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TWO
SECTION'S—SECTION
ONE
INCLUDING
Bank & Quotation Section
Railway 3c' Industrial Section
Railvrcy Ecirninjs Section
Bankers' Convention Section
COPYRIGHTED IN 19 20AY WILLIAM B.
DANA COMPANY, NEW YORK.
Issued Weekly
$10.00 Per Year
VOL. 111.
Electric Railway Sectta®
(
State and City Sectio®
,
ENTERED AS SECOND-CLASS MATTER JUNE 23,
1879, ATTHE P08T0FFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH
3, 187®.
NEW YORK, NOVEMBER
Jfinanttal
Jf manual
20, 1920.
NO. 2891.
^Financial
4s
.WMWyWNVM%A»WVVWVWySAVVWWVlVS/ywvVV%»WW^Wl^MWW|l<1>'».
1
CHARTERED
1822
HARVEY FISK & SONS
THE FARMERS'LOAN & TRUST
32
COMPANY
The UbertyNalional Bank
©f NcwYork
Nassau St.
NEW YORK
CAPITAL.
............
.$5,000,000.00
SURPLUS
16, 18, 20 and 22 William Street
$5,000,000.00
'
UNDIVIDED PROFITS. $2,600,000.09
475 Fifth Avenue, at 41st Street
UNITED STATES BONDS
NEW YORK
NEW YORK CITY BONDS
MANAGEMENT
ESTATES
OF
Correspondents in all countries
AND OTHER CHOICE
Special facilities in Scandinavia
INVESTMENT SECURITIES
CARE OF SECURITIES
DOMESTIC AND
Harris Forbes & Co.
BANKING
FOREIGN
Pine Street, Corner William
NEW YORK
The New York Trust
FOREIGN
HARRIS, FORBES & CO., Inc.
Company
CREDIT
LETTERS OF
COMMERCIAL
I
$0 Draper* Gardens, London, E« C,
EXCHANGE
LETTERS
BOSTON
HARRIS TRUST A SAVINGS
26 Broad Street
ACCEPTANCES
Act
as
fiscal agents for munici¬
in
deal
PARIS
Member Federal Reserve System
New
York
Clearing
corporations
Government,
and
munici¬
pal, railroad and public utility
BONDS
and
and
palities
5th Avenue and 57th Street
LONDON
BANK
CHICAGO
List
Capital, Surplus and Undivided
Profits,
House
on
.
,
INVESTMENT
FOR
Application
Cable Address SABA, NEW YORK
r
$14,000,000
Established 1802
Established 1874.
John L. Williams & Sons
BANKERS
Edward B. Smith & Co
Corner 8th and Main Streets
Members New York and Philadelphia
RICHMOND, VA.
Established 1810
Baltimore Correspondents:
R. LANCASTER WILLIAMS &
Stock
Exchanges
CO., Inc.
The
~~
Mechanics
GARFIELD
National Bank
23rd
Crosses
Capital,
-
A
New yoaiij
Philadelphia
YOHK]
The Chase National Bank
AVENUE
Broadway
$1,000,000
Bank for
Metals
OF TOE CITY OF NEW
where
STREET,
FIFTH
And
National Bank
Surplus,
-
$1,000,1
Capital, Surplus, Profits
.
of the
$25,000,000
Deposits, Sept. 8, 1920
ESTABLISHED
City of New York
{196,000,000
BROADWAY
57
•
the Builders of Business
CAPITAL
$15,000,009
SURPLUS AND PROFITS
1784
l/= -■:7 V:' 'y'.- \\••'..
Foreign Exchange
y'-t.
-
DEPOSITS (Sept. 8, 1920)
24,189,000
328,680,000
Trust Service
OFFICERS
The Bank of New York
Bond
Department
A.
BARTON
HEPBURN,
Chairman of the Advisory Board
National
Banking Association
ALBERT
H.
WIGGIN,
Chairman of the Board of Directors
CAPITAL &
EUGENE V. R. THAYER, President
SURPLUS, $9,000,000
Vice-Presidents
Samuel H. Miller
Our
136
years'
service of
experience
our
is
Edward R. Tinker
at the
depositors
Carl J.
American Express Company
William E. Purdy
Schmidlapp
Gerhard M. Dahl
Reeve Schley
Alfred O. Andrews
Robert I. Barr
•
Assistant Vice-Presidents
Edwin A. Lee
George H. Savior
M. Hadden Howell
Cashier
*
William P.
Holly
securities department
DIRECTORS
FIRST NATIONAL BANK
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
PHILADELPHIA, PA.
CHARTER
NO.
government
securities
1
John J.
.
MltchSlj
Guy E. Tripp
James N. Hill
Daniel O. Jackling
Charles M. Schwab
Wm.
A.
LAW,
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M.
Dahl
Andrew Fletcher
William B. Thompson
Reeve Schley
Wood
Samuel H. Miller
Edward 'R. Tinker
President
65
BROADWAY
NEW YORK
Kenneth F.
Edward T. Nichols
William M. Wood
H. Wendell Endicott
[Ve«. 111.
CHRONICLE
THE
ii
Inbestment fetmttt anb ©ratoetK of Jforefgn Cxtfcange
J. P. MORGAN & CO.
Maitland, Coppell & Co.
52 WILLIAM STREET
Wall Street, Corner of Broad
DBEXEL
&
CO.,
KIDDER, PEABODY & CO.
NEW YORK
NEW YORK
PHILADELPHIA
Corner of 5th and Chestnut Streets
Orders executed for all Investment Securities.
Act
agents of
as
Issue Loans.
MORGAN, GRENFELL&CO., LONDON
Bills
Corporations and negotiate and
::
V;
: V
of Exchange,
Telegraphic
of Credit
Letters
No. 22 Old Broad Street
115 Devonshire SI
18 Broad SL
BOSTON
NEW YORK
Transfers9
on
MOBGAN,
HARJES
PABIS
CO.,
&
The
Provincial
National
&
Union
Bank
of
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Messrs. Mallet Freres & Cie,
Securities bought and sold on Commission.
Paris,
-
Letters of Credit
and
Foreign Exchange, Commercial Credits.
Principal Places in Mexico.
Cable Transfers.
Circular
Letters
on
for
Travelers, available
parts of the world.
all
in
TRAVELERS' LETTERS OF CREDIT
NEW YORK
'
BARING BROTHERS &
CO, LTD.
LONDON
August Belmont & Co.
BROWN BROTHERS & CO.
Philadelphia
Agents for the Bank of Australasia.
43> EXCHANGE PLAl.£, NEW YORK
Boston
Members New York Stock Exchange.
"
•
i
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Investment
ISSUE LETTERS OF CREDIT
Securities
for Travelers
Available in all parts of the
Foreign Exchange
world.
Accounts
Deposit
Draw bills of Exchange and make Telegraphic
Transfers.
Credits
Execute orders for the purchase and sale of
Commercial
Bonds
and
Stocks,
■
J. & W. Seligman & Co.
Ns 54 Wall Street
Travelers' Credits
NEW YORK
BROWN, SHIPLEY & CO.
Securities
Investment
LONDON
T. Suffern Taller
James G. Wallace
Grenville Kane
W. A. Harriman & Co.
INCORPORATED
25 Broad St.,
TMLER&CD
60 Federal
New York
Boston
St,.
MmiMfl
10 Pine Street, New York
33 Pine St.
Lawrence Turnure & Co.
Investment Securities
Union Arcade
-
•
-
New York
Pittsburgh
BIdg.
64-66 Wall Street,
Investment Securities
New York
Investment securities
Winslow, Lanier & Ca
59 CEDAR
bought and sold on com¬
mission.
Travelers' credits, available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central
America
STREET
countries.
NEW
YORK
■
London
Received
Allowed
on
Bought
Subject
to
Deposits.
and
Paris
Draft,
Make
Bankers:
Bank,
on
Bankers:
above
v
London
Joint
Members
collections
cable transfers
City
New York and
Pittsburgh
Stock Exchanges
&
Limited.
Heine
&
Co.
Interest
HEIDELBACH, ICKELHEIMER & CO.
Securities
Sold
Spain.
V--
Midland
BANKERS.
Deposits
and
In and issue drafts and
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
CO.
New York
30 Pine Street
Foreign Bonds & Investment Securities,
Issue Commercial and Travelers' Credits
"available in all Darts of the world,
&
f
Commercial Credits,
Deposit Accounts,
Foreign Exchange.
Correspondents of
BERTRON, GRISCOM & CO. INC.
Co.
Kerni, Taylor
Neve? YorK
INVESTMENT
SECURITIES
Piitshur^h.
40 Wall Street
Land Title
NEW YORK
John Munroe & Co.
NEW
YORK
BOSTON
Building
PHILADELPHIA
BOISSEVAIJSf & CO.
52
of
Credit for
Travelers
ALDRED & CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
Letters
FREDI HUTH & CO., London
INVESTMENT
SECURITIES
40
Wall
New
Street
York
COMMERCIAL DEPARTMENT
Commercial Credits.
Foreign Exchange
Cable Transfers.
FOREIGN
MESSRS.
EXCHANGE
PIERSON
&
CO.
Fiscal Agents for
Public Utility and Hydro-Electrle
KUNKOE &
CO..
Paris
Amsterdam, Holland.
Companies
t.
Nov. 20 1920.]
iii
CHRONICLE
THE
intoeatmentanfc Jfinantial JMlit*
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
MlLLETT, R0E& HAGEN
NEW YORK
137 Sou La Salle Street
60 Congress Street
BOSTON
CHICAGO
Investment Bankers
14
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
ATLANTA, GA.
Title Insurance Building
Chicago
LOS
MEMBERS
ANGELES, CAL.
Members of New York and Chicago
Stock Exchanges
Higginson l& Co.
London,
INVESTMENT SECURITIES
24 Marietta Street
ST. LOUIS
New York
80, Lombard
PHILADELPHIA
411 Olive Street
Boston
St.
NEW YORK STOCK EXCHANGE
Commercial Paper
E. C.
Securities
i
■•
^
bought and sold
'
commission
on
Foreign Exchange
Commercial
available
&
in
all
of the
parts
NEW YORK
52 WILLIAM ST.
Travelers* Letters
Credit
of
world
Hornblower & Weeks
YORK
42 BROADWAY, NEW
<*>
RAILWAY
EQUIPMENT
Investment Securities
BONDS
Bonds]
Preferred
MEMBERS
NEW YORK,
CHICAGO STOCK EXCHANGES
EVANS, STILLMAN &, CO.
3tain
Direct wires
to
Stocks
Acceptances
BOSTON AND
Members New York Stock
all principal markets
SO
Exchange
BROADWAY
'
Offic,: National City Bank Building
Uptown Office: Fifth Avenue
NEW YORK
and 43rd St
-
Correspondent Offices in 50 Cities,
Chicago
Boston
Portland
Providence
Detroit
Underwriters & Distributors
Established 1888
,
Industrial
Commercial
Bonds
Public
Paper
Preferred
&
Stocks
Equipment Trust Certificates
Investment Securities
Counselman & Co.
^
Investment
'
Us S. Government Bonds
Utility Securities
Bank and Trade
Acceptances
Robinson & Co.
26 Exchange
New York
Place
Members New York Stock Exchange
Bankers
Your particular problems in financing your
business
may
by
our
well
be
112 W. ADAMS ST.. CHICAGO
overcome
expert service.
Conservative
Our facilities are at your disposal
Investment Securities,
Bond & Goodwin
New York
Boston
San Francisco
Minneapolis
Underwritten
Distributed
&
Investment Securities
Chicago
Yielding 6% to 8%
Seattle
Portland, Ore.
Federal Securities
Corporation
Gh.
Frazier
Broad
&
Sansom
Hoiightelmg &Co.
38 South Dearborn Street
CHICAGO
10 So, La Salle St.
New York
Baltimore
INC. 1918
EST. 1865
Streets
PHILADELPHIA
Chicagc
Distributors
Underwriters
Pittsburgh
Washington
Wilkes Barre
Lebanon
Howe, Snow,
Corrigan & Bertles
Investment
Glore, Ward & Co.
GRAND
w^jjr
Bankers
B.
MICH.
RAPIDS,
H.
Collins, President
Securities
Southern
INVESTMENT SECURITIES
H.
F. BACHMAN
& CO.
64 PEACHTREE,
Established
1866
137 SO. LA SALLE ST.
NEW
CHICAGO
INVESTMENT
Members N. Y. and
1425 Walnut
T.
61
St.,
HARPER
RAILROAD AND FOREIGN
WALNUT
SOUTH LA SALLE STREET
BUILDING
STREET ABOVE BROAD
PHILADELPHIA
Members
FOR INVESTMENT
BANKERS
STOCK EXCHANGE
MEMPHIS
YORK
& TURNER
INVESTMENT
CHICAGO
|
GOVERNMENT BONDS
BONDS
39
Broadway
NEW
HOLTZ & CO.
INVESTMENT
.
Phila. Stock Exchanges
PHILADELPHIA
H.
CHARLOTTE
ORLEANS
BIRMINGHAM
BANKERS
ATLANTA
JACKSONVILLE
NEW YORK
Philadelphia Stock Exchange
.
Colgate, Parker & Co.
49 Wall
Street,
New York
"Ai.
CHRONICLE
THE
iv
financial
^financial
Members New York and Boston
Stock Exchanges
Electric
Jfinandal
FINANCE
WE
ESTABROOK & CO.
INVESTMENT
(Vol. 111.
and
Power
Light Enter¬
prises with records of established
CHASE
earnings.
&
SECURITIES
BONDS
WE OFFER
15 State Street,
24 Broad Street,
-
BOSTON
NEW YORK
and
Bankers
Dealers
Investment
Proven Power and
COMPANY
Light Securities
19 CONGRESS ST.
BOSTON
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Richardson, Hill & Co.
Established 1870
BROADWAY.
71
NEV> YORK
MUNICIPAL AND
Arthur
KAILROAD
Lipper & Company
New Street and Exchange Place
NEW
BONDS
investment Securities
For Conservative Investment
00
v
YORK
BOUGHT AND
SECURITIES
Congress St.
SOLD ON
COMMISSION
BOSTON
R. L. Day & Co.
Boston Stock Exchange
Mttftlbe** New York Stock Exchange
Chicago Stock Exchange
35
Branch
Member*
Congress St., Boston
Office*
Waldorf-Astoria Hotel,If .Y
N. Y. Stock Exchange
N. Y. Cotton Exchange
New York Correspondents
REMICK, HODGES & CO.
11 East 44th St., N. Y.
N.Y Coffee A Sugar Exch.
Saratoga Springs, N. Y.
Philadelphia Stook Exoh.
Atlantic City, N. J.
Chicago Board of Trade
Weet End, N. J.
Long Beach, N. Y.
Haosmlt &
|
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
NEW
Municipal Bonds
BOSTON
YORK
30 Pine Street
William R.(pmpton(o.
New York
INVESTMENT BONDS
BONDS
-way
14 Wall Street,
St. Louis
Chicago
Baker, Ay ling & Young
New York
Cincinnati
New Orleans
W. F. Ladd & Co.
BOSTON
Specialists in
EQUIPMENT BONDS
PHILADELPHIA
ISSUES
ALL
PAUL
Investment
H.
INVESTMENT
Securities
55
William
WATSON
SECURITIES
New York
Street
Cochrane,Harper&Co.
Investment
Securities
New York
60 State
111
St.,
BOSTON
Broadway
NEW VORK
FOUNDED
1852
Investment Securities
Letters of
Foreign
„
Credit
Exchange
Travelers' Checks
ESTABLISHED 1865
Correspondents Throughout the World.
Thomas C. Perkins
5 Nassau
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal in
Underlying Railroad Bonds
Constructive
15 State Street
Boston, Mass.
and
£embers
Banking
York
Stock
Exchange
New York
Hartford, Conn.
Specialist
years
New
Equitable Building
36 Pearl Street
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
Knautfj -Nartioti &Ku!wc
for eighteen
in the Financing
Watkins & Co.
of established and pros¬
perous
E. HOWARD GEORGE & CO., Inc.
Industrials.
NEW YORK
Entirs stock issues
underwritten and distributed
Investment
it State Street
Bankers
BOSTON; MASS.
7 Wall Street
Investment Securities
Nov. 20 1920.]
THE
CHRONICLE
Canadian
Canadian
BANK OF MONTREAL THE CANADIAN BANK
Government and Municipal
Bonds
These
bonds
Established
over
HEAD
CAPITAL PAID UP
$22,000,000
-
offer
exceptional oppor¬ REST
tunity for sound investment.
If pur¬ UNDIVIDED PROFITS
chased
now
they
will
yield from TOTAL ASSETS - * -
7% to 7i/2%
Principal
1,090,440
571,150,138
SIR CHARLES GORDON, G.B.E.,
United States funds
811,000,801
RESERVE
811,000,001
President. Sir Edmund Walker, C.V.O.. LL J>..
Assistant General Manager, H. V. F.
Wood. Gundy & Co.
F. B. FRANCIS,
1
C. L. FOSTER,
} Agents
C. J. STEPHENSON,J
Buy and Sell Sterling and Continental
Exchange and Cable Trasfers.
Collections
made at all points.
Manager.
Branches and Agencies:
Incorporated
available in all parts of the
At
Toronto, London, Eng., Winnipeg, Montreal
Banking and Exchange business
description transacted with Canada.
London, England, and at Mexico City.
In
Paris,
Montreal,
of
Bank
(France).
In the United
Spokane,
States—Mew York, Chicago,
Francisco—British American
controlled by the Bank of
San
LONDON
Bank (owned and
OFFICE—2
BANKERS IN
Montreal).
West
Colonial
interest is owned
&
England,
The Bank of Scotland,
Lloyd's Bank, Limited,
THEIBANK OF NOVA SCOTIA
(Scanadian
(Incorporated 1888)
(Sav^grnnuzrtt, Municipal & Corporation,
Securities
United Financial Corporation
*9,700,00i
18,000,001
880,000,008
CAPITAL
PAID-UP
RESERVE
TOTAL
Limited
FUND
OVER
ASSETS
N. S.
Head Office, Halifax,
*Neu?York
General Manager's Office, Toronto,
Montreal
Victoria UC.
O,
Street, H.
(So
GetabWshed IS;
Members Toronto Stock,
Toronto
Lombard
of IW
GREAT BRITAIN:
The Bank of
Guiana and West
Bank
(in which an
by the Bank of Montreal).
British
Indies,
Africa—The
<A-~&'<Amas
of Credit hornet
worid.
Travelers' Cheques and Letters
Throughout Canada and Newfoundland.
NEW YORK
Jones.
Exchange Plane
New York Office, 16
Vice-Pros.
Sir Frederick Williams-Taylor
General
D.O.I
General Manager, Sir John Alrd.
Head Office—MONTREAL
Full Particulars C-20 on-request*
14 WALL STREET,
22,000,000
OFFICE. TORONTO
PAID UP CAPITAL
SIR VINCENT MEREDITH, Bart., President.
interest payable in
and
OF COMMERCE
100 Years
INVESTMENT BANKERS
Chicago
Toronto
London
Montreal
QnJL
Canada, Newfoundland!
Cuba, Jamaica, Porto Rico, Dominican RepwtdlSj
and In Boston, Chicago and New York.
Commee*
ciaJ and Travelers' Credits issued, available in all
parts of the world. Bills on Canada or West Indian
points favorably negotiated or collected by om
branchesi.br the United .,8totes.
Correspondent!
330 branches throughout
Invited.
Affiliated with
Canadian
Government,
Provin¬
cial, Municipal and Corporation
New
York
Guaranty Trust Co. of New York.
Bonds
Members
CO.
DALY &
A.
Montreal
Stock
Exchange
in
Canadian
Bond
Issues
IT St.
;
0aroMpM^teJLondon Joint at, * Hldluuf
In Great Britain
[Roy>1 &>nk'of Scotland.
Bought—Sold—Quoted
GREENSHIELDS & CO.
Beaters
Agency, 52 Wall Street,
H. F. Patterson, Agent.
London, England, Branch,
68 Old Broad St., E. C. 8.
THE
John Street, Montreal
CANADIAN
ROYAL BANK OF CANADA
GOVERNMENT, MUNICIPAL
Established 1889
AND CORPORATION BONDS
CANADIAN
INVESTMENT SECURITIES
Bank of Toronto
Offerings on Request
Building
TORONTO, ONT.
Head Office
; Correspondence Incited
SIR
McDonagh, Somers & Co.
Dominion Bank
TORONTO,
HEAD OFFICE, TORONTO
Paid Up
& CQ
CO
assets
President
Clarence A. Bogert,
General Manager.
lJ,
John Street
New York Agency, II Broadway
O. S. Howard. Agent
Montreal
CANADIAN
AND
FOREIGN
BOUGHT AND
Interest
TRAVELERS'
Payable in New York
St.
Peter
tt Sparks
.
„
AUXILIARY: The Royal Bank
(France),
PARIS, 28 Rue dt
Quatre-Septembre.
of
OF CREDIT
HERDMAN & COMPANY
Members Montreal Stock
Exchange
Bankers & Brokers
Dominion
Quebec
Ottawa
St.
St.
and J. D. Leavltt, Agents.
EXCHANGE
Montreal
Transportation BIdg.
Street, E. O.
LONDON OFFICE-Princes
SOLD
Thornton Davidson & Co., Ltd.
•1
ARGENTINE—Buenos Aires.
BRAZIL—-Rio de Janeiro. Santos. Sao Panic.
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Catalan*.
Canada
AND COMMERCIAL
LETTERS
DOMINICAN 'REPUBLIC. HAITI. Q
RIOA. COLOMBIA and VENEZUELA, J
I8H and FRENCH WEST INDIES. B«1
HONDURAS and BRITISH GUIANA.
FRENCH
London Branch, 78 Cornhill
S. L. Jones, Manager
BONDS
Principal and
7,789,000
Profits
.--—-148,000,000
-
Sir Edmund Osier,
STOCK AND BOND BROKERS
CANADIAN
$6,000,MO
Capital.
Reserve Fund & Undivided
Total
MeabcuHonbolStodilxchaVe
17 St.
Montreal
HOLT. Pwsideat
The Dominion Bank
Building
CANADA
RURNETT.
v
POMS
HERBERT 8.
E. L. PEASE, Vice-Pres. A Man. Directs»
O. E. NEILL. General Manager
R. C. Matthews & Co.
Express Building
MONTREAL
CANADIAN BONDS
CANADIAN
(tOUSSERW)(N>^C)MRV«r
INVESTMENT
TORONTO
C. P. R. Bldg.
BANKERS
BONDS
CANADA
TORONTO
Specialists in
GEO,
B.
EDWARDS
Canadian
INVESTMENTS
71 Trinity Place
Confidential
1
Settlements
Negotiations
and Purchases
West J adieu
Pacific,
Canadian
^Emilius Jarvis &
Co.
INVESTMENT BANKERS
TRUAX, HIGGINS CO.
Established 1891
Lewis BuiWInr.' Mewtreal
of. Property,
Canada
and
AH Canadian tfssues^Dealt in.
Ranch and
Investigations
Northern
Northern Pacific Securities
NEW YORK, N. Y.
FOR SALE—Timber, Coal, Iron,
other properties.
united States
Grand Trunk, Grand Trunk
Hew Tsrk
/
Meet Wires
Terento
JAJtVIS BLDG.3
TORONTO, CAN
[VOL. 111.
CHRONICLE
THE
VI
jforelgn
New
Australia and
Zealand
LONDON
SaH'«p Fund...
Capital
and
Ac
E. W. Woolley, Esq.,
Esq.,
1,469
over
Agents
Subscribed
<
in
in
branches
all
10,840,112
....
England
29, THREADNEEDLE
STREET, E.C. 2
world.
AUTHORIZED CAPITAL
£7,000,00*
DEPOSITS
OFFICE:
OVER
BUeerve
£296,059,111
65
BRANCH:
& 66, Old Broad Street,
Address: The
Foreign Manager,
168, Fenchurch Street,
London, E. C. 2
To-
Fund..£2.630,000/gather
London, E. G.
£5,130,000
£5,000,000
Total Issued Capital & Reserves. £10,130,000
The Bank has 43 Branches in VICTORIA, 39 in
HEW SOUTH WALES. 19 in QUEENSLAND,
16 In SOUTH AUSTRALIA, 21 In WESTERN
AUSTRALIA. 2 in TASMANIA and 44 In NEW
BE ALAND.
ATLANTIC
''Aquitania,"
"Mauretania"
Banca Italiana Di Sconto
COMPANY,
LIMITED
Over 110 Offices in Irelan
v
-:-V
.
THE
Manager—W. J. Eseame.
BANKING
with which
^
wf
•'
•;
CLYDESDALE BANK,
Assistant Manager—W. A. Lafng
■
and the
LIMITED
*
Societa
Italiana
Capital
THE
Commercial Banking Company International Banking Corporation
60 WALL STREET, NEW YORK CITY.
of Sydney
Capital and
Undivided
Incorporated in New South
Paid-up Capital
Vales.
Reserve Fund
2,040,000
2,000,000
Hoad
Office,
New
South
Panama
Philippine Islands
Santo Domingo
London
San Francisco
Lyons
Birchln
Lane.
Lombard
Up
Management and Head Offiea:
ROME
Special Letters of Credit Branch in Rome
(formerly Sebastl & Reali), 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Peletier angle Bould. des. Italiens; BRAZIL: flae
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 399 Broadway.
Offices at
Genoa, Milan, Naples, Palermo.
Turin,
Trieste,
Venice,
Florence,
Bologna.
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agente: Barclay's Bank. Ltd.,
168 Fenchurch Street, E. O.
KIND
OF
BANKING
Walea
E.
The Mercantile Bank of India Ltd.
O.
Head
Broker
Office
15 Gracechurch
Banco Espano! del Rio de'iLa Plata
London
C
78
l hams
7 Fenchurch
■
St., E.
rue
de la Lol
Cable Address:
C.
Rennurb.
3
Branches in India, Burma, Ceylon, Straits Settle¬
ments, Federated Malay States, China, and Mauritius.
York Agency, R. A. Edlundh, 64 Wall Street
The Union Discount Co.
39
general
international
commercial
banking, busi¬
ness
transacted.
£750,000
£750,006
£785,796
New
NATIONAL BANK OF INDIA Limited
of London, Limited
A
£1,590,00»
Reserve Fund and Undivided Profits.—.
kial 1«,Z1S,7B5=£iy3S,472
A
classes of
Argentine, Spanish and
European banking business conducted.
Street, London
Capital Authorized and Subscribed
Capital Paid Up
Reserve Liability of Shareholders
BRUSSELS, Belgium
OFFICE, BUENOS AIRES
Office,
BUSINESS
Established 1879
Banker and
HEAD
Provincials
..Lire 315,000,000
"
41,000,000
Deposit and Current Accounts
(May 31, 1919)
" 2,696,000,000
Central
Paid
TRANSACTED.
ROBERT BRUNNER
Street.
Credito
di
Fund
EVERY
London Office:
II.
Settlements
Java
Japan
Remittances cabled.
Sydney,
in:
Straits
China
£6,040,000
collected.
$3,200,000
India
Drafts payable on demand, and Letters ef
Credit are Issued by the London Branch on the
Head Office, Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
or
$10,000,000
Branches
£2,000,000
Reserve Liability of Proprietors
negotiated
Surplus
Profit*--
Fully
Reserve
LIMITED
Incorporated the
are
Societa Bancaria Italiana
•
Over 150 Offices in Scotland
Established 1834.
England
OFFICES
"Imperator,"
Affiliated Banks:
BELFAST
CORNHILL, LONDON, E.C.
|
OF BANKING
BUSINESS TRANSACTED
AND WALES
OVERSEAS
Gtsaorve Liability of Proprietors
Head Office: 71
1,460 OFFICES
ENGLAND
IN
Incorporated 1880
£7,500,000
£14,210,85
.
EVERY DESCRIPTION
Eatablished 1837
£2Q,000,05e
ISSUED' CAPITAL—
5, Threadneedle St., London, E. C. 2.
THE ONION BANK OF AUSTRALIA Limited
Capital—
Authorized and IssuedPaid-up Capital £2,500,0001
Waist
and
throughout
towns
RESERVE FUND
HEAD
Ltd
10,840,112
Deposits (June 30 1920).-367,667,322
London Office
Leadeo
the
Bank,
£38,096,868
Reserve Fund
States,
New Zealand,
Fiji, Papua
(Hew Guinea), and London. The Bank transacts
description of Australian Banking Business.
WeeJ ami other Produce Credits arranged.
rrerr
in
banking
the
Capital
Paid-up Capital
the
Western
54, Lombard St., London, E. C., Eng.
and
K.B.E.,
AGENCIES
amalgamated
South
HEAD OFFICE:
F.Hyde, Esq.
Australian
Head Office
GEORGE STREET
SYDNEY
been
Hon. R. McKENNA
Joint Managing Directors:
S. B. Murray.
$84,032,000
Aliregat* Assets Slat March, 1920 $377,721,211
BRANCHES
has
Provincial
tawrrc Liability of Proprietors.. 23,828,500
RUSSELL FRENCH,
General Manager.
which
Chairman:
The Right
—$23,828,500
16,875,000
eterve
851
LIMITED
with
(ESTABLISHED 1817.)
JOHN
BARCLAYS BANK
BANK LIMITED
NEW SOUTH WALES
Sir
CITY & MIDLAND
JOINT
BANK OF
.
Bankers to
the Government in British East
Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C.
Branches
in
India,
Burma,
Ceylon,
Kenya
CORNHILL,
Telegraphic Address, Udisco: London.
Colony
Capital Authorized & Subscribed $10,000,000
Capital
Paid
Up
5,000,000
Reserve Fund
5,000,000
$5=£1
NOTICE
RATES
IS
OF
deposit
on
STERLING.
HEREBY
INTEREST
are as
GIVEN
allowed
that
for
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.
the
money
CLERMONT
follows:
&
At Call, 5 Per Cent.
At
3
7
to
The
Days' Notice,
5%
Per
CO.
BANKERS
Cent.
Company discounts approved
bank and
acceptances, receives money on de¬
posit at rates advertised from time to
time, and
grants loans on approved negotiable securities.
mercantile
Principal
Branches
BRUSSELS
BUENOS AIRES
HARBIN
CHRISTOPHER
R.
GUATEMALA,
Central
NUGENT, Manager.
America
Cable Address:
HAVANA
"Clerment"
MANILA!
PANAMA
PORTAU PRINCE
RIO DE
The
JANEIRO
SANTO DOMINGO
GALI
centers
of
the
world.
35
Capital
as
4,233,325
2,500,000
STERLING.)
for
money
on
Deposit
are
follows:
.
•
0
0
1,078,875
0
0
Paid-up Capital
539,437 10
9
Further Liability of Proprietors. •
639,437 10
•
Remittances made by
Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business ef every de¬
scription transacted wltn Australia.
E. M. J ANION, Manager.
Hong Kong & Shanghai
BANKING
annum at call.
___H$15,000,000
Curr.).H$23,000,000
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
time
to
time:
and
fo
>
fixed
specially agreed terms.
Loan
proved negotiable securitle
0
PHILIP
HAROLD
WADE
CORPORATION
Paid up Capital (Hongkong Currency)
Reserve Fund in Silver (Honkgong
5H % at 7 and 14 days notice.
from
Capita rand Surplus, $6,500,000
£3,000,000
585,000
NOTICE Is hereby given that
the RATES OF
5% per
Broadway, New York
$21,166,625
Reserve Fund
INTEREST allowed
CORPORATION
Capital
Reserve Fund
LONDON, E. C.
Paid-up Capital
AMERICAN
FOREIGN BANKING
Address: 5 Gracechurch St., E. C.
Head Office: London, E. C. 3.
Authorized
Cable Address—Natdls London.
Subscribed
English Scottish and Australian Bank, Ltd.
Subscribed Capital
CORNHILL
($5=£1
53
Discount
Company, Limited
Agents and correspondents
in all the other
important
commercial
National
periods
granted
upon
on
ap¬
Manager
Reserve Fund in Gold
Sterling
£1,500,000
Reserve Liabilities of Proprietors
$15,000,000
'
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN, PHILIPPINES, STRAITS SET¬
TLEMENTS, INDIA.
»
A. JEFFREY. Agent,
36 Wall St., New York
J.
VII
CHRONICLE
THE
Nov. 20 1920.]
jforefan
Jforeign
jforeign
BANK
NATIONAL
SPERLING & CO.
Banque Nationale de Credit
FOR
Capital-.... .—frs,
Public Utility
500,000,000
....frs.
100,000,000
Surplus
Capital, fully paid
..£3,000,000
Fund——.
.£1,663,270
Reserve
Hydro-Electric Companies
Head
Office:
LONDON AGENCY
PARIS
AND
6
NEW YORK AGENTS
290 Branches in France
4
BROADWAY.
the
in
Branches
Rhenish Provinces
KING WILLIAM ST.,
THE
BUSINESS
GENERAL BANKING
7
LONDON, E. C., 4, ENGLAND.
SPERLING & CO., INC.,
120
Law
Egyptian
under
Established
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
frs.2,600,000,000
Deposits..
and
| |
Office—Cairo.
**ead
London, E. C.
FISCAL AGENTS
EGYPT
of
Basildon House, Moor gate St.
NATIONAL PROVINCIAL AND
ONION BANK OF ENSLAND
BANCA CQMMERC1ALE ITALIANA
Limited
Head Office MILAN
Reserve Funds
AGENCY
<$5=*1.)
*31,200,000
$11,640,000
Paid-up Capital
E.C.
Suisses
15. Bishopsgate, London, England,
Waterloo Place
with
Regent St., S. W.
St. Gall,
Lausanne, &o,
HOTTERDAMSCHE
BANKVEREENIGING
principal points in the Kingdom
Every Description of Banking Business
Foreign Exchange, Documentary
Amsterdam
Rotterdam
Credits.
The Hague
Rio de Janeiro, San Paulo,
Ayres,
&c.
Socleta
Commercial©
d'Orlente, Tripoli.
Santos,
Offices in England
and Wales
Winterthur, Basle, Geneva,
Italy, at all the
"Representatives In New York and Agents
In Italy" of the Banque Francalse et Italienne
pour l'Ameriaue du Sud.
Buenos
numerous
ZURICH
Correspondents to the Italian Treasury.
$36,195,208
-
-
Head Office:
De Banques
West End Agency and London Office of the
54 Branches in
ERVE FUND
UNION
165 BROADWAY
Italian State Railways. 12
$39,034,8
ID-UP CAPITAL
IN NEW YORK,
Louden Office, 1 OLD BROAD STREET,
Manager: E. Console.
$199,671,6
ESCRIBED CAPITAL
CAPITAL PAID
RESERVES
UP—.Frs.70,000,000
" 15,000,000
CAPITAL AND
RESERVE
FUND—F.105,000,008
COLLECTIONS
STANDARD BANK OF SOUTH AFRICA, Ltd
HEAD OFFICE, LONDON. E.
....
Paid-up Capital & Reserve
Total
Over
South
$306,125,415
Gable Address :
H.
68
MACINTYRE, Agent
THE HAGUE
Established
THE COMMERCIAL BANK OF SCOTLAND,
1871
York
Wall St., New
representing The Bank of New South
branches throughout Australasia.
Head
BANKERS AND
SHARES
STOCKS AND
Achilles-Amsterdam
ROTTERDAM
Africa.
W.
Also
AMSTERDAM
Agencies throughout
Branches and
OF
PURCHASE AND SALE
Damra k
80-81
FOREIGN EXCHANGE
Fund. $18,812,500
Resources
350
C.
$50,000,000
$31,250,00
Authorized Capital.....
Subscribed Capital
LETTERS OF CREDIT
Gilissen & Co
Arnold
STOCKRBOKERS
Ltd
Established 1810
Office—EDINBURGH
__£5,500,§W
Capital (Subscribed)
Paid up—
Wales with
£20 each £5 paid—£1,250,•©•
500,000 "B ' shares of £1 each fully paid—£ 500,000
250,000 "A" shares of
FOREIGN EXCHANGE
$1,750,000
£1,000,000
Deposits
£36,071. til
Mgr.
MAGNUS IRV1NH, Bee.
London Office—62 Lombard Street, E. Q,
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
and every description of British, Colonial and Foreign
Banking and Exchange business transacted.
New York Agents—American Exchange Nat.Bank
Reserve
The NATIONAL BANK
of SOUTH AFRICA, Ltd.
ALEX. ROBB, Gen.
Bank, Limited
Ionian
Incorporated by Royal Charter.
every
banking facility fori transaction
with Greece, where it has been established for
80
years,
and has Branches throughout the
Offers
Over
Africa
500 Branches in
Country.
Reserves
Exceed
-
-
$450,000,000 00
Also
Head
,
.
„
In Egypt
at
Alexandria, Cairo, &c..
Office: Basildon House,
MOOr"teSLtreet5oN>EC-1<
Offers to
Oppenheimer
Lincoln Menny
American banks and bankers Its superior
facilities for the extension
merce
of trade and com¬
between this country
New York
R.
Agency
Agent.
SUISSE
Established
Capital paid up
10 Wall St.
-
-
E. SAUNDERS,
CREDIT
and Africa.
LTD
a=£l
li^OOO.&ec
Authorized Capital
Subscribed Capital-7,250,000
Capital (Paid Up)
2,900,000
Surplus and Undivided Profit#—
1,295,669
Branches throughout Egypt, Morocco,
West Africa and the
Canary Islands.
Head Office, 17 & 18 Leadenhall St., London, E. C.
frs. 100,000,000
30,000,000
OFFICE
Zurich, Switzerland
Royal Bank of Scotland
Rest and
———
FOREIGN EXCHANGE
-
St. Andrew Square,
BUSINESS.
Foreign Exchange
Business, Letters ol Credit
BROTHERS
160 Pearl Street,
Edinburgh
A. K. Wright.
Commercial and
Glasgow Office
...
....
Agent: Thomas
& CO.
NEW YORK
Exchange Square
LIUie.
on
KONIG BROTHERS,
Correspondmc* Inrtled.
LONDON
and
Throughout Scotland.
Every Description o
British, Colonial and
Foreign Banking Business Transacted.
Travellers'
Letters of Credit
3 Bishopsgate, E. C.2
Manager: Wm. Wallace.
London Office
ITS Branches
BANKING
KONIG
£2,000.000
£35,548,823
Cashier and General Manager:
Frauenfeld,
Geneva, Glaris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
Branohes at Basle, Berne,
INVESTMENT' SECURITIES
£1,082,276
Undivided Profits
Deposits
Head Office
Ooaament&ry
"Openhym"
Office, 106-108 Portland Street
Liverpool Office, 25 Water Street
R. R. APPLEBY, Agent, 100 Beaver St., New York
Incorporated by Royal Charter, 1727.
GENERAL
Cable Addresa
Manchester
Paid-up Capital——
HEAD
FRANKFORT-o-M., GERMANY
1856
Funds..frs.
Reserve
BANK OF BRITISH WEST AFRICA,
BANKERS
NEDERLANDSCHE
HANDEL-MAATSCHAPPi
ROTTERDAM
VIII
nptrp
JL Jri lfi
rTIPnVTPT V
LnJclUXi lLJLuli
[To1. ill.
Ranker* anfc JUrofcerg <&ut$foe ^eto gotfc
ST.
LOUIS
CHICAGO
CHICAGO
Greenebaum Sons
A. G. Edwards & Sons
Member*
GENERAL
New York Stock Exchange
•
St.
Louia
410 Olive
Stock
lilden&Jilden
Bank andTrustComfrany
INCORPORATED
Southeast Corner La Salle and Madison St*.
Exchange
St., ST. LOUIS
BANKING
Capital and Surplus,
6% CHICAGO
Suitable
for
Investment
S08 So.
Bonds
La Salle Street
CHICAGO
$2,000,000
FIRST MORTGAGE BONDS
Estate*,
Trustees
and
Individuals
Write for Bond Circular C 25.
Oldest
SCOTT
Banking House in Chicago. A State Bank
MUNICIPAL
& STITT
INVESTMENT BONDS
CORPORATION
BONDS
A. O.
INDUSTRIAL
111
Slaughter & Co.
W. Monroe
St.
CHICAGO
Members
PREFERRED STOCKS
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
110 WEST
MONROE
STREET
\ JAMES D. Hp V
CHICAGO, ILL.
910
N.
8th
St., St. Louis
Powell, Garard & Co.
Municipal and Corporation Bonds
New York Stock Exchange
New York Ootton Exchange
I
llMBER fc
IACEY
Lorenzo E. Anderson & Company
/"^
ETerndon Smith
Charles W. Moore
39 South
La
verification
expert
Exchange
St. Lonis Cotton
Exchange
St. Louis Stock Exchange
BONDS
based always upon
INVESTMENT SECURITIES
Member* Chicago Board of Trade
St. Louis Merchants
TIMBER
ofunderlyingasset®
Salle Street
Chicago
New York
Philadelphia
St.
Louis
332
so. Michigan av.. chhmkq®
William H. Burg
SMITH, MOORE & CO.
Municipal and
OLIVE ST.,
ST.
DUIiUO
Corporation
INVESTMENT BONDS
SHAPKER
ST. LOUIS, MISSOURI
184 SOUTH LA
MARK C. STEINBERG & CO.
Members New
Members
300
N.
St,
York
Louis
Stock
Stock
Broadway
Miami Conservancy District Ohio
$lA%
SALLE STREET
CHICAGO
Due
Population
Price
TAYLOR, EWART & CO.
INVESTMENT BANKERS
Members St. Louis Stock Exchange
105 South La Salle Street
CO.
OLIVE ST.
Utility Bonds
Bond
O.
CHANNER & SAWYER
Union Trust Bldg.,
John Burnham & Co.
High Grade
Investment
Se-
CINCINNATI, OHIO
Ohio
Securities—Municipal Bonds
New
Matheny, Dixon, Cole & Co.
curities,
Convertible
York Stocks
Bonds
ana
Note
Issues, Bonds, Bank Shares,
Unlisted
Rtdgely-Farmers Bank Bide.,
41
SPRINGFIELD, ILLINOIS.
South
Securities.
La
Salle
.
DEALERS
St.
IN
INVESTMENT SECURITIES
CHICAGO
WILL BUY
Springfield (Illinois) Pleasure Drive¬
& Park District 4s
IRWIN, BALLMANN&CO.
F. WM. KRAFT, Lawyer
Specializing in Examination
BUFFALO
Slocum, Eckardt & Company
&
Preparation of
County, Municipal and Corporation
Bondt, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 517-620, 111 W. Monroe
St.,
Harris Trust
Building
INVESTMENTS
CHICAGO, ILLINOIS
420
Department
INVESTMENT SECURITIES
SPRINGFIELD, ILL.
way
Savings
Bank & Trust Co.
CINCINNATI,
ST. LOUIS
WE
300,000
5.30
Municipal, Railroad and Public
Investment Securities
989
District
Yield
The Provident
CHICAGO
STIX &
Bonds
1937-1941-1944
Interest June and Dec. 1—New York
Exchange
Exchange
ST. LOUIS
$75,000.00
& COMPANY
Formerly
SHAPKER, WALLER & CO.
LOUIS SERVICE
CINCINNATI
328-830-832
Walnut St.
CINCINNATI, OHIO
EDGAR
FRI EDLANDER
DEALER IN
Cincinnati
Securities
CINCINNATI
OH2IO
Ellicott Square
BUFFALO, N. Y.
TOLEDO
JOHN T. STEELE
FEDDE
SPECIALISTS
Buffalo and Western
IRVING
New
T.
PASLEY
Ccrtifiet) public accountants
BUFFALO, N. Y.
Government, Municlpa
and Corporation Bonds
&
55
Liberty St.,
LESSER
STOCKS AND BONDS
BUFFALO, N. Y.
Robison Jr.
Certified Public Accountant
31
NASSAU
ST.,
A Sons
NEW YORK
Audits, Investigations,
Estate Accounting,
Telephone Rector 5441
1878.
Municipal, RaOfoad and Corporation Bonds
Toledo and
GEORGE W. MYER, JR.
Income Tax Returns.
475 Ellicott Square
Successor* to
David
Banker*—Established
New York
IN
York Securities
TUCKER,ROBISON &CO.
Ohio Securities
Gardner Building,
TOLEDO, OHIO
Graves, Bianchet & Thornburgh
municipal bonds
GARDNER
BUILDING
TOLEDO, OHIO
Nov. 20
1920.]
THE
xx
CHRONICLE
Panfetrff>tib JBrofeertf ©uttffoe i?eto Dotfc
PITTSBURGH
GORDON
MICHIGAN
COMPANY
&
Hootig, &toan & Cbtoatta Co.
Members Pittsburgh, Stock Exchange
Stock*
Conservative Margins
on
INVESTMENT SECURITIES
PITTSBURQH.JPA.
Phone Court 3264*5
S10 Congress Bldg.,
LYON, SINGER & CO.
INVESTMENT BANKERS
DETROIT, MICH.
A. J. Hood
& Company
(Established 20 Years)
Commonwealth Bldg.,
PITTSBURGH
PENOBSCOT BUILDING, DETROIT,
BOUGHT—SOLD—QUOTED
Pennsylvania Municipal Bonds
Members Detroit Stock Exchange
Specialize In Michigan Stocks and Bonds
PENOBSCOT BUILDING
MICH.
Richard Brand Company
MICHIGAN SECURITIES
Securities of Pittsburgh District
Geo. W.
Exchanga
Charles A. Parcel Is & Go.
Inquiries Solicited In All Markets.
Carried
Uaien Bank Building,
Members of Datrolt Stock
Members Detroit Stock Exchange
INVESTMENT BANKERS
_
MICHIGAN
Specializing
DETROIT
Detroit
Securities
We invite your inquiries
1721-3 Dime Bank
Bldg., Detroit
Eberhardt & Co.
OLIVER BUILDING,
PITTSBURGH
GORDON, FORTIER & CO.
Stocks, Bonds, Grain
Suite 1613, Dims Bank
Members New York Stock Exchange
Members Pittsburgh Stock
Exchange
Members
of
Chicago
Board
WHITTLESEY, McLEAN & CQ.
Investment Securities
and Provisions
Municipal Bonds Corporation BondUi
Building
Preferred Stocks
Telephone Cadillac 5050
Trade
MICHIGAN
DETROIT
Detroit Stock Exchange;
2064-56-68 Penobscot
& CO.
A. E. MASTEN
Active Members of
DETROIT
Bldg.,
Established 1891
New
York
Boston
Members
Stock
Stock
W. A. HAMLIN & CO.
Exchange
Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of
New
York
Cotton
323 Fourth Ave.,
Trade
Exchange
Members Detroit Stock Exchange
FENTON, CORRIGAN & BOYLE
Motor Stocks, Public Utilities & Oils
1610 Penobscot Bldg.,
.
Bankers,
Investment
Pittsburgh, Pa.
Branch Office:
DETROIT, MICH.
Wheeling, W. Va*
Grand Rapids
Detroit
Chicago
PROVIDENCE
W.Carson Dick & Company
10 WEYBOSSET
BUILDING
I904N UNION ARCADE
PITTSBURGH, PA.
MUNICIPAL BONDS
STREET
.
Boston
New York
&,CO.
KAY
CITY
KANSAS
DETROIT
(T GRISWOLD ST.
PROVIDENCE
COLUMBUlS
Inc.,
INVESTMENT BANKERS
STREET & COMPANY
CLAUDE MEEKER
Municipal & Corporate Bond*
CO.
&
HIGBIE
KEANE,
BODELL & CO.
INVESTMENT BONDS
DETROIT, MICH0
Penobscot Bldg.
Investment Securities
Members Detroit Stock Exchange
Local Securities
Specialist In Cities Service Issues
Kansas City
Missouri
East
8
COLUMBUS,
St..
Broad
O.
NEW YORK CITY
71 Broadway,
INDIANAPOLIS
GEORGE M. WEST & COMPANY
Established
NEWARK, N. J.
Fletcher American Company
1893
;
INVESTMENT BANKERS
CONSERVATIVE
INDIANAPOLIS
INVESTMENT SECURITIES
Capital
Write
as
-
/or'bids
$1,500,000
or
offerings
on any
:
■
„
or
Security.
Indiana
Members Detroit Stock Exchange
F. M. CHADBOURNE & CO.
INSURANCE BUILDING
FIREMEN'S
Indianapolis
NEWARK,
N. J.
DANSARD-HULL-BUMPUS COMPANY
INVESTMENT
TEXAS
Statistical Information
J. E.JARRATT& COMPANY
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
.
Detroit
Chicago
Milwaukee
Listed
161
Investment
Bankers
Congress
and
Corporation
St.,
Detroit
W.
Members Detroit
Municipal Bonds
Bonds
Stocks
and Unlisted
Stock Exchange
Investment Securities
San
Antonio, Texas.
Municipal Bonds
Indiana Corporation
Securities
NEWTON TODD
Local
Securities
Indiana Corporation
419
BANKERS
Furnished.
Municipal
Cincinnati
DETROIT, MICH
UNION TRUST BLDG.
List upon request
DUNN & CARR
INVESTMENT BANKERS
Investment Securities
Municipal, Government &
Corporation Bonds
and
Bonds and Stocks
Lenaeke Bldg.
Joel Stockard & Co., Inc.,
INDIANAPOLIS
LOUISVILLE
JOHNSTON & COMPANY
Members Detroit
Union
Nat.
Bank Bldg.
HOUSTON.
-
-
Penobscot Bldg.
■
MOTTU & CO.
Cherry 2600
HARRIS, SMALL & LAWSON
1892
INVESTMENT
-
TEXAS
NORFOLK, VA
Established
INVESTMENT SECURITIES
Stock£Exchange
DETROIT
NORFOLK, VA.
SECURITIES
NEW YORK
60
Broadway
44
CONGRESS ST.,
W.
X
THE
CHRONICLE
VOL. 111.
JSanbera anb Prober* <£ut*foe JJeto f3orb
PACIFIC
COAST
PACIFIC
Howard Throckmorton
Boettcher, Porter
BONDS
Government
of
MUNICIPALITIES
Municipal
.Corporation
San
DENVER
Pacific Coast Securities
CALIFORNIA SECURITIES
Bonds
COAST
&
AND
Company
CORPORATIONS
INVESTMENT BANKERS
having substantial assets
Francisco
and
Alaska Commercial Building
earning
power.
DENVER
Quotations
and
Information
Pacific Coast
Furnished
on
Securities
LOS
'
Established
SUTRO
INVESTMENT
San
110
1853
&
PASADENA
/
WESTERN
SECURITIES
Sugar Stocks
BROWN & CO
DEALERS
GREGG,
Bond Exchange
BlankeDhorn-HoDter-DQiin
Company
WHITEHEAD & CO.
Investment
Bankers
DENVER
IN
PORTLAND,
Municipal and Corporation
BONDS
813-315
SAN
Specialty
a
Members
San Francisco Stock
and
M.
ANGELES
FRANCISCO
BROKERS
Montgomery St.
F.
SAN
CO.
Francisco
COLORADO
WILLIAM R. STAATS CO.
First National
i
CORPORATION
AND DISTRICT
Bank
Building
BONDS
FRANCISCO, CALIFORNIA
MORRIS BROTHERS, Inc.
THE PREMIER MUNICIPAL
CAPITAL
ONE
Government
California Securities
LOS ANGELES
SAN
and
Established
SAN
DIEGO
Morris Building
BONDIHOUS8
MILLION
over a
.
DOLLARS
Municipal
FRANCISCO
PASADENA
Bonds
Quarter Century
PORTLAND, OREGON
No. 3, Central Building
Aronson and
ORE.
MUNICIPAL
.
SEATTLE, WASH.
Company
Los Angeles,
We specialize in California
Municipal & Corporation
California
EST/kt»LI6HfcL»
HALL & COMPANY
BONDS
>t»U
INVESTMENT BONDS
CLEVELAND
DRAKE,RILEY &. THOMAS
The Gundiing-Jones
Local and Pacific Coast Seourltles
Van Nuye Building
Company
LEWIS
LOS ANGELES
BUILDING
STOCKS-BONDS-NOTES
MINNEAPOLIS
Private Wires Coast
BANGOR BUILDING,
PORTLAND, OREQOD
to
Coast
Correspondents Logan and Bryan
CLEVELAND
A. H. Woollacott & Co,
OTIS & COMPANY
Stocks, Bonds, Grain, Cotton
228-262 I. W. Hellman
Investment Bankers
LOS
Members of New York,
Cleveland, Chicago,
Detroit and Columbus Stock
Exchanges,
New York Cotton
Exchange,
Cnlcago Board of Trade.
CLEVELAND
Boston
Detroit
Toledo
Denver
Columbus
Youngstown
Stocks
Cincinnati
Bonds
Acceptances
CLEVELAND
BUFFALO
Niagara Life Bldg.
AUGUSTA
California Securities
LOS ANGELES
CALIFORNIA
JOHN W.
A. E. LEWIS
&, CO.
Southern
Municipal, Public Utility, Railroad and
Corporation
established
1886.
Los Anzeles,
Cel.
WM.
Listed
Warren
MUNICIPALS
Title Insurance Building,
NatT
Bank
LOS
Bldg,,
ANGELES
E. BUSH & CO.
Augusta, Ga.
SOUTHERN
COTTON
MAX I.
-
San Francisco
SPARTANBURG,
KOSHLAND
Pacific Coast Securities
A. M.
LAW & CO.,
Member
San
t
Stocks and Bonds
Mills Building
SAN FRANCISCO
Southern Textiles
CLEVELAND, O.
Company
CHAPMAN DE WOLFE CO.
Investment
Bonds
and
Stocks
Short Term Notes
and
Bonds
Quotations
on
all
B. W.
Pacific
Coast Securities
CLEVELAND
Specialty
■OMTQOMEWV
Montgomery Street,
FRANCISCO, CALIF.
Stocks and
Information
a
SPARTANBURG, S. C.
381-353
SAN
Inc.
DEALERS IN
Francisco Stock and Bond Exchange
ALBERT FOYER
Hunter Glover &
S. C.
Inactive
Stocks & Bonds
Leader News Bldg.
SECURITIES
MILL STOCKS
Bucyrus
Unlisted
-
CALIFORNIA
American
CLEVELAND, O.
Dayton
Securities
BONDS of the PACIFIC COAST
KLIPFEL - WASHBURN - BERKLEY CO. R. H.
MOULTON & COMPANY
City Bldg.
DICKEY
Augusta, Ga.
Security Bldz.
tnd Floor National
ST. PAUL
MINNEAPOLIS
TORRANCE, MARSHALL & CO.
THE
INVESTMENT SECURITIES
'
COMMERCIAL PAPERy
NOTES
Unincorporated
iqio
CORPORATION BONDS
Springs
RITTER COMMERCIAL TRUST
•#0 Euclid Ave,
esTAaLiSHEo
>fIINlClPAL RAILROAD
Akron
.
Colorado
SHORT TERM
■
Building
ANGELES
Members San Francisco Stock & Bond
Exchange
SOUTHERN
Straw burger
INVESTMENT
M»ntff*mery, Aim
SECURITIES
JBattfeers anti probers ©utsiiie Jleto
PHILADELPHIA
SHORT-TERM NOTES
I
BANKERS
.
Graham. Parsons & Co.
30
435 CHESTNUT ST.
Parsly Bros. & Co.
ST.
PINE
NEW
PHILADELPHIA
ALA.
.
.
STOCKS
BONDS
MARX & COMPANY
-
gotfc
PHILADELPHIA
ALABAMA
BIRMINGHAM,
XI
CHRONICLE
THE
Nov. 20 1920.]
YORK
Investment Securities
JBANKERS
Southern Municipal and
Corporation Bonds
1421
CHESTNUT STREET
Deal In and Purchase
PHILADELPHIA
Issues
CHATTANOOGA
MEMBERS
PHILADELPHIA STOCK
EXCHAM.I
MUNICIPAL
of
BONDS,
BONDS, NOTES AND PREFERRED
LEWIS BURKE & CO.
STOCKS
of
RAILROADS,
THAYER, BAKER & CO.
LOCAL AND SOUTHERN
INDUSTRIAL
CORPORATIONS
■' ."v:
;I-1 r';
SECURITIES
UTILITIES AND
'
of
ESTABLISHED VALUE
?!
CHATTANOOGA
lames Building
"
""'l-'
\
v/
*• ?
-
r
Philadelphia
Cable Address "Grace."
MACON
investments
W. M. DAVIS & COMPANY
Commercial Trust Bldg.,
Southern Municipal Bonds
PHILADELPHIA
Boles &Westwood
AND
Stock Exchange
Members Philadelphia
Guaranteed Stocks
Established 1865.
GEORGIA
MACON
Investment
Securities
BANKERS
New
England
Philadelphia
410 Chestnut St.
Industrial Securities
Government,
Yielding 6%% to 8%
tembers New York
J. MURRAY WALKER
-
Land Title Bnlidlne,
Municipal, Railroad and
Public Utility Securities
•
PHILADELPHIA
•
Telephone Locust 4721
and Philadelphia
Stock Exchanges.
Boston
Devonshire Street
MILWAUKEE
$ (X
^Municipal Railroad/ST
East
& CO.
RICHER
EDGAR,
Water
e(U.€larlisC«.
and Mason Streets
MILWAUKEE, WIS.
BANKERS
Corporation Bonds
so
Broad Street
MM RECTOS 6110—CABLE ADBIESS
Liat
c five«
Specializing
New YorR j
-
"OiflEBTMEBT—
current efferinRB.
r
WISCONSIN CORPORATION
ISSUES
321
Chestnut
St.,
Philadelphia
'
Established 1837
Financing of Milwaukee
and Wisconsin
Members New York and Philadelphls
Industries.
Stock Exchanges
Investment Securities
To
Keep Posted
On Canadian
Bought and Sold.
AAsCown&C^
fembers
Investment
First Wisconsin Company
Conditions
Investment
you
cannot do bet¬
ter
than
read
/n-
Land Title Building
Securities
WISCONSIN
MILWAUKEE
PHILADELPHIA
New York Telephone
each month. United
PENNSYLVANIA
that it is about
the
liveliest
ment on
com¬
financial
Lists
Second Ward Securities Co.
Second Ward Savings
tions that comes
108
So.
NEW JERSEY
'
Mailed
Upon Request
M. M. FREEMAN &
CO.
Philadelphia
421 Chestnut Street
Telephone. Lombard
710
La Salle St.
CHICAGO
their way.
If you look kindly upon
Canada as a field for in¬
vestment, write
and
we
Specialists in
Wisconsin Municipals
will add your name to
our
Bank Bids*
MILWAUKEE
and business condi•
&
MUNICIPAL BONDS
States Investors tell
us
Canal 4841
Tax Exempt
Items
vestment
Philadelphia Stock Exchange
INVESTMENT BANKERS
Frederick Peirce
BONDS
and
FOR
High Grade Investments
1421
mailing list.
Address:
INVEST
& Co.
Chestnut Street,
MENT
Philadelphia
agency or
Royal Securities
CORPORATION
^'rnooftPATlON
(canada)
Investmetnt
LIMITED
165 Broadway
Tel
Nc
Cortlandt 323
fl»*T wifrCOMSt*
HATiOOAL SAUK MOD
Securities
Underwriters and Specialists in
Wisconsin Issues
Write
our
GRAHAM, INC.
MATTERS FINANCIAL
York
5-6
BOYLE, BROCKWAY &
MilwaukelWcl
Trading Department.
Union Arcade
Pittsburgh, Pa.
THE
XII
CHRONICLE
Current
[Vol. 111.
Sngufrfe*
UNLISTED
Atlas Portland Cement
SECURITIES
Borden Co.
Atlas Portland Cement 6s, 1925
Burlington C. R. & N. 5s, 1934
Guaranty Trust
Cleve. Akron & Columbus
Ingersoll-Rand
Havana Tobacco 5s, 1922
Kensico
Merchants'
Cemetery
5s, '27
Refrigerating 6s, '37
Kirby Lumber
N. Y. Pa. & Ohio P. L.
Mercantile Stores
Pacific RR. of Mo. R. E. 5s, 1938
Ward
United Lead Deb. 5s, 1943
Baking
(
Woodlawn Cemetery
TOBEt&KIRK
Ward
4^s, 1935
Baking 6s, 1937
Stock Exchange
Members New York
25BroadStreet New York
mm
Chatham & Phenix Nat. Bank
Safety Car Heating & Lighting
Canadian
Central Sugar Corporation
Everett Heany & Company
Grand
Nassau Elec. RR. 5%, 1944
IktiteU
Northern
Trunk
Ry. all issues
Co. all issues
Ry.
Rochester
&
Ry.
Lt.
5s,
111
1954
Columbus & 9th Av. RR. 5%, '93
Lex. Ave. & Pav. F'y Co. 5%, 1993
ProaJuuaij, JJem Pork
Bell Tel. of Canada 5s, 1925
N. Y. & Hoboken
SrotljerB
Public Utility g-ccuritics
St. L. Southwest Ry. Co. all issues
Twin City Rapid Transit 5s, 1928
Canadian Govt. & Prov. all issues
Ferry 5%, 1946
Prov.
of Ontario
Cuban Govt.
Bronx Gas & Electric Co.
6s, 1927
1st
5%, due 1960
Brooklyn Edison Co.
Bonds all issues.
1st 7%, due 1930
Columbus & Ninth Ave. Ry. Co.
THEODORE L. BRONSON & CO.
Members New York Stock
10 Wall
St., N. Y.
Exchange
Tel. Rector 7580
1st
MILLER
Members
ISO
N.
Y.
and
Phlla.
Stock
1st 5%, due 1932
Exchanges
Kings Co.
Elec.
Lex.
Ave.
&
Great Falls Power 5s, 1940
Havana Tobacco 5s, 1922
Seaboard Air Line 7s, 1923
Trinity Building 5V2S, 1959
1st
Nassau
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5a, 1922
Lehigh Power Sec. 6s, 1927
LAND TITLE
Electric
Electric
1st
New York & East River Gas Co.
BLDG.,
Con.
PHILADELPHIA
5%, due 1921
N. Y. & Westchester Ltg. Co.
Ref. 5%, due 1954
FOREIGN
Private
PROCTER & GAMBLE CO.
Board
Baltimore
.
Stock
845 Fourth Ave.,
Company
T
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn Traction 5s, 1960
R. A.SOICH&CO.
West Penn Power deb. 6s, 1924
St. Paul Union
Trade
Exchange
CINCINNATI, OHIO
PITTSBURGH, PA.
CURRENCIES
Exchange
Exchange
of
Philadelphia & Boston
GLOVER & MACGREGOR
Members of the
Chicago
to
u
BONDS
Stock
Phone
CHUCKS
INDIAN REFINING CO.
Stock
4%, due 2004
N. Y. & Westchester Ltg. Co.
ALL
York
5%, due 1945
New York & Richmond Gas Co.
Private wire connection
Telephone Itector 9261
Cincinnati
1948
1st 5%, due 1944
Gen.
New
Co.
Gas Co.
1st 5%, due
NEW YORK
Westheimer &
Co.
RR.
New York & East River Gas Co.
JOSEPH EGBERT
St.,
RR.
5%, due 1944
New Amsterdam
BAUER, STARR & CO.
115 BROADWAY
N. Y. CITY.
5%, due 1936
4%, due 1951
Nassau
1st
Wall
Co.
Ferry Co.
Long Island Lighting Co.
Rector 7416
10
& Pr.
due 1997
Pavonia
due 1993
5%,
Adams Express 4s, 1947
American Tobacco 6s, 1944
Buffalo St. Ry. Cons. 5s, 1931
Erie RR. 6s, 1922
Lt.
Pur. Mon. 6%,
'Phone 7500 Rector, N. Y.
Broadway.
5%, due 1993
Equitable Gas Light Co. of N. Y.
& COMPANY
II WaO St, N. Y.
Depot 7s, 1923
Tel Red* 5289-92-40M30
BALTIMORE, MD.
Bought—Sold—Quoted
EASTMAN
Caracas
Sugar
Central Aguirre Sugar
Fajardo Sugar
Holly Sugar
National Sugar
American
American
Chicle
Cigar
COMMON
Chatham & Phenix Nat. Bank
American
KODAK
American Tobacco
Cyanamid Com. & Pfd.
3991
Telephone 3992 Rector
Empire Steel & Iron Pfd.
Eastman
Kodak
Ingersoll-Rand
Com.
Com.
&
&
3993
Pfd.
3994
Pfd.
ALFREDF. INGOLD&.CO.
Singer Manufacturing
74
Great American
Insurance
Home
R.
Company
Reynolds Tob.
Insurance
GRADE
PENNSYLVANIA
TAX-FREE
Stone, Prosser & Doty
William
St.,
Y.
WE WISH TO BUY HIGH-
Lawyers Title & Trust
52
N.
Equitable Trust
Scrip
Borden
J.
Broadway,
New York
'Phone Hanover
SECURITIES.
Boonning, Garrison A Co.
Mtmter* Hh ladeljfhim
Stock
7733
Stock
Exchange
Exchange Building
PHILADELPHIA
1
Direct Private Telephone to Berdell Bros., N. Y.
Nov. 20
1920.]
THE
CHRONICLE
XIII
Current JSonb Snqiriries.
Adams
Amer.
Aurora Elgin & Chic. 5s, 1941 & '46
British War Loans
Light & Trac. 6s, 1925
Amer. Water Works & El. 5s,
Firestone Tire Com. & Pfd.
Government
'34
6s, 1921
Lakes Transit
Evansville & Ohio Val. 5s, 1949
Goodyear T. & R. Com. & Pfd.
Lincoln Motors, Class "A"
Paige Detroit Com. & Pfd.
War
Loans
Montreal Tramway 5s, 1941
Western Dry Dock 6s, 1923
Woodward Iron 5s, 1952
Corp. 6s, 1925
Island Ref. Co. 7s, 1929
Packard Motor Com. & Pfd.
Tri-City Ry. & Light
Willys Corporation 8% Pfd.
Merrill, Lynch & Co.
Laughlin 5s, 1939
120
Broadway, New York
Telephone 6070 Rector
Magnolia Pet. 6s, 1937
Private wires to Chicago,
Traders Telephone 7683 Rector
Detroit, Cleveland,
Mich. State Tel. 5s, 1924
Ohio Cities Gas 7s,
Great
Italian
Detroit Edison 7s, 1929-30
Jones &
Burroughs^Add.^Mach. Stock
Cons. Cities Lt., P. & Tg-ac. 5s, '62
Chic. & East. 111. 4s, 1955
:
Central Power & Lt. 6s, 1946
Fisher Body
Eastman Kodak
Chinese
Express 4s, 1947
Youngstown, Grand Rapids and Lansing.
'
1922-25
Atlanta & Char. Air L.
41/2S, 1944
Central
Aguirre Sugar
Empire Steel & Iron
General Electric Rights
Morton Lacheribrach- & Co.
KSifi! ?stk5* 1*937
Colorado & Sou. Ref. 4%,, 1935
Kansas City Term. 1st 4s, 1960
New York & Erie 4th Ext. 5s, '30
New York Central 4s, 1942
New Jersey Zinc
42 Brood Street
deteorr
Bush Terminal, Cons. 5s, 1955
Chic. Milw. & Pug. Sd. 4s, 1949
Chicago & West. Ind. 4s, 1952
Goodyear T. & Rub. Com. & Pfd.
Sears Roebuck & Co. 7s
pittsburgh
Philadelphia
& Pfd.
& Pfd.
Kirby Lumber Com.
General Bak.ng Com
New 0r,eans Term
Specialists in all
Dividend Scrips and Rights
offices is
our
r
C. C. Kerr & Co.
„
";.w- PRESSPRICH
40 Wall
2
Rector
Phone 6780 Rector
St., N. Y.
Foreign Currency
r
/"S n tail M
p
INOBLE. & CORWIN
1,
Broad
N.w York
St.
Bought and Sold
Trust
Bankers
CO.
DUNHAM &
Securities
Investment
'Phone 8S00 Hanover
Liberty Bonds"
Circular
on
Citizen
Bank
National
Eastman
J*1/®1* ^ G"lf DlV* 4s» 1933
Kings County El. Lt. & Pow. 6s, 1997
Virginia Midland Ry. 5s, 1936
chicago & NortHWestern 5s, 1929
Prince & Whltely
Members N. Y. Stock Exchange
52 Broadway
Kodak Common
Railroad
I
Bank
Zinc
Private
Bond
120
Philadelphia,
to
Boston,
Public Utility Dept.
Dept.
N. Y. Penna. & Ohio
Tel. Broad <323
wires
Baltimore, Richmond, New Haven
Telephone 1111 Broad
request.
broadway. new york
Telephone: Rector 7350
dembers ofNew York Stock Exchange
807
St. Louis Southwestern 1st 4s, 1989
SS'su™:
New Jersey
SUTRO BROS. &CO.
John
New Orleans Terminal 4s, 1953
Chase National
Niles-Bement Common
"Opportunities in
Telephone
O
Ol vV/i
Pensacola & Atlantic Div. 6s, 1921
Theodore C. Corwin
Mark A. Noble
AIADI
Foreign Cheques
Street,
New York
Foreign Securities
Exchange Place
1
possible through
made
their intereon nection by private wires.
41
^ 19g3
Wise. Central Sup. & Dul. 4s, '36
,
Instantaneous communication between
Bridge 4s, 1945
Bangor & Aroostook 1st 5s, 1943
Union Term, of Dallas 5s, 1942
Verd. Val. Ind. & W. 5s, 1926
American Pow. & Lt. Pfd.
Nebraska Power Pfd.
Kansas Gas & Electric Pfd.
United Utilities Pfd.
Northern States Power Pfd.
Pacific Gas & Electric Pfd.
Duquesne Light Pfd.
Northern Ohio Elec. Pfd.
Consumers Power Pfd.
E. Tenn. Va. & Ga. div.& cons.5s
Texas Power & Light Pfd.
Houston Belt & Terminal 5s,
Utah Power & Light Pfd.
Electric Utilities
Illuminating & Pow. Secur. Pfd.
43^8, 1935
Cinn. Wabash & Mich. 4s, 1991
Manitoba & S. W. Colon. 5s, 1934
B. &
\
I
:
■
1 XV-.;.
Canadian, Cuban
Mexican Securities
British-American Tob. Co.
Imperial Tobacco Co.
Babcock & Wilcox, Ltd.
Cedar
Rapids 5s
Mississippi River Power 5s
O., Toledo & Cinn. 4s, 1959
Utah & Northern 5s,
1926
Louisv. & Jeff.
'37
Galveston Terminal 6s, 1938
Big Four, St. Louis div. 4s, 1990
Seaboard Air Line 6s, 1945
Industrial Bond
~
I.,..
Consolidation
,
e
ioen
Coal 5s, 1950
Fairmont
Coal
Philadelphia Co. 5s,
Shawinigan 5s
Shawinigan 5V2S
W.ckw.re
Spencer Steel 7s, 1935
5s
Monon Coal 5s, 1936
Cosden Co.
120
Broadway
New York
Refining 7s 1929
Greelock Co. 7s, 1925
Telephone Rector 6834
CORRESPONDENTS
All
Bank Stock
Guaranty
Ft
Youngstown & Ash.
w
Co., 1930
Dept.
Trust
Bankers Trust
Metropolitan Trust
National Liberty Insurance
Importers & Traders Nat'l Bank
Steel
Montreal
Toronto
Bonds,
Balnk
15 Broad
Uttle M-am. RR
Grand
Ra
ids ,ndiana R
Allegheny & Western
Standard Oil Dept.
South Penn.
Anglo-American
S. O. of California
Atlantic Refining
S. O. of Indiana
Stocks, Miscellaneous Securities,
Street, New York
Car
Jacob Dold Preferred
CARRUTHERS, PELL &
WIRES
pfd
Common & Pfd.
Important Foreign Capital*
PRIVATE
& Chic
Titusville ,ron Pfd. & Com.
Nagh Mot
Rar.tan
Caddo Central Oil Ref. 6s, 1930
Kuczynski & Co.
West Jersey & Seashore
pittg
Standard
6s, 1932
Amer. Dock & Trust
Dept
piUg
Penn Water 5s
1922
Stock
Utica Shenango & Sus. Valley
Dept
n
Industrial
CO.
Standard Oil Stock!
Phones 5161 to 5169 Hanover
Philadelphia Phone. Locust 572: Bali. Phone. St.
Paul 9389
[VOL. 111.
CHRONICLE
THE
XIV
Current ISonb Snqutrfesi
F.
Montreal & Province 4s
J. LISMAN & CO.
Members
Grand Trunk Western 4s
York Stock Exchange
New
Northern
Grt.
61
BROADWAY, NEW YORK
Bangor & Aroostook RR.—all issues
Terminal
Bush
Company—all issues
Cincinnati
Great Northern
Shore
Emmett
Irrigation District 6s
Queens County Water Co. 5s
Otero Irrigation District 6s
Depew & Lake Erie Water 5s
LeavenworthC.&Ft.L.W.4s,5s,6s
5s
Atlantic
&
Ry. of Canada 4s, 1934
Missouri & Illinois
Acquackanonk Water Co. 5s
Wichita Water Co. 5s
Indianapolis & West. 5s
South
Duluth
New York Interurban Water 5s
Racine Water Co. 5s
Chicago Terre Haute & So. E. 5s & inc.
WE DEAL IN
Ry., Canada 4s
Canada Atlantic 4s
Bridge & Belt 4s
Ogdensburg & Lake Champlain RR. 4s
Canadian
Rutland
Rutland
St.
Clair
Railroad
Railroad
-
-
4s, 1949
H. C. SP1LLER & CO.
all issues
INCORPORATED
17 Water
Louis Belt 4s
St.
Madison
-
St.,
63
corner
Wall
Devonshire St., BOSTON
Street, NEW YORK,
Weatherford Mineral Wells & N. W. 5s
Wheeling & Lake Erie
all issues
-
-
AND ALL RAILROAD AND
STEAMSHIP SECURITIES
WOOD, STRUTHERS & CO.
Investment
5
Securities
Davies, Thomas & Co.
Members N. Y. Stock Exchange
5
Nassau
New York
St.
Telephone Rector 5026
Nassau
Ashland Lt. Pr. & St. Ry. 5s, '39
Colorado Power 5s, 1953
Canadian Car & Foundry 6s, '39
City of Montreal 5s, 1956
Delaware Lack. & West. Coal
Street
Empire Steel & Iron Pref.
NEW YORK
Galveston Houston El. 5s, 1954
Northern Electric 5s, 1939
Chic. Burl. & Quincy Gen. 4s, 1958 Puget Sound Tr. Lt. & Pr. 7s, '21
Atch. Top. & S. Fe. Gen. 4s, 1995 Springfield Ry. & Lt. 5s, 1926
Great Nor.
1st & refd.
4J^s, 1961
Chic. St. L. & N. O. 5s, 1951
Brunswick & West. 1st 4s, 1938
Central Pac. 1st & refd. 4s,
Taylor & White
43
Tel. Hanover 427-8*1
Exchange PL, N. Y.
1949
Central Pacific 3V£s, 1929
American
Canadian Pacific 6s, 1924
Cedar
Oregon & California 5s, 1927
Reading, Jer. Cent. Coll. 4s, 1951
Reading General 4s, 1997
Elgin Joliet & East, 1st 5s, 1941
U. S. Rubber 5s, 1947
American Tobacco Scrip
Tobacco Products
Cine.
Scrip
McKinley & Morris
to
Bristol $ Bauer
J2 0
Hamilton
&
Dayton 5s
'20
European Loans of American Rds.
Georgia Lt., Pr. & Ry. 5s, 1941
Mobile & Birmingham 4s, 1945
Puget Sound Elec. 5s, 1932
Shawinigan Wat. & Pr. 53^a & 5s
United Ry. & Investing 5s, 1926
Specialists in all Tobacco Securities
Republic 5s, 1958
Empire Gas & Fuel 6s, 1926
Manila Elec. Ry. & Light 5s, 1953
Rapids Mfg. & Pr. 5s, 1953
Det. Gr. H. & M. Con. & Eq. 6s,
United Cigar Stores Scrip
Dominican
Tel. Rector 7981
Pfd.
Cent. Ver. 4s, 1920, ctfs. of dep.
Chic. & Western Indiana 4s, 1952
Cinn. Gas Trans. 5s, 1933
ONE WALL ST., N. Y.
Thread
Bush Terminal Cons. 5s, 1955
N. Y. Chic. & St. L. 4s, 1937
ABRAHAM & CO.
tiYPhone-- Rector 4594
Tel. Broad 3785
27 William St., N. Y.
798
VILAS
GARDNER
&
CO.
& HICKEY
New York
Street
49 Wall
BOND BROKERS
20 BROAD STREET, N.
Tel. Rector 7430
Y.
ORDERS
EXECUTED
ACTIVE
1949 Third Avenue 1st 5s,
Long Island Ref. 4s
1937
Missouri Kan. & Tex. 4s, 1990
Westchester Lt. 1st 5s, 1950
St. Lawr. & Adir. 1st 5s, 1996
Illinois Central 4s,
Denver & Rio Gran.
1953
41/£s, 1936 Wab. Tol. & Chicago 4s, 1941
C. & N. W. S. F. 5s,
1929 Japanese Government 4s, 1931
IN
BOND
DEALERS
RAILROAD
AND
FOR
ISSUES
COMMISSION
ON
Telephone Hanover 8317
Alabama
Power 5s,
1946
Cleveland Electric 111. 5s & 7s
Power 5s & 7s
Consumers
Northern States Power 5s & 6s, 1941
Southern California 2d 6s, 1944
Gilbert J.
7
Wall
Street,
_
Postley
NEW YORK
„
Telephone Rector 9697
We
Will
We Will
Buy
Consumers
Alabama Power Co. 5s, 1946
Cleveland
Detroit
Elec.
Ilium.
Edison Co.
1935
7s,
Power
Sell
Co.
5s,
1936
Empire District Electric 5s, 1949
6s, 1940
Georgia Light, Power & Ry. (>s, 1941
Duquesne Light Co. 6s, 1949
Great Western Power Co. 6s, 1925
Great Falls Power 5s, 1940
Metropolitan Edison Co. 5s, 1922
Mississippi River Power 5s, 1952
Ontario Power 5s, 1943
Salmon
River Power
Co. 5s,
1952
Wisconsin Electric Power 7^s, 1945
EARLE A.
SPECIALISTS
DIRECT
TELEPHONE
IN
PRIVATE
RECTOR 8060-1-8-3
Amer. Lt. & Trac.
Central Petroleum
Pacific Gas & Electric
Western Power
Northern States Power 5s, 1941
Pacific Gas & Electric
5s, 1942
MILLER & CO.
PUBLIC UTILITY SECURITIES
WIRE CONNECTION
MacQuoid &
Coady
lembsrs New York Stock Exchange
WITH CHICAGO
111 BROADWAY. NEW YORK
14 Wall St.,
N. Y.
Tel. Keotor 9970.
Nov. 20
1920.]
THE
xv
CHRONICLE
Current Jgotib 31nquineS
Michoacan Power 6s
Atch.
Guanajuato Pow. & Elec. 6s & stocks
Cent. Mex.
Mexican
& Pow. 6s & stocks
Lt.
Light & Power 5s
Trans.
Atch., Top.
Chic.
&
Short
Line
Erie
RR.
Co.
1st
CI., Akron & Col. Ry.
Cape Breton Electric 5s
Dallas & Waco
Wichita (Kan.) Water 5s
Empire Lumber 6s
4)^8,1936
& Norwalk
Rio Grande West Ry. Coll. Tr. 4s,
1955
Winston-Salem So. Bound Ry. 4s,
Cent.-Cairo
1950
Bridge Co. 4s, 1950
Wm.
N.
Y.
Penna.
State
Boston 9,
Utah & North. Ry. Con. 1st
St.,
Mass.
Evansville & Terre Haute
Mexican Govt. 5%
Cons.
4% loan of 1904
Mexican Govt.
loan of 1899
Genl.
6s, 1921
5s, 1942,
Refg. 5s, 1941
1
Sullivan
Co.
Telephone & Telegraph
Members of the New York Stock
20 BROAD ST.,
Securities
N. Y.
Cons.
Tel. Rector 8460
g
5s,
1937
Cons. 6s,
Refg. 4s,
Exchange
Federal Farm Loan Bonds
inquiries
1934
1955
Receivers Ctfs.
Missourif Kansas & Texas
Gen. S. F.
STANDARD
EASTMAN
4^s, 1936
Extended Notes
CO.
Dallas & Waco 1st 5s,
1940
1942
1942
St. Louis Div. 1st 4s, 2001
Mo. K. & East. 1st 5s,
Mo.K.&T. of T. 1st 58,
LINOTYPE.
MERGENTHALER
Pittsburgh & Allegheny Tel. Co.
CAR
TANK
Preferred
Tel. Broad 2357-8-9
KODAK
CO.
Wich. F.&N.W. lstRef.5s'40
1st 5s, 1949
Wich. Falls & N.W. 1st 5s *39
Telephone Co.
Chic.Terre Haute & S. East.
6s, 1944
First & Ref.
JOSEPH GILMAN
Members N. Y. Stock Exchange
N.
Y. CITY
66 BROADWAY
Telephone Rector 2687-8-9
5s, 1960
5s, 1960
Income
Rollins, Kalbfleisch & Co.
INVESTMENT SECURITIES
STREET
1923
Specialists in Short Term Securities
T. L. MacDonald
PINE
5s, 1930
Chicago & East. Illinois
BULL & ELDREDGE
84
Coal
Mt. Vernon Branch 6s,
purchase and sale of
1st
'60
5s, 1926
2 Wall Street, New York
specialize in the
Porto Rico
1937
Carnegie Ewen
Argentine Govt. 4% Sterl Loans
,
RR.
'
HOTCHK1N & CO.
B'way, N. Y.
'49
St. Louis & Cairo RR. Co. 1st 4s, 1931j
Tel. Rector 3273-4 and 3294
Birmingham (Ala.) Water 5s
52
4^8, 1935
Ry. Con. 4s, 1996
5s,
Ry. 5s
Rochester & Syracuse RR. 5s
and solicit your
& Western
West.
Dodge RR 1st 4s '35
Portland Terminal 4s
We
Norf.
So. Pacific RR. 1st Ref. 4s,
American Finance & Securities
53
New York, Penna. & Ohio
Elgin Joliet & East. Ry. Co. 1st 5s, '41
Des Moines & Ft.
111.
Main 460
1982
Gr. Trunk West. Ry. Co. 1st 4s,
Indianapolis Water Co. 4^s & 5s
Telephone
5s,
1st 5s, 1927
Denv. & R. Gr. RR.Con 4s,
Toledo Fremont
1990
1980
Ry. Co. 1st 5s, 1940
Southern Public Utilities 5s
Guanajuato Reduction & Mines 6s
Kansas Cy.& Pacific RR. 1st 4s,
Louis. & Nash.-St. Louis Div 3s,
1958
4s,
& Santa Fe Ry Gen 4s'95
South. Ind. Ry. 1st 4s,
1951
Capital Stock
Denver & So. Lake
5691-4 John
1st
CONSTABLE & FLEMING
"'M
WM.
Specialist in
66
American Water-Works &
all
TEL I
1943
Wm. C. ORTON & CO.
Rector 7270
Specialists Reorganisation Securities
25 Broad
St., New York
Tel. 7160-1-2 Broad
Wisconsin Cent.
subsidiaries
Super. Dul. 4s, 1936
Mobile & Ohio, St. L. 5s, 1927
Consolidation Coal Co. Securities
Utah & Northern 1st 4s, 1933
Electric Co.
and
K., L. FLEMING OR..
CONSTABLE
BroadvJay N Y
5s,
Consolidated
Buffalo
Roch.
&
Pitts.
5s,
Power
1937
Elk
Horn
Gas, Electric Light 6
Securities
Baltimore
of
Coal
Cprp. Securities
Wash. Bait. & Annapolis Securities
OTTO
BILLO
WANTED
Phone Hanover 6297
37 Wall St., N. Y.
J. HARMANUS FISHER & SONS
SHORT TIME
SOUTH ST.
Members
BONDS
'
1
60
New York Stock
J. S.
FARLEE & CO.
Central Power &
VIRE
TO
ST.
H. L.
Members New York State Bankers' Association
Northern States Power 6s, 1926
Laurentide Power 5s, 1946
85
Tex.
&
Pac.-Louisiana
N. Y. Penna. & Ohio
5s, 1939
New Orleans Great North. 5s,
Light 6s, 1946
& Light Pref.
Power
Nebraska Power Company
LOUIS
Sierra & San Frtm. Power 5s, 1949
Rio Grande Junction
66 BROADWAY
1955
Louisiana & Arkansas 1st 5s, 1927
Cuba RR. 1st 5s, 1952
Memp. & Birm. 4s, 1934
Assented 5s, '34
Fonda Johnst. & Glov. 42^8, 1952
Kan. City
K. C. Mem. & Bir.
Hudson & Man. Com. & Pfd. Stk.
Div.
NASON & CO.
Devonshire
BOSTON 9
St.
5s Texas & Oklahoma 5s
4^s
Seaboard Air Line 6s
Providence Securities 4s
New Haven
Adams Express 4s, 1947
Houston Belt & Term. 5s
Rio de Janeiro
4s, 1922
Tram., Lt. & P. 5s Cuban Government 4J^s
Greeley Hudson Stk.
East. Tenn. Va. & Ga. Cons. 5s
Argentine Govt.5s,
St. Louis & Cairo 1st 4s
Hudson Co.,
Preferred
Members American Bankers' Association
Telephone 4390 Bowling Green
PRIVATE
Mexican
WOLFF & STANLEY
Govt.
1909(unlist.)
& RR. Bonds
Telephone Rector 2920
72
Trinity Place, N. Y.
;
Hydro-Electric 6s, 1929
Dayton Power & Light 7s, 1923
Exchange
BROADWAY, N. Y.
,
1
Vermont
Southwestern
Members
'
WANTED
Liberty Registered Bonds
NEWBORG & CO.
(Established 1874)
BALTIMORE. MD.
Baltimore Stock Exchange.
SAM'L
Phon. S380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
XVI
THE
CHRONICLE
[Yot. 111.
Current J&tmb 3Jnqufrfe*
INACTIVE BONDS
American
Lt.
& Trac.
6s,
ACTIVE BONDS
1925
Alluminum Co. of Amer. 6s, 1922
We Offer to
Anaconda Copper 6s, 1929
ConsoL
Textile
Corp.
7s,
Amer.
1923
Banks, Brokers
Duquesne Light 6s, 1949
a
Armour Co. 7s, 1922
and Institutions
Kansas
City Terminal 6s, 1923
7^s,
Morris & Co.
1930 1
York
Pan-Amer. Pet. & Trans. 7s, 1930
Curb
C. C. C. & St. Louis Ref. 6s, 1929
the New
on
Diamond Match
market.
Analytical
reports on
curity furnished
Southwestern Tel. 7s, 1925
Beth. Steel Marine Eq. 7s, 1935
highly specialized service in
all bonds traded in
'any
Galena
se¬
request
on
Investment
72
Swift & Co. 7s, 1925
Securities
Trinity Place
New York
-
Swedish 6s, 1939
Boston Woven Hose & Rubber
Central Massachusetts Power Pfd.
Crowell & Thurlow Steamship
N. Y.
Susq. & West. 1st & Ref. 5s, '37
N. Y. & West. Term. 1st 5s, 1943
N. Y. Pa. & Ohio 1st
Electric
Houston
Share, Preferred
We
Steph. No. & So. Tex. Ry. 1st 5s, 1940
Toledo Term'l RR. 1st 4^8, 1957
Kan. City Southern 3s, 1950
Cumberland County Pow. & Lt., Pfd.
Edison Electric Ilium, of Brockton
&
Union Tank Car 7s, 1930
Western Electric 7s, 1925
Adirondack Pow. & Lt., Com. & Pfd.
Arkansas Light & Power Preferred
Bond
Signal Oil Conv. 7s, 1930
Sears, Roebuck & Co. 7s, 1921-23
HANSON & HANSON
Norway 8s, 1940
7J/2S, 1935
N. Y. N. H. & Hart. Deb. 4s, 1922
Texas Co. 7s, 1923
Denmark 7s, 1945
Telep. & Teleg. 6s, 1922-24
Washington Term'l
Belt
&
1st
33^s,
Railroad
1945
4^s, 1935
Term'l 5s,
Wish
to
Buy
Securities
Co.
4s
Pitts., Cin., Chicago & St. Louis
31/28, 4s, and 41/5s.
1937
Massachusetts Cotton Mills
Piedmont
Manufacturing
Wisconsin-Minnesota Lt. & Pr., Pfd.
WALTER S. PLACE
35
Congress St.,
Finlay & Davenport
Specialists in Railroad Terminal Bonds
72
Trinity Pl.
Tel. Rector 6881
Hartshorne & Battelle
Si Broad
BOSTON, MASS.
"Main
St.
Tel.
NEW
Broad
7740
YORK
Willys Corp. 1st Pref.
Private Telephone New York and Philadelphia
7088"
Specialists
WE
Motor Stocks
OFFER
Galveston Houston Electric Co.
3-Year 7% Secured
Gold Notes
Due March,
To
Net
SO Nassau St., N. Y.
Pacific Coast Co.
Tel. John 6020-1
Broadway
AND
SOLD
FRANK J.
Bay State Film
INVESTMENT SECURITIES
New York
City
Rector 944-6-6
71
El Favor Mines
G. F. Redmond &Co., Inc.
ST.,
Direct Private
Tel.
BOSTON, MASS.
BABC0CK, RUSHTON & CO.
Boston
7 WALL STREET
CHICAGO
NEW
We Deal in—
YORK
SAMUEL K.PHILLIPS&.CO.
New
607
Chestnut
St.
PHILADELPHIA
Inquiries from Out-of-
Commonwealth Edison 5s & 7s
are
5s, 1931
5s, 1930
Creek)
especially solicited.
Consolidated Traction
ERNEST
MOORE,
&
LYNCH
York
Pittsburgh
Philadelphi
Laclede Gas Light 5s & 7s
Mississippi River Pr. 5s, 1951
Birmingham Ry. Lt. & Pr. 43^s & 6s
Chicago & Eastern 111. issues
Continental Motors 7s, 1921-25
Cudahy Packing 5s & 7s
Town Investment
& Coke
LEONARD
British Govt. 4s & 5s
Bonds
Coal
Jamison Coal & Coke
(Georges
Arkansas Lt. & Power 6s, 1945
Aurora Elgin & Chicago 5s & 7h£s
Foreign Government
Jamison
Light & Htg. Co. 5s, 1932
Penn
Mary Coal Co. 1st 5s, 1939
Empire Gas & Fuel Co. 6s, 1926
Cincinnati Gas Transport. 5s, 1933
Armour & Co. 4}^s & 6s
Argentine Govt. 4s & 5s
American Light & Traction 6s
Unlisted Stocks
and Bonds
Union Steel 5s, 1952
Marion
Bought, Sold & Quoted
and
DILLON
NEW YORK, N. Y.
Vire to New York.
Main 3138—Fort Hill 920
CHICAGO SECURITIES
Members .New
York, Chicago
Stock Exchanges
M.
Broadway
Tel. 6460 Bowling Green
Unlisted Oil, Mining, &
Industrial Securities
10 STATE
Houses and Banks
Bank of Manhattan Co.
Hathaway & Co.
BOUGHT
11.40%
HOME INS. BLDG.,
Mortgage Bond Co.
1922
EDWIN BANCKER & CO.
11S
R. B.
Tire and Rubber Stocks
Northern States Power 5s & 6s
Ohio Cities Gas 7s, 1921-25
Ogara Coal 5s
Portland Ry. Lt. & Pr. 5s, 1942
Standard Gas & Electric 6s & 7s
Swift & Co. 5s
>
Tri-City Ry. & Lt. 5s, 1923
United Light & Ry. 5s & 6s
Utah Power & Light
5s, 1944
Waterloo Cedar Falls & No. 5s
West Penn Power 5s & 7s
Duquesne Ltg. 6s, 1949
of N.
J.
5s
Detroit Edison 5s, 1940
Evansville & Terre Haute issues
SMITH
American Light & Traction
Empire Gas & Fuel 6s, 1924-26
Burroughs Adding Machine
French Govt. 4s & 5s
Comm'lth Pr. Ry. & Lt. Com. & Pfd.
Godschaux Sugar Common & Pfd.
& CO.
20
Georgia Lt. Pr. & Ry. 5s
BROAD STREET
Grand Trunk Pacific 3s, 1962
NEW
Japanese Govt. 4s & 43^s
Direct'Prlvate Wire Connections
&
Grand
Kentucky Traction & Terminal 5s
Union Carbide Com. &
Haytian American Corp. 7s, 1922-23
YORK
Telephone Rector 6167
ChicagoJ Detroit
Goodyear Tire & Rubber Com. & Pfd.
Packard Motor Com. & pfd.
Northern States Power Com. & Pfd.
Standard Gas & Elec. Com. & Pfd.
to
Rapids
Rights
Nov. 20 1920.]
T5E
CHRONICLE
iftnantfal
Jftnanctal
"Hail, ye small sweet courtesies of
life, for smooth do ye make the road
of it"
—Sterne.
Blazing New Trails
The
]
COURTESY
the
all it is worth
at
se¬
prepared to give detailed information about
government and foreign securities, and to offer sug¬
gestions to promote the sales campaigns of invest¬
ment houses.
position must be
Our
do
we
complete service in connection with
handling of all operations in international
It is
being
any pro-
turned down
a
curities.
courteous¬
ly, and if
Se¬
Department is designed to render invest¬
ment houses
business is worth
being handled
organization of the American Express
curities
We believe that if
handled
XVII
thirty-five exclusive financial offices in for¬
eign countries and twenty-four domestic offices will
cheerfully handle
that with considera¬
your
inquiries and orders.
tion, too.
We invite
to use
you
American Express Company
Our 39
service.
our
years' experience is
advantage
ant
offer
telephone'
SECURITIES
the least import¬
not
Bowling green iqooo
Department
we can
■
you.
METROPOLITAN
TRUST
OF
THE
Government,
COM PANT
CITY OF
Municipal,
Railroad
NEW YORK,
60 WALL STREET
716 FIFTH
AVENUE
Public
Utility
Industrial
Investment Bonds
As Dealers in
Guaranteed Stocks
Since
we
Investment
offer
vice
comprehensive
a
those
to
buying
A. B. Leach &
or
Co., Inc.
1855
selling.
Securities
ser¬
interested
in
62 Cedar
105 So. La Salle St., Chicago
St., New York
Informa¬
Philadelphia
Boston
Buffalo
Cleveland
Baltimore
tive literature, analyses of spe¬
cific issues and colored maps
Horanton
Pittsburgh
Detroit
MlnneapoH
Milwaukee!
illustrating properties, will be
furnished
upon
application.
Write
for
Quotation
Sheets.
laszpU WtuXUier & Jkrns
Members Neve
61
Broadway
'
Now
8 Per Cent
PROCTER & GAMBLE
York Stock Exchange
Stock &
York
For Eleven Years
Scrip
Issue is
MUNICIPALS
FOR
RESALE
J. S. Bache & Co.
NIGHTINGALE
HENRY
Members New York Stock Exchange
New
MUNICIPAL BONDS
York
TeL, 6400 Broad
BRANCHES and CORRESPONDENTS
Canadian, Mexican and Foreign Government
Securities.
Broad
Phone
7118
42
Cincinnati
Albany
Baltimore
BROADWAY
Buffalo
"Soo"
4s, 1938
cons.
Chicago
Colorado.
in
Rochester
Clevelarid
Syracuse
Philadelphia
Preferred
Troy
16
Telephone
Broad
William
New
3063
the
of
tomers
#
H.
for Circular CC-62
St.
BONDS
York
M Wall St.
Han. MT0
WANTED
old-established industrial 8% Preferred
Stock with bonus of Common stock.
did commissions.
HALByllesby & Co
Incorporated
135
GUARANTEED STOCKS
111
Splen¬
Details from
L. N. Rosenbaum &
BROADWAY
Chicado
YORK CITY
SIMON
Boston
30 State Street
BORG & CO.,
York Stock Exchange
in
.
Interborough Rapid Transit
No. 46 Cedar Street
-
-
New York
in
STOCKHOLDERS LISTS
Over
Two
7s, 1921
Corporations
WM. JONES
Matt. H.Connell &. Co.
New York
Telephone; Rector 5467 and 622
Thousand
Write for catalog
and all new issues of bonds and notes
Ill Broadway
206 S.LaSalIe St
Providence
Company, Int.,
NEW
deal
Broadway
lOWfeybosser St
Members of New
We
has
Mountague Vickers
NewVbrk
to sell
cus¬
company,
always paidjdividends.
T.I.
BROKERS AND SALESMEN
largely held by
which^is
Ask
Bros.
Stock
St. Louis
NewOrleans
Oregon Wash. RR. & Nav. 4s, '61
Atchison Short Line 4s, 1958
Montgomery
direct first mortgage
Pittsburgh
Kansas City
Boston
a
75% of the property of a
company serving electric power
and light in prospering indus¬
trial and agricultural districts
on
Auditors, Inc.
HIGH-GRADE
116 Broad St.
Tel.
INVESTMENT SECURITIES
New York City
Bowling Green 8811-8812
THE
XVIII
CHRONICLE
[VOL. 111.
jHttamfal
Jffnanctel
limn
UNION
CENTRAL
COMPANY
TRUST
Established 1910
of NEW YORK
608 Chestnut Street
Philadelphia
AUTHORIZED to act
Administrator
or
as
Executor, Trustee,
subject to check, and allows Interest
Balances.
Impartial Analysis
Guardian. Receives Deposits,
Daily
Ads as Transfer Agent, Registrar and
on
Trustee under
and colledion of income.
Capital, Surplus and Undivided Profits
80
available
f is
Mortgages. Receives securities
for safekeeping
of fundamental
;
any
security
to
you
Send
for
report—give
our
rect
$30,000,000
one
or
dollar
bond.
over
on
investment stock
cor¬
title.
Broadway, New York
Fifth Avenue at 60th Street
CINCINNATI
Madison Avenue at 42nd Street
&
ACCEPTANCES
COMMERCIAL LETTERS
-i'-A V;'
j
GAS
ELECTRIC CO.
•
A-'-,
6%
•'
Member Federal Reserve Sustem
Secured Gold
MiiiRininiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
Due Dec.
Principal
and
NotU
1, 1923
semi-annual
Interest
payable In New York.
Compute description
Price
"National Bank of Commerce
to
on rente*.
Yield 7H%
BOND DEPARTMENT
in
New York
Fifth-Third
National Bank
CINCINNATI, O.
FOREIGN EXCHANGE
Bought and Sold
Capital, Surplus And Undivided Profits
Over
Fifty-five Million Dollars
Currency
on
Order
Checks
Shuman
&
Bonds
Seligmann
{embers New York Stock Exchange
80 Broad St.,
N. Y.
Tel. Broad 7270
H oil ister,White# Co.
t*COOPO«?*TiO
Investment Securities
•2
CEDAR STREET, NEW YORK
North American Bldg.
60 Cengrees St.
Boston, f. Mass.
Philadelphia.
Pa.
Scott & Stump
INVESTMENT SECURITIES
Stock Exchange Building
PHILADELPHIA
Phones: Locust 6480. 6481. 6482. 6483
Keystone: Race 2797
STOCKS AND
bought and sold for cash,
BONDS
or
carried
on
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
finch
& tarbell
Members New York Stock
120 BROADWAY,
Exchange
NEW YORK
W. H. Goadby & Co.
lfenbors New York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
Nov. 20 1920.]
THE
CHRONICLE
Jftnaratal
Six
XIX
financial
Per Cent
Southern
Municipals
Short Time Notes
Commercial Paper
Preferred Stocks
Acceptances
Hibernia
Securities
Company
(Incorporated)
Hibernia Bank
Building
New Orleans
New York Office
-
44 Pine St
Approved Investment Issues
Long and active association with so many of the leading
enterprises of the Pittsburgh District causes
us to be
thoroughly familiar with opportunities for safe
business
and profitable investment.
Bids for and offers of bonds
solicited.
are
originating in this district
1
Mellon National Bank
Pittsburgh
INTIMATE
KNOWLEDGE
of
the needs and habits of the people,
acquired
and
by
aetual
years
experience
of
residence in
the
Pennsylvania
STRENCTH
SUCCESS
coun¬
tries themselves, Is essential when
transacting business abroad.
28
Branches in
South
America
1 Branch in Mexico
8 Offices in
Europe
Anglo-South American
"Bank:, limited
Near Yeek Ageuor,
Chas.
Oil
F.
&
49 Broadway
Noble
Gas
INCORPORATED
Co.
INVESTMENT SECURITIES
is featured in the current issue of
"The Oil
Maintaining
Industry"
93
Branch Offices in 79
Principal Cities of the United State's
Devoted to the interests of investors
EXECUTIVE OFFICES:
inpil securities. Published monthly
Free
on
request
111 W. Monroe Street
NASSAU
R.CMegargel &Ct
COUNTY,
Coupon 5s
4.60% Basis
N.
CHICAGO
Y.
27 Pine Street-New York
B.J. Van I ngen & Co.
46 Cedar St.
New York
TEL. MM JOOK.
INVESTMENT SECURITIES
Equitable
BALTIMORE
Building,
MARYLAND
1v.-',
THE
xx
■
1
1
%'
[Vol. 111.
CHRONICLE
financial.
jfimntial
Foreip Exchange Department
Negotiated
Letters of Credits
French American
corporation
Banking
Cedar and William Sts., New
York
Arrangements can be made for
the
importation of merchandise through
the
of dollar acceptances.
use
Surplus $9,090,000
Capital $9,000,000
OFFICES
Fulton
Market &
81-83 Fulton St.
New York
We accept
subscriptions
ment
6%
of
Loan
York
New
the French Govern¬
B'way
Yo-k
Sherman
Filth Ave.
1920
and 32nd St.
New York
Brooklyn
Flatbush
at
West
New
92
& 8th St.
B'way
for
Aetna
Eighth Street
the official price.
839
350 Fulton St.
Flatbush Ave.
Brooklyn
Brooklyn
Long Island City
New Utrecht
Telephone John 4882
Arc de
Triomphe;
Bridge Plaza
New TJtrecht Ave. &
Long Island City
54th St.. Brooklyn
Paris.
Irving National Bank
LEWIS E. PIERSON. Chairman
Building
Wool worth
NEW YORK
James Talcott, Inc.
General Offices
225 FOURTH
Service
AVENUE
to Investors
NEW YORC CITY
CANADIAN INDUSTRIALS
FOUNDED 1SB4
Certain lines of Canadian
not affected by
Agents, Factors
and Correspondents for
Manufacturers and
Merchants in
are
Industry
present conditions
Capital
developing steadily.
to carry
this growth
which is economically
sound. High
is
required
interest returns may now
the United States
and Abroad.
tained
on
these
Securities,
trial
house.
this
Entire Production of
Accounts
Textile Mills Sold and Financed.
Guaranteed and Discounted.
CABLE ADDRESS QUOMAKEL
of
through
purchase
the
be negotiated
which can
be ob¬
Canadian Indus¬
Only those Securities which may
be absolutely
from
our
recommended as free
speculative risk, are listed to
who are safeguarded
clients,
by the advice of financial consult¬
ants with a wide
experience of
should
Your enquiry
affairs.
Canadian
marked
be
Service
To
Address:
Investors.
The
First National Bank
of Boston
Nevada Consolidated
Nevada
of the
mines
subject
Transacts
business
commercial banking
of
Make it your New
every
nature.
England correspondent
Copper Co., one
Consolidated
most
consistent dividend
among
of
porphyry coppers,
an
analysis
number of our Market
Sent
on
in the
Review.
paying
is the
current
request for C-579
HUGHES & DIER
Stocks—Bonds—Grain
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
Capital, Surplus and Profits, $37,500,000
Mmbers Chicago Board
N. Y. Produce
42'New St.,
Philadelphia
of Trade
Exchange
New York
Cleveland
Pittsburgh
Nov. 20
1920.]
THE
XXI
CHRONICLE
jfimntM
financial
To Stockholders of
A Commercial Bank
Ever
since
The
Loan
and
Trust
Bank of
more
Chicago
than
sixty
GENERAL CHEMICAL COMPANY
THE SOLVAY PROCESS COMPANY
Merchants
SEMET-SOLVAY COMPANY
Company
was
THE BARRETT
founded,
the
years ago,
Company last mentioned!
for stock of the
time,
extending
Bank's
de¬
new
been added,
partments have
widening the
and
service,
but
•
it
has
always remained first of all
commercial
mercial
and
bank,
COM¬
including holders of Voting Trust Certificates
banking.
From time to
CHEMICAL
&
PANY, INC.,
big end of its business has been
commercial
COMPANY, AND
ANILINE
NATIONAL
a
com¬
banking its principal
ninety per cent, of the aggregate outstanding shares
of the above mentioned companies is now under the control of
Over
the
undersigned Committee, subject to the Chemical Consoli¬
dation
and Agreement.
Plan
that all stockholders who desire to
It is therefore important
participate in the Plan should deposit their, holdings
promptly.
The
period within which stockholders may become parties to
the Plan and Agreement by depositing their holdings, as therein
provided, expires November 30, 1920.
activity.
To-day this Bank stands fore¬
Accordingly, holders of
preferred
and
common
most
State
stocks
companies of
desire
all
among
banks and trust
the
BOARD OF DIRECTORS
Capitalist.
President
JR.,
Crane
Company.
MARSHALL FIELD,
Trustee Marshall
Field Estate.
Certificates
>
ERNEST A. HAMILL, Chairman Corn
President
HOLDEN,
HALE
Chicago
HUGHITT,
Chairman
Chi¬
& North Western Railway Co.
cago
therefor
no
de¬
.
date
posits
will be
received
by
the
Depositary ex¬
cept
with
the
express
consent
of the
Commit¬
Burlington & Quincy RR. Co.
MARVIN
said
After
Bank.
Exchange Nationa
not
deposited their hold¬
should deposit their
stock certificates (or vot¬
ing trust certificates), in
negotiable form,
on
or
before November 30,1920,
with
Guaranty
Trust
Company of New York,
Depositary, at its office,
No. 140 Broadway, New
York City, which will is¬
sue
transferable
Deposit
CLARENCE A. BURLEY, Attorney and
CRANE,
have
ings,
ings of bank deposits.
T.
but
and
tee
EDMUND D. HULBERT, President.
as
it
such terms
prescribe.
upon
may
CHAUNCEY KEEP, Trustee Marshall
Field Estate.
CYRUS
H.
transfer tax stamps
No
be
need
Chairman
McCORMICK,
provided by de-
stockholders ex¬
Deposit Cer¬
when
cept
tificates
in
that
to
are
in
be issued
other than
name
some
which
ited stock is
yet
commercial business and hold¬
R.
men¬
Companies,
who
to
participate in
Plan
the
the entire West in volume of
the above
of
tioned
positing
Until
the depos¬
registered.
the
Plan
is
de¬
clared
operative, all cash
dividends
paid
on
all
shares of. stock, preferred
and common, deposited
under the Plan, will be
promptly
paid over
to
the
holders
of
the
De¬
posit
Certificates repre¬
senting such shares.
Deposit Certificates rep¬
resenting stock listed on
the
New York Stock Ex¬
change are also listed on
said Exchange.
the
Plan,
and
accom¬
panying circular may be
obtained from the Depos¬
itary or the Secretary of
Copies
of
Agreement
the
Committee.
International Harvester Company.
JOHN
MITCHELL,
J.
Board.
Chairman
of
L,
Dated, November 16, 1920.
Z.
Committee:
...T:
WM.
SEYMOUR
Leiter
Trustee
MORRIS,
H.
NICHOLS,
Chairman
W. H .NICHOLS, JR.
Estate.
E. L. PIERCE
JOHN
RUNNELLS, President Pull¬
S.
R. W. SWIFT
Company.
man
H. H. S. HANDY
Chairman
RYERSON,
L.
EDWARD
A. W. HUDSON
Joseph T. Ryerson & Son.
EVERSLEY
JOHN
G.
SHEDD, President Marshall
Field & Company.
CLINTON S. LUTKINS,
Secretary of
ORSON SMITH, Chairman of Advisory
25
SOPER,
P.
Lumber
ALBERT
President
the Committee,
Broad
New
Committee.
JAMES
WM.
ORLANDO
Street,
CHILDS
HAMLIN
F.
CHILDS
WEBER
WM. J. MATHESON.
York City.
Soper
Company.
A.
SPRAGUE,
Chairman
\nj .«>»(/\%j
w>yw-m/m'V.W.WWV.WV»/WSV viy
«/ •
v«/
Sprague, Warner & Co.
Members Federal
CITY
Reserve Systems
Direct
Dated
BONDS
obligation 6% Sewer Bonds of the City of
Joplin, Missouri,
Optional June 1, 1925.
June 1, 1920.
Due
/
June 1, 1940.
Total Issue, $291,500
Population, 35,000
Actual value of taxable property
(estimated) $58,000,000
Assessed value taxable property (1919)
.
$19,005,815
Total debt, including this issue
....
$462,000
Price, to yield 5% per cent
Descriptive .Circulars Furnished Upon Request
"Identified with Chicago
Progress Since 1857"
Capital and Surplus,
$15,000,000
Bond Department
Mercantile Trust Company
ST. LOUIS
Member Federal Reserve System
MISSOURI
Capita, and Surplus $10,000,000
CHRONICLE
THE
[VOL. 111.
jfinatufal
©tof&entuf
READING COMPANY
General Office, Reading Terminal
Philadelphia, November 10, 1920.
The Board of Directors has declared from the
net
earnings a quarterly dividend of one per
(1%) on the First Preferred Stock of the
Company, to be paid on December 9, 1920, to
Reorganization of
cent
stockholders
Maxwell Motor
Company, Inc.
JAY V.
Chalmers Motor
Corporation
and
of
accounts
September last, being at the rate of seven
from revenue and three per
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,
merchandise
TRUST
COMPANY
(Incorporated.)
Racine, Wis., U. S. A., November 12, 1920.
regular quarter-yearly dividend of one
dollar and seventy-five cents (81.75) per share
upon the outstanding PREFERRED STOCK of
this Company, has been declared, payable Janu¬
ary 1, 1921, to the holders of Preferred Stock of
The
record at the close of business Monday,
ber 13, 1920.
WM.
J. I. Case
YORK, Depositary, at its office, 80 Broadway, New York
City, and the initial payments required upon the exercise of
minimum rights of purchase conferred by the Plan may be
made to said Depositary, but only upon payment of a penalty
of 50 cents for each $100 of such initial payments, and at said
rate for fractions of
LEO
•Chairman
R.
HAR8ECK
B.
BISBEE
JAMES C.
HARRY
BUTZEL,
CHALMERS
GEORGE
Vice-Chairman
ELDON
M.
HUGH
,
F.
BRADY
E.
BRONNER
R.
W.
DAVISON
EVERITT
HENRY
V.
POOR
TINKER
RALPH
VAN
VECHTEN
Committee
A.
A.
ROST, Secretary,
11
SAWYER, Secretary.
Threshing Machine Co.
Racine, Wis., U. S. A., November 12, 1920.
Notice is hereby given that a Common Stock
dividend of 39,000 shares of new Common Stock
of the Company has been declared, to be dis¬
tributed on the 15th day of December, 1920,
ratably to the holders of record on the 29th day
of November, 1920, of the 91,000 shares of the
Common Stock of the Company now outstanding
in proportion to the amount of Common Stock
owned by each of them respectively.
No cer¬
tificate will be issued for fractional shares, and
for the fractional part of a share to which any
stockholder may be entitled there will be issued
a certificate of dividend
scrip convertible Into a
Common Stock certificate when presented with
other like certificates though for different frac¬
tional shares, in amounts equal to a full share
of Common Stock, or any multiple thereof.
The
holder of any certificate of dividend scrip shall
not be entitled to a share of any dividends de¬
clared upon the Common Stock of the Company
until so converted and then only to dividends
payable subsequent to such conversion.
$100.
WALTER P. CHRYSLER
F.
(Incorporated)
Dated November 17, 1920.
J.
Decem¬
"
NEW
OF
1920.
J. 1. Case Threshing Machine Co.
(excluding accounts under $5,000).
The Stock
Committee, the Banking Committee and the Merchandise
Creditors' Committee, respectively, have assented to said
Plan and Agreement being declared
operative. The Re¬
organization Committee, however, having been requested
to grant a further extension of time, gives notice that until
the close of business on NOVEMBER 27, 1920, deposits of
stock and unsecured notes and claims may be made with
UNION
meeting of the Directors held to-day the
a
per cent per annum
cent per annum from
creditors
CENTRAL
HARE, Secretary.
30th
There have been deposited under the Plan and Agreement
notes
business,
usual quarterly dividend of two and one-half per
cent on the Common Stock for the quarter ended
dated September X, 1920, more than 83% of the outstanding
shares of said Companies, and more than 95% of the estimated
unsecured
of
DIVIDEND NO .98.
At
of
the close
at
CANADIAN PACIFIC RAILWAY COMPANY.
.-.V'.!'':"and
amount
of record
November 23, 1920.
Checks will be mailed to
stockholders who have filed dividend orders with
the Treasurer.
'
Pine Street, New York City.
WM.
F.
SAWYER, Secretary.
BATON ROUGE ELECTRIC COMPANY
Baton
Rouge,
Louisiana.
PREFERRED
WE
SILVER
OWN
AND
OFFER
BOW COUNTY,
MONTANA
January 1, 1920
Due January
Denomination
19
NO.
11
dividend of $4.00 per share on
the
common
capital stock of Baton Rouge Electric Company
have been declared, both payable December 1,
1920, to Stockholders of record at the close of
business November 17, 1920.
1929
1,
NO.
DIVIDEND
A semi-annual dividend of $3.00 per share on
the preferred capital stock and
a
semi-annual
6% HIGHWAY BONDS
Dated
DIVIDEND
COMMON
$1,000
STONE & WEBSTER,
Principal and semi-annual interest payable in New York City
Financial
Actual value, estimated
Assessed valuation, 1919-Total bonded debt,
Sinking
fund
on
;
$150,000,000
130,000,000
_
including this issue
FAIRBANKS,
36,744
estimated-
population,
PRICE
102.15
AND
MORSE
-100,000
(1M %)
has
been
declared on
the
Preferred
Capital Stock of the above Company, and will
INTEREST
be
payable on December
holders
Investment Securities
-
1st,
1920,
to stock¬
of record at the close
of business on
November 17th,
1920.
The transfer books of the Company will be
closed for the registration of transfers from the
close of business on November 17th, 1920, until
ten o'clock In the forenoon of December 1st,
Bosworth, Chanute & Company
ITth and California Streets,
& CO.
PREFERRED STOCK DIVIDEND.
Notice is hereby given that the regular Quar¬
terly Dividend of one and one-half per cent
653,000
hand
Present
INC..
Transfer Agent.
Statement
Denver, Colorado
1920.
F.
Chicago,
THE
A. G. Becker & Co,
Public
Utilities
in
for
communi¬
ties operated and
INVESTMENT SECURITIES
1ST
South La
Salle
the
quarter,
payable
December 24th,
1920,
December 2nd, 1920.
The transfer books will not close.
Checks for dividend will be mailed to stock¬
holders at the addresses last furnished to the
Transfer Office.
<1 Their securities
New
C. A. STARBUCK, President.
York, November 17th, 1920.
Street
ST. LOUIS
SAN FRANCISCO
NEW YORK AIR BRAKE COMPANY.
Seventy-second Quarterly Dividend
to stockholders of record at the close of business
financed.
offered to investors.
CHICAGO
MSWiYORK
BOUGHEY, Secretary.
November 17th. 1920.
The Board of Directors has this day declared
a dividend of TWO AND ONE-HALF PER
CENT
growing
COMMERCIAL PAPER
M.
Illinois,
SEATTO
LOS ANGELES
THE CUBAN-AMERICAN SUGAR COMPANY.
PREFERRED AND COMMON DIVIDEND
The Board of Directors has this day declared
Middle West
the
Utilities Co.
a
Suite No.
72
West
dividends for the quarter ending
31st, 1920: On the Preferred Stock,
of $1.75 per share; on the Common
dividend of $1.00 per share, payable
dividend
Stock,
a
January 3d,
1500
Adams
following
December
1921,
the close of business
St.
to
stockholders
on
December 10th, 1920.
of
record
at
The transfer books will not be closed.
Checks will be mailed.
CHICAGO, ILLINOIS
WALTER
•
■n€G9t2t
JACOB
Office, 9161 Exchange Ave.,
So. Chieage, 111.
Sarma, Austrian, Hungarian, Cseehoalavakian, Rumanian, and Jugoslav Gov't
Bends and Currency. *
J. VREELAND, Secretary.
York, November 17th, 1920.
Remington Typewriter Company
INCORPORATED
Branch
New
o>.
Preferred
BACKER
^
The
Est. 1916
a
Dividends
New York, November 17, 1920.
Board of Directors has this day declared
quarterly dividend of 1%% ($1.75 per share)
the First Preferred Stock, and a
2% ($2.00
per share) on the Second Preferred StocK, paya¬
ble January 2, 1921, to stockholders of record
£|>t the close of business December 10, 1920.
on
FINANCIAL
Exchange Bank BIdg*
BROKER
St.Paul
Minn
GEORGE
K.
GILLULY,
Secretary.
Nov. 20 1920.]
THE
CHRONICLE
SHtiftcnfe*
XXIII
jTittamlal
REPUBLIC IRON & STEEL COMPANY
Preferred Dividend No. 69.
At
meeting of the Board of Directors of the
Republic Iron & Steel Company, the regular
quarterly dividend of 1% % on the Preferred
a
Stock
was declared
payable January 2nd, 1921,
Stockholders of Record December 15th,
1920.
Books remain open.
We
to
desire to
name
of
announce
in Investment
Common Dividend No. 17.
At
a
that
the corporate
SHAPKER, WALLER & CO., dealers
Securities, has been changed to
meeting of the Board of Directors of the
Republic Iron & Steel Company, a dividend of
1 H% on the Common Stock was declared pay¬
able February 1st, 1921, to
Record January 15th, 1921.
SHAPKER & COMPANY
Stockholders of
Books remain
open.
RICHARD
JONES,
MR. EDWARD B.
JR.,
MR. JOHN F.
Secretary.
SHAPKER, President
KENT,
Vice-President
Succeeding Mr, A, Rawson Waller
The American
PREFERRED
COMMON
134
ar
South La Salle Street
Telephone State 6900
DIVIDEND
Chicago, 111.
DIVIDEND
November 8,
On the Preferred Stock
and
three
a
1920.
dividend of
per cenlt,
being the 116*1* consecutive dividend
one
quarters
-
thereon; payable
on
the third day of
January 1921 to stockholders of record
the first day of December 1920L
on
On the
Common
three
and
one
-
Stock
dividend of
a
quarters
per
cent,
being the 117*1* consecutive dividend
thereon; payable
the third day of
January 1921 to stockholders of record
on the
first day of December 192Q
on
The Transfer Books
"will
not
EDWIN T.GIBSON.
63
Tel. Hanover 6673
Secretary
JOHN
BAUER
SUMATRA TOBACCO
AMERICAN
COMPANY
Five-Year
Wall Street, N.
close.
7M%
Sinking
Gold
Fund
formerly lecturer
Convertible
Notes.
and Princeton
Temporary Notes of Above Tssue:
NOTICE
IS
HEREBY
GIVEN
that the
engraved notes with coupons attached, will be
ready on and 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
To the Holders of
for Definitive Notes with coupons
Public
on
finance and accounting at Cornell
Universities; Chief of Division of Accounts,
Service
Commission; Financial Adviser to the
Corporation Counsel, New York City,
opening of offices
as
Valuations—Tax
is especially important that this exchange
effected so that the Definitive Notes with
It
be
coupons
of
vance
the
I investigations
Financial
AS PROMPT¬
LY AS POSSIBLE AFTER NOVEMBER 17th,
1920.
announces
consultant in
Problems
will be received by the holders in ad¬
December 1st, 1920, when the first
payable.
interest coupon is
AMERICAN SUMATRA TOBACCO CO.
By FRANK M. ARGUIMBAU, Secretary.
Office of
LOCKWOOD,
The
upon
GREENE & CO.,
Boston, Mass.
Managers,
quarterly dividend of 3 % (SI .50 per share)
the common stock of the International
McKinley & Morris
Cotton Mills has been declared payable Decem¬
ber 1, 1920, at the office of the Transfer Agents,
the Old Colony Trust Company, Boston, Mass.,
to all
holders of record at close of business Novem¬
Members
New
York
Stock
ber 20, 1920.
Exchange
INTERNATIONAL COTTON MILLS,
Allan B. Greenough, Treasurer.
Office
of
GREENE & CO., Managers,
Boston, Mass.
The quarterly dividend of 1 % % 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.
INTERNATIONAL COTTON MILLS,
Allan B. Greenough, Treasurer.
LOCKWOOD,
OFFICE
The
N.
United Gas
OF
BONDS
v:-;
One Wall
W.
MORRIS,
©ftjfoenb*
The
Saturday, January 15, 1921, to stock¬
record at the close
December 20, 1920.
Monday,
G.
D.
of
MILNE,
business
Stock
regular quarterly
dividend of
15^%
on
preferred stockholders of record at the close
to
of business November 19, 1920.
S. E.
on
SCHWEITZER, Treasurer.
Treasurer.
MERGENTHALER LINOTYPE CO.
Brooklyn, N. Y., Nov. 16, 1920.
NATIONAL
111
DIVIDEND
LEAD COMPANY,
A
Broadway
quarterly dividend of one and one-half per
declared on the Common Stock of
payable December 31, 1920, to
stockholders of record at close of business Deccember 10, 1920.
FRED R. FORTM
YER, Treasurer.
A
cent has been
this Company,
„
.
100.
regular quarterly dividend of 2H per cent
capital stock of Mergenthaler Linotype
Company will be paid on December 31, 1920, to
the stockholders of record as they appear at the
close of business on December 4, 1920.
The
Transfer Books will not be closed.
jos. T. MACKEY, Treasurer.
on
the
BAG & PAPER CORPORATION.
QUARTERLY DIVIDEND.
New York, Nov. 17, 1920.
A quarterly dividend of 2 per cent has this day
been declared upon the stock of this Corporation,
payable December 14th, 1920, to holders of record
of the stock of t.hls Corporation at the close of
business on*December 4th, 1920.
CHARLES B. SANDERS, Secretary.
UNION
Dividend
the Preferred Stock of Nebraska Power Company
has been declared, payable December 1, 1920,
dividend of Two Dollars per share will be
of
Jiftfijeniui
Nebraska Power Company
Treasurer.
American Telephone & Telegraph Co.
A
City
STREETS
Preferred
holders
New York
Improvement Co.
Philadelphia, Sept. 8, 1920.
The Directors have this day declared a quar¬
terly dividend
of one
and three-quarters
per cent (87Kc. per share) on the Preferred
Stock of this Company, payable December 15,
1920, to holders or Preferred Stock of record at
the close of business November 30, 1920.
Checks will be mailed.
paid on
Street
-\vy
'
W. CORNER BROAD & ARCH
I.
-I..'-.
,
AMERICAN
POWER
&
LIGHT COMPANY.
71 Broadway, New York.
COMMON STOCK DIVIDEND NO.
The regular quarterly
(1%)
Power
32.
dividend of one per cent
American
declared,
1920, to common stock¬
the Common Stock of the
& Light Company has been
on
payable December
1,
holders of record at the close of business Novem¬
ber 18,1920.
william reISER. Treasurer.
Nov. 20 1920.]
THE CHRONICLE
XXIII
©ibibettlus
Jfinatuial
REPUBLIC IRON & STEEL COMPANY
Preferred Dividend No. 69.
At
a
meeting of the Board of Directors of the
Republic Iron & Steel Company, the regular
quarterly dividend of 1%% on the Preferred
Stock
was declared
paya ble January 2nd, 1921,
Stockholders of Record December
15th,
1920.
Books remain open.
We
to
desire
of
name
that
announce
SHAPKER, WALLER
in Investment
Common Dividend No. 17.
At
to
the
&
corporate
CO., dealers
Securities, has been changed
to
a
meeting of the Board of Directors of the
Republic Iron & Steel Company, a dividend of
1 Yi % on the Common Stock was declared
pay¬
able February 1st, 1921, to Stockholders of
Record January 15th, 1921.
Books remain
SHAPKER & COMPANY
open.
RICHARD
JONES,
MR. EDWARD B.
JR.,
Secretary.
MR. JOHN F.
SHAPKER, President
KENT,
Vice-President
Succeeding Mr. A. Rawson Waller
TheAmerican
v
PREFERRED
COMMON
Sugar
134
South La Salle Street
Telephone State
DIVIDEND
6900
Chicago, 111.
DIVIDEND
November 8, 1920.
On the Preferred Stock
one
a
dividend of
and
three-quarters per cent,
being the 116*? consecutive dividend
thereon: pavable
January 19&1
the
On
first
On the
the third day of
day of December 1920L
Common
and
one
on
to stockholders of record
three
-
Stock
a
dividend of
quarters
per
cent,
being the 117 *.h consecutive dividend
thereon; payable on the third
day of
January l921to stockholders of record
the
on
63
first-day of December 1920.
The Transfer Books
will
EDWIN T. GIBSON.
AMERICAN
Wall
Stre
Tel. Hanover 6673
close.
not
Secretary
JOHN
SUMATRA TOBACCO
BAUER
COMPANY
Five-Year
7H%
Sinking
Gold
Fund
formerly lecturer
Convertible
Notes.
and Princeton
To the Holders of Temporary Notes of Above Issue:
NOTICE
IS
HEREBY
GIVEN
that
the
Public
engraved notes with coupons attached, will be
ready on and after November 17th, 1920, for
delivery and exchange for Temporary Notes of
the above issue, upon surrender thereof at the
Notes
requested to exchange the
are
It
be
is
Universities; Chief of Division
Service
of Accounts,
Commission; Financial Adviser to the
announces
the
same
for Definitive Notes with coupons AS PROMPT¬
LY AS POSSIBLE AFTER NOVEMBER
17th,
1920.
finance and accounting at Cornell
Corporation Counsel, New York City,
opening of offices as consultant in
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
on
Financial
investigations
/
especially
effected
so
important
that
Valuations—Tax
that
this exchange
Definitive Notes with
the
Problems
coupons will be received
of December
1st,
by the holders in ad¬
1920, when the first
Interest coupon is payable.
vance
AMERICAN SUMATRA TOBACCO CO.
By FRANK M. ARGUIMBAU, Secretary.
Office of
LOCKWOOD,
GREENE Sc CO., Managers,
Boston, Mass.
The quarterly dividend of 3% ($1.50 per share)
upon the
common
stock of the International
Cotton Mills has been declared payable Decem¬
ber 1, 1920, at the office of the Transfer
Agents,
the Old
McKinley & Morris
Colony Trust Company, Boston, Mass.,
to all holders of record at close of business Novem¬
Members
ber 20, 1920.
INTERNATIONAL COTTON MILLS,
Allan B. Greenough, Treasurer.
New
York
Stock
Exchange
Office of
LOCKWOOD,
GREENE & CO., Managers,
Boston, Mass.
The quarterly dividend of 1 % % 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.
INTERNATIONAL COTTON MILLS,
Allan B. Greenough, Treasurer.
BONDS
-v-
One Wall
A.;-V^-0"
Street
New York
OFFICE OF
The
United
Gas
City
Improvement Co.
N. W. CORNER BROAD & ARCH STREETS
Philadelphia, Sept. 8, 1920.
The Directors have this day declared a quar¬
terly
dividend
of
one
and
three-quarters
Ser cent this Company,share) on December 16,
tock of
(87Kc. per payable the Preferred
1920, to holders of Preferred Stock of record
of business November 30, 1920.
JUbfoenba
at
the close
Checks
will
be
mailed.
I. W. MORRIS,
Nebraska Power
Treasurer.
Preferred
American Telephone &
A
dividend
of
Two
Telegraph Co.
Dollars per share
The regular quarterly dividend of
\%% on
the Preferred Stock of Nebraska Power
Company
been declared, payable December
will
be
to
1, 1920,
preferred stockholders of record at the close
of business November 19,
on
December
20,
G.
D.
Company
Dividend
has
Eaid on of record at tbe close 1921, to stockolders
Saturday, January 15, of business
Monday,
Stock
S.
1920.
1920.
E. SCHWEITZER, Treasurer.
A
COMPANY,
111 Broadway
quarterly dividend of one and one-half
on
the Common
per
Stock of
this Company, payable December 31, 1920, to
stockholders of record at close of business Deccember 10, 1920.
pfeED R. FORTM YER, Treasurer.
DIVIDEND
POWER
&
LIGHT
COMPANY.
71 Broadway, New York.
COMMON STOCK DIVIDEND NO.
100.
A
3^.
regular quarterly dividend of 2H per cent
on
the capital stock of Mergenthaler
Linotype
Company will be paid on December 31, 1920, to
the stockholders of record as
they appear at the
close of business on December 4,
1920.
The
payable December 1, 1920, to common stock¬
holders of record at the close of business Novem¬
Transfer Books will not be closed.
ber
__
•
AMERICAN
Brooklyn, N. Y., Nov. 16, 1920.
LEAD
cent has been declared
BAO & PAPER CORPORATION.
QUARTERLY DIVIDEND.
New York, Nov. 17, 1920.
A quarterly dividend of 2
per cent has this day
been declared upon the stock of this
Corporation,
payable December 14th, 1920, to holders of record
of the stock of this
Corporation at the close of
business on "December 4th, 1920.
CHARLES B. SANDERS, Secretary.
MILNE, Treasurer.
MERGENTHALER LINOTYPE CO.
NATIONAL
UNION
JOS.
T.
MACKEY, Treasurer.
The regular quarterly dividend of one per cent
on the Common Stock of the
American
(1%)
Power
&
Light
Company
has
been
declared,
18,1920.
WILLIAM
REISER, Treasurer.
THE
xxiv
CHRONICLE
[Vol. 111.
jftmntial
fthan Some
OTHING is surer
N
the
than
this
who
man
is
bets
the
average
motorist is
h
tical.
track
But
"him going
❖
prac¬
off the
you
will find
right in the end.
*
The trouble with the irre¬
sponsible type of tire dealer
is that he allows his ideas
of his
by
coterie, not at all
of
tative
a
small
could
to encourage
motoring
the
greater care in tire selection.
Firm in the belief that the
they
more
Not
every
motorist
always finds it
them to
represen¬
public.
of
advantage
know
about
tires, the quicker they will
come to
out imme¬
quality.
*
Back
American
and then.
❖
fostered
*
*
diately.
essentially
always
seem to
whom he takes
country
He may get
now
and
tire
going to lose.
The
*
of
of this
users
that
informed
against the
opinion
—
Ifeople
customers to
be bred
in an atmosphere ofdistrust
But the time it takes for
motorists
generally
to com¬
plete their tire education
is
growing less and less
every
season.
I
of
dealer who
tires
stand
:j:
legitimate
legitimate
all the
weight
m
and influence and respon¬
sibility of the United States
Rubber
:j:
the
sells
Company—the
*
largest and most experienced
The United States Rub¬
ber
Company has always
stood for
tire
a
wider
knowledge
spread of
among
motorists.
Doing
organization of its kind in
the world.
Go
to
want a
him
tire.
—and that way
everything
it
when
you
For that way
only—lies
economy.
United States Hres
United States
Rubber
Company
Fifty-three
The oldest and largest
Two hundred and
Factories
Rubber Organization in the World
thirty-five Branches
!
MfHfciaaSMi
■rl
.
NM
■
W
Nov. 20 1920.]
THE
XXV
CHRONICLE
$8,000,000
H. J. Heinz
Company
(Makers of "57 Varieties" of Food Products)
Ten-Year 7% Gold Notes
Dated December 1,
1
Due December 1, 1930
1920
Interest payable June 1st and December 1st
Interchangeable Denominations of $1,000, $500 and $100, Registerable
Coupon Notes in
as
to Principal
only
the office of the Trustee in New York, in whole or in part, on any interest date on thirty days' previous
notice; at 105 and interest, on or before December 1, 1921; at 104^ and interest after December 1, 1921, and
on or before December 1, 1922; at 104 and interest after December 1, 1922, and on or before December 1,
Redeemable
at
1923; at 103^
and interest after December 1, 1923, and
on
or
before December 1, 1924;
and interest after December 1, 1924, and on or before December 1, 1925; at 102 H
interest after December 1, 1925, and on or before December 1, 1926; at 102
and interest after December 1, 1926, and on or before December 1, 1927;
at
101*4 and interest after December 1, 1927, and on or before
December 1, 1928; at 101 and interest after Decem¬
ber 1, 1928, and on or before December 1,
1929;
at
100^
on
June
1,
1930.
without deduction of normal Federal Income Tax not in excess"of 2%
Interest payable
FREE
PRINCIPAL
AND
OF
i
THE
INTEREST
GUARANTY
PENNSYLVANIA
PAYABLE
TRUST
NEW
IN
are the direct obligations of
Company and constitute the
only funded debt of the Company, except a
real estate mortgage of $83,333.34.
The proceeds of the sale of these Notes
will be applied to the payment of Notes
payable and to provide additional working
capital.
Sales of the Company since May 1, 1920,
J.
show
last
increase of twenty-two per cent over
The books show net
interest
The
Notes
be
stance, among
OFjfcTHE
letter of Mr. Howard Heinz,
any
of
assets
in
a
sum
equal to at least
one
and
these
one-half times the aggregate amount of its
liabilities and indebtedness, secured or un¬
provide in sub¬
other covenants, that so long
secured, including the face amount of all of
these Notes at any time outstanding.
indenture
Trust
will
a
OFFICE
TRUSTEE
these Notes ^re outstanding,
Company nor any subsidiary will
mortgage any of its real or personal property,
but nothing herein contained shall prevent
the
Company from purchasing property
subject to a mortgage, or from creating a
purchase-money mortgage to the extent of
75% of the fair value of the property pur¬
chased, or pledging by the Company or any
subsidiary company as security for loans
made to it or them, or any of them, in the
regular and current conduct of their respec¬
tive business, of any accounts receivable or
other liquid assets, or any stocks, bonds, or
other securities owned by them, other than
shares of stocks of any subsidiary company.
It also provides that the Company will
at all times maintain its cash and quick
as
year.
earnings available for
charges, before providing for Federal
taxes, for the four years ended April 30,1920,
averaged $2,865,323, or more than five times
the annual interest charge on these Notes,
which amounts to $560,000, and average net
earnings, after providing for Federal taxes
for the four years ended April 30, 1920,
amounting to $2,344,643.
THE
AT
neither the
Heinz
an
TAX
YORK,
regard to this issue of Notes is given in
of the Company, from which we summarize as follows:
These Notes
H.
YORK
NEW
OF
COMPANY
MILL
FOUR
Further information in
President
at 103
and
issued
under
which
will
We offer these Notes when, as,
and if issued'and received by
approval of counsel, at:
us,
subject to prior sale and to the
.9434 and Interest to Yield About 734%
It is
expected that temporary notes
or
interim receipts will be ready for delivery
on or
about
December 7, 1920.
All legal matters in connection with this issue will be approved by Sullivan & Cromwell and
Hawkins, Delafield & Longfellow of New York.
GOLDMAN, SACHS & CO.
New
LEHMAN BROTHERS
E. NAUMBURG & CO.
York
New
New York
York
THE UNION TRUST COMPANY OF PITTSBURGH
Pittsburgh, Pa.
We do not guarantee the statements
and figures presented herein, but they are taken from sources
which
.
All
the above
Notes
we
believe
to
be
having been sold this advertisement
accurate.
appears
as
a
matter
of record only
%r''*
xxvi
THE
,r
CHRONICLE
[Vol. 111.
jFinamfal
'
«wvw
New Issue
$1,500,000
The Nevada-California Electric Corporation
Ten-Year 8% Secured Gold Notes
Dated
November
1,
1920
Due
November
Principal and semi-annual interest (May 1 and November 1) payable in New York, San Francisco and Denver.
is obligated to pay normal Federal Income Tax lawfully deductible at the
source, up to 2%.
$500 and $1,000 denominations.
option
on any
For information
Principal may be registered.
Redeemable
interest date at 103 and accrued interest, upon
The
International
Trust
Company,
at
In
1,
1930
Corporation
coupon
form,
Corporation's
ninety days' notice.
Denver,
Trustee.
regarding these notes and the property and business of the
Corporation and its subsidiary companies,
refer to
we
letter from Mr. £. 5.
a
Kassler, President of the Corporation, from which the following
summary
is
made:
The Ten-Year 8% Secured Gold
SECURITY:
Notes
are
direct
Upon retirement of outstanding first mortgage
obligations of The Nevada-
bonds of subsidiary companies in the hands of
the public, The Nevada-California Electric
California Electric Corporation and are to he
secured by deposit with the Trustee of the
Corporation 6% First Lien Bonds will be se¬
by a direct collateral first hen upon all
properties of the subsidiary companies.
Corporation's 6% First Lien Gold Bonds of a
par value equal to 150% of the face amount of
notes outstanding,
viz.: $150
par value of
bonds for each $100 par value of notes.
Of
/;V;
'".I
cured
®
agrees
to maintain
the market value of the
a
Gold Bonds and the par value of the notes
standing of 115 to lOO.jg
FIRST"
LIEN
BONDS:'"'"
public and the present issue of Ten-Year
Secured
Gold Notes, are
equal to
NEARLY
TWO
AND
ONE-QUARTER
TIMES
the
annual
interest requirements
($635,580) of these two issues.
Over 80%
of the total power generated is
hydro¬
electric
fijM
6% First Lien
Bonds, $2,250,000 of which are to be deposited
as collateral for this note
issue, will be secured
by pledge of $10,920,000 par value of 6%
Bonds of subsidiary companies (of which
$5,192,000 are hirst mortgage bonds and
$5,728,000 are first and refunding mortgage
bonds) and $16,304,500 (over 99%) of their
capital stocks.
Application is now being made
;V
RATE INCREASE:
authorized
an
on
September 17, 1920,
increase in
rates
to
the
Cor¬
REPLACEMENT
VALUE:
The replacement
properties as of August 31, 1920, was
$22,927,778.43.
This compares with total
secured debt outstanding in the hands of the
public of $13,735,500, including this issue of
$1,500,000 Ten-Year 8% Secured Gold Notes.
value of
Gold Bonds.
Price 99 and interest,
as
The Railroad Commission
poration's subsidiary companies operating in
California, which the Commission estimates
will increase the annual revenue by $312,000
based upon present electric sales.
refunding mortgage bonds of subsidiary com¬
panies, which, when authorized, will be avail¬
able as additional security for the
6% First
(If,
power.
of State of California
to the Railroad Commission of State of Cali¬
fornia for additional certification of first and
Lien
.
The
the
Lien^
out-^i
The
16 6
il-6
earnings for the twelve
ended September 30, 1920, available
-
8%
ratio between"^
pledged 6% First
'
for the payment of interest on the 6% First
Lien Gold Bonds outstanding in the hands of
B, both series being equally secured
under the First
Lien Indenture, dated Jan¬
uary 1, 1916.
Corporation
.
months
of Series
3
■
EARNINGS:
the $2,250,000
6% First Lien Gold Bonds to
be pledged as security for the notes, $1,125,000
are to be of Series A, and $1,125,000 are to be
yielding
over
and when issued)
Descriptive Circular Furnished
Spencer Trask & Co.
on
8.15%
66>j6
Application.
Blyth, Witter & Co.
25|Broad Street, New York
61
Broadway, New York
Boettcher, Porter & Co.
Denver
Bankers Trust Co.
The International Trust Co.
Denver
Denver
All
information given herein is from official
but
in
no
event
are
the
statements
herein
sources, or from those which we regard as reliable;
to be regarded as our representations.
contained
Nov. 20 1920.]
THE
CHRONICLE
XXVII
jrcttatufei
TO THE
HOLDERS
OF
1
$25,000,000
4V2% Sinking Fund Gold
Bonds, due 1943
OF THE
'Institution for
Encouragement of Irrigation Works and Development of
Agriculture, S. A."
(Caja de Prestamos
para
obras de Irrigacion
y
Foinento de la
Agricultura, S. A.)
Principal, Interest and Sinking Fund Unconditionally
Guaranteed
by the Mexican Government
Default was made in the payment of the interest on the above
Bonds, due
May 1st, 1914, and, since May 1st, 1919, default has also been made in the sinking
fund payments provided for the redemption of these Bonds.
The payment of
anteed
Since
of the
Principal, Interest and Sinking Fund is unconditionally
guar¬
by endorsement by the Mexican Government.
the
above defaults
of the
owners
occurred,
have made repeated efforts,
we
on
behalf
Bonds, to have the interest and sinking fund installments paid,
and to have the Mexican Government make
good its guarantee thereof, but without
avail.
General Alvaro Obregon, who has been elected President of the United States
of
Mexico, and who will
have
assume
publicly declared that the
office
on
December 1st, is reported, however, to
Mexican Government "will recognize all legal
new
foreign debts," and that all its debts will be paid "as far
There
are
a
number of
possible."
as
foreign loans of the Mexican Government, secured and
unsecured, and other guarantees given by it,
on
well
as a
and
which default has been made,
provided for by the Mexican Government.
as
large amount of other claims against it, which will have to be recognized
—
We therefore consider it important that the holders of the above Bonds should
unite, without delay, for the
that end
all
unpaid
proper
and effectual protection of their interests.
invite holders of the above
we
coupons
mentioned Bonds to deposit the
attached, with the
New York
tary, at its office, 26 Broad Street, New York,
or
December
a
31st,
1920,
subject to the terms of
November
18th, 1920.
positary
at our office, 24-26 Pine Street.
or
Copies of this Agreement
Trust
Company,
with its agents,
on
To
same, with
as Deposi¬
or
before
Bondholders Agreement, dated
may
be obtained from the De¬
*
Temporary certificates of deposit will be issued by the Depositary, exchange¬
able for engraved bearer certificates.
the engraved
certificates
We will make
4
Agreement.
New
.
no
on
Application will be made for the listing of
the New York Stock Exchange.
charge to depositing bondholders for
York, November 18th, 1920.
CADWALADER, WICKERSHAM & TAFT, Counsel.
our
services under the
.
SPEYER & CO.
[Vol.111.
CHRONICLE
THE
jrtnaiwfal
This advertisement appears as a
been sold.
matter of,record, as the entire issue has
$1,700,000
The Calco Chemical
First Mortgage
Dated
October 1,
Company
Eight Per Cent Sinking Fund Convertible Gold
Due
1920
Bonds
October
1940
1,
Outstanding $2,250,000
Authorized $2,600,000
Pennsylvania State tax of four mills refunded
CONVERTIBLE after October 1,
1922,
or sooner
if lawful, and until October 1,
Cumulative Preferred Stock of the Company,
par value $100 each, and 8 shares of Common Stock of the Company without par
value, for each $1,000 principal amount of bonds.
1925, at the rate of 10 shares of 8%
PRIVILEGE: If and when conversion is made, any bond¬
STOCK PURCHASE
Stock of the Company
is made on or before
share if made thereafter and before October 1,
holder shall have the
right to purchase 12 shares of Common
without par
value, at
a
October
1923,
at $15 per
1,
or
price of $12 per share, if such conversion
1925.
The
following is
Business—The
manufacturers
a summary
Company
in
the
is
a
letter signed by Mr. R. C. Jeffcott,
of the largest
one
country
of
intermediates
of
pharmaceutical
products and other chemical products of a kindred
bases of
(the
nature.
in
are
dyestuffs),
dyes,
The indicated sales for the current year
excess
a
to
President of the Company:
Net quick assets amounted
chemical business.
$2,792,355.75,
approximately 125% of the
or
outstanding bonds.
earnings
Earnings—Net
available
interest for the six months ended
of $10,000,000.
amounted to $635,262.84, or at
Property—The main plant of the Company is
Brook, New Jersey,
located at Bound
on
250
of land and consists of 57 modern buildings
of
acres
largely
steel, brick and concrete construction, valued at
approximately $4,500,000.
Smaller plants are
located in Jersey City, Woodbridge and Burling¬
Mortgage
on
Net assets
the
new
as
bonds
are
secured
by
a
First
all the property of the Company.
of July 1,1920,
financing,
$7,112,873.67,
approximately $3,161 for each $1,000 bond
or
outstanding, without giving
any
to
intangible
good-will
and
the
large
value whatever
assets
of
by Messrs. Ailing, Webb & Morehouse for the Company.
Mitchell & Company.
Messrs. Coverdale and
have
times the annual
outstanding bonds.
Earn¬
averaged approximately three and one-half
times the interest
charges
the bonds.
on
annual
Fund—An
sinking
fund
is
for the retire¬
exceeding 110 and accrued
provided in the Trust Indenture
ment of the bonds at not
issue before
maturity.
For the
purpose
of this
fund, 10% of the net earnings of the Company
after payment
of taxes and fixed charges will be
deposited annually with the Trustee, but in
event less than
$70,000
no
per annum.
Hornblower, Miller & Garrison for the bankers,
The accounts of the Company have been audited! by Messrs. Marwick,
Appraisals have been made by the American Appraisal Company and engineering and chemical reports by
Colpitts and by Professor Herbert R. Moody of the College of the City of New York.
Price 98 and interest, to
Hemphill, Noyes & Co.
37 Wall Street
New York
The above
the annual rate of
seven
ings since the incorporation of the Company in 1916
All legal details concerning the validity of these bonds are being passed upon by Messrs.
and
than
1920,
interest, which it is estimated will retire the entire
after giving effect to
amounted to
more
interest charges on the
Sinking
ton, New Jersey.
Security—The
$1,270,525.68,
bond
for
June 30,
yield about 8.20%
Taylor, Ewart & Co.
105
So. La Salle Street
Chicago
Information, while not guaranteed, has been obtained from sources we believe to be accurate.
Nov. 20 1920.]
THE
CHRONICLE
v c: c
^Financial
(PARIS ISSUE)
Dated
July 1, 1895
Due July 1, 1931
Originally Issued,
Outstanding July 1, 1920,
Interest
400,000,000 Fes. (£15,820,000)
185,167,500 Fes. (£ 7,341,000)
payable January 1st and July 1st, Coupon Bonds in denomination of 2,500 francs and
500
francs, with
at par
value in other currencies expressed
par
Belgium,
Holland,
The bonds of this issue
Chinese tax whatever,
Security—These bonds
are
are
the Chinese
Germany
Switzerland,
or
Russia.
forever exempt from any present or future
from any other deductions on the part of China
or
over
all future loans, by custom-duties collected at
Treaty-Ports, and by the deposit of custom-bonds.
which
were
.
direct obligation of the Chinese Government, and
a
guaranteed, by priority
loans
Redeemable
Principal and interest
payable at option of holder in fixed amounts in England, France,
,
are
each bond.
on
and accrued interest by annual drawings by lot.
charges
upon
All previous
the custom-duties collected at the Chinese
Treaty-Ports, having been redeemed, this issue is the first charge on the entire
revenue
from
Chinese
($45,795,756)
or
over
ments of this loan.
reported
as
Maritime
Customs, which
The income from this
British direction.
showing
source
Revenues from this
an
source
increase of 20%
effected in Paris each
now
July 1st following.
was
36,345,045 taels
ten times the annual sinking fund and interest require-
over
Sinking Fund—Redemption is accomplished by
lot
administered under
are
in 1918
For that
for the year 1919 are unofficially
1918.
means
of
an
annual drawing by
April, the bonds drawn being redeemed at
purpose
1.288688% of the
par
par
amount of the
original issue is applied annually together with the interest of the drawn
bonds.
As
of-July 1st, 1920, 214,832,500 francs had bebn
All outstanding bonds
53% of the original issue.
by July 1, 1931, making
an average
are
life less than six
so
redeemed,
or over
to be retired as indicated
years.
Payment Options—Holders of this issue have the choice of collecting both prin¬
cipal and interest in currencies of
any
of the following countries: Great Britain,
France, Netherlands, Belgium, Switzerland, Germany and Russia.
of
This choice
exchanges gives the value of the bonds exceptional stability with unusual
opportunity for profit through improvement in the foreign exchange values of
the several currencies mentioned.
Concerning the provisions of the bond relative to payments in francs,
we are
advised
by counsel, Messrs. Evarts, Choate, Sherman & L6on, New York, that
in their
opinion "the holder has the absolute choice between French Francs in
France, Belgian Francs in Belgium and Swiss Francs in Switzerland for both
principal and interest" this opinion being in accord with the actual practice
the Chinese Government
Price to
Rutter & Co.
reported to
yield approximately 8.30%
based
14
as
Wall Street
New York
on
present
us
by
up
our
of
European correspondents.
to 38% according to redemption,
low rates for exchange.
Chas. D. Barney & Co.
New York
Philadelphia
lj> Broad Street
The above information, while not guaranteed, has been obtained from sources we
122 S. Fourth Street
believe to be accurate and reliable
'
XXX
THE
CHRONICLE
[Vol. 111.
Jfitmuial
We
of
own
and
offer with
conservatively
a
recommendation
our
issued
Municipal
few of which
are
and
large number
a
Corporation
Bonds,
listed below:
MUNICIPALS
,
Issue
Maturity
PerCent
Yield
City of Lorain, Ohio, $y2s
1934-1938
Cerro Gordo County, Iowa, 5s
.1924-1934
Miami Conservancy District, Ohio,
5y2s
1933-1949
Franklin County, Texas, 5s
_.__Aug. 1, 1956
White's Creek Twp., Bladen
County, N. C., 6s...July 1, 1939
Abbott's Township, Bladen County, N. C., 6s.
July 1, 1939
City of Little Rock, Ark,, Temporary Loan
July 25, 1921
5.10
_
5.25-5.50
5.40
5.75
6.00
6.00
7.00
CORPORATION BONDS AND NOTES
Chicago Junction Railroad Co. 1st 4s
Bell Tel. Co. of Pennsylvania 1st & Ref. 7s
Mar.
Knickerbocker Ice Co. First 5s__
Iowa Electric Company 1st 6s__
July
July
Oct.
1,
1,
Nov. 1,
....Oct. 15,
...
Diamond Match
Swift &
1, 1945
1, 1945
Company iy2s
Company 7s
6.55
6.87
1941
7.35
1934
7.50
1935
7.50
1925
7.60
Sears, Roebuck & Co. 7s___#
1921 to 1923
Pennsylvania-Ohio Power & Lt. 1st & Ref. 71/£s__Nov. 1, 1940
Westinghouse Electric & Mfg. Co. 7s
...May 1, 1931
Rainey-Wood Coke Company Equipment 71/£s_...Aug. 1, 1921,
7.60-7.85
__
7.85
7.65
8.00
Davis-Watkins Dairymen's Mfg. Co. 1st 7s
1922 to 1923
General Amer. Tank Car Corp.
Equip. 7s, Ser. 2_.1921-1923
Brunswick-Balke-Collender Co. 6s._._
...
Salina Light, Power & Gas Co. 1st 7s
Richland Public Service Co. 7s
8.00
8.00
Jan.
1, 1922
May 1, 1923
...Mar. 15, 1922
8.00
8.12
8.50
-
PREFERRED STOCKS
H.
W. Gossard Co. 7 Per Cent Preferred Stock
Penick & Ford, Ltd., Inc. 7 Per Cent Preferred Stock
Alfred Decker & Cohn,
Inc., 7 Per Cent Preferred Stock
Godchaux Sugars,
Inc. 7 Per Cent 1st Preferred Stock
Securities
are
Offered
Subject to Prior Sale
Circulars Furnished
on
Request
Safety of Principal Is Our First Consideration
7.95
T
7.95
...8.00
8.15
IV
ommerria
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 111.
SATURDAY, NOVEMBER 20, 1920
PUBLISHED
Inc.
WEEKLY
1920.
$10 00
European
subscriptions
rates
of
advertisements
must
Terms
made
in
of
six months (26 times) per inch
WILLIAM
175 00
100 00
,
B.
Pino
DANA
and
COMPANY, Publishers,
Depeyster Streets,
New
York.
+ 9.1
+3.6
15,126,000
Columbus
16,086,200'
—0.7
10,170,461
15,800,256
—35.6
Peoria
4,491,503
5,180,797
—13.2
Grand Rapids
7,235,921
—5.3
Youngstown
6,854,647
4 410,018
4,953,059
2,421,507
2,240,213
8,740,000
1,100,000
5,827,019
11,732,300
10,921,913
5,189,774
5,362,075
4,037,458
4,282,746
1,899,062
'1,339,363
2,500,000
3,300,000
1,520,273
1,478,391
1,428,000
Detroit
Milwaukee
_
Dayton
Evansville
Akron
Lexington.
Bend
Decatur
Danville
CLEARING HOUSE RETURNS.
$8,744,889,719,
week
against
last
$8,440,069,545
last
week
Jacksonville, Ill__
and
$9,772,311,065
Ann Arbor
Telegraph.
Per
Week ending November 20.
1920.
1919.
Cent.
$4,036,987,617
$4,584,809,607
565,693,802
421,236,111
373,258,249
230,622,357
164,393,331
147,061,935
138,530,595
102,000,000
79,675,844
88,748,759
—11.9
__
Los Angeles
Seattle
Portland
New York
Chicago
Philadelphia
534,861,279
421,072,482
318,689,957
;
Kansas City
180,860,655
St. Louis
138,757,266
150,700,000
156,305,206
118,283,317
90,070,890
San Francisco..
Pittsburgh
Detroit
Baltimore
......I
New Orleans.
58,897,851
—5.4
Spokane
Salt Lake City
—0.04
Tacoma
—14.6
Oakland...
—21.6
Sacramento
—15.6
San Diego
+ 2.5
Fresno
+ 12.8
Stockton
+ 16.0
Pasadena
+ 13.0
—33.6
San Jose
Yakima
Reno
Eleven cities, 5 days
$6,205,486,520
1,132,478,926
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
Total all cities for week...
$6,896,030,590
1,331,424,283
—10.0
$7,337,965,446
1,406,924,273
$8,227,454,873
1,544,856,192
—10.8
$8,744,889,719
—14.9
next
Santa Barbara
Total
Pacific.
—10.5
Minneapolis
Omaha
Saturday.
St.
-
Paul
them to-day, clearings beng 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
all
St.
cases estimated, as we go to press Friday night.
Detailed figures for the week ending Nov. 13 show;
Duluth
Joseph
Des
Moines
Sioux
Topeka
Lincoln
or
Dec.
1918.
%
York......
4,631,102,542 5,868,072,085
Pittsburgh
Baltimore.—.—..
Buffalo.
—
Albany
476,788,558
187,859,779
87,120,016
507,624,250
46,840,372
4,289,462
Philadelphia
+ 10.1
97,272,561
—10.4
45,304,991
+ 3.4
—25.0
3,685,967
5,371,332
5,001,896
+ 7.4
5,561,939
3,300,000
4,000,000
3,146,824
—
5,220,229
Reading
—
2,900,000
Wilmington
3,000,000
Wilkes-Barre
3,077,513
Wheeling
5,000,000
Trenton
5,091,484
+3.4
+ 6.5
—6
—2
—19.2
2,959,462
6,189,997
3,943,194
1,423,197
2,654,875
Greensburg
1,535,086
1,134,714
+ 35.3
Chester....
1,395,839
1,477,355
—5.6
Blnghamton
1,219,000
1,291,000
—5.6
1,042,395
1,106,544
+2.5
2,981,808
2,789,820
549,109
+ 6.9
...
1,493,042
York
Erie
—
Altoona
-
—
Lancaster...__
Montclair
.
525,452
.
4,161,164 Not included
2,178,323 Not included
Bethlehem
Huntington
Total Middle— 5,507,206,619
Boston
344.527,380
—
Providence
Hartford
—
New Haven
Springfield
— —
Portland....
Worcester..
Fall
...
River
New Bedford-
—
Lowell
Holyoke
12,636,600
11,070,344
6,152,880
5,000,000
2,400,000
4,470,858
1,837,317
1,688,611
1,882,800
850,000
6,766,798,172
389,124,931
16,757,800
11,372,428
7,475,951
4,902,590
2,500,000
4,790,702
3,200,918
2,412,031
1,241,747
813,052
801,294
Bangor
1,104,923
Stamford
2,718,521 Not included
Total New Eng
393,621,7131
445,393,444
121,020,972
77,630,542
—12.1
11,997,798
Syracuse
$
24,120,387
5,359,474
16,836,742
8,117,357
3,847,145
5,042,441
2,598,894
18,395,450
5,425,490
17,784,682
11,261,060
—20.8
Washington.
Rochester.......
Scranton
Cedar
1917.
—21.1 3,513,909,857 3,710,128,002
—6.1
400,623,990
413,513,046
170,572,589
+29.0
+4.9
+ 11.5
City
Wichita
Week ending November 13.
Clearings at—
1919.
2,200,000
3,651,765
2,526,672
1,241.769
2,186,991
823,297
1,518,531
761,600
799,119
2,500,000
357,328
84,948,358
52,622,568
23,255,222
7,080,341
13,823,564
9,303,846
Rapids
Fargo
...
Colorado Springs.
Pueblo
Fremont
.
Hastings
Aberdeen
Waterloo
Helena
Billings
.
Tot. Oth. West
4,500,000
2,958,756
3,675,618
2,353,629
4,287,854
3,171,992
1,511,124
2,214,430
1,435,233
1,536,394
1,122,400
600,000
2,599,221
614,065
total
—18.6
—11.5
—24.6
—2.7
St.
Louis
New
8,114,532
—17.6
5,434,263
+2.0
3,050,447
2,400,000
3,191,428
—4.0
—6.7
—44.5
2,054,760
—30.0
2,384,068
1,196,699
580,001
652,887
+51.6
+4.5
+37.8
Orleans
840,548
+ 11.5
590,000
—19.8
903,112
80,017
843,189
585,000
910,986
1,056,725
653,948
370,957
163,742
573,211
514.238
337,996
■—6.7
815,645,182
878,654,768
—1.8
115,438,082
+ 31.1
34,501,000
36,974,204
129,971,316
31,925,000
28,853,086
22,999,578
11,095,021
19,615,103
4,625,862
6,297,736
4,700,815
2,881,584
3,826,767
2,280,421
1,174,154
1,932,066
—18.8
+ 37.8
—6.7
29,962,757
8,400,000
14,858,165
6,182,964
—12.1
—3.8
+5.3
7,798,354
4,737,963
2,104,174
3,307,856
1,789,670
939,481
1,093,877
1,344,367
525,000
1,200,894
—2.9
+ 7.1
+ 59.4
+ 64.2
—15.7
—11.2
—16.1
+60.2
1,130,394
555,000
788,995
In total
371,823,798
+ 1.3
271,158,808
274,652,898
243,112,784
52,201,846
57,096,883
20,583,996
—19.5
196,418,178
+99.4
45,921,635
231,349,352
42,013,307
—19.6
25,365,334
—11.0
50,045,624
19,040,511
20,060,447
17,944,598
15,695,654
8,249,292
7.295.461
8,537,202
2,239,084
,3656,960
22,582,686
15,696,826
13,307,259
10,532,315
6,560,295
10,753,990
3,078,748
4,468,686
2,956,041
3,500,000
1,052,610
965,994
500,000
598,818
2,131,879
1,726,216
2,000,000
•
9,472,198
16,604,863
11,308,471
10,398,206
13,677,811
4,270,685
5,573,479
3,077,455
3,886,783
1,116,656
768,885
639,597
+ 13.6
+65.7
—19.9
—6.9
—36.9
—21.4
—27.9
—19.8
—3.9
1,706,587
3.406.462
—10.0
—5.7
819,148
+25.6
825,354
—21.8
570,552
47,000,000
18,201,959
24,386,016
8,969,245
15,475,835
9,825,352
8,626,820
8,652,075
3,426,719
4,670,359
3,015,200
2,583,112
1,118,966
843,133
596,411
'
638,987
—6.3
570,040
425,000
+26.4
1,693,894
2,241,262
2,567,216
1,721,677
1,461,651
1,686,597
1,984,227
2,660,577
1,495,230
—2.3
1,600,097
1,424,688
2,482,394
1,260,696
498,205,870
487,621,550
+2.2
409,771,264
439,402,910
151,657,573
173,596,182
81,173,168
18,872,313
33,768,970
13,100,000
38,178,567
—12.6
161,524,112
54,866,429
22,371,316
15,893,188
189,723,401
—36.7
5,472,573
—41.9
24,326,076
—40.1
14,340,881
64,322,559
6,500,000
21,088,747
18,763,796
49,893,164
59,462,021
14,973,545
15,625,261
5,653,441
4,656,101
3,150,000
4,481,990
3,290,990
2,525,164
1,815,833
857,904
980,167
425,607,754
60,637,304
Houston
35,272,597
8,294,137
Galveston—
Memphis
Savannah
22,187,028
15,228,717
57,816,032
58,640,597
8,133,839
Nashville
21,054,379
Norfolk
8,208,681
19,192,715
3,123,865
9,500,000
3,016,204
11,005,316
7,262,640
3,100,000
Fort
Worth
Richmond
Atlanta
Birmingham
Augusta
Little
Rock
Chattanooga
2,000,000'
Mobile
Oklahoma
32,371,147,
Macon
3,900,000'
Austin
2,000,000;
Vicksburg
376,870'
Jackson
696,493
Muskogee.,
4,610,816;
9,829,024,
Tulsa
34,000,000
Dallas.
Shreveport
Total
Southern
Total
424,056,536
1,068,269
195,788,376
104,112,255
45,923,385
27,484,344
Charleston
347,002,763
14,473,300
9,720,101
in total
—11.6
1,187,785
1,110,337
—10.0
376,639,510
Louisville
Knoxvllle
4,199,360,840 4,351,352,941
381,703,051
13,294,400
1,300,000
—13.0
—24.8
4,097,278
Jacksonville
In
6,231,000
1,207,697
3,851,291
2,045,827
2,200,000
1,300,000
1,286,775
966,332
2,450,000
48,507,848
Denver
1920.
3,300,000
6,420,143
3,385,251
3,418,579
1,704,278
1,761,500
1,117,677
1,219,524
20,944,257
4,963,128
9,966,060
7,145,427
6,953,596
2,690,232
1,827,790
3,144,963
2,372,277
1,072,531
2,235,020
11,209,040
—8.8
—17.2
961,981 Not Included
_
+2.0
566,374,934
42,253,320
91,438,995
62,499,630
32,275,869
16,358,000
11,479,400
—15.9
41,904,949
38,555,269
13,631,555
3,571,859
Kansas City
We cannot furnish
Inc.
153,435,744
58,531,000
—10.5
1917.
—9.0
$9,772,311,065
The full details of the week covered by the above will be given
150,700,000
76,736,000
34,704,327
35,969,057
11,980,684
17,000,000
4,774,088
10,495,841
6,937,271
3,375,472
7,445,285
4,288,300
3,001,434
2,652,332
2,107,560
900,000
Long Beach
1,980,000
1,205,083
1,086,044
964,703
Tot.Mld.West. 1,039,295,417 1,114,076,217
Francisco.
+5.5
+ 10.0
—16.5
—7.9
2,063,000
+42.0
611,436
+ 13.3
541,278
90,000 + 155.3
609,546 —24.1
462,990
year.
1,150,000
3,576,930
1,972,307
1,247,423
229,781
Owensboro
6,730,000
1,820,774
1,652,017
1,400,000
1,662,083
1,713,410
1,529,923
710,935
1,000,000
1,900,000
868,888
613,742
Adrian
San
Clearings—Returns by
2,369,747
3,000,000
802,421
Lima
—0.7
—8.6
4,825,670
5,507,107 —10.1
+ 8.5
2,232,425
2,011,600 + 11.4
11,428,000 —23.5
1,250,000 —12.0
+ 16.8
4,992,218
1,516,286
1,440,840
1,376,850
Lansing
The following table, made up by telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
122,986,223
106,404,246
35,800,000
Indianapolis.
Mansfield
COMPANY, Presi¬
dent, Jacob Selbert Jr.; Vice-President, Arnold Q. Dana; Business Manager, William
D. Riggs; Secretary, Herbert D. Selbert.
Addresses of all, Office of the Company.
New
—7.2
19,051,000,
__
Bloomlngton
Boston.
114,637,352
32,810,526!
19,745,000
15,972,400
Cleveland
Fort Wayne
$6 30
__
Published every Saturday morning by WILLIAM B. DANA
corresponding
—3.2
495,458,894
62,248,166
83,889,823
69,139,559
29,713,128
65,774,700'
Cincinnati
Springfield, III
Advertising—Per Inch Space
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
the
—8.5
127,081,419!
South
be
Transient matter per inch space (14 agate lines) for each insertion.
Business Cards, twelve months (52 times) per inch
been
656,667,299
66,256,855
Springfield, Ohio.
remit¬
excnange,
Subscription includes following Supplements—
Quotation (monthly) Railway & Industbial (semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
State and City (semi-annually) Bankers' Convention (yearly)
have
$
Canton
7 75
11 50
and
Front,
600,965,959,
1918.
%
Qulncy
and
13 50
Naw York funds.
"
Chicago
|
Rockford
6 00
NOTICE—On account of the fluctuation* in the
"
$
or
Dec.
Toledo
For Six Months
Bank
1919.
Subscription—Payable in Advance
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
for
NO. 2891
Clearings at—
For One Year
tances
City Sectio®
Week ending November 13.
Jlxc <&hx0uxtlz
Terms of
Railway Section
all
4.500,000,'
625,100,408
25,405,763
—25.3
+45.6
+4.5
88,249,403 —34.5
96,061,523 —38.9
14,984,064 —45.7
—6.2
22,453,855
13,513,916 —39.2
+ 3.6
18,522,297
8,673,693 —64.0
—3.1
9,814,429
—7.2
3,251,449
13,211,343 —19.0
—8.5
7,935,296
4,000,000 —22.5
—2.9
2,059,142
17,072,767 + 89.6
4,500,000 —13.3
66,888,776
6,517,312
19,096,862
9,521,016
11,719,804
4,203,534
7,230,923
2,597,590
5,842,967
5,898,282
3,717,013
1,634,906
10,457,142
2,500,000
55,921,836
22,702,005
18,500,000
8,492,946
4,437,070
5,090,074
6,101,993
3,156,654
8,122,581
5,766,673
3,706,217
1,461,066
13,124,117
2,666,718
5,000,000
2,359,291
768,916
—15.2
—51.0
527,486
634,996
1,025,356
5,455,057
11,731,206
46,142,000
—32.1
621,105
3,267,873
1,000,046
5,139,812
—16.2
8,747,742
7,882,591
—26.3
25,000,000
5,201,647
—13.5
3,219,559
21,937,635
3,011,263
781,081,613
—20.0
565,317,026
578,886,218
8 ,440.069,545 9,966,794,794'
Outside N. Y—'3 808,967,003 4,098.722.709
—15.5
—15.3
3,000,000
6.685.309.657,6,948.557,489
—7.1'3,171,399,800 3,238,429,487
1
1976
[Vol. 111.
CHRONICLE
THE
change for the better,
of
send
We
to>
"Bankers' Convention" Section
reduction at once in the volume of Fed¬
our
gate of bills held under discount for member hanks
Sup¬
or
—all this has been
This is
Yet at such
exceedingly valuable publi¬
an
cation, especially
the present
on
it gives the
sion,
as
read
before the Annual
Convention of
divisions, at which
or
discussed banking, financial,
economic
avoid
demnition
occasion
mately the interests and welfare of the
year
few) the fol¬
David
F.
Fred.
Houston
Pierre
Henry M. Robinson
J.
John
I.
Fred
H.
Chas.
Wolfe
Claiborne
de B.
of the other
covered
only
but
is
not
with
the
a
liberal education.
FINANCIAL SITUATION.
THE
demoralization
Further
topic,
problems of the day,
grave
acquire
to
of
acquainted
become
and
great
well
speakers, whose themes
variety
every
to
as
demoraliza¬
extreme
—
security and the
the
same
in
as
com¬
The causes are
modity markets the present week.
a
The
previous weeks and months.
operating basis;
decade
on
a
sound financial
we
world."
tion, marked by additional violent declines in prices
—has characterized both the
follows:
have passed through a na¬
tional election and are assured four years of sane
administration of public affairs; our banking sys¬
tem has withstood the greatest credit strain in its
history and is on a sound and workable basis; the
accumulated surplus of five years of splendid pros¬
perity is stored in many ways for our continued
use; the markets of the world demand our products
and a great mercantile marine is prepared to trans¬
port them; this country has not been I over-built or
over-extended in any of its
underlying activities,
and faces no program of readjustment
along those
lines such as usually precipitates panic conditions.
We are in the soundest financial, industrial and
political condition of any important nation in the
Doyle
To read the addresses of these
as
and
Willis
Parker
Howard
W.
Kent
Hawes
Jay
H.
O.
Pulleyn
Wexler
Sol
S.
as
country will harvest this year one of the
for the first time in
Ellsworth
W.
Richard
Meredith
T.
Edwin
The
largest crops in its history; its transportation con¬
gestion has been relieved and its railroad system is
Joseph H. Defrees
Wells
unwar¬
by President Sabin, of the Guaranty
Co., the present week
"This
lowing:
Oscar
and
is not going to the
feelings of hopeless pessimism.
summarized
Trust
community.
a
The country
strong points in the country's situation were well
questions touching inti¬
(to mention only
be emphasized in
bow-wows, and there is not the slightest
for
entire
were
no consequence.
unfounded conclusions
ranted inferences.
industrial
of
of the situation should
to
were
Among the speakers the present
over as
important that the strong
order
the American Bankers' Association and
its Sections
passed
time it is
a
features
occa¬
and addresses
papers
banks combined in
eral Reserve notes in circulation and in the aggre¬
plement.
and
a
evidenced by the returns
as
Federal Reserve
twelve
showing
to-day
"Chronicle" itself
with the
along
subscribers
our
the
Every -word of the foregoing is true, and it should
inspire the utmost confidence in the future,
cially as liquidation in a large way it would
has
now
been
espe¬
seem
virtually completed.
country is passing from an extremely inflated con¬
dition
of
things to
rapidity
The process
is
correction of
a
a
situation where with great
back
sliding
are
we
necessary
financial
menace
mercantile
and
the process
is not pleasant,
distress.
normal.
and wholesome, being in
state of affairs which
would have involved much
from
the
to
if continued
to the
country's
activities, but obviously
nor
is it altogether free
The declines this
week, it must be
said, have been far from "orderly."
On the
con¬
Transvaal
hibit
gold mining operations continue to ex¬
contraction, the result disclosed by the latest
cabled statement—that for October
not
only
one
less
a
working day, but furnishing
ary
In
six years
over
fact, in only five monthly periods in
has
smaller total production than
a
ing, and
as
instance
there is
reason
think
to
many cases gone
limits.
the security market is concerned
the declines have in
far beyond proper and reasonable
Sentiment has
if bereft of their
as
that
changed, and
They
senses.
men are
now seem
acting
willing
to believe
nothing possesses any intrinsic merit, just
previously, during the upward flight of prices,
they threw caution to the wunds, and with unbound¬
as
ed recklessness
proceeded
on
the theory that noth¬
ing could be devoid of merit.
In
the stock
market bear
unscrupulousness,
confidence
of
an
are
seeking further to undermine
by circulating wholly unfounded
unfavorable
character, with the viewr to inten¬
sifying the demoralization
holders to
and
inducing
part with their shares.
anxious
Such nefarious
practices should not be countenanced for
The
rumors
a
moment.
present week, owing to these insidious attempts,
favorable
fact
that the
reported and in only one
a
lower per
Decrease in the labor force
accounts,
diem output.
of
course,
in
part for the recent disappointing returns, but the
grade of
ower
ore
mined is also clearly
tant factor in the situation.
ing operations returned 662,472 fine
against 725,722 fine
fine
ounces
in
an
of gold,
ounces
ounces a year ago,
and 679,764
1918, and from the high mark for the
period, set in 1915, the decline is 135,159 fine
off of
also
ounces
falling
from 1919—6,887,673 fine
850,397 fine
ounces
from 1916, the banner
With the results for the remainder of Africa
running behind, it is
production for the
year
ounces.
a
contrasting with 7,003,930 fine ounces—and
loss of
year.
to date (10 months) there is
116,257 fine
ounces
a
impor¬
During October min¬
now
quite evident that the
twelve months
of
the
current
for the whole country will be well below that
of 1919.
developments and factors have been whol¬
ly ignored and have had not the least influence.
The
this due to
was
For the year
operators, with great
except Febru¬
and below the corresponding period of all years
since 1910.
that of October 1920 been
as
total smaller
a
than in all earlier months of the
year
trary, they have been precipitate and overwhelm¬
far
1920—showing
decline in yield from September, with its
that
exchange rates have improved and
credit situation
last
week
also
made
a
The main feature in
tions in
the United
building construction
States in October 1920
further curtailment in
opera¬
was
a
activity, which, while it did
Nov. 20
1920.]
THE
not extend to
every
individual city,
was apparent
section of the country and especially
every
Middle West and Far West
localities) divisions.
Ordinarily this slacking
as
situation
for
in
demand
the
or
indicative of
up
of
easier
an
housing accommoda¬
dwelling
unfortunately that is not
in
in the
so
(not including Pacific
activity might be accepted
tions for business
CHRONICLE
both, but
purposes, or
the
now
On the
case.
con¬
than in 1916.
of dwelling structures and
tor such accommodations
of
cost
labor
and
as
high basis of rental
a
are
available.
materials, and to
scarcity of the latter, have, of
course,
The
<
aggregates for the whole country
for the ten months of the last five
years are
1,269
millions, 1,060 millions, 405 millions, 660 millions
and 870
millions, respectively.
by 58^ millions and is 50 millions above 1916, while,
for the outside cities the contrast is between
million
some
1,016
dollars, 865 millions, and 668 millions.
Canadian
building returns at hand for the month
also indicate
a
lessening of activity in operations
Rising
compared with 1919, but
extent
as
been restrain¬
Greater New York's
total, at 252 million dollars, exceeds that of 1919
trary, reports generally denote an important short¬
age
1977
as
pronounced
For the year,
in the United States.
contemplated outlay
yet not
so
to date, the
as
well ahead of
runs
a year ago.
ing influences, but another, and quite important,
Compared with the boom times of 1914 and 1913,
factor
however, the current total exhibits
recently has been the inability to place de¬
pendence
upon
labor's living
up
to
a
decrease.
contracts.
wage
Locally, the situation has been complicated latterly
Since the
signing of the Armistice the^e have been
by the investigations of the Lockwood Committee
only brief and infrequent intervals when there
into the
not unusual
housing problem, during the
evidence of
has been
tion of
course
of which
graft, intimidation and collusive bidding
adduced, resulting thus far in the cancela¬
one
very
large public contract and causing
Europe.
was
activity in political and labor circles in
Preceding the first meeting of the Assem¬
bly of the League of Nations in Geneva last Mon¬
day, there
such
was
an
interval, measured roughly
steps to be taken to closely scrutinize others run¬
by two weeks.
ning
happenings have been striking and of special signifi¬
into the millions.^. Furthermore, the counsel
up
to the Committee intimates that
closures
to
are
Under such circumstances it
come.
is but natural that builders should
proceed cautious¬
ly, and investors hesitate in launching
tion
startling dis¬
more
new
projects.
As
construc¬
building operations from the high level of
notwithstanding the
year ago,
very
a
urgent demand
for
structures, we note that at only 48 cities of the
165
reporting for October
there evidence of
was
activity than in 1919, and
as a
in extent and in the smaller
in
activity
was
centres
was
more
nominal
municipalities of the
confined to Los Angeles and
On the other
New Orleans.
tion
was
In fact, of the larger cities, notable in¬
country.
crease
rule it
hand, marked contrac¬
the feature of the month at such
New
as
troit, Cleveland,
leading
York, Chicago, Philadelphia, De¬
St.
Louis,
most
Washington,
Kansas
importance.
prominently
the
vist
of General Baron
also occurred
The
last
advices
issued show
a
year
a
considerable decrease from
earlier,
every
borough sharing
total
attendance
of
ingly inadequate.
took
1918 and 1917—the
period when
country exclusive of this city
the
war
work
For the
precedence over all other industries.
(164 municipalities)
contemplated expenditure under the contracts
arranged
for
aggregate
but
against
$78,820,360
$133,172,587 in 1919. Consequently, for the country
whole—165 cities—our returns furnish
a
total
as
a
of
projected cost for building construction work of
$91,325,284,
or
the month in
66 1/3 million dollars less than for
1919, and about the same as the aggre¬
under date of
a
compilation
covering the same 165 cities makes a favorable show¬
ing
so
far
as
construction
the amount intended to be expended in
operations is concerned, due to
heavy outlays
But
arranged in the first five months.
taking into account the extreme inflation in
cost of materials and labor this year,
dent
very
that
months
quantitative
was
construction
it is quite evi¬
for
not only less than in 1919 but
the
ten
smaller
yesterday, that "Geneva is
sending three delegates, each country
delegation alone has engaged 104
flags
He stated also that "so
are
number
of
complained about
paper
men
others."
two
far, the most modest
the
are rare
The
among
the
correspondent
accommodations
for
news¬
and said that already 200 were present
from 41 countries and that
added
and Japa¬
those from France and Great Brit¬
ain, and these countries' flags
immense
The Japanese
rooms
being flown from five separate ho¬
are
contingents
seems
30, including secretaries, stenog¬
raphers and undetermined attaches.
that
more were
expected.
"they will find that they must rely
He
on
telegraph lines for London and Paris and two
telephone wires to each capital, which are retained
all
day by bankers."
At the very
outset,
Government has
our
cablegram,
a
already packed and jammed with delegates from the
lower.
1920 to date
correspond¬
The special correspondent at Ge¬
forty-one nations who have sent representatives. In¬
sions
.
delegates, secretaries, experts,
week ago
gate for 1916, when labor and material were much
For the calendar year
Saturday and
of the New York "Times" said in
neva
tels."
tols of
last
and that the accommodations would be
tended
outlay of only f12,504,924 against $24,495,348
of
etc., would be much larger than at first anticipated,
nese
1919, but running much above the restricted to-
The latter
Sunday.
sembly of the League of Nations, indicated that the
therein, with the aggregate for all covering an in¬
in
Wrangel, the anti-Bolshe¬
from Geneva
to have sent about
were
Ministry in Greece at
Sunday, telling of the final preparation for the As¬
stead of
mits
Geneva gathering, the
military leader in South Russia.
For Greater New
the total for
The three that stand out
the
general elections last Sunday, and the I crushing
City, Omaha, Minneapolis, Milwaukee and St. Paul.
York, the operations for which per¬
are
overthrow of the Yenizelos
defeat
v
indicating how general has been the contrac¬
tion in
and
cance
During the week just closing the
of the
before the Assembly
ses¬
formally filed with the Secretary
League of Nations at Geneva
admission to
neva
even
began, it became known that "the Austrian
the
a
demand for
The advices from Ge¬
League."
stated that "it is understood that the Allied
Governments
whether the
were
first
approached
to
find out
application would be favorably regard¬
ed, and that
an
affirmative
answer was
given,
as
Austria, like Bulgaria, has loyally tried to carry
out the terms of the treaties
York "Times"
of peace."
The New
correspondent said in his dispatch of
1978
Nov.
12
"so
that
ceived from
CHRONICLE
THE
,
far
application has been
no
Germany."
re¬
The Associated Press
corre¬
spondent at Geneva, in a cablegram of the
same
date, stated Ithat "the Secretariat of the League has
received
intimation that
no
Germany will apply for
admission." Naturally there was considerable specu¬
lation
to whether she would take such action
as
Later advices made it
not.
would not ask
been
that
It had
bring the matter
It has been rather
in which the
have treated the
leading New York daily
done,
man¬
newspapers
Assembly sessions at Geneva. Nat¬
of President
ardent
an
Wilson and what he has
special prominence to the Assembly gath¬
gave
States
The
talked, "insist that unless the United
joins the League there will be
positive assertion
made in
was
no
League."
Washington
a
dispatch Tuesday morning that the United States
would not send
even
an
"unofficial observer" to Ge¬
neva.
Without
going into detail the correspondent at
Geneva of the New York
"Evening Post" said in his
dispatch Mqnday afternoon that the League of Na¬
tions
up.
interesting to watch the
urally, the New York "Times," always
supporter
further, and said that all the delegates wTith
whom he had
Germany
for admission at this time.
expected that Lord Robert Cecil of Great Brit¬
ain wrould
ner
plain
or
went
[VOL. 111.
began its sessions "very much alive."
Hymans, former Premier of Belgium,
President.
The
M. Paul
elected
was
dispatches stated that he received
thirty-five out of the forty-two votes cast.
introductory address the President
have "declared that there
delivered
possibility that the
was a
covenant would be amended."
In his
reported to
was
The address of wel¬
erings, and its correspondent conveyed the impres¬
come
sion that real
land, who said that he "wished most ardently that
things
position
same
which
is
also
League
were
equally ardent supporter of the
proposals.
to President Wilson
gave
The
New
York
as
minimize
tained
happenings from day to day and to
Of course,
A similar attitude
main¬
was
the "World" supported this
un¬
dertaking in which President Wilson is specially in¬
terested,
as
it has done everything else with which
he has been connected
Through
an
during the last eight
known
came
Britain
that
Sunday
Premier
morning,
it
be¬
Lloyd George of Great
likely to be present at the Assembly be¬
was
fore the close of its
sessions, although it
that he would not be
on
The
gave a
cor¬
glowing
hand for the
correspondent said that if he
came
it
known
was
opening.
The
altogether
was
pictorial account of the first session.
of mankind 41 nations of the world sat
common
council, when the initial
League of Nations Assembly
White, black and brown
roof
and
added
under
the
"that all
men
same
For in¬
together in
session
opened
of
here
sat beneath the
same
presiding officer."
happy
Russia,
America
Press
and
He
important countries of the world
represented in that Hall of Nations, except
were
the
to-day.
unrepentant
unasked
Germany,
Mexico."
correspondent, going
more
The
un¬
uncertain
Associated
into detail of what
actually happened before and at the opening session,
years.
Associated Press dispatch from Ge¬
made public here
neva,
respondent of the New York "Times"
stance, he said that "for the firjst time in the history
by the correspondent of the New York "Amer¬
ican."
longer delay occupation
legitimate seat in the Assembly."
and
its Geneva correspondent endeavored to'
not amount to much.
her
much opposed
the impression that the wThole affair would
convey
of
League of Na¬
less prominence in its columns to the
the
the United States will not
so
Assembly than did the "Times" and "Post," and,
moreover,
by Premier Motta, of Switzer¬
it is to the
"Herald," which probably is not
tions,
The
taken by the "Evening Post,"
was
an
Nations
of
being accomplished.
was
probable that President Millerand and Premier Leygues of France would come also.
The New York
said that "the first session of the
after
neva
all the
a
League Assembly
greeted with the ringing of all the bells in Ge¬
was
several minutes'
silence
people of the canton."
on
the
part of
Just before that time
procession, made
up of Swiss officials, marched
City Hall to the Hall of the Reformation,
the delegates were assembled.
The paraders
from the
where
marched
through streets bedecked with flags of vir¬
tually all the nations of the world, with the excep¬
"Times"
tion
last
fore in the
representative at Geneva, in his dispatch of
Sunday, quoted Lord Robert Cecil, known to be
"the foremost British advocate of the
tions,"
League of Na¬
the
expressing the belief that "the first meet¬
as
He
of
Germany, Austria and Turkey.
Never be¬
history of the world, it is believed, have
flags of
so many nations been flown together."
observed, furthermore, that the debate at the
ing of the Assembly will be the turning-point of the
initial
League's history."
Cecil, Leon Bourgeois, Rene Viviani and Signor Tittoni are likely to become
leading figures on the floor,
The correspondent added that
Lord Robert "is convinced that such
progress
be made in Geneva that the
nized
everywhere,
even
League will be
in America,
as a
will
recog¬
powerful
working organization." The "Times" correspondent
reported that "the general opinion here is
further
that the
from
first
move
Washington."
regarding America must
come
With respect to the probability
and
session, "clearly indicated that Lord Robert
that
the small States are
showing a spirit of
independence, and will not accept pre-arranged pro¬
grams without having their way."
Dispatches re¬
ceived from Geneva
Thursday morning stated that
the Latin countries appeared to be
of the
largely in control
Assembly and that their representatives held
of
the
of
committees.
Germany applying for membership in the League
Nations, he said that "Germany is a great interro¬
gation mark to the present Assembly. She has not
applied for admission, and her Foreign Minister said
she will not
apply."
The Associated Press
corre¬
spondent, referring to the attitude of the European
delegates toward the United States, said that "the
attitude toward the United States is that the
of Nations must go
on,
comes
way
or
not, but that it must be developed in
a
that will not close the door for entry when
means
neva
in
League
whether the United States
are
found to make that
correspondent
of
the
possible."
New
York
The Ge¬
"Tribune"
chairmanship of several of the
At
most
important
Tuesday's sessions the Assembly "organized
for work with the formation of committees to
agenda brought before it by the members."
neva
advices
stated
vice-presidents
tion
was
"the
British
It
was
six committees
the Chairman
New
count of
be non-Euro¬
added that the "decision to appoint
was
as
York
plan for 12
adopted, the Japanese delega¬
insisting that at least three should
peans."
The
that
study
The Ge¬
accompanied by
a
plan to rank
Vice-President of the Assembly."
"Times"
correspondent, in his ac¬
Tuesday's proceedings, asserted that "there-
Nov. 20
1920.]
was
a
THE
spirited fight
for the
proceedings of the commissions."
that "there
were
adopted in
cedure prepared
rushed
of the
the question of
over
by
CHRONICLE
publicity
He added
block rules of
pro¬
a
the
Secretariat, which were
through without having been read
by most
delegates." He pointed out that Rule 15 reads
that "unless the
commissions decide
otherwise, the
meetings will be private and no minutes
kept." Lord Robert Cecil of Great
will
be
Britain, but
ac¬
tually delegate from South Africa, was said to
have
led the
fight to change this rule, so that "the meeb
ings of the commissions, where, it was at once
appar¬
ent, all real deliberations would take
place, should
be made
public."
He was opposed
immediately, by
M. Viviani of
Italy, who sprang to his feet to declare
that
all
Parliamentary experience showed that
"committee meetings
ought to be private."
Signor
Tittoni, on the other hand, said that "he could
agree
additional
"act that Arthur J.
Balfour "is the
only representa
tive of the British
Empire on any of the commit
tees."
y
'
At
Wednesday's session of the
Assembly, "Hon
orio
Pueyrredon, Minisiter of Foreign Affairs of
the Argentine
Republic, one of the foremost Latin
American
publicity." Lord Robert then moved that "all
meetings should be public except when the com¬
missions
could
private."
show
reasons
This motion
was
why they should be
lost.
The
Associated
Press correspondent said that "a
compromise
was reached between
the two factions
finally
whereby the
committees will be
permitted to hold open sessions
when
they see fit, the minutes of the deliberations
to be published as soon
as
possible after the ses¬
sions."
The correspondent of the
New York "Her¬
ald" said that "those who
expected that Lord
Robert
would stand for the
principle of publicity
appointed when he accepted
it
stands,
were
dis¬
a
compromise, which, as
seems to be that the committees shall
de¬
cide what shall be
published and what shall not be
published
regarding their proceedings."
In the
dispatch that correspondent added that "Ger¬
same
many's admission to membership to the
League of
overshadowing all other discus¬
Nations is the issue
sions in this first
attempt of the League Assembly
Lord Robert
Cecil, commenting upon
to function.
the report of the Executive
Council of the
Nations, which
Wednesday,
was
is
presented to the
reported
to
"while it has been said in
have
some
League of
Assembly
remarked
countries that the
League is dead, the Council's report shows it
very
much alive."
on
that
to be
Reverting to the numerical strength at the As¬
sembly of the smaller Powrers and their prominence
in the
deliberations, it
York "Times"
may
be noted that the New
correspondent at Geneva said in his
cablegram Thursday morning that "the Great Pow¬
are
having a fight on their hands to prevent the
ers
small nations from
Nations."
getting control of the League of
He added that "the small
nations do not
approve of the
large
of the Council of
having too great control
League." At Wednesday af¬
ones
the
ternoon's session of the
the
six commissions
Commission
A. J.
of
on
of
on
Assembly, the chairmen
were
General
elected.
Technical
the
•
Organization, -while
chairmanships
are
Tomasso
Leon
small
nations."
Vice-Presidencies
The
New
spondent, commenting
Tittoni,
Bourgeois,
The other
held by representatives of
smaller Powers. The New York
"Times"
ent noted that "the
the
second, the Commission
France, heads the third, World Court.
three
first,
Organization, is headed by
Balfour, of Great Britain.
Italy, is chairman of
The
of
upon
York
correspond¬
all went to the
"Herald"
a
would
way
be
fount
£20,000,000 daily, it is
a small
against war."
Early in Thursday's session
masso
Tittoni of
of the
Assembly, To
Italy moved that Guiseppe Motta
President of the Swiss
Honorary President
League.
spent
insurance premiuir
Confederation,
of the
The motion
was
First
carried
be
elected
Assembly of
promptly.
th(
In yes
terday morning's Geneva advices
special attentior
was
directed to the fact that "for
the first time the
is to have a
military force to in¬
carrying out its decisions."
Announcement
League of Nations
sure
made
was
that "a
composite force is to be sent to
Lithuania to maintain order and
supervise the plebi
scite which the
League Council has decided
held in Vilna and the
cide whether it shall
shall be
surrounding territory, to de,
be assigned to the Poles
or the
Lithuanians."
.
At
yesterday's session George Nicoll Barnes of
the British
delegation urged "immediate admission
of
Germany and the other former
enemy States tc
the League of Nations."
Mr. Barnes was said
to
have warned the
Assembly that "the Russo-Polisfc
is certain to be
resumed in 1921."
war
It will be recalled
that in last week's
outline of
conditions in Russia it was
made
that the position of
had been
making
vist
forces in
a
reasonably clear
General Baron
Wrangel, who
valiant fight against the Bolshe¬
South
Russia
beginning of this
was
week it
none
that his position in
Northern Crimea
desperate.
In fact,
too
strong,
equally clear
was
was
becoming
cablegram from Sebastopol
a
dated Nov.
13, stated that "the forces of General
Wrangel in the Crimea are in a most
desperate situ¬
ation.
The Bolsheviki broke
through all the lines
of
defense, and are now attacking the
Wrangel army
in the rear."
It
was
added that "the
evacuation of
Sebastopol probably will
Thousands
of
be effected
streets and wharves of
nations
are
by Sunday.
fill thc>
refugees, panic-stricken,
Sebastopol. Ships of many
hurriedly taking refugees aboard and
the American Red
Cross is
loading its supplies." A
cablegram from London stated that
"Sebastopol it
being evacuated and British authorities are
requisi¬
tioning ships in Constantinople to take
refugees
from that
city." In that dispatch the number seel¬
ing transportation from
Sebastopol was placed at
80,000. Washington was said to be
gloomy over the
advices it had received
regarding General Wrar*
gel's dilemma.
,
corre¬
the preponderance of
the Latin element in the
Assembly sessions, and par¬
ticularly in its formal organization, called
special
attention to the fact that Antonio
Huneus of Chile
that
whereby the United States might enter the
League.'
Lord Robert
Cecil, in defense of the
League, de
clared that,
"if, as I understand, the
League spent
under £500,000 in a
year, while the combatants
At the"
.
diplomatists, addressing the Assembly,
expressed the hope
to full
the
1979
is Chairman of
the Committee on the
Admission of
^ew
States, and Dr. Juan Callos Blanco of
Uruguay
is Vice-Chairman.
He emphasized the
All the
and other
here
cablegrams from Constantinople, London
important European centres made public
Monday morning told of the complete defeat
of the
General.
ent
Constantinople
in
The Associated
Press correspond¬
asserted that
"the army
of
,
i
THE
1980
General Wrangel
of his
has been wiped out and a number
generals have committed suicide."
It was re¬
40,000
ported that 30,000 had been killed and that
were
By conservative observers
captured in battle.
of the situation these
figures were regarded as prob-
The Associated Press correspond¬
ibly exaggerated.
[Vol. 111.
CHRONICLE
Sebastopol by General
viki after the evacuation of
Wrangel's troops threatening reprisals if the town
looted
were
the
or
population molested."
It was
officially assumed the
added that "the French have
protection of the Crimean refugees in
Constanti¬
nople and have provided accommodation for 2,000
of them in the military camps on the Bosporus."
General Wran¬
London received a copy of a Moscow communique
gel, said that "the success of the Bolsheviki is at¬
on Wednesday, which claimed that "reorganization
tributed largely to the excellence of its high comof Government in the Crimea has already been be¬
nand, which is said to be directed by a foreigner."
gun by the Bolsheviki."
It was also asserted that
He added that a report was in circulation in Con¬
"we are registering tens of thousands of General
stantinople that, "at the request of the French repre¬
sentative attached to Wrangel's headquarters, eight Wrangel's former soldiers, who abandoned their gen¬
erals."
lb a Soviet wireless dispatch from Mos¬
lays have been granted for the evacuation of the
Crimea."
He added that "this is going on under cow it was declared that "Wrangel's destruction will
ing commenting upon the defeat of
great difficulties."
A cablegram from Paris stated
French
that information had been received at the
Foreign Office that "General Wrangel's army, thor¬
oughly beaten, is continuing to retreat southward,
pursued by a well-commanded Bolshevist army of 27
livisions." In another cablegram from Paris it was
claimed that in the evacuation of
)00
Sebastopol, 100,-
refugees were left behind.
In
Associated Press cablegram
an
from Constanti¬
morning, it was
"Sebastopol fell to the Russian Soviet
nople, made public here Tuesday
that
^aid
forces
at
five
o'clock
Sunday evening,
evacuation plans had been
after the
fully carried out." The
make
doubt that
no
they will be
Premier Lloyd George
nize the Soviet Government."
stated
noon
an
countries.
forced to recog¬
great impression on all Western
a
There is
in
the
House
of Commons
"that the Cabinet had
Thursday after¬
decided that a draft of
agreement to carry out the July arrangements
with Russia should be prepared and he
for trade
hoped it would be ready for submission to the Rus¬
sian Government in
a
few days."
The Premier
agreement would not be entered
satisfied that the un¬
that "the
added
into until Great Britain was
regard¬
being car¬
dertaking given by the Soviet Government
ing the release of British prisoners was
ried out."
"General Wrangel, acwording to information received from Constanti¬
General elections were held in Greece last Sun¬
nople, was the last to leave, going aboard the cruiser
day. The Greek Cabinet met Monday morning and
Korniloff, cheered by his troops." He said also that
"Baroness Wrangel and the various missions in issued a statement in which it admitted that "it is
correspondent added that
-Sebastopol were taken aboard the French warship,
Waldeck-Rousseau."
General Wrangel was said to
have informed the newspaper
correspondents at Se¬
evident that the Government was
mistaken in its
expectations regarding the elections, although defi¬
nite results
are
not
yet known."
Even at that time
vote had not been received,
concentrating
but it was expected to favor the Government
The
igainst him numbered more than 100,000." It was
Constantine faction claimed "a sweeping victory,
also said that "20,000 of these were cavalry, divided
even the personal defeat of Premier Venizelos in the
into three groups."
General Wrangel, according to
city of Piraeus." A cablegram from Athens Tues¬
captured papers, said also that "during the five
months' struggle in the Northern Tauride, the five day afternoon said that "the complete victory of the
bastopol that "the five Red armies
Red armies were
occupied with our troops, so that
played our part in
ve
the Polish victory.
The
tworld, which is menaced no less than we
take into considera¬
the role our ^rmy played in the Bolshevist de¬
before Warsaw."
According to a cablegram
vestern
by the Bolsheviki, ought to
ire
tion
feat
morning, advices have
received there from Constantinople stating that
from London
aeen
General
on
Wednesday
Wrangel had arrived in the Turkish
board the Russian cruiser
he had set sail.
Korniloff,
on
capital
which
London received a copy also of a
military communique issued in Moscow, in which it
was claimed that General Wrangel issued an order
'dissolving his army, owing to the Allied
render further
refusal to
assistance, and the right was granted
soldier to surrender to the Reds or be evacu¬
every
ated."
In
a
dispatch from Paris the same morning
"the defeat of General
che assertion was made that
Government had
been recognized by France, does
not mean that
France is ready to consider recognition of the Rus¬
Wrangel, whose South Russian
sian Soviet
idea
Government."
It was declared that this
expressed at the Foreign Office. It was
that "the French Government is pessimistic
was
idded
regarding any further military movehents in Rus¬
sia."
According to another Associated Press cable¬
gram
from Constantinople, the "French admiral of
sent a wireless to the Bolshe¬
the Black Sea forces
of the army
the result
Opposition seems almost certain, although final re¬
sults
still
are
Liberals to abide
became known
and
It
was
inet
on
had met with a decisive de¬
said that 250 Constantine
was
Deputies
made that the Premier and his Cab¬
was
sum¬
Cabinet, but it was
that he had refused to undertake the
The Bourse
An¬
had been elected.
resigned and that the Regent had
had
It
Tuesday that "Premier
moned M. Rhallis to form a new
stated
also said that "M.
by the verdict of the people."
only 118 Venizelists
nouncement
was
country, and he has advised
definitely
Venizelos and his group
feat."
It
lacking."
Venizelos will leave the
task.
reported to have been closed. Wed¬
nesday morning's dispatches made it known that
M. Rhallis was a former Premier and that he was
eighty
years
old.
His last public office was that of
Minister of Finance in the Zaimis Cabinet in
The returns received up
cate any
don
1916.
to that time did not indi¬
change in the vote for Deputies.
The Lon¬
correspondent of the New York "Herald" said
that "it is
probable that the Entente Powers will
forbid
return
the
should he
of King
attempt to
Constantine to Greece,
resume
the throne."
said to have been the information
This was
imparted in well-
informed circles.
Subsequent dispatches emphasized the idea that
this
both Great Britain and France would maintain
position.
The London correspondent of the New
Nov. 20
York
"Tribune," commenting upon the Greek elec¬
tions, said that "the coup de etat of the pro-Constantines
No such
complete.
sensational and
was
possibility had been foreshadowed in any reports
The vote is interpreted in Lon¬
anti-Venizelist than pro-Monarchic. It
reaching London.
don
is
as
more
suggested that Yenizelos was an idealist who drew
himself the hatred of his countrymen by dic¬
upon
by his insistence on the main¬
tatorial methods and
tenance of martial
clared that
law."
A Paris correspondent de¬
"people here are asking themselves what
The
to be to construe this ominous
overwhelming defeat of Yenizelos means.
the
first
impulse seems
The Associated Press
served in other democracies."
yester
Narcissus." If
escorted by a BritisI
Thursday that the ex-Premier "left for Nice
day [Wednesday] on board the yacht
added that "the
was
cruiser and two
tion
not
yacht
was
a
Paris cablegran
Greek Government headed by formei
a
King Constantine."
announcement
fice in the
followed
course
It
was
claimed that such ar
Of
made at the French Foreign
was
of the day, and
that "the decisior
rapid exchange of messages between th<
a
British and French
The
In
evening the positive asser
that "Great Britain and France wil
made
recognize
was
was
destroyers."
Sun" Thursday
to "The
general tendencies ob¬
manifestation in relation to
1981
CHRONICLE
THE
1920.]
Foreign Offices."
treaty between Italy and Jugo-Slavia,
outlined in last week's issue of the
whict
"Chronicle,'
signed at Rapallo, Italy, a week ago last eve
in a cable¬
ning, according to a dispatch from Santa Margher
gram published here Thursday morning, quoted for¬
ita.
The preamble of the treaty reads as follows:
mer King Constantine as saying that "I cannot go
"The Kingdoms of Italy and of the Serbs, Croats
to Athens at the head of any one political party, and
was
correspondent at Lucerne, Switzerland,
therefore insist upon a
plebiscite for my return or
It is for the Greek
the return of one of my sons.
If the people want me I shall re¬
people to decide.
Athens, unless, of course, prevented by un¬
turn to
and
"France
Britain
Great
against your return."
"I count
greatly upon
which is
that
suggested
correspondent
The
force."
just
reported to be
are
In reply Constantine said,
the moral support of America,
In striking contrast to
Minister at Athens
precious to me."
this assertion the United States
said
was
have
to
"Constantine's
Allies
the
in
struggle for liberty are well known in America.
their
The
following statement:
made the
hostile acts against
ex-King is blamed unanimously for his co-oper¬
ation
with
the Allies,
the enemies of
and conse¬
and Slovenes are
sincerely desirous to establish cor¬
dial relations between the two
common
of the
her
countries for their
Italy recognizes the Constitution
weal.
neighboring State as the realization of one of
It was added that "the diplo¬
expressed great satisfaction
highest aims."
mats of both countries
over
the
In a dispatch from Fiume Tues¬
treaty."
day morning extended reference was made to the de¬
fiance of Gabriele d'Annunzio to the terms of the
It
settlement.
settlement
in
a
was
was
said that "the reasons why the
objectionable were set forth at length
It contained six specific alle¬
communique."
According to a delayed cablegram from
gations.
Rome, "Italian newspapers, with the
Nationalist organs,
exception of
declare that almost all the peo¬
consider her¬ ple of Italy have greeted the agreement between this
had Constantine country and Jugo-Slavia relative to the Adriatic
quently the United States could not
self
as
for
a
the friend of a Greece which
King."
In a cablegram direct from Athens
"Georgios
Rhallis, former Premier, has succeeded in forming
Thursday announcement was made that
a
Cabinet to succeed the Yenizelos
feated in
he would "assume the
and that he "has
Government, de¬
It was said also that
Sunday's elections."
portfolio of Foreign Affairs,"
always heen opposed to the policies
of M. Yenizelos."
Formal announcement was made
with relief.
viewed
as
not
victorious."
from
Although it is painful to Italians to re¬
Dalmatia, the peace concluded is
Italian
nounce
being humiliating, but dignified and
The claim
was
made in
a
Milan to the New York "Times"
cablegram
Wednesday
morning that "D'Annunzio has established a
strict
censorship at Fiume." A report which was said to
have received official confirmation stated that "Ad¬
miral Millo and D'Annunzio met
in the archipelago
Fol¬
lowing the administering of the oath of office to the yesterday [Tuesday], where a lengthy interview
took place."
new Ministers, the resignation of the Regent was de¬
According to a cablegram frome Rome, "in the
manded. A dispatch from Athens last evening stated
Chamber of Deputies to-day [Wednesday], Premier
that "members of the new Greek Ministry motored
on
Thursday of the completion of the Cabinet.
4
to
Qakoi
Mother
right
Olga.
were
received
by
Queen
They informed her that she was by
Regent
former
of
and
Palace
of
King
Greece, pending the arrival
Constantine." In another cable¬
from Athens announcement was made that she
assumed the regency, the oath having been ad¬
gram
had
ministered before
respect to
was
a
meeting of Parliament.
Constantine,1 the.
new
With
Foreign Minister
that
The Allies should
quoted as having said that "it is possible
Constantine may return to power.
remember that he is more
pro-Greek than pro-Ger¬
Giolitti demanded
a
vote of confidence in the Gov¬
ernment in connection with a
Socialist motion cen¬
suring the Government's internal policy.
cialist motion
The So¬
thereupon was defeated by a vote of
202 to 83."
The British Treasury statement
for the week end¬
ing Nov. 13 showed that expenses and other outgoes
continue to exceed revenues, and an additional reduction of £317,000 was
balance.
reported in the Exchequer
Expenditures for the week totaled £11,-
782,000, which compares with £23,913,000 a week
French ago, while the total outflow was £110,433,000.
capital, former Premier Yenizelos is "leaving his against £123,643,000 for the week ended Nov. 6.
homeland for shelter in some Allied country." The This includes repayments of Treasury bills, advances
man.
He is also something
of
a
militarist."
According to the reports received in the
belief
was
said to exist that he would actually go to
Egypt, "where there are strong Greek colonies, all
which are anti-Constantinists and
and
other
items.
£110,116,000.
(
Receipts from all sources) were
The week before the amount was
Of this total, revenues
contributed
the members of
£122,971,000.
who, it was asserted, are ready to accept M. Yenizelos's dictation should he decide to carry on the con¬
savings certificates
£700,000, against £550,000 and Sundries £105,000,
against £164,000.
Advances yielded £12,750,000,
test for supremacy
in Greece."
London heard on
£16,434,000, against £18,434,000,
1982
THE
against
.£16,750,000
Treasury bills
with
week.
New
issues
the
preceding
Treasury bonds showed
a
week,
although
substantial increase,
being £550,000, as compared with £170,000 last week.
Treasury bills outstanding aggregate £1,089,054,000,
as against
£1,088,884,000 a week earlier. Tempor¬
ary
advances
reduced to £242,714,000, against
were
£244,614,000 the preceding week.
The total floating
debt is
now
£1,331,768,000. This compares with
£1,333,498,000 last week and £1,305,543,000 a
The Exchequer balance, aftetr deducting
year ago.
the week's
total in
a
deficit, stands at £2,727,000, the smallest
very long period.
|
[VOL. 111.
The Bank of France reports a further
gain of 1,369,-
of
lower, £79,577,000, in comparison
were
£85,903,000
3ales of
last
CHRONICLE
975 francs in its
gold holdings
gold item this week.
total
The Bank's
5,489,876,825
francs, as
against 5,576,574,250 francs at this time last year
now
and 5,452,260,034 francs the year
previous; of the
foregoing amounts 1,948,367,056 francs were held
abroad
in
1920,
1,978,278,416 francs in 1919 and
2,037,108,484 francs in
1918.
During
the
week,
bills discounted increased 24,739,000 francs and
gen¬
eral deposits were augmented by 19,833,000 francs.
On the other
advances
hand, silver fell off 18,460,000 francs,
reduced 3,966,000 francs and
were
deposits
diminished
were
Treasury
17,850,000 francs.
Note
circulation registered the large contraction of
362,-
897,000 francs, bringing the total outstanding down
Official discount rates at leading
European centres
continue to be quoted at 5% in Berlin, Vienna and
Switzerland; 53^% in Belgium; 6% in Paris, Rome
and
and
Madrid; 7% in London, Sweden and Norway
43^% in Holland.
According to a dispatch
received
last
Saturday the Bank of
again raised its discount
from
Calcutta
rate from 6 to
yesterday stated that
Bengal had also advanced its
The rate
raised from 5 to
was
be recalled that
call
in
6
to
week and
was
was
remains
Gold
as
ninety days.
Holdings—
Dec.
of
England announced
gain in gold of £242,436, while the total
reserve was
3,415,151,549
1,948,367,056
1,978,278,416
2,037,108,484
5,489,876,825
5,576,574,250
5,452,260,034
252,301,495
284,782,130
318,949,895
1,157,634,146
758,731,820
3,966,000
2,103,279,000
1,343,754,278
859,187,801
circulation-Dec. 362,897,000 39,250,257,370
Note
3'7,426,745,505
30,191,584,565
General
Dec.
deposits-Dec.
17,850,000
37,351,000
79,039,078
274,495,722
19,833,000
deposits.-Inc.
3,625,650,894
3.028,209,233
2,964,650,320
In its statement issued
A
of
Germany
increase
an
in
Heavy reductions
were
discounted
were
while the
proportion of
reserve
£279,000,
advalnced
to liabilities
to
Liabilities
while
augmented
were
which
£3,809,000 and Government securities £1,085,000.
ments fell
off
Loans
stocks
reported
£1,944,000.
hand
on
Threadneedle
now
stands at
Street's
increase of
an
stock
£123,719,324.
of
Last
£87,964,791 and in 1918 £75,170,519.
culation
aggregates
with
For loans the total is
£80,816,165
last
and
year
£75,168,000,
as
£99,879,779
i
week
ago.
£683,045,000,
as
a
year
against
in
1918.
week
against £705,253,000
Despite the fact that
cut
rumors
are
1,179,948,000
as
statement
of
were
We append
comparisons of
a
the different
items of the Bank of England's returns:
BANK
OF ENGLAND'S
1920.
1919.
1918.
1917.
1916.
Nop. 19.
Nop. 20.
Net. 21.
able
once
more
£
£
—127,566,000
Reserve Bank to
85,676,315
65,222,965
19,509,000
23,268,045
95,323,682
securities
63,786,000
securities—
75,168,000
34,789,117
80,816,165
ieserve notes & coin
14,601,000
20,738,476
42,472,485
36,919,590
42.175,307
55,580,473
122.596,062 105,417,900
61,788,035
58,735,870
42,187,582
99,879,779
91,928,028
98,634,422
28,397,554
31,833,837
37,938,443
Join and bullion. —123,719,324
87,964,791
75,170,519
55,856,322
16H%i
19.32%
a
.Proportion of
lank rate....
10M%
7%
5%
5%-
more
than $33,-
again cut, viz., $47,-
This total does not include
vaults
of
members
of
the
Federal
Bank
Reserve
$549,723,000.
and trust
Cash in
own
Reservq Bank
(not counted
as
of member banks with the
was
expanded
$30,770,000,
Reserves in vault of State banks
companies gained $81,000, to $9,154,000
reserves
in other
State banks & trust
depositories to the credit of
companies increased $333,000, to V
An increase of $31,184,000
in aggregate reserves.
as
Federal
$139,000, to $95,832,000,
reserve
while
-which further
during the week $6,987,000.
$9,413,000.
6%
was
$8,599,000 in Government deposits,
142,672,634
reserve
to liabilities--
surplus of
937,000, while net demand deposits fell off $17,253,-
23.56%
Other
29,668,376
were
wipe out the deficit of the week
The loan item
000,000.
56,408,033
17H%
6%
3ovt.
invest¬
expectations, in that the'banks
preceding and establish
to
£
116,278,000
_
while
The Bank's gold
by increasing their borrowings at the
Nov. 22.
£
circulation
marks
1,091,577,000 marks, against
reserve), but the
COMPARATIVE STATEMENT.
Nop. 17.
?ubllc deposits
)tber deposits
Gold
Treasury certificates
Saturday's bank statement of New York Associated
members fulfilled
declined
£
marks,
1919.
decreased
tabular
marks.
1,092,880,000 marks in the corresponding week of
md the rate remains
heretofore.
77,250,000
4,028,420,000
marks.
000, to $4,042,108,000.
as
marks
indicated, notably in bills
17,758,000 marks.
\gain in circulation to the effect that the Bank woulql
raise its official discount rate, no
change was made
7%
479,000
Cir¬
Clearings through the London banks for the
imounted to
decreased
were
compares
£85,676,315 in 1919 and £65,222,965
earlier.
it
year
itood at
£127,566,000, which
gold
of
deposits decreased 4,652,970,000 marks.
in hand declined 9,000
registered
changes:
expansion in securities of 655,024,000 marks.
an
10.75%, in comparison with 10.64% last week and
17J4% a year ago. Public deposits this week de¬
clined £307,000, but other
deposits were expanded
(other securities)
the Imperial
following
circulation
note
397,554 in 1918.
cut
of Nov. 6,
the
gain of 156,000 marks in total coin and bullion,
and
was
as
shows
again expanded, this time £521,000, to £14,601,000,
which compares with £20,738,476 last
year and £28,Note circulation
Francs.
3,598,295,834
3,226,915,298
Advances
additional
an
Nov. 21 1918.
18,460,000
Treasury
v:V%.
V
24,739,000
534%-
.
Francs.
1,369,975
..Inc.
Silver.
No v. 20 1919.
Francs.
3,541,509,769
are
of
as
Nov. 18 1920.
1,369,975
Bills discounted—Inc.
Money
heretofore at
centres.
—
STATEMENT.
——Stains
No change
•
Total......
figures of last
f
COMPARATIVE
Francs.
--Inc.
Abroad
reduced from 6 to 5%.
private bank rate has not been changed
London
Bank
FRANCE'S
OF
Changes
Bank
The
'
BANK
In France
only
corresponding dates in 1919 and 1918
follows:
as
was
Comparisons of the various
items in this week's return with the
7%.
No reports, as far as we have been able to
ascertain,
have beeni received by cable of
open market discounts
at other
6,683,184,785 francs.
It will
Nov. 6.
The change previous to that
frota 6^4@6 11-16 for sixty and
on
on
just prior to the oiitbreakof war, the amount
Nov. 6 the Bank raised its rate
July 31, when the rate
In London the
the Bank of
rate from
6%
Advices
39,256,257,370 francs.
This contrasts with 37,426,745,505 francs at this time in 1919 and 30,191,584,565 francs the year before.
On July 30 1914,
for Week
on
1% from 5 to 6%.
on
Bombay has
7%.
to
was
shown
Surplus, however, expanded
already stated $33,512,970, which after eliminating
Nov. 20 1920.]
the deficit of
THE
SI,306,790 reported
an excess reserve
for
surplus
are
of
$32,206,180.
week
a
CHRONICLE
ago,
left
The above figures
the basis of 13% reserves above
on
legal requirements, but do not include cash in vault
amounting to $95,832,000 held by these banks on
Saturday last. The Federal Reserve statement was
regarded
the
result
the whole colorless.
as on
ratio
reserve
of
was
gain in deposits of $19,443,000, which
a
served to counteract
of
$14,099,000.
loans
A small loss in
shown, viz., 0.3%, to 38.3%, the
with
cut in
a
Federal Reserve notes
The Bank paid off $6,700,000 of its
other
Reserve
banks,
but
ran
the
up
aggregate of bills held under 'discount from $1,036,-
245,000 to $1,043,438,450.
ket
1983
during the latter part of the week, while the
demand
has
fallen off appreciably owing to the
heavy liquidation in Stock Exchange securities.
In
time money also there has been a
perceptible easing
and for the first time in
many
made available.
On
were
months liberal supplies
Thursday alone trans¬
actions involved between
Most of this
$3,500,000 and $4,000,000.
was
put out by a prominent New York
financial institution and was
placed
practically in
its
entirety
sixty
at
days.
Quoted
have
rates
declined to
7%@8% for sixty and ninety days, and
?M% f°r f°ur, five and six months, against 8% fo*
sixty and ninety days and four months and 7%@8%
for
ijive and six months last week.
All-industrial
continues to be put out at approximately
M °f 1% above these figures.
money
The
ket
outstanding feature of the local
the freer
was
offering of funds
money mar¬
Borrowers said yesterday that they would have taken
considerably
more
made
It is understood that
8%.
of this
money
arranged at that quotation,
heard
8J<£@83^%.
were
if the rate had been
loans
some
were
but those most often
It
known
became
late
Wednesday afternoon that important bankers had
decided that the time had
justified in offering
For
a
come
more money
when
they would be
for the longer periods.
there has been only
year or more
time-money market.
It
was
general credit
position and in the market for securities.
it did affect the latter
temporarily.
Apparently
It might be
sugr
shared in the generally easier
paper
conditions and
rates
were lowered
to 7M@8% for
sixty and ninety days' endorsed bills receivable and
six months'
a
of choice
names
week ago.
character, against 8%
Names less well known
are now passing
'8%, against 8@834% the previous Week. The
at
market
rather
was
reported/ Out
quiet with only
of
light demand
a
institutions continue the
town
principal buyers..
Banks'
nominal
a
thought that this step
would tend to restore confidence in the
Mercantile
to 90 days.
up
and bankers'
acceptances
also frac¬
were
tionally lower; th^t is for non-member bank bills and
ineligible bills.
During the earlier part of the week
trading was exceptionally quiet, but with the decline
in call rates
activity
more
displayed, although
was
gested that the break in stocks Thursday and yester¬
transactions in the aggregate were at no time
day would have been still
Savings banks
the part
on
banking
of the bankers.
has
sources
that the
From various important
the statement this week
come
position of the banks and the credit situation
throughout the country
loans
In
strong.
are
been
reduced
greatly.
have been increased to
quotations
stocks,
was
particularly
yesterday,
Exchange houses
by
are
liquidation in
Days.
monetary
to hand indicating a re¬
Eligible bills of non-member banks..
6A
6H@6^
8
8
8
There have been
ex-
now
have
been
money
A
offerings of
taken
reflected
6% rate
newals
were
new
securities, which
promptly.
a
DISCOUNT RATES
are
within
lateral
quoted several days, although
re¬
Dank cf—
7%.
specific rates for
the
market
was
7@10% last week.
9%.
Tuesday
somewhat
were
in
some
little
on
no
there
was
no
The call loan
and al¬
still made at 8%, the maximum,
was a
decline to
time.
The above
range
was
On Friday there
figures apply to both mixed
collateral and all-industrials alike.
moiiey
on
call made their
Agricul¬
accep¬
Trade
tural
accep¬
live -stcck
disc'ted
tances
paper
by—
Olher-
Liberty
bonds
wise
for
and
secured
member
Victory
certifi¬
cf
and
banks
edness
notes
maturing
within
and
maturing
91
180
to
unsecured
90 dyas'
days
Boston
5A
0
7
7
5A
0
6
7
7
5A
5A
6
6
York....v.......
8
5H
5H
5H
6
to
0
6
6
6
6
7
7
5
...
U
Chicago
Louis....
0
5A
6
7
5A
6
6
0
GA
'
7
5A
0
*5A
Minneapolis
A
7
Kansas City......
Dallas
to
6
5A
6
6
to
5A
5A
6
6
San
to
0
6
6
6
Francisco
*
5 A % on paper secured by 5lA % certificates, and 5% on paper secured
by 4M %
5% certificates.
t Discount rate corresponds with interest rate boine by certificates pledged as
collateral, with minimum of 5% in the case of Philadelphia, Atlanta, Kansas City
and Dallas and 5A% in the case of Cleveland,
Richmond, Chicago and San Fran¬
and
cisco.
Note.—Rates shown
St.
for
applying to discounts not in
the Federal
ject to
a
Reserve Bank.
Louis,
excess
Rates
Kansas
of basic
on
City and
lines fixed
discounts in
Dallas are normal rates,
for each
excess of
member bank by
the basic line
are
sub¬
A % progressive increase for each 25% by which the amount of accommo¬
dation extended exceeds the basic line.
6%, the lowest
Thursday's
change from 7% high, 6% low and 7% for
renewals.
maturing
(including
indebt¬
St.
On Mon¬
Wednesday
6@7%, and 7% the renewal basis.
of
on
9%, the low 7%, while renewals
at
before the close there
was
loans
flat rate of 8% being quoted all day, which
though renewals
rate
money,
high, low and ruling figure.
relaxed
BANKS.
1920.
15-day col¬ Bankers'
secured
nctes)
cates
Philadelphia
during the week ranged between 6 and 9%,
which compares with
was
bills
days
banks'
RESERVE
19
New
With regard to
range, a
90
Treasury
Cleveland
negotiated
FEDERAL
NOVEMBER
tances
larger supply of available funds.
made below
day the high
bid
8
following is the schedule
Federal Reserve
The tendency of call
'not
THE
member
said to
was
OF
Discounted
In
war.
The
IN EFFECT
Atlanta
were
6% bid
Q7A bid
@7A
at the different Reserve banks:
Richmond
call
@7H
in effect for the various classes of paper
spite of the unfavorable stock market there have been
various
©7A
6
changes this week in Federal
no
bank rates.
edly the loans in those lines have been principally to
trengthen situations growing out of the
30 Days.
6X®GA
Ineligible bills....
Undoubt¬
accommodations.
within
Days.
6A
the largest
industry and trade that would call for
new
Days.
6A@6A
of rates
come
Thirty
6% @6 A
So far
reports have
Deliver9
Sixty
heavy.
very
no means
Detailed
follows:
are as
Eligible bills of member banks
borrowers of money from the financial institutions.
tenive
changed from 53^%.
-Spot Delivery
Reserve
vival of
demand for bankers' accept¬
on
lines
some
help credit situations
The
no
Loans
have not been
In others they
that have become over-strained.
Stock
York bills.
ances
large.
still in the market for prime New
are
Ninety
have
must
except for this action
worse
Large offerings
appearance on
the
mar¬
Movements
in
sterling
sensational, although in
an
exchange
again
tion from
before, and rates this time shot
lently
they had recently declined.
much
as
as
6 cents
the net increase
were
proved
entirely opposite direc¬
recorded in
a
up as
vio¬
Gains of
as
single day, with
163^c. from last week's low level of
TltE
1984
3
31%.
The highest point
day morning, when, after
a
demand bills sold
reached
was
CHRONICLE
Thurs¬
on
succession of rapid ad¬
[Vol. Ill
expected until the beginning of March, when wheat
can
be sold abroad.
As to
quotations in greater detail, sterling exchange
Saturday last was steady and a shade firmer, at
reaction and the final range was under the best for 3 36%@3 37 for demand, 3 37%@3 37% for cable
the week.
Trading was active and excited and at transfers and 3 31%@3 32% for sixty days. Mon¬
vances,
3 49%.
to
up
quently profit-taking sales brought about
times
Subse¬
slight
a
greatly confused by the sudden and sharp
fluctuations in rates.
market
observers
for
the
by usually
spectacular
change of front in sterling exchange sentiment, but
-the most
generally accepted opinion is that it
partly the natural
recovery
was
which usually follows
a
prolonged downward drive, to which must be added
a
day's market
material lessening in the volume of cotton,
grain
and other commercial bills offering (probably the
result of the market
after
and
somewhat irregular,
not important; demand bills,
were
declining fractionally, closed firm,
3 36%@3 37%,
range
and
quiet
was
though changes
Numerous theories have been advanced
competent
on
sixty days 3 31%@3 32%.
sationally
Tuesday,
on
a
Rates shot
gain of
takingTplace, carrying demand
cable transfers to 3
3
33%@3 38%;
with
the
cable transfers 3 37%@3 38
more
up sen¬
than 6 cents
to 3 38% @3 43,
up
39%@3 43%, and sixty days to
the influences held
among
responsible for the rise
chiefly
lighter offerings, short
were
having been oversold), heavy covering and higher quotations from London. Oh
Wednesday there was another sharp rise, to 3 45%@
selling of American securities for London account and
extensive short
sent
covering operations here.
London
materially higher quotations following Premier
3
47% for demand, 3 46%@3 48% for cable transfers
and
3
40%@3 43 for sixty days; good buying
Lloyd George's speech in the House of Commons noted, based to
some
extent
on
was
the belief that actio*
on the part of British agricul¬ will be taken at the Geneva conference to stabilize
production, and this in turn, exchange. There was a reactionary trend on Thurs¬
coupled with slightly easier local monetary conditions, day, and though opening rates were strong and
produced a feeling of optimism in this market.
It higher, losses took place before the close; the day's
urging gre'ater effort
turists
to
increase
is understood that the British Government is father¬
ing
in
bill which
a
to force land into cultivation
proposes
compensation for the guarantee of prices of prod¬
ucts to farmers.
Last year it is estimated that Great
3 42%@3 4934 f°r demand, 3 43%@3 50
range was
for cable transfers and 3
decline
the
sales.
On
37%@3 4434 for sixty days;
attributed
was
mainly to profit-taking
Friday the market
was quiet but steady,
compelled to import upwards of $2,500,- with demand quoted at 3 43%@3 45%, cable trans¬
000,000 in foodstuffs which she could have produced fers at 3 44%@3 46% and sixty days at 3 39@3 4034*
herself.
As is well known, it is the unusually heavy Closing quotations were 3 39
for sixty days, 3 43%
Britain
was
buying of grain by Britain in addition to the seasonal
movement, which has
cotton
sterling prices of late.
heavily depressed
so
With the cessation of these
for demand and 3
cial
44% for cable transfers.
Commer¬
sight bills finished at 3 43%, sixty days at 3 36%,
ninety days 3 35%, documents for payment (sixty
shipments, however, and the fact that imports into
days)
Great Britain of luxuries and other commodities have
Cotton
been
Gold arrivals this week included $12,650,000 on the
Cunarder Aquitania, $500,000 on the Imperator,
greatly reduced, while exports of manufactured
articles to this side
confidently
steadily increasing, bankers
are
predicting
continued
are
improvement
in
Notwithstanding the failure of the recent Brussels'
Conference to ameliorate
are
exchange conditions, bank¬
concentrating attention
on
the League of Na¬
tions Conference, now in session at Geneva, and ru¬
that
mors
action
some
looking to the stabilization of
foreign exchange generally would be taken undoubt¬
edly
At
ercised
a
$1,000,000
It
000.
3 43%.
at
Victoria,
a
that of
announced
on
the
total in all of $15,605,the
Aquitania gold
as are
also all the lesser amounts.
The destination of the
balance of the metal
Cunarder, however, is
not
known/
It is
"earmarked"
on
the
thought that possibly it
gold
for
the
may
be
Reserve Bank,
Federal
least
a
The Continental
military
standpoint, and neither the defeat of General Wrangel by the Russian Soviet forces
even
nor
the overthrow
of the Venizelos Cabinet in Greece had
passing effect
on
more
than
market levels, although there
who look upon these
of
happenings
as
a
are
indicative
prevailing unsettlement in world affairs and
sweeping.
more
active
exchanges closely paralleled the
sterling, except that
Under
price changes
the
impetus
were
of
the
buying movement which followed the British
Premier's utterances and later
reports that
on
a com¬
prehensive plan for the facilitating of foreign trade
financing
was
at
last
about to become
a
reality
f
the need of continued caution in the making of
quotations, bounded upward and advances of from
commitments of any kind at this time.
20 to well
over
have for
(long been conspicuous for weakness, after
urge
new
Advices from American Trade Commissioner Ferrin at Melbourne throw
some
light
upon1' recent re¬
ports of credit difficulties in Australia.
that the
make
reason
why Australian banks
telegraphic transfers in exchange
of
ters
credit is that
London have
the
3 42%.
bills
closed
the New York and $1,455,000
on
is
grain
payment
$4,000,000 is consigned to Kuhn, Loeb & Co.,
course
of the
seven-day
factor in the week's
a
offset the week's unfavorable events from
some
and
grain for
recovery in price though that institution announced some time ago
developments in this quarter ex¬ that it had received the last of its expected gold.
sufficiently powerful influence to completely
were
levels.
and
Kaiserin Auguste
sterling quotations.
ers
3 37%,
Australian
He states
are
or
credit
unable to
to sell let¬
reserves
in
lately been heavily reduced, owing to
disappointing wool sales, together with Govern¬
ment
remittances to
Australian bankers
ability to draw
upon
England.
are
It is asserted that
much concerned
London, since
no
over
relief
the in¬
can
be
so
further
a
for
a
points took place.
Lire, which
slight decline in the early dealings, turned
strong, and
large
300
as
result of liberal buying by several
a
institutions the rate
sight bills
on
rapidly from 28.97
rose
Monday to
25.87
Thursday,
on
gain of 310 points for the week and 385 points above
last week's
scored
an
low
figure
of 29.72.
advance of 115
French
exchange
centimes, to 16.22 for checks
against 17.37, the low record point of Monday, while
Belgian francs moved up to 15.22 which is an increase
of
120
points.
German marks
were
rushed
I
up,
on
Nov
what
20
abroad
and
Christmas
for
a
stampede
shorts who had been speculating heavily in
among
German
exchange,
This is
1.57 for checks.
to
a
gain of 41 points for the week and 49 points above
last week's low level of
the
of
low ebb for several
these currencies, however, there
exchange has been at
months.
all'
speculation in this class
1.08, and is regarded as
remarkable since
more
In all of
a very
partial reaction later in the week and some of
was a
1985
CHRONICLE
subsequently proved to be buying of currency
remit
to
THE
1920.]
Guilders rallied about 5 points to
relatively small.
30% for checks, Swiss francs moved
about
18
up
to 6.38, or
points higher, while Spanish pesetas
covered from the recent low
re¬
point of 11.83, to 13.08;
an
advance of 123
all
firmer, showing advances of 10 to 40 points for
the
week, though in
below
somewhat
not
was
less
or
Scandinavian rates
points.
the
some
instances the close
reflection
of
the
was
Trading
figures here given.
especially active, movements being
a
were
fluctuations
more
other
at
all of the Central more important Continental centres. Referring to
European Republics shared in the general firmness, the improvement in pesetas, it.is stated that the
though to a lesser extent, but Greek exchange re¬ Spanish Government has decided to raise import
mained heavy, touching another new low of 8.82, duties on a large number of commodities in the hope
presumably on the unsatisfactory political situation of correcting the exchange situation. A movement
existing at that centre.
Russian rubles which are is on foot, it is stated, for an increase in productivity
being quoted nominally by one or two banks here? and the cheapening of costs of production, while the
have ruled between 80 to 85c. per 100 rubles.
Some Industrial Society of Barcelona, which represents a
attention was attracted by the formal announcement large number of Spanish enterprises, has petitioned
late Thursday that Great Britain will open commer¬ the Government to intervene on the exchange ques¬
the gains were lost.
Exchange
on
It is claimed that
cial relations with Soviet Russia.
tion.
.Bankers' sight bills on Amsterdam closed at
the Government 30% against 2934; cable transfers 30% against 29%;
headed by M. commercial sight at 30 3-16 against 29.42, and com¬
Krassin, although advices to Washington state the mercial sixty days at 29 3-16 against 29.07 a week
Association of British Chambers of Commerce has ago.
Swiss francs finished at 6.42 for bankers' sight
the British Cabinet has decided to carry out the ar¬
rangements negotiated last July by
and the Bolshevik trade mission
informed the British Government that no arrange¬
Britain and the Russian author¬
ment between Great
ities
be
can
commerce
supported by representatives of British
unless provision is made for
and industry
recognition
all
of
Russia
by
A
debts.
pre-war
bills and 6.40 for cable
a
and
week ago.
13.15.
Checks
trade basis is being
urged by Dr. Trendelenburg, National Controller
of Exports & Imports on the ground that a system of
invoicing on the basis of American or English ex¬
change would aid in stabilizing German foreign trade.
transfers at 13.45,
pound sterling
as
a
Still another member of the Reichstag proposes
the
ous
week.
were
13.08
on
19.05
against 13.00 and 13.10 the previ¬
Closing quotations for Spanish pesetas
for checks and 13.10 for cable remittances.
This compares
..
at
against 18.70 and 18.'80,
Norway closed at 13.35 and cable
while checks
or
Sweden finished
on
and cable transfers 19.15,
dispatch from Berlin states that the adoption of the
dollar
transfers, against 6.56 and
Copenhagen checks closed at 13.35
for checks and 13.45 for cable transfers, against 13.00
6.54
with 11.90 and 11.92 a week earlier.
quotations the situation re¬
As to South American
mains
the
about
same
and quotations have
again
fractional losses
profit-taking sales brought about a lower trend and
were sustained in nearly all important
check rate on
Argentina broke to 32.87% for checks, but recovered
and closed at 33.00, with cable transfers 33.12%,
the same as a week ago.
For Brazil the quotation
currencies, although the undertone was still steady,
is 16.12)4 for checks
adoption of
a
gold basis to be used uniformly in cal¬
Toward the close of the week
culating export prices.
tended
sharply
downward.
The
and 16.25 for cable transfers,
earlier. Chilian
broke to 13.45, but rallied
and closed at 14.02, against 13.86.
For Peru the
close was 4.84, against 4.80 last week.
Far Eastern exchange continues heavy, especially
Hong Kong and Shanghai rates.
For the former the
close was 68@68%, against 68@68%;
Shanghai,
inished at 91@91%, against 91%@9234; Yokohama
francs were 15.75 for checks and 15.73 for cables,
50%@50%, against 50%@50%J Manila 46%@
in comparison with 16.39 and 16.37 a week ago.
46%, against 46 34 @47; Singapore 41 @4134? against
Berlin marks closed at 1.35cents for checks and 41@43; Bombay, 30@30% (unchanged), and Cal¬
1.3734 cents for cable transfers. Last week the close cutta 30@30%, against 30%@30%.
was
1.1434 and 1.1634Austrian kronen after
The New York Clearing House banks, in their op-;
advancing to 00.34, sagged off and finished at 00.30
check rate
official London
The
if
on
Paris closed
week. In
New York sight bills on the French centre finished
at 16.74, against 17.34; cable transfers at 16.72,
against 17.32; commercial sight at 16.79, against
17.39, and commercial sixty days at 16.85, against
17.45
last
week.
Final quotations
for Belgian
57.90, which compares yuth 58.15 last
at
checks
for
and
00.31
00.27 and 00.28
Czechoslovakia,
against
1.01,
for
the week previous.
following
closed at
against
cable transfers,
Exchange
advance
an
to
1.16; Bucharest at
against 1.44; Poland at 25, against 24, and
at
earlier.
2.25, against 2.10, a week
final
quotation
was
26.95 for cable
was
on
1.48,
1.38,
Finland
For lire the
26.97 for bankers' sight bills arid
A wreek ago the close
remittances.
29.02 and 29.00.
Greek exchange finished the
week at 8.90 for checks and 9.00
for cable transfers,
against 16.3734 and 16.50 a week
exchange ruled heavy and
erations
with
interior
sioned
a
the flow
course
to
some
of the other exchanges,
have
$69,438,000, the combined result of
into and out of the New York
week appears to have been a loss of
of money
$61,944,000,
as
follows:
Into
extent
followed the
although changes
Net Change in
Banks.
Bank Holdings.
$11,387,000
Sub-Treas. and Fed. Res. operationsTotal
were
Out of
Banks.
Week ending Nov. 19.
Banks' Interior movement
exchange
institutions,
loss of
banks for the
against 8.85 and 8.95 last week.
Neutral
banking
gained $7,494,000 net in cash as a result of the cur¬
rency movements for the week ending Nov. 20. Their
receipts from the interior have aggregated $11,387,000, while the shipments have reached $3,893,000.
Adding the Sub-Treasury and Federal Reserve op¬
erations and the gold imports, which together occa¬
-
—
17,989,000
$29,376,000
$3,893,000 Gain
87,427,000
Loss
$7,494,000
69,438,000
$91,320,000 Loss $61,944,000
The
CHRONICLE
THE
1986
following table indicates the amount of bullion
of which
principal European banks:
Nov. 18 1920.
now
been
in the
in
Gold.
Silver.
Total.
Gold.
Silver.
£
£
£
£
£
est
__
123,719,324
a_.
141,660,391
England
France
Germany
123,719,324 87,964,791
152,380,391 143,931,833
337,350 54,916,200 64,586,600
2,369,000 13,313,000 10,865,000
23,033,000 121,200,000 96,778,000
2,999,000 35,190,000 32,202,000
1,613,000 54,625,000 52,680,000
1,111,000 11,771,000 10,653,000
4,146,000 25,781,000 19,011,000
id,72o"6oo
54,578,850
_
Swltz'land
10,944,000
98,167,000
32,191,000
63,012,000
10,660,000
21,635,000
Sweden
15,694,000
Aus-Hun.-
Spain
Italy
Netberl'ds
Nat. Bel.
-
„
Denmark
Norway
Gold
1,026,950
2,363,000
25.080,000
2,997,000
446,000
1,085,000
3,412,000
10,634,000
8,152,000
8,117,000
Total week 583,022,565
Prev. week 582,614,480
a
"13*9,000
.
15,694,000
12,783,000
8,117,000
12,644,000
_
„
11,360",000
i
16,647,000
"
182",000
47,951,950 592,057,174
46,467,350 629,489,91.5 544,105,224
46,565,000 629,179,480 544,576,104
holdlnga of the Bank of France this
48,177,800 592,753,904
£77.934,682
exclusive of
are
year
87,964,791
155,291,833
55,613,550
13,228,000
121,858,000
35,199,000
53,126,000
11,738,000
22,423,000
16,647,000
10,816,000
8,152,000
held abroad.
How bountiful Nature has
at 8 cents.
New Jersey, for instance, reports her larg¬
mony.
Total.
£
go
is that the 16-oz. loaf of bread
one
crop-growing there is overwhelming testi¬
Nov. 20 1919.
Banks of—
notable
a
must
[Vol. 111.
potato crop ever known, 5,000,000 bushels ahead
of the
past record, and the corn crop is
largest
of the
one
How tomatoes have blushed
harvested.
ever
only to perish early has already been noted.
Apples
be said to have "covered" this great State,
may
some
parts of New Jersey, and other sections doubtless
(if
one
may
use
pardonably
a
strong
speech), but in overwhelmingly
quantities going to waste
the
nipping of cold
on
sad
the ground
of
wicked
or
All this
the trees.
on
figure
and
left to
generous
yield of this and the other combined luxury and
The process
of decline in the prices of commodi¬
ties, of which there
some
months
continues with
ago,
The
movement.
largest
rising tide is doubtless
tude.
few preliminary instances
were a
change in the public atti¬
a
purchasers
now
of prodigality has passed.
take
and their interest faces
an
interest in the prices,
downward; instead of not
caring how much they turned out of their stuffed
wallets
seek
to
and
low
and in default of those
ones,
There
likewise
at
when that
the
of
or
months
some
lunch
carry-your-own
appeared; but while it
and
ago,
movement
true that not
was
abroad clothed in den¬
very many persons were seen
ims
retailers who scoffed
were
overalls outbreak
the
now
are prone
whether their need is really imperative
query
just at present.
at
seeking high charges, they
even
because
shall do
It is
boost
thus
lunches
were
"spiritual" in that they showed
state
It is the state of mind which counts.
of mind.
a
The
in
shortage
it does
initiative
American
encourage us
and
to believe that
cynical proverb that everybody hastens to
a
rising
a
to kick another impulse
man or
going down.
treated.
When
At least, most markets
things boom and prices rise
of
profits; when prices
are
falling,
looking
or are
downward, dealers and producers fear losses if they
are
in the least ahead of immediate
they
are
have
disappeared
already carrying stocks
will grow
and
values
need,
or
perhaps
which profits
on
fallen.
have
Men
and behave thus, "until the harvest," or
possibly until
earlier consummation when fra¬
an
ternity will be
much
as
in
daily
life
in
as
our
prayers.
It would be
to utter
to
ill-spending of time and strength
an
jeremiads
mourn
them, and
them
over
greatly;
rapidly
as
our
present faults, or
their
as men
penalty
even
with
goes
generally connect the
people have become sated and tired of high prices
and feeble
in order to have the other let up.
the second of this month.
there is
no
As the
the
There is
so
on
appeal, and
no
slows, the retailer must follow,
jobber and other large -wholesaler must act
ac¬
cordingly/and production must be warily conduct¬
ed ;
when
must
one
soon
end of the line slows up, the entire line
do the
makers in
So
same.
Rochester, who
Association,
we are
are
cuts
announce
told that
clothing
also in the National
reaching
to 40%
unsold
told
that
plan to
and
returned winter
we
are
considering
are
a
retail, also that the total present rate of
England textile
mated, broadly speaking, at not
year
So
their overstocks by opening a series of
output in the New
a
large stocks
suits."
clothing makers here
niove
sales at
hand
on
over
mills
is
esti¬
one-half that of
spasmodic prosperity is followed, in the
unalterable
plan of creation, by uncomfortable re¬
actions—followed
cause
and effect.
because
The
the
opinion of
careful bankers is that there
visible
as
would
tive of the chain-store
puts the
case
well.
recognize that
are no
same.
The
Every merchant, he
we are
representa¬
corporation above mentioned
says,
should
due for lower price-levels, and
it is wiser to fall in than to
hang back and be obliged
to overtake the movement later.
the bull
oldest and most
sucli "bad spots"
justify unusual alarm, for anxiety
far from the
are
relation is that of
our
So
we
are
taking
by the horns, he says, and he commends the
example to others,
"as the only possible way of
quickly bringing about that readjustment of price-
levels which is not
only inevitable but will
prove a
blessing in disguise."
ago.
The trend of
all directions.
quotations
A false and
on
prices of men's autumn and winter suits;
explanation is offered except the ample one that
factories "are knowrn to have
of
need we, take fright because trading is dull
and alarm
wholesale
no
we, or
one,
Still less should
comparatively and the outlook has its dark streaks,
escape.
consumer
on
are
everybody hurries to buy freely, in keen expectation
penalty with the sin they will try to reform the
dollars, and (inter alia) declared
we
better, somewhere in the sweet days ahead.
who is
one
carrying lunch-boxes, the scoffers missed the
significance of the incidents; the overalls and the
of
sense; yet
in the return of the
cause
The silk-shirt spasm
Retail
accelerated
even
ne¬
cessity is added to the mountain of American waste
DECLINE IN PRICES.
TEE
has
prices is unmistakably downward in
The present week a further
carried
cereals
,
in
drop in
Chicago lower
down than at any
past time within four years. Re¬
prices under the observation, and to the pleas¬
ure, of all who have to pay directly for their food
.
Not just "quickly," we feel disposed to add, lest
the
disguise
downward
on
its blessing
movement
is
seem
too complete.
inevitable, but
may
The
it be
judicious, gradual, and non-alarming!
tail
show small downward
slips,
sugar,
ing back at what might be called
From
Philadelphia
the
for instance, be¬
a
"war" figure.
that
of the
A TEST FOR LABOR LEADERS.
Conditions in the business world have
opened the
way
for the leaders of organized labor to show their
largest chain-store corporations, having
good faith, to demonstrate their willingness to be
helpful to employers and thereby further the real
retail
interest of all
comes
news
one
some 1,400
places, has decided to put its entire stocks, in
warehouse and
store,
on
sale at marked reductions,
employees, and be of vast aid to the
general public at
a
time when every loyal man ought
Nov. 20
to
1920.]
THE
CHRONICLE
there
put his shoulder to the wheel and, regardless of
selfish
interests, do that which will be of vast bene¬
fit to the
channels,
to
Every intelli¬
as soon as
prosperity, they will do much to
ininy which
from wTeek to week and at times from day to day.
vious conduct.
accompanied by
modity markets.
Wheat,
these
Flour, bread,
life may
the
articles
into
the
they enter have also declined.
milk and other necessaries of
sugar,
all be procured 'at much lower cost than
prevailed during the
and for nearly two
war
years
following the signing of the armistice.
labor, and if precedents count, the readjustment to
levels will not be complete
til wages
attained
There
also
during the
liquidated."
and
war
this
way
be
may
of closing plants,
country witnessed the evil ef¬
every¬
will admit it should be avoided if the result
one
other
as
an
"The
treme."
political
cal
his
and
of the lack of
cause
In
plant deteriorates.
short,
such
the people.
power among
period of depression generally follows
a
closing of the industrial plants to the detri¬
ment of
everybody and for the benefit of
Common
sense
Manufacturers
Some of them have
mood.
are
in
ought
receptive
a
expressed themselves
as
being entirely willing to operate their plants through
the
winter
months. without profit,
provided their
employees will meet them half-way and accept
duction of wages
from
ers
sustaining
which would prevent the employer
prices
distributors which
no
actual loss.
an
have named
on
were
deception, for this
of "reaction" and
names
fault here is that this is
A
much as
as
Democratic!
new
great mistake will be made if this truth is not
realized. How
often, how
often,
very
was
it said that
parties had in truth changed places. We
best indicate this
often made to
by recalling the two words so
represent "federalism" and "repub
licanism," namely the centripetal and centrifugal
And it is to be remembered
forces of Government.
that the
centrifugal force, by virtue of personal
and
tocracy
creation
the
changed in recent
not
quite of the
years
same
of
into
centripetal force,
a
character
as
embodied in the
of the words, but nevertheless
"centralizing" force.
a
period of depression by keeping workers employed
a
position of the present triumphing party had ad¬
vanced from the old "federalism" into the
eral
to
more
the principles and policies of the modern
Democratic
the veiled
reached
a
party, before it had been corrupted by
tyranny, centralization, and concentrated
a
quasi form of socialism,
"golden mean"—and should
a
return of federalism than
liberalism,
In
republicanism,
or
do
an
gone
escape
ernment this is
just what
we
this
principle, that the Republican party
turn will aid the manufacturers
entrusted with full power
provide for their wants in the
by purchasing
cus¬
sup¬
plies.
only
a
protest, it
make bold to say,
was
can
call their
em¬
returned to power
ployees together and frankly talk over conditions
tarism.
with them,
pose
for the
and
many
workers, when they thorough¬
It
was
to continue
not clothed with power
of emphasizing the
National
peculiar domestic and territorial
labor is
organized
no
the interests of the
the State Governments in matters of
concern.
There¬
employees
hostility of the other world States by
If the labor leaders wall
for the pur-
fore, the Federal Government is not to invite the
now
show the same earnestness in
pre-war
It was not
such opportunity is afforded,
are
vested entirely
in the hands of the labor leaders.
a
over
not
super-sovereignty" of the
ly understand conditions, will be ready to meet them
But where
was
of reviv¬
purpose
into extreme mili
on
by making the necessary concessions.
wards
compromise
by way of illustration of
ing the high protective tariff policy.
Employers of non-union labor
as
a
Gov¬
The elec¬
have done.
tomary manner, thus helping the merchant, who in
may
fear
from a
mad.
we
not
have
interpretation of public opinion ir
own
our
we
we
no more
was
they
lib
position of the former "republicanism," that is
say,
tion
that
strong
On the other hand, the new
And
so
au¬
had
bureaucracy,
its relation to the administration of national
employers to prevent
a
The election just held
reason:
"scrapped" the old Republican position
it did the
left after
payment of Federal taxes.
the desire of these
The grave
interpretation be accounted correct
charged against profits made
years
politi"
this, probably, the two old
the
now
of bureaucracy,
during the war, if any such profits
It is
vision of two
a
If this
cause a
many
complete turn-over four
power
to retail
often
overwhelmingly entrusted
Some manufactur¬
they assert not only will afford
be
must
Already
us.
products1
their
profit to the makers but will actually
loss which
a re¬
we
does not fulfill its promises
power
"liberalism."
former usage
no one.
teaches that this old method
to be avoided.
now
buying
Merchants suffer be¬
phrase
a
parties occupying directly opposite positions,
can
exhausts his savings and
so
and there is embodied in
back to the factories at
The employer loses his trade
We have
There is in this belief
hence.
go
intervenes the wage-earner
PEOPLE.
pendulum has swung to the other ex
there will be another
eventually the workers
probably incurs debts.
THE
But it often misleads
the two old
a
OF
always confronted with
are
saying if the party
are
the part of employees and
During the period of idleness which
WILL
they invite failure.
err,
use:
on
wage.
THE
interpreting the meaning of an election
expression of popular opinion.
And if they
plants leads to idleness
lower
i
Triumphant parties
can
Closing of industrial
way.
account of pre
*
extremes, given
antiquated method that surely
be attained in any
un¬
(high pyramid
by which labor
One is the old
often has this
so
fects of
effective
and since.
methods
two
are
nor
down from the
come
the igno
remove
on
the task of
with
Liquidation has affected nearly everything except
pre-war
READING
com¬
cotton, wool, silk,
corn,
declined
materials
manufacture of which
surrounds them
now
so ar
preceded and then
similar movement in the
and leather have all sought lower prices, and
copper
as
a
i-
possible another period c.
gent citizen who reads the daily newspapers has wit¬
was
wage;
to prevent demoralization and
so as
bring about
nessed the decline of market values of active stocks
This downward movement first
higher
a
of keeping business moving along customar
pose
weeks readjustment has been going on
in the financial and business world.
opportunity to exact
they will co-operate with the employers for the pur
community at large.
For many
was
1987
nouncement
step forward and
readjusting
wages
to¬
level that they manifested when
a
measure
This is
of
its
inherent
an
undue pro¬
strength and force as
of national will and prowess.
not the attitude
have asserted
our
of peaceful
right to define
living.
our own
We
relations
THE
1988
[Vol. Ill
CHRONICLE
bor's official headquarters * rang
out the cry of
We have
refused definitely to encourage "entangling alli¬ l"Auction, auction—who bids?" The balance of pow¬
er was held, and would certainly be used.
All can¬
ances." We have declared, however, malice toward
didates for Congress in either branch were to have
none, good-will to all.
Long before they were made
with the
to
world, and at the time they arise.
people favored "dis¬
stand for "Wilsonism" our
their records
examined, for labor intended to elect
it did not
"economic bar¬
forget the Presidency, for it announced that on the
riers removed," and "open covenants openly arwhole Governor Cox showed a net balance of good
rived at."
We say they were favored because always
"points" over Senator Harding, and therefore, said
we have been anti-militaristic in the specific sense
Mr. Gompers, it became his duty to urge all lovers
because we have protected
and pronounced our
only its proved friends as legislators, and
armament," "freedom of the seas,"
progress to vote for the for¬
scien¬
tific adjustment of tariff duties existed alongside mer, and particularly to vote against "that policemore pronounced
free-trade views—and because, baiter, Coolidge."
Organized labor, persistently claiming distinct
lastly, our very treaty relations have constituted a
rights
of labor and of human
the seas, because "reciprocity" and
on
power" and its secret
freedom from the "balance of
existence
element in the
an
as
population, made the
daring and challenging a show of hands,
the hands are so few that it has exposed itself.
blunder of
cabals.
Looked
standpoint, if the coming
this
from
at
and
Yet it refuses to learn, for only a week after it issued
correctly interprets
preliminary announcements of a lurid scheme to
this election, its duties will be simple and plain.
raise 20 millions wherewith to fight the open shop.
And they will be wholly domestic, holding that prop¬
The funds expended in the campaign, conjectured to
er foreign relations are peculiarly our own private
be some $50,000, went wasted on primaries, and the
problem.
When it comes to finance, taxation, lo¬
only known victory (if it can be called one and is to
cal self-government, money, business, the indefeas¬
be so ascribed) is the defeat of Congressman Esch
ible rights of the individual, the guaranty of prop¬
of Wisconsin.
erty rights and equal opportunity for every man,
It is true that there are industrial plants either
the perfect saparation and co-ordination of the divi¬
"representative" Government
the stern enforcement of the
sions of Government,
short-time
on
temporary closing; that lowered
or
talked of, expected, and in some instances
dignity of the
Natioil,
wages are
ecutive in its
own
already accepted; that unemployment is growing;
the self-assertion of the Ex¬
domain, the avoidance of even
recognition of classes, we venture the opinion
the President-elect will find the "golden mean"
covert
that
to which he has been elected more
nearly in Cleve¬
Roosevelt, and by so doing will more
land than in
look
we
No
easy.
it—the way is open and it is
upon
directing or comprehending and com¬
more
prehensive phrase has been coined than "More busi¬
in
ness
government less government in business."
What the
people do want, and what they have struck
for, is to be "let alone" to pursue their own voca¬
tions, to enlarge their business and extend it over
the
earth, to recuperate their losses and to regain
municipal lodging-house here is fuller than
time in the last four years, and that the local
at any
Announcements of
lists
temporary reduction of payroll
from all
come
directions, yet the notion of a
"conspiracy"'is foolish as ever; if compacts and con¬
spiracies
formed they are for raising or for
are ever
maintaining prices, not for lowering them, and oc¬
on
cur
tion
justification for
no
"usual" time
this
at
declining market.
rising rather than a
a
There is
any
slowing of produc¬
of year,
Secretary
says
Boehm, of the Central Federated Union, and Mr.
treasure the memory of their dead, and forward
may
Gompers said the like months ago, declaring that
closing
any
spiritual culture of the living.
of New
UNION LABOR AT ELECTION
AUCTION, AND
HOW IT FARED.
In the
evening of election day,
holder in
of the
the
figures
far
as
so
operator at the switchboard if any
of, to which she replied that
far reported
Of course,
size of the Debs
the Cox vote
immovable
were
fragmentary, but
this
vote
was
as
was
well
States
which
as
When the full
whether
the
the
are
now
put aside, the
the Cox
among
stripes of irrational discon¬
figures
are
available somebody
mild curiosity to frame
Cox
smallness of
always follow the
distributed
minority is somehow
a
votes
unexpected; yet when the eleven
voters and the various
feel
more
as
merely local, and the
meaningless term "Democratic"
may
certain house¬
they went Debs appeared to have
than Cox.
tent.
a
Brooklyn called up the central telephone
asked the
and
campaign gathered
solemnity, is
one
it is all
labor
so
conspiracy; the open-shop is
and
a
scheme
attack
an
whereby to "crush" it.
reasons
for
plain to all who
are
It is the
slowing trade and production
and
can see
are
willing to
ing-room and the employer (that is, "capital") pays
the wages,
collect
the
whereas capital and the employer merely
them, for
wages come
out of the proceeds of
labor, and if capital continued to
otvn loss it would itself be
become
men
The
empty sack.
an
at various
them at its
pay
presently dissipated and
The railroads
places because they
are
are
laying off
not needed.
Pennsylvania explains that "this action is taken
operation down to the bedrock of efficiency."
warning
campaign.
From la¬
see.
unthinking notion of labor that the count¬
much be¬
a
on
And
on.
But the
up
of the striking lessons and also
Mr. Boehm, wants to
says
in accordance with the
intended to be
of the humors of the late
Capital,
put on the workers the losses by declining prices;
the roads
was
actually "a crime" against society
was
inference
least, the fiasco of the labor program, formally
announced with what
slowing of shops (having the textiles
an
yond, the labor vote.
At
and
excuse
or
England particularly in mind) had no just
and the world.
large corporation with which he is connected
returns had been heard
one
that the railroads are laying off men;
up;
that the
they gave away for good—that they
the vast wealth
the
producers in the clothing and other trades are
slowing
prospect in this particular is gloomy for the winter.
nearly "represent" the whole people!
As
that
do
as
other
are
they
can
course
financial
in the
grip of
rather than
a
as
of his
All
situation, and must
they would; for
Mr. Plumb must show the way,
drawback
that while
company's policy to cut its
any
and the
only-scotched "plan" is,
inefficiency and profligacy do
seem
to be
Nov. 20 1920.]
successful in
more
real difference is
public than in private affairs, the
only that in the latter the case is
brought pretty speedily to account, while the former
drag
may
for
on
pulling meanwhile
years,
198i
CHRONICLE
THE
upon
only the normal reaction of public opinion against
the
long term of
should also be
is not
which excludes
one
everybody per the tax collector and constantly in¬
union men;
creasing the burdens .of living that make us all
union affiliations
squirm and cast about for the reasons.
"closed"
No, there is
conspiracy
no
on
it is
one
It is
a
ful
which
justly disgusted with the interruptions and losses
him by unions that he has determined
seem
equal to the right of unions to say that he shall
have
no
others, but there has not been, and is not
likely to be, any organization along this line effected
considered
by employers generally.
shop is promptly followed by decla¬
open
rations that the
open
spreading without concerted effort can
a
be called
by such
a
term.
Business and commercial
organizations formed and continued for no such pur¬
testify that the
pose
They
doing
are
The National Association of Manufacturers
more.
printing
series of bulletins of counsel and in¬
a
the first of them dated Nov. 1.
formation,
"Herald" has also been
ies
shop is growing and they
giving it votes of indorsement.
are
is
open
The
collecting reports from cit¬
throughout the country, which show how rapidly
the movement has
95%
spread.
For example, Hartford is
industrially, Philadelphia about 75%, In¬
open
dianapolis 80%, Los Angeles
Stockton
95%,
Everywhere
100%.
75%,
Atlanta
reported
is
the^e
in industrial production and general
content.
widely felt and the personal
gleam of practical sense came lately upon the
F.
L., for it invited Mr. Hoover to attend the
that
sorrows
exist, innumerable and var¬
Among them all none is more worthy of recogni¬
sire,
place of Peace in the heart and mind of
With varied
America.
voice
add:
we
emphasis, but with
that.
As
"Long live
people
a
Several months ago
small and
and
war
no
American
bring peace to the world.
the little State of Luxemburg,
squeezed in between the great na¬
so
helplessness she had no
fortifications, and in the onrush of the
she had to
accept in silence the instant precipi¬
tation of the German forces upon
the
is
war
lips falter at
and eager de¬
a common
tions that in her conscious
army
reconciled Humanity I"
a
no
have
we
sire for whatever shall
so
planned
over,
a
her soil,
now
a
"Belgian Day," and then
when with songs
her citizens
to
But she
and
to her she would
The heart of
her
"French Day,"
and speeches and festive banners
proclaim the welcome she
share.
a
thronged the square of her little capital
neighbors and "people of
means
that
"Luxemburg Day" of
thanksgiving and rejoicing for her people.
held first
de¬
one
"Long live America!" but with one
we can say,
freely offered to her
so
What Peace
every name.
them
have
all know
and
America, despite her debates
controversies, responds tq, that.
The business of the hour is to discern the ways
which this desire may
be carried into effect.
viously this must begin with ourselves.
One
A.
and anxieties
Despite the perplexities
are
tion than the
steady progress towards industrial liberty and a
like progress
the
for
ied, that call for national thanksgiving.
shop is swiftly and sponta¬
neously progressing—making a country-wide "cru¬
sade," if
attempts
only.
certainly have much to .be thank¬
From Maine to California
Notwithstanding, the boast of a grand movement
against the
for.
we
rest upon many, reasons
premises; his right to
that he will hire or have no union man should
people
a
trary of truth, for it is labor that is against that
or even
against
inquiries about
ING DAY.
As
shop equality. Here and there an employer has been
say
men
no
THE HEART OF AMERICA AND THANKSGIV¬
"against" labor; the statement is the exact con¬
forced upon
resists
and
shop of union
ly liberty and equality for union and non-union alike
to be done with them on his
discriminates
miscon¬
ception to charge that a form of shop which is mere¬
so
or
which makes
behalf of the open
shop; the conspiracy is against that.
is
It
by organized labor.
excesses
clearly understood that the open shop
in
Ob¬
The late
Major Henry Higginson, who in his long and benefi¬
cent life did
so
much for his fellow-citizens of Bos¬
meeting of its Executive Council in Washington on
ton, in giving the Soldiers' Field to Harvard Univer¬
the
sity for athletics, told how Fanny Kemble once said
15th, and yet the gleam seems to have not been
clear, for he
very
ator"
was
through whom
apparently sought
an
obstinate
that closing industries is
the blame is
course
might pos¬
Mr. Hoover attended, and spoke,
sibly be furthered.
but he did not suit his hearers
agree
"medi¬
as a
wholly
on
a
well, for he did not
social crime
employers; he is
or
very
that
hope¬
him:
to
dry.
you
in
unselfish
and
during
term of necessary transition, and he is
garden,
have intimated that labor
to do in the transition.
these
men
Still
preparing
are
They want to repeal
any
a
has
a
work
or
legislative "program."
flowers and
fruit,
But
compulsory arbitration of industrial disputes and
way
head off any new ones;
did
vent any
"restricting the right of workers to quit
work"; to restrict immigration; and
now
announced
tion has been
unlawful
part of current
conspiracy by
leading
It is to be
news
on.
that
It is
an ac¬
begun in Bridgeport against ah alleged
hatters which
mous
as
so
may
case
some
recall
or
Danbury and Norwalk
possibly rival the fa¬
of the Danbury Hatters.
clearly understood that the open-shop
movement is not
organized but spontaneous, being
we can
pleasanter task than
gay,
or pre¬
workshop,
home ; and
our
bright and
they want to repeal
mankind,
to
our
clinging to their past,
existing statutes towards
and
See that
thoughtful devotion to the right cause, to
one's country
beautiful land is
derstood to
hard
He had accepted this, and
plant flowers in it."
depression will not last long, being only
un¬
is
urging the beauty and the holiness of work and of
ful that
a
States
in the United
"Life
Your country is a great cornfield.
we
our
have
keep
we
no more
our
our
urgent
playground
garden well tilled and full of
our
home happy and pure."
recognize that this is
not create it.
"This
playground,
cannot do this in any large and
unless
others
to
said:
he
our
It has been
passed
a
worthy
trust.
on
We
to us by
who, with something of Major Higginson's
spirit, received it af the hands of their predecessors,
did
their
none was
the last
part, made their contribution, of which
worthier than that of those who
opportunity
wealth and
use,
fought in
great war, and so gave it with all its great
and
its
inexhaustible
resources
of
happiness and beauty, to us to enjoy and
not simply for ourselves, to our own undoing,
but for
our
children and
generations yet unborn.
CHRONICLE
THE
1990
.
In the
passing days the attention of all has been
who make our
urned to the Government, the men
Nothing is more nat¬
and direct our affairs.
iws
ural than that we should look to
difficulties and to supply our
them to solve our
In such an
needs.
it is well to be reminded of the nature
lour
of the
emptation and the danger that lies before us.
Sir Flinders Petrie, the historical scholar, says
•f the final failure of Rome:
"The demand for pub¬
and it was met by
maintenance steadily grew,
ic
and
ating up the capital values of the provinces
hen of Rome itself.
like]
Doles [bonuses and the
ncessantly increased and ruined the moralities of
Every worker had to belong to a trade union,
the Government used the unions to do cheap
vork.
md
and to be paid for it by overcharg-
vork for the poor
ng
The end was social slavery and
the well-to-do.
The lesson is
obvious that it is unnecessary to
so
Floating great bond issues, ingeniously
it.
ixpanding the currency, devising intricate schemes
>f taxation and revenue, are
novel only in their de¬
vils; the methods are all old; their results have
incessantly recorded ; but a democracy, new in
)een
wery
generation, must needs learn for itself, and the
is both costly
esson
The country
and oppressive.
eagerly to its legislators, and every new term
:urns
As the
meii's
affairs will open
that
ours
are
dropped, but
many are
passed, with little un-
ierstanding of their effect; the people groan or are
(lad according
revise
ourts
Jie costly and dreary
Above
he
the
interest;
work has to be done over.
people to help themselves unpampered and un¬
vhen it
the only sure way to prosperity, and
as
comes
iamental
law-making, to remember the fun-
principle,
be adapted
the heaviest stake in
nisgovernment
stinted
extending and enlisting the aid of new forces. It is
said that some three and one-half billion dollars are
When
»ouls."
t has
lives
own
pride
tion is
using
and
more
of fuel oil for coal it may
children's
their
for
our reasons
which
fundamental laws of moral and
financial and
ury, we
disregard or ignore them, but
may
"Our little systems have their
they do not change.
man
well
as
courses," that is, the laws of the
as
the issue may
well with
of the natural, world fight for a
not be read in the sky, but it is
him; and when they are arrayed against
hirn, whatever his boasting, the end can only be dis¬
aster.
/<•:'
.
of the President to the Nation to
summons
observe
day of Thanksgiving is a call not only to"
a
give thanks to God, but also to consider what are
the foundations
tion's peace,
which
on
but
less
no
are
we
our
building the Na¬
individual lives.
A THE COAL
SCARCITY NO WARRANT FOR
SEIZURE OF THE MINES.
Coal
continues
be
to
threatened
deadlocks
one
and
comes
Professor Dill,
of
our
troubles, with
altercations
ter have not been
usual." Winter must be reckoned
the rule
that
that
They
were
produced them made
simpers and expounders of the
in
our
time
has
destroyed Ger¬
"America
first,"
"over all," is of course, to
never
commended, for obviously
service to
country
can
be of
humanity until it is first and foremost of
service to itself.
But the
millions of young
don behind
inspiration that moved
war
them, had
and to win
Mr. Choate
our
soldiers and the souls of the Naa
rescued nations and
eaves
no
we are
As
said, in
this word to
rat that we waited
a
us:
a
better
sooner
seasons
bring for us,
chastening by doing without.
one
over
than
declining and
necessaries.
at least
but the election campaign is no
way,
we
have to take up our old
lems. Prices of both soft and hard
prob¬
coal, however, are
to decline farther, like all other
sure
I We are
told in agreeable
headlines that
"graft is ended" in soft coal, and the trade believes
prices will decline further; profiteering is said to be
broken, and officials who have been pursuing it or
professing to do so
public address in 1917, and
"We waited, and it turned
we were
able at
great contest for noble and
see a
figure of ?5 or
that the hard coal
the
war on
are
even
quoted
as
expecting soon to
$4 at the mines. We
are
told
operators join the Government in
high prices; that they will fight specula¬
tors, are now pledged to fair prices and practices,
;ofty purposes such as never attracted nations be¬
and
fore."
to
not bright enough
indispensable fuel, Kansas has
us
as
born
It
world-wide peace.
wisely, because
ast to enter into this
we are
excuses
enough and enough in concert to take
left to
for
Nature is
regard for
world, it fought
much broader sweep.
a
no
what the earth contains and the
shown
many.
end
active
and
and has
"as
say,
with; transporta¬
greed and folly;'if
unparalleled.
were
per¬
during the coming win¬
wanting—we could almost
of human
Empire of the Antonines,
almost
petual, and intimations of renewed scarcity in both
"Faith in Rome killed faith in humanity."
?russianism
When
day; they have their day, and cease to be."
luxury and the culture and the splendor of the
the
material age
a
both of business and of lux¬
as ever
and
in the
us
well as of
and woof of the world of which we
We
part.
a
In
as
give little thought to them; but they enter
into the warp
are
have to recog¬
social,
economic, relations.
and under the pressure,
we
laid for
are
production must continue.
mulated
:o
thanksgiving
foundations
nize the
tion and
he model for
All this
volume.
itself alone.
bituminous and anthracite
another lesson
peculiar pertinence.
mpire of that day
<aw
a new
emphasizes the fact that a nation cannot live unto
bountiful
ays:
$e
With the substitution
be expected to raise the
more.
flow of world intercourse to
or
legislation has successfully done that
he latest historian of the
?he
mortified
and
turn to the past
we
that has
us
not
means,
those to whom
fairly'done all that may be asked of it.
When
of this transporta¬
invested in electrical force;
now
to those who have
the country,
luxury, but want and pain and degradation
md risk to their
Transporta¬
joined.
greatest of contributions
the
laid down by Lord Acton,
as
should
"Laws
hat
to
and will unite us
improvement of man's condition; it is daily
to the
The
all, the Government to-day needs to leave
hindered,
o
individual
their
to
them; law falls into disrespect; and
eagerly expecting,
which it will then be
of necessity
tion has been termed
spiritual,
debated to weariness; many
m
.
to the importance of
eyes
connections
international
in the world's interests with
seen
■
'
requirements of commercial and industrial
the very
close
■
i.
unfolds and the Nation settles into
new era
nvariably begins with new projects of law by the
are
■
■■
the stable condition which all are
.housand.
They
i
—
■■
"the stars in their
ire
[Vol.111.
i
■
■
In
economic ruin."
abor
'
are
at
one
with the Government in its efforts
protect consumers, who
are
everybody.-
Nov. 20
If
we
1920.]
to
are
have
have it because
not
THE
improvement—and
we
are
contested.
so
We need not,
however, try to de¬
termine how much all the official
purshit of profi¬
teering has accomplished for good in this
other lines of
since it will
wise than
they
as
or any
industry; that cannot be determined,
be
never
have followed had
MR. H. a. WELLS AND RUSSIA.
possible to know what would
important conditions been other¬
Suffice it that officialism is
were.
always disposed to plume itself
its claimed
over
The New York
mat¬
a
1991
to
must and will have it—we need
we
stop at present to apportion the blame in
ter
CHRONICLE
ac¬
"Times," with characteristic enter¬
prise, is receiving by cable and publishing in install¬
ments Mr. H. G. Wells's
Russia.
It is natural
completion of the series, there has been much edi¬
torial comment thereon.
initial
of
article, the
Bolshevism.
writers of the world.
His chief interest
Governmental
lems.
of
production
and
prices.
He is
by two members of
Committee that unless retail coal
prices
a
Senate
mate¬
are
much
mean
the idea that "the
the Senate that
wrong,"
meets* indignant
as
known facts
normal in any
cars;
by the miners
are
to which industrial product was the
as
immediately
necessary
and should therefore
But the protest against any taking
though it be called by any specious term such
"nationalization,"
mental
able.
or
extension of Govern¬
any
jumping from the frying
pan
into the fire.
There
and
a
nation-wide referendum
last
week,
is the
Here
this
our
est
possible
of simplicity.
recovery
not set up as
specialist
on
instructor in aviation.
as
no
more
"control,"
We want
great¬
The toad must
dermatology,
no more
duction and trade to
nor
the turtle
no more
regulation.
seizures,
Leave
pro¬
regulate themselves under natu¬
ral laws.
fresh admonition in the
a
now
in progress
attempts to build and
partments.
ships, and it is to be
manage
follow in other de¬
All reasonable allowance must' be made
disadvantages of haste in
that
sickening dis¬
concerning Governmental
feared that like disclosures may
for the
have
I
war
ceased two years
preparations,
and
vigorously
first article which
is,
energy
you
I do not be¬
painted the general
But let
Russia is not
scenery
is
system that has been attacked and
a
unsound
an
of
here that this desolate
me say
destroyed by something vigorous and malignant.
It
system that has worked itself out and
fallen down."
"It
not the Communism which built up
was
great impossible cities, but capitalism.
years
series of subsidized
a
these deathbed
his second
will
it
it the atrocious
creditor and the
more
responsible for
miseries than any Communist."
In
article, published last Sunday, he makes
statement in
same
far
are
raids, invasions
upon
The vindictive French
journalistic British oaf
time.
war,
Nor is it Communism
insurrections, and inflicted
is the
—that
not
pestered this suffering and perhaps dying
blockade.
the
these
was
of exhausting
European imperialism.
Russia with
and
It
plunged this huge creaking bank¬
rupt empire into six
shevism from its
There is
closures
statement in his
problem.
that has
turn back to strict constitutional lines and the
may
I will deal with the Bolshevist Govern¬
ment when
demnation of all unnecessary
Government must
speedily
the result of Bolshevist rule.
lieve it is.
was
Governmental under¬
be
spectacle of misery and ebbing
will say,
and they who do not see that it means emphatic con¬
takings fail to read it correctly.
spiritualism
examination of his mental
an
world," to put it broadly, "is all
must
Communism that
was
prob¬
country.
has occasioned much of the current comment: "And
control, ought to be general and unmistak¬
It would be like
convert to
a
own
righted.
who
the situation has not been
respect, and while the carriers
precedence.
over,
as
men,
their troubles there has been considerable
on
parleying
more
first from the coal
the "vacation" taken
as
shortage of
gaining
have
comes
The
partial explanation of the trouble such
a
and the
seizure of the mines
protest, and should meet that.
protest naturally
cite
a
a some¬
purposeful.
are
But his mind is at least enamored with
processes.
rially reduced before the 6th they will recommend to
Congress order
original and
novels
study
a
foremost
is in social and economic
little in
or
of the
one
an
His
he forecasts in the
forceful critic of his
a
That he has become
Yet the virtual threat
as
to constitute
is
He is
radical thinker.
what
For,
papers are
Mr. Wells
complishments, but that it will remain doubtful in
this case whether we made any net gain through
regulation
story of his recent visit to
that, without waiting for the
The
an
attempt to absolve Bol¬
ignominious failure, saying: "Ruin
primary Russian fact at the present
revolution, the Communist rule which I
proceed to describe in
next paper, is quite
my
It is something, that has hap¬
secondary to that.
pened in ruin and because of ruin."
Mr. Wells visited Maxim
Gorky and had
a
long in¬
terview with Lenine.
He
charges of favoritism and "graft," and there was un¬
Moscow, but
to have made few excursions
doubtedly considerable of both; yet the root of it
into the
but
excuse
There
ago.
are
was
hereafter.
tremities. In fairness,
paint the
admit that business
nature of
man
must recognize and
inefficiency is ingrained in the
Government, and is ineradicable while hu¬
nature remains
guard
we
except
in
unregenerated; there is
the
no
responsibility which
safe¬
comes
His first article
scenery;
rather
than adds
the "desolated
affairs, for then those who make blunders must bear
the Czarist
the
no
Let
vism
us
profit by the warning.
here, and
so
no
it is prudent not to allow
Plumbism which is the
to make a
We want
•
Bolshe¬
even
the
entering wedge of Bolshevism
beginning lest it gain growth and strength.
have
Let
us
the
contrary, let us de-nationalize wherever there is
no
"nationalizing,"
opportunity to do so.
nor
talk of
any.
On
we
have
he
no
city."
we
pen can
nant of
to
have had of
says,
the
peas¬
90% of the population,
well, if not better, off than they
regime.
more
was
Still, he confirms,
He believes, he
or
says)
doubt he did this
to, the pictures
ants, who constitute 80
are as
'
and
to have
we are
(as
truthfully and appreciatively.
through self-interest under private management of
penalty, and know that they must.
Of all this
country.
incompetence at the head and extending to the ex¬
however,
appears
in St. Petersburg and
was
Certainly,
as we
were
read
under
we
feel
exaggerate the misery to which the rem¬
700,000 inhabitants of the
of the Far North have been reduced.
of Hell furnish
no
once
proud city
Dante's visions
greater horrors.
And yet, as we read, we
fear that he has shown
only the best side (he refers to the naturalness of
showing
written.
a
friend only this side), but others have
And
the
tale is
not
yet told out in the
THE
1992
matter of time and
experiences.
[Vol. 111.
CHRONICLE
What the world is
in, aside from its sympathetic interest
to her
youth,
in human
suffering is in the relation of this Soviet
speaks
as a
Government, this Communistic experiment, to
cuses
vism not
And it is true that Bolshe¬
to be made.
are
this
It it apparent that ex¬
heart-rending condition.
Constituent
only succeeded the rule of the
Assembly which it suppressed, but it was builded
on
of
the enervations and
corruption, the loss and cost
waged by the Czar, wherein millions of con¬
a war
fiding peasants were sacrificed to a combination
of
inefficiency, greed, graft and superstition, led on
by
.a
thought is that we must take the point of
at which Kussia withdrew from the war, in
Our
And first it must appear
vism.
antecedent
not been corrected
the
Commune itself is
And therefore
It may
colossal failure.
a
enough be indicated that it has not had a fair
chance.
the
life, has
The descent, on
by Bolshevism.
contrary, has been accelerated.
It
ushered into
not
was
the world
multitude
liberal
at
and the commendation of
home,
It
peoples outside.
was
whose voice is breaking, or an old mon¬
archy at the squeaking: stage. Now her voice is the
full strong voice of a great people, now it pipes ri¬
It is
this mind and this voice that is to
herald Russian
Bolshevism forth to the world—the
herself."
mind of
until the final
CIVILIZATION.
When, for
the
Mr. Wells may
and seek to explain
cuses,
fact is that
away,
off, at such
circumstances.
a
the
hereafter make
ex¬
but the bare, stark
property, subversion of order,
systematic suppression of the individual—end¬
and
is
lover
no
Peter"
he
of
Guardian, at about 1903]
tially
of
a
romantic and
In his
Imperialism.
"His
says:
[Oswald's,
Imperialism
generous
the
was ' essen¬
imagination,
dream
a
service, of himself serving the Empire and of the
Empire
serving
mankind.
The
tacit
assumption
with
outcome
interference
is
equanimity, knowing the
temporary and the power-house is
at work.
The
tries
we
and the Government bunched
war
(and for
back
are
be
cannot
the
all
We have only to wait,
capacity.
until the tangles straighten
out, and
as
fast
possible turn
as
respectively
we
schedule.
is
There
use,
nothing
was
an
adventure of
exploitation,
a
national
terprise in the higher piracy, borrowing
a
en¬
American
people,
"do business"
faded pic-
turesqueness from the scoundrelism of the Eliza¬
bethan
and
Jacobean
buccaneers,
the
men
utilize
the
as
whole,
as a
are as eager
started the British slave trade and the Ulster trou¬
dead,
ble and founded
away.
tations
of
no
Empire at all except the plan¬
Virginia and Barbadoes, distressed and
perplexed his mind almost unendurably.
maddeningly plausible.
It
pathway of destruction."
theft
of well-earned
so
It
was so
manifestly the
But is the world only to
choose between the theft of
the
was
unimproved territory and
and
rightly owned indus¬
tries, and favor the latter? And is Imperialism,
dream
of
trade
as a
dominance, to be sacrificed to
an
Imperialism of industrial suppression?
And
again, he writes in this novel,
a
move
even
care,
accepted by
a
a
compromise
mask upon
It is
the British face; it is a gaudy and
antiquated and embarrassing wrapping about the
now a
war
is
a
That
over.
clutch, and still
stopping.
refusal to make
interference
in readiness to
six-millioned
causes
is
one
we
hope will
The lesson lies in watch-
resume,
and faith in the
of the people.
city
re¬
slowing down and
But this interference
speedily removed.
haustless energy
ex-
Sometimes in this
wonders at the infinity of the
daily thoughts and acts that constitute the city's
world of work.
Not all is
harmony, not all
waste, but all is of
And
nature.
just
on
as
the
a
preven-
mutually sustaining
individual mind and heart
individual
way
consequent supply and demand
and task,
are
are
so
indissoluble
because indestructible.
Our
generation regardless of edu¬
cation and devoid of any sense of the future.
spirit of trade, and
things.
the
monarchy in Great Britain is
volun¬
energy—a
follows:
was
course
abiding current of popular
concentrated
"The
Of
refusal to
study of education, its meaning and processes, as
that
able.
Thb Government in much has refused to
its
tive of
remarkable
as
though Its industrial debris is not cleared
be
now
practically
actual
The
who
to
tjhey ever were, and to all intents
a
denial of the
the best of
the
at the
Despite discontent and even despair
power-house.
and purposes
it
the
wrong
tary "shut-downs" and "strikes" are
really nothing of the kind, that
on
resume
and
that the
was
our
industries
of the people in production
underlying this most sordid of political campaigns
Empire
resume
our
be assured, remains full charged
motorman,
current which
former
cannot
we
because
energy
we may
maximum
the
indus¬
suddenly adjusted to full speed ahead.
themselves
the
the old track
schedules
total
trade,
its
to
our
time diverted them), but now that
a
on
accustomed
with
ing in hopeless famine and helpless suffering.
Wells
permitted by
True, the passengers suffer many
jolt and jar, but when they are wise they cling
and
Mr.
time, and the motorman is ready to
a
seize and utilize it to the full extent
ble to this
"Joan
dead stop, until there is a
a
But the current is never turned
clear track ahead.
bloody annals another example of tyranny compara¬
and
passed, and there is consequent slow¬
ing down, sometimes
But
of
schedule is broken.
the
strap, or brace themselves in their seats, and
history does not record in its long and
theft
of
not be
must
the trains become bunched,
Signals
any reason,
evenness
await
single influence for good that has irradi¬
ated the world.
judgment
printed.
are
HUMAN ENERGY THE POWERHOUSE OF
More interfering than interfered with, it can
no
chapters
And it
peoples and Governments to its own theoretical em:
point to
reformer and the voice of an iconoclast.
a
to the
through the Internationale to subjugate other
prise.
She perplexes the world and stultifies
diculously.
born in blood and
fire, and it has lived by murder and pillage.
seeks
with
and plenty everywhere, and the plaudits of
peace
monarchy. Either she is an adolescent de¬
mocracy,
Empire, what¬
that enfeebled the
causes
the
well
Teutonic
that whatever the
the revolution failed to do in its short
ever
She
democratic republic, just ever so little
crowned, and .also she speaks as a succulently loyal
correctly appraise the influence of Bolshe¬
order to
to the world, with two voices.
as
And the world will do well to reserve its
militaristic dynasty claiming divine power.
time
Because of it Britain speaks
energies of the nation.
interested
serves
illustration
to
mon
origin and
in
physical
a
is
not
point out that
fully
our
adequate,
industries have
a common purpose.
way
biit
it
a com¬
They constitute
the actuality of life.
And while
*
Nov. 20
to
extent
some
THE
1920.]
they
single track, there
where
tions
made up,
which
It is
a
crossroads and junc¬
that
neither the Farmers
many
stops must be made and new trains
because the systems serve the entire peo¬
such
can
dared
present political situation
publicly to advocate
policy and it
the
nor
Liberals
have
immediate free-trade
an
beyond question that the out¬
appears
tariff conditions
spoken championship of present
Government, National or State,
as
by the Conservative group in power has won the re¬
industrial energy into the people.
pump
curious fact in the
Manifestly, there is no artificial
ple and territory.
power,
behind each other on a
run
are
1993
CHRONICLE
There is in man
Nor is there need for this.
spect of the main business community.
As
an em¬
of
means
a
informing the country that the
bodying aspiration to be and to do, and there is in
Government in power
his dual nature of mind and muscle a self-assertive
Interests," Premier Meighen has busied himself on
Through the exercise of toil and thought there
has grown up a
vast complex which we call civiliza¬
War is its eternal enemy.
tion.
But in the "work¬
ings" of this.civilization there is its own purifica-
The trouble is now
against the natural order. This
tion, perfection and perpetuity.
that there is revolt
gathering its rivers of in¬
stream of human energy,
dustry to itself, as it flows onward to the rest that
is
peace,
its
it goes.
as
It must have, therefore,
It will not
natural freedom.
in
wash down mountains on its way or
own
a
generation
flood the low¬
.enduringly—for it is ever at work digging its
lands
channel—and
petuosity of mind.
It yields forever to compromise,
against which the will of man beats in vain.
Im¬
patience is the creator of theory. And how vain it
is to suppose that these natural laws of progress
through the release of human energy can be facti¬
tiously accelerated by Government! Suppose for a
moment
Government's taxation
affects
could wipe out the
we
vented for
supplying
our
machines
we
have in¬
needs, couldi mere Govern¬
Suppose half the population
should turn
the labor-laws of life, could civilization sup¬
upon
port itself through the normal functioning of Gov¬
We reach here
ernment?
So-called
a
United
by refusing to exercise their full ener¬
This is to say that prosperity results from
gies.
the full utilization of this inexhaustible current
of
profits.
corporation
public addresses it is evident that
higher in Canada than in the
States, although the Government has made
effort to reduce this discrepancy
every
to avoid
so as
antagonizing American capital.
At
all
present the business profits tax takes 20% of
profits in
excess
of 10% and not exceeding 15%;
30% of all profits above 15% and below 20%; 50%
of all
profits between 20% and 30%, and 60% of all
By special order-in-council a tax
profits thereafter.
of
the profits of packers amounting to 50%
everything between 7% and 15% and all profits
In addition to this the packers have to
15%.
over
the ordinary business profits tax, the net result
pay
being that the maximum profit they can keep is less
than
10%.
In addition to the
poses
io%.
is
ada
;
■
..
For the
introduced,
are
v';
^
of
man
large income the tax rate in Can¬
particularly
$100,000
of
foregoing the Government im¬
corporation tax which, when
a
4%, but later increased to 6% and last year to
was
Personal
severe.
subject to
a
of
incomes
tax of $32,749.
Incomes
$200,000 must pay $97,849.
To those who
central truth.
capital and labor cannot serve their in¬
herent nature
in his
Premier
policy, particularly as
and
comparative statistics presented by the
taxation is somewhat
ment, by any power or process it possesses, restore
them?
the
From
incomes
large
rests upon
seeking the easiest way.
process-physical encounters always the im¬
This
public platform with detailed descriptions of
the
must have time and space in which to
cleanse itself
brief for the "Big
no
the
to satisfy his desire.
power
holds
charge
the present Government with
high tariff tendencies the rejoinder is given that the
protective tariff under the last Government
aged 28.3.
Wilfrid
Sir
aver¬
In the time of
To-day it stands at 22.5.
Laurier, the last Premier before Sir
Robert
Borden, the national
alone.
There is
revenue
amounted to
'Stoppage,
$100,000,000.
To-day $100,000,000 falls $40,000,voluntary, by either, is suicide.
Compromise by
000 short of paying the interest on the national debt
both is inevitable, because through full exercise and
forever proceeding out of man.
energy
utilization of human energy no
And
sible.
other
course
is pos¬
though it sounds like and perhaps is a
platitude to say that "to make the best of things"
is the
way
highest duty in life, it is nevertheless the only
out.
conceiver
And when each toiler, and trader, and
and constructor of enterprise does this,
of energy will be
utilized to the full,
the freedom of the man will be
assured, and the nat¬
the
current
ural forward movement will not
and
zation
tend to
only sustain civili¬
perpetuate good Government, but will
$375,000,000.
As
now
a
a
est of any
force.
country where
From
now
ducting
that
investigation, it would
an
seem
con¬
the
only tariff legislation to be brought in at the next
session
of Parliament will
deal
with
a
downward
revision.
(fAxxvcnt
%vents anil Qiscusslons
BIG IN¬
OF
BRITISH
TREASURY
BILLS.
usual
The
TERESTS—HIGH INCOME TAXES.
offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co.
was
persuasive material, the two
1878, and is the low¬
protective tariff is in
a
public speeches of Premier Meighen,
CONTINUELTOFFERING
For the lack of more
necessity of
matter of fact, the present Ca¬
and the fact that his tariff commission is
and love.
Ottawa, Canada, Nov. 19 1920.
revenue
nadian tariff is the lowset since
equalize the rewards of labor to all who live
THE CANADIAN GOVERNMENT AND
total
basis of
count
some
time past.
opposition parties, straight-line Liberal and Agra¬
RATE
dis¬
The bills in this week's offering
are
dated
November 15.
rian, are now endeavoring to saddle upon the Con¬
on a
6%, the rate which has been in effect for
servative party,
at present in power in the Domin¬
ion, responsibility for an alliance with "Big Inter¬
ests."
This appears to be the
main rejoinder of both
The
FRENCH
rate
some
TREASURY
BILLS
CONTINUED
AT 6V2%.
French
this week
the
opposition groups to the Government's frank ad¬
herence to a protective tariff as a national policy.
ON
-
.
,
on
was
a
ninety-day Treasury bills
discount basis of
advanced March
time been 6%.
dated November 19.
were
63^%—the
26;
disposed of
figure to which
it had previously for
The bills in this week's offering
are
PROBLEM
FRANCE'S
The Bank of France called
and
the
representative cotton
The discus¬
portation of cotton for the 1920-21 campaign.
financing the importation of
covered the two ways of
sion
cotton:
The payment in francs at three days sight, 60
(a)
90 days by draft on the Havre
or
of Havre
merchants
of considering means of financing the im¬
purpose
importer or his banker;
the opening of credits in dollars, at sight or at 60 or
(b)
90 days by American
After
That
1.
conclusions
the following
views
advisable
is
it
reduce
to
the
to
extent the
possible
greatest
days' sight, whether in francs or in dollars, the abnormal in
of which would in the present circumstances impose on the money
crease
market
unjustified burden.
an
That it
to return, as fully as possible to the practice of
is necessary
before the war.
in francs at 60 or 90 days, as
drafts
a
should be undertaken in order to ascertain the best means of
providing for
carried
be
dollars for
in
the price
requiring that
transactions
special
should
chandise
the
for
a
time,
certain
the necessary facilities in
acceptance credits in dollars at
importers and their bankers, an increase in
America,
three
opening
of
six months.
the
That
in
France
trade acceptances on France
such
to
as
extensively
as
before
of organizing dollar credits.
Neuflize
de
transmit
to
wishes
these
In discussing the
problem, he pointed out that the question of financing in
is
dollars
of
the
importance,
secondary
francs.
in
are
The
of
most
as
important
the
of
phase
question, he avers, is the resumption of the drawings on
France at 60 and 90
days instead of 3 days sight.
the time the bill
needs about three months from
and delivered it to
then
the
manufacturer,
Furthermore, when drawn at sight,
only.
received,
who pays
burden falls
on
the
have
The
used.
Bank
financing
importers who
sellers
the
to
France naturally
its normal
prefers
channels,
discriminate against
of
privilege
Hence the above
of
those French
reimbursement
in
pre-war
form.
LONDON
IN
NEXT
WEEK.
on
Monday next, has resolved to cancel the
prohibiting
arbitrage.
This
cancellation,
emer¬
however,
practically unimportant because the rules prohibiting speculation and
forcing
cash
bondholders to
the
have
the
interest
circular continues:
who has been elected
Obregon,
President of tne United
States of Mexico, and who will assume office on Dec. 1, is reported, however,
to have
publicly declared that the new Mexican Government "will recognize
There
are a
debts," and that all its debts will be paid "as far
made,
as
well
as
possible.":
number of foreign loans of the Mexican Government, siecured
and unsecured, and other guarantees
given by it,
on
which default has been
large amount of other claims against it, which will have
as a
recognized and provided for by the Mexican Government.
We therefore consider it important that the holders of the above bonds
nterests.
/V'
.
...
Temporary Certificates of Deposit will be issued by the
Depositary, exchangeable for engraved bearer certificates and
application
certificates
wil^l be made for the listing of the engraved
the New York Stock
IjJxchange. Speyer &
on
Co. state that
they will make
charge to depositing bond¬
no
holders for their services under this agreement.
Wickersham & Taft will act
defaulted interest up to
counsel.
as
Cadwalader,
The total amount of
Nov. 1 1920, amounts to
over
600,000, and the overdue Sinking Fund payments, to
$9,over
$1,125,000.
It is understood that arrangements will also
be made for
receiving deposit of these Bonds in London*
Frankfort o-M.,
Berlin and Amsterdam, where considerable
amounts of this issue
held.
are
THE AUSTRALIAN
FINANCIAL
SITUATION.
Under the above head, "Commerce Reports" of Nov. 12,
issued by the Department of
Commerce at Washington,
say &
In
explanation of the inability of Australian banks to make telegraphic
transfers in exchange or to sell letters of credit, American Trade Com¬
missioner
Ferrin.'of
situation may
much
to
Melbourne, has cabled witn the suggestion that the
che credit
be due to
owing
to
disappointing
England.
reserve
wool
of Australia in London being
sales
concerned with
with
Government
the Australian
banks
the present situation of their inability to draw
It is suggested that no relief
London.
together
It is further stated that
can
may
be expected before the
be sold abroad.
In connection with
above, attention might be called to the fact that the treasurer of Aus¬
tralia in his speech of Sept. 16, presenting the proposed budget of the Com¬
monwealth for the coming fiscal year, stated that he had arranged for the
sign of returning normality that the Stock Exchange Committee,
subject to confirmation
transactions
somewhat elastic.
of
beginning of March, when wheat
from London said:
regulation
Alvaro
remittances
special cable to the "Journal ofiCommerce'^Nov. 10
gency
behalf
Since
have made repeated
Government make good its guarantee, but without avail.
the
a
occurred, Speyer & Co.
Sinking Fund installments paid, and to have the Mexi¬
upon
It is
on
guaran¬
Government.
the Mexican
endorsement by
efforts
reduced,
resolutions.
ARBITRAGE
Payments of prin¬
and
are
A
by
these defaults
to
and
unable to obtain from their American
are
of these bonds.
which have to rediscount at
through
go
therefore is inclined
May 1 1914 and that since May 1 1919 de¬
vided for the redemption
France, while market facilities in other cities
not
in their circular
payment of the interest
the whole
the Bank of
are
Havre banks,
Cotton
of lading
is obtained to the time when the French dealer has
unloaded
Speyer & Co.,
cipal, interest and Sinking Fund is unconditionally
American
to
Thursday, Nov.' 11, addressed the Chamber of Commerce
of the State of New York on this subject.
transactions
on
la
hould unite, witnout delay, for the proper and effectual protection of their
accepted with thanks the offer
Mr. J. de Neuflize, who is at present in New York,
bankers.
on
these bonds
on
should examine with the American bankers the
In conclusion the meeting
J.
Irrigacion y Fomento de
de
placed, by Speyer & Co., here and
were
fault has also been made in the Sinking Fund payments pro¬
to be
way
obras
para
in October 1908.
abroad,
all legal foreign
That the French banks
best
of
purchases
the systems of payment
war.
3.
Prestamos
de
of American banks willing
buyers of good
the
agreement dated Nov. 18. The total amount
$25,000,000 U. S. gold, and the bonds, known
the bonds of the "Institution for Encouragement of Irri¬
as
Gen.
war.
group
de¬
gation Works and Development of Agriculture, S. A." (Caja
The bankers'
to take cotton drafts on
should be increased, it being understood that the French banks are
the
That
still
would be disposed to return to
as
before the
use
2.
their
confine
should
merchants
cotton
American sellers
of the issue is
as
before Dec. 31 1920, subject to the terms of
on or
the bondholders'
,
Consequently the meeting expressed the wish:
1.
positary,
can
the
by
especially
four and
Sinking Fund Gold Bonds, due 1943,
deposit their bonds with the New York Trust Co.,
teed
of the mer¬
special study
That
3.
to
state that default was made in the
at 3
drafts
2.
of
exchange
an
Works 4^2%
gation
4y2% BONDS.
Nov. 18, invited holders of Mexican Irri¬
on
Agricultura, S. A.),
banks.
arrived at:
were
Speyer & Co.,
meeting in Havre on Oct
a
CALL FOR DEPOSIT OF MEXICAN
CO.
IRRIGATION
representatives of all the leading French banking in¬
stitutions
for
SPEYER &
THE
OF COTTON.
IMPORTATION
22 of
FINANCING
IN
[Vol. 111.
CHRONICLE
THE
1994
still
operate,
although
Moreover, the embargo
on
the
is
en¬
regulation is
cash
the importation of securities
ceased many months ago, but exchange rates are prohibitive.
sending of 7,300,000 pounds sterling to London before November in
ment of interest and amortization due
held by the
were
wool, whicn had previously been
English Government, passed into the hands of private
in Australia.
pay¬
English holders of Australian loans.
On Oct. 1 the control over the Australian
owners
On that date the sales of wool under the colonial sales plan
again put into effect.
London
sources state that there is a period of
dullness at the present time in
stocks of woolen
the woolen goods industry, owing to large
goods and of raw materials in London and abroad.
Recent
labor distrubances in that country have also contributed to the situation.
SETTLING
OF
CONTRACTS
EXCHANGE
FOR
ON
CITY
OF
NEW
YORK
STOCK
BERNE&BONDS.
AMERICAN
SECTION
E. V. D. Cox,
BER
Secretary of the New York Stock Exchange,
announced the following ruling on Nov. 11 by its Committee
Securities
on
on
contracts
for
City of Berne, Switzerland,
bonds:
The Committee
on
Securities rules that contracts for the City of Berne,
Bonds!
due 1945,
"when issued," must be settled on Tuesday, Nov. 16 1920, by
delivery of temporary certificates;
said
contracts
may
be settled prior to
seller giving to the buyer one day's
Nov.
written notice of
16
Ihis
delivery; that such notice must be given before 2:15 p.
will cease upon the giving of
upon
the
m.;
that interest
notice.
The accrued interest from Nov. 1
will amount to 83.3333 per
1920
intention to make
16.1920 (viz., 15 days)
which
were
sold by Speyer & Co.
on
Nov. 1,
as
noted in these columns Nov. 6, page 1799, were listed
on
the Exchange
early in the month.
now
functioning at Paris has been
the Chamber of Commerce, of the United
States with offices at
Washington.
assistant
manager
National
Chamber,
Research Department of the
has been appointed secretary of the
of
Lacey C. Zapf, formerly
the
American Section, and will devote his exclusive
;o
that work.
The National
attention
Chamber in announcing this
The American SecfcioD will be the direct representative of che International
Chamber of Commerce in this country.
of contracts may be enforced "under the rule" beginning
16 1920.
The bonds,
CHAM¬
Nov. 3 said:
1920 to Nov.
81,000 bond.
Settlement
Nov.
by
INTERNATIONAL
COMMERCE.
section of the newly organized International
Chamber of Commerce
established
Switzerland, Twenty-Five-Year Eight Per Cent Sinking Fund Gold
That
An American
OF
OF
In addition to receiving applica¬
tions of American business men and organizations for
membership in the
International Chamber, it will be the duty of the American Section to keep
the
International
Headquarters,
through
the
American
Administrative
Commissioner, located at Paris, informed as to economic, industrial and
social conditions in the United States.
into effect in the United
It will also be charged with putting
States resolutions and
any
other action taken by
Nov. 20
the
International
Chamber.
National
will
Bureaus
also
be
Tne
bonds to
established
secretary of tne American Section was in Paris last Ju
at the
organization meeting of the International Chamber and assisted in
he work
new
who
chairman
as
Chamber.
He
He was assistant to John H. Fahey of Boston,
body.
of
the
also
was
Organization
assistant
to
Committee
the
of the
Trade Conference held at Atlantic City in 1919
reasonable
International
when the preliminary plans1
Mr.
Zapf has nad much experience in foreign commerce work.
time he
special assistant to the Director of the
was
reserve.
of the bank is in the hands of a board of directors
The management
For some
Bureaiji of Foreign and
will increase the total
crowns
He also assisted in organizing the
War Trade Board to control the
created at the request of the
importation and distribution of hides and
stock, during the war, and served as general agent
raw
in charge of the New York District of the Tanners' Council.
Besides the National Bureau in
States, there will also be a
the United
committee of twenty-five American business men
of Commerce
of the
United
States
to
act
in
appointed by the Chamber
advisory capacity to
a
tne
National Bureau.
hand in excess of the
The latest balance sheet of the bank shows cash on
This new issue of \\4% Fund Bonds
entire outstanding capitalization.
Domestic Commerce of the Department of Commerce and aided in organiz¬
skins and leather
elected
committee
by the Bohemian Diet and under the supervision of a permanent
ing the War Trade during the war.
Tanners' Council, an industrial organization
public
of that body.
laid for organizing the International Cnamber.
were
The Institution also makes similar loans to
public.
savings de¬
posits, and transacts a general banking business.
Being a Government
institution, it makes no attempt to earn any profit beyond the amount
necessary for expenses, interest on its capital and the maintenance of a
International
of the
Secretary
the
companies and for real estate improvements, accepts
service
in the other associated countries.
of forming this new
1995
CHRONICLE
THE
1920.]
outstanding to 30,000,000 crowns out of 40,00O,0Cf
authorized.
Other facts furnished by
J. G. White & Co. are as follows:
Republic of Czecho-Slovakia, with a population of
13,000,000, comprises Bohemia, Moravia, Slovakia and
part of Silesia.
It is situated in the geographical center of
Europe, and has been occupied by Slavs since the beginning
of the Christian era.
From the time of the Napoleonic
The
Wars the Czechs have made
more or
less
contiguous efforts
Austrian rule, and these efforts were finally
result of the recent war, and the important
to throw off the
CITY
OF
BERGEN
(NORWAY)
NEW
An
IN
YORK.
and the
Liberty National Bank at 98 and accrued interest,
yielding about 8.20 % >
disposed of
was
a
week ago. The bonds
The bonds
due Nov. 1 1945.
are
dated Nov. 1 1920 and
are
in coupon form
in $1,000 and $500 denominations, and
registerable
to
as
are
Interest is payable
principal only.
Principal, premium and interest pay¬
May 1 and Nov. 1.
able in United States
gold coin of the present standard of
weight and fineness is payable at the Liberty National Bank
of New York in New York and at the offices of Lee, Higgin¬
& Co. in Boston and
son
Norwegian Government
wegian taxes,
present
Chicago,, and is exempt from
municipal taxes
or
or
future.
any
other Nor¬
or
These bonds cannot be called
prior to Nov. 1 1930.
1930 they are callable on any interest date at
On and after Nov. 1
110 and interest to and in¬
cluding Nov. 1 1940 and at 107 }4 and interest on any interest
'
after.
date there¬
;
Feb. 1
sufficient to retire annually
$160,000 principal of bonds at 110 and interest, and thereafter at a rate
sufficiento retire annually $160,000 principal of bonds at 107H and inter¬
est.
Prior to Aug. 15 1930 sinking fund to be applied to the purchase of
bonds in the open market at or below 110 and interest; any balance remain¬
Sinking fund, payable in quarterly installments, first payment
1921, at a rate to and including Nov. 1 1940,
bonds by lot for re¬
sinking fund pay¬
calling bonds by lot for redemption on semi-annual
ing unapplied on Aug. 15 1930 to be applied to calling
demption on Nov. 1 1930 at 110 and interest; thereafter
ments to be
applied to
Interest dates at their
then calling prices.
The city of Bergen,
the second port of
country,
from Bergen on the west to
its
own
amount
Christiania on the east.
The total debt of the city of
The population of Ber¬
66,926,000 kroner
Bergen, including the present issue, amounts
Total value of property owned by
($17,934,820).
86,000.000 kroner ($23,046,280), or more than the city's
Total taxable property values in the city, including both real
the city amounts to
entire debt.
personal property, amount
Revenues of the
to
1,203,000,000 kroner ($322,379,940).
amounted to
city of Bergen for the year ended June 30 1920
($12,721,000), and expenditures 45,000,000 kroner
Total income of the city's population is estimated at
362,538,000 kroner ($97,152,000), and taxable income for the year ended
June 30 1920 amounted to 298,000,000 kroner ($79,858,000).
Prior to the war the city's total funded debt consisted of external loans
kroner
47,470,000
($12,059,000).
issued between 1886 and 1913, bearing 4%
interest, and a single internal
There is no record of any default
ever having occurred on the city's debt.
The city and its inhabitants have
an excellent reputation for conservatism, industry, thrift and faithfulness
of 1887, bearing 314%
ended
interest.
obligations.
OFFERING OF RO YAL BANK OF
BOHEMIA BONDS.
announced early this week that J. G.
was
White & Co.
negotiated in Prague the offering in this market of a new
issue of 10,000,000 Czecho-Slovak crowns Royal Bank of
had
Bohemia
4%% Perpetual Fund Bonds.
1,000 and 10,00C
dated Jan. 1 1921.
They are guaranteed as to
(Zemska Banka)
bonds, issued in denominations of
crowns,
are
Bohemia. Interest
payable semi-annually on the first days of January anc
July in Prague or in New York at current rate of exchange.
principal and interest by the country of
is
regarding the bank and the new
is supplied by the firm:
The following
bond issue
The
Aug. 31 1920,
a
view
In
was one
favorable trade balance in this country.
this favorable condition as regards foreign,
countries with
a
of
,
entirely reasonable to expect the value of
crown to advance from its present low
value.
The nation not being burdened with indemnities
and its war debt being comparatively low, the basic situation
looks much sounder than in either Germany or Austria.
it
trade,
seems
the Czecho-Slovak
CHINESE
OF
OFFERING
GOVERNMENT
BONDS
YORK.
NEW
IN
Rutter & Co. and Charles D.
information
Bohemia was created by the Diet of Bohemia in
inaugurated the following year with a working capital of 20,000,provided by the sale of 4% Fund Bonds guaranteed by the
Royal Bank of
1889 and
000 crowns,
The institution soon attained the position of lead¬
ing issue bank within the limits of the Austro-Hungarian Empire and has
completed its first thirty years of existence without ever suffering a loss.
The principal function of the bank is the granting of loans to communi¬
ties on the security of taxes imposed by them—all of the municipal and re¬
Kingdom of Bohemia.
gional financing of Bohemia
three of the principal cities.
being handled in this way except for two or
Against these loans the bank sells its own
Chinese
of
offering
1
due
Barney & Co.
Government
The bonds
(Paris issue).
are
4%
gold
announce an
loan of
dated July 1 1895,
1895
and
are
Of the original issue of 400,000,000 francs
July 1 1931.
outstanding July 1 1920 185,The bonds are offered at
prevailing rates of exchange to yield approximately 8.30%
up to 38% according to redemption.
The bonds are in
coupon form in denomination of 2,500 francs and 500 francs,
with par value in other currencies expressed on each bond.
They are redeemable at par and accrued interest by annual
drawings by lot.
Interest is payable Jan. 1 and July 1 and
principal and interest are payable at the option of the holder
there
(£15,820,000)
was
(£7,341,000).
167,500
francs
in fixed
amounts
in England,
Switzerland, Germany
bonds of this issue
are
France, Holland, Belgiumf
the
forever exempt from any present or
we
any
other deductions
also take the following:
These bonds
are a
direct obligation of the Chinese Government, and are
guaranteed, by priority over
the
at
from
Irom the official announcement
of China.
part
It is announced that the
Russia.
or
future Chinese tax whatever, or
on
The
position to do a considerable
For the month of August,
nearly six times
the eight months
of the three important European'
requirements and is in
of export business.
Czecho-Slovakia exported to this country
the amount of her imports from us, and for
the railway line which crosses the country
United States.
It
Trade.
that Czecho-Slovakia produces almost all
seen
city of the
proceeds of tbis loan are to be used for electric power
to their
Foreign
It will be
-
development,
housing, harbor improvements and pubjic works.
Of the total proceeds
a substantial part is to be expended for the purchase of materials in the
loan
51% of the land is
in Germany, 44%
in France and 22% in the United Kingdom.
In addition to agricultural wealth, manufactures are highly
important, and include beet sugar, beer, spirits, paper, porce¬
lain, glass, cotton, woolens, toys, locomotives, machinery
and a great variety of other products.
Many of Bohemia's
manufactured products, ranging from crystal glass to Pilsener
beer, are famous for their high quality and the Skoda Works
constitute one of the greatest steel plants in the world.
It is the country's
is in excess of 95,000.
and
materials, the agricultural resources of a country assume
abnormal importance.
In Bohemia,
under cultivation, compared with 47%
an
and from it sails the greater part of Norway's merchant fleet.
It is the Atlantic coast terminus of
The
overcjpveloped relative to its production of foodstuffs and
raw
established in the year 1070, is the second city and
Norway, both in size and importance.
principal Atlantic coast port, it owns the largest tonnage of any
to
Industries.
present conditions when, as a result of the War,
the manufacturing industries of the entire world have been
Under
The official announce¬
ment said:
gen
given the Allies by the Czecho-Slovaks.
a
offering of $4,000,000 City of Bergen (Norway) 25-year
8% sinking fund gold bonds made by Lee, Higginson & Co.
are
as
assistance
SOLD
BONDS
successful
Chinese
all
future loans, by custom-duties collected
Treaty-Ports, and by the deposit
previous loans which were charges upon
Chinese Treaty-Ports,
Qf custom-bonds.
All
the custom-duties collected at the
having been redeemed, this issue is the first charge
the entire revenue from Chinese Maritime Customs, which jure adminis¬
on
tered under British direction.
36,345,045 taels
and interest
year
($45,795,756)
The income from this
or over ten
requirements of this loan.
source
in 1918
wss
times the annual sinking fund
Revenues from this source for the
1919 are unofficially reported as showing an increase of 20% over 1918.
Redemption is accomplished by means of an ^nnual drawing by lot now
effected in Paris each April, the bonds drawn being
redeemed at
issue is applied annually together with the interest of
of July
1
par
July 1
For that purpose 1.288688% of the par amount of the original
following.
the drawn bonds.
As
1920, 214,832,500 francs had been so redeemed, or over 53% of
the original issue.
All outstanding bonds are to be retired as indicated
by July 1 1931, making an average life less than six years.
Holders
of this
issue have the choice of collecting
currencies
of any
of the
both principal and
following countries: Great
Britain,
interest
in
France,
Netherlands, Belgium, Switzerland, Germany and Russia.
choice of exchanges gives the value of
unusual
This
the bonds exceptional stability with
opportunity for profit through improvement in the foreign
exchange
values of the several currencies mentioned.
Concerning the provisions of the bond relative to payments in francs, we
are
advised
by
counsel,
Messrs.
Evarts,
Choate,
Sherman
and
Leon,
1996
New York, that in their
French
CHRONICLE
THE
francs
in
Switzerland for
opinion "the holder has the absolute choice between
France,
Belgian francs in Belgian and
francs in
Swiss
both principal and
interest" this opinion being in accord
with the actual practice of the Chinese Government As
reported to us by
ouriEuropean correspondents.
CHINESE CONSORTIUM PROGRAM—REPORTS OF UN-
ACCEPTABILITY
A press
OF
TERMS
NOT
It is reported that the Ministry of Finance, in view of the reported un-
acceptability of the terms of the consortium, has decided
to
rely upon she
proposals of Chinese bankers for furnishing the Government with finances.
Last week, page 1901, we published
which the Chinese Premier
rights
loans
they
be
not
outline
an
of
Peking dispatch in
the
saying that if
Government's sovereign
as
countenanced.
known at the offices of J. P.
I
a
reported
was
endangered
would
Morgan & Co.
It
on
governing the consortium had been forwarded
Premier and Minister of Finance.
merce" of this
city
A full report of the
The
made
was
Nov. 15 that
comprehensive and constructive
a
program
to the Chinese
"Journal of Com¬
the 16th inst., in noting this, added:
on
principles and suggestions developed at the recent
meeting here of the inter-National banking groups is contained in the state¬
ment, including the resolution adopted advocating the encouragenUnt of
the organization of a Chinese group to co-operate with the consortium.
The
whicn
program
has
been submitted
by the consortium
embrace any specific loan proposal, but is understood to set forth
does
not
of the
some
conditions under which advances for various projects might be favorably
considered at
future date.
some
The ideas of the consortium participants,
formulated during the discussions in this city, relative to railway develop¬
as
ment, currency reform, &c., are covered in the outline which is counted upon
to clear up much of the misapprehension that has existed in China regarding
the consortium's aims and plans.
The document will, it is believed, be
presented to the Chinese Premier and the Ministry of Finance for their
consideration.
No advices have been received by the American banking group, it was
learned, substantiating the hostility to the consortium upon the part of
the Chinese Government which has been indicated in recent press dispatches
from Peking.
The tendency here is to regard the statements that have been
attributed to the Chinese Premier and other officials
exigency and
are
as catering to political
directed to rest the sentiment of the student radicals who
as
understood to
in
see
the consortium's operations a danger
that Inherent in the efforts at
exploit China for their
own
one or
co
Bankers point out that the
are as
con¬
far apart as the two
that, in fact, the consortium has been organized primarily to halt
exploitation of China's wealth and
resources.
the Chinese Government's statements may rally the
support of
the Chinese banks and investors to constructive
enterprise and
In
far
so
purpose
as
for which they
are
projects, a
also believed to be designed, consortium bankers
will welcome their result, as they are anxious to do for China
only what China
is unable to do for itself.
come
following statement
Thomas W. Lamont of J. P.
the
Consortium
given out last evening by
was
Morgan & Co., indicating that
Agreement had been signed:
from Europe convinced that Europe is
away
headed straight for economic ruin and financial
bankruptcy,
logic pf things will apparently be with him.
The
optimist,
the other hand," he
on
being slowly
He will
the
Europe
ashes
permanent gain to Europe, worth the cost of present indus¬
trial inefficiency, high national deficits and
appalling
nomic waste."
Tbe
eco¬
Mr. Kies continues in part:
who tries to be neither an optimist or a pessimist,
endeavoring
impartially and judicially, will leave Europe sobered by the
gravity of the problems ahead, but with the,feeling nevertheless that defi¬
man
observe
to
nite progress has
been made during the past year.
It is possible
to set forth certain indisputable facts in the present situa¬
tion which will be apparent to any fair-minded observer.
One of the favor¬
able factors in the situation is that the
greatness of the task of reconstruc¬
tion seems to be appreciated not only by the leaders
among commercial
classes, but by
the leaders of the
credit
to
in
order
purchase
Tne necessity
masses.
of building up
materials, the dangers of inflation,
raw
the
necessity of increasing exports and reducing imports, the need of heavy
taxation and the cutting down of expenditures in order to balance
budgets—
all these self-evident truths
seem
to be
Socialist leaders of France, Belgium,
Europe apparently is
no
quite clear in the minds of
The real facts
concerning the Soviet misgovernment of Russia have been brought home to
the workers of Europe through reports made
by delegates who have visited
Russia.
Even in Italy, where radical action seems to have
gone
the fartnest,
the leaders
do not want a soviet government.
They realize the need for
maintaining Italy's credit, because all industry in that country is dependent
upon the importation of raw materials and. coal.
Everywhere throughout
Europe the Socialist Party, which is the great workers' party, has been rid¬
ding itself of its ultra-radicals,
these
that
bolshevists and communists.
classes have remained within their
the
situation
appeared
this ultra-radical element has always been the
their
strength in
As
long
party, the Socialist leaders
dangerous than it really
more
was,
making the most noise,
one
nas been
difficult to estimate.
The split
France, Italy and Germany and in other countries
has resulted in
segregating the extreme left, and as this process has been
accomplished, it has been found that the extreme radicals are in a hopeless
minority.
The unfavorable factors in the present situation in
Europe may be briefly
With the exception of England and one or two of the Continen¬
tal countries, budgets have nowhere been balanced.
Governmental ex¬
set forth.
penditures
are
still increasing in most countries.
Vast armies of civil
has
only partially been
dened by a large army.
and Jugo-Slavia.
of maintaining armies is a
cost
completed.
France is still bur¬
So is Italy, Czecho-Slovakia, Hungary, Rumania
Poland has been engaged in
war
a
crushing burden
for existence.
upon countries
The
impover¬
ished by the war.
banking groups in
conference in New York City, on Oct. 15 1920.
Railroad fares have been increased, but the deficits of railroad
operation
of
country
are
complete
In
enormous.
Germany this deficit is expected to
The
postal and telegraph services.
same
deficit appears in tne operation
Practically
every country is showing a
surplus of imports over exports, due to the high price of coal and the need
for foodstuffs and
The agreement begins by recording that the four
groups are to have the
raw
materials.
The past year has shown a general per¬
centage increase in exports, and in many cases
a
decrease in the unfavorable
support of their respective Governments, and the preamble
indicating the attitude of the Consortium towards China records that,
balance.
"the National groups are of the opinion that the interests of the Chinese
between imports and exports is still a large one.
tistics
Since April Germany has actually shown on the face of the sta¬
larger
exports
than
imports, measured
by
values.
the
gap
The deficits caused by the enormous cost of Governments and the
run¬
ning of railroads and other public utilities have been
In their respective
paper
countries, in procuring for the Chinese Government the
a programme
of economic reconstruction and improved
communications; and that with these objects in view the respective National
groups are prepared to participate on equal terms in such
undertakings as
may be calculated to assist China in the establishment of her
great public
utilities, and to these ends to welcome the co-operation of Chinese
capital."
The agreement, the language of which is
largely technical, contains the
following previsions:
Under Article 1, each group is to determine the
composition of its own
unit, the admission of any new national group being determined by the
member groups, subject to the approval of their
respective governments.
Article 2 provides that the loans to be undertaken
by the consortium
shall be only of
a
public character; that is to
say,
the consortium does
not
plan to invade the field of private initiative, but to confine itself to loans
Involving public issues made to or on behalf of the Republic of
China, or
Provinces of the Republic or to loans guaranteed by the Government
by any one of the Provincial Governments.
Concessions upon which
substantial progress has been already made need not
necessarily come
any
or
within the scope of the consortium.
Articles 3 and 4 provide for complete
business
undertaken
group to
decline to participate in
by
the
equality
consortium
any
and
among
the groups in all
freedom
reserves
business which it does
not
each
to
desire to
undertake.
This increased inflation
money.
further
a
In
change.
halted.
a
depreciation
ments.
Under Artcles
6 and 7 any group not
market may request the
other
desiring to make
an
issue in its
groups to include its share in their
By Article 8 the duration of the consortium is fixed for five
own
years
own
issue.
unless
majority of the parties decide to terminate it earlier.
of
practically
laws,
are
A statement
out
on
KIES ON
as
an
every country
Directors of the First Federal
conditions abroad
was
given
Foreign Banking Association,
Europe Oct. 30 after a three months'
or
still
higher prices
international
currencies has
ex¬
been
two of the neutrais.
the burdens of taxation,
as
provided in these
so far as they have become effective, they
may be
important constructive factor looking to the betterment of
financial conditions.
The difficulty is that in the newly formed Governments the
machinery
of taxation must
be constructed anew, and it will be
some
time before the
real benefit of this legislation can be felt.
Extravagant spending is still apparent in every capital in Europe.
The
cafes, theatres and places of amusement are crowded, and whhe the poor
are in want those who have
money are denied nothing and apparently are
not
trying to check the indulgence of their desires.
Industry in all Europe is suffering from
a
lack of coal and
raw
materials.
In Central
Europe the agrarian classes are prosperous, and a problem .vas
been created due to t leir resentment of the
fixing of prices of foodstuffs.
Agricultural production in
the
many
countries has fallen off,
while in others
collapse of transportation makes the distribution of surplus grain im¬
The result is the necessity of importing food at bigh prices and
possible.
the price of
of Government subsidies
bread within reach of the
grain will result in
a
deficit this
year
on
masses.
foodstuffs, in order to bring
In
Italy the subsidizing of
of 6 billion lire.
Among the favorable factors may be mentioned the increase in the willing¬
to work.
In every country, with the possible
exception of England,
ness
there has been
year.
a
decided improvement in the spirit of labor
during the past
In Germany there is
a
splendid will to work.
lines of industry, is back to pre-war efficiency.
Czecho-Slovakia and
Nov. 15 by W. S. Kies, Chairman of the Board of
who returned from
of inflating
one
In France the
a
noted improvement.
seriousness
spirit
Belgium, in
In Sweden, Holland
This is also true in
Hungary.
In every country there is greater
apprecation and
on
in
is remarkable and there has been decided
progress this year.
CONDITIONS ABROAD.
to Ms views
in
by further issue of
heavy, but in
said to be
and Denmark there has been
S.
reflected
currencies
process
This is true in France and in
met
The year has seen the general promulgation of
comprehensive tax schemes.
In
many
W.
is
European
few countries the
the continuation
Article 5 provides that, so far as possible, the
parties to any operation
Shall not be jointly liable, each of the groups undertaking its own
engage¬
a
and
But
-
in existing circumstances, best be served by the co-operative
action of the various banking groups,
representing the investment interests
can,
for
.em¬
ployees clog the governmental machinery, and waste, extravagance and
inefficiency are still characteristic of all the governments of Europe.
reach 16 billion marks this year.
necessary
as
say
because
number
in the Socialist ranks in
designed to assist the Chinese people in the development of their railways
and of their other great public utilities, and approved
by the Governments
capital
the
even
Germany; also of Italy.
longer in danger of Bolshevism.
in every
people
of
perhaps, in the spread of democ¬
and the practical development, of new social ideals, a
racy
The formal agreement, completing the organization of the
banking groups
the four
see a new
see,
of the United States, Great Britain, France and Japan in a new Consortium
In question, was signed by all the delegates of
"will
says,
but surely reconstructed from
the great war.
Disarmament
The
con¬
merchandising credits, and
got into touch with the leading European banks on behalf of
the "Edge Law" bank here.
According to Mr. Kies, "a pessi¬
and
similar
another of the powers in the past to
advantage.
sortium's program and the old "grabbing" game
poles;
he studied the situation in regard to
general economic
ditions and the mechanical basis of
and the
Chinese consortium said:
consortium
trip through England, France, Belgium, Holland, Scandi¬
navia, Germany, Italy, Austria and Czecho-Slovakia, where
mist will
CREDITED.
dispatch from Hong Kong Nov. 12 regarding'the
[Vol. 111.
of the problems ahead.
spirit of co-operation developing
One
among
understanding of the
feels, rather than
all classes.
sees, a
better
Bankers, employers,
laborers and politicians—all talk of the
necessity of increased production,
the checking of the importation of
luxuries, and the need of decreasing
Government expenditures.
1
Nov. 20 1920.]
CHRONICLE
THE
A visitor,
1997
therefore, to Europe, who attempts to study conditions, leaves
decided impression that improvement has taken place
during the last
year, and that definite progress may be hoped for, without
being able to
of
point out many particular factors to justify his judgement, but influenced
more by the
intangible and perhaps vague improvement in the psy¬
study of the matter, and
with
Heidelbach, Ickelheimer & Co., and William Suydam, of
a
rather
chology and spirit of Europe, than by tne logic of present conditions.
He will note,
however, a distinct improvement in the French situation.
the Hanover National Bank, have since been
heimer
the
needed wheat.
that,
living in dugouts,
are
distinct economic gain, for although the peasants
a
and ruins, nevertneless the soil has been made
caves
to produce a substantial harvest.
In
the industrial section
of devastated
the reconstruction has
France,
ing nearly 40% of the number of employees of 1913.
Employers speak of
the improvement in the working spirit.
The Government of France is strong and capable at the moment, and
to
seems
enjoy quite universal confidence.
budget.
It
months.
has
not
France has balanced its ordinary
materially increased
very
It has at last set itself to the
actual collection of them.
its
actually
While officially
France proclaims with loud emphasis its great and immediate need of huge
of indemnities,
account
on
its statesmen nevertneless
are
pre¬
paring against the almost certain contingency of having no substantial in¬
demnity payments this next
Belgium has almost completely
The efficiency
of labor
Belgian industries
of Government is
back, industrially and economically.
come
has greatly
increased during the past
rapidly approaching
are
and
year,
efficiency.
pre-war
The cost
high and the process of deflation has nardly begun, but the
proverbial thrift of the Belgian is everywhere apparent', and of all the bel¬
ligerent countries, Belgium
may
be said to nave made the greatest strides
toward the approach to normal condtitions.
In Germany, Government finance is in a sfcate of chaos, but from an in¬
dustrial and economic standpoint the year has shown
is
splendid wiil to work
a
labor has shown
a
among
decided gains.
the laboring masses.
marked improvement.
There
The efficiency of
Industrial re-organization has
proceeded far, and output to-day is limited only by coal and the amount of
materials
raw
American
:<
because
available.
exporters
naturally interested in the safety of credits to
are
European bankers discourage the acceptance of short term credits,
Europe.
of the
great fluctuation
in
exchange.
the other hand, the
On
feeling of confidence in the future is shown by the willingness of bankers in
countries to recommend 3 to 5-year credits and in
many
to guarantee
clients
advised
are
instances
some
The coming winter and spring are dreaded and
such credits.
against
commitments
making
which
would
require
dollar exchange within the next 6 months.
While the credit of many of the countries of continental Europe is low,
nevertheless there
large industries, and
are
willing to guarantee such credit,
There is
no reason
of them
many
and constitute fairly good cried risks, especially
are
are prosperouss
where responsible bankers
is the case in many of the countries.
as
why consignments of raw materials should not be sent to
Europe in limited amounts, the goods to be sold from such consignments for
The development of the consignment system
cash.
to
There
help
a great
a
minimum of risk.
safe investment opportunities in the neutral countries, also in
are
These opportunities are in seasoned
France, and especially in Belgium.
securities based
a
would be
Europe at the present time and could be carried on in most of the con¬
tinental countries with
7 to 8%
land and fundamental values, which can be purchased on
income basis with great possibilities of profit over a period of
As the investors of
arising out of the present low rates of exchange.
years
United
the
on
States become deducated to the possibilities of sound and
profitable investment in Europe the exchange situation will be benefited in
a
decided feeling in Europe that barring unforseen and untoward
happenings,
the general situation will begin to show improvement next
There is
summer.
be modified, that
Germany must be helped toward economic rehabilitation, and that the best
as
indefinite
provisions
as
to
indemnities
greatest obstacle to the reconstruction,
heretofore, indicating the number of francs
In
accordance
are
regarded
to the present
resulting
as
it has, in
between the former
Raiiroad transporta¬
chaotic conditions in Europe.
seriously
interrupted
and the
proper
distribution
of the
surplus foodstuffs of Jugo-Slavia, Hungary and Roumania so vitally needed
by the rest of Europe, is rendered impossible by present conditions.
of the
revision
the
resumption
Reference
to
Versailles
Treaty
must
come
commercial intercourse
of free
Central Europe,
before much real
the Mr.
progress can
some
With
arrangement
between the countries
for
of
be made.
Kies' departure for Europe in July was
made in
these columns July 31, page 437.
METHOD
of
QUOTING FOREIGN
EXCHANGE
where the employment of
We have
by nearly
on
one
new
method
a
stage
the changed method on Dec. 1
hundred foreign exchange dealers.
several occasions in the past referred to the fact
that efforts had been directed toward
Corp., Ltd., New York National City Bank, Cleveland, O.
American Express Co., New York
Superior Savings & Trust Co
Cleve¬
Anglo South American Bank, New York
land, O.
Banca Commerciale Italians, New York American State
Bank, Detroit, Mich.
,
Banco di Napoli, New York
Bank of British West Africa,
quoting exchange
on
foreign
money,
of certain local
tem.
and to the agreement in July on the part
banking houses to make
As stated in
our
use
of the new
sys¬
issue of Sept. 4, page 936, the changed
method had not at that time found
of
Detroit,
Commerce,
Mich.
Co., New York
Chase National Bank, New York
Columbia Trust Co., New York
'
Equitable Trust Co., New York
Farmers Loan & Trust Co., New York
Fidelity-International Trust Co., N. Y.
Guaranty Trust Co. of N. Y., New York
Goldman, Sachs & Co., New York
Hallgarten & Co., New York
Hanover National Bank, New York
Heidelbach, Ickelheimer & Co., N. Y.
Irving National Bank, New York
Ieelin & Co., A., New York
Knautb, Nachod & Kuhne, New York
Laden burg, Thalman & Co., New York
Lazard Freres, New York
Kansas City, Mo.
Bank
of
Commerce,
National
Kansas
City, Mo.
Union
&
planters Bank
& Trust Co.,
Memphis, Tenn.
First National Bank, Minneapolis, Minn.
First National Bank, New Haven, Conn.
First National
Fourth
Bank, Philadelphia, Pa.
Street National Bank, Philadel¬
phia, Pa.
Philadelphia National Bank, Phila., Pa.
Nat'l
Merchants
National
Richmond, Va.
Bank,
State
&
City
Rich¬
Bank,
Liberty National Bank, New York
London & River Plate Bank, Ltd., N. Y.
Mechanics & Metals Nat. Bank, N. Y.
Planters National Bank, Richmond, Va.
First National Bank, St. Louis, Mo.
Mercantile Bank
Boatmen's Bank, St. Louis, Mo.
the
of
New York
Americas, Inc.
Liberty Bank of St. Louis, St. Louis, Mo.
:V,v
Morgan & Co., J. P., New York
Naumberg & Co., E., New Ycrk
National City Bank, New York
National Park Bank, New York
Mercantile Trust Co., St. Louis, Mo.
National Bank of Commerce,
Union Foreign Banking Corpora
tion, New York
Philippine National Bank, New York
Public National Bank, New York
Schall & Co., Wm, New York
State Bank, The, Nfw York
Anglo &
Boston,
Trust
Co
of
Buffalo,
Buffalo,
Y.
Bank
of
Cincin¬
Seattle, Wash.
Se¬
Bank of California, N. A.,
Canadian
Bank
oi
Commerce,
attle, Wash.
National
Bank
Se¬
Seattle,
of
attle, Wash.
Metropolitan Nat'l Bank, Seattle, "Vvash.
Sumitomo Bank of Seattle, Seattle, Wash.
Union
National
Trust
&
nah, Ga,
Peoples Bank of Buffalo, Buffalo, N. Y.
Fifth-Third
Bank
Cal.
San Fran., Cal.
Co., Savan¬
Crocker National Bank,
Savannah
First
of
Boston, Mass.
N.
Fran¬
cisco, Cal.
First National Bank, Boston, Mass.
Marine
National Bank,
Paris
pal.
Canton Bank, San Francisco,
Boston, N. Y.
Seligman & Co., J. & W., New York
Smithers & Co., F. S., New York .
Sutio Brothers & Co., New York
United States Mtge. & Trust Co., N. Y.
Central Bank & Trust Co., Atlanta, Ga.
Bank
London
San Francisco,
Bank of Italy, San Francisco, Cal.
Canadian Bank of Commerce, San
Shawmut Corporation oi
Shawmut
St. L., Mo.
Capital N ational Bank, St. Paul, Minn
First National Bank, St. Paul, Minn.
Park
National
mond, Va.
Foreign
Seattle,
Corporation,
Banking
Wash.
Wash.
Wash.
Union National Bank, Seattle,
Bank of Montreal, Spokane,
Central National Bank, Cleveland, O.
Guardian
Savings
Bank
&
Trust
Co.,
Cleveland, O.
UNDUE
TO
OPPOSED
PRESSURE
ON
BANK
BORROWERS.
According to the Toronto "Globe" of Nov. 13 pressure by
hasten
liquidation will not be of an embarrassing nature, generally
speaking, if the advice of President C. A. Bogert to the mem¬
followed.
In
bers of the Canadian Bankers' Association is
its account of Mr.
quoted,
Bogert's advices to the bankers the paper
says:
the decline in com¬
undue pressure upon
borrowers against commodities for liquidation, but asked them to give
reasonable time for gradual absorption of the commodities by the public,
thereby avoiding further depreciation and the accompanying disturbance.
Mr
.
Bogert, in addressing his fellow-bankers, discussed
modity prices, and urged that the banks do not bring
hand, the banks are very much interested in speedy mar¬
general
vogue,
all possible
facilities for the marketing of these products.
owing in
more
universal adoption resulted in an
A committee composed of
Ralph Dawson of the Guaranty Trust Co.; Charles Spitzer,
/
for
gratification, while Belgium, France, Switzerland and Spain had already
The effect of these sales was just becoming apparent,
been buying.
although
no
and,
material reductions have yet been made in the ordinary com¬
mercial loans, gradual improvement
of the winter.
should take place during the balance
.
Britain's Future Attitude.
Bogert did not share the view of those who were of opinion that
restrictions recently imposed by the Minister of
in
Great
abroad,
Canada
would obtain her full
figures of the gold holdings of Canada by the
before the war, at the
Canada's
Britain
the
or
a
same
showed
one,
Dec. 31 1918, and the end of
nearly $2,000,000,
Britain had increased by
in the United States by $250,000,000.
Canada's note issue had decreased by
period notes outstanding in Great
New Money
Another
Comparative
when compared with that of Great
A comparison of the note circulation of the
favorable
the United States.
1920,
share.
banks and the Government
conclusion of the war and at the present time
position to be
$150,000,000, and
ment
borrowing in
seeking in¬
Britain, but thought that, when Great Britain is again
vestments
in
Finance, and co-operated
by the bankers, would permanently affect Canada's future
agreement on the part of twenty banks to put the changed
plan into operation on Dec. 1.
offered
The fact that
Great Britain is now in the market for Canadian wheat was a matter
respondents of local banks with the new system, but renewed
its
the value
exportable food products alone this year would reach very
of Canada's
three countries snowed that, while between
ASSOCIATION
C. A. BOGERT OF CANADIAN BANKERS
August,
secure
Bank
Peoples State Bank, Detroit, Mich.
Fletcher American National Bank, In¬
dianapolis, Ind.,
Fidelity National Bank & Trust Co.,
Brown brothers &
part to the unfamiliarity of out-of-town customers and cor¬
efforts to
Bank,
Detroit, Mich.
National
Bankers Trust Co., New York
Boissevain & Co., New York
changing the method
countries in the Latin Monetary
Union in terms of United States money instead of in units
of
Bank of Detroit, Detroit, Mich.
First &
Old
Detroit National
New York
Montreal, New York
Bank of New York, New York
Mr.
of
Very truly yours,
HEIDELBACH, ICKELHEIMER & CO.
African Banking
large figures, and growers of products and grain dealers should be
ACCEPTANCE...
looking towards the adoption of the
quoting foreign exchange have finally reached
is assured
lire.
keting of crops, and Mr. Bogert said it was reasuring to know that
OF
FINDS GENERAL
The efforts
or
.■
On the other
NEW.
and after
on
the Canadian banks on the business community to
component parts of the Empire is one of the most important contributing
the
lire to the dollar.
or
above, please take notice that,
Please acknowledge receipt of this letter.
the
as
V '■
The splitting up of the Austria Hungarian Empire
been
the
The present
everywhere
'1
the absolute destruction of free commercial intercourse,
has
with
States cents per unit of franc
not only of Germany, but of all
Europe.
causes
on French, Belgian and Swiss francs and
Italian lire would
the number of United States cents for each franc or lire instead of,
Dec. 1 1920, all rates received by you from us for
French, Belgian and Swiss
francs and Italian lire are to be interpreted to mean the number of United
of doing this, is by immediately fixing the indemnity at a figure, which
under all circumstances, is within possibilities of payments.
tion
reference to rates
general agreement among all bankers and leaders in
a
the various countires, that the treaty of Verasilles must
way
Sirs:—The undermentioned foreign exchange dealers have
agreed
and after Dec. 1 1920, all quotations emanating from them with
nati, Cincinnati, O.
proportion to the volume of the investment.
There is
following announcement relative
Bank of
year.
a
Ickel-
on
circulation for
paper
the
imposition of heavy taxes, and the
For the first 8 months of the year, it
collected 1,800,000,000 francs in excess of the estimates.
payments
made
engaged in
15 Heidelbach,
accomplished in inducing the adoption of
quotation methods:
new
Dear
express
progressed to the point where the destroyed industries are this year employ¬
Co.
Nov.
to what has been
France, this year, has reclaimed over half of ner devastated agricultural
fields, and it is estimated that she will produce between 75 and 80% of the
This is
&
on
Important.
time is the arrange*
announced whereby Great Britain
favorable feature for Canada at the present
recently completed and already
will
to the Canadian banks in
its debt of $150,000,000
repay
and
Merchants in
reserve.
some
lines of business would have to take
but he believed the majority of them
whole
of
resources
each
The
Conference
reduction of
on
impose
will
take
stated at Ottawa
for Canada
1937
if
to
energetic action to this end.
'
v-
in
Bureau
of
possible
war
be avoided and sufficient
in
Information
matter says:
its
comment
iw;Vvv
total
obligations
'
' "vv
of which $1,976,608,800
$2,127,481,800,
instead
to
that
would become less onerous.
extent
with their amounts,
Outstanding bonds of domestic and New York issues
maturity are as follows:
rates of interest and dates of
Aug.
1
1921
1
1921
5H%
25,000,000
Aug.
1
Oct.
1
1931
5A%
1929— .$60,000,000
5%
$15,000,000
Oct.
—
_
—
_
5%
54,398,700
1
1922
194,842,000
5lA%
Oct.
1
1931
Nov.
1
1923
194,881,800
5K%
Nov.
1
1933— .483,081,250
5M%
Nov. 1
1924... .106,385,100
5A%
Nov.
I
1934— .488,360,100
1
1925
43.245,300
5%
Aug.
1
1935—
Oct.
1
1926
25,000,000
5%
Mar. 1
1937—
Dec.
1
1927....
65,961,450
5M%
Dec.
1937— .252,880,300
1
of
In
5%
5%
5A%
INTERNATIONAL
THE
AT
ADOPTED
sels, Lloyds Bank Limited has reproduced, in the
special
various Commissions and adopt¬
resolutions proposed by the
ed
report:
resolutions as given in the
the
Resolutions
the Commission
by
Proposed
We reprint herewith
Conference.
the
unanimously by
form of
Financial Report," the
of its "Monthly
number
Public Finance and Adopted
on
Unanimously by the Conference.
ordinary expenditure.
vantages of the various possible means of
:'v/
economy.
the
above
principles
In
be
number
a
from
met
these statements brings out the extreme
of
public finance throughout the world, and particularly in Europe.
of
the
Their
be summed up in the statement that three out of every four
represented at this Conference, and eleven out of twelve
may
the
countries
European countries, anticipate a budget deficit in the present year.
Public
The close connec¬
opinion is largely responsible for this situation.
tion between
these budget deficits and the cost
of living, which is causing
and unrest throughout the world, is far from being grasped.
.such suffering
fresh expenditure;
evils against which they
are directed.
The first step is to bring public opinion in every country to
realize the essential facts of the situation and particularly the need for re¬
establishing public finances on a sound basis as a preliminary to the execu¬
Nearly
every
largely
on
tion
social reforms
those
of
is
Government
palliatives which
being
pressed
incur
to
aggravate the very
which
the
struction
heavy extraordinary
revenue,
charges
devastated
Public attention
and
pose,
should
the
the
prices and
be
especially drawn to the fact that the reduc¬
following
restoration
prosperity
of
is dependent on
of credit and
(a)
Further inflation
(b)
A further depreciation in the purchasing power of the domestic cur¬
and
rency,
A further rise in prices and in the cost of living.
The
country which accepts the policy of budget deficits is treading the
which leads to
slippery path
too
general
ruin;
to
escape
from that
path
no
great.
It is therefore
by which
means
would be
(a)
its
Restrict
of the
reform,
debt, to such
(b)
is
ordinary
an
Government should, as the first so¬
every
depend:
expenditure,
recurrent
borrowing,
and in regard to the latter we suggest that
for the creditor countries to give such
be possible to the debtor countries to fund their floating
may
earliest possible date.
at the
obligations
IX.
including
the
service
Restrict
even
productive
armaments
extraordinary
such
8th
be
be
March
should
"Armies
expenditure to
the
20%
to
consider,
presented to
as
soon
as
and any
with
penditure.
and
the
should
everywhere be reduced to
possible, proposals to
the Conference
the
preparations
utmost
emphasis
a
show that,
on
this end."
an
average,
The
some
for
that
war.
The
the world
desires to
cannot afford this ex¬
Conference
Only by a frank policy of mutual co-operation can the Nations
all the Nations represented at this
only with budget estimates and final
the
At
actual receipts and
countries should be urged to supply as
possible on the existing system of taxation,
time,
same
is
as
of taxation, and
the finan¬
suggestions as is possible on the existing system
suggestions which may appear to each State to be useful for
any
cial education of the public opinion of
the
be
of
aid
enabled
information
the
to
prepare
the world.
obtained
,,,
the League
thus
Nations
of
periodical publication setting
pamphlets for
comparative financial position of the countries of the world, and
the
out
making clear the various systems of taxation in force.
x.
is
Conference
The
.
opinion that the strict application of the principles
basis.
sound
a
on
of
the necessary condition
outlined above is
A
for the re-establishment of public
does not contrive as soon as
country which
To enable Governments, however, to give effect to these prin¬
of recovery.
of
so
capital
organized
labor,
and
to
alone will
by such production
as
its people.
for
secure
the
be able to
every
the
to accept the changes neces¬
Above all, to fill
up
the
gap
maximum
be¬
the' demand for commodities, it is the duty of
supply of and
his
coun¬
the population, and particu¬
All classes of
patriotic citizen to practice the strictest possible economy and
every
is
labor
which it is the aim of
the present situation.
to remedy
sary
Industry
to encourage the maximum production on the part
as
obtain those improved conditions of life
effort to
the
common
indispensable basis for the fiscal
Resolutions
power
of the national expenditure is still being devoted to the maintenance
armaments
affirm
and
it regularly not
information
complete
lowest
compatible with national security, and that the League of Nations should
invited
members
its
budget figures, but also with a half-yearly account of
expenditure.
Proposed by
of
currency
of
the
The
in
are
a
weal.
measures
available
currencies
of
in
the
includes
pay
for
all
sense
(a)
promises to
any
greatly varying
the Commission
country,
community,
existence, and (b)
—which
footing, that armaments should be limited to the lowest possible fig¬
statements
of
that
all
request
should
suggests that the Council of the League of Nations
it
Conference to furnish
The
declared
and
continued,
Such
to
so
private action
required to restore pub¬
lic finances.
Supreme Council of the Allied Powers in its pronouncement on the
of
peace
of the opinion that the work already accom¬
,
IV-
ure
Conference is, therefore,
The
possible amount.
The
each State.
licity possible to the situation of the public finances of
plished by the Secretariat in its comparative study of public finances
contribute
revenue.
in so far as
compatible with the preservation of national security.
on
(c) Abandon all unproductive extraordinary expenditure.
(d)
public interest it is essential to give the greatest pub¬
order to enlist
In
tween
be covered by its ordinary
can
expenditure
im¬
are
larly the wealthy, must be prepared willingly
which all others
amount as
all
reduce
Rigidly
reduction
on
required even for this pur¬
destined.
are
the general interest
in
as
loans
they
for which
and external
ternal
try
imperative that
and financial
But in view of the shortage of
the most urgent schemes should be pressed forward
only
re-
raised are no less important than the
In future the loans which are re¬
quired for urgent capital purposes must be met out of the real savings of
the people.
But those savings have, as it were, been pledged for many
years ahead by the credits created during the war, and the first step to
raising fresh money must be to fund the undigested floating obligations
with which the markets are burdened.
These principles apply both to in¬
The
purposes
must be
III.
cial
The
for this purpose
loans
ciples, all classes of the community must contribute their share.
(c)
sacrifice is
recon¬
receipts.
possible to attain the execution of these principles is doomed beyond hope
currency.
still greater instability of the foreign exchanges.
a
and
conditions;
whose
war,
importance for the
VIII.
finances
consequences:
the
ordinary
capital
mediately.
With
the in¬
crease of production, and that the continual excess of Government
expendi¬
ture over revenue represented by budget deficits is one of the most serious
obstacles to such increase of production, as it must sooner or later involve
of
from
of
is
only unavoidable but justifiable.
not
would
II.
tion
met
be
areas
economic
normal
of
possibly
cannot
the
of
establishment
demands.
world
that purpose must
the ordinary charges
expenditure must at the
This applies more especially
however, although
present time be undertaken on capital account.
in the case of those countries devastated during
gravity of the general situation
of
loans will not be re¬
accepted and applied,
are
countries,
of
cial
import
\ :
quired for recurrent ordinary expenditure; borrowing for
facilities
of
'
VII.
it
Thirty-nine nations have in turn placed before the International Finan¬
Conference a statement of their financial position.
The examination
taxation must be
The Conference considers that the relative ad¬
increasing the national revenue,
whether by direct or indirect taxation or by a capital levy (to be devoted
to the repayment of debt), depend upon the special economic conditions
obtaining in each country, and that in consequence each country must de¬
cide for itself on the methods which are best suited to its own internal
rent
Brus¬
by the recent International Financial Conference at
a
it is impossible to cut down
capital it will be difficult to secure the sums
of the conclusions arrived at
of the importance
view
In
CONFERENCE AT BRUSSELS.
account.
imposed to meet the deficit, and this process must be ruthlessly continued
until the revenue is at least sufficient to meet the full amount of the recur¬
are
FINANCIAL
public, and the
demoralize
character as to
a
encouraging industry.
restoration
RESOLUTIONS
such
of
far, after every effort has been made,
so
can
92,652,800
doles
given, including annual charges on capital
cease.
873,000
.
foodstuffs, and of coal
by selling them below cost price to the
unemployment
of
expenditure within the limits of existing revenues, fresh
5M%
Dec.
such
situation;
VI.
If
Dec.
economic
true
The maintenance of railway fares, postal rates and charges for other
on a basis which is insufficient to cover the cost of the
(b)
5%
25,000,000
the
people
Government service
principal of War and Victory loans Issued in Canada
fund
the
The artificial cheapening of bread and other
provision
services
is
and largely held
by Canadians.
The balance, amounting to $150,873,000, represents the
principal of public service loans issued in New York.
To liquidate this
large liability without making further issues, Canada would have to provide,
in addition to sums required to carry on the public service and to pay
interest on all these loans an average of more than $125,000,000 a year by
way of sinking fund.
Of course as maturities were met, the annual interest
burden would be diminished and the task of providing money for sinking
Canada's
the
practical date all uneconomical and artificial meas¬
from
and other materials
The Canadian
concerning the
fund.
sinking
the
conceal
include:
measures
(a)
obligations by Dec. 1
her
cases,
at the earliest
which
ures
can
for
all
abandon
1937.
off all
aside
set
the practical difficulties in the way of immediate ac¬
the Conference considers that every Government should
While recognizing
borrowing
pay
further
money
Nov. 11 that it will be
on
ravages
hopes that the Assembly of the League which is about to meet
Conference
contingencies.
sapping their re¬
of the war.
The
impoverished peoples of the world,
the
imperiling their recovery from the
and
sources
losses,
crushing burden which, on their existing scale, armaments
the
still
tion
was
earnestly to the Council
accordingly recomniends most
several Governments concerned,
As to the prospects for easier money Mr. Bogert did not look for much
improvement in this direction until well into next year, perhaps the summer.
It
strictly productive
to
League of Nations the desirability of conferring at once with the
with a view to securing a general and agreed
the
of
(
CANADA MAY PAY HER WAR OBLIGATIONS BY
be devoted
must
country
purposes.
nad accumulated sufficient surpluses
during the profitable war period to provide for these
result the
hope to regain their old prosperity; and in order to secure that
monthly
This would
bring a large amount of new money into the country.
Canada, in Mr.
Bogert's opinion, was probably in a better position to recuperate from the
war than any other country, with its great resources and steadily increasing
volume of products.
Many commercial readjustments would have to be
made, and those engaged in lines of business holding merchandise which is
depreciating in value with falling prices, would have to draw on their profit
until the money is all repaid by April, 1922.
Installments,
[Vol. 111.
CHRONICLE
THE
1998
ordinary
belligerent,
on
Currency
of the
the actual
legal
legal tender,
e.g.,
which
we
refer later)
real wealth upon
cases
It
in
as
money
in
bank balances
daily transactions.
and
of
many
other
countries,
and without
which their purchasing
any
upon
war
though
been
ex¬
such expansion
corresponding increase in the
power
was
based; indeed in most
spite of a serious reduction in such wealth.
should be
pansion,
purchasing
tender
degrees, have since the beginning of the
panded artificially, regardless of the usual restraints
(to
and Exchange.
immediate
or
clearly understood that this artificial and unrestrained
"inflation,"
as
it is called, of the
currency
or
ex¬
of the titles to
Nov. 20 1920
immediate
purchasing
purchasing
power
]
so
that its effect must be to reduce the pur¬
It is, in fact, a form of debas¬
of each unit of the currency.
chasing
power
ing the
Without
real
cannot add to the total
does not and
power,
in existence,
should have
to
that a greater amount of such currency is need¬
the accustomed supply of goods and services.
Where this
rise in prices,
procure
additional
more
currency
paper
called
(i.e., by printing
fresh credit) these arose what has been
spiral" of constantly rising prices and wages and con¬
"vicious
a
procured by further "inflation"
creating
or
disorganization of all busi¬
progressive increase in the cost of
stantly increasing inflation, with the resulting
dislocation
ness,
the exchanges,
of
a
in
But
the
take
would
it
formed
newly
v.;-.
is
It
that the growth of inflation should
the utmost importance
of
be
stopped, and this, although no doubt very difficult to do immediately in
some
countries, could quickly be accomplished by (1) abstaining from
by increasing the real wealth upon which such currency is based.
•
The cessation of increase in the currency should not be achieved merely
by restricting the issue of legal tender.
Such a step, if unaccompanied by
other measures, would be apt to aggravate the situation by causing a mone¬
which lead to the necessity
It is necessary to attack the causes
tary crisis.
for the additional currency.
is that the Governments, finding them¬
The chief cause in most countries
of revenue, have been tempted
selves unable to meet their expenditures out
to the artificial
resort
to
direct
taining—especially
the banks of issue, which in some cases are
unwilling to refuse them—credits which must them¬
satisfied in legal
selves be
frequently by ob¬
more
or
from
others
in
unable and
legal tender money,
with
revenue.
gravely doubt whether such attempt could succeed; but this question might
well be submitted to the Committee to which we refer later, if it should
be
appointed.
,s,
not
are
parties, and especially in some countries
authorities, have raised excessive
the titles
to
other
further inflation,
granting of additional credits
since the floating debts of the Government and other authori¬
potential currency, in that, except in
should cease;
ties constitute in themselves a form of
far
so
the
they
as
total
constantly renewed, their amount
existence; consequently—
are
will come to swell
in
currency
credit is the rate of interest which the central
expensive to Governments which have large floating
would be
community
debts, but we
its
in
the financial machinery has become so abnormal that it may be
for such corrective measure to be immediately applied.
We rec¬
however,
difficult
therefore, that—
ommend,
by the normal influence of the rate
of interest, it should only be granted for real economic needs.
It is impossible to lay down any rule as to the "proper rates"
count
of
are
It may,
psychological nature.
a
once
of dis¬
other factors often
indeed, confidently be said that when
arbitrary increase of inflation ceasetf and when the banks of
able successfully to perform their normal functions, rates will
the
thei.r
issue
find
level.
proper
own
inflation by in¬
is based, may be summed up in
complementary steps for arresting the increase of
The
creasing the wealth on which the currency
the words: increased production and decreased
intensive
The most
the waste of
the
war
consumption.
production possible is required in order to make good
and arrest inflation, and thus to reduce the cost of
production below the nor¬
mal, together with those frequent strikes which aggravate instead of help
to cure the present shortage and dearness of commodities.
When diminu¬
yet "we are witnessing in many countries
living;
the
in
tion
demands frees
Governments'
more
credits for
trade and for
when inflation has ceased and prices cease
and when the general unsettlement caused by the war subsides, it is
recuperation of the world,
the
to rise,
probable that great improvement will be seen in productive activity.
Yet,
in our opinion, the production of wealth is in many countries suffering
from a cause which it is more directly in the power of Governments to re¬
are
war
a
which was often imposed by them
relaxed. In some cases,
even been taken by Governments out of the hands of the pri¬
whose enterprise and experience are a far more potent instru¬
measure
has
business
vate trader,
for the
ment
modities.
and has not yet been completely
recuperation of the country.
Another urgent
so
necessary
to
cover
need is the freest possible international exchange of com¬
Commission will deal, but we feel that our
here
on
inflation would not be complete without adding
change, tends to impede that improvement of
support the suggestion that—
XVI.
valuable
both for continuing the collection of the
financial statistics that have been furnished for this Conference
and also
the
Committee should
A
be set up
further investigation of
Resolutions
Proposed
VI.
possible be freed from control, and impedi¬
international trade removed.
ments
to
should
as soon
as
Equally urgent is the necessity for decreased consumption in an impov¬
erished world where so much has been destroyed and swhere productive power
has
been
both
on
but in
impaired.
It is,
therefore, specially important at present that,
public and private account, and not only in
every
impoverished countries,
part of the world—
VII.
All
To
superfluous expenditure should be avoided.
attain this end, the enlightenment of public
powerful lever. If the wise control of credit
will in itself help to promote economy.
We
ted to
pass now
>
opinion is the most
brings dear money, this
from inflation and its remedies to
us.
currency
policy.
by the Commission on
International Trade.
I.
of
maintenance
the
of
conclusion
peace
wars
which
that the first condition
trade is the restoration of real peace,
still being waged, and the assured
resumption of international
the
the
Conference affirms
International Financial
The
for
are
The continuance of the atmosphere
for the future.
preparations for war is fatal to the development of that
mutual trust which is essential to the resumption of normal trading rela¬
of
of
and
war
is scarcely less important, as
whose internal conditions do not
inspire confidence.
The Conference trusts that the League of Nations will
lose no opportunity to secure the full restoration and continued mainte¬
The
tions.
nance
security of
internal conditions
of peace.
good-will
possible
of
endorses
the
"that the
at
should
largely depends on the general restoration as soon as
result'
the other points submit¬
nations;
between the various
and in particular it
Council of the 8th March last
States which have been created or enlarged as a result of the war
once re-establish full and
friendly co-operation, and arrange for
declaration
of
the
of
interchange
unrestricted
the
7,.-'7,' ..;;77.
affirms that the improvement of
II.
7;,y ,77,;
International Financial Conference
The
the financial position
Supreme
commodities
unity of European economic life may
artificial economic barriers."
in
order that
the essential
not be impaired by the erection of
III.
Conference
The
as
may
appear
recommends
such limits and
that, within
at such time
possible, each country should aim at the progressive restora¬
which prevailed before the war, including
tion of that freedom of commerce
the
withdrawal
of
artificial
restrictions
on,
and
discriminations of price
against, external trade.
IV.
International Financial
The
instability of the
of
tion
Conference
expresses
its conviction that the
great hindrance to the resump¬
exchanges constitutes a
normal international trade.
V.
International Financial
The
Conference would welcome any action
which
countries, which un¬
der present conditions cannot purchase the necessary supplies for their re¬
construction, temporarily to obtain commercial credits on an approved
can
be taken
basis
for
this
by the League of Nations to enable the
purpose.
VI.
The
International Financial
Conference
expresses
the conviction that the
of the transport systems of the
world, and particularly of countries affected by the war, are of vital im¬
portance to the restoration of international trade.
repair,
that—
Commerce
trade, including ex¬
the economic conditions of a
stable exchange can be secured.
Government interference with
all
Moreover,
prices.
their calculations a margin
which would otherwise contribute to the rise in
to enable traders to eliminate from
risk of exchange,
With this another
recommendations
imposing artificial control
In so far as they are
futile and mischievous.
falsify the market, tend to remove natural correctives to such
fluctuations and interfere with free dealings in forward exchange which are
viz., the control in various forms
move,
as
operations
exchange
These rates will depend not only
supply and demand at different times, but also on
the
on
interest for different countries.
or
control might be re¬
foreign trade cannot prosper in a country
V.
Until credit can be controlled merely
required for the pro¬
effective they
banks of
collective capacity (i.e., the
Government) should be less subject to the normal measure for restricting
credit than the individual members of the community.
In some countries,
the
why
reason
no
see
|
should be estab¬
XV.
are
raise
;
where there is no central bank of issue, one
Attempts to limit fluctuations in exchange by
compelled, in self-preservation and in duty to the community, to
when credit is unduly expanding.
It is. true that high money rates
issue
77
lished, and if the assistance of foreign capital were
of such a bank, some form of international
We
gin to repay or fund them by degrees.
In normal times the natural and most effective regulator of the volume
and distribution of
treated differently from native
7'
bank balances should be
country by which alone a healthy and
floating debts, but should be¬
' ';;7:-;7':'
1
International
*
motion
IV.
nicipalities should not only not increase their
7,/
justification for supporting the idea that foreign holders
no
credit should cease and Governments and mu¬
creation of additional
The
an
nor
quired.
on
of legal tender or the
issues
find
bank notes or
the municipalities and other local
for the purpose of checking
be sufficient,
that additional
can
holders.
credits which in the same way multiply
purchasing power.
it
Nor will
in this respect;
the only offenders
,■;
Currency
xiv.
Banks, and especially banks of issue, should be freed from political pres¬
and should be conducted solely on the lines of prudent finance.
Governments
International
an
would serve any useful purpose or remove any of the dif¬
ficulties from which International Exchange suffers to-day.
In countries
sure
the
7,7 7>;
■
.
neither
that
Unit of Account
ni.
But
',,77-V7/7,: XII.
v
believe
We
XIII.
(We are
•
attempt to stabilize the value of gold and we
of reconstructing devastated areas.)
the finance
here
considering
their
V\v
XI.
We
expenditure to
their
limit
must
be carried out gradually and
disturbance to trade and credit might
disastrous.
cannot recommend any
We
We say, therefore, that—
tender money.
effective gold standard would
an
deflation and it is certain that such—
enormous
caution; otherwise the
great
prove
of
not
establishment of,
or
Deflation, if and when undertaken, must
n.
7, Governments
to,
demand
cases
many
creation of fresh purchasing power, either by the
additional
of
issue
such ratio unnecessary,
X.
defined above), and (2)
increasing the currency (in its broadest sense as
reversion
The
in
unless the condition of the country concerned
as,
not be maintained.
could
it
standard.
a
ix.
-
sufficiently favorable to make the fixing of
were
■'
establish such
to
attempt to fix the ratio of existing fiduciary currencies to
It is useless to
I.
countries
opinion—
our
their nominal gold value;
,
lapsed from an ef¬
highly desirable that the countries which have
is
It
fective gold standard should return thereto.
It is impossible to say fiow or when all the older countries would be able
to return to their former measure of effective gold standard, or how long
living, and consequent labor unrest.
Therefore:
gold is to-day the nominal
as
world—
VIII.
so
was
money
standard, and that,
common
some
we
intensify, in terms of the inflated currencies,
it has been to
The effect of
ed
of value,
of the civilized
standard
gold is or is not the ideal
consider it most important that the world
entering into the question whether
standard
common
currency.
the general
1999
CHRONICLE
THE
improvement and economical use
Resolutions
Proposed by the Commission on International
Credits.
I.
The Conference
recognizes in the first place that the
difficulties which at
international credit operations arise almost exclu¬
by the war, and that the normal work¬
ing of financial markets cannot be completely re-established unless peaceful
relations are restored between all peoples and the outstanding financial
present lie in the way of
sively out of the disturbance caused
questions resulting from the war are made
ment which is put into execution.
the subject of a definite settle¬
II.
The
Conference
quires as primary
is,
moreover,
of
opinion that the revival of
conditions the restoration of order in
credit re¬
public finance, the
2000
cessation
mercial
of
inflation, the purging of currencies,
transactions.
Credits
The
therefore
are
CHRONICLE
THE
resolutions
based
of
the
XHL
and the freedom of com¬
Commission
the resolutions of
on
[Vol. 111.
International
on
During the
of its deliberations the Conference could not fail to be
course
impressed by the fact that all,
the other Commissions.
almost all, of the
or
many proposals sub¬
the active intervention of
mitted for its consideration require at some stage
III.
The
the
Conference
situation
circumstances it
nomic
for
is
considerable
a
not
the League of
however,
recognizes,
requires
that this
this
and that in present
possible for certain countries to restore their
activity without assistance from abroad.
in
improvement
general
period of* time,
eco¬
inaugurated,
This assistance is required
the
The Conference is of opinion that in principle the resources out of which
this assistance is to be provided should be found from the savings of the
lending countries and must not result in undue increase of the fiduciary cir¬
the
culation—that is to say, in the creation or extension of
be
The Conference believes,
be
only
can
prepared to assist
are
one
to
an¬
and to
which
conditions
secure
'/t
for
ultimate
one of the chief obstacles to the grant¬
borrowing countries of sufficient security
Conference therefore studied with attention
The
repayment.
in the light of the general considerations enumerated
above, all the
presented with
view to creating guarantees which
a
by
itself
has been
suffice
countries,
to
provide
that
and
forced to
it
is
for
7.
different
many
to
indicate
needs
series of
a
of
the
various
ciently elastic to be adapted afterwards to every variety of circumstances.
For
these
the
reasons
Conference
decided
to
the
make
following
mendations:
recom¬
An
international
organization
should be
formed
and
placed at the dis¬
have resort to credit for the purpose of paying
for their essential imports.
These States would then notify the assets
which they are prepared to pledge as
security for the sake of obtaining
credit, and would come to an understanding with the international organ¬
ization
to
as
the
conditions
under
which
these
assets
bonds
credits
A
issued
be
would
intended to
plan based
been
against this guarantee would be used
devised
the
cover
cost
of
The
9.
the
10.
is
in the Annex.
has
It
to
enable States to facilitate the
obtaining of commercial
by their nationals.
It is easy to see that the scheme is susceptible
development in various directions, and that some of its provisions
might
be adapted so as to facilitate the extension of
credit direct to public cor¬
tion
and
business
should be
men
12.
nominated forth¬
of
purpose
defining
to give practical effect to this proposal.
necessary
have
as
13.
been
represented
the
to
they
might be achieved if the bonds used
national
consider
more
were
to
complete
carry
results
the
no
objection to the further consideration
of this pro¬
The committee referred to in paragraph VIII above
might usefully
the conditions under which it could be
applied.
authorized
to
prepare
one
specific
interest to be borne by these
be
secured
the
of
out
of
revenue
in
the
instance
first
be
administered
by the international commission
by
that
as
determine.
case
at
time have the right of making direct
League of Nations as to the desir¬
any
the
of
participating Government
the
as
from the participating
or
the League
Council of
of
preparation
the
right
collateral
of Nations
this ques¬
on
to loan
these
bonds
the participating
the bonds to
security for
its
Government
nationals,
own
for
use
by
importations.
made out in such
currencies and
such denomi¬
in
applicable to the particular transaction in respect of which
are
issued.
are
The
participating Government shall be free to take
fixed
not to take
or
by agreement between the participating Government and the
bonds; they need not be the same as the maturity and
the
of
16.
When
bonds,
the
of the bonds themselves.
making
application
importer
the
transaction
which
for
his
to
furnish
must
international
the bonds
the
importer,
be
shall
,
Government
that
proof
commission
to
be
given
countersigned
obtained the consent of
countersigned bonds,
these
of
to
into
enter
the
collateral.
as
the
commission
received
and
from
the importer will pledge these bonds to the
foreign country for the period of the transaction.
a
The exporter
19.
loan
a
previously obtained
/
Having
exporter in
the
has
by the participating Government
by the commission in proof of
over
registration.
18.
he
for
permission
express
are
Each bond, before it is handed
them the
sees
own
approve
commission.
of
the rate of interest
inter¬
some
guarantee.
The Conference
posal.
that
collateral
as
its
security for the loan of these bonds from the nationals to whom they are lent.
15. The maturity and the rate of interest on
the loan of the bonds
to
Conference
be
then
rate of
shall
or
Council
The bonds shall be
17.
IX.
has
of
binding.
the
After
shall
from
the Council of the League of Nations for the
measures
It
the
the
to
be
them
porations.
the
in each
to
decision
shall
borrower
financiers
bonds
commission shall
The
11.
shall be
of
shall
the participating Government in agreement
shall
assets
the commission to
credits
A committee
assets,
ability of transferring the administration of the assigned assets either from
14.
developed
by
these
of
assigned
The
of
with by
maturity and the
participating Government
representations
commodities.
these principles
upon
these
of
assets.
commission may
adminis-
collateral for
as
security
as
the issue of the bond.
on
determined
The'service
V-
The
of
be
assigned
nations
tered.
to assign
commission.
Government
posal of States desiring to
prepared
are
shall
Government
.
VIII.
coun¬
desiring to participate shall notify the
gold value approved by the commission, each in
date
shall
the
8.
the
suffi¬
measures
in participating
granted by the nationals of exporting countries.
after examination
participating
The
with
proposals
single system could
no
inter¬
to appoint sub-commisSions and
power
specific assets they
to be determined
bonds
would provide satisfac¬
recognize that
the
necessary
countries
the
tory security for exporters.
The Conference
what
commission,
The
6.
^
VII«
V
of
men
of participating countries.
groups
currency
the absence in
have the
the exercise of its authority
bonds to
It appears to the Conference that
is
business
against the security of these assets.
humanity, credits should
credits
Nations.
and
authority determine the gold value of the credits which it would
directly by Governments.
^
international commission shall
an
bankers
of
appointed by the Council of the League of Nations.
Governments of
The
5.
imports,
consist
for commercial credits to be
VI.
ing of
The
commission
give to work and thrift liberty to
shall
The commission shall
4.
The Conference does not believe that, apart from particular decisions dic¬
tated by national interests or by considerations of
accorded
■y'vv
reasonable terms in the open mar¬
on
the auspices of the League of
under
commission
devolve upon them
produce their full results.
be
The
tries Or in
other in the restoration of economic life, and to make
every effort to bring
about within their own frontiers the sincere collaboration of all groups of
citizens
accommodation
financing of their essential
constituted
3.
the other hand, that this assistance
on
League of Nations has
impoverished Nations, which under present circumstances
obtain
national repute,
-Q/''-
effectively accorded to countries which
and
Annex.
unable to
2.
genuine requirements of busniess.
v.
extend to the problems
ket, may be able to command the confidence necessary to attract funds for
disproportion be¬
a
situation
In order that
are
of payment and the
it is desirable to
attempting to promote in order to improve
maintain the peace of the world.
■.
1.
IV.
means
believes that
and which it is
general
periods which exceed the normal term of commercial operations.
tween
The Conference is unanimously in sympathy with
Nations.
tendency, and
of finance that international co-operation which the
pledged
will return
bonds,
and
to him
bonds
the
their due
on
themselves
dates
the
on
the
of
coupons
completion
the
of
transaction.
It
has
also
ternational
%■ \-f x-
been
represented
lines of
20.
to the Conference
the existing system
that
an
extension
in¬
on
will
of export credit insurance would in
instances be of great value in developing trade with countries where
political and social conditions give rise to an anxiety which is often
exag¬
gerated by exporters.
The Conference believes that an extention of
On
21.
and
them to
Bonds
many
returned
kind is
the importer
Government.
to
the
participating Government shall
be
subsequently be replaced by other bonds, either in the
may
different currency,
up
to
or
if he
The
which
and the bonds respectively,
coupons
his
22.
a
this
worthy of consideration, and that it should be examined in detail
by experts.
receipt of the
return
he
exporter,
an
cancelled
same
or
in
equivalent amount.
has pledged the
bonds,
the
institution with
has
repledged them acting on his behalf, would be free, in the
importer not fulfilling the terms of his contract, to hold until
maturity the bonds given as collateral by the importer, or to sell them in
event of the
XI.
The attention
of
the Conference has been
"finishing credits," that is
of
the
exporter
different
system
or
a
stages and
has
banker
upon
suffered
to
owing
legal protection for
importation, manufacture,
would
the
suggest that
different
the
maintained
the proceeds of
greatly
sufficient
of
called to the present
system of
of credits under which a lien in favor
say,
is
the
to
exporter
be
the
lack,
in
in
all
article.
and
question,
sale.
to
and
The
draw
to
its
This
countries,
many
throughout the various
recommended
this
material
raw
the manufactured
the
re-exportation
Council
Governments
to
on
the
summon
stages
Conference
attention
of
mends
from
the
the above-mentioned
Conference
fully
directed
be
relevant
(1)
believes that
towards
the
promoting
activities
certain
of
the
recom¬
prac¬
League might
and
use¬
collecting the
required to facilitate credit operations.
In
this
Conference considers it will to draw attention to
the advan¬
progress under each of the following heads:
Unification
of
the
laws
relating to
treatment
of
the
bills
of
exchange and bills of
branches
foreign
banks in
dif¬
publication
of
financial
information
in
a
clear,
comparative
(4)
The
examination of
in
claims
by the holders of bonds the interest
on
arrear;
(5) An international understanding
securities;
(6) The
(7) An
tion
by
of
establishment of
on
the subject of lost,
stolen
or
de¬
an
international
26.
taxation
accountable
The
Out
at
the
which
abroad.
is
at
present
country
in
option of
period
to
of
case
default.
-
repurchasing the bonds direct
the
Government
which
of-the
for
results in
issued
exporter
that
surplus beyond what is
a
upon
the
importer,
neces¬
the exporter
surplus to the Government which
case
their
due
the assigned
assets
shall be applied
as
issues
follows to
bonds.
these
of
the
as
from
revenues
the different
the commission
revenues,
may
be,
date the
shall purchase
coupons
on
or
the
foreign
participating Govern¬
currencies
sufficient
an
obstacle to the placing of
to
all bonds any time outstanding in
foreign currencies.
27.
In addition they shall establish abroad in the
appropriate currencies
sinking fund calculated to redeem at maturity 10% of the bonds out¬
standing in each of the different countries.
a
28.
Further, in addition to the amounts provided for payment of coupons
of the sinking fund,
they shall establish out of the
assigned revenues a special reserve in one or more foreign currencies for
and
the
for the endowment
redemption of bonds sold in accordance with par. 22.
The amount to
be determined
be set aside for
the special reserve shall
bonds
cases
in each
32.
signed
Any surplus remaining at the end of each
A
participating Government shall
as
collateral
for credits
also
be
required for
the
year after the provision of
the participating Government.
have
the right to offer its own
obtained for the purpose of
importations on
The previous assent of
If
a
the commission
particular importations desired
participating Government which has been
will
in
these
by the
revenues
should fail to
fulfil
in
control
of
its
par¬
as:
its obligations, the
exporter concerned
notify the commission and the commission will
apply to the Council
the League of Nations for the transfer
of the management of the
assigned
will
of
case
by £he commission.
these services shall be at the free
disposal of
clearing house;
international understanding which, while ensuring the due
pay¬
of his full share of taxation, would avoid the imposi¬
double
his
an
short
ticipating Government.
everyone
investments
the claims
held
Government account.
stroyed
a
cover
the service of
31.
which is
ment
25.
30.
form;
for
sale is resorted to and
a
be
29.
of
in
custom
alternative
given
the bonds.
countries;
(3) The
to
sary
shall
r
reciprocal
If
ment,
making
The
ferent
the
reforms,
lading;
(2)
Conference
information
connection
tages of
the
League of Nations to adopt,, and if possible to
apply in
tice, the
24.
meet
proposals which
be
first
the
second
them.
desired object in
XII.
with
the
In
must
an
,
Apart
23.
of
advisory
specify the legislative action
body of legal experts and business men to
which it would be desirable to take in order
to attain the
each of the countries concerned.
accordance
revenues
to
the
commission.
Nov. 20 1920.]
The
33.
consent of
commission
the
is necessary whenever bonds
secured
collateral and shall as a rule be ac¬
corded only for the import of raw materials and primary necessities.
34. The commission may, however, at its discretion, sanction in advance
the importation of specified quantities of such goods.
35. Even in the case of imports under such a general sanction a notifica¬
tion of the particular transaction must be registered with the commission.
36. The assent of the commission must also be obtained in every case to
the
on
the
assigned assets
term
given
are
as
credit which it is
of the
2001
CHRONICLE
THE
proposed to open.
"go-as-you-please"
concerned only to the
with each institution
policy,
extent of its own interest.
'Dissolving" Conferences.
In certain
banking quarters
solutions of the difficulty,
something
adequate to the needs of the
more
situation than the independent action of independent banks
will eventualize.
"important" meeting of bankers, which was to solve the
Once more the
Before
problem, did not occur.
general conference of those interests
any
could be held, preliminary conversations between the
various banking in¬
terests involved demonstrated that the organization of a group
TION
toward the scheme was at best
because of the profit to
A statement to the effect that
ers
that
was
made
one
meeting held
Co.
agreed by local bank¬
on
attendance at an informal
Tuesday at the offices of J. P. Morgan &
of the bankers in
situation
financial
the
of
discussion
The
was
banking situation is fundamentally sound"
"the
by
it
came
up
ah aftermath of the regular monthly meeting
directors of the Foreign Finance Corporation which
informally
of the
as
No formal statement
was issued respecting the views exchanged, the only informa¬
tion imparted being by one of the bankers present, who, in a
brought the bankers together.
had
statement to
reporters, said:
meeting of the directors of the Foreign
during which views as to
Each
"sore" spot in the situation,
asked whether he knew of any
one was
Their replies did not
continuation of the processes of commodity liqui¬
The replies were unanimously
big or little.
mean any
informal conference,
the banking and financial situation were exchanged.
the bankers remained for an
Corporation
cessation of the
"no."
of deflation.
The bankers
funadmentally sound. The consensus
rates were going to work easier.
The bankers who took part in the exchange of views were:
dation
or
of opinion was tnat money
Thomas' Cochran and Dwight W. Morrow of J. P.
Morgan & Co.; Albert H. Wiggin, Chairman of the board of the Chase
National Bank; James A. Stillman, President of the National City Bank;
Seward Prosser, President of the Bankers Trust Co.; Charles H. Sabin,
Thomas W. Lamont,
President of the Guaranty Trust Co.; George
National Bank, and Gates W.
First
F. Baker Jr., Vice-President
McGarrah, President of the
Sr-M&$ls1Srational Bank.
Mechanics
plan
a
again."
thing
yesterday
As
that to
as
explained
interested
banker
one
the Cuban banks to the banks here, after a
failed
had
Washington
on
proposed loan to
made by the State Department at
was
Nov.
17.
The Washington advices said:
Action by the Cuban Congress was necessary
extension of $15,000,000 and
not call the
to complete negotiations for
President Menocai is said to have felt he could
The State Department
whether negotiations would be resumed.
Legislature into session for this loan.
did not indicate
Several conferences in the matter were
this week; on
Tuesday following a meeting at the
& Metals National Bank
the Cuban
held in this city
it
was
sixty days would be
institutions having interests
"Journal of Commerce" in reporting this
recommended by local banking
in
Cuba.
The
said:
The conference which
dealt primarily with the development
tion between tnese banks in
of coopera¬
handling business under the moratorium
be¬
agreed that raising of the
moratorium upon Dec. 1 as scheduled would have disastrous consequences
and advised that the privilege of withdrawing a furtner 5 or 10% be accorded
depositors following the extension.
The 10% withdrawal privilege under
the existing moratorium has been quite generally exercised.
Action by the local banks followed closely upon news that the Cuban
banks had agreed upon a program for extension of the moratorium, and it is
felt to be almost certain that the Cuban Government will accede to the
tween themselves or
their Cuban corrsepondents,
between $40,000,000 and $50,000,000
a
scheme
was
conference
yesterday
constituted the initial step looking
toward
in meeting the needs of the Cuban situation.
Some consderation was given in the arrangement of bank credits by a
group, but this matter will not come up for decision until today (Nov. 17)
when another conference, regarded as the most important yet held, is
scheduled.
There is every evidence that bankers generally recognize that
an alternative to the flotation of a Cuban Government loan must be found,
but nothing has developed to date definitely forecasting the character of aid
joint action by the banks here
to be
collateral for such advances was so varied as to
question.
held out, however, that tnere may be some new develop¬
abandonment of the
The promise is
the Cuban situation before long, and the
ments in
plans brought forward to date is not believed to imply that no
cussion of ways and means of aiding
On Nov. 16,
it
was
banking institutions
represented at yesterday's meeting were the
the Irving National Bank, the
Foreign Banking Corporation,
Equitable Trust Company, the Royal Bank of Canada, the National
Mercantile Bank of the Americas, the National City
Commerce, the
and the Mechanics &
As to
Bank
Bank
Metals National Bank.
Wednesday's (the 17th) conference the same paper
said:
stated that President Marimon of the
Espanol of Cuba has requested President Menocai
Cuba to extend the moratorium there, which is due to
Banco
of
expire
Dec. 1 next.
on
From the New York
"Evening Post" of Nov. 16 we take
following relative to the proposals for the
the
extension of
the moratorium:
American
and bankers with Latin-American
exporters
recommendation which all the Cuban banks have
It is generally believed
Government will adopt the
and
promissory
connections are
which was received from Havana this
message
a
regard to an extension
in Havana that the Cuban
The banks recommend that
recommendation.
notes shall be extended
in accordance with the
following arrangement:
Those due before Oct.
11, no further moratorium.
Those due between Oct. 11 and Dec. 1 an
extension of ninety days from
the due date.
December, sixty days' extension.
Those due in
Those due in January, thirty days'
left
the
to
control of the
extension.
that the repayment of bank
Tne banks further recommend
Government with
monthly payments be made up to and
deposits be
regular
Lie suggestion tnat
including April.
VIEWED BY E. W. STETSON
CUBAN SITUATION AS
THE GUARANTY
OF
TRUST COMPANY.
|
Vice-President
E. W. Stetson of the Guaranty Trust Company of New York
who with Vice-President E. A. Potter Jr. has just returned
A
statement
from
on
the Cuban situation by
brief inspection of
a
in Cuba
on
the banking and business situation
follows
behalf of their institution, was made as
by Mr. Stetson on Nov. 15:
The CuUan situation is a very
mixed one, for which there is no ready
made solution.
There are three obvious courses
in order to bring
relief.
The flotation of a Cuban
First.
which might be followed
-
should be used primarily in
Government loan, the proceeds of which
supporting the sugar industry.
.
banking credit in some form to the Cuban
The extension of a
banks; and
Third.
A
continuation of the present
until perhaps
the
is the
own
will have been prepared for
which
sound basis and able to meet its
problems.
Furthermore, the large American interests in Cuba are
meeting their obligations, so the necesstiy for relief is confined to local
It must be borne in
also
moratorium in a modified form
Feb. 1, when the present crop
market.
mind that tne foreign banking interest in Cuba,
predominant one, is on a perfectly
This year's
sugar
crop
will be one of the largest in the history
of the
credit strain can be passed without
serious reaction, prosperous conditions in Cuba may again be expected,
The rich productivity of the island has, of course, not been affected.
The
problem presented is purely a banking problem, which can only be worked
out in some manner along banking lines.
Negotiations to that end are
island, and if the difficult period of
still
in
progress,
but so far no general agreement or
decision has been
reached.
Failure to establish a
community of interest, with a suggestion that
in¬
compatibility of temperament may also have played a part, yesterday led
tofthe abandonment of the plans that had been initiated for group action
byiNew York banks designed to aid Cuba successfully to weather the
current financial crisis.
The situation as it stood last night showed the
following results of the discussions tnat have been held and the efforts that
have been put forth in Cuba's behalf:
The proposal for the flotation here of a Cuban Government loan is dead
and the reopening of negotiations at a later date is uncertain.
Washington
dispatches, confirming what has been recognized in this city for some time,
reported receipt of advices from President Menocai that legislative approval
would be requisite to such a loan and that he did not feel he could summon
Congress at this
The
time.
interests of local
given up.
and
action has been
banks in the Cuban situaton are so varied
diversified that the effort to arrive at a basis for common
been
further dis¬
Cuba will occur.
enterprises whicn lack foreign support.
rendered.
The
American
pointed
scattered as to be impossible of grouping and that
approximate estimate of its value for banking purposes
make even a close
out of the
The impracticability of such
funds.
demonstrated in subsequent conferences, where it was
out that the loans were so
Second.
demand.
The
$10,000,000 to
something
$20,000,000 on tne new crop, would have given the Cuban banks
Mechanics
stated that an extension of
moratorium for thirty to
the loans on the
s (lifting
scaling down had been accom¬
This transfer, together with an advance of from
plished
drafts
that the plans for the
Announcement
Cuba
MORATORIUM.
occurred
surplus from the old crop, estimated at from 250,000 to 300.000 tons, from
of the moratorium.
OF
what
definitely fallen through the report
being made for
current that arrangements were
was
joined in making to the Cuban Government with
EXTENSION
it,
Transfer of Loans.
greatly interested in
CUBAN LOAN—PROPOSED
PLANS FOR
OF
partici¬
series of dissolving conferences.
was a
afternoon concerning the
FAILURE
securities flotation;
before the conference was "another
come
Previous to the word that the plans had
check in the orderly processes
any
agreed that the banking situation is
of the
pation in such
a
them, showed that from tneir standpoint
the condition of the sugar
After the conclusion of the routine
Finance
lukewarm, while some of those institutions;
would gladly have participated in handling
which
"FUNDAMENTALLY SOUND."
for extending
Interest of some of the banks
bank credits to Cuba could not be effected.
BANKERS A T INFORMAL MEETING FIND SITUA
in
practicable
rather indefinite hope still persists that
a
spite of the failure of what have been regarded as the two most
The breaking down of negotiations and conferences that have
almost a week means that the banks will follow a
in progress for
CHARLES H. SABIN SA YS
RETAILERS
MUST ADJUST PRICES.
commodity
President of the
Guaranty Trust Company of New York, states that "there
is nothing mysterious or unexpected" in the developments in
either case, in having been certain "that there must be a
liquidation of commodities, securities and labor before this
country could fully recover from the effects of the war and
be restored to any ting like a normal business basis."
Mr.
Sabin's statement, which was prepared for the Guaranty
Commenting
and security
upon
the present condition of the
markets, Charles H. Sabin,
2002
Trust
was
It
THE
Company's
made
publication,
Guaranty
in many respects and in
was
instances,
many
matter of common
a
and
The regrettable thing
real value in the boom period, so they are today falling to points far below
their real value:
Necessary liquidation Is proceeding after the manner
anticipated,
the whole, but there
on
yet several steps to be taken.
are
The
conditions.
Only in that
be stabilized and frozen credits tnawed out.
but I
message,
the less
am
firmly convinced that the
costly and painful it
deflation must include all
later and there
Dodging tne facts
immunity to
capital
be
can
no
will
the
sooner
all
in
such
pleasant
a
Sept. 23 1919 and Sept. 30 1920, prepared by Jno. S.
Fisher, State Commissioner of Banking, under date of Nov. 8,
has been furnished
concerned.
The
process
'
State
banks..
or
distribution,
$370,512,826 11
1,342,772,128 37
1,488,686,057 86
Savings banks
311,195,909 50
319,025,865 56
..........$1,980,849,797 55
Totals....
$2,178,224,749 53
Trust Funds—
State
banks
$9,801,276 03
....
Trust companies
wnicn
rumors
such
conditions
resulting loss of confidence and panic sales.
a
much in the
so
$1,563,637,391 96
Number of
!$1,706,564,776 31
State
Depositors—
•
banks...............
792,808
892,338
1,701,382
Trust companies
present situation to inspire confidence and hope
blackly, through either ignorance
obscured.
To cite
a
intent, that these vital facts
or
few pertinent facts: This country will narvest
of the largest crops
1,941,173
Savings banks
543,691
a
decade
this
on a
year
sound
financial and operating basis; we have passed through a national election and
four
of
years
administration of public affairs; our banking
sane
system has withstood the greatest credit strain in its history and is on
world demand
for
many ways
products and
our
continued
our
use;
of its
underlying activities,
are
tne
and faces
no
simple fundamental facts of
National
to consider the present reaction as
or
true
today
of readjustment
our
anything but
it has since this country
as
sells the United States of America
a
business situation, and
temporary setback from
It remains
first settled, that "any man wno
was
'short'
the circulation of misstatements
is in the long run certain to lose,"
or
false rumors, hoping to
precipitate
further reactions, should be branded as a public enemy.
This is
a
time for clear thinking and courageous acting and in the pro¬
portion that such factors
spell of reaction has
its
run
brought to bear will rewards follow when this
are
574
REDUCTION
SEPT.
In
H.
TREGOE,
OF
DECLARES
CREDIT
RETAILERS
FOR
MEN'S
ARE
INDUSTRIAL
ASSOCIATION,
RESPONSIBLE
banks
NATIONAL
Tregoe, Secretary-Treas¬
diners at the dinner given by the local association to dele¬
Nov.
18,
up-State organizations, at
declared
that
the
now
the Hotel Astor
suffering from "indus¬
trial illpess" had kept their affairs in
a
healthy condition.
Mr. Tregoe said:
Nov. 17 that the
on
blocking business
The days of large profits are over.
of
our
enterprises turning.
Business
must
The "strike"
Buy what
Do not
bed
to
go
progress
men
to
$311,The deposits in the period indicated suffered a
$403,465,000, the total on Sept. 8 1920 having been
$16,751,956,000; while outside of New York City the de¬
posits in the national banks increased from June 30 to Sept. 8
to the extent of
$82,697,000, there
we
It is sick.
recuperate
should now be brought to a conclusion
need, not extravagantly, but reasonably.
That will keep
face
hard winter.
a
According to present indications, there
Don't fear it, but play safe.
employees, for unemployment is the
face.
Pay good
efficient
wages,
but have
a
worst
menace
Try to keep
the
nation
can
low labor cost which you can get by
Last spring deflation of prices began,
tf that had been allowed to
con¬
tinue gradually, without
interference, we wouldn't be in the bad situation
in to-day, when prices have dropped lower than
they should.
Had it
not been for frenzied cut-rate sales, that deflation would
have been about
now,
and
balances
with
$93,572,000, and that cash
Federal
Reserve banks, at
Sept. 8, increased since Sept. 12 1919
The Comptroller states that the compila¬
on
tion of reports
from all national banks of the country
In loans and discounts
(exclusive of rediscounts) there
as
of
was an
expansion between Sept. 12 1919 and Sept. 8 1920 of
and
the increase in loans
and discounts
as
$1,330,300,000
compared with
June 30 1920 Was
The total
which
but
18,662,000
deposits of the national banks
was an
increase
actual reduction
an
as
on
Sept. 8 1920
16,751,956,000
were.
Sept. 12 1919 of...
over
70,349,000
compared with June 30 1920 of_
crease
(exclusive of rediscounts)
403,465,000
_
exceeded the in¬
in deposits by.____
1,259,951,000
Between June 30 1920 and Sept. 8 1920 there
net increase in
was an
actual
deposits in all national banks of the country
T
outside of New York City of
but
reduction in
a
the deposits
82,697,000
_
of national banks in New
York City for the same period of
486,162,000
which made the net reduction for the whole
country
we
tween June 30 1920 and Sept. 8 1920 snow
cites show
of the
would
be
an
increase.
403,465,000
a
reduction in deposits, and 33
Among the national banks of the country outside
Reserve and Central Reserve cities, 22
and 26 States showed
in
production.
we are
over
and
The national banks in 33 of the Reserve and Central Reserve cities be¬
will be much unemployment.
your
an
The Comptroller also points
increase in bills payable and re¬
Sept. 8 1920 shows:
business going.
To-day
hand
$150,630,000..
of the buying public
you
reduction in New
was a
City of $486,162,000.
discounts since June 30 1920 of
recently
because they are
that business is rotten.
of all the
loss of
We must work to keep#the wheels
say
resources
that this represents a reduction since June 30 1920 ofl
257,000.
and discounts
temporary loss.
a
ON
JUNE 30.
Between Sept. 12 1919 and Sept. 8 1920 the increase in loans
rA:y
Manufacturers and jobbers have taken their losses like real
unwilling to take
on
period of depression
present
could have been avoided if those
but many retailers to-day are
RESOURCES
BANK
on
$2,195,043,000
ILLS.
National Association of Credit Men, addressing 1,300
gates from
634
Sept. 8 1920 reached $21,885,480,000,
Comptroller of the Currency John Skelton Williams reports
on
Accusing the retailers of being stumbling blocks in the
wheels of business progress, J. H.
urer,
|
AS COMPARED WITH
announcing
national
York
course.
IN
8
out that there has been
J.
3
banks
Totals
We are in
and, furthermore, any man who seeks to profit by the misfortunes of others
in
10
.
over-extended in
program
Ls simply not to reckon with the trutn.
war
248
338
10
10
_
a
the destruction, inflation, extravagance and unsound economic conditions
precipitated by the
236
318
Savings banks._
the soundest financial, industrial and political condition of any important
nation in the world.
These
banks.
Trust companies
the markets of the
usually precipitates panic conditions.
as
3,380,062
great mercantile marine is prepared to
a
transport them; this country has not been over-built
along these lines such
1
Number of Institutions—
State
sound and workable basis; the accumulated surplus of five years of spelndid
prosperity is stored in
546,551
Totals
are
in its history; its transportation congestion has been
relieved and its railroad system is for the first time in
any
«u
6,889,095 10
for the future that it is little short of criminal for any one to paint the picture
assured
•
692,614 67
Totals.
situation is aways that many innocent
a
the spread of false and malicious
There is
one
$11,676,485 45
1,553,143,501 26
National banks
made to suffer through ignorance and misunderstandings and also
always inspire, with
so
Sept. 30 1920
$326,881,7.59 68
_
Trust companies
or
whether his interest lie in production
anyone
>
Sept. 23 1919.
of
body economic sooner
the
us:
Assets—
policy is pursued,
a
attempting to postpone the inevitable will not bring
or
BANKING
labor.
or
are
through
the situation
manner can
I know this is not
from the inexorable law whicn directs it.
The unfortunate effect in such
parties
be to
elements
escape
STATE
of
•
that they too must meet the inevitable economic trend and adjust their
new
PENNSYLVANIA
following comparative statement showing the condi¬
Pennsylvania State banks, trust companies, &c., as
tion of
Perhaps the most important of these is for retail merchants to realize
prices to meet the
OF
painful
but that they were and are in¬
knowledge among all who seek to study
commodity and security prices reacned points far above taeir
as
CONDITION
INSTITUTIONS.
these problems apart from immediate self-interest.
is that,
News,
[Vol.Ill
says:
inevitable that the processes of readjustment should be
was
evitable
the
public Nov. 17 further
CHRONICLE
an
increase.
deposits in country banks
States showed
a
reduction
The States showing the largest increase
were
Pennsylvania, 40 million; New York,
23 million; New Jersey, 14 million; West Virginia, 13 million;
Ohio, 11 mil
lion; California, 10 million.
The
whose
States
country
banks showed
the
largest
reductions
were
Minnesota and Connecticut, 8 million each; Iowa, 6 million; Oklahoma and
Texas, 5 million each.
better off.
It will be six
The Reserve cities whose national banks showed the
largest increases in
we are on solid ground and can
go ahead with housing and
railway construction, paramount requisites to normal conditions.
Kansas City, Mo., 8 million: Cincinnati, 6 million; Louisville and Minne¬
By the first of the
year
deflation in currency will begin.
months before
The trouble with the world after the
the huge
destruction of wealth during the
dollars represents the cost
Our country was no exception.
insecure foundation
States reached $300
a
was
as
the world
Right here
a
from the failure to replace
Two hundred billions
Instead
began to
use
of
of
restoring this
credit for capital.
pyramid of credit resting upon
built.
person
frowned in the future
war.
of the World War.
destroyed wealth, the countries of
an
war comes
When the buying power of the United
the whole structure began to teeter and panic
the penalty for the orgy of
spending, the Dance
of Industrial Death.
of deflation.
But the gross stupidity of the cut price
activities of the Department of Justice interfered with this
process
sales and the
orderly and slow-moving
strike.
Prices
are now
Pittsburgh, 24 million;
were
apolis, 5 million each.
The Reserve cities showing the largest
million;
Boston,
27
million;
San
reductions
Francisco,
New York, 486
were
18 million;
Philadelphia,
process
and caused the buying public to
go
on
going lower than they should and industry and labor
wili suffer.
The
remedy is now in operation.
Higher discount rates, the widespread
cutting of credit and then currency deflation wili put the business of the
country on a sound basis.
But first the strike on the part of the buying
public must be settled, for the cancellation of orders during the summer
paralyzed certain branches of industry and ruin faces others.
has
14
million; Detroit, New Orleans and Dallas, 4 million each.
Bils payable and rediscounts on Sept. 8 1920 amounted to
being
but
an
an
United
increase since Sept. 12 1919 of
$2,299,640,000
__
increase since June 30 1920 of only
States
Government
securities
on
794,124,000
93,572,000
Sept.
8
1920
amounted to
The Federal Reserve Board saved the
country at a critical moment by
beginning the
deposts between June 30 1920 and Sept. 8 1920
2,175,019,000
This represents a reduction as compared with Sept. 12 1919 of
1,121,574,000
a reduction as compared with June 30
1920 of
:.
and
94,556,000
The reduction in the holdings of Government securities
therefore
about
$209,000,000
more
than
was
the increase
in
loans and discounts since the call of Sept. 12 1919.
Of the United States Government bonds held
were
were
$711,075,000
to secure circulation.
Of the balance, about
1,000,000,000
Liberty bonds and Victory notes and the remainder
principally
certificates
of
indebtedness.
"Other bonds, securities, &c.," held amounted
1920
to
on
Sept. 8
..$1,805,579,000
,
Nov. 20 1920.]
reduction of
a
and
THE
$11,016,000
compared witn Sept. 12 1919,
as
COMPTROLLER
increase since June 30 1920 of $3,383,000.
an
The amount due from banks and bankers Sept.
165,158,000
since Sept. 12 1919, but an increase over June
30 1920 of..
The amount due by national banks to other banks
standing)
This
was a
and
3,102,569,000
387,568,000
compared with June 30 1920 of
as
increase
171,739,000
and
increase Compared
an
2,704,338,000
...
Sept. 12 1919 of...
over
265,582,000
with June 30 1920 of
32,263,000
Circulation Sept. 8 1920 was
The proportion of loans to
pared with 66.45%
on
72.26%
Sept. 12 1919 and with
reduction
as
Sept. 12 1919 of
270,064,000
311,257,000
Dec.
increase
2,195,043,000
17,350,000
June 30 1920 of
over
CAROLINA
NORTH
BANKS IN
1920 to June 30
31
announcement says:
This
that checks drawn on all banking
means
nation's 30,286 banking institutions,
In other words, 28,126 of the
nearly 93% of the whole, are on the list.
or
institutions in forty-one
through the Federal Reserve
State of the Union can now be collected at par
Banks.
The remaining 7 % are situated
Florida, Georgia, Louisiana, Mississippi, Soutn Carolina and
in Alabama,
the Atlanta Richmond
Tennessee in
notes of
or
a
person,
firm,
company or
corporation maturing in not more than
RESERVE
following
list of
Federal Reserve
TO
FEDERAL
SYSTEM.
such note
any
United
announces
the
institutions which were admitted to the
System in the week ending Nov. 12 1920:
Total
Capital.
District No. 4—
Commercial
Adena
The
Savings
&
Surplus,
Resources.
$108,553
..$60,000
District No.
10,000
320,837
35,000
25,000
Magnolia, Iowa
1,111,725
say]
there must be pledged
security for each $100 so loaned
as
$105 face value of Liberty bonds, certificates of indebtedness or
notes.
CERTIFICATES
TO^TREASURY
Certificates
Treasury
SERIES
the amount allotted wag
ing amounted to $292,696,500;
The offering
$232,124,000.
certificates
The
abouts.
for $200,000,000 or there¬
was
bear
referred to in
was
The
subscriptions
Monday
allotted were
subscriptions
the several Federal Reserve districts (which
divided among
of *he
ranked in the order
tions to their
CHANGES IN FEDERAL RESERVE ACT TO BE
quota),
as
percentagejof their subscrip¬
follows:
-.-$106,896,500
Cleveland.
_
51,157,000
26,336,500
San Francisco
__
19,006,501
22,750,000
Philadelphia
17,605,00*
9,576,50$
18,851.00$
11,935,500
Louis
21,143,000
Boston
7,365,000
Chicago
City.
7,106,50*
27,264,500
7,118,000
—
27,264,500
7,118.000
Dallas
4,875,000
Atlanta.
2,363,500
Total
which would be considered at
in the Federal Reserve Act
the House Committee on Banldng
as
the
to par
and Currency, i the
ques¬
clearance and the disposition of the earnings
Reserve banks being among the matters
Federal
which he said would be taken up.
den's
statement
appeared
There is
as
Representative McFad-
follows
in
the
New
plenty of work ahead of the House
Committee on Banking and
the committee busy during tne short
session.
Since the last session of Congress closed the Federal Reserve Sys¬
tem has come in for its share of criticism and the system itself is undergoing
its first real test since its enactment.
During the last campaign many state¬
ments were made to the effect that when the Republicans came into power
statement,
The
Federal Reserve Act.
This is an unfounded
entirely untrue.
of criticism which have been so
causes
prominent ha1"* been largely
jeginning to
realize the great power that is contained in the various sections of this law,
the enforcement of which affects not only banking credits, but the power
to control all industries and the power to regulate prices of all commodities,
due
the
to
as
interest due
which
administration of the law.
The people are jusv.
began
tion in
possible changes, there are certain amendments to
which will orobably have some consideration early in the coming
be specific as to
the Act
session.
collections, the differences between the State
The question of par
and
banks
trust
companies and the Federal Reserve System,
now
a
part of the office of
and giving
of the duties and responsibilities that are
the Federal Reserve banks more
the Comptroller of the Currency, including the
right to pass upon the granting of charters for State banks
come into the Federal Reserve System.
Tbe question of the
who desire to
disposition of
the enormous earnings of the Federal Reserve System; the question of a
building to house the home office of the Federal Reserve Bank in Washing¬
ton; the question of the repeal of some of the rediscount privileges that were
givep to the System, based on Government
and the retirement of the vast amount of
Federal Reserve notes, will have
There is also a growing feeling
the
the
There is also pressing upon
great need of
so
Second
the committee the subject of rural credits.
the farmers of the country, in the West and South,
chased.
But
a
2,259,151 subscribers to the Second Liberty LoaD
Reserve District, who purchased $1,550,453,500
Based
good
verted into securities
distribution of the interest
The Government Loan organiza¬
on that day said:
the original subscriptions,
on
Uncle Sam would
which is 4% on the amount of
bonds pur¬
since been con¬
paying \ M%. while others have sold their bonds out¬
many
of the original 4% bonds have
side of this Reserve District.
The number of coupons
shows that
owners
a
good
many
presented for payment on the last interest
of them were left
to cash their coupons
inasmuch
as
uncashed.
it leaves the money in its hands at no eosfc,
Department desires to have each bondholder
date
While failure of bond
is, in a way, beneficial to the
Government,
yet the Treasury
profit from his money to the
fullest possible extent.
Large investors in Liberty Bonds have
their
little need of this advice to
clip
cash them and reinvest their interest money.
They are
investors and take advantage of the opportunity to make their
coupons,
cautious
money
earn
money on
cent possible,
every
and,
no
doubt, will put their interest
attractive interest for them.
bond coupons, that
Liberty Bonds at work to earn an
It is to the small
investor, not accustomed to cashing
the
is
Government
The
Government
sending
Loan
out
this reminder in their
Organization,
Second Liberty Bonds who will take part
that
to
the
mutual
advantage
own
behalf.
therefore, advises all holders
of
in the collection of interest money,
they present the coupons falling due Nov.
other time after that date,
15 on that day or at any
thus collected
cash them and invest the money
of both
themselves and the Government
in
Savings Stamps or
Treasury Savings Certificates.
Holders of these securities receive an
attractive interest.
They can always receive their principal plus the
accumulated interest on the securities as they increase in value each month
United
States
are
Savings securities, such as Government
held.
°
|
offices and banks as direct
Savings securities in lieu of currency.
Liberty Bond coupons will be accepted at post
payments for Government
past season.
SURVEY
OF
So there is plenty of work ahead on these important
problems for the members of
session.
this important committee during the present
INVESTMENT
MARKET BY RUDOLPH
GUENTHER-RUSSELL LAW, INC.
which have
dominant during the past season, due somewhat to
constitutionality of the present Farm Loan Act is being
questioned, and is now awaiting the decision of the United States Supreme
Court.
This system, therefore, has not been in active operation during
short
were
Federal
have distributed $31,009,070.
pending in the committee covering this subject, and the
promnent and
the fact that the
the
the bonds, in the
Nov. 15.
announcement
an
worth of bonds.
they
banks should have representation
SUBSCRIBERS
DISTRICT.
Board.
Several bills are
been
inflation, as evidenced by the
that the size of the Federal Reserve Board
should be increased and that the member
on
securities as a war emergency,
consideration.
on
on
Originally there
with its ultimate effect upon wages.
To
2,363,506
subscribers in the Federal Reserve
million dollars
Second Liberty Loan
in
Currency to keep the members of
they would entirely repeal the
4,875,000
District of New York received about thirty
York
16:
"Commercial" of Nov.
•
$292,696,500 $232,124,006
.
IN NEW YORK FEDERAL RESERVE
coming session of Congress was made on Nov.
tion
_
PAYMENTS TO SECOND LIBERTY LOAN
15 by
Representative McFadden, of Pennsylvania, Chairman of
of
3,492,000
3,492,000
indicated contemplated changes
A statement in which he
the
Allotted.
$83,515,501'
31,350,001
Received.
F. R. District—
New York
CONSIDERED AT COMING SESSION.
are
The
issue of Saturday last, page
closed at the close of business
The
15.
Nov.
our
were
Minneapolis
75,ObO
They
5%% interest.
15 1920 and will mature May 16 1921.
dated Nov.
offering
Series D 1921,
Indebtedness,
of
Of
D11921
oversubscribed, the subscriptions hav¬
offered Nov. 7, were
Kansas
12—
CornmOTdal Bank of Tmlock, Turlock, Calif..
provided
certificates of indebtedness of the United Sfcatek
or
Richmond...
District No. 7—
Magnolia Savings Bank,
amount in
notes shall be directly secured by at least 105% of the
or
bonds
States
at least
St.
Bank,
Ohio
Adena,
an
actually paid in
Victory Liberty loan notes issued since April 24 1917.
or
are
Washington
in
of 10% of the aggregate amount of the capital stock
excess
on
The Federal Reserve Board at
Comptroller's state¬
six months from the date of such purchase or discount
1905.
and St. Louis districts.
ADMITTED
INSTITUTIONS
STATE
The
1921.
this
The Reserve Bank's
excess
Until June 30 1921 any National bank may purchase or discount the note
week that all the banks in the State of North Carolina are
list, effective Nov. 15.
securedJby Liberty
The date is extended from
INDEBTEDNESS
the par
paper
ment said:
SUBSCRIPTIONS
ON PAR LIST.
The Federal Reserve Bank of New York announced
now on
Nov. 15
Certificates of Indebtedness in
10% of capital and surplus.
That is to
including also items for collection, amounted to
an
of
or
on
withinjwhich National banks may
discount commercial
or
bonds, Victory notes
hand, plus reserve with Federal Reserve banks,
on
WAR PAPER.
and unimpaired and the unimpaired surplus fund of such bank,
.$21,885,480,000
compared with June 30 1920 of
which represents an increase over
a
June 30 1920.
on
—
and
as com¬
1920 amounted
to
The cash
5,092,000
deposits on Sept. 8 1920 was 74.11%,
of all national banks on Sept. 8
resources
purchase
11,681,000
Sept. 12 1919 and an increase over June 30 1920 of..
over
The
693,270,000
increase of
an
BY
Comptroller of the CurrencyVannounced
the extension of the time
-
Sept. 8 1920 amounted to
on
Capital, surplus and profits Sept. 8 1920 were
an
The
•
reduction since Sept. 12 1919 of
reduction
a
SECURED
26,519,000
and bank-
(including certified checks and cashiers' checks out-
ers
CURRENCY WILLIAMS EXTENDS
OF
TIME FOR LOANS BY NATIONAL BANKS
8 1920 was.. 3,147,720,000
reduction of...
a
2003
CHRONICLE
A survey of
New York,
has
the investment potentialities of
Massachusetts, Connecticut and
been made
by Rudolph
the States of
Pennsylvania
Guenther-Russell Law, Inc.,
specialists in financial advertising.
The facts, presented in
book form, are d signed to aid the dealer in securities by
indicating the security-buying power of the people in the
States of New York, Massachusetts, Connecticut and Penn¬
sylvania.
The firm states:
Although representing only 23% of thfe population of tne United States,
the
war,
survey shows.
capita for the entire country.
Individual income tax statistics
show that
the four
1,037,843 persons,
Their purchases totaled
$11,453,770,-
States surveyed.
$5,091,535,167
gregating
of
as
1917, the latest figures available,
These people reported individual incomes ag¬
and
paid
totaling
taxes
income
Of the 11,379,553 savings bank
Pennsylvania.
The
average
Of the
331,783
depositors in the United States, 7,294,034,
for each depositor is $497 36,
depositor in the United States
persons
as a
as
Their
compared
income
from
whole.
investments
totaled
four States
$1,310,841,030,
or
The prosperity of corporations located in these States is indicated by in¬
statistics which reveal the fact that, although the
number of corpora¬
tions totals 85,753, of only 24% of all the corporations in the country,
they paid in corporation taxes in 1917 $964,333,728,
income
porate
In
expressing doubt
engaged
in
or
yet
45% of all the cor¬
its taxes, or 62% of the total partnership taxes paid that
leaders
were
perity of the country.
as
the
President Wilson reminds
the people of the Nation that they have abundant cause for
The lesions of the
resumed the useful
ly
of free
army
pursuits of
it rushed to arms."
as
he
war,
peace as
says
men
"are rapidly
.
simply and
as
prompt¬
"In plenty, security and peace,"
the President observes "our virtuous and self-reliant
the
face
its
future,
duties
its
and
season
approaches when it behooves
people
The
opportunities."
following is the proclamation, which
The
has
.
.
was
us to turn
issued Nov.
This combination
12:
This Is
our
an
goodness.
thought and habit.
deeply imbedded in
The burdens and the stresses of life
nave
their
own
insistence.
rapidly healing.
defense
of
for
cause
ultimate purpose
was
un¬
Those
time thereafter, will long remember that your requirements were
some
that
possessed
you
As
respect.
might
as
result,
a
rights which
no
of you gave way to the belief that industry
many
well accept the situation and accommodate Itself to the prevailing
condition.
'*
\
.
change has been brought about by the determination of
a
free themselves from the unsound and unnatural control
them.
men
to
imposed upon
so
Today that determination is manifest in the popular demand for
Its
of
progress
is
of economy to those who began it;
a matter
included
in
careful,
but
stimulant to
a
the
irresistible
of
survey
that 540 organizations in 247
engaged in promoting this American principle in
are
these
and
in industry;
partial,
A
everyone.
the employment relations.
are
You will recall
in authority appeared to
person
any
A total of 23 national industrial associations
agencies.
In
addition,
local
1,665
Chambers
of
Commerce, following the splendid example of the U. S. Chamber of Comalso pledged to the principle of the open shop.
oerce, are
I urge you to realize that our own Association, a pioneer and standard
bearer in the open shop movement, has always
policy, which will surely become
if supported
by
our
vigorously promoted this
national method of industrial operation
our
continuous efforts.
For the open shop assures fairness to employee and employer alike.
It
means
the improvement of plant relations, the elimination of class prejudice,
and
united
a
which
influence
in
opposition to injustice.
It
is the
brought about the freedom of the thirteen Colonies.
same
spirit
It is the spirit
which you find in the Declaration of Independence; the spirit of fair
play,
loyalty, cooperation and helpfulness.
Our country was
founded
on a
recognition of the principle that
has personal rights which no one could take away.
before
Government, but which
every
one
Rights which existed
only fulxy recognized and
were
voiced in.
the Declaration of Independence and later guaranteed by our Constitution
old observance of the American people,
We have abundant
the pros¬
or
successful in forcing upon
was
The
of you who came in contact with official commissions during the war, and
for
from the distractions
and preoccupations of our daily life, that we mav contemplate the mercies
which have been vouchsafed to us and render heartfelt and unfeigned thanks
unto God for His manifold
situation
;
*
questionably the domination of industry through its nationalization.
cities, of 44 States,
PROCLAMATION.
healing" and "the great
move¬
type of politicians who sought
a
activities in behalf of the open shop shows
proclamation, fixing next Thursday, Nov. 25,
thanksgiving.
the
assess
regardless of constitutional rights
uneconomic restrictions.
many
the open shop.
year.
THANKSGIVING
prayer,
not
supported in their plan by
first their own preferment,
patriotism
PRESIDENT WILSON'S
do
In part Mr. Barr continued:
of consolidation to those engaged
day for Thanksgiving and
shop
open
During the past few years, at least, definite efforts have been made to
But
Partnership returns for 1917 show that partnerships in New York, Con¬
necticut, Massachusetts and Pennsylvania paid $64,084,731 in excess prof¬
In his
the
radical closed-shop unionism.
to whether the public realizes the
as
manufacturing,
accurately."
1
paid.
taxes
menace to
always subordinated to the union demands of the moment.
46% of the total for the country for this class.
come
distinct
complete value of the development of the
business
in the United States who reported investments
their principal source of income, 106,742, or 32%, live in the
as
surveyed.
a
place the control of all industry in the hands of the labor unions, and the
64%, live in the States of New York, Massachusetts, Connecticut and
with $480 83 for each
the officials of
believe the present public support accorded
by big business is contemplated is absurd and untrue.
$381,366,861.
approximately 57% of the total individual income taxes paid that year.
or
of Labor
ment, Mr. Barr observed that "frequently our own members,
,
30% of all those reporting returns, lived in
or
indicates beyond question that
announcement
an
shop movement is
open
of ail the Liberty bonds sold
050, equal to $466 per capita, as compared with subscriptions totaling $200
per
Such
the Federation
The further charge that a gigantic national open shop movement controlled
the people of these four States bought 55%
during the
[VOL. 111.
CHRONICLE
THE
2004
thanksgiving.
The lesions of the war are
The great army of free men, which America sent to the
liberty, returning to the grateful embrace of the Nation, has
resumed the useful pursuits of peace as simply and as promptly as it rushed
to arms in obedience to the country's call.
The equal justice of our laws has
What
these rights?
are
Tney
are
the right of life; the rights of liberty; the
right to the pursuit of happiness; the right to come and go unmolested; the
right to bargain individually or collectively; the right to secure greater re¬
turns from initiative and honest labor.
These
are
the natural privileges of
existence which the campaign for the open shop will serve to make more
effective and definite.
The
Presidential
campaign
which
has
to members of our Association in one
just
regard.
clesed
was
especially
in
For the first time the labor
received steady vindication in the support of a law-abiding people against
various and sinister attacks, which have reflected only the baser agitations
unions came out openly in an
of war, now happily passing.
sent more than 150,000 professional field men and
In plenty, security and peace, our virtuous and self-reliant people face
the truth, its duties and its opportunities.
May
we
have vision to discern
to
attempt to coerce our people into electing
public office only the approved representatives of the labor union.
They
their
leaders, paid for out of
approximately annual income of fifty million dollars, into all parts
in one tremendous effort to deliver the union labor vote to
of the country,
our duties, the strength, both of hand and
resolve, to discharge them, and
the soundness of heart to realize that the truest opportunities are those of
annual convention of the American Federation of Labor.
service.
a
In
our
spirit, them, of devotion and stewardship,
a
we
should give thanks in
hearts and dedicate ourselves to the service of God's merciful and
loving
purposes to His
children.
the Democratic Party in conformance with the resolution
passed at the last
blacklist which
every
in
was
effect
honor list.
an
candidate who had consistently followed his oath of office, and who
had shown that he valued his patriotism more than the
preferment which
promised him by the unions if he followed their demands.
was
Therefore, I, Woodrow Wilson, President of the United States of Amer¬
to elect was
complete and ignominious.
ica, do hereby designate Thursday, the 25th day of November, next as a
day of thanksgiving and prayer, and I call upon my countrymen to cease
in American
politics has been that
from their ordinary tasks and avocations
upon that day, giving it up to the
remembrance of God and His blessings and their dutiful and gratetul. ac¬
is not
knowledgment.
true of all
public
our
Founders'
today
open
more important question con¬
than the increasing development of the
shop movement."
This statement was made by Mr.
us
Barr at the annual
meeting of the Association at the Hotel
Astor, in this city on Nov. 17.
The aggressions of union
labor during the past four years
especially he said, "have
been such that the great
majority of the
people
to
resent the coercive efforts
nority."
union
of this
No clearer indication of
domination
which
creates
are
beginning
small, destructive mi¬
the
possibilities of the
this
public
conviction"
he continued "could be had than the recent disclosures
a
control
even
a
ment of a candidate
no
such
thing
regarded it
as a union labor vote,
by
a
labor union is almost certain to result in the defeat
you
heard much about the League of Nations and
But I refer to it only for the
an
discussing Article 13, which creates
under
its control.
conference
was
The first
meeting of this annual inter-National labor
neld in Washington in October,
States could not officially participate.
tion.
This existing labor office is largely dominated by its radical
and the American Federation of Labor is
Socialists
in
trying to
League of Nations.
certain
our
entangle
employment."
Recently said
Mr.
Barr,
"we have
seen
approval of the American Federation of Labor, in which it
was
stated that ways
For I emphasize the fact that there is in the
proposed
clauses which were apparently included at the
labor unions, and with the consent of
provide
purpose
a
means were
being considered to
fund totalling millions of dollars to be used for the
of definitely opposing
As to this he said:
an
open
shop movement."
our
representatives, for
Labor unionism is, as you well know,
synonymous with strikes, and while
details, I feel that I should briefly direct
Every strike
means
your
destruc¬
strikers, and to the public, which
can
never
record.
be regained.
During the
An analysis of 2,395 of
an
average of 34
134,300,000 working days.
was
or
days
That is only
1919 there
were
3,232 strikes of
only about 60%, show that 3,950,per
a
strike, which meant
part of the time
an average
is estimated in wages at more than
What
year
these,
ing 134,000,000 working days lost at
industry ?
and
the labor meshes of the
the purpose of hindering our industries.
411 strikers lost
apparently issued with the
in
labor
it is unnecessary to go into
reference in the press to a statment
members,
cordially co-operating with these
country
our
attention to the strike record of the last
year.
tion and a definite loss to
industry, to the
shop form of
1919, at which the United
But should the League of Nations,
similar agreement, ever become effective there must be not
merely a
reservation as to the inter-National labor clauses, but their
complete elimina¬
or some
adequate and economical housing for the people of that city,
open
inter-National labor office
and which, if the Treaty were ratified, would
put labor in the United States
when it is understood that
demanding the
labor leader
smail part of the unionist v»te; and that the endorse¬
During the campaign
request of
"that the people are now
no
men
Will the
various articles contained in the Covenant.
cerning the opinion of certain unions in the building trades of
New York City, which have made it
impossible to provide
menacing condition could
only under the closed shop, is it any wonder," he added,
but
tangible possibility.
as a
people to the fact that
our
purpose of
Covenant
exist
to
of any man obtaining it ?
con¬
this
This
large number of them have
obey the orders
We, in this Association, have known for many years
in public life have until now
can
Association, "no
fronts
because
men,
result of the last election educate
DEVELOPMENT.
who enter public life become
many men
stood solidly on their oath of office and have refused
of the labor unions.
According to William H. Barr, President of the National
The failure
One of the recent strange things
afflicted with political cowardice because of the threats of this group.
that there could be delivered
WILLIAM H. BARR ON IMPORTANCE OF OPEN SHOP
They compiled
They promised to defeat
of $6
$800,000,000.
a
a
loss of
wasted.,, Count¬
day, the
What
money
was
value
the loss
to
the loss and inconvenience to the
people of the United
States?
What did many politicans do, either to foment these
strikes, or
to adopt an attitude
indicating sympathy therefor?
These strikes made
possible the
thing which the workers were crying out against, tne soFor profiteering in wages meant increased cost of
production, and, in addition, strikes for the purpose of forcing uneconomic
called
very
profiteering.
•
Nov. 20 1920.]
THE
brought about decreased production.
wages
bound up
with the
These questions
CHRONICLE
intimately
are
shop movement, because practically all of the
open
strikes which brought such loss to the nation, many being almost criminal
in their intent, were of unionist
origin.
Strikes will diminish, and sub¬
stantially disappear, when the open shop plan of business operation becomes
•
tne
reality which is its destiny.
2005
decline in chemicals and drugs was approximately 2H%
materials about 1H%.
No change in the general level
EMPLOYMENT
OF
AND
WAGES
IN
SELECTED INDUSTRIES IN OCTOBER 1920 AND 1919.
Tho Bureau of Labor Statistics of the U. S.
Labor received and tabulated reports
of
In
100
Below
States
are
by
of commodities,
The
in the number of
increase, 57.3%,
largest
comparison in this
case
being with the strike period last
Ten industries show decreases, the greatest
the woolen industry and
in
cotton
this information
1919
Farm
>
in
iron and steel and
smallest
1.8%,
increase,
shoes show
.
a
and hosiery and underwear a
V^y: ;'■%
COMPARISON OF
IN
182
211
223
204
313
278
257
Fuel and
181
284
V9
EMPLOYMENT
OCTOBER 1919
IDENTICAL
IN
AND
h.' -A'
OCTOBER
192
184
318
313
174
1222
216
Chemicals and drugs
;
House-furnishing
lish
Industry.
October.
Pay-
264
371
371
220
239
229
All
1919.
223
242
225
Comparing prices in October with those of
Iron and steel.
Automobiles
Car
bldg.
cloths and clothing nearly
% of
October
All commodities, taken in the aggregate, increased less than 1%
Vi mo.
1 week
54
mfg
crease
$7,960,627 $14,749,512 + 85.3
4,559,967 —11.9
5,173,645
16
Cotton finishing
3,910,982 + 59.6
21,479 —26.8
33,495 —33.6
17,820 —6.5
5.8
24,447
497,449
1,030,209
338,385 —21.9
749,526 —27.2
810,899 + 2.1
12,63 0—!26.8
25.0
51,825
33,022 + 10.6
15,577 + 8.0
16,586 i—5.7
427,184
50,808 + 26.2
50,023
—1.9
9,992 —18.7
896.937
59
Silk...........
46
2 wks
29,329
50,475
19,057
Men's
43
1 week
25,945
52
Woolen
clothing
.
Leather
31
17,255
226,415 —13.2
Boots and shoes.
84
Paper making..
Cigars.
55
69,093
29,864
(bitumin'sV
59
Coal
49
14,429
M mo.
17,582
794,349
771,576
729,089
—5.5
336,294 —21.3
1,112,886 h-28.4
998,616 + 34.8
337,164 + 24.4
1,518,019 +33.6
1,554,394
740,699
271,039
1,136,488
Comparative data for October 1920 and September 1920 appear in the
The figures show that in one industry there was an in¬
following table.
crease
with
the number of persons on the pay roll in October as
in
industry.
clothing and automobiles.
men's ready-made
When
Octdber 1920 with September 1920 5 industries show
comparing
increase in the amount of money
an
compared
The increase, 4.3%, appears in the
Percentage decreases of 14.6 and 12.4 are shown in
September, and in 13 a decrease.
woolen
The
crease.
most
important
paid to employees and 9 show a de¬
increase,
10.1%,
occurs
in
mining.
coal
Respective decreases of 23% and 17.5% appear in cotton manufacturing
the decrease shown in silk is less than 1-10 of
and cotton finishing, while
.one
The cost of the 22 articles
-
carried by
making
the retail food index
up
the Bureau of Labor Statistics of the United States
Department of Labor decreased 3 % in October
with
Prices of food articles
September.
+ 1.8
Hosiery and un¬
derwear
year.
DECREASE IN RETAIL PRICES OF FOOD.
or
1920.
2,450,526
881,045
260,897
40,245
51,016
12,290
price in the
De¬
117,139 184,251 + 57.3
1 week 160,413 124,276 —22.5
43
....
in
materials.
building materials the increase has been 35H%, and in house-furnishings
crease
1919.
M mo
45
...
In¬
Pay-Roll
in
In all
increases have taken place, ranging from 4% in the miscellaneous
ESTABLISHMENTS
In
31-3%
18%, and farm products nearly 21%.
commodities group to nearly 56% in the group of fuel and lighting
and
repairing
Cotton
108
„
measured by the
index numbers in the above table, it is seen that foods have declined
1920.
or
a year ago, as
groups
Amount of
crease
1920.
goods
Commodities
V
De¬
Roll.
ments
.
Miscellaneous.
dec/ease of
% of
282
161
231
40^%.
In¬
No.Oi Period Number on Pay
\f
crease
Roll in
Estab¬
of
lighting
Building materials
Boots and
is shown in cotton manufacturing.
Oct.
210
building and repairing, respectively, while the
decrease of 28.4%
21.9%.
1920—1
Sept.
230
Cloths and clothings
rolls in October 1920 show
The greatest increases, 85.3% and 59.6%, appear
car
f
Oct.
Metals and metal products
When compared with October 1919 the pay
increases in 7 industries.
"
:
products
Food, etc
being 33.6% in
17 also states:
month
The base used in computing these
Group—
year.
The Bureau in making public
Nov.
on
The figures for the last named
preliminary and subject to revision.
(1913 equals 100.)
26.8% in both hosiery and under¬
manufacturing.
wholesale prices in the United
COMMODITIES.
The smallest decrease, 1.9%, is shown
and leather.
wear,
a
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
in iron and steel,
appears
Of these,
recorded.
was
cloths and clothing, building
as
index numbers is the average for the calendar year 1913.
employed.
persons
decrease and only 37 showed an
price
computed by the Bureau of Labor
as
Statistics for the months named.
Comparing the figures of October 1920 with
increases
a
in
shown the index numbers of
groups
those of identical establishments for October 1919, it appears
were
change
no
materials, and chemicals.
Department of
concerning the volume
are
there
188 showed
cases
majority belong in the groups designated
employment in October 1920 from representative estab¬
mining.
registered for the group of housefurnish-
price quotations included in the comparison for
or
September and Octboer,
increase.
lishment? in 13 manufacturing industries and in bituminous
coal
was
ing goods.
Of 325 commodities
COMPARISON
and in building
Fuel and lighting materials, which had been steadily increasing in price
for several months, showed a slight drop from the level of September.
Bureau of Labor Statistics every
51
important cities.
are
as
compared
reported to the
month by retail dealers in
From these prices the Bureau com¬
putes a "weighted" index number, weighting the price of
each article by the
quantity consumed in the
average
work-
index is
necessarily limited to the articles for which have been ascer¬
ingman's
family.
"weighted"
The
food
retail
tained the
quantities consumed, hence only 22 articles
included.
These
articles,
however,
thirds of the entire cost of the food
Since January,
make
are
about two-
up
budget.
1919, monthly retail prices of food have
been secured for 43 food articles.
During the month from
Sept. 15 to Oct. 15 1920, the price of 30 of the 43 food arti¬
cles
which
for
prices
obtained decreased
were
follows:
as
Sugar, 24%; potatoes, 15%; onions, 11%; rice, 9%; coffee,
7%; flour, cornmeal and
navy
beans, 6% each; cabbage,
5%; sirloin steak, chuck roast and hens, 4% each; round
per cent.
EMPLOYMENT
OF
COMPARISON
IN
IDENTICAL ESTABLISHMENTS
IN
SEPTEMBER AND
OCTOBER 1920.
steak, rib roast, plate beef, lamb, evaporated milk, Crisco,
canned tomatoes, tea and bananas, 3%
each; nut margarine,
2%; ham, oleomargarine, bread, cornflakes, baked beans,
Number
No. of Period
Estab¬
of
lish¬
ments
roll.
Payrol
105
Inc.
September
October
Dec.
1920.
1920.
or
or
Sept.
Dec.
Oct.
1920.
47
34 mo. 182,989 182,910
1 week 135,828 118,970
repairing
40
M mo.
Cotton mfg
53
1 week
Cotton finishing
__
Automobiles
Payroll in
Amount of
Inc.
in
1920.
Iron and steel
% of
% of
on
Pay¬
Industry-
*
-12.4
$14,184,035 $14,682,365
4,447,376
4,691,378
—1.7
17
47,498
48,855
10,457
59
23,529
21,060
-10.5
32,072
33.439 + 4.3
17,820 —1.8
21,892 —14.6
11,798 —5.2
44,461 —4.4
—.1
33,814
—.6
15,958
—.2
20,106
—2.0
-10.7
+3.5
—5.2
3,545,847
1,140,438
287,161
3,666,515 + 3.4
878,661 —23.0
457,864
804,743
385,229 h-15.9
747,935 —7.1
#
810,899
643,413 -13.4
—.4
306,614
961,387 —12.6
1,025,030 + 1.2
345,120 + 1.0
1J814.237 + 10.1
17.5
236,900
Hosiery and un¬
derwear
51
Woolen
Silk
46
2 wks.
Men's clothing..
42
1 week
18,139
25,635
Leather
32
12,447
Boots and shoes.
75
46,617
Paper
56
Cigars
52
Coal
75
33,864
16,054
20,154
(bltum's)..
34 mo
♦Decrease of less than
810,978
743,188
307,696
1,099,367
1,013,042
341,791
1,647,601
and
prunes,
The ten articles which increased in
1% each.
price
Eggs, 14%;
were:
lard, 5%; raisins, 2%; fresh milk, rolled oats and oranges,
Car building and
48,307
49,835
11,705
canned corn, canned peas
The price of bacon, butter, Cream of Wheat
1% each.
1%.
remained
salmojn and
The report of the Bureau of Labor
cheese.
tinues
unchanged for pork chops, canned
as
Statistics
con¬
follows:
in
Changes
One
Year.
During the period October 1919 to October 1920, the percentage Increase
in 22 food articles combined was
5%.
which prices were secured on both dates
oranges,
29%;
rolled oats,
26%;
Twenty-six of the 44 articles for
increased
as
follows: Raisins, 50%;
Cream of
22%;
sugar,
Wheat, 21%
bananas, 18%; bread, 17%; round steak, ham and macaroni,
sirloin steak and pork chops, 13%; each lamb, canned
one-tenth of one per cent.
Prices
and macaroni increased less than five-tenths of
fresh eggs, 12%
14% each;
salmon and strictly
each; rib roast, hens and storage eggs, 9% each; fresh milk,
8%; flour, 7%; chuck roast, 6%; bacon, 3%; cornflakes and tea, 2% each
WHOLESALE PRICES OF COMMODITIES IN OCTOBER
I
.
Continued
recession
in
the
wholesale price
.
*
movement
throughout the country is shown for October by information
collected by the Bureau
of Labor Statistics of the United
Department of Labor.
States
The decline in the general
price level from September to October,, as measured by the
weighted index number, in which each commodity
Bureau's
has
an
influence proportionate to its importance in the coun¬
plate beef and canned peas, 1% each.
Articles which decreased in price during the year were;
Onions, 25%;
cabbage, 20%; lard, 19%; Crisco, 14%; navy beans, 13%; potatoes and
coffee, 11% each; canned tomatoes, 10%; evaporated milk, 8%;
oleomargarine, cornmeal,
cheese, 4%; butter,
3% each; and baked beans, 2%.
ine
was
rice, 7%;
canned corn and prunes,
The decrease in the price of nut margar¬
less than five-tenths of 1%.
Since
Changes
For the 7-year period,
in 22 food articles,
October,
1913.
Oct. 1913 to Oct. 1920, the percentage Increase
combined,
prices were secured in Oct.
was
92%.
Bight of the 23 articles for which
1913, increased over 100% as follows:
106%, hens 108%, cornmeal 110%, bread 111%, ham 117%, chops
lamb,
121%j
try's markets, was 7%.
The Bureau's statement relative
to October prices was made public on Nov. 17, and it said:
flour 136%, and sugar 153%.
products and foods again showed substantial price recessions, the
decrease for farm products being 13 1-3% and for foods 8H% below the
198 in-October 1920.
of 7Vx%
September level.
Cloths and clothing followed next iii order, with a drop
from the level of the previous month.
Metals and miscellaneous
commodities, the latter group including such important articles as bran,
■5? Tberaverage family expenditure for 22 articles of food
millfeed middlings,
Sept. 15 to Oct. 15 in all of the 51 cities from which monthly prices are
secured, with the exception of Houston, Texas, where there was an Increase
Farm
paper,
cottonseed meal and oil, rubber, manila hemp, wrapping
tankage, and wood pulp, each decreased more than 4%.
The
The index number for the 22 articles,
El
combined, based
on
1913 as 100, was
Changes in Retail Prices of Food, by Cities.
of less
than five-tenths of 1%.
decreasedffrom
THE
r
CHRONICLE
themselves to decline
decrease or 6%, was shown in Omaha and in St. Paul.
In
Seattle, the decrease was
5%; in Chicago, Cincinnati, Denver, Detroit, Indianapolis, Memphis,
Pittsburgh, Portland, Me., St. Louis, San Francisco, and Springfield, til.;
The greatest
Milwaukee, Minneapolis, Portland, Oregon and
decrease
the
4%;
was
Atlanta, Cleveland,
in
Columbus,
Kansas
prices,
the coal
Louisville, Manchester, Mobile, Newark, New
Haven, Peoria, Rochester,
and Washington, the decrease
Bridgpeort,
Boston,
Birmingham,
timore,
Dallas,
Fall
River, Jacksonville, New Orleans, Norfolk, Philadelphia, Providence, Salt
and Scranton, the decrease was 2%; and in Charleston
Lake City, Savannah,
New York and Richmond, the decrease was 1 %.
1920, the greatest increase or 10%,
in Boston and Los Angeles.
During the year the increase in
During the period Oct 1919 to Oct.
shown
was
Fall River,
Butte,
New
in
Providence,
in Atlanta,
Cleveland, Rochester, and San
Birmingham, Charleston, Dallas,
City, Newark, Norfolk, St. Louis, and St. Paul, 4%; in Baltimore,
Kansas
Jacksonville, New Orleans, Philadelphia and Pittsburgh, 3%; in Columbus,
Little
Denver,
Peoria
Rock,
Washington,
and
2%;
and in
The cost of these food
Minneapolis, Omaha and Portland, Oregon, 1%.
artiles in Louisville and Milwaukee was the same in
As
Oct^ 1920 as in Oct.
compared with the average expenditure in the year 1913, 16 of the 39
cities from wihch monthly prices have
100% and
over
been secured since 1913, increased
follows: New Haven and New York, 100%; St. Louis,
as
Marys;
101%; Fall River and Cleveland, 102%; Washington, 103%; Charleston,
II. J. Meehanr Johns-
Clearfield;
Rembrandt
T. H. Watkins, New York;
E. B. Chase,
M.
Clark,
Punxsutawney;
Phillipsburg;
Wetter,
B.
Harry
Boulton,
Maxwell, Morrisdale,
J.
William
Clearfield;
Eichelberger,
E.
and
Peater
W. R. Craig, St.
G. Dawson Coleman, Philadelphia;
Philadelphia;
in
act
The committee is composed of James
Shillingford,
St. Benedict;
C.
Saxton.
B.
The
resolution stated:
That the bituminous coal operators of central Pennsylvania refuse to ask
receive unreasonably high prices for bituminous coal,,
or
and further that all
unwise practices in the industry, where any such exist, be condemned and
eliminated.
Memphis,
1919, and in Seattle the cost was 2% less than in October 1919.
W.
appointed to
was
the Department of Justice in stabilizing
industry.
J.
town;
Richmond,
and Springfield, 5%; in Chicago, Detroit, Indianapolis,
Lake City,
Salt
Bridgeport,
in
in Buffalo/Cincinnati,
7%;
6%;
Francisco,
Portland, Me., and Scranton was 9%;
Houston, Mobile, New York and
Manchester,
8%;
Haven,
receive unreasonably high
or
Allport, Barnesboro, Chairman;
3%; in Bal¬
was
Buffalo, Butte,
H.
ask
to
fair-practice committee
a
conjunction with
City,
Little Rock, Los Angeles,
[VOL. 111.
the
to
■
dispatches stated that
meeting the operators
direct
V-..:
■
The Altoona press
to sell as mueh of their product
propose
consumer
bituminous coal operators
Previous
possible.
as
action by
looking to the elimination of "un¬
reasonably high prices and unwise practices"
in
■
result of the
as a
referred to
was
issue of Oct. 30, page 1711.
our
Boston,and Baltimore, 104%; Scranton, Manchester, Detroit, 'and Buffalo,
106%; Birmingham, 106%; Providence,
The 23 cities showing
108%; and Richmond, 112%.
less than 100% increase since 1913 were: Portland,
Oregon, 78%; Seattle, 79%; Los Angeles and Salt Lake City, 80%; San
WHOLESALE
83%;
Denver,
Jacksonville,
86%;
93%; Pittsburgh, Philadelphia, New Orleans and Milwaukee,
ANTHRACITE
DEALERS
COAL
Wholesale anthracite coal dealers met
96%; At¬
Nov. 17 at the
on
lanta, Cincinnati, Memphis and Omaha, 97%; Chicago and Kansas City,
Whitehall Club, in answer to a call by W. H.
• 8%.
of the Fair Practice Committee of the
fied two
CONTINUED
DECLINE
It
SUGAR PRICES.
and refined sugar con¬
announced yesterday (Nov. 19) that the Fed¬
Declines in the price of
tinue.
IN
was
both
raw
Refining Company had reduced the price of re¬
fined sugar to 9 cents.
The previous day the price an¬
nounced by the Federal had been 9Yi cents a pound, the
other companies on that day (Nov. 18) quoting the follow¬
prces:
American Sugar Refining Co., 9K cents; National
Sugar Refining Co., 9 V* cents; Pennsylvania and McCahan
Sugar Refining Cos. of Philadelphia, 9 Yi cents. On the
16th the price quoted by the Federal was 9M cents less 2%
As to the decline in raw sugar,
for cash.
sales.
the
market continues demoralized, with one sale of Porto Rico
Raw sugar
5.76 cents, c. i. f., equal to 4H cents, cost and freight for
This was followed by a sale of Cuban raw sugar at
low as
Cubas, off Yi cent.
freight, the difference between the two sales amounting
5H cents, cost and
by a bank was responsible In part
for the lower prices.
The Royal Bank of Canda sold 17,000 bags of Cubas
for prompt shipment to Warner Silgar Refining Co. at 5H cents, cost and
freight.
Federal Sugar Refining CO. bought 6,000 bags of Porto Ricos for
early December clearance at 6.76 cents, c. i. f.
Liquidation of raw sugar controlled
withdrawal from the sugar market.
It
On the the 16th inst.
2%, although virtually all out of town
refiners
were
said to
E.
JUDGE
H.
GARY
ANNOUNCES
THAT PRESENT
BE CONTINUED.
announcing that it had
Corporation that "the present base
selling prices of all commodities continue in force unless
and until it becomes necessary and proper to make changes
to meet
altered conditions"
was
re¬
present, for voluntary observance,, is:
market, and
once
by wholesalers in
that, for the purpose of this agreement,
A resolution which
Resolved,
Tnat
this
a
mine
unanimously adopted read's:
was
meeting recommends
trade that the maximum gross margin of
to
profit
wholesale
the
anthracite
sale shall not exceed'
on any
10% upon the price at the place of sale.
Charles S. Allen, Secretary of the Wholesale Coal Trade
Association, which fostered the original meeting, at which
Mr. Lewis
appointed Chairman of the committee,, said
was
discussing the action:
The endorsement at the meeting at the Whitehall Club this afternoon by
wholesalers in anthracite coal of the resolution adopted by the Anthracite
Coal Operators' Association, rounds out the program for driving out of the
coal business the elements which have tended to restrict distribution and
increase prices to consumers.
The fashion has been for many years to charge the coal man witn all tne
crimes in the category, but I believe that public opinion on this subject is
changing rapidly and that it would be difficult, if not impossible, to find
other industry in the country whicn nas, of its
any
much
so
own
volition, done
so
effectively to protect the public with which it has to deai.
It is true that tne
price of coal remains higher than it
was
before the
war,
but of wnat other necessary of life is this not equally true?
The
recommendation
that
the
maximum
gross
profit
to
wholesalers
should not exceed 10% should not be taken as an invitation to wholesalers
to take that
profit.
It is
more
in the nature of
a
warning that
any
whole¬
saler who does exceed 10% will find himself in danger of being charged by
was necessary
In fixing such
a
percentage,
to fix it at a figure which would be sufficiently
high to completely take out of question the intent of the wholesaler going
beyond.
As a matter of fact, my investigation of the subject discloses
that the average gross margin of profit taken by wholesale dealers in anthra¬
issued yesterday (Nov. 19)
from
by Elbert H. Gary, Chairman of the Board of the company.
in full:
this
margin of profit must be deducted all of the
gross
conducting the business, which
are many,
expenses
of
and in addition the payment of
State and national income and profits taxes, it will be readily seen that the
net
profit to the wholesale dealer in coal is reduced to
ordinary business
man
would regard
as
a
margin which the
altogether inadequate.
It should always be remembered that the stock in trade of the reputable
wholesale dealer in coal is the good will of the people to whom he sells and
no
is
The following is his statement
profits and
committee, accepted by
cite coal is much less than 5%, and when it is taken into consideration that
been decided to
recommend to the Presidents of the subsidiary companies of
the United States Steel
wholesalers
obviously it
STEEL PRICES WILL
statement
The recommendation of the
same
undesirable ele¬
an
of limiting
means
the Department of Justice with profiteering.
the 10 cent basis.
on
A
temporary
stated that their price remained at 10cents, less
was
be
their
yesterday
announced
Bros,
Arbuckle
by
agency or representative shall be considered as a wholesaler.
H cents.
to
to drive
as a means
trade
Lewis, head
wholesalers, and rati¬
That anthracite coal shall not be sold more than
the
in
yesterday (Nov. 19) said:
Street Journal"
«ugars as
prices, the "Wall
propositions
ment from the
eral Sugar
ing
LIMIT
GROSS MARGIN OF PROFIT TO 10%.
87%; Little Rock, 88%;
Louisville, 89%; Dallas, 90%; Indianapolis and Newark, 92%; Minneapolis,
Francisco,
responsible, intelligent business
so
short-sighted
time to mulct the
as to
man
who expects to remain in business
take advantage of
people
a
situation such
as
exists at this
upon whose good will his business in the future is
entirely dependent.
|and uninterruptedly main¬
The plan endorsed by the anthracite wholesalers is similar to that pro¬
iron and steel commodities which were
posed by the Wholesale Coal Trade Association for the bituminous dealers,
mutually fixed by representatives of the iron and
United States and representatives of
steel interests of the
the Government on March 21, 1919.
which has been generally accepted throughout the producing and distribut¬
ing districts
companies have consistently
Our subsidiary
tained the base selling prices of all
as
the proper plan by which the coal industry can undertake
all manufacturers of iron and steely to rid the market of manipulation.
The Lever Law permits a reasonable
profit and the coal people believe that under no circumstances could any¬
(including an advancement of wage rates aggregating $51,000,000 per year
to the Steel Corporation; and larger freight rates) have materially increased.
body justify more than 10%, and the adoption of that maximum percentage
is notice to all people in the coal business that their own associates will dis¬
Under usual circumstances we would be justified in making additions to
Since that
time producing costs of
countenance
the average base prices.
However,
after deliberate and careful
to recommend to the
consideration we have decided
presidents of our subsidiary companies that the present
unless and until it
base selling prices
of all commodities continue iD force
becomes necessary
and proper to make changes to meet altered conditions.
We think stability in
business is of the highest importance and that every
opportunity and ability, and even at some sacrifice,
Is obligated to assist in stabilizing and maintaining prices on a fair and sane
level.
The producer, consumer and workman will be benefited by this
man, to
the extent of his
and the
OPERATORS
APPOINT
FAIR
PRICE
COMMITTEE.
of
operators of
the Central Pennsylvania
Altoona on Nov. 4, and
bituminous coal field was held at
ollowing the adoption of a
resolution in which they pledged
on
greater profit.
Besides that,
the plan
the part of the coal industry to aid itself
by scanning coal transactions and ridding them of
plan and following
up
any
It has been proven
of it by the coal
men
them¬
selves concentrates the mind of the industry on its problems and so clarifies
them that better conditions
are
almost immediately the result.
The
an¬
thracite operators have adopted the plan and have gone to the extent of
agreeing to aid the Government
the business who
————
BITUMINOUS
meeting
sincere effort
that the adoption of this
wholesale
A
a
consumers
artificial conditions which might enhance the price.
in
attitude.
the charging of any
is, in its nature,
dealers in
tup discover evidence against any concern
will not co-operate.
the plan adopted
With the co-operation
by the
by the producers, experience has
shown in the bituminous branch of the industry that artificial conditions
quickly disappear and prices drop to
The real
reason
of Justice that
a
normal basis.
for fixing 10% was to meet the desire of the Department
maxfmum
profit be established,
so
that in
ual exceeds that profit that fact might be taken
as
proof on prosecution for
profiteering,
a
as
demonstrating that the
ing to profiteer.
one
case any
taking that profit
was
individ¬
attempt
Nov. 20
1920.]
THE
The wholesalers also endorsed the resolutions
week
adopted last
by the special committee appointed by the anthracite
mine owners, as a result of the conference
sistant
Attorney-General
given in another item in to-day's issue of
will be
adjusted to local
guidance of the trade, will take immediate steps to deter¬
mine the facts.
So far as actual distribution is concerned,
with Special As¬
resolutions
These
Humes.
are
They
our paper.
means
ARRANGEMENT
in New York.
of Justice.
on
once
Philadelphia.
the
Thb members of the price
President Lehigh Valley Coal
E. E. Loomis,
are:
Co., New York; J. B. Kerr, President Scranton Coal Co.,
C. Madeira, President Madeira, Hill & Co.,
New York; P.
B. Markle Co.,
Jeddo; James S. McAnulty, Eastport Coal Co., Scranton;
A. C. Dodson, President Weston, Dodson & Co., Inc.,
Bethlehem; and A. S. Learoyd, Assistant to the President,
Philadelphia; John Markle, President G.
The following
Lehigh Coal & Navigation Co., Philadelphia.
resolutions
been adopted
have
arrangement with the
No. 1.
a
as
basis of the working
Department of Justice:
wholesalers who have
outlaw buying and
fictitious and artificial prices cannot be created by persons
That producers
refuse to sell bo brokers or
established business and clientele to the end that
no
consequent
not
the business.
interested in
That
No. 2.
no
in the absence of
salers
sales of domestic sizes be made to
an
agreement that the coal will not
wholesalers or brokers
be sold to other whole¬
middlemen
not increase the price of coal to the
accompanying profit may
consumer.
That the local requirements for
No. 3.
districts be provided
domestic use on the producing
are
shall advise the Department of
it|to be fair, stable prices for the various
coal, and what is considered by it to be a fair
considered by
domestic sizes of anthracite
and reasonable profit per ton to govern
prices exceeding the fair and stable
prices.
Where prices are charged by operators
those indicated by the Committee, such operators
the Fair Price Committee, file
the
which are higher than
should upon request of
with the Committee the
books and other data pertaining to
with
Committee and
production costs,
investment, etc., necessary to
with the Department
substantiate
of Justice.
These
above indicated can be the only
justification for the prices charged in excess of the fair, stabilized prices indi¬
costs
plus the fair and reasonable profit as
cated by
No. 5.
It is realized that fair
distribution is closly identified with
that producer's coal, so that such communities may
of their necessary domestic supply.
Operators here present, individually and
continue to get such tonnage as a part
That the Independent
collectively, pledge their full support to
the previous
the Department of Justice in
making
resolutions.
coal
operators
a
meeting in Philadelphia, the
pledged themselves to co-operate
anthracite
with the
reduce "excessive"
prices of coal to consumer.
The meeting of the operators,
most of whom it is said represented independent interests,
Department of Justice in attempting to
was
held
of
held in the offices of S. D.
A conference was
Warriner.
and at the conclusion
meeting the operators issued a statement saying:
during the day with Mr. Humes,
the
appointed by the policies committee of the
anthracite coal operators to confer with F. Lowry Humes, special assistant
to the Attorney-General, relative to anthracite commercial conditions, it
was resolved that we pledge to the Department of Justice tne co operation
and aid of the anthracite operators in attempting to reduce excessive prices
of coal to the consumer by stabilizing the anthracite coal market and elim¬
At
a
meeting of a committee
in the industry
methods of distribution.
inating such bad practices as may have grown up
improper and unsatisfactory
The
Fair
Philadelphia
Practice Committee held its
on
ciation,
was
first meeting in
C. Maderia,
chairman. W. J.
the 17th inst., with Percy
president of Madeira, Hill & Company, as
Thompson,
through
the Anthracite Operators' Asso¬
named secretary, and the committee immediate¬
ly began work on a program for
the elimination of undue
adopted last week by the anthracite operators mean that
where coal is not sold direct by the producer to the retailer
there shall be but one
reasonable charge added to the cost.
This, it is stated, means the
elimination of any re-sales which
might tend to increase the price asked of the retailer or con¬
sumer.
The names of a number of operators alleged to be
prices were laid before the com¬
notified to appear before
which, under the resolutions adopted for the
selling anthracite at high
mittee, and these operators were
the committee
a
normal
operations were resumed
strike of the mineworkers last
statement issued on Nov. 18 by
a
The Bureau says-*
Every effort is being made to correct any inequalitias in
distribution which
have arisen as a result of the railroad strikes of last spring,
may
made up
and that
no
feel confident, that deficiencies will be
serious incon\ enience will be experienced this winter
by domestic consumers of anthracite in the
fuel.
■,
]
territory dependent upon that
v..
untoward condieions which the industry has
the
Even with
and the
followed, and unless other complications which are not
embargoes wbicb
foreseen should occur, the operators
faced this
including the loss of output
due to the "vacation" in September, the shipments for the first six months
of this coal year—that is, from April 1 to Sept. 30—nave been approximatey 33,000,000 tons, as compared with 34,440,000 tons in the correspond¬
ing period last year.
The net decrease this year is therefore not more than
1,500,000 tons, and of course part of this decrease is in steam sizes not
suitable for household use.
Prompt attention is being given to all applica¬
tions for relief where it is apparent that an emergency exists and immediate
beginning with the switchmens'strike and
year,
action is
The
required.
of the total
the action of
responsible operators and distributors who supply 95%
tonnage
of anthracite,
have deprecated and do deprecate
unscrupulous parties who have taken advantage of the present situation to
exact excessive and unwarranted prices.
Their aciion has paved the way
left the mine at
placing on the consumer excessive prices for coal that
reasonable and stabilized prices.
duty to the;
stockholders rests upon them
they have maintained their standards of preparation and have advanced
their prices only as justified by tae increased cost of production.
Their
books are, and have been, open at ail times to the examination of ail au¬
thorized Government agencies, State or Federal, and they are now, by
united action, cooperating with the Department of Justice in the effort to
correct abuses that have crept into the trade and that reflect discredit upon
1
The
responsible operators and distributors have felt that a
public as well as to their employes and tneir
the industry as a whole.
MODIFICATION OF COAL PRIORITY ORDERS.
A
new
order, effective Nov. 16, was issued by
State Commerce
Commission
on
the Inter-
Nov. 15, releasing territory
Mississippi River from the use of open top cars
west of the
preferentially for the loading of coal.
Receivers east of the
Mississippi River under the new order may use all flat bottom
gondola
cars
for the loading of commodities generally as well
Commission in amending service order 20,
The
coal.
as
declared that "in the opinion of the
Commission, that because
which continues to
carriers by
railroads subject to the Inter-State Commerce Act within the
territory east of the Mississippi River, and because of the
inability of said common carriers' property and capacity to
serve the public in the transportation of coal, an-emergency
exists which requires immediate action."
It is ordered that
the provision in said order number 20, as amended by order
a
shortage of open top equipment,
exist upon
the lines of each and all the common
I
entered Nov. 6 1920, which reads:
provided furtherjthat the phrase "coal cars" as used in this order
shall not include or embrace gondola cars with solid (fixed) sides and solid
flat bottoms having sides 42 inches or less in height, inside measurement or
cars equipped with racks or cars which on June 19 1920 had been definitely
retired from service for the transportation of coal and stenciled or tagged
And
other
for
service.
Be, and it is hereby amended to read:
And provided further,
not
include
or
for the
transportation of coal
CURRENT
An
in this order shal
equipped with
service
tagged for other service.
that the phrase coal cars as used
embrace flat bottom gondola cars, or cars
racks, or cars which on June 19 1920
had been definitely retired from
and stenciled
WAGE LEVELS IN
secretary of
profits of the producer and wholesaler where such exist.
It
was
the decision of the committee that the resolutions
going forward at
now
the Anthracite Buruea of Information.
of
On Oct. 29 at
"vacation"
the
September, according to
fair
which the Department of Justice
seeks.
Each operator pledges himself to an equitable distribution of his
product based on the average of the past three years to the communities
dependent upon his coal, so that the domestic needs of such communities
may be taken care of.
Where coal is sold through a wholesaler the producer
should see that it Is distributed to such communities as have been|, in the
effective
needing attention is assured the committee.
following
prices in accomplishing the general results
iNo. 6.
is working in co-opera¬
its assistance in correcting con¬
rate, and has been doing so since
the Committee.
past, dependent upon
The Federal department
ADEQUATE ANTHRACITE SUPPLY IS EXPECTED
for
and protected.
That the Fair Price Committee
No. 4.
Justice what
special assistant to the
Humes,
Production of anthracite is
jobbers in the same market to the end that unnecessary
or
and their
them
ditions
by conferring on Nov. 17 with E. Lowry
United States, in
committee
city to be handled
Warriner, Chairman of the General
special assistant to the Attorney-General of
Humes,
Mr.
tion with the operators, and
Nov. 16, and the new fair price |body began
Committee,
its work at
any
meeting with Special Agent Campbell, of the Department
WITH
operators, authorized at a recent meeting of producers, were
D.
of the east where shortages are
Attorney General of the United States, was present at the
Appointments to the Fair Price Committee of anthracite
by S.
supplies
increasing the current
locally by co-operative committees similar to that now work¬
DEPARTMENT OF JUSTICE.
announced
for
reported, the actual distribution in
ing
WORKING
discussed
were
of anthracite in those parts
uses.
ANTHRACITE FAIR PRICE COMMITTEE ANNOUNCES
BASIS OF
2007
CHRONICLE
official
review
of
the
or
ANTHRACITE MINES
wage
conditions which have
resulted from the recent award of the
United States Anthra¬
anthracite
Labor Sttatistics
U. S. Department of Labor, and is printed in the October
issue ofthe official publication, the Monthly Labor Review,
just out.
According to the tabulated figures, made public
Nov. 15, anthracite employes taken as a whole, including
boys, are now getting 138.6% more than they did in the
period 1912-1914, using hourly earnings as the basis.
Hour-^
ly earnings are now 114.5% above the basis established in
1916, and are 17.4% above last year's rates.
The miners
are now asking that additional increases of 13% on contract
cite
Commission,
now
in force throughout the
region, has been issued by the Bureau of
2008
rates and
$6
THE
14%
the
as
CHRONICLE
consideration rates be given together with
on
minimum
for
adult
day labor.
posited, but these subsequently
in
The following
The Government tables are based upon actual
earnings per hour as found
by the Bureau of Labor Statistics in its survery of 22 representative col¬
lieries last year.
Prom this base earnings are worked backward to 1912,
-a"'
According to these figures, day
inside and outside who
men
from $1.50 to $3.00 per day of 9 hours in
$4.20 to $5.96 for 8 hours.
1912-1916,
Vf -
are now
getting from
troller Warick refused to
pay
are now
getting
not
from $2.45 to $2.96 for 8 hours.
Inside workers
than in
more
whole
as a
111%
receiving,
more
1916, and 17.1%
more
than last year.
Outside workers
a
Breaker employes, mostly boys, are getting
132.9%
years,
more
than in 1916 and
170.5^ more than in
15.8%
more
and that vouchers
were not always produced at the times bills
Concerning the payrolls, he said these could never be checked
There
The
for all employes are given above.
The contract miner, whose hourly
earnings averaged 42.5 cents under
the agreement in force when the European war
began, averages 99.2 cents
per hour under the new schedule.
ment in the same issue of the
Monthly Labor Review, pages 699-716.
According to the Government, the contrcat miner is averaging more
blacksmiths' wages
run
figures
given.
are
per
In these fifteen cities
from 75 cents to 90 cents.
The contract miner averages a higher hourly rate than do boiler makers in
twenty-six out
of
thirty
cities
covered.
Boiler
makers
manufacturing and jobbing shops get from 80 cents to 90
in
Philadelphia
cents.
Book and job compositors—not linotype operators— in
forty cities,
according to the Government, do not get as much per hour as the contract
miner.
The Government finds the rate in Philadelphia for this work to be
93.8 cents for book and job work, and 81.3 cents for
newspaper compositors
on day work.
In twenty-five out of thirty-two cities
electrotype finishers and molders
get less than does the contract miner.
Wages
of machinists
Government.
in
thirty-five cities
hour
been
compiled
they get but eight-tenths of
cases
a
cent
In Philadelphia this class of machinists will average 80
more.
Out of thirty-four cities there
as,
or
more
are
than, the contract miner.
ndustry, iron molders get 93.8 cents
U.
S.
SHIPPING
BOARD
per
In
Pittsburgh,
home of the iron
hour.
ALLEGED
TO
HAVE
testimony presented
on
the
17th inst.
the
Con¬
gressional Committee, which, under the Chairmanship of
Joseph Walsh, is conducting an inquiry in this city into the
affairs of the United States
Shipping Board, it was alleged
paid.
up.
Mr.
of $90,000,000.
by
the
that $2,700,000,000 had
vouchers to
Controller Warick, of which $900,000,000
while there remained $1,100,000,000, still to be passed
Controller.
Of the
there!
$3,800,000,000 total,
remained
in
the
hands of the board
approximately $50,000,000.
Under examination by Representative
Kelly, Mr. Gillen said that during
the two years prior to the time he became
connected with the Shipping
Board there had been
only eight voyage accountings made out of all the
thousands of operating accounts that had been settled.
There was abso¬
lutely
no supervision of these accounts.
Do you mean to say that we had some
1,200 ships collecting large sums
of money
in freight charges, and that there
operators
of
these
vessels?"
asked
shape, form
manner, of
or
was
accounting with the
no
Representative Kelly.
That's the fact," replied Mr. Gillen.
There
was
no
Shipping Board operations,
supervision in
any
to funds in the
as
hands of operators."
$120,000,000
The Director of
admitted
was
that
he
matter
a
Floating Around."
Operations, John H. Rossiter, according to the witness,
knew nothing about these accounts,
holding that this
which
concerned
the country," and no
one
was
the
Treasurer
Controller.
or
approximately $120,000,000
seemed to know
just where it
When
the
floating around
Representative
was,
Kelly said it was inconceivable that such enormous funds could be
in banks without definite
knowledge of the Shipping Board.
On one occasion Mr. Gillen came to New
York City, started an
deposited
investiga¬
bank deposits made by
operators of Shipping Board vessels and
found $20,000,000 in eight institutions of which the
Government possessed
no record.
He mentioned one
shipping
to
were
Controller Warick," said
tion of the
LOST
TWO BILLION DOLLARS.
In
been submitted in
witness asserted that there
but three in which molders get as much
passed by
profits from the operation of ships $400,000,000;
by the
cents, the Bureau of Labor Statistics finds.
be
to
A recapitulation by the witness showed that the total
appropriations for
the Shipping Board amounted to
$3,400,000,000; that tnere came in as
In only four cities do skilled machinists
get more than does
the contract miner, and in three
per
have
have
missing might be'included in the item
had been held up,
hour than do the blacksmiths in
manufacturing shops situated in fifteen
out of the seventeen cities for which
still
and
average percentages
This average of 99.2 cents, as given by the
Government, is interesting as
compared with wage scales for skilled trades, also reported by the Govern¬
will
Gillen, approximately $900,000,000 of vouchers under the
appropriations,
$400,000,000 more representing profits that came from the operation
of ships under wartime contracts.
He said that some of the vouchers still
pre-war
than last year.
were
no
Mr. Gillen testified that he had found vouchers
missing in large number,
whole, exclusive of breaker employes, are getting
167.5% more than in the pre-war period, 132.9% more than in 1916, and
18.4% more than last year.
as
witness said
monthly or annual balance sheet had ever been
stricken off until recently.
The first was furnished to Judge Payne when
he appeared before the Senate Committee on
Commerce last March.
hourly basis, 132.8%
on an
than in
$1,500,000,000 because these vouchers
supported by the necessary data.
The
are now
times,
pre-war
trust company
the
■
Boys who got from 90 cents to $1.40 per day of 9 hours,
a
Shipping Board, and on Oct. 1 1919, he filed statements for July and
August, 1918, and every month thereafter he filed statements
covering two
additional months until ne had now almost
caught up witn the work.
Up
to March 1, last, he had submitted for audit
$2,700,000,000, of which Con¬
Agetting
were
found in the vaults of
were
This company, the witness admitted, and
Representative
On his assumption of office Mr. Tweedae
immediately set about comply¬
ing with the act of Congress that required an accounting of the
finances of
and forward to the present rates under the award of
the Anthracite Com¬
■
Philadelphia.
Steele agreed, was as
strong as any in the country.
Furthermore, he said,
there was no record of
$170,000,000 in the hands of operators or of a large
sum of impress funds
subject to the call of contractors.
information is also made public by the Bureau:
mission.
[Vol. 111.
ment
he
license, with obligations
to pay
unable
to
get
record
any
banks in New
York
used
of
as
this.
concern,
large
informed had $25,000,000 in
was
operating under
sums to
New
Altogether
a
Govern¬
the Government, which
York City banks,
there
were
but he
was
twenty-seven
depositories by the operators of the board's
vessels.
Following this incident, Mr. Gillen told the committee he recommended
Judge Payne changes which would enable the Shipping Board to
keep an
that losses estimated at two billion dollars have been suffered
to
by the Board through various
accurate record of
voyage account funds.
causes, including the collapse
accounting system, in efficiency, overcharges, and
other causes.
These allegations as to the Board's losses were
made at
Wednesday's hearing by Martin J. Gillen, former
special executive Assistant
to John Barton
previously been Chairman of the Boa^d.
account of Mr. Gillen's
testimony
New York "Times" of Nov.
was
A very extensive
given in detail in the
18, and
we
reprint it in full
Mr. Gillen told an
amazing story of colossal finance, of official incompe¬
tency, of loose accounting—a story of hundreds of millions of dollars
float¬
ing around the country," no one
seeming to know just where; of the unre¬
corded deposit in banks of other hundreds of
millions; of millions
millions being lost in
overpayments, citing in this connection
ment of
$23,'000,000
on one
ciaim
upon
an
overpay¬
of
$34,500,000; of placing in the hands of
operators the enormous sum of $170,000,000, of which not a
single record
was kept—not even the names of
the operators; of
allowing profits averag¬
ing 57 H % to owners of ships; of missing vouchers, and of
wholesae waste.
And he said-
There is
a
no
fraud
Emergency Fleet
to
a
result of his recommendations, a force of
900 accountants
auditing these
evidence of fraud in the office of the Treasurer
of
Corporation
or the Shipping Board.
failure to pick a great,
outstanding man.
There has been
operators
amounted to
$120,000,000.
Huge Profits for Owners.
An
analysis of the profits showed that owners whose vessels were comman¬
deered when this Government entered the
war had cleared
approximately
57 1.2% on their base
investment, which, he said, was larger than the
profit allowed to any other class of
industry.
He pointed out that the
profits of other industries doing business with the Government
were re¬
stricted to from 9 to
12%.
.Of the old American tonnage which
found that 80%
built at
was
proximately $175
If
commandeered, Mr. Gillen had
approximately $75
a
dead weight ton.
was
ton.
a
Due to
increased
to ap¬
Accepting this inflated value
as
a
basis, the Shipping Board had allowed 10% for
depreciation, Mr. Gillen
testified, as against 5% charged off by the ship owners before
these vessels
went
20%
under
was
Government control.
allowed
on
He said he had found that
the basis of the
Yt %
war
valuation.
a
profit of
On the basis of $75
a
•
The requisition program,
according to the witness, called for the expen¬
diture of
$800,000,000, but the construction
&c.,
you had had six men like Judge
Gary—not one. but six—some strides
might have been made in six months after the armistice in
cleaning up the
was
cost of
a
the losses incurred in submarine
warfare, the value
inventories in the yards,
Six Men Like Gary Needed.
set
8,000, of which 4,000, approximately, had been audited
up to last Feb.
1, when it was shown that the excess funds in the hands of the
ton the owners had netted 57
or
was
The total number of these accumuated accounts
accounts.
was
Payne, who had
herewith:
the
As
its
of
divisions had
no records of payments made
the contracts, and for several months it
on
material
was on
hand.
was
by
no
records
owners
of
for labor,
not known how much
Before these facts had been
ascertained, the witness
said, several large claims had been settled
at a
big loss to the Government.
One
Claim.
muddle."
These facts, the witness said, he had
presented to Warren G. Harding
shortly after the Senator's nomination in Cnicago, and he had
urged the
President-elect to appoint only men of
great business capacity to all the
important administrative posts in the Government.
The chief fault Mr. Gillen found with the
administration of the Shipping
Board—a new organization twice the size of the
United States Steel Cor¬
poration—was the failure to establish proper systems of
accounting.
It
wise, he said, to appoint Charles M. Schwab to direct ship
construction;
but Mr. Schwab was hot an
accountant, so he left the accounting to inef¬
ficient persons.
This also was true, he said, of P. A. S.
Franklin, as direc¬
tor of ship operation.
So the Shipping Board had muddled
along, its
$22,000,000 Lost
One claim adjusted in this way involved
the payment of $34,000,000 to
owners for vessels seized in the course of
Norwegian ship
mere
check signers without authority,"
until August,
1919,
Payne became Chairman and Alonzo Tweedale, former Controller
of the District of Columbia, was made Treasurer.
when Mr.
At that time more than $2,500,000,000 had been disbursed
through the
Emergency Fleet Corporation and the Shipping Board and not a record was
available to show how this
was
not
fundsfon
a
balance sheet in
hand.
Neither
enormous
fund had been distributed.
There
the Treasurer's office showing the amount
of
was
there
a
record of deficits.
settlement, according to the witness, involved a loss to the Govern¬
$22,000,000, and was possible because there had been
only
."horse trading in which the representatives of this
Government had not
seen
the other fellow's horse."
had
owners
office of the Treasurer likewise possessed
no
that
no
Dean
of the
cured.
As a result, Judge
Payne's ordered
further settlements be made until
complete records could^ be pro¬
Included in such claims, the witness
said, were 451 vessels
Shipping Board.
On Oct. 1 1919 350 claims
were
the
operated[by
pending, many of
$1,500,000,000 was tne amount involved
during the administration of Judge
Payne.&f
To complete one $400,000 tank
ship under construction in the yards of
the Union Iron Works, the witness
said, the Government had
them of foreign ship
owners, and
in the settlements effected
$630,000.
paid
340,
The
on account
more
owner
had
$672,000.
expended
contracted
It
was
for the
to
pay
$1,035,000,
In the settlement the owner
than double the contract
price.
Millions
record to show where
$243,000,000 worth of] securities held by the Shipping Board had been de¬
He told the committee that the
Norwegian
put it over" Commissioner Stevens and R. A.
legal department of the Shipping Board.
$400,000,000 Goes Astray,
1st The
construction.
This
ment of about
was
Treasurers
on
Saved by
due to the precaution of
was
and
actually
paid $2,570,-
Ruling.
Joseph'Cotton, formerly general counsel
Shipping Board, according to Mr.[Gillen, that the
Government was
Nov. 20
Dot forced to
I
result
The
of
1920.]
THE, CHRONICLE
millions of dollars in consequential damage claims
pay
having taken
rule laid down
contracts of ships built
over
by
Mr.
Cotton,
the
McAdoo, Cotton & Franklin, in collaboration with Rear Admiral Capps,
General Manager of the Fleet Corporation, was outlined by Mr. Gillen.
It
tices, and it had been found that the Government assumed that it could
commandeer
anything
needed
it
and
only consequential
pay
damages.
Under such authority, the British Government took over all ship ways and
ordered
the
owners
ships at
private
straightway sought to effect a settlement and turned
over
their
The principle laid down by Mr. Cotton, he said,
fair price.
a
clear out with their uncompleted vessels.
to
owners
[Edward G. Riggs,
RR.
and materials in the yards without assuming the liability to
the contracts already
carry out
The witness estimated that $150,000,-
entered into.
000 had been saved by the
There has
application of this rule.
Snipping Board had allowed compensation
the basis of $4.15 a month for each deadweight ton of cargo
ships and $5.75
these
month for passenger vessels, witn slight variations from
a
increased
for
amounts
and- faster ships.
tonna,e
The British Government
paid $2 01 for the freighters commandeered and
However, the English owners were required
which
These figures
witness
idea
furnished to Judge Payne in a report made by the
of the American ship owners who had not signed the
Shipping Board contracts undertook to procure increased compensation.
analysis of the rates fixed by the British and American Governments,
An
>
he, said, showed that this country paid ship owners from 230 to 275%
more for each deadweight ton than the British Government paid for the
However
service at the same time.
same
he said these boats might have
150% prior to the time America entered the war, because
earned from 100 to
favored by baving the sea lanes kept open.
Relative to the enormous profits earned by tnese ships under wartime
they
were
conditions, Mr. Gillen told of a vessel of the Barbour Line which was valued
approximately $200,000 about the time she was ready to be scrapped.
at
To put her
in shape $574,000 was spent, and the Government took her over
In six months of operation the ship made a net
when she left the ways.
The same ship subsequently was sunk by asubmarine
profit of $660,000.
Government Must Accept
Under cross-examination by
price if prompt action were taken, because
could be disposed of at a fair
the shortage of
It
these vessels was world-wide.
the Senate committees
as
falling ton values, he testified.
do
to
as
private concern
any
with
take its losses
He thought the Government would have
that is overstocked—make up its mind to
courage.
conditions which he had described in the handling of the
In view of the
Board, Mr. Gillen was asked by Chairman Walsh
affairs of the Shipping
Shipping Board or the Emergency Fleet Corporation could pass
how the
inaugurate further policies affecting shipping so that the Govern¬
couid function in a manner beneficial to the merchant marine.
He
upon or
ment
"Even though
you
vou
found no fraud
on
the part of
shipbuilders, would not the condicions which
you
found have been such as to make it extremely difficult to ascertain, if there
had been any
frauds?
mitted
find out whether frauds had been
the outside," replied Mr.
on
com¬
Gillen.
In view of the fact that some reference
had been made in previous testi¬
by Judge Payne, in the settlement of claims
Shipping Board by contractors, Representative Steeie
explained that his questions leading up to those statement were not in¬
tended in criticism.
In fact he said he had seen Judge Payne make decis¬
ions in which he
State,
city
The
the
asked Mr. Gillen if Judge Payne,, in making such de¬
of information provided him in connection
and in pursuance of a well-defined policy, and the witness
Representative Kelly asked if the appointments prior to that of
improved
on,
Mr. Gillen suggested the
question was unfair.
"I received my appointment from President Wilson," he remonstrated.
an
but
they
shall
changing,
escape
of
women
interest
in
He arose from the
As long as this condition
and
changing
proposals for public
The
These men and
wages of the
are
and fire
police
the inside.
from
the Snipping Board, but the
administrative jobs, snould have men of known administrative
cannot
of former days shaU not
build
the
from
top;
should tell the Senate committee
appointments of the President, that it has just
responsibilicy as the President in making these selections.
should make the Senate take the full
treaty making,
responsibility as much
He
as it does in
and the President should not feel hurt when it acts in this
way."
people of this country demand a budget system.
until the
Responsible.
the
it
demand
in
every
They demand it at
capital
Certain politicians of the two great parties are not partial to a
past.
public
well
and this statement holds good in our States, cities and
that the great newspaper editors of our country,
moneys,
I
towns.
as
informed
am
the great
as
magazine editors of our country, are taking a very pro¬
nounced interest in this movement for economy
and
the
in
cities
States,
in the National Government,
Furthermore, I
and towns.
am
informed that
administrative offices of the Government were filled in
added that the Republicans were
just as much responsible as the Democrats.
said, that too many politicans were placed in the large
The trouble was, he
expenditures of public funds, as well as to the motive and merit
for
them.
of
must
in
The greatest
State, city and
the two
methods
town economy, would be the establishment of a budget
great political parties, the fundamental prosperity of the budget
of
likely
suited
their fancy,
soon
every
member
of his
family to spend
When the session
adjourned Mr. Gillen was asked if he cared to supple¬
testimony to the extent of indicating what consideration President¬
had given to his suggestions.
than
to
say
hour and a half, with
He declined to make
any com¬
that he had had a long conference, probably
Mr. Harding following the Senator's
nomination at
Chicago.
Mr. Gillen, who is a lawyer
1919 with Judge Payne, at the
program
of Racine, Wis., became associated
on
Oct. 1
iatter's request, in the liquidation of the
war
of the United States Shipping Board, the reorganization of the
Emergency Fleet
istrative
what
what in their individual judgment was desirable, he
or
railroads and
is
costliest.
you
practiced
now
been
have
As
a
will find
on
investigation that the severest
in their management.
In the minutest detail
and are being carried on.
Take, for ex¬
introduced
ample, the stationery of
railroad company.
For years it was of the finest
example, a ream of letter-head, say, cost one
a
concrete
dollar; its present cost is ten cents.
And economies of this kind are going
through the railroad system of our country.
the
non-debatable sub¬
meet with disaster.
our
economy
economies
a
of a household, who knows what his income is, or is
would permit
be,
to
directing expenditures is
controlling and
If the head
ject.
indi¬
single factor in the direction of Government economy,
Divested of the arguments pro and con by representatives of either
system.
of
public expenditures
Waste in
cease.
The people pay the bills in taxes, some direct and some
cease.
rect.
must
appropriations
Extravagant
In
a
larger
sense,
Howard
Chairman of the Northern Pacific Railway Company, speaking of
decisions of the Labor Board as to increased wages and of the
recent
Commission
Commerce
Inter-State
as
to
increased
freight rates
to
meet
and to establish the earning power of the roads on the basis of
those wages
present costs, said a few days ago:
"It is to be
hoped, therefore, that prosperous, progressive and ambitious
assume that this decision of the Commission
(which
will not
increased freight
not
furnishes unlimited money for things like elaborate
rates)
stations, grade separations and other non-essentials, and that they
make insistent demands that such projects be undertaken at once.
new
able
will be needed to make payments for interest, taxes and reason¬
wages
dividends,
the
that
so
so
as
to sustain their credit and to do the essential work
the
of
commerce
country
can
be
moved
satisfactorily.
Corporation and the Shipping Board and in
problems.
general admin¬
He has had wide experience in general business admin¬
istration, particularly with reference to the reorganization of corporations
that needed to be put on an
efficient and paying basis.
De¬
sirable, but non-essential work should, in the interest of the country as a
under
the
new
boy
on
conditions.
the water
the extra gang to the highest executive, could save five cents a day,
by greater and more intelligent effort, by greater care of plant, materials
and fuel, by the elimination of waste, and the adoption of improved methods,
an
total
saving would
average
would be
new
be
$30,000,000 for
a
300-workday
This is
Suppose only
year.
of one hour a day could be saved by shippers in loading and
unloading the
2,400,000
720,000,000
freight cars; this time for a 300-workday year
hours, or 30,000,000 car days, or 100,000 cars
car
added to the available supply of the country without the investment
capital.
"Now
it is necessary
for all good citizens, whether in or out of railroad
work
good and
nearly in keeping with the
service, to obey the new transportation law in spirit and letter and to
day in and day out, until the wastage of the war is made
and
save
the
transportation
needs of the
administrative posts.
an
a
great deal of attention is to be paid by these gentlemen to the appropria¬
of
would we have efficient government, asserted Mr. Gilien, who
further
one
must
of every State in the
Union, and furthermore, they demand a budget system for every city and
town in our beloved country.
The United States is the only great country
which does not have a budget system.
This has been easily explained in
they
Washington and
per year
Both Parties
ment
you
bottom.
the
enough to buy 400 heavy locomotives, or 10,000 freight cars.
elect Harding
State,
One cannot reform from the outside;
You
which must approve of the
ment his
taking
departments—
ability, and I suggested to him that be
Not
now
do not object to public
women
the
this way
than a
expenditures—Federal,
that the Congressional "pork" bills
reform
build from
A nation,
more
determined that unnecessary expenditures for public buildings
are
cease;
must
any
bankruptcy.
safety—the
for
The
rapidly.
very
than its income
more
or
The
of public money.
"Suppose that the 2,000,000 men in the railroad service, from
President-elect of the United States, that the admin¬
istrative offices of our Government, not only
much
corrup¬
encour¬
be made that would stop,
country who foot the bills
our
again be heard of in the land.
chair and with empaatic gestures made this statement:
"I have stated to the
as
or
post-
new
whole, be postponed until we know more about the results to be obtained
honorable gentleman and a Republican."
Later, the witness' decided to answer the question.
other large
subways,
new
Every dollar that the railroads can save under the new rates and under the
Judge Pavne might not have been
am
change could
is
respect
and not
can,
expenditures
will
had.
witness
day
project of public spending,
a
schools,
new
taxpayer's money.
no
and town buildings.
city
with contracts,
"x
the
save
town cannot spend
and
men
passenger
When
Heretofore
auditorium in the country any
baths,
extravagant and wasteful spending
that
or
keenest
cisions, had done so on the basis
said he
the
in
communities
had found that his judgment was unusually accurate.
Chairman Walsh
clothes
adopt the old
concerned.
are
change began under a burden of taxes too great to be borne.
Elliott,
to the "quick judgments"
presented to the
curb,
to
the people,
among
sentiment
all
Questioned About Judge Payne.
mony
holder who tried
and
"It woud be almost impossible to
works
One
The de¬
the demand is that our
together to protest against the rankest extravagance, political
popular ignorance could suggest.
There was'everything to
Take
have stated that
side.
or
would
replied that they couid not do so.
Cnairman Walsh then asked:
Government officials or
or
every
the free-spending office-holder and everything to discourage the office¬
age
to any reduction in price would have to
Prices of bottoms could not be h#d up under the reflection of
be lifted.
public
people for
among
on
State in the Union.
word,
a
invited to indorse
women
piers,
it
and town—shall
for public
largest hall
and
men
In
scope.
city
hears
one
in every
offices, and other public works; you could not get a baker's dozen of per¬
tion
tions
the belief of Mr. Gillen that the opposition of the Shipping Board
was
well
as
Representative Steel the witness discussed
Government
the
State,
expenditures
as
recreation
for
broad
very
could fill the
night with
of
time, he explained, there was a market for tankers of which
had an excess of about 300 ships.
These, he thought,
At the present
a
life and
budget system; their breed hunger to continue to control the appropriations
Loss.
disposition of ships now owned or controlled by the Shipping Board.
the
far
so
you
were
after some
taken
householder
required of American owners.
not
was
of crew payrolls and of deck and engine room supplies,
SOLID
ON
US
PUT
honest, serious demand
an
Nowadays
economy.
Government—national,
even
$4 15 for passenger ships.
to meet the expense
has
mand
existed
Comparison with British Rates.
WILL
"Transportation World" for November.]
before been
and
hears it in all conditions of
sons
Mr. Gillen explained that the
to the owners on
THRIFT
Executive Assistant, New York New Haven & Hartford
in
never
retrenchment
was
that the Government had the power to take over the yards, ships on the
ways
WIDE
BASIS.
put into effect after an examination had been made of British prac¬
was
The
COUNTRY
in American yards.
member of the law firm of
a
now
as
2009
system brought back more
country."
manufacturing, industrial and
walk
of life, and there is no reason under the sun why the Government of the
United States, why our States and our cities and towns should not be com¬
pelled to adopt economies, even those of the minutest nature. Why, a short
time ago, at a luncheon where only six people were present, the tip to the
waiter was a fifty-dollar bill.
That was the top-notch of snobbery, as well
as of extravagance, which
the beloved Thackeray inveighed against so sav¬
agely.
If you have lived in palaces, figuratively speaking, most of your
days, you know that simplicity and unostentation in all things is the true
art of life.
Many will recall that Thackeray, the greatest satirist of Eng¬
lish literature and the whimsical philosopher over life's foibles, declared:
Many economies are being practiced in our
business concerns; in our
"Stinginess is
snobbish.
magazine and newspaper offices, and in every
Ostentation is snobbish.
Too great profusion is
railroad
A
instance:
Another
snobbish."
inspector who, under the
car
handed, a
the retroactive system, was flush with funds,
twenty-dollar bill to a Pullman conductor a pay
back-pay system,
which cost $163.
or a
seat
The Pullman conductor ruffled through his pockets
short time ago, a
and
Finally, impatiently, the chap who had bene¬
fited by the retroactive pay system, said:
"Keep the change, Bub—you
need it more than I do."
Did you ever hear of two such instances of waste,
extravagance, arid the personification of complete and downright snobbery?
Best assured that the movement for economy and the effort to destroy
the extravagance and waste on the part of the individual of our country, is
to extend to the Federal Government, as well as to State, city and town
began to dig out the change.
Because the movement starts from the bottom. To
a
certain extent it is individual and it is gathering force day by day,
and our legislators at Washington and elsewhere are to feel the impact.
The Hon. Joseph G. Cannon, with forty-five years' service in the House of
Representatives, thirty years as a member on the Committee on Appropria¬
tions, ten years as chairman of that committee, and eight years as Speaker
of the House, has had a greater and more varied experience in Government
budget-making than any other American.
He has been called a progressive
and a reactionary.
His political experiences range from the Lincoln-Doug¬
las debates to helping prepare the biggest war budget ever made by any
Government in history; from having his name on the same ballot with
Abraham Lincoln in 1860 to the present period of post-war deflation. This
famous former Speaker of the House of Representatives, speaking of the
budget system, recently said:
"The Prodigal Son was a liberal spender and
the fatted calf was killed to make a feast when he returned to his father's
house, but he was not put in charge of the family purse.
That was left in
control of the elder son, who continued to work in the field and create in¬
come.
Modern civilization has followed that rule in family and in Govern¬
ment budgets, because income is the first item in every budget and the
one item which we cannot do without. We cannot be spenders until we have
Why?
governments.
began
She
We got
producers.
My wife and I tried budget-making when we
regulating family expenditures by my small income.
become
housekeeping,
the money to be spent.
along fairly well, but made one mistake.
We raised a pig to increase our
assets, but I took so much interest in that pig, feeding it, scratching its
back to hear it grunt its satisfaction, and conversing with it, until by the
time it was grown big and fat, I could not turn it into our winter's meat.
That pig became a liability instead of an asset.
There are a lot of people
spent the money, but I had to first get
budgets and forget the real pur¬
who make the same mistake in Government
They become so much absorbed in their ambitions
they forget the purpose behind their efforts; and the liabili¬
in raising a pig.
pose
and efforts that
It is
pig
who pay the taxes.
they create are the liabilities of the people
ties
surprising that the people sometimes get an idea that a Government
not
is not very different
from the golden calf which the children of Israel wor¬
shipped, instead of a source of food supply.
"The Federal Government was not established
as
money-making enter¬
a
the in¬
but the expenditures must be regulated by the income, and
comes out of the pockets of the people in the form of taxes.
prise,
come
of
makers over their plans to make the world
would-be budget
our
good and happy by the expenditure of public money and develop new Gov¬
ernment functions to swell the Government payroll.
Government spending
is
like
it is advisable to keep the purse-strings in
and
hands of others than
the
private spending,
the
"We
all willing and
were
spenders.
glad to
'
kind of taxes to win the war,
pay any
we
as
history after other wars, and even now petitions are pouring in on
to
repeal
"The
don't
think that too much
and
money
they know that they elect Representatives every two years."
It is
ten years since Senator Aldrich
than
more
now
said that by
good business administration the annual expenses of the Government, which
were then about a billion dollars,
could be reduced three hundred millions.
conditions
much of
it
have
due to the
then
Since
war.
The Government
haste.
operations of
four
as
necessarily
This expansion occurred in a time of war and
business is about equal in size to the financial
a
five of
or
grievously
grown
our
The
make good the guarantee to each
of the Comptroller is that the
position
must wait for
single
a
a
final accounting from
in
payment
Chamber's
The
settlement.
final
railroad committee says:
The total amount of the
each railroad and make
,
operating deficit for all roads during the guaranty
period was about $634,000,000.
Of this amount approximately $234,000,000 has already been paid to the roads in the form of advances requested
The railroads are, however, very much in need of the
before Sept. 1 1920.
of their
retroactive pro-
Some of them arfe facing strikes because
$400,000,000 still due.
Inability to pay the wages due their employees under the
United States Railroad Labor
visisions of the recent wage decision of the
Board.
Others
are
unable to secure the necessary funds to
provide any new
will be
into effect Sep. 1
None of them can expect that their credit
facilities and equipment.
fully restored at once by the new rate schedule which went
1920.
importance to the financial stability of the roads,
It is therefore of great
Is
and
obviously
officials to find
in
public interest,
the
some way
for United
Government
States
due to the railroads
to pay promptly the amounts
from the Government.
1
Transportation Act provides that for a period of six months after
The
termination of Federal control the United States shall guaranty to
desiring to accept this provision a net railway
railroad
operating income
The Act also provides that:
during the period of Federal operation.
"The
Interstate
Commerce
shall
Commission
soon
as
asked the Comptroller
under the
provisions of Section 209 of the Act to make payments on certain certificates
Sept. 27 1920, the Secretary of the Treasury
On
for
opinion in regard to whether the Secretary is authorized
an
submitted to the Secretary by the Interstate Commerce
Commission certify¬
ing that certain amounts were due to certain carriers, subject to the
such additional amounts as may be necessary to
make good to the carrier
the guaranty of a standard return for the period of six
months after the
termination of Federal control.
Comptroller advised Gje Secretary of the Treasury that the payments
billion to
worse
greatest private
and huge,
combined,
corporations
budget in Washington for
the talk
tion,
of
is earnest
now
will have to
the
number of
a
been talk of
When
a
be brought to the Government's service.
must
man
now,
and
It
ability, the capacity for efficient administra¬
Business men
type that has administrative talent will have to make it
matter.
a
come.
There is talk of it
years.
enough to support the hope that it will
Business
come.
will have to
There has
billion dollars could be saved.
a
and the Commission has ascertained the amount due
He also savs, "I can find nothing in the law to justifv a conclu¬
under the guaranty
thereon."
sion to the effect that paragraph
before the
amount
authorized
(g
any
payment to a carrier
due under the guaranty has been
ascertained by the
half.
that go
give the Government half his income, the spend¬
size of
In
vote.
The adoption of a
our
They
in the
or
and the
any
economy
and efficiency
material reduction in the
annual tax bill.
America
necessary
city
systeni
with it is the only hope there is of
a
and
new
very
are
and
certificates for
have
to
limit
to number or
as
payment
made by the Commission without
time."
The Interstate Commerce Commission interprets the
amounts that are due to
and
Act
law to mean that it is
ascertain at the eariiest possible date definite
the railroads under the guaranty provisions of the
certifv
to
these amounts to the
immediate payments to the
railroads.
Secretary of the
Treasury for
This the Commission has done but.
Secretary of the
Comptroller of the Treasury, the
the advice of the
Treasury has refused to make partial payments on account
of amounts due
road be re¬
recommended by the Commission and has asked that each
as
quired to make a final accounting before any further payments are made,
and that the Commission present a single certificate for each road that will
serve as a
basis for a single warrant making final settlement of
due to that road under the guarant'
It is thus evident that the
long
run.
Women
The
being exerted: the women
town purpose.
They,
the movement that these
considered to be
are
women
public buildings in
the people are
now
our
as
are
more
interprets the guaranty provisions of the
well
as
our
men,
are
a
paid promptly these two opinions must
ciaims under the guaranty
claims
the
After
filed
before Jan. 1 1921.
it will
be
necessary
for
before the Commission can
Secretary of the Treasury for final payment.
the
to
of
State,
taxes
of
enable them to take care of their current expenditures
INTER-STATE COMMERCE COMMISSION OVERRULES
YORK
NEW
PUBLIC
SERVICE
COMMISSION
IN RATE DECISION.
UNDER GUARANTY
mission
in
an
on
New
order issued by the Inter-State
Nov. 13 and made public Nov.
York
State,
are
directed
to
Hope that the Government may find
establish intra-State
fares, excess baggage rates (except commutation
and commutation baggage charges, these being re¬
a way
for making
fares
served for future consideration) and milk
the guaranty
to the
provisions of the Transportation Act is expressed
by the Board of Directors of the Chamber of Commerce
on
of the United
847.
on
The money is urgently needed by
Nov. 11, that there may be no
necessary
a
resolution made public
delay in adding equipment
for adequate transportation service.
issued, the Chamber sets forth in
some
In
a
bulletin
detail the situation
brought about by the decision of the Comptroller of the
Treasury that the Secretary of
Commerce Com¬
18, the railroads
passenger
immediate payment to the railroads of funds due them under
roads, the Board declared in
during the guaranty
period will be kept from them.
on
PROVISION
the
In some cases this
require many months or perhaps years, and meantime large
money which the Government agreed to pay to the railroads to
process may
Under
States.
the Commission to
with the provisions of the Act
ascertain the total amounts due and certify them
review and adjust the amounts in accordance
greatly interested in
Governments shall—until the burdens
RAILROADS
are
for un¬
National,
U. S. CHAMBER OF COMMERCE URGES PAYMENT OF
TO
provisions of the Act, and ordered each carrier
to file its claim on this form on or
greatly lessened—wear their old clothes.
FUNDS
Commission
railroads are
be reconciled on some basis
that will permit partial payments.
In an order dated Oct. 18 1920 the
Commission outlined the form to be used by carriers in presenting their
to be
economical than
to watch the expenditures
country, whether for
the amount
provisions of the Act.
Comptroller of the Treasury, who is the law
officer of the Treasury Department,
sums
potent force is
greatly interested in economical Government—Federal,
State, city and town.
f men,
budget
clear
give to the carrier the right to file its claim piecemeal
that the law does not
personal
a
ing of the Government's half is as important to him as the spending of his
own
claim
question can be made "only after a carrier has submitted its entire
in
Transportation Act in one way, and the Interstate Commerce
a
proviso
the Secretary of the Treasury
that the Commission may hereafter certify to
interprets them in another; and that if the amounts due to the
half
practicable
as
of the guaranty period ascertain and certify to the
Secretary of the Treasury the several amounts necessary to make good the
foregoing guaranty to each carrier.
The Secretary of the Treasury is here¬
by authorized and directed thereupon to draw warrants in favor of each such
carrier upon the Treasury of the United States for the amounts shown in such
certificate as necessary to make good such guaranty.
An amount sufficient
to pay such warrants is hereby appropriated out of any money in the
Treasury not otherwise appropriated."
after the expiration
plied to the Government's operations, it is not too much to say that from
more;
the
every
proportional to the standard return paid to the railroads by the Government
and if the business methods of these corporations were ap¬
perhaps
but
Treasury cannot make partial payments on account,
on
Budget system is merely another name for organized efficiency and econ¬
omy.
to
necessary
the duty of the Commission to
much attention to the spending until they
is taken out of their pockets to pay the bills.
pay
they begin to keep tab on their Representatives who vote the taxes;
Then
amounts
railroad.
Congress
taxes levied only a few months ago.
many
taxpayers
the guaranty for March-
payments to the roads under
Commission"; and he likewise expressed the view that "it is quite
get away from the war the people will, I fear, feel the burden of
taxation more than the benefits derived from the war.
This has been the
but
to make
August, 1920, until the Interstate Commerce Commission'
has ascertained and certified to the Treasury the entire
The
about his 'eye water' than are
''Colonel Sellers was not more optimistic
some
[Vol. 111.
CH
THE
2010
the Treasury is not authorized
and
cream
rates
level of inter-State rates authorized by the Commission
July 29, and referred to in these columns Aug. 28, page
On Aug.
19 the Public Service Commission of the
State of New York, Second District,
announced
a
decision
denying authority to the railroads operating in the State
to advance passenger
rates
but
to
fares in accordance with the increased
granted by the Inter-State Commerce Commission,
permitting the roads to charge increased freight rates
correspond with those authorized by the Commission,
Nov. 20
except
milk and
on
the
by
1920.]
On Sept. 8
cream.
order
an
Commission
Commerce
Inter-State
was
SOU
CHRONICLE
THE
New York,
issued
directing
District, for permission to file, effective on five days'
Second
tariff
notice,
an
supplements
increases
providing
in
the
and
fares,
rates,
charges applicable to intra-State traffic in the State of New York corres¬
investigation to determine whether the action of the New
ponding with those authorized in
York public Service
related to rates and charges- for the transportation of freight except milk,
Commission in denying the application
it
of the railroads
the
between
on
the
or
persons
any
13,
The hearings
Commission
the
and
were
as
Commission.
visions of Section
by the Inter-
the
This
Certain fares, charges
tained by the
of intra-State passengers
ential
and shippers, unduly prefer¬
and shippers and unjustly discriminatory
The
•
."••••• *
'':v
Findings.
we
principle
intra-State
'[
took
on
commerce
correspondingly has resulted in the past and will result in the future:
In intrastate fares and charges lower than the corresponding interstate
so
inter-State commerce.
within the State of New York and between
New York and
that said
find
further
and baggage charges
made
as
that tne failure of the carriers
not
that said
should be removed by making increases
shall correspond with the
intrastate in New
against interstate commerce.
in said intra-State charges which
increases heretofore made as aforesaid
State charges.
in inter-
and now in effect, result in reasonable
rates on milk and cream for inter-State transportation within the territory
involved in this proceeding, and that the failure of the carriers within the
State of New York to increase the intra-State rates on milk and cream cor¬
relating to rates on milk and cream,
respondingly has resulted in the past and will result in the future: In
intra-State rates lower than the corresponding inter-State rates; in undue
prejudice to shippers of milk and cream in inter-State commerce within
the State of New York and between points in the State of New York and
points in other States; in undue preference and advantage to shippers o
milk and cream in intra-State commerce in New York, and in unjust dis¬
against inter-State commerce.
further find
We
that said
undue prejudice and unjust discrimination
making increases in said intra-State rates on milk
should be removed by
with the increases heretofore made as
aforesaid in the rates on milk and cream shipped in inter-State commerce.
We further find that, whether the aforesaid passenger fares, baggage
and
which shall correspond
cream
milk and cream pertain to transportation in
transportation in intra-State commerce, the
transportation services, in each instance, are performed by the carriers
under substantially similar circumstances and conditions.
An appropriate order will be entered.
As
to
commerce
or
country
evidence on the subject of com¬
mutation fares, but so far as it goes it discloses facts in the presence of which
we cannot presume that the existing rate structure is just and reasonable
in its established relationships and that it should be adopted as the basis
The record
contains comparatively little
should be authorized, as in the foregoing
We shall therefore reserve for future consideration this branch
of the case, and as to it we do not now make any finding or enter any order,
but we shall keep the case open for further investigation, limited to tne
subject of commutation fares and ocmmutation baggage charges in the State
of New York as to the question whether they cause any undue or unreason¬
able advantage, preference, or prejudice as between persons or localities
in intra-State commerce on the one hand, and inter-State or foreign com¬
merce on the other hand, or any undue, unreasonable, or unjust discrim¬
ination against inter-State or foreign commerce.
upon
which a general advance
particulars.
The Commission also
REPORT
FORD,
In
in its decision said in part:
OF
THE
COMMISSION.
Commissioner:
pursuance
of our findings in Ex Parte 74, Increased Rates, 1920,
authorized within a region tnat includes the State
inter-State freight rates; 20% in
baggage charges, and rates on milk and
cream; and also a surcharge amounting to 50% of the charge for space in
sleeping and parlor cars, to accrue to the rail carriers.
Thereupon the steam railroad companies serving the State of New York
made formal application to the Public Service Commission of the State of
58 I.
C. C., 220, we
of New
the
York an increase of 40% in the
inter-State passenger fares,
manifest
that we may properly disregard it.
they
are
as
to make them
But in every case
brought under our jurisdiction and made subject to our
happened heretofore that we have had occasion to make such
by the most cogent reasons.
were
placed and
and
carriers
,
we
could
Such reasons have
action taken by Congress to relieve that
the
i
The record shows that the refusal of
the State of New York to permit the
increase the rates and fares here in controversy
to
to the extent
approved by us is costing the railroads between $11,000,000 and $12,000,000
annually.
In other wo-ds, the annual earnings of the inter-State carriers
operating in New York are now between $11,000,000 and $12,000,000 less
than they would be if the general level of rates and fares approved by us had
effective
become
on
intra-State traffic;
and to that extent
toe declared
of Congress is defeated by a preferential basis of rates and fares
maintained by authority of the State of New York.
purpose
to
proceeding presents
deal with in a
a
practical question which we have endeavored
The needs of these Inter-State carriers
practical way.
for revenue to enable them to
facilities
provide adequate transportation service and
immediate and, in the interest of the public, can not be per¬
are
mitted to await the consideration in detail of individual fares, charges,
and
rates.
The record shows that the respondent carriers perform the services
here in
question under substantially similar circumstances and conditions,
respect of inter-State or intra-State
whether in
the
lower
basis
of intra-State
fares, charges,
transportation;
and that
and rates results in undue
prejudice against inter-State passengers and shippers and unjust discrim¬
ination
against
inter-State commerce.
findings hereinafter made.
The present record warrants the
Those findings are without
prejudice to the
interested
findings and
rig it of the authorities of the State of New York or of any other
party, to apply in the proper manner for a
order
as
to any
modification of
our
fares, charges, or rates on the ground that the latter are not
related to the inter-State fares, charges, or rates in such a way as to con¬
travene the
provisions of the inter-State commerce Act.
Passenger Fares.
The record leaves no
doubt
as
to the
unduly preferential character of
the intra-State fares and charges now in effect in
Inter-State passenger fares are in general on a
passengers
*
the State of New York.
basis of 3.6 cents per mile as
Passengers traveling between points in the ctate of New York
maximum.
and points in
Fares.
Commutation
in which intra-State rates
in which the connection of
situation.
to
commutation rates, the Commission said:
cases
ways so
cases
supplied by the situation in which the transportation interests of the
been
charges, surcharges, or rates on
inter-State
be
in
be
extensive exercise of our authority as Is now contemplated,
This
made by the carriers under Ex Parte 74,
may
may
question intra-State rates, the decisive factor is whether or
not be moved to do so save
•
We further find that the increases
crimination
unimportant
It has not
an
inter-State charges; in undue prejudice
undue prejudice and unjust discrimination
There
There
completely displacing State jurisdic¬
they affect inter-State commerce injuriously to a considerable extent.
If they do
sleeping and parlor cars, result
travel¬
preference and advantage to persons traveling
further find
We
to this to say that if this conclusion
no answer
control, even although the whole rate structure of a State should be involved.
the territory involved in this proceeding, and
within the State of New York to increase cor¬
York, and in unjust discrimination
control.
our
which puts in
respondingly the charges for like space for passengers traveling in intrastate
has resulted in the past and will result in the future: In intrastate
in undue
it follows that the
intra-State rates with the movement of inter-State commerce Is so remote
in said intrastate passenger fares
traveling in inter-State commerce within the State of New York
in the State of New York and points in other states;
It is
State commerce.
over
subject to
in unjust discrimination
and between points
is contingent
rates
affect inter-State commerce injuriously
commerce
to persons
1920.*
But inasmuch as the basis of our juris¬
made by the carriers under Ex Parte 74,
charges lower than the corresponding
has been
proof that discrimination exists affecting
tion
and advantage to
the occupancy of such space by passengers
ing in interstate commerce in
commerce
in opposition to the application of this principle to the
be admitted it may nave the effect of
which shall correspond witn tne increases heretofore
and baggage charges.
We further find that the increases
it affects inter-State
as
decisive factor is whether the rates under consideration injuriously affect
aforesaid in interstate passenger fares
in reasonable charges for
far
But
exercise control over
upon
state
and
relating to space occupied by passengers in
acted then continues to be our guide.
diction is our power to regulate inter-State commerce,
undue prejudice and unjust discrimination
should be removed by making increases
sustained by the United States Supreme Court,
we
particular persons or localities.
against interstate commerce.
We
have incidentally
it affects inter-State
pointed out:
we
amended by tne Transportation Act,
as
It has been urged
points in the State of
points in other states; in undue preference
traveling intrastate in New York, and
persons
we
as
pending case tnat such incidental jurisdiction as we may possess over intra¬
in undue prejudice to persons traveling in interstate
charges;
commerce
far
commerce so
put in the form of a mandate by Section 13 of the Inter-State Commerce
Act,
and
was
which
of commutation fares and
commutation baggage charges, we are of the opinion and find that the
increases made by the carriers under Ex Parte 74, relating to passenger fares
and baggage charges, and now in effect, result in reasonable passenger fares
and baggage charges for interstate transportation within the territory
involved in this proceeding, and that the failure of the carriers within the
State of New York to increase the standard intrastate fares and charges
Subject to tne above reservation in the matter
fares
in us by Congress,
In the Shreveport case, 23 I. C. C., 31, we held that we did
then the general obligation resting upon us to
since
set out as follows:
are
State
A hearing upon
brief and by oral argument.
of regulating intra-State
position
and the
findings
steam railroads serving the
Congress passed this Act with full knowledge and profound appreciation
of the Supreme Court in which it had been held that
State commerce was that wholly within a State "and not affecting interState commerce," as is fully shown by the Culiom report of 1886, out of
which grew the Act to regular commerce.
against inter-State commerce.
The Commission's
Rut so far as it related
fares, baggage charges, and
denied by the Public Service
of those decisions
Increased Rates, 1920, 58 I. C. C. 220, and to be
unduly prejudicial to inter-State passengers
order entered
1920, contem¬
petition for relief in accordance with the pro¬
a
that power by Act of Congress, and
possess
corresponding inter-State fares, charges and rates authorized by
than the
car
was
13 of the Inter-State Commerce Act.
us on
commerce.
respondents within tne State of New York found to be lower
the order in Ex Parte 74,
application
under authority reposed
the power
and rates required by State authority to be main¬
an
raises again the question whether in regulating inter-State com¬
case
merce,
The Commission summarizes its conclusions as follows:
18.
by
petition has been held, and the views of parties in interest have been
presented to
indicated above,
and parlor
car
Thereafter the principal
of New York filed with us
Thursday of this week, Nov.
made known its findings on
fares, sleeping
rates on milk and cream, the
opened in New York
Commission,
So far as the application
report.
our
Service Commission,
poraneously with the increases in inter-State rates.
to passenger
prejudice
localities in intra-State commerce
hand."
other
the
on
Sept.
on
cause
the Public
19 1920, and the increases became effective Aug. 26
Aug.
hand and inter-State commerce or foreign com¬
one
Commerce
State
would
rates
unreasonable advantage, preference or
or
as
merce
inter-State
in
increases
rate
"undue
intra-State rates to conform to
to increase
granted by
was
other States may be required to pay 3.6 cents per mile, whereas
traveling witnin the State of New York pay only 3 cents per mile.
(3). Whenever in any investigation under the provisions of this
in any investigation instituted upon petition of the carrier concerned,
Sec. 13
Act,
or
hereby authorized to be filed, there shall be brought in
any rate, fare, charge, classification, regulation, or practice, made
imposed bv authority of any State, or initiated by the Prseident during
the period of Federal control, the Commission, before proceeding to hear
and dispose of such issue, shall cause the State or States interested to be
notified of the proceeding.
The Commission may confer with the authori¬
ties of any State having regulatory jurisdiction over the class of persons and
corporations subject to this Act with respect to the relationship between
rate structures and practices of carriers subject to the jurisdiction of such
State bodies and or the Commission- and to that end is authorized and
which petition is
issue
or
empowered, under rules to oe prsecribed by it, and which may be modified
from time to time, to hold joint hearings with any such State regulating
bodies on any matters wherein the Commission is empowered to act and
where the rate-making authority of a State is or may be affected by the
action taken by the Commission.
The Commission is also authorized to
avail itself of the co-operation, services, records, and facilities of such State
authorities in the enforcement of any provision of this Act.
(4) Whenever in any such investigation the Commission, after full hear
ing, finds that any such rate, fare, charge, classification, regulation, or
practice causes any undue or unreasonable advantage, preference, or preju¬
dice as between persons or localities in intra-State commerce on the one
hand and inter-State or foreign commerce on the other hand, or any undue,
unreasonable, or unjust discrimination against interstate or foreign com¬
merce, which is hereby forbidden and declared to be unlawful, it shall
prescribe the rate, fare, or charge, or the maximum or minimum, or maxi¬
mum and minimum, thereafter to be charged, and the classification, regula¬
its judg¬
tion, or practice thereafter to be observed, in such manner as, in
ment, will remove such advantage, preference, prejudice, or discrimination.
Such rates, fares, charges, classifications, regulations, and practices shall be
observed while in effect by the carriers parties to such proceeding affected
the decision or order of any State
notwithstanding.
thereby, the law of any State or
to the contrary
authority
2012
The basis of 3.6 cents applies on intra-State
the State of New York,
on
York enjoy a
traffic in
basis of fares distinctly lower than those exacted of inter-
State travelers in the same territory, often
riding in the
It is apparent from the legislative history of the act that the evil of dis¬
State bordering
every
(n other words, intranstate passengers in New
same
trains, and also
crimination
the
was
principal thing aimed at, and there is
discriminatory action
practice of inter-State carriers affecting inter-State
commerce
lower than the fares paid by intra-State passengers in neighboring States.
authority
The record shows beyond question that there are no transportation condi¬
than those applicable in neighboring
rates and fares between
States,
lower than the inter State
or
attention is
the fares between New York City and
within the state should all be considered
separately
or
that the vaiue of the
Of the several available routes connecting these points that over
property used in the intra-State transportation should be established and
the return
Central
intra-State
is
while
the
others
inter-State.
are
But
$14 27 over the inter-State routes and $13 16 over the New York Central,
riers
difference of $1
the
directed.
now
York
New
11 in favor of the passenger using the latter route.
of a passenger occupying a lower Pullman
case
increased to $2 36.
to a
West Texas Railway v. United States:
&
No doubt it may be unnecessary that the individual fares and charges
Exclusive of war taxes it appears that since August 26 1920, the fare has been
a
Houston East
reach.
to
Surely this language is quite as broad as the words in Section 13 to wuich
our
points in New York and points in other States.
The situation is well illustrated by
Buffalo.
the
Moreover,
berth the difference is
fares and charges in question are not now
for the service rendered
forth, and that
the New
over
Representatives of the carriers stated that
the theory of the
furnishing adequate compensation
judged by the standard which the Congress has set
increase of 20% is necessary to this end.
an
Summing the matter up, without going into further detail, I am of the
opinion that upon the record before
us
the decision of the majority involves
the exercise of
State fare from New York to Buffalo to the level of the intra-State fare, and
of the
that this would tend to disrupt the entire fabric of the inter-State passenger
conferred upon us in plain and unmistakable terms.
fares in the territory involved.
conclusion leave the
Inasmuch
ing
the excess-baegage charges are arranged upon a scale bear¬
as
fixed relationship to
a
J
crimination in passenger fares would necessarily involve a discrimination
in
excess-baggage
which the
rates and
charges.
baggage charges
This
are
charges of the carriers
The rates
milk and
on
now on
were
we
Milk and Cream Bates to New
found that the interstate rates on this traffic
preferential of shipper from distant points; and
scale of mileage rates, in blocks of 10 miles
miles.
prescribed
we
each for distances
a
630
up tfo
The prescribed basis was also adopted by the New York Central
intrastate traffic, resulting in a uniform scale or fates over interstate and
on
intrastate routes.
in intrastate rates, this uniformity has been
destroyed.
In
dissenting opinion Commissioner Eastman said in
a
Eastman, Commissioner, dissenting:
goes
it
unable to join in the decision of the majority, because I believe it
am
beyond our lawful power.
The objection is more than technical, for
the basis relations between the State and Federal Governments,
against inter-State
under Section 13 to correct.
otherwise unjust
results which it is
commerce
duty
our
State commissions may be asked to authorize
the intra-State increases, but they need be offered no evidence except
fact of our decision and have no real discretion.
the
The carriers accept the
logical consequence of this view, if I understand them correctly, by holding
that applications to the
State commissions are in substance
courtesy and that we could,
upon
matter
or
such applications had been made.
practically at will deprive any
state rates,
Section 13
or
for when such rates
they
If this be
so,
a
all of the States of authority
are
once
The record in the instant
case
even
it follows that
prescribed by
thereafter be changed without
can not
if
no
we
could
over
intra¬
order under
our
is based upon and conforms to this general
theory of our power, and it is the only theory, it
seems to me, upon
I
which the
"In construing Federal statutes enacted under the power conferred by the
clause of the Constitution the rule is that it should never be held
that Congress
of
intends to supersede
or
suspend the exercise of the reserved
State, even where that may be done, unless, and except
a
do
so
Illinois Central R R.
is clearly manifested.
so
far as,
Public
v.
version
Age" in
an
There is
no
basis for
to deal other than
our
duty to conclude that when
the)
to exercise new powers at the expense of the States,
a
editorial in its current issue.
attempts," the "Railway Age"
some
were
the provision in
Transportation Act guaranteeing to them during the first
months of
they earned
three
and
private operation the
the
on
of
$459,000,000,
months of 1920
they
approximately the
high
operating
which
were
same
net return that
six months of the
same
control.
government
Aug. 31 of the
1917, the railways earned
an
average
and for the
During
years
or
the
1915,1916
operating
net
corresponding
six
guaranteed by the Government
were
Because of the
return.
same net
these
during
expenses
months
very
1920,
of
due to increases in expenses which occurred under
Government
control
and
the
to
large advance in
wages
granted to the employees by the Railroad Labor Board last
summer, the railroads earned approximately $650,000,000
less
than
their
operating
taxes
expenses,
and guarantees,
paid by the public in taxes.
It should be
noted, however, that the only part of this
railway companies themselves will receive
is the $459,000,000 which was
guaranteed to them because
they had actually earned this much in the corresponding
months
of
1915,
which must be
1916 and
The rest of the taxes
1917.
paid by the public to liquidate the deficit
advances made in the
levied
that it would have been unduly
exacting If they
wages
chiefly to
of employees and increased
by the state and other governments."
The
"Railway Age" then adds:
It is
belief that the New York Commission is disposed
justly with the carriers,
in the
average
preceding
years
income
in plain and unmistakable terms.
so
the matter by the "Railway
upon
the
taxes
shall be told to do
according to the
accorded unusually generous treatment by
for
It is, I think,
private operation the railway
"to make the public believe that the railways
says,
pay
we
placed
"There have been
respect
us
MONTHS'
para¬
doxical
It is the light of this wise and salutary rule that we should approach the
issue before us, construing the provisions of the Act with scrupulous
State authority.
SEVEN
will go, not to the companies as net return, but
Utilities Commission. 245 U. S., 493, 510.
Congress expects
HANDLE
seven
amount which the
The Supreme Court of the United States has said:
its purpose to
put into effect
months' service for six months' pay
unable
am
to believe that it is sound.
powers
be
to
with the result that this amount of deficit will have to be
our consent.
decision of the majority can in full measure be supported.
commerce
COMPANIES
In the first six months of
of
under Section 13, either upon complaint
motion, prescribe the intra-State rates desired
own
our
ordered
are
notice.
companies rendered to the nation the equivalent of
inter-State rates under
corresponding increase must be made in intra-State rates;
discrimination
rates
six months from March 1 to
In essence, the carriers' position is that when we authorize an increase in
Section 15 (a) of the inter-State commerce Act a
V
a
BUSINESS FOR SIX MONTHS' PAY
conerns
matter of great moment.
a
Nor would such
remedy, if they are prepared to
a
six
part:
I
RAILWAY
By the application of the 20% increase to interstate rates
without corresponding increase
ought not to attempt to exercise until it is
without
evidence to the attention of the New York Commission.
necessary
Dec. 18 upon five days'
York
In
we
carriers
increased
been
unreasonably and unduly prejudicial to shippers from near-by points
and unduly
The
the Commission's office.
file in
the New York City district have
to
cream
which goes beyond any "clearly manifested purpose"
power
in
manner
determined is based upon the schedule of
considered by us at various times.
City. 45 I. C. O., 412,
the
concerning
statement
a
Congress, and which
bring the
fares and correspondingly graded in
passenger
amount, such charges are governed by the passenger fares, and any dis¬
car¬
sufficient to justify a valid opinion, that the intra-State
traveling from New York City
a
estimated by elaborate computations.
under Section 13 be accepted, at least it should be
power
bv'evidence
shown,
York Central and buying another ticket at Buffalo to his destination, defeat
the through inter-State fare.
our
ticket to Buffalo
a passenger
point west of Buffalo can, by buying
In
to
as
earned upon that value
now
unable to escape the conclusion that even if
am
i
the inevitable result of this situation would be the reduction of the inter-
;
or
which it had
234 U. S., 342, 356).
tions in the State of New York tnafc justify lower rates or fares, on the whole,
:
basis for the
no
contention that Congress intended to exempt any
interesting fact that while the railway corporations will receive
an
net return from
as
money as
this six months'
operations only the
amount
same
of
they earned as net return in the three test years, the amount of
had undertaken to show insufficiency of compensation.
Upon the facts before us and in a spirit of comity the carriers might well be
freight and passenger service wihch they rendered to the public during this
remitted to the state tribunal to exhaust their remedies before
coming to us
for action which will deprive the state of all authority over intrastate fares so
the three test years.
long
as our
losses in
order remains in effect.
In this view of the matter whatever
the carriers may have suffered are chargeable to their own
revenue
period
was
ton-miles
net
approaching the matter solely from the viewpoint of
state rates
we
must
now
at once arises whether
by
to
regulate
reason
commerce
assert that the issue is
undue
or
persons or
or
or
of this section
we
have
an
The question
essentially differ¬
on
advantage
preference,
commerce on
or
prejudice
between
as
the one hand and inter-State
the other hand," but also prohibits "any undue,
unjust discrimination against interstate
foreign com¬
merce."
Their view, as I understand it, is that the word "discrimination"
in the latter prhase is equivalent to the word "burden," and that the effect
or
!■ to prohibit what was not prohibited by Section 3,
namely an unduly low
level of rates within the state which is yet ont alleged or shown to be
unduly
preferential of or unduly prejudicial
munity.
of
against
any
particular person
or com¬
>
This conclusion I find it difficult to accept.
average
of
183,500,000,000
in
the
The
compared with 17,845,000,000 in the same months of the three
increase of 37%.
an
was
The increase in the number of ton-miles
42,173,000,000 and the increase in
other words, the
an
miles
was
entire month's business.
In
railroads handled the equivalent of
passenger
seven
>
months' business
of net return.
These statistics illustrate strikingly the increase in the business which the
railways have had to handle this year with almost no increase in facilities.
It
also
illustrates
the
fact
that whatever
may
been have true in
other
industries the railway companies have not since before this country entered
the
war
benefited financially by the large increases in the amount of business
done which have occurred.
Whatever else may be said of the results of the
experiment of having the railways operated by the government and the
net returns of the
any
companies guaranteed, it was a 100% success in preventing
profiteering by the railroad companies for the period of two
years
and
eight months during which most of the alleged profiteering by other business
done.
-
Upon protest the conference
now
are
there.
PROPOSED
believe, as the carriers urge that no change in meaning was intended
or
Moreover, in speaking of Section 3
in the consideration of the original Shreve¬
the Supreme Court of the United States said:
CONGRESSIONAL
ROAD
I hesitate
Tbe
accomplished by this change in words.
years,
concerns was
.unreasonable or unjust discrimination," which
port Case
an
service rendered amounted to 24,500,000,000 passengers carried
as
for six months' guarantees
13 the words "undue burden" and wrote in their place the words "undue,
to
mile
freight
committee of the Senate and House of Representatives struck from Section '
of the act to regulate commerce
with
6,655,000,000, which were equivalent to
different because Section 13 not only
prohibits "any
unreasonable
unreasonable,
test
frequently been considered under Section 3 of the
in so-called "Shreveport cases."
The carriers
localities in intra-State
foreign commerce
one
look to the provisions of Section 13.
ent issue before us than has
act
juris¬
as we possess over intra¬
our own
compared
as
corresponding six months of the test period, an increase of 23%.
passenger
But
The statistics show that during this six months the
freight service performed by the railroads amounted to 225,688,000,000
default.
diction. it is clear, t think, that for such authority
vastly greater than the average amount which they rendered in
legislative
which Senator
on
PROGRAM
OF
RAIL-
.'i;
LEGISLATION.
program
in
so
far as it affects the railroads
Cummins, Chairman of the Senate Committee
Interstate Commerce, intends to offer at the forthcoming
Nov. 20 1920.]
session
of
Congress
Washington.
offer
THE
In
important
an
business
"Journal
since
arising
in
adjournment
the
of
consequences
Commerce"
of
Nov. 18 at
on
Washington
a
most of the
dispatch
emergency
as
legislation and
some
shaping itself
An anti-strike bill such
included:
are
was
incorporated in the Transportation Act,
passed by the Senate last session.
Tne House rejected this part of the bill.
be
as
repeal that provision of the Act of 1913 which makes it obligatory
the Interstate Commerce Commission to as certain what the cost would
upon
of
replacing today the rights of
of the railroads in
way
Tne compulsory
consolidation provisions of the Transportation Act passed
He will press for passage
this session, he said, the Capper pure fabrics bill
the tax on railroad transpor¬
try to get up the bill to repeal
f
was
quoted by the "New York Commer¬
the anti-strike provision
their advantage
effective weapon and will redound
Many of them have become
anti-strike provision the Government, through an
will be
more
convinced that under the
a more
than the strike.
impartial and responsible tribunal, will see to it they are given a wage that
live' decently and also that their working conditions
will enable them to
are
1920,
in
may
calculating
some
deduct these losses from last year's income
BUSHELS
quainted,
of financial
this installment.
provisional Canadian
crop
at
on
returns up to
the total yield of wheat for 1920
293,361,000 bushels, compared with 193,260,000 for 1919,
increase
an
largest
of
spring wheat,
than last
Of this year's
record.
crop on
or
543,increase of about 150,000,000 bushels;
an
12,190,000 bushels,
comes
an
to
increase of 9,000,000 bushels;
increase of 2,000,000 bushesl;
increase of 4,284,000 bushels.
an
flax, 10,756,000 bushels,
This information
an
at
us
from the Dominion of Canada
Information, which also
the entire
income for
net
to obtain
or
of these
credit
•
The yieid of other grains for
"
89,994.000
"
87,969.000
Alberta
44
34.575.000
44
at
id
almost
an
the unfortunate com¬
A
their tax,
In
unless it is amended before
the Treasury to collect the tax by court
This would mean financial disaster
plan should be devised for legislative relief for such cases, whether
such safeguards as
or
from other industrial and financial condi¬
not pay
will extend the benefit only to those concerns which can
Where such payment is deferred, I would suggest that the
the tax.
normal rate of interest be
high
as
8%, to discourage those who might
as
improperly take advantage of the Government under
In
apply to business of the current
next
a
lower rate of interest.
urging amendment of the net loss section, to make it
year
Section 204 of the Revenue Act provides that in case a taxpayer
a
1
1920, such net loss
ceding year,
or
may
be deducted from the income of the pre¬
if necessary, from the income of the succeeding year, and
the taxes for that year
A
This provision
recomputed accordingly.
upon us,
was enac¬
industrial and financial contraction
ted in contemplation of the period of
now
but the contraction did not take place within the
The result is that there is now no provision to
which have taken place
for the tremendous shrinkage in the inventories
1920.
1
striking of
sustains
beginning after Oct. 1 1918, and ending prior to
net loss in a taxable year
Jan.
due
and thus to taxes
the former Revenue Commissioner said:
year,
a
I
balance sheet of gain or loss every twelve months and the
treatment of
qredit balances thus obtained, so net income for the purposes
of taxation, is a necessary but arbitrary accounting practice that frequently
results
in
serious
For
inequity.
example,
if
business concern
a
made
$20,000 in 1918, lost $10,000 in 1919, and made $5,000 in 1920, it has not
the prairie provinces are:
1920.
1919.
56,219,000 bushels
57,698,000 bushels
period, but only $15,000.
Certainly both the Treasury Department and the Congress will see the
Manitoba—
justice of permitting net losses in one year to be offset against profits of
Oats_
18,040,000
44
17,149,000
"
Rye
2,415,000
44
4,089,000
Flax
1,465,COO
44
520,300
44
148,098,000
44
112,157,000
"
11.289,000
"
8,971,000
"
44
2,00;,000
"
"
4,490,000
prior or subsequent years, and will unite in the effort to give the taxpayers
"
"
Barley
___„
Saskatchewan—
_
_ —
_
Rye
2,802,000
Flax____
7.986,000
.
.118.953,000
44
65,725,000
44
13,460,000
44
10,562,000
44
3,823.000
"
1,173,000
41
922.000
44
Rye
Flax
The total
areas
estimated to
be
sown
to
principal field crops for
the
1920 are in acres, as follows, the comparative figures for 1919
brackets:
Wheat,
18,232,374 (19,125,968): oats,
15,849,928
barley, 2,551,919 (2,645,509,; rye, 649,654 (753,081); peas,
within the
The
351>; beans, 72,163 (83,577); buckwheat, 378,476 (444,7321; flax,
mixed grains, 811,634
(1,093,115,;
(264,607);
784,544
potatoes,
hay and clover, 10,379,292
1*428,164
(901,6121; com for husking,
(818,7671; turnips,
&c., 290,286
290,316
For oats the area returned for 1920 is the highest
588,977 (511,769);
the average
yields in bushels per acre of the principal cereals as compared
with the averages for 1919
barley.
(26X);
25^
in brackets: are as follows: Wheat, 16 (10); oats,
(21H);
rye,
1%H
U3M); Peas, 19^ (14^1;
mixed grains, 39^
beans, 20 (16K); buckwheat, 26 Y*. (23^1; flax, 7J^ (5);
(31);
corn
for husking, 47)4
yields of these
000);
rye,
oats,
crops
(64).
The provisional estimate of the total
in bushels is as follows: Wheat, 293,361,000 (193,260,-
543,058,000
(394,387,000);
barley,
65,559,000
(56,389.400);
12,190,000 (lu,207,000); peas, 3,702,800'(3,406,300); beans, 1,435,800
(1,388,600); buckwheat, 9,966,500 (10,550,800); flax, 10,756,000
800); mixed grains, 31,427,000 (27,851,700); com
The yield of oats for 1920 is the highest on record.
(16,940,500).
This year's
(5,472,for husking, 13,696,000
estimated yield of principal crops compares as follows with the
actual yield of those crops
in previous
1
years:
Wheat.
-
1919..—
Oats.
Barley.
-293,361,000
543,000,000
65,000,000
193,260,400
1920
394,387,000
426,312,000
77,287,500
Ohio,
The present
on
No.
wages,
rencs
16.
we
should
agencies, and each
his own income tax,
Ohio Bankers' Association at
Mr'. Elliott said in part:
on
discarded several
dividends at tne source should
years ago witn respect to
salary,
Then, collect the proper income tax from each
and interest.
invididual according to this ability to pay.
The onl / lasting
foundation
erected is ability to pay.
is
on
which
a
system «f tax on income can be
It must be borne in mind that every tax collected
paid ultimately from the income of individuals.
pay
rests with the individual and the individual
Tnerefore, ability t«
should be used to the
greatest possible extent as the unit to which income taxation is
applied.
Equality of distribution of the burden of the tax among individuals is
Unless this principle is followed, no system of taxation .can en¬
essential.
dure.
Under
our
present system of trying to tax large groups of
(corporate shareholders)
enjoying the
en
same measure
in amount, often one
masse,
we
have the
individuals
spectacle of individuals
of prosperity bearing tax burdens vastly different
bearing five or ten times tbe tax of his neighbor who is
equally prosperous.
The Excess Profits Tax must go.
just the
same as
Corporate shareholders must pay taxes
partners and Individuals now pay them.
Income taxes shouid reach all the income of the country once
and
once
recommended
whicn are not paid out tn dividends (thus
becoming subject to individual income taxes) shouid be taxed at rates cor¬
responding to tbe rates of tax paid by an individual or partner on tbe earn¬
only; therefore, the National Association of Credit Men has
that the corporation earnings
ings of bis business which are saved and remain
These corporate
a
In the business.
earnings once having paid their tex shouid not
be taxed
second time if later distributed.
These
provisions should
be
.233,743,000
403,009,800
55.057,750
.262,781,000
410,211,000
42,770,000
shareholders could elect to pay
393,542,000
464,954,400
54,017,000
partners
1914
111,280,000
313,078.000
36,261,000
complished
collection
method of collecting taxes
be discarded just as it Was
1915
-
CORPORATION
Chicago, Chairman of the Committee
1916
1917
OF
TAX.
Federal Taxation of the National Association of Credit
Dayton,
56,389,000
189,075,000
1918
as
Men when he addressed the
record.
According to the reperts of crop correspondents at the end of September,
REPEAL
corporation income tax should be repealed;
using corporations
said R. G. Elliott of
on
(317.2961;
(10,595,383); alfalfa, 238,556 (226,869); fodder
URGES
individual should be permitted to pay
(14,952,114);
186,348 (230,-
ELLIOTT
INCOME
"
856.000
Oats
Barley
34^
G.
stop
Albert
com,
this just and needed relief.
R.
Oats
Barley
on
and
their banks by which to meet
earned profits of $25,000 in the three-year
■
resulted in
and should be obviated.
cases
since Jan.
138,340,000
Saskatchewan
ac¬
are
In many instances, these
1919,
the present law,
under
cases
arising from inventory losses
care
1919.
all
tions, by deferring the tax payment for a period of, say, six months, unde
40,975,300 bushels
37.879,000 bushels
Manitoba
follows:
as
which
profits—profits that have never been realized.
period specified in the law.
given
1920.
with
The tremendous decline since the first of this year
Dec. 15, it will be mandatory upon
which is
says:
The yield of wheat fer the prairie provinces is
of
panies possessing such goods find themselves unable to convert their wares
274,096,000 is
crop
approximately 97,000,000 bushels more
barley, 65,559,000 bushels,
Bureau of
the second
The yield of oats is estimated
year.
058,000 bushels,
rye,
This is
bushels.
100,000,000
necessity
going to experience great difficulty in meeting
unprecedented shrinkage of inventory values.
losses exceed
estimate issued by
the Dominion Bureau of Statistics based
the end of September; puts
conditions
industrial
market value of many staple commodities has
the
in many
The second
and
many concerns are
action through distraint proceedings.
1920.
IN
the
business firms to postpone the Dec. 15 install¬
Mr. Roper said:
ments,
some
100,000,000
INCREASES
CROP
WHEAT
Referring to
due.
taxes
based upon their paper
CANADA'S
provision of the Revenue Act to the
through shrinkage of values of their stocks of
commodities,
into cash
proper.
after its
soon
that business institutions which have recorded
so
loss this year
Because
becoming convinced that
Binghamton,
Chamber of Commerce meeting.
Roper also recommended that Congress
extend the "net loss"
saying with regard to the anti-strike legislation:
as
I believe that the railroad men themselves are
to
Mr.
a
condi-1
Commis-'
convening next month consider to remedial legislation ,to
enabling
Senator Cummins
cial"
Dec. 15
advocated by Daniel C. Roper, former
was
N. Y., on Nov. 14 before
year
by the Senate, but which also failed in the House.
tation.
tions,
making the
valuation of the roads.
and will also
heavy financial losses in the current commercial and
industrial depression to postpone payment of the
sioner of Internal Revenue, in an address at
problems might be expected to be forthcoming.
In the programme now
A bill to
Iriunediate legislation to permit business firms which have
suffered
installment of income and profits taxes under certain
All of it might be classed, he said,
on
URGES POSTPONEMENT. OF
ROPER
DECEMBER PAYMENT OF TAXES.
and
readjustments
war
Nov. 18 said:
action
DANIEL C.
stating that he would
as
of legislation in consequence of
program
conditions
mainly flowing from
the
outlined by him
was
reporting him
2013
CHRONICLE
coupled with a provision that corporate
taxes individually on all the earnings just as
do, for in this manner, full
and complete equity would be ac¬
The
Announcement
graduation of the rate of tax on the saved income of the corporation
could with much equity be based on the per cent, of toe total current net
which is left free from tax in the hands of the individual
income for the year
shareholders,
avoiding
thus
invested
of determining
complications
the
capital which has caused so much trouble, expense and inequity under the
present law.
provisions would guarantee substantial equity for all and absolute
These
equity for the larger portion of the earnings of
[VOL. 111.
CHRONICLE
THE
2014
industry."
made
was
ings Bank had purchased the easterly portion of the site
by the bank has
and
frontage of 108 ft.
a
home
The bank plans to erect
ABOUT
BANKS,
COMPANIES,
TRUST
&0.
week and
sales
no
in
transactions
reach
total of
a
made at the Stock Exchange.
were
The
stocks, all auction
Shares. BANK—New York.
Iligh. Close.
Low.
175 | 175
5 New Netherland Bank
Trust
Nov. 1917— 200
/
100 Central Union Trust
350
TRUST COMPANY—Brooklyn.
t
485
York.
1920— 490
Oct.
reported
A New York Stock Exchange membership was
penned for transfer this week the consideration being stated
is ^95,000 a decline of $10,000 for the last previous sale.
Superintendent of Banks of the State of New York
George
McLaughlin,
V.
announces
the appointment of
Norman J. Macdonald as First Deputy
The
Banks.
new
First Deputy Superintendent is a life long
resident of Brooklyn.
with
of the large
one
State
He entered
career
one
of the senior Examiners in the
Banking Department, having been
Branches
President of the Somerville Trust
Mr. Van Derbeek
Bank of Somerville,
Derbeek
Van
was
A. E. Chandler, associate professor of economics
University since 1916, has been appointed
econ¬
omist of the National Bank of Commerce in New York.
Dr.
assistant
was
the Legislature of Arizona in
to
economics and finance from 1911 to 1914, and economist
the committee
on
on
taxation of the American Mining Congress
in 1913 and 1914.
In 1915 and 1916 he
advisor to the joint
legislative committee
was
on
tax expert and
taxation of the
State of New York and was financial advisor to the Mexican
Government in
on
carry
the Advisory
He
1917.
Recent advices from
Springfield, Mass., state that Judge
Mayor's committee
the
New
York' State
taxation in investigating
city finances.
Dr. Chandlqr was
and
C.
to
D.
Superior Court has granted permis¬
Hamner, receiver for the defunct Pynchon
National Bank of Springfield, which closed
its doors
many
to dispose of the notes and other assets and old
years ago,
books and records of the institution for cash at public auc¬
tion
private sale, first publishing
or
a
notice of the time and
place of sale,once each week for three consecutive weeks in
the
"Springfield Daily News."
had
previously shown that the remaining assets of the de¬
funct bank
assets
were
notes
The report of the receiver
aggregating $166,756 02, and other
$1,957 56, making
total of $168,713 58.
a
engaged in 1918 and 1919
was
investigations of the special tax committee of
Council of Real Estate Interests and co-operated
with
Hunterdon
successful farmer in
a
County, New Jersey.
sion
Chandler
and elected President,
Aug. 13 1886;
F. D. Fessenden of the
Dr. Henry
Nov. 16 1920.
on
Director of the First National
a
Previous to his connection with the bank,
19 1904.
Mr.
elected
was
ap¬
1911.
to
Van Derbeek,
"with the
now
Overseas Service Department.
Division of the
N.
He returned to
He is
1917.
Company, Somerville, New Jersey, died
pointed from the Civil Service competitive list in November,
at Columbia
Mr. Seaman continued
Guaranty until 1916, when he went to the Mexican
Guaranty in December,
J.
v.-/.:,--
Seaman entered the employ
Border with the First New York Cavalry.
the
appointed
was
Guaranty Trust Company of New York and was as¬
signed to the Foreign Department.
Dec.
fyis banking
upon
financial institutions of Manhattan, the
He is
Bank of America.
New York
Superintendent of
Valentine H. Seaman
Secretary of the Guaranty Trust Company of New
In November, 1898, Mr.
of the
485
485
1920— 358M
Oct.
■
Nov. 11,
on
Assistant
i
350
350
meeting of the executive committee of the Board of
a
Directors
with the
The
■O
the bank has been located for eighty-six
years.
At
Last previous sale.
175
TRUST COMPANY—New York.
60 Brooklyn
the Bowery
Bank, however, will remain, it is said, at the Bowery and
Grand Street, where
hundred and sixty shares.
one
handsome
a
The headquarters of
...
prop¬
sales,
companies
trust
the site.
on
41st and 42d streets
on
The price paid for the
depth of nearly 200 ft.
a
erty was $1,750,00.
Only five shares of bank stock were sold at auction this
V.r-.
formerly occupied by the old Grand Union Hotel, on Park
Avenue between 41st and 42d streets.
The parcel acquired
new
ITEMS
recently that the Bowery Sav¬
on
The following changes have
been made in the official staff
the First National Bank of
of
Nov.
Thos. W.
18:
Philadelphia, Pa., effective
Cashier,
Andrew,
has
elected
been
Vice-President; Chas. H. James, Assistant Cashier, has been
graduated in 1905 from Northwestern University and took
elected
graduate courses in economics and finance at the University
of Wisconsin, University of California, Columbia University
and the University of Berlin.
He received the degree of
Cashier, has been elected Cashier.
appointed Assistant Cashiers: Laurence H. Sanford, Robert
Doctor of Philosophy from Columbia University.
of these
For six
head of the department of economics at the
University of Arizona, leaving that post to come to Columbia
years
he
was
Vice-President,
,
Chaffee,
H.
Assistant
The following have been
Mr.
National
First
is furnished
men
as
An outline of the
Bank,
Austin,
follows:
;'V:
Bank
of
Minn., from Which place he went
of Boston,
Boston
1890,
was
and
to the
elected Casliier of the Traders
had
twenty
years'
banking
active
experience in chat city before coming to the Merchants National Bank of
On Nov.
the
12
Bowery Savings Bank of this city
acquired by
merger
ings Bank at 149 Broadway and will operate it
office
at
location
that
nouncement is
as
for
the
The
present.
as a
branch
official
Oct. 30
1899.
January
1907.
Pniladelphia
an¬
the Universal Sav¬
an¬
follows:
and
Cashier
Bank
the merger of
since
National
Bank
Philadelphian,
was
elected
It is the intention, when suitable accommodations
on
can.
be provided, to
site recently acquired by the Bowery Savings
of the Bowery Savings Bank will continue to be at
128-130 Bowery near Grand St., where it has been located
The Bowery
years
ever
since it
was
:
ago.
acquire by merger another savings bank under the provisions of the Banking
Law, which permits also the operation of a branch office by a savings bank
which absorbs by merger another
savings bank.
the
as to
public, to establish
duty to
a
The Bowery
some
some years to
Savings Bank
some
time ago became con¬
many of their own
branch in
they have been endeavoring for
depositors,
as
central location uptown,
wel
and
develop this plan.
incorporated in May 1834
and opened for business the following June.
Its deposits
was
.
on
the first
To-day
its
1892.
Wm.
A.
Law.
He
day amounted to $2,020 from fifty depositors.
deposits are in excess of $140,000,000.
The
Chaffle,
He
Cashier,
made
is
He
Chapter.
Cashier
Assistant
He has been prominently identified with the Philadelphia
has also
been
nationally, having served on
prominently
a
Sanford entered
Assistant Cashier
Aldrich is
a
of the
ex-President
an
identified
with
the
Institute
number of the most important committees.
uhe
First National Bank Jan.
2
1919.
native Philadelphian and entered the First
National Bank March 18 1902.
Assistant Cashier Root is
with the Mercnants National Bank of Philadelphia,
a
native Phila¬
10
dating from Oct.
1893, and has continued with the First National Bank since the merger of
the Merchants National Bank with the First National Bank Juiy 2 1910.
Cleveland,
Sharer, President of the
now
organizing,
selected
as
active
1st
Vice-President
McCune is well known in
that
Samuel
L.
of
the
bank.
Mr.
banking and financial circles, not
only in Cleveland but throughout Ohio and the adjoining
States.
long
Although comparatively
a young man
years
he has had
and broad experience in the banking business.
The Bank of Athens, Athens, Ohio.
^President of the Bowery Savings Bank.
Midland Bank of
McCune of The Maynard H. Murch Co., Cleveland, has been
career
savings insti¬
city with deposits of about $1,500,000. Henry
new
announces
tutions of the
was
American Institute of Banking, and is
Universal Savings Bank is one of the smaller
A. Schenck
Mr.
to
Secretary
as
Wm. P.
Bowery Savings Bank
as a
First
native
a
approved
by the Superintendent of Banks.
owed it
Vice-President, is
The merger and the appli¬
cation for the change of location of the branch office have been
vinced that they
the
delphian; he gained his early banking experience through his connection
Savings Bank is the first saving sbank in New York State to
The trustees of the
with
First National Bank July 20 1885.
Assistant Cashier
East 42d St. opposite the Grand Central Terminal.
founded, eighty-six
Mr. James,
Bank
1911
Chapter,
The headquarters
1902,
been Cashier of the First National
N. Y., and entered the First National Bank Aug. 14
December 1916.
location, 149 Broadway.
Bank
1920.
and entered the
its present
new
nas
Merchants National
Assistant Cashier April 2
Universal Savings Bank of this city and will operate it as a branch office at
this branch to the
made Assistant Cashier July
was
He
native of Norwich,
The Bowery Savings Bank announces that it has acquired by merger the
move
July 2
on
He
the
as
of
a
age
a
His
banker began nearly twenty-five years ago with
he
was
tendered
a
'"'V;-;
careers
Andrew, Vice-President, gained his early banking experience in the
National
nounced that it had
's' *7
1
E. Aldrich and T. Scott Root.
National Exchange Bank
University.
Carl
and
When only twenty-five
commission
as
National Bank
V'-::
Nov. 20 1920.]
Examiner, which position he filled for
1911 Mr. McCune
IQNICLE
THE
was
selected by
nine
over
In
years.
the banks of Cincinnati to
301v
together with 241,619 pouhds,
makes
total of 1,265,775
a
lOd. brought forward
6s.
pounds, 7s. 3d. of which 262,500
organize and head the examination department of the Cin¬
pounds absorbed by the interim dividends paid
cinnati
last.
a
Clearing House Association.
Mr. McCune became
resident of Cleveland about six yeaofs ago
associated
with The Maynard H.
Midland Bank has recently
near
The vault and fixtures
future.
the Midland Bank.
this
amount
obviates
to
more
delay
equip
January.
The
with
Further,
it
The
bank will
new
of
issued capital is
each with 10 pounds paid
shares
99,238
have
4,364,520 is paid
further assents received.
open
accepted
thereon,
up
the
The
offer.
thereby raised to 8,729,040 pounds, of which
late
and this
up,
wall be increased by
sum
any
Since June 30 1920 arrangements
have been made whereby the
Anglo-South American Bank,
Ltd., has acquired 60% of the capital of the Banco de A.
Edwards y
capital of $5,000,000 and surplus, $1,000,000.
a
shares of 20 pounds
holders
The
open
thoroughly equipped for
are
The arrangement for the purchase of the
completed since Feb. 21 1920, and out of the total of 100,000
possession in time to
quarters
increase in
an
by the issue of
year
also purchased by
quarters.
banking and the location is central.
150,000 shares.
1920, reports that
shares of the British Bank of South American, Ltd., has been
bank for business.
the
opening
in
Midland Bank hopes to get
in
capital has been effected during the last
It would cost at least
new
1,003,275
Robert J. Hose, Chairman of the Board,
pounds, 7s. 3d.
now
Mr. Sharer estimates that this will.save
the Midland Bank about $150,000.
April 30
on
available balance of
quarters in the
new
were
an
under date of October 9
the Leader-News Building,
City Bank moving into its
June 30
was on
The
acquired the unexpired lease
held by the National City Bank in
the National
when he became
Murch Company.
There
Cia., of Valparaiso and Santiago, Chile, at the
price of $190 for each share
on
which $100 is paid
up.
The
Commercial Bank of Spanish America, Ltd., in which the
Nels M. Hokanson,
formerly of the Union Bank of Chicago
ihe
has been elected Assistant Cashier of
Great Lakes Trust
Mr. Hokanson is a Vice-President
Company of Chicago.
Anglo-South American Bank, Ltd., had
shares of
has
of the Swedish Chamber of Commerce and takes an active
interest in
He
foreign trade matters.
was
in charge of
a
tion
during the
tions with the
scribed
for
Company's policy of increasing
oldest,
Nov.
on
succeeds
Umberger
Mr.
Manager.
office formerly held
the
to
11, Robert B. Umberger was
and
Vice-President
elected
by Robert I. Hunt,
Assistant Treasurer of the United States.
The Wood
has changed
Wisconsin
its
to the Wood County National Bank of
name
Rapids to conform to the change in the name of
Announcement
was
made
of
a
Sept. 16 that
on
a
Trust Co.
of that place
Trust Co. had been
The
arranged.
merger
"-V
.
reserve
that the
of
The net profit
subsidy
a
purely
ended Dec. 31 1919
of- 5,-
of 350,000 frs.
funds of 800,000 frs. which
14,200,000 frs.
to
reserves
Banque Federale S.-A. is in
own
no way
account in values depreciated
It operates its own branches in
through fall in exchange.
the
Switzerland
year
the paid-up share capital of 50,000,000 frs. besides*
on
deposit in the special
directly engaged for its
principal towns in Switzerland, and gives all assistance
and industry at home, and also does
commerce
relations of this land with other countries.
consolidation
reprint
AND
GOLD
THE ENGLISH
We
under the title of the Continental
The consolidated institution has
Oct. 23.
Ltd.
pension fund, again allowed the payment of a dividend
8%,
Savings Bank of Norfolk and the People's Bank &
the
granting
after
its best to promote
—♦
of
to the
the
results.
satisfactory
frs.,
possible to
Grand Rapids, Wis. to Wisconsin Rapids.
the City of
most
353,311.01
in
banks
prominent
most
It is stated
County National Bank of Grand Rapids, Wis.,
Bank,
■
increases the total amount of the
—r—•
has been sub¬
Anglo-South American
the
by
to necessitate
as
capital to 500,000 pounds, and
Swiss character, in its report for
regular meeting of the directors of The Chicago
Morris Plan Bank
considerably
so
up
Banque Federale S.-A. of Zurich, Switzerland, one of the
showed
At the
holding of 240,781
♦
foreign speaking population of the city and his
business.
paid
a
total of 261,417 shares,
a
accordingly the balance of 238,583 shares
which brought him into intimate rela¬
war,
election is in line with the
its foreign
developed its business
increase in its
an
Foreign Language Division of the Liberty Loan organiza¬
pound each out of
one
MARKETS.
SILVER
the following from the weekly circular of
Montagu & Co. of London, written under date of
became effective
Samuel
capital of $350,-
Nov. 4 1920:
a
GOLD.
000 and
surplus of $180,000.
The officers
are
Abner S. Pope,
President; W. H. Sterling and W. B. Dougherty, Vice-Presi¬
dents; E. W. Berard, Secretary; C. M. Graves, Treasurer;
R. W. Porter, Assistant Treasurer,
The
Officers.
the present
at the
institution,
new
banldng
understand, will
we
occupy
of the Savings Bank of Norfolk
City Hall Ave. and Granby Street.
of
corner
rooms
and S. W. McGann, Trust
The Bank of England
a
gold reserve against its note issue is £121,678,420.
£345 as compared with last week.
slight decrease of
The bulk of the moderate amount of gold
It is reported
gold output for this year to America.
Farmers
Vice-President of the
Savings Bank of San Francisco,
and Merchants
a
succeeding the late Sam Bell McKee.
not be active in the affairs of the bank.
cashier has
heretofore
Mr.
continue
will
Meredith
Bank.
C.
Frank
also been
Martens
elected
actively
been
has
Mr. Redington will
George S. Meredith,
a
as
Vice-President.
Manager of the
advanced from
Cashier and B.C. Read
and John Campe have become Assistant Cashiers.
W. C.
Jurgens has been elected a director of the bank.
—»
The First Trust &
doubled
its
Savings Bank of Pasadena, an affiliated
capital,
profits
Chairman
Francis
of
E.
city, recently
thereby raising it from $500,000 to
The institution reports surplus and undivided
$168,931.
of
the
Board;
Stevens,
W.
Vice-Presidents;
officers
Its
J.
John
D.
S.
are
Wm.
H.
MacDonnell,
McDonald,
Lacey,
are
H.
C.
Vice-Presieent
Vedder,
President;
Hotaling,
&
Trust
Doty,
Treasurer; G. R. McComb, Assistant Secretary and T. W.
Officer; R. C. Wente, Assistant Trust Officer; H. A.
trade balance which amounted to nearly
A partial explanation is that, owing to
depression, delivery is withheld to a very great extent, and goods
kept in storage at the customs godowns and private
the re-export of commodities
reasons are
since been
was
shipped to Japan.
Bank, Ltd., to the shareholders at their annual meeting the
year
ended June 30 1920, has just been received in this
country.
The net profit, after making provision for all
charges, rebate, etc., amounts to 1,024,156 pounds, which
as
Java sugar and the with¬
Large amounts of gold have
We hear that gold valued at 91 lacs of rupees
CURRENCY.
The mintage of base
Up to the end of August Mks. 53,300,000 of aluminum coins
Germany.
had
metal, other than copper or nickel, still prevails in
Other
minted.
been
coins, Mks.
71,800,000,
minted up to the same date were iron
coins
and zinc Mks. 56,800,000; so that in all about
181,200,000 of these coins of small denomination have been struck.
The "Times' " Paris correspondent stated that the dies
new
and metal for the
tokens, which are to replace the much-soiled 50c., 1 fr. and 2
are now
ready, and the mint is only waiting the authority of
of Commerce of France,
fr. notes,
the Chamber
which is responsible for their issue.
SILVER.
Prices have shown an upward trend, owing to the
and
the price
scantiness of supplies
purchases on account of the Indian Bazaars.
some
fair amount of silver in the
ruling
therb being
more
favorable than that in London, but, as
the demand subsided.
rates rose,
Whilst Chinese trade remains
in its present lifeless condition, the under¬
tone cannot be
said to have improved, for demand for
poor monsoon,
can
ounces of
hardly be energetic.
but any connection between
in the precious metals is not evident.
silver had been purchased under
were
coined
India, owing to the
Indian exchange is steadier for
this fact and the interest taken
the U. S. A. under date Oct. 16
The Mexican coinage report
there
China acquired a
United States during the early part of the -week,
this week by the Indian Bazaars
the directors of the Anglo-South American
warehouses under
India to Japan this week.
shipped from
It is reported from
The report of
such
drawal of investments in foreign securities.
the moment,
Smith, Cashier.
into Japan
This import is interesting
£109,000,Q00.
hypothecation to exchange banks.
When such goods go into consumption
banks have to look elsewhere for funds to finance export trade.
Other
Mks.
.....
institution of the First National Bank of that
$1,000,000.
severe
the
post of Assistant Cashier to that of
The price for
During the first eight months of the year there was an import
in view of the continued adverse
has been elected
into tl\e market
fine ounces was £5.16.8 f. o. b. Sydney.
the 164,700
£500,000,000 on the 31st July.
C. H. Redington
came
that the Gold Producers Association of Australia have sold
the balance of their
of bullion to the value of about
4
which
United States and the small balance for India.
this week was taken for the
1920 that 18,946,371
the Pittman Act.
thatmonto
in silver and
for July 1920 states that during
1,800,000 pesos in gold, 3,730,000 pesos
Calculating the silver contents of the silver coins
as 12 grammes the peso (as per decree of 31st October last), this indicates
mintage at the rate of 17,000,000 ounces a year.
The quality of the coin
wasjauthorized tojbe 720 parts in the .1,000 fine.
50,000 pesos in bronze.
2016
CHRONICLE
THE
INDIAN CURRENTY RETURNS.
(In lacs of rupees)—
Notes in
i
Oct. 15.
Oct. 22.
Oct. 31.
15853
6835
15880
5860
15958
5941
circulation
Silver coin and bullion in India—
—
Gold coin and bullion in India
2378
6807
6807
6807
835
835
834.9
No rupees were coined during the week ending 31st ult.
the 30th ult. consisted of about 37,600,000
on
Corn.
S4nce
Week
Since
Week
Since
Nov. 13
July 1 to—
July 1
1920.
Nov. 13
July 1
Nov. 13
July 1
1920.
1920.
1920.
1920.
Bushels.
Bushels.
Barrels.
United
Securities (British Government)
Wheat.
Week
2375
_
(Indian Government)
The stock in Shanghai
Flour.
and Since
-
2376.1
Gold coin and bullion out of India
ounces
\
.
Exports for Week
1920.
Silver coin and bullion out of India.
Securities
[Vol. 111.
in sycee, 27,000,000 dollars and 840 bars of silver, as compared with
about 37,060,000 ounces in sycee, 27,000,000 dollars and 1,660 bars of silver
the 23d ultimo.
! +,
The Shanghai exchange is quoted at 5s. 4d. the tael.
Kingdom.
Barrels.
Bushels.
22,410
23,662
1,229,101
1,126,019
Continent
2,919,799
6,775,457
316,000
278,490
768,121
3,000
46",000
41,270
609,949
1,396
386,484
2,711,129
12,000
1,190,196
So. and Cent. Am.
17,000
492,330
West Indies
13,000
388,265
Brit. No. Am.Cols
Other Countries..
2l",832
804*,607
97,904
5,834,102
Total 1919....... 378,506
8,902,488
5,820,682
61,994
8,581.470 152,690,037
Total
Bushels.
60,356,933
87,665,307
2,094,760
364",000
1,278,051
2,570",037
12,342
72.139,224
on
Quotations—
V J
Bar Silver per oz. Standard.
'
Fine
shipment of wheat and corn for the week
ending Nov. 13 1920 and since July 1 1920 and 1919 are
shown in the following:
2 Mos.
52%d.
52 %d.
......-52%d.
52 %d.
.52 %d.
30
Nov.
Bar Gold per
world's
Cash.
52%d.
119s. 2d.
52 %d.
119s. 2d.
53%d.
119s. 2d.
Week
Nov. 13.
July 1.
Bushels.
Bushels.
Oct. 29
Oct.
The
...
1..
Nov.
2
Nov.
3
Nov.
4.....
J
52%d.
.
___53%d.
Average
oz
118s.
Id.
"''V;.:
54%d.
54%d.
52.937d.
119s. 9.2d
The silver quotations to-day for cash and
tively, 2%d. and
2%d. above those fixed
forward delivery are, respec¬
week
a
North Amer.
Russia
ago.
Corn.
1920.
119s. 6d.
53,041d.
....
Wheat.
.'V'-v
.
'
Exports.
1920.
1919.
Since
Since
l.
Nov. 13.
Bushels.
Bushels.
July
7,303,000 184,608,000 143,454,000
1919.
Since
Week
July
Since
1.
July 1.
Bushels.
466,000
Bushels.
3,551,000
700,000
...
Danube
"635",000
38",217*66( 62,?i"l9,000 3,333,666
Argentina...
Australia
120",000
12,774,00C
49",thw
70,584,000
42,591,000
"'280,565
...
1,616",000
India
Oth. countr's
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
daily closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
as
London,
:'
Week ending Nov. 19.
Silver,
+•
v
*
per oz..__.___..-__(l.
+;/'
Sat.
...+
■
Man.
53%
Tues.
51%
Wed.
Thurs.
51%
51
Fri.
49%
50%
Gold, per fine ounce........121s. Ud. 121s. 6d. 120s.9d.118s.9d. 117s. 2d. 118s.4d
Consols, 2%
45
45
44%
44%
44%
British 5 per cents.....
83 1-16
83
83%
83%
83%
per cents......
76%
76%
76%
76%
76%
76%
55.5
55
54.80
55.10
85.20
85.20
85.20
""$64" 000
1,756",000
75,634,000
3,799,000
52,164,000
Canadian Bank Clearings.—The clearings for the week
ending Nov. 13 at Canadian cities, in comparison with the
same week in
1919, show an increase in the aggregate of
24.0%.
55.20
85.20
7,423,000 235,879,000 250,580,000
83 3-16
British 4% per cents
Total.....
85.20
French Rentes (In
Paris) _.fr. 54.72
French War Loan (in
The
Paris) fr. 85.20
price of silver in New York
on
'
the
same
44%
Week ending November 13.
Clearings at—
Inc.
or
1920.
day has been:
1919.
Dec.
1918.
S
$
%
$
Canada—
1917.
$
Montreal
Domestic
99%
99%
99%
99%
99%
79%
76%'
?6%
78%
78
76%
131,452,622
+25.1
100,735,665
107,551,105
100,924,696
+ 6.6
57,957,760
75,740,530
54,446,102
Winnipeg
99%
Foreign
164,392,544
Toronto
Silver in N. Y., per oz. (cts.):
66,368,820
9,960,867
76,762,587
9,842,944
5,411,021
4,692,144
3,137,708
9,954,642
68,139,541
+ 63.2
17,148,162
13,627,783
+25.9
15,214,946
15,105,121
+ 0.7
Quebec
8,726,996
6,435,379
+ 35.6
6,287,435
5,448,087
Halifax
©ommcrcial aud2)tlis ceUaucous Qewt
110,806,325
Vancouver
Ottawa
5,393,597
4,641,349
+ 16.2
3,195,567
12,199,332
7,820,896
10,698,934
+ 14.0
6,854,896
7,387,131
+ 5.9
4,107,075
3,697,700
3,148,924
+ 14.3
2,186,033
2,842,441
2,542,029
+ 11.8
1,692,891
3,680,070
6,277X593
+ 9.6
—0.6
2,547,194
3,029,116
4,538,246
Saskatoon
4,032,350
6,240,396
6,619,164
1,174,138
1,314,759
3,020,613
Moose Jaw
2,628,163
2,196,975
Calgary
Hamilton.......
St. John
Breadstuffs
figures brought from page 2062.—The
are prepared
by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last
Saturday and
since Aug. 1 for each of the last three years have been:
statements below
Victoria
________
London
Edmonton
Regina
Brandon
Lethbridge
...
6,050,255
+ 9.4
5,055,604
2,139,865
1,758,878
2,344,526
3,785,903
4,797,486
1,126,343
+4.3
823,361
839,521
+ 56.6
620,500
1,146,692
2,654,717
+ 13.8
1,896,315
2,482,453
1,753,046
952,702
Flour.
Wheal.
Corn.
Oats.
Barley.
2,193,507
1,523,734
1,474,248
+ 3.3
1,078,290
842,568
Fort William
Rye.
+ 19.7
Brantford
Receipts at—
1,152,464
1,043,886
+ 10.4
687,744
820,296
749,542
552,495
+ 35.7
429,265
370,833
469,658
660,317
New Westminster
bbls.lMbs. bush. 60 lbs. bush. 56 lbs. bush. 56 lbs bushA8lbs bU8h.56lbs
Chicago
135,000
160,000
Minneapolis..
Peterborough
1,213,958
—21.6
822,631
673,442
469,000
137,000
81,000
Sherbrooke......
1,533,939
1,147,734
+ 33.6
805,885
686,274
Kitchener
1,255,754
1,672,575
—24.9
633,936
588,650
297,000
53,000
175,000
2,560,392
+ 42.8
1,102,379
483,478
+ 0.4
Not included in total
312,585
120",660
40,000
41,000
2,158,000
699,000
48,000
63,000
130,000
237,000
76,000
82,000
137,000
233,000
9,426,000
7,601,000
7,692,000
1,672,000
2,478,000
4,032,000
3,363,000
3,832,000
5,962,000
3,990,000 140,285,000
7,302,000 224,716,000
5,563,000 248,086,000
49,423,000
46,437,000
62",600
Louis
Peoria
Kansas
+ 43.9
48,000
793,365
951,751
551,509
327,000
628,000
62,000
155,000
24.566
Milwaukee...
Toledo
668,000
59,000
31,000
City..
Omaha
Indianapolis..
Total week '20
280,000
519,000
251,000
Same wk. '19.
Same wk. '18.
Hat...
1,172,000
2,045,000
25,000
Detroit
St.
698,000
89,000
3,396,000
,
Duluth
Medicine
487,000
40,000
Windsor
Prince Albert
38",000
348,000
155,000
222,000
12,000
9,000
41,000
3,657,931
485,640
Moncton
57,000
1,006,578
Total
,
Canada.
492,927,747
397,629,358
+ 24.0
286,785,708
270,847,213
136,000
National
1,187,000
777,000
1,780,000
677,000
527,000
Banks.—The following information regarding
Comptroller of the
national banks is from the office of the
Currency, Treasury Department:
1,153,000
CHARTERS
ISSUED.
.
Since Aug. 1—
1920
1919
1918
81,802,000 15,481,000 12,648,000
86,213,000 32,349,000 12,909,000
73,715,000 122,429,000 23,562,000 13,187.000
Total receipts of flour and grain at the seaboard
ports for
the week ended Nov. 13 1920 follow:
Receipts at—
Flour.
Wheat.
Barrels.
New
Corn.
Bushels.
Bushels.
Oats.
Barley.
Bushels.
Bushels.
Rye.
Bushels.
York...
162,000
2,200,000
Philadelphia
Baltimore....
45,000
484,000
375,000
606,000
109,000
354,000
2,358,000
•39,000
56,000
5l", 000
442,000
"4" 000
413",000
106,000
4,000
18,000
12l",660
6,528,000
1,172,000
19,039,000
748,000
24,769,000
463,000
324,000
9,801,000 46,930,000
71,000
10,295,000
1,509,000
296,000
459,000
66,193,000 55,881,000 27,784,000
.
22,000
9,000
Newp't News.
New Orleans
a
Galveston
47", 000
Boston
21,000
Total wk. '20.
306,000
1
Since Jan.1'20 11,598,000
818,098,000
Since Jan.1'19
333,000
69,000
7,000
33,000
27,000
63,000
127,000
49,000
682,000
3,270,000
12,814,000 202,306,000
on
The exports from the several seaboard
ports for the week
ending Nov. 13 are shown in the annexed statement:
Wheat,
Corn,
bushels.
Flour,
Oats,
New York..
1,953,470
181,484
barrels.
bushels.
51,904
Barley,
$550,000
26,000
120", 000
2,442",066
39,000
46,000
"V, 000
New Orleans
Galveston
2,175,000
2,000
The American National Bank of Anadarko,
97,904
349,000 902,016 238,971
372,467 298,880 485,138
Total
week
Week 1919
808,000
8,581,470
5,820,682
12,000 378,506
,
14,000
as
below:
50,009
50,009
Correspondent, H. C. Straight, Palisades Park, N. J.
The First National Bank of Chatham, N. J
25,009
Correspondent, Lawrence Day, Chatham, N. J.
The First National Bank of Annawan, 111
50,000
Correspondent, D.J. Holzinger, Annawan, 111.
$275,000
STOCK
INCREASED.
Ami.
of
Cap. when
Increased.
$100,000
50,000
$200,000
100,000
70,000
The First National Bank of St. Francisviile, 111
The Verona National Bank, Verona, N. J
The First National Bank of Manteca, Cal
Total...
20,000
25,000
50,000
50,000
100,000
...$245,000
CONSOLIDATIONS.
95", 222
The destination of these exports for the week and since
July 1 1920 is
Okla
Correspondent, R. Ben Popejoy, Anadarko, Okla.
The Palisades Park National Bank, Palisades Park, N. J
Increase.
347,000 161,000 115,000
386,484
Montreal
..$100,000
Correspondent, Central Bank, Pasadena, Calif.
Original organizations:
Peas,
33,000
562,000
2,000
CHARTER.
The First National Bank of Hazleton, Pa
The First National Bank of Pitcairn, Pa
59l"000
25,000
FOR
of State banks and trust companies:
The Central National Bank of Pasadena, Calif
Conversion of the Central Bank, Pasadena, Calif.
76,971
Baltimore
50,009
50,000
Conversions
bushels. bushels. bushels.
578,016
137,000
"10",000
...
Total
Rye,
Philadelphia
Newport News
25,000
200,000
President, Fred Crandall; Cashier, Geo. C. Guker.
The First National Bank of Bridgeport, W. Va
President, Jesse G. Lawson; Cashier, T. J. Hefner.
CAPITAL
Boston
200,000
President, W. P. Eads; Cashier, Albert R. Moore.
The Merchants National Bank of Sacramento, Calif
President, J. H. Stephens; Cashier, H. H. Robinson.
The First National Bank of Wood River, 111
;
APPLICATIONS
Receipts do not include grain passing
through New Orleans tor foreign ports
through Dills of lading.
'
bushels.
•
The California National Bank of Long Beach, Cal
President, Nelson McCook; Cashier, Fred L. Dennis.
The First National Bank of Bangs, Texas
34",000
o
Exports from—
Original organizations:
$25,000
Total
563,000
Montreal
Week 1919...
190,000
Capital.
Conversions of State banks and trust companies:
The First National Bank of Flagler, Colo
Conversion of the Flagler State Bank, Flagler, Colo.
President, W. H. Lavington; Cashier, A. E. Creighton.
The Colonial National Bank of Roanoke, Va.,
capital
and the Liberty National Bank of Roanoke, Va.,
$400,000,
capital $200,-
000, consolidated under provisions of Act of Nov. 7 1918, under
charter and corporate title of "The Colonial National Bank of
Roanoke," with capital stock of
$600,000
Nov. 20
1920.]
CHANGES
OF TITLE.
current week.
The Wood County National Bank of Grand Rapids, Wis., to "The Wood
County National Bank of Wisconsin Rapids" (to conform to change in
of
name
city of Grand Rapids to Wisconsin Rapids).
we
show
we
diviends
follow with a second table, in which
previously announced, but which
been paid.
The dividends announced this week
capital $50,000.
To take
Liquidating committee, A. E. Siekmann, Vic Swanson, E. S. Johnson, B. W. Woodford and C. S. Brown (all of Aurora, Neb.) ,
and Henry Siekmann of Hastings, Neb.
Succeeded by the Fidelity State
Per
Name of
Neb.
Railroads (Steam).
Chesapeake A Ohio.........—
Fonda Johnstown A
Glov., pref. (qu.)..
Auction
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
auction in New York, Boston and Philadelphia:
not
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
200 Nev. West. Cop. Mines___$l lot
1 United Orange Groves, Inc.,]
Stocks.
Shares.
preferred
50 Subway Cent.
574
lot
1 United Orange Groves, Inc.,]
RR.,1
)$10
15 Buff. Lock. A Rock. RR.,| lot
preferred
J
112H Rocb. Lock. A Buff. RR.,
Lock.
—
Lock.
Buff.
&
800 Butte A
300
226
15 Incorp. Land, common
50 Incorp. Land,
500 Luce
Comp.
\$1 lot
preferred
Exposition, Inc., pf.J lot
440 Corning Egg Farm, Inc., $10
each—
25c. per sh.
500 Flushing Bay Bldg. Corp. .$25 lot
26,272 Amer. Silver Corp. (W.Va.),
$1
Magazine..^-._-.$l lot
25,000 Nemours Trading
Corp.,
25 Pulitzer
Resolved
Corp.
(no
350
Trust
Union
...485
109%
Trust
50 Terminal
Warehouse
95% Autom.
Weigh.
Corp.,
Mach.
.$55 lot
pref..
100 Guardian
VA
Wks.,
of
Del., no
$2 per sh.
Per cent.
78
$5,000 Terminal W. H. 5s, 1942... 80
$20,000 Georgia A Florida RR.
1st 58
$1,000 lot
75 lot
ctfs. of deposit.
8
100 Amer. Uniform, Inc., com.$26 lot
120 Bijur Motor Applicance, 2d
Land
lot
and
344
shares
Pleasant
Co......
$150 lot
$1,000,000 Equitable Office Bldg.
Corp. s. f. deb. 5s, 1952, subject
to trust agreement
$601,250 lot
By Messrs. R. L. Day & Co., Boston:
Stocks,
Shares.
5 Tremont
$ per sh.
130
Trust.
Shares.
19 Naumkeag
Steam
5 Mfrs.'
Cotton... 195
5 Merrimack
Mfg.,
common..100
16 East. Ma83. St. Ry., adj
2%
3
2%
stk.
3 Nashua & Lowell RR
115 H
2 Central Vermont Ry___...__
A
$50 each.....
10 Cambridge
Gas
Elec.
99
flat
135
Percent.
$1,000 Bost. & Lowell RR. 4s, '32.
1,000 Bost. Elev. Ry. 4Hp, 1937.
68%
65%
Mass. St.
Ry. ref.
4%s, 1948, ser. A, July
10,000 East.
1920
coupons
20 flat
on
104 H
5 Fall River Gas Works....
Gas
Trust.
2 Mass. Cotton Mills
35
...
750 East. Mass. St. Ry. ref. 6s,
153
18 Fall River Electric Light
5 Fitchburg
Bldg.
'Bonds.
1
50 Pemberton Bldg. Trust
Bank
Cambridge
•
1,000 U.S. Worsted, com., $10 ea.
50 East. Mass. St. Ry., pref., B.
$persh.
Corporation..127^-128
75 Draper
100%
% Bates Manufacturing
SIgcJcs.
D, Apr. '20 coup, on.20 flat
750 East. Mass. St. Ry. ref. 5s,
ser.
Lt.,
06%
Light__....134H
71%
30 No. Boston Ltg. Prop., pref.
10 Mass. Gas Cos., pref
00%
123 rights Springfield Gas Light.
1948,
ser.
July
B,
1920
20 flat
coupons on
5,000 East.
1.01
Mass.
4%s,
1948,
Stocks.
$ per sh.
2%
15M
35 Mass Lighting com.
8%
3 Hood Rubber pref
95%
3N E Equitable Insure.....50c lot
50 N Bedford Gas & Ed is Lt
200 Gold field
Deep
Mines,
Stocks.
50
1 First Nat Bank of Phila
2 Corn Exch Nat
250
Bank_._....380H
10 Fox Chase Bank, $50 each...125
2,120 Northwestern
Metal
$2f> lot
25 North Penn RR.._.
2 West Phila T A T, $5# each..
2 Fidelity
Trust.......
150H
.427
10 Commercial Trust
283
10 People's
Nat
Fire
Ins,
$25
each
19%
1 Athenaeum of Phila
80
4 Phila Bourse common
Ajax Rubber, Inc.
(quar.)
—
Amer. Bosch Magneto Corp. (quar.)
—
Amer.
Laundry Machinery, com. (qu.)__
American Linseed, common (quar.).__•_
(quar.......J...
15 L H Gilmer Co com, $10 each
20
25 Units Gushing Dev.........$10 lot
100 Woodhurn
750 William
Oil Corp
L
$235 lot
Brad way,
$50 each
%
100 Amer Mang Co pref
$150 lot
$35 lot
common,
100 Amer Mang Co com
30 United G A E Corp com
$1 lot
75 United G A E Corp 1st pref..
6 Toledo Trac L & P Co pref...
10 Ritz-Carlton
pref
5%
4
6
2,025 Tombstone Cons M Co, Ltd,
S10 each.
.$75 lot
147 Poland Min, $10 each
4% Guanajuato
Red
A
$30 lot
M,
$1
$4 lot
each
1,411 Texas Iron A Steel
$475 lot
40 The Atlantic City Co pref-.l—5
57% Ventnor
Syndicate—
$12 lot
75 North Coast Pow pref
45 Penna Cold S & M, $50 each.
5%
15
we
♦Dec, 22
to
Jan.
♦Dec. 22
to
Jan.
Jan.
2
2
i%
Dec.
Holders of
rec.
Nov.30a
2
Jan.
Holders of
rec.
Dec.
3%
Dec.
Holders of
rec.
Nov.15
3%
Dec.
Holders of
rec.
Nov.15
*1%,
Dec.
*75c.
Dec.
♦Holders of
rec.
Nov. 30
20a
Dec.
♦Holders of
rec.
Nov.30
Canada Steamship Lines, com. (quar.).
Preferred
(quar.)
1%
Dec.
Holders of
rec.
Dec.
1
1%
Jan.
Holders of
rec.
Dec.
15
Canadian General Elec., com. (quar.)..
2
Jan.
Holders of
rec.
Dec.
15
1%
Dec.
(P)
Extra
-J
*25c.
Holders of
rec.
Dec.
Dec.
Holders of
rec.
Nov. 29
Ian.
1%
*$2.50 Jan.
Holders of
iec.
Dec.
13
♦Holders of
rec.
Dec.
20
*3%
Dec.
♦Holders of
rec.
Dec.
14
*1%
Dec.
♦Holders of
rec.
Dec.
14
*%
Jan.
♦Holders of
rec.
Dec.
15
*/l%
Jan.
♦Holders of
rec.
Dec.
15
*%
Jan.
♦Holders of
rec.
Dec.
15
1%
Dec.
Holdeis of
rec.
Nov.24a
*3%
Dec.
♦Holders of
rec.
Nov.18
1
Jan.
Holders of
rec.
Dec.
10a
1%
Jan.
Holders of
ree.
Dec.
10a
Dartmouth Mfg., com. (quar.
Preferred
(quar.)
4
•
Dec.
Holders of
rec.
Nov.
9
1%
Dec.
Holders of
rec.
Nov.
Davenport Coal
1
Nov.
Nov. 21
Dominion Glass, common (quar.).....
Preferred
(quai
1%
Jan.
Holders of
1%
Jan.
Holders of
Elk Horn Coal Corporation, pref. (quar.)
Fairbanks. Morse A Co., pref. (quar.).
Fay (J. A.) A Egan Co., pref. (quar.)_Preferred (account accum. dividends).
1%
Dec.
1%
Dec.
Nov. 18
to
Nov.3t
1%
Nov.
Nov. 11
to
Nov.20
to
Nov. 20
Carter (William) Co., preferred (quar.)
Case (J. I.) Threshing Machine, com...
Pre)erred
(quar.)
Chandler Motor Car (quar.)
Chesebrough Mfg., common (quar.).
Preferred
(quar.)..
Cities ServiceCommon and preferred (monthly)
Common (payable in common stock)
Preferred B (monthly)
Consolidated Cigar, preferred (quar.)
Converse Rubber Shoe, preferred
Cuban-Ameiican Sugar, com. (quar.)...
Preferred
(quar.)
...
(quar.)
Federal Mining A Smelting, pref. (quar.)
Federal Oil, preferred (quar.)..
h3%
1%
10c
Guffey-Gillespie Oil, preferred (quar.).
Hart, Scbaffner A Marx, Inc., pf. (qu.)
Hartford Water (quar.)..
Heywood Bros. A Wakefield, com
Common (extra)..
Hood Rubber Products, Inc., pref. (quar)
/Tl.lnols Pipe Line....
75c
*1%
*1%
*1
Steel, preferred (quar.)
Jones, McDuffee A Stratton Corp., pref.
(quar.)
1
iec.
Dec.
♦Holders of
rec.
Nov.30
20
Holders of rec. Nov.15
♦Holders of
Jan,
rec.
Dec.
17
Nov.
Holders of
rec.
Nov. 28
Dec.
Holders of
rec.
Nov. 19
Dec.
Nov. 21
Jan.
Holders of rec. Dec.
Jan.
Holders of
to
Nov.30
15
15
rec.
Dec.
Dec,
♦Holders
0j
rec.
Nov. 20
Dec.
♦Holders of
rec.
Dec.
♦Holders of
Nov.
rec.
20
Nov.26
*4
Dec.
♦Holders of
rec.
Nov. 20
*5
Dec.
♦Holders of
rec.
Nov. 29
to
Dec.
1
Dec.
21
1%
*10
Interstate Jron A
15
Holders of
*1H
1%
Dec.
Holders of rec. Nov. 24a
General Chemical, preferred (quar.)....
Grafton County El. L. A P., com. (qu.)_
Preferred
(quar.)
2
rec.
Nov. 11
Dec.
(qu.)
15
Holders of rec. Dec.
Dec.
Greenfield Tap A Dye, common (quar.).
Preferred (quar.) (No. 1)
Dec.
Nov.
2
Great Atlantic A Pacific Tea, pref.
rec.
Dec.
*2
2
9
Nov.25
Jan.
Galena-Signal Oil, preferred (quar.).
Gait Brass, preferred (quar.).......
2
to
10
Nov. 21
Dec.
♦Dec.
Dec.
1
to
1%
Dec.
Holders of
rec.
Nov. 2#
2
Nov.27
85%
Llbhy, McNeil A Libby
Mascoma Light A Pow.,com. A pf. (qu.)
Mayer (Oscar) A Co., Inc., 1st pf. (qu.)
Second preferred (quar.).
Mergenthaler Linotype (quar.)
Miami Paper, preferred (quar.)
.....
Montreal Cottons, Ltd., com. rquar.)..
Preferred
(quar.)
Motor Wheel
National Lead, common (quar.).
per sh
.$75 lo
;__$17 lo
$5 lot
5s,
40
Consol
Ltd, special contract 6s
5
Mines,
.$20 lot
Mining special
con¬
7s
..$10 lot
A
Mines
.$55 lot
_
Secur
ctls
contingent obligation
$17,500 Vale Oregon Irrigation
of
1st
2%
(of
Ala) 1st 6s, 1944 (ctfs of dep)
5
$10,000 A'aska Cons Copper-Alaska
Con Corp 1st 6s, 1927
$250 lot
$2,000 Luther Burbank Press 7%
conv notes
$7 lot
$1,000 Second Ave RR 6% receiv¬
er's ctfs (ctfs of deposit)
5
$1,000 Pinellas Realty A Sugar Cane
$35 lot
....
(quar.)
Nebraska Power, preferred (quar.)..
New Nlquero Sugar, com. and pref
Dec.
Holders of
rec. Dec. 10
rec. Nov. 19
1%
Dec.
Holders of
rec.
Nov. 20a
2
Dec.
Holders of
rec.
Nov.20a
2%
Dec.
Holders of rec. Dec.
1%
Dec.
Holders of
VA
Dec.
Dec.
1
to
Dec.
14
1%
Dec.
Dec.
1
to
Dec.
14
2
Nov.
Holdcis of
rec.
Nov.
Dec.
♦Holders of
rec.
Dec.
13
VA
Dec.
Holders of
rec.
Dec.
10
Jan.
Holders of
rec.
Dec.
20a
1%
Dec.
Holders of
rec.
Nov. 19
3%
Dec.
Holders of
rec.
Nov. 24
1
Steamship,
Dec.
Holders of
rec.
Dec.
Jan,
♦Holders of
rec.
Dec.
15
Dec.
1%
♦81.25 Dec.
Holders of
roc
Nov
22
♦Holders of
rec.
Nov. 27
♦Holders of
rec.
50c. Dec.
Holders of
rec.
Dec.
1
50c. Dec.
Holders of
roc.
Dec.
1
2%
common...
Common (extra)......
Preferred
(quar.)...
...
Remington Typewriter, first pref, (quar.)
Second preferred (quar.)
Holders of rec. Nov. 19
*1%
Dec.
♦Holders of rcc. Nov.24
*3
Jan.
♦Holders of
rec.
Dec. 31
Feb.
♦Holders of
rec.
Feb.
1%
Tan.
Holders of
rec.
Dec.
10
2
Tan.
Holders of
reo.
Dec.
10
Holders of
rec.
Jan.
1£«
rec.
Dec.
15a
Holders of
rec.
Nov. 15
1%
Feb.
1%
Jan.
2 'A
Dec.
1
Jan.
3
3|* Holders of
common
(quar.)
Solar Refining
Dec. 31
Holders of
rec.
Dec.
10
Dec. 31
Holders of
rec.
Dec.
10
Dec. 20
Dec.
...
Dec.
rec.
Nov. 26
Holders of
rec.
Nov.26
Holders of
rec.
Nov. 26
rec.
Dec.
10
♦Holders of rec. Dec.
10
Tan.
'?
1
Tan.
1
Holders of
Dec.
1
Bonus
Woods Manufacturing (quar.)
Bonus
;
Nov.19a
♦Holders of rec. Dec.
Tan,
1
1
Holders of
Dec.
1
Holders of rec. Nov.20
Dec.
14
Holders of
rec.
rec.
18
Nov. 25
Dec.
4a
(quar.)
3i ♦Holders of rec. Dee.
15
*2
Jan.
10 ♦Holders of rec. Dec.
20
*/10
Tan.
10 ♦Holders of rec. Dec.
20
Dec.
15
2
Holders of
rec.
Nov. 30
Holders of rec. Nov. 30
3
2
(quar.)...
(Canada) (quar.)
rec.
1%
Common (payable in common stock)..
Mills
Holders of
*62 He Tan.
United Paper Board, common
common
3l|
Dec.
*5c.
2
Union Rag A Paper (quar.)
Union Twist Drill (quar.).....
Alcohol,
1%
Mar.
1%
Torbensen Axle, preferred (quar.)
Trusoon Steel, preferred (quar.)
White Motor Co.
♦Holders of
3
elO
Tennessee Eastern Elec. Co., pref. (qu.).
Tonopah Extension Minting (quar.)
Dec. 20
*1%
Company
dividend.
to
Dec.
1
to
Dec. 20
Dec, 20
Dec. 20 ♦Holders of rec. Nov. 20
Dec. 1-1 ♦Holders of ree. Nov. 26
*10
75c. Dec. 31
....
Standard Oil (Ohio), common (quar.)...
Common (extra)
Windsor Hotel
1
*5
35
...
Standard Oil (Nebraska)
....
Standard Oil of N. J., com. (quar.)...
U. S. Industrial
1$
3
5
(quar.)..
Preferred
(nuar.)
rec. Dec.
2
South Porto Rico Sugar, com.
Extra...
*1%
1
Holders of
(quar.)
(quar.).....
Preferred
Nov.27
Dec.
2
Salmon Falls Manufacturing (quar.)
Sloss-Sheffield Steel A Iron, pref. (qu.)
Republic Iron A Steel,
2a
*1%
Patchogue-Plymouth Mills, pref. (quar.)
Proctci A Gamble, preferred (quar.)
Quaker Oats, common](quar.).
Stock
4a
Nov. 25a
*1%
*1%
Extra
Pacific Mail
Texas
rec.
*$4.75 Dec.
New York Air Brake (quar.)
North American Co. (quar.)...
Ogilvie Flour Mills, preferred (quar.)...
Ohlo OH (quar.)
Preferred
..$40 lot
_
Cement
Surety
1%
3
Corporation, pref..J.-
National Aniline A Chemical, pref. (qu.)
_
changed the method of presenting our dividend
We now group the dividends in two separate tables.
bring together all the dividends announced the
Jan.
Caine Bros. Paper, Inc., preferred.....
Preferred (extra)..
Wamsutfa
record.
Holders of tec. Nov. 18a
3}*Holders of
DIVIDENDS—Change in Method of Reporting Same.
First
Dec.
*1%
U.S. Title Guaranty Co
We have
15
Nov.27
$4,250 Tombstone
1st 7s.__
Dec.
*50c. Jan.
$2,000 N O Ry A Lt ref & gen
1949 (ctfs of deposit)..
Portl
rec.
Nov.27
Per cent
$4,500 Coosa
Holders of
ree.
$5,000 The City Water Power Co
(Austin, Tex) 1st s f 5s, 1939
5
$7,000 Mich Northern Pow 1st 5s.
75%
$2,000 New Orleans Ry A Lt ref.
& gen.'5s, 1949
40
6s
1
Jan.
^
i%
rec.
$
A
Dec.
rec.
$25 lot
200 Nor States Pow option war'ts
1
12 Am Finance A Secur, $1 each
$3 lot
Finance
1
;
rec.
Holders of
Stocks.
$600 Am
15
Holders of
to
Holders of
Ry ret 5s B,]
Reduc
Dec.
Dec.
First and second preferred (quar.).
American Telegraph A Cable (quar.)...
American Telephone A Telegraph (quar.)
California Packing Corp., com, (quar.).
Cambria Steel (quar
Dec.
Nov. 23
Holders fo
......
1st 6s, 1924..
Nov.30a
rec.
Dec.
Dec.
$4,651 Assmte of Rose Bud Synd
25 Washington Utll com
tract
rec.
1
Dec.
j$8 lot
$300 Guanajuato
Holders of
♦Holders of
$1
1
American Power A Light, com. (quar J.¬
American Stores, common (quar.)
*$i
National
$1,450 Poland
Inc,
Dec.
*$2.50 Jan.
Dec.
$40,000 Notes of the Quality Coal &
Coke (Sellcla, W. Va)
6
.
1
Dec.
1
_
12 Amer BankA Tr, $50 each... ,59%
31
rec.
2%
Bonds—
81
Holders of
(extra).
1948
Shares.
Nov. 17a
15
(quar.)
130 West Jersey Sec
20,000 Casey Seneca Sll M
60
110 Middle City Bank, $50 each.
rec.
Dec.
1%
20 ♦Holders of rec. Dec.
stock
_
S per sh.
128 Fidelity Stor A W'house
Holders of
Dec.
Jan.
stock
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Holders of rec. Nov. 17a
Dec.
3
r6
Class A
$2 lot
each
10
Class A
48 East Mass St Ry adj stk
|
6 East Mass St Ry opt war't.J
5c
Dec.
July
notes, 1930
Mass St
Dec. 20a
rec.
A,
ser.
Bonds.
Percent
$1,000 Sterling Water 1st 5s, 1925. 75
16,500 Am Ship A Commerce 10%
40 East
rec.
♦Holders of
ref.
1920 coupons on15 flat
151
3
Holders of
Dec. 31
Ry.
St.
By Messrs. Wise, Hobbs & Arnold, Boston:
1,000 U S Rubber com $10 each...
20 Puget Sd Trac L & P com
i
♦Holders of rec. Dec.
Dec. 15
1%
Miscellaneous.
_
Shares.
Dec. 31
*2
4
Preferred
......i...........—
Va. Ry. A Power, pref. (pay. In pref stk.)
West Penn Railways, preferred (quar.)..
___
$100,000 City of N. Y. corp. stock
3%b (Pav. of sts.), 1952
note
$24
Oil
par
167 2-3 Chalmers Motor, pref.,
pref
Iron
$10,000 Brooklyn Ferry 5s
$42,756 Pleasant Land Co. demand
750 Chalmers Motor, com., ctfs.
of deposit
Titusville
$25 lot
Bonds.
Bank....175
Netherland
5 New
60 Brooklyn
$ 10 lot
common, deposited....$250 lot
_
100 Central
Inc
90 Pleasant Land Co
100 The
$60 per share
100 Inter. Trac., common._.]$15 lot
200 Inter. Trac., 1st pref—/
par)
each.
struction,
$100 lot
preferred
.
..$200 lot
110 Carey Publicity, Inc
..$2 lot
3 1-3 Treblig Realty A Con¬
600 N. River Coal & Coke—$161 lot
350 The
JeromeVerdeCopper,$lea.$30 lot
N.Y.SanitaryUtiliz.,$lea.$25 lot
10 Bronx
$5 lot
tr. ctfs.
com.,
....$150 lot
_
$1 lot
Cotton
A
322% N. M. Colo. Coal & M.,
Copper, $1
20 The Winchester Co., 1st pf_ 86
100 Bronx Exposition, Inc., com.) $310
lot
$40
...^-—-------$11 lot
Y.
2 The Winchester Co., 2d pref. 56
2 The Winchester Co., com..325
25 Fonda Johns. A Glor. RR.,
common
$1 per sh.
N.
each
RR.,
pref
cum.
.
..$65 lot
common
75 Roch.
each—...
Rock.
&
common
55c. persb.
Days Inclusive.
Street and Electric Railways.
Baton Rouge Electric Co., com
Preferred
500 Tonapa Divided Mining, $1
Leasing Corporation..$10
1 Yale
25 Buff.
\$50
/
lot
each
SI lot
50 Sultan Motor
$30 per sh.
Company, com.
Haiti Company, pref
2,000 McNamara Mg. & Mill, $1
J
common
Service, Inc.,
$30 each
Books Closed.
Payable,
*2
..
Per cent.
866 Haiti
—) $3
-
Stock.
Shares.
When
Cent.
Company.
Hocking Valley
at
are:
LIQUIDATIONS.
The Fidelity National Bank of Aurora. Neb.,
effect Nov. 10 1920.
Bank of Aurora.
Then
the
have not yet
The First National Bank of St. Francisville, 111., to "The People's Na¬
tional Bank of St. Francisville" (which also increased its capital stock as
shown
above).
VOLUNTARY
2017
CHRONICLE
THE
Dec." 15
*$1
Dec. 31
Holders of
rec.
♦Holders of
rec.
Dec.
1H
Dec.
1
Holders of
rec.
Nov. 24
2
Dec.
1
Holders of
rec.
Nov. 24
2
Dec.
1
Holders of
rec.
Nov. 25
5
Dec.
1
Holders of
rec.
Nov. 16a
Nov
15
25
2018
Below
and
THE
yet paid.
This
announced this week.
list
does
Per
Name of Company.
3X
3X
21 »
Holders of
rec.
Nov. 30
Feb
U
Holders of
rec.
Jan.
Oct.
2«a
Dec
Dec.
Jan.
If
Holders of
rec.
If
Holders of
rec.
Dec. 15a
X
Dec
X
4
J
rec.
Holders of
rec.
Nov. 21
3
Holders of
rec.
1
Holders of
rec.
1
Holders of
rec.
Nov. 15a
Nov
2C
.
21
Holders of
rec.
Nov. 27a
If
Holders of
rec.
Dec
1
Holders of rec. Nov.
Dec
1
Holders of
Nov .30
Nov .25
Dec.
75c
18
Nov .36
$1.50 Dec
4
rec.
Nov.
1
rec.
Nov.
1
rec.
Nov. 24
Dec.
Holders of
rec.
Nov. 24
Holders of
rec.
Holders of
Nov. 12
Holders of
.
_
_
_
rec.
Preferred
la
(quar.)
Holders of
rec.
Nov. 23a
Dec.
30
Holders of
rec.
Nov. 30a
3
Holders of
rec.
Dec.
Holders of
rec.
Nov. 15a
Dec.
Niles-Bement-Pond,
Preferred
Dec.
1
Holders of
rec.
Nov. lfa
Jan.
3
Dec.
to
Jan.
2
Dec.
15
rec.
Dec.
la
Dec,
2
Dec.
1
16
Holders of
Nov. 12
to
Holders of
rec.
Dec.
lla
Dec.
31
Holders of
rec.
Dec.
13a
Dec.
31
Holders of
rec.
Dec.
13a
15a
Dec. 31
Holders of rec. Dec.
Feb.
1
Holders of
Dec.
15
rec.
Pure Oil, common (quar.)
Common (payable in common stock)
ta_
to
Nov. 21
rec.
Dec.
Mar. xl
Holders of
Feb.xl5a
3*
Dec. 21
to
Jan.
1
♦Nov. 15
to
Nov. 30
Dec.
1
rec.
Nov, 13a
Dec.
1
Holders of
rec.
Nov. 13a
Nov. 22
Holders of
rec.
Oct.
16a
Oct.
Holders of
Nov. 28
rec.
la
—
2x
Dec.
1
15
Holders of
rec.
Nov.
2
Dec.
8
Holders of
rec.
Nov. 17a
Nov. 30
Holders of
rec.
Nov.
1
Holders of
rec.
Nov. 15a
Dec.
1
Holders of
rec.
Nov. 15a
IX
Standard Milling, common
Preferred
(quar.)
2
Nov. 30
Holders ol
rec.
Nov. 19a
IX
Nov. 30
Holders of
rtc.
Nov. 19a
2X
Dec.
15
Holders of
rec.
Nov. 16
15
Holders of
reo.
Deo.
la
la
Holders of
rec.
Extra
rec.
4
(quar.)—...
—
1
Holders of
Dec.
1
X
Dec.
1
Holders of
nx
Dec.
1
Holders of
rec.
15
Holders of
rec.
Nov. 15
18
Holders of
rec.
Dec.
Dec.
15
♦Holders of
rec.
Nov. 15
Dec.
15
♦Holders of
rec.
Nov. 15
3
(quar.)
Dec.
15
rec.
Nov. 30a
3
Dec.
15
Holders of
rec.
Nov. 30a
4
Dec.
15
Holders of
rec.
IX
Dec.
Holders of
rec.
Oct.
IX
Dec.
Holders of
rec.
Nov. 15a
MX
Dec.
Holders of
tec.
Nov. 15a
Extra
1
Holders of
rec.
Nov. 15
rec.
Dec. 20
rec.
Jan.
2 ♦Holders of
Jan.
5a
Nov. 15
Preferred
Holders of
rec.
Oct.
rec.
Oct.
30a
rec.
Dec.
United Fruit (quar.)..
Extra (pavable in stock)
10a
(0)
Jan.
1
Holders of
rec.
Dec.
10a
IX
IX
IX
Jan.
1
Holders of
rec.
Dec.
10a
Holders of
rec.
Nov. 15a
Preferred
(quar.)
Nov. 25
to
Deo.
Preferred
3
Dec.
15
Holders of rec. Nov. 30a
Dec.
15
Holders of
Dec.
24
Holders of
rec.
Nov. 10a
IX
Dec.
1
Holders of
rec.
Nov.d20a
rec.
Nov. 30
Dec.
1
Holders of
rec.
Nov. 15a
Dec.
15
Holders of
rec.
Extra
1
Holders of
rec.
Nov. 30a
Vacuum
Holders of
rec.
Oct.
Valvoline Oil
Holders of
rec.
Nov. 30a
Nov. 30a
Jan.
1
IX
Tan.
1
Holders of
rec.
IX
Jan.
1
Holders
IX
Nov. 22
1
30a
Holders of
rec.
Dec.
1
Nov. 11
Wabasso Cotton, Ltd.,
Dec.
1
Holders of
rec.
Nov. 15
Waldorf System, com. (in com. stock)..
1
Holders of
rec.
Dec.
15
15
Weber &
rec.
Dec.
Holders of
rec.
Nov. 15a
Holders of
rec.
Nov
IX
IX
Dec.
1
Holders of
rec.
Nov. 24a
19a
Holders of rec. Dec. 24a
2
Jan.
15
Holders of
rec.
Dec.
8a
e2
Jan.
15
Holders of
rec.
Dec.
8a
1
Holders of rec. Oct.
1
Holders oi
30
rec. Oct.
30
Holders of rec. Feb.
4*
Holders of rec. Dec. 21a
rec.
Holders of
rec.
Nov. 30a
Jan.17*
Holders of
rec.
Jan.
rec.
Dec.
20a
Dec.
20
31
Apr. 15*
Holders of
rec.
Apr.
July 15*
Holders of
rec.
July
If
Dec.
15
Holders of
rec.
Dec.
la
Dec. 31
♦Holders of
rec.
Dec.
(quar.).;
....
29
Nov.
2
Nov.
to
3
Nov. 30
Holders of
Dec.
Dec.
IX
Dec.
Holders of
rec.
Nov. 17
$1.75
Dec.
Holders of
rec.
Nov. 17
*2X
*ix
Dec.
$1
*5
Heilbroner, preferred (quar.).,
(quar.)
Western Knitting Co. (quar.)
G.) & Co.. Inc.. pref. (quar.).
White (J. G.) Eng. Corp., com. (quar.).
White (J. G.) Management, pref.
(quar.)
Nov
2X
IX
Welch Grape Juice, common
Preferred!
(quar.).
White (J.
15
Dec. 30 ♦Holders of rec. Dec. 15
Dec. 30 ♦Holders of rec. Dec. 15
Jan.
1
Holders of rec. Dec. 21a
1
Jan.
Holders of rec. Dec. 21 a
Dec. 30
Dec. 2
3
IX
West India Sug. Fin. Corp., com. (quar.)
Preferred
(quar.)..
1»
75c.
IX
IX
15
8
1
15
Dec.
Tan.
Holders of
Dec.
♦Holders of
Dec.
Holders of
Dec.
Holders of
rec.
Dec.
15
r?c. Nov. 20
lee.
Nov. 15
rec.
Nov. 15a
Nov. 30
Holders of
rec.
Nov. 30
Holders of
Holders of
rec.
Nov. 20
rec.
Nov. 15a
Dec.
1
2
Dec.
1
Holders of
*50c. Nov. 25 ♦Holders of
Dec.
IX
Holders of
IX
IX
Nov
Dec.
rec.
to
Dec.
Holders of
Nov. 20
rec.
Nov. 15a
rec.
Nov.
rec.
Nov. 15
rec.
Nov. 16
5
Dec.
l/olders
Dec.
Holders of rec. Nov. 10a
Jan.
Holders of
15a
IX
2X
Nov.
Polrfprg of
rec.
Nov. 10
15a
York
4
Dec.
rec.
Nov. 13
6
Dec.
Holders of
Holders of
rec.
Nov. 13
Holders of
Dec.
10
Jan.
3
Hol lers of rec. Dec.
dl%
Jan.
3
Holders of
rec.
Dec.
15a
50c. Nov. 22
Holders of
rec.
Nov.
Holders of
rec.
Nov. 20a
IX
Jan.
20
Holders of
rec.
Jan.
Nov. 30
Holders of
rec.
Nov. 20a
IX
Dec.
1
Holders of
rec.
Nov. 18a
*75c. Dec.
1
♦Holders of
rec.
Nov. 10
$1.50 Dec.
10a
.
1
Holders
Dec.
1
Holders of
rec.
Nov. 20
Dec.
1
Holders of
rec.
Nov. 10a
3
Dec.
1
Holders of
rec.
Nov. 20
IX
Dec.
1
Nov. 20
Nov. 30
Holders of
Holders of
rec.
IX
of rec. Nov. 20
Nov.d20a
1
Hclders of
rec.
Nov. 16a
Holders of
rec.
Oct.
30a
Dec.
Holders of
rec.
Jan.
1
rec.
Dec.
10a
*
Correction.
Payable in stock.
/ Payable
In common stock,
a Payable in scrip,
h On account
Payable In Liberty or victory Loan bonds.
k New York Stock Exchange has ruled that
Va
Iron, Coal A Coke be quoted
ex-the 10% stock dividend on Nov. 1.
I Payable In Class B shares,
of accumulated
dividends,
i
n
Payable in Common B stock,
Payable in Class A stock.
o
At rate of five shares of common
m
NOV. 30
of rec. Nov. 15
From unofficial sources.
J The New York Stock Exchange has ruled that stock
will not be quoted ex-dlvidend on this date and not until
further notice,
a Transfer
books not
closed for this dividend,
b Les<*
British Income tax.
d
e
IX
IX
Manufacturing
Extra
6a
1
15
♦TToh'ers of
2
3
rec.
Holders of
15
Woolworth (F. W.) Co., common (quar.)
It
Dec.
Nov. 30a
Nov. 15a
Woolworth (F. W.) Co., pref. (quar.)
Yale & Towne Mfg. (quar.)
Jan.
Jan.
rec.
rec.
rec.
15
*ix
Wayagamack Pulp & Paper (quar.)
Holders of
rec.
Holders of
Holde-s of
15
*1
....
Jan.
1
1
fan.
*/5
(quar.)..
Van Raalte Co., Inc., 1st pref. (quar.).
com.
Jan.
Holders of
15
1
Dec.
IX
IX
Second preferred (quar.).
Victor Monaghan Mills, com. (quar.)
Preferred
(quar.)....
1
5
Dec.
»5
...
Dec. 20a
1
50c,
Oil
Nov. 12
Dec.
Nov.
Dec.
5
rec.
Dec.
Dec.
3
rec.
Jan.
4a
Dec.
IX
Ot
ix
Dec.
IX
Holders of
2
rec.
to
IX
.
Dec,
Holders of
Nov, 2!
IX
U. S. Steel Corporation, com. (quar.)
Preferred
(quar.).——.—
rec.
4a
Jan.
IX
....
——...—
Holders of
Dec.
IX
...
Preferred
(quar.)
.
U.S. Playing Card (quar.)..
15
rec.
4
United Retail Stores (In Class A stock).
U. 8. Gypsum com. (In common
stock).
U. S. Gypsum, com. (quar.)..
Nov. 30a
1
Holders of
*100
—
(quar.)
15
Nov. 10a
Dec.
Jan.
IX
United Gaa Improvement, pref.
(quar.).
United Paperboard, preferred (quar.)
Holders of rec. Nov. 27a
rec.
29
IX
United Cigar Stores, preferred
(quar.)..
United Drug. 2d pref. (quar.)..
....
30a
Holders of
Holders of
Holders of
Nov. 26a
IX
and pref——
com.
Dec.
Holders of
2X
(quar.)...
Union Tank Car.
1
IX
Tlmken-Detrolt Axle, pref, (quar.)
Typewriter, com, (quar.)..
Underwood
1
17
*3
Standard Oil of New York (quar.).
Standard Oil (Ohio), pref. (quar.)
Stern Brothers, preferred (quar.)_..—._
Extra (account accum. dividends)
Studebaker Corp., com. & pref. (quar.).
Nov. 15
Dec.
Nov,
15
*5
Standard Oil (Kansas)
Holders of rec. Nov. 19a
rec.
30
Dec.
— —
Nov. 20
Nov. 20
Dec.
Extra
Nov. 22
6
el 50
———
Standard Oil (Indiana) (in stock)
Standard Oil (Indiana) (quar.)
Holders of rec. Nov. 18a
Holders of
1
(quar.)
Standard Oil (California) (quar.)
Nov. 20
1
Nov. 30
Nov. 13
Deo.
Dec.
rec.
Nov. 16a
Nov. 15a
IX
15
rec.
rec.
$1.50 Feb.15*
Dec.
rec.
Holders of
IX
dlX
Nov. 30
Holders of
1
Dec.
rec.
Holders of
Dec.
$2.50 Dec.
Holders of
1
15a
$1
15
1
15a
3
20
Dec.
Dec.
Dec.
Jan.
Dec.
IX
Dec.
Dec.
IX
X
fx
to
IX
IX
Holders of
Nov. 15a
$3
10
Nov.
rec.
Nov.15
Dec
rec.
rec.
Jan.
20
20
Holders of
Holders of
Dec.
Dec.
Dec
1
Holders of
Jan.
to
Dec.
1
750. Dec. 15
10
4
3
1
Dec.
Southern Pipe Line (quar.)..
Southwestern Power & Light, pref.(qu.).
Spalding (A. G.) & Bros., let pref. (qu.).
3
15
20
Oct.
Dec.
Dec.
Holders of
Dec.
Nov. 15a
Jan.
Dec.
♦Holders of
1
25c.
-
rec.
Jan.
Nov. 20
21
Dec.
rec.
IX
Nov. 20
Nov. 20
Jan.
2
HoMers of
2
25c. Jan.
Dec. 20
Mar. *1
3X
Holders of
15a
1
rec.
rec.
1
22
1
Dec.
15
Dec.
Nov. 22
rec.
Dec.
Nov. 15
rec.
25c.
Preferred
9
Dec.
rec.
Holders of
*25c
Semet Solvay Co. (quar.)
9
2
Holders of
31
Dec.
Dec.
*4
Nov.
1
Dec.
$2
Dec.
$2
rec.
Dec.
IX
Sharp Mfg., common (quar.)————
Sinclair Cons. Oil. pref. (quar.)
to
$1
Nov. 30 ♦Holders of
2
nx
—
Holders of rec. Nov,
fia
Holders of rec. Nov. 22a
to
3
9a
Dec.
/50c
Nov. 15
1
Jan.
4a
Nov. 15
1
IX
Nov. 15«
rec.
Dec.
5
Nov. 20
rec.
2X
IX
to
Dec.
5
Inc
Nov. 15a
rec.
Nov.
10
$1
Nov. 19a
rec.
Holders of
Holders of
10
IX
2X
(quar.)
rec.
Holders of
2
Nov. 30
Dec.
IX
Lanston Monotype Machine (quar.)
Lee Rubber & Tire Corporation (quar.).
Lehieh Coal & Navigation (quar.)
Holders of
.1
Nov. 30
Dec.
2
(quar.)...
15
Nov. 20
3
*3X
Harvester, pref. (quar.)_Lake of the Woods Milling, com.
(quar.)
Dec.
(No. 1)
Seamans (R. E.) Co., Inc., com. (qu.)_.
6a
2
(quar.)
Dec.
Prior pref.
15a
Nov.
12
Intermit. Cotton Mills, com.
Dec.
IX
Nov. 19a
2
Oct.
rec.
X
International
10
31
rec.
2
rec.
Holders of
Dec.
rec.
Oct.
San Joaquin Light & Power, pref.
(qu.)_
15a
Holders of
5
Ju ly 30' 21
Dec. 10
rec.
♦Holders of
—
Holders of roc. Oct.
Nov. 30
Dec.
1
rec.
♦Holders of
Holders of
Holders of
IX
30
Holders of
1
1
Holders of
Extra
..
Aug.xlS
Jan.
60 c
__
Rockaway Rolling Mills (quar.)..
Rock hi 11 Coal & Iron, pref. (quar.)
St. Joseph Lead (quar.)
2
—
Apr 3© '21
Jan 31 '21
Dec.
Rltz-Carlton Hotel, preferred
Jan.
*6
Inland Steel (quar.)
rec.
rec.
Jan.
03
Quaker Oats, preferred (quar.)
Rainier Motor Corporation, pief. (quar.)
Rlordon Pulp & Paper, pref. (quar.)
Nov. 20
Nov. 13
*ix
FTarbison-Wa'ker Refrac., com, (quar.).
Harbison-Walker Refrac., pref. (quar.).
Hart, Schaffner & Marx, com. (quar.)
Hartman Corporation (quar.)
Nov. 30a
Jan 31 '21
15
(quar.)
Holders of
„
Liberty Match,
Preferred
Dec. 31
X
(quar.)
Greene Cantnea Copper (quar.)
rec.
rec.
IX
3
$1
Prelerred
rec.
Holders of
45c
Jan.
IX
Great Western Sugar, com.
(quar.).....
Common (extra)
Holders of
Holders of
Nov. 30 ♦Holders of rec.
Preferred
1
By-Products Coke (quar.)..
Goodrich (B. F.) Co., common
(quar.)_Preferred (quar.)
31
Dec.
Porto Rican-American Tobacco
(quar.).
Pratt & Whitney Co.. Dref. (quar.)
Pressed Steel Car, common (quar.)
Nov.10
"
15
1
Dec.
Feb .*15
*1
Pittsburgh Steel, preferred (quar.)—.—
Nov.
(quar.)
Dec.
Jan.
4a
43
rec. Nov. 30a
Holders of reel Nov. 17
rec.
Extra (payable In stock)
16
IX
Holders of
rec.
Gillette Safety Razor
(quar.)
Extra
Dec.
*3X
1
Holders of
(quar.)..
Nov.
rec.
*10
3
Holders of
General Cigar, Inc., preferred
Deb. pref. (quar.)
General Electric
la
rec.
Holders of
1
2
Paige-Detroit Motor (monthly)
Philadelphia Electric, com. (quar.)
Dec.
1
stock).-
Dec.
Holders of
Jan.
1
Jan.
Dec.
(quar.).
rec.
20
Nov. 20
&x
—
Preferred
(quar.)
Pacolet Manufacturing, common
Preferred
Nov. 22
to
Nov. 20
General Asphalt, preferred
(quar.).
General Chemical, common
Holders of
Dec.
2
—
9
Nov. 19
IX
Utilities, nreferred (quar.).
Gas & Electric Secur., com.
(monthly)..
Common (payable in common
Nov. 11
1
IX
Federal
rec.
Dec.
(qu.)_
Eisenlohr (Otto) & Bros., pref.
(quar.)..
Electric Investment, preferred
(quar.)..
Essex Company
Holders of
Holders of
Filming & Pack. (qu.).
(quar.)
Dec.
Holdersofrec.Apr.30'21
IX
Common (extra)
Nov. 20
$i
Holders of
3
(extra)
Dec.
rec.
Mayzl6
3
Preferred
Borden Co. preferred (quar.)
(quar.)
(quar.)
Nov. 19a
rec.
Holders of
MayzlS
/5,
Eastern Steel, 1st & 2d pref.
Eastman Kodak, common
rec.
Holders of
Feb .* 16
IX
Drayton Mills, preferred
Holders of
3
IX
Dec.
(quar.)...
(quar.)
Decker (Alfred) & Cobn, pref.
(quar.)..
15
IX
Jan.
(quar,)...
Deere & Co., preferred
(quar.)
Diamond Match (quar.)
Dec.
Dec.
2
IX
common
Cumberland Pipe Line
Davis Mills (quar.)
Nov. 16a
Nov. 23a
(quar.)...
IX
(quar.)——.—
Crescent Pipe Line (quar.)
Crex Carpet
rec.
rec.
(quar.)...
1
stock)..
Preferred (quar.)
Consolidated Gas of New York
(quar.)..
Cosden & Co., preferred
31a
Holders of
Holders of
3
IX
3X
(quar.)
Columbia Grapbophone Mfg., com.
(qu.)
Common (payable in common
Dec.
Nov. 30
Dec.
Preferred
1
...
Colorado Fuel <fc Iron, com. (quar.)
Preferred (quar.)...;
Nov. 15a
rec.
Preferred
$1
Preferred B (monthly)
Claflins, Inc. (quar.)
Clifton Manufacturing
Nov. 10
rec.
Holders of
15
Nov. 15a
m3
Common and preleired (monthly)
Common (payable In common stock).
rec.
Holders of
Jan.
Jan.
(quar.)
Nunnally Co
Ontario Steel Products, com. (quar.)
Common (quar.)...
m3
(quar.)
Holders of
Dec.
Nov. 19a
5
Associated Dry Goods, first pref.
(quar.)
Cerro de Pasco Copper
Cities Service—
Nov. 20
IX
*12Xc Jan.
Brooklyn Edison Co. (quar.)
Buckeye Pipe Line (quar.)..
Buckeye Steel Casting, com. (extra)....
Nov. 17«
rec.
American Thread, preferred
com.
Nov. 17
rec.
rec.
l%2
Brandram-Henderson, Ltd.,
Dec.
rec.
Holders of
Holders of
$1
Amer. Sugar Refg., com. &
pref. (quar.)
(quar.)
Seven per cent preferred (quar.)
Eight per cent preferred (quar.)
Blackstone Val. Gas & Elec., com. (qu.)
rec.
Holders of
Holders of
American Sumatra Tobacco, preferred..
American Thermos Bottle—
Extra (payable In Class B shares)..
Preferred
(quar.)
common
IX
common
Holders of
Dec.
2X
(quar.)
IX
IX
(quar.)...
Extra (payable In common
stock)
Bethlehem Steel, com. & Com. B
10a
Jan.
nx
Noble (Chas. F.) Oil & Gas, com. (quar.)
16a
10a
IX
IX
American Smelt. <fc Refin., com.
(quar.)
Preferred (quar.)........
Preferred
Nov
rec
Dec.
1
3
Preferred
'
Holders ol
rec.
1
$2
Preferred
1
Holders of
Dec.
IX
„
Common
Dec
Jan.
15a
\x
9
la
26
IX
3
Holder? of rec. Nov. 30a
Oct.
2
Jan.
Jan.
rec.
Dec.
(quar.)
Nat. Cloak & Suit, pref. (quar.)
26a
1
Holders of
IX
National L<ad, preferred
(quar.)
rec.
Dec.
Dec.
Dec.
1
rec.
rec.
IX
*
National Sugar Refg. (quar.)
New River Co., pref.
(acct. accum. divs.)
New York Shipbuilding
(quar.)—
Holders of
Nov. 15a
Holders of
Holders of
15
IX
.......
...
National Acme (quar.)
3
rec.
22
IX
.
Oct.
American Express (quar.)
Brltisn Cclumoia
....
Holders of
Dec.
3
dl6
2X
American Felt, preferred (quar.).
American Hide & Leather, pref. (quar.)
Powder,
_...
National Biscuit, common
Nov.
Dec.
Jan.
2
Nov. 15
f5 0
Atlantic Refining,
Nov. 30
IX
Nov. 20
American Cigar, com. (in com. stock)...
American Cotton Oil, preferred......
Common B (quar.)
Anaconda Copper Mining (quar.)
Art Metal Construction
Nov. 17a
to
Motor Wheel Corporation, com..—..
Nov. 15a
IX
(quar.)
rec.
Nov.
1
rec.
75c. Dec.
(quar.)........
common
Holders of
Dec.
2
rec.
2
Advance-Rumely Co., pref. (quar.)....
(quar.)...
(in com. stock)
Dec.
50c. Dec.
2
Norfolk Railway & Light
Northern Texas Elec. Co., com.
(quar.).
Washington (D. C.) Ry. & Elec., pref..
Miscellaneous.
Atlas
_
Nov. 30a
Preferred
common
Nov. 16
Nov. 22a
rec.
2
Holders of
IX
Street & Electric Railways.
Central Arkansas Ry. & Light,
pref.(qu.)
Detroit United Ry (quar )
rec.
rec.
♦Holders of
Moline Plow, first preferred
(quar.)..
Second preferred (quar.)..
5a
Dec.
to
Holders of
Holders of
Dec.
*1H
Holders of
1
.
Dec
IX
2X
2X
Union Pacific, common
(quar.)
Extra
_
Holders of
Dec.
2X
43J£c Dec.
50c. Dec.
Southern Pacific Co. (quar.)
Southern Ry.. preferred
Second preferred
.
Nov. 19
rec.
to
Nov. 21
Extra
Nov. 20a
rec.
$4
1
IX
•
Readlng Co., first pref. (quar.)..
Tobacco,
Nov. 3Ca
Holders of
36
$1.50 Dec
Nov
1H
Pittsb. Youngs. & Ash., pref.
(quar.)—.
American
Nov. 30a
rec.
Holders of
Nov. 27a
$3
Phila. Germantown & Norristown
(qu.).
com.
rec.
Holders of
Dec.
....
Nov. 19
to
Dec
IX
*1
(quar.)...
Nov. 13
Nov. 10a
Dec
IX
IX
Pennsylvania (quar.)...
Rolling Mill,
Nov. 15
Holders of
31
11.50 D<c.
Martln-Pairy Corporation "(quar.)
Massachusetts Gas Companies, pref
May Department Stores, com. (quar.)
Preferred
(quar.)
McCrory Stores Corp., com. (No. 1)._
Merrimack Manufacturing (quar.)...
Middle States Oil
(quar.)...
Nov. 10a
Dec
2X
Pittsb. Bessemer & Lake
Erie, pref
Pittsburgh & West Virginia pref. (qu.).
Amer.
rec.
31
Dnc.
$1.50 Dec.
(quar.).
Dec
$2
(quar.)
com.
Holders of
Dec.
1X
Manhattan Shirt, com. (quar.)
Mauomet Mills, preferred
la
Dec.
Dec.
to
2
New Orleans Texas <fc Mexico
(No. 1).
N. Y. Philadelphia & Norfolk.
(quar.)
American Radiator,
Dec.
2
Manati Sugar, com.
(quar.)
Dec. 15a
Jan.
Holders of
31
1
Delaware & Hudson Co,
(quar.)
Great Northern Iron Ore Properties
Illinois Central (quar.)
Locomotive,
Day8 Inclusive.
3
(quar.)
Extra
Dec
Cleveland & Pittsburgh, guar. (quar.).
American
Books Closed.
Payable
81
20
2X
3X
Special guaranteed (quar.)...
! Cripple Creek Central, preferred
(quar.)
Delaware & Bound Brook (quar.)
Acme Tea, preferred
When
Cent.
Mahoning Investment
Dec
IX
common
common
Preferred
Day8 Inclusive.
IX
Preferred
Western,
Payable
Company.
Miscellaneous (Concluded)—
Liggett & Myers Tob. com. A & B (qu.)
Lindsay Light, common (quar.)
Books Closed.
2X
—,
North Pennsylvania
Per
Name of
dividends
Ludlow Mfg. Associates
(quar.).
bpecial
A ten. Tbpeka & Santa Fe. common
(qu.
Canadian Pacific, common (quar.)
Chestnut Hill (quar.)
Chicago & Northwestern,
include
not
When
Cent.
Railroad* (Steam)
Alabama Great Southern, ordinary..
Preferred
<fc
[Vol. 111.
give the dividends announced in previous weeks
we
not
Norfolk
CHRONICLE
on evfry 100 shares of common
outstanding,
p Declared a common stock dividend of 39,000 shares of new common
stock, to
be distributed ratably to the holders of the 91,000 shares of common
stock now
outstanding in proportion to the amount of common stock held by each,
r
Payable in
Preferred stock.
11921.
Nov. 20 1920.]
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 2023.
Week ending
State, Mun.
Ac.,
Par
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:
Boston Clearing House
mary
United
Railroad,
& Foreign
States
Bonds.
Stocks.
Bonds*
Bonds.
Nov. 19 1920.
Shares.
2019
CHRONICLE
THE
Value.
Nov.
:
Saturday
Tuesday
65,997,800
4,302,000
1*023,000
92,008,000
93,470,700
1,062,319
784,953
Wednesday
$1,479,000
3,841,000
1,027,500
8,812,000
6,085,000
658,500
1,082,500
11,974.000
1,097,180
Thursday
1,124,335
1,434.859
_
4,019,000
Total
126,359,000
3,646,000
6.227.486 $530,213,900
Friday
1,411,000
,
$23,372,000
•'
'';
8,254,250
$5,653,500 $52,846,250
New
Jan. 1 to Nov.
19.
Week ending Nov.
201,593,978
286,307,173
6,227,486
.6,873,652
$530,213,900 $624,426,700 $17,273,629,475 $26,118,311,280
$47,200
$11,400
shares
Par value
par
1*5
Bonds.
Government bonds
$52,846,250
$68,370,000
$2,394,676,250
5,653,590
5,918,000
312,684,400
23,372,000
14,473,000
654,665,000
$2,279,897,800
248,771,500
483,232,000
$81,871,750
$88,761,000
$3,362,025,650
$3,011,901,300
State, mun,, &c.,bonds
RR. & misc. bonds
Total bonds
THE BOSTON, PHILADELPHIA
EXCHANGES.
AT
TRANSACTIONS
DAILY
30
Oct.
6
1920.
1920.
$
$
$
2.485,000
2,479,000
10,000
150,000 600,235,000 604,257,000
3,051,000 458,798,000 462.367,000
1,894,000 108,253,000 105.637,000
23,693,000 23,931.000
60,000
5,560.000
3,497,000
1,447,000
19,000,000 18.852.000
647,000
66,976,000 65,430,000
2,362,000
Individual deposits, incl. U.S. 455,747,000 Dec.
Due to banks
106,359,000 Dec.
23,753,000
2,050,000
19,647,000
64,614,000
Time deposits
deposits
Inc.
Dec.
645,000
55,682,000
55,666.000
6,540,000 Dec.
324,000
6,864,000
6,476.000
and
bank
in
excess
Inc.
Dec.
55,037,000 Dec.
Cash In bank & in F. R. Bank
1919.
Nov.
Changes from
previous week.
Loans, disc'ts & investments. 600,385,000 Inc.
Due from other banks
1920.
1919.
1920.
13
2,469,000 Dec.
Circulation
Reserve
Bank shares,
'v
Exchanges for Clearing House
19.
York Stock
Exchange.
Stocks—No.
■■
9,236,000
United States
Sales at
-•'
■+
1920.
$
$4,139,000
10,431,000
$451,000
$61,039,500
91,338,900
723,840
Monday
HOUSE MEMBERS.
BOSTON CLEARING
Federal Reserve Bank
City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Cleaning House
members for the week ending Nov. 13. 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:
Statement of New York
and Trust
AND
of the Equitable Trust Co. has been included in this
Sept. 25.
The return
BALTIMORE
statement since
Baltimore.
Philadelphia.
Boston.
19
Shares.
Bond Sales.
Shares.
1920.
Wednesday
23,499
Thursday...
Friday
35,341
44,389
179,049
6,122
6,852
$40,450
65,8.50
91,000
48,450
40,900
16,000
$302,650
Saturday
17,334
...
Monday
30,328
Tuesday.....
28,158
Total..
6,579
11,253
9,455
8,743
49,004
thousands of dollars—that
(Stated in
Bond Sales.
Shares.
\BondSales.
YORK WEEKLY CLEARING HOUSE
NEW
Week ending
Nov.
$106,000
820
$54,700
48,300
61,650
132,050
5,829
88,800
HOUSE
1,256
29,000
MEMBERS.
1,139
78,300
2,456
20,000
(.000 omitted.)
138,000
9,000
953
27,000
$495,000
12,453
$297,800
Nat'l,
State,
Members
2,000
Co.
5,000
DNew York City Non-Member Banks andlTrust Com-
Mech & Metals.
10,000
panies.y-Following is the report made to the Clearing House
Bank of America
5,500
4,500
14,816
Atlantic Nat'l..
1,000
1,135
5,000
7,438
25,000
32,696
1,000
1,737
7,000
3,000
20,331
Pacific Bank..
[000] omitted.)
Chath & Phenl.
Hanover
CLEARING
I
7,929
Tr.cos. Sept.30
148,087
1,500
7,500
22,737
208,600
1,307
posits.
latton.
East River Nat-
1,000
810
11,755
410
Second Nat'l
1,000
22,733
288,233
932
317
14,680
%
10,000
Irving National.
12,.500
N Y CountyNat
$
*
1,000
443
Continental Bk.
1,000
754
15,000
24,189
11,720
1,857
58
Chase National
503
Fifth
196
200
710
10,791
301
60d
704
221
1,643
1,094
2,347
1,157
26
484
11,684
6,916
2,492
500
500
692
Commerc'l Exch
200
1,027
Yorkville
200
801
409
1,344
7,953
7,304
Commonwealth.
400
849
""394
Garfield Nat'l..
1,000
National.
1,000
.717
590
Seaboard Nat'l.
1,000
4,599
Nat'l..
5,000
7,522
400
1,376
8,347
4,527
14,616
9,832
3,400
6,365
62,793
531
714
8,566
1,805
7,136
49,331
8,812
.
Avenue.
Fifth
1,588
210,359
14,177
7,480
367,444
20,107
7,714
9,119
15,707
13,568
52,421
99,064
908
3,873
19,195
51
5,426
7,921
1,006
1,923
123
888
185,771
13,512
5,975
6,267
35,693
264,452
21,584
53
462
218
600
1,507
16,385
2,203
700
1,953
19,942
2,665
Colonial Bank
964
1,409
587
404
1,322
2,154
1,702
1,081
6,482
733
573
103
395
857
67
2,573
1,965
14,101
376
410
391
393
19,505
856
17,701
694
2,681
40,327
850
3,895
19,871
27,867
20,000
18,553
1,141
26,608
*203,358
702
35,754
3,250
6,621
51,055
Trust Companies
Fi(lel-Int Tr Co.
1,500
1,558
19,453
532
2,490
Not Members
Columbia Tr Co
$.000
77,560
Peoples Trust Co
1,399
1,279
9,913
1,500
New York Tr Co
3,000
7,634
1,900
11,612
Lincoln Tr Co.
2.000
24,564
550
33,076
633
of the
Fed'l Reserve Bank.
*
Hamilton Tr, Bkln
500
1,909
9,587
700
406
8,135
890
Mech Tr, Bayonne
200
495
9,158
438
291
4,858
5,196
,
4,970
33,996
90,720
550
3,354
8,369
3,319
48,375
5,947
13,956
11,036
*480,012
18,137
72,839
32,947
27,763
63,561
23,449
26,265
13,879
*118,962
1,818
14,946
715
4,179
1,863
554
Metropolitan Tr
Comparison previo
Gr'd aggr,
S.
U.
Bills
week
Nov. "G
Oct. 30
23
1
4,80(7
9,8231101,448
9,8231101,329
4,800
deposits deducted,
payable,
rediscounts,
2,000
Nassau N.Bklyn
6,086
12,993
697
1,000
1,394
17,006
610
10,853
120.619
1,666
3,137
23,943
115
17,620
22,949
164,695
888
1,9:34
19,614
*170,633
13,392
aS3.908
14,95b
590
Columbia Bank.
5,000
2,000
+ 1,824
+ 213
—1
Equitable Tr Co
12,000
9,478
a82,084
14,738
591
Avge, Nov.
5,288
9,564
a82,l 16
14,698
9,538
a81,083
14,545
588
5,608
+ 386
9,474
5,222
Totals
actual co ndition Nov. 13 5,069,948
,
Totals, actual co
nditlon
nditlon
State Banks.
$335,000.
and othe jliabilities, $5,139,000.
Excess reserve, $4,020 increase.
1,542
13.262,900 460,4385,088,878
Not Me
Totals, actual co
acceptances
3,583
1,420
14,045
1,336
904
6 5,117,624
Nov.
Oct.
30,5,171,870
Inbers
of Federal
98,944 528,067c3,928,358 225,522 34,702
95,832 649,723 c3,938,708 227,400
95.971 518,953 c3,955,947 231,070
89,745 544,315 c4,033,094 231,562
Reserve
1,000
1,860
18,652
2,683
Bank..
250
844
736
350
2,500
2,331
5,837
72,659
3.617
2,242
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending Nov. 13 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept
with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
3,750
5,035
97,148
7,036
4,234
56,995
41,382
97,153
7,204
4,419
3,956
4,184
57,326
56,516
56,411
41,382
41,327
41,224
1,166
Bank
State
Nov. 13.
Avge.
Totals. actual co
ndltion Nov. 13
Totals, actual co ndltion Nov.
Totals, actual co nditlon
Trust
Oct.
Members of
Oct. 30
1920.
Trust
F.R.System Companies
96,873
7,007
96,598
6,938
Not Mem hers of
Company
1920.
Total.
Federal Re
serve
Ba nk.
6,000
12,281
3,549
30,721
4,000
6,325
47,972
25,.541
1,040
Lawyers R & Tr
999
1,431
15,300
347
10,000
18,607
73,513
2,045
4,980
46,021
1,513
Totals, actual co ndltion Nov.13
73,980
74,521
1,950
2,066
4,994
46,074
5,124
74,805
5,190
46,898
47,179
1,525
1,511
2,028
Avge, Nov. 13.
6
Totals, actual co ndltion Oct. 30
13 1920.
Nov. 6
ciphers (00) omitted.
6
30
1,642
Title Guar & Tr
Totals, actual co ndltion Nov.
Week ending Nov.
809
19,253
5,834
31,908
Bowery
statement
684
781
Bank.
Greenwich Bank
Two
50
589
5.451
—36
9,823jl01,516
4,800
Gr'd aggr, Oct.
a
us
1,138
18,745
9,823! 101,480
4,800
Grand aggregate
Gr'd aggr,
1,5041
1,112
3,448
Farm Loan & Tr
700
Total
247
721
1,530
2,000
198
12,692
2,665
25,000
2,555
100
48,231
70,392
1,500
Guaranty Tr Co
819
1,092
1,000
U S Mtge & Tr.
635
7,362
15,602
3,010
510
287,641
59,377
527,709
Total-..
50
90
5,727
2,620
9,764
1,500
1,590
910
20,389
8,335
9,553
1,213
Bankers Tr Co.
1,641
3,557
lOf
100
11,869
2
Brooklyn Tr Co
53
1,423
3,616
17,968
445
Bank of Wash Ht£
4,704
2,688
Coal & Iron Nat
of the
Fed'l Reserve Bank.
350
29,556
9,307
1,862
Liberty
1,424
145,912
11,234
18,980
169,289
1,625
2,794
22,215
24,240
Union Exch Nat
Banks.
Not Members
21,436
posits.
W R Grace & Co'g
State
13,793
Deposi¬
New Netherlands
Total
106,573
111,689
46,278
Vault.
Mutual Bank
First N Bk, Jer Cy
14,593
15,773
6,473
i",66o
213
__
255
Bank
4,119
4,329
23,262
Imp & Trad Nat
Average Average Average
4,906
237,254
National Park
$
294
3,436
Bank
$
242
47
11,729
Circur-
4,552
36,128
10,651
833
31,930
De¬
tories.
14,708
55,061
*580,081
1,515
Net
6,000
786
105,836
149,029
2,841
1,767
6,115
2,172
2,374
7,128
Time
Corn Exchange
$
$
3,611
13,903
3,900
1,676
41,799
2,165
101,361
4,180
85,558
De¬
Nat'l
$
30,529
649
Net
%
1,614
1,500
Battery Park Nat-
123
3,169
10,288
2,000
13,853
1,795
Demand
Average Average Average
$
$
477
4,449
13,742
19,148
7,275
61,282
14,336
2,012
with
Ac.
Bank.
Average Avge.
854
Legal
2,000
First National..
Res.
Average.
Average Average
$
%
48,431
131.618
209,774
61,343
575,442
135,073
19,162
4,423
124,001
375,069
21,249
124,171
115,882
41,475
147,403
48,983
in
ments,
Members of
Fed'l
posits. lotion
Reserve
Statebks.Sep.30
Nov. 13 1920.
Deposits.
Circn
tories
Cash
counts,
Nat .bks.Sept .8 Invest¬
Week ending
Nat'l
Metropolitan
Dis¬
Capital.] Profits.
NON-MEMBER^
Deposit
3,199
9,286
8,636
Loans,
Net
154
300
Nat
NatBkofComm
(Stated in thousands of dollars—that is. three ciphers
7
16,512
6.044
Chemical Nat'l
Amer Exch
Vault.
%
7,167
16,199
National City.. 640,000 664,489
Nat Butch & Dr
HOUSE.
De¬
Average.
$
$
Y.NBA
Manhattan
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
Time
Demand
&c.
30
of
Fed. Res. Bank
by clearing non-member institutions which are not included
In the "Clearing House Returns" in the next column:
Net
Legal
ments,
8
Sept.
Sept.
with
in
Tr.Cos.,Sept.30
131920.
Bk of N
Na
Ban
Cash
Invest¬
Week ending
Nov
omitted.)
Reserve
Net
Loans,
Capital. Profits. Discount
CLEARING
RETURNS.
is, three ciphers [000]
1,521
271,417 34,702
Gr'd aggr, avge 276,650 484,081 5,259,539 108,025 537,281 f4,031,374
—67
3,234
—54,688
—56,885 + 5,620 -13,167
Comparison, pre vious w eek
act'l cond'n
5,241,081 104,986 559,136 64,042.108 270,307 34,684
-125
-17.253—3,601
—58 + 31103
—47,937
Capital
33,225,0
4,500,0
$37,725.0
Gr'd
91,524,0
12,929,0
37,725,0
104,4531,0
$37,725,0
8urplus and profits
104,470,0
104,465,0
Comparison, pre vious
Loans, disc'ts & Investm'ts
698,591,0
35,495,0
734,086,0
733,716,0
Exchanges (or Clear. House
Due from banks
27,932,0
360,0
28,292,0
30,813,0
736,298,0
27,736,0
Gr'd
aggr,
113,845,0
19,0
113,864,0
136,913,0
544,693,0
9,512,0
121,691,0
140,266,0
117,068,0
140,966,0
Gr'd
aggr,
act'l1 cond'n
act"I cond'n
Gr'd
aggr.
act'!I cond'n
6 5,289,018 105,044 528,033 64,059,361 273,908 34,809
34,781
305,343,273 98,711 553,689164,137,684 274,307
34,691
Oct. 235,405,022 102,051 516,693164,141,573:291,725
545,554,0
Gr'd
aer^T,
act 'lleond'n
Oct.
Bank
136,550,0
deposits...
Total
deposits
1
...
363,0
524,$32,0
9,227,0
deposits
Individual deposits
Time
19,861,0
670,609,0
20,509,0
691,118,0
2,307,0
695,360,0
540,041,0
9,863,0
690,870,0
4,294,0
6.990,0
2,522,0
2,818,0
54,391,0
2.749,0
52,298,0
13,920,0
14,194.0
71,129,0
69,241,0
54,651,0
16,478,0
54,943,0
285,0
U. S. deposits (not Incl.)..
Cash in vault
14,097,6
1,007,0
Total reserve and cash held
69,458,0
3,529,0
2,522,0
55,361,0
15,104,0
72,987,0
required
rec. <fc cash in vault
52,236,0
2,990,0
55,226,0
17.222.0
539,0
17,761,0
Rea've with legal deposit's
Reserve with F. R.
Bank..
Reserve
Excess
*
Cash
55,361,0
in vault not counted as reserve for
9,540,0
14.298.0
Federal Reserve Bank members.
aggr,
w
|Nov,13
eek
Nov.
Oct.
16
5,495,8651103.258 581,584164,254.508 291.429 34,725
foreign branches not included
National City Bank, S120,557,000; Bankers Trust Co.,
*
Includes deposits In
in total footing, as follows"
$3,924,000; Guaranty Trus
Loan & Trust Co., $15,589,000; Equitable Trust Co.
$23,063,000.
Balances carried in banks In foreign countries as reserve for such
deposits were: National City Bank, $55,896,000: Bankers Trust Co., $420,000;
Guaranty Trust Co., $5,672,000; Farmers' Loan & Trust Co., $2,476,000; Equitable
Trust Co., $5,919,000.
c Deposits in foreign branches not included,
e U. S.
deposits deducted, $13,506,000.
fU. 8. deposits deducted, $8,599,000. Bills
payable, rediscounts, acceptances and other liabilities, $1,323,754,000.
6 As of
Co., $96,069,000; Farmers'
Oct. 5 1920.
2020
THE
CHRONICLE
•TATEMENTS OF RESERVE POSITION OF CLEARING
HOUSE BANKS
AND
TRUST
COMBINED
[Vol. 111.
RESULTS
COMPANIES.
Averages.
in
Total
Reserve
in Vault.
Depositaries
Reserve.
Required.
Reserve.
%
$
$
$
$
Reserve banks....
State banks*
23—
528,067,000 528,067,000 517,542,200
4,234,000 11,270,000 10,259,100
4,980,000
7,025,000
6,903,150
10,524,800
1,010,900
121,8§P
Oct.
9,081,000
8,965,000
8,964,000
8,851,000
30
Total Oct.
Demand
%
537,281,000 546,362.000 534,704,450
550,448,000 559,413,000 541,871,730
554,752,000 555,716,000 546,947,650
556,756,000 565,607,000 555,478,700
11,657,550
Oct.
17,541,270
8,768,350
Nov.
Oct.
IN
*
Total Cash
in Vault.
Reserve in
Depositaries.
•
%
$
4,752,350,000
4,724,943,200
4,859,379,600
4,919,536,700
4,734,688.600
121,689,700
119,424,400
119,291,700
119,786,400
122,518,100
664,983,300
640,648,100
4,722,031,500
4,786,338,000
4,777.329,700
125,787,400
121,362,100
120,382,300
653,642,900
846,136,300
5,938,526,500
5,882,990,000
4,681,334,600
4,631,533,300
127,970,600
124,345,700
637,344,000
625,891,600
5,930,958,600
,
5,909,242,000
5,974,889,400
6,180,987,100
6,033.985.500
2
9
6,049,015,800
6,104,585,900
Oct. 16
23...
Nov.
COMPANIES
6,068.267.200
Sept. 4
Sept. 11
Sept. 18
Sept. 25
7,036,000
2,045,000
Total Nov. 13—
Total Nov.
6
Total Oct.
a
TRUST
YORK.
Deposits.
Surplus
Trust companies*...
AND
Loans and
Reserve
Federal
BANKS
Investments.
Week ended—
Cash
Reserve
Members
OF
GREATER NEW
6—v———
13
10,128,300
$
642.537,500
639,681,000
635,358,400
640,474,300
*
Actual
,x;;v
X-xixy.
Cash
This item Includes gold, silver, legal
tenders, national bank notes and Federal
Reserve notes.
Figures
Reserve
b
Reserve
in
Total
in Vault.
Depositaries
Reserve.
Required.
Reserve.
%
%
%
%
$
Members Federal
Reserve banks
State banks*..
Trust companies*...
Total Nov.
1,950,000
—The
6
23
1920, in
comparison with the previous week and the corresponding
30,868,960
1,304,320
date last year:
32,900
Resources—
12 1920.
$
Gold and gold certificates.....
Gold settlement fund—F. R. Board
Gold with foreign
Nov.
5
1920. Nov. 14 1919.
$
•
$
86,908,590
60,440,401
28,347,380
f2.152.952
57,410,000
28,314,588
151,835,000
101,143,000
53,647,000
175,696,372
177,877,541
251,919,730
37,955,400
284,417,000
467,752,672
131,069,913
615.815,000
50,957,000
$98,822,585
666,772,000
agencies
♦
Not members of Federal Reserve Bank.
This Is the reserve
required on net demand deposits In the case of State bank
and trust
companies, but In the case of members of the Federal Reserve banks
Includes also amount of reserve
required on net time deposits, which was as follows:
Nov. 13, $6,855,660; Nov.
6, $6,055,920; Oct. 30, $7,365,750; Oct.
Gold with Federal Reserve Agent
Gold redemption fund
and
Legal tender notes, silver, Ac..
Total gold held by bank
a
23, $7,404,300.
38,374,300
464.821,102
132,380,117
Total reserves..
Nov. 13, $6,822,000; Nov.
6, $6,932,100; Oct. 30, $6,946,860; Oct. 23, $7,477,500.
597,201,220
Bills discounted:
'vx.-x'V
xv-x
Secured by Government war
obllg'ns:
State
Banks
and
State
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
V.-,''.'
'
/
x;
•
X
■
x'-
•/
.
V
■ -
;
513,943,106
721,344,000
513,943,106
721,344,000
507,355,657
98,759,000
38,000,000
474,319,616
44,700,000
469,355,657
91,899,376
429,619,616
92,681,679
98,759,000
77,896,000
—1,043,438,450 1,036,244,402
1,462,347
1,462,347
50,000
50,000
68,163,500
07,054,000
897,999,000
1,113,114,298 l.lf4,810,749
4,114,315
4,114,315
974,518,000
All other:
.
For members
Bills bought In open market
Total bills
U. S. Government bonds
Total earning assets
Bank premises
Investments
-
notes
Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits
Deposits, eliminating amounts due from
on
deposits
Percentage of
reserve,
Uncollectible Items and other deductions
Inc.
$1,348,500
156,800
Dec.
Inc.'
Inc.
4,886,700
1,550,700
Inc.
21.2%.
Total
State
Banks
$25,875,200
Deposits In banks & trust companies. 10,371,300
-—Trust
Companies—
$54,006,500 14.35%
15.61%
6.25%
23,759,300
In
'
......
resources
$36,246,500
21.86%
to
''
v'^xvXx;
Total gross deposits
Banks and Trust
Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those
for the State banks
and trust companies in Greater New
York City outside of
the Clearing House, are as follows:
circulation—net llab
All other liabilities
Total liabilities.
total
1,460,000
712,744,451
1^0,025,351
16,869,555
110,084,804
18,154,780
843,473,013
872,608,965
38,225,600
43,995,566
826,312,257 1,011,779,000
$86,708,230
755,745,000
38,678,000
55,365,000
42,997,147
15,976,000
3,833,854
members—reserve account
of
244,609,000
25,248,800
51,307,534
14,729,864
883.342,808
51,307,534
Deferred availability Items
Other deposits, Incl. foreign govt, credits
Ratio
ISO,037,100
851,168
-v,x
26,240.350
F. R. Bank notes In
2,874,000
x_
157,754,602
1,069,462
Government deposits
6.39%
$77,765,800
20.92%
Includes deposits with the Federal Reserve Bank of
New York, which for the
State banks and trust companies combined
on Nov. 13 were
$54,480,000.
k The Equitable Trust Co. Is
no longer Included In these
totals, It having become
«
member of the Clearing House and
being now Included In the statement of the
Clearing House member banks.
The change began with the return
for Sept. 25.
•
3,994,000
2,616,050
1,875,851,029 1,871,251,970 1,894,227,000
F. R. notes in actual circulation
Total
50,000
foreign
Capital paid In
Surplus
Due
'
,
custody
or
Liabilities—
600,159,300
114,012,300
RESERVE.
•xv
Cash In vaults
transit
countries
320,700
2,117,300
2,211,100
Inc.
In
All other resources..
reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. 8. deposits
Reserve
17,246,200
54,480,000
642,384,600
2,597,130
Gold
Inc.
$623,451,000
8,155,500
1,257,000
75,212,000
5% redemption fund against F. R. Bank
Differences from
previous week.
k Nov. 13.
Loans and
hand...
U. S. Victory notes
(Figures Furnished by State Banking Department.)
Gold
on
U. S. certificates of indebtedness
''
SUMMARY OF STATE BANKS AND TRUST
COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN
CLEARING HOUSE STATEMENT.
v
482,183,416
643.
Trust Companies Not in
Clearing
Banking Department reports weekly
24,773,000
482,183,416
Less rediscounts with other F.R. Banks.
House.—The
306,625,000
;
For members...
New York City State Banks and Trust
Companies.—
For explanation of discontinuance of these
returns see item
in Chronicle of
page
250,750,430
Total gold reserves
b This Is the reserve
required on net demand deposits In the case of State bank
trust companies, but In the case of
members of the Federal Reserve Bank
Includes also amount of reserve
required on net time deposits, which was as follows
Aug. 14,
Yopk.
following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 5
9,154,000 559,136,000 568,290,000 536,083,820 32,206,180
9,073,000 528,033,000 537,106,000 538,412,790
1,306,790
8,966,000 553,869,000 562,655,000 548,659,910
13,995,090
8,979,000 516,693,000 525,672,000 549,649,180 —23977180
30
Total Oct.
549,723,000 549,723,000 518,854,040
4,419,000
11,623,000
10,318,680
4,994,000
6,944,000
6,911,100
7,204", 000
Condition of the Federal Reserve Bank of New
Surplus
Nov.
Total Nov, 13
Total Oct.
eserve
22,440,000
32,922,000
30,609,000
751,665,000
185,709,000
43,796,000
1,875,851,029 1,871,251,970 1,894,227,000
reserves
to
deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
38.3%
38.6%
43.7%
circulation after deducting 35% against
deposit liabilities
Ratio of
reserves to net
Contingent
fjr
>eji
liability
correspo
on
52.7%
deposits after de¬
ducting 40% gold reserves
F. R. notes In circulation
bills
against
36.2%
36.6%
purchased
ndents
6,075,651
6,077,979!
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Nov. 13.
figures for the system as a whole are 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
The
Net liquidation of 54 millions of
discounted and purchased
bills,
panied by reductions of 20.1 millions in net
deposits and
Federal
Reserve
note
circulation,
say:
accom¬
of 25.2 millions in
are
indicated
in
the Federal Reserve
Board's weekly bank statement issued
as at close of
business on Nov. 12
1920,
Gold reserves show a gain of about 7
millions, total cash reserves
increase by 10-3 millions, while the
Banks' reserve ratio shows
a rise from
43 to 43-6 per cent.
Liquidation for the week is shown for all classes of
bills in the Banks'
portfolios, the reductions being as follows:
Paper secured by Government
war
obligations, including Treasury certificates,
34.1 millions, all other
discounts—about 8 millions, and
acceptances—11 9 millions
Holdings
•f Treasury certificates increased
by 1.3 millions, the total decrease in
earn¬
ing assets thus being 52.7 millions,
Gf the total of about 1,181 millions of
paper secured bv Government
war obligations, 611.1
millions, or 51,7%, were secured
by Liberty bonds
332.5 millions, or 28.2% by Victor
ynotes, and 237.4 millions, or
20.1%
by Treasury certificates, as against 52.9, 27.5 and
19.6% of a corresponding
total of 1,215-1 millions shown the week
before,
Discounted bills held by
the Boston, Philadelphia and Cleveland
Banks include 200.2 millions
of
paper discounted for the Federal Reserve Bank of
New
York and for six
Combined Resources
and
Liabilities
of
Ncv. 12 1920. Nov.
.
5
the
other Reserve banks in the South and Middle
West, while acceptance hold¬
and Philadelphia Banks are shawn
inclusive of 19.7
millions of bank acceptances purchased from the
New York Reserve Bank,
Net withdrawals of funds by the
Treasury during the week resulted in a
ings of the Boston
decline of Government deposits by 29.5
millions, while members' reserve
deposits increased by 24.6 millions, and other
deposits, including foreign
Government credits and non-members'
clearing accounts, declined by 1.2
millions,
The "float" carried by the Reserve banks and treated as a de¬
duction from immediately available
deposits was about 14 millions larger
than the week before, these changes
being reflected in the reduction of
calculated net deposits by 20.1
millions,
Federal Reserve note circulation shows a reduction
for the week in eight
twelve Reserve banks, the largest declines
being reported by the
New York and Chicago Banks.
Federal Reserve bank note
circulation increased by the small amount of
0.5 million.
An increase of $1,023,000 in
capital account is due largely to additions
to the capital and surplus of member banks in
New York City, the increase
of 25 millions in the capitalization of the
National City Bank alone accountng for an addition of $750,000 to the
paid-in capital of the local Reserve
of the
Boston,
bank,
Federal Reserve Banks
1920. Oct.
29
1920. Oct.
22
1920. Oct.
15
at the
1920.
Close
Oct. 8 1920.
of
Business Nov. 12 1920.
Oct. 1 1920.
Sept. 24 1920. Nov. 14 1919.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board.
Gold with foreign agencies
Total gold held by banks..
Gold with Federal Reserve agents...
Golf redemption fund
Total gold reserve
169,814,000
409,075,000
77,244,000
$
174,702,000
164,849,000
161,438,000
192,499,000
417.984.000
216,763,000
416,163,000
74,686.000
389,069,000
80.441.000
381.753,000
87,021.000
391,974.000
201.048,000
362,468,000
341,303,000
90.409,000
111,455,000
111,455,000
77,514,000
183,826.000
248,601,000
440,078,000
146,176,000
_»
656,133,000
670,200.000
655,698.000
630.948.000
661.273,000
699,146,000
674,969,000
638,584,000
834,855,000
1,177,689,000 1.152.346,000 1,175,118,000
1.203,240,000 1,169.038,000 1,142,412.000 1,180,393.000
1,211,619,000 1,194,319,000
174,856,000
179,127,000
172.504,000
160,423,000
161,790.000
154,766,000
147.710.000
141,632,000
104,086,000
.
2,008,678,000 2.001,673.000 2,003,320,000
1.994,611.000 1,992,101,000 1,996,324,000 2,003.072,000
1,989,835,000 2,133,260,000
THE
CHRONICLE
*031
Legal tender notes, silver, Ac
Total
reserves
Bills discounted.
Secured by Govt,
All other
war
obligations
Bills bought in open market
Total bills
on
hand
U.
8. Government bonds
U.
S. Victory notes.
.
■_
U. 8. certificates of Indebtedness
Total earning assets
Bank premises.
Uncollected items and other deductions
from gross deposits
6% 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
6,159,760,0M
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total
F. R.
reserves to net
47.1%
deposit and
note liabilities combined
Ratio of total reserves to F. R. .notes in
circulation
after
setting aside
against net deposit liabilities
Distribution
35%
by Maturities—
1-15 days bills
bought in open market.
1-15 days bills discounted...
1-15 days U. 8. certif. of indebtedness.
10-30 days bills bought in open market.
18-30 days bills discounted
18-30 days U. 8. certif. of indebtedness.
81-60 days bills bought in open market.
81-60 days bills discounted
81-60 days U. 8. certif. of Indebtedness.
61-90 days bills bought In open market.
61-90 days bills discounted
61-90 days U. 8. certif. of Indebtedness.
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Federal Reserve Notes—
Outstanding
Held by banks
In actual circulation..
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller.
Returned to the Comptroller
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent
Issued to Federal Reserve banks
How Secured—
By gold and gold certificates
By eligible
paper
Gold redemption fund
With Federal Reserve Board
Total
Eligible
•
paper delivered to F. R.
Agent.
_
Revised figures,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 12 192$
Two ciphers (00) omitted,
Boston,
Federal Reserve Bank of—
Cleveland. Richmond
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 (a).
All
other.
Bills bought in open market (b)_-
Total bills on hand
U. 8. Government
bonds..
U. 8. Government Victory notes
U. 8. 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 ln__
Surplus
I...
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.
213,222,0
351,659,0
F. R. bank notes in circulation—
Net
liability
All other liabilities
Total liabilities
22,224,0
6,597,0
Atlanta,
Chicago,
St. Louis
Mlnneap. Kan.CUy,
Dallas
2022
[Vol. 111.
CHRONICLE
THE
i
Two ciphers
(00) omitted.
Boston.
New York.
PhUa.
$
$
%
LIABILITIES {Concluded)—
Atlanta.
Chicago.
$
Cleveland. Richmond
$
$
$
St. Louis. Mlnneap. Kan.CUy.
San Fran.
Total.
$
$
%
%
$
$
■
Dallas.
Ratio of total reserves to net de¬
posit and F. R. note liabilities
combined,
per
cent
51.1
...
emoranda—Contingent liability
as
51.1
44.3
40.3
9,520,0
38.3
endors
35.141,0
784,0
576,0
55.2
40.2
42.0
39.2
39.9
41.7
23,680,0
26,250,0
40,503,0
27,089,0
752,0
432,0
768,0
416,0
43.6
48.1
er on:
Discounted paper rediscounted
with other F. R. banks
38,000,0
200,183,0
Bankers' acceptanoes sold to other
F. R. banks without endors't..
Contingent
for
Hab.
foreign
on
19,736,0
19,736,0
purch.
bills
6,076,0
1,280,0
1,312,0
24,500,0
(a)Includes bills discounted for
other F. R. banks, viz
55,414,0
(b) Includes bankers' acceptances bought fr
om
3,904,0
20,266,0
other F,
R.banks
1,168,0
correspondents
76,0
16,204,0
200,183,0
'
Without
their endorsement...
7,000,0
STATEMENT
12,736,0
OF
FEDERAL
Federal Reserxe Agent at—
Resources—
RESERVE
Federal Reserve notes
on
hand
5,900
18,750
Gold redemption fund
Gold settlement fund—Federal Reserve Board
Eligible
paper:
(Amount
\ Excess
110,000
168,588
required
44,816
amount held
Total
AT
Cleve.
Rlchm'd
$
$
CLOSE
$
Atlanta
3,500
1920.
Minn.
$
$
12,265
$
8,460
84,446 114,473
Total.
$
S
4,380
13,470
604,389
92,758 290,898 3,660,033
13,052
1,288
3,877
6,064
16",863
276,776
118,103
12,200
35,360
13,734
80,951
782,810
57,906
75,236
10,202
39,474
66,129 193,084 2,482,344
4,303
12,339
491,919
5,860
"
8,858
160,145
Dallas. San Fr.
K. City.
$
'
132,040
16,980
629,958 156,014
2,901
2,717
15,809 21,044
48,500
57,000
25,000 101,389 100,000
748,698 168,508 217,687 100,415 117,304
19,191
3,229 24,952
23,250
259,488
12
St. L.
Chicago.
%
NOV.
BUSINESS
OF
%
32,025
209,608
16,143
19,736,0
...
139,800 35,680 32,000 27,519 61,295
999,449 285,706 370,756 151,816 180,521
120,500
Federal Reserve botes outstanding
303,238
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
*
-
Phlla.
%
$
ACCOUNTS
AGENTS*
Boston. New York
{In Thousands of Dollars).
\
m
3,789
38,531
460,955 107,834
39,646
11,029
6,831
771,792 2,398,186 610,321 798,464 350,342 445,587 1,431,602 340,037 191,359 276.880 211,325 590.479 8,416,374
Liabilities—
Federal Reserve notesr eceived from Comptroller, groes. 726,400 2,326,500 666,680 697,020 388,200 408,380 1,237,220 384,780 187,720 262,020 196,160 530,760 8,011,840
Less amounts returned for destruction
302,662 1,187,251 345,294 294,264 208,865 166,564
475,222 211,786 91,009 139,087 89,932 235,482 3,747,418
Net amount of Federal Reserve notes received from
-'.I
Comptroller of the Currency
(Gold
423,733 1,139,249 321,386 402,756 179,335 241,816
51,401
63,217
250,751. 117,198 153,069
134,650
213,404 1,008,186 171,737 242,639 119,606 140,554
Collateral received from
Federal Reserve
bank:\Eligible
paper...
Total
761,998 172,994
96,711 122,933 106,228 295,278 4,264,422
169,003
48,180
500,601 118,863
26,540 39,237
68,108 114,710
26,629
97,814 1,177,689
78.468 197,387 2,974,263
771,792 2,398,186 610,321 798,464 350,342 445,587 1,431,602 340,037 191,359 276,880 211,325 590,479 8,416,374
Federal Reserve notes outstanding..
303,238
Federal Reserve notes held by banks...
14,197
Federal Reserve notes In actual circulation
...
999,449 285,706 370,756 151,816 180,521
13,237
19,097
5,116
4,326
126,840
351.659
872.6091272.469
289,041
Member Banks of the Federal Reserve
629,958 156,014
83,343
546.615
146.700 176.195
137.348
84.446 114,473
18,666
1,717
92,758 290,898 3,660,033
4.961
34,236
331,048
5,312
87,797 256.662 3,328,985
82,729 109,161
System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
statement showing principal resource and liability
items of reporting member banks
in
federal
reserve
bank and branch cities and all other reporting banks as at close of business november 5 1920.
Substantial
Total borrowings of the reporting institutions from the Federal Reserve
liquidation of loans secured by stocks and bonds, also a
continued decline in Treasury certificate holdings, accompanied by larger
aggregate reductions of Government and other demand deposits, are indi¬
cated in the Federal Reserve Board's statement of condition on Nov. 5 of
823 member oanks in leading cities.
Combined holdings of United States bonds and Victory notes show an
increase for the week of about 3.2 millions, while those of Treasury certifi¬
cates declined by 9.8 millions.
For the member banks in New York City
an increase of 2.2 millions in the holdings of United States bonds and notes
and a reduction of 4.4 millions in Treasury certificates are indicated.
Loans
secured by Government war obligations show but nominal changes, while
loans
banks,
Further
a
previous Friday.
For the New York City banks
a
1,
the books of the latter, increased during the week from
withdrawals
of
Government
Number of reporting banks
U. S. bonds to secure circulation
Phlla.
in
a
reduction
of
a
Other demand deposits (net)
decline for the week of 77.7 millions,
of which about 70 millions
Time deposits,
on
the
other hand, show a gain of 11.4 millions, all outside of New York City,
Reserve balance ,of the reporting banks, in accord with the decrease in
demand deposits, show a decline of about 30 millions of which 24 millions
represents the decline at the New York City banks,
Cash in vault, mainly
Federal Reserve notes went up 20,4 millions, the New York City banks
reporting a gain in this item of 7.5 millions,
decline under this
Cleveland. Rlchm'd.
Atlanta.
59
115
48
92
81
Three ciphers (000) omitted.
St. Louis. Mlnneap. Kan. City
Chicago.
46
108
29,008
14,530
21,551
16,422
7,370
33,796
51,696
13,335
9,883
35
37
Dallas.
83
San Fran.
Total.
51
68
14,751
19,573
32,648
269,197
23,519
22,666
610,087
823
12,610
investments, Including bills
29,543
83,440
9,301
42,428
60,995
19,182
6,819
28,298
3,996
2,703
1,056
5,186
3,072
142,750
13,514
13,300
7,094
6,520
38,640
46,311
66,438
14,375
3,853
2,010
6,729
5,379
21,662
285,223
54,173
523,427
63,705
135,905
76,717
53,344
158,198
36,348
20,319
50,185
50,690
135,123
1,358,134
46,924
Total U. S. securities...
11,347
250,278
5,840
16,101
U. 8. certificates of Indebtedness
46,959
19,622
Other U. S. bonds, Incl. Liberty bonds..
U. 8. Victory notes.
Loans and
New York
Boston.
resulted
represents the decrease at the New York banks.
Data for all reporting member banks In each Federal Reserve District at close of business November 5 1920.
Federal Reserve District.
funds
decrease under this head of 12.5 millions.
show
and of 59.2 millions for the New York City members,
head of 52.1(millions may be noted.
on
Government deopsits by 35.3 millions, the New York City banks reporting
investments, composed largely of commercial loans and
discounts show a total decline of 3.8 millions, as against an increase of
8.7 millions in New York City.
In consequence of the above changes, total
loans and investments of reporting banks were 65.1 millions less than on
the
shown
modation at the local Reserve Bank from 881.7 to 890.5 millions, resulting
in a rise in the rate of accommodation from 15.5 to 15.8%, is noted.
supported by corporate securities show reductions.of 54-5 millions for
all reporting banks
All other loans and
as
2,244.2 to 2,278.5 millions, or from 13.2 to 13.4% of the banks' total loans
and investments.'
For the New York City banks an increase in the accom¬
34,155
911,168
193,627
re¬
discounted with Federal Reserve Bank:
Loans sec. by U. S. war obligations...
Loans sec.
438,890
75,995
70,985
198,136 1,298,701
212,566
330,534
113,501
815,386 4,095,657
by stocks and bonds
All other loans and investments
591,455
988,557
396,980
943,721 1,525,981
69,112
105,753
18,901
38,962
689,300
962,009
39,896
383,050
617,994
567,151 2,495,080
28,852
186,642
72,477
245,800 1,356,189
637,848
148,326
Total loans and investments, including
rediscounts with F. R. banks
1,114,619 6,356,675
Reserve balances with F. R. Bank.
deposits...
82,266
619,656
125,852
25,343
819,986 4,928,657
deposits
164,203
4,286
458,284
17,372
26,333
345,251
Cash in vault...
Net demand
Time deposits
Government
Bills payable with F. R. Bank:
30,796
18,708
339,937
92,635
31,743
17,224
30,407
10,029
58,752
35,323
31,385
449,040
127,651
428,670 1,795,207
408,439
31,116
301,638
81,142
528,307
265,021
604,181
38,231
370,297
690,041
18,084
43,610
10,088
9,348
219,877
13,908
39,944
365,684 1,300,912 16;952,336
24,565
83,141 1,335,235
12,207
26,323
387,411
195,684
68,470
99,029
57,109
5,819
5,714
917
653
4,951
300,586
130,283
1,139
15,294
394,927
276
1,256
670
44,422
27,421
26,118
32,115
80,496
22,087
5,393
23,856
20,402
150
325
108,708
146,431 3,087,514
985,203 11,595,520
641,352 11,094,304
2,816,595
2,359
45,412
521,389
31,303
Secured by U. 8. war obligations
All other
36
918
270
Bills rediscounted with F. R. Bank:
Secured by U. S. war obligations
15,182
All other
56,392
2.
139,768
465,052
37,082
8,385
4,471
10,857
15,131
7,969
2,900
9,146
33,564
38,000
45,931
75,262
282,353
85,107
64,477
85,175
1,481
27,962
4,409
75,483
685,197
m
1,699
256,781
1,334,758
Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
All F. R. Bank Cities
City of Chicago.
F. R. Branch Cities
All Other Report. Bks
Total.
Three ciphers (000) omitted.
Nov.
Number of reporting banks
U. S. bonds to secure circulation
5.
Oct. 29
72
NOV.
72
5.
51
Oct. 29
51
Nov.
5.
285
Oct. 29.
285
Nov.
5.
208
Oct. 29.
208
Nov.
5.
330
Oct. 29.
Nov. 5*20. Oct. 29 *20. Nov. 7*19
330
823
823
37,362
36,966
1,439
1,440
96,035
95,841
72,350
72,322
100,812
100,688
269,197
268,851
268,209
Other U. S. bonds, incl. Lib. bonds
U. S. Victory notes
218,375
216,486
17.001
16,465
342,097
338,159
147,765
120,225
120,033
610,087
607,386
633,950
73,934
74,010
11,166
11,174
104,946
105,225
52,315
149,194
51,856
36,366
132,558
15,836
17,745
184,168
189,420
60,079
63,786
40,976
193,627
285,223
292,410
128,188
36,305
41,787
193,386
U. S. certificates of Indebtedness
294,993
847,558
457,859
460,020
45,442
46,824
727,246
728,645
332,509
337,158
298,379
298,813
1,358,134
1,364,616
2,042,127
411,201
410,604
60,614
679,322
135,992
137,634
98,107
94,592
Loans sec. by stocks and bonds._ 1,147,200 1,206,383
414,208
414,373
911,168
3,087,514
3,141,976
_.
Total U. S. securities
Loans and
Investments, incl. bills
783
re-
dlscounted with F. R. Bank:
Loans sec. by U. S. war obllgat'ns
All other loans and investments
__
Total loans and Investments, incl
rediscounts with F. R. Bank
Reserve balance with F. R. Bank
Cash in vault
.
Net demand deposits
Time deposits
Government
Bills
deposits
335,479
63,208
335,184
2,179,466
3,612,185 3,603,496 1,061,798
,063,643
7,397,462
489,643
493,840
2,237,860
7,391,264 2,304,779 2,310,448
,893,279 1,897,564 11,595,520 11,599,276 a9,141,277
5,628,445 5,680,503 1,503,333
579,841
603,782
134,780
110,342
102,819
43,179
4,436,063 4,506,067
937,514
318,231
317,616
293,468
16,059
28,560
2,383
,508,859 10,981,243 11,037,191 3,267,120 3,274,883
135,153
203,496
206,867
978,631 1,003,072
72,043
37,647
76,326
208,616
222,567
942,140 7,740,299 7,823,307 1,755,420 1,756,191
291,110 1,290,698 1,285,914
913,832
909,636
56,996
9,620
17,053
4,202
32,058
,703,973 2,705,342 16,952,336 17,017,416 16,181 ,822
153,108
155,283 1,335,235
1,365,222 1,461 ,651
88,518
382 ,679
86,338
387,411
366,997
,598,585 1,592,555 11,094,304 11,172,001 11,284 ,244
612,065
609,697 2,816,595 2,805,247 2,209 ,169
330 843
3,734
6,682
45,412
80,731
677,069
911,548 al,141,049
3,246,138
payable with F. R. Bank:
Secured by U. S. war obligations.
m
314,797
316,266
23,686
24,236
451,568
146,876
137,166
83,725
83,935
685,197
1,513
454,596
All other
1,071
186
1,069
1,699
672,669
2,140
1,166 815
611,231
Bills rediscounted with F. R. Bank:
136,786
All other
135,476
429,865
7,526
8,967
213,624
438,884
Secured by U. S. war obligations.
196,333
191,100
978,509
14.81
14.7
7.0"
7.2
11.9
211,550
956,691
29,947
32,152
13,210
12,973
256,781
189,918
186,896
166,331
169,191
1,334,758
256,675
1,312,778
10.9
10.8
11.8
11.8
Ratio of U. S. war securities and war
paper
ments,
a
to
total
loans and
invest¬
per cent.
Exclusive of rediscounts with Federal Reserve
banks.
il.91
12.1
i2.a
Nov. 20
1920.]
THE
CHRONICLE
VOLUME
%-mkzxs7
3033
BUSINESS
OF
AT
THE
NEW
YORK
STOCK
EXCHANGE.
DAILY, WEEKLY AND YEARLY.
[For transactions
page 2019.]
on
NewYork. Boston. Philadelphia and Baltimore exchangee,
see
Wall
Street,
Friday Night Nov.
Railroad and Miscellaneous
statement
tone
was
more
19 1920.
State
Stocks.—Saturday's bank
favorable than its predecessors and the
the
of
security markets was better and the trading
Monday and Tuesday than for some time past.
On the latter day prices in all departments at the Stock
Exchange were substantially higher than at the close last
week.
But these prices have not been maintained.
They
declined very sharply on Wednesday and the movement
continued in a modified degree on Thursday and today,
during which a long list of industrial shares sold at the lowest
prices of the year.
The railways held firmer, however,
and in this group no new low records were established.
Turning to the influences effecting these movements we
find that the decidedly easier money market has been more
than offset by the reduction or complete suspension of divi¬
dends by several important concerns, including American
International
Corporation,
Ajax Rubber,
Cuban Am.
Sugar and others, and by the more or less demoralized condi¬
tion of the Copper, Rubber, Sugar, Motor Car and Shipping
industries.
While railway shares have suffered less than
other stocks Great Northern closes today 8 % point
lower
broader
on
and
the Board
are
Railroad
Bonds.—Sales
which is somewhat in
United
the
States
Board
of the average
excess
Week ending Nov.
Week.
Lowest.
Par. Shares
f High
3%e, 15-30 year, 1932-47
93.50
93.22
93.12
93.10
93.00
92.90
( Low-
93.20
93.00
93.50
92.90
92.74
92.62
[ Close
First Liberty Loan
93.50
93.10
93.10
92.92
92.80
92.62
268
470
455
345
595
626
86.88
85.70
85.90
85.34
85.54
85.54
86.88
85.50
85.54
85.20
85.50
85.50
86.88
85.50
85.54
85.34
88.50
85.54
70
21
Total sales In $1,000 units
Second Liberty Loan
4s, 10-25-year-conv, 1942
f High
(Low.
1 Close
4e, convertible, 1932 47
American Bank Note.50
Am Brake S & F..no par
100
45
100
Lou est.
v
J
m
Nov 19
220
87% Nov 18
88
Nov 18
86
July
90
23
24% Nov 15
23
Nov
44
American Radiator...25
400
71% Nov 18
71 %
86
Nov
73
American
,.100
Snuff
Assets Realization....10
Oil..
100
Atlantic Refining
100
Associated
100
Preferred
750
72
Nov 13
100% Nov 13 100 % Nov 19
500,
2% Nov 15
800100
51050
100 105
3
Nov 16
2
Nov 19 107 X Nov 15
85%
Nov 13 1050
Nov 13 1050
Nov 18 105
Nov 18 103
Atlas Tack Corp..no par
700
19 V* Nov 19
20% Nov 15
Austin,Nich & Co.no par
300
14
Nov 19
100
300
12% Nov 15
71% Nov 17
72
Nov 18
200
25
25% Nov 19
Preferred..
Barnet leather...no par
88.40
88.50
88.50
88.00
88.04
88.04
88.04
88.00
88.08
88.50
88.10
88.40
100
Nov
93
Nov 15
40
Nov
Nov 15
84
Nov 15
84
Nov
84
100
Central RR of N J...100
400 210
Certain-Teed Prod no par
500
5 % Nov 18
48
40
Nov 17
255
1,233
1,093
1,109
1,679
88.50
88.06
88.06
87.20
87.06
88.50
88.20
87.50
87.70
86.80
86.98
87.70
86.80
88.50
Nov 19215
Nov 18 175
Nov 17
41
Nov 17
9
6% Nov 19
43
159
25
164
60
86.06
85.96
85.90
86.00
85.80
86.10
85.60
85.54
85.40
85.42
85.50
67% Nov 16
Nov
82
32
Aug
40
20% Nov 15
20%
Nov
92 % Nov 18
38
Nov 18
83
Sept
36
Sept
20 % Nov 15
Nov 15
x 91
100
38
(The) Co. .25
Fisher Body pref
100
Chemical... 100
Nov 18
25 515% Nov 19518
Nov 18 515%
9
Nov 18
9
9% Nov 15
Nov 18 47% Nov 17
200 45
45
300
100
98
General
200 zl25
General Cigar, pref.. 100
Hartman Corp.
100
200
Nov 19
98
Nov 19
97 %
Nov 19 131
Nov 17 2-125
88
Nov 16
88
Nov 16
88
83%
Mar
45
Hydraulic Steel...no par
Indian Refining.
10
24
Nov
33%
Sept
200
15
Nov 15
15
Nov
20
Aug
Internat Nickel, pref.
200
82% Nov 15
15% Nov 19
83
Nov 18
80
June
88
Feb
Jan
95.92
95.74
95.76
96.00
95.90
96.00
95.74
95.76
95.96
96.10
95.90
167
1,289
1,429
201
882
736
$1,000 units
To-day's (Friday's) actual rates for sterling exchange were 3 39@3 40%
days, 3 43%@3 45% for cheques and 3 44%@3 46% for cables.
on banks sight 3 43%@3 45%, sixty
days 3 36%©3 38%,
ninety days 3 35%@3 37%, and documents for payment (sixty days)
3 37 % @3 39 %.
Cotton for payment 3 43 % @3 45 %, and grain for pay¬
ment 3 43% ©3 45%.
To-day's (Friday's) actual rates for Paris bankers' francs were 16.78@
16.91 for long and 16.72@16.85 for short.
German bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders
were 29 13-16 for long and
30 3-16 for short.
Exchange at Paris on London, 57.90 fr.; week's range, 56.85 fr. high ana
„
,
r.
„„
The range
200
95
Nov 18
96
93%
Sept 100
Jan
1.57
Nov
45
Mar
Low for he week
1.15%
Oct 102
Jan
10 %
Nov 19
10% Nov 19
10%
Nov 16
86
Nov 16
86
16
Nov 18
400
Jan
Nov
14%
Nov
33%
30%
Nov 13
28
Nov
33
July
Nov
38
Apr
2% Nov 13
200
2 % Nov 15
2
Nov 15
200
2
2
100
5% Nov 17
3
Nov 15
2% Nov 15
2
Nov
35%
Jan
Nov 15
2
Nov
3%
5%
3
Nov
63%
30%
Jan
Jan
Nov
51
Jan
5% Nov 17
Nov 17
3
Nov 15
31
Nov 13
2,800
46
Nov 19
51% Nov 13
87
Nov
24%
46
Nov
59
16; 88
Nov 19
87
Nov
90%
Nov 17; 103
Nov 13
98 %
Nov 125
600105% Nov 19107
Nov 13 103%
Oct
Nov
Jan
July 116
Jan
Feb
29
Mar
May
72
Nov
10
Nov
64
OhloBody & Blow.no par
2,300
13
Nov 19
100
13
15% Nov 15
47% Nov 19 ! 44
Nov
25
100
100
82
Nov 13
82
Nov 13
82
Nov
82
100
100
29
Nov 16
29
Nov 16
25
May
29
5
100
24
Nov 15
24
Nov 15
24
Nov
38%
Parish & Bingham no par
800
10% Nov 19
20% Nov 17
19%
Nov
47%
Jan
100
300
10
Nov 15
11
Nov 16
9
June
Sept
Phillips-Jones, pref..100
100
78
Nov 17
78
Nov 17
78
Nov
Pittsburgh Steel, pref 100
18%
92%
94%
47% Nov 19
18j
19|
300
87
Nov 18
87% Nov 13!
no par
300
20
Nov 19
22
Reis (Robt) & Co.no par
300
10
Nov 17
10% Nov 13!
Nov 17
6% Nov 15
Jan
29% June
55%
Apr
.
Nov
Nov
Jan
Mar
83
May
Nov
29
June
10
Oct
23
Apr
Nov
84
Apr
100 68
Nov 16; 68
68
Nov 16
preferred..
100
300 105
Nov
Sears, Roebuck, pref.100
15,106
Nov 19 103
Seneca Copper...tio par 18,900
16% Nov 19: 19% Nov 13 14%
5% Nov 18'
Feb
20
1st
1,700
5
Nov
119%
Jan
Mar
Oct! 23% Nov
Nov'
12%
Jan
Apr
So Porto Rico Sugar. 100
700
97
Nov 15101
Nov 16
97
Nov 310
Submarine Boat..no par
9,100
10
Nov 17
10% Nov 18
10
Nov
14
Oct
Temtor C&FP ClAno par
700
30
Nov 18
35
30
Nov
47
Apr
Third Avenue Ry...l00
3,900
Aug
22%
14% Nov 18
100 200
1,800
10
900 100
Nov 13
17% Nov 16
Nov 19 200
Nov 15
9%
Nov 19
190
May
12% Nov 16
10
Nov
Nov 15 102
Nov 13 100
99Q
19%
30%
30%
29 3-16
29%
29%
Nov 148
Oct
45
Nov 13
53
Jan
10
Nov 18
10% Nov 15
10
Nov
11
Nov
61
Nov 17
62
61
Nov
17
Nov 18
19% Nov 16
17
Nov
65%
25%
Jan
Nov
84% Nov 13
84% Nov 18
84%
Nov
98%
Jan
Nov 13
44
Aug
market this week and
was a heavy tone to the "curb"
prices generally moved to lower levels
though the downward course was accompanied by consider¬
able irregularity.
General Asphalt com. was conspicuous
for a loss of over four points to 43 Yi the close today being at
44l/iUnited Retail Candy Stores was under pressure
and weakened from 8% to 7%.
Automatic Fuel eased off
from 66%
to 66^ then advanced to 67%.
Cleveland
Automobile lost a point to 45.
Gardner Motors was off
from 20 to 18%.
Lincoln Motor class A stock sold down
from 26% to 25 and at 25% finally.
Tobacco Exports
declined from 10 to 8.
Among oil shares Internat. Petrol,
dropped from 15% to 14 and closed today at 143/2Canb.
Syndicate receded from 11% to 1034, recovered all the loss,
and sold finally at 11%.
Simms Petroleum advanced from
7% to 834 and closed today at 834Elk Basin Petroleum
weakened from 834 to 8.
Guffey Gillespie Oil com. after a
gain of a point to
834 reacted to 27. Maracaibo Oil.
moved down from 17341 to 16.
Ryan Consolidated was
and
slumped from
1534 to 10.
Spencer
dropped from 934s to 7 and today sold up to 11.
Trading in bonds continued large.
Allied Packers 6s, after a
gain of a point to 61 declined to 59, the close today being at
5934.
B. F. Goodrich Co. 7s lost two points to 8734b
recovered to 89% and ends the week at 8934*
700
Nov 15
Cincinnati, par.
Outside Market.—There
under
Jan
310
45
$1,000 premium.
Mar
Westing E & M 1st pf_50
White Oil Corp...no par 20,400
200
Co, pref...100
—
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
discount.
Boston,
par.
San Francisco, par.
Montreal, $123.75 per
Sept
Weber&Heilbronerno par
100
_
1.17%
Nov
Nov
24% Nov 18
400 101
2%
17.35
1-59
29 13-16
Low for the week
16
Nov 13
16.22
„
High for the week
Nov 13
17
30
Nov 18
^
Amsterdam Bankers' Guilders—
Jan
18
14 % Nov 19
28
^
3 37%
Paris Bankers' Francs—
17.37
86
Cables.
3 50
High for the week
16.22
100
„
low.
17.40
100
1,006
as
16.33
14
96.08
95.96
Germany Bankers' Marks—
High for the week
66
Wilson &
96.14
High for the week
Nov 18
50
96.00
Low for the week
Nov 13
1st pref erred
95.84
40% Nov 15
14
...100
95.96
Jan
64
United Drug
96.00
Apr
600
100
1,616
Apr
200
Tidewater Oil
1,170
95
Norfolk & West, pref.100
Tol St L & W trust rects.
1,034
91
600
10
2,365
$1,000 units
Nov
Nov 118
Norfolk Southern ...100
Shattuck Arizona
95.90
737
n
Nov
Nat Anil Ch Cons ctfs..
Rand Mines..
95.90
96.02
73
900
Peoria & Eastern
95.92
96.50
44
200
Otis Steel, pref
Coast
95.80
95.80
Nov 15
no par
Pacific Mail SS
95.74
95.80
Nov 18
100
100
Pacific
95.70
96.00
73
stmpd asstd.
Supply
96.08
S6.00
78
Certificates of deposit,
Fuel
96.10
m
Nov 19
Nov 18
-----
5
+
Nov 18
1,400
Ohio
96.00
96.00
±
Nov 15
70
----
5
■
75
100
100
95.50
-
73
500
Preferred
-
44
1,400
100
-
-
100
200
25
dep
-
—
900
Martin-Parry
no par
Mathieson Alkali.
__50
Biscuit
96.00
-
for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Checks.
3 44%
3 49%
Low for the week
331%
3 36%
70%
Nov 16
Nov 17
Preferred ctfs
3,205
95.50
-
-
Jan
Oct 108
Oct 71
Nov 15
24
National
85.80
3,581
96.00
—
58.10.'
50
Mullins Body
85.90
2,801
95.50
-
Jan
73
do
86.34
2,927
'
-
Commercial
Mar
Nov 17
1st preferred
2d preferred
86.20
2,909
1,518
for sixty
Jan
Feb 108%
Nov 192
Nov 100
Nov
Nov 16
Motor
86.24
86.48
.
sensationally as it had receded last week.
In
advances of as much as 300 points
scored, although before the close weakness again set in
and some of the gains were lost.
Jan
Nov 17
Maxwell
85.60
were
Jan
50
..
85.70
Foreign Exchange.—The market for sterling advanced
Aug
71
Manhattan Shirt
85.90
Continental exchange,
Jan
67 %
Nov 535
Nov 29
24
Kayser (Julius) & Co. 100
Kelly-Springf 6% pf.100
Kelsey Wheel, Inc...100
Loose-Wiles, 1st pref.100
Mallinson (H R)__no par
Manati Sugar, pref.,100
86.10
95.86
almost
36% May
101
100
100
86.10
t Close
Jan
200
300
86.48
96.04
Total sales in
Jan
Mining.. 100
Homestake
85.96
Victory Liberty Loan
f High
3%s conv gold note8,'22-'23(Low.
Sept
100
1,710
86.40
96.04
Total sales
Jan
32
67 % Nov 18
32
Nov 15
67%
100
200
3,290
86.34
(Close
Oct
300
De Beers Cons M.no par
2,777
86.40
#
6
Detroit United
85.56
2,086
'
Jan
39
Nov 15
85.48
85.66
2,171
86.48
86.20
(Close
Nov
49
53 %
39
85.90
85.66
898
87.10
[High
(Low.
(Close
Total sales in $1,000 units
Mar
Nov 17
000
87.00
21
Victory Liberty Loan
( High
4% conv gold notes, '22 '23( Low
Mar
55% Nov 18
Davison Chemical.no par
Emerson-Branting'm. 100
8%
69
Jan 240
May 62
Feb
17
Nov 106
Nov 56
41 % Nov 16
1,000
100
40
Aug
Nov
Nov 17
1,100
Computing-Tab-Rec. 100
Continental Insurance.25
Ry__100
50
4*
87.54
88.20
988
86.60
[High
4%s,lst LL 2d conv,'32-'47( Low.
105% Nov
H8% May
100
Jan
Nov 19
Chicago & Alton
100
Cluett.Peabody&Co. 100
Hosiery
5% Nov 13
51% Nov 13
1
—
88.50
Total sales in $1,000 units
Jan
45
45
-
.88.50
Fourth Liberty Loan
Nov
Nov
....
-
(Close
4%s of 1933-38
Nov
Nov 131
Nov 15
100
300
Fairbanks
25
102%
-
f High
Fourth Liberty Loan
June
Nov 18
400
Kodak
82
Nov 17 105
100
Eastman
Nov
Nov 18 103
Calumet & Arizona ..10
Durham
11%
86.30
----
88.44
f High
4%soI 2d LLconv, '27-'42(Low.
1 Close
Total sales in $1,000 units
May
Nov 18 116
Brunswick Terminal. 100
Preferred
Nov 19
24
200 103
ctfs
dep
Brown Shoe, Inc
Nov
S6.30
4
Feb
12
22
-
88.50
Third Liberty Loan
Mar
22%
-
4%soI 1st L L conv.'32 '47(Low_
(Close
Jan
Nov
-
86.30
-
2
/
Apr
May 114
-
88.30
Jan
115%
6%
88.20
-
-
88.50
—
Total sales in $1,000 units
Nov
Aug 125
Nov 1570
4,800 105
Barrett Ch Cons ctfs.
Preferred
Feb
Aug
88.00
.V
89.00
Third Liberty Loan
Jan
Nov 17
40
5
88.20
(Low.
4 %s oil 928
July
400
11
_
( High
Total Bales in $1,000 units
Highest.
100
Preferred—
m
87.50
87.50
( High
(Low.
(Close
Third Liberty Loan
$ per share. $ per share.
$ per share.
39
45
Nov 18
Feb 48%
Apr
45
60
45
Nov 19
Nov
July
Am Malt & Grain.no par
•
87.50
Total sales in $1,000 units
Second Liberty Loan
Range since Jan. 1.
Highest.
$ per share.
45
Nov 18
bondsjat
include
Daily Record of Liberty Loan Prices. Nov. 13 Nov. 15 Nov. 16 NOV. 17 Nov. 18 Nov. 19
for
19.
decline-
Bonds.—Sales of Government
Total sales in $1,000 units
Range for Week.
at
only the various Liberty Loan issues
and $4,600 2s reg. at 1003^To-day's prices are given\below.
For weekly and yearlyrange see fourth page following.
ing 7^8, Bait. & Ohio, Can. Pac., St. Paul, Union Pacific
and New York Central 5 or more points.
By the
ame
token Am. Int. Corp., dropped 18^ points, United Fruit
17, Mexican Petroleum 14, Houston Oil and Atlantic G.
& W. I. 12 and Beth. Steel, Cruc. Steel a«id Baldwin Loco¬
motive are 9 points lower.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
bonds
State
The usual activity has been observable in the market for
railway and industrial bonds, but prices, in sympathy with
stocks, have shown a tendency to weakness.
Of a list of
25 relatively active issues, only 3 have not dropped to a lower
level, and these are unchanged.
Other than these, which
are Burlington joint 4s, Penn. 7s and Bell Tel.
7s, there are
practically no exceptional features, unless we mention St.
Paul 43^s and "Frisco" 6s, which show a drop of 3 points,
than it sold earlier in the week, Northern Pacific and Read¬
STOCKS.
of
limited to $2,000 Virginia 6s at 75 %.
pressure
Petroleum
3024
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
Inactive, see preceding page.
week of stocks usually
record of sales during the
For
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 13
Nov. 16
Nov. 17
Nov. 18
Nov. 19
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
8412
77
83%
*8
I
85
8334
77i2
8578
77
77i2
77
91%
40 %
49%
50%'
35
9%
23
36%
53
55%'
78%
79«4
8%
*110
115
83%
8134
85%
77
77%
77
77%
7%
01
7
714
8%
93
90
S4
89%
38%
39'%
50%
40%
50%
37%
51
50%
50%
39%
49%
50%
13%
13%
12
13%
12%
12%
12
12%
8%
119%
65
10
10%
9%
8%
8%
23
37
53
77%
55
78%
*110
120
:
934
24%
38
5834
79%
*110
120
*110
32
3134
32%
77
77
77%
77%
65*4
66%
2934
114
23
35
52%
35%
54
77
78%
85
9
0,
9%
21%
33%
23
36
53%
50%
75
77%
110
110
110
29%
31%
29
31%
77
77
76%
63%
65%
65
2*9
29
29
1,000 Chic & Eist Illinois trust rects
Dj
pref trust rects—
1,300
100
7,500 Chicago Great Western
Do
pref
i 4-100
6,700
35,100 Chicago Milw k St Paul...100
V ■
.......
Do
pref.%.........-..100
28,100
6,209 Chicago & Northwestern.. 100
Do
200
pref..
4
100
..
233
233
13s
2%
234
1334
14%
23%
1%
2%
234
*5
14%
22
17%
2,900
30%
30%
11
101
"28"
28%
J
30
Do
10134
220
1%
2
5%
5
*3%
8%
*7
1%
2
15
16%
15%
16%
14%
16%
24
22%
24
22
23%
21%
23%
17,200
16%
16%
16%
17%
17
17
83%
84%
78%
8334
31%
78%
30%
80%
75%
80'%
31
31
29%
31%
31%
3034
16
17%
"89"
5
.
90%
5%
13%
14%
13%
14%
13%
21
20%
21%
2138
21%
20%
2134
21
21%
20%
21%
46%
45%
45%
46
46
45%
45%
45%
45%
45
45%
14
16
49%
103
50
103%
16
*13
19
*14
19
*14
30
31
*30
33
*30
33
*30
51
5034
49%
102
102%
51%
102% 102%
53
"95"
334
"15%
14%
15
14%
15%
85
"l5"
56
85
82
3%
22%
23%
23%
44
45%
4%
8
*7%
44
24%
453s
6
"57% ,68*
■;i
7%
2334
44%
6%
59
58
77
79
77
78%
59%
77%
*50
53
51%
60
56
49%
101%
14
14
14%
91%
41%
17%
100
25
NovlS
35%
100
80%
Febl3
73
*68
3%
7%
§93%
3%
93%
7%
4
8%
22%
43%
5%
59%
58
59
78%
75%
78
"74"
59
52
55
52
73
*67
73
*63
68
4
*67
65
*62
75
*69
65
65
*62
27%
25%
Do
pref
100
12,000 Missouri Kansas A Texas 100
150
Do
pref
3,300
Do
pref
.
24
22
23
22
23%
45%
42
44
40%
43%
22,100
6
"■> 6
57
76%
73
76%
52
45%
50
73
70
26%
19%
23%
18%
97
96.
98
87%
81%
87
25%
19%
26%
95%
85%
27%
5%
z£4%
5%
6%
19
20
1934
18%
19%
94
96%
94
96
97
98
95%
8934
8734
89%
89%
85
99%
89%
40
41%
40%
41
88%
4034
41%
40%
41%,
40%
41%
40
41
21%
21%
23
22%
22%
21
22%
21
22
18%
21%
46
46
28%
29%
4534
28%
4534
30
89%
54%
92%
8734
55
55
55
54
5534
54
54%
25%
25
26
38
24%
29"
28%
29%
41%
42
8%
41
42%
1534
107
25%
60%
21%
*38
1534
110%
26
19%
7%
14%
15%
107% 11034
25%
26%
Do
Do
2d
44
44%
41
8
8%
8
43%
8%
15%
15%
110% 112%
25% 26%
22
25%
9
934
9%
25%
25%
9%
26
11
25
"16% "l'l"
11
19
20
18
33
33%
32%
74
74%
10%
18
19
37
23%
40% 4012
121% 123
*64
11%
19%
33%
65
12
14%
15%
108% 112%
24%
59%
21
*39
42%
g
1434
109
15%
111%
26%
61%
22%
24%
25%
59
60
21%
42
40
11834 122%
64%
64%
61
22
21
22
41
41
41%
64
64
Tl"%
38
18%
19%
64
64%
10%
1034
11
10%
1034
21%
24
21
22
9
9
24%
25%
24
25
18
16
16
10%
19%
34%
10%
17%
11
32%
73%
35%
2634
24%
26%
19
16
17
11%
11
10%
1934
19
34
32%
9
20
20
10%
19%
33%
7334
34
33
9%
*16
9%
21
22
8%
9%
19
75
73%
11%
10%
11
10%
74%
10%
19
20
19
21%
19
19
Aprl3
65
103%
8%
Feb
Jan
22% Nov
37%
Dec
4%
28%
66%
Dec
Dec
Apr
23% Sept
60% Dec
40
Nov
25% Dec
16% Nov
95
Dec
77
Dec
44
Oct 7
39%
18%Novl9
32
Feb19
12%
5
68
Feb27
56
Mar
Oct 4
39% Oct 2
84% Sept25
39
Apr
24
Dec
75
Dec
73%
Dec
37% May24
56
39
21%
Aug
57%
June 8
Febll
66% AuglO
64% Febll
Octl6
33
Dec
Octl6
Oct 4
Oct 2
33%
Dec
20
Dec
Sept27
10%
Dec
32% Mar 9
33% Mar 9
15% Feb 13
23% Janl4
11
Febll
65%
33%
48%
40
49%
20% May24
6
July 1
July
Jan
Nov 3
£0
10
Dec
103
50
—
pref
Oct 6
95% Nov 5
4%
Jan
11%
20%
1
Oct22
Oct 4
Oct 4
118% Nov 4
10%
23
6%
12
Jan
Dec
Dec
Deo
91% Nov1
20% Dec
88%
Feb 13
18
50
Feb 14
Febl3
17
Octll
47
Mar22
27%
Jan
43
Oct22
29%
Dec
....100
27% June23
110
Feb13
Do
pref
100
3,300 United Railways Invest—100
61% May24
7% Augl2
69%
32%
34%
23%
Do
4,300
100
pref
-.100
12,750 Texas A Pacific
900 Twin City Rapid Transit.. 100
42,500 Union Pacific.
2,900
33%
66%
129% Nov 4
16
Dec
Sept27
17
Feb
78
52%
Feb
100
20%
900
Do
pref
100
153,000 Wheeling A Lake Erie Ry.100
54%
7,500 Western Pacific
8%
11
Dec
40
Febll
14
63
15%
20%
pref A———
119% Aug
27%
100
Do
900
pref B
100
17,500 Western Maryland (new)..100
Do
2d pref
3,600
—100
Do
Dec
Febl3
7
11,200
52%
July30
100
100
15%
Aug 9
May20
5,000
pref
10,000 Wabash
Oct 5
Oct 5
Jan 3
Oct23
Oct25
Oct 4
Oct 5
Oct 8
Sept30
OctlS
14
Do
75
38
7334
84%
9%
13
June21
Feb 13
Feb 5
7%
15
Jan
Jan
7%
Dec
20%
Dec
14
Dec
9%
Apr
10
11
19
20
Nov
9
9
June23
16
Oct
4
pref
100
15
Oct
5
17
Jan
100
25
May 20
Mayl9
28
Wisconsin Central
*73
1034
38
"16"
117% 120%
~
65%
Febl.3
23% Feb 13
61
25%
59
118% 12034
26
10%
50
100
100
100
100
100
29,000,St Louts-San Fran tr ctfs.. 100
700j
Preferred A trust ctfs...100
26%
30
11,500 St Louis Southwestern
100
40
41
2,700;
Do
pref
100
7%
8
2,800 Seaboard Air Line
100
14%
14%|
2,200! ' Do pref
100
108% 111%I360,700 Southern Pacific Co
100
23
25%
57,800 Southern Railway..
100
29%
g
25%
9%
23
25%
42%
t
*24%
9%
*17
19
10
61%
24%
"28%
28%
30
8%
Febl3
Junel8
18
Feb28
Oct 4
J
Oct 4
Oct29
Nov 5
Octl9
66% Junel2
.100
1st pref
3,300
40
24
9%
1,400
55
38
Feb 19
Oct 15
50
54
27%
Feb21
18
OctlS
pref
52%
22%
64%
Do
53%
37
11
May24
37% Sept23
27% Oct 4
88% 219,900 Reading
54
24%
Dec
70
11,200 Pittsburgh A West Va„
76
55%
38
64%
10%
24%
84
54
2134
10%
28
26%
*73
54
40
64
28%
56
6034
10%
26%
88%
Dec
90
73%
prior pref v t c
27%
76%
70
6
Febll
16
Feb 6
84% Junel6
pref v t c
55
6138
119% 122
Do
Do
86
4
23%
26,031 Pennsylvania
14,100 Pere Marquette v t c
100
26%
6
Oct
Nov
100
600
*73
Oct
95
e4%
50
40% Dec
1047g Aug
37% Dec
21
-.100
6,700 N Y Ontario A Western
9,300 Norfolk A Western
45
91
112%
65%
9
41% May 4
91,000 Northern Pacific
61
76%
Aug
100
100
300
8econd preferred
44,200 N Y N H & Hartford
55%
26%
~29% ~3~l"
Dec
3
Jan 5
Oct22
56% Nov
100
First preferred
—_...
91%
60%
64
*17
8
Feb
13
31
90%
54%
27%
Dec
Oct 6
2,700 New on Tex & Mex v t C..100
3,000 N Y Chicago A St Louts.—100
Dec
40
3% May22
4%
Dec
3% Mar
10
Febll
55%
100
Jan
Feb 13
Febll
Central
Dec
Nov
Febll
York
Dec
7
36
59,600 New
Dec
13
80% June23
7
Apr
Dec
40
21
pref trust ctfs..
44
*73
94
85%
Apr
Feb
Dec
Oct 4
Oct 4
Oct 4
100
7,400 Nat Rys of Mex 2d pref..100
Do
8434
61%
22
120% 12134
25%
76
38
"27%
8
*73
8%
Oct 2
Sept20
Nov 5
Marl9
Oct 4
Oct 2
Oct 4
Oct22
Nov 4
Feb
52%
24%
31%
61
76%
91%
100
100
27,800 Missouri Paolilc trust ctfs.100
7%
8734
*73
27%
100
49%
26%
19%
76%
13% May 5
Mayl9
40
38% July 2
9
Feb 13
63
Feb13
24%
66
29
17%
100
45%
6%
2638
28
97%
6%
600j Manhattan Ry guar
5,600 MInneap <fc St L (new)
7%
65
*75
4
Aug
39% May24
4%
25%
„
100
22%
8% Jtlly29
3
50
100
3%
73
2034
pref
11,700 Lehigh Valley
2,100 Louisville & Nashville
7%
26%
20
*65
Pref
100% 101%
14%
30%
29% Novl9
7
Jan 24
"13% *14%
102
49%
25%
1984
75
12%
21% Sept20
12% Feb 9
65% Junel2
100
properties.No par
Oct 2
Apr30
Feb 13
100
Ore
Feb24
Oct 2
7
500 Minn St P & 8 S Marie
50%
101% 102%
55
55%
16%
8
9%
16
7%
4
1% NOVl8
1% Novl8
MaylO
3
100
48
50
103
83% June29
165
FeblO
2d pref
600 Lake Erie k Western..
200
95"
4
7%
*62
16
69
36%
17% May20
100
12,900 Kansas City Southern.....100
2,700
Do
pref
100
35
Dec
Dec
<
May 19
100
2,900iIllinois Central
83
7%
*65
.
48
30
100
10.400;Interboro Cons Corp..No par
15
Dec
Sept
—.100
87
14%
Sept
19
7
.100
..100
85%
45%
Feb
63
Dec
8934
5%
14%
20%
Dec
Mar
100
Do
Dec
88
32
172%
3%
6%
2%
5%
12%
18%
13%
75%
31%
62
Do
4,800
57
Oct
Mar30
Sept28
Oct 2
50
87%
4%
13%
Aug
260% Septl5
9
Jan 3
100
92
85%
Dec
55%
91%
*89
4%
Jan
68
45
5001
13%
22%
Oct
Oct
Janl6
11
85
72%
Dec
54
26
5
Mar
Nov
43
11
14
41
Dec
85
Augll
25
4%
48%
116,
Jan
Feb 13
Jan
Dec
July 6
13
5
120
7%
46
25%
5%
Dec
35
25%
15
Dec
3%
20
100
27
5
June28
Feb
Dec
3
34% Dee
91% MarlO
June24
98
42
Dec
Dec
51%
21
Oct
44% Nov
65
Oct
Feb 6
Feb 13
1st prer
Do
-
Dec
5
Sept27
67
23%
10
126%
-100
27
14
33%
19% May24
45%
87% Dec
28% Dec
38% Dec
pref...........100
*11%
4%
Feb 13
7
Dec
Mar
OctlO
Oct2l
Oct 8
pref
Iron
Dec
6
17% Sept27
14% Oct '
6
44,800 Great Northern pref
7,000
80%
76%
Febll
...100
13
9034
15
62
30
434
Feb 17
4% Jaa 10
95
*10%
90
4
Jan "
70% Nov
Janl4
*25
*11
134
47
May20
Febl3
Do
2,400
share
per
13% Marl5
June26
300 Gulf Mob & Nor tr ctfs...100
13%
Marl5
58
43,700 Erie
23
Octl5
17
5% 8eptl4
30%
Octl5
54
90
2d pref
Do
200
9
9
49%
Feb 13
40% June28
9% Aug31
100
pref
400 DulUth S 8 & Atlantic
4%
4%
*7
9
x82% June 18
27%
3
Jan
12% Sept27
104% Oct
84%
Do
16
8%
Apr 21
71%
3,000 Denver k Rio Grande
15
82
May20
5
Feb13
800 Delaware Lack & Western.
*7
•:
S
■
72
Febll
2,900 Delaware & Hudson
14,300
share
90% Nov 5
64
& Southern
1st
Do
220
1%
1%
1%
1%
1%
2%
*4%
101% 102
215
215
225
1%
101%
101
76
Lowest
per
54
pref....
,300 Colorado
i
30%
30
11
5
"28"
51
$
share
Feb 11
........--.199
pref
Do
16%
84%
8234
82%
Do
54
2
100
400 Clev Cin Chic k st Louis.. 100
48
48
"28% ¥9"
225
.... ...
preferred........—100
preferred
..100
7%
6%
2,900
23%
16
8434
*16
229% 233
1%
1%
2%
2%
10
14
102
7
*7
22
101
.
Chic St P M <fc Omaha
*49
10034 101
_
63,900 Chic Rock Isl k Pac
65
Year
Highest
j
per
100
27,000 Chesapeake & Ohio
"""266
49%
$
110
70
*46
100% 101
.100
.
"200
"28"
Par
!
100
50,300 Baltimore & Ohio
Do
Pre!
100
3,900
7,200 Brooklyn Rapid Transit... 100
Certificates of deposit.
1,909
:.100
46,509 Canadian Pacific.....
77
95
49%
48%
110
32%
78%
6534
*90
116%
63%
61%
Railroads.
800 Atlantic Coast Line RR
64
28
00
8%
23
*66
"oo"
8%
8%
120
29%
77
39%
*7%
8%
9%
;
78%
62%
77%
2934
48%
62%
37
55%
3434
55%
78%
77
64
61%
63%
22%
37
67
II434 116%
9%
934
23%
6034
31
65%
7%
10
0%
9%
23%
914
9
22%
35%
7%
115% 119
64
10
10
7%
7%
8%
118
*89
Lowest
32,800 A ten Topeka <fe Santa Fe..100
Do
pre!..
.100
2,400
2,400 Atlanta B rin <fe Atlantic..100
90
413s
75
66
7%
7%
50%
28%
65
7%
93
9%
22%
82
77%
40%
12%
12!2!
7%
734
*7%
8 |
116
117% 116% 118%
62
6334
61%
64
10
85%
77
'10%
507s
12%
39%
50%
12%
10
82%
93
*90
90
38
734
734
7%
9
85%
77%
iHAtiU
Range for Previous
1.
lots
On basis of lOO-thare
STOCK
Wee*
$ per share
YORK
48
Oct
2
25
Dec
25
Febll
42% Apr 1
46% Mar29
29%
Apr
21
Jan
Janl2
56%
Do
3,800
7% Mar
Industrial & Miscellaneous
31
31
30
30%
20
21%
19%
21
54%
54%
54
54%
33%
1%
3134
3234
13s
138
32%
1%
*30
21%
53%
33
1%
34
*30
32
21%
53%
20
21
18%
21
*19
20
*50
58
53
53
*50
53
34
33
*30
34
32
"29%
30%
"68% ¥1%
*78
82
56
58
*75
80
65
66
25%
84%
125
26
50%
52%
53%
91%
50%
32
28%
30%
71
71
71
73
"28%
30"
70%
72
73%
75%
87
82
82
58%
59
59%
*78
5634
*75
65%
25%
80
*75
66
68
69%
25%
26%
25%
84%
127%
52%
91%
3034
1%
1%
53
1%
1%
71
1%
52%
1%
1%
124%
127"
8434
8434
125% 12734
107% 107% *107
"23"
23"
22 34
24
80
22%
1%
1%
53
1%
1%
32
32
33%
*128
7%
133
*7%
8
7%
1%
87
58
59
*75
46
50
89
90
28%
28
29%
71
69
70
70%
80
*75
84
51
55%
g
g
50%
5138
100
4,200
24%
83%
83%
83%
125%
23
734
128
8
130
7%
130
8%
51%
52%
51
52
40
"56"
7%
120% 123%
107
107%
21% 22%
107% 107%
21%
22
10
85%
40
40%
119
48
7%
49%
45
48%
40-
40
39
39
57%
38%
49
41
"53%
88%
*100
*
5534
*9%
10
"51%
85%
87%
56%
48%
9
9%
9%
62%
10
*
102
10%
52
*100
9%
102
10%
"85% "88
*100
934
Bid and asked prices; no sales on
7
8
7%
125
110
7%
60
86
110
7%
"39% ~42%
*9
9
55%
52
83%
80%
9%
9%
86%
8134
8
10
this day.
10
Do
53%
25,700 American
700
Do
100
9%
100
10
t]Ex-rights.
100
9%
9%
Can
10
1
700
Do
pref
Do
no par
100
—100
100
100
100
8ynd cate_ 10
.100
2,100 American Express
"5",400
Jan 5
2% Mar24
Augll
Novl9
39,200 American Car A Foundry—100
5,100 American Cotton Oil
31% Novl3
88%
Aug 9
—
pref..—
72
1
......
pref
Amer Druggists
46
3
67% Novl9
Dec
96%
Janl6
r92
Aprl6
62
Jan
93
Jan
5
84%
Jan
63% Novl9
128%
Jan
2
84% May
75
22% Novl9
80% Nov 19
118% Novl9
Jan
3
101
Jan
3
147%
Apr 9
105% July 7
116%
Feb
4
Novl7
54%
Jan
3
Aug26
86
21
61
61%
15%
7% Novl2
95
Feb 6
53
175
Do
pref
Locomotive
} Leas than 100 shares,
a
Ex-div. and rights
Feb
Jan
39%
Jan
88
Jan
Mai^l
76% Sept
Jan 3
13%
3
71%
Jan
37%
Aug
54%
Jan
52%
Feb
30%
122
Jan
120%
Jan 3
14%
95
Apr
Jan
Jan22
52
80
z
113
Feb
Dec
10% Nov
Novl6
9
100
600
Do
pref
100;
15,300 American flafetv Ra«or— 25
84%
Janl4
38% NovlS
..100
100
Mar28
42%
z98
53% Marl9
68
Jan 2
Febl3
6,300 American Linseed
81%
103%
100
41,500 American
3
Novl6
Novl9
Oct28
82
■51
AuglO
135,500 Amer International Corp..100
10
1,300 Am La France FE
Jan
Jan
Sept
37
pref
30
87
100
Do
Jan
Jan28
100
Ice
1%
Jan
Novl9
pref
Jan
Dec
95
Novl8
600 American
Jan
1%
92
7
12,700
66
Novl9
69
45
Do
Mar31
62% Septl7
92% Nov 9
53% Jan 3
88% Septl3
Aug 9
28
4,000 American Hide A Leather.100
600
83%
100%
pref
18% Novl8
Novl8
53
10
100
Allis-Chalmers Mfg
100
Do
pref
100
Amer Agricultural Chem—100
Do
pref
100
American Beet Sugar
100
Do
pref
;
100
Amer Bosch Magneto..No par
400
81%
54
101% *100% 101%
11
7?8
52
9%
83%
85%
86
75
50%
48%
60
56%
*9%
.
8%
125% 130
7%
7%
58
54%
25
80%
80%
118% 122%
57%
128
300
6,700
67
26
108
*
6,800
75
83%
21
82
900
75
2434
*107
67%
87
9,000
63%
22%
65%
23
72
72%
57%
900
80
69
50
——
15,300 Allied Cbera A Dye
68%
25%
67%
121
pref—
3,700 AJax Rubber Inc
1%
51%
90%
29%
55%
100
100
—.100
Express
Do
4,100 Alaska Juneau Gold Mln'g.
48
*82
600
6,800 Alaska Gold Mines
71
73%
*82
900 Adams
2,700 Advance Rumely
1%
9012
109
834
33
1%
1%
*68
7%
30
29%
1919
EXCHANGE
the
Nov. 15
Range tines Jan.
STOCKS
Sates
SHARE. NOT PER CENT.
PSd
SHARE
PER
HIGH AND LOW SALE PRICE—PER
Novl8.
7
44% Mar
3'
99%
Jan27
85
Mar
80% Novl9
95% June 1'
9% NovlS
109%
Apr 8
58
Jan
Mar 9
100
J3n
Aug
Ex-d!vldend.
v
107
17% JunelP
Full paid
Highest
2025
New York Stock Record—Continued—Page 2
For
page preceding.
week of stocks usually inactive, see second
of sales during the
record
PER SH IRE
PER SH ARE
HLOH
■* NU
LO*
Saturday
Tuesday
Nov, 15
$ per share
,
12%
12
76%
*75
51%
54
88%
88%
31%
31%
Nov. 17
13
12%
13%
78
.*74
78
50
87%
88%
30%
31%
31%
32
84%
97%
114
114
to'to *•'» '
-
0%
32
33
33
45%
40%
45%
-
24
59
59
-
-
15_%
100
83
83
«
«
71
85
*82
115
91
114%
108
to'-
-
-
-
191?
20
60
*56
60
*45
50
*45
50
114
116
to
mer
34
700
40
79,600
50
to
"l2%
to
96
-
57%
92%
98%
to'----
98
97%
113
_
""*% "T"
1
3
59%
60
58
60%
58%
v.; 2%
60%
59
61%
60%
4%
•*'#.
*
*.
...
98
86%
86%
5%
5%
8 4
87%
86%
5'8
"
86%
871?
5
5%
11%
5%
7,100
10%
>
12';
11
12%
15%
13%
15
14
15%
14
14%
67
63
65%
61
64
20
20%
18%
19%
19%
20
19%
20%
69%
69%
66
67
66%
67
68%
66%
36%
37%
36%
37%
37
to
-
-
-~
to
-
16
-
18%
65
1,200
34%
93
35%
7
38%
36%
38%
35%
37%
90
89%
89%
891*
600
35
32%
34%
32%
33%
2:30%
89%
31%
76
12%
25,100 Chile
17,600 Chlno Copper...
33,400 Coca Cola
75
75%
77
73%
77%
73%
75%
72%
75%
12%
77
72
13%
12%
13
12%
12%
12%
13
12%
21
23
20
22
21%
22%
20%
21%
20%
21
20
20%
25%
25%
25
25%
22%
25%
21%
23
21%
23
22
22%
30%
53%
31%
30%
30%
30
30%
29%
31
29%
29
29%
55
55%
55%
55%
13%
56%
54
56
29%
53%
54%
52%
£4%
12%
14%
12
13%
11%
12%
14%
14%
74
14%
13%
74
•-
'
-
*70
58%
81%
"*6% "7"
58%
-
81%
83
58%
*80
*
75
"55"
*75
79
77
79
80
82%
7
8
7%
7%
8
19%
19
19%
18%
19%
17%
18%
18%
18%
19%
19%
69
19%
♦65
64
66
65%
66
60
60
60
62%
60
62
98
7
7%
77%
75%
*100
101
35
34%
7
73%
78%
77%
77%
75%
100% 100%
34%
35%
lOOt; 100%
35%
35%
6%
5%
7%
6%
7%
771?
72%.
33
35%
34%
99% 106
Do
pref
100
par
100
_•
100
Do
No par
100
pref.
33%
34
99%
84
84
No par
11,300 Cosden A Co.
89%
34%
100
14,500 Continental Candy Corp No par
73% 105,100 Corn Products Refining. .100
Do
800
pref
100
100%
100
101
100% 1001? *100
par
6%
67
75%
No
10,200 Consolidated Textile ...No par
3,200 Continental Can, Inc.....100
98
5%
6%
5%
25
26%
26%
27%
26
27t}
25%
28
24
25%
93,900 Crucible Steel of America.. 100
Do
300
pref.
100
No par
31,300 Cuba Cane Sugar
64
65
66
68
68%
69
68%
68%
67%
30%
28%
31%
67%
31%
69
28
34%
30
33
30
31%
29%
68%
30%
24,300 Cuban A merlcan
11%
12
11%
11%
11%
11%
11%
12
11%
11%
11%
11%
16%
17
16%
17%
16%
17
16%
17
58%
58%
55%
58
53%
55%
*86%
89
89
89
103
107
101
105%
105
108
♦88
91
90
90
*85
91
25%
24%
16%
18
17
18
55
56%
54%
59
"59"
60
"
—
6~0"
57
60%
78
78
"
~8~
"59
45
71
"
6"
"e"
*26%
30
♦95"
"98"
*95
98
*95
98
15
15%
15
15%
14%
15%
15%
16%
17%
4%
16%
4%
17
16%
17
16%
60%
5712
59%
61%
56
58
4
60 %
57%
85
120
85
122%
*84
87
120% 122%
*05
69
95
85
94%
15%
14%
15%
14
14%
17
16%
17
15%
17
3%
4%
61%
55
''
'-to
84%
-
-
-
55%
82%
82%
641,
800
65%
400
14%
13%
14%
14%
13%
14%
13
14.
12%
63%
61%
62%
61%
63
60%
62%
60%
61%
61%
71
711*
70%
72%
70%
72%
71%
71%
72%
44%
41
43%
40%
41%
70%
40%
42
39%
41
41%
"20%
"23%
20%
23%
*75
86
22
14
22%
20%
deben stock
20
"26"
20
19%
19%
14
*12
14
12
12%
20
22
23
22%
20
temporary ctfs.No par
20
-
-
-
-
-
Do
700 Guantanamo
Suga-
ru.
16
16
14
15%
161?
*15%
16%
16
16
39
39%
39%
40
37
38%
34
35
30
35
58
60
59%
59%
54%
59lo
55%
57%
54
57%
18
17
17
17,000 Houston OH of Texas
*17
17%
•88%
12%
7%
7%
17%
17
18
17
17
85
89
88
89%
80%
87%
78
83%
79
84
11%
12%
11%
6%
11%
10%
11%
10%
11%
10%
10%
7
7
7
7
35
36%
32%
34%
31%
33
14%
14%
7
6%
38
6%
6%
7
32
33
38
39
35
*15%
16
15
15%
*15
16
14
15%
14%
68
68
68
68%
*67
69
67
67
66
67
64%
66
97%
92
94%
88
92%
95
961?
94%
54%
57
30%
34%
70%
70%
13%
51%
33%
70%
-
•
»
•
14"
56
70
»
15
-
-
-
-
«
100
«
14%
J1%
14%
51%
32%
55
44
100
13
14%
59%
47%
51
32
.30%
3t%
29%
30%
71%
32
*69
72
-
13%
57%
31%
*69
104
*100
15%
53
34
92
98%
97
97
104% 104%
"13% "14%
14%
68
69
681?
*56
60
581,
581,
62
59%
59%
57%
57%
15%
15%
15
15%
14%
15%
14%
15%
14%
14%
57
56%
57%
56%
57%
52%
56
50%
531?
46
591o
72
72
"25%
27"
25
27
4%
5%
*58
15% *15%
r'56%
4%
20"
39
39%
*85
20%
4%
4%
111*
15%
70%
26
23
24%
22%
24%
36
36%
36%
35
35%
.34%
341o
5%
4%
5l«
-
—
85
85
20
-
-
•
16%
43
41%
93
20%
19%
10%
57
~Io~
"l9"
9%
10
10%
56%
57%
r!8~
**18
-
10S«
56
58
50
10
56
»
-
-
*120
*120"
140*
*95
105
103
103
*101
105
*4id
and
101,
«
to
38%
41%
93
*85
19%
19%
10%
9%
56
51%
_
18%
4%
-
-
4%
-
-
17
39
40%
*84
19
8%
4
4%
9.3
191,
9%
*84
19
3%
]flt.
41%
191,
9%
49
52
47
51U
45 '
45
41
17%
17
17%
18%
1Q%
132
132
132
101% 101% *100
103
*00
105
145
175.
10L
175«
18%
17%
» Less than 100 share*,
18
100
1st
114
9.700
100
Do
100
50
No par
v
t c._ 10
...100
10O
.100
Kelly-Sprlngfleld Tire
.25
Temporary 8% preferred 100
Do
pref.(
Jones Bros Tea,
40,300 Kennecott
Inc
Copper
No
par
20,800 Keystone Tire A Rubber—10
100
18,375 Lackawanna Steel
60O Laclede Gas
(St Louis).... 100
200 Liggett
No par
A Myers Tobacco.. 100
90O
pref
1,50° Lee Rubber A Tire
Do
38.?on Tnew's Incorporated
t Ex-rights
Oct26
a
Ev-dlv. and rights,
Jul)
3
31
Jan
67% Jul)
16484 Mar29
90
Nov
141% No»
0188
Jan
11178
Apr
8
68
Apr
113% No*
21%
Jan
3
16*4
Dec
41%
Jan
3
32%
Feb
29% Jul)
50?
Jul)
40«4
Jan
2
37% Nov
28
May20
MaylO
44%
Jan
3
34*4
Feb
56
Jul)
67
Jan
9
39%
Feb
69
Oc
11% Nov19
65%
Jan
5
6O84
Oct
75%
74
92»4
Jan 14
91%
Dec
95%
54
Aug
75
x78
50
100
No nnr
n Par
NovlO
53
Novl9
j76% Feb 13
7378 Joly28
6'4 NovlS
1778 Nov17
60
Novl7
Aug27
89% Aug25
93% Mar22
20% Jan 5
46% Apr26
98
Apr 9
80
97®4 Jime22
5% Novl9
IO284
14%
67
105%
107
Jan
100
30
Augli
May24
43%
89% Novl9
278%
84
NovlO
100
24
Novl9
Novl3
64
59%
Aug
86% Jul)
Dec
106*8 Jul)
23
Oci
30%
Apr
Dec
65%
Feb
100%
Oct
85%
Nov12 n605
25
9*4 MaylO
lUlg Novl3
53% Nov 13
89
Novl2
45
Novl7
71
Novl7
Nov 16
6
102
9
14
3i2
261
Oc
Jan
105
Jul)
Jan
55
De«
87%
De<
69% Mar
Jan21
13
Apr 17
Jan 3
28
Jan
2
147
Jan
Jan n410
nl50
10%
23%
Dec
6
80
104
Jan
3
101%
95
Jan
5
83
91%
AprlO
150
June
107%
Aug
Der
123
June10
55
Novl7
11814 NovlS
64% Novl8
1278 NOV19
6OI2 Novl7
70% Novl6
39% NovlO
81
Oct22
1978 Nov 19
12
NovlO
20
Novl8
15% Nov17
172
89*4
42
Jan
55
31% Dec
64% Jul)
15
38*4 Jul)
Dec
'
*47 " " Jan
"9571
90
Dec
101
Jul)
Au»
144*2
Feb
176
Oc
Jan
3
82
Jan
95
Jum
"82%
Feb
94*4
56%
Jan
93%
Oct
Ap'
Mar26
6
Jan
Apr
Apr20
Jan
5
Jan
3
Aug
109%
55%
Jan
3
47%
Dec
80
49*4
Jan
5
46%
Dec
53*4
38%
Jan
3
32%
Dec
47% Jul)
49%
Feb
89%
40
Feb
71% July
42%
Feb
68% Jul)
20%
Novl2
46%
75
July
2
116%
10*8 Novl9
588 Aug 11
3178 Nov 18
23%
Augl7
Jan 8
8
Aprl9
8ept20
Apr 9
Apr 6
Apr 8
78% July
984
61%
102
Jar
No*
Oci
37*4 Jul)
Jul)
27
Aprl4
10*2
Jan
88%
48
Jan
110%
Jan
149% Jul)
111
Dec
120
88
Nov19
142%
Aprl5
Aprl3
100
Novl9
115
Jan24
Novl8
2978 Nov 19
68
NovlS
Oc
39% Nov
85%
10284
17
11% Novl8
48% Jul)
Oc
173
Jan
2
85%
84%
44
38%
Jan
94
Novl9
Nov 19
64'g NovlO
5
5
77% July23
75% Jan 3
94*4 Jan 5
54
Feb 13
JaD
De«
23% Jul)
Dec
Dec
19%
D©»
Jul)
*
9
36%
Oc
16% Ma)
43
Jul)
Jan
25
7914 May25
91
Jum
5184
Jan
3
21%
Jftn
67% Jul)
111%
Jan
5
92*4
Feb
128% Ma>
20%
Dec
30%
Jan
33% Jum
82
No*
62
Jan
84
Apr 7
JanlS
5784 Nov!'
,
"Feb
16% Mar30
49
13i2
On
20%
52%
44'4 May 14
Oct26
30
Oc
1097s Jul)
91
7
Aprl4
134% Mar20
48
Jan 3
1584 Novl9
Jum
15%
99
Jan
2
Ian
85
110
Jan
NovlO
Nov 19
26%
37% Nov
103*4 Jum
10*4 Sept
46
Apr29
Apr 7
Jan
Oci
Oc
Jum
5%
Aprl6
Aprl4
Novl9
43% No*
78*4
Jan 22
100
pref......
2d pref
...
43
17%
Do
57.600 Island 011 A Transp
7
900 Jewel Tea, Tno
93
Oci
1934 Junel8
116% July
100
Do
700
stamped pref
22,.500 rnvlnclble Oil Corp
1,700 Iron Products Corp
2,800
Do
Jan
5
Refining....
100
23,90° International Nickel (The).25
100
26,«00 International Paper
350
1612
39%
86% Sep'
Feb
100
32,300 Int Mercantile Marine
Do
pref
100
74,800
.5,900 Intemat Motor Truck-No par
-
16%
*122
♦125
Didoes: no sales on this dav.
-
-
4%
11
16%
-
567
Jan
56%
10
14,600 Inter Harvester (new)
Do
Preferred, new
200
*
132
1 87«
-
»
18"
_
r!32
r°%
-
11
16
50
135
181-.
»
*
5%
5
-
toto
*84
20%
-
-
«
15%
42
93
20%
to
-
5%
4%
16
39%
70%
24
5
4%
11%
4
72
27%
35
*15%
71%
25%
*
4,600 Indlahoma
40O
87%
Jan
64%
104%
24,500 Inspiration Cons Copper...20
100
2,700 Internal Agricul Corp
Do
pref........
100
1,600
700
Jan
6
5
100
9,100 Hupp Motor Car Corp
68%
48%
20%
5
3,500 Gulf States Steel tr ctfs.. 100
13,700 Haskel A Barker Car...No par
700 Hendee Manufacturing... 100
12%
Dec
3
Jan
par
16%
"85%
19%
Jan28
Jan
100
1,600 Oranby Cons M S A P
200 Gray A Davis, Tnc_.......25
3,100 Greene Cananea Copper.. 100
39!?
60%
,
6
37% Jul)
54% Ma>
108%
100
pref
39
58
Feb
5%
IO484
100
*16
*12
16%
Jan
(7%)..100
22,600 Goodrich Co (R F
«
39*4 July
75%
Deb stock (6%)... 100
Do
20
23%
23%
23%
Do
*12
14
100
100
100
Do
81%
*80
82
....
5,000
82
22%
*12
*
pref
13% 151,700
6,900
*75
82
*76
22
*12
82
Debenture
600 General Motors Corp pref. 100
61%
71%
44%
100
55,246 General Electric.
69
*65
Oct
17
Jan
Jan
No par
2,200 Fisher Body Corp
....26
22,800 Flsk Rubber..
5,300 Freeport Texas Co.....No par
82
Ap'
Feb
16
Jan
100
100
pref..
2,600 General Cigar, Inc
14
42%
Do
par
56
71%
•
.50
100
60
63%
69
10
...60
55
82
166
46
3,800 Gaston W A W, Inc ...No par
1,400 Gen A mer Tank Car.. No par
66l2
13%
*60
10
Sugar
Do
200
pref
26,200 Famous Players Lasky No
Do
preferred (8%)
1,400
1,200 Federal Mining A Smelting
-
120% 123
121
119
68
67
--
-
55
-
100
pref
60
4%
4
to
Do
5,600 Dome Mines, Ltd
3,100 Elk Horn Coal Corp
7,400 Endlcott-Johnson
4
84%
661*
7
921?
118% 119%
118% 122
73
29%
4
86
*82
7
*7
55
57%
50%
72
8
-
29%
60
56
-
100
*95
'
-
31
30%
4%
4%
4%
-
47
74
71
9
9
32
-
-
7,700
54%
53%
-
V
50
47
71
*7
*7%
86
86
-
56
*26%
8%
99% 103
'
Dec
21*8 Novl7
25
6
Copper
Do
200
pref
100
9,300 Consolidated Gas <N Y)..100
4,900 Cons Interstate Call Mg._10
81
115
85%
72% Novl9
7148 Nov 8
12% Novl8
20
Nov15
1,300 Consolidated Cigar
*7
Apr 7
28%
:r30% Novl9
79
78%
Mft)
88
.100
pref.
54%
,*75
80%
78
AU»
Cct^
92
3578 Novl9
Do
48,790 Columbia Grapbophone No
400
102
Janl2
Novl8
Jul}
26
Dec
Dec
29%
Febio
Oc
Dec
6
Ai*z
8
85%
9
66
2,600 Colorado Fuel A Iron
5,700 Colurpbia Gas A Elec
74%
"53~
55
84
7%
*
75
57
81%
0%
6%
6%
*
"55"
59
*79
83%
74%
59
82!2
58%
*80
14%
101
Jl
41
Jan
DMJ c
300
13
1
Jan
Novl9
7,500
72
*12%
Apr
11%
16
29.900
72%
Jan
12
22,400
88%
34
35%
7
37%
93
15
20
200
7
37%
8ept
96%
Sept 24
7
*89
93
*88t2
33%
116
129
.100
7
*88%
Jan
9
.100
Petroleum..
pref.
Jul)
5.
',|j
65
60
Do
108
Jan
IOI4 Novl2
100
Central Oil A Ref
112
Deb
114
4°8 Novl9
10
107*4 Jul)
Jewc
90
Oct 4
10
Jan
Jan 3
Feb24
Sept24
5
Sept
55s*
48
100
Ma)
2% Ma)
45
Oc
IO2I4
Novl9
Aug
Jul)
119
Jan
1%
55%
83
100
100
Superior Mining.
7,500
9,800
65
19%
16%
•
11%
12%
A
26
145
Feb
1
102i2
4% Novl2
No par
Copper <fe Zinc vtc
4,500
65
11%
qref-100
rick
67%
12
8%
102
Jan
110
192% OC)
76% Mai
156% Oci
111% JUDf
103
Apr 9
Dec
100
Jan 6
Jan 5
321a
3
84
15%
12
conv
Jan
Apr 9
Jan 5
963$ May 6
Novl9
AUK
Jan
64%
1%
Aug20
90
..100
rooklyn Union Gas
400
66
12%
common..
Feb
64
Jan
11H2
2i4 Novl7
61
92
7
80% Ma)
Feb
7
15412 Junel9
Aug30
Novl9
12
58%
Jan 5
75
53% Novl7
B
Def
Aua
Aug 12
2,100
15%
12
2014
176%
20
87%
66%
11%
1238 Novl9
10384 Novl9
100
100
54
15%
"ll%
Jan
82
Mar
61
Jan 17
65%
Jan
17%
74%
No par
.....
3
7584
Steel
Corp
77% Jul)
54% Nov
May24
Sept24
50
Motors
rooklyu Edison, Inc
66
'■
Jul)
55
1
ootb Fisheries
4,200
......
16
-■
65
ethlehem
66
'
Jan
ethlehem
16
-
Jul)
40
atopilas Mining..
10%
5%
29
9
102i2
85%
4%
11
10%
110*4 Jun<
69
Or
Jan
95%
1,053
"
5%
Feb
Jan
11
107
£4
11%
5%
11
11
11
11
-
27%
9
21%
100 B10012 Sept 7
cum
88
3
Jan
100
Do
"S6~
94%
Jan
pref
pref
61
Jan29
pref
Class
5
105%
6188
May20
6I2 Nov! 2
Do
Do
93
169%
I48i2
Do
102%
Jan
9212 NovlO
400
4%
45%
57% Novl9
95
*85
Jan 2
Do
500
Oct
I65i2
...100
57
102
Jtt/
De<
Ma)
108% Mai
90U Novl9
..no par
pref
1,200
3,200
—
preferred
51
5%
106
aldwln Locomotive Wks.100
65%
''»
1st preferred
2d
*90
95
Dec
Jan
58%
103
93%
67i4
3,200
87,800
4%
Jan 7
June29
9784
Oct
210
Aug
19U Novl8
Dry Goods
4,800
*85
314%
Jan
9U,
103
100
Feb
Apt; 6
2%
90
Dec
Dec
5912
56%
56%
90%
95
191%
66 la
Do
100
1
Aprl2
100% Mar 18
Jan 6
105
283
Nov13
2%
3
120% Jum
Novl9
53%
57%
5
90
1
1
%
95
61
5%
5%
102% 102%
Aug
Atb
Max
9
6038 Nov 8
1,400
107
73
106% Mar22
37
tl Gulf <fe W I SS Line
900
110
97%
-
2%
103%
"
*88
-
U
-
95
103
•
-
105
119
32
Do
98% 264,800
110%
60%
56%
95
00 00
'
-
56%
5
4%
4%
4%
_
•
3
*90
104
103
"4%
-
110
*102
60
58
95
*90
-
117%
2%
2%
60%
59%
59
...
112
*102% 105
I
*3;
1
*%
-
3%
2%
3
«
118
*102% 105
"
"l
■
^
97%
97%
■
*116
11812,
-
Jan
50
100
100
100
..
Do
-
900
57%
113%
25
pref...
ssoclated
48,000
'
'■
-
Jan20
37
1,200 Atlantic Fruit....
12%
103% 109%
58
*57
50
11834
AUK 9
102
...100
pref
Do
110
60
.
148%
91
Writing Paper pref.. 100
Zinc Lead & Smelt.. 25
naconda Copper Mining.
2,100
20%
*55
eo
105% 111
58
7%
20%
20%
*56
95% 101%
99% 102%
97% 100%
mer
37
'to '-to
58
Do
700
34
*
108% 114
60
850
1,900
40%
-
-
»
37
96%
Jan
85% May20
>.100
31,400 >
34%
■
117%
*57
59%
59
14%
1.4%
15%
15%
91%
37
Dec
111%
Aug18
10414
3,850
90%
Janl9
Aprl4
92is May22
inew)
Jul)
47
93%
May20
80
100
pref
pref
to
109% Jul)
33% May
142%
663s Novl9
Sumatra Tobacco... 100
Common Class B..100
7
19%
26
*56%
102
100
pref
Do
8%
89*4 Jul)
Dec
Mar22
Do
91%
Dee
94
Janl3
50
2,800
6t%
61%
10014
12,000
63
3
Jan
72
8SI2 Novl9
90
89%
105% 108%
•
Dec
2718 Novl9
82% NovlO
91% Novl9
108% 110%
--to
39%
41%
*22
Do
341?
.
-
40
200
Novl9
XA2
7,800
8%
7%
w
-
•
18,500
80
99%
'-'-.to
'
-
.
-
72%
mer
80
65
-
«
Do
99
-
91%
-
1,000
66%
110%
to
63
-
24,300
99%
106% 108
42
41
7%
.
-
65
63%
95%
Dec
79^
No par
temp ctfs
Pref
83
.100
pref.
meriean Sugar Refining..100
L03%
85
108
109
600
83%
103
73%
99%
99%
*89
42%
41%
75
106
105
99%
-
97%
95%
98%
105
Do
shut,
47% Oc
94% JllBf
26
Jan 5
30*2
Aug23
t per
Mar 30
11% Novl3
14,300 /
50
113
103%
29%
85
27%
82%
91%
57%
57%
—
15
31
29
*22%
*45
112% 115%
60
60%
1,500
29
8
33%
46
24
87%
32
-
"~8
8%
7%
83%
High m
t per share
7018
-100
43,400 /
87%
•'«
42"
"41%
76
46%
48%
86%
70%
92
91%
-
-
-
41%
8%
41%
66
63%
*73%
Prtv^om*
1919
Lowest
$ per share
$ per share
par
-100
200 A
i42
-
i
24,000 /
12%
46%
*83
114% 115
65
67%
114
112
66
63%
12
87%
105
89%
89%
89%
89%
-
50%
96%
96
95
95
97% 100
*105
108
108%
104% 104% *103
74
75
77%
76%
78%
74%
85
*83
90
*84
84%
84%
99%
99%
99%
99%
99%
99%
115
115%
114% 114%
112% 115%
89%
-
87%
30%
52%
90
84%
89%
75%
-
Pa-
Shares
8 per share
13%
12%
Year
Highest
Lowest
Week
19
83
53%
51%
*88
% per share
13
12%
75%
47%
Nov.
Range, for
1
of 100share lots
EXCHANGE
the
Friday
18
Nov.
8 per share
§ per share
8 per share
11%
76%
Wednesday
Nov. 16
Monday
Nov. 13
Thursday
hosts
'Jn
STOCK
YORK
NEW
for
Jan
Ranve since
STOCKS
Sates
not per cent
share
prices—per
SALE
71
Apr
9
14U NovlS
Nov 19
70
Feb16
22% Novl9
341s NOV19
484 Nov 15
3% Sept29
7% Sept 29
1512 Novl5
2684
Jan
7
Nov 12
152%
46
38%
Nov 15
Novl8
8% Novl8
47
Novl9
85
19
35
17
130
99
7
Nov19
Aug
Aug
6
June21
17% Nov19
value S100.
170
91*4 MarlS
79%
Jan
3
80
Jul)
47% Julyl5
Jan27
7% July 9
21*4 Jan 9
51 %
45%
30
105
De<
6ft
No*
15
Dec
48
Ma-
"34
91
Ma-
38%
Dec
Jan
5
24%
Dec
44
Jul*
Jan
ft
68
Jan
164
Nov
Jan 10
Jan21
101% Dec
27% Nov
33%
Apr
7
48%
Jan
6
38%
91 «4
Jan
5
110%
43
Oct
Jul)
Dec
126% Jul)
107*4 Nov
6212
Jan
57%
Oct25
33
Dec
38%
Jan
6
21
Jan
40
Oc
207
Jan 10
195
Dec
250%
Au*
109%
Jan3l
107
Jan
116
July
to
83
Anrl2
a Old stock. * Ex-dividend.
Jar-
2026
New York Stock Record —Concluded—Page 3
For
H1QH
LOW
AND
record
of sales
during the week of stocks usually inactive,
see
third
page
PER SHARE
SALE PRICES—PER
SHARE. NOT PER
CENT.
Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Nov. 15
Friday
the
Nov. 13
Nov. 16
Nov. 17
Nov. 18
Nov. 19
$ per share
Shares
STOCK
10
$ per share
10?s
33%
•31
•104
106
57
J
'
~
10
10
9%
*23
30
115
*104
115
*125
130
125
126i8
125's 127
♦101
108
*101
108
60
60
60
58
*57
58
10034 10034 *100
106
5934
60
60
5934
*
*57
57i2
57%
2934
108
60
59*s
*57
57's
80l2
125
81
*76
86
*76
♦68
78
*68
75
69%
99
99
99
99
15834 16234
163% 16634
17*2
17
12%
12*4
12
34*2
60%
35
345s
12i2
35is
60%
59%
597«
17%
167s
159
17
1634
127s
3514
1212
347s
*57
16 5l4
60
15714 16134
17
12
*72*
163g
13is
12
12%
12%
57,500
33
34%
34
40,600
*55
60
*55
60
200
*96
98%
*96
98%
10k
20i8
19%
31
29
30i8
30%
30%
51'8
51
53
49
49
49
31'8
•65*
76
31'8
315s
315s
30
77
7114
7114
*71
5
412
477s
5
*70
5%
46
*47g
92
70
69%
too
10*2
4734
*87
92
*96
9812
1934
3134
76
48i2
46
92
89
89
71u
67
10
10l2
10's
10l2
80
82
833s
8334
24
24
*21%
26
*21*2
24
20
•44
46
♦44
45
*44
46
*44
60
52l4
52%
54
54
50l4
51
51%
37
39
3912
38
3812
38
38%
15
131
133s
14
4014
141s
13
13
127g
3%
5
3%
3%
*24%
121
25"
126
3*8
3i2
312
35«
434
434
4is
4%
24% 25l2
25
25%
*12234 131
*12234 128
18
1712
1734
1312
50
50
50
50'8
*4912
17i2
55
""
20's
47*4
20*8
20
21
19*2
1934
17*4
47*4
33s
35s
*4
5
23
24
48
48
49
49
4912
4012
7714
39i2
37l2
75%
69*2
71
69*2
11%
70
6912
7114
71
72
12
11
12
12
37
38
371s
38
12'2
3834
37
90
100
50k
43%
51%
2,000
36*2
38
6,500
13
14
33g
24
24%
122
122
14%
50
49*2
4
3%
2334 23«4
122% 122%
14%
15
18%
48%
1434
777s
"73"
7*6* "
2,600
47%
19%
48%
50
21
483«
2,100
37*2
900
76
361*8 "37*14
31
7678
77
22%
76*2
77
1214
12l2
•86
89
*75
"l2"
"l2*
82*8
79
591
62
*12**4
79%
607s
59
*1*2%
36
79
11%
400
11%
79%
78*2
2,500
60%
56%
60
8,100
8612
1434
857g
*85
14%
8612
143s
86l2
13
14
155s
15
1578
*14%
88*4
87i2
90
89
90
T81
857g
80*2
*96
100
97
97
♦58
70
♦58
70
*58
70
*58
70
106
10634
107*
49
107"
51%
35*2
37
86
87*2
49
51
5212
5412
zUk
35
34*2
351
84l2
*103
"
12%
*12%
10534 IO6I4
33
*103
86
*103
105
89
*85%
104
89
500
40%
7
54
Nov
95
May 4
19% Nbvl2
100«4
Jan
6
100
Nov
106%
Feb
*2*9% Jan
43%
July
2834 Novl 9
44
8*2
Jan
60% Novl8
100 :rl00% May21
93%
110
Aprl2
64
Jan
102
Sept
8
5
Nov 19
North American Co
100
Nova Scotia Steel A Coal.. 100
Nunnally Co (The)....No par
48
May20
36
Ontario Silver
Mining
No par
Otis SteelOwens Bottle
No par
104
60
_
ClassB
50
Railway Steel Spring
35
2 900
68
16,900
69i4
6434
67*2
92%
9212
92
6684
92
58,600
90
92
Republic Iron A Steel
500
26J4
0934
27i8
26l8
27
92%
2534
26%
26%
27*2
71
71
72
68%
71%
67
68%
14
14
14
14
15
14
14
6
7
7
6
55%
5615
105
55is
86
630
lOS-ig
•83
84
25
26
253s
5512 56
81l2 86
640
§608
56i4
*81%
105
*625
105u
105
*83
83
83
26
27
26
50
53
'505s
26l4
53U
50%
47
483$
47
48*2
48%
•83
1612
426s
86
*83
26*8
87
85
1634
16
1618
1534
42%
43
44
*8%
9
4614
25i2
47*8
46
27
11
11
25*8
11*4
54%
56
9
834
834
47*4
2612
1h2
5578
54l2
85*4
4634
2534
12%
55.
•8512
87l2
9%
4114
10i4
934
4134
4114
42
76
76
75
76
76
25
25
25l4
25*8
32
32*8
32*4
32*2
25%
32%
19934 20034
6h2
11%
86
845s
10l8
200
203
934
*41%
202%
4018
6212
lll2
40]s
61"
61"
36i8
36%
3412
3558
35
71
72%
70i8
7h"
718s
3714
6384
60l4
6212
1034
1u2
61%
IO84
40%
41
40%
*6i4
7
38
37
38
38
6558
59%
63
5934
100*4 10034
*48*
4312
8158
106
53*8
-10*8
*6%
100
4812
45
47
45*8
43i2
825s
43
43
43
106i4
55
11*8
8138
8234
105% 106
52
54
10%
11
47
48
47%
50
42%
44
44%
46
3*s
108*2
100*
47
45
3%
*17%
3%
107*2
4634
3%
*93
106
*104
107%
11%
1134
47
87
87i2
1134
46
Oct
Der
58
July
32
Dec
57
May
JanlO
30
Jan
43
Apr
38*4
Jan
99
Oct
111
Oct
8
101%
Jan
8
16
Jan
98
Jan
7
93
Dec
Feb
II384
Aprl2
z59
Feb
109
Oct
104*2
Feb 2
100
Mar
106
July
68
Jan28
60
Dec
124
Marl9
110
Nov
120
Aprl9
51
3
June
Sept24
Novl9
Feb
19
Mar
3
68
Feb26
Novl9
Novl7
Aug
93*2 July 7
46
Dec
105%
53*4
12484
71%
Jan
145
Octll
Jan
3
IO684 Janl3
5584 Jan 2
123% May 10
17% Aprl2
25% Junel8
83% Apr 6
21%
243
46*2
Feb
Aprl9
85
.
,
43
11%
51
41
80%
83%
76
42
600
*80*
8034 8234
105% 105%
49% 513s
*10%
11%
4634 48
12%
87
86
96
11%
*47
91
12%
1134.
41%
36%
84%
51
89
11%
*47
50
4*
United States Steel Corp.. 100
89
Do
400
43,100
9,000
1,100
92
1,100
11%
4,700
51
400
84
2,500
pref
Novl8
Novl9
100
194®8Junel5
49S» Novl8
7
Aug25
No par
4*,2 Novl9
Virginia-Carolina Chem...100
36% Novl9
i9312 Novl9
79
Febl3
Do
33,200 Utah
11%
48
423.i
103% 103*"
47
86*2
6,000
4934
11%
47
347,200
*10%
92
50
*8*2*"
105% 105*"
105*2 106%
4934
52
*10%
11%
45*2
49%
43
43
45%
4334
103% 104
*103% 104*2
47%
pref
100
Copper
...10
Utah Securities
v
t c
Vanadium Corp
Do
pref
Virginia Iron C AC
V Vivaudou
100
100
*9^
No par
Wells Fargo
Mar25
June24
Mar26
Apr
8
Apr
8
36*4
45*4
Jan
2
3
72%
Jan
115
Junr
7
June
Jan
3
97*2 Dec
34*4 Dec
37% Jan
120
6
75
100
Aprl4
Jan
Jan
6
5
Oct23
80*8
Jan
3
14
Jan
8
x97h
Dec
167
May
May
Jan 6
95%
Jan
111
17%
Jan
Jan
5
73
Jan
50% Junr
139% Nov
Janl3
109
Jan
119% July
Jan'3
43*4
Jan
45
Jan
5
88*4
Feb
Jan28
111%
65*8
Dec
Feb
8*4
Dec
Jan
3
Oct23
AprlG
80*4 Aprl4
112% Jan 7
120% Septl7
June
89%
93
2,300
42
41
4 NovlS
23,530
37*g
Novl9
55%
21%
15,300
44
22%
2234
White
20
21
36%
NovlS
19
39*4
21%
Westinghouse Air Brake
50
Westinghouse Elec A Mfg..50
89
42
40
6912 Mar29
734
60,600
I9.
Novl 9
NovlO
Novll
NovlO
46
46
4734
48%|
46%
46*4
106% 107%
46% 47*4
107% 108
106
107
106
48%
49%
58
61
49%
107
49%
47%
107
*105
453s
7%
48*2
47*4
1073s
47
6%
47
4938
105
105%
*104
43%
45%
42%
Willys-Dverland (The)
1,600 WIlsonACo.Inc.v t
1,700 Woolworth (F W)
47
106
108
47*2
Wickwire Spencer Steel
4,600
'45
106
*104
108
1,500
48
108
200
44
5,600
Do
Do
pref (netc)
pref.
Worthington P
5
25
100
c
No par
100
100
A M vtc__100
*75
85
80
80
*75
82
*75
79
100
58
58
Do
*57
59
*55
60
pref A
100
*55
62
500
Do
pref B
100
Bid and asked prices; no
^Iea on this day.
§ Leas than"' 100 shares.
Name changed from Ohio Cities Gas to present title
July 1
1920,
,
9'8
47
45
199
193
4214
80
58
J Ex-rights,
a Ex-dlv. and rights.
* Ex-div.
prlcesjfrom July 1 only; range for Ohio Cities
range incl.
June
3
Julyl9
Novl9
78*4 Nov
50
Mar
115% July
117% July
97*2 July
21%June
54% Dec
62
Dec
51
Feb
110
Jan
54
Mar
z88
Dec
51% Nov
79
May
92% July
115% Oct
7
Mar31
92
7%
32*4 May
91% Oct
Apr 8
36%
48%
Jan
Jan
41%
7%
119% Oct
38*4 Aue
74*4 July
Apr
96*2
50*4
215
Feb
4284
7%
Oct
Feb
Aug
10*4
41-%
49
Oct
July
66
3934
8
58%
Jan
Oct
July
42%
41%
51%
45*8
5
44%
734
74%
Dec
Jan
41%
50
Jan
62% Nov
Apr 7
Apr 6
14
92%
37%
157
3
97
119
34%
Jan
42%
S9^ Julyl3
Oct
Jan
40*2
Motor
June
17% May
Jan rt345
Jan
41
95%
*54%
Dec
Jan
44%
97
Jan
9*4
n!84
July 7
II084
80*4
76
Oct
Julyl5
Jan
21
Oct
151
104% Nov
*32*"
Apr 8
Mar31
109
Octl3
109%
Jan
Jan
Septl3
97
83*2
Jan
92
Jan31
47% Mar27
Novl3
47
Express
100
Western Union Telegraph.100
Nov
97% July
Mar
Mar25
40
50
Der
Der
81 «4
11%
8
Aus
89
87
50
Feb
Oct
29
230*4
0% Mar
108%
64% Nov
47%
7%
94*2
Jan
Dec
12%
493g
July
53*8
Dec
43%
50
July
17
74
98
"8*
74% Nov
121
12*2 Dec
5
44
7%
106*2 July
Aug
84
Janl3
40i2
4914
Oct
De<
Nov
41%
44% 45
104% 104%
21%
Jan
27% July
44*2 Sept
Aprl4
4312
*
100
112
Jan28
83%
10534 106%
52%
54
21
June
104
6
Jan
40
"21
Nov
Jan
J5:f4 Novl9
3
Novl2
l99,i Novl9
Sears. Roebuck A Co._._.100
Dec
107**2
94
Savage Arms Corp
Saxon Motor Car Corp.No
par
Nov 3
98%
Feb
22%
534 Novl5
100
107
Apr
*6*8*%
NovlS
1,600
iy%
*42% July 7
106*2 Aprl2
Jan
132% July
91*4
Jan26
51
'
Oct
74% July
98
May
31% Oct
105*2
85*2 Mar
12% Feb
5
8534
94*2
97
28% May
45
1,900
4,300
Jan
Jan
Jan
65% Novl9
18,590
108*2
23%
Jan
86*2
86%
3%
3*8
100*4 105
45%
43%
107
45%
140%
104%
Apr
Oct25
7,500 Shell Transp" A Trading...£2
4?% Novl9
90*4
25*8
26*2
25% 26
25
25% 113,200 Sinclair Cons Oil Corp.No par
23% Aug 9
4884
54*4
55%
54% 5434
53
54*4
3,500 Sloss-Sheffield Steel & Iron 100
53
Novl9
82%
86
*81%
*81% 86
86
Do preferred
*81*2
100
83
Nov 6
94*4
650
630
§622
627
§623
630
§619
"*695 Standard Oil ol N J
100 §6"
AuglO §850
105
105*4
105
105%
105%
104% 105
Do
3,950
pref non-voting
100
l9918Junel7 113%
85
*82
85
83
83
500 Steel & Tube of Am pref:
79%
79*4
100
79% Novl9
91*2
27
26
27*2
26% 27*2
.27
27%
5,500 Stewart Warn Sp Corp.No par
26
Novl3
51%
40
53i2
50
40
44
39
12.800 Stromberg-Carburet
42*2
No par
39
Nov49 118*4
4934
4534
46
48%
47%
47
42*8
74,500 Studebaker Corp (The)...100
4218 Novl9 126%
85
*80
85
83%
83%
*83
85'
200
Do
pref
100
8314 Novl8 101*2
16l8
15%
16%
16%
1584
15*4
16%
4,800 Superior Oil
no pa
*534 NovlO
20%
44
44
42
43%
41
42
1,200 Superior Steel Corp'n..... 100
60
41, Febl3
87s
8%
8 j
8
8*4
8
7*2
16,000 Tenn Copp A C tr ctfa.No par
7*2 NovlO
13%
46%
48%
46
46*2 4734
Texas Company (The)
47*2 115,600
25
49% Aug 0 c57«4
27*2
27
25*4
25% 26*4
24*4
26%
11,900 Texas Pacific Coal & OIL.. 10
2414 Novl9
53%
14
13%
13%
11
11
12
11%
1,100 Times Sq Auto 8upply.No par
H
Novl3
34%
57
5334
56%
52
54*2
50%
5234
17,900 Tobacco Products Corp
100
50% Novl9
|
95*2
85
87
82
87*2
82
800
Do
pref.
100
82
NovlO 106
10*8
10
934
9"*9% 10
984
18,100 Transcontinental Oil
.No par
9
Novl9
3884
43
41
*41% 43
41
41%
41
1,200 Transue & Williams St.No pa'
49
Aug 9
79
66%
77
77*2
74% 77
76
74*2
2,400 Union Bag A Paper Corp.. 100
73% May22 127
24
25%
25%
23% 24%
23
21%
20,700 Union Oil
..No par
21% Novl9
38
32%
32*4
32%
32*4 32%
32
5,600 United Alloy Steel
32%
.No par
53
32 NovlO
205
198% 203
188
187
200*4
194
18,500 United Fruit
100
179
Febl 1
224%
54
63%
61%
55% 5734
58
54*8
64,800 United Retail Stores...No par
54
Novl7
96*2
11%
*1034
10%
11*2
10%
10%
10*4
2,700 U S Cast I Pipe A Fdy....l00
I9**! NovlS
25*2
4034
39%
40
4034
40
41
40*4
Do
2,400
pref
..100
39's Novl7
7
55%
7
*6*2
6%
6%
♦6*2
300 U S Express
100
9
Apr20
37%
363g
35
29%
29
32
29
31%
29,700 U S Food Products Corp.. 100
29
Novl8
78%
72%
70%
7134
70%
72*4
66%
72*4 38,000 U S Industrial Alcohol
100
9912 Novl9 116%
Do
pref..
100
99
Aug 6 10384
39%
37%
39%
38%
3934
38%
38%
7,550 U S Realty A Improvement100
37
Novl5
69*4
62%
59%
6134
58*2 61%
59
61%
67,700 United States Rubber
100
9812 NovlS 14334
101
100
100
100
100
100% 100%
1,500
Do
1st pref
100
199
Novl6 116*2
46
45
45
44% 45
42%
43*2
3,100 U 8 Smelting Ref A M.....50
4212 Novl9
95
*45%
16%
Dec
27*2
86
98
47
1534
33g
103
.
•100
16
15%
Jan
92*4
Apr 8
Jan24
2534 Novl7
1,600
07
Aprl4
72*4 Sept23
par
100
Republic Motor Truck.No
Oct
Der
91%
81
Novl9
92% May 3
10
Novl8
_
pref
Oct
27%
100
34,200
14*?
534
Feb 13
Royal Dutch Co (N Y shares).
St Joseph Lead
10
San Cecilia Sugar v t c.No
par
5,100
68
6
Aug 6
NovlO
33
34%
63%
99
27
Aprl4
74
26i2
56'4
S234
*10%
4938
*17*
26%
65%
5
Nov
39% Nov
Dec
Mar
79% NovlO
Ray Consolidated Copper
10
Remington Typewriter v t clOO
Replogle Steel.
No par
*1334
534
46
96
54
100
■79
*14
9
34*2
2
June22
116%
11184
36*4
Nov
AuglS
12% Aug 2
100
pref
76
•81l2
41
100% Novl9
4034 Novl9
33
47
Jan
*30
11
107
22
60
80
4658
75% July
26
35
4512
80
Dec
100
10
105*2 1 0738
Dec
58*2
Company
77*2
3
70*4
Jan
Punta Alegre Sugar
Pure Oil (The).*
33
338
Jan 2
84
12%
3
78
61%
100
pref
79
3%
104% 105%
45l»
45i4
2512
26%
Jan
78
51*2
Do
pref
100
PublicServ Corp of N J...100
Do
149*"
41%
100
35
63%
11% Nov
5% Mar
12*8*
65
H
100
Pa
11%
*88
Apr 6
Aprl4
Jan 5
7434 Novll
25
pref
Pittsburgh Coal of
Do
157
100
pref
Pierce Oil Corporation
76%
67
584 Mar 8
9%
2884 Sept20
No par
35
3
Novl7
42*2
1234
93
June
5
44*2 July 2
82% Jan 3
8134
65
97
Jan
70*4 July
75
July
Aprl7
31
Novl7
21% NovlO
100
*90
July
Jan
77*4
22%
30% AuglO
100
26,900
67
40
8
Oct 8
45
58
16% *11**2
Jan
46
58
200
47
41% May20
10
86
Oct25
37
Janl3
71«4 Febl3
65% NovlO
Pressed Steel Car
81
Feb
6I84
100
Teleph A Teleg
Pond Creek Coal
104
Feb
19*2
18*2 Novl7
8,500
•"
8,400
91%
100
Development..
Plerce-Arrow M Car
Oct
July
21% July
145*4
Oct
44% Mar
...25
v
5
112
13% Nov
Jan 3
107 May20
13*2 Novl6
45% Augl9
Pan-Am Pet A Trans
3
5
88% June
May
94%
Jan 3
3*2 Novl9
23
__]
Jan
24*4 July
604
61
3% Novl7
100
Orphenm Circuit. Inc
Otis Elevator
9
Nov
12*2
Oklahoma Prod A Ref of Am .5
36
1784
117*4
48%
Aug
41
12
1734
Novl3
78
20
preferred
78i2
67ig
18
17%
Jan
Jan
Novl8
Oct
July
108% May
Feb
100
Nov
92
Dec
36
1778
Dec
93
13
19
103
45*8
811s
18%
Janl3
Novll
4% Nov 17
7
34U
584
102%
66
2
12
6*
101%
Jan
Jan
77%
657s
27%
7034
Nov
70
Jan
33
....
75
87
Jan 3
Apr 7
77
69
Sept
June28
80
13
37
27%
45
98
89*2
35
08k
86% July 9
Febl3
102%
77
66*2
Febl3
83
2934 Novl9
Novl9
5,500
33,300
5,700
Marl9
71*4 No*
62*4 July
83
July
Mar25
40
Oct
Feb
Novll
14%
25,300
40
32
88
82
3334
6
45
13
30
118*4 Sept
32*4 July
Jan
79%
100*2 103
5034
51*4
Oc\
100
pref
Pullman
264
Jan
100
Do
Jan
Jan 6
100
Do
162*4
3
71 »4
15
100
Jan
Dc
69*2
..100
Do
Oci
May
52'4
82%
102% 103*4
50*8
52%
33% 34*4
84*2 86
3434
84
85U
104
102% 105*2
50
5334
9,400
78
86
8578
25.300
110
July
5
Aug
31
21%
61
Aug
27
31
Jan
66
137
Mayl9
6,800 People's G L & C (Chic).. 100
8,400 Philadelphia Co (Plttsb)
50
6,900 Phillips Petroleum
No par
22%
104
79% May
31% Novl9
3534
31
Janl2
Dec
34*2
31%
35%
131*4
Nov
36*2
36*2
21%
Jan
21
36
3134
37's
Aug
60
99
Novl5
24
June
130
Jan 6
11
31
36
z63
Jan 6
t c No par
22
July
26
4,100, Penn-Seaboard St'l
25
July
115
105
11
3212
245
Jan
Dec
100
Nevada Consol Copper
New York Air Brake
New York Dock
Do
Apr
63
222
10
Dor
59
109
Enam'g A Stamp'g
Pacific
75%
107
Aug 9
68%
38
147*4
Marl3
11
3H2
Jan 2
16*8 Novl9
72*2
65*s
83,500
9,600
June
88
Cable .No par
Do
pref
National Lead
Do
July
120
148
100
NovlO
Novl9
11
37's
60
pref
Do
81
Feb
100
Pref..
Nat Conduit A
Nat
Feb
94
100
Montana Power
Do
Dec
40*8
Janl9
107
100
Mexican Petroleum
..100
Do
pref
100
Miami Copper
5
Middle States Oil Corp
10
Mldvale Steel A Ordnance..50
25*8
Jan 3
Oct29
100
_
Novll
69%
23l2
59
Manatl Sugar
May Department Stores.
Do
pref
Jan 3
70
110*2 Jah~8
6984 Jan
04% Mar22
151% Aprl4
137% Aprl9
100
__
AuglO
11
32
"57% *59*"
Novl6
68%
2434
125s
Aug25
59%
56%
79*2
69*4
95*2
28
115%
183*4
Pacific Gas A Electric
1,600
37
S212
98
Aug20
Pacific
11,400
49
3H2
12i8
4,800
*19
2334
8112
22,300
1,500
300
37%
*13*"
400
1,200
3%
32*2
24*4
12%
3,600
1,200
20
36
37l2
400
15,700
41
32*2
23
8.200
11,000
20
39
7612
39%
7914
7414
46%
2,300
37*2
48
77*4
100
4%
44
*4
12234 12234
1412
15u
50i2
5012
19
18*2
4012
75%
76
45
1278
3%
•13
125
1,600
434
51%
37*%
37%
pref
Do
22
4334
9% Novl9
29% Novl8
100
48
*87
♦.50
46
Do
Companies..
30
*19
10*8
$ per shot*
Mont WdACo Ills Corp .No
par
2h2
9%
82
$ per share
100
pref
National Acme
50
Nat Anil A Chem vtc..No
par
Do
preferred v t c
100
National Cloak A Suit
100
68%
67%
68*2
103% 103% Z104
104*2
8
9%
8%
8%
80% 82%
82
80%
105
Do
1,900
82lg
10514 *104
$ per share
,100
Loriilard (P)
4,800
66%
*89
71
Highest
$ per share
102
"4,400
19%
*71
4%
4634
92
10*2
80%
76
4%
Lowest
100
2934
45i2
4914
preferred 1
30
19%
2834
31
412
*87
2d
45%
30
*71
4%
71
70i2
105'8 105's *103
69-%
.
105
78
514
4614
47%
•87
117g
31%
20%
30's
51
1934
7,400
16*4
35
98'2
2012
*29%
52*2
16%
60
34u
*55
*94
31
800
400
Highest
Loose-Wiles Biscuit tr ctfs.100
Mackay
100
152% 1607s 168,600
16%
98l2
1978
2978
20
19%
30%
52%
100
1,000
500
86
69%
Indus. & Miscell. (Con.) Par
Loft Incorporated
No par
Do
2*.200
*95*2
86
1919
Lowest
"
126
75
*98
♦95
30
*103% 115
ar81
76
17%
98%
30
30
115
*68'
81
♦g8
*9g
-
29l2
*104
Year
EXCHANGE
7,600
1,000
10%
30
*104
57i8
160*2 163*4
•95
1014
30
♦100
80%
71%
71
9%
115
60
80*2
$ per share
1012
30
57
•98
10
128*4 129
129
•100
$ per share
10%
♦104
115
129
978
Range for P eviout
basis of lOWshare lots
On
Week
$ per share
YORK
PER SHARE
Range since Jan. 1
STOCKS
NEW
tor
$ Per share
following.
Oct23
82
Jan
.
8
94*2
Sept
Jan
Jan
3
40*2
Jan
59% June
45
Jan
86
23*4
Jan
40%
98*4
104%
136%
117%
92% May
126
July
Oct
32*4 9ept20
32
Jan
Jan
93
82*s
3
5
Jan 5
87*4
65%
Jan
Jan
145
Aprl4
120
116%
Jan
112*4 Dec
6
Feb
June
May
July
May
July
95
Jan27
50
Feb
July20
93*4
Janl3
88
Jan
NovlO
76
98*2
Oct
Jan
66
Jan
81
Oc
6
c Reduced to basis of
Gas Jan. lto
$25 par.
117
n
Oct
Par $100
July31, 37; May 20.50^ Jan. 3
New York Stock Exchange—BOND Record,
Jan.
EXCHANGE
Week ending Nov.
U.
Ktrat
S.
•ve
Week's
2®
19
Price
3$
BONDS
N. Y. STOCK
Friday
Range or
Nov. 19
Last Sale
Government.
Ask Low
Bid
No.
High
\Low
second Liberty Loan
4a
lat L L conv_„.1932~'47i J
is
* 2nd L L
1927-42;M
Week ending Nov.
1
93.50 2759
92.62
7
D
86.30 Sale
86.30
88.20
N
85,54 Sale
85.20
86.88
86.80
88 50
472
Central of Ga lat gold 5a—pl945
Conao gold 5a
1—
1945
F
M
A
N
—
--
169. 81.40 92.90
Sale
85.56 Sale
88.40 Sale
.
Chatt Dlv pur money g 4a 1951 J
Mac & Nor Dlv lat g 5a..1946 J
83.00 93.48
bird Liberty Loan
f
4Mb
lat L L
4Mb
2nd L L
4Mb
Mid Ga & Atl Dlv 5a
1932-'47! J
3rd L L
conv
87.00
1927-42 M,
conv
1928.M
85.40
86.60 129321 81.10 92.86
88-00
89.00
Fourth Liberty Loan
4Mb
4Mb
1st LL 2nd
94,00
Victory Liberty Loan
4Mb
conv g notes... 1922-23 J
3Mb
conv g notes.__1922-'23 J
ts consol registered
29 consol
__dl930
<21930
1925
1925
coupon
4a registered
4a
coupon
Pan Canal 10-30-yr2s
Pan Canal 10-30-yr 2s
95.50
85.80 Sale
1932-47 J
1933-*38 A
conv
4th L L
8560
s
96.10 7928
96.14 4704
July'20
105
106%
105*4 Sept'20
98*4 Mar'19
104
106%
99
80
1911; J
Christlania (City) a f 8s
D
99%
165
99%
99%
93;
8934
92
53
9734
154!
82
Sale
82
9934
83*8
t 41*4 Sale
98% Sale
7534 Sale
76
Sale
41
41%
98%
194
79*2
60
1931 A
91
Sale
98*2
76
78
Italy (Kingdom of),Ser A 6Hs'25 F
Japanese Govt—£ loan 4%a.l925 F
'
64
65%
7634
77
X "57*34 Sale
82
Lyons (City of) 15-yr 6s
1934 M
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899 Q
Sale
74*2
74%
57%
57%
82
83*2
46
37
90
1921 A
94*4 Sale
94*4
95
337
102*2
107
102
•Switzerland (Govt of) s f 8s 1940 J
Tokyo City 5s loan of 1912
45
M
Sale
47*4
101
4734
48%
97*2
102%
95*2
Chic Ind <& Louisv—Ref 68.1947
82
77
71
9234
98%
9834
85*4
87
89
95
9734 Sale
9734
are
j?1922 F
8s._-l_.1945 A
prices
Chic L S & East
Ch M & St P gen g 4a ser A.el989
95«4
1st 4Ha._1969
Registered
Gon'l gold 3Hs Ser B
._el989
.£1989
General 4Ha Series C.__el989
Gen &ref Ser A 4Hs __._a2014
conv
Ser B 5a.._a2014
4Mb Corporate stock
4Mb Corporate stock July
4 M b Corporate stock
4Mb Corporate stock
_____
„
S
84
M
8
94
1966 A
O
Corp stock. 1960
4Mb Corporate stock
1964
M
1921
91
95
92
92
Sale
92
N
86%
8134
82
80
82%
87*2
83
83
79*2
91
General 4a
Stamped 4s
General 5a stamped
Corporate stock
Corporate stock
1958 M
N
4% Corporate stock
1957 M
N
....
9134 Sale
N
7334
76
90
S
Canal Imrpovement 4g___1961
Canal Improvement 4s___1962
Canal Improvement 4s__.1960
Canal Improvement 4 H 3-1964
89
8912 100*2
9134
91*4
7134 Aug'2U
98% Aug* 19
89*2 100%
71*4
81
Sept'20
89
89
June'20
91
91
July'20
93
97
107%
Jan'20
99
91
95
68%
7O34
deferred Brown Bro3 ctfa....
76
May'20
95
July'20
71*4 Oct '20
7534
7534
99
1100
—
*
Arbor
1st g 4s
*1990' Q
J
52
54
55
Debenture
O
1995 A
Registered
75%
76*j
76% Nov'20
9.'
71*4
71*4
50
76*2
47%
Mil LS A West lat g 68—1921
Ext A Imp s f gold 68
1929
Ashland Dlv 1st g 6s_—1925
342
69
i
,
Mil Spar A N W 1st
gu
D
55
77%
91
R f Ark A Louis 1st 4H3__ 1934
84
84*4
84
84%
71
71
Nov'20
77*8
8634
S
10-year secured 7s
1930 M
Gen unified 4Mb
1964 J
Ala Mid 1st gu gold 5s...1928 M
Bruns A W 1st gu gold 4s. 1938 J
N
Charles A Sav 1st gold 7s. 1936 J
L & N coll gold 4a
ol952 M
J
1934 A
& W 1st gold 6s
1st gold 5s
D
N
J
N
O
76
78
1934
77%
107% 113
Sale
Sale
69
102%
75
76*2
72
72%
Sale
10034
Oct
38
81"
82%
Apr'20
67*4
70%
Feb'20
~70'4 Sale'
70
71%
~36j
'229;
68
Sale
68
70
138
1929
91
Sale
90%
92
143
Temporary 10-yr 6a
J
Pitts June 1st gold 6s
1922 J
J
82
81
Oct
M
N
N
65% Sale
64%
J
77
77
4H»—1930 M
S
78
31025
1st
c
g
Sale
85
82*2
94
O
1922 A
O
9134
tuffalo R & P gen g 5s
Consol 4Mb
52
'
55%
92% Nov'20
79
80
1998 A
O
7234
J
80*2
53
Rocb A Pitts 1st gold 6s._1921
9934
1922
A 5s._.1962
Sale
•No price Friday; latest
38j
87
73*4
87*2
80
99%
73
91
Chic A West Ind gen g 6a__£1932
Consol 50-year 4s
1952
Cin H A D 2d gold 4Ha
1937
78
85
C Find A Ft W 1st gu 4s g 1923
Day A Mich 1st cons 4Mb 1931
Clev Cin Ch A St L gen 4a..1993
60*4
98*4 101%
1993
75%
76*2
81%
92%
Cairo Dlv 1st gold 4s
1939
Cin W A M Dlv 1st g 43-1991
St L Dlv 1st coll tr g 4s.__ 1990
Spr A Col Dlv 1st g 4s
90*8
90*8
46
44%
88%
58%
92%
77%
91
69%
75*4
87%
74
99% 100*8
bldjand'asked. a Due Jaa
97% 10C
ft
75*4
77«4
Nov'20
94
98
88
Nov'20
81*4
92
81
July'20
81
81
59*8
70%
—
Morris A Essex 1st gu
d Due April. «Due May.
66*4
66*4
Apr'19
77
50 "67~ " "80 "
|
78
79% Nov'20
94%
94%
99
1111
90
Sale
70
8
847s
Apr'20|
Apr'10
9134
99
10
91%
Feb'20
|j 96
Mar'19
90*8
90%
90*2 Nov'20
102
90*2
103
62
62
j~62 "
997g
1100
99
96% June'20i
77*2
67
88
97*4
81%
82
75
74
75%
67%
82%
8i
65
!
58
69
104
j
50;
83*4
118
95
75%
79%
79
78
87%
Nov'16
May'18
67% June'19
Oct *20
103
58*8
73%
90
Jan'20
103
Mar'17
81
98
84
May'17
88
*71%
69
72*8
83*4
70*2
65
---
Sale
76
88
—
67
687g Sale
65
----
59%
52*8
81
64
81
687g
69
60
72
74
76
69
80
88
Oct
'20j
74
79
Nov'20!
68
Nov'20:
67*2
i
74% Jan
88
68
16
75
56%
70
60%
*
78i
73
*19—
69
84
Nov'16
79*4
80
Nov'20
82*4
Sept'lOJ
88
Nov'20
"87% "88%
98
J
A
Q
90%
*82""
17, i 98
54
58% Sale
J
i81
7934 Sept/20
---
69
85*4
66*2
'
71
71
58*8
-s
102%
60
76%
71
60*4
Feb'19
64
87
88
65
Apr'20
101
---
76
79
296
Nov'20
Sale
82%
96*2 1007»
70
46
10134 Sale
Q
99
9*
1
82
*88
98
98
76% NovT9
69*4
71
A
Apr
8Hs2000J»
8778
90%
M
---1
Nov'20.87% Oct *20
10S
73
71*4
71
Nov'20
65
88
997»
76
Sale
100
99»4
95%
Sept'19
67%
84
"62*
98%
99*2
Apr'20
65
\
A
F
M
J
A
J
99*2
06*4
100
90%
99% 104
Ocfc'16
Sale
72*2
98%
"83% "91*4
1
~6634
64
98
105% Nov'19
Sale
79*4
79%
103
| ~90% "99"
94% 94%
j|
98*8 Oct *20
101*2
o
A
N
60
21%
6178
62*2
30
31*2 Nov'20
88% Nov'20'
89
Del Lack A Western—
85
99*4
-1990
4H8—1961
Colorado A Sou 1st g 4s
1929
Refund A Ext 4Ha
1935
Ft W A Den C lat g 6a—-1921
Conn A Pas Rivs 1st g 4a—1943
Cuba RR 1st 50-year 5s g__ 1952
83*2
73*4
Nov'20
Income 4s
Cleve Short L 1st gu
70
~78" "«o"
—
98
72
M
J
Q
91%
Nov'201
75% Sept'20
75%
87%
J
J
85
68*4
Sept,'19
8534
7634
\
57*4
1940
1940
*1936
Registered..*
*1936
Cin S A CI cona 1st g 5a. —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 5a—<11938
Peoria A East 1st cona 4s.1940
99
98
—
102
\
General 5a Series B
4s
80
98
1931 *
W W Val Dlv 1st g
98% 102
♦
M
20-year deb 4Hs
C I St L A C 1st g 4a
99
67
Feb'20
94*2
{
81
79
93%
94*2
58
Sale
9834
^
60
69%
9734
93*4
*91% "94%
J
Q
J
74%
51%
94*2
109*2
J
57*2
67%
94% June'20
98*2
96%
M
60
57*8
76
93%
70%
94% Sale
\
Superior Short L 1st 5a g.cl930
Chic T H A So East 1st 5a-I960
85
73
.1930
79%
70%
73%
87
—
66
98
70*2
North Wisconsin 1st 6a___ 1930 *
Jan'20
74
Chic StPM AO cons68.
Cons 68 reduced to 3Hs__1930
Debenture 5a
/
1930
Apr'20
Sale
67*t
"76% "767s
A
1952 M
Keok A Des Molnea 1st 5s 1923 A
St Paul AKCShLlst4Hs*41 F
92%
85
99
53
66*4 Sale
—1921
78*2
91
Nov'20
9934
1934
'•
68
95% 103*2
73%
90*4
98%
Car Clinch A Ohio 1st 30-yr 6s
82
82
6978
Aug'19
93
All & West 1st g 4s gu
Canada Sou cons gu
88
78*2
J
68*2
99% Mar'18
91*4
Clear & Mah 1st gu g 5s__1943 J
Consol 1st g 6s
Mar'20
1937 M S
—.1957 M N
Tol A Cin dlv 1st ref 4s A. 1959 J
'
77*2
85
8i
90*8 Mar'20
88
D
.1937 A
General gold 5s._
103
Mar'20
83
Ohio River RR 1st g 5s.-.1936 J
Pitts Clev & Tol 1st g 6a
67
60*" "81 *
*20
66*4
77*4
91
O
_
.
91*4
86*4
1933 A
CI Lor & W con 1st g 5s.
Burl CRANls
C R I F A N W 1st gu
Ch Okla A G cons 5s
Jan'12
112
PLEiWVa 3ys ref 4s. .1941 M
8.1925 J
Southw Dlv 1st gold 3 H
89*4
71
81
160
D
P June & M Dlv 1st g 3 H
82
64%
91
1
J
62
,84
1934 A
78
38!
Refund A gen 5s Series A.1995 J
65%
80
60
973s
Jm
\
\
90*4
5!
'20
81
1938
18
"66
Sept'2U
79*8 Oct '20
129% Aug'15
6034
*1948
10-yr conv 4Mb
102
91
82
*1948
Registered
78
10034 10434 KK)34
*1925
lat 50-year gold 4s
76*2
9
'"56
92
92%
72
77*8
87% Nov'20
90
*'>alt & Ohio prior 3Hb—__.1925
Registered
79*2
77% Sale"
102% Sale
83
79%
A
70
1962
70
78
M
S
*1952 M
32
98%
98%
85
Cal-Ariz 1st A ref 4Mb"a.
81%
91
F
84
•S Fe Pres & Ph 1st g 58—1942
Atl Coast L 1st gold 4b
76
797a
63*2
Sale
^
84
76*4
8034
61
J?
Refunding gold 4s
7534
131
99*2
937S
74%
76*4
7278
6778
52%
6134
70*2
7534
70
61%
62
Trans Con Short L 1st 4.1.1958
35
25
101%
60
19605 J
East Okla DIv 1st g 4e___192S M
29
72
~53*4 "of7*
7778
*
61
Rocky Mtn Dlv 1st 4s._. 1965
1
70%
A
24!
Sale
58*4
62*2
67
^
68*2
1988
58*4
82
—
69
J
69*2
Registered
80
59%
155
6934
Feb'16
60
90% Sale
67
198*
Nov'20
91
^
69% Sale
68% Sale
St L Peo AN W lat gu 5a 1948
68
~62*% 171%
77
95%
J
4s_1947 "
Chic RIA P—Ry gen 4a
May'19
78
s9S% Sale
f.
D
73*2
80%
\
85
Nov
1955 J
79
62
Mar'20
Sale
63*2 Sale
\
*1995
Conv 48 Issue of 1910
Cent Ohio
82%
67%
97
68
—
60
J
7034
71%
17
58*4
91
80*2
'20'
77
1930 ■*
Man G BAN W lst3HB.1941
Milw A S L 1st gu 3H8
1941
58
503g
35
56
Oct
69*2 Sale
\
*1995
Stamped
*58% "59%
1933 M
g
Des Plalnea Val lat gu 4Hs '47
Frem Elk A Mo V 1st 6s. .1933
67%
85%
Mar'17
54*2
75
52
64*2
Feb'13
92%
1933
Registered
10-year aecured 7s
99
50
71% Nov'20
68*8 Sale
•*
76%
69*2
32
69
\
69*9
"70%
85*4
72%
"72"" "75
J
Q
1
J
A
*
O
Conv gold 4s
Sav
7534 Sale
84
50
Nov'20,—
50
May'20
85*2 Oct '20
63
f
J
Nov
Registered
Adjustment gold 4s
93%
68
84
*1111 ~~8~
\
1921 7
1921 A
Mich Dlv 1st gold 68—1924
1995 A
Gen g 4s___
41
9734
F
J
M
1879-1929
5s
*6*7" " "82"%
41
68%
—
pl987 G
1987 m
1987 m
1987 m
Sinking fund deb 5a
107*2
95
Nov'20
tchlson Topeka A Santa Fe—■■
--
A
Registered
1879-1929 A
Sinking fund 5s_ —1879-1929 A
Registered
1879-1929 A
Railroad.
<nn
1987
Sinking fund 6a
|107% 108
Mar'20
102
4HS-1965
Highway Improv t4Hs__ 1963
Highway Improv t 4*^s-_1965
trginia funded debt 2-3s__I99I
ia
90
82%
93
1961 M
N
80*4
94% Nov'20
91
Corporate stock___1957 M
3H% Corporate stock.__ 1954 M
4M%
Nov'20
82*2 Oct '20
80
."I "92"
Registered———1886-1926
General gold3Hs
Registered
89
t% Corporate stock reg__1956 M N
4Mb
1957 M N
Mew
*
85
100%
89% 100*2
88
100%
49
85*2
83
Cons extended 4Hs._1934 '
Wis A Minn Dlv g 5s
1921
Chic A N'west Ex 4b__.1880-'26
S
4%
Canal Improvement
assum g
8a__1924
Milw A Nor lat ext 4Ha..1.934
95*4
93
92
Oct' I y
19*4
J.
\
84
8334
87%
J
90
88%
,20*4
1926
nc»4
84
88
Nov'20
1921
94
73
93% Nov'20
85
Nov'20
Chic & L Sup Dlv g 5a
Chic <k Mo Riv Dlv 6a
Chic A P W 1st g 5a
90
73
81%
35
99
92*2
64
38
95%
94
98
70%
37%
.
93*4
O
N
J
90
40
96
80
31.
--
1934
95%
49%
29%
36
33%
J
--
A
25-year debenture 4a
81%
'll"
37
7934
Nov'20
9534
D
1963 M
1959 HI
Y State—4s
89
72
70%
78
81
91*2
92
Sale
"78" "79
—1925 *
)"
4%
**
89
88%
Permanent 4a
92%
92%
93%
90*2
1967
1965
91%
75
80*2
80%
7034 Bale
Fargo A Sou
Y City—4Mb
"71% *72%
Convertible 4Hs._______ 1932 *
C M & Pugot Sd lat gu 4s_ 1949
n
63*4
61*4
58%
17*2
68
39*4
State and City Securities.
89U
57%
Feb'20'
67
50
of $5to£
on the basis
98
9734
128!
94% 8ale
17 hesc
34*4
89*4
496
98%
5-year conv 5Hs_
Zurich (City of) s f
46*8
83
487
88%
94%;
Sale
34*2 Sale
47
92% 99%
81*4
90%
310
20-year gold bond 5Hs__1937 F
10-year conv 5Mb
1929 F
*77*4
70
80% Mar'20
88*2
481
983s Sale
85*2 Sale
8834 Sale
66*4
Feb'15
79
93*2
Gen ref
1921 M
5-year 5H % notes
113
65
J
1947
26
61
98
479
72*2'
95
81
48
—I
Nov'20
54% Sale
95
Ind & Louisv 1st gu 4a.—1956
Chic Ind <fe Sou 50-yr 4s
1956
100*2 104%
79
88*2 Sept'16
71%
1947 •*
Refunding gold 5s
Refunding 4s Series C
g K of Gt Brit & Ireland—
95
82%
69%
140
June'19
72*2
72
93%
29»4
9!
69
69%
90%
J
Chicago Great West 1st 4s. .1959
82
82
431
35
—
67
72*2 Sale
—
52*2
8
83%
41*4
___
71%
Stamped
67*2
21
84
78%
I
72*4
74%
82%
86
63% July'20
8234 May'19
78*8 Dec'19
65
99%
98%
'79"" "86"%
28
76%
Mar'17
86
N
1937 M
85
530
74%
83*2 Sale
71% 84
85
Jan'18j
86.
Nov'20
92*2
92%
Sale
U S Mtg A Tr Co ctfs of dep
69
Jan'20
9734 Nov'20
94
88
M
Guar Tr Co ctfa of dep
Purch money 1st coal 53..1942
Chic & Ind C Ry 1st 5s...1936
100
531
82*2
84
99
89*4
302
87*4
96%
100%
"73% Sale*
JJ
1930
76
75
35
Sale
92*2
93%
5]
85
74%
41*4 Sale
82
General consol 1st 5s
96
84*4
34|
1954 J
►
99
86%
626,
8734
lat consol gold 6s
95*4
92
85
76
1931 J
76
72
100%
7434 Sale
X 74% Sale
1958
Chic A E III ref A imp 4s g..l955
U S Mtg & Tr Co ct8 of dep...
86
98*a Nov'20
—
75
_____.__1927 ™
General 4a
76
100%
76%
See Great North
Registered
S0«4
92%
64
26i
100
____
Nebraska Extension 4a.._ 1927
79%
39
91
90%
97*2
99
84
90
78% June'20
A
J
J
-.,1949 J
Joint bonds
76
"26!
91*4
Illinois Dlv 3Hs
Illinois Dlv 4a
50
74
39
98%
90*8
Railuay lat Hen 3Hs.
Chic B & Q—Denver Dlv 4a.
M
A
1950 J
1922 F
1949 J
79
99% Nov'20
83
85%
J
J
N
S
O
J
Warm Springs V 1st g 5a..1941
Chic A
Alton RR ref g 3s.. 1949
——
Sept'20
Nov'20
81%
99
92*4
\
J
J-
May'18'
JuneT7|——
.85
98%
J
98*2
79% Oct *20
91
t
Second series 4Mb
1925 J
do
do
"German stamp".
Gold debt 4s of 1904
Paris (City of) 5-year 6s
5a
41
6
10038 Sale
85
French Republic 25-yr ext 8a 1945 M
98% 100
98
89*2
9734
99%
82
92%
115
76
75
9634 101
16
7434
Sale
91
68
78
98%
9134
98*8 Sale
2-yr 5Hs gold notes Aug 1921 F
10-year oMb
1929 F
Sterling loan 43
63%
78
98% Sale
9034 Sale
___1926 A
do
....
76*2
5s_|__1921 A
do
7
97
9958
5s 58 |F
do
g
R & A Dlv lat con g 4a.._ 1989
2d consol gold 4s
1989
94
97%
80*4
D
1946 J
Potta Creek Br 1st 4s
9112
9734
9734
A..49]F
do
Craig Valley lat
87*2
74
1949 F
Dominion of Canada g
89*4
86%
71*4
--
openhagen 25-yr a f 5Ha--1944;J
Cuba—External debt 5s of 1904. |M
Dominican Rep Cons A dm sf
79*2
83
99
D
J
1940 J
Mar'20
Feb To
72
Sale
Sale
Sale
Sale
71*4
<
dt of 5s 1914 scr
Coal River Ry lat gu 4s. .1945
\
Greenbrier Ry 1st gu g 4a. 1940 M
1945 A
Exter
1944
79*4 Apr *20
87*
M N
(City of) 16-yr 6s. 1934 iM N
("binese (HukuangRy) 5s of
July'18
100
-
—
Big Sandy lat 4a
88
19
80%
J
*
M S
J
J
lat consol gold 5a
—1939 M N
Registered
1939 M N
General gold 4 J^a
1992 M
S
Registered
1992 M
S
20-year convertible 4Hs._ 1930 F
A
30-year conv aecured 5a..1946 A
O
100% 101
105
75%
85
Am Dock & Imp gu 5a__.1921
95%
34
90
75
98*4
High
85
86%.
82*2
N Y & Long Br gen g 4a-1941
Cheaa A O fund & impt 5a_.1929
101*4
Q
Jan 1921
External loan 4Mb
4; 100
Q
5-year 6% notes.___.Jan 1925'
Berne (City of) s f 8s
—1945
bordeaux
100*2
100% June'2u
82
J
Loto
1
92%
89%;
74% May'19:
75
J
94.64 99.40
100i2
J
1947 J
A1987 Q
94.70 99.40
95 62
60
Since
Jan. l
No.
88*2
D
Range
!*
High
92%
83%
88*2 Sale
J
N
io1
86.00101.10
87.10 16931: 82.00 93.00
100% Sale
Q
Q
f7Hsg.l945 J
1-year 6% notes
96.00
83% Sale
92%
Mobile Dlv lat g 5a
1946 J
Cent RR &B of Ga coll g 5a. 1937 M
Cent of N J gen gold 5a
19871J
Registered
9570
Foreign Government.
Argentine Internal 5s of 1909—;M
Belgium 25-yr ext
6357|
95.90 Sale
1961 Q
1914-'34 Q
Registered
Philippine Islands 4s
85.80 95.Q0
95.90 Sale
*1936. Q
reg._1938 Q
1961'Q
Panama Canal 3s g
84.00 94.00
Ask Low
Bid
High
89.10 100.40
is!
Week's
Range or
Last Sale
19
Nov.
19
10-yr lemp aecur 6a June.192a
92.62 Sale
D
1st 15-30 year.. 1932-47 J
Price
Friday
N. Y. STOCK EXCHANGE
Since
Jan
s|
BONDS
Range
P
^
<sj
Liberty Loan
3Ha
2027
Friday, Weekly and Yearly
1909 ihe Exchange method of quoting bonds was changed and prices are now—"and interest"—except for income and defaulted bonds.
1
«
v
'
»
Due June. ADue July. *Due Aug. ffDue
82
Sale
72
Sale
92
97
3
63*2!
47
67
|;
16
36
'
73
89
8 5%
82*2!
55
74
71%
74
C3
66*4
79
95
95
1
91%
98
63
73
J
63
72*|
81%
j
Nov'20
67
69
72
65*4
69*2
69% Nov'20
—
.
Oet. fDue Nor. eDue Dec. s Option sale.
2038
New York BOND Record —Continued—Page 2
BONDS
n.
stock
y
Range
'
Hanoi
Last Salt
|
j
i>8 aware Lack a West—Concl.
v
Week's
Friday
Nov.
f
Nov.' 19
Price
!
.
exchange
Week ending
19
Bid
Ask Low
High
bonds
Since
or
n. y. stock
Jan. 1
NO.
1st 6a....1921 J
j
99*2
99i2 Nov'20
a
91%
92% may"20
9212
9734
91
90
94
Term <v Improv 4a
Warren 1st ref gu a 3kin.
beware a
1923
91
2000 f
63
Hudson—
92
91
102%
1922 j
9534
2
9434
1943 m
nj
79
Sale
79
79u
6
67
1935 a
o
85
Sale
84%
85i2
86
73
104*
8
Alb a Susq conv 33*9
1946 a
4
65
1930 J
10458 Sale
70*
99% 104
Improvement gold 53
64
65i2 "u
8
62%
1
63
68
7278
74%
General gold 4s
69
38
47
8
12
Rio Gr West 1st gold 4a.. 1939
Mtge a coll trust 48 a.. 1949
a Mack—1st Hen g 49.. 1995
Gold 4a
1995
ust hiv Tun Ter Tun
43*s_. 1961 iw
Out Mlssabe a Not gen 5s.. 1941 j
-
61%
34
58
68%
48
56
68
Dee'16
63
63
63
63
Sale
77
77l2
69
8u
93%
93i8 June'2u
87% Oct'20
105% Mar'08
.
.
88
o
92
Oct'20
84
98
99
97
Oct'20
93%
99%
80
Jan'20
n
8
80
91%
92
93
96
47
60
58%
58%
38
50
o
93
1928 j
d
9434
Nov'15
9812
Aug'19
j
l«t consol gen lien
g 4s. 1096 J
j
...1996 J
Penn coll trust gold 4s.. 1951
53
June'20
53
54
5612
"43"' Hale"
43
46
73
j
F
a
7212
4s Ser a.. 1953 a
o
4112 Sale
1953 a
o
41
Sale
Series d... 1953 a
o
47
Sale
45
Ohlc a Erie 1st gold
5s... 1982 m
ci eve a Mahon Vail
g 5s.. 1938 j
Erie a Jersey 1st s f 6s
1955 J
Genesee r1 ver 1 st s f 6s.. 1957 J
n
79
Sale
j
81
Long Dock
o
1936 a
j
n
j
.
g5s... 1946
n y
Susq a w 1st
2d gold 44*8
ref 5s.. 1937 j
1937 f
General gold 5s
1940 f
Terminal 1st gold 5b.. 1943 tvi
Mid of n j 1st ext
5s.... 1940 a
Wflk a East 1st
gu g 5s.. 1942 j
Ev a Ind 1st cons
j
gu
g
avsnsv a t h 1st
cons
n
j
91
1921
5278
(
7(7
53
60
23%
90
90
94
67
1961 j
j
J
45
108
95
7734
80
.1933 j
j
1933 j
j
1933 j
j
Registered
1933 j
Mont ext 1st gold
4a..
Pacific ext guar 4s £
s Minn Nor Dlv
1st g 4s.
j
j
j
96
93% Sale
96
~8j "
79%
sale
96
83
teen i ay
99
Sept 20
88
8934
8234
iulf a 8 i 1st ref a
Col a
Col a
tg5s~~5l952
j
j
80
Houston Belt a Term 1st
5s
nilnols Centra! 1st
gold 4s
99
Registered
Extended 1st
gold" 3 4*811*1951
Registered
1st, gold 3s
Registered
Collateral trust
52
4---
_69%
102
82
74
"lo
76
75
9%
6634
76
69%
67%
-J
5
85
55
73
7
13
58%
5934
70%
82
....
67
71%
84
83%
*63% *72* *
Nov'15
62«4
72
a
Sale
"62%
72%
95% Sept'12
Registered
*75"" "76"
67
74%
68i4 Sale
m
75%
67
Sale
67
67%
63
1953 m
*1934 j
90
Cairo Bridge gold 4a
1950 j
Litchfield Dlv 1st gold 3s. 1951 j
Loulsv Dlv a Term
75
77
59
60
15-year secured 54*8
g
65%
34*8.1953 j
97
Middle Dlv reg 5s__
1921 f
Omaha Dlv 1st gold 3s." 1951 f
St Louis Dlv a Term g 3s 1951 j
3t*s
1951
Bellev a Car 1st
6s..,..
1951
8434 Sale
67%
Joint 1st ref 5s Series a
1963 j
Memph Div 1st g 4s... 1951 j
Registered
..1951 j
St Louis Sou 1st gu g 48
1st g 4s
Int a Great Nor let g ext 7s
1959 j
c'ear 1st 4s
73%
80
Nov'17
Sale
74
72
Sale
73%
80
Sale
82
bake Erie a West 1st g 5s
1937 J
69
j*
81%
55
90
83%
86
Aug'19
83% Nov'20
83%
78
Nov'20
price Friday; latest bid and
asked this week,
Sale
47
74%,
42
44%
76
79%
90% Nov'20
60
61
;
3634
37
!
52
48«4
70%
82%
91
88
ij
...
87%
"92%
...3„ 85
Dec'16
261, 52% "e"3*
11
23%
46%
27%
2: 17
28%
28%
5678 Nov'20
30%
60% Oct'20 ...Ji 25
39
3834
| 12 23%
34
tvt
g
61
46%
....
.
38
46
37%
46
Oct'20
24
50
37
23
Feb'20
23
23
50
50
Oct'20;
28
53
60
'
45
60
o
51
4
81
a
Sale
.
81
Sale
D
a!
51^
1%
j
j
N
8
D
68%
82%
97%
Sale
97%
Sale
8ale
78
62%
76*
Registered
20
72
84
2d guar gold 5s
Beech Creek 1st gu g 4s.
Beech Cr Ext 1st g
91*
74%
89*
54
65%!
D
J
O
J
J
O
73*
S
79%
87
71
J
J
N
N
J
A
A
A
A
D
J
J
J
75
Aug'20!
87«4'
July'l4i
87
98
97%
Sept'20
98% j
"74"
Due June,
h Due July,
n Due
Sept.
'"(36 "
76
..J".
17.1 63*
'I 80
4
\ 91
2
7234
87
102%
9)
64%'
51%
80
I
76%
95*
64%
80
75
80%
80%
73%
9^
86%
Oct'20
73%
93
74%
68
77
84
i
97*«
110% Mar'17
26%
27%;
10!
26%
25
25
30
34%
34
34
26% Sale
~3o"
87
95%
90
24%
15
_76~"
77
76
63
76
.—I
j
6
9
17%
30
13
2 i
Jan'20
25
25
40%
15
15
j 76
80
56%
67
61%
62%
94
93
93
3
90«4
96
57
Sale
57
59%
89
41%
64
91
Sale
90%
9134
375
86
93'4
102*'
69
I
137
101%
102% Sale
67% 68% 67%
7678
76% Sale
76%
68%
78%
67% Nov'20
78%
77%
6
65
74
3
69%
82*
31;
61%
57%
70%
67%
69
82%
62*
"21
65
62%
62
55
63
61%
64
12
52% May'20
58
Nov'20
Aug'20
49
Feb'20
64
61
46
82
Sale
"75" IIII
82
,T-
65
55
66
52%
Aug'20
61%
82
100% 103%
7234
63
66% June'20
66%
7734
|
69%!
69%
78%
6S34
60
54
66
58
3
58
49
49%
81
82%
73
73
9534 Nov'16
May'16
104
J
56%
85%
5s
24 i
64%
99
J
g
1
79*4
76%
80
—
80
98
1038 J
gu
72
j 70
52
7234
82%
1st
59%
2
Oct'20,
87%
Bait
O
D
D
A c P
60
51
JuneT9j
75
70
93
Cart A Ad 1st gu g 48
1981 J
Gouy A Oswe 1st gu g 5s—1942 J
A
"
165
Oet'18
Oct*17i
A
.1936 J
1936 J
3VSa.hl951 A
83%
84
5
68%
93*
1936 J
1936 J
Registered
72
74%
!°
7
807g
64
O
63%
1
11
70
68%
72%
2013 A
35
62*
90%
72%
61%
A
F
F
F
J
20
85
102
87
J
1998 F
1998
3Hs__ 1998
1998
Battle Cr A Stur 1st gu 3s. 1989
72%
29%
..
81
60
33%
48%
--
68
S
1930 M
Registered
Oct'20
71
Oj 587
oi -.re¬
J1^ 71
N
1942 J
1998 F
1
5
|
72
90%
58
6s. 1935 IV!
J
J
M
M
55
j | 55
Nov'20:
■
„
N
deb
.1997
1997
1934
..1934
i
84%
90%
*84%
5434
92%
Lake Shore coll g 3J*s
j
f
61%
Debenture gold 4s
60
Oct'20
55
28%
J
conv
35%
60%
60%
48%
25%
*
1923 J
6s
75
68%
35%
V
Nov'19
40% Nov'20
40
m
88
50%
34
95
...
2
24
70
Registered
a
56
42
74
60% Sale
36% Sale
O
54
b Due Feb
2
49% Nov'20 —i» 40
72%
87%
Mich Cent coll gold
87%
49%
48%
D
59
67
7534
3478
,
42% Sale
1935 A
78
79
7
20
71
97%
! 65*
I
44%:
47
J
6978
4334
46*
71%
t
1951 A
93
8ept'19
a Due Jan.
Sale
1953 J
TCa
Yo
95
91
79% Sale
5s_1947 F
1st consol 4s
87«4
...
99
95
Sept 20
47
j
1927 J
75
—
7234
85
Mar'20
91
70
Nov'lOi
July'20
44
q
St L A Cairo guar g 4s_. 1931 J
Nashv Chatt A St L 1st 5s. .1928 a
49%
125
Oct'09
2d gold 5s.
1941 j
North Ohio 1st guar g 5s_. 1945 a
.eh Val n y 1st gu g 44*s..l940 j
19401j
"68* "74*
8734 Oct'20
76% Nov'20
72
Apr 1950 j
City Term 1st 4s... i960 J
g
Registered
30-year deb 4s
Aug'19
Nov'20
Ref a impt 5s
^
£,
1927 J
Ref A Imp 4V*s "A
69%
70
95
92%
M927 Q
..1938 M
Registered
69%
61
99
...
New York Ceilt A Hud Rlv—
8434
53%
gold 6s
lstextgold 6s
Mortgage 3V*s
69% Sept'20
96
85%
75
10-year coll tr 7s
88
53% Sale
I
99
Consol 4s Series A
93
City Sou 1st gold 3s. 1950 a
Registered
1950 a
Kansas
new
NY Cent RR
84
74%
88%
1922 m
James Frank a
74
Nov'20
Mar'10
96
Non-cum Income 5s A
88
77%
.1931 m
1950 j
67
98
93%
76%
«'
Oct'20
New Orleans Term 1st 4s
Oct'20
65
1,
^
NO A N'Eist ref A imp 4%sA.'52
July'18
8434
90%
Oct'2()
N O Tex A Mexico 1st 6S...1925 J
Sept'20
IIH^ "98 "
Oct'20
85%
j
62
87
IIIIi:~88% 89'
90%
i
,1
Nov'10
69%
Feb'05:
88% Sept'20'
97% May'lOi
77
O
Nov* 16
88
82%
58
67% Nov'20
75
72
Dec'16j
Mob A Ohio
"
63%
98
99%
67
Guaranteed general 4s.
1977 A
Nat of Mex prior Hen 4H8.1926 J
June'16
65%
67%
54
76
7934
;l
90%
Nat Rys of Mex pr lien 4H-3-1957 J
Mar'19
88
'
95
69
117% May'10
II11
Nov'20
66
60
79i2 May. 19
87%
61%
79%
82
~87% "90"%
54
73
Nov'20
80%
6034
58%
70
88
51
Jasper Branch 1st
65
90
J
ind Til a Iowa
80
53
j
1951
93%
52"
92
1923 j
34*s._...
63
83
68
61%
80%
75
62*
St Louis Dlv 5s
63
Oct'20!
75
90
80%
99%
45%
60%
1
Au«'20j IIII 101% 104
104
64
37
Montgomery Dlv 1st
61% Oct'20
58% Sept'20
80
96%
....
37
74
65
76
....
62%
59*
June'16
69%
87
"96* ItkT"
1
71%!
95% Nov'19'
52
General gold 4s
Oct'20
51%,
56
67
Oct'20
99%! "4
71%
90
Jan'19
70%
78%
Nov'20
99%
51%
71%
70
62%
"21
79%
51%
73%
105
71
Riv A G Div lstg 4s... 1933 M
Verdi V I A W 1st g 5s...1926 M
,
91
.100
58
65""
Oct'20
Feb'20
60%
9
59
100
98
60
29
72%
69's
Carh a Shaw 1st gold 4s
1932 m
Chic st l a n o gold 5s.. 1951 j
Registered
-.-i
62
f
Gold
74%
58
1951 f
Registered
102
q9
62
64%
Registered
1951 j
Hprlngf Div 1st g34*8.... 1951 j
g 4s
65%
...
5838
1951 j
Western Lines 1st
90
Sale
68%
July'20
21
84%
84"
100
.1916 m
—
72
i|.
103
m
unified A ref gold 4s... 1929 J
Registered
1929 j
July'09
7134
81% Sept'lyi
90
Oct'20|
90
Gen con stamp gu g 5a_.1931
1951 m
gold"4aIII 1952
81%!
80%
90
85%
Cent Br U P 1st g 4s
1948 J
Pac r of Mo lstext g 4s.. 1938 f
2d extended gold 5s
1938 j
St L Ir M A 9 gen con g 5s 1931 a
....
80
---
94
87% 100
81
47%
"ext
notes
75
91%
Nov'20
51%
1st A refunding 5s Ser A.. 1965
f
1st A refunding 5s Ser Ba. 1923 f
1st A refunding 5b Ser C_. 1926 m
General 4s
..1975 m
Sept'17
62'4 June'20
"62%
70
May'20,
88
q
Missouri Pac 40-year 4s....1945 m
3d 7s extended at 4%__._ 1938 M
83
79%
67
70
74% 75%
99% Sale r
m
6634
7784
78
82
90% June'19
69%
60
87" "89
82%
87% 8ale
Missouri Pacific (reorg Co)—
Apr'19
Nov'20
Dec'19
92.
70
92
1st guar 5s__1942 m
M K A T of T 1st gu g 5s. 1942
j
Sher Sh A So 1st gu g 5s.. 1942
m
Texas A Okla 1st gu g 6S..1943
73% Juue'18
73% Oct* 18
83
Jan'll
Nov'20
M K A Okla
91%
4
69%
87
Dall A Waco 1st gu g 5s..1940
p
Kan City A Pac 1st g 4S..1990
a
Mo K A E 1st gu g 5s
1942
94
91%
2
69
88%
73%
99
103%
104%!
87%
j 86% Sept'20|
,i 85
99% ....,100%
Oct'20 -—100
...01990
5% secured
99
Oct'20
68*
74
1941 it
f 4s
sinking fund 44*8
1936
Trust Co certfs of deposit...
96% 106%
2
74
59%
103% Sale
St Louis Dlv 1st ref g 4s..2001
82
-
65
66%
80
Gen
"83
93%
Apr'20
74
66
"88"
Trust Co certfs of dep
92
97
s
lstg4slntgu. 26
1st ext gold 5s........... 1944
1st a refunding 4s
...2004
76"% "83%
102%
61%
74
65
1938 vir
5s
Trust Co certfs of deposit...
96% 10538
99
99
Feb'20
Oct'06
99%
65% Nov'20
Sale
94
._1951'j
2d gold 4s
8ept'19
9%
6634
9*
1951 m
l n o a Texas
gold 4s___ 1953
Registered
lj
~14;
83%
72%
92%
"92"
Mississippi Central 1st 5s._.1949| j
Mo Kan a Tex—1st gold
4s.1990'f
~88%
82
9334
...
kansss
81%
78
9i%
73
93
67l2
Registered
1952 a
1st refunding 4s.
**1955 m
Purchased lines 34*s...."l952 j
Gold
85%
Mar'20
92
a
96%
Sept'20
102%
'65%
82
1951 a
sterling..i.
96%
89
70
"2
cons
1st Chic Term
136% May'og
84
"*1951 [j
1951! j
" 1951' j
34*8
Registered.....
92%
2
75
97
99%
68%
1951: j
1st
680
79
64%
91
86
MStPA8SMcong4slntgu.l938j
mssm a a
83
"69% 1111
1937|j
56%
82
7878
102l2
73
1999 j
1999! j
h v lstext
g4s_iii 1948:a
tol 1st ext 4s
1955[f
1st gold
81
91*
Hocking Val lstconsg44*s
Registered
85
129% May'16
~8~1* "82
0114
Feb
81%
*87% "89"
J
Feb
51%
96
102
D
ctfs "b"
80
June'16
83i2
10314 109
1937 j
a w deb ctfs "a".->.
Debenture
96%
77
Oct'20
Oct'20
63
cons gu
Refindlng gold 4s
73%
May'20
77
Des m a Ft d 1st gu 4s.. 1935
j
Iowa Central 1st gold 5s__1938 mm
Dec' 19
gold 5s.. 1938 j
i" *
67
Aug'10
j
-
7734
Aug'20
70
1922
"92"
June'i2
76
71
1948
81%
67
79
72%
91
95
p
1st consol gold 5s
..1934
1st a refunding
gold 4s...1949
Ref a ext 50-yr 5s Ser a.. 1962
Nov'l j
51%
j
1937 j
19371j
Registered
90
Sept'20
92
o
a
60
48
73
92
66
g 5s... 1936 "5
Stamped guaranteed
1977
Midland Term—1st s f
g 5s.1925
Minn St Louis 1st 7s..
1927
Pacific Ext 1st gold 6s
1921
Jau'17
....
d
1940 j
vilnn Union 1st
g 6s...
Mont c 1st gu g
6s.....
1st guar gold 5s
w hasp 1st
d
1937 j
Sept'20
....
j
1937 j
Reentered
55"
73
84*
74%
Mex Internat 1st cons
g 4s..1977
Nov'19
5714
65
J
Reduced to gold 44*s. 1933 j
Registered
91
"62*
36
cons gu
50-year 6s. 1963
La a Jeff Bdge Co
gu g 4s... 1945
Manila rr—Sou lines 4s... 1936
Dec'18
64
j
1961
Paul m a Man 4s...
1st consol g 6s
*7012
91
40
Nov'20
97
72
j
51921 q
a..i
Registered
Gen
Dec'06
.
41
1st, a ref 4 4*s Series
Pensac a Atl 1st gu g 6s.. 1921
san Ala
62
IOOI4
7712
Registered
86
Jan'20
Oct'20
87
.
Jan'18
59
o
j
"90"
79
Feb'20
85
d
j
78%
m
refunding gold 4s...1949
..m952
98%
63
(vi
1937
Registered
91%
79%
f
n Fla a 8 1st gu
g 5s
1937
J
n a c Bdge gen gu
g 44*s. 1945 ™
Jan'18
62
Florida e Coast 1st
44*s
.1959 j
?ort st u d Co 1st,
g 4t*s.
1941 j
?t Worth a Rio Gr
1st g 4s. 1928 j
lalv Hour a Bond 1st
a
Treat Nor c b A
Q coll 4s..
85
82
j
j
66%
74
o
j
46
Jan'17
58%
82*
5178
o
5334
103
o
1933
46%
98
1st general
gold 5s
1942 a
Mt Vernon 1st gold
6s... 1923 a
Sull Co Branch 1st
g 5s.. 1930 a
5s..
30
34
8634 Nov'20
85
j
37
1
95%
65%
j
J
Kentucky Central gold 4s. 1987
a
Lex a East 1st 50-yr 5s
gu 1965
m
l a n a m am 1st
g 4j*s 1945
J
l a n-Soutb m Joint
4s..1952
47
2l "92 " 103"
Oct'13
74
m
m
Atl Knox a Cln Dlv
4s... 1955
J
Atl Knox a Nor 1st
g 5s..1946
m
Hcnder Bdge 1st s f g 6s_.1931
"79%
49
83i2
8312
IO8I2 Sept'19
51
o
67%
30%
4u2
8512
7814
6s..l921 j
9
8834
84
73
d
'"l8
42
9612
n
6s.. 1926
74
80a
79
a
a
157
48
106%
j
.
Coal A rr 1st cur
gu 6s_. 1922 m
Dock a Jmpt 1st ext
5s.. 1943 J
n y a Green l
m
gu
84
-—j 89% 95
98%
92%
73"
86
j
.......1932
gold 6s
1930
f
Paducah a Mem Dlv 4s.. 1946
m
St Louis Dlv 1st
gold 6s_. 1921
ivf
2d gold 3s
1980
June'16
72's
40
40's
7334
57)4
Oct'20
Mar'I2
96%
92%
92%
m
l Cln a Lex gold
43*s._.1931
j
noam 1st gold 6s
1930
j
2d
80
91% Sept'20
*00
1920 a
1996 J
consol g 6s
77%
83
High
67
gold 4a
11940
J
Registered
..1940
Collateral trust gold 5s... 1931 m
m
10-year secured 7s
1930
92
78
82
Nor Sh b 1st con g gu 5s.ol932 Q
m
Louisiana a Ark 1st
g 5h
1927
Louisville a Nashv gen 6s.. 1930 j
m
Gold 5s
1937
J
Unified
"79""
78
96
73%
69
Lou,
90
87%
IIII
m
90%
60
181
' III
86%
Registered
1949
a
n y b a m b 1st con
g 5s. 1935
m
n y a r b 1st
gold 5s
1927
93%
86
80
•
S
92%
87
j
n
4s
Guar
67'4
8712
j
Series b
Apr'11
July'17
5412
S
conv 4s
1934
65
j
1996 j
do
1949
Debenture gold 5s.
20-year p m deb 5s
53
o
1920 m
Gen
Unified gold 4s
77
n
Erie i st consol gold 7s
1920 m
v
v a Erie
1st ext g 4s_.. 1947 m
3rd ext gold 43* s
1923 m
conv
Gold
54
75
82
^
1937 a
Registered
56
39
10
93
77
m
1922
70%
66% Sale
53
5334
dul Sou Shore a Atl
g 5s... 1937 j
ffllgin JoMet a East 1st g 5s.. 1941 m
50-year
129
Oet'20
70% July'20
63
»'il a Iron Range 1st 5s.... 1937 a
Registered
49%
52
4734 Sale
No.
80%
Oct *20
105
j
..1938
Ferry gold 44*s
80
71%
69%
80%
m
1945
68is
Since
Jan. 1
High
69
79
m
1945
Range
or
lid
gold 5s__m931 Q
1st consol gold 4s
m931 q
6734
Ask Low
66%
98% Sale
91% 92%
cons
69
5&>t
n
w
0
j
1933
Registered
Long Isld 1st
68
"7014 "II
< *61
4th ext gold 58.....
5tb ext gold 4s.
v y l e a w 1st
g fd 7s..
EMe 1st cons g 4s prior...
72%
mj 100% 100%
70
Juiy'20
Range
Last Sale
j
..1933
1st int reduced to 4s
Leh a n y 1st guar g 4s
73
1940
Registered..'
Registered....
70
1940
Guaranteed
70
10014
m
m
A
A
2003
1941
Lob Val rr 10-yr coll 6s..»1928
j
Leh Val Coal Co 1st
gu g 5s. 1933
9678
86%
87%
67
1928 j
1st a refunding 5s
..1955
Trust Co certlfs of deposit..
Rio Gr June 1st gu 5s.
1939
Rio Gr Sou 1st gold 4s
104
64!2 Sale
Renss A Saratoga 1st 7b..1921 m
Dsn A R gr—it% cons g 4s. 1936 j
Consol gold 4 v# 8.
1936 j
4>*s
Leh V Term Ry 1st gu g 5s.. 1941
99% 105
95* sale
cons
Registered
20-year eonv 5s
10-year secured 7s
1
General
Feb'08
955s
ootugh Val (pu) cons g 4s..2003
j
1st ii'tj equip g 4)*8
1st a ref 4*
r*
Bid
98% 100%
58....... 1923 f
Week's
Friday
•Nov. 19
19
Hiah
Low
Lack & w
Construction
l
Price
exchange
Week ending Nov.
73
67
0 Due
Oct.
June'20
s Option sale
2029
New York BOND Record—Continued—Page 3
T. STOCK EXCHANGE
Week ending Nov.
If Y Cent 4HRRR
Debenture gold 4s
6912
70
65
8112 Sale
81is
1931 M
90
86
82
70
1940 J
J L A S 1st gold 3Vis.__1951
1st gold 3 Vis
M
~7Q~% II..
1952 IYI
77
85
j
69
75%
93%
1st ext 5s-_51922 A
97i8
72
67%
"29
113
2d gold 6s.
1996 A
(Jtlca A Blk Rlv gu g 48—922 J
99l2
82% 83%
65% Sale
j
40
O
85
1943
J
81
85
Sale
84
Registered
1997
1997
J
84
84
Jersey Central coll g 4s
1951
o
91
Sale
90
1st consol gold 5s
Reading Co gen gold 4s
Atlantic City guar 4s g___1951
St Jos A Grand Isl 1st g 4s. .1947
St Louis A San Fran (reorg Co)—
o
31
96%
63%
63»4
81%
86
Aug '20
6684
69%
28
55%
57
62% Sale
62%
62%
63%
24
Consol
79
6534
50
1956 Ml
Oonv debenture 6s
1956 J
1948 J
Cons Ry non-conv 4s
1930 F
45
50
44%
50i4
45
39%
74
40%
7312
50
Oct'17
60
49
65
6812
69%
68l2
60^8
64i2
79%
59
11
69
69
62%
44*" ~60~
106i2 May'15
54
87
71»4
83
July'14
Aug'13
43
43
NYW'chesAB 1st Ser 14 Vis '46 J
Boston Terminal 1st 4s.. .1939 A
19
45
34%
"61
70
N
40
36
Nov'20
Prov A Springfield 1st 58.1922 J
99%
Providence Term 1st 4s-.. 1956 Ml
40
32
Feb'14
74
61
63
A
A
82
prlof lien rail¬
1997 Q
...1997 Q
a2047 Q
a2047 Q
A
4s
1943
4s
194«
4Vis..
1960
General 4Vis.
74
75
80
102"" Sale"
7534
N
74lg
B'ge 1st
gu
-75
1942
Guar 3Vis trust ctfsD... 194-4
Guar 3*is trust ctfs C
Guar 15-20-year gold
4s..l931
40-year guar 4s ctfs Ser E. 1952
Cln Leb A Nor gu 4s g.. .1942
.1935
4Vis Ser A. 1942
.1942
CI A Mar 1st gu g 4Vis..
01 A P gen gu
Series B
M
F
J
J
A
Ml
M
M
J
A
A
1948 M
Series D 3Vis...
1950 F
Erie A Pitts gu g 3Vis B..1940 J
Series C
1940 J
Or R A J. ex 1st gu a 4Vis. 1941 J
Ohio Connect 1st gu 4s... 1943 M
Pitts Y A Ash 1st, cons 5s. 1927 M
Tol W V A O gu 4Vis A..1931 J
Series B 4Vis
1933 J
8erles C 4s
1942 M
50i2 Sale
Series
•
B
guar
1942
Series D 4s guar
1945
Series ES^is guar gold .1949
Series F guar 4s gold
1953
Series O 4s guar
1957
Series I cons guar 4Vis. 1963
Genes! k*
A.. .1976
price Friday; latest bid
76
Dec'19
79
"120 "94% 105" *
102%
Oct
So Pac RR 1st ref 4s
San Fran Terml 1st 4s
76%
5434
Mem Dlv 1st g
80%
Atl A Danv 1st g 4s
55
83
77
Oct
96
"94"
6058
105U
6884
71
*20
76%
"82"
83
97% 102%
90
100%
Dec'16:
69%
Nov'20
103% 108
62
70%
69%;
7114
General 5s
72
75%
86%
Va A So'w'n 1st gu
90U
171
83
92l2
81%
263
91
106
82
105
120
101
Sale
79%
89%
104
5!
80%
81
7314
81U .89
80%
83
Feb'20
9818
98
98%
73
72%
9538
9734
69% Mar'20
75
83
98%
9784 Oct '20
975s
~68li
69%
69%
68
60
71%
73%
73%
73%
68l2
Aug'20
Jan'20
66l2
88"
77
7934
84
85
84i2
85
Oct *20
67
77% Nov'20
80
Feb'20
68
66
80
80
82% Oct *20
82%
84%
104
87
Dec'15
6912
96%
90%
Dec'12
6912
88%
75
Apr*20
79% May'19
79
76%
80
93
J
and asked
68
75
*76% "80%
Mar'10
88
83
87«4
87%
80
"8*0*%
86% Oct '20
80
86%
Nov'19
685s
88% Sept* 17
85*4
86%
Nov'20
74%
_90""
855s
84«4 Oct *20
79%
90
85
82% Sept'20
80
Oct *20
80
82%
80
8OI2
8312
83
8212
"8*314
83%
8578
84«4 Sale
78
72% May'20
82%
8212
72%
a Due Jan
85
6 Due Feb.
84
82%
Apr*20
73%
19
82%
82%
76
82% Nov'20
76% Juno"20
84%
—
81% Mar'16
67
Nov'20
—
—
60%
88*8
74%
86
a Due June.
.67
1894-1944
Gen refund 0 f g 4s
1953
St L M Bridge Ter gug5s.l930
Texas A Pac 1st gold 5s....2000
2nd gold Income 5s
<72000
La Dlv B L 1st g 5s
W Mln W A N W 1st gu
Nov'20
--
90
92%
Nov'20
—
79%
91
July't9l-—
53
52% Nov'20
46%
52%
98
97% Nov'20
90
Nov'20
—
96
97%
80% May'20
-
80%
90%
Aug *19
87%
87%
86%
96
---
60
Feb '20
60
95
—1
95
84%
*20
Jan
90
104% Dec '16
87%
Oct
79
09%
89%
80% June'20!
70
Oct *20!
>
i
86
55
'20—-69%( 20
70
70
80%
80%
70
70
80% 100
83
8ept'2o!
1
79
83
86%
1
80%
87%
71
87% Oct '20
72%
72%'
80%
81% Nov'20
60
68
----
81
85%
79
Mar
5s 1930
J
53
65%
...
78
"91% III.
73%
5s.....1935
1935
1990
2d 20-year 5s
1927
TolP A Wist gold 4a
1917
Tol St L A W pr lien g 3 Vis. 1925
83
66
77%
Oct '20—~
89
84
Nov'20
36
Feb '19
80%
65
82
02%
73
80
86
——
"74
81% Oct '20
"49"
49%
49
49
I
19
18% Mar'1
19
18
63%
65
05
Nov'20
82
July'2u
"81*1*2
ft!
*15 *
4s..61946
5s.-.1928
1st refunding g 4s
1952
Union Pacific 1st g 4s
1947
Registered
1947
20-year conv 4s
1927
1st A refunding 4s
<72008
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
Guar refund 4s.
1929
70
77%
Apr'20
July'20—--
09
80%
1950
56
"83% "93"%
76%
1917
86
52ia
05
31
85
70
Nov'20
100% Nov'04|
93% Oct *20
69%
—
74%
81
75%
'
Apr'20
70
62%
1
July'20'
62
68%
gold 5s
Tor Ham A Buff 1st g
» Due July.
*8778 "91*"
102% June'11
98
65
97% 100
05
60
57
1931 j
1926
1st extended 4s
1933
Vandalla cons g 4s Ser A—1955
Consols 4s Series B
1957
VeraCrus A P 1st gu 4V4S..1P3*
09
"07"
92
87% Slae
Kan A M 1st gu g 4s
Utah A Nor gold 5s
89%
90
90
67
Western Dlv 1st g
General
55
89%
87%
82
Ulster A Del 1st cons g
Apr'20
Sept'20
83
82l2
Nov'20
80%
Trust co ctfs of deposit
Feb'17
71*4
695s
"8712
69
95%
1st cons gold 5s
50-year gold 4s
Coll trust 48 g Ser A
Feb'12
70
M
M
F
J
M
F
86
81
96% May*18
84
70
9 684
Tol A Ohio Cent 1st gu 6S..1935
Nov'19
77
86%
51
W O A W 1st cy gu 48....1924
9584
81%
4
86
80%
Spokane Internat 1st v 6s
1955
Term Assn of St L 1st g 4 Vi s 1939
83
"§0
86
74%
81%
62
5s..2003
84%
82
70%
7634
69
1st cons 50-year 5s.. 1958
93%
105
61%
----1
85
833g
82
89%
90
—J
80%
Nov'20
81%
02%
71%
Sale
65%
05
50
Nov'20
1936
82
81U
84%
54
Nov'20
87%
82
90
84%
86
1946
Series F 5s
73%
77
81% Nov'20
80
87% Sale
93%
62%
I
69% Nov'20
82
88%
78%
89
81
7934 Sale
85
1926
75
68" '7984
190
21
I
88%
81
90
60
Virginia Mid Ser D 4-5s__1921
Series E 5s
1926
75
June'20|
10412 Sale
59%
68%
67%
78%
1922
0S-..1925
Mob A Blr prior lien g 5s 1945
Mortgage gold 4s
1945
Rich A Dan deb 5s stmpd. 1927
Rich A Meek 1st g 5s
1948
65
81%
60
83
-
8
68
i
86
Ga Pac Ry 1st g 6s
89
89i4 Sale
89%
61
89%
~93ia
913s
72
87
96
80%
254
75%'
72
I
60
Sale
87%
Ga Midland 1st 3s
Juiy'19—
93%
93%
90
Apr'20 ---80% Aug '20——
95%
85%
77
85
1956
5s.__.1938
Nov'20
74
Sale
59%
1949
78% Sept'20
74
91
"do "
1930
E Tenn reorg lien g
953g
91%
88%'
74
Atl A Yad 1st. g guar 4s..
Cons 1st gold 5s.
"83*" "87
84% Oct *20--
Knoxv A Ohio 1st g
Feb'19;
Oct'19;
37%
106
"6934
595s
82%
June'20
97
6714
49%
"69*" ~82~
Oct '20
99
98
92
"44
|
973s
Mar'19,
Sept'20
85
E T Va A Ga Dlv g 5s
56%
Nov'19
77
93
—-
96
87
1944
..1948
1948
4s
9334
74% Sale
71
71%
Ala Gt Sou 1st cons A 5s..1943
2d
82%
84%
75
1951
69
82%
88%
82%
85%
81%
93% Oct '20
97% Nov'20
87%
4Vis-5s...l996
St Louis dlv 1st g 4s
Nov* 18
82% Aug '20
958s Sept'20
91% Apr'20,
99%
74%
87
83% Sept'20
88% Sale
1994
Registered
77
77
97
95
82%
85
88%
Develop A gen 4s Ser A... 1956
Mob A Ohio coll tr g 4s... 1938
69
67%
9334
98%
Atl A Charl A L 1st A 4Visl944
0ct'20;
90
75%
60%
83
1994
81
98%
144
Oct
...
53
'18[
'20
94
1950
Southern—1st cons g 5s
72%
77%
85
95%
1955
9812
76%
97
86
Tex A N O con gold 5S...1943
'20;
75% Nov'20
Oct
---
!
79
Nov'20
72
1941
Jan'20!
ioo'4
100
4Vis A..1940 A
1942 A
Series C guar
70
Mar'20
7712
83»4
Int reduced to 3Vis.. 1942
P O C A St L gu
Sept'20
76
55
Series C 3^s
*•
76%
"77"
4s g 1936 F
Guar 3 Vis coll trust Ser B. 1941
80
74
78%
77%
76
75
101%
A AN W 1st gu g 5s
1st 30-year 5s Ser B
Fennsylv Co gu 1st g 4Vis..l921 J
Registered.
.1921 J
Guar 3Vis coll trust reg 4.1937
~76%
67%
74
70
98%
76l2 Sale
Alleg Val gen guar g 4s... 1942 Mi
D R RR A
77
9612
....
76%
9634
J
J
M
M
M
F
J
1930 A
10-year secured 7s
76%
Oct '20
76%
1965
1968 J
Genera! 5s
751$
ldo"% 103" "
87%
73
9338 117
65%
78
72% I 304
Sept'16—-J
71%
77%
100
90%
80 Pac Coast 1st gu 4s g_.1937
36
81%
90
84%
So Pac of Cal—Gu g 5s...1937
Oct *20
70%
73%
72
Ore A Cal 1st guar g 5s... 1927
71%
Nov'16
70%
85%
Gen gold 4s int. guar...1921
W dlv 1st g 6s '30
104%
51
70% Oct '20
76%
77%, 244
107%
111% Nb68
71
81%
92
61%
Waco A N
100
"76*
71%
89
68
77% Sale
72%
Louisiana West 1st 6s....1921
102
70
84%
81
92
Oct
*81%
84%
'20
Nov'20
89
72% Sale
No of Cal guar g 5s......1938
76i2
1941 J
2047 J
St Paul-Duluth Dlv g 4S..1996 J
BtPANP gen gold 6s... 1923 F
Registered certificates.. 1923 Q
8t Paul A Duluth 1st 58..1931 Q
1st consol gold 4s
1968 J
Wash Cent 1st gold 4s
1948 Q
■or Pac Term Co 1st g 6s.. 1933 J
Oregon-Wash 1st A ref 4s... 1961 J
Consol
109% Sale
1933
1933
.1937
62
70
.1929 M
Consol gold
76% Sale
..1931
60
76
4 Vis... 1938 M
Consol gold
70% Sale
70%
74%
828s Oct '20
...
98
90
6
80
92
Hous E AWTlst g 5s...
57
76U
1932 M
0 C A T 1st guar gold 5s.. 1922 J
Sclo V A N E 1st gu g 48..1989 M
Nov'20
122
79
80«4
77%
GHASAMAPlst 58.1931
48
102
Dec '15
Sale
85%
61949
20-year conv 4s
<71929
20-year conv 5s
1934
Cent Pac 1st ref gu g 4s. .1949
Registered..
1949
Mort guar gold 3Vis..61929
Through St L 1st gu 4s. 1954
63
75®4
J
1932 J
f 4Vis..1955
79
90
101
...
83%
Gold 4s (Cent Pac colt)..61949
5634
1996 A
8
69
::i5i
May'20
Nov'20
64
...
1st 5s.. 1920
Sept'20
Dlv'l 1st lien A gen g 4s. 1944
Pennsylvania RR 1st g 4s.. 1923
*
Oct '20
101
Paducah A Ills 1st
67
64
62%
Oct *20
65
67%
90
J
5s..l930jJ
Consol gold 5s
...1943 J
Qa A Ala Ry 1st con 5s._ol945 J
Ga Car A No 1st gu g 5s..1929 J
55
New River 1st gold 6s....1932
N & W Ry 1st cons g 4s.. 1996
conv
g
1st land grant ext g
57
101
10-25-year
67
con
82
Sept'20
10134 104% 101% Oct '20
1931 M
4s.
Caro Cent 1st
Sale
66
M
4s...19491J
~60* "
Improvement A ext g 6S..1934 F
conv
4s
42
AtlA Blrm 30-yr 1st g 4s.el933
63
Norfolk A Sou 1st gold 5s..1941 Ml
10-20-year
Fla Cent A Pen 1st oxt 68.1923,
Refunding
64'4
63
"57
1955 J
Pacific Coast Co 1st g 5s._ .1946
62
43
56%
Registered $5,000 only__?1992 M
ser
49
Nov'20—--
39%
H A T C 1st g 58 lot gu
Dec'19
74%
6278
J
?1992 M
Norfolk Sou 1st A ref A 5s.. 1961 F
Registered
Ref A Imp 4
45
38
37
41%
37% Sale
01949
1959 A
1st guar 58 red..
Dec'13
88%
General lien gold 3s
30
44
50
Gila V G A N 1st gu g 5s.. 1924
Sept'17
45
6H4
1945 J
Registered
61
128
50
2d exten 5s guar
7U4
1945 J
Providence 8ecur deb 4s_. 1957 M
A land grant g 4s
64%
60%
49%
58
55%
"
N Y Prov A Boston 4s... 1942 A
way
65
67%
Registered
Dec'17
1930 M
Housatonlc Ry cons g 5s..1937 M
Naugatuck RR 1st 4s__._1954 M
Pacific
61
70
'14
Southern Pacific Co—
5834 Oct '20
Cent New Eng 1st gu 4s._1961 J
Northern
67%
54%
98% Jan
50
Seaboard A Roan
Oct'19
B A N Y Air Line 1st 4s..1955 F
Pocah C4C joint 4s
49
66
Adjustment 5s
.
July'18
1956 J
10-year conv 6s...
60%
49
61
1950
Jan'12
75i2
1955 J
4s
71%
39%
48%
2
1950
50
87%
Harlem R-Pt Ches 1st 4s. 1954 Ml
conv
Sale
61
60
67
61% Sale
56
44
45%
44
1 9H2
75
45
Non-conv deben 4s.... 1954 J
10-25-year
1932
1943
52%
46
48!2
56
50U
427S
50's
501s
427s Sale
1955 J
Oonv debenture 3 Vis
Registered
gold 4s
95%
64%
S A A A Pass 1st gu g 4s
Seaboard Air Line g 4s
94"% "97"%
43%
Sept'2u
9284 100
56%
70
86
86%
-I1!
C634 Sale
57
Sale
Gray's Pt Ter 1st gu g 5s. 1947
43i2
44
1
63
Feb'19
78
07
May'17
9434
08.1928
1st terminal A unifying 5s. 1952
46
"45 ~
Non-conv deben 4s
Non-conv deben 4s
Worf A West gen gold 6s
Oct
90
9284
07
'20
67
70
60
102
85
K C A M R & B 1st gu 5s. 1929
73
43i2
45l2
1954 A
General 4s
2
K C Ft S A M Ry ref g 48.1930
64
78
45
W A Con East 1st 4Vis__.1943
RQ
Gold 4s stamped....
1947 M
• Y O A W ref 1st g 4s
88
82
95%
97l2 June'20
46
Consol 4s
82
70
66%
3978
95
93%
K C Ft S A M cons g
Nov'20
9912
50% 1357
82
6434
70
305
65
95
92%
71i2
70
77%
91%
95%
95%
76
67
81
62
65%
2d g 4s Income bond ctfs.pl989
70
62%
53
47%
Sale
89
1931
95 U June'20
70
Sale
62
48% Sale
95
97%
St L S W 1st g 4s bond ctfs. .1989
68
...1947 Mi
New England cons 5s
61955
Income Series A 6s
61960 Oct
j
St Louis A San Fran gen 63.1931 J
Jan'09
130i8
64%
89
1
52
87%
Nov'16
Oct '20
60%
387'
St L A S F RR cons g 4s. .1996
Southw Dlv 1st g 5s
1947
7712
Hartford St Ry 1st 4s
61
75
60
...
Equip trust 4Vis._ 1920-1925 J
Non-conv deben 4s
60
60%
87
60
92la Nov'20
m Y Connect 1st gu 4 Vis A..1953 F
Non-conv deben 4s
Sale
74
■ Y N H A Hartford—
Non-conv deben 3 Vis
60
Sale
53
...
55
Oct""'20
J
87% Sale
52
*98% III-
Non-conv deben 3 Vis
"59"% "(54 ~
J
74
Feb'20
90
J
I
j
Aug'20
84
72
j
Nov'16
"
88
75%
'20
r
Cum adjust Ser A 6s
93%
"71"
91
[
"
71%
43
93%
315
1928
60
82
58
86
Oot
87%
76%
66
40%
40%
93% Apr'20
97% Dec *17
1950
General gold 5s
2361 J
Non-conv deben 4s
J
80%
80%
40
65%
Prior lien Ser C 6s
60
103
42
Prior lien Ser B 5s
71%
J
If Y C Lines eq tr 5s.. 1920-22 M
j
93%
71%
98
...
90
1934 J
9134 Oct *20
80% Sept'20
83%
84%
j
101
84
81%
71
925s
71%
9U2
A
J
80% Nov'20
91%
[
95"
70
Pitts A L Erie 2d g 5s__.al928
Pitts McK A Y 1st gu 6s..1932
80
1950
May'15
Nov'20
60
9134
S
F
Prior lien Ser A 4s
7H2 Nov'20
70
80%
91%
80%
'93
Jan
" "64" "
64
98
50
99
82%
102
..1956
81«4
&i~ ~75~
5978
J
9t Lawr A Adir 1st g5s__. 1996 J
West Shore 1st 4a guar...2361
72%
81%
98
4s g. 1948 J
Rut-Canada 1st gu g 4s. 1949
Registered
26
80
4Vi8—.1941 J
2d guaranteed 6s
77
66%
"80" IIII
May'20
Philippine Ry 1st 30-yr s f 4s 1937
Pitts Sh A L E 1st g 5s
1940
1st Series B 4s
7434
66%
63%
9534
N
Peoria A Pekln Un 1st 6s g__1921 Q
2d gold 4Vis
61921 M
Pere Marquette 1st Ser A 53.1956 J
May'20
9312 Nov'20
7H2 Oct '20
7312
cons g
UNJ RR A Can gen 4S..1944
64
9534
Hioh
96%
78
7212
Feb'16
8912
94
gu
Sunbury A Lewis 1st g 4s. 1936
93%
71
68%
62
6712
10018
OgAL Cham 1st
84%
Nov'17
If Y A Northern 1st g 58.1923 A
If Y A Pu 1st cons gu g 4s. 1993 A
Pine Creek reg guar 6s.-.1932 J
con g
j
75%
80'2
~68~~ '70%
If J June RR guar 1st 4s—1936 F
It Y A Harlem g 334s
2000 M
con
87%
Sodus Bay A Sou 1st g 5s. 1924
77
80
No. Low
High
96% Oct '20
N
7214 Nov'20
Sale
80
.......1937 A
1931 M
4s
O
Nov'19
80
20-year debenture 4s...1929 A
■ Y Chic A St L 1st g 4s.. 1937 A
Debenture
5s.. 1932
Phila Bait A W 1st g 4s__1943
74%
80
Since
78
C St L A P 1st
69
7434 Sept'20
6618 Mar'20
..
Ask Low
Bid
Pennsylvania Co (Cond.)—
715s
98% Nov* 18
745g
Registered
Registered
High
76'
75la Jan'20
93U May'20
99ia Aug'17
...1931 Q
1940 J
4a
Jan. 1
65
8412 Nov'19
86
Rang*
Range or
Last Sale
Nov. 19
65
82l2
*69% HZ]
1991 M
Michigan Central 5s
Registered
Low
"34
85
1934 J
Moh A Mai 1st gu g 4s
Mahon C'l RR 1st 5s
Rutland 1st
2
84
1931 M
Registered
No.
84®a Sale
1928 M
1931 M
25-year gold 4a___
High
71
6612
1997 J
1997 J
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 19
Jan. 1
6912
Aug'20
As* Low
Bid
(Con)—
Registered
Price
Range
Since
Week's
Range or
Last Sale
Nov. 19
19
bake Shore gold 3Vis
R W A O
*3
Pric4
Friday
BONDS
If*
Aug
7
42%
60
*18'
64%
.
—-
.1
80%' 338
Sepr'20...
68
82
85%
52
62
52
52
80% Sale
80
78
78
1
77
77
80% Sale
80%
81
84
78%
88%
73% Sale
73%
75
64
06
81
103
74%
85%
98
99
98%
99
20
95
77
783s
77
77
10
98*4
98%
5
81
66%
9684 101
1!
82
9884 Sale
88%
Sale
J
J
F
M
J
* Sue Aug. 0 Due Oct.
8884
8884
80
77%
80%
893t
89
89
95
89
74%
93
45
74%
86
1
84%
92%
4
20
28
Feb *18
80*4 Dec *19
79
22
80% June* 18
28
26
v Due Nov. 1 Due
27
Dec. s Option sale.
2030
New York BOND
3-e
BONDS
Price
a, Y.8TOCK EXCHANGE
Week ending Nov.
Friday
19
Nov.
N14"
Range
19
Bid
Ask Low
flrglnlan 1st 5s aeries A—1902 M
N
84
Sale
1939 M
N
86
Sale
1939 F
A
1939 J
J
85
J
58
1945 F
A
1945 F
A
Weet Maryland 1st g 4s
1952 A
O
W«at N Y & Pa 1st g 5s
Gen gold 4s
1937 J
J
1943 A
O
51%
70
53%
70
S
56%
57%
S
60
62
00
J
60
(
J
70
68%!
42
i
tnterboro-Metrop
Certificates
of
s
Certificates
of
Pai»+1o«/I
/*!««.
TVl/v/i
f
V«VJ
WWW
V-V/iXO
g
uo.
Third Ave 1st ref 4s
-I960 J
J
O
J
O
J
.1926 M
gjU
Lr
m
N
O
Qaa and Electric
Light
Atlanta G L Co 1st
g 5s
1947 J
5s
gen
cons g
A|.1949
5s. 1945 M
Stamped
J
N
O
J
J
J
F
Cons Gas ELAP of Bait
5 yr 5s'21 M
Detroit City Gas gold 5s
1923 J
Detroit Edison 1st coll tr 5s.
1933 J
1st A ref 5s ser
M
A___.___ftl940
Eq G L N Y 1st
cons g
1932 M
N
J
J
S
56%
72%
72
"99%
48%
50
Kan City
(Mo) Gas 1st g 53.1922 A
Kings Co El L A P g 5s
1937 A
Purchase money 6s
.1997 A
O
Convertible deb 6s
.1925
Ed El 111 Bkn 1st con
g 4s. 1939
Lac Gas L of St L Ref A ext
5s '34
Milwaukee Gas L 1st 4s
1927
Newark Con Gas g 5a..——1948
M
S
J
J
Purchase money
36
30
60
Peop Gas A C 1st
76%
76% Saie
76
80
84
80
83
80% Sale
80
84
100% Sale
92%
81%
82%
87
85%
J
A
N
J
92
"74
80
78
O
J
N
6S-.1926 J
D
80
92
92
Sale
90
92
8
90
Sale
76
77
16
76
75
Sale
Gold
4s
70
E I du Pont Powder 4J4s
1936
Baking 1st 25-yr 6s.1936
Gen Electric deb g ZHa
Debenture 5s
1942
1952
Feb
J
1st A ref
f conv
s
ser
A
1947
Liggett A Myers Tobac 7S..1944
5s
1951
Lorlllard Co (P) 7s
5s
1944
1951
National Tube 1st 5s
N Y Air Brake 1st conv 6s.
Standard Milling 1st 5s
56'4
84
93
66
67
63%
50
j
Nov'20
21%
*33%
91
30
29%
68
75%
47%
Oct'20
June'17
1
21
35%
xj1
20%
35
63
70
1st A ref 5s series A
76%
77% Nov 20
84
Nov'20
80%
80%
100%
79
89
.
*9
81
81%
A
~78~
J
77%
1936 J
80%
89
80
87%
96%
102*"
79
95%
82%
76%
95
85%
90
~86 *
84%
85
90
89% Sept'20
89%
77
89%
75%
77
Susq Iron
Debenture
a
f 5s
1926 J
A Imp s f 5s
a
f 5s
1932 J
5s
al926 M
Cahaba C M Co 1st gu 6s..1922 J
Colo F A I Co gen 8 f 5s
1943 F
Col Indus 1st A coll 53 gu.. 1934 F
Cons Coal of Md 1st A ref 5s 1950
Elk Horn Coal conv 6s
1925
J
J
1940 A
Illinois Steel deb 4^8
Indiana Steel 1st 5s
1952 M
Jeff A Clear C A I 2d 5s....1926 J
Lackawanna Steel 1st g 5s
1923 A
cons
1950 M
53 series A
s
Mtdvale Steel A O
f 4H A..1954 J
conv
sf 5s 1936
s f 58.1928 J
Pocah Con Collier lstsf 5s .1957 J
Repub IAS 10-30-yr 5s
s
f_1940 A
69%
82%
75%
St L Rock Mt A P 5s strapd.1955
87%
Tenn Coal I A RR gen 5s..1951
"85~ "
SO
U S Steel
80%
65%
74%
58%
85
85
89
78%
81
79%
90%
72%
83
75%
77%
82%
79%
12
33
Oct'20
105
July'17
89
Sept'20
67%
71%
15
"88% "89" "
70%
70
Nov'20
57
80
Apr '17
Mar'17
May'19
95
Mar'20
20
1
77
2
77
91
July'20,
95%
88
Oct'20
87%
91%
82%
91
86
90
89
87
80
Nov'20;
Sale
131
88
95
95
72j
2
92%
Oct'20
93%
95%
87%
87%
77%
78
93%
99%
93%
90
87
88
8484
96% 103%
7534 90
97% 98%
74
93
105
93
97*4
651
9453
5s\reg
J
D
S
*>
J
3
#1963 M
41963 M
90
....
65
90
98
78% Sale
78%
N
96
1
87
78%
74%
89
75%
86%
85%
"S5%
78%
68
75%
75%
97%
76
Dec'14
78
65
Sale
85«4
31
20
75%
Feb'19
2
65
i
90
90%
26
83%
93%
92
90%
93
14!
89%
94%
99%
83%
O
92% Sale
S
76% Sale
76%
77%
*7*4% Sale*
83%
74%
Aug'20
Aug'20
J
J
J
O
J
■*
N
N
79
82
85%
86%
80%
85%
70
72%
93%
90
1933
Cent DlstTei 1st 30-year 5s .1943
Commercial Cable 1st g 4s
2397
92
93%
70
92% Sale
78
86%
70
67
80
250
Oct'20
80
80
52
83%
70
Mar'19
85
86
76
Sale
*80" "87
86
118
75%
77%
65
66%
81% Sale
79% Sale
67
67
1
81%
79%
82%
9
80%
157
95
Sale
95
95%
94
101% Sale
101
201
99%
95% 101%
81% 96
13
*70* "86%
84
83%
101%
Oct'20
63
64%
Aug'20
68%
"
81%
80
81%
98
Apr* 16
Oet'20
77%
169
89
92
.37
81
84
21!
80
8034
80
81
81%
83
83
83%
78%
78%
kDueAug. oDueOct.
62%
77%
72%
S0i8
69
85
93%
92
60
8184
ftDueJuly.
73
Jan'18
80
77%
6Due April. cDue May. flDueJune.
9934
99%
80
8934 Sale
Mut Un Tel gu ext 5s
1941
Northwest, Tel gu 4V£s g__1934
88%
88
75%
95
93
i
8534
70-%
82%
96
72%
80%
4
75% Sale
Pacific Tel A Tel 1st 5s
1937
South Bell Tel A T 1st s f 58.1941
West Union coll tr cur 5s
1938
Fund A real est g 4Hs
1950
85%
80
14
NY
Telep 1st A gen 3 f 4 Hs. 1939
30-year deben s f 6s.Feb 1949
76%
83%
74%
Keystone Telephone 1st 5s__1935
Mich State Teleph 1st 5s
1924
95
*72~% "84""
92% Nov'20
2397
1937
...I
Nov'20
....
M N
1953 J
J
8
77%
70
70%
94%
81%
76
1
91
*7} " ~8~6~"
74
78%
92
70
78" "95%
70
D
30-year temp coll tr 5s
1946
7-year convertible 6s
1925
Bell TelePh of Pa 8 f 7s A..1945
Cumb TAT 1st A gen 5s
101
77
A
*>
D
O
Telegraph & Telephone
Telep A Tel coll tr 4s
1929
Convertible 4s
1936
45^8
*76 " ~9~d*
A
Am
conv
77
75%
93% July'19
85% Nov'20
1931
Va Iron Coal A Coke 1st
g 5s 1949
20-year
87% Sale
77% Sale
75
75%
85
"7"9"
13
83
90% 95%
92% 101
9334
94%
Sale
96»4
86
99
91%
88
97%
87
23
77
94
110
76
85
98
97
9984 111
77
89%
100
91
75%
97%
84%
99%
86%
82%
Sept'20
82
97
88
14
82%
86% Nov'20.
86% Nov'20
Sale
95
89%;
70%
91
80%
Oct'20
80
81
70%
67%
July'19
78%
Corp—fcoup
10-60-year
Registered
13
Nov'20
82
a f
Utah Fuel 1st s f 5s—
Victor Fuel 1st s f 5s
J
N
M# S
Pleasant Val Coal 1st
75%
89
1
Buff A
p m
80%
80%
104% Apr '17
83
78%
Beth Steel 1st ext
Lehigh C A Nav
803a
67% Aug '20
98% Oct *17
90
J
1942 M
81% Sept'20
74%
J
95%
•
75
15
94
88% Sale
N
91
99%
105
88
O
83
88
60
|
82
West Electric 1st 5s Dec
1st
Feb *20
76
77
95
M
*
91
90
75
81
75
92% Sale
93%
95
93%
94
1st A ref 5s guar A__
90
90
83%
85% Nov'20
70% Nov'20
88
76
89% 100"%
89% 100%
85% 100
95% 100%
98%
N0VI81
99% Jan'20
85%
86
Nov'20
104% i04
105
78%
80
80
104
97%
26
105% 107%' j05
1930
20-yr
Sept'19
June'20
75%
104
81%
89%
97%
96
75
97
68
21
98
_1922 J
.--I
74%
83%
90%
67% Nov'20i
87
I
98% Sale
U S Smelt Ref A M
.1931
73
42
90%
119
74
2
|
79
89%
86%
73
117
91%;
Nov'20
85
76% Sale
97% Sale
80
77
Oct'20
Sale
85
79
Feb '13
77
69
85
80
conv 68.1926
Va-Caro Chern 1st 15-yr 5s .1923
Conv deb 6s
__el924
177
Coal, Iron & Steel
95%
io;
96%
87% 100
99%
Oct'20!
_
79
70
86%
82%
79
3
90
82%
66%
Feb '18
75
80
N
'91
Apr '20
90%
85
79
111
91%
_
68
1930
70
6
95% Apr '20
89
80
75%
12
June'19
70
~68%
Wl
M
J
A
J
J
F
M
F
J
M
J
J
A
F
A
F
1947
10-year 7l4a
Sept'15
76%
"84% "98%
80%
3
77%! 73% Dec'18
89%
89% Sept'20
1
89% 95
92
92
I
85% Sale
88
85%
j 176
79%! 79
Nov'20
86
86% 94% Oct 20
88% 90
88% oct'20;.
Stamped
1930
Union OH Co of Cal 1st 5s. .1931
U S Realty A I conv deb
g 5s 1024
U S Rubber 5-year sec 7s
1922
87%
"50"" *50~~
73
78%
92
.
70
Union Bag A Paper 1st 5s__1930
_
72%
90
A
1942|M
19381M
37%
19%
100
"75"
S
S
71
88% Sale
85
1940
Ingersoll-Rand 1st 5s
1935
Int Agrlc Corp 1st 20-yr 5s_.1932
Int Paper conv s f g 5s
1935
75
65
100
70
1951 F
1931
1st 25-year s f 5s
1934
Cuba Cane Sugar conv 78—1930
Distill Sec Cor conv 1st g 58.1927
General
111
76%
Oct'20
117
75%
91%
1951 F
g 5s..1925
75
117
Am Writ Paper a f 7-6s
1939 J
Baldw Loco Works 1st 5S..1940 M
Cent Foundry 1st s f 6s
1931 F
Cent Leather 20-year
19
Sept'20
25
Sale
10
May' 19 j
Sale
76
60
37
96
90% July'19
87
Stampg 1st 5s.1929 J
Nat Starch 20-year deb 5s__1930 J
80
69%
90
76%|
89%!
77%
Sale
86
75%
53%
90
I
92
32%
50
Oct'20!
85
85%
1928 A
49
10
94%
70
75%
63
Industrial
76%
78
•No price Friday; latest bid and aaked. aDueJan.
"III
65%
94%
Nat Enam A
'20
Jan
68
4%
""I
July'17
3
63%
65%'
1924 F
Am Cot Oil debenture 5s
1931 M
Am Sra A R 1st 30-yr 5s ser A '47 A
Am Tobacco 40-year g 6s
1944 A
&
28%
82%
Saie
....
D
5s_._1950 J
59
9
50%
Oct'20
Dec '19
78% May'20
83
"87"
"65"
J
Syracuse Lighting 1st g 5S..1951 J
Syracuse Light A Power 58..1954 J
g
68
55
80
45
7%
7%
59%
85
85
80
8
N
Refunding A extension 58.1933 M
United Fuel Gas 1st 8 f 6S..1936 J
Utah Power A Lt 1st 5s
1944 F
56
4%
6
64
79
82%
A
Mu Fuel Gas 1st gu g 5s__1947 M
Utica Elec L A P 1st
9484
64% Sale
1st g 5a..1949 M
Union Elec Lt A P 1st g 58..1932 M
48
5
92% Dec '19
81%
86
El
31
4
5%
91
O
N
A
20
20%
2
79
63%
85
20-year deb 6s
4%
100
69%
O
Ch G-L A Coke 1st gu g 5s 1937 J
Con G Co of Ch 1st gu g 5s 1936 J
Ind Nat Gas A Oil 30-yr 5s 1936 M
Trenton G
32
94
"80% Sale"
conv s f
19%
100
----
~86% "88%
A
S
Stand Gas A El
75
87
73%
5s..1922 M
68
80%
80
A
conv g
14
103
D
1947 M
Philadelphia Co
77
69
66
Sale
80%
6s .1943 A
68
68
28
D
cons g
"94"%
4
29%
5S.....1948 J
Refunding gold 5s
*92~
68
30
Sale
O
1949 M
Dec "19
50
O
Pat A Passaic G A El 5s
07
4%
79%!
79
70
63
87%
sol Tobacco g 4s
8
79%
79%
79%
78
...1928
Corn Prod Refg s f g 5s
42
47%
N
Pacific G A E gen A ref 5s__ 1942 J
Pao Pow A Lt 1st A ref
20-yr
5s International Series
1930 F
60
40
73
66%
A
Corp unifying A ref 5s...1937 M
58
30
60
....
(VI
Ed Elec III 1st cons
g 5a..1995 J
IfYAQ El LAP 1st con g 53.1930 F
Pacific G A E Co—Cal G A E—
23%
60%
Apr '20
Nov'20
87
24«4
10
41%
40
89
79'8
73%
1949 F
11
21
Salo
J
g 4s
78
58
~58% "68 "
j
82%
conv s f 6s
48%
29% Sale
76% Sale
N
IfYGELHAPg
25%
73
49%
90% Feb '17
S
5s
Berg Co c g 5a. .1949 J
Havana Elec consol g 5s
1952 F
Hudson Co Gas 1st g 5s
1949 M
Gas A Elec
13
1
667
67
83% Sale
10-year
Westlngh E A M 7s
1927
Columbus Gas 1st gold 5s..1932
Consol Gas 5-yr conv
7s... 1925
63%
49%
20
D
J
Clncln Gas A Elec IstAref
5s 1956 A
Columbia G A E 1st 5s
1927
70
68
53%
25%
28
j" ~J
95%
Apr'14j
63%
60%
Wash Water Power 1st 5s.. 1939
Wilson A Co 1st 25-yr s f 68.1941
Am Agric Chern 1st c 5s
Conv deben 5s
;
58%
154
Nov'20,
95
21%
83%
June'16i
86
78
Pub Serv Corp N J gen 53. .1959
Tennessee Cop 1st conv 6s. .1925
Manufacturing
405
157,
86
Pow 1st 5s. .1954
Nor States Power 25-yr 5s A 1941
Ontario Power N F 1st 5S..1943
Ontario Transmission 5s
1945
60%
July'19
77
66
86
72%
66%
42% Nov'20
25% Nov'20
Sale
._al932 A
60
July'19
25
Sale
83
60%
....I
15
61
29
dep.
Bkly Edison Inc
Bklyn Un Gas 1st
-
55
41
95
79%
76%
21
84
94
28
57
25%
2.1966! A
70%
56
57
64%
89
73% Nov'23
3-_..1932|J
195ljF
ser
57%
Oct '19
29%
Mtge Bonds (N Y) 4s
10-20-year 5s series
23
13
60
O
.1934
18%
53%
51%
82
J
.1924 A
United RRs San Fr s f
4s_. .1927 A
Union Tr (N Y) ctfs
22%
77%
20%
54
-
.1934 J
WtlO* V
50%
2
39
68
I
61
63
60
56
29
64%
Jan '20
21%
77%
18%
16%
Sale
51%
30
-
*•
55
50
Oct'20}
21
!
21
66%
68
J
.1933 J
*
55
61%
63%'
66% June'20
69%
60%
60
95
N
.1923 A
^
62
54
Sale
20
.1937 J
^
60
65% Nov'20
53
Oct'20
63
26
25%
al960 A
Adj Income 5s
1943; J
1939 J
393
93
42%
....
.1937 J
80%
89
88
55
68
It
79%
82
83%
93
64
A
1941
95%
94
85%
75
90
T
Apr'20
Oet'20
82
71
.1937 M
95
84%
93
May* 18
57
5
F,«
1928
1910
Niag Lock A O
80
30
5s.l942jF
88
90
63
40
N
86
80
13
66
20
N
108
Oct'20,
1993: M
1930 M
106
91
69
Oct'20:
75
If Y State Rys 1st
cons 434s. 1962 M
100
68
247
95
71%
82%
May'20
92
82%
93
18
......
Portland Ry 1st A ref 5s
Portld Ry LtA P 1st ref
80
105%
71
Ref A gen 6s
49
40%
Apr '20
55
5
"70% "83%
45
38
56
O
82,
82
90
51% Sale
nl942 A
J.1!
79%'
67
Niagara Falls Power 1st 53—1932! J
54
deposit
74%;
Mar'18
.
Computlng-Tab-Rec s f 0S--1941
GranbyConsMSA P con6s A1928
Stamped
*
79%
73
58
78%
Chile Copper 10-yr conv 7s. 1923
Coll tr A conv 6s ser A
1932
Great Falls Pow 1st s f 5s
Int Mercan Marine 8 f 6s
Montana Power 1st 5s A
Morris A Co 1st s f 4^s
93
70%!
49
Sale
22%
Certificates of deposit
10 "84""
88%'
Oct'20! „| 65
70
34%
31%
Sale
Met W S El (Chic) 1st
g 4s. 1938 F
80-year adj inc 5s
88%
73%
__1955'J
tax ex..l900:A
84%
85%
6
Sale
19
J
77
43
77% Sale
J
73%
24
40
35
58
J
55,
..-I
64%
1
~60%
J
76%
81%
Feb'18
Sale
N Y Dock 50-yr 1st
g 4s
..
Montreal Tram 1st A ret 5s. 1941
few Orl Ry A Lt gen
4348. .1935
N Y Munlcip Ry lstsf
5s A.1966
Sf Y Rys 1st RE A ref
4s...1942
75
77
80
77
50
59%!
63
exten 434s..1931 J
75% Sale
38
"60% ~63 ~
Milw Elec Ry A Lt cons
g 5s 1926 F
21%
20%
31%
23%
61% Sale
Bway A 7th Av 1st e g 5s_1943lJ
Col & 9th Av 1st
gu g 5s_.1993iM
Lex Av APF 1st
Refunding A
74%
10
21
21
|
_
01
1
35
54
f5s.. 1953! W
gu g 5s.
74
65
11
'i
N
D
Chic C 'A Conn Rys s f 53...19271A
Chic Un Sta'n 1st gu 4^3 A.1963! J
1st Ser C 6^3
(ctfs)
1963 J
69
60%
55
13
18
21%
54
1990 A
Metropolitan Street Ry—
61
guar
64%
21%
4
64%
61%!
17
Stamped tax-exempt
61
40% Dec '19
Deposit
Manila Elec Ry A Lt
50
Building 5s
4
19%
2
60
fnterboro Rap Tran 1st 5s. .1966 J
Manhat Ry (NY) cons g 43.1990 A
59
18
19%
23%
23
Sale
22
1957
Sale
19
31
1941 J
1932 F
60
17%
46
60
coll 434s. 1956 A
S
8
S
35
.-J
Ft Smith Lt ATr 1st
g 5s_.. 1936 M
Uud & Manhat 5s ser A
1957 F
High
42
45
38
4Hs
1951 J
Det United 1st
consg4J4s_.1932 J
Low
31
40
guar
88
33
..
Adjust income 5s..,
NY&Jersey 1st6s
92%
84
*45~% "00%
!
72
-
Nassau Eiec guar gold 4s. 1951 J
Chicago Rys 1st 5s
1927 F
Conn Ry A L 1st A ref
g 434s 1951 J
No,
High
Nov'19
Oct'19
87
80
Since
Jan. 1
Sale
31 I
Bklyn Un El 1st g 4-5s__.1950 F
Stamped guar 4~5a
1956 F
Kings County E 1st g 4s. .1949 F
Stamped guar 4s
1949 F
80
Range
I*
Sale
35
Certificates of deposit stmp'd
BkCity 1st cons 6s-.1916-1941 J
Bk Q Co A S con gu
g 53—1941 M
86
84
Nov'20
69
71%
71%!
Nov'20
71%
63
gold 4a_..2002 J
63%
Consol 5s
"70% "88 "
Oct'201
N
Ask Low
73
73%
1920! A
92
54
Oct'20;
j 59%
69
Street Railway.
Brooklyn Rapid Tran g 5a.-1945 A
81
90% Mar'17 j
RR 1st consol 4s
Stamped
15
Oct '17-
Refunding 4>£s series A—1966
Bklyn Q Co A S 1st 5s
51
36
84
4#s <39; J
*47" "5934
56
86%
8312
84%'
86% Nov'20,
J
fa
or
Last Sale
Braden Cop M coll tr s f 6s. .1931
j F
Bush Terminal 1st 4s
1952 A
Oct '20!
83' 2 Sale
86
""
89%
A
Adams Ex coll tr g 4s
1948 M
Alaska Gold M deb 6s
A....1925 M
Conv deb 6s series B_
1920 M
Am S3 of W Va 1st 5s
1920jM
Armour A Co 1st real est
Atlantic Fruit conv deb 7s A 1934! J
Booth Fisheries deb s f 6s
Aug'18
857s
-
Bid
j
D
1950 J
*66"" *72 ~
70
23
Wheel Dlv 1st gold 53—.. 1928 J
Exten A Impt gold 5a
1930 F
conv
55%
63
O
1st refund
51
Wartohester Ltd gold 5s
Aug '12
July'20
74l2 Oct '19
Sale
55
86is
6212
S
1920! A
8~yr 7% secured notea..£1921 J
Certificates of deposit
88%
82
Nov
5s._ 1946 M
1949
88%
Range
19
Miscellaneous
53
67
Sale
Winston-Salem S B 1st 4s.-I960
Wis Cent 50-yr 1st gen 4s_..1949 J
Sup A Dul dlv A term 1st 4s '36 M
69%
53%
58
70
pl943
69%
Week's
Friday
Nov.
84
80
S
g 5s
91
73
75%
O
Pac 1st ser A
86%
79
5
88% Mar'20
53%
1941 M
Income 5s
72%
17
79
Aug *18
9712 July* 19
69i2 Oct'20
98
J
1941 A
Wheeling A L E 1st
48
86
Price
si
is
Gas & Electric
Lt—(Concl.)
Utica Gas A Elec ref 5a
1957 j
90
S
Dm Dlv 1st g 3Ms
Western
84%
79
Tol A Cb Dl v g 4s
Waeh Terml 1st gu 3Hs
1st 40-yr guar 4s
High
85%
80
J
1st lien equip s fd g 5a
1921 M
1st lien 50-yr g term 4s_._1954 J
Det A Ch Ext 1st g 5s
1941 J
DesMoines Dlv 1st g 4s._1939 J
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 19
Since
Jan. 1
no: Low
High
!■ 83
S13
Range
13!
or
Last Sale
Wabaah 1st gold 5s
2d gold 5s
Debenture series B
Record—Concluded—Page 4
Week's
88
86
86%
78% Sale
85
64%
*82*% "96" *
72%
84
81%
96*4
88%
10
76%
7814
18
70%
32
70
86%
81%
85%
91% 101% Sept'17
94
pDueNov.
Nov* 16
|Due Dec. sOptlon sale.
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES-- NOT PER CENTUM PRICES
STOCKS
Sales
BOSTON
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 13
Nov. 15
Nov. 16
Nov. 17
Nov. 18
Nov. 19
the
130
129
64
129
64 %
129
129
63%
30%
31
•130
140
32
43
*40
140
*131
*131
6134
62%
85
85
30
31
42% *____
140
*136
30%
4213
*38%
Lowest.
2%
9
*3i4
9
3
*130
135
*130
135
74
*70
74
70
70
May 25
80
Feb 18
„_100
30
Feb 11
40
100
38
Nov 19
100
124
Jan 28
2
Do
Boston & Providence
Oct'20
405
""16
73
Last Sale 10334 Oct* 19
Last Sale 72
Mar'20
40
42
24
40
42
26
25%
♦80
40
27
27%
27
►
*80
85
40
40
50
*50
40
40
39l2
393s
39
3912
39
100
.50
.15
.40
.40
.50
2%
r 2%
2S4
234
234
234
10%
10l2
Nov'20
38%
39
50
99i4
9938
73
71%
9978
72
9933
72
72
50'
70
70
70't
72
100
100
15
70
50
50
•12%
21
15
14
*%
1
l
1%
*.60
778
*.60
1
-*T%
*12%
13
37g
*1214
pref
512
8
156
156
2,565
254
638
7
12,235
121o
412
16%
*4
*4
5
30
23%
17
22%
23
2,043
16%
1612
859
72
165
5
*70
157% 158
75
*70
75
71
156
75
""366
12
2212
158
155
156
155
20
20
155
158
2034
*20
21
20
20
*1934
20%
13
*1232
13
*12
13
*12
13i2
37%
22%
*3714
37%
37
371-1
37
22
215s
22
21&S
478
51 '
IH4
37%
37%
22%
23
22
12
11
11%
11
1134
11
*34
37%
*33
11%
*32%
478
"5%
22
35
5
5
47a
5
11
5
3
38% Sept
50
Apr
55%
6
47
Sept
58
June
5
Dec
7
15c Nov 16
10
25
1
Feb 24
50
5
Feb 10
Amer Telep A Teleg
Blgheart Prod A Refg____
Century Steel of Amer Inc.
3D
East Boston Land
Eastern
10
Manufacturing
5
Eastern SS Lines Inc.....
Do
25
Oct 26
5
6
Feb 11
60c
Nov 10
Oct
1
2,304
8
100
62
^100
140
pref
Aug 10
Internat Cement Corp.no par
Internat Products
no par
Do
pref
100
"""850
Island Oil A Trans Corp..
10
16
Apr 14
738 Nov 18
41% Nov 3
4
4«4 Mar
10% Nov 15
II.84
1,528
Llbby, McNeill A Llbby..
10
11
10%
1034
238
Loew's
10
90
90
193
McElwain (W H) 1st pref. 100
90
83
83'4
84%
6112
83%
84
84
83
83i2
81%
82%
304
Massachusetts Gas Cos... 100
68% Feb
60
61
100
100
100
♦15%
2412
17
25% ~27~"
99% 1003s
100%
*16
2434
17
2478
•150
*150
60
60
60
1125
125
118
120
25
26
25
25%
99
99i2
98
99
60
~26%
99i2 100
16
2514
150
25
♦14
25%
153s
25%
....
61
♦123
*123
*24l4
150
150
"*14
15
2434
24
150
150
88
♦13
♦1934
13%
13
*13
22
13i2
*1834
13%
*13
60i2
20
*18
20
'6
*5
6
9934 101
100
101
100
58
57
57
*....
57
*22
5
6%
5%
2434
500
8
150
Nov'20
5%
1,775
9912
58
*
•22
25
21
371
37%
24%
1658
-
21
21
21%
22
38
37%
3734
37
24
2434
2412
1634
37h
24h
2434
17
163s
19
1834
24
17l4!
165s
17
165s
17
1834
*19
20
♦16
16i2
19
1834
♦
30
18%
1834
18%
16%
1534
...
♦.50
♦.25
•20
.70
53
.45
22
30
21*4
.60
*50
*.25
20
"2".322
55
15
22
37U
24
24
15%
1634
.60
*.25
20
*.50
47i2
.40
20
,25
20
20l2
5,148
456
100
1438
1434
15%
9
9
27
30
834
27
8i2
Jan
72% May
38
Jan
80
200
Mining
Adventure Consolidated.. 25
.50
Apr
473
Ahmeek
Algomah Mining
.60
.50
I
50
.25
47%
.50
.50
43
48
*.25
19%
19%
.50
45
*.25
.45
I
20
9%
*9%
.05
*.03
251
248
1478!
19
50
.45
275
19
9%
934
.05
.0.5
243
250
13%
8%
27%
4%
8%j
33
35
32
25
40c Aug 10
43
Nov 19
77
25
25c June
Allouez
25
19
Arcadian Consolidated
25
5
2
829; Bingham Mines
400j Butte-Balaklava
27%
4*4
14
534
8
3%
3
3
*3
2
2
2
2
8,920; Carson Hill Gold
75; Centennial
25
"47U
49
48
76
46%
2,222
75
46%
*75%
46
75
*75%
5
20%
3%
*13s
21
21
21
20
21
20
2
*1%
3
2i2
2i2
*2i2
I84
9
9
*184
*1%
2%
2%
2
2
*2%
1«4
lh
*1
1%
♦3
4
1%
♦lis
3%
3
3
*234
1%
3
4
334
4
334
378
460
*3
3%
445
Kerr Lake
5
I!
*1%
2
100
Keweenaw
3
3
2
*134
2
25
25
25
5
1J2
212
2%
*I34
4
2%
4
Last Sale'3
3
3
*2
3
48
50
47l2
48
4634
47
16%
16%
16%
17
16i4
16i2
15%
16
1434
15%
2%
2%
425s
425g
*425g
89
89
89
2%
*425g
90
8%
834
8%
85s
10l2
11%
103.4
11%
178
♦134
20%1
90%
*8i2
10&8
*2
2
....
*43
90
90i2
834
11%
2%
2
46
90
*43%
88%
83s
10%
90
87S
8%
8%
1034
1118
10%
11%
Last Sale .25
*.25
"2"
88%
610
834
966
Niplssing Mines
10%
7,051
35
...
North
Oct'20
"""50
2
17%
*1%
17%
28
23%
2
18%
24
37
38
29%
*1534
1
30
17
1
790
Seneca Copper Corp
Shannon
28
28
25
27
41
41%
40
40
38i2
40
38
39
32
33
31
31
3H2
3H2
31%!
18i2
18%
17
18%
173s
173s
173s
17i2
29%
1634
1%
*1
1%
H4
•1
1*4
*1
1%
"♦.06
.08
"♦.06
.08
.05
334
334
3%
334
*384
2%
2%
2%
1
1
2%
Us
*.85
214
.05
17
i
1%!
"*.05
650
Osceola
25
572
Qulncy
667
St Mary's Mineral Land...
25
25
125
2
2*2
.08
*.06
.08
""""40
4
*3%
4%
210
3,065
2
2
.85
.85
*.90
150
Trinity
*.40
.50
.40
.40
950
Tuolumne Copper
.50
♦.35
.45
.40
.42
2%
234
2%
278
278
278
3
3
2%
278
2,775
5
4%
434
3
4U
234
434
4
4%
3'4
4
334
334
4,138
.42
.42
134
♦1%
184
♦114
.40
.40
.45
.45
♦1
IX,
134
.50
10
♦.25
♦
IX,
*1%
134
.50
.50
♦1
Last Sale 1'4
IX,
10
.50
10i2
1034
*.25
.50
Bid and asked prices.
*10
.25
10i2
.25
♦10
*.25
10%
.50
6 Ex-stock dividend,
♦.25
10
*.25
.50
10
.50
d Ex-dividen
2,410
*.30
10
*.25
.50
"""350
14%
Jan
3
8
Feb
21
5% Apr
7
13gMay
684 July
May
9% July
7% May
Utah Metal A Tunnel
Winona
143
.50
e
Wolverine
Wyandotte
Assessment paid,
-
h Ex-rights,
16
x
4
20c
Feb
50c
Mar
Apr
5S% July
78
Apr
8t% July
Jan
41
38
5
Jan
3
Mar 24
3
5
Jan 21
24
3%
99c
Oct
Mar
3
Jan
73s July
2
Apr
Apr
4
Feb
5% July
4% Oct
10
July
21
Mar 12
48
Oct 16
6% May
87g Feb
79
Feb 16
95
Sept 27
5784 Mar
1% Aug
17
2
Nov 17
5% Jan
3
11% Jan
7% Jan
2
2
Jan
2
2%
Feb
Mar 27
Jan
5
7% Jan
8
12*2 Jan
3
21% Apr 20
80c
Jan 27
2% Jan 26
37% Jan
5
July
6% May
23s July
2%
24
Oct 14
July
42
June21
Nov 16
%
2
Oct
Aug
82
Nov 19
8% July 19
10% Nov 19
_
3% May
% Jan 14
60
Sept 22
49% Feb
14»4 Mar
13% June
10
July
83
July
29% July
12% July
28
Oct
87
Not
8%
Jan
13% May
9
Feb
20% July
25c
Apr
75c
Mar
4% July
30% Mar
52% July
184 July
July
23% Nov 19
Nov 19
58
Jan
3
Mar
73
37
65
Jan
3
52
Mar
83
July
29% Nov 18
58
Jan
5
40
Mar
75
July
12%May 24
23
13
Jan
1
Aug 11
10c MarlO
5o Nov 16
334 Nov 13
2
Nov 17
2
Novll
Jan
7
2% Apr 15
25c Jan 10
6
Jan
7
6% Jan 29
75o Novll
2% Jan 19
40o Nov
9
5
1
1
25
25
25
25
Utah-Apex Mining
Utah Consolidated
100
10
and rights,
Feb
5
Victoria
Nov'20
*
4%
2
5
Superior A Boston Copper.
2
1
•H2
14% Jan
13
25
10
25
South Utah MAS
.45
*.40
IX,
10
Superior
♦.85
*.20
Mar
72
Aug
43% Nov
25
1
2l4
*.35
1
no par
South Lake
*3
4
25
Mining
25
*.06
""08
334
4
Ojlbway
Old Dominion Co
1,125
Oct'20
Last Sale 2
214
2
July
2
7
25
Lake
17%
*26
IX, IX,
15
*1%
33*8
5
North Butte
19
42
♦85
New Cornelia Copper...
.
New Idria Quicksilver....
17
*178
25
5
5
New River Company.....100
Do
pref
...100
3,100
2
20
28
28
2%
2,072
___
July
3
5
3
Oct
36% Dec
62
3% Jan
3% Nov
May
May
July
20
47g Apr
2%
101
90c
480
Mar
9
11
19
18
19
3
_
Jan
Mar
Mar
184 Nov 15
l%Sept
25
25
Mohawk
Nov
39
2% Jan
25
*17g
331s
♦1
Tin
6
6
20c
350
July
"18" July
12
1% July 10
2% Oct 2
Mass Consol
20%
41%
•26
20
45
2«4 Oct
Mayflower-Old Colony
Michigan
~"l%
19%
27%
20%
1,715
14
13
*J34
*43
90%
225
3
334
Nov'20
43%
2
*8i2
♦.25
*.25
♦.25
2
3%
*334
51
♦2
1%
*2%
2X,
Copper
260 Lake Copper Co
90 La Salle Copper
200 Mason Valley Mine
2%
2
*1%
4%
2%
334
*2
18
18
3
49%
*2
25
20
3
52
3
75
*138
*2%
3%
Feb 13
Novll
Nov 19
39
1
Do
pref
Isle Royale Copper
IX,
25c Novll
1
Island Creek Coal
76
19%
51
♦2%
25
Feb
12% May
6% Mar 31
4
Jan 5
25
50c
"l0%
July
1% July
16ia Jan
Aug 18
25
Helvetia
27
July
40% Jan 10
Aug 17
76
13s
3
1
25
Indiana Mining
50
*3
2
Jan
3
Franklin
325, Hancock Consolidated
1,010
"49"
3*8
Jan
Aug 11
350
*75
2
12% Nov 19,
8
Nov 19
40c
409
7% Nov 19
9
Nov 5
76
3X,
2
Nov 19
4% Apr 7
15s4 Jan 5
107S Apr 27
20
50
3%
52
6,085, Davis-Daly Copper..
10
3,770 East Butte Copper Mln... 10
*74
2
Oct
32% Dec
47g Mar
*48
312
6% Mar 18
2c
7
5% Nov 18
77
22
5
7% Nov 19
243
Jan
42
Oct
July
July
2% July
6
62% Mar
10c
Apr
91
% Jan
5
51
♦13s
Aug
Jan
21% July
Sept20
1% Feb 27
Jan 3
9
Nov 1
Jan
48% Jan
"E6"
♦3
Nov
Nov 15
•74%
21
1
25
3,592, Copper Range Co
150; Daly-West
Nov'20
Last Sale .25
.50
10
Copper..
10
25
3%
3*8
6
20
3411 Calumet AHecIa
234
4%
5*8
28
5
...
29%May
50
pref
.05
1238
8
27
4*4
Feb
5
50
2d pref
9%
249
5%
14%
27
9
28
►
May
Jan
37
8%
3
31
9
23% Apr
19
1st
Do
30
20%
7%
.50
16
44% Jan 26
65
20% Not
21
*8i2
212
7
Jan
May
Oct 20
Do
Nov'20
*—.
30
*2*4
3
7«4
2
Wickwlre Spencer Steel...
Last Sale 30
2*4
*2
Oct
MarlO
145
23%
27
*
*
8*8
it
25%
19
Apr 13
83
8
.50
Feb U
25
2*4
3%
Jan
26
43
8%
2%
49
Feb
2%
2
28
Nov 19
2278Sept 23
15
8
*3
.50 *.___
Jan
Nov 15
36
Oct
May
74% Not
39%Junel8
2l4
3%
44
21
59%
160
23% Nov 19
812
212
25s
Jan
50
8is
3i2
Jan
Jan
52%
WarreD Bros
23s
♦2%
>
32%
115
400
*
9
*2%
8
Aug
234
234
MarlO
Mar
6
9
2
76
17
4%
9
133
Nov 19
28
514
6i2
49% Apr
Jan
32% Sept 10
97% Nov 13
59%
3
412
45s
6
27% Not
26
6
458
6%
35% Dec
15% Nov 16
434
434
63g
Dec
15% Dec
Manufacturing. 20
27i8
834
July
30
Walworth
*4i2
578
♦4%
♦2%
1378
15%
28
35
7
6
Waldorf System Inc
10
Waltham Watch......... 100
1,435; Arizona Commercial
9%
Oct
3
31% Jan
25% Apr
435
2,340
1534
5
915
7%
30%
Jan
7
Nov 19
19%8ept
3,147
234
14%
55
99% Dec
16
May
16%
2334
7*8
♦9
Jan
17
234
30
14
19
7%
912
Jan
2
16%
2%
*.03
Feb
93
Jan
19
7%
250
Not
145
Jan 12
16%
2l2
.05
199
3
17
7%!
934
June
July
Mar
19
27S!
251
96
16%
7i2
938
Sept
16
234
*.03
3638 Jan
72
83
5
Ventura Consol Oil Fields.
8
250
4
16
15,238
3
.04
Nov
25
8
95s
149
25
pref
278
250
71
Feb
16
55
Union Twist Drill
United Shoe Mach Corp...
8
.04
Dec
47% Nov
99
25
314
*914
60
130
34% Mar 30
Nov 11
734
248
8
176% Jan 19
22
no par
Jan
Jan
Nov 18
Nov 17
Torrlngton
Mar
86
24
13
Swift A Co
Jan
99
150
86
5
11
Jan
8%
138% Jan 21
101
SI rams Magneto
Feb
67% Nov
~
Jan 26
Oct
Sept
98s Feb
35
Oct
Nov
82%May
15% Nov 16
1
534 Dec
283g Nov
63% Nov
10
3
05
90
3178 Apr
12% Sept 15
53
pref
8%
9h
101% Jan 10
Nov 17
Reece Button-Hole
3%
249
90
Nov 19
June
May
68%
July
25
100
Plant (Thos G)
8%
9%
♦.03
Mar
75
86
July 26
Oct 29
Do
19
7
8
8
57
_.
38
2
118
Pacific Mills..-..
38% Not
Jan
8% Apr
10
New England Telephone.. 100
Ohio Body A Blower
no par
3%
248
172
138
80ia Feb
45
100
Linotype
Nov
June
16i2
20
55
Oct
Not
Dee
Dec
Jan
18%
30
.60
*:40
*50
.45
79
12% Feb 11
17
Feb 16
16
Nov 18
30
j*
.
340
22
36
221
21%
21%
52
36%
27
30
30
1834
18%
*1534
27
30
.
27
30
21%
•50
!
16
*
30
■
18U
16%
27
19
18%
'
101
55
167s
24%
•18%
100
3714
25
25
Apr
May 25
29% Oct 9
100
Do
pref
Mergenthaler
Mexican Investment Inc..
Stewart Mfg Corp
Last Sale 33i2 Sept'20
97%
9% Apr 30
Nov 15
Root A V Dervoort CI A no par
Shawmut 83
25
333
Sept,'20
5
5i4
Theatres
1,215 Orpheum Circuit Inc
...
Last Sale 22
Last Sale 20%
6
321
86
*13
JOH4
58
*20
634
93
150
86
88
827
1,900
15
24%
150
...
97U 100
22
*14
15
2412
150
39
60
91
27
24
36% Nov 19
11
125
Jan
25
90
26
34
6
Greenfield Tap A Die
11
125
~G7g June
4% Jan
31% Dec
Oct
Apr
91
z61
"
28
11
28
478 not
16% Mar
Dec
23%
*90
63
6
2
11
125
13% May
2% Dec
3
91
63
Dec
7
26%
26
11
27l2
4
Dec
Jan
17%
36% Jan
91
125
5
21% Not
164
11
8312
Apr 20
35% Apr 17
10
Apr 23
127g Apr 14
338 Jan 3
84% Deo
Dec
May 15
19% Nov 19
Nov 11
91
83
Not
Jan
16
12
no par
11
11
162
50
Corporation
90
1114
108% May
Feb
78%
5
Jan
9% Aug
Dec
79
38
7
7% Nov
2
Aug
Jan
95
6% Mar 23
36% Jan 3
28-%May 7
88
Apr 8
Nov 17
16% Nov 17
11
10l2
Jan
Apr
2%
334 Feb 14
22
9134
10%
55c
14'4Septl7
♦91
11%
7% Mar 15
3% Nov 4
13% Nov 5
100% Sept 16
167
Apr 20
Nov 18
12
•10%
10%
Jan
Gorton-Pew Fisheries
710
11
10
10
Connor (John T)
Elder
5
10
Boston MexPet Trusteesno par
Edison Electric Ilium
"""632
5
10
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
535
3634
3634
37
Art Metal Construe Inc
945
Nov'20
21i2 22
73g
10
7%
8%
Last Sale 41% Nov'20
11
4584 Jan
July
...
pref
20
1934
Last Sale 12
37l2
May 17
Jan
May
105
,
Oil Engineering
156
2134
37L
38
48
Jan
12U
5
100
Jan 13
650
1714
Oct
19
4,800
23l2
82
83
1*8
1612
8
Nov 12
1U
*4
23
June 15
®4 Nov 1
12% Nov 5
19% Nov 17
1
12
Dec
70
*1
12%
Dec
15
Do
pref
no par
Anglo-Am Comml Corp .no par
H4
1214
Oct
z71
5
Apr
7H
*1
94
1
Nov 18
5
40«4 July
99% Aug
115
Oct
7
71
.85
1
1234
*70
12*2
Dec
Jan
83
July
80
22
78% July
Apr
27% Oct
89'4Nov
86
100
5
Dec
86
no par
7X»
1
22
*
12*2
19*2
5i2
June
25%
6
89
Amer Pneumatic Service..
Do
Jan
90
110
Mar
6978 Dec
Amoskeag Mfg
.75
.90
1
86
Feb
Jan
June
Oct
70
128
20
6
Am
Mar 30
299
72
Nov"'20
14
19%
1978
5
71
11
712
♦.60
14
17%
70
11
*5
25
70
"*5~
*1214
1914
17
70
2058
71
Last Sale
*4
17
♦12%
71
2i2
24
25
167g
4,476
70
1712
25%
1678
99l2
72
378
'{ 25
378
25
9878
7U2
993.4
71
778
*12
280
99'8
.90
1
934
72i2
6
*5U
7%
.90
7%}
77g
13
14
20
590
9934
20%
*12%
6
6,740
234
1012
*
2i2
21
.27
212
934
70
~
#
2012
*5%
6
378
2i2
*12%
21%
♦5%
7%
•12
'
pref
Jan
Feb
2% Nov
Sept 27
37% Sept 24
Jan 20
Do
.25
72
172
70
2% *._..*
75
Rutland
West End Street
481
.40
234 ' "234
*934
10%
993s
9978
? 72%
•
.40
10
1012
Nov 17
Old Colony...
Miscellaneous
.35
2%
10
84
23% Feb 11
80 July 9
77
July 21
73
July 8
IS?I
.80
2%
1H2
11S4
997g
2
Vermont A Massachusetts. 100
Nov'20
,
26
*50
.75
•V-
Jan
72
11
30
135
3% Nov
993g Mar
Northern New Hampshlre.100
Norwich A Worcester pref. 100
*20
Last Sale 85
*50
*50
...
86
Jan 12
100
85
50
Nov 17
68
Do
pref
100
Georgia Ry A Elec stampd.100
Do
pref
100
N Y N H A Hartford
*80
*80%
70
70o
Dec
132
510
86
85~
39
8
8
80
79
.
10c
5
26
Last Sale 82
Ja®
Nov
130
Oct 20
Jan
80
79
168
Mar 15
25c
Mar
24%
*20
J&n
Sept
143
Mar
80
21
50
40
7
26
80
38% July
Oct
28
11
2534
"2l"
*80
80
Jan
Jan
Sept 14
Oct 21
132
38
2434
80
Apr
97
Oct 11
100
*2134
80%
Dec
Jan 30
Maine Central
81
Dec
85
Nov 18
802
21%
Dec
62
3
39
81
116
9
49
20
Apr
145
3
Nov
68
3
38
21Js
Highest
Oct 25
134
130
Bost 4 Wore Elec pre.no par
Chic June Ry A U S Y
100
38
*
*80
*82
25c Oct
38
*80
'*80
*82
82
38
40%
26%
4
26%
*80
*81
39
i
pref
Boston Suburban Elec_.no par
Do
pre!
no par
378
Nov'20
*70
73
pre!
Boston & Maine
45
378
3i2
1919.
Lowest.
89% Nov
Oct'20
Last Sale 130
*70
Feb 17
60
100
500
135
135
135
119
100
Do
38
Last Sale %
Last Sale 3
...
100
Elevated
Boston
1,676
3034
38
Highest.
Boston & Albany
399
6112
"§6"
31
....
Year
Railroads
32
140
*
•3
♦70
127
60%
Previous
Range for
Range since Jan. 1.
STOCK
Week
85
*.10
*3it
127
63%
85
vMO
*130"
127
127
63
32
62%
31
31%
43
129'
*128
64
86%
*
♦38
129
3
8634
64
86
2031
EXCHANGE
Shares
♦85
BONDS
S«e next page
IX, Aug
7
1% Jan 10
4
Oct 21
334 Nov 18
42c Nov 18
1% Aug 26
9% Feb 20
3% Jan 5
3% Jan
8
Jan
7
1
2
10
Oct 26
23
15c
Oct 15
25c Sept
Ex-dividend.
»
Jan 10
1% Mar 22
Half-paid.
45
26% July
1% Mar
Jan
4% July
Jan
50c Aug
4
Mar
11%June
1
Mar
5% Not
5% June
2% Sept
40c
8c
1%
71c
Dec
Dec
3% June
I84 May
3% June
Jan
12'4 July
5
July
7%
1% Jan
1% Mar
50c
Jan
15
Mar
40c
Mar
484 July
3
July
July
l%May
31
CHRONICLE
THE
2033
[Vol. 111.
Sales
Friday
Outside Stock
Stocks (Concluded)
Boston Bond Record.—Transactions in bonds at Boston
Nat
Last
Sale.
Bonds—
Price.
U S Lib Loan 3 36s. 1932-47
2(1 Lib Loan 4s..1927-42
Week's Range
Range since Jan. 1.
92.54 93.10
$1,450
87.44 87.44
89.04May
25
2936
5
Refining.
25
Pittsb Brewing com... :. 50
Preferred
Jan
100.00
45
Paragon
High.
82.04 May
92.34
Jan
87.60 88.54
7,300
82.14 May
93.80
Jan
85.44 86.64
60,650
81.60May
92.98
Jan
87.94 88.64
28,050
86.00 May
94.96
Jan
85.84 87.04
76,100
8 J.74 May
92.98
Jan
95.20 96.18
29,7.50
94.84 May
99.30
Jan
Pittsb Plate Glass
Am
Agric Chem 5s... 1924
6,000
95.66 Nov
97.74
Feb
San Toy Mining.
9136
2,000
9036
Sept
93
Oct
70
4,000
68
Aug
81
Jan
"90~"
Chic June (c U S Y 5s. 1940
78
K C Mem & Birm 4s..1934
90
10,000
90
Nov
150
78
78
2,000
74
July
70
70
70
7536
763*
N E Telephone 58—-.1932
83
84
New River 5s
8036
8036
Miss Rlv Power 58
1951
-.1934
1,000
20,.500
11,000
Jan
,
8436
Jan
Feb
70
Feb
Mar
77
Nov
Aug
85
Feb
8236
77
Oct
96
96
1,000
4,000
1925
96
100
6,100
95
1944
835*
8336
7,000
82
May
93 36
8116
11.000
77
June
84
Western Tel <fc Tel 58-1932
553*
Apr
2936
July
52?*
Mar
3 36
Nov
Sept
10?*
2836
Jan
836
.18?*
Apr
1,109
303*
336
1,015
2736
25
26
4436
2936
336
2736
125
Apr
Oct
7
7
90
7
Nov
59
863*
863*
5c
5c
7,400
40c
35c
42 c
15,000
1136
11?*
12
930
11
May
18
Mar
148
15
148
Nov
172
Apr
148
1
5c
5c
5c
5136
72
Sept
25
84?*
Aug
92
Jan
4c
July
25c
30c
Aug
53c
4c
208
70
271
Mar
Aug
9?*
Nov
1,000
10
81
81
Apr
200
120
9?*
120
117
Oct
81
Nov
Jan
Jan
7c
Jan
37?*
Jan
130
Jan
1073*
11836
Jan
90
90
8336
983*
1,180
90
Nov
41?*
41
44
1,667
41
Nov
55
Jan
6936
6936
10
6536
July
79
Jan
70
70
$10,000
6636
July
7536
9536
West'house Elec & Mfg. 50
West Penn Rys pref...100
95?*
9 5 "6
Nov
96
Pittsb Brewing 6s
1949
Westinghouse Electric 7s..
Jan
98
Feb
4836
44
,
59
U 8 Steel Corp com.... 100
West'house Air Brake...50
Jan
80
Pond Creek Coal 6s.-.1923
Seneca Copper 8s
Swift & Co 1st 5s
Mar
19
Jan
Mar
68
6936
Apr
1936
34J*
11
Oct
Transcontln'l Oil..(no par)
Union Natural Gas
100
90
936
Aug
Nov
140
430
3
100
70
July
11
2136
100
100
9136
95.66 95.66
0136
Atl G & W I SS L 58-1959
Carson Hill Gold 78.-1923
Preferred
536
11
7
Pittsb-Jerorne Copper
1
Pittsb & Mt Shasta Cop.. 1
Pittsb Oil & Gas
100
43*8.1932-47
43*8-1927-42
3d Lib Loan 43*8-. 1928
4th Lib L'n 43*8.1933-38
Victory 4?* 8
1922-23
Victory 3?*s
1922-23
600
1.
High.
3
Pittsburgh Coal com..-100
1,450
1st Lib L'n
2d Lib L'n
Low.
3
50
-
6
6%
Range since Jan.
Shares.
High.
19
------
.25
Oklahoma Prod <fe Ref
Low.
Low.
1
Oklahoma Nat Gas
Week.
High.
Week.
5H
50
Ohio Fuel Supply
for
of Prices.
Low.
for
cf Prices.
Fireprooflng com...50
Ohio Fuel Oil
Sales
Week's Range
Price.
Par.
Preferred
Stock Exchange Nov. 13 to Nov. 19, both inclusive:
Friday
•
Last
Sale.
Exchanges
11
Jan
96
Oct
Oct
106
4,000"
Jan
Nov
Nov
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, Nov. 13 to Nov. 19, both in¬
Baltimore
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Nov. 13 to Nov. 19, both inclusive,
compiled from official sales lists:
Last
Par,
American Radiator
100
Week's Range
Sale.
of Prices.
Low.
High
Price.
for
Range since Jan. 1.
Shares
Low.
High.
70
70
72
278
July
85
American Shipbuilding. 100
Preferred
100
85
85
85
150
85
Nov
120
67
67
67
35
65
Sept
Armour & Co pref
100
15
88
1536
1-536
100
925*
883*
895*
1 536
925*
40
42
70
Armour
Leather..
Preferred
Board
Beaver
.--(*)
Preferred
Booth
Fisheries
new...
10
Case
(*)
Chi City & C Ry pt sh com (»)
Preferred
—(*)
Chic Elevated Ry pref. 100
Chic Rys part ctf ser 1 —
(J I)
Part ctf
*12"
65*
110?*
Jan
15
Aug
17 36
Mar
1,075
883*
Nov
95?6
Feb
205
40
Aug
58
Mar
60
70
Nov
90
Mar
5
475
Nov
13 J*
185
25
Nov
74
80
13
Nov
75
Jan
12
1256
75
12
Nov
1736
Apr
6
836
510
6
Nov
2436
5*
436
336
200
200
102
100
102
25c
10
10
1236
_-10
Libby, McNeil & Llbby.10
105*
Lindsay
11
10
Light—
10
3736
1836
235*
Feb
108
Jan
25c
Nov
40c
7
Nov
133*
265
5036
Nov
101
25
99 Vx
70
Nov
12536
Nov
105
64
1136
14,914
636
150
5
May
9 3*
10
25
Aug
453*
Jan
44
Apr
908
27
5,780
8
836
2536
335*
37
126
383*
20
8
3736
1836
1236
10?*
103*
18?6 May
2336
Nov
32
536 Nov
8
Nov
24
Nov
35
Mar
Aug
45
Oct
235
28?*
3736
Nov
50 ?6
2,100
1836
43
July
83
Nov
Sept
90
Mar
87?*
Aug
98 3*
28
83
566
89
60
576
2356
235*
1013* 10836
64
693*
5,118
2,055
21
1013*
6336
May
Apr
10,550
Nov
13,700
23
Nov
Temtor Prod C & F "A" (*)
"30"
Texas
Union
24
Oil
30
.
2336
473*
Carbide
& Carb._ 10
1,700
Mar
Apr
245*
Rights
Jan
90
15
2556
283*
963* 100
24
263*
136
156
Jan
243
96
1,892
Jan
Nov
25
1836
1536
Nov
12,828
Thompson (J R) com—.25
Apr
Jan
1,580
25
Swift International
Apr
15,042
26
100
Jan
Nov
Nov
"265*
Swift & Company
15
Nov
1836
Nov
46
136
Nov
50 36
128
55
136
Apr
Jan
Jan
100
Nov
17
17
I
no par
Benosch,
Nov
56
May
Ward, Montg & Co, w i.20
1936
1936
5,695
Nov
40
Mar
Western Knitting
Mills.(*)
10
10
1036
1,240
1936
836
Nov
24
Nov
Wilson & Co common..(*)
46
46
47
46
Nov
76
Mar
75
75
7536 $10,000
3,500
9636
8236
Mar
97?*
Oct
250
3136 Sept
10536 Mar
2
23
Nov
23
9
23
Nov
104?*
Feb
7
7
420
Aug
103*
Mar
Mt V Wood pre! v t r._ 100
62
62
110
62
Nov
95
Northern
68
68
60
60
July
80
80
84?*
329
74
Feb
United Ry & Electric...50
1036
1036
11
485
1036
Wash Bait & Annap..—50
Preferred....
15
Am
Smelt'g & Refining 5s
9736
"
93
9536
1,000
923* June
9536
9336
1.000
93
June
96
9,000
9736
983*
Jan
79?*
United Rv <fc Elec 4s._1949
623*
July
July
79
Jan
96
Jan
983*
Apr
94
82,000
83
May
9736
Nov
913*
10,000
93
89
May
95?*
Jan
Nov
Apr
Nov
Nov
913*
Nov
863*
913*
913*
75
1,000
75
Nov
75
523*
693*
5,000
523*
Nov
54
40,000
6136
Sept
69'6
79?*
8036
31,000
7636
Aug
8636
Jan
Oct
Nov
Jan
42,000
55
May
34,000
42
Mar
49 36
65?*
7036
300
56
Mar
65?*
10,000
69
Aug
76?*
Jan
563*
.
63
46
70
.
62
65?*
Funding 5s. small —1936
Wash Bait <fc Annap 5s 1941
913*
May
45
1949
West Me-viand 4s.-..1952
Jan
10036
963*
69
1.000
Pennsvlv W & P 5s...UNO
Jan
5.000
,
75
Monon Val Trac 5s.-.1942
Nov
5,000
75?*
9636
913*
Income 4s
7656
523*
693*
I
563*
2.000
51
Jan
58'6
Nov
69
Jan
Sept
Nov
at
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Nov. 13 to Nov. 19, both
inclusive, compiled from official sales lists:
Stocks—
American
•
Gas
Par.
52
1,685
Buff&Susq Corp pfvtcIOO
45
45
45
Elec Storage Battery... 100
General Asphalt
100
102
Preferred..
45
June
49
Feb
6.5
65
3,000
60
Oct
70
Mar
66
66
5,000
58
May
70
Oct
Pennsyl Salt Mfg
Pennsylvania
1,000
65
Nov
75
Jan
Phila
2,000
60
Aug
663* May
82?*
Aug
923*
84
23.0001
Jan
mt
m
Sales
Last
Week's Range
for
of Prices.
Insul
Wire
High.
Shares.
no
High.
46
46
18
46
Nov
113
117
1,160
105
Sept
86
103*
38
99
Feb
141
Jan
47
200
45
Aug
130
Jan
81
85
449
77
Aug
193
Jan
293*
30
405
273*
Aug
47 36
54
56
250
34
Aug
63
400
8
Sept
13
Jan
30
60
29
Sept
35
Feb
•+
-
-
Rlapid Transit
Tono-Belmont
Devel
1
Passenger
Traction
United Gas Impt
Preferred.
50
-
Jan
Westmoreland Coal
152
50
36
West Phila Passenger
53*
336
336
100
2836
10036 10036
3,960
June
Aug
1136
Jan
30?*
Mar
2d Lib L'n 43*8.1927-42
3d Lib L'n 43*s
1928
June
205
93
July
1
Nov
536
Nov
153*
Apr
Nov
1?*
192
536
136
6
165
536
136
1H
22,074
Lone Star Gas
25
29
29
293*
497
25
Mfrs' Light & Heat
50
53
52
53
682
4836
Marl and Petroleum
.5
3
3
73,207
176
64
July
76
4136
3,647
3736
Aug
44
Oct
5136
195
5036
July
53?*
Oct
Jan
Jan
704
29 36
May
3536
1,633
1,514
2036
Jan
25
Sept
Sept.
25 N
27?6
2736
Nov
18
2,290
12 36
July
28
323*
233*
Jan
Jan
52
405
49 ?6
Oct
63
Jan
91?6
720
65
Feb
103
Nov
5456
100
33.3*
55
156
136
2,475
Mar
1 1-16 Sept
136
1,110
1
Aug
3
Oct
1-16 Jan
2?*
Feb
85
40
2936
30
2,445
23
July
37
Jan
106
163
July
185
Jan
Nov
57
Jan
Oct
170
36?6
30?*
50
81?*
82?*
85
5,223
30?*
26
4936
380
81?*
.
Nov
85
74?*
Oct
503*
Nov
10836
8
8
10
8
Fe-'
8?*
38
—
38
1.54
35
Jan
40
74?*
75
33
71
June
75
3
168 36 1 68 36
U S Lib Loan 3363.1932-47
436
2536
1
66
Nov
Jan
Jan
Feb
Jan
Jan
3
5136
168 36
50
53*
Nov
85
2936
170
West Jersey & Sea Shore.50
2536
33
50
Jan
336
960
1?6
l.N
.
95
25?6
Nov
35
54 H
50
.50
100
45
Consolidated Ice com...50
Nov
56
8?*
57
50
1
Nov
Guffey-Gillespie Oil (no par)
Harb-Walk Refract pref 100
Indep Brewing com
50
Mar
80
4036 May
88 H
.50
_
Sept
Apr
22
June
496
26 %
17
50
1st preferred
9
5
Nov
1,738
22 N
Warwick Iron <fe Steel....10
46
4,815
5136
303*
U S Steel Corporation..100
Aug
10
7536
8?*
22 ?6
Philadelphia Traction.-.50
Reading
50
Jan
June
Oct
49?*
3036
17
July
336
336
Jan
I
403*
513*
50
86
50
30
8?6
65
65
25
80
140
83*
Jan
73
-
par
8,440
336
336
6436
135
6,113
26?*
United Cos of N J
Low.
10036 115
33
Pref (cumulative 6%) _50
Union
Range since Jan. 1.
50
Philadelphia Co (Pitts)—
Union
Week.
Apr
"8?*
50
50
Tonopah Mining
Sale.
44
Mldvale Steel & Ord.--.50
Phlla
Friday
Oct
20
—-
•
Preferred
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Nov. 13 to Nov. 19, both in¬
clusive, compiled from official sales lists:
Jan
56?*
73
50
Phlla Electric of Pa._
(*) No par value.
6436
8?6
100
50
Oct
Feb
293*
50
Valley
Jan
18
54
10
Navigation
6436
81
50
Preferred
High.
Apr
45
100
Keystone Telephone
Low.
31
37?*
"
100
15.000
623*
453
2736
50
4736
6236
8316
275
22
no par
4736
65
40
Range since Jan. ]t.
Shares.
""50""
American Stores
Metro W Side El 1st 4s.'38
65
32
3?
American Railways pref 100
Lehigh
Lehigh
•
Price.
100
Lake Superior Corp
7236
Sales
Friday
Oct
81
75
Indiana Steel 5s.
Feb
"""136"
•72J6 June
9636
Marv'd <fc Penn 1st 4s. 1951
Mar
...50
.1
9,000
84
70
Kay County Gas
Feb
74
82 ?6
45
136
Jan
83
J ,000
Feb
Preferred
70
July
3,000
May
10036
May
73 36
84
57
336
Nov
56 36
88
Laclede Gas ref 5s
Nov.
76 ?6
3,000
84
34
36
Jan
3,000
88
1,000
38
Jan
36
$2,000
91
22,000
Barnsdall Corp class A. .25
203*
7636
Elkhorn Coal Corp 6s. 1925
Fairmont Coal 5s.....1931
26,000
Carbo-Hydrogen Co pref.5
Carnegie Lead & Zinc....5
Jan
6236
7436
Ga Caro & Nor 1st 5s. 1929
62
9
Oct
9336
Convertible 6s..
1923
Cosden&Co convs f——.
37
86
May
28
15
7636
7% notes.-—.Consol'n Coal ref 5s-.1950
6156
.....
13
155
7436
7336
9536
5% notes.......
6% notes..
62
.100
55
28
Jan
Nov
62 36
Chicago Ry 1st 5s_...1927
Consol Gas gen 4369—1954
Consol G, E L & P 4368 '35
37
—
15
28
50
.
Nov
Jan
70
84?*
Bonds—
Chic City & Con Rys 5s '27
Chicago Railways 5s..1927
Preferred
636
Central......50
Pennsylv Wat & Pow—100
J G Brill Co
Arkansas Nat Gas com..10
Nov
23
23
com
743* July
9536 Nov
60?* May
113
23
23
25
Refining.. —.5
1st preferred
Indiahoma
Insurance Co of N A
|
Amer Wind Glass Macli 100
Jan
3?* Mav
Apr
3636
Amer Rolling Mill com..25
May
Apr
42
870
Let.
89
Apr
for
453*
205*
Price.
Jan
Jan
Jan
27
Jan
44
Par.
11
46
103?*
Nov
743*
44
Stocks-
Nov
July
17
Nov
Apr
8336
Jan
100
28,585
40
6236
3.40
Week.
Nov
South Side Elev 4 36s.. 1924
Apr
4?6
of Prices.
Low.
High.
Nov
Swift fr Co 1st, s f e 5s. 1944
Jan
436
443*
Week's Range
28
C 1st 5s.'37
5
39
84>* Nov
743* June
Jan
90 %
1.00 Nov
'
Last
82
Chi Gas L
Feb
Nov
Sale.
28
Peo G L & C ref g
40
32
Nov
400
1945
5s. 1927
150
High.
Oct
Sept
780
Mar
28
Ogden Gas Co 5s
4
3236
Mar
82
Chicago City Ry 5s... 1927
4
47 3*
28
9536
6136
530
32
Nov
82
1930
85 36
8336
Cosden & Co, pref
5
Davison Chemlcal_.no par
Elkhorn Coal Corpn.__.50
20
47i4
5036
Feb
7s
690
100
Sept
Debenture
8336
92 H
5236
13
436s.... 1929
2,170
46
843*
49
20
Bonds—
63*
46
~85
Nov
335
Armour & Co
5,505
Nov
455
Co.
Coal
5
1.05
2336
1636
Wahl
53*
2?6
30
27
Corp.._(*)
Cent Teresa Sugar, pref. 10
Commercial Credit
25
1.00
300
265
14
Battery
1.05
50
336
3?6
Consol G, E L & Pow.-lOO
Consolidation
90
Low.
2036
82?*
670
27
Vesta
90
45
2336
2456
473*
5656
27
t c__50
v
23
Range since Jan. I.
Shares.
34
503*
United Paper Bd.com..100
U 8 Steel common
100
Price.
.1
Mar
Nov
Week.
Nov
25
26
503*
1436
United Iron Wks
Celestlne Oil
Feb
Mar
300
100
100
-.50
Sinclair Oil
Feb
650
17
Stewart War Speed com
Nov
73
18
-----------
Feb
215
Nov
88
1013*
Rights
536
May
100
for
of prices .
Low.
High.
10
Jan
200
83
100
(*)
June
10
24
8
"335*
Quaker Oats Co pref...100
Reo Motor
10
Sears Roebuck com
Vs Sept
11 36
20
1 33*
12
536
Orpheum Circuit, Inc..__ 1
Shaw W W com
Oct
1236
10 %
10}*
27
Mitchell Motor Co.....(»)
National Leather
57
63*
Middle West Utll pref.. 100
People's Gas L & Coke. 100
Pick (Albert) & Co
(*)
PIggly Wiggly Stores Inc(*)
Pub Ser N. Ill pref
100
Mar
70
Corporation ..100
Hupp Motor..
436
12
Sept
136 June.
1136 June
2,469
1,074
1,675
1
i
1033* 1033*
..
Hartman
55
73*
56
Cudahy Pack Co com.. 100
Diamond Match..—
100
80
Nov
150
25c
7
Jan
36
5f0
416
1536
336
200
436
474
5*
7
15
-
Atlantic Petroleum
Jan
13
Par.
Week's Range
Arundel Corporation....50
Atlan Coast L (Conn)..100
Jan
32
Commonwealth Edison 100
Holland-Amer Sugar
Nov
Jan
3,636
Chicago Title & Trust—100
Rights...--
88
Jan
80 3*
31
7
series'2.------
Continental Motors
1,740
Mar
70
436
32
_.(*)
Bunte Bros
88
68
13
(*)
100
Preferred
Briscoe common
Last
Sale.
Stocks—
Week.
Sales
Friday
Sales
Friday
Stocks—
clusive, compiled from official sales lists:
39
102
Jan
Jan
Apr
Nov
16836
Nov
93.16 $50,000
89.80 Sept
100.00
85.20
86.54 115,450
83.20 May
91.91
88.00
88.96 102,450
86.40Mav
94.60
Jan
85.78
87.04 179,300
82.30Mav
92.88
Jan
95.86
43*8.1933-38
Victory 43*8
1922-23
Elec 5s..2007
16836
93.16
___
4th Lib L'n
Amer Gas
62
96.22
78,500
94.70Mav
99.34
Jan
Jan
Jan
Jan
74
75
5,000
68 N
Oct
8236
2007
75
75
200
70
Oct
82
Jan
Jan
B»U Teleph of Pa 7e__ 1945
101
101?*
92,000
97
Oct
102
Nov
Jan
Elec A Peoples tr ctfs 4s '45
55
5536
5,000
4936
Sent
65
Jan
56
56
200
5136
Rent
66
Feb
236
Apr
June
4536
July
61?*
Nov
6 36
Jan
do
do
small
small
i
1945
74
Nov. 20 1920.]
THE
Week's Range
Last
Sale.
Bonds
Internat
(Concluded)M
Price.
2033
of Prices.
High.
Range since Jan. 1.
for
Last
Week.
Sale
Low.
High.
Rights—
25,000
80
Keystone Telep 1st 5s. 1935
Lehigh Coal & Nav—
68
80
Nov
80
Nov
3,000
80
67
June
S5
Price.
84)4
80
71
6,000
2,000
59
June-
93
Nat'l Properties 4-6a.. 1.946
3,000
9834
71
Lehigh Val Coal let 5s 1933
84 A
98
98
2003
93
2,000
85
July
2
1003f
2
Penna RR 10-yr 7s...1930
234
Aug
9234 June
12,600
9,000
10434 105
9034
General Electric.r
Jan
102-34
7234
Jan
...
Nov
30
Jan
South Penn Oil.r
Apr
105
Oct
Standard Oil of N Y.r.100
Union Tank Car.r.
74 M
Apr
S3
Jan
2,000
82»/s
Nov
90
2,000
53
Aug
72
Feb
Phil B & Wash 1st 4s.. 1943
85
100
Nov
58
83)*
8334
3.000
8334
Nov
Cons & coll tr 5s....1951
7734
77 34
13,000
7334
Oct
do
77
77
1,000
8434
86
44,000
8534
8534
1,000
99
99
5,000
99
84
85
29,000
99
99
5,000
Unite'' Rys Invest 58.1926
66
68
28,000
West N Y & Pa 1st 5s. 1937
8634
8634
Jan
100
stampeisl&red'51
86
1966
do
small.....1966
Phila & Read 2d ext 5s 1933
1997
99
.1927
70
7734
Nov
Sept
81
Jan
7934
July
86
Nov
7934
July
85)4
Nov
Api
72
Apr
Apr
97i34
65
86 34
Nov
July
10134
Jan
June
86 34
1,000
99
Nov
76
Jan
9134
Jan
Allen Oil.r
to Nov.
19, both inclusive.
It
the week ending Friday
covers
It should be understood that
transactions
to
the "Curb"
on
no
as
such reliability attaches
on the regularly
to those
organized stock exchanges.
Atlantic Gulf Oil Corp. 100
Boone
the
Stock
York
New
Mar
388
240
15
240
Nov
372
Sept
373
615
343
Aug
480
May
10234
1,000
101
Feb
128
Jan
Oil.r
"70)4*
5
234
Oil.r..l
Boston-Wyoming
70)4
7034
634
a_10
Engineers Petrol Co.r
1
Federal Oil
5
934
8
of Prices.
Sale.
Stocks—
for
Week.
Low.
High¬
1
IX
(no Par)
Allied Packers.r__(no par)
9A
Acme
Coal.r
Aetna Ex plosives-r
Aluminum Mfrs
Preferred
Am Chicle
""17 A
Amer Rrwer
30
67
vutomattc
Borden
Fuel 8
4)4
Jan
97
July
30
Nov
58
July
69
10
Nov
700
4
Nov
6634
..100
79
79
5
L
108
July
70
5A
79
July
91
July
3
3,200
12
113*
nx
4X
11A
500
4X
500
18
20
700
11A
9A
Jan
28 A
Jan
llX
Nov
4)*
Nov
28 X
4A
Nov
32
June
Aug
4
Sept
18
2 A
2)4
1,700
13*
Chicago Nipple Mfgcl \ 10
Cities Scry Bankers shs r(f)
8A
8
9
4,400
3)4 June
33
Poll
34
1,000
46
800
10
com
*
-
"\5A
r.»...(t)
Continental Motors.r
Crude Chemical,
33
45
-
-
"1)4
r.
4
14)4
7X
1A
400
4X
16X
7X
IX
29 A
40
200
Aur
Sept
143*
44 A
91
14 A
25
Jan
Jan
7
A
Aug
7A
July
14
Jan
1A
18
4,700
17
3,200
15 A
Nov
54
20
600
1834
Nov
29 A
Gen A*ph
100
.r
43 A
473*
36,700
40)4
AU.;
130
Jan
84 A
1,000
77
Aug
165
Mar
6A
500
4
Oct
34
Jan
6
Goldwyn Picture.r (no par)
68 A.
Goodyear T& R pref.r.100
Hall Switch&Sig com r.100
68 A
2 A
100
3
68 A
Nov
100
June
200
68 A
2 A
Nov
6
Mar
(no par)
193*
19 A
20 A
2,800
14)4
Mar
Heyden Chem.r..(no par)
234
2 A
234
3,500
2 A
Nov
Hercules Paper,
r..
Hocking Valley Prod
50
IX
100
6X
July
3
900
2 A
Nov
20
IX
""5 A
43,000
Transportation -.10
(f)
Nov
80
Nov
10
Nov
32
Apr
Nov
53
Jan
25
26X
1,000
25
3A
1,100
3
5A
5A
1.00
634
18 A
....
434
9
Nov
5,200
10
9
9X
600
9X
2
2X
5
2
2A
Republic Rub.r..(no par)
Roy dp France T'dlet Pr»d5
Stand Gas & El com.... 50
Sweets Co of Amer.r.
100
•
■
1A
*
"
4
1234
134
134
4
4
1234
1A
13X
IA
Aug
Oct
1 3-16
(f)
Aug
85c
1
t
3)4
Nov
Nov
J
n
19)*
Nov
7)4
June
Mar
47
53*
Jan
13
Mar
25 A
International_r_.. 15
Tobacco Prod Ern.r...(f)
*8
Triangle Film Corp v t c.15
Union Carbide A Carb. r<+)
7-16
34
5lX
51X
United Proht Sharing..25c
134
134
26
2
Glenrock Oil.r..
10
84
234
Guffey-Gliiesple Oll.r..(t)
27
Hudson
1
3-16
Dar
1434
Oll.r
Inter Petrol
.....
r new-_.no
27
_(f)
Cmdy.r
Light A Ht, com.r.. 10
Magna Oil & Ref
Maraealbo Oil
1
w
1134
Mexico O J]Corp
Midwest Refinlng.r
10
"ix
Midwest-Texaa
1,200
3
Nov
9
29
10
(f)
T»-rtff»rrprt
|»
Wnvhp
Coal
Wlllvs Corn
10
Jan
234
2,700
2
Aug
734
Jan
34
734
5,000
34
"634
634
634
10
534
634
Allg
Jan
Salt Crt ek Producers.r
.25
Salt Creek Producer new.r
8
Nov
X
Nov
16,600
1
Aug
A
78
3)4
6
10,000
34
134
14,800
X
Nov
15*
Mar
1534
11,600
Nov
40 A
May
2934
2934
3034
2,100
9A
263*
10
10
1334
2A
Oct
Siinms Petroleum r(no par)
Sinclair Con Oil pref.r.100
834
734
934
37,000
734
Nov
73 A
86
Jan
Skelly OU.r
10
Oil & Land
85
734
734
8
11
134
.1
33*
13,500
1,700
134
134
11-16
34
8,800
200
2A
35
Apr
Oct
IX
1)4
Nov
Jan
Jan
*2 A
600
X
Nov
9)4
7
1,500
Nov
7
134
234
6,700
53*
13*
Aug
8A
Jan
34
11-16
24,000
A
1234
34
1334
1,000
123*
Nov
2)4
1534
July
3,000
X
June
1 3-10 Mar
Oct
15-10 Junt
5
34
6X
Woodburn Oil Corp.r..(t)
34
Jan
Jaa
Nov
Mining Stocks—
Alaska-Brit Col
Metals
.1
Alvarado Min & Mill.r.20
America Mines
9-16
......
1
r..
Arizona
Globe Copper... 1
Atlanta
Mines.r
10c
5-16
1
Belcher-Dl vide.r
Belcher
10c
Extension
Big Ledge Copper Co
Booth, r
6
5c
7o
Jan
92c
Aug
Oct
Nov
634c
2
""334"
64c
1
.1
23*
434
334
64c
62c
""234
27c
,r
Forty-Nine Mining.r
134
Nov
A
3
54c
154
34
1
15-16 Jan
13,600
9-16
Feb
1
16-10 Apt
Nov
Jan
Feb
44c
Ac July
Oct
65c
Dlvlde.r-__._1
19c
18c
20c
lo
lc
1,000
20c
16c
25c
28,500
4 9-16
434
83*
834
Lake
17c
16c
18c
534c
5c
634c
15,800
5
Kewarius-i
1
Knox Divide.r
10'
Star.r...
234c
8C.
.1
Louisiana Consol
Silver
_.l
......
534c
.6
Rex Consolidated
1
Min...l
Ac
July
16c
4c
Aug
160
4c
Oct
8c
5-16
3-16
34
19,000
24)4
1,100
12c
1
834
1
13
534 c 53*c
r
Sliver-Lead
Success
Mining
Sutherland Divide.r
400
1,550
1,000
3,500
157
834
134
5c
1
..J
1 3-10
434c 534c
1-16 3-16
3,100
14,500
14,800
5
3-16
134
1 3-16
Mining.r._—-1
Mining. _1
U S Continental Mlnea.r.l
1)4
2,590
1-16
14,670
134
6,054
1)4
2,735
8,640
19,500
Jan
Tonopah
134
Jan
United
234
*234
6c
5'4c 634c
134
134
1
234
iHo vtar
Jan
Sept
Nov
155
HA
A
A
May
Aug
1
Nov
Aug
A
lc
2c
June
300
Apr
34
1)4
12
1 3-10
1
Jan
Feb
1 3-10 JaD
13*
12c
Oct
Jan
H
Jar
1)4
Sept
Oct
14c
Jan
Jan
30c
Mar
H
6,700
Jan
Jan
Sept
15c
8 5*
134c 234c
Jan
78c
Sept
2c
Jan
Oct
Jan
Nov
6c
A Nov
1 Ac Nov
)4cJune
1
1
IA
4
10,500
1
3A
Nov
1,600
34
134c 234c
Jan
Apr
32c
1,950
134c
1 1-16
97c
39
Jan
4He Mar
73c
Oct
4,900
...1
1
34
4)*cNov
4,000
3*
Nov
1
1-1« Mar
Gc
5c
Nov
Oct
9c
26,300
134
4)4
May
22 A
23,600
2c
34
5)4c
2,100
2,900
5-16
2c
"3-16
65
Nov
1-16
10,100
6c
3-32
1
1
..1
Eastern
13,700
78c
834
A
5,200
9c
155
155
1
r
4)4
17,000
6c
100
July
13,000
77c
1
Ray Verde Copper
3
42,000
34
Nabob Consol 1 lated...
Jersey Zlnc.r
8ep»
9c
Klng-r.-l
Motherinde.r.
Jan
13c
2c
22 34
"ioc"
Murray-Mog M Ltd
27c
July
lc
34
5
5
Aug
4c
5c
1,600
Feb
10c
„
3M
34
Minlng-r...l
Mining.r
Oct
Feb
7-l«
3
1
Mason Valley
5
20
Sept
4 34 0 5 34 c
334
Mar
Nov
7
3-16
13,000
1
Jan
4)4cMar
15-16 Jau
3,000
1
Butler.r
Jumbo Extension
12c
200
34
•
11c
4,100
434
23c
Jan
15c
I6c
2c
25c
234
Oct
7o
13,100
147,700
.
Mai
16
Aug
June
22,000
Hecla Mining..
3)4
Oct
X
5,700
9c
3c
Honduras Amer Svnd.r (t)
Iron
blossom.r
:
10c
Mat
Aug
7c
10
Jan
15-10 Jan
i
2)4
2c
...1
Oct
Sept
3-10
3c
Harmill Divide.r
3
210,000
8c
Great Bend.r
Jaa
25,500
14,100
34
34
2A
July
Nov
Jan
Jan
Mar
Jan
C5o
Sept
19c
10
Devel.r
534
10
Aug
)*
10c
Gold field Consol'd t
12c
Mar
2X
45c
34
1)4
52c
30,200
42c
1-ie
1
Nov
2
4,400
1,760
20,800
234
134
Mar
>4 c June
3,600
3
48c
4
2,300
2534c 27c
......
30c
134
1
234
Jar
Jan
July
15c
4
Jan
3c
16c
1
1
standard
June
11,500
18,100
Cons'd.
Jan
A
13,100
Eureka
,
May
19c
634c 834c
Jan
3-16
40c
37c
Mat
15,600
21c
1
New
34
434c
16c
"39c"
Silver
Mont-ma
Jan
5-16
16c
Eureka Croesus Min.r
Marsh
49c
17c
El Salvador Silver Mln...l
Lone
2)4c Aug
Go
17c
i
Divide Extension
Kerr
4c
38o
19,900
434c
3c
.5
Darwin Silver
Jim
May
June
5-16
Cresson Con Gold M&M.l
Zone
lc
2c
6,200
33,000
Consol Virginia Sliver.r..6
Cortes Silver _r
Gold
4,500
17,100
..1
Consol Copper Mines
Goldfield
Ic
434c
1
Cash Boy Consol-r
Holly
>*
Apf
3c
1
MiDing
Candalarla Silver .r._
Emma
19,000
34
July
Ic
""4c"
1
Boston A Montana Dev..5
Culedonia
1
434
5X
Nov
A
7-16
6,500
Oct
Jaa
Mar
Nov
1
Nov
100
13*
13'4
22A
1A
3*
34
Nov
Aug
Nov
Oct
13,500
..10
Tonopab Belmont Dev
Tonopah Divide .r
Tonopah Extension
Nov
10
Nov
41,700
7-16
7)4
Aug
7A
8
8,600
34
34
7-16
May
80
75
9
11
85
85
1
.r
Pick
1
36
Jan
Aug
Aug
Sou Amer Gold A Plat.r. 10
l A
2A
Feb
14)* May
5A
Silver
Jan
35
Nov
434
134
Jan
Feb
3
56
Oct
10
600
Jaa
112
Jul.
19
35
Aug
6)4
3,100
l
55
.6
10A
Jan
834
234
1
Nov
A
9)4
Api
834
Divide,
Nov
1
5
234
King
Sept
650
5,200
234
Roper Group Mining
1
18,300
Jaa
Settled Prod. r
Silver
29
3A
Jan
90
1,100
8t Croix Silver
800
73*
26
5
Jan
1,750
13,300
Jaa
June
June
434
6
5
Jan
32
Sept
3*
6
59
434
8apulpa Refining.r.'
Savoy OH
Jan
6\
59
IX
TOO
,»j
1st, nmf r
6 34
534
1
Cona'd.r..
June
Nov
Nov
X
300
934
Producers A Ref-r
7
1)4
A
144
60
60
Sept
22
Apr
234
1A
400
1 5-16
9-16 June
2)4
1,200
20,900
Sept
Nov
34
26 A
Jan
8X
2X
34
Aug
A
Nov
534
34
July
100
July
3A
Aug
34
4
Jan
4c
5,900
58,400
Nov
1
11A
190
May
Jan
2
?
51X
1
334
4A
2
Prince Consol
300
128
2,800
8c.
Aug
100
Ninissi/ig Mines..
500
3*
81,800
Oct
1,600
Ophir Silver Mines.r
1,500
IX
Jan
234
Jan
303*
A
21
7
July
234
Jan
1
10
_
US Steams'ip
Jan
Nov
970
150
Jan
5,700
83*
22 H
134
6
29
73*
34
Aug
2
..10
Red Rock Oil A Gas.r
Ryan
Nov
234
60
Oil.r
Aug
X
10X
4,800
234
Prelerrel
Pennock
15 X
2,000
1
334
com
800
5-16
1234
9
Osage Nation Oil Synd.r.l
Panhandle P A Ref
Oct
Jan
1734
1134
1-16
5
Old Dom Petrol Corp.r
Omar Oil A Gas...
Jan
Nov
334
11-16 13-16
Noble Oil & Gas..
North American OU.r
Jaa
IX
Nov
145
1
..10
Jaa
18)4
234
1)4
7
60
Oll.r
Oil.r
Oct
Jan
39 y*
Nov
14
Feb
Jaa
1,400
34
10
10
National
1,700
Nov
334
154 May
25X June
3-16 May
13,900
234
i.r.
Oil Corp.r
Mexican Panuco Oil
Merritt
120
134
16
Explor.r(t)
Meridian Petroleum
1612
3
134
3
lA
73*
Jaa
2
5,900
3,100
4 A
United Retail Stores
fT S
Mar
13,300
May
'
U 8 Distributing com.r.50
llX
7 A
May
3-16
June
2,000
13*
Aug
1
Jaa
1534
3-16
14
13*
7-16
54
6A
2 34
2834
134
1A
10
8
Jan
6,600
15,650
3
June
234
2.800
■
Swift
39 A
134
234
1 3-16
3,600
•
Aug
80
Nov
14 X
1A
53*
834
934
200
8X
22
AUg
86
MacNainara
180
Nov
X
84
100
Magma Copper
1,100
3B
800
43*
Jan
5,850
11,200
20,000
34
134
10
34
163*
Jan
43*
10M
Jan
Feb
39
19X
25
22
Jan
Nov
35
14)*
63
Aug
May
Nov
18
Aug
6X
5
Nov
Oc1
7
9
1,300
24
1,000
9
22,700
200
2,300
14X
Jaa
1134
400
5A
12
Perfection T A R.r__.^J0
Mfg.r
Apr
70
500
8X
4A
Peerless Tr'k& Mot.r..50
Preferred
2)4
400
1334
19
Nor Am Pulp & Paper..
Pyrene
Nov
Jan
11
8X
10
Radio Corp of Amer.t.
1X
Apr
75
14)4
Munson Furniture.r
National I^eather.r
134
Mar
10
3
25 A
Locomobile Co.r..(no par)
N. Y
7
19
73
"iv~
Llbby McNeill & Lib.r. 10
Lincoln Mot Co cl A_r..50
Mercer Motors. r.. (no par)
Apr
7X
7
A
r^hlgh Coal A Nav.r
33
2 A
10
Tndlan Pack Corp.r (no Par;
Kay County Gas.r
Apr
July
83
44 A
It, com.r—100
Preferre \
July
Nov
18
1834
17
Jan
29
Oct
15 A
17)4
July
Nov
Fnrrell(WT JAUo'i com r(t)
(t)
Oct
Mar
Gardner Motor Co. (nopar)
Empire Tube A Steel
Jan
Nov
4
2,400
1,100
Nov
Oct
2)4
45
6734
Nov
Car Ltg A Power.r.._..25
Conley Tin
12)*
Jan
Nov
£1
10
Cleve Automobile Co__(t)
Colombian Emer Synd
Nov
Sppt
11A
100
10 A
87
11)4
Ordinary
City RR.r..
Sept
45 A
Brlt-AmerTob ord bear -£1
Brooklyn
Apr
July
IX
900
80
10
Aug
100
1,300
6734
89
Bucvrup Co.r
IX
24
Apr
Jtilv
Jan
68
65
450
87
113*
250
5A
87
Pieferre'.r.
40
Aug
300
6734
British-A mpr Chem.r
Nov
IX
Co Com.r-....100
r...
17 A
80
10 A
1X
10
Pipe.r
Amer Writ Paper com..100
Sept
36
30
68
-
•
Apr
8A
600
33
67
100
4X
1,967
18M
85
"lb"
com.r..(no par)
Reirigerator.r
Nov
May
7
Nov
11
Vulcan Oil.r
7,100
9
17A
A
8,000
ly*
10
85
.100
Pref erred, r
Amer
8
r.100
_r.
A
9A
3
24
Victoria Oil.r
Industrial & Mlscell.
Mar
800
10
United Tex Petrol.r
High.
Jaa
1A
lk
X
Aug
25,000
10)4
Wilcox Oil & Gas.r
Price.
Par.
Low.
Shares.
7 ?4
26,100
24
Texon
Range since Jan. 1.
Week's Range
Last
Apr
(no par)
Spencer Petroleum Corp. 10
Tex Atlantic Oil.r........
Sales
Friday
90
Gllllland Oil com.r(noPar)
Fensland Oil
Jan
Jan
Nov
70 X
234
8
1 3-16
Apr
45
15-16
-
34
134
Oil.r
314
15-16
Aug
9
334
2
34
Denny Oll.r
Nov
12o
200
.
Week ending Not. 19
Jan
Nov
A
76,000
200
3
"1134
Ourib Syndicate new.r
17c
9 34
15-16
Cosden & Co, com.r.
5
Gushing Petr Corp oom r.6
1,600
1
13c
934
Brazos Oil Corp.r (no par)
Invader Oil.r
Exchange, for instance, only
members of the Exchange oan engage in business, and
hey
are permitted to d^al
>nly in securities regularly listed—that
lst securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
lnsur
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 eyen that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances.
It is out of the question for any one to vouch for ' he absolute
trustworthiness of this record of "Curb" transact! ns, and
we give it for what it may be worth.
On
65
Aug
34
13c
10
Preferred. r__>
afternoon.
Jan
Aug
273
1
...1
vrkansus Nat Gas.r
Elk Basin Petrol.r..._..5
give a record of
the transactions in the outside security market from Nov. 13
we
31
44
70
.»
Dominion
New York "Curb" Market.—Below
Nov
60
3,750
Other Oil Stocks
\iiled Oil.r
Philadelphia Company—
183*
51
20)4
1834
25
__
298
102
102
1,000
90
.
Nov
355
362
80
4s
3J4
240
Ohio Oil.r.
58
gen
High.
Nov
36,400
234
48
19
48
Jan
90
Reading
Low
Shares
292
£1
99
80
•Spanish Am Iron 6s.
Range since Jan. 1.
for
Week.
High.
Subsidiaries
Vnglo-Amer Oll.r
Galena-Sig Oil com.r_.100
U...1948
4 )4s.1965
Phila Elec 1st 5s..
2H
Oct
Peoples Pass tr ctfs 4s. 1943
48
Range
of Prices.
former Standard Oil
Consol 4 As
1954
Lehigh Va'ley coll 6s. .1928
General
Week's
Low.
Jan
6S>*
Consol
Sales
Friday
Low.
Marine 6s....
Gen consol 4s
CHRONICLE
Sales
Friday
Aug
Aug
I 5-10 June
Jan
Jan
7c
Jan
7c
Jan
3 A
Jan
4)4
Jan
2 15-16
Jan
1
July
334
Jan
2A
Aug
4 A
11c
Jan
5)4«Nov
Apr
Sales
Friday
Range since Jan.
Last
Week's Range
for
Sale.
6f Prices,
low.
—5
7%
7%
Victory Divide.r
10c
5c
4%c
6c
Wllbert Mining
1
1 1-10
6
7
1,500
8%
West End Conaol'd
10
3c
1
11,900
Aug
l%c
6,500
lo
May
3c
16,900
6c
Aug
20c
2%c
2%cNov
2,500
4c
Jan
29c
7%c
12c
dollars
Jan
Apr
Mar
per
share.
Bid
Lawyers Mtge
105
112
Amer Surety-
70
73
Mtge
75
80
Bond A M G.
Bond..
Surety—
180
187
110
120
Ask
105
150
160
75
85
Ask
75
1©0
U 8 Title Guar
Ask
65
Bed
(Brooklyn).
U 8 Casualty.
Bid
Sept
2 7-16 Jan
lc
Realty and Surety Companies.
All prices
4%cjuly
19,200
IX
Apr
6c
"6%c
1
New York City
High.
Low.
Shares
High.
Unity Gold Mines
White Caps Exten
10c
White Caps Mining.... 10c
1.
Week.
Price.
Mining (Concluded)—Par
[Vol. 111.
CHRONICLE
THE
3034
195
205
City Investing
55
60
Preferred
75
85
..
Nat
N
Y
Title
Realty
A
Mortgage—
Assoc
West A Bronx
135
Title & M G
Bonds-
Allied Pack
debSa r'39
59%
59
61
Aluminum Mfrs 7s.r"...
Amer Tel A Tel 0e.r..l922
96%
96%
96%
95%
95%
94%
94
95% 67,000
94% 50,000
85%
1,000
96% 159,000
conv
6% notes.*
1924
Anaconda Cop Mln 7s_r'29
85%
1929
"95%
Anglo Amer Oil 7%s r.'25
99%
Armour & Co7 % notes r' 30
Belgian Restoration 5s
7s Series B
Sept
98%
Jan
90
Nov
96%
Nov
Aug
June
97%
92%
,
91%
85%
101
Mar
Oct
98
Oct
Nov
56
Nov
98
Nov
56
56
Boone Oil 6s...
10,000
1921
Nov
94%
Sept
101%
Jan
78.000
96%
95%
94%
97
70,000
98
96%
94%
94
Oct
95%
Nov
225,000
104
107
Borne
100
400
*87
200
420
90
215
100
Scrymser
Co
Buckeye Pipe Line Co...
30
Aug
77
Nov
46
Sept
Sept
58
Nov
Continental Oil.
Nov
89%
94 H
Denmark(Klngd of)8s.l945
Diamond Match 7%s.r '35
100%
Duqucsne Light 0s...1949
88%
94
88%
8.50
8.50
Chicago & N W 4%s
6.95
7.50
7.50
Oct
100%
Oct
Preferred old....
100
85%
Oct
Oct
Preferred
100
90
94
Oct
90%
85%
100
160
170
Galena Signal Oil com...l00
new
110
54
96
7.50
7.25
84%
94%
84%
95
8,000
25,000
40
41
60,000
40
Nov
62
June
International Petrol,(no Par)
*88
*14%
92
14%
Colorado A Southern 5s
8.00
31,000
50
Nov
77
July
National Transit Co.-.12.50
*26
28
Erie
7.75
28,000
80,000
93%
89% 169,000
102% 150,000
95
10,000
71% 158,000
93% 32,000
48,000
92%
25,000
98%
58
Nov
86
July
New York Transit Co... 100
165
170
93%
87%
NOV
93%
Nov
Northern Pipe Line Co.. 100
100
104
Nov
99
Apr
25*285
295
Oct
103
Nov
Penn Mex Fuel Co
Nov
Prairie Oil A Gas
Jan
Prairie Pipe Line
Solar Refining
51
52
68
93%
89%
102%
87%
102%
Heinz
(H J) Co 7s.r.. 1930
Interboro R T 7s.r...l921
Kennecott Copper 7sr. 1930
95
"70
70
93
"90
Laclede Gas Light 7s.r
ligg A Myers Tob 0«.rl92i
90
98
97%
95
Nov
95-
56%
Aug
76
Oct
Jan
90
Nov
98%
94%
Nov
97%
Nov
99%
Jan
90
May
Indiana Pipe Line Co
Ohio Oil Co
50
-
Louisville A Nashville 5s
6.95
118
Michigan Central 5s
South Penn OH
100
240
250
100
—
63
314
695
285
Nov
92
Nov
Southwest Pa Pipe Lines.
96%
Sept
98%
99%
Aug
Standard Oil (California) .100
Nov
Nov
Standard Oil (Indiana).. 100
73
73
5,000
69%
Aug
84
99% 100% 270,000
97%
98
17,000
99%
Nov
97%
97%
Oct
95%
95%
95%
35,000
94
Oct
93%
94%
17,000
93%
Sept
96%
95%
95%
27,000
90%
Sept
90% June
"~99%
1922
1923
.....1925
95%
Reynolds (RJ)Tob 6«.rl922
93%
96%
6.95
7.25
89
Oo
6.95
Equipment 4%a
Kanawha A Michigan 4%s__
99%
N Y N H & Hart 4s.r 1922
Illinois Central 5s
520
215
405
9,000
10,000
7.75
7.30
7.30
Equipment 5s
505
21,000
90
5s
Equipment 4%s
Hocking Valley 4%s
205
390
114
99%
,
43
Equipment 5s
100
100
Southern Pipe Line Co..100
97%
99%
Norway. Kingd of. 8s r '40
Ohio Cities Gas 7s.r..l921
*40
25
Chicago RI & Pac 4%s
100
99%
89
"98"
7%s.r_—1930
National Leather 8s.r
7s-r
99%
96%
Illinois Pipe Line
97%
McCabe A Sona 7«.r..l945
7B-r
Oct
94
58
93%
1940
50
58
5% premium bonds.r
Galena-Signal Oil 7i.r.l930
Goodrich (BF) Co 78.1926
7i.r
7.35
8.50
Equipment 5s
._
Chicago A Eastern HI 5%s_.
Chic Ind & Louisv 4%s.—
Chic St Louis & N O 53
50
Cumberland Pipe Line__.100
Eureka Pipe Line Co
100
95
5e.r
Morris & Co
32
145
Equipment 5s
Chicago & Alton 4%s
83%
84%
1920
French Government 4s. *
r
Chesapeake & Ohio
41
Empire Gas & Fuel 0a.r.'24
Grand Trunk Ry 7s.
7.50
7.35
Central of Georgia 4%a
100
June
Nov
7.25
7.75
Carol Cllnchfield A Ohio 5s..
110
101
97%
Equipment 6s
96
Nov
Nov
99%
:oo
Oct
91
6.90
6.90
Equipment 4a
100x106
new
Nov
Apr
94
123,000
24,000
56,000
102%
Preferred
*30
135
100
51
92
82
61,000
95%
100%
100
99%
22,000
22,000
99% 100
99%
50
Crescent Pipe Line Co
102%
Cons Textile deb 7s.r 1923
6a.r
5,000
88
6.90
Canadian Pacific 4%s & 6s„
Chesebrough Mfg new...109
2,000
101
7.37
100
56
89%
Equipments—Per Ci. Basis
100
58
102%
RR.
Buff Roch A Pittsburgh 4%st
Atlantic Refining
Preferred
£1
19%
1050
Baltimore A Ohio 4%s
*19
950
58
Canadian Nat Rys 78.1933
C C C A St L Ry 08 r 1929
share
Ask.
Bid.
Par
Anglo American Oil new.
56
7s.
"and interest" except where marked "f.*
Per
Standard Oil Stocks
Oct
Aug
94%
97
1935
96%
Nov
95%
56
98%
All bond prices are
Jan
Jan
98
50
Equip 7s_.
Nov
Quotations for Sundry Securities
Jan
96%
95%
95%
99% 100% 110,000
95%
96% 140,000
Bergen (City of) Norw8s, '45
Beth Steel 7% notes.r 1923
_
60%
195,000
60,000
New stock.,
66
—
Equipment 6s
Minn St P & S S M 4%S—
Equipment 5s A 7s
317
705
Missouri Kansas A Texas 5s.
290
Missouri Pacific 5s
Mobile & Ohio 5s—
Oct
Standard Oil (Kansas)... 100
620
635
98% Sept
97% June
Standard Oil (Kentucky) 100
370
400
Standard Oil (Nebraska). 100
410
430
New York Cent 4%s, 5s
Oct
Standard Oil of New Jer.100
025
640
N Y Ontario & West 4%s..
...100
105
10512
Norfolk A Western 4%S—
101%
Preferred
Equipment 4%a
—
94
21,000
93%
Sept
94%
July
Standard Oil of New Y'k. 100
363
368
Northern Pacific 7s
96%
96%
20,000
96
Nov
97%
Nov
Standard Oil (Ohio)
100
400
420
Pacific Fruit Express 7s
Russian Govt 0%8-r__1919
21
21
6,000
21
Nov
39
Feb
Preferred
100
100
104
6%s certJficates.r
5%s_r
Seaboard Air Line 0s
15
15
25,000
15
Nov
27
Jan
Swan A Finch
100
35
60
Equipment 4s
19
20
6,000
19
Nov
38
Feb
Union Tank Car Co
100
102
108
Reading Co 4%s
53
50
55
106,000
60
Nov
64
Oct
100
92
95
95
95
99% 102,000
95
Nov
99%
Oct
Vacuum Oil
—100
310
325
95
Nov
98%
Oct
Washington Oil..
10
*30
35
95
Nov
86%
Aug
25 *95
100 350
50 *144
100
Southern Railway 4%s_—
360
Equipment 5s
Toledo & Ohio Central 4e.
Pan Amer Petrol A Tr 7s'20
93%
1921
Bears.Roebuck A Co 7s r'21
7% ser notes.r.Oct 15 '221
.7% ser notes.r.Oct 15 '23
95
95
98%
95
95
98
73,000
BtnclalrConOiI7%sr.__
91
,89%
91
225,000
Solvay A Cie 8a.r
'25
1927
100%
Southern Ry 0s
1922
Southwest Bell Tel 7s. 1925
Swedish Gov 0s June 15 '39
94%
Swift A Co 7s_r
«■-*
94%
94%
1925
"97%
97%
Switzerland Govt 5%s.l929
Texas Co 7% notes.r. 1923
"98%
94%
84%
1921
96
85
97%
97%
100%
92
Aug
96
90
Aug
97
Jan
81%
Aug
16,000
3,000
100%
Jan
Magnolia Petroleum
Midwest Refining
Oct
Nov
97%
Nov
Par
82%
July
Jan
American Cigar common. 100
Preferred
100
1.30
May
78
83
Oct
Amer Machine A Fdry__100
150
160
97
100
Stocks—Per
Tobacco
Imperial Tob of G B A Ire..
*7
28
June
Johnson Tin Foil & Met. 100
100
115
Nov
26
June
MacAndrews A Forbes.. 100
105
110
Colorado Power oom
12%
Nov
29% June
10
Sept
27
77,000
97% June
31,000
96%
Aug
93
99%
101%
82%
84
46,000
82%
Nov
86
99
98%
99%
82%
34,000
90%
Apr
2,000
July
Oct
99%
78%
83%
Nov
Nov
American Tobacoo scrip
135
*11
Brit Amer Tobac,
*lli2
Municipal Bonds
<Dollars psr 1,000 Marts)
Marks
Greater Berlin 4s.r
12
12%
15
426,000
13
13
20,000
•12%
Cologne 3%s.r
12%
15
Dresden
11
11
225,000
4,000
4s.r._
June
15%
15%
10,000
14
Oct
27
14
17
50,000
14
Nov
31
June
13
13
30,000
13
Nov
28
June
13%
13%
15% 142,000
12%
Nov
28
June
14
12%
15
215,000
12%
Nov
15%
15%
15,000
15%
Nov
27% June
27% July
June
June
4s. r_.
Frankfort 5e.r.
14
German Govt4s.r
Hamburg 4s_r
4%s.r
Leipzig 5s.r
Mainz 4s.r
15
15
450,000
15
Nov
29
3
4
125,000
3
Nov
July
9
4s.r
4%s_r
4%
4%
3%
10,000
Oct
7%
July
Preferred
13
(new)...no par
*14
16
155
160
bearer.£1
88
92
71*
100
77
105
110
Preferred
B common stock
Com'w'th Pow Ry A Lt__100
95
*85
25
100
93
Elec Bond A Share
*34
Scrip
Reynolds (R J) Tobacco. 25
36
101
Federal Light
Preferred
Preferred
100
99
90
93
Weyman-Bruton Co, oomlOO
160
170
100
88
92
100
135
140
100
85
88
Firestone Tire A Rub.com. 10 *103
87
6% preferred...
100
104
Preferred
Tobacoo Prod Corp scrip
Preferred
Young (J 8) Co
Preferred
X Dollars per 1,00V lire, flat.
* Correction.
Rubber
80
100
First Mtge
prices dollars
per
Banks—N Y
Bid
Ask
Banks
Bid
Ask
Trust Co's
America *
200
208
Industrial*...
190
205
New York
250
260
Irving Nat of
Amer
Exeh—
Atlantic
215
i
■
—
|
Ask
218
Bankers Trust
350
320
"
336"
125
56
60
Swlnehart Tire A R,oom. 100,
Preferred
100
50
~60
70
Tennessee Ry L A
180
Liberty
'Manhattan *.
Central'Union
340
350
Short Term Securities—Pe
200
210
Columbia
295
305
Am Cot Oil 6s
ieo
Mech & Met.
310
320
Commercial—
150
160
Amer Tel A Tel 6s 1924. F&A
Boro*.
105
490
Empire
300
Equitable Tr.
280
290
Farm L A Tr.
345
355
Bronx
125
Mutual*
145
155
Nat American
150
Park*
145
155
Nat city
295
305
Bryant
"
1924—M&S2
6% notes 1922
Am Tob
A&O
40
r
Cent
91
94%
95%
96
9934 100%
33
36
'New Neth*__
185
195
Fldelity Inter.
200
210
195
205
New York Co
135
145
Fulton
260
270
Chase
370
380
New
York—_
470
480
Guaranty Tr.
302
308
Chat & Pken.
260
270
Pacific *
160
Hudson
155
165
Chelsea Exch*
145
155
Park
470
480
Law Tit A Tr
125
135
Chemical
540
550
Public..
260
280
Lincoln
Trust
155
165
Arm'r&Co7sJulyl5'30J&J15
Beth St 7s July 15 '22.J&J 15
Coal & Iron..
245
255
'Republic*—
Mercantile Tr
325
Colonial*....
350
Seaboard
600
625
Metropolitan-
245
Columbia*
170
180
'Second
450
460
Mutual (West¬
Commerce
217
222
[state*
210
220
Tradesmen's*
200
100
Anglo Amer Oil 7%8 '25 A&O
Comm'l
„
mm
M
«...
~
J&J
130
225
•
~
-
American Chicle com.no par
30
100
63
68
100
95%
9778
.100
130
135
Amer Typefounders com .100
38
41
Goodrich (BF) Co7s'25 A&O
89%
90
91
92%
70
220
Trust...
525
'550
176"
N Y Trust-
590
615
K CTerm Ry 4%s 1921-J&J
160
180
Title Gu ATr
285
295
6a Nov
15
1923—M&N15
.100
80
83
—-t
*20
26
50
*50
00
Borden Company com.. .100
100
Preferred
85
87
79
81
Preferred
Bliss (E W) Co, new
Preferred
100
72
Celluloid
97
98
du Pont (E I) de Nemours
95%
96%
91
Company
Corn Exch*—
330
340
Wash H'ts*—
350
425
U S Mtg A Tr
395
405
Laclede Gas 7s Jan 1929 F&A
89
Cosmop'tan*.
110
120
Yorkvllle*
375
425
United
810
830
Lehigh PowSec 6s 1927.F&A
67
69
150
185
98
98%
Preferred
East River
170
98
98%
1st g 5s June 1
Fifth Avenue*
910
480
500
Liggett&MyersTob6s'21 J&D
Penn Co 4%s 1921... J&D15
Pub Ser Corp N J 7s '22.M&S
86
270
-
States
Coney Island*
930
140
155
First..
-
205
215
Brooklyn
Brooklyn
Tr.
Debenture stock
.100
145
150
185
A Co, com
Cuba (Bk of).
Brooklyn
33
American Hardware
125
170
172
9534
94
Hocking Valley 6s 1924M&S
Interboro R T 7s 1921 M&S
Brass
Preferred
93
N Y Life Ins.
A
165
96
95
23d Ward*.—
210
100
95f2
7% notes July 15 '23 J&J15
~
sfiar
American
Canadian Pac 6s 1924.M&S2
255
T
87
Federal Sug Rfg 6s 1924 M&N
105
chester)
Series B
Industrial
and Miscellaneous—Pe
100%
85%
98%
96%
95%
'
—
1929
United States*
Commonwealth*
7s
Union Exch..
Ex*.
Continental..
~
P com. 100
Preferred
100
United Lt & Rys com
100
1st preferred
100
Western Power Corp
100
Preferred
100
9934 100%
Butch & Drov
...
—
89
9334
7% notes 1921M&N
Cent Mercan-
_
Preferred
-
7% notes 1922
M&N
7% notes 1923
M&N
AnacondaCop Mln 6s'29_ J&J
"
100
110
150
Bronx Nat-—
100
Preferred
100
100
450
340
Light—100
Republic Ry & Light
9834
100
Portage Rubber, com
Preferred
Bowery*
170
Puget Sd Pow &
69
100
South Calif Edison com—100
Preferred
100
Standard Gas & El (Del)
50
Preferred
50
Broadway Cen
Battery Park.
82
43
100
...
American
210
NY
Bid
90
68%
Miller Rubber
share.
Corp.(t)
Preferred
100
North'n States Pow com. 100
Preferred
100
North Texas Elec Co com 100
Preferred
100
Pacific Gas A Elec 1st pref 100
425s
Preferred
Mohawk Rubber
All
5s 1951..-J&J
Northern Ohio Elec
90
Goodyear Tire & R, com. 100
New York City Banks and Trust Companies
100
100
Preferred
500
Gen'l Tire A Rub, com...100
Preferred
100
1946-J&J
Mississippi Rlv Pow com.
Stocks
7% preferred
100
pref—100
& Traction 100
100
Great West Pow 5s
*
Odd lots,
f No par value.
< Listed as a prospect.
I Listed
on the Stock
Exchange this week, where additional
transactions will be found,
o New stock,
t Unlisted,
w When issued,
z Ex-dividend,
y Ex-rights,
i Ex-stock
dividend.
100
100
Preferred
81
Porto Rlcan-Amer Tob. .100
Amer Gas A Elec com...
Amer Lt A Trac com
12
British Amer Tobac ord._£l
Helme (Geo W) Co, oom _100
Preferred
i.
100
Berlin 4s.r
Public Utilities
Ask.
Oct
6,000
98%
German Government and
Vienna
Bid.
—
Virginian Ry 6s
Share.
50
50
100
Preferred
100
Amer Power & Lt com...100
Preferred
100
Amer Public Utilities com 100
Preferred
100
Carolina Pow & Light oom 100
Cities Service Co com... 100
Preferred
100
83%
82%
4%a_
Union Pacific 7s
Jan
Conley Foil
Essen
146
97
97%
82%
Western Elec conv 7s-r.'25
West Virginia 3%s.r„ 1939
Sou 5s..
Francisco 5s
Equipment 4%s
Oct
97
St Louis & San
Seaboard Air Line 5s
Southern Pacific Co
Other Oil Stocks
Imperial Oil
97%
13,000
100%
97%
100
—
St Louis Iron Mt A
Oct
Apr
Oct
Oct
97% 125,000
97% 47,000
83
Union Tank Car eq 7s. 1930
Utah Securities 0e.r._1922
98%
98
100
100% 106,000
100
94%
70,000
Preferred
Pennsylvania RR 4%s
200
....
~T%
Co— .100
Havana Tobacco
100
4
8
1922.. J&D
J45
55
88
Intercontinen Rubb com .100
10
12
International Salt
1st gold 5s 1951
Green point—
160
180
Hamilton.
260
97%
100
65
925
940
Hillside*-
110
120
Kings County
630
660
Reyn (R J) Tob 6s '22.F&A
Sloss Sbeff S A I 6s '29.F&A
97
First
86
89
A&O
/68
Garfield
225
235
Homestead*..
80
100
Manufactures
195
203
Southern Ry 6s 1922
95%
190
205
Mechanics'*.
85
92
People's
275
290
97
International Silver pref. 100
50
Lehigh Valley Coal Sales
*88
Gotham
95%
97%
•80
~82%
Greenwich *__
250
85
95
7% notes Oct 15 '25 A&015
97%
97%
.100
Phelps Dodge Corp
Royal Baking Pow com. .100
155
170
105
112
150
Fifth
165
_
.
_
Montauk*—_
M&S
Swift & Co 6s 1921—F&A15
.
"71%
_
810
825
Nassau
220
230
Texas Co 7s 1923......M&S
9734
98%
Harrlman
348
358
North Side*—
195
205
U S Rubber 7 % s 1930. .F&A
97%
98
.100
79
81
Imp & Trad—
505
515
People's
150
160
Utah Sec Corp 6s '22.M&S15
82
83
Singer Manufacturing.. .100
142
140
West Elec conv 7s 1925. A&O
99
99%
Singer Mfg Ltd
..£1
•3
Hanover
Ridgewood—
•
200
Banks marked with (*) are State banks,
Ibis week,
f New stock.
*
Ex-dlvldend.
t Sale at auction or at Stock Exchange
V
Ex-rights.
*
Per
Flat
b Basis,
share,
price.
»
Nominal.
d Purchaser
%
Preferred
also
Ex-dlvldend.
accrued dividend.
Ex-rigbta.
pays
9
s
New
3%
stock
[ttuistmcnt umX glailimfl JulcIIigcucje.
3035
RAILROAD GROSS EARNINGS
Thefollowing table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
•aan be obtained.
The first two columns of figures give the
gross earnings for the latest week or month, and the last two
oolumns the
earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
arc
brought together separately on a subsequent page.
Latest Gross Earnings,
ROADS,
Week
Jan. 1 to Latest Date,
Current
Alabama &
Ann
Vicksb_ September
Arbor
1st wk Nov
Atch Topeka & S Pe
Gulf Colo & S Fe.
Panhandle S Fe
Atlanta Blrra & Atl.
Atlanta & West Pt_
Atlantic City
Atlantic Coast Line.
Baltimore & Ohio..
B & O Ch Term..
Bangor & Aroostook
Bellefonte Central.
Belt Ry of Chicago.
Bessemer & L Erie.
_
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
Current
Year,
Year,
Latest Gross Earnings,
Prevoius
Year,
$
Month,
Previous
Year,
or
%
387.708
124,836
230,352
105,714
2.537,130
4,460,186
2,040,303
3,707,124
18448 570 17873 535 155941213 126797080
2,657,105 2,153,320 18,958,988 14,876.900
960,659
670,346
6,709,893 4,420,152
496,324
444,782
4,288,928 3,701,458
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 132609 923
224,969
704,348
15,999
524,900
217,785
449,705
11,083
403,135
1,533,344
1,418,798
4,778,374 3,721,675
86,561
74,755
3,182,960 2,722,238
10,504,147 9,981,922
1,294,533
847,188
457,779
432,638
63,009,183 52,451,126
839,120
755,795
19,933,557 13,307,002
2,179,283
1,696,794
92,109,656 80,162,613
2,320,511 1,320,520
Bingham & Garfield
32,881
84,249
Birmingham South.
61,014
42,524
Boston & Maine
8,903,194 7,140,558
Bklyn E D Term
126,474
117.468
Buff Roch & Pittsb. 2d wk Nov
534,533
222,506
Buffalo & Susq
338.384
■221,763
September
Canadian Nat Rys. 2d wk Nov 2,880,563 2,000,035!
Canadian Pacific
2d wk Nov 5,677,000 4,083,000 172769000 140871000
Can Pac Lines in Me September
174,404
150,916
2,091,767 2,013,442
Caro Clinch & Ohio. September
696,047
578.469
5,335,509 4,597,080
Central of Georgia.. September 2,238,912 1,855,973 18,889,250
15,737,993
Central RR of N 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
Central Vermont
829,717
Sep tember
587,315
5,187,996 4,267,451
Charleston & W Car September
227,116
278,904
2,569,183 2,211,722
Ches & Ohio Lines. J September i9,207,145 6,546,830 62,968,523
53,673,732
Chicago & Alton... September 2,974,659 2,414,784 21,562.800 18,691,456
Chic Burl & Quincy. August
15509311 15163627 114147989 96,177,098
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 & Louisv.. September
1,617,908 1,152,262 11,506,466 8,979,269
Chicago Junction.
September
359,920
329,440
2,465,048 2,697,530
Chic Milw & St Paul September 16356 784 15137 097 121277 139 110262 256
Chic & North West. September 16940 078 14504392 119213 093 102112 652
ChicPeoria & St L._ September
289,315
181,883
1,986,380
1,221,495
Chic R I & Pac_#
September 12767205 11386285 99,420,805 80,405,389
P*Chic R I & GhIL. September
582,887
505,498 4,798,706 3,470,078
Chic St P M & Om. September 1,974,365 2,639,485 23,098,263
19,863,311
ChicTerre H&SE. September
713,196
483,720 4,130,60r
3,068,136
Chic Ind & Western September
443,728
286,662
3,281,69
2,256,174
Colo & Southern... 1st wk Nov
701,815
497,212 25,644,249 21,607,697
Ft W & Den City. September 1,217,907
9,212,298 8,029,924
1,049,897
Trin & Brazos Val September
212,328
149,148 I 1,386,476
958,803
Wichita Valley
September
152,786
116,493 11,247,821
751,204
Colo & Wyoming—September
102,401
74,143
819,441
730,269
Copper Range
August
97,453
85,594
588,854
657,659
Cuba Railroad
August
1,003,131
976,503
8,062,494 7,293,677
Camaguey&Nuev August
108,139
154,044 2.185.455
1,930,162
Delaware & Hudson September 5,030,160 3,126,976 31,515,408 25,643,713
Del Lack & Western September 8,191,557 6,213,780 56,003,638 52,974,984
Denv & Rio Grande September 4,058,873 3,498,069 28,034,370 23,543,080
Denver & Salt Lake. September
289,575
309,371
2,021,431
2,104,577
Detroit & Mackinac September
221,291
152,449
1,476,074
1,186,828
Detroit Tol & Iront. September
564,491
339,384
3,632,853
2,718,193
Det & 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 Missabe <fc Nor. September 2,793,028 2,968,017 14,993,720 16,469,543
Dul Sou Shore & Atl 1st wk Nov
103,604
87,083
4,901,912
4,062,340
Duluth Winn & Pac September
194,170
153.533
1,763,402
1,412,259
East St Louis Conn. September
102.554
182,311
900,350
1,044,737
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 & 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 & Erie.. September 1,180,725
148,420
8,991,129 7,666,216
N J & N Y RR... September
133,741
108,820
834,244
969,082
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
September
217,100
68,194
624,777
1,227,505
Georgia Railroad
September
609,286
562,077 4,872,202 4,453,953
Georgia <fc Florida.. September
157,558
87,825
1,088,157
726,899
Grd Trk L In Can.. August
211,963
209,451
1,152,650 1.339,559
Grand Trunk Syst._ 2d wk Nov 2,523,463 2,003,287
Atl & St Lawrence September
279,003
160,370
2,325,037
2,152,241
ChDetCanGTJct September
233,593
208,584
1,548,143
1,386,244
Det G H & Milw. September
650,753
460,325 3,563,608 3,168,486
Grand Trk West. September
1.661.860 1,293,332 12,631,135 10,216,198
Great North System September
13246097 11077055 88,787,113 77,235,006
Green Bay & West. September
109,385
92,622
793,507
754,102
Gulf Mobile & Nor. September
420,356
239,233
1,991,172
2,815,147
Gulf & Ship Island. September
312,648
206,335
1,797,920
2,199,051
Hocking Valley
September 1,967,843 1,383,082 11,570,343 8,582,986
Illinois Central
September 14120780 9,840,095 10403.5566 78,895,768
1
Illinois Terminal
September
112,678
77,878
698,128
772,353
Internat & Grt Nor. September 1,849,635 l,j295,424 13,314,966 10,377,560
Kan City Mex & Or September
160,387
156,915
989,121
1,199,222
K C Mex & O of Tex September
197,080
129,253
L336.683
826,917
Kansas City South. September 2,162,095 !1,332,293 14,064,143 10,897,290
Texark & Ft Sm._ September
206,096
146,691
1,071,324
1,507,308
Kansas City Terra.. August
140,416
132,709
993,693
881,400
Kan Okla & Gulf
September
282,416
139,709
1,020,706
1,854,117
Lake Sup & Ishpem. September
221,580
195,755
1,315,524
823,343
Lake Term Ry
101,012
836,813
991,461
September
145,090
Lehigh & Hud River September
356,044
277,178 2,095,888
1,947,440
Lehigh & New Eng. September
318,737
418,731
3,229,689 2,769,777
Lehigh Valley
6,076,055 51,716,966 47,169,811
September 7,051,143 t
Las Ang & Salt Lake September 1,799,768 ]
1,472,350 14,941,339 12,503,473
Louisiana & Arkan. September
381,453
178,369
3,062,944
1,533,754
Louisiana Ry & Nav September
331,956
298,961
3,047,393 2,583,090
Louisville & Nashv. September 11946335 i
9,846,324 92,043,833 78,592,993
Louisv Hend & St L September
293,561
365,067 2,297,845
2,165,590
Maine Central
September 2,187,831 ]
1,603,175 14,980,682 12,852,475
Midland Valley
339.245
September
529,459
3,549,589 2.877,453
Mineral Range
i 1st wk Nov
12,507
14,347
571,280
655,264
Minneap & St Louis September 1,768,563 ]1,371,679 12,082,375 9,692,242
_
Week
ROADS,
or
Month,
Minn St P & S S M. September
Mississippi Central. September
Missouri Kan & Tex September
Mo K & T Ry of Tex September
Mo & North Arkan. September
Missouri Pacific
September
Monongahela
September
Monongahela Conn. September
Montour
September
Nashv Chatt & St L September
Nevada-Cal-Oregon 1st wk Nov
Newburgh & Sou Sh 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
Ind Harbor Belt- August
Lake Erie & West September
Michigan Central. September
ClevOO&StL.. September
Cincinnati North. September
Pitts & Lake Erie September
Tol & Ohio Cent. September
Kanawha & Mich September
N Y Chic & St Louis September
N Y N H & Hartf_
September
N Y Ont & Western September
_
_
N Y Suso & West.. September
Southern.
Norfolk
_
Norfolk & Western.
Northern Pacific...
Minn & Internat
Northwestern Pac.
Oahu Ry
& Land Co
Pacific Coast
Pennsylv RR & Co.
Bait Ches & Atl__
Cine Leb & Nor..
Grand Rap & Ind
Long Island
Mary Del & Va
_
_
N Y Phila & Norf
Tol Peor & West.
W Jersey & Seash
Pitts C C & St L
Peoria & Pekin IJn.
Pere
Marquette
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
Perkiomen
September
Phila Beth & N E.
September
September
Phila &
Pittsb
Reading
&
Shawmut. September
Pitts Shaw & North. September
Pittsb & West Va__ September
Port
Reading
Suincy Om & KC._
ich Fred & Potom.
Rutland
St Jos & Grand Isl'd
St Louis San Fran..
Ft W & Rio Grand
St L-SP of Texas.
St Louis Southwest.
Total system
St Louis Transfer.
_
San Ant & Aran Pass
San Ant Uvalde & G
Seaboard Air Line..
South
Buffalo
Pacific...
Southern
Atlantic S S Lines
Arizona
Eastern.
Galv Harris & S A
Hous & Tex Cent.
HousE &W
Tex
Louisiana W estern
Morg La & Texas
Texas & New Orl.
Southern Railway..
Ala Great South.
Cin N O & Tex P.
Georgia Sou & Fla
Mobile & Ohio...
New Orl & Nor E.
Northern Ala
South Ry in MissSpokane Internat..
Spok Portl & Seattle
Staten Island R T__
Tenn Ala & Georgia
Tennessee Central..
TermRRAssn of StL
St L Mer Bdge T_
Texas & Pacific
Toledo St L & WestUlster & Delaware.
_
Union Pacific
Total
system
....
Oregon Short Line
RR&N
Ore-Wash
Union RR (Penn)__
Utah
Vicks Shrev & Pac__
Virginian
Wabash
Western
Railroad
.
RR
Maryland-
Western Pacific
Western Ry of Ala..
Wheel & Lake Erie.
Wichita Falls & N W
Yazoo & Mias
Valley
September
August
September
September
September
September
September
September
Jan. 1 to Latest Date,
Current
Previous
Current
Previous
Year,
Year,
Year,
Year,
8
$
4,186,108 33,974,903 30,679,836
739,536
75,946
119,085
777,163
3,757,974 3,291,043 28,980,942 25,092,592
4,979,7^71
2,725,980 2,429,787 20,620,665 18,117,970
199,747
1,488,538
1,145,087
159,897
10806048 9,093,852 83,944,497 67,483.924
308,137
2,914,504 2,620,815
507.659
290,757
183.418
214,434
130,889
2,313,253 1,908,986
13,531
11,331
190,189
63,196
263,707
200,832
295,790
184,866
205,013
122,189
856,948
512,726
38194829 29486945
833.307
597,454
1,302,731
966,785
9,025,500 7,707,648
8,672,757 7,474,754
392,168
259,607
4,245,040 2,695,502
1,441,711
992.381
559,102
417,146
3,033,078 2.067,196
1&426629 16216559
1.229,223
953,330
323,747
434,734
700,662
590,161
8,959,982 7,348,327
1156?703
118,186
863,120
225,656
628,892
9,739,959
77,528
628,741
114,603
486,268
2,330,650
1,316,710
1,084,138
970,403
18,108,593 14,436,089
342,704
289,832
1,258,412
1,047,814
1,967,063
1,722,600
2,069,133 1,431408
968,625
1,584,677
5,540,615 3,968,997
264025826 229010779
5,253,545 4,182,833
8,477,993 7,115,940
63,584,315 56.918,226
64,650,862 53,092,126
2,597,352 2,156,945
22,975,723 21,308,436
9,046,745 6,850,659
3,747,688 3,204,565
20,486,720 17,707,486
90,700,126 76,728,381
9,443,674 8,391,820
3,250,805 2,870,714
4,687,080
5,844,634
59,683,436 .56,023,042
79,616.516 72,543,473
799,871
950,910
5,919,357 4,789.377
1,620,369 1,292,336
58521090 47788997 395552443 365035174
103,742
134,504
981,096
2,807,844
159,154
745,548
156,664
1,482,741
9,750,227
133,344
4,423,025
134,249
146,576
8,512,293
194,493
184.308
318.466
221,633
118,838
952,722
649,389
158,971
101,793
1,221,736
862,690
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
6,899,518
19,479,328
987,316
5,952,582
1,476,664
10,636,196
75,475,122
1,140,298
29,555,822
905,279
988,180
64,285,930
1,233,873
1,103,816
1,718,601
1,333,509
847,650
8,286,823
3,480,388
2,424,362
67,498,809
1,397,644
1,256,014
25,513,961
23,941,290
1,011,627
4,039,807
1,145,778
36,094,624
272,512
335,623
9,470,291 7,452,640
181,166
162,980
116.853
163,604
1st wk Nov
480,235
678,171
3d wk Oct
430.382
689,027
September
129,128
135,644
September
458,831
809,727
September
153,694
87,776
September 4,177.702 3,161,083
September
57,062
161,117
September 20427390 16588992
September
955,617
718,025
September
256,249
365,962
September 2,533,151 1,625,221
September 1,086,473
884,639
September
223,257
251.660
August
321,175
443,113
September
617,405
906,039
September
702,658
891,618
1st wk Nov 4,073,583 3,458,493
September 1,082,064
859.854
September 2,099,725 1,243,337
Sep tember
429,529
347,454
1st wk Nov
304,091
345,568
September
546,204
752,870
September
109,423
109,646
155,062
September
154,460
September
125,818
139,751
September
892,721
669,870
September
229,311
192,148
1st wk Nov
2,161
3,325
September
271,148
213,834
September
390.683
475,772
September
481,970
336,038
1st wk Nov
905,545
756,600
September 1,108,739
853,699
September
157,796
176,277
September 14455946 11452998
September 21842334 18094529
September 4,393,412 3,852,205
September 2,992,974 2,769,324
September 1,271,195
654,587
139,560
September
184,020
296.684
September
467,898
September 2,009,717 1,280,079
September 6,328,898 4,634,277
1st wk Nov
284,004
425,297
September 1,851,647 1.433,015
September
190,749
256,282
September 2,019,172 1,237,697
230,737
September
252,745
September 2,162,055 2,462,013
899,051
1,216,507
810,079
6,021,949
19.048,549
1,024,239
6,098,830
1,203,479
9,497,455
68,989,665
867,068
25,427.031
813,884
612,847
53,764,311
862,302
834,211
1,005,820
1,902,527
711,731
9,460,180.
3,529,313
2,170,767
56,701,301
1,135,757
1,126,561
16,914,154
15,846,039
808,988
3,212,015
838,662
30,298,801
778,001
1,084,767
14&540367
.
131754835
4,209,023 7,825.959
2,998,949 2,715,835
18,277,168 15,623,046
8,246,685 6,561,319
2,117,492 1,724,336
3,402,121 2,659,544
7,516,321 5,565,811
7,118,741 5,895,235
143157066 118795935
8,446,324 7,549,959
15,331,454 11,912,564
3,917,978 3,177,879
15,562,103 13,045,687
5,772,236 4,781,506
842,420
1,105,092
1,327,865 1,256,929
811,260
1,140,196
6,666,524 5,400,327
1,765,448 1,714,896
116,930
160,255
2,157,598 1,879,923
3,383,618 2,832,618
3,014,209 2,186,665
34,673,912 30,067,419
8,286,255 5,822,412
891,807
1,096,153
93,490,063 80,746,408
150688 741 129192968
32,667,974 27,667,468
24,530,702 20,779,092
7,504,110
1,400,044
3,264,872
5,840,101
865,318
2,408,425
8,628,253
12,497,070
42,273,794 34.727,202
16,590,818 11,457,721
9.365,243
11,653,471
2,083,186 1,881,537
12,459,189 9,518,616
1,593,145
1,977,831
21,792.654 18,00,0645
ADOBE GATE 07 DROSS EARNINGS—Weekly and Monthly.
Current
Weekly Summaries,
1st
S
15,958,176
17,369,292
25,901.613
19,550,180
17,548,585
18,221,855
19,594,766
Oct
2d fweek
week
Oct
Oct
3d
4th week Oct
*
%
18,469,887
week
1st
Decrease,
(10 roads)
3d TJweek Sept
4th week Sept
1st
Year,
week Sept (16 roads)
week Sept (16 roads)
4th week Aug
2d
Previous
Year,
$
*
week
We
Nov
no
(15 roads)
(13 roads)
(13 roads)
(15 roads)
(18 roads)
(20 roads)
(20 roads)
Increase
*Monthly Summaries,
%
21.86
Curr.Yr,
December.. ,.233,899
.232,511
January
February
.231,304
20.96
March
10.25
30.02
April
Mileage,
27,081,898
15,434,886
13,441,122
14,253,136
20,470,587
15,925,478
13.253.628
13,670,975
14,822,387
21.930.629
+3.035,001
+2,517,054
+3,116,156
+ 5,431,026
+3,624.702
+4,019,303
+4,550,880
+4,772,379
+5,151,569
19.138,392
14,230.219
+4.908.173 34.49
longer include Mexican roads In any of our totals,
Current
or
19.60
18.72
33.28
28.05
23.48
..
May
,.213,434
.221,725
.213,206
June
.213,525
.220,459
July
.199,957
August
September. .226,955
"Previous
Year,
Year,
Prev.Yr,
233,814 451,991,330 440,481,121
232,210 494,706,125 392.927.365
231,017 421,180.876 348,749.787
212,770 408,582,467 347,090.277
220,918 387,680,982 372,828.115
211.040 387,330.487 348,701,414
208,598 430.931.483 369.225,761
218,918 467*351.544 401,376,485
199,418 441,423,158 367.865,628
224.922 594.192.321'480.468.546
f Comparison with 1917 figures, not 1919.
Increase or
Decrease,
%
2.61
+ 11,510,209
101778760
72.431,089
61.492,190
12.852.867
38,629.673
61,705.722
17.72
3.45
11.08
16.91
+85.925.059
16 43
25.90
20.77
+73.557.530 19.98
+113783775 23.68
THE
2036
Latest Gross
Weeks.—In the table which
separately the earnings for the first week
The table covers 20 roads and shows 34.49%
Latest Gross Earnings by
.
follows
we sum
of November.
the
same
week last
or
Decrease.
%
$
124,836
532,548
Duluth South Shore & Atlantic-
5.723,000
701,815
103,604
Grand Trunk of Canada.
Grand Trunk Western
2,385,604
1,931,520
Manhattan & Queens June
Manhat Bdere 3c Line June
19,122
105,714
310,042
222,506
783,136
1,987,622
3.821,000 1,902,000
497,212
204,603
16,521
87,083
Ann Arbor-
Buffalo Rochester & Pittsburgh.
Canadian National Railways
Canadian
2,770.758
Pacific
Colorado & Southern
-
...
..
-
454,084
Detroit Grand Hav & Milw.
Canada Atlantic
Mineral
-
Louis
13,531
304,091
11,331
480,235
41,477
2,200
197,936
3,458.493
615.090
345,568
Nevada-California-Oregon
St
74,728
/
Ohio
Southwestern.
Southern
265,136
678,171
4,073,583
1
Iowa Central
Mobile &
1.840
14.347
12,507
339,864
Range
Minneapolis & St Louis
...
...
Railway
Tennessee Alabama 8c Georgia.
Texas & Pacific
2,161
905,545
425,297
_
Western Maryland
1,164
3,325
756,600
.
284,004
June
.
Long Island Electric. June
Louisville Railway
June
Lowell Electric Corp. September
148~945
Metropol'n Edison Co August
eMilw El Ry & Lt Co. September
Miss River Power Co. September
Nashville Ry & Light September
Nebraska Power Co.. July
Nevada-Calif El Corp September
New England Power. September
New Jersey Pow 8c Lt August
NewpN&HRy.G&E October
New York Dock Co.- September
N Y & Long Island.. June
N Y & North Shore.. April
N Y & Queens County June
b NY Railways
June
6 Eighth Avenue.. June
June
b Ninth Avenue
Nor Caro Pub Ser Co August
Northern Ohio Elec.. September
141,293
North Texas Electric. September
Total
19,138,392 14,230,219 4,911,177
4,908.173
(20 roads)
(34.49%)
Net increase
3,004
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week.
Net
Gross
from
Railway.
''
from
Railway.
Net after
Taxes.
Net after
Equip.Rents.
$
$
Green Bay 8c
109,385
92,622
793,507
754,102
def 1,771
1.967,843
1,383,082
377,652
457,026
803,770
1,696,163
Sept '20
Western
'19
Jan 1 to Sept 30
*20
'19
Hocking Valley
Sept *20
*19
Jan 1 to
214,434
Sept '20
'19
130,889
Jan 1 to Sept 30 '20
'19
1,084,138
Rap of
'19
Sept 30 '20
302,686
3.54,482
406,526
414.829
184,806
1,279,717
1,067,727
1,433,914
66,682
27,997
213,371
143,659
692,225
459,775
364,222
365,962
103,846
28,922
576,036
577,647
74,442
12,596
312,584
64,429
10,459
210,205
430,713
417,998
Southern Pacific System—
Arizona Eastern
Sept '20
'19
256 249
'20
2,998,949
'19
ELECTRIC
676
6,021,948
'19
Jan 1 to Sept 30
defl8,840
5,529
96,937
981,095
135,300
105,046
862,689
197,221
171,262
159,639
6.899,518 def187,339 def479,366 def559,811
Sept '20
Jan 1 to
def28,069
4,885
970i403 def154,432 defl75.223
.
Indiana
def8,940
28,948
31,557
def5,576
def3,640
def97,624 def 119,659
Sept 30 *20 11,570,343
'19
8,582.986
Montour Ry
Grand
3,688
27,560
40,006
def 9,408
def 702
2,715,835
RAILWAY
AND
PUBLIC
Latest Gross Earnings,
UTILITY COS.
Jan, 1 to Latest Date,
Name of Road
or
Cut rent
Company,
Month,
Adirondack El Pow Co June
Alabama Power Co__ September
Atlantic Shore
July
Ry
Bangor Ry & Electric September
AiBarcelona Trac L & P September
Baton Rouge Elec Co September
Beaver Valley Trac Co September
Bingham ton Lt.Ht&P August
Blackstone V G & El. September
/Brazilian Trac, L & P September
Bklyn Rap Tran SysaBklyn City RR
June
cBklyn Heights RR June
Coney Isld & Bklyn June
Coney Isld & Grave June
Nassau
South
Electric
June
Brooklyn
June
New York Consol__ June
Bklyn Qu Co & Sub
Cape Breton Elec Co.
Cent Miss V El Prop.
Chattanooga Ry & Lt
June
September
Cities Service Co
October
September
September
Citizens Traction Co.
September
Oleve Painesv & East July
Colorado Power Co.. September
^Columbia Gas & Elec October
Columbus (Ga) El Co September
Com'w'th P, Ry 8c Lt September
Connecticut Power Co September
Consum Pow
(Mich). September
Cumb Co (Me) P & L September
Dayton Pow & Light- October
d Detroit Edison
October
Duluth-Superior Trac September
Duquesce LtCosubsid
light & power cos. September
East St Louis & Sub.
September
.
_
East Sh G & E Subsid
Eastern Penn
September
Ry Co. JulV
Eastern
Texas Elec.. September
Edison El of Brockton September
jElec Light & Pow Co September
eEl Paso Electric Co. September
Equitable Coke Co.. June
Erie Ltg Co & Subsid. September
Pall River Gas Works September
Federal Light & Trac. June
Previous
Current
Previous
Year,
Year,
Year,
Year,
NorthwOhloRy&PCo August
Ocean Electric (L I). June
Pacific Gas 8c El Co.. September
Pacific Power & Light July
Penn Cent Lt&P&Sub September
Pennsylv Utilities Syst August "
Philadelphia Co and
Subsid Nat Gas Cos September
Philadelphia Oil Co.. September
Phila Rap Transit Co October
Portland Gas & Coke July
Rico
Rys
Port(Ore)Ry,L<fcPCo
Puget 8d Pow & Lt Co
ReadingTrans&LtSys
Republic Ry 8c Lt Co.
Porto
29,161
110,863
2910,418
38,558
62,962
64,796
274,147
12043000
$
$
$
$
1,051.433
123,891
807,945
258,552 3.004,299 2,088,659
119,582
21,891
93,030
898,828
97,088
781,334
2030,383 18,549,193 13,877.752
341,459
31,078
265,411
532,792
51,934
448,439
39,381
236,955 2,392,462 1,978",973
9792,000 96,665,000 83,559,000
%
$
$
929,385
7,571
239,544
15,611
571,858
85,005
1763,610
165,114
59.478
41,867
113,949
1979,787
82,421
86,785
95,312
1212,999
127,280
2653,561
128.214
1209.032
270,660
325,091
2009,547
153,664
1313,476
397,536
34,978
151.891
144,708
105,138
33,544
160,216
123.916
108,544
80.058
[5,135,865
I
832,184 \
41,467 14,614,845
1,196,530
204,937
968,173
44.408
14,834
37',271
505,128 3,121,347
2,660,462
83,374
432.318
382.474
1464,144 10,461,584
7,008,850
137.402
912,349
729,943
456.968
49,404
426,493
359.635
35,913
304,515
977,836
87,907
728,632
1498,677 20,929,315 16,606,847
62,642
73,896
449.039
380,548
82,448
1,126.924
1.084.101
939,758 11,801,015 9,525,602
121,984
1,169,209
941.370
2144,857 22,832,246 18,739,810
109,617
1,077,823
912,356
940.282 10,311,451
8.144,857
250,318
2,300,233
2,026.130
259,176 2,974,517 2.302.455
1539,273 17,483,765 13,130,802
159.633
1.444.471
1.434.927
915,312 10,848,339
286.114
3,081,527
25,366
129,238
124,344
87.030
28,512
130,078
1,813,470
1,187.626
974,066
265,770
1,383,420
8.713,226
2,284,243
1,436.848
1,013.891
782.738
209,891
1.130,868
Galv-Hous Elec Co._ September
General Gas & El Co. August
242.370
341.143
985,177
107,025
62,137
73,577
297.350
104.719
257.045
787.174
Georgia Lt, P & Rys. June
828.144
691.751
1,589,326
1,329,461
951,118
3.969.322
861.948
661J95
3,410.246
775.573
8,312,325
Great Nor Pow
Co..
June
179.549
131,650
e Great West Pow Sys August
Harrisburg Railways. June
Havana El Ry,.L & P September
Haverhill Gas Lt Co. September
Honolulu R T & Land September
Houghton Co Trac Co September
Houghton Co Trac Co August
596,096
480.215
146.244
128.634
792,317
34,769
Hudson & Manhattan June
571.237
119.633
-
Hunting'n Dev & Gas September
Traction
September
d Illinois
961,934
37,560
73,349
23,390
28.221
63,316
23,020
25.508
481.397
2,258.288
1,254,242
2.779.102
328.421
620,923
240,912
Southern Cal Edison. August
Southwestern Pow &L July
Tampa Electric Co.. September
Tennessee Power
September
ftTenn Ry, Lt & P Co September
hTenn Ry, Lt & P Co August
Texas Power & Lt Co July
Third Avenue
System_ September
Twin City Rap Tran. \prll
United Rys or Bait.. Julv
Utah Power 8c Light. August
Utah Securities Corp. August
Virginia Ry & Power. August
Wash Bait & Annap.. June
September
Western Gas & Elec.. August
Youngst & Ohio River I September
West Pow Co of Can.
548,055
1,912,108
712,085
2,302,379
560,266
22t.766
217.522
198.740
3.131,010
Elevated
Division. June
Kansas Gas & Elec Co July
Keokuk Electric Co..
September
Keystone Teleph Co. October
Key West Electric Co*September
Year,
3
$
$
289,351
34,223
347,818
107,110
24,277
22,763
227,115
$
226,427
26,360
55.665
148,892
2,039.798
918,722
127,064
132,244
79,876
23,883
13,095
179,401
1661,650 1207.607
244,787
191,050
279,189 274,181
221,549
174,154
230,412
291.191
382,672
558,811
27,336
41,105
233,653 226,048
422.724
548,443
49,229
52,408
12,442
5,767
106,709 101,105
677,418
96,099
1,087,557
38,400
87,967
911,603
324,698
1,583,424
346,565
67.171
783,873
292,347
41,488
<
1,190,196
113,180
2,014,593
714,379
129,523
:
77,248
13,793~,875 10,642", 189
2,002,800
1,691,558
2,377,552
1,990",746
4405,940
2,922,423
2.304,607
4,286,478
236,519
21,120
551,300
3.889,190
460,684
2,385,123
3.865,845
.
I
269,151
45,752
520,656
7,264,767
165,952
1,025.099
8,409,035
2,906,861
837,858
6,731,337
2,426,932
26,182
90,169
72",767
29,308
3173,708 2214,523 25,879,471 19,464,936
214.682
185,911
186,806 144,808
184,119 145,635
941,974 666,397 10.985,848 9,107,962
901.320
116,745
1,327,023
149,403
609,973
665,552
63,785
76.666
3 336595 3165,553 31,191,329 29,160,984
1,214,525
1,434,011
200,473 166,994
840.305
89,977
1,027,322
121,065
810,923 706,479 6,931,805 6,376,094
816,562 707,977 7,256,156
266,611 246,050
700,018 522,812 5,357,221 4.026.313
256,536
285,907
50,350
61,092
46,857
54,287
509,822
62,364
357,878
39,491
3.784", 851
3.013.514
165,141
51.821
141,028
1,394", 191
I.220",494
42.662
183,803
32,699
9,14^.564
158,918
30,200
6.856.625
1,073,751
1,808,713
4,735,311
4,221,941
2,405,926
9,124,973
4.185.038
1,603,598
4,094,280
3,635,414
1,883,388
8,407,501
3,500.724
3,808
4,259
1528,108 972,974
749,706 484,952
116,205 102,653
208.192
161,296
513,370 458,866
503,835 425,901
362,763 260.787
1159,323 1004,730
i
'M7SI4
882.221
10046665 8241,055
531,642 460,739
695,212 604,779
922,490 766,910
156,083 203,115
25,402
44,200
185,818 154,315
58,943
51,254
915,804
932,270
1,175.052
2,288,712
1,925,247
394,504
315,199
in mtlreis.
0 Subsidiary companies only,
h Includes Tennessee
Railway, Light 8c Power Co., the Nashville Railway 8c Light Co., the
given
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i
both subway and elevated lines,
j Of Abington & Rockland
k Given
in
Includes
(Mass.).
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 EarningsPrevious
Current
Net Ea
Dayton
Jan
1
to
Oct
31
Havana El & Pow
Jan
1
to
Year.
$
Sept
Sept 30
Western Pow of Canada.Sept
Oct 1 '19 to Sept 30 '20.
Sept '20
Co
12 mos
'19
'20
*19
Chattanooga Ry & Sept '20
Lt Co
*19
12
mos
10
mos
'20
'19
Oct '20
'19
792,317
6,724,847
437*518
409*848
4,124,287
3.481,841
25,402
466,392
24,942
310,470
25,793
215,604
Net after
Taxes.
110,863
97,088
1,212,172
1,018,697
46,657
45,235
455,730
368,552
113,949
87,907
1,284,060
1,007,510
38,011
31,889
438,743
349,647
1,979,787
1,498,677
1,926,588
1,440,894
'20 20,929,315 20,350,885
Fixed
Charges.
S
17,263
10,893
186,236
94,921
164,242
1,762,346
1,281,688
159,206
1,616,099 18,734,786
1,602,680 14,417,132
21,385
15,743
227,505
177,797
94,561
84,909
Cleve Painesville &
76,210
9
17,380
23,045
172,978
181,022
J 3.658
13,18.5
121,859
129,210
792,666
593,965
8.066,450
6,315,1.54
425,893
401,931
'19
Sept *20
Eastern Ry System
'19
'19
65,471
608,619
521,222
Oct '20
1,212,999
'19
939,758
mos
'20
10 mos '20 11,801,015
'19 .9,525,602
Commonwealth
Sept '20
Power & Lt
12
mos
Consumers
Power
2,653,562
'19
2,144,857
*20 30,157,335
*19 24,641.508
Sept '20
1,209,032
Co (Michigan Lt)
'19
940,282
12 mos *20 13,605,688
'19 10,807,418
Ouroberl'd County
power & Lt
12
Sept '20
'19
mos
'20
'19
270,660
250,318
3,042,703
2,836,763
$
20,748
20,996
252.507
254,726
16,014,812
12 mos '20
Surplus.
246,790
261,333
82,421
62,642
940,227
727,261
'19
Co
Balance,
25,382
24,083
194,397
121,762
21,275
21,152
'19 16,606,847
Sept '20
Columbia Gas & El
$
83,564
44,200
523,758
$
Jan 1
Year.
961,934
8,312,325
Gross
Cities Service Co
70,522
259,176
2,302,455
325,091
Earnings.
Bangor Ry & El
'
2,974,517
Light.Oct
Power &
Previ
Current
Year.
$
Year.
Companies.
90.129
2614,189 2287,761 16,985,124 14,003,934
1677,667 1625,252 10,293,060 9,250,312
233,289
181,116
1,904,527
1,510,300
262.435
31,436
27.130
229,822
145,592
142,548
1,444,196
1,350,880
19,581
191.339
15,208
166,779
Previous
Year,
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
separately,
c Includes Milwaukee Light, Heat & Traction Co.
d Includes
all sources,
e Includes constituent or subsidiary companies,
/Earnings
3.014.543
1756,543 1480,785 15.045, i72 12,492,890
Current
Year,
The
460.67-;
Imterboro Rap Tran—
Subway Division.. June
August
St L Rocky Mt 8c Pac September
Sandusky Gas 8c Elec August
Schenectady Ry Co.. September
Second Avenue
April.
17th St Incl Plane Co September
Citizens Traction
640",908
August
Rutland Lt 8c Power. August
6,724,847
272,081
Port Worth Pow & Lt July
347.735
457,893
September
September
September
Richmond Lt & RR.. June
a
$
177,464
361,221
October
Phila & Western
Previous
Year,
Month,
year.
Increase.
1919.
1920.
of November.
Jan, 1 to Latest Dale,
Current
Company,
Lake Shore Elec Ry.
First week
Earnings,
Name of Road
uo
increase in the aggregate over
[Vol. 111.
CHRONICLE
8,587
7,190
4,196,163
3,887,446
12,798
8,553
132,944
92,888
3,722
9,869
51,119
51.812
366,773
192,034
3,870,287
2,427,708
586,135
542,481
def 6,679
694,592
8,848,246
8,367,510
6,837,556
6,449,412
2,010,69#
1,918,098
242,786
294,195
4,172,727
3,933,465
177,717
65,069
135,399
1,970,360
1,732,323
158,79#
2,202,367
2,201.142
55,762
55,811
667,358
720,805
40,544
39,780
373,238
113,066
579,456
96,306
95,391
1,040,596
833,871
152,111
Nov.
Gross
Net after
Fixed
Taxes.
Charges.
Baltimore & Ohio Railroad.
Balance,
Earnings.
Surplus.
235,738
224,712
208,254
1,262,915
1,947,685
Oct '20
2,009,547
'19
1,539,272
10 mos *20 17,483.765
*19 13,130,801
460,450
356,802
3,228,923
3,355,515
397,536
286,114
4,011,379
3,176,582
100,049
68,095
919,457
686,268
657,834
667,164
45,330
16,167
261,623
19.104
46,003
25,366
486,327
393,613
9,016
8,656
106,940
89,289
5,859
4,568
68,614
54,738
3,157
4,088
38,326
34,551
108,544
62,137
1,130,482
982,553
37,616
21,662
422,798
355,675
15,032
14,229
181,284
180,822
22,584
7,433
241,514
174,853
Sept '20
*19
119,633
57,572
90,129
12 mos '20
*19
1,463,554
1,005,091
36,339
666,388
444,085
15,775
16,234
196,785
195,284
41,797
20.105
469,603
248,801
Sept '20
East St Louis &
'19
'20
Suburban
12
mos
*19
Sept *20
*19
Eastern Shore
Gas & El Subsid
12
*20
mos
*19
Sept '20
Erie Lt Co &
*19
Subsids
12 mos '20
'19
Huntington Dev
<fc Gas Co
14 y
'19
279,189
274,181
mos
Nashville Ry & Lt
'19
12 mos '20
'19
3,564,495
3,150,791
'20
51,928
35,137
35,541
558,811
40,448
39,104
479,614
472,974
40,894
486,876
1,122,633
921,320
26,635
def 749
382,672
'20
'19
233,653
226,048
2.304,607
2,305,123
25,886
33,113
306,736
417,294
27,069
267,364
244,869
172,425
205,899
158,955
58,490
59,964
743,394
656,897
27,321
29,272
346,004
350,610
397,390
306,287
Oct
Elec
Newport News &
Hampton Gas &
10 mos '20
'19
Sept '20
Penn Central Lt
& Power & Sub
*19
12 mos '20
'19
Oct *20
'19
Phila & West
10
mos
'20
*19
Oct '20
Trans
'19
10 mos '20
'19
Sept '20
Portland Ry Lt
& Power
*19
12 mos '20
'19
2,202,264
1,828,098
Sept *20
Tennessee Power
161,296
2,372,002
2,247,253
513,370
458,866
6,228,778
5,566,011
*19
12
mos '20
'19
Tennessee
Sept '20
Ry Lt
'19
& Power
29,771
208,192
.
12 mos '20
'19
674,243
3,283,151
6,761
318
363,585
674,561
1,479,481 33,476,182
81,591
561,174
1,280,000
31.796
109,811
(4%)
Balance to profit & loss
S
$
$
S
1,255,202 30,035;093
150,858
3,441,089
73,421
......
45,528
304,891
13,166
89,670 23,082,161
1,813,998
1,797,403
2,354,531
1,797,403
2,354,531
4,428,088
4,428,088
.
......
......
Includes 8282.322 compensation for
Coal & Coke Ry., 197 miles, and $391,921
Elkhorn Ry., 31 miles; Long Fork Ry., no compensation, 25
miles
total Federal compensation accrued aggregated $30,035,093 and
other income was $3,441,089, making the total income for the year $33.The
'
28,366
76,666
83,785
665,552
609,973
3,336,595
3,165,552
1,191,329
29,160,983
810,923
706,479
9,146,713
8,382,345
356,824
,
items..' 2,146,066
for Sandy Valley &
5,314
S
27,748,824
To sinking & other funds.
x
•
Accou"td
254
income.33,178,041
Rents, int., taxes, <£c._..22,865,373
Intercorporate items
73,421
Revenue debit items prior
to Jan.
1 1918
659,225
dividends
Combine
24
Gross corporate
Pref.
Ry.,&c.
4,956
Other corporate income..
Do Intercorporate
68,877
94,328
40,339
489.925
ac-
crued...
205,030
329,200
5,702,585
3,979,222
Sept
Sys
compensation
S.
U.
R. T. Ry.
Railroad.
'19.
Miles of road Dec. 31....
30,021
'19
Phila Rap
Year ended Dec. 31
ACCOUNT.
B.&O.CM.
Term.RR.
80
Staten Isl'dxCoalACoke
B. & O.
def31,072
12 mos *20
'19
New Eng Pow
CuhPORATE INCOME ACCOUNTS OF ALL CO'S ALSO COMBINED
EXCLUDING INTERCORPORATE ITEMS—YEAR 1919.
55,807
109,771
134,667
1,612,558
1,408,196
wrote
U. S. Compensation.—On June 24 1919 an agreement was entered into
providing for the annual compensation to be paid during the period of
Federal control, as shown in the following table of income.
Corporate Income.—The income account of the company proper for the
year 1919 in comparison with 1918 will be found further below.
The in¬
come account for all of the companies is as follows:
296.246
189,577
286,501
27,
J
(in brief):
63,155
281.457
9,376
69,125
684,644
802,174
2,251,838
1,708,118
Sept '20
8
54,719
98,292
91,348
577,703
476,078
265,576
'20
*19
System
1,966,008
1,407,830
"
332,896
Aug *20
Lake Shore Elec
148.548
1919.)
(94th Annual Report—Year Ended Dec. 31
President Daniel Willard, Baltimore,
Oct.
$
Detroit Edison
2037
CHRONICLE
THE
20192i,)
264,740
249,851
945,183
1,070,357
8,662,038
9,573,254
259,547
239,917
2,820,881
2,803,412
70,500
30,616
963,239
883,419
121,115
134,739
2,125,925
2,073,456
14,785
14,346
147,132
141,604
819,815
813,551
8,176,659
8,109,495
185,225
189,131
2,253,892
2,267,149
54,389
53,633
643,547
644.549
130,294
127,292
1,539,743
1,495,044
6,044
39,371
31,169
30,692
13,581
15,425
117,608
108.247
125,368
256,806
485,379
1,463,759
74,322
50,786
566,989
536.263
16,111
def23,0l7
319,692
238,870
def9,179
87,447
586,182
578.412
The fixed charges and corporate expenses were $23,082,161.
deducted lap-over items for the period prior to Jan. 1 1918
Net corporate income amounted to $8,580,022.
The customary Pref. dividends (4% p. a.), amounting to $2,354,531, were
declared and there was also appropriated for sinking and other reserve funds
$1,797,403, which included $1,750,000 appropriated for additions and
betterments to road in accordance with the provisions of the trust indenture
476,182.
There was also
amounting to $1,813,998.
1919 securing the $35,000,000 Ten-Year
of July 1
The balance of
to.
$4,428,088
was
bonds hereinafter referred
transferred to profit and loss.
2% on the Common stock, amounting to $3,038,858, was
declared Jan. 21 1919 out of the surplus earnings to Dec. 31 1918 and paid
March 1 1919.
(Compare V. 109, p. 269.)
There was also charged to
A dividend of
surplus an amount of $2,310,591 for discount on securities issued and sold
during the year, which, together with certain net credit adjustments, leaves
profit and loss balance at end of the year
a
of $19,348,040, and this
added
additions to property through income and surplus makes total corporate
surplus $28,309,948, an increase of $1,015,113 over Dec. 31 1918.
General Balance Sheet.—The general balance sheet Is given in revised form,
the investment accounts having been regrouped to show the total invest¬
ment in properties used in transportation service and operated as integral
parts of the Baltimore & Ohio RR. Co.
The increase during the year in the various investment accounts was
$22,856,864, accounted for as follows, viz.:
to
additions to equip't, $12,290,032.$18,190,156
Acquisition of Coal & Coke Ry. Co. First Mtge. bonds at par__
5,000,000
Less: Miscellaneous—net decrease
$333,292
Additions to road, $5,900,124;
During the year the
Director-General expended and charged to the com¬
allocated equipment, a total
a net amount of $333,353
pany for additions and betterments, including
of $19,174,721, from which should be deducted
FINANCIAL REPORTS.
index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last
Saturday of each month.
This index will nol
include reports in the issue of the "Chronicle" in which it is
Financial Reports.—An
ot. 30.
in be
of Nov. the
Sublished. The next will index will thatfound in 27. issue of
The latest
appear
Duluth & Iron Range
owns
the
31 1919.)
Steel Co., a subsidiary company
Section."
& Industrial
FEDERAL
AND
STATISTICS
INCOME
STATEMENT FOR CAL.
CORPORATE
1919 AND 1918 AS COMPARED WITH
ACCOUNT IN PRIOR YEAR.
YEARS
Freight carried iron ore—gross tons..
1917.
1918.
1919.
8,804,067
6,524,681
1,151,916
1,287,161
Iron ore carried one mile—gross tons.447,561,559 614,421,238
Miscellaneous freight—net tons__
54,842,044
63,625,784
Average revenue per ton per mile—
Iron ore—gross tons
1.374 cts.
1.245 cts.
Miscellaneous freight—net tons.».
1.757 cts.
1.366 cts.
Miscellaneous freight—net tons
Passenger
Other transportation revenue
_
Incidental,
_
$7,961,606
4,573,155
CORPORATE INCOME
Interest charges
.1
—
Balance,
Total p. &
surplus
GENERAL BALANCE SHEET
1919.
$
174,683
$2,690,333
$407,550
154,434
229,484
(7)455,000
(12)780,000
269,375
$1,206,439
$5,184,739
DEC.
729
__
$963,109
$4,070,323
1918.
$
$
6,500,000
equipm,t.29,936,238 29,829,305 Capital stock
Grants in
aid of
1,930,763 1,993,779
constr
2,071,382
3,334,070 2,040,300
8,151,000
194,015 Funded debt
Cash
34,761
148,855
10,025 Current liabilities.
Special deposits...
5,225
Road <fc
Miscel. phys. prop.
-
Liberty bonds
2,130,010
8,514
9,182
32,800
Miscellaneous
Interest
Work
receivable
U.S.Gov't def .llab.
1,000
Accrued tax llab..
1,000
fund adv...
Deprec.,ins., &c_.
275,954
905,137
Land department.
382,813
381,869
2,777,023
U.S.Gov.unadj.deb 3,801,944
Other unadj.deb._
35,745
2,572,392
2.386,324
309,462
1919.
Liabilities—
Other def. liabilities
$38,004,000 Issued and Sold During Year:
1.—
'
Miscellaneous
(2) Obligations Aggregating
•
1,479,108
52,632
183,566
6,500,000
$37,021,428 Retired During Year:
One and Two-Year notes
3,887,000
5any as an entirety on any interest date atRy. Co. 1st M.1 5%and are of 1919,
a premium of % bonds secured
y the deposit of $5,000,000 Coal & Coke
the Coal & Coke Ry. Co.' to retire
(V. 108, p. 1273.)
dated July 1 1919
and mature July 1 1929, are redeemable by the company as an entirety
on any interest day at 102 % %.
These bonds were sold at 93 H %, or equiv¬
alent to an interest basis of about 6.90%.
Through the sale of these bonds
the company was enabled to pay off all. notes and other short-term obli¬
a
April 1 1924, which were issued by
like amount of its 1st M. bonds matured April 1 1919.
The Ten-Year 6% Secured gold bonds, $35,000,000, are
gations then outstanding.
The trust indenture under which the latter bonds were issued provides
that commencing July 1 1919 there shall be set aside from net income
$3,500,000 per year, or so much thereof as may be earned, until $17,500,000
has been so set apart, which amount is to constitute a fund to be applied
solely for capital expenditures made on and after June 30 1919, or to repay
loans obtained for capital expenditures made prior to July 1 1919, or to pay
maturing funded obligations; and further provides that until such annual
amount of $3,500,000 is so set aside together with any arrearages in the
annual amount no dividends shall be declared or paid by the company on
its capital stock issues. (V. 108, p. 2628; V. 109, p. 71.)
Accounts with the U. S. RR. Administration.—These accounts incident to
Federal control are carried in the balance sheet groupings of deferred'assets
and deferred liabilities.
Subject to adjustment they included on Dec.
31
1919:
Taken over by U.
Deferred Liabilities—
Additions and
S.—
$8,156,342
Cash
Agents' & conductors' bal's
9,613,735
Material and supplies
14,673,571
collected. 10,548,295
Deprec. accrued on equip't..
8,300,912
Compensation unpaid
20,118,564
Corporate assets
Corporate transactions
Road & equipment retired...
Miscellaneous accounts
8,178,313
4,451,242
98,875
.....$84,139,850
Total.
36,199
Total
-V.
42,556,850 42,489,538
110, p. 2192.
loans
8,362,481
7,426,004
3,563,200
determination
of
pending
compen¬
18,800.000
sation
$92,417,774
Total
115,181
632,245
54,312
184,318
charge on account of equipment
liabilities is $12,204,869, representing a
allocated by the Director-General and ac¬
cepted by this company.
The total amount of such allocated equipment
will approximate $17,579,650.
Federal operation and control terminated on Feb. 29 1920, and approxi¬
mate figures available at the time this report is issued indicate a net balance
due the Director-General for additions and betterments of about. $10,000,000, the exact amount of which, when finally determined, after taking credit
for property retired and not replaced and accrued depreciation, will be
299,462
479,002
507.645
the issue of this
Additions to
681,213
8,198,971
$7,214,705, less property retired, $1,314,581;
[chiefly $1,130,523 for shops and engine houses
machinery].
Total
19,247,865
to
Miscellaneous
Government
4,022,213
unadj.
accts
12,204,869
Jan. 1 1918....
Equlp.&dock repla 4,021,777
U.S.Gov't
betterments..$22,813,353
Equipment allocated
Corporate liabilities paid
Corporate transactions
Revenue
items
prior
297,992
Other unadj. accts.
700,000
24,881,428
Miscellaneous
53,000
The net Increase in the foregoing debt was therefore only $982,572.
New Bonds.—The Five-Year Collateral Trust 6% gold bonds, $3,000,000,
are dated April 1 1919 and mature April 1 1924, are redeemable by the comi
Capital amort.fund 8,395,084
Approp. surplus.. 5,047,160
Swamp land grant.
844,632
Profit and loss
4,884,661
U. S. Gov.def.ass.
.$7,500,000
bonds
Included in the item of deferred
2,071,382
8,151,000
Prem. on fund debt
& ins. reserve—
$3,000,000
35,000,000
4,000
bonds
bonds
Deferred Assets—
31
1918.
$
A
$2,515,650
174,586
$4,884,661
1. surplus Dec. 31
651,961
$2,301,354
$2,529,828
$407,550
37,029
-—
Miscellaneous
Federal taxes
Dividends (%)
General amortization
$7,371,399
4,418,084
$2,355,242
$223,410
$2,578,652
$407,550
70,940
183,566
(30)1,950,000
196,113
def$229,516
Gross income
862,062
243,969
44,656
188,783
ACCOUNT.
--------
Other income-
0.816 cts.
1.257 cts.
$6,031,929
$3,719,711
$2,355,242
Compensation accrued
Operating ineome
68,580,173
514,476
$3,388,451
income
Operating
1,297,233
738,997,392
$8,978,929
4,744,742
469,591
Sec
Total revenues
Operating expenses
Taxes, &c
10,112,177
868,808
232,475
• 102,353
126,811
963,502
271,884
105,175
Ten-Year Secured 6%
due
_
$7,648,482
$6,151,454
Freight earnings—Iron ore
do
do
—Miscellaneous
(1) Obligations Aggregating
Five-Year Collateral Trust 6%
Short-term loans
of the U. S. Steel Corp.,
capital stock of the Duluth & Iron Range RR.
See "Railway
The Federal
equipment retired, and other adjustments,
Equipment trust obligations
Monongahela River RR. First Mortgage
Railroad.
{Report for Fiscal Year ending Dec.
leaving a net charge
against the company of $18,841,368, which is included In the accounts with
the U. S. RR. Administration.
The difference between the latter amount
and the net increase in road and equipment represents adjustments in the
corporate accounts.
Indebtedness.—The obligations issued and retired were as follows:
for road and
5,047,160
839,697
5,184,739
42,556,850 42,489,538
provided by the Transportation Act of
company's obligations to the Government.
Road.—Additions and betterments to road
funded for ten years, as
The
new
shops at
representing a
net
amounted to
net increase, $5,900,124
and $1,096,505 for shop
Cumberland, Md., and Glenwood, Pa., were completed,
charge to Dec. 31 1919 of Cumberland $1,442,503,
Additions were made to shops and engine house
also additional yard tracks at Baltimore, and at
Glenwood $1,655,319.
facilities at nine points;
Keyser, W. Va.
1920, through
2038
THE
CHRONICLE
The new Patapsco Neck branch, 4.82 miles, to the works of the Maryland
Steel Co. (Bethlehem Steel Co.), was opened for traffic, assuring a large
additional tonnage.
New devices have been installed
Curtis Bay, Md., greatly expediting the loading of
on
Miscell. physical property held for transp. purposes._
Improvements to leased railway property
Pledged.
Bonis.
Special
Deferred
1919.
Miles
operated
Operations—
ENDED
DEC,
Compensation
101 ft
31,
TwrTPflftP
$4?084
$27:748,824 $27:744,740
,
Other corporate income—
Dividend Income
Income from funded securities
,
1,900,192
1,801,076
1,942,583
1,557,005
1,701,363
dec,42,391
244,072
$33,178,041 $32,945,691
$339,877
$324,643
Miscellaneous rents
430,474
499,647
Miscellaneous tax accruals...
747,412
501,778
Separately operated properties—loss.
215,365
56,635
Interest on funded debt
19,577,722
19,060,886
Interest on unfunded debt
1,037,290
1,229,788
Maint, of investment organization
478,907
141,080
Miscellaneous income charges.
111,747
105,832
$232,350
$15,233
dec,69,172
245,634
158,730
516,837
dec,192,499
337,827
5,915
Total deductions..
$22,638,794 $21,920,288
Revenue deductions prior to Jan. 1 '18
1,659,225
5,983,298
$1,018,506
4,324,073
Miscellaneous income
1,727,949
Gross corporate income
Rent for leased roads
,
.
...
Net corporate income
Income to sink'g&oth, reserve funds.
Income approp, for additions, &c
Preferred dividends (4%)
Common dividendsx
Balance to profit and loss
x
$8,580,022 y$5,042,106
$47,403
$31,514
1,750,000
2,354,531
2,354,531
(4)6,077,716
26,585
$3,537,917
$15,889
1,750,000
-sur.$4,428,088df$3,421,656 sr$1772T028
1 1919.
The com¬
Represents 2% paid Mar. 1 1919 and 2% paid Feb.
charged the former to profit and loss in 1919 and the latter to profit
and loss in 1918, leaving a surplus balance for the
year 1918 of $2,656,061.
y Adjusted to include lap-over items of revenues and
expenses prior to
pany
Jan, 1 1918 charged to profit and loss in 1918, but
profit and loss and charged to income.
were
credited back to
FEDERAL INCOME STATEMENT AS COMPARED WITH
CORPORATE
STATEMENT IN PREVIOUS YEARS (Years 1916 to 1918
Restated,)
Federal Results,
1918.
5,153
5,151
Co.'s Results,
1919.
Avge, mileage operated.
Operating Income—
1917.
4,989
.
1916.
4,712
$
95,596,677
16,743,708
1,346,802
2.638,798
2,308,003
$
136,802,852
31,724,006
1,477,265
Mail*.
$
$
129,877,038
30,871,709
1,325,913
4,817,793
Freight
Passenger
5,180,814
2,322,520
2,468,532
107,174,612
20,704,346
1,662,470
3,373,536
2,475,442
5,535,568
4,461,504
3,159,853
175,259,575 139,851,910
121,793,842
Exprass
.Other transp'n revenue.
Rev, from sources other
than transportation-,
5,475,580
Total oper, revenues..182,620,016
Operating Expenses—
Maint, of way & struc.. 26,168,745
Maint, of equipment... 56,364,804
Traffic
1,886,255
26,038,246
49,286,380
1,979,542
Transportation...
79,727,341
79,344,095
1,351,052
4,389,465
18,536
1,097,111
4,070,420
23,283
Miscell, operations
General
Transp'n for invest,—Cr,
15,022,561
27,100,361
2,505,266
59,315,842
930,204
3,248,486
29,054
Total oper, expenses..169,869,125 161,792,511
108,093,666
Ratio of exp, to earnings
(93.02%)
(92.32%)
(77.29%)
Net rev, from ry, oper_. 12,750,891
Railway tax accruals...
4,872,096
Uncollectible railway rev,
21,071
Railway
oper,
income.
7,857,724
Non-Operating Incomb—
fr.
equip,
other
freight cars
13,467,064
15.481,190
24,265,452
2,194,149
42,354,316
840,141
2,723,621
78,716
87,780,154
(72.07%)
31,758,244
4,662,930
41,756
27,069,411
8,618,088
34,013,688
4,167,845
25,902
4,829,146
19,830
29,804,087
Rent
than
Joint facil rent
1,198,366
875,698
income..
Miscel, income
own
899,078
859,771
21,039
Gross income
—
Hire of freight cars
Rent
for
equip,
'
Joint facility rents
Misc, inc, charges
Total deductions
Net
income
3,317,161
7,080,814
3,682,970
1,237,378
1,508,644
1,650,000
.....
i._
1,650,000
30,431,000
17,731.000
.—..-.$896,024,488 $848,780,556
1919.
1918.
Outstanding, for Company, Total Issued.
$151,945,549
$371,919 $152,317,468 $152,317,468
58,863,275
1,136,724
60,000,000
60,000,000
Common stock
Preferred stock
Separate
stock—Washington
branch (per contra)
1,650,000
Equipment obligations...... $18,926,000
Mortgage bonds............ 298,926,380 $32,962,300
Collateral trust bonds.__.
93,997,830
252,670
Miscellaneous obligations.—
66,384,868
Dayton & Michigan RR. Co.
1,650,000
....
stocks & mtge.
bonds
Home Ave. Ry. Co. (stock)..
Loans and hills payable
Traffic and
car
6,336,200
100,000
22,813,000
321,354,680
331,888,680
94,250,500
66,384,868
$5,000
6,341,200
100,000
...
Miscellaneous accounts payable
Interest matured unpaid
63,750,500
66,384,868
6,341,200
100,000
24,881,428
~4468
service balances payable
Audited accounts and wages payable..
Dividends matured
1,650,000
$18,926,000
...
........
unpaid...
136,744
285,581
1,838,642
3,462,348
310,983
2,051,328
_
4,032,049
70,249
_
Funded debt matured unpaid.....
Unmatured dividends declared
65,864
17,800
—
—
Unmatured rents accrued..
Other current liabilities.
18,800
1,177,265
2,852,590
...
Unmatured interest accrued.....
4,216,124
2,869,412
27,572
65,414
2,775.034
24,961
62,239
Liability for provident
Other deferred liabilities.........
United States Government deferred liabilities
Loans from U. S, RR. Admin, anticipating compensat'n
97,889
;
Tax1 liability
Insurance
Accrued
_
_.. _
:_
.
i;.
/■
^
reserve
depreciatlon-^equipment
Other unadjusted credits-
193,027
73,617,774
18,800,000
...
48,200,425
9,000,000
242,245
527,668
955,159
898,354
Additions to property through income and surplus
25,434,412
2,162,576
8,961,908
.
29,878,881
1,374,832
...
Profit and loss balance
7,155,370
20,139,465
19.348,040
Total
$896,024,488 $848,780,566
The following securities bear the endorsement of the B.&O. RR. Co.J
jointly with other companies, viz.: Akron Union Passenger Depot Co. 1st
M. bonds, $35,000; Kentucky &»Indiana Terminal RR. Co. 1st M. sterling
bonds, $6,282,780; Ricnmond-Washington Co. 1st M. bonds. $10,000,000;
Washington Terminal Co. 1st M. bonds, $12,000,000.
The company,
through Its subsidiary, the Toledo & Cincinnati RR. Co., guarantees
$2,728,000 Consol.' 1st M. bonds of the Dayton & Michigan RR. Co.
Investments
Not
Pledged for
Mortgage Debt.
■
The very considerable reduction in these holdings results chiefly from the
omission from this year's list of the following securities which were
pledged
during the year as collateral for the $35,000,000 secured 6% gold bonds, viz.:
la) the Reading Co. stock ($6,000,000 First Pref., $14,000,000 2d Pref.
and $9,200,000 Common); (b) B. & O. Ref. & Gen.
Mtge. 6% bonds,
Series B, $15,000,000.
*
The stocks owned other than those deposited with trustees of mortgages
securing mortgage debt for the year ended Dec. 31 1919 had an aggregate
ledger value of $8,044,520, and a total par value of $13,076,445, the latter
figure including chiefly the following; B. & O. RR. Co. Pref., $1,136,724;
Common, $371,919; Calumet Grain & Elevator Co., $200,000; Coal & Coke
Ry. Co., $4,500,000; Connellsville Uniontown & Wheeling RR. Co., $750,000; Richmond-Washington Co., $445,000; Sandy Valley & Elkhorn Ry.
Co., $500,000; Union Stock Yards Co., Common, $400,000, and Valley
RR. Co. of Virginia, $1,704,800.
The bonds owned other than those deposited with trustees of mortgages
securing mortgage debt for the year ended Dec. 31 1919 had an aggregate
ledger Value of $11,987,113 and a total par value of $13,180,020, the latter
figure including chiefly the following; B. & O. RR. Ref. & Gen. M. bonds,
$7,855,000; Toledo-Cincinnati Division 1st Lien & Ref. M. bonds, $244,300;
Chesapeake & Ohio Canal Co. bonds of 1844, $1,329,500; Sandy Valley &
Elkhorn Ry. Co. Ref. & Gen. M. bonds, $2,200,000, and Valley RR. Co.
of Virginia 1st M. bonds, $750,000.—V. Ill, p. 1948.
>
Detroit
&
Mackinac
Railway.
{Report for Fiscal Year Ending Dec. 31 1919.)
Pres.
;
Henry K. McHarg, N. Y., Mar. 23, wrote in subst.:
Federal Control, &c.—Up to March 1 1920, your property remained in
S. Administration at an annual rental of $310,664.
From time to time the Government has advanced sums to pay the interest
on
both the "First Lien" bonds, and the "Mortgage bonds", the 5%
the hands of the U.
dividend
on
the Pref. stock and 2H% for the year on the Common stock.
All additions and betterments
are charged against the rental due from the
Corporate Auditor figures that up to March 1 there
approximately from the rental and other sources by the
Government, $140,000.
Maintenance, cfee.—One thousand tons 85-lb. steel rails were bought
during the past year and placed in the track.
The corporation sold the
Emerson Gravel Pit, receiving for the same
$27,500, and reserving, on the
part of the railroad, enough of the pit to insure us all ballast needed in the
Government, and
is due
our
our company
future.
This company has elected to avail itself of the privilege
ment guaranty of income for the half year ending Sept. 1
of the Govern¬
1920
equal to
yearly compensation under the Federal contract, no matter
what the earnings of the property may be.
Outlook.—Your property is mortgaged and capitalized at such a low rate
per mile, it would seem as if it could successfully operate when the property
one-half of the
turned back to you without restrictions.
Basis of comparison
changed.
1,069,796
1,262,831
4,875,797
5,055,991
925,203
71,972,248
Held by or for
is
1,779,887
10,397,975
984,534
770,982
1,353,721
158,862
07,343
964,562
.
FEDERAL OPERATING STATISTICS IN 1918—COMPANY DATA
other
than freight cars
2,074,064
9,931,788
2,592,232
771,745
84,139,850
714,781
1,508,644
-
...
.........
1917,
Totalnon-oper, income
assets
issue—unpledged—Stocks
Liabilities—
__
DEC,
6,023
6,092,360
2,253,970
....
Bonds
Tons fr'tcar'd(rev, only)
Tonsfr't car'd lmile(OOO)
1Q1Q
5,326
assets.
Total
4,712
88,862,248
95,346,229
93,516,882
87,785,876
17,203,592
17,032,281
18,144,817
17,004,704
0.795 cts,
0-763 cts,
0.591 cts,
0.562 cts.
Passengers carried
24,581,776
23,915,577
24,788,034
23,194,347
Pass, carried 1 mile.„l,240,144,875 1177564687 988,096,565 833,567,192
Av, rate per pass, per m.
2,588 cts,
2.622 cts,
2.095 cts,
2.009 cts,
Average train-load (tons)
(revenue only)
847
814
785
760
Earns, per pass, tr, mile.
$2.0548
$2.0728
$1.2236
$1.1872
Earns, per fr't train mile
(revenue only)
$6.7360
$6.2115
$4.6342
$4.2722
Gross
earns,
per
mile,
,,
'
incl, outside oper'ns__
$35-435
$34,020
$28.-031
$25,848
22,672,763
1,498,925
867,479
3,560,660
729,463
660,837
6,761,661
Cr.8,843
;
a
4,089
YEARS ENDED
....
Securities of carrier's own issue—pledged—
Stocks Washington branch (per
contra)..-
Av. rate per ton per mile
CORPORATE INCOME ACCOUNT,
.
Bonds
(
000 omitted),
1917.
1916.
5,152
814,992
942,246
4,798,708
366,921
—
Unadjusted debits
Securities of carrier's
31
1918.
5,154
4,519,798
127,660
18,338
22,705,345
.
United States Government deferred
a
YEARS
$769,157
Miscellaneous accounts receivable
Rents receivable
which should command the hearty co-operation of all
in the transportation industry.
STATISTICS
4,339,194
139,084
Unpledged.
deposits
...
52,235,987
24,588
Total.
Loans and bills receivable.
Traffic and car service balances receivable.
one
interested
;
—-
942,246
....
ut in the opinion of and management it is
Elete and inadequate, your time may develop that changes are necessary,
most constructive piece of
TRAFFIC
7,029,53$)
..$21,936,188
Miscellaneous
Cash
Transportation Act of 1920.—On March 1 1920 all railroads held under
Federal control were restored to their respective owners.
It may be that the Transportation Act of 1920 in some respects is incom-
those
Total.
\
8,013,599}
35,800.0011
Bonds
Federal Operations.—The operation of the transportation properties was
continued under Federal control with the same general practices referred
to in our report for 1918.
For this reason, and because there was a failure
during the year to increase rates and charges to meet the increasing basis
of costs, the results of such operation should not be considered as a criterion
of the future earnings of the company.
legislation, and
1
.35,800,000
814,992
Stocks
ac¬
Vv-
■
.
Deposits in lieu of mortgaged property sold
Investment in other companies— Pledged.
counts of the company and included in the accounts of the company as a
memorandum only in order that the Federal and
corporate accounts might
be in balance.
—
Miscellaneous
had been delivered and were in service at Dec. 31 1919.
Tentative values,
however, had been furnished for but 177 locomotives and 931 freight cars,
taken into the Federal
Unpledged.
$5,348,123 $2,665,475
_
Investment in other miscellaneous physical property....
Investment in sinking funds....-.-.-
equipment is fixed at 817,579,650 and the
maximum cost 819,135,498.
We shall be charged with the actual cost
based on certificate of the Director-General.
The cost will be financed by
the issue of 6% Equipment Trust obligations, secured by lien on the equip¬
ment, and payable in 15 equal annual installments, maturing Jan. 15 1935,
which the Director-General has agreed to accept at par.
[See article on
page 5 of "Railway & Industrial Section."]
Of the equipment so allocated, 188 locomotives and 2,000 freight cars
was
6,441,200]
7,029,588
Stocks
of this
amounting to 812,204,869, which amount
4,459,741 }$656,979,2591,247,2801
Perpetual leaseholds—capitalized (per contra)
Equipmnt.—The additions and betterments aggregated
cost
284,416,627|
Investment in sub. and affil. co's separately operated—
$980,984 (including 58 new cars, 3 car floats, &c.); deduction for equipment
retired (including 4 locomotives, 10 passenger cars, 1,020 freight cars, 360
work cars and 3 car floats), &c., 8895,821; net increase,
excluding equip¬
ment allocated by the Railroad Administration, 885,163.
The following equipment allocated by the Director-General has been
accepted by the company, viz.:
100 Mikado type locomotives
500 50-ton steel underframe box cars
30 Pacific type locomotives
500 70-ton steel gondola cars
26 Mallet type locomotives
1,900 55-ton steel hopper cars
40 switching locomotives
The minimum
I91S.
141,593,110
Sub. co's operated as constituent parts o* the company
1920.
of the disastrous floods of 1913, has been continued
at the expense of the Conservancy District.
The company, however, is
called upon to pay its proportion (about 8250,483 of the
cost) of the con¬
servancy work in 60 semi-annual installments.
to
31.
-$243,810,476
Equipment L
a recurrence
Additions
DECEMBER
...
Investments in—
Relocation of the tracks between Dayton and Tippecanoe City, O., inci¬
dent to the work of the Miami Conservancy District for the
purpose of pre¬
venting
SHEET
1919.
Investment in road
ships.
The renewal of
bridge over the Allegheny River at Pittsburgh has been completed,
except the river span, and the whole structure should be placed in operation
Dec. 1
BALANCE
Assets—
the coal pier at
the
not later than
[VOL. 111.
GENERAL
i
&c.
(SEE
1919.
Miles operated
379
Operations—
Passengers carried (No.)
319,103
Passengers carried 1 mile 13.688,953
Rate per pass, per mile
2.929 cts.
Freight (tons) carried...
1,134,201
Freight (tons) car. 1 mile 80,435,731
Rate per ton per mile..
1.478 cts.
Gross earnings per mile.
$4,418
IN
TEXT).
1918.
-
382
1917.
386
1916.
387
361,049
346,592
13,531.595
13,480,424
2.423 cts.
2.568 cts.
1,096,224
1,106,920
1,135,839
79,289,070 106,880,179 106,344,690
0.791 cts.
1.423 cts.
0.834 cts.
$3,259
$4,150
$3,518
296,968
12,093,572
2.690 cts.
Nov. 20 1920.]
THE
In
1919,
1918.
1917.
1916.
$1,687,342
1,679,626
$1,557,034
1,488,458
$1,350,450
1,071,039
$1,254,102
855,048
*
temporary increase in our indebtedness, but our quick assets, consisting
bills and accounts receivable and merchandise at cost, increased a
a
of cash,
Results—
Gross earnings
Operating expenses
little
earnings.
$399,054
$279,411
$68,574
$7,716
CORPORATE INCOME ACCOUNT.
on
Type Co.—This company, a large part of whose Com¬
stock we own, has largely increased its business in Latin America.
Outlook.—Our sales billed during Sept. and Oct. 1920 considerably ex¬
$307,402
$297,328
$459,836
ceeded those of last year, and with a large amount of unfilled orders on hand
we are confident of favorable results for the present fiscal year.
The com¬
pany's condition is better than at any time in its history. *
$92,000
9,295
$92,000
19,128
24,124
$92,000
17,218
29,321
funded debt.
National Paper &
mon
'
$92,000
82,565
3,569
100,000
682
41*804
"47",500
47,500
(2^)50,000
$274,556
$32,846
Road & equipm't.$6,790,159
Materials & suppl.
$6,741,534
219,494
Common
stock...$2,000,000 $2,000,000
950,000
950,000
2,300,000
2,300,000
6,444
Funded
;
8,705
6,986
Deprec'n reserve..
U.S.Btand'd ret'n.
621,328
310,664
Miscellaneous....
Miscellaneous
1918.
Preferred stock
""2,408
hand
debt
612,186
661,181
14,641
10,729
Appro. Income not
Other U. S. Gov't.
ltems.
255,571
751,269
specif, invest-.Add'ns to prop'ty
817,477
157,000
495
17,420
Aud. vouchers, &c.
Other unadj. cred'a
U.S.Gov't acc't...
Profit & loss
Mdse,&
1,037
2,817,426
1,988,932
694,793
Cash
488,104
Stocks and bonds.
851,409
Miscellaneous.-—
55,878
V.
1919-20.
850,000
611,916
607,113
611,916
809,484
611,916
809,484
$2,069,029
13,235,651
$422,814
12,812,837
$239,928
12,572,909
,624,091
$13,235,651
Balance, surplus
Previous surplus
surplus—__
—V..111,
'
31.
$2,034,042
500,000
611,916
666,667
850,000
Preferred divs.- (6%)
—
809,484
$112,642
12,460,267
$12,812,837 $12,572,909
Tide Water Oil Co. (of N.
subsequent pages will be found the remarks of Pres.
Manuel Rionda, in the company's fifth annual report, also
the profit and loss acount for the entire fiscal year 1919-20,
and the balance sheet as of Sept. 30 1920.
YEARS ENDING SEPT. 30.
Preferred dividends
(7%)
1917-18
1918-19
400,000
Reserve for doubtful accounts
3,500,000
—
3,500,000
3,500",600
'
Total deductions
surplus.
—
$13,404,885
8,844,135
$7,185,300 $6,764,180
3,884,581
626.424
BALANCE SHEET AS OF SEPT. 30.
1920.
Asserts—
plants,
Cane cultivations
(less reserve).
sundry adv
—
Sugar
on
on
hand
hand—
(none)
2,687,589
— —
Accounts and bills receivable.
20,328,749
566,643
Cash.
Securities for lien redemption, etc
421,225
1,148,908
Prepaid insurance, rents, etc
Discount and expenses
Items in suspense—
Total
6,850,873
263,146
420,029
11,692,000
1,245,108
5,241,188
954,541
605,601
121,872
105,649
Stores and
Molasses
$77,388,207
7,397,947
;«
Materials and supplies
Advances to—
Colonos
—
Liabilities—
$52,500,000
outstanding
25,000,000
._.—
2,457,483
3,890,329
437,500
87,5,000
—;_
Accts., payable and accrued chargas
Accrued interest
;
Pref. dividends (payable Oct.)
—
_
l,54l", 082
2,512,439
875",000
,566,643
954,541
2,022,195
23,473,102
1,439,089
6,500,000
947,491
16,712,303
$124,081,670
$109,981,945
properties.
Res. for taxes &c—_____________
10,000,000
Depreciation reserve
Deferred liabilities
776,083
.__
Surplus account
Total
x
1919.
15,000,000
11,000,000
payable
Acceptances
10-year 7% bonds
on
30",627
x54,583,335
—
Declared capital: Represented by 500,000 shares of 7% cumul. conv.
stock, par $100 and 500,000 shares com. stock no par value- add:
surplus in connection with the authorization of
Pref.
416,667 additional Common shares, no par value, such shares being re¬
for the conversion of $25,000,000 of the Corp.'s conv. debenture
bonds.—V. Ill, p. 1855.
served
Type Founders Co.
(28th Annual Report—Year Ending Aug. 31 1920.)
President Robert W. Nelson, Jersey
City, N. J., Nov. 4
1920, wrote in substance:
Results.—While the sales for 1918-19 were nearly 20% in excess of those
year, the sales of the last fiscal year were more than 40% in
of 1919, although we were handicapped by the difficulty in securing
and material.
These conditions, however, are improving and by
of any prior
excess
labor
Jan.
J.), New York City.
1920.
Other
30,571,207
1 we should ha\e practically caught up on back orders.
Finances.—The amount of our shipping and billing for August last was
three times our usual August sales of pre-war times.
This resulted
over
$34,322,670
21,721,662
$15,049,208
632,680
$12,601,009
220,788
$15,681,888
$12,821,797
$3,044,116
$2,934,164
$45,620,415
operations
income
Total income
Federal income and
excess
Outside stockholders'
Dividends
3,190,890
15,636
profits taxes
proportion
1,988,132
'
25,695
(12%)4,270,024 (12)3,922,932
paid
Total net income.
$5,161,222
—
$3,950,874
17,659,920
13,292,224
$22,821,142
$17,243,098
Previous surplus
Total
x
1919.
•
exclusive of
j
deb.322,858
cr.618,456
$22,498,284
$17,861,554
Adjustment on account of subsidiary companies
Total profit and loss
surplus.
Account of sub. cos.: Charges
through acquisition of outside interests
and adjustments of surplus of
cos.
BALANCE
SHEET
subsidiaries/
(INCLUDING
*5
Ǥ
SUBSIDIARIES)»
Sept. 30 '20. Dec. 31 '19.
Sept. 30 '20. Dec. 31 '19.
j!\.SSCtS
Liabilities—
$
$
40,576,600
Prop. & equip—x42,818,768 32,922,429 Capital stock
101,333
5,697,161
1,978,988 Subsld's' interestsCash--..-— 1,188,899
1,359,606 Acc'ts payable-... 9,580,709
Other investments.
33,087,000
101,338
4,173,272
6,196,113
2,417,977
441,224
4,467,505 Res. for lire losses.
379,520 Surplus
.22,498,284
Prepaid expenses..
767,470
96,857
Crude oil & prod's. 14,339,646 11,223,900 Outside Int. surplus
6,150
441,224
17,659,919
92,041
Trustee,
Fed.
tax
Accrued
•
1,400,000 Subs,
306,831
Supplies & mat'ls.
Deferred items
1,857
6,947,904
1,321,740
3,566,816
1,832,927
War Sav. stamps
int.
new
Is¬
of cap. stock
2,937,307
sue
2,010,767
77,468,279 60,001,762
Total
taxes.,..
outside
surplus to
Liberty bonds and
Acc'ts & notes rec.
Total
—
_.77,468,279
60,001,762
$24,681,104;
pipe lines, $10,800,679; oil-producing properties, $18,129,910; railroad and
lighterage properties, $1,376,887; timber properties, $1,002,474; less re¬
serve for depreciation, $13,172,286.—V. Ill, p
1957, 1190.
xIncludes
on
Sept. 30 1920 refining and gasoline plants,
GENERAL INVESTMENT NEWS.
RAILROADS,
General
INCLUDING
ELECTRIC
Railroad and Electric
ROADS.
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Must Be Raised to Level of
Expected to Appeal to XJ. S. Supreme
preceding page; also "Journal of Commerce" Nov. 19, p. 1.
I.-S. C. Commission Holds that Intrastate Rates
Interstate Rales—State Commissions
Court.—See
a
Passenger
Traffic
on
N.
July 1 1919 ana 1920.—(a)
Brinckerlioff's transit plan.
Y. City Subways, &c.—Ticket Sales at Stations
F. S. Commission blue prints,
(b) llenry M.
"Journal of Commerce," Nov. 18, p. 3.
Railway and Utility Commissions.—(a) Proceedings at Convention of
Nat.
Association In Washington, D. C.
"El. Ry. Journ." Nov. 13, p. 1013 to
1018* "Railway Age" Nov. 12, p. 833 to 836.
Officers elected, "Ry.
Review" Nov. 13, p. 742.
(b) NT Y. P. U. Commission, 1st Dist., work
done in 1919.
Idem, p. 1000 to 1008.
(c) Increase in street ry. fares com¬
piled by Am. El. Ry. Assn.
Amount transferred from
American
1,261 ",922
11,610,075
2,656",024
$109,981,945
Bills
Liens
Net from
2,634,600
..$124,081,670
1920.
-i
Declared capital
Drafts
1919.
$79,587,676
2,738,231
2,116,027
6,861,153
etc..
Investment
975,000
25,232
CO.
fund
.$22,249,020 $11,069,881 $7,390,604
1,750,000
3,500,000
1,750,000
679,654
2,156,584
555,810
4,248,301
979,490
8^4,525
Deduct—Depreciation reserve
Interest, exchange & discount
Reserve for taxes (incl. inc. & taxes)
Properties,
OIL
CONSOLIDATED
On
1919-20
415,122
INCOME AND SURPLUS
ACCOUNTS OF
TIDE
AND SUBSIDS., FOR 9 MOS. END. SEPT. 30.
CONSOLIDATED
of sub.
(Fifth Annual Report—Year Ending Sept. 30 1920)
INCOME ACCOUNT FOR
2,560,600
(Report for Nine Months ending Sept. 30 1920.)
x
Sugar Corporation, New York
Operatingprofit
4,000,000
2,372,200
12,758,174
694.
p-
Cuba Cane
Balance,
Total
11,610,075
Operating expenses, maintenance, &c
1916-17.
,$2,327,995
Int.on deb.bonds & notes y'
Common divs. (4%)
.12,758,174
inter-company items
AUG.
ENDING
1917-18.
$2,694,214
—
Depreciation and depletion charged off
YEARS
1918-19.
def.$1,542,531
_
9 Months ending Sept. 30—!}•
Combined gross sales and earnings,
Company.
comparative balance sheet.
FOR
1919.
$
109, p. 1888.
WATER
DISBURSEMENTS
Netprofits...
—-
165,114
(Report for Fiscal Year ended Aug. 31 1920.)
AND
raw mater.
Total
505,759
The report of President William O. Thompson, dated at
New York, Nov. 4 1920, will be found on subsequent pages
under "Reports and Documents," together with the income
account and
Liabilities—
$
5,653,145 Capital, stockCommon
4,000,000
2,506,910
Preferred
2,560,600
1,314,309
513,958 Debenture bonds. 2,294,100
674,109
462,200 Accounts payable.
981,725 Notes payable..— 1,320,000
25,092
177,829 Scrip..
Tax reserve
200,000
Surplus
1,684,273
Notes receivable-.
8,618
1920.
1919.
5,861,633
Accts. receivable.
100,000
$8,173,868 $7,540,693
Total
Oil
$79,399
$
Plant
-V. 110, p. 2192, 1849.
Cotton
$121,029
31.
SHEET AUGUST
19,459
Taxes accrued
American
$182,699
:
767,790
239,527
823,413
192,715
thro. inc. & surp.
$8,173,868 $7,540,693
$404,641
160,000
165,242
100,000
.
Loans & bills pay.
Total
165,242
$422,351
1920.
Assets—
1919.
Liabilities—
1918.
1919.
175,785
BALANCE
BALANCE SHEET DECEMBER 31.
Assets—
$446,271
160,000
179,242
(4%)
Preferred dividend (7%)
$425,665
$34,171
1916-17.
1917-18.
$518,484
160,000
$761,593
160,000
Bal. for year, surplus.
Balance, surplus
1918-19.
1919-20.
earnings.
(5)100,000
$199,478
$97,850
50,000
YEARS ENDING AUGUST 31.
RESULTS FOR
Net
Common dividend
47,500
$285,726
$40,247
Total deductions
Total
conservatively
so
"60", 782
Miscellaneous
PROFIT
and
17,917
....
on
the basis of cost
$399,054
Contingent fund
Invest, in physical prop.
49,687
Div. on pref. stock (5%)
47,500
Div. on common stock (2J4) 50,000 (2
Cash
on
Kelly Press, &c.—The demand for the Kelly press continues in excess of
our
manufacturing facilities, although we invested over $400,000 during
the past year in plant aftd real estate chiefly to increase the production
of Kelly presses.
$325,973
Total income
Interest
compared with the previous year.
taken
$310,644
def.2,842
Deduct—
Taxes
as
were
$279,411
return
Other income
1
1916
1917.
1918.
1919.
$1,190,000,
should suffer little in any general readjustment of prices.
we
$310,664
15,309
Operating income
Standard
over
Our inventories
that
Net
3039
CHRONICLE
"Bost. Fin. News" Nov. 15.
New Jersey RRs. Assessed Valuation.—Increase of $18,917,468 to $391,166, 449, raising State tax by $1,873,000.
"N. Y. Sun" Nov. 13. p. 1.
"Hudson Observer," Hoboken, N. J., Nov. 13.
Foreign Railways.—(a) Railways of the Orient, by D. F. McLeod. "Eng.
Nov. 11, p. 952 to 955, incl. map.
(b) Purchasing officesin
"Ry. Review" Nov. 13, p. 736.
(c) African
railroads, development.
Idem, p. 755.
«
>
8
News Rec."
U. S. of 23 foreign railways.
Miscellaneous.—(a) Short line hearings.
"Ry Ago" Nov. 12, p. 837,
(b) Car service, private and Federal.
Idem, p. 838. (c) Delayed Govt,
guaranty only $234,000,000 of $634,000,000 paid.
Circular. Idem, p.
842.
Roads expected to make determined effort for advance payments
"Journal of Commerce."
Nov. 17, p. 6.
(d) Need for locomotives stated
by executives.
"Railway Review" Nov. 6, p. 705.
(e) Railroad situa¬
its obligations, by Julius Kruttschnitt, Chairman Southern Pacific
Co.
Idem, p. 689.
(f) Nominations for Labor Board.
Idem, Tsov. 13,
p. 745.
(e) R. W. Woolley to leave Inter-State Commerce Comm.
Ry.
Age" Nov
12, p. 849.
(h) Penn. RR. and other roads further cut down
force
"N Y. Times" Nov. 13 and 14, p. 1* Nov. 15, p. 20.
(1) Proposed
tion,
coal
car
record.
bill about $100,00C
inquiry.
Idem, p. 237
(j) Automobile freight
"Ev. Post* Nov. 15, p. 15.
(kj Penn
Idem, p. 20.
(I) Penn. RR. to import wood
000 yearly.
RR. beats freight
for cross ties from
Cent. & So. Am.
an
"Bost. N.'B." Nov. 13.
(m) 31.3% of
cars on own
lines
increase of 30,000 over Oct. 1.
I.-S. C. Commission authorizes increase from He. to lc. a pound on
short-haul shpiments of daily newspapers, and passes on express matters.
"Journal of Commerce" Nov. 19, p. 3.
(o) September net earnings of
Class 1 roads as reported by Bureau of Railway Economics falls 26.9%
short of expected return.
See "N. Y. Times" Nov. 18, p. 9. but compare
"Chronicle"
Nov.
13, p.
1893-96.
(p) Mexican railroads recovering
"Manufacturers' Record
Nov. IS, p. 138.
(n)
Matters Fully Covered in "Chronicle" of Nov. 13.—(a) Gross and net earn¬
ings for September.
Explanation of failure of net earnings to respond as
expected to higher rates, p. 1893-96.
(b) RR. efficiency under private
control.
Atlantic Shore RR .—Fare Increase.—
Dover & York Street Railway, Dover, N. H., has
The Portsmouth
authorized to raise its cash fare from 7 to 10 cents.—V. 106. p.
Baltimore
Ohio
&
RR.—Annual
to succeed the
been
2648-
director
late John G. Schmidlapp.—V. Ill, p. 1948, 1715.
Bangor & Aroostook RR.—Equip. Trusts Application.has asked the I.-S. C. Commission for authority to issue
equipment trust certificates one for $140,000 maturing in 1926
7% and the other for $180,000 maturing 1936 at 6% interest.—V. Ill, p.
The company
two series of
at
1948.
RR.—"Divisions"
Maine
Case
Pending-
Adverse Effect of Old Basis for Dividing Through Rates.—
See under caption "New York
1942.—V. Ill,
p.
New Haven
1751.
&
Hartford RR." in V.
.
Ill
|
Central Illinois Public Service Co.—Power Contract.Mississippi River Power Co. under "Indus." below.—V. 108, p. 1513.
See
Chicago & Alton RR.-—Federal Compensation.—
A board of referees appointed last May, in a report to the I.-S. C. Com¬
mission, fixed $3,178,314 as a just compensation for the use of the road for
This amount is the figure decided on by the
the standard return only.
The road asked
$4,592,500 annual compensation.
If the company rejects the referees'
figure it is expected a suit will be filed with the U. 8. Court of Claims to
hear the case.
See annual report in V. Ill, p. 1178, 1948.
each year of
Government
Federal control.
and
represents
Chicago Burlington & Quincy RR.—Details of New
Financing Plan Filed with I.-S. C. Commission.—The com¬
pany's financing plan, filled with the I.-S. C. Commission on
Nov. 5 provides for the capitalizing of a part of its surplus,
representing earnings invested in its property, by issuing
$60,000,000 additional capital stock to be distributed pro
the stockholders (Great Northern and Northern
Pacific Ry. companies jointly own practically all of the stock)
and $109,000,000 of 6% 1st & lief. Mtge. bonds, to reimburse
its treasury for money previously expended out of earnings.
Of the bonds, $80,000,000 are to be held in the treasury to
be used for any lawful purpose, including dividend purposes,
and the balance, $29,000,000, is to be disposed of only for
future additions and betterments after further application
rata among
to
Low Capitalization Misleading.—The unduly low capitalization of appli¬
compared with other railroads in the same territory, and as com¬
pared with its property investment, has led to a misunderstanding on the
part of the public as to the rate of return on fair value of property shown by
applicant's earnings.
The partial capitalization of applicant's surplus now
proposed is just in relation to the capitalization of said other companies with
reference to applicant's fair value, and is in furtherance of the policy of the
transportation act.
[Hearing on the application is to be held on Nov. 22.J
[A Chicago attorney by the name of Robert J. Frank, representing him¬
self and certain minority stockholders, is opposing the plan.
See "Wall
Street Journal" Nov. 18.]—V. Ill, p. 1948.
cant as
Chesapeake & Ohio Ry.—Application to Issue Stock.—
has applied to the I.-S. C. Commission for authority to
for the conversion of
5% Convertible 30-year Secured gold bonds, due April 1 1946.
The Convertible 30-year 5% gold bonds of 1916 for $40,180,000 (V. 102, p.
1162) are convertible at option of holder at face value into common stock
(a) at $75 per share up to and incl. April 1 1920, (6) thereafter at $80 per
share up to and incl. April 1 1923, (c) then at $90 per share up to and incl.
April 1 1926, and (d) at $100 per share up to and incl. April 1936, with
adjustment of dividends and interest.—V. Ill, p. 1851.
issue $50,225,000 additional Common stock to provide
Chicago
Eastern Illinois
&
RR.—Reorganization.—
published statements that the plans for the reorganization
completed and agreed upon providing for an assessment
of $30 a share on both Common and Preferred are declared in well informed
quarters to be at least premature,
In fact, it is impossible to arrive at a definite figure for the amount of
the assessment until the controversy over the Government compensation
has been settled,
The Board of Referees appointed by the I. S. C. Com¬
mission reported that the compensation should be approximately $4,450,000
per annum—$1,170,000 in excess of the Government's offer,
The receiver
for the road has filed a claim for compensation with the U. S. Court of
Claims.
("Boston News Bureau") see V. Ill, p. 1851.
Recently
&
Boston
p.
The annual net income available for dividends as shown, and present rate
and traffic conditions in applicant's territory, prove that by the most con^
servative estimate the additional securities proposed will not impair appli¬
cant's credit or its ability to serve the public as a common carrier.
The company
Report—Director.-
See Annual Report under "Financial Reports" above.
Governor John J. Cornwell of West Virginia has been elected a
[Vol.111.
CHRONICLE
THE
2040
the
Commission.
Bonds
are
to be issued under a new
mortgage, to be dated Feb. 1 1921, to the First National
Bank, New York, and Walter S. McLucas, trustees.
Outline of Application Filed by President Hale Holden.
Property
investment
Investment—Surplus.—The
as
of Dec. 31
application states that
property
1919 amounted to $535,210,890, and corporate
surplus $241,781,197.
Depreciation on its equipment has been charged to
the amount of $48,514,239, and if the application is granted there will
remain a corporate surplus of $101,781,197.
Capitalization.—The
total
capitalization
amounts
to
$278,889,100,
being at rate of $31,164 per mile of road.
The capital stock outstanding
and the funded det}t outstanding to $168,050,000.
amounts to $110,839,100,
for New Mortgage.—The company states that it finds "an absolute
expansion and growth as a railroad system to issue a
new mortgage which will provide-for financing its, additions and better¬
ments for a considerable period."
Before the passage of the Transporta¬
tion Act it had obtained authority from the Illinois Public Service Com¬
mission for an issue of $109,000,000 of bonds under its General Mortgage,
interest limited to 5%.
Under present market conditions, it has not been
considered advisable to put 5% bonds on the market.
Capital Increase Necessary.—The applicant states that the State laws
relative to corporate securities provide that, in order to be legal investments
for savings banks, &c., bonds shall not exceed three times the capital stock
of the issuing corporation, and that it is therefore imperative, in order to
make a refunding mortgage and provide for adequate future financing, that
applicant increase its capital stock.
By the proposed increase in capital to approximately $170,000,000 the
applicant will have under the laws of such investment states a basis for a
bond issue up to approximately $510,000,000 (instead of approximately
$332,000,000 as at present), the necessary limit to enable applicant to finance
its necessary additions and betterments for a reasonable term of years.
Earnings Invested in Property, &c.—Since July 1 1901, applicant has
invested in additions and betterments to its railway operating property the
sum of $189,070,776 out of earnings from operation which justly belonged
to its stockholders, at least to the extent of two-thirds thereof, or more.
For the most part, these additions and betterments added to the fair value
of applicant's property and to the earning capacity thereof fully in pro¬
Reasons
necessity to its future
portion to the expenditure, only a small portion of the expenditure having
been in non-revenue producing additions and betterments.
During this
period applicant has not increased the aggregate of its bonds or stock,
substantially financing all its improv. and betterment work out of earnings.
This
policy has resulted in the abnormal capitalization heretofore shown,
and is a policy not just to the stockholders and of which they oppose the
of the road had been
Chicago Surface Lines.—Valuation Placed at ,% 159,113,114.—-The Illinois P. IK Commission on Nov. 8 on
issuing its order making permanent the straight 8-cent fare
as of April 30 1920 at $159,113,114 in order to allow a return of 7.5%.
fixed the valuation of the lines
The
companies in their original application filed Aug.2 1919 submitted,
the following figures:
|
Valuation
Total
June 1
'19
June
$29,000,000
21,000,000
5,000,000
775,000
Calumet & South Chicago Ry
The Southern Street Railway
Total
Additions to
Agreed' 07
Chicago Railways
Chicago City Railway..
$55,775,000 $101,925,462
'19
$90,805,533
$61,805,533'
33,011,570
6,184,105
924,254
54,011,570
11,184,105
1,699,253
$157,700,461
Companies' Present Figures.—In support of the contention that the value
is in excess of the agreed purchase
of the properties used in the public service
price, the companies submitted data to substantiate the following values:
Based on unit pricas as of April 1 1919, the cost to reproduce new $200,371,689; Cost to reproduce new less depreciation as of April 1 1919, $164,453.284;
based
prices
average
and based
on
on
1 1920, $247,246,637; based on
from 1914 to 1917, $164,812,046;
period from 1914 to 1920,
unit prices as of April
for
the
6-year
peroid
the average prices for the 7-year
$176,588,415.
City's Figures,—In contrast with these figures, the city submitted valua¬
based on unit prices as of April 1 1919, $186,335,695; basis of average prices for the period from 1915 to 1919, $157,704,406; cost to reproduce new Jess depreciation as of April 1 1919, $139,-
tions: Cost to reproduce new
644,835.
the cost to reproincluding certain defined eliminations and corrections, is $170,-
Commission's Findings.—The Commission found that
ruce new,
000.000
as
31
of Jan.
1919;
cost to
reproduce the property new less de¬
preciation $143,900,000; going value $20,000,000; present value for ratemaking purposes as of Jan, 31 1919. excluding franchise values, going value
and all other intangible values, $143,500,000; including the element of
going value, $163,500,000.
The Commission further finds that
eliminating from consideration the
property which the city claims should be excluded from
the Inventory of the
useful properties, the present value for rate-making purposes on Jan, 31 1919
is at least $157,164,908.
Between Jan. 31 1919 and April 30 1920, there
additions to the property of which the Commission finds the present
to be $1,948,206, making the present value of the property as of
April 30 1920, with eliminations claimed by the city, at least $159,113,114.—V. Ill, p. 1949.
were
value
.
Cincinnati Ind. & Western RR.—To Extend Voting Trust
The voting trustees for the Preferred and Common stock have announced
that by its own terms the trust agreement expires on Dec. 1 next, and it is
proposed to extend it for a period of 5 years to Dec. 1 1925.
The holders of trust certificates are informed by the trustee
that if they
desire the extension to sign the form forwarded to them and return
with their trust certificates to the Equitable Trust Co. of New
V. Ill, p. 1660.
Columbus Newark
due Nov. 1
bonds
on
the same
York.—
Zanesville Electric Ry.—Interest
&
Columbus Buckeye Lake &
Newark Traction Co.
Defaulted—Protective Committee.—
The interest due Nov. 1 1920, on the $1,243,000 Columbus Buckeye
Newark Traction Co. 1st Mortgage 5% bonds,
of 1921, was not
paid.
Owners of a large amount of these bonds have requested the under¬
signed to act as a Protective Committee.
Holders of the bonds are re¬
quested to deposit their bonds with the
Philadelphia Trust Co., Phila.
Protective
Committee.—George K. Johnson,
Chairman
(Pres., Penn
Mutual Life Ins. Co., Phila.); W. T. Goodale (Treas., Saco & Biddeford
Savings Institution, Saco, Me.); Robert D. Kemp (Pres., Artisans' Savings
Bank, Wilmington, Del.), with L. W. Steeble, 530 Walnut St., Phila., Pa.
Secretary and Johnson & Gilkyson, 1211 Chestnut St., Phila., Counsel.—
V. 110, p. 561.
Lake &
continuance.
From July
in
1901 to Dec. 31 1919, the
company
has invested from earnings
additions and betterments, road extensions, retiring bonded debt, pur¬
chase of securities of other
companies and other items properly chargeable
to capital account, $191,348,478, which has not been capitalized, and its net
income applicable to dividends for the past 10 H years has aggregated $202,490,286, or an average per year of $19,284,789
Dividends Paid Average 8.51 % p. a.—Notwithstanding said large amounts
of net income which might have been distributed to the stockholders at the
discretion of the directors, the average of all dividends paid to stockholders
on the very low capitalization mentioned, for the period of July 1 1901, to
June 30 1920, was only 8.51% on the par of stock and on property invest¬
ment during the same period in excess of bonded debt 3.916%.
Valuation.—The physical valuation now being carried on by the Bureau
of Valuation of the l.-S. C. Commission will support a value clearly in excess
of the property investment above stated.
Policy Recognized in Transportation Act.—A policy clearly recognized in
the transportation act, 1920, is to bring all the railways eventually to sub¬
stantially the same principle of capitalization, which is to be as nearly as
practicable the value of their respective railways operating properties, so
that the cost of transportation, as between competitive systems, and as
related to the values of the properties, through which the service is rendered,
shall be the same so far as practicable, so that the railways can employ uni¬
form rates in the movement of competitive traffic and under efficient man¬
agement earn substantially the same rate of return upon the value of their
respective railway properties.
Additional New Securities will Not Impair Credit.—Applicant's present
interest and sinking fund charges amount approximately to $7,250,000 per
annum, and the issue of $80,000,000 bonds as proposed would increase this
amount by $4,800,000 per annum.
During the 5H years from July 1 1914,
to Dec. 31 1919, the average annual net income yielded by applicant's rail¬
ways, plus applicant's other income, was $17,324,704 in excess of the pro¬
posed new interest requirements, which is a large and safe margin above all
dividend requirements, in respect of the proposed total of $170,000,000.
over
Street Railway
Department of Toledo Rys. & Light Co. under
Franchise—Capitalization, &c.—
Service-at-Cost
Community Traction Co.—To Take
See Toledo Rys. &
Light Co. below.—V. 105, p. 1801.
Connecticut Co.—Jitney
Regulation.—
on Nov. 8 passed an
by the company.
6 denied the application of the Jitney
Owners' Association of Hartford, for an injunction restraining the city from
enforcing the terms of an ordinance relegating the buses to side streets,
The Waterbury City Council hks repealed the ordinance barring jitneys
from the streets owing to the increased fare to 10 cents straight.
On that
account the company threatened to suspend service on Nov. 17, but the
P. U. Commission ordered it to continue its service.—V. Ill, p. 1751.
The Board of Aldermen of New Haven, Conn.,
ordinance ruling jitneys off the principal streets served
The
Superior Court
on
Nov.
Delaware & Hudson Co.—Bonds
Ready.—
7% 10-Year Secured gold bonds can now ex¬
for definitive bonds at the U. S. Mtge. & Trust Co., 55 Cedar
Street, N. Y. City.—V. Ill, p. 1851, 1182.
Holders of the temporary
change
same
Denver & Rio Grande
RR.—Postponement of Sale Denied.
—Federal Judges W. H. Sanborn of St. Paul and R. E. Lewis
of Denver have denied the application of the stockholders'
committee for
a
60-day postponement of the sale of the road
scheduled for Nov. 20.
The opinion was followed by notice by Arthur M. Wickwire of
one of counsel for the committee, that an appeal to the Court
would
be taken.
By
agreement of counsel and the court,
hearing by the Federal District Court of Colorado on
New York,
of Appeals
however, the
confirmation of th
«
Nov. 20 1920.]
THE
Bale will be deferred until Dec. 18 in order to give counsel for the stockholders
an
opportunity to prosecute their appeal before the hearing on the question
of confirming the sale is held.
The stockholders' protective committee consists of Jefferson M. Levy,
Chairman; George F. Secor, G. Tracy Rogers, John T. Steele, Clarence J.
McCuaig, with Arthur M. Wickwire and Daniel M. Blumenthal as counsel.
New Delaware
RR. with
to
Company Incorporated.—A Delaware charter
granted Nov. 15 to the Denver & Rio Grande Western
was
own
an
authorized capital of $150,000,000,
authorizing it
railroads and railways outside of Delaware.
and operate
The company was formed for the
purpose of taking over the Denver &
Rio Grande RR., scheduled to be disposed of at a receiver's sale to-day
(Nov. 20).
Compare V. Ill, p. 1472, 1660, 1751, 1852.
Des Moines (la.) City
Ry.—Fare Solution Sought.—
Federal Judge
Martin J. Wade has appointed John A. Guiher, E. D.
Perry, and Paul Beer, as masters to devise a plan whereby the company's
receipts may be increased to meet the necessary expenses of interest,
operation and fixed charges.
•
Judge Wade has stated that the present 6 cent fare is inadequate,
He also
stated that the
company
was
granted and
granted and is
p.
has not made a profit since the present franchise
thajt the company was insolvent when the franchise was
now
insolvent,
a
matter of
commoniknowledge.—V. Ill,
1083.
Intermountain
Detroit
yield 8%, $50,000 (Colo¬
rado-Wyoming Division) 1st Mtge. Ref. Gold bonds of 1912, due Aug. 1
1942.
The bankers state:
In addition to the 6% 1st Mtge. coupons, there are attached to
Toledo
&
Ironton
p.
a.
,
Capitalization—
Authorized.
Issued.
Mortgage bonds
$2,000,000
$829,500
Two-Year 8% Convertible Notes
600,000
102,000
Cumulative 7% Preferred Stock
1,000,000
482,400
Common Stock (par $100)
1,000,000
1,000,000
Earnings year ended July 31 1920: Gross revenue, $510,058; operating
expenses and taxes, $374,070; net earnings, $135,988.
|N8
Company supplies electric lighting and power in eight substantial "cities
and a number of smaller communities in Colorado., Wyoming and Nebraska,
also steam heating plants and ice plants to several communities.—V. 105,
First
.
1617.
p.
Kansas Oklahoma
Detroit United Ry.—Refuses to
Enjoin City.—
Duluth
(Minn.) Street Ry.—Fare Rejection Stands.—
A recount of the votes cast in
special election on Oct. 4 at which voters
defeated a proposition to allow the company to raise its fare from 5 cents to
6 cents shows that the proposition was rejected.—V. Ill, p. 1751.
!
East
St.
Louis
&
a
Suburban Co.—Wage Increase.—
Street
car men employed on the single track divisions of the company
been awarded a wage increase of about 31.21% by an arbitration
board.
The award which is retroactive to May 1 last runs to May 1 1921.
Motormen and conductors who formerly got 48 to 52 cents an hour, were
granted 60 cents an hour instead of the 90 cents asked.
Men who operate
one-man care will receive 66 cents an hour under the award, if it is accepted
have
by the men.—V. Ill,
p.
1751.
Empire State RR.—
final
decree
of
■
dissolution
of
the
Empire
Rys.,
United
Syracuse,
(V. Ill, p. 493) now the Empire State RR,, which went into bankruptcy
in 1915, has been handed down by Supreme Court Justice Leonard C. Crouch.
The court has denied the applications for
preferential payment, amounting
to more than $10,000.
The Railway Audit & Inspection Co, was ordered
paid $3,152 for furnishing conductors and motormen prior to the bank¬
ruptcy.
Vice-Pres., C. Loomis Allen, who was receiver, was ordered paid
$5,000.
The assets will be distributed by the receiver on a proportionate
basis among the creditors.
The total sum owing creditors is in the neigh¬
borhood of $8,000,000.
("Electric Railway Journal").—V. Ill, p. 1369.
Erie
RR.—Government
Loan
Approved—The I. S. G.
Commission has approved a loan of $1,840,700 to the co~
pany to aid it in reconstructing its freight equipment, to
make additions and betterments to its roadway and structures
at an estimated cost of $6,680,000 the company itself being
required to finance about $4,840,000 to meet the loan of the
Government.—V. Ill, p. 1949.
Evansville
Indianapolis
&
Terre
Haute
RR.—
The company has filed an application with the I. S. C. Commission for
authority to acquire the property of the Evansville & Indianapolis RR. as
per reorganization plan in V. 110, p. 1186.—V. Ill, p. 188.
Federal Valley RR., Ohio.— Stock Application.—
has applied to the I. S. C. Commission for authority to
$447,800 Capital stock of which $442,800 will be delivered to the
Black Diamond Co.for building the road from Palos to Lathrop, O., about
15)4 miles.
The company was incorporated in Jan. 1918 in Ohio.
Road
s operated for freight service only.
J. H. Earnshaw, Pres., Columbus, O.
The company
Issue
Georgia Ry. & Power Co.—Validity of Contract Upheld.—
The original restraining order signed by
the case of the city of College Park against
Judge Geor ge L.Bell in Oct. In
the company has been continued
by Judge John T. Pendleton in Fulton Superior Court.
The city seeks a
permanent injunction to prevent the company from collecting a 7-cent
fare on the College Park-Atlanta line.
At the same time, however, Judge Pendleton announced that he would
issue a supersedeas allowing the company to collect 7 cents fares con¬
tingent on the agreement of the company to keep a record of all fares thus
collected until the case is decided by the higher courts.
Receipts given by
the company to all passengers for the extra 2 cents will be redeemable if the
higher courts sustain the decision of Judge Pendleton.
The decision of Judge Pendleton sets up the validity of the contract
between the municipality of College Park ana the company for a 5-cent rate,
which was signed Nov. 6 1905.—-V. Ill, p. 1852, 1949.
•
Gulf Mobile & Northern RR.—Government Loan, &c.—
Commission has approved a Government loan of $515,000
in providing itself with 6 freight and switching locomo¬
The I.-S. C.
to aid the company
tives at an estimated total cost of $227,400, and additions
and betterments
equipment and to ways and structures at an estimated total cost
$401,500.
Co. is required to finance about $114,000 to meet the loan.
The Commission has auth. the company to issue $4,000,000 First Mtge.
gold 6s, series "A," to be pledged as follows: (a) $816,000 for promissory
notes to be given in renewal on certain outstanding bank loans; (o) $1,030,000 with the Secretary of the Treasury as security for the above loan of
$515,000; (c) $960,000 for an indebtedness of $480,000 to the United States
to be funded by the Director-lGeneral of Railroads, and (d) to hold $1,194,000
in its treasury to be pledged from time to time to secure short-term notes.
The bonds are to be dated Oct. 1- 1920 and mature Oct. 1 1950.—V.
to existing
of
Ill,
p.
Long Island RR.—Government Compensation.—
It is reported from
B. McKinley on Nov. 2 last was
States Senator from Illinois.—V. Ill, p. 1752, 1472.
Muskegon Traction &
elected a United
IndianapolisfStreet Ry.—City Rejects Service-at-Cost.—
following the action by the city the company filed an
application for authority to charge 2 cents for transfers.
Present fare is
5 cents with no charge for transfers.
For further details see "Electric
Railway Journal" Nov. 13, p. 1025.—V. Ill, p. 1656.
Immediately
International & Great Northern Ry.—Bond Extension.
informed that the $198,000 Colorado Bridge 7s due May 1
have been extended to Nov. 1 1922 at
7H%.—V. Ill, p. 1752.
1920
use
of its
Lighting Co.—Buses Barred.—
The Muskegon City Commission has revoked all schedules and routes
of the Muskegon
Jitney Bus Corp.
This action follows a signed petition
asking that the jitneys be stopped from running on the same streets as the
company's cars.—V. 110, p. 1290.
v
r :
New
York
New
Haven
&
Hartford
RR.—Government
Loan\Approved,&c— The I. S. C. Commission has approved
a Government loan of $9,630,000 to aid company in provid¬
ing new equipment and additions at a total estimated cost
of $13,525,000.
The Commission has also authorized the company to issue
$95,000,000 1st & Ref. Mtge. gold bonds as follows: (a)
$80,000,000 Series "A," due Oct. 31 1930, to be pledged as
security for notes to be issued by the road under the Trans¬
portation Act; (6) $15,000,000 Series "B," due Oct. 31 1935,
to be pledged as security for Government loans.
As shown
the statement of Vice-President Buckland,
in
published last
week (V. Ill, p. 1942;. the company owes the Government about $60,000,000 advanced for additions, &c., and has received an additional loan of
$9,630,000 (see above). The company's notes for these amounts are to be
secured by the above Series "A" and "B" bonds, respectively.
The First & Refunding mortage is an open mortgage, and the issuance
of the bonds Is limited as follows: "The mortage wili provide that the
amount of bonds which may be at any time issued and outstanding shall be
limited to an amount which, together with all other bonds, notes and other
evidences of indebtedness of 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 now and hereafter paid and set up In the bal¬
ance sheet of the
company as prescribed by tne Inter-State Commerce
Commission.
Compare V. Ill,p. 1950,1942, 1852.
Norfolk & Southern RR.—Lumber Co. Closes Plant.—
The John L, Roper Lumber Co. of Newbern, N.
C.,
a
subsidiary
com-
Sany operating indefinite period because of in lack South, closed its plant
Tov, 12 for an one of the largest sawmills a the of demand for lumber.
More than 1,000 men are affected,—y. Ill, p.
Norfolk & Western
The company
operate
891.
Ry.—Application to Lease Lines.—
has applied to the I. S. C. Comimssion for authority to
under lease the Tug River & Kentucky RR, and the Williamson &
Pond Creek RR., the entire stock of which it owns,—V. Ill, p.
Northern
Plant
Ohio
Traction
&
Light
793.
Co.—New
Power
Contemplated—Fares, &c.—
The company, it Is stated, is contemplating the erection of a power
plant to cost from $10,000,000 to $14,000,000 in order to supply northern
Ohio with power on the Muskingum River near Coshocton, Ohio.
No
definite plans have been fixed upon but it is believed that the start of the
work is contingent upon Akron factories signing contracts for the use of
their power.
The proposed plant, it is said, will have an immediate capacity
of 120,000 kilowatt.
A zone fare system was recently placed in effect on the company's line
between Akron, Kent and Ravenna.
Under the new system the fare from
Akron to Ravenna remains 30 cents with a 5 cent fare in each
similar
zoning
system
will
be installed
on
zone.
A
the company's line between
North Canton and Massillon.
new service-at-cost ordinance in Akron, which is to be sub¬
referendum, the fare is to range from 4 to 10 cents contingent
Under the
mitted to
upon
upon
a
the revenues of the company and the company is to get a 7% return
its valuation.
Present fare is 5 cents.—V. Ill, p. 1279.
Ocean Shore RR. of Calif.—Abandonment.—
The stockholders on Nov. 9 approved the action of the directors in asking
the Calif. RR. Commission ana the I. S. C. Comimssion for permission to
abandon operation of the road, and passed a resolution empowering the
road's property in accordance with their best
The directors also were authorized to bring an action in the
season asking for a dissolution of the corporation.
The road, it is stated, now has no indebtedness, about $60,000 in notes
having been paid off by the sale of equipment.
It is expected that between
$20 and $30 a share eventually will be realized by the stockholders from the
sale of additional rolling stock, steel rails and other property including
real estate.
The company, it is said, has about 5,000 ton sof steel rails to
sell and these are in process of being salvaged.
Between Jan, 18 1912 and the date of discontinuing operations, Aug. 16
1920, the shareholders paid 7 assessments, amounting in all to $1,208,397,
or $29 a share, the last assessment having been levied on Dec,
18 1919.
The operating deficit for 1920 up to the time of closing the road on Aug, 16
was in the neighborhood of $60,000.
The road's difficulties were brought
about largely by automotive competition.
H. H. Stoddard, Gen. Mgr. of the San Vincente Mill & Lumber Co.
has announced that his company has purchased the 16 miles of the road
including the rolling stock and equipment of every kind between Santa
Cruz and Swanton, rights of way and franchise.
The San Vicente Co.
paid about $100,000 for the steel alone.
The road will be operated pri¬
vately and not as a common carrier.—V. 111, p. 1852.
directors to dispose of the
judgment.
Superior Court in due
—
The company has issued notices dropping from the payrolls of the road's
Altoona, Pa,, shops 1,350 men, or about 15% of the total force, effective
at the expiration of the customary 5 days' notice.
This, it is stated, is a
permanent reduction in force and not a temporary lay-off necessitated by
a reduction in the volume of repair work now coming into the shops.—
V. ill, p. 1950.
The City of Indianapolis on Nov. 4 filed a petition .with the Indiana
P. S. Commission requesting the withdrawal of tne proposal for service-atcost operation for Indianapolis, presented several months ago.
are
Washington that the board of referees appointed by
$3,258,000 annually for the 26 months of Federal control for the
property by the Government.—V. Ill, p. 1566.
Pennsylvania RR.—Cuts Altoona Shop Forces
Co., Peoria, 111.—
President William
We
Gulf Ry.—President Resigns.—
1949, 1566.
p.
the I.-S. C. Commission has decided that the road be paid at the rate of
1752.
Illinois Traction
&
President B. H. Hagerman, with headquarters at Kansas City, Mo., has
RR.—Decision.—
The U.S. Supreme Court on Nov. 15 refused to permit an injunction
prohibiting the city of Detroit from continuing the preparations already
started looking to the acquisition of municipally-owned street railway
facilities.
The court set next Jan. 3 for hearing arguments in the suit
brought by the company to prevent the city from carrying out its plan for
the purchase of certain street railway lines.
For bids for Detroit Street Ry. Municipal bonds see under "State and
City Department" below.—V. Ill, p. 1852. 1660.
the bonds
notes, payable 1% s.-a., causing a total yield to the investor of 8%
Int. F. & A. at Guaranty Trust Co., New York.
Callable at 105
on any int. date prior to Aug. 1 1932 and at 102H thereafter.
Additional
interest notes, however, are not callable and mature s.-a. until Aug. 1 1942.
Denom. $1,000 and $500 (c*).
Colorado Title & Trust Co., Colorado
Springs, trustee.
'
coupon
The
Appelate Division of the Supreme Court, holding that the lease of
to a new comapny (the Detroit & Ironton RR. owned by the
Ford interests), would be beneficial, affirmed the order of Justice Finch
denying the application of minority stockholders for an injunction restrain¬
ing the carrying out of a 75 year lease.
It is stated that the court in up¬
holding the decision of the lower court did not pass upon the merits of tne
case because it did not appear that the injunction is necessary for the preser¬
vation of the rights of the plaintiffs.
The merits of the case, it is stated,
will be decided when the trial is held.—V. Ill, p. 1472.
Ry., Light & Power Co.—Bonds Offered.
Elston & Co., Chicago, are offering at prices to
resigned.—Y. Ill,
the road
A
2011
CHRONICLE
Pittsburgh (Pa.) Railways.—Jan. 1 1919 Interest.—
An
advertisement
states:
Interest
due Jan.
1
1919 on General Mtge.
bonds of the United Traction Co. of Pittsburgh will be paid on
of coupons at
p.
Brown Brothers & Co., 59 Wall St.,
presentation
N. Y. City.—V. Ill,
1852, 1567.
Pittsburgh & West Virginia Ry.—Capital Increase, &c.
on Nov. 15 approved an increase inSthe
—The stockholders
capital stock from
$39,600,000 to $47,000,000,
and also
2013
THE
approved the purchase of the West Side Belt RR.
CHRONICLE
[The members of the first city board of control under the service-at-cost
ordinance appointed by Mayor Schreiber are: David H.
Goodwillie, former
city director of public service, for 6 years; W. W. Knight, a member of
Compare
V. Ill, p. 1473, 1753.
fe Providence &
'
Danielson
The stockholders will vote
Nov.
Ry.—Sale, &c
the service-at-cost commission and the V.-Pres. of the
Bostwick-Braun Co.,
for 4 years, and
Henry C. Truesdall, Pres. of Union Savings Bank and V.Pres. of Northern National bank, for 2
years.
It is expected that operations
under the franchise will commence not later than
Feb.next].—V. Ill,p. 1853
—
22
(a) on confirming the action of the
discontinuing the operation of the road; (6) on
authorizing the permanent abandonment and sale of the portion of the road
located west of a point near the village of North Scituate, R. I., and ex¬
tending therefrom westerly to East Killingly, Conn., and of all the remain¬
ing property of the company excepting only that portion located east of
the village of North 8cituate and extending therefrom
easterly to the city
of Providence, and a reasonable amount of
equipment to be reserved for
use in connection therewith;
(c) on cancelling the existing agreement and
lease between the company and the Peoples
Tramway Co. and to release
all claims against Peoples Tramway Co.—V- 111,
p. 1473.
directors and
officers in
Reid Newfoundland
The company was
incorpo.
Toledo & Western RR.—Receivership Suit
about Nov. 7
as a
Recently the road defaulted on interest payments on its bonds.
It has
had difficulties for years, but according to officers is now
beginning to
get back on a paying basis.
Recent tariff revisions by the I. S. C. Commis¬
sion and increased passenger fares have brought
up the earnings.
The road
is operated
limited liability com
Eany, having a paid-up capital of 150,000 shares (par $100), the principal
olders of which
Henry Duff Reid, William Duff Reid, Robert Gillespie
by the Doherty interests and operates 86 miles of line, connect¬
ing Toledo with Sylvania and other towns. ("Electric Railway Journal.")—
V. Ill, p. 295.
are
Reid and Harriett Reid.
The objects of the newly incorporated
(a) to operate and further
develop the present railway system and its branch lines, (b) to operate the
present street railway, electrical plants, dry dock, &c. (c) to operate the
steamship services now under control of the company, (d) to build, purchase
or, otherwise acquire boats and steamers for the purpose of maintaining or
developing these services, (e) to develop the natural resources of the country
or that section thereof for which they have grants, such as mining, timber,
&c.
In the operation of the railway and steamship services, the company
is to have priority over all other railways operated in Newfoundland,
whether run by steam, electricity or otherwise.—V. Ill, p. 390.
Richmond Light &
I
co. are:
Union Traction Co. of Morgantown, W. Va .—Successor.
This company was
recently incorporated to acquire the traction lines of
the'South Morgantown Trac. Co. sold at auction last Oct. (V.
Ill, p.
1662).
The new owners expect to continue to operate the system
acquired.
The incorporators are Jas. H. McGraw, A. J. Barlow, Frank
Cox, D. H.
Courtney and G. C. Barker, Morgantown, W. Va.
United Rys. Co. of St. Louis.—Receiver's Certificates.—
The Missouri P. S. Commission has authorized the receiver to
issue $4,200,000 7% receiver's certificates, due in three years.—V. Ill,
p. 1662.
RR.—Lighting Contract With City.-
See Staten Island Midland
United RRsJ of
RR,—V. Ill, p. 1370.
will be
The company has applied to the I. S. C. Commission for authority to
Issue six notes of $500,000 each at 6%, maturing serially from Jan. 1 1921
to Jan. 1 1924, to be given to holders of present outstanding demand notes
amounting to $3,000,235.
The $235 is to be paid in cash.
The company
authority to issue two notes for $50,000 each, payable on or
before Jan. 1 1924, at 6%, one to the Atlantic Coast Line and the other to
the Richmond
Fredericksburg & Potomac, in evidence of cash loans.
The company's terminals in Richmond, completed and placed in operation
in Jan. 1919 are being used by the Atlantic Coast Line RR. (which owns its
entire $25,000 capital stock) and Richmond Fredericksburg & Potomac RR.
Valdosta Moultrie & Western
Ry.—-Receivership.—
Dispatches from Valdosta, Ga.. report that the road has been placed in
receivership, Robert Murray, the local agent of the line, being named as
also asked
receiver.
The petitioners are heirs of the B. F. Jones estate,
controlling
stockholders, who claim that the road owes them $55,000.—V. 106, p. 1462.
Virginia Ry.
6% stock dividend has been declared on the outstanding 79,994 shares
of Preferred stock
(par $100), payable Jan. 20 1921 to holders of record
The proposal of the Western Pacific to exchange its First Mortgage bonds,
selling around 85, for Sacramento Northern bonds in the ratio of 4 to 5;
Dec.
50 in cash for each share of Preferred, $12 50 in cash for each
Pref., and $5 for each share of Common, has met with opposition
through John S. Drum, a director of the Sacramento Northern, who holds
that the offer was entirely inadequate.
The security holders at a meeting held on Nov. 13 appointed the follow¬
ing committee to determine a fair value for the properties and securities
and to report to the stock and bond holders.
The members of the com¬
mittee are: Miles Standish, Chairman; George W. McNear, Warren D.
Mansfield, C. W. Bush and C. J. Crary.—V. 109, p. 1271.
Sherwood
Officers.—
Wynn has been elected a Vice-President and C. E. A. McCarty.
Secretary.—V. Ill, p. 1950, 1562.
South Morgantown
W. F. Turner, Vice-President of the company, has been elected President
succeeding L. C. Oilman.—V. Ill, p. 1473,190.
RR.—Contract
City is to take
over
Sacramento Northern RR. and Denver &
p. 1846, 1853.
See
RR.—Application Denied.—
Judge Sanford in the Federal Court at Chattanooga has refused the
com¬
pany's application to issue $750,000 receiver's certificates, stating that he
convinced that their issuance at the present time was not necessary.
Judge Sanford also deniod the application made on behalf of the South¬
ern Ry. to foreclose the Prior Lien 4s of 1904.
The matter of reorganizing
the road was deferred till a later date by the Court.—V. Ill, p. 793.
was
Toledo
Railways & Light Co.—Service-at-Cost Franchise.
Bulletin" letter issued by Henry L.
Doherty & Co., Nov. 15, says in substance:
"Investment
Toledo, after 15 years of street railway franchise troubles, evidently has
decided that time has come when for the good of the city the matter of a
street railway franchise should be definitely settled.
At the election on
Nov. 2, 45,990 votes were cast for the new service-at-cost franchise and but
18,029 votes were cast against it, giving a majority of 27,961.
The ordin¬
for municipal ownership were defeated by votes of 17,780 for and
43,125 against, and 16,469 for and 46,369 against.
The street railway lines in Toledo, under the new franchise, will be entirely
divorced from the Toledo Railways & Light Co. and will be controlled and
operated by the Community Traction Company.
The new company will
have $10,000,000 Common stock, $2,000,000 8% Preferred stock and $8,000,000 principal amount First Mortgage 6% 25-year gold bonds.
The
$8,000,000 of first mortgage bonds are to be delivered to the Toledo Rail¬
ways & Light Co. in exchange for the street railway properties and the
$2,000,000 of 8% Preferred stock will be issued and sold by the company
to provide $100,000 working capital, a $400,000 stabilizing fund, $1,000,000
to be ued for rerouting and rearranging the street railway system and
$500,000 for renewals and replacement on the property of the company.
Additional bonds and Preferred stock may be issued for extensions and
improvements, and the rate of return to which the company will be entitled
shall be an amount sufficient to pay 6% upon its bonds and 8% upon its
ances
Preferred stock outstanding.
|& Control of service to greater or less extent is vested in the city, and for the
period of six months after the beginning of operation under the new franchise
the fare shall be 6 cents with a 1-cent for transfers.
There is no maximum
rate of fare provided in the franchise, but a schedule of fares is set forth
and the steps contained in the schedule upon increase or decrease of the fare
Rio Grande RR. above.
Approved.—
Pittsburgh & West Virginia Ry. above.—V. ill,
Wisconsin
Gas
&
Electric
p.
1473, 1754.
Co.—Fare Increase.—
The Wisconsin RR. Commission has increased the fares on
the company's
lines in Kenosha to 7 cents cash with 8 tickets for
50 cents.
The increase
in fare was necessary to meet a recent increase in
wages granted to the
trainmen and other transportation
employees of the
company.—V. Ill,
p.991
•
.
Worcester Consolidated St. Ry.—To extend Bonds
—
The company has applied to the Mass.
Dept. of Public Utilities for per¬
mission to extend from Jan. 1 1921 to Jan. 1 1926 the
$115,000 Worcester
& Clinton St. Ry. 5% bonds, the interest
rate to be increased to
7%.—
V. Ill, p. 1473.
Signed.—
permits the city to use its tracks through St. George and Tompkinsville
and that company will also
supply the City with electric current at cost for
the operation of the lines.
It is expected that the city will have the lines
inioperation by Dec. 1 next.—V. Ill, p. 1662.
Tennessee Central
RR.—Capital Increase, &c.—The stock¬
18
Ill,
INDUSTRIAL
the operation of the
lines of the company was signed Nov. 10 by Capt. John J. Kuhn, receiver
of the Richmond Light & RR.
Under the contract the latter company
—The
See
—V.
below.—V. Ill, p. 1662.
Spokane Portland & Seattle Ry.—Nev) President.—
Staten Island Midland
Nov.
approved the proposed increase in the
capital stock from $75,000,000 to $100,000,000.
Of the
total capital $40,000,000 is to be Preferred
(par $100) and
$60,000,000 Common (par $100).
Compare details in
V. Ill, p. 1846.
1
Opposition to. Company's Offer to Take Over Sacramento
Northern RR.—New Co. Incorp. in Dela. to Take Over D.&R.G,
(W. Va.) Trac. Co.—Successor Co.
The contract by which N. Y.
on
West Side Belt RR.—Consolidation
S.
See Union Traction of Morgantown
present.—V. Ill, p. 1950, 1747.
holders
Nov. 9 approved a loan of $29,000 to enable
Southern Railway.—New
1920.
Western Pacific
Ry .—Government Loan Approved.—
the company to meet maturing debt and to provide itself with additions
and betterments.
F.
as at
RR., Rhode Island.—May Be Scrapped.—
on
31
P. M. Chandler of Phila., Walter A. Walker of N.
Y. City and Walter
M. Wells of Trenton have been elected directors.
The company's fiscal year will end hereafter on Dec.
31 instead of June 30,
to pay $26
share of 2d
The I. S. C. Commission
Power Co.—6% Stock Dividend—New
to Dec. 31.—
A
now
In view of the fact that the towns through which the road operates have
rejected the offer of Pres. Nathaniel T. Bacon to bond themselves to finance
the consolidation with the Narraganset Pier RR. (V. Ill, P. 1852), Pres.
Bacon recently announced that the road may be sold to M. C. Fairchild Co.
of New York for junk.
The scrap value of the two roads including real
estate owned is placed at$220,000.
The road has suspended service alto¬
gether.—V. Ill, p. 1852.
&
Directors—Change of Fiscal Year
Northern
RR.—Opposition to
Western
Pacific18 Offer to Acquire Road—Committee Appointed.—
Sea View
Yucatan.—April 1 1920 Interest.—
Coupon due April 1 1920 on the First Mtge. 5% Redeemable gold bonds
paid on and after Nov. 16 1920, together with interest thereon at
5% p. a. from April 1 1920 to Nov. 15 1920 at the office of Ladenburg,
Thalmann & Co.. 25 Broad St., N. Y. City.—V. 110,
p. 1090-
p Richmond Terminal Ry.—Note Application.—
Sacramento
Dropped.—
The suit has been dropped in which a receiver was asked for the
company.
was started in Common Pleas Court at
Toledo, on petition of Frank
Nevine, a holder of bonds, who declared that the road was not
meeting
its debts and was allowing its
equipment to deteriorate.
He sued for $300.
The company confessed judgment and
paid the court costs upon agreement
that the receivership
proceedings should be dropped.
It
Co.—Re-Incorporated.—
on or
[Vol. 111.
General
Industrial
AND
and
MISCELLANEOUS
Public
Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly treated
at length on
preceding pages under the caption "Current
Events and Discussions" (if not-in the "Editorial
Depart¬
ment"), either concurrently or as early as practicable after
the matter becomes public.
Preliminary Estimate of World's Sugar Crop for 1920-21.—The "Weekly
Statistical Sugar Trade Journal" for Nov. 11 estimates the
total sugar cane
crop for j ear 1920-21 at 12,580,500 tons, agst. 11,952.296 in
1919-20 beet
sugar, 4,505,000 tons agst. 3,358,o28.
grand total, 17,085,500 tons in¬
crease
l,774,o76 tons.
^
Oil.—(a) Price of gasoline reduced one cent a gallon at tank
wagons in 8
States by Standard Oil Co. of N. J. interests.
See that
company below
"Wall St. Journal" Nov. 16.
(b) Am. Petroleum Institute hnd Am.
Association, in conventions, discuss oil shortage.
"Fin. Amcr"., 15 to
U "■£?- Y:. Times," Nov 17, p. 9 Nov. 18. p. 8. Nov. 19, p. 10. "Bos.
Fin. News" Nov. 18.
(c, Mexican Oil Shipments (see below) in Oct., 17.050,348
and
Gas
gal
a de¬
of 260,369 compared with Sept.
Stocks Aug. 31 gasoline. 323,240,000 ?ai„ agst. 434 531,400
Aug 31
1919
lubricating oil, 130.797,800, agst. 170,572,800
gas and furi oil,
708.b08.500, agst. S30.329.800 kerosene. 378,548,800, agst. 296,064,600.
Boston News Bureau Nov. 13,
p. 8.
,
crease
(d)
New German Oil Combine Forming.
"N. Y. Times" Nov. 18. p. 8.
Notable Pnce Changes.—The great wave of
liquidation in the stock and
commodity markets has carried the following commodities to new low levels
for the year,
viz.:
This Week.
_
Corn
$0.98%
61%
Nov. 19
Nov. 19
Not. 11
1920.
$109%
Nov.
High 1920.
1919.
$2.31,%
May 15
$1.69%
Oats
.64
1.50
May
7
.82
Sugar.
.09
Nov. 19
.10%
.23
July 12
.09
Copper
.UH Nov. 16
.14%
.19% Jan.
5
.20
Cotton
18@ Nov. 18
.20®
.43% July 22
.38*.
Print cloths
.06
Nov. 19
.06%
.16% Apr. 13
.12%
Flour and nogs have also been
reported at lowest prices in 3 or 4 years.
Crude rubber at 17% cts.
Bituminous coal weak and lower.
Independent
steei cos. adopting U. S. Steel
Corp. prices, with operations much curtailed.
(See also U. S. Steel Corp. below.)
Bleached pulp reported as advanced in
price $20 a ton from Jan. 1 ny
'
ieaaing
Canadian
and
manufacturers.
Spot newsprint quoted in N. Y. on
a new low.
(See also International Paper Co. below.)
Board and N. Y. Building Trade Investigations.—See
daily
papers Nov. 20 to 26.
the right to purchase the property
the payment of a sum equal to
tives, agree to maintain
are
to
be observed.
The franchise continues for a
.......
J
^
period of 25 years and proper maintenance
repair funds and depreciation funds are created.
The city reserves
of the company upon 6 months' notice
the capital value of the company, plus
any call premium upon bonds and preferred stock outstanding.
The city
also has the right to lease the property upon 6 months' notice, and further
provisions in regard to leasing and return of the property to the company
are provided.
Sinking funds are provided for the redemption of the out¬
standing bonds either by call or purchase at not exceeding 104, and there
are1 provisions for the redemption of the Pref. stock at not exceeding 108.
on
TL*-13.at 7 cts.,
Shipping
Labor and Wages.—(a) Fall River
cotton mills, employing 35,000 opera¬
Indefinitely the scale of wages in force for past six
'Journal of Comm." Nov.
19, p. 11 Nov 17, p. 1.
(b; New
England textile mills cut output 50%./ Idem, Nov.
months.
18, p. 1.
(c) N. Y.
Building Trades Employers Assn. refuses the demand of $1 a day increase.
J?' Snn
P- 2 Nov. 13, P. 2.
(d) N. Y. Milk drivers agree to
"N. Y. Times" Nov. 14. Sec.
2, p. 1.
(e) N. Y. teamsters
old agreement and oppose strike.
"N. Y. Sun" Nov. 15.
arbitrate.
avor
Nov. 20 1920.]
(f)
THE
Hoover asked to aid In labor crisis.
CHRONICLE
"N. Y. Times'* Nov. 16 and 17,
1.
(g) Pur strike and hatters cases.
Idem Nov. 17, p. 2 & 3.
(h)
Unemployment on increase.
"N. Y. Times" Nov. 14. Sec. 2, p. 7 "N. Y.
Eve Post" Nov. 15 and 18. p. 5.
(Ij Oal. & Hecla. cuts pay 15% and dis¬
p.
men.
"N. Y. Times,/Nov. 14, Sec. 1, p. 1.
N. Y. State Barge Canal.—In addition to 90 or more barges and steel cargo
steamers of about 50,000 tons, operated by the War Department, there are
about 700 barges of various types engaged in trade on the
system with a
charges 1,500
9043
The directors deemed it wise to make a reduction in the dividend rate In
view of existing financial and business conditions.—V. Ill, p. 687.
Alabama Power Co.—To Construct New Dam.—
The company recently applied to the Federal Power Commission at
Washington for permission to construct a dam and power plant at Duncan's
Riffle, on the uoosa River.
This new development will provide for an
capacity of about 250,000 tons.
Article by Edward S. Walsh. Supt. of
Pub. works, N. Y., in "Shipper and Carrier" (174 Montague St., Bklyn.>
Nov. 20, p.
396 to 401.
Miscellaneous.— (a) Packers case postponed till Nov. 30
(b) Indiana
blue sky law regulating securities Issue in effect,
(c) Gimbels and May
at its Lock 12, Coosa River plant, and is adding 20,000 h. p.
will be available by 1921.—v. Ill, p. 694.
All America
Department Stores (see below) will place spring orders to improve merchan¬
dise situation.
* N. Y. Timos" November 13. and Nov. 15, p. 21.
(d
Kansas millers deny curtailment for price effect.
"N. Y. Times" Nov. 15)
24.
(e) Federal aid advocated for gold mining ."N. Y.
Nov. 17.
(f) Call for farmers to strike.
"N. Y. Eve. Post"
Nov. 18, p. 20 "Journal of Commerce" Nov. 18, p. 3.
(g) American merchant marine in danger Hamburg rate close to 1917
level.
Boston News Bureau Nov. 15, p. 1 "N. Y. Times" Nov. 19, p. 15.
(h) Books of Burns Bros. Coal Co., N. Y., seized for grand jury.
Idem
p. 14.
(i) Fair prices coal committee for Philadelphia.
Matters Fully Covered in "Chronicle" of Nov. 13.—(a) Fall River cotton
mfg. dividends, p. 18
necessity for increase
(e) Proposed foreign
loan plan, p. 1902.
(g) Stock prices, now and before the war, p. 1903.
(h) Sugar licensing to stop Nov. 15, p. 1908.
(i) Sugar prices, refined in
N. Y. at 10c., at Havana 25c.
(*) Coal drops in price, no necessity for
Federal control, allegations denied, p. 1908-10.
(k) Ocean freight rates
decline.
(1) Mr. Gompers foresees "hard struggle."
His unionization plan
for all industries condemned, p. 4914.
(m) Unfilled orders of Ste^l Corpo¬
ration, p. 1920.
(n) Steel production in Oct., p. 1921.
Lake Superior,
iron ore shipments, p. 1921.
25 Nov. 16,
p.
p.
Times"
.
In 1903 company authorized an issue of S3,500,000 6% Debenture bonds,
redeemable at par in 1923, of which only 82,000,000 are at present out.
The stockholders on Nov. 11 authorized an issue of $2,000,000 First Pref.
Cables, Inc., N. Y. City.—Quarterly Report.
President John L. Merrill, N. Y.,
Sept. 27 1920, reported in substance:
Combined Operations of All America Cables, Inc., and Mexican Tel. Co. in 1920
Quarters ending—
Sept. 30*20
Net revenue from operations, $1,675,200; int. on in¬
vestments, &c., $88,928; total.
--$1,764,128
Repairs, replacements, pensions, reserve, loss on
foreign exchange, &c
294,034
Loss on sale of liberty bonds and reserve for income
and excess profits tax
462,411
June 30'20
$1,007,682
$886,860
$1,563,069
248,715
________
Dividends
payable Oct.
427,494
1920 (exclusive of inter-
dividends), being l%% for All America
Cables, Inc., and 2^ % for Mexican Teleg. Co
pany
_
Acker, Merrall & Condit Co.—Bondholders Offered Right
to Subscribe for and Exchange Their Bonds for 8% Pref. stock—
No Public Offering.—Treas. Walter H. Merrall in a letter to
the bondholders, dated Nov. 12, says in substance:
unit, which
Our two Brazilian cables,
one
386,295
386,201
$621,387
__
Addition to surplus
$500,659
from Uruguay to Santos and the other
from Uruguay to Rio de Janeiro, were opened to the public on June 26 1920.
This American-owned cable connection between the United States and
Brazil affords a direct and
speedy service between these two countries.
The middle point on a loop following our lines from New York
to Rio de
Janeiro and thence back to New York via the East Coast is only a few
hundred miles south of Rio de Janeiro.
The Government of Cuba has granted us contracts for the establishment
of cables
between Havana and New York, Havana and Guantanamo,
Guantanamo and Santiago, and Havana and Mexico or Central America.
Our third cable from Ecuador to Peru has been completed and is now in
Cumulative 8% stock, containing protective provisions including an annual
sinking fund averaging 2%.
The pref. stock is cumul. from Jan. 10 1921.
As many of the bonds are held by original purchasers, the Directors have
voted to offer this stock in the first instance to bondholders, giving them the
operation.
The company has acquired the property directly in the rear of our
present
offices, 39-41 South William St., and 27-29 Stone St., thus allowing for
expansion in the future.
Engraved certificates of All America Cables, Inc., are being issued in
exchange for temporary certificates and Central & South American Tel.
Co. stock at the office of the company, 89 Broad St., N. Y.—Y. Ill, p. 590,
right to exchange their 6% bonds for
898.
an equal amount of 8% preferred stock,
for par, and also to receive a premium of 5% in cash.
This offer will
expire on Dec. 15 1920.
Already more than 60% of the entire outstanding issue of bonds have
signified their desire to exchange their 6% bonds for the 8% preferred stock.
There will be no public offering made of this preferred stock.
Bonds should be deposited with the U. S. Mortgage & Trust Co., 55 Cedar
St., N. Y. City, which will issue a receipt calling for the delivery of the
preferred stock as soon as the certificates are ready for delivery.
Depositors
of bonds will receive at the time of deposit a check covering the amount
of the interest coupon due Jan. 10 1921, and in addition the premium of $50
on each $1,000 bond deposited.
[Main"offices andffactory at 55-61 West 13th St., N. Y. City,
Has 8
branch stores in N. Y. City, 2 in Brooklyn and one in each of the following
towns: Far Rockaway, Flushing, L. I., Mt. Vernon, Yonkers, Greenwich,
Stamford, Morristown, Montclair, Plainfield and Baltimore.]—V. Ill, p.
par
i754.
(
Explosives Co., Inc.—Plan for Sale of Company
Hercules Powder Co., Inc.—
Aetna
to
J. S. Bache & Co., depositary, have entered into an agreement
Hercules Powder Co., Inc., dated Nov. 15 1920, under the terms
Sroceeds of the sale of Aetna Common stock, the depositary shall retain
l escrow, pending the payment, discharge and satisfaction of certain un¬
liquidated and contingent liabilities and debts of the Aetna company.
Preferred stock of the Hercules company at par to the extent of $2 50 for
each share of Aetna Common stock sold and delivered to the Hercules com¬
pany.
These claims and debts consist of (a) the claim of William C. Pey¬
ton for certain profits arising from his ownership of l-6th of the Common
stock of the Aetna Chemical Co. of Maine; (6) the claim of one Burr arising
upon an alleged breach of contract of employment; (c) the claim of the United
States arising out of the use by the Aetna company of certain materials
belonging to the United States; Id) the claims of the United States for re¬
assessments of income and other taxes, and (e) certain other incidental
applied toward the satisfaction and dis¬
agreement of sale provides that as soon as the major claims are settljed
portion of the escrow stock shall be released and
and discharged the major
be distributed by the depositary.—V.
Adirondack
Power
&
Light
Ill, p. 1568.
Corp.—Bonds Offered.—
New York, are offering at 87% and int., yielding
7%, $2,500,000 First & Ref. Mtge. 6% gold bonds. Dated
1920, due March 1 1950, and fully described in
V. Ill, p. 590.
A circular shows:
March 1
Authorized, Outstand'g,
Capitalization after this Financing—
89,500,000 $9,500,000
Preferred 7% Cumulative stock
4,300,0001x4,300,000
Debenture bonds, 5%, due 1930
Closed/
Adir. Pow. & Light Corp. 1st & Ref. 6s, 1950
y
8,120,000
Adir. El. Pow, Corp. 1st 5s, 1962
Closed 5,000,000
x The total of Preferred stock and debenture bonds will be initially $4,300,000,
The amount of each cannot be determined until Jan. 23 1921 as the
holders of the Adirondack Electric Power Corp. Preferred stock have until
that date the option of exchanging their holdings for the Preferred stock or
Debentures of the new company,
y Limited only by the conservative
Common stock
*
—
restrictions of the indenture.
Purposes.—-Of the present issue $1,650,000 are being issued against addi¬
made prior to March 1 1920, the remaining $850,000
tions to the property
being issued against a like amount of cash to be deposited with the trustee
and to be withdrawn from time to time to reimburse the company for 80%
of
expenditures for additions and extensions made and to be made subse¬
quent to March 1 1920.
Combined Earnings Year ended July 31 1920 (Inter-Co. Charges Eliminated).
*
84,313.436
Gross earnings
Net after oper. exp.. taxes, rentals,
Ann. int, on $13,120,000 mortgage
last
company, is now under the control of the committee, subject to the
plan (V. Ill, p. 1379). All stockholders who desire
participate in the plan are requested to deposit their holdings before
Chemical consolidation
to
Nov.
30 1920 with the Guaranty Trust Co., N. Y., when the time for
deposit expires.
Until the plan is declared operative, all cash dividends paid on all shares
of stock, preferred and common, deposited under the plan, will be promptly
paid
over to
—V. Ill, p.
the holders of the deposit certificates representing such shares.
1853.
Allis-Chalmers Mfg.
•After allowing
malnt. & $272,953 for depr__Sl,326,385
bonds (incl. this Issue)
737,200
$589,185
12 H% of operating revenues allowed for maintenance
January.
1920.
$1,867,691
2,161,692
2,291,215
—
February
March
First quarter
p.
590.
Ajax Rubber Co., Inc.—Dividend Decreased.—
A quarterly dividend of 2% has been declared on the outstanding $10,000,000 Capital stock (par $50), payable Dec. 15 to holders of record
paid at the rate of 12% per annum (3% quar.)
1920, inclusive.
■Net Profit•
1920.
1919.
1919.
$2,755,437
2,802,945
3,044,510
$218,520
270,320
278,375
$330,842
338,348
326,835
$6,320,598
$8,602,892
$2,238,891
$2,573,530
2,584,306
2,545,909
2,674,469
2,486,026
$767,215
$255,186
290,730
286,831
$996,025
$306,929
319,028
300,988
$7,369,106
$2,578,567
2,784,607
2,905,268
$7,734,025
$2,529,565
2,531,544
2,496,574
$832,747
$276,439
318,762
330,124
$926,945
$312,108
300,231
303,970
$8,268,442
—
April
May
$7,557,683
$925,325
$916,309
—_
June-.
Second
quarter
July
August—
September
Third
_
quarter.
Total nine months.—$21,958,146 $23,894,600 x$2,525,287
$2,839,279
x Net profit is shown after provision for Federal taxes.
Unfilled orders
on hand Sept. 30 1920,
$19,814,948, against $14,542,704 as of Sept. 30
1919—V. Ill, p. 1568.
American & British Mfg.
Corp.—New Note Issue.—
The Central Union Trust Co., New York, has been
appointed trustee for
1 1920, securing an issue of $760,000 5-year First
indenture dated Oct.
American Gas
p.
1371, 898.
Co.—Dividend Omitted.—
The directors on Nov. 16 decided to omit the declaration of the quarterly
dividend of 1% on the Capital stock.
In March, June and Sept. last 1%
each were paid.
President Morris W. Stroud, in a statement, says in substance;
"Early in the year when your board of directors resumed payment of
dividends, everything pointed to the probability of continued satisfactory
Beginning in the early summer, however, the price for coal ana
oil advanced to unprecedented figures, thereby increasing extraordinarily
the operating costs.
Increased rates were immediately filed and in a
cases we are getting the benefit from them, but at certain plants,
notably those in Illinois, the Public Service Commission haye not as yet
given us relief.
"With this condition before them and the absolute necessity of taking
care of the franchise requirements covering extensions, &c., to serve the
continually increasing demands being made on your subsidiary companies,
number of
coupled with the difficulty generally experienced at this time in selling
public utility securities, your board felt that the passing of the
at this time is the more conservative action.
They believe that
temporary condition, the the peak of high costs has been reached,
the rates will be granted to meet present conditions and the
thereby stabilized.'7—V. Ill, p. 1663.
American
The directors
International
on
dividend
this is a
and that
earnings
Corp.—Dividends Omitted.—
regular quarterly divi¬
Nov. 18 omitted the
dend declarations
on
both the Common and Pref. stocks.
Quarterly dividends of $1 50 per share were paid on the 'Common stock
1919 to Sept. 1920, incl., and prior to that $1.20 per share In
June and Sept. 1919, and 90 cents per share quarterly from Dec. 1917 to
from Dec.
March 1919. incl.
'
An official says:
"The company in pursuance of the purpose for which it
organized, is? engaged to a large extent, through its subsidiaries, in
foreign trade and commerce.
In consequence of the exceptional circum¬
stances and requirements at this time, the directors at their meeting to-day
voted to omit the quarterly dividend on the capital stock of the corporation.
President C. A. Stone added: "Statements that American International
was
Corp. has made large losses in South America or anywhere else are untrue.
The omission of the quarterly dividend is part of a conservative policy to
corporation.'
The "New York Times," Nov. 19,
"It is understood
concerned there is nothing
said in substance:
that so far as the book position of the company is
The situation of the corporation illustrates the difficulty
business enterprises dealing with foreign countries are having in
to be desired.
depreciation, as provided in the mortgage,
See full description of properties, &c., in V. Ill,
and
Nov. 30.
Dividends were
from June 1917 to Sept.
Co.—Earnings, &c.-Sales BiUed-
Month of—
husband the resources of the
Balance
Chemical
Solvay Process Co., Semet-Solvay Co., Barrett Co., and National
& Chemical Co., Inc., Including holders of v.t.c. for stock of the
earnings.
Harris, Forbes & Co., Coffin & Burr, Inc., and E. H. Rollins
& Sons,
Over 90% of the aggregate outstanding shares of the General
Co.,
Aniline
Mtge. 8% gold notes due Oct. 1 1925.—V. Ill,
and minor claims and debts.
This escrow stock shall only be
charge of the above claims after there shall have been applied upon said
fiflirnfi the value of 81,000,000 of United States bonds now held by the re¬
ceiver of the Aetna company and the net assets of the Aetna Chemical Co.
of Maine to the extent of the interest of the Aetna Explosives therein.
The
Chemical & Dye Corporation.—Over 90% of
Deposited.—The committee in charge of the Chemical
consolidation, by advertisement on another page, says:
with the
of which
they have agreed to use their best endeavors to have delivered to their
control and possession for sale and delivery to the Hercules Powder Co.,
Inc., all of the issued and outstanding Common stock of the Aetna Explo¬
sives Co., Inc., and in no event less than 80% thereof.
The holders of the
Common stock are requested to deposit their shares with the depositary
on or before Dec. 20 1920 (or such late date as may be fixed for tnat pur¬
pose).
[Latest reports give 545,114^ shares (no par) outstanding 1
The
Hercules Powder Co. has agreed to pay to the depositary for each share of
Aetna Common stock $10 32 in cash and $4 in the now authorized Preferred
7% cumulative stock of Hercules Powder Co. at par.
The agreement of sale provides, among other things, that, out of the
may
Allied
Stocks
|
which
realizing on their receivables due in part to the disjointed condition of the
foreign exchange market.
In so far as inventory is concerned it is the under¬
standing that American International is especially well placed, the inven¬
tories of all of the trading units being at a decidedly low point.
"As to earnings, It is reported that American International will show more
than the dividend requirement for the year.
This would be $3 a share.
In
companies
the matter of loans it is said that American International trading
are
small borrowers from the banks, one the the largest of these units being
of the money required to finance the
goods which have gone for export.
Some of these credits to South America,
it is believed, are for the time being 'frozen'.'*
Loans which the company has made, it is said, include heavy advances to
Amsinck & Co., which is engaged extensively in South American trade and
which has had big credits frozen by the demoralization in Latin-American
trade arising out of the slump in exchanges on those countries during the
last several months.
Amsinck & Co. are reported to be borrowing from
banks less than 40% of the money required to finance the goods that are
tied up and the rest is being advanced by American International Corp.
—V. Ill, p. 1085, 1185.
accommodated
only about 40%
to
American
The directors
Balance
dis¬
has outstanding 51,700 shares of no par value stock and
about SI,000,000 of cash resources after deducting outstanding liabilities
and only $250,000 of bonds outstanding against its 5 plants.—V. 110, p
The company
Sheet
as
December
at
over 31%.
31
1919.
Liabilities—
Assets—
$2,445,000
3,825,060
Land, Buildings, Ac
Good will, patent rights, <kc_.
511,009
receivable
by brokers
on account
Preferred
stock
$2,509,000
of
Common stock
3,500,000
6% 1st Mtge. bonds
6% 2nd Mtge. deb
1,333,666
375,000
Bank loans
62.409
Cash
and
will shortly be asked to ratify such procedure.
The stockholders
solved."
corresponding period hi 1918, an increase of $1,022,642, or
Included in the former period was war business amounting to $444,677,
compared to only $214,026 In the latter.
(See comparative tables in
V. 110, p. 1528.)
In addition to the above named companies the Ames
Holden Felt Co., Ltd., was recently organized. See V. 110, p. 660, 972.
Due
the benefit of stockholders
most for
See Ames Holden Rub. Boot Co., Ltd., and Ames Holden Tire Co. below.
Pres. T. H. Rieder in his report for 1919 states that sales for the 8 months
ending Dec. 31 1919 amounted to $4,269,368, as against $3,246,726 for the
Accounts
Co .—Dissolution.—
18 unanimously decided "that it is advisable
that the company be forthwith
Nov.
on
Grain
&
Malt
(VOL. 111.
CHRONICLE
THE
2044
1,410,000
Bills and accounts payable
876,624
associate companies.-
14,658
Due to associate company...
108,595
Notes and drafts receivable..
41,788
Accrd. charges, wages. &c
bonds
Due by
228,750
sold
Inventories
4,004,409
18,870
...
Investments
215,563
Insur., taxes, &c
80,266
Preferred div. payable
43,750
Reserves for contingencies, Ac
147,259
Surplus.
992,354
1523.
■ .i
■
.
.
American Oil
Installment
of $2
;
.
•
per
—V.
Share Called—Earnings, &c.—
stock
subscription receipts, says in substance:
A second installment of $2 per share upon'the Common stock subscribed
for has been called for payment on or before Dec. 16 1920.
Checks should
be made payable in New York funds and sent with subscription receipt to
Guaranty Trust Co. of New York.
In the event of failure to make this
payment on or before Dec. 16, all previous payments made and all rights
under subscription receipt will be forfeited.
mon
Digest of Statement Signed by Pres. H. Hobart Porter, Nov. 8 1920.
Statement of the
Operations Since Organization, Oct. 1919, to Sept. 30 1920.
Earns, from engin g, constr., reports, appraisals
Co. 's share of net
& int. oh balances«$148,391
Receipts from oil and gas sold from Stanford lease. 226,341
$374,733
Total
Operating, general and administrative expenses.
198,832
Cost of unproductive wells, cost of leases written off, reserve for
depreciation of materials and equipment, &c
169,697
110,
$11,367,517
i
1528.
p.
Ames Holden Rubber Boob
Treasurer Walter J. McLean in a letter dated Nov. 15 to holders of Com¬
•
Total
$11,367,517
Total
Engineering: Corp., New York.—Second
Co., Lbd.-
Rieder, Pres. of Ames Holden, McCready, Ltd., in June offered
100 and int., with a 25% bonus of Common stock, the unsold portion
$1,,000,000 7% 20-year 1st Mtge. Sink. Fund Gold bonds.
Guaranteed
unconditionally principal and interest by endorsement by Ames Holden,
McCready. Ltd.
Dated July 1 1920, due July 1 1940.
Int. payable
J. & J.
Denom. $100, $500 and $1,000 (c»). Red. all or part July 1 1922
or on any int. date thereafter on 3 months' notice at 105 and int.
Trustee,
Eastern Trust Co., Montreal.
Sinking fund commencing July 1 1922,
provides sufficient funds to retire the whole issue by maturity.
H.
T.
at
of
President T. H. Rieder is also offering at 100 and div. with 25% bonus
in Common stock the unsold portion
of $800,000 8% Cum. Pref. (a. & d.)
1920, payable Q.-J.
to manu¬
of which
Factory at Kitchener, Ont.
Dividends cumulative from July 1
stock.
The company was incorporated in Canada about May 5 1920
facture and deal in rubber boots and shoes and all other things
rubber forms
a
part.
Authorized. To be Issued.
$2,000,000
$1,000,000
Capitalization—
Balance before
depletion
$6,203
160-acre lease in the
reserve
—
Properly, &c.—Has purchased and is developing a
Cotton Plant districts in Stephens County, Tex., known as the Stanford
Lease.
$500,000 cash was paid down for this lease and $500,000 additional
is payable only out of half the oil produced.
Up to Sept. 30 $233,016 had
been paid out of oil on account of the deferred payment since the purchase
of this property.
The purchase of the lease included one producing well
together with the completion of a second w ell at the expense of the pre vious
owners.
This second well, together with three others, has since been com¬
pleted, two of which were non-productive and have been abandoned.
Total
production from the remaining wells during October was at an average rate
of about 350 bbls. daily, selling at $3 50 per barrel.
It appears, therefore,
that the company will sustain a loss in this purchase.
Interest
in
Petroleum.—Through
Livingston
underwriting last June
an
acquired a block or the Common stock of the Livingston Petroleum Corp.
a price considerably higher than present market quotations.
This cor-
First Mortgage 20-Year 7%
Preferred stock
a
600 bbls. per day of crude oil, with a
It is also engaged in the
it is
number of wells nearing completion.
transportation, refining and marketing of oils, and
confidently believed that the enterprise is sound and will in the future
show substantial profits.
Other Acquisitions, &c,—Has acquired a half interest in two leases, ag¬
gregating 60 acres, in the Breckenridge Field, in northern Texas, on which
3 wells are being drilled and a 4th will be started in a few days.
The first
well is producing at the rate of about 500 bbls. per day; the second well is
drilling at 2,600 feet and the third at 1,300 feet.
A substantial income
should be derived from these properties.
Has designed and constructed for clients several oil pipe line systems,
performed other construction work, and has made numerous investigations
and reports on oil properties and projects for bankers and others.
The
policy of the management is to continue aggressively the development of
the engineering phases of the business.
Summary of Income and Expenditures to Sept. 30
Income:
Excass of expenditures over income
In
x$218,392
*
addition to above there
was
$9,253; accounts
re¬
1528.
i
American Ship & Commerce
Corp.—New Note Issue.—
The Guaranty Trust Co., New York, has been appointed Trustee of the
trust indenture,
dated Aug. 15 1920, securing an authorized issue of
$2,123,600 10-Year Sinking Fund 10% Convertible Notes, due Aug. 15
1930.—V. Ill, p. 474, 1371.
American Standard Shipfitting
Corp.—Receivership.—
Judge Mayer in the U. 8. District Court on Nov. 9 appointed Alfred C.
Coxe Jr., receiver for this corporation, of 115 Broadway, with a factory in
Yonkers, on the petition of the Coston Signal, Inc., a creditor for $2,130.
American Stores
Co., Phila.—To Sell Food at Cost.—
The company, which operates 1,400 retail grocery and meat stores in
Eastern Pennsylvania, New Jersey and Delaware, announced that, begin¬
ning Nov. 15, it would sell at cost its entire stock of foodstuffs, inventoried
$8,500,000.
The
according to the ammouncement, is to get down
to bed rock on food prices and enable the company to buy huge quantities
of new canned goods, groceries, bottled pickles and other lines of merchan¬
dise at a figure which will put the stores on a permanent-price basis, so far
as is possible.—V. Ill, p. 1754.
American
move,
Sumatra
Tobacco
Co.—Status.—
Vice-President William A. Tucker stated that the company was never in
strong a financial position as it is to-day; also that it has current assets
of four times its current liabilities, and cash in banks of practically the whole
so
amount of its
bank loans.
The company,
tories that were
it is reported, has disposed of practiclaly all of the inven¬
hand at the end of the fiscal year, Aug. 1 last.
The
1920 crop is one of the best, but will not be ready to begin deliveries until
early in 1921, it was stated.—V. Ill, p. 1952, 1749.
on
,
Ames Holden Tire
Co., Ltd.—Preferred Stock Offered.—
T. H. Rieder, Pres. Ames Holden
McCready, Ltd., in June offered
100 and div., with 25% bonus in Common stock, the unsold portion
$800,000 8% Cum. Pref.
(a. & d.) stock.
payable Q.-J.
cum.
of
from July 1 1920,
stock
Authorized.
—$2,000,000
Issued.
$1,000,000
800,000
2,200,000
Preferred stock
Common
Div.
at
|
Capitalization—
First Mtge. 7% bonds (V. 109, p. 679)-
800,000
2,200,000
The company was incorp. May 26 1919 in Canada to manufacture and
deal in automobile tires and tubes and all other things of which rubber forms
a
part.
Head office in Montreal and factory has been built at Kitchener,
Ont.. and is now in active operation.—V. 109, p. 679, 75.
Ames
Bonds
Holden
McCready,
1
Ltd.—Offers Pref.
of Subsidiary Companies.—Report.—
10
Nov.
says
in substance:
"During the period from
shrinkage stopes has increased from 52,174.5 tons June 13 to 59,245 tons
Sept. 5."—V. Ill, p. 1854.
*
|
in
Anaconda Copper
Mining Co.—Three Zinc Mines Closed.
Because of lack of demand for zinc three Butte mines of the company
discontinued production on Nov. 13.
John Gillie, Gen. Mgr. of the Mines,
is quoted as saying: "Since August there has been no demand and no sale
of zinc.
We have been producing zinc at full capacity about 10,000,000 lbs.
About 500 men
a month.
Production will be cut to 5,000,000 a month."
are
affected.—V. Ill, p. 1854.
Arkwright Cotton Mills, Fall River.—Stock Dividend.
The stockholders on Nov. 12 approved an increase in the capital stock
dividend of 122 2-9%
[$550,000], payable to stockholders of record Nov. 20.
from $450,000 to $1,000,000, and ratified the stock
Balance
Assets-
Sheet
$1,127,024
514,052
Cash and accounts receiv¬
—
Total (each
—V.
Ill,
Oct.
2
1920.
Liabilities.
"•"
Land, buildings, &c
Merchandise
!
55,638
-
Capital stock
■.
Bills payable
Accounts payable
Cotton acceptances
Reserve for Federal taxes.
Reserve for depreciation.
$1,696,713 Profit and loss
side)
.
$450,000
56,500
44,405
73,387
247,377
254,099
563,945
1755.
p.
Atlantic Gulf & West Indies SS. Lines.—Mexican Inv.
A director is quoted as saying: "If we never got a dollar of our Mexican
oil investment we would still have big returns from the steambhip business.
Our total investment in Mexico amounts to only $7,500,000.
The biggest
part is represented by pipe lines and structures above ground, which have a
Our holdings of oil lands cover the important pools in
Mexico, especially the Zacainixtle district, where we have two to ten good
locations.
We are in as good position as any other company in Mexico to
substantial value.
received from oil sales $233,016, which
applied on payment of Stanford lease, leaving a balance of $266,983
payable out of oil.
Purpose.—The proceeds of the call will be used to complete the payment
for the stock of the Livingston Petroleum Corp.
for drilling wells on the
Breckenridge leases, and other purposes. Compare offering in V. 109, p.
at
dated
able
was
1
letter
mill ran 84 days out of a possible 84 days, treating
34,357 tons, or 409 metric tons per day, with an average gross value of
$12 51 per ton, U. S. currency.
During this period $58,635 37 was ex¬
pended for construction, development and prospecting.
"The development of the Canada Mine is proceeding quite favorably on
the 200-ft. level, and as a consequence it is now necessary to sink the shaft
another 200 feet to ascertain if the values continue in depth.
Broken ore
— -
x Represented
by: Cash on hand and in banks,
ceivable, $76,445; less accounts payable, $304,090.
800,000
2,200,000
Amparo Mining Co. (Inc.).—Operations.—
A
1920.
$175,901...
$1,185,901
Expenditures: Leaseholds,
$635,437;
Livingston
Petroleum
Corp. stock, $604,756; drilling rigs, equipment, cost of wells,
materials and equipment, &c., $151,404; furniture and fix¬
tures, organization expenses, &c., $12,695
$1,404,293
800,000
2,200,000
June 14 to Sept. 5 the
Net from sale of stock, $1,010,000; net from operations
before reserve,
bonds
Common stock
at
Soration and its subsidiaries, capital andare current production in excess of
in a sound financial position,
aving
substantial working however,
a
■Offering of First
Mortgage Bonds and Preferred Stock.—
Stock and
et big returns from this district.
Three wells ought to come in from the
iacamixtle district by Jan. 1.
It is true that the life of the Los Naranjos
pool, where we have four wells, two of which are producing and two capped,
is problematical.
We have no salt water in the wells.
We have more oil
which we are turning into cash than at any time since we went into Mexico."
•V. Ill, p. 1952.
Atlantic Lobos Oil
Co.—Shipments (bbls.).—
Month of—
Shipments
V.
J.
Oct. 1920.
1,254,898
110. p. 972.
Atlantic Sugar Refineries,
Sept. 1920.
1,344,230
;
Aug. 1920691,262
Ltd.—Probable Amalgamate.
"Negotiations, it is understood, are under way that will lead to an amal¬
gamation of the Atlantic Sugar Refineries and the Dominion Sugar Co. of
Chatham, the latter company producing beet sugar as well as cane sugar.
It is believed in brokerage circles that the help given by the banks this
week, in answer to a frank talk on behalf of the brokers, has effectually
relieved the strain of liquidation and the general downward movement for
the
("Financial Post" of Canada.)
16%, on the Montreal Exchange on Nov. 15,
Closing at 20 on Nov. 13.
Nov. 15 at 19.—V. Ill, p. 491, 495.
present."
Atlantic Sugar dropped to
continuing its record slump from 164 last July.'
it
opened on
Avery Co., Peoria, Ill.j—Notes Offered.—First Trust &
Savings Bank, Chicago, and A. G. Becker & Co., Chicago
and New York, are offering at 100 and int. yielding 8%,
$3,000,000 8% 10-year Conv. Sinking Fund Gold Notes.
Due Nov. 1 1930.
Int. payable M. & N. in Chicago
of normal Federal income tax not in excess of 2%.
Dated Nov. 1 1920
without
deduction
(c*).
Denom. $1,000, $500, and $100
on
Red. all
or
part on 20 days' notice
May 1 1921, Nov. 1 1921, May 1 1922 and Nov. 1 1922 at 104%
and int.,
J^% less for each 6 months.
First Trust & Savings Bank.
Chicago, Trustee.
Convertible at any time prior to maturity, or if called
for red. at least 10 days prior to the redemption date, at par into Common
thereafter
at
stock at $100 per share.
Data
From Letter of Pres. J.
B. Bartholomew, Peoria,
Nov. 12 1920.
Company.—Business was founded in 1877.
Manufactures agricultural
implements, motor gang plows, motor planters and cultivators, gas and oi1
tractors, threshing machines, motor trucks, ensilage cutters, &c.
Products
are sold in every State in the Union and in 64 foreign countries.
Sinking Fund.—A sinking fund beginning Nov. 1 1921 will retire at least
$300,000 of these notes each year.
Assets—Total net assets available for the payment of these notes, after
giving effect to this financing, were $9,712,723, or more than 300% of the
amount of this issue; net current assets were $5,929,466, or approximately
197% of this issue.
Earnings.—Average annual net earnings for the 4 fiscal years ended Nov.
30 1919 after depreciation, reserves and Federal taxes, amounted to $754,199
or more than 3 times maximum annual interest requirements on these notes.
Purpose.—Proceeds will be applied to the reduction of bank loans and
other current
liabilities.—V. Ill,
p.
1568.
Nov. 20
Baldwin Locomotive Works.—Stains.—Pres.
Vauelain says:
,
Business Is good with Baldwin, we have no complaints.
all the business we care to at present and we have six
on
ahead, but
are
accommodating our friends
SamuelJM.
.
We are putting
months' business
wherever we can.
employees through the winter.
We had
about 9,000 employees last February and we have 20,000 now, but we are
as full as we want to run, and this number will not be increased.
We are shipping $8,000,000 of business a month at present.
At the
beginning of the year we should have been satisfied to take orders for
$80,000,000 during 1920, but we have already taken orders to this amount.
There has not been much buying of locomotives the last four or five months,
but it will follow, probably early next year.
With domestic business on
hand and in sight, and at present rate that foreign business is coming in,
we will have a satisfactory business in the coming year.
Collections are slow, due to the general credit situation, congestion in
some lines and unwise liquidation, but these conditions will be passed over
soon.
Company is able to finance itself through its regular banking connec¬
tions, however, and without outside financial aid.—V. Ill, p. 1185.
We expect to take care of our
(C.L.)Best Gas TractionCo.—ChangesName.—Earnings.
The company has
Net profits before
ed to $533,451.
changed its name to C. L. Best Tractor
Federal taxes for the 9 months ending Sept.
,j,
Liabilities—
r
Notes & accts.
$643,271
1,765,485
221,431
rec
82,260
5,371
Liberty bonds & cash
Deferred
Co.
30 amount¬
1920.
Balance Sheet Sept. 30
^\.sscls
Land, bldgs. & equip
Inventory
charges
Accounts
deposits
payable
Reserve
-v. no, p.
taxes
$2,715,820
.
-
Fed.
827,258
-
(C. L.) Best Tractor Co., Calif.- -New Name.See C. L. Best Traction Co. above.
Black
&
Decker Mfg.
Co.,
Baltimore, Md.—Sales.—
manufacturers of portable electric drills, electric valve
grinders, and electric air compressors, advises that net sales as of Oct. 31
1920 are 163% of the total net sales of 1919.
In other words in eight
months of 1920 net sales have been almost 2-3 greater than net sales during
twelve months last year, and the prospects are that the net sales of the
entire year of 1920 will have been increased almost 100% over 1919.—V. Ill,
p. 1281, 1086.
The
company,
Fisheries
Booth
Co.—Credit
Position> Good.—Small
Deferring Preferred
Salmon and Sardine Packs.—Possibility of
Dividend.—Pres. K. L. Ames in letter to stockholders says:
Our credit
on a
24-hour basis.
electric furnaces, in which heat is produced
within the metal to be melted by the induction unit invented by J. R. Wyatt
and controlled by the Ajax Metal Co.
For other copper alloys such as
bronze and phono-electric, we use the indirect arc furnace of the Gillett
type, a cylinder mounted in a cradle, rotating automatically first in one
direction and then in the other, the electrodes entering in the centre of the
two ends and coinciding with the axis of rotation.
The process possesses the following advantages: (1) The human element,
requiring1' much
experience
and
subjected
to noxious fumes
and
extreme heat is, as far as melting and pouring is concerned, practically
eliminated.
(2) The heat input is uniform.
(3) The stirring and mixing is
perfectly accomplished.
(4) The temperature at all stages is indicated
electrically, and is always under perfect control,
(5) The purity of the
metal is guarded by exclusion of the atmosphere, etc.
(6) The heat insula¬
tion is perfect.
(7) Any slignt errors are equalized by blending
several
charges.
t8) Mechanical control of the pouring is perfect.
The result is a brass, uniform and homogeneous in quality and of an ex¬
ceptionally nigh grade, with a loss in spelter of le«s than ^ of 1%.
The Bridgeport Brass Co. has been making seamless brass and copper
tubing for over 30 years, being one of the pioneers in the making of inis
product.—V. 104, p. 1389.
For the
high-zinc brasses
we use
Brooklyn Edison Co.—Indictments Dismissed.—
Sustaining demurrers by the defendants to the indictments returned last
on behalf of the Federal Government, U. S. District Judge Mayer
on Nov. 10 dismissed the charges of alleged consoiracy by the company.
See "Coal Trade Journal" Nov. 17, p. 1278.—V. Ill, p. 1372.
month
Brown
Co., Inc.—No Common Dividend.—
Shoe
the following resolution, in connection with the
quarterly dividend on the Common stock, usually due at
this time: "It was the sense of the board that the cash resources of the
company should be conserved and that no action should be taken on the
common stock dividend."
Compare Y. Ill, p. 1952.
The
directors passed
omission of the
T;
1851.
operated
The casting shop is
casting shop.
ductive capacity of the present electric
20,000
i
Surp. (sub. to pro. for
Total (each side)
500,000
50,000
270,000
22,850
225,711
the sheet, rod, wire
Accordingly the pit
finally it discarded the pit furnace entirely in all
and tube mills and manufacturing departments.
furnace casting shops have been completely dismantled and the chimneys
torn down.
Construction work is under way to more than double the pro¬
$800,000
7% Cum. Pref. stock...,
Common stock
Debenture serial notes
■
Notes payable..
Dealers,
2045
CHRONICLE
THE
1920.]
position with our banks is just as good as it has been at any
Buffalo-Thacker Coal Co.—Bonds Offered.—
& Co.,Phila., in Mch. offered at
and int. $550,000 1st (closed) Mtge. Sink. Fd. 6% gold bonds, dated
Feb. 1 1920, due Feb. 1 1930.
Int. F. & A.
Company agrees to pay
normal Federal income tax not to exceed 4%.
Penna. State tax refunded.
Providence Life & Trust Co., trustee.
Red. at 105 and int.
Denom.
Robt. Glendinning & Co. and Frazier
92
$1,000 (c*).
Company is incorp. in West Virginia.
Coal land owned and leased by
is in the highly developed Kanawha field of Southwestern W. Va.
and consist of 1,005 acres owned in fee simple or mineral right, 2,580 acres
under lease and 68 acres in surface right, with 6 modern, well-equipped
company
mines, electrically operated.
during the calendar years
Earnings.—Earnings resulting from operation
Bros.
reduced
of 1917, 1918 and 1919, as shown by audit of Messrs. Lybrand, Ross
& Montgomery, before deducting taxes, depreciation, &c., when
12-month period, are as follows: Net profit from operation, $253,392;
interest on $550,000 1st Mtge. 6% bonds, $33,000; annual minimum sink¬
time during the past ten years.
The general fresh and frozen fish,
to
food department is
ing fund, $55,000; balance, $165,392.
public cold storage and oyster and sea¬
running along smoothly and we have smaller inventories
inventories in this department are new and in prime
condition and based upon present cost and market prices for our product.
The sales in our fresh and frozen fish and seafood department have in¬
creased about 12% for the first 9 months of this year over the same period
last year and the profits in this department, before providing for deprecia¬
tion, are about $300,000 greater than they were for first 9 months of 1919.
Along in the early part of this summer we notified our salmon customers
that we expected to pack only about 50% of our normal capacity and we
received orders, subject to our opening prices being satisfactory to our buy¬
ers, for between 25% and 40% more than our estimated pack and our actual
pack was about equal to our estimated pack, but between July 1 and Oct. 1,
when
opening prices were named, quite a number of things have happened,
especially the big drop in the price of sugar which affected the wholesale
grocery houses who are some of our largest and best customers so that when
our customers confirmed their orders in the early part of October, they only
confirmed to the extent of about 10% of our total pack, giving as a reason
a
than usual; our present
their inability to secure credit to pay
for the amount which they would like
buy and therefore stating it would be necessary for them to buy only to
requirements.
In our pack this year we have only about 12Vi% of Chums, the large
percentage of our pack is the, very high-grade Red Alaska salmon.
The outstanding and reassuring feature, however, in the salmon situation
is the fact that there was only an approximate 50% pack of salmon by all
to
meet their actual
packers,
so
that allowing for a material
reduction in consumption, it :s
believed that within a very short time the wholesale grocers and
large and small customers for canned salmon, must wake up to the
and get in their orders to protect their business until a new pack is
all other
situation
produced
in the latter part of 1921 •
In the event of our not selling our
salmon pack except on a hand-to-mOuth
basis between now and next spring, we will even further curtail our 1921
pack as compared with our 1920 pack.
In the sardine department of our business, we packed only enough
sardines to use up our inventory of cans and other supplies and put us in
position to turn this inventory into a saleable product.
We packed only
about 20% of the amount of sardines we would pack under normal conditions
With
these
facts in mind,
I cannot see any possible reason
the low market prices on the securities of the company.
The
stock is cumulative as to dividends and the passing of the dividend
would not
mean
that
bu t that the payment
Boston
justifying
Preferred
Preferred
the Preferred stockholders had lost their dividends,
was simply deferred.—V. Ill, p. 1952-
Woven
Hose
&
Rubber Co.—Sales, cfee.—
months ending Nov. 15, it is said, are running only 12%
The plant at present is operating at about
two-thirds full capacity.
The company has no foreign orders, whereas
ordinarily its export business totals about $2,000,000 a year.
The labor
force has been reduced about one-third, but the company does not contemSales for the 2 Vi
behind the figures for 1919.
has been greatly reduced as a result of the dullness
the automobile
!late cuttiijg wages, which were increased about 100% induring the war.
ncome
present business depression
position, as not more than
the company's products is in stock today."—
industry.
An official states ''that as soon as the
is over the company will find itself in a strong
50% of the normal supply of
110, p. 1190.
V.
Boyden Steel Corp.—Organized.—
Incorporated in Maryland on or about Aug. 1 with 1,000,000 shares of
par value.
While the corporation is authorized to manufacture and
deaf in car trucks, vehicles, tractors, conveyances and railway applicances
of every description, its principal business will be the manufacture or railroad
trucks and other cars by which friction is reduced to a minimum.
George
A. Boyden is the inventor of the truck.
Plans of the new concern, which
takes over the Boyden Co-ordinating Car Corp. controlling the five patents
on a new design railroad car truck, include the establishment of factories in
Baltimore and other places.
The incorporators, besides Mr. Boyden, are Robert Ramsay, Theodore
G. Lurman, R. E. Lee Marshall, Janon Fisher, Baltimore, Ernest T. Trigg,
Franklin S. Edmonds, Phila., and John C. Frazee, Lansdowne, Pa. Q
(Conn.) Brass Co .— 'Seven Centuries
Making"—Company's Electric Furnace Process.—
Bridgeport
In
a
handsomely printed and profusely illustrated
the company gives a
contrasts the method
Superior Mining Co.—Quar.
Report—Produc.—
Three and Nine Months ending Sept. 30.
1920—9 Mos.—1919.
1920—3 Mos.—1919.
2,442,459
$1,786,762
Net
$795,865
{Zinc concentrates. $629,954
912,521
1,025,388
228,365
406,387
Value I Lead concen trates
85,000
318,826
85.000
168,826
Inventories & quotations.
64,354
50,516
16,814
5,595
Miscellaneous income
Results for
.
$960,133
$1,376,673
$3,504,334
$3,181,492
1,062,352
Total income
Oper. costs, taxes, &c
1,076,390
3,126,298
2,787,362
$300,283
$378,038
$394,130
The above statement includes charges for depreciation and shutdown
expenses, but no allowance has been made for depletion or taxos.
1920—Oct.—1919.
1920—10 Mos.—1919.
Zinc (in lbs.)
7,000,000
11,000,000 85,814,024 89,025,000
Silver (in ozs.)
193,000
210,000
1,641,778
1,696,000
Balance,
—V.
def.$102,218
surplus
Ill, p. 1569.
Caddo
Central
Oil
&
Refining Co.—Earnings.—
and taxes, including Government taxes, for
October, were $170,208, and for the ten months ended Oct. 31 last, $1,238,503.—V. Ill, p. 1569, 796.
Net earnings, after interest
Calumet & Hecla Mining
The company on
Co.—Wages.—Curtails Oper.—
Nov. 12 announced a 15% cut
in all wages and salaries,
Osceola
market,
given as reasons.
It is
effective Nov. 16.
Suspension of operations at its White Pine,
Consolidated and Osceloa Mines, the low price of copper, limited
unsold surplus, excess production and costs are
estimated that 1,500 men will be thrown out of work,
The output (including subsidiaries)
fine copper, compared with 7,279,214
„
„
for October aggregated 7,945,502 lbs.
lbs. in Sept.—V. Ill, p. 1569, 1946.
Calco
Chemical Co.,
Bound Brook, N. J.—Bonds
Offered.—Hemphill, Noyes & Co; and Taylor, Ewart & Co.,
Chicago, are offering at 98 and int., to yield about 8.20%,
SI,700.000 1st, Mtge. 8% Sinking Fund Conv. Gold bonds
(see advertising pages):
Dated Oct. 1 1920, due Oct. 1 1940.
Red. all or part at any time upon
30 days' notice at 110 and int.
Int. payable A. & O. at office of Guaranty
Trust Co. of New York, trustee, without deduction for any normal Federal
Pa. State tax of 4
income tax not in excess of 2%.
annual sinking fund of 10% of the net earnings
will be deposited annually with the trustee, but
Eer annum for the retirement of the
>enom. $1,000, $500 and $100 (c*).
An
mills refunded.
after taxes and fixed charges
in no event less than
$70,000
bonds at not exceeding 110 and int.
Data from Letter of Pres. R. C. Jeffcott,
Bound Brook, N. J.l'Oct. 20.
Company.—Organized May 19 1916.
At inception company intended to
only two intermediates, i. e.. aniline oil and beta naphthol, but com¬
pany's manufactures have been expanded to include 18 intermediates and
about the same number each of pharmaceutical and dyes.
Sales have
grown to the present volume of more than $1,000,000 a month,
Is one of
the largest manufacturers in the country of intermediates (the bases of dyestuffs), dyes, pharma-ceutical products and other chemical products of a
make
no
Brass
Butte &
of
pamphlet of 75 pages,
brief history of the ancient art of brass making and
heretofore pursueu with its own electric furnace pro-
cess—saying In bri8f!
»
Up to 1820 the American brass makers struggled along; competition with
England was impossible until an Engligh brass maker came to Waterbury
and introduced English machinery and processes iu the Scovill Mfg. Co.
From 1830 the industry grew rapidly.
Brazed tubing was used for gas in
New York City in 1836; in 1848 the seamless tubing process came from
England, where it was invented in 1838.
The first basic American im¬
provement was the invention of the spinning process in 1851.
Soon there¬
after American brass makers took the lead over English competitors.
Connecticut has remained the greatest producer of brass in the U. S.
M Electric Casting Shop Replaces Old Plant.—Over three years
ago the
Bridgeport Brass Co. began to use electric furnaces on a commercial scale*
kindred nature.
selected company to develop the
explosi ve. This interfered considerably
During the war the U. S. Government
process
for and manufacture a new
with the development of
of 1919.
the business from the end of
1917 to the middle
Brook, N. J., and
total floor space,
City, Woodbridge and
Main plant, valued at $4,500,000. Is located at Bound
consists of 250 acres of land, with 57 buildings thereon;
300.000 sq. ft.
Has three smaller plants at Jersey
Burlington, N. J.
■
■
..
wtstanalng.
$2,250,000
1,500.000
500,000 sh .
reserved for the conversion
Capitalization after this Financing—
Authorized,
Conv. gold bonds (this issue)— $2,500,000
Preferred stock, 8% cumulative (par $100)
x6,000,000
Common stock, without par value
x750,000 sh.
First Mtge. 8%
x
Of the unissued Pref, stock
of these bonds and the
$2,500,000 is
remainder is available for future
50,000 shares are reserved
the unissued Common stock
requirements. Of
for the conversion
privilege of these bonds.
(See below.)
Purpose,.—Proceeds will be used to pay off outstanding notes and floating
debt, and provide additional working capital,
nt^r.
I
Conversion and Stock, Purchase Privilege.—Bonds will be convertible after
Oct. 1 1922, or sooner If lawful, and until Oct. 1 1925, at the rate of 10
shares of 8% Cum. Pref. stock, and 8 shares of Common stock for each
$1,000 principal amount of bonds.
,
,, ,
,.
.
. .
.
If and when conversion is made, any bondholder shall have the right to
purchase 12 shares of Common stock at a price of $12 per share, if such
conversion is made on or before Oct. 1 1923, or at $15 per share if made
thereafter and before Oct. 1 1925.
and stock purchase
^
,,
2046
THE
CHRONICLE
Sales and Profits for Staled Periods.
May 19 to
Dec.31'10.
Net
funds at Mercantile Trust
Calendar Years
1917.
1918.
6 Mos. to
June 30*20
1919.
p.
salesi-.--._fl,471,012 $2,918,715 $4,744,033 $4,751,710 $4,843,461
354,334
331,433
667,445
480,270
*035,263
At the annual rate of $1,270,526 more than
7 times the total interest
on the outstandihg bonds.
x
Balance Sheet
at June 30 1920
as
Assets—~
Real est., plant & equlp..$4,563,500
Cash
267,852
Inventories
Accounts & notes receiv__
Sub6cript'n
to
Chemical
Foundations, Inc
1,860,637
894,847
34,700
19,140
Insurance deposits
Mtges.
rec'le
($150,000
Secured
x
bonds.—V.
300,500
326,828
{mrchase of such business and properties as exceptionally advantageous to
t and have
accordingly determined to accept such offer.
At such price,
xNotes pay, to U. S. Govt.
due 1923
515,826
First Mtge. bonds
1,700,000
properties
—
(J. I.) Case Threshing Machine Co.—Stock Dividend.—
Casey-Hudson Co.—Pre/. Stock Offered.—George H.
Taylor, Jr. & Co., Chicago, are offering at 100 and div.,
$200,000 (additioDal) 8% Cumulative Serial Pref. (a & d)
The bankers state:
Capitalization (No Bonds)—
Authorized.
Issued.
Preferred 8% cumulative
$500,000
$500,000
Common stock, Class "A" (No par value)
7,500
7,500
Common stock, Class "B" (No par
value)
2,500
2,500
Assets.—Net quick assets exceed $615,671 or $123
per share of preferred
stock.
Total net tangible assets are
____
$921,830,
Preferred stock.
or over $184
per
share of
Earnings.—Average annual net earnings before Federal taxes and deprec.
for 4 years ending Dec. 31 1919, were $109,178 or
nearly 2-3 times dividend
requirements on the Preferred stock.
1920 net earnings are at the rate of
$238,000, or nearly 6 times dividend requirements on the preferred stock.
Net earnings eight months ending Aug. 31 1920 are
$178,508.
Net earnings
for the year 1919, before Federal taxes and
deprec., amounted to $121,531,
or over 3 times dividend
charges.
Gross sales for 1919, over $850,000.
Gross sales for 8 months ending
Aug. 31
1920,
$974,749.—Compare
were
V.110, p.873.
MacDowell, President of the Armour Fertilizer
director.—V. 110, p. 1976.
Cerro de Pasco Mining
1920—Oct.—1919
4,698,000
5,652,000
Ill, p. 1086, 796.
Works, has
Co.—Copper Output (in lbs.).—
Decrease J1920—10 Mos.—1919
954,000 43,942,000 48,728,000
—V.
gratifying to
Cities
We feel sure that
stockholders."—V.
our
Service
cessfully conducted since 1848.
[For completed description of the properties of B. B. & R. Knight, Inc.,
earnings, capitalization and Balance Sheet as of Aug. 14 1920 (adjusted to
give effect to the sale of $7,500,000 bonds and
$2,500,000 pref. stock) see
V. HI, p. 1375.]—V.
Ill, p. 1953.
The Guaranty Trust Co. of N. Y..
trustee, will until Nov. 23
receive
bids for the sale to it of First &
Refunding Mtge. 5% gold bonds, due
Dec. 1 1950, to an amount sufficient to
absorb $67,760 now in the sinking
fund, at
our
Denom. $1,000 and $500
(c»).
Nov. 1 1921 to Nov. 1
1930, incl.
Dated Nov. 1 1920.
Due annually from
Int. payable M. & N. at Fort Dearborn
Savings Bank, Chicago, trustee.
Optional, all or part on any int.
date, upon 60 days' notice, at 100 and Int. plus a premium of M of 1%
for each full year, or fraction
thereof, remaining until maturity.
Free from
normal Federal income
tax, not exceeding 2%.
Pennsylvania State tax of
Trust &
4
mills refunded.
Data from Letter of Sec.
Henry S. Cooper, Kenosha, Wis., Nov. 1.Company.—Is the outgrowth of a business established in 1876.
Incorp.
in Wise, in 1902 and is a close
corporation.
Is one of the oldest and largest
manufacturers of fine quality union suits in the United States.
Principal
products are "Kenosha-Klosed-Krotch" union suits and the "Nainsook
Knit-Klosed Krotch" athletic union
suit, which are sold through branches
located in New York,
Chicago, Dallas, Los Angeles, San Francisco and
Seattle.
Entire output is marketed direct to the retail trade.
Sales for
the current fiscal year (two months
est.) should aggregate over $3,000,000.
Propertias consist of 2 modern .completely
equipped manufacturing plants,
comprising 6 buildings, having a total of 221,057 sq. ft. of floor space,
located at Kenosha, Wise, .and
Manistee, Mich., appraised at a depreciated
sound value of $1,071,454.
Earnings.—Net earnings for the past 18 years have averaged about
$108,000 p. a.
For the past 4 years net earnings, after depreciation, re¬
net
and all other charges,
except Federal and State income taxes, have
averaged over $216,000 annually, or in excess of
4% times the maximum
interest requirements on this issue of bonds.
Net profits on
manufacturing, before taxes, for the year ending Nov. 30
1920 should approximate
serves
$330,000, or nearly 73^ times such interest re¬
Net profits for the 10 months ending Oct. 1 totaled $281,836.
Capitalization and Surplus After Completion of this Financing.
7H% First Mortgage Serial Gold bonds
$600,000
Capital stock
250,000
Surplus and undivided profits..
1.904,676
Purpose.—Proceeds will be applied to the reduction of current loans.
Copper Range Co.—Omits Dividend.—
Co .—Earnings—Series
the
on
Strong.—
1372.
Cuban-American Sugar Co.—Smaller Dividend.—
A dividend of $1 per share has been
declared on the outstanding $10,000.000 Capital stock (par $10),
payable Jan. 3 1921 to holders of record
Dec. 10 1920.
In July and Sept last dividends of
$1 75 each were paid
on the new $10
par value stock, while in January and April last 2M % each
were paid on the old $100 stock.—V.
110, p. 2196.
"C" Debentures.—
The board also again extended the privilege to holders
of Series C Deben¬
as of record Nov.
1, of converting 10% of the amount so held on
1 or the first day of any month thereafter.
Each $1,000 of these
debentures is convertible into $900 Pref. stock and
$100 Common stock,
together with the accumulated cash and stock dividends on the $100 Com¬
mon stock from Jan. 1 1919
up to date of conversion.
The issue will become
convertible as an entirety on and after Jan. 1
1921.—V. Ill, p. 1855.
tures,
Dec.
Davis-Daly Copper Co.—Earnings.—
Results for Years ending June 30 and
Quarter ending Sept. 30.
1920—3 Mos.—1919.
1920—12 Mos.—1919.
Ore returns
Miscellaneous
Colorado Fuel & Iron Co
.—Quarterly
Report.—
General
,
Net
.$13,484,393
12,223,073
earnings
$1,261,320
$9,975,072 $38,093,341 $30,576,271
8,868,382
33,714,028
27,384,865
$1,106,690 $43,793,313
78,617
382,037
$3,191,406
$1,396,654
$1,185,307
704,968
641,208
$4,761,350
2,102,215
$3,541,068
1,968,432
$691,686
..
$544,099
$2,659,135
$1,572,637
Other income
135,334
.
Total income
Bond int., taxes, &c
Balance, surplus
Ill, p. 1475.
—V.
Consolidated Interstate-Callahan
Mining Co.—
.
Dominion
Balance,
sur. or
—V. Ill, p.
def
_
1855.
Consolidated Textile
$321,925
339,310
10,986
$386,397
341,651
def$28,371
sur$44.738
9
Corp.—Additional Stock Offered—
B. & R. Knight properties through
Holding Company—Underwritten.—The stockholders of rec¬
ord Nov. 22 are given the right to subscribe on or before
Deo. 7 for approximately 535,274 shares of stock
(no par
value) at $21 per share at the rate of two new shares for each
share held.
Subscriptions are pavable in full in New York
To acquire control of B.
$1,955,768
$1,022,930
$1,239,240
$762,555
Park
169,905/
25,349
40,290
>,304
Co.,
109,441
109,8381
201,929/
$364,531
$367,244
$621,071
Ltd., Montreal.—Earnings.—
"Notwithstanding the large
which have been expended
by your directors for rehabilitating the
Park in the last two years, a further considerable sum
has been decided upon
to put the Park in a first-class condition.
This expenditure should put
property in such good physical shape for the next five or six
years that
only other expenditures will be for new attractions, etc."—V. 111.
1756.
your
the
p.
East
Coast Fisheries
Co.—Receivership.—
General George W. Goethals, Pres. of the East
Coast Fisheries Co. and
the East Coast Fisheries Products
Co., and Harry M. Verrill of Portland,
Me., were appointed co-receivers on Nov. 13 at Portland for both
companies
A statement issued from the offices of
George W. Goethals, says:
"The assets of each company are several
times its liabilities and the com¬
panies have no bank obligations.
This action is the result of inability to
realize immediately and
advantageously on a large inventory of manu¬
product, due to present stagnation of the salt fish market and the
tightness of the money market.
The result will be a material
improvement
in operating
conditions."—Compare V. 109, p. 984- V. Ill, p. 1475.
factured
East
.
Improvements
$669,478
$69,4021
Net earnings after taxes, bond
interest, etc., for the fiscal year ending
Oct. 31 1920, were $37,900 as
compared with $34,619 in 1919.
President J. H. Redpath, says in subst:
.
Production costs, expenses, taxes, &c
$1,206,696
32,544
Balance, surplus.
-V. Ill,p. 1283.
349,662
Income Account for 3 Months
ending Sept. 30 and June 30 1920.
Quarters ending—
Sept. 30.
June 30.
Net value of shipments—
$320,076
$384,163
Other income
1,849
2,235
Total income
expense
$1,791,607
164,161
$386,386
857,867
176,166
13,203
69,846
Equipment
$631,610
37,868
sums
Results for Three and Nine Months
Ending September 30.
1920—3 Mos.—1919.
1920—9 Mos.—1919.
receipts
Operating expenses
$308,869
77,517
revenues.-
Total receipts
Development expenses
Mining cost.
Cockshutt Plow Co., Ltd.—New Director.—
E. A. Mott has been elected a
director, thus increasing the directorate
nine members.—V. Ill, p. 1755, 1664.
Nov; 10 omitted the declaration of a
quarterly dividend
Dividends of 50 cents per share have been paid quar¬
to Sept. 1920 incl.—V. 110, p. 2491.
on
capital stock.
terly from June 1919
conditions, the directors on
although in their opinion the
"condition of the company, the earning
power of subsidiaries, together with
the business outlook of the
company for 1921, amply justified an increase
in the stock dividend "
As to
increasing earnings, see "Earnings Depart¬
ment" on a preceding page.
Gross
price not exceeding 107H and int.—V. Ill, p. 1293, 1191.
Decrease
full year's results will prove
Ill, p.
In view of the general business and financial
Nov. 17 declared dividends at the usual rate,
to
a
Cooper Underwear Co., Kenosha, Wis.—Bonds Offered.
—Hyney, Emerson & Co., Chicago, are offering, at prices
ranging from 99.53 and int. to 100 and int., to yield from
8% to 7.50%, according to maturity, $600,000 First Mort¬
gage 7>£% Serial gold bonds.
4,786,000
President Chandler says: "Earnings for the
past 3 months have been
largely in excess of dividend requirements.
Current operations are satis¬
factory for this season of the year.
Company has no indebtedness, no notes
or trade acceptances being
outstanding and all accounts to Nov. 1 have
been paid, including invoices for October
purchases.
The company is in
very
(no par value) of B. B. & R. Knight, Inc. of Mass.,
recently incorporated
as successor to a Rhode
Island corporation of same name, one of the largest
manufacturers of cotton cloth in the world, whose business has been suc¬
The directors
Chandler Motor Car Co.—Financial Position
splendid cash position.
most reasonable basis.
a
quirements.
Century Oil Co.—New Director.—
a
on
Your corporation is acquiring the B. B. & R.
Knight business and prop¬
erties by acquiring (through an
existing holding company, B. B. & R. Knight
Corp. of Del.) all of the outstanding 100,000 shares of common stock
Consolidation Coal Co. of Maryland.—Tenders.—
Ltd.—New Director.—Status.—
A Common stock dividend of
39,000 shares of new Common stock has
been declared, to be distributed on Dec.
15 ratably to holders of record
Nov. 29 of the 91,000 shares of Common stock now
outstanding in propor¬
tion to the amount of Common stock owned
by each of them respectively.
—V. 110, p. 1284.
Charles H.
after setting up ample reserves to absorb declines in
inventory to lowest
values, we consider your corporation is acquiring such business and
market
...
F. J. Neale of Toronto, as a director
succeeds W. F. Brock.
President J. B. Tudhope, Toronto, Oct.
29, said in subst: "the company's
bonds, which had been repurchased, together with
Victory bond s purchased,
both filed with the Montreal Trust
Co., now amount to more than $30,000
over the total bonded indebtedness of
the company.
Liabilities, it was stated, had been reduced by $1,130,000
during the
past two years.
Operations at the Orillia plant were being turned more in
the direction of motor accessories,
leaving the carriage business to the
Alexandria plant.—V. 110, p. 2490.
been elected
of cotton cloth in the
world, and have offered to transfer their purchase to
Your directors consider the
3,912,875
559,382
Accrued expenses
25,938
Reserve for empl. bonuses
53,985
Cambria Steel Co.—Uusal
y2% Extra Dividend
the
before 3
your corporation at cost to them and interest.
shares) book value
Accounts payable
The usual extra dividend of
M of 1 % has been declared on the $45,000,000
Capital stock in addition to the regular
quarterly dividend of 13^%, both
payable Dec. 15 to holders of record Nov. 30.
In March, June and Sept.
last, extra dividends of H of 1% each were
paid.—V. Ill, p. 898.
stock.
on or
Prest. Fred. K. Rupprecht and associates
recently acquired through cor¬
porations organized by them for the purpose, the well known business and
properties of B. B. & R. Knight, Inc., one of the largest manufacturers
Liabilities—
Preferred stock
-$1,500,000
Common (no par—500,000
1
Total (each side)
$8,268,006
by $150,000 mortgage receivable and $550,000 First Mtge.
104, p, 455.
Carriage Factories,
Co., New York,
Proceeds will be used to provide funds to
Data from Letter signed by Alfred L.
Ferguson, V.-P., dated Nov. 10*20
$
(after this Financing).
-
pledged with Govt.)--Prepayments & def. chgs.
Proc,,Pat'ts, goodwill, &c.
Dec. 7.
m.
complete the payment for purchase of B. B. & R. Knight,
Inc., and for other purposes in connection with the matter J
Avail, forbondint.
charges
[Vol. 111.
V.
Coast
Fisheries
Products
Co.—Receivership.—
See East Coast Fisheries Co. above and
compare
Ill,
p.
1475.
Y. 109,
p.
1612, 1702*
Empire Refining Co.—Status.—
The company owns and
operates 933 miles of trunk and gathering pipe
most productive pools in the Mid-Continent field and
lines, located in the
has refineries in
Okmulgee, Ponca City, Cushing and Oklahoma City, Okla.,
and Gainesville, Texas.
It also owns an asphalt plant in
Independence,
Kan.
At present time plans are under
way for the extension of the
pipe
Slick pools, which have a daily
average
production of 35,000 barrels.
Company is also planning the advancement
of a line into the Kingswood
pool, which pool has a daily production of
10,000 barrels of high-grade crude.
Extension of these lines will enable
line system into the Wilcox and
the company more
adequately to supply the Okmulgee and Cushing plants
high-grade crude.
Company has a total storage capacity of 75,600.000 gallons.
It dis¬
with
tributes
Canada.
its
products in 33
The
company's
States
in
the
distributing
Union
and in
business
is
various parts of
Retail
wholesale.
Nov. 20 1920.]
THE
CHRONICLE
stations in
Texas, Kansas, Oklahoma, numbering 151, are managed and
operated by Crew Levick Co., a Cities Service Co. subsidiary, under lease,
Empire Refining Co. gets substantial returns.—V. 108,
and from these
P« 25ol.
General Baking Co .—To Pay Accum. Div. in Pref. Stock.
The company has offered to pay off the accumulated "Pref. dividends
amounting on Oct. 1 to 20% in 7% Pref. stock at par, if the plan is ap¬
proved by the stockholders.
President William Deininger stated that
"payment of the dividends in
cash would deprive the company of
and will need for
There is
capital which it needs in its operations
some
time to come.
outstanding $5,925,000 Pref. stock of
of $10,000,000 —V. 110, p. 2491.
now
an
authorized issue
General Electric Co., Schenectady, N. Y.—Officers.—
S. L.
Whitestone, General Auditor since 1911 and employed by the com¬
for the past 33 years, has been elected Comptroller, to succeed C. E.
Patterson, recently elected Vice-President in charge of accounting.
L. D.
Le Fevre has been elected General Auditor succeeding Mr. Whitestone.—
V. Ill, p. 1954, 1756.
2017
Hickman.
James L. Giddes, President of
elected Chairman.—Y. Ill, p. 1476.
Kelly-Springfield Company, was
(H. J.) Heinz Co., Pittsburgh (Food Products).—Notes
Sold.—Goldman, Sachs & Co., E. Naumburg Sp Co.,
Brothers, New York, and Union Trust Co., Pitts¬
burgh, have sold at 94% and int., to yield about 7%%»
$8,000,000 10-year 7% Gold Notes (see adv. pages).
Lehman
Dated Dec. 11920, due Dec. 11930.
Denom. $1,000, $500 and $100 (c*).
Red. all or part on any int. date on 30 days' notice at 105 and int. on or
before Dec. 11921, and decreasing H otl% each year thereafter to 101 and
int. on or before Dec. 11929; at 1003^ on June 1 1930. Int. J. & D. without
deduction of normal Federal income tax not in excess of 2% at the office of
Guaranty Trust Co. of New York, trustee.
Free of the Penna. 4-mill tax.
Data from Letter of Pres. Howard Heinz, Pittsburgh, Pa., Nov. 17
pany
Capitalization
upon
Completion
'20.
This Financing.
of
Capital stock (all held by 53 stockholders)
7% Gold Notes (this issue)
$10,000,000
8,000,000
Real estate mortgage..
83,333
Purpose.—Proceeds will be applied to payment of notes payable and to
provide additional working capital.
History.—Company engaged in the manufacture of a high-quality line
of food products under the trade-mark brand of the "57 Varieties." was
founded in 1869.
Iricorp. in Pennsylvania in 1905.
Has 25 finishing
factories in addition to the main plant at Pittsburgh, with factories in
England, Spain and Canada.
It has 172 raw-product receiving stations
and salting houses.
Owns and operates its own line of refrigerator and tank
cars, also its own glass factory, tin can factory, tank shop and box factories.
Has on its books over 200,000 accounts.
Sales since May 1 1920 show an
increase of 22% over those of last year.
—
Goldfield Consolidated Mines Co.—Stockholders Receive
One Share of
Goldfield Deep Mines Co. for Each Share held.—
Transfer of Stock and Property, &c.—
W. E. Zoebel, Sec.-Treas., in a letter to the stockholders dated Sept. 15
1920, enclosing a certificate representing a number of 6hares of Goldfield
Deep Mines Co. of Nevada (upon which the initial assessment of 1 cent
[see below] has been paid) equal to the number of shares of Goldfield Con¬
solidated Mines Co. held on July 31 1920, says in substance:
For many years this corporation has been the owner of a large number of
shares of stock in the C. O. D. Consolidated Mines Co. and the Goldfield
Merger Mines Co.
The properties of these companies, and other contiguous
properties situated in the Goldfield District, have been developed as far as
resources would permit.
It seems that the best hope of future profit lies
In development at greater depth. These facts being brought to the attention
of the stockholders of the various companies at stockholders' meetings, the
stockholders of each of the companies adopted appropriate resolutions for
the transfer of all of their properties to the Goldfield Deep Mines Co. of
Nevada, in lieu of stock on the basis of one share of Deep Mines Co. stock
for each share of stock of the other corporations, the stock of the Deep
Mines company being subject to an assessment of one cent per share.
This corporation was also the owner of five claims, which were isolated
from the main works of the company and whose development could not be
carried on economically from the main works of the corporation.
These
five claims are contiguous to the properties which were being acquired by
the Goldfield Deep Mines Co. and it was therefore arranged that this com¬
pany might transfer said claims to the Goldfield Deep Mines Co. in consid¬
eration of the issuance to this company of 1,575,586 shares of the capital
stock of said Deep Mines Company, said stock to be likewise subject to the
one
cent assessment.
The directors have concluded that the best interests of the stockholders
would be subserved by the exchange of its shares of C. O. D. Consolidated
and Merger Mines stock for stock of the Deep Mines company and by
transfer of the five claims above referred to to the Deep Mines company and
by the payment of the initial assessment of one cent per share on the stock
of the Deep Mines company so received which, making a total of 3,559,148
shares, equals one share for each share of stock of this corporation out¬
standing.
The directors decided further that it would be to the best
interests of the stockholders to disburse said stock, proportionately, to the
stockholders, in order that they might themselves determine what disposi]
tion they desired to make thereof.—V. 108, p. 1277.
Earnings Year Ended April 30.
1919-20
Net before Fed. taxes—.
Net after Fed. taxes
Balance Sheet
Goldwyn Pictures Corp.—New Note Issue.—
17
as
$2,601,095
1,986,140
of April 30 1920.
Liabilities.
Assets.
..$1,555,106 Accounts payable
$804,923
2,976,960 Bills payable
4,562,000
Materials and supplies
8,794,432 Money at interest
157,402
Bills receivable.
57,652 Dividends not drawn.___ 1,450,805
Accounts receivable
3,162,402 Capital stock.
10,000,000
Investments—
712,094 Deprec'n & other reserves 4,544,905
Stocks in other companies
6,810,119
9,000 Undivided profits.
Equipment4,869,084
Real estate & buildings,- 6,193,424 Total (each side)
$28,330,154
-
Merchandise
—
—
—
—
...
Hercules Powder Co., Inc.—To
A semi-annual dividend of 10% has been declared on the outstanding
$20,000,000 Capital stock (par $100) , payable Dec. 31 to holders of record
1919 8% each were paid.
Nov. 30.
In June last and in June and Dec.
V. 108, p. 2128.
Independent Brewing Co., Pittsburgh.
The income account
was
published in The
Balance Sheet Sept. 30.
Assets
Liabilities—
...
Due fromU. S. Gt.
conserve
its
cash
resources.
From Nov.
1920 the company
paid 12% yearly (3%-Q)
In Aug. 1920 the dividend was reduced to 23^%.
Prest. Seiberling in a letter to the Common stockholders
says in substance:
Profits for the fiscal year ended Oct. 31 are expected to exceed $27,000,000
subject to the Federal tax.
Sales for the fiscal year reached $206,000,000,
as compared with $168,000,000 in 1918-19.
This gain of $38,000,000 or
22% in the face of recent business conditions, indicates the strength of the
public demand for Goodyear products.
However, it is inevitable that Goodyear sales should be affected by the
Sresent business depression. For several years Goodyear has been supply-
lg automobile manufacturers with approximately 50 % of all tires used on
and in order toprotect these largelcustomers it has been necessary to
keep generous reserves of raw materials on hand and on order.
Within the past 5 months automobUe production has been reduced
from the highest peak ever attained, to a point far below normal.
Natur¬
ally, this drastic curtailment has been reflected in our manufacturers' orders
and while we have taken prompt action to curtail our raw material supply, it
has been impossible to prevent our inventories from piling up rapidly.
Tire dealers also have been reducing stocks and the usual stock replenish¬
ment orders are being delayed.
Consequently our main problem has been to provide adequate finances to
carry our inventories.
This condition has been met by an arrangement with
a group of banking interests for a temporary loan of $25,000,000 which
enables us to meet our obligations.
(V. Ill, p. 1856. 1954.)
In view of the present financial and business conditions and i,n order to
strengthen the company's cash resources, it was deemed inadvisable, by
the directors, to declare a dividend on the Common stock at this time.
This action, however, in no way affects the Preferred stock.
While industry in general has been affected by the recent adjustment, we
feel that, looking to the future the prospects for the company to obtain
an increased share of the available business are extermely bright.
Good¬
year sales of automobUe tires are the largest in the world and the position of
this company in the field is stronger than ever.
1
15,000 new dealers in automobUe tires have joined forces with Goodyear
since Nov. 11919—an increase of 73% over the number then under contract.
new cars,
enjoys an enviable position with over 60% of all
pneumatic equipped trucks and over 35% of all sold equipped trucks
In truck tires the company
new
going out on Goodyear tires.
Sixty per cent, of all new rubber tired buggies and 50% of new motor¬
cycles are fitted with Goodyear tires, and our business is by no means
confined to the domestic field, as shown by the fact that export sales in¬
creased from $8,000,000 in 1919 to $15,000,000 In 1920 with exceUent
prospects for the future!.
Goodyear soles and heels have come to be a staple necessity with millions
of
users.
looking toward the future with confidence and with
business on a sound and economical
basis so that the investments of all stockholders wUl be secured and en¬
hanced.—V. Ill, p. 1856, 1954.
The directors
are
the firm intention of conducting this
Granby
Consolidated
Mining Smelting & Power Co.—
Copper output for October totaled 2,293,500 lbs.,
as
compared
with
2,164,344 in 1919.
The Boston Stock Exchange on Nov. 13 authorized the listing of $2,500,-
000 five-year 8% convertible debenture bonds.
Dated May 1 1920.
May 1 1925 and described in Y. 110, p. 875, 1646; V. Ill, p. 1569.
Hare's Motors.—Absorbs
Pres.
Emlen 8.
Motor Truck
Kelly-Springfield Motor Truck.—
Hare announced on Nov.
Co.,
Due
and its plant at
15 that the Kelly-Springfield
would hereafter be
Springfield, O.,
operated by Hare's Motors, which controls the Locomobile, Mercer, and
Simplex Companies.
The Directors of the Kelly-Springfield company
Pres., Emlen S. Hare; Vice Presidents,
D. Church and O. E. Hunt; Sec. & Treas., F. R.
have elected the following officers:
Henry Lansdale, H.
*
$
$
^
4,500,000
4,500,000
4,500,000
187,613
98,708
237,136
4,500,000
4,500,000
4,500,000
28,267
112,002
1,695,962
Total (each side) 14,023,457
15,336,231
$259,225 U. S. Govt,
securities
1954
Common
stock...
Preferred
stock...
1st M. bonds....
Accounts payable.
Bond int., &c.—
Undivided profits.
24,197
459,057
&c
1919.
1920.
1919.
§
&C._.11,681,049 11,878,105
Cash—......
122,444
627,264
Bills receivable...
281,784
476,265
Accts. receivable..
300,220
195,515
Investments
*517,795
1,050,460
36,652
69,855
Unexp., &c„ insur
Materials,
order to
Sheet.—
Bal.
Chronicle" Nov. 13 on page
1954.
Bond sinking fund
in
frflSWl
^Illinois "V^^IAK^Co^Dividend Increased.—
Goodyear Tire & Rubber Co.—Passes Common Dividend.
—The company has passed the dividend on the Common
stock because of present financial and business conditions
1912 to June
Acquire Aetna Explosives.
See Aetna Explosives Co., Inc. above.—V. Ill, p. 1856.
Real estate,
and
—
— _
-
given the right to subscribe on
or before Dec. 20 at 95 to $1,788,490 2-year notes, convertible at any time
before maturity into v. t. c. representing 16 shares of stock for each $100 of
notis.
Red. before maturity at 102% during the first year and 101%
during the second year.
Subscriptions are payable at Chase National
Bank, New York, trustee.
The entire issue, it is understood, has been underwritten.
are
1916-17.
$2,395,125
2,288,517
1917-18
$2,420,187
1,985,251
Cash
1920
The stockholders of record Nov.
1918-19
$4,044,888
3,118,665
528,917
600.258
509,850
Includes $248,335 1.
B. Co. bonds,
[agst $768,538 in 1919] and $10,235miscellaneous stocks.—V. Ill, p.
Indian Refining Co.—New
Director.—
George P. Slade has been elected a director.—V. Ill, p. 1088,
'•Institution for Encouragement of
1080.
Irrigation Works
and Development of Agriculture." (Mexico).—Deposits
Asked.—Speyer & Co. invite holders of the $25,000,000
.Works 4^% Sinking Fund Gold Bonds
deposit their bonds with the New York Trust Co. as
depositary, on or before Dec. 31 1920, subject to thejterms
of
the
Bondholders'
Agreement dated Nov.
18.
The
bonds were placed by Speyer & Co., here and abroad, in
Oct. 1908.
(See also advertising pages.).
Mexican Irrigation
to
payment of the interest
May 1 1914, and that since May 1 1919, default has also
Fund payments provided for the redemption of
these bonds.
Payment of principal, interest and Sinking Fund is uncon¬
ditionally guaranteed by endorsement by the Mexican Government.
Since the above defaults occurred, the bankers have made repeated
efforts on behalf of the bondholders, to have the Interest and Sinking
Fund installments paid, and to have the Mexican Government make good
The bankers state that default was made in the
on
these bonds on
been made in the Sinking
its guarantee, but without avail.
The Bankers' circular continues: "Gen.
Alvaro Obregon, who has been
is reported, how¬
the new Mexican Government will
recognize all legal foreign debts,' and that all its debts will be paid 'as far as
elected President, and who will assume office on Dec. 1,
ever,
to have publicly declared that
I
possible.'
"There
are a
*'3
.
secured
it, on which default has been
large amount of other claims against it, which will have
number of foreign loans of the Mexican Government,
and unsecured, and other guarantees given by
made, as well as a
to be recognized and
provided for by the Mexican Government.
'
holders of the above bonds
and effectual protection of their
"We therefore consider it important that the
should unite, without delay, for the proper
interests."
^
be issued by the Depositary,
application will be made
for the listing of the engraved certificates on the New York Stock Exchange.
The total amount of defaulted interest up to Nov. 1 1920, amounts to
over $9,600,000 and the overdue Sinking Fuiid payments to over $1,125,000.
It is understood that arrangements will also be made for receiving deposit
Temporary Certificates of Deposit will
exchangeable for engraved bearer certificates and
of these bonds in London,
considerable
Frankfort
amounts of this issue are
o[M, Berlin and Amsterdam, where
held.—V. 98,
p.
1395.
International Mercantile Marine Co.—Earnings,
A statement issued
&c.—
by the directors on Nov. 18 states:
Net earnings from its own operations and the dividends which itlhas
received at current rates of exchange by reason of its stock ownership in its
subsidiary English and American companies for the first nine monthsfof
this year, and the estimated earnings and dividends from these sources_ior
the remaining three months of the year, should, after deducting bond Inter¬
est and estimated taxes, deprec'n, &c., for the entire year, amount to aoou*
$7,500,000, which would be about 15% on the preferred stock.^i^* «
This figure does not take into account the operating profits of the sudsidiary companies in excess of the total amount to be distributed bytnem
to the I. M. M. as dividends during this year.
„
.
.
.
According to the report of Oct. 31 1920, the EngUshcompaideshaveon
hand over £10,000,000 in cash, war loans and treasuryJjills, andthere JsM
cash, call loans and Liberty Bonds in the treasuries of the American com¬
panies about $13,000,000.
There are other assets, such as HoUand^ltnerican Line shares. New York Shipbuilding Corp. shares,k&c., jwhich_add sub¬
stantially to these amounts.—V. Ill, p. 1955.
.
International Paper Co .—Prices.—
The company has announced a price of 6HeJb. for newsprint paper
for the first quarter of 1921. i See also V. 111 JP-.994-u
.
,
_
2018
CHRONICLE
THE
Island Oil & Transport
Corp.—Earnings
livery to be made during the next year.
—
mos. '20 6 mos. *20
§9,185,049 $4,140,595
3,777,396
2,438,397
726,717
375,595
9
Gross
earnings
Operating expenses
Charges*depreciation, etc
...
Balance, surplus
—V. Ill, p. 994. 798.
$4,680,936 $1,326,603
Copper
1920—Oct.—1919
10,816,000 9,789.320
—V. Ill, p. 1665. 1284.
Increase) 1920—10
1
to,680
v
Increase
28,006,980
Mos.—1919
95,471,860 67,464,880
Mohawk Mining Co.—Production
Decrease. 11920—10
Decrease
322.643
Mos.—1919
1,006,881
69,635 684,238
(B. B. & R.) Knight, Inc. —Control Acquired, &c.—
See Consolidated Textile Corp. above and compare V. Ill, p.
1375, 1955.
(S. S.) Kresge Company.—October Sales.—
1919.
Increase.1
Lee Rubber & Tire
Increase.
1920—10 Mos.—1919.
$.3,833,061
$698,557
1570, 1188.
$38,769,971
Corporation.—Earnings.—
Lucey Manufacturing Co.—Earnings.—
Gross earnings for September were $1,142,716, and net earnings applica¬
on the $1,500,000 8% notes recently issued, $141,664.
Gross
ble to interest
earnings for the 9 months ended Sept. 30 last were reported as $9,250,093.
—V. Ill, p. 1088, 994.
Increase.)
$1,006,870
1955, 1666.
1920—10 Mos.—1919.
$212,030 $10,862,789
Increase.
$1,951,142.
$8,911,647
Manhattan Electrical Supply Co., Inc.—Sales
10 Months
Ending Oct. 31—
1920.
1919.
.....$6,339,339 $5,707,566
sales.
—V. Ill, p.
$631,773
Manufacturers' Light & Heat Co.—Balance Sheet.—
Sheet
Sept. 30 1920 and Dec. 31 1919 (Including Affiliated
Sept. 30'20. Dec. 3V19.
Assets—
$
Investments
Liabilities—
$
_a44,896,837 43,698,023
970,983
1,024,779
Reacquired cap.etk.
469,600
469,600
Special deposits...
b33,230
6,410
Cash......
657,381
728,661
Notes receivable-_
*223,544
—
Accts.& bills ree'le
Mat'l & supplies..
1,528,660
1,554,757
Oth. current assets
c313,971
Non-prod,
1,092,546
1,757,372
......
Bonds
Current
acc'ts
vouch.
S
23,000,000 23,000,000
(*)
.......
well expense....
63,203
Prepaid Ins., &c..
11,130
14,355
971,635
Consum's' deposits
264,876
payable—(2%)460,000
(4)920,000
Matured funded d't
33,230
6,410
Total
14,010,499
8,977,506
1284).
* Includes $200,000 5H% U. S, certificates of indebtedness due
Mar, 15 1921, for use in payment of Federal taxes.—V. Ill, p. 1857,1476.
Maritime Telegraph & Telephone Co.—New Financing.
The shareholders were to vote Nov. 15 "(a) To consider the creation or a
debt represented by an issue of bonds or debentures for such amount and
for such term and under such conditions as said meeting may determine.
"
(&) To consider the particulars of the security to be given, and the terms
conditions of a mortgage to secure said debt, and to authorize the
making of said mortgage."
and
A circular sent to the shareholders stated that it has been decided not to
issue the $1,000,000 5-year 8% notes authorized last Oct., owing to adverse
conditions in the security market.
Instead it is believed that a bond issue
for a substantial amount could be easier placed to
provide funds for capital
expenditures and improvements.—V. 108, p. 2026.
Maxwell Motor Co., Inc.—Over 83% of Stock Deposited—
Time Extended to Nov. 27.—The committee in charge of the
company
and the Chalmers
says:
.There have been deposited under tbe plan of Sept. 1 1920 more than
83% of the outstanding shares of said companies, and more than 95% of
the
estimated amount of unsecured notes and accounts of merchandise
creditors (excluding accounts under $5,000).
The stock committee, the banking committee and the merchandise credi¬
tors
committee, respectively, have assented to said plan and agreement
being declared operative.
The reorganization committee, however, having been
requested to grant
a further extension of
time, gives notice that until the close of business on
Nov. 27 1920, deposits of stock and unsecured notes and claims may be
made with Central Union Trust Co., New York, and the initial
payments
required upon the exercise of minimum rights of purchase conferred by the
Plan may be made to said depositary, but only upon payment of a penalty
of 50 ceDts for each $100 of such initial
payments, and a said rate for frac¬
tions of $100.—V. Ill, p. 1757.
Merchants' Transfer & Storage Co.—25% Stock Div.—
A
25% stock dividend was payable Nov. 1 last to holders of record Oct. 25
the outstanding $400,000 capital stock, par $100.
President John L.
on Oct. 26 said in substance: "We feel that our
present stock¬
holders are entitled to this surplus, in the form of additional stock, before
on
plans for further development are carried out."
Company was incorporated in Delaware Apr. 25 1901 to carry on a stor¬
age and hauling business in Washington, D. O.
Dividends of 6% have
been paid semi-annually on the
capital stock.
Surplus and undivided
profits as per balance sheet of April 30 1920, were $197,390.
our
Mergenthaler Linotype Co.—Annual Report.—
The company reports for the year ended Oct. 1 1920 a
surplus of $1,150,732, bringing the profit and loss surplus up to $8,627,739.—V. 109, p. 2168.
Oil
Shipments.—Monthly Report.—
The leading companies show exports as follows:
October.
Mexican Petrol.3,039,583
Standard of N.J.2,593,077
Mexican Eagle—2,109,458
Mexican Gulf—1,418,842
Island Oil-.... 1,357,620
Texas Co..
1,255,469
Atl. Lobos Oil-1,254,898
September.
2,695,192
1,991,866
2,248,387
1,492,188
1,377,335
1,058,676
1,344,230
October.
September.
Oil—.1,012,125 1,024,758
729,560
783,581
574,370
898,155
E.Coast(So.Pac.) 439,735
622,164
Miscellaneous ..1,266,111 1,774,685
Atl.
Gulf
Sinclair (Freep't)
Penn-Mex Fuel.
Totals.
17,050,84817,311,217
In October Transcontinental Petroleum Co., a subsidiary of Standard Oil
Co. of New Jersey, exported 601,211 barrels more than in September, while
Penn-Mex Fuel, also a Standard Oil company, shipped
in that month.
323,785 barrels less
t han
Mexican Petroleum
Co., Ltd.—Large Oil Contract.—
pi The company, it is announced, has closed a contract for the sale of
150,000,000 gallons of gasoline to the Standard Oil Co. of New York, do-
thereby saving the great increases in operating costs experi¬
the properties
reported as $17,001,803, to which should be added the cost of additions,
extensions, &c., made to Aug. 31 1920, amounting to $5,925,975, making
as
of Aug. 31
1920 $22,927,778.
Capitalization Outstanding in Hands of Public after this
Financing.
6% First Lien bonds, Series A, due 1946 (auth. $15,000,000)-—x$8,593,000
i0-Yr. 8% Secured notes, due 1930 (auth. $1,500,000), this issue
1,500,006
Nev.-Calif. Power Co. 1st (closed) Mtge. 6s, due 1927--1,763,000
Southern Sierras Power Co. 1st (closed) Mtge. 6s, due 1936
1,879,500
Preferred stock.
7,148,100
Common stock
l
8,374,500
Unsecured notes ($336,800 6s due 1926 and $120,200 7s due 1921)
458,000
xln addition, $1,125,000 Series A and $1,125,000 Series B 6% bonds
—
-
-
-
—
are
deposited
as
—
security for these notes.
Years ended Dec. 31 1919 and 12 Months ended Sept. 30 1920
(Inter-Company Transactions Eliminated).
Earnings for
Calendar Years
1919.
$
1920.
1
$
1918.
$
1917.
$
1916.
$
Totaloper. earnings.-2,957.422 2,570,616 2,147,349 1,985,150 1,526,897
Net after taxes..
1,548.750 1,401,864 1,120,160 1,070,567
925,029
Other income-.88,619
44,858
25,839
119,692
55,990
—
-
Earns, appl. to int.-1,637,369
Int. on sub. co. bonds.
219,805
Int.
on
1st Lien bonds.
Balance, surplus
Increased Rates.—The
498,869
1,446,722 1,145,979 1,190,260
225,429
234,183
248,588
415,995
332,514
298,862
981,019
328,175
120,128
918.696
805,299
579.282
642.810
532,716
Calif. RR. Commission on Sept. 17 1920 authorized
increase in the rates of the subsidiary companies operating in Calif.,
which the Commission estimates will increase annual revenue by $312,000.
an
See map of properties and power developments of the
corporation and its subsidiary and allied companies in the
Railway and Industrial Section" —V. Ill, p. 499.
New
England Oil Corp.—Note Offering.—Cochrane,
Harper & Co., Boston and New York, recently offered at 99
and int. (including 5 shares Common stock with each $1,000
note) $6,000,000 8 % 5-Year Convertible Gold notes.
Dated June 1 1920, Int. payable J. & D. due June 1 1925.
Red. all or
part on 30 days' notice at 104 and int. on or prior to June 1 1921, and there¬
after at 1 % less for each year or part there of elapsed.
Denom. $1,000 (c»).
First National Bank, Boston, trustee.
Int. payable without deduction for
normal Federal income tax up to 2% p. a.
Co. also agrees to reimburse
the holder for State income or other State taxes paid not exceeding $5 per
$1,000 note p. a., in Mass., R. I., Conn., N. Y., Pa., Md. and 111.
Convertibility.—Each $1,000 note Is convertible into 10 shares 8% Cum.
& Partic. Pref. stock (par $100) and 7 Yt shares Common stock (no par value).
The Pref. stock div. is cumulative from Oct. 1 1920 and participates equally
share for share with the Common in all divs. above $8 per share on Common.
Sinking Fund.—Commencing April 1 1921, and annually thereafter, 10%
profits for the previous 12 months ending Dec. 31 shall be used
a sinking fund to purchase or call notes at not exceeding call price.
of the net
as
Data
from
Letter
of
Pres.
Llewellyn
Howland,
Boston,
Nov.
1.
Company.—A. holding and operating company, incorp. in Virginia for the
following objects: (a) To acquire entire capital stock of New England Oil
Refining Co., which owns and operates a refinery and terminal at Fall
River, Mass.
(5) To perform a contract to supply to the Navy Department
3,000,000 bbls. of fuel oil and 200,000 bbls. of gasoline [first delivery being
made Sept. 17 last].
The Navy Department in turn guarantees transpor¬
tation for 5,000,000 bbls. of crude oil from Mexico Gulf ports to Fall River
at 80 cts. per bbl.
[Company has also contracted additional sales for
approximately 1.000,000 bbls. of fuel oil, 770,000 bbls. of gasoline and
70,000 tons of coke],
(c) To acquire certain leases and options on leases,
or interests therein, on upwards of 250,000 acres of oil lands in Venezuela
and
Newbold
Mexican
power,
was
50,723,296 48,791,746
a Includes
$89,350 TT. S. Liberty bonds,
b Special deposits to pay
bonds and bond coupons,
c Includes 28.609.49 bbis. of oil in pipe lines
and tanks,
x Bonds were paid off at maturity Oct. 1 1920 (see v. Ill, p.
reorganization of this
Denver, Nov. 8 1920.
Kassler,
1,127
comp.
ciation & deple'nl4,862,311
Corporate surplus. 10,481,284
...50,723,296 48,791,746
E. S.
Sept. 30
Accr'd Int. & taxes
803,908
477,219
248,144
Dlvs.
Pres.
enced by other power companies.
Valuation.—As of Dec. 31 1914, the then present value of
348,000
648,833
Workmen's
Letter of
&
payable—
Reserve for depre¬
drilling
Total
$
Capital stock.
Invest, suspense..
Cos.).
Sept. 30 *20. Dec. 31 '19.
.
Data from
Security.—Secured by deposit of 6% First Lien Gold bonds of a par value
equal to 150% of the face amount of notes outstanding.
Corp. agrees to
maintain a ratio between the market value of the pledged bonds and the
par value of the notes outstanding of 115 to 100.
Business and Property.—The company's system serves the rich agricultural
and industrial sections of Southern and Eastern California.
Ail of the
hydro-electric generating plants are located in California and over 90% of
the properties are located within that State.
Company also distributes
power to the mining districts of Central Western and Southwestern Nevada.
All of this territory, except a small portion of San Bernardino, Riverside
and Inyo counties in Southern Calif., is served exclusively by this system.
Owns generating plants with a total capacity of 60,287 h.p., of which
49,000 h.p. is hydro-electric.
Over 80% of its current is generated by
Increase
1666, 1476.
Co. and International Trust
Dated Nov. 1 1920, due Nov. 1 1930.
Int. payable M. & N. in New
York, San Francisco and Denver.
Corp. is obligated to pay normal Federal
income tax lawfully deductible at the source, up to 2%.
Denom. $500 and
$1,000 (c*).
Red. on any int. date at 103 and int. upon 90 days' notice.
International Trust Co., Denver, trustee.
total valuation
—
The income account for the 9 months ending Sept. 30 1919 and 1920 will
be found in V. Ill, p. 1857.
Balance
Decrease.
2,374,273
v
Co., Denver, are offering at 99 and int., yielding over 8.15%,
$1,500,000 10-Year 8% Secured gold notes (see adv. pages).
water
McCrory Stores Corporation.—October Sales.—
1920—Oct.-<—1919.
Gross
{in Lbs.).—
Decrease.)
1920—10 Mos.—1919.
402,49118,429,893
10,804,166
'
Porter & Co., Bankers Trust
$6,765,823
$32,004,148
Net sales for the 9 months ended Sept. 30 1920 amounted to $6,204,586,
compared with $4,492,189 for same period in 1919Net profit, after all
charges but before tax deductions, $640,684, contrasted with $640,512 in
1919.—V. Ill, p. 1375.
—V. Ill, p.
1919.
1,062,279
p.
1666. 1284.
Nevada-California Electric Corp.—Notes Offered.—Spen¬
Trask & Co., Blyth, Witter & Co., New York, Boettcher,
Ltd.—Silver Output {in ounces).—
1920—Oct.—1919
42,717
112,352
—V. Ill, p. 1857. 1284.
$1,218,840
Oct.
659,788
—V. Ill,
cer
Kerr Lake Mines,
1920
Oct.
$4,531,618
—V. Ill, p.
the de-
Mississippi River Power Co.—Power Contract.—
Ill, p. 1955.
Co.—Production {in lbs.)—
means
The company, it is stated, has concluded a 20-year contract with the
Central Illinois Public Service Co. for the delivery of about 10,000 h.p.,
3,000 h.p. to be taken at once, 1,000 additional April 11921, and the balance
of 6,000 to be taken over a period of five years.—V. Ill, p. 1955.
1920
Kennecutt
This new contract
liverj^of about 425,000 gallons a day. See Mexican Oil above.—V. Ill,
Kelly Springfield Motor Truck Co.- -Acquired by Hare's.
See Hare's Motors above.—V.
[Vol. 111.
on
550,000 acres in Colombia.
Capitalization after this Financing■—
Authorized. Outstanding.
_x$8,000,000
$6,000,000
8% Cum. Partic. Pref. stock ($100 par)
xl2,000,000
1,841,600
Common stock (no par value)
x5O0,OO0sh. 440,000 sh.
x $2,00r\000 notes and $2,158,400 Pref. stock reserved for future require¬
ments and $8,000,000 Pref .stock and 60,000 shares Common stock reserved
8% Five-Year Convertible Gold notes
for conversion of notes.
Properties, &c.—The New England Oil Refining Co. (stock all owned by
the New England Oil Corp.) owns and operates a refinery and terminal a
Fall River, Mass., which will have, upon the completion of construction on
Jan. 11921, a capacity of 8,000,000 bbls. of crude a year.
The refinery will
operate largely on Mexican crude oil.
On treatment of 6,000,000 bbls. of
crude, the output of the refinery should approximate 4,500,000 bbls. of fuel
oil, gas oil and distillates, 900,000 bbis. of gasoline and 70,000 tons of coke
;per year.
The initial storage capacity of the Fall River refinery is about
900,000 bbls., with sufficient ground reserves to increase the storage in
steel tankage by 500,000 bbls., and the storage in concrete bulk reservoirs
of from 1,000,000 to 3,000,000 bbls. additional capacity.
The terminal will
berth four 10,000-ton tankers.
Also owns or leases storage and terminal
facilities at New Bedford. New York and Philadelphia.
Company has also acquired the shares of Canada Mexico Oil Co., Ltd., by
issuing Preferred stock on the basis of one share of the corporation stock
for six of the shares acquired.
South American Leases.—Has acquired leases and options in South Amer¬
ica aggregating approximately 1,000,000 acres, situated in or adjacent to
the zones in Venezuela and Colombia.
In Venezuela has leased approxi¬
mately 250,000 acres adjoining the holdings of the Carter Oil Co., Caribbean
Petroleum Co.
acres
and Sun Co.
Has also secured a Y interest In 500,000
owned by the Sim Co., which will be developed jointly.
The United
a direct interest in this Venezuelan acreage, having made a
Fruit Co. has
Nov. 20 1920.]
substantia investment In the New England Oil Corp. with a view to securing
a aennite and
regular supply of South American oil for its own purposes.
Jjompany also has options
it is
on
considering.
large acreage in Ecuador and Peru which
Earnings.—Net earnings for the first year" complete operation from
upon treating 6,000,000 bbls. crude at Fall River and
Rand (Gold)
1571, 1286.
p.
.an' I.J921, based
are estimated to be $7,858,000 before Federal taxes.
providing for sinking fund requirements, fixed charges and Pref.
Alter
an amount equal to about $15 per
440,000 shares of Common stock outstanding.
Directors.—F. Douglas Cochrane, Rodolphe L. Agassiz,
Jiacon
a
Republic Motor Truck Co.—New Officer.—
°?»ald McKay Frost, James N. Galbraith (V.-Pres.), R. M. H. Harper.
P; Homer, Llewellyn Howland (Pres.), Bradley W. Palmer, Charles E.
Perkins, John F. Perkins, Hugh D. Scott, John B. Shearer, H. Nelson Slater.
fage and $250,000 Preferred$6,314,000 Preferred total capital consist of
stock, making the stock and $11,200,000
5,000,000 Common stock,
First Mtge. bonds.
The new Preferred is to be offered stockholders at
$100 per share.
The proceeds of the additional bonds and Preferred stock
is to be used for acquisitions.—V. 110, p. 1419.
Seneca Copper
10 Mos.
Ending Oct. 31—
1919.
1920-
Increase
$5,451,986 $2,593,656 $2,858,330
|
booked, it is stated, to the extent of $2,000,000 and it is
are
,ported that
no
re-
cancellations had been made.—V. Ill, p. 1477.
New York & Queens
fixes
thejprice of gas is confiscatory and therefore unconstitutional.
previous opinion, however, so as to put the present cost
producing and delivering gas at $1.0129, instead of $1.0076.
He gave
See V. Ill, p. 1858.
He revised his
Gross earnings for the quarter ended Sept. 30 last amounted to $2,336,467,
compared with $1,552,911 for the three months ending June 30, and net
revenues were $838,111, against $554,693.
The net for the third quarter
is equivalent to more than 33% on the Common stock, after allowing for
Preferred dividends
The capitalization now outstanding is said to bo
$1,000,000 Preferred and $9,500,000 Common stock.—V. Ill, p. 1858,1571
Co.—Production.—
Stock Dividend—
The stockholders will vote Nov. 23
on increasing the capital stock from
$2,000,000 to $3,000,000.
If approved, $500,000 will be issued as a 25%
stock dividend, the balance to be issued for cash at par ($25) as the directors
determine.—V. Ill,
may
991.
p.
Ohio Oil Co.—Extra Dividend.—
An extra dividend of $4 75 has been declared on the stock together
with
payable Dec. 31 to holders
paid as follows: Sept. 1920,
$4 75; March and June 1920. $2 75 each; Dec. 1919, $4 75; Sept. 1919,
$2 75; March 1916 to June 1919, incl., $4 75 quarterly.—V. Ill, p. 799.
Pacific Gas & Elec. Co. of San Fran.—Issue
Approved.
issue 50,000
stock, proceeds to be used to pay in part for
1858.
Pacific Mail Steamship
Co.—Extra Dividend.—
An extra dividend of 50 cents per share
(10%) has been declared on the
Common stock (par $5) in addition to the regular
50 cents per share, both payable Dec. 15 to holders
semi-annual dividend of
of record Dec. 1.
Extra
(20) have been paid together with the regular
semi-annual dividend since June, 1918.—V. Ill, p. 789of $1
dividends
ner
Oct.
Increase.1
1919.
Increase.
1920—10 Mos.—1919.
$5,536,307
$3,751,525
$1,784,782 $32,743,099 $22,246,462 $10,496,637
—V. Ill, p. 1667, 1189.
production of copper and of gold and silver from copper ores was less
previous quarter due to less copper ore mined.
The production of
lead ores was considerably more than in the
previous three months due to more tons milled and to better grade.
Metals
recovered: From 4,915 dry tons of copper ores 527,454 lbs. copper, 145 ozs.
gold and 16,953 ozs. silver; (2) From 4,663 dry tons of lead concentrates,
2,398.123 lbs. lead. 1.286 ozs. gold,and 119,534 ozs. silver; (3) From 53 dry
tons of lead ores, 7,127 lbs. lead, 5 ozs. gold and 677 ozs. silver.
liieen de¬
A dividend of 45 cents per share (at the rate of 8% p. a.) has
on the outstanding $6,000,000 Preferred stock (par $25),
together
% % on the Common stock, both
payable Dec. 15 to holders of record Nov. 19.—V. Ill, p. 1376.
clared
with the regular quarterly dividend of 1
Pittsburgh Crucible Steel Co.—New President.—
Hufnagel, formerly General Supt. of the Aliquyspa Works
Jones & Laughlin Steel Co., has been
of the
elected President.—V. 109, p. 893.
Pittsburgh Brewing Co.—Annual Report.—
Results
for
Fiscal
Total net sales.
666,396
753,087
1916-17.
$7,663,428
1,980,948
319,140
125,000
(9)549,009
728,958
def. $1,141,561 sur.$665,940 sur.$474,646sur .$258,841
Balance
—V.
..
293,231
Depreciation, &c
Ending October 31.
1918-19.
1917-18.
$6,673,925
$8,845,932
2,337,965
2,666,426
319,140
319,140
21,000
511,618
(7)426,999(8^)518,501
(4)238,490(1^) 89,434
Years
1919-20.
$1,858,288
Net income
19,214
Interest
296,300
Reserve for taxes..
25,000
Preferred dividends...(7%)426,999
Common dividends
(2%)119,245
Years—
Oct. 31
Ill, p:
1956.
the 9 months ending Sept. 30 last were $1,219,649, com¬
pared with $1,379,788 for the full year 1919.
Net earnings for 9 months
$727,933. which were $4,000 more than for the full year 1919.
Bal¬
before dividends was $394,128, which is an increase of $34,000 over
the amount for the year 1919—V. Ill, p. 1089.
were
ance
Prairie Pipe Line
„
„
—1920—3 Mos.—1919
$456,477
$310,626
456,258
237,993
1,205,673
737,201
19,327
18,330
58,139
25,451
..def.$19,109
$54,303
milled lead & ad-
Oper.
_nt
ministration exp__
Depreciation
Net income
—V.
$9,079 def .$202,696
Ill, p. 1957.
(Walden W.) Shaw Co., Chicago.—Segregation.—
stated, have adopted a plan for
Cab Manufacturing Co., the
segregating the Yellow
manufacturing end of the industry, from the
The segregation, it is understood, will be accomplished by the
creation of an issue of 50,000 $10 par shares of the Yellow Cab Manufactur¬
ing Co., which will be offered holders of Shaw stock at par in the ratio of
one such share for each four shares of Shaw stock held, payment to be
called around Jan. 1.
This will give the Yellow Cab a capitalization of
corporation.
$675,000 (par $100) and $500,000 (par $10)
par stock, it is stated, will be unchanged by
in
Common stpck. The $100
the segregation and will re¬
Shaw treasury.
the
J
„
OA
,
_
.
.
of the Yellow Cab Co. for the 3 months ended Sept. 30, before
$162,000.
Earnings for Oct., before taxes were $104,000.
Average return for the 4 months is at the annual rate of about $800,000,
before taxes.
Dividends on the $100 par stock call for an outlay of only
$47,250 annually.
This would leave a return of more than 150% on the
$10 par stock, before taxes.—V. Ill, p. 147$.
The earnings
taxes,
were
Sinclair Consolidated Oil Corp.—Deliveries.—
deli veries of petroleum through its pipe line dur¬
ing October 1920 of 1,317,558 bbls.. as against 1,259,995 bbls. in 1919, being
an increase of 57,563.—V. Ill, p. 195 7, 1758.
Singer Manufacturing Co.—Inheritance
Co.—Shipments.—
wrote in substance; "Shipments In
compared with 4,392,448 bbls. in
September and 4,764,572 bbls. in August.
Runs from the wells in Septem¬
ber were 4,950,000 bbls., against 4,836,001 bbls. in August.
The recent
increase in gathering charges and trunk line rates should considerably in¬
crease the company's earnings, although the company continues to make
large expenditures on constructing new lines.
The company is now be¬
ginning a new line into the Marion County, Kan., fields, which, it is esti¬
mated, will cost $1,000,000."—V. Ill, p. 699.
Tax.—
the estate of Frederick G. Bourne, who for
President of the Singer Sewing Machine Co., amounted to
$1,669,201.
The gross value of the estate was appraised at $42,592,814.—
V .111, p. 1859,1957.
The inheritance tax levied on
many years was
Solar Refining Co .—Extra
An extra dividend of
Dividend of $35.—
$35 per share, in addition to the
regular semi-annual
been declared on the stock, payable Dec. 20
In June last an extra dividend of $5 per share
was paid in addition to the regular semi-annual of $5; a like amount was paid
extra in June 1919, but in Dec. 1919 an extra of $15 per share was paid.
—V. 110, p. 2199.
dividend of $5 per share, has
to holders of record Nov. 30.
South Porto Rico Sugar
Consolidated
Sept. 30 Years
Sugar made (tons)
Total
Years
Results
receipts
Ended
Co.—Annual Report.—
Sept.
1919-20.
90,000
30
(Incl.
1918-19.
88,200
Central Romana,
$7,957,886
$3,126,740
3,050,000
900,000
depreciation
929,609
income and
excess profit taxes
Pref. dividends (8%)-..
$2,691,851
300,000
545,878
600,000
466,668
500,000
319,507
300,000
312,730
1,750,000
earnings
Res. for working
Reserve
Common
690,312
for
374J63
400,000
divs.' (cash)V(20) 1,400.700(20)1,119,210
Common divs.
Inc.)
1916-17.
92,342
1917-18.
90,400
H"I$22,250^851 $12,866!207 $11,448)242 $10'£?<L741
$2,617,957
capital.
Net
(10)450i000 (20)823,890
(10)506,250
(stock).. See below
$70,217
£114,670
$993,768
$923,551
ending Sept. 30 1920 received three quar¬
terly cash dividends of 5% each and on Oct. 1 1920 a quarterly cash dividend
of 3%, with an extra 3% in cash, the Oct. 1 distribution being made on the
Common stock as increased to $11,205,600 by the 100% stock dividend
$375,336
Sept. 30 $1,411,559
Balance, surplus
Total
p.&1.
sur.
$42,454
$1,036,223
The Common stock for the year
Romana
£aid to stockholders of record July 24.to represent earnings
factory and other improvements.
invested in
sugar
a
On Dec. 31 1919 a
on
quarterly dividend of 3% (with no extra)
Ill, p. 995, 500
will be paid
the Common shares.—V.
Power Co.—Bond Application.—
RR. Comm. for authority to
to reim¬
First &
Ref. Mtge. bonds, this amount representing 85% of the cost of acquiring
the properties of the Mono Power Co. and of additions and betterments
Southern Sierras
The
company
has applied to the Calif.
issue (a) $1,040,479 First & Ref. Mtge. bonds, proceeds to be used
burse the treasury for extensions and improvements; (6) $444,260
made thereto.—V.
Pittsburgh Oil & Gas Co.—Earnings.—
Gross sales for
ending Sept. 30.
1920—9 Mos .—1919—
$1,272,891
$559,956
Results for 3 and 9 months
Total income
Reserve for
Philadelphia Electric Co.—Dividends.—
F. B.
complete shut-down of the lead concen¬
The
share
(J. C.) Penney Co., Inc.—October Sales.—
1920
a
than
The Calif. RR. Commission has authorized the company to
improvements.—V. Ill, p.
caused
trating mill on Sept. 24 but operations will be resumed early in October.
The scarcity of miners for underground work continues serious and handicaps
our copper ore outpout.
.
The company reports
the regular quarterly dividend of $1 25, both
of record Nov. 27.
Extra dividends have been
shares of its First Pref. 6%
A shortage of fuel oil
nearly full capacity of the concentration plant.
used for power purposes
main
Output in Oct. was 1,390,829 pounds of copper, 55,006 ounces silver, and
82 ounces gold; this compares with 1,434,159 lbs. of copper in Sept. last.—
V. Ill, p. 1571, 1089.
! 1
Co.—To Pay 25%
ending
2,150 feet.
Sinking operations in the main shaft were completed Aug. 24 and the total
depth of the shaft is now 1,139 feet.
Stations are being cut on the 1100-ft.
level for future development operations at this level.
'
New development work during the quarter did not encounter ore of
commercial grade. Lead mining and milling operations have been conducted
The directors, it is
(Chas. F.) Noble Oil & Gas Co —Earnings.—
North & Judd Mfg.
Co.—Quarterly Report.—
Vice-President Norman E. LaMond in his report for the quarter
Sept. 30 1920, says in subst.:
The total amount of new development work for the quarter was
the minimum value of the property as $1,130,497.,
North Butte Mining
Co.—Acquires Outstanding Shares of Gratiot.
J. Parke Channing, Vice-President and a director of the Miami Copper
Co., has been elected President succeeding FredLewisohn,.—V.lll, p. 1478,
Gas Co.—Refuses to Fix Price.—
Judge Julius M. Mayer in the U. S. District Court has refused the com¬
pany's application to modify his previous decision so as to permit the com¬
pany to charge $1 40 in place of $1 20 per 1,000 cu. ft. for gas.
He refused
to modify his
previous attitude that it was no part of the duty of the Court
to fix the precise rate, although he still holds that the present gas law which
of
301.
lead and of gold and silver from
New York Air Brake Co.—Sales, &c.—
Orders
1089,
p.
The company has purchased 20,000 shares of Gratiot Mining Co. stock
Mohawk
Mining Co.. thus acquiring a
100% ownership.
at
Silk Corp.—Incorporated.—
Incorp. in Mass. on or about Nov. 5 1920 with an authorized capital of
$6,750,000, consisting of 10,000 class A, 8,000 class B and 12,000 class C
Preferred shares and 36.000 shares of Common and 1,500 shares of Special
Common stock.
The Bankers Trust Co., New York, has been appointed
transfer agent for all classes of stock.
Sales
Ill,
Shattuck Arizona Copper
petitioned the Mass. Department of Public Utilities
$550,000 First Mtge. bonds under its existing mort-
New England Spun
Baxter.—V.
J.
from
New England Power Co.—Application.—
for approval of issue of
succeeding
Col. Frank E. Smith has been elected as First Vice-President,
W.
share on the
Gaspar G.
(V.-Pres.), Spencer Borden Jr., John P. Bowditch, Allan Forbes,
The company has
Mines, Ltd.—Output {in ozs.)—
in October last, totaled 662,000 fine ounces, as compared
in Sept., 702,083 in August, and 736,099 in July.—V. Ill,
The gold output
with 682,173
upon the above sales
^^uends, this would leave
2049
CHRONICLE
THE
109, p. 2271.
Springfield (Mass.) Breweries Co.—To Retire Stock.—
stock of the company
the stock will be realized through
since the advent of prohibition,
it is said, has not been doing large business.
One of its plants is making
non-alcoholic beverages.—V. Ill, p. 500.
It is stated that one-half of the $1,150,000 Preferred
will be retired at par.
The money to retire
the sale of Liberty bonds.
The company
Carl H. Pforzheimer & Co. Nov. 13
October
amounted to 4,919.596 bbls.,
Ray Consolidated Copper Co.—Earnings
Results for
profits
1920—9 Mos.—1919.
def$113,519
$706,071
$817,297
61,370
226,076
155,109
616,535
$52,149
394,294
$932,147
788,590
$972,406
1,182,883
$1,096,214
2,365,769
Miscellaneous income
Total
Dividends
$479,679
def$446,443 sur$143,557 def$210,477df$l,269.555
—Villi, p. 1957.
Cent
a
of Louisiana operate.
the reduction in price is not the
result of lower
costs, either of crude oil or labor, but is a movement on the part of tne com¬
pany to aid in the lowering of prices as part of the general commercial
adjustment.
He further stated:
*
"While there has been no material release from any of the conditioons
which brought the rise in the price of petroleum products, the Standard Oil
Co. of Louisiana believes that the process of readjustment now under way
in the business world must
and
Net..
of N. J.—Gasoline Reduced One
Wagon Supply.—Pres. Walter C. Teagie on Nov. 14
announced that tank wagon prices of gasoline would be re¬
duced one cent a gallon on Nov. 15 in States in which the
Standard Oil Co. of New Jersey and the Standard Oil Co.
President Teagie stated that
Quarters and Nine Months ending Sept. 30.
1920—3 Mos.—1919.
Net
—
Standard Oil Co.
Gallon in
eventually contribute to lower costs
refining oil.
"Up to date there has been no lowering
nor recessions in the demand for gasoline.
of producing
,
of labor costs for crude oil prices
Reductions which have already
2050
CHRONICLE
THE
taken place in many of the principal items entering into the cost of living
have for the most part not reached the ultimate consumer, but it is inevitable
that before long lower prices will be brought about by new quotations now
prevailing in primary markets."
United Retail Stores Corp.—Earnings.—
8 Months ending Aug. 31—
Net earnings, after Federal taxes
—V. ill, p. 1958, 1573.
Date of the annual meeting has been changed from the first Tuesday in
January to the first Tuesday In June.
The next meeting will be held the
first Tuesday of June 1921.
See Mexican Oil Companies above.—V.
Steel
&
Co. of
Tube
Oct. 1920.
Interest, Federal taxes,
Net income
——
Preferred dividends--
10 Mos. 1920.
$13,011,758
3,634,733
$1,036,083
102,083
&c
$9,377,025
1,020,833
Balance, surplus-.
$8,356,192
$934,000
Results for
Speedometer Corp .—Earnings.—
1920
$2,271,426
480,000
($3) 1,200,000
Gross Income
Dividends
Dividends
Balance,
surplus-——.
$591,426
$1,038,356
$1,748,741
—V. Ill, p. 1758,788.
Swan & Finch
$2,419,512
2,436,735
$5,614,014
7,310,205
$5,552,940
7,310,205
Balance, deficit
.$1,933,782
Ill, p. 1958, 1947.
$17,223
$1,696,191
$1,757,265
—V.
a
director,—V. Ill,
p.
1957,1849.
Products
Increase
1919.
1920.
$1,836,722
-
$800,929 $1,035,793
1957,1860.
Toronto Power
Co., Ltd.—Power for Industries.—
The Company announces that owing to the expiration of a contract
covering delivery of over 30,000 h. p. on Sept. 1 1921, it will be in a position
to contract for terms of 5 or 10 years for the delivery of a dependable power
supply on and after April 1 1921; and it can then supply 12,000 volt power
at or near Niagara Falls and in or near Welland, Ont.
Compare article on
Water Powers of Canada In "Financial Post" of Toronto for Nov.
Typewriter Co —Obituary
12, p.
a
director
died Nov. 14 In New York City—V. Ill, p. 1957, 800.
Stores Co. of America.—Balance Sheet.—
r The New York Stock Exchange on Nov. 10 authorized the listing on and
after Nov. 15 1920 of $2,987,9(H) additional common stock (auth. $60,000,000) .par $100, on official notice of issuance as a 10% stock dividend
payable Nov. 15 to holders of record Oct. 29, making the total amount
applied for $32,866,100.
The company reports the following balance sheet:
Aug.
31
Dec.
1920.
Assets—
31
Aug. 31
1919.
S
Dec.
1920.
Liabilities—
$
31
1919.
$
$
4,315,755 Pref. stock——.
4,527,000
4,527,000
Common stock.
Trade-marks, good
29,878,200 27,162,000
will, <fcc—.--21,400,000 21,400,000 Bills & accts pay..11,994,450
8,921,549
Stocks and bonds.
493,120
1,278,266 Rents rec. In adv..
444,875
157,613
Stock for employes 1,402,845
1,389,888 Res. for dividends79,223
1,629,720
Cash—..—— 3,287,258 x4,776,592 Res. for taxes, In¬
Bills & accts. rec.. 1,254,782
1,339,641
surance,
&c
1,096,717
976,725
Leaseh'ds, mtge. & 4,448,717
Mdse.
& supplies. 17,372,048
Furniture & equip.
Imp,
3,595,766
12,632,140 Res.-Prov. surplus 4,173,962
3,218,335 Surplus as per in¬
3,323,281
5,771,482
5,759,629
leasehold
to
come
——
3,453,142
Other def. assets..
1,258,231
estates
Total....
x
account..
57,965,909 52,457,517
Including demand loans (secured).
V. 1X1. P- 1957,
1860.
United Fruit Co.—Substantial Investment in N. E. Oil.—
Corporation above.—V. Ill,
United Paperboard
p.
1860.
Co.—10% Stock. Div—Pref. Stock.—
f The directors have declared a
dividend of 2% in cash and
a
stock divi¬
dend of 10% on the Common stock, both payable Jan. 10 to stock of record
Dec. 15The $1,000,000 Pref. stock has been retired in accordance with a plan
announced in V. Ill, p. 800.
Paul
C.
Downing has been elected
a
director, succeeding Charles C.
Adsit.—V. Ill, p. 1190, 893.
United
States
Co.—No
Reason for
Change in
"Officials of the company see no reason to change the poUcy
year ago,
when the Common stock
was
adopted
placed upon 8% dividend
basis.
Profits for the year will substantially exceed all regular dividend
requirements, notwithstanding the falling off in the tire trade, which con¬
stitutes only one-third of the entire business of the company.
"The company's situation as to crude rubber, in which there has been an
unusual price decline, is all that could be asked.
The company has no
forward contracts, and therefore has taken advantage of making purchases
at lower levels of
$543,844 in
1918 (the
bonus of 2%.
a
In addition early in
in 1919.
1920.
Good-will
1
Acct. & bills rec...
Inventories
291,548
1,302,908
LidbUUies—
1920.
1919.
.—$2,485,453 $2,449,588
1,295,479
1,371,553
1 Accrued interest-_
38,874
41,175
598,327 Diva, payable
100,000
100,000
935,779 Accts. payable.
*1,055,220
*960,452
250,000 P. & L. balance—
548,336
712,865
251,651
74,414
Total (each side)$5,523,362 $5,635,633
V. Ill, p. 1861.
war tax.—
469,650
79,009
Victory bonds..
*
1919.
$2,465,701 .$2,521,201 Cap. stock
1,004,259 Bonds
814,289
-
100,256
charges
Including provision for
Western
Union
Telegraph Co.—Refuses to Transmit
Messages Unless They Are Prepaid.—
The company on Nov. 16 refused to transmit any Government messages
unless they are prepaid.
An order to this effect was issued on Nov. 10,
applying to all departments of the Government.
'
The company maintains that the State Department has not paid it for
cable service since August, 1919.
The State Department's contention is
that the Government has not received a rebate of 50%, hwich, it holds, has
been due a long time, and to which the Government claims that it is en¬
titled under an arrangement by which the company was to handle Govern¬
ment cable messages at half rate.
It is asserted that the amount due to
the Government in such rebates is larger than the amount due to the com¬
pany since August 1919.
on
Nov.
16 stated:
.
"The dispute with the State Department over the payment of cable tolls
is of long standing and the company has been forced to require the Depart¬
ment to
prepay its tolls and cable messages because of the arbitrary policy
adopted by the Department in dealing with the company's bills.
To the
company there seems no reason why the business fairness and justice that
prevail in commercial life should not prevail in the State Department, and
It is not the company's intention that the State Department shall arbi¬
trarily decide what it shall pay and when it shall pay for the use of the com¬
pany's facilities."
The directors on Nov. 16 announced that arrangements had been com-
Eleted with the German Telegraph administration for the handling of cables
etween Germany and the United States.
In order to facilitate the large
traffic expected to develop, a cable direct to Germany may be laid.
Presi¬
dent Carlton, discussing the situation, said: "The negotiations preliminary
to this agreement go back to the time that I was in Europe, about a year
ago.
It was discussed at that time.
I should say that a direct cable will
finally be the outcome of these negotiations."—V. Ill, p. 1573.
Westinghouse Electric & Manufacturing Co.—Capital
Increase, &c.—The stockholders on Nov. 18 approved an
capital stock from $75,000,000 to $125,000,000
increase in the
and authoried the directors to increase the indebtedness of
the
by $30,000,000.
Compare V. Ill, p. 1287,
offering of $30,000,000 7% gold bonds in V. Ill, p.
company
Wheeling Steel
prices, which, together with the substantial supply from
position
Corp.—Acquisition of Coal Lands.—
The Whitaker-Glessner, one of the companies recently taken into the
Wheeling Steel Corp. has purchased for about $500,000 12,000 acres of coal
lands in Mason County, W. Va., for the purpose of supplying coal to the
company's plants at Portsmouth, Ohio, thus affording a short haul by rail
or rive barge.
(J. D. Merriman & Co.)—V. Ill, p. 1480.
(R. H.) White Co., Boston.—100% Stock Dividend.—
The
company
has increased its
authorized
and outstanding
Common
stock to $1,000,000, by the issuance of 5,000 shares, par $100, to be dis¬
tributed as a stock dividend, payable to holders of record Oct. 22.
The
new shares will be known as Class "B" Common.
Company was Incorporated in Mass. June 10 1896.
G. B. Johnson Is
President' M. A. McBride, Vice-Pres., and Samuel L. Carr, Treasurer.
Motor
White
Rubber
Dividend.—Chairman Colt is quoted as saying:
over a
Ltd.—Balance
1759, 1958.
Total
See comparative income account for 8 months of 1920
See New England Oil
Assets—
Investments
and
1,381,885
725,014
57,965.909 52,457,5171
case
President Newcomb Carlton
—
member of the Executive Committee and
United Cigar
the
as was
Property
1
•
.
a
Co.,
$414,723, compared with $437,986 in 1919 and
U. S. Government
Corp .—Earnings.
10 Months Ending Oct. 31—
Jacob Wertheim
Mills
banner year).
After deducting bond interest there remained available a
balance of $335,470, or equal to 13.5%, against 14.4% in 1919 and 19.9%
in the record year 1918.
The company distributed during the late year
Def.
The date of the annual meeting has been changed from November to
the third Tuesday in March, beginning in 1921.
The regular quarterly
dividend of 3% has been declared payable Dec. 31 to stock of record Dec.
10.—V. Ill, p. 1480.
Underwood
Flour
The comparative income statement was published in "The Chronicle"
Nov. 6 on page 1861.
Net profits for the year ended Aug. 31 amounted
to
Cash—.—
1921 to holders of record Dec. 10 1920.
25—V. 105, p. 826.
Canada
Aug. 31.—
bonds,
Co.—Capital Increased—10% Stock Dividend.—The
stockholders on Nov. 18 ratified an increase in the capital
stock from $130,000,000 to $143,000,000, to provide for
the payment of a 10% stock dividend payable March 31
p.
-
$250,000 in dividends being 8% and
Texas
Earnings
—V. Ill,
281,624
375,188
the fiscal period shareholders received a special bonus of $250,000 in Victory
Co., N. Y.—New Director.—
George E. Brown has been elected
Tobacco
1920—9 Mos.—1919.
80,695,407
81,269,450
$3,216,024
$2,793,509
1,247,614
1,633,868
1,150.375
1,125,564
24,774,761
$1,762,700
$502,954
2,436,735
Sheet
1919
1918
$2,598,741
$1,583,156
250,(MP
94,800
(6%)600,000 (4^'%)450,000
24,740,734
-
Western
Stewart Warner
Increase.
$1,398,085
Three and Nine Months to Sept. 30.
(lbs.)
Net profit
def$329,022
Other income
581.850
Nevada Consol. dividends
250,125
—V. Ill, p. 1668,1286.
9 mos. ending Sept. 30—
Net profits.
Prov. for Fed. income tax..
1919.
$1,567,625
Copper Co.—Earnings.—
Production
$1,544,016
507,933
—
Utah
1920.
$2,965,710
1920—3 Mos.—1919.
Ill, p. 1957, 1667.
America.—Earnings
Total income
[Vol. 111.
Co.—New
Chairman—Dividends.—
Homer H. Johnson has been elected Chairman of the board to succeed
Mr. Johnson was also elected to the Executive
Committee.
The directors have declared the regular quarterly dividend of $1 a share,
the late M. B. Johnson.
payable Dec. 31 to stockholders of recordf Dec. 15.
The company, it is
stated, continues to work a day and a night shift in the manufacture of
motor trucks.—V.
110, p. 2495.
Wolverine
1920
257,7651
Copper Mining Co —Production {in Lbs.).—'
1919.
Oct.
Decrease. I
i399'249g7
1920—10 Mos.—1919.
141,48412,746,913
4.027,498
Decrease.
1,280,585
Its own Eastern plantations, puts the company in a most favorable
aslto crude rubber."—V. Ill,
p.
1860.__
United States
Steel Corp.—Prices to Be Maintained.—
Chairman Elbert H. Gary says in substance:
Our subsidiary companies have consistently and uninterruptedly main¬
tained the base selling prices of all iron and steel commodities which were
mutually fixed by representatives of the iron and steel interests of the
United States and representatives of the Government on March 21 1919.
Since that time producing costs of all manufacturers of iron and steel
(including an advancement of wages aggregating $51,000,000 per year to
the Steel Corporation, and larger freight rates) have materiaUy increased.
Under usual circumstances we would be justified in making additions to
the average base prices.
However, after deliberate and careful consideration, we have decided to
recommend to the Presidents of our subsidiary companies that the present
base selling prices of all commodities continufe in force unless it becomes
necessary and proper to make changes to meet altered conditions.
We think stability in business is of the highest importance and that every
man, to the extent of his opportunity and ability, and even at some sacri¬
fice, is obligated to assist in stabilizing and maintaining prices on a fair
and sane level.
The producers, consumers and workmen will be benefited
by this attitude.
current
notices
—John Bauer announces the opening of offices ar 63 Wall Street,
York, and offers his services
tax
matters.
as
consultant
on
New
financial, accounting and
His record is given as follows:
JOHN BAUER, A.B.,
Ph.D. in Economics, Yale University.
Assistant
Professor, Cornell University, lecturing on corporation finance, account¬
ing and public service corporations; Assistant Professor of Economics and
Finance, Princeton, University; Statistician and Chief, Division of Ac¬
counts, Public Service Commission, New York City; Financial Adviser
to the Corporation Counsel, City of New York.
Professional experience
on financial investigations, valuations and rate cases.
Author of numer¬
ous articles on financial, economic and
accounting matters.
—A
syndicate composed of A. E. Ames & Co., Wood, Gundy & Co.,
Savings Bank and R. C. Matthews & Co. are offering a
Illinois Trust &
new
issue
and
interest,
of $5,000,000
Province of Ontario
7-year 6%
bonds at 95-60
yielding 6.80%.
—Jas. H. Oliphant & Co., members of the New York Stock
Exchange,
have issued
a
pamphlet entitled "Sample Case of Investments," reviewing
U. S. Government, railroad, industrial and foreign Government issues.
—The United States
The company, it is stated, has completed the purchase of the Midland
Coal Co.'s holdings, amounting to 5,552 acres, in Barber and Phillippi
counties, W. Va., and will shortly arrange for the development of the field.
The purchase price is unknown, but it is estimated that the coal is worth
of the Pref. and Common stocks of the Morris Metal Products
Corp.
at least
agent of the stock of the Magor Car Corporation.
$5.000,000.-Y. Ill,
p.
1958.
—The
Equitable
Mortgage & Trust Co. has been appointed registrar
Trust Co. of New York has
been
appointed
transfer
Nov. 20 1920.].
THE
CHRONICLE
2051
|fyypavU md Jp<rcuM-r-wi6.
CUBA
FIFTH
CUBA
CANE
SUGAR
ANNUAL REPORT FOR THE
CANE
CORPORATION
FISCAL
YEAR ENDED SEPTEMBER 30 1920.
Western estates.
SUGAR CORPORATION
Eastern
123
256,341,250 arrobas
186.678,568
"
44
'..Total
........_
b*The above°figures"arelab6iit
443,019,818 arrobas (4,944,417 tons)
_ ,
NEW
YORK
November
To
5,1920.
Stockholders:
the
Your Board of Directors is
gratified to be able to submit
its Fifth Annual Report within six weeks
following the ter¬
a
testimonial to
RATES
ending September 30 1920, which
the efficiency of the Accounting Depart¬
ment.
Cuba, the early
not realized
cane
and, consequently, the total Cuban sugar crops
only 26,237,242 bags (3,748,177 tons) against
aggregated
31,050,000 bags (4,435,714 tons) as estimated on December
24 1919 by Messrs. Guma-Mejer, and against 27,802,435 bags
(3,971,776 tons) made the year before.
As is well known, labor unrest has been universal.
Cuban
plantations and railroads have not been free from labor
troubles and attendant strikes, although perhaps affected in
a lesser degree than industries in other countries.
In view of the general labor situation it is a great achieve¬
ment on the part of Cuba to have harvested her crop, trans¬
100 of
Corporation's plantations finished grinding be¬
your
cane
that
plantation's machinery and cane fields.
The sucrose content of the cane throughout the Island
was
again unsatisfactory, probably due to the irregularity
precipitations, for, as stated in the
previous report, the sucrose content in the cane is dependent
upon weather conditions.
As was anticipated, sugar prices once "de-controlled" after
two years of Governmental regulation, began to show wide
variations; in fact the range increased far more than could
have been foreseen, running from 6%c.—at which some
new crop sugars were sold in the fall of 1919, when it was
1915-16
1916-17
1919-20
6.849%
1917-18
6.891%
1918-19
6.713%
6.901%
6.902%
5.079
5.029
5.115
5.130
5.153
6.337%
6.254%
6.168%
6.124%
Average'..
.6.383%
The average percentage paid to the
still
from
more
sugar—to 23%c. in May, the highest price reached,
control
soon
be
to
followed
by
a
relatively small.
The peak having been reached during
the months of May and June when there was very little cane
was
of the crop.
obtained
The probabilities are that the average
for the
entire crop,
price
when the remnant is finally
CANE.
SUCROSE IN THE
at the
crose
plantations of
of su¬
Corporation during the five
your
crops:
1915-16
1916-17
1916-18
1918-19
1919-20
13.87%
13.00% Vm, 13.31%
13.02%
12.95%
By the above table it is seen that the sucrose content has
been
high for the last four years; such a continuously
low percentage of sucrose
LOSSES
The losses in
in the cane is most unusual.
MANUFACTURING.
IN
manufacturing at your plantations during
last five years have been as follows:
the
1916-17
3.07%
1917-18
1918-19
1919-20
2.36%
1915-16
2.32%
2.37%
2.67%
t
Under present labor
conditions it is difficult to maintain
highest efficiency methods at sugar plantations, where
the
such
efficiency^ depends greatly upon the regularity with
cane* is delivered
which the
course,
YIELD OF 96
The
to the mill, for such regularity
of railroad operations, and this, of
has not been possible under present labor conditions.
uniformity
requires
DEG.
CENTRIFUGALS.
yield of the five crops in 96 deg. centrifugals has been
follows:
as
'
1915-16
1916-17
1917-18
10.76%
11.41%
1919-20
1918-19
11.25%
11.15%
RECEIPTS
COMPARATIVE
For the purpose
the proceeds
PER
11.02%
POUND OF
SUGAR.
of comparing the f.o.b. price, per pound
of sugar manufactured,
obtained during the last five crops,
from "Molasses" and "Other Earnings" are in¬
cluded in the following:
1916-17
1915-16
4.112c.
order to afford
In
1918-19
5.398c.
1917-18
4.630c.
4.479c.
a
1919-20
10.345c.
comparison with previous years, it
Colono sugars in the above
has been necessary to include the
figures.
COST
OF
PRODUCTION.
In order to show the cost of
production
on an
f.o.b. basis,
pound of sugar manufactured at your factories, includ¬
per
ing the cost of colonos' cane, as we have done in the past
five
years,
m
1915-16
1916-17
1917-18
1918-19
1919-20
2.748c.
3.431c.
3.998c.
4.606c.
8.523c.
sold, will be between 10 and 11c. per pound.
The great variation
Corporation has acquired
your
The following table shows the average percentage
being ground, neither the colonos nor the plantation owners
participated to any great extent in the high prices.
There still remains in the Island, unsold, about one-tenth
as
on
capacity of its other Eastern mills.
precipitous decline to 6%c., the
price ruling at present.
The proportion of the Cuban crop sold at the highest prices
now
colonos will diminish
additional plantation in the East and has increased the
one
and scarcity of the rain
realized that the United States Government would no longer
paid to the colonos during the past five
44
fore May 30—with the exception of Moron which
completed
its crop of 611,031 bags (88,654 tons) on June 8.
The output
at Moron is the largest production of any single estate made
in Cuba this crop.
The increase in production at this estate
from the 170,263 bags (24,323 tons) made during the first
crop after its purchase by your Corporation to the 611,031
bags (88,654 tons) produced this year, is very gratifying
and justifies the action of your management in increasing
CANE.
Eastern
not
All
THEIR
FOR
COLONOS
Western Estates
previous years, even making allowance for the smaller
crop.
TO
years:
ported it over her railroads to the shipping ports an * placed
it at the disposal of consumers, within a shorter period than
in
PAID
The following table shows the average percentage of sugar
per
the Island of
estimates of the 1919-1920 crop were
Owing to the general drought throughout
20% under the early estimate.H
The cane sold to outsiders this year was 2,590,357 arrobas
(28,910 tons) in the Western Estates and 8,818,853 arrobas
(98,425 tons) in the Eastern Estates, both much smaller
quantities than during the 1918-1919 crop.
mination of the fiscal year
is
(2,860,951 tons)
(2,083,466 "
)
FRONT STREET
in prices experienced during this first
give the following figures:
we
From the above it is seen that there has been an increase
of "de-controlled" sugar proves the wise policy of hav¬
of
3.917c.
ing had sugar under Governmental regulation and control
during the last two years of the World War.
The chief
cause for the variation in prices was the uncertainty result¬
to
the
of
production depending so much upon the price at which
year
ing from the "de-control" of sugar by the United States Gov¬
ernment last fall.
Under such extreme variations it is
readily seen what difficulties have attended the selling of
v
sugars.
corporation followed
a
0.715c.
not realized, because of the drought.
The following table gives comparison of cane ground at
your
mills during the last crop:
1919-20
1.940c.
1918-19
1.555c.
consequently,
1916-17
1 9 1 7-18
1 9 1 8-19
1919-20
over
44
44
44
1915-16
1 9 1 6-17
1 9 1 7-18
1918-19
pound in 1919-20 over
the previous year is chiefly due to a shorter crop being
made and to the fact that there was a decrease in sugar
of
the
come
we
future,
borne
already stated above, cane estimates for the 1919-1920
compared with
steamers,
1917-18
1.456c.
The above increase of 0.385c.
when
As
cost of manufacturing and
the
0.357c. per pound increase
0.384c.
44
44
44
0.099c.
44
44
44
0.385c.
44
44
44
content
crop were
-
The increases were,
prevails at present in the Island of Cuba.
GROUND.
basis,
1916-17
1.072c.
1915-16
by the decline nor is it adversely affected by the generally
unsatisfactory financial situation arising therefrom which
CANE
this
On
delivering the sugars on board
previous years, is as follows:
from the colonos, were
therefore, that this Corporation was not adversely affected
The cost
comprehensive idea of the increases in other items, cane
Corporation's own sugars, as well as those acquired
sold prior to the recent rapid market
decline and have been delivered and paid for.
It follows,
but this increase is mainly due
showing the cost of production, excluding cane, thus giving
a
therefrom.
The
last year,
liquidate the colonos' sugars, it is preferable to follow
same method indicated in the previous Annual Report,
excluded.
conservative policy in the
selling of its own sugars.
That portion of the crop belong¬
ing to the colonos (tenant farmers) was treated as entirely
apart, your Corporation selling it as fast as acquired under
its colono contracts, seeking to avoid either loss or gain
Your
we
the
over
higher price paid for the colonos' sugars.
when
in
mind
cane.
to
These
figures
consider the
prices
that
cost, and labor will
OPERATING
are
the
per
likely
of great value
for the
to be lower.
It must be
the labor, the lower the
cheaper
certainly not be higher next year.
PROFITS PER POUND OF
SUGAR.
previous report and
from the preceding f.o.b. prices at which the
Following the same basis as in our
deducting
are
cost of production
2052
crop
was
erating
THE
sold, the cost of production, including cane, Op¬
made per pound, are as follows:
1915-16
—4.112c.
1916-17
4.479c.
3.431
1917-18
4.630c.
3.998
1918-19
5.398c.
4.606
0.632c.
0.792c.
1.822c.
1.364c.
As explained in the previous Annual
while sharing in the benefit of high
Report, the colono
prices, which
when
will
year,
also
share
the
burden
of
was
low
•
,
Less Sale of Mills, Lands, Machinery, etc.-
the
divided
$8,078,226 05
Additions, Improvements, Etc,:
follows:
as
3.532c. per lb.
Fiscal
of producing
sugar
this year,
COMPARISON OF CROPS MADE BY
YOUR COMPANY.
between
Eastern
has
Estates
been
PRODUCTION
divided
the
.170,263
EASTERN
MILLS
-
1,200,000 00
■Y,V Y"v v"
Machinery and Construction Material
Total
as
per
on
IN
1918-19
Balance Sheet
$79,587,675 93
524,940
506,494
353,168
280,967
611,031
445,784
371,609
204,972
877,755
1,175,399
1,665,569
1,633,396
charged to operating
ating profit.
before arriving at the oper¬
expenses
In addition to the cost of above renewals and
Board of Directors has made
repairs, your'
charge of $3,500,000 for De¬
a
preciation.
severe
RECEIPTS
FISCAL
receipts—
YEAR
AND
ENDED
EXPENSES.
Y
SEPTEMBER
30
Production, 3,763,915 Bags
Sugar Sales
Molasses
Sales
Per Baa
.$124,938,995 64
435,327 46
i.
year your Corporation purchased, at the price
$3,500,000, the entire stock, free of all encumbrances, of
the Violet Sugar Company, a Cuban Corporation
owning the
(last
year's
production
$80,387,237 71
Cost of Cane per 100 arrobas $18.15--
(16,467 acres) in the
Season Expenses (Salaries and Wages,
Materials and Supplies, Repairs and Renew-
being
als)
capacity of
180,000 bags).
Fiscal Year Charges:
General Insurance.
plantations
Cuban
a
long-time lease
comprising
the
not,
exceeding
$1,200
per
cab
($37
mills
can
as
during the first
The
production
in
the
Eastern
be increased to
great achievement
trict
Expenses F. O. B
small
estate
3,000,000 bags, which would be a
against 557,867 bags made in that dis¬
year of your Corporation.
a
and
Your
Corporation
acres)
of
now
owns
and
in
fee
-
a
(600,200 acres).
above, the Violet Sugar Company owns
(16,467 acres) and the Eastern Cuba Sugar
Corporation will
own, after the above transactions are con1,436 caballerias (47,867 acres) and hold under
long-term leases 2,498 caballerias (83,267
acres). The
the
cal years is
—
directly controlled by your Corporation
22,434 caballerias (747,800 acres).
RAILROADS.
Your
Corporation
now
owns
and
operates for the trans¬
portation of its
product and supplies 1,168 kilometers (726
miles) of railroad, of which 820 kilometers (510 miles) are
standard gauge and 348 kilometers
(216 miles) are narrow
gauge; together with equipment consisting of 132 locomo¬
tives, of which 97 are standard gauge and 35 narrow
gauge,
and
3,668
gauge
cane and other cars,
and 1,372
of which 2,296
are
standard
are narrow gauge.
In addition to the above the Violet
Sugar Company owns
(16 miles) of standard gauge
railroads; together with equipment consisting of 4 locomo-,
and
operatse 25 kilometers
tives and 132
cane
and other
cars.
$22,249,020 30
$5,911
$11,069,880 76
$2,563
Corporation,
of the last four fis¬
given in the table below:
1917
1920
4,880
2,584
5,755
2.204
5,683
Total..
1918
4,494
1,860
1919
3,840
1,843
Holders of Preferred stock—
"Common
"
6,354
7,464
7,959
The continuous increase in the number of stockholders is
GENERAL
REMARKS.
The
Operating Profits this year are.
Deducting disbursements for:
Interest, Discount and Exchange
Taxes (Reserve)
I
Dividend
Leaves
a
on
Preferred shares
$22,249,020 30
$2,156,584 29
4,248,301 48
3,500,000 00
Balance of
This is equal to about $24.70
per share on the 500,000
shares of Common Stock of the
Corporation, before
making allowance for Depreciation.
After deducting:
9,904,885 77
$12,344,134 53
Reserve for Depreciation
grand
lands
will therefore be
$1,892
To show the distribution of the stock of
your
caballerias
sumated,
of
449
.067
.317
$27.650
Profit per bag of
In addition to the
total
.435
gratifying.
11,110
holds
under lease, many of
these leases being for
long periods, 6,896 caballerias (229,867 acres) of land.
The total lands owned and leased there¬
fore are 18,006 caballerias
494 caballerias
$6.24
$7,121,559 61
the number of Stockholders at the end
in the West, making only
high cost of cane, has been sold.
land
$.362
STOCKHOLDERS.
LANDS.
(370,333
.021
Operating Profit last
year of
San Ignacio
79,000 bags and with
.018
.072
77
78
$104,074,136 80
OPERATING PROFIT FOR FISCAL YEAR..
The above
the
$.078
.173
1,689,219 07
251,698 95
1,195,381 31
per
purchases and leases comprise 4,428 caballerias
(147,600 acres), situated on the Cuban Northern Railroad
east of Moron, between that estate and
Lugareno, a very
strategic position for their future development.
With the
lands
14
07
28
$2,347,893 74
1,637,366 54
Sugar Expenses
Total
This compares with an
these
$2,493
$1,362,276 04
Bags and Packing
Inland Railroad Freights
Shipping Expenses
Insurance
and Landing Expenses
Total
acre).
acquisition of
$9,382,749 29
on
property
The average prices paid for the above
lands,
including the option price on the Las Alegrias property, are
reasonable,
Molasses
Real Estate.
Sugar
Sugar
Sugar
Sugar
Selling
called Velasco.
very
on
Total Fiscal Year Charges
Maximo, consisting of 1,436 caballerias
(47,867 acres), and also a lease of the lands of the Alegrias
Land Company, comprising 864 caballerias
(28,800 acres),
acres),
$1,546
Sugar Expenses:
Redencion and Rio
and further,
'
$5,820,314 15
$294,864
649,882
66,788
271,761
78,979
Sugar
on
Taxes
Legal Expenses
Sugar Corporation—a Cu¬
corporation, all the stock of which is owned by your
Corporation—options to acquire the properties known as
(54,467
on
Taxes
Cuban
ban
caballerias
Taxes
Cuban
2,500,000 bags.
Violeta, your Corporation has exercised, in
the interest of the Eastern Cuba
1,634
-
Crop Expenses (Salaries and Wages, Materials
and Supplies, Fuel, Maintenance, Adminis¬
tration—Cuba and United States)
will have reached about
with option to purchase,
$21,357
Dead
Your management has made plans to increase the
capacity of
Violeta to 500,000 bags for the crop of 1921-22.
When this
has been done, the mill capacity of the Eastern
In addition to
$33.561
EXPENSES—
Eastern section of the Island adjacent to Moron, located on
the line of the Cuban Northern
Railroad, with a
bags
.116
.252
$126,323,157 10
During this
of
200,000
$33,193
948,834 00
Other Earnings
ACQUIRED.
sugar estate Violeta of 494 caballerias
1920.
y
•
.
that, with propitious weather, it should
in 1922-23.
be able to work to its full capacity
PROPERTIES
^
changes in the location of machinery, all of which have been
1919-20
315,439
416,560
326,200
117.200
so
_
Following the customary practice, your Corporation has
made adequate expenditures
for
renewals,
repairs and
181,045
378,097
251,013
67,600
Lugareno suffered greatly from the effects of the
increased
„
$78,892,258 47
695,417 46
Hand
RENEWALS, BETTERMENTS AND DEPRECIATION.
DETAIL.
drought, which caused a decrease in production of nearly
76,000 bags of sugar under last year.
Its plantings have
been
„
29,908,961 79
4,319,189 " 624,101
3,763,915 " 545,154
557,867
Jagueyal
Lugareno
dismantr
cover
_
233,545
154,059
—
_
21
81
12
00
60
$31,108,961 79
Total,
Bags.
Tons.
3,174,168 or 452,035
3,261,621 " 472,542
3,613,325 " 521,328
Eastern mills during the last five crops:
YY ■,> :
1915-16
1916-17
1917-18
Stewart--
Total,
$419,734
5,033,353
10,081,364
4,039,339
3,456,944
ling and relocation of machinery
following table shows the production of each of the
Moron-
Plantations,
$155,131 08
2,657,229 86
8,246,313 70
3,309,334 68
2,177,979 08
$6,484,747 34 $16,545,988 40 $23,030,735 74
Less amount written off to
Eastern,
Bags.
Tons.
557,867 or 79,446
877,755 " 127,169
1,175,399 " 169,586
1,665,569 " 241,318
1,633,396 " 236,584
OF THE
Eastern
Western
follows:
as
Western,
Bags.
Tons.
.2,616,301 or 372,589
.2,383,866 " 345,373
.2,437,926 " 351,742
.2,653,620 " 382,783
-2,130,519 " 308,570
1915-16.
1916-17.
1917-181918-19.
1919-20-
The
Western
Year
Plantations,
1915-1916-.$264,603 13
1916-1917— 2,376,123 95
1917-1918— 1,835,050 42
1918-1919—
730,004 32
1919-1920— 1,278,965 52
(This higher cost in cane, however, is recovered
by the higher price obtained for the colonos' sugars,
as already
explained.)
Wages and other Expenses,
production
The
was
v^/.''".V;-
-
Cane
0.385c. per lb,
$11,262,976 72
3,184,750 67
prices,
they come.
♦The increase in cost
and
,
-
—
Operating profit.---
this
Original Cost of the 17 Plantations, Including Taxes, Not¬
ary Fees, etc
$48,983 J296 68
Additional Purchases:
Central Stewart------$8,400,000 00
Warehouses--—
159,600 00
Lands
2,577,395 64
Taxes, Notary Fees, etc,, thereon—125,981 08
1919-20
10.345c.
8-523
1.048c.
2.748
[Vol. 111.
PROPERTY ACCOUNT.
Profits
Receipts
♦Production cost
case
CHRONICLE
there remains
a
3.500,000 00
Balance of
equal to about $17.70 per share
$8,844,134 53
on
the Common Stock.
Surplus account on September 30 1920 amounted to
In addition to this there has been set
aside out of earnings
for depreciation since the
organization of the Corporation
the sum of
$23,473,102 04
10,000,000 00
Making a total of
$33,473,102 04
equal to about $67 per share on the Common
Stock that has accumulated
out of the earnings of the
Corporation since its
organization.
In order to avoid
any stoppages for lack of coal
sulting from strikes on the railroads, your
or
oil
re¬
management has
accumulated
large stock of both fuels at your factories,
adequate quantity of empty bags and other
supplies for the coming crop.
This accounts in part for the
large amount appearing against Materials and
Supplies in
as
well
as
a
an
the Balance Sheet.
Nov. 20 1920.]
THE
Your Corporation has sold
of
2053
CHRONICLE
aboutj20% of its own portion
the coming crop, not
including Colono sugars, at much
higher prices than those ruling at present. It has also sold
half of the molasses for the coming crop at double the
could not but be reflected in the raw sugar
caused the absence of the
resulted in the
This
ket.
Porto Rico not
prices obtained for last crop.
regarding deliveries in the refined trade
market as they
The developments
principal refiners from the mar¬
small offerings from Cuba and
finding ready buyers during September and
until Cubas sold as low
October and the decline continued
REVIEW OF THE SUGAR
SITUATION.
adequate supply of sugar for the country, American buyers
refrained at that time from providing for their needs during
In September 1919, when it be¬
that no legislation would be
promptly forthcoming for the purchase of the new Cuban
crop and the effective continuance of the U. S. Sugar Equal¬
ization Board, European buyers, especially France, which
had become "de-controlled," demonstrated great interest in
the approaching
campaign.
increasingly
came
apparent
Large transactions were
f.o.b., gradually
increasing to about 7%c. f.o.b., and it is probable that fully
20% of the estimated crop had already been sold to Euro¬
pean, Canadian and Australian buyers before the Cuban
estates began grinding, in the latter part of December 1919.
Not having previously provided for their requirements,
pending legislation by Congress, American refiners later in
the fall of 1919 found it necessary to meet the demands of
the Cuban sellers in order to obtain prompt deliveries for
Cuban sugar for future
made at
the
ment that
no
delivery.
relatively low basis of 6%c.
Upon
December.
of
month
the
the subsequent announce¬
direct control would be
exercised by the Gov¬
market of this country, prices ad¬
still further during January.
Stimulated by foreign
ernment upon the sugar
vanced
demand and by the lack
Cuba,
of shipments caused by strikes in
quotations quickly
reached 12c. c. & f. for sugars
afloat in January.
about 12c. c. & f.
statisticians,
from
tons,
This enormous
tons.
gar,
Messrs. Guma-Mejer, the official Cuban
reduced
4,400,000
their estimate of the Cuban crop
their December forecast, to 3,900,000
decrease in the expected supply of su¬
enhanced by an actite scarcity of refined sugar in cer¬
States caused by railroad con¬
tain localities of the United
market during April, with
prices soaring rapidly to over 18c. c. &f.
During all this period the principal American refiners
had been unable to accumulate any large quantities of
raws, as holders of Cuban sugars offered only limited quan¬
tities.
Therefore, upon the announcement of a further re¬
duction to 3,650,000 tons in the estimate of the Cuban crop,
prices steadily advanced during the latter part of May to
gestion, developed a "runaway"
23y2c. c. & f.
Encouraged by the expected shortage in the
Cuban crop
apparent scarcity of sugar in the United States
during May, Cuban and Porto Rican planters retired from
the market with the conviction that prices would go much
and by the
higher.
cans
Being unable to induce the Cubans
to tender a sufficient
and Porto Ri-
quantity of sugar for this coun¬
prices, the principal American refiners
with which
to avert a
serious scarcity of the article in the United
States.
Though no sugar had been imported from Java or
any other Far Eastern market for a number of years, large
quantities of Java centrifugals and Java White sugars were
then obtainable from those quarters where consumption had
try at the prevailing
turned
to the
Far Eastern markets for sugar
high prices existing there
in sympathy with those in the United States.
Under these
circumstances it did not take long for American Refiners
and other interests to secure 350,000 to 400,000 tons from
these Far Eastern countries for arrival here during the late
summer and early autumn at prices below those prevailing
been
which
started selling last fall.
These rapid declines and the inability of Cuban holders
to find an outlet for their sugars created great uneasiness
in financial circles of the island.
Although the total stock
left in the Island was merely 10% of the production and
few planters and farmers were affected thereby, a run
very
by depositors on a local Cuban bank early in
October caused
general panic amongst the depositors of other banks.
In
the absence of any adequate Cuban law to meet the emer¬
a
the
President Menocal imposed to be effective up to December 1st.
The greater portion of the remnant of the Cuban crop
being held as collateral against advances made by Cuban
banks, the moratorium decree stopped large offerings from
there was no alternative, to check the run on
gency,
banks, but to establish a moratorium, which
the Island.
After the rapid
decline in prices this market has become
world, whereas last May, when American
refiners made the large purchases in the Far East, it was
the lowest in the
It is therefore not unreasonable
highest in the world.
the
to
expect a European demand sufficiently large to absorb
and next January in the form of Cuban Raws
between now
good portion of the 350,000 to 400,unnecessarily imported from the Far
East." 1 ;&'■
^
^
The following table shows the world's Cane and Beet
Production two years previous to the World War and the
and American Refined a
000
that were
tons
present crop:
estimate for the
Estimated
Upon the settlement of the Cuban strikes and under pres¬
sure by the sellers, prices steadily declined during Febru¬
ary to the low level of 9c. c. & f., but American refiners were
not able to buy much on the decline due to the large quanti¬
ties previously purchased by other countries. During March
it was gradually realized that the Cuban production would
be greatly curtailed by the excessive drought and conse¬
quently the market, aided by foreign competition with
American refiners, quickly recovered to its former level of
At this juncture,
& f. only y2c. higher than the lowest price at
c.
sugars
regarding the renewal of the contracts to procure an
ment
7c.
as
uncertainty existing during the fall of 1919 as to
what action would be taken by the United States Govern¬
In the
1919-1920
1913-14
1912-1913
9.232,543 tons
8,976,271
"
9,821,413 tons
8,875,918 "
11,808,673 tons
3,345,506 "
18.208.814 tons
18,697.331 tons
15,154,179 tons
Cane
Beet
1920-21 is likely to be about
European beet crop in
The
1,000,000 tons more than the present one.
During Pre-War times, the world's consumption of sugar
was between 18,000,000 and 19,000,000 tons a year.
It was
undoubtedly diminished this year
by the high prices pre¬
vailing at intervals, but sugar is an article of universal need
and its consumption will greatly increase at the present
prices.
Cuba may be
of
mainder
her
obliged to spread the distribution of the re¬
present crop through December, January
February,
and
particularly the first two
months during
few sugars of the new crop are available. As in
past, Cuba will continue to be the cheapest sugar pro¬
which very
the
world, and, as wages seem to be read¬
themselves to meet changing conditions in Cuba,
as we are so near the new crop, the probabilities are
the Island will be able to extricate itself from the
ducing country in the
justing
and
that
present financial situation within the next
The Balance Sheet as at September 30
with
year
Profit
the
and
Loss and
ended that date,
few months.
1920, together
Surplus Accounts for the
certified by the Corporation's Audi¬
Deloitte, Plender, Griffiths & Company, and
the Comparative Financial Statement, will be found ap¬
pended hereto.
Included in Accounts and Bills Receivable,
is $1,000,000 secured by mortgage on the sale of San Ignacio and $400,000 advanced to the Northern Railways of
Cuba against collateral for the purpose of increasing ter¬
minal facilities at the port of Neuvitas.
Acknowledgment is made of the loyal co-operation of all
officers and employees during the year.
Respectfully submitted,
tors, Messrs.
By Order of the
Board of Directors,
Manuel Rionda,
President.
'
greatly reduced due to the
for Cuban and
PROFIT AND LOSS
ACCOUNT AS OF SEPTEMBER 30TH 1920.
ended September 30th 1920
$22,249,020 30
Operating Profit for Year
X^oss*
*
Interest, Discount and Exchange
Reserve for Taxes, etc,, Including
$2,156,584 29
Income
■
^
4,248,301 48
Tax, United States and Cuba
Reserve for Depreciation..—
...
■'
3,500,000 00
n
Porto Rican sugars.
made by Amer¬
ican refiners from the Far East, they sold American granu¬
lated to the trade for delivery to suit the arrival of those
raws, at correspondingly high prices.
With sugar pouring into the United States from other
countries, under the effect of high prices here, the future
needs of the country >vere more than provided for.
The
Cuban and Porto Rican planters, disappointed in their ex¬
pectations of higher prices, in June and July tried to force
their holdings upon a market already satisfied by the pur¬
chase of Java sugars. Each successive offering during those
months marked a violent and rapid decline.
The situation became more complicated in August due to
the difficulties encountered by the American refiners in
having the buyers of their refined live up to the contracts
made at higher levels, when refiners were buying the Far
Eastern sugars as stated above.
These complications neces¬
sitated the granting by the refiners to the buyers of more
time in which to receive and pay for the sugars purchased.
Simultaneously with the above purchases
Balance, being Net
Profit for the Year Carried to
Account....
Surplus
-
SURPLUS ACCOUNT
Balance at October 1st 1919
AS OF SEPTEMBER
n
oor
i7»yu4>ooo i (
$12,344,134 53
3oflTl92<L
—
transferred from Surplus to Declared Capital in
connection with the Authorization of 416,667 additional
Common Shares without nominal or par value, such
shares being raserved for the conversion of $25,000,000 00
of the Corporation's Convertible Debenture Bonds
$16,712,302 51
Amount
2,083,335 00
$14,628,967 51
Net Profit for year as per
12,344,134 53
Profit and Loss Account
$26,973,102 04
Deduct:
Dividends on Preferred Stock:
No. 16, January 1 1920
No.
No;
No.
17, April 1 1920
18, July 1 1920
19, October 1 1920
Balance, September 30
1920
-
-
-
$875,000
§£§'222
§£5,000
875,000
00
22
00
00
3'500'000 00
$23,473,102 04
2054
THE
CHRONICLE
balance sheet.
september 30
[Vol. 111.
1920.
ASSETS,
PROPERTIES AND PLANTS
$78,892,258 47
MACHINERY AND CONSTRUCTION
MATERIAL ON HAND
695,417 46
INVESTMENT IN SHARES
500,000 Shares of 7%
Cumulative
Convertible
Preferred
Stock, par value $100 00 each, and
500,000 Shares Common Stock without
SUBSIDIARY COM¬
PANY AT COST
CURRENT
ASSETS,
2,738,230 65
ADVANCES TO
COLONOS AND GROWING CANE:
Cultivations—Company Cane
nominal
7,397,947 11
at
Net
105,649 46
2,687,589 08
TEN
20,328,749 37
DEFERRED
Insurance,
39,618,987 25
etc,,
Paid
■;
Discount and Expenses in connection with
Issue of Ten-Year 7% Convertible De¬
benture Bonds Due 1930, less
Propor¬
written off
2,083,335 00
CONVERTIBLE
$54,583,335 00
DEBENTURE
TERM
DRAFTS
—
$2,457,482 89
-
3,890,329 00
437,500 00
875,000 00
7,660,311 89
LIENS ON PROPERTIES—Cash
Deposi¬
ted per Contra
1,148,908 00
1,570,133 45
CENSOS ON PROPERTIES—Cash
Bonds Deposited per Contra
RESERVES:
25,000,000 00
OUTSTAND¬
ACCOUNTS PAYABLE AND ACCRUED
CHARGES
$421,225 45
—
7%
ACCRUED INTEREST 7% CONVERTI¬
BLE DEBENTURE BONDS
PREFERRED DIVIDEND NO. 19 (Pay¬
able October 1 1920)
In
advance
tion
SHORT
566,643 05
Taxes,
YEAR
ING
CHARGES:
Rents,
'•
Y\V''
BONDS, DUE 1930:
Convertible into Common Stock at a price not
exceeding
$60 00 per share, in accordance with the terms of
an
indenture dated January 1st 1920
250,170 06
CASH AND BONDS DEPOSITED
FOR REDEMPTION
OP LIENS AND
CENSOS ON PROPERTIES—Per
Contra
v'-\
7
Convertible Debenture Bonds
Prices
.
of
Contract
Accounts and Bills Receivable
Cash in Banks and on Hand:
In New York
$20,078,579 31
In Cuba
..;.
v
shares being reserved for the conversion
$25,000,000 00 of the Corporation's
121,87236
Hand
>
value.
par
Amount transferred from Surplus in con¬
nection
With
the
authorization
of
416,667
additional
common
shares
without nominal or par value, such
Sundry Ad¬
vances
on
or
Add:
$2,116,026 73
6,861,153 14
Materials and Supplies—
Advances to Colonos less Reserve for
Doubtful Accounts
Advances to Stores and
Molasses
$52,500,000 00
Represented by
$79,587,675 93
OP
LIABILITIES,
DECLARED CAPITAL:
As per last Balance Sheet
$172,736 19
and
393,906 86
.
566,643 05
V. V-
Taxes and Contingencies
Depreciation
-
~
—
$2,022,194 74
10,000,000 00
,
12,022,194 74
DEFERRED
LIABILITIES:
Balances in Respect of Purchases of Lands
SURPLUS ACCOUNT:
776,083 61
ntf
Balance
23,473,102 04
$124,081,670 33
$124,081,670 33
We have verified the above Balance Sheet
Surplus Accounts for the
ended
year
that
as
at
date,
September 30th 1920, and
the accompanying Profit and Loss and
with
the books in New York and Havana, and
certify that, in our
opinion, they correctly set forth respectively, the financial
position of the Company as at September 30th
1920, and the
results of the operations for the
year ended that date.
49 Wall
Street, New York City,
November 5th
deloitte, plender, Griffiths
&
company,
1920.
Auditors.
THE AMERICAN COTTON OIL
COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR
ENDED AUGUST 31
Executive
Offices,
;
For the first five months of the
fiscal year the net earn¬
,
65 Broadway,
ings of the Company
New York, November 4 1920.
The
AMERICAN
Directors
was
COTTON
submit
their
OIL
Report
Account of The American Cotton Oil
sidiary companies for the fiscal
The
the properties
COMPANY:
and
Statements
Company and the
year ended
of
sub¬
August 31 1920,
excess
are
on
The
total
was
$15,686,624.51.
amount
$5,000,000, part of
an
of
Gold
issue of
now
outstanding is
$15,000,000 Twen¬
authorized issue of
$10,000,000 Five-year Six
Notes, dated September 2 1919, there is
$9,500,000
Per
now
Cent
Gold
Inventory values
with the terms of the notes.
The Board of
June 1
and
on
Directors, at the regular monthly
meetings
usual semi-annual divi¬
the Preferred
December
Stock, payable respectively on
1920, being the fifty-seventh and
1
fifty-eighth
with
the
stantially all of
sales
of
prevailing market,
such
values
Edible
onr
sales of others in the
have been
February and
Products, in
May,
also
quarterly dividends of 1%
the
second
the
gust 31
sidered
and
authorized
each
on
payments
the Common
dends upon
time
as
of
Stock,
two
pay¬
June 1 1920, these
being
dividends of 1% declared
quarterly
August,
omit
the
has been
satisfactory and did
not share
vailing in the Edible Oil industry.
The Company's operations for
the
of
$1,542,531.12,
paid amounts to
which
added
to
$3,611,560.12, by
properties
tained, and
of
ample
the
showed
year
interest
Company have
provision
situation,
the conditions pre-
and
a
loss
dividends
made
for
been
fully main¬
depreciation.
Following the Company's policy of
simplifying its cor¬
organization, on September 1 1920 the Union Seed &
Fertilizer
pany,
Company, which,
operated
consolidated
the
with
as
a
subsidiary of
crushing mills
The
American
and
gins,
Cotton
Oil
By Order of the Board of
Directors.
more
PROFIT
AND
LOSS
Manufacturing and
the year ended
August 31 1920
Thompson,
ACCOUNT
AUGUST
Commercial business
for
*
until such
industry.
on
Debenture
Bonds
and
Quarterly Dividends
the Common Stock
1920.
f
$11,693,120 34
Gold
Two Semi-Annual
Dividends of 3% each
the Preferred Stock
Three
31
$13,235,651 46
1,542,531 12
Deduct:
No.es
Company
Com¬
formally
Company.
Balance of General Profit
and Loss Account
August 31 1919,
as per Thirtieth
Annual Report
Losses of the
Interest
normal, having in mind the
this
was
President.
GENERAL
con¬
drop in commodity prices and the decline in
volume of busi¬
ness, prevalent throughout the
vegetable oil
the
which amount the
surplus
has been decreased.
further payment of divi¬
the Common Stock of the
conditions became
with
volume, resulting in large operating
losses, but the sale of
Soap Products, considering the general
William O.
Stock during the fiscal
year ended Au¬
The Board, at its
meeting in
advisable to
sub¬
decline in
severe
Common
1920.
it
third
which
common
a
monthly meetings
able respectively on March 1
and
upon
since
realized.
industry, suffered
consecutive dividends upon this
stock.
The Board of
Directors, at the regular
in
This
decline during
porate
May and November, declared the
dends of 3%
a
proportionately.
accordingly reduced to a basis con¬
were
low
The
outstanding
par
value, notes to the amount of
$500,000 par
value having been canceled
by the Company in accordance
in
in its history.
business
Bonds
ty-year Five Per Cent Gold
Bonds, bearing date of May 1
1911, interest payable
semi-annually, on the first days of
May and November.
Of the
the largest
offset, however, by
sistent
The
free from mortgage or other
lien.
of Current Assets over
Current Liabilities
August 31 1920
were
than
more
$40 a barrel in the price of
Cotton Seed Oil alone, and the
price of other oils and fats
vital to the
Company's business declined
being the Thirty-first Annual Report of the
Company.
All
much
the balance of the
year of over
To the Stockholders
of
THE
1920.
$850,000 00
on
611,916 00
of 1 %
each
on
ggy ^j3 qq
1
Balance of General Profit
and Loss Account
August 311920
2,069,029 00
$9,624,091 34
Nov. 20
1920.]
CONSOLIDATED
THE
BALANCE
AT AUG. 31
SHEET AS
CHRONICLE
1920.
^Ixjc tommmml
assets.
Real Estate, Buildings, Machinery, Investments, &c.:
Balance at August 31 1919
$16,330,199 99
•
Additions during the year
909,182 80
Balance at August 31 1920
Good Will, Trade Marks, Brands,
at formation of
Cash
Company
COMMERCIALEPrrOME
-1-$17,239,382 79
Patents, Processes, &c.,
23,594,869 81
$2,968,894 21
u
Bills and Accounts
and
13,326,640 33
,
22 953,143 85
Deferred Charges against future profits
585,179 32
J/v
,r /.
cold
••
trade
$64,372,575 77
:/'U
has been much colder throughout the country and
at
below
or
$10,198,600 00
20,237,100 00
Common.,
$30,435,700 00
5% Debenture Bonds due May 31 1931
Five-year 6% Gold Notes due September 2 1924
—
5,000,000 00
10,000,000 00
Big wholesale business and manufacturing
$45,435,700 00
Reserve for Depreciation
2,046,265 09
_
Accounts Payable and sundries
Interest Accrued upon Debenture Bonds and
Gold Notes
Stock
Dividend
Semi-Annual
No,
Loss:
9,624,091 34
\
We have made
.$64,372,575 77
examination
an
AMERICAN
of the Head Office books and accounts
of its Subsidiary
COTTON OIL COMPANY and
Companies, and CERTIFY that the above Balance Sheet, in our opinion,
correctly sets forth the combined position of the Companies as at August 31
1920, and that the attached Profit and Loss Account for the year is correct.
For the purpose of our examination we have accepted the signed statements
received from the several Branches.
and
is
selling
cotton
GRIFFITHS & COMPANY.
Auditors.
49 Wall Street, New York City, November 4
1920.
wool
freely.
more
and
home
at
fic very dull.
1920.
modities
abroad
And
generally
99
81
31
25
72
27
$17,239,382 79
23,594,869 81
2,968,894 21
6,657,609 31
13,326,640 33
585,179 32
$62,863,173 35
$64,372,575 77
_
few
~
■
Capital Stock, Preferred
Capital Stock, Common
of
result
it
$10,198,600 00
20,237,100 00
$30,435,700 00
5,000,000 00
5,000,000 00
Bonds
Debenture
Notes
....
$30,435,700 00
5,000,000 00
5,000,000 00
2,562,696 85
cember
305,958 00
Debenture Bonds
Dividend
payable
Dividend
payable Sep¬
Balance of General Profit and
Loss Ac¬
13,235,651 46
9,624,091 34
$62,863,173 35
count.
$64,372,575 77
COMPARISON OF GENERAL PROFIT AND LOSS
YEARS 1919 AND 1920.
ACCOUNT FOR
1919.
Balance General
_______
Operating during year
Operating during year
Profit from
Loss from
1920.
$12,812,837 24
$13,235,651 46
Profit and Loss Account
August 31 previous year__
;_
2,694,214 22
1,542,531 12
$15,507,051 46
$11,693,120 34
$850,000 00
611,916 00
809,484 0 0
$850,000 00
611,916 00
607,113 00
$2,271,400 00
Deduct:
$2,069,029 00
.$13,235,651 46
$9,624,091 34
*
Interest
Debenture Bonds and Gold
on
Notes
Dividends
Preferred Stock
Common Stock
on
Dividends
on
Balance General Profit and Loss
August 31
Account,
-
CURRENT
little effect
does
i
new
syndicate composed of R. M. Grant & Co. of New York,
3rices to yield
assessed
Cincinnati, are offering
City of Fort Worth, Texas, 5% gold bonds at
These bonds mature annually from
The city's net debt, including this issue, is less than 3% of
from 5.10% to 5.25%.
L929 to 1959.
;he
Elston &
Kean, Higsbie & Co. of Detroit, Weil, Roth & Co. of Cin¬
issue of $1,890,000
valuation.
& Co. and Kissel, Kinnicutt & Co. are offering
5.10% to 5.50% a new issue of $1,000,000 Los Angeles
>H% School District bonds, due annually from 1921 to 1960, inclusive.
Los Angeles is the largest city in the United States west of St. Louis and
;ince 1910 has shown the greatest rate of growth of any of the country's
—Stacy & Braun, Eldredge
it
prices to yield from
the
gloomy
appear
that
sales of
have
been depressed,
with
the
great
Wages have been cut in not a
to 25%.
Chicago reports
even
there is entirely
satisfac¬
here
or
elsewhere.
stock
market, where declines have been very
A fall in the rate for call money has had little if
sharp.
Unfortunately failures are more numerous.
effect.
For
long period it will be remembered the 1920 failures were
much smaller than for years
of
at
Even
of
dulness
past, but the effect is now dis¬
and a steady fall of prices.
trade
declining prices
the
people are not disposed to
Prices went too high and there is at least a
possibility that for
a
time at least they may go too low, the
pendulum, as is not unusual, swinging to opposite extremes.
What the world needs, as was pointed out by President¬
thrift
Harding in his speech at New Orleans on Nov. 18, is
and economy.
It needs increasing production and
All branches of
Each branch must pro¬
duce; none must shirk, none must demand more than its
share, while each receives a fair recompense.
It is gratify¬
ing to notice that organized labor in this country is begin¬
ning to combat radicalism.
Bankers take a hopeful view
of the situation, but not unreasonably contend that retail¬
ers should lower prices to the end that trade may get an¬
other start.
Retailers have been blocking this very thing
a
return to something
like pre-war prices.
prepared their usual preliminary estimate of the
of sugar, cane and beet, for the year 1920-21.
It was pubNov. 11 in the firm's "Weekly Statistical Sugar Trade Journal:'*
rule, instead of clean¬
by holding out for higher prices, as a
ing up their stocks by sharp reductions, thus passing on the
declines at wholesale to the ultimate consumer.
Sooner or
be done.
later this will simply have to
Here and there some
is being made, but the retailers of this country as
are not meeting the situation in an intelligent, thor¬
progress
a
class
ough-going fashion. It is only a question of time when they
will be compelled to.
Co.,
after the man¬
ner anticipated, but that retail merchants have yet to real¬
ize that they too must meet the inevitable economic trend
and adjust their prices to the new condition.
Twenty-four
H.
Sabin, president of the Guaranty Trust
that necessary liquidation is proceeding
says
restaurants
and
two
more
hotels have notified
the
Department of Justice that they will reduce their prices of
food.
In one case the cut will be 25% to 30%.
Some Bid-
Railroads
N. Y. Can
plants in West Virginia and zinc mines in Montana are clos¬
ing down.
Rochester, N. Y., firms have reduced clothing
33% to 40% and wages in clothing factories will be cut
10%.
Ready-made suits of clothing in Chicago have been
cut 25% to 33 1/3%.
Collar mills at Troy, N. Y., will curtail
deford, Me., cotton mills are going on
are
half time.
laying off men in Philadelphia and Albany,
A shirt factory at Bordentown,
hours.
six
wenty-five leading cities,
—Millett & Gray have
not
distinctly depressing effect on commodities generally was
Charles
NOTICES
cinnati and Seasongood & Mayer of New York and
traf¬
outstanding feature of the week and one that had a
An
more
—A
Jo. of Chicago,
prices.
society depend upon one another.
202,371 00
tember
lower
A sharp rise in foreign exchange has seemingly had
elect
De¬
__
Stock
Common
383,333 34
305,958 00
Stock
2,046,265 09
383,333 34
Reserves
Interest Accrued upon
and Gold Notes.
Preferred
10,000,000 00
5,800,000 00
777,228 00
;
at
sharp cuts in prices, but it is doubtful if the
buy freely.
.
737,462 7 0
—
Payable
Payable
Accounts
The auction sales
been
soil particularly so.
business situation
cernible
Two-year Gold Notes
One-year Gold Notes
Five-year Gold Notes
bad
that business has been better than it was recently as
general
a
$10,198.600 00
20,237,100 00
_____
have
anywhere from 15%
cases
any
LIABILITIES:
been
With manufacturers
going ahead at half steam there has been an increase of
unemployment throughout the country.
Many of the tex¬
tile mills have closed down and others are working only
products of the
tory.
Estate,
—
have
Clothing, hides, coffee, sugar, iron and steel
declined.
all
have
a
Buildings, Machinery, In¬
.$16,330,199
23,594,869
7,370,441
Bills and Accounts Receivable
6,713,141
Marketable Products. &c., on hand
8,640,314
Deferred Charges against future profits.
214,206
There
clothing have greatly increased, even at lower prices. Other
metals beside iron and steel have declined.
In fact, Com¬
1919 AND 1920.
1919.
ASSETS:
vestments, &c
Good Will. Brands, &c
Cash
$10 to $12 50 per bale.
Liverpool and at Alexandria, Egypt.
say
COMPARISON OF BALANCE SHEET FOR YEARS
Real
is down
And not for
not only here and at the South, but also
three to four days a week.
PLENDER,
DELOITTE,
some cases
Ocean freight rates have declined in some cases, with
305,958 00
Balance to credit of account, as shown below
of THE
are
And almost
several years has cotton been as low as it is now, after a
decline during the week of roughly
of
7,266,519 34
and
Grain in
lowest prices seen for four years past.
to the
in
383,333 34
58, payable December 1 1920
Profit
everywhere prices are falling.
breaks in cotton,
$5,800,000 00
777,228 00
_.
Preferred
That is the outstanding feature.
According to some accounts the South is becoming uneasy
'
Notes Payable
has been
freezing point clear through to the Gulf
the
active.
less
I.
Jobbing business
does not show as much increase as the retail, although
prices have also been lowered in this branch.
The weather
liabilities:
Stock:
Preferred
York, Friday Night, Nov. 19 1920.
somewhat
better in some sections, owing
weather, but prices have had to be cut in various
of Mexico.
Capital
is
parts of the country to increase the sales.
6,657,609 31
Materials
Raw
hand
on
to
Receivable and Advances
for Merchandise
Marketable Products,
Supplies
New
Retail
_
-----
2055
months.
N. J., will close for
Carolina cot¬
Curtailment of output of South
In North Carolina it is very
In Rochester, N. Y., within a week or ten days it
stated 75% of the clothing factories will close for an in¬
ton
goods mills is increasing.
world's crop
general.
ished on
is
?2
Wall Street.
—The
definite period.
Guaranty
igent of stock
}f the New
Trust Co. of New York has been appointed transfer
of the Mexican American Corp.; also as registrar of the stock
England Spun Silk Corp.
William
R.
Compton
issue of $975,000 City of Green Bay, Wis., water-works
serially Nov. 1 1921 to 1960.
5.60 to 6% a new
5% bonds, due
Company are offering at prices to yield from
Brazil.
talk
There is an agitation for a moratorium in
been declared in Paraguay and there is
One has
of having it
extend in Cuba.
Retail price cutting is
beginning in certain directions.
And some Chicago retail¬
ers toll reduce dry goods, • holiday goods and home staples
50%.
The Cohoes Bat and
Shoddy Manufacturers' Associa-
tion
CHRONICLE
THE
2056
notified garment workers
have
that after Jan. 1 the
later
5c.
was
[VOL. 111.
considered
plants of the six concerns comprising the association would
be
it
opened on an
shop basis.
open
In
parts of the
many
The American
country the open shop is being established.
should
very
the
enter
market
the
market.
it might give
In shipping circles they
different look.
steamers
nearer
Sugar
Europe is said to be in need of
pressed for sale.
bringing considerable
was
sugar.
If
the situation
a
that Japan¬
from Batavia
say
Federation of Labor has turned to Herbert Hoover to assist
ese
it
for New York.
Both
for the
Surinam afloat sold at 5c., c.i.f., and Porto
in
devising
which
program
a
may
tend to avert a labor
crisis.
A number
of Rhode Island cotton
mills
close down
will
The
B. B. & It. Knight plants, it is said, will take this action.
The Berkshire Cotton Co., Pittsfield, Mass., will remain
closed next week, owing to slack orders.
The six plants of
the Chadwick-Hoskins chain of mills, five of which are lo¬
cated at Charlotte, N. C., have closed down for an indefi¬
nite period.
More Southern cotton mills have just reduced
wages from 10% to 15%.
The Huntsville Knitting Co., of
West Huntsville,
Ala., -has closed down indefinitely be¬
Saturday
of
cause
Co.
gone
on
10%.
dropped
the
entire
conditions.
market
has
wages
for
night
Lincoln
The
four-day
a
schedule and
prices
Retail
week.
Thanksgiving
thirty
on
Manufacturing
also cut
of food
may
articles
of 3% during October, according to the
an average
Prices in New York fell only 1%.
Department of Labor.
At
Gastonia, N. C., large numbers of discharged cotton mill
hands are picking cotton at a drop in wages from $150 to
.$1 per 100 pounds.
The Pennsylvania Railroad has reduced its force 10,000
since the end of October.
men
The New York
Central has
reduced at West Albany and the Boston & Albany has also
reduced
number
the
of its
10%, owing to the
employees
falling off in business.
A large hosiery mill at Lowell,
Mass., has resumed work, but with wages cut 20% to 33%.
Of the
25%
35,000 operatives in Lawrence, Mass., not more than
working full time.
Some of the cotton mills at
are
Utica
have
closed for four
either
their
reduced
time
working
weeks
or
days
three
to
more
have
or
week.
a
The
George P. Ide & Co. shirt factory at Troy will shortly, it is
said, close down indefinitely.
The Japanese Cotton Spin¬
ners' Association will cut the output of yarns about 30%.
The
silk mills at Japan will be closed from Dec. 20 to
raw
March 20.
At Aberdeen,
S. D., the price of the bread loaf
has been reduced 3 cents,
Nobody hears of anything of that
kind in this locality.
the
bread
loaf has
At St. Paul and Minneapolis, Minn.,
been
reduced
1
to
2
cents.
Why not
here?
Building Trades Employ¬
ers' Association refused the demand of the Building Trades
Council
for
workers.
an
increase in
Robert
been released
on
W.
wages
Brindell
bail
of
$1
been
has
of $100,000.
a
day
for
indicted
union
and
has
He was charged with
irregular practices in connection with building.
LARD
the
Futures advanced
on
a
bullish stock statement, a rise
grain and hogs and an oversold condition of the market
although Chicago's stock of lard has fallen
more than 8,000,000 lbs.
The total is
down to 9,973,316 lbs.
Still it is said that a considerable
percentage of hog products exported from New York recently
was really on consignments.
To-day prices declined with
stocks, grain, cotton, &c., ending 57 to 80 points lower than
but later declined
off within two weeks
week ago.
DAILY
CLOSING
PRICES
Sat.
higher;
OP LARD FUTURES
Mon. *
Tues.
Wed.
16 27
15-60
15.90
15.42
1545
14-72
IN
CHICAGO.
Thurs.
15.22
14-60
Fri.
15-00
14.42
$31 50@$32 50; family $44@$49;
January closed at $23 30, a decline
Beef quiet; mess $19@$20; packet
$21 @$22; family $26@$28; extra India mess $44@$46. No. 1
canned roast beef $3 25; No. 2 $8 25.
Cut meats firmer;
pickled hams, 10 to 20 lbs., 22 H @22 He.; pickled bellies
28@29c.
Butter,
creamery
extras
65H@66c.
Cheese,
flats 20 @28 He.
Eggs, fresh-gathered extras 86@88c.COFFEE on the spot continues quiet and lower; No. 7
Rio 7H@7Mc.;
No. 4 Santos 1034@lle.; fair to good
Cucuta 11H@12.
Futures declined after some advance but
the fluctuations were for the most part within narrow limits.
A small rally occurred on higher rates for sterling and Rio
exchange but later came a reaction as Santos was reported
offering at a decline.
The Moratorium declared in Paraguay
drew renewed attention to the stringency of money in South
America.
Besides spot prices here have been reduced in a
dull market.
Much of the trading was in switching from
Dec. to March and May.
To-day prices declined and the
close, 50 points lower for the week on December.
mess
short clear $38 @$43.
of 65c. for the week.
December
March
6.401 May
7.15 j
__7.53
i'
j July
[September
:.7.83
11118.02
SUG-AR declined; centrifugal, 96-degrees test, Cuban and
Porto Rican, 6.26c.
Futures declined, though for a time
less readily after the recent big drop in prices.
Cuban in¬
have
apparently bought new-crop months to some
extent.
Outsiders have bought distant months on the idea
that they are cheap and involve little risk.
Wall Street
covered shorts.
The Cuban moratorium, it is intimated, may
be extended, or bankers may grant a big loan to Cuba.
Trading, however, has not been active.
Foreign buyers
have held aloof, fearing further declines in raw and refined.
Refined fell further and Michigan and Ohio beet root fol¬
lowed.
Beet-root sugar is said*to be plentiful in its usual
territory.
Cuban raw sold here at 5He. cost and freight;
terests
sugar
and refined sold at
new
low records
Rico prompt shipment at equal to 6.26
c.i.f. for centrifugal.
refinery reduced its list prices half a cent a pound to
the basis of 9c. for fine granulated.
England has been buy¬
ing Peru in London at $34 per ton, f.o.b., equal to about
5.25c. c.i.f. here.
Refined dropped to 9c. to 9.50c., the
lower price named to-day by one refinery.
Futures to-day
again declined and end 55 to 70 points lower for the week.
One
November
4.90 @5.00) January
5.10(gi5.12l May
December___5.00@5.05 fFebruary -„_5.12(»5.14fJuly
I
5.24 ©5.26
...5.36@5.38
«.
|Marcb.„___.5.12®5.14|
OILS.—Linseed
dull and lower; carloads 90@95e.; less
carloads, 96c.@$1; five bbls. or less, 96c.@$1 03.
Ceylon bbls., 1534 @15 He.; Cochin, 15@15He.
Olive re¬
mains at $2 95.
Cod, domestic, unchanged at 82@85c.,
and
Newfoundland
at
85@88c.
Lard,
special prime,
$1 50@$1 55.
Spirits of turpentine, $1@$1 02.
Common
to good strained rosin, $11.50.
than
PETROLEUM
steady;.refined in bbls., 24.50 @25.50c.;
13.50@14.50e.; cases, 26.50@27.50c.
Gasoline in
good demand and steady; steel bbls., 33c.; wrood bbls., 41c.;
gas machine, 50c.
Kerosene also in good demand.
Ac¬
cording to the "Oil City Derrick," Oklahoma made the best
showing of any field as among its completions there were
half a dozen wells starting at over 1,000 bbls.
Besides these,
there were numerous new ones, making above 500 bbls.
Kansas also added a number of fair wells, although none of
great size.
North central Texas missed its great gushers in
the week's news, but showings in tests indicated an enlarged
area for
development.
Interest in north Louisiana was in¬
creased by the discovery of oil in two wildcats, one north of
bulk,
Homer field and
Bossier Parish.
near
the Arkansas line and the other in
While it is not certain that either of these
whl
be commercially profitable,
they are
enough oil to warrant further development.
Pennsylvania
Corning
$6 10
Cabell.
...
Somerset,
and
32
deg.
above
Indiana
$3 83
Princeton
Kansas
&
Okla¬
homa
2 60
4 05 Corsicana, light
3 73 Corsicana, heavy.
3 63 Electra
Lima
Strawn
3 77 Thrall
3 77 Healdton
3 48 Moran
Illinois...
Plymouth
4 50
Wooster
North Lima
South
4 25
446
both showing
Henrietta
53 00
3 00
2 75
3 00
...
3 00
...
3 50 Caddo,
La., light.
3 00 Caddo, crude
1 75 De Soto
...
3 25
2 50
3 40
3 50
RUBBER dull and lower; smoked ribbed sheets 17He.;]
Plantation first latex crepe 1934c.; brown crepe thin clean
17c.; rolled brown crepe 15c.
Para up river fine was quoted
23c.; Central, Corinto 19c.
The report that the banks
are
declining to make further loans and will not extend the
time of loans
caused
was an
unfavorable feature.
This it is believed
good deal of forced liquidation by some concerns.
The largest part of the trade is holding aloof awaiting further
developments.
They regard prospects for the immediate
future as not very hopeful.
a
OCEAN FREIGHTS have been very quiet, with the ton¬
abundant and rates weak.
Lower exchange, tight
nage
mqiley and European poverty all bar the way to
business.
Curiously enough, a cargo of American flour has been shipped
Puget Sound to Argentina.
It is a case in a way of
tit for tat.
Argentina has been sending corn to this country
or underselling it in
Europe, and now America replies with
shipments of flour to that country.
Coal charters have
been rather more active at cheaper rates.
Bunker coal
here is down to $10.
Ship charter rates are reported at the
lowest since 1914.
Big shipping companies have passed
dividends and their shares have dropped sharply.
from
January delivery___cts_15-72
May delivery
_15-30
PORK
raw
at
prime western 20.25 @20.35c.; refined to
Continent 22 He.; South American 23c.; Brazil in kegs
higher;
in
a
season.
Ragland
The Board of Governors of the
24c.
are
Charters included coal from Atlantic range to Rotterdam $8 75 prompt;
810 25; to Rio Janeiro 812
Nov.; to West coast
South America 88 50 Nov.; to West Italy 812 50 Nov.; coal from Virginia
to Bizerta $12 25; coal from Atlantic range to Beyrout 816 Dec.; 3,184 ton
to French Atlantic port
steamer one round
trip, trans-Atlantic trade 15s. prompt; lumber from
Gaspe to New York $6; from Bangor to New York 87 loaded and discharged;
heavy grain from New York to Barcelona 60 cents per 100 lbs. NovemberDecember; 36,000 quarters grain from Atlantic Range to Antwerp 13s. 6d.
Dec. 20; 23,000 quarters grain from Atlantic Range to Spain 14s. NovemberDecember; one trans-Atlantic round trip, steamer 3,184 tons 15s. Nov.;
steamer 1,326 tons, six months' time charter 84 prompt;
Salt from Turks
Island to Norfolk 85 50.
TOBACCO has been
as a rule in
only moderate demand.
loath to stock up freely on wbat may yet turn
out, for aught anybody now knows to the contrary, to be a
falling market.
Prices are called steady with trade hesi¬
tating. Manufacturers, however, are certainly for the most
part inclined to feel their way, buying cautiously until the
general situation clears up.
The crop was large.
A pretty
good supply of the better descriptions is available here.
Richmond, Va., reports business quiet, but prices rather
Buyers
are
better than in October.
COPPER declined
the
slump in London and the ab¬
are
holding aloof awaiting
further developments.
On the other hand, large producers
are not disposed to sell at the present level.
sence
of
demand.
TIN declined in
on
Consumers
sympathy with London.
The Far East¬
the break in silver.
Spot tin
was quoted here at 37c.
Lead declined with other metals.
Spot 6.50c.
Zinc quiet and lower at 6.35e. for spot St.
Louis.
Some mines are being closed.
ern
market
was
also lower
on
PIG IRON has been dull and weak.
holding off
or
taking re-sale iron.
Consumers
are
still
In the Pittsburgh dis-
Nov. 20 1920.]
2057
CHRONICLE
THE
trict foundry iron has been reduced $2 and steel-making iron
Re-sales of basic have been made in Pittsburgh
$1 to $2.
Mon,
18,173
at
several dollars below the furnace quotations.
Both
foundry and basic have fallen sharply in the Philadelphia
district.
Postponements of shipments are quite frequent,
though the furnaces are combating cancellations.
Wed,
21,261
16,344
Railroads have not yet, strange as it may sound, obtained
financial accommodations from the Interstate Commerce
Commission.
Independent plants in general lines are
gradually exhausting their orders.
In northern Ohio some
have shut down almost entirely.
In Cuba and South
America Germany has been competing with some success in
wire business and also obtained a good sized tie-plate order
from the Dutch East Indies.
competition
on
of rails to the Dutch East Indies against
this side.
Trade is for the most part stagnant
in this country.
500
abroad.
Not
12,895
14,169
856
460
8,299
1,135
8,059
717
"26
""26
7,724
5,020
6,139
4,285
3,044
2,384
28,596
Savannah
200
Sydney, 2,115 bales; best greasy merino, 18 to 37d.; greasy crossbred
mbs, 13M to 23d.; Queensland, 1,150 bales; greasy pieces and broke,
23 M and 28d.. respectively, taken chiefly by the Continent; Victoria, 3,287
bales;
easy merino sold mostly to home buyers at 29H to 46d.; greasy
scourt
crossbreds withdrawn; West Australia, 1,579 bales; greasy fleece,
14H to 25Hd.; New Zealand, 2,967 bales; best greasy crossbred, 13 to 21d.;
scoured, 16Mi to 44d.; slipe and coarse greasy crossbreds neglected.
...
Sydney sale on the 17th inst., American demand was
less active and superfine and good merinos were slightly
lower.
Medium and greasy were neglected at a decline of
10% compared with pHces at the first series.
Not only
American demand but that from the Contineht of Europe
fell off.
On the 17th inst., the details were as follows:
Sydney, 2,235 bales; greasy merino 13 %d. to 45d.; Queens¬
land 819 bales; greasy merino,! 13d. to 34d.; Victoria 3,686
bales; greasy merino 13 %d. to 48 %d.; pieces 13 %d. to
28 %d.; comeback 22d. to 26 %d.; West Australia 527 bales;
greasy merino 14d. to 22 %d.;
New Zealand, 4,435 bales;
barely 1,000 sold;
greasy
crossbred, 12 %d. to 16%d.;
scoured 17 %d. to 30d.; slipe 12 %d. to 2Id.
In London on the 18th instant 8,000 bales were offered all
free wool and not quite half was sold.
At Antwerp on the
same day 12,000 bales of Australian were offered on behalf
of the British Government and not quite 3,500 bales sold;
good wools fell 5%.
At Sydney on the 18th some further
declines occurred with the offerings mainly of low grades.
At Melbourne lower grades fell; good warp sold however at
equal to $1.18 for the U. S. Clean handed basis; free or nearly
free wools 90c. to $1; same basis.
Of 4,000,000 lbs. offered
by the U. S. Government in Boston on the 18th instant only
about 20% sold.
Buyers almost ignored everything but
scoured wools.
Patrick Corr & Sons, Inc., were the largest
buyers.
They took 119,000 lbs. of greasy and 144,000 of
scoured wools.
Of sixteen lots of pulled wools only five
were
sold.
Alexander Smith
taking three lots, paying
13 %c. clean for Argentine pulled combing 40s.
Crimmins
At the
& Pierce took two out of five lots of domestic gray
and black
wool, offered at 16He. clean basis.
Of the South American
combing wool about 18% was sold, while of the South
American carding wool only about 4% was disposed of.
One lot of South American burry combing bulk 40s wools
sold at 13 % cents clean.
Thomas Kenworthy took three
lots of Argentine combing 30-40s at 17% cents, clean and
others including Francis Willey & Co. bought Argentine
second clip 40 to 50s. bulk 44s-40s at 16% cents, clean basis.
Scoured wools, carbonized and stained South American
40s sold at 18 to 19% cents; 40s with occasional burrs went
at about 16% cents and good 46s at 20 to 20% cents.
Alex¬
ander Smith bought altogether not quite 200,000 lbs.
The
next
largest buyers were Thomas Kenworthy & Sons,
taking 83,000 lbs., and Francis Willey & Co., 71,000 lbs.
J. W. Christie has been'placed in charge of the Government
wool branch at Boston, replacing Major Fleming who has
resigned.
406
312
1,116
400
Wilmington
451
480
714
640
794
514
1,604
1,624
2,723
1,376
2,456
1,525
321
Norfolk
771
76
361
76
361
York
New
300
64
200
"50
79
75
40,557
31,175
45,634
Boston
,
Philadelphia
Totals this week.
885
1,229
1,229
Baltimore
95
37,595
299
27,783
31,375 214,119
TJhq following shows the week's total receipts, the total
1 1920 and the stocks to-night, compared with
since Aug.
last year:
Receipts to
Nov, 19,
This
Week,
Texas
Aug
THE MOVEMENT OF THE
CROP,
as
indicated by
telegrams from the South to-night, is given below.
our
For the
ending this evening the total receipts have reached
214,119 bales, against 263,684 bales last week and 261,864
previous week, making the total receipts since
Aug. 1 1920 2,259,446bales, against 2,410,841 bales for the
period of 1919, showing
a
decrease since Aug. 1 1920
1
Week,
1 1920,
City
Houston
Arthur,
New Orleans
Mobile
Pensacola
804
28,596
264,845
Brunswick
200
6,000
Charleston
3,005
3,593
11,308
7,974
29,222
34,119
68,611
Wilmington
Norfolk
728
4,121
13,710
11,514
2,278
57,811
779
76
1,229
Baltimore
299
Philadelphia
_
1,928
151,936
4,168
240,337
35,046
781
885
445,770
37,233
■'
6,031
87
361
Boston
■
6,397
.
12,883
7,106
17,962
New York
N'port News, &c_
'
143,943
34,667
_
340,232
59,228
386,290
13,413
579,757
80,800
123,552
60,275
268
Savannah
1919,
396,063
3,933
98,979
V
-
—
26
Jacksonville
1920,
1919,
808,569
80,623
23,319
10,710
327,812
.
&c_
Port
1,050
9,906
—
509
—
24,000
81,881
52,664
101,652
1
—
23.539
82,037
14,124
3,924
4,071
8,296
34,203
6,619
11,985
—
8,304
366,577
16,035
9,052
5,365
214,119 2,259,446 295,147 2,410,841 1,338,024 1,628,489
Totals
In order that
comparison
may
be made with other years,
give below the totals at leading ports for six seasons:
we
105,898
46,766
31,164
96,942
TexasCity,&c.
779
Orleans.
61,228
5.592
28,596
New
Mobile
Savannah
Brunswick
18,292
34,667
6,000
12,883
7,106
17,962
200
...
3,005
Charleston, &c
Wilmington
1916,
1917,
1918,
1919,
1920,
Receipts at—
Galveston
1915,
79,385
23,801
45,496
3,513
33,411
4,500
58,702
3,137
47,687
3,490
45,879
5,000
12,245
3,565
9,789
35,226
6,505
53,089
2,055
23,888
2,500
3,873
1,499
9,888
10.295
76
87
856
156
2,800
14,322
1,291
12,666
1,720
23,443
2,841
11,677
124,119
295,147
134,414
202,316
240,082
3.593
11,308
__
Norfolk
N'port N..&C.
All others
Total this wk.
64,010
12,868
42,220
1,439
16,728
1,000
4,502
4,924
17,417
1,602
5,238
171,948
Since Aug. 1__ 2,259,446 2,410,841 1,933,307 2,644,097 3,644,263 2,903.394
The exports for
of
149,905 bales,
the week ending this evening reach a total
of
which 53,850 were to Great Britain,
35,798 to France and 60,257 to other destinations.
are
the exports for the
Week
Nov.
ending
Below
week and since Aug. 1 1920:
19
1920.
From. Aug. 1
1920 to Nov. 19 1920.
Exported to—
Exported to—
Exports
Great
Great
from—
Other.
Br tan. France.
Galveston.
Texas
28,885
40,267
_
City-
Houston
Total.
31,691 100,843
1,400
1,400
...
Brta n.
321,194
8,385
100,112
France.
154,092
2,709
35,841
El
Total.
325,978
801,264
14,167
3,073
41,323
11
Paso...
New Orleans
Mobile
177,276
1,154
11
250
PortNogalez
Savannah
Other.
1,154
San Antonio
8,735
3,034
8,888
6,913
9,618
.
24,536
3,034
9,618
49,597
6,957
24,627
51,730
26",681
BrunswickCharleston
2,599
250
103,467
137,691
6,957
141,949
63", 538
4,896
.
4,000
Wilmington
"3",000
27,600
4,000
lb",611
4,896
6,599
27,600
500
11,111
364
364
6,130
5,029
21,491
32,650
1,450
1,450
3,405
119
3,130
862
349
1,146
2,029
6,654
3,524
500
Norfolk
New York..
Boston
862
Baltimore..
500
453
453
"5",706
5,706
926
Philadelphia
Los Angeles.
926
""930
3",298
San Fran
930
3,298
Seattle...
53,850
35,798
60,257 149,905
666,895
250,244
603,629 1,420.768
Total
1919. 161,903
3,933
1918.
78,060 243,896
77,242
874,736
Total
123,219
158,587
608,545 1.606,500
375,633 1,214,466
Total..
52,211
6.954* 18,077
685,246
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
give
us
New York.
On
Friday Night, Nov. 19 1920.
Since Aug
This
96,942 1,186,937 105,898
500
11,295 21,799
177,276 23,319
279
5,113
1,649
61,228
.417,215 31,164
23,684 18,292
5,592
Galveston
Stock,
1919,
Since
Shipboard, Not Cleared for—
Ger¬
Great
l
N'port News, &c.
COTTON.
of 151,395 bales.
200
3,005
3.593
11,308
Charleston
1920,
higher grades have escaped the general depression.
The
inquiry in this country has increased somewhat.
On Nov. 16
sale 4,200 bales were offered, mostly
merinos.
Good merinos were 10% lower.
Little attractive
crossbreds were offered, and the demand was not keen.
Diamond sold at 44%d.
Murray downs at 41 %d., Yanga
at 31 %d. and Uardry at 30d.
Figuring exchange at $3 50,
best extra super warp 70s., were bringing $1 16, clean landed
from Melbourne at the opening sale; sound warp 60s.-64s.
sold at about 94c. and 60s. top making wools were selling
at 84c. to 85c.
At the London wool sale half the offerings
were withdrawn.
The sales were as follows:
same
927
Brunswick
even
at the Melbourne wool
the
61,228
5.592
7,454
Pensacola
•
WOOL has been lower at home and
bales
"279
10,352
1,497
Mobile
the
week
500
"279
Port Arthur, &c_
New Orleans
Some concern in Europe also
sold 20,000 tons
96,942
15,256
10,844
Jacksonville
^
Total,
Fri,
Thurs,
Texas City
Houston
STEEL has been dull and tending downward.
Outside
prices have been drifting toward the Steel corporation level.
Some rail business is being done at prices yet to be named.
Tues,
15,064
Sat,
Receips at—
Galveston
19
Nov,
at—
49,668
10,332
12,000
19,575
"848
York*—
"600
ports*..
6,000
Other
Coast¬
many,
Cont't,
wise,
17,713
12,872
64,537
36,932
8,100
2"037
'200
Galveston
New
Britain, France,
Orleans..
Savannah
513
7,000
Charleston
Mobile
a2~,606
New
Other
29,725
Total
24,161
14,000
1920-.
79,048
1919.. 137,780
59.369
Total 1918--
"700
"900
1,800
Total
3,000 154,493
47
60,696
500
7,600
1,500
1,500
4,885
"400
Norfolk
2,000
Total,
400
2,400
9,800
Leaving
Stock,
241,570
325,594
124,336
238,837
8,528
57,411
21,139
58,835
33,085 114,469
13,732 114,176
5,447 261,774 1,076,250
17,800 307,649 1,320,840
48.500
24,600 146,469 1,266,243
Speculation in cotton for future delivery has been on a
fair
time to time,
rallies from
trade buying and
There have been
scale, at lower prices.
covering of shorts, some
on
only 6,960 bales.
if this is not
be
raw
provided for Germany, to the end that she may buy more
like cop¬
per, grain, etc.
But the general trend of business has been
downward, and new low records for the season have been
of cotton,
For the
touched.
and the
Texas
well-known
the part
South
have
recently
or
At any rate in very many
of the Southern farmer.
ex¬
pect anything like 25 or 30 cents per pound at this time,
if at any time during the present season.
was
At one time there
putting
report that the banks at Dallas, Texas, were
a
This was de¬
nied, but for the moment it had its effect.
Exports, more¬
over, though large from Galveston, have on the whole been
pressure
cotton holders to pay up loans.
on
And
moderate.
been
statistical
weekly
latterly the
statements
They indi¬
cated a falling off in spinners' takings and a far greater
increase in world stocks than was going on at this time
have
not
last
favorable;
All
year.
this
quite the contrary.
caused
has
the stock market has been steadily
upon as
comment.
Furthermore,
falling. That was looked
Money, too, was for the
distinctly bad feature.
a
tight, although it eased in the middle of the week.
most part
Reports of
industries
have been cut here and there, generally it would appear
with the employee's consent.
Clothing prices have had to
be sharply cut at Chicago, and reports from the clothing
trade of Philadelphia are still unfavorable.
And Liverpool has been very depressed with
poor spot
Cotton
short
goods
have
declining.
and
dull
been
continued.
have
time
in
Wag a
of
cellations
It
orders.
is
giving
textile
big centre of
that
world's textile industry much concern.
Meanwhile the trade does not buy heav¬
to some extent on 50
but this buying has not been an influential
most of the buying has been by shorts.
point breaks,
factor.
a
straddle.
new
On the other hand,
has been
very
however, the recent decline in prices
The 500-point advance in the latter
severe.
part of October has been lost and, in fact, as already inti¬
mated, the price has entered new low ground.
level.
quotations must drop to the pre-war
results
which
of
is
from
market.
the
not
has
time
time
to
Every
been
bearish
deep-seated
For, whatever
scarce.
he
there
that
means
in
this
here
condition
contracts
scale
as
rule,
a
usual thus far this
as
on
season.
selling, indeed, has been comparatively small since
Texas selling broke the market some time ago to the neigh¬
Hedge
borhood of 18 cents,
was
not
plentiful
so
And
season.
It results that contracts at times
they
as
there
has
been
a
certain
of
amount
trade
The big rise in British and
tinental
hopeful
States
exchange
was
a
factor.
Government, it is estimated,
has
So
Con¬
And the United
in
its
possession
property of German-Americans sequestrated during the war
value
the
ports from
of
$800,000,000, and there
Washington
are
credits based
these assets.
on
persistent
quarter of
Just how
it suffice for
it
can
If the South
can
the
market
is
it will
be
a
that
steadying effect
on
get rid of any considerable portion
big lift to that section.
the
drug in the market, where even the better grades,
time
being,
it must be confessed,
Another factor which attracted
the
bad
weather
at
the
notice
Eastern
the
than this was
There
Gulf.
sell
but slowly.
passing attention
some
South.
frosts clear through to the
more
chilling
and
Spot
after
even
The official
some
this
on
rally
end
Southern interests
points, ending at
of 185 points.
Fu¬
points on Dec. and
at a
big net decline.
made.
move were
quotation for middling upland cotton in the
week has been:
|
New York market each day for the past
Nov.
Sat.
19—
13 to Nov.
Mon.
Wed.
Tues.
19.25
19.25
19.40
Middling uplands.-
Thurs.
18.75
18.05
NEW YORK
Fri.
17.55
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York on
Nov. 19 for each of the past 32 years have been as follows:
,
The
1912-C- —-12.40
9.50
1903-
1910
14.55
1917
1916
1915
1914
1913
---39.15
28.40
30.10
1919
1909
—
14.80
20.50 1908
11.75 1907—1906
7.50
13.70
1905
8.40
1902
1901
9.55
—
7.69
8.38
5.69
8.06
8.00
1900
10.80
11.10
11.15
1896.C
1895.
1894.
10.00
-11.35
1904.C
1911
17.55
1920.c
1918-.
1899
—
1898
1897
—
1893.
10.06
7.56
5.38
1892.
9.44
1891.
8.12
1890.
9.50
1889
5.88
10.25
MARKET AND SALES AT NEW YORK.
Saturday.
Monday
Tuesday
Wednesday.
Thursday
Friday
_
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
SALE St
Futures
Spot
Market
Market
.
Closed,
Closed,
Total,
Contft,
Spot,
Steady
unchanged
15 pts. dec—
unchanged
50 pts. dec—
70 pts. dec—
50 pts. dec—
—
Weak.
Barely steady,.
Very steady
Steady
—
Firm
Total
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 figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
1919,
654,000
12,000
97,000
1918,
228,000
1917,
482,000
16,000
48,000
21,000
64,000
919,000
18,000
102,000
119,000
1,000
53,000
18,000
763,000
292,000
567,000
137,000
9,000
50,000
74,000
1,000
32,000
61,000
21,000
56,000
21,000
311,000
257,000
128,000
254,000
1,230,000 1,020,000
104,000
32,000
November 19—
Stock at Liverpool
Stock at London
37 000
466,000
61 000
1920,
848,000
bales-
3,000
68,000
Stock at Manchester
Total Great Britain
—
Stock at Ghent
Stock at Bremen
Stock at Havre
Stock at Rotterdam, &c
Stock at Barcelona
Stock at Genoa
-—
172,000
5,000
V
Stock at Trieste
Total Continental stocks
Total European stocks
Egypt,Brazil; 'c' .afloat for Europe
Stock in Alexandria,
-
Total visible supply
A
was
been killing
have
rains at
one
46,000
5,803,389 5,299,966 4,257 ,415 4,099,151
totals of American and other descriptions
'
771 PTIPflYi-*—
587,781
1,338,024
Manchester stock
445,000
60,000
202,000
511,041
1,628,486
1,238,788
90,651
475,000
59,000
241,000
American afloat for Europe
U, S, port stocks
U, S, interior stocks
U, 8, exports to-day
are
as
follows:
■
1,423,547
5,037
bales.
Liverpool stock
Total American..
East Indian,
109 ,000
368,000
58,000
22 ,000
*218,000
*112 ,000
172 ,000
166,000
1,412 ,712 1,165,976
1.326 ,677 1,108,462
13 ,026
17,013
4,129,389 4,175,966 3,167,415 3,101,151
Brazil, &c,—
373,000
3,000
9,000
70,000
104,000
65,000
151,000
899,000
Liverpool stock
London stock
Monchester stock
Continental stockIndia afloat for
Europe
Egypt, Brazil, &c,, afloat
Stock in Alexandria, Egypt
Stock in Bombay,
But what has attracted
the heavy
65.000
821,000
200,000
291,000
243,000
51 ,000
*570,000
*480.000
1,338,024 1,628,486 1,412,712 1,165,976
1,423,547 1,238,788 1,326,677 1,108.162
5,037
90,651
,
13,026
17,013
Stock in U, S, interior towns
U, S, exports to-day—
Of the above,
511.041
151,000
899,000
Egypt
Stock in Bombay, India
Stock in U, S, ports
587,751
420,000
6.000
172,000
65,000
India cotton afloat for Europe
American cotton afloat for Europe
And in
by Germany has bought large quantities of such
cotton in the United States annually.
It is now emphati¬
a
a
Ger¬
times gone
for
Jan.
West,
here.
New low records
re¬
be done
moment
of its large stock of low grades by selling them in the
cally
sold
Continental stock
Let
the report at one time had a somewhat
man
Waldorf-Astoria and
cotton dropped 50
17.55c. for middling, a loss for the week
tures dropped during the week 248 to 252
this
being made to provide Germany with
altogether clear.
prices.
are
and the financial
city that efforts
not
Also stocks and
all declined, and they had
And
Street, the
all
are
Liverpool, too, has bought from time to time.
buying.
anxious to sell.
more
sugar
dry goods news was bad.
Liverpool futures
dropped 120 to 140 American points, and Liverpool, Wall
apt to be at this stage of the
are
have Japanese interests.
to
farmers and dealers
grain, coffee and
effect.
2 cents in Ameri¬
Egyptian.
money on
from which it will be remembered there
sharp rally.
a
a
Liverpool
become
be said of the Southern holder,
may
a
that
But all
selling for hedge account,
anything like as large
few
a
sentiment
oversold
an
then
and
now
Not
In fact, they think
predicting still lower prices.
are
can
Indeed,
Liverpool has been selling at times quite freely, supposedly
on
regained 50 to 60 points of
by various operators feeling for the bottom.
The crop estimates
Alexandria have fallen heavily.
Some think
the consumption in this country will fall far below the
Mills have been calling cotton
and then
news
the
and prices at
ily.
turn
in
on
covering, trade buying and some buying for
on
raised to 6,500,000@6,750,000 cantars,
from Egypt have been
total of last year.
of bad
loss
the
Manchester has been depressed by further large can¬
trade.
that
flood
a
unfavorable
To-day prices fell 90 to 115 points
A bad break was also reported in
prices at Alexandria, with January ending at 44.50. South¬
ern markets were reported lower, with little demand, and
he seems to have recognized that it is useless to
cases
discounted anything at all
the general outlook.
fell 158 American points on spot cotton and
little
sold
universally the case the very severe decline in
has
basis
small.
signs of discouragement on
see
cotton
Some
The
sharply.
sales have been
markets
Some think they
nothing.
falling
been
have
there has weakened
commodities,
other
as
in the main has been bad.
news
markets
spot
ern
well
as
Some take the ground that the decline has
altogether too far, that the mills are carrying light
stocks of both raw and manufactured cotton, and that even
gone
reports that in some way or other credits on a big scale may
freely
[Vol. 111.
CHRONICLE
THE
2058
India
Total East India, &c
Total American
time in
209,000
12,000
37,000
55,000
32,000
119,000
16,000
26,000
*16,000
6,000
141,000
21,000
6,000
*36,000
37.000
65,000
46,000
6 1,000
200,000
514,000
291,000
*570,000
*480,000
243,000
1,674,000 1,124,000 1,090,000
998,000
4,129,389 4,175,966 3,167,415 3,101,151
belt, notably in Georgia and Alabama, which
open cotton there.
Some 35,000 opera¬
must have injured
tives at
Fall
River will not
have
their
time and perhaps, it is intimated, not
cut at
this
until next May.
At
wages
Egypt, good sakel, Liverpool
Peruvian, rough good, Liverpool,
Broach, fine, Liverpool
—
times, too, there has been considerable demand for Dec. and
Jan.
from
Wall
St.
and
trade
interests
which
have
Tinnevelly, good, Liverpool
*
been
July, so that the distant months at times have shown
the near deliveries.
It is
noticeably less steadiness than
worth
on
recalling that the first Dec.
notice day
the 24th instant and that the certificated
will occur
stock here is
42,50d,
34,00d,
22,10d,
22,35d,
31,05d,
38,00d,
19,48d,
19,73d,
31,95d,
30,00d,
21,20d,
21,38d.
Estimated.
Continental imports for past week have been 73,000 bales.
The above figures for 1920 show an increase over last week
covering those months and transferring the sales to March
and
35,00d,
23,00d.
12,10d,
12,60d,
of
of
167,298 bales, a gain of 503,423 bales over 1919, an
1,545,974 bales over 1918 and a gain of 1,704,238
over
1917.
excess
bales
year,
highest, lowest and closing prices at
week have been as follows:
FUTURES.—The
Monday,
Tuesday,
Nov. IS.
Nov. 15.
Nov. 16.
Nov. 17.
Nov. 18.
17.00
16.50
November—
Range
18.15
Closing
December—
—
18.10
—
18.10
17.65
—
—
—
—
Closing
16.45-.50 15.93-.05
17.78-.80 17.85-.90 17.52-.55 17.10-.16
Closing
Total in sight
17.70
—
17.70
—
17.42
17.00
—
16.40
—
15.87
—
Closing
301,824
69,957
3,543,732
563,606
421,488
31,712
3,880,479
436,841
during week-__371,781
Nov. 19---
-------
453,200
4,107,338
------
Nov. 19_ 32,876
514,923
110,469
These figures are
17.25
16.85
16.35
—
15.80
—
sight in previous
1918—Nov. 22
1917—Nov. 23----
16.22-.80 15.30-.15 15.30-/05
17.40-.63 17.50-.05 17.10-.70 16.68-.28
—
16.30-.36 15.80-.88
17.50-.60 17.50-.55 17.10-.18 16.80-.85
Closing
June—
Range
17.40
17.40
17.20
—
Closing
—
July—
17.40
—
16.99-.00 16.35-.56 15.95
16.70 — 16.25 — 15.75
—
17.00
—
August—
17.20
Closing
—
—
—
Range
—
17.15
—
—
16.70
16.50
—
September—
—
17.00
—
17.10
—
16.65
—
Range
17.00-.25 17.00-.38 16.60
—
Closing
17.05
16.60
—
-
17.10
Closing
—
17.00
—
16.00403
—
15.50-.80 15.50410
15.50
16.25-.74 15.85-.25 15.10-.80 15.10438
15.40 —
—
— 15.85
16.30
to
Movement
1920.
19
Nov.
Ship¬
Ark.. Helena
Season.
Ship¬
Week.
19.
5,320
50
4,627
36,381
1,211
27,732
3,953
49,713
4,359
23,818
782
14,237
1,413
3,227
12,970
71,420
529
9,784
2,511
7,168
8,320
41,207
19,000
8,911
59
22,320
8,633
75,478
4,000
260
47,233
52,019
5,895
88,662
59,473
3,812
14,451
2,300
9,026
30,543
18,774
3,618
22,132
11,849
2,665
8,922
18,608
_
28
3,340
5,989
44,939
37,989
Ga.. Albany-
56,806
7,595
Atlanta
4,307
9,425 133,034
175.238
14,435
Augusta
Columbus
49,236
21,615
3,000
42,594
10,584
Athens
4,032
4,000
101
150
5,778
9,824
29,024
113,525
292,604
26,012
127,786
33,469
8,645
9,266
20,056 202,807
10,710
55
13,135
1,826
21,094
12,183
45,763
3,153
59,742
56,106
11,222
12,238
898
16,421
2,133
1,620
6,521
2,700
10,802
2,500
49,026
5,000
36.002
4,700
2,732
80,531
837
9,985
765
7,000
5,000
'
Macon
1,807
Rome
25,799
60,231
1,786
612
La., Shreveport
4,634
Miss..Columbus
Clarksdale
__
3,559
Greenwood
_
5,869
789
488
13,000
44,107
6,328
46,134
33,000
15,021
11,237
7,675
13,936
5,452
9,338
2,500
40
3,103
15,196
9,826
17,055
2,523
69,548
65,938
22,823
20,549
9,727
24,017
16,934
104,898
17,377
10,846
36,256
195,130
36,531
Mo., St. I.ouis.
N.C..Gr'nsboro
446
2,653
1,608
13,355
16,386
188
3,040
4,993
2,667
_
1,278
Meridian
Natchez
—-
1,000
.
100
Raleigh
-
Okla., Altus
2,475
Chlckasha
2,782
Hugo
1,300
3,790
2,746
700
Oklahoma—
2,774
930
2,500
Tenn..Memphis
40,256
9,819
11,769
6,834
7,859
9,761
700
18,246
_
18",286
135
Clarksville
2,000
Dallas
1,048
Honey Grove
Houston
Paris
Fort
1,800
1,824
1,095
7,500
1,600
815
627
1,869
436
19,475
7,266
525
13,035
1,100
1,558
14,519
361
4,297
4,315
■
-
•
-
-
m.
-
mm
-
837
Worth*.
2,526
3
-
-
-
-
-
34,823
1,046
7,799
235,299
10,500
692
24,885 309,795
51,996
304,144
993
564
653
113
22,150
4,973
2,104
4,019
655
26,971
31,672
2,453
2,276
6,847
17,993
59,241
8,364
15,600
18,432
1,479
2,152
75
3,866
320
500
11,300
2,547
24,772
14,000
1,486
19,568
4,421
29,462
33,974
15,195
17,738
785,931
800
1,469
8,599
75,672 327,639 106,643
320
18,773
5,228
1,500
2,697
1,084
4,952
69,006
19,843
18,000
1,000
691
10,116
33,596 220,762
2,531
2,986
120,637 203,488
5,715 12,482
2,962
1,200
1,000 25,000
1,243
ligures are for
Cincinnati.
that the interior market have in¬
69,957 bales and are to-night 184,759
bales more than at the same time last year. The receipts at
all towns have been 67,326 bales less than the same week
creased during the week
OVERLAND MOVEMENT
FOR THE WEEK AND
give below a statement showing the
overland movement for the week and since Aug. 1, as made
SINCE AUG. 1.—We
from telegraphic reports
the week and since Aug. 1 in
up
Friday night.
The results for
the last two years are as follows:
-1919-
-1920-
Since
Since
19—
Week,
Shipped—
1,
Week,
Aug, 1,
108,260
69,253
3,649
13,131
o36,531
13,958
Aug,
360
a203,988
141,876
4,942
29,566
60,071
4,826
12,010
6,715
46,097
99,264
3A OOjf)
283,930
74,400
523,797
2,774
31,623
5,644
40,377
14,054
1,162
5,843
7,215
7,215
77,644
21,059
29,705
29,705
206,286
53,341
.17,377
7,824
800
Rock
1,959
3,998
4,962
Deduct shipments—_
id
Overland to N. Y., Boston,
Month ending Aug. 31.
deducted
Leaving total net
mean 52
mean 45
mean 46
mean 38
mean 49
mean 49
mean 41
ending
Mos.
8
Aug.
yards 47,113,323 63,496,158
$167,582,419
value $15,603,486 $12,535,644
595,103,619
Piece goods
Piece goods
goods
Knit
Allother..Waste
415,318,834
$94,016,005
39,200,674
18,514,694
22,500,472
apparel—
Wearing
cotton
Yarn
428
overland *
Including movement
27,630
by rail to Canada,
-
•
59,024
12,818
65,317
137,159
386,638
a Revised.
foregoing shows the week's net overland movement
has been 29,705 bales, against 53,341 bales for the week last
The
31.
1919.
1920.
1919.
1920.
Cotton Exported.
------
All other
value
—..--value
value
value
value
Total manufactures
3,190,493
2,960,131
1,736,666
954,846
1,461,256
1,534,558
1,735,940
804,082
3,313,757
2,927,391
9,227,510
12,793,142
34,584,323
10,809,440
7,058,456
10,111,908
26,076,549
$170,572,830
of--value $26,535,188 $22,223,062 $281,902,762
EXPORTS
OF COTTON GOODS FROM GREAT
BRITAIN.—Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the months of September
and since Aug. 1 1920 and 1919, as compiled by us from the
British Board of Trade returns.
It will be noticed that we
have reduced the movement all to pounds.
Yarn
Total of
Cloth.
& Thread
000's
1919.
1920.
omitted.
All.
yards.
366,541
14,141
382,139
lbs.
1920.
lbs.
lbs,
lbs.
lbs.
68,513
71,428
61,903
83,030
51,924
84,512
79,471
66,065
17,617
17,568
13,084
.
Sept
10,611
185,159
yards.
331,182
277,793
156,147
Sundry articlesTotal exports of cotton
1919.
1919.
1920.
1919.
1920.
14,517
lbs.
August
manufactures
foregoing shows that there was exported from the
United Kingdom during the two months 185,159,000 pounds
of manufactured cotton, against 156,147,000 pounds last
The
year,
an
increase of 29,012,000
pounds.
CONSUMPTION AND OVERLAND MOVE¬
MENT TO NOV. 1.—Below we present a synopsis of the
crop movement for the month of October and the three
months ended Oct. 31 for three years:
COTTON
1920.
for October
Gross overland for 3 months
Net overland for October
Net overland for 3 months--Port receipts in October
Port receipts in 3 months
Exports in October
Exports in 3 months
Port stocks on Oct. 31
bales
—
—
spinners' takings to Nov. 1
consumption to Nov. 1
Overland to Canada for 3 months (in¬
cluded in net overland)
Burnt North and South in 3 months—
Came in sight during October
Amount of crop in sight Oct. 31
Came in sight balance of season
Northern
Southern
Total crop..
—
Average gross weight of bales
Average net weight of bales
94,322
186,027
75,465
123,517
967,465
1,571,908
592,535
1,012.204
1,111,665
372,036
900,000
1919.
1918.
170,398
325,664
129,484
231,491
995,326
232,623
405.838
202,969
298,346
736,246
1.505,090
345.981
1,483,479
421,853
1,069,041
1,403,923
1,207,997
536,253
870.000
1,103,000
49,257
33,189
481.06
450,638
1,764",991
494.53
-
34,433
i ,644", 930
995,403
1,614,215
2,965,420 2,893,762 3.315,824
9,323,790 3,315,810
12,217.552 11,602,634
513.05
506.06
519.53
488.05
-
WAGE SCHEDULE.—Announcement
Thursday that the Fall River Textile Council,
at a full general meeting, indorsed the action of its executive
committee in entering into an agreement with the executive
committee of the Cotton Manufacturers' Association that
there shall be no change in the rate of wages in the mills
there Dec. 6, when the next wage period of six months begins.
It is also stated that the Stationary Firemen's Union has
voted unanimously to accept a like proposition.
FALL
&c.
4,013
Total to be
high 53
__
49
49
EXPORTS OF COTTON MANUFAC¬
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for August and for the eight
months ended Aug. 31 1920, and for purposes of comparison
like figures for the corresponding periods of the previous year
are also presented:
Gross overland
last year.
Via
high 62
552
-
4,890
The above totals show
Nov.
1.22.in.
44
47
DOMESTIC
247
1423.547 339,593 2,765,122 307,881 1238788
Total, 41 towns 272,267 2,673,929 202,310
Last years
Charlotte, N. C
1.65 in.
0.88 in.
0.41 in.
mean
mean
mean
mean
mean
low 28
low 30
low 36
low
mm
53,364
11,069
185
1,600
80,662 1,272,890
38,819
1,952
.
Charleston, S. C__
315
1,300
■
38
Brenham
San Antonio
2,475
'
Nashville
Tex., Abilene.
10,000
194
50
927
1,360
11,800
19,493
B.C., Greenville
Greenwood--
55,249
8,279
6,134
746
4,894
942
Vicksburg
Yazoo City.
low 27
low 26
low 31
low 24
low 36
low 36
low 23
1.19 in.
mean 49
low 32
low 24
of
200
-_
3 days
2 days
2 days
2 days
2 days
Manufactures
1,424
Pine Bluff.
high 76
high 63
high 63
high 53
high 70
in.
in.
in.
in.
in.
0.28
0.46
0.01
1.22
1.03
dry
Shreveport
Vicksburg
Mobile, Ala
21.
128
2,612
Little Rock.
-
day
days
day
day
days
mean 43
mean .4
mean 44
low 18
low 32
low 22
Nov.
Week.
Season.
Stocks
ments.
Nov.
Week.
1919.
21
Nov.
tJ
Receipts.
Stocks
ments.
Receipts.
Montgomery
Selma
La
Savannah, Ga____
Movement
Ala., Eufaula..
:
Selma
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:
.-f
•
'
Week.
Galveston
New Orleans,
—
AT THE
Towns.
Del Rio
Thermometer—
0.50 in.
1
2
_1
1
2
Antonio
San
—
Christi
Corpus
Palestine
rule.
as a
high 68
high 76
high 66
high 66
high 64
high 66
high __
high 62
high __
dry
0.04 in.
0.04 in.
1 day
Dallas
; 1GC.
4i7c.
/i8c.
—
—
moderage
Rainfall.
1 day
1 day
.
—
16.40
October—
Rain.
Abilene, Texas
Brownsville
—
15.55
—
16.50-.60 16.00
— 15.95
17.10
—
Range
16.00
—
Bales.
_4,372,714
5,323,337
6,627.359
TELE GRAPH .—Our re-
BY
week, with the rainfall light or
—
16.00
16.70-.95 17.00-.03
—
„
ports from the South this evening by telegraph indicate that
the temperature has been lower at most points during the
—
15.95440
—
16.15-.20 15.65
17.25-.40 17.25-.30 16.92-.93 16.65-.73
Closing
_
—
15.25-.05 15.25485
16.05-.^5
17.25-.50 17.25-.85 16.90-.45 16.55-.10
Range
REPORTS
WEATHER
Range
—
828,217
years:
Since Aug. 1—
Bales.
—318,309 1918—Nov. 22
---443,717 1917—Nov. 23
449,537 1916—Nov. 24
Week—
—
17.60
—
4,317,320
consumption; takings not available.
1916—Nov. 24
17.60
Closing
*
386,638
1,083,000
Movement into
—
April—
*
53,341
73,000
Nor. spinners'takings to
16.25-.91 15.33-.19 15.33-/25
17.50-.79 17.55-.25 17.30-.88 16.80-.38
16.37-.40 15.85-.90
17.68-.70 17.68-.70 17.34-.40 16.90-.98
Range
206,286
1,078.000
Came into sight
a
Closing
2,410,841
_
February—
March—
295,147
—p
16.36-.15 15.32-.27 15.32-/50
17.64-.92 17.70-.50 17.50-.13 16.93-.62
Range
Since
Auk, 1,
2,259,446
Total marketed
——.
January—
Week,
Since
Interior stocks in excess
17.01-.75 15.90/790 15.90-/95
18.08-.45 18.20-.95 18.08-.65 17.63-.25
■
17.05 — 16.55-.65
18.27-.45 18.20-.30 18.15-.22 17.71-.75
Range
Aug, 1,
and Spinners'
Takings,
Week,
Receipts at ports to Nov. 19.,.__214,119
Net overland to Nov. 19
29,705
Southern consumption to Nov.19 a 58,000
Week.
Nov. 19.
1919
1920
In Sight
Friday,
Wed'day, Thursdy,
and that for the season to date the aggregate net
a decrease from a year ago of 180,352 bales.
overland exhibits
New York for the past
Saturday,
2059
CHRONICLE
THE
Nov. 20 1920.
was
made
RIVER
on
2060
THE
CHRONICLE
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of
middling
cotton
each
Southern and other
at
BOMBAY&COTTONgMOVEMENT.—The receipts fof
India cotton at Bombay for the week
ending Oct. 28 andor
season from
Aug. 1 for three years have been as follows:
principal cotton markets for
the
1920
day of the week:
Closing Quotations for Middling Cotton
Week ending
Nov. 19,
on
1920.
Saturday, Monday, Tuesday, Wed.'day, Thursd'y,
18.50
18.50
18.50
19.00
New Orleans
Mobile
Savannah.
Charleston
Norfolk
«.
—
«.
•»
18.50
18.25
18.25
19.00
Philadelphia
18.75
Augusta
Memphis
17750
184)0
19.50
19.50
18,00
18.50
17.40
17.75
19-00
17.50
lore's
18.00
19.00
17.65
17.75
19.00
Dallas
17.50
17.50
17.50
18.00
18.00
16.75
18.50
19.00
17.50
17.50
16.70
17.25
18.00
16.85
;
184)0
Baltimore
Houston
Little Rock
Fort Worth
18.00
18.00
18.00
19.00
19.50
18.00
18.00
17.30
17.50
18.50
17.25
Friday,
17.00
17,25
17.25
17.00
1673*8 "
15.75
18.00
18.30
17.50
17.80
16.50
17.00
16.00
16.50
Week.
16.75
17.00
15.75
Great
Conti¬
Japan &
nent.
China.
23,000
3,000
19,000
November
December
17.20 —
17.44-.45
17.13-.17
16.97-.00
16.88-.90
17.54 —
17.78-.84
17.36-.43
17.16-.18
16.99-.03
16.63 — 16.76-.80
16.23-.33 16.40-.50
January
March
May
July
October
Tone—
Spot
Options
Steady
Quiet
Steady
Firm
16. Nov.
17. Nov.
19.
17.20 — 16.74 — 16.04 — 15.22 —
17.44-.49 17.00-.06 16.28-.30 15.46-.54
17.00-05 16.50-.61 15.84-.87 15.25-.31
16.75-.83 16.29-.36 15.73-.75 15.19-.20
16.55
16.09 — 15.52 — 15.02-.08
16.35-.40 15.85 — 1532-.35 14.83-.90
15.85-.95 15.60-.63 15.05 — 14.50 —
—
Steady
Steady
Steady
Steady
Steady
Steady
Total
1920.
1919.
1918
1920.
1919.
1920.
1919.
1918.
982,695
15.. 202,284 230.522163,647 1,054,046
22.. 241,843
229,399(169,230 1,147,781
29.. 271,682 316,943152,254
1,217,067
Nov.
59,000
356,000
46,000
45,000
18,000
36,000
41,000
194,000
18,000
105,000
95,000
397,000
46,000
46.000
866,570227,369 200,008217,907
942,219 235,776 250,558 244,983
986,32011.011,610 273.635 223,837233.038
1,052 >324' 1,066,369 335,578 295,403 223,987
1,089,16811,141,246 340,968 353,787 227,133
5.. 261.864 321.746:134.013 1.296.123
12.. 263,684
1.138,395I1,207.141340,920 370,973 265,770
288.858(145,643 1.353,590 1,207,0761,266,852321,151357,579 205,354
The above statement shows:
from the plantations since
1.
That
the
5,000
1,000
22,000
8,000
No figures for
yarns
8,000
1918.
-
are
1919.
32s Cop
Twist
d.
ings, Common
to
d.
Cot'n
8X lbs. Shirt¬
a.
d.
56
35
0
@37 6
52
Mid.
32s Cop
Upl's
finest.
Twist
d.
s.
d.
ings, Common
to
d.
d.
8.
d.
since
Aug. 1 for the last
which statistics
gone out of
Cotton
Week
are
two seasons, from all sources from
obtainable; also the takings,
or amounts
sight, for the like period.
Takings.
Season.
1920,
1919,
and
Week,
Visible supply Nov. 12
5,636,091
Visible supply Aug. 1
American in sight to Nov. 19
371",781
Bombay receipts to Nov. 18
68,000
Other India shipm'ts to Nov. 18
61,000
Alexandria receipts to Nov. 17_.
615,000
Other supply to Nov. 17*
64,000
Total supply
Deduct—
6,035,872
Visible supply Nov. 19
5,803,389
Season,
Week,
Season,
5,137,236
4,956*257
4,107,338
275.000
97,000
180.000
61,000
4,792", 018
453,206
9,000
4,317.320
351,000
93,000
320.000
65,000
9,676,595 5.695,436
9,938,338
*
41,000
11.000
44,000
1
1
46
@
21.35 40
@
232,483
214,483
18,000
5,803,389 5,299,966
5,299,966
3,873,206
2,963,206
1
@
32
0
@34 6
8
40
@
47
29
6
39
@
45
28
6
@32 0
@31 0
22
32
@
38
27
6
29
32**
@
40** 26
6
4U*
19.17 41
@
45
27
5
35
45** 27 1**@32 0
20.74
46
3
22.17
@30 0
@
49** 27 9
@32 9
22.68
@29 6
16.55 45
@
50
27
@
27
3
@
52
30 0
@
37** 26 6
@29 0
14.56 48**
@
52
30
@
35
@27
12.41 47**
@
54** 30 0
910,000
1,297.000
Embraces receipts in
Europe from Brazil, Smyrna, West Indies, &c.
a This
embraces the total estimated
consumption by Southern mills,
1.078,000 bales in 1920 and 1,083,0(L
bales in 1919—takings not
being
available—and the aggregate amounts
taken by Northern and
foreign
spinners, 2,795,206 bales in 1920 and
3,555,372 bales in 1919, of which
1,885,206 bales and 2,258,372 bales
American.
6 Estimated.
ALEXANDRIA RECEIPTS AND SHIPMENT.
1920,
27.
1919,
1918,
This
1
142,011
819,926
Since
Exports (bales)—
Liverpool
To Manchester, &c
To Continent and India.
To America
Week, Aug, 1,
4,078
3,756
3,444
450
13,939
259,233
1,604,772
NEW
YORK—To Liverpool—Nov
on
a
@34 6
25.50
@35 0
6
23 75
6
Since
Week, Aug, 1,
Since
Week, Aug, 1,
11,193 (
13,969
3,194
18,350 109,317
32,479
8,154
5",055 27,026 3,715
676
34,674 11,792
42,295
24,081 203,396
56,752
28.570
29,529
11,792
previous
page,
173—Nov.
23,661 126,643
11,728 bales.
the
17—
273
-
91
91
GALVESTON—To Liverpool—Nov. 12—Huronian, 22,325
To Manchester—Nov. 17—Telesfora de
Larrinaga, 17,942
To Havre—Nov.
22,325
17,942
12—East
Gate, 17,360—Nov. 13—Danier,
1,250—Nov. 17—Continental Bridge, 10,275.
28,885
—
To Bremen—Nov.
12—Scandinavie, 3,471
Nov.
16—Lakeside Bridge, 8,491
To Antwerp—Nov.
13—Danier, 1,100.
To Gothenburg—Nov.
13—Danier, 3,009
To Rotterdam—Nov. 15—Lakeside
Bridge, 1,674
vaUa, 3,353
13—Bra-
Nov
.
To Barcelona—Nov. 15—Infanta
Isabel, 7,543
To Malaga—Nov. 15—Infanta
200
50
50
Aurice, 2,200
13—Lake Elizabeth, 1,400
Liverpool—Nov. 12—Barbadian, 8,735
12—Californie, 6,913
To Rotterdam—Nov.
18—Noelle, 175
To'Gothenburg—Nov. 12—Hercules, 4,458
To Copenhagen—Nov.
12—Hercules, 200
To Christiania—Nov.
12—Hercules, 350
To Guatemala—Nov.
17—Parismina, 300
To Mexico.—Nov. 18—Lake
Pickaway, 3,405
MOBILE—To Liverpool—Nov. 12—Oranian,
3,034..
SAVANNAH—To Bremen—Nov.
15—Athene, 9,118
To Danzig—Nov.
15—Athene, 100..
To Gothenburg—Nov.
15—Athene, 100
To Abo—Nov.
15—Athene, 300
WILMINGTON—To Bremen—Nov. 18^-Athene, 4,000
NORFOLK—To China—Nov. 18—Agamedon,
500
BOSTON—To Liverpool—Nov.
TEXAS CITY—To Mexico—Nov.
NEW ORLEANS—To
To Havre—Nov.
3—Anglo-Mexican, 1,226
To Manchester—Nov.
6—Caledonian, 224
BALTIMORE—To Bremen—Nov
12—Kerkenna, 312
To Rotterdam—Nov.
3—Edgemont, 350
To Gothenburg—Nov.
6—Westward, 200
SAN FRANCISCO—To
Japan—Nov. 6—Korea Maru, 3,298
The particulars of the
our
Orleans.
8,735
3,034
Ger-
as
North.
South.
15,315
5,783
8",393
350
300
3,405
3,034
9,118
100
100
300
4,000
500
1,226
224
312
350
200
3,298
Mex &
Japan
C.Am. &Cnina
Total.
364
5",183
9,118
2,200
1,400
100.843
1,400
24,536
3,034
3,705
"500
9,618
4,000
4,000
Norfolk.
500
1,450
Total
200
follows:
-Oth.Europe-
many.
6,913
Savannah
Boston
175
4,458
foregoing shipments for the week,
usual form, are
Great
Britain. France,
New York—
364
Galveston
40,267 28,885
Texas City
Mobile
2,200
1.400
8,735
6,913
149,905
arranged in
New
15,315
1,100
3,009
1,674
7,543
600
To Corunna—Nov. 15—Infanta
Isabel, 200
To Santander—Nov. 15—Infanta
Isabel,
To Mexico—Nov. 13—Lake
500
1,450
312
"550
862
3,298
53,850 35,798 28,745 12,016
8,393
7,305
3,298
3,798 149.905
COTTON FREIGHTS.—Current rates for
cotton from
York, as furnished by Lambert &%urrows, Inc., are
follows, quotations being in cents
per pound:
New
as
Liverpool, 1.15@1.40c.
Flume, 2.02**c. asked.
Manchester, 1.15@1.40c.
Lisbon, 1.25@1.50c.
Antwerp, 85c. asked.
asked.
Ghent, via Antwerp, 85ci
Oporto, 1.25@1.50c.
Havre,
11,728
24.93
@35
Total bales.
13—Ikala,
Kaiserin Augusta Victoria, 100
To Manchester—Nov. 17—Ninian,
233,665
1,206,003
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ending Oct. 27 were
142,011 cantars and the foreign
shipments
15.55 46
10** 24.25
exports of cotton from the United States the past week have
reached 149,905 bales.
The shipments in detail as made
up from mail and telegraphic returns, are as follows:
Baltimore
San Francisco.
Receipts (cantars)—
Total exports
6
SHIPPING NEWS.—As shown
Wilmington
Alexandria, Egypt,
week
Since Aug.
@29 6
@32
10 @32
32
6
19.68
@
29
0
0
d.
19.88
@
19
25
@31
0
d.
6
17.74 41**
40
26
@31
15.17 42**
15.73 45
Nov.
4,638,372
3.341,372
395,470
293,470
102,000
*
October
s.
44** 27 0
Oct.
Total
Total takings to Nov. 19 .a
Of which American
Of which other
Upl'S
Sept.
24
Cot'n
Mid.
finest.
Isabel, 600
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The following brief but
comprehensive statement indicates
at a glance the world's
supply of cotton for the week and
307,000
520,000
92,000
MARKET.—Our
1920.
receipts from the planta¬
326,859 bales and for 1918 they
194,239 bales.
63,000
accumulating.
We give prices for to-day below
previous weeks of this and last year for
comparison:
stocks at interior towns.
Last year
tions for the week were
were
86,000
and leave those for
total
receipts
Aug. 1 1920 are 2,823,052 bales;
in 1919 were
2,847,682 bales, and in 1918 were 2,553,368 bales.
2. That although the
receipts at the outports
the past week were 214,119
bales, the actual movement from
plantations was 284,076 bales, the balance going to increase
221,000
report received by
cable to-night from Manchester states that the
market is
quiet for both yarn and cloths.
Stocks of both goods and
799,810
893,005
19- 214.119 295,147434,414 1,423,547
1,238,7881,326,677 284,076 326,859 194,239
To
87,000
46,000
12
920,155
457,000
92.000
149,000
5,000
4,000
32,000
23,000
27,000
MANCHESTER
Oct.
1.. 159.041 118,018159,431
8.. 173,236 157,363 169,334
Total.
all—
1920.....
Receipts from Plantations
1918.
&
13,000
4,000
15
ending
258,000
China.
14,000
6,000
3,000
1919
RECEIPTS FROM THE PLANTATIONS.—The follow¬
Stocks at Interior Towns.
Japan
18,000
2,000
1,000
,
—
Steady
Steady
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland
receipts
nor Southern
consumption; they are simply a statement of
the weekly movement from the
plantations of that part of the
crop which finally reaches the market through the
outports:
Receipts at Ports.
nent.
8,000
8*i lbs. Shirt¬
Week
14,000
1918
Friday,
18. Nov.
Conti¬
26,000
19,000
uu
—
4,000
1919.
*
Tuesday, Wed'day, Thursday,
Great
Britain.
Total.
8*666
1918
1918
15. Nov.
Aug. 1.
Since August 1.
Britain.
Other India*
follows:
13. Nov.
Week.
253.00(
For the Week.
1920—
ORLEANS CONTRACT MARKET.—The
high¬
est, lowest and closing quotations for leading contracts in the
New Orleans cotton markets for the
past week have been
Saturday, Monday,
221,000
Since
Aug. 1.
lC.OOf
Bombay—
NEW
Nov.
Week.
Aug. 1.
14.000
from—
16.50
15.35
17.25
17.50
16.20
1918.
Since
Exports
•
15.80
Since
Bombay
16.50
16.50
16.25
1919.
Oct. 28
!]Receipts at— V:
Galveston
as
[Vol. 111.
.70c.
Rotterdam,
Genoa,
1.25c.
1.25c.
Christiania, 1.75c. asked.
Stockholm, 1.75c. asked.
Hester, 1.50c.
asked.
Barcelona,
direct,
1.25c.
asked.
Japan, 1.25c. asked.
Shanghai, 1.25c. asked.
Bombay, 1.25c. asked.
Vladivostok, 1.25c. asked.
Gothenburg, 1.75c. asked.
Bremen, 1.00c.
Hamburg, 1.00c.
Danzig, 2.02 **c.
Libau, 2.25c.
Riga, 2.25c.
Reval, 2.25c.
THE
Nov. 20 1920.]
small to only fair acreage this fall, due to the extreme dry
weather, which has caused the water in the great river to
become very shallow.
Shipments of old crop have been cur¬
tailed owing to the advance of the Red army.
In the United
LIVERPOOL.—By cable from Liverpool we have the fol"
lowing statement of the week's sales, stocks, &c., at that port:
Oct. 29.
Actual
44,000
828,000
468,000
59,000
855,000
497,000
31,000
Total stock
which
17,000
5,000
60,000
104,000
56,000
287,000
215,000
93,000
239,000
182,000
49,000.
804,000
443,000
Forwarded
Of
26,000
17,000
4,000
24,000
240,000
202.000
export
Nov. 12.
26,000
24,000
4,000
American
Nov. 5.
34,000
Sales of the week.
Sales,
American
Total imports for the week
Of which American
Amount afloat
Of which American
Nov.
19'
18,000
14,000
4,000
55,000
848,000
475,000
44,000
23,000
Kingdom holdings of wheat by traders are liberal.
The
offering.
Flour is in slow demand.
In Europe the weather continues very favorable for seedings
of grain.
In Spain the latest estimate makes the crop of
wheat 138,000,000 bushels against 128,000,000 last year.
In India conditions are not improved and rains are urgently
needed.
To-day prices broke 7 to 9c. with stocks and cotton
and this left prices for the week even after a moderate rally
5 to 6c. lower than last Friday.
Some 600,000 bushels
were sold for export to-day, it is said, part Canadian and
Wheat Commission is not
Liverpool market for spots and futures
week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each day of the past
r
.
Monday.
Saturday.
Tuesday.
Wednesday.
Thursday.
Friday.
Quiet.
Spot.
Dull.
Quiet.
Quiet.
Dull.
12:15
{
P.M.
partly for Germany.
1
No. 2 red.
13.45
13.20
12.41
DAILY
4,000
4,000
.....
PRICES OF WHEAT FUTURES IN CHICAGO.
Sat,
Mon, Tues, Wed, Thurs,
Fri,
delivery in elevator.cts. 17954 18354 18734 18434 18054 17234
March delivery in elevator
17034 17534 17734 173
16954 16334
4,000
4,000
3,000
December
HOLIDAY
Market
decline.
decline.
decline.
decline.
prices of futures at Liverpool for
The
decline.
Mon.
Sat.
1234
Nov. 19.
December
4
1234
p. m. p. m. p. m. p. m
d.
November
12 34
Tues.
each day are given
.
Wed.
1234
4
Thurs.
p. m.p. m, p. m. p. m
1234
4
Fri.
p. m. p. m
1234
4
p.m.p. m.
13.37 13.5413.27 13.26 12.75 12 9812.61 12.38 12.09 11.67
13.26 13.4013.17 13.16 12.66 12. 8912.53 12.31 12.02 11.64
11.57
13.17 13.33 13.0813.08 12.59 12 8212.46 12.26 11.
January
HOLI¬
DAY.
March
4
d.
d.
d
d.
d.
d.
d.
d.
d.
d.
13.6513.7913.48 13.50 12.95 13. 0512.76 12.45 12.16 11.75
13.5013.6813.38 13.36 12.85 13. 0312.66 12.44 12.14 11.70
d.
_
February
12 34
13.08 13.24 13.0013.01 12.52 12. 7412.38 12.20 11.94 11.53
13.01 13.17 12.9312.94 12.45 12 67112.31 12.14 11.90 11.50
April
May
12.93 13.09 12.8512.86 12.38 12 59,12.24 12.09 11.85 11.46
12.86 13.02 12.7812.78 12.31 12 5212.18 12.04 11.80 11.42
June
July
September
October
.
...
Friday Night, November 19 1920.
quiet and though held more firmly at one
time, owing to the rise in wheat, the situation has been far
from satisfactory.
Prices closed weak.
Buyers hold aloof.
They were not convinced by even the recent sharp advance
in wheat.
They thought it was only temporary and more
of a natural rally than any change in the general drift of
prices. Soft winter wheat flour, however, has been held
rather more firmly at times than the hard wheat flour.
Some have even gone so far as to predict that soft winter
wheat flour may go to a premium over spring patents and
southwestern straights.
It is at least an interesting idea.
Whether it will be realized or not in the actual event remains
to be seen.
The export demand has, on the whole, been
light.
Foreign buyers have been apparently willing to buy
first clears to a moderate extent.
But they appear to be
,
Argentina and Australia wall be available.
Belgium has
been buying and Italy has bought freely.
On the 15th inst.
Italy took, it was estimated, some 750,000 bushels.
Belgium
on the 16th inst. 500,000 bushels.
Prices have more than
once advanced some 4 to 5 cents in a day.
There was a
rumor at one time that the Allies might consider a plan to
return German and Austrian property to form the basis of
credits to those hoifntries and at the same time stabilize
Continental exchange.
Latterly, for that matter, there has
been a very sharp rise in sterling, lire, franc and mark rates
of exchange.
Also, although the American visible supply
increased last week 1,742,000 bushels, as against a decrease
in the same week last year of 262,000 bushels, the total is
still only 44,305,000 bushels, against 96,135,000 a year ago.
The Bolshevist successes in South Russia were regarded as a
bullish factor.
They may open up the country to outside
trade, in which grain would share.
England and France
#
lieved to have been deficient.
<
Russia's food
crops are
be¬
Also Lake navigation in this
declines have
country will soon close.
Besides, the recent
been the severest in fifty years.
They have
discounted
a
Country offerings have at times been smaller.
Neither American nor Canadian farmers appear to be selling
freely.
Some operators who sold, however, considered the
advance of late merely temporary and due to a natural rally
after a very severe recent decline.
In South Africa the Government has issued a decree pro¬
good deal.
hibiting the importation of any further quantities of wheat
Countries along the Danube River have seeded a
flour.
gave way
again in sympathy
Italy has been buying in Argentina.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
___cts_10854 10734 10654 10434 10334
No. 2 yeUow
>
Fri.
9854
FUTURES IN CHICAGO.
Tues.
Wed. Thurs.
Fri.
7454
74 34
7234 6934
6654
DAILY CLOSING PRICES OF CORN
Mon.
Sat.
December delivery in elevator.cts_
7434
May delivery in elevator
7854
Oats became
a
bit steadier for
7954
7934
7634
74>4
7134
time with other grain and
a
to big
firm with no great
country offerings.
The visible supply decreased 237,000
bushels, but this left the total still nearly double that of a
year ago.
It is now 34,966,000 bushels against 18,610,000
at this time in 1919.
Yet the receipts have been rather
small and there has been no great pressure to sell.
On the
other hand the cash demand has been nothing great.
In
fact as a rule it has been small something which of itself has
tended to check any upward turn of prices to say nothing of
the big crop and visible supply.
Commission houses sold
freely.
The decline in stocks and wheat had a bad effect
especially as the cash demand almost disappeared. That
more than offset the small receipts.
Today prices declined
and they end about 3M to 4^c. lower for the week.
They
They did not rouse much in response even
later fell.
jumps in wheat, but they kept pretty
are
at the lowest
from
trade with Russia.
to
the least.
decline and a sharp reaction in
wheat.
Yet, on the other hand, prices for a time were
at least firm if they failed to advance materially.
The
visible supply decreased last week 1,038,000 bushels, as
against a decrease in the same week last year of only 235,000
bushels.
The strength of wheat, too, undoubtedly had more
or less influence at one time.
To-day prices declined sharply
and end 7 to 8c. lower for the week.
They are the lowest
since 1916, owing to the great fall at the Stock Exchange,
the decline in wheat, cotton, &c., and dulness of trade.
Flour has been
hampered by the stringency of money in Europe.
Even a
sharp rise in exchange of late has not bettered the actual
situation much.
Nor has the reduced freight differential
had much, as yet, if any beneficial effect.
Jobbers them¬
selves complain of dulness of business.
In short the general
situation has shown no particular change.
And now with
wheat prices breaking badly again the flour situation is
considerably weak and unsettled.
Wheat advanced on export buying early but closed lower.
Yet Great Britain will want 24,000,000 bushels and France
and her colonies 50,000,000 bushels, it seems, before supplies
it
fell 13<i toSV2 cents.
Later
with the stock market's big
BREADSTUFFS
resume
answer
say
freely.
Moreover British buyers, it is said, have been
trying to cancel recent purchases here of corn as well as
barley.
The market has lacked its old-time snap and vim.
At one time it broke 2 to 3 cents.
On the 17th inst. prices
1
will
cool, to
more
12.7012.88 12.64:12.64 12.21 12 42,12.08 11.94 11.72 11.32
12.60ll2.78 12.54112.54 12.11 12 3011.95 11.83 11.60 11.20
12.5212.64 12.4112.41 12.0012.1711.8211.72 11.51 11.15
August
response was
Latterly it has declined.
Something held corn back. In
a, new low level was reached.
The money question
told.
Large prospective supplies have had their effect.
Despite a big decrease in the visible supply, the total is
still 8,813,000 bushels, against 1,112,000 bushels a year ago.
At one time receipts at Chicago increased somewhat.
Com¬
mission houses have been selling.
Country offerings have
increased to some extent.
When farmers have finished the
worst of their fall work, it is believed that they will sell much
Nov. 13
to
the
fact,
decline.
^
below:
advanced somewhat at times in
corn
the rise in wheat, but
Easy,
Easy
Steady
Quiet
Steady
19@24 pts. 23@31 pts. 22@45 pts. 45@60 pts. 57@74 pts.
{
[
P. M.
decline.
decline.
decline.
decline.
(
4
Indian
19@32 pts. 16@22 pts. 26@38 pts. 43@58 pts. 24@39 pts.
J
opened \
Market,
Easy,
Easy
Easy
Quiet
Easy
Futures.
CLOSING
13.98
14.15
Mld.Upl'ds
Sales
PRICES OF WHEAT IN NEW YORK.
Sat,
Mon, Tues, Wed, Thurs,
Fri,
_________cts_206
208
212
21034 20634 200
CLOSING
DAILY
f
Market,
2061
CHRONICLE
DAILY
prices
CLOSING
seen
for 4 years.
OATS
OF
PRICES
Mon.
Sat.
i
DAILY CLOSING PRICES
Wed.
Thurs.
Fri,
6334 6334
62
63
63
6134
OF OATS FUTURES IN CHICAGO.
64
6334
6334
No. 2 white
IN NEW YORK.
Tues.
64
cts. 64
No. 1 white
6334
Man.
Sat.
Tues.
Wed. Thurs.
Fri.
December delivery
48
4834
4754
4654
4454
May delivery in
5334
5334
52
51
48 A
in elevator.cts. 4754
elevator
53
and also because the short
Besides, the visible sup¬
ply fell off 64,000 bushels, making it 3,860,000 bushels against
17,306,000 bushels a year ago.
The stock in Chicago is
small.
Yet the cash demand has not been brisk and at one
time premiums fell.
Rumors have been afloat that large
quantities of rye would be moved from the Northwest to
Chicago to deliver on December contracts, but the premium
on December over May remained but little changed.
To-day
prices fell sharply with other grain and closed 1 to 2c. lower
Rye advanced with wheat early
interest had become rather large.
week.
for the
DAILY CLOSING PRICES
OF RYE FUTURES
Mm.
Sat.
elevator.cts. 15634
December delivery in
May delivery
IN CHICAGO.
Wed. Thurs.
..14034 14534 146/4 141/4 140
in elevator
The following are
Tues.
16134 16234 15934 15634
Fri.
1§2
138
closing quotations:
FLOUR.
Spring patents
$9 25@$10 00
Clear
9 50
10 00
8 00@
8 75
Rye flour
8 75 @
Winter straights,
Kansas
straights
Corn goods, 100
Yellow meal
Corn flour
soft
.
9 25@
9 25 @
9 50
lbs.:
-
2 55 @2 65
2 60@3 00
Barley goods—Portage barley:
No. 1
$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
spot delivery
7 50
6 90
2062
CHRONICLE
THE
GRAIN.
WheatNo. 1
Corn—
No. 2 yellow
61M
60>£
weeks
99&102
111@114
Feeding
Malting
1 68
EXPORTS OF BREADSTUFFS, PROVISIONS, COT"
TON AND PETROLEUM.—The exports of these articles
during the month of September and nine months for the
past three years have been as follows:
1920.
U. S.
1919.
9 Months.
September.
by
no
9 Months.
16,194,698
17,089,923 109,763,922
1,764,283 21,676,527
26,848,308
333,148
48,687,256
17,802,438
distribution.
delivery.
Cora, bush
34,993,371 203,421,978
1,034,626 11,565,703
25,028,796 207,308,293
1,209,561
7,836,593
28,347,474 128,798,227
2,469,466 34,863,665
Total bush
36,027,997 214,987,681
26,238,357 215,144,886
30,816,940 163,661,892
30,770,796 130,545,837
Flour, bbls.
938,350
Wheat *bu.
Cotton
41,441,664 861,643,353
...
Petrol.,&c.
Cot's'd
Total
*
40,268,885 387,747,335
oil
832,917
25,444,567
$
J
87,010,415
61,316,940
39,701,402
28,556,477
1,385,298
$
725,109,947
966,346,925
714,680,835
243.169,440
33,572,864
val. 229,322,7962438867 899 217,970,532 2682880 011
$
77,656,279
56,224,333
62,081,966
30,304,963
495,098
570,026,343
719,313,227
anything
Hardly
to
from
denced
picked
been
have
mediate
relief.
financial
below
firm bids
The
absence of
for
open
of
goods
the
Arizona.
CORN.—There
States,
while
little rainfall
very
temperatures
progress was made
delayed In
was
were
much
in
the
principal
below
normal.
growing
corn
1
in harvesting the crop, although the work
Considerable
was
slightly
places by cold weather.
Fall Grain.—The growth of fall grain
sections of the country by
somewhat checked in most
was
unreasonably cold weather, but these
crops are
generally well rooted and in good condition for entering the winter.
Rains
in the latter part of the week greatly improved soil conditions in the eastern
winter oat belt
For other tables usually given
The
here,
see
page
In
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 13 1920 was as follows:
Corn.
United States—
bush.
\
New York
4,889,000
Boston
Oats,
bush.
Rye.
bush.
bush.
614,000
4,000
1,394,000
25,000
52,000
221,000
713,000
435,000
6,000
273,000
Barley,
bush.
926,000
372,000
6,000
112,000
701,000
44~666
Newport News
New Orleans.
4,459,000
172",000
Galveston
3,860,000
65,000
Buffalo
2,620,000
673,000
2,940", 666
187,000
264,00
693,000
10,000
931,000
8,000
5,000
32,000
14,000
186,000
12,866,000
1,721,000
2,124,000
6,862,000
1,339,000
1,545,000
488,000
295,000
1,315,000
44~000
...
Baltimore
Toledo
"
afloat
98,000
479", 000
229,000
250,000
Detroit
Chicago
635,000
99,000
6,594,000
„*!
Minneapolis
St. Louis.........
5,308,000
97,000
4,315,000
Milwaukee
Duluth
60,000
297,000
143,000
210,000
33,000
...
Kansas City...
2,745,000
Peoria
Indianapolis
14,000
253,000
......
Omaha
1,295,000
2,952,000
On Lakes
On Canal and River
Total Nov. 13 1920
Total Nov.
6 1920
Total Nov. 15 1919
Total Nov. 16
360,000
193,000
99,000
93,000
41,305,000
39,563,000
96,135,000
1918...136,809,000
284,000
134,000
375,000
19,000
143,000
1,000
1,000
232,000
1,069,000
16,000
126,000
3,860,000
9,851,000 35,203,000
3,954,000
1,112,000 18,610,000 17,306,00 0
4,152,000 22,660,000 10,749,000
3,328,000
3,372,000
4,180,000
4,744.000
90,000
8,813,000 34,966,000
Note.—Bonded grain not Included above: Oats,
15,000 bushels New York; total:
15,000, against 19,000 bushels In 1919: barley. New York, 2,000;
Duluth, 2.000,
total, 4,000 bushels, against 80,000 bushels in 1919.
Canadian—
Montreal
1,785,000
121,000
Ft. William & Pt. Arthur.
14,330,000
Other Canadian
1,634,000
Total Nov. 13 1920.
..17,749,000
Total Nov.
6 1920.
..17,384,000
121,000
120,000
Total Nov. 15 1919.
-15,706,000
1,000
Total Nov. 16 1918.
-25,579,000
176,000
737,000
3,379,000
384,000
5,000
81,000
5,000
19,000
1,269,000
1,100,000
96,000
10,000
1,477,000
.41,305,000
.17,749,000
8,813,000 34,966,000
121,000
4,500,000
3,860,000
3,328,000
1,269,000
8,934,000 39,466,000
3,865,000
9,971,000
Total Nov. 15 1919.
-59,054,000
-56,947,000
.111,841,000
3,973,000
Total Nov. 16 1918.
-162,388,000
310,000
Summary—
Total Nov.
6 1920.
38,899,000
5,000
1,113,000 23,233,000 17,402,000
4,328,000 26,971,000 10,759,000
4,597,000
4,472,000
5,657,000
5,054,000
New York, Friday
uncertainty
by
buyers and sellers
circumstances.
Night, Nov. 19 1920.
continue
as
the
principal
features of all textile markets, and hence it is not
surpris¬
ing that the volume of business in virtually all departments
remains
The
wash
some
lines
goods,
not difficult
to
understand
the
Hence it is
unwillingness of buyers to
make extensive purchases even at the
in many cases, it is freely admitted,
new low
levels, which
look extremely attrac¬
tive, taking into account present costs of production.
Nev¬
ertheless, the general question is: "Will these prices look
greatly
Both
at sea as to the best policy under the
result
has
been
of
evidently
branded
brown
that
becoming
in
the
the
volume
of
and
goods, and
bleached goods.
Some
as
as a
memorandum.
widespread,
more
a
trade in
new
printed
result of their
This practice is
although
in
ready
some
method that tends to weaken
stability of prices recently fixed.
with
buyers
a
staple
larger dealings
on
quarters it is regarded
close
of the
some
houses report somewhat
cash have cleaned
up
Some
numerous
"distress" lots at extremely low prices,
some of them said
fully 50% below present replacement costs.
The new
prices for prints and percales have resulted in some busi¬
to be
but demand
by no means strong enough to absorb
In fact, aside from the various "bargain"
offerings, buyers in the main have been holding off, having
ness,
little faith
was
in the
ing to hold
on
stability of prices and therefore prefer-
to
their cash
mitments of importance.
about
made
half-cent
a
rather than
make
new
com¬
Print cloths have averaged losses
during
the
Sales
week.
have
been
of
SS^-inch, 64x60s from 8%c. down to 8c., and it
asserted that scarcely one-tenth of the offerings were
was
accepted.
for
At the start of the week mills
68x72s,
later sold
while
as
carloads of
demand
was
losing
second-hands
asking 10c.
were
9%c. and
Bag manufacturers bought a few
sheetings for prompt shipment, but otherwise
low
accepting
were
9c.
as
slow and prices shared in the general decline,
to % cent during the week.
continued decidedly
unsatisfactory in the main.
guarantee period has terminated
have been announced.
appointing,
and
The price
numerous
reductions
Nevertheless, business has been dis¬
and cancelations
are still piling up.
Jobbers
manufacturers continue to talk of still lower
are buying only
to cover immediate require¬
and garment
and
ments.
They complain that clothing jobbers and retailers
not
replenishing their stocks.
Rochester advices stated
that the drastic cut in
resulted in
serve that
only
a
clothing prices for the spring season
small business.
It is of interest to ob¬
retailers bought suits, made to wholesale at $20
$30, at auction this week for $5 and $10.
terials and
Dress goods
plaid skirtings have been especially salable
on
spot.
FOREIGN
of
ments
DRY
side of
cent.
oz.
GOODS.—There have
in
moment
ward
downward, that absolute rock-bottom levels
reached, further important reductions have oc¬
move
during the past week.
are
weakness.
moderate
finer
less, and further
been
greater
There have been small
began to
had
are
still
business generally has been small.
extremely small.
In the face of repeated predic¬
tions made during the recent
past; in fact, ever since prices
curred in some quarters
of
signs
the
un¬
Many of those who had formed
opinion that the bottom had been reached
bewildered
and
and
set
mills, which have used good judgment in turning out goods,
have sold considerable of their output.
Some coating ma¬
THE DRY GOODS TRADE.
Unsettlement
to
move
kinds of cotton goods have caused great
prices of all
are
Total Nov. 13 1920.
a
buying before the
year.
settlement and uncertainty.
the
prices
....
Canadian
of
WOOLEN GOODS.—Conditions in the woolen trade have
375,000
813,000
4,500,000
3,696,000
4,623,000
4,311,000
American
in hopes
It is stated that many
stimulate
will
further gen¬
to the lowest levels of the season and further reductions in
of
24,000
150,000
24,000
90,000
a
1
Dec.
all the offerings.
835,000
38,000
261,000
after
contemplating
are
which
now
instances buyers hesi¬
DOMESTIC COTTON GOODS.—The drop in raw cotton
confidence
272,000
1,595,000
3,123,000
54,000
Philadelphia
ur¬
other interests have al¬
some
take place
to
policy of placing goods
STOCKS.
Wheat,
at
these
keen observers
the effect that
talk to
some
values
the
which
.
business.
large first-hands
of
business
with
their inventories, and hence are not
on
im¬
also
dealings in unfinished goods and
2016.
visible
GRAIN
turn
of
buyers in some cases is ascribed to the
any new
of
discovered
undeniably low and in
are
of the jobbers and
some
repricing is
'level
a
er.
evi¬
evidence
larger
even
stimulating orders for the spring.
Picking progressed satisfactorily in northeast districts during most of
the week, but the weather was rather unfavorable for this work in the
western portion of the belt.
Much cotton remained unpicked in North
Carolina and considerable is still ungathered in Arkansas and northern
Alabama.
Picking made good progress under favorable conditions in
and
as
in need
further
freedom
Agriculture for the week ending Nov. 16
eral
have
made makes it plain to some
are
fact that
cash
is
to do
The
market.
the
ready
tate because of
COTTON.—Some late cotton was killed by frost in the more eastern
localities and injury was done in Texas by precipitation and freezing weath¬
future
shrewd buyers at note¬
generally quoted in the
There
opportunities
numerous
levels
by
up
NOV. 16.—The influences of weather on the crops as sum¬
marized in the weather bulletin issued by the Department of
follows:
for
material
power,
bargains among holders
remarkable
ready started
were as
done
raw
buying
some
under values
Buyers with
market.
open
is
gent need of replenishment.
WEATHER BULLETIN FOR THE WEEK ENDING
being
by the fact that various odd lots of the "distress"
worthy concessions
many
still
there
257,775,115
Including flour reduced to bushels.
It is
likely.
seems
now
that stocks of certain
2?6,762,639i2013047 373
is
prices in all quarters,
Until
147,377,318
18,555,370
absurdly
cases.
show more evidence of stability no disposition
take chances on what prices may be prevailing several
of
values.
$
■>
$
Breadstufls 114,604,731 749,453,275
Provisions
32,174,599 414,579,369
look
some
labor costs,
variety
Quantities.
Wheat.bu.
paid
strange, therefore, that the bulk of the small
means
Nevertheless,
September.
prices they
the
now
business passing is confined to goods wanted for immediate
1918.
9 Months.
September.
and
ago,
In other words, similar
to take hold some
buyers
high and serious losses have ensued in
months
Exports
from
certain
encouraged
arguments
n^rlpv
|0 98%
N®. 2
62
No. 2 white
No. 3 white
Rye—
few weeks hence?"
a
•
No. 1
$2 CO
Nominal
spring..
attractive
so
Oats—
No. 2 red
[VOL. 111.
improvement.
revision
of
the
In fact, demand
pressure
been
no
develop¬
burlap market, especially
on
the
has continued life¬
to sell has led to further down¬
prices, declines averaging from 44 to %
Spot 8-oz. 40s are quoted from 5.85c. to 6c., and 1046-
40s from 6.85c.
dull and
to 7c.
The linen market has continued
featureless, although the unsettlement and lack of
confidence
noticeable
in
all
other
markets
has
militated
against business and kept the tone generally easy, despite
the fact that the supply
of raw material is short, causing
importers to predict greater firmness in the near future.
Nov. 20 1920.]
>iate ami
Denom.'fl.OOOA* Date Dec. 1 1920-^ Prin. and semi-ann. int. (J. & D.)
payable at the U/S.-Mtge. & Trust Co. of N. Y.
Cert, check on an in¬
corporated bank or trust company, for 2% of amount bid for, payable to
the t County Treasurer, •. required.
(Sairj
NEWS
BELLEVILLE SCHOOL DISTRICT (P. O. Belleville), Essex County!
J.—BOND OFFERINGJ—James J. Turner, District Clerk, will receive
m. Dec. 6 for $90,000 5% coupon (with privilege of regis¬
tration) school bonds.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and
semi-ann. int. (J. & D.) payable at the First National Bank of Belleville.
N.
ITEMS.
bids until 8:30 p
Akron, 0.—Courts to Decide Legality of Bond Election.—
The Akron Bureau of the Cleveland "Plain Dealer" has the
say
to the courts to decide, according to the City Manager.
This will mean, according to the Manager a suit in Common
tures and
The
BLOOMINGTON, McLean County,
111.—BONDS VOTED.—Th*
question of issuing $125,000 6% 20-year water, subway and viaduct bonds»
submitted on Nov. 2—V. Ill, p. 1677—was decided in the affirmativeThe final vote was 3,702 "for' to 2,767 "against."
Bids for these bonds
will be received about Jan. 15.
Pleas Court,
through the
up
ultimate decision,
it
Ashtabula, 0.—Plan to Change City
Government Defeated.
proposed amendment to the charter of Ashtabula City
with the present form of gov¬
—The
which would have done away
manager-proportional repre¬
the old Mayor and Council
plan, was turned down by a vote of 2,775 to 2,336.
Chinese Government.—Offering by Bankers of 4% Gold
ernment, known as the "city
sentation system" and restore
advertisements on a previous
page, Rutter & Co. and Chas. D. Barney & Co. of this city
are offering an issue of Chinese Government 4% gold bonds,
issue of 1895, at prices to yield from 8.30% up to 38%, ac¬
cording to redemption, based on present low rates for ex¬
change.
This loan is a first charge on Chinese Maritime
Customs, which have been administered under British direc¬
tion since 1854.
Revenues reported for year 1919 from this
source
were
£15,000,000.
The bonds are redeemable by
annual drawings at par by lot.
The sinking fund will draw
next year over £550,000, the final drawing being in 1931.
Both principal and interest are payable at option of holder
in fixed amounts in England, France, Netherlands, Bel¬
gium, Switzerland, Germany and Russia.
Winfield,
Kans.—City Manager Form of Government
Adopted.—The voters of Winfield on Nov. 2 adopted the
City Manager form of Government by a majority of 471.
This was the third time this question had been submitted
to the voters, the other two elections going overwhelmingly
Loan
of 1895.—Among the
BONITA UNION
NEGOTIATIONS
AND
ACADIA PARISH (P.
O. Crowley), La .—BONDS NOT YET SOLD.—
made of the $55,000 5% road bonds offered on
No disposition has yet been
April 23.—V. 110, p. 1897.
ANDREWS,
Georgetown County, So. Caro.— BONDS VOTED.—
19 voted school bonds to the amount of $57,000 for the
school and auditorium, it is reported.
O. St. Johns), Ariz.—BOND OFFERING.—
hand relative to the offering on Dec. 6 of the
$175,000 5% road bonds—V. Ill, p. 1677—Bids for these bonds will be
received until 10 a. m. on that day by B. Y, Peterson, Clerk, Board of
County Supervisors,
Denom. $1,000.
Date June 1 1920. Prin. and
semi-ann. int. (J. & D.) payable at the office of the County Treasurer or at
the banking house of Kountze Bros., N. Y., at option of holder.
Due
June 1 1955.
optional June 1 1935 or, at any interest payment period
thereafter.
Cert, check on a trust company or bank organized under state
or national laws, and acceptable to the Board of Supervisors for not. less
of building a high
APACHE COUNTY (P.
Additional information is at
than 5% required.
As said bonds will
school
May 1
par with accrued
all bids offered.
the right to reject any and
interest and the Board reserves
SALE — On Nov. 17 the
awarded to Geo. B. Gibbons &
of about 5.40%. Date May 10
May 10 from 1921 to 1930 incl.
The bidders
SUFFOLK CO., N. Y.—BOND
$38,900 road bonds (V. Ill, p. 1871) were
Co. ofNew York at 100 40 for 5Ms, a basis
1920.
were
as
Due $3,890 yearly on
follows:
_
Price Bid.
100 40
100 23
Name—
Gibbons & Co., New York
Sherwood & Merrifield, New York.
Suffolk County Trust Co., Riverhead
Farson, Son & Co., New York...
Geo. B
100
__$38,966
100
100
National Bank, Amityville
Bank of Babylon, Babylon
Babylon National Bank, Babylon
First
BARNARD
.
„
,
5H %
5%%
6%
6%
6%
6%
100
INDEPENDENT CONSOLIDATED
.
Interest Rate.
5K%
SCHOOL DISTRICT
O. Barnard), Brown County, So. Dak.—BOND OFFERING.—
received by R. M. Wade, Clerk Board of Education, for the
purchase of $77,000 5Vi% 5-25 year school bonds.
NO. 2 (P.
Bids will be
BEAVER CREEK, Rock County,
$13,000 6% electric light bonds,
Issue of
offered for sale on Nov.
29.
Minn.—BOND OFFERING.—An
which was recently voted, will be
Due 1935.
BEAUMONT, Jefferson County, T ex.—BOND ELECTION .—From
the "New Orleans Times-Picayune" of the 16th inst. we take the following:
"At a mass meeting of citizens held on Nov. 16 it was decided to vote the
bond issue for $3,350,000 as a unit rather than segregate the propositions
among wharves, sewers,
water-works, schools, pavement,
audi¬
torium, fire and police departments.
It is expected that the issue will be
parks,
placed before the
people about Dec. 28."
COUNTY SCHOOL
BEAVERHEAD
DISTRICT NO. 10 (P. O.
be received for an
authorized by a vote
Dillon), Mont.—BONDS OFFERING.—Proposals will
Issue of $75,000 6% 10-20 year (opt^ school bonds
of 165 to 1 at a recent election, until Dec
15.
(P. O. Hackensack), N. J.—BOND OFFERING.—
Proposals will be received until 1:30 p. m. Dec. 1 by James M. Harkness,
Clerk of Board of Chosen Freeholders, for three issues of 5H% coupon
(with privilege of registration) bonds, not to exceed the amounts mentioned
BERGEN COUNTY
below:
*
«
Dec. 1 as follows: $30,000 1922 to
$45,000 1931 to 1938 inci.
Due yearly on Dec. 1 as follows: $8,000 1922 to
1933 to 1941 incl., and $12,000 1942 to 1950 incl.
bldg. bonds.
Due yearly on Dec. 1 as follows: $2,000 1922 to
1942 incl. and $1,000 1943 to 1950 incl.
$636,000 road bonds.
Due yearly on
1929 incl.; $36,000 1930, and
277.000 hospital bonds.
1932 incl.; $9,000
50,000
Brigham),
Co., International Trust
the $180,000 5% 19M-yr.
bonds—V. 110, p. 2215—at 92.63, a basis of about 5.72%.
Date
1920.
Int. M&N N. Y. City.
Denom. $1,000.
Wm. R. Compton
Co. bid 92.27.
YET'SO'uT.—
BRADENTOWN, Manatee County, Fla.—BONDS NOT
No sale has yet been made of the $31,500 6% 20-30-year (opt.) bonds of¬
fered on July 29 (V. Ill, p. 214).
These bonds can be purchased at a
private sale for par and interest.
^
AND BRIDGE DISTRICT NO. 6, Fla.—
RE-OFFERED.—The $175,000 6% road and bridge bonds
7—V. Ill, p. 107—will be
BREVARD COUNTY ROAD
BONDS TO BE
offered without success on June
re-offered for sale at a future date.
which
were
Plymouth County, Mass .—TEMPORARY LOAN^On
Goodwin were awarded on a 5 69% discount basis a tem¬
of $400,000 dated Nov. 19 1920 and maturing $100,000 on
17, Mar. 18, May 20 and June 21 1921.
BROCKTON,
Nov.
17, Bond &
porary
Feb.
ldan
BUHL INDEPENDENT
Twin Falls County,
Real
Denver on Nov. 1
and semi-ann. int.
N. Y. Due $7,000
valuation, estimated
Assessed valuation,
1919
(approximately)
Assessed valuation, 1920
Total bonded debt,
O. Buhl),'
awarded $70,000
SCHOOL DISTRICT NO. 3 (P.
Ida.—BOND SALE.—This district
6% tax-free school building bonds to Keeler Bros, of
at par.
Denom. $1,000.
Date Nov. 1 1920. Prin.
(M. & N.) payable at the National Bank of Commerce,
yearly on Nov. 1 from 1931 to 1940, incl.
Financial Statement.
Including this issue—-......
Population, officially
climated, 5,500.
BURLINGTON. Alamance County,
First National Trust Co. of Durham was
—$9,000,000
2,847,079
3,100,000
294,000
1
Sept.
Costa
_
awarded the following two issues
22,000 street and sidewalk impt. bonds.
on Sept.
1 as follows: $1,000 1921
to 1936 incl.
Contra
^
^
00
99
00
00
No. Car .—BOND SALE.—The
6% gold bonds (V. Ill, p. 1967) at par on Nov. 15:
$25,000 water bonds.
Denom. $500.
Due yearly on Sept.
$500 1921 to 1930 incl. and $1,000 1931 to 1950 incl.
1 as follows:
Denom. $1,000- Due yearly
to 1930 incl., and $2,000 1931
1920.
IRRIGATION DISTRICT (P. O. Byron),
Calif.—BOND OFFERING.—A. F. Donaldson,
County,
part of
specified
Int. J & J.
DISTRICT (P. O. Logan), Utah.
will receive bids until 2 p. m. Nov. 27 for all or any
$360,000 bonds.
The bonds are in denomination of $1,000 and a
portion thereof mature Nov. 1 1924 and each year thereafter.
Secretary,
CACHE COUNTY HIGH
110,
SCHOOL
1897—during April to the
p.
of the $200,000 school
Palmer Bond & Mtge. Co.
COMPLETED .—The sale
—BOND SALE NEVER
completed because they were unable to secure
an
approving opinion.
Subsequently an action was instituted in the
Supreme Court of the State of Utah to determine the legality of the issue
and court held the bonds to be legal and valid.
The bonds have not been
offered for sale since the decision of the court.
of Salt Lake City was never
Shreveport),
which
attract a
CADDO PARISH SCHOOL DISTRICT NO. 1 (P. O.
La.—BONDS NOT YET SOLD.—The $500,000 5% school bonds
offered on March 16—V. 110, p. 1336—but then failed to
were
bid, have not as yet
been sold.
CALDWELL COUNTY (P. O. Lockhart), Tex.—WARRANT
A $16,000 6% 1-30 year serial funding warrant issue has been
by J. L. Arlitt of Austin.
Date Oct. 13 1920. Prin.
payable in New York.
Assessed value $13,560,000.
SALE.—
purchased
and semi-ann. int.
Population, 30.000.
«...
be ready for delivery at the time of their sale, viz:
and hour aforesaid, the purchasers must satisfy themselves as
to the legality thereof prior to said time and no conditional bids or said bonds
will be considered.
None of said bonds will be sold for a less amount than
the date
BABYLON
have not been sold as yet.
COUNTY SCHOOL DISTRICT (P. O.
ELDER
BOX
Utah.—BOND SALE.—Bosworth, Chanute &
Co. and E. H. Rollins & Sons, jointly purchased
bonds—V.
The town on Oct.
on
$28,500
(V. Ill, p. 409)
BYRON-BETHANY
PROPOSALS
County,
CITY, Bossier Parish, La.—BONDS NOT YET SOLD.—
5% water-works bonds offered without success on July 6
BOSSIER
The
Date
this week have been as follows:
purpose
HIGH SCHOOL DISTRICT, Los Angeies
Calif.—BOND SALE — The Bank of Italy of San Francisco purchased the
$250,000 6% 16-year (aver.) school bonds dated Nov. 1 1920—V. Ill, p.
1872—at 104.51, a basis of about 5.58%, on Nov. 15.
4
against it.
BOND
of N. Y.;
Delafield & Longfellow, of N. Y,
seal will be certified by the U. S. Mtge. & Trust Co.
legality will be approved by Hawkins,
Appelate Court to the highest State tribunal.
is announced, will have important bearing on
charter provisions in many Ohio cities, as it will determine whether a city
charter may supersede State laws on home-rule matters.
The Board oi "Elections vote tabulation shows 22,308 ballots for the bond
Issue and 19,210 against the project.
This is several thousand short of
a two-thirds vote.
The Board of Elections to-day was asked for a decision
on the matter,
but ruled it had no jurisdiction to decide.
carried
$3,000
yearly on Dec. 1 as follows: $2,000 1921 to 1950 incl., and
1951 to 1960 incl.
Cert, check for 2% of amount of bonds bid for, required.
Bonds will be prepared under the supervision of and genuineness of signa¬
Due
in reference to the $2,000,000 park bond
issue voted on Nov. 2 by the people of Akron:
Akron, Nov. 5—It probably will be several months before Akron citizens
will know definitely whether the $2,000,000 bond issue for park purposes,
voted on Nov. 2, was carried so that the bonds may be sold and the park
Improvement work started.
With the city charter of Akron providing
only a majority vote necessary to carry all bond issues, and with State
statutes stipulating a two-thirds vote as necessary, the matter will be left
following to
2063
CHRONICLE
THE
CAMERON
PARISH ROAD
IN PART—Of the
AWARDED
without success on Jan.
NO.
DISTRICT
1,
La .—BONDS
$27,000 5% bonds, which were
5—V. 110, p.
offered
580—$14,000 have been awarded as
follows:
$10,000 bonds to W. T. Burton
4,000 bonds to J. J. Koonce.
Denom. $1,000.
Date Aug. 1
1919.
Int. F. & A.
GIRARDEAU SCHOOL DISTRICT (P. O. Cape Girardeau),
Cape Girardeau County, Mo .—BONDS PROPOSED .—The School Board
is considering the feasibility of submitting a proposition for a bond issue
CAPE
of $54,000 to
be submitted late
in this month, it is
stated.
N. 3.—BOND OFFERING.—William
Sheppard, Commissioner of Finance, will receive proposals until 11 a. m.
Dec. 14 for two issues of 5% bonds, not to exceed the amounts mentioned
CAPE MAY, Cape
May County,
R.
1}g1ow!
$75,000 beach
bulkhead protection bonds.
from 1921 to
1945 incl.
Due $3,000 yearly on Dec. 20
_
'
...
Dec. 20 as follows: $1,500
incl.
Cert, check on a
bonds bid for required.
CECIL COUNTY (P. O. Ellston), Md.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Nov. 23 for $50,000 5% road impt. bonds
by Phillip M. Grove, Clerk of Board of County Comm rs.
Denom. $500.
Date July 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the County
Commissioners' office.
Due July 1 1945.
Cert, check for 10% of amount
23,000 general paving bonds.
Due yearly on
1921 to 1926 incl. and $1,000 1927 to 1940
Denom. $500Date Dec. 20 1920.
Int. semi-ann.
national bank or trust company for 2% of amount of
required.
CEDARHURST,
of bid,
$40,000 registered
Nassau County, N. Y.—BOND OFFERING.—The
gold park and playground bonds offered unsuccessfully
being re-offered at a rate not to exceed 5%.
proposals will be received by Lewis M. Raisig,
(V. Ill, p. 1773) are
on
Oct. 25
on
Nov. 22 at 8 p. m.
when
$1,000.
Date Sept. 1 1920. Prin. and semi-ann.
int. (M. & S.) payable in U. S. gold coin of the present standard of weight
and fineness at the Bank of The Manhattan Co., at Far Rockaway.
Due
$2,000 yearly on Sept. 1 from 1921 to 1940, Incl.
Cert, check on an in¬
corporated bank or trust company, for $1,000, payable to Geo. W. Craft,
Village Treasurer, required.
Delivery and payment to be made on Dec. 15.
Village Clerk.
Denom.
Purchaser to pay
accrued interest. *
CEDAR ROCK TOWNSHIP, Franklin County, No. Caro.—BOND
ELECTION.—At an election to be held on Dec. 7 the voters will pass upo
issuance of school bonds not to excee
6%. Int. semi-ann. payable in
J. P. Timberlake is Chairman of
O. Louisburg).
CHADRON SCHOOL DISTRICT (P. O. Chadron), Dawes Count
Web.—DESCRIPTION OF BONDS.—The $250,000 6% tax-free scho
bonds recently awarded to C. W. McNear & Co. of Chicago (V. Ill, p.
1872) are described as follows: Denom. $1,000.
Date Aug. 1 1920. Prin.
a
proposition providing for the
$20,000.
Interest rate not to exceed
New York City, N Y.
Due in 30 years.
the Board of County Commissioners (P.
and semi-ann. int. (J. & J.) payable at the Hanover Nat. Bank, N-
yearly
1 as follows: $5,000 1923 to
Aug.
on
Y.
Due
1932 to
1931 incl., $10,000
1939 incl., and $125,000 1940.
Financial Statement.
(Real value
iV •
„
-
--v
$16,500,000
4,050,000
.
♦Valuation of taxable property as fixed by Assessor, 1920
Total bonded debt (this issue only)
/-•
250,000
.
Population,
*
Taxes
officially estimated._J
present
are
levied
6,000
one-fifth of this valuation.
on
CHANDLER, Maricopa County, AAz.—BONDS VOTED —On Nov. 6
the $170,000 high-school and $50,000 grade-school 6%
20-year bonds
(V. Ill, p. 1773) carried.
P^CHARLOTTE, Mecklenburg County, No. Caro.—BOND SALE.—
.The $100,000 5)4% gold school bonds offered on Nov. 11—V. Ill,p. 1872—
nave been purchased by the William R. Compton Co.
Date Nov. 1 1920.
Due yearly on Nov. 1 as follows: $2,000,1923 to 1930, incl.; $4,000, 1931
to 1936, incl., and $5,000, 1937 to 1948, incl.
»
CHESTNUT VALLEY IRRIGATION DISTRICT (P. O. Great Falls),
Cascade, Mont.—BOND SALE.—It is reported that the Spokane and East¬
ern Trust Co. of Spokane purchased $25,000 irrigation bonds, being part of
a $140,000 issue, at 90.00.
CHIPPEWA COUNTY (P. O. Montevideo), Minn.—BOND SALE.—
On Nov. 17 the $150,000 6% 10-year road bonds—V. Ill, p. 1968—were
sold to the Northwestern Trust Co. of St. Paul.
CLAY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 2
Fla.—BONDS NOT SOLD.—No sale was made on Sept. 6 of the $50,000
6% road and bridge bonds—V. Ill, p. 813.
These bonds are now in process of validation.
CLEVELAND HEIGHTS (P. O. Warrensvffle), Cuyahoga County,
Ohio.—BOND OFFERING.—H. H. Canfield, Village Clerk, will receive
bids until 12 m. Dec. 6 for the following 6% coupon bonds:
,
DISTRICT, Harnett County, No. Caro .—BOND
SALE.—The $30,000 6 % 20-year bond issue, dated Nov. 1 1920—V. Ill,
1968-—was awarded on Nov. 16 to Weil, Roth & Co. of Cincinnati for
$28,700, equal to 95.66, a basis of about 6.39%.
p.
COCOA
BEACH
SPECIAL
ROAD
AND
BRIDGE
DISTRICT
Brevard County, Fla.—PRICE PAID.—The price paid for the $300,000
6% 21 % year (aver.) bonds, dated Feb. 1 1920 by the Bank of Cocoa and
the Brevard County State Bank, both of Cocoa, on Nov.
9—V. Ill, p
1968—was 95 and interest a basis of about 6,435%.
A bid of 95 with conditions was also received from J. C. Mayer & Co.
SCHOOL DISTRICT NO. 3 (P. O. Coffeyville),
Montgomery County, Kansas.-:—BOND OFFERING.—Bids will be re¬
ceived by Florence Fegely, Secretary Board of Education, for $150,000
6% coupon school bonds until 8 p. m. Nov. 26.
Denom.i $1,000
Date
Aug. 3 1920.
Int. J. & J.
Due $5,000 Jan. 1 1222 and $6,000 July 1
1922; $6,000 Jan. 1 1923 and $6,000 July 1 1923; $7,000 each six months
from Jan 1 1924 to July 1 1926 incl.; $7,000 Jan. 1 1927 and $8,000 July 1
1927; $8,000 Jan. 1 1928 and $8,000 July 1 1928; $8,000 Jan. 1 1929; $9,000
July 1 1929; $9,000 Jan. 1 1930 and $9,000 July 1 1930; $9,000 Jan. 1 1931
and $10,000 July 1
1931.
Cert, check for 5% required.
Any bid ac¬
cepted will be subject to the State School Fund Commission accepting
any or all of the bonds.
COFFEYVILLE
COLUMBUS, Franklin County, Ohio—BOND OFFERING.—Opha
Moore, City Clerk, will receive bids until 12 m. Dec. 8 for $137,000 5)4%
deficiency funding bonds.
Denom. $1,000.
Date Dec. 1 1920.
Prin.
and semi-ann. int. (J. & D.) payable at the city's fiscal agency in New
York.
Due Dec. 1 1928.
Cert, check for 2% of amount of bonds bid
for, payable to the City Treasurer, required.
Bonds to be delivered and
paid for at the City Clerk's office, within 10 days from date of award.
Purchaser to pay accrued interest.
Bids must be made upon blanks fur¬
nished by the clerk.
Franklin
COLUMBUS,
Ohio.—BONDS
County,
AWARDED
IN
informed that of the three issues of bonds, aggregating
$118,000, offered on Nov. 17 (V. Ill, p. 1678), two issues were awarded
as follows:
''' v
PART.—We
are
•
$85,000 5% % fire-apparatus purchase bonds to Otis & Co. of Columbus for
$89,010 (104.717) and int., a basis of about 5.24%.
Due yearly
on Dec.
1 as follows: $5,000 1926 to 1930 incl., $6,000 1931 to
1940 incl.
18,000 6% sewer and drain repair bonds to Seasongood & Mayer of Cin¬
cinnati for $19,047 (105 816) and int., a basis of about 5.25%.
Due Dec. 1
COOKE
1930.
COUNTY
DELAWARE
30 days* notice on any interest paying
The bidders were:
DISTRICT
NO.
April
CORYELL COUNTY (P. O. Gatesville), Tex.—BONDS DEFEATED.
—At the election held Feb. 21 (V. 110, p. 580) the voters defeated an issue
of road bonds amounting to $1,250,000.
The vote stood 1,249 "for" to
1,269 "against."
Cullman
CULLMAN,
County,
Ala.—BOND
OFFERING.—M. L.
it is stated, for $40,000
__
_
_
_
/High School $2,630 00
\ Highway
1,055 00
/High School
792 05
1 Highway
296 00
/High School 1,576 00
(Highway
676 00
_/High SchoolPar & ac-
_...
C. W. McNear & Co., Chicago
_
W. L.
W.
„
LI.
,
.
,
,
_
,
Slayton & Co., Toledo
,
Silvermann &
_
.
Co., Cincinnati
(Highway
^
Keeler Bros., Denver
T
_T
.
John Nuveen
(Highway
•
& Co., Chicago
Sidney Spitzer & Co
,
_
„
E. Ewers,
HighlSool
255 00
../High School
Toledo
3,757~00
_
„
Minneapolis
,
„
ac-
crued int.
jHigh School 1,635 00
/
I
Drake-Ballard Co.,
crued int.
_/High School Par &
c
(Highway
1,507 00
(High Par & accr. int.
(School & 2% % com.
(dicount.
,
lawyers, Three Forks..
CUYAHCGACGUNTY (P.O.Cleveland), Ohio.—BONDS DEFEAT¬
ED.—The question of issuing $2,000,000 county jail and court house bonds
submitted to the voters on Nov. 2 (V. Ill, p. 1297) lost by a vote of
150,131
"against" to 55,440 "for."
DADE COUNTY (P. O. Miami), fla.—BOND SALE.—R. M. Grant &
Co. of N. Y.
were
award^ on Nov. 1^ the $350,000 6^ % 19 1-3-year
highway bonds dated Oct.
of about 6 ,04%
1
1920-
V.
Ill,
p.
1773—at
105.39,
a
(aver)
basis
•
DAVIESS COUNTY (P. O.
Washington), Ind.—BOND OFFERING.—
Daniel D. Myers, County Auditor, will receive bids until 2 p. m. Dec. 28
or
from issuance.
(91.099
j
(90.65
j
(9.0592
/
.90.277
DENISON, Grayson County, Tex.—BOND SALE.—The Kauffman-
payable at the Seaboard National Bank, N.
Y.
Due $10,000 yearly
on
May 1 from 1921 to 1940 inclusive.
'"
Financial Statement.
Estimated actual value all taxable property
Assessed valuation all taxable property, 1919
Total bonded debt, including this issue
Water works bonds, $150,500; sinking funds,
Net bonded debt......
$20,450,000
10,729,070
606,500
206,677
399,823
$56,177
Population, U. S. Census, 1920
17,065
The net bonded debt is less than 3% % of the assessed valuation.
.-
,
DES MOINES, Union County, N. Mex.—BOND SALE.—The $75,000
6% coupon water works bonds offered unsuccessfully on June 30—V. Ill,
215—were sold on Oct. 1 to Keeler Bros, of Denver at par and interest.
Denom. $500.
Date Jan. 1 1920.
Int. J. & J.
Due Jan. 1 1950, optional
p.
Jan. 1 1940.
DETROIT, Wayne County, Mich.—BOND SALE.—Geo, B. Gibbon*
Co., of New York, were awarded the $1,000,000 5)4% public-utility
on Nov.
15 (V. Ill, p. 1968) at 103.17, a basis of about
5.27%.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & N.
Due Nov.
&
bonds offered
11945.
DE WITT COUNTY ROAD DISTRICT NO. 4 (P. O. Cuero), Tex.—
been made of the $40,000
5% road bonds which were offered unsuccessfully on May 11.
V. 110, p.
BONDS NOT YET SOLD.—No disposition has yet
2216.
DURHAM, Durham County, No. Caro .—BOND SALE.—On Nov. 16
were awarded the $575,000
14-year (aver.) gold coupon
(with privilege of registration) public impt. bonds dated July 1 1920—V. Ill,
p. 1968—at 100 70 and int. for 5)4s, a basis of about 5-43%.
Estabrook & Co.
EASTLAND,
Eastland
County,
Tex.—BOND
OFFERING.—Bids
W. Lander, City Manager, until Dec. 4 for the $150,000
will be received by
water, $150,000 storm sewer and $100,000
sanitary sewer 6% 20-40 year
(opt.) bonds, which were registered on Aug. 3 by the State Comptroller—
Ill, p. 813—Int. J-J at Chase Nat. Bk., N. Y.
Den. $1,000.
Date
July 1 1920. Cert, check for 1% payable to above city manager required.
V.
EAST YOUNGSTOWN,
ING.—Anthony
J.
Julius,
Mahoning County, Ohio.—BOND OFFER¬
Village Clerk, will receive bids until 12 m.
Dec. 6 for the following 6% bonds, aggregating $195,021 80:
$12,000 00 police-signal-system bonds.
Date May 15 1920.
yearly on May 15 from 1922 to 1933 incl.
181 50 13th Street sanitary-sewer bonds.
Date Sept. 15
$30 yearly on Sept. 15 from 1921 to 1924 incl.,
Sept. 15 1925.
•1,200 00 12th Street sanitary-sewer bonds.
Date Sept. 15
$240 yearly on Sept. 15 from 1921 to 1925 incl.
2,282 86 Monroe Street guttering bonds.
Date Sept. 15
yearly on Sept. 15 as follows: $400 1921 to 1924 incl.
Due $1,000
1920.
Due
and $61 50
1920.
Due
1920.
Due
and $682 86
1925.
45,557 75 Reed Avenue paving bonds.
Date Sept. 15 1920.
Due yearly
on Sept. 15 as follows:
$9,000 1921 to 1924 incl., and $9,557 75
1925.
18,183 39 Village's portion impt. bonds.
Date Sept. 15 1920.
Due
yearly on Sept. 15 as follows: $1,000 1921 to 1937 incl. and
$1,183 39 1938.
115,616 30 deficiency funding bonds.
Date Sept. 15 1920.
Due yearly
on Sept. 15 as follows: $16,000 1922 to 1927 incl. and $19,616 30
1928.
Prin.
and semi-ann.
int. payable at the National City Bank of N. Y.
on a solvent bank for 2% of amount of bonds bid for, payable
Village Clerk, required.
Bonds to be delivered and paid for at the
office of the Sinking Fund Trustees on or before Dec. 15.
Purchaser to
pay accrued interest.
Cert, check
to the
EL
PASO
No sale
was
p.
COUNTY
(P.
O.
El
Paso), Tex.—BONDS NOT SOLD.—
made at the offering on March 8 of the $700,000 5% road bonds
•
These bonds can be obtained at par and interest.
785)
ENTERPRISE, Wallowa County,
Ore.-—BOND SALE.—On Nov.
1
the Warren Construction Co., was the successful bidder at par for an issue
of $36,987 26
6% impt. bonds.
Denom. $500 each, except one odd bond
for $4$7 26.
Date Oct. 1 1920.
Prin. and semi-ann. int. payable at the
Fiscal Agency of the State of Oregon in New York City, N. Y.
Due Oct.
1 1930 redeemable at the option of city at any semi-ann. coupon date on and
after 1 year from date of Issue.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 16,
Fla.—BOND OFFERING.—A. S. Edwards, County Superintendent of the
Board of Public Instruction (P. O. Pensacola), is offering for sale $500,000
school bonds.
CUSTER COUNTY (P. O. Miles City), Mont.—BIDS.—The following
a list of the bids received on Nov. 1 for the $250,000 school
building and
$100,000 highway 6% bonds, awarded as reported in V. Ill, p. 1968:
is
Minneapolis Loan & Trust Co., Minneapolis
one year
.
Tex.—BONDS NOT
2,
been made of the $225,000 5% 20-year serial road bonds offered
12.
V. 110, p. 1447.
Robertson, Mayor, will receive olds until Nov. 22
7% 10-year school bonds.
Denom. $1,000.
tax-free
Smith-Emert Co. and the William R. Compton Co. are offering to investors
the $200,000 5% tax-free bonds which were mentioned in V. Ill, p. 1010.
Denom. $500.
Date May 1 1920.
Prin. and semi-ann. int. (M. & N.)
YET SOLD.—Jno. J. Cobble, Clerk of County Court, advises us that no
sale has yet
on
date after
93.17 National City Co
193.08 E. H. Rollins & Sons
Co..
Blodget & Co.__„
J
Hornblower & Weeks
92.79 Halsey, Stuart & Co.__
Guaranty Trust Co. of N. Y.i 91.904 Laird & Co.
Bankers Trust Co. of N. Y.J
Harris, Forbes & Co
Estabrook & Co
91.83 Remick, Hodges & Co
Graham, Parsons & Co
91.27
Eldredge & Co.
Stacy & Braun
White, Weld &
(V. 110,
ROAD
(State of).—BOND SALE.— The $5,000 4H%
coupon state highway bonds offered on Nov. 17—V. Ill, p. 1773—were
awarded to Eldredge & Co. at 93.17 and interest.
Date Jan. 1 1920.
Due Jan. 1 1960, but the state shall have power to redeem at 105 upon
„
$75,000 road bonds.
Due $15,000 yearly on Oct. 1 from 1927 to 1931 incl.
25,000 water bonds.
Due $5,000 yearly on Oct. 1 from 1927 to 1931 incl.
15,000 sewer bonds.
Due $3,000 yearly on Oct. 1 from 1927 to 1931 incl.
5,500 electric-light bonds.
Due yearly on Oct. 1 as follows: $500 1927,
$1,000 1928, 1929 and 1930, and $2,000 1931.
Denom. 1 for $500 and 120 for $1,000.
Date Sept. 1 1920.
Prin. and
semi-ann. int. payable at the Village Treasurer's office.
Cert, check for
3% of amount of bonds bid for, payable to the Village Treas., required.
COATS SCHOOL
[VOL. 111.
CHRONICLE
THE
2084
FAIRFIELD, Jefferson County, Ala.— BOND SALE.—Steiner Bros,
of Birmingham and the Fairfield Land Co. and Realty Investment Co.,
bidding jointly, were awarded the $42,500 school and $12,000 schoolequipment 6% 10-year bonds, dated Nov. 1 1920—V. Ill, p. 1872—on
Nov.
15.
4
FALL RIVER, Bristol County, Mass.—CORRECTION.—The price at
were awarded the $75,000 4%% water bonds
which Harris, Forbes & Co.
was
100 13, a basis of about 4.73%; not par, as stated in V. Ill, p. 1968.
FERGUS COUNTY (P. O. Lewistown), Mont.—BOND SALE.—The
International Trust Co. of Denver has purchased $250,000 6% serial high¬
way
bonds.
Due yearly from 1926 to 1939, inclusive.
FLANDREAU SCHOOL DISTRICT (P. O. Flandreau), Moody
County, So. Dak.—PURCHASER.—We are advised that on Oct. 20 the
$100,000 6% 15)4 year (aver.) school bond issue, dated Sept. 1 1920 was
sold to the Minneapolis National Bank of Minneapolis (not the Harris
Trust & Savings Bank of Chicago as reported in V. Ill, p. 1873) at 99.50
a basis of about 6.00 5%.
FLINT, Genesee County, Mich.—BOND
OFFERING.—Frank D.
King, City Clerk, will receive bids until 8 p. m. Nov. 26 for $90,000 5%
water-works impt.
Denom. $1,000.
bonds authorized by a vote of 9,943 to4,797 on Nov. 2.
Int. J. & D.
Due $30,000 on Dec. 1
Date Dec. 1 1920.
1943, 1944 and 1954.
Cert, check for $1,000 required.
Legality ap¬
proved by Wood & Oakley of Chicago.
Bonded debt (incl. this issue),
$4,151,000; water debt (incl.), $1,744,000; assessed value, $140,574,630in
Population
91,599; present (est.), 110,000; increase due to
The official circular states that there has never been
(Census),
recent annexation.
controversy or litigation pending or threatened affecting the corporate
existence of the boundaries of the city or the title of its present officials
to their respective offices or the validity of these bonds, and that there has
any
never
been any default
in payment of any of the city's obligations.
at
any time thereafter until a sale is arranged, for $50,000 road repair
fund and $25,000 county 6% bonds.
Denom. $500.
Date Oct. 28 1921.
Int. M. & N.
The $50,000 issue matures $5,000 each six months from
May 151922 toNov. 151926incl, and the$25,000 issue matures Nov. 151921
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. O. Glendive),
Mont.—BOND SALE.—The $32,000 6% school bonds offered on June 15—
V. 110, p. 2216—were sold on Sept. 21 to Alfred E. Aiken of Glendive at
Sar and interest. Denom.1 $1,000.
une 11940 optional June
1935.
Date June 11920. Int. J. & D.
Due
FLORENCE, Lauderdale County, Ala.—BOND OFFERING.—Until
Nov. 30 Delos H. Bacon,
Mayor, will receive bids for $40,000 7% 10-year
refunding bonds.
Date Jan. 1 1921.
Principal and semi¬
payable at New York City, N. Y.
Due Jan. 1 1931.
Cer¬
The city is prepared to furnish a trans¬
cript showing the validity of said bonds.
sanitary
sewer
annual interest
tified check for $1,000 required.
FORSYTH, Rosebud County, Mont.—FINANCIAL STATEMENT.
are now in receipt of the following financial statement issued in con-
—We
Nov. 20 1920.]
THE
CHRONICLE
nectionwith the offering on Nov. 20 of the $15,000 6% sewer bonds—V. 111»
p.
1678.
Financial Statement.
Assessed valuation, equalized for 1920
Total Bonded Debt, including this issue
Sinking fund
,
—__
.
Net bonded debt
Warrant debt
.
$2,416,510
135,000
5,145
129,855
31,031
i.
FORT WAYNE SCHOOL CITY (P. O. Fort Wayne), Allen County,
Ind.—BOND SALE.—On Nov. 18 the $872,000 6% 5-year coupon school
bldg. bonds—V. Ill, p. 1969—were awarded to the Fletcher American Co.
of
Indianapolis for $882,001, equal to 101.147,
Date Nov. 1 1920.
Due Nov.
basis of about 5.73%.
a
1925.
1
WORTH, Tarrant County, Tex.—BOND SALE.—During the
present month a syndicate composed of R. M. Grant & Co., Elston & Co.,
Keane, Higbie & Co., Weil, Roth & Co., and Seasongood & Mayer pur¬
chased $725,000 sewage-disposal-plant, $325,000 sewer, $400,000 water¬
works, $90,000 street, $200,000 floating debt payment, $50,000 lighting
system and $100,000 storm-system 5% tax-free gold coupon bonds (V. Ill,
p. 106).
Denom. $1,000.
Date June 1 1919.
Principal and semi-annual
interest (J. & D.) payable in New York.
Due yearly on June 1 as follows:
$480,000 1929 and $47,000 1930 to 1959, inclusive.
Financial Statement.
Assessed valuation, 1920
Total bonded debt (including these issues)
Netdebt-...
$128,203,419
7,888,000
-
3,320,499
-
—
Rate of net debt less than 3% of assessed value.
Population 1920, U. S. Census, 106,482.
County,
Caro.—FINANCIAL
No.
STATEMENT.—The following financial statement has been issued in con¬
nection with the
offering on Nov. 30 of the $160,000 6% gold water and
bonds, complete information of which appeared in V. Ill, p. 1969.
sewer
Financial
Assessed
valuation
Actual value..
Total existing debt
_
_
Sinking fund
_ _
__$2,238,266
2,338,266
12,000
115,000
45,000
4,117
_
1
:
I
Population census 1920, 1,058.
FREMONT, Sandusky County, Ohio.—BOND OFFERING•—Propos¬
als will be received by C. E. Poppenfoos, City Auditor, until 12 m. pec. 1
for $4,000 6% coupon sewer-improvement bonds.
Denom. $400.
Date
Oct. 1 1920.
Due $400 on April 1 and Oct. 1 in the years 1922 to 1926,
inclusive.
Principal and semi-annual interest (A. & O.) payable at the
office of the Sinking Fund Trustees.
Certified check for $300, payable
to the
City Treasurer, required.
UNION
HIGH
SCHOOL DISTRICT,
Los Angeles
County, Calif.—BIDS.—The following bids were also received on Oct. 11
1-20 year serial bonds awarded as stated in V. Ill, p.
GLENDALE
for the $60,000 6%
1585:
$61,034
60,937
60,890
60,855
Stephens & Co
California Co
R. H. Moulton & Co
Drake-Riley & Thomas
Wm. R. Staats Co
60,763
60,753
Torrance Marshall & Co__
_____$60,547
00 Frank & Lewis
00 Blankenhorn-HuuterDulin Co
60,515
00
00 Harris Trust & Sav. Bk___ 60,510
60,498
00 Schwabacher & Co
60,491
00 E. H. Rollins & Sons
60,440
00 Paul B. Hammond & Co.
60,192
00 Aronson & Co
Citizens' Nat'l Bank
60,707
Blyth, Witter & Co__
National City Co.
60,613
60,612 00
...
.....
_______
_
Bank of
Italy
...
00
00
00
00
00
00
00
60,130 50
GONZALES COUNTY ROAD DISTRICT NO. 6, Tex.—BOND SALE.
purchased $54,000 5M% 13^
year (aver.) bonds.
Date July 1 1919.
Prin. and semi-ann. int. payable
m New YoTk City, N. Y.
A like amount of bonds was reported as sold in V. 110, p. 1448.
—J. E. Jarratt & Co., of San Antonio have
— The following
6%
Benwell, Phillips, Este & Co. of Denver:
$13,600 water-works bonds.
Denoms. 27 for $500 and 1 for $1004,800 water-extension bonds.
Denoms. 9 for $500 and 3 for $100.
6,300 electric-light bonds.
Denoms. 12 for $500 and 3 for $100
Date Aug
1 1920.
Prin. and semi-ann. int. (F. & A.) payable at the
office of County Treasurer.
Due Aug. 1 1940, optional Aug. 1 1925.
GREEN
BAY,
Brown
County, Wise.—BOND
SALE.—Recently
$975,000 6% tax-free water works bonds were purchased by Wm. R. Compton Co.
Coupon bonds in denomination of $1,000 each, registerable as to
principal oniy.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. & N.)
payable at the Chase National Bank, N. Y.
Due yearly on Nov. 1 as
follows:
$5,000, 1921; $6,000, 1922 and 1923; $7,000, 1924 and 1925;
$8,000, 1926 and 1927; $9,000, 1928 and 1929; $10,000, 1930; $11,000,
1931 and 1932; $12,000, 1933; $13,000, 1934;
$14,000, 1935; $15,000,
1936 and 1937; $16,000, 1938; $17,000, 1939;
$19,000, 1940; $20,000,
1941; $21,000, 1942; $22,000, 1943; $24,000, 1944; $25,000. 1945; $28,000, 1946; $29,000, 1947; $31,000, 1948; $33,000, 1949; $35,000, 1950;
$37,000, 1951; $39,000. 1952; $42,000, 1953; $44,000, 1954;
$47,000,
1955; $50,000, 1956; $53,000, 1957; $56,000, 1958; $59,000, 1959; $62,0(r'»
1960-
■
Water Works bonds payable from Gross water revenues..
Net Bonded Debt
U. S. Census population, 1910, 25,236;
—$43,914,311
1,835,250
i
975,000
$860,250
1920, 31,017.
GREENE
COUNTY
(P. O.
Xenia), Ohio.—BOND
SALE.—The
DeWeese-Talbot Co., of Dayton, bidding $30,077 70 (100.259) and interest,
a basis of about 5.96%, was awarded the $30,000 6% coupon bridge bonds
offered on Nov. 10—V. Ill, p. 1678.
Date Nov. 10 1920Due $1,000
each six months from May 10 1921 to Nov. 15 1935, incl.
GUILFORD COUNTY
(P. O. Greensboro),
No.
Caro.—BOND
ELECTION.—The Guilford County citizens will vote on the question of
issuing $2,000,000 road bonds on Dec. 14, the County Commissioners having
decided on that date.
At the special session of the General Assembly this
summer a bill was passed granting authority to the Commissioners to order
the election.
HAMILTON, Butler County, Ohio.—BOND SALE.—W. L. Slayton
Co. of Toledo, were awarded at par and interest the following three
6% special assessment bonds offered on Nov. 10—V. Ill, p. 1587:
$6,800 So. Eighth St. sanitary sewer bonds.
Date Sept. 1 1920.
Due $680
yearly on Sept. 1 from 1921 to 1930, incl.
3,530 Garden Ave sanitary sewer bonds.
Date Sept. 1 1920.
Due $353
yearly on Sept. 1 from 1921 to 1930, incl.
7,200 sidewalk impt. bonds
Date Aug. 1 1920.
Due $1,440 yearly on
Aug. 1 from 1921 to 1925, incl.
&
issues of
BOND OFFERING—Ernst E. Erb, City Auditor, will receive proposals
until 12 m. Dec. 14 for the following coupon bonds:
$650,000 5% electric-light-plant-improvement bonds.
Date Apr. 1 1920.
Due $32,500 yearly on April 1 from 1925 to 1944 incl.
75,000 6% water-works bonds.
Date Oct. 1
on Oct. 1 from 1940 to 1944 incl.
1920-
Due $15,000 yearly
Date Oct. 1 1920.
Due $1,686 60
yearly on Oct. 1 from 1921 to 1930 incl.
16,648 6% sanitary sewer bonds.
Date Oct. 1 1920.
Due $1,664 80
yearly on Oct. 1 from 1921 to 1930 incl.
Prin. and semi-ann. int. payable at the City Treasurer's office.
Cert,
check for 5% of amount of bonds bid for, payable to the City Nreasurer,
required.
Bonds to be delivered and paid for within 10 days from date of
award.
Purchaser to pay accrued interest.
16,866 6% sanitary sewer bonds.
HARDIN
COUNTY (P. O. Kenton), Ohio.—BOND
OFFERING —
County Auditor, will receive bids until 12 m. Dec. 1 for
Dean C. Jones,
$80,000 6% road repair bonds, in addition to the $31,129,526% funding
issue mentioned in v. Ill, p. 1969.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int. (JJ & D.) payable at the County Treasurer's off ce.
Dec. 1 in 1922, 1923, 1924 & 1925.
Cert, check (or cash)
on a solvent national bank, for 1% of amount of bonds bid for, payable to
the County Comm'rs, required.
Bonds to be delivered and paid for at
Kenton.
Purchaser to pay accrued interest.
Due $20,000 on
payable April
10 and
None
-r
1,684,929 04
None
Population in 1910, 37,253; 1920, 43,565.
HARRISON COUNTY SEPARATE ROAD DISTRICT NO. 2, Miss.—
BONDS NOT YET SOLD.—The $100,000 6% road bonds offered on Aug. 4
—V. Ill, p. 411—have not been sold as yet.
HELENA, Lewis and Clark County. Mont.—BOND OFFERING.—
public auction at 10 a. m. Dec. 20
Y. N. Kessler, City Clerk, will sell at
the $200,000 water bonds, "Series K," at not exceeding 6% interest men¬
tioned in V. Ill, p. 1873.
Denom. $1,000.
Date July 1 1920.
Interest
J. & J., payable at the office of the City Treasurer or at option of holder,
New York City, N. Y. to be designated by the City Treas¬
Due $20,000 yearly on July 1 from 1926 to 1935, inclusive, and are
optional and redeemable in like order, as required by the statutes, whenever
there is $1,000 in the sinking fund at any time during the year immediately
prior to date of the maturity thereof, upon 30 days' notice to the holder.
Certified check for $10,000. payable to the City Treasurer, required. Bonds
,
will be delivered as soon after the award as the interest rate bid
can be In¬
serted therein and the bonds executed.
The opinion of John C. Thomson
of N. Y. and the City Attorney as to validity will be furnished bidders.
HEMPHILL COUNTY
(P. O. Canadian), Tex.—BONDS
NOT YET
Ill,
SOLD.—The $70,000 5J4% road bonds which were mentioned in V.
109, have not as yet been sold.
p.
HIGHLANDS SPECIAL ROAD AND
BRIDGE
DISTRICT, Pasco
Fla.—BONDS NOT YET SOLD.—No sale has yet been made
$750,000 5% road and bridge bonds offered on April 5—V. 110, p.
County,
of the
1338.
HOWEY SPECIAL ROAD AND BRIDGE DISTRICT, Lake County»
Fla.—BIDS REJECTED.—The bids received on May 3 for the $65,000 6%
road
and
bridge bonds—V.
110,
p.
1773—were rejected.
They will be
re-offered for sale later.
HUNTINGTON COUNTY (P. O. Huntington), Ind.—BOND OFFER¬
ING.—J. Frank Barnes, County Treasurer, will receive bids until 10 a. m.
Nov. 22 for the following 4H% road impt. bonds:
$20,360 Lewis E. Summers et al, Rock Creek Twp. bonds.
Denom. $1,018,
22,200 Lawrence A. Garretson et al, Dallas Twp. bonds.
Denom. $1,110,
16,200 Joseph Hoover et al, Lancaster Twp. bonds.
Denom. $810,
23,700 Ralph T. King et al, Wayne Twp. bonds.
Denom. $1,185.
Date Sept. 15 1920.
Int. M. & N.
Due one bond of each issue on
May 15 and Nov. 15 in each of the years, 1921 to 1930, incl.
PARISH SCHOOL
IBERIA
DISTRICT NO.
6.
La.—BONDS NOT
YET SOLD.—The $200,000 5% school bonds which Jfwere offered without
Jan. 12 (V. 110, p. 1448) have not been disposed of as yet.
success on
INDEPENDENCE HEIGHTS, Tex.—BOND SALE.—This place has
20-40-year (opt.) water-works and street bonds to J. L.
Date April 10 1920.
sold $25,500 6%
Arlitt of Austin.
JACKSON TOWNSHIP (P. O. Findlay), Hancock County. Ohio.—
SALE.—On Oct. 21 the Ohio Bank & Savings Co., of Findlay,
BOND
and interest an issue of $14,000 6% Doty road-improve¬
Date Oct. 1 1920.
Int. Oct. 1.
Due $500
Oct. 1 in the years 1921 to 1929,inclusive, and
$500 March 1 1930.
purchased at
par
Denom. $500.
ment bonds.
March 1 and $1,000 on
on
Chautau'
JAMESTOWN SCHOOL DISTRICT (P. O. Jamestown),
oard of Education, will receive bidEs until 12 in.
Sua County, N. Y.—BOND OFFERING.—Mildred Nov. 29 for $550,000
R. Falconer, Clerk o*
privilege of registration) school-building bonds to bear interest
H%. but not to exceed 5M%.
Denom. $1,000.
Date
(J. & D.) payable in
$30,000 1925 to 1929,
inclusive; and $40,000 1930 to 1939, inclusive.
Certified check on a
national or New York State bank or trust company, for $11,000, payable to
the City Treasurer, required.
Bonds to be delivered and paid for in New
York on or about Dec. 15.
Legality approved by Chester B. Masslich, of
New York; bonds will be prepared under supervision of the U.S. Mtge. &
coupon (with
in multiples
of
1920.
Principal and semi-annual interest
New York City.
Due yearly on Dec. 1 as follows:
Dec.
Trust
1
New York.
Co.,
JEFFERSON COUNTY (P. O. Watertown), N. Y.—BOND OFFER
ING.—Sealed bids for the purchase of $100,000 5% road-Improvement
bonds will be received until 11:30 a. m. Dec. 1 by B. S. Hayes, County
Treasurer.
Denom. $1,000.
Date Jan. 1 1921.
Int. A. & O.
Due
$5,000 yearly on April 1 from 1923 to 1942, inclusive.
Certified check
$3,000 required.
Legality approved by Geo. S. Clay, of New York.
for
JENNINGS COUNTY (P. O. Vernon), Ind.—BONDS NOT SOLD.—
No sale was made of the $7,700 4H% E. W. Sawyer et al Bigger Twp. road
bonds offered on Nov. 15.—V.
».
Financial Statement.
Assessed valuation, equalized 1920
Total Bonded Debt, including this issue
interest,
Net debt, less sinking fund
All other indebtedness
GRaKT, Perkins County, Neb.—BOND SALE
bonds have been purchased by
1919, bearing 5%
holder,
Said bonds mature in Series 1 to 39 years from date.
Certified
check for at le&st 1 % of the bid, payable to W, H. Strength, County Judge,
required.
Financial Statement.
|
Real value of property (real and personal)
.......$50,000,000 00
Assessed value for year 1920
15,821,467 00
Total bonded debt (including this issue)
1,745,000 00
Statement.
__
;
This issue (water)
This issue (sewer)
10
Oct. 10 of each year, principal, and Interest payable at the Hanover Na¬
tional Bank, N. Y., or at the office of the County Treasurer, at option of
urer.
1,173,501
_
—____
Franklin
each, dated June
at some bank in
$3,394,000
FRANKLINTON,
HARRISON COUNTY (P, O. Marshall), Tex.—BOND OFFERING.—
The County Commissioners Court will receive sealed bids until 10 a. m.
Dec. 13 for the purchase of $828,000 road bonds of the denom. of $1,000
Water debt
FORT
Less water debt
Less sinking fund
3065
Ill, p. 1969.
|
JERSEY
CITY, Hudson County, N. J.—SHORT-TERM BONDS
OFFERED.—At 12 m. Dec. 1 an issue of $2,000,000 registered tax revenue
bonds will be offered at a rate not to exceed 6%.
James F. Gannon,
Commissioner of Revenue and Finance, will receive bids.
Denom. $25,000.
Date Dec. 1 1920.
Principal and interest payable on or before March 1
1921, at city's option, at the Treasurer's office.
Certified check on an in¬
corporated bank or trust company, for 2% of amount of bonds bid for,
§ayable to the "City opinion ofCity," required. The Longfellow, of N. will
furnished with the of Jersey Hawkins, Delafield & successful bidder Y.,
e
The bonds
prepared under the supervision of the U. S. Mortgage & Trust Co.,
that the bonds are binding and legal obligations of the city.
will be
which will certify as to the genuineness of the signatures of the officials
the seal impressed thereon.
Purchaser to pay accrued interest.
KENT
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Kent),
and
Portage
County, Ohio.—BOND SALE.—The $200,000 6% 19%-year (average)
Nov. 12 (V. Ill, p. 1679), were awarded to Sidney
Spitzer & Co., of Toledo, who offered to pay $210,847 68 and interest, plus
$100 towards printing the bonds, which is equal to 105.473, a basis of
about 5.53%.
Date Nov. 12 1920.
Due yearly on Nov. 12 asfollowS:
$3,000 1924, 1925 and 1926; $4,000 1927, 1928 and 1929; $5,0001930, 1931
and 1932; $6,000 1933, 1934 and 1935; $7,000 1936, 1937 and 1938; $8,000
1939; $9,000 1940 and 1941; $10,000 1942, 1943 and 1944; $11,000 1945,
1946 and 1947; and $12,000 1948, 1949 and 1950.
school bonds, offered on
COUNTY
(P. O. Vincennes),
Ind.—BOND SALE.—The
Samaritan Hospital bonds offered on Nov. 15 (v. Ill,
1774) were awarded to the Fletcher-Savings & Trust Co., the FletcherAmerican Co. and Breed, Elliott & Harrison of Indianapolis for $154,732 50,
KNOX
$150,000 6% Good
p.
equal to 103.155, a basis of about
from May 15 1921 to Nov. 15 1930
5 27%.
incl.
Due $7,500 each six months
iPARLE COUNTY (P. O. Madison), Minn.—BOND SALE.—
Stanley Gates & Co. of St. Paul purchased $190,000 5%% road bonds on
Oct. 18 at par.
Denom. $1,000.
Date Ncfv. 1 1920.
Prin- and semi-ann.
int. (M. & N.) payable at the First National Bank, St. Paul.
Due Nov. 1
LAC QUI
1930
Financial
Statement.
.
Total bonded debt,
(1920
Population
■
.$55,000,000
18,467,555
incl. this issue (about 2H % of assessed val.)£a 477,569
Actual value of taxables (estimated)
Assessed value of taxables (1919)--------------
census)
_
15,554
DISTRICT, Los Angeles, County, Calif.—
proposals were also submitted on Oct. 1 for the
purchase of the $40,000 o% 1-8-year serial school bonds awarded as reported
LA PUENTE SCHOOL
BIDS.—The
in
V.
Ill,
following
p.
Stephens & Co
1587:
R. H. Moulton & Co
$40,026
40,005
40,048 Aronson & Co--.—
California Co
40.038
LIMA CITY SCHOOL DISTRICT (P. O. Lima), Allen
County
Ohio.—NO BIDS.—There were no bids for the two issues of 6 % deficiency
bonds, amounting to $194,000 offered on Nov. 3—V. Ill, p. 1494.
Citizens National Bank
OAK
LIVE
COUNTY
TERED.—The
State
ROAD
DISTRICTS, Tex.—BONDS REGISNov. 12 registered $60,000 Road
Comptroller
[Vol. Ill
CHRONICLE
THE
2066
on
District No. 4 and $60,000 Road District No. 6 5lA % serial bonds.
MINERAL
1 1920, offered on Nov. 15 (V. Ill, p. 1873), were
day to Kissel, Kinnicutt & Co., Stacy & Braun and
Eldredge & Co., jointly, at 101.428—a basis of about 5.37%.
dated Nov.
awarded
on
SCHOOL DISTRICT, Imperial County, Calif.—
BOND OFFERING.—Until 2 p.m. Dec. 6 M. S. Cook, Clerk Board of Coun¬
ty Supervisors (P. O. El Centro), will receive proposals for the purchase of
$40,000 6% school bonds.
Denom. $500.
Date Nov. 3 1920.
Principal
and semi-annual interest payable at the office of the County Treasurer
Due $4,000 yearly on Nov. 3 from 1925 to 1934, inclusive.
Certified or
cashier's check for 5%, payable to the Chairman Board of County Super¬
visors, required.
Bonded debt, $1,600.
Assessed value, $1,273,167.
30
Dec.
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERING.—
_
Bids will be received until 11
a.
m.
Dec. 22 by Henry P. Hardie, County
Auditor, for $45,000 5% coupon voting machine bonds.
Denom. $1,000.
Date day of sale.
Principal and semi-annual interest payable at the
County Treasurer's office.
Due $5,000 yearly on Dec. 1 from 1921 to
1929, inclusive.
Certified check on a Madison County bank, for 3%,
payable to the County Commissioners, required.
Bids must be made on
blanks furnished by the Auditor.
'
hV> % gold
coupon
tax-free Soldiers' Bonus Fund bonds offered
on
Nov. 16
—V.
Ill, p. 1873.
Date Dec. 1 1920.
Due $300,000 yearly on Dec. 1
from 1921 to 1930, ind.
The follo wing is a complete list of the bidders:
The Equitable Trust Co. of N. Y., Speyer & Co
102.10
Harris, Forbes & Co., E. H. Rollins & Sons, Coffin & Burr, Inc.,
Merrill Trust Co. and C. H. Gilman & Co._
101.05
The Guaranty Co. of N, Y.. The Nationa City Co. of Boston
100.1799
Estabrook & Co., R. L. Day & Co., Merrill, Oldham & Co.,
Blodget & Co., H. M. Payson & Co., Beyer & Small
100.41
Hornblower & Weeks. Redmond & Co., A. B. Leach & Co.,
Curtis & Sanger, J. G. White & Co., Hallgarten & Co., Fidelity
Trust
Co
100.571
Old Colony Trust Co., Maynard S. Bird & Co., Edmunds Bros.,
Eldredge & Co., Kissel, Kinnicutt & Co., Stacy & Braun
F. S. Moseley Sc Co.
101.682
101.534
privilege of registration)
(with
Int. J. & J.
1920.
1
N. Y., or at the
MARION
COUNTY
(P.
O.
Marion),
Ohio.—BOND SALE.—On
6% coupon bridge-improvement bonds (V. Ill, p.
1775) were awarded to W. L. Slayton & Co., of Toledo, for $24,509 80
(100.04) and interest, a basis of about 5.99%.
Date Sept. 1 1920.
Due
each six months as follows: $1,000 Sept. 1 1921 to Sept. 1 1923, inclusive;
and $1,500 March 1 1924 to March 1 1930, inclusive.
Nov.
13 the $24,500
MEMPHIS
DISTRICT
SCHOOL
(P.
Memphis),
O.
Tenn.—DE¬
SCRIPTION OF BONDS.—The $250,000 5H% school bond issue, which
sold on Oct. 29 to the Bank of Commerce & Trust Co. of Memphis
was
at
par—V. Ill, p. 1970—are described as follows:
Nov. 1 1920.
Int. M. & N.
Due serially.
MESA COUNTY (P. O. Grand Junction),
Denom. $1,000.
Date
Colo.—BONDS VOTED.—
The voters favored the issuance of the $150,000 6% court house bonds—
V. Ill, p. 412—at a recent election by a vote of 1576 to 1074.
MIAMI COUNTY
Cert, check for 2%,
$8,745 00 Jacob Moore et al, Pipe Creek Twp., bonds to Thorne & Young,
of Amboy.
Date June 15 1920.
Payable serially for five years.
8,600 00 Mawhinney Shaw et al Jackson Twp. county line bonds to B. F.
Hatfield, of Converse.
Date April 15 1920.
Due serially for
ten
years.
2,825 00 Chas. N. Wales et al Jackson Twp. county line bonds to Thorne &
Young, of Amboy.
Date April 15 1920.
Due serially for five
years.
-
3,750 00 Oliver M. Powell et al Allen Twp. county line bonds to Hatch,
Musselman & Ewer, of Macy.
Date Aug. 15 1920.
Due serially
for ten year1:.
14,853 90 Frank Dillman et al Henry Twp. county line bonds to Hatch,
Musselman & Ewer, of Macy.
Date Aug. 15 1920.
Due serially
for ten years.
BOND SALE.—The $37,160 5% coupon Noah
Wilson et al Erie & Rich¬
Twps. road bonds, offered on Nov. 3 (V. Ill, p. 1775), were awarded
F. Wild & Co., of Indianapolis, at par and interest.
Date Sept. 15
1920. Due $1,858 each six months from M.ay 15 1921 to Nov. 15 1930, incl
land
to J.
MIAMI
there
COUNTY
(P. O. Troy), Ohio.—BONDS
SOLD.—Although
bidders at the official offering, the following two issues of 6%
road-improvement bonds offered on Nov. 8 (V. Ill, p. 1873, 1775)
sold, as the contractors for the road construction later offered to take
were
them at par and interest:
$2,250 Snyder
No. 195 road-improvement bonds.
Due $225 yearly on
Oct. 1 from 1921 to 1930, inclusive.
7,000 Shiloh Road No. 50, Sec. "B," Union Twp. bonds. Due $700 yearly
on Oct.
1 from 1921 to 1930, inclusive.
MICHIGAN
CITY,
Laporte
County,
Ind.—BOND
15-year water works bonds.
Date Jan.
1
1921.
The official notice of this bond offering will be found among the advertise¬
ments
of this Department.
Date Dec.
1
Due Dec.
1920.
1
1921 at the Beacon Trust Co. of
Boston.
The Old Colony Trust Co. will guarantee the signatures and will
certify that the notes are issued by virtue and in pursuance of the General
Act. of 1916, Chapter 286, and of an order of the County
Commissioners,
the validity of which order has been approved by Storey,
Thorndike,
Palmer & Dodge of Boston.
The legal papers incident to this issue will be
filed with the Old Colony Trust Co., where they may be
inspected.
MIDDLETOWN, Butler County, Ohio.—BOND SALE.—The $50,000
6% 1-25-year serial
sewer bonds, dated Oct. 1 1920—V. Ill, p. 1775—were
on Nov.
19 to E. H. Rollins & Sons of Chicago for $50,875 (101.75)
and interest, a basis of about 5.79%.
sold
MILES CITY, Custer County, Mont.—BOND SALE.—The $100,000
were offered at public auction on
May 24 (V. 110, p.
1899) have been sold to C. W. McNear & Co. of Chicago.
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the Fiscal
Agency in New York City, N. Y..
Due $10,000 yearly on April 1 from
water bonds which
1931 to 1940 incl.
Actual valuation
Less bonds issued for water purposes
Total net bond indebtedness
MILWAUKEE,
Statement.
$.375,000
225,000
150,000
7,937
(1920)
Wise.—BOND SALE.—A syndicate composed
Wells-Dickey Co.
of the
awarded the $200,000 6% 1-20-year
bonds, dated July 1 1920 (V. Ill, p. 1970), on Nov. 19
for $211,555, equal to 105.77, a basis of about 5.23%.
serial tax-free
sewer
Dec. 1
follows:
1 1950.
issues) Nov. 15 1920, $22,795,818 94.
Sink¬
Total tax
Assessed value 1920, $367,720,634.
^
OFFERING.—Bids will be received
Minn.—BOND
Nov. 30 by Dan C. Brown, City Comptroller, for $717,-
725.03 special street impt.
bonds, dated Dec.' 1 1920, to become due and
the last one being payable
said bonds for a sum less
of
delivery, and the rate of interest must be bid for by the purchaser and must
not be in execss of 5% per annum, payable annually or semi-annually.
Cert, check for 2% of the amount of bonds bid for, payable to C. A. Bloom¬
payable one-twentieth each year thereafter,
Dec.
1940, and no bid will be entertained for
1
than the
value of the bonds bid for and accrued interest to date
par
quist, City Treasurer, required.
official notice of this bond offering, will be found among the
advertise■
ments elsewhere in this Department.
MISSOULA COUNTY (P. O. Missoula), Mont.—BOND OFFERING.—
Bids will be opened at 10 a. m. Dec. 8 for the purchase of $100,000 6%
highway bonds.
Denom. $1,000.
W. J. Babington is County Clerk.
MODESTO, Stanislaus
County, Calif.—BOND OFFERING —Sealed
24 by L. A. Love, City Clerk, for
Thirteenth Street 7% coupon bonds.
bids will be received until 8 p. m. Nov.
Lee
$4,536
Int.
and
Street
$3,016 75
semi-ann.
MONTEBELLO SCHOOL DISTRICT, Los Angeles County, Calif.—
AMOUNT OF BONDS SOLD.—The amount of bonds sold on Oct. 18 by
this district to the National City Co. at 103.01—a basis of about 5.68%—
6%.
(not $160,000 as stated In V. Ill, p. 1775).
Interest rate
Date Oct. 1 1920.
Due $5,000 yearly on Oct. 1 from 1921 to 1950
incl.
Other
was
$150,000
bidders:
$153,757 00 E. H. Rollins & Sons
Citizens' Nat'l Bank
Blankenhorn-Hunter-Dulin
$152,865
Wm. R. StaatsCo
152,658
00 Baer-Brown-Parsons Co.fl52.617
\
00 California Company
152,013
00 Stephens & Co
00 Home & Hibernian Bank 152,007
Bank of Italy.
151,625
153,715 00
153,606
Blyth, Witter & Co
153,525
Drake, Riley & Thomas, 153,408
Security Tr. & Savs. Bk_ 153,125
Torrance, Marshall & Co
00
00
00
151,255 25
153,110 00 Carstens & Earles
Company
00
00
00
MONTGOMERY, Montgomery County, Ala.—BOND OFFERING.—
Sealed proposals will be received by C. B. Smith, City Clerk, for $95,000
6% coupon refunding bonds until 11 a. m. Nov. 23.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at the Old
Colony Trust Co. of Boston in gold.
Due Jan. 1 1951.
Cert, check for
$950, payable to J. L. Cobb, City Treasurer, required.
The successful
bidder will be furnished with the opinion of Messrs. Storey, Thorndike.
Palmer & Dodge, attorneys, of Boston, that the bonds are binding and legal
obligations of the city of Montgomery.
The bonds will be prepared under
the supervision of the Old Colony Trust Co. of Boston, who will certify as
to the genuineness of the signatures of the city officials and of the seal im¬
pressed thereon.
MOORESVILLE GRADED SCHOOL DISTRICT (P. O. MooresviHe),
Iredeil
County, No. Caro.—BOND OFFERING.—Bids will be received
m. Nov. 29 by J. P. Mills, Chairman Board of Trustees, for
6% school bonds.
Denom. $1,000.
Date Dec. 1 1920.
Prin.
and semi-annl int. payable in New York City, N. Y.
Due yearly on Dec. 1
as follows:
$1,000 1925 to 1929 incl., $2,000 1930 to 1944, incl., and $3,000
1945 to 1949, incl.
Certified check for 2% of the amount of bonds bid for
payable to the Treasurer Board of Education, required.
until 8
p.
$50,000
CITY
MOREHEAD
GRADED
SCHOOL
DISTRICT
(P.
O.
More-
head City), Carteret County, No. Caro.—-BOND OFFERIN<>.—Sealed
proposals will be received by the Board of School Trustees, for $65,000 6%
coupon school bonds until 12 m. Dec. 15.
Denom. $1,000.
Date Dec. 15
1920.
Prin. and semi-ann. int. payable in New York.
Due Dec. 15 1950.
Cert, check or cash on an incorporated bank or trust company for $2,000
payable to C. S. Wallance, Chairman, required.
The bonds are expected
to be ready for delivery on the date of the sale, but may be delivered in
New York.on or before Jan. 11921, and must then be paid for by that time.
MORGAN COUNTY (P. O. Decatur), Ala.—BONDS VOTED.—The
$440,000 road bond issue was carried in Morgan County by about 600
majority, it is reqorted.j
rMit
SEWICKLEY
NEW
TOWNSHIP,
Beaver
County,
Pa .—BONDS
VOTED.—By a vote of 156 "for" to 18 "against," a proposition to issue
,000 road bonds carried on Nov. 2, it is stated.
COUNTY (P. O. Worthington), Minn.—BOND SALE.—
Wells-Dickey Co. of Minneapolis was awarded $378,000 5%% 5-20
serial Judicial Ditch No. 11 B bonds on Sept. 28 for $379,100 equal to
100 29.
Denom. $1,000.
Int. A. & O.
Date Oct. 1 1920^
NOBLES
The
year
NORFOLK COUNTY (P. O. Dedham),
Mass.—NOTE OFFERING.—
Proposals will be received until 10 a. m. Nov. 23 by Fred S. Cobb, County
Treasurer, for $209,000 6% bridge notes, dated Dec. 1 1920 and maturing
Dec.
1
1921.
NORTH PLATTE, Lincoln County, Nebr.—BOND SALE —On Nov.
12 Bosworth, Chanute & Co. of Denver purchased $10,000 6% fire-station
bonds, due serially from 1926 to 1930, inclusive, and $5O,O0O 6% water
bonds, due serially 1930 to 1939, inclusive.
*
NOXUBEE
BOND
was
COUNTY
SUPERVISORS'
OFFERING.—John A.
DISTRICT NO. 1, Miss.—
Tyson, Clerk Board of County Supervisors
(P. O. Macon) will receive proposals for the $90,000 6% bonds—V. Ill, p.
1300—until 2 p. m. Dec. 6.
Denom. $500.
Date Sept. 6 1920.
Int.
semi-ann.it
Cert, check for $500, required.
Purchaser to pay accrued int..
OCONOMOWOC, Waukesha County, Wise.—BOND OFFERING.—
Theodore S. Johnson, City Clerk, will receive proposals for the following
6% bonds until 12 m. Nov. 30:
$5,000 sewer bonds.
Due $500 yearly on Feb. 1 from 1923 to 1932 incl.
5,000 water-works-construction bonds.
Due $500 yearly on Feb. 1 from
1923 to 1932 incl.
15.000 armory bonds.
Due $1,500 yearly on Feb. 1 from 1922 to 1931 incl.
Date Nov. 1 1920.
Int. semi-ann.
Denom. $500.
Cert, check for
5% required.
Bonds to be furnished by bidders.
OPELOUSAS,
was
P*ORD.
St.
Landry
made at the
V.
offering
Ill, p. 517.
on
VALLEY* COUNTY,
Parish,
La.—BONDS NOT SOLD.—No
Aug. 21 of the $250,000 5% public-impt.
Neh.—PURCHASER.—The
purchaser
of
the $55,000 6% tax-free coupon city hall bonds was Benwell, Phillips,
Este & Co. of Denver (not the Harris Trust & Savings Bank of Chicago as
reported in V. Ill,
p.
1874).
BOND SALE.—On Nov. 1 the Bankers' Trust Co. of Denver was awarded
the following bonds:
First Wisconsin Trust Co., Second Ward Securities Co., Marshall <fe llsley
Bank and the
as
on
in this Department.
until 2.30 p. m.
bonds.
.$13,485,000
3,815,432
Assessed valuation 1919
Total indebtedness
official
Due yearly
official notice of this bond offering will be found among the advertise¬
MINNEAPOLIS,
sale
Financial
Population,
Date
p
MIDDLESEX COUNTY (P. O. East Cambridge), Mass.—NOTE OF¬
FERING.—The Board of County Comm'rs will receive bids until 10 a. m.
Nov. 23 for discount of $112,000 tax-free registered tuberculosis hospital
notes.
$1,000-
(per $1,000), $59 70.
The
OFFERING.—
E. W. Hanley, City Controller, will receive proposals until 10 a. m. Dec. 14
for $180,000 6%
Denom.
m.
payable to C. A. Bloomquist, City Treasurer, required.
$2,102,973 68.
ments elsewhere
were no
coupon
bonds.
p.
tax-free
5%
1923 to 1949 incl., and $160,000, Dec.
Bonded debt (excluding these
ing fund,
rate
(P. O. Peru), Ind.—BOND SALE.—The five issues
of road bonds, aggregating $38,773.90, offered on Oct. 7 (V. Ill, p. 1299),
have been sold at par as follows:
various impt.
(last coupon on Dec. 1 on year of maturity),
City Treasurer's office.
$150,000,
1922:
R. H. Moulton & Co
MARICOPA COUNTY SCHOOL DISTRICT NO. 6 (P. O. Phoenix),
Ariz.—BOND SALE.—Newspapers report the sale of $50,000 Washington
School bonds to McArthur Bros, of Chicago at par and interest.
M. Link, Secretary
will receive bids until 2:30
payable at the fiscal agency of the city of Minneapolis in New York City,
The
MAINE (State of).—BOND SALE.— The Equitable Trust Co. of New
York, offering 102.10, a basis of about 5.04%, was awarded the $3,000,000
1920.
and $980,000
$2,000,000 school
for
$120,000,
MC DOWELL COUNTY
(P. O. Marion), No. Caro.—BOND OFFERr
INQ.—Proposals will be received until 11 a. m. Dec. 6 by H. F. Little,
Chairman of the Highway Commission, for $150,000 6% highway bonds.
Int. semi-ann.
Cert, check for $7,500, required.
1
MINNEAPOLIS, Minn.—BOND OFFERING—Geo.
Nov.
coupon
McCABE UNION
refunding bonds
of the Board of Estimate and Taxation,
that
LOS ANGELES HIGH SCHOOL DISTRICT, Los Angeles County,
Calif.—BOND SALE.—On Nov. 15 the $1,000,000 5H % 18 1-3 year (aver.)
school bonds, dated Nov. 1 1920—V, 111, p. 1873—were awarded to the
Citizens National Bank of Los Angeles at 101.737, a basis of about 5.35% .
Tex.—BOND SALE.—An
was recently sold
County.
Prin. and semi-ann. int.
Assessed valuation $5,081,000.
Population 8,500.
payable in New York.
LOS ANGELES CITY SCHOOL DISTRICT, Lo. Angeles County.
Calif.—BOND SALE.—The $1,000,000 5 A % 17-year (average) school
bonds,
Palo Pinto
WELLS,
issue of $20,000 6% 10-30-year (opt.)
to J. L. Arlitt of Austin.
Date Nov.
Paving District No. 1 bonds amounting to between $75,000 and $85,000.
Interest rate 7%.
Due yearly from 1925 to 1939.
Intersecting Donds amounting to between $30,000 and $40,000.
Interest
rate
6%.
Due in 20 years.
Denom. $500.
Int. J. & D.
Date Dec. 1 1920.
Nov. 20 1920.]
THE
CHRONICLE
OREGON (State of).—BIDS.—On Nov. 6 bids were also sent in by the
following bankers for the purchase of the $1,500,000 4H% 15 1-6-year
(aver.) highway bonds dated Nov. 1 1920, awarded as reported in V. Ill,
PETERSBURG,
.
kinnicutt
& Co
Stacy & Braun
Anglo & London Paris
Dec.
""III"
IIIIIIIIIIIIIIIIIIII"II"IIIIII
National Bank_II"IIII"!IIIIIIII
$1,413,900
_
1,399,362
...
1.396,545
missioners
(P. O. Bartow), will receive bids for $100,000 6% bonds until
7.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int.
(J. & J.) payable in Bartow or New York Citv, N. Y., at the option of
holder.
Due yearly on Jan. 1 as follows: $10,000, 1931, and $5,000, 1932
to 1939 incl.
Cert, check for $2,500 required:
Each bidder in his bid
Dec.
shall state the amount of bonds he bids for and the time when he will
ply with his bid.
and be filed in the
1,388,400
$500.
Date Nov. 1 1920.
Int. J. & J.
Due yearly on
follows: $20,000, 1926: $3,000, 1927 to 1931, incl.; $4,000, 1932
to 1936, incl.;
$6,000, 1937 to 1939, incl., and $7,000, 1940.
Purchaser
as
accrued interest.
ROAD DISTRICT NO.
PARISH
ING.—The $1,112,000 5% road bonds,
Ill—will be offered for sale
on
which
1, La .—BOND OFFER¬
were
mentioned in V. 110,
Clerk's office for the inspection of the purchaser.
PONDERA COUNTY SCHOOL DISTRICT NO. 3 (P. O. Conrad),
Mont.—BOND SALE.—The $1,000 6% 5-10-year (opt.) school bonds,
which were offered on Aug. 26—V. Ill, p. 616—have been purchased by
the State of Montana at par.
POWELL COUNTY (P. O. Deer Lodge), Mont.—BOND OFFERING.
Bids will be received until 10 a. m. Dec. 6 for the purchase of $50,000
highway and $100,000 court house 6% bonds.
Hertz, Clerk.
DISTRICT
PALM BEACH COUNTY SPECIAL TAX SCHOOL
DISTRICTS,
Fla.—BOND SALE.—On Nov. 13 the two issues of 6% bonds—Y. Ill
1775—were awarded as follows:
$125,000 15% year (aver.) Special Tax School District No. 1 bonds, dated
Feb. 1 1920 to John Nuveen & Co., at 99.30 and interest a basis
6.°75%.
40,000 15 M (aver.) Special Tax School District No. 4 bonds, dated
July 1 1920 to Elston & Co. at 96.50 and interest a basis of about
6.36%.
The following is a complete list of bids.
$125,000
$40,000
;
':•••"•.• V-.'vv^'.k
w •; '::V'
Issue.
Issue.
John Nuveen & Co.
$124,125.00
Elston & Co
123,875.00 $38,600.00
G. B. Sawyer & Co
123,550.00
A. T.Bell & Co
123,537.50
38,432.00
Bolger, Mosser & Willaman.
122,876.00
Prudden & Co....
122,500.00
Sidney, Spitzer & Co
Bessemer Invt. Co
C. W. McNear& Co
122,250.00
38.240.00
121,930.00
121,762.50
38,025.00
Graves. Blanchet & Thornburgh
R. M. Grant & Co.
121,736.00
121,300.00
120,705.00
37,210.00
38,210.00
37,605.00
J. C. Mayer & Co.....^.
Caldwell & Co....'.
future sale of the above bonds, which are secured by a five
&
of West Palm
Trust Co.
37,611.00
Beach, Florida offered
for the two issues a lump sum of $159,325.00 and accrued interest.
The Associated Realty Investors, Inc., of New York, offered
ten thousands dollars of District No. 4 bonds at
TOWNSHIP
SCHOOL
OFFERING.—Sealed
PALMYRA
Caro.—BOND
PROWERS COUNTY (P. O. Lamar), Colo .—BONDS DEFEATED.—
decided not to issue $125,000 court house bonds.
On Nov. 2 the voters
QUAY COUNTY SCHOOL DISTRICT NO. 34
Wake
County,
bids will be received for a 6%
J. H. Norman, Clerk Board of
school bonds issue, amounting to $25,000 by
County Commissioners (P. O. Raleigh) until
PATERSON, Passaic County,
Dec. 4.
N. J.—BOND SALE.—On Nov. 15 the
bonds (V. 111, p. 1874)
& Co. of New York, as
three issues of coupon (with privilege of registration)
were awarded to E. H. Rollins & Sons and Eldredge
follows *
Denom. $500. * Date Sept. 1 1920Prin.
and semi-ann. int. (M. & S.) payable at the National Bank of Commerce,
N. Y.
to
Due
Sept. 1 1940 redeemable $3,500 annually on Sept. 1 from 1931
1939, incl.
f
Financial
Date Nov.
„
1 1920.
Financial Statement.
valuation
debt
Assessed
Total
bonded
Sinking
...$127,984,925.00
1920
(incl.
these
7,857,470.25
1,775,693.59
issues)
fund
Net debt
Issue.
Name—
$82,000
$365,000
Issue.
Issue.
$1,049,022.28 $365,661.40
for 1,013,000 for 361,000
E. H. Rollins &jSons
Eldredge & Co
$82,004.10
for
Geo. B. Gibbons & Co., N. Y
Guaranty Trust Co
Banks Trust Co., N. Y
$1,049,561.00 $365,492.90 $82,265-68
for 1,026,000 for 364,000 for
82,000
Stacy & Braun, N.Y
Wm. R. Compton Co., N. Y
J
for 1,026,000
-By 82 "for" to
PEABODY, Essex County, Mass.—BOND SALE.—On
Colony Trust Co. and Edmunds Bros, of Boston were
following tax-free coupon 4%% and 5% bonds, aggregating
Nov. 18 the
awarded the
$805,000, at
100.259, a basis of about 4.76%:
$500,000 4%% high school bonds.
Due $25,000 yearly on Nov.
1921 to 1940, incl.
150,000 4%% school bonds.
Due yearly on Nov. 1 as follows:
1921-1930, incl.; and $7,000, 1931 to 1940, incl.
100,000 5% jwater bonds.
Due $20,000 yearly on Nov. 1 from
*
5%°paving
.
1 from
„
$8,000
1921 to
bonds.
Due yearly on Nov. 1 as follows: $6,000
1921 to 1925, incl.; and $5,000. 1926 to 1930, incl.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. &N.
payable at the First National Bank of Boston.
PERTH AMBOY, Middlesex County, N. J.—BOND DESCRIPTION.
The*issue of $100,000 6% paving bonds awarded on Nov. 10 to A.
Leach & Co.—V. Ill, p. 1971—is dated Nov. 15 1920, is in the denomina¬
tion of $1,000, and matures Nov. 15 1926, interest being payable semi'
annually on May 15 andjSTov. 15iinjthe meantime.
55,000
Population officially estimated, 500.
READING, Berks County, Pa.—BONDS DEFEATED.—At the Nov. 2
election, it is reported, the voters refused to give sanction to the issuance of
$100,000 bonds for parks and playgrounds.
Ind.—BOND SALE.—An issue of
bonds has been awarded to the
Meyer-Kiser Bank of Indianapolis, for $12,060 (100 50) and interest, a
basis of about 5 88%.
Denom. $1,200.
Date Oct. 20 1920.
Int. J. & J.
Due $1,200 yearly on Oct. 20 from 1921 to 1930, incl.
RENSSELAER,
Jasper
County,
$12,000 6% city hall and fire dept. bldg.
RENVILLE,
Renville County,
Minn.—BOND OFFERING —Pro¬
posals will be received for $7,000 6% 10-year refunding bonds by O. N.
City Clerk, until Nov. 22Denom. $1,000.
Cert, check for
$1,000, required.
Matson,
RIO
ARRIBA
COUNTY
(P. O. Tierra Amarilla), N.
VOTED.—On Nov. 2 $50,000 road and bridge
M.—BONDS
bonds were voted.
RIO BLANCO COUNTY (P. O. Meeker), Colo.—BONDS DEFEATED.
—At the election held on Nov. 2—V. Ill, p. 1496—$40,000 Court house
bonds were defeated.
IMPROVEMENT DISTRICT, Jefferson and
Ark.—BOND SALE.—An issue of $70,000 6% taxpurchased by Stix & Co. of St. Louis.
Denoms. $1,000
and $500.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. & S.), payable
at the Mercantile Trust Co. St. Louis.
Due yearly on Sept. 1 as follows:
$2,000, 1921 to 1925, in-J : $3,000, 1926 to 1930, incl.; $4,000, 1931 to
1935, incl., and $5,000 ,1935 to 1940, incl.
ROAD
ROBERTS
.
free bonds has been
ROCHESTER, N. Y.—NOTE SALE.—The $80,000 school general fund,
$75,000 water impt. and $250,000 school construction 4-month notes, offered
on Nov. 16 (V. Ill, p. 1972) were awarded to the Alliance Bank of Rochester
at
'
6%.
Nov.
SALE.—On
12
issue of $400,000 local impt. notes
an
payable at the Central Union Trust Co.of N.Y. four months fromNov.
1920, was awarded locally on a 6% interest basis, plus $25 premium,
16
ROCKINGHAM COUNTY (P. O. Wentworth), No. Caro.—BOND
OFFERING.—Hunter K. Penn, Clerk Board of County Commissioners,
will receive bids until 12 m. Nov. 24 for $200,000 6% road and bridge bonds.
Denom. $1,000.
Date Nov. 1 1920Prin. and serhi-ann. int. payable
at the National City Bank, N. Y., and interest on registered bonds will be
paid in New York exchange.
Due $10,000 yearly on May 1 from 1922 to
1941 inclCert, check or cash for 2% of the amount of bonds bid for,
payable to the County of Rockingham, required.
The bonds will be coupon
bonds, registerable as to the principal or both principal and interest.
I he
purchaser must pay accrued interest from the date of the bond to the date
of delivery.
Delivery will be made at the office of the U. S. Mortgage &
Trust Co., N. Y. City.
The successful bidder will be furnished with the
opinion of Reed, McCook & Hoyt of N. Y. City that the bonds are valid
obligations of Rockingham County.
The bonds will be printed under the
supervision of the U. S. Mortgage & Trust Co. of N Y. City, winch will
certify as to the genuineness of the signatures and seal or the bonds.
J. he
bonds are to be issued under a special Act which authorized an unlimited
tax to pay them.
ROCKY RIVER, Cuyahoga County,
There were no bids
Ohio.—NO BIDS RECEIVED.—
submitted for the two issues of 6% Mitchell Ave. sewer
aggregating $9,540 offered onNov. 15—V. 111, p 1776
and water main bonds
ROUTT COUNTY (P. O. Steamboat Springs), Colo.—BONDS DE¬
FEATED.—According to complete returns the $98,000 court house bond
(V. 111. p. 1972) was defeated Nov. 2.
issue
Rushville), Ind.—BOND
Treasurer, is receiving bids until
RUSH COUNTY (P. O.
Frazee, County
$38,920 5% Joseph Redenbaugh et al. Orange
$486 50.
Date Nov. 15 1920.
Int. M. & N.
Old
L
Total indebtedness, including this issue
A.
\$1,049,679.95
PAYSON, Utah County, Utah.—BONDS VOTED.
19 "against" $18,000 funding bonds carried.
$1,500,000
625,000
37,185
Assessed valuation, 1920
81,000
82,672.40
$1,049,225
365,037
for 1,015,000 for 362,000 for
82,000
$1,049,130
$365,510
$82,612 00
for 1,018,000 for 363,000 for
82.000
U. S. Trust Co., Paterson
Kissel-Kinnicut Co., N. Y.
$6,081,776.66
-
Population 1920, U. S. Census. 135,886.
The complete list of bidders follows:
$1,049,000
Statement.
Real value, estimated
NOTE
$1,013,000 5H% school bonds ($1,049,000 offered) for
$1,049,022.28
equal to 103,556, a basis of about 5.22%.
Due yearly on Nov
1 as follows: $26,000, 1921 to 1951, incl.; $27,000, 1952 to 1958
incl., and $18,000 1959.
361,000 6% street impt. bonds ($365,000 offered) for $365,661.40
equal to 101.29 a basis of about 5.72%.
Due $66,000 on May 1
and $17,000 Nov. 1 in 1925, and $278,000 May 1 1926.
81,000 6% apparatus bonds ($82,000 offered) for $82,004.10, equal to
101.239, a basis of about 5.70%.
Due Nov. 1 1925.
,v
(P. O. San Jon), N.
Mex.—BOND SALE.—Keeler Bros, of Denver have obtained $35,000 6%
tax-free school building bonds.
Arkansas Counties,
to buy
95.00 and accrued interest
DISTRICT,
mill tax for
thirty years and voted by the tax payers of Providence, they will have to
be readvertised.
,
120,365.00
118,756.00
W. L. Slayton & Co
All the above bidders offered accrued interest.
D. B.
satisfactory bid was lacking.
We are also advised that in case the town of Providence desires to arrange
a
p.
of about
Denom. $1,000.
PROVIDENCE (P. O. Lake Providence), East Carroll Parish, La.—
BONDS NOT SOLD.—We are advised that the $75,000 5% street impt.
bonds offered on Oct. 5—V. Ill, p. 1013—were not sold that date because
a
Jan. 12 1921.
(P. O.
Painesville), Lake
County, Ohio.—BOND SALE.—On Nov. 15 the $40,000 6% coupon school
funding bonds offered on that date (V. Ill, p. 1874) were awarded to the
Detroit Trust Co. of Detroit, for $41,132 (102 83) and interest, a basis of
about 5% %.
Date Oct. 1 1920Due $1,000 each six months from Mar. 1
1922 to Sept. 1 1941, incl,
The bidders were:
Detroit Trust Co
$41,1321W. L. Slayton & Co. Toledo.$40,464
Prudden & Co. Toledo
40,8161Provident Savings Bk & Tr.
Sidney Spitzer & Co. Toledo. 40,602
Co. Cincinnnati
40,204
ISeasongood & Mayer, Cin... 40,168
SCHOOL
com¬
Opinion as to the validity of said bonds will be furnished
.........
Denom.
No.
SOioOO
726,000
1,598,000
debt
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 4,
Fla.—BOND OFFERING.—J. A. Johnson, Clerk Board of County Com¬
...
OSAGE COUNTY DRAINAGE DISTRICT NO. 1, Kans.—BOND
OFFERING.—Proposals will be received by George Allan, Chairman Board
of Supervisors (P. O. Lyndon), for $70,000 6% bonds until 10 a. m. Nov.
Farmers Bank
2 404 000
1,400,385
I
Halsey, Stuart & Co., Chicago...Hallgarten & Co., New York.......
Blodget & Co., Boston
Ladd & Tilton Bank, Portland
The
$33 005 414
"
I.:"::"
debt
PITTSFIELD, Berkshire County, Mass.—LOAN OFFERING.—It is
reported that proposals for the purchase at discount of a temporary loan of
$200,000, dated Nov. 23 1920 and maturing May 24 1921, will be received
until 11 A. M. Nov. 23, by the City Treasurer.
I-IIIIII
II.Ill
Harris Trust & Savings Bank
National City Company
PAINESVILLE
Due
Net
Continental & Commercial Trust & Savings Bank
Lumbermen's Trust Co.
OUCHITA
Prin. and semi-ann. int. payable in New York.
Total bonded indebtedness
Security Savings & Trust Co
p.
1920.
1921.
1,411,980
First National Co., Detroit
Equitable Trust Co., New York
to pay
SALE.—Harris,
Va.—NOTE
Sinking fund
Guaranty Company of New York, N. Y
E. H. Rollins & Sons, Boston
Ames, Emerich & Co., New York
John E. Price & Co., Seattle
30.
1
Water
Bankers Trust Co., New York
July 1
County,
Financial Statement.
Assessed valuation for taxation
Ralph Schneeloch Co
Carstens & Earles, Inc
William R. Compton Co
Brown Bros. & Co
Dinwiddie
Forbes & Co., have purchased and are now offering to investors at 99 52
and interest to yield 6.50% $500,000 6% coupon notes.
Denom. $1,000.
Date Dec. 1
lossel,
Eldredge & Co
2067
from May
15 1922 to Nov.
OFFERING—.
2 p. m. Nov. 26 for
Twp. road bonds.
Denom.
Due $1,946 each six months
15 1931 inclusive.
SALEM, Washington County, Ind.—BOND OFFERING.—W. W.
Shanks, City Clerk, will receive bids until 7:30 p. m. Dec. 13 for $8,000 6%
fire equipment bonds.
Int. semi-ann.
Purchaser to pay accrued Interest.
County,MJtahf-BOND OFFERING^
SALT LAKE CITY, Salt Lake
Dec. 8 bids will be asked for the
On
refunding
bonds to take up
5% or 5%%, according to
a
purchase of $500,000 20-year serial
like amount due Jan. 1 19M.
Interest
best bid.
A. H. Crabbe, Acting Mayor.
SANDUSKY, Erie County, Ohio.— BONDS VOTED.—The $224,000
repair bond proposition mentioned in V. Ill, p. 1300 carried by more
than 300 votes at the Nov. 2 elections, it is reported.
street
SAN
JOAQUIN
COUNTY (P. O.
Stockton)* Calif.—BONDS DE¬
FEATED.—Final tabulation of election returns shows that the proposed
$350,000 bond issue for permanent buildings at Agricultural Park for future
County fairs failed to carry.
The final vote was 9,737 for and 6,887
against.
A two-third majority, however, was required to pass the bonds.
SCARSDALE
chester
UNION FREE SCHOOL DISTRICT NO. 1, West¬
Y .-BOND OFFERING.—Proposals addressed to
"County,^ N.
Alexander M. Crane, Clerk of
Board of Education, will be received at the
3068
THE
office of Phillip W.
Russell, 14 Wall St., N. Y., until 12
CHRONICLE
$260,000 impt. bonds.
Nov. 26 for
m.
8.
125,000 local-impt. bonds.
Mtge. & Trust Co. of New York.
Due $1,000 Dec. 1 1921
1 from 1942 to 1952,
Cert, check for 2% o:'
payable to the Board of Education, required.
450,000 street impt. bonds.
to 1923 incl.
The bids received were
Name—
may
bonds,
maturing yearly
on
Aug.
1
as
93,000 judgment funding bonds, maturing yearly on Aug. 1 as follows
$4,000 1921 to 1923. incl.; $3,000 1924 to 1950, incl.
Denom. $1,000.
Date Aug. 1 1920.
Prin. and semi-ann. int. (P. & A.)
payable at the City Treasurer's office.
Certified check on an incorporated
bank or trust company for 3% of amount of
bid, payable to the City
Treasurer, required.
Bonds will be guaranteed as to genuineness and certi¬
fied to by the U. 8. Mtge. & Trust Co. of N. Y.
Purchaser to pay ac¬
crued
interest.
Bonded debt Aug. 1 1920
$1,580,000 00
Judgments (Interest and costs estimated)
$92,861 22
Accrued interest on outst. bonds to Aug. 1 1920__„
18,545 21
111,406 43
Total...
$1,691,406 4
ResourcesCash in interest and sinking fund
Bonds in interest and sinking fund..
$109,296 52
84,000 00
$193,296 52
Net bonded indebtedness Aug. 1 1920
Total assessed valuation for year 1920
$1,498,209 91
$107,996,635 00
SEATTLE, Wash.—COUNTER SALE OF BONDS ONLY PARTLY
SUCCESSFUL.—The "Seattle Post-Intelligencer" of Nov. 9 says:
"Because the City of Seattle has failed to purchase 'over the counter'
bonds for financing the Skagit project, placed on sale through the
city
comptroller's office on suggestion of the mayor last summer, Mayor Hugh
M. Caldwell on Nov. 8 in a communication to the
city council advised the
discontinuance of this method of selling the securities.
Although the
city had authorized the sale of $600,000 worth of bonds actual sales had
amounted to but $360,000.
In his communication to the council, Mayor Caldwell recommended that
remaining $240,000 bonds be advertised for sale in a lump sum on
the
competitive bids.
Indicating his belief that the
recent
experiment had
proven counter sales of bonds a
failure, the mayor suggested that hereafter
all issues of bonds be sold in the
lump after competitive bids have been
advertised and received.
This was the practice of the council until Mayor
Caldwell early last summer persuaded the council to
try the counter sales
plan.
In urging the council to take steps for financing the
Skagit work during
the year 1921, the mayor declared that several questions are involved in
the procedure, "such as the amount of money which will be
required, th
state of the bond market, and the manner of sale of such bonds.
The mayor's communication was referred by the council to this
city
utilities and finance committees. "
SIOUX FALLS INDEPENDENT SCHOOL DISTRICT
(P. O. Sioux
City), Minnehaha County, So. Dak.—BOND SALE.—R.
Co.
M.
Grant &
of N.
Y., submitting a bid of 100 46, a basis of about 5-46%, were
awarded the $432,000 53*% 20-year school bonds.—V.
Ill, p. 1972—on
Nov. 15.
Date Dec. 1 1920.
Due Dec. 1 1940.
SMITH COUNTY (P. O. Tyler), Tex.—BOND OFFERING.—Sealed
bids for the purchase of $270,000 5H% road bonds, will be received until
2 p. m. Nov. 26 by W. R. Castle, County Judge.
Denom. $1,000.
Date
April
10 1920.
Prin. and semi-ann. int. payable
$15,000 yearly on April 10 from 1921 to 1938, incl.
bank in Smith County, for 2%, required.
in
New
York.
Cert, check
Due
on some
SPRINGFIELD. Clark County, Ohio.—BOND OFFERING.— W. J.
Barrett, City Auditor, will receive bids until 12 m.
Nov. 29 for the fol¬
lowing two issues of 6% paving bonds:
$10,695 special
assessment
bonds.
Denom.
$569 50
and
$500.
Due
$1,069 50 yearly on Sept. 1 from 1921 to 1930, incl.
12,316 Springfield Railways Co's. share
bonds.
Denom. $231 60 and
$500.
Due $1,231 60 yearly on Sept. 1 from 1921 to 1930, incl.
Date Sept. 1 1920.
Prin. and semi-ann. int., payable at the City Treas¬
ure's office.
Cert, check for 5% of amount of bonds offered,
required.
SPRINGWELLS, Wayne County, Mich.—BOND
SALE.—The village
has sold $260,000 worth of the $600,000 authorized
by the voters on Oct. 25
Ill, p. 1776.
Watling, Lerchen & Co. of Detroit, on Nov. 16, pur¬
chased $200,000 for water-main extension and $60,000 to
purchase sites for
—V.
municipal bldgs. paying $260,989 equal to 100.38.
and
run
The bonds bear 5}*%
for 20 years.
STARKVILLE, Oktibbeha County, Miss.—BONDS AWARDED IN
PART.—Of the $55,000 water works impt. and
sewerage bonds, which were
offered
Jan. 9 as 5J*s—V. 109, p. 2378—$40,000 have been sold to local
as 6s.
Denom. $500.
Date Nov. 1 1920.
Int. M. & N. Due
follows: $2,500,1921 to 1930, incl., and $3,000, 1931 to 1935, incl.
The unsold portion ($15,000), which are
lithographed and ready for de¬
livery and mature $3,000 yearly from 1936 to 1940, incl., can be purchased
on
investors
yearly
as
at par.
STEELE
COUNTY
(P.
O.
Owatonna), Minn.—BOND SALE.—The
1776—were sold on Nov. 10 to the Drake-
following bonds—V. Ill, p.
Ballard Co., at 100.11 and interest for
5}*s.
$27,000 Public Tile, Drainage System No. 7 bonds.
10 years.
Due serially in
1 to
Due serially in 5 to
20 years.
8,500 Judicial Ditch No. 5 bonds.
Due serially in 1 to 9 years.
6,000 Public Tile Drainage System No. 10 bonds.
Due serially in 1 to
10 years.
Date Dec. 1 1920.
Other bidders
/
Minneapolis Trust Co
Security State Bank
Kalman, Matteson & Wood.
Amount.
Interest Rate
$61,620
6%
61,350
6%
61,026
53*%
STERLING, Logan County, Colo.—BOND SALE.—An issue of $50,000 15-yr. water extension bonds was
recently sold to the Bankers Trust
Co. of Denver at 103.78 for 6s.
Bids are:
6s.
Bankers Trust Co
103.78
.
Sidlo, Simons Fels & Co
Benwell, Phillips, Este & Co
SWAMPSCOTT,
$75,000
1920.
98 50
96.54
98.27
101-32
was
Essex
reported
as
follows:
Interest Rates.
$260,000 $450,000 $125,000 $18,500 $48,000
$901,500
Issue.
Issue.
Issue.
Issue.
&
Co.
of
Due Mar. 14 1921.
SWIFT COUNTY INDEPENDENT SCHOOL DISTRICT NO.
4,
Minn.—BOND SALE.—An issue of $25,000 63* % school bonds was
recently
purchased by the Wells-Dickey Co. of Minneapolis.
SYRACUSE, Onondaga County, N. Y.—BOND SALE.—On Nov. 16
the following tax-free coupon (with privilege of
registration) bonds offered
on that date (V. Ill, p.
1972) were awarded to Sherwood & Merrifield and
the First Trust & Deposit Co. of New York, at 100.318 as
5s, a basis of
about 4 93%:
Issue.
Harris, Forbes & Co., Na¬
City
Co.,
Curtis
902,410 50
& Sanger
..
,
5}*
901,590 00
5
534"
5J*
5
53*
53*
53*
Guaranty Trust Cb.__.901,833 5 5
Thayer, Drew <fc Co
Rutter & Co., Gliddon,
5
53*
53*
53*
53*
5
5
5
5
53*
53*
53*
53*
5
5
5
5
5
5
Estabrook <fc Co
Remick,
Hodges
&
5
5J*
Co.,
6
First Tr. & Deposit Co.904,366 77
TACOMA, Wash.—BOND SALE.—The following 6% bonds
during October by the City of Tacoma:
Dist. No.
Amount.
Purpose.
Date.
1221
4081
1203
4044
4019
$187 95
4,021
1,081
19,616
1,608
2,960
1225
70
05
85
80
00
All the above bonds are
Sidewalk
Oct. 16 1920
Paving
Oct. 16 1920
Grading
Oct. 19 1920
Paving
Oct. 27 1920
Paving
Oct. 26 1920
Sidewalk
Oct. 27 1920
subject to call yearly in October.
were
3*
issued
Due.
Oct. 16 1925
Oct. 16 1930
Oct. 19 1925
Oct. 27 1930
Oct. 26 1930
Oct. 27 1925
TALLAHADGA DRAINAGE DISTRICT (P. O. Louisville), Winston
County, Miss.—BONDS CAN BE OBTAINED.—'The $125,000 6% 25year bonds offered without success on May 1—V. 110, p. 2107—can be
purchased at any time.
Denom. $1,000.
Date Oct. 1 1920.
Ipt. A. & O.
TEXAS (State of).—BONDS REGISTERED —The following
5% bonds
have been registered with the State Comptroller:
Place and Purpose of Issue.
Due.
Date Reg.
Amount.
$1,800 Dickens County Com. Sch. Dist. No. 16....20 year
1,000 Madison County Com. Sch. Dist. No. 21—5-20 years
1,500 Parker County Com. Sch. Dist. No. 77___-10-20 years
Nov. 8
Nov. 9
Nov. 8
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 48 (P. O. Wheeler), Ore.—BOND OFFERING.—Until 1 p. m. Nov. 29 bids will be received
for $12,000 6% school bonds by Frank A. Rowe, District Clerk.
Denom.
$1,000
Date Sept. 1. 1920.
Prin. and semi-ann int. (M. & S.) payable
at the office of the
County Treasurer or at the fiscal agency of the State
of Oregon in New York City, N. Y.
Due in not to exceed 20 years, ma¬
turity or maturities desired, to be specified by the bidder or bidders.
Le¬
gality approved by Teal, Minor & Winfree of Portland.
TOLEDO, Lucas County Ohio.—BOND OFFERING.—John J. Higgins
Director of Finance, will receive proposals until 12 m. Dec. 9 for $845,387.88
6% deficiency funding bonds.
Denom. 1 for $387.88 and 845 for $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the U. S. Mtge.
& Trust Co. of N. Y.
Due Nov. 1 1928.
Cert, check for 2% of amount of
payable to the City Treasurer, required.
Bonds to be
paid for within 10 days from date of award.
Purchaser to
pay accrued interest.
bonds
bid
for,
delivered and
BONDS DEFEATED.—For the second time this year the voters defeated
the twin bond ordinances, when placed before them on Nov. 2—V.
1496.
p.
Ill,
The $4,000,000 issue lost by 43,603 "against" to 13,914 "for,,
the $3,000,000 issue by 44.294 "against" to 16,496 "for."
TOOELE, Tooele County, Utah.—BOND ELECTION—On Nov. 23
(not Nov. 16 as reported in V. Ill, p. 1681) $15,000 fire department bonds
will be voted upon.
TORRANCE
BOND
were
COUNTY SCHOOL
DISTRICT
NO. 7, N. Mex.—
$22,900 6% 20-30-year (opt.) school bonds, which
May 29—V. 110, p. 2318—but then failed to receive a bid,
SALE— The
offered
on
have been sold to Percival Brooks Coffin of Chicago, at 95.
TRUMBULL COUNTY (P. O. Warren), Ohio.—BOND OFFERING.—
Until 1 p. m. Nov. 20, W. R. Harrington, Clerk Board of County Comm'rs
will receive bids for $5,000 6%
County Garage Heating Plant bonds.
Denom. $500.
Date Nov. 20 1920.
Prin. and semi-ann.
(A. & O.)
payable at the County Treasurer's office.
Due $500 on April 1 and Oct. 1
in the years 1922 to 1926, incl.
Cert, check for $100, payable to the
County Treasurer, required.
Bonds to be delivered and paid for at Warren.
Purchaser to pay accrued interest.
TUSCARAWAS
COUNTY
(P.
O.
New
Philadelphia),
Ohio.—
BONDS DEFEATED.—At the
general elections the electors defeated, by
12,500 "nays" to 8,600 "ayes" a proposition to issue $155,000 bridge bonds.
TWIN FALLS, Twin Falls County, Idaho.—BOND SALE.—Keeler
of Denver were awarded the $75,000 paving and $20,000
fire-dept.
6% 10-20-year (opt.) municipal coupon bonds dated July 1 1920—V. Ill,
p. 1682—on Nov. 15.
The above bonds were voted on Nov. 9.
Bros
TYNDALL, Bon Homme County, So. Dak.— BOND OFFERING.—
Until 8 p. m. Nov. 26 proposals will be received for the
following city bonds
by C. L. Bohac, City Auditor:
$65,000 bonds.
Certified check for $5,000 required.
30,000 bonds.
Certified check for $3,000 required.
UPPER TOWNSHIP SCHOOL
DISTRICT, Lawrence County, Ohio
BOND ELECTION.—An election is to be held
voters to approve a
on
Nov.
27 to ask
the
proposition to issue $50,000 site purchase and school
bldg. bonds.
UTAH COUNTY
(P. O. Provo), Utah.—BOND SALE.—on Nov. 16
$300,000 road and $100,000 court house 5% 1233-year average bonds were
sold to International Trust Co., Bosworth, Chanute &
Co., both of Denver,
and Harris Trust & Savings Bank of
bidders
Other
Palmer Bond & Mortgage Co. of Salt Lake and Wm. R.
CompLouis, jointly, 93.61; E. H. Rollins & Sons, 93.02, and Keeler
Bros., 91.56.
A like amount of bonds was reported as sold in Y. 110, p.
2108.
were:
ton Co. of St.
VALLEJO
SCHOOL
DISTRICTS, Solano County, Calif.—BOND
SALE.—The following bonds—V. Ill, p. 1972—were
purchased on Nov. 15
by the Anglo & London Paris National Bank of San Francisco:
$250,000 Grammar School bonds.
I
250,000 High School bonds.
VERMILION,
Erie
County,
Ohio.—BONDS
DEFEATED.—News-
ost by a narrow margin on Nov. 2.
1>apers report that a proposition to issue $25,000 memorial building bonds
VERO, St. Lucie County, Fla.—BONDS AWARDED IN PART.—
Of the two issues of 6% bonds
aggregating $100,000 offered on March 10—
V. 110, p. 893—the
$30,000 6% electric light bond issue was awarded on
July 28 to the Farmers' Bank of Vero at 95 and interest.
Denom. $1,000.
Date March 1 1920.
Int. M. & S.
Due serially.
VIGO COUNTY
were
no
(P. O. Terre Haute), Ind.—NO BIDDERS— There
Riley Twp. road
bidders for the $11,000 5% Pearl
Ripley et al.
on Nov.
15—V. Ill, p. 1972.
bonds offered
sold in V. Ill, p. 518.
County,
Mass .—TEMPORARY LOAN—On
Boston, were awarded a temporary loan of
4-98% discount basis, plus a premium of $.25. Date Nov. 15
Grafton
on a
97.32
101 85
Bros
98 63
102.32
10
25
:
Bosworth, Chanute & Co
International Trust Co
A like amount of bonds
12
53*s.
98.74
..102 58
102.38
...
E. H. Rollins & Sons
Nov.
1 from 1921 to
Nov. 1 from 1921 to
Chicago, jointly at 93.76.
18,500 Public Tile Drainage System No. 8 bonds.
Keeler
on
Davidge & Co
901,836 35
Geo. B. Gibbons & Co...911,506 65
Sherwood
&
Merrifield,
stipulate.
follows:
$12,000
1921 to 1948, incl., and $13,000 1949 and 195^.
as
Price Offered.
.
for
tional
$362,000 impt.
Due $45,000 yearly
1930 incl.
SCRANTON, Lackawanna County, Pa.—BOND
OFFERING.—Pro¬
posals addressed to Alex T. Connell, Mayor, will be received at the City
Controller's office until 12 m. Nov. 30 for the
following 5% tax-free bonds,
be coupon or registered as the successful bidder
1 from 1921 to 1940
Nov.
on
18,500 sidewalk impt. bonds.
Due $3,700 yearly on Nov. 1 from 1921
to 1925 incl.
48,000 public works bonds.
Due $16,000 yearly on Nov. 1 from 1921 to
SCHENECTADY, Schenectady County, N. Y.—NOTE OFFERING,
Leon G. Dibble, City Comptroller, will receive
proposals until 11 a. m.
Nov. 26 for the purchase on an interest basis of
$61,400 temporary loan
bridge notes, dated Nov. 29 1920 and to mature May 29 1921 at the City
Treasurer's office or at the Chase Nat. Bank of New York at
to
Nov.
on
Due $12,500 yearly
1930 incl.
and $10,000 yearly on Dec.
amount bid for,
purchaser's
option; delivery to purchaser will be made within 10 days from award at
said bank unless desired elsewhere.
Cert, check for 1% of amount of
notes bid for, payable to the
City Comptroller, required.
Purchaser to
pay accrued interest.
Due $13,000 yearly
incl.
J111,000 5% coupon 1 1919. Prin. of registration) school bonds. Denom.
1,000.
Date Dec. (with privilege and semi-ann. int. (J. &
D.) payable
at the U.
[Vol. 111.
VINTON COUNTY (P. O.
McArthur), Ohio.—BOND OFFERING.—
County Commissioners will receive bids until 1 p. m. Dec. 2
Inter-County Highway bonds.
Auth. Sec. 1223, Gen. Code.
Prin. and semi-ann. int.
payable at the County Treasurer's
office.
Due $825 yearly on Dec. 2 from
1921 to 1930 incl.
Cert, check
for $100 required.
The Board of
for $8,250 6%
Denom. $825.
VISALIA, Tulare County, Calif.—BOND ELECTION.—An election
■will be held
on
ssuing $110,000
VIVIAN,
Dec.
7 for the voters decide whether
they are in favor of
sewer extension and
Caddo
Parish,
bridge bonds.
La.—DATE NOT YET DECIDED.—The
date for the reoffering of the $34,000
5% street impt. bonds, which were
offered unsuccessfully on Sept. 7—V.
Ill, p. 1201—has not as yet been
decided
upon.
Nov. 20
VOLGA, Brooking! County, So. Dak
BONDS NOT SOLD.—'There
sale on Nov. 1 of the 525,000 6% electric light bonds—V. Ill, p.
was no
1589.
WALKILL DRAINAGE DISTRICT, Clay County, Fla.—BONDS NOT
SOLD.—The $100,000 6% 10-29 year serial drainage bonds offered on
Sept. 6—V. Ill, p. 817—were not sold.
The bonds will be readvertised some time in January.
56
WALNUT SPRINGS INDEPENDENT SCHOOL DISTRICT (P. O.
Walnut Springs), Tex.—BONDS REGISTERED.—On Nov. 9 the State
Comptroller registered $10,000 5% 5-40-year bonds.
Warren), Trumbull
County, Ohio.—BOND OFFERINO.—Proposals for $36,000 6% school
bldg. bonds will be received until 12 m. Dec. 8 by Ruth Dillon Hepner,
Clerk of Board of Education.
Date Dec. 1 1920.
Int. J. & D.
Due
yearly on Dec. 1 as follows: $5,000, 1940 to 1945 incl., and $6,000, 1946.
Cert, check for $200, payable to the Treasurer of the Board of Education,
required.
Bonds to be delivered and paid for within 10 days from date
of award.
Purchaser to pay accrued interest.
WARREN
CITY
WASHINGTON
DISTRICT
SCHOOL
Davies
(P. O.
BOND
Ind.-
County,
4)^% Martin Wagner Jefferson Twp. road impt. bonds.
Denom. $220.
Date Nov. 15 1920.
Int. M. & N.
Due $220 each six months from May
15 1922 to Nov. 15 1931, incl.
WELSH DRAINAGE DISTRICT NO.
County, La.—BOND SALE.—The $130,000
V. 110, p. 2000—were awarded on June 21 to
at par.
Denom. $500.
Date June 11920.
1921 to 1940, incl.
WHITLEY COUNTY (P. O. Columbia City), Ind.—BOND OFFER¬
ING.—Proposals for $20,329 5% Prank E. Cox et al, road bonds will
received until 10 a. m. Dec. 1 by Forrest S. Deeter, County Treasurer
Denom. $1,016 45.
Date May 15 1920.
Int. M. & N.
Due $1,016 45
each six months from May 15 1921 to Nov. 15 1930, incl.
WILMINGTON. Clinton County, Ohio.—BOND
/C
Proposals for these
V. Ill, p. 717 -will be offered for sale on Nov. 26.
ill "
bonds wi' be received until 2 p. m. on that day by M. L. Antony, Secretary
Date
)rly).
Board of Education.
(P. O. State Bank of Waverly, Waverl
Aug. J^1920.
Prin. and semi-ann. int. payable at the State Bank of Waverly, Waverly, or at some Central banking point at the option of purchaser,
Due yearly on Aug. 1 as follows: $5,000 1923 to 1939, incl., and $15,000
1940.
Certified check for 10% of the amount of bonds bid for, payable
to the School District, required.
The bonds will be accompanied by the
Minneapolis.
$40,501 (100.002) and Interest, a basis of about 5.99%:
$18,500 Mulberry St. improvement (special assessment) bonds.
Due
yearly on Jan. 1 as follows: $2,00C, 1922 to 1930, inclusive, and $500
Co. of Toledo, for
1931.
WELLESLEY, Norfolk County, Mass.—BOND SALE.—On Nov. 19
were
awarded the following two issues of
100.82, a basis of about 4.83%:
Date Mar. 1 1920.
Due $2,000 yearly on March 1
5% coupon tax-free bonds at
$30,000 sewer bonds.
from
1921
to 1935, inclusive.
Date March 1 1919.
12,000 sewer bonds.
Due
$3,000 yearly
March 1
on
from 1921 to 1924, inclusive.
Denom.
$1,000.
Prin. and semi-ann. Int.
Boston Safe Deposit & Trust
1930.
14,500 Main St. (special assessment) bonds.
Due yearly on Jan. 1 as
follows: $2,000, 1922 to 1927, inclusive; $1,000, 1928, and $500.
1929, 1930 and 1931.
3,000 Main St. (village's portion) bonds.
Due July 1 1930.
Date July 1 1920.
Int. J. & J.
_
j
_
,
WILSON, Wilson County, No. Caro.—BOND SALE.—3. C. Mayer
& Co., of Cincinnati were the successful bidders on Nov. 15 for the fol¬
lowing 6% bonds—V ill, p. 1875—for $540,670 equal to 102 013.
$466,000 street impt. bonds.
Due yearly on Nov. 1 as follows: $35,000
1922 to 1931, incl.; $18,000, 1932 and 1933, and $20,000, 1934 to
1937, incl.
64,000 water and sewer bonds.
Due $2,000 yearly on Nov. 1 from 1921
to 1952, incl.
Date Nov. 1
1920.
,
.
,
Financial
Assessed valuation 1920--t
Real valuation
;
„
Statement.
$24,688,883
24,688,883
1,423,500
...—
bonds
Uncollected special assessments applicable to payment of a
portion of above debt
Special assessments about to be levied and applicable to a
portion of said bonds
100,000
284,260
Water bonds included in above
246,000
Electric light and gas works bonds included in above
Debt included above, for other revenue producing enterprises._
325,000
91,000
12,250
Sinking Fund for non revenue producing bonds
Population 1920 census
Tax rate for general purposes, 43 cents.
Tax rate for bonds, interest and Sinking Fund, 15 cents.
Total tax rate for all purposes, 58 cents.
(M. & S.) payable at the
Co.
—
10,623
■
WORCESTER, Worcester County, Miss.—TEMPORARY LOAN.—
loan of $300,000 dated Nov. 16 1920 and maturing Feb. 4 1912
awarded on Nov. 13 to the Park Trust Co. of Worcester, on a 5.41%
A temporary
Bluffton). Ind.—BOND OFFERING.—O. E.
Lesh, County Treasurer,will receive bids until 2 p. m. Nov. 23 for $4,400
WELLS COUNTY (P. O.
was
discount
basis.
NEW LOANS
NEW LOANS
LOANS
NEW
Due July 1
(village's portion) bonds.
4,500 Mulberry St. improvement
Total indebtedness including these
WEAKLEY COUNTY (P.
O. Dresden), Tenn.—BOND SALE.—
Taylor, Ewart & Co., were awarded the $125,000 6% highway bonds—
V. Ill, p. 1682—on Nov. 10 at 103.33 a basis of about 5.72%.
Denom.
$1,000.
Date Oct. 1 1920.
Int. A. & O.
Due Oct. 1 1940.
Arthur Perry & Co. of Boston
SALE.—On Nov. 11
the following four issues of 6% street impt. bonds, amounting to $40,500,
offered on that date—V. Ill, p. 1682—were awarded to W. L. Slay ton &
County,
N. Y .—BOND SALE.—On
Nov. 17 the $120,000 5% Court Street grade crossing elimination bonds,
offered on that date (V. Ill, p. 1973) were awarded to Sherwood & Merrifield of New York, at 100.45 and interest, a basis of about 4.95%.
Date
July 1 1920
Due $5,000 yearly on July 1 from 1922 to 1945, inclusive.
Blodget & Co. of New York bid 100.4325.
approving opinion of R. G. Andrews,
it
WHEATLAND,
Platte
County,
Wyo .—BOND
SALE.—Benwell,
Phillips Este & Co. of Denver have purchased $20,000 6% 10-30 yr. (opt.)
sewer and $20,000 6% 15-30 yr. (opt.) water bonds.—V. 110, p. 2319-
Jefferson
U72
Hampden County, Mass—TEMPORARY LOAN.—A
WESTFIELD,
11,500 municipal bonds.
Date Sept. 15 1920.
Due $500 Nov. 15 1921,
and $1,000 each six months from May 15 1922 to May 15 1927, incl.
Denom. $500.
Int. M. & N.
_
1 (P. O. Welsh , Jefferson
5% bonds offered on May 31—
G. B. Zigler & Co., of Jennings
Int. J. & D.
Due yearly from
temporary loan of $100,000, maturing May 18 1921, has been awarded,
is stated, to the Old Colony Trust Co., of Boston, on a 5-60% basis.
OFFERING.—Fred
Promme, City Clerk, will receive bids until 7.30 p m. Nov. 22 for the
following 6% bonds
$10,000 schoolhouse refunding bonds.
Date Nov. 15 1920.
Due $500
each six months from May 15 1927 to Nov. 15 1936, incl.
WATERTOWN,
2069
CHRONICLE
THE
1920.]
$2,980,000
$717,725.03
City of Minneapolis
We
CITY OF MINNEAPOLIS, MINNESOTA
specialize in
City of Philadelphia
Notice Is hereby given that on
DAY
the THIRTIETH
at 2:30
OF NOVEMBER, A.
D. 1920,
o'clock p. m., the Board of Estimate and
3V2s
4s
Taxation
City of Minneapolis, Minnesota, will sell
bonds
of
said
city
as
follows: $2,000,000 00
School Bonds and $980,000 00 for miscellaneous
public purposes.
oaiu
uuuus
wixi
uuctr interest at
tut) rate of oyq
Said bonds will bear juitereso cto the ratu vi 5%
of the
41/48
4^8
payable semi-annually, be dated
1920, and be payable as follows:
the first day of December, 1922;
on the first day of December in each
of the years 1923, 1924, 1925, 1926, 1928, 1929,
1930, 1931, 1932, 1935, 1936, 1940, 1943, 1945,
1946, 1947, 1948 and 1949. and $160,000 on the
first day of December. 1950.
The bonds are to be sold at the best price offered
er
5s
annum,
)ecember
B
$120,000
$150,000
Biddle & Henry
104 South
SPECIAL
BONDS.
Fifth Street
by
a
par.
1,
ott
responsible bidder
either above or below
The right to reject any and all bids is re¬
All
bids
must
be unconditional
and
served.
PHILADELPHIA
without
qualification.
The sale
Private
Vire to New York.
Call Canal 8437.
is to
be held pursuant to and in
respects in compliance with Chapter 252,
Laws of Minnesota, 1919.
all
Session
TAXATION,
M. LINK, Secretary.
Minneapolis, Minnesota.
BOARD OF ESTIMATE AND
By
&
NEW
BONDS
M. M. FREEMAN &
CO.
Philadelphia
Telephone, Lombard
by the Committee
Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the City
Council Chamber, Municipal Building, Minneap¬
on
TUESDAY, NOVEMBER 30TH,
2:30 o'clock p. m., for $717,725 03
Street Improvement Bonds, dated De¬
cember 1st, 1920, to become due and payable
one-twentieth each year thereafter, the last one
being payable December 1st, 1940, and no bid
will be entertained for said bonds for a sum less
than the par value of the bonds bid for and ac¬
crued interest to date of delivery, and the rate
of interest must be bid for by the purchaser and
must not be in excess of five per cent per annum,
olis,
Minn.,
1920,
at
Special
payable annually or semi-annually.
The right to reject any or all bids
is hereby re
served.
A certified check for Two
Per Cent of the par
value of the bonds bid for, made to C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be mailed
upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minn.
$180,000
MUNICIPAL BONDS
Upon Requeet
ill Chestnut Street
Sealed bids will be received
JERSEY
MUNICIPAL BONDS
Lists Mailed
GEO.
115 City Hall,
Tax Exempt
PENNSYLVANIA
STREET IMPROVEMENT
I
3s
710
Underwriting and distributing entire issues
of City, County, School
District Bonds of Texas.
and offerings
District and Road
Dealer's inquiries
Michigan City, Indiana
solicited.
WATER-WORKS
Circulars on Reguest.
Harold G.Wise&CoMEAinr
Sealed Bids will be
BONDS
received by City Controller
o'clock
Michigan City, Indiana, until Ten o clock
T
Tuesday, December 14, 1920, $180,000.00
Water Works Bonds, 15 years, 6% par, Dated
of
a.
New Jersey
m.
January 1,
Hotiy xo^.Tejcajs
1921.
E.
W.
HANLEY, City Controller.
Securities
OUTWATER & WELLS
II Bxctianse
Place
Tel. SO Montgomery
Jeraey City, N. J.
H. M.
CHANCE
Mining Engineers
COAL AND
Municipal
Bonds.
ICO.
and Geologists
MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
United States and Canadian
mDDELL
Ground Floor Singer
89 Liberty
Building
Street,
Telephone Cortland t
New York
Pennsylvania Tax
Free Bonds
PAUL & CO.
lembert Philadelphia Stock Exchange
1411
Chestnut Street
3183
PHILADELPHIA
t
s
2070
THE
ZANESVILLE,
CHRONICLE
Muskingum County,
Ohio.—BOND OFFERING.—
Proposals for the purchase or $1,900
6% special assessment Thurman Street
impt bonds will be received until
12 m. Dec
4 by S. M. Smith,
City
Auditor.
Denom. $190.
103.17
Co., Toronto; Continental &
Commercial
Bank, Chicago; First Trust &
Savings Bank,
Chicago; Blyth, Witter & Co., San
Francisco; Wm. R. Compton & Co.,
Chicago
103.14
Harris, Forbes & Coi, Toronto; National
City Co., Toronto
Dominion Securities Corp.,
102.367
Toronto; Wm. A. Read &
Co., N. Y.«_101.417
Date Nov. 15 1920.
Int. semi-ann.
Due $190
15 from 1921 to
1930, incl.
Cert, check for 3% of amount
of bonds bid
for, payable to the City
Treasurer, required.
Bonds to be
delivered and paid for within
10 days from date of award.
Purchaser to pay
accrued interest.
yearly
on
[VOL. 111.
Jarvis & Co., Toronto
W. A. MacKenzie &
Trust & Savings
Nov.
BOND OFFERING.—S. M.
Smith, City Auditor, will receive bids until
m. Dec. 2 for
$35,095 18 6% deficiency bonds.
Denom. 1 for $1,095 18
34 for $1,000.
Date Nov. 15 1920.
Int. semi-ann.
Due Nov. 15
1928.
Cert, check for
3% of amount of bonds bid for,
payable to the City
Treasurer, required.
Bonds to be delivered and
paid for within ten days
from date of award.
Purchaser to pay accrued interest.
PARRY SOUND, Ont.—DEBENTURE
SALE.—On Nov. 12 two issues
were awarded to N. A.
MacDonald & Co. of
12
of 6% debentures
and
Toronto,
follows:
$75,000 00 30-yr. installment electric
light and
.i'
84 67,
power
118,744 65 15-yr. installment local
impt. consolidated
90 68.
CANADA,
W
its
Provinces
and
debentures
SALE.—Newspapers
6% 10-year school debentures
was
bankers.
a
option.
PEMBROKE, Ont .—DEBENTURE OFFERING.—S.
Clerk-Treasurer, will receive bids until 3 p. m. Nov. 24
$175,000
syndicate of Montreal
of).—DEBENTURE
SALE.—Newspapers re¬
port that $750,000 6% 10-year
debentures have been sold to Wells, Dickey
« Co. and the
Minnesota Loan & Trust Co. of
Minneapolis at 102.72, which
costs the Province about
5.64%.
Prin. and interest payable in the U. S.
RENFREW COUNTY (P. O.
Pembroke),
MONTREAL CATHOLIC
SCHOOL
COMMISSION (P. O. Montreal),
Que.—DEBENTURE SALE.—A syndicate
composed of Versailles, VidriBaulais, Rene T.
Leclerc, L. G. Beaubien & Co., and the Credit
Canadian, Inc., all of Montreal, has
purchased at 98.50 an isuse of $500,000
6% 10-year school debentures! dated Nov.
1 1920.
**
JAW,
ST.
JOHN, N. B.—DEBENTURES
AUTHORIZED.—The City Council,
according to reports, has passed by-laws
calling for the issuance of
$623,419
6% debentures.
Sask.—DEBENTURE
SALE.—Wood, Gundy & Co.
have purchased and are now
offering to investors at a price to yield 8%
issue of $100,000
6% debentures.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int.
(M. & N.) payable at Toronto,
Montreal, Moose
Jaw or New York, at
holder's option.
Due Nov. 1 1930.
SASKATCHEWAN
sold from
NOTTAWASAGA TOWNSHIP (P. O.
Smithdale
R. R., No. 1)
Simcoe County,
Ont.—DEBENTURE OFFERING.—Proposals addressed
Angus Campbell will be received until Nov.
25 for $14,500 6% school
debentures, payable yearly on Jan. 1 from 1921 to
1940, incl., at the Bank
of
to
SCARBORO
TOWNSHIP, Ont
.—DEBENTURES
A by-law to issue
$25,000 debentures for hydro
was
passed
on
SMITHS
Matthews
FALLS,
AUTHORIZED.—
system extension debentures
Nov. 8 by the Council.
Ont
.—DEBENTURE OFFERING.—J.
Town Clerk, will receive
bids until Nov. 22 for
$9,200 6M
of
104.22
reported
23 to 30:
semi-ann.
Toronto, Stayner.
ONTARIO (Province
of).—DEBENTURE SALE.—The $5,000,000
6%
gold coupon (with privilege of
registration) debentures offered on Nov. 15—
V. Ill,
p. 1974—were awarded to Wood, Gundy & Co., A. E.
Ames & Co.,
R. O.
,
Oct.
St. Jerome,
$3,800, 10 yrs., 8%; WatermanWaterbury Co., Regina; Elrose, $5,500, 10
yrs., 8%, Monarch Life Insur.
Co., Winnipeg, Man.; Prairie
Lawns, $1,000, 10 yrs., 8%, Walter
Martin,*
Weyburn; Punnichy, $2,000, 10 yrs.,
8%, Atkinson Hall, Wynot; Southdean, $2,500, 10 yrs., 8%,
Waterman-Waterbury Co., Regina.
SAULT STE. MARIE ROMAN
CATHOLIC SEPARATE
SCHOOL
BOARD (P. O. Sault Ste.
Marie), Ont.—DEBENTURE OFFERING.—
An issue of $85,000
6% school debentures is being offered on
Nov. 30, on
which date proposals will be
received by V.
McNamara, District Secretary
Treasurer.
Int.
NIAGARA FALLS,
Ont.—DEBENTURE SALE.—On Nov. 10, it is
reported, W. A. Mackenzie & Co. of
Toronto, bidding 90, were awarded an
ssue of $153,955
5% 10-20-installment paving debentures.
& Co. of
Toronto, and the Illinois Trust & Savings Bank
Chicago, jointly, at 104.553, a basis of about
5.21%.
Date Nov. 15
Due Nov. 15 1927.
The following is a
complete list of tenders:
Wood, Gundy & Co., Toronto; A. E. Ames &
Co., Toronto; Illinois
Trust & Savings Bank,
Chicago; R. C. Matthews & Co.. Toronto
104.533
Canada Bond Co.,
Toronto; A. B. Leach & Co., New York Horn\- blower & Weeks, New
York; Redmond & Co., New York;
Paine,
Webber & Co., New
York; Carsten & Earles, New
York; Wells,
Dickey & Co., New York
SCHOOL
DISTRICTS, Sask .—DEBENTURE
a list of debentures
aggregating 14,800
SALE.—The following is
an
1920.
Town
Ont.—DEBENTURE SALE
—The block of $150,000
6% 1-20 year serial road debentures
offered on
Nov. 12—V. Ill, p. i778—was
awarded to Wood,
Gundy & Co., of Torontol at 94.87.
Date Sept. 27 1920.
Int. annually on
Sept. 26.
Due
yaarly on Sept. 26 to 1940.
calre &
K MOOSE
Biggs,
for
the following
6% debentures: $33,000 10-yr. installment
general debentures,
principal
payable yearly on Dec. 1, and $14,000
30-year installment
public school debentures, principal and interest
payable yearly on Oct.
30.
PROSWITA SCHOOL
DISTRICT,
IZED.—It is reported that the Local Sask.—DEBENTURES AUTHOR¬
Government Board has
the district to issue
authorized
$1,500 debentures.
LANGENBURG,
(Province
L.
and interest
Sask.—DEBENTURE OFFERING.—The munici¬
pality is calling for tenders for the
purchase of $9,500 8% 15-year deben¬
tures, according to reports.
MANITOBA
debentures at
bid of 85.15 for both
issues.
a
Wood
report that an issue of
recently sold to
sewer
Prin. and int.
payable at
Gundy & Co. offered to take an option on both
issues at 89, and
C. H. Burgess & Co.
offered 86 for the $75,000 issue
on an
$45,000
year
sold
locally, according to reports.
SCHOOL COMMISSION (P. O.
Lachine).
LACHINE CATHOLIC
Que.—DEBENTURE
were
A. E. Ames & Co. submitted
Municipalities.
HANOVER, ONT.—DEBENTURE
SALE.—During the
year installment
6% 1-20
Denoms. $ 1,000 and odd.
Date Aug .1 1920.
Parry Sound.
Due beginning Aug. 1 1921.
ment
A.
Lewis,
% 20-year install¬
hydro-electric debentimes.
TORONTO, Ont.—DEBENTURES
AUTHORIZED.—'The
Nov. 8 passed a
by-law providing for
branch technical school.
on
a
YORK
a
City Council
debenture issue of $212,000 for
TOWNSHIP,
Ont.—DEBENTURE SALE.—An issue "of
$8,765
was awarded to
Aemilius Jarvis & Co.
15 at 97.80, a basis of
about 6.80%.
6% 5-year installment debentures
on
Nov.
FINANCIAL
FINANCIAL
WE FINANCE
The United States
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.
our
sales
OF
NEW
YORK.
Non-Participating
holders
,
organizations in distribution of
We also buy half interest in
everywhere.
security issues
CITY
Policies only
Over Forty-Five Minion DoUars Paid
to Policy
a
constant supply of proven industrial
underwriting opportunities, together with
on
their own local
underwritings and the
affiliated
THE
Organized 1850.
bankers and investment dealers
securities and profitable
financial assistance
Life
Insurance Co.
IN
WE OFFER
assistance of all
too large to handle
locally.
and finance small investment
houses
JOHN
Good
P.
MUNN, M. D., PRESIDENT
territory
for
open
high
class
persona
Correspondence Solicited
producers,
under
Central National Industrial
Finance Corporation
Company.
Address Home Office, 277
Broadway*
Capital
New
York
direct
contracts
with
the
City.
%
National Association
Building
28
WEST 44TH
STREET,
NEW YORK
Aetna Petroleum Corporation
8% Convertible Gold Notes
'
Acts
:'
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Girard Trust
CAPITAL and
•
.
on
Company
deposits.
SURPLUS,$10,000,000
E.
B.
25
Broad St.
MAGRAW
on
Request
Commercial Paper
Local Securities of the Twin Cities
Globe
MFG.
CO.
Jersey Municipal Bonds
Descriptive List
BONDS
N.Y.
Morris, President
New
MUNICIPAL AND CORPORATION
New York,
Phone: Broad 7412
AMERICAN
F. E.
1
Request
Jones Si Thurmond
1836
Member of Federal Reserve
System
Interest allowed
on
'
Circular
PHILADELPHIA
Chartered
CORDAGE
NILA. SISAL. JUTE
J.S. RIPPEL A COMPANY
Building
ST. PAUL, MINK.
'
18 CLINTON STREET
as
plant debentures at
■
MEWARK, N. 8.
Nobsl & Wsst Streets,
Brooklyn, N. Y. City
QTrugt
(HsxtUrn
Frank A. KImbal
August Schierenberg
ENGLAND
TRUST COMPANY
BOSTON, MASS.
& Co.
Corn, Schwarz
engineer*
Companies;
The NEW
Paul Bchwars
Okas. O. Corn
XXXI
CHRONICLE
THE
Nov. 20 1920.]
SURPLUS, 82.000 000
CAPITAL. 81.000.000
Safe Deposit
COMMISSION MERCHANTS
Authorised to act
as
Vaults
STONE & WEBSTER
hold
Executor, and to receive and
In trust or on deposit from Courts of
Administrators. Assignees.
Guardians. Trustees. Corporations and Individuals.
INCORPORATED
money or property
New York
IS. William Street
Interest
Exchange
Exchange
Coffee Exchange
Allowed
on
York
investment
DESIGN
ROGER PIERCE. Vice-President
FREDERICK P. FISH,
Vice-President!
CHARLES E. NOTT, Secretary
ORRIN C. HART. Trust Officer
EDWARD B. LADD, Asst. Treasurer
H. MTadden & Bro.
JOHN W. PILLSBURY, Asst.
COTTON MERCHANTS
ARTHURF. THOMAS .Asst.
PHILADELPHIA
•
25 Broad Street
Manager Safe
67 Worth Street
BOARD OF
Walworth
Charles H. W. Foster
James M. Pendergaat
Frank H. Gage
Henry H. Proctor
Edwin M. Richards
Morris Gray
Sydney Harwood
Franklin W. Hobbs
Company
Henry Hentz & Co.
85 Congress Street
BOSTON, MASS.
NEW YORK
Herbert M.
Henry L.
OF
Exchange
THE
CORPORATION
and
equipped
Efficiently
Chicago Board of Trade
Associate Members of
to
lng to banking,
and offer a
complete service to accounts
Hubbard Bros. & Co.
Buildings—Industrial Units
corporations, firm
of banks,
HANOVER
Constructors
Engineers
handle all business pertains
Association
Public Utilities
and individuals.
BUILDING
COFFEE EXCHANGE
CHICAGO
Correspondence invited
Exchange
Exchange
Liverpool Cotton
BOSTON
J. G. WHITE ENGINEERING
Accounts of banks
bankers received
of
New York Coffee & Sugar
New York Produce
NEW YORK
Shattuck
CHICAGO
ILLINOIS
New York Stock Exchange
New York Cotton
Sears
Arthur R. Sharp
Under National, State and
Clearing House Supervision
BROKERS
Members
on
going concerns,
proposed extensions and new
projects.
CmMrust Company
MERCHANTS
COMMISSION
REPORT
w
Inc., Lima, Peru.
public utility and in¬
companies.
Jr.
Pierce
James R. Hooper
Egypt.
South American
AND
Roger Pierce
Frederick P. Fish
Export,
Augustus P. Lorlng.
Ernest Lovering
Francis W. Fabyan
,
#
William Street
dustrial
George H. Davenport
Commission, Havre.
either from their
MANAGE
Robert A. Leeson
S. Parker Bremer
CORRESPONDENTS.
Geo. H. McFadden
DIRECTORS
J. D. Cameron Bradley
Frederic Zerega & Co., Liverpool.
N. V. McFadden's Cie voor Import en
Rotterdam.
stations,
designs or from designs of
other engineers or architects.
Arthur Adams
Foreign Cottons
power
own
Deposit Vaults
George Wlgglesworth. Chairman
David P. Kimball
and
steam
CONSTRUCT
GEORGE H. BOYNTON,
,
Dealers in American, Egyptian
Societe d'Importation et de
Fachiri & Co., Milan.
Reinhart & Co., Alexandria,
TrustOfflcer
OffT
8EWALL E. SWALLOW, Asst. Tr.
YORK
,
FOREIGN
Treasurer
Treas.
Secretary
FREDERICK O. MORRILL, Asst.
LEO WM. HUEGLE, Asst.
NEW
an
banking business.
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
FREDERICK W. ALLEN, Treasurer
Geo.
public
JAMES R. HOOPER. President
York Produce
New
industrial and
utility properties and conduct
Deposits Subject to Check.
OFFICERS.
Cotton
New
FINANCE
Agent and Registrar of Stocks and Bonds.
York Cotton Exchange
New Orleans
and as Transfer
Also acts as Trustee under Mortgages
OF
MEMBERS
Now
Law or Equity. Executors.
Reports—Valuations—Estimates
Capital & Sur¬
plus $7,000,000
SQUARE
48 EXCHANGE
PLACE, NEW YORK
Depos Its,
NEW YORK
$60,000,000
COTTON MERCHANTS
Liberal
Advances
Made on
CHARTERED 1853
Cotton
Consignments
United States Trnst Company of New York
GWATHMEY & CO.
20-24
475
45-47
EXCHANGE PLACE. NEW YORK
FIFTH AVENUE, NEW YORK
Capital,
MEMBERS
,
$2,000,000.00
$14,616,928.30
*
Profits,
Executor, Administrator, Trustee, Guardian, Com¬
and in all other recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
It holds aDd manages securities 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 fdr corporate bonds and stooka.
This Company acts as
EDWARD
COTTON MERCHANTS
William M.
New York City
W.
SHELDON, President
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE. Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
KINQSLEY, 1st Vlce-Pres.
WORCESTER, Secretary
Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
WILFRED J.
PHILADELPHIA.
UTICA, N. Y.,
WELD & CO..
LIVERPOOL.
PROVIDENCE,
NEW BEDFORD.
"
-
-
mittee, Court Depositary
Stephen M. Weld & Co.
BOSTON.
FALL RIVER.
.
Surplus and Undivided
YORK COTTON EXCHANGE
YORK STOCK EXCHANGE
YORK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
NEW
NEW
NEW
NEW
82-92 Beaver Street,
-
•
WALL STREET
CHARLES A. EDWARDS,
WILLIAM Q. GREEN. Assistant
'
JOHN A. STEWART,] Chairman
MOORE
ROBERT
WILLIAM ROCKEFELLER
FRANK LYMAN
& CO,
J. PHELPS
LEWIS CASS LED YARD
JOHN
Mills Building
18 Broad Street, N.
Y.
LYMAN J. GAGE
PAYNE WHITNEY
COTTON MERCHANTS
Members New York Cotton
BROKERS.
„
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KING8LEY
WILLIAM STEWART TOD
OGDEN MILLS
WILLIAM
WILLIAM
VINCENT A8TQB
SLOANE
.
New York
Exchange
delivery contracts executed on
and Liverpool Cotton Exchanges.
Orders for future
fee New York
EDWARD W. SHELDON
CORNELIU8 N. BLISS, JB.
HENRY W. de FOREST
L. F. DOMMERICH & CO.
Successors to
WILLIAM RAY & CO.
COTTON
of the Board
Exchange
STEINHAUSER A CO.
Cotton
Secretary
TRUSTEES
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS. DISCOUNT AND GUARANTEE
SALES
Hopkins, Dwight & Co.
COTTON
General Offices, 254
and
Fourth Avenue
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 68, Cotton
Exchange Building
NEWfcYORK.
J
NEW YORK
Established
Over
80 Years
XXXII
THE
CHRONICLE
yitunuial
[Vol. Ill,
jftnatutal
Jfinandal
MUNICIPAL BONDS Central Bond & Mortgage Co.
208
We
know
never
i.
yield
as
And
that
offerings
attractive
so
we
they
were
to
as
INVESTMENT
South La Salle St.
SECURITIES
CHICAGO
net
right now.
specialized in
Municipal Bonds for more than
a
quarter of a century—"26
Years Devoted to Making Safe¬
ty a Certainty."
are
ames,
recommends to conservative investors
have
the purchase
emerich
of
& co.
BUTLER BROTHERS
111
Has barge undistributed surplus
Send for List
Broadway, Rev York 4
105 So. La Salle St.,
Chicago
Statistical
Analysis Sent Free
Request.
on
1 st Hat.Bank Bldg.,Mil vaukea
Bolger, Mosser & Willaman
CHICAGO
DETROIT
Dodge &
MUNICIPAL
Specializing
in
BONDS
high
South
we
invite
investors
curities
and
application.
& Co.
from
4n
se¬
INVESTMENT BANKERS
C. F. Childs &.
Company
characters
Mortgage Trust
105 So. La Salle St.
CHICAGO
Government»Bonds
company missqur?
PINE
AT
Marks
er
Mid-West,
this
BROADWAY
on
CHICAGO
Specialists
st. louis
and
Our circular
111 West Monroe Street
grade
inquiries
interested
of
Bonds
INVESTMENT BANKERS
issues of Municipal Bonds of
the
GERMAN
Ross
(INCORPORATED)
CHICAGO
NEW YORK
208 So. La Salle St.
Radon, French
Stevenson
Co.
&
120
&
INVESTMENT
Broadway
Bros.
Perry, Inc.
SECURITIES
F.
H.
PRINCE & CO.
Investment Securities
We purchase and underwrite entire lesuee of
So.
105
bonde and stocks of established corporations.
Ws offer high-grade investment opportunities
La
Salle St.,
BANKERS
,
CHICAQO
BOSTON, MAS&
Telephone Randolph"5520.
to the securities of municipalities, public util¬
ity, and well established Industrial corpora
W. G. SOUDERS &, CO.
lions.
Correspondence Invited.
Ill
WEST
t
MONROE STREET
HIGH-GRADE
INVESTMENTS
INVESTMENT SECURITIES
CHICAGO
S08 South
Members of New York & Beaton Stock Eacbaage
La
Salle
Street,
CHICAGO
New York
McClellan &
ENGINEERING
141
&
Grand Rapids
Campion
:
MANAGEMENT
A
P. W.
BROADWAY
NEW
Detroit
Milwaukee
YORK CITY
>
mm
®
EMERY, PECK & R0CKW00D
Chapman & Company Day &£.Zimmermann, Inc.
,,
INVESTMENTiSECURITTES
118 South La Salle St.
CHICAGO
NEW YORK
LONDON
INVESTMENT SECURITIES
Continental
&
Commercial
Bank
Building
CHICAGO
Henry S. Henschen &Co.
Railway Exchange Building
MILWAUKEE
Engineering, Construction, Report
Appraisals, Audits, Management
INVESTMENTPANKERS
108
So.
La
Salle
St.
.
in connection with
Public Utilities
CHICAQO
CHRISTIAN & PARSONS CO.
engineers
58 William Street
Buy and Sell High-Grade Bonds
611
Chestnut St.
Philadelphia
Commercial Paper
Collateral
(^Industrial Properties
HOME OFFICE
NEW YORK OFFICE
2 Wall Street
Loans
i
'
CHlcAQO OFFICE
HarrisjTruat BIdg.
Investment Securities
S.La Salle St
Chicago, III.
8% for 22 years
RUTTER, LINDSAY & CO. Inc.
SECURITY:
FIRST
national
bank
John
M.
-
$3,000,000.00
Miller, Jr., President
W.
C.
M. Addison, Vice-President
R. Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas.
M.
Ball, Jr.,
of loan.
amount
INVESTMENTS
(t
RICHMOND, VA.
Capital and Surplus,
First
Mortgage
on
valued at twice total
property
Cashier
Correspondence Incited
EARNINGS: Over 2H times maxi¬
mum, interest charges.
THE
SINKING FUND: Retire
of
bonds
PRICE:
Par
before
and
over
ROOKERY
60%
CHICAGO
maturity.
interest, to yield
8%.
ASK
FOR
CIRCULAR
G-2014
Municipal
"Are
sears, roebuck & co.
Exempt
from
Bonds
Federal
Ineome Taxes*
Yielding from^5H% to 7%.
7% NOTES
ELST0N
71
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Bactiange
60 Broadway
New Yerk
and
COMPANY
West Monroe
Street
CHICAGO
Milwaukee
Minneapolis
Send
for List
THE HANCHETT BOND
CO.
Incorporated 1910
39 South La Salle Street
CHICAGO
@FedFRASER