telephone Co. for
authority to purchase the properties of the Central
Union Telephone Co. (of
Illinois) located in the State of Ohio.
Compare
V. Ill, p. 1477.
of
and
Pig Iron
quarterly dividend of 2%
standing
emergency.
which
cost
$1,000,000 Capital stock, par $100, payable Nov. 15 to holders of
record Nov. 4.
Extra dividends of 2% were
paid in addition to the regular
of 2% in May and
August last.—V. Ill, p. 699.
Nashville Industrial
Corp.—Buys Govt. Powder Plant.—
reports that the company
without foundation.
In fact the
estimated
Nyanza Mills, Woonsocket, R. I.—No Extra Dividend.—
The
The War Department on Oct. 13 announced
the sale of the Old
Hickory
powder plant at Jacksonville. Tenn., to the above
corporation for $3,505,000
(for description of plant see advertising pages of
Aug. 7 issue).
Under the terms of sale the War
Department reserved a large amount of
space at the plant for the storage of smokeless
powder and other materials,
as well as
powder-making machinery.
The Government also retained pos¬
National Biscuit Co.—No New
County,
..
Coal
456.312
1919
387,151
—V. Ill, p. 699. 394.
■
The
Lawrence
9 Mos. to Sept. 30—
1920
$652,975
(6%)60,000
.
St.
Nova Scotia Steel & Coal
Co., Ltd.-
■
..
Oswegatchie,
v. lio, p. 1753.
$292,975
$210,380
Sept. 30 1920 was $2,349,912.—V. Ill,
_____
1189.
near
109,095
276,641
The total profit and loss
surplus
1180,
$561,822
None shown
taxes
Profits.
Preferred dividends (8% per
annum)
Common dividends
P.
$1,087,964
158,348
$929,616
_
&c__7
[Vol.111.
The proceeds, which shall not be
less than $2,512,900, are to be used ex¬
clusively for the construction of a new hydro-electric
development at Flat
Rock, on the Oswegatchie River, estimated cost
$730,182, and for extend¬
ing the present electric development of the
company at Brown's Falls,
Procter
&
Gamble
p.
McCook. President,
1758, 1749.
Co.—New DirectorL—
W, G. Rose of Ivorydale,
O., Cornelius Mills, of Port
Ivory. Staten
Island, N. Y., and Frank Sells, of Kansas
City, Kansas, all employees of
company were elected directors
on^Sept. 17*. under the company's
the
THE
1920.]
Nov. 13
1057
CHRONICLE
statement
that
& Ernst, accountants, gfive a complete
condition of the company, and in summing up stated
liberal reserves for accounts receivable, inventory and plants,
there remained an equity for stockholders of $12,600,000.
He also stated that after taking care of the pref. stock at par, with
back dividends, there is an equity of $6,000,000 for the common stock.
He also reported that earnings for six months from March 1 to Aug.
1920, or during the time since Eaton took control, were
$663,000.
This included the Bock Bearing Co. plant at Toledo.
It is understood that the stockholders have already subscribed to the
A. C. Ernst, of Ernst
Industrial plan as outlined in
the "New York
Timse" on Sept. II, page 18.—
-
Company.—Business Affected by
Pullman
of the financial
after allowing
995. 787.
V. Ill, p.
Vice-President Clive Runnells states
Surcharge.—
company's
50%
sleeping
that earnings from the
sleeping car businass have decreased 15% since the surcharge of
was
placed on sleeping car tickets Aug. 26.
The tax was placed on
car
tickets for the privilege of riding in these cars, but goes to the railroads
not to the company.
Travelers are refraining from the use of sleepers
where possible and on long journeys use coaches during the day and
the sleepers at night only.
This causes the Pullman cars to be run
filled for the entire distance during the day and reduces the
revenue in proportion.
Mr. Runnells says that in Colorado the public appears to have cut out
sleeping car travel entirely.
He says the heaviest loss to the
car
business is in the West, though business in every part of the country
affected.
Officers of the Chicago Milwaukee & St. Paul road,
and
take
half
company's
sleeping
is
which
their
is
its own sleepers, report that the surcharge has affected
sleeping car earnings to some extent.
Mr. Runnells says his company
not contemplating any further protest to the I.-S. C. Commission, but will
await further effects of the charge.—"Railway Review of Chicago," Nov. 6.
Compare V. Ill, p. 300, 395, 596, 1274, 1377.
operates
Ray Consolidated
1920—Oct.—1919
3,990,800 3,900,000
—V. Ill, p. 1571, 1089.
I
31
approximately
preferred "A" stock to the extent of more than one-third of the minimum
amount required of them to make the plan effective, and in order to lift the
receivership by Dec. 1, they were urged to subscribe to the balance by Nov.
20 or by Dec. 1 at the latest.
It is also stated that bankers and under¬
writers have already agreed, to accept their responsibility under the plan.
[It is reported that the company has received releases on orders aggre¬
gating a value in excess of $3,000,000.]
New Directors.—In addition, the stockholders endorsed the following to
be members of the reconstituted board of directors, and all have accented:
F-.-H. Goff (Pres. Cleveland Trust Co.); F. F. Prentiss (1st V.-P. Cleve¬
land Twist Drill Co.); J. O. Eaton (Pres. Standard Parts Co.); H. P. Mcin¬
lbs.)—
Copper Co.—Output (in
Increase
Increase] 1920—10 Mos.—1919
90,800
142,101,873 39,437,000
National Bank and First Trust &
Day, Day
Cleveland;
2.664,873
resigned as Vice-President
and General Manager.—
2392.
V. 110, p.
Co.—Trustee.—
Republic Metalware
Trust Co. has been
The Columbia
appointed trustee of an issue
000,000 7% Registered notes.
after war taxes
Preferred dividends (8% p. a.)
•Common dividends (7%)
Balance surplus
—V. 109, p.
$488,582
$317,878
$199,453
,
.
of $1,■>; :
Ltd., Toronto.—Earnings.—
1919-20.
1918-19.
1917-18.
$339,453
$457,878
$628,582
84,000
84,000
84,000
56,000
56,000
56,000
Russell Motor Car Co.,
Years ended July 31—
Net profits
Guardian Savings & Trust Co.); John Sherwin (Pres. First
Savings Co.); Judge William L. Day (of
Wilkin): Dudley S. Blossom (director of Public Welfare,
director and ex-V.-P. Wm. Bingham Co.); Frank A. Scott
(V.-P. & Gen. Mgr. Warner & Swasey Co.).
Walter D. Sayle (Pres. Cleveland Punch & Shear Co.; Pres. Cleveland
Crane & Engineering Co.); Franklin G. Smith (Pres. Osborn Mfg. Co.);
A. W. Henn (Pres. & Treas. National Acme Co.); E. J. Hess (V.-P. Standard
Parts Co.; formerly Pres. Weston Spring & Axle Co.); F. R. White (director
Baker R. & L. Co.): W. E. Bock (Chairman Bock Bearing Co., Toledo);
W. H. Prescott (Saginaw Bay Co.).
Compare plan in V. Ill, p. 1758.
tosh (Chairman
Mass.—Resignation.—
Worcester,
Co.,
Reed-Prentice
Albert E. Newton has
all
of Chancery, Newark. N. J., on the application of Joseph
Armstrong, holders of 27,500 shares of stock, appointed
Robert H. McAdams, Elizabeth, N. J. receiver.
The receiver was authorzed to continue the business and issue certificates of indebtedness for
money needed to keep the company going.
the
with plant, at Rahway, N. J. claims to have orders for 300
auto bodies at $1.065 each, and another 100 orders in sight, but, the petition
says. It has not the means of meeting its current expenses.
Present
$76,000 and assets $239,000.
The company,
debts
Swan
1706.
Joaquin Light & Power Corp.—Initial Div.y &c.—
The company has declared an initial dividend of $1 75 per share on the
Prior Pref. 7% stock, and the regular quarterly div. of $1 50 on the 6%
Preferred stock, both payable Dec. 15 to stockholders of record Nov. 30.
The comphny recently filed a certificate covering an increase in its capi¬
talization from $29,500,000 to $34,500,000.
Compare V. Ill, p. 1753.
Co., Chicago.—Revised Statement.—
Decrease 11920—10 Mos.—1919
Increase.
$13,423,0031209,872,092 195,631,042 14,241,050
Sears, Roebuck &
1920—October—1919
$20,113,426 $33,536,449
—V. Ill, p. 1859, 1667.
authorized
1478.
.
Lead
(lbs.)
Copper
(lbs.)
*
206.772
157.386
1920-..—
■October,
•October, 1919
2,368.085
1,614,669
10 Months, 1920
10 Months, 1919
—V. Ill, p. 1478,
Cleveland.—Earnings.—
after depreciation and Federal taxes,
1920 were $4,532,632 as compared with
699.
earnings,
Ill, p.
436.56
5.48
4,102.47
227.84
39.254
2,026
336.807
84,457
Simms Magneto
for the fiscal year
$3,159,746 in 1919.
Fiscal Years Ended Oct.
1920.
$
Assets—
mach.
Real est. &
Cash & acc'ts rec.
Liberty bonds..
U. S. ctfs. indebt.
Inventories
_
1919.
$
821,016
534,936
757,473
233,082
604.000
500.000
46,764
86,522
90,361
authorized Common stock from 100.000 shares
1200,000 shares, for the conversion of the bonds.
The company
000 7% Cum. Pref. stock outstanding.—V. 110, p. 1898.
(par $5) to
has $1,000,-
Mexico and dis¬
crude oil,
increase over 1919 of 166%: this includes 286,122 bbls. of oil handled by
other concerns for Sinclair account.
In addition to this more than a million
barrels of oil was produced and sold in Mexico from its wells in the so-called
light oil district, while its affiliated company, the Mexican Seaboard Oil
Co., also produced and sold more than a million barrels.—V. Ill, p. 1758,
During October the company, we learn, exported from
tributed to its terminals and customers, 1,066,698 bbls.
Panuco
of
an
181', 105
(est.)..
500,000
Fed. tax
677.389
Surplus
250,000
553,813
.2.222,320 1,734.918
Total
2,222,320 1,734,918
Dividends paid during the year 1920 were as follows: Jan. and April,
5% each; March 1, 50% in Liberty bonds; July, 10% In cash
In cash.—-V. Ill, p. 1190.
and Oct., 3%
(Report for
(of N. J.), N. Y.
Nine
Net from
Total
operations
income
Federal taxes
Outside stockholders
City, & Subside.
Months Ending Sept.
1920
30)
1919
1918
..$45,620,415 $34,322,670 $30,420,573
15.049.207 12,601.008 13.178,870
15.681.888 12,821.796 13,451.317
3.044.116
2.934.164
2.620.204
3,190.890
1,988.132
2,627.539
15.636
25.695
357.070
4,270,024
3,922,932
4,465,940
xTotal vol. business
Depreciation
Sinclair Consolidated Oil Corp.—New Sub.—Product.
The Sinclair Texas Pipe Line Co. was incorp. in Delaware on Oct, 27 1920
with an authorized capital of $1,000,000 to own and operate pipe lines for
the transportation of oil. gas, water, <fcc.
750,000
8,244
233,106
53.581
Capital stock
\cc'ts payable..
Deprec'n res've.
Total
The stockholders
increasing the
$
$
750,000
Res've for taxes.
8% Convertible
ble into
a map
2 1920 and 1920. 27 1919.)
Sept.
1919.
Liabilities—
283.084
Tidewater Oil Co.
Co.—To Create Bond Issue.—
will vote Nov. 30 (a) on creating an issue of $500,000
Gold Debenture bonds, to be dated Jan. 1 1921, converti¬
Common stock any time after two years at $10 per share,
(b) On
of this
Fall River.—Report.—
Corp.,
Tecumseh Cotton Mills
Improvements .
Co.,
^nded Aug. 31
—V.
Gold
(ozs.)
1089.
Sherwin-Williams
Net
790,149
770.736
6,869,382
2.905,758
The "Iron
(Balance Sheet for
Silver
(ozs.)
$2,000,000 to $4,000,000,
Tata Iron & Steel Co., Ltd.—Status.—
Age" of Oct. 28 (pages 1119 to 1122) gives an analysis
Indian company's mineral resources and operations, together with
showing its present and projected works.
3,484,078
Co.—Production.—
Shattuck Arizona Copper
Common stock from
$100; also authorized $1,000,000 of 8% Cum. Pref. stock,
par $25, of which $100,000 is to be taken by the managers
and $500,000 will be offered at par to the shareholders.
The stockholders also ratified and confirmed
the acquisition of the
Cataract Refining & Mfg. Co. of Buffalo and increased
the number of
directors from 3 to 5.
Compare V. Ill, p. 1849, 1758.
par
Refining Co.—Earnings.—
12 Months Ending—
Sept 30 1920 Aug. 30 1920 Jan. 31 1920
■Gross earnings
$12,026,083 $11,817,185
$9,453,628
4,188,149
New York.—Capital Increased.—
Nov. 10 authorized an increase in the
Finch Co.,
&
The stockholders on
Shaffer Oil &
4,260,768
Inc.—Receivership.—
Superior Body Co.,
The Court
Oxman and Thomas
San
Netearnings
—V. Ill, p. 1667,
&
portion
Dividends...
$5,161,222 $3,950,873 $3,380,564
$22,498,284 $17,861,554 $16,297,566
surplus
surplus
Including subsidiaries as
Balance
P. &L.
represented by their combined gross sales and
earnings exclusive of inter-company sales and transactions.—V. Ill, p. 1190
x
Amalgamation, &c.—■
and which will
for ratification,
1667.
proposes that the Tobacco Products Export Corp. change its name to
International Tobacco Co. or some similar name, increase its capital stock
Singer Manufacturing Co.—Capital Increased —
and subsequently absorb United Profit Sharing Corp. and Philip Morris
The stockholders on Nov. 11 voted to increase the capital stock from
& Co., Ltd., Inc.. through the exchange of their stock for stock of the new co.
$60,000,000 to $90,000,000 ratified.
The additional $30,000,000 stock is
Tobacco Products Corp. holds in its treasury voting trust certificates for
to be paid to the shareholders in the form of a 50% stock dividend.
Com
about. 202.857 shares of the Tobacco Products Export Corp., and it is said
pare V. Ill, p. 1859, 1667.
that the plan may involve the distribution of these shares.
The proposed
distribution, it is understood, would be made without any "rights
or any
Southern Power Co.—To Build Hydro-Electric Plant —
payment of shares by the stockholders.
It is understood that the purchaseof 13 retail cigar stores in Canada of the
Plans
being prepared by the company for the construction of a new
60,000 k.v.a. water-power plant near Charlotte, N. C.
This will be the United Cigar Stores Co. of Can. and United Cigar Stores Co. of Man. has
been for the joint account of United Profit Sharing Corp. and United Cigar
ninth hydro-electric plant to be tied into that company's system of 2.050
Stores Co. of America.
This brings the number of retail stores operated
miles of high-voltage transmission lines and will bring the total rating of its
hydro-electric and steam stations up to 340,900 k.v.a.
W. 8. Lee, V.-Pres. jointly in Canada by these two companies up to 25. The purchase, it is
believed, is part of the plan of expansion which is being followed out in
& Chief Eng., states that the plans for the new station call for its completion
anticipation of the absorption of United Profit Sharing and Philip Morris
In the summer of 1922.—("Electrical World.")—See V. 110, p. 2663.
& Co., Ltd., by Tobacco Products Export Corp.—V. Ill, p. 1860, 1759.
%
Spartan Mills, Spartanburg, S. C.—To Increase Capital.
Tobacco Products Export Corp.—Probable Merger.—
The stockholders will vote/Dec. 15 on increasing the capital stock from
Tobacco Products Corp.—Probable
is understood that a plan now under consideration,
for submission to the different stockholders
It
shortly be readv
■
are
$1,000,000 to $3,000.000.—V.
Standard Oil Co.
Stock from
on
106, p. 507.
See
of Indiana.—To Reduce
$100 to $25.—The
Par Value of
stockholders will vote Dee. 9
capital stock from $100 to $25.
reducing the par value of the
will also be asked to ratify the action of the directors
150% stock dividend, payable Dec. 18 to holders of record
With the reduction in par value four new shares of $25 par will
be exchanged for each $100 par value share.—V. Ill, p. 1859.
The stockholders
in declaring a
Dec.
17.
Standard Oil Co. of
An extra
Kansas.—-Usual Extra Dividend.—
regular quarterly payment of
Capital stock, par
dividend of 3%, together with the
3%. have been declared on the outstanding $2,000,000
$100, payable Dec. 15 to holders of record Nov. 30.
An extra
3% has been paid, along with the regular quarterly dividend since
dividend of
Feb. 1918.
—V.
Ill, p. 700.
Standard Oil Co. of New Jersey.—Pref.
headed by J. P. Morgan & Co., which
Stock Sold.—
offered at 105 the
shareholders at par,
p. 1667.
The syndicate
unsold balance of $100,000,000 7% Pref. stock offered to
has been closed, all of the stock having been sold.—rV. Ill,
Cleveland.—Reorganization Plan
Ratified.—The reorganization plan (V. Ill, p. 1758) was
approved by the stockholders on Nov. 10.
They also gave
evidence of their intention to co-operate to the full in making
Standard Parts
the plan
effective.
Co.,
Corp. above.—V.
Tobacco Products
'
Ill, p. 1573.
Underwood Typewriter Co.—Dividend Increased.—
A quarterly dividend of 2H% has been declared on the $9,000,000
Common stock, payable Jan. 1 1921 to holders of record Dec. 4 1920.
Regular quarterly dividends of 2% each have been paid from April 1919 to
Oct. 1920, inclusive.
In January and July last, and in January and July
1919. 5% extra was paid, in addition to the regular quarterly dividend.—
V.
Ill, p. 800.
United Cigar Stores Co. of America.—Listing—Earns.—
The New York Stock Exchange has authorized the listing on and after
Nov. 15 1920 of $2,987,900 additional common stock (auth. $60,000,000),
par $100, on official notice of issuance as a 10% stock dividend
Nov. 15 to holders of record Oct. 29, making the total amount applied for
payable
%S2 800 100
Results for
Eight Months Ended
8
profits after tax., &c.
Preferred dividends
Net
Common
dividends....,
Balance, surplus
Profit & loss,
1918.
Year 1917.
$4,010,204
$2,873,501
316.890
2.105,055
$1,267,579 $1,384,544
$5,759,628 $5,067,761
above.—V. Ill, p. 1860.
$451,556
$3,683,216
\Jos. '20.
$2,965,721
237,668
2,716,200
$11,853
surplus... $5,771,482
See Tobacco
Products Corp.
•
had acquired 254,684
therefor of 509,368
stock.
Aug. 31 1920 and Calendar Years.
Up to Oct. 20 1920 United Retail Stores Corp.
the company's common stock by the issuance
shares of the United Retail Stores Corp. Class A Common
shares of
Year
1919.
$4,436,479
316,890
2,852.010
Year
316,890
2,308,770
1958
Union
THE
Oil
Co.
(of
Delaware).—New
CHRONICLE
Well.—
Williams Tool Corporation,
Erie, Pa.—Earnings.—
The Western Union well No. 77 in
the Santa Maria Field, Santa Barbara
County, Calif., which, it is said, is producing at the
completed.—V. Ill, p. 1860, 1668.
has been
United
Gas
rate of 200 bbls.
Chairman Horace W. Davis, in circular letter
dated at 56 Pine St., N. Y.,
28, says (in brieD:
Oct.
daily,
We have more unfilled orders on our
books than at any time this year,
and this Ls so in the face of increased
production.
Not a single order has
been canceled.
Sales for the second quarter were
20%, and for the third
quarter 45%, greater than the first
quarter.
The net profits of the Erie
plant alone for the last six months, after reserve
for all Federal taxes, amounts to
$42,721.
The Canadian company stands
on our books as an
investment of $72,460, and the net
profit,
Improvement Co.—Listing.—
The Phila. Stock
Exchange on Nov. 6 listed $2,506,150 additional
7%
Cumul. Pref. stock,
making the total amountlisted
$4,554,800.—V. Ill,
1868, 1573.
United Natural
Gas
p.
Co.—Acquisition.—
thereforem.
available to your company for the five months
since it was acquired amounts
to $12,433.
being in excess of allour preferred dividend requirements.
The
company, it is stated, has purchased the Salina Natural Gas Co.,
which supplies the territory near the
village of Salina, Pa.—V. 100, p. 1759.
United
For the four years
ending June 30 1919 our net earnings, after reserve for
Federal taxes,
averaged three times the Pref. dividend requirements and
approximately 12% on the issue price of the Common stock. The
earnings
for the past six months have
exceeded 44£ times the Pref.
dividend, and
approximately 20% on the Common. It is reasonable, therefore, to
expect
a dividend on
the common stock this
year.—V. Ill, p. 80.
Profit-Sharing Corp.—Probable Merger.-
See Tobacco Products
Corp. above.—V. Ill,
p.
1573.
United Retail Stores
See United
Corp.—Holdings in United Cigar.—
Co. above.—V.
Cigar Stores
Ill,
United States Gypsum
p.
1573.
Willys-Overland
Co.—5% Stock Dividend.—
The directors have declared an extra dividend
of 5% on the Common
stock, payable in Common stock Dec. 31 to stock
of record Dec. 15.
This
stock distribution will increase the
outstanding Common stock to $4,100,145.
The company recently changed from a New
Jersey to an Illinois corporation
and the par value of the Common
shares was reduced from $100 to $20
(compare V. Ill, p. 700).
The regular quarterly dividends of
1% on the Common and \%% on
the Pref. were also declared, both
payable Dec. 30 to stock of record Dec. 15.
—V. Ill, p. 903, 700.
Vice-Pres. Earl in a
the plant Nov. 5 said:
S.
"Employees will
Movements," on a preceding page.
($71,000) Sharon Coke Co. First Mtge.
5% 30-year gold bonds of 1901 have been called for payment Dec.
and int. at the Union Trust
Co., of
was
Nov. 18.
following
Utah
1748,
Co.—Output (Lbs.).—
Increase.
J
1920—10 Mos.—1919.
103,864136,253,400
22,957,150
reported on Nov. 12 that the
company's factories will resume
Several departments will
get under way on that date with others
rapidly
as
Decrease 11920—10
Increase.
13.296,250
Decrease.
2*307,656
1,525,700189,757,999 92,065,655
System, Inc.—5% Stock Dividend—To Purchase
Capitol Lunch System.—
A 5% stock dividend has been
declared on the Common stock,
payable
Dec. 1 to holders of record Nov.
20, making the total stock dividend
this year 10%, 5% having been
paid in Common stock May last.
The company has entered into an
agreement to purchase the Capitol
Lunch System chain of 11
restaurants, comprising 3 in Worcester, 2 in
Springfield, 2 in Hartford, 3 in New Haven and 1 in
Waterbury.
The
new
acquisition will be financed partly by Preferred stock now in
the
treasury and partly
by cash.
(The "Boston Herald" of Nov.
10.)—
V. 110, p. 1858, 1650.
page
Weber
The
&
New
or
notes,
under
consideration the issuance of
but details are not yet available.—V.
Ill,
Wolff Mfg. Co.,
Exchange has authorized the listing of 173,477
•hares of Common stock (auth. 250,000
sh.), no par value.
Consolidated Income Account 6 Mos. end.
Aug. 31 and Year end. Feb. 29 1920
6 Mos. to
„
Total income
Selling and administrative
expenses
608,545
Compare V. 108,
Western States
p.
tax
(1919),
2131; V. Ill,
Oil & Land
p.
503.
Co.—Acquisition.—
ft. gas a day,
holders of Great Western Co.
States Co. to conduct a
cu.
according to announcement sent to stock¬
It is also said to be intention
of Western
campaign of aggressive drilling.
In effecting the
morger the Great Western Co. sells its Salt Creek
acreage to Western States
Co.
It is planned to dissolve Great
Western Co., for which a
meeting of
stockholders has been called for Dec.
6."—V. 110, p. 270.
Western New York Farm3
Co.—Time Extended.—
The committee (see
below) has notified the holders of the
certificates of
deposit for the 1st M. 6% 15-year gold bonds that,
pursuant to the authority
vested in it by the agreement dated
March 10 1919,
renewing and extending
the deposit agreement dated
Nov. 15 1916, the committee
has adopted the
resolutions further renewing and
extending tho,deposit agreement and the
time within which a
plan of
reorganization
or a
sale effected for
a
or
Chicago. —Listed.—
Stock
C U R R E NT
readjustment may be
adopted
further period of two
years from Nov. 15 1920.
Committee.—Henry E. Cooper, Chairman; Harold B.
Dyer, Robert T. Sheldon, C. E. Mitchell, with William J. Thorne,
F.
M.
Eck, Secretary*
37 Wall St., N. Y
City.
NOTICES
—Glidden, Davldge & Co. in their
monthly letter on the bond market
state: "We believe the
present changing economic
conditions, the benefits
to be derived from the new
Transportation
solidations and mergers should
Act and the probability of con¬
railroad bonds in general to sell
higher
cause
Public
utility issues have also shown decided
strength.
commodity prices is a forerunner of lower
—Salomon Bros. & Hutzler
fact that the Treasury
of
Exchange Weekly Official
Intelligence" Oct. 4 says
In substance:
The directors of the
Westinghouse Brake Co., Ltd., have
decided to amalgamate the
interests of the
company with those of the
Consolidated Signal Co., Ltd., and have
entered into an agreement
for the
purchase from the Consolidated
Signal Co. of all the shares
held by that
company in companies dealing with
railway signal and safety devices.
board therefore recommend:
The
(1) that the name of ihe
company be changed
to the Westinghouse Brake &
Saxby Signal Co., Ltd.;
(2) that each of the
£10 shares be sub-divided into
10 shares of £1
each; (3) that the capital
be increased to
£1,200,000 by the creation of
800,720 new £1 shares
Ihe doctors propose to issue by the capitalization of part of the reserves
and undivided profits 5 new
shares of £1 each,
fully paid, in respect of everv
£10 share held on Oct. 22.
The consideration
to be paid to the
dated Signal Co., Ltd., is
ConsolL
£416,112 in cash, and
they will thereafter sub¬
scribe and pay in cash for
416,112 £1 shares at par.
An option will be
to the Westinghouse Air Brake
given
Co. of
Pittsburgh to subscribe for 100 000
£1 shares of the increased
capital in cash at par, in
consideration of a trade
agreement to be made with the Union
Switch &
Signal Co
Owing to the difficulty in arriving at a
correct valuation of
the com¬
pany's interests in Germany and Russia, it has
been deemed
establish
a
a
p.
new
desirable to
company, the
capital of £40,000, par
1524.
Westinghouse Brake
Subsidiaries Ltd
with
£1, which will take over
these interests.
V. 110,
Westinghouse Electric & Mfg. Co.—Listed.—
The N. Y. Stock Exchange has admitted to
trading $30,000 000 7% gold
bonds due May 1 1921, when issued.—Y.
Ill,
p.
1759.
a
corre¬
security."
calling the
Department is offering
are
attention of investors to the
a new
issue of $200,000,000.
thereabouts 5 % % Certificates dated Nov.
15 and maturing May 16
1921,
These Certificates are free from
Federal, normal and State income
at par.
taxes.
■•:.
.
—In
a
special circular
Mexican Eagle Oil issued
by Joseph Walker &
Sons, they state that for 12 months
ending June 30 1919, a net profit of
almost
$19,000,000
was
on
made upon a capital of around
$27,000,000.
1919-1920, daily deliveries increased
at the present
day stand
to
an
at 63,000 barrels.
C.
Orton
&
Co., specialists
St., New York, have issued a table
for
the
convenience
of
those
For
barrels and
-
—William
showing,
average of 43,000
in
reorganization
securities,
of 40 railroad bonds in
dealing in
such
default,
securities,
what
good delivery.
—Shapker, Waller & Co., investment
bankers, 134 South La Salle St.,
Chicago, announce the change of their
corporate name to Shapker & Co.
Edward B. Shapker,
President; John F. Kent, Vice-President,
succeeding
A.
Rawson
nounce that
a
Waller.
—William
E.
Cadbury, M. Brantley Ellis
and
Haroid A.
Haines
an¬
jthey have formed
a partnership for the
purpose of dealing in
investment securities under the firm name fo
Cadbury, Ellis & Haines;
with offices at 301 Franklin
Bank Bldg.,
Philadelphia.
—A co-partnership has been
formed by Theodore
Laurence White under the name of Watson &
investment business with offices
S.
Watson
White to conduct
at 149
—Newburger, Henderson &Loeb, members of New York
Stock
have prepared a detailed
comparison of the Atchison
and Pennsylvania Railroads.
and
a
E.
general
Broadway, Singer Building.
Exchange,
Topeka & Santa Fe,
Copies will be furnished on request.
—The Liberty National
Bank, New York, has been appointed
registrar
Copper Products Corporation preferred and common
stocks
Power & Light Co.
preferred stock.
—Scott & Stump, New York and
of the American
and Pennsylvania-Ohio
Philadelphia,
Westinghouse Air Brake Co .—Option to Subscribe
to
100,000 Shares of Westinghouse Brake &
Saxby Co.y Ltd.—
The London "Stock
The rapid decline
operating costs and
sponding increase in earnihgs of this class
coupon each defaulted issue should
carry to constitute
An exchange journal says: "Tho directors
of Great Western Petroleum
Co.
have merged the company with Western
States Oil & Land
Co., through
exchange of 614 shares of Great Western for one share of
Western States.
Last named company is credited with
production of 1,500 barrels oil and
18,000,000
Indus'y
"Chronicle, '
1920—October—1919.
1,092,744
$185,396
x$810,865
$309,558; balance, surplus,
—
Fedoral
Wilson in last week's
Increase. I
1920—10 Mos.—1919.
Increase.
$13,242,233 $10,742,643
a$2,499,490|$106,970,020$89,124,660b$17845360
a The
gain from old stores for Sept. 1920 was
reported as $2,186,746.
b Gain from old stores for the
10 months ending Sept. 30
1920, $14,812,825.
—V. Ill, p. 1480, 1090.
25 Broad
Net profit.
x Deduct
estimated
$501,307.
Year Ended
Aug. 31 '20. Feb. 29 *20.
_$2,626,262
$4,222,090
792,165
1,897,816
$793,941
$1,903,609
-
Grossprofit
'
Exchange recently authorized the listing of 50,000
(no par value).
The company has
outstanding
$580,000 6% real estate bonds, $1,250,000
7% Cum. Pref. stock and $1,500,000 6% 2d Pref. stock.
The 50,000 Common stock is
represented by
a
surplus of $2,048,889.
Net income before dividends for the
11 months
ended July 31 1920, $305,432.—V.
101, p. 2079.
or
Heilbronor.—Listing—Earnings.—
Stock
York
Sales
1668.
p.
statement by President T. E.
1808.—V. Ill, p. 1668. 1577.
The Chicago
in
Washington (D. C.) Gas Light Co.—New
Financing.—
$2,000,000 of bonds
p. 1861.
Ill,
(F. W.) Woolworth Co.—October Sales—
Mos.—1919
Waldorf
It is stated that the company has
possible.
as
Wilson & Co., Inc.
(Packers).—Status of Packing
See
Copper Co.—Copper Production (in lbs.)—
1920—Oct.—1919
8,000,000 9,525.700
—V. Ill, p. 1573, 1090.
business at that time.
have completed the inventory and
we
shares of Common stock
United Verde Extension Min.
1920—Oct.—1919.
3,864,756
3,760,892
—V. Ill, p. 1860. 1572.
p.
f
The reports that the
company has been negotiating with local bankers for
the flotation of $30,000,000 in new
securities have been characterized as
1 at par
Pittsburgh, trustee.—V. Ill,
1573.
be notified when
operations.'
premature.—V.
See under caption, "Trade and Traffic
;
^
productive capacity of our plant in
building cars, and in taking inventory at this time it will
give us an oppor¬
tunity to take advantage of the increased volume of
United States Steel
Corporation.—Unfilled OrdersEntire Issue of Sub. Co.''8 Bonds to Be Redeemed at Par
and Int.
The entire issue of seventy-one
Down.—
are
closing for inventory, which we are taking at this time of the
rather than in December, which has
been our customary period.
"We believe that the
general business of the country will be so improved
at a later date that we will
need all the
It
current rumors Indicating that the
coming meeting of the board are without
foundation and that the regular rate will be
declared.
"Financial America"
Nov. 11.—V. Ill, p. 1755, 1412.
Shut
employees announcing the closing
"We
Industrial Alcohol Co.—Dividend.—
Chairman H. S. Rubens declares
dividend might be reduced at the
Co.—Plant
notice to the
year
resume
U.
[VOL. 111.
Speck of Carlisle, Pa., has become connected
charge of their branch office in that city.
announce
with
them
that
and
Charles
will
take
—The Liberty National Bank
qf New York has been appointed registrar
Wilson-Jones Loose Leaf Cd.'s common
stock, also agent for the
voting trustees of the preferred stock.
V
of the
—Tilden /&
Chicago,
Tilden, Inc., investment bankers, 208 South La
Salle St.,
election of David O. True and
Joseph S. Wilson as
announce the
Vice-Presidents of their firm.
—Ladenberg, Neumond
for distribution
a
leaflet
& Co. of 170
on
Broadway, this city, have prepared
the German
their collection.
Law governing mark
checks and
—Arthur Batty has recently
become associated with the firm of
Kissel
Kinnicutt & Co. as a special
representative to handle the dealers
throughout
the East.
—The Equitable Trust Co. of N.
Y.
of the stocks of the
—The
has been appointed
transfer agent
the American
Magor Car Corp. and of
C°.x
Guaranty Trust Co.
of New
Copper Products
York
has been appointed
agent of stock of the Wilson-Jones Loose
Leaf Co., Chicago.
—The American Trust Co. has
been appointed transfer
agent
trar for Union Gulf Petroleum
transfer
and regis¬
Corporation.
—The Central Union Trust
Co. of New York has been
appointed trustee
for the Bertron, Griscom &
Co. two-year 7% gold
notes, issue $1,600,000.
Nov. 13
THE
1920.]
1959
CHRONICLE
One year ago the union rate for
at 90 cents with the understanding
Nov. 1 this year the increase to $1 would become ef¬
by an overwhelming votq,
carpenters
<Ptje
that on
~
New York, Friday
,
fixed
employers made no attempt
to recede from
Some of the men said that, as prices were
falling and there were indications of steady work at the
the
Niglit, Nov. 12 1920.
all over the country
The
fective.
COMMERCIALEPI^^
was
agreement.
and this has
present wage, they wrere satisfied.
Plasterers alone of the
Busi¬ Baltimore building trades have gone on strike for an ad¬
iv;.'";,
.
■
: ■
'
ness is much smaller than a year ago.
The people of the vance.
In the opinion of John B. Andrews, Secretary of the
United States still refuse to buy on a large scale.
They
do not like the prices asked for merchandise.
Farmers are American Association for Labor Legislation, hundreds of
thousands of workers in all the vital industrial centres of
holding back their crops and retailers in very many cases
persist in maintaining prices which the people refuse to the country are without jobs and a bread-line crisis is threat¬
pay.
This is still one of the worst features of the situation. ened this winter. Business dulness all over this State has
Until retailers come to their senses throughout the length
produced a marked increase of applications for domestic
and breadth of the United States the impression is wide¬
places in the last two weeks.
This is reported by leading
Two firms said there has been an
spread and deep-seated that there can be no permanent employment agencies.
increase of 300% in the number of women looking for do¬
Improvement in general business.
The dulness of retail
mestic work.
Wholesale leather dealers blame retailers for
trade is still causing the closing down of many mills in dif¬
ferent parts of the country.
This in turn is, of course, also the present unsatisfactory condition of the market, as they
claim the latter are unwilling to accept their share of the
causing a very noticeable increase in unemployment. Mills
and factories are discharging their hands.
Labor is feeling losses incidental to readjustment. Fifty-four houses in Cin¬
the effects of a boomerang.
It insisted upon an advance cinnati have started special sales of millions of dollars'
worth of goods, to last all this week.
Chicago reports that
in wages in many cases far greater than the increase in the
cost of living.
They not only demanded higher wages, but banks are restricting credits and insisting that merchants
they loafed on the job.
This jcut down production, already clear the shelves of inflated stuff at the best prices they
can get.
Greenville (S. C.) clothing firms reduced prices
reduced by the scarcity of labor brought about by the war.
High costs of production, due partly to high wages, lifted 20% to 25%. Uncasville (Conn.) cotton mills are resuming
A significant thing
prices to a point where the people of this country finally re¬ work at a reduction in wages of 20%.
is that at Springfield, Mass., the plant of the Hodges Fibre
belled.
And that is the situation to-day. Wages are begin¬
ning to decline, but retail prices remain high.
Food has Carpet Co. is closed to-day because of the refusal of the em¬
declined somewhat, but it is still high.
In fact, the cost of ployees to accept a cut of 15% in wages, which the man¬
living to the great bulk of the population of this country is agement says is the only way the plant can be kept in opera¬
still a burden not to be ignored.
And at thi^ juncture grain tion. Jobbers are cutting prices in Chicago, Kansas City and
and cotton farmers are holding back their crops with a
Atlanta, Ga.
The National Association of Credit Men
view of raising prices.
The export trade languishes on ac¬ urges a gradual cutting of prices, avoiding a debacle. Some
retail clothing dealers, it is said, have made up their minds
count of the poverty of Europe and the extraordinarily low
to accept considerable losses in an attempt to overcome
rates of foreign exchange, coincident' with a world-wide
popular indifference or hostility. The Cohoes, N. Y., under¬
stringency of money. Call loan rates here have been for the
most part 9% to 10%.
And stocks, grain, cotton, sugar, cof¬ wear mills may all close down; many are closed now. Frankel Bros., large manufacturers of clothing in this city, have
fee, rubber, hemp, wool and drygoods have all declined.
Depression in iron and steel is still very noticeable. Car¬ closed their factories indefinitely. The Perry Knitting Mill
pet auction have been at declines of 20% to 40%.
The flour at Perry, N. Y., has cut its working time to four days a week.
It is said that in the Middle West some manufacturers are
trade is depressed.
Lumber is dull apd lower.
Sawmills
and logging camps have been closing down.
It is true that invoking what is known as the "back-door" method of cut¬
the wholesale trade in groceries and food has been fairly
ting labor costs, i.e., discharging mechanics and taking them
back if they desire to come back at laborers' wages to do the
active.
And there is a good business in petroleum and win¬
same work they performed before.
Times are becoming hard
dow glass; also some slight increase in the sales of wearing
A Pittsburgh dispatch says
apparel.
But in general the people are still economizing. for both labor and capital.
They are buying just as little as they can. They believe that that soft coal .has been sold for $4 a ton at Uniontown and
other points in the Connellsville fields, adding that while
the. general tendency of prices is downward, although many
the sales at this figure are not numerous, operators were
retailers are trying, it is said, to stave off reductions until
after the Christmas holidays.
From present appearances, compelled to accept that price or permit loaded cars to stand
on railroad sidings.
Cancellations of many export orders, a
however, at least the holiday trade will not be what it usu¬
ally is. The hide and leather trade is still dull.
Shoe fac¬ greatly increased car supply, further easing of furnace de¬
tories complain of a lack of orders.
The people are having mands and plenty of labor indicate that coal will go lower.
their shoes mended rather than buy new.
It is said now All of which ought to help manufacturers when the time
The weather is colder
stimulated business, but only
within moderate limits.
'
,
.
after heavy cancelations comes.
Men's clothing for immediate delivery was offered to buy¬
retail their stocks. If they do they may
force the hand of the retailers.
In any event there is a ers in Chicago on Tuesday at prices 10% to 60% below pres¬
The largest clothing manufacturing
widespread disposition to await a further decline in prices ent wholesale prices.
concern in
Rochester announces a reduction in prices of
at retail and also at wholesale before renewing purchases
33 1-3% at wholesale.
A merchant tailor, just here from
of goods in any department on anything like a liberal scale,
ft is really something like a tug-of-war between the con¬
Glasgow, says that suits made of Scotch wool ready to
sumer on the one hand and the producer and the retailer,
wear, will soon be sold in New York for $21.
A chain of
restaurants here announce a decrease of 11% to 28% in
especially the retailer, on the other..
At New Bern, N.C., the John L. Roper Lumber Co., operat¬
the prices of food served in their establishments.
Other
restaurants have also cut prices under pressure from the
ing one of the largest sawmills in the South, will close to¬
Some 500,000 bales of sisal hemp have been
day for an indefinite period because of a lack of demand for authorities.
lumber.
More than 1,000 men will be affected.
At Sunbury, reduced in price to 6 e£nts. Kansas banks are reported heav¬
Pa., the Susquehanna Silk Mills Corporation has made a
ily loaned on wheat.
Flour has fallen $1 20 per bbl. at Min¬
15% reduction in pay through the discontinuance of a 10%
neapolis since Nov. 1.
The London "Economist's" index
bonus for regular attendance at work and a 5% "dividend."
number of commodity prices was 7,175 for October, against
Approximately 3,500 workers are affected.
The company 7,645 for September, a decline of 470 points. The October
operates mills in Sunbury, Milton, Northumberland, Jersey decline was more precipitous than in any previous month.
Shore, Lewistown and Huntingdon, Pa.
Some 150,000 of The latest figure represents a drop of 1,100 points from
New York City's 250,000 clothing workers are reported idle.
high point in March.
Both plantation and wild rubber is down to the lowest price
LARD lower; prime western $19.40@$19.50; refined to
on record.
Sisal hemp is 6c. against 15c. at one time. Sugar Continent 22%c.; South America 23c.; Brazil in kegs 24c.
is down nearly to prices current a year ago before the great
Futures declined with grain and hogs and bearish conditions
rise began.
in Europe.
The offerings of November lard have been small
Chicago retailers have cut clothing prices 50%.
It is said and the cash demand has latterly been reported good. West¬
that further reductions are likely after the holidays.
Other ern stocks are not excessive by any means; quite the conwoolen mills will follow the lead of the American Woolen
trarv.
Today prices were somewhat higher, but they end
Co., which has placed four Lawrence (Mass.) mills on a
about 75 points lower for the week.
four-day week, and some plants will be closed down entirely
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mm.
Tues.
Wed.
Thurs.
Fri.
because of lack of orders.
Archer Wall Douglas, of the
January delivery—Cts. 15.85
15.70
15.40
15.50
15-42 15.57
Chamber of Commerce of the United States, is quoted as
May delivery—
15.47
15.27
15.05
15.12
15.10 15.20
saying that prices will continue downward, but that there
PORK quiet but steady; mess $30@$31; family $48 @$53;
was no prospect of financial panic and stocks of merchan¬
Jan. closed at $23.95, a decline for the week of 85 cents.
dise "January 1 will be the smallest in years.
As something Beef quiet; mess $19 @$20; packet $21 @$22; family $26 @
new and a bit suggestive, a fifty-four-hour working schedule
$28, extra India mess $44@$46,
No. 1 canned roast beef
became effective at the American Hosiery Company in New
$3.25, No. 2 $8.25.
Cut meats lower; pickled hams 10 to
Britain, Conn., on Nov. 9.
Is the pendulum beginning to 20 lbs. 20@23%c.; pickled bellies 28@29c. Butter, cream¬
swing from a short week to a longer one? And as something
ery extras 64H@65.
Cheese, flats 20@28c. Eggs,
that some
clothing manufacturers,
by retailers, may
equally sensible and remarkable,
building trades in Baltimore have
crease
accept
12,000 workmen of the
declined to accept an in¬
in wages.
At a meeting of the workers, a motion to
an advance from 90 cents to $1 an hour was tabled
fresh
gathered extras 86@88c.
COFFEE on the spot quiet and lower; No. 7 Rio
7)^ci No. 4 Santos 10%@llc.; fair to good Cucuta
7ZA@
l\lA
1960
@12c.
THE
CHRONICLE
Futures declined both here and in Brazil.
Lowe?
[VOL. 111.
'
smallness of the available
Rio
supply of the
more
salable grades.
exchange rates also hurt the price, which certainly was
not helped either by a decline in
European exchange, the
tightness of money, and the falling prices for commodities in
The talk is that tobacco prices may withstand the
depression
other commodities.
Some predict a moderate crop at
best at the South.
There is no activity in the tobacco trade
feneral. the week of about 70 points. show
To-day prices fell and they
for
says
.6.89(3 6.911 May
.
taking
a loss on Decem¬
ber
December,
March.
in
7.57(^7.581
dropped behind and raised 36,000,000 lbs. less.
Last year's
American production of tobacco was exceeded ^by
87,000,000 pounds, the total this year, according to tha
preliminary estimate being 1,476,444,000 pounds against
1,187,708,000 lbs. last year.
SUGAR
lower; centrifugal, 96-degrees test, Cuban and
Cuban raw fell early to 6Ma., with
sales of 30,000 bags at that
price for prompt shipment, cost
and freight, which is getting down near the level'of a
year
record
Porto Rican, 7.02c.
when the great rise started.
ago
the
at
decline.
Cuban
Trade has been dull
finances
rather
seem
even
COPPER in good demand and steady at 15 cents for elec¬
Germany and France have been buying heavily
of late.
And domestic consumers' needs are said to be large.
disturbing.
trolytic.
And there is talk in Havana to the effect that the moratorium
may have to be extended, though it is added that generally
speaking, business houses
with
the
situation
in
strong and competent to
are
the
end.
Venezuela
On the whole, there is
a better feeling in the market.
Con¬
few, in open trade.
Small dealers are not
in a position to meet the
demands of the heavy purchases.
Tin low on the weakness in London.
Spot 3734 @37 34c.;
futures 3834@39c.
Lead quiet but steady at 6.60@7c. for
spot New York.
Zinc quiet at 634c. spot St. Louis.
cope
cessions
centrifugal,
November shipment, sold at 6c. c.i.f., and Costa Rica and
Demerara ex-store also at 6c. c.i.f.
A freeze threatens the
Louisiana crop.
they end
some
November,.
To-day prices were lower on futures and
90 points lower for the week.
5.75®5.751 January
5-65 3 5.701 May
5.60(9*5.65 July
5.60^5.65|
December,...5.70@5-751 February
| March
quiet and lower; carloads 93c. @$1 02;
less than carloads $1@$1 07; five bbls. or less SI 08.
The
depression in flaxseed has had its effect on Linseed oil.
Linoleum and paint and varnish interests are doing
very
little.
Ceylon bbls. 1534@1534c.; Cochin 15 @15 34c. Olive
steady at $2 95.
Cod, domestic 82@85c.; Newfoundland,
85@88c.
Lard, special prime $1 50@$1 55.
Spirits of
turpentine, SI 16.
Common to good strained rosin, $12 95.
tank
The
cars.
cooler
weather
has
a
foundry grades of coke is beginning to disappear.^ Basic
Bessemer, malleable and gray forge pig iron are difficult to
Prices have weakened from dulness and "cuts" by
re—sellers
STEEL has been dull and weak.
sumers
than
barrels.
This is
better supply
stimulated
an
crease
of
barrels.
9
Favorable reports come from the Eastern fields.
4 25
Princeton
3 77
Cabell
4 46
Illinois
3 77
Somerset.
and
10
32
deg.
above
Indiana
$3 83
„
Plymouth.
4 50
2 60
Ragland
Kansas
&
3 48
Strawn
$3 00
3 00
Thrall
Uealdton
2
75
Moran
3 00
Henrietta
3 00
Okla¬
homa
3 50
North
Liqia
3 73
South
Corrieana, light
Oorsicana, heavy.
Caddo, La., light.
3 00 Caddo, crude
1 75 De Soto
Lima
3 63
Eleotra
3 60
Wooster
4 05
__
3 25
2 50
3 40
RUBBER.—Plantation is down
to the lowest price on
The situation is called almost chaotic.
It is the
aftermath of speculation.
The outside speculators for the
record.
most^ part it seems have been eliminated.
few
insiders
it
speculation for
is
a
understood
time.
who
Before
also
the
war
sold at around 55 cents.
There
took
were some
in this
plantation rubber
part
Latterly it has fallen to 20 cents.
During the war the United States Government put the
industry under control.
Importations were limited to
25,000 tons every three months.
The maximum price was
by the Government at 60 cents per pound, but it
really reached a level at one time of 3334 cents.
Rubber
fixed
was
boomed
consumption.
for
a
time
after
the
Tire manufacturers
armistice
were
the
on
increasing
large buyers.
So
makers of various rubber articles.
Later the
withdrew from the market.
Rubber like every¬
thing else became dull and prices have steadily fallen.
But
the annual consumption of the U. S. is
put at about 200,000
tons arid the stock here was estimated at
only 15,000 tons.
London is carrying the
were
more cars
increase of 8,432 barrels
Pennsylvania
Corning
consumer
largest
big supplies.
Latterly
quiet at the decline.
Plantation
quoted at 20@20 34 cents.
Sales
also have
stock.
Primary
at as low as 20 cents.
Thin
Smoked ribbed sheets declined to
1834 @ 19c.
OCEAN FREIGHTS have been dull and still
depressed.
cotton and
markets
trade here has continued
first latex crepe has been
have been made it is said
clean was quoted at
Cotton is
10 cents
1734c.
more or
100 lbs. lower.
grain is going out from Gulf ports.
per
less
Some
Charters included coal from Australia to
5s. additional; 30,000 quarters
paraiso.
a nitrate
port, £5 5s., or to Val¬
grain from Atlantic range to the
Mediterranean, 16s. 6d., November; from
a Gulf port to
Mediterranean,
17s., November; heavy grain from River Plate to United
Kingdom or Conti¬
nent, basis, $^4 50prompt; coal from Atlantic
range to Amsterdam, $10 25;
to Rotterdam, $10;
option French Atlantic port, $10 50
prompt; grain
from New York to Rotterdam,
47Hc. per 100 lbs. prompt; 20,000 quarters
grain from Atlantic range to Spanish Mediterranean,
16s., November;
25,000 quarters grain from Gulf port to West
Italy, 17s. 6d., November;
coal from Atlantic range to Port Said,
$14 50: to Madeira, Las Palmas
or Teneriffe, $11 25; six months' time
charter, 16s.; maize from Rosario to
North Spain, 97s. 6d., one port of
discharge, 100s., two ports, November;
to United Kingdom or Continent, 93s.
9d., November-December; 2,118ton steamer one round trip in United States and west
coast rSouth American
trade, $3 25, November; 3,500-ton steamer one round
trip in West India
trade, $3 25 prompt.
TOBACCO has been in moderate demand with
prices in
the main reported steady.
Stocks are not burdensome; far
from it.
In fact business would be
larger were it not for the
/
intent
on
reducing stocks and contracts
Meantime prices are not only weak but
in
a
time of absolute
dulness
seems
in
a sense
like
locking the stable after the horse is stolen.
Production is
steadily falling.
Mills and furnaces in increasing number
are idle.
Sales to motor car companies have further de¬
creased.
Some buying of rails for 1921 delivery is at a price
yet to be fixqd.
Some think it may possibly be in the vicinity
of $62.50 by independent
companies.
Welsh sheet bars
are lower in
London.
France has lifted the embargo on
initial production of 70,358
160 dry holes and 48 gas wells
were
more
buying.
irregular and uncertain.
All that is clear is that the drift
prices is downward.
The supply of car3, it is true, is to
be increased by a new order of the Interstate Commerce
Commission, releasing from coal traffic open top cars up to
42 inch sides. This is
especially applicable to the Pittsburgh
district which has been hard hit by ear shortage, but grancing
also
over September.
brought in,
de¬
dry and 6 of gas.
Production in Osage and
Carter counties was much greater than in
September.
In
Osage 24,460 barrels were produced in October against 10,951
in September, and in Carter
15,560 against 12,057. Com¬
pletions in Kentucky were also larger than in September.
Two hundred and fifty»seven wells were
drilled, of which
only 18 proved failures.
New production was about 8,600
There
are
on
of
buying of kerosene.
Production of oil in Oklahoma showed
big improvement during the month of October.
Comple¬
an
The total of unfilled
tonnage has been heavily reduced.
Cancellation of orders is
a prominent feature.
Few new orders are received.
Con¬
a
tions totaled 767 wells with
very
sell.
PETROLEUM steady; refined in barrels 24.50@25.50c.;
bulk 13.50@14.50c.; cases 26.50@27.50c.
Gascline active
and steady;^teel barrels 33c.; consumers 41c.
(wood barrels);
gas machine 50c.
The movement of kerosene into consum¬
of
are
PIG IRON has been dull and
depressed.^ Coal and coke
also tend downward.
Some think coke will yet go to $7.
It appears that the $1 differential between furnace and
5.70(^5.75
,5.80@5.85
OILS.—Linseed
ing channels has latterly been larger, due to
the country over.
The Government crop report
that Virginia, North Carolina and South Carolina gained
this year over last year's production of tobacco, but Kentucky
7.87@7.881 July.
8-17(^8.18
| September,„_8.37@8.38
the exportation of cast iron.
WOOL in this country is quiet and lower
especially on the
low grades.
This seems to be the case throughout the
world.
But the choice grades are firm at the Sydney,
Australia, sale.
London sales
attendance there
was
are
a
different matter.
The
large but actual buying small at lower
prices.
At the London sale of Nov. 9th, total offerings were
65,000 bales including Australian 25,000 and New Zealand
about 22,500.
Of free wools ctiiefly Cape Puntas, the
offerings were 12,000 bales.
Compared with the preceding
auctions superior merinos were 10% lower and inferior
15 to 20% and crossbreds fully
20% off.
Coarse crossbreds
were neglected.
The withdrawals wer6 estimated at 65%.
At the Sydney, Australia, sale of Nov. 9th.
prices were firm
for the best combing merinos.
Americans bought freely.
The best seventies combing wools were around $1 25, clean
landed, taking exchange at $3 60.
These wools cost thirtyeight to forty-two pence for wools estimated to shrink about
46% on the average or for very light wools.
Short combing
70s cost, it is stated, 30d. to 35d., first cost, for wools esti¬
mated to shrink 48 to 50% and good 70s weft wools and
above were costing about 24d. to 26d. for wool estimated
to shrink about 52 to 54%.
On the 10th inst. 10,650 bales were offered, but (the de¬
mand continued slack and 50% was withdrawn.
Sydney,
1,458 bales; best greasy merinos sold at 17d. to 47d. Queens¬
land, 800 bales, 16d. to 2534d.; Victoria, 4,969 bales, only
the best sold; greasy merino 46d. to
50d.; pieces 17d. to 2934<L
greasy comeback 16d. to 2834d.; West Australia, 929 bales;
greasy merino 18d. to 28d.; scoured merino locks 13d. to
35d.; New Zealand, 2,443 bales; greasy crossbred 14d. to
23 34d., mostly withdrawn; scoured merino
3734d. to 56d.
The sale again showed firm prices for
warp sound 64s.-70s.
wools.
On the basis of current
exchange super 64s. were
figured at around $1 15 landed for the best.
The best
Bradford topmaking sorts on current
exchange were about
95c.
to
98c.
clean landed
basis at
London.1
New
Zealand
crossbred 50s.
brought about 17s. or a clean landed cost of
about 42c. laid down in Boston on current
exchange.
On
the 11th inst. the sale showed a
sharp demand and firm prices
high grades and' lower grades.
In Boston a slight
was noted in the
middle of the week, with
Montana fine and fine medium wools in the
original bags at
about 90c. clean basis, and on fair twelve months Texas at
for
the
increase in trade
about 85c. clean basis.
It is asserted that 250,OCX) of choice
Ohio delaine has been sold outside of Boston this week at a
clean basis of "about" $123 for wools of about 66s.-70s.
grade.
a
This report is
mentioned for what it is worth.
rule it is dull the world
It is stated in
As
over.
dispatch from Bradford, England, that
expected in the matter of financing
business in Australian wool, but that it
may not be so easy
no
serious
a
trouble is
to make advances to
Australian growers sending their
wool
to
be
ample.
At
4,971 bales
sold fairly
at a 20% decline—that is, from 9(1., to 19 %d.
Of South
African 4,671 bales were hardly half sold; greasy 8
to
19J^d., showing a decline of 20 to 25% compared with Octo¬
ber.
Russian, 353 bales; greasy merino ll^d. to 13d.
Queenslands, 594 bales; greasy merino 243^d. to 36d.;
11,000 bales of free wools were offered, Puntas
and Falklands 1,196 bales.
Greasy crossbreds
scoured 52d. to 68b£d.
us
Ger¬
44,971
10,203
1,000
Galveston
Orleans.
Savannah
Charleston
Mobile
New
■
_
-
25,149
4,489
2,000
3", 500
wise.
11,427
10,408
7,000
54,535
26,524
5,500
COTTON.
Receipts at—
18,360
10,733
10,951
11,466
482
22
67,240
4,370
"139
"4",774
"3~, 475
3,635
19.506
""451 '""162
"l"343
""205
""636
447
136
675
439
190
500
683
272
1,286
1,554
2,191
793
2,318
2,199
.
2,3°7
65
195
33,825
56,737
36.851
following shows the
36,867 263,684
40,759
58,645
considering the idea of
calling
here. It was in¬
movement to check
if Western
banks began a
design of checking or
the
Jailing, it was feared that
banks generally through¬
'South might feel disposed to
call cotton loans, or
restrict credits on cotton. Spot markets, too, for
the most part have been quiet throughout the South, de¬
spite some reported exceptions here and there at times, and
prices have been falling.
A decline in foreign exchange, both sterling and Conti¬
_
Totals this week.
The
2",307
60
were
This had an instant effect
at any rate
538
504
21
54
out
125
34
a
steadily
84
84
"-~-9
"""125
Boston
Baltimore
Philadelphia
500
3,480
2,159
10,261
~
delivery has been more
prices, but with the general
This was in sympathy with
holding back of wheat
with
"139
"4",347
N'port News, &c.
New York
4,604 225,760 1,062,080
18,022 279,414 1,357,477
27,700 155,161 1,198,224
it might spread to the South,
at any rate restricting the
holding back of cotton.
There was a report, too, that Kan¬
sas banks were heavily loaned on wheat.
On the 10th in¬
stant came reports from Georgia that the banks of that
State were calling some of their cotton loans.
With prices
the
102
11,594
1,303
State
that
ferred that
29,093
3,275
Brunswick
Charleston
Wilmington.
Norfolk 1
in
banks
13,635
1,148
Jacksonville
Savannah
16,000
distinctly downward.
wheat loans.
"l"02
Pensacola
_
267,636
305,205
117,975
236,881
5,245
48,731
19,992
60,415
depression in" prices generally, notably in grain and stocks.
The wheat market has had not a little influence.
Early
in the week there was a report in Kansas City that the
13,052
285
Mobile
_
Speculation in cotton for future
trend
6,542
1,130
New Orleans
1918.
2,500
31,335 91,209
15,171 100,366
42,474
500
2,200
9,500
"§66
2,000
33,638
13,970
Stock.
138,082
51,728
16,500
1,000
6,250
active at nervous and irregular
927
927
1919.
Total
14,551 122,658
14,885
- _ _
&c
Port Arthur
22,476
32,971
17,135
20,640
\
Galveston
Texas City- Houston
Total
Total.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
64,974
131,885
68,987
104
1,000
1,000
Total.
"500
"500
5,000
_
Total 1920-_
\
bales.
ports*.
Other
12 1920.
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
263,684 bales, against 261,864 bales last week and 271,682
bales the previous week, making the total receipts since
Aug. 1 1920 2,045,327 bales, against 2,115,694 bales for the
same period of 1919, showing a decrease since Aug. 1 1920
Friday Night, Nov.
2,000
al",350
"600
York*___
New
for
Leaving
Coast¬
Cont't.
1,400
"300
Other
many.
Britain. France.
Nov. 12 at—
not
Shipboard, Not Cleared for—
On
Great
Norfolk
of 70,368
also
telegrams to-night
the following amounts of cotton on shipboard,
cleared, at the ports named.
We add similar figures
New York.
■•■r v
give
1^ more than
auction in London on Nov.
the wool
In addition to above exports, our
Liverpool are said to
Stocks in London and
London.
1961
CHRONICLE
THE
1920.]
Nov. 13
since
compared with last year:
week's total receipts, total
little effect. Indeed, when ster¬
fell to 3.33% the effect here was very
Stock.
noticeable.
Recently, too, Continental exchange has fallen
1919.
1920.
to new low levels.
Naturally this is prejudicial to the ex¬
Receipts to
This
SinceAug
This
SinceAug
Nov. 12.
1919.
1920.
port trade.
And cotton goods in this country have contin¬
Week. I 1 1920.
Week.
1 1919
ued dull at declining prices.
Cambrics and percales have
290,722
405,718
702,671
122,058 1,089,995 97,484
Galveston
38,983
been cut 50% by large manufacturers.
There are reports of
4,983
58,824
10,795 21,178
927
Texas City.
1,801
177,276
29,093
sharp cuts in clothing and textiles in Chicago, Cincinnati
Houston
7,261
4,834
862
102
Port Arthur c
457,734
and elsewhere in the West, as well as in some parts of the
356,933
296.648
355,987 39,960
67,240
New Orleans—
39,592
11,495
80,687
18,092 21,457
South.
Reports from Chicago say that banks are limiting
4,370
Mobile.-.6,397
Pensacola
9,243
credits and insisting that merchants sell out their stocks of
1,902
260
5,763
"""139
778!
Jacksonville
401,333
134,475
545.090
high-priced goods at the best prices now obtainable. Shirts
19,506; 236,249 38,712
Savannah
18,000
4,200
74,800
8,000
7,7741
500
Brunswick
91,027
for spring delivery have been cut by one company 36%.
237,881
110,669
26,217 12,131
3,480
Charleston
62,913
35,453
53,169
7,211
Restaurants in this city have in very many cases reduced
30,526
2,159
Wilmington
107,970
49,231
125,981
57,303 27,308
10,261
Norfolk
prices, although this seems to have been under pressure by
963
68
84
652;
N'port News, &c.
9l',87i the Federal authorities.
22" 192
9,125
1,129
As for the retailers of merchan¬
3,760;
125|
New York
3,603
71,611
7,517
633
12.8251
538
Boston
dise in this city they do not seem as a rule to have of late
15,906
3,700
22,218
11,706
10,285
2,307
Baltimore
7,994
5,066
6,110
759
materially lowered their prices, if at all.
Here and there
195
1,9791
Philadelphia—
have been reductions in clothing, but the people still for
Totals
263,684 2,045,327 288,858 2,115,694 1,287,840 1,636,891
the most part hold aloof.
made with other years,
In order that comparison may be
As for the export trade in cotton it is naturally impeded
ports for six seasons:
we give below the totals at leading
by the low rates of exchange and the tightness of money at
1915.
1916.
home and abroad, to say nothing of the fact that Europe
1917.
1918.
1919.
1920.
Receipts at—
has a poor sale for goods.
Manchester has been quiet and
49,471
84,243
50,009
35,674
97,484
122,658
Galveston.
6,556
more or less depressed.
The spot demand at Liverpool has
7,789
3,142
3,230
22,040
30,122
TexasCity,&c.
50,700
71,111
56.737
51,067
39,960
fallen off and at times futures there have been noticeably
67,240
New Orleans.
3,678
824
4,786
4,855
21,457
4,370
Mobile
27,739
26,072
depressed. Manchester has been selling in Liverpool.
And
50,422
21,795
38,712
19,506
Aug. 1 1920
and stocks to-night,
....
nental, has also had not a
ling demand rate
~
~
-
_
.... _ _
■
___
Savannah
800
St. and
times.
The South has sold more or less for hedge account.
And
163
236
68
N'port N., &c.
the Government weekly report on the 10th instant was in
"8". 873
13,001
7,984
14,487
3,304
All others
the main favorable.
The crop has been gathered recently
186,346
263,463
206,566
145,643
288,858
263,684
this week
under favoring conditions.
The ginning report by the Cen¬
2,731,446
Bureau showed a total up to Nov. 1 larger than had
1,788,893 2,441,781 3,404,181
SinceAug. 1__ 2.1)45.327 2,115,694
been expected, i. e. 7,471,352 bales, against 6,305,054 bales
VY^OIV. C7JULVJLlJULg UJULIO ^ V
C4J UVJ VCV1
up to the same time last year and 7,777,159 bales it is true
of 110,371 bales, of which 48,177 were to Great Britain,
11,193 to France and 51,001 to other destinations.
Below for like period in 1918. With two exceptions, indeed, the
ginning this year is the smallest up to Nov. 1 for a number
the exports for the week and since Aug. 1 1920:
500
3,480
2,159
10,261
84
Brunswick
Charleston
Wilmington
Norfolk
__
4,000
7,365
2,066
21,120
4,000
7,605
3,162
13,539
4,000
-4,139
2,058
10,605
8,000
12,131
7,211
27,308
5,493
6,769
16,442
6,484
12,114
Liverpool has sold here to some extent; also Wall
interests.
Spot houses have been sellers at
local
Tot.
sus
UO
A ULv7
LKJL
UU.C?
a
are
But the trouble is that business is gener¬
for home and foreign consumption.
other hand the price has recently had a very
of seasons past.
Week ending Nov. 12
1920.
From Aug.
Exported to—
Exports
Britain. France.
Galveston __
City.
Texas
Houston
San
—
25 494
Other.
Total.
Britain.
France.
18,682
1,600
10,733
53,584
280.927
125,207
1,600
9,418
18.300
Mobile
8,385
100.112
2,709
29,033
35,841
700,421
1,673
41,323
12,767
84
2.307
23,868
40,862
200
19,786
51,730
84
11
14,563
93,688
149,113
20,681
53", 920
132,331
3.923
3,923
200
4,896
4,896
2.599
~3~, odd
.
5,599
23.600
_
Charleston
177,276
250
~T
1,775
23.600
~
Wilmington.
Norfolk
New
Boston
.
7.608
7,608
2,076
.
5.029
~2"o".36i
31,156
119
3.130
5.204
349
1,800
276
5,766
1.955
..
York..
1.146
1,167
2,662
Baltimore
453
Los
San Fran.
11,193
51,001 110,371
Total
Total
1919.134,714
1918.' 39,561
35 634
29.027;199.375
2,637 10,178' 52,376
510,042
211,295
540.278 1,261,615
713.184
120,870
633.035
151,633
528.3831,362.437
357.5561,142,224
short interest has considerably
times become scarcer.
In a
increased.
word the
stronger. This was shown in
sudden and sharp upward turns in the price from time to
time.
And Liverpool has at times bought rather freely.
So has Wall St. in covering shorts.
And in the fore part of
the week a freeze was threatened in the Southwest.
In fact,
freezing weather, it is reported, did occur in the northern
portions of the Western belt.
There were rains, also, in
central and southern portions of Texas and in Arkansas,
Tennessee, Mississippi and Louisiana.
The rainfall in cen¬
tral Texas was rather heavy.
Italy was said to be buying
spot cotton in Texas.
Some of the largest Italian mills
technical position has grown
were
represented by the buyers. Trade
have been buying, though in
was on a scale down.
Ocean cotton freights
$1 25 to $115 per 100 lbs. for high density,
understood to be
interests
some
£
48,177
Total
have at
926
930
"
Angeles
Seattle—.
2,405
926
"""930
453
2 ,405
Philadel 'ia_
the
Contracts
2 94,287
250
_
.
Savannah._
Brunswick
On
sharp fall and the
11
Nogalez
New Orleans
ally dull, both
Total.
Other.
Antonio
El Paso..
Pt.
1920.
Great
Great
from—
1 1920 to Nov. 12
Exported to—
from
cases
it
time to time
dropped from
and from .$1 50 to
vor of the cotton
$140 for standard bales.
mills was a recent drop
An item in fa¬
in soft coal of
1962
25%.
THE
To-day prices
CHRONICLE
declined
the week.
Liverpool
stocks
sharply and end lower for
lower and this with a decline in
THE VISIBLE SUPPLY OF
COTTON to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this
week's returns, and
consequently
all foreign
wheat told
and
was
[Vol. 111.
up
distinctly against the price.
So did
reports of lower spot markets on both sides
of the Missis¬
The declines in some cases
ranged from 25 to 70
points, the latter at Dallas.
Spot cotton declined to-day 65
points to 19.40c. for middling,
making a total decline for
the week of 145 points.
brought down to Thursday evening.
total the complete
figures for to-night
(Friday), we add the item of exports from the United
States,
including in it the exports of Friday
only.
The official quotation for
middling
New York market each
day for the
Stock at London.
Stock at Manchester
figures
sippi.
But
Sat.
20.25
Mon.
20.45
Tues.
19.85
cotton in the
Wed. Thurs.
20.05
20.05
FrTT
19.40 1912-C
—39.20 1911
29.40 1910
.29.45 1909
19.40 1908
11.80 1907
1906
-13.60 1905
.
1917
1916
1915
1914
1913
12.20
9.50
14.80
1904-c.
10.25
11.20
1896_c
1895
1894__
14.75
9.35
10.80
1893
9.81 1892.7.62 1891
5.31 1890
5.88 1889
10.30
1898
11.65
1897.
1900
1899
10.25
Saturday...
uiet, 60 pts. dec.,
Monday
uiet, 20 pts. adv
Tuesday
uiet, 60 pts. dee__
Wednesday.
uiet, 20 pts. adv
Thursday
uiet, unchanged..
Friday
Quiet, 65 pts. dec..
Total
Steady
Steady
_
...
Monday,
Nov. 6.
Nov. 8.
Nov. 10.
Stock in
follows:
as
Tuesday. Wed'day, Thursd'y,
Nov. 9.
Egypt, Brazil, &c.,
at
358,000
10,000
Nov. 12.
77,000
Week.
18.80
Range
Closing
_
19.10
—
18.65
—
18.80-.95
18.90 — 19.00
—
18.80-.95
18.30
—
18.60-.05 18.35-.06 18.20-145
18.ll-.85 18.50-.02 17.95.45 17.95145
18.65-.72 18.95-.02 18.31-.40
18.60-.62 18.75-.79 18.00-.05
Closing
February—
Closing
18.55
Range
—
18.85
18.25
—
*
18.50
18.60
—
—
17.90
Range
18.60
Closing
May—
—
—.
Range
—
18.11
—
—
—
18.35
—
—
18.40
—
name
Closing
18.30
—
18.30
17.70
—
—
July—
Range
18.10
—
18.15
—
17.60
—
—
18.15-.49 18.00
Range
—
18.15
Closing
September—
—
—
18.05
—
17.40
—
17.90
—
17.90
18.20-.40 17.85-.00 17.50 —
17.53-.80
18.00-.05 17.90 — 17.40-.45
17.80 — 17.80
Closing
October—
Range
Closing
18.20-.40 17.75-.00 17.22-.00
17.45-.00 18.05
18.05-.10 18.00 — 17.45 — 17.70-.75
17.70
—
THE INTERIOR
TOWNS the movement—that
is,
the receipts for the
week since
Aug. 1, the shipments for
the week and the stocks
to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
__
—
—-
—
—
—
17.40
Movement
—-■
Towns.
18.00-.49
to Nov.
Receipts.
12
1920.
Ship¬
Week.
Season.
Nov.
Week.
12.
Movement to Nov. 14 1919.
Stocks
ments'.
—
Receipts.
17.30
—
r—
Ala., Eufaula..
'
290
5 120
150
4 477
810
26 331
Ship¬
Season.
Ill
3,934
17.20
33 759
2 508
4,881
22 394
45,760
5,225
788
22.539
13 595
1 873
2,628
10 305
1 011
2,465
62 498
7 282
42 123
9,705
29,130
16,474
79,636
18,330
3,637
7 648
9 617
13,663
7,379
40,501
19,000
—
Little RockPine Bluff..
13 306
Ga., Albany...
40 865
4 234
47 862
3,000
370
8 651
176
5 694
7 587
Athens
Atlanta.
179
46 222
3 050
5,170
5184 18 327
10 064128 024
10,008
22,506
263,580
23,312
116,984
34 999
160 803
New
Orleans...
Mobile
Savannah..
Charleston
Norfolk.C
19.50
19.25
19.25
20.00
19.50
19.25
19.25
20.00
iihdd "
Memphis
Dallas
...
20.50
20.70
19.50
20.00
19.13
20.00
18.90
19.00
19.40
19.00
Houston.
18.75
18.75
Little Rock
Fort Worth
19.50
i
19.00 j
19.00
20.00
19.00
21.00
Baltimore
Philadelphia
Augusta
19.00
:
18750
Thursd'y,
19.00 &
18.75
18.75 i
20.00 j
20.00 i\
18.63
20.00 [I
20.30 r*
19.00 /20.00 r
18.45 '(*
18.50 \\
19.50 **
18.45 ~
20.50
20.10
19.50
20.00
18.25
18.50
19.50
18.25.
19.00
November
December
January
March
May
July
18.10
—
18.37-.40
17.95-.02
17.88-.95
17.65-.70
17.60 —
Tone—
Spot
Options
Steady
Steady
Tonday,
Nov. 8.
18.45
18.69
—
6 847
3,800
2 456
4,565
474
2 431
1,315
6 815
56 183
2 717
80 762
50 237
11,263
1 865
1.204
52,126
9,944
5,000
465
55,938
Natchez
7.747
1,500
834
11.238
2,500
1.000
21,023
5,834
3.952
2,624
81
8.924
1,148
18,725
8,632
13,952
Vicksburg
19.25
Yazoo City..
Mo., St. Louis.
—
19.25
*
_
N.C.,Gr'nsboro
Raleigh
Okla., Altus
18.00
20.00
20.00
20.30
19.00
19.65
Nov. 9.
17.77
—
Steady
Steady
3.013
11.760
15.692
87.964
18.45
18.50
2,782
144
605
6,830
650
404
2,134
10 347
1,200
ll",735
1,200
1,076
4,097
3,118
1,808
30,979
517
10,115
10,500
500
2 217
16,719
1,598
1,934
2,700
17.316
829
5.299
195.043
10
S.C., Greenville
Greenwood.
17.75
Tenn.,Memphis 39,739
Nashville
Dallas
1.638
40,955
8.229
13.6001
23,724
Honey Grove
1,200
12.400
200
1.500
6.234
4,325
110
1,000
9.800
1.916
20.006
900
7 799
115 599
28.625
1,315
2.944
31.448
5 221
17,621
17.98 — 18.08 —
17.41 —
18.22-.27 18.32-.34 17.65-.68
Total, 41 towns
17.93-.95 18.01-.07 17.33-38
17.70-.75 17.83- — 17.15—20
—
17.70 — 17.00-.05
17.28-.30 17.44-.50 16.68 —
Steady
Steady
Steady
Steady
Steady
Steady
Last
The
creased
bales
17,421
4,653
500
1,945
16,2691
679,288
2,611
821
6,753
1,8791 16,103
389
89,645
63,778
4,947
2,396
17,473
2,271
700
17,000
700
2,760
217,482
12,969
2,662
25,000
307,8752,401,652250,4081353590329,7442,412.631 261.063 1207076
year's figures are for
Cincinnati.
abqye totals show that
•
the interior market have in¬
during the week 57,467 bales and
are
than at the same time
last year.
all towns have been
21,869 bales less than
last year.
more
101
3,971
503
27,251
1,527
7,012
"234,
24,424
4,392
5,727
36,000 202,362
89
6,755
1,604
17.46
242,093
3,205
13,282
247
10,377
40,000
1.192.228121,757 322,649 116,455
4.761
36.867
4.509 17,141
5.340
♦
3
3.806
Fort Worth *
Friday,
11. Nov.
12,961
48,474
993
15,986
San Anton io.
10. Nov.
641
7.560
9,016 v1.956
8.000
517
32.180294.424
38
18,503
11,289
12.
Nov.
7,207
8.271
700
__
14,821
50
247
Hugo
Oklahoma
Clarksvllle
10,228
21,494
159,812
14,482
1,339
1,101
1,191
32,640
1,500
1,733
13,604
Br en ham...
30,500
1 508
2.207
2.430
Tex., Abilene._
4,000
2,000
10 880
19.00
18.45
6,256
44,134
90
Chickasha
'
43,807
826
2.277
14",622
19.00
17.75
18.00
19.50
4,322
4,247
2,476
33,176
1,500
60
18.50
19.50
11,245
5 910
_.
18.50
18.75
—
5,685
15 493
Greenwood..
Meridian
18.75
—
12 578
1 191
31,002
9,148
62,548
19.00
20.00
389
3,267
45,156
8,416 37,431
15,738 193,839
2,020 24,885
8,218 58,074
3,800 13,000
6,050
30,135
46 012
2 697
19.00
Tuesday, Wed'day, Thursd'y,
18.01—07
18.30-.37 17.73-.80
18.15-.20 17.40-.48
17.95 — 17.19-.22
17.75 — 17.05-.10
Firm
793!
41 129
505
Houston
Paris1
—
Quiet
10 376
4 542
Clarksdale
Friday
NEW ORLEANS
CONTRACT MARKET.—The
Nov. 6.
19 268
La., Shreveport
high¬
est, lowest and closing quotations for
leading contracts in the
New Orleans cotton markets
for the past week
have been
as follows:
Saturday,
10 098
1 294
2 276
Miss. .Columbus
on—
701
Macon
Closing Quotations for Middling Cotton
3,000
103,701
4 736
Columbus...
7,046
69,700
17 281
Augusta
1,665
8,532
41 652
Rome
Tuesday.
3,640
2 980
Ark., Helena
—
QUOTATIONS FOR MIDDLING COTTON AT
OTHER
MARKETS.—Below are the closing quotations of
middling
cotton at Southern and
other principal, cotton markets for
each day of the week:
Galveston
14.
150
Selma
17.20-.50 17.20-/40
—
—.
Saturday. Monday.
Nov.
Week.
Montgomery
—
/18c.
Week ending
Nov. 12
Slocks
ments.
Week.
17.50-.40
—
last week
■
—
Range
67,000 bales.
over
1917.
18.20-.70 17.75-.32 17.50-/50 17.57-.24
17.95-.37 17.50-.85 17.50-/70
18.20 — 18 19 — 17.50-.55
17.95-.97 1(8.02-.05 17.50 —
Closing
August—
increase
an
AT
—
■—
.
29.00d.
21.20d.
21.38d.
18.60 iT—
17.75
—
June-
38.00d.
21.70d.
21.95d.
213,128 bales, a gain of
498,855 bales over 1919, an excess
of 1,465,604 bales
over 1918 and a
gain of 1,704,473 bales
18.37-.90 18.04-.65 17.90-/92 17.80-.45
18.17.64 17.70-.10 17.70-/92
18.43-.45 18.48 — 17.95-.00 18.30 —
18.32-.35 17.71-.72
Closing
figures for 1920 show
of
over
.
18.50-.60 18.60
33.50d.
22.10d.
22.35d.
13.60d
Estimated.'
The above
_
—
18.45-.00 18.20-.80 18.03-115
18.00-,65 18.33-.80 17.83- .23 17.83-115
18.48-.62 18.68-.78 18.15-.22 18.40-.45
18.48- .51 17.83-.84
....
8,000
56,000
255,000
*585,000
Continental imports for
past week have been
—
114,000
21,000
6,000
*34,000
43,000
68,000
206,000
*490,000
*17,000
548,000
24.50d.
13.10d
Broach fine,
Liverpool
Tinnivelly, good, Liverpool
■
—
March—
i 190.
—
19.10-.48 18.85-.50 18.70-Z90
18.50-.32 18.85-.45 18.40-.95 18.40-150
10.18- .30 19.47-.50 18.80-.85
19.02-.07 19.10-.12 18.42-.49
....
January—
Range
Closing
April—
■
—
55,000
26,000
58,000
186,000
118,000
16,000
22,000
BUCPly
-—5,636,091 5,137,236 4,170,487
3,931,618
Middling upland, Liverpool
14.56d.
24.93d.
19.96d.
22.10d.
Middling upland, New York
19.40c.
39.65c.
30.05c.,
29.55c.
Egypt, good sakel, Liverpool
42.00d.
42.00d.
31.05d.
•
31.70d.
Peruvian, rough good,
Liverpool.
1
—
follows:
1,664,000 1,121,000 1,077,000
982,000
3,972,091 4,016,236 3,093,487 2,949,618
November—
Range
Closing
December—
33,000
93,000
64,000
144,000
906,000
afloat
Total East
India, &c
Total American
Friday,
Nov. 11.
203,000
12,000
12,000
Alexandria, Egypt
Bombay, India
Stock: in
are as
3,972,091 4,016,236 3,093,487 2,949,618
Manchester stock
Continental stock
India afloat for
Europe
Total
Saturday,
Europe
London stock
closing prices
258,000
descriptions
Total American
FUTURES.—The highest, lowest and
New York for the
past week have been
158,000
17,000
497,000
455,000
126,000
360,000
64,000
59,000
34,000
24,000
237,000
221,000
*141,000
*224,000
522,941
375,947
171,000
183,000
1,287,840 1,636,891 1,353,385
1,122,261
1,353,590 1,207,076 1,266,852 1,016,864
9,720
61,322
1,250
19,493
East Indian,
Brazil, &c.—
Liverpool stock
Barely steady.
Steady
__
276,000
4,000
57,000
bales.
U. S. exports
to-day
Steady.;
.
180,000
5,636,091 5,137,236 4,170,487 3,931,618
American and other
U. S. port stocks
U. S. interior stocks
y
—
99,000
1,000
36,000
22,000
*
Manchester stock
Continental stock
American afloat for
Contr't.
143,000
9,000
52,000
72,000
Total visible
supply.....
Of the above, totals
of
SALES.
Spot.
525,000
...
Liverpool stock
Futures
Market
Closed.
316,000
474,000
21,000
30,000
...1,225,000 1,038,000
474,000
783,000
Europe...
93,000
26,000
8,000
43,000
American cotton afloat for
Europe 522,941
375,947
171,000
183,000
Egypt,Brazil,&c. afloat for Europe
64,000
58,000
56,000
68,000
Stock in
Alexandria, Egypt
144,000
186,000
255,000
206,000
Stock in
Bombay, India
906,000
548,000
*585,000
*490,000
Stock in U. S. ports
1,287,840 1,636,891 1,353,385 1,122,261
Stock in U. S. interior
towns....1,353,590 1,207,076 1,266,852 1,016,864
U. S. exports
to-day
9.720
61,322
1,250
19.493
American—
Spot
92,000
762,000
12,000
Total European stocks
India cotton afloat for
days.
Market
Closed.
1917.
314,000
....
„
The total sales of cotton on the
spot each day during the
week at New York are indicated
in the
following statement.
For the convenience of the reader
we also add columns
which
show at a glance how the market for
spot and futures closed
same
1918.
244,000
16,000
56,000
941,000
14,000
89,000
132,000
1,000
59,000
19,000
Total Continental stocks
MARKET AND SALES AT NEW
YORK.
on
1919.
658,000
855.000
10,000
76,000
Stock at Genoa
Stock at Trieste
8.25
9.12
8.12
9.62
1901
...bales.
Stock at Havre
Stock at Rotterdam &c__
Stock at Barcelona
5.56
1902
1920.
Liverpool
Stock at Ghent
Stock at Bremen
8.12
8.62
8.30
7.94
1903
are
the
Total Great Britain
19.40
NEW YORK QUOTATIONS
FOR 32 YEARS.
The quotations for
middling up and at New York on
Nov. 12 for each of the
past 32 years have been as follows:
1920.C
1919
1918
make
November 12—
Stok at
upland
past week has been:
Nov. 6 to Nov. 12—
Middling uplands
to
to-night 146,514
The receipts at
the
same
week
the week and since
the
The results for
the week and since
1920
November
Week.
14,622
5,742
714
1,924
Via St. Louis..
Via Mounds, &c
Via Rock Island
Via Louisville
Via other routes,
&c
Shipments—
has
1576
Revised.
In Sight
/
to
Southern consumption
Total marketed
12
spinn's* takings to Nov.
412,627
68,721
48,348
the
717,686
Bales.
1.60 in.
4 days
Abilene, Texas
dry
Brownsville
Dallas
2 days
0.40 in.
0.37 in.
2 days
Corpus Christi
Palestine
San
Del
Rio
0.02 in.
0.14 in.
dry
dry
2 days 0.44 in.
■
Galveston
New Orleans,
La
Shreveport
Vicksburg
Mobile, Ala
-
-
Selma
Savannah, Ga_.
Charleston, S. C
Charlotte, N. C
low 52
mean
low 32
mean
low 50
mean
low 40
mean
mean
63
mean
*
mean
63
67
mean
57
62
56
66
67
60
1918.
mean
mean
mean
EGYPTIAN
than
under.
mean
C0TT0N~CR0P!—The Commercial ComInc., Boston, has the following by mail from
RICO
.
,
Exported—
York
To New
To Great
Britain and
Average
Bales.
977
1916-17. 1915-16.
Bales.
388
Bales.
507
564'
388
201,312 138,523
*357.02
357.02
507
181,338
357.65
1 Bales.
564
Continent
Total crop
Total weight,
secured from official sources:
1919-20^1918-19. 1917-18.
—
pounds
weight per bale
977
349,008
*357.02
Estimates same as
in 1918-19.
38,000
84,000
34,000
80,000
38,000
59,000
3,000
6,000
5,000
41,000
4.000
5,000
4,000
17,000
7,000
20,000
18.000
167,000
90,000
275,000
12,000
15.000
45,000
60.000
18,000
104,000
375,000
497,000
38.000
46,000
84,000
7,000
7,000
for 1918.
To
|
Week. Aug. 1.
Bales.
859
46
905
353,101
391.3
Week. Aug. 1.
90,867
1,463
1,463
11,750
1,050
32,508
21,971
13
12,813 179,344
56,752
20,416
25,814
33,998
30,567
To
Total exports
Since
Since
Week. Aug. 1.
9,861
7,437
10,525
2,744
Liverpool
Manchester, &c
To Continent and India.
To America—
240,813
972,338
318,899
1,345,539
176,308
677,915
1
1918.
1919.
1920.
(cantars)—
2",826
2,826 102,982
99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct. 20
176,308 cantars and the foreign shipments 1,463 bales.
Note.—A cantar is
were
MARKET.—Our report received by
cable to-night from Manchester states that the market con¬
tinues quiet for both yarn and clqths.
The demand for
MANCHESTER
for yarn poor. We give prices for to-day
those for previous weeks of this and last
cloth is good but
below and leave
1919.
1920.
to
Twist.
d.
d.
s.
d.
Mid.
d.
Sept.
Twist.
d.
to
d.
d.
s.
@31 0
19.68
1^@32 0
20.74
@32 3
22.17
56
46
@
56
35 0
/ 21.35 40
@
19.17 41
@
45
@
45 H 27
@
46
1
41H
@
52
32 0
8
40
@
47
29
6
@32 0
17.74 41H
6
@31 0
15.17 42 H
@30 0
15.73 45
@
15
39
@
45
28
22
32
@
38
27
6
29
32^
@
40M 26
.
6
@29 6
16.55 45
@
5
35
@
40
26
6
@29 6
15.55 46
12
32
@
37H
26
6
@29 0
14.56 48 H
30 0
@34 6
25.50
52
30
6
@35 0
24.93
SHIPPING NEWS.—As shown on a
from mail
3
52
exports of cotton from the United States
reached 110,371 bales.
The shipments
up
27
previous page, the
the past week have
in detail as made
and telegraphic returns, are as
Liverpool—Nov. 5—Celtic, 100
To Manchester—Nov. 5—West Grove, 176
To'Hamburg—Nov. 6—Texan, 100
To Rotterdam—Nov. 6—Yoku Maru, 800
To Antwerp—Nov. 8—Toronto, 500
To Genoa—Nov. 5—Pesaro, 400
GALVESTON—To Liverpool—Nov. 5—Indian, 25,494
To Havre—Nov. 5—City of Vernon, 9,418
To Bremen—Nov. 5—Radnorshire, 7,712—Nov.
4,032; Maximo Gomez, 5,485
follows:
Hamburg—Nov. 10—Hans, 203
Rotterdam—Nov. 5—Radnorshire,
1,250
Bales.
100
NEW YORK—To
To
19.88
22.68
@32 9
49^ 27 9
27 10@32 10H 24.25
50
@
@
Nov.
18.58
0
@
24
@34 6
d.
d.
0
44
44 H 26
44 M 27
Oct.
8.
27
17
.
d.
@31 0
@31 6
@37 6
@37 6
@
Mid.
Upl'S
finest.
9
35 0
21.68 39^
Cot'n
lbs. Shirt¬
ings, Common
32s Cop
Upl's
finest.
8.
8H
Cot'n
8X lbs. Shirt¬
ings, Common
32s Cop
To
*
7,000
1,000
No figures
1917.
411,404
489,658
30,014
21,674
...
519,438
358,409
19,162
19,119
10.707
13,263
994,954 1,314,743
270,195
187,389
478,948
532,985
26,762
19,880
355,157
498,817
470,058
363,897
858,715 1,053,774
114,347
113,074
2,905,718 1,276,089
—
8,088
9,835
2,684
1,260
last five seasons as
438.000
46,000
Since
COTTON CROP.—The production of
cotton (Sea Island) in Porto Rico in 1919-20 as indicated
by the exports, was 349,008 lbs., or an increase of 147,696 bis.
over 191&-19.
As a matter of record we give below the statis¬
tics for the
195,000
337,000
Exports (bales)—
&
PORTO
56.000
87,000
1.000
Since Aug.
of Egypt,
Alexandria under date of Oct. 16:
Little cotton remains in the fields but ginning is progressing very slowly,
owing to the reluctance of the growers to get rid of their cotton at present
prices; ginning yields are in general slightly below last year, but, on the
other hand, the second picking has given better returns than anticipated.
We maintain our estimate of a crop of 6M to
million cantars, but are
inclined to believe that the final figure is more likely to be over 6 34 million
pany
126,000
14,000
This week
— —
-
13.000
3,000
Receipts
554,022
305,299
Arizona.
9,565
4,565
Arkansas
532,384
505,399
California
18,404
11,704
Florida
15,964
34,225
Georgia.
1,469,773 1,295,218
Louisiana.
360,402
432,258
Mississippi
689,343
500,333
Missouri..
25,282
19,774
North Carolina
415,343
278,013
Oklahoma
389,905
529,226
South Carolina
974,036
784,078
Tennessee
152,129
82,148
Texas
2,162,292 2.396,826
Virginia
6,391
4,210
All others
1.924
1,903
United States..
7,471,352 6,273,866 7,777,159 7,185,178
Statistics of round bales and Sea Island cotton included in the report:
1920.
1919.
1918.
1917.
Round bales
160,748
70,594
120,181
127,034
Sea Island
562
3,396
16,032
57,560
American-Egyptian bales included in the report amounted to 23,028.
Alabama
14,000
55.000
Alexandria, Egypt,
October 20.
REPORT ON COTTON GINNING
TO NOV. 1.—The Census Bureau issued on Nov. 8 its
report on the amount of cotton ginned up to Nov. 1 from the
growth of 1919, as follows, comparison being made with
the returns for the like period of preceding years:
1919.
4,000
41,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week ending Oct. 20 and for the corresponding week
of the two previous,years:
62
mean
mean
Total.
9.000
1918
69
54
65
59
low 42
&
China.
7,000
1920
49
mean
low 45
low 34
low 45
low 36
low 53
low 53
low 42
nent.
14,000
1,000
1919
low 28
low 50
Total.
Total all—
CENSUS BUREAU
1920.
China.
Britain.
Japan &
nent.
Japan
Conti¬
1918
low 46
high 76
high 79
high 77
1 day
0.01 in. high 80
trace
high 76
1 day
2.74 in. high 80
..1 day
1.25 in. high 80
dry
high 77
_
„
dry
1 day
2 days
Antonio
Conti¬
Great
Other India*
Thermometer—
70
86
76
80
78
84
Great
Britain.
1920
4,879,620
6,177.822
1.
Since August
For the Week.
244,000
8.000
237,000
7,000
207,000
Aug. 1. ;
Week.
Aug. 1.
Week.
Aug. 1.
Week.
Since
Since
Since
Receipts at—
1918.
1919.
1920.
Oct. 21.
Bombay—
4,054,405
REPORTS BY TELEGRAPH.—Our ad¬
vices by telegraph from the South this evening denote that
the weather has been favorable as a rule during the week
and picking is nearing completion in many sections of the
Rainfall.
season
from—
WEATHER
high
high
high
high
high
high
COTTON MOVEMENT.—The receipts of
Bombay for the week ending Oct. 21 and for
from Aug. 1 for three years have been as follows:
Exports
available.
.337,239 P1918—Nov. 15
429,154 1917—Nov. 16..
484,637 1916—Nov. 17
Rain.
19280
Indies, &c.
mills,
BOMBAY
....
108,972
cotton belt.
4,242,840
3,047,840
1,195,000
3,640,723
2,748,723
892,000
India cotton at
3,864,058
Since Aug. 1—
Bales.
5,137,236
371,109
258,109
113,000
249,367
218,367
1920 and 1,010,000 bales in 1919—takings not being
aggregate amounts taken by Northern and foreign
spinners, 2,620,723 bales in 1920 and 3,232,840 bales in 1919, of which
1,728,723 bales and 2,037,840 bales American.
6 Estimated.
3,458,929
405,129
3,735,557
482,047
5,636,091 5,137,236
t Embraces receipts in Europe from Brazil, Smyrna, West
This total embraces the total estimated consumption by Southern
a
2,115,694
333.235
1,010,000
sight in previous years:
Movement into
Week—
12 61,254
288,858
53,769
70,000
9,380,076
5,636,091
54,000
1,020,000 bales in
available—and the
Since
3,241,908
493,649
consumption; takings not
These figures are
1918—Nov.
1917—Nov.
1916—Nov.
1,020,000
week—415,495
sight during
Total in sight Nov.
North,
176,581
358,028
57,467
-
Interior stocks in excess
Came into
2,045,327
263,684
31,344
No v. 12a 63,000
12
9,276,814 5,508,345
65,000
31,000
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
5,885,458
Of which other
Since
and Spinners'
310,000
82,000
276,000
56,000
Nov. 12_a
which American
Of
-1919
-1920-
Receipts at ports to Nov.
overland to Nov. 12
Net
from a year ago of
3,864,058
36,000
11,000
40,000
11,000
Total takings to
aggregate net
156,654 bales.
to date the
and that for the season
overland exhibits a decrease
481",348
267,000
96,000
168,000
supply Nov. 12
Visible
333,235
53,769
176,581
3,735,557
610,000
62,000
630,000
Total supply
Deduct—
116,100
19,822
4","792",018
41~5~495
12
Bombay receipts to Nov. 11
Other India shipm'ts to Nov. 11
Alexandria receipts to Nov. 10-_
Other supply to Nov. 10 t
44,970
11,656
59,474
14,227
1,381
4,214
4,928,997
4,956" 257
Visible supply Aug. 1
American in sight to Nov.
Season.
Week.
Season.
5,422,963
5
Visible supply Nov.
1919.
1920.
Week.
449,335
73,591
70,429
a
like period.
Takings.
Week and Season.
foregoing shows the week's net overland movement
been 31,344 bales, against 53,769 bales for the week last
year,
a
3,598
13,214
7,898
36,364
Canada,
by rail to
Including movement
The
out of sight, for the
Cotton
al67,395
127,918
4,582
22,804
34,087
92,549
798
28,849
5,216
31,344
overland
Aug. 1.
a32,646
15,437
2..
6,782
deducted
Leaving total net
*
&c
South
Inland, &c., from
Total to be
3,165
619
2,998
Overland to N. Y., Boston,
Between interior towns
gone
Since
247,010
38,126
overland
Total gross
as follows:
-1919-
Week.
25,568
55,109
5,881
9,243
Via Virginia points
Deduct
Since
Aug. 1.
' 90,883
61,429
2,849
11,172
12—
Shipped—
r
brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
The following
Aug. 1, as made
from telegraphic reports Friday night.
Aug. 1 in the last two years are
up
TAKINGS OF COTTON.—
WORLD'S SUPPLY AND
AND
p OVERLAND MOVEMENT FOR THE WEEK
SINCE AUG. 1.—We give below a statement showing
overland movement for
1963
CHRONICLE
THE
1920.]
Nov. 13
10—Hans,
176
100
800
600
400
25,494
9,418
a
_
17,1229
_ 203
1,250
1964
THE
CHRONICLE
[Vol. 111.
"
•
*
jsqjgs*
TEXAS CITY—To
Liverpool—Oct. 30—Western Chief,' 1,600
HOUSTON—To Liverpool—Nov.
9—Belgian, 18.300To Bremen—Nov. 10—Atlanta
of Texas, 10,733NEW ORLEANS—To
Manchester—Nov. 6—Royal
Transport,
2,307
—
1,775
—
8—Corson. 1,350
To Rotterdam—Nov.
9—Cliffwood, 100
To
Antwerp—Nov. 5—Menapier. 758
To Ghent—Nov.
5—Menapier, 1,478
To Barcelona—Nov.
8—Infanta Isabel, 1,162-To
Genoa—Nov. 10—Teresa O., 8,681
100
758
1,478
1,162
8,681
4,307
—1,500
—
10—Farnam, 1.500--
10—Farnam, 300
Santander—Nov. 10—Farnam, 150__
SAVANNAH—To Liverpool—Nov. 6—Ariadne
Irene, 200
300
To
150
200
Total
—
The particulars of the
arranged in
Great
France,
York276
Galveston
Other
North.
100
9,418
follows:
as.
many.
----
25,404
Texas City
are
Ger-
Brit'n.
New
110.,371
foregoing shipments for the week,
usual form,
our
Europe.
South.
1,300
1,250
17,432
Mexico.
Total
400
53,594
— —
Total
1,775
1,350
2,336
11,793
4",307
11,193
29,615
4,886
12,193
4,307
23,868
200
48,177
COTTON FREIGHTS.—Current
rates
for
from
New York, as furnished
by Lambert & Burrows, Inc., are
follows, quotations being in cents per pound:
as
Liverpool, 1.15@1.40c.
Manchester, l.l5@1.40c
Flume, 2.02 %c. asked.
Lisbon,
1.25@1.50c.
Antwerp, .85c.
Ghent, via Antwerp, .85c.
Havre, 70c.
fished
Bremen, 1.00c.
Oporto,
1.25 @ 1.50c.
Japan,
1.2.5c. asked,
Shanghai, 1.25c.
—
—
_
—
—
_
^-
Of
—
—
which
American.—.—
Total imports for the week—
Of
which American
Amount afloat
Of
which
we have the fol¬
sales, stocks, &c., at that port:
—
American..—
Oct. 29.
Nov. 5.
21,000
16,000
5,000
50,000
817,000
450,000
67,000
52,000
203,000
162,000
—
export
stock._
from Liverpool
Oct. 22.
——
34,000
24,000
4,000
49,000
26,000
17,000
4,000
44,000
828,000
468,000
60,000
56,000
804,000
443,000
31,000
24,000
240,000
202,000
Nov.
12
26,000
17,000
5,000
59,000
855,000
497,000
104,000
93,000
287,000
215,000
The tone of the
Liverpool market for spots and futures
each day of the past week and the
daily closing prices of
spot cotton have been
Spot.
Saturday.
follows:
as
Monday.
Tuesday.
Wednesday.
Thursday.
Friday.
^
Moderate
Quiet.
business
More
1
demand.
Quiet.
doing.
demand.
Market
(
12:15
P. M.
Fair
Mid.Upl'ds
Sales
15.14
HOLIDAY
5,000
Futures.
Market
21 @42 pts.
\
4@24 pts.
}
f
{
t
4
P
decline
M
advance
Quiet,
The prices of futures at
below:
'U
6,000
3,000
Quiet,
20@32 pts.
decline
.
4@9 pts.
Quiet,
7@ 11 pts.
advance
Steady,
8 @14 pts
advance.
decline.
14.56
Quiet,
Quiet,
45@47 pts
14.93
5,000
6,000
Steady,
decline.
Quiet,
Easy,
16@22 pts
4@10 pts
17@30 pts.
decline.
advance
decline.
Liverpool for each day
Wed.
are
Thurs.
6
to
Nov.
Tues.
12%
12.
12% 12%
p. m. p. m. p. m. p. m
d.
d.
November
given
I
d
4
p. m. p. m
I
d.
d.
12%
4
12%
Fri.
were
offering overnight had been accepted.
Contracts
bought against these sales steadily all that day.
Most
business was in Manitoba wheat.
Winnipeg led the
advance.
The sales to Great Britain with some
to the Con¬
tinent were estimated at from
two to five million bushels.
But the British Commission
withdrew on the big advance of
Nov. 10th and On the
sharply.
Chicago
4
12%
p. m. p. m. p. m. p. m
d.
I
d.
I
d.
I
4
p. m. p. m.
d.
d.
d.
14.00| 13.92
14.22:14. 0914.30 14.17
13.8013.9614.2014.05 13.81 13.75
January
February
April
HOLI¬
May
DAY.
June
broke again,
partly on reports that banks found it difficult
to finance wheat
business.
Export sales of 500,000 bushels
for the Continent
__
To-day's decline made the
CLOSING
PRICES
OF
Sat.
DAILY
cts_212
—
CLOSING
PRICES
OF
205%
^
NEW
YORK.
Wed.
Thurs.
210
208
Fri.
208
FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
Sat.
184%
177
182
187
at
204
WHEAT
December delivery in
elevator-cts-190
May delivery in elevator-
Indian
WHEAT IN
Mon.
Tues.
175
186%
181%
180%
174
177%
169%
has declined with wheat,
despite small receipts
points.
The visible supply in this
country de¬
corn
primary
year ago.
32
27
09
96
85
BREADSTUFFS
Flour has been dull
down to $9 65 @$10.
Prices there are declared to
be back
to the pre-war level.
A big decline in wheat is
naturally the
chief cause next to the
all-pervading dulness.
Also there is the
9,851,000 bushels against 1,367,000
Nothing
seems
Canadian competition.
In
grades have fallen $1 50.
Buyers are afraid
to take hold
freely.
It is true that American flour has fallen
some
bushels compared with last
year's final yield of 2,917,450,000
The carryover from last
year, including the farm
reserves and visible
supply was 152,296,000, compared with
73,747,000 a year ago, while the quality of the
crop was
7.7% above the average.
The stock of old corn on the farms
bushels.
Nov. 1 1920 was
large, i. e., 142,211,000 bushels; in 1919,
72,263,000 bushels; in 1918, 114,678,000 bushels; in
1917,
34,448,000 bushels; in 1916, 87,908,000 bushels; in
1915,
96,000,000 bushels; in 1914, 80,046,000 bushels; in
1913,
137,972,000 bushels; in 1912, 64,764,000 bushels; in
1911,
123,824,000 bushels. The yield per acre is 30.9 bushels
against
28.6 last year and a
five-year average of 26.1 bushels.
The
smallness of the receipts tended to hold
prices for a time.
But the weakness of wheat
to about the Canadian
basis, but buyers do not believe the
decline has culminated.
The weakness of
Canadian ex¬
change creates a strong incentive for Canadian mills
to sell
their
product in this country.
Confidence
77, against 89.1
was
too
much.^ Corn
was swept
other commodities.
Everything is declining.
is
Why
Canadian
flour
has
at
times
been
here.
season.
And
Some, it is trutf, think
Meanwhile, although
Australia, too, contemplates selling in
Europe.
Meanwhile the low rates of
foreign exchange, sterling and
downward
heavy liquidation by commission houses and
cash interests.
A pressure to sell
by the interior was feared.
The feeling of many is that corn is in the
same boat with
on
The condition of corn on Nov. 1
was
Nov. 1 last year, 85.6 in
1918, 75.2 in
1916.
To-day prices declined and
on
1917 and 83.8 in
close about 9 cents lower for the
week.
offered somewhat
less
on a larger scale to
Europe
At any rate, that is the
common
assumption
freely, Canada is prepared to sell
this
lacking.
suppose that flour will not
continue to follow the general trend ?
the decline in flour is
going too far.
a
In other words, stocks in this
country are large
and the Government
report showed a crop of 3,199,126,000
on
Friday Night, November 12 1920.
and declining.
At Minneapolis it is
dispel that.
ignored.
creased last week 234,000 bushels
against 117,000 last year.
Yet the total is still
98'l3*1013 02l
week
were
loss for the week 21 to 24
cents.
14 0813 9714 2014 06 13 7013
86 14.08; 13 94 13
70| 13 65
13 9313 8514 0913 95 13
60|13 7513 9513.82 13.59 13.54
13 8513 7714.0113.87
13.5313.6713.86'13.73 13.50 13.47
13 69 13 61H3 8513 72 13
39; 13 5113 67 13 56 13 341 13
13 6213 52 13 77 13 64 13.32
13 4213 58 13 47, 13.26 13
13 4513 3513 6013 47, 13
151 13 27,13 42 13 32 13.11 13
13 27|13.
17,13.4213.29, 12.97 13.1213.26 13.171 12 96 12
13 09'13 0013 2413 14 12 82 12
12 82 12
October
to
the
13.77,13. 7013.9413.80 13.4613.5913.77 13.64
13.42; 13.40
March
a
following two days prices broke
were large.
Those, however, at
Southwest were small.
To-day prices
Canadian receipts
and
No. 2 red-
14 3914 2814 5014 36 14
0014.18 14.4314.28' 14.61 14.01
14.3414. 23 14.45 14.32 13 96141214 3814.22
December
July
August
September
12 %
4
The
dulness of trade and
reports of large offerings in European
markets by Argentina and
Australia.
A rally in
prices occurred at Chicago on the 10th inst.,
when the British Commission
took the buying side for the
first time in three months.
It was said that
practically all
the wheat
■
Mon.
heavy selling.
was
heavy selling of wheat.
Topeka, Kansas, wired:
"Throughout eastern and central Kansas farmers
generally
are
holding their wheat for better prices.
Very little wheat
is moving to
market, according to the weekly crop report
issued to-day by the State Board of
Agriculture.
Because
of low prices for coarse
grain, live stock feeding is being con¬
sidered favorably
by many farmers."
The American crop
is 750,648,000
bushels, against a 5-year average of 822,246,000 bushels.
The visible supply last week increased
3,783,000 bushels, against
only 45,000 last year.
This makes the
total 39,563,000
bushels, against 96,397,000 bushels a year
ago.
Neutralizing the effect of the small total here are the
DAILY
Sat.
Nov.
inst. 7 cents more; later
There
of the
14.50
Easy,
opened
Market,
15.25
fell
caused
asked,
Bombay, 1.25c. asked.
of the -week's
Sales of the week
Total
Libau, 2.25c.
Riga, 2.25c.
Reval, 2.25c.
asked.
Sales, American
Forwarded
Danzig, 2 02%c.
Barcelona direct, 1.25c
LIVERPOOL.—By cable
Actual
Hamburg, 1.00c.
asked.
Rotterdam, 1,25c.
Genoa, 1.25c.
Christ iania, 1.75c.
asked.
Stockholm, 1.75c. asked,
Trieste, 1.50c.
lowing statement
Vladivostok, 1.25c. asked.
Gothenburg, 1.75c. asked,t
•
Liverpool
the wheat growers of the United
States.
Tightness of money
hurts.
Kansas banks, it was reported, would call loans.
A Kansas
City dispatch said: "The Kansas wheat strike
faced a climax
to-day, with the Kansas State Bankers' As¬
sociation holding a
meeting here to discuss the advisability
of
curtailing credits.
The bankers, urged to immediate
action by the State
Banking Commissioner, may call in all
loans beyond the
legal reserve.
This action is desired by
the
Commissioner, who faces ouster proceedings for permit¬
ting State banks to make loans in excess of the law.
With
loans recalled, the wheat
strike would collapse."
This
110.371
cotton
here.
sharp competition from Argentina,
Australia, &c., in foreign markets. Mr. Julius Barnes inti¬
mated that the times had
changed and not for the better for
1,600
29,033
10,733
——
business
export
further declines occurred.
United States will have
2,076
1,600
Houston ———18,300
New Orleans— 2,307
Savannah
200
hurt
shillings.
The Northwestern Miller in its
weekly review of the flour
trade said: "The
startling drop in wheat prices on Monday
and
Tuesday, which carried the Dec. option down to about
$1.70 with cash, wheat
only a little higher has produced a
violent decline in flour
prices, patents being now quoted
at 50 cents to $1.20 a barrel
lower than the first of last week.
Spring wheat flours have dropped more sharply than other
types, and there is now little or no differential between
springs and hard and soft winters.
Practically no buying
is reported
except for immediate needs and in small lots, and
there is little market for Canadian
flours which have not
shared fully in the
price decline.
Mills continue to operate
at about half
capacity."
Wheat declined to new low levels.
On the 8th inst. it
fell 0V2 to 7 cents and on the 9th
,
To Mexico—Nov. 6—Lake
Cahoon, 4,307
To Oporto—Nov.
To Bilbao—Nov.
to 80
2,307
1,775
1,350
—
To Havre—Nov.
5—Menapier,
To Bremen—Nov.
Continental,
1,600
18,300
10,733
DAILY CLOSING PRICES
OF CORN
Sat.
No.
2 yellow
cts_115%
Mon.
113%
they
IN
Tues.
NEW YORK.
Wed. Thurs.
109%
111%
Fri.
109%
108%
76%
81%
74%
79%
DAILY CLOSING PRICES OF
CORN FUTURES IN
CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
December delivery in elevator_cts_
May delivery in elevator
81%
€5%
81%
86%
78 M
83
79%
83%
1965
Nov. 13
influences of weather on
marized in the weather bulletin issued by
NOV. 9.—The
against 1,414,558,000 bushels the 5 year average from 1914 to 1918.
The visible supply in the U. S. increased last week 795,000
bushels against a decrease in the same week last year of
187,000 bushels.
The total now is up to 35,203,000 bushels
against 19,029,000 a year ago.
The increase in the visible
supply was a matter of unfavorable comment.
The primary
receipts, too, were fairly large.
Pressure to sell has been
marked at times and prices gave way to new low levels.
The cash demand has been light and export business absent.
With everything else declining, trade dull, visible stocks
nearly double those of a year ago, and the crop large, many
sceptical as to whether the decline has culminated,
although sharp if transient upturns of prices may easily
1,444,411,000 bushels
last year; crop
31.1
time to time after overselling.
Otherwise
COTTON.—The weather continued favorable for
ing the week, except in the northwest portion of the
was
occasioned by rain and wet soil.
It was
picking in the northern district east of the
damage has been done to the cotton crop by frost,
continue to drift
that prices must
general notion is
the
the Department of
ending Nov. 9 were as follows:
harvesting cotton dur¬
belt where further delay
especially favorable for
Mississippi River. Very little
while the mild Fall has
favored tne development of the late plants in the northeastern portion of the
belt.
Picking has been about completed in Texas, except in the northwest
section of the State, while this work is completed or well along generally in
Arkansas.
Further damage has been done by rain in Oklahoma, however,
and picking progressed slowly.
Cotton is practically all housed in Georgia
and harvesting about finished in central and southern South Carolina.
A
top crop is developing nicely in Arizona.
CORN.—The weather was favorable for harvesting and drying corn in
the Southern States.
Husking and cribbing were delayed by wet weather
in the central upper Mississippi Valley and central and lower Great Plains.
The greatest delays occurred in Iowa, Kansas and Oklahoma, and in eastern
Nebraska.
Snow interfered with this work in South Dakota.
Some corn
is
soft to crib in southern India.
The weather continued favorable for
the advance of fall sown grain in practically all sections of the country,
except that it continued too dry in parts of New York and in much of the
Agriculture for the week
are
enough occur from
too
South Atlantic area.
willing
naturally
day recording a
end about
downward, until they reach a level where buyers are
to take hold in earnest.
They certainly and very
show no disposition to do so now with each
lower level.
Today prices were lower and they
week ago.
5 cents
under those of a
DAILY
CLOSING PRICES
66%
No. 2 white
DAILY
OF
May delivery
55%
57%
57%
in elevator...
49%
Chicago
Fri.
54% 53%
and lower rates for
times has been in
abeyance.
It is true that 150,000 bushels were sold for
export early in the week, but cash premiums at the Seaboard
Rye has declined with other grain
foreign exchange.
Export business at
general. The
59,933,000
Detroit
The following are
Spring patents
Winter straights, soft
Kansas straights
Clear
9
9 75(9) 10
8 25(9) • 9
8 75@
9
9 25(3)
'
..............
Rye flour
goods. 100 lbs.:
Yeliow meal
Corn
2 55<9)2
2 60(9)3
Corn flour
Total receipts of
Corn—
No. 2
•
Baltimore
N'port News.
64
1
No. 3
on
63%
white—62%
BarleyFeeding
Malting
*1 08%
1 71%
No. 2—
101(9)103
112 @114
DEPARTMENT'S REPORT.—The
Agricultural Department's report on the cereal and other
crops was issued Nov. 8, and is given below:
The Crop Reporting Board of the Bureau of Crop Estimates makes the
following estimates from reports Of its correspondents and agents:
AGRICULTURAL
Production—
1919.
1920.
Crops—
bush.
Wheat,bush...
Oats, bush
Corn.
Barley, bush
Rye,
Preliminary.
.-3.199,126,000
750,648,000
....1,444,411,000
191,386,000
77,893.000
bush
Rice,
__
bush
Peaches,
bush
bush........
Apples: Total, bush.
Pears,
16,301,000
357,901,000
103,579,000
108,666,000
cll,330,000
1,389,458,000
8,919,000
c52,298,000
41,059.000
44,523,000
50,434,000
15,558,000
13,902,000
236,187,000
V
Commercial, bbls.
35,417,000
Sugar beets, tons—
h8,812,000
Kafirs: 7 States, bbls
148,747,000
!
Cranberries, 3 States
bbls
Beans,
6
States,bush
14 States,
Onions,
bush....
Cabbage:
9
....
States,
tons...
Broom
Corn: 7 States,
tons
Sweet Syrup,
—
gals..
Cloverseed, bush...
Peanuts, bush
Hops, lbs
88,478,000
147,457,000
26,174,000
6,421.000
126,058,000
432,000
9,364,000
541,000
11,488,000
15,132,000
12,452,000
f622,000
25.1
14.2
15.5
19.0
19.1
109.4
95.2
103.4
94.8
1.46
1.34
bl65.0 176.8
793.9 813.6
6.3
7.5
c38.9
35.7
h
27.0
16.8
11.4
388,000
37,000
37,402,000
1,593,000
37,499,000
age.
26.1
14.6
32.1
181,000
790,000
35,000
44,000
"104,666
152,000
741,000
280,000
1,682,000
"'"36,666
478,000
452,000
3,000
41,000
480,000
35,000
24,000
7,461,000
342,000
'20
211,570,000
Jan.1'20 11,292,000
3,860,000
651,000
199,066,000
Jan.1'19 12,132,000
—
53,000 d348.0
33,312,000
93.1
1,099,000
1.8
33,263,000
38,893,000
from the
9,338,000 46,606,000
105,000|
102,000
1,017,000
107,000
55,585,00027,325.000
10,224,000 64,684,000
60,000
7,000
103",000
week.
Week 1919..
34,000
20,000
37,666
215",000
6,627,388
3,213,189
Montreal
80,000
|223,000
~2~, 000
1,617,000
1,169,000
Galveston
227,508 157,ie5
23,000 180,841
destination of
213,000
265,021 577,337 503,865 —
822,545 59,889 514,000 13,800
and since
'these exports for the week
below:
July 1 1920 is as
■
.
,
'■
■
,■
Corn.
<
Wheal.
Flour.
Exports for Week
and since
Si<ce
Indies
Brit.No.Am.Cols.
Other Countries. .
60,805
So. & Cent.
West
Amer.
"782,775
8,523,982
world's shipment of
ending Nov.
438,000
3,213,189
g$125.65
July 1
1920.
6
1920.
Bushels.
Bushels.
Bushels.
1,216,057
59,230,914
227",508
80,889,856
1,778,760
2,203*637
144,108,567
227,508
66,318,542
23,000
wheat and corn for
1920 and since
6
Nov.
3,000
5,736,198! 6,627,388
1919...I... 180,841
The
Bushels.
1,377,006
4,794,382
18,000
475,330
375,265
157,165
Total
Total
July 1
1920.
Barrels.
40,213
43,147
3,000
10,000
Continent
1920.
1,206,691
2,896,137
Bane's.
Kingdom-
Nov. 6
.
Since
Week
Since
1919.
6
1920.
Week
July 1
Week
Nov.
July 1 to—
Peas.
Bushels
210,865
30,021 251,337
43,000
76,165
1,000
732,000
280,000
900,000
——
Newport News..
New Orleans
Bushels] Bushels
Bushels. |
Barrels.
124,508
week
Barley,
Rye.
Oats.
Flour.
496,000
Philadelphia
for the
annexed statement:
several seaboard ports
Bushels.
1,239,388
July 1 1920 and
489,641
41,270
563,949
1,396
12,342
2,324,655
1,178,196
the week
1919 are
Corn.
88.5
1.8 g$18.18
ge5.8
730,000
24,021,000
Corn.
Wheat.
Boston
United
1,218,000
328,000
752,000
194,000
The
175,000
17,867,000
shown in the
Bushels.
Total
95,000
43,000
lading.
through bills of
Baltimore
6,000
28,000
71,000
"36,556
New York
29,346,0001,404.1
b Forecast from condition Sept. 25.
c C nsus. d Pounds, e Per pound,
f Forecast from condition Oct. 1.
g Price Oct. 15. h Forecast from con¬
dition Nov. 1. -i.,_
i
:.K
The quality of this year's corn crop is placed at 89.6, compared with
89.1 a year ago.
The yield per acre this year was about 30.9 bushels,a gainst 28.3 bushels
in 1919 and 26.1 bushels the 10-year average.
The stocks of old corn on farms Nov. 1 are estimated at 142,211,000
bushels (4.9% of 1919 crop , compared with 69,835,000 bushels a year ago
and 82,618.000 bushels the average of preceding five years.
The weight per measured bushel of wheat this year was 57.4
lbs.,
against 56.3 lbs. last year and 68.0 lbs. the 10-year average.
Oats, 33.1
lbs., against 31.1 lbs. last year and 32.2 lbs. the 10-year average.
Barley
46.0 lbs. against 45.2 lbs. last year and 46.4 lbs. the 10-year average.
108,000
Exports from-
10.3
20.7
23.3 ......
10.7 g330.2
gll8.2
g$25.45
Bushels.
52,000
275,000
ending Nov. 6 are
Cents.
87.3
188.0
54.5
81.7
142.1
131.0
118.3
122.1
$17.45
el9.4
240.1
257.6
184.2
130.0
$3.72
g95.5
Rye.
Bushels.
386,000
The exports
Yield per Acre- Price
1920.
Aver- Nov.V20
Dec. Est.
Prelim,
2,917,450,000
30.9
940,987,000
14.0
1,248,310,000
35.3
165,719,000
25.7
14,321,000
Potatoes, bush
421,252,000
Sweet notatoes,bush
105,676,000
Hay, all, tons
106,451,000
Cotton, bales......
bi2,123,000
Tobacco, lbs....... 1,476,444,000
Flaxseed, bush
10,736,000
Buckwheat, bush.
Bushels.
Total wk.
No. 2 white..-——..
Barley.
Bushels.
543,000
Boston
Since
Oats.
Bushels.
3,234,000
Orleans *
Montreal
Since
No.
Nominal
Rye—
'
Week 1919...
$2 08
yellow—.
Corn.
129,000
37,000
43,000
2,000
Barrels.
York
Philadelphia..
New
the seaboard ports for
1920 follow:
Wheat.
Flour.
Receipts at—
Galveston....
6 90
flour and grain at
ended Nov. 6
the week
7 50
I Oats—
———
spring—.
No, 1
47,751,000 78,439,000 14,294,00011,971,000
43,959,000 82,381,000 31,572,000 12,382,000
6,783,000 217,115,000
69,683,000 116,467,000 21,782,000 12,034,000
5,312,000 240,394,000
1918
GRAIN.
Wheat—*
No. 2 red
684,000
1,156,000
617,000
897,000
1,878,000 1,270,000
3,710,000 130,859,000
-
1919
No. 1—
spot delivery—
65
00
3,905,000
4,348,000
6,355,000
335,000
1—-
1920
New
$6 75
Nos. 2,3 and 4 pearl
7 00
Nos. 2-0 and 3-0—
6 75@
Nos. 4-0 and 5-0—
7 00
Oats goods—Carload
8,270,000
9,169,000
29,000
!,- :U;: 1
Since Aug.
25 Barley goods—Portage barley:
50
25
00
50
133,000
1,913,000
2,093,000
4,461,000
501,000
FLOUR.
$9 75(3>$10
23,000
8,941,000
wk. '19
wk. '18
159% 156% 154
143% 148% 144% 139%
closing quotations:
151% 149
420,000
433,000
223,000
152,000
268,000
wk. '20
1*2*665
"50,666
'
127,000
141,000
52,000
74,000
Same
93,000
"
26,000
1,568,000
751,000
Total
115,000
461,000
65,000
48,000
33,000
249,000
153
161% 158
in elevator
in elevator
December delivery
May delivery
67.000
728,000
Indianapolis..
Fri.
Wed. Thurs.
23.000
165*655
38,000
Omaha
FUTURES IN CHICAGO.
Tues.
272,000
501,000
188,000
269,000
29,000
44,000
Kansas City..
prices
Mon.
52,000
718,000
"
73~66O
Peoria
Same
1,302,000
1,025,000
104,000
56,000
""
Louis
St.
3,954,000bush¬
Sat.
"22",666
Mi waukee...
Toledo
the
PRICES OF RYE
3,505,000
1,803,000
.
Duluth
significantly declined. Liquidation was very
crop is stated at 77,893,000 bushels, against
bushels last year; of barley, 191,386,000 bushels, against
214,819,000 last year.
The visible supply of rye in
United States increased last week 1,176,000 bushels, against
968,000 in the same week last year; total now
els, against 17,539,000 a year agQ.
To-day
were
lower and they are down 8 to 12 points for the week.
DAILY CLOSING
448,000
116,000
-----
Minneapolis.
Rye
Barley.
lbs.\bushA8lbs. bush.56lbs.
3,000
bush, 56 lbs. bush. 56
bbls 196lbs bush. 60 lbs.
50% 48% 47%
56
\
Oats.
Corn.
Wheat.
Flour.
Receipts at—
Fri.
Wed. Thurs.
Tues.
52%
51%
Western
Saturday and
been:
York Produce Exchange.
The receipts at
ports for the week ending last
since Aug. 1 for each of the last three years have
the New
64%
64
64
63%
OATS IN CHICAGO.
Mon.
Sat.
in elevator.cts.
of breadstuffs to market
from figures collected by
lake and river
IN NEW YORK.
Thurs.
of the movement
prepared by us
The statement
indicated below are
65% 65% <3)66
65
65@6534
66%
66%
CLOSING PRICES
December delivery
Wed.
Tues.
Mon.
Cts- f>6%
No. 1 White-
OAT FUTURES
OF
Sat.
WEEK ENDING
the crops as sum¬
FOR THE
WEATHER BULLETIN
sympathy with wheat and corn.
The
government report was 33.1 lbs. to the bushel against
declined in
Oats
latest
CHRONICLE
THE
1920.]
Wheal.
Week
Nov.
6.
Bushels.
North Amer.
01919.
1920.
Exports.
Since
Since
July 1.
July 1.
Bushels.
Bushels.
135,765,000
8,620,000 177,305,000
1919.
1920.
Week
Since
6.
July 1,
Bushels.
Bushels.
Nov.
611,000
3,085,000
Since
July 1.
Bushels
700,000
"635", 000
Russia
Argentina...
47,339,000
5",155*666 67,251,000
116*666 38,217*656 61,405* odd
Australia
232,000
Danube.....
India
Oth. countr's
Total.....
"
12,654,000 40,983,000
280,000
1.546*.000
239,699,000
8.968,000 218.456,000
"864",000
1*.756*666
5,766,000' 71,835,0001
49,789,000
1966
The
THE
visible
supply of grain, comprising the
granary at principal points of accumulation
seaboard ports Nov. 6 1920 was as
follows:
CHRONICLE
stocks in
as
lake
local
at
and
Wheat,
United States—
Philadelphia
Newport News.
New Orleans
...
Toledo
•
afloat.
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
....
St. Louis
Indianapolis
Omaha
On Lakes..
On Canal and River
9,000
231,000
132,000
117,000
34,000
462,000
645,000
-
pered by
2,864,000
378,000
1,007,000
3,000
6.000
...i
157,000
52,000
6,109,000 12,881,000
123,000
2,001,000
2,055,000
58,000
6,393,000
60,000
85,000
1,527.000
1,406,000
257,000
119,000
696,000
69,000
16,000
......
318,000
352,000
1,134,000
17,000
84,000
21,000
423,000
492,000
520,000
1,419,000
164,000
•
sions
23,000
185,000
36,000
72.000
39,563,000
9,851,000 35,203,000
3,954,000
3,372,000
10,085,000 34,408,000 2,778,000
3,661,000
1,367,000 19,029,000 17,539,000
4,244,000
1918...128,095,000 4,360,000 21,613,000
8,007,000
4,393,000
Note.—Bonded grain not included above:
Oats, 18,000 bushels New York; total,;
18,000, against 12.000 bushels In
1919; barley, New York,
2,000; Duluth, 8,000
total, 10,000 bushels, against
74,000 bushels in 1919.
Total Oct. 30 1920
35,780,000
8
1919..-.96,397,000
Total Nov. 9
2,146,000
120.000
2,688,000
Total Nov. 6 1920
Total Oct. 30
17,384,000
120,000
128,000
8 1919
9 1918
65,000
Summary—
V-
39,563,000
17,384,000
Total Nov.
t
273,000
773,000
54,000
4,472,000
4,609,000
14,751,000
20,882,000
American
Canadian
19,000
3,696,000
3,182,000
6,000
1920....15,858,000
Total Nov.
Total Nov.
743.000
2,692,000
261,000
......
19,000
1,100,000
85,COO
120,000
16,000
1,263,000
3,954,000
3,372,000
1,100,000
1,372,000
152,000
.-V.v-
19,000
4,425,000 26,122,000
3,973,000
2,863,000
17,659,000
8,023,000
4,472,000
4,824,000
6,612,000
4,545,000
The naming
goods,
of
new
low price
levels
on
many
classes of
this
Needless to say, the
long and
downward movement has
entailed
many quarters,
and of course,
commit themselves
extensively
the
as
new
prices in
guarantee of
some cases
stability
the face of the
many
chants
are
ing
new
can
to
displaying
or
many
on
the
serious losses in
still
new
more
reluctant to
basis, especially
stock protection.
difficulties,
those
are
do not carry with them
any
some of
Nevertheless, in
the
leading
mer¬
energy in the direction of secur¬
business, and along this line
encourage
go
It is true that there
are still
many
certain extent it must be
admitted that
a
feeling is well founded.
severe
re¬
long and high standing to
ahead with business.
pessimists, and to
who
are
It is pointed out that the
are
doing all that they
down-hearted.
Some of
them say that
they are ready to meet the most
exacting con¬
ditions of the
distributers and consumers and
will make
financial
stringency.
sagged
68x72s
8c.
from
in
With
distributing
goods in hand at the
prices named by mills
and jobbers there
are
many opportunities for
business, and
this is the month in
which goods
ought to be placed or ar¬
ranged
ferred
taking,
for.
as
Although buying in
much
as
is
being de¬
the time of
inventory
many
possible pending
cases
an
unusually large number of
out-of-town buyers has
been in evidence this
week, and many of them seem
ready
to discuss business
on the
present basis of
piece goods, cloth¬
ing and underwear. While
this
represents, to a large ex¬
tent, no doubt, preparation for
increasingly
of
holiday trade, it is becoming
evident that certain
stocks
replenishment.
ness
they
to
buy, and
expect
to
are
in
urgent need
Many department stores
display
are
eager¬
ready to pay cash, but on that
basis
secure
unusually attractive values.
That
many commercial firms are
still pressed for
ready cash is
shown by the
large number of extensions
that are
asked by debtors of
being
mills and
wholesalers. The demand for
renewal of loans
by banks is also
strong.
It is felt that the
continued depression has
shown up the weak
spots of trade
and that the
pressure for forced
liquidation is no longer as
necessary as it wTas a few months
ago.
It is understood
that
legitimate concerns that have
made a sincere
attempt to
readjust their business, to mark
down their
inventories, and
to move old
high-priced stock, are
receiving adequate finan¬
cial assistance.
Rates here continue
practically unchanged,
despite the easing tendency in the
West
paper is still
and South.
Most
good
names
discounting at 8%, with
especially
still
Sales
9^0.
to
9*4c.,
10}4c., while 60x48s
to
exporters who
among
Convertibles
were
offered
were
by
were
at
not
were
indifferent.
Offerings of 27-inch 64x60s
The
heavy,
38^-inch
and
were
39-inch
priced
at
6%c. aroused interest
seeking quotations for cabling.
Best grades of 39-inch 72x76s
also lower.
mills
at
12^c.,
with
30-inch, 88x80s at
Sheetings in some
cases eased off over 5s.
per pound.
Four-yard, 37-inch are
quoted at 9%c.; 48x52s, at 10c.40-inch,
2.85s, at 12^c.,
13Y2c.t and 4-yard 80
squares
13c.
at
and 4.25s at 9%c.
Export markets are still generally dull,
although there has been some business recently with Canada
and Mexico.
Signs of recovery in the latter country are
especially encouraging and promise to continue.
Owing to
conditions many export goods are still
being resold
this is becoming more difficult because of the
money
here,
new
but
low prices named to domestic
buyers.
WOOLEN GOODS.—The
generally mild weather has
checked business in clothing and dress
goods.
Buying has
been confined chiefly to
"filling-in" and fancies
are
wanted
is still
more
a
than staples.
business
are
mills
remains
still
seem
still
The popularity of plaid velours
feature, this line displacing
wThom
immediately placed
bids.
from
11c.
Tricotines
are
low
were
printers
with
available
The majority of Eastern mills were
suit, although Southern manufacturers
considering
most
use.
that must appeal to all
concerned. Sales¬
are
going out with goods to offer at
figures that must
be rockbottom for
the season.
The point is often
stressed
that readjustment will
be delayed until
the lower-priced
now
re¬
and
men
channels.
record-breaking
percales, pongees and madrasses
by the largest denim handlers; 25c. for 2.20 white
21%c. for 2.40 double and twisted denims, fore¬
the return of overalls at
$2, instead of $4 or $5.
Print cloths were weaker,
largely under pressure from sec¬
ond-hands, who were affected by lower cotton prices and
back
offerings at prices
goods
on
anticipate additional lessening of producing costs that
may
not develop for a month or more.
They also indicate that
retailers will be able to sell
printed shirts at $1, compared
with $2 to $2.50 heretofore.
Moreover, the very low prices
64x60s
many
of
transactions.
ductions of 50% to 60%
were
representing drastic revisions from
cent
quotations, has strengthened the determination of
merchants
makers were more
disposed to look over offerings, many
buying small lots in order to keep busy, although the con¬
tinued unsettlement of labor
questions precluded noteworthy
as
Friday Night, Nov. 12 1920.
some of them
conservative
had expected.
50% to 60%, compared with prices
ruling last April on white
goods, printed, woven, and dyed specialties for the
spring
season.
Although jobbers were not particularly active, more
inquiry was noted from miscellaneous trades.
Garment
reluctant to follow
THE DRY GOODS TRADE.
New York,
as
shadow
6
148,917,000
named
named
9,851,000 35,203,000
120,000
3,696,000
1920
66,947,000
9,971,000 38,899,000
Total Oct. 30 1920
51,608,000 10,213,000 37,590,000
Total Nov. 8 1918...
111,148,000
1,373,000 23,501,000
Total Nov. 9 1918—
only
protection guarantee.
In short, the conces¬
a
rule discounted more than most
buyers
One big corporation announced reductions of
a
......
Total Nov.
Canadian—
Montreal
financial stringency.
The fact that quick ship¬
ment is specified in
many cases clearly demonstrates ex¬
haustion of supplies,
especially among jobbers who recently
reduced prices and succeeded in
disposing of their old hold¬
ings.
Among sellers it is stated that the business for Nov.Dec. delivery
resulting from the price cuts was fully as good
as expected and
that larger dealings were prevented
by the lack of
2,000
200,000
375,000
Ft. William &Pt.
Arthur. 12,650,000
Other Canadian
are noticeable as a result of
additional offerings of
various lines at fresh concessions on
cost.
It is quite clear
that stocks in
many quarters are extremely low and that
the new price lists are attractive to
buyers who are not ham¬
515,000
277,000
294,000
19,000
mation
73,000
6,000
292,000
254,000
are
DOMESTIC COTTON GOODS.—Further increases in ani¬
hush.
429,000
360,000
Total Nov. 6 1920
Barley.
1,111,000
56,000
671,000
18,000
280,000
2,258,000
13,000
271,000
1,272,000
2,667,000
Kansas City
Peoria
hush.
1,471,000
93,000
536,000
23,000
165,000
1,614,000
3,084,000
65,000
4,247,000
3,674,000
2,386,000
831,000
113,000
41,000
882,000
112,000
4,876,000
5,740,000
Galveston
Buffalo
Rye.
bush.
464,000
26,000
63,000
Baltimore
Oats.
hush.
4,734,000
Interior
banks are the heaviest
buyers,
doing little.
It Is stated that savings
investing in paper to a greater extent than for¬
merly.
Corn.
hush.
New York
7%%.
as
[Vol. 111.
institutions
banks
GRAIN STOCKS.
Boston
low
1
serges for winter skirt
selling, largely from second-hands,
disinclined
to
compete.
Forward
stagnant, owing to uncertainty
outcome of labor disputes in the
cutting trade.
to
the
Buyers
are
as
talking still lower prices and under the circumstances manu¬
facturers prefer not to risk
weakening their market by tak¬
ing any new action at present. At the American Woolen Co.
auction
bids
short
time
$1.25.
It
were
ago,
is
low, 10% to 15%
some
thought
sales
at
that
wider
below
prices ruling a
a decline of
distribution may result
$2.25 showing
from the reduction of one-third named
by one leading cloth¬
ing manufacturer and the later notice that others would
meet or exceed this cut.
^
FOREIGN DRY GOODS.—The burlap market is
weaker,
as lack
of confidence is still marked
among
and
buyers,
there is no prospect for
early improvement.
There is no
breadth to the demahd, although
spot goods might be placed
if the price was low
enough.
Lights on spot are quoted
at 6.25c., against 6.35c. to 6.50c. last
wreek, and heavies at
7.40c. against 7.65c. to 7.75c.
Afloat goods are offered at
concessions on spots (6.20c. for
lights), but there is no in¬
terest.
Calcutta quotations indicate more
pressure to sell
goods on hand or in sight, Nov.-Dec. offerings
being lower
than Jan.-March.
against
5%c.
against 7.25c.
last
Lights for Nov.-Dec.
are
offered at
5^c.,
week,
and heavies at 6.65c. to 6.90c.,
For Jam-March lights are held at
5%c. and
heavies at 7.15c.
There have been
no developments of
moment in linen cir¬
In some quarters a fair
spot business is reported, but
there is a great scarcity of orders for
cles.
Belfast.
Owing to the scarcity of
future delivery from
material importers
raw
expect the market to become more stable.
The meeting at
Belfast resulted in no decision on the
request of the Ameri¬
can trade that minimum
prices be continued for a
longer
period than the six months first named.
Nov. 13
1967
CHRONICLE
THE
1920.]
OFFERING.—Charles O.
$54,600 6%
Date Nov. 15 1920. Prin.
ALLIANCE, Stark County, Ohio.—BOND
Silver, City Aud., will receive bids
jilale and Cxiij
until 12 m. Nov. 30 for
Denom. $1,000 and $600.
deficiency bonds.
and
Sinking Fund Trustees.
of bonds bid for, payable
semi-ann. int. payable at the office of the
Due
Sept. 1 1928.
Cert, check for 3 % of amount
City Treasurer, required.
to the
Gratiot County, Mich.—BONDS VOTED.—A vote of 1,481
"against" was cast on Nov. 2 in favor of a proposition to
$80,000 water-system-completion bonds, according to reports.
ALMA,
NEWS ITEMS.
.
Hawaii
for ' and 682
issue
Part.—Legislature
(Territory of).—Bonds Sold in
ANNE
ARUNDEL COUNTY
(P. O. Annapolis), Md.—BONDS
VOTED.—The official count on a proposition to issue $150,000 5% school
showed the voters' approval, the count being 722 "for*' to 524
Restriction.—In answer to
our inquiry regarding the unsold portion of the $2,400,000
4^% public improvement bonds of Hawaii, Delbert E.
Metzger, Territorial Treasurer, has the following to say:
to
Consider Removal of Discount
bonds
"against."
request of Oct. 14, I beg to say that it is
probable that we shall again offer on the Eastern market the unsold portion
of our bond issue of Sept. 15 1920, in the amount of $2,400,000 434% for
Dear Sirs—Replying to your
onds improvement purposes.
Sublic at $98 to $98.01.
To date we have
sold $277,000 of these
,
ASHTABULA, Ashtabula County, Ohio.—BONDS VOTED.—At the
2 election the people voted, by 4,175 "for" to 1,377 "against," in
proposition to issue $1,000,000 electric-plant extension bonds.
V. 111.p. 1773.
favor of the
Jersey.—Legislature Re-convenes.—The
New
and
Treasurer
New Jersey
Legislature re-convened on Nov. 8 after a recess which
began Sept. 15.
In September the Senate passed the White
bill calling for a heavy increase in motor vehicle license fees,
but the House on Nov. 8 refused to concur in that measure.
Instead, it put through a
ASHTABULA COUNTY (P. O. Jefferson), Ohio.—BOND SALE.—
8 E. H. Rollins & Sons of Chicago, bidding $185,962 (100.52)
interest, a basis of about 5.87%, were awarded the $185,000 6%
Rome-Morgan Road impt. bonds offered on that date—Y. Ill, p. 1871.
Date April 1 1920.
Due $20,000 yaerly on Oct. 1 from 1921 to 1928, incl.;
and $25,000 Oct. 1 1929.
The bidders were:
E. H. Rollins & Sons, Chic._$185,962 Tucker, Robison & Co., Tol$185,lll
Providet
Savings
Bank
]W. L. Slayton & Co., Tol 185,004
& Trust Co,, Cinn
185,129.501
On Nov.
__
DELBERT E. METZGER,
substitute bill providing for only
20% increase in licenses.
Before this substitute passed
the House, however, the Senate adjourned.
The Newark
a
BALTIMORE, Md.—LOANS
Water Loan of
Harbor Loan of
was
a
he would not do so.
call
bonds.
denomination. Date
each six months
from May
15
BEDFORD VILLAGE
the starting date until Dec. 15, the day after the next
Such delay would undoubtedly result in untold
confusion, but it would be the means of the State getting the additional
funds if the House bill is passed by the Senate.
Then again in this connec¬
postpone
bill as it stands,
in its work.
Date Jan. 15 1920. Prin.
First National Bank of
follows: $1,000 1921
1949 incl.; $4,000
1950 to 1959 incl.
Cert, check on some bank other than the one making
the bid, for 10% of amount of bonds bid for, payable to the clerk, required.
Bonds to be delivered and paid for at Cleveland within 10 days from date
Colo.—Call.—M. P. Mc¬
AND
follows:
PROPOSALS
15.
123 and 124.
$647,500
75,698
$30,000,000
20,536,920
Due one bond of each issue each
OFFERING.—
Commissioners will receive bids
bonds:
*
•
173,000 534% bonds maturing $35,000 on Oct. 1 in
and $34,000 on Oct. 1 1924 and 1925.
Prin. and int. payable at
Tex.—BONDS VOTED.—On Oct. 30.
Int. J
bCT""
V J.
Due
by
voted.
CARLTON COUNTY SCHOOL DISTRICT NO. 7 (P. O. Cloquet)
Minn.—BOND SALE.—An issue of $100,000 4% school building bonas was
128 "for" to 2
"against," $30,000 paving bonds were
recently taken by the
State of Minnesota.
CARTERVILLE
TOWNSHIP
(P.
County, 111.—BOND SALE.—An issue
sold on July 12 to the Friedman-D'Oench
$100 and $500.
Date July 1 1920
Int.
July 1 from 1921 to 1925, incl.
Total
Assessed Value 1919, $1,190,682.
O. CarterviHe),
Williamson
of $50,000 5% road bonds was
Bond Co. of »t, Louis. Denom
J. & J. Due $10,000 yearly on
Debt (incl. this issue) $56,750.
for
Intersection Paving bonds.
$1,0 0. Date^Julyll 1920.
1 1940, optional July
1930;
of
SALE.—On Nov.
registration) temporary
awarded to M. M.
for 5 As, which is
& O. Due Oct. 1
CAMDEN COUNTY (P. O. Camden), N. J.—BOND
10 the issue of $97,000 coupon (with privilege of
impt. bonds offered on that date (V. Ill, p. 1773) was
Freeman & Co. of Philadelphia at their bid of 100.523
on a basis of about 5.40%.
Date Oct. 1 1920.
Int. A.
The Lincoln Jrust Co.
at^par:
required.
$500 and
1921, 1922 and 1923,
the First National Bank
Boston.
the
26,000 634%
July
follows: $21,000 1921 to
1931 to 1940
Optional Oct. 1 1935.
Optional Oct. 1 1935.
and semi-ann. int. (A. & O.)
Treasurer's office. Cert, check for 2% of amount
ALBION, Boone County, Neb.—BOND SALE.—
of Lincoln purchased the following bonds on Oct. 16
$76,000 6% Paving District bonds.
Denoms.
SALE.—Edmund
CAMBRIDGE, Middlesex County, Mass.—BOND
Bros, of Boston have purchased the following impt. bonds:
$273,500 5% bonds, maturing yearly on Oct. 1 as
1927 incl.; $20,500 1928, 1929 and 1930; $5,000
incl., and $1,500 1941 to 1950 incl.
CANYON, Randall County,
from May 15 1922 to Nov. 15 1926 incl.
COUNTY (P. O. Gettysburg), Pa .—BOND
bid for,
1 1920.
1926.
$100,000 bridge bonds.
Due Oct. 1 1950.
80.000 funding bonds.
Due Oct. 1 1945.
Denom. $1,000.
Date Oct. 1 1920.
Prin.
of bonds
Due yearly
$2,000 1931
about
on or
Prin. and semi-ann. int. (M. & S.) payable in New
registerable as to principal only.
Cert, check or cash on a
bank or trust company doing business in North Carolina
for 2%, payable to the City Treasurer, required.
BOND SALE.—The $195,000 6% gold water and sewer bonds offered
on Sept. 10—V. Ill, p. 1009—were awarded on Sept. 29 to Elston & Co. of
Chicago, at par and interest.
Date Sept.
$504.
payable at the County
Sept. 1 as follows:
Bonds will
national bank or a
nom.
W. Baker, Clerk of Board of County
until 12 m. Nov. 23 for the following 534 %
OFFERING.
W. McPher-
York in gold,
COUNTY (P. O. Decatur , Ind.—BOND OFFERING.—
Hugh D. Hite, County Treasurer, will receive proposals until 2 p. m.
Nov. 20 for the following 434% macadam road bonds:
$5 040 James D. Hoffman, St. Marys Twp. bonds.
Denom.
5,600 Seth D. Beavers, Kirkland and Washington Twps. bonds.
De¬
ADAMS
VOTED—DEFEATED.—
$14,000 city-hall bonds
and $9,000
$1,000.
ADAMS
Geo
bonds offered on April 5.
22,000 street and sidewalk impt. bonds.
Denom.
on Sept.
1 as follows: $1,000 1921 to 1930 incl., and
to 1936 incl.
Bonds will be delivered in New York
Dec. 1 1920.
6.
571,802
bonded debt
Population, present official estimate 16,000.
Net bonded debt less than 3% of assessed valuation.
Population 1920 (Census) 14.537.
,
six months
$25,000 6% school
Date Oct. 1 1920.
Net
Int. M. & N.
1, Bladen County,
yet been made of the
V. 110, p. 1108.
BRYAN, Williams County, Ohio.—BOND OFFERING.—John Neill,
Village Clerk, will receive bids until 12 m. Nov. 22 for $45,000 6% refunding
bonds.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & S. Due $15,000
in 1925, 1926 & 1927.
Cert, check for 2)4% 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.
MARSH SCHOOL DISTRICT NO.
Caro.—BONDS NOT YET SOLD.—No sale has
BROWN
No.
BURLINGTON, Alamance County, No. Caro .—BOND
proposals will be received until 2 p.m. Nov. 15 by M.
City Clerk, for the following 6% bonds:
$25,000 water bonds.
Denom. $500.
Due yearly on
$500 1921 to 1930 incl., and $1,000 1931 to 1950 incl.
be delivered in New York on or about Dec. 15 1920.
Statement.
1919
Total bonded debt (including this issue)
Less sinking fund—
Date Nov.
M. & N.
son,
SCHOOL DISTRICT (P. O. Aberdeen)
Dak.—DESCRIPTION OF BONDS.—The $475,000
534% school bonds, which were sold as reported in V. Ill, p. 1585—bear
the following description.
Denom. $1,000. Date April 1 1920. Prin.
and semi-ann. (A. & O.) payable at the Continental & Commercial National
Bank, Chicago.
Due $25,000 yearly on April 1 from 1922 to 1940, incl.
$560.
15 1920.
Ohio.—BOND SALE.—It Is
Brookville has purchased at par
property-purchase bonds. Int.
Montgomery County,
—Sealed
NEGOTIATIONS
Real
value
Assessed valuation
Minn.—BOND SALE.—
was awarded the
1920 (V. Ill, p.
BURLEY, Cassia County, Ida.—BONDS
reported that on Nov. 2 (v. Ill, p. 1585) the
voted.
At the same election the $44,000 water-extension
motor truck street flusher bonds were turned down.
So.
Financial
BROOKVILLE,
reported that the First National Bank of
a
block of $3,000
6% 1-6-year serial
were
ABERDEEN INDEPENDENT
Brown County,
accrued interest.
COUNTY (P. O. Mankato),
Citizens' Loan & Trust Co., of Mankato,
$274,000 5A% 1124-year (average) bonds, dated Nov. 1
1773) at 101.22 and blank bonds.
It is
Sidewalk District—Bonds No. 7 and 24.
Washington Park Sidewalk District—Bond No. 4.
Arlington Park Storm Sewer District—Bond No. 39.
Washington Park Storm Sewer District—Bond No. 213.
Seventh Avenue Special Sanitary Sewer District—Bond No. 20.
South Side Special Sanitary Sewer District No. 6—Bond No.
Part "A" Sub-Sanitary Sewer District—Bond No. 3.
West and South Side Sanitary Sewer District—Bond No. 82.
Arlington Park Improvement District—Bond No. 126.
Capitol Hill Improvement District No. 5—Bond No. 153.
Cherry Creek Improvement District No. 3—Bond No. 133.
BOND
Purchaser to pay
BLUE EARTH
North Denver
this week have been as
Denom. $1,000.
O.) payable at the
On Nov. 9 the
Carthy, City Treasurer, has called for payment on Nov. 30
at the Bankers Trust Co., N. Y., only, the following spe¬
cial issues of bonds, and interest ceases thereafter:
East Denver Improvement District No. 5—Bond No. 129.
East Denver Improvement District No. 7—Bonds Nos. 30, 31, 32 and 33.
East Side Improvement District No. 4—Bond No. 27.
North Side Improvement District No. 20—Bonds Nos. 29 and 30.
North Side Improvement District No. 23—Bond No. 23.
South Capitol Hill Improvement District No. 2—Bonds Nos. 87 and 101.
South Denver Improvement District No. 7—Bond No. 36.
East Denver Park District—Bonds Nos. 1731 to 1740, incl.
Highland Park District—Bond No. 313.
Montclair Park District—Bond No. 493.
,
:
Alley Paving District No. 28—Bond No. 14.
Alley Paving District No. 29—Bond No. 11.
Alley Paving District No. 38—Bond No. 12.
Alley Paving District No. 41—Bond No. 12.
East Denver Paving District No. 1—Bond No.
South Side Curbing District No. 3—Bonds Nos.
Bedford), Cuya¬
W. Blackman, Clerk of
Nov. 27 for $200,000 6%
Cleveland.
Due on Apr. 1 and Oct. 1 of each year as
to 1928 incl.; $2,000 1929 to 1939 incl.; $3,000 1940 to
REDEMPTIONS.
(City and County),
incl.
SCHOOL DISTRICT (P. O.
coupon school-house bonds.
and semi-annual int. (A. &
of award.
BOND CALLS AND
1922 to Nov. 15 1931
hoga County, Ohio.—BOND OFFERING.—A.
Board of Education, will receive bids until 12 m.
session of the Legislature.
tion, Mr. Dill has no assurances that the Senate will pass the
and if this happens it will put his department away behind
■
4,000 J. Bringam et al. Union Twp. bonds.
20,700 Albert Hendrickson et al. Hawcreek Twp. bonds.
Each issue is divided into twenty bonds of equal
Nov. 20 1920.
Int. M. & N.
Due one bond of each issue
Dill,
Denver
6,936.
7,573.
$750,000, carried by 163,822 to 7,643.
• '
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BOND OF¬
FERING.—Smith Carmichael, County Treasurer, will receive bids until
10 a. m. Nov. 20 for the following
road bonds:
$17,600 John Foerster et al. Harrison, Columbus, Wayne and Ohio Twps.
provided under the bill.
State Motor Vehicle Commissioner
instead of issuing his 1921 licenses beginning Dec. 1, as is his custom,
funds
could
$15,000,000, carried by 165,607 to
$12,500,000, carried by 172,435 to
Hospital Loan of
thought that Governor Edwards might step into the breach and
special session of the Legislature to remedy the situation, but he said
The Governor claimed that the Senate was cognizant
before it adjourned that the House was about to put through the bill
increasing the license fees by 20% instead of the Senate measure that called
for much heavier increases.
He doubted his right to call a special session
to take up the measure.
When he was reminded that he called a special session of the Senate to
consider his appointments to the State Highway Board and also to the Public
Utilities Board, the Governor replied that he believed he had a right to do
that, but that this situation was different and that he has no right to
a special session for this purpose.
There is one avenue left for the State to obtain for next year the additional
It
VOTED.—On Nov. 2 overwhelming ma¬
jorities were returned in favor of four municipal loans, as follows:
Public Improvement Loan of $23,850,000, carried by 170,206 to 8,661.
Improvements to be made are as follows: Sewers, $8,000,000; streets and
bridges, $6,500,000; electric wire conduits, $1,500,000; fire house and
police stations, $850,000; schools, $7,000,000.
"News" says:
call
SALE.—The $12,000 6%
Nov.
and
Special Session of the Territorial Legislature will convene Nov. 10
will consider the matter of an amendment to our law which now restricts
sales to no greater discount than 2% below par.
Should the Legislature remove this disability to sell, I shall readvertise
the remaining bonds at the earliest possible moment.
Very truly yours,
A
.
ARCADE, Wyoming County, N. Y.—BOND
steam-heating bonds offered on Nov. 4 (V. Ill, p. 1772) were sold locally
at 101.82, a basis of about 5.65%.
Date Nov. 6 1920.
Due $1,000 yearly
on Nov. 1 from 1921 to 1932 incl.
CASPER, Natrona County,
$830,000 various municipal
Wyo.—BONDS VOTED.—On Nov. 2
Ill, p. 1390)
improvement bonds (V.
carried.
Erie Count v.
of $175,000
Nov. 2.
mhnI
CASTALIA SCHOOL DISTRICT (P. O. Castalia),
Ohio.—BONDS VOTED.—According to reports a bond issue
a new school building was voted upon favorably on
CASWELL COUNTY (P. O. Yanceyville),
FERING.—Robert T. Wilson, Clerk of Board of
will receive bids for the $50,000 6% coupon (with
No. Caro.—BOND OF¬
County Commissioners,
privilege of registration)
1968
THE
CHRONICLE
[VOL. 111.
road-impt. bonds mentioned
in V. Ill, p. 1586, until
1 p. m. Nov. 20.
De¬
nom.
$1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int.
(A. & O.)
payable at the office of the U. 8.
Mtge. & Trust Co., N. Y., and interest on
registered bonds will be
paid in New York
DENVER
(City and County) SCHOOL DISTRICT NO.
Denver), Colo.—BIDS.—The following is a
complete list of bids
submitted
exchange.
Due yearly on Oct. 1
follows: $1,000 1923 to 1928
incl., and $2,000 1929 to 1950 incl.
Certi¬
fied check or cash for 2
% of the amount of bonds bid for,
payable to Caswell
County, required.
The successful bidder will
be furnished with the
of Reed
opinion
Dougherty & Hoyt of N. Y. that the bonds are valid
obligations of
Caswell County, and the
bonds will be printed under the
supervision of the
u. S.
Mtge. & Trust Co. of N. Y., which will
certify as to the geniineness of
the signatures and
,
on
the bonds.
CHARLESTON SPECIAL SCHOOL DISTRICT
NO.
£on),' F,^an¥m County, Ark.—BOND
bonds offered
SALE.—The
Nov.
on
9 (P. O.
$9,000
Charles
6%
school
1 have been sold to the Bank
of Charleston and the
American State
Bank, both of Charleston, at
par.
Denom. $500.
Date
Nov. 1 1920.
Int. M. & N.
.CHELAN
COUNTY
(P.
O.
Wenatchee).
H. Rollins & Sons and
A. B. Leach &
xP ?#' 29 the $430,000 6% 20 1-6
V.
Wash.—BOND SALE,
Co., bidding jointly, were awarded
bonds, dated Jan. 2 1920—
year road
Ill, p
1678—for $437,568 equal to
Denom. $1,000.
Int. semi-ann.
CHELAN
101.76
a
basis
of about
5.85%.
SCHOOL
DISTRICT (P. O.
Chelan), Chelan County,
—BOND SALE.—The State of
Washington on Oct. 30 purchased
2,500 school bonds.
1297#, lost by
heavy vote
a
CHESTER SCHOOL
on
Ill,
Nov. 2.
v
DISTRICT (P. O.
Chester), Delaware County,
Pa.—BONDS DEFEATED.—The electors on
Nov. 2 cast their ballots
„
against
a
losing by
proposition
CHILDRESS,
An
to
issue
$1,750,000
school
3 to 1 vote.
a
Childress
issue of $30,000
5%
County,
10-40
impt.
bonds,
the
issue
Tex.—BONDS
REGISTERED,
paving bonds was registered on
year street
Nov. 7 with the State
Comptroller.
CHIPPEWA COUNTY (P. O.
Montevideo), Minn.—BOND OFFER¬
ING.—Bids will be received until Nov.
17 by the County Auditor for
$150,000 6% 10-year road bonds.
Certified check for 5% required.
_
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 9
(P. O. Norbert),
Mont.—BONDS NOT SOLI).—The $4,000
6% school bonds offered on
July 15—V. 110, p. 2694—were not sold because before the
came
around the
date of sale
County Unit System had been established in this
county.
CHOUTEAU COUNTY SCHOOL DISTRICT NO.
Wood), Mont.—BONDS CANCELLED.—The $3,500
which
celled.
offered for sale
were
July 10—V.
r:;-.;,•?;;
on
28
(P.
O.
CLARKSBURG, Ross County, Ohio.—BOND OFFERING—
Wright
Skinner, Village Clerk, will receive proposals until 12 m. Nov.
24 for
$5,000 6% electric light bonds.
Auth. Sec. 3942 Gen. Code.
Denom.
$500.
Date Aug. 1 1920.
Int. semi-ann.
Due $500 yearly on Oct. 1
from 1922 to 1931, incl.
Cert, check for 2% of amount of bonds bid
for,
payable to the Village Treasurer, required.*
Bonds to be delivered and
paid for within 10 days from date of award.
Purchaser to pay accrued
interest..
.j
CLEVELAND, Cuyahoga County, Ohio.—PRICE PAID.—The nrice
paid by Hayden, Miller & Co., Harris. Forbes & Co., Estabrook &
Cot, and
the National City Co., for the
$3,750,000 6% 8-year debt funding bonds
recently taken by them—V. Ill, p. 1773—was
100.151, a basis of about
5.97%.
•
.
'
..
COATS SCHOOL DISTRICT, Harnett
County, No. Caro.—BOND
OFFERING.—Sealed bids will be received until 12 m. Nov.
19 by L. L.
Levinson. District Attorney (P. O.
Coats) for $30,000 6% 20-year school
bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int.
payable at a New York City Bank to be
designated by the purchasers.
Cert check on an incorporated bank or trust
company for 2% of the amount
of bonds bid for,
payable to A. M. Shaw, Treasurer of the
County Board
of Education (P. O.
Lillington), required.
The legality of the bonds is
being examined by Caldwell and
Raymond,
New York City, a copy of whose
opinion will be delivered to the purchaser
without charge.
These bonds are authorized by an act of the
General
Assembly of North Carolina passed at the special session of
1920, being
House Bill 140 and Senate Bill
199, and the principal and
interest are
payable from the proceeds of a special tax authorized
by said act.
The
opinion aforesaid will contain a reference to this
special tax.
Uncondi¬
tional bids or bids conditioned
only on the opinion of Caldwell and Ray¬
,
mond
as
aforesaid
are
requested.
COCOA
BEACH
SPECIAL
Brevard County, Fla.—BOND
coupon road bonds—V. Ill, p.
and the Brevard
County State
;
ROAD
AND
BRIDGE
DISTRICT,
SALE.—On Nov. 9 the $300,000
6%
1678—were sold to the Bank of Cocoa
Bank, both of Cocoa.
Date Feb. 1 1920.
Due $50,000 Feb. 1 1930, 1935
1940, 1945, 1950 and 1955.
CRAIG COUNTY (P. O.
Vinita),
Dec. 20 $30,000 bonds to convert the
Okla.—BOND
county jail into
will be submitted to the
voters, it is stated.
CUSTER
COUNTY
(P.
O.
ELECTION.—On
county hospital
a
On Nov. 1 the Drako-Ballard Co. of
City), Mont.—BOAD SALE.—
Minneapolis, was awarded the following
6% bonds which were to be sold on Nov. 15—V. Ill, p. 1773.
$250,000 school-building bonds for $253,757
(101.50) and interest.
Date
April 1 1920.
Due $15,000 yearly on Jan. 1 from
1927 to 1936
incl., $20,000 yearly on Jan. 1 from 1937 to
1940, incl. $20,000
April 1 1940, each bond redeemable at the
option of the County
on the interest
payment date occruing 1 year prior to
maturity.
100,000 highway bonds at 101.507 and
interest.
Date July 1
1920.
Duo $10,000 yearly on Jan
1 from 1931 to 1940, incl. each
bond
redeemable at the option of
County on the interest payment
date occuring 1 year
prior to maturity.
CYPRESS DRAINAGE
DISTRICT, Perry and Conway Counties,
Ark.—BOND SALE.—Friedman, D'Oench &
Duhme of St. Louis have
been awarded $30,000
6% coupon bonds.
Denom. $500.
Date Mar. 1
1920.
Prin. and semi-ann. int.
(M. & S.) payable at the Mercantile Trust
Co., St. Louis.
Due yearly on Sept. 1 as follows:
$1,000 1924 to 1935 incl.
and
$2,000
1936
to
1944
incl.
Financial Statement.
Estimated present value of
property...Assessed valuation for taxation for
1920
Total bonded debt
Assessed benefits..
$1,000,000 00
480,000 00
110,000 00
;
Highest assessed benefits
Lowest assessed benefits
123,736 00
per acre
22 50
per acre.
Total bonded debt
per acre.
Average annual requirement to pay
75
5 97
I.I.II"-
5
E. H. Rollins & Sons
Boettcher, Porter
Bid
%
5
1044.40
Amount.
$1,976,600
2,088,800
5.145
1044.77 5.14
ldo0.20
2,089,54a
5.12
2.000.400
Being at rate of 98.604
for 5's
f
Bosworth, Chanute & Co..
Halsey, Stuart & Co
5
%
975.71 5.19
1,951,420
5H%
1007.11 5-19
2.014,220
A. B. Leach & Co...
5H%
1037.11 5.21
2,074,220
Taylor, Ewart & Co
1
They offered to pay for the bonds with
The Mississippi
Valley Trust [their 514% Ctfs. of Dep. and secure the ctfs.
& Savings Bank
,___jby pledge of Treas. Ctfs. or Liberty Bonds.
National City (3o
5
%
975.50 5.19
1,951,000
The Guaranty Trust Co
1034.40 5.22
5K%
2,068,800
Sidlo, Simons, Fels & Co.
6
%
1081.10
I
5.34
5
%
5H%
5 y2%
6
%
Merrill, Oldham & Co...:
Remick, Hodges & Co
Blodget A Co
The Northern Trust Co. Chic.
2,162,200
963.17
5.31
993.84
5.29
1.987,680
1016.51
5.37
2,033,020
2,145,680
1,926,340
1072.84 5.41
(& int)
They offered to pay for the bonds with
their
5% Ctfs. of Dep. and secure the
Certificates by Depositary Bond.
Wilson, Cranmer & Co....
Continental & Commer¬
The
cial Trust & Savs. Bk., Chic
Merchants Loan & Tr.Co.,Chi
514%
1009.05 5.42
2,018,100
First Trust & Sav. Bk. Chic.
Jk.,
Horn blower & Weeks.
DETROIT, Wayne County, Mich.—BOND OFFERING.—An issue of
$1,000,000 5H% public-utility bonds is to be sold on Nov.
15 at 11 a. m.,
until which time proposals are to be received
by Henry Steffens Jr., City
Comptroller.
Date Nov. 1 1920.
Due Nov. 1 1945.
submitted
on Nov. 2
229 "against."
(V. Ill,
County,
$305,000 school bonds,
vote of 1,534 "for" to
1391) carried by
p.
a
DURHAM, Durham County, No. Caro .—BOND OFFERING.—Until
8 p. m. Nov. 16, J. H. Allen, City
Treasurer, will receive bids for $575,000
gold coupon (with privilege of registration
public impt. bonds at not to
exceed 6%
interest.
Denom. $1,000.
Date July 1
1920.
Prin. and
semi-ann. int. (J. & J.) payable in New York.
Due yearly on Jan. 1 as
follows:
$16,000, 1923 to 1928, incl.; $24,000, 1929 to 1933. incl.: $32,000,
1938, incl.; $39,000, 1939 and $40,000, 1940 to 1943, incl.
Cert,
cash on an incorporated bank or trust
company for $11,500 pay¬
able to the City of Durham or the above
Treasurer, required.
1934 to
check
or
The bonds will be prepared under the
supervision of the United States
Mortgage & Trust Co., New York, which will certify
as to the genuineness
signatures of the city officials and the seal impressed thereon.
The
approving opinion of Chester B. Masslich, New York City, will be furnished
to the purchaser without charge.
Bonds will be delivered in New York, on
of the
or
about
Dec.
6 1920.
This issue is a consolidation of $125,000 school
bonds, $100,000 sewerage bonds, $250,000
street-improvement bonds and
$100,000 bonds for the purchase of land for streets, highways and sidewalks.
Financial
Statement.
Assessed valuation 1920
Actual
valuation..;...-.....-.-...
Outstanding bonds.
..$92,410,252 00
92,410,252 00
2,395,500 00
—
'
i,
Water debt included in above—
This
850,000 00
issue.575,000
Tax
anticipation notes
:
Bond anticipation notes, to bepaid from
proceeds of this issue
Sinking funds
484,500 00
388,969 36
___
T£tX
1*3; t/0
1920-21
—
a.
m.
m.
—
mm
fm'mm'-m
—
—
Population
Census
Eagle
RIVER
River),
Hanchett
a
surplus after paying
1920
Estimated suburban population
EAGLE
^5
_
The city's water plant is self-sustaining and there is
interest upon the water bonds.
UNION
Vilas
Bond Co.
—
FREE
HIGH
21,719
15,000
—
SCHOOL
DISTRICT (P. O.
County, Wise.——BOND SALE.—On Oct. 25 the
Chicago, purchased $125,000 6% school bonds at
of
Denom. $1,000.
Date Oct.
1
1920.
Prin.
and
(A. & O.) payable at the First National Bank, Chicago,
par.
Financial
semi-ann.
value of all property
Assessed valuation for taxation
_
debt
—
_
.
_
_
int.
Statement.
Estimated
bonded
00
320,000 00
—
_
...
...
...
-4
.
..
......
-
$5,194,390
3,993,305
125,000
______
Population est., 5,000.
EL
CENTRO
SCHOOL
DISTRICT,
Imperial
BOND SALE.—The $150,000
County,
Calif.—
6% tax-free bonds, which were mentioned in
1010, have been sold to Frank & Lewis, of Los Angeles,
Denom.
Date July 6 1920.
Due $6,000 yearly on July 6 from 1925 to 1949,
V. Ill, p.
$500.
inclusive.
V
.
Financial Statement.
1920 net assessed valuation
Total bonded debt, including this issue—
$8,272,282
268,000
—
Estimated population,
9,O0O; approximate
miles; date of incorporation.
___.
area
of the district, 18 square
1907.
ELYRIA, Lorain County, Ohio.—BOND SALE.—The $142,000
6%
coupon deficiency funding bonds offered on Nov. 9 (V.
Ill, p. 167$)
were awarded to Stacy & Braun of Toledo for
$142,121 71 (100.086) and
interest, a basis of about 5.98%.
Date Nov. 1 1920.
Due $23,000 yearly
on Nov. 1 from 1923 to 1927 incl., and
$27,000 Nov. 1 1928.
ERIE COUNTY (P. O. Erie), Pa.—BOND SALE.—The
issue of $300,000
tax-free registered road bonds offered on Nov- 10 (V. Ill,
p. 1872)
awarded to Redly, Brock & Co. of Philadelphia for
$304,677, equal to
101.559, a basis of about 4.86%.
Denom, $1,000.
Date Oct.
1 1920.
Int. A. & O.
Due $100,000 Oct. 1 1935, and $50,000 on Oct. 1 in
1936,
1937, 1938 and 1939.
5%
was
FAIRFIELD, Jefferson County, Ala .—FINANCIAL STATEMENT.
principal and int. per acre
45
DISTRICT (P. O. Dalhart), Dallam
County,
Tex.—BONDS VOTED.—An issue of
$125,000 high-school building bonds
was recently
voted, it is stated.
—The following financial statement has been issued in
connection with the
offering on Nov. 15 of the $42,500 school and $12,000 equipment and build¬
DAMASCUS TOWNSHIP (P. O.
McClure), Henry County, Ohio.—
BOND OFFERING.—Sealed bids
for $30,000
6% coupon Memorial Bldg.
bonds will be received until 12 m.
Dec. 7 by E. O.
Cromwell, Township
Clerk.
Denom.
Assessed value of property for 1920
Tax rate for 1920—$1 50 per $100.
DALHART SCHOOL
$1,000.
(A.
&
Date
Oct.
1
1920.
O.) payable at the Farmers State Bank
Prin.
and
semi-ann.
int.
of McClure.
Due $2,000
Oct. 1 from 1921 to 1935, incl.
Cert, check for
5% of amount of
bonds bid for. required.
Purchaser to pay accrued
interest.
yearly
on
DANVILLE, Vermillion County, 111.—BOND
OFFERING.—Proposals
$250,000 5% 13-year
for
by
Jos.
A.
Wherry,
(aver.) bridge bonds will be received until
Nov. 15
City Comptroller.
Denom. $1,000.
DE FUNIAK
SPRINGS, Walton County, Fla.—BONDS NOT SOLD.
—No sale was made on Oct. 15 of the
$65,000 6% bonds.
V. Ill, p, 1493.
DELTA SPECIAL ROAD DISTRICT
(P. O. Delta), Cape Girardeau
County, Mo .—BOND DESCRIPTION.—The
$25,000 6% bonds recently
awarded to Friedman-D Oench and
Duhme of
St. Louis—V. Ill,
p. 1391—
follows: Denom. $500.
Date Aug. 1 1920.
Prin. and
(F. & A.) payable at the International
Bank, St. Louis.
Due yearly as follows: $1,500 1921 to
1936 incl., and $1,000
1937.
Financial Statement.
Real value of property, estimated
$1,500,000.00
Assessed
are
described
semi-ann.
as
int.
value
Total
bonded
for
debt,
taxation
this issue
1917..
only..
753,667.90
25,000.00
O.
were
5.09
& Co
5H%
5H% $600,000)
Kissel. Kinnicutt and Co..1st maturities
J
Eldredge & Co.
5% $1,400,000 1
Stacy & Braun
last maturities
(P.
reported
Basis.
988.30
First Nat. Bank of Denver
First Nat. Bank of N. Y
Total
Miles
1774.
Interest Rate
1
that
as
DORMONT BOROUGH SCHOOL DISTRICT,
Allegheny
Pa.—BONDS VOTED.—The proposition to issue
High
6% school bonds
110, p. 2694—have been can¬
W.
p.
The Bankers Trust Co....
Bankers Trust Co., N. Y
R. L. Day & Co
CHESTER COUNTY (P. O. West
Chester), Pa .—BONDS DEFEATED
is reported that
the $3,000,000 bond
proposition mentioned in V.
—It
p.
Ill,
Oct. 27 for the $2,000,000 school bonds
awarded
on
Bidders—
The International Trust Co...
The Harris Tr. & Savs. Bank.
,
seal
V.
in
as
ing 6% bonds, details of which appeared in V. Ill,
Financial
p.
1872.
Statement.
—$2,087,123
Total bonds
authorized, exclusive of electric light bonds (includ¬
ing these issues)
:
Electric light bonds..
...
54,500
__________
6,000
Total indebtedness exclusive of the above less than
valuation.
Population, Federal censuslJan. 1920,
1% of the assessed
4,998; municipal census,
April 1920, 5,191.
The City of Fairfield is authorized by
amendment to
the constitution which is
self-executing, and which was adopted Dec. 29
1919, to levy a tax of 50c. per $100 of assessed value
annually to be used
exclusively for the payment of principal and interest of bonds.
FALL RIVER, Bristol
County, Mass.—BOND SALE.—On Nov. 11
Harris, Forbes & Co. of Boston were avrarded two issues of bonds
as follows:
$200,000 5% river-impt. bonds at 100.13, a basis of about
4.97%.
Due
$20,000 yearly on Nov. 1 from 1921 to 1930 incl.
75,000A%% water bonds at par.
Due yearly on Nov. 1| as follows:
$3,000 1921 to 1935 incl. and $2,000 1936 to
1950 incl.
Date Nov. 1
1920.
FARMINGTON,
Int. M. & N.
Van
Buren
County, Iowa.—BOND SALE.—This
funding bonds to Schanke & Co.iof
town has awarded an issue of
$10,000 6%
Mason City.
Denom. $1,000.
Date
yearly
on
Nov.-l
Nov. 1 from 1931 to 1940, incl.
1920.
Int.
M.
&
N.
Due
1969
CHRONICLE
THE
1920.]
Nov. 13
FAYETTEVILLE, Cumberland
County, No. Caro
ING.—Sealed bids will be received until 12 m. Nov.
City Treas., for the following 6% bonds:
$80,000 street bonds.
Due yearly on Dec.
as
1931, incl., and $4,000 1932 to 1936, incl.
OFFERING.—
6% sewer
Date Oct. 1
1920.
Principal and semi-annual interest payable at the National Park
Bank, New: York.
Due $1,000 yearly on Oct. 1 from 1923 to 1952, inclus¬
Legality approved by Caldwell & Raymond, New York City, N. Y
HILL COUNTY ROAD DISTRICT NO. 6, Tex.—BONDS REGIS¬
TERED.—On Nov. 3 the $170,000 6% serial bonds (Y. Ill, p. 1679) were
registered with the State Comptroller.
.
'
HILL COUNTY ROAD DISTRICT NO. 10, Tex.—BONDS REGIS¬
TERED.—'The State Comptroller registered the $97,000 5% bonds (V. Ill,
Until 8
follows: $6,000 1922 to
follows: $1,000 1922 to
semi-ann. int. (J. & D.)
payable in gold in New York.
Cert, check for 2% required. The bonds
will be certified as to genuineness by the U. S. Mtge. & Trust Co., N. Y.
Legality will be approved by Chester B. Masslich., N. Y.
Bonds are
registerable as to principal or as to principal and interest.
Bonds will be
1
1920.
fish),
school
accrued interest. Denom.
Fort Wayne on or
before Nov. 30.
FRANKLINTON, Franklin County,
Nov. 30 George L. Cooke,
Masslich, N. Y.
forms to be
blank
Bonds will be
$9,900.00
6,300.00
and J. L.
GALVA, Henry County,
that on Nov. 16 a proposition
submitted to the voters.
April 1
Due
1933
Cert,
Bids must be made on
bonds. Due yearly on Oct. 1 as follows:
incl.; and $2,000 1927 to 1930, incl.
main bonds. Due yearly on Oct. 1 as
follows: $500 1921 to 1927, incl., and $1,000 1928, 1929 and 1930.
15 200 00 Ravmont Blvd. sewer bonds.
Due yearly on Oct. 1 as follows:
$200,1921; $1,000,1922,1923and 1924; $2,000 1925 to 1930, incl.
9 700.00 Raymont Blvd. water main bonds.
Due $700 Oct. 1 1921; and
$1,000 yearly on Oct. 1 from 1922 to 1930, incl.
9 200.00 Tullamore Rd. sewer bonds.
Due $200 Oct. 1 1921; and $1,000
yearly on Oct. 1 from 1922 to 1930, incl.
6 200 00 Tullamore Rd. water main bonds.
Due yearly on Oct. 1 as
follows: $200, 1921; $500, 1922 to 1927, incl., and $1,000,
1928, 1929
company.
CONSOLIDATED SCHOOL DISTRICT
OF BONDS.—The $100,000
in V. Ill, p. 1873, answer to
the following description: Denom. $1,000.
Date Nov. 1 1920. Due Nov.
1940.
Optional Nov. 1 1930. Bonded debt (incl. this issue), $110,000..
$2,200,000.
valuation 1919,
p.
2506—but
COUNTY SCHOOL
DISTRICT NO. 1 (P. O.
5
follows:
9
follows:
38
Philips,
NOT TO BE REOFFERED AT PRESENT.—
bonds, which were offered on June 3—V. 110,
then failed to receive a bid will not be reoffered until early
(P.
COUNTY
GREENE
Schanke & Co.
of Mason
O.
Jefferson), Iowa -BOND SALE.—
bid of par. obtained $150,000
!
33
^
Financial Statement.
bonded
tion, 17,500.
Total
——
indebtedness about
•
1% of assessed
--——$45,805,819
—
467,000
valuation. Popula¬
DISTRICT, Contra Costa County,
$5,000 school bonds have been
GREEN VALLEY SCHOOL
Calif.—BOND SALE.—It is stated that
sold to William Short at par and int.
Noblesville), Ind.—BOND OFFERING.
will receive bids until 10 a. m. Nov.27
Stanford et al. Wayne Twp. gravel road impt
HAMILTON COUNTY
Finley, County
for $4,500 414%
Wm.
bonds.
Int. semi-ann.
—A. G.
HANCOCK
The voters on
of
On the same
VOTED.—
the issuance
$22,500 fair grounds purchase
COUNTY (P. O. Findlay), Ohio.—BONDS
returned a majority of 2 to 1 in favor of
for a new children's home.
Nov. 2
$100,000 bonds
bonds lost
(P. O.
Treasurer,
proposition to issue
hundred votes.
day a
by a few
COUNTY (P. O. Kenton), Ohio.—BOND
Jones, County Auditor, will receive bids until 12
HARDIN
OFFERING.—
m. Dec. 1 for
$1,000 and $1,129 52. Date
(M. & N.) payable at the
County Treasurer's office.
Due $3,000 yearly on Nov. 1 from 1921 to
1928, inclusive; and $7,129 52 Nov. 1 1929.
Certified check for $500
required.
Bonds to be delivered and paid for within 15 days from date of
Dean C.
$31,12952 6% funding bonds.
Denom.
Nov. 1 1920.
Principal and semi-annual interest
accrued interest.
HARRISON COUNTY (P. O. Corydon), Ind.—BOND OFFERING.—
Wm. Taylor, County Treasurer, will receive bids until 10 a. m. Nov. 22
for the following 5% road bonds:
$15,000 Sam P McRae et al road bonds
Denom $750. Due $750
six months from May 15 1922 to Nov. 15 1931, inclusive.
28,000 John J. Seipel et al road bonds.
Denom. $1,400. Due $1,400
each six months from May 15 1922 to Nov. 15 1931, inclusive.
Date Nov. 3 1920.
Int. M. & N.
,
Purchaser to pay
award.
each
SALE.—An issue of $4,000
1
:
v
HAVRE,
Hill County, Mont.—BONDS NOT YET SOLD.—The
$125,000 sewer and $40,000 park bonds, offered unsuccessfully on June 28
County, Wash.—BOND
water-works bonds has been sold.
HATTON, Adams
6%
sold as yet.
SUB-SCHOOL DISTRICT (P. O. Brooksville), Fla.—BOND OFFERING.—Sealed bids will be received until 12 m.
•Dec. 6 for $20,000 6% 20-year school bonds by L. D. Hathaway, County
V.
ill,
p.
109—have not been
HERNANDO
'
1921 to 1924,
-•
incl.
1929,
Denom. $1,000. Date May 1 1920. Prin.
payable at the First National Bank, Minneap¬
—u--------
Assessed valuation---Total debt
Due yearly on Oct. 1 as
mcl.; and $5,000
bonds.
41,376.68 Silsby Rd. impt.
$376.68, 1920; $4,000
City, submitting a
funding bonds.
and semi-ann. int. (M. & N.)
olis.
Due Nov. 1 1930.
6% tax-free
Due $300 yearly on Oct.
bonds.
$400 Oct. 1 1930.
Rd. water main bonds. Due yearly on
$100, 1921 to 1925, incl., and $200, 1926 to 1930.
Barrington Rd. sewer bonds.
Due $700 Oct.
yearly on Oct. 1 from 1922 to 1930, incl,
500 00 Wynn
1
*
spring.
next
00 Wynn Rd. sewer
1929. incl., and
9
GARFIELD COUNTY
O. Rifle), Colo .—DESCRIPTION
bonds which were reported as being sold
and 1930.
1 from 1921 to
Oct. Las follows:
incl.
700.00
1 1921, and $1,000
"■
684.00 Barrington Rd. water main bonds.
Due yearly on Oct. 1 as
$684, 1921; $500, 1922 to 1929, incl., and $1,000 1930.
700.00 Cranston Rd. sewer bonds.
Due $700 Oct. 1 1921; and $1,000
yearly on Oct. 1 from 1922 to 1930, incl.
5,684.00 Cranston Rd. water main bonds.
Due yearly on Oct. 1 as
$684, 1921; $500, 1922 to 1929, incl., and $1,000, 1930.
500.00 Eaton Rd. sewer bonds.
Due yearly on Oct. 1 as follows: $500,
1921; $4,000 1922 to 1928, incl., and $5,000 1929 and 1930.
14,700.00 Eaton Rd. water main bonds.
Due yearly on Oct. 1 as follows;
$700, 1921; $1,000 1922 to 1925, incl., and $2,000 1926 to 1930,
3 100
6%
GRANITE
1922 to 1930, incl.
from
Blvd. water
00 Jackson
6 500
is reported,
$15,000 waterworks bonds will be
burg), Mont.—BONDS
The $50,000 6% school
Oct. 1
1930.
NO. 2 (P.
Assessed
*
Due $50 Oct. 1 1921 and $300 yearly
Farland Rd., water main bonds. Due yearly on Oct. 1 as follows:
$100, 1921; $200, 1922 to 1927, incl.; and $400 1928, 1929 and
bonds.
Farland Rd. sewer
000.00 Jackson Blvd. sewer
$1,000 1921 to 1926,
14
Neb.—BONDS VOTED.—By a
$90,000 court-house and $120,000 bridge bonds
authorized.
were
500.00
1 from 1922 to
1930.
1929 and
O. Oshkosh),
GARDEN COUNTY (P.
majority of about 300 votes
yearly on Oct.
on
111.—BOND ELECTION.—It
to issue
special assessment bonds:
bonds. Due $900 Oct. 1 1921 and $1,000
1930, incl.
Cedarbrook Rd. water main bonds. Due yearly on Oct. 1 as
follows: $300,1921; $500, 1922 to 1927, incl.; and $1,000, 1928,
Cedarbrook Rd. sewer
2,750.00
No. Caro.—-BOND OFFERING.
Town Clerk, will receive bids for
Morehead Durham.
main bonds.
827.74 Silsby Rd. water
$827.74, 1920; $2,000
,
incl.
1929
■
Denom. $1,000. Interest semi-annual.
HERKIMER COUNTY (P. O. Herkimer), N. Y.—BOND
Nov. 8 the $227,000 5% highway bonds described in V. Ill, p.
awarded at public auction to Thayer, Drew & Co., of New York,
basis ot about 4.72%.
Date June 1 1920. Due yearly on
SALE.—On
1679, were
at 103, a
March 1 as
$7,000 1921 to 1933, inclusive, and $8,000 1934 to 1950, inclusive.
following were the bidders:
Drew & Co., N. Y
103.00|Hornblower & Weeks, N. Y__ 100.75
Sherwood & Merrifield, N. Y_ 102.96|Remick, Hodges & Co., N. Y_ 100.50
follows:
The
Thaver,
Equitable Trust Co.,
N.
Y—102.601
^
Due yearly on Oct. 1 as
1922; and $4,000,
1921; $3,000
follows:
1925 to
„
follows:
1923 to
Due $340.44 Oct. 1, 1920;
1921 to 1929, incl.
1 1920. Prin. and semi-ann.
int.
Savings Bank of ^Cleveland. Cert,
check on some bank other than the one making the bid, fbr 10% of amount
of bonds bid for, payable to the Village Treasurer.
Bonds to be delivered
and paid for at the Village Clerk's office, within 10 days from date of award.
940.44 Taylor
3
z
main bonds.
Rd. water
and $400 yearly on Oct. 1 from
3914 Gen. Code.
Date Oct.
(A. & O.) payable at the Garfield
Auth.
Sec.
Purchaser to pay
accrued interest.
Riverside County, Calif.—BOND
bonds on Oct. 13 at par,
William R. Staats Co. of Los
Date Aug. 4 1920. Int. F. & A. Due yearly
SCHOOL DISTRICT,
SALE.—This district sold $20,000
accrued interest and blank bonds
INDIO
Angeles.
Denom. $1,000.
from 1921 to 1940 inclusive.
JACKSON COUNTY (P. O.
ED.-—Incomplete returns show
bonds was
6% school
to the
Independence), Mo.—BONDS DEFEAT¬
that an issue of $5,000,000 court-house
Nov. 2.
defeated by the voters on
JENNINGS
COUNTY (P. O.
Vernon),
Ind.—BOND OFFERING.—
3 p. m. Nov. 15 by John F. Malott, County
W. Sawyer et al, Bigger Twp .road bonds.
1920. Int. M..& N. Due $385 each six
Nov. 15 1931, inclusive.
JEROME COUNTY (P. O. Jerome), Ida .—BIDS REJECTED.—We are
informed that the Palmer Bond & Mortgage Co. of Salt Lake City submitted
bid of 93.10 for the $80,000 5A% 14H-year average road and bridge
bonds.
V. Ill, p. 1587.
The bid was rejected.
Proposals will be received until
Treasurer, for $7,700 4lA% E.
Denom. $385.
Date Nov. 15
months from May 15 1922 to
a
Pa.—BONDS NOT SOLD.—The
sanitary-sewer, garbage-disposal
5 (V. Ill, p. 1495) was not sold,
bids were received.
„
BONjDS DEFEATED.—'The voters on Nov. 2 defeated a proposition to
issue $2,600,000 bonds for street impt., sewer extension and bridge-build¬
JOHNSTOWN, Cambria County,
of $200,000 4H% coupon tax-free
highway-impt. bonds offered on Nov.
issue
and
as
no
ing, it is
stated.
County,
KENMORE, Summit
2,447 to 590, the electors
works bonds on Nov. 2 (V.
probably take place on
Ohio.—BONDS VOTED.—By a vote
Dec. l5.
Kenosha County, Wise.—BIDS.—'The
complete list of the bids that were received on Nov. 1
Street bridge and $50,000 Corcoran Drive sewer 6%
reported in V. Ill, p. 1873:
$250,000
KENOSHA,
following is a
for the $250,000 Main
bonds, awarded as
$50,000
Main Street
Bridge Bonds.
E. H
of
authorized the Issuance of the $200,000 water¬
Ill, p. 1392), The offering of these bonds will
COUNTY
Superintendent.
Ohio.—BOND OFFERING.—
until 12 m. Dec. 6 for the
Village Clerk, will receive proposals
the following issues of 6% coupon
Horky,
purchase of
2
County,
Cuyahoga
IDLE WOOD,
W. A.
Purchaser to pay accrued int.
furnished by the above clerk or said trust
delivered in New York on or about Dec. 9 1920.
Bonneville
bonds will be
A. D. Peck,
Secretary.
water'and sewer bonds. Denom. $1,000. Date
1920.
Prin. and semi-ann. int. (A. & O.) payable in New York.
yearly on April 1 as follows: $2,000 1922 to 1926, incl., $3,000 1927 to
incl., $4,000 1934 to 1944 incl., and $5,000 1945 to 1961 incl.
check or cash for 2% of the amount of bonds bid for, required.
Bonds
certified by U. S. Mtge. & Trust Co., N. Y.
Legality approved by Chester
B.
Ida.—BOND ELECTION .—On Nov. 29 $259,000
purchase water rights from the Government.
voted upon to
Mass.—NOTE SALE.—An issue
site-purchase bonds has been
a basis of about 4.42%.
N. Due $3,000 yearly
$160,000 6% gold
(P. O. Idaho Falls),
IRRIGATION DISTRICT
IDAHO
County,
White
coupon
sold to
FRAMINGHAM, Middlesex County,
44"? % coupon Memorial Building
awarded to Edmunds Bros., of Boston, at 100.65,
Denom. $1,000.
Date Nov. 1 1920.
Int. M. &
on Nov. 1 from 1921 to 1940, inclusive.
Until 2 p. m.
$1,000.
VOTED.—On Nov. 2, it Is
of $42,000 municipal lighting-
HURON, Erie County, Ohio.—BONDS
stated, the voters authorized the issuance
plant bonds.
CITY (P. O. Fort Wayne), Allen County,
Ind.—BOND OFFERING.—Proposals will be received until 2 p. m. Nov. 18
by the Board of School Trustees for $872,000 6% coupon school-building
bonds.
Denom. $1,000.
Date Nov. 1 1920. Principal and semi-annual
interest payable at the U. S. Mtge. & Trust Co. of New York.
Due
Nov. 1 1925.
Certified check on a Fort Wayne bank or trust company for
$20,000, payable to the school city, required.
Bonds to be delivered and
of $60,000
SCHOOL DISTRICT NO. 28, Fla.—
& Trust Co. of Tampa has
HILLSBOROUGH COUNTY
BOND SALE.—The Citizens American Bank
purchased $6,000 6% bonds at par and
Date July 1 1919.
Int. J. & J. Due yearly.
WAYNE SCHOOL
paid for at
$4,000 1942, $3,000 1943,
$3,000 1947, $4,000 1948, $3,000
$4,000 1950.
1949,
Frank Rival.
FORT
$1,000. Date April 10 1920.
payable at the Hanover
10 as follows: $3,000 1921,
$3,000 1925, $4,000 1926, $3,000
$3,000 1931, $4,000 1932,
$4,000 1936, $3,000 1937, $4,000
Trust &
8,887-
SCHOOL DISTRICT NO. 44 (P. O.
M-^nt.—BOND SALE.—-The $20,000 10-20-year (opt.)
bonds offered on May 10.—V. Ill, p. 1663.—have been
Tex.—BOND SALE.—
purchased by the Harris
of $105,000 5%% coupon bonds has been
Savings Bank of Chicago. Denom.
Principal and semi-annual interest (A. & O.)
National Bank, New York.
Due yearly on April
$4,000 1922, $3,000 1923, $4,000 1924,
1927, $4,000 1928, $3,000 1929, $4,000 1930,
$3,000 1933, $4,000 1934, $3,000 1935,
1938, $3,000 1939, $4,000 1940, $3,000 1941,
$4,000 1944, $3,000 1945, $4,000 1946,
An issue
now
FLATHEAD COUNTY
Denom. $1,000.
DISTRICT NO. 12,
COUNTY ROAD
HILL
--$11,561,000
11,561.000
Bonds
outstanding533.000
Bonds offered herewith
94!000
Floating indebtedness
I
(h281
Uncollected soecial assessments pledged to payment of street
bonds of larger amount11,000
Estimated amount of special assessments about to be levied and
similarly pledged----^------—
...
43,000
Sinking fund (except for public utilities debt referred to below) _
51,280
Amount of bonds included above, issued for water and electric
light for whose amortization and interest charges the net
revenues of the city's water and light plants were sufficient
in the last fiscal year
170 .000
Indebtedness of Fayetteville Graded School District
60,000
Indebtedness of Township-J
none
There is no other municipality or political sub-division whose
limits are practically co-terminous with those of the City
of
Fayetteville. Population, 1910 census, 7,045; 1920
Assessed value taxable property, 1920__
Estimated real value taxable property
census,
received for $30,000
1679) on Nov. 3.
p.
Statement.
Financial
No. Caro .—BOND
Nov. 30 proposals will be
G. Henry, City Manager.
ive.
14,000 funding bonds.
Due yearly on Dec. 1 as
1927 incl., and $2,000 1928 to 1931 incl.
Denom. $1.000.
Date Dec. 1 1920.
Prin. and
delivered Dec. 1
m.
p.
by R.
bonds
County,
Catawba
HICKORY,
BOND OFFER'
24 by T. M. Shaw.
Rollins & Sons,
Chicago
$4,277 50 premium
Corcoran
Sewer
Drive
Bonds.
$350 allowance
for
expenses, &c.
00 premium
$1 premium.
25 premium.
Wm. R. Compton Co., Chicago.. 2,830 00 premium
51 premium
First National Bank, Kenosha— 5,210 00 premium
Harris Tr. & Savs. Bank, Chicago. 5,175 00 premium
KEWANEE-TOOMSUBA SEPARATE ROAD DISTRICT, Lauder¬
dale County, Miss.—BOND SALE.—The First National Bank of Meridian
Halsey, Stuart
on
Nov. 6
1920 (V.
& Co.,
Chicago.__ 1,955
obtained the
Ill, p. 1774).
$40,000 6%
1-25-year serial
bonds, dated Oct. 1
1970
THE
CHRONICLE
[Vol. 111.
KINGS
MOUNTAIN, Cleveland County, No.
Caro.—BOND
ING.—Sealed proposals will be
OFFERTown Clerk,
received
by Geo. F. Lovell,
until Nov. 30 at
6 p. m. for the
purchase of the
following
privilege of
registration) bonds:
$25,000 local improvement
6%
(with
coupon
bonds.
Date Nov. 1 1920.
Due yearly on
Nov. 1 as follows:
$1,000 1922 to 1934,
inclusive, and $2,000
1935 to 1940. inclusive.
36,000 special assessment
bonds.
Date Dec. 1 1920.
Due $4,000 yearly
from 1921 to
1939, inclusive.
Denom. $1,000.
Principal and semi-annual interest
National City Bank, N.
payable at the
Y.
Certified check or cash on an
bank or trust
incorporated
company for 2% of the amount of
bonds bid for. navable+o
Geo. E. Lovell, Town
Clerk, required.
Purchaser to pay accrued interest.
Bids will be
made on each bond
issue separately
KINSTON, Lenoir County, No.
Caro.—BOND
Co., Inc.,
&
SALE.—A. B."Leach
1-yr. bonds.
Date Nov. 15
Due Nov. 15 1921.
recently purchased $300,000
6%
Prin. and int.
payable in New York.
1920.
water and
MELROSE,
basis.
of mandamus to
compel the Mayor
to Brown-Crumrner In¬
R.
Compton Co., Halsey, Stuart
Co.,
Estabrook & Co., National
City Co., Harris,
Hayden, Miller & Co
_
K.
—
II.
638,401 00
—
Forbes &
Co.,
633,498 00
LAUDERDALE COUNTY
SUPERVISOR'S DISTRICT
—BOND SALE.—On
NO. 2, Miss.
National Bank of Meridian
pur¬
1-25-year serial school bonds, dated Oct.
1 1920
Nov.
chased the $40,000
(V.
111. p. 1774).
6%
6
the
First
LAUREL, Yellowstone County,
Niederhorn, City Clerk,
Mont.—BOND OFFERING.—E. J.
will sell at public auction
on Dec. 7,
$4,146 6%• 10-year gold
coupon bonds.
Denom. $100; one
an
issue of
for 846.
Date
Int. semi-ann.
A tax is provided for
by ordinance to be levied
each year for the
purpose of paying interest
and providing a
such ordinance
sinking fund,
providing whenever the amount of
the sinking fund
or exceWs
equals
$1,000 they may be redeemed
in the order of their
30 daya notice.
number upon
...
*:
LEXINGTON,
sewer
Fayette
bond issue
County,
was
defeated
.
Ky.—BONDS
'-.v.
DEFEATED.—'The
at the election held
Nov. 2.
V. 111,
■
LIBERTY COUNTY (P.
O. Chester), Mont.—BONDS
NOT YET
SOLD.—The $150,000 7%
3-5-year (opt.) special relief bonds
offered un¬
successfully on May 24 (V. 110, p.
2412) have not been sold as yet.
$1,000.
Denom.
Date July 1 1920.
Int. J. & J.
Due July 1 1925,
1923.
optional July 1
LORAIN, Lorain
?100,000
ept. 15
County, Ohio.—BOND SALE.—On
Nov. 10 the
5Vi% 14-18-year serialwere
water-works improvement bonds, dated
1920 (V. Ill, p.
1679),
awarded to Ames, Emerich
& Co., of
Chicago, for $102,660, equal to
102.66, a basis of about
At the same time the
5.25%.
following three issues of 6%
aggregating $172,91
refunding bonds,
19, were awarded to Wm.
R. Compton &
Chicago, for $173,087 19, equal to
Co., of
100.102, a basis of about
$124,946 4 0pa\*ng bonds.
5.97%:
Date Dec. 15 1920.
Due yearly on
as follows:
Sept. 15
$13,946 40 1921; $13,000
1922 to 1924,
and $12,000
inclusive,
1925 to 193
inclusive.
41,777 90 sewer bonds.
Date Dec. 15 1920.
Due yearly on
follows: $4,777 90
Sept. 15 1.
1921; $5,000 1922; 84,' 00
1923 to 1930, incl.
6,185 89 sewer bonds.
Date Dec. 15 1920.
Due on Sept. 15 as follows:
$1,685 89 in
,
to
1921, $1,500 1922
1925, inclusive.
and
$1,000 yearly from 1923
LORAIN CITY SCHOOL
DISTRICT (P. O.
Lorain), Lorain County,
Ohio.—BOND OFFERING.—E.
Bruell. Clerk of Board of
receive bids until 12
Education, will
m.
Nov. 22 for
$25,000 6% coupon school1
Auth. Sec.
bonds.
7625-7628 Gen. Code.
Denom. $1,000.
Prin. and semi-ann. int.
Date day of sale.
payable at the office of the
District Sinking Fund
Trustees.
Due $10,000 on
Aug. 1 1931 and Feb. 1
1 1932.
1932, and $5,000 on Aug.
Cert, check for
$500 required.
Purchaser to pay accrued
interest.
LOUISVILLE, Ky.—BONDS
DEFEATED.—'The
of Nov. 4
states
Journal"
University of Louisville
though defeated Nov. 2
■submitted to the people
which the issues
can
be
"Louisville Courierissues of $1,000,000 for
the
and $500,000 for a
soldiers' and sailors'
memorial,
by respective margins of
1,234 and 2,749, will be
at another
election.
The next regular
election at
voted on,
according to Fred O.
that
the
"bond
Clerk, will be Nov. 8
Nuetzel, County
1921, when city and
county officers will be chosen.
Figures given out on Nov.
3 by Mr. Nuetzel
show that, with but
three minor
two or
precincts missing, both
the
proposed issues were defeated.
university issue the Clerk's
On
figures were 31,891
The
year and 20,070 nays.
proposed memorial issue
figures were 28,432
The apparent
yeas and 16.068 rays.
of interest shown discrepancy in the above may be explained
in these
by the lack
propositions, as the law requires a
of those
voting at the election.
two-thirds vote
Hancock
County, Ohio.—BOND
$4,305 06 6% 2M-year
(aver.) impt.
SALE.—An
issue
of
bonds has been sold to
the Buckeye
of McComb at
par.
Nat. Bank of
Fmdlay and the Peoples
Banking Co.
McDONALD SCHOOL
DISTRICT (P. O.
9°unty» Oluo.—BOND OFFERING.—Sealed
McDonald),
bids
Trumbull
will be received until
James Streeter, Clerk of
Board of
6% high-school bldg.
Education, for $10,000
impt. bonds.
Denom. $500.
Prin. and semi-ann. int.
Date Nov. 1 1920.
(A. & O.) payable at
the Trumbull
Banking Co. of
P -.anoi •« ,ue
on April 1 and Oct. 1 in each
to 1931 incl.
of the years from
Cert, check for
1922
$100, payable to the
quired.
Purchaser to pay
District Treasurer, re¬
accrued interest.
MADISON COUNTY (P O
]2m.Nov.l8 by
;;,o.
MILLEDGEVILLE,
Central National Bank
couiwn
^3,800
of
has been
awarded the
ditch-impt. bonds,
following 6%
aggregating $58,500, offered on
Oct. 18
(V. Ill,
Van
Wagener Ditch bonds.
Denom. $190.
8,200 Kent Ditch bonds.
Denom. $410.
7,500 Parrett Ditch bonds.
Denom. $375.
15,000 Headley Ditch bonds.
Denom. $750.
24,000 Bragg Joint Ditch
bonds.
Denom. $1,200.
Date
Nov. 1
at the
SALE— The
.
MILLER COUNTY
Principal and semi-ann.
interest (M. &
County Treasurer's office.
S.) payable
Due one
bond of each
issue each six
1921 to Sept. 1
1930, inclusive.
2696—have
p,
not been sold
MILWAUKEE, Wis.—BOND OFFERING.—Sealed
11 a. m. Nov.
until
19
as
yet.
bids will be received
by Louis M. Kotecki,
efficio
Secretary to the Commissioners of the City Comptroller, and exPublic Debt, for
6% 20-year serial tax-free
$200,000
sewer bonds.
Denom. $1,000.
1920.
Date July 1
Prin. and semi-ann. int.
(J. & J.) payable at the office of
the City
Treasurer, or may be presented to the
duly authorized agent of the
Milwaukee in N. Y.
city of
City, N. Y.
Cert, check on a national
of Milwaukee
bank or a city
depository for 1% of the amount of bonds
bid for, required.
The unqualified
favorable opinion of Cbas. B.
Wood of Wood &
Chicago, will be furnished without
Oakley,
additional
llegal
expense, together with al
papers necessary to establish
the validity of the
bonds.
be paid for in
Bonds must
Milwaukee, but will be delivered out of
the city at
the purchaser.
expense of
Bids are requested for
all or none.
Financial Statement.
Assessed valuation of the
taxable property of the
five years next
city of Milwaukee for
preceding the issue of these bonds as
ascertained by the assess¬
county taxes for the last five
years:
ment for State and
19151916
$505,713,510 1917
-$539.457.12011919
574,020,5591
521,239,12511918
Aggregate
$588,556,266
One-fifth average
'
Percentage of bonded debt
-
Debt limit---.Bonded debt Jan. 1 1920
$2,728,986,580 00
545,797,316 00
5%
—
Less
sinking fund
turing in 1920-.
$27,289,865 80
------
on
$19,794,750 00
hand for bonds
—
—
ma¬
1,539.950 00
Net bonded debt Jan.
1 1920.
18,254,800 00
Margin for 1920 issues
Bonds authorized
by Common Council to date hereof
_
_
_
$9,035,065 80
6,970,000 00
Net margin for further
issues for 1920.
MINERAL
WELLS,
Palo
$2,065,065 80
Pinto
County, Tex.—BONDS VOTED.—
At the election held
on Nov. 1
bonds to the amount of
for the
$200,000 were voted
purpose of laying a pipe line and
equipping the water plant at Lake
Mineral Wells, it is stated.
ya-•
MISHAWAKA SCHOOL CITY (P,
County, Ind.—BOND SALE.—On Nov.
O.
Mishawaka),
St.
Joseph
10, it is stated, an issue of
6% 5-year school bldg.
$75,000
completion bonds was awarded to the
&
Savings Bank
Harris Trust
of
Chicago for $75,750, equal to 101.
MISSOULA COUNTY SCHOOL
DISTRICT NO. 28,
SALE.—The $100,000 6% school
Mont.—BOND
bldg. bonds recently offered
success—V. Ill, p.
without
nom.
1775—have been sold to Keeler
Bros, of Denver.
De¬
Date July 1 1920.
Prin. and semi-ann.
int. (J. & J.)
Nat. Bank of
pay¬
Commerce, N. Y.
Due July 1
1940; optional
1930.
$1,000.
able at the
July 1
Financial Statement.
Real valuatiort,
estimated
Assessed valuation, 1920
Total bonded debt,
$18,000,000
6,000,000
including this issue
Population, officially estimated
I
142,500
7,000
__
—
-
MOBERLY, Randolph
County, Mo .—DESCRIPTION OF
The $175,000
BONDS.—
6% tax-free water-works bonds
recently awarded ,as reported
in V. Ill,
p. 1494, are in denom. of
$1,000 and are dated Oct.1
Prin. and semi-ann. int.
1 1920.
(A. & O.) payable at office
of City Treasurer.
Due yearly on Oct. 1 as
follows: $12,000 1930 to
1939 incl., and
1940.
$55,000
Financial
Statement.
Estimated actual value of taxable
property
Assessed value of taxable
property, 1920-Total bonded
indebtedness, including this issue
Less water works bonds
MORROW COUNTY
On Nov. 17 at 10
a. m.
(P.
3,983,796
350,000
-.$350,000
Net bonded
indebtedness
Population, 1920 census,
$10,000,000
^
None
12,789.
O.
proposals
Clerk, for $60,000 road bonds
$1,000.
Date Nov. 1 1919.
Heppner), Ore.—BOND OFFERING.—
will
at
be received by J
not
A. Waters,
County
exceeding 514% interest.
Denom.
Int. annual.
Due
Nov.-1
1929.
Cert,
5% of the amount of bonds bid
for, required.
Legality approved
by Teal, Minor & Winfree of Portland.
check for
NASH
COUNTY
(P.
O.
Nashville), No. Caro .—BOND
The $180,000
SALE.—
6% 12M year (aver.) coupon
(with privilege of
court house bonds, dated
registration)
Nov. 1 1920, offered on
Nov. 8—V. Ill,
were sold on that
p. 1680—
day to the First National Trust Co.
of Durham for
$183,883
(102.15) and interest a basis of about
Merchants Natl. Bank
Citizens Natl. Bank
Provident
Nuveen&Co.
Bolger, Mosser &
man-
182,035.00
181,815.00
181,800.00
Willa-
-
W. L. Slayton & Co.—_
NEBO
182,278.80
Savings Bank
& Trust Co
N. S. Hill& Co._.
Jno.
5.76%.
$183,600.00
181,350.00
181,170.00
Other bidders
were:
Seasongood & Mayer
$180,366.00
Graves, Blanchet & Th'h
180,200.00
Rrudden & Co
Sidney Spitzer & Co
Weil, Roth & Co
Spitzer, Rorick & Co
J. C. Mayer & Co
Tucker-Robinson
Co
Hanchett Bond Co
SCHOOL DISTRICT
\
J
—
180,162.50
180,000.00
178,260.00
178,225.00
176,425.00
175,500.00
(P. O. Spanish
Fork), Utah County,
Utah.—PURCHASER.—The $75,000 6%
1-5-year serial school bonds wer
sold on Oct. 17 to the
Palmer Bond &
Mtge. Co. of Salt Lake
Bosworth, Chanute & Co., as
City (not
reported in V. Ill, p.
1775).
$1,000.
Int. J. & D.
Denom.
-A
1920.
months from March 1
.
Baldwin
(P. O.
Colquitt), Ga .—BONDS NOT YET SOLD
The $35,000
5% tax-free coupon or registered
bridge bonds, offered without
success on June
1—V. 110,
_
London), Ohio.—BOND
London
Memphis has purchased
County, Ga .—BONDS NOT YET SOLD.
—No disposition has
yet been made of the
$91,500 5% gold coupon-water¬
works bonds—V.
111. p. 412.
LONE PINE IRRIGATION
DISTRICT (P. O.
Redmond), Deschutes
County, Ore.—NO BIDS RECEIVED.—At
the offering on
Oct. 30 of the
$50,000 5% bonds (V. Ill,
p. 1679), no bids were
submitted.
LORAIN, Lorain County, Ohio.—BOND
OFFER ING. —Oh as.
L.
Patterson, City Auditor, will receive
bids until 12 m. Nov.
29 for $42,087
6% coupon paving refunding oonds.
Auth. Sec. 3916 Gen.
Code.
41 for $1,000 and for
Denom.
$1,087.
Date Nov. 15 1920.
Prin. and semi-ann.
int. (M. & S.)
payable at the office of the
Sinking Fund Trustees.
Due
yearly on Sept. 15 as follows:
$5,087,1921; $5,000, 1922; and $4,000,
to 1930, incl.
1923
Cert, check on
any national or any local
bank, for 2% of
amount of bonds bid
for, payable to the
City Treasurer, required.
0 be delivered and
Bonds
paid for at Lorain.
Purchaser to pay accrued
interest
of
6% school bldg. bonds.
Denom. $1,Date July 1 1920.
Int. J. & J.
Due serially on
to 1932, incl.
July 1 from 1926
Bonded Debt (incl. this
issue), $94,000.
Assessed Value
1919, $1,881,296.
Oct. 11920.
$300,000
p. 1392-
Memphis), Tenn.—BOND
000.
Rollins
-
Co.
METROPOLIS SCHOOL
DISTRICT (P. O.
Metropolis), Massac
County, 111.—BOND SALE.—On
Aug. 19 the Friedman-D'Oench
Co. of St.
Bond
Louis, purchased $62,000
640.800 00
—
&
5.50% dis¬
O.
$250,000 school bonds.
_
Sons.—
Middlesex
MEMPHIS SCHOOL
DISTRICT (P.
SALE.—The Bank of
Commerce & Trust
_
&
of
County,
Mass.— TEMPORARY
On Nov. 12 a
LOAN.—
temporary loan of $50,000
maturing $25,000 on May 16 and
June 15
1921, was awarded to.Grafton
& Co. of
count
Boston, on a
LAKEWOOD CITY SCHOOL
DISTRICT (P. O.
Lakewood), Cuya¬
hoga County, Ohio.-—BOND
SALE.—The $600,000 6%
coupon school
bldg. and impt. bonds offered on
Nov. 8 (V. 111.
p. 1679) were awarded to
Stacy & Braun and the Detroit Trust
Co. for $643,198
a basis of
85. equal to 107.199
about 5.42%.
Date Oct. 1 1920.
Due yearly on Oct. 1 as fol¬
lows: $10,000, 1923 to
1937 incl.; $20,000, 1938 to
1942 incl., and $35,000,
1943 to 1952 incl.
Other bidders were:'
Weil, Roth & Co.. Cincinnati
A. T. Bell &
$629,250 00
Co., Tucker/Robinson &
Co., F. C. Hoehler & Co_ 619,861
Priidden & Co., Toledo:
80
Seasongood & Mayer,
Cincinnati;
Brandon, Gordon & Waddell.New
York_.____
Hornblower & Weeks,
642,185 00
Taylor, Ewart & Co., Field, Richards
& Co
Wm.
County, Ohio
Marshall
$13,000 6% grading fundingCounty, Iowa .—BOND SALE.—An
bonds was recently sold to
Schanke &
Mason City at par.
Denom. $1,000.
Date Nov. 1 1920.
(M. & N.)
Int.
electric-light bonds
Wichita. Kans.
Marion
MARSHALLTOWN,
CYGNE, Linn County,
Kanb.—SUIT DECIDED.—The
Court, it is stated, has granted a
Supreme
writ
deliver $42,300
MARION,
.—BOND OFFERING—
$200,000 6% hospital-erection
Proposals for
bonds will be received
until 12 m. Nov. 29
by J. L. Landers,
City Auditor.
Denom. $1,000. Date
M. & S.
Sept. 1 1920. Int.
Due $5,000 on March 1
and Sent. 1 in each
to 1911,
of the years from
1922
inclusive.
Certified check for
$2,000, payable to the
urer, required.
City Treas¬
Purchaser to pay accrued
interest.
Co.
LA
vestment Co. of
MAIDEN, Catawaba County,
No.
On Nov. 29
Caro.—BOND OFFERING.—*
proposals will be received for
$60,000 water and $55,000 sewer
6% bonds by S. M.
Finger, Town Clerk.
Denom. $1,000.
issue of
|
De
Kalb
County, Ga.—BOND ELECTION.—The
question of issuing
$50 J 00
6% gold coupon school bonds will be put before
the voters at an
election to be held on
Dec. 1,
Denom. $1,000.
Jan. 1 1920.
Date
Prin. and semi-ann. int.
(J. & J.) payable at some
New York
bank in
City, N. Y.
Due $2,000
yearly on Jan. 1 from 1927 to 1951 inr-1.
Bonded debt (excl. this
issue) Nov. 1 1920, $93,000.
Floating debt (add'l),
$14,430.
Sinking fund, $1,450.
Assessed value, $2,227,394.
KIRKWOOD,
to
McMINN COUNTY (P. O.
Athens), Tznn.—BOND OFFERING.—
Geo. L. Ray,
Chairman of County Court,
will receive
12 m. Nov.
bids, it is stated, until
20 for the $75,000
6% road bonds (V. Ill,
semi-annual.
p. 1299).
Interest
Certified check for
$1,000 required.
NEVADA
(State of).—BOND
SALE.—The "San Francisco News
reau" of Nov. 4 says:
Bu¬
"Nevada bonds to the
amount of $151,000.
$100,000 worth of State
including
highway 6% bonds, have been
ordered transferred
to various State funds
by the Board of Finance.
The money taken
exchange for the bonds will be used in
in
carrying on Nevada's construction
onds to
Srogram. the Industrial Insurance Commission
The sale outright of an additional $25,000
worth of the highway
has been ordered."
/■.
THE
1920.]
Nov. 13
O. Mineola), N. Y.—BOND
Trust Co. of Mineola was awarded
NASSAU COUNTY (P.
the Nassau County
coupon or
registered Long Beach bridge
Due $97,000
Trust Co
Nassau County
jRemick, Hodges & Co.
Estabrook & Co
970,000
Equitable Trust Co., N. Y.
William R. Compton Co
«.
by Bankers Trust
Nov. 8
Division...
Dominick.
B. Leach & Co., Inc_.___-
Dominick &
E. H.
—
J.
Rollins & Sons
Baldwin National Bank
.
Bank of Freeport....
First National
—
PAINESVILLE, Lake County, Ohio.—BOND SALE.—On
of 6% assessment sewer bonds offered on that date
the two issues
incl.
OFFERING.—Bids
bonds, it is stated,
April 1 1920. Int.
PALESTINE, Anderson County, Tex.—BOND
will be received until Nov. 15 for $250,000 5\4 % street
by A. L. Bowers, Mayor.
Denom. $1,000. Date
cH'CC .yC"
semi-ann.
BEACH, Orange County, Calif.—BOND SALE.—The
$50,000 6% 1-25-year serial coupon municipal bonds,
were
without success on Oct. 11 (V. Ill, p. 1680) have been sold to
Lewis of Los Angeles.
Denom. $1,000.
Date Oct. 1 1920. Prin.
semi-ann. int. payable at the office of the City Treasurer.
Due
yearly on Oct. 1 from 1921 to 1945 incl.
offered
Total bonded debt
Less
coupon
p.
water-system-construction bonds offered on Nov. 8 at
Date Nov. 1 1920.
Due $1,000 yearly on Nov. 1
1874.
Nov. 15 1931,
..
voters.
6%—V. Ill,
from 1922 to
was
PIQUA, Miami County, Ohio.—BONDS
rejected the proposed $500,000 bond
water-works system by a vote of 4,288
new
Lincoln
Hudson
and 1925
POINT PLEASANT BEACH
J.—BOND OFFERING.—W.
N.
DISTRICT (P. O. Norwalk), Huron
learn
paid by Brooke, Stokes & Co. of
serial light-plant bonds (V. Ill,
$29,219 08, equal to 97.397, a basis of about 5.26%. De¬
Date July 1 1920.
Int. J. & J.
SCHOOL DISTRICT, Alameda County, Calif.—
SALE.—The $250,000 5% school bonds, offered on Aug. 23—V.
OAKLAND HIGH
OAK
disposed of.
PARK SCHOOL
DISTRICT NO. 18,
Hillsborough County,
secured
and interest
SALE.—An issue of $5,000 6% bonds was recently
Citizens' American Bank & Trust Co., of Tampa at par
Denom. $500.
Date July 1 1919.
Int. J. & J. Due yearly.
Fla.—BOND
(P. O. Omaha), Douglag County,
proposals will be received by W. T.
Nov. 22 at 8 p. m. stating the
loan of $1,000,000 for the men¬
and all other expenses involved
In performing said services.
Interest rate 6%. Date Jan. 2 1921. Prin.
and int. (April 1 & Sept. 1) payable at the office of Kountze Bros., N. Y.
Cert, check on a National bank for $20,000 payable to the said School
OMAHA
SCHOOL DISTRICT
Neb.—BOND OFFERING.—Sealed
Bourke, Secretary Board of Education, until
sum that will be charged for negotiating a
tioned school district, including printing
District,
required.
^
the law the School District of Omaha
and to execute and deliver its
amount of 70% of the unexpended
a term not to exceed one year from date
6% interest .
The amount which the
under the current year levy would be
of Promissory Notes is $1,000,000 and is the
Under
is
^
.
empowered to borrow
promissory notes as evidence thereof
balance of any existing levy, for
thereof and bearing not to exceed
school district is empowered to borrow
$2,159,500. The amount of this issue
second issue against the levy,
the amount of the first issue being $1,000,000.
These notes will be registered by the County Treasurer of Douglas
County and the Treasurer will retain a sufficient sum from the tax collec¬
tions to pay the interest and principal thereof at maturity.
The School District will furnish the opinion of Wood and Oakley of Chi¬
cago, 111., approving the validity of said notes and the legality of the pro¬
ceedings leading up to their issue and the sale thereof.
money
to the
Financial Condition.
financial condition of the School
Douglas and State of Nebraska, on
The
of
showr by
official records:
$130,000.
Denom. $1,000.
1950, incl. Cert, check
amount of bonds bid
Collector, required.
PORT ARTHUR
FRESH WATER IMPROVEMENT DISTRICT
(P. O. Port Arthur), Jefferson County, Tex.— BOND ELECTION.—
An election will be held on Nov. 30 for the purpose of submitting a proposi¬
tion to issue $2,000,000 water-supply bonds, it is stated, to the voters.
RANDOLPH COUNTY (P. O. Ashboro), No. Caro .—BOND OFFER¬
ING.—Proposals will be received until 11 a. m. Nov. 23 for $150,000 6%
road and bridge bonds by T. C. Frazier, Clerk Board of County Com¬
missioners.
Denom. $1,000.
Date Oct. 1 1920. Prin. and semi-ann. int.
payable at the National Park Bank, N. Y.
Due yearly on Oct. 1 as fol¬
lows: $5,00
1930 to 1939 incl., $9,000 1940 to 1949 incl. and $10,000 1950.
check for 2%
required.
Dec. 1 proposals will be
the following 6% bonds.
Until 2p.m.
$17,500 County
19,500 County
7,500 County
17,500 County
7,500 County
10,000 County
20,000 Judicial
64,000 Judicial
Date
to
Dec.
Minn .—BOND OFFERING.—
received by A. O. Schmidt, County
COUNTY (P. O. Olivia),
RENVILLE
Auditor for
by the
(P. O. Point Pleasant), Ocean County,
T. Newbury, Borough Clerk, will receive
issue of 5% coupon (with privilege of
Nov. 23 for an
registration) water supply bonds, not to exceed
Date Sept. 7 1920.
Prin. and semi-ann. int. (M. &
coin of the present standard of weight and fineness at
National Bank of Point Pleasant Beach.
Due yearly on
$4,000 1921 to 1940, incl., and $5,000 1941 to
on an incorporated bank or trust company for 2% of
for, payable to H. C. Shoemaker, Jr., Borough
Cert,
81.5—have been sold.
815—have been
m.
and $250.
1 in 1924
S.) payable in gold
the Ocean County
Sept. 7 as follows:
County, Calif.—BOND
offered on Aug. 23—
Ill, p.
and
bids until 8 p.
OAKLAND SCHOOL DISTRICT, Alameda
SALE.—The $750,000 5% school bonds, which were
BOND
Fort), Seneca County, Ohio.
road bonds was awarded
issue of $4,875 6%
Co. of Old Fort at par. D3nom. $500
A. & O. Due $1,000 Apr. 1 and Oct.
$875 Apr. 1 1926.
Old Fort Banking
Date July 1 1920.
Int.
through official advices that the price
Baltimore for the $30,000 5% 2-31-year
V. Ill, p.
of Lincoln.
TOWNSHIP (P. O. Old
SALE.—On Oct. 1 an
to the
County Banking Co. of
$6,000 school-property imnt.
and $15,000 refunding 6% bonds, offered on Nov. 8—V. Ill, p. 1775.
Date Oct. 1 1920.
Due Oct. 1 1925.
There were no other bidders.
$1,000.
Co.
Trust
PLEASANT
—BOND
County,
Ohio.—BOND SALE.—The Huron
Norwalk was awarded at par and interest the
1874) was
DEFEATED.-r-The voters on
issue for the construction of a
to 1,315.
PLAINVIEW SCHOOL DISTRICT (P. O. Plainview), Pierce County,
Neb .J—BOND SALE.—Recently $40,000 school bonds were sold to the
Nov. 2
required.
nom.
County, No. Caro.—BOND ELECTION.—
Nov. 23 an issue of electric light and power
voted upon.
exceed $25,000 will be
bonds not to
OFFERING.—Proposals will be received until
A. Brady, Township Clerk, for an issue of 6%
coupon (with privilege of registration) floating indebtedness bonds.
Date
July 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the Township
Treasurer's office.
Due yearly on July 1 as follows: $8,000, 1921 to 1928
Incl.; $9,000, 1929 to 1939 incl., and $9,986 77, 1940.
NORTH WILDWOOD, Cape May County, N. J.—BOND OFFERING.
—Proposals will be received until 3 p. m. Nov. 23 by George A. Redding,
City Clerk, for $12,000 6% registered fire-apparatus bonds.
Date Oct. 1
1920.
Due serially on Oct. 1 from 1921 to 1930, incl.
Certified check for
2% of amount of bonds bid for, payable to the "City of North Wildwood,"
p.
.
accepted.
PINETOPS, Edgecombe
election to be held on
County, N. J.—BOND
8 p. m. Dec. 2 by Patrick
Md.—PRICE CORRECTION.—Vie
•
Wash.—BOND
bonds—V. Ill,
for 5%s. The bid
At an
accrued interest.
County, Neb.—BOND ELECTION CONSID¬
voting $300,000 municipal gas and electric-light
OAKLAND, Garrett County,
/
COUNTY SCHOOL DISTRICT NO. Ill,
SALE.—At the offering on Oct. 30 of the $3,000 school
p. 1770—the State of Washington submitted a bid of par
Purchaser to pay
CITY SCHOOL
bond
by the
V
.
PIERCE
NORFOLK, Madison
ERED.—A proposition of
plant bonds is being considered.
NORWAI/C
bonds.
addition bonds.
City Clerk.
40.000 state armory
150,000 city hall
Frank Thomas,
incl.
TOWNSHIP (P. O. North Bergen ,
VOTED.—The $33,000,000
Ill, p. 1492) was approved
ELECTION.—On
as soon
BERGEN
>-P
PHOENIX,
Maricopa
County, Ariz.—BOND
following seven bond issues will be voted upon:
$450,000 water system extension bonds.
140,000 sewer system extension bonds,
150.000 city park bonds.
65.000 fire station and apparatus bonds.
45,000 street paving bonds.
OFFERING.—
Nov. 18 for
Auth. Sec. 1223
Gen. Code.
Denom. $500.
Date Oct. 15 1920. Prin. and semi-ann.
int. (A. & O.) payable at the County Treasury, where delivery is to be made
as prepared.
Due $5,000 yearly on Oct. 15 from 1921 to 1930, incl.
Cert, check for 5% of amount of bonds bid for, payable to the County
NORTH
/
■;
Nov. 27 the
COUNTY (P. O. Caldwell),
Ohio.—BOND
L. E. Murray, County Auditor, will receive bids until 12 m.
$50,000 6% Inter-County Highway No. 353 bonds.
required.
SALE.—A. B.
offering to investors
paving bonds. Due
a
PHILADELPHIA,
Pa.—BONDS
proposition submitted on Nov. 2 (V.
NOBLE
Treasurer,
'
AMBOY, Middlesex County, N. J.—BOND
New York have purchased and are now
price to yield 5H%, an issue of $100,000 6%
Nov. 15 1926.
York and the Citizens Trust Co.
for 6s.
NOBLE
COUNTY (P.
O. Albion), Ind .—BOND
OFFERING.—
Morton P. Thomas, County Treasurer, will receive bids until 1 tf. m. Nov.
15 for $10,795 5% Dan Pence et al road impt. bonds.
Denom. $539.75.
Date Nov. 1 1920.
Int. M. & N.
Due $539 75 each six months from
May 15 1922 to
these bonds had been sold
PERTH
at
Schenectady County, N. Y.—BOND SALE.—The
offering to pay par for 5.90s, was awarded the $8,000
1929, incl.
Geo. B. Gibbons & Co..of New
of Schenectady bid 100.30 and par, respectively,
V. Ill, p. 1775, stating
incorrect.
Leach & Co. of
1,300.
NISKAYUNA,
Schenectady Trust Co.,
^
Apparently the item in
$261,094
debt...
Fla.—BONDS NOT SOLD.—We are
the $150,000 bond issue has not been
yet.
as
was
$318,094
57,000
(including this issue)
Population,
■sold
$5,200,000
—___ 2,894,777
revenue-producing water debt
Net bonded
advised D.
Frank &
and
$2,000
Statement.
Financial
Actual valuation (estimated)
Assessed valuation, 1920.
CITY, Bay County,
Gillis, City Clerk, that
PANAMA
NEWPORT
which
(V. Ill,
follows:
basis of about
basis of
until
1926, inclusive;
quired.
Bonds
pay accrued interest.
Nov. 1
1393) were awarded to the DeWeese-Talbott Co., of Dayton, as
$3,500 Stage Ave. bonds for $3,505 (100.143) and interest, a
5.98%.
Due $500 yearly on Oct. 1 from 1925 to 1931, incl..
5,000 Gillett St. bonds for $5,007 50 (100.15) and interest, a
about 5.98%.
Due $500 yearly on Oct. 1 from 1923 to 1932,
Denom. $500. Date
payable at the Village
May 1 19211 to Nov. 1
Certified check for 2% of amount of bonds bid for re¬
to be delivered and paid for at Portsmouth.
Purchaser to
m.
Mich.—BONDS DEFEATED.—A
defeated by the voters at the Nov. 2 election,
p.
(P. O. Portsmouth), Scioto County, Ohio.—BOND
Russell Middaugh, Village Clerk, will receive bids
Dec. 15 for $12,000 6% fire equipment bonds.
Nov. 1 1920.
Princpial and semi-annual interest
Treasurer's office.
Due $500 each six months from
12
"
it is stated.
987,339 30
20,000 00
100,000 00
NEW BOSTON
OFFERING
$30,000 sewer bond issue was
982,392 72
f 970.000
J
970,000
20,000
100,000
■ .
County,
Shiawassee
OWASSO,
')
Hallgarten & Co
Assessed value, $201,568,762.
oO.—BOND SALE.—Merrill, Oldham & Co., R. L.
D&y & Co. and Estabrook & Co., were the successful bidders on Nov. 6
for the $1,500,000 4K% 15 1-6 year (aver.) highway bonds, dated Nov. 1
1920—V. Ill, p. 1680—at 94.58 a basis of about 5.02%.
Curtis & Sanger
A.
awarded
$160,000 514% coupon or registered sanatorium bonds were
B. Gibbons & Co. of New York at 103, a basis of about 4.85%.
Due $16,000 yearly on Nov. 1 from 1921 to 1930, incl.
OREGON (State
984,045 60
1 970,000
Harris, Forbes & Co..
for
SALE .—On
to Geo.
______
Co., Municipal
O. Syracuse), N. Y .—BOND
Date Nov. 1 1920.
984,841 00
970,000
of New York
Denoms. 20 for $1,000 and 1
Date Sept. 1 1920.
$335 03.
Bonded debt, $1,545,000.
of New York
Bankers Trust Co.
Guaranty Trust Co.
Eldridge & Co
Manatee County, Fla.—BOND
15 by J. W. Ponder, Chair¬
O. Bradentown), for $20,-
DISTRICT,
DRAINAGE
ONECO
OFFER ING.—Bids will be received until Nov.
Board of Drainage Commissioners (P.
man
984,851 00
1 970,000
J
compliance
by the Board of Education in
year to year
985,715 00
970,000
Dillon & Co__
J. L. Bache & Co
00
00
00
00
00
63
the redemption of outstanding bonds and is increased from
in sufficient amount as required by law for the redemption of
outstanding bonds when they fall due.
.
with the law for
ONONDAGA COUNTY (P.
__J
-
Stacy & Brawn
Eastman,
.* The Sinking Fund is created
986,557 90
f 970,000
City__
(estimated)
♦Sinking Fund on hand
'H£,°L6%^bonds (V- m> P- 412>-
)
Co
&
Blair
Value of school property
992,164 50
992,116 00
970,000
_
including this issue
Total Promissory Notes
995,599 00
995,130 00
994,980 41
and
& Co..
Ceorge B. Gibbons
$1,004,-
$1,004,900 60
970,000
970,000
Thayer, Drew & Co__
White, Weld & Co..
Total bonded indebtedness
Price Bid.
$970,000
970,000
;
Sherwood & Merrifield..
Actual value of.property
Date Nov. 1 1920.
The following is a
Amt.Bid.for.
Name—
$61,700,000
308,500,000
3 681,000
2,000,000
6,500,000
128,252
Assessed valuation
SALE.—On Nov. 5
the $970,000 5H %
bonds (V. Ill, p. 1680) for
(108.598) and interest, a basis of about 5.24%.
yearly on Nov. 1 from 1941 to 1950 incl.
complete list of the bids:
900 60
1971
CHRONICLE
1
1940 incl.
Ditch No. 50 bonds.
Ditch No.
Ditch No.
Ditch No.
Ditch No.
Ditch No.
Ditch No.
Ditch No.
65
76
77
83
84
14
16
bonds.
bonds.
bonds.
bonds.
bonds.
bonds.
bonds.
!
1920.
Int semi-ann.
Due
Cert, check for 5% payable
_
,
.
yearly on Dec. 1 from 1926
to the County Treasurer, re-
Junell &
Suired. ofThe approving will be opinion ofto the purchaser on the date of
•orsey
Minneapolis, legal furnished Lancaster, Simpson,
sale free
of charge.
RICHLAND
Ohio.—BOND
Purchaser to pay
accrued interest.
TOWNSHIP (P. O. Senecaville),
SALE.—The First National Bank of
Guernsey County,
Senecaville has pur¬
offered without
$5,900 on March 1
the $59,000 5% road bonds, which were
success on Jan. 31 of this year (V. 110, p. 583).
Due
from 1921 to 1930, inclusive.
chased
at
par
GRANDE COUNTY CONSOLIDATED
(P. O. Monte Vista), Colo.—BONDS
$100,000 school bonds carried (V. Ill, p.
taken by the State.
RIO
NO
Oct.
be
8
22
SCHOOL DISTRICT
VOTED—SALE.—On
1874). The same may
issues of fourawarded as fol$200,000 school construction notes to Brown Bros. & Co., of N. Y., on a
10 000 Lewil&o^Ave!' &a§idge Road bridge notes to Geo. R. Granby &
of Omaha, in the County
of Naples at 6 %, plus $11 premium.
District
the 16th day of August
1920 as
.
*
ROCHESTER, N.
months notes
Son.
Y.—NOTE SALE.—On
offered on that date
Nov. 8 the two
(V. Ill, p. 1874) were
1972
The bidders
Name
THE
CHRONICLE
School Notes
Brown Bros. & Co.. N. Y
Bri^ne Notes.
5.95%
_
chaser and Board of
Education.
Cert, check for
1% payable to the Board
of
Education, required.
Purchaser to furnish blank bonds.
5.95%
Sage, Wolcott & Steele, N. Y__
$40,000 at 6% plus $5
Thos. J. Swanton.
6% plus $1
Rochester.
6% plus $25
j
Geo. R. Granby &
Son, Naples
6% plus $11
NOTE
OFFERING.—Joseph C. Wilson, City
Comptroller, will receive
bids until 2:30
p. m. Nov. 16 for the
following notes:
$80,000 school general fund notes,
payable four months from Nov.
19 1920.
75,000 water-fmpt. notes,
payable four months from Nov.
19 1920.
250.000 school construction
notes, payable four months from
Nov. 26 1920.
Principal will be payable
upon maturity at the Central
Union Trust Co.
of New York,
where delivery will be made to
purchasers on Nov. 19 and
Nov. 26.
Bidders must state rate of
interest, designate denominations
desired, and to whom (not bearer) notes shall
be made payable.
SOUTH
JACKSONVILLE, Duval County, Fla.—BOND OFFERING.—
Rogero, City Clerk, will receive bids
for $190,000
municipal impt
Denom. $1,000.
Date Nov. 1 1920.
Due Feb. 1 1950.
Debt. $125,000.
Bonded
Assessed value, real and
personal 1920 $4,607,780.
STEWART'S CREEK
TOWNSHIP, Harnett County, No.
BOND
Caro.—
OFFERING.—Further details are at hand
relative to the offering
on Nov.
15 of the $25,000
6% bonds (V. Ill, p. 1776).
Bids for these
bonds will be received until
12 m. on that day
by W. T. Smith, Secretary
(P. O. Duke R. No.
1).
Denom. $1,000, unless
otherwise prescribed by
Prin. and semi-ann. int. payable in New
ork.
Due Nov. Nov. 1 1920.
1 1940.
Cert, check on a
responsible bank for $500,
payable to the Treasurer of the
Township Road Commissioners, required.
R.
?urchaser.
ROCKFORD, Floyd County, Iowa.—BOND
SALE.—'The
Co. of St.
William R.
Louis has purchased
$33,850 6% tax-free bonds.
Denoms. 33 for $1.000 and 1
for $850.
Date Oct. 11 1920.
Prin. and
semi-ann. int. (A. <fe
O.) payable at the First National
Bank. Minneapolis.
Due on Oct. 1 as follows:
$3,850 1925, $6,000 1930, $9,000
1935 and $15,000
1940.
Compton
STRATHMORE
UNION
County, Calif.-—BOND
SUMMIT
__
Co.______
vote
a
of 48,326
to
Nov. 2.
were
b'ds submitted
no
ment bonds
tractor.
(V.
Ill,
" J
•
on
p.
BIDS
Nov. 9 for
1874).
9,777,
RECEIVED—BOND SALE .—There
the $17,088 16
7% street-improve¬
The bonds will be delivered to
the
•...
//; y;
\1
con¬
SANDUSKY, Erie County, Ohio.—BONDS
DEFEATED.—On Nov. 2
■the voters of the
city for the second time this year voted
down a
to
issue
$250,000
proposition
memorial-building bonds.
SANDUSKY COUNTY (P. O.
Fremont), Ohio.—BONDS VOTED.—
Reports show that a proposition to issue
$275,000 bridge bonds carried
majority of 249 votes at the general
by
a
elections.
SAN
JACINTO
COUNTY
(P.
O.
Coldspring),
Tex.—WARRANT
SALE.—During October .T. L. Arlitt of Austin
purchased $24,000
and bridge warrants.
7% road
Denom. $1,000.
Dated Sept. 10 1920.
Due yearly
from 1922 to
1938, inclusive.
SANTA ANA,
Orange
County, Calif .—DESCRIPTION OF BONDS.—
The $234,000
5lA % tax-free municipal-impt. bonds
awarded as reported in
V. Ill, p.
1874, are described as follows:
Sept. 1 1920.
Prin. and semi-ann. int.
Treasurer.
Due $9,360
yearly on Sept.
to
Population
(estimated)
456,380
__
SANTA BARBARA SCHOOL
Calif.—BOND
17,500
DISTRICT,
Santa Barbara
County
SALE.—Recently the $295,000 6% 15year
tax-free school bonds—-V.
(aver.)
Ill, p. 1496—-were sold to the
National City Co,
Rollins & Sons, both of Los
Angeles, at 105.45 a basis of about
5.465%.
Denom. $1,000.
Date Oct. 18 1920.
Int. semi-ann. (A. &
payable at the office of the
O.)
County Treasurer.
Due yearly on Oct! 18 as
follows: $10,000 1921 to
1949, incl., and $5,000 1950.
and E. H.
Assessed Valuation
Total Debt,
Financial
Statistics.
1930 incl.
Population
Incorporated 1886.
$12,204,675
issue
625,125
19,441
SANTA CRUZ COUNTY
(P. O. Nogales), Ariz.—BOND
Powell, Garard & Co. of
SALE.—
Chicago purchased the $100,000
(V. Ill, p. 1681) on Nov.
6% road bonds
1 at 98.51 and
interest.
SAUNDERS COUNTY (P. O.
Wahoo), Neb.—BONDS DEFEATED.—
bridge bonds has been defeated.
SCOTLAND
NECK,
Halifax
County,
No.
Caro.—FINANCIAL
STATEMENT.—We are now in
receipt of the following financial
issued in connection with
statement
the offering on Nov.
18 of the $50,000
electric light bonds.—V.
6% gold
Ill, p. 1776.
An Issue of $68,000
Assessed
,
valuation
Outstanding
Outstanding
Outstanding
This
issue.
Financial
Statement.
..
$2,997,701
___
water bonds
^
50,000
30,000
22,500
50,000
sewer bonds
electric light bonds
______
Total
indebtednessPopulation, census 1920, 2,061.
$152,500
Scott
County, Ind.—BOND SALE.—On Nov. 1 the
$7,000 6% electric light
bonds, offered on that date
(V. Ill, p. 1776) were
awarded to the
Scottsburg State Bank for $7,001,
of about
equal to 100.014. a bases
5.99%.
Date Nov. 1 1920.
Due $500 each six
July 1 1921 to Jan. 1 1928, incl.
months from
SEATTLE,
by
Dist, No.
the
Wash.—BOND SALE.—The
during October:
city
Amount
3230
3228
3227
3261
$79,216.13
3231
95,792.80
834.23
52,245.46
1,193.72
4,797.82
1,804.44
26,550.62
41,484.07
3,990.31
2,549.51
3281
3235
3262
3269
3282
3258
Purpose
following
6%
bonds
Date.
were
Due.
Watermains
Oct.
Walks
4
1920
Oct.
Oct.
9
1920
Oct.
Oct.
Oct.
Oct.
9
11
1932
1920
11
11
1932
1920
1920
Oct.
Oct.
11
Oct.
13
.
Walks
Watermains
Walks
Paving
Walks
Walks
Walks
Walks
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
13
22
1920
Oct.
4
22
SIDNEY, Shelby County,
1932
1932
1932
23
1920
Oct.
23
23
23
1920
Oct.
23
1920
Oct.
23
23
1932
1932
1920
Oct.
23
1932
1932
Ohio.—BONDS
VOTED.—The voters on
Nov. 2 authorized the
issuance of $200,000
water-works and sewer bonds.
SIOUX FALLS
INDEPENDENT SCHOOL DISTRICT
(P. O. Sioux
Minnehaha
County,
So.
Dak.—BOND
OFFERING.—Bert
Slyke, Clerk, Board of
Education, will receive bids until 7.30
for $432,000
p. m.
5K% 20-year coupon school
building bonds being
part of the authorized issue of
$500,000—.V. 110, p.
2219—Denom. $1,000.
Prin. and semi-ann. int.
payable at a place to be agreed
upon by the pur¬
Falls),
S. Van
15
1940
1 from 1921 to
Due $3,700 yearly on Nov.
"
•
48,000 public-works bonds.
to 1923 incl.
Denoms. to suit purchaser.
Due $16,000
yearly on Nov.
1 from
1921
1 from
1921
Date Nov. 1 1920.
Prin. and semi-ann.
int. payable at the
Equitable Trust Co. of New York, where
be made to purchaser
delivery is to
on or about Dec.
15.
Cert, check for
Of bonds bid for,
2% of amount
payable to the City
Comptroller, required.
Bonds will
be
approved by Caldwell & Raymond of N. Y.
City, a copy of whose opin¬
ion will be furnished the
purchaser.
Purchaser to pay accrued interest.
Financial Statement.
Assessed valuation taxable
property
Actual valuation taxable
property (estimated)
Assessed valuation real
property
Assessed valuation
special franchises
Bonded debt, including above
issues
Water bonds, included in
above
Water bonds, issued since
Jan. 1 1908, incl. in
above
Population, Census 1920
$181,770,758 00
200,000,000 00
.__
171,249,479 00
10,627,360
00
13,735,058 38
4,165,000 00
4,660,600 66
|___171,717
TALBOT COUNTY (P.
O. Talbotton), Ga —BOND
SALE.—The
$50,00 0 5% 12 1-6 year
(aver.) road bonds mentioned in V.
Ill, p. 915
were sold on Oct. 5 to the
Robinson-Humphrey Go.
Denom. $1,000.
J. & D.
Int.
Due $2,000
yearly on Dec. 1 from 1920 to 1944, incl.
TEXAS (State of).—BONDS
REG 1STERE D.—The
following 5% bonds
have been registered with the
State
Comptroller.
Amount
Place and Purpose
of Isuse—
Calhoun County
$1,975
2,000
Garza
Due
Date Reg.
10-20 years
Nov.
4
County Com.
Sch. Dist. No. 12-_
Hardeman Co. Com. Sch. Dist.
No. 8__
McLennan Co. Corn. Sch. Dist.
No. 10-
3,000
1,200
5-20 years
Nov.
4
5-20 years
Nov.
5
5-20 years
Nov.
5
SCHOOL
DISTRICT, Sonoma County, Calif.—BOND
FERING.—Proposals will
be received
the $13,000
OF¬
by W. W. Felt Jr., County Clerk
(P. O. Santa Rosa), for
6% school bonds (V. Ill, p.
until 12 m. Nov. 18.
315)
Denom. $1,600.
Date Nov. 1 1920.
Int. annually.
Due $1,000 yearly on Nov.
1 from 1921 to 1933 incl.
Cert, check for
10%,
payable to the above official,
required.
Bonded debt, none.
Assessed
value, $394,525.
TOLEDO, Lucas County, Ohio.—BOND
SALE.—The $185,000 6%
10-40-year (opt.) public wharf bonds offered on
Nov. 9 (V. Ill,
p. 1589)
awarded to Field, Richards &
Co. of Cincinnati for
$196,840, equal
to 106.40.
Date Sept. 1 1920.
Due Sept. 1 1960,
optional Sept. 1 1930.
were
Shawnee
County,
Kans.—BONDS
show that the
city water filtration plant bonds VOTED.—Complete
for $535,000 carried
by about 6 to 1 at the election held Nov.
2—V. Ill, p. 1496.
There were
13,477 votes cast "for" the
proposition and 2,150 "against" it.
returns
VALLEJO, Solano County,
Calif.—BONDS
VOTED.—At a special
election held in Vallejo the citizens
voted to bond the
city for $1,250,000—
V. Ill, p. 1301—in order to
obtain a new water
supply.
VALLEJO
HIGH
SCHOOL
DISTRICT
County, Calif.—BOND OFFERING.—It
000
high-school-building
(P.
O.
Vallejo),
Solano
is reported that an
issue of
bonds will be offered for sale on
Nov. 15.
$500,-
VIGO COUNTY (P. O. Terre
Haute), Ind.—BOND OFFERING.—
Geo. A. Schall,
County Treasurer, will receive bids until
10 a. m. Nov. 15
for $11.000 5% Pearl
Ripley et al Riley Twp. road bonds.
Denom. $550.
Date Nov. l5 1920.
Int. M. & N.
Due $550 each six
months from
May 15 1922 to Nov. 15 1931. incl.
NO BIDS.—No bids
were
received for the $7,600
5% Harry R. Wey et al
on Nov. 8—V.
Ill, p. 1875.
Honey Creek Twp. road impt. bonds offered
WAHKIAKUM
BOND
bonds
COUNTY
OFFERING
which
was
SCHOOL
POS T PON ED.—The
to
DISTRICT
offering of
have taken place on Oct.
been postponed because it is
believed that a
NO.
the
21, Wash.—
$6,000 school
30—V.
new
Ill, p.
election will
1682—has
probably be
WALKER COUNTY ROAD
DISTRICT NO. 5, Tex.—BONDS
REGIS¬
TERED.—On Nov. 6 the State
Comptroller registered $100,000
5% serial
bonds.
WARREN, Trumbull County, Ohio.—BOND
OFFERING.—Geo. T.
Hecklinger, City Auditor, will receive
separate bids until 12 m. Nov.
for the following
20
coupon bonds:
$687,500 5% water-works-purchase bonds.
Auth. Sec. 3939, Gen.
Code.
Denom. $1,060 and $500.
Date Oct. 1 1926.
Due $12,500
Oct. 1 1921 and
$25,000 yearly on Oct. 1 from
1922 to 1948,
incl.
1932
1932
Paving
25 1920
All the above bonds
Oct. 25
are subject to call
at any interest
paying date.
Nov.
to 1925 incl.
Nov.
Due $45,000 yearly on Nov.
1 from 1921 to
sidewalk-impt. bonds.
necessary.
SCOTTSBURG,
issued
18,500
TOPEKA,
1920-21-
including this
Due $12,500
yearly on
450,000 street-impt. bonds.
TODD
$7,180,675
6%:
Due $13,000
yearly on Nov. 1 from 1921 to
1930 incl.
City
valuation
Bonded debt
(including this issue)
bonds are the unsold
portion of
$65,000 have already been
sold, as reported in
125,000 local-impt. bonds.
1945 incl.
Financial Statement.
Assessed
of which
1394.
incl.
Denoms. $1,000 and $360.
Date
payable at the office of the
1 from 1921
p.
$260,000 impt. bonds.
York.
SACRAMENTO, Calif.—-NO
Ill,
SYRACUSE, Onondaga
(P. O. Chilliclothe), Ohio.—BOND
SALE.—On
6% coupon bridge bonds (V. Ill,
p. 1681) were awarded
to E. H. Rollins &
Sons of Chicgao for
$40,224, equal to 100.56, a basis of
about 5.87%.
ST. PAUL,
Minn.—BONDS VOTED.—Bv
$3,000,000 water bonds were authorized on
25,037]
(
County,
Conan, City Comptroller, will receive N. Y.—BOND OFFERING.—M. E.
bids until 1 p. m. Nov.
16 for the
following tax-free coupon (with
privilege of registration) bonds, to bear
interest at a rate not to
exceed
ROSS COUNTY
Nov. 8 the $4Q.00P
(P. O. Steamboat Spring), Colo
.—RESULT IN
it will take an official
count to determine
whether $98,000 court-house
bonds (V. Ill, p. 1776) carried on
Nov. 2.
yearly
25,018
__
$125,000 issue
a
V.
So.
state that
Due
excepting the bid marked (*).
SWEET GRASS COUNTY
(P. O. Big Timber)]
Mont.—BOND
SALE.—The National
City Co. has purchased $60,000
at par and
6% road bonds
interest, it is stated.
The said
Caro.—BOND
OFFERING.—
S. George Moore.
City Clerk and Treasurer, will
receive sealed bids until
11 a. m. Nov. 30 for the
$100 009 6% street-impt. bonds
(V. Ill, p. 1496).
Denom. $1,000.
Date .Tan. 1 1920.
Prin. and semi-ann. int.
New York.
payable in
Due yearly on -Tan. 1 as
follows: $2,000 1921. $6,000
1922 to
1930 incl., $7,000
1931, $8,000 1932, $3,000 1933 to
1935 inch, and $4,000
1936 to 1940 incl.
Cert, check for
2% of the amount of bonds bid for
required.
Bonds will be prepared under the
supervision of U. S. Mtge. &
Trust Co., whieh will
certify as to the genuineness of the signatures
of the
city officials.
The purchaser or purchasers
will be furnished without
the approving
charge
opinion of Caldwell & Masslich of
New
ROUTT COUNTY
Tulare
were the suc¬
All the above
bidders offered accrued int.
ROCKPORT, Snencer County, Ind.—BOND
DOUBT.—Officials
DISTRICT,
UNION
Stephens & Co
for $3,165 6% bonds
OFFERING.—Proposals
will be received until
8 p. m. Nov. 19 by
Henry J.
Vawter, City Clerk.
Int. semi-ann.
County,
SCHOOL
bidders:
Anglo & London Paris Nat'l
I Bradford, Weeden &
Bank
Co____$25,011
$25,039 [First National
Bank, Weed__*25,000
William R. Staats
_
York
HIGH
SCHOOL
—Carstens & Earles, Inc., were DISTRICT, Siskiyou County, Calif.
awarded the $25,000
6% bonds (V. Ill,
p. 1681) on Nov. 1 for
$25,156, equal to 100.62.
Other
Statement.
Total assessed value
taxable property
Total bonded debt,
$2,162,960
including this issue
42,850
Population (1915 State
Census)____„____;
1,138
Population (present
estimate)---I
*
1,250
The constitutional
debt limit is 5% of value of
taxable property.
The
Supreme Court of Iowa has
defined this to be
5% of the actual value of
taxable property as returned
by the Assessor and as equalized.
HILL,
Date
SALE.—Le Roy T. Royone &
Co,,
cessful bidders for
$30,000 6% school bonds, it is
stated.
from 1925 to 1954 incl.
Financial
*
M.
bonds.
_
ROCK
[Vol.111.
were:
71,800 6%
21,200 6%
spec,
assess.
Perkins Road paving bonds.
Auth.
Sec. 3914,
Gen. Code.
Denom. $500 and $300.
Date Nov. 1 1920.
Due yearly on Nov. 1 as
follows: $5,000 1921;
$6,000 1922;
$7,000 1923 and 1924; $8,000
1925 to 1929 incl., and
$6,800
1930.
assess.
Parkman
Street
sewer
bonds.
Auth.
Sec.
Gen. Code.
Denom. $500 and $200.
Date Nov. 1
Due on Nov. 1 as
follows; $5,000 1921;
$8,000 1922
and $8,200 1923.
7,500 6% city's share
street-impt. bonds.
Auth. Sec. 3821, Gen.
Code.
Denom. $1,000 and $500.
Date Aug. 1 1920.
Due $2,000
on Aug. 1 in
1930, 1931 and 1932, and $1,500
Aug. 1 1933.
300,000 6% water-main extension
j
bonds.
Auth. Sec.
3939, Gen. Code.
Denom. $1,000.
Date Nov. 1 1920.
Due Nov. 1
1930.
45,000 6% deficiency
i
funding bonds.
Auth. Sec. 712
H-B, Gen. Code.
Denom.
$1,000.
Date Oct.
1
1920.
Due $9,o66
on Oct. 1 from 1922
yearly
to 1926 incl.
Int. semi-ann.
4
Cert, check for
$500, payable to the
is required with each
City Treasurer,
issue bid upon.
Bonds to be delivered and
within five days from date of
paidifor
award.
Purchaser
spec,
3914,
1920.
to.pay^accrued interest.
1973
CHRONICLE
THE
1920.]
Nov. 13
Certified check for
Treasurer.
1920.
Int. semi-ann.
Due Nov. 1 1930.
amount of bonds bid for, payable to the County
Date Nov. 1
COUNTY SCHOOL DISTRICT NO. 5
Wyo.—BOND OFFERING.—Bids will be received
Dec. 1 for the purchase of $5,000 6% 15-25-year (opt.)
Soren Sorenson, Clerk.
\///?/''
WASHAKIE
land),
WASHINGTON COUNTY (P. O. Salem),
$20,000 6% Little York and Brownstown
4—V. Ill, p. 1777—were awarded to the
(P. O. Woruntil 3 p. m.
school bonds.
5% of the
54, Wash.—BOND
bonds were sold to the
$180 and $620. Date
1922 to 1931, incl.,
YAKIMA COUNTY SCHOOL DISTRICT NO.
SALE.—On Oct. 30 $18,000 5H% school building
State of Washington at par.
Denoms. $1,000,
Dec. 1 1920.
Int. annually.
Due $1,800 yearly from
Ind.—BOND SALE.—
Bridge bonds, offered on
The
Nov.
bidders were:
State
of
Bank
$20,625(City Trust
Salem
ELECTION.—The
YANKTON, Yankton County, So. Dak.—BOND
will decide whether they are in favor of
water-supply bonds at not exceeding 6% interest, on Nov.
1920.
The
n'y
Co., Indianapol.$20,237
about 5.35%. Date Sept. 6
1921' to Nov. 15 1930, incl.
$20,625 (103.125) and interest, a basis of
Due $1,000 each six months from May 15
optional after 1 year.
for
State Bank of Salem
Harrison, In. 20,360 |M. & P. Contracting
Bank, Indiap. 20,3601 Portland _ . ......
WATERTOWN, Jefferson County, N. Y.—BOND
Breed, Elliot &
Meyer-Kiser
Co.,
issuing $70,000 20-year
23, it is reported.
YOUNGSTOWN,
Mahoning
County, Ohio.—BOND
SALE.—
The following three issues of 6% coupon (with privilege of registration)
street impt. bonds, offered unsuccessfully on Oct. 18.—V. Ill, p. 1682.—
were sold later in the month to Wm. R. Compton Co. Chicago at par and
voters
20,000
OFFERING.—
Proposals will be received until 12 m. Nov. 17 by F. W. Mayhew, City
for $120,000 5% Court Street grade crossing elimination bonds.
$1,000.
Date July 1 1920.
Int. J. & J. Due $5,000 yearly
July 1 from 1922 to 1945, incl.
Cert, check on an incorporated bank
trust company, for 2% of amount of bonds bid for, required.
Bonds
be delivered and paid for within five days from notice of award.
Pur¬
interest.:
$27,335 Southern
Denom.
15,480
1921 to 1925, Incl.
Highland Ave. paving
1921 to 1925, incl.
on
or
14,700
to
accrued interest.
Financial Statement.
chaser to pay
Assessed valuation
real property
Franchise
Special
Bonded debt
Floating debt
—...
;
^——
Total...
Less Water Dept.
-
bonds (included)
31,280.
DAVIDSON,
bonds were
voted.
COUNTY (P. O.
WRIGHT
Sealed bids
SALE.—Local investors have
MAPLE CREEK, Sask.—DEBENTURE
purchased, it is reported, $1,000 7M % 10-year
MINITONAS R. M.,
of Toronto, were
11 a. m.
Nov. 16 for
road
Due
1778.—$100,000 county home
Buffalo), Minn.—BOND
debentures.
Man.—DEBENTURE SALE.—A. E. Ames & Co.
6% 30-installment coupon
awarded the issue of $50,000
offered on Oct. 1—V. Ill, p.
debentures
yearly on Jan.
Date Jan. 1 1921.
1302.
1 from 1922 to 1951, incl.
Sask.—DEBENTURE SALE.—An issue of the town's
the amount of $4,500 7% 10-year obligations has been sold
MOOSOMIN,
OFFERING.—
debentures to
until
by Ernest R. Anderson, County Auditor,
$50,000 impt. bonds at not exceeding 6% interest.
will be received
to
$50,000 6>^% 20-year installment
of about 6 61%
Date Nov. 1
1921 to 1940, incl.
FREEMAN TOWNSHIP (P. O. Mac
Tier), Ont .—DEBENTURE
OFFERING —E J Barnes, Township Clerk, will receive bids until 1pm
Nov. 27 for $10,000 7% 20-installment coupon school house erection bonds.
HOLDFAST, Sask.—DEBENTURE SALE.—It is reported that $1,000
8% 5-year debentures have been sold to A. Duesing of Eau Claire, Wis.
were
Ill, p.
town has sold
15-year debentures, it is stated.
Ont.—DEBENTURE SALE —The Dominion Securities
FORD CITY,
Toronto, on Nov. 2 purchased
house-building debentures at 99 082, a basis
1920.
Int M. & N.
Due on Nov. 1 from
Nov. 2 the
Nov. 2—V.
Sask.—DEBENTURE SALE —This
block of $9,700
Corp. of
316—
sold during August.
WOODBURY COUNTY (P. O. Sioux City), Iowa.—BONDS VOTED.
election held on
10-installment
'
• \
•
debentures
local people a
These bonds will be offered sometime the
i
WOODBURY, Meriwether County, On.—BOND SALE.—The $35,000
6% electric light and water works bonds offered on July 7—V. Ill, p.
—At the
Local Govern-
AUTHORIZED The
to issue $3,200 8%
impt
VOTED.—District Secretary Geo. F.
electors approved a proposition
Pa .—BONDS
SALE —It is reported that an
bonds has been sold to Pemberton
DAFOE, Sask.—DEBENTURES
Board has authorized the village
ment
on
County,
and Municipalities.
Provinces
COURTNEY, B. C.—DEBENTURE
$30,000 7% 20-year gold coupon
On.—DATE NOT YET DECIDED.
$200,000 5% road voted on April 9—
upon as yet.
WELD COUNTY SCHOOL DISTRICT NO. 8, Colo.—BOND SALE
NEVER COMPLETED.—The sale of the $57,000 school bonds to Bosworth,
Chanute & Co. of Denver—V. 110, p. 2415—was never completed.
WICHITA, Sedgwick County, Kan*.—BONDS VOTED.—The voters
Nov. 2 favored the question of issuing $200,000 5% forum and markethouse bonds by a vote of 9,084 to 8,151 (a majority of 933 votes).
Date
of sale not yet determined.
H. D. Lester is City Clerk.
WILSON BOROUGH SCHOOL DISTRICT (P. O. Easton), Northampton
ELECTION.—On Nov. 26
S. F. Stanley, Recorder.
& Son.
WAYNE COUNTY (P. O. Jesup),
—The date for the offering of the
Y. 110, p. 1777—has not been decided
Dronecker informs us that on
to issue $65,000 school bonds.
coming winter.
- •
bonds.
issue of
$1,309,236
Population, 1920,
its
CANADA,
Oct. 1
Oct. 1 from
Due $2,940 yearly on Oct. 1 from
Due $3,096 yearly on
YUMA, Yuma County, Ariz.—BOND
$50,000 levee bonds are to be voted upon.
$19,862,570
—..
756,700
1,448,236
—....—
143,500
—— $1,591,739
282,500
•
Due $5,467 yearly on
Blvd. paving bonds.
1925 incl.
Indianaola Ave. paving bonds.
from 1921 to
Treasurer,
locally,
according to reports.
'
FINANCIAL
FINANCIAL
NEW
LOANS
MUNICIPAL BONDS
We
specialize in
District Bonds of Texas.
and offerings solicited.
Circulate on
City of
tssuaa
and Road
Dealer's inquiries
Underwriting and distributing entire
of City, County, School District
Philadelphia
VonPolenz & Co., Inc.
Rogue*.
HAROXLD G.WISE
^Company
Broadway, New York
60
3s
Cincinnati
Philadelphia
3%s
is
Pittsburgh
Boston
Rous Toar.TcxAW
Chicago
4v48
41/2S
Berlin
Milwaukee
Denver
GERMAN, AUSTRIAN
United States
58
f Czechoslovak, Hungarian
and Canadian
Bonds*
Municipal
'
Securities and Exchange
.
Official Coupon Redeeming
for the City of Berlin, Greater
And
Biddle & Henry
South Fifth Street
104
and various other
W&DDELL
Ground Floor Singer
Telephone
German Cities and
Communities.
Building
New York
Street,
89 Liberty
Station
Berlin,
Cortlandt 3183
PHILADELPHIA
Pritate
Vire to
Call Canal
New York.
8437.
american
mfg. co. Aetna
M. M.
4tl
CORDAGE
Mailed Upon Request
NILA,
Circular on Request
SISAL, JUTE
FREEMAN & CO.
Chestnut
Lombard 710
Thurmond
Jones &
Philadelphia
Street
Telephone,
Convertible Gold Notes
8%
Tax Exempt
PENNSYLVANIA & NEW JERSEY
MUNICIPAL BONDS
Lists
Petroleum Corporation
Streets,
Nobel & West
Brooklyn, N. Y. City
15
New York,
Broad St.
Phone:
New Jersey
Securities
E.
F.
II Ex eh a ace
Tel. $0 MoaUomw*
Place
Jersey
WELLS
City. N. J.
MUNICIPAL AND
OORP0RATION
INVESTMENT
Local Securities
Globe Building
of the Twin
Building
6481. 6482. 6483
Race 2797
Locust 6480.
COMMERCIAL PAPER
137 South
Umbers
Philadelphia Stock Exchange
La Salle Street
CHICAGO
NEW YORK
Street
SAN
PHILADELPHIA
SECURITIES
Bonds
PAUL & CO.
1421 Chestnut
Keystone:
MINN.
INVESTMENT
SECURITIES
PHILADELPHIA
Phones:
Cities
ST. PAUL,
Stump
Stock Exchange
Co.
A. G. Becker &
Commercial Paper
Pennsylvania Tax Free
Scott &
Broad 7412
MAGRAW
BONDS
OUTWATER &
N.Y.
ST. LOUIS
FRANCISCO
SEATTLE
LOS ANGELES
1974
THE
CHRONICLE
[VOL.
1|1
NOVA SCOTIA
(Province of .—DEBENTURE
SALE.—'The block of
$2,000,000 6% coupon (with
privilege of registration
debentures, offered
on Nov.
Ranger, $4,000 10-years
8%, Perryville, $4,500 15-years
8%, Patten,
$4,400 15-years 8%,
Llanvair, $4,000 10-years 8%,
Thule, $3,800 10-years8%, Ringleton Firs, $4,000
15-years 8%,
Waterman-Waterbury, Regina,
Eskbank, $7,500 20-years 8%;
"Various," Eskbank.
Fruitvale, $25,000
20-years 8%; Saskatchewan Life
Insurance Co.
Young, $16,000 20-years
8%: Jas. Priel, Saskatoon.
Khedive, $2,000 20-years 8%; Niklos Reilter
Barker, $5,000 20-years
8%: locally.
Scarpe. $900 10-years 7%: Miss
M.
Sanderson, Prince Albert. Alameda,
$5,500 20-years 8%; J. R.
Trompour.
10 (V. 111. p.
1876, was awarded to William
A, Read & Co.,
offered 102 02 for
ten-year debentures, a basis of about
Date Nov. 15 1920.
5.73%.
Principal and interest payable in Halifax or New
at holder's
York
option.
Due Nov. 15 1930.
On a previous
Is offering the above
page, Wm. A, Read
bonds to investors.
which
ONTARIO (Province
of).—DEBENTURE OFFERING. —Tenders for
$5,000,000 6% gold
coupon (with privilege of registration) debentures will
12 m. Nov. 15
by P. Smith, Provincial
Treasurer, (P. O.
Toronto). Denom. $1,000. Date Nov.
15, 1920- Prin. and semi-ann. int.
(M. & N.) payable in gold at
the
THOROLD,
Ont.—DEBENTURE SALE.—On Oct. 30 the
$15,000
$5,000 park 6% 10-year
installment debentures offered on
Ill, p. 1590—were awarded to R.
C.
Matthews & Co. of
Toronto, at 94.60, a basis of about
be received until
fire dept.
Treasurer's office or at the Bank of Mon¬
Montreal or New York, at
holders' option.
Due Nov. 15 1927.
Cert, check for $50,000
required.
Interim certificates will be
to be
furnished
exchanged for the engraved debentures
upon their completion.
7.20%.
treal in
O
TORONTO, Ont.—DEBENTURE
HAWA,
Ont.—DEBENTURE SALE.—The block of
$78,743 88
15-installment local-impt. debentures
offered on Nov. 8 (V. Ill,
p.
1876) was awarded to A. E. Ames & Co.
of Toronto at
94.199, a basis of
about
6.95%.
PORT COLBORNE, Ont
.—DEBENTURES VOTED.—On Nov. 1 a
by-law to issue $20,000 park
debentures was favorably voted
he ratepayers.
upon by
SCHOOL
Ii.
to
10 the
Ames & Co
..93-239
93.21
90.60
C.
Matthews & Co. and United
Financial Corporation.
Ont .—TENDERS
REJECTED.—AH tenders received for
614% 300-installment water works
on
system debentures offered
Nov. 1—V. Ill,
p.
1778—were r«#pcted.
These debentures will be
re-offered at 6H%.
WINDSOR, Ont .—DEBENTURE SALE.—The
five issues of
6% debentures aggregating
5H% and
$377,547.81, maturing from 1921 to 1960, which
were offered
unsuccessfully on Oct. 22 (V. Ill,
to W. A. Mackenzie &
p. 1876) have been sold
Co. and R. A.
Daly & Co. of Toronto.
WATFORD,
the $52,000
Sask.—DEBENTURES
the "Monetary Times" of
by the Local Governments Board
from Oct. 9 to 23:
17 M-year
Aemilius Jarvis & Co
DISTRICTS,
AUTHORIZED.—The following,
according
Toronto, is a list of authorizations granted
SALE. —On Nov.
$2,853,000
(average) coupon (with privilege of
registration) improve¬
debentures (V. Ill, p.
1876), were awarded to a syndicate
of Dominion
composed
Securities Corporation, R. A.
Daly & Co., W. A. Mackenzie
& Co.,
Harris, Forbes & Co. and the
National City Co., at 94.317 and
interest, a basis of about
6.55%.
Date Oct. 1 and Nov. 1
1920.
Due
yearly from 1921 to 1950, inclusive.
The tenders were as
follows: 1
Dominion Securities Co. and
associates
____94.317
Wood, Gundy & Co. and A. E
6%
ment
6%
SASKATCHEWAN
and
that date—V.
10 years not exceeding
8% annuity:
Sleaford. $7,000.
Findlater, $7,000
Churchill, $1,865: Mulberry, $4,300;
8%, 20 years' annuity.
Fairwell
Creek, $3,000 8%, 15-years'
annuity.
The following,
according to the same paper, is a list of
debentures ag¬
gregating $91,600 reported sold from Oct.
9 to 23:
WINGHAM,
Ont.—TEMPORARY LOAN.—A
$10,000 has been negotiated
temporary
with William Gunn & Co.
loan
fimntial
Cnginecri
WE FINANCE
established meritorious industrial
enterprises under longtime contracts
as sole fiscal
agents with permanent financial
interest, representation
on board of directors
and executive
committee, control of finances,
and right of audit and
inspection without notice.
A
STONE & WEBSTER
WE OFFER
bankers and investment dealers
securities
constant supply of proven industrial
profitable underwriting
opportunities, together with
and
financial
INCORPORATED
a
assistance
assistance of all
our
on
their
affiliated
own
local
sales
underwritings and
FINANCE industrial and
public
utility properties and conduct an
investment banking business.
the
organizations in distribution of
security issues too large to handle locally. We also
buy half interest In
and finance small investment
houses everywhere.
DESIGN
Correspondence Solicited
Central National Industrial
Finance Corporation
Capital $1,000,000
WEST 44TH
stations,
power
transmission
developments,
lines, city and interrailways, gas and chemical
plants, industrial plants, ware¬
houses and
buildings.
urban
National Association
Building
28
steam
hydro-electric
STREET, NEW YORK
CONSTRUCT either from their
own
designs
or
other engineers
from designs of
architects.
or
MANAGE public
utility and in¬
dustrial
Approved Investment Issues
Long and active association
with
so
Bids for and offers of bonds
on
going
concerns,
proposed extensions and
of the leading
business enterprises of the
Pittsburgh District causes
us to be
thoroughly familiar with opportunities for safe
and profitable investment.
are
companies.
REPORT
•
many
new
projects.
NEW YORK
BOSTON
CHICAGO
originating in this district
solicited.
THE
Mellon National Bank
Pittsburgh
J. G. WHITE ENGINEERING
CORPORATION
Pennsylvania
Engineers
Illinois Trust &
L The Sign
Pays Interest
Time
change.
43 EXCHANGE
and Reserve
on
hand at all times
cellent securities.
v
a
variety of
Buys and sells
Government, Municipal
Business.
and
Examined, Managed,
Drexel Bid*.
Registrar and
Transfer Agent
Interest allowed
deposits.
Company
PHILADELPHIA
J.S.
on
B.
Request
RIPPEL&COMPANY
bought and sold
MEWARK, N. J.
for
cash,
conservative
or
carried
on
terms.
Inactive and unlisted
securities.
Inquiries invited.
Federal Reserve System
Morris, President
Bonds
STOCKS AND BONDS
CAPITAL and SURPLUS,
$10,000,000
E.
Appraised
jersey Municipal
18 CLINTON STREET
Chartered 1836
Member of
CO,
PHILADELPHIA
Corporation Bonds®
as
Girard Trust
&
COAL AND MINERAL
PROPERTIES
Descriptive List
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
on
CHANCE
Mining Engineers and Geologists
ex®
New
Acta
PLACE, NEW YORK
$15,000,006
Has
Deals in Foreign ExTransacts a General Trust
Units
Utilities
Reports—Valuations—Estimates
H. M.
on
Deposits, Current
Accounts,
Public
Chicago
Capital and Surplus
CVH
Buildings—Industrial
Savings Bank
La Salle at
Jackson
Constructors
FINCH
130
&,
TARBELL
Members New York Stock
Exchange
BROADWAY,
NEW YORK
of
<
Nov. 13
THE
1920.]
ftruat Companies
Cotton
Paul Schirars
Ohas. O. Corn
The
Prank A. Kimbal
August Schierenberg
Co.
Schwarz &
Corn,
ENGLAND
NEW
Rhode Island
TRUST COMPANY
Hospital Trust
BOSTON, MASS.
MERCHANTS
Company
SURPLUS. 82.000 000
CAPITAL. $1,009,000
Safe Deposit
COMMISSION
XXIX
CHRONICLE
Vaults
Authorised to act as Executor, and to
receive and hold
DIRECTORS
property In trust or on deposit from Courts ol
Equity. Executors. Administrators. Assignees.
Guardians. Trustees, Corporations and Individuals. '
Also acts as Trustee under Mortgages and as Transfer
Herbert J. Wells
Frank H. Swan
Lyman B. Goff
Rowland Hazard
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to
Stephen O. Metcalf
Royal C
Taft
Walter R. Callender
J. Arthu
Atwood
Benjamin M. Jackson
William C. Dart
Frank W. Matteson
Horatio A. Hunt
Robert H.I. Goddard
Thomas H.
money or
New York
15 William Street
MEMBERS
OF
Exchange >
New Orleans Cotton Exchange
New York Produce Exchange
New York
Coffee Exchange
New
York
Cotton
William
Edward D. Pearce
Law or
Check.
OFFICERS.
JAMES R. HOOPER. President
ROGER PIERCE. Vice-President
FREDERICK P. FISH, Vice-President!
L.
Hodgman
West,
Henry D. 8harpe
FREDERICK W. ALLEN, Treasurer
Frederick A.
Isaac B. Merriman
Albert W. Dimick
Alfred K.
CHARLES E. NOTT, Secretary
Owen, Jr.
Charles D.
Officer
LADD, Asst. Treasurer
JOHN W. PILLSBURY. Asst. Treasurer
FREDERICK O. MORRILL, Asst. Treas.
LEO WM
HUEGLE, Aset Secretary
ARTHUR F. THOM AS, Asst. Trust Officer
SEWALL E. SWALLOW, Asst. Tr. Offr
GEORGE H. BOYNTON,
Manager Safe Deposit Vaults
Ballon
Henry F. Lippltt
Potter
ORRIN C. HART, Trust
H. MrFadden & Bro.
Geo.
COTTON MERCHANTS
PHILADELPHIA
NEW
YORK
Street
25 Broad
BOARD
67 Worth Street
OF
Egyptian and
FOREIGN
Arthur
Import en
George H. Davenport
Ernest
Roger
Pierce
Pierce
de Commission, Havre.
Societe d'lmportation et
Fachiri & Co., Milan.
Company,
86 Congress Street
NEW YORK
BOSTON, MASS.
,
MERCHANTS
COMMISSION
AND
Members
Frank H. Gage
Henry H. Proctor
Edwin M. Richards
Morris
Gray
Franklin W. Hobbs
Providence, Rhode Island
Henry L. Bhattuck
OF
The United States Life
CHICAGO
ILLINOIS
of
Accounts
Insurance Co.
of
IN
and
banks
Correspondence invited
Exchange
Exchange
equipped
Efficiently
Over Forty-Five
to
YORK.
Ing to banking, and offer a
of banks,
Hubbard Bros. & Co.
and Individuals.
BUILDING
P.
JOHN
corporations, firm
Company.
Sur¬
New York
plus 87.000,000
MUNN, M. D., PRESIDENT
territory
Good
producers,
Capital &
SQUARE
YORK
NEW
holders
complete service to accounts
NEW
OF
Non-Participating Policies only)
Million Dollars Paid to Policy*
handle all business pertains
Association
EXCHANGE
CITY
Organized 1850.
Chicago Board of Trade
Associate Members of
HANOVER
THE
bankers received
New York Coffee & Sugar
COFFEE
Bowen
Assistant Secretary
Arthur R. Sharp
James R. Hooper
New York Cotton Exchsnge
Liverpool Cotton
Ralph W
Sears
Herbert M.
New York Stock Exchange
New York Produce
Asst. Trust Officer
Under National, State and
Clearing House Supervision
BROKEES
Assistant Secretary
Gilbert A. Harrington
Walworth
James M. Pendergast
QMWlterGOMPANY
Henry Hentz & Co.
William Street
Ralph S. Richards
Secretary
Charles H. W. Foster
•
Assistant Secretary
G. Burton Hibbert
Lorlng. Jr.
Frederick P. Fish
Sydney Harwood
Alexandria, Egypt.
Geo. H. McFadden
South American
Inc., Lima, Peru.
Reinhart & Co..
George H. Capron
Vice-President
Loverlng
Francis W. Fabyan
Assistant Secretary
John H. Wells
Robert A. Leeson
Export,
Asst. Trust Officer
Henry B. Hagan
Vice-President <
Augustus P.
CORRESPONDENTS.
Liverpool.
Asst. Trust Officer
Harry W. Simmons
Trust Officer
Chairman
J. D. Cameron Bradley
Frederic Zerega & Co.,
N. V. McFadden's Cie voor
Rotterdam.
Asst. Trust Officer
Robert T. Downs
Vice-President and
David P. Kimball
Adams
Ernest A. Harris
Vice-President
Preston H. Gardner
Henry L. Slader
S. Parker Bremer
Foreign Cottons
Herbert J. Wells, Chairman of the Board
Thomas H. West, Jr., President
Horatio A. Hunt
DIRECTORS
George Wlgglesworth.
Dealers in American,
OFFICERS
EDWARD B.
open
for
high
class
persona
contracts with tfc*
Address Home Office, 277 Broadway*
direct
under
Oity.
Depos its,
*
$60,000,000
COTTON MERCHANTS ;
Liberal
Advances
Made on
CHARTERED 1853
•
Cotton
Consignments
United States Trust Company of
GWATHMEY A CO.
30-24 EXCHANGE
476
FIFTH
45-47
PLACE. NEW YORK
YORK
NEW
AVENUE.
MEMBERS
-
EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
NEW YORK COTTON
ASSOCIATE
MEMBERS
LIVERPOOL COTTON
ASSOCIATION
Stephen M. Weld & Co.
Capital,
•
-
.
-
-
Surplus and Undivided
This Company acts as
PHILADELPHIA.
UTICA. N. Y.,
WELD & CO..
LIVERPOOL.
BOSTON.
FALL RIVER,
PROVIDENCE,
NEW BEDFORD,
MOORE
Mill*
<&, CO,
Building
16 Broad Street, N. Y.
COTTON
MERCHANTS
Trustee, Guardian, Com¬
Executor, Administrator,
EDWARD W.
SHELDON. President
KINOSLEY, 1st Vlce-Pres.
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, Asst. Secretary
WILLIAM C. LEE. Assistant Secretary
WILLIAM Q. OREEN,
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
Assistant Secretary
TRUSTEES
JOHN A. STEWART,
ROBERT
-
and in all other recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
It holds and manages secm-ities and other property, real and personal/for
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
William M.
New York City
$2,000,000.00
$14,616,928.30
-
-
Profits,
mittee, Court Depositary
COTTON MERCHANTS
82-92 Beaver Street,
New York
WALL STREET
WILLIAM
ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
Chairman of the
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINOSLEY
WILLIAM STEWART TOD
OGDEN MILLS
Board
CORNELIUS N. BLISS, JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOB
WILLIAM SLOANE
Members New York Cotton Exchange
STEINHAUSER A CO.
'
Successors to
WILLIAM
I
COTTON
RAY A CO.
BROKERS.
86 Cotton Exchange Orders for future delivery contracts
the New York
L. F. DOMMERICH & CO.
New York
executed on
and Liverpool Cotton Exchanges.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND
GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
and
General Offices,
254 Fourth Avenue
COTTON-SEED OIL
COMMISSION
Room
MERCHANTS
60, Cotton Exchange Building
NEW
YORK.
NEW YORK
Established
Over 80 Years
XXX
THE
CHRONICLE
Jfinanctal
[VOL. 111.
^financial
jrittandal
MUNICIPAL BONDS Central Bond &
Mortgage Co.
We
know
never
as
And
offerings
attractive
so
yield
we
they
were
to
as
CHICAGO
net
right now.
specialized in
are
have
Municipal Bonds for
the
BUTLER
Statistical
for List
&co.
BROTHERS
Has large undistributed
surplus
Certainty."
Send
emerich
purchase of
than
more
quarter of a century—"26
Years Devoted to
Making Safe¬
a
ames,
recommends to conservative investors
a
ty
INVESTMENT
SECURITIES
208 South La Salle St.
that
;'S.
Analysis
Sent
Free
on
Ill Broadway, New York
105 So. Li Salle St.,
Chicago
Request.
1 st Nat.Bank Bldg.,Mil waukee
Bolger, Mosser & Willaman
CHICAGO
DETROIT
Dodge & Ross
MUNICIPAL
Specializing
issues of
-
in
South
we
invite
investors
and
inquiries
Our circular
this
on
Marks
application.
CHICAGO
Wollenberger
from
in
and
111 West Monroe Street
grade
Mid-West,
interested
of
Bonds
INVESTMENT BANKERS
Municipal Bonds of
the
curities
high
GERMAN
(INCORPORATED)
BONDS
se¬
C. F. Childs &
character.
& Co.
INVESTMENT BANKERS
Company
105 So. La Salle St.
Specialists
CHICAGO
Mortgage T rust
st. louis
Company
BROADWAY
AT
Government Bonds
missoijr?
PINE
CHICAGO
NEW
208 So. La Salle St.
Radon, French
&
Stevenson
Co.
INVESTMENT
&
SECURITIES
bonds and stocks of established
corporations.
105
So.
We offer high-grade investment
opportunities
Bros.
Perry, inc.
F.
La
Salle St.,
H.
PRINCE & CO.
BANKERS
CHICAQO
BOSTON, MASS.
Telephone Randolph 5520.
Is the securities of
tlons.
YORK
Broadway
Investment Securities
We purchase and underwrite entire Issues
of
municipalities, public util¬
ity, and well established Industrial corpora
120
W. G. SOUDERS & CO.
HIGH-GRADE
INVESTMENTS
Correspondence Invited.
Ill
WEST
INVESTMENT SECURITIES
MONROE STREET
CHICAGO
208
South
La
Salle
Members of New York & Boston Stock
Exchange
Street,
CHICAGO
New York
ENGINEERING
141
&
Grand Rapids
Campion
A
MANAGEMENT
P. W.
BROADWAY
NEW
Detroit
Milwaukee
McClellan &
Chapman & Company Day &
Zimmermann, Inc.
YORK CITY
INVESTMENT SECURITIES
EMERY, PECK & R0CKW00D
118 South La Salle St.
CHICAGO
NEW YORK
LONDON
INVESTMENT SECURITIES
Continental
&
Commercial
Bank
Building
CHICAGO
Railway Exchange Building
INVESTMENT BANKERS
108
So.
La
Salle
St.
in connection with
Public Utilities & Industrial
Properties
CHICAQO
CHRISTIAN & PARSONS CO.
Engineering, Construction, Reports
Appraisals, Audits, Management
Henry S. Henschen&Co.
MILWAUKEE
Commercial
ENGINEERS
53 William Street
HOME
Buy and Sell High-Grade Bonds
OFFICE
€11
Chestnut St.
Philadelphia
Paper
NEW YORK OFFICE
2 Wall Street
Collateral Loans
CHICAGO OFFICE
Harris Trust BIdg.
Investment Securities
ROOSEVELT COUNTY
208 S.La Salle St
FIRST
Chicago, IIL
NATIONAL
6%
BANK
RICHMOND, VA.
Capital and Surplus,
John
-
Miller, Jr., President
Addison, Vice-President
W. M.
C. R. Burnett,
Vice-President
Alex. F. Ryland,
Vice-President
S. P. Ryland,
Vice-President
Jas.
M.
Ball, Jr., Cashier
valuation
bonded debt
Broadway
650,000
10,347
Price
to
yield
5.80%
to the
optional date and 6% thereafter
ELST0N
71
SEAS0NG00D, HAAS &. MACDONAID
Members New York Stock
Exchange
Broadway
CHECKS
and
COMPANY
West Monroe
Street
CHICAGO
Milwaukee
New York
Municipal
"Are
Exempt
from
York
Bonds
Federal
Income Taxes*
Minneapolis
to 7%.
Send for List
THE HANCHETT BOND
Incorporated 1910
39 South La Salle
Street
CHICAGO
(
Son
New
Yielding from >5H%
7% NOTES
00
THEIR
use
PAPER
George La Monte &
61
to***
& co.
SAFETY
$20,060,127
Population, 1920 Census
sears, roebuck
the Bank*
New York
City
NATIONAL
Denomination
Assessed
80%
FOR
$1,000.
Principal and
semi-annual
interest
payable
in
New
York.
Due July 1,1940:
optional serially
$25,000 each year, 1930 to 1939.
Total
Correspondence Invited
v .;
Funding Bonds
$3,000,000.00
M.
Over
MONTANA
CO.
@FedFRASER